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JPMorgan Trust IV

Filed: 30 Dec 21, 2:41pm
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23117

 

 

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, 2020 through October 31, 2021

 

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

 

 

 


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ITEM 1. REPORTS TO STOCKHOLDERS.

a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the

shareholder reports.


Table of Contents

Annual Report

J.P. Morgan International Equity Funds

October 31, 2021

JPMorgan Emerging Markets Equity Fund

JPMorgan Emerging Markets Research Enhanced Equity Fund

JPMorgan Europe Dynamic Fund

JPMorgan International Equity Fund

JPMorgan International Focus Fund

JPMorgan International Hedged Equity Fund

JPMorgan International Research Enhanced Equity Fund

JPMorgan International Value Fund

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 Equity Fund

     12 

JPMorgan International Focus Fund

     15 

JPMorgan International Hedged Equity Fund

     18 

JPMorgan International Research Enhanced Equity Fund

     21 

JPMorgan International Value Fund

     23 
Schedules of Portfolio Investments     26 
Financial Statements     56 
Financial Highlights     74 
Notes to Financial Statements     90 
Report of Independent Registered Public Accounting Firm     115 
Trustees     116 
Officers     119 
Schedule of Shareholder Expenses     120 
Board Approval of Investment Advisory Agreements     123 
Tax Letter     128 
Special Shareholder Meeting Results     129 

Privacy Policy — Located at the back of this Annual Report

    

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.


Table of Contents

LETTER TO SHAREHOLDERS

December 6, 2021 (Unaudited)

 

Dear Shareholders,

Equity markets largely rewarded investors with strong returns amid a global economic rebound in 2021 that withstood the emergence and spread of Covid variants, strained supply chains and accelerating inflation. Despite uneven progress against the pandemic, continued monetary and fiscal support helped bolster corporate profits and consumer spending throughout the twelve months ended October 21, 2021.

 

LOGO  

 

“Regardless of the macro-economic backdrop, J.P. Morgan Asset Management will continue to provide investors with innovative solutions and risk management strategies to seek to help investors build durable portfolios and meet their investment goals.” — Andrea L. Lisher

While leading central banks maintain accommodative policies throughout the period, select emerging market nations – particularly Brazil — raised interest rates and the U.S. Federal Reserve (the “Fed”) laid out a potential timetable for winding down its asset purchasing program and raising interest rates for the first time since the start of the pandemic. While the Fed initially insisted that price inflation fueled by the reopening of the global economy would likely be temporary, by the end of the period Fed officials conceded that inflation was stronger and more persistent than expected.

By the end of the period – and in subsequent weeks – financial market volatility increased amid investor uncertainty about the ongoing pandemic and concerns about the potential for the Fed to move more quickly to raise interest rates in the face of accelerating inflation. However, economic data point toward a continued rebound in the global economy into 2022.

Regardless of the macro-economic backdrop, J.P. Morgan Asset Management will continue to provide investors with innovative solutions and risk management strategies to seek to help investors build durable portfolios and meet their investment goals. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

 

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

 

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    1


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J.P. Morgan International Equity Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

 

Globally, equity markets outperformed fixed income markets by a wide margin amid a global economic rebound from the initial economic shock of the pandemic. While the development and distribution of multiple vaccines unleashed a sharp increase in economic activity in the first half of the period, uneven success against the pandemic, supply chain constraints and inflationary pressure weighed on growth in the latter part of the period. Overall, U.S. equity outperformed both developed market and emerging market equities.

For the twelve months ended October 31, 2021, the S&P 500 returned 42.91%; the MSCI EAFE Index returned 34.18% and the MSCI Emerging Markets Index returned 16.96%. Within fixed income, the Bloomberg U.S. Aggregate Index returned -0.48%, the Bloomberg U.S. High Yield Index returned 10.53% and the Bloomberg Emerging Markets Index returned 3.01% for the period.

At the start of the period, global equity prices began to rebound amid development of the first vaccines against COVID-19 and its leading variants. The rally in equity prices was largely led by investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package — and the prospect of additional federal government spending — helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of 2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on equity markets in June.

In the following months global economic growth was increasingly hindered by uneven progress against the pandemic, supply chain bottlenecks and rising prices for both commodities and finished goods. Energy prices rose sharply amid a rebound in demand, which helped petroleum exporting nations but weighed on the economies of net importers. Extended inflationary pressures led to modest divergence in central bank policies at the end of the period. Leading central banks maintained their ultra-low interest rate policies, while monetary authorities in select nations, including Brazil, Norway and New Zealand, raised rates to head off rising prices.

Global equity prices largely continued their upward trajectory in the final months of the period, with the exception of a modest retreat in September 2021. While developed markets equity and emerging markets equity generally provided positive returns, equity markets slumped in select nations facing political unrest and/or rapidly rising inflationary pressures. Notably, equity prices in China were weighed down by real estate company China Evergrande’s struggles to meet debt payments as investors worried about the potential impact on financial markets. Additionally, shares of large information technology companies in China were hurt by investor uncertainty over increased domestic regulatory scrutiny.

 

 
2    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


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JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

 

 

REPORTING PERIOD RETURN: 
Fund (Class L Shares)*   11.63% 
MSCI Emerging Markets Index (net of foreign withholding taxes)   16.96% 
Net Assets as of 10/31/2021 (In Thousands)   $13,835,784 

 

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Equity Fund (the “Fund”) seeks to provide high total return.

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

The Fund’s Class L Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2021.

The Fund’s security selection and overweight position in the consumer discretionary sector and its underweight position and security selection in the materials sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the health care and communication services sectors was a leading contributor to relative performance.

By country, the Fund’s underweight position in Russia and its security selection in Brazil were leading detractors from relative performance. The Fund’s out-of-Benchmark positions in Belarus and Singapore, which solely consisted of EPAM Systems Inc. and Sea Ltd., respectively, were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in New Oriental Education & Technology Group Inc., KE Holdings Inc. and Magazine Luiza SA. Shares of New Oriental Education & Technology Group, a Chinese provider of educational services, fell amid efforts by Chinese government regulators to tighten controls on private education providers. Shares of KE Holdings, a Chinese online platform provider for new and existing home sales, fell as China Evergrande Group’s struggles to meet debt payments weighed on China’s real estate sector. Shares of Magazine Luiza, a Brazilian consumer goods retailer, fell amid the con-

tinued spread of COVID-19 in Brazil and the Brazilian central bank’s decision to sharply raise interest rates.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Sea Ltd. and EPAM Systems Inc., and its overweight position in Wuxi Biologics Inc. Shares of Sea, a Singapore internet and mobile platform provider, rose as the company continued to increase its market share during the period. Shares of EPAM Systems, a global provider of software development and digital platform services that largely operates from Belarus, rose amid several consecutive quarters of better-than-expected earnings during the period. Shares of Wuxi Biologics (Cayman), a Chinese developer of biological testing and drug research, rose amid increased demand for its products and services driven by the pandemic.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed an active strategy in which portfolio construction was focused on the highest-conviction ideas found at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings, researching companies in an attempt to determine their underlying value and potential for future earnings growth.

As a result of this process, the Fund’s largest sector overweight allocations relative to the Benchmark during the period were in the consumer staples and consumer discretionary sectors and its largest relative underweight allocations were in the materials and energy sectors. The Fund’s largest country overweight allocations relative to the Benchmark during the period were in China and India and its largest relative underweight allocations were in Taiwan and South Korea.

 

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    3


Table of Contents

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

 

TOP TEN EQUITY HOLDINGS OF THE
PORTFOLIO AS OF OCTOBER 31, 2021
 PERCENT
OF TOTAL
INVESTMENTS
 
 1.   Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)  6.4
 2.   Samsung Electronics Co. Ltd. (South Korea)  4.8 
 3.   EPAM Systems, Inc. (United States)  4.2 
 4.   Sea Ltd., ADR (Taiwan)  4.1 
 5.   Tencent Holdings Ltd. (China)  3.4 
 6.   MercadoLibre, Inc. (Argentina)  2.7 
 7.   Housing Development Finance Corp. Ltd. (India)  2.6 
 8.   Meituan (China)  2.6 
 9.   Techtronic Industries Co. Ltd. (Hong Kong)  2.6 
 10.   JD.com, Inc., Class A (China)  2.2 

PORTFOLIO COMPOSITION BY COUNTRY

AS OF OCTOBER 31, 2021

 PERCENT
OF TOTAL
INVESTMENTS
 
China  36.9
India  16.4
Taiwan  11.8
South Korea  7.7
Hong Kong  5.0
United States  4.7
Indonesia  2.8
Argentina  2.7
Brazil  2.4
Russia  1.3
Mexico  1.3
United Kingdom  1.3
Others (each less than 1.0%)  3.7 
Short-Term Investments  2.0 

 

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

 

 
4    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


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AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021

 
   INCEPTION DATE OF
CLASS
    1 YEAR     5 YEAR     10 YEAR 

CLASS A SHARES

  September 28, 2001            

With Sales Charge*

       5.41     12.38     6.59

Without Sales Charge

       11.25      13.61      7.16 

CLASS C SHARES

  February 28, 2006            

With CDSC**

       9.68      13.03      6.73 

Without CDSC

       10.68      13.03      6.73 

CLASS I SHARES

  September 10, 2001     11.52      13.88      7.43 

CLASS L SHARES

  November 15, 1993     11.63      14.01      7.57 

CLASS R2 SHARES

  July 31, 2017     10.93      13.28      6.99 

CLASS R3 SHARES

  July 31, 2017     11.17      13.56      7.14 

CLASS R4 SHARES

  July 31, 2017     11.48      13.83      7.41 

CLASS R5 SHARES

  September 9, 2016     11.64      14.01      7.58 

CLASS R6 SHARES

  December 23, 2013     11.75      14.13      7.66 

 

* Sales Charge for Class A Shares is 5.25%.
** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/11 TO 10/31/21)

 

 

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 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 October 31, 2011 to October 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI Emerging Markets Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

 

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    5


Table of Contents

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

 

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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

 

 

 
6    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


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JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class R6 Shares)*   17.02% 
MSCI Emerging Markets Index (net of foreign withholding taxes)   16.96% 
Net Assets as of 10/31/2021 (In Thousands)   $3,793,388 

 

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Research Enhanced Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Class R6 Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2021.

By sector, the Fund’s security selections in the health care and financials sectors were leading contributors to performance relative to the Benchmark, while the Fund’s security selections in the consumer discretionary and utilities sectors were leading detractors from relative performance.

By country, the Fund’s security selections China and South Korea were leading contributors to relative performance, while the Fund’s security selections in India and Poland were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight position in TAL Education Group and its overweight positions in Yunnan Energy New Material Co. and Contemporary Amperex Technology Co. Shares of TAL Education Group, a Chinese provider of after-school tutoring services, fell amid efforts by Chinese government regulators to tighten controls on private education providers. Shares of Yunnan Energy New Material, a Chinese maker of electric vehicle battery materials, rose amid growth in domestic demand and investor expectations of accelerating U.S. adoption of electric vehicle technology due to proposed U.S. government incentives. Shares of Contemporary Amperex Technology, a Chinese batteries and energy storage systems maker, rose after the company reported its earnings more than doubled in the third quarter of 2021 amid surging sales.

Leading individual detractors from relative performance included the Fund’s overweight positions in New Oriental Education & Technology Group Inc. and Britannia Industries Ltd., and its underweight position in ICICI Bank Ltd. Shares of New Oriental Education & Technology Group, a Chinese provider of educational services, fell amid efforts by Chinese government regulators to tighten controls on private education providers. Shares of Britannia Industries, an Indian food manufacturer and distributor, fell amid disruptions in global supply chains. Shares of ICICI Bank, an Indian banking and financial services company, rose following several quarter of earnings growth during the period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a combination of a disciplined portfolio construction process with in-depth fundamental research into individual securities conducted by a global

network of research analysts to identify what they believed to be their relative value.

As a result of this process, by sector, the Fund’s largest overweight allocations relative to the Benchmark during the period were in the energy and consumer staples sectors and its largest underweight allocations were in the industrials and materials sectors. By country, the Fund’s largest overweight allocations relative to the Benchmark during the period were in Mexico and South Africa and its largest relative underweight allocations were in Taiwan and Malaysia.

 

TOP TEN EQUITY HOLDINGS OF THE
PORTFOLIO AS OF OCTOBER 31, 2021
  PERCENT
OF TOTAL
INVESTMENTS
 
 1.   Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)   5.9
 2.   Tencent Holdings Ltd. (China)   4.7 
 3.   Samsung Electronics Co. Ltd. (South Korea)   4.4 
 4.   Alibaba Group Holding Ltd. (China)   4.2 
 5.   Meituan (China)   1.9 
 6.   Reliance Industries Ltd. (India)   1.5 
 7.   Infosys Ltd., ADR (India)   1.2 
 8.   JD.com, Inc., Class A (China)   1.1 
 9.   Housing Development Finance Corp. Ltd. (India)   1.1 
 10.   China Construction Bank Corp., Class H (China)   1.0 

 

PORTFOLIO COMPOSITION BY COUNTRY

AS OF OCTOBER 31, 2021

  PERCENT
OF TOTAL
INVESTMENTS
 
China   34.8
Taiwan   14.2
South Korea   12.8
India   11.4
Russia   4.6
Brazil   3.9
South Africa   3.3
Mexico   2.9
Saudi Arabia   2.7
Thailand   1.8
Indonesia   1.6
Others (each less than 1.0%)   5.2 
Short-Term Investments   0.8 

 

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

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    7


Table of Contents

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

 

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021

   INCEPTION DATE OF
CLASS
    1 YEAR     SINCE
INCEPTION
 

CLASS I SHARES

  January 30, 2019     16.95     12.98

CLASS R6 SHARES

  December 11, 2018     17.02      13.10 

LIFE OF FUND PERFORMANCE (12/11/18 TO 10/31/21)

 

 

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 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 October 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI Emerging Markets Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Investors cannot invest directly in an index.

Class R6 Shares have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date.

Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

 

 

 
8    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class A Shares, without a sales charge)*   44.26% 
MSCI Europe Index (net of foreign withholding taxes)   40.93% 
Net Assets as of 10/31/2021 (In Thousands)   $1,074,518 

 

INVESTMENT OBJECTIVE**

The JPMorgan Europe Dynamic Fund (the “Fund”) seeks total return from long-term capital growth. Total return consists of capital growth and current income.

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

The Fund’s Class A Shares, without a sales charge, outperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2021.

Relative to the Benchmark, the Fund’s security selections and its overweight positions in both the semiconductors & semiconductor equipment and banks sectors were leading contributors to performance. The Fund’s security selection in the consumer durables & apparel sector and its overweight position in the retailing sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight position in ASM International NV, its out-of-Benchmark position in Bank of Ireland Group PLC and its underweight position in Unilever PLC. Shares of ASM International, a Dutch maker of semiconductor manufacturing equipment, rose amid increased capital spending in the semiconductor industry. Shares of Bank of Ireland Group rose amid

investor expectation that the financials sector in general would benefit from a rebound in economic activity in 2021. Shares of Unilever, a U.K. consumer products company that was not held in the Fund, fell amid rising global costs for raw materials.

Leading individual detractors from relative performance included the Fund’s underweight position in ASML Holdings NV and Royal Dutch Shell PLC and its out-of-Benchmark position in Stillfront Group AB. Shares of ASML Holdings, a Dutch provider of semiconductor manufacturing equipment, rose amid increased capital spending in the semiconductor industry. Shares of Royal Dutch Shell, a U.K. integrated oil and gas producer not held by the Fund, rose amid an increase in global energy prices. Shares of Stillfront Group, a Swedish digital game publisher, fell amid investor expectations for falling demand for video games as countries lifted pandemic social restrictions.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers believe that attractively valued, high quality securities with positive momentum have the potential to outperform the market. During the reporting period, the Fund’s portfolio managers invested in securities that they believed had these style characteristics. Portfolio positions were based on bottom-up security selection rather than top-down asset allocation decisions.

