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JPMorgan Trust IV

Filed: 1 Jul 20, 1:39pm
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORMN-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-23117

 

 

JPMorgan Trust IV

(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, 2019 through April 30, 2020

 

 

FormN-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

 

 

 


Table of Contents

ITEM 1. REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1).

[INSERT—International Equity (10), Seed—International Equity Plus (1) and Seed—Macro Opportunities (1) – semi-annual report dated April 30, 2020]

 


Table of Contents

Semi-Annual Report

J.P. Morgan International Equity Funds

April 30, 2020 (Unaudited)

JPMorgan Emerging Markets Equity Fund

JPMorgan Emerging Markets Research Enhanced Equity Fund

JPMorgan Europe Dynamic Fund

JPMorgan International Advantage Fund

JPMorgan International Equity Fund

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

JPMorgan International Hedged Equity Fund

JPMorgan International Research Enhanced Equity Fund

JPMorgan International Value Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ websitewww.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going towww.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us atfunds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

LOGO


Table of Contents

CONTENTS

 

Letter to Shareholders     1 
Market Overview     2 

Fund Commentaries/Summaries:

    

JPMorgan Emerging Markets Equity Fund

     3 

JPMorgan Emerging Markets Research Enhanced Equity Fund

     7 

JPMorgan Europe Dynamic Fund

     9 

JPMorgan International Advantage Fund

     12 

JPMorgan International Equity Fund

     14 

JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)

     16 

JPMorgan International Hedged Equity Fund

     19 

JPMorgan International Research Enhanced Equity Fund

     21 

JPMorgan International Value Fund

     23 
Schedules of Portfolio Investments     26 
Financial Statements     60 
Financial Highlights     84 
Notes to Financial Statements     102 
Schedule of Shareholder Expenses     127 
Liquidity Risk Management Program     131 

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.


Table of Contents

LETTER TO SHAREHOLDERS

June 11, 2020 (Unaudited)

 

Dear Shareholders,

Many have faced significant challenges since my last letter, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. While many have endured uncertainty and abrupt changes in their personal and professional lives related to these challenges, you can be confident that J.P. Morgan Asset Management is well-prepared for adverse events and is taking action to ensure that our clients and mutual fund shareholders continue to receive the service that is the foundation of our enterprise.

 

LOGO  

 

“Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions.” — Andrea L. Lisher

Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions. While our own employees transitioned to working from home, they worked tirelessly to

guide our clients and shareholders through this unprecedented time. We are here for you — our clients and fund shareholders — regardless of the economic, market or social and civic environment. That’s how we have always operated and we will not waiver in that commitment.

JPMorgan Chase & Co. has also recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion, recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion website.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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,

 

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

 

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    1 


Table of Contents

J.P. Morgan International Equity Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

 

While developed equity markets generally rallied in the final months of 2019, the global response to the COVID-19 pandemic led to a dramatic increase in financial market volatility and drove asset prices sharply lower in February and March of 2020 before equity prices posted a small rebound in April.

Global equity markets, led by the U.S. and Europe, largely recorded gains for the final two months of 2019 on the back of accommodative policies from leading central banks and investor expectations of a reduction in trade tensions. Even as economic data showed slowing or flat growth in China, Europe and the U.S. in the final quarter of 2019, there were no indicators that the longest recorded economic expansion in the U.S. would necessarily end. In the second half of December 2019, the U.S. and China reached a “Phase One” agreement that reduced trade tariffs and headed off the implementation of new tariffs. Combined with less aggressive U.S. trade rhetoric toward Mexico and toward European and Japanese auto industries, the U.S.-China trade agreement fueled price gains in developed equity markets.

In the U.K., the Conservative Party won a large majority in national elections in December, which appeared to remove investor concerns about the possibility of a non-negotiated “hard Brexit” departure from the EU. Equity prices in the U.K. and the British pound briefly rallied on the election result.

Early January 2020 saw continued investor support for global equities that weathered a brief flare up of military tension between the U.S. and Iran. However, investor sentiment began to turn as the outbreak of COVID-19 began to impact large parts of China’s economy. Emerging markets equities led a slump in global equity markets and U.S. and European government bonds largely gained. Notably, prices for benchmark Brent crude oil plummeted 11.9% in January amid shrinking demand from China and other economies hit by the pandemic.

U.S. equity prices found support in early February as companies began to report better-than-expected earnings from the final quarter of 2019. By the end of the month, global equity prices had fallen significantly and global demand for petroleum had declined for the first time since the 2009 financial crisis. China’s central bank responded to the impact of COVID-19 by cutting the prime lending rate and regional authorities across China enacted a range of actions to counter the sharp drop in economic activity. By the end of February, yields on benchmark 10-year U.S. Treasury bonds had fallen to a record low 1.1% as investors sought the perceived safety of government-backed bonds.

The month of March proved to be worse for global equities and a range of other asset classes as COVID-19 was declared a pandemic and national, regional and municipal governments implemented at-home quarantines and a range of other actions designed to prevent hospitals and health care systems from being overwhelmed. The U.S. Federal Reserve slashed interest rates, restarted its quantitative easing or asset purchasing program, and unleashed an array of programs to maintain liquidity and functioning in short-term commercial debt markets. The European Central Bank also stepped in to shore up economic activity via negative interest rates and a commitment to continue purchasing assets until no longer necessary. Statements of broad support from both central banks, along with fiscal stimulus and/or wage protection policies from national governments across the globe, helped to reduce record high volatility in financial markets. However, leading equity indexes lost 20% or more of their value during the first quarter of 2020. Corporate bond prices generally fell and the prices of Brent crude oil ended the first quarter down by 60%. Only developed market sovereign bonds and commodity gold experienced price appreciation in March 2020.

Global equity markets rebounded slightly in April and fixed income markets rallied somewhat as investors reacted positively to the actions of central banks and national governments to mitigate the economic impact of the pandemic. Price gains were seen in large cap technology stocks and pharmaceutical sector stocks. Fixed income investments benefitted from accommodative central bank policies and high quality corporate credit outperformed government bonds for the month. However, a glut in global petroleum markets sent futures prices for benchmark West Texas Intermediate crude oil into negative territory.

For the six months ended April 30, 2020, the S&P 500 Index returned -3.16%, the MSCI EAFE Index returned -14.00% and the MSCI Emerging Markets Index returned 10.39%. Among bond market indexes, the Bloomberg Barclays U.S. Aggregate Index returned 4.86% and the Bloomberg Barclays Emerging Markets Index returned -5.69%.

 

 
2   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class L Shares)*   (10.07)% 
MSCI Emerging Markets Index (net of foreign withholding taxes)   (10.50)% 
Net Assets as of 4/30/2020 (In Thousands)  $7,785,761 

 

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 outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2020.

By sector, the Fund’s underweight allocation to the energy sector and its security selection in the communication services sector were leading contributors to performance relative to the Benchmark, while the Fund’s overweight allocation and security selection in the financials sector and its overweight allocation to the consumer staples sector were leading detractors from relative performance.

By country, the Fund’s overweight allocations to China and Belarus were leading contributors to performance relative to the Benchmark, while the Fund’s overweight allocation and security selection in India and its underweight allocation to Taiwan were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in EPAM Systems Inc., its overweight position in Wuxi Biologics (Cayman) Inc., and its underweight position in Petroleo Brasiliero SA. Shares of EPAM Systems, a U.S.-based global provider of software development and platform engineering services, rose after the company raised its forecast for first quarter 2020 results. Shares of Wuxi Biologics (Cayman), a Chinese developer of biological testing and drug research, rose amid investor expectations of increased demand for its products and services

in response to the COVID-19 pandemic. Shares of Petroleo Brasiliero, a Brazilian oil & natural gas producer, fell amid a global decline in demand for petroleum and a sharp drop in oil prices in 2020.

Leading individual detractors from relative performance included the Fund’s out-of-Benchmark positions in IndusInd Bank Ltd. and HDFC Bank Ltd., and its overweight position in Grupo Financiero Banorte SA de CV. Shares of IndusInd Bank and HDFC Bank, both Indian banking and financial services providers, fell amid investor expectations at-home quarantine orders issued by the Indian government in response to the COVID-19 pandemic would lead to a sharp contraction in the India’s economy. Shares of Grupo Financiero Banorte, a Mexican banking and financial services company, fell amid investor expectations for a sharp contraction in Mexico’s economy in response to the COVID-19 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 were in the financials and consumer staples sectors and its largest relative underweight allocations were in the energy and materials sectors. The Fund’s largest country overweight allocations relative to the Benchmark were in India and China and its largest relative underweight allocations were in South Korea and Taiwan.

 

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    3 


Table of Contents

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

 

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** 
 1.   Alibaba Group Holding Ltd., ADR (China)   5.8
 2.   Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)   5.3 
 3.   Tencent Holdings Ltd. (China)   4.9 
 4.   Samsung Electronics Co. Ltd. (South Korea)   4.1 
 5.   Housing Development Finance Corp. Ltd. (India)   3.1 
 6.   EPAM Systems, Inc. (United States)   3.1 
 7.   AIA Group Ltd. (Hong Kong)   3.0 
 8.   Ping An Insurance Group Co. of China Ltd., Class H (China)   2.5 
 9.   Tata Consultancy Services Ltd. (India)   2.4 
 10.   NetEase, Inc., ADR (China)   2.4 

PORTFOLIO COMPOSITION BY COUNTRY***

 
China   34.9
India   16.3
Taiwan   8.9
Hong Kong   6.4
South Korea   5.5
Brazil   4.8
United States   3.1
Mexico   2.4
Argentina   2.2
Indonesia   2.1
South Africa   1.7
Portugal   1.6
Hungary   1.5
Macau   1.3
Turkey   1.2
Others (each less than 1.0%)   2.9 
Short-Term Investments   3.2 

 

 

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.
 

 

 
4   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

 

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020

 
   INCEPTION DATE OF
CLASS
    6 MONTH*     1 YEAR     5 YEAR     10 YEAR 

CLASS A SHARES

  September 28, 2001                

With Sales Charge**

       (14.98)%      (12.50)%      2.71     2.21

Without Sales Charge

       (10.26     (7.65     3.82      2.77 

CLASS C SHARES

  February 28, 2006                

With CDSC***

       (11.48)     (9.14)     3.30     2.25

Without CDSC

       (10.48     (8.14     3.30      2.25 

CLASS I SHARES

  September 10, 2001     (10.14)     (7.43)     4.07     3.02

CLASS L SHARES

  November 15, 1993     (10.07)     (7.33)     4.21     3.17

CLASS R2 SHARES

  July 31, 2017     (10.37)     (7.93)     3.59     2.65

CLASS R3 SHARES

  July 31, 2017     (10.25)     (7.70)     3.80     2.76

CLASS R4 SHARES

  July 31, 2017     (10.17)     (7.49)     4.04     3.00

CLASS R5 SHARES

  September 9, 2016     (10.08)     (7.32)     4.22     3.17

CLASS R6 SHARES

  December 23, 2013     (10.05)     (7.24)     4.32     3.23

 

* 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(4/30/10 TO 4/30/20)

 

 

LOGO

 

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information pleasecall 1-800-480-4111.

Returns for Class 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, 2010 to April 30, 2020. 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 individual 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    5 


Table of Contents

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

 

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

 

 

 
6   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class R6 Shares)*   (11.73)% 
MSCI Emerging Markets Index (net of foreign withholding taxes)   (10.50)% 

Net Assets as of 4/30/2020 (In Thousands)

  $2,382,905 

 

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 underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2020.

By sector, the Fund’s security selection in the financials and industrials sectors was a leading contributor to relative performance, while the Fund’s security selection in the energy and consumer discretionary sectors was a leading detractor from relative performance.

By country, the Fund’s security selection in South Korea and Taiwan was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in Saudi Arabia and Poland was a leading contributor relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Itau Unibanco Holding SA, CVC Brasil Operadora SA and China Oilfield Services Ltd. Shares of Itau Unibanco Holding, a Brazilian banking and financial services company, fell amid investor expectations for a sharp contraction in Brazil’s economy in response to the COVID-19 pandemic. Shares of CVC Brasil Operadora, a Brazilian travel agency, fell amid investor expectations that its leisure travel would be severely curtailed in response to the COVID-19 pandemic. Shares of China Oilfield Services Ltd., a Chinese offshore oilfield services provider, fell amid a sharp decline in global prices for petroleum and natural gas in 2020.

Leading individual contributors to relative performance included the Fund’s underweight positions in HDFC Ltd. and Axis Bank Ltd. and its overweight position in Yonyou Network Technology Co. Shares of HDFC, and Indian banking and financial services company, fell amid investor expectations that at-home quarantine orders issued by the Indian government in response to the COVID-19 pandemic would lead to a sharp contraction in the India’s economy. Shares of Axis Bank, an Indian financial services company, fell after it reported a loss for the quarter ended March 31, 2020. Shares of Yonyou Network Technology, a Chinese provider of cloud computing, software and services to businesses, rose amid investor expectation that cloud computing services would experience greater demand during at-home quarantines in response to the COVID-19 pandemic.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a combination of disciplined portfolio construction with in-depth fundamental research conducted

by a global network of research analysts to identify what they believed to be overvalued and undervalued stocks.

As a result of this process, the Fund’s smallest underweight allocations relative to the Benchmark were in the consumer discretionary and real estate sectors and its largest relative underweight allocations were in the financials and materials sectors. By country, the Fund’s largest overweight allocations relative to the Benchmark were in Mexico and Russia and its largest relative underweight allocations were in Taiwan and Malaysia.

 

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** 
 1.   Alibaba Group Holding Ltd., ADR (China)   7.1
 2.   Tencent Holdings Ltd. (China)   6.1 
 3.   Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)   5.1 
 4.   Samsung Electronics Co. Ltd. (South Korea)   4.6 
 5.   China Construction Bank Corp., Class H (China)   1.8 
 6.   Ping An Insurance Group Co. of China Ltd., Class H (China)   1.5 
 7.   Reliance Industries Ltd. (India)   1.2 
 8.   Housing Development Finance Corp. Ltd. (India)   1.1 
 9.   Naspers Ltd., Class N (South Africa)   1.0 
 10.   SK Hynix, Inc. (South Korea)   0.9 

 

PORTFOLIO COMPOSITION BY COUNTRY***

 
China   39.3
South Korea   12.3
Taiwan   12.0
India   8.7
Brazil   4.6
Russia   4.1
South Africa   3.5
Mexico   2.4
Saudi Arabia   2.4
Thailand   1.6
Indonesia   1.6
Turkey   1.1
Malaysia   1.1
Others (each less than 1.0%)   4.0 
Short-Term Investments   1.3 

 

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.
 

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    7 


Table of Contents

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

 

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020

 
   INCEPTION DATE OF
CLASS
    6 MONTH*     1 YEAR     SINCE
INCEPTION
 

CLASS I SHARES

  January 30, 2019     (11.79)%      (12.63)%      (0.58)% 

CLASS R6 SHARES

  December 11, 2018     (11.73)     (12.51)     (0.44)

 

* Not annualized.

LIFE OF FUND PERFORMANCE(12/11/18 TO 4/30/20)

 

 

LOGO

 

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 pleasecall 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, 2020. 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 individual 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.

 

 

 
8   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class A Shares, without a sales charge)*   (16.65)% 
MSCI Europe Index (net of foreign withholding taxes)   (15.47)% 
Net Assets as of 4/30/2020 (In Thousands)  $417,455 

 

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, underperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2020.

