interim report & financial statements (unaudited) jpmorgan … · 2019-07-31 · jpm global...

Interim Report & Financial Statements (Unaudited)

JPMorgan Fund II ICVC31 May 2020

Contents

Authorised Corporate Director’s (ACD) Report 2-6

Investment Adviser’s Report for the six months ending 31 May 2020 7

JPM America Equity Fund 8-10

JPM Balanced Managed Fund 11-12

JPM Europe Smaller Companies Fund 13-19

JPM Global Allocation Fund 20-21

JPM Global Bond Opportunities Fund 22-34

JPM UK Equity Income Fund 35-42

JPM UK Equity Plus Fund 43-50

JPM UK Smaller Companies Fund 51-56

JPM US Small Cap Growth Fund 57-64

Accounting policies 65

This material should not be relied on as including sufficient information to support an investment decision.

The opinions and views expressed in this document are those held by J.P. Morgan Asset Management as at 17 July 2020, which are subject to change and are not to be taken as or construed as investment advice.

For up-to-date performance information please contact J.P. Morgan Asset Management using the numbers shown on the back of this document.

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. The level of tax benefits and liabilities will depend on individual circumstances and may change in the future.

The investment objective of a fund may allow some flexibility in terms of portfolio composition.

Funds that invest predominantly in a single market, asset class or sector may be subject to greater volatility than those funds with a more diversified portfolio.

The information in this booklet is based on our understanding of law, regulation and HM Revenue & Customs practice as at 17 July 2020.

1

Authorised Corporate Director’s (ACD) Report

ChairmanAndrew LewisExecutive Director. A member of the ACD since 5 November 2018.

Mr Lewis is the Head of UK Platform and Client Service for J.P. Morgan Asset Management in Europe.

Mr Lewis joined J.P. Morgan Asset Management in 2011. For two years he ran the Client Reporting Group, covering both funds and institutional clients. He became the UK Funds COO in 2013 additionally taking responsibility for talent, promotions and ratings across Client Service and Platform in Europe. He covered Funds Client Service in Europe for two years before taking up his current role. He leads the Management Committees running the UK Funds entities and the Life Company. His group provides Client Service, Transfer Agency and Fund Administration for UK Funds, supports Funds distribution channels in UK, provides Board Management services to Fund boards. He continues to sit as COO on the management committee of the UK Funds business and is a Director of several UK legal entities.

Mr Lewis joined the British Army aged 18, leaving as a Colonel in 2011. He has a BA from Cranfield University and holds the Investment Management Certificate.

DirectorsKate JonesIndependent Non-Executive Director. A member of the ACD since 14 June 2019.

Ms Jones’ career spans senior investment leadership and Board roles in the financial services industry including the Pension Protection Fund, BlackRock, Schroders and M&G.

Ms Jones began her career as a portfolio manager at Prudential M&G before playing an instrumental role in the growth of BlackRock’s Solutions business where she built and led the portfolio management function with responsibility for over £300bn of assets. Ms Jones then moved to Schroders where she sponsored their largest ever change programme to allow the organisation to grow assets under management whilst managing costs.

Ms Jones is a Non Executive Director at the Pension Protection Fund and Chair of the Investment Committee and Chair of the Investment Committee and Chair of Trustees for RedSTART, a financial education charity which aims to give all young people in the UK access to quality financial education.

With a focus on senior leaders in the financial sector, Ms Jones is also an executive coach.

Ms Jones has a degree in Mathematical Economics from the University of Birmingham and has been a CFA charter holder since 2003.

Stephen PondExecutive Director. A member of the ACD since 27 June 2018.

Mr Pond is the AM EMEA CFO and is also the lead Finance and Business Manager for the International Institutional business. He is a director on our main European holding company, JPMorgan International Limited, and on several regulated J.P. Morgan UK legal entities. He was previously Head of the Europe Performance Analysis Group. He joined Investment Management in New York in 2004 and moved to London in 2007 and held several positions within the Finance department.

Prior to joining Investment Management he was an analyst on a JPMC corporate management training programme. He joined the company in 2002. He has been a CFA charter holder since 2009. Mr Pond obtained a BA in Economics from the College of William and Mary in Williamsburg, VA, USA.

O’Brien BennettExecutive Director. A member of the ACD since 22 May 2020.

Mr. Bennett, Managing Director, is a Project Executive for J.P. Morgan Asset Management and has over 24 years of experience in the implementation of global strategic and regulatory programmes.

Mr. Bennett has managed strategic re-engineering projects across the US, Transfer Agency platform implementations in the UK and Luxembourg, business platform builds in Brazil, re-structuring of AML/KYC processing globally, MiFID II, PRIIPs, GDPR and now leads the LIBOR transition. He was previously head of Luxembourg Operations and Head of EMEA Product Development and Product Delivery Services.

Mr. Bennett started his career in stockbroking in 1977 and joined J.P. Morgan Asset Management in 1985. He moved to Luxembourg in 2004.

Board of Directors of JPMorgan Funds Limited (“JPMFL”), the Authorised Corporate Director (“ACD”) of JPMorgan Fund II ICVC as at 31 May 2020

2

Authorised Corporate Director’s (ACD) Report – continued

Nick BloxhamExecutive Director. A member of the ACD since 1 June 2020.

Mr Bloxham is the UK Financial controller J.P. Morgan Asset Management.

Mr Bloxham joined J.P. Morgan Asset Management in 2008. For 3 years he was the financial controller for J.P. Morgan Asset Management (UK) Ltd, latterly also having responsibility for the financial sections of the JPMAM International ICAAP. He covered financial MIS for all European-based product teams for 2 years, before becoming Global CFO for AM Global Equities 2014. He moved to his current role as UK Financial Controller in November 2019.

He leads a group of 14, which provides financial regulatory reporting and control for 4 regulated entities, as well as the regulated group; corporate financial reporting; legal entity board reporting and financial statement preparation. His group has oversight and control of the JPMAM International Group and individual entities’ balance sheet activities, including capital, seed, Mandatory investor Plan (‘MIP’) and FX hedging; regulatory capital management; liquidity management and seed/MIP investments. The role includes liaison with external auditors; external professional firms and bodies; J.P. Morgan boards and external regulators.

Mr Bloxham additionally provides support to the European Senior Financial Officer. He is deputy chair of the EMEA Capital and Liquidity Committee and the EMEA Corporate Tax meeting, and is a member of the ICAAP steering group and EMEA Seed Capital Committee.

Mr Bloxham is director on a number of companies within AM EMEA, and is the chair of the board of J.P. Morgan Trustee and Administration Services Limited. As part of the latter role, he attends the EMEA Audit Risk and Compliance Committee.

Mr Bloxham has an MA (Cantab) from Cambridge University and an MSc from Imperial College, London. He is a qualified Chartered Accountant (CA).

Ruston SmithIndependent Non-Executive Director. A member of the ACD since 28 December 2016.

Ruston has over 35 years’ experience in the pension fund and investment industry.

He was the former Group Pensions, Insurable Risk and People Director at Tesco and CEO of Tesco Pension Investment Ltd – FCA approved in house investment manager.

Ruston is now the Chair of the Tesco Pension Fund (DB and DC) and Tesco Pension Investment Ltd, Non-Executive Chair of JP Morgan Asset Management (EMEA), Non-Executive Chair of Smart Pension Ltd, Non-Executive Chair of PTL Ltd, Independent Trustee and Chair of the Funding and Investment Committee for the BAE Pension Fund, Governor of the PPI and Chair of GroceryAid.

Ruston was Co Chair of the DWP’s 2017 Auto Enrolment Review Board, led the Simpler Annual Statement initiative launched in 2018, chaired the cross regulator and industry ‘Standardised Assumptions Group’ and was on the Treasury’s Patient Capital DC Steering Group. He’s also a former Chair of the Pensions and Lifetime Savings Association.

Patrick ThomsonExecutive Director. A member of the ACD since 30 May 2018.

Mr Thomson, Managing Director, is the Chief Executive Officer for EMEA, and international head of institutional clients for J.P. Morgan Asset Management, based in London.

As CEO, Mr Thomson partners with the global investment, business and function heads to develop the business priorities in EMEA. A key area of his responsibility is ensuring the firm remains in line with the regulatory requirements and within a framework of appropriate risk management. Mr Thomson is also a Director of J.P.Morgan’s principal legal and regulated entities and funds boards in Europe.

Mr Thomson joined J.P. Morgan Asset Management in 1995. He is a member of J.P. Morgan Asset Management Operating Committee and J.P.Morgan Asset Management’s Global Client Operating Committee.

Mr Thomson is on the Investment Association Board of Directors as well as the HM Treasury Asset Management Taskforce.

Previously he spent five years at Ivy Asset Management, part of BNY Mellon, where he was global head of Client Development and chief executive of the London office. After graduating from Edinburgh University with an MA (Hons), Mr Thomson served as an officer in the British Army for five years. He qualified as a member of the UK Society of Investment Professionals in 2000.

3

BackgroundJPMorgan Funds Limited (“JPMFL”) is the Authorised Corporate Director (“ACD”) of JPMorgan Fund II ICVC (the “Company”) and is the sole Director of JPMorgan Fund II ICVC (the “Board”). The Board is pleased to present the Interim Report and Financial Statements for the period ended 31 May 2020.

Authorised StatusJPMorgan Fund II ICVC is an Open-Ended Investment Company with variable capital, authorised under Regulation 12 of the OEIC Regulations by the Financial Conduct Authority.

The Company was launched as a non-UCITS Retail Scheme and acts as an umbrella company comprising of 9 sub-funds. Its registration number is IC000127 and its registered address is 60 Victoria Embankment, London EC4Y 0JP.

Structure & LiabilitiesThe assets of the sub-fund are treated as separate from those of any other sub-fund and are invested in accordance with the investment objective and investment policies applicable to that sub-fund. Details of the investment objective, the policies for achieving these objectives, the performance record and a review of the investment activities for each of the sub-funds can be found in this report.

The Report and Financial Statements includes for each sub-fund the:

• Investment objective and policy

• Risk profile

• Fund review

• Fund outlook

• Portfolio movements

• Portfolio statement

Shareholders are not liable for the debts of the Company. Shareholders are not liable to make any further payment to the Company after the purchase of their shares is paid for.

Role and Responsibility of the BoardJPMFL is authorised and regulated by the FCA and its principle activity is investment management. The ACD is incorporated under and governed by the Companies Act 2006. With respect to the annual report and financial statements of the Company, it is also required to comply with the Collective Investment Schemes Sourcebook issued by the FCA, applicable accounting standards and also with the latest Statement of Recommended Practice issued by The Investment Association.

The matters reserved for the Board include determination of each sub-fund’s investment objective and policies, investment restrictions and powers, amendments to the Prospectus, reviewing and approving key investment and financial data, including the annual and interim report and financial statements, as well as the appointment of and review of the services provided by the depositary and auditor.

Prior to each meeting the Board receives detailed and timely information allowing them to prepare for the items under discussion during the meeting. For each quarterly meeting the Board requests, and receives, reports from, amongst others, the investment managers, risk management, compliance, as well as proposals for changes to existing sub-funds or proposals to launch new ones as appropriate. Senior representatives of each of these functions attend Board meetings by invitation to enable the Board to question the reports presented to them. In addition the Board reviews on an annual basis all service providers.

The Board takes decisions in the interests of the Company and its shareholders as a whole and has procedures in place to manage any conflict of interest between personal interests of the Directors of JPMFL and those of the Company and its shareholders. JPMFL and its affiliates provide a variety of different services to the Company and receives compensation for these services. JPMFL and its affiliates therefore need to balance the desire to be compensated for these services with the requirement to act in the best interest of the Company. JPMFL and its affiliates also face conflicts of interest where these services are provided to other funds or clients, and, from time to time, make decisions that differ from and/or negatively impact those made on behalf of the Company.

Board CompositionJPMFL is chaired by Mr Lewis, and consists of five Executive Directors and two Independent Non-Executive Directors. All Board meetings require a quorum of two Directors to be in attendance.

Induction and TrainingAll new Directors of JPMFL will receive a full induction incorporating relevant information regarding the Company and its duties and responsibilities as the ACD of the Company. In addition, JPMFL takes active steps to keep up to date with developments relevant to the Company.

Board EvaluationThe Board carries out a biennial review of its performance.

Board Meetings and CommitteesThe Board meets quarterly but if necessary additional meetings will be arranged.

There were two JPMorgan Fund II ICVC board meetings held during the period. Both of these were quarterly Board meetings where, amongst other matters, the agenda included those items highlighted under the section above called ‘Role and Responsibility of the Board’.

Corporate Governance The Board is responsible for ensuring that a high level of corporate governance is met and considers that the Company has complied with the best practices in the UK Funds industry.


4

Proxy Voting PolicyJPMFL delegates responsibility for proxy voting to the Investment Adviser. The Investment Adviser manages the voting rights of the shares entrusted in a prudent and diligent manner, based exclusively on the reasonable judgement of what will best serve the financial interests of clients.

So far as is practicable, the Investment Adviser will vote at all of the meetings called by companies in which they are invested.

A copy of the proxy voting policy is available from the Company’s registered office upon request or on the website: https://am.jpmorgan.com/uk/institutional/corporate-governance

Remuneration DisclosureJPMorgan Funds Limited (the “Management Company”) is the authorised manager of JPMorgan Fund II ICVC (the “Company”) and is part of the J.P. Morgan Chase & Co. group of companies. In this section, the terms “J.P. Morgan” or “Firm” refer to that group, and each of the entities in that group globally, unless otherwise specified.

This section of the interim report has been prepared in accordance with the Undertakings for Collective Investment in Transferable Securities (the “UCITS Directive”) and the ‘Guidelines on sound remuneration policies’ issued by the European Securities and Markets Authority under the UCITS Directives. The information in this section is in respect of the most recent complete remuneration period (“Performance Year”) as at the reporting date.

This section has also been prepared in accordance with the relevant provisions of the Financial Conduct Authority Handbook (COLL 4.5.7).

Remuneration PolicyA summary of the Remuneration Policy applying to the Management Company (the “Remuneration Policy Statement”) can be found at https://am.jpmorgan.com/gb/en/asset-management/gim/per/legal/emea-remuneration-policy. This Remuneration Policy Statement includes details of how remuneration and benefits are calculated, including the financial and non-financial criteria used to evaluate performance, the responsibilities and composition of the Firm’s Compensation and Management Development Committee, and the measures adopted to avoid or manage conflicts of interest. A copy of this policy can be requested free of charge from the Management Company.

The Remuneration Policy applies to all employees of the Management Company, including individuals whose professional activities may have a material impact on the risk profile of the Management Company or the UCITS Funds it manages (“UCITS Identified Staff”). The UCITS Identified Staff include members of the Board of the Management Company (the “Board”), senior management, the heads of relevant Control Functions, and holders of other key functions. Individuals are notified of their identification and the implications of this status on at least an annual basis.

The Board reviews and adopts the Remuneration Policy on an annual basis, and oversees its implementation, including the classification of UCITS Identified Staff. The Board last reviewed and adopted the Remuneration Policy that applied for the 2019 Performance Year in June 2019 with no material changes and was satisfied with its implementation.

Quantitative DisclosuresThe table below provides an overview of the aggregate total remuneration paid to staff of the Management Company in respect of the 2019 Performance Year and the number of beneficiaries. These figures include the remuneration of all staff of JP Morgan Asset Management (UK) Ltd (the relevant employing entity) and the number of beneficiaries, both apportioned to the Management Company on an AUM weighted basis.

Due to the Firm’s operational structure, the information needed to provide a further breakdown of remuneration attributable to the Company is not readily available and would not be relevant or reliable. However, for context, the Management Company manages 30 Alternative Investment Funds (with 4 sub-funds) and 2 UCITS (with 38 sub-funds) as at 31 December 2019, with a combined AUM as at that date of £13,830m and £17,051m respectively.

All staff ($’000s)

Fixed remuneration 15,972

Variable remuneration 9,139

Total remuneration 25,111

Number of beneficiaries 119

The aggregate 2019 total remuneration paid to UCITS Identified Staff was USD 73,636k, of which USD 4,425k relates to Senior Management and USD 69,211k relates to other Identified Staff1.1 Since 2017, the UCITS Identified Staff disclosures includes employees of companies to which portfolio management has been formally delegated, in line with the latest ESMA guidance.


5


Directors and Officers Indemnity InsuranceThe Company’s Articles of Incorporation indemnify the Directors against expenses reasonably incurred in connection with any claim against them arising in the course of their duties or responsibilities as long as they have not acted fraudulently or dishonestly. To protect shareholders against any such claim, the Board has taken out Directors and Officers Indemnity Insurance which indemnifies the ACD against certain liabilities arising in the course of their duties and responsibilities but does not cover against any fraudulent or dishonest actions on their part.

AuditorPricewaterhouseCoopers LLP, has been the Company’s Auditor since January 2010. The Board reviewed the services of PwC in 2016 and decided that, subject to any other influencing factor, they should continue to be appointed as Auditor for a further 8 years.

Statement of Cross HoldingsThere are no holdings of the sub-funds of JPMorgan Fund II ICVC by other sub-funds of the Company.

Privacy PolicyThe ACD complies with a privacy policy that has been issued by J.P. Morgan Asset Management which can be accessed at www.jpmorgan.com/emea-privacy-policy.

Change to the composition of the Board of JPMFLO’Brien Bennett was appointed as an Executive Director following approval by the FCA on 22 May 2020.

Nick Bloxham was appointed as an Executive Director following approval by the FCA on 1 June 2020.

Changes to the ProspectusThere have been no changes to the prospectus.

Management and AdministrationAuthorised Corporate DirectorJPMorgan Funds Limited3 Lochside View, Edinburgh Park,Edinburgh, EH12 9DH(Authorised and regulated by the Financial Conduct Authority)

Custodian and Bankers:JPMorgan Chase Bank, N.A. London Branch25 Bank Street, Canary Wharf, London, E14 5JP(Authorised and regulated by the Prudential Regulation Authority and by the Financial Conduct Authority)

DepositaryNatWest Trustee and Depositary Services Limited 250 Bishopsgate, London, EC2M 4AA(Authorised and regulated by the Prudential Regulation Authority and by the Financial Conduct Authority)

Independent AuditorsPricewaterhouseCooper LLPAtria One, 144 Morrison Street, Edinburgh, EH3 8EX

Investment AdviserJPMorgan Asset Management (UK) Limited25 Bank Street, Canary Wharf, London, E14 5JP(Authorised and regulated by the Financial Conduct Authority)

RegistrarSS&C Financial Services Europe LimitedSS&C House,Saint Nicholas Lane Basildon,Essex, SS15 5FS(Authorised and regulated by the Financial Conduct Authority)

By order of the Authorised Corporate Director,

Andrew LewisDirectorJPMorgan Funds Limited17 July 2020

Stephen PondDirectorJPMorgan Funds Limited17 July 2020

6

Investment Adviser’s Report for the six months ending 31 May 2020

Market reviewWhile developed markets equity generally rallied in the final months of 2019, the global response to the Covid-19 pandemic led to a dramatic increase in financial market volatility and a sharp decline in prices for a range of assets in February and March of 2020. Prices for government bonds in the US and Europe generally rose as investors sought the perceived safety of sovereign debt, while developed markets equity rebounded somewhat in April and May of 2020.

For the six months ended 31 May 2020, the MSCI World Index returned -0.8% and the Bloomberg Barclays Multiverse Index returned 7.0% (performance in GBP, source J.P. Morgan Asset Management).

Global equity markets, led by the US and Europe, largely recorded gains for the final two months of 2019 on the back of accommodative policies from leading central banks and investor expectations of a reduction in trade tensions. In the second half of December 2019, the US and China reached a “Phase One” agreement that reduced trade tariffs and headed off the implementation of new tariffs. Combined with less aggressive US trade rhetoric toward Mexico and toward European and Japanese auto industries, the US-China trade agreement fueled price gains in developed equity markets.

In the UK, the Conservative Party won a large majority in national elections in December 2019, which appeared to remove investor concerns about the possibility of a non-negotiated “hard Brexit” departure from the EU. Equity prices in the UK and the British pound briefly rallied on the election results.

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

US equity prices found support in early February 2020 as companies began to report better-than-expected earnings from the final

quarter of 2019. But by the end of the month, global equity prices had fallen significantly and global demand for petroleum had declined for the first time since the 2009 financial crisis. China’s central bank responded to the impact of Covid-19 by cutting the prime lending rate and regional authorities across China enacted a range of actions to counter the sharp drop in economic activity.

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

Global equity markets rebounded slightly in April 2020 and fixed income markets rallied somewhat as investors reacted positively to the actions of central banks and national governments to mitigate the economic impact of the pandemic. Price gains were seen in large cap technology stocks and pharmaceutical sector stocks. Fixed income investments benefitted from accommodative central bank policies and high quality corporate credit outperformed government bonds for the month. The general trend continued in May 2020 as European economies began the first steps toward re-opening and aggressive testing and contract tracing, particularly in China, South Korea and Taiwan, added support to emerging

markets debt. Investor attention turned toward the European Commission’s plans for economic recovery, which include borrowing the equivalent of 5.4% of EU GDP to be issued as grants and loans to countries most in need.

Market outlookGlobal containment measures against the spread of Covid-19 have provided investors with some optimism as infection rates come down in many countries. However, even those countries that have had apparent success in their efforts to bring down infection rates face very gradual reopening for their economies. Meanwhile, the US, Brazil, Russia and India have seen increases in the positive cases.

Economic activity over the past months suggests that second quarter 2020 data will be worse than the first quarter but financial markets indicate investors may be looking ahead to a potential recovery. Notably, there remains significant uncertainty about how and when national economies can fully and sustainably reopen and how quickly they may begin to rebound. If infection rates remain high and social distancing measure are extended, it appears more likely the impact on the economy will be longer lasting. Central banks and national governments have acted to blunt the economic and financial market effects of the pandemic but their ultimate success may be measures by the extent to which businesses can remain solvent and job growth rebounds. Given this outlook, we believe investors should maintain a neutral stance and potentially move up in quality issues in both fixed income and equity assets, with a focus on those companies that possess strong balance sheets.

JPMorgan Asset Management (UK) Limited July 2020

7

JPM America Equity Fund

Important informationThe Board approved the proposed liquidation of JPM America Equity Fund on 20 June 2019 and the liquidation was approved by the FCA on 5 August 2019. The termination of the Fund commenced on 30 August 2019.

Investment objective and policyThe Fund sought to provide long term capital growth by investing primarily in a concentrated portfolio of Equity Securities of US companies.

US companies are companies that are incorporated under the laws of, and have their registered office in, the US, or that derive the predominant part of their economic activity from the US, even if listed elsewhere.

The Fund may have also invested in Canadian companies.

Other instruments as permitted in the stated investment and borrowing powers of the Company including, but not limited to, fixed interest securities, cash and cash equivalents, may have been held on an ancillary basis, as appropriate.

The Fund may have also used Financial Derivative Instruments (derivatives) for the purpose of Efficient Portfolio Management, including hedging, where appropriate (see section 11.10 of the Prospectus for risking warnings on derivatives). Subject to at least 60 days written notice to shareholders, the Fund may have used derivatives for investment purposes which may have changed the risk profile of the Fund.

The Fund invested predominantly in assets denominated in US Dollar. However, assets may have been denominated in other currencies and non-Sterling currency exposure would not normally have been hedged back to Sterling.

Risk profileInvestment risks have been removed as this Fund closed 30 August 2019.

Fund updateThe Fund closed on 30 August 2019.

12 month performance^ to 31 May2019

to closure* 2018 2017 2016 2015

JPM America Equity Fund A-Class Acc 7.3% 10.7% 33.8% 3.8% 18.8%

JPM America Equity FundB-Class Acc 7.5% 11.3% 34.4% 4.3% 19.5%

JPM America Equity FundC-Class Acc 7.5% 11.5% 34.8% 4.6% 19.7%

Benchmark Index 10.5% 9.7% 32.0% 6.3% 22.5%

Fund statisticsFund size £0.0m

Benchmark Index S&P 500 Index (Net of 15% withholding tax)

Highest/lowest share price and distribution record

Financial year to 30 NovemberHighest

share priceLowest

share price

Distribution per share

(net)A-Class Accumulation Shares2017 89.97p 77.48p 0.00p2018 105.2p 84.19p 0.00p2019A 118.5p 90.01p 0.03pA-Class Income Shares2017 89.96p 77.48p 0.00p2018 105.2p 84.18p 0.00p2019A 118.6p 90.01p 0.02pB-Class Accumulation Shares2017 183.3p 157.2p 0.00p2018 215.3p 171.9p 0.17p2019A 243.6p 184.4p 0.59pB-Class Income SharesB

2019A 243.7p 211.9p 0.41pC-Class Accumulation Shares2017 185.0p 158.3p 0.11p2018 217.8p 173.6p 0.64p2019A 246.8p 186.6p 1.13pC-Class Income Shares2017 184.6p 157.8p 0.11p2018 217.1p 173.1p 0.63p2019A 245.3p 185.5p 1.12p

A To 30 August 2019.B B-Class Income shares were launched on 3 May 2019.

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested.^ Performance returns are calculated using the dealing prices of the accumulation shares which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the Fund performance that are due to timing differences. Performance returns are in Sterling.Source: J.P. Morgan.

8 JPM America Equity Fund

Net asset values and Ongoing charges

Date

Net assetvalue per

share class£’000

Numberof shares

Net assetvalue per

shareOngoingcharges*

A-Class Accumulation Shares30.11.17 2,422 2,729,247 88.74p 1.68%30.11.18 2,156 2,162,166 99.73p 1.45%30.11.19 – – – – 31.05.20 – – – – A-Class Income Shares30.11.17C 501 564,460 88.74p 1.68%30.11.18C 603 604,207 99.75p 1.45%30.11.19 – – – – 31.05.20 – – – – B-Class Accumulation Shares30.11.17 348 192,401 180.9p 1.18%30.11.18 325 158,822 204.3p 1.02%30.11.19 – – – – 31.05.20 – – – – B-Class Income Shares30.11.19 – – – – 31.05.20 – – – – C-Class Accumulation Shares30.11.17 2,883 1,578,652 182.6p 0.93%30.11.18 5,303 2,565,435 206.7p 0.80%30.11.19 – – – – 31.05.20 – – – – C-Class Income Shares30.11.17C 16,367 8,992,198 182.0p 0.93%30.11.18C 18,828 9,165,779 205.4p 0.80%30.11.19 – – – – 31.05.20 – – – –

C The net asset value and the net asset value per income share are shown ex-dividend at the financial year end.