 

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    9


Table of Contents

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

 

TOP TEN EQUITY HOLDINGS OF THE
PORTFOLIO AS OF OCTOBER 31, 2021
 PERCENT
OF TOTAL
INVESTMENTS
 
 1.   Nestle SA (Registered) (Switzerland)  4.5
 2.   Roche Holding AG (Switzerland)  3.6 
 3.   Novo Nordisk A/S, Class B (Denmark)  2.8 
 4.   LVMH Moet Hennessy Louis Vuitton SE (France)  2.7 
 5.   BP plc (United Kingdom)  2.3 
 6.   Koninklijke Ahold Delhaize NV (Netherlands)  2.3 
 7.   Allianz SE (Registered) (Germany)  2.1 
 8.   ASM International NV (Netherlands)  1.9 
 9.   BNP Paribas SA (France)  1.8 
 10.   Zurich Insurance Group AG (Switzerland)  1.8 

PORTFOLIO COMPOSITION BY COUNTRY

AS OF OCTOBER 31, 2021

  PERCENT
OF TOTAL
INVESTMENTS
 
United Kingdom   18.9
Switzerland   16.1
Germany   14.6
France   13.1
Netherlands   7.4
Denmark   5.3
Finland   4.4
United States   2.8
Spain   2.3
Ireland   2.1
Austria   2.0
Belgium   1.2
Italy   1.2
Luxembourg   1.0
Others (each less than 1.0%)   2.6 
Short-Term Investments   5.0 

 

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

 

 
10    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021

 
   INCEPTION DATE OF
CLASS
    1 YEAR     5 YEAR     10 YEAR 

CLASS A SHARES

  November 2, 1995            

With Sales Charge*

       36.68     8.02     7.63

Without Sales Charge

       44.26      9.19      8.21 

CLASS C SHARES

  November 1, 1998            

With CDSC**

       42.56      8.65      7.78 

Without CDSC

       43.56      8.65      7.78 

CLASS I SHARES

  September 10, 2001     44.61      9.47      8.50 

CLASS L SHARES

  September 10, 2001     44.88      9.62      8.68 

CLASS R6 SHARES

  October 1, 2018     45.01      9.69      8.72 

 

* Sales Charge for Class A Shares is 5.25%.
** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/11 TO 10/31/21)

 

 

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 October 31, 2011 to October 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI Europe Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI Europe Index (net of foreign withholding taxes) is a free float-adjusted

market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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

 

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    11


Table of Contents

JPMorgan International Equity Fund

Fund Commentary

Twelve Months Ended October 31, 2021 (Unaudited)

 

Reporting Period Return: 
Fund (Class I Shares)*   32.94% 
MSCI EAFE Index (net of foreign withholding taxes)   34.18% 
Net Assets as of 10/31/2021 (In Thousands)   $4,845,717 

 

INVESTMENT OBJECTIVE**

The JPMorgan International Equity Fund (the “Fund”) seeks total return from long-term capital growth and income. Total return consists of capital growth and current income.

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

The Fund’s Class I Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2021.

The Fund’s security selections in the consumer discretionary and industrials sectors were leading detractors from relative performance, while the Fund’s security selections in the information technology and health care sectors were leading contributors to relative performance.

By region, the Fund’s out-of-Benchmark allocation to emerging markets and its overweight position in the U.K. were leading detractors from relative performance, while its security selection and underweight position in Japan and its security selection in the Pacific, excluding Japan, were leading contributors to relative performance.

Leading individual detractors from the Fund’s relative performance included its out-of-Benchmark position in Alibaba Group Holding Ltd. and Tencent Holdings Ltd. and its underweight position in Roche Holding AG. Shares of both Alibaba Group

Holding, a Chinese electronic commerce conglomerate, and Tencent Holdings, a Chinese online platform provider, fell amid tighter regulatory scrutiny of large technology companies in China as well as broader investor concerns about China Evergrande Group’s struggles to meet debt payments. Shares of Roche Holding, a Swiss pharmaceutical company, rose after the company raised its earnings forecast for 2021.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in ASML Holding NV, Capgemini SE and ING Groep NV.

Shares of ASML Holding, a Dutch maker of semiconductor manufacturing equipment, rose amid increased capital spending in the semiconductor sector. Shares of Capgemini, a French provider of technology consulting and outsourcing services, rose amid growth in revenue and earnings during the period. Shares of ING Groep, a Dutch banking and financial services company, rose amid better-than-expected results during the period.

HOW WAS THE FUND POSITIONED?

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

 

 

 
12    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents
TOP TEN EQUITY HOLDINGS OF THE
PORTFOLIO AS OF OCTOBER 31, 2021
 PERCENT
OF TOTAL
INVESTMENTS
 
 1.   Nestle SA (Registered) (Switzerland)  3.0
 2.   ASML Holding NV (Netherlands)  2.9 
 3.   Novo Nordisk A/S, Class B (Denmark)  2.7 
 4.   LVMH Moet Hennessy Louis Vuitton SE (France)  2.4 
 5.   Keyence Corp. (Japan)  2.3 
 6.   TotalEnergies SE (France)  2.2 
 7.   Diageo plc (United Kingdom)  2.1 
 8.   Capgemini SE (France)  1.9 
 9.   Sony Group Corp. (Japan)  1.9 
 10.   AIA Group Ltd. (Hong Kong)  1.8 

PORTFOLIO COMPOSITION BY COUNTRY

AS OF OCTOBER 31, 2021

  PERCENT
OF TOTAL
INVESTMENTS
 
Japan   17.0
France   15.1
United Kingdom   10.7
Germany   7.2
Switzerland   6.9
Netherlands   5.5
Denmark   5.2
Sweden   4.7
United States   3.2
Hong Kong   3.0
Spain   2.8
Australia   2.3
South Korea   2.1
Taiwan   1.9
Singapore   1.6
Belgium   1.4
South Africa   1.1
Others (each less than 1.0%)   3.3 
Short-Term Investments   5.0 

 

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

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    13


Table of Contents

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

 

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021

 
   INCEPTION DATE OF
CLASS
    1 YEAR     5 YEAR     10 YEAR 

CLASS A SHARES

  February 28, 2002            

With Sales Charge*

       25.62     9.49     6.81

Without Sales Charge

       32.56      10.68      7.38 

CLASS C SHARES

  January 31, 2003            

With CDSC**

       30.94      10.13      6.95 

Without CDSC

       31.94      10.13      6.95 

CLASS I SHARES

  January 1, 1997     32.94      10.95      7.65 

CLASS R2 SHARES

  November 3, 2008     32.18      10.35      7.09 

CLASS R5 SHARES

  May 15, 2006     33.04      11.07      7.82 

CLASS R6 SHARES

  November 30, 2010     33.20      11.19      7.90 

 

* Sales Charge for Class A Shares is 5.25%.
** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/11 TO 10/31/21)

 

 

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 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 October 31, 2011 to October 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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

 

 

 
14    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

JPMorgan International Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

 

REPORTING PERIOD RETURN:     
Fund (Class I Shares)*   26.04% 
MSCI All Country World Index, Ex-U.S. (net of foreign withholding taxes)   29.66% 
Net Assets as of 10/31/2021 (In Thousands)  $3,920,288 

 

INVESTMENT OBJECTIVE**

The JPMorgan International Focus Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Class I Shares underperformed the MSCI All Country World Index, Ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2021.

The Fund’s security selection in the financials sector and its underweight position in the energy sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the health care and information technology sectors was a leading contributor to relative performance.

By region, the Fund’s underweight position in Canada and its security selection in emerging markets were leading detractors from relative performance, while the Fund’s underweight position in Japan and its security selection in the Pacific Rim were leading contributors to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Kone Oyj. Shares of both Alibaba Group Holding, a Chinese electronic commerce conglomerate, and Tencent Holdings, a Chinese online platform

provider, fell amid tighter regulatory scrutiny of large technology companies in China as well as broader investor concerns about China Evergrande Group’s struggles to meet debt payments. Shares of Kone, a Finnish manufacturer of elevators, escalators and automatic doors, fell after the company warned of rising costs and shortages of equipment parts.

Leading individual contributors to the Fund’s relative performance included its overweight positions in ASML Holding NV, Sea Ltd. and KBC Group NV. Shares of ASML Holdings, a Dutch provider of semiconductor manufacturing equipment, rose amid increased capital spending in the semiconductor industry. Shares of Sea, a Singapore internet and mobile platform provider, rose as the company continued to increase its market share during the period. Shares of KBC Group, a Belgian banking and insurance provider, rose amid better-than-expected earnings during the period.

HOW WAS THE FUND POSITIONED?

By harnessing their team’s global sector specialists, the Fund’s portfolio managers sought to build a high-conviction, benchmark-agnostic portfolio of growth, value and unique companies, whose future prospects, the portfolio managers believed, were under-appreciated by the market and thus possessed the potential to deliver higher-than-expected earnings that could have a positive effect on their share prices.

 

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    15


Table of Contents

JPMorgan International Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

 

TOP TEN EQUITY HOLDINGS OF THE
PORTFOLIO AS OF OCTOBER 31, 2021
  PERCENT
OF TOTAL
INVESTMENTS
 
 1.   Nestle SA (Registered) (Switzerland)   3.7
 2.   ASML Holding NV (Netherlands)   3.6 
 3.   Samsung Electronics Co. Ltd. (South Korea)   3.5 
 4.   Diageo plc (United Kingdom)   3.2 
 5.   Novo Nordisk A/S, Class B (Denmark)   3.2 
 6.   HDFC Bank Ltd., ADR (India)   3.1 
 7.   LVMH Moet Hennessy Louis Vuitton SE (France)   3.1 
 8.   AIA Group Ltd. (Hong Kong)   2.8 
 9.   Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)   2.7 
 10.   Tencent Holdings Ltd. (China)   2.6 

PORTFOLIO COMPOSITION BY COUNTRY

AS OF OCTOBER 31, 2021

  PERCENT
OF TOTAL
INVESTMENTS
 
United Kingdom   10.2
France   8.9
Switzerland   7.0
Japan   6.9
China   5.8
Germany   5.4
Hong Kong   5.2
South Korea   5.0
Taiwan   5.0
Canada   5.0
United States   4.4
Denmark   4.2
Netherlands   3.6
Sweden   3.4
India   3.1
Belgium   2.4
Australia   2.2
South Africa   2.1
Indonesia   2.0
Spain   1.7
Singapore   1.6
Russia   1.4
Finland   1.4
Short-Term Investments   2.1 

 

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

 

 
16    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021

 
   INCEPTION DATE OF
CLASS
    1 YEAR     5 YEAR     SINCE
INCEPTION
 

CLASS A SHARES

  November 30, 2011            

With Sales Charge*

       19.11     9.85     8.38

Without Sales Charge

       25.69      11.05      8.97 

CLASS C SHARES

  November 30, 2011            

With CDSC**

       24.11      10.49      8.53 

Without CDSC

       25.11      10.49      8.53 

CLASS I SHARES

  November 30, 2011     26.04      11.35      9.27 

CLASS R2 SHARES

  November 30, 2011     25.29      10.72      8.67 

CLASS R5 SHARES

  November 30, 2011     26.19      11.46      9.42 

CLASS R6 SHARES

  November 30, 2011     26.28      11.55      9.49 

 

* Sales Charge for Class A Shares is 5.25%.
** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (11/30/11 TO 10/31/21)

 

 

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 October 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Subsequent to the inception date of the Fund and through May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

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

 

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    17


Table of Contents

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class I Shares)*   20.90% 
MSCI EAFE Index (net of foreign withholding taxes)   34.18% 
ICE BofAML 3-Month U.S. Treasury Bill Index   0.06% 
Net Assets as of 10/31/2021 (In Thousands)  $152,776 

 

INVESTMENT OBJECTIVE**

The JPMorgan International Hedged Equity Fund (the “Fund”) seeks to provide capital appreciation.

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

The Fund’s Class I Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) and outperformed the ICE BofAML 3-Month U.S. Treasury Bill Index for the twelve months ended October 31, 2021. The Fund’s options hedge allowed the Fund to generally perform as designed during the reporting period with about 57% of the Benchmark’s volatility.

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

By country, the Fund’s security selection in Switzerland and Italy was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in Japan and the Netherlands was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Orsted A/S, Kao Corp. and Iberdrola SA. Shares of Orsted, a Danish renewable energy generator, fell after reporting weaker-than-expected earnings and revenue growth for the first half of the 2021. Shares of Kao, a Japanese consumer products and chemicals manufacturer, fell amid a decline in demand for cosmetics and household products in Japan due to the pandemic. Shares of Iberdrola, an electric utility based in Spain, fell after the Spanish government responded to surging domestic electricity prices by limiting profits of energy utilities.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in ASML Holdings NV, Capgemini SE and Novo Nordisk A/S. Shares of ASML Holdings, a Dutch provider of semiconductor manufacturing equipment, rose amid increased capital spending in the semiconductor industry. Shares of Capgemini, a French provider of technology consulting and outsourcing services, rose amid growth in revenue and earnings during the period. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported earnings growth for the first quarter of 2021 and raised its 2021 forecast for earnings and revenue.

HOW WAS THE FUND POSITIONED?

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

 

TOP TEN EQUITY HOLDINGS OF THE
PORTFOLIO AS OF OCTOBER 31, 2021
  PERCENT
OF TOTAL
INVESTMENTS
 
 1.   Nestle SA (Registered) (Switzerland)   2.8
 2.   ASML Holding NV (Netherlands)   2.6 
 3.   Roche Holding AG (Switzerland)   2.3 
 4.   Novo Nordisk A/S, Class B (Denmark)   1.9 
 5.   LVMH Moet Hennessy Louis Vuitton SE (France)   1.8 
 6.   Novartis AG (Registered) (Switzerland)   1.5 
 7.   Toyota Motor Corp. (Japan)   1.5 
 8.   L’Oreal SA (France)   1.3 
 9.   Schneider Electric SE (United States)   1.2 
 10.   Allianz SE (Registered) (Germany)   1.2 

 

PORTFOLIO COMPOSITION BY COUNTRY

AS OF OCTOBER 31, 2021

  PERCENT
OF TOTAL
INVESTMENTS
 
Japan   23.3
United Kingdom   11.8
France   10.9 
Switzerland   10.5
Germany   9.9
Netherlands   6.8
Australia   5.6
Denmark   3.2
United States   3.0
Spain   2.9
Sweden   2.7
Hong Kong   2.4
Others (each less than 1.0%)   4.7 
Short-Term Investments   2.3 

 

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

 

 
18    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021

 
   INCEPTION DATE
OF CLASS
    1 YEAR     SINCE
INCEPTION
 

CLASS A SHARES

  March 15, 2019        

With Sales Charge*

       14.28     3.39

Without Sales Charge

       20.60      5.53 

CLASS C SHARES

  March 15, 2019        

With CDSC**

       18.97      5.00 

Without CDSC

       19.97      5.00 

CLASS I SHARES

  March 15, 2019     20.90      5.81 

CLASS R5 SHARES

  March 15, 2019     21.10      5.95 

CLASS R6 SHARES

  March 15, 2019     21.19      6.07 

 

* Sales Charge for Class A Shares is 5.25%.
** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (3/15/19 TO 10/31/21)

 

 

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 March 15, 2019.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Hedged Equity Fund, the MSCI EAFE Index (net of foreign withholding taxes) and the ICE BofAML 3-Month U.S. Treasury Bill Index from March 15, 2019 to October 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the ICE BofAML 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The ICE BofAML 3-Month U.S. Treasury Bill Index is comprised of a single issue

purchased at the 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.

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

 

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    19


Table of Contents

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

 

taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

 

 

 
20    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

 

REPORTING PERIOD RETURN: 
Fund (Class I Shares)*   35.78% 
MSCI EAFE Index (net of foreign withholding taxes)   34.18% 
Net Assets as of 10/31/2021 (In Thousands)   $4,995,842 

 

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 outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2021.

The Fund’s security selection in the semiconductors & hardware sector and in the banks sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the basic industries and utilities sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in Japan and security selection and overweight position in Europe, excluding the U.K., were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the U.K. and in the Pacific, excluding Japan, were the smallest contributors 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?

Using the fundamental equity insights generated by analysts, the Fund’s portfolio managers took overweight positions in securities included within the universe of the Benchmark that they considered undervalued, while underweighting or not holding securities in the Benchmark that they considered overvalued.