By sector, the Fund’s underweight allocation and security selection in the food, beverages & tobacco sector and its security selection in the transportation sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the consumer services sector and its underweight allocation in the banks sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’sout-of-Benchmark positions in Nestle SA and Dart Group PLC and its overweight position in Peugeot SA. Shares of Nestle, a Swiss maker of prepared foods and consumer goods, fell after the company reported a decline in sales for the first quarter of 2020. Shares of Dart Group, a U.K. provider of leisure airline travel, distribution and logistics, fell amid a halt to most airline traffic in response to theCOVID-19

pandemic. Shares of Peugeot, a French automaker, fell amid a sharp decline in new car sales in early 2020.

Leading individual contributors to relative performance included the Fund’s overweight positions in Roche Holding SA, Evolution Gaming Group AB and Polymetal International PLC. Shares of Roche Holding, a Swiss pharmaceutical company, rose amid investor expectations that it would benefit from a potential vaccine, treatment or test for theCOVID-19 virus. Shares of Evolution Gaming Group, a Swedish online casino and gaming provider not held in the Benchmark, rose as investors sought companies they believed were well positioned to weather financial market volatility in 2020. Shares of Polymetal International, a gold and silver mining company not held in the Benchmark, rose amid investor expectations for rising demand for precious metals in the face of financial market volatility in 2020.

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 onbottom-up security selection rather thantop-down asset allocation decisions.

 

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    9 


Table of Contents

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

 

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** 
 1.   Roche Holding AG (Switzerland)   4.7
 2.   Novartis AG (Registered) (Switzerland)   3.9 
 3.   Nestle SA (Registered) (Switzerland)   3.4 
 4.   Sanofi (France)   3.2 
 5.   Allianz SE (Registered) (Germany)   2.2 
 6.   Linde plc (United Kingdom)   2.1 
 7.   Enel SpA (Italy)   2.1 
 8.   Koninklijke Ahold Delhaize NV (Netherlands)   2.1 
 9.   Kering SA (France)   1.9 
 10.   Swisscom AG (Registered) (Switzerland)   1.8 

PORTFOLIO COMPOSITION BY COUNTRY***

 
Switzerland   19.0
United Kingdom   15.9
France   13.6
Germany   11.9
Netherlands   7.4
Italy   4.5
Sweden   3.6
Belgium   2.2
Australia   2.1
Austria   2.0
Finland   1.8
Russia   1.8
Ireland   1.7
Spain   1.3
Others (each less than 1.0%)   1.3 
Short-Term Investments   9.9 

 

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.
 

 

 
10   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020

 
   INCEPTION DATE OF
CLASS
    6 MONTH*    1 YEAR     5 YEAR     10 YEAR 

CLASS A SHARES

  November 2, 1995                

With Sales Charge**

      (21.02)%     (19.45)%      (3.87)%      2.83

Without Sales Charge

      (16.65)     (14.97     (2.83     3.39 

CLASS C SHARES

  November 1, 1998                

With CDSC***

      (17.82)     (16.36     (3.31     2.87 

Without CDSC

      (16.82)     (15.36     (3.31     2.87 

CLASS I SHARES

  September 10, 2001    (16.56)     (14.73     (2.56     3.67 

CLASS L SHARES

  September 10, 2001    (16.47)     (14.63     (2.41     3.86 

CLASS R6 SHARES

  October 1, 2018    (16.44)     (14.56     (2.39     3.87 

 

* 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(4/30/10 TO 4/30/20)

 

LOGO

 

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, 2010 to April 30, 2020. 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 individual 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.

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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    11 


Table of Contents

JPMorgan International Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class A Shares, without a sales charge)*   (16.19)% 
MSCI EAFE Index (net of foreign withholding taxes)   (14.21)% 
Net Assets as of 4/30/2020 (In Thousands)  $1,494,850 

 

INVESTMENT OBJECTIVE**

The JPMorgan International Advantage Fund (the “Fund”) seeks to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2020.

By sector, the Fund’s security selection in the industrials sector and its underweight allocation and security selection in the consumer staples sector were leading detractors from performance relative to the Benchmark, while the Fund’s overweight allocation in the information technology sector and its security selection in the communication services sector were leading contributors to relative performance.

By country, the Fund’s security selection in Germany and Japan was a leading detractor from relative performance, while the Fund’s security selection in the U.K. and its underweight allocation to France were leading contributors to relative performance.

The Fund targeted investments in companies that exhibited specific growth, value and quality characteristics during the period. Due to the relatively large number of securities held in the Fund during the reporting period, the impact of individual holdings on the Fund’s relative performance tended to be small.

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 were attractive based on their proprietary multifactor model.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** 
 1.   Nestle SA (Registered) (Switzerland)   2.8
 2.   Roche Holding AG (Switzerland)   2.7 
 3.   Novartis AG (Registered) (Switzerland)   2.2 
 4.   Sanofi (France)   1.9 
 5.   BHP Group Ltd. (Australia)   1.6 
 6.   Novo Nordisk A/S, Class B (Denmark)   1.5 
 7.   Toyota Motor Corp. (Japan)   1.5 
 8.   Allianz SE (Registered) (Germany)   1.5 
 9.   Rio Tinto plc (Australia)   1.3 
 10.   Schneider Electric SE (France)   1.3 

 

PORTFOLIO COMPOSITION BY COUNTRY***

 
Japan   24.5
Switzerland   11.3 
United Kingdom   10.5 
Australia   8.9 
France   6.7 
Netherlands   6.2 
Germany   6.0 
Sweden   2.6 
Denmark   2.4 
Hong Kong   2.4 
Singapore   2.4 
Spain   1.8 
Belgium   1.2 
Italy   1.1 
Norway   1.0 
Others (each less than 1.0%)   4.2 
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.
*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.
 

 

 
12   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

 

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020

 
   INCEPTION DATE OF
CLASS
    6 MONTH*     1 YEAR     5 YEAR     10 YEAR 

CLASS A SHARES

  April 30, 2001                

With Sales Charge**

       (20.58)%      (19.93)%      (3.55)%      1.79

Without Sales Charge

       (16.19     (15.51     (2.50     2.34 

CLASS C SHARES

  February 28, 2006                

With CDSC***

       (17.34     (16.92     (2.98     1.83 

Without CDSC

       (16.34     (15.92     (2.98     1.83 

CLASS I SHARES

  February 28, 2006     (16.01     (15.27     (2.19     2.62 

CLASS R2 SHARES

  November 3, 2008     (16.29     (15.77     (2.76     2.07 

CLASS R6 SHARES

  May 29, 2015     (15.95     (15.12     (2.02     2.85 

 

* 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(4/30/10 TO 4/30/20)

 

LOGO

 

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

Returns for Class R6 Shares prior to its inception date are based on the performance of the now liquidated Institutional Class Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan International Advantage Fund and the MSCI EAFE Index (net of foreign withholding taxes) from April 30, 2010 to April 30, 2020. 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 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.

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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    13 


Table of Contents

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class I Shares)*   (12.50)% 
MSCI EAFE Index (net of foreign withholding taxes)   (14.21)% 
Net Assets as of 4/30/2020 (In Thousands)  $2,667,454 

 

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 outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2020.

By sector, the Fund’s security selection in the financials sector and its security selection and overweight allocation to the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s underweight position in the health care sector and its security selection in the consumer staples sector were leading detractors from relative performance.

By region, the Fund’s security selection in Europe, excluding the U.K., and in the Pacific, excluding Japan, was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight allocation to Japan was the sole regional detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Roche Holding SA, Tencent Holdings Ltd. and Novo Nordisk A/S. Shares of Roche Holding, a Swiss pharmaceutical company, rose amid investor expectations that it would benefit from a potential vaccine, treatment or test for theCOVID-19 virus. Shares of Tencent Holdings, a Hong Kong online gaming, advertising and services company, rose amid growth in earnings and revenue and investor expectations for increased traffic to its services duringat-home quarantines as a result of theCOVID-19 pandemic. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported better-than-expected results for the fourth quarter of 2019.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Itau Unibanco Holding SA, ING Groep NV and Royal Dutch Shell PLC. Shares of Itau Unibanco Holding, a Brazilian banking and financial services company, fell amid investor expectations for a sharp contraction in Brazil’s economy in response to theCOVID-19 pandemic. Shares of ING Groep, a Dutch banking, financial services and insurance provider, fell after the company reported lower-than-expected earnings for the fourth quarter of 2019. Shares of Royal Dutch Shell, a British/Dutch oil and natural gas producer and retailer, fell as global energy demand contracted and global oil prices fell sharply in 2020.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They usedbottom-up fundamental research to identify what they believed were attractively priced securities of companies with solid financial positions that possessed the potential to increase their earnings faster than their industry peers.

 

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** 
 1.   Nestle SA (Registered) (Switzerland)   4.0
 2.   Roche Holding AG (Switzerland)   3.5 
 3.   Novartis AG (Registered) (Switzerland)   2.6 
 4.   AIA Group Ltd. (Hong Kong)   2.3 
 5.   GlaxoSmithKline plc (United Kingdom)   2.3 
 6.   Novo Nordisk A/S, Class B (Denmark)   2.2 
 7.   ASML Holding NV (Netherlands)   2.1 
 8.   Diageo plc (United Kingdom)   2.0 
 9.   SAP SE (Germany)   2.0 
 10.   Sony Corp. (Japan)   1.9 

 

PORTFOLIO COMPOSITION BY COUNTRY***

 
Japan   14.8
United Kingdom   14.2 
Switzerland   13.3 
France   12.8 
Germany   7.8 
Netherlands   4.1 
Denmark   4.0 
Hong Kong   4.0 
China   3.6 
Australia   3.4 
Sweden   2.3 
Taiwan   1.6 
South Korea   1.4 
Finland   1.2 
India   1.2 
United States   1.2 
Spain   1.0 
Singapore   1.0 
Others (each less than 1.0%)   2.0 
Short-Term Investments   5.1 

 

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.
 

 

 
14   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

 

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020

 
   INCEPTION DATE OF
CLASS
    6 MONTH*     1 YEAR     5 YEAR     10 YEAR 

CLASS A SHARES

  February 28, 2002                

With Sales Charge**

       (17.21)%      (14.00)%      (1.02)%      2.89

Without Sales Charge

       (12.60     (9.25     0.05      3.45 

CLASS C SHARES

  January 31, 2003                

With CDSC***

       (13.88     (10.79     (0.46     2.92 

Without CDSC

       (12.88     (9.79     (0.46     2.92 

CLASS I SHARES

  January 1, 1997     (12.50     (9.03     0.30      3.70 

CLASS R2 SHARES

  November 3, 2008     (12.77     (9.55     (0.23     3.17 

CLASS R5 SHARES

  May 15, 2006     (12.45     (8.94     0.44      3.88 

CLASS R6 SHARES

  November 30, 2010     (12.43     (8.86     0.52      3.95 

 

* Not annualized.
** Sales Charge for Class A Shares is 5.25%.
*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE(4/30/10 TO 4/30/20)

 

LOGO

 

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Fund and the MSCI EAFE Index (net of foreign withholding taxes) from April 30, 2010 to April 30, 2020. 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 United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

 

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    15 


Table of Contents

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class I Shares)*   (9.60)% 
MSCI All Country World Index,Ex-U.S. (net of foreign withholding taxes)   (13.22)% 
Net Assets as of 4/30/2020 (In Thousands)  $2,535,256 

 

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 outperformed the MSCI All Country World Index,Ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2020.

By sector, the Fund’s security selection in the consumer discretionary and financials sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the health care and materials sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in continental Europe and the U.K. was a leading contributor to relative performance, while the Fund’s underweight position in Japan was the sole regional detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Delivery Hero AG, Tencent Holdings Ltd. and Novo Nordisk A/S. Shares of Delivery Hero, a German online food delivery service, rose amid investor expectations for increased demand duringat-home quarantines as a result of theCOVID-19 pandemic. Shares of Tencent Holdings, a Hong Kong online gaming, advertising and services

company, rose amid growth in earnings and revenue and investor expectations for increased traffic to its services duringat-home quarantines as a result of theCOVID-19 pandemic. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported better-than-expected results for the fourth quarter of 2019.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Airbus SE, Continental AG and HDFC Bank Ltd. Shares of Airbus, a French airplanes and aerospace company, fell after the company slashed production due to decreased demand amid theCOVID-19 pandemic. Shares of Continental, a German rubber tire manufacturer, fell amid a sharp decline in automobile sales in 2020. Shares of HDFC Bank, an Indian banking and financial services provider, fell amid investor expectations thatat-home quarantine orders issued by the Indian government in response to theCOVID-19 pandemic would lead to a sharp contraction in India’s economy.

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 managers believed, were under-appreciated by the market and thus possessed the potential to deliver higher-than-expected earnings that could have a positive effect on the share price.

 

 

 
16   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** 
 1.   Nestle SA (Registered) (Switzerland)   4.7
 2.   Tencent Holdings Ltd. (China)   3.6 
 3.   AIA Group Ltd. (Hong Kong)   3.3 
 4.   HDFC Bank Ltd., ADR (India)   3.1 
 5.   Alibaba Group Holding Ltd., ADR (China)   3.0 
 6.   Ping An Insurance Group Co. of China Ltd., Class H (China)   2.9 
 7.   Roche Holding AG (Switzerland)   2.7 
 8.   GlaxoSmithKline plc (United Kingdom)   2.7 
 9.   Novo Nordisk A/S, Class B (Denmark)   2.6 
 10.   Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)   2.6 

PORTFOLIO COMPOSITION BY COUNTRY***

 
United Kingdom   18.9
Switzerland   10.5 
Germany   9.5 
China   9.4 
Canada   6.4 
France   6.3 
Japan   5.3 
Hong Kong   3.3 
India   3.1 
Sweden   2.9 
Denmark   2.6 
Taiwan   2.6 
Netherlands   2.5 
South Korea   2.3 
Australia   1.9 
Belgium   1.5 
United States   1.5 
Indonesia   1.4 
Finland   1.3 
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.
*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.
 

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    17 


Table of Contents

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

 

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020

   INCEPTION DATE OF
CLASS
    6 MONTH*     1 YEAR     5 YEAR     SINCE
INCEPTION
 

CLASS A SHARES

  November 30, 2011                

With Sales Charge**

       (14.49)%      (12.08)%      0.30     5.16

Without Sales Charge

       (9.75     (7.21     1.39      5.84 

CLASS C SHARES

  November 30, 2011                

With CDSC***

       (10.92)     (8.67)     0.89     5.31

Without CDSC

       (9.92     (7.67     0.89      5.31 

CLASS I SHARES

  November 30, 2011     (9.60)     (6.96)     1.69     6.14

CLASS R2 SHARES

  November 30, 2011     (9.86)     (7.48)     1.11     5.55

CLASS R5 SHARES

  November 30, 2011     (9.54)     (6.84)     1.80     6.29

CLASS R6 SHARES

  November 30, 2011     (9.53)     (6.79)     1.87     6.35

 

* Not annualized.
** Sales Charge for Class A Shares is 5.25%.
*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE(11/30/11 TO 4/30/20)

 

 

LOGO

 

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, 2020. 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 of the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

 

 

 
18   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class I Shares)*   (8.56)% 
MSCI EAFE Index (net of foreign withholding taxes)   (14.21)% 
ICE BofAML 3-Month U.S. Treasury Bill Index   0.85% 
Net Assets as of 4/30/2020 (In Thousands)  $95,467 

 

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 outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) and underperformed the ICE BofAML 3-Month U.S. Treasury Bill Index for the six months ended April 30, 2020.