* The Ongoing charges takes into account the ACD fee, the operating expenses and any expenses paid to an affiliate in respect of stock lending activities, expressed as a percentage of the average daily net asset values over the period.

Portfolio movementsFor the 6 month period to 31 May 2020 there were no purchases or sales as the Fund closed on 30 August 2019.

Portfolio statementAs the Fund closed on 30 August 2019 there were no investments as at 31 May 2020.

9JPM America Equity Fund

Statement of total return(Unaudited)

For the six months ending 31 May2020 2019

£’000 £’000 £’000 £’000

Income

Net capital (losses)/gains (3) 13

Revenue 3 92

Expenses – (51)

Net revenue before taxation 3 41

Taxation – (10)

Net revenue after taxation 3 31

Total return before distributions – 44

Distributions – 3

Change in net assets attributable to shareholders from investment activities – 47

Statement of change in net assets attributable to shareholders(Unaudited)


£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders – 27,215

Amounts receivable on issue of shares – 5,496

Amounts payable on cancellation of shares – (21,679)

– (16,183)

Dilution adjustment – 12

Change in net assets attributable to shareholders from investment activities (see above) – 47

Closing net assets attributable to shareholders – 11,091

As the comparatives in the above table are for the previous interim period, the net assets at the end of that period will not agree to the net assets at the start of the current period.

Balance sheetAs at

31 May 2020 30 November 2019(Unaudited) (Audited)

£’000 £’000

Assets:

Investments

Current assets:

Cash and bank balances 1 1

Total assets 1 1

Liabilities:

Creditors:

Other creditors (1) (1)

Total liabilities (1) (1)

Net assets attributableto shareholders – –

Financial statements

10 JPM America Equity Fund

JPM Balanced Managed Fund

Important informationThe ACD approved the liquidation of JPM Balanced Managed Fund on 12 September 2017. The liquidation commenced on 13 December 2017 and liquidation proceeds were paid to shareholders on 18 December 2017.

Investment objective and policyThe Fund aimed to provide long-term capital growth by investing in a global portfolio of assets.

The Fund primarily invested in Equity and Equity-Linked Securities (which may have included smaller companies and Participation Notes) and Debt Securities (which may have included Below-Investment Grade Bonds and Unrated Securities).

Issuers of securities may have been located in any country, including Emerging Markets and the Fund may have invested in assets denominated in any currency. The Fund may have used Financial Derivative Instruments (derivatives) and forward transactions for investment purposes and Efficient Portfolio Management, including hedging, where appropriate.

Other instruments as permitted in the stated investment and borrowing powers of the Company included, but were not limited to, cash and cash equivalents may have been held on an ancillary basis, as appropriate.

To enhance investment returns, the Investment Adviser may have used Long and Short positions (achieved through the use of derivatives) to vary asset, currency and market allocations in response to market conditions and opportunities. As a result the Fund may have had net long or net short exposure to certain markets, sectors or currencies from time to time.

Although most of the non-Sterling securities would have been hedged back into Sterling, the Investment Adviser would also have used opportunities in the foreign exchange market to maximise returns.

Risk profileInvestment risks have been removed as this Fund closed 13 December 2017.

Fund reviewThe Fund closed on 13 December 2017 and liquidation proceeds were paid to shareholders on 18 December 2017.

12 month performance^ to 31 May2018 to closure 2017 2016 2015

JPM Balanced Managed FundC-Class Acc 7.5% 9.2% -1.2% 13.4%

JPM Balanced Managed FundI-Class Acc 7.5% 9.4% -1.0% 13.5%

Benchmark Index 5.7% 11.4% -1.6% 11.1%


Benchmark Index 70% MSCI World Index (Net) Hedged to GBP/30% J.P. Morgan GBI Global Hedged to GBP



share priceLowest

share price


(net)

C-Class Accumulation Shares

2017 148.4p 129.0p 1.26p

2018A 149.5p 147.7p 0.00p

C-Class Income Shares

2017 143.3p 124.6p 1.23p

2018A 143.1p 141.4p 0.00p

I-Class Accumulation Shares

2017 897.0p 778.8p 9.16p

2018A 903.7p 893.0p 0.05p

A To 13 December 2017.


Date

Net assetvalue per

share class£’000

Numberof shares

Net assetvalue per


C-Class Accumulation Shares30.11.17 5,692 3,834,777 148.4p 0.83%30.11.18 – – – –31.05.19 – – – –31.05.20 – – – –C-Class Income Shares30.11.17B 1,147 807,087 142.1p 0.83%30.11.18 – – – –31.05.19 – – – –31.05.20 – – – –I-Class Accumulation Shares30.11.17 677 75,442 897.4p 0.65%30.11.18 – – – –31.05.19 – – – –31.05.20 – – – –

B The net asset value and the net asset value per income share are shown ex-dividend at the financial year end.

* The Ongoing charges takes into account the ACD fee, the fixed expenses and any expenses paid to an affiliate in respect of stock lending activities, expressed as a percentage of the average daily net asset values over the period.

Portfolio movementsFor the 6 month period to 31 May 2020 there were no purchases or sales as the Fund closed on 13 December 2017.

Portfolio statementAs the Fund closed on 13 December 2017 there were no investments as at 31 May 2020.

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested.^ Performance returns are calculated using the dealing prices of the accumulation shares which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the Fund performance that are due to timing differences. Performance returns are in Sterling.Blended benchmarks have been calculated by JPMAM.Source: J.P. Morgan.

11JPM Balanced Managed Fund



£’000 £’000 £’000 £’000

Income

Net capital gains – –

Revenue – –

Expenses (1) –

Net revenue before taxation (1) –

Taxation – –

Net revenue after taxation (1) –

Total return before distributions (1) –

Distributions – –

Change in net assets attributable to shareholders from investment activities (1) –



£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders – –

Amounts receivable on issue of shares – –

Amounts payable on cancellation of shares – –

– –

Change in net assets attributable to shareholders from investment activities (see above) (1) –

Gain accumulated following Fund closure 1

Closing net assets attributable to shareholders – –


Balance sheetAs at


£’000 £’000

Current assets:

Debtors 2 3


Total assets 17 6

Liabilities:

Creditors:





12 JPM Balanced Managed Fund

JPM Europe Smaller Companies Fund

Investment objective and policyTo provide long-term capital growth by investing primarily in European smaller companies.

European smaller companies are companies that are incorporated under the laws of, and have their registered office in, Europe (excluding the UK), or that derive the predominant part of their economic activity from Europe (excluding the UK), even if listed elsewhere.

Other instruments as permitted in the stated investment and borrowing powers of the Company including, but not limited to, fixed interest securities, cash and cash equivalents may be held on an ancillary basis, as appropriate.

The Fund may also use Financial Derivative Instruments (derivatives) for the purpose of Efficient Portfolio Management, including hedging, where appropriate (see section 11.10 of the Prospectus for risk warnings on derivatives).

The Fund may invest in assets denominated in any currency and non-Sterling currency exposure may be hedged back to Sterling.

The Fund seeks to assess the risks presented by certain environmental, social and governance factors. While these particular risks are considered, securities of issuers presenting such risks may be purchased and retained by the Fund.

Risk profileThe value of your investment may fall as well as rise and you may get back less than you originally invested.

The value of Equity and Equity-Linked Securities may fluctuate in response to the performance of individual companies and general market conditions.

The Fund invests in securities of smaller companies which may be more difficult to sell, more volatile and tend to carry greater financial risk than securities of larger companies.

This Fund is aggressively managed, which may result in higher volatility of the Fund’s performance and bigger differences between the performance of the Fund and its Benchmark.

Movements in currency exchange rates can adversely affect the return of your investment.

Please refer to Part 11 of the Prospectus for details of the general risk factors affecting this Fund in addition to the specific risk factors above.

Fund reviewEuropean smaller company stocks delivered negative returns over the six months under review, returning -4.0%, with the JPM Europe Smaller Companies Fund outperforming its benchmark.

2020 was earmarked as a year for further global GDP growth acting as a tailwind for global equity markets. The situation suddenly changed as the novel coronavirus infection, Covid-19, began to spread around the world. As severe measures to counter the spread of the virus were imposed globally, stocks directly exposed to the travel, leisure and retail industries led the market down.

The maelstrom was intensified further by a 30% drop in the oil price as Russia, which had been co-operating with OPEC, announced that it would not be cutting supply, despite the immediate demand drop caused by Covid-19.

Stock selection in utilities and not owning stocks in the energy sector were the largest drivers of positive returns at the sector level. On the negative side, stock selection in healthcare equipment & services and diversified financials were the largest sector-level detractors.

At the stock level, an overweight position in Solaria, the Spanish renewable energy producer, outperformed during the period after experiencing strong growth in its development pipeline and lower costs than anticipated in its projects under construction. An overweight position in SIG Combibloc, the Swiss solution provider for aseptic packaging, also outperformed due to the long shelf life of its aseptic-packaged products that saw – and should continue to see – steady demand throughout the coronavirus crisis.

Stock-level detractors included an overweight position in Varta, the German manufacturer of microbatteries. Following extremely strong performance in 2019, the stock contributed negatively after the publication of a report in the first quarter of 2020 that indicated that several of its major clients have started working with Chinese suppliers. An overweight position in SPIE, the French technical services provider, contributed negatively as its financial leverage became a concern for investors during the market volatility over the first quarter of 2020.

Six month performance to 31 May 2020Net asset value per

share

Net asset value per

share31.05.20 30.11.19 % Return

JPM Europe Smaller Companies Fund A-Class Acc 740.3p 756.7p -2.2%

JPM Europe Smaller Companies Fund B-Class Acc 765.1p 780.2p -1.9%

JPM Europe Smaller Companies Fund C-Class Acc 783.0p 797.5p -1.8%

JPM Europe Smaller Companies Fund I-Class Acc 1,577p 1,608p -1.9%

Benchmark Index -4.0%

12 month performance^ to 31 May2020 2019 2018 2017 2016

JPM Europe Smaller Companies Fund A-Class Acc 4.8% -11.0% 9.7% 35.5% 13.0%

JPM Europe Smaller Companies FundB-Class Acc 5.3% -10.6% 10.2% 36.1% 13.4%

JPM Europe Smaller Companies FundC-Class Acc 5.4% -10.3% 10.5% 36.6% 13.8%

JPM Europe Smaller Companies Fund I-Class Acc 5.4% -10.5% 10.4% 36.5% 13.7%

Benchmark Index 2.4% -5.5% 5.0% 39.1% 5.6%

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested.^ Performance returns are calculated using the dealing prices of the accumulation shares which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the Fund performance that are due to timing differences. Performance returns are in Sterling.Source: J.P. Morgan.

13JPM Europe Smaller Companies Fund

Fund statisticsRisk and Reward Profile 5† (5 at 30 November 2019)

Fund size £164.5m

Benchmark Index EMIX Smaller European Companies ex UK Index (Net)

Fund charges and expenses A-Class B-Class C-Class I-Class

Initial charge (max.) Nil Nil Nil Nil

Exit charge Nil Nil Nil Nil

Fund expenses (comprises)

Annual management fee 1.50% 1.00% 0.75% 1.00%

Operating expenses (max.) 0.15% 0.15% 0.15% 0.00%

Geographical breakdown %Switzerland 18.15Germany 14.53Sweden 13.70Italy 13.29Netherlands 13.21France 10.54Denmark 5.60Norway 3.34Spain 2.19Belgium 2.05Austria 1.87Liquidity Funds 0.76Net other assets 0.77

Portfolio movementsFor the 6 month period to 31 May 2020 £’000Total Purchases 112,329

Total Sales 133,622



share priceLowest

share price


(net)

A-Class Accumulation Shares

2017 792.6p 566.0p 2.70p

2018 820.1p 699.1p 2.27p

2019 781.1p 655.1p 5.24p

2020A 813.1p 527.3p 0.00p

A-Class Income Shares

2017 103.0p 73.57p 0.35p

2018 106.2p 90.51p 0.25p

2019 100.8p 84.58p 0.62p

2020A 104.2p 67.60p 0.00p

B-Class Accumulation Shares

2017 809.6p 575.5p 6.30p

2018 840.9p 717.6p 5.91p

2019 804.3p 672.7p 8.67p

2020A 839.2p 544.5p 0.00p

B-Class Income SharesB

2019 803.6p 720.8p 2.40p

2020A 835.9p 542.3p 0.00p

C-Class Accumulation Shares

2017 822.9p 583.6p 8.19p

2018 856.6p 731.5p 8.28p

2019 821.3p 685.9p 10.95p

2020A 858.4p 557.0p 0.00p

C-Class Income Shares

2017 103.9p 73.67p 1.04p

2018 107.0p 91.33p 1.00p

2019 101.4p 84.73p 1.33p

2020A 104.6p 67.85p 0.00p

I-Class Accumulation Shares

2017 1,663p 1,180p 15.54p

2018 1,730p 1,476p 14.69p

2019 1,656p 1,384p 20.22p

2020A 1,730p 1,122p 0.00p

A To 31 May 2020.B B-Class Income shares were launched on 3 May 2019.

† For specific risks, including the risk and reward profile, please refer to the Key Investor information Document (KIID) available on the following website http://am.jpmorgan.co.uk/investor/prices-and-factsheets/?list=all&tab=Prices

14 JPM Europe Smaller Companies Fund


Date

Net assetvalue per

share class£’000

Numberof shares

Net assetvalue per


A-Class Accumulation Shares30.11.17 124,506 16,421,461 758.2p 1.68%30.11.18 110,430 15,502,644 712.3p 1.61%30.11.19 47,015 6,212,952 756.7p 1.59%31.05.20 43,183 5,833,646 740.3p 1.60%A-Class Income Shares30.11.17C 852 867,194 98.20p 1.68%30.11.18C 808 878,680 91.96p 1.61%30.11.19C 554 570,707 97.02p 1.65%31.05.20 363 382,770 94.88p 1.65%B-Class Accumulation Shares30.11.17 94 12,201 774.8p 1.18%30.11.18 49 6,624 731.2p 1.11%30.11.19 53,647 6,875,777 780.2p 1.15%31.05.20 51,907 6,784,660 765.1p 1.12%B-Class Income Shares30.11.19C 284 36,600 777.2p 1.15%31.05.20 279 36,673 761.9p 1.15%C-Class Accumulation Shares30.11.17 89,871 11,410,401 787.6p 0.93%30.11.18 81,193 10,892,556 745.4p 0.86%30.11.19 77,495 9,717,044 797.5p 0.88%31.05.20 57,734 7,373,831 783.0p 0.88%C-Class Income Shares30.11.17C 11,079 11,262,261 98.37p 0.93%30.11.18C 14,906 16,191,133 92.06p 0.86%30.11.19C 10,884 11,202,468 97.16p 0.90%31.05.20 10,836 11,360,959 95.38p 0.90%I-Class Accumulation Shares30.11.17 812 51,001 1,592p 1.00%30.11.18 658 43,759 1,504p 1.00%30.11.19 220 13,683 1,608p 1.00%31.05.20 216 13,683 1,577p 1.00%




Portfolio statementAs at 31 May 2020

Equities 98.47% (97.28%)Austria 1.87% (1.58%)Bams AG 255,501 3,080 1.87

3,080 1.87

Belgium 2.05% (1.26%) Warehouses De Pauw CVA, REIT 156,679 3,381 2.05

3,381 2.05

Denmark 5.60% (1.07%) GN Store Nord A/S 41,028 1,784 1.09ROCKWOOL International A/S ‘B’ 12,125 2,724 1.66Royal Unibrew A/S 24,140 1,603 0.97SimCorp A/S 34,847 3,097 1.88

9,208 5.60

Finland 0.00% (2.75%) France 10.54% (20.03%) Alten SA 39,456 2,564 1.56Ipsen SA 54,111 3,526 2.14IPSOS 152,919 2,983 1.81Nexans SA 88,114 2,920 1.78Sopra Steria Group 33,289 3,127 1.90Virbac SA 12,933 2,215 1.35

17,335 10.54

Germany 14.53% (14.95%) alstria office REIT-AG 221,216 2,623 1.59Bechtle AG 22,600 3,196 1.94CompuGroup Medical SE 25,875 1,707 1.04Encavis AG 331,853 3,651 2.22MTU Aero Engines AG 24,512 3,267 1.98Nemetschek SE 39,079 2,532 1.54Software AG 102,485 3,156 1.92Stroeer SE & Co. KGaA 63,388 3,779 2.30

23,911 14.53

Italy 13.29% (19.16%) Amplifon SpA 159,463 3,541 2.15ERG SpA 204,441 3,606 2.19Falck Renewables SpA 881,193 4,250 2.59Interpump Group SpA 83,064 2,002 1.22Prysmian SpA 138,226 2,389 1.45Reply SpA 49,241 3,493 2.12Sanlorenzo SpA 206,804 2,579 1.57

21,860 13.29

Netherlands 13.21% (10.15%) Aalberts NV 111,082 2,480 1.51Arcadis NV 122,444 1,707 1.04ASM International NV 47,609 4,509 2.74BE Semiconductor Industries NV 123,968 3,819 2.32Euronext NV 21,883 1,653 1.00IMCD NV 53,251 4,131 2.51Shop Apotheke Europe NV 40,968 3,437 2.09

21,736 13.21

Norway 3.34% (0.06%) Scatec Solar ASA 246,106 3,285 2.00TOMRA Systems ASA 77,231 2,210 1.34

5,495 3.34

Spain 2.19% (1.94%) Solaria Energia y Medio Ambiente SA 407,902 3,610 2.19

3,610 2.19

Sweden 13.70% (9.49%) AAK AB 200,418 2,970 1.81AF Poyry AB ‘B’ 176,519 3,064 1.86Beijer Ref AB 29,473 700 0.43Bravida Holding AB 645,450 5,020 3.05Indutrade AB 70,228 2,190 1.33Nibe Industrier AB ‘B’ 164,388 2,956 1.80Nyfosa AB 397,487 2,048 1.24Sweco AB ‘B’ 82,223 2,684 1.63Vitrolife AB 55,893 903 0.55

22,535 13.70

Switzerland 18.15% (14.84%) Baloise Holding AG 22,492 2,583 1.57Belimo Holding AG 365 2,211 1.34Cembra Money Bank AG 36,586 2,934 1.78Emmi AG 2,711 1,918 1.17Helvetia Holding AG 37,376 2,671 1.62Logitech International SA 56,130 2,721 1.65Siegfried Holding AG 10,721 3,730 2.27SIG Combibloc Group AG 414,218 5,602 3.41Tecan Group AG 9,015 2,478 1.51Zur Rose Group AG 18,976 3,004 1.83

29,852 18.15

Equities total 162,003 98.47

Liquidity Funds 0.76% (3.28%)JPM EUR Liquidity LVNAV Fund X (flex dist.)Ø 140 1,255 0.76

Liquidity Funds total 1,255 0.76

Investment assets 163,258 99.23Net other assets 1,260 0.77

Net assets 164,518 100.00

The comparative percentage figures in brackets are as at 30 November 2019.Ø A related party to the Fund.

Investment HoldingMarket value

£’000Total netassets % Investment Holding

Market value£’000

Total netassets %





£’000 £’000 £’000 £’000

Income

Net capital losses (6,396) (3,985)

Revenue 1,619 3,950

Expenses (967) (1,267)

Net revenue before taxation 652 2,683

Taxation (98) (222)

Net revenue after taxation 554 2,461

Total return before distributions (5,842) (1,524)

Distributions 17 (25)

Change in net assets attributable to shareholders from investment activities (5,825) (1,549)



£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 190,099 208,044

Amounts receivable on issue of shares 4,495 7,263

Amounts payable on cancellation of shares (24,281) (20,544)

(19,786) (13,281)

Dilution adjustment 30 1

Change in net assets attributable to shareholders from investment activities (see above) (5,825) (1,549)

Closing net assets attributable to shareholders 164,518 193,215


Balance sheetAs at


£’000 £’000

Assets:

Investments 163,258 191,159

Current assets:

Debtors 373 1,198

Cash and bank balances 1,477 931

Total assets 165,108 193,288

Liabilities:

Creditors:

Distribution payable – (154)

Other creditors (590) (3,035)

Total liabilities (590) (3,189)

Net assets attributableto shareholders 164,518 190,099


Securities Financing Transactions (Unaudited)

The Fund engages in Securities Financing Transactions (SFT) (as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy back transactions and margin lending transactions). In accordance with Article 13 of the Regulation, the Fund’s involvement in and exposures related to SFT for the accounting period ended 31 May 2020 are detailed below.

Global DataAmount of securities on loan

The total value of securities on loan as a proportion of the Fund’s total lendable assets, as at the balance sheet date, is 16.58%. Total lendable assets represents the aggregate value of assets types forming part of the Fund’s securities lending programme.

Amount of assets engaged in securities lending

The following table represents the total value of assets engaged in securities lending:

Value £’000 % of AUM

Securities lending 27,072 16.46%

Concentration DataCollateral issuers

The following table lists the issuers by value of non-cash collateral received by the Fund by way of title transfer collateral arrangement across securities lending transactions, as at the balance sheet date:

IssuerCollateral Value

£’000United Kingdom Treasury 5,371

Republic of Austria Government 1,780

United States of America Treasury 1,417

French Republic Government 878

Kingdom of Belgium Government 559

Federal Republic of Germany Government 429

Kingdom of Netherlands Government 395

Republic of Finland Government 311

Total 11,140

Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions cannot be sold, re-invested or pledged.

Counterparties

The following table provides details of the counterparties (based on gross volume of outstanding transactions with exposure on a gross absolute basis) in respect of securities lending as at the balance sheet date:

CounterpartyValue £’000

Merrill Lynch 13,831

UBS 5,073

Credit Suisse 2,959

Societe Generale 2,271

Citigroup 2,139

Jefferies 478

HSBC 321

Total 27,072

Aggregate transaction dataType, quality, maturity, tenor and currency of collateral

The following table provides an analysis of the type, quality and currency of collateral received by the Fund in respect of securities lending transactions as at the balance sheet date.

Type Quality CurrencyCollateral Value

£’000

Bonds Investment Grade GBP 5,371

Bonds Investment Grade EUR 4,352

Bonds Investment Grade USD 1,417

Cash N/A EUR 15,676

Cash N/A USD 1,461

Total 28,277

Maturity tenor of collateral

The following table provides an analysis of the maturity tenor of collateral received in relation to securities lending transactions as at the balance sheet date.

MaturityCollateral Value

£’000

less than one day 17,137

3 to 12 months 247

more than 1 year 10,893

Total 28,277

Maturity tenor of Security lending transactions

The Fund’s securities lending transactions have open maturity.

Country in which counterparties are established

CounterpartyCountry of

IncorporationCitigroup United States

Credit Suisse Switzerland

HSBC United Kingdom

Jefferies United States

Merrill Lynch United States

Societe Generale France

UBS Switzerland


Securities Financing Transactions (Unaudited) – continued

Settlement and clearingThe Fund’s securities lending transactions including related collaterals are settled and cleared either bi-laterally, tri-party or through a central counterparty.

Re-use of collateralShare of collateral received that is reused and reinvestment return

Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions cannot be sold, reinvested or pledged.

Safekeeping of collateralAll collateral received (31.05.20: £28,277,000) by the Fund in respect of securities lending transactions as at the balance sheet date is held by the Custodian.

Return and costJPMorgan Chase Bank, N.A (JPMCB), the lending agent, receives a fee of 10% of the gross revenue for its services related to the Stock Lending Transactions. The remainder of the revenue, 90%, is received by the Fund i.e. for the benefit of Shareholders.


JPM Global Allocation Fund

Important InformationThe ACD approved the liquidation of JPM Global Allocation Fund on 2 December 2016 and the Fund was terminated on 17 February 2017; the liquidation proceeds were paid to shareholders on 22 February 2017.

Investment objective and policyThe Fund sought to provide long-term capital growth by investing primarily in a flexibly managed global portfolio of assets.

The Fund primarily invested, either directly or through the use of Financial Derivative Instruments (derivatives), in Equity and Equity-Linked Securities, Debt Securities (including Convertible Bonds, Asset Backed Securities, Mortgage Backed Securities, and Covered Bonds), deposits with credit institutions and money market instruments, Commodity Index Instruments and Real Estate Investment Trusts (“REITS”). Debt Securities may have included Below Investment Grade and Unrated Securities and the Fund may have invested up to 80% in government and public securities (see section 3.11 (e) of the Prospectus). Issuers of these assets may have been located in any country, including Emerging Markets and the Fund may have invested in assets denominated in any currency. The Fund may have invested in smaller companies and Participation Notes may have been held on an ancillary basis.

The Fund had a flexible approach to asset allocation and may have used both Long and Short Positions (achieved through the use of derivatives) to vary exposure to different asset classes and markets in response to market conditions and opportunities. Allocations may have varied significantly and exposure to certain markets, sectors or currencies may have been concentrated from time to time.

The Investment Adviser had discretion to hedge non-Sterling securities back into Sterling but may have also used opportunities in the foreign exchange market to maximise returns.

The Fund may have also used derivatives and forward transactions for Efficient Portfolio Management, including hedging.

Other instruments as permitted in the stated investment and borrowing powers of the Company including, but not limited to, cash and cash equivalents may have been held on an ancillary basis, as appropriate.

Risk profileInvestment risks have been removed as this Fund commenced liquidation on 17 February 2017 and the liquidation proceeds were paid to shareholders on 22 February 2017.

Fund updateThe Fund closed on 17 February 2017 and the liquidation proceeds were paid to shareholders on 22 February 2017.

12 month performance^ to 31 May2017

to closurre 2016 20152014 from

launch

JPM Global Allocation Fund A-Class Acc 5.0% -4.4% 8.5% 2.9%

JPM Global Allocation FundB-Class Acc 5.3% -4.0% 8.9% 3.0%

JPM Global Allocation FundC-Class Acc 5.4% -3.9% 9.1% 3.0%

Benchmark Index 5.5% 0.4% 9.6% 3.2%


Benchmark Index 50% J.P. Morgan GBI Hedged to GBP/50% MSCI World Index (Net) Hedged to GBP



share priceLowest

share price


(net)A-Class Accumulation Shares2017A 55.94p 54.02p 0.02pA-Class Income Shares2017A 54.46p 52.59p 0.02pB-Class Accumulation Shares2017A 113.1p 109.2p 0.09pC-Class Accumulation Shares2017A 113.6p 109.6p 0.11pC-Class Income Shares2017A 109.1p 105.2p 0.10p

A To 17 February 2017.

