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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04236
JPMorgan Trust II
(Exact name of registrant as specified in charter)
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: October 31
Date of reporting period: November 1, 2020 through April 30, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
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ITEM 1. REPORTS TO STOCKHOLDERS.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder report.
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Semi-Annual Report
J.P. Morgan International Equity Funds
April 30, 2021 (Unaudited)
JPMorgan Emerging Markets Equity Fund
JPMorgan Emerging Markets Research Enhanced Equity Fund
JPMorgan Europe Dynamic Fund
JPMorgan International Equity Fund
JPMorgan International Focus Fund
JPMorgan International Hedged Equity Fund
JPMorgan International Research Enhanced Equity Fund
JPMorgan International Value Fund
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Letter to Shareholders | 1 | |||
Market Overview | 2 | |||
3 | ||||
7 | ||||
9 | ||||
12 | ||||
15 | ||||
18 | ||||
21 | ||||
23 | ||||
Schedules of Portfolio Investments | 26 | |||
Financial Statements | 58 | |||
Financial Highlights | 76 | |||
Notes to Financial Statements | 92 | |||
Schedule of Shareholder Expenses | 118 | |||
121 |
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 16, 2021 (Unaudited)
Dear Shareholders,
This year has brought a large measure of relief, hope and reflection on the pandemic and its impact on our families, our jobs and our world. It has also witnessed a remarkable rally in global equity markets, driven initially by investor expectations for an accelerated economic expansion and extended by surging corporate earnings and consumer spending.
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“In the year ahead, J.P. Morgan Asset Management will continue to strive to adapt to new challenges and provide investors with innovative and durable solutions that are backed by our deep experience in risk management.” — Andrea L. Lisher |
As leading central banks maintained ultra-low interest rates and governments continued to provide or increase massive fiscal stimulus and recovery programs, many investors sought opportunities for higher returns in global equity markets. For the six months ended April 30, 2021, the MSCI EAFE Index returned 29.13%, the S&P 500 Index returned 28.85% and the MSCI Emerging Markets Index returned 23.09%. Within fixed income markets, Bloomberg Barclays High Yield Index returned 7.97%, the Bloomberg Barclays Emerging Markets Index returned 2.33% and the Bloomberg Barclays U.S. Aggregate Index returned -1.52%.
The prospects for a diminishing pandemic have brightened in 2021, particularly in the U.S. and Western Europe where vaccination rates have accelerated. However, a surge of infections of COVID-19 and its variants in Brazil, India and elsewhere demonstrated that the global crisis is ongoing and spurred
leading industrialized nations together to pledge to provide one billon doses of vaccine to emerging market nations. Meanwhile, the accelerating economic rebound in the U.S. has raised investor concerns about the potential for rising inflation and supply chain disruptions, though U.S. Federal Reserve Chairman Jerome Powell has sought to reassure financial markets that upward pressure on prices — while stronger than expected — remains likely to be temporary.
At this point, it’s worth reflecting on the fact that many of those who remained fully invested in the face of unprecedented uncertainty in 2020 likely benefitted fully from the ensuing rally in global equity markets. In the year ahead, J.P. Morgan Asset Management will continue to strive to adapt to new challenges and provide investors with innovative and durable solutions that are backed by our deep experience in risk management. We will continue to seek to operate under the same fundamental practices and principles that have driven our success for more than a century and focus on the financial needs of our clients.
On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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, Client
J.P. Morgan Asset Management
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 1 |
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J.P. Morgan International Equity Funds
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)
Globally, equity market valuations climbed higher during the period, initially fueled by the massive pandemic response of leading central banks and fiscal authorities and extended by the development of multiple vaccines in late 2020 and the advent of mass vaccinations in 2021. The rebound in asset prices during the period — partly led by U.S. equity — swept across both emerging markets and developed markets.
Fixed income markets provided mixed returns. Amid extremely low yields on developed markets sovereign bonds, investors sought out emerging markets debt and high yield bonds (also known as “junk bonds”). The initial re-opening of economies at the global, national and local levels in 2021 also raised investor concerns about potential inflationary pressure.
The final months of the 2020 included a continued rebound in global prices for petroleum and a range of other commodities as manufacturing data and consumer sentiment strengthened. November and December saw broad gains in global equity, partly driven by continued investor demand for U.S. large cap stocks, particularly in the technology sector. Emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.
Global equity markets surged from February through April 2021 amid a general surge in corporate earnings and consumer and business spending. Developed market equity provided strong returns, while emerging markets equity was weighed down by investor concern about large pandemic outbreaks in select nations, particularly Brazil and India.
U.S. equity markets generally led the rally, supported by a $1.9 trillion U.S. fiscal relief and recovery package and the prospect of additional federal government spending plans. Better-than-expected corporate earnings and revenues in 2021, combined with strong growth consumer spending and improved manufacturing data, drove global equity prices further upward toward the end of the period.
For the six months ended April 30, 2021, the MSCI EAFE Index returned 29.13%, the S&P 500 Index returned 28.85% and the MSCI Emerging Markets Index returned 23.09%.
2 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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JPMorgan Emerging Markets Equity Fund
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class L Shares)* | 17.17% | |||
MSCI Emerging Markets Index (net of foreign withholding taxes) | 22.95% | |||
Net Assets as of 4/30/2021 (In Thousands) | $ | 14,466,953 |
INVESTMENT OBJECTIVE**
The JPMorgan Emerging Markets Equity Fund (the “Fund”) seeks to provide high total return.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.
The Fund’s underweight position and security selection in the materials sector and its security selection and overweight position in the consumer discretionary sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the communication services and health care sectors was a leading contributor to relative performance.
By country, the Fund’s underweight position and security selection in Taiwan and its underweight position in South Korea were leading detractors from relative performance. The Fund’s out-of-Benchmark position in Singapore, which solely consisted of Sea Ltd., and its security selection in China were leading contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s out-of-Benchmark position in Dada Nexus Ltd., its overweight position in Allegro.eu SA and its underweight position in Vale SA. Shares of Dada Nexus, a Chinese provider of online retail and delivery, fell as investors sold the shares in the wake of a run up in the share price in late 2020. Shares of Allegro.eu, a Polish e-commerce platform provider, fell after Amazon.com Inc. entered the Polish market. Shares of Vale, a Brazilian mining company not held in the Fund, rose
amid increased global demand for metals and other commodities.
Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Sea Ltd. and EPAM Systems Inc., and its overweight position in Wuxi Biologics Inc. Shares of Sea, an online gaming and electronic commerce provider based in Singapore, rose amid growth in consumer demand for online services and entertainment. Shares of EPAM Systems, a global provider of software development and platform engineering services that largely operates from Belarus, rose amid several consecutive quarters of better-than-expected earnings. Shares of Wuxi Biologics (Cayman), a Chinese developer of biological testing and drug research, rose amid increased demand for its products and services driven by the pandemic.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed an active strategy in which portfolio construction was focused on the highest-conviction ideas found at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings, researching companies in an attempt to determine their underlying value and potential for future earnings growth.
As a result of this process, the Fund’s largest sector overweight allocations relative to the Benchmark during the period were in the consumer staples and consumer discretionary sectors and its largest relative underweight allocations were in the materials and energy sectors. The Fund’s largest country overweight allocations relative to the Benchmark during the period were in India and China and its largest relative underweight allocations were in South Korea and Taiwan.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 3 |
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JPMorgan Emerging Markets Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021 | PERCENT OF TOTAL INVESTMENTS | |||||||
1. | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 6.3 | % | |||||
2. | Samsung Electronics Co. Ltd. (South Korea) | 5.7 | ||||||
3. | Tencent Holdings Ltd. (China) | 3.8 | ||||||
4. | Sea Ltd., ADR (Taiwan) | 3.8 | ||||||
5. | EPAM Systems, Inc. (United States) | 3.3 | ||||||
6. | Wuxi Biologics Cayman, Inc. (China) | 3.1 | ||||||
7. | Meituan (China) | 2.8 | ||||||
8. | Alibaba Group Holding Ltd., ADR (China) | 2.8 | ||||||
9. | MercadoLibre, Inc. (Argentina) | 2.7 | ||||||
10. | Ping An Bank Co. Ltd., Class A (China) | 2.2 |
PORTFOLIO COMPOSITION BY COUNTRY | PERCENT OF TOTAL INVESTMENTS | |||
China | 41.8 | % | ||
India | 13.5 | |||
Taiwan | 10.6 | |||
South Korea | 8.7 | |||
Hong Kong | 4.8 | |||
Brazil | 4.5 | |||
United States | 3.3 | |||
Argentina | 2.7 | |||
Indonesia | 1.6 | |||
United Kingdom | 1.2 | |||
Poland | 1.2 | |||
Mexico | 1.2 | |||
South Africa | 1.0 | |||
Others (each less than 1.0%) | 2.9 | |||
Short-Term Investments | 1.0 |
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
4 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | September 28, 2001 | |||||||||||||||||
With Sales Charge** | 10.82 | % | 50.44 | % | 15.86 | % | 5.41 | % | ||||||||||
Without Sales Charge | 16.96 | 58.79 | 17.12 | 5.98 | ||||||||||||||
CLASS C SHARES | February 28, 2006 | |||||||||||||||||
With CDSC*** | 15.68 | 57.02 | 16.53 | 5.55 | ||||||||||||||
Without CDSC | 16.68 | 58.02 | 16.53 | 5.55 | ||||||||||||||
CLASS I SHARES | September 10, 2001 | 17.12 | 59.22 | 17.41 | 6.24 | |||||||||||||
CLASS L SHARES | November 15, 1993 | 17.17 | 59.33 | 17.54 | 6.38 | |||||||||||||
CLASS R2 SHARES | July 31, 2017 | 16.81 | 58.31 | 16.80 | 5.83 | |||||||||||||
CLASS R3 SHARES | July 31, 2017 | 16.91 | 58.67 | 17.08 | 5.96 | |||||||||||||
CLASS R4 SHARES | July 31, 2017 | 17.10 | 59.15 | 17.37 | 6.22 | |||||||||||||
CLASS R5 SHARES | September 9, 2016 | 17.16 | 59.33 | 17.55 | 6.38 | |||||||||||||
CLASS R6 SHARES | December 23, 2013 | 17.21 | 59.49 | 17.67 | 6.46 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/11 TO 4/30/21)
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 R5 Shares and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares and Class R6 Shares would have been different than those shown because Class R5 Shares and Class R6 Shares have different expenses than Class L Shares.
Returns shown for Class R2 Shares and Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns of Class R2 Shares and Class R3 Shares would have been lower than those shown because Class R2 Shares and Class R3 Shares have higher expenses than Class A Shares.
Returns for Class R4 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Emerging Markets Equity Fund and the MSCI Emerging Markets Index (net of foreign withholding taxes) from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI Emerging Markets Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. 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 since the applicable 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 on gains resulting from redemptions of Fund shares.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 5 |
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JPMorgan Emerging Markets Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
6 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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JPMorgan Emerging Markets Research Enhanced Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class R6 Shares)* | 23.44% | |||
MSCI Emerging Markets Index (net of foreign withholding taxes) | 22.95% | |||
Net Assets as of 4/30/2021 (In Thousands) | $ | 3,823,223 |
INVESTMENT OBJECTIVE**
The JPMorgan Emerging Markets Research Enhanced Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class R6 Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.
By sector, the Fund’s security selection in the financials and health care sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and real estate sectors was a leading detractor from relative performance.
By country, the Fund’s security selection China and South Korea were leading contributors to relative performance, while the Fund’s security selection in Poland and India was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in BiliBili Inc., AU Optronics Corp. and Taiwan Semiconductor Manufacturing Co. Shares of BiliBili, a Chinese provider of video sharing and online entertainment, rose after the company reported better-than-expected earnings and sales for the fourth quarter of 2020 and after Sony Corp. agreed to purchase a 5% holding in the company. Shares of AU Optronics, a Taiwanese manufacturer of liquid crystal display monitors and solar energy equipment, rose after the company reported continued growth in monthly revenue. Shares of Taiwan Semiconductor Manufacturing rose after the company reported better-than-expected earnings for the first quarter of 2021.
Leading individual detractors from relative performance included the Fund’s underweight position in MediaTek Inc. and its overweight positions in CD Projekt SA and Alibaba Group Holding Ltd. Shares of MediaTek, a Taiwanese semiconductor manufacturer, rose after the company reported consecutive quarters of earnings growth. Shares of CD Projekt, a Polish developer of video games, fell amid problems with the rollout of its “Cyberpunk 2077” game, which prompted Sony Corp. to pull the game from its PlayStation stores. Shares of Alibaba Group Holding, an electronic commerce conglomerate based in China, fell amid an antitrust review by Chinese regulators that resulted in a $2.8 billion fine against the company.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed a combination of a disciplined portfolio construction process with in-depth fundamental research into individual securities conducted by a global network of research analysts to identify what they believed to be their relative value.
As a result of this process, by sector, the Fund’s largest overweight allocations relative to the Benchmark during the period were in the energy and consumer staples sectors and its largest underweight allocations were in the health care and consumer discretionary sectors. By country, the Fund’s largest overweight allocations relative to the Benchmark during the period were in Russia and South Africa and its largest relative underweight allocations were in Malaysia and Taiwan.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021 | PERCENT OF TOTAL INVESTMENTS | |||||||
1. | Tencent Holdings Ltd. (China) | 5.9 | % | |||||
2. | Alibaba Group Holding Ltd. (China) | 5.7 | ||||||
3. | Samsung Electronics Co. Ltd. (South Korea) | 5.3 | ||||||
4. | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 5.2 | ||||||
5. | Meituan (China) | 1.9 | ||||||
6. | Naspers Ltd., Class N (South Africa) | 1.3 | ||||||
7. | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 1.2 | ||||||
8. | China Construction Bank Corp., Class H (China) | 1.2 | ||||||
9. | Vale SA, ADR (Brazil) | 1.2 | ||||||
10. | Ping An Insurance Group Co. of China Ltd., Class H (China) | 1.1 |
PORTFOLIO COMPOSITION BY COUNTRY | PERCENT OF TOTAL INVESTMENTS | |||
China | 38.5 | % | ||
Taiwan | 13.5 | |||
South Korea | 13.1 | |||
India | 8.8 | |||
Brazil | 4.9 | |||
South Africa | 4.2 | |||
Russia | 3.9 | |||
Saudi Arabia | 2.6 | |||
Mexico | 2.1 | |||
Thailand | 1.9 | |||
Indonesia | 1.3 | |||
Others (each less than 1.0%) | 4.5 | |||
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. |
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 7 |
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JPMorgan Emerging Markets Research Enhanced Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 | ||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | SINCE INCEPTION | |||||||||||
CLASS I SHARES | January 30, 2019 | 23.45 | % | 51.37 | % | 18.59 | % | |||||||
CLASS R6 SHARES | December 11, 2018 | 23.44 | 51.43 | 18.71 |
* | Not annualized. |
LIFE OF FUND PERFORMANCE (12/11/18 TO 4/30/21)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
The Fund commenced operations on December 11, 2018.
Returns for Class I Shares prior to its inception date are based on the performance of Class R6 Shares. The actual returns of Class I Shares would have been lower than those shown because Class I Shares have higher expenses than Class R6 Shares.
The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan Emerging Markets Research Enhanced Equity Fund and the MSCI Emerging Markets Index (net of foreign withholding taxes) from December 11, 2018 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI Emerging Markets Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Investors cannot invest directly in an index.
Class R6 Shares have a $15,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable 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 on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
8 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 39.31% | |||
MSCI Europe Index (net of foreign withholding taxes) | 33.32% | |||
Net Assets as of 4/30/2021 (In Thousands) | $ | 752,644 |
INVESTMENT OBJECTIVE**
The JPMorgan Europe Dynamic Fund (the “Fund”) seeks total return from long-term capital growth. Total return consists of capital growth and current income.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class A Shares, without a sales charge, outperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.
By sector, the Fund’s security selection in the banks sector and its overweight position and security selection in the semiconductors & semiconductor equipment sector were leading contributors to relative performance. The Fund’s security selection in technology hardware & equipment sector and its underweight position in the energy sector were leading detractors from performance relative to the Benchmark.
Leading individual contributors to relative performance included the Fund’s overweight positions in ASM International NV, Evolution Gaming Group AB, and its out-of-Benchmark position in Bank of Ireland Group plc. Shares of ASM International, a Dutch maker of semiconductor manufacturing equipment, rose amid investor expectations the company will benefit from Intel Corp.’s planned $20 billion expansion of its manufacturing capacity. Shares of Evolution Gaming Group, a Swedish provider of online
casino games, rose amid continued growth in revenue driven by demand for at-home entertainment. Shares of Bank of Ireland Group rose amid investor expectation that the financials sector in general would benefit from a rebound in economic activity in 2021.
Leading individual detractors from relative performance included the Fund’s underweight position in ASML Holdings NV and its overweight positions in Zalando SE and Royal Ahold Delhaize NV. Shares of ASML Holdings, a Dutch provider of semiconductor manufacturing equipment, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2021. Shares of Zalando, a German online retailer of apparel and cosmetics, fell amid investor disappointment with its results for its fiscal fourth quarter. Shares of Royal Ahold Delhaize, a Dutch supermarket chain operator, fell after the company reported a loss for the fourth quarter of 2020 due to pandemic costs.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers believe that attractively valued, high quality securities with positive momentum have the potential to outperform the market. During the reporting period, the Fund’s portfolio managers invested in securities that they believed had these style characteristics. Portfolio positions were based on bottom-up security selection rather than top-down asset allocation decisions.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 9 |
Table of Contents
JPMorgan Europe Dynamic Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021 | PERCENT OF TOTAL INVESTMENTS | |||||||
1. | Nestle SA (Registered) (Switzerland) | 3.9 | % | |||||
2. | Roche Holding AG (Switzerland) | 3.1 | ||||||
3. | Allianz SE (Registered) (Germany) | 2.1 | ||||||
4. | LVMH Moet Hennessy Louis Vuitton SE (France) | 2.0 | ||||||
5. | Novartis AG (Registered) (Switzerland) | 1.6 | ||||||
6. | Lloyds Banking Group plc (United Kingdom) | 1.6 | ||||||
7. | Siemens AG (Registered) (Germany) | 1.5 | ||||||
8. | Zurich Insurance Group AG (Switzerland) | 1.4 | ||||||
9. | Deutsche Post AG (Registered) (Germany) | 1.3 | ||||||
10. | Schneider Electric SE (France) | 1.2 |
PORTFOLIO COMPOSITION BY COUNTRY | PERCENT OF TOTAL INVESTMENTS | |||
United Kingdom | 15.6 | % | ||
Germany | 14.6 | |||
Switzerland | 14.4 | |||
France | 10.0 | |||
Netherlands | 3.6 | |||
Ireland | 3.1 | |||
Sweden | 3.0 | |||
Italy | 2.4 | |||
Australia | 2.3 | |||
Denmark | 2.2 | |||
Finland | 1.9 | |||
Austria | 1.5 | |||
Spain | 1.4 | |||
Others (each less than 1.0%) | 2.5 | |||
Short-Term Investments | 21.5 |
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
10 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | November 2, 1995 | |||||||||||||||||
With Sales Charge** | 31.99 | % | 45.35 | % | 6.69 | % | 5.04 | % | ||||||||||
Without Sales Charge | 39.31 | 53.42 | 7.85 | 5.60 | ||||||||||||||
CLASS C SHARES | November 1, 1998 | |||||||||||||||||
With CDSC*** | 37.93 | 51.59 | 7.31 | 5.18 | ||||||||||||||
Without CDSC | 38.93 | 52.59 | 7.31 | 5.18 | ||||||||||||||
CLASS I SHARES | September 10, 2001 | 39.43 | 53.76 | 8.13 | 5.89 | |||||||||||||
CLASS L SHARES | September 10, 2001 | 39.58 | 53.96 | 8.28 | 6.07 | |||||||||||||
CLASS R6 SHARES | October 1, 2018 | 39.64 | 54.16 | 8.34 | 6.09 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/11 TO 4/30/21)
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 L Shares. The actual returns of Class R6 Shares would have been different than those shown because 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 Europe Dynamic Fund and the MSCI Europe Index (net of foreign withholding taxes) from April 30, 2011 to April 30, 2021. 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 MSCI Europe Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI Europe Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is
designed to measure the equity market performance of the developed markets in Europe. 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 since the applicable 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 on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 11 |
Table of Contents
JPMorgan International Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 26.48% | |||
MSCI EAFE Index (net of foreign withholding taxes) | 28.84% | |||
Net Assets as of 4/30/2021 (In Thousands) | $ | 4,695,798 |
INVESTMENT OBJECTIVE**
The JPMorgan International Equity Fund (the “Fund”) seeks total return from long-term capital growth and income. Total return consists of capital growth and current income.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.
The Fund’s security selection in the industrials sector and its underweight position in the energy sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the information technology and materials sectors was a leading contributor to relative performance.
By region, the Fund’s security selection in Europe, excluding the U.K., and its out-of-Benchmark position in emerging markets were leading detractors from relative performance, while its underweight position in Japan and its security selection in the Pacific, excluding Japan, were leading contributors to relative performance.
Leading individual detractors from the Fund’s relative performance included its out-of-Benchmark position in Alibaba Group Holding Ltd. and its overweight positions in Kao Corp. and Unilever plc. Shares of Alibaba Group Holding, an electronic commerce conglomerate based in China, fell amid an antitrust
review by Chinese regulators that resulted in a $2.8 billion fine against the company. Shares of Kao, a Japanese maker of chemicals and consumer products, fell after the company issued a lower-than-expected earnings forecast for 2021. Shares of Unilever, a U.K. consumer products company, fell after the company reported lower-than-expected results for its fiscal year 2020.
Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in ASML Holding NV, ING Groep NV and LVMH Moet Hennessy Louis Vuitton SE. Shares of ASML Holding, a Dutch maker of semiconductor manufacturing equipment, rose amid investor expectations the company would benefit from Intel Corp.’s planned $20 billion expansion of its manufacturing capacity. ING Groep, a Dutch banking and financial services company, rose after the company posted better-than-expected results for the fourth quarter of 2020. Shares of LVMH Moet Hennessey Louis Vuitton, a French luxury goods maker, rose after Tiffany’s Inc. shareholders approved a takeover offer, ending a months-long dispute.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they believed were attractively priced securities of companies with solid financial positions that possessed the potential to increase their earnings faster than their industry peers.
12 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021 | PERCENT OF TOTAL INVESTMENTS | |||||||
1. | Nestle SA (Registered) (Switzerland) | 2.8 | % | |||||
2. | ASML Holding NV (Netherlands) | 2.5 | ||||||
3. | LVMH Moet Hennessy Louis Vuitton SE (France) | 2.5 | ||||||
4. | AIA Group Ltd. (Hong Kong) | 2.1 | ||||||
5. | Diageo plc (United Kingdom) | 1.9 | ||||||
6. | Novo Nordisk A/S, Class B (Denmark) | 1.9 | ||||||
7. | TOTAL SE (France) | 1.8 | ||||||
8. | Keyence Corp. (Japan) | 1.7 | ||||||
9. | Sony Group Corp. (Japan) | 1.7 | ||||||
10. | Schneider Electric SE (France) | 1.6 |
PORTFOLIO COMPOSITION BY COUNTRY | PERCENT OF TOTAL INVESTMENTS | |||
France | 16.2 | % | ||
Japan | 15.2 | |||
United Kingdom | 11.4 | |||
Germany | 7.4 | |||
Switzerland | 6.5 | |||
Australia | 4.6 | |||
Netherlands | 3.9 | |||
Denmark | 3.9 | |||
Sweden | 3.7 | |||
Hong Kong | 3.3 | |||
Spain | 3.2 | |||
China | 3.2 | |||
South Korea | 2.3 | |||
Taiwan | 1.7 | |||
South Africa | 1.2 | |||
Belgium | 1.2 | |||
United States | 1.1 | |||
Singapore | 1.1 | |||
Finland | 1.0 | |||
Others (each less than 1.0%) | 2.2 | |||
Short-Term Investments | 5.7 |
* | 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. |
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 13 |
Table of Contents
JPMorgan International Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | February 28, 2002 | |||||||||||||||||
With Sales Charge** | 19.63 | % | 34.32 | % | 9.16 | % | 4.58 | % | ||||||||||
Without Sales Charge | 26.24 | 41.73 | 10.34 | 5.14 | ||||||||||||||
CLASS C SHARES | January 31, 2003 | |||||||||||||||||
With CDSC*** | 24.99 | 40.17 | 9.80 | 4.72 | ||||||||||||||
Without CDSC | 25.99 | 41.17 | 9.80 | 4.72 | ||||||||||||||
CLASS I SHARES | January 1, 1997 | 26.48 | 42.17 | 10.63 | 5.41 | |||||||||||||
CLASS R2 SHARES | November 3, 2008 | 26.10 | 41.35 | 10.02 | 4.86 | |||||||||||||
CLASS R5 SHARES | May 15, 2006 | 26.49 | 42.28 | 10.76 | 5.57 | |||||||||||||
CLASS R6 SHARES | November 30, 2010 | 26.57 | 42.42 | 10.85 | 5.65 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/11 TO 4/30/21)
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 graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Fund and the MSCI EAFE Index (net of foreign withholding taxes) from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. 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 since the applicable 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 on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
14 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan International Focus Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 23.96% | |||
MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) | 28.56% | |||
Net Assets as of 4/30/2021 (In Thousands) | $ | 3,700,496 |
INVESTMENT OBJECTIVE**
The JPMorgan International Focus 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 MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.
The Fund’s security selection in the industrials and financials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials and information technology sectors was a leading contributor to relative performance.
By region, the Fund’s security selection in Europe, excluding the U.K., and in emerging markets was a leading detractors from relative performance, while the Fund’s underweight position in Japan and its security selection the Pacific, excluding Japan, were leading contributors to relative performance.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Alibaba Group Holdings Ltd., Unilever plc and Tencent Holdings Ltd.
Shares of Alibaba Group Holding, an electronic commerce conglomerate based in China, fell amid an antitrust review by Chinese regulators that resulted in a $2.8 billion fine against the company. Shares of Unilever, a U.K. consumer products
company, fell after the company reported lower-than-expected results for its fiscal year 2020. Shares of Tencent Holdings, a Hong Kong online gaming, advertising and services company, fell amid a general increase in scrutiny by Chinese regulators during the period and then-President Trump’s executive order in January 2021 to ban U.S. transactions with eight Chinese-linked online platforms, including Tencent’s WeChat platform.
Leading individual contributors to the Fund’s relative performance included its overweight positions in ASML Holding NV, LVMH Moet Hennessey Louis Vuitton SE and Legal & General Group plc. Shares of ASM International, a Dutch maker of semiconductor manufacturing equipment, rose amid investor expectations the company would benefit from Intel Corp.’s planned $20 billion expansion of its manufacturing capacity. Shares of LVMH Moet Hennessey Louis Vuitton, a French luxury goods maker, rose after Tiffany’s Inc. shareholders approved a takeover offer, ending a months-long dispute. Shares of Legal & General, a U.K. financial services provider, rose after the company reported 2020 results that were in line with analysts’ estimates.
HOW WAS THE FUND POSITIONED?
By harnessing their team’s global sector specialists, the Fund’s portfolio managers sought to build a high-conviction, benchmark-agnostic portfolio of growth, value and unique companies, whose future prospects, the portfolio managers believed, were under-appreciated by the market and thus possessed the potential to deliver higher-than-expected earnings that could have a positive effect on their share prices.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 15 |
Table of Contents
JPMorgan International Focus Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021 | PERCENT OF TOTAL INVESTMENTS | |||||||
1. | Samsung Electronics Co. Ltd. (South Korea) | 3.7 | % | |||||
2. | Tencent Holdings Ltd. (China) | 3.6 | ||||||
3. | AIA Group Ltd. (Hong Kong) | 3.3 | ||||||
4. | LVMH Moet Hennessy Louis Vuitton SE (France) | 3.3 | ||||||
5. | Diageo plc (United Kingdom) | 3.3 | ||||||
6. | HDFC Bank Ltd., ADR (India) | 3.1 | ||||||
7. | ASML Holding NV (Netherlands) | 3.1 | ||||||
8. | Nestle SA (Registered) (Switzerland) | 3.1 | ||||||
9. | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 2.8 | ||||||
10. | Alibaba Group Holding Ltd. (China) | 2.7 |
PORTFOLIO COMPOSITION BY COUNTRY | PERCENT OF TOTAL INVESTMENTS | |||
United Kingdom | 15.1 | % | ||
China | 8.7 | |||
Switzerland | 7.9 | |||
France | 7.2 | |||
South Korea | 7.2 | |||
Japan | 5.6 | |||
Germany | 5.3 | |||
Hong Kong | 4.9 | |||
Taiwan | 4.4 | |||
Canada | 4.1 | |||
Spain | 3.5 | |||
Sweden | 3.4 | |||
India | 3.2 | |||
Netherlands | 3.1 | |||
Denmark | 2.8 | |||
Australia | 2.4 | |||
United States | 2.1 | |||
Belgium | 2.1 | |||
South Africa | 1.9 | |||
Finland | 1.7 | |||
Indonesia | 1.3 | |||
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. |
16 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | SINCE INCEPTION | ||||||||||||||
CLASS A SHARES | November 30, 2011 | |||||||||||||||||
With Sales Charge** | 17.29 | % | 35.69 | % | 9.89 | % | 8.67 | % | ||||||||||
Without Sales Charge | 23.77 | 43.23 | 11.08 | 9.30 | ||||||||||||||
CLASS C SHARES | November 30, 2011 | |||||||||||||||||
With CDSC*** | 22.49 | 41.48 | 10.53 | 8.83 | ||||||||||||||
Without CDSC | 23.49 | 42.48 | 10.53 | 8.83 | ||||||||||||||
CLASS I SHARES | November 30, 2011 | 23.96 | 43.59 | 11.39 | 9.60 | |||||||||||||
CLASS R2 SHARES | November 30, 2011 | 23.59 | 42.79 | 10.76 | 9.00 | |||||||||||||
CLASS R5 SHARES | November 30, 2011 | 24.02 | 43.66 | 11.50 | 9.74 | |||||||||||||
CLASS R6 SHARES | November 30, 2011 | 24.06 | 43.84 | 11.59 | 9.82 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (11/30/11 TO 4/30/21)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
The Fund commenced operations on November 30, 2011.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Focus Fund and the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) from November 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. 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 May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable 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 on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 17 |
Table of Contents
JPMorgan International Hedged Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 14.65% | |||
MSCI EAFE Index (net of foreign withholding taxes) | 28.84% | |||
ICE BofAML 3-Month US Treasury Bill Index | 0.05% | |||
Net Assets as of 4/30/2021 (In Thousands) | $ | 125,922 |
INVESTMENT OBJECTIVE**
The JPMorgan International 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 MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) and outperformed the ICE BofAML 3-Month US Treasury Bill Index for the six months ended April 30, 2021. The Fund’s options hedge allowed the Fund to generally perform as designed during the reporting period with about 57% of the Benchmark’s volatility.
The Fund’s security selection in the basic industries and automobiles & automotive parts sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the banks and consumer cyclical sectors was a leading contributor to relative performance.
By country, the Fund’s security selection in Switzerland, Italy and the U.K. was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in France and Japan was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Orsted A/S, Roche Holding AG and Nitori Holdings Co. Shares of Orsted, a Danish renewable energy generator, fell after reporting lower-than-expected revenue for the first quarter of 2021. Shares of Roche Holdings, a Swiss pharmaceuticals and diagnostics maker, fell after the company reported a decline in drug sales, partly offset by demand for the company’s COVID-19 tests, for the first quarter of 2021. Shares of Nitori, a Japanese home furnishings retailer, fell after the company reported a drop in fourth quarter 2020 earnings amid higher spending.
Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in ASML Holdings NV, BNP Paribas SA and Taylor Wimpey plc Shares of ASML Holdings, a Dutch maker of semiconductor manufacturing equipment, rose amid investor expectations the company would benefit from Intel Corp.’s planned $20 billion expansion of its manufacturing capacity. Shares of BNP Paribas, a French banking and financial services company, rose after the company reported better-than-expected earnings for 2020 amid a surge in securities trading late in the year. Shares of Taylor Wimpey, a U.K. residential real estate builder, rose amid continued strong demand in the U.K. housing sector.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They
used bottom-up fundamental research to identify what they believed were attractively priced securities of companies with solid financial positions that possessed the potential to increase their earnings faster than their industry peers.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021 | PERCENT OF TOTAL INVESTMENTS | |||||||
1. | Nestle SA (Registered) (Switzerland) | 2.6 | % | |||||
2. | ASML Holding NV (Netherlands) | 2.5 | ||||||
3. | Roche Holding AG (Switzerland) | 2.0 | ||||||
4. | LVMH Moet Hennessy Louis Vuitton SE (France) | 1.7 | ||||||
5. | Novartis AG (Registered) (Switzerland) | 1.7 | ||||||
6. | Novo Nordisk A/S, Class B (Denmark) | 1.4 | ||||||
7. | Toyota Motor Corp. (Japan) | 1.3 | ||||||
8. | L’Oreal SA (France) | 1.2 | ||||||
9. | Iberdrola SA (Spain) | 1.2 | ||||||
10. | AIA Group Ltd. (Hong Kong) | 1.2 |
PORTFOLIO COMPOSITION BY COUNTRY | PERCENT OF TOTAL INVESTMENTS | |||
Japan | 23.5 | % | ||
France | 12.1 | |||
United Kingdom | 11.0 | |||
Switzerland | 10.0 | |||
Germany | 9.4 | |||
Netherlands | 6.8 | |||
Australia | 5.9 | |||
Denmark | 2.7 | |||
Sweden | 2.6 | |||
Spain | 2.4 | |||
Hong Kong | 2.4 | |||
Italy | 1.1 | |||
United States | 1.1 | |||
Singapore | 1.0 | |||
Others (each less than 1.0%) | 3.0 | |||
Short-Term Investments | 5.0 |
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
18 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 | ||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | SINCE INCEPTION | |||||||||||||
CLASS A SHARES | March 15, 2019 | |||||||||||||||
With Sales Charge** | 8.54 | % | 9.28 | % | 1.72 | % | ||||||||||
Without Sales Charge | 14.54 | 15.36 | 4.33 | |||||||||||||
CLASS C SHARES | March 15, 2019 | |||||||||||||||
With CDSC*** | 13.22 | 13.71 | 3.80 | |||||||||||||
Without CDSC | 14.22 | 14.71 | 3.80 | |||||||||||||
CLASS I SHARES | March 15, 2019 | 14.65 | 15.63 | 4.60 | ||||||||||||
CLASS R5 SHARES | March 15, 2019 | 14.77 | 15.75 | 4.74 | ||||||||||||
CLASS R6 SHARES | March 15, 2019 | 14.80 | 15.94 | 4.86 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (3/15/19 TO 4/30/21)
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 March 15, 2019.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Hedged Equity Fund, the MSCI EAFE Index (net of foreign withholding taxes) and the ICE BofAML 3-Month U.S. Treasury Bill Index from March 15, 2019 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the 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 has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The ICE BofAML 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the begin-
ning of the month and held for a full month. Each month the 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.
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 since the applicable 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 on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 19 |
Table of Contents
JPMorgan International Hedged Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)
taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
20 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan International Research Enhanced Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 28.86% | |||
MSCI EAFE Index (net of foreign withholding taxes) | 28.84% | |||
Net Assets as of 4/30/2021 (In Thousands) | $ | 4,946,965 |
INVESTMENT OBJECTIVE**
The JPMorgan International Research Enhanced Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares slightly outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.
The Fund’s security selection in the banks and consumer cyclical sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the basic industries and automobiles & automotive parts sectors was a leading detractor from relative performance.
By region, the Fund’s security selection in Japan and Pacific excluding Japan was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in Europe and the U.K., was the sole regional detractor from relative performance.
Due to the Fund holding a relatively large number of securities during the reporting period, the impact of individual holdings on the Fund’s relative performance tended to be small.
HOW WAS THE FUND POSITIONED?
Using the fundamental equity insights generated by analysts, the Fund’s portfolio managers took overweight positions in securities included within the universe of the Benchmark that they considered undervalued, while underweighting or not holding securities in the Benchmark that they considered overvalued.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021 | PERCENT OF TOTAL INVESTMENTS | |||||||
1. | Nestle SA (Registered) (Switzerland) | 2.5 | % | |||||
2. | ASML Holding NV (Netherlands) | 2.3 | ||||||
3. | Roche Holding AG (Switzerland) | 1.9 | ||||||
4. | LVMH Moet Hennessy Louis Vuitton SE (France) | 1.6 | ||||||
5. | Novartis AG (Registered) (Switzerland) | 1.6 | ||||||
6. | Novo Nordisk A/S, Class B (Denmark) | 1.4 | ||||||
7. | Toyota Motor Corp. (Japan) | 1.2 | ||||||
8. | L’Oreal SA (France) | 1.1 | ||||||
9. | Iberdrola SA (Spain) | 1.1 | ||||||
10. | Schneider Electric SE (France) | 1.1 |
PORTFOLIO COMPOSITION BY COUNTRY | PERCENT OF TOTAL INVESTMENTS | |||
Japan | 23.1 | % | ||
France | 11.9 | |||
United Kingdom | 11.0 | |||
Switzerland | 9.7 | |||
Germany | 9.3 | |||
Netherlands | 6.6 | |||
Australia | 5.9 | |||
Sweden | 2.7 | |||
Denmark | 2.6 | |||
Spain | 2.4 | |||
Hong Kong | 2.2 | |||
Italy | 1.2 | |||
Singapore | 1.0 | |||
Others (each less than 1.0%) | 3.6 | |||
Short-Term Investments | 6.8 |
* | 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. |
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 21 |
Table of Contents
JPMorgan International Research Enhanced Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | April 23, 1993 | |||||||||||||||||
With Sales Charge** | 21.91 | % | 30.50 | % | 6.76 | % | 3.58 | % | ||||||||||
Without Sales Charge | 28.69 | 37.73 | 7.91 | 4.14 | ||||||||||||||
CLASS I SHARES | October 28, 1992 | 28.86 | 38.07 | 8.18 | 4.40 | |||||||||||||
CLASS R6 SHARES | November 1, 2017 | 28.92 | 38.26 | 8.26 | 4.44 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
TEN YEAR PERFORMANCE (4/30/11 TO 4/30/21)
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 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 International Research Enhanced Equity Fund and the MSCI EAFE Index (net of foreign withholding taxes) from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. 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 since the applicable 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 on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
22 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan International Value Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class L Shares)* | 41.55% | |||
MSCI EAFE Value Index (net of foreign withholding taxes) | 36.00% | |||
Net Assets as of 4/30/2021 (In Thousands) | $ | 366,571 |
INVESTMENT OBJECTIVE**
The JPMorgan International 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 L Shares outperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.
The Fund’s underweight position in the utilities sectors and its security selection in the capital goods sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the diversified financials and software & services sectors was a leading detractor from relative performance.
By region, the Fund’s security selection in the Pacific, excluding Japan, and its underweight position in the U.K. were leading contributors to relative performance, while the Fund’s security selection in Europe and its underweight position in Japan were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s underweight positions in Unilever plc, Sanofi SA and Iberdrola SA. Shares of Unilever, a U.K. consumer products company not held in the Fund, fell after the company reported lower-than-expected results for its fiscal year 2020. Shares of Sanofi, a French pharmaceutical company not held in the Fund, underperformed after the company
reported lower-than-expected revenue for the fourth quarter of 2020 and declined to raise its forecast for 2021 at the end of the first quarter of 2021. Shares of Iberdrola, a Spanish electricity utility, underperformed amid a series of acquisitions by the company during the period.