TOP TEN EQUITY HOLDINGS OF THE
PORTFOLIO AS OF OCTOBER 31, 2021
  PERCENT
OF TOTAL
INVESTMENTS
 
 1.   Nestle SA (Registered) (Switzerland)   2.8
 2.   ASML Holding NV (Netherlands)   2.5 
 3.   Roche Holding AG (Switzerland)   2.3 
 4.   Novo Nordisk A/S, Class B (Denmark)   1.9 
 5.   LVMH Moet Hennessy Louis Vuitton SE (France)   1.7 
 6.   Novartis AG (Registered) (Switzerland)   1.5 
 7.   Toyota Motor Corp. (Japan)   1.4 
 8.   L’Oreal SA (France)   1.3 
 9.   Schneider Electric SE (United States)   1.2 
 10.   Allianz SE (Registered) (Germany)   1.1 

 

PORTFOLIO COMPOSITION BY COUNTRY

AS OF OCTOBER 31, 2021

  PERCENT

OF TOTAL
INVESTMENTS
 
Japan   23.0
United Kingdom   11.7
France   10.8
Switzerland   10.4
Germany   9.8
Netherlands   6.8
Australia   5.7
Denmark   3.2
Spain   2.8
Sweden   2.8
United States   2.3
Hong Kong   2.3
Others (each less than 1.0%)   4.7 
Short-Term Investments   3.7 

 

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

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    21


Table of Contents

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

 

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021

 
   INCEPTION DATE OF
CLASS
     1 YEAR     5 YEAR     10 YEAR 

CLASS A SHARES

   April 23, 1993             

With Sales Charge*

       28.31     7.70     6.34

Without Sales Charge

       35.44      8.87      6.91 

CLASS I SHARES

   October 28, 1992      35.78      9.13      7.17 

CLASS R6 SHARES

   November 1, 2017      35.93      9.23      7.22 

 

* Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (10/31/11 TO 10/31/21)

 

 

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 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 October 31, 2011 to October 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower.

Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

 

 

 
22    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

 

REPORTING PERIOD RETURN:     
Fund (Class L Shares)*   46.77% 
MSCI EAFE Value Index (net of foreign withholding taxes)   38.31% 
Net Assets as of 10/31/2021 (In Thousands)   $396,699 

 

INVESTMENT OBJECTIVE**

The JPMorgan International Value Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Class L Shares outperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2021.

The Fund’s underweight positions in the utilities and consumer staples sectors were leading contributors to performance relative to the Benchmark. The Fund’s overweight position in the energy sector and its security selection in the technology-software sector were leading detractors from relative performance.

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

Leading individual contributors to relative performance included the Fund’s underweight positions in SoftBank Group Corp., Unilever PLC and Sanofi SA. Shares of SoftBank Group, a Japanese technology sector holding company not held in the Fund, fell amid investor concerns about the company’s

exposure to technology businesses in China. Shares of Unilever, a U.K. consumer products company note held in the Fund, fell amid the increasing costs of key commodities. Shares of Sanofi, a French pharmaceuticals maker not held in the Fund, underperformed amid efforts by the Biden administration to curb drug prices.

Leading individual detractors from relative performance included the Fund’s underweight positions in Royal Dutch Shell PLC, Commonwealth Bank of Australia and Westpac Banking Corp. Shares of Royal Dutch Shell, an integrated petroleum and natural gas provider, rose amid a sharp increase in global energy prices. Shares of Commonwealth Bank Australia, which were not held in the Fund, rose after the company reported strong earnings growth for fiscal 2021. Shares of Westpac Banking, an Australian bank and financial services company, rose amid earnings growth during the period.

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 positions relative to the Benchmark during the period were in the banks and insurance sectors, while the largest underweight positions were in the utilities and consumer staples sector.

 

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    23


Table of Contents

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

 

TOP TEN EQUITY HOLDINGS OF THE
PORTFOLIO AS OF OCTOBER 31, 2021
  PERCENT
OF TOTAL
INVESTMENTS
 
 1.   Toyota Motor Corp. (Japan)   2.4
 2.   Novartis AG (Registered) (Switzerland)   2.2 
 3.   TotalEnergies SE (France)   1.7 
 4.   Siemens AG (Registered) (Germany)   1.6 
 5.   HSBC Holdings plc (United Kingdom)   1.6 
 6.   GlaxoSmithKline plc (United Kingdom)   1.4 
 7.   BP plc (United Kingdom)   1.4 
 8.   BHP Group Ltd. (Australia)   1.2 
 9.   Allianz SE (Registered) (Germany)   1.2 
 10.   National Australia Bank Ltd. (Australia)   1.1 

PORTFOLIO COMPOSITION BY COUNTRY

AS OF OCTOBER 31, 2021

  PERCENT
OF TOTAL
INVESTMENTS
 
Japan   21.1
United Kingdom   16.6
France   10.2
Germany   9.6
Australia   6.7
Switzerland   6.2
Italy   3.7
Sweden   3.4
Netherlands   3.2
Spain   3.2
Norway   2.9
Austria   1.7
Denmark   1.6
Finland   1.5
Hong Kong   1.5
Singapore   1.1
Others (each less than 1.0%)   4.2 
Short-Term Investments   1.6 

 

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

 

 
24    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021

 
   INCEPTION DATE OF
CLASS
    1 YEAR     5 YEAR     10 YEAR 

CLASS A SHARES

  September 28, 2001            

With Sales Charge*

       38.59     4.62     3.68

Without Sales Charge

       46.20      5.76      4.25 

CLASS C SHARES

  July 11, 2006            

With CDSC**

       44.54      5.22      3.83 

Without CDSC

       45.54      5.22      3.83 

CLASS I SHARES

  September 10, 2001     46.51      6.03      4.53 

CLASS L SHARES

  November 4, 1993     46.77      6.16      4.66 

CLASS R2 SHARES

  November 3, 2008     45.84      5.46      3.97 

CLASS R5 SHARES

  September 9, 2016     46.59      6.13      4.66 

CLASS R6 SHARES

  November 30, 2010     46.84      6.27      4.78 

 

* Sales Charge for Class A Shares is 5.25%.
** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/11 TO 10/31/21)

 

 

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. Effective May 2018, some of the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund was managed under the current strategies.

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan International Value Fund and the MSCI EAFE Value Index (net of foreign withholding taxes) from October 31, 2011 to October 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Value Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE Value Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted

index that is designed to measure the performance of value-oriented stocks in the world’s equity markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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

 

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    25


Table of Contents

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 100.1%

 

Argentina — 2.7%

 

MercadoLibre, Inc. *

  256    378,577 
   

 

 

 

Brazil — 2.4%

 

B3 SA — Brasil Bolsa Balcao

  36,160    76,499 

Localiza Rent a Car SA

  3,766    30,123 

Magazine Luiza SA *

  35,416    67,898 

Pagseguro Digital Ltd., Class A * (a)

  3,091    111,894 

Raia Drogasil SA *

  12,592    52,210 
   

 

 

 
    338,624 
   

 

 

 

China — 37.7%

 

Alibaba Group Holding Ltd. *

  14,608    300,377 

Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A

  14,621    94,901 

Bilibili, Inc., ADR * (a)

  707    51,836 

Bilibili, Inc., Class Z *

  709    51,982 

Budweiser Brewing Co. APAC Ltd. (b)

  36,765    100,839 

China Gas Holdings Ltd.

  48,011    119,837 

Contemporary Amperex Technology Co. Ltd., Class A

  1,977    197,774 

Dada Nexus Ltd., ADR *

  3,482    70,725 

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

  9,791    179,053 

Hundsun Technologies, Inc., Class A

  10,482    102,785 

JD.com, Inc., ADR *

  1,578    123,561 

JD.com, Inc., Class A *

  7,921    310,075 

Jiangsu Hengli Hydraulic Co. Ltd., Class A

  15,471    198,137 

KE Holdings, Inc., ADR * (a)

  3,440    62,671 

Kingdee International Software Group Co. Ltd. *

  33,349    109,731 

Kweichow Moutai Co. Ltd., Class A

  264    75,369 

Meituan * (b)

  10,752    365,881 

Midea Group Co. Ltd., Class A

  8,057    86,313 

NetEase, Inc.

  12,341    239,393 

Pharmaron Beijing Co. Ltd., Class A

  5,886    175,274 

Ping An Bank Co. Ltd., Class A

  48,156    146,494 

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

  4,095    239,644 

Shenzhou International Group Holdings Ltd.

  8,462    182,301 

Sichuan Swellfun Co. Ltd., Class A

  1,990    39,210 

Silergy Corp.

  1,023    169,005 

Sunny Optical Technology Group Co. Ltd.

  6,929    185,940 

Tencent Holdings Ltd.

  7,815    475,391 

Wanhua Chemical Group Co. Ltd., Class A

  6,629    109,404 

Wuxi Biologics Cayman, Inc. * (b)

  19,749    299,130 

Xinyi Solar Holdings Ltd.

  96,810    201,100 

Yum China Holdings, Inc.

  2,605    148,684 
   

 

 

 
    5,212,817 
   

 

 

 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Hong Kong — 5.1%

 

AIA Group Ltd.

  17,599    197,234 

AIA Group Ltd.

  795    8,894 

Hong Kong Exchanges & Clearing Ltd.

  2,307    138,984 

Techtronic Industries Co. Ltd.

  17,840    366,527 
   

 

 

 
    711,639 
   

 

 

 

India — 16.7%

 

Asian Paints Ltd.

  2,803    116,147 

Britannia Industries Ltd.

  1,516    74,580 

HDFC Bank Ltd.

  13,065    276,775 

HDFC Bank Ltd., ADR

  2,799    201,262 

HDFC Life Insurance Co. Ltd. (b)

  16,679    151,686 

Hindustan Unilever Ltd.

  5,256    168,239 

Housing Development Finance Corp. Ltd.

  9,711    370,260 

Infosys Ltd.

  3,073    68,769 

Infosys Ltd., ADR

  3,076    68,544 

Kotak Mahindra Bank Ltd.

  8,072    219,569 

Reliance Industries Ltd.

  8,772    297,685 

Tata Consultancy Services Ltd.

  6,652    302,368 
   

 

 

 
    2,315,884 
   

 

 

 

Indonesia — 2.9%

 

Bank Central Asia Tbk. PT

  383,535    202,805 

Bank Rakyat Indonesia Persero Tbk. PT

  655,689    196,827 
   

 

 

 
    399,632 
   

 

 

 

Macau — 0.4%

 

Sands China Ltd. *

  26,388    60,144 
   

 

 

 

Mexico — 1.3%

 

Wal-Mart de Mexico SAB de CV (a)

  52,447    182,730 
   

 

 

 

Panama — 0.5%

 

Copa Holdings SA, Class A * (a)

  879    65,024 
   

 

 

 

Poland — 0.9%

 

Allegro.eu SA * (b)

  10,381    117,404 
   

 

 

 

Portugal — 0.7%

 

Jeronimo Martins SGPS SA

  4,290    97,192 
   

 

 

 

Russia — 1.4%

 

Sberbank of Russia PJSC

  37,519    188,748 
   

 

 

 

South Africa — 1.0%

 

Bid Corp. Ltd.(a)

  3,452    74,079 

Capitec Bank Holdings Ltd. (a)

  525    58,662 
   

 

 

 
    132,741 
   

 

 

 

South Korea — 7.9%

 

Delivery Hero SE * (b)

  1,063    132,537 

LG Chem Ltd.

  225    161,638 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
26    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

South Korea — continued

 

NCSoft Corp.

  206    110,873 

Samsung Electronics Co. Ltd.

  11,386    681,698 
   

 

 

 
    1,086,746 
   

 

 

 

Taiwan — 12.0%

 

Chailease Holding Co. Ltd.

  12,176    116,614 

Sea Ltd., ADR * (a)

  1,672    574,592 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

  7,943    903,169 

Taiwan Semiconductor Manufacturing Co. Ltd.

  3,301    70,048 
   

 

 

 
    1,664,423 
   

 

 

 

Turkey — 0.4%

 

BIM Birlesik Magazalar A/S

  8,937    57,773 
   

 

 

 

United Kingdom — 1.3%

 

Prudential plc

  8,809    179,764 
   

 

 

 

United States — 4.8%

 

EPAM Systems, Inc. *

  883    594,223 

JS Global Lifestyle Co. Ltd. (b)

  40,199    74,443 
   

 

 

 
    668,666 
   

 

 

 

Total Common Stocks
(Cost $9,311,380)

 

   13,858,528 
  

 

 

 

Short-Term Investments — 2.0%

 

Investment Companies — 0.2%

 

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d)
(Cost $24,800)

  24,788    24,800 
   

 

 

 

Investment of Cash Collateral from Securities Loaned — 1.8%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)

  222,040    222,040 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)

  25,886    25,886 
   

 

 

 

Total Investment of Cash Collateral from Securities Loaned
(Cost $247,926)

    247,926 
  

 

 

 

Total Short-Term Investments
(Cost $272,726)

 

   272,726 
   

 

 

 

Total Investments — 102.1%
(Cost $9,584,106)

 

   14,131,254 

Liabilities in Excess of
Other Assets — (2.1)%

 

   (295,470
  

 

 

 

NET ASSETS — 100.0%

 

   13,835,784 
  

 

 

 

 

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2021

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

 

INDUSTRY  PERCENT
OF TOTAL
INVESTMENTS
 

Internet & Direct Marketing Retail

   12.7

Banks

   10.6 

Semiconductors & Semiconductor Equipment

   9.5 

IT Services

   8.1 

Entertainment

   7.3 

Technology Hardware, Storage & Peripherals

   4.8 

Machinery

   4.0 

Insurance

   3.8 

Interactive Media & Services

   3.4 

Life Sciences Tools & Services

   3.4 

Food & Staples Retailing

   3.3 

Chemicals

   2.7 

Thrifts & Mortgage Finance

   2.6 

Oil, Gas & Consumable Fuels

   2.1 

Food Products

   1.8 

Health Care Equipment & Supplies

   1.7 

Capital Markets

   1.5 

Beverages

   1.5 

Software

   1.5 

Hotels, Restaurants & Leisure

   1.5 

Electrical Equipment

   1.4 

Electronic Equipment, Instruments & Components

   1.3 

Textiles, Apparel & Luxury Goods

   1.3 

Household Products

   1.2 

Household Durables

   1.1 

Others (each less than 1.0%)

   4.0 

Short-Term Investments

   1.9 

Abbreviations

 

ADR American Depositary Receipt
APAC Asia Pacific
PT Limited liability company
SGPS Holding company
(a) The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $235,340.
(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 October 31, 2021.
* Non-income producing security.
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    27


Table of Contents

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 98.2%

 

Argentina — 0.1%

 

MercadoLibre, Inc. *

  4    5,341 
   

 

 

 

Brazil — 3.8%

 

Atacadao SA

  1,346    3,981 

Gerdau SA (Preference)

  1,861    8,918 

Itau Unibanco Holding SA (Preference)

  3,455    14,307 

Itausa SA (Preference)

  6,399    11,655 

Localiza Rent a Car SA

  471    3,771 

Locaweb Servicos de Internet SA * (a)

  894    2,913 

Lojas Renner SA

  1,012    5,768 

Magazine Luiza SA *

  4,090    7,841 

Petroleo Brasileiro SA (Preference)

  5,897    28,471 

Porto Seguro SA

  912    3,795 

Raia Drogasil SA *

  1,814    7,523 

Suzano SA *

  1,053    9,168 

TIM SA, ADR *

  504    4,968 

Vale SA, ADR

  2,334    29,711 

XP, Inc., Receipts *

  80    2,603 
   

 

 

 
    145,393 
   

 

 

 

Chile — 0.3%

 

Banco Santander Chile, ADR

  414    7,338 

Cencosud SA

  1,564    2,288 

Cia Cervecerias Unidas SA, ADR

  128    2,162 
   

 

 

 
    11,788 
   

 

 

 

China — 34.4%

 

Airtac International Group

  110    3,291 

Alibaba Group Holding Ltd. *

  7,593    156,138 

Amoy Diagnostics Co. Ltd., Class A

  226    2,854 

Anhui Conch Cement Co. Ltd., Class H

  977    4,829 

ANTA Sports Products Ltd.

  424    6,569 

Baidu, Inc., ADR *

  50    8,033 

Baoshan Iron & Steel Co. Ltd., Class A

  6,346    7,054 

BeiGene Ltd., ADR *

  32    11,315 

Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A

  670    4,348 

Bilibili, Inc., ADR * (b)

  124    9,075 

BOE Technology Group Co. Ltd., Class A

  10,937    8,391 

BYD Co. Ltd., Class H

  173    6,598 

Chacha Food Co. Ltd., Class A

  703    6,255 

China Conch Venture Holdings Ltd.

  1,428    6,937 

China Construction Bank Corp., Class H

  57,358    39,037 

China Lesso Group Holdings Ltd.

  3,308    5,113 

China Life Insurance Co. Ltd., Class H

  6,962    12,095 

China Merchants Bank Co. Ltd., Class H

  3,645    30,546 

China Molybdenum Co. Ltd., Class H

  13,587    8,400 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

China — continued

 

China Oilfield Services Ltd., Class H

  3,594    3,437 

China Pacific Insurance Group Co. Ltd., Class H

  3,323    10,161 

China Resources Land Ltd.