Net asset values and Ongoing chargesThe Fund closed on 17 February 2017 and the liquidation proceeds were paid to shareholders on 22 February 2017.

Portfolio movementsFor the 6 month period to 31 May 2020 there were no purchases or sales as the Fund closed on 17 February 2017.

Portfolio statementAs the Fund closed on 17 February 2017 there were no investments as at 31 May 2020.

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested.^ Performance returns are calculated using the dealing prices of the accumulation shares which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the Fund performance that are due to timing differences. Performance returns are in Sterling.Blended benchmarks have been calculated by JPMAM.Source: J.P. Morgan.

20 JPM Global Allocation Fund




£’000 £’000 £’000 £’000

Income

Net capital gains – –

Revenue – –

Expenses – –

Net revenue before taxation – –

Taxation 1 –

Net revenue after taxation 1 –

Total return before distributions 1 –

Distributions – –

Change in net assets attributable to shareholders from investment activities 1 –



£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders – –

Amounts receivable on issue of shares – –

Amounts payable on cancellation of shares – –

– –

Change in net assets attributable to shareholders from investment activities (see above) 1 –

Loss accumulated following Fund closure (1) –

Closing net assets attributable to shareholders – –


Balance sheetAs at


£’000 £’000

Assets:

Current assets:


Total assets 10 9

Liabilities:

Creditors:




21JPM Global Allocation Fund

JPM Global Bond Opportunities Fund

Investment objective and policyTo provide income and long-term capital growth by investing opportunistically in an unconstrained global portfolio consisting primarily of fixed and floating rate Debt Securities.

The Fund may invest in developed and Emerging Market countries and hold Investment Grade, Below-Investment Grade and Unrated Bonds, Covered Bonds, Asset and Mortgage Backed Securities (ABS and MBS), Credit Linked Notes and Structured Products. The Fund may have a concentrated portfolio and may have a significant exposure to any one country, sector or issuer at any time. Allocations between countries, sectors and ratings of Bonds may vary significantly at any time. The Fund may use Financial Derivative Instruments (derivatives) for investment purposes or Efficient Portfolio Management including hedging, where appropriate.

Long Positions will be achieved directly or through the use of Financial Derivative Instruments, and Short Positions will be achieved via the use of Financial Derivative Instruments only.

The Fund may invest up to 10% in Convertible Bonds. The Fund may also hold up to 10% in Equity Securities typically as a result of events relating to the Fund’s investment in Debt Securities including, but not limited to, Debt Securities converting or being restructured. The Fund may also use equity derivatives for the purposes of reducing equity exposure as well as the Fund’s correlation to equity markets.

The Fund is also permitted to invest up to 100% in government and public securities (see section 3.11(e) of the prospectus).

The Fund may invest in onshore debt securities issued within the PRC through China-Hong Kong Bond Connect.

The Fund is opportunistic and it may invest up to 100% of its assets in short-term money market instruments and deposits with credit institutions until suitable investment opportunities can be identified.

The Fund may invest in assets denominated in any currency and currency exposure will be primarily hedged back to Sterling. The Investment Adviser may also use opportunities in the foreign exchange markets to maximise returns.


Positive returns are not guaranteed and the Fund should not be used as a substitute for traditional liquidity funds or cash accounts.

The Fund is unconstrained and opportunistic which may result in periods of high volatility.

Bond funds may not behave like direct investments in the underlying Bonds themselves. By investing in Bond funds, the certainty of receiving a regular fixed amount of income for a defined period of time with the prospect of a future known return of capital is lost.

The value of Bonds and other Debt Securities may change significantly depending on market, economic and interest rate conditions as well as the creditworthiness of the issuer. Issuers of Bonds and other Debt Securities may fail to meet payment obligations (default) or the credit rating of Bonds and other Debt Securities may be downgraded. These risks are typically increased for Below Investment Grade and certain Unrated securities which may also be subject to higher volatility and be more difficult to sell than Investment Grade securities.

Investing in Contingent Convertible Securities may adversely impact the Fund should specific trigger events occur (as specified in the terms of the security) and the Fund may be at increased risk of capital loss. This may be as a result of the Contingent Convertible Security converting to Equities at a discounted share price, the value of the Contingent Convertible Security being written down, temporarily or permanently, and/or coupon payments ceasing or being deferred.

Convertible Bonds are subject to the credit, interest rate and market risks associated with both Bonds and Equity securities, and to risks specific to Convertible Securities. Convertible Bonds may also be more difficult to sell than the underlying Equity securities.


The Fund’s use of equity derivatives to manage the portfolio’s correlation to equity markets may not always achieve its objective and could adversely affect the return of your investment.

Emerging Markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Emerging Market currencies may be subject to volatile price movements. Emerging Market securities may also be subject to higher volatility and be more difficult to sell than non-Emerging Market securities.

The Fund may invest in onshore debt securities issued within the PRC through China-Hong Kong Bond Connect which is subject to regulatory change and operational constraints which may result in increased counterparty risk.

Bonds and other Debt Securities with a lower credit rating may have a higher risk of defaulting which may in turn have an adverse effect on the performance of Funds which invest in them.

The Fund may use Financial Derivative Instruments (derivatives) and/or forward transactions for investment purposes. The value of derivatives can be volatile. This is because a small movement in the value of the underlying asset can cause a large movement in the value of the derivative and therefore, investment in derivatives may result in losses in excess of the amount invested by the Fund.

The possible loss from taking a Short Position on a security (using Financial Derivative Instruments) may be unlimited as there is no restriction on the price to which a security may rise. The Short Selling of investments may be subject to changes in regulations, which could adversely impact returns to investors.

The Fund may have a significant exposure to Asset and Mortgage Backed Securities (ABS and MBS). ABS / MBS may be difficult to sell, subject to adverse changes to interest rates and to the risk that the payment obligations relating to the underlying asset are not met.

The Fund may be concentrated in a limited number of securities, industry sectors or countries and as a result, may be more volatile than more broadly diversified funds.

Bond funds will normally distribute a combination of Coupon and the expected discount/premium on the securities. Therefore, a Fund’s distribution will comprise income received and an element of projected capital gains or losses. This could result in an element of capital gain being taxed as income in the hands of an investor.

To the extent that any underlying assets of the Fund are denominated in a currency other than Sterling and are not hedged back to Sterling, movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful.

The Fund may invest in Structured Products which will involve additional risks including the movements in the value of the underlying asset and the risk of the issuer of the Structured Product becoming insolvent.

The Fund may invest in Credit Linked Notes which involve the risk of the underlying credit instrument decreasing in value or defaulting and the risk of the issuer of the Credit Linked Note becoming insolvent.


22 JPM Global Bond Opportunities Fund

Fund updateThe Fund’s performance was flat over the six-month period covering December 2019 to May 2020. We ended 2019 on a strong note, with spread sectors, high-yield (HY) and emerging-market (EM) debt, mainly adding to performance. Technical support came in the form of strong flows in both the US and European HY markets, and EM debt spreads tightened, with the support from the global central-bank easing cycle.

Given the significant market sell-off in the first quarter, most of the sector allocations in the portfolio detracted from performance. The largest drawdowns were driven by allocations to EM hard currency sovereign bonds, HY and investment-grade (IG) credit, although HY hedges helped to offset some of the negative performance. Securitised products also dragged on performance. The government rates exposure was a net positive contributor to returns over the quarter, as we increased overall fund duration through our exposure to Australia, Canada and the US, and took profit on a tactical short UK gilt position. Positive returns were partially offset by negative performance from European peripheral government bonds, following the European Central Bank’s (ECB) communication error in March. Finally, our currency exposure – namely being long safe-haven currencies and short EM currencies during the March volatility – contributed positively, helping to offset some of the drawdown from other sectors over the quarter.

We saw a strong bounce back in April and May. With unprecedented monetary-policy support extending to corporate debt, IG credit was the largest contributor to the Fund. Demand for the asset class has been strong, particularly given lower hedging costs for foreign buyers. There was a deluge of supply as companies came back to markets to raise finance, but demand has been high enough to offset this. Corporate HY spreads also tightened in both the US and Europe, as markets stabilised. The announcement from the Federal Reserve (Fed) that it will buy select names recently downgraded to HY, as well as HY exchange-traded funds, helped to buoy sentiment further, making HY a contributor to fund performance across April and May. The sector continued to experience strong inflows as risk sentiment improved. EM debt also rebounded, led by hard-currency sovereign and corporate debt, which added to the fund’s performance. Short-end local government bonds were also supported by central-bank policy responses. Positive flows returned to EM debt in May, despite the more challenging fundamentals in the sector. Securitised products added to performance. Despite elevated risk to the US consumer, household debt appears to be manageable, as people continue to make payments. The returns from government rates was positive, led by peripheral Europe as we saw progress towards the European recovery fund, leading to tighter spreads versus Bunds across the periphery.

Market updateTowards the end of December 2019, economic data showed signs of bottoming and political developments gave cause for optimism.

Despite an optimistic start to the year for markets, with trade tensions abating and US-Iran tensions proving to be very short lived, the spread of the coronavirus quickly took over as the main focus for markets. Estimates of a double-digit percentage drop in GDP, from what became a global lockdown, fuelled an increasingly intense sell-off, in which traditional correlations between asset classes broke down. Cash became the only safe-haven asset, as equities and other risk assets plummeted at the same

time that government bonds also sold off. This breakdown in financial market stability prompted an enormous reaction from central banks, which cut interest rates to lower bounds and pledged to buy vast quantities of government and corporate bonds. At the same time, the fiscal response to the economic shock has been extensive, with governments worldwide scrambling to enact measures to support businesses and individuals.

The fiscal stimulus response has been enormous, as has the central-bank reaction. The ECB continued to roll out more quantitative easing and several EM central banks cut interest rates. The Fed’s response was most emphatic: having pledged to buy unlimited government bonds, it is now supporting corporate credit markets – and even buying some HY bonds. US data was impacted significantly, with unemployment reaching 14.7%, the highest level in post-war history. Corporate earnings in the US contracted by around 14% quarter on quarter. Such an impact from the virus was largely expected by markets, however, which seemed to focus on the positives in May – signs of lower infection rates, particularly in Europe, and a gradual loosening of lockdown restrictions across the globe. The Fed maintained a steady approach, making no significant policy adjustments in May – although the level of support it has already announced has continued to keep markets afloat. In Europe, progress was made by the European Union (EU) over a proposed recovery plan, made up of grants and loans available to any EU country, but focusing on those most in need. On the political front, the trade story reared its head again in May, suggesting that this theme has not gone away for good. However, despite some rhetoric between the US and China, markets appeared to shrug off this threat for now, continuing to focus instead on the overwhelming economic impact of the Covid-19 crisis.

Market outlookThe overwhelming economic risk remains a much slower recovery than markets appear to be anticipating. There is evidence that the data might have bottomed, with purchasing managers’ indices bouncing off their lows and mobility trackers showing a tentative but broad-based resumption of activity. Economic risks may therefore be fading (with no second spike in infections at this point), although political risks are beginning to rise: US-China trade tensions have resurfaced in recent weeks, and the US presidential election is likely to draw more attention as November approaches. At least partially offsetting these risks is the policy backdrop. The Fed and Bank of England meetings in June will be key to establishing the policy stance going forward. For now, providing that economic activity continues to normalise and political upsets are kept to a minimum, we think spreads could grind tighter. We remain constructive on assets being supported by central banks, such as high-quality IG credit, while remaining cautious on risk assets – such as HY – given the increased likelihood of corporate defaults.

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested.

23JPM Global Bond Opportunities Fund

† For specific risks, including the risk and reward profile, please refer to the Key Investor information Document (KIID) available on the following website http://am.jpmorgan.co.uk/investor/prices-and-factsheets/?list=all&tab=Prices^ Performance returns are calculated using the dealing prices of the accumulation shares which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the Fund performance that are due to timing differences. Performance returns are in Sterling.Source: J.P. Morgan.


share

Net asset value per

share31.05.20 30.11.19 % Return

JPM Global Bond Opportunities Fund A-Class Acc 56.70p 57.11p -0.7%

JPM Global Bond Opportunities Fund B-Class Acc 115.2p 115.9p -0.6%

JPM Global Bond Opportunities Fund C-Class Acc 116.0p 116.6p -0.5%

JPM Global Bond Opportunities Fund S-Class Acc 99.59p 100.0p -0.4%

JPM Global Bond Opportunities Fund X-Class Acc 106.7p 107.1p -0.4%

Benchmark Index 2.4%


JPM Global Bond Opportunities Fund A-Class Acc 2.7% 3.3% 0.6% 6.7% -0.8%

JPM Global Bond Opportunities FundB-Class Acc 2.9% 3.7% 0.8% 7.1% -0.5%

JPM Global Bond Opportunities FundC-Class Acc 3.0% 3.7% 1.0% 7.3% -0.4%

JPM Global Bond Opportunities FundS-Class Acc 0.0% – – – –

JPM Global Bond Opportunities FundX-Class Acc 3.5% 4.3% -0.3% – –

Benchmark Index 5.4% 4.6% 0.0% 1.7% 4.1%


Fund size £70.2m

Benchmark Index Bloomberg Barclays Multiverse Index Hedged to GBP

Fund charges and expenses A-Class B-Class C-Class S-Class X-Class

Initial charge (max.) Nil Nil Nil Nil Nil

Exit charge Nil Nil Nil Nil Nil


Annual management fee 1.00% 0.65% 0.50% 0.25% 0.00%

Operating expenses (max.) 0.15% 0.15% 0.15% 0.15% 0.06%

Asset breakdown %Corporate Bonds 57.97Government Bonds 32.85Liquidity Funds 3.35Convertible Bonds 2.06Equities 0.01Swaps (0.06)Forward Currency Contracts (1.25)Net other assets 5.07


Total Sales 35,819



share priceLowest

share price


(net)A-Class Gross Accumulation Shares2017 54.55p 51.27p 1.81p2018 54.97p 53.26p 1.71p2019 57.62p 53.00p 1.62p2020A 58.75p 52.01p 0.72pA-Class Gross Income Shares2017 50.13p 48.32p 1.69p2018 50.08p 47.38p 1.54p2019 50.00p 46.76p 1.41p2020A 50.17p 44.42p 0.60pB-Class Gross Accumulation Shares2017 110.0p 103.1p 4.02p2018 111.0p 107.8p 3.84p2019 116.9p 107.3p 3.60p2020A 119.3p 105.6p 1.60pB-Class Gross Income SharesB

2019 116.5p 111.9p 2.14p2020A 117.0p 103.1p 1.65pC-Class Gross Accumulation Shares2017 110.5p 103.3p 4.20p2018 111.4p 108.4p 4.01p2019 117.6p 107.9p 3.75p2020A 120.1p 106.3p 1.67pC-Class Gross Income Shares2017 100.3p 96.62p 3.87p2018 100.2p 94.86p 3.56p2019 100.1p 93.56p 3.22p2020A 100.4p 88.57p 1.39pS-Class Gross Accumulation SharesC

2019 100.6p 99.54p 0.00p2020A 103.1p 91.25p 1.58pX-Class Gross Accumulation SharesD

2018 100.9p 99.00p 2.20p2019 107.9p 98.63p 3.91p2020A 110.4p 97.74p 1.74p

A To 31 May 2020.B B-Class Gross Income shares were launched on 3 May 2019.C S-Class Gross Accumulation shares were launched on 21 November 2019.D X-Class Gross Accumulation shares were launched on 14 May 2018.



Date

Net assetvalue per

share class£’000

Numberof shares

Net assetvalue per


A-Class Gross Accumulation Shares30.11.17 2,799 5,149,673 54.36p 1.18%30.11.18 2,754 5,189,505 53.07p 1.15%31.11.19 84 147,803 57.11p 1.15%31.05.20 90 158,626 56.70p 1.15%A-Class Gross Income Shares30.11.17 2,510 5,069,158 49.51p 1.18%30.11.18 2,392 5,109,359 46.82p 1.15%30.11.19 53 109,064 48.95p 1.15%31.05.20 7 14,975 48.02p 1.15%B-Class Gross Accumulation Shares30.11.17 1,831 1,670,000 109.7p 0.83%30.11.18 1,794 1,670,000 107.4p 0.80%30.11.19 50 42,917 115.9p 0.80%31.05.20 50 42,917 115.2p 0.80%B-Class Gross Income Shares30.11.19 1 888 113.9p 0.80%31.05.20 5,838 5,225,253 111.7p 0.80%C-Class Gross Accumulation Shares30.11.17 5,985 5,437,404 110.1p 0.68%30.11.18 10,117 9,368,054 108.0p 0.65%30.11.19 9,033 7,744,799 116.6p 0.65%31.05.20 8,438 7,274,204 116.0p 0.65%C-Class Gross Income Shares30.11.17 4,961 5,010,252 99.02p 0.68%30.11.18 5,157 5,507,016 93.65p 0.65%30.11.19 1,413 1,443,083 97.88p 0.65%31.05.20 1,321 1,376,850 95.97p 0.65%S-Class Gross Accumulation Shares30.11.19 22 21,912 100.0p 0.40%31.05.20 15,703 15,768,274 99.59p 0.40%X-Class Gross Accumulation Shares31.11.18 40,266 40,802,861 98.68p 0.06%30.11.19 37,672 35,182,927 107.1p 0.06%30.05.20 38,770 36,335,196 106.7p 0.06%

The net asset value and the net asset value per income share are shown ex-dividend.

* The Ongoing charges takes into account the ACD fee, the operating expenses and any expenses paid to an affiliate in respect of stock lending activities, expressed as a percentage of the average daily net asset values over the period since launch.



Equities 0.01% (0.03%)United States of America 0.01% (0.03%)Claire’s Holdings^ 6 3 –Claire’s Stores, Inc. Preference 3 4 0.01iHeartCommunications, Inc. Warrant 31/12/2020 141 1 –iHeartMedia, Inc. ‘A’ 19 – –MYT Holding Co. Preference 10.00% 4,227 2 –Ultra Petroleum Corp. Warrant 14/07/2025 560 – –

10 0.01

Equities total 10 0.01

Corporate Bonds 57.97% (63.93%) Argentina 0.05% (0.09%) Agua y Saneamientos Argentinos SA 6.63%

01/02/2023 $150,000 38 0.05

38 0.05

Australia 0.04% (0.06%) Westpac Banking Corp., FRN 4.11% 24/07/2034 $35,000 31 0.04

31 0.04

Belgium 0.59% (0.55%) Anheuser-Busch Cos. LLC 4.90% 01/02/2046 $110,000 102 0.14Anheuser-Busch InBev SA/NV 3.70% 02/04/2040 €100,000 105 0.15Anheuser-Busch InBev Worldwide, Inc. 4.75%

23/01/2029 $70,000 67 0.10Anheuser-Busch InBev Worldwide, Inc. 4.90%

23/01/2031 $45,000 45 0.06Solvay Finance SA, FRN 5.42% Perpetual €100,000 96 0.14

415 0.59

Brazil 0.69% (1.80%) Klabin Austria GmbH 7.00% 03/04/2049 $200,000 165 0.23Petrobras Global Finance BV 5.60% 03/01/2031 $240,000 189 0.27Petrobras Global Finance BV 6.90% 19/03/2049 $160,000 130 0.19

484 0.69

Canada 0.48% (0.76%) 1011778 BC ULC 4.25% 15/05/2024 $7,000 6 0.01Emera US Finance LP 3.55% 15/06/2026 $163,000 143 0.20Emera US Finance LP 4.75% 15/06/2046 $20,000 18 0.03MEG Energy Corp. 6.50% 15/01/2025 $83,000 66 0.09NOVA Chemicals Corp. 4.88% 01/06/2024 $70,000 52 0.07Stars Group Holdings BV 7.00% 15/07/2026 $7,000 6 0.01Videotron Ltd. 5.13% 15/04/2027 $55,000 47 0.07

338 0.48

Cayman Islands 0.00% (2.07%) China 0.18% (0.00%) China Development Bank 1.25% 21/01/2023 £125,000 125 0.18

125 0.18

Denmark 0.18% (0.26%) Nykredit Realkredit A/S 1.00% 01/10/2050 DKK 275,946 33 0.05TDC A/S 5.00% 02/03/2022 €100,000 93 0.13

126 0.18

France 2.68% (2.11%) Altice France SA 5.88% 01/02/2027 €100,000 96 0.14Altice France SA 3.38% 15/01/2028 €100,000 87 0.12Banijay Entertainment SASU 3.50% 01/03/2025 €100,000 86 0.12Bouygues SA 1.13% 24/07/2028 €100,000 92 0.13BPCE SA 5.15% 21/07/2024 $400,000 354 0.50Casino Guichard Perrachon SA 1.87% 13/06/2022 €100,000 87 0.12Credit Agricole SA, FRN 1.00% 22/04/2026 €100,000 91 0.13Credit Agricole SA, FRN 6.50% Perpetual €100,000 93 0.13Credit Agricole SA, FRN 8.12% Perpetual $200,000 187 0.27Faurecia SE 3.13% 15/06/2026 €100,000 88 0.13Orange SA 1.63% 07/04/2032 €100,000 98 0.14Rexel SA 2.75% 15/06/2026 €100,000 89 0.13SPIE SA 3.13% 22/03/2024 €100,000 89 0.13Total Capital International SA 2.83% 10/01/2030 $115,000 99 0.14Total Capital International SA 1.99% 08/04/2032 €100,000 103 0.15Total Capital International SA 3.13% 29/05/2050 $30,000 24 0.03TOTAL SA, FRN 1.75% Perpetual €137,000 123 0.17

1,886 2.68

Germany 0.84% (1.00%) IHO Verwaltungs GmbH 3.75% 15/09/2026 €100,000 86 0.12Nidda BondCo GmbH 5.00% 30/09/2025 €100,000 88 0.13Nidda Healthcare Holding GmbH 3.50%

30/09/2024 €100,000 89 0.13Techem Verwaltungsgesellschaft 674 mbH

6.00% 30/07/2026 €100,000 91 0.13thyssenkrupp AG 1.38% 03/03/2022 €270,000 235 0.33

589 0.84

Greece 0.35% (0.49%) Alpha Bank AE 2.50% 05/02/2023 €260,000 244 0.35

244 0.35

Indonesia 0.23% (0.68%) Pertamina Persero PT 3.65% 30/07/2029 $200,000 164 0.23

164 0.23

Ireland 0.50% (1.10%) Avolon Holdings Funding Ltd. 3.95% 01/07/2024 $86,000 58 0.08Avolon Holdings Funding Ltd. 4.38% 01/05/2026 $40,000 25 0.04eircom Finance DAC 3.50% 15/05/2026 €100,000 92 0.13Smurfit Kappa Acquisitions ULC 2.38%

01/02/2024 €100,000 92 0.13Smurfit Kappa Treasury ULC 1.50% 15/09/2027 €100,000 86 0.12

353 0.50

Italy 1.10% (1.22%) Banca Monte dei Paschi di Siena SpA 2.00%

29/01/2024 €115,000 108 0.15Banca Monte dei Paschi di Siena SpA 0.88%

08/10/2027 €100,000 89 0.13Enel Finance International NV 3.63% 25/05/2027 $200,000 173 0.25Saipem Finance International BV 3.75%

08/09/2023 €100,000 91 0.13Telecom Italia Capital SA 6.38% 15/11/2033 $32,000 29 0.04Telecom Italia Capital SA 6.00% 30/09/2034 $1,000 1 –Telecom Italia SpA 3.63% 25/05/2026 €300,000 281 0.40

772 1.10

Japan 0.26% (0.00%) Takeda Pharmaceutical Co. Ltd. 4.40%

26/11/2023 $200,000 180 0.26

180 0.26

Kazakhstan 0.24% (0.35%) KazMunayGas National Co. JSC 4.75%

19/04/2027 $200,000 172 0.24

172 0.24

Luxembourg 0.87% (1.24%) Altice Finco SA 4.75% 15/01/2028 €100,000 81 0.11Altice France Holding SA 8.00% 15/05/2027 €100,000 96 0.14ARD Finance SA, FRN 5.00% 30/06/2027 €100,000 85 0.12Intelsat Jackson Holdings SA 5.50% 01/08/2023§ $18,000 8 0.01Intelsat Jackson Holdings SA 8.00% 15/02/2024§ $125,000 103 0.15Intelsat Jackson Holdings SA 8.50% 15/10/2024§ $30,000 14 0.02Intelsat Jackson Holdings SA 9.75% 15/07/2025§ $10,000 5 0.01Monitchem HoldCo 3 SA 5.25% 15/03/2025 €125,000 113 0.16Summer BC Holdco B SARL 5.75% 31/10/2026 €125,000 105 0.15

610 0.87

Mexico 0.79% (0.00%) Petroleos Mexicanos 6.75% 21/09/2047 $715,000 454 0.65Petroleos Mexicanos 6.95% 28/01/2060 $155,000 98 0.14

552 0.79

Netherlands 1.63% (1.82%) ABN AMRO Bank NV 4.75% 28/07/2025 $200,000 175 0.25ABN AMRO Bank NV, FRN 5.75% Perpetual €400,000 353 0.50Sigma Holdco BV 5.75% 15/05/2026 €100,000 88 0.13Starfruit Finco BV 6.50% 01/10/2026 €100,000 89 0.13Sunshine Mid BV 6.50% 15/05/2026 €100,000 89 0.13UPCB Finance VII Ltd. 3.63% 15/06/2029 €100,000 87 0.12Ziggo Bond Co. BV 3.38% 28/02/2030 €100,000 86 0.12Ziggo BV 2.88% 15/01/2030 €200,000 177 0.25

1,144 1.63

Peru 0.43% (0.63%) Nexa Resources SA 5.38% 04/05/2027 $200,000 156 0.22Southern Copper Corp. 5.88% 23/04/2045 $150,000 145 0.21

301 0.43




Total netassets %


Portugal 0.50% (0.51%) EDP – Energias de Portugal SA 1.63% 15/04/2027 €100,000 94 0.13EDP – Energias de Portugal SA, FRN 1.70%

20/07/2080 €100,000 83 0.12EDP Finance BV 3.63% 15/07/2024 $200,000 175 0.25

352 0.50

Singapore 0.00% (0.20%) South Korea 0.23% (0.00%) Korea Housing Finance Corp. 0.10% 18/06/2024 €179,000 162 0.23