Leading individual detractors from relative performance included the Fund’s overweight position in Banco Santander SA and its underweight positions in Westpac Banking Corp. and BASF SE. Shares of Banco Santander, a Spanish banking company that was added to the Fund in late November, rose along with the broader financial sector but their largest gains were in early November. Westpac Banking, an Australian financial services provider, rose after the company raised its earnings forecast for 2021. Shares of BASF, a German chemicals company, rose after the company reported profit growth for the fourth quarter of 2020 and issued a positive earnings forecast for 2021.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed behavioral-based and quantitative screens in addition to conducting fundamental analysis to seek out companies that they believed had attractive valuations. As a result of this process, the Fund’s largest overweight sector positions relative to the Benchmark during the period were in the banks and retail sectors, while the largest underweight sector positions were in the utilities and real estate sectors.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 23 |
Table of Contents
JPMorgan International Value Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021 | PERCENT OF TOTAL INVESTMENTS | |||||||
1. | Novartis AG (Registered) (Switzerland) | 2.1 | % | |||||
2. | BHP Group Ltd. (Australia) | 1.9 | ||||||
3. | Toyota Motor Corp. (Japan) | 1.7 | ||||||
4. | Royal Dutch Shell plc, Class A (Netherlands) | 1.6 | ||||||
5. | HSBC Holdings plc (United Kingdom) | 1.5 | ||||||
6. | TOTAL SE (France) | 1.4 | ||||||
7. | Siemens AG (Registered) (Germany) | 1.4 | ||||||
8. | Allianz SE (Registered) (Germany) | 1.3 | ||||||
9. | Rio Tinto plc (Australia) | 1.2 | ||||||
10. | Daimler AG (Registered) (Germany) | 1.1 |
PORTFOLIO COMPOSITION BY COUNTRY | PERCENT OF TOTAL INVESTMENTS | |||
Japan | 19.8 | % | ||
United Kingdom | 14.7 | |||
Germany | 9.4 | |||
France | 9.0 | |||
Australia | 6.9 | |||
Switzerland | 6.2 | |||
Netherlands | 4.0 | |||
Sweden | 3.6 | |||
Spain | 3.2 | |||
Italy | 3.1 | |||
Norway | 2.6 | |||
Denmark | 1.8 | |||
Austria | 1.5 | |||
Finland | 1.4 | |||
Hong Kong | 1.2 | |||
Singapore | 1.2 | |||
Belgium | 1.1 | |||
Others (each less than 1.0%) | 4.3 | |||
Short-Term Investments | 5.0 |
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
24 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | September 28, 2001 | |||||||||||||||||
With Sales Charge** | 33.95 | % | 40.42 | % | 4.07 | % | 1.34 | % | ||||||||||
Without Sales Charge | 41.31 | 48.21 | 5.20 | 1.88 | ||||||||||||||
CLASS C SHARES | July 11, 2006 | |||||||||||||||||
With CDSC*** | 39.96 | 46.41 | 4.64 | 1.48 | ||||||||||||||
Without CDSC | 40.96 | 47.41 | 4.64 | 1.48 | ||||||||||||||
CLASS I SHARES | September 10, 2001 | 41.43 | 48.46 | 5.47 | 2.16 | |||||||||||||
CLASS L SHARES | November 4, 1993 | 41.55 | 48.63 | 5.58 | 2.28 | |||||||||||||
CLASS R2 SHARES | November 3, 2008 | 41.10 | 47.61 | 4.88 | 1.61 | |||||||||||||
CLASS R5 SHARES | September 9, 2016 | 41.44 | 48.55 | 5.58 | 2.28 | |||||||||||||
CLASS R6 SHARES | November 30, 2010 | 41.48 | 48.74 | 5.70 | 2.40 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/11 TO 4/30/21)
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. Effective May 2018, some of the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund was managed under the current strategies.
Returns for Class R5 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 different than those shown because Class R5 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 International Value Fund and the MSCI EAFE Value Index (net of foreign withholding taxes) from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Value Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE Value Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted
index that is designed to measure the performance of value-oriented stocks in the world’s equity markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.
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 since the applicable 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 on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 25 |
Table of Contents
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 100.2% |
| |||||||
Argentina — 2.8% |
| |||||||
MercadoLibre, Inc. * | 256 | 401,572 | ||||||
|
| |||||||
Brazil — 4.6% |
| |||||||
B3 SA — Brasil Bolsa Balcao | 12,053 | 114,384 | ||||||
Localiza Rent a Car SA * | 9,224 | 108,558 | ||||||
Magazine Luiza SA * | 35,416 | 130,724 | ||||||
Pagseguro Digital Ltd., Class A * (a) | 3,091 | 141,382 | ||||||
Raia Drogasil SA * | 15,325 | 74,426 | ||||||
XP, Inc., Class A * | 2,295 | 90,879 | ||||||
|
| |||||||
660,353 | ||||||||
|
| |||||||
China — 42.4% |
| |||||||
Alibaba Group Holding Ltd., ADR * | 1,761 | 406,783 | ||||||
Alibaba Group Holding Ltd. * | 9,823 | 283,966 | ||||||
Bilibili, Inc., ADR * (a) | 869 | 96,371 | ||||||
Budweiser Brewing Co. APAC Ltd. (b) | 57,432 | 180,975 | ||||||
China Gas Holdings Ltd. | 48,011 | 173,054 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 2,575 | 154,704 | ||||||
Dada Nexus Ltd., ADR * | 2,604 | 62,599 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 7,532 | 196,552 | ||||||
Hundsun Technologies, Inc., Class A | 7,487 | 105,850 | ||||||
JD.com, Inc., ADR * | 1,578 | 122,109 | ||||||
JD.com, Inc., Class A * | 3,564 | 137,630 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 12,950 | 171,461 | ||||||
KE Holdings, Inc., ADR * | 3,440 | 179,035 | ||||||
Kingdee International Software Group Co. Ltd. * | 33,349 | 109,824 | ||||||
Kweichow Moutai Co. Ltd., Class A | 364 | 112,315 | ||||||
Meituan * (b) | 10,752 | 411,531 | ||||||
Midea Group Co. Ltd., Class A | 8,057 | 99,480 | ||||||
NetEase, Inc., ADR | 1,309 | 146,716 | ||||||
NetEase, Inc. | 7,252 | 162,088 | ||||||
New Oriental Education & Technology Group, Inc., ADR * | 9,553 | 145,776 | ||||||
Pharmaron Beijing Co. Ltd., Class A | 5,886 | 147,012 | ||||||
Ping An Bank Co. Ltd., Class A | 90,727 | 325,756 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 11,783 | 128,456 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 3,042 | 218,294 | ||||||
Shenzhou International Group Holdings Ltd. | 8,462 | 186,149 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 4,921 | 77,565 | ||||||
Sunny Optical Technology Group Co. Ltd. | 6,929 | 167,984 | ||||||
Tencent Holdings Ltd. | 7,069 | 563,908 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 6,629 | 104,793 | ||||||
Wuxi Biologics Cayman, Inc. * (b) | 32,121 | 450,901 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
China — continued |
| |||||||
Xinyi Solar Holdings Ltd. (a) | 80,586 | 134,403 | ||||||
Yum China Holdings, Inc. | 2,605 | 163,897 | ||||||
|
| |||||||
6,127,937 | ||||||||
|
| |||||||
Hong Kong — 4.9% |
| |||||||
AIA Group Ltd. | 17,599 | 223,379 | ||||||
AIA Group Ltd. | 795 | 10,071 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 2,539 | 153,148 | ||||||
Techtronic Industries Co. Ltd. | 17,840 | 323,703 | ||||||
|
| |||||||
710,301 | ||||||||
|
| |||||||
Hungary — 0.0% (c) |
| |||||||
OTP Bank Nyrt. * | 110 | 4,965 | ||||||
|
| |||||||
India — 13.7% |
| |||||||
Asian Paints Ltd. | 2,803 | 95,826 | ||||||
Britannia Industries Ltd. | 1,793 | 83,346 | ||||||
HDFC Bank Ltd. * | 13,065 | 248,242 | ||||||
HDFC Bank Ltd., ADR * | 2,957 | 207,830 | ||||||
HDFC Life Insurance Co. Ltd. * (b) | 16,679 | 149,507 | ||||||
Hindustan Unilever Ltd. | 5,256 | 166,717 | ||||||
Housing Development Finance Corp. Ltd. | 9,711 | 316,252 | ||||||
Kotak Mahindra Bank Ltd. * | 8,796 | 207,093 | ||||||
Reliance Industries Ltd. | 8,772 | 235,674 | ||||||
Tata Consultancy Services Ltd. | 6,652 | 272,228 | ||||||
|
| |||||||
1,982,715 | ||||||||
|
| |||||||
Indonesia — 1.6% |
| |||||||
Bank Central Asia Tbk. PT | 53,511 | 118,460 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT | 404,092 | 113,079 | ||||||
|
| |||||||
231,539 | ||||||||
|
| |||||||
Macau — 0.9% |
| |||||||
Sands China Ltd. * | 26,388 | 124,871 | ||||||
|
| |||||||
Mexico — 1.2% |
| |||||||
Wal-Mart de Mexico SAB de CV (a) | 52,447 | 171,994 | ||||||
|
| |||||||
Panama — 0.5% |
| |||||||
Copa Holdings SA, Class A * (a) | 879 | 76,049 | ||||||
|
| |||||||
Poland — 1.2% |
| |||||||
Allegro.eu SA * (b) | 11,598 | 177,816 | ||||||
|
| |||||||
Portugal — 0.9% |
| |||||||
Jeronimo Martins SGPS SA (a) | 7,578 | 138,384 | ||||||
|
| |||||||
South Africa — 1.0% |
| |||||||
Bid Corp. Ltd. * | 4,409 | 86,923 | ||||||
Capitec Bank Holdings Ltd. * | 525 | 53,809 | ||||||
|
| |||||||
140,732 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
26 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
South Korea — 8.8% |
| |||||||
Delivery Hero SE * (a) (b) | 1,063 | 168,576 | ||||||
LG Chem Ltd. | 139 | 115,644 | ||||||
NCSoft Corp. | 206 | 153,499 | ||||||
Samsung Electronics Co. Ltd. | 11,386 | 829,853 | ||||||
|
| |||||||
1,267,572 | ||||||||
|
| |||||||
Taiwan — 10.7% |
| |||||||
Sea Ltd., ADR * | 2,189 | 552,804 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 7,943 | 927,317 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,301 | 69,518 | ||||||
|
| |||||||
1,549,639 | ||||||||
|
| |||||||
Turkey — 0.5% |
| |||||||
BIM Birlesik Magazalar A/S | 9,368 | 73,550 | ||||||
|
| |||||||
United Kingdom — 1.2% |
| |||||||
Prudential plc | 8,452 | 178,975 | ||||||
|
| |||||||
United States — 3.3% |
| |||||||
EPAM Systems, Inc. * | 1,047 | 479,115 | ||||||
|
| |||||||
Total Common Stocks | 14,498,079 | |||||||
|
| |||||||
Short-Term Investments — 1.1% |
| |||||||
Investment of Cash Collateral from Securities Loaned — 1.1% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (d) (e) | 120,032 | 120,044 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e) | 30,911 | 30,911 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 150,955 | |||||||
|
| |||||||
Total Short-Term Investments | 150,955 | |||||||
|
| |||||||
Total Investments — 101.3% | 14,649,034 | |||||||
Liabilities in Excess of | (182,081 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 14,466,953 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2021
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Internet & Direct Marketing Retail | 14.8 | % | ||
Banks | 8.7 | |||
Semiconductors & Semiconductor Equipment | 7.7 | |||
Entertainment | 7.6 | |||
IT Services | 6.1 | |||
Technology Hardware, Storage & Peripherals | 5.7 | |||
Insurance | 4.7 | |||
Life Sciences Tools & Services | 4.1 | |||
Interactive Media & Services | 3.9 | |||
Food & Staples Retailing | 3.7 | |||
Machinery | 3.4 | |||
Beverages | 2.5 | |||
Capital Markets | 2.4 | |||
Chemicals | 2.2 | |||
Thrifts & Mortgage Finance | 2.2 | |||
Hotels, Restaurants & Leisure | 2.0 | |||
Food Products | 1.9 | |||
Oil, Gas & Consumable Fuels | 1.6 | |||
Health Care Equipment & Supplies | 1.5 | |||
Software | 1.5 | |||
Textiles, Apparel & Luxury Goods | 1.3 | |||
Real Estate Management & Development | 1.2 | |||
Gas Utilities | 1.2 | |||
Electronic Equipment, Instruments & Components | 1.1 | |||
Household Products | 1.1 | |||
Electrical Equipment | 1.1 | |||
Diversified Consumer Services | 1.0 | |||
Others (each less than 1.0%) | 2.8 | |||
Short-Term Investments | 1.0 |
Abbreviations
ADR | American Depositary Receipt | |
PT | Limited liability company | |
SGPS | Holding company | |
(a) | The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $142,764. | |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(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 April 30, 2021. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 27 |
Table of Contents
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 100.4% |
| |||||||
Argentina — 0.1% |
| |||||||
MercadoLibre, Inc. * | 3 | 5,399 | ||||||
|
| |||||||
Brazil — 5.0% |
| |||||||
Atacadao SA | 1,865 | 7,458 | ||||||
Gerdau SA (Preference) | 2,053 | 12,555 | ||||||
Itau Unibanco Holding SA (Preference) | 3,293 | 16,628 | ||||||
Itausa SA (Preference) | 6,098 | 11,306 | ||||||
Localiza Rent a Car SA * | 694 | 8,168 | ||||||
Lojas Renner SA | 1,666 | 12,301 | ||||||
Magazine Luiza SA * | 1,927 | 7,114 | ||||||
Petroleo Brasileiro SA (Preference) | 5,986 | 26,094 | ||||||
Porto Seguro SA | 648 | 5,813 | ||||||
Raia Drogasil SA * | 2,135 | 10,368 | ||||||
Sendas Distribuidora SA | 277 | 4,097 | ||||||
Suzano SA * | 1,206 | 15,312 | ||||||
Telefonica Brasil SA | 338 | 2,679 | ||||||
TIM SA, ADR * (a) | 480 | 5,383 | ||||||
Vale SA, ADR | 2,224 | 44,756 | ||||||
|
| |||||||
190,032 | ||||||||
|
| |||||||
Chile — 0.1% |
| |||||||
Cencosud SA | 1,490 | 3,094 | ||||||
Cia Cervecerias Unidas SA, ADR | 122 | 2,233 | ||||||
|
| |||||||
5,327 | ||||||||
|
| |||||||
China — 38.9% |
| |||||||
51job, Inc., ADR * | 75 | 4,606 | ||||||
Alibaba Group Holding Ltd. * | 7,603 | 219,776 | ||||||
Amoy Diagnostics Co. Ltd., Class A | 226 | 2,976 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 951 | 5,673 | ||||||
Autobio Diagnostics Co. Ltd., Class A | 398 | 7,495 | ||||||
Baidu, Inc., ADR * | 125 | 26,225 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 8,705 | 11,567 | ||||||
BeiGene Ltd., ADR * | 44 | 14,967 | ||||||
Bilibili, Inc., ADR * (a) | 118 | 13,082 | ||||||
BOE Technology Group Co. Ltd., Class A | 10,648 | 12,001 | ||||||
Chacha Food Co. Ltd., Class A | 703 | 5,848 | ||||||
China Conch Venture Holdings Ltd. | 1,390 | 6,556 | ||||||
China Construction Bank Corp., Class H | 58,546 | 46,213 | ||||||
China CYTS Tours Holding Co. Ltd., Class A | 1,848 | 3,427 | ||||||
China Gas Holdings Ltd. | 3,895 | 14,039 | ||||||
China Lesso Group Holdings Ltd. | 3,220 | 8,100 | ||||||
China Life Insurance Co. Ltd., Class H | 8,597 | 17,427 | ||||||
China Merchants Bank Co. Ltd., Class H | 3,825 | 30,724 | ||||||
China Molybdenum Co. Ltd., Class H | 9,453 | 6,385 | ||||||
China Oilfield Services Ltd., Class H | 3,498 | 3,196 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
China — continued |
| |||||||
China Pacific Insurance Group Co. Ltd., Class H | 3,235 | 11,645 | ||||||
China Resources Land Ltd. | 2,728 | 12,773 | ||||||
China Shenhua Energy Co. Ltd., Class H | 4,795 | 9,986 | ||||||
China Vanke Co. Ltd., Class H | 3,518 | 12,301 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 229 | 13,733 | ||||||
Country Garden Services Holdings Co. Ltd. | 1,326 | 13,891 | ||||||
Dada Nexus Ltd., ADR * | 134 | 3,212 | ||||||
ENN Energy Holdings Ltd. | 184 | 3,143 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H (b) | 1,028 | 5,952 | ||||||
GDS Holdings Ltd., ADR * (a) | 75 | 6,244 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 11,596 | 9,892 | ||||||
Haier Smart Home Co. Ltd., Class H * | 3,329 | 14,318 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H * (b) | 413 | 8,087 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 583 | 3,605 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 1,029 | 4,158 | ||||||
Huazhu Group Ltd. * | 173 | 10,102 | ||||||
Hundsun Technologies, Inc., Class A | 252 | 3,565 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 33,451 | 21,706 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,361 | 8,577 | ||||||
Innovent Biologics, Inc. * (b) | 1,286 | 13,944 | ||||||
iQIYI, Inc., ADR * (a) | 149 | 2,196 | ||||||
JD.com, Inc., Class A * | 1,004 | 38,784 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 813 | 10,531 | ||||||
Jiangsu Hengshun Vinegar Industry Co. Ltd., Class A | 1,054 | 2,921 | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 1,197 | 8,614 | ||||||
Joyoung Co. Ltd., Class A | 1,585 | 7,776 | ||||||
JOYY, Inc., ADR | 96 | 9,118 | ||||||
KE Holdings, Inc., ADR * (a) | 187 | 9,745 | ||||||
Kingdee International Software Group Co. Ltd. * | 3,251 | 10,706 | ||||||
Kingsoft Corp. Ltd. | 1,785 | 12,594 | ||||||
Kuaishou Technology * (a) (b) | 216 | 7,296 | ||||||
Kunlun Energy Co. Ltd. | 6,398 | 6,841 | ||||||
Kweichow Moutai Co. Ltd., Class A | 49 | 15,074 | ||||||
Laobaixing Pharmacy Chain JSC, Class A | 167 | 1,382 | ||||||
Longfor Group Holdings Ltd. (b) | 2,195 | 13,631 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 1,006 | 5,713 | ||||||
Meituan * (b) | 1,942 | 74,340 | ||||||
Minth Group Ltd. | 1,620 | 6,561 | ||||||
NetEase, Inc., ADR | 85 | 9,472 | ||||||
NetEase, Inc. | 872 | 19,487 |
SEE NOTES TO FINANCIAL STATEMENTS.
28 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
China — continued |
| |||||||
New Oriental Education & Technology Group, Inc., ADR * | 1,337 | 20,401 | ||||||
NIO, Inc., ADR * | 235 | 9,372 | ||||||
Pharmaron Beijing Co. Ltd., Class H (b) | 256 | 5,292 | ||||||
Pinduoduo, Inc., ADR * | 192 | 25,724 | ||||||
Ping An Bank Co. Ltd., Class A | 3,536 | 12,696 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 4,020 | 43,827 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 3,064 | 6,609 | ||||||
Postal Savings Bank of China Co. Ltd., Class H (b) | 19,855 | 12,877 | ||||||
Qingdao Haier Biomedical Co. Ltd., Class A | 9 | 134 | ||||||
Qingdao Haier Biomedical Co. Ltd., Class A | 400 | 6,126 | ||||||
Shanghai Liangxin Electrical Co. Ltd., Class A | 899 | 3,523 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 168 | 12,063 | ||||||
Silergy Corp. | 102 | 10,484 | ||||||
Sunny Optical Technology Group Co. Ltd. | 751 | 18,211 | ||||||
Tencent Holdings Ltd. | 2,860 | 228,108 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 2,123 | 4,543 | ||||||
Tongwei Co. Ltd., Class A | 812 | 4,384 | ||||||
Topsports International Holdings Ltd. (b) | 2,957 | 3,980 | ||||||
Trip.com Group Ltd., ADR * | 275 | 10,740 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 591 | 9,339 | ||||||
WuXi AppTec Co. Ltd., Class H (b) | 606 | 14,288 | ||||||
Wuxi Biologics Cayman, Inc. * (b) | 2,213 | 31,066 | ||||||
Xinyi Solar Holdings Ltd. | 6,488 | 10,821 | ||||||
XPeng, Inc., ADR * (a) | 250 | 7,466 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 726 | 3,707 | ||||||
Yum China Holdings, Inc. | 352 | 22,150 | ||||||
Yunnan Energy New Material Co. Ltd. | 424 | 8,766 | ||||||
Zai Lab Ltd., ADR * | 78 | 12,884 | ||||||
Zhongji Innolight Co. Ltd., Class A | 689 | 3,630 | ||||||
|
| |||||||
1,487,110 | ||||||||
|
| |||||||
Colombia — 0.2% |
| |||||||
Ecopetrol SA, ADR (a) | 474 | 5,608 | ||||||
|
| |||||||
Czech Republic — 0.1% |
| |||||||
Moneta Money Bank A/S * (b) | 1,298 | 4,821 | ||||||
|
| |||||||
Greece — 0.4% |
| |||||||
Hellenic Telecommunications Organization SA | 404 | 6,850 | ||||||
OPAP SA | 489 | 7,495 | ||||||
|
| |||||||
14,345 | ||||||||
|
| |||||||
Hong Kong — 0.4% |
| |||||||
Hutchison China MediTech Ltd., ADR * | 133 | 3,758 | ||||||
Techtronic Industries Co. Ltd. | 523 | 9,481 | ||||||
|
| |||||||
13,239 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Hungary — 0.3% |
| |||||||
OTP Bank Nyrt. * | 210 | 9,432 | ||||||
Richter Gedeon Nyrt. | 118 | 3,387 | ||||||
|
| |||||||
12,819 | ||||||||
|
| |||||||
India — 8.9% |
| |||||||
ACC Ltd. | 133 | 3,384 | ||||||
Ambuja Cements Ltd. | 1,941 | 8,083 | ||||||
Apollo Hospitals Enterprise Ltd. | 230 | 9,902 | ||||||
Axis Bank Ltd. * | 1,046 | 10,056 | ||||||
Britannia Industries Ltd. | 245 | 11,386 | ||||||
Eicher Motors Ltd. * | 130 | 4,247 | ||||||
HDFC Bank Ltd., ADR * | 132 | 9,275 | ||||||
HDFC Life Insurance Co. Ltd. * (b) | 1,273 | 11,412 | ||||||
Hindalco Industries Ltd. | 1,671 | 8,193 | ||||||
Hindustan Unilever Ltd. | 709 | 22,491 | ||||||
Housing Development Finance Corp. Ltd. | 1,086 | 35,366 | ||||||
ICICI Bank Ltd. | 484 | 3,919 | ||||||
Infosys Ltd., ADR | 2,119 | 38,305 | ||||||
Kotak Mahindra Bank Ltd. * | 681 | 16,043 | ||||||
Larsen & Toubro Ltd. | 580 | 10,473 | ||||||
Maruti Suzuki India Ltd. | 171 | 14,868 | ||||||
NTPC Ltd. | 5,010 | 6,917 | ||||||
Oil & Natural Gas Corp. Ltd. | 5,717 | 8,306 | ||||||
Petronet LNG Ltd. | 2,342 | 7,577 | ||||||
Power Grid Corp. of India Ltd. | 3,501 | 10,389 | ||||||
Reliance Industries Ltd. | 1,563 | 41,993 | ||||||
Shriram Transport Finance Co. Ltd. | 469 | 8,484 | ||||||
Tata Consultancy Services Ltd. | 475 | 19,441 | ||||||
UltraTech Cement Ltd. | 131 | 11,080 | ||||||
United Spirits Ltd. * | 1,169 | 8,185 | ||||||
|
| |||||||
339,775 | ||||||||
|
| |||||||
Indonesia — 1.3% |
| |||||||
Bank Central Asia Tbk. PT | 9,333 | 20,662 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT | 47,794 | 13,375 | ||||||
Telkom Indonesia Persero Tbk. PT | 66,258 | 14,639 | ||||||
|
| |||||||
48,676 | ||||||||
|
| |||||||
Malaysia — 0.8% |
| |||||||
CIMB Group Holdings Bhd. | 4,022 | 4,060 | ||||||
Petronas Chemicals Group Bhd. | 4,207 | 8,414 | ||||||
Public Bank Bhd. | 10,561 | 10,692 | ||||||
Tenaga Nasional Bhd. | 2,322 | 5,642 | ||||||
Top Glove Corp. Bhd. | 1,463 | 2,014 | ||||||
|
| |||||||
30,822 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 29 |
Table of Contents
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Mexico — 2.1% |
| |||||||
America Movil SAB de CV, Series L | 24,975 | 17,495 | ||||||
Fomento Economico Mexicano SAB de CV, ADR | 146 | 11,327 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B * | 438 | 7,424 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 2,546 | 14,458 | ||||||
Grupo Mexico SAB de CV, Series B | 1,930 | 8,755 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 3,663 | 6,349 | ||||||
Wal-Mart de Mexico SAB de CV | 4,830 | 15,840 | ||||||
|
| |||||||
81,648 | ||||||||
|
| |||||||
Peru — 0.3% |
| |||||||
Credicorp Ltd. * | 82 | 9,821 | ||||||
|
| |||||||
Philippines — 0.3% |
| |||||||
Ayala Corp. | 266 | 4,085 | ||||||
Ayala Land, Inc. | 6,232 | 4,158 | ||||||
International Container Terminal Services, Inc. | 1,578 | 4,257 | ||||||
|
| |||||||
12,500 | ||||||||
|
| |||||||
Poland — 0.8% |
| |||||||
Allegro.eu SA * (b) | 674 | 10,326 | ||||||
CD Projekt SA * (a) | 120 | 5,507 | ||||||
Dino Polska SA * (b) | 105 | 6,825 | ||||||
Powszechny Zaklad Ubezpieczen SA * | 753 | 6,479 | ||||||
|
| |||||||
29,137 | ||||||||
|
| |||||||
Qatar — 0.3% |
| |||||||
Qatar National Bank QPSC | 2,053 | 10,091 | ||||||
|
| |||||||
Russia — 4.0% |
| |||||||
Alrosa PJSC | 7,899 | 11,411 | ||||||
Gazprom PJSC, ADR | 1,871 | 11,348 | ||||||
LUKOIL PJSC, ADR | 355 | 27,208 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 5,791 | 5,016 | ||||||
MMC Norilsk Nickel PJSC, ADR | 421 | 14,289 | ||||||
Moscow Exchange MICEX-RTS PJSC | 2,521 | 5,928 | ||||||
Moscow Exchange MICEX-RTS PJSC | 56 | 132 | ||||||
Novolipetsk Steel PJSC | 1,540 | 5,436 | ||||||
Rosneft Oil Co. PJSC, GDR (b) | 1,238 | 8,542 | ||||||
Sberbank of Russia PJSC, ADR | 1,925 | 30,362 | ||||||
Severstal PAO, GDR (b) | 588 | 13,847 | ||||||
Tatneft PJSC, ADR | 271 | 10,931 | ||||||
X5 Retail Group NV, GDR (b) | 248 | 7,598 | ||||||
|
| |||||||
152,048 | ||||||||
|
| |||||||
Saudi Arabia — 2.6% |
| |||||||
Al Rajhi Bank | 1,069 | 28,140 | ||||||
Alinma Bank | 1,695 | 8,948 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Saudi Arabia — continued |
| |||||||
Almarai Co. JSC | 399 | 5,723 | ||||||
BinDawood Holding Co. | 138 | 4,151 | ||||||
Saudi Basic Industries Corp. | 409 | 13,465 | ||||||
Saudi National Bank * | 1,452 | 21,994 | ||||||
Saudi Telecom Co. | 379 | 12,808 | ||||||
Savola Group (The) | 332 | 3,525 | ||||||
|
| |||||||
98,754 | ||||||||
|
| |||||||
Singapore — 0.1% |
| |||||||
BOC Aviation Ltd. (b) | 364 | 3,280 | ||||||
|
| |||||||
South Africa — 4.2% |
| |||||||
Absa Group Ltd. * | 1,158 | 9,766 | ||||||
Bid Corp. Ltd. * | 451 | 8,887 | ||||||
Bidvest Group Ltd. (The) | 855 | 9,870 | ||||||
Capitec Bank Holdings Ltd. * | 124 | 12,667 | ||||||
Clicks Group Ltd. | 527 | 8,796 | ||||||
FirstRand Ltd. | 4,514 | 15,877 | ||||||
Gold Fields Ltd., ADR | 220 | 2,063 | ||||||
Impala Platinum Holdings Ltd. | 395 | 7,379 | ||||||
MTN Group * | 1,868 | 11,819 | ||||||
Naspers Ltd., Class N | 217 | 49,347 | ||||||
Pick n Pay Stores Ltd. | 1,082 | 4,038 | ||||||
Sanlam Ltd. | 1,809 | 6,985 | ||||||
SPAR Group Ltd. (The) | 653 | 8,238 | ||||||
Vodacom Group Ltd. | 678 | 5,876 | ||||||
|
| |||||||
161,608 | ||||||||
|
| |||||||
South Korea — 13.2% |
| |||||||
BGF retail Co. Ltd. | 18 | 2,530 | ||||||
Hana Financial Group, Inc. | 239 | 9,805 | ||||||
Hankook Tire & Technology Co. Ltd. | 133 | 5,749 | ||||||
Hyundai Glovis Co. Ltd. | 33 | 5,743 | ||||||
Hyundai Mobis Co. Ltd. | 31 | 7,621 | ||||||
Hyundai Motor Co. | 38 | 7,230 | ||||||
KB Financial Group, Inc. | 276 | 13,609 | ||||||
Kia Corp. | 133 | 9,216 | ||||||
KIWOOM Securities Co. Ltd. | 43 | 5,102 | ||||||
LG Chem Ltd. | 35 | 29,110 | ||||||
LG Household & Health Care Ltd. | 10 | 14,317 | ||||||
Lotte Chemical Corp. | 17 | 4,551 | ||||||
Mando Corp. * | 77 | 4,038 | ||||||
NAVER Corp. | 72 | 23,167 | ||||||
NCSoft Corp. | 18 | 13,058 | ||||||
POSCO | 67 | 21,773 | ||||||
Samsung Electronics Co. Ltd. | 2,800 | 204,077 |
SEE NOTES TO FINANCIAL STATEMENTS.
30 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
South Korea — continued |
| |||||||
Samsung Fire & Marine Insurance Co. Ltd. | 66 | 11,807 | ||||||
Samsung SDI Co. Ltd. | 13 | 7,493 | ||||||
Shinhan Financial Group Co. Ltd. | 575 | 20,674 | ||||||
SK Holdings Co. Ltd. | 24 | 5,840 | ||||||
SK Hynix, Inc. | 369 | 42,109 | ||||||
SK Innovation Co. Ltd. * | 50 | 12,042 | ||||||
SK Telecom Co. Ltd. | 47 | 12,903 | ||||||
S-Oil Corp. * | 152 | 11,842 | ||||||
|
| |||||||
505,406 | ||||||||
|
| |||||||
Taiwan — 13.6% |
| |||||||
Accton Technology Corp. | 1,254 | 14,199 | ||||||
Advantech Co. Ltd. | 878 | 11,104 | ||||||
ASE Technology Holding Co. Ltd. | 4,077 | 17,037 | ||||||
AU Optronics Corp. | 18,378 | 21,514 | ||||||
Chailease Holding Co. Ltd. | 2,056 | 14,817 | ||||||
CTBC Financial Holding Co. Ltd. | 4,974 | 4,048 | ||||||
Delta Electronics, Inc. | 1,507 | 16,144 | ||||||
Eclat Textile Co. Ltd. | 615 | 11,776 | ||||||
Feng TAY Enterprise Co. Ltd. | 593 | 4,387 | ||||||
Fubon Financial Holding Co. Ltd. | 7,619 | 17,459 | ||||||
Global Unichip Corp. | 278 | 3,961 | ||||||
Hiwin Technologies Corp. | 802 | 12,106 | ||||||
Hon Hai Precision Industry Co. Ltd. | 3,956 | 16,263 | ||||||
MediaTek, Inc. * | 258 | 10,816 | ||||||
Nanya Technology Corp. | 1,931 | 6,253 | ||||||
Nien Made Enterprise Co. Ltd. | 386 | 6,226 | ||||||
Quanta Computer, Inc. | 2,620 | 9,170 | ||||||
Realtek Semiconductor Corp. * | 838 | 15,809 | ||||||
Sea Ltd., ADR * | 19 | 4,896 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 405 | 47,224 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 9,593 | 202,025 | ||||||
Taiwan Union Technology Corp. | 1,494 | 6,283 | ||||||
Uni-President Enterprises Corp. | 4,787 | 12,822 | ||||||
Vanguard International Semiconductor Corp. | 1,343 | 5,682 | ||||||
Wiwynn Corp. | 247 | 8,033 | ||||||
Yageo Corp. | 304 | 5,855 | ||||||
Yuanta Financial Holding Co. Ltd. | 16,667 | 15,459 | ||||||
|
| |||||||
521,368 | ||||||||
|
| |||||||
Tanzania, United Republic of — 0.1% |
| |||||||
AngloGold Ashanti Ltd., ADR | 253 | 5,203 | ||||||
|
| |||||||
Thailand — 1.9% |
| |||||||
Airports of Thailand PCL | 4,234 | 8,416 | ||||||
Kasikornbank PCL | 2,270 | 9,683 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Thailand — continued |
| |||||||
Minor International PCL * | 5,900 | 5,675 | ||||||
PTT Exploration & Production PCL | 3,441 | 13,082 | ||||||
PTT PCL | 5,585 | 7,117 | ||||||
Siam Cement PCL (The) (Registered) | 728 | 10,766 | ||||||
Siam Commercial Bank PCL (The) | 2,880 | 9,703 | ||||||
Thai Oil PCL | 4,290 | 8,120 | ||||||
|
| |||||||
72,562 | ||||||||
|
| |||||||
Turkey — 0.3% |
| |||||||
BIM Birlesik Magazalar A/S | 876 | 6,878 | ||||||
Turkcell Iletisim Hizmetleri A/S | 3,165 | 5,673 | ||||||
|
| |||||||
12,551 | ||||||||
|
| |||||||
United Arab Emirates — 0.1% |
| |||||||
Emaar Properties PJSC | 4,534 | 4,578 | ||||||
|
| |||||||
Total Common Stocks | 3,838,528 | |||||||
|
| |||||||
Short-Term Investments — 0.7% |
| |||||||
Investment of Cash Collateral From Securities Loaned — 0.7% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d) | 23,493 | 23,496 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) | 3,578 | 3,578 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 27,074 | |||||||
|
| |||||||
Total Short-Term Investments | 27,074 | |||||||
|
| |||||||
Total Investments — 101.1% | 3,865,602 | |||||||
Liabilities in Excess of | (42,379 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 3,823,223 | |||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 31 |
Table of Contents
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2021
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Banks | 12.1 | % | ||
Internet & Direct Marketing Retail | 11.3 | |||
Semiconductors & Semiconductor Equipment | 9.6 | |||
Interactive Media & Services | 7.6 | |||
Technology Hardware, Storage & Peripherals | 6.0 | |||
Oil, Gas & Consumable Fuels | 5.4 | |||
Metals & Mining | 4.6 | |||
Insurance | 3.4 | |||
Electronic Equipment, Instruments & Components | 2.9 | |||
Food & Staples Retailing | 2.6 | |||
Entertainment | 1.8 | |||
Chemicals | 1.7 | |||
IT Services | 1.7 | |||
Food Products | 1.7 | |||
Real Estate Management & Development | 1.7 | |||
Automobiles | 1.6 | |||
Wireless Telecommunication Services | 1.5 | |||
Life Sciences Tools & Services | 1.5 | |||
Hotels, Restaurants & Leisure | 1.3 | |||
Diversified Financial Services | 1.2 | |||
Biotechnology | 1.2 | |||
Construction Materials | 1.0 | |||
Diversified Telecommunication Services | 1.0 | |||
Beverages | 1.0 | |||
Others (each less than 1.0%) | 13.9 | |||
Short-Term Investments | 0.7 |
Abbreviations
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
PT | Limited liability company | |
RTS | Russian Trading System | |
(a) | The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $25,774. | |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of April 30, 2021. | |
* | Non-income producing security. |
Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
MSCI Emerging Markets E-Mini Index | 174 | 06/2021 | USD | 11,624 | 34 | |||||||||||||||
|
|
Abbreviations
MSCI | Morgan Stanley Capital International | |
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
32 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan Europe Dynamic Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.2% |
| |||||||
Australia — 2.8% |
| |||||||
BHP Group plc | 345 | 10,390 | ||||||
Rio Tinto plc | 131 | 10,933 | ||||||
|
| |||||||
21,323 | ||||||||
|
| |||||||
Austria — 1.9% |
| |||||||
Erste Group Bank AG | 239 | 8,482 | ||||||
Wienerberger AG | 149 | 5,854 | ||||||
|
| |||||||
14,336 | ||||||||
|
| |||||||
Belgium — 0.4% |
| |||||||
bpost SA * | 307 | 3,266 | ||||||
|
| |||||||
Denmark — 2.7% |
| |||||||
Orsted A/S (a) | 42 | 6,176 | ||||||
Pandora A/S | 43 | 4,822 | ||||||
Royal Unibrew A/S | 37 | 4,459 | ||||||
Vestas Wind Systems A/S | 110 | 4,581 | ||||||
|
| |||||||
20,038 | ||||||||
|
| |||||||
Finland — 2.3% |
| |||||||
Cargotec OYJ, Class B | 106 | 6,131 | ||||||
Neste OYJ | 87 | 5,265 | ||||||
QT Group OYJ * | 51 | 6,062 | ||||||
|
| |||||||
17,458 | ||||||||
|
| |||||||
France — 12.4% |
| |||||||
Airbus SE * | 75 | 9,024 | ||||||
BNP Paribas SA * | 137 | 8,782 | ||||||
Capgemini SE | 46 | 8,341 | ||||||
Cie Plastic Omnium SA | 105 | 3,530 | ||||||
Credit Agricole SA | 469 | 7,251 | ||||||
Eiffage SA * | 48 | 5,285 | ||||||
La Francaise des Jeux SAEM (a) | 146 | 7,471 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 25 | 18,571 | ||||||
Publicis Groupe SA | 69 | 4,458 | ||||||
Safran SA | 61 | 9,052 | ||||||
Schneider Electric SE (b) | 72 | 11,560 | ||||||
|
| |||||||
93,325 | ||||||||
|
| |||||||
Germany — 18.0% |
| |||||||
Allianz SE (Registered) | 75 | 19,405 | ||||||
Daimler AG (Registered) | 118 | 10,496 | ||||||
Deutsche Boerse AG | 45 | 7,800 | ||||||
Deutsche Post AG (Registered) | 208 | 12,234 | ||||||
Deutsche Telekom AG (Registered) | 590 | 11,362 | ||||||
DWS Group GmbH & Co. KGaA (a) | 147 | 6,416 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 53 | 5,166 | ||||||
HelloFresh SE * | 63 | 5,238 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Germany — continued |
| |||||||
Infineon Technologies AG (b) | 204 | 8,167 | ||||||
Jungheinrich AG (Preference) | 152 | 7,978 | ||||||
Schaeffler AG (Preference) | 573 | 5,165 | ||||||
Siemens AG (Registered) | 82 | 13,685 | ||||||
VERBIO Vereinigte BioEnergie AG (b) | 94 | 4,742 | ||||||
Volkswagen AG (Preference) | 41 | 10,690 | ||||||
Zalando SE * (a) (b) | 68 | 7,052 | ||||||
|
| |||||||
135,596 | ||||||||
|
| |||||||
Ireland — 3.9% |
| |||||||
AIB Group plc * | 2,039 | 5,936 | ||||||
AIB Group plc * | 593 | 1,733 | ||||||
Bank of Ireland Group plc * | 1,260 | 7,205 | ||||||
Bank of Ireland Group plc * | 367 | 2,148 | ||||||
Ryanair Holdings plc, ADR * | 53 | 6,243 | ||||||
Smurfit Kappa Group plc | 111 | 5,691 | ||||||
|
| |||||||
28,956 | ||||||||
|
| |||||||
Italy — 2.9% |
| |||||||
Enel SpA (b) | 1,095 | 10,873 | ||||||
Intesa Sanpaolo SpA * (b) | 4,054 | 11,303 | ||||||
|
| |||||||
22,176 | ||||||||
|
| |||||||
Luxembourg — 0.9% |
| |||||||
ArcelorMittal SA | 234 | 6,803 | ||||||
|
| |||||||
Netherlands — 4.5% |
| |||||||
ASM International NV | 16 | 4,933 | ||||||
ASML Holding NV (b) | 16 | 10,676 | ||||||
BE Semiconductor Industries NV | 23 | 1,854 | ||||||
Koninklijke Ahold Delhaize NV | 283 | 7,627 | ||||||
NN Group NV | 168 | 8,399 | ||||||
|
| |||||||
33,489 | ||||||||
|
| |||||||
South Korea — 0.8% |
| |||||||
Delivery Hero SE * (a) (b) | 37 | 5,801 | ||||||
|
| |||||||
Spain — 1.7% |
| |||||||
CaixaBank SA * | 2,606 | 8,336 | ||||||
Laboratorios Farmaceuticos Rovi SA | 77 | 4,463 | ||||||
|
| |||||||
12,799 | ||||||||
|
| |||||||
Sweden — 3.7% |
| |||||||
Evolution Gaming Group AB (a) (b) | 48 | 9,413 | ||||||
Sinch AB * (a) | 21 | 3,342 | ||||||
Stillfront Group AB * (b) | 362 | 3,690 | ||||||
Swedish Match AB | 43 | 3,481 | ||||||
Volvo AB, Class B | 326 | 7,965 | ||||||
|
| |||||||
27,891 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 33 |
Table of Contents
JPMorgan Europe Dynamic Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Switzerland — 17.8% |
| |||||||
Interroll Holding AG (Registered) | 1 | 4,245 | ||||||
LafargeHolcim Ltd. (Registered) * | 150 | 9,248 | ||||||
Nestle SA (Registered) | 305 | 36,433 | ||||||
Novartis AG (Registered) | 177 | 15,117 | ||||||
Roche Holding AG | 89 | 28,945 | ||||||
Schindler Holding AG | 17 | 4,868 | ||||||
Siegfried Holding AG (Registered) * | 7 | 6,714 | ||||||
Sonova Holding AG (Registered) * | 21 | 6,320 | ||||||
Swissquote Group Holding SA (Registered) | 58 | 8,756 | ||||||
Zurich Insurance Group AG | 33 | 13,385 | ||||||
|
| |||||||
134,031 | ||||||||
|
| |||||||
United Kingdom — 19.4% |
| |||||||
3i Group plc | 366 | 6,490 | ||||||
Allfunds Group plc * | 217 | 3,643 | ||||||
Ashtead Group plc | 104 | 6,659 | ||||||
Barclays plc | 2,133 | 5,165 | ||||||
boohoo Group plc * | 962 | 4,517 | ||||||
BP plc | 2,471 | 10,343 | ||||||
Centrica plc * | 5,048 | 3,951 | ||||||
CNH Industrial NV | 442 | 6,563 | ||||||
Computacenter plc | 227 | 8,398 | ||||||
Dr. Martens plc * | 853 | 5,695 | ||||||
Dunelm Group plc | 170 | 3,465 | ||||||
Games Workshop Group plc | 35 | 5,292 | ||||||
Intermediate Capital Group plc | 300 | 9,057 | ||||||
Linde plc | 21 | 5,907 | ||||||
Lloyds Banking Group plc | 23,934 | 15,008 | ||||||
Moonpig Group plc * | 594 | 3,607 | ||||||
National Express Group plc * | 2,196 | 9,073 | ||||||
Next plc * | 91 | 9,832 | ||||||
Persimmon plc | 169 | 7,290 | ||||||
Segro plc, REIT | 276 | 3,841 | ||||||
Spirent Communications plc | 999 | 3,538 | ||||||
Taylor Wimpey plc | 3,394 | 8,420 | ||||||
|
| |||||||
145,754 | ||||||||
|
| |||||||
United States — 1.1% |
| |||||||
Stellantis NV | 493 | 8,172 | ||||||
|
| |||||||
Total Common Stocks | 731,214 | |||||||
|
| |||||||
Short-Term Investments — 26.5% |
| |||||||
Investment Companies — 24.1% |
| |||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (c) (d) | 181,254 | 181,345 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 2.4% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d) | 15,998 | 16,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) | 2,345 | 2,345 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 18,345 | |||||||
|
| |||||||
Total Short-Term Investments | 199,690 | |||||||
|
| |||||||
Total Investments — 123.7% | 930,904 | |||||||
Liabilities in Excess of | (178,260 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 752,644 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2021
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Banks | 8.7 | % | ||
Pharmaceuticals | 5.2 | |||
Capital Markets | 4.5 | |||
Insurance | 4.4 | |||
Machinery | 4.1 | |||
Food Products | 3.9 | |||
Automobiles | 3.2 | |||
Textiles, Apparel & Luxury Goods | 3.1 | |||
Metals & Mining | 3.0 | |||
Internet & Direct Marketing Retail | 2.8 | |||
Semiconductors & Semiconductor Equipment | 2.8 | |||
Oil, Gas & Consumable Fuels | 2.2 | |||
Aerospace & Defense | 1.9 | |||
Electric Utilities | 1.8 | |||
Hotels, Restaurants & Leisure | 1.8 | |||
IT Services | 1.8 | |||
Electrical Equipment | 1.7 | |||
Household Durables | 1.7 | |||
Air Freight & Logistics | 1.7 | |||
Construction Materials | 1.6 | |||
Industrial Conglomerates | 1.5 |
SEE NOTES TO FINANCIAL STATEMENTS.