By sector, the Fund’s security selection in the utilities and basic industries sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the retail and consumer staples sectors was a leading detractor from relative performance.

By country, the Fund’s overweight position and security selection in Australia and its security selection in Italy were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and underweight position in Japan and its security selection in France were leading detractors from relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Roche Holding SA, Novo Nordisk A/S and Nintendo Ltd. Shares of Roche Holding, a Swiss pharmaceutical company, rose amid investor expectations that it would benefit from a potential vaccine, treatment or test for the COVID-19. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported better-than-expected results for the fourth quarter of 2019. Shares of Nintendo, a Japanese developer of home entertainment products, rose amid increased demand for its products by households under quarantine as a result of the COVID-19 pandemic.

Leading individual detractors from relative performance included the Fund’s overweight positions in Airbus SE, Anheuser-Busch InBev SA and Standard Chartered PLC. Shares of Airbus, a French airplanes and aerospace company, fell after the company slashed production due to decreased demand amid the COVID-19 pandemic. Shares of Anheuser-Busch, a Belgian beer and beverages company, fell after it reported a sharp decline in fourth quarter 2019 profit as sales in China declined sharply amid COVID-19 quarantines and U.S. sales were hurt by increased demand for alcoholic seltzer products. Shares of Standard Chartered, a U.K. banking and financial services company, fell after the company cancelled dividend payments to shareholders under pressure from regulators to free up capital for lending during the COVID-19 pandemic.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they believed were attractively priced securities of companies with solid financial positions that possessed the potential to increase their earnings faster than their industry peers.

 

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** 
 1.   Nestle SA (Registered) (Switzerland)   3.9
 2.   Roche Holding AG (Switzerland)   3.0 
 3.   Novartis AG (Registered) (Switzerland)   2.4 
 4.   Toyota Motor Corp. (Japan)   2.2 
 5.   ASML Holding NV (Netherlands)   2.1 
 6.   SAP SE (Germany)   2.0 
 7.   Sanofi (France)   2.0 
 8.   Novo Nordisk A/S, Class B (Denmark)   2.0 
 9.   Air Liquide SA (France)   1.6 
 10.   Diageo plc (United Kingdom)   1.5 

 

PORTFOLIO COMPOSITION BY COUNTRY***

 
Japan   23.7
United Kingdom   15.9
France   12.6
Switzerland   11.7
Germany   9.7
Netherlands   4.7
Australia   4.7
Denmark   3.3
Spain   3.2
Hong Kong   2.1
Italy   2.1
Sweden   1.3
Ireland   1.0
Others (each less than 1.0%)   3.1 
Short-Term Investments   0.9 

 

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.
 

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    19 


Table of Contents

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

 

 

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020

 
   INCEPTION DATE OF
CLASS
     6 MONTH*     1 YEAR     SINCE
INCEPTION
 

CLASS A SHARES

   March 15, 2019             

With Sales Charge**

       (13.44)%      (11.40)%      (9.03)% 

Without Sales Charge

       (8.67     (6.51     (4.57

CLASS C SHARES

   March 15, 2019             

With CDSC***

       (9.86)     (7.94)     (5.02)

Without CDSC

       (8.86     (6.94     (5.02

CLASS I SHARES

   March 15, 2019      (8.56)     (6.28)     (4.32)

CLASS R5 SHARES

   March 15, 2019      (8.46)     (6.11)     (4.16)

CLASS R6 SHARES

   March 15, 2019      (8.44)     (6.04)     (4.09)

 

* 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.

LIFE OF FUND PERFORMANCE(3/15/19 TO 4/30/20)

 

 

LOGO

 

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

The Fund commenced operations on 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 BofAML3-Month U.S. Treasury Bill Index from March 15, 2019 to April 30, 2020. 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 tonon-resident institutional investors who do not benefit from double taxation treaties. The performance of the ICE BofAML3-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 BofAML3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the 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.

 

 

 
20   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class I Shares)*   (15.11)% 
MSCI EAFE Index (net of foreign withholding taxes)   (14.21)% 
Net Assets as of 4/30/2020 (In Thousands)  $4,303,710 

 

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 underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2020.

By sector, the Fund’s security selection in the retail and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the utilities and basic industries sectors was a leading contributor to relative performance.

By region, the Fund’s security selection in Japan and Europe was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the Pacific, excluding Japan, was the sole regional contributor to 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?

The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by analysts, the Fund’s portfolio managers took a marginally overweight position in securities included within the universe of the Benchmark that they considered undervalued, while marginally underweighting or not holding securities in the Benchmark that they considered overvalued.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** 
 1.   Nestle SA (Registered) (Switzerland)   3.6
 2.   Roche Holding AG (Switzerland)   2.8 
 3.   Novartis AG (Registered) (Switzerland)   2.2 
 4.   Toyota Motor Corp. (Japan)   1.9 
 5.   ASML Holding NV (Netherlands)   1.9 
 6.   SAP SE (Germany)   1.8 
 7.   Sanofi (France)   1.8 
 8.   Novo Nordisk A/S, Class B (Denmark)   1.8 
 9.   Air Liquide SA (France)   1.5 
 10.   Diageo plc (United Kingdom)   1.4 

 

PORTFOLIO COMPOSITION BY COUNTRY***

 
Japan   21.4
United Kingdom   14.5
France   11.5
Switzerland   10.6
Germany   8.8
Australia   4.3
Netherlands   4.3
Denmark   3.0
Spain   2.9
Italy   1.9
Hong Kong   1.9
Sweden   1.2
Others (each less than 1.0%)   3.9 
Short-Term Investments   9.8 

 

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.
 

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    21 


Table of Contents

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

 

 

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020

 
   INCEPTION DATE OF
CLASS
    6 MONTH*     1 YEAR     5 YEAR     10 YEAR 

CLASS A SHARES

  April 23, 1993                

With Sales Charge**

       (19.65)%      (17.56)%      (1.84)%      2.11

Without Sales Charge

       (15.21     (12.98     (0.77     2.66 

CLASS I SHARES

  October 28, 1992     (15.11)     (12.76)     (0.52)     2.92

CLASS R6 SHARES

  November 1, 2017     (15.10)     (12.69)     (0.47)     2.95

 

* Not annualized.
** Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE(4/30/10 TO 4/30/20)

 

 

LOGO

 

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns 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, 2010 to April 30, 2020. 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 of the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, 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, 2020


Table of Contents

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class L Shares)*   (23.10)% 
MSCI EAFE Value Index (net of foreign withholding taxes)   (21.28)% 
Net Assets as of 4/30/2020 (In Thousands)  $274,690 

 

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 underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2020.

By sector, the Fund’s underweight allocations to the utilities sector and the pharmaceuticals, biotechnology and life sciences sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the materials and real estate sectors was a leading contributor to relative performance.

By region, the Fund’s security selection in continental Europe and the U.K. was a leading detractor from relative performance, while the Fund’s security selection in the Pacific, excluding Japan, was the sole regional contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in Sanofi SA, Softbank Group Corp. and Takeda Pharmaceutical Co. Shares of Sanofi, a French pharmaceuticals company not held in the Fund, rose after the company reported growth in earnings and sales for the first quarter of 2020. Shares of Softbank, a Japanese investment company not held by the Fund, rose after the

company announced it would sell an estimated $41 billion in assets and repurchase $18 billion of its shares. Shares of Takeda Pharmaceutical, a Japanese drug maker not held in the Fund, rose amid investor expectations that the company could benefit from the development of tests, treatments or a vaccine for COVID-19.

Leading individual contributors to relative performance included the Fund’s underweight positions in BP PLC, Banco Santander SA and HSBC Holdings PLC. Shares of BP, a U.K. oil and natural gas producer and retailer, fell amid declining global demand for petroleum and a sharp drop in global oil prices in 2020. Shares of Banco Santander, a Spanish banking and financial services company not held in the Fund, fell after the company reported a sharp drop in earnings as it set aside funds for anticipated loan losses amid the COVID-19 pandemic. Shares of HSBC Holdings, a U.K. banking and financial services company, fell after the company reported a sharp drop in earnings in the face of the COVID-19 pandemic.

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 were in the media & entertainment and materials sectors, while the largest underweight sector positions were in the utilities and capital goods sectors.

 

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    23 


Table of Contents

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

 

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** 
 1.   Toyota Motor Corp. (Japan)   2.6
 2.   Royal Dutch Shell plc, Class A (Netherlands)   2.5 
 3.   BHP Group Ltd. (Australia)   1.9 
 4.   British American Tobacco plc (United Kingdom)   1.9 
 5.   Novartis AG (Registered) (Switzerland)   1.8 
 6.   TOTAL SA (France)   1.7 
 7.   BP plc (United Kingdom)   1.6 
 8.   Rio Tinto plc (Australia)   1.4 
 9.   Bayer AG (Registered) (Germany)   1.3 
 10.   Allianz SE (Registered) (Germany)   1.1 

PORTFOLIO COMPOSITION BY COUNTRY***

 
Japan   25.5
United Kingdom   13.8
Germany   8.2
France   7.9
Australia   7.6
Switzerland   7.4
Netherlands   5.1
Sweden   3.1
Spain   2.7
Norway   2.5
Hong Kong   2.1
Italy   1.9
Finland   1.7
Belgium   1.3
Singapore   1.2
Denmark   1.1
Others (each less than 1.0%)   3.9 
Short-Term Investments   3.0 

 

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.
 

 

 
24   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

 

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020

 
   INCEPTION DATE OF
CLASS
    6 MONTH*     1 YEAR     5 YEAR     10 YEAR 

CLASS A SHARES

  September 28, 2001                

With Sales Charge**

       (27.30)%      (27.86)%      (6.47)%      (0.63)% 

Without Sales Charge

       (23.25     (23.88     (5.46     (0.09

CLASS C SHARES

  July 11, 2006                

With CDSC***

       (24.44)     (25.28)     (5.93)     (0.60)

Without CDSC

       (23.44     (24.28     (5.93     (0.60

CLASS I SHARES

  September 10, 2001     (23.13)     (23.68)     (5.18)     0.18

CLASS L SHARES

  November 4, 1993     (23.10)     (23.59)     (5.08)     0.31

CLASS R2 SHARES

  November 3, 2008     (23.35)     (24.05)     (5.70)     (0.35)

CLASS R5 SHARES

  September 9, 2016     (23.04)     (23.53)     (5.07)     0.31

CLASS R6 SHARES

  November 30, 2010     (23.08)     (23.51)     (4.96)     0.42

 

* Not annualized.
** Sales Charge for Class A Shares is 5.25%.
*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE(4/30/10 TO 4/30/20)

 

 

LOGO

 

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111. 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 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.

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, 2010 to April 30, 2020. 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 United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

 

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    25 


Table of Contents

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 98.2%

 

Argentina — 2.2%

 

MercadoLibre, Inc. *

  298    174,076 
   

 

 

 

Brazil — 4.9%

 

B3 SA — Brasil Bolsa Balcao

  11,978    84,254 

Itau Unibanco Holding SA, ADR

  18,778    79,056 

Lojas Renner SA

  11,073    78,379 

Pagseguro Digital Ltd., Class A *

  963    24,393 

Raia Drogasil SA

  2,013    38,999 

XP, Inc., Class A * (a)

  2,949    74,187 
   

 

 

 
    379,268 
   

 

 

 

China — 35.4%

 

Alibaba Group Holding Ltd., ADR *

  2,267    459,399 

Budweiser Brewing Co. APAC Ltd. * (a) (b)

  47,491    129,053 

China Gas Holdings Ltd.

  29,783    108,371 

Foshan Haitian Flavouring & Food Co. Ltd., Class A

  6,237    107,290 

Huazhu Group Ltd., ADR(a)

  933    33,583 

Inner Mongolia Yili Industrial Group Co. Ltd., Class A *

  6,631    27,088 

Kweichow Moutai Co. Ltd., Class A

  406    72,003 

Meituan Dianping, Class B * (b)

  12,712    170,201 

Midea Group Co. Ltd., Class A

  11,045    82,463 

NetEase, Inc., ADR

  544    187,589 

New Oriental Education & Technology Group, Inc., ADR *

  1,069    136,413 

Ping An Bank Co. Ltd., Class A

  64,681    125,739 

Ping An Insurance Group Co. of China Ltd., Class H

  19,123    194,596 

Shenzhen MindrayBio-Medical Electronics Co. Ltd., Class A

  1,384    49,394 

Shenzhou International Group Holdings Ltd.

  8,409    97,055 

Sunny Optical Technology Group Co. Ltd.

  5,876    81,829 

Tencent Holdings Ltd.

  7,307    384,120 

Wuxi Biologics Cayman, Inc. * (a) (b)

  12,029    187,248 

Yum China Holdings, Inc.

  2,589    125,445 
   

 

 

 
    2,758,879 
   

 

 

 

Egypt — 0.6%

 

Commercial International Bank Egypt SAE (Registered), GDR (b)

  11,635    44,613 
   

 

 

 

Hong Kong — 6.5%

 

AIA Group Ltd.

  25,884    237,559 

AIA Group Ltd.

  795    7,385 

Hong Kong Exchanges & Clearing Ltd.

  3,338    107,017 

Techtronic Industries Co. Ltd.

  20,673    156,749 
   

 

 

 
    508,710 
   

 

 

 

Hungary — 1.5%

 

OTP Bank Nyrt.

  3,991    118,202 
   

 

 

 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

India — 16.5%

 

Asian Paints Ltd.

  1,773    41,370 

Britannia Industries Ltd.

  1,686    70,544 

HDFC Bank Ltd.

  11,598    152,297 

HDFC Bank Ltd., ADR

  2,412    104,541 

HDFC Life Insurance Co. Ltd. * (b)

  13,421    88,880 

Hindustan Unilever Ltd.

  3,253    94,190 

Housing Development Finance Corp. Ltd.

  9,651    244,117 

IndusInd Bank Ltd.

  5,379    32,816 

ITC Ltd.

  39,908    96,146 

Kotak Mahindra Bank Ltd.

  5,689    102,162 

Maruti Suzuki India Ltd.

  986    69,993 

Tata Consultancy Services Ltd.

  7,107    188,139 
   

 

 

 
    1,285,195 
   

 

 

 

Indonesia — 2.1%

 

Bank Central Asia Tbk. PT

  53,178    92,114 

Bank Rakyat Indonesia Persero Tbk. PT

  401,578    73,042 
   

 

 

 
    165,156 
   

 

 

 

Macau — 1.4%

 

Sands China Ltd.

  26,224    106,169 
   

 

 

 

Mexico — 2.4%

 

Grupo Financiero Banorte SAB de CV, Class O (a)

  24,159    66,140 

Infraestructura Energetica Nova SAB de CV

  8,509    28,239 

Wal-Mart de Mexico SAB de CV

  38,929    93,959 
   

 

 

 
    188,338 
   

 

 

 

Panama — 0.5%

 

Copa Holdings SA, Class A

  910    40,244 
   

 

 

 

Peru — 0.8%

 

Credicorp Ltd.

  412    61,377 
   

 

 

 

Portugal — 1.7%

 

Jeronimo Martins SGPS SA

  7,531    127,669 
   

 

 

 

Russia — 0.8%

 

Sberbank of Russia PJSC

  23,235    61,229 

Sberbank of Russia PJSC

  292    770 
   

 

 

 
    61,999 
   

 

 

 

South Africa — 1.8%

 

Bid Corp. Ltd.