  2,802    10,887 

China Resources Mixc Lifestyle Services Ltd. (a)

  696    3,663 

China Shenhua Energy Co. Ltd., Class H

  3,107    6,680 

China Vanke Co. Ltd., Class H

  3,613    8,441 

China Yangtze Power Co. Ltd., Class A

  2,643    8,765 

Chongqing Brewery Co. Ltd., Class A *

  207    4,852 

Contemporary Amperex Technology Co. Ltd., Class A

  182    18,248 

Country Garden Services Holdings Co. Ltd.

  1,687    12,987 

ENN Energy Holdings Ltd.

  736    12,672 

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

  436    7,977 

Fu Jian Anjoy Foods Co. Ltd., Class A

  147    4,643 

Fuyao Glass Industry Group Co. Ltd., Class H (a)

  1,043    6,004 

Guangzhou Automobile Group Co. Ltd., Class H

  11,910    11,243 

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

  305    5,462 

Haidilao International Holding Ltd. (a)

  1,024    2,855 

Haier Smart Home Co. Ltd., Class H

  3,849    14,332 

Hangzhou Tigermed Consulting Co. Ltd., Class H (a)

  293    5,707 

Han’s Laser Technology Industry Group Co. Ltd., Class A

  654    4,378 

Hefei Meiya Optoelectronic Technology, Inc., Class A

  578    3,653 

Huatai Securities Co. Ltd., Class H (a)

  2,679    3,984 

Huayu Automotive Systems Co. Ltd., Class A

  1,057    4,425 

Huazhu Group Ltd. *

  1,779    8,259 

Hundsun Technologies, Inc., Class A

  353    3,461 

Hutchmed China Ltd., ADR *

  70    2,046 

Industrial & Commercial Bank of China Ltd., Class H

  29,565    16,206 

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

  1,717    11,496 

Innovent Biologics, Inc. * (a)

  1,066    9,537 

JD.com, Inc., Class A *

  1,068    41,822 

Jiangsu Hengli Hydraulic Co. Ltd., Class A

  630    8,062 

Jiangsu Hengrui Medicine Co. Ltd., Class A

  1,025    7,866 

Jiangsu Hengshun Vinegar Industry Co. Ltd., Class A

  1,067    2,685 

Joyoung Co. Ltd., Class A

  1,518    5,532 

Kingdee International Software Group Co. Ltd. *

  3,338    10,983 

Kunlun Energy Co. Ltd.

  6,572    5,986 

Kweichow Moutai Co. Ltd., Class A

  45    12,770 

Laobaixing Pharmacy Chain JSC, Class A

  724    4,937 

Lenovo Group Ltd.

  3,726    4,046 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
28    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

China — continued

 

Longfor Group Holdings Ltd. (a)

  2,254    10,905 

Maxscend Microelectronics Co. Ltd., Class A

  71    3,423 

Meituan * (a)

  2,111    71,841 

Minth Group Ltd.

  1,664    6,613 

NetEase, Inc.

  1,152    22,342 

NetEase, Inc., ADR

  62    6,037 

NIO, Inc., ADR *

  456    17,983 

Nongfu Spring Co. Ltd., Class H (a)

  800    4,056 

Oppein Home Group, Inc., Class A

  468    9,301 

Pharmaron Beijing Co. Ltd., Class H (a)

  383    8,278 

PICC Property & Casualty Co. Ltd., Class H

  14,744    13,726 

Pinduoduo, Inc., ADR *

  202    17,920 

Ping An Bank Co. Ltd., Class A

  4,348    13,225 

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

  4,129    29,571 

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

  3,147    6,169 

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

  9,285    6,748 

Qingdao Haier Biomedical Co. Ltd., Class A

  409    6,012 

Qingdao Haier Biomedical Co. Ltd., Class A

  9    129 

Shanghai Baosight Software Co. Ltd., Class A

  725    7,939 

Shanghai Liangxin Electrical Co. Ltd., Class A

  1,008    2,564 

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

  139    8,111 

Skshu Paint Co. Ltd., Class A

  349    6,074 

Sunny Optical Technology Group Co. Ltd.

  576    15,459 

Tencent Holdings Ltd.

  2,877    175,032 

Tongwei Co. Ltd., Class A

  834    7,436 

Topsports International Holdings Ltd. (a)

  5,697    6,921 

Trip.com Group Ltd., ADR *

  288    8,235 

Wanhua Chemical Group Co. Ltd., Class A

  607    10,015 

Wuliangye Yibin Co. Ltd., Class A

  109    3,668 

WuXi AppTec Co. Ltd., Class H (a)

  576    12,308 

Wuxi Biologics Cayman, Inc. * (a)

  2,149    32,543 

Xiaomi Corp., Class B * (a)

  3,484    9,525 

Xinyi Solar Holdings Ltd.

  6,664    13,843 

XPeng, Inc., ADR * (b)

  262    12,213 

Yum China Holdings, Inc.

  285    16,244 

Yunnan Energy New Material Co. Ltd.

  145    6,593 

Zai Lab Ltd., ADR *

  81    8,491 

Zhejiang Dingli Machinery Co. Ltd., Class A

  384    4,086 

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

  1,784    5,005 

Zhongji Innolight Co. Ltd., Class A

  1,189    6,141 

Zijin Mining Group Co. Ltd., Class H

  3,876    5,390 
   

 

 

 
    1,306,143 
   

 

 

 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Colombia — 0.2%

 

Ecopetrol SA, ADR (b)

  497    7,536 
   

 

 

 

Greece — 0.4%

 

Hellenic Telecommunications Organization SA

  415    7,366 

OPAP SA

  502    7,839 
   

 

 

 
    15,205 
   

 

 

 

Hong Kong — 0.3%

 

Techtronic Industries Co. Ltd.

  452    9,276 
   

 

 

 

Hungary — 0.4%

 

OTP Bank Nyrt. *

  215    12,949 

Richter Gedeon Nyrt.

  122    3,407 
   

 

 

 
    16,356 
   

 

 

 

India — 11.3%

 

ACC Ltd.

  165    5,159 

Ambuja Cements Ltd.

  1,263    6,847 

Apollo Hospitals Enterprise Ltd.

  230    13,105 

Axis Bank Ltd. *

  1,074    10,692 

Bharat Petroleum Corp. Ltd.

  1,084    6,060 

Biocon Ltd. *

  987    4,634 

Britannia Industries Ltd.

  252    12,374 

Eicher Motors Ltd.

  134    4,449 

HDFC Bank Ltd., ADR

  138    9,958 

HDFC Life Insurance Co. Ltd. (a)

  1,531    13,924 

Hindalco Industries Ltd.

  1,717    10,578 

Hindustan Unilever Ltd.

  647    20,703 

Housing Development Finance Corp. Ltd.

  1,066    40,639 

ICICI Bank Ltd.

  1,380    14,856 

Infosys Ltd., ADR

  2,057    45,832 

Kotak Mahindra Bank Ltd.

  700    19,037 

Larsen & Toubro Ltd.

  596    14,116 

Maruti Suzuki India Ltd.

  176    17,575 

NTPC Ltd.

  5,146    9,137 

Oil & Natural Gas Corp. Ltd.

  3,541    7,047 

Petronet LNG Ltd.

  2,406    7,386 

Power Grid Corp. of India Ltd.

  4,795    11,877 

Reliance Industries Ltd.

  1,605    54,479 

Shriram Transport Finance Co. Ltd.

  482    9,280 

Tata Consultancy Services Ltd.

  619    28,122 

Tata Steel Ltd.

  405    7,149 

UltraTech Cement Ltd.

  134    13,735 

United Spirits Ltd. *

  484    6,148 

Wipro Ltd.

  512    4,433 
   

 

 

 
    429,331 
   

 

 

 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    29


Table of Contents

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

Indonesia — 1.6%

 

Bank Central Asia Tbk. PT

  47,932    25,345 

Bank Rakyat Indonesia Persero Tbk. PT

  63,380    19,026 

Telkom Indonesia Persero Tbk. PT

  60,890    16,275 
   

 

 

 
    60,646 
   

 

 

 

Malaysia — 1.0%

 

CIMB Group Holdings Bhd.

  4,131    5,212 

Malayan Banking Bhd.

  1,964    3,818 

Petronas Chemicals Group Bhd.

  4,321    9,067 

Public Bank Bhd.

  12,349    12,436 

Tenaga Nasional Bhd.

  2,385    5,564 

Top Glove Corp. Bhd.

  1,503    987 
   

 

 

 
    37,084 
   

 

 

 

Mexico — 2.9%

 

America Movil SAB de CV, Series L

  26,204    23,330 

Fomento Economico Mexicano SAB de CV, ADR

  153    12,604 

Grupo Aeroportuario del Pacifico SAB de CV, Class B *

  886    11,188 

Grupo Aeroportuario del Sureste SAB de CV, Class B

  460    9,292 

Grupo Financiero Banorte SAB de CV, Class O

  2,672    16,888 

Grupo Mexico SAB de CV, Series B

  2,872    12,588 

Kimberly-Clark de Mexico SAB de CV, Class A (b)

  3,843    6,075 

Wal-Mart de Mexico SAB de CV (b)

  5,068    17,657 
   

 

 

 
    109,622 
   

 

 

 

Peru — 0.3%

 

Credicorp Ltd.

  86    11,190 
   

 

 

 

Philippines — 0.4%

 

Ayala Corp.

  273    4,672 

Ayala Land, Inc.

  6,400    4,457 

International Container Terminal Services, Inc.

  1,621    5,787 
   

 

 

 
    14,916 
   

 

 

 

Poland — 0.7%

 

Allegro.eu SA * (a)

  655    7,411 

Dino Polska SA * (a)

  83    7,447 

Powszechny Zaklad Ubezpieczen SA

  1,136    11,367 
   

 

 

 
    26,225 
   

 

 

 

Qatar — 0.3%

 

Qatar National Bank QPSC

  2,108    11,870 
   

 

 

 

Russia — 4.6%

 

Alrosa PJSC

  4,314    7,617 

Gazprom PJSC, ADR

  3,633    35,652 

LUKOIL PJSC, ADR

  308    31,396 

Magnitogorsk Iron & Steel Works PJSC

  5,948    5,558 

MMC Norilsk Nickel PJSC, ADR

  433    13,525 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Russia — continued

 

Moscow Exchange MICEX-RTS PJSC

  2,591    6,359 

Moscow Exchange MICEX-RTS PJSC

  56    138 

Novatek PJSC

  239    6,057 

Rosneft Oil Co. PJSC, GDR (a)

  1,272    11,324 

Sberbank of Russia PJSC, ADR

  1,829    36,727 

Severstal PAO, GDR (a)

  420    9,597 

X5 Retail Group NV, GDR (a)

  254    8,660 
   

 

 

 
    172,610 
   

 

 

 

Saudi Arabia — 2.6%

 

Al Rajhi Bank

  759    28,063 

Alinma Bank

  1,741    11,670 

Almarai Co. JSC

  410    5,787 

BinDawood Holding Co.

  142    3,950 

Saudi Basic Industries Corp.

  420    14,463 

Saudi National Bank (The)

  1,492    26,205 

Saudi Telecom Co.

  293    9,139 
   

 

 

 
    99,277 
   

 

 

 

Singapore — 0.1%

 

BOC Aviation Ltd. (a)

  374    3,275 
   

 

 

 

South Africa — 3.3%

 

Bid Corp. Ltd.

  580    12,458 

Bidvest Group Ltd. (The)

  252    3,154 

Capitec Bank Holdings Ltd.

  110    12,342 

Clicks Group Ltd.

  416    7,587 

Discovery Ltd. *

  894    8,194 

FirstRand Ltd.

  4,636    17,610 

Impala Platinum Holdings Ltd.

  406    5,249 

MTN Group Ltd. *

  388    3,480 

Naspers Ltd., Class N

  121    20,527 

Nedbank Group Ltd.

  647    7,370 

Sanlam Ltd.

  2,891    11,877 

SPAR Group Ltd. (The)

  670    8,556 

Vodacom Group Ltd.

  696    6,179 
   

 

 

 
    124,583 
   

 

 

 

South Korea — 12.6%

 

BGF retail Co. Ltd.

  19    2,630 

Hana Financial Group, Inc.

  235    9,074 

Hankook Tire & Technology Co. Ltd.

  137    4,848 

Hyundai Glovis Co. Ltd.

  61    8,770 

Hyundai Mobis Co. Ltd.

  32    6,991 

Hyundai Motor Co.

  21    3,829 

Kakao Corp.

  110    11,791 

KB Financial Group, Inc.

  400    19,338 

Kia Corp.

  264    19,241 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
30    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

South Korea — continued

 

KIWOOM Securities Co. Ltd.

  44    3,990 

LG Chem Ltd.

  36    25,699 

LG Household & Health Care Ltd.

  11    10,656 

Mando Corp. *

  79    4,263 

NAVER Corp.

  81    28,071 

NCSoft Corp.

  18    9,688 

POSCO

  68    17,355 

Samsung Biologics Co. Ltd. * (a)

  7    5,354 

Samsung Electronics Co. Ltd.

  2,767    165,676 

Samsung Fire & Marine Insurance Co. Ltd.

  68    13,531 

Samsung SDI Co. Ltd.

  13    8,318 

Shinhan Financial Group Co. Ltd.

  498    16,256 

SK Hynix, Inc.

  379    33,419 

SK Innovation Co. Ltd. *

  62    13,017 

SK Telecom Co. Ltd.

  49    12,883 

SK, Inc.

  24    5,065 

SKC Co. Ltd.

  48    7,443 

S-Oil Corp.

  135    11,785 
   

 

 

 
    478,981 
   

 

 

 

Taiwan — 14.1%

 

Advantech Co. Ltd.

  930    12,157 

ASE Technology Holding Co. Ltd.

  4,188    14,981 

AU Optronics Corp.

  14,442    9,925 

Chailease Holding Co. Ltd.

  1,870    17,908 

CTBC Financial Holding Co. Ltd.

  9,864    8,237 

Delta Electronics, Inc.

  2,061    18,193 

Eclat Textile Co. Ltd.

  437    9,550 

Evergreen Marine Corp. Taiwan Ltd.

  851    3,062 

Fubon Financial Holding Co. Ltd.

  6,464    17,086 

Giant Manufacturing Co. Ltd.

  494    5,737 

Hiwin Technologies Corp.

  849    9,455 

Hon Hai Precision Industry Co. Ltd.

  4,063    15,685 

MediaTek, Inc.

  266    8,755 

Nan Ya Plastics Corp.

  1,146    3,517 

Nanya Technology Corp.

  4,177    10,015 

Nien Made Enterprise Co. Ltd.

  397    5,456 

Novatek Microelectronics Corp.

  804    12,059 

Powertech Technology, Inc.

  2,267    7,954 

Quanta Computer, Inc.

  2,691    7,560 

Realtek Semiconductor Corp.

  692    12,447 

Sea Ltd., ADR * (b)

  20    6,989 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

  322    36,626 

Taiwan Semiconductor Manufacturing Co. Ltd.

  10,418    221,073 

Taiwan Union Technology Corp.

  1,534    5,290 

Uni-President Enterprises Corp.

  4,917    11,796 

Vanguard International Semiconductor Corp.

  1,379    7,186 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Taiwan — continued

 

Wiwynn Corp.

  254    8,137 

Yageo Corp.

  779    12,193 

Yuanta Financial Holding Co. Ltd.

  17,117    15,215 
   

 

 

 
    534,244 
   

 

 

 

Thailand — 1.8%

 

Airports of Thailand PCL

  4,349    8,476 

Minor International PCL *

  6,060    5,986 

PTT Exploration & Production PCL

  3,534    12,500 

PTT Global Chemical PCL

  5,311    10,051 

PTT PCL

  5,736    6,585 

Siam Cement PCL (The) (Registered)

  747    8,896 

Siam Commercial Bank PCL (The)

  2,976    11,313 

Thai Oil PCL

  3,176    5,330 
   

 

 

 
    69,137 
   

 

 

 

Turkey — 0.5%

 

BIM Birlesik Magazalar A/S

  900    5,817 

Ford Otomotiv Sanayi A/S

  357    6,891 

Turkcell Iletisim Hizmetleri A/S

  3,250    5,169 
   

 

 

 
    17,877 
   

 

 

 

United Arab Emirates — 0.1%

 

Emaar Properties PJSC

  4,657    5,099 
   

 

 

 

United States — 0.1%

 

JS Global Lifestyle Co. Ltd.(a)

  1,274    2,359 
   

 

 

 

Total Common Stocks
(Cost $3,167,833)

 

   3,725,364 
  

 

 

 

Short-Term Investments — 0.8%

 

Investment Companies — 0.1%

 

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d)
(Cost $3,718)

  3,716    3,718 
   

 

 

 

Investment of Cash Collateral from Securities Loaned — 0.7%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)

  22,493    22,493 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)

  2,859    2,859 
   

 

 

 

Total Investment of Cash Collateral from Securities Loaned
(Cost $25,352)

    25,352 
  

 

 

 

Total Short-Term Investments
(Cost $29,070)

    29,070 
   

 

 

 

Total Investments — 99.0%
(Cost $3,196,903)

 

   3,754,434 

Other Assets Less Liabilities — 1.0%

 

   38,954 
  

 

 

 

NET ASSETS — 100.0%

 

   3,793,388 
  

 

 

 

 

Percentages indicated are based on net assets.