34 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Health Care Equipment & Supplies | 1.2 | % | ||
Diversified Telecommunication Services | 1.2 | |||
Multiline Retail | 1.1 | |||
Software | 1.0 | |||
Road & Rail | 1.0 | |||
Others (each less than 1.0%) | 9.6 | |||
Short-Term Investments | 21.5 |
Abbreviations
ADR | American Depositary Receipt | |
OYJ | Public Limited Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(b) | The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $17,245. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of April 30, 2021. | |
* | Non-income producing security. |
Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
EURO STOXX 50 Index | 132 | 06/2021 | EUR | 6,240 | 227 | |||||||||||||||
FTSE 100 Index | 7 | 06/2021 | GBP | 670 | 18 | |||||||||||||||
|
| |||||||||||||||||||
245 | ||||||||||||||||||||
|
|
Abbreviations
EUR | Euro | |
FTSE | Financial Times and the London Stock Exchange | |
GBP | British Pound |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 35 |
Table of Contents
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.7% |
| |||||||
Australia — 4.8% |
| |||||||
BHP Group Ltd. | 1,723 | 62,714 | ||||||
BHP Group plc | 995 | 29,973 | ||||||
Commonwealth Bank of Australia | 1,116 | 76,390 | ||||||
Rio Tinto plc | 683 | 57,233 | ||||||
|
| |||||||
226,310 | ||||||||
|
| |||||||
Austria — 0.8% |
| |||||||
Erste Group Bank AG | 1,083 | 38,503 | ||||||
|
| |||||||
Belgium — 1.3% |
| |||||||
KBC Group NV * | 764 | 59,282 | ||||||
|
| |||||||
China — 3.3% |
| |||||||
Alibaba Group Holding Ltd. * | 1,248 | 36,091 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 3,748 | 40,862 | ||||||
Prosus NV * | 323 | 35,079 | ||||||
Tencent Holdings Ltd. | 557 | 44,393 | ||||||
|
| |||||||
156,425 | ||||||||
|
| |||||||
Denmark — 4.0% |
| |||||||
Carlsberg A/S, Class B | 357 | 62,614 | ||||||
Novo Nordisk A/S, Class B | 1,245 | 91,863 | ||||||
Orsted A/S (a) (b) | 240 | 34,858 | ||||||
|
| |||||||
189,335 | ||||||||
|
| |||||||
Finland — 1.0% |
| |||||||
Kone OYJ, Class B | 623 | 48,929 | ||||||
|
| |||||||
France — 17.0% |
| |||||||
Accor SA * | 482 | 19,415 | ||||||
AXA SA (a) | 2,076 | 58,632 | ||||||
BNP Paribas SA * | 840 | 53,888 | ||||||
Capgemini SE | 389 | 71,371 | ||||||
Kering SA | 80 | 63,955 | ||||||
L’Oreal SA (a) | 158 | 64,878 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 162 | 121,684 | ||||||
Pernod Ricard SA | 230 | 47,201 | ||||||
Safran SA | 367 | 54,785 | ||||||
Schneider Electric SE | 493 | 78,588 | ||||||
TOTAL SE (a) | 2,025 | 89,497 | ||||||
Vinci SA | 666 | 73,069 | ||||||
|
| |||||||
796,963 | ||||||||
|
| |||||||
Germany — 7.7% |
| |||||||
adidas AG * | 192 | 59,260 | ||||||
Allianz SE (Registered) | 293 | 75,964 | ||||||
Deutsche Boerse AG | 229 | 39,504 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 154 | 44,456 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Germany — continued |
| |||||||
RWE AG | 1,072 | 40,707 | ||||||
Symrise AG | 371 | 47,930 | ||||||
Volkswagen AG (Preference) | 206 | 53,643 | ||||||
|
| |||||||
361,464 | ||||||||
|
| |||||||
Hong Kong — 3.4% |
| |||||||
AIA Group Ltd. | 8,109 | 102,922 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 965 | 58,170 | ||||||
|
| |||||||
161,092 | ||||||||
|
| |||||||
India — 0.8% |
| |||||||
HDFC Bank Ltd., ADR * | 565 | 39,682 | ||||||
|
| |||||||
Japan — 15.9% |
| |||||||
Daikin Industries Ltd. | 260 | 52,385 | ||||||
FANUC Corp. | 175 | 40,369 | ||||||
Hoya Corp. | 464 | 52,752 | ||||||
Kao Corp. | 654 | 42,022 | ||||||
Keyence Corp. | 175 | 83,913 | ||||||
Kubota Corp. | 2,133 | 50,185 | ||||||
Kyowa Kirin Co. Ltd. | 471 | 14,340 | ||||||
Makita Corp. | 769 | 34,623 | ||||||
Nidec Corp. | 322 | 37,227 | ||||||
Recruit Holdings Co. Ltd. | 1,384 | 62,401 | ||||||
Shin-Etsu Chemical Co. Ltd. | 325 | 54,928 | ||||||
SMC Corp. | 86 | 50,089 | ||||||
Sony Group Corp. | 817 | 81,643 | ||||||
Sysmex Corp. | 350 | 34,969 | ||||||
Tokyo Electron Ltd. | 117 | 53,186 | ||||||
|
| |||||||
745,032 | ||||||||
|
| |||||||
Macau — 0.8% |
| |||||||
Sands China Ltd. * | 7,911 | 37,436 | ||||||
|
| |||||||
Netherlands — 4.1% |
| |||||||
ASML Holding NV | 192 | 124,534 | ||||||
ING Groep NV | 5,417 | 69,205 | ||||||
|
| |||||||
193,739 | ||||||||
|
| |||||||
Singapore — 1.1% |
| |||||||
DBS Group Holdings Ltd. | 2,348 | 52,621 | ||||||
|
| |||||||
South Africa — 1.3% |
| |||||||
Anglo American plc | 1,422 | 60,298 | ||||||
|
| |||||||
South Korea — 2.3% |
| |||||||
Delivery Hero SE * (a) (b) | 280 | 44,463 | ||||||
Samsung Electronics Co. Ltd., GDR (b) | 24 | 44,606 | ||||||
Samsung Electronics Co. Ltd., GDR (b) | 9 | 16,907 | ||||||
|
| |||||||
105,976 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
36 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Spain — 3.4% |
| |||||||
Cellnex Telecom SA (a) (b) | 628 | 35,544 | ||||||
Iberdrola SA | 4,686 | 63,322 | ||||||
Industria de Diseno Textil SA (a) | 1,663 | 59,168 | ||||||
|
| |||||||
158,034 | ||||||||
|
| |||||||
Sweden — 3.9% |
| |||||||
Assa Abloy AB, Class B (a) | 2,084 | 59,427 | ||||||
Atlas Copco AB, Class A | 985 | 59,707 | ||||||
Svenska Handelsbanken AB, Class A | 5,524 | 63,965 | ||||||
|
| |||||||
183,099 | ||||||||
|
| |||||||
Switzerland — 6.8% |
| |||||||
LafargeHolcim Ltd. (Registered) * | 993 | 61,255 | ||||||
Lonza Group AG (Registered) | 95 | 60,186 | ||||||
Nestle SA (Registered) | 1,153 | 137,529 | ||||||
SGS SA (Registered) | 16 | 47,792 | ||||||
Straumann Holding AG (Registered) | 9 | 13,263 | ||||||
|
| |||||||
320,025 | ||||||||
|
| |||||||
Taiwan — 1.8% |
| |||||||
Sea Ltd., ADR * | 151 | 38,133 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 394 | 45,938 | ||||||
|
| |||||||
84,071 | ||||||||
|
| |||||||
United Kingdom — 12.0% |
| |||||||
Diageo plc | 2,124 | 95,371 | ||||||
GlaxoSmithKline plc | 3,268 | 60,391 | ||||||
Legal & General Group plc | 12,232 | 45,928 | ||||||
Linde plc | 221 | 63,145 | ||||||
London Stock Exchange Group plc | 327 | 33,447 | ||||||
Persimmon plc | 1,169 | 50,566 | ||||||
Prudential plc | 2,512 | 53,199 | ||||||
Reckitt Benckiser Group plc | 714 | 63,576 | ||||||
RELX plc | 2,101 | 54,668 | ||||||
Smith & Nephew plc | 1,965 | 42,526 | ||||||
|
| |||||||
562,817 | ||||||||
|
| |||||||
United States — 1.2% |
| |||||||
Ferguson plc | 427 | 53,886 | ||||||
|
| |||||||
Total Common Stocks | 4,635,019 | |||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 6.0% |
| |||||||
Investment Companies — 1.7% |
| |||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (c) (d) | 79,700 | 79,740 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 4.3% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d) | 180,482 | 180,499 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) | 20,070 | 20,070 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 200,569 | |||||||
|
| |||||||
Total Short-Term Investments | 280,309 | |||||||
|
| |||||||
Total Investments — 104.7% | 4,915,328 | |||||||
Liabilities in Excess of | (219,530 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 4,695,798 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2021
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Banks | 9.2 | % | ||
Insurance | 8.6 | |||
Machinery | 5.8 | |||
Textiles, Apparel & Luxury Goods | 5.0 | |||
Semiconductors & Semiconductor Equipment | 4.5 | |||
Metals & Mining | 4.3 | |||
Beverages | 4.2 | |||
Pharmaceuticals | 3.4 | |||
Chemicals | 3.4 | |||
Professional Services | 3.4 | |||
Health Care Equipment & Supplies | 2.9 | |||
Food Products | 2.8 | |||
Household Durables | 2.7 | |||
Capital Markets | 2.7 | |||
Electrical Equipment | 2.4 | |||
Internet & Direct Marketing Retail | 2.3 | |||
Building Products | 2.3 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 37 |
Table of Contents
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Personal Products | 2.2 | % | ||
Electric Utilities | 2.0 | |||
Oil, Gas & Consumable Fuels | 1.8 | |||
Electronic Equipment, Instruments & Components | 1.7 | |||
Construction & Engineering | 1.5 | |||
IT Services | 1.4 | |||
Household Products | 1.3 | |||
Technology Hardware, Storage & Peripherals | 1.2 | |||
Construction Materials | 1.2 | |||
Life Sciences Tools & Services | 1.2 | |||
Specialty Retail | 1.2 | |||
Hotels, Restaurants & Leisure | 1.2 | |||
Aerospace & Defense | 1.1 | |||
Trading Companies & Distributors | 1.1 | |||
Automobiles | 1.1 | |||
Others (each less than 1.0%) | 3.2 | |||
Short-Term Investments | 5.7 |
Abbreviations
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
OYJ | Public Limited Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
(a) | The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $186,203. | |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(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 April 30, 2021. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
38 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan International Focus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.5% |
| |||||||
Australia — 2.4% |
| |||||||
BHP Group plc | 2,918 | 87,888 | ||||||
|
| |||||||
Belgium — 2.1% |
| |||||||
KBC Group NV * | 988 | 76,634 | ||||||
|
| |||||||
Canada — 4.1% |
| |||||||
Canadian National Railway Co. | 607 | 65,390 | ||||||
Toronto-Dominion Bank (The) | 1,266 | 87,059 | ||||||
|
| |||||||
152,449 | ||||||||
|
| |||||||
China — 8.6% |
| |||||||
Alibaba Group Holding Ltd. * | 3,432 | 99,208 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 8,066 | 87,938 | ||||||
Tencent Holdings Ltd. | 1,656 | 132,078 | ||||||
|
| |||||||
319,224 | ||||||||
|
| |||||||
Denmark — 2.8% | ||||||||
Novo Nordisk A/S, Class B | 965 | 71,199 | ||||||
Orsted A/S (a) | 232 | 33,668 | ||||||
|
| |||||||
104,867 | ||||||||
|
| |||||||
Finland — 1.7% |
| |||||||
Kone OYJ, Class B | 781 | 61,352 | ||||||
|
| |||||||
France — 7.2% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE | 162 | 122,312 | ||||||
Schneider Electric SE | 451 | 71,960 | ||||||
Vinci SA | 652 | 71,569 | ||||||
|
| |||||||
265,841 | ||||||||
|
| |||||||
Germany — 5.3% | ||||||||
adidas AG * | 191 | 59,134 | ||||||
Allianz SE (Registered) | 332 | 86,122 | ||||||
Volkswagen AG (Preference) | 191 | 49,647 | ||||||
|
| |||||||
194,903 | ||||||||
|
| |||||||
Hong Kong — 4.9% | ||||||||
AIA Group Ltd. | 9,729 | 123,486 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 948 | 57,175 | ||||||
|
| |||||||
180,661 | ||||||||
|
| |||||||
India — 3.1% |
| |||||||
HDFC Bank Ltd., ADR * | 1,651 | 116,054 | ||||||
|
| |||||||
Indonesia — 1.3% |
| |||||||
Bank Central Asia Tbk. PT | 20,910 | 46,290 | ||||||
|
| |||||||
Japan — 5.6% |
| |||||||
Keyence Corp. | 124 | 59,622 | ||||||
SMC Corp. | 88 | 51,135 | ||||||
Sony Group Corp. | 965 | 96,510 | ||||||
|
| |||||||
207,267 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Netherlands — 3.1% |
| |||||||
ASML Holding NV | 178 | 115,596 | ||||||
|
| |||||||
South Africa — 1.9% |
| |||||||
Anglo American plc | 1,665 | 70,615 | ||||||
|
| |||||||
South Korea — 7.2% |
| |||||||
Delivery Hero SE * (a) (b) | 417 | 66,083 | ||||||
LG Chem Ltd. | 74 | 61,418 | ||||||
Samsung Electronics Co. Ltd. | 1,898 | 138,312 | ||||||
|
| |||||||
265,813 | ||||||||
|
| |||||||
Spain — 3.5% |
| |||||||
Cellnex Telecom SA (a) (b) | 1,008 | 57,000 | ||||||
Iberdrola SA | 5,387 | 72,806 | ||||||
|
| |||||||
129,806 | ||||||||
|
| |||||||
Sweden — 3.4% |
| |||||||
Atlas Copco AB, Class A (b) | 1,017 | 61,645 | ||||||
Svenska Handelsbanken AB, Class A | 5,613 | 65,003 | ||||||
|
| |||||||
126,648 | ||||||||
|
| |||||||
Switzerland — 7.8% |
| |||||||
LafargeHolcim Ltd. (Registered) * | 1,155 | 71,253 | ||||||
Lonza Group AG (Registered) | 74 | 46,975 | ||||||
Nestle SA (Registered) | 953 | 113,667 | ||||||
SGS SA (Registered) | 19 | 57,391 | ||||||
|
| |||||||
289,286 | ||||||||
|
| |||||||
Taiwan — 4.4% |
| |||||||
Sea Ltd., ADR * | 229 | 57,890 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 900 | 105,049 | ||||||
|
| |||||||
162,939 | ||||||||
|
| |||||||
United Kingdom — 15.0% |
| |||||||
Diageo plc | 2,693 | 120,910 | ||||||
InterContinental Hotels Group plc * | 953 | 67,698 | ||||||
Legal & General Group plc | 15,765 | 59,192 | ||||||
Linde plc | 236 | 67,590 | ||||||
London Stock Exchange Group plc | 391 | 39,974 | ||||||
Persimmon plc | 1,485 | 64,250 | ||||||
Reckitt Benckiser Group plc | 814 | 72,489 | ||||||
RELX plc | 2,489 | 64,771 | ||||||
|
| |||||||
556,874 | ||||||||
|
| |||||||
United States — 2.1% |
| |||||||
Ferguson plc | 608 | 76,737 | ||||||
|
| |||||||
Total Common Stocks | 3,607,744 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 39 |
Table of Contents
JPMorgan International Focus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 2.1% |
| |||||||
Investment Companies — 1.8% |
| |||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (c) (d) | 66,104 | 66,137 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.3% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d) | 11,734 | 11,736 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) | 1,454 | 1,454 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 13,190 | |||||||
|
| |||||||
Total Short-Term Investments | 79,327 | |||||||
|
| |||||||
Total Investments — 99.6% | 3,687,071 | |||||||
Other Assets Less | 13,425 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 3,700,496 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2021
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Banks | 10.6 | % | ||
Insurance | 9.7 | |||
Semiconductors & Semiconductor Equipment | 6.0 | |||
Textiles, Apparel & Luxury Goods | 4.9 | |||
Machinery | 4.7 | |||
Internet & Direct Marketing Retail | 4.5 | |||
Household Durables | 4.4 | |||
Metals & Mining | 4.3 | |||
Technology Hardware, Storage & Peripherals | 3.8 | |||
Interactive Media & Services | 3.6 | |||
Chemicals | 3.5 | |||
Professional Services | 3.3 | |||
Beverages | 3.3 | |||
Food Products | 3.1 | |||
Electric Utilities | 2.9 | |||
Capital Markets | 2.6 | |||
Trading Companies & Distributors | 2.1 |
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Household Products | 2.0 | % | ||
Electrical Equipment | 2.0 | |||
Construction & Engineering | 1.9 | |||
Construction Materials | 1.9 | |||
Pharmaceuticals | 1.9 | |||
Hotels, Restaurants & Leisure | 1.8 | |||
Road & Rail | 1.8 | |||
Electronic Equipment, Instruments & Components | 1.6 | |||
Entertainment | 1.6 | |||
Diversified Telecommunication Services | 1.5 | |||
Automobiles | 1.3 | |||
Life Sciences Tools & Services | 1.3 | |||
Short-Term Investments | 2.1 |
Abbreviations
ADR | American Depositary Receipt | |
OYJ | Public Limited Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
PT | Limited liability company | |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(b) | The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $12,496. | |
(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 April 30, 2021. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
40 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan International Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 93.5% |
| |||||||
Australia — 5.9% |
| |||||||
Aurizon Holdings Ltd. | 41 | 119 | ||||||
Australia & New Zealand Banking Group Ltd. | 24 | 536 | ||||||
BHP Group Ltd. | 29 | 1,074 | ||||||
Commonwealth Bank of Australia | 7 | 447 | ||||||
CSL Ltd. | 3 | 716 | ||||||
Dexus, REIT | 45 | 350 | ||||||
Goodman Group, REIT | 44 | 644 | ||||||
GPT Group (The), REIT | 50 | 176 | ||||||
Macquarie Group Ltd. | 1 | 136 | ||||||
National Australia Bank Ltd. | 13 | 265 | ||||||
Newcrest Mining Ltd. | 6 | 115 | ||||||
Rio Tinto Ltd. | 13 | 1,225 | ||||||
Rio Tinto plc | 5 | 385 | ||||||
Wesfarmers Ltd. | 7 | 296 | ||||||
Westpac Banking Corp. | 37 | 718 | ||||||
Woolworths Group Ltd. | 6 | 177 | ||||||
|
| |||||||
7,379 | ||||||||
|
| |||||||
Austria — 0.5% |
| |||||||
Erste Group Bank AG | 18 | 636 | ||||||
|
| |||||||
Belgium — 0.4% |
| |||||||
Anheuser-Busch InBev SA | 2 | 143 | ||||||
KBC Group NV * | 5 | 356 | ||||||
|
| |||||||
499 | ||||||||
|
| |||||||
China — 0.7% |
| |||||||
BOC Hong Kong Holdings Ltd. | 80 | 280 | ||||||
Prosus NV * | 6 | 623 | ||||||
|
| |||||||
903 | ||||||||
|
| |||||||
Denmark — 2.7% |
| |||||||
Carlsberg A/S, Class B | 5 | 808 | ||||||
Novo Nordisk A/S, Class B | 24 | 1,804 | ||||||
Orsted A/S (a) | 5 | 733 | ||||||
|
| |||||||
3,345 | ||||||||
|
| |||||||
Finland — 0.3% |
| |||||||
Kone OYJ, Class B | 3 | 240 | ||||||
Nokia OYJ * | 18 | 88 | ||||||
|
| |||||||
328 | ||||||||
|
| |||||||
France — 12.0% | ||||||||
Accor SA * | 8 | 304 | ||||||
Air Liquide SA | 6 | 1,005 | ||||||
Airbus SE * | 3 | 324 | ||||||
Alstom SA * | 10 | 536 | ||||||
AXA SA | 13 | 361 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
France — continued | ||||||||
BNP Paribas SA * | 19 | 1,244 | ||||||
Capgemini SE | 5 | 997 | ||||||
Faurecia SE | — | (b) | 13 | |||||
Kering SA | 1 | 650 | ||||||
L’Oreal SA | 4 | 1,499 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 3 | 2,130 | ||||||
Pernod Ricard SA | 1 | 165 | ||||||
Safran SA | 5 | 672 | ||||||
Sanofi | 7 | 712 | ||||||
Schneider Electric SE | 9 | 1,447 | ||||||
Thales SA | 2 | 214 | ||||||
TOTAL SE | 22 | 987 | ||||||
Veolia Environnement SA | 36 | 1,155 | ||||||
Vinci SA | 6 | 666 | ||||||
|
| |||||||
15,081 | ||||||||
|
| |||||||
Germany — 9.3% |
| |||||||
adidas AG * | 3 | 910 | ||||||
Allianz SE (Registered) | 5 | 1,307 | ||||||
BASF SE | 3 | 256 | ||||||
Bayer AG (Registered) | 6 | 396 | ||||||
Brenntag SE | 3 | 250 | ||||||
Daimler AG (Registered) | 3 | 258 | ||||||
Deutsche Boerse AG | 1 | 104 | ||||||
Deutsche Post AG (Registered) | 15 | 907 | ||||||
Deutsche Telekom AG (Registered) | 50 | 962 | ||||||
Deutsche Wohnen SE | 3 | 159 | ||||||
Infineon Technologies AG | 27 | 1,096 | ||||||
Merck KGaA | 2 | 335 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 2 | 709 | ||||||
RWE AG | 16 | 603 | ||||||
SAP SE | 9 | 1,249 | ||||||
Siemens AG (Registered) | 5 | 912 | ||||||
Volkswagen AG (Preference) | 4 | 949 | ||||||
Vonovia SE | 6 | 396 | ||||||
|
| |||||||
11,758 | ||||||||
|
| |||||||
Hong Kong — 2.3% | ||||||||
AIA Group Ltd. | 117 | 1,483 | ||||||
CK Asset Holdings Ltd. | 26 | 163 | ||||||
CLP Holdings Ltd. | 14 | 138 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 12 | 724 | ||||||
Link, REIT | 14 | 129 | ||||||
Sun Hung Kai Properties Ltd. | 10 | 143 | ||||||
Techtronic Industries Co. Ltd. | 8 | 145 | ||||||
|
| |||||||
2,925 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 41 |
Table of Contents
JPMorgan International Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Ireland — 0.7% |
| |||||||
CRH plc | 12 | 562 | ||||||
Kingspan Group plc | 3 | 270 | ||||||
Kingspan Group plc | 1 | 72 | ||||||
|
| |||||||
904 | ||||||||
|
| |||||||
Italy — 1.1% | ||||||||
Enel SpA | 43 | 426 | ||||||
FinecoBank Banca Fineco SpA * | 39 | 679 | ||||||
Snam SpA | 55 | 312 | ||||||
|
| |||||||
1,417 | ||||||||
|
| |||||||
Japan — 23.3% | ||||||||
Advantest Corp. | 1 | 113 | ||||||
Amada Co. Ltd. | 25 | 267 | ||||||
Asahi Group Holdings Ltd. | 16 | 661 | ||||||
Asahi Kasei Corp. | 36 | 379 | ||||||
Bridgestone Corp. | 10 | 381 | ||||||
Central Japan Railway Co. | 4 | 513 | ||||||
Daiichi Sankyo Co. Ltd. | 5 | 125 | ||||||
Daikin Industries Ltd. | 4 | 827 | ||||||
Daiwa House Industry Co. Ltd. | 10 | 285 | ||||||
Denso Corp. | 8 | 491 | ||||||
Dentsu Group, Inc. | 8 | 231 | ||||||
ENEOS Holdings, Inc. | 19 | 80 | ||||||
Fast Retailing Co. Ltd. | — | (b) | 164 | |||||
Hitachi Ltd. | 21 | 1,030 | ||||||
Honda Motor Co. Ltd. | 5 | 134 | ||||||
Hoya Corp. | 7 | 818 | ||||||
Isuzu Motors Ltd. | 18 | 183 | ||||||
ITOCHU Corp. | 17 | 515 | ||||||
Japan Airlines Co. Ltd. * | 12 | 246 | ||||||
Kao Corp. | 10 | 617 | ||||||
Keyence Corp. | 3 | 1,248 | ||||||
Konami Holdings Corp. | 8 | 447 | ||||||
Kubota Corp. | 21 | 489 | ||||||
Kyowa Kirin Co. Ltd. | 13 | 383 | ||||||
Marui Group Co. Ltd. | 5 | 96 | ||||||
Mitsubishi Corp. | 31 | 849 | ||||||
Mitsubishi Electric Corp. | 15 | 237 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 40 | 214 | ||||||
Mitsui Fudosan Co. Ltd. | 17 | 363 | ||||||
Murata Manufacturing Co. Ltd. | 8 | 644 | ||||||
Nabtesco Corp. | 8 | 337 | ||||||
Nidec Corp. | 3 | 393 | ||||||
Nintendo Co. Ltd. | 2 | 918 | ||||||
Nippon Express Co. Ltd. | 5 | 390 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Japan — continued | ||||||||
Nippon Steel Corp. | 24 | 412 | ||||||
Nippon Telegraph & Telephone Corp. | 23 | 570 | ||||||
Nitori Holdings Co. Ltd. | 3 | 484 | ||||||
Nomura Research Institute Ltd. | 12 | 368 | ||||||
Ono Pharmaceutical Co. Ltd. | 14 | 355 | ||||||
ORIX Corp. | 25 | 407 | ||||||
Otsuka Corp. | 9 | 438 | ||||||
Otsuka Holdings Co. Ltd. | — | (b) | 15 | |||||
Rakuten Group, Inc. | 16 | 202 | ||||||
Recruit Holdings Co. Ltd. | 16 | 699 | ||||||
Renesas Electronics Corp. * | 8 | 97 | ||||||
Rohm Co. Ltd. | 3 | 326 | ||||||
Ryohin Keikaku Co. Ltd. | 16 | 329 | ||||||
Seven & i Holdings Co. Ltd. | 5 | 212 | ||||||
Shimadzu Corp. | 11 | 368 | ||||||
Shin-Etsu Chemical Co. Ltd. | 4 | 709 | ||||||
SMC Corp. | — | (b) | 116 | |||||
SoftBank Group Corp. | 7 | 595 | ||||||
Sony Group Corp. | 12 | 1,210 | ||||||
Square Enix Holdings Co. Ltd. | 1 | 78 | ||||||
Sumitomo Electric Industries Ltd. | 28 | 417 | ||||||
Sumitomo Metal Mining Co. Ltd. | 13 | 546 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 23 | 815 | ||||||
Suzuki Motor Corp. | 7 | 262 | ||||||
T&D Holdings, Inc. | 25 | 302 | ||||||
Takeda Pharmaceutical Co. Ltd. | 10 | 347 | ||||||
Tokio Marine Holdings, Inc. | 15 | 715 | ||||||
Tokyo Electron Ltd. | 2 | 772 | ||||||
Tokyo Gas Co. Ltd. | 6 | 112 | ||||||
Toray Industries, Inc. | 19 | 117 | ||||||
Toyota Motor Corp. | 22 | 1,616 | ||||||
West Japan Railway Co. | 2 | 111 | ||||||
Yamato Holdings Co. Ltd. | 4 | 107 | ||||||
|
| |||||||
29,297 | ||||||||
|
| |||||||
Luxembourg — 0.1% |
| |||||||
ArcelorMittal SA | 5 | 147 | ||||||
|
| |||||||
Netherlands — 6.7% |
| |||||||
Adyen NV * (a) | — | (b) | 323 | |||||
Akzo Nobel NV | 8 | 929 | ||||||
ASML Holding NV | 5 | 3,145 | ||||||
Heineken NV | 2 | 219 | ||||||
ING Groep NV | 62 | 793 | ||||||
Koninklijke Ahold Delhaize NV | 12 | 321 | ||||||
Koninklijke DSM NV | 2 | 362 |
SEE NOTES TO FINANCIAL STATEMENTS.