  4,381    57,100 

Capitec Bank Holdings Ltd. (a)

  1,310    63,883 

Mr Price Group Ltd.

  2,200    15,675 
   

 

 

 
    136,658 
   

 

 

 

South Korea — 5.6%

 

NCSoft Corp.

  204    107,950 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
26   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

   

South Korea — continued

 

Samsung Electronics Co. Ltd.

  7,901    324,865 
   

 

 

 
    432,815 
   

 

 

 

Spain — 0.1%

 

Prosegur Cia de Seguridad SA

  4,049    8,929 
   

 

 

 

Taiwan — 9.1%

 

Largan Precision Co. Ltd.

  595    81,106 

President Chain Store Corp.

  4,522    46,761 

Sea Ltd., ADR* (a)

  2,798    155,486 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

  7,941    421,912 
   

 

 

 
    705,265 
   

 

 

 

Turkey — 1.2%

 

BIM Birlesik Magazalar A/S

  10,764    85,471 

Ford Otomotiv Sanayi A/S

  1,087    9,846 
   

 

 

 
    95,317 
   

 

 

 

United States — 3.1%

 

EPAM Systems, Inc. *

  1,105    244,037 
   

 

 

 

Total Common Stocks
(Cost $6,727,034)

    7,642,916 
   

 

 

 

Short-Term Investments — 3.2%

 

Investment Companies — 1.6%

 

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d)
(Cost $124,454)

  124,472    124,572 
   

 

 

 

Investment of Cash Collateral from Securities Loaned — 1.6%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)

  81,033    81,049 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)

  48,254    48,254 
   

 

 

 

Total Investment of Cash Collateral from Securities Loaned
(Cost $129,267)

    129,303 
   

 

 

 

Total Short-Term Investments
(Cost $253,721)

    253,875 
   

 

 

 

Total Investments — 101.4%
(Cost $6,980,755)

    7,896,791 

Liabilities in Excess of
Other Assets — (1.4)%

    (111,030
   

 

 

 

NET ASSETS — 100.0%

    7,785,761 
   

 

 

 

 

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

 

INDUSTRY  PERCENTAGE 

Banks

   14.9

Internet & Direct Marketing Retail

   10.2 

Insurance

   6.7 

IT Services

   5.8 

Entertainment

   5.7 

Food & Staples Retailing

   5.7 

Semiconductors & Semiconductor Equipment

   5.3 

Interactive Media & Services

   4.9 

Technology Hardware, Storage & Peripherals

   4.1 

Capital Markets

   3.4 

Hotels, Restaurants & Leisure

   3.4 

Thrifts & Mortgage Finance

   3.1 

Food Products

   2.6 

Beverages

   2.6 

Life Sciences Tools & Services

   2.4 

Electronic Equipment, Instruments & Components

   2.1 

Machinery

   2.0 

Gas Utilities

   1.7 

Diversified Consumer Services

   1.7 

Textiles, Apparel & Luxury Goods

   1.2 

Tobacco

   1.2 

Household Products

   1.2 

Household Durables

   1.0 

Automobiles

   1.0 

Multiline Retail

   1.0 

Others (each less than 1.0%)

   1.9 

Short-Term Investments

   3.2 

Abbreviations

 

ADR American Depositary Receipt
GDR Global Depositary Receipt
PJSC Public Joint Stock Company
PT Limited liability company
SGPS Holding company
(a) The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $126,114,000.
(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, 2020.
* Non-income producing security.
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
APRIL 30, 2020 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, 2020 (Unaudited)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 96.7%

 

Argentina — 0.1%

 

MercadoLibre, Inc. *

  5    2,855 
   

 

 

 

Brazil — 4.5%

 

Ambev SA *

  2,785    5,823 

B3 SA — Brasil Bolsa Balcao

  980    6,894 

Banco Bradesco SA (Preference)

  3,493    12,339 

Banco do Brasil SA *

  859    4,474 

Cogna Educacao

  1,407    1,428 

CVC Brasil Operadora e Agencia de Viagens SA *

  274    705 

Equatorial Energia SA

  455    1,542 

Gerdau SA (Preference)

  2,732    5,902 

Itau Unibanco Holding SA (Preference)

  3,309    13,954 

Itausa — Investimentos Itau SA (Preference)

  2,792    4,626 

Localiza Rent a Car SA *

  644    4,070 

Lojas Renner SA

  877    6,206 

Petroleo Brasileiro SA (Preference)

  3,723    12,364 

Raia Drogasil SA

  255    4,940 

Telefonica Brasil SA (Preference)

  311    2,630 

TIM Participacoes SA, ADR *

  446    5,179 

Vale SA, ADR *

  1,684    13,890 
   

 

 

 
    106,966 
   

 

 

 

Chile — 0.2%

 

Banco Santander Chile, ADR (a)

  174    2,929 

Cencosud SA

  1,383    1,673 

Cia Cervecerias Unidas SA, ADR

  113    1,608 
   

 

 

 
    6,210 
   

 

 

 

China — 38.5%

 

51job, Inc., ADR * (a)

  69    4,164 

Aier Eye Hospital Group Co. Ltd., Class A

  389    2,404 

Alibaba Group Holding Ltd., ADR *

  822    166,566 

ANTA Sports Products Ltd.

  283    2,410 

Baidu, Inc., ADR *

  115    11,559 

Bank of China Ltd., Class H

  49,027    18,665 

Baoshan Iron & Steel Co. Ltd., Class A

  9,459    6,460 

BeiGene Ltd., ADR * (a)

  13    1,965 

Beijing Enterprises Holdings Ltd.

  558    1,977 

Beijing Shiji Information Technology Co. Ltd., Class A

  563    2,407 

BOE Technology Group Co. Ltd., Class A

  8,025    4,195 

CGN Power Co. Ltd., Class H * (b)

  20,326    5,113 

China Conch Venture Holdings Ltd.

  1,452    6,943 

China Construction Bank Corp., Class H

  51,452    41,299 

China Gas Holdings Ltd.

  2,652    9,649 

China Lesso Group Holdings Ltd.

  2,928    4,196 

China Life Insurance Co. Ltd., Class H

  5,920    12,626 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

China — continued

 

China Merchants Bank Co. Ltd., Class H

  4,005    18,953 

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

  2,686    6,415 

China Mobile Ltd.

  2,339    18,803 

China Molybdenum Co. Ltd., Class H

  11,691    3,527 

China Oilfield Services Ltd., Class H

  5,470    4,261 

China Overseas Land & Investment Ltd.

  3,572    13,195 

China Pacific Insurance Group Co. Ltd., Class H

  2,055    6,798 

China Petroleum & Chemical Corp., Class H

  10,358    5,162 

China Resources Land Ltd.

  2,478    10,240 

China Shenhua Energy Co. Ltd., Class H

  4,356    7,716 

China State Construction International Holdings Ltd.

  5,300    4,109 

China Unicom Hong Kong Ltd.

  9,158    5,923 

China Vanke Co. Ltd., Class H

  2,742    9,213 

CNOOC Ltd.

  12,794    14,145 

Country Garden Holdings Co. Ltd.

  4,357    5,644 

Country Garden Services Holdings Co. Ltd.

  1,320    6,099 

CSPC Pharmaceutical Group Ltd.

  3,910    7,741 

ENN Energy Holdings Ltd.

  649    7,311 

Far East Horizon Ltd.

  2,895    2,344 

Fosun International Ltd.

  2,569    3,225 

GDS Holdings Ltd., ADR * (a)

  70    4,003 

Geely Automobile Holdings Ltd.

  4,295    6,681 

Haier Electronics Group Co. Ltd.

  37    102 

Hangzhou Robam Appliances Co. Ltd., Class A

  1,226    5,451 

Industrial & Commercial Bank of China Ltd., Class H

  30,390    20,377 

Inner Mongolia Yili Industrial Group Co. Ltd., Class A *

  692    2,829 

Innovent Biologics, Inc. * (b)

  1,122    5,526 

JD.com, Inc., ADR *

  316    13,617 

Jiangsu Hengrui Medicine Co. Ltd., Class A *

  518    6,709 

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

  391    5,398 

Jointown Pharmaceutical Group Co. Ltd., Class A

  1,186    2,979 

JonjeeHi-Tech Industrial And Commercial Holding Co. Ltd., Class A

  515    3,398 

Kingdee International Software Group Co. Ltd.

  4,746    6,788 

Kunlun Energy Co. Ltd.

  5,808    3,784 

Kweichow Moutai Co. Ltd., Class A

  31    5,427 

Laobaixing Pharmacy Chain JSC, Class A

  443    4,713 

Longfor Group Holdings Ltd. (b)

  1,993    10,130 

Midea Group Co. Ltd., Class A

  435    3,246 

NARI Technology Co. Ltd., Class A

  1,575    4,428 

NetEase, Inc., ADR

  51    17,720 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
28   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

   

China — continued

   

New Oriental Education & Technology Group, Inc., ADR *

  81    10,361 

Nexteer Automotive Group Ltd.

  1,507    774 

PetroChina Co. Ltd., Class H

  11,278    4,051 

PICC Property & Casualty Co. Ltd., Class H

  7,370    7,053 

Ping An Bank Co. Ltd., Class A

  3,658    7,112 

Ping An Insurance Group Co. of China Ltd., Class H

  3,462    35,230 

Poly Developments and Holdings Group Co. Ltd., Class A

  2,317    5,240 

Postal Savings Bank of China Co. Ltd., Class H (b)

  13,198    7,886 

Prosus NV *

  63    4,800 

SAIC Motor Corp. Ltd., Class A

  2,011    5,306 

Shenzhou International Group Holdings Ltd.

  715    8,248 

Sinopharm Group Co. Ltd., Class H

  1,293    3,487 

Sunny Optical Technology Group Co. Ltd.

  659    9,175 

Suofeiya Home Collection Co. Ltd., Class A

  2,772    7,274 

Tencent Holdings Ltd.

  2,728    143,420 

Trip.com Group Ltd., ADR *

  255    6,578 

Vipshop Holdings Ltd., ADR *

  193    3,073 

Weifu High-Technology Group Co. Ltd., Class A

  1,963    5,568 

WuXi AppTec Co. Ltd., Class H (b)

  177    2,500 

Wuxi Biologics Cayman, Inc. * (b)

  698    10,865 

Xinyangfeng Agricultural Technology Co. Ltd., Class A

  3,054    3,602 

Yonyou Network Technology Co. Ltd., Class A

  690    4,462 

Yum China Holdings, Inc.

  280    13,578 

Zhejiang Chint Electrics Co. Ltd., Class A

  1,204    4,200 

Zhejiang Supor Co. Ltd., Class A

  512    4,733 

Zhejiang Weixing New Building Materials Co. Ltd., Class A

  1,410    2,411 
   

 

 

 
    917,715 
   

 

 

 

Colombia — 0.1%

 

Bancolombia SA

  336    2,153 

Ecopetrol SA, ADR (a)

  146    1,523 
   

 

 

 
    3,676 
   

 

 

 

Czech Republic — 0.2%

 

Komercni banka A/S *

  155    3,278 

Moneta Money Bank A/S (b)

  1,179    2,450 
   

 

 

 
    5,728 
   

 

 

 

Greece — 0.2%

 

OPAP SA

  444    3,977 
   

 

 

 

Hong Kong — 0.3%

 

Hutchison China MediTech Ltd., ADR * (a)

  123    2,652 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Hong Kong — continued

 

Sino Biopharmaceutical Ltd.

  1,539    2,243 

Techtronic Industries Co. Ltd.

  475    3,598 
   

 

 

 
    8,493 
   

 

 

 

Hungary — 0.6%

 

OTP Bank Nyrt.

  256    7,570 

Richter Gedeon Nyrt.

  282    6,031 
   

 

 

 
    13,601 
   

 

 

 

India — 8.5%

 

Axis Bank Ltd.

  1,567    9,157 

Bajaj Auto Ltd.

  79    2,757 

Bosch Ltd.

  14    1,926 

Container Corp. of India Ltd.

  543    2,684 

HCL Technologies Ltd.

  867    6,220 

HDFC Bank Ltd., ADR

  84    3,654 

Hindalco Industries Ltd.

  1,518    2,576 

Hindustan Unilever Ltd.

  479    13,860 

Housing Development Finance Corp. Ltd.

  987    24,958 

ICICI Bank Ltd., ADR

  436    4,256 

IndusInd Bank Ltd.

  337    2,055 

Infosys Ltd., ADR

  2,145    19,800 

ITC Ltd.

  3,235    7,794 

Larsen & Toubro Ltd.

  527    6,251 

Maruti Suzuki India Ltd.

  143    10,130 

NTPC Ltd.

  4,552    5,703 

Oil & Natural Gas Corp. Ltd.

  3,741    3,959 

Petronet LNG Ltd.

  1,205    3,881 

Power Grid Corp. of India Ltd.

  3,181    6,819 

Reliance Industries Ltd.

  1,400    27,218 

Shriram Transport Finance Co. Ltd.

  354    3,627 

Tata Consultancy Services Ltd.

  618    16,372 

UltraTech Cement Ltd.

  167    7,776 

United Spirits Ltd. *

  675    4,808 

UPL Ltd.

  1,026    5,677 
   

 

 

 
    203,918 
   

 

 

 

Indonesia — 1.6%

 

Astra International Tbk. PT

  14,174    3,625 

Bank Central Asia Tbk. PT

  7,672    13,289 

Bank Rakyat Indonesia Persero Tbk. PT

  43,424    7,898 

Telekomunikasi Indonesia Persero Tbk. PT

  49,570    11,399 

United Tractors Tbk. PT

  1,087    1,186 
   

 

 

 
    37,397 
   

 

 

 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
APRIL 30, 2020 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, 2020 (Unaudited) (continued)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

   

Malaysia — 1.0%

 

CIMB Group Holdings Bhd.

  3,654    2,921 

IHH Healthcare Bhd.

  2,936    3,573 

Petronas Chemicals Group Bhd.

  3,822    4,947 

Public Bank Bhd.

  1,919    7,294 

Tenaga Nasional Bhd.

  2,110    5,974 
   

 

 

 
    24,709 
   

 

 

 

Mexico — 2.4%

 

Alfa SAB de CV, Class A

  3,579    1,466 

America Movil SAB de CV, Series L

  21,024    12,701 

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (a)

  3,086    1,708 

Fomento Economico Mexicano SAB de CV, ADR

  136    8,726 

Grupo Aeroportuario del Pacifico SAB de CV, Class B

  538    3,343 

Grupo Aeroportuario del Sureste SAB de CV, Class B (a)

  407    4,066 

Grupo Financiero Banorte SAB de CV, Class O

  2,284    6,254 

Grupo Mexico SAB de CV, Series B (a)

  3,998    8,502 

Wal-Mart de Mexico SAB de CV

  4,236    10,224 
   

 

 

 
    56,990 
   

 

 

 

Peru — 0.4%

 

Credicorp Ltd.

  65    9,717 
   

 

 

 

Philippines — 0.4%

 

Ayala Corp.

  241    2,746 

Ayala Land, Inc.

  5,662    3,534 

International Container Terminal Services, Inc.