162 0.23

Spain 1.34% (2.28%) Cellnex Telecom SA 2.88% 18/04/2025 €100,000 94 0.13Cirsa Finance International Sarl 6.25%

20/12/2023 €100,000 82 0.12Grifols SA 1.63% 15/02/2025 €140,000 124 0.17Grifols SA 3.20% 01/05/2025 €100,000 91 0.13Repsol International Finance BV, FRN 4.50%

25/03/2075 €200,000 188 0.27Telefonica Europe BV, FRN 3.75% Perpetual €200,000 181 0.26Telefonica Europe BV, FRN 3.88% Perpetual €200,000 181 0.26

941 1.34

Sweden 0.00% (0.18%) Switzerland 1.62% (1.16%) Credit Suisse AG 2.80% 08/04/2022 $265,000 223 0.32Credit Suisse Group AG, FRN 4.19% 01/04/2031 $300,000 269 0.38Credit Suisse Group AG, FRN 7.50% Perpetual $230,000 201 0.29Dufry One BV 2.50% 15/10/2024 €100,000 78 0.11UBS Group AG, FRN 5.75% Perpetual €200,000 188 0.27UBS Group AG, FRN 7.00% Perpetual $200,000 177 0.25

1,136 1.62

United Kingdom 3.06% (2.45%) BAT Capital Corp. 4.70% 02/04/2027 $60,000 54 0.08BAT Capital Corp. 3.56% 15/08/2027 $105,000 90 0.13BAT Capital Corp. 4.39% 15/08/2037 $70,000 59 0.08BAT Capital Corp. 4.54% 15/08/2047 $50,000 43 0.06eG Global Finance plc 4.38% 07/02/2025 €100,000 85 0.12FCE Bank plc 0.87% 13/09/2021 €100,000 86 0.12FCE Bank plc 1.13% 10/02/2022 €100,000 86 0.12HSBC Holdings plc, FRN 3.95% 18/05/2024 $200,000 173 0.25Lloyds Banking Group plc, FRN 3.50%

01/04/2026 €100,000 99 0.14Permanent Master Issuer plc, FRN, Series

2018-1X ‘1A1’ 2.21% 15/07/2058 $125,000 101 0.14Residential Mortgage Securities plc, FRN,

Series 31 ‘A’ 2.00% 20/09/2065 £82,059 82 0.12Reynolds American, Inc. 4.45% 12/06/2025 $290,000 259 0.37Royal Bank of Scotland Group plc, FRN 3.50%

15/05/2023 $200,000 167 0.24Standard Chartered plc, FRN 4.64% 01/04/2031 $250,000 226 0.32Virgin Media Secured Finance plc 5.00%

15/04/2027 £100,000 101 0.14Vodafone Group plc 5.25% 30/05/2048 $100,000 104 0.15Vodafone Group plc 4.25% 17/09/2050 $65,000 59 0.09Vodafone Group plc, FRN 3.10% 03/01/2079 €300,000 272 0.39

2,146 3.06

United States of America 39.09% (40.92%) 5AIF Juniper 2 LLC, Series 2018-1 ‘A’ 5.45%

15/08/2022 $275,000 223 0.32AbbVie, Inc. 3.60% 14/05/2025 $100,000 89 0.13AbbVie, Inc. 2.95% 21/11/2026 $45,000 39 0.06AbbVie, Inc. 3.20% 21/11/2029 $135,000 118 0.17AbbVie, Inc. 4.05% 21/11/2039 $85,000 77 0.11AbbVie, Inc. 4.70% 14/05/2045 $60,000 58 0.08AbbVie, Inc. 4.45% 14/05/2046 $35,000 33 0.05AbbVie, Inc. 4.25% 21/11/2049 $40,000 37 0.05Accelerated Assets LLC, Series 2018-1 ‘C’ 6.65%

02/12/2033 $199,188 162 0.23ACCO Brands Corp. 5.25% 15/12/2024 $40,000 33 0.05Adient Global Holdings Ltd. 3.50% 15/08/2024 €100,000 78 0.11Adient US LLC 7.00% 15/05/2026 $30,000 25 0.04ADT Security Corp. (The) 4.13% 15/06/2023 $40,000 33 0.05AIMCO CLO, FRN, Series 2017-AA ‘A’ 2.40%

20/07/2029 $250,000 200 0.28Air Lease Corp. 3.25% 01/03/2025 $20,000 15 0.02Air Lease Corp. 3.25% 01/10/2029 $80,000 54 0.08Air Products and Chemicals, Inc. 2.05%

15/05/2030 $30,000 25 0.04Albertsons Cos., Inc. 5.75% 15/03/2025 $30,000 25 0.04

Albertsons Cos., Inc. 5.88% 15/02/2028 $10,000 9 0.01Allied Universal Holdco LLC 9.75% 15/07/2027 $2,000 2 –Ally Financial, Inc. 5.75% 20/11/2025 $60,000 51 0.07Alternative Loan Trust, Series 2005-23CB ‘A7’

5.25% 25/07/2035 $23,904 18 0.03Altria Group, Inc. 1.70% 15/06/2025 €100,000 92 0.13Altria Group, Inc. 2.20% 15/06/2027 €100,000 94 0.13Altria Group, Inc. 4.80% 14/02/2029 $70,000 65 0.09Altria Group, Inc. 3.40% 06/05/2030 $30,000 26 0.04AMC Entertainment Holdings, Inc. 5.75%

15/06/2025 $47,000 10 0.01AMC Entertainment Holdings, Inc. 6.13%

15/05/2027 $10,000 2 –Ameren Corp. 3.50% 15/01/2031 $90,000 80 0.11American Airlines Pass-Through Trust, Series

2015-1 ‘B’ 3.70% 01/11/2024 $8,901 4 0.01American Axle & Manufacturing, Inc. 6.63%

15/10/2022 $9,000 7 0.01American Axle & Manufacturing, Inc. 6.25%

01/04/2025 $15,000 12 0.02American Axle & Manufacturing, Inc. 6.50%

01/04/2027 $49,000 37 0.05American Credit Acceptance Receivables Trust,

Series 2016-4 ‘D’ 4.11% 12/04/2023 $99,093 81 0.12American Credit Acceptance Receivables Trust,



Series 2018-2 ‘E’ 5.16% 10/09/2024 $350,000 287 0.41American Credit Acceptance Receivables Trust,

Series 2018-3 ‘C’ 3.75% 15/10/2024 $36,386 30 0.04American International Group, Inc. 3.90%

01/04/2026 $45,000 40 0.06American Tower Corp., REIT 5.00% 15/02/2024 $50,000 46 0.07American Tower Corp., REIT 2.40% 15/03/2025 $110,000 93 0.13American Tower Corp., REIT 1.38% 04/04/2025 €100,000 91 0.13American Tower Corp., REIT 3.60% 15/01/2028 $60,000 54 0.08American Water Capital Corp. 2.80% 01/05/2030 $60,000 52 0.07American Woodmark Corp. 4.88% 15/03/2026 $40,000 31 0.04AmeriGas Partners LP 5.50% 20/05/2025 $6,000 5 0.01AmeriGas Partners LP 5.88% 20/08/2026 $21,000 18 0.03AmeriGas Partners LP 5.75% 20/05/2027 $6,000 5 0.01Amgen, Inc. 2.30% 25/02/2031 $40,000 33 0.05Amkor Technology, Inc. 6.63% 15/09/2027 $40,000 34 0.05Antero Resources Corp. 5.13% 01/12/2022 $48,000 28 0.04Apple, Inc. 3.85% 04/05/2043 $90,000 89 0.13Aramark Services, Inc. 5.00% 01/02/2028 $45,000 36 0.05Ardagh Packaging Finance plc 6.00% 15/02/2025 $200,000 168 0.24Ardagh Packaging Finance plc 2.13% 15/08/2026 €125,000 109 0.15Argent Securities, Inc. Asset Back Pass Thr Certs,

FRN, Series 2004-W3 ‘A3’ 0.99% 25/02/2034 $116,373 87 0.12AT&T, Inc. 2.95% 15/07/2026 $6,000 5 0.01AT&T, Inc. 2.30% 01/06/2027 $70,000 58 0.08AT&T, Inc. 3.50% 01/06/2041 $160,000 130 0.18Avantor, Inc. 6.00% 01/10/2024 $30,000 26 0.04Avis Budget Car Rental LLC 5.50% 01/04/2023 $1,000 1 –Avis Budget Car Rental LLC 6.38% 01/04/2024 $45,000 30 0.04Avis Budget Car Rental LLC 5.75% 15/07/2027 $7,000 4 0.01Ball Corp. 4.38% 15/12/2023 €100,000 98 0.14Banc of America Commercial Mortgage Trust,

FRN, Series 2007-5 ‘AJ’ 6.02% 10/02/2051 $45,746 40 0.06Bank of America Corp., FRN 3.00% 20/12/2023 $52,000 44 0.06Bank of America Corp., FRN 3.56% 23/04/2027 $160,000 142 0.20Bank of America Corp., FRN 3.71% 24/04/2028 $75,000 67 0.10Bank of America Corp., FRN 3.97% 05/03/2029 $145,000 132 0.19Bank of America Corp., FRN 2.88% 22/10/2030 $105,000 89 0.13Bank of New York Mellon Corp. (The), FRN 4.70%

Perpetual $45,000 38 0.05Bausch Health Americas, Inc. 8.50% 31/01/2027 $105,000 93 0.13Bausch Health Cos., Inc. 6.50% 15/03/2022 $6,000 5 0.01Bausch Health Cos., Inc. 4.50% 15/05/2023 €100,000 89 0.13Bausch Health Cos., Inc. 5.88% 15/05/2023 $4,000 3 –Bausch Health Cos., Inc. 7.00% 15/03/2024 $10,000 8 0.01Bausch Health Cos., Inc. 6.13% 15/04/2025 $170,000 141 0.20Bausch Health Cos., Inc. 9.00% 15/12/2025 $25,000 22 0.03Becton Dickinson and Co. 2.82% 20/05/2030 $170,000 146 0.21Becton Dickinson and Co. 3.79% 20/05/2050 $45,000 41 0.06Belden, Inc. 2.88% 15/09/2025 €200,000 169 0.24Berkshire Hathaway Energy Co. 3.70% 15/07/2030 $25,000 23 0.03Berry Global, Inc. 5.13% 15/07/2023 $11,000 9 0.01Berry Global, Inc. 4.50% 15/02/2026 $25,000 20 0.03Biogen, Inc. 2.25% 01/05/2030 $40,000 33 0.05




Total netassets %

Portfolio statement – continuedAs at 31 May 2020


Blue Racer Midstream LLC 6.13% 15/11/2022 $45,000 36 0.05Boeing Co. (The) 4.88% 01/05/2025 $140,000 120 0.17Boeing Co. (The) 5.04% 01/05/2027 $175,000 150 0.21Boeing Co. (The) 5.71% 01/05/2040 $35,000 31 0.04Boston Scientific Corp. 3.75% 01/03/2026 $20,000 18 0.03Boyd Gaming Corp. 6.38% 01/04/2026 $25,000 20 0.03Boyne USA, Inc. 7.25% 01/05/2025 $10,000 9 0.01Bristol-Myers Squibb Co. 3.40% 26/07/2029 $145,000 134 0.19Bristol-Myers Squibb Co. 4.25% 26/10/2049 $25,000 26 0.04Broadcom, Inc. 2.25% 15/11/2023 $130,000 106 0.15Broadcom, Inc. 4.25% 15/04/2026 $30,000 26 0.04Caesars Resort Collection LLC 5.25% 15/10/2025 $5,000 4 0.01Capital One Financial Corp. 3.50% 15/06/2023 $15,000 13 0.02Capital One Financial Corp. 3.80% 31/01/2028 $15,000 13 0.02Catalent Pharma Solutions, Inc. 4.88% 15/01/2026 $40,000 33 0.05CCO Holdings LLC 5.88% 01/04/2024 $33,000 28 0.04CCO Holdings LLC 5.75% 15/02/2026 $82,000 70 0.10CCO Holdings LLC 5.50% 01/05/2026 $30,000 26 0.04CCO Holdings LLC 5.13% 01/05/2027 $185,000 158 0.22CCO Holdings LLC 4.75% 01/03/2030 $16,000 14 0.02CDC Mortgage Capital Trust, FRN, Series

2003-HE1 ‘M1’ 1.52% 25/08/2033 $31,643 25 0.04CDK Global, Inc. 5.25% 15/05/2029 $45,000 37 0.05CDW LLC 5.50% 01/12/2024 $2,000 2 –CDW LLC 4.25% 01/04/2028 $23,000 19 0.03Cedar Fair LP 5.25% 15/07/2029 $2,000 2 –Centene Corp. 4.75% 15/01/2025 $10,000 8 0.01Centene Corp. 5.25% 01/04/2025 $40,000 34 0.05Centene Corp. 3.38% 15/02/2030 $95,000 79 0.11CenterPoint Energy, Inc. 2.95% 01/03/2030 $66,000 56 0.08Central Garden & Pet Co. 5.13% 01/02/2028 $50,000 42 0.06CenturyLink, Inc. 5.80% 15/03/2022 $25,000 21 0.03CenturyLink, Inc. 6.75% 01/12/2023 $10,000 9 0.01CenturyLink, Inc. 7.50% 01/04/2024 $35,000 31 0.04CenturyLink, Inc. 5.63% 01/04/2025 $2,000 2 –CenturyLink, Inc. 5.13% 15/12/2026 $25,000 21 0.03CF Industries, Inc. 4.50% 01/12/2026 $15,000 13 0.02Charter Communications Operating LLC 4.91%

23/07/2025 $120,000 111 0.16Charter Communications Operating LLC 5.38%

01/05/2047 $98,000 93 0.13Charter Communications Operating LLC 3.70%

01/04/2051 $60,000 46 0.07Chase Mortgage Finance Trust, FRN, Series

2007-A1 ‘1A3’ 4.22% 25/02/2037Ø $32,817 26 0.04Chemours Co. (The) 6.63% 15/05/2023 $25,000 20 0.03Chemours Co. (The) 7.00% 15/05/2025 $15,000 12 0.02Cheniere Energy Partners LP 5.25% 01/10/2025 $6,000 5 0.01Chesapeake Energy Corp. 11.50% 01/01/2025 $47,000 2 –Chevron Corp. 1.55% 11/05/2025 $140,000 117 0.17Chevron Corp. 2.24% 11/05/2030 $60,000 51 0.07CHL GMSR Issuer Trust, FRN, Series 2018-GT1

‘A’ 2.92% 25/05/2023 $105,000 73 0.10Cincinnati Bell, Inc. 7.00% 15/07/2024 $8,000 7 0.01Cincinnati Bell, Inc. 8.00% 15/10/2025 $6,000 5 0.01Citigroup, Inc. 3.20% 21/10/2026 $80,000 69 0.10Citigroup, Inc., FRN 3.14% 24/01/2023 $40,000 33 0.05Citigroup, Inc., FRN 2.88% 24/07/2023 $130,000 109 0.15Citigroup, Inc., FRN 3.11% 08/04/2026 $90,000 77 0.11Citigroup, Inc., FRN 4.41% 31/03/2031 $265,000 248 0.35Citigroup, Inc., FRN 0.00% 03/06/2031 $80,000 65 0.09Clear Channel Worldwide Holdings, Inc. 9.25%

15/02/2024 $104,000 77 0.11Clearwater Paper Corp. 4.50% 01/02/2023 $10,000 8 0.01Clorox Co. (The) 1.80% 15/05/2030 $15,000 12 0.02Comcast Corp. 3.95% 15/10/2025 $120,000 111 0.16Comcast Corp. 3.90% 01/03/2038 $54,000 51 0.07Comcast Corp. 3.75% 01/04/2040 $82,000 76 0.11Comcast Corp. 3.40% 15/07/2046 $60,000 53 0.08Comcast Corp. 3.45% 01/02/2050 $70,000 62 0.09CommScope Technologies LLC 6.00% 15/06/2025 $113,000 90 0.13CommScope, Inc. 5.50% 15/06/2024 $6,000 5 0.01CommScope, Inc. 6.00% 01/03/2026 $65,000 56 0.08Community Health Systems, Inc. 8.63% 15/01/2024 $12,000 10 0.01Concho Resources, Inc. 3.75% 01/10/2027 $12,000 10 0.01Constellation Merger Sub, Inc. 8.50% 15/09/2025 $8,000 4 0.01Cooper-Standard Automotive, Inc. 5.63%

15/11/2026 $35,000 18 0.03Costco Wholesale Corp. 1.60% 20/04/2030 $175,000 142 0.20Countrywide, FRN, Series 2004-ECC2 ‘M2’ 1.14%

25/12/2034 $47,240 38 0.05Credit Acceptance Auto Loan Trust, Series 2018-3A

‘B’ 3.89% 15/10/2027 $250,000 205 0.29

Crestwood Midstream Partners LP 5.75% 01/04/2025 $32,000 24 0.03

Crown Castle International Corp., REIT 3.30% 01/07/2030 $80,000 70 0.10

Crown Castle International Corp., REIT 4.15% 01/07/2050 $10,000 9 0.01

Crown European Holdings SA 2.25% 01/02/2023 €300,000 268 0.38CSC Holdings LLC 5.25% 01/06/2024 $30,000 26 0.04CSX Corp. 3.35% 01/11/2025 $100,000 91 0.13CSX Corp. 2.40% 15/02/2030 $90,000 75 0.11CSX Corp. 3.35% 15/09/2049 $10,000 9 0.01CVS Health Corp. 4.30% 25/03/2028 $65,000 60 0.09CVS Health Corp. 4.13% 01/04/2040 $75,000 69 0.10Dana Financing Luxembourg Sarl 6.50%

01/06/2026 $25,000 21 0.03Danaher Corp. 1.70% 30/03/2024 €100,000 94 0.13Darling Global Finance BV 3.63% 15/05/2026 €100,000 91 0.13DaVita, Inc. 5.13% 15/07/2024 $20,000 17 0.02DaVita, Inc. 5.00% 01/05/2025 $62,000 52 0.07Deere & Co. 3.10% 15/04/2030 $30,000 27 0.04Deere & Co. 3.75% 15/04/2050 $10,000 10 0.01Dell International LLC 6.02% 15/06/2026 $115,000 105 0.15Dell International LLC 5.30% 01/10/2029 $50,000 44 0.06Delphi Technologies plc 5.00% 01/10/2025 $40,000 34 0.05Diamond Resorts Owner Trust, Series 2018-1

‘C’ 4.53% 21/01/2031 $163,949 127 0.18Diamond Sports Group LLC 5.38% 15/08/2026 $11,000 7 0.01Diamond Sports Group LLC 6.63% 15/08/2027 $25,000 12 0.02DISH DBS Corp. 6.75% 01/06/2021 $36,000 30 0.04DISH DBS Corp. 5.88% 15/11/2024 $165,000 132 0.19Drive Auto Receivables Trust, Series 2018-3 ‘D’

4.30% 16/09/2024 $104,000 86 0.12Drive Auto Receivables Trust, Series 2018-4 ‘C’

3.66% 15/11/2024 $101,169 83 0.12Drive Auto Receivables Trust, Series 2018-4 ‘D’

4.09% 15/01/2026 $250,000 207 0.29DT Auto Owner Trust, Series 2018-2A ‘E’ 5.54%

16/06/2025 $120,000 98 0.14DT Auto Owner Trust, Series 2018-3A ‘C’ 3.79%

15/07/2024 $120,000 98 0.14Duke Energy Ohio, Inc. 2.13% 01/06/2030 $94,000 78 0.11Edgewell Personal Care Co. 4.70% 24/05/2022 $30,000 25 0.04Edison International 3.55% 15/11/2024 $70,000 59 0.08Edison International 4.13% 15/03/2028 $35,000 29 0.04Embarq Corp. 8.00% 01/06/2036 $20,000 17 0.02Encompass Health Corp. 5.75% 01/11/2024 $16,000 13 0.02Encompass Health Corp. 5.75% 15/09/2025 $50,000 42 0.06Energizer Holdings, Inc. 5.50% 15/06/2025 $50,000 42 0.06Energy Transfer Operating LP 5.25% 15/04/2029 $25,000 22 0.03Energy Transfer Operating LP 3.75% 15/05/2030 $38,000 30 0.04EnLink Midstream Partners LP 4.85% 15/07/2026 $40,000 26 0.04Entegris, Inc. 4.63% 10/02/2026 $35,000 29 0.04Enterprise Development Authority (The) 12.00%

15/07/2024 $15,000 12 0.02Envision Healthcare Corp. 8.75% 15/10/2026 $45,000 15 0.02EP Energy LLC 9.38% 01/05/2024§ $14,000 – –EP Energy LLC 8.11% 29/11/2024§ $12,000 – –EP Energy LLC 8.00% 15/02/2025§ $5,000 – –EP Energy LLC 7.75% 15/05/2026§ $20,000 2 –Equinix, Inc., REIT 5.88% 15/01/2026 $65,000 55 0.08ESH Hospitality, Inc., REIT 5.25% 01/05/2025 $45,000 36 0.05ESH Hospitality, Inc., REIT 4.63% 01/10/2027 $6,000 5 0.01Evergy Metro, Inc. 2.25% 01/06/2030 $69,000 57 0.08Exela Intermediate LLC 10.00% 15/07/2023 $24,000 3 –Exeter Automobile Receivables Trust, Series

2015-3A ‘D’ 6.55% 17/10/2022 $81,253 66 0.09Exeter Automobile Receivables Trust, Series

2018-3A ‘C’ 3.71% 15/06/2023 $90,000 74 0.11Exeter Automobile Receivables Trust, Series

2018-3A ‘D’ 4.35% 17/06/2024 $80,000 65 0.09Exeter Automobile Receivables Trust, Series

2018-3A ‘E’ 5.43% 15/08/2024 $100,000 80 0.11FHLMC, IO, Series 4170 ‘NI’ 2.50% 15/02/2028 $585,001 30 0.04FHLMC, IO, Series 4204 ‘HI’ 2.50% 15/05/2028 $337,586 16 0.02FHLMC, IO, Series 4219 ‘BI’ 3.00% 15/02/2027 $661,824 34 0.05FHLMC, IO, Series 4297 ‘CI’ 3.00% 15/12/2030 $423,206 9 0.01FHLMC, IO, FRN, Series 2916 ‘S’ 7.07% 15/01/2035 $804,626 141 0.20FHLMC, IO, FRN, Series 4305 ‘SK’ 6.42%

15/02/2044 $806,728 147 0.21FHLMC, IO, FRN, Series K033 ‘X1’ 0.41%

25/07/2023 $6,437,321 44 0.06FHLMC, IO, FRN, Series K054 ‘X3’ 1.65%

25/04/2043 $990,000 53 0.08


£’000Total netassets %Investment Holding


Total netassets %






Total netassets %

FHLMC, IO, FRN, Series K067 ‘X3’ 2.19% 25/09/2044 $195,000 19 0.03

FHLMC, IO, FRN, Series K068 ‘X3’ 2.13% 25/10/2044 $2,900,000 282 0.40

FHLMC, IO, FRN, Series K078 ‘X3’ 2.29% 25/10/2028 $710,000 80 0.11



FHLMC Stacr Trust, FRN, Series 2018-HQA2 ‘M2’ 2.79% 25/10/2048 $90,000 67 0.10

FHLMC Structured Agency Credit Risk Debt Notes, FRN, Series 2016-HQA4 ‘M3’ 4.39% 25/04/2029 $250,000 207 0.29

First Franklin Mortgage Loan Trust, FRN, Series 2004-FF7 ‘M1’ 1.36% 25/09/2034 $80,926 66 0.09

First Franklin Mortgage Loan Trust, FRN, Series 2006-FF8 ‘IIA3’ 0.32% 25/07/2036 $13,006 11 0.02

FirstEnergy Corp. 3.90% 15/07/2027 $60,000 54 0.08FirstEnergy Corp. 2.65% 01/03/2030 $70,000 59 0.08Flagship Credit Auto Trust, Series 2018-3 ‘C’

3.79% 16/12/2024 $70,000 57 0.08FNMA, IO, Series 2013-64 ‘LI’ 3.00% 25/06/2033 $312,890 26 0.04FNMA, IO, FRN, Series 2015-40 ‘LS’ 6.00%

25/06/2045 $433,947 80 0.11FNMA, IO, FRN, Series 2016-75 ‘SC’ 5.93%

25/10/2046 $1,237,970 203 0.29FNMA, IO, FRN, Series 2017-31 ‘SG’ 5.93%

25/05/2047 $939,397 152 0.22FNMA, IO, FRN, Series 2017-39 ‘ST’ 5.93%

25/05/2047 $417,596 77 0.11FNMA, IO, FRN, Series 2017-78 ‘SC’ 5.98%

25/10/2047 $2,724,712 494 0.70FNMA, FRN, Series 2016-C06 ‘1M2’ 4.42%

25/04/2029 $68,579 57 0.08FNMA, FRN, Series 2018-C05 ‘1M2’ 2.52%



25/03/2031 $17,918 14 0.02Ford Motor Credit Co. LLC 4.69% 09/06/2025 $200,000 153 0.22Fox Corp. 4.03% 25/01/2024 $40,000 36 0.05Fox Corp. 3.50% 08/04/2030 $80,000 70 0.10FREED ABS TRUST, Series 2018-1 ‘A’ 3.61%

18/07/2024 $40,174 32 0.05FREED ABS TRUST, Series 2018-1 ‘B’ 4.56%

18/07/2024 $130,000 102 0.14Freeport-McMoRan, Inc. 3.88% 15/03/2023 $23,000 19 0.03Freeport-McMoRan, Inc. 5.45% 15/03/2043 $20,000 16 0.02FREMF Mortgage Trust, FRN, Series 2017-K67 ‘C’

4.08% 25/09/2049 $130,000 99 0.14FREMF Mortgage Trust, FRN, Series 2017-K71 ‘B’

3.88% 25/11/2050 $110,000 90 0.13FREMF Mortgage Trust, FRN, Series 2017-KF32 ‘B’






2.89% 25/07/2028 $89,039 61 0.09Frontier Communications Corp. 6.88% 15/01/2025§ $7,000 2 –Frontier Communications Corp. 11.00% 15/09/2025§ $9,000 3 –Frontier Communications Corp. 8.50% 01/04/2026§ $13,000 10 0.01Gartner, Inc. 5.13% 01/04/2025 $30,000 25 0.04GE Capital International Funding Co. Unlimited Co.