42 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Netherlands — continued |
| |||||||
Koninklijke KPN NV | 160 | 552 | ||||||
Koninklijke Philips NV * | 4 | 220 | ||||||
NN Group NV | 13 | 636 | ||||||
Royal Dutch Shell plc, Class A | 30 | 561 | ||||||
Royal Dutch Shell plc, Class B | 13 | 228 | ||||||
Wolters Kluwer NV | 2 | 215 | ||||||
|
| |||||||
8,504 | ||||||||
|
| |||||||
Norway — 0.2% |
| |||||||
Telenor ASA | 17 | 310 | ||||||
|
| |||||||
Singapore — 1.0% |
| |||||||
DBS Group Holdings Ltd. | 33 | 735 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 40 | 362 | ||||||
United Overseas Bank Ltd. | 6 | 110 | ||||||
|
| |||||||
1,207 | ||||||||
|
| |||||||
Spain — 2.4% |
| |||||||
Banco Bilbao Vizcaya Argentaria SA | 72 | 403 | ||||||
Banco Santander SA | 114 | 438 | ||||||
Iberdrola SA | 111 | 1,495 | ||||||
Industria de Diseno Textil SA | 20 | 711 | ||||||
|
| |||||||
3,047 | ||||||||
|
| |||||||
Sweden — 2.6% | ||||||||
Atlas Copco AB, Class A | 12 | 723 | ||||||
Lundin Energy AB | 15 | 474 | ||||||
SKF AB, Class B | 24 | 612 | ||||||
Svenska Handelsbanken AB, Class A | 69 | 802 | ||||||
Volvo AB, Class B | 27 | 665 | ||||||
|
| |||||||
3,276 | ||||||||
|
| |||||||
Switzerland — 9.9% |
| |||||||
Adecco Group AG (Registered) | 2 | 152 | ||||||
Cie Financiere Richemont SA (Registered) | 2 | 207 | ||||||
Credit Suisse Group AG (Registered) | 32 | 339 | ||||||
Givaudan SA (Registered) | — | (b) | 390 | |||||
LafargeHolcim Ltd. (Registered) * | 9 | 576 | ||||||
Lonza Group AG (Registered) | 2 | 975 | ||||||
Nestle SA (Registered) | 27 | 3,210 | ||||||
Novartis AG (Registered) | 25 | 2,125 | ||||||
Roche Holding AG | 8 | 2,454 | ||||||
SGS SA (Registered) | — | (b) | 464 | |||||
Swiss Re AG | 3 | 283 | ||||||
UBS Group AG (Registered) | 25 | 387 | ||||||
Zurich Insurance Group AG | 2 | 853 | ||||||
|
| |||||||
12,415 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
United Kingdom — 10.8% |
| |||||||
3i Group plc | 54 | 951 | ||||||
AstraZeneca plc | 7 | 751 | ||||||
Berkeley Group Holdings plc | 3 | 187 | ||||||
BP plc | 276 | 1,156 | ||||||
British American Tobacco plc | 17 | 630 | ||||||
CK Hutchison Holdings Ltd. | 20 | 163 | ||||||
DCC plc | 3 | 265 | ||||||
Diageo plc | 30 | 1,326 | ||||||
GlaxoSmithKline plc | 18 | 335 | ||||||
HSBC Holdings plc | 89 | 558 | ||||||
InterContinental Hotels Group plc * | 8 | 589 | ||||||
Intertek Group plc | 2 | 191 | ||||||
Lloyds Banking Group plc | 1,259 | 789 | ||||||
London Stock Exchange Group plc | 3 | 337 | ||||||
M&G plc | 60 | 179 | ||||||
Persimmon plc | 5 | 204 | ||||||
Prudential plc | 28 | 592 | ||||||
Reckitt Benckiser Group plc | 11 | 974 | ||||||
RELX plc | 31 | 814 | ||||||
Standard Chartered plc | 68 | 491 | ||||||
Taylor Wimpey plc | 173 | 430 | ||||||
Tesco plc | 163 | 498 | ||||||
Unilever plc | 21 | 1,247 | ||||||
|
| |||||||
13,657 | ||||||||
|
| |||||||
United States — 0.6% |
| |||||||
Ferguson plc | 4 | 537 | ||||||
Stellantis NV | 14 | 238 | ||||||
|
| |||||||
775 | ||||||||
|
| |||||||
Total Common Stocks | 117,810 | |||||||
|
| |||||||
NO. OF CONTRACTS | ||||||||
Options Purchased — 0.5% |
| |||||||
Put Options Purchased — 0.5% |
| |||||||
United States — 0.5% | ||||||||
MSCI EAFE Index 6/18/2021 at USD 2,090.00, European Style Notional Amount: USD 125,222 Exchange-Traded * | 552 | 615 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 43 |
Table of Contents
JPMorgan International Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
INVESTMENTS | NO. OF RIGHTS (000) | VALUE ($000) | ||||||
Rights — 0.0% (c) |
| |||||||
Switzerland — 0.0% (c) |
| |||||||
Credit Suisse Group AG, expiring 5/6/2021 * | 32 | 1 | ||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 5.0% |
| |||||||
Investment Companies — 5.0% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (d) (e) | 6,264 | 6,264 | ||||||
|
| |||||||
Total Investments — 99.0% | 124,690 | |||||||
Other Assets Less Liabilities — 1.0% | 1,232 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 125,922 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2021
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Banks | 9.4 | % | ||
Pharmaceuticals | 8.1 | |||
Insurance | 5.8 | |||
Semiconductors & Semiconductor Equipment | 4.5 | |||
Chemicals | 3.3 | |||
Machinery | 3.3 | |||
Metals & Mining | 3.1 | |||
Textiles, Apparel & Luxury Goods | 3.1 | |||
Automobiles | 2.9 | |||
Oil, Gas & Consumable Fuels | 2.8 | |||
Personal Products | 2.7 | |||
Beverages | 2.7 | |||
Electronic Equipment, Instruments & Components | 2.6 | |||
Food Products | 2.6 | |||
Capital Markets | 2.4 | |||
Electric Utilities | 2.2 | |||
Professional Services | 2.0 | |||
Diversified Telecommunication Services | 1.9 | |||
Trading Companies & Distributors | 1.7 | |||
IT Services | 1.7 | |||
Electrical Equipment | 1.7 |
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Household Durables | 1.6 | % | ||
Multi-Utilities | 1.4 | |||
Real Estate Management & Development | 1.2 | |||
Entertainment | 1.2 | |||
Specialty Retail | 1.1 | |||
Industrial Conglomerates | 1.1 | |||
Auto Components | 1.1 | |||
Equity Real Estate Investment Trusts (REITs) | 1.0 | |||
Software | 1.0 | |||
Aerospace & Defense | 1.0 | |||
Food & Staples Retailing | 1.0 | |||
Others (each less than 1.0%) | 11.8 | |||
Short-Term Investments | 5.0 |
Abbreviations
EAFE | Europe, Australasia and Far East | |
OYJ | Public Limited Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust | |
USD | United States Dollar | |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(b) | Amount rounds to less than one thousand. | |
(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 April 30, 2021. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
44 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
FTSE 100 Index | 3 | 06/2021 | GBP | 287 | 8 | |||||||||||||||
MSCI EAFE E-Mini Index | 34 | 06/2021 | USD | 3,836 | 53 | |||||||||||||||
SPI 200 Index | 23 | 06/2021 | AUD | 3,097 | 82 | |||||||||||||||
|
| |||||||||||||||||||
143 | ||||||||||||||||||||
|
|
Abbreviations
AUD | Australian Dollar | |
EAFE | Europe, Australasia and Far East | |
FTSE | Financial Times and the London Stock Exchange | |
GBP | British Pound | |
MSCI | Morgan Stanley Capital International | |
SPI | Australian Securities Exchange | |
USD | United States Dollar |
Written Call Options Contracts as of April 30, 2021 (amounts in thousands, except number of contracts): | ||||||||||||||||||||||||
DESCRIPTION | COUNTERPARTY | NUMBER OF CONTRACTS | NOTIONAL AMOUNT | EXERCISE PRICE | EXPIRATION DATE | VALUE ($) | ||||||||||||||||||
MSCI EAFE Index | Exchange-Traded | 552 | USD 125,222 | USD 2,300.00 | 6/18/2021 | (1,281 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Written Put Options Contracts as of April 30, 2021 (amounts in thousands, except number of contracts): | ||||||||||||||||||||||||
DESCRIPTION | COUNTERPARTY | NUMBER OF CONTRACTS | NOTIONAL AMOUNT | EXERCISE PRICE | EXPIRATION DATE | VALUE ($) | ||||||||||||||||||
MSCI EAFE Index | Exchange-Traded | 552 | USD 125,222 | USD 1,760.00 | 6/18/2021 | (134 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Written Options Contracts (Premiums Received $1,891) |
| (1,415 | ) | |||||||||||||||||||||
|
|
Abbreviations
EAFE | Europe, Australasia and Far East | |
MSCI | Morgan Stanley Capital International | |
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 45 |
Table of Contents
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.0% |
| |||||||
Australia — 6.1% |
| |||||||
Aurizon Holdings Ltd. | 1,638 | 4,714 | ||||||
Australia & New Zealand Banking Group Ltd. | 1,030 | 22,719 | ||||||
BHP Group Ltd. | 1,135 | 41,325 | ||||||
Commonwealth Bank of Australia | 274 | 18,728 | ||||||
CSL Ltd. | 142 | 29,570 | ||||||
Dexus, REIT | 1,870 | 14,679 | ||||||
Goodman Group, REIT | 1,863 | 27,165 | ||||||
GPT Group (The), REIT | 2,046 | 7,282 | ||||||
Macquarie Group Ltd. | 49 | 6,066 | ||||||
National Australia Bank Ltd. | 553 | 11,316 | ||||||
Newcrest Mining Ltd. | 231 | 4,714 | ||||||
Rio Tinto Ltd. | 511 | 47,491 | ||||||
Rio Tinto plc | 197 | 16,487 | ||||||
Wesfarmers Ltd. | 292 | 12,185 | ||||||
Westpac Banking Corp. | 1,564 | 30,135 | ||||||
Woolworths Group Ltd. | 241 | 7,324 | ||||||
|
| |||||||
301,900 | ||||||||
|
| |||||||
Austria — 0.5% |
| |||||||
Erste Group Bank AG | 753 | 26,758 | ||||||
|
| |||||||
Belgium — 0.4% |
| |||||||
Anheuser-Busch InBev SA | 75 | 5,328 | ||||||
KBC Group NV * | 183 | 14,167 | ||||||
|
| |||||||
19,495 | ||||||||
|
| |||||||
China — 0.7% |
| |||||||
BOC Hong Kong Holdings Ltd. | 3,117 | 10,960 | ||||||
Prosus NV * | 237 | 25,674 | ||||||
|
| |||||||
36,634 | ||||||||
|
| |||||||
Denmark — 2.7% |
| |||||||
Carlsberg A/S, Class B | 190 | 33,414 | ||||||
Novo Nordisk A/S, Class B | 959 | 70,713 | ||||||
Orsted A/S (a) (b) | 203 | 29,463 | ||||||
|
| |||||||
133,590 | ||||||||
|
| |||||||
Finland — 0.3% |
| |||||||
Kone OYJ, Class B | 124 | 9,705 | ||||||
Nokia OYJ * | 811 | 3,840 | ||||||
|
| |||||||
13,545 | ||||||||
|
| |||||||
France — 12.4% |
| |||||||
Accor SA * | 317 | 12,746 | ||||||
Air Liquide SA | 242 | 40,697 | ||||||
Airbus SE * | 125 | 15,055 | ||||||
Alstom SA * | 408 | 22,273 | ||||||
AXA SA (a) | 537 | 15,178 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
France — continued |
| |||||||
BNP Paribas SA * | 769 | 49,305 | ||||||
Capgemini SE | 225 | 41,225 | ||||||
Faurecia SE | 11 | 593 | ||||||
Kering SA | 34 | 26,911 | ||||||
L’Oreal SA (a) | 144 | 58,771 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 112 | 84,533 | ||||||
Pernod Ricard SA | 33 | 6,816 | ||||||
Safran SA | 188 | 28,031 | ||||||
Sanofi (a) | 292 | 30,576 | ||||||
Schneider Electric SE (a) | 357 | 57,003 | ||||||
Thales SA | 88 | 8,993 | ||||||
TOTAL SE | 924 | 40,830 | ||||||
Veolia Environnement SA (a) | 1,452 | 46,308 | ||||||
Vinci SA | 257 | 28,152 | ||||||
|
| |||||||
613,996 | ||||||||
|
| |||||||
Germany — 9.7% |
| |||||||
adidas AG * | 120 | 37,078 | ||||||
Allianz SE (Registered) | 195 | 50,686 | ||||||
BASF SE | 136 | 10,934 | ||||||
Bayer AG (Registered) | 260 | 16,847 | ||||||
Brenntag SE | 124 | 11,119 | ||||||
Daimler AG (Registered) | 120 | 10,640 | ||||||
Deutsche Boerse AG | 27 | 4,735 | ||||||
Deutsche Post AG (Registered) | 643 | 37,877 | ||||||
Deutsche Telekom AG (Registered) | 2,062 | 39,676 | ||||||
Deutsche Wohnen SE | 123 | 6,659 | ||||||
Infineon Technologies AG (a) | 1,053 | 42,238 | ||||||
Merck KGaA | 78 | 13,755 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 99 | 28,728 | ||||||
RWE AG | 658 | 24,976 | ||||||
SAP SE | 351 | 49,166 | ||||||
Siemens AG (Registered) | 217 | 36,158 | ||||||
Volkswagen AG (Preference) | 153 | 39,764 | ||||||
Vonovia SE | 250 | 16,431 | ||||||
|
| |||||||
477,467 | ||||||||
|
| |||||||
Hong Kong — 2.3% |
| |||||||
AIA Group Ltd. | 4,479 | 56,845 | ||||||
CK Asset Holdings Ltd. | 1,023 | 6,406 | ||||||
CLP Holdings Ltd. | 534 | 5,271 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 484 | 29,184 | ||||||
Link, REIT | 542 | 5,111 | ||||||
Sun Hung Kai Properties Ltd. | 401 | 6,024 | ||||||
Techtronic Industries Co. Ltd. | 301 | 5,462 | ||||||
|
| |||||||
114,303 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
46 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Ireland — 0.8% |
| |||||||
CRH plc | 505 | 23,828 | ||||||
Kingspan Group plc | 119 | 10,573 | ||||||
Kingspan Group plc | 38 | 3,377 | ||||||
|
| |||||||
37,778 | ||||||||
|
| |||||||
Italy — 1.2% |
| |||||||
Enel SpA (a) | 1,839 | 18,263 | ||||||
FinecoBank Banca Fineco SpA * (a) | 1,662 | 28,579 | ||||||
Snam SpA (a) | 2,348 | 13,214 | ||||||
|
| |||||||
60,056 | ||||||||
|
| |||||||
Japan — 24.1% |
| |||||||
Advantest Corp. | 48 | 4,566 | ||||||
Amada Co. Ltd. | 1,002 | 10,871 | ||||||
Asahi Group Holdings Ltd. | 632 | 26,409 | ||||||
Asahi Kasei Corp. | 1,495 | 15,745 | ||||||
Bridgestone Corp. | 380 | 15,230 | ||||||
Central Japan Railway Co. | 130 | 19,105 | ||||||
Daiichi Sankyo Co. Ltd. | 198 | 5,052 | ||||||
Daikin Industries Ltd. | 156 | 31,484 | ||||||
Daiwa House Industry Co. Ltd. | 399 | 11,822 | ||||||
Denso Corp. | 315 | 20,353 | ||||||
Dentsu Group, Inc. | 287 | 8,846 | ||||||
ENEOS Holdings, Inc. | 863 | 3,713 | ||||||
Fast Retailing Co. Ltd. | 9 | 7,548 | ||||||
Hitachi Ltd. | 865 | 42,835 | ||||||
Honda Motor Co. Ltd. | 183 | 5,456 | ||||||
Hoya Corp. | 277 | 31,531 | ||||||
Isuzu Motors Ltd. | 685 | 6,959 | ||||||
ITOCHU Corp. | 684 | 21,338 | ||||||
Japan Airlines Co. Ltd. * | 477 | 10,214 | ||||||
Kao Corp. | 394 | 25,325 | ||||||
Keyence Corp. | 93 | 44,597 | ||||||
Konami Holdings Corp. | 308 | 18,365 | ||||||
Kubota Corp. | 865 | 20,350 | ||||||
Kyowa Kirin Co. Ltd. | 522 | 15,886 | ||||||
Marui Group Co. Ltd. | 202 | 3,787 | ||||||
Mitsubishi Corp. | 1,248 | 34,494 | ||||||
Mitsubishi Electric Corp. | 629 | 9,698 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,793 | 9,537 | ||||||
Mitsui Fudosan Co. Ltd. | 697 | 15,155 | ||||||
Murata Manufacturing Co. Ltd. | 338 | 26,834 | ||||||
Nabtesco Corp. | 307 | 13,801 | ||||||
Nidec Corp. | 141 | 16,235 | ||||||
Nintendo Co. Ltd. | 63 | 36,140 | ||||||
Nippon Express Co. Ltd. | 217 | 16,577 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Japan — continued |
| |||||||
Nippon Steel Corp. | 921 | 16,102 | ||||||
Nippon Telegraph & Telephone Corp. | 1,173 | 29,585 | ||||||
Nitori Holdings Co. Ltd. | 107 | 19,218 | ||||||
Nomura Research Institute Ltd. | 490 | 15,035 | ||||||
Ono Pharmaceutical Co. Ltd. | 587 | 14,776 | ||||||
ORIX Corp. | 1,046 | 16,883 | ||||||
Otsuka Corp. | 434 | 21,807 | ||||||
Otsuka Holdings Co. Ltd. | 117 | 4,469 | ||||||
Rakuten Group, Inc. | 606 | 7,697 | ||||||
Recruit Holdings Co. Ltd. | 617 | 27,824 | ||||||
Renesas Electronics Corp. * | 347 | 4,047 | ||||||
Rohm Co. Ltd. | 130 | 12,783 | ||||||
Ryohin Keikaku Co. Ltd. | 614 | 12,921 | ||||||
Seven & i Holdings Co. Ltd. | 202 | 8,730 | ||||||
Shimadzu Corp. | 441 | 15,436 | ||||||
Shin-Etsu Chemical Co. Ltd. | 175 | 29,540 | ||||||
SMC Corp. | 8 | 4,474 | ||||||
SoftBank Group Corp. | 259 | 23,357 | ||||||
Sony Group Corp. | 464 | 46,402 | ||||||
Square Enix Holdings Co. Ltd. | 60 | 3,333 | ||||||
Sumitomo Electric Industries Ltd. | 1,148 | 17,076 | ||||||
Sumitomo Metal Mining Co. Ltd. | 529 | 22,401 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 940 | 33,003 | ||||||
Suzuki Motor Corp. | 284 | 10,784 | ||||||
T&D Holdings, Inc. | 1,010 | 12,400 | ||||||
Takeda Pharmaceutical Co. Ltd. | 429 | 14,322 | ||||||
Tokio Marine Holdings, Inc. | 606 | 29,076 | ||||||
Tokyo Electron Ltd. | 73 | 33,156 | ||||||
Tokyo Gas Co. Ltd. | 229 | 4,643 | ||||||
Toray Industries, Inc. | 781 | 4,854 | ||||||
Toyota Motor Corp. | 829 | 62,042 | ||||||
West Japan Railway Co. | 67 | 3,726 | ||||||
Yamato Holdings Co. Ltd. | 149 | 4,202 | ||||||
|
| |||||||
1,191,962 | ||||||||
|
| |||||||
Luxembourg — 0.1% |
| |||||||
ArcelorMittal SA | 232 | 6,746 | ||||||
|
| |||||||
Malta — 0.0% (c) |
| |||||||
BGP Holdings plc * ‡ | 449 | — | (d) | |||||
|
| |||||||
Netherlands — 6.9% |
| |||||||
Adyen NV * (b) | 5 | 12,943 | ||||||
Akzo Nobel NV (a) | 321 | 38,589 | ||||||
ASML Holding NV | 184 | 119,127 | ||||||
Heineken NV | 80 | 9,333 | ||||||
ING Groep NV | 2,613 | 33,383 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 47 |
Table of Contents
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Netherlands — continued |
| |||||||
Koninklijke Ahold Delhaize NV | 495 | 13,330 | ||||||
Koninklijke DSM NV | 79 | 14,242 | ||||||
Koninklijke KPN NV | 6,648 | 22,934 | ||||||
Koninklijke Philips NV * | 165 | 9,319 | ||||||
NN Group NV | 528 | 26,322 | ||||||
Royal Dutch Shell plc, Class A | 1,254 | 23,595 | ||||||
Royal Dutch Shell plc, Class B | 540 | 9,662 | ||||||
Wolters Kluwer NV | 98 | 8,904 | ||||||
|
| |||||||
341,683 | ||||||||
|
| |||||||
Norway — 0.3% |
| |||||||
Telenor ASA | 846 | 15,066 | ||||||
|
| |||||||
Singapore — 1.0% |
| |||||||
DBS Group Holdings Ltd. | 1,356 | 30,395 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 1,634 | 14,935 | ||||||
United Overseas Bank Ltd. | 227 | 4,525 | ||||||
|
| |||||||
49,855 | ||||||||
|
| |||||||
Spain — 2.5% |
| |||||||
Banco Bilbao Vizcaya Argentaria SA | 2,927 | 16,388 | ||||||
Banco Santander SA | 4,796 | 18,500 | ||||||
Iberdrola SA | 4,310 | 58,247 | ||||||
Industria de Diseno Textil SA (a) | 856 | 30,446 | ||||||
|
| |||||||
123,581 | ||||||||
|
| |||||||
Sweden — 2.8% |
| |||||||
Atlas Copco AB, Class A | 490 | 29,693 | ||||||
Lundin Energy AB | 630 | 20,084 | ||||||
SKF AB, Class B | 992 | 25,633 | ||||||
Svenska Handelsbanken AB, Class A | 2,914 | 33,744 | ||||||
Volvo AB, Class B | 1,131 | 27,621 | ||||||
|
| |||||||
136,775 | ||||||||
|
| |||||||
Switzerland — 10.1% |
| |||||||
Adecco Group AG (Registered) | 104 | 7,017 | ||||||
Cie Financiere Richemont SA (Registered) | 86 | 8,830 | ||||||
Credit Suisse Group AG (Registered) (a) | 1,359 | 14,241 | ||||||
Givaudan SA (Registered) | 4 | 15,587 | ||||||
LafargeHolcim Ltd. (Registered) * | 398 | 24,556 | ||||||
Lonza Group AG (Registered) | 61 | 38,985 | ||||||
Nestle SA (Registered) | 1,079 | 128,703 | ||||||
Novartis AG (Registered) | 977 | 83,334 | ||||||
Roche Holding AG | 300 | 97,907 | ||||||
SGS SA (Registered) | 6 | 18,901 | ||||||
Swiss Re AG | 132 | 12,287 | ||||||
UBS Group AG (Registered) | 1,042 | 15,912 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Switzerland — continued |
| |||||||
Zurich Insurance Group AG | 84 | 34,658 | ||||||
|
| |||||||
500,918 | ||||||||
|
| |||||||
United Kingdom — 11.4% |
| |||||||
3i Group plc | 2,252 | 39,883 | ||||||
AstraZeneca plc | 292 | 31,103 | ||||||
Berkeley Group Holdings plc | 118 | 7,567 | ||||||
BP plc | 11,453 | 47,948 | ||||||
British American Tobacco plc | 738 | 27,381 | ||||||
CK Hutchison Holdings Ltd. | 808 | 6,605 | ||||||
DCC plc | 119 | 10,341 | ||||||
Diageo plc | 1,169 | 52,475 | ||||||
GlaxoSmithKline plc | 817 | 15,107 | ||||||
HSBC Holdings plc | 3,722 | 23,242 | ||||||
InterContinental Hotels Group plc * | 337 | 23,915 | ||||||
Intertek Group plc | 91 | 7,734 | ||||||
Lloyds Banking Group plc | 52,823 | 33,124 | ||||||
London Stock Exchange Group plc | 137 | 13,947 | ||||||
M&G plc | 2,596 | 7,793 | ||||||
Persimmon plc | 197 | 8,505 | ||||||
Prudential plc | 1,180 | 24,985 | ||||||
Reckitt Benckiser Group plc | 444 | 39,509 | ||||||
RELX plc | 1,301 | 33,763 | ||||||
Standard Chartered plc | 2,897 | 20,779 | ||||||
Taylor Wimpey plc | 7,409 | 18,378 | ||||||
Tesco plc | 6,822 | 20,826 | ||||||
Unilever plc | 878 | 51,262 | ||||||
|
| |||||||
566,172 | ||||||||
|
| |||||||
United States — 0.7% |
| |||||||
Ferguson plc | 179 | 22,614 | ||||||
Stellantis NV | 581 | 9,623 | ||||||
|
| |||||||
32,237 | ||||||||
|
| |||||||
Total Common Stocks | 4,800,517 | |||||||
|
| |||||||
NO. OF RIGHTS (000) | ||||||||
Rights — 0.0% (c) |
| |||||||
Switzerland — 0.0% (c) |
| |||||||
Credit Suisse Group AG, expiring 5/6/2021 * | 1,359 | 57 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
48 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 7.1% |
| |||||||
Investment Companies — 2.0% |
| |||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (e) (f) | 98,236 | 98,285 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 5.1% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (e) (f) | 225,333 | 225,356 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (e) (f) | 26,421 | 26,421 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 251,777 | |||||||
|
| |||||||
Total Short-Term Investments | 350,062 | |||||||
|
| |||||||
Total Investments — 104.1% | 5,150,636 | |||||||
Liabilities in Excess of | (203,671 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 4,946,965 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2021
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Banks | 9.4 | % | ||
Pharmaceuticals | 8.0 | |||
Insurance | 5.7 | |||
Semiconductors & Semiconductor Equipment | 4.2 | |||
Chemicals | 3.3 | |||
Machinery | 3.3 | |||
Textiles, Apparel & Luxury Goods | 3.1 | |||
Metals & Mining | 3.0 | |||
Oil, Gas & Consumable Fuels | 2.8 | |||
Automobiles | 2.8 | |||
Personal Products | 2.6 | |||
Beverages | 2.6 | |||
Electronic Equipment, Instruments & Components | 2.5 | |||
Food Products | 2.5 | |||
Capital Markets | 2.4 | |||
Electric Utilities | 2.2 | |||
Diversified Telecommunication Services | 2.1 |
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Professional Services | 2.0 | % | ||
IT Services | 1.8 | |||
Trading Companies & Distributors | 1.7 | |||
Electrical Equipment | 1.6 | |||
Household Durables | 1.6 | |||
Multi-Utilities | 1.4 | |||
Real Estate Management & Development | 1.2 | |||
Entertainment | 1.1 | |||
Specialty Retail | 1.1 | |||
Equity Real Estate Investment Trusts (REITs) | 1.0 | |||
Auto Components | 1.0 | |||
Industrial Conglomerates | 1.0 | |||
Aerospace & Defense | 1.0 | |||
Food & Staples Retailing | 1.0 | |||
Software | 1.0 | |||
Others (each less than 1.0%) | 11.2 | |||
Short-Term Investments | 6.8 |
Abbreviations
OYJ | Public Limited Company | |||
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |||
REIT | Real Estate Investment Trust | |||
(a) | The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $236,779. | |||
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |||
(c) | Amount rounds to less than 0.1% of net assets. | |||
(d) | Amount rounds to less than one thousand. | |||
(e) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |||
(f) | The rate shown is the current yield as of April 30, 2021. | |||
* | Non-income producing security. | |||
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 49 |
Table of Contents
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
FTSE 100 Index | 51 | 06/2021 | GBP | 4,880 | 129 | |||||||||||||||
SPI 200 Index | 824 | 06/2021 | AUD | 110,942 | 2,937 | |||||||||||||||
|
| |||||||||||||||||||
3,066 | ||||||||||||||||||||
|
|
Abbreviations
AUD | Australian Dollar | |
FTSE | Financial Times and the London Stock Exchange | |
GBP | British Pound | |
SPI | Australian Securities Exchange |
SEE NOTES TO FINANCIAL STATEMENTS.
50 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 96.4% |
| |||||||
Australia — 7.0% |
| |||||||
Australia & New Zealand Banking Group Ltd. | 131 | 2,890 | ||||||
BHP Group Ltd. | 197 | 7,167 | ||||||
BlueScope Steel Ltd. | 29 | 484 | ||||||
Fortescue Metals Group Ltd. | 100 | 1,722 | ||||||
Harvey Norman Holdings Ltd. | 141 | 572 | ||||||
Iluka Resources Ltd. | 94 | 560 | ||||||
JB Hi-Fi Ltd. | 11 | 402 | ||||||
Metcash Ltd. | 136 | 372 | ||||||
National Australia Bank Ltd. | 156 | 3,185 | ||||||
Qantas Airways Ltd. * | 116 | 440 | ||||||
Rio Tinto Ltd. | 20 | 1,897 | ||||||
Rio Tinto plc | 54 | 4,500 | ||||||
South32 Ltd. | 291 | 641 | ||||||
Super Retail Group Ltd. | 62 | 566 | ||||||
Worley Ltd. | 40 | 332 | ||||||
|
| |||||||
25,730 | ||||||||
|
| |||||||
Austria — 1.5% | ||||||||
ams AG * | 14 | 236 | ||||||
ANDRITZ AG | 12 | 665 | ||||||
BAWAG Group AG (a) | 14 | 773 | ||||||
Erste Group Bank AG | 25 | 876 | ||||||
OMV AG | 17 | 820 | ||||||
Raiffeisen Bank International AG | 53 | 1,165 | ||||||
Telekom Austria AG | 59 | 481 | ||||||
Wienerberger AG | 13 | 522 | ||||||
|
| |||||||
5,538 | ||||||||
|
| |||||||
Belgium — 1.1% | ||||||||
Ageas SA | 18 | 1,118 | ||||||
Bekaert SA | 19 | 832 | ||||||
bpost SA * | 55 | 589 | ||||||
KBC Group NV * | 15 | 1,168 | ||||||
Telenet Group Holding NV | 9 | 382 | ||||||
|
| |||||||
4,089 | ||||||||
|
| |||||||
Brazil — 0.3% |
| |||||||
Yara International ASA | 17 | 908 | ||||||
|
| |||||||
China — 0.7% |
| |||||||
BOC Hong Kong Holdings Ltd. | 316 | 1,109 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,260 | 1,352 | ||||||
|
| |||||||
2,461 | ||||||||
|
| |||||||
Denmark — 1.8% |
| |||||||
AP Moller — Maersk A/S, Class B (b) | — | (c) | 667 | |||||
Cementir Holding NV | 47 | 530 | ||||||
D/S Norden A/S | 21 | 542 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Denmark — continued |
| |||||||
H+H International A/S, Class B * | 24 | 694 | ||||||
Jyske Bank A/S (Registered) * | 11 | 536 | ||||||
Matas A/S * | 38 | 566 | ||||||
Scandinavian Tobacco Group A/S (a) | 37 | 681 | ||||||
Solar A/S, Class B | 9 | 814 | ||||||
Spar Nord Bank A/S | 36 | 400 | ||||||
Sydbank A/S | 23 | 680 | ||||||
TCM Group A/S (a) | 23 | 632 | ||||||
|
| |||||||
6,742 | ||||||||
|
| |||||||
Finland — 1.4% |
| |||||||
Cargotec OYJ, Class B | 12 | 704 | ||||||
Caverion OYJ | 34 | 277 | ||||||
Kemira OYJ | 29 | 467 | ||||||
Konecranes OYJ | 13 | 613 | ||||||
Nordea Bank Abp | 201 | 2,087 | ||||||
TietoEVRY OYJ | 10 | 355 | ||||||
Valmet OYJ | 18 | 758 | ||||||
|
| |||||||
5,261 | ||||||||
|
| |||||||
France — 9.1% | ||||||||
Atos SE | 9 | 612 | ||||||
AXA SA (b) | 92 | 2,599 | ||||||
BNP Paribas SA * | 56 | 3,582 | ||||||
Carrefour SA | 46 | 891 | ||||||
Cie de Saint-Gobain | 28 | 1,766 | ||||||
Cie Plastic Omnium SA | 12 | 411 | ||||||
CNP Assurances | 63 | 1,104 | ||||||
Coface SA * | 41 | 504 | ||||||
Credit Agricole SA | 91 | 1,410 | ||||||
Eutelsat Communications SA | 29 | 367 | ||||||
Faurecia SE | 15 | 803 | ||||||
Faurecia SE | 1 | 40 | ||||||
Fnac Darty SA * | 9 | 628 | ||||||
Groupe Crit * | 8 | 713 | ||||||
IPSOS | 18 | 752 | ||||||
Kaufman & Broad SA | 8 | 379 | ||||||
Metropole Television SA * | 32 | 712 | ||||||
Publicis Groupe SA | 20 | 1,299 | ||||||
Quadient SA | 26 | 717 | ||||||
Renault SA * | 18 | 741 | ||||||
Rexel SA * (b) | 32 | 630 | ||||||
SCOR SE (b) | 18 | 590 | ||||||
Societe Generale SA * | 51 | 1,448 | ||||||
Sopra Steria Group SACA * | 3 | 521 | ||||||
SPIE SA * | 25 | 640 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 51 |
Table of Contents
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
France — continued | ||||||||
Tarkett SA * | 31 | 739 | ||||||
Technip Energies NV * | 70 | 997 | ||||||
Television Francaise 1 * (b) | 56 | 551 | ||||||
TOTAL SE | 120 | 5,323 | ||||||
Valeo SA | 10 | 314 | ||||||
Veolia Environnement SA | 38 | 1,197 | ||||||
Vicat SA (b) | 8 | 390 | ||||||
|
| |||||||
33,370 | ||||||||
|
| |||||||
Germany — 9.5% | ||||||||
Allianz SE (Registered) | 19 | 4,889 | ||||||
Aurubis AG | 7 | 620 | ||||||
Bayerische Motoren Werke AG | 18 | 1,847 | ||||||
CECONOMY AG * | 59 | 346 | ||||||
Continental AG | 7 | 928 | ||||||
Covestro AG (a) | 18 | 1,193 | ||||||
Daimler AG (Registered) | 45 | 4,001 | ||||||
Deutsche Post AG (Registered) | 60 | 3,530 | ||||||
DWS Group GmbH & Co. KGaA (a) | 10 | 430 | ||||||
Freenet AG | 21 | 509 | ||||||
HeidelbergCement AG | 12 | 1,109 | ||||||
HOCHTIEF AG * | 4 | 414 | ||||||
Hornbach Holding AG & Co. KGaA | 11 | 1,023 | ||||||
JOST Werke AG * (a) | 12 | 822 | ||||||
Kloeckner & Co. SE * | 71 | 962 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 7 | 1,940 | ||||||
ProSiebenSat.1 Media SE * | 27 | 581 | ||||||
Schaeffler AG (Preference) | 49 | 437 | ||||||
Siemens AG (Registered) | 32 | 5,318 | ||||||
Talanx AG | 10 | 410 | ||||||
Volkswagen AG (Preference) | 14 | 3,526 | ||||||
|
| |||||||
34,835 | ||||||||
|
| |||||||
Greece — 0.2% |
| |||||||
Energean plc * | 74 | 850 | ||||||
|
| |||||||
Hong Kong — 1.3% |
| |||||||
Haitong International Securities Group Ltd. | 1,414 | 444 | ||||||
Hysan Development Co. Ltd. | 246 | 926 | ||||||
Johnson Electric Holdings Ltd. | 140 | 371 | ||||||
New World Development Co. Ltd. | 138 | 730 | ||||||
Sun Hung Kai Properties Ltd. | 75 | 1,121 | ||||||
Swire Properties Ltd. | 159 | 474 | ||||||
VTech Holdings Ltd. (b) | 57 | 520 | ||||||
|
| |||||||
4,586 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Ireland — 0.3% |
| |||||||
Greencore Group plc * | 262 | 576 | ||||||
Ryanair Holdings plc, ADR * | 3 | 391 | ||||||
|
| |||||||
967 | ||||||||
|
| |||||||
Italy — 3.2% | ||||||||
Anima Holding SpA (a) | 104 | 538 | ||||||
Assicurazioni Generali SpA | 64 | 1,283 | ||||||
Azimut Holding SpA | 22 | 519 | ||||||
Credito Emiliano SpA * | 68 | 421 | ||||||
Eni SpA (b) | 142 | 1,686 | ||||||
Intesa Sanpaolo SpA * (b) | 934 | 2,605 | ||||||
Mediobanca Banca di Credito Finanziario SpA * | 73 | 828 | ||||||
Poste Italiane SpA (a) | 50 | 652 | ||||||
Telecom Italia SpA | 1,523 | 835 | ||||||
UniCredit SpA | 121 | 1,240 | ||||||
Unipol Gruppo SpA | 191 | 1,044 | ||||||
|
| |||||||
11,651 | ||||||||
|
| |||||||
Japan — 20.1% | ||||||||
Acom Co. Ltd. | 98 | 420 | ||||||
Aiful Corp. | 138 | 398 | ||||||
Aozora Bank Ltd. | 23 | 484 | ||||||
Arcs Co. Ltd. | 17 | 366 | ||||||
Bridgestone Corp. | 36 | 1,423 | ||||||
Brother Industries Ltd. | 40 | 842 | ||||||
Chiba Bank Ltd. (The) | 98 | 615 | ||||||
Concordia Financial Group Ltd. | 148 | 555 | ||||||
Cosmo Energy Holdings Co. Ltd. | 42 | 893 | ||||||
Credit Saison Co. Ltd. | 79 | 906 | ||||||
Dai-ichi Life Holdings, Inc. | 61 | 1,092 | ||||||
Daiwa Securities Group, Inc. | 125 | 667 | ||||||
ENEOS Holdings, Inc. | 342 | 1,472 | ||||||
Fuyo General Lease Co. Ltd. | 15 | 966 | ||||||
Gunma Bank Ltd. (The) | 110 | 358 | ||||||
Hachijuni Bank Ltd. (The) | 96 | 328 | ||||||
Hitachi Ltd. | 31 | 1,554 | ||||||
Honda Motor Co. Ltd. | 78 | 2,317 | ||||||
Iida Group Holdings Co. Ltd. | 22 | 526 | ||||||
ITOCHU Corp. | 49 | 1,533 | ||||||
Iyo Bank Ltd. (The) | 60 | 333 | ||||||
Japan Airlines Co. Ltd. * | 35 | 739 | ||||||
Japan Post Holdings Co. Ltd. * | 108 | 910 | ||||||
Japan Post Insurance Co. Ltd. | 36 | 692 | ||||||
Japan Tobacco, Inc. | 70 | 1,313 | ||||||
Kamigumi Co. Ltd. | 23 | 446 | ||||||
Kandenko Co. Ltd. | 41 | 352 |
SEE NOTES TO FINANCIAL STATEMENTS.
52 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Japan — continued | ||||||||
KDDI Corp. | 85 | 2,573 | ||||||
Kinden Corp. | 22 | 381 | ||||||
K’s Holdings Corp. | 41 | 565 | ||||||
Kyudenko Corp. | 14 | 485 | ||||||
Kyushu Financial Group, Inc. | 81 | 314 | ||||||
Mitsubishi Chemical Holdings Corp. | 137 | 1,022 | ||||||
Mitsubishi Corp. | 68 | 1,866 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 22 | 497 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 561 | 2,982 | ||||||
Mitsui & Co. Ltd. | 95 | 1,994 | ||||||
Mixi, Inc. | 19 | 484 | ||||||
Mizuho Financial Group, Inc. | 127 | 1,782 | ||||||
MS&AD Insurance Group Holdings, Inc. | 29 | 828 | ||||||
Nichias Corp. | 14 | 368 | ||||||
Nichiha Corp. | 10 | 288 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 21 | 414 | ||||||
Nippon Telegraph & Telephone Corp. | 75 | 1,878 | ||||||
Nippon Television Holdings, Inc. | 33 | 431 | ||||||
Nomura Holdings, Inc. | 204 | 1,094 | ||||||
Nomura Real Estate Holdings, Inc. | 48 | 1,173 | ||||||
Open House Co. Ltd. | 8 | 349 | ||||||
ORIX Corp. | 110 | 1,773 | ||||||
Rengo Co. Ltd. | 36 | 301 | ||||||
Resona Holdings, Inc. | 190 | 783 | ||||||
Sanwa Holdings Corp. | 37 | 472 | ||||||
SBI Holdings, Inc. | 23 | 659 | ||||||
Sekisui House Ltd. | 45 | 915 | ||||||
Senko Group Holdings Co. Ltd. | 43 | 395 | ||||||
Shizuoka Bank Ltd. (The) | 91 | 697 | ||||||
SoftBank Corp. | 137 | 1,769 | ||||||
Sojitz Corp. | 353 | 1,053 | ||||||
Sompo Holdings, Inc. | 23 | 866 | ||||||
Sony Group Corp. | 4 | 380 | ||||||
Sumitomo Bakelite Co. Ltd. | 11 | 433 | ||||||
Sumitomo Corp. | 94 | 1,276 | ||||||
Sumitomo Forestry Co. Ltd. | 30 | 681 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 79 | 2,765 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 42 | 1,431 | ||||||
T&D Holdings, Inc. | 92 | 1,129 | ||||||
Taiheiyo Cement Corp. | 17 | 414 | ||||||
Taisei Corp. | 18 | 650 | ||||||
Teijin Ltd. | 35 | 573 | ||||||
Tokuyama Corp. | 25 | 560 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 53 | 517 | ||||||
Tokyo Tatemono Co. Ltd. | 25 | 366 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Japan — continued | ||||||||
Tosoh Corp. | 38 | 665 | ||||||
Toyota Motor Corp. | 86 | 6,465 | ||||||
Toyota Tsusho Corp. | 19 | 792 | ||||||
TS Tech Co. Ltd. | 23 | 324 | ||||||
Ube Industries Ltd. | 16 | 330 | ||||||
|
| |||||||
73,702 | ||||||||
|
| |||||||
Luxembourg — 0.4% |
| |||||||
ArcelorMittal SA | 38 | 1,111 | ||||||
RTL Group SA * | 7 | 438 | ||||||
|
| |||||||
1,549 | ||||||||
|
| |||||||
Malta — 0.3% |
| |||||||
Kindred Group plc, SDR | 57 | 989 | ||||||
|
| |||||||
Netherlands — 4.0% |
| |||||||
ASR Nederland NV | 17 | 723 | ||||||
ING Groep NV | 211 | 2,699 | ||||||
Koninklijke Ahold Delhaize NV | 63 | 1,706 | ||||||
NN Group NV | 26 | 1,312 | ||||||
PostNL NV | 116 | 607 | ||||||
Randstad NV | 13 | 910 | ||||||
Royal Dutch Shell plc, Class A | 322 | 6,066 | ||||||
Signify NV * (a) | 14 | 807 | ||||||
|
| |||||||
14,830 | ||||||||
|
| |||||||
Norway — 2.6% | ||||||||
DNB ASA | 70 | 1,498 | ||||||
Elkem ASA (a) | 230 | 843 | ||||||
Equinor ASA | 60 | 1,214 | ||||||
Europris ASA (a) | 59 | 402 | ||||||
Norsk Hydro ASA | 170 | 1,082 | ||||||
Norwegian Finans Holding ASA (b) | 68 | 746 | ||||||
Olav Thon Eiendomsselskap ASA * | 24 | 469 | ||||||
Selvaag Bolig ASA | 95 | 701 | ||||||
SpareBank 1 Nord Norge | 80 | 802 | ||||||
SpareBank 1 SMN | 43 | 574 | ||||||
SpareBank 1 SR-Bank ASA | 46 | 596 | ||||||
Storebrand ASA (b) | 60 | 569 | ||||||
|
| |||||||
9,496 | ||||||||
|
| |||||||
Portugal — 0.1% |
| |||||||
Sonae SGPS SA (b) | 459 | 430 | ||||||
|
| |||||||
Russia — 0.3% |
| |||||||
Evraz plc | 113 | 1,003 | ||||||
|
| |||||||
Singapore — 1.2% |
| |||||||
DBS Group Holdings Ltd. | 32 | 706 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 53 |
Table of Contents
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Singapore — continued |
| |||||||
Oversea-Chinese Banking Corp. Ltd. | 207 | 1,891 | ||||||
StarHub Ltd. | 378 | 383 | ||||||
United Overseas Bank Ltd. | 68 | 1,349 | ||||||
|
| |||||||
4,329 | ||||||||
|
| |||||||
South Africa — 0.9% |
| |||||||
Anglo American plc | 76 | 3,229 | ||||||
|
| |||||||
Spain — 3.2% |
| |||||||
ACS Actividades de Construccion y Servicios SA | 30 | 982 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 336 | 1,882 | ||||||
Banco Santander SA | 816 | 3,146 | ||||||
CaixaBank SA * | 293 | 937 | ||||||
ContourGlobal plc (a) | 134 | 371 | ||||||
Indra Sistemas SA * | 60 | 623 | ||||||
Mediaset Espana Comunicacion SA * | 96 | 613 | ||||||
Repsol SA | 96 | 1,146 | ||||||
Tecnicas Reunidas SA * | 22 | 335 | ||||||
Telefonica SA | 286 | 1,324 | ||||||
Unicaja Banco SA (a) | 541 | 533 | ||||||
|
| |||||||
11,892 | ||||||||
|
| |||||||
Sweden — 3.6% | ||||||||
Betsson AB * | 51 | 464 | ||||||
Bilia AB, Class A (b) | 24 | 415 | ||||||
Boliden AB (b) | 25 | 979 | ||||||
Bonava AB, Class B | 42 | 498 | ||||||
Bravida Holding AB (a) | 24 | 350 | ||||||
Dustin Group AB (a) (b) | 58 | 720 | ||||||
Humana AB * | 55 | 497 | ||||||
Intrum AB (b) | 24 | 817 | ||||||
Inwido AB * | 42 | 726 | ||||||
Lundin Energy AB | 21 | 684 | ||||||
Mekonomen AB * | 34 | 583 | ||||||
Nobia AB | 51 | 443 | ||||||
Nordic Waterproofing Holding AB | 19 | 412 | ||||||
Resurs Holding AB (a) | 56 | 291 | ||||||
Securitas AB, Class B (b) | 26 | 439 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 125 | 1,602 | ||||||
Skanska AB, Class B | 29 | 772 | ||||||
SSAB AB, Class B * | 189 | 942 | ||||||
Svenska Handelsbanken AB, Class A | 105 | 1,218 | ||||||
Volvo AB, Class B | 14 | 351 | ||||||
|
| |||||||
13,203 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Switzerland — 6.3% | ||||||||
Adecco Group AG (Registered) | 16 | 1,060 | ||||||
BKW AG | 4 | 404 | ||||||
Credit Suisse Group AG (Registered) | 132 | 1,381 | ||||||
Julius Baer Group Ltd. | 15 | 967 | ||||||
LafargeHolcim Ltd. (Registered) * | 30 | 1,823 | ||||||
Novartis AG (Registered) | 91 | 7,734 | ||||||
Roche Holding AG | 1 | 374 | ||||||
Sulzer AG (Registered) | 5 | 537 | ||||||
Swiss Life Holding AG (Registered) | 3 | 1,232 | ||||||
Swisscom AG (Registered) | 2 | 1,059 | ||||||
UBS Group AG (Registered) | 207 | 3,154 | ||||||
Wizz Air Holdings plc * (a) | 6 | 417 | ||||||
Zurich Insurance Group AG | 8 | 3,082 | ||||||
|
| |||||||
23,224 | ||||||||
|
| |||||||
Ukraine — 0.3% |
| |||||||
Ferrexpo plc | 157 | 954 | ||||||
|
| |||||||
United Kingdom — 14.9% |
| |||||||
3i Group plc | 59 | 1,049 | ||||||
Aviva plc | 276 | 1,527 | ||||||
Barclays plc | 931 | 2,253 | ||||||
Barratt Developments plc | 81 | 861 | ||||||
Bellway plc | 9 | 439 | ||||||
Berkeley Group Holdings plc | 11 | 700 | ||||||
BP plc | 648 | 2,714 | ||||||
BT Group plc * | 575 | 1,312 | ||||||
CK Hutchison Holdings Ltd. | 242 | 1,978 | ||||||
Crest Nicholson Holdings plc * | 84 | 475 | ||||||
Dixons Carphone plc * | 635 | 1,222 | ||||||
Drax Group plc | 122 | 691 | ||||||
GlaxoSmithKline plc | 213 | 3,945 | ||||||
Halfords Group plc * | 137 | 714 | ||||||
HSBC Holdings plc | 883 | 5,510 | ||||||
Inchcape plc * | 43 | 467 | ||||||
ITV plc * | 437 | 731 | ||||||
J Sainsbury plc | 236 | 775 | ||||||
JET2 plc * | 54 | 1,121 | ||||||
Just Group plc * | 413 | 622 | ||||||
Keller Group plc | 44 | 507 | ||||||
Kingfisher plc * | 181 | 892 | ||||||
Legal & General Group plc | 427 | 1,603 | ||||||
Lloyds Banking Group plc | 3,521 | 2,208 | ||||||
M&G plc | 303 | 911 | ||||||
Mitie Group plc * | 1,316 | 1,128 | ||||||
Morgan Sindall Group plc | 20 | 627 |
SEE NOTES TO FINANCIAL STATEMENTS.