  1,434    2,508 
   

 

 

 
    8,788 
   

 

 

 

Poland — 0.5%

 

CD Projekt SA

  84    7,383 

Dino Polska SA * (b)

  96    4,042 
   

 

 

 
    11,425 
   

 

 

 

Qatar — 0.4%

 

Qatar National Bank QPSC

  1,865    8,796 
   

 

 

 

Russia — 4.0%

 

Alrosa PJSC

  6,268    5,191 

Gazprom PJSC, ADR

  2,179    11,033 

LUKOIL PJSC, ADR

  291    18,992 

Magnitogorsk Iron & Steel Works PJSC

  6,441    3,465 

MMC Norilsk Nickel PJSC, ADR

  148    4,102 

Mobile TeleSystems PJSC, ADR

  446    3,819 

Moscow ExchangeMICEX-RTS PJSC

  4,402    7,115 

Novatek PJSC, GDR (b)

  20    2,814 

Sberbank of Russia PJSC, ADR

  1,701    17,872 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Russia — continued

 

Severstal PJSC, GDR (b)

  426    5,073 

Tatneft PJSC, ADR

  220    9,772 

X5 Retail Group NV, GDR (b)

  225    6,637 
   

 

 

 
    95,885 
   

 

 

 

Saudi Arabia — 2.4%

 

Al Rajhi Bank

  971    14,761 

Alinma Bank *

  1,540    6,510 

Almarai Co. JSC

  363    4,733 

Bupa Arabia for Cooperative Insurance Co.

  106    3,015 

Mouwasat Medical Services Co.

  163    3,685 

National Commercial Bank

  785    7,745 

Saudi Basic Industries Corp.

  371    7,366 

Saudi Telecom Co.

  219    5,274 

Savola Group (The)

  301    3,244 
   

 

 

 
    56,333 
   

 

 

 

Singapore — 0.1%

 

BOC Aviation Ltd. (b)

  331    2,263 
   

 

 

 

South Africa — 3.4%

 

Absa Group Ltd.

  1,052    5,194 

Bid Corp. Ltd.

  410    5,337 

Bidvest Group Ltd. (The)

  615    4,993 

Capitec Bank Holdings Ltd.

  112    5,474 

Clicks Group Ltd.

  479    5,956 

FirstRand Ltd. (a)

  4,101    8,950 

Mr Price Group Ltd.

  560    3,988 

MTN Group Ltd.

  1,278    3,359 

Naspers Ltd., Class N

  148    23,065 

Pick n Pay Stores Ltd.

  983    3,077 

Shoprite Holdings Ltd.

  313    1,810 

SPAR Group Ltd. (The)

  593    5,652 

Vodacom Group Ltd.

  616    4,094 
   

 

 

 
    80,949 
   

 

 

 

South Korea — 12.1%

 

BGF retail Co. Ltd.

  17    2,166 

Hana Financial Group, Inc.

  346    7,906 

Hanon Systems

  394    2,970 

Hyundai Glovis Co. Ltd.

  30    2,536 

Hyundai Mobis Co. Ltd.

  61    8,609 

Hyundai Motor Co.

  123    9,543 

KB Financial Group, Inc.

  350    10,023 

Kia Motors Corp.

  319    7,789 

KIWOOM Securities Co. Ltd.

  39    2,403 

KT&G Corp.

  118    7,903 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
30   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

   

South Korea — continued

 

LG Chem Ltd.

  39    12,248 

LG Household & Health Care Ltd.

  9    10,680 

Lotte Chemical Corp.

  34    5,961 

Mando Corp.

  136    2,663 

NAVER Corp.

  77    12,538 

NCSoft Corp.

  20    10,803 

POSCO

  69    10,456 

Samsung Electronics Co. Ltd.

  2,602    106,985 

Samsung SDI Co. Ltd.

  37    8,846 

Shinhan Financial Group Co. Ltd.

  356    9,038 

SK Holdings Co. Ltd.

  21    3,205 

SK Hynix, Inc.

  318    21,869 

SK Innovation Co. Ltd.

  59    4,781 

S-Oil Corp.

  99    5,681 
   

 

 

 
    287,602 
   

 

 

 

Taiwan — 11.7%

 

Advantech Co. Ltd.

  544    5,145 

ASE Technology Holding Co. Ltd.

  1,600    3,564 

Catcher Technology Co. Ltd.

  1,034    7,832 

Chailease Holding Co. Ltd.

  2,067    7,852 

China Life Insurance Co. Ltd.

  7,735    5,282 

CTBC Financial Holding Co. Ltd.

  18,159    12,101 

Delta Electronics, Inc.

  2,283    10,648 

E.Sun Financial Holding Co. Ltd.

  12,076    10,972 

Formosa Chemicals & Fibre Corp.

  1,361    3,447 

Formosa Plastics Corp.

  4,186    12,287 

Fubon Financial Holding Co. Ltd.

  5,107    7,221 

Global Unichip Corp.

  349    2,804 

Globalwafers Co. Ltd.

  381    4,849 

Hiwin Technologies Corp.

  918    8,756 

Hon Hai Precision Industry Co. Ltd.

  3,154    8,106 

Inventec Corp.

  2,978    2,340 

Largan Precision Co. Ltd.

  91    12,405 

MediaTek, Inc. *

  545    7,526 

Nanya Technology Corp.

  1,755    3,767 

Quanta Computer, Inc.

  1,584    3,423 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

  2,229    118,437 

Uni-President Enterprises Corp.

  4,350    10,129 

Vanguard International Semiconductor Corp.

  2,069    4,800 

Yuanta Financial Holding Co. Ltd.

  11,254    6,415 
   

 

 

 
    280,108 
   

 

 

 

Thailand — 1.6%

 

Kasikornbank PCL

  1,665    4,342 

Minor International PCL

  5,361    3,464 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Thailand — continued

 

PTT Exploration & Production PCL

  2,202    5,683 

PTT Global Chemical PCL

  1,294    1,490 

PTT PCL

  9,237    10,086 

Siam Cement PCL (The) (Registered)

  821    8,722 

Thai Oil PCL

  3,126    3,911 
   

 

 

 
    37,698 
   

 

 

 

Turkey — 1.1%

 

BIM Birlesik Magazalar A/S

  655    5,204 

Eregli Demir ve Celik Fabrikalari TAS

  2,324    2,679 

Ford Otomotiv Sanayi A/S

  274    2,482 

KOC Holding A/S

  1,257    2,759 

Tofas Turk Otomobil Fabrikasi A/S

  884    2,826 

Tupras Turkiye Petrol Rafinerileri A/S *

  307    3,993 

Turkcell Iletisim Hizmetleri A/S

  2,936    5,848 
   

 

 

 
    25,791 
   

 

 

 

United Arab Emirates — 0.3%

 

DP World plc

  200    3,193 

Emaar Properties PJSC

  4,120    3,022 
   

 

 

 
    6,215 
   

 

 

 

United Kingdom — 0.1%

 

Mondi plc

  102    1,824 
   

 

 

 

Total Common Stocks
(Cost $2,532,594)

    2,305,629 
  

 

 

 

Short-Term Investments — 1.3%

 

Investment Companies — 1.0%

 

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $24,060)

  24,064    24,084 
   

 

 

 

Investment of Cash Collateral From Securities Loaned — 0.3%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)

  2,991    2,991 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)

  3,246    3,246 
   

 

 

 

Total Investment of Cash Collateral From Securities Loaned
(Cost $6,236)

    6,237 
  

 

 

 

Total Short-term Investments
(Cost $30,296)

    30,321 
   

 

 

 

Total Investments — 98.0%
(Cost $2,562,890)

    2,335,950 

Other Assets Less Liabilities — 2.0%

    46,955 
  

 

 

 

NET ASSETS — 100.0%

    2,382,905 
  

 

 

 

 

Percentages indicated are based on net assets.

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
APRIL 30, 2020 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, 2020 (Unaudited) (continued)

 

Summary of Investments by Industry, April 30, 2020

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

 

INDUSTRY  PERCENTAGE 

Banks

   15.3

Internet & Direct Marketing Retail

   9.4 

Semiconductors & Semiconductor Equipment

   7.2 

Interactive Media & Services

   7.2 

Oil, Gas & Consumable Fuels

   6.8 

Technology Hardware, Storage & Peripherals

   5.4 

Insurance

   3.3 

Metals & Mining

   3.1 

Real Estate Management & Development

   2.8 

Food & Staples Retailing

   2.6 

Chemicals

   2.4 

Wireless Telecommunication Services

   2.3 

Electronic Equipment, Instruments & Components

   2.3 

Automobiles

   2.2 

IT Services

   2.0 

Entertainment

   1.5 

Beverages

   1.3 

Diversified Financial Services

   1.1 

Pharmaceuticals

   1.1 

Diversified Telecommunication Services

   1.1 

Thrifts & Mortgage Finance

   1.1 

Food Products

   1.0 

Gas Utilities

   1.0 

Auto Components

   1.0 

Others (each less than 1.0%)

   14.2 

Short-Term Investments

   1.3 

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, 2020. The total value of securities on loan at April 30, 2020 is approximately $5,853,000.
(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, 2020.
* Non-income producing security.
 

 

Futures contracts outstanding as of April 30, 2020 (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 MarketsE-Mini Index

   697    06/2020    USD    31,574    2,062 
          

 

 

 

Abbreviations

 

MSCI Morgan Stanley Capital International
USD United States Dollar

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
32   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 99.0%

 

Australia — 2.3%

 

BHP Group plc

  262    4,404 

Rio Tinto plc

  111    5,142 
   

 

 

 
    9,546 
   

 

 

 

Austria — 2.2%

 

ams AG *

  151    1,981 

Erste Group Bank AG

  211    4,565 

Wienerberger AG

  134    2,513 
   

 

 

 
    9,059 
   

 

 

 

Belgium — 2.4%

 

KBC Group NV

  82    4,441 

UCB SA *

  60    5,485 
   

 

 

 
    9,926 
   

 

 

 

Finland — 2.0%

 

Neste OYJ

  231    8,173 
   

 

 

 

France — 14.9%

 

Atos SE *

  52    3,721 

BNP Paribas SA

  147    4,620 

Credit Agricole SA

  338    2,717 

Eiffage SA

  45    3,715 

Kering SA (a)

  17    8,619 

Peugeot SA

  278    3,941 

Safran SA

  69    6,433 

Sanofi (a)

  153    14,904 

Schneider Electric SE * (a)

  68    6,241 

TOTAL SA

  205    7,270 
   

 

 

 
    62,181 
   

 

 

 

Germany — 13.1%

 

Allianz SE (Registered)

  55    10,189 

Bayer AG (Registered)

  87    5,718 

Deutsche Post AG (Registered)

  141    4,176 

Deutsche Telekom AG (Registered)

  536    7,839 

DWS Group GmbH & Co. KGaA (b)

  100    3,171 

HelloFresh SE *

  196    6,972 

LEG Immobilien AG

  36    4,142 

Schaeffler AG (Preference)

  800    5,399 

TeamViewer AG *

  72    3,142 

Volkswagen AG (Preference)

  28    3,958 
   

 

 

 
    54,706 
   

 

 

 

Ireland — 1.8%

 

AIB Group plc *

  1,884    2,564 

Bank of Ireland Group plc

  1,358    2,735 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Ireland — continued

 

Ryanair Holdings plc, ADR *

  37    2,356 
   

 

 

 
    7,655 
   

 

 

 

Italy — 4.9%

 

Enel SpA

  1,413    9,655 

Falck Renewables SpA

  556    2,731 

Nexi SpA * (b)

  369    5,593 

Poste Italiane SpA (b)

  304    2,588 
   

 

 

 
    20,567 
   

 

 

 

Netherlands — 8.1%

 

ASM International NV

  73    8,009 

ASR Nederland NV

  153    4,121 

BE Semiconductor Industries NV * (a)

  85    3,526 

Euronext NV (b)

  31    2,638 

Koninklijke Ahold Delhaize NV (a)

  395    9,581 

Wolters Kluwer NV (a)

  83    6,077 
   

 

 

 
    33,952 
   

 

 

 

Norway — 0.7%

 

Scatec Solar ASA (b)

  210    3,052 
   

 

 

 

Russia — 2.0%

 

Polymetal International plc

  398    8,141 
   

 

 

 

South Africa — 0.8%

 

Anglo American plc

  182    3,241 
   

 

 

 

Spain — 1.5%

 

Endesa SA

  276    6,131 
   

 

 

 

Sweden — 3.9%

 

Embracer Group AB *

  110    1,166 

Evolution Gaming Group AB (b)

  76    3,460 

Hennes & Mauritz AB, Class B (a)

  215    2,942 

Sinch AB * (b)

  78    4,036 

SKF AB, Class B

  307    4,846 
   

 

 

 
    16,450 
   

 

 

 

Switzerland — 20.9%

 

ALSO Holding AG (Registered) *

  6    1,194 

LafargeHolcim Ltd. (Registered) *

  158    6,581 

Nestle SA (Registered)

  146    15,483 

Novartis AG (Registered)

  210    17,949 

Roche Holding AG

  62    21,405 

SIG Combibloc Group AG *

  257    4,170 

STMicroelectronics NV

  200    5,152 

Swisscom AG (Registered)

  16    8,434 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    33 


Table of Contents

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

Switzerland — continued

 

Zurich Insurance Group AG

  22    6,970 
   

 

 

 
    87,338 
   

 

 

 

United Kingdom — 17.5%

 

AstraZeneca plc

  44    4,606 

Barratt Developments plc

  676    4,408 

Berkeley Group Holdings plc

  51    2,688 

British American Tobacco plc

  109    4,195 

Calisen plc *

  1,313    3,059 

Centrica plc

  2,449    1,225 

Dialog Semiconductor plc *

  111    3,491 

Dunelm Group plc

  240    2,768 

Games Workshop Group plc

  23    1,710 

Intermediate Capital Group plc

  374    5,293 

Linde plc

  53    9,795 

National Express Group plc

  611    2,104 

Next plc

  83    4,942 

Prudential plc

  220    3,102 

Reckitt Benckiser Group plc

  45    3,728 

Segro plc, REIT

  558    5,849 

Spirent Communications plc

  1,401    4,237 

Taylor Wimpey plc

  3,193    5,896 
   

 

 

 
    73,096 
   

 

 

 

Total Common Stocks
(Cost $427,263)

 

   413,214 
   

 

 

 

Short-Term Investments — 10.9%

   

Investment Companies — 1.0%

   

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d)
(Cost $4,178)

  4,181    4,185 
   

 

 

 

Investment of Cash Collateral from Securities Loaned — 9.9%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)

  30,000    30,006 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)

  11,283    11,283 
   

 

 

 

Total Investment of Cash Collateral from Securities Loaned
(Cost $41,284)

    41,289 
   

 

 

 

Total Short-Term Investments
(Cost $45,462)

    45,474 
   

 

 

 

Total Investments — 109.9%
(Cost $472,725)

    458,688 

Liabilities in Excess of
Other Assets — (9.9)%

    (41,233
   

 

 

 

NET ASSETS — 100.0%

    417,455 
   

 

 

 

 

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

 

INDUSTRY  PERCENTAGE 

Pharmaceuticals

   15.3

Insurance

   5.9 

Semiconductors & Semiconductor Equipment

   4.8 

Banks

   4.7 

Metals & Mining

   4.6 

Diversified Telecommunication Services

   3.5 

Electric Utilities

   3.4 

Food Products

   3.4 

Oil, Gas & Consumable Fuels

   3.4 

Household Durables

   2.8 

Capital Markets

   2.4 

Chemicals

   2.1 

Food & Staples Retailing

   2.1 

IT Services

   2.0 

Construction Materials

   2.0 

Textiles, Apparel & Luxury Goods

   1.9 

Automobiles

   1.7 

Software

   1.6 

Internet & Direct Marketing Retail

   1.5 

Aerospace & Defense

   1.4 

Electrical Equipment

   1.4 

Professional Services

   1.3 

Equity Real Estate Investment Trusts (REITs)

   1.3 

Independent Power and Renewable Electricity Producers

   1.3 

Specialty Retail

   1.2 

Auto Components

   1.2 

Multiline Retail

   1.1 

Machinery

   1.1 

Others (each less than 1.0%)

   9.7 

Short-Term Investments

   9.9 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
34   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

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) The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $35,227,000.
(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, 2020.
* Non-income producing security.
 