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    31


Table of Contents

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

 

Summary of Investments by Industry, October 31, 2021

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

 

INDUSTRY

  PERCENT
OF TOTAL
INVESTMENTS
 

Banks

   13.3

Semiconductors & Semiconductor Equipment

   10.1 

Internet & Direct Marketing Retail

   8.5 

Oil, Gas & Consumable Fuels

   6.7 

Interactive Media & Services

   5.9 

Technology Hardware, Storage & Peripherals

   5.5 

Metals & Mining

   4.0 

Insurance

   3.9 

Automobiles

   2.7 

Electronic Equipment, Instruments & Components

   2.6 

Food & Staples Retailing

   2.5 

Chemicals

   2.3 

IT Services

   2.2 

Food Products

   1.9 

Life Sciences Tools & Services

   1.7 

Real Estate Management & Development

   1.7 

Wireless Telecommunication Services

   1.5 

Entertainment

   1.4 

Diversified Financial Services

   1.3 

Hotels, Restaurants & Leisure

   1.3 

Beverages

   1.2 

Construction Materials

   1.2 

Machinery

   1.1 

Thrifts & Mortgage Finance

   1.1 

Household Durables

   1.0 

Biotechnology

   1.0 

Others (each less than 1.0%)

   11.6 

Short-Term Investments

   0.8 

Abbreviations

 

ADR American Depositary Receipt
GDR Global Depositary Receipt
JSC Joint Stock Company
MTN Medium term note
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) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b) The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $24,147.
(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 October 31, 2021.
* Non-income producing security.
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
32    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 94.4%

 

Australia — 1.0%

 

Rio Tinto plc

  165    10,312 
   

 

 

 

Austria — 1.9%

 

Erste Group Bank AG

  331    14,184 

Wienerberger AG

  189    6,697 
   

 

 

 
    20,881 
   

 

 

 

Belgium — 1.2%

 

Azelis Group NV *

  160    5,183 

bpost SA *

  506    4,339 

D’ieteren Group

  22    3,731 
   

 

 

 
    13,253 
   

 

 

 

Denmark — 5.3%

 

Carlsberg A/S, Class B

  59    9,777 

Novo Nordisk A/S, Class B

  276    30,241 

Pandora A/S

  55    7,704 

Royal Unibrew A/S

  76    9,434 
   

 

 

 
    57,156 
   

 

 

 

Finland — 4.4%

 

Cargotec OYJ, Class B

  134    6,946 

Nokia OYJ *

  2,723    15,629 

Nordea Bank Abp

  1,133    13,874 

QT Group OYJ *

  68    10,995 
   

 

 

 
    47,444 
   

 

 

 

France — 13.0%

 

Airbus SE *

  124    15,883 

BNP Paribas SA (a)

  292    19,513 

Capgemini SE

  76    17,695 

Credit Agricole SA

  594    8,960 

Kering SA

  17    12,988 

La Francaise des Jeux SAEM (b)

  185    9,590 

LVMH Moet Hennessy Louis Vuitton SE

  36    28,589 

Teleperformance

  23    9,492 

TotalEnergies SE

  342    17,119 
   

 

 

 
    139,829 
   

 

 

 

Germany — 14.5%

 

Allianz SE (Registered)

  95    21,989 

Daimler AG (Registered)

  149    14,831 

Deutsche Boerse AG

  57    9,520 

Deutsche Post AG (Registered)

  263    16,291 

Deutsche Telekom AG (Registered)

  748    13,910 

DWS Group GmbH & Co. KGaA (b)

  105    4,532 

Eckert & Ziegler Strahlen- und Medizintechnik AG

  67    9,980 

Jungheinrich AG (Preference)

  193    9,798 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Germany — continued

 

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)

  47    14,040 

Schaeffler AG (Preference)

  726    5,769 

Siemens AG (Registered)

  104    16,896 

VERBIO Vereinigte BioEnergie AG

  95    7,564 

Volkswagen AG (Preference)

  47    10,647 
   

 

 

 
    155,767 
   

 

 

 

Ireland — 2.1%

 

AIB Group plc *

  2,039    5,441 

AIB Group plc *

  552    1,495 

Bank of Ireland Group plc *

  1,260    7,558 

Bank of Ireland Group plc *

  110    656 

Smurfit Kappa Group plc

  141    7,392 
   

 

 

 
    22,542 
   

 

 

 

Italy — 1.2%

 

Intesa Sanpaolo SpA

  4,399    12,503 
   

 

 

 

Luxembourg — 1.0%

 

ArcelorMittal SA

  321    10,870 
   

 

 

 

Netherlands — 7.4%

 

Adyen NV * (b)

  3    10,488 

ASM International NV

  44    19,879 

ASML Holding NV (a)

  13    10,899 

Koninklijke Ahold Delhaize NV

  757    24,630 

NN Group NV

  250    13,361 
   

 

 

 
    79,257 
   

 

 

 

Norway — 0.7%

 

Equinor ASA

  301    7,627 
   

 

 

 

Spain — 2.2%

 

CaixaBank SA

  756    2,172 

Corp. ACCIONA Energias Renovables SA *

  203    7,100 

Fluidra SA

  212    8,091 

Laboratorios Farmaceuticos Rovi SA

  98    6,835 
   

 

 

 
    24,198 
   

 

 

 

Sweden — 0.9%

 

Volvo AB, Class B

  422    9,833 
   

 

 

 

Switzerland — 16.0%

 

Cie Financiere Richemont SA (Registered)

  80    9,893 

Holcim Ltd. *

  170    8,457 

Interroll Holding AG (Registered)

  1    6,865 

Logitech International SA (Registered)

  101    8,444 

Nestle SA (Registered)

  360    47,476 

Novartis AG (Registered)

  224    18,564 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    33


Table of Contents

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

Switzerland — continued

 

Roche Holding AG

  100    38,699 

Schindler Holding AG

  33    8,590 

Swissquote Group Holding SA (Registered)

  27    5,496 

Zurich Insurance Group AG

  43    18,932 
   

 

 

 
    171,416 
   

 

 

 

United Kingdom — 18.8%

 

3i Group plc

  464    8,669 

Ashtead Group plc

  170    14,206 

Barclays plc

  2,703    7,458 

BP plc

  5,158    24,710 

Centrica plc *

  9,870    8,147 

CNH Industrial NV

  544    9,371 

Computacenter plc

  216    7,936 

Future plc

  117    5,625 

Games Workshop Group plc

  38    5,043 

Intermediate Capital Group plc

  315    9,435 

JD Sports Fashion plc

  642    9,570 

Linde plc

  33    10,748 

Lloyds Banking Group plc

  26,095    17,859 

Marks & Spencer Group plc *

  3,194    8,030 

Next plc

  146    15,966 

Persimmon plc

  214    7,955 

Petershill Partners plc * (b)

  1,582    6,496 

Segro plc, REIT

  586    10,361 

Spirent Communications plc

  1,266    4,991 

Taylor Wimpey plc

  4,300    9,099 
   

 

 

 
    201,675 
   

 

 

 

United States — 2.8%

 

Schneider Electric SE

  94    16,208 

Stellantis NV

  691    13,797 
   

 

 

 
    30,005 
   

 

 

 

Total Common Stocks
(Cost $884,488)

 

   1,014,568 
  

 

 

 

Short-Term Investments — 5.0%

 

Investment Companies — 4.3%

 

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d)
(Cost $46,060)

  46,037    46,060 
   

 

 

 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Investment of Cash Collateral from Securities Loaned — 0.7%

 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)
(Cost $7,173)

  7,173    7,173 
   

 

 

 

Total Short-Term Investments
(Cost $53,233)

 

   53,233 
   

 

 

 

Total Investments — 99.4%
(Cost $937,721)

 

   1,067,801 

Other Assets Less Liabilities — 0.6%

 

   6,717 
  

 

 

 

NET ASSETS — 100.0%

 

   1,074,518 
  

 

 

 

 

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2021

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

 

INDUSTRY  PERCENT
OF TOTAL
INVESTMENTS
 

Banks

   10.5

Pharmaceuticals

   8.8 

Insurance

   6.4 

Machinery

   5.6 

Textiles, Apparel & Luxury Goods

   5.5 

Oil, Gas & Consumable Fuels

   5.3 

Food Products

   4.4 

Capital Markets

   4.1 

Automobiles

   3.7 

IT Services

   3.4 

Semiconductors & Semiconductor Equipment

   2.9 

Food & Staples Retailing

   2.3 

Multiline Retail

   2.3 

Metals & Mining

   2.0 

Air Freight & Logistics

   1.9 

Communications Equipment

   1.9 

Trading Companies & Distributors

   1.8 

Beverages

   1.8 

Household Durables

   1.6 

Industrial Conglomerates

   1.6 

Electrical Equipment

   1.5 

Aerospace & Defense

   1.5 

Construction Materials

   1.4 

Diversified Telecommunication Services

   1.3 

Software

   1.0 

Chemicals

   1.0 

Equity Real Estate Investment Trusts (REITs)

   1.0 

Others (each less than 1.0%)

   8.5 

Short-Term Investments

   5.0 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
34    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

Abbreviations

 

OYJ Public Limited Company
Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT Real Estate Investment Trust
(a) The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $6,806.
(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 October 31, 2021.
* Non-income producing security.
 

 

Futures contracts outstanding as of October 31, 2021 (amounts in thousands, except number of contracts): 
DESCRIPTION    NUMBER OF
CONTRACTS
     EXPIRATION
DATE
     TRADING
CURRENCY
     NOTIONAL
AMOUNT ($)
     VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
 

Long Contracts

                    
EURO STOXX 50 Index     716      12/2021      EUR      35,218      1,156 

FTSE 100 Index

     117      12/2021      GBP      11,586      195 
                    

 

 

 
                     1,351 
                    

 

 

 

Abbreviations

 

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    35


Table of Contents

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 97.9%

 

Australia — 2.4%

 

BHP Group Ltd. (a)

  1,719    47,212 

BHP Group plc

  993    26,222 

Rio Tinto plc

 ��682    42,501 
   

 

 

 
    115,935 
   

 

 

 

Austria — 1.0%

 

Erste Group Bank AG

  1,081    46,344 
   

 

 

 

Belgium — 1.5%

 

KBC Group NV

  762    70,975 
   

 

 

 

China — 0.7%

 

Tencent Holdings Ltd.

  555    33,773 
   

 

 

 

Denmark — 5.4%

 

Carlsberg A/S, Class B

  317    52,273 

Genmab A/S *

  87    38,874 

Novo Nordisk A/S, Class B

  1,242    136,217 

Orsted A/S (a) (b)

  239    33,786 
   

 

 

 
    261,150 
   

 

 

 

Finland — 0.9%

 

Kone OYJ, Class B

  621    42,380 
   

 

 

 

France — 15.6%

 

AXA SA

  2,071    60,243 

BNP Paribas SA (a)

  838    56,119 

Capgemini SE

  406    94,575 

Kering SA

  80    59,755 

L’Oreal SA

  169    77,420 

LVMH Moet Hennessy Louis Vuitton SE

  152    119,030 

Pernod Ricard SA

  229    52,746 

Safran SA

  404    54,376 

TotalEnergies SE

  2,183    109,326 

Vinci SA

  671    71,784 
   

 

 

 
    755,374 
   

 

 

 

Germany — 7.4%

 

adidas AG

  191    62,643 

Allianz SE (Registered)

  292    67,777 

Deutsche Boerse AG

  281    46,631 

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)

  153    45,444 

RWE AG

  1,069    41,162 

Symrise AG

  370    51,213 

Volkswagen AG (Preference)

  206    46,127 
   

 

 

 
    360,997 
   

 

 

 

Hong Kong — 3.1%

 

AIA Group Ltd.

  8,089    90,651 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Hong Kong — continued

 

Hong Kong Exchanges & Clearing Ltd.

  962    57,959 
   

 

 

 
    148,610 
   

 

 

 

India — 0.8%

 

HDFC Bank Ltd., ADR

  563    40,502 
   

 

 

 

Japan — 17.6%

 

Daikin Industries Ltd.

  259    56,747 

FANUC Corp.

  175    34,544 

Hoya Corp.

  559    82,319 

Keyence Corp.

  189    114,083 

Kubota Corp.

  2,128    45,333 

Kyowa Kirin Co. Ltd.

  1,428    46,967 

Makita Corp.

  901    41,813 

Nidec Corp.

  435    48,169 

Recruit Holdings Co. Ltd.

  1,115    74,149 

Shin-Etsu Chemical Co. Ltd.

  325    57,869 

SMC Corp.

  100    59,736 

Sony Group Corp.

  815    94,316 

Sysmex Corp.

  322    39,962 

Tokyo Electron Ltd.

  117    54,433 
   

 

 

 
    850,440 
   

 

 

 

Netherlands — 5.6%

 

Adyen NV * (b)

  17    52,079 

ASML Holding NV

  177    143,957 

ING Groep NV

  5,047    76,561 
   

 

 

 
    272,597 
   

 

 

 

Singapore — 1.6%

 

DBS Group Holdings Ltd.

  3,337    77,988 
   

 

 

 

South Africa — 1.1%

 

Anglo American plc

  1,419    53,968 
   

 

 

 

South Korea — 2.1%

 

Delivery Hero SE * (b)

  371    46,302 

Samsung Electronics Co. Ltd., GDR (b)

  24    36,656 

Samsung Electronics Co. Ltd., GDR (b)

  14    20,843 
   

 

 

 
    103,801 
   

 

 

 

Spain — 2.9%

 

Cellnex Telecom SA (b)

  527    32,426 

Iberdrola SA

  4,791    56,575 

Industria de Diseno Textil SA (a)

  1,415    51,257 
   

 

 

 
    140,258 
   

 

 

 

Sweden — 4.8%

 

Assa Abloy AB, Class B

  1,923    56,413 

Atlas Copco AB, Class A

  982    63,252 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
36    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

Sweden — continued

 

Industrivarden AB, Class A (a)

  85    2,796 

Svenska Handelsbanken AB, Class A (a)

  5,510    63,157 

Volvo AB, Class B

  2,100    48,973 
   

 

 

 
    234,591 
   

 

 

 

Switzerland — 7.1%

 

Holcim Ltd. *

  588    29,352 

Lonza Group AG (Registered)

  94    77,612 

Nestle SA (Registered)

  1,150    151,648 

SGS SA (Registered)

  16    47,703 

Straumann Holding AG (Registered)

  18    37,300 
   

 

 

 
    343,615 
   

 

 

 

Taiwan — 2.0%

 

Sea Ltd., ADR *

  151    51,751 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

  393    44,631 
   

 

 

 
    96,382 
   

 

 

 

United Kingdom — 11.0%

 

Diageo plc

  2,119    105,435 

GlaxoSmithKline plc

  3,260    67,678 

Legal & General Group plc

  12,202    48,123 

Linde plc

  220    70,900 

London Stock Exchange Group plc

  416    40,489 

Persimmon plc

  1,166    43,443 

Prudential plc

  2,952    60,238 

RELX plc

  2,096    65,010 

Smith & Nephew plc

  1,960    33,849 
   

 

 

 
    535,165 
   

 

 

 

United States — 3.3%

 

Ferguson plc

  493    74,139 

Schneider Electric SE

  491    84,714 
   

 

 

 
    158,853 
   

 

 

 

Total Common Stocks
(Cost $3,392,109)

 

   4,743,698 
  

 

 

 

Short-Term Investments — 5.1%

 

Investment Companies — 2.5%

 

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d)
(Cost $123,785)

  123,724    123,785 
   

 

 

 

Investment of Cash Collateral from Securities Loaned — 2.6%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)

  111,000    111,000 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Investment of Cash Collateral from Securities Loaned — continued

 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)

  13,466    13,466 
   

 

 

 

Total Investment of Cash Collateral from Securities Loaned
(Cost $124,466)

    124,466 
  

 

 

 

Total Short-Term Investments
(Cost $248,251)

    248,251 
   

 

 

 

Total Investments — 103.0%
(Cost $3,640,360)

    4,991,949 

Liabilities in Excess of
Other Assets — (3.0)%

    (146,232
  

 

 

 

NET ASSETS — 100.0%

    4,845,717 
  

 

 

 

 

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2021

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

 

INDUSTRY  PERCENT
OF TOTAL
INVESTMENTS
 

Banks

   8.6

Insurance

   7.5 

Machinery

   6.7 

Pharmaceuticals

   5.0 

Semiconductors & Semiconductor Equipment

   4.9 

Textiles, Apparel & Luxury Goods

   4.8 

Beverages

   4.2 

Health Care Equipment & Supplies

   3.9 

Professional Services

   3.7 

Chemicals

   3.6 

Metals & Mining

   3.4 

Food Products

   3.0 

IT Services

   2.9 

Capital Markets

   2.9 

Household Durables

   2.8 

Electrical Equipment

   2.7 

Electronic Equipment, Instruments & Components

   2.3 

Building Products

   2.3 

Oil, Gas & Consumable Fuels

   2.2 

Electric Utilities

   1.8 

Life Sciences Tools & Services

   1.6 

Personal Products

   1.6 

Trading Companies & Distributors

   1.5 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    37


Table of Contents

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

 

INDUSTRY  PERCENT
OF TOTAL
INVESTMENTS
 

Construction & Engineering

   1.4%  

Technology Hardware, Storage & Peripherals

   1.2 

Aerospace & Defense

   1.1 

Entertainment

   1.0 

Specialty Retail

   1.0 

Others (each less than 1.0%)

   5.4 

Short-Term Investments

   5.0 

Abbreviations

 

ADR American Depositary Receipt
GDR Global Depositary Receipt
OYJ Public Limited Company
Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
(a) The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $119,061.
(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 October 31, 2021.
* Non-income producing security.
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
38    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

JPMorgan International Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 98.6%

 

Australia — 2.2%

 

BHP Group plc

  3,272    86,419 
   

 

 

 

Belgium — 2.4%

 

KBC Group NV

  1,017    94,747 
   

 

 

 

Canada — 5.0%

 

Canadian National Railway Co.