54 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
United Kingdom — continued |
| |||||||
Natwest Group plc | 399 | 1,083 | ||||||
OSB Group plc | 172 | 1,141 | ||||||
Paragon Banking Group plc | 75 | 485 | ||||||
Phoenix Group Holdings plc | 46 | 453 | ||||||
Playtech plc * | 99 | 634 | ||||||
Premier Foods plc * | 451 | 607 | ||||||
Prudential plc | 136 | 2,877 | ||||||
Reach plc * | 235 | 714 | ||||||
Redrow plc | 48 | 458 | ||||||
Royal Mail plc * | 80 | 549 | ||||||
ScS Group plc * | 119 | 457 | ||||||
Serco Group plc * | 210 | 407 | ||||||
Standard Chartered plc | 163 | 1,169 | ||||||
Tate & Lyle plc | 43 | 473 | ||||||
Taylor Wimpey plc | 325 | 807 | ||||||
Tyman plc | 106 | 618 | ||||||
Vesuvius plc | 53 | 391 | ||||||
Vistry Group plc | 30 | 505 | ||||||
Vodafone Group plc | 1,275 | 2,407 | ||||||
WPP plc | 106 | 1,430 | ||||||
|
| |||||||
54,647 | ||||||||
|
| |||||||
United States — 0.8% | ||||||||
Stellantis NV | 62 | 1,031 | ||||||
Stellantis NV | 44 | 723 | ||||||
TI Fluid Systems plc (a) | 262 | 1,075 | ||||||
|
| |||||||
2,829 | ||||||||
|
| |||||||
Total Common Stocks | 353,294 | |||||||
|
| |||||||
NO. OF RIGHTS (000) | ||||||||
Rights — 0.0% (d) |
| |||||||
Switzerland — 0.0% (d) |
| |||||||
Credit Suisse Group AG, expiring 5/6/2021 * | 132 | 5 | ||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 5.0% |
| |||||||
Investment Companies — 1.9% |
| |||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (e) (f) | 7,166 | 7,170 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 3.1% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (e) (f) | 9,699 | 9,700 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (e) (f) | 1,559 | 1,559 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 11,259 | |||||||
|
| |||||||
Total Short-Term Investments | 18,429 | |||||||
|
| |||||||
Total Investments — 101.4% | 371,728 | |||||||
Liabilities in Excess of | (5,157 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 366,571 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2021
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Banks | 19.4 | % | ||
Insurance | 9.6 | |||
Metals & Mining | 7.7 | |||
Oil, Gas & Consumable Fuels | 6.2 | |||
Automobiles | 5.6 | |||
Pharmaceuticals | 3.2 | |||
Trading Companies & Distributors | 2.9 | |||
Capital Markets | 2.9 | |||
Household Durables | 2.4 | |||
Media | 2.4 | |||
Specialty Retail | 2.3 | |||
Wireless Telecommunication Services | 2.1 | |||
Chemicals | 2.0 | |||
Industrial Conglomerates | 2.0 | |||
Diversified Telecommunication Services | 1.9 | |||
Machinery | 1.7 | |||
Auto Components | 1.6 | |||
Real Estate Management & Development | 1.6 | |||
Construction Materials | 1.5 | |||
Building Products | 1.4 | |||
Air Freight & Logistics | 1.4 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 55 |
Table of Contents
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Construction & Engineering | 1.4 | % | ||
Food & Staples Retailing | 1.2 | |||
Commercial Services & Supplies | 1.1 | |||
Diversified Financial Services | 1.0 | |||
Others (each less than 1.0%) | 8.5 | |||
Short-Term Investments | 5.0 |
Abbreviations
ADR | American Depositary Receipt | |
OYJ | Public Limited Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
SDR | Swedish Depositary Receipt | |
SGPS | Holding company |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(b) | The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $9,734. | |
(c) | Amount rounds to less than one thousand. | |
(d) | Amount rounds to less than 0.1% of net assets. | |
(e) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(f) | The rate shown is the current yield as of April 30, 2021. | |
* | Non-income producing security. |
Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
EURO STOXX 50 Index | 76 | 06/2021 | EUR | 3,593 | 74 | |||||||||||||||
FTSE 100 Index | 18 | 06/2021 | GBP | 1,722 | 45 | |||||||||||||||
TOPIX Index | 15 | 06/2021 | JPY | 2,609 | (54 | ) | ||||||||||||||
|
| |||||||||||||||||||
65 | ||||||||||||||||||||
|
|
Abbreviations
EUR | Euro | |
FTSE | Financial Times and the London Stock Exchange | |
GBP | British Pound | |
JPY | Japanese Yen | |
TOPIX | Tokyo Stock Price Index |
SEE NOTES TO FINANCIAL STATEMENTS.
56 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 57 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2021 (Unaudited)
(Amounts in thousands, except per share amounts)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in non-affiliates, at value | $ | 14,498,079 | $ | 3,838,528 | $ | 731,214 | $ | 4,635,019 | ||||||||
Investments in affiliates, at value | — | — | 181,345 | 79,740 | ||||||||||||
Investment of cash collateral received from securities loaned, at value (See Note 2.C.) | 150,955 | 27,074 | 18,345 | 200,569 | ||||||||||||
Cash | — | — | 100 | 27 | ||||||||||||
Foreign currency, at value | — | 223 | 250 | — | ||||||||||||
Deposits at broker for futures contracts | — | 822 | 591 | — | ||||||||||||
Receivables: | ||||||||||||||||
Due from broker | — | — | — | 5,929 | ||||||||||||
Investment securities sold | 65,190 | 18,290 | 3,818 | 6,564 | ||||||||||||
Fund shares sold | 17,682 | 20,314 | 237 | 8,844 | ||||||||||||
Dividends from non-affiliates | 8,298 | 3,941 | 538 | 13,026 | ||||||||||||
Dividends from affiliates | 9 | 15 | 2 | 4 | ||||||||||||
Tax reclaims | 13 | 55 | 3,749 | 10,238 | ||||||||||||
Securities lending income (See Note 2.C.) | 16 | 10 | 16 | 39 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 14,740,242 | 3,909,272 | 940,205 | 4,959,999 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Due to custodian | 9 | — | — | — | ||||||||||||
Foreign currency due to custodian, at value | — | — | — | 171 | ||||||||||||
Investment securities purchased | 24,238 | 7,404 | 168,558 | 49,612 | ||||||||||||
Collateral received on securities loaned (See Note 2.C.) | 150,955 | 27,074 | 18,345 | 200,569 | ||||||||||||
Interfund lending | 3,945 | 43,546 | — | — | ||||||||||||
Fund shares redeemed | 29,068 | — | (a) | 90 | 11,596 | |||||||||||
Variation margin on futures contracts | — | 207 | 65 | — | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | 8,071 | 718 | 291 | 1,670 | ||||||||||||
Administration fees | 794 | 186 | 37 | 127 | ||||||||||||
Distribution fees | 219 | — | 26 | 97 | ||||||||||||
Service fees | 1,216 | — | (a) | 40 | 140 | |||||||||||
Custodian and accounting fees | 451 | 85 | 19 | 92 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 2 | 1 | — | (a) | 2 | |||||||||||
Deferred foreign capital gains tax | 53,915 | 6,753 | — | — | ||||||||||||
Other | 406 | 75 | 90 | 125 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 273,289 | 86,049 | 187,561 | 264,201 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 14,466,953 | $ | 3,823,223 | $ | 752,644 | $ | 4,695,798 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
58 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | |||||||||||||
NET ASSETS: | ||||||||||||||||
Paid-in-Capital | $ | 8,902,080 | $ | 2,957,105 | $ | 705,116 | $ | 3,291,844 | ||||||||
Total distributable earnings (loss) | 5,564,873 | 866,118 | 47,528 | 1,403,954 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 14,466,953 | $ | 3,823,223 | $ | 752,644 | $ | 4,695,798 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 766,529 | $ | — | $ | 88,051 | $ | 389,716 | ||||||||
Class C | 94,860 | — | 12,479 | 10,740 | ||||||||||||
Class I | 5,170,999 | 5,015 | 233,882 | 490,044 | ||||||||||||
Class L | 2,584,295 | — | 78,629 | — | ||||||||||||
Class R2 | 591 | — | — | 25,835 | ||||||||||||
Class R3 | 9,515 | — | — | — | ||||||||||||
Class R4 | 3,931 | — | — | — | ||||||||||||
Class R5 | 66,215 | — | — | 11,124 | ||||||||||||
Class R6 | 5,770,018 | 3,818,208 | 339,603 | 3,768,339 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 14,466,953 | $ | 3,823,223 | $ | 752,644 | $ | 4,695,798 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||||||||||||||||
Class A | 17,983 | — | 2,951 | 18,913 | ||||||||||||
Class C | 2,310 | — | 473 | 551 | ||||||||||||
Class I | 118,382 | 228 | 7,683 | 23,395 | ||||||||||||
Class L | 58,680 | — | 2,552 | — | ||||||||||||
Class R2 | 14 | — | — | 1,271 | ||||||||||||
Class R3 | 225 | — | — | — | ||||||||||||
Class R4 | 90 | — | — | — | ||||||||||||
Class R5 | 1,506 | — | — | 528 | ||||||||||||
Class R6 | 131,122 | 174,226 | 11,071 | 179,431 | ||||||||||||
Net Asset Value (a): | ||||||||||||||||
Class A — Redemption price per share | $ | 42.62 | $ | — | $ | 29.84 | $ | 20.61 | ||||||||
Class C — Offering price per share (b) | 41.07 | — | 26.37 | 19.49 | ||||||||||||
Class I — Offering and redemption price per share | 43.68 | 22.03 | 30.44 | 20.95 | ||||||||||||
Class L — Offering and redemption price per share | 44.04 | — | 30.82 | — | ||||||||||||
Class R2 — Offering and redemption price per share | 42.11 | — | — | 20.33 | ||||||||||||
Class R3 — Offering and redemption price per share | 42.39 | — | — | — | ||||||||||||
Class R4 — Offering and redemption price per share | 43.54 | — | — | — | ||||||||||||
Class R5 — Offering and redemption price per share | 43.95 | — | — | 21.05 | ||||||||||||
Class R6 — Offering and redemption price per share | 44.00 | 21.92 | 30.68 | 21.00 | ||||||||||||
Class A maximum sales charge | 5.25 | % | — | % | 5.25 | % | 5.25 | % | ||||||||
Class A maximum public offering price per share | $ | 44.98 | $ | — | $ | 31.49 | $ | 21.75 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments in non-affiliates | $ | 9,007,492 | $ | 3,045,846 | $ | 605,392 | $ | 3,462,057 | ||||||||
Cost of investments in affiliates | — | — | 181,345 | 79,740 | ||||||||||||
Cost of foreign currency | — | 224 | 250 | — | ||||||||||||
Investment securities on loan, at value (See Note 2.C.) | 142,764 | 25,774 | 17,245 | 186,203 | ||||||||||||
Cost of investment of cash collateral (See Note 2.C.) | 150,955 | 27,074 | 18,345 | 200,569 |
(a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
(b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 59 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | JPMorgan International Research Enhanced Equity Fund | JPMorgan International Value Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in non-affiliates, at value | $ | 3,607,744 | $ | 117,811 | $ | 4,800,574 | $ | 353,299 | ||||||||
Investments in affiliates, at value | 66,137 | 6,264 | 98,285 | 7,170 | ||||||||||||
Investment of cash collateral received from securities loaned, at value (See Note 2.C.) | 13,190 | — | 251,777 | 11,259 | ||||||||||||
Options purchased, at value | — | 615 | — | — | ||||||||||||
Cash | 50 | 951 | 675 | 182 | ||||||||||||
Foreign currency, at value | 9,864 | 90 | 7,277 | 486 | ||||||||||||
Deposits at broker for futures contracts | — | 592 | 11,895 | 775 | ||||||||||||
Deposits at broker for options contracts | — | 200 | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 1 | — | — | — | ||||||||||||
Fund shares sold | 15,613 | 464 | 5,977 | 1,738 | ||||||||||||
Dividends from non-affiliates | 9,424 | 390 | 16,826 | 1,833 | ||||||||||||
Dividends from affiliates | 5 | — | (a) | 7 | — | (a) | ||||||||||
Tax reclaims | 3,987 | 334 | 14,163 | 2,428 | ||||||||||||
Securities lending income (See Note 2.C.) | 25 | — | 77 | 18 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 3,726,040 | 127,711 | 5,207,533 | 379,188 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 9,171 | — | — | 457 | ||||||||||||
Collateral received on securities loaned (See Note 2.C.) | 13,190 | — | 251,777 | 11,259 | ||||||||||||
Fund shares redeemed | 1,319 | 209 | 6,528 | 306 | ||||||||||||
Variation margin on futures contracts | — | 75 | 842 | 42 | ||||||||||||
Outstanding options written, at fair value | — | 1,415 | — | — | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | 1,517 | 7 | 680 | 127 | ||||||||||||
Administration fees | 32 | — | 222 | — | ||||||||||||
Distribution fees | 68 | 1 | 9 | 39 | ||||||||||||
Service fees | 149 | 25 | 27 | 35 | ||||||||||||
Custodian and accounting fees | 69 | 36 | 154 | 41 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 1 | — | 5 | — | (a) | |||||||||||
Other | 28 | 21 | 324 | 311 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 25,544 | 1,789 | 260,568 | 12,617 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 3,700,496 | $ | 125,922 | $ | 4,946,965 | $ | 366,571 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
60 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | JPMorgan International Research Enhanced Equity Fund | JPMorgan International Value Fund | |||||||||||||
NET ASSETS: |
| |||||||||||||||
Paid-in-Capital | $ | 2,856,745 | $ | 119,467 | $ | 4,168,327 | $ | 391,347 | ||||||||
Total distributable earnings (loss) | 843,751 | 6,455 | 778,638 | (24,776 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 3,700,496 | $ | 125,922 | $ | 4,946,965 | $ | 366,571 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 269,643 | $ | 2,460 | $ | 45,609 | $ | 176,442 | ||||||||
Class C | 21,917 | 207 | — | 4,463 | ||||||||||||
Class I | 666,701 | 123,154 | 457,832 | 33,548 | ||||||||||||
Class L | — | — | — | 8,875 | ||||||||||||
Class R2 | 2,334 | — | — | 610 | ||||||||||||
Class R5 | 3,525 | 22 | — | 64 | ||||||||||||
Class R6 | 2,736,376 | 79 | 4,443,524 | 142,569 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,700,496 | $ | 125,922 | $ | 4,946,965 | $ | 366,571 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||||||||||||||||
Class A | 9,940 | 155 | 2,258 | 13,564 | ||||||||||||
Class C | 821 | 13 | — | 354 | ||||||||||||
Class I | 24,255 | 7,714 | 22,550 | 2,511 | ||||||||||||
Class L | — | — | — | 668 | ||||||||||||
Class R2 | 87 | — | — | 48 | ||||||||||||
Class R5 | 128 | 1 | — | 5 | ||||||||||||
Class R6 | 99,539 | 5 | 219,658 | 10,789 | ||||||||||||
Net Asset Value (a): | ||||||||||||||||
Class A — Redemption price per share | $ | 27.13 | $ | 15.89 | $ | 20.20 | $ | 13.01 | ||||||||
Class C — Offering price per share (b) | 26.71 | 15.88 | — | 12.61 | ||||||||||||
Class I — Offering and redemption price per share | 27.49 | 15.97 | 20.30 | 13.36 | ||||||||||||
Class L — Offering and redemption price per share | — | — | — | 13.29 | ||||||||||||
Class R2 — Offering and redemption price per share | 26.88 | — | — | 12.79 | ||||||||||||
Class R5 — Offering and redemption price per share | 27.48 | 15.98 | — | 13.19 | ||||||||||||
Class R6 — Offering and redemption price per share | 27.49 | 15.99 | 20.23 | 13.21 | ||||||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||
Class A maximum public offering price per share | $ | 28.63 | $ | 16.77 | $ | 21.32 | $ | 13.73 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments in non-affiliates | $ | 2,661,764 | $ | 88,395 | $ | 3,626,179 | $ | 298,715 | ||||||||
Cost of investments in affiliates | 66,137 | 6,264 | 98,285 | 7,170 | ||||||||||||
Cost of options purchased | — | 1,967 | — | — | ||||||||||||
Cost of foreign currency | 9,864 | 89 | 7,245 | 486 | ||||||||||||
Investment securities on loan, at value (See Note 2.C.) | 12,496 | — | 236,779 | 9,734 | ||||||||||||
Cost of investment of cash collateral (See Note 2.C.) | 13,190 | — | 251,777 | 11,259 | ||||||||||||
Premiums received from options written | — | 1,891 | — | — |
(a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
(b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 61 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)
(Amounts in thousands)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | |||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||
Interest income from non-affiliates | $ | — | $ | 1 | $ | — | $ | — | (a) | |||||||
Interest income from affiliates | — | — | (a) | — | — | |||||||||||
Dividend income from non-affiliates | 61,441 | 26,671 | 7,297 | 49,404 | ||||||||||||
Dividend income from affiliates | 87 | 25 | 5 | 34 | ||||||||||||
Non-cash dividend income from non-affiliates | — | — | 361 | — | ||||||||||||
Income from securities lending (net) (See Note 2.C.) | 685 | 118 | 23 | 105 | ||||||||||||
Foreign taxes withheld (net) | (8,181 | ) | (3,122 | ) | (711 | ) | (4,402 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 54,032 | 23,693 | 6,975 | 45,141 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: |
| |||||||||||||||
Investment advisory fees | 48,800 | 4,196 | 1,614 | 9,139 | ||||||||||||
Administration fees | 4,902 | 1,259 | 202 | 1,371 | ||||||||||||
Distribution fees: | ||||||||||||||||
Class A | 908 | — | 103 | 429 | ||||||||||||
Class C | 351 | — | 47 | 40 | ||||||||||||
Class R2 | 1 | — | — | 63 | ||||||||||||
Class R3 | 12 | — | — | — | ||||||||||||
Service fees: | ||||||||||||||||
Class A | 908 | — | 103 | 429 | ||||||||||||
Class C | 117 | — | 16 | 13 | ||||||||||||
Class I | 6,483 | 2 | 81 | 532 | ||||||||||||
Class L | 1,224 | — | 35 | — | ||||||||||||
Class R2 | 1 | — | — | 32 | ||||||||||||
Class R3 | 12 | — | — | — | ||||||||||||
Class R4 | 5 | — | — | — | ||||||||||||
Class R5 | 32 | — | — | 5 | ||||||||||||
Custodian and accounting fees | 2,027 | 893 | 101 | 215 | ||||||||||||
Interest expense to affiliates | 4 | 30 | 2 | 8 | ||||||||||||
Professional fees | 94 | 52 | 66 | 70 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 33 | 18 | 14 | 19 | ||||||||||||
Printing and mailing costs | 434 | 12 | 12 | 65 | ||||||||||||
Registration and filing fees | 305 | 34 | 33 | 113 | ||||||||||||
Transfer agency fees (See Note 2.I.) | 185 | 11 | 12 | 55 | ||||||||||||
Other | 87 | 31 | 10 | 35 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 66,925 | 6,538 | 2,451 | 12,633 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived | (1,840 | ) | (643 | ) | (33 | ) | (2,173 | ) | ||||||||
Less expense reimbursements | (54 | ) | (1 | ) | — | (12 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 65,031 | 5,894 | 2,418 | 10,448 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | (10,999 | ) | 17,799 | 4,557 | 34,693 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments in non-affiliates | 300,556 | (b) | 189,027 | (c) | 48,096 | 315,590 | ||||||||||
Investments in affiliates | (42 | ) | (7 | ) | (2 | ) | 1 | |||||||||
Futures contracts | — | 1,614 | 1,108 | (5,247 | ) | |||||||||||
Foreign currency transactions | (933 | ) | (568 | ) | 6 | 1,277 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 299,581 | 190,066 | 49,208 | 311,621 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments in non-affiliates | 1,718,600 | (d) | 463,178 | (e) | 113,520 | 452,718 | ||||||||||
Investments in affiliates | 30 | 1 | — | (a) | 2 | |||||||||||
Futures contracts | — | 34 | 245 | — | ||||||||||||
Foreign currency translations | 77 | 33 | 257 | 112 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | 1,718,707 | 463,246 | 114,022 | 452,832 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | 2,018,288 | 653,312 | 163,230 | 764,453 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 2,007,289 | $ | 671,111 | $ | 167,787 | $ | 799,146 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
(b) | Net of foreign capital gains tax of $(1,685). |
(c) | Net of foreign capital gains tax of $(4,557). |
(d) | Net of change in foreign capital gains tax of $(35,370). |
(e) | Net of change in foreign capital gains tax of $(625). |
SEE NOTES TO FINANCIAL STATEMENTS.
62 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | JPMorgan International Research Enhanced Equity Fund | JPMorgan International Value Fund | |||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||
Interest income from non-affiliates | $ | — | (a) | $ | — | (a) | $ | 1,270 | $ | 121 | ||||||
Interest income from affiliates | — | — | — | (a) | — | |||||||||||
Dividend income from non-affiliates | 42,839 | 1,816 | 81,103 | 6,970 | ||||||||||||
Dividend income from affiliates | 26 | — | (a) | 52 | 2 | |||||||||||
Income from securities lending (net) (See Note 2.C.) | 104 | — | 838 | 35 | ||||||||||||
Foreign taxes withheld (net) | (3,482 | ) | (159 | ) | (7,189 | ) | (603 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 39,487 | 1,657 | 76,074 | 6,525 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: |
| |||||||||||||||
Investment advisory fees | 10,016 | 146 | 5,300 | 911 | ||||||||||||
Administration fees | 1,252 | 44 | 1,988 | 124 | ||||||||||||
Distribution fees: | ||||||||||||||||
Class A | 237 | 3 | 57 | 198 | ||||||||||||
Class C | 71 | 1 | — | 17 | ||||||||||||
Class R2 | 5 | — | — | 1 | ||||||||||||
Service fees: | ||||||||||||||||
Class A | 237 | 3 | 57 | 198 | ||||||||||||
Class C | 24 | — | (a) | — | 6 | |||||||||||
Class I | 657 | 144 | 639 | 40 | ||||||||||||
Class L | — | — | — | 4 | ||||||||||||
Class R2 | 2 | — | — | 1 | ||||||||||||
Class R5 | 2 | — | (a) | — | — | (a) | ||||||||||
Custodian and accounting fees | 263 | 37 | 379 | 72 | ||||||||||||
Interest expense to affiliates | 5 | 2 | 14 | 1 | ||||||||||||
Professional fees | 65 | 41 | 109 | 58 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 18 | 12 | 23 | 13 | ||||||||||||
Printing and mailing costs | 43 | 4 | 132 | 12 | ||||||||||||
Registration and filing fees | 69 | 30 | 8 | 55 | ||||||||||||
Transfer agency fees (See Note 2.I.) | 37 | — | (a) | 46 | 9 | |||||||||||
Other | 25 | 7 | 106 | 9 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 13,028 | 474 | 8,858 | 1,729 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived | (2,828 | ) | (117 | ) | (1,929 | ) | (402 | ) | ||||||||
Less expense reimbursements | — | — | (a) | — | — | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 10,200 | 357 | 6,929 | 1,327 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 29,287 | 1,300 | 69,145 | 5,198 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): |
| |||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments in non-affiliates | 66,570 | 1,982 | 131,199 | 2,994 | ||||||||||||
Investments in affiliates | (13 | ) | — | (a) | 51 | (1 | ) | |||||||||
Options purchased | — | (5,652 | ) | — | — | |||||||||||
Futures contracts | — | 965 | 23,954 | 437 | ||||||||||||
Foreign currency transactions | 614 | (38 | ) | (176 | ) | 42 | ||||||||||
Forward foreign currency exchange contracts | (2,654 | ) | — | — | — | |||||||||||
Options written | — | (4,305 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 64,517 | (7,048 | ) | 155,028 | 3,472 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments in non-affiliates | 582,436 | 27,198 | 1,112,902 | 99,743 | ||||||||||||
Investments in affiliates | 4 | — | (78 | ) | — | (a) | ||||||||||
Options purchased | — | (3,755 | ) | — | — | |||||||||||
Futures contracts | — | 268 | 2,176 | 305 | ||||||||||||
Foreign currency translations | 20 | 4 | 106 | 50 | ||||||||||||
Options written | — | (1,251 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | 582,460 | 22,464 | 1,115,106 | 100,098 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | 646,977 | 15,416 | 1,270,134 | 103,570 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 676,264 | $ | 16,716 | $ | 1,339,279 | $ | 108,768 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 63 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | |||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (10,999 | ) | $ | 20,921 | $ | 17,799 | $ | 48,936 | |||||||
Net realized gain (loss) | 299,581 | (21,492 | ) | 190,066 | (115,392 | ) | ||||||||||
Change in net unrealized appreciation/depreciation | 1,718,707 | 1,995,150 | 463,246 | 281,827 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 2,007,289 | 1,994,579 | 671,111 | 215,371 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | — | (3,084 | ) | — | — | |||||||||||
Class C | — | (79 | ) | — | — | |||||||||||
Class I | (4,875 | ) | (15,303 | ) | (1 | ) | — | (a) | ||||||||
Class L | (3,336 | ) | (8,491 | ) | — | — | ||||||||||
Class R2 | — | (1 | ) | — | — | |||||||||||
Class R3 | — | (21 | ) | — | — | |||||||||||
Class R4 | (1 | ) | (11 | ) | — | — | ||||||||||
Class R5 | (80 | ) | (349 | ) | — | — | ||||||||||
Class R6 | (10,851 | ) | (29,101 | ) | (50,836 | ) | (24,046 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (19,143 | ) | (56,440 | ) | (50,837 | ) | (24,046 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 1,258,582 | 2,968,409 | 362,607 | 558,443 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 3,246,728 | 4,906,548 | 982,881 | 749,768 | ||||||||||||
Beginning of period | 11,220,225 | 6,313,677 | 2,840,342 | 2,090,574 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 14,466,953 | $ | 11,220,225 | $ | 3,823,223 | $ | 2,840,342 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
64 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | |||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 4,557 | $ | 6,920 | $ | 34,693 | $ | 43,858 | ||||||||
Net realized gain (loss) | 49,208 | (16,079 | ) | 311,621 | (49,374 | ) | ||||||||||
Change in net unrealized appreciation/depreciation | 114,022 | (32,885 | ) | 452,832 | (39,646 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 167,787 | (42,044 | ) | 799,146 | (45,162 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | (839 | ) | (2,780 | ) | (3,040 | ) | �� | (9,505 | ) | |||||||
Class C | (80 | ) | (497 | ) | (42 | ) | (344 | ) | ||||||||
Class I | (772 | ) | (2,605 | ) | (4,786 | ) | (6,207 | ) | ||||||||
Class L | (920 | ) | (2,069 | ) | — | — | ||||||||||
Class R2 | — | — | (292 | ) | (65 | ) | ||||||||||
Class R5 | — | — | (99 | ) | (124 | ) | ||||||||||
Class R6 | (4,405 | ) | (8,878 | ) | (33,732 | ) | (80,146 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (7,016 | ) | (16,829 | ) | (41,991 | ) | (96,391 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 153,045 | (44,544 | ) | 1,007,721 | 75,469 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 313,816 | (103,417 | ) | 1,764,876 | (66,084 | ) | ||||||||||
Beginning of period | 438,828 | 542,245 | 2,930,922 | 2,997,006 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 752,644 | $ | 438,828 | $ | 4,695,798 | $ | 2,930,922 | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 65 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 29,287 | $ | 34,949 | $ | 1,300 | $ | 2,110 | ||||||||
Net realized gain (loss) | 64,517 | (143,255 | ) | (7,048 | ) | (16,164 | ) | |||||||||
Change in net unrealized appreciation/depreciation | 582,460 | 231,375 | 22,464 | 5,164 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 676,264 | 123,069 | 16,716 | (8,890 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | (1,160 | ) | (46 | ) | (29 | ) | (5 | ) | ||||||||
Class C | (42 | ) | — | (1 | ) | (1 | ) | |||||||||
Class I | (4,485 | ) | (431 | ) | (2,175 | ) | (1,362 | ) | ||||||||
Class R2 | (10 | ) | — | — | — | |||||||||||
Class R5 | (32 | ) | (9 | ) | (1 | ) | — | (a) | ||||||||
Class R6 | (28,297 | ) | (10,047 | ) | (1 | ) | (1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (34,026 | ) | (10,533 | ) | (2,207 | ) | (1,369 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 256,588 | 89,493 | (25,855 | ) | 87,285 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 898,826 | 202,029 | (11,346 | ) | 77,026 | |||||||||||
Beginning of period | 2,801,670 | 2,599,641 | 137,268 | 60,242 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,700,496 | $ | 2,801,670 | $ | 125,922 | $ | 137,268 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
66 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan International Research Enhanced Equity Fund | JPMorgan International Value Fund | |||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 69,145 | $ | 115,593 | $ | 5,198 | $ | 9,086 | ||||||||
Net realized gain (loss) | 155,028 | (384,441 | ) | 3,472 | (39,947 | ) | ||||||||||
Change in net unrealized appreciation/depreciation | 1,115,106 | (159,055 | ) | 100,098 | (40,074 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 1,339,279 | (427,903 | ) | 108,768 | (70,935 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | (402 | ) | (5,482 | ) | (4,156 | ) | (7,133 | ) | ||||||||
Class C | — | — | (106 | ) | (299 | ) | ||||||||||
Class I | (10,216 | ) | (6,829 | ) | (914 | ) | (1,823 | ) | ||||||||
Class L | — | — | (192 | ) | (1,237 | ) | ||||||||||
Class R2 | — | — | (11 | ) | (21 | ) | ||||||||||
Class R5 | — | — | (3 | ) | (4 | ) | ||||||||||
Class R6 | (95,880 | ) | (143,050 | ) | (3,877 | ) | (5,532 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (106,498 | ) | (155,361 | ) | (9,259 | ) | (16,049 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (1,148,165 | ) | 611,139 | (802 | ) | (38,424 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 84,616 | 27,875 | 98,707 | (125,408 | ) | |||||||||||
Beginning of period | 4,862,349 | 4,834,474 | 267,864 | 393,272 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,946,965 | $ | 4,862,349 | $ | 366,571 | $ | 267,864 | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 67 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | |||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 186,166 | $ | 396,625 | $ | — | $ | — | ||||||||
Distributions reinvested | — | 3,026 | — | — | ||||||||||||
Cost of shares redeemed | (97,070 | ) | (433,578 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 89,096 | $ | (33,927 | ) | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 19,638 | $ | 25,207 | $ | — | $ | — | ||||||||
Distributions reinvested | — | 76 | — | — | ||||||||||||
Cost of shares redeemed | (9,804 | ) | (21,149 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 9,834 | $ | 4,134 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 1,717,105 | $ | 2,957,574 | $ | 5,230 | $ | 32 | ||||||||
Distributions reinvested | 4,534 | 13,741 | 1 | — | (a) | |||||||||||
Cost of shares redeemed | (1,297,255 | ) | (1,376,247 | ) | (127 | ) | (6 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 424,384 | $ | 1,595,068 | $ | 5,104 | $ | 26 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | 736,778 | $ | 1,047,160 | $ | — | $ | — | ||||||||
Distributions reinvested | 3,299 | 8,347 | — | — | ||||||||||||
Cost of shares redeemed | (368,174 | ) | (412,630 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | 371,903 | $ | 642,877 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 339 | $ | 281 | $ | — | $ | — | ||||||||
Distributions reinvested | — | 1 | — | — | ||||||||||||
Cost of shares redeemed | (236 | ) | (78 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 103 | $ | 204 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 5,786 | $ | 3,952 | $ | — | $ | — | ||||||||
Distributions reinvested | — | 21 | — | — | ||||||||||||
Cost of shares redeemed | (3,207 | ) | (1,457 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 2,579 | $ | 2,516 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 995 | $ | 2,143 | $ | — | $ | — | ||||||||
Distributions reinvested | 1 | 11 | — | — | ||||||||||||
Cost of shares redeemed | (516 | ) | (1,072 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 480 | $ | 1,082 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 13,191 | $ | 24,137 | $ | — | $ | — | ||||||||
Distributions reinvested | 79 | 349 | — | — | ||||||||||||
Cost of shares redeemed | (14,455 | ) | (18,654 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | (1,185 | ) | $ | 5,832 | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 1,956,907 | $ | 2,138,500 | $ | 972,167 | $ | 1,073,935 | ||||||||
Distributions reinvested | 9,926 | 28,461 | 50,835 | 24,046 | ||||||||||||
Cost of shares redeemed | (1,605,445 | ) | (1,416,338 | ) | (665,499 | ) | (539,564 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 361,388 | $ | 750,623 | $ | 357,503 | $ | 558,417 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 1,258,582 | $ | 2,968,409 | $ | 362,607 | $ | 558,443 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
68 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | |||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 4,409 | 12,772 | — | �� | ||||||||||||
Reinvested | — | 95 | — | — | ||||||||||||
Redeemed | (2,289 | ) | (14,443 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 2,120 | (1,576 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 490 | 824 | — | — | ||||||||||||
Reinvested | — | 2 | — | — | ||||||||||||
Redeemed | (236 | ) | (725 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 254 | 101 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 39,911 | 95,381 | 232 | 2 | ||||||||||||
Reinvested | 106 | 423 | — | (a) | — | (a) | ||||||||||
Redeemed | (29,206 | ) | (44,282 | ) | (6 | ) | — | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 10,811 | 51,522 | 226 | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Issued | 16,920 | 33,441 | — | — | ||||||||||||
Reinvested | 77 | 255 | — | — | ||||||||||||
Redeemed | (8,196 | ) | (13,684 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | 8,801 | 20,012 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 8 | 8 | — | — | ||||||||||||
Reinvested | — | — | (a) | — | — | |||||||||||
Redeemed | (5 | ) | (2 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 3 | 6 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Issued | 142 | 133 | — | — | ||||||||||||
Reinvested | — | 1 | — | — | ||||||||||||
Redeemed | (77 | ) | (46 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 65 | 88 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Issued | 22 | 70 | — | — | ||||||||||||
Reinvested | — | (a) | — | (a) | — | — | ||||||||||
Redeemed | (12 | ) | (32 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 10 | 38 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 298 | 754 | — | — | ||||||||||||
Reinvested | 2 | 11 | — | — | ||||||||||||
Redeemed | (336 | ) | (575 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | (36 | ) | 190 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 44,835 | 67,487 | 45,275 | 63,278 | ||||||||||||
Reinvested | 232 | 871 | 2,474 | 1,356 | ||||||||||||
Redeemed | (36,492 | ) | (43,707 | ) | (31,196 | ) | (31,422 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 8,575 | 24,651 | 16,553 | 33,212 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 69 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | |||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 2,766 | $ | 3,883 | $ | 80,553 | $ | 169,254 | ||||||||
Distributions reinvested | 805 | 2,695 | 3,016 | 9,447 | ||||||||||||
Cost of shares redeemed | (9,783 | ) | (24,956 | ) | (26,492 | ) | (221,474 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (6,212 | ) | $ | (18,378 | ) | $ | 57,077 | $ | (42,773 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 106 | $ | 157 | $ | 930 | $ | 1,292 | ||||||||
Distributions reinvested | 79 | 476 | 42 | 324 | ||||||||||||
Cost of shares redeemed | (2,747 | ) | (7,338 | ) | (1,934 | ) | (6,218 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (2,562 | ) | $ | (6,705 | ) | $ | (962 | ) | $ | (4,602 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 171,633 | $ | 5,175 | $ | 113,825 | $ | 268,211 | ||||||||
Distributions reinvested | 721 | 2,443 | 4,774 | 6,146 | ||||||||||||
Cost of shares redeemed | (7,733 | ) | (31,660 | ) | (55,485 | ) | (119,723 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 164,621 | $ | (24,042 | ) | $ | 63,114 | $ | 154,634 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | 5,018 | $ | 11,572 | $ | — | $ | — | ||||||||
Distributions reinvested | 917 | 2,057 | — | — | ||||||||||||
Cost of shares redeemed | (3,990 | ) | (16,771 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | 1,945 | $ | (3,142 | ) | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 3,462 | $ | 21,952 | ||||||||
Distributions reinvested | — | — | 289 | 59 | ||||||||||||
Cost of shares redeemed | — | — | (4,565 | ) | (1,444 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | — | $ | — | $ | (814 | ) | $ | 20,567 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 3,453 | $ | 5,313 | ||||||||
Distributions reinvested | — | — | 95 | 123 | ||||||||||||
Cost of shares redeemed | — | — | (1,171 | ) | (1,904 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | — | $ | — | $ | 2,377 | $ | 3,532 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 2,120 | $ | 7,681 | $ | 1,402,039 | $ | 357,449 | ||||||||
Distributions reinvested | 4,405 | 8,878 | 33,605 | 80,145 | ||||||||||||
Cost of shares redeemed | (11,272 | ) | (8,836 | ) | (548,715 | ) | (493,483 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | (4,747 | ) | $ | 7,723 | $ | 886,929 | $ | (55,889 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 153,045 | $ | (44,544 | ) | $ | 1,007,721 | $ | 75,469 | |||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
70 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | |||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 98 | 171 | 4,099 | 10,373 | ||||||||||||
Reinvested | 31 | 110 | 155 | 541 | ||||||||||||