 

Futures contracts outstanding as of April 30, 2020 (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

     32      06/2020      EUR      1,011      215 

FTSE 100 Index

     7      06/2020      GBP      517      74 
                    

 

 

 
                     289 
                    

 

 

 

Abbreviations

 

EUR Euro
FTSE Financial Times and the London Stock Exchange
GBP British Pound

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    35 


Table of Contents

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 97.0%

 

Australia — 9.3%

 

AGL Energy Ltd.

  414    4,549 

Ansell Ltd.

  354    6,529 

Aurizon Holdings Ltd.

  3,801    11,548 

Austal Ltd.

  975    2,115 

Beach Energy Ltd.

  4,653    4,535 

BHP Group Ltd.

  1,213    24,772 

Caltex Australia Ltd.

  185    2,982 

Coca-Cola Amatil Ltd.

  881    4,905 

Coles Group Ltd.

  1,070    10,734 

CSL Ltd.

  53    10,487 

CSR Ltd.

  2,498    6,004 

Fortescue Metals Group Ltd.

  948    7,246 

IGO Ltd.

  1,327    4,025 

IOOF Holdings Ltd.

  470    1,312 

JBHi-Fi Ltd. (a)

  281    6,344 

Lendlease Group *

  570    4,538 

Metcash Ltd.

  1,883    3,037 

Orica Ltd.

  228    2,641 

Rio Tinto plc

  444    20,603 
   

 

 

 
    138,906 
   

 

 

 

Austria — 0.4%

 

BAWAG Group AG * (b)

  58    1,961 

Wienerberger AG

  256    4,788 
   

 

 

 
    6,749 
   

 

 

 

Belgium — 1.3%

 

Ageas

  337    12,131 

bpost SA

  245    1,712 

D’ieteren SA/NV

  38    1,925 

KBC Group NV

  66    3,563 
   

 

 

 
    19,331 
   

 

 

 

China — 0.8%

 

BOC Hong Kong Holdings Ltd.

  3,687    11,316 
   

 

 

 

Denmark — 2.5%

 

Carlsberg A/S, Class B

  95    11,953 

Novo Nordisk A/S, Class B

  378    24,096 

Scandinavian Tobacco Group A/S, Class A (b)

  147    1,687 
   

 

 

 
    37,736 
   

 

 

 

France — 7.0%

 

Capgemini SE

  57    5,343 

Cie de Saint-Gobain

  204    5,427 

Eiffage SA

  152    12,433 

LVMH Moet Hennessy Louis Vuitton SE

  17    6,499 

Peugeot SA

  757    10,737 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

France — continued

 

Sanofi (a)

  295    28,808 

Schneider Electric SE * (a)

  220    20,306 

Sopra Steria Group

  30    3,518 

SPIE SA

  350    5,278 

TOTAL SA

  103    3,640 

Veolia Environnement SA

  105    2,234 
   

 

 

 
    104,223 
   

 

 

 

Germany — 6.2%

 

Allianz SE (Registered)

  126    23,259 

Bayer AG (Registered)

  71    4,653 

Deutsche Pfandbriefbank AG (b)

  540    3,971 

Freenet AG

  531    10,079 

Hannover Rueck SE

  68    10,853 

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)

  77    16,923 

RWE AG

  150    4,322 

SAP SE

  85    10,075 

Schaeffler AG (Preference)

  1,310    8,845 
   

 

 

 
    92,980 
   

 

 

 

Hong Kong — 2.5%

 

AIA Group Ltd.

  852    7,817 

Power Assets Holdings Ltd.

  1,705    11,424 

VTech Holdings Ltd.

  558    4,204 

WH Group Ltd. (b)

  7,227    6,893 

Xinyi Glass Holdings Ltd.

  5,866    6,794 
   

 

 

 
    37,132 
   

 

 

 

Ireland — 0.3%

 

Greencore Group plc

  1,151    2,635 

Ryanair Holdings plc, ADR *

  31    1,951 
   

 

 

 
    4,586 
   

 

 

 

Israel — 0.3%

 

Israel Discount Bank Ltd., Class A

  1,560    5,060 
   

 

 

 

Italy — 1.2%

 

Enel SpA

  566    3,869 

Snam SpA

  3,013    13,516 
   

 

 

 
    17,385 
   

 

 

 

Japan — 25.4%

 

Advantest Corp.

  182    8,826 

Alfresa Holdings Corp.

  106    2,112 

Amano Corp.

  111    2,271 

Asahi Group Holdings Ltd.

  84    2,895 

Astellas Pharma, Inc.

  664    10,985 

Brother Industries Ltd.

  391    6,629 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
36   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

Japan — continued

 

Capcom Co. Ltd.

  214    6,544 

Chugai Pharmaceutical Co. Ltd.

  33    3,958 

Dai-ichi Life Holdings, Inc.

  353    4,420 

Digital Garage, Inc.

  78    2,780 

Fujitsu Ltd.

  84    8,170 

GMO internet, Inc.

  100    2,174 

Hikari Tsushin, Inc.

  11    2,109 

Hitachi Ltd.

  365    10,845 

Internet Initiative Japan, Inc.

  95    3,261 

ITOCHU Corp.

  485    9,510 

Iwatani Corp. (a)

  119    4,055 

Japan Aviation Electronics Industry Ltd.

  123    1,600 

Japan Petroleum Exploration Co. Ltd.

  60    1,031 

Kaken Pharmaceutical Co. Ltd.

  31    1,728 

KDDI Corp.

  432    12,518 

Keyence Corp.

  6    2,035 

K’s Holdings Corp.

  210    2,291 

Kyudenko Corp.

  86    2,408 

Marubeni Corp.

  1,159    5,581 

Medipal Holdings Corp.

  158    3,048 

Meitec Corp.

  49    2,150 

Mitsubishi UFJ Financial Group, Inc.

  3,319    13,407 

Mitsubishi UFJ Lease & Finance Co. Ltd.

  1,011    4,828 

Mitsui Fudosan Co. Ltd.

  454    8,344 

Morinaga & Co. Ltd.

  95    3,896 

MS&AD Insurance Group Holdings, Inc.

  126    3,627 

Nihon Unisys Ltd.

  224    6,470 

Nippon Telegraph & Telephone Corp.

  424    9,658 

Nomura Holdings, Inc.

  1,924    7,986 

Nomura Real Estate Holdings, Inc.

  398    6,463 

NTT DOCOMO, Inc.

  358    10,536 

Obayashi Corp.

  323    2,827 

Ono Pharmaceutical Co. Ltd.

  173    4,166 

Open House Co. Ltd.

  163    3,547 

ORIX Corp.

  652    7,668 

Otsuka Corp.

  101    4,582 

Rohto Pharmaceutical Co. Ltd.

  137    3,986 

Saizeriya Co. Ltd.

  76    1,509 

Sankyu, Inc.

  107    4,112 

Sawai Pharmaceutical Co. Ltd.

  48    2,605 

SCSK Corp.

  55    2,485 

Sekisui House Ltd.

  480    8,231 

Shinsei Bank Ltd.

  508    6,126 

Shionogi & Co. Ltd.

  167    9,195 

Ship Healthcare Holdings, Inc.

  37    1,678 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Japan — continued

 

Softbank Corp.

  648    8,822 

Sony Corp.

  267    17,176 

Sumitomo Mitsui Financial Group, Inc.

  429    11,289 

Sumitomo Mitsui Trust Holdings, Inc.

  283    8,225 

Teijin Ltd.

  176    2,813 

TIS, Inc.

  377    7,191 

Tokuyama Corp.

  143    3,026 

Tokyo Electron Ltd.

  54    11,544 

Tokyo Tatemono Co. Ltd.

  511    5,746 

Tokyu Fudosan Holdings Corp.

  1,281    6,268 

Toyota Motor Corp.

  380    23,469 

Toyota Tsusho Corp.

  180    4,280 

TS Tech Co. Ltd.

  119    3,238 

Zeon Corp.

  397    3,477 
   

 

 

 
    380,430 
   

 

 

 

Netherlands — 6.5%

 

ASM International NV

  120    13,241 

ASML Holding NV (a)

  34    9,910 

BE Semiconductor Industries NV *(a)

  137    5,658 

Euronext NV (b)

  135    11,339 

EXOR NV

  154    8,415 

Koninklijke Ahold Delhaize NV

  557    13,519 

Randstad NV *

  145    5,831 

Royal Dutch Shell plc, Class B

  518    8,293 

Signify NV (b)

  256    5,217 

Wolters Kluwer NV (a)

  214    15,712 
  ��

 

 

 
    97,135 
   

 

 

 

New Zealand — 0.3%

 

Spark New Zealand Ltd.

  1,408    3,811 
   

 

 

 

Norway — 1.0%

 

DNB ASA

  657    7,955 

Norwegian Finans Holding ASA *

  552    2,947 

Scatec Solar ASA (b)

  291    4,238 
   

 

 

 
    15,140 
   

 

 

 

Portugal — 0.7%

 

Jeronimo Martins SGPS SA

  587    9,955 
   

 

 

 

Singapore — 2.5%

 

DBS Group Holdings Ltd.

  1,100    15,481 

Singapore Telecommunications Ltd.

  5,677    11,344 

United Overseas Bank Ltd.

  691    9,874 
   

 

 

 
    36,699 
   

 

 

 

South Africa — 0.9%

 

Anglo American plc

  784    13,948 
   

 

 

 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    37 


Table of Contents

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

Spain — 1.8%

 

Enagas SA

  467    10,905 

Endesa SA

  661    14,666 

Mediaset Espana Comunicacion SA * (a)

  574    2,057 
   

 

 

 
    27,628 
   

 

 

 

Sweden — 2.7%

 

Skandinaviska Enskilda Banken AB, Class A

  952    7,835 

Skanska AB, Class B *

  578    10,995 

SKF AB, Class B

  578    9,118 

Swedish Match AB

  194    12,018 
   

 

 

 
    39,966 
   

 

 

 

Switzerland — 11.7%

 

Adecco Group AG (Registered)

  204    8,922 

Galenica AG * (b)

  79    5,651 

Julius Baer Group Ltd. *

  163    6,420 

Landis+Gyr Group AG *

  109    7,358 

Nestle SA (Registered)

  404    42,831 

Novartis AG (Registered)

  409    34,869 

Roche Holding AG

  122    42,171 

Swiss Life Holding AG (Registered)

  32    11,278 

Swisscom AG (Registered)

  23    12,038 

Zurich Insurance Group AG

  11    3,584 
   

 

 

 
    175,122 
   

 

 

 

United Kingdom — 11.0%

 

3i Group plc

  1,098    10,782 

Ashtead Group plc

  571    15,605 

AstraZeneca plc

  91    9,522 

Avast plc (b)

  2,379    13,702 

Barratt Developments plc

  899    5,861 

Berkeley Group Holdings plc

  168    8,797 

Computacenter plc

  107    1,948 

Dialog Semiconductor plc *

  300    9,410 

Dunelm Group plc

  547    6,322 

GlaxoSmithKline plc

  818    17,059 

Howden Joinery Group plc

  291    1,921 

HSBC Holdings plc

  337    1,730 

Inchcape plc

  774    4,873 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

United Kingdom — continued

 

Legal & General Group plc

  4,012    10,315 

Next plc

  113    6,701 

Pets at Home Group plc

  445    1,424 

Redrow plc

  709    4,120 

Savills plc

  83    1,010 

Tate & Lyle plc

  497    4,457 

Taylor Wimpey plc

  3,329    6,148 

Ultra Electronics Holdings plc

  185    4,587 

Unilever plc

  313    16,120 

Vistry Group plc

  137    1,394 
   

 

 

 
    163,808 
   

 

 

 

United States — 0.7%

 

Ferguson plc

  150    10,815 
   

 

 

 

Total Common Stocks
(Cost $1,518,438)

    1,449,861 
   

 

 

 

Short-Term Investments — 7.0%

 

Investment Companies — 1.9%

 

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d)
(Cost $28,749)

  28,750    28,772 
   

 

 

 

Investment of Cash Collateral from Securities Loaned — 5.1%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)

  32,997    33,005 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)

  43,374    43,374 
   

 

 

 

Total Investment of Cash Collateral from Securities Loaned
(Cost $76,371)

    76,379 
   

 

 

 

Total Short-Term Investments
(Cost $105,120)

    105,151 
   

 

 

 

Total Investments — 104.0%
(Cost $1,623,558)

    1,555,012 

Liabilities in Excess of
Other Assets — (4.0)%

    (60,162
   

 

 

 

NET ASSETS — 100.0%

    1,494,850 
   

 

 

 

 

Percentages indicated are based on net assets.

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
38   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

Summary of Investments by Industry, April 30, 2020

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

 

INDUSTRY  PERCENTAGE 

Pharmaceuticals

   12.5

Banks

   6.9 

Insurance

   6.7 

Metals & Mining

   4.5 

Food Products

   3.9 

Semiconductors & Semiconductor Equipment

   3.8 

Household Durables

   3.3 

Trading Companies & Distributors

   3.1 

IT Services

   2.9 

Wireless Telecommunication Services

   2.7 

Diversified Telecommunication Services

   2.6 

Capital Markets

   2.4 

Food & Staples Retailing

   2.4 

Real Estate Management & Development

   2.3 

Automobiles

   2.2 

Professional Services

   2.1 

Electric Utilities

   1.9 

Construction & Engineering

   1.8 

Electrical Equipment

   1.6 

Oil, Gas & Consumable Fuels

   1.6 

Gas Utilities

   1.6 

Electronic Equipment, Instruments & Components

   1.6 

Software

   1.5 

Diversified Financial Services

   1.4

Personal Products

   1.3 

Beverages

   1.3 

Auto Components

   1.2 

Specialty Retail

   1.2 

Road & Rail

   1.0 

Others (each less than 1.0%)

   10.0 

Short-Term Investments

   6.7 
Abbreviations 
ADR American Depositary Receipt
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.
SGPS Holding company
(a) The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $72,637,000.
(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, 2020.
* Non-income producing security.
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    39 


Table of Contents

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

 

Futures contracts outstanding as of April 30, 2020 (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

     337      06/2020      EUR      10,643    218 

FTSE 100 Index

     81      06/2020      GBP      5,983    192 

TOPIX Index

     53      06/2020      JPY      7,178    181 
                  

 

 

 
                   591 
                  

 

 

 

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.

 

 
40   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 98.4%

   

Australia — 3.5%

   

BHP Group Ltd.

  1,421    29,018 

BHP Group plc

  1,074    18,024 

Commonwealth Bank of Australia

  508    20,531 

Rio Tinto plc

  560    25,986 
   

 

 

 
    93,559 
   

 

 

 

Austria — 0.4%

   

Erste Group Bank AG

  563    12,211 
   

 

 

 

Belgium — 0.8%

   

KBC Group NV

  397    21,535 
   

 

 

 

China — 3.7%

   

Alibaba Group Holding Ltd., ADR *

  128    25,854 

Ping An Insurance Group Co. of China Ltd., Class H

  3,092    31,465 

Prosus NV * (a)

  174    13,189 

Tencent Holdings Ltd.