4.42% 15/11/2035 $200,000 161 0.23General Electric Co. 0.88% 17/05/2025 €100,000 84 0.12GLS Auto Receivables Trust, Series 2018-2A ‘A’

3.25% 18/04/2022 $12,431 10 0.01GNMA, IO, Series 2013-109 ‘TI’ 4.50% 20/07/2041 $452,148 17 0.02GNMA, IO, FRN, Series 2014-130 ‘IB’ 0.84%

16/08/2054 $578,380 14 0.02GNMA, IO, FRN, Series 2018-119 0.65%

16/05/2060 $285,287 14 0.02GNMA, IO, FRN, Series 2019-155 0.68%

16/07/2061 $1,571,680 86 0.12

GNMA, IO, FRN, Series 2019-42 ‘SJ’ 5.88% 20/04/2049 $1,258,923 127 0.18

GNMA, IO, FRN, Series 2019-53 ‘IA’ 0.85% 16/06/2061 $370,921 21 0.03

GNMA, FRN, Series 2017-H14 ‘FG’ 3.49% 20/06/2067 $294,608 240 0.34

Goldman Sachs Group, Inc. (The) 3.38% 27/03/2025 €77,000 77 0.11

Goldman Sachs Group, Inc. (The) 3.50% 01/04/2025 $150,000 130 0.18




Goldman Sachs Group, Inc. (The), FRN 3.69% 05/06/2028 $10,000 9 0.01



Goodyear Tire & Rubber Co. (The) 5.13% 15/11/2023 $15,000 12 0.02Gray Television, Inc. 7.00% 15/05/2027 $7,000 6 0.01Hanesbrands, Inc. 4.88% 15/05/2026 $40,000 33 0.05HCA, Inc. 5.38% 01/02/2025 $209,000 186 0.26HCA, Inc. 5.88% 15/02/2026 $50,000 46 0.07HCA, Inc. 4.50% 15/02/2027 $115,000 103 0.15HCA, Inc. 5.63% 01/09/2028 $2,000 2 –Herc Holdings, Inc. 5.50% 15/07/2027 $41,000 32 0.05Hertz Corp. (The) 7.63% 01/06/2022§ $17,000 5 0.01Hertz Corp. (The) 5.50% 15/10/2024§ $85,000 11 0.02Hill-Rom Holdings, Inc. 4.38% 15/09/2027 $40,000 33 0.05Hilton Grand Vacations Borrower LLC 6.13%

01/12/2024 $7,000 5 0.01Hilton Worldwide Finance LLC 4.88% 01/04/2027 $30,000 24 0.03Hologic, Inc. 4.38% 15/10/2025 $45,000 37 0.05Home Depot, Inc. (The) 2.70% 15/04/2030 $120,000 106 0.15Homeward Opportunities Fund I Trust, FRN,

Series 2018-1 ‘A1’ 3.77% 25/06/2048 $54,154 44 0.06Howmet Aerospace, Inc. 5.90% 01/02/2027 $60,000 49 0.07Hughes Satellite Systems Corp. 6.63% 01/08/2026 $35,000 30 0.04Icahn Enterprises LP 6.38% 15/12/2025 $8,000 7 0.01iHeartCommunications, Inc. 6.38% 01/05/2026 $5,906 5 0.01iHeartCommunications, Inc. 8.38% 01/05/2027 $26,642 20 0.03International Business Machines Corp. 2.85%

15/05/2040 $110,000 89 0.13International Game Technology plc 3.50%

15/07/2024 €120,000 101 0.14IQVIA, Inc. 2.25% 15/01/2028 €150,000 131 0.19Iron Mountain, Inc., REIT 4.88% 15/09/2027 $26,000 21 0.03ITC Holdings Corp. 3.35% 15/11/2027 $110,000 95 0.14ITC Holdings Corp. 2.95% 14/05/2030 $90,000 76 0.11J.P. Morgan Mortgage Trust, FRN, Series 2007-A1

‘3A2’ 4.12% 25/07/2035Ø $26,142 20 0.03JBS USA LUX SA 5.75% 15/06/2025 $23,000 19 0.03John Deere Cash Management SA 1.38%

02/04/2024 €100,000 92 0.13John Deere Cash Management SA 2.20%

02/04/2032 €100,000 98 0.14Kraft Heinz Foods Co. 2.00% 30/06/2023 €120,000 109 0.15Kraft Heinz Foods Co. 3.95% 15/07/2025 $70,000 60 0.09Kraft Heinz Foods Co. 4.63% 30/01/2029 $45,000 40 0.06Kroger Co. (The) 2.65% 15/10/2026 $50,000 44 0.06L3Harris Technologies, Inc. 4.40% 15/06/2028 $40,000 37 0.05L3Harris Technologies, Inc. 4.85% 27/04/2035 $35,000 35 0.05LABL Escrow Issuer LLC 6.75% 15/07/2026 $40,000 34 0.05LB-UBS Commercial Mortgage Trust, FRN,

Series 2006-C6 ‘AJ’ 5.45% 15/09/2039 $68,531 32 0.05Level 3 Financing, Inc. 5.13% 01/05/2023 $30,000 24 0.03Level 3 Financing, Inc. 5.25% 15/03/2026 $13,000 11 0.02Live Nation Entertainment, Inc. 4.75% 15/10/2027 $45,000 34 0.05LKQ Italia Bondco SpA 3.88% 01/04/2024 €200,000 186 0.26Lowe’s Cos., Inc. 3.65% 05/04/2029 $42,000 38 0.05Lowe’s Cos., Inc. 4.50% 15/04/2030 $38,000 37 0.05Lowe’s Cos., Inc. 5.13% 15/04/2050 $60,000 65 0.09LV Tower 52 Issuer, Series 2013-1 ‘M’ 7.75%

15/02/2023 $154,787 127 0.18Mallinckrodt International Finance SA 5.50%

15/04/2025 $45,000 7 0.01Marlette Funding Trust, Series 2018-3A ‘A’

3.20% 15/09/2028 $4,885 4 0.01






Total netassets %


Marriott Ownership Resorts, Inc. 6.50% 15/09/2026 $12,000 10 0.01

Masonite International Corp. 5.75% 15/09/2026 $2,000 2 –Mattel, Inc. 6.75% 31/12/2025 $70,000 60 0.09Mauser Packaging Solutions Holding Co. 5.50%

15/04/2024 $50,000 41 0.06McDonald’s Corp. 3.30% 01/07/2025 $28,000 25 0.04Meredith Corp. 6.88% 01/02/2026 $45,000 34 0.05Merrill Lynch Mortgage Investors Trust, FRN,

Series 2005-FM1 ‘M1’ 1.21% 25/05/2036 $44,329 34 0.05Merrill Lynch Mortgage Investors Trust MLMI, FRN,

Series 2005-A5 ‘A9’ 4.28% 25/06/2035 $22,765 18 0.03MetLife, Inc. 6.40% 15/12/2066 $40,000 37 0.05MFA LLC, STEP, Series 2018-NPL2 ‘A1’ 4.16%

25/07/2048 $70,542 52 0.07MGM Resorts International 4.63% 01/09/2026 $157,000 122 0.17MidAmerican Energy Co. 4.25% 01/05/2046 $40,000 40 0.06Morgan Stanley 3.70% 23/10/2024 $115,000 103 0.15Morgan Stanley, FRN 2.19% 28/04/2026 $125,000 104 0.15Morgan Stanley, FRN 3.77% 24/01/2029 $60,000 54 0.08Morgan Stanley, FRN 3.62% 01/04/2031 $180,000 162 0.23Morgan Stanley, FRN 3.97% 22/07/2038 $75,000 69 0.10Morgan Stanley ABS Capital I, Inc. Trust, FRN,

Series 2004-HE1 ‘M1’ 1.02% 25/01/2034 $18,772 15 0.02MPH Acquisition Holdings LLC 7.13% 01/06/2024 $5,000 4 0.01Nabors Industries, Inc. 5.75% 01/02/2025 $50,000 13 0.02Nationstar Mortgage Holdings, Inc. 8.13%

15/07/2023 $6,000 5 0.01Navient Corp. 6.13% 25/03/2024 $25,000 19 0.03NCR Corp. 6.13% 01/09/2029 $40,000 32 0.05Neiman Marcus Group Ltd. LLC 14.00%

25/04/2024§ $14,361 3 –Netflix, Inc. 4.38% 15/11/2026 $6,000 5 0.01Netflix, Inc. 4.88% 15/04/2028 $105,000 92 0.13Netflix, Inc. 3.63% 15/06/2030 €100,000 93 0.13Netflix, Inc. 4.88% 15/06/2030 $19,000 17 0.02Newell Brands, Inc. 4.45% 01/04/2026 $55,000 46 0.07Nexstar Broadcasting, Inc. 5.63% 15/07/2027 $30,000 25 0.04NextEra Energy Capital Holdings, Inc. 2.75%

01/05/2025 $70,000 60 0.09NextEra Energy Capital Holdings, Inc. 2.25%

01/06/2030 $50,000 41 0.06Nielsen Co. Luxembourg SARL (The) 5.50%

01/10/2021 $55,000 45 0.06Nielsen Finance LLC 5.00% 15/04/2022 $15,000 12 0.02NIKE, Inc. 3.38% 27/03/2050 $10,000 9 0.01Noble Energy, Inc. 3.85% 15/01/2028 $82,000 60 0.09Noble Energy, Inc. 4.20% 15/10/2049 $50,000 32 0.05Novelis Corp. 5.88% 30/09/2026 $10,000 8 0.01NRG Energy, Inc. 6.63% 15/01/2027 $20,000 17 0.02Nuance Communications, Inc. 5.63% 15/12/2026 $40,000 34 0.05Oasis Petroleum, Inc. 6.88% 15/01/2023 $55,000 8 0.01Oasis Petroleum, Inc. 6.25% 01/05/2026 $9,000 1 –OneMain Direct Auto Receivables Trust, Series

2018-1A ‘B’ 3.71% 14/04/2025 $100,000 81 0.12OneMain Direct Auto Receivables Trust, Series

2018-1A ‘D’ 4.40% 14/01/2028 $100,000 80 0.11OneMain Financial Issuance Trust, Series 2018-2A

‘A’ 3.57% 14/03/2033 $150,000 124 0.18Oracle Corp. 2.95% 01/04/2030 $165,000 147 0.21Owens-Brockway Glass Container, Inc. 5.00%

15/01/2022 $7,000 6 0.01PacifiCorp 2.70% 15/09/2030 $60,000 52 0.07PacifiCorp 3.30% 15/03/2051 $14,000 12 0.02Panther BF Aggregator 2 LP 6.25% 15/05/2026 $40,000 33 0.05Penske Automotive Group, Inc. 5.50% 15/05/2026 $45,000 36 0.05PetSmart, Inc. 5.88% 01/06/2025 $84,000 69 0.10Philip Morris International, Inc. 1.50% 01/05/2025 $50,000 41 0.06Philip Morris International, Inc. 2.10% 01/05/2030 $30,000 24 0.03Pilgrim’s Pride Corp. 5.75% 15/03/2025 $15,000 12 0.02Plantronics, Inc. 5.50% 31/05/2023 $20,000 12 0.02PNMAC GMSR ISSUER TRUST, FRN, Series 2018-GT2

‘A’ 3.14% 25/08/2025 $100,000 71 0.10Post Holdings, Inc. 5.75% 01/03/2027 $60,000 51 0.07Post Holdings, Inc. 5.50% 15/12/2029 $7,000 6 0.01Prestige Auto Receivables Trust, Series 2018-1A ‘C’

3.75% 15/10/2024 $120,000 99 0.14Prestige Auto Receivables Trust, Series 2018-1A ‘D’

4.14% 15/10/2024 $30,000 24 0.03Progress Residential Trust, Series 2018-SFR3 ‘E’

4.87% 17/10/2035 $131,000 106 0.15QEP Resources, Inc. 5.38% 01/10/2022 $30,000 14 0.02

Raytheon Technologies Corp. 3.95% 16/08/2025 $8,000 7 0.01Raytheon Technologies Corp. 4.13% 16/11/2028 $165,000 155 0.22Raytheon Technologies Corp. 3.75% 01/11/2046 $25,000 22 0.03Realty Income Corp., REIT 3.00% 15/01/2027 $60,000 50 0.07Rite Aid Corp. 6.13% 01/04/2023 $29,000 22 0.03Rite Aid Corp. 7.50% 01/07/2025 $16,000 13 0.02Rockwell Collins, Inc. 3.50% 15/03/2027 $135,000 117 0.17Roper Technologies, Inc. 3.80% 15/12/2026 $55,000 50 0.07Sabre GLBL, Inc. 9.25% 15/04/2025 $25,000 22 0.03San Diego Gas & Electric Co. 3.32% 15/04/2050 $20,000 17 0.02Santander Drive Auto Receivables Trust, Series

2018-4 ‘D’ 3.98% 15/12/2025 $150,000 124 0.18Schlumberger Holdings Corp. 3.75% 01/05/2024 $35,000 30 0.04Schlumberger Holdings Corp. 3.90% 17/05/2028 $105,000 88 0.13Scotts Miracle-Gro Co. (The) 5.25% 15/12/2026 $60,000 51 0.07Sempra Energy 3.80% 01/02/2038 $30,000 26 0.04Sensata Technologies BV 4.88% 15/10/2023 $49,000 41 0.06Shire Acquisitions Investments Ireland DAC 3.20%

23/09/2026 $70,000 63 0.09Silgan Holdings, Inc. 3.25% 15/03/2025 €100,000 91 0.13Sinclair Television Group, Inc. 5.63% 01/08/2024 $25,000 20 0.03Sirius XM Radio, Inc. 5.38% 15/07/2026 $80,000 68 0.10Sirius XM Radio, Inc. 5.00% 01/08/2027 $9,000 8 0.01Six Flags Entertainment Corp. 5.50% 15/04/2027 $35,000 26 0.04Southern California Edison Co. 4.20% 01/03/2029 $57,000 53 0.08Southern California Edison Co. 2.25% 01/06/2030 $14,000 11 0.02Southern California Edison Co. 3.90% 15/03/2043 $14,000 12 0.02Southern California Edison Co. 3.65% 01/02/2050 $28,000 24 0.03Southwestern Energy Co. 6.20% 23/01/2025 $35,000 25 0.04Spectrum Brands, Inc. 5.00% 01/10/2029 $57,000 45 0.06Springleaf Finance Corp. 5.63% 15/03/2023 $21,000 17 0.02Springleaf Finance Corp. 7.13% 15/03/2026 $29,000 24 0.03Sprint Capital Corp. 8.75% 15/03/2032 $67,000 78 0.11Sprint Corp. 7.88% 15/09/2023 $67,000 62 0.09Sprint Corp. 7.63% 15/02/2025 $135,000 128 0.18Sprint Corp. 7.63% 01/03/2026 $35,000 34 0.05SS&C Technologies, Inc. 5.50% 30/09/2027 $35,000 30 0.04Standard Industries, Inc. 6.00% 15/10/2025 $45,000 38 0.05Standard Industries, Inc. 4.75% 15/01/2028 $25,000 20 0.03Staples, Inc. 7.50% 15/04/2026 $40,000 29 0.04Staples, Inc. 10.75% 15/04/2027 $20,000 12 0.02State Street Corp., FRN 2.90% 30/03/2026 $10,000 9 0.01Sunoco Logistics Partners Operations LP 5.35%

15/05/2045 $35,000 27 0.04Sunoco LP 4.88% 15/01/2023 $6,000 5 0.01Targa Resources Partners LP 5.25% 01/05/2023 $15,000 12 0.02Targa Resources Partners LP 6.75% 15/03/2024 $75,000 62 0.09Targa Resources Partners LP 5.88% 15/04/2026 $55,000 46 0.07Target Corp. 2.65% 15/09/2030 $50,000 44 0.06Tempur Sealy International, Inc. 5.63% 15/10/2023 $50,000 41 0.06Tenet Healthcare Corp. 8.13% 01/04/2022 $150,000 128 0.18Tenet Healthcare Corp. 4.63% 15/07/2024 $55,000 45 0.06Tenet Healthcare Corp. 5.13% 01/05/2025 $15,000 12 0.02Tenet Healthcare Corp. 4.88% 01/01/2026 $10,000 8 0.01Tenet Healthcare Corp. 6.25% 01/02/2027 $10,000 8 0.01Tenet Healthcare Corp. 5.13% 01/11/2027 $7,000 6 0.01Tenneco, Inc. 5.00% 15/07/2026 $30,000 13 0.02Terex Corp. 5.63% 01/02/2025 $50,000 38 0.05Texas Instruments, Inc. 1.75% 04/05/2030 $40,000 33 0.05TJX Cos., Inc. (The) 3.50% 15/04/2025 $110,000 99 0.14T-Mobile USA, Inc. 6.38% 01/03/2025 $145,000 121 0.17T-Mobile USA, Inc. 4.50% 01/02/2026 $10,000 8 0.01T-Mobile USA, Inc. 3.75% 15/04/2027 $365,000 319 0.45T-Mobile USA, Inc. 3.88% 15/04/2030 $50,000 44 0.06T-Mobile USA, Inc. 4.50% 15/04/2050 $45,000 41 0.06Toorak Mortgage Corp. Ltd., STEP, Series 2018-1

‘A1’ 4.34% 25/08/2021 $100,000 79 0.11Transocean Proteus Ltd. 6.25% 01/12/2024 $10,500 8 0.01Transocean, Inc. 7.25% 01/11/2025 $2,000 1 –Transocean, Inc. 7.50% 15/01/2026 $13,000 6 0.01Triumph Group, Inc. 7.75% 15/08/2025 $55,000 29 0.04UGI International LLC 3.25% 01/11/2025 €125,000 106 0.15Union Pacific Corp. 3.15% 01/03/2024 $40,000 35 0.05Union Pacific Corp. 4.30% 01/03/2049 $30,000 30 0.04United Airlines Pass-Through Trust ‘AA’ 2.88%

07/04/2030 $60,749 44 0.06United Rentals North America, Inc. 5.50%



15/05/2027 $110,000 94 0.13United States Cellular Corp. 6.70% 15/12/2033 $30,000 26 0.04United States Steel Corp. 6.88% 15/08/2025 $9,000 5 0.01





Total netassets %


UnitedHealth Group, Inc. 2.00% 15/05/2030 $95,000 79 0.11Uniti Group LP, REIT 6.00% 15/04/2023 $50,000 40 0.06Velocity Commercial Capital Loan Trust, FRN,

Series 2018-2 ‘A’ 4.05% 26/10/2048 $101,507 83 0.12Verizon Communications, Inc. 4.33% 21/09/2028 $125,000 120 0.17Verizon Communications, Inc. 4.86% 21/08/2046 $65,000 70 0.10Verus Securitization Trust, FRN, Series 2018-2 ‘A1’

3.68% 01/06/2058 $110,006 90 0.13VICI Properties LP, REIT 3.50% 15/02/2025 $30,000 24 0.03VICI Properties LP, REIT 4.13% 15/08/2030 $30,000 23 0.03Vista Outdoor, Inc. 5.88% 01/10/2023 $15,000 12 0.02Walt Disney Co. (The) 3.80% 22/03/2030 $130,000 122 0.17Waste Management, Inc. 4.00% 15/07/2039 $25,000 23 0.03Welbilt, Inc. 9.50% 15/02/2024 $60,000 44 0.06Wells Fargo & Co. 4.90% 17/11/2045 $30,000 29 0.04Wells Fargo & Co., FRN 3.20% 17/06/2027 $140,000 120 0.17Wells Fargo & Co., FRN 3.58% 22/05/2028 $110,000 96 0.14Wells Fargo & Co., FRN 0.00% 02/06/2028 $135,000 110 0.16Wells Fargo & Co., FRN 2.57% 11/02/2031 $205,000 167 0.24Whiting Petroleum Corp. 5.75% 15/03/2021§ $45,000 4 0.01Whiting Petroleum Corp. 6.63% 15/01/2026§ $10,000 1 –William Carter Co. (The) 5.63% 15/03/2027 $25,000 21 0.03Windstream Services LLC 8.63% 31/10/2025§ $17,000 8 0.01WMG Acquisition Corp. 3.63% 15/10/2026 €200,000 183 0.26WPX Energy, Inc. 5.75% 01/06/2026 $35,000 28 0.04Wynn Las Vegas LLC 5.50% 01/03/2025 $65,000 51 0.07Xcel Energy, Inc. 3.40% 01/06/2030 $30,000 27 0.04XPO Logistics, Inc. 6.50% 15/06/2022 $41,000 33 0.05XPO Logistics, Inc. 6.13% 01/09/2023 $11,000 9 0.01XPO Logistics, Inc. 6.75% 15/08/2024 $14,000 12 0.02Yum! Brands, Inc. 4.75% 15/01/2030 $25,000 21 0.03Zoetis, Inc. 2.00% 15/05/2030 $60,000 49 0.07Zoetis, Inc. 3.00% 15/05/2050 $25,000 21 0.03

27,446 39.09

Corporate Bonds total 40,707 57.97

Government Bonds 32.85% (28.81%) Angola 0.00% (0.32%) Australia 5.20% (0.00%) Australia Government Bond 2.50%

21/05/2030 AUD 2,445,000 1,524 2.17Australia Government Bond 1.00%

21/12/2030 AUD 3,910,000 2,124 3.03

3,648 5.20

Bahrain 0.21% (0.45%) Bahrain Government Bond 6.00% 19/09/2044 $200,000 145 0.21

145 0.21

Benin 0.16% (0.26%) Benin Government Bond 5.75% 26/03/2026 €140,000 112 0.16

112 0.16

Canada 3.00% (0.00%) Canada Government Bond 2.25%

01/06/2029 CAD 3,095,000 2,107 3.00

2,107 3.00

China 2.15% (2.97%) China Government Bond 0.13% 12/11/2026 €190,000 168 0.24China Government Bond 3.29% 23/05/2029 CNH 10,000,000 1,180 1.68China Government Bond 0.50% 12/11/2031 €190,000 163 0.23

1,511 2.15

Colombia 0.55% (0.75%) Colombia Government Bond 3.00% 30/01/2030 $250,000 203 0.29Colombia Government Bond 5.00% 15/06/2045 $200,000 184 0.26

387 0.55

Cyprus 1.49% (0.67%) Cyprus Government Bond 0.63% 03/12/2024 €74,000 67 0.10Cyprus Government Bond 1.50% 16/04/2027 €643,000 599 0.85Cyprus Government Bond 2.38% 25/09/2028 €70,000 70 0.10Cyprus Government Bond 0.63% 21/01/2030 €101,000 86 0.12Cyprus Government Bond 2.75% 26/02/2034 €119,000 123 0.17Cyprus Government Bond 1.25% 21/01/2040 €50,000 42 0.06Cyprus Government Bond 2.75% 03/05/2049 €58,000 62 0.09

1,049 1.49

Czech Republic 0.49% (0.00%) Czech Republic Government Bond 2.00%

13/10/2033 CZK 9,190,000 347 0.49

347 0.49

Dominican Republic 0.28% (0.49%) Dominican Republic Government Bond 9.75%

05/06/2026 DOP 8,000,000 91 0.13Dominican Republic Government Bond 5.88%

30/01/2060 $150,000 105 0.15

196 0.28

Egypt 0.46% (0.34%) Egypt Government Bond 7.60% 01/03/2029 $200,000 165 0.23Egypt Government Bond 7.63% 29/05/2032 $200,000 159 0.23

324 0.46

El Salvador 0.18% (0.31%) El Salvador Government Bond 7.75% 24/01/2023 $39,000 29 0.04El Salvador Government Bond 7.12% 20/01/2050 $150,000 94 0.14

123 0.18

Greece 1.06% (1.36%) Greece Government Bond 3.38% 15/02/2025 €250,000 250 0.36Greece Government Bond 1.88% 23/07/2026 €135,000 127 0.18Greece Government Bond 3.88% 12/03/2029 €163,000 176 0.25Greece Government Bond 1.88% 04/02/2035 €203,000 189 0.27

742 1.06

Hungary 0.19% (0.26%) Hungary Government Bond 7.63% 29/03/2041 $100,000 133 0.19

133 0.19

Indonesia 0.16% (1.97%) Indonesia Government Bond 6.63% 17/02/2037 $100,000 109 0.16

109 0.16

Israel 0.32% (0.00%) Israel Government Bond 3.80% 13/05/2060 $246,000 224 0.32

224 0.32

Italy 2.41% (4.59%) Italy Buoni Poliennali Del Tesoro 0.95%

01/03/2023 €320,000 293 0.42Italy Buoni Poliennali Del Tesoro 0.40%



01/09/2050 €277,000 255 0.36Italy Government Bond 2.38% 17/10/2024 $400,000 323 0.46Italy Government Bond 2.88% 17/10/2029 $470,000 370 0.53

1,691 2.41

Jamaica 0.00% (0.22%) Kazakhstan 0.12% (0.18%) Kazakhstan Government Bond 1.50% 30/09/2034 €102,000 85 0.12

85 0.12

Kenya 0.22% (0.00%) Kenya Government Bond 6.88% 24/06/2024 $200,000 156 0.22

156 0.22

Lebanon 0.05% (0.23%) Lebanon Government Bond 6.65% 22/04/2024§ $113,000 16 0.03Lebanon Government Bond 6.65% 03/11/2028§ $118,000 16 0.02

32 0.05

Malaysia 0.00% (0.99%) Mexico 0.51% (0.97%) Mexican Bonos, FRN 8.50% 31/05/2029 MXN 85,000 360 0.51

360 0.51

Morocco 0.26% (0.39%) Morocco Government Bond 5.50% 11/12/2042 $200,000 184 0.26

184 0.26

Nigeria 0.42% (0.32%) Nigeria Government Bond 7.63% 21/11/2025 $200,000 155 0.22Nigeria Government Bond 7.14% 23/02/2030 $200,000 142 0.20

297 0.42

Oman 0.19% (0.32%) Oman Government Bond 5.38% 08/03/2027 $200,000 135 0.19

135 0.19

Panama 0.25% (0.34%) Panama Government Bond 3.87% 23/07/2060 $200,000 179 0.25

179 0.25





Total netassets %


Paraguay 0.25% (0.35%) Paraguay Government Bond 5.00% 15/04/2026 $200,000 176 0.25

176 0.25

Peru 0.65% (0.41%) Peru Government Bond 2.78% 23/01/2031 $190,000 163 0.23Peru Government Bond 6.95% 12/08/2031 PEN 1,000,000 292 0.42