  745    99,068 

Toronto-Dominion Bank (The)

  1,355    98,392 
   

 

 

 
    197,460 
   

 

 

 

China — 5.8%

 

Alibaba Group Holding Ltd. *

  4,206    86,497 

Bilibili, Inc., Class Z *

  529    38,745 

Tencent Holdings Ltd.

  1,706    103,745 
   

 

 

 
    228,987 
   

 

 

 

Denmark — 4.3%

 

Novo Nordisk A/S, Class B

  1,135    124,407 

Orsted A/S (a) (b)

  306    43,158 
   

 

 

 
    167,565 
   

 

 

 

Finland — 1.4%

 

Kone OYJ, Class B

  805    54,877 
   

 

 

 

France — 9.0%

 

Capgemini SE

  300    69,922 

L’Oreal SA

  191    87,408 

LVMH Moet Hennessy Louis Vuitton SE

  155    121,733 

Vinci SA

  672    71,830 
   

 

 

 
    350,893 
   

 

 

 

Germany — 5.5%

 

adidas AG

  197    64,551 

Allianz SE (Registered)

  387    89,767 

Volkswagen AG (Preference)

  267    59,835 
   

 

 

 
    214,153 
   

 

 

 

Hong Kong — 5.2%

 

AIA Group Ltd.

  10,022    112,317 

Hong Kong Exchanges & Clearing Ltd.

  1,524    91,784 
   

 

 

 
    204,101 
   

 

 

 

India — 3.1%

 

HDFC Bank Ltd., ADR

  1,701    122,321 
   

 

 

 

Indonesia — 2.0%

 

Bank Central Asia Tbk. PT

  147,867    78,189 
   

 

 

 

Japan — 6.9%

 

Keyence Corp.

  128    77,263 

Kyowa Kirin Co. Ltd.

  1,412    46,451 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 
   

Japan — continued

   

SMC Corp.

  91    54,126 

Sony Group Corp.

  805    93,170 
   

 

 

 
    271,010 
   

 

 

 

Netherlands — 3.6%

 

ASML Holding NV

  174    141,389 
   

 

 

 

Russia — 1.5%

 

Sberbank of Russia PJSC, ADR

  2,847    57,160 
   

 

 

 

Singapore — 1.6%

 

DBS Group Holdings Ltd.

  2,641    61,705 
   

 

 

 

South Africa — 2.1%

 

Anglo American plc

  2,172    82,613 
   

 

 

 

South Korea — 5.1%

 

Delivery Hero SE * (b)

  504    62,903 

Samsung Electronics Co. Ltd.

  2,282    136,606 
   

 

 

 
    199,509 
   

 

 

 

Spain — 1.7%

 

Iberdrola SA

  5,688    67,172 
   

 

 

 

Sweden — 3.5%

 

Atlas Copco AB, Class A

  1,047    67,437 

Industrivarden AB, Class A (a)

  89    2,934 

Svenska Handelsbanken AB, Class A (a)

  5,782    66,279 
   

 

 

 
    136,650 
   

 

 

 

Switzerland — 7.0%

 

Lonza Group AG (Registered)

  86    70,638 

Nestle SA (Registered)

  1,103    145,429 

SGS SA (Registered)

  20    59,151 
   

 

 

 
    275,218 
   

 

 

 

Taiwan — 5.0%

 

Sea Ltd., ADR *

  269    92,480 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

  927    105,394 
   

 

 

 
    197,874 
   

 

 

 

United Kingdom — 10.3%

 

Diageo plc

  2,571    127,935 

Linde plc

  280    89,967 

London Stock Exchange Group plc

  403    39,234 

Persimmon plc

  1,530    57,002 

RELX plc

  2,834    87,913 
   

 

 

 
    402,051 
   

 

 

 

United States — 4.4%

 

Ferguson plc

  627    94,301 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    39


Table of Contents

JPMorgan International Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

United States — continued

 

Schneider Electric SE

  465    80,102 
   

 

 

 
    174,403 
   

 

 

 

Total Common Stocks
(Cost $2,892,698)

 

   3,866,466 
  

 

 

 

Short-Term Investments — 2.2%

 

Investment Companies — 1.2%

 

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d)
(Cost $47,837)

  47,813    47,837 
   

 

 

 

Investment of Cash Collateral from Securities Loaned — 1.0%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)

  33,000    33,000 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)

  3,469    3,469 
   

 

 

 

Total Investment Of Cash Collateral From Securities Loaned
(Cost $36,469)

    36,469 
  

 

 

 

Total Short-Term Investments
(Cost $84,306)

    84,306 
   

 

 

 

Total Investments — 100.8%
(Cost $2,977,004)

 

   3,950,772 

Liabilities in Excess of
Other Assets — (0.8)%

 

   (30,484
  

 

 

 

NET ASSETS — 100.0%

 

   3,920,288 
  

 

 

 

 

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2021

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

 

INDUSTRY  PERCENT
OF TOTAL
INVESTMENTS
 

Banks

   14.7

Semiconductors & Semiconductor Equipment

   6.2 

Insurance

   5.1 

Textiles, Apparel & Luxury Goods

   4.7 

Machinery

   4.5 

Pharmaceuticals

   4.3 

Metals & Mining

   4.3 

Household Durables

   3.8 

Internet & Direct Marketing Retail

   3.8 

Professional Services

   3.7 
INDUSTRY  PERCENT
OF TOTAL
INVESTMENTS
 

Food Products

   3.7%  

Technology Hardware, Storage & Peripherals

   3.5 

Entertainment

   3.3 

Capital Markets

   3.3 

Beverages

   3.2 

Electric Utilities

   2.8 

Interactive Media & Services

   2.6 

Road & Rail

   2.5 

Trading Companies & Distributors

   2.4 

Chemicals

   2.3 

Personal Products

   2.2 

Electrical Equipment

   2.0 

Electronic Equipment, Instruments & Components

   2.0 

Construction & Engineering

   1.8 

Life Sciences Tools & Services

   1.8 

IT Services

   1.8 

Automobiles

   1.5 

Diversified Financial Services

   0.1 

Short-Term Investments

   2.1 

Abbreviations

 

ADR American Depositary Receipt
OYJ Public Limited 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
(a) The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $35,662.
(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 October 31, 2021.
* Non-income producing security.
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
40    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 96.2%

 

Australia — 5.6%

 

Aurizon Holdings Ltd.

  49    126 

Australia & New Zealand Banking Group Ltd.

  22    465 

BHP Group Ltd.

  35    967 

Commonwealth Bank of Australia

  8    618 

CSL Ltd.

  4    931 

Dexus, REIT

  51    418 

Goodman Group, REIT

  39    648 

GPT Group (The), REIT

  117    455 

Insurance Australia Group Ltd.

  38    138 

Macquarie Group Ltd.

  1    194 

National Australia Bank Ltd.

  15    336 

Newcrest Mining Ltd.

  7    126 

Oil Search Ltd.

  46    148 

Rio Tinto Ltd.

  16    1,078 

Rio Tinto plc

  7    454 

Wesfarmers Ltd.

  8    367 

Westpac Banking Corp.

  44    865 

Woolworths Group Ltd.

  7    200 
   

 

 

 
    8,534 
   

 

 

 

Austria — 0.3%

 

Erste Group Bank AG

  9    391 
   

 

 

 

Belgium — 0.6%

 

Anheuser-Busch InBev SA

  2    147 

KBC Group NV

  8    768 
   

 

 

 
    915 
   

 

 

 

China — 0.6%

 

BOC Hong Kong Holdings Ltd.

  95    301 

Prosus NV *

  7    603 
   

 

 

 
    904 
   

 

 

 

Denmark — 3.2%

 

Carlsberg A/S, Class B

  6    908 

Novo Nordisk A/S, Class B

  26    2,890 

Orsted A/S (a)

  6    850 

Vestas Wind Systems A/S

  6    240 
   

 

 

 
    4,888 
   

 

 

 

Finland — 0.3%

 

Kone OYJ, Class B

  4    249 

Nokia OYJ *

  49    279 
   

 

 

 
    528 
   

 

 

 

France — 10.7%

 

Air Liquide SA

  8    1,341 

Airbus SE *

  3    413 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

France — continued

 

Alstom SA

  12    417 

AXA SA

  7    197 

BNP Paribas SA

  23    1,549 

Capgemini SE

  6    1,375 

Kering SA

  1    726 

L’Oreal SA

  4    1,999 

LVMH Moet Hennessy Louis Vuitton SE

  3    2,644 

Pernod Ricard SA

  2    371 

Safran SA

  5    723 

Sanofi

  7    744 

Societe Generale SA

  14    476 

TotalEnergies SE

  22    1,102 

Veolia Environnement SA

  41    1,335 

Vinci SA

  9    1,013 
   

 

 

 
    16,425 
   

 

 

 

Germany — 9.8%

 

adidas AG

  4    1,150 

Allianz SE (Registered)

  8    1,796 

BASF SE

  4    273 

Bayer AG (Registered)

  7    412 

Brenntag SE

  3    317 

Daimler AG (Registered)

  2    189 

Deutsche Boerse AG

  1    119 

Deutsche Post AG (Registered)

  18    1,138 

Deutsche Telekom AG (Registered)

  60    1,109 

Infineon Technologies AG

  33    1,528 

Merck KGaA

  2    537 

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)

  3    867 

RWE AG

  28    1,069 

SAP SE

  9    1,308 

Siemens AG (Registered)

  7    1,061 

Volkswagen AG (Preference)

  4    976 

Vonovia SE

  12    734 

Zalando SE * (a)

  4    397 
   

 

 

 
    14,980 
   

 

 

 

Hong Kong — 2.4%

 

AIA Group Ltd.

  139    1,562 

CK Asset Holdings Ltd.

  31    192 

CLP Holdings Ltd.

  17    162 

Hong Kong Exchanges & Clearing Ltd.

  14    861 

Link, REIT

  16    144 

Sun Hung Kai Properties Ltd.

  12    159 

Techtronic Industries Co. Ltd.

  11    216 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    41


Table of Contents

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

 

INVESTMENTS SHARES
(000)
  VALUE
($000)
 

Common Stocks — continued

 

Hong Kong  — continued

 

Xinyi Glass Holdings Ltd.

  117   330 
  

 

 

 
   3,626 
  

 

 

 

Ireland — 0.9%

 

CRH plc

  14   680 

Kingspan Group plc

  3   403 

Kingspan Group plc

  3   363 
  

 

 

 
   1,446 
  

 

 

 

Italy — 0.8%

 

Enel SpA

  51   429 

FinecoBank Banca Fineco SpA *

  39   751 
  

 

 

 
   1,180 
  

 

 

 

Japan — 23.1%

 

AGC, Inc.

  5   259 

Asahi Group Holdings Ltd.

  19   858 

Asahi Kasei Corp.

  56   589 

Bridgestone Corp.

  15   650 

Central Japan Railway Co.

  4   608 

Daiichi Sankyo Co. Ltd.

  17   431 

Daikin Industries Ltd.

  3   745 

Daito Trust Construction Co. Ltd.

  5   583 

Daiwa House Industry Co. Ltd.

  9   300 

Dentsu Group, Inc.

  20   724 

Fast Retailing Co. Ltd.

  (b)   133 

Hitachi Ltd.

  20   1,135 

Honda Motor Co. Ltd.

  23   689 

Hoya Corp.

  9   1,266 

ITOCHU Corp.

  20   565 

Japan Airlines Co. Ltd. *

  14   297 

Kao Corp.

  9   492 

Keyence Corp.

  3   1,690 

Konami Holdings Corp.

  9   490 

Kubota Corp.

  25   528 

Kyowa Kirin Co. Ltd.

  15   493 

Mitsubishi Corp.

  27   852 

Mitsubishi Electric Corp.

  18   246 

Mitsubishi UFJ Financial Group, Inc.

  48   264 

Mitsui Fudosan Co. Ltd.

  20   457 

Murata Manufacturing Co. Ltd.

  10   720 

Nabtesco Corp.

  1   45 

Nidec Corp.

  4   443 

Nintendo Co. Ltd.

  1   442 

Nippon Express Co. Ltd.

  6   382 

Nippon Steel Corp.

  9   156 
INVESTMENTS SHARES
(000)
  VALUE
($000)
 

Japan — continued

 

Nippon Telegraph & Telephone Corp.

  27   754 

Nitori Holdings Co. Ltd.

  3   588 

Nomura Research Institute Ltd.

  14   572 

Ono Pharmaceutical Co. Ltd.

  17   355 

ORIX Corp.

  30   596 

Otsuka Corp.

  10   512 

Rakuten Group, Inc.

  19   208 

Recruit Holdings Co. Ltd.

  19   1,231 

Rohm Co. Ltd.

  6   585 

Ryohin Keikaku Co. Ltd.

  19   367 

Seven & i Holdings Co. Ltd.

  11   458 

Shimadzu Corp.

  2   61 

Shin-Etsu Chemical Co. Ltd.

  5   909 

Shionogi & Co. Ltd.

  8   502 

SoftBank Group Corp.

  8   428 

Sony Group Corp.

  15   1,679 

Sumitomo Electric Industries Ltd.

  33   443 

Sumitomo Metal Mining Co. Ltd.

  15   597 

Sumitomo Mitsui Financial Group, Inc.

  28   899 

Suzuki Motor Corp.

  8   366 

T&D Holdings, Inc.

  29   377 

Takeda Pharmaceutical Co. Ltd.

  12   348 

Terumo Corp.

  12   507 

Tokio Marine Holdings, Inc.

  18   938 

Tokyo Electron Ltd.

  2   1,072 

Toyota Motor Corp.

  129   2,283 

Yamato Holdings Co. Ltd.

  5   113 
  

 

 

 
   35,280 
  

 

 

 

Luxembourg — 0.1%

 

ArcelorMittal SA

  6   204 
  

 

 

 

Netherlands — 6.7%

 

Adyen NV * (a)

  (b)   631 

Akzo Nobel NV

  6   743 

ASML Holding NV

  5   3,953 

Heineken NV

  1   110 

ING Groep NV

  43   652 

Koninklijke Ahold Delhaize NV

  14   463 

Koninklijke DSM NV

  2   527 

Koninklijke KPN NV

  191   570 

Koninklijke Philips NV

  5   219 

NN Group NV

  15   813 

Royal Dutch Shell plc, Class A

  36   816 

Royal Dutch Shell plc, Class B

  15   349 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
42    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

INVESTMENTS SHARES
(000)
  VALUE
($000)
 

Common Stocks — continued

 

Netherlands — continued

 

Wolters Kluwer NV

  4   462 
  

 

 

 
   10,308 
  

 

 

 

Singapore — 1.0%

 

DBS Group Holdings Ltd.