Redeemed | (361 | ) | (1,151 | ) | (1,359 | ) | (13,903 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (232 | ) | (870 | ) | 2,895 | (2,989 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 5 | 8 | 50 | 87 | ||||||||||||
Reinvested | 3 | 22 | 2 | 20 | ||||||||||||
Redeemed | (115 | ) | (372 | ) | (104 | ) | (397 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (107 | ) | (342 | ) | (52 | ) | (290 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 5,544 | 220 | 5,686 | 16,370 | ||||||||||||
Reinvested | 27 | 97 | 242 | 346 | ||||||||||||
Redeemed | (279 | ) | (1,425 | ) | (2,782 | ) | (7,334 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 5,292 | (1,108 | ) | 3,146 | 9,382 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class L |
| |||||||||||||||
Issued | 178 | 539 | — | — | ||||||||||||
Reinvested | 34 | 81 | — | — | ||||||||||||
Redeemed | (144 | ) | (758 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | 68 | (138 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | — | — | 178 | 1,274 | ||||||||||||
Reinvested | — | — | 15 | 3 | ||||||||||||
Redeemed | — | — | (233 | ) | (88 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | — | — | (40 | ) | 1,189 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | — | — | 168 | 306 | ||||||||||||
Reinvested | — | — | 5 | 7 | ||||||||||||
Redeemed | — | — | (59 | ) | (114 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | — | — | 114 | 199 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 70 | 382 | 68,816 | 21,701 | ||||||||||||
Reinvested | 163 | 352 | 1,702 | 4,510 | ||||||||||||
Redeemed | (397 | ) | (394 | ) | (27,309 | ) | (29,522 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | (164 | ) | 340 | 43,209 | (3,311 | ) | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 71 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 114,855 | $ | 45,058 | $ | 1,110 | $ | 1,699 | ||||||||
Distributions reinvested | 1,132 | 45 | 29 | 5 | ||||||||||||
Cost of shares redeemed | (14,998 | ) | (28,905 | ) | (473 | ) | (397 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 100,989 | $ | 16,198 | $ | 666 | $ | 1,307 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 4,647 | $ | 2,592 | $ | 81 | $ | 7 | ||||||||
Distributions reinvested | 42 | — | 1 | 1 | ||||||||||||
Cost of shares redeemed | (1,859 | ) | (5,887 | ) | (7 | ) | (1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 2,830 | $ | (3,295 | ) | $ | 75 | $ | 7 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 284,632 | $ | 291,678 | $ | 27,849 | $ | 109,266 | ||||||||
Distributions reinvested | 4,249 | 415 | 2,032 | 1,362 | ||||||||||||
Cost of shares redeemed | (85,888 | ) | (100,152 | ) | (56,532 | ) | (24,658 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 202,993 | $ | 191,941 | $ | (26,651 | ) | $ | 85,970 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 685 | $ | 851 | $ | — | $ | — | ||||||||
Distributions reinvested | 10 | — | — | — | ||||||||||||
Cost of shares redeemed | (157 | ) | (499 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 538 | $ | 352 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 248 | $ | 506 | $ | — | $ | — | (a) | |||||||
Distributions reinvested | 32 | 9 | — | (a) | — | (a) | ||||||||||
Cost of shares redeemed | (166 | ) | (962 | ) | — | — | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 114 | $ | (447 | ) | $ | — | (a) | $ | — | (a) | |||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 249,602 | $ | 289,243 | $ | 66 | $ | — | (a) | |||||||
Distributions reinvested | 28,297 | 10,047 | 1 | 1 | ||||||||||||
Cost of shares redeemed | (328,775 | ) | (414,546 | ) | (12 | ) | — | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | (50,876 | ) | $ | (115,256 | ) | $ | 55 | $ | 1 | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 256,588 | $ | 89,493 | $ | (25,855 | ) | $ | 87,285 | |||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
72 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 4,336 | 2,122 | 72 | 117 | ||||||||||||
Reinvested | 45 | 2 | 2 | — | (a) | |||||||||||
Redeemed | (581 | ) | (1,405 | ) | (30 | ) | (27 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 3,800 | 719 | 44 | 90 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 178 | 121 | 6 | — | (a) | |||||||||||
Reinvested | 2 | — | — | (a) | — | (a) | ||||||||||
Redeemed | (72 | ) | (292 | ) | (1 | ) | — | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 108 | (171 | ) | 5 | — | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 10,677 | 13,175 | 1,797 | 7,402 | ||||||||||||
Reinvested | 165 | 18 | 135 | 86 | ||||||||||||
Redeemed | (3,205 | ) | (4,869 | ) | (3,777 | ) | (1,758 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 7,637 | 8,324 | (1,845 | ) | 5,730 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 27 | 42 | — | — | ||||||||||||
Reinvested | — | (a) | — | — | — | |||||||||||
Redeemed | (6 | ) | (26 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 21 | 16 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 9 | 23 | — | — | ||||||||||||
Reinvested | 1 | 1 | — | (a) | — | (a) | ||||||||||
Redeemed | (6 | ) | (44 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 4 | (20 | ) | — | (a) | — | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 9,311 | 13,486 | 4 | — | ||||||||||||
Reinvested | 1,099 | 444 | — | (a) | 1 | |||||||||||
Redeemed | (12,423 | ) | (18,953 | ) | (1 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | (2,013 | ) | (5,023 | ) | 3 | 1 | ||||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 73 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan International Research Enhanced Equity Fund | JPMorgan International Value Fund | |||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 1,088 | $ | 204,761 | $ | 16,925 | $ | 21,982 | ||||||||
Distributions reinvested | 389 | 5,420 | 4,095 | 7,043 | ||||||||||||
Cost of shares redeemed | (20,179 | ) | (359,092 | ) | (17,465 | ) | (43,855 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (18,702 | ) | $ | (148,911 | ) | $ | 3,555 | $ | (14,830 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 70 | $ | 250 | ||||||||
Distributions reinvested | — | — | 104 | 270 | ||||||||||||
Cost of shares redeemed | — | — | (1,402 | ) | (3,916 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | — | $ | — | $ | (1,228 | ) | $ | (3,396 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 60,016 | $ | 542,183 | $ | 3,047 | $ | 5,772 | ||||||||
Distributions reinvested | 10,212 | 6,822 | 829 | 1,679 | ||||||||||||
Cost of shares redeemed | (202,213 | ) | (236,810 | ) | (6,860 | ) | (15,094 | ) | ||||||||
|
|
|
|
|
| �� |
|
| ||||||||
Change in net assets resulting from Class I capital transactions | $ | (131,985 | ) | $ | 312,195 | $ | (2,984 | ) | $ | (7,643 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 2,239 | $ | 1,161 | ||||||||
Distributions reinvested | — | — | 179 | 569 | ||||||||||||
Cost of shares redeemed | — | — | (1,222 | ) | (20,800 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | — | $ | — | $ | 1,196 | $ | (19,070 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 134 | $ | 151 | ||||||||
Distributions reinvested | — | — | 11 | 17 | ||||||||||||
Cost of shares redeemed | — | — | (92 | ) | (319 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | — | $ | — | $ | 53 | $ | (151 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 17 | $ | 42 | ||||||||
Distributions reinvested | — | — | 3 | 4 | ||||||||||||
Cost of shares redeemed | — | — | (60 | ) | (36 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | — | $ | — | $ | (40 | ) | $ | 10 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 155,499 | $ | 899,967 | $ | 21,890 | $ | 45,862 | ||||||||
Distributions reinvested | 95,880 | 143,050 | 3,621 | 5,075 | ||||||||||||
Cost of shares redeemed | (1,248,857 | ) | (595,162 | ) | (26,865 | ) | (44,281 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | (997,478 | ) | $ | 447,855 | $ | (1,354 | ) | $ | 6,656 | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (1,148,165 | ) | $ | 611,139 | $ | (802 | ) | $ | (38,424 | ) | |||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
74 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
JPMorgan International Research Enhanced Equity Fund | JPMorgan International Value Fund | |||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 58 | 13,389 | 1,380 | 2,106 | ||||||||||||
Reinvested | 21 | 298 | 356 | 572 | ||||||||||||
Redeemed | (1,111 | ) | (22,291 | ) | (1,467 | ) | (4,229 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (1,032 | ) | (8,604 | ) | 269 | (1,551 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | — | — | 5 | 24 | ||||||||||||
Reinvested | — | — | 10 | 23 | ||||||||||||
Redeemed | — | — | (121 | ) | (379 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | — | — | (106 | ) | (332 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 3,139 | 33,409 | 238 | 509 | ||||||||||||
Reinvested | 540 | 371 | 70 | 133 | ||||||||||||
Redeemed | (10,564 | ) | (14,565 | ) | (556 | ) | (1,512 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (6,885 | ) | 19,215 | (248 | ) | (870 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Issued | — | — | 173 | 105 | ||||||||||||
Reinvested | — | — | 15 | 46 | ||||||||||||
Redeemed | — | — | (98 | ) | (2,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | — | — | 90 | (1,849 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | — | — | 12 | 15 | ||||||||||||
Reinvested | — | — | 1 | 1 | ||||||||||||
Redeemed | — | — | (9 | ) | (32 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | — | — | 4 | (16 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | — | — | 2 | 5 | ||||||||||||
Reinvested | — | — | — | (a) | — | (a) | ||||||||||
Redeemed | — | — | (5 | ) | (4 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | — | — | (3 | ) | 1 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 7,966 | 53,807 | 1,778 | 4,448 | ||||||||||||
Reinvested | 5,089 | 7,817 | 310 | 407 | ||||||||||||
Redeemed | (64,537 | ) | (35,464 | ) | (2,215 | ) | (4,069 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | (51,482 | ) | 26,160 | (127 | ) | 786 | ||||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 75 |
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 | ||||||||||||||||
JPMorgan Emerging Markets Equity Fund | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | $ | 36.44 | $ | (0.10 | ) | $ | 6.28 | $ | 6.18 | $ | — | |||||||||
Year Ended October 31, 2020 | 30.07 | (0.02 | ) | 6.56 | 6.54 | (0.17 | ) | |||||||||||||
Year Ended October 31, 2019 | 23.84 | 0.19 | 6.16 | 6.35 | (0.12 | ) | ||||||||||||||
Year Ended October 31, 2018 | 27.58 | 0.14 | (3.84 | ) | (3.70 | ) | (0.04 | ) | ||||||||||||
Year Ended October 31, 2017 | 21.79 | 0.09 | 5.80 | 5.89 | (0.10 | ) | ||||||||||||||
Year Ended October 31, 2016 | 19.53 | 0.09 | 2.28 | 2.37 | (0.11 | ) | ||||||||||||||
Class C | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 35.20 | (0.20 | ) | 6.07 | 5.87 | — | ||||||||||||||
Year Ended October 31, 2020 | 29.07 | (0.18 | ) | 6.35 | 6.17 | (0.04 | ) | |||||||||||||
Year Ended October 31, 2019 | 23.08 | 0.04 | 5.98 | 6.02 | (0.03 | ) | ||||||||||||||
Year Ended October 31, 2018 | 26.80 | 0.02 | (3.74 | ) | (3.72 | ) | — | (f) | ||||||||||||
Year Ended October 31, 2017 | 21.18 | (0.04 | ) | 5.67 | 5.63 | (0.01 | ) | |||||||||||||
Year Ended October 31, 2016 | 18.96 | (0.01 | ) | 2.23 | 2.22 | — | ||||||||||||||
Class I | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 37.34 | (0.05 | ) | 6.43 | 6.38 | (0.04 | ) | |||||||||||||
Year Ended October 31, 2020 | 30.79 | 0.05 | 6.75 | 6.80 | (0.25 | ) | ||||||||||||||
Year Ended October 31, 2019 | 24.45 | 0.27 | 6.29 | 6.56 | (0.22 | ) | ||||||||||||||
Year Ended October 31, 2018 | 28.29 | 0.24 | (3.96 | ) | (3.72 | ) | (0.12 | ) | ||||||||||||
Year Ended October 31, 2017 | 22.33 | 0.16 | 5.94 | 6.10 | (0.14 | ) | ||||||||||||||
Year Ended October 31, 2016 | 19.98 | 0.13 | 2.35 | 2.48 | (0.13 | ) | ||||||||||||||
Class L | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 37.64 | (0.03 | ) | 6.49 | 6.46 | (0.06 | ) | |||||||||||||
Year Ended October 31, 2020 | 31.03 | 0.08 | 6.80 | 6.88 | (0.27 | ) | ||||||||||||||
Year Ended October 31, 2019 | 24.63 | 0.29 | 6.35 | 6.64 | (0.24 | ) | ||||||||||||||
Year Ended October 31, 2018 | 28.49 | 0.26 | (3.99 | ) | (3.73 | ) | (0.13 | ) | ||||||||||||
Year Ended October 31, 2017 | 22.49 | 0.21 | 5.96 | 6.17 | (0.17 | ) | ||||||||||||||
Year Ended October 31, 2016 | 20.15 | 0.17 | 2.35 | 2.52 | (0.18 | ) | ||||||||||||||
Class R2 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 36.06 | (0.16 | ) | 6.21 | 6.05 | — | ||||||||||||||
Year Ended October 31, 2020 | 29.78 | (0.13 | ) | 6.52 | 6.39 | (0.11 | ) | |||||||||||||
Year Ended October 31, 2019 | 23.73 | 0.08 | 6.13 | 6.21 | (0.16 | ) | ||||||||||||||
Year Ended October 31, 2018 | 27.57 | 0.07 | (3.83 | ) | (3.76 | ) | (0.08 | ) | ||||||||||||
July 31, 2017 (g) through October 31, 2017 | 26.40 | (0.01 | ) | 1.18 | 1.17 | — | ||||||||||||||
Class R3 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 36.25 | (0.12 | ) | 6.26 | 6.14 | — | ||||||||||||||
Year Ended October 31, 2020 | 29.96 | (0.05 | ) | 6.55 | 6.50 | (0.21 | ) | |||||||||||||
Year Ended October 31, 2019 | 23.78 | 0.25 | 6.06 | 6.31 | (0.13 | ) | ||||||||||||||
Year Ended October 31, 2018 | 27.59 | 0.22 | (3.92 | ) | (3.70 | ) | (0.11 | ) | ||||||||||||
July 31, 2017 (g) through October 31, 2017 | 26.40 | 0.01 | 1.18 | 1.19 | — | |||||||||||||||
Class R4 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 37.20 | (0.06 | ) | 6.42 | 6.36 | (0.02 | ) | |||||||||||||
Year Ended October 31, 2020 | 30.68 | 0.04 | 6.70 | 6.74 | (0.22 | ) | ||||||||||||||
Year Ended October 31, 2019 | 24.42 | 0.27 | 6.25 | 6.52 | (0.26 | ) | ||||||||||||||
Year Ended October 31, 2018 | 28.28 | 0.18 | (3.91 | ) | (3.73 | ) | (0.13 | ) | ||||||||||||
July 31, 2017 (g) through October 31, 2017 | 27.05 | 0.02 | 1.21 | 1.23 | — | |||||||||||||||
Class R5 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 37.56 | (0.03 | ) | 6.47 | 6.44 | (0.05 | ) | |||||||||||||
Year Ended October 31, 2020 | 30.96 | 0.08 | 6.78 | 6.86 | (0.26 | ) | ||||||||||||||
Year Ended October 31, 2019 | 24.60 | 0.31 | 6.31 | 6.62 | (0.26 | ) | ||||||||||||||
Year Ended October 31, 2018 | 28.47 | 0.39 | (4.11 | ) | (3.72 | ) | (0.15 | ) | ||||||||||||
Year Ended October 31, 2017 | 22.49 | 0.15 | 6.01 | 6.16 | (0.18 | ) | ||||||||||||||
September 9, 2016 (g) through October 31, 2016 | 22.40 | 0.01 | 0.08 | 0.09 | — | |||||||||||||||
Class R6 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 37.61 | (0.01 | ) | 6.48 | 6.47 | (0.08 | ) | |||||||||||||
Year Ended October 31, 2020 | 31.00 | 0.12 | 6.78 | 6.90 | (0.29 | ) | ||||||||||||||
Year Ended October 31, 2019 | 24.60 | 0.31 | 6.35 | 6.66 | (0.26 | ) | ||||||||||||||
Year Ended October 31, 2018 | 28.46 | 0.29 | (3.99 | ) | (3.70 | ) | (0.16 | ) | ||||||||||||
Year Ended October 31, 2017 | 22.46 | 0.21 | 5.98 | 6.19 | (0.19 | ) | ||||||||||||||
Year Ended October 31, 2016 | 20.13 | 0.19 | 2.35 | 2.54 | (0.21 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Amount rounds to less than $0.005. |
(g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
76 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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 and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 42.62 | 16.96 | % | $ | 766,529 | 1.24 | % | (0.48 | )% | 1.30 | % | 15 | % | |||||||||||||
36.44 | 21.84 | 578,112 | 1.24 | (0.06 | ) | 1.33 | 15 | |||||||||||||||||||
30.07 | 26.77 | 524,357 | 1.24 | 0.69 | 1.47 | 34 | ||||||||||||||||||||
23.84 | (13.44 | ) | 369,490 | 1.24 | 0.51 | 1.52 | 13 | |||||||||||||||||||
27.58 | 27.22 | 525,451 | 1.35 | 0.36 | 1.58 | 22 | ||||||||||||||||||||
21.79 | 12.25 | 411,713 | 1.44 | 0.44 | 1.76 | 23 | ||||||||||||||||||||
41.07 | 16.68 | 94,860 | 1.73 | (0.98 | ) | 1.79 | 15 | |||||||||||||||||||
35.20 | 21.24 | 72,364 | 1.74 | (0.58 | ) | 1.83 | 15 | |||||||||||||||||||
29.07 | 26.12 | 56,830 | 1.74 | 0.15 | 1.98 | 34 | ||||||||||||||||||||
23.08 | (13.87 | ) | 43,612 | 1.74 | 0.06 | 2.02 | 13 | |||||||||||||||||||
26.80 | 26.58 | 48,497 | 1.85 | (0.15 | ) | 2.09 | 22 | |||||||||||||||||||
21.18 | 11.71 | 39,568 | 1.95 | (0.06 | ) | 2.26 | 23 | |||||||||||||||||||
43.68 | 17.09 | 5,170,999 | 0.99 | (0.23 | ) | 1.04 | 15 | |||||||||||||||||||
37.34 | 22.19 | 4,016,180 | 0.99 | 0.15 | 1.07 | 15 | ||||||||||||||||||||
30.79 | 27.04 | 1,725,882 | 0.99 | 0.94 | 1.21 | 34 | ||||||||||||||||||||
24.45 | (13.23 | ) | 773,142 | 0.99 | 0.84 | 1.26 | 13 | |||||||||||||||||||
28.29 | 27.54 | 629,451 | 1.10 | 0.62 | 1.30 | 22 | ||||||||||||||||||||
22.33 | 12.51 | 301,959 | 1.20 | 0.66 | 1.43 | 23 | ||||||||||||||||||||
44.04 | 17.17 | 2,584,295 | 0.88 | (0.13 | ) | 0.89 | 15 | |||||||||||||||||||
37.64 | 22.29 | 1,877,489 | 0.89 | 0.25 | 0.92 | 15 | ||||||||||||||||||||
31.03 | 27.20 | 926,781 | 0.89 | 1.00 | 1.06 | 34 | ||||||||||||||||||||
24.63 | (13.16 | ) | 475,997 | 0.89 | 0.91 | 1.11 | 13 | |||||||||||||||||||
28.49 | 27.72 | 430,860 | 0.95 | 0.84 | 1.14 | 22 | ||||||||||||||||||||
22.49 | 12.71 | 390,647 | 1.04 | 0.84 | 1.22 | 23 | ||||||||||||||||||||
42.11 | 16.78 | 591 | 1.53 | (0.78 | ) | 1.74 | 15 | |||||||||||||||||||
36.06 | 21.51 | 414 | 1.54 | (0.41 | ) | 2.00 | 15 | |||||||||||||||||||
29.78 | 26.35 | 145 | 1.54 | 0.31 | 2.26 | 34 | ||||||||||||||||||||
23.73 | (13.69 | ) | 95 | 1.54 | 0.26 | 2.04 | 13 | |||||||||||||||||||
27.57 | 4.43 | 21 | 1.60 | (0.17 | ) | 1.80 | 22 | |||||||||||||||||||
42.39 | 16.94 | 9,515 | 1.29 | (0.55 | ) | 1.29 | 15 | |||||||||||||||||||
36.25 | 21.80 | 5,797 | 1.29 | (0.15 | ) | 1.33 | 15 | |||||||||||||||||||
29.96 | 26.67 | 2,151 | 1.29 | 0.90 | 1.49 | 34 | ||||||||||||||||||||
23.78 | (13.49 | ) | 341 | 1.29 | 0.81 | 1.59 | 13 | |||||||||||||||||||
27.59 | 4.51 | 21 | 1.35 | 0.08 | 1.55 | 22 | ||||||||||||||||||||
43.54 | 17.10 | 3,931 | 1.04 | (0.29 | ) | 1.05 | 15 | |||||||||||||||||||
37.20 | 22.09 | 2,962 | 1.04 | 0.12 | 1.08 | 15 | ||||||||||||||||||||
30.68 | 26.98 | 1,300 | 1.04 | 0.94 | 1.23 | 34 | ||||||||||||||||||||
24.42 | (13.25 | ) | 26 | 1.04 | 0.63 | 1.62 | 13 | |||||||||||||||||||
28.28 | 4.55 | 21 | 1.10 | 0.33 | 1.30 | 22 | ||||||||||||||||||||
43.95 | 17.16 | 66,215 | 0.89 | (0.15 | ) | 0.90 | 15 | |||||||||||||||||||
37.56 | 22.29 | 57,909 | 0.89 | 0.26 | 0.93 | 15 | ||||||||||||||||||||
30.96 | 27.19 | 41,872 | 0.89 | 1.08 | 1.08 | 34 | ||||||||||||||||||||
24.60 | (13.14 | ) | 1,672 | 0.89 | 1.37 | 1.11 | 13 | |||||||||||||||||||
28.47 | 27.72 | 217 | 0.95 | 0.58 | 3.36 | 22 | ||||||||||||||||||||
22.49 | 0.40 | 20 | 0.90 | 0.28 | 1.08 | 23 | ||||||||||||||||||||
44.00 | 17.21 | 5,770,018 | 0.79 | (0.04 | ) | 0.79 | 15 | |||||||||||||||||||
37.61 | 22.39 | 4,608,998 | 0.79 | 0.37 | 0.82 | 15 | ||||||||||||||||||||
31.00 | 27.36 | 3,034,359 | 0.79 | 1.09 | 0.96 | 34 | ||||||||||||||||||||
24.60 | (13.08 | ) | 2,936,830 | 0.79 | 1.00 | 1.01 | 13 | |||||||||||||||||||
28.46 | 27.87 | 2,813,349 | 0.85 | 0.85 | 1.01 | 22 | ||||||||||||||||||||
22.46 | 12.83 | 1,980,671 | 0.94 | 0.96 | 1.08 | 23 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 77 |
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 Emerging Markets Research Enhanced Equity Fund |
| |||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | $ | 18.11 | $ | 0.12 | $ | 4.11 | $ | 4.23 | $ | (0.31 | ) | $ | — | $ | (0.31 | ) | ||||||||||||
Year Ended October 31, 2020 | 16.78 | 0.33 | 1.04 | 1.37 | — | (0.04 | ) | (0.04 | ) | |||||||||||||||||||
January 30, 2019 (f) through October 31, 2019 | 16.22 | 0.31 | 0.25 | 0.56 | — | — | — | |||||||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 18.01 | 0.11 | 4.11 | 4.22 | (0.31 | ) | — | (0.31 | ) | |||||||||||||||||||
Year Ended October 31, 2020 | 16.80 | 0.31 | 1.07 | 1.38 | (0.13 | ) | (0.04 | ) | (0.17 | ) | ||||||||||||||||||
December 11, 2018 (h) through October 31, 2019 | 15.00 | 0.42 | 1.46 | 1.88 | (0.08 | ) | — | (0.08 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Commencement of offering of class of shares. |
(g) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
(h) | Commencement of operations. |
SEE NOTES TO FINANCIAL STATEMENTS.
78 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 22.03 | 23.45 | % | $ | 5,015 | 0.45 | % | 1.13 | % | 0.79 | % | 36 | % | |||||||||||||
18.11 | 8.15 | 33 | 0.45 | 1.98 | 1.39 | 47 | ||||||||||||||||||||
16.78 | 3.45 | 5 | 0.44 | (g) | 2.52 | (g) | 0.70 | (g) | 28 | |||||||||||||||||
21.92 | 23.57 | 3,818,208 | 0.35 | 1.06 | 0.39 | 36 | ||||||||||||||||||||
18.01 | 8.22 | 2,840,309 | 0.35 | 1.87 | 0.41 | 47 | ||||||||||||||||||||
16.80 | 12.60 | 2,090,569 | 0.34 | (g) | 2.90 | (g) | 0.46 | (g) | 28 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY 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) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan Europe Dynamic Fund | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | $ | 21.64 | $ | 0.18 | $ | 8.29 | $ | 8.47 | $ | (0.27 | ) | |||||||||
Year Ended October 31, 2020 | 24.25 | 0.25 | (2.16 | ) | (1.91 | ) | (0.70 | ) | ||||||||||||
Year Ended October 31, 2019 | 23.01 | 0.61 | 1.18 | 1.79 | (0.55 | ) | ||||||||||||||
Year Ended October 31, 2018 | 27.04 | 0.42 | (4.08 | ) | (3.66 | ) | (0.37 | ) | ||||||||||||
Year Ended October 31, 2017 | 21.94 | 0.37 | 5.15 | 5.52 | (0.42 | ) | ||||||||||||||
Year Ended October 31, 2016 | 24.41 | 0.37 | (2.55 | ) | (2.18 | ) | (0.29 | ) | ||||||||||||
Class C | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 19.10 | 0.09 | 7.33 | 7.42 | (0.15 | ) | ||||||||||||||
Year Ended October 31, 2020 | 21.47 | 0.12 | (1.91 | ) | (1.79 | ) | (0.58 | ) | ||||||||||||
Year Ended October 31, 2019 | 20.39 | 0.44 | 1.06 | 1.50 | (0.42 | ) | ||||||||||||||
Year Ended October 31, 2018 | 24.00 | 0.25 | (3.62 | ) | (3.37 | ) | (0.24 | ) | ||||||||||||
Year Ended October 31, 2017 | 19.52 | 0.23 | 4.58 | 4.81 | (0.33 | ) | ||||||||||||||
Year Ended October 31, 2016 | 21.77 | 0.23 | (2.27 | ) | (2.04 | ) | (0.21 | ) | ||||||||||||
Class I | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 22.10 | 0.21 | 8.46 | 8.67 | (0.33 | ) | ||||||||||||||
Year Ended October 31, 2020 | 24.75 | 0.31 | (2.19 | ) | (1.88 | ) | (0.77 | ) | ||||||||||||
Year Ended October 31, 2019 | 23.48 | 0.67 | 1.21 | 1.88 | (0.61 | ) | ||||||||||||||
Year Ended October 31, 2018 | 27.60 | 0.49 | (4.17 | ) | (3.68 | ) | (0.44 | ) | ||||||||||||
Year Ended October 31, 2017 | 22.37 | 0.46 | 5.25 | 5.71 | (0.48 | ) | ||||||||||||||
Year Ended October 31, 2016 | 24.83 | 0.44 | (2.59 | ) | (2.15 | ) | (0.31 | ) | ||||||||||||
Class L | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 22.38 | 0.25 | 8.56 | 8.81 | (0.37 | ) | ||||||||||||||
Year Ended October 31, 2020 | 25.05 | 0.35 | (2.23 | ) | (1.88 | ) | (0.79 | ) | ||||||||||||
Year Ended October 31, 2019 | 23.70 | 0.65 | 1.27 | 1.92 | (0.57 | ) | ||||||||||||||
Year Ended October 31, 2018 | 27.85 | 0.51 | (4.18 | ) | (3.67 | ) | (0.48 | ) | ||||||||||||
Year Ended October 31, 2017 | 22.61 | 0.52 | 5.27 | 5.79 | (0.55 | ) | ||||||||||||||
Year Ended October 31, 2016 | 25.13 | 0.49 | (2.60 | ) | (2.11 | ) | (0.41 | ) | ||||||||||||
Class R6 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 22.29 | 0.26 | 8.52 | 8.78 | (0.39 | ) | ||||||||||||||
Year Ended October 31, 2020 | 24.96 | 0.37 | (2.22 | ) | (1.85 | ) | (0.82 | ) | ||||||||||||
Year Ended October 31, 2019 | 23.70 | 0.75 | 1.19 | 1.94 | (0.68 | ) | ||||||||||||||
October 1, 2018 (f) through October 31, 2018 | 26.32 | 0.01 | (2.63 | ) | (2.62 | ) | — |
(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 interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
80 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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 and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 29.84 | 39.31 | % | $ | 88,051 | 1.24 | % | 1.33 | % | 1.28 | % | 56 | % | |||||||||||||
21.64 | (8.21 | ) | 68,882 | 1.24 | 1.09 | 1.28 | 159 | |||||||||||||||||||
24.25 | 8.14 | 98,294 | 1.24 | 2.67 | 1.31 | 83 | ||||||||||||||||||||
23.01 | (13.72 | ) | 124,681 | 1.24 | 1.58 | 1.29 | 149 | |||||||||||||||||||
27.04 | 25.65 | 165,020 | 1.36 | 1.52 | 1.36 | 189 | ||||||||||||||||||||
21.94 | (8.98 | ) | 162,767 | 1.42 | 1.66 | 1.43 | 142 | |||||||||||||||||||
26.37 | 38.93 | 12,479 | 1.74 | 0.78 | 1.78 | 56 | ||||||||||||||||||||
19.10 | (8.68 | ) | 11,082 | 1.74 | 0.59 | 1.77 | 159 | |||||||||||||||||||
21.47 | 7.64 | 19,798 | 1.74 | 2.15 | 1.80 | 83 | ||||||||||||||||||||
20.39 | (14.18 | ) | 31,125 | 1.74 | 1.08 | 1.79 | 149 | |||||||||||||||||||
24.00 | 25.02 | 46,615 | 1.85 | 1.07 | 1.86 | 189 | ||||||||||||||||||||
19.52 | (9.42 | ) | 50,152 | 1.91 | 1.16 | 1.92 | 142 | |||||||||||||||||||
30.44 | 39.43 | 233,882 | 0.99 | 1.53 | 1.02 | 56 | ||||||||||||||||||||
22.10 | (7.98 | ) | 52,841 | 0.99 | 1.33 | 1.01 | 159 | |||||||||||||||||||
24.75 | 8.44 | 86,582 | 0.99 | 2.86 | 1.05 | 83 | ||||||||||||||||||||
23.48 | (13.53 | ) | 139,858 | 0.99 | 1.84 | 1.04 | 149 | |||||||||||||||||||
27.60 | 26.06 | 187,678 | 1.06 | 1.85 | 1.07 | 189 | ||||||||||||||||||||
22.37 | (8.73 | ) | 145,080 | 1.10 | 1.95 | 1.10 | 142 | |||||||||||||||||||
30.82 | 39.58 | 78,629 | 0.86 | 1.77 | 0.86 | 56 | ||||||||||||||||||||
22.38 | (7.86 | ) | 55,597 | 0.85 | 1.49 | 0.86 | 159 | |||||||||||||||||||
25.05 | 8.49 | 65,686 | 0.89 | 2.77 | 0.90 | 83 | ||||||||||||||||||||
23.70 | (13.41 | ) | 389,665 | 0.88 | 1.88 | 0.89 | 149 | |||||||||||||||||||
27.85 | 26.22 | 578,183 | 0.90 | 2.07 | 0.91 | 189 | ||||||||||||||||||||
22.61 | (8.48 | ) | 424,388 | 0.90 | 2.16 | 0.90 | 142 | |||||||||||||||||||
30.68 | 39.64 | 339,603 | 0.76 | 1.84 | 0.76 | 56 | ||||||||||||||||||||
22.29 | (7.79 | ) | 250,426 | 0.75 | 1.61 | 0.76 | 159 | |||||||||||||||||||
24.96 | 8.65 | 271,885 | 0.79 | 3.17 | 0.79 | 83 | ||||||||||||||||||||
23.70 | (9.95 | ) | 18 | 0.82 | 0.67 | 0.83 | 149 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY 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 International Equity Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | $ | 16.47 | $ | 0.14 | $ | 4.18 | $ | 4.32 | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | ||||||||||||
Year Ended October 31, 2020 | 17.27 | 0.19 | (0.49 | ) | (0.30 | ) | (0.50 | ) | — | (0.50 | ) | |||||||||||||||||
Year Ended October 31, 2019 | 15.56 | 0.33 | 1.89 | 2.22 | (0.33 | ) | (0.18 | ) | (0.51 | ) | ||||||||||||||||||
Year Ended October 31, 2018 | 17.81 | 0.33 | (2.33 | ) | (2.00 | ) | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||
Year Ended October 31, 2017 | 14.24 | 0.22 | 3.39 | 3.61 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 14.75 | 0.22 | (0.51 | ) | (0.29 | ) | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 15.53 | 0.07 | 3.96 | 4.03 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
Year Ended October 31, 2020 | 16.29 | 0.09 | (0.45 | ) | (0.36 | ) | (0.40 | ) | — | (0.40 | ) | |||||||||||||||||
Year Ended October 31, 2019 | 14.68 | 0.23 | 1.80 | 2.03 | (0.24 | ) | (0.18 | ) | (0.42 | ) | ||||||||||||||||||
Year Ended October 31, 2018 | 16.83 | 0.25 | (2.23 | ) | (1.98 | ) | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||
Year Ended October 31, 2017 | 13.50 | 0.12 | 3.22 | 3.34 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 14.02 | 0.13 | (0.47 | ) | (0.34 | ) | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 16.76 | 0.17 | 4.25 | 4.42 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||
Year Ended October 31, 2020 | 17.56 | 0.21 | (0.47 | ) | (0.26 | ) | (0.54 | ) | — | (0.54 | ) | |||||||||||||||||
Year Ended October 31, 2019 | 15.82 | 0.36 | 1.93 | 2.29 | (0.37 | ) | (0.18 | ) | (0.55 | ) | ||||||||||||||||||
Year Ended October 31, 2018 | 18.09 | 0.41 | (2.40 | ) | (1.99 | ) | (0.28 | ) | — | (0.28 | ) | |||||||||||||||||
Year Ended October 31, 2017 | 14.45 | 0.26 | 3.44 | 3.70 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 14.95 | 0.24 | (0.48 | ) | (0.24 | ) | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 16.31 | 0.10 | 4.14 | 4.24 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||
Year Ended October 31, 2020 | 17.14 | 0.13 | (0.48 | ) | (0.35 | ) | (0.48 | ) | — | (0.48 | ) | |||||||||||||||||
Year Ended October 31, 2019 | 15.44 | 0.28 | 1.88 | 2.16 | (0.28 | ) | (0.18 | ) | (0.46 | ) | ||||||||||||||||||
Year Ended October 31, 2018 | 17.70 | 0.29 | (2.33 | ) | (2.04 | ) | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||
Year Ended October 31, 2017 | 14.17 | 0.17 | 3.38 | 3.55 | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 14.69 | 0.18 | (0.50 | ) | (0.32 | ) | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 16.85 | 0.19 | 4.26 | 4.45 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||
Year Ended October 31, 2020 | 17.60 | 0.24 | (0.48 | ) | (0.24 | ) | (0.51 | ) | — | (0.51 | ) | |||||||||||||||||
Year Ended October 31, 2019 | 15.85 | 0.38 | 1.94 | 2.32 | (0.39 | ) | (0.18 | ) | (0.57 | ) | ||||||||||||||||||
Year Ended October 31, 2018 | 18.13 | 0.41 | (2.40 | ) | (1.99 | ) | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||
Year Ended October 31, 2017 | 14.47 | 0.21 | 3.52 | 3.73 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 14.97 | 0.27 | (0.49 | ) | (0.22 | ) | (0.28 | ) | — | (0.28 | ) | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 16.81 | 0.20 | 4.25 | 4.45 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||
Year Ended October 31, 2020 | 17.61 | 0.26 | (0.49 | ) | (0.23 | ) | (0.57 | ) | — | (0.57 | ) | |||||||||||||||||
Year Ended October 31, 2019 | 15.86 | 0.40 | 1.93 | 2.33 | (0.40 | ) | (0.18 | ) | (0.58 | ) | ||||||||||||||||||
Year Ended October 31, 2018 | 18.13 | 0.43 | (2.39 | ) | (1.96 | ) | (0.31 | ) | — | (0.31 | ) | |||||||||||||||||
Year Ended October 31, 2017 | 14.46 | 0.29 | 3.46 | 3.75 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 14.97 | 0.29 | (0.51 | ) | (0.22 | ) | (0.29 | ) | — | (0.29 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
82 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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 (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 20.61 | 26.31 | % | $ | 389,716 | 0.95 | % | 1.43 | % | 1.11 | % | 26 | % | |||||||||||||
16.47 | (1.88 | ) | 263,791 | 0.95 | 1.17 | 1.12 | 28 | |||||||||||||||||||
17.27 | 14.93 | 328,312 | 0.95 | 2.03 | 1.22 | 25 | ||||||||||||||||||||
15.56 | (11.42 | ) | 240,394 | 0.95 | 1.88 | 1.32 | 33 | |||||||||||||||||||
17.81 | 25.43 | 302,130 | 1.23 | 1.39 | 1.35 | 17 | ||||||||||||||||||||
14.24 | (1.83 | ) | 216,932 | 1.31 | 1.62 | 1.49 | 11 | |||||||||||||||||||
19.49 | 25.99 | 10,740 | 1.45 | 0.80 | 1.62 | 26 | ||||||||||||||||||||
15.53 | (2.38 | ) | 9,358 | 1.45 | 0.61 | 1.62 | 28 | |||||||||||||||||||
16.29 | 14.39 | 14,549 | 1.45 | 1.51 | 1.74 | 25 | ||||||||||||||||||||
14.68 | (11.89 | ) | 18,899 | 1.45 | 1.48 | 1.83 | 33 | |||||||||||||||||||
16.83 | 24.79 | 24,281 | 1.74 | 0.83 | 1.88 | 17 | ||||||||||||||||||||
13.50 | (2.31 | ) | 22,235 | 1.81 | 0.97 | 2.06 | 11 | |||||||||||||||||||
20.95 | 26.48 | 490,044 | 0.70 | 1.68 | 0.86 | 26 | ||||||||||||||||||||
16.76 | (1.64 | ) | 339,416 | 0.70 | 1.26 | 0.86 | 28 | |||||||||||||||||||
17.56 | 15.20 | 190,885 | 0.70 | 2.22 | 0.96 | 25 | ||||||||||||||||||||
15.82 | (11.20 | ) | 179,831 | 0.70 | 2.30 | 1.06 | 33 | |||||||||||||||||||
18.09 | 25.69 | 139,715 | 0.99 | 1.59 | 1.10 | 17 | ||||||||||||||||||||
14.45 | (1.50 | ) | 94,362 | 1.06 | 1.69 | 1.24 | 11 | |||||||||||||||||||
20.33 | 26.10 | 25,835 | 1.25 | 1.03 | 1.45 | 26 | ||||||||||||||||||||
16.31 | (2.21 | ) | 21,379 | 1.25 | 0.79 | 1.37 | 28 | |||||||||||||||||||
17.14 | 14.58 | 2,099 | 1.25 | 1.75 | 1.57 | 25 | ||||||||||||||||||||
15.44 | (11.68 | ) | 1,833 | 1.25 | 1.64 | 1.60 | 33 | |||||||||||||||||||
17.70 | 25.12 | 2,096 | 1.49 | 1.07 | 1.71 | 17 | ||||||||||||||||||||
14.17 | (2.08 | ) | 1,461 | 1.56 | 1.28 | 1.95 | 11 | |||||||||||||||||||
21.05 | 26.49 | 11,124 | 0.60 | 1.86 | 0.71 | 26 | ||||||||||||||||||||
16.85 | (1.52 | ) | 6,970 | 0.60 | 1.41 | 0.72 | 28 | |||||||||||||||||||
17.60 | 15.38 | 3,778 | 0.60 | 2.31 | 0.83 | 25 | ||||||||||||||||||||
15.85 | (11.16 | ) | 19,516 | 0.60 | 2.31 | 0.91 | 33 | |||||||||||||||||||
18.13 | 25.88 | 21,891 | 0.84 | 1.36 | 0.93 | 17 | ||||||||||||||||||||
14.47 | (1.34 | ) | 58,836 | 0.86 | 1.93 | 1.02 | 11 | |||||||||||||||||||
21.00 | 26.57 | 3,768,339 | 0.50 | 1.99 | 0.60 | 26 | ||||||||||||||||||||
16.81 | (1.46 | ) | 2,290,008 | 0.50 | 1.56 | 0.61 | 28 | |||||||||||||||||||
17.61 | 15.50 | 2,457,383 | 0.50 | 2.46 | 0.72 | 25 | ||||||||||||||||||||
15.86 | (11.04 | ) | 3,808,621 | 0.50 | 2.42 | 0.81 | 33 | |||||||||||||||||||
18.13 | 26.04 | 3,516,978 | 0.74 | 1.84 | 0.81 | 17 | ||||||||||||||||||||
14.46 | (1.36 | ) | 3,030,640 | 0.81 | 2.05 | 0.91 | 11 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY 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) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan International Focus Fund | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | $ | 22.07 | $ | 0.21 | $ | 5.04 | $ | 5.25 | $ | (0.19 | ) | |||||||||
Year Ended October 31, 2020 | 21.15 | 0.18 | 0.75 | 0.93 | (0.01 | ) | ||||||||||||||
Year Ended October 31, 2019 | 18.24 | 0.26 | 3.02 | 3.28 | (0.37 | ) | ||||||||||||||
Year Ended October 31, 2018 | 21.14 | 0.36 | (3.13 | ) | (2.77 | ) | (0.13 | ) | ||||||||||||
Year Ended October 31, 2017 | 17.24 | 0.16 | 4.09 | 4.25 | (0.35 | ) | ||||||||||||||
Year Ended October 31, 2016 | 17.61 | 0.22 | (f) | (0.55 | ) | (0.33 | ) | (0.04 | ) | |||||||||||
Class C | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 21.68 | 0.12 | 4.97 | 5.09 | (0.06 | ) | ||||||||||||||
Year Ended October 31, 2020 | 20.86 | 0.07 | 0.75 | 0.82 | — | |||||||||||||||
Year Ended October 31, 2019 | 17.98 | 0.16 | 2.97 | 3.13 | (0.25 | ) | ||||||||||||||
Year Ended October 31, 2018 | 20.90 | 0.26 | (3.09 | ) | (2.83 | ) | (0.09 | ) | ||||||||||||
Year Ended October 31, 2017 | 17.04 | 0.05 | 4.06 | 4.11 | (0.25 | ) | ||||||||||||||
Year Ended October 31, 2016 | 17.45 | 0.13 | (f) | (0.53 | ) | (0.40 | ) | (0.01 | ) | |||||||||||
Class I | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 22.39 | 0.23 | 5.12 | 5.35 | (0.25 | ) | ||||||||||||||
Year Ended October 31, 2020 | 21.43 | 0.23 | 0.78 | 1.01 | (0.05 | ) | ||||||||||||||
Year Ended October 31, 2019 | 18.49 | 0.31 | 3.04 | 3.35 | (0.41 | ) | ||||||||||||||
Year Ended October 31, 2018 | 21.41 | 0.44 | (3.19 | ) | (2.75 | ) | (0.17 | ) | ||||||||||||
Year Ended October 31, 2017 | 17.45 | 0.23 | 4.13 | 4.36 | (0.40 | ) | ||||||||||||||
Year Ended October 31, 2016 | 17.71 | 0.24 | (f) | (0.50 | ) | (0.26 | ) | — | ||||||||||||
Class R2 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 21.85 | 0.15 | 5.01 | 5.16 | (0.13 | ) | ||||||||||||||
Year Ended October 31, 2020 | 20.99 | 0.13 | 0.73 | 0.86 | — | |||||||||||||||
Year Ended October 31, 2019 | 18.14 | 0.21 | 2.98 | 3.19 | (0.34 | ) | ||||||||||||||
Year Ended October 31, 2018 | 21.11 | 0.35 | (3.17 | ) | (2.82 | ) | (0.15 | ) | ||||||||||||
Year Ended October 31, 2017 | 17.21 | 0.06 | 4.14 | 4.20 | (0.30 | ) | ||||||||||||||
Year Ended October 31, 2016 | 17.57 | 0.15 | (f) | (0.51 | ) | (0.36 | ) | — | ||||||||||||
Class R5 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 22.38 | 0.22 | 5.14 | 5.36 | (0.26 | ) | ||||||||||||||
Year Ended October 31, 2020 | 21.42 | 0.25 | 0.78 | 1.03 | (0.07 | ) | ||||||||||||||
Year Ended October 31, 2019 | 18.49 | 0.34 | 3.03 | 3.37 | (0.44 | ) | ||||||||||||||
Year Ended October 31, 2018 | 21.39 | 0.53 | (3.25 | ) | (2.72 | ) | (0.18 | ) | ||||||||||||
Year Ended October 31, 2017 | 17.44 | 0.20 | 4.17 | 4.37 | (0.42 | ) | ||||||||||||||
Year Ended October 31, 2016 | 17.75 | 0.27 | (f) | (0.52 | ) | (0.25 | ) | (0.06 | ) | |||||||||||
Class R6 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 22.40 | 0.23 | 5.14 | 5.37 | (0.28 | ) | ||||||||||||||
Year Ended October 31, 2020 | 21.44 | 0.28 | 0.77 | 1.05 | (0.09 | ) | ||||||||||||||
Year Ended October 31, 2019 | 18.50 | 0.27 | 3.13 | 3.40 | (0.46 | ) | ||||||||||||||
Year Ended October 31, 2018 | 21.40 | 0.44 | (3.16 | ) | (2.72 | ) | (0.18 | ) | ||||||||||||
Year Ended October 31, 2017 | 17.45 | 0.26 | 4.12 | 4.38 | (0.43 | ) | ||||||||||||||
Year Ended October 31, 2016 | 17.76 | 0.29 | (f) | (0.52 | ) | (0.23 | ) | (0.08 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% 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. |
SEE NOTES TO FINANCIAL STATEMENTS.