455 0.65

Philippines 0.24% (0.00%) Philippine Government Bond 2.95% 05/05/2045 $200,000 169 0.24

169 0.24

Portugal 2.13% (3.11%) Portugal Government Bond 5.13% 15/10/2024 $275,000 258 0.37Portugal Obrigacoes do Tesouro OT 2.88%

21/07/2026 €240,000 254 0.36Portugal Obrigacoes do Tesouro OT 0.70%



18/10/2030 €338,848 305 0.44

1,494 2.13

Romania 0.28% (0.43%) Romania Government Bond 2.12% 16/07/2031 €91,000 75 0.11Romania Government Bond 4.63% 03/04/2049 €122,000 123 0.17

198 0.28

Russia 0.82% (0.97%) Russian Federal Bond – OFZ 6.00%

06/10/2027 RUB 7,590,000 91 0.13Russian Federal Bond – OFZ 7.25%

10/05/2034 RUB 11,297,000 149 0.21Russian Federal Bond – OFZ 7.70%

16/03/2039 RUB 7,500,000 105 0.15Russian Foreign Bond – Eurobond 5.88%

16/09/2043 $200,000 231 0.33

576 0.82

Saudi Arabia 0.00% (0.34%) Serbia 0.16% (0.00%) Serbia Government Bond 3.13% 15/05/2027 €117,000 110 0.16

110 0.16

South Africa 0.00% (1.28%) South Korea 0.00% (0.32%) Spain 1.42% (1.83%) Spain Government Bond 1.25% 31/10/2030 €837,000 809 1.15Spain Government Bond 1.85% 30/07/2035 €181,000 187 0.27

996 1.42

Turkey 0.00% (0.42%) Ukraine 0.16% (0.00%) Ukraine Government Bond 7.75% 01/09/2026 $140,000 113 0.16

113 0.16

United Arab Emirates 0.26% (0.39%) Abu Dhabi Government Bond 3.88% 16/04/2050 $200,000 185 0.26

185 0.26

United States of America 5.97% (0.01%) US Treasury 2.25% 30/04/2024 $8,000 7 0.01US Treasury 1.13% 28/02/2027 $110,000 93 0.13US Treasury 1.50% 15/02/2030 $4,685,000 4,089 5.83

4,189 5.97

Uruguay 0.18% (0.25%) Uruguay Government Bond 5.10% 18/06/2050 $130,000 130 0.18

130 0.18

Government Bonds total 23,067 32.85

Convertible Bonds 2.06% (3.05%) China 0.23% (0.32%) Huazhu Group Ltd. 0.38% 01/11/2022 $102,000 82 0.12Trip.com Group Ltd. 1.00% 01/07/2020 $95,000 76 0.11

158 0.23

United States of America 1.83% (2.73%) Callaway Golf Co. 2.75% 01/05/2026 $21,000 19 0.03Cree, Inc. 0.88% 01/09/2023 $70,000 62 0.09DocuSign, Inc. 0.50% 15/09/2023 $70,000 106 0.15Envestnet, Inc. 1.75% 01/06/2023 $30,000 29 0.04Etsy, Inc. 0.00% 01/03/2023 $40,000 71 0.10FireEye, Inc. 0.88% 01/06/2024 $80,000 57 0.08Fortive Corp. 0.88% 15/02/2022 $60,000 47 0.07Guess?, Inc. 2.00% 15/04/2024 $50,000 28 0.04II-VI, Inc. 0.25% 01/09/2022 $125,000 118 0.17Integra LifeSciences Holdings Corp. 0.50%

15/08/2025 $10,000 8 0.01Knowles Corp. 3.25% 01/11/2021 $120,000 103 0.15Live Nation Entertainment, Inc. 2.50% 15/03/2023 $105,000 86 0.12Nuance Communications, Inc. 1.50% 01/11/2035 $100,000 96 0.14Nutanix, Inc. 0.00% 15/01/2023 $105,000 75 0.11ON Semiconductor Corp. 1.00% 01/12/2020 $145,000 124 0.18Redfin Corp. 1.75% 15/07/2023 $30,000 29 0.04Silicon Laboratories, Inc. 0.63% 15/06/2025 $10,000 8 0.01Snap, Inc. 0.75% 01/08/2026 $70,000 60 0.08Southwest Airlines Co. 1.25% 01/05/2025 $30,000 28 0.04Square, Inc. 0.50% 15/05/2023 $50,000 50 0.07Vocera Communications, Inc. 1.50% 15/05/2023 $15,000 11 0.01Zillow Group, Inc. 2.00% 01/12/2021 $70,000 73 0.10

1,288 1.83

Convertible Bonds total 1,446 2.06

Swaps (0.06)% ((1.20)%) Credit Default Swap Citigroup Buy CDX.NA.EM.32-V1

20/12/2024 915,000 54 0.08Credit Default Swap Citigroup Buy CDX.NA.HY.34-V1

20/06/2025 1,070,000 18 0.02Credit Default Swap Citigroup Buy

ITRAXX.EUROPE.CROSSOVER.33-V1 20/06/2025 2,827,000 (94) (0.13)Inflation Rate Swap Citigroup Pay floating USCPI

1 month Receive fixed 0.73% 20/04/2025 2,231,000 (19) (0.03)

Swaps total (41) (0.06)

Forward Currency Contracts (1.25)% (0.14%) Buy AUD 576,405 sell GBP 310,720 dated 23/06/2020 1 –Buy CAD 2,176,298 sell GBP 1,287,321 dated 23/06/2020 (3) –Buy EUR 1,117,010 sell GBP 988,385 dated 23/06/2020 21 0.03Buy EUR 10,875 sell GBP 9,743 dated 03/07/2020 – –Buy GBP 3,872,319 sell AUD 7,288,529 dated 23/06/2020 (65) (0.09)Buy GBP 3,377,247 sell CAD 5,811,074 dated 23/06/2020 (53) (0.08)Buy GBP 1,290,591 sell CNH 11,217,240 dated 23/06/2020 21 0.03Buy GBP 319,912 sell CZK 9,980,673 dated 23/06/2020 (15) (0.02)Buy GBP 8,397,748 sell EUR 9,634,555 dated 03/06/2020 (304) (0.43)Buy GBP 7,299,304 sell EUR 8,245,866 dated 23/06/2020 (150) (0.21)Buy GBP 215,717 sell EUR 240,397 dated 03/07/2020 (1) –Buy GBP 67,247 sell JPY 8,843,829 dated 23/06/2020 – –Buy GBP 361,308 sell MXN 10,247,973 dated 23/06/2020 (12) (0.02)Buy GBP 629,212 sell TRY 5,428,216 dated 23/06/2020 (13) (0.02)Buy GBP 1,910,122 sell USD 2,338,421 dated 03/06/2020 13 0.02Buy GBP 28,362,816 sell USD 35,427,798 dated 03/06/2020 (383) (0.55)Buy GBP 13,742,857 sell USD 16,796,403 dated 23/06/2020 115 0.16Buy GBP 94,686 sell USD 117,040 dated 23/06/2020 – –Buy GBP 1,961,235 sell USD 2,405,420 dated 06/07/2020 10 0.01Buy GBP 20,856,658 sell USD 25,720,451 dated 06/07/2020 (10) (0.01)Buy JPY 342,654,864 sell GBP 2,622,516 dated 23/06/2020 (29) (0.04)Buy JPY 38,942,921 sell USD 362,075 dated 23/06/2020 1 –Buy RUB 44,325,705 sell USD 614,338 dated 23/06/2020 10 0.01Buy USD 397,806 sell BRL 2,300,115 dated 23/06/2020 (22) (0.03)Buy USD 242,123 sell GBP 195,126 dated 03/06/2020 1 –Buy USD 159,430 sell GBP 131,016 dated 03/06/2020 (2) –Buy USD 84,981 sell GBP 68,691 dated 23/06/2020 – –Buy USD 357,937 sell GBP 292,469 dated 23/06/2020 (2) –Buy USD 18,479 sell GBP 15,007 dated 06/07/2020 – –Buy USD 250,635 sell PEN 868,875 dated 23/06/2020 (2) –Buy USD 172,696 sell RUB 12,770,000 dated 23/06/2020 (6) (0.01)

Forward Currency Contracts total (879) (1.25)



£’000Total netassets %


Futures 0.00% (0.21%) Euro-Bobl 08/06/2020 (4) (2) –Euro-Bund 08/06/2020 (29) 17 0.02Euro-Buxl 30 Year Bond 08/06/2020 (1) 3 –Euro-Schatz 08/06/2020 (1) – –US 2 Year Note 30/09/2020 (6) – –US 5 Year Note 30/09/2020 (24) (3) –US 10 Year Note 21/09/2020 17 (3) –US 10 Year Ultra Bond 21/09/2020 1 (2) –US Long Bond 21/09/2020 (3) (1) –US Ultra Bond 21/09/2020 5 (13) (0.02)

Futures total (4) –

Liquidity Funds 3.35% (0.00%) JPM GBP Liquidity LVNAV Fund X (dist.)Ø 2,354,065 2,354 3.35



Net assets 70,217 100.00

The comparative percentage figures in brackets are as at 30 November 2019.^ Unlisted, suspended or delisted security.§ Security is currently in default.Ø A related party to the Fund.

Debt security credit analysisMarket

value£’000

Total netassets %

Investment Grade* 38,379 54.63Below Investment Grade 21,929 31.30Unrated 4,912 6.95

Debt securities total 65,220 92.88

* Investment grade refers to the quality of a company’s credit. A rating of ‘BBB’ or higher is considered an investment grade issue.





£’000 £’000 £’000 £’000

Income

Net capital (losses)/gains (734) 1,694

Revenue 918 1,405

Expenses (64) (107)


Taxation (1) –


Total return before distributions 119 2,992

Distributions (850) (1,299)

Change in net assets attributable to shareholders from investment activities (731) 1,693



£’000 £’000 £’000 £’000




21,560 4,174


Change in net assets attributable to shareholders from investment activities (see above) (731) 1,693

Retained distributions on accumulation shares 884 1,173



Balance sheetAs at


£’000 £’000

Assets:


Current assets:

Debtors 562 480

Cash and bank balances 4,306 2,088

Total assets 72,737 49,298

Liabilities:

Investment liabilities (1,209) (832)

Creditors:

Distribution payable (48) (11)

Other creditors (1,263) (127)

Total liabilities (2,520) (970)



JPM UK Equity Income Fund

Investment objective and policyTo maximise relative returns by aiming to generate a yield in excess of the FTSE™ All-Share Index and to provide long-term capital growth.

The Fund will achieve its objective by investing in a portfolio consisting primarily of Equity and Equity-Linked Securities of UK Companies. It will invest using a flexible investment approach in stocks with specific style characteristics such as value, quality and momentum.

UK Companies are companies that are incorporated under the laws of, and have their registered office in, the UK, or that derive the predominant part of their economic activity from the UK, even if listed elsewhere. Smaller companies may be held.


The Fund may hold cash and cash equivalents and in exceptional circumstances the Fund may invest in fixed income securities as the Investment Adviser deems appropriate.




This Fund is aggressively managed, which may result in higher volatility of the Fund’s performance and bigger differences between the performance of the Fund and its Benchmark.


The single market, in which the Fund primarily invests, in this case the UK, may be subject to particular political and economic risks and, as a result, the Fund may be more volatile than more broadly diversified funds.

The Fund charges the annual fee of the Authorised Corporate Director (ACD) as well as the operating expenses against capital, which will increase the amount of income available for distribution to Shareholders, but may constrain capital growth.


Fund reviewUK stocks delivered negative returns over the six months under review, with the JPM UK Equity Income Fund outperforming its benchmark.

The UK stock market rallied strongly after the result of the December UK general election. A decisive win for Boris Johnson cleared the path for the UK to leave the European Union at the end of January 2020, and the promise of large amounts of fiscal stimulus buoyed peoples’ expectations for real GDP growth in the UK. However, the euphoria was short lived as investors turned their attention to the technicalities of the transition period.



An overweight in leisure goods, an underweight in banks and stock selection in mining contributed positively to relative performance. Detractors included stock selection in travel & leisure, household goods & home construction and financial services.

At the stock level, our overweight position in Games Workshop contributed positively to investment performance. The shares performed strongly on news that the company returned to making online and trade-channel sales after disruption from Covid-19. Our overweight position in Team 17, the video game publisher, was also a positive contributor to investment performance. The company released a strong set of full-year results and was perceived as a potential beneficiary of lockdown measures, as millions of consumers staying at home may increase demand for video games.

Stock-level detractors included our underweight to Reckitt Benckiser, the British multinational consumer goods company. The firm saw a surge in demand for its disinfectant products, as the coronavirus outbreak spread around the globe. Despite the GBP 5 billion writedown, following the acquisition of Mead Johnson, cashflow remained robust. An overweight in National Express also detracted from relative returns. The share price of the coach operator was volatile, as the market tries to analyse what impact the pandemic will have on its operations and cashflow.

However, an overweight in Dunelm, the UK homewares retailer, was a positive contributor to investment performance. While stores had to close as a result of the pandemic, news that the company’s online business was operating at record levels was supportive for the shares.

Fund outlookAs governments around the world have rightly prioritised humanitarianism over the economy, the true impact of Covid-19 remains unknown. The effectiveness of global monetary and fiscal stimulus will be heavily dependent on the length of time that this lockdown goes on for, and how the eventual recovery progresses.

Prior to the coronavirus outbreak, UK companies were planning for Brexit. That is now a secondary concern as businesses focus on survival in the face of closures and an absence of cash flows to meet costs. UK equities are even cheaper now than they were prior to the coronavirus outbreak. While there is still some way to go before we understand the full impact on earnings, the bulk of bad news appears to have been factored into pricing.

The survival of some companies will be significantly tested, but those with strong balance sheets should survive. As a result of the headwinds from the coronavirus outbreak, we have been actively looking for stocks that have fallen sharply, bringing them into attractive valuation territory, and that we believe are long-term winners. Panic-driven, indiscriminate selling of the market has undoubtedly provided opportunities.

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested.Source: FTSE International Limited (“FTSE”) © FTSE 2014. “FTSE®” is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

35JPM UK Equity Income Fund


share

Net asset value per

share31.05.20 30.11.19 % Return

JPM UK Equity Income FundA-Class Acc 46.21p 53.68p -13.9%

JPM UK Equity Income FundB-Class Acc 46.44p 53.88p -13.8%

JPM UK Equity Income FundC-Class Acc 93.88p 108.8p -13.7%


12 month performance^ to 31 May

2020 20192018

from launch

JPM UK Equity Income FundA-Class Acc -7.8% -6.4% 7.8%

JPM UK Equity Income FundB-Class Acc -7.4% -2.5% –

JPM UK Equity Income FundC-Class Acc 7.4% -5.9% 8.5%

Benchmark Index 11.2% -3.2% 6.1%


Fund size £256.0m

Benchmark Index FTSE All-Share Index (Net)

Fund charges and expenses A-Class B-Class C-Class

Initial charge (max.) Nil Nil Nil

Exit charge Nil Nil Nil


Annual management fee 1.20% 0.80% 0.60%

Operating expenses (max.) 0.15% 0.15% 0.15%

Sector breakdown %Financials 18.55Consumer Discretionary 14.43Consumer Staples 13.72Health Care 11.64Materials 10.54Energy 9.27Industrials 7.86Communication Services 3.94Utilities 3.54Information Technology 3.37Real Estate 1.67Liquidity Funds 1.09Futures 0.15Net other assets 0.23


Total Sales 39,112



share priceLowest

share price


(net)A-Class Accumulation SharesA

2017 51.64p 48.79p 1.15p2018 54.85p 47.58p 2.47p2019 53.81p 44.85p 2.60p2020B 57.61p 35.34p 1.15pA-Class Income SharesA

2017 50.94p 48.16p 1.15p2018 53.26p 44.79p 2.36p2019 48.21p 41.77p 2.38p2020B 50.95p 30.77p 1.02pB-Class Accumulation SharesC

2019 54.01p 49.28p 1.72p2020B 57.84p 35.50p 1.16pB-Class Income SharesC

2019 48.95p 45.05p 1.48p2020B 51.70p 31.24p 1.03pC-Class Accumulation SharesA

2017 103.5p 97.64p 2.31p2018 110.4p 95.99p 4.96p2019 109.1p 90.56p 5.27p2020B 116.9p 71.75p 2.34pC-Class Income SharesA

2017 102.1p 96.50p 2.30p2018 107.2p 90.37p 4.77p2019 97.56p 84.33p 4.81p2020B 103.4p 62.47p 2.07p

A A-Class Accumulation Shares, A-Class Income Shares, C-Class Accumulation Shares and C-Class Income Shares were launched on 31 May 2017.B To 31 May 2020.C B-Class Accumulation shares and B-Class Income shares were launched on 3 May 2019.

† For specific risks, including the risk and reward profile, please refer to the Key Investor information Document (KIID) available on the following website http://am.jpmorgan.co.uk/investor/prices-and-factsheets/?list=all&tab=Prices ^ Performance returns are calculated using the dealing prices of the accumulation shares (income shares are used if no accumulation share class exists) which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the Fund performance that are due to timing differences. Performance returns are in Sterling.Source: J.P. Morgan

36 JPM UK Equity Income Fund


Date

Net assetvalue per

share class£’000

Numberof shares

Net assetvalue per


A-Class Accumulation Shares30.11.17 989 1,949,156 50.72p 1.38%30.11.18 957 2,013,635 47.51p 1.35%30.11.19 1,087 2,024,593 53.68p 1.35%31.05.20 82,229 177,962,937 46.21p 1.35%A-Class Income Shares30.11.17 961 1,940,000 49.56p 1.38%30.11.18 858 1,940,000 44.24p 1.35%30.11.19 920 1,937,898 47.48p 1.35%31.05.20 29,932 75,007,061 39.91p 1.35%B-Class Accumulation Shares30.11.19 11 20,221 53.88p 0.95%31.05.20 58,886 126,805,373 46.44p 0.95%B-Class Income Shares30.11.19 13 27,887 48.18p 0.95%31.05.20 43,022 106,129,903 40.54p 0.95%C-Class Accumulation Shares30.11.17 992 974,551 101.8p 0.78%30.11.18 991 1,033,105 95.89p 0.75%30.11.19 1,093 1,004,740 108.8p 0.75%31.05.20 26,092 27,792,117 93.88p 0.75%C-Class Income Shares30.11.17 964 970,000 99.44p 0.78%30.11.18 866 970,000 89.28p 0.75%30.11.19 934 970,000 96.27p 0.75%31.05.20 15,850 19,547,344 81.09p 0.75%

The net asset value and the net asset value per income share are shown ex-dividend.




Equities 98.53% (97.61%)

Communication Services 3.94% (3.76%)Diversified Telecommunication Services 0.00% (1.03%)Entertainment 1.25% (1.87%)Cineworld Group plc 1,256,909 1,112 0.43Team17 Group plc# 382,529 2,104 0.82

3,216 1.25

Media 0.68% (0.86%) Future plc 67,000 898 0.35Reach plc 1,038,500 837 0.33

1,735 0.68

Wireless Telecommunication Services 2.01% (0.00%) Vodafone Group plc 3,836,000 5,145 2.01

5,145 2.01

Communication Services total 10,096 3.94

Consumer Discretionary 14.43% (13.43%) Diversified Consumer Services 0.00% (0.49%) Hotels, Restaurants & Leisure 2.99% (2.34%) Compass Group plc 294,729 3,599 1.41Hollywood Bowl Group plc 1,438,509 2,589 1.01SSP Group plc 505,000 1,462 0.57

7,650 2.99

Household Durables 6.25% (4.79%) Bellway plc 72,399 1,862 0.73Berkeley Group Holdings plc 56,454 2,317 0.90MJ Gleeson plc 303,480 2,161 0.84Persimmon plc 187,769 4,300 1.68Taylor Wimpey plc 2,745,000 3,993 1.56Vistry Group plc 179,703 1,370 0.54

16,003 6.25

Internet & Direct Marketing Retail 0.00% (0.62%) Leisure Products 1.65% (1.33%) Games Workshop Group plc 54,300 4,219 1.65

4,219 1.65

Multiline Retail 1.04% (0.86%) Next plc 53,537 2,664 1.04

2,664 1.04

Specialty Retail 2.50% (3.00%) Dunelm Group plc 389,968 4,075 1.59Pets at Home Group plc 380,727 897 0.35ScS Group plc 300,878 438 0.17WH Smith plc 91,169 1,010 0.39

6,420 2.50

Consumer Discretionary total 36,956 14.43

Consumer Staples 13.72% (12.09%) Beverages 2.76% (3.52%) Diageo plc 243,500 7,055 2.76

7,055 2.76

Food & Staples Retailing 1.62% (1.68%) Tesco plc 1,778,419 4,149 1.62

4,149 1.62

Food Products 0.65% (0.76%) Associated British Foods plc 90,000 1,677 0.65

1,677 0.65

Personal Products 2.72% (2.34%) Unilever plc 160,281 6,967 2.72

6,967 2.72

Tobacco 5.97% (3.79%) British American Tobacco plc 357,000 11,615 4.54Imperial Brands plc 247,848 3,650 1.43

15,265 5.97

Consumer Staples total 35,113 13.72

Energy 9.27% (13.21%) Oil, Gas & Consumable Fuels 9.27% (13.21%) Anglo Pacific Group plc 927,844 1,440 0.56BP plc 2,941,620 8,990 3.51Royal Dutch Shell plc ‘B’ 1,074,804 13,313 5.20

23,743 9.27

Energy total 23,743 9.27

Financials 18.55% (17.87%) Banks 4.72% (5.55%) Barclays plc 3,800,000 4,475 1.75HSBC Holdings plc 2,030,376 7,595 2.97

12,070 4.72

Capital Markets 4.12% (1.28%) Ashmore Group plc 394,315 1,707 0.67Brewin Dolphin Holdings plc 450,000 1,264 0.49Greencoat Renewables plc 1,985,065 2,115 0.83Intermediate Capital Group plc 218,508 2,799 1.09Liontrust Asset Management plc 220,730 2,660 1.04

10,545 4.12

Diversified Financial Services 0.67% (0.84%) M&G plc 1,154,294 1,707 0.67

1,707 0.67

Insurance 7.31% (8.55%) Aviva plc 857,168 2,140 0.84Legal & General Group plc 1,796,211 3,612 1.41Phoenix Group Holdings plc 684,359 4,302 1.68Prudential plc 439,499 4,650 1.82Sabre Insurance Group plc 1,534,158 4,004 1.56

18,708 7.31

Thrifts & Mortgage Finance 1.73% (1.65%) OneSavings Bank plc 1,592,000 4,432 1.73

4,432 1.73

Financials total 47,462 18.55

Health Care 11.64% (9.69%) Health Care Equipment & Supplies 0.00% (0.69%) Health Care Providers & Services 0.56% (0.00%) CVS Group plc# 146,688 1,427 0.56

1,427 0.56

Pharmaceuticals 11.08% (9.00%) AstraZeneca plc 174,320 15,539 6.07GlaxoSmithKline plc 765,000 12,821 5.01

28,360 11.08

Health Care total 29,787 11.64

Industrials 7.86% (10.80%) Aerospace & Defense 2.76% (2.47%) BAE Systems plc 792,503 4,012 1.57QinetiQ Group plc 1,011,588 3,035 1.19

7,047 2.76

Airlines 0.32% (1.23%) easyJet plc 118,166 814 0.32

814 0.32

Commercial Services & Supplies 0.00% (0.62%) Machinery 0.00% (1.16%) Professional Services 2.40% (2.37%) RELX plc 322,890 6,145 2.40

6,145 2.40

Road & Rail 1.37% (2.14%) Go-Ahead Group plc (The) 103,353 1,138 0.44National Express Group plc 1,104,101 2,385 0.93

3,523 1.37

Trading Companies & Distributors 1.01% (0.81%) Ashtead Group plc 104,915 2,581 1.01

2,581 1.01

Industrials total 20,110 7.86




Total netassets %


Information Technology 3.37% (3.06%) Communications Equipment 0.78% (1.11%) Spirent Communications plc 800,000 1,992 0.78

1,992 0.78

Electronic Equipment, Instruments & Components 0.00% (0.42%) IT Services 1.38% (0.74%) Computacenter plc 220,411 3,529 1.38

3,529 1.38

Software 1.21% (0.79%) Avast plc 615,625 3,093 1.21

3,093 1.21

Information Technology total 8,614 3.37

Materials 10.54% (9.05%) Construction Materials 1.65% (1.38%) CRH plc 158,501 4,234 1.65

4,234 1.65

Metals & Mining 7.55% (6.41%) BHP Group plc 387,845 6,128 2.39Central Asia Metals plc# 1,230,000 1,847 0.72Polymetal International plc 175,473 2,841 1.11Rio Tinto plc 196,600 8,521 3.33

19,337 7.55

Paper & Forest Products 1.34% (1.26%) Mondi plc 226,430 3,442 1.34

3,442 1.34

Materials total 27,013 10.54

Real Estate 1.67% (1.92%) Equity Real Estate Investment Trusts (REITs) 1.10% (0.49%) Capital & Counties Properties plc 802,800 1,290 0.50Urban Logistics REIT plc# 1,200,000 1,524 0.60

2,814 1.10

Real Estate Management & Development 0.57% (1.43%) Watkin Jones plc# 874,088 1,465 0.57

1,465 0.57

Real Estate total 4,279 1.67

Utilities 3.54% (2.73%) Multi-Utilities 2.43% (1.97%) National Grid plc 671,561 6,227 2.43

6,227 2.43

Water Utilities 1.11% (0.76%) Severn Trent plc 116,564 2,846 1.11

2,846 1.11

Utilities total 9,073 3.54


Futures 0.15% (0.05%) FTSE 100 Index 19/06/2020 33 373 0.15

Futures total 373 0.15



Investment assets 255,414 99.77Net other assets 597 0.23

Net assets 256,011 100.00

The comparative percentage figures in brackets are as at 30 November 2019.# Security traded on another regulated market.Ø A related party to the Fund.