  39   918 

Oversea-Chinese Banking Corp. Ltd.

  47   414 

United Overseas Bank Ltd.

  7   131 
  

 

 

 
   1,463 
  

 

 

 

Spain — 2.9%

 

Banco Bilbao Vizcaya Argentaria SA

  145   1,015 

Banco Santander SA

  99   373 

Endesa SA

  32   731 

Iberdrola SA

  132   1,559 

Industria de Diseno Textil SA

  20   714 
  

 

 

 
   4,392 
  

 

 

 

Sweden — 2.7%

 

Atlas Copco AB, Class A

  14   917 

Industrivarden AB, Class A

  1   42 

Lundin Energy AB

  13   521 

SKF AB, Class B

  28   656 

Svenska Handelsbanken AB, Class A

  83   946 

Volvo AB, Class B

  43   998 
  

 

 

 
   4,080 
  

 

 

 

Switzerland — 10.4%

 

Adecco Group AG (Registered)

  3   135 

Cie Financiere Richemont SA (Registered)

  2   298 

Credit Suisse Group AG (Registered)

  9   97 

Givaudan SA (Registered)

  (b)   924 

Holcim Ltd. *

  3   165 

Lonza Group AG (Registered)

  2   1,504 

Nestle SA (Registered)

  32   4,235 

Novartis AG (Registered)

  28   2,309 

Roche Holding AG

  9   3,479 

SGS SA (Registered)

  (b)   702 

Sika AG (Registered)

  1   445 

UBS Group AG (Registered)

  30   550 

Zurich Insurance Group AG

  2   1,100 
  

 

 

 
   15,943 
  

 

 

 

United Kingdom — 11.7%

 

3i Group plc

  64   1,197 

AstraZeneca plc

  14   1,791 

Barclays plc

  272   750 

Berkeley Group Holdings plc

  12   727 

BP plc

  329   1,578 

British American Tobacco plc

  16   572 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

United Kingdom — continued

 

CK Hutchison Holdings Ltd.

  24    161 

DCC plc

  4    304 

Diageo plc

  35    1,753 

GlaxoSmithKline plc

  14    283 

HSBC Holdings plc

  107    643 

InterContinental Hotels Group plc *

  12    853 

Intertek Group plc

  3    180 

Lloyds Banking Group plc

  1,753    1,200 

London Stock Exchange Group plc

  1    106 

Prudential plc

  33    681 

Reckitt Benckiser Group plc

  13    1,059 

RELX plc

  37    1,160 

Standard Chartered plc

  115    778 

Taylor Wimpey plc

  143    303 

Tesco plc

  194    718 

Unilever plc

  19    1,004 
   

 

 

 
    17,801 
   

 

 

 

United States — 2.4%

 

Ferguson plc

  6    854 

Schneider Electric SE

  11    1,866 

Stellantis NV

  44    883 
   

 

 

 
    3,603 
   

 

 

 

Total Common Stocks
(Cost $113,996)

 

   146,891 
  

 

 

 
   NO. OF
CONTRACTS
      

Options Purchased — 0.6%

 

Put Options Purchased — 0.6%

 

United States — 0.6%

 

MSCI EAFE Index 12/17/2021 at USD 2,220.00, European Style Notional Amount: USD 151,109 Counterparty: Exchange-Traded *
(Cost $2,614)

  647    971 
   

 

 

 
   SHARES
(000)
      

Short-Term Investments — 2.3%

 

Investment Companies — 2.3%

 

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d)
(Cost $3,536)

  3,536    3,536 
   

 

 

 

Total Investments — 99.1%
(Cost $120,146)

    151,398 

Other Assets Less Liabilities — 0.9%

    1,378 
  

 

 

 

NET ASSETS — 100.0%

    152,776 
  

 

 

 

 

Percentages indicated are based on net assets.

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    43


Table of Contents

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

 

Summary of Investments by Industry, October 31, 2021

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

 

INDUSTRY  PERCENT
OF TOTAL
INVESTMENTS
 

Banks

   10.2

Pharmaceuticals

   9.6 

Insurance

   5.6 

Semiconductors & Semiconductor Equipment

   4.7 

Chemicals

   3.8 

Automobiles

   3.6 

Textiles, Apparel & Luxury Goods

   3.2 

Oil, Gas & Consumable Fuels

   3.0 

Food Products

   2.8 

Beverages

   2.7 

Machinery

   2.7 

Professional Services

   2.6 

Electric Utilities

   2.5 

Metals & Mining

   2.4 

Personal Products

   2.3 

Capital Markets

   2.1 

IT Services

   2.0 

Electrical Equipment

   1.8 

Household Durables

   1.8 

Industrial Conglomerates

   1.8 

Trading Companies & Distributors

   1.7 

Electronic Equipment, Instruments & Components

   1.6 

Diversified Telecommunication Services

   1.6 
INDUSTRY  PERCENT
OF TOTAL
INVESTMENTS
 

Real Estate Management & Development

   1.6%  

Multi-Utilities

   1.6 

Building Products

   1.4 

Health Care Equipment & Supplies

   1.3 

Food & Staples Retailing

   1.2 

Equity Real Estate Investment Trusts (REITs)

   1.1 

Life Sciences Tools & Services

   1.0 

Others (each less than 1.0%)

   12.4 

Short-Term Investments

   2.3 

Abbreviations

 

EAFE Europe, Australasia and Far East
OYJ Public Limited Company
Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT Real Estate Investment Trust
USD United States Dollar
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b) Amount rounds to less than one thousand.
(c) 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 October 31, 2021.
* Non-income producing security.
 

 

Futures contracts outstanding as of October 31, 2021 (amounts in thousands, except number of contracts): 
DESCRIPTION    NUMBER OF
CONTRACTS
    EXPIRATION
DATE
     TRADING
CURRENCY
     NOTIONAL
AMOUNT ($)
     VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
 

Long Contracts

 

MSCI EAFE E-Mini Index    11     12/2021      USD      1,287      26 
SPI 200 Index    24     12/2021      AUD      3,317      (16
                    

 

 

 
                     10 
                    

 

 

 

Abbreviations

 

AUD Australian Dollar
EAFE Europe, Australasia and Far East
MSCI Morgan Stanley Capital International
SPI Australian Securities Exchange
USD United States Dollar

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
44    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

Written Call Options Contracts as of October 31, 2021 (amounts in thousands, except number of contracts):      
DESCRIPTION  COUNTERPARTY   NUMBER OF
CONTRACTS
   NOTIONAL
AMOUNT
   EXERCISE
PRICE
   EXPIRATION
DATE
   VALUE ($) 

MSCI EAFE Index

   Exchange-Traded    647    USD 151,109    USD 2,420.00    12/17/2021    (557
            

 

 

 
Written Put Options Contracts as of October 31, 2021 (amounts in thousands, except number of contracts): 
DESCRIPTION  COUNTERPARTY   NUMBER OF
CONTRACTS
   NOTIONAL
AMOUNT
   EXERCISE
PRICE
   EXPIRATION
DATE
   VALUE ($) 
MSCI EAFE Index   Exchange-Traded    647    USD 151,109    USD 1,875.00    12/17/2021    (128
            

 

 

 

Total Written Options Contracts (Premiums Received $2,404)

   (685
            

 

 

 

Abbreviations

 

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    45


Table of Contents

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — 97.2%

 

Australia — 5.7%

 

Aurizon Holdings Ltd.

  1,597    4,073 

Australia & New Zealand Banking Group Ltd.

  767    16,321 

BHP Group Ltd.

  1,107    30,407 

Commonwealth Bank of Australia (a)

  267    21,142 

CSL Ltd.

  138    31,403 

Dexus, REIT

  1,841    15,105 

Goodman Group, REIT

  1,372    22,715 

GPT Group (The), REIT

  3,875    15,129 

Insurance Australia Group Ltd.

  1,268    4,595 

Macquarie Group Ltd.

  48    7,083 

National Australia Bank Ltd.

  539    11,722 

Newcrest Mining Ltd.

  225    4,213 

Oil Search Ltd.

  1,498    4,852 

Rio Tinto Ltd.

  498    34,131 

Rio Tinto plc

  251    15,645 

Wesfarmers Ltd.

  285    12,330 

Westpac Banking Corp.

  1,525    29,663 

Woolworths Group Ltd.

  235    6,782 
   

 

 

 
    287,311 
   

 

 

 

Austria — 0.2%

 

Erste Group Bank AG

  278    11,928 
   

 

 

 

Belgium — 0.6%

 

Anheuser-Busch InBev SA

  73    4,486 

KBC Group NV

  269    25,040 
   

 

 

 
    29,526 
   

 

 

 

China — 0.6%

 

BOC Hong Kong Holdings Ltd.

  3,040    9,632 

Prosus NV *

  231    20,315 
   

 

 

 
    29,947 
   

 

 

 

Denmark — 3.2%

 

Carlsberg A/S, Class B

  186    30,661 

Novo Nordisk A/S, Class B

  864    94,794 

Orsted A/S (a) (b)

  198    27,911 

Vestas Wind Systems A/S (a)

  178    7,684 
   

 

 

 
    161,050 
   

 

 

 

Finland — 0.4%

 

Kone OYJ, Class B

  120    8,216 

Nokia OYJ *

  1,660    9,527 
   

 

 

 
    17,743 
   

 

 

 

France — 10.9%

 

Air Liquide SA

  266    44,332 

Airbus SE *

  122    15,657 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

France — continued

 

Alstom SA

  398    14,171 

AXA SA

  251    7,316 

BNP Paribas SA

  750    50,185 

Capgemini SE

  197    46,032 

Kering SA

  33    24,575 

L’Oreal SA

  140    64,015 

LVMH Moet Hennessy Louis Vuitton SE

  109    85,784 

Pernod Ricard SA

  54    12,364 

Safran SA

  183    24,636 

Sanofi

  261    26,228 

Societe Generale SA

  469    15,669 

TotalEnergies SE

  735    36,818 

Veolia Environnement SA (a)

  1,343    43,868 

Vinci SA

  321    34,365 
   

 

 

 
    546,015 
   

 

 

 

Germany — 9.9%

 

adidas AG

  117    38,309 

Allianz SE (Registered)

  246    57,076 

BASF SE

  132    9,521 

Bayer AG (Registered)

  254    14,306 

Brenntag SE

  121    11,489 

Daimler AG (Registered)

  59    5,880 

Deutsche Boerse AG

  27    4,447 

Deutsche Post AG (Registered)

  627    38,816 

Deutsche Telekom AG (Registered)

  2,010    37,381 

Infineon Technologies AG

  1,027    48,093 

Merck KGaA

  76    18,040 

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)

  97    28,703 

RWE AG

  904    34,788 

SAP SE

  290    42,066 

Siemens AG (Registered)

  211    34,354 

Volkswagen AG (Preference)

  149    33,419 

Vonovia SE

  402    24,413 

Zalando SE * (b)

  135    12,768 
   

 

 

 
    493,869 
   

 

 

 

Hong Kong — 2.3%

 

AIA Group Ltd.

  4,367    48,937 

CK Asset Holdings Ltd.

  998    6,163 

CLP Holdings Ltd.

  521    5,101 

Hong Kong Exchanges & Clearing Ltd.

  472    28,416 

Link, REIT

  528    4,680 

Sun Hung Kai Properties Ltd.

  391    5,177 

Techtronic Industries Co. Ltd.

  294    6,030 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
46    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

Hong Kong — continued

 

Xinyi Glass Holdings Ltd.

  3,727    10,502 
   

 

 

 
    115,006 
   

 

 

 

Ireland — 1.0%

 

CRH plc

  492    23,561 

Kingspan Group plc

  119    13,525 

Kingspan Group plc

  101    11,648 
   

 

 

 
    48,734 
   

 

 

 

Italy — 0.8%

 

Enel SpA

  1,793    15,013 

FinecoBank Banca Fineco SpA * (a)

  1,366    26,078 
   

 

 

 
    41,091 
   

 

 

 

Japan — 23.2%

 

AGC, Inc.

  168    8,371 

Asahi Group Holdings Ltd.

  616    27,945 

Asahi Kasei Corp.

  1,892    19,880 

Bridgestone Corp.

  483    21,345 

Central Japan Railway Co.

  127    18,854 

Daiichi Sankyo Co. Ltd.

  549    13,860 

Daikin Industries Ltd.

  104    22,840 

Daito Trust Construction Co. Ltd.

  149    18,511 

Daiwa House Industry Co. Ltd.

  316    10,435 

Dentsu Group, Inc.

  627    22,928 

Fast Retailing Co. Ltd.

  9    5,974 

Hitachi Ltd.

  676    38,954 

Honda Motor Co. Ltd.

  758    22,419 

Hoya Corp.

  271    39,820 

ITOCHU Corp.

  666    19,006 

Japan Airlines Co. Ltd. *

  465    10,005 

Kao Corp.

  301    17,021 

Keyence Corp.

  79    47,625 

Konami Holdings Corp.

  300    16,520 

Kubota Corp.

  843    17,965 

Kyowa Kirin Co. Ltd.

  509    16,733 

Mitsubishi Corp.

  899    28,593 

Mitsubishi Electric Corp.

  614    8,242 

Mitsubishi UFJ Financial Group, Inc.

  1,748    9,584 

Mitsui Fudosan Co. Ltd.

  680    15,541 

Murata Manufacturing Co. Ltd.

  329    24,405 

Nabtesco Corp.

  58    1,882 

Nidec Corp.

  137    15,174 

Nintendo Co. Ltd.

  31    13,515 

Nippon Express Co. Ltd.

  211    13,226 

Nippon Steel Corp.

  263    4,615 

Nippon Telegraph & Telephone Corp.

  1,144    32,054 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Japan — continued

 

Nitori Holdings Co. Ltd.

  105    19,234 

Nomura Research Institute Ltd.

  478    19,124 

Ono Pharmaceutical Co. Ltd.

  572    12,002 

ORIX Corp.

  1,020    20,266 

Otsuka Corp.

  423    20,821 

Rakuten Group, Inc.

  590    6,464 

Recruit Holdings Co. Ltd.

  602    40,018 

Rohm Co. Ltd.

  207    18,882 

Ryohin Keikaku Co. Ltd.

  598    11,788 

Seven & i Holdings Co. Ltd.

  364    15,295 

Shimadzu Corp.

  80    3,234 

Shin-Etsu Chemical Co. Ltd.

  171    30,424 

Shionogi & Co. Ltd.

  246    16,052 

SoftBank Group Corp.

  253    13,686 

Sony Group Corp.

  453    52,411 

Sumitomo Electric Industries Ltd.

  1,119    14,850 

Sumitomo Metal Mining Co. Ltd.

  516    20,009 

Sumitomo Mitsui Financial Group, Inc.

  916    29,721 

Suzuki Motor Corp.

  277    12,358 

T&D Holdings, Inc.

  985    12,636 

Takeda Pharmaceutical Co. Ltd.

  418    11,734 

Terumo Corp.

  370    16,318 

Tokio Marine Holdings, Inc.

  591    31,133 

Tokyo Electron Ltd.

  71    33,182 

Toyota Motor Corp.

  4,042    71,318 

Yamato Holdings Co. Ltd.

  145    3,569 
   

 

 

 
    1,160,371 
   

 

 

 

Luxembourg — 0.2%

 

ArcelorMittal SA

  226    7,652 
   

 

 

 

Malta — 0.0% (c)

 

BGP Holdings plc * ‡

  449    (d) 
   

 

 

 

Netherlands — 6.8%

 

Adyen NV * (b)

  7    20,768 

Akzo Nobel NV

  213    24,524 

ASML Holding NV

  155    126,083 

Heineken NV

  37    4,094 

ING Groep NV

  1,529    23,193 

Koninklijke Ahold Delhaize NV

  483    15,711 

Koninklijke DSM NV

  77    16,919 

Koninklijke KPN NV

  6,482    19,367 

Koninklijke Philips NV

  161    7,581 

NN Group NV

  515    27,505 

Royal Dutch Shell plc, Class A

  1,223    28,008 

Royal Dutch Shell plc, Class B

  526    12,082 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    47


Table of Contents

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

Netherlands — continued

 

Wolters Kluwer NV

  148    15,448 
   

 

 

 
    341,283 
   

 

 

 

Singapore — 1.0%

 

DBS Group Holdings Ltd.