  544    28,587 
   

 

 

 
    99,095 
   

 

 

 

Denmark — 4.2%

   

Carlsberg A/S, Class B

  239    30,145 

Novo Nordisk A/S, Class B

  948    60,472 

Orsted A/S (b)

  206    20,772 
   

 

 

 
    111,389 
   

 

 

 

Finland — 1.3%

   

Kone OYJ, Class B

  557    33,755 
   

 

 

 

France — 13.2%

   

Accor SA (a)

  628    17,483 

Airbus SE *

  253    16,046 

AXA SA

  976    17,352 

Capgemini SE

  281    26,376 

EssilorLuxottica SA

  174    21,578 

Legrand SA

  383    25,670 

L’Oreal SA

  131    38,002 

LVMH Moet Hennessy Louis Vuitton SE

  120    46,491 

Orange SA

  2,029    24,653 

Pernod Ricard SA

  190    28,952 

Safran SA

  208    19,302 

Schneider Electric SE * (a)

  435    40,244 

TOTAL SA

  855    30,361 
   

 

 

 
    352,510 
   

 

 

 

Germany — 8.1%

   

adidas AG

  119    27,153 

Allianz SE (Registered)

  215    39,489 

Deutsche Boerse AG

  189    29,319 

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)

  127    27,800 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Germany — continued

   

SAP SE

  464    55,267 

Symrise AG

  192    19,406 

Vonovia SE

  368    18,209 
   

 

 

 
    216,643 
   

 

 

 

Hong Kong — 4.1%

   

AIA Group Ltd.

  6,919    63,503 

CK Asset Holdings Ltd.

  3,195    20,185 

Hong Kong Exchanges & Clearing Ltd.

  796    25,509 
   

 

 

 
    109,197 
   

 

 

 

India — 1.2%

   

HDFC Bank Ltd., ADR

  768    33,304 
   

 

 

 

Japan — 15.4%

   

Daikin Industries Ltd.

  257    32,917 

FANUC Corp.

  125    20,418 

Hoya Corp.

  297    27,094 

Kao Corp.

  532    41,041 

Keyence Corp.

  141    50,446 

Komatsu Ltd.

  1,408    26,641 

Kubota Corp.

  2,208    27,418 

Makita Corp.

  715    23,292 

Mitsui Fudosan Co. Ltd.

  771    14,184 

Nidec Corp.

  452    26,289 

Shin-Etsu Chemical Co. Ltd.

  348    38,374 

SMC Corp.

  65    29,336 

Sony Corp.

  817    52,603 
   

 

 

 
    410,053 
   

 

 

 

Macau — 0.9%

   

Sands China Ltd.

  5,658    22,908 
   

 

 

 

Netherlands — 4.3%

   

ASML Holding NV (a)

  200    58,513 

ING Groep NV

  3,183    17,832 

Royal Dutch Shell plc, Class A

  2,300    37,863 
   

 

 

 
    114,208 
   

 

 

 

Singapore — 1.0%

   

DBS Group Holdings Ltd.

  1,937    27,271 
   

 

 

 

South Korea — 1.5%

   

Samsung Electronics Co. Ltd., GDR (b)

  37    38,094 

Samsung Electronics Co. Ltd., GDR (b)

  1    1,236 
   

 

 

 
    39,330 
   

 

 

 

Spain — 1.0%

   

Industria de Diseno Textil SA

  1,083    27,747 
   

 

 

 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    41 


Table of Contents

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

   

Sweden — 2.4%

   

Atlas Copco AB, Class A

  969    33,407 

Svenska Handelsbanken AB, Class A *

  3,376    30,817 
   

 

 

 
    64,224 
   

 

 

 

Switzerland — 13.8%

   

Cie Financiere Richemont SA (Registered)

  373    21,175 

LafargeHolcim Ltd. (Registered) *

  819    34,010 

Lonza Group AG (Registered) *

  30    13,235 

Nestle SA (Registered)

  1,053    111,503 

Novartis AG (Registered)

  849    72,426 

Roche Holding AG

  280    97,104 

SGS SA (Registered)

  8    18,339 
   

 

 

 
    367,792 
   

 

 

 

Taiwan — 1.6%

   

Taiwan Semiconductor Manufacturing Co.
Ltd., ADR

  818    43,455 
   

 

 

 

United Kingdom — 14.8%

   

Burberry Group plc

  1,362    23,657 

Diageo plc

  1,615    55,587 

GlaxoSmithKline plc

  3,004    62,661 

Legal & General Group plc

  11,556    29,711 

Linde plc (a)

  188    34,722 

London Stock Exchange Group plc

  270    25,277 

Persimmon plc

  964    26,716 

Prudential plc

  2,073    29,239 

RELX plc

  1,435    32,655 

Smith & Nephew plc

  1,370    26,805 

Unilever plc

  907    46,710 
   

 

 

 
    393,740 
   

 

 

 

United States — 1.2%

   

Ferguson plc

  445    32,095 
   

 

 

 

Total Common Stocks
(Cost $2,202,688)

    2,626,021 
   

 

 

 

Short-Term Investments — 5.3%

   

Investment Companies — 1.1%

   

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d)
(Cost $28,678)

  28,670    28,692 
   

 

 

 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Investment of Cash Collateral from Securities Loaned — 4.2%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)

  69,011    69,025 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)

  42,530    42,530 
   

 

 

 

Total Investment of Cash Collateral from Securities Loaned
(Cost $111,540)

    111,555 
   

 

 

 

Total Short-Term Investments
(Cost $140,218)

    140,247 
   

 

 

 

Total Investments — 103.7%
(Cost $2,342,906)

    2,766,268 

Liabilities in Excess of
Other Assets — (3.7)%

    (98,814
   

 

 

 

NET ASSETS — 100.0%

    2,667,454 
   

 

 

 

 

Percentages indicated are based on net assets.

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
42   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

Summary of Investments by Industry, April 30, 2020

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

 

INDUSTRY  PERCENTAGE 

Pharmaceuticals

   10.6

Insurance

   8.6 

Machinery

   7.0 

Banks

   5.9 

Textiles, Apparel & Luxury Goods

   5.1 

Personal Products

   4.6 

Beverages

   4.1 

Food Products

   4.0 

Semiconductors & Semiconductor Equipment

   3.7 

Chemicals

   3.3 

Electrical Equipment

   3.3 

Capital Markets

   2.9 

Household Durables

   2.9 

Metals & Mining

   2.6 

Oil, Gas & Consumable Fuels

   2.5 

Software

   2.0 

Health Care Equipment & Supplies

   2.0 

Real Estate Management & Development

   1.9 

Professional Services

   1.8 

Electronic Equipment, Instruments & Components

   1.8 

Hotels, Restaurants & Leisure

   1.5 

Technology Hardware, Storage & Peripherals

   1.4 

Internet & Direct Marketing Retail

   1.4 

Aerospace & Defense

   1.3 

Construction Materials

   1.2 

Building Products

   1.2 

Trading Companies & Distributors

   1.2 

Interactive Media & Services

   1.0 

Specialty Retail

   1.0 

IT Services

   1.0 

Others (each less than 1.0%)

   2.2 

Short-Term Investments

   5.0 

Abbreviations

 

ADR American Depositary Receipt
GDR Global Depositary Receipt
OYJ Public Limited Company
(a) The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $104,180,000.
(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, 2020.
* Non-income producing security.
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    43 


Table of Contents

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 97.8%

 

  

Australia — 2.0%

 

  

BHP Group plc

  3,016    50,620 
   

 

 

 

Belgium — 1.5%

 

  

KBC Group NV

  718    38,927 
   

 

 

 

Canada — 6.7%

 

  

Alimentation Couche-Tard, Inc., Class B

  1,483    41,372 

Canadian National Railway Co.

  571    47,220 

Canadian Pacific Railway Ltd.

  208    47,210 

Toronto-Dominion Bank (The)

  828    34,610 
   

 

 

 
    170,412 
   

 

 

 

China — 9.9%

 

  

Alibaba Group Holding Ltd., ADR *

  391    79,313 

Ping An Insurance Group Co. of China Ltd., Class H

  7,605    77,385 

Tencent Holdings Ltd.

  1,804    94,830 
   

 

 

 
    251,528 
   

 

 

 

Denmark — 2.7%

 

  

Novo Nordisk A/S, Class B

  1,085    69,229 
   

 

 

 

Finland — 1.3%

 

  

Kone OYJ, Class B

  542    32,832 
   

 

 

 

France — 6.6%

 

  

LVMH Moet Hennessy Louis Vuitton SE

  157    60,546 

Safran SA

  560    52,021 

Schneider Electric SE * (a)

  601    55,561 
   

 

 

 
    168,128 
   

 

 

 

Germany — 10.0%

 

  

Allianz SE (Registered)

  266    48,975 

Delivery Hero SE * (a) (b)

  736    62,413 

Deutsche Boerse AG

  326    50,466 

SAP SE

  505    60,160 

Vonovia SE

  625    30,927 
   

 

 

 
    252,941 
   

 

 

 

Hong Kong — 3.5%

 

  

AIA Group Ltd.

  9,546    87,611 
   

 

 

 

India — 3.3%

 

  

HDFC Bank Ltd., ADR

  1,925    83,453 
   

 

 

 

Indonesia — 1.5%

 

  

Bank Central Asia Tbk. PT

  21,608    37,428 
   

 

 

 

Japan — 5.6%

 

  

Keyence Corp.

  130    46,340 

SMC Corp.

  92    41,767 

Sony Corp.

  832    53,523 
   

 

 

 
    141,630 
   

 

 

 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
  

Netherlands — 2.7%

 

  

ASML Holding NV (a)

  233    68,076 
   

 

 

 

South Korea — 2.5%

 

  

Samsung Electronics Co. Ltd.

  1,520    62,511 
   

 

 

 

Sweden — 3.0%

 

  

Atlas Copco AB, Class A (a)

  928    31,989 

Svenska Handelsbanken AB, Class A *

  4,842    44,199 
   

 

 

 
    76,188 
   

 

 

 

Switzerland — 11.0%

 

  

LafargeHolcim Ltd. (Registered) *

  1,258    52,244 

Nestle SA (Registered)

  1,179    124,820 

Roche Holding AG

  209    72,501 

SGS SA (Registered)

  13    29,272 
   

 

 

 
    278,837 
   

 

 

 

Taiwan — 2.7%

 

  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

  1,296    68,847 
   

 

 

 

United Kingdom — 19.8%

 

  

Burberry Group plc

  1,558    27,052 

Diageo plc

  1,544    53,170 

GlaxoSmithKline plc

  3,393    70,794 

InterContinental Hotels Group plc

  721    32,833 

Legal & General Group plc

  18,370    47,229 

Linde plc (a)

  248    45,769 

London Stock Exchange Group plc

  430    40,217 

Persimmon plc

  1,490    41,283 

RELX plc

  1,874    42,655 

Smith & Nephew plc

  2,365    46,275 

Unilever NV

  1,119    55,727 
   

 

 

 
    503,004 
   

 

 

 

United States — 1.5%

 

  

Ferguson plc

  539    38,881 
   

 

 

 

Total Common Stocks
(Cost $2,469,881)

    2,481,083 
   

 

 

 

Short-Term Investments — 7.2%

 

  

Investment Companies — 1.3%

 

  

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $32,695)

  32,698    32,724 
   

 

 

 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
44   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Investment of Cash Collateral from Securities Loaned — 5.9%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)

  123,991    124,016 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)

  25,034    25,034 
   

 

 

 

Total Investment of Cash Collateral from Securities Loaned
(Cost $149,023)

    149,050 
  

 

 

 

Total Short-term Investments
(Cost $181,718)

    181,774 
   

 

 

 

Total Investments — 105.0%
(Cost $2,651,599)

    2,662,857 

Liabilities in Excess of
Other Assets — (5.0)%

    (127,601
   

 

 

 

NET ASSETS — 100.0%

    2,535,256 
   

 

 

 

 

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

 

INDUSTRY  PERCENTAGE 

Insurance

   9.8

Banks

   9.0 

Pharmaceuticals

   8.0 

Internet & Direct Marketing Retail

   5.3 

Semiconductors & Semiconductor Equipment

   5.1 

Food Products

   4.7 

Machinery

   4.0 

Interactive Media & Services

   3.6 

Household Durables

   3.6 

Road & Rail

   3.5 

Capital Markets

   3.4 
INDUSTRY  PERCENTAGE 

Textiles, Apparel & Luxury Goods

   3.3%  

Professional Services

   2.7 

Technology Hardware, Storage & Peripherals

   2.3 

Software

   2.3 

Personal Products

   2.1 

Electrical Equipment

   2.1 

Beverages

   2.0 

Construction Materials

   2.0 

Aerospace & Defense

   1.9

Metals & Mining

   1.9 

Electronic Equipment, Instruments & Components

   1.7 

Health Care Equipment & Supplies

   1.7 

Chemicals

   1.7 

Food & Staples Retailing

   1.5

Trading Companies & Distributors

   1.5 

Hotels, Restaurants & Leisure

   1.2 

Real Estate Management & Development

   1.2 

Short-Term Investments

   6.9 

Abbreviations

 

ADR American Depositary Receipt
OYJ Public Limited Company
PT Limited liability company
(a) The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $139,159,000.
(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, 2020.
* Non-income producing security.
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    45 


Table of Contents

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 104.2%

 

  

Australia — 4.9%

 

  

Australia & New Zealand Banking Group Ltd.

  59    643 

BHP Group Ltd.

  39    796 

Commonwealth Bank of Australia

  5    187 

CSL Ltd.

  4    782 

Dexus, REIT

  51    303 

Goodman Group, REIT

  68    581 

Macquarie Group Ltd.

  1    85 

National Australia Bank Ltd.

  8    82 

Rio Tinto Ltd.

  15    851 

Rio Tinto plc

  5    245 

Westpac Banking Corp.

  12    125 
   

 

 

 
    4,680 
   

 

 

 

Austria — 0.5%

 

  

Erste Group Bank AG

  21    445 
   

 

 

 

Denmark — 3.4%

 

  

Carlsberg A/S, Class B

  3    334 

Chr Hansen Holding A/S

  4    305 

Novo Nordisk A/S, Class B

  31    1,961 

Orsted A/S (a)

  7    677 
   

 

 

 
    3,277 
   

 

 

 

Finland — 0.6%

 

  

Nokia OYJ

  54    195 

UPM-Kymmene OYJ

  14    391 
   

 

 

 
    586 
   

 

 

 

France — 13.2%

 

  

Accor SA

  9    241 

Air Liquide SA

  13    1,647 

Airbus SE *

  9    578 

Alstom SA

  20    820 

AXA SA

  15    261 

BNP Paribas SA

  22    699 

Capgemini SE

  6    585 

L’Oreal SA

  1    265 

LVMH Moet Hennessy Louis Vuitton SE

  3    1,254 

Natixis SA

  6    15 

Orange SA

  42    508 

Safran SA

  7    624 

Sanofi

  20    1,994 

Schneider Electric SE *

  13    1,162 

Sodexo SA

  1    91 

Thales SA

  2    182 

TOTAL SA

  26    936 

Unibail-Rodamco-Westfield, REIT

  1    40 
INVESTMENTS SHARES
(000)
  VALUE
($000)
 
  

France — continued

 

 

Vinci SA

  9   747 
  

 

 

 
   12,649 
  

 

 

 

Germany — 10.2%

 

 

adidas AG

  5   1,070 

Allianz SE (Registered)

  1   209 

BASF SE

  4   186 

Bayer AG (Registered)

  9   617 

Brenntag AG

  15   698 

Daimler AG (Registered)

  (b)   9 

Deutsche Boerse AG

  5   734 

Deutsche Post AG (Registered)

  26   761 

Deutsche Telekom AG (Registered)

  78   1,141 

Deutsche Wohnen SE

  6   226 

Henkel AG & Co. KGaA (Preference)

  3   288 

Infineon Technologies AG

  48   896 

SAP SE

  17   2,008 

Siemens AG (Registered)

  3   272 

Volkswagen AG (Preference)

  4   581 
  

 

 

 
   9,696 
  

 

 

 

Hong Kong — 2.2%

 

 

AIA Group Ltd.