84 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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 and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 27.13 | 23.83 | % | $ | 269,643 | 1.00 | % | 1.59 | % | 1.22 | % | 19 | % | |||||||||||||
22.07 | 4.39 | 135,527 | 1.00 | 0.86 | 1.22 | 38 | ||||||||||||||||||||
21.15 | 18.41 | 114,629 | 1.00 | 1.33 | 1.32 | 34 | ||||||||||||||||||||
18.24 | (13.20 | ) | 84,325 | 1.00 | 1.75 | 1.38 | 63 | |||||||||||||||||||
21.14 | 25.16 | 67,684 | 1.24 | 0.83 | 1.46 | 38 | ||||||||||||||||||||
17.24 | (1.86 | ) | 14,034 | 1.24 | 1.28 | (f) | 1.61 | 51 | ||||||||||||||||||
26.71 | 23.49 | 21,917 | 1.50 | 0.92 | 1.72 | 19 | ||||||||||||||||||||
21.68 | 3.93 | 15,463 | 1.50 | 0.32 | 1.73 | 38 | ||||||||||||||||||||
20.86 | 17.73 | 18,447 | 1.50 | 0.83 | 1.84 | 34 | ||||||||||||||||||||
17.98 | (13.60 | ) | 22,532 | 1.50 | 1.29 | 1.89 | 63 | |||||||||||||||||||
20.90 | 24.51 | 14,534 | 1.74 | 0.27 | 2.00 | 38 | ||||||||||||||||||||
17.04 | (2.28 | ) | 4,626 | 1.74 | 0.75 | (f) | 2.14 | 51 | ||||||||||||||||||
27.49 | 23.96 | 666,701 | 0.75 | 1.76 | 0.96 | 19 | ||||||||||||||||||||
22.39 | 4.71 | 372,068 | 0.75 | 1.05 | 0.96 | 38 | ||||||||||||||||||||
21.43 | 18.62 | 177,764 | 0.75 | 1.57 | 1.08 | 34 | ||||||||||||||||||||
18.49 | (12.96 | ) | 189,061 | 0.75 | 2.09 | 1.13 | 63 | |||||||||||||||||||
21.41 | 25.60 | 131,356 | 0.89 | 1.14 | 1.19 | 38 | ||||||||||||||||||||
17.45 | (1.47 | ) | 9,929 | 0.89 | 1.41 | (f) | 1.35 | 51 | ||||||||||||||||||
26.88 | 23.65 | 2,334 | 1.30 | 1.15 | 1.47 | 19 | ||||||||||||||||||||
21.85 | 4.10 | 1,441 | 1.30 | 0.61 | 1.51 | 38 | ||||||||||||||||||||
20.99 | 18.01 | 1,049 | 1.30 | 1.05 | 1.74 | 34 | ||||||||||||||||||||
18.14 | (13.46 | ) | 773 | 1.30 | 1.70 | 1.72 | 63 | |||||||||||||||||||
21.11 | 24.85 | 97 | 1.49 | 0.31 | 2.79 | 38 | ||||||||||||||||||||
17.21 | (2.05 | ) | 20 | 1.49 | 0.87 | (f) | 4.37 | 51 | ||||||||||||||||||
27.48 | 24.02 | 3,525 | 0.65 | 1.69 | 0.87 | 19 | ||||||||||||||||||||
22.38 | 4.79 | 2,772 | 0.65 | 1.16 | 0.88 | 38 | ||||||||||||||||||||
21.42 | 18.76 | 3,082 | 0.65 | 1.71 | 1.04 | 34 | ||||||||||||||||||||
18.49 | (12.84 | ) | 3,341 | 0.65 | 2.56 | 1.07 | 63 | |||||||||||||||||||
21.39 | 25.67 | 90 | 0.79 | 1.01 | 2.44 | 38 | ||||||||||||||||||||
17.44 | (1.38 | ) | 20 | 0.80 | 1.57 | (f) | 3.59 | 51 | ||||||||||||||||||
27.49 | 24.06 | 2,736,376 | 0.55 | 1.77 | 0.70 | 19 | ||||||||||||||||||||
22.40 | 4.89 | 2,274,399 | 0.55 | 1.31 | 0.71 | 38 | ||||||||||||||||||||
21.44 | 18.95 | 2,284,670 | 0.55 | 1.32 | 0.77 | 34 | ||||||||||||||||||||
18.50 | (12.81 | ) | 175,198 | 0.55 | 2.12 | 0.87 | 63 | |||||||||||||||||||
21.40 | 25.72 | 143,868 | 0.74 | 1.37 | 0.95 | 38 | ||||||||||||||||||||
17.45 | (1.29 | ) | 81,146 | 0.74 | 1.70 | (f) | 1.02 | 51 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY 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 and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan International Hedged Equity Fund | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | $ | 14.12 | $ | 0.17 | $ | 1.87 | $ | 2.04 | $ | (0.27 | ) | |||||||||
Year Ended October 31, 2020 | 15.58 | 0.27 | (1.49 | ) | (1.22 | ) | (0.24 | ) | ||||||||||||
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.19 | 0.39 | 0.58 | — | |||||||||||||||
Class C | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 14.06 | 0.14 | 1.85 | 1.99 | (0.17 | ) | ||||||||||||||
Year Ended October 31, 2020 | 15.53 | 0.20 | (1.50 | ) | (1.30 | ) | (0.17 | ) | ||||||||||||
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.16 | 0.37 | 0.53 | — | |||||||||||||||
Class I | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 14.18 | 0.17 | 1.90 | 2.07 | (0.28 | ) | ||||||||||||||
Year Ended October 31, 2020 | 15.61 | 0.31 | (1.50 | ) | (1.19 | ) | (0.24 | ) | ||||||||||||
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.32 | 0.29 | 0.61 | — | |||||||||||||||
Class R5 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 14.20 | 0.18 | 1.90 | 2.08 | (0.30 | ) | ||||||||||||||
Year Ended October 31, 2020 | 15.62 | 0.31 | (1.48 | ) | (1.17 | ) | (0.25 | ) | ||||||||||||
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.34 | 0.28 | 0.62 | — | |||||||||||||||
Class R6 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 14.22 | 0.23 | 1.86 | 2.09 | (0.32 | ) | ||||||||||||||
Year Ended October 31, 2020 | 15.63 | 0.34 | (1.49 | ) | (1.15 | ) | (0.26 | ) | ||||||||||||
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.35 | 0.28 | 0.63 | — |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Commencement of operations. |
(g) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
86 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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 and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 15.89 | 14.54 | % | $ | 2,460 | 0.85 | % | 2.22 | % | 1.06 | % | 18 | % | |||||||||||||
14.12 | (8.02 | ) | 1,573 | 0.85 | 1.84 | 1.30 | 85 | |||||||||||||||||||
15.58 | 3.87 | 330 | 0.85 | (g) | 1.95 | (g) | 1.31 | (g) | 9 | |||||||||||||||||
15.88 | 14.22 | 207 | 1.35 | 1.81 | 1.57 | 18 | ||||||||||||||||||||
14.06 | (8.47 | ) | 115 | 1.35 | 1.34 | 1.81 | 85 | |||||||||||||||||||
15.53 | 3.53 | 119 | 1.35 | (g) | 1.73 | (g) | 1.92 | (g) | 9 | |||||||||||||||||
15.97 | 14.72 | 123,154 | 0.60 | 2.22 | 0.80 | 18 | ||||||||||||||||||||
14.18 | (7.78 | ) | 135,542 | 0.60 | 2.12 | 1.03 | 85 | |||||||||||||||||||
15.61 | 4.07 | 59,751 | 0.60 | (g) | 3.38 | (g) | 1.19 | (g) | 9 | |||||||||||||||||
15.98 | 14.77 | 22 | 0.45 | 2.39 | 0.73 | 18 | ||||||||||||||||||||
14.20 | (7.68 | ) | 19 | 0.45 | 2.08 | 1.04 | 85 | |||||||||||||||||||
15.62 | 4.13 | 21 | 0.45 | (g) | 3.59 | (g) | 1.03 | (g) | 9 | |||||||||||||||||
15.99 | 14.80 | 79 | 0.35 | 2.93 | 0.60 | 18 | ||||||||||||||||||||
14.22 | (7.53 | ) | 19 | 0.35 | 2.33 | 0.94 | 85 | |||||||||||||||||||
15.63 | 4.20 | 21 | 0.35 | (g) | 3.69 | (g) | 0.93 | (g) | 9 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 87 |
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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) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan International Research Enhanced Equity Fund |
| |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | $ | 15.84 | $ | 0.22 | $ | 4.31 | $ | 4.53 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | ||||||||||||
Year Ended October 31, 2020 | 17.93 | 0.36 | (1.96 | ) | (1.60 | ) | (0.49 | ) | — | (0.49 | ) | |||||||||||||||||
Year Ended October 31, 2019 | 16.79 | 0.51 | 1.15 | 1.66 | (0.52 | ) | — | (0.52 | ) | |||||||||||||||||||
Year Ended October 31, 2018 | 18.76 | 0.45 | (2.04 | ) | (1.59 | ) | (0.19 | ) | (0.19 | ) | (0.38 | ) | ||||||||||||||||
Year Ended October 31, 2017 | 15.54 | 0.34 | 3.23 | 3.57 | (0.35 | ) | — | (0.35 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 16.54 | 0.40 | (f) | (0.89 | ) | (0.49 | ) | (0.36 | ) | (0.15 | ) | (0.51 | ) | |||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 16.05 | 0.24 | 4.37 | 4.61 | (0.36 | ) | — | (0.36 | ) | |||||||||||||||||||
Year Ended October 31, 2020 | 18.17 | 0.36 | (1.94 | ) | (1.58 | ) | (0.54 | ) | — | (0.54 | ) | |||||||||||||||||
Year Ended October 31, 2019 | 17.01 | 0.56 | 1.16 | 1.72 | (0.56 | ) | — | (0.56 | ) | |||||||||||||||||||
Year Ended October 31, 2018 | 18.92 | 0.35 | (1.91 | ) | (1.56 | ) | (0.16 | ) | (0.19 | ) | (0.35 | ) | ||||||||||||||||
Year Ended October 31, 2017 | 15.68 | 0.41 | 3.23 | 3.64 | (0.40 | ) | — | (0.40 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 16.70 | 0.46 | (f) | (0.92 | ) | (0.46 | ) | (0.41 | ) | (0.15 | ) | (0.56 | ) | |||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 16.00 | 0.25 | 4.35 | 4.60 | (0.37 | ) | — | (0.37 | ) | |||||||||||||||||||
Year Ended October 31, 2020 | 18.11 | 0.39 | (1.94 | ) | (1.55 | ) | (0.56 | ) | — | (0.56 | ) | |||||||||||||||||
Year Ended October 31, 2019 | 16.97 | 0.57 | 1.16 | 1.73 | (0.59 | ) | — | (0.59 | ) | |||||||||||||||||||
November 1, 2017 (g) through October 31, 2018 | 18.98 | 0.56 | (2.16 | ) | (1.60 | ) | (0.22 | ) | (0.19 | ) | (0.41 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% 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.
88 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 20.20 | 28.69 | % | $ | 45,609 | 0.60 | % | 2.34 | % | 0.88 | % | 10 | % | |||||||||||||
15.84 | (9.26 | ) | 52,118 | 0.60 | 2.21 | 0.83 | 52 | |||||||||||||||||||
17.93 | 10.39 | 213,256 | 0.60 | 3.00 | 0.83 | 22 | ||||||||||||||||||||
16.79 | (8.66 | ) | 203,437 | 0.60 | 2.40 | 0.84 | 42 | |||||||||||||||||||
18.76 | 23.41 | 298,112 | 0.59 | 1.98 | 0.90 | 33 | ||||||||||||||||||||
15.54 | (2.94 | ) | 69,626 | 0.60 | 2.60 | (f) | 1.02 | 24 | ||||||||||||||||||
20.30 | 28.86 | 457,832 | 0.35 | 2.49 | 0.56 | 10 | ||||||||||||||||||||
16.05 | (9.05 | ) | 472,455 | 0.34 | 2.15 | 0.56 | 52 | |||||||||||||||||||
18.17 | 10.65 | 185,680 | 0.35 | 3.28 | 0.56 | 22 | ||||||||||||||||||||
17.01 | (8.42 | ) | 152,610 | 0.35 | 1.85 | 0.56 | 42 | |||||||||||||||||||
18.92 | 23.71 | 4,740,590 | 0.34 | 2.37 | 0.58 | 33 | ||||||||||||||||||||
15.68 | (2.72 | ) | 1,241,856 | 0.34 | 2.98 | (f) | 0.59 | 24 | ||||||||||||||||||
20.23 | 28.92 | 4,443,524 | 0.25 | 2.62 | 0.30 | 10 | ||||||||||||||||||||
16.00 | (8.96 | ) | 4,337,776 | 0.24 | 2.35 | 0.30 | 52 | |||||||||||||||||||
18.11 | 10.78 | 4,435,538 | 0.25 | 3.37 | 0.31 | 22 | ||||||||||||||||||||
16.97 | (8.60 | ) | 4,344,571 | 0.25 | 3.00 | 0.32 | 42 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 89 |
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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) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan International Value Fund | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | $ | 9.46 | $ | 0.18 | $ | 3.69 | $ | 3.87 | $ | (0.32 | ) | |||||||||
Year Ended October 31, 2020 | 12.22 | 0.28 | (2.55 | ) | (2.27 | ) | (0.49 | ) | ||||||||||||
Year Ended October 31, 2019 | 12.44 | 0.44 | (0.20 | ) | 0.24 | (0.46 | ) | |||||||||||||
Year Ended October 31, 2018 | 14.26 | 0.36 | (1.87 | ) | (1.51 | ) | (0.31 | ) | ||||||||||||
Year Ended October 31, 2017 | 12.23 | 0.22 | 2.50 | 2.72 | (0.69 | ) | ||||||||||||||
Year Ended October 31, 2016 | 13.02 | 0.23 | (0.88 | ) | (0.65 | ) | (0.14 | ) | ||||||||||||
Class C | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 9.14 | 0.13 | 3.58 | 3.71 | (0.24 | ) | ||||||||||||||
Year Ended October 31, 2020 | 11.81 | 0.21 | (2.47 | ) | (2.26 | ) | (0.41 | ) | ||||||||||||
Year Ended October 31, 2019 | 12.02 | 0.36 | (0.18 | ) | 0.18 | (0.39 | ) | |||||||||||||
Year Ended October 31, 2018 | 13.78 | 0.28 | (1.82 | ) | (1.54 | ) | (0.22 | ) | ||||||||||||
Year Ended October 31, 2017 | 11.88 | 0.15 | 2.42 | 2.57 | (0.67 | ) | ||||||||||||||
Year Ended October 31, 2016 | 12.65 | 0.17 | (0.87 | ) | (0.70 | ) | (0.07 | ) | ||||||||||||
Class I | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 9.72 | 0.19 | 3.79 | 3.98 | (0.34 | ) | ||||||||||||||
Year Ended October 31, 2020 | 12.54 | 0.31 | (2.61 | ) | (2.30 | ) | (0.52 | ) | ||||||||||||
Year Ended October 31, 2019 | 12.76 | 0.48 | (0.20 | ) | 0.28 | (0.50 | ) | |||||||||||||
Year Ended October 31, 2018 | 14.62 | 0.41 | (1.92 | ) | (1.51 | ) | (0.35 | ) | ||||||||||||
Year Ended October 31, 2017 | 12.57 | 0.28 | 2.55 | 2.83 | (0.78 | ) | ||||||||||||||
Year Ended October 31, 2016 | 13.37 | 0.28 | (0.91 | ) | (0.63 | ) | (0.17 | ) | ||||||||||||
Class L | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 9.66 | 0.20 | 3.77 | 3.97 | (0.34 | ) | ||||||||||||||
Year Ended October 31, 2020 | 12.47 | 0.30 | (2.58 | ) | (2.28 | ) | (0.53 | ) | ||||||||||||
Year Ended October 31, 2019 | 12.70 | 0.46 | (0.17 | ) | 0.29 | (0.52 | ) | |||||||||||||
Year Ended October 31, 2018 | 14.55 | 0.41 | (1.90 | ) | (1.49 | ) | (0.36 | ) | ||||||||||||
Year Ended October 31, 2017 | 12.50 | 0.27 | 2.57 | 2.84 | (0.79 | ) | ||||||||||||||
Year Ended October 31, 2016 | 13.29 | 0.31 | (0.93 | ) | (0.62 | ) | (0.17 | ) | ||||||||||||
Class R2 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 9.29 | 0.16 | 3.62 | 3.78 | (0.28 | ) | ||||||||||||||
Year Ended October 31, 2020 | 11.96 | 0.24 | (2.51 | ) | (2.27 | ) | (0.40 | ) | ||||||||||||
Year Ended October 31, 2019 | 12.20 | 0.40 | (0.20 | ) | 0.20 | (0.44 | ) | |||||||||||||
Year Ended October 31, 2018 | 14.01 | 0.31 | (1.84 | ) | (1.53 | ) | (0.28 | ) | ||||||||||||
Year Ended October 31, 2017 | 12.04 | 0.19 | 2.46 | 2.65 | (0.68 | ) | ||||||||||||||
Year Ended October 31, 2016 | 12.83 | 0.19 | (0.87 | ) | (0.68 | ) | (0.11 | ) | ||||||||||||
Class R5 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 9.60 | 0.16 | 3.79 | 3.95 | (0.36 | ) | ||||||||||||||
Year Ended October 31, 2020 | 12.40 | 0.33 | (2.59 | ) | (2.26 | ) | (0.54 | ) | ||||||||||||
Year Ended October 31, 2019 | 12.65 | 0.49 | (0.21 | ) | 0.28 | (0.53 | ) | |||||||||||||
Year Ended October 31, 2018 | 14.51 | 0.42 | (1.91 | ) | (1.49 | ) | (0.37 | ) | ||||||||||||
Year Ended October 31, 2017 | 12.51 | 0.23 | 2.59 | 2.82 | (0.82 | ) | ||||||||||||||
September 9, 2016 (f) through October 31, 2016 | 12.55 | 0.03 | (0.07 | ) | (0.04 | ) | — | |||||||||||||
Class R6 | ||||||||||||||||||||
Six Months Ended April 30, 2021 (Unaudited) | 9.62 | 0.20 | 3.76 | 3.96 | (0.37 | ) | ||||||||||||||
Year Ended October 31, 2020 | 12.43 | 0.34 | (2.60 | ) | (2.26 | ) | (0.55 | ) | ||||||||||||
Year Ended October 31, 2019 | 12.67 | 0.51 | (0.21 | ) | 0.30 | (0.54 | ) | |||||||||||||
Year Ended October 31, 2018 | 14.53 | 0.43 | (1.91 | ) | (1.48 | ) | (0.38 | ) | ||||||||||||
Year Ended October 31, 2017 | 12.51 | 0.31 | 2.53 | 2.84 | (0.82 | ) | ||||||||||||||
Year Ended October 31, 2016 | 13.31 | 0.37 | (0.96 | ) | (0.59 | ) | (0.21 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
90 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 13.01 | 41.31 | % | $ | 176,442 | 1.00 | % | 2.95 | % | 1.26 | % | 22 | % | |||||||||||||
9.46 | (19.51 | ) | 125,744 | 1.00 | 2.66 | 1.26 | 59 | |||||||||||||||||||
12.22 | 2.30 | 181,458 | 1.00 | 3.69 | 1.28 | 61 | ||||||||||||||||||||
12.44 | (10.88 | ) | 242,231 | 1.00 | 2.59 | 1.27 | 90 | |||||||||||||||||||
14.26 | 23.30 | 316,510 | 1.35 | 1.71 | 1.35 | 31 | ||||||||||||||||||||
12.23 | (5.01 | ) | 573,449 | 1.35 | 1.91 | 1.43 | 61 | |||||||||||||||||||
12.61 | 40.96 | 4,463 | 1.50 | 2.29 | 1.79 | 22 | ||||||||||||||||||||
9.14 | (19.94 | ) | 4,202 | 1.50 | 2.07 | 1.78 | 59 | |||||||||||||||||||
11.81 | 1.82 | 9,358 | 1.50 | 3.15 | 1.80 | 61 | ||||||||||||||||||||
12.02 | (11.37 | ) | 14,055 | 1.50 | 2.06 | 1.78 | 90 | |||||||||||||||||||
13.78 | 22.67 | 20,997 | 1.85 | 1.21 | 1.87 | 31 | ||||||||||||||||||||
11.88 | (5.54 | ) | 24,453 | 1.85 | 1.43 | 1.91 | 61 | |||||||||||||||||||
13.36 | 41.43 | 33,548 | 0.75 | 3.07 | 1.01 | 22 | ||||||||||||||||||||
9.72 | (19.31 | ) | 26,805 | 0.75 | 2.88 | 1.02 | 59 | |||||||||||||||||||
12.54 | 2.56 | 45,503 | 0.75 | 3.91 | 1.03 | 61 | ||||||||||||||||||||
12.76 | (10.62 | ) | 66,291 | 0.75 | 2.84 | 1.02 | 90 | |||||||||||||||||||
14.62 | 23.66 | 144,875 | 1.04 | 2.07 | 1.04 | 31 | ||||||||||||||||||||
12.57 | (4.74 | ) | 157,867 | 1.01 | 2.28 | 1.02 | 61 | |||||||||||||||||||
13.29 | 41.55 | 8,875 | 0.66 | 3.32 | 0.87 | 22 | ||||||||||||||||||||
9.66 | (19.25 | ) | 5,585 | 0.65 | 2.72 | 0.85 | 59 | |||||||||||||||||||
12.47 | 2.69 | 30,256 | 0.65 | 3.81 | 0.87 | 61 | ||||||||||||||||||||
12.70 | (10.57 | ) | 73,651 | 0.65 | 2.84 | 0.87 | 90 | |||||||||||||||||||
14.55 | 23.88 | 201,672 | 0.87 | 2.03 | 0.88 | 31 | ||||||||||||||||||||
12.50 | (4.63 | ) | 523,251 | 0.90 | 2.53 | 0.91 | 61 | |||||||||||||||||||
12.79 | 41.10 | 610 | 1.30 | 2.76 | 1.62 | 22 | ||||||||||||||||||||
9.29 | (19.74 | ) | 412 | 1.30 | 2.27 | 1.61 | 59 | |||||||||||||||||||
11.96 | 2.00 | 722 | 1.30 | 3.47 | 1.69 | 61 | ||||||||||||||||||||
12.20 | (11.19 | ) | 1,025 | 1.30 | 2.27 | 1.59 | 90 | |||||||||||||||||||
14.01 | 23.02 | 1,369 | 1.58 | 1.52 | 1.73 | 31 | ||||||||||||||||||||
12.04 | (5.28 | ) | 1,182 | 1.59 | 1.65 | 1.91 | 61 | |||||||||||||||||||
13.19 | 41.59 | 64 | 0.65 | 2.60 | 0.87 | 22 | ||||||||||||||||||||
9.60 | (19.26 | ) | 77 | 0.65 | 3.13 | 0.86 | 59 | |||||||||||||||||||
12.40 | 2.64 | 88 | 0.65 | 4.08 | 0.87 | 61 | ||||||||||||||||||||
12.65 | (10.58 | ) | 70 | 0.65 | 2.97 | 0.91 | 90 | |||||||||||||||||||
14.51 | 23.81 | 62 | 0.93 | 1.69 | 4.00 | 31 | ||||||||||||||||||||
12.51 | (0.32 | ) | 20 | 0.79 | 1.52 | 0.79 | 61 | |||||||||||||||||||
13.21 | 41.63 | 142,569 | 0.55 | 3.38 | 0.76 | 22 | ||||||||||||||||||||
9.62 | (19.22 | ) | 105,039 | 0.55 | 3.18 | 0.76 | 59 | |||||||||||||||||||
12.43 | 2.83 | 125,887 | 0.55 | 4.22 | 0.77 | 61 | ||||||||||||||||||||
12.67 | (10.49 | ) | 124,246 | 0.55 | 3.06 | 0.77 | 90 | |||||||||||||||||||
14.53 | 23.99 | 108,302 | 0.80 | 2.28 | 0.82 | 31 | ||||||||||||||||||||
12.51 | (4.45 | ) | 27,998 | 0.72 | 3.00 | 0.73 | 61 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 91 |
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AS OF APRIL 30, 2021 (Unaudited)
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 8 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
Classes Offered | Trust | Diversification Classification | ||||
JPMorgan Emerging Markets 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 Emerging Markets Research Enhanced Equity Fund | Class I and Class R6 | JPM IV | Diversified | |||
JPMorgan Europe Dynamic Fund | Class A, Class C, Class I, Class L and Class R6 | JPM I | Diversified | |||
JPMorgan International Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified | |||
JPMorgan International Focus Fund(1) | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified | |||
JPMorgan International Hedged Equity Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified | |||
JPMorgan International Research Enhanced Equity Fund | Class A, Class I and Class R6 | JPM II | Diversified | |||
JPMorgan International Value Fund | Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6 | JPM I | Diversified |
(1) | Effective April 20, 2020, JPMorgan International Unconstrained Equity Fund changed its name to JPMorgan International Focus Fund. |
The investment objective of JPMorgan Emerging Markets Equity Fund (“Emerging Markets Equity Fund”) is to seek to provide high total return.
The investment objective of JPMorgan Emerging Markets Research Enhanced Equity Fund (“Emerging Markets Research Enhanced Equity Fund”), JPMorgan International Focus Fund (“International Focus Fund”), JPMorgan International Research Enhanced Equity Fund (“International Research Enhanced Equity Fund”) and JPMorgan International Value Fund (“International Value Fund”) is to seek to provide long-term capital appreciation.
The investment objective of JPMorgan Europe Dynamic Fund (“Europe Dynamic Fund”) is to seek total return from long-term capital growth. Total return consists of capital growth and current income.
The investment objective of JPMorgan International Equity Fund (“International Equity Fund”) is to seek total return from long-term capital growth and income. Total return consists of capital growth and current income.
The investment objective of JPMorgan International Hedged Equity Fund (“International Hedged Equity Fund”) is to seek to provide capital appreciation.
Class L Shares of Emerging Markets Equity Fund, Europe Dynamic Fund and International Value Fund are publicly offered on a limited basis. Class A Shares of International Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of Emerging Markets Equity Fund, Europe Dynamic Fund and International Value Fund and Class A Shares of International Research Enhanced Equity Fund unless they meet certain requirements as described in the Funds’ prospectuses.
Effective as of the close of business on December 31, 2020, all share classes of Emerging Markets 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 prospectuses.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted 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.
92 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (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.
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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.