£’000Total netassets %





To period ending 31 May2020 2019

£’000 £’000 £’000 £’000

Income

Net capital (losses)/gains (64,693) 128

Revenue 3,506 95

Expenses (808) (20)

Net revenue before taxation 2,698 75

Taxation (47) (1)

Net revenue after taxation 2,651 74

Total return before distributions (62,042) 202

Distributions (5,104) (94)

Change in net assets attributable to shareholders from investment activities (67,146) 108


To period ending 31 May2020 2019

£’000 £’000 £’000 £’000


Amounts receivable on issue of shares 325,087 27

Amounts payable on cancellation of shares (10,224) (60)

314,863 (33)

Dilution adjustment 9 –

Change in net assets attributable to shareholders from investment activities (see above) (67,146) 108

Retained distributions on accumulation shares 4,227 50



Balance sheetAs at


£’000 £’000

Assets:


Current assets:

Debtors 1,273 55


Total assets 257,563 4,112

Liabilities:

Creditors:

Distribution payable (917) (18)


Total liabilities (1,552) (54)














£’000United States of America Treasury 6,308

Total 6,308

Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions, reverse repurchase agreements and OTC derivative transactions, cannot be sold, re-invested or pledged.

Counterparties



UBS 5,932

Goldman Sachs 831

Total 6,763




£’000

Bonds Investment Grade USD 6,308

Cash N/A USD 875

Total 7,183



Type

Stocklending Value £’000

less than one day 875

3 to 12 months 516


Total 7,183





IncorporationGoldman Sachs United States

UBS Switzerland






Cash collateral received in the context of securities lending transactions may be reused in accordance with the provisions contained within the Prospectus, however the Fund as at the period end has not reinvested cash collateral received in respect of securities lending transactions.




JPM UK Equity Plus Fund

Investment objective and policyTo provide long-term capital growth through exposure to UK companies by direct investments in securities of such companies and through the use of Financial Derivative Instruments (derivatives).

UK companies are companies that are incorporated under the laws of, and have their registered office in, the UK, or that derive the predominant part of their economic activity from the UK, even if listed elsewhere. Smaller companies may also be held.

To enhance investment returns, the Fund uses a 130/30 strategy, buying Equity and Equity-Linked Securities considered undervalued or attractive and Short Selling Equity Securities considered overvalued or less attractive, using derivatives where appropriate.

The Fund will normally hold Long Positions of approximately 130% of its net assets and Short Positions of approximately 30% of its net assets but may vary from these targets depending on market conditions. The Fund may use derivatives for investment purposes or Efficient Portfolio Management including hedging, where appropriate (see Section 11.10 of the Prospectus for Risk Warnings on derivatives).

Long Positions will be achieved directly or through the use of derivatives, and Short Positions will be achieved via the use of derivatives only.

At any given time, a significant amount of the Fund’s assets may be held as cash and cash equivalents to provide cover for the exposure created by the use of derivatives or to assist in achieving its investment objective.

In certain exceptional circumstances the Fund may invest in Covered Bonds, Government Bonds, Investment Grade, Below-Investment Grade and Unrated Securities as the Investment Adviser deems appropriate.

The Fund will invest predominantly in assets denominated in Sterling. However, assets may be denominated in other currencies and non-Sterling currency exposure will not normally be hedged back to Sterling.





The Fund can use sophisticated investment techniques that differ from those used in traditional Equity funds.

There is no guarantee that the use of long and short positions will succeed in enhancing investment returns.

The Fund may use Financial Derivative Instruments (derivatives) and/or forward transactions for investment purposes. The value of derivatives can be volatile. This is because a small movement in the value of the underlying asset can cause a large movement in the value of the derivative and therefore, investment in derivatives may result in losses in excess of the amount invested by the Fund.

The possible loss from taking a Short Position on a security (using Financial

Derivative Instruments) may be unlimited as there is no restriction on the price to which a security may rise. The Short Selling of investments may be subject to changes in regulations, which could adversely impact returns to investors.

The single market in which the Fund primarily invests, in this case the UK, may be subject to particular political and economic risks and, as a result, the Fund may be more volatile than more broadly diversified funds.


Fund reviewUK stocks delivered negative returns over the six months under review, with the JPM UK Equity Plus Fund outperforming its benchmark.




An overweight in leisure goods, stock selection in aerospace & defence and stock selection in real estate investment trusts contributed positively to relative performance. Detractors included stock selection in travel & leisure, personal goods and food & drug retailers.

At the stock level, the Fund benefited from a short position in NewRiver REIT. Shares in the listed real estate firm plummeted, as it was forced to close its community pub sites as a result of the Covid-19 lockdown measures. Our overweight position in Team 17, the video game publisher, was also a positive contributor to investment performance. The company released a strong set of full-year results and was perceived as a potential beneficiary of lockdown measures, as millions of consumers staying at home may increase demand for video games.

Stock-level detractors included an overweight in Mitchells & Butlers. The pub chain announced record sales across the five festive days at the end of the year, with notably strong food sales. Investors had, however, been hoping for a stronger set of results. The firm then faced further headwinds from the Covid-19 lockdown measures. An underweight position in Reckitt Benckiser, the British multinational consumer goods company, also detracted from returns. The firm saw a surge in demand for its disinfectant products, as the coronavirus outbreak spread around the globe. Despite the GBP 5 billion writedown, following the acquisition of Mead Johnson, cashflow remained robust.

However, a short position in Restaurant Group was positive for returns over the period. The British pub and restaurant operator announced closures of some of its outlets, even before the Covid-19 pandemic took hold, resulting in a suspension of its dividend. Further headwinds, as a result of the pandemic, have caused challenges for the company.


43JPM UK Equity Plus Fund





share

Net asset value per

share31.05.20 30.11.19 % Return

JPM UK Equity Plus FundC-Class Acc 128.2p 148.4p -13.6%

JPM UK Equity Plus FundC-Class Perf Acc 128.8p 149.0p -13.6%

JPM UK Equity Plus FundS-Class Acc 95.52p 110.4p -13.5%



JPM UK Equity Plus FundC-Class Acc -5.5% -5.6% 11.7% 28.0% -3.3%

JPM UK Equity Plus FundC-Class Perf Acc -5.6% -5.2% 11.5% 28.3% -3.3%

JPM UK Equity Plus FundS-Class Acc -5.5% -5.4% 6.9% – –

Benchmark Index -11.2% -3.2% 6.1% 24.5% 0.1%


Fund size £148.0m

Benchmark Index FTSE All-Share Index (Net)

Fund charges and expenses C-ClassC-Class

Perf S-Class






Performance fee Nil 10% Nil

Sector breakdown %Financials 16.90Consumer Staples 13.38Health Care 12.31Materials 10.38Liquidity Funds 9.43Energy 8.70Industrials 8.66Consumer Discretionary 6.21Information Technology 3.61Communication Services 3.33Utilities 2.60Real Estate 2.42Futures (0.13)Swaps (0.63)Net other assets 2.83


Total Sales 33,029

† For specific risks, including the risk and reward profile, please refer to the Key Investor information Document (KIID) available on the following website http://am.jpmorgan.co.uk/investor/prices-and-factsheets/?list=all&tab=Prices^ Performance returns are calculated using the dealing prices of the accumulation shares (income shares are used if no accumulation share class exists) which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the Fund performance that are due to timing differences. Performance returns are in Sterling.Source: J.P. Morgan

Source: FTSE International Limited (“FTSE”) © FTSE 2012. “FTSE®” is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

44 JPM UK Equity Plus Fund



share priceLowest

share price


(net)C-Class Accumulation Shares2017 134.0p 110.4p 2.70p2018 147.1p 123.9p 3.84p2019 149.1p 118.4p 4.53p2020A 160.0p 98.66p 0.00pC-Class Income Shares2017 130.2p 107.2p 2.63p2018 139.9p 117.7p 3.57p2019 137.3p 109.2p 4.11p2020A 143.0p 88.17p 0.00pC-Class Perf Accumulation Shares2017 134.5p 110.7p 2.69p2018 147.2p 124.6p 4.23p2019 149.6p 119.1p 4.31p2020A 160.3p 99.35p 0.00pC-Class Perf Income Shares2017 130.2p 107.2p 2.61p2018 139.6p 118.1p 3.93p2019 137.2p 109.2p 3.92p2020A 142.7p 88.44p 0.00pS-Class Accumulation SharesB

2018 109.3p 92.10p 1.91p2019 110.9p 88.08p 3.43p2020A 119.1p 73.49p 0.00pS-Class Income SharesC

2019 110.6p 88.10p 3.13p2020A 115.4p 71.20p 0.00p

A To 31 May 2020.B S-Class Accumulation shares were launched on 12 April 2018.C S-Class Income shares were launched on 5 December 2018.


Date

Net assetvalue per

share class£’000

Numberof shares

Net assetvalue per


C-Class Accumulation Shares30.11.17 102,573 77,957,255 131.6p 1.05%30.11.18 63,122 50,980,588 123.8p 0.85%30.11.19 72,494 48,847,137 148.4p 0.80%31.05.20 78,970 61,608,180 128.2p 0.82%C-Class Income Shares30.11.17D 10,198 8,150,000 125.1p 1.05%30.11.18D 21,648 18,976,630 114.1p 0.85%30.11.19D 28,017 21,121,810 132.6p 0.82%31.05.20 24,350 21,258,030 114.5p 0.82%C-Class Perf Accumulation Shares30.11.17 19,738 14,958,474 132.0p 0.78%30.11.18 16,658 13,376,169 124.5p 0.56%30.11.19 12,247 8,218,594 149.0p 0.61%31.05.20 10,602 8,228,880 128.8p 0.61%C-Class Perf Income Shares30.11.17D 10,201 8,150,000 125.2p 0.78%30.11.18D 9,300 8,150,000 114.1p 0.56%30.11.19D 10,827 8,160,224 132.7p 0.61%31.05.20 9,378 8,176,887 114.7p 0.61%S-Class Accumulation Shares30.11.18 15,332 16,653,265 92.07p 0.48%30.11.19 22,456 20,334,233 110.4p 0.50%31.05.20 24,554 25,706,927 95.52p 0.52%S-Class Income Shares30.11.19D 285 266,470 107.0p 0.53%31.05.20 117 126,870 92.54p 0.53%

D The net asset value and the net asset value per income share are shown ex-dividend at the financial year end.




Equities 88.50% (80.41%)

Communication Services 3.33% (3.72%)Diversified Telecommunication Services 0.62% (0.55%)BT Group plc 418,927 494 0.34Gamma Communications plc# 33,864 418 0.28

912 0.62

Interactive Media & Services 0.76% (0.82%) Rightmove plc 191,697 1,126 0.76

1,126 0.76

Media 0.00% (0.10%) Wireless Telecommunication Services 1.95% (2.25%) Vodafone Group plc 2,151,107 2,885 1.95

2,885 1.95


Consumer Discretionary 6.21% (8.87%) Distributors 0.00% (0.65%) Hotels, Restaurants & Leisure 2.17% (4.29%) Domino’s Pizza Group plc 237,759 867 0.58Flutter Entertainment plc 856 86 0.06Greggs plc 57,795 1,077 0.73Hollywood Bowl Group plc 245,036 441 0.30Mitchells & Butlers plc 402,101 744 0.50

3,215 2.17

Household Durables 1.17% (1.22%) Barratt Developments plc 170,859 859 0.58Berkeley Group Holdings plc 2,212 91 0.06Persimmon plc 14,307 328 0.22Taylor Wimpey plc 311,030 452 0.31

1,730 1.17

Leisure Products 1.60% (1.35%) Games Workshop Group plc 30,489 2,369 1.60

2,369 1.60

Specialty Retail 1.27% (1.36%) JD Sports Fashion plc 165,698 1,074 0.73WH Smith plc 72,523 804 0.54

1,878 1.27


Consumer Staples 13.38% (11.95%) Beverages 2.33% (4.57%) Britvic plc 22,288 164 0.11Diageo plc 113,482 3,288 2.22

3,452 2.33

Food Products 1.02% (0.00%) Greencore Group plc 369,158 505 0.34Tate & Lyle plc 147,596 1,011 0.68

1,516 1.02

Household Products 2.19% (0.62%) Reckitt Benckiser Group plc 45,380 3,235 2.19

3,235 2.19

Personal Products 2.31% (3.13%) Unilever plc 78,539 3,414 2.31

3,414 2.31

Tobacco 5.53% (3.63%) British American Tobacco plc 223,467 7,270 4.91Imperial Brands plc 62,467 920 0.62

8,190 5.53


Energy 8.70% (12.36%) Oil, Gas & Consumable Fuels 8.70% (12.36%) BP plc 1,554,614 4,751 3.21Royal Dutch Shell plc ‘A’ 310,086 3,985 2.69Royal Dutch Shell plc ‘B’ 296,672 3,675 2.49Serica Energy plc# 404,478 458 0.31

12,869 8.70


Financials 16.90% (15.54%) Banks 5.66% (8.99%) Barclays plc 1,305,314 1,537 1.04Close Brothers Group plc 45,402 499 0.34HSBC Holdings plc 1,340,290 5,013 3.39Lloyds Banking Group plc 4,310,744 1,324 0.89

8,373 5.66

Capital Markets 3.78% (1.45%) Brewin Dolphin Holdings plc 338,849 952 0.64CMC Markets plc 475,142 946 0.64Hargreaves Lansdown plc 27,587 511 0.35IG Group Holdings plc 50,323 387 0.26Intermediate Capital Group plc 161,163 2,065 1.39Liontrust Asset Management plc 41,639 502 0.34London Stock Exchange Group plc 2,934 239 0.16

5,602 3.78

Diversified Financial Services 1.05% (1.29%) M&G plc 1,046,733 1,548 1.05

1,548 1.05

Insurance 5.61% (2.68%) Beazley plc 235,100 906 0.61Direct Line Insurance Group plc 634,315 1,709 1.16Lancashire Holdings Ltd. 32,217 218 0.15Legal & General Group plc 67,048 135 0.09Phoenix Group Holdings plc 282,552 1,776 1.20Prudential plc 336,162 3,556 2.40

8,300 5.61

Thrifts & Mortgage Finance 0.80% (1.13%) OneSavings Bank plc 425,017 1,183 0.80

1,183 0.80


Health Care 12.31% (9.35%) Health Care Equipment & Supplies 0.00% (0.24%) Life Sciences Tools & Services 0.26% (0.00%) Ergomed plc# 104,379 386 0.26

386 0.26

Pharmaceuticals 12.05% (9.11%) AstraZeneca plc 117,426 10,468 7.08GlaxoSmithKline plc 438,902 7,356 4.97

17,824 12.05


Industrials 8.66% (8.58%) Aerospace & Defense 1.83% (1.86%) BAE Systems plc 535,004 2,708 1.83

2,708 1.83

Airlines 0.15% (0.00%) Dart Group plc# 25,242 221 0.15

221 0.15

Commercial Services & Supplies 0.62% (0.70%) Augean plc# 36,578 65 0.04Johnson Service Group plc# 699,849 855 0.58

920 0.62

Construction & Engineering 0.55% (1.03%) Balfour Beatty plc 202,636 521 0.35Morgan Sindall Group plc 15,495 196 0.13Renew Holdings plc# 20,586 93 0.07

810 0.55




Total netassets %


Electrical Equipment 0.27% (0.00%) Volex plc# 281,447 395 0.27

395 0.27

Machinery 0.78% (0.81%) Morgan Advanced Materials plc 542,642 1,156 0.78

1,156 0.78

Marine 0.32% (0.00%) Clarkson plc 20,557 466 0.32

466 0.32

Professional Services 0.90% (1.50%) Experian plc 41,076 1,175 0.79SThree plc 69,902 158 0.11

1,333 0.90

Road & Rail 0.67% (0.37%) Go-Ahead Group plc (The) 64,947 715 0.48National Express Group plc 130,225 281 0.19

996 0.67

Trading Companies & Distributors 2.57% (2.31%) Ashtead Group plc 99,667 2,452 1.66Ferguson plc 8,008 512 0.34Grafton Group plc 132,482 843 0.57

3,807 2.57


Information Technology 3.61% (2.23%) Electronic Equipment, Instruments & Components 1.24% (1.01%) Halma plc 28,494 672 0.45Oxford Instruments plc 93,553 1,163 0.79

1,835 1.24

IT Services 2.29% (1.22%) Computacenter plc 100,185 1,604 1.08Softcat plc 156,397 1,791 1.21

3,395 2.29

Software 0.08% (0.00%) AVEVA Group plc 2,706 110 0.08

110 0.08


Materials 10.38% (6.80%) Containers & Packaging 1.20% (1.26%) Smurfit Kappa Group plc 67,538 1,786 1.20

1,786 1.20

Metals & Mining 9.18% (5.54%) Anglo American plc 162,904 2,747 1.86Antofagasta plc 15,412 136 0.09BHP Group plc 43,204 683 0.46Central Asia Metals plc# 107,188 161 0.11Evraz plc 236,048 684 0.46Ferrexpo plc 896,624 1,604 1.08Petropavlovsk plc 1,397,581 335 0.23Polymetal International plc 121,406 1,966 1.33Rio Tinto plc 121,497 5,266 3.56

13,582 9.18


Real Estate 2.42% (0.75%) Equity Real Estate Investment Trusts (REITs) 2.39% (0.75%) British Land Co. plc (The) 64,428 262 0.18Derwent London plc 38,162 1,144 0.77Safestore Holdings plc 125,709 846 0.57UNITE Group plc (The) 84,572 736 0.49Workspace Group plc 75,355 559 0.38

3,547 2.39

Real Estate Management & Development 0.03% (0.00%) WG plc^ 16,900 40 0.03

40 0.03


Utilities 2.60% (0.26%) Electric Utilities 0.84% (0.00%) SSE plc 100,633 1,239 0.84

1,239 0.84

Multi-Utilities 1.23% (0.26%) National Grid plc 196,922 1,826 1.23

1,826 1.23

Water Utilities 0.53% (0.00%) Severn Trent plc 31,801 777 0.53

777 0.53



Swaps (0.63)% (0.02%) UK Equity Total Return Swap 2 (927) (0.63)

Swaps total (927) (0.63)

Futures (0.13)% (0.01%) FTSE 100 Index 19/06/2020 (112) (185) (0.13)

Futures total (185) (0.13)



Investment assets (including investment liabilities) 143,791 97.17Net other assets 4,180 2.83

Net assets 147,971 100.00

The comparative percentage figures in brackets are as at 30 November 2019.# Security traded on another regulated market.^ Unlisted, suspended or delisted security.Ø A related party to the Fund.




Total netassets %






£’000 £’000 £’000 £’000

Income

Net capital (losses)/gains (23,609) 9,561

Revenue 2,126 2,762

Expenses (584) (514)

Net revenue before taxation 1,542 2,248

Taxation (27) (22)

Net revenue after taxation 1,515 2,226

Total return before distributions (22,094) 11,787

Distributions 88 (1)

Change in net assets attributable to shareholders from investment activities (22,006) 11,786



£’000 £’000 £’000 £’000




23,487 (2,453)


Change in net assets attributable to shareholders from investment activities (see above) (22,006) 11,786



Balance sheetAs at


£’000 £’000

Assets:


Current assets:

Debtors 1,711 2,912


Total assets 150,553 147,911

Liabilities:

Investment liabilities (1,112) –

Creditors:

Distribution payable – (1,197)

Other creditors (1,470) (388)

Total liabilities (2,582) (1,585)





Global DataAmount of securities and commodities on loan


Amount of assets engaged in securities lending & TRS

The following table represents the total value of assets engaged in each type of SFT (including Total Return Swaps (TRS)):


Securities lending 2 0.00%TRS 927 0.63%




£’000United States of America Treasury 2

Total 2


Counterparties


Stock lending


Merrill Lynch 2

Total 2

TRS


Goldman Sachs 23,188

Total 23,188




£’000

Bonds Investment Grade USD 2

Total 2

No collateral was received in relation to TRS as at the balance sheet date.



Type


more than 1 year 2

Total 2



Maturity tenor of TRS

The following table provides an analysis of the maturity tenor of open TRS.

MaturityTRS Value

£’000

more than 1 year (927)

Total (927)



IncorporationGoldman Sachs United States

Merrill Lynch United States



Settlement and clearingOTC derivative transactions are entered into by the Fund under an International Swaps and Derivatives Associations, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivative transactions (including total return swaps) entered into by the parties. All OTC derivative transactions entered under an ISDA Master Agreement are netted together for collateral purposes, therefore any collateral disclosures provided are in respect of all OTC derivative transactions entered into by the Fund under the ISDA Master agreement, not just total return swaps.

The Fund’s securities lending transactions including related collaterals are settled and cleared either bi-laterally, tri-party or through a central counterparty.



Cash collateral received in the context of OTC (including TRS) Transactions in Derivatives may be reused in accordance with the provisions contained within the Prospectus, however the Fund does not currently reinvest cash collateral received in respect of OTC Derivatives.

Safekeeping of collateralAll collateral pledged (31.05.20: £32,000) by the Fund is in respect of TRS with the counterparty Goldman Sachs as at the balance sheet date is in the form of cash (GBP).

All collateral received (31.05.20: £2,000) by the Fund in respect of securities lending transactions as at the balance sheet date is held by the Custodian.

Return and costAll returns from TRS transactions will accrue to the Fund and are not subject to any returns sharing arrangements with the Fund’s Manager or any other third parties. Returns from those instruments are disclosed within Fund’s financial statements.

JPMorgan Chase Bank, N.A (JPMCB), the lending agent, receives a fee of 10% of the gross revenue for its services related to the Stock Lending Transactions. The remainder of the revenue, 90%, is received by the Fund i.e. for the benefit of Shareholders.


JPM UK Smaller Companies Fund

Investment objective and policyTo provide long-term capital growth by investing primarily in UK smaller companies.

UK smaller companies are companies that are incorporated under the laws of, and have their registered office in, the UK, or that derive the predominant part of their economic activity from the UK, even if listed elsewhere. This may include companies listed on AIM or included in the FTSE 250 index.

Other instruments as permitted in the stated investment and borrowing powers of the Company including, but not limited to, fixed income securities, cash and cash equivalents may be held on an ancillary basis, as appropriate.


The Fund will invest predominantly in assets denominated in Sterling. However, assets may be denominated in other currencies and non-Sterling currency exposure will not normally be hedged back to Sterling.





Companies listed on AIM tend to be smaller and early stage companies and may carry greater risks than an investment in a company with a full listing on the London Stock Exchange.

The Fund may take significant positions relative to its Benchmark.

The single market in which the Fund invests, in this case the UK, may be subject to particular political and economic risks and, as a result, the Fund may be more volatile than more broadly diversified funds.


Fund reviewUK smaller company stocks delivered negative returns over the six months under review, with the JPM UK Smaller Companies Fund outperforming its benchmark.




An overweight in leisure goods, an underweight in support services and stock selection in general retailers contributed positively to relative performance. Detractors included underweights in mining, pharmaceuticals & biotechnology and alternative energy.

At the stock level, our overweight position in Games Workshop contributed positively to investment performance. The shares performed strongly on news that the company returned to making online and trade-channel sales after disruption from Covid-19. An overweight in Dunelm, the UK homewares retailer, was also a positive contributor to investment performance. While stores had to close as a result of the pandemic, news that its online business was operating at record levels was supportive for the shares.

Stock-level detractors included an overweight in Dart Group. Shares of the UK leisure travel and logistics business were heavily impacted by the outbreak of Covid-19 and the cessation of UK consumers going on holiday to European destinations. An overweight position in Vistry Group, formerly called Bovis Homes, also detracted from returns. The UK housebuilder saw a significant headwind from the Covid-19 pandemic, which resulted in job losses and the suspension of its dividend.

However, an overweight position in Team 17, the video game publisher, was a positive contributor to investment performance. The company released a strong set of full-year results and was perceived as a potential beneficiary of lockdown measures, as millions of consumers staying at home may increase demand for video games.