  134   1,226 

CK Asset Holdings Ltd.

  63   398 

Hong Kong Exchanges & Clearing Ltd.

  16   526 
  

 

 

 
   2,150 
  

 

 

 

Ireland — 1.0%

 

 

CRH plc

  10   318 

Ryanair Holdings plc, ADR *

  10   642 
  

 

 

 
   960 
  

 

 

 

Italy — 2.2%

 

 

Assicurazioni Generali SpA

  5   72 

Enel SpA

  204   1,393 

FinecoBank Banca Fineco SpA *

  53   593 

UniCredit SpA *

  8   61 
  

 

 

 
   2,119 
  

 

 

 

Japan — 24.9%

 

 

Asahi Group Holdings Ltd.

  3   100 

Bridgestone Corp.

  17   542 

Central Japan Railway Co.

  4   629 

Daicel Corp.

  37   300 

Daikin Industries Ltd.

  8   1,001 

Electric Power Development Co. Ltd.

  9   184 

Hitachi Ltd.

  12   368 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
46   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

   

Japan — continued

 

  

Honda Motor Co. Ltd.

  46    1,122 

Japan Airlines Co. Ltd.

  6    98 

Japan Tobacco, Inc.

  10    181 

Kao Corp.

  18    1,350 

Keyence Corp.

  4    1,321 

Mabuchi Motor Co. Ltd.

  16    492 

Marui Group Co. Ltd.

  22    357 

Mitsubishi Corp.

  35    740 

Mitsubishi UFJ Financial Group, Inc.

  206    833 

Mitsui Fudosan Co. Ltd.

  37    680 

Nichirei Corp.

  9    228 

Nintendo Co. Ltd.

  4    1,445 

Nippon Telegraph & Telephone Corp.

  54    1,230 

Nitori Holdings Co. Ltd.

  3    521 

Nomura Research Institute Ltd.

  9    220 

Olympus Corp.

  19    294 

Otsuka Corp.

  13    602 

Otsuka Holdings Co. Ltd.

  21    818 

Panasonic Corp.

  43    329 

Persol Holdings Co. Ltd.

  14    166 

Renesas Electronics Corp. *

  20    103 

Seven & i Holdings Co. Ltd.

  15    490 

SoftBank Group Corp.

  5    223 

Sony Corp.

  11    695 

Sumitomo Electric Industries Ltd.

  29    294 

Sumitomo Mitsui Financial Group, Inc.

  27    697 

T&D Holdings, Inc.

  28    242 

Tokio Marine Holdings, Inc.

  17    798 

Tokyo Gas Co. Ltd.

  10    226 

Tokyu Corp.

  60    899 

Toray Industries, Inc.

  57    262 

Toyota Motor Corp.

  35    2,164 

West Japan Railway Co.

  6    395 

Yamato Holdings Co. Ltd.

  9    154 
   

 

 

 
    23,793 
   

 

 

 

Luxembourg — 0.2%

   

ArcelorMittal SA

  14    150 
   

 

 

 

Netherlands — 4.9%

   

Akzo Nobel NV

  11    851 

ASML Holding NV

  7    2,126 

Heineken NV

  4    342 

ING Groep NV

  71    399 

Koninklijke Philips NV

  4    191 

Royal Dutch Shell plc, Class A

  34    564 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Netherlands — continued

   

Royal Dutch Shell plc, Class B

  15    234 
   

 

 

 
    4,707 
   

 

 

 

Norway — 0.9%

   

Telenor ASA

  54    835 
   

 

 

 

Singapore — 0.9%

   

DBS Group Holdings Ltd.

  53    739 

United Overseas Bank Ltd.

  6    92 
   

 

 

 
    831 
   

 

 

 

Spain — 3.4%

   

Banco Santander SA

  125    279 

Bankia SA

  158    161 

Iberdrola SA

  151    1,503 

Industria de Diseno Textil SA

  45    1,141 

Telefonica SA

  33    150 
   

 

 

 
    3,234 
   

 

 

 

Sweden — 1.4%

   

Lundin Energy AB

  24    606 

Svenska Handelsbanken AB, Class A *

  79    725 
   

 

 

 
    1,331 
   

 

 

 

Switzerland — 12.3%

   

Adecco Group AG (Registered)

  4    187 

Cie Financiere Richemont SA (Registered)

  9    533 

Credit Suisse Group AG (Registered) *

  37    339 

LafargeHolcim Ltd. (Registered) *

  19    787 

Nestle SA (Registered)

  37    3,931 

Novartis AG (Registered)

  29    2,438 

Roche Holding AG

  9    3,045 

Swiss Re AG

  7    487 
   

 

 

 
    11,747 
   

 

 

 

United Kingdom — 16.7%

   

3i Group plc

  85    831 

AstraZeneca plc

  8    846 

Aviva plc

  22    66 

Barratt Developments plc

  69    450 

Beazley plc

  39    191 

BP plc

  317    1,248 

British American Tobacco plc

  37    1,445 

Burberry Group plc

  14    248 

CK Hutchison Holdings Ltd.

  50    371 

Diageo plc

  44    1,524 

GlaxoSmithKline plc

  70    1,452 

HSBC Holdings plc

  103    527 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    47 


Table of Contents

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

   

United Kingdom — continued

   

InterContinental Hotels Group plc

  21    944 

ITV plc

  41    39 

Lloyds Banking Group plc

  1,444    584 

M&G plc

  237    393 

Prudential plc

  57    803 

RELX plc

  36    812 

Standard Chartered plc

  100    512 

Taylor Wimpey plc

  244    450 

Tesco plc

  218    645 

Unilever NV

  29    1,446 

Whitbread plc

  3    121 
   

 

 

 
    15,948 
   

 

 

 

United States — 0.4%

   

Ferguson plc

  5    353 
   

 

 

 

Total Common Stocks
(Cost $104,403)

    99,491 
   

 

 

 
   NO. OF
CONTRACTS
      

Options Purchased — 0.7%

 

  

Put Options Purchased — 0.7%

 

  

United States — 0.7%

 

  

MSCI EAFE Index 6/19/2020 at USD 1,350.00, European Style Notional Amount: USD 104,600 Exchange-Traded *
(Cost $5,959)

  631    637 
   

 

 

 
   SHARES
(000)
      

Short-Term Investments — 0.9%

 

  

Investment Companies — 0.9%

 

  

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (c) (d)
(Cost $854)

  854    854 
   

 

 

 

Total Investments — 105.8%
(Cost $111,216)

    100,982 

Liabilities in Excess of
Other Assets — (5.8)%

    (5,515
   

 

 

 

NET ASSETS — 100.0%

    95,467 
   

 

 

 

 

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

 

INDUSTRY  PERCENTAGE 

Pharmaceuticals

   13.1

Banks

   8.3 

Insurance

   4.3 

Food Products

   4.1 

Automobiles

   3.8 

Diversified Telecommunication Services

   3.8 

Oil, Gas & Consumable Fuels

   3.6 

Electric Utilities

   3.5 

Chemicals

   3.5 

Semiconductors & Semiconductor Equipment

   3.1 

Textiles, Apparel & Luxury Goods

   3.1 

Personal Products

   3.0 

Capital Markets

   2.5 

Beverages

   2.3 

Metals & Mining

   2.0 

Software

   2.0 

Household Durables

   1.9 

Road & Rail

   1.9 

Trading Companies & Distributors

   1.8 

Electronic Equipment, Instruments & Components

   1.7 

Specialty Retail

   1.7 

Electrical Equipment

   1.6 

Tobacco

   1.6 

Entertainment

   1.4 

IT Services

   1.4 

Hotels, Restaurants & Leisure

   1.4 

Aerospace & Defense

   1.4 

Real Estate Management & Development

   1.3 

Professional Services

   1.2 

Food & Staples Retailing

   1.1 

Construction Materials

   1.1 

Building Products

   1.0 

Others (each less than 1.0%)

   9.7 

Short-Term Investments

   0.8 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
48   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents

Abbreviations

 

ADR American Depositary Receipt
EAFE Europe, Australasia and Far East
MSCI Morgan Stanley Capital International
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) 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, 2020.
* Non-income producing security.
 

 

Futures contracts outstanding as of April 30, 2020 (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     13      06/2020      EUR      410      13 
FTSE 100 Index     2      06/2020      GBP      148      5 
SPI 200 Index     20      06/2020      AUD      1,767      126 
TOPIX Index     9      06/2020      JPY      1,219      104 
                    

 

 

 
                     248 
                    

 

 

 

 

Abbreviations
AUD Australian Dollar
EUR Euro
FTSE Financial Times and the London Stock Exchange
GBP British Pound
JPY Japanese Yen
SPI Australian Securities Exchange
TOPIX Tokyo Stock Price Index

 

Written Call Options Contracts as of April 30, 2020 (amounts in thousands, except number of contracts):      
DESCRIPTION  COUNTERPARTY  NUMBER OF
CONTRACTS
   NOTIONAL
AMOUNT
   EXERCISE
PRICE
   EXPIRATION
DATE
   VALUE ($) 
MSCI EAFE Index  Exchange-Traded   631    USD 104,600    USD 1,510.00    6/19/2020    (9,771
            

 

 

 
Written Put Options Contracts as of April 30, 2020 (amounts in thousands, except number of contracts):      
DESCRIPTION  COUNTERPARTY  NUMBER OF
CONTRACTS
   NOTIONAL
AMOUNT
   EXERCISE
PRICE
   EXPIRATION
DATE
   VALUE ($) 
MSCI EAFE Index  Exchange-Traded   631    USD 104,600    USD 1,125.00    6/19/2020    (110
            

 

 

 

Total Written Options Contracts (Premiums Received $7,118)

 

   (9,881
  

 

 

 

 

Abbreviations
EAFE Europe, Australasia, and Far East
MSCI Morgan Stanley Capital International
USD United States Dollar

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    49 


Table of Contents

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 95.1%

 

  

Australia — 4.5%

 

  

Australia & New Zealand Banking Group Ltd.

  2,448    26,592 

BHP Group Ltd.

  1,612    32,916 

Commonwealth Bank of Australia

  194    7,822 

CSL Ltd.

  162    32,265 

Dexus, REIT

  2,108    12,514 

Goodman Group, REIT

  2,817    23,994 

Macquarie Group Ltd.

  55    3,675 

National Australia Bank Ltd.

  325    3,566 

Rio Tinto Ltd.

  623    35,130 

Rio Tinto plc

  222    10,301 

Westpac Banking Corp.

  504    5,249 
   

 

 

 
    194,024 
   

 

 

 

Austria — 0.4%

 

  

Erste Group Bank AG

  849    18,394 

IMMOFINANZ AG *

  1    26 
   

 

 

 
    18,420 
   

 

 

 

Denmark — 3.1%

 

  

Carlsberg A/S, Class B

  109    13,727 

Chr Hansen Holding A/S (a)

  136��   11,707 

Novo Nordisk A/S, Class B

  1,267    80,841 

Orsted A/S (b)

  277    28,002 
   

 

 

 
    134,277 
   

 

 

 

Finland — 0.6%

 

  

Nokia OYJ

  2,225    8,022 

UPM-Kymmene OYJ

  591    16,199 
   

 

 

 
    24,221 
   

 

 

 

France — 12.2%

 

  

Accor SA

  357    9,926 

Air Liquide SA (a)

  533    67,740 

Airbus SE *

  378    23,909 

Alstom SA

  827    33,926 

AXA SA

  606    10,769 

BNP Paribas SA

  920    28,903 

Capgemini SE

  257    24,186 

L’Oreal SA

  37    10,881 

LVMH Moet Hennessy Louis Vuitton SE

  135    52,307 

Natixis SA

  278    656 

Orange SA

  1,731    21,029 

Safran SA

  277    25,756 

Sanofi (a)

  845    82,492 

Schneider Electric SE * (a)

  520    48,072 

Sodexo SA (a)

  47    3,719 

Thales SA

  99    7,531 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

France — continued

 

  

TOTAL SA

  1,089    38,650 

Unibail-Rodamco-Westfield, REIT

  28    1,658 

Vinci SA

  375    30,742 
   

 

 

 
    522,852 
   

 

 

 

Germany — 9.3%

 

  

adidas AG

  194    44,319 

Allianz SE (Registered)

  48    8,755 

BASF SE

  153    7,827 

Bayer AG (Registered)

  388    25,532 

Brenntag AG

  638    28,874 

Daimler AG (Registered) (a)

  17    594 

Deutsche Boerse AG

  195    30,281 

Deutsche Post AG (Registered)

  1,060    31,490 

Deutsche Telekom AG (Registered)

  3,203    46,829 

Deutsche Wohnen SE

  230    9,310 

Henkel AG & Co. KGaA (Preference)

  124    11,049 

Infineon Technologies AG

  1,990    36,991 

SAP SE

  697    82,987 

Siemens AG (Registered)

  124    11,476 

Volkswagen AG (Preference)

  172    23,954 
   

 

 

 
    400,268 
   

 

 

 

Hong Kong — 2.0%

 

  

AIA Group Ltd.

  5,476    50,254 

CK Asset Holdings Ltd.

  2,506    15,835 

Hong Kong Exchanges & Clearing Ltd.

  657    21,065 

I-CABLE Communications Ltd. *

  254    2 
   

 

 

 
    87,156 
   

 

 

 

Ireland — 0.9%

 

  

CRH plc

  439    13,321 

Ryanair Holdings plc, ADR *

  418    26,550 
   

 

 

 
    39,871 
   

 

 

 

Italy — 2.0%

 

  

Assicurazioni Generali SpA

  208    2,964 

Enel SpA

  8,450    57,719 

FinecoBank Banca Fineco SpA * (a)

  2,198    24,492 

UniCredit SpA *

  341    2,634 
   

 

 

 
    87,809 
   

 

 

 

Japan — 22.6%

 

  

Asahi Group Holdings Ltd.

  107    3,665 

Bridgestone Corp.

  696    21,658 

Central Japan Railway Co.

  147    23,131 

Daicel Corp.

  1,533    12,441 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
50   J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020


Table of Contents
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

   

Japan — continued

 

  

Daikin Industries Ltd.

  310    39,820 

Electric Power Development Co. Ltd.

  376    7,516 

Hitachi Ltd.

  486    14,418 

Honda Motor Co. Ltd.

  1,888    45,851 

Japan Airlines Co. Ltd.

  226    4,030 

Japan Tobacco, Inc.

  363