Investments in open-end investment companies (“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. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
• | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
• | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
• | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 93 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):
Emerging Markets Equity Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Argentina | $ | 401,572 | $ | — | $ | — | $ | 401,572 | ||||||||
Brazil | 660,353 | — | — | 660,353 | ||||||||||||
China | 1,323,286 | 4,804,651 | — | 6,127,937 | ||||||||||||
Hong Kong | — | 710,301 | — | 710,301 | ||||||||||||
Hungary | — | 4,965 | — | 4,965 | ||||||||||||
India | 207,830 | 1,774,885 | — | 1,982,715 | ||||||||||||
Indonesia | — | 231,539 | — | 231,539 | ||||||||||||
Macau | — | 124,871 | — | 124,871 | ||||||||||||
Mexico | 171,994 | — | — | 171,994 | ||||||||||||
Panama | 76,049 | — | — | 76,049 | ||||||||||||
Poland | 177,816 | — | — | 177,816 | ||||||||||||
Portugal | 138,384 | — | — | 138,384 | ||||||||||||
South Africa | 140,732 | — | — | 140,732 | ||||||||||||
South Korea | — | 1,267,572 | — | 1,267,572 | ||||||||||||
Taiwan | 1,480,121 | 69,518 | — | 1,549,639 | ||||||||||||
Turkey | 73,550 | — | — | 73,550 | ||||||||||||
United Kingdom | — | 178,975 | — | 178,975 | ||||||||||||
United States | 479,115 | — | — | 479,115 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 5,330,802 | 9,167,277 | — | 14,498,079 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments | ||||||||||||||||
Investment of Cash Collateral from Securities Loaned | 150,955 | — | — | 150,955 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 5,481,757 | $ | 9,167,277 | $ | — | $ | 14,649,034 | ||||||||
|
|
|
|
|
|
|
|
94 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
Emerging Markets Research Enhanced Equity Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Argentina | $ | 5,399 | $ | — | $ | — | $ | 5,399 | ||||||||
Brazil | 190,032 | — | — | 190,032 | ||||||||||||
Chile | 5,327 | — | — | 5,327 | ||||||||||||
China | 221,026 | 1,266,084 | — | 1,487,110 | ||||||||||||
Colombia | 5,608 | — | — | 5,608 | ||||||||||||
Czech Republic | — | 4,821 | — | 4,821 | ||||||||||||
Greece | — | 14,345 | — | 14,345 | ||||||||||||
Hong Kong | 3,758 | 9,481 | — | 13,239 | ||||||||||||
Hungary | — | 12,819 | — | 12,819 | ||||||||||||
India | 47,580 | 292,195 | — | 339,775 | ||||||||||||
Indonesia | — | 48,676 | — | 48,676 | ||||||||||||
Malaysia | — | 30,822 | — | 30,822 | ||||||||||||
Mexico | 81,648 | — | — | 81,648 | ||||||||||||
Peru | 9,821 | — | — | 9,821 | ||||||||||||
Philippines | — | 12,500 | — | 12,500 | ||||||||||||
Poland | 10,326 | 18,811 | — | 29,137 | ||||||||||||
Qatar | 10,091 | — | — | 10,091 | ||||||||||||
Russia | 69,084 | 82,964 | — | 152,048 | ||||||||||||
Saudi Arabia | 21,994 | 76,760 | — | 98,754 | ||||||||||||
Singapore | — | 3,280 | — | 3,280 | ||||||||||||
South Africa | 36,451 | 125,157 | — | 161,608 | ||||||||||||
South Korea | — | 505,406 | — | 505,406 | ||||||||||||
Taiwan | 52,120 | 469,248 | — | 521,368 | ||||||||||||
Tanzania, United Republic of | 5,203 | — | — | 5,203 | ||||||||||||
Thailand | 44,996 | 27,566 | — | 72,562 | ||||||||||||
Turkey | 12,551 | — | — | 12,551 | ||||||||||||
United Arab Emirates | — | 4,578 | — | 4,578 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 833,015 | 3,005,513 | — | 3,838,528 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments | ||||||||||||||||
Investment of Cash Collateral from Securities Loaned | 27,074 | — | — | 27,074 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 860,089 | $ | 3,005,513 | $ | — | $ | 3,865,602 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | $ | 34 | $ | — | $ | — | $ | 34 | ||||||||
|
|
|
|
|
|
|
|
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 95 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
Europe Dynamic Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 21,323 | $ | — | $ | 21,323 | ||||||||
Austria | — | 14,336 | — | 14,336 | ||||||||||||
Belgium | — | 3,266 | — | 3,266 | ||||||||||||
Denmark | 4,581 | 15,457 | — | 20,038 | ||||||||||||
Finland | — | 17,458 | — | 17,458 | ||||||||||||
France | — | 93,325 | — | 93,325 | ||||||||||||
Germany | 5,238 | 130,358 | — | 135,596 | ||||||||||||
Ireland | 6,243 | 22,713 | — | 28,956 | ||||||||||||
Italy | — | 22,176 | — | 22,176 | ||||||||||||
Luxembourg | — | 6,803 | — | 6,803 | ||||||||||||
Netherlands | — | 33,489 | — | 33,489 | ||||||||||||
South Korea | — | 5,801 | — | 5,801 | ||||||||||||
Spain | 4,463 | 8,336 | — | 12,799 | ||||||||||||
Sweden | — | 27,891 | — | 27,891 | ||||||||||||
Switzerland | — | 134,031 | — | 134,031 | ||||||||||||
United Kingdom | 12,945 | 132,809 | — | 145,754 | ||||||||||||
United States | — | 8,172 | — | 8,172 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 33,470 | 697,744 | — | 731,214 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 181,345 | — | — | 181,345 | ||||||||||||
Investment of Cash Collateral from Securities Loaned | 18,345 | — | — | 18,345 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | 199,690 | — | — | 199,690 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 233,160 | $ | 697,744 | $ | — | $ | 930,904 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | $ | 245 | $ | — | $ | — | $ | 245 | ||||||||
|
|
|
|
|
|
|
|
96 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
International Equity Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Australia | $ | — | $ | 226,310 | $ | — | $ | 226,310 | ||||||||
Austria | — | 38,503 | — | 38,503 | ||||||||||||
Belgium | — | 59,282 | — | 59,282 | ||||||||||||
China | — | 156,425 | — | 156,425 | ||||||||||||
Denmark | — | 189,335 | — | 189,335 | ||||||||||||
Finland | — | 48,929 | — | 48,929 | ||||||||||||
France | — | 796,963 | — | 796,963 | ||||||||||||
Germany | — | 361,464 | — | 361,464 | ||||||||||||
Hong Kong | — | 161,092 | — | 161,092 | ||||||||||||
India | 39,682 | — | — | 39,682 | ||||||||||||
Japan | — | 745,032 | — | 745,032 | ||||||||||||
Macau | — | 37,436 | — | 37,436 | ||||||||||||
Netherlands | — | 193,739 | — | 193,739 | ||||||||||||
Singapore | — | 52,621 | — | 52,621 | ||||||||||||
South Africa | — | 60,298 | — | 60,298 | ||||||||||||
South Korea | — | 105,976 | — | 105,976 | ||||||||||||
Spain | — | 158,034 | — | 158,034 | ||||||||||||
Sweden | — | 183,099 | — | 183,099 | ||||||||||||
Switzerland | — | 320,025 | — | 320,025 | ||||||||||||
Taiwan | 84,071 | — | — | 84,071 | ||||||||||||
United Kingdom | — | 562,817 | — | 562,817 | ||||||||||||
United States | — | 53,886 | — | 53,886 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 123,753 | 4,511,266 | — | 4,635,019 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments |
| |||||||||||||||
Investment Companies | 79,740 | — | — | 79,740 | ||||||||||||
Investment of Cash Collateral from Securities Loaned | 200,569 | — | — | 200,569 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | 280,309 | — | — | 280,309 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 404,062 | $ | 4,511,266 | $ | — | $ | 4,915,328 | ||||||||
|
|
|
|
|
|
|
|
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 97 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
International Focus Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Australia | $ | — | $ | 87,888 | $ | — | $ | 87,888 | ||||||||
Belgium | — | 76,634 | — | 76,634 | ||||||||||||
Canada | 152,449 | — | — | 152,449 | ||||||||||||
China | — | 319,224 | — | 319,224 | ||||||||||||
Denmark | — | 104,867 | — | 104,867 | ||||||||||||
Finland | — | 61,352 | — | 61,352 | ||||||||||||
France | — | 265,841 | — | 265,841 | ||||||||||||
Germany | — | 194,903 | — | 194,903 | ||||||||||||
Hong Kong | — | 180,661 | — | 180,661 | ||||||||||||
India | 116,054 | — | — | 116,054 | ||||||||||||
Indonesia | — | 46,290 | — | 46,290 | ||||||||||||
Japan | — | 207,267 | — | 207,267 | ||||||||||||
Netherlands | — | 115,596 | — | 115,596 | ||||||||||||
South Africa | — | 70,615 | — | 70,615 | ||||||||||||
South Korea | — | 265,813 | — | 265,813 | ||||||||||||
Spain | — | 129,806 | — | 129,806 | ||||||||||||
Sweden | — | 126,648 | — | 126,648 | ||||||||||||
Switzerland | — | 289,286 | — | 289,286 | ||||||||||||
Taiwan | 162,939 | — | — | 162,939 | ||||||||||||
United Kingdom | — | 556,874 | — | 556,874 | ||||||||||||
United States | — | 76,737 | — | 76,737 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 431,442 | 3,176,302 | — | 3,607,744 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments |
| |||||||||||||||
Investment Companies | 66,137 | — | — | 66,137 | ||||||||||||
Investment of Cash Collateral from Securities Loaned | 13,190 | — | — | 13,190 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | 79,327 | — | — | 79,327 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 510,769 | $ | 3,176,302 | $ | — | $ | 3,687,071 | ||||||||
|
|
|
|
|
|
|
|
98 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
International Hedged Equity Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Australia | $ | — | $ | 7,379 | $ | — | $ | 7,379 | ||||||||
Austria | — | 636 | — | 636 | ||||||||||||
Belgium | — | 499 | — | 499 | ||||||||||||
China | — | 903 | — | 903 | ||||||||||||
Denmark | — | 3,345 | — | 3,345 | ||||||||||||
Finland | — | 328 | — | 328 | ||||||||||||
France | — | 15,081 | — | 15,081 | ||||||||||||
Germany | — | 11,758 | — | 11,758 | ||||||||||||
Hong Kong | — | 2,925 | — | 2,925 | ||||||||||||
Ireland | — | 904 | — | 904 | ||||||||||||
Italy | — | 1,417 | — | 1,417 | ||||||||||||
Japan | — | 29,297 | — | 29,297 | ||||||||||||
Luxembourg | — | 147 | — | 147 | ||||||||||||
Netherlands | — | 8,504 | — | 8,504 | ||||||||||||
Norway | — | 310 | — | 310 | ||||||||||||
Singapore | — | 1,207 | — | 1,207 | ||||||||||||
Spain | — | 3,047 | — | 3,047 | ||||||||||||
Sweden | — | 3,276 | — | 3,276 | ||||||||||||
Switzerland | — | 12,415 | — | 12,415 | ||||||||||||
United Kingdom | 1,247 | 12,410 | — | 13,657 | ||||||||||||
United States | — | 775 | — | 775 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 1,247 | 116,563 | — | 117,810 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Options Purchased | ||||||||||||||||
Put Options Purchased | 615 | — | — | 615 | ||||||||||||
Rights | — | 1 | — | 1 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 6,264 | — | — | 6,264 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 8,126 | $ | 116,564 | $ | — | $ | 124,690 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 143 | $ | — | $ | — | $ | 143 | ||||||||
Depreciation in Other Financial Instruments |
| |||||||||||||||
Options Written | ||||||||||||||||
Call Options Written | (1,281 | ) | — | — | (1,281 | ) | ||||||||||
Put Options Written | (134 | ) | — | — | (134 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Appreciation/ Depreciation in Other Financial Instruments | $ | (1,272 | ) | $ | — | $ | — | $ | (1,272 | ) | ||||||
|
|
|
|
|
|
|
|
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 99 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
International Research Enhanced Equity Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 301,900 | $ | — | $ | 301,900 | ||||||||
Austria | — | 26,758 | — | 26,758 | ||||||||||||
Belgium | — | 19,495 | — | 19,495 | ||||||||||||
China | — | 36,634 | — | 36,634 | ||||||||||||
Denmark | — | 133,590 | — | 133,590 | ||||||||||||
Finland | — | 13,545 | — | 13,545 | ||||||||||||
France | — | 613,996 | — | 613,996 | ||||||||||||
Germany | — | 477,467 | — | 477,467 | ||||||||||||
Hong Kong | — | 114,303 | — | 114,303 | ||||||||||||
Ireland | — | 37,778 | — | 37,778 | ||||||||||||
Italy | — | 60,056 | — | 60,056 | ||||||||||||
Japan | — | 1,191,962 | — | 1,191,962 | ||||||||||||
Luxembourg | — | 6,746 | — | 6,746 | ||||||||||||
Malta | — | — | — | (a) | — | (a) | ||||||||||
Netherlands | — | 341,683 | — | 341,683 | ||||||||||||
Norway | — | 15,066 | — | 15,066 | ||||||||||||
Singapore | — | 49,855 | — | 49,855 | ||||||||||||
Spain | — | 123,581 | — | 123,581 | ||||||||||||
Sweden | — | 136,775 | — | 136,775 | ||||||||||||
Switzerland | — | 500,918 | — | 500,918 | ||||||||||||
United Kingdom | 51,262 | 514,910 | — | 566,172 | ||||||||||||
United States | — | 32,237 | — | 32,237 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 51,262 | 4,749,255 | — | (a) | 4,800,517 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Rights | — | 57 | — | 57 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 98,285 | — | — | 98,285 | ||||||||||||
Investment of Cash Collateral from Securities Loaned | 251,777 | — | — | 251,777 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | 350,062 | — | — | 350,062 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 401,324 | $ | 4,749,312 | $ | — | (a) | $ | 5,150,636 | |||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | $ | 3,066 | $ | — | $ | — | $ | 3,066 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
100 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
International Value Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 25,730 | $ | — | $ | 25,730 | ||||||||
Austria | 481 | 5,057 | — | 5,538 | ||||||||||||
Belgium | — | 4,089 | — | 4,089 | ||||||||||||
Brazil | — | 908 | — | 908 | ||||||||||||
China | — | 2,461 | — | 2,461 | ||||||||||||
Denmark | 1,908 | 4,834 | — | 6,742 | ||||||||||||
Finland | — | 5,261 | — | 5,261 | ||||||||||||
France | 2,422 | 30,948 | — | 33,370 | ||||||||||||
Germany | — | 34,835 | — | 34,835 | ||||||||||||
Greece | 850 | — | — | 850 | ||||||||||||
Hong Kong | — | 4,586 | — | 4,586 | ||||||||||||
Ireland | 967 | — | — | 967 | ||||||||||||
Italy | — | 11,651 | — | 11,651 | ||||||||||||
Japan | — | 73,702 | — | 73,702 | ||||||||||||
Luxembourg | — | 1,549 | — | 1,549 | ||||||||||||
Malta | — | 989 | — | 989 | ||||||||||||
Netherlands | — | 14,830 | — | 14,830 | ||||||||||||
Norway | 1,170 | 8,326 | — | 9,496 | ||||||||||||
Portugal | — | 430 | — | 430 | ||||||||||||
Russia | — | 1,003 | — | 1,003 | ||||||||||||
Singapore | — | 4,329 | — | 4,329 | ||||||||||||
South Africa | — | 3,229 | — | 3,229 | ||||||||||||
Spain | — | 11,892 | — | 11,892 | ||||||||||||
Sweden | 1,430 | 11,773 | — | 13,203 | ||||||||||||
Switzerland | — | 23,224 | — | 23,224 | ||||||||||||
Ukraine | — | 954 | — | 954 | ||||||||||||
United Kingdom | 7,042 | 47,605 | — | 54,647 | ||||||||||||
United States | — | 2,829 | — | 2,829 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 16,270 | 337,024 | — | 353,294 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Rights | — | 5 | — | 5 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 7,170 | — | — | 7,170 | ||||||||||||
Investment of Cash Collateral from Securities Loaned | 11,259 | — | — | 11,259 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | 18,429 | — | — | 18,429 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 34,699 | $ | 337,029 | $ | — | $ | 371,728 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | $ | 119 | $ | — | $ | — | $ | 119 | ||||||||
Depreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | (54 | ) | — | — | (54 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Appreciation/ Depreciation in Other Financial Instruments | $ | 65 | $ | — | $ | — | $ | 65 | ||||||||
|
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|
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|
|
|
|
B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of April 30, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 101 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
C. Securities Lending — The Funds are 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 Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the 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 of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de 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.
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. Securities lending activity is subject to master netting arrangements.
The following table presents for each lending Fund, the 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 April 30, 2021.
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) | ||||||||||
Emerging Markets Equity Fund | $ | 142,764 | $ | (142,764 | ) | $ | — | |||||
Emerging Markets Research Enhanced Equity Fund | 25,774 | (25,774 | ) | — | ||||||||
Europe Dynamic Fund | 17,245 | (17,245 | ) | — | ||||||||
International Equity Fund | 186,203 | (186,203 | ) | — | ||||||||
International Focus Fund | 12,496 | (12,496 | ) | — | ||||||||
International Research Enhanced Equity Fund | 236,779 | (236,779 | ) | — | ||||||||
International Value Fund | 9,734 | (9,734 | ) | — |
* | Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
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 0.15% to 0.06%. For the six months ended April 30, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:
Emerging Markets Equity Fund | $ | 5 | ||
Emerging Markets Research Enhanced Equity Fund | 2 | |||
Europe Dynamic Fund | 1 | |||
International Equity Fund | 2 | |||
International Focus Fund | 2 | |||
International Research Enhanced Equity Fund | 2 | |||
International Value Fund | 1 |
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).
102 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
International Hedged Equity Fund did lend out any securities during the six months ended April 30, 2021.
D. 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 such Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.
Emerging Markets Equity Fund
For the six months ended April 30, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2021 | Shares at April 30, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class Institutional Shares (a) | $ | 313,818 | $ | 2,250,270 | $ | 2,564,063 | $ | (42 | ) | $ | 17 | $ | — | — | $ | 87 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b) | 117,544 | 649,500 | 647,000 | (13 | )* | 13 | 120,044 | 120,032 | 52 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) | 12,077 | 383,392 | 364,558 | — | — | 30,911 | 30,911 | 2 | * | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 443,439 | $ | 3,283,162 | $ | 3,575,621 | $ | (55 | ) | $ | 30 | $ | 150,955 | $ | 141 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 April 30, 2021. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Emerging Markets Research Enhanced Equity Fund
For the six months ended April 30, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2021 | Shares at April 30, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class Institutional Shares (a) | $ | 12,125 | $ | 1,072,341 | $ | 1,084,459 | $ | (7 | ) | $ | — | $ | — | — | $ | 25 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b) | 15,995 | 178,000 | 170,499 | (1 | )* | 1 | 23,496 | 23,493 | 20 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) | 2,093 | 86,033 | 84,548 | — | — | 3,578 | 3,578 | 1 | * | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 30,213 | $ | 1,336,374 | $ | 1,339,506 | $ | (8 | ) | $ | 1 | $ | 27,074 | $ | 46 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 April 30, 2021. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 103 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
Europe Dynamic Fund
For the six months ended April 30, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2021 | Shares at April 30, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b) | $ | 2,182 | $ | 278,229 | $ | 99,064 | $ | (2 | ) | $ | — | (c) | $ | 181,345 | 181,254 | $ | 5 | $ | — | |||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b) | — | 31,000 | 15,000 | — | — | 16,000 | 15,998 | 1 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) | 2,662 | 37,101 | 37,418 | — | — | 2,345 | 2,345 | — | *(c) | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 4,844 | $ | 346,330 | $ | 151,482 | $ | (2 | ) | $ | — | (c) | $ | 199,690 | $ | 6 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 April 30, 2021. |
(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). |
International Equity Fund
For the six months ended April 30, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2021 | Shares at April 30, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b) | $ | 40,182 | $ | 1,667,438 | $ | 1,627,882 | $ | 1 | $ | 1 | $ | 79,740 | 79,700 | $ | 34 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b) | 17,997 | 352,000 | 189,499 | — | *(c) | 1 | 180,499 | 180,482 | 29 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) | 2,359 | 119,824 | 102,113 | — | — | 20,070 | 20,070 | 1 | * | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 60,538 | $ | 2,139,262 | $ | 1,919,494 | $ | 1 | $ | 2 | $ | 280,309 | $ | 64 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 April 30, 2021. |
(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). |
104 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
Table of Contents
International Focus Fund
For the six months ended April 30, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2021 | Shares at April 30, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b) | $ | 41,452 | $ | 622,962 | $ | 598,268 | $ | (13 | ) | $ | 4 | $ | 66,137 | 66,104 | $ | 26 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b) | 70,236 | 198,000 | 256,500 | — | *(c) | — | 11,736 | 11,734 | 14 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) | 8,292 | 135,374 | 142,212 | — | — | 1,454 | 1,454 | 1 | * | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 119,980 | $ | 956,336 | $ | 996,980 | $ | (13 | ) | $ | 4 | $ | 79,327 | $ | 41 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 April 30, 2021. |
(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). |
International Hedged Equity Fund
For the six months ended April 30, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2021 | Shares at April 30, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b) | $ | 6,584 | $ | 25,824 | $ | 26,144 | $ | — | (c) | $ | — | $ | 6,264 | 6,264 | $ | — | (c) | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 April 30, 2021. |
(c) | Amount rounds to less than one thousand. |
International Research Enhanced Equity Fund
For the six months ended April 30, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2021 | Shares at April 30, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b) | $ | 160,896 | $ | 997,426 | $ | 1,060,008 | $ | 51 | $ | (80 | ) | $ | 98,285 | 98,236 | $ | 52 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b) | 77,355 | 386,000 | 237,999 | (2 | )* | 2 | 225,356 | 225,333 | 20 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) | 10,220 | 164,514 | 148,313 | — | — | 26,421 | 26,421 | 1 | * | — | ||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 248,471 | $ | 1,547,940 | $ | 1,446,320 | $ | 49 | $ | (78 | ) | $ | 350,062 | $ | 73 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 April 30, 2021. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 105 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
International Value Fund
For the six months ended April 30, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2021 | Shares at April 30, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b) | $ | 5,627 | $ | 38,126 | $ | 36,582 | $ | (1 | ) | $ | — | (c) | $ | 7,170 | 7,166 | $ | 2 | $ | — | |||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b) | 1,000 | 23,200 | 14,500 | — | *(c) | — | (c) | 9,700 | 9,699 | 1 | * | — | ||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) | 956 | 26,346 | 25,743 | — | — | 1,559 | 1,559 | — | *(c) | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 7,583 | $ | 87,672 | $ | 76,825 | $ | (1 | ) | $ | — | (c) | $ | 18,429 | $ | 3 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 April 30, 2021. |
(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. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
F. Derivatives — The Funds, except for Emerging Markets Equity Fund, used derivative instruments including options, futures contracts and forward foreign currency exchange contracts in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.
The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Funds.
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Notes F(1) — F(3) below describe the various derivatives used by the Funds.
(1). Options — International Hedged Equity Fund purchased and sold (“wrote”) put and call options on various instruments including currencies, futures, securities, options on indices and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underying instrument, index, currency or rate. 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 realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.
Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.
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).
(2). Futures Contracts — Emerging Markets Research Enhanced Equity Fund, Europe Dynamic Fund, International Equity Fund, International Hedged Equity Fund, International Research Enhanced Equity Fund and International Value Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased 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 futures contracts 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 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).
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NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
(3). Forward Foreign Currency Exchange Contracts — International Focus Fund is exposed to foreign currency risks associated with some or all of its portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.
The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
G. Summary of Derivatives Information
The following tables present the value of derivatives held as of April 30, 2021 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:
Emerging Markets Research Enhanced Equity Fund | Europe Dynamic Fund | International Hedged Equity Fund | International Research Enhanced Equity Fund | International Value Fund | ||||||||||||||||
Equity Risk Exposure: | ||||||||||||||||||||
Unrealized Appreciation on Futures Contracts* | $ | 34 | $ | 245 | $ | 143 | $ | 3,066 | $ | 119 | ||||||||||
Purchased Options at Market Value | — | — | 615 | — | — | |||||||||||||||
Unrealized Depreciation on Futures Contracts* | — | — | — | — | (54 | ) | ||||||||||||||
Written Options at Market Value | — | — | (1,415 | ) | — | — | ||||||||||||||
Net Fair Value of Derivative Contracts: | ||||||||||||||||||||
Unrealized Appreciation (Depreciation) on Futures Contracts* | 34 | 245 | 143 | 3,066 | 65 | |||||||||||||||
Purchased Options at Market Value | — | — | 615 | — | — | |||||||||||||||
Written Options at Market Value | — | — | (1,415 | ) | — | — |
* | Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
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The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2021, by primary underlying risk exposure:
Emerging Markets Research Enhanced Equity Fund | Europe Dynamic Fund | International Equity Fund | International Focus Fund | International Hedged Equity Fund | International Research Enhanced Equity Fund | International Value Fund | ||||||||||||||||||||||
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: | ||||||||||||||||||||||||||||
Equity Risk Exposure: | ||||||||||||||||||||||||||||
Futures Contracts | $ | 1,614 | $ | 1,108 | $ | (5,247 | ) | $ | — | $ | 965 | $ | 23,954 | $ | 437 | |||||||||||||
Purchased Options | — | — | — | — | (5,652 | ) | — | — | ||||||||||||||||||||
Written Options | — | — | — | — | (4,305 | ) | — | — | ||||||||||||||||||||
Foreign Exchange Rate Risk Exposure: | ||||||||||||||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | — | — | (2,654 | ) | — | — | — | ||||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: | ||||||||||||||||||||||||||||
Equity Risk Exposure: | ||||||||||||||||||||||||||||
Futures Contracts | 34 | 245 | — | — | 268 | 2,176 | 305 | |||||||||||||||||||||
Purchased Options | — | — | — | — | (3,755 | ) | — | — | ||||||||||||||||||||
Written Options | — | — | — | — | (1,251 | ) | — | — |
Derivatives Volume
The table below discloses the volume of the Funds’ options, futures contracts and forward foreign currency exchange contracts activity during the six months ended April 30, 2021. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:
Emerging Markets Research Enhanced Equity Fund | Europe Dynamic Fund | International Equity Fund | International Focus Fund | International Hedged Equity Fund | International Research Enhanced Equity Fund | International Value Fund | ||||||||||||||||||||||
Futures Contracts — Equity: | ||||||||||||||||||||||||||||
Average Notional Balance Long | $ | 6,839 | $ | 10,136 | (a) | $ | 43,032 | (b) | $ | — | $ | 5,039 | $ | 144,299 | $ | 5,542 | ||||||||||||
Average Notional Balance Short | — | — | — | — | 1,084 | (c) | — | — | ||||||||||||||||||||
Ending Notional Balance Long | 11,624 | 6,910 | — | — | 7,220 | 115,822 | 7,924 | |||||||||||||||||||||
Forward Foreign Currency Exchange Contracts: | ||||||||||||||||||||||||||||
Average Settlement Value Purchased | — | — | — | 273,254 | (c) | — | — | — |
(a) | For the period January 1, 2021 through April 30, 2021. |
(b) | For the period January 1, 2021 through January 31, 2021. |
(c) | For the period December 1, 2020 through December 31, 2020. |
International Hedged Equity Fund | ||||
Exchange-Traded Options: | ||||
Average Number of Contracts Purchased | $ | 568 | ||
Average Number of Contracts Written | 1,135 | |||
Ending Number of Contracts Purchased | 552 | |||
Ending Number of Contracts Written | 1,104 |
The Funds’ derivatives contracts held at April 30, 2021 are not accounted for as hedging instruments under GAAP.
H. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.
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NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
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.
I. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. 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 six months ended April 30, 2021 are as follows:
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | |||||||||||||||||||||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | $ | 30 | $ | 3 | $ | 39 | $ | 10 | $ | 1 | $ | — | (a) | $ | — | (a) | $ | 4 | $ | 98 | $ | 185 | ||||||||||||||||||
Emerging Markets Research Enhanced Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | n/a | n/a | 1 | n/a | n/a | n/a | n/a | n/a | 10 | 11 | ||||||||||||||||||||||||||||||
Europe Dynamic Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 8 | 1 | 2 | — | (a) | n/a | n/a | n/a | n/a | 1 | 12 | |||||||||||||||||||||||||||||
International Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 20 | 1 | 8 | n/a | 13 | n/a | n/a | 1 | 12 | 55 | ||||||||||||||||||||||||||||||
International Focus Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 15 | 2 | 9 | n/a | – | (a) | n/a | n/a | 1 | 10 | 37 | |||||||||||||||||||||||||||||
International Hedged Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | — | (a) | — | (a) | — | (a) | n/a | n/a | n/a | n/a | — | (a) | — | (a) | — | (a) | ||||||||||||||||||||||||
International Research Enhanced Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 18 | n/a | 9 | n/a | n/a | n/a | n/a | n/a | 19 | 46 | ||||||||||||||||||||||||||||||
International Value Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 6 | 1 | 1 | 1 | — | (a) | n/a | n/a | — | (a) | — | (a) | 9 |
(a) | Amount rounds to less than one thousand. |
J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2021, 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 Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.
L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
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M. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:
Emerging Markets Equity Fund | 0.68 | % | ||
Emerging Markets Research Enhanced Equity Fund | 0.25 | |||
Europe Dynamic Fund | 0.60 | |||
International Equity Fund | 0.50 | |||
International Focus Fund | 0.60 | |||
International Hedged Equity Fund | 0.25 | |||
International Research Enhanced Equity Fund | 0.20 | |||
International Value Fund | 0.55 |
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 each Fund. In consideration of these services, 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. For the six months ended April 30, 2021, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s 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, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, 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 | |||||||||||||
Emerging Markets Equity Fund | 0.25 | % | 0.75 | % | 0.50 | % | 0.25 | % | ||||||||
Europe Dynamic Fund | 0.25 | 0.75 | n/a | n/a | ||||||||||||
International Equity Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
International Focus Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
International Hedged Equity Fund | 0.25 | 0.75 | n/a | n/a | ||||||||||||
International Research Enhanced Equity Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
International Value Fund | 0.25 | 0.75 | 0.50 | n/a |
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NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2021, JPMDS retained the following:
Front-End Sales Charge | CDSC | |||||||
Emerging Markets Equity Fund | $ | 61 | $ | — | ||||
Europe Dynamic Fund | 2 | — | ||||||
International Equity Fund | 50 | — | ||||||
International Focus Fund | 53 | — | (a) | |||||
International Hedged Equity Fund | — | (a) | — | |||||
International Research Enhanced Equity Fund | — | (a) | — | |||||
International Value Fund | 18 | — |
(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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except 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 | |||||||||||||||||||||||||
Emerging Markets Equity Fund | 0.25 | % | 0.25 | % | 0.25 | % | 0.10 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.10 | % | ||||||||||||||||
Emerging Markets Research Enhanced Equity Fund | n/a | n/a | 0.25 | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||
Europe Dynamic Fund | 0.25 | 0.25 | 0.25 | 0.10 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||
International Equity Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 0.10 | ||||||||||||||||||||||||
International Focus Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 0.10 | ||||||||||||||||||||||||
International Hedged Equity Fund | 0.25 | 0.25 | 0.25 | n/a | n/a | n/a | n/a | 0.10 | ||||||||||||||||||||||||
International Research Enhanced Equity Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | n/a | ||||||||||||||||||||||||
International Value Fund | 0.25 | 0.25 | 0.25 | 0.10 | 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. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
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 | ||||||||||||||||||||||||||||
Emerging Markets Equity Fund | 1.24 | % | 1.74 | % | 0.99 | % | n/a | 1.54 | % | 1.29 | % | 1.04 | % | 0.89 | % | 0.79 | % | |||||||||||||||||||
Emerging Markets Research Enhanced Equity Fund | n/a | n/a | 0.45 | n/a | n/a | n/a | n/a | n/a | 0.35 | |||||||||||||||||||||||||||
Europe Dynamic Fund | 1.24 | 1.74 | 0.99 | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||
International Equity Fund | 0.95 | 1.45 | 0.70 | n/a | 1.25 | n/a | n/a | 0.60 | 0.50 | |||||||||||||||||||||||||||
International Focus Fund | 1.00 | 1.50 | 0.75 | n/a | 1.30 | n/a | n/a | 0.65 | 0.55 | |||||||||||||||||||||||||||
International Hedged Equity Fund | 0.85 | 1.35 | 0.60 | n/a | n/a | n/a | n/a | 0.45 | 0.35 | |||||||||||||||||||||||||||
International Research Enhanced Equity Fund | 0.60 | n/a | 0.35 | n/a | n/a | n/a | n/a | n/a | 0.25 | |||||||||||||||||||||||||||
International Value Fund | 1.00 | 1.50 | 0.75 | n/a | 1.30 | n/a | n/a | 0.65 | 0.55 |
The expense limitation agreements were in effect for the six months ended April 30, 2021 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2022.
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For the six months ended April 30, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. 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 | ||||||||||||||||
Emerging Markets Equity Fund | $ | 88 | $ | 58 | $ | 1,512 | $ | 1,658 | $ | 54 | ||||||||||
Emerging Markets Research Enhanced Equity Fund | 378 | 252 | 2 | 632 | 1 | |||||||||||||||
Europe Dynamic Fund | — | — | 28 | 28 | — | |||||||||||||||
International Equity Fund | 1,137 | 757 | 230 | 2,124 | 12 | |||||||||||||||
International Focus Fund | 1,550 | 1,033 | 207 | 2,790 | — | |||||||||||||||
International Hedged Equity Fund | 73 | 41 | — | (a) | 114 | — | (a) | |||||||||||||
International Research Enhanced Equity Fund | 832 | 557 | 442 | 1,831 | — | |||||||||||||||
International Value Fund | 221 | 121 | 57 | 399 | — | (a) |
(a) | Amount rounds to less than one thousand. |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (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. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2021 were as follows:
Emerging Markets Equity Fund | $ | 182 | ||
Emerging Markets Research Enhanced Equity Fund | 11 | |||
Europe Dynamic Fund | 5 | |||
International Equity Fund | 49 | |||
International Focus Fund | 38 | |||
International Hedged Equity Fund | 3 | |||
International Research Enhanced Equity Fund | 98 | |||
International Value Fund | 3 |
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 Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the six months ended April 30, 2021, Europe Dynamic 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 113 |
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NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
4. Investment Transactions
During the six months ended April 30, 2021, purchases and sales of investments (excluding short-term investments) were as follows:
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |||||||
Emerging Markets Equity Fund | $ | 3,516,060 | $ | 2,026,174 | ||||
Emerging Markets Research Enhanced Equity Fund | 1,502,292 | 1,176,632 | ||||||
Europe Dynamic Fund | 436,779 | 300,941 | ||||||
International Equity Fund | 1,915,944 | 932,509 | ||||||
International Focus Fund | 804,768 | 601,809 | ||||||
International Hedged Equity Fund | 20,590 | 56,416 | ||||||
International Research Enhanced Equity Fund | 480,031 | 1,643,372 | ||||||
International Value Fund | 68,205 | 77,672 |
During the six months ended April 30, 2021, 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 April 30, 2021 were as follows:
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Appreciation (Depreciation) | |||||||||||||
Emerging Markets Equity Fund | $ | 9,158,447 | $ | 5,759,403 | $ | 268,816 | $ | 5,490,587 | ||||||||
Emerging Markets Research Enhanced Equity Fund | 3,072,920 | 877,479 | 84,763 | 792,716 | ||||||||||||
Europe Dynamic Fund | 805,082 | 130,245 | 4,178 | 126,067 | ||||||||||||
International Equity Fund | 3,742,366 | 1,203,857 | 30,895 | 1,172,962 | ||||||||||||
International Focus Fund | 2,741,091 | 961,029 | 15,049 | 945,980 | ||||||||||||
International Hedged Equity Fund | 94,735 | 30,663 | 1,980 | 28,683 | ||||||||||||
International Research Enhanced Equity Fund | 3,976,241 | 1,249,116 | 71,655 | 1,177,461 | ||||||||||||
International Value Fund | 317,144 | 67,006 | 12,357 | 54,649 |
At October 31, 2020, the following Funds had net capital loss carryforwards which are available to offset future realized gains:
Capital Loss Carryforward Character | ||||||||
Short-Term | Long-Term | |||||||
Emerging Markets Equity Fund | $ | — | $ | 151,019 | ||||
Emerging Markets Research Enhanced Equity Fund | 64,652 | 18,850 | ||||||
Europe Dynamic Fund | 118,860 | — | ||||||
International Advantage Fund | 306,805 | 77,260 | ||||||
International Equity Fund | 56,024 | 54,962 | ||||||
International Focus Fund | 165,558 | 21,707 | ||||||
International Hedged Equity Fund | 2,619 | * | 4,062 | * | ||||
International Research Enhanced Equity Fund | 33,296 | 496,518 | ||||||
International Value Fund | 53,664 | 31,270 |
* | Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384. |
During the year ended October 31, 2020, the following Funds utilized capital loss carryforwards as follows:
Capital Loss Utilized | ||||||||
Short-Term | Long-Term | |||||||
Emerging Markets Equity Fund | $ | 7,660 | $ | — | ||||
Europe Dynamic Fund | — | 2,935 |
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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 Funds, except for Emerging Markets Equity Fund and Emerging Markets Research Enhanced Equity Fund, had no borrowings outstanding from another fund at April 30, 2021. Average borrowings from the Facility during the six months ended April 30, 2021 were as follows:
Average Borrowings | Average Interest Rate Paid | Number of Days Outstanding | Interest Paid | |||||||||||||
Emerging Markets Equity Fund | $ | 28,487 | 0.80 | % | 6 | $ | 4 | |||||||||
Emerging Markets Research Enhanced Equity Fund | 37,123 | 0.82 | 35 | 30 | ||||||||||||
Europe Dynamic Fund | 2,818 | 0.83 | 4 | — | (a) | |||||||||||
International Equity Fund | 48,107 | 0.83 | 2 | 2 | ||||||||||||
International Hedged Equity Fund | 7,071 | 0.82 | 6 | 1 | ||||||||||||
International Research Enhanced Equity Fund | 74,319 | 0.81 | 6 | 10 |
(a) | Amount rounds to less than one thousand. |
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 1, 2021.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2021.
The Trusts, along with certain other trusts for J.P. Morgan Funds (“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%, which has increased to 1.25% pursuant to the amendment referenced below, 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.
The Funds had no borrowings outstanding from the Credit Facility at April 30, 2021. Average borrowings from the Credit Facility during the six months ended April 30, 2021 were as follows:
Average Borrowings | Average Interest Rate Paid | Number of Days Outstanding | Interest Paid | |||||||||||||
International Hedged Equity Fund | $ | 11,050 | 1.39 | % | 4 | $ | 1 |
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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NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
As of April 30, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:
Number of and/ or Affiliated Omnibus Accounts | % of the Fund | Number of and/ or Non-Affiliated Omnibus Accounts | % of the Fund | |||||||||||||
Emerging Markets Equity Fund | — | — | % | 3 | 40.8 | % | ||||||||||
Emerging Markets Research Enhanced Equity Fund | 2 | 22.4 | — | — | ||||||||||||
Europe Dynamic Fund | 3 | 40.0 | 2 | 26.7 | ||||||||||||
International Equity Fund | 1 | 14.0 | — | — | ||||||||||||
International Focus Fund | 4 | 53.8 | — | — | ||||||||||||
International Hedged Equity Fund | 1 | 43.7 | 3 | 40.1 | ||||||||||||
International Research Enhanced Equity Fund | — | — | 1 | 12.6 | ||||||||||||
International Value Fund | — | — | 1 | 77.0 |
As of April 30, 2021, J.P. Morgan Investor Funds, JPMorgan SmartRetirement 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:
J.P. Morgan Investor Funds | JPMorgan SmartRetirement Funds | JPMorgan SmartRetirement Blend Funds | ||||||||||
Emerging Markets Research Enhanced Equity Fund | — | % | 58.3 | % | 24.9 | % | ||||||
Europe Dynamic Fund | 44.7 | — | — | |||||||||
International Equity Fund | — | 54.3 | — | |||||||||
International Focus Fund | — | 61.3 | — | |||||||||
International Hedged Equity Fund | — | — | — | |||||||||
International Research Enhanced Equity Fund | 22.0 | 51.2 | — |
Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.
The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
As of April 30, 2021, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:
Emerging Markets Equity Fund | Emerging Markets Research Enhanced Equity Fund | Europe Dynamic Fund | International Equity Fund | International Focus Fund | International Hedged Equity Fund | International Research Enhanced Equity Fund | International Value Fund | |||||||||||||||||||||||||
China | 42.3 | % | 38.7 | % | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||
France | — | — | 10.2 | 16.9 | — | 12.1 | 12.5 | — | ||||||||||||||||||||||||
Germany | — | — | 14.9 | — | — | — | — | — | ||||||||||||||||||||||||
India | 13.7 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Japan | — | — | — | 15.8 | — | 23.5 | 24.3 | 20.4 | ||||||||||||||||||||||||
South Korea | — | 13.2 | — | — | — | — | — | — | ||||||||||||||||||||||||
Switzerland | — | — | 14.7 | — | — | — | 10.2 | — | ||||||||||||||||||||||||
Taiwan | 10.7 | 13.6 | — | — | — | — | — | — | ||||||||||||||||||||||||
United Kingdom | �� | — | 16.0 | 11.9 | 15.2 | 11.0 | 11.6 | 15.2 |
As of April 30, 2021, a significant portion of each Fund’s investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
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. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. 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.
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LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.
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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, November 1, 2020, and continued to hold your shares at the end of the reporting period, April 30, 2021.
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 titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Emerging Markets Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,169.60 | $ | 6.67 | 1.24 | % | ||||||||
Hypothetical | 1,000.00 | 1,018.65 | 6.21 | 1.24 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,166.80 | 9.29 | 1.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.22 | 8.65 | 1.73 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,170.90 | 5.33 | 0.99 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.89 | 4.96 | 0.99 | ||||||||||||
Class L | ||||||||||||||||
Actual | 1,000.00 | 1,171.70 | 4.74 | 0.88 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.43 | 4.41 | 0.88 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,167.80 | 8.22 | 1.53 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.21 | 7.65 | 1.53 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,169.40 | 6.94 | 1.29 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.40 | 6.46 | 1.29 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,171.00 | 5.60 | 1.04 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.64 | 5.21 | 1.04 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,171.60 | 4.79 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.38 | 4.46 | 0.89 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,172.10 | 4.25 | 0.79 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.88 | 3.96 | 0.79 |
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Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Emerging Markets Research Enhanced Equity Fund |
| |||||||||||||||
Class I | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,234.50 | $ | 2.49 | 0.45 | % | ||||||||
Hypothetical | 1,000.00 | 1,022.56 | 2.26 | 0.45 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,235.70 | 1.94 | 0.35 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.06 | 1.76 | 0.35 | ||||||||||||
JPMorgan Europe Dynamic Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,393.10 | 7.36 | 1.24 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.65 | 6.21 | 1.24 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,389.30 | 10.31 | 1.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.17 | 8.70 | 1.74 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,394.30 | 5.88 | 0.99 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.89 | 4.96 | 0.99 | ||||||||||||
Class L | ||||||||||||||||
Actual | 1,000.00 | 1,395.80 | 5.11 | 0.86 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.53 | 4.31 | 0.86 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,396.40 | 4.52 | 0.76 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.03 | 3.81 | 0.76 | ||||||||||||
JPMorgan International Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,263.10 | 5.33 | 0.95 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.08 | 4.76 | 0.95 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,259.90 | 8.12 | 1.45 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.60 | 7.25 | 1.45 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,264.80 | 3.93 | 0.70 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.32 | 3.51 | 0.70 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,261.00 | 7.01 | 1.25 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.60 | 6.26 | 1.25 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,264.90 | 3.37 | 0.60 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.82 | 3.01 | 0.60 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,265.70 | 2.81 | 0.50 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.32 | 2.51 | 0.50 | ||||||||||||
JPMorgan International Focus Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,238.30 | 5.55 | 1.00 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.84 | 5.01 | 1.00 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,234.90 | 8.31 | 1.50 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.36 | 7.50 | 1.50 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,239.60 | 4.16 | 0.75 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.08 | 3.76 | 0.75 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan International Focus Fund (continued) | ||||||||||||||||
Class R2 | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,236.50 | $ | 7.21 | 1.30 | % | ||||||||
Hypothetical | 1,000.00 | 1,018.35 | 6.51 | 1.30 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,240.20 | 3.61 | 0.65 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.57 | 3.26 | 0.65 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,240.60 | 3.06 | 0.55 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.07 | 2.76 | 0.55 | ||||||||||||
JPMorgan International Hedged Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,145.40 | 4.52 | 0.85 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.58 | 4.26 | 0.85 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,142.20 | 7.17 | 1.35 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.10 | 6.76 | 1.35 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,147.20 | 3.19 | 0.60 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.82 | 3.01 | 0.60 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,147.70 | 2.40 | 0.45 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.56 | 2.26 | 0.45 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,148.00 | 1.86 | 0.35 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.06 | 1.76 | 0.35 | ||||||||||||
JPMorgan International Research Enhanced Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,286.90 | 3.40 | 0.60 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.82 | 3.01 | 0.60 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,288.60 | 1.99 | 0.35 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.06 | 1.76 | 0.35 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,289.20 | 1.42 | 0.25 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.55 | 1.25 | 0.25 | ||||||||||||
JPMorgan International Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,413.10 | 5.98 | 1.00 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.84 | 5.01 | 1.00 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,409.60 | 8.96 | 1.50 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.36 | 7.50 | 1.50 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,414.30 | 4.49 | 0.75 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.08 | 3.76 | 0.75 | ||||||||||||
Class L | ||||||||||||||||
Actual | 1,000.00 | 1,415.50 | 3.95 | 0.66 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.52 | 3.31 | 0.66 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,411.00 | 7.77 | 1.30 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.35 | 6.51 | 1.30 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,415.90 | 3.89 | 0.65 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.57 | 3.26 | 0.65 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,416.30 | 3.30 | 0.55 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.07 | 2.76 | 0.55 |
* | 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). |
120 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2021 |
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LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation,
including the operation of any Highly Liquid Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this
assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (5) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
APRIL 30, 2021 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 121 |
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports 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 calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
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J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2021. All rights reserved. April 2021. | SAN-INTEQ-421 |
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ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable to a semi-annual report.
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ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Not applicable to a semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
Not applicable to a semi-annual report.
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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 in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
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ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a) | File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. |
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
Not applicable.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
(b) | A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940. |
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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 | ||
July 1, 2021 |
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 | ||
July 1, 2021 | ||
By: | /s/ Timothy J. Clemens | |
Timothy J. Clemens | ||
Treasurer and Principal Financial Officer | ||
July 1, 2021 |