  1,322    30,901 

Oversea-Chinese Banking Corp. Ltd.

  1,593    13,924 

United Overseas Bank Ltd.

  221    4,399 
   

 

 

 
    49,224 
   

 

 

 

Spain — 2.9%

 

Banco Bilbao Vizcaya Argentaria SA

  4,719    33,022 

Banco Santander SA (a)

  3,456    13,110 

Endesa SA

  1,026    23,672 

Iberdrola SA

  4,202    49,623 

Industria de Diseno Textil SA (a)

  635    23,019 
   

 

 

 
    142,446 
   

 

 

 

Sweden — 2.8%

 

Atlas Copco AB, Class A

  477    30,745 

Industrivarden AB, Class A (a)

  44    1,442 

Lundin Energy AB

  464    18,320 

SKF AB, Class B

  967    22,466 

Svenska Handelsbanken AB, Class A (a)

  2,841    32,564 

Volvo AB, Class B

  1,434    33,434 
   

 

 

 
    138,971 
   

 

 

 

Switzerland — 10.5%

 

Adecco Group AG (Registered)

  101    5,085 

Cie Financiere Richemont SA (Registered)

  84    10,381 

Credit Suisse Group AG (Registered)

  369    3,835 

Givaudan SA (Registered)

  6    30,237 

Holcim Ltd. *

  137    6,830 

Lonza Group AG (Registered)

  60    49,136 

Nestle SA (Registered)

  1,052    138,707 

Novartis AG (Registered)

  893    73,890 

Roche Holding AG

  293    113,380 

SGS SA (Registered)

  8    23,356 

Sika AG (Registered)

  42    14,291 

UBS Group AG (Registered)

  1,016    18,493 

Zurich Insurance Group AG

  82    36,505 
   

 

 

 
    524,126 
   

 

 

 

United Kingdom — 11.8%

 

3i Group plc

  2,195    40,999 

AstraZeneca plc

  434    54,353 

Barclays plc

  8,891    24,534 

Berkeley Group Holdings plc

  394    23,476 

BP plc

  11,167    53,499 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

United Kingdom — continued

 

British American Tobacco plc

  593    20,632 

CK Hutchison Holdings Ltd.

  788    5,281 

DCC plc

  116    9,696 

Diageo plc

  1,140    56,701 

GlaxoSmithKline plc

  412    8,552 

HSBC Holdings plc

  3,629    21,867 

InterContinental Hotels Group plc *

  404    28,267 

Intertek Group plc

  89    5,957 

Lloyds Banking Group plc

  55,530    38,004 

London Stock Exchange Group plc

  39    3,828 

Prudential plc

  1,150    23,478 

Reckitt Benckiser Group plc

  433    35,122 

RELX plc

  1,269    39,340 

Standard Chartered plc

  3,916    26,482 

Taylor Wimpey plc

  5,143    10,881 

Tesco plc

  6,652    24,560 

Unilever plc

  635    33,981 
   

 

 

 
    589,490 
   

 

 

 

United States — 2.4%

 

Ferguson plc

  195    29,372 

Schneider Electric SE

  348    60,057 

Stellantis NV

  1,417    28,287 
   

 

 

 
    117,716 
   

 

 

 

Total Common Stocks
(Cost $3,594,068)

 

   4,853,499 
  

 

 

 

Short-Term Investments — 3.7%

   

Investment Companies — 1.9%

   

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (e) (f)
(Cost $93,239)

  93,193    93,239 
   

 

 

 

Investment of Cash Collateral from Securities Loaned — 1.8%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (e) (f)

  82,347    82,347 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (e) (f)

  10,123    10,123 
   

 

 

 

Total Investment of Cash Collateral from Securities Loaned
(Cost $92,470)

    92,470 
  

 

 

 

Total Short-Term Investments
(Cost $185,709)

    185,709 
   

 

 

 

Total Investments — 100.9%
(Cost $3,779,777)

    5,039,208 

Liabilities in Excess of
Other Assets — (0.9)%

    (43,366
  

 

 

 

NET ASSETS — 100.0%

    4,995,842 
  

 

 

 

 

Percentages indicated are based on net assets.

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
48    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

Summary of Investments by Industry, October 31, 2021

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

 

INDUSTRY  PERCENT
OF TOTAL
INVESTMENTS
 

Banks

   10.3

Pharmaceuticals

   9.4 

Insurance

   5.5 

Semiconductors & Semiconductor Equipment

   4.5 

Chemicals

   3.8 

Automobiles

   3.4 

Textiles, Apparel & Luxury Goods

   3.2 

Oil, Gas & Consumable Fuels

   3.0 

Food Products

   2.7 

Beverages

   2.7 

Machinery

   2.7 

Professional Services

   2.6 

Electric Utilities

   2.4 

Metals & Mining

   2.3 

Personal Products

   2.3 

Capital Markets

   2.1 

IT Services

   2.1 

Electrical Equipment

   1.8 

Diversified Telecommunication Services

   1.8 

Trading Companies & Distributors

   1.8 

Industrial Conglomerates

   1.7 

Household Durables

   1.7 

Real Estate Management & Development

   1.6 

Multi-Utilities

   1.6 

Electronic Equipment, Instruments & Components

   1.5 
INDUSTRY  PERCENT
OF TOTAL
INVESTMENTS
 

Building Products

   1.3%  

Health Care Equipment & Supplies

   1.3 

Food & Staples Retailing

   1.2 

Equity Real Estate Investment Trusts (REITs)

   1.1 

Life Sciences Tools & Services

   1.0 

Specialty Retail

   1.0 

Others (each less than 1.0%)

   10.9 

Short-Term Investments

   3.7 

Abbreviations

 

OYJ Public Limited Company
Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT Real Estate Investment Trust
(a) The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $86,810.
(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c) Amount rounds to less than 0.1% of net assets.
(d) Amount rounds to less than one thousand.
(e) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(f) The rate shown is the current yield as of October 31, 2021.
* Non-income producing security.
 Value determined using significant unobservable inputs.
 

 

Futures contracts outstanding as of October 31, 2021 (amounts in thousands, except number of contracts): 
DESCRIPTION    NUMBER OF
CONTRACTS
     EXPIRATION
DATE
     TRADING
CURRENCY
     NOTIONAL
AMOUNT ($)
     VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
 

Long Contracts

                    

EURO STOXX 50 Index

     302      12/2021      EUR      14,855      323 

FTSE 100 Index

     49      12/2021      GBP      4,852      175 

SPI 200 Index

     507      12/2021      AUD      70,071      (342
                    

 

 

 
                     156 
                    

 

 

 

Abbreviations

 

AUD Australian Dollar
EUR Euro
FTSE Financial Times and the London Stock Exchange
GBP British Pound
SPI Australian Securities Exchange

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    49


Table of Contents

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

 

INVESTMENTS SHARES
(000)
  VALUE
($000)
 

Common Stocks — 99.7%

 

Australia — 6.8%

 

Australia & New Zealand Banking Group Ltd.

  177   3,770 

BHP Group Ltd.

  180   4,938 

BlueScope Steel Ltd.

  29   458 

Fortescue Metals Group Ltd.

  100   1,037 

Harvey Norman Holdings Ltd.

  141   529 

JB Hi-Fi Ltd.

  11   431 

Metcash Ltd.

  136   418 

National Australia Bank Ltd.

  200   4,340 

Rio Tinto Ltd.

  24   1,666 

Rio Tinto plc

  54   3,350 

South32 Ltd.

  291   785 

Super Retail Group Ltd.

  62   605 

Westpac Banking Corp.

  218   4,238 

Worley Ltd.

  40   329 
  

 

 

 
   26,894 
  

 

 

 

Austria — 1.7%

 

ANDRITZ AG

  12   695 

BAWAG Group AG (a)

  14   901 

Erste Group Bank AG

  25   1,057 

OMV AG

  26   1,565 

Raiffeisen Bank International AG

  53   1,558 

Telekom Austria AG *

  59   508 

Wienerberger AG

  13   472 
  

 

 

 
   6,756 
  

 

 

 

Belgium — 1.0%

 

Ageas SA

  18   899 

Bekaert SA

  19   831 

bpost SA *

  55   475 

KBC Group NV

  15   1,401 

Telenet Group Holding NV

  9   321 
  

 

 

 
   3,927 
  

 

 

 

China — 0.8%

 

BOC Hong Kong Holdings Ltd.

  316   1,000 

TI Fluid Systems plc (a)

  262   949 

Yangzijiang Shipbuilding Holdings Ltd.

  1,260   1,329 
  

 

 

 
   3,278 
  

 

 

 

Denmark — 1.7%

 

AP Moller — Maersk A/S, Class B

  (b)   777 

H+H International A/S, Class B *

  24   941 

Jyske Bank A/S (Registered) *

  11   537 

Matas A/S

  38   748 

Solar A/S, Class B

  9   1,025 

Spar Nord Bank A/S

  97   1,245 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Denmark — continued

 

Sydbank A/S

  23    784 

TCM Group A/S (a)

  23    560 
   

 

 

 
    6,617 
   

 

 

 

Egypt — 0.2%

 

Energean plc *

  74    908 
   

 

 

 

Finland — 1.5%

 

Cargotec OYJ, Class B

  12    629 

Caverion OYJ

  104    824 

Kemira OYJ

  29    439 

Konecranes OYJ

  13    554 

Nordea Bank Abp

  201    2,466 

TietoEVRY OYJ

  10    314 

Valmet OYJ

  18    737 
   

 

 

 
    5,963 
   

 

 

 

France — 10.3%

 

AXA SA

  117    3,404 

BNP Paribas SA

  62    4,158 

Carrefour SA

  46    833 

Cie de Saint-Gobain

  28    1,932 

Cie Plastic Omnium SA

  12    339 

CNP Assurances

  73    1,826 

Coface SA

  41    591 

Credit Agricole SA

  91    1,376 

Eutelsat Communications SA (c)

  83    1,186 

Faurecia SE

  1    38 

Faurecia SE

  29    1,532 

Fnac Darty SA

  17    1,109 

Gecina SA, REIT

  10    1,352 

Groupe Crit

  8    648 

IPSOS

  18    847 

Kaufman & Broad SA

  8    334 

Metropole Television SA

  32    706 

Publicis Groupe SA

  20    1,347 

Quadient SA

  26    627 

Renault SA *

  18    663 

Rexel SA *

  32    638 

Rothschild & Co.

  28    1,238 

SCOR SE

  18    615 

Societe Generale SA

  76    2,539 

Sopra Steria Group SACA

  3    551 

SPIE SA

  25    615 

Technip Energies NV *

  79    1,210 

Television Francaise 1

  56    597 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
50    J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021


Table of Contents

 

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

France — continued

 

TotalEnergies SE

  138    6,932 

Valeo

  38    1,107 
   

 

 

 
    40,890 
   

 

 

 

Germany — 9.7%

 

Allianz SE (Registered)

  21    4,868 

Aurubis AG

  7    621 

Bayerische Motoren Werke AG

  18    1,862 

Continental AG *

  7    808 

Covestro AG (a)

  18    1,168 

Daimler AG (Registered)

  37    3,635 

Deutsche Pfandbriefbank AG (a)

  77    960 

Deutsche Post AG (Registered)

  60    3,711 

Deutsche Telekom AG (Registered)

  152    2,832 

DWS Group GmbH & Co. KGaA (a)

  10    425 

Freenet AG

  21    540 

HeidelbergCement AG

  12    912 

HOCHTIEF AG

  4    340 

Hornbach Holding AG & Co. KGaA

  10    1,273 

JOST Werke AG (a)

  12    724 

Kloeckner & Co. SE *

  71    953 

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)

  7    1,988 

ProSiebenSat.1 Media SE (c)

  27    448 

Schaeffler AG (Preference)

  49    386 

Siemens AG (Registered)

  40    6,535 

Talanx AG

  10    468 

Vitesco Technologies Group AG *

  1    79 

Volkswagen AG (Preference)

  14    3,039 
   

 

 

 
    38,575 
   

 

 

 

Hong Kong — 1.5%

 

Haitong International Securities Group Ltd.

  3,868    889 

Hongkong Land Holdings Ltd.

  288    1,588 

Hysan Development Co. Ltd.

  246    855 

Kerry Properties Ltd.

  236    666 

Sun Hung Kai Properties Ltd.

  106    1,399 

VTech Holdings Ltd.

  57    437 
   

 

 

 
    5,834 
   

 

 

 

Italy — 3.7%

 

Anima Holding SpA (a)

  104    553 

Assicurazioni Generali SpA

  84    1,833 

Azimut Holding SpA

  22    625 

Credito Emiliano SpA

  68    518 

Eni SpA

  209    2,997 
INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Italy — continued

 

Intesa Sanpaolo SpA

  934    2,656 

Mediobanca Banca di Credito Finanziario SpA *

  73    875 

Pirelli & C SpA (a)

  196    1,205 

Poste Italiane SpA (a)

  50    711 

UniCredit SpA

  121    1,595 

Unipol Gruppo SpA

  214    1,231 
   

 

 

 
    14,799 
   

 

 

 

Japan — 21.4%

 

Acom Co. Ltd.

  98    326 

AGC, Inc.

  26    1,300 

Aiful Corp.

  138    460 

Aozora Bank Ltd.

  23    515 

Arcs Co. Ltd.

  17    327 

Bridgestone Corp.

  36    1,571 

Brother Industries Ltd.

  40    768 

Chiba Bank Ltd. (The)

  98    609 

Concordia Financial Group Ltd.

  148    586 

Cosmo Energy Holdings Co. Ltd.

  58    1,184 

Credit Saison Co. Ltd.

  92    1,125 

Dai-ichi Life Holdings, Inc.

  102    2,152 

Daiwa Securities Group, Inc.

  125    702 

Fuyo General Lease Co. Ltd.

  16    1,040 

Hachijuni Bank Ltd. (The)

  96    320 

Hitachi Ltd.

  43    2,455 

Honda Motor Co. Ltd.

  105    3,112 

Iida Group Holdings Co. Ltd.

  22    533 

Isuzu Motors Ltd.

  115    1,546 

ITOCHU Corp.

  49    1,400 

Japan Post Holdings Co. Ltd. *

  108    832 

Japan Post Insurance Co. Ltd.

  74    1,199 

Kamigumi Co. Ltd.

  23    461 

Kandenko Co. Ltd.

  41    319 

KDDI Corp.

  105    3,208 

Kinden Corp.

  22    368 

K’s Holdings Corp.

  41    427 

Kyudenko Corp.

  14    441 

Mitsubishi Chemical Holdings Corp.

  137    1,136 

Mitsubishi Corp.

  68    2,146 

Mitsubishi Gas Chemical Co., Inc.

  22    433 

Mitsubishi UFJ Financial Group, Inc.

  731    4,009 

Mitsui & Co. Ltd.

  95    2,163 

Mitsui Fudosan Co. Ltd.

  74    1,699 

Mixi, Inc.

  19    433 

Mizuho Financial Group, Inc.

  178    2,347 
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS    51


Table of Contents

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

 

INVESTMENTS SHARES
(000)
   VALUE
($000)
 

Common Stocks — continued

 

Japan — continued

 

MS&AD Insurance Group Holdings, Inc.

  44    1,431 

Nichias Corp.

  14    345 

Nichiha Corp.

  10    285 

Nippon Light Metal Holdings Co. Ltd.

  21    353 

Nippon Telegraph & Telephone Corp.

  98    2,757 

Nippon Television Holdings, Inc.

  33    352 

Nomura Holdings, Inc.

  274    1,305 

Nomura Real Estate Holdings, Inc.

  48    1,160 

ORIX Corp.

  119    2,369 

Rengo Co. Ltd.

  36    275 

Resona Holdings, Inc.

  190    715 

Sanwa Holdings Corp.

  37    426 

SBI Holdings, Inc.

  23    604 

Sekisui House Ltd.

  64    1,322 

Senko Group Holdings Co. Ltd.

  43    382 

Shizuoka Bank Ltd. (The)

  91    731 

SoftBank Corp.

  211    2,876 

Sojitz Corp.

  71    1,164 

Sompo Holdings, Inc.

  23    1,010 

Sony Group Corp.

  4    440 

Sumitomo Bakelite Co. Ltd.

  11    481 

Sumitomo Corp.

  94    1,338 

Sumitomo Forestry Co. Ltd.

  30    563 

Sumitomo Mitsui Financial Group, Inc.

  93    3,015 

Sumitomo Mitsui Trust Holdings, Inc.

  50    1,651 

T&D Holdings, Inc.

  92