You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested.Source: FTSE International Limited (“FTSE”) © FTSE 2013. “FTSE®” is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

51JPM UK Smaller Companies Fund


share

Net asset value per

share31.05.20 30.11.19 % Return

JPM UK Smaller Companies Fund A-Class Acc 464.6p 527.3p -11.9%

JPM UK Smaller Companies Fund B-Class Acc 481.7p 545.4p -11.7%

JPM UK Smaller Companies Fund C-Class Acc 491.0p 555.3p -11.6%

JPM UK Smaller Companies Fund I-Class Acc 975.0p 1,101p -11.4%



JPM UK Smaller Companies Fund A-Class Acc 2.1% -5.6% 13.7% 20.1% -0.2%

JPM UK Smaller Companies Fund B-Class Acc -1.7% -5.2% 14.2% 20.7% 0.3%

JPM UK Smaller Companies Fund C-Class Acc -1.4% -5.0% 14.5% 21.0% 0.6% JPM UK Smaller Companies Fund I-Class Acc -1.1% -4.7% 14.8% 21.3% 0.9%

Benchmark Index -12.1% -8.0% 5.7% 24.0% 0.3%


Fund size £162.3m

Benchmark Index FTSE Small Cap ex Investment Trusts (Gross)

Fund charges and expenses A-Class B-Class C-Class I-Class

Initial charge (max.) Nil Nil Nil Nil

Exit charge Nil Nil Nil Nil


Annual management fee 1.50% 1.00% 0.75% 0.60%

Operating expenses (max.) 0.15% 0.15% 0.15% Nil

Sector breakdown %Information Technology 16.03Consumer Discretionary 14.95Industrials 14.43Communication Services 14.16Financials 12.95Materials 6.19Real Estate 5.64Health Care 3.53Collective Investment Schemes 3.11Energy 2.65Consumer Staples 1.86Utilities 1.11Net other assets 3.39


Total Sales 57,039

† For specific risks, including the risk and reward profile, please refer to the Key Investor information Document (KIID) available on the following website http://am.jpmorgan.co.uk/investor/prices-and-factsheets/?list=all&tab=Prices^ Performance returns are calculated using the dealing prices of the accumulation shares (income shares are used if no accumulation share class exists) which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the Fund performance that are due to timing differences. Performance returns are in Sterling.Source: J.P. Morgan

52 JPM UK Smaller Companies Fund



share priceLowest

share price


(net)A-Class Accumulation Shares2017 473.4p 368.0p 2.87p2018 517.8p 433.2p 5.67p2019 530.6p 409.3p 5.08p2020A 598.4p 340.2p 0.00pA-Class Income Shares2017 90.95p 70.71p 0.55p2018 98.85p 82.67p 1.03p2019 99.91p 77.15p 0.87p2020A 111.7p 63.49p 0.00pB-Class Accumulation Shares2017 485.2p 375.5p 5.10p2018 532.2p 446.1p 8.05p2019 548.8p 421.7p 7.32p2020A 619.6p 352.4p 0.00pB-Class Income SharesB

2019 548.4p 474.4p 4.36p2020A 614.1p 349.3p 0.00pC-Class Accumulation Shares2017 491.5p 379.5p 6.26p2018 540.0p 453.1p 9.44p2019 558.8p 428.4p 8.64p2020A 631.2p 359.1p 0.00pC-Class Income Shares2017 91.67p 70.77p 1.16p2018 99.39p 83.40p 1.74p2019 100.7p 77.22p 1.56p2020A 112.0p 63.73p 0.00pI-Class Accumulation Shares2017 968.5p 745.5p 15.15p2018 1,066p 895.7p 21.67p2019 1,108p 847.0p 20.00p2020A 1,252p 712.7p 0.00p



Date

Net assetvalue per

share class£’000

Numberof shares

Net assetvalue per


A-Class Accumulation Shares30.11.17 61,409 13,462,052 456.2p 1.68%30.11.18 54,037 12,476,251 433.1p 1.61%30.11.19 31,102 5,898,760 527.3p 1.60%31.05.20 26,357 5,672,873 464.6p 1.60%A-Class Income Shares30.11.17C 2,143 2,461,110 87.09p 1.68%30.11.18C 1,982 2,428,259 81.62p 1.61%30.11.19C 654 664,362 98.41p 1.67%31.05.20 597 689,007 86.69p 1.66%B-Class Accumulation Shares30.11.17 63 13,551 467.7p 1.18%30.11.18 61 13,551 446.1p 1.11%30.11.19 23,723 4,349,919 545.4p 1.17%31.05.20 20,585 4,273,817 481.7p 1.14%B-Class Income Shares30.11.19C 1,327 245,537 540.6p 1.17%31.05.20 1,162 243,416 477.4p 1.16%C-Class Accumulation Shares30.11.17 20,330 4,290,018 473.9p 0.93%30.11.18 18,477 4,078,064 453.1p 0.86%30.11.19 24,513 4,414,101 555.3p 0.92%31.05.20 30,347 6,180,513 491.0p 0.91%C-Class Income Shares30.11.17C 1,162 1,332,448 87.21p 0.93%30.11.18C 1,134 1,389,345 81.65p 0.86%30.11.19C 3,136 3,181,669 98.55p 0.92%31.05.20 4,804 5,512,992 87.14p 0.91%I-Class Accumulation Shares30.11.17 49,568 5,307,485 933.9p 0.60%30.11.18 69,573 7,767,658 895.7p 0.60%30.11.19 100,846 9,158,969 1,101p 0.62%31.05.20 78,459 8,047,326 975.0p 0.61%








Total netassets %

Equities 93.50% (89.86%)Communication Services 14.16% (11.23%)Diversified Telecommunication Services 1.10% (0.00%) Gamma Communications plc# 145,000 1,791 1.10

1,791 1.10

Entertainment 5.27% (3.06%) Codemasters Group Holdings plc# 700,000 2,135 1.31Frontier Developments plc# 90,000 1,796 1.11Sumo Group plc# 470,000 893 0.55Team17 Group plc# 678,000 3,729 2.30

8,553 5.27

Media 7.79% (8.17%) 4imprint Group plc 136,000 3,203 1.98Future plc 457,000 6,124 3.77Pebble Group plc (The)# 385,000 377 0.23Reach plc 1,411,970 1,138 0.70S4 Capital plc 790,000 1,801 1.11

12,643 7.79


Consumer Discretionary 14.95% (18.71%)Auto Components 0.00% (0.81%) Diversified Consumer Services 0.33% (0.40%)Anexo Group plc# 430,000 538 0.33

538 0.33

Hotels, Restaurants & Leisure 1.74% (6.09%)Greggs plc 60,566 1,129 0.70Hollywood Bowl Group plc 400,000 720 0.44Rank Group plc 710,000 971 0.60

2,820 1.74

Household Durables 2.97% (3.08%) Crest Nicholson Holdings plc 60,000 154 0.10MJ Gleeson plc 180,000 1,282 0.79Vistry Group plc 443,821 3,384 2.08

4,820 2.97

Internet & Direct Marketing Retail 0.00% (0.37%)Leisure Products 3.08% (3.51%) Games Workshop Group plc 64,200 4,988 3.08

4,988 3.08

Specialty Retail 6.83% (4.45%) Dunelm Group plc 465,000 4,859 2.99Halfords Group plc 156,627 287 0.18Motorpoint group plc 42,953 103 0.06Pets at Home Group plc 1,860,000 4,382 2.70Watches of Switzerland Group plc 525,000 1,460 0.90

11,091 6.83


Consumer Staples 1.86% (1.33%) Beverages 0.00% (0.44%) Food Products 1.86% (0.89%) Hilton Food Group plc 158,000 2,016 1.24Premier Foods plc 2,200,000 1,007 0.62

3,023 1.86


Energy 2.65% (3.82%) Oil, Gas & Consumable Fuels 2.65% (3.82%) Anglo Pacific Group plc 750,000 1,164 0.72Energean plc 98,000 529 0.33Jadestone Energy, Inc.# 2,705,000 1,515 0.93Premier Oil plc 2,055,000 590 0.36Rockrose Energy plc 50,000 495 0.31

4,293 2.65


Financials 12.95% (11.01%) Banks 1.66% (1.57%) Bank of Georgia Group plc 180,000 1,631 1.01TBC Bank Group plc 130,000 1,057 0.65

2,688 1.66

Capital Markets 7.12% (4.24%) Alpha FX Group plc# 175,000 1,348 0.83Argentex Group plc# 617,579 895 0.55CMC Markets plc 615,000 1,224 0.76Draper Esprit plc# 315,000 1,386 0.85Impax Asset Management Group plc# 281,000 1,062 0.66IntegraFin Holdings plc 478,000 2,505 1.54Liontrust Asset Management plc 260,000 3,133 1.93

11,553 7.12

Insurance 1.67% (1.67%) Sabre Insurance Group plc 1,040,000 2,714 1.67

2,714 1.67

Thrifts & Mortgage Finance 2.50% (3.53%) Mortgage Advice Bureau Holdings Ltd.# 146,000 864 0.53OneSavings Bank plc 1,150,000 3,202 1.97

4,066 2.50


Health Care 3.53% (0.00%) Health Care Equipment & Supplies 0.37% (0.00%) Inspecs Group plc# 324,000 599 0.37

599 0.37

Health Care Providers & Services 2.03% (0.00%) CareTech Holdings plc# 250,000 1,010 0.62CVS Group plc# 235,000 2,287 1.41

3,297 2.03

Life Sciences Tools & Services 1.13% (0.00%) Ergomed plc# 495,000 1,831 1.13

1,831 1.13


Industrials 14.43% (13.61%) Aerospace & Defense 2.38% (1.31%) Avon Rubber plc 118,000 3,853 2.38

3,853 2.38

Air Freight & Logistics 0.39% (0.52%) Wincanton plc 350,000 637 0.39

637 0.39

Airlines 1.73% (2.65%) Dart Group plc# 321,000 2,812 1.73

2,812 1.73

Building Products 0.81% (0.76%) Polypipe Group plc 305,000 1,316 0.81

1,316 0.81

Commercial Services & Supplies 1.19% (1.11%) Serco Group plc 1,492,000 1,931 1.19

1,931 1.19

Construction & Engineering 3.74% (2.55%) John Laing Group plc 907,000 3,220 1.99Keller Group plc 170,000 1,076 0.66Morgan Sindall Group plc 140,000 1,772 1.09

6,068 3.74

Electrical Equipment 0.23% (0.00%) Luceco plc 349,787 367 0.23

367 0.23

Machinery 2.67% (2.62%) Judges Scientific plc# 68,000 3,468 2.14Porvair plc 140,000 871 0.53

4,339 2.67


Professional Services 0.36% (1.56%) Robert Walters plc 172,000 588 0.36

588 0.36

Road & Rail 0.93% (0.53%) Go-Ahead Group plc (The) 136,585 1,504 0.93

1,504 0.93


Information Technology 16.03% (14.56%) Communications Equipment 2.74% (2.17%) Spirent Communications plc 1,785,000 4,445 2.74

4,445 2.74

Electronic Equipment, Instruments & Components 1.38% (1.88%) Oxford Instruments plc 180,000 2,239 1.38

2,239 1.38

IT Services 8.61% (7.83%) Computacenter plc 290,000 4,643 2.86FDM Group Holdings plc 185,000 1,617 1.00Kainos Group plc 195,000 1,583 0.97Keywords Studios plc# 105,000 1,847 1.14Softcat plc 375,000 4,294 2.64

13,984 8.61

Software 3.30% (2.68%) GB Group plc# 309,000 2,058 1.27Learning Technologies Group plc# 2,548,200 3,297 2.03

5,355 3.30


Materials 6.19% (7.93%) Construction Materials 3.35% (4.85%) Breedon Group plc# 2,400,000 1,920 1.18Forterra plc 955,000 1,887 1.16Marshalls plc 250,000 1,637 1.01

5,444 3.35

Metals & Mining 2.84% (3.08%) Centamin plc 770,000 1,263 0.78Central Asia Metals plc# 605,000 909 0.56Hill & Smith Holdings plc 195,000 2,429 1.50

4,601 2.84


Real Estate 5.64% (6.55%) Equity Real Estate Investment Trusts (REITs) 0.73% (1.30%) Safestore Holdings plc 102,000 686 0.42Urban Logistics REIT plc# 400,000 508 0.31

1,194 0.73

Real Estate Management & Development 4.91% (5.25%) CLS Holdings plc 655,000 1,277 0.79Savills plc 245,000 2,207 1.36Sirius Real Estate Ltd. 1,842,224 1,413 0.87Urban & Civic plc 330,000 761 0.47Watkin Jones plc# 1,375,000 2,305 1.42

7,963 4.91


Utilities 1.11% (1.11%) Multi-Utilities 1.11% (1.11%) Telecom Plus plc 125,000 1,808 1.11

1,808 1.11



Collective Investment Schemes 3.11% (4.96%) Investment Companies 3.11% (4.96%) iShares FTSE 250 UCITS Fund GBP (Dist) Share Class 310,000 5,045 3.11

5,045 3.11

Collective Investment Schemes total 5,045 3.11


Net assets 162,311 100.00

The comparative percentage figures in brackets are as at 30 November 2019.# Security traded on another regulated market.




Total netassets %






£’000 £’000 £’000 £’000

Income

Net capital (losses)/gains (26,900) 13,407

Revenue 1,020 1,893



Taxation – (53)


Total return before distributions (26,718) 14,492

Distributions (25) (10)

Change in net assets attributable to shareholders from investment activities (26,743) 14,482



£’000 £’000 £’000 £’000




3,601 (3,904)

Dilution adjustment 152 –

Change in net assets attributable to shareholders from investment activities (see above) (26,743) 14,482



Balance sheetAs at


£’000 £’000

Assets:


Current assets:

Debtors 530 15,206


Total assets 163,426 197,844

Liabilities:

Creditors:

Distribution payable – (66)

Other creditors (1,115) (12,477)




JPM US Small Cap Growth Fund

Investment objective and policyTo provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation US companies.

US companies are companies that are incorporated under the laws of, and have their registered office in, the US, or that derive the predominant part of their economic activity from the US, even if listed elsewhere.

This Equity based fund invests primarily in those stocks which the Investment Adviser believes to have the potential of above-average growth (growth stocks). Above average growth refers to the ability to deliver higher earnings growth than market expectations.

Other instruments as permitted in the stated investment and borrowing powers of the Company including, but not limited to, fixed interest securities, cash and cash equivalents may be held on an ancillary basis, as appropriate.


The Fund will invest predominantly in assets denominated in US Dollar. However, assets may be denominated in other currencies and non-Sterling currency exposure will not normally be hedged back to Sterling.




The single market in which the Fund invests, in this case the US, may be subject to particular political and economic risks and, as a result, the Fund may be more volatile than more broadly diversified funds.

The Fund may have greater volatility compared to broader market indices as a result of the Fund’s focus on growth stocks.

Movements in currency exchange rates can adversely affect the return of your investment.


Fund reviewThe S&P 500 Index® was down -2.10% over the six months period under review. After a strong close to 2019, with the US-China trade deal underway and continued positive US economic numbers, the S&P 500 Index® ended January marginally negative, with headline risks surrounding the initial outbreak of Covid-19. Despite late-January volatility, the S&P 500 Index® started February by rising to new all-time highs, with optimistic reads on US employment and retail sales.

With many countries responding to the coronavirus with economy-wide lockdowns, the S&P 500 Index® fell as much as 30% during the quarter, and the CBOE Volatility Index rose to an unprecedented 85. During this time, oil also collapsed, with Brent crude falling heavily as the Saudi Arabia-Russia oil-price war escalated. To help mitigate the drawdown, global central banks implemented rate cuts and the US government put into effect three relief plans, which facilitated the market clawing back some of its losses towards month-end.

Rebounding from one of the worst quarters on record, April started with signs of recovery following the bottom hit during the previous month. However, May started with renewed volatility in equity markets. An escalation in geopolitical tensions added to the market volatility, as US-China relations deteriorated throughout the month over coronavirus-blame rhetoric. Investors continued to overlook these headwinds, and instead focused on the ongoing progress in developing a medication to fight the Covid-19 outbreak.

The Fund generated a positive return for the six months period under review and outperformed the benchmark. The outperformance was driven by positive stock selection across the majority of sectors.

Our stock selection in the technology and healthcare sectors contributed the most to relative performance.

Within technology, our exposure to Zscaler proved beneficial. Zscaler, a cloud-based cybersecurity company, posted strong results, driven by increased demand from work-from-home solutions and raised guidance for the year.

Within the healthcare space, our overweight position in Teladoc was the largest contributor over the period. Teladoc reported solid fourth-quarter results and issued preliminary 2020 guidance that was above expectations. The results and management’s commentary suggests that the business is at an inflection point.

On the other hand, our lack of exposure in the utilities sector weighed on relative returns.

On the negative side among individual names, our overweight positions in Hudson in the consumer discretionary sector and Performance Food Group in the consumer staples space were top detractors over the period, due to worries related to the negative impact on earnings from coronavirus and potential risks related to balance sheets.

At the security level, our lack of exposure to Quidel in the healthcare space proved to be lacklustre.

Fund outlookWe continue to focus on the fundamentals of the economy and on company earnings. Our core analysts’ estimates for S&P 500® earnings have moved lower, currently projecting negative growth for 2020 followed by a rebound in 2021. While subject to revision, this forecast reflects our expectations for a very weak year, yet ultimate recovery in the underlying economy, and includes our best analysis of earnings expectations. Unemployment and other uncertainties – such as energy, fiscal stimulus and the US election – will be integral to investor sentiment moving forward.

While we believe the economy will recover, it will first need time to heal, hence we remain balanced and continue to monitor incremental risks that could represent headwinds for US stocks. Through the volatility, we continue to increase our exposure to quality, focus on high-conviction stocks and take advantage of market dislocations for compelling stock-selection opportunities.


57JPM US Small Cap Growth Fund

† For specific risks, including the risk and reward profile, please refer to the Key Investor information Document (KIID) available on the following website http://am.jpmorgan.co.uk/investor/prices-and-factsheets/?list=all&tab=Prices ^ Performance returns are calculated using the dealing prices of the accumulation shares which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the Fund performance that are due to timing differences. Performance returns are in Sterling.All equity indices stated as ‘Net’ are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise.Source: J.P. Morgan.


share

Net asset value per

share31.05.20 30.11.19 % Return

JPM US Small Cap Growth Fund A-Class Acc 864.0p 807.6p 7.0%

JPM US Small Cap Growth FundB-Class Acc 895.4p 835.2p 7.2%

JPM US Small Cap Growth FundC-Class Acc 913.3p 850.8p 7.3%



JJPM US Small Cap Growth Fund A-Class Acc 18.2% 3.0% 33.3% 46.6% -10.8%

JPM US Small Cap Growth FundB-Class Acc 18.7% 3.4% 34.0% 47.3% -10.3%

JPM US Small Cap Growth FundC-Class Acc 19.0% 3.7% 34.3% 47.7% -10.1%

Benchmark Index -9.3% -1.8% 18.8% 34.8% -4.9%


Fund size £246.2m

Benchmark Index Russell 2000 Growth (Net of 15% withholding tax)

Fund charges and expenses A-Class B-Class C-Class






Sector breakdown %Health Care 30.76Information Technology 26.27Industrials 17.27Consumer Discretionary 14.02Financials 3.72Consumer Staples 3.08Real Estate 2.38Communication Services 1.88Liquidity Funds 0.46Net other assets 0.16


Total Sales 107,032



share priceLowest

share price


(net)A-Class Accumulation Shares2017 605.5p 463.6p 0.00p2018 798.4p 575.7p 0.00p2019 825.9p 572.4p 0.00p2020A 893.2p 579.2p 0.00pA-Class Income Shares2017 158.6p 121.4p 0.00p2018 209.1p 150.8p 0.00p2019 216.3p 149.9p 0.00p2020A 234.0p 151.7p 0.00pB-Class Accumulation Shares2017 620.6p 472.9p 0.00p2018 821.4p 590.7p 0.00p2019 853.0p 589.6p 0.00p2020A 924.6p 599.8p 0.00pB-Class Income SharesB

2019 852.9p 733.1p 0.00p2020A 924.5p 599.7p 0.00pC-Class Accumulation Shares2017 628.7p 477.9p 0.00p2018 833.9p 598.7p 0.00p2019 868.1p 599.1p 0.00p2020A 942.4p 611.5p 0.00pC-Class Income Shares2017 164.7p 125.2p 0.00p2018 218.5p 156.9p 0.00p2019 227.3p 156.9p 0.00p2020A 246.7p 160.0p 0.00p


58 JPM US Small Cap Growth Fund


Date

Net assetvalue per

share class£’000

Numberof shares

Net assetvalue per


A-Class Accumulation Shares30.11.17 27,866 4,650,071 599.3p 1.68%30.11.18 34,062 5,022,089 678.3p 1.42%30.11.19 23,059 2,855,328 807.6p 1.43%31.05.20 23,567 2,727,785 864.0p 1.44%A-Class Income Shares30.11.17C 871 554,970 157.0p 1.68%30.11.18C 1,125 633,191 177.6p 1.42%30.11.19C 1,016 480,248 211.5p 1.45%31.05.20 1,119 494,402 226.3p 1.45%B-Class Accumulation Shares30.11.17 613 99,792 614.3p 1.18%30.11.18 1,018 145,729 698.5p 0.99%30.11.19 14,689 1,758,620 835.2p 1.02%31.05.20 15,584 1,740,383 895.4p 1.02%B-Class Income Shares30.11.19C 94 11,261 835.1p 1.02%31.05.20 93 10,431 895.3p 1.03%C-Class Accumulation Shares30.11.17 61,841 9,936,757 622.4p 0.93%30.11.18 150,983 21,277,716 709.6p 0.77%30.11.19 174,997 20,569,095 850.8p 0.75%31.05.20 191,850 21,005,210 913.3p 0.74%C-Class Income Shares30.11.17C 7,496 4,596,430 163.1p 0.93%30.11.18C 11,316 6,088,742 185.9p 0.77%30.11.19C 10,710 4,808,736 222.7p 0.80%31.05.20 14,023 5,866,876 239.0p 0.80%





Equities 99.38% (98.90%)

Communication Services 1.88% (2.67%)Diversified Telecommunication Services 0.49% (0.00%)Bandwidth, Inc. ‘A’ 14,260 1,213 0.49

1,213 0.49

Entertainment 0.13% (1.45%) Glu Mobile, Inc. 43,032 303 0.13

303 0.13

Media 1.26% (1.22%) New York Times Co. (The) ‘A’ 98,980 3,102 1.26

3,102 1.26


Consumer Discretionary 14.02% (15.88%)Auto Components 0.87% (0.67%) Fox Factory Holding Corp. 39,001 2,153 0.87

2,153 0.87

Automobiles 1.01% (1.12%) Winnebago Industries, Inc. 55,634 2,483 1.01

2,483 1.01

Distributors 1.13% (1.20%) Pool Corp. 13,183 2,771 1.13

2,771 1.13

Diversified Consumer Services 0.64% (1.17%)Bright Horizons Family Solutions, Inc. 13,403 1,225 0.50OneSpaWorld Holdings Ltd. 63,279 350 0.14

1,575 0.64

Hotels, Restaurants & Leisure 3.20% (4.70%)Boyd Gaming Corp. 123,448 2,183 0.89Planet Fitness, Inc. ‘A’ 43,543 2,296 0.93Texas Roadhouse, Inc. 80,849 3,412 1.38

7,891 3.20

Household Durables 1.60% (0.65%) Helen of Troy Ltd. 15,568 2,281 0.93TRI Pointe Group, Inc. 140,554 1,648 0.67

3,929 1.60

Internet & Direct Marketing Retail 1.00% (0.64%)Farfetch Ltd. ‘A’ 115,817 1,241 0.51RealReal, Inc. (The) 110,401 1,210 0.49

2,451 1.00

Multiline Retail 0.98% (0.50%) Ollie’s Bargain Outlet Holdings, Inc. 33,865 2,415 0.98

2,415 0.98

Specialty Retail 3.59% (4.33%) Aaron’s, Inc. 20,386 599 0.24Floor & Decor Holdings, Inc. ‘A’ 33,380 1,394 0.57Hudson Ltd. ‘A’ 170,433 711 0.29Lithia Motors, Inc. ‘A’ 29,477 2,924 1.19National Vision Holdings, Inc. 149,491 3,214 1.30

8,842 3.59

Textiles, Apparel & Luxury Goods 0.00% (0.90%)


Consumer Staples 3.08% (4.01%) Food & Staples Retailing 1.81% (2.69%) Grocery Outlet Holding Corp. 74,148 2,174 0.88Performance Food Group Co. 107,865 2,297 0.93

4,471 1.81

Food Products 1.27% (1.32%) Freshpet, Inc. 50,824 3,119 1.27

3,119 1.27


Financials 3.72% (3.95%) Banks 1.10% (1.99%) First Financial Bankshares, Inc. 70,181 1,742 0.71Signature Bank 11,270 974 0.39

2,716 1.10

Capital Markets 1.37% (1.12%) Evercore, Inc. ‘A’ 42,936 1,984 0.80Focus Financial Partners, Inc. ‘A’ 60,304 1,393 0.57

3,377 1.37

Insurance 1.25% (0.84%) eHealth, Inc. 19,764 2,052 0.84Selectquote, Inc. 44,394 1,015 0.41

3,067 1.25


Health Care 30.76% (24.81%) Biotechnology 17.53% (11.67%) ACADIA Pharmaceuticals, Inc. 47,375 1,949 0.79ADC Therapeutics SA 58,655 1,801 0.73Alector, Inc. 46,040 1,173 0.48Amicus Therapeutics, Inc. 222,642 2,202 0.89Atara Biotherapeutics, Inc. 140,934 1,285 0.52Avrobio, Inc. 96,069 1,494 0.61Biohaven Pharmaceutical Holding Co. Ltd. 51,577 2,420 0.98Blueprint Medicines Corp. 38,818 2,107 0.86Bridgebio Pharma, Inc. 43,764 1,247 0.51Clementia Pharmaceuticals, Inc.^ 94,311 – –Coherus Biosciences, Inc. 155,578 2,300 0.93FibroGen, Inc. 62,475 1,809 0.73G1 Therapeutics, Inc. 74,071 1,086 0.44Global Blood Therapeutics, Inc. 28,498 1,590 0.65Halozyme Therapeutics, Inc. 166,879 3,177 1.29Heron Therapeutics, Inc. 126,000 1,883 0.76Homology Medicines, Inc. 82,598 993 0.40Immunomedics, Inc. 37,294 1,008 0.41Intercept Pharmaceuticals, Inc. 28,697 1,693 0.69Natera, Inc. 102,534 3,614 1.47Orchard Therapeutics plc, ADR 62,222 468 0.19REGENXBIO, Inc. 43,144 1,394 0.57REVOLUTION Medicines, Inc. 34,949 858 0.35Rubius Therapeutics, Inc. 98,404 502 0.20Sage Therapeutics, Inc. 37,020 1,123 0.46Twist Bioscience Corp. 84,443 2,454 1.00Viela Bio, Inc. 41,305 1,528 0.62

43,158 17.53

Health Care Equipment & Supplies 4.12% (4.30%)Insulet Corp. 10,205 1,528 0.62iRhythm Technologies, Inc. 33,831 3,385 1.38Nevro Corp. 32,622 3,348 1.36Shockwave Medical, Inc. 53,181 1,881 0.76

10,142 4.12

Health Care Providers & Services 2.24% (2.51%)Acadia Healthcare Co., Inc. 65,665 1,565 0.63Amedisys, Inc. 25,566 3,962 1.61

5,527 2.24

Health Care Technology 2.30% (2.29%) Evolent Health, Inc. ‘A’ 140,526 1,031 0.42Teladoc Health, Inc. 34,307 4,640 1.88

5,671 2.30

Life Sciences Tools & Services 0.80% (0.48%)10X Genomics, Inc. ‘A’ 12,806 793 0.32Adaptive Biotechnologies Corp. 17,819 563 0.23Personalis, Inc. 64,661 619 0.25

1,975 0.80

Pharmaceuticals 3.77% (3.56%) Arvinas, Inc. 18,916 687 0.28Horizon Therapeutics plc 98,102 3,880 1.58MyoKardia, Inc. 8,451 686 0.28Revance Therapeutics, Inc. 131,179 2,265 0.92TherapeuticsMD, Inc. 441,246 419 0.17Tricida, Inc. 60,846 1,340 0.54

9,277 3.77





Total netassets %


Industrials 17.27% (21.75%) Aerospace & Defense 0.00% (0.93%) Building Products 4.67% (4.49%) Advanced Drainage Systems, Inc. 100,525 3,659 1.49Fortune Brands Home & Security, Inc. 26,331 1,306 0.53Simpson Manufacturing Co., Inc. 48,616 3,180 1.29Trex Co., Inc. 34,418 3,344 1.36

11,489 4.67

Commercial Services & Supplies 1.83% (3.05%)Brink’s Co. (The) 37,165 1,250 0.51MSA Safety, Inc. 32,792 3,249 1.32

4,499 1.83

Electrical Equipment 1.56% (1.99%) Generac Holdings, Inc. 40,178 3,847 1.56

3,847 1.56

Industrial Conglomerates 0.58% (0.00%) Carlisle Cos., Inc. 14,285 1,436 0.58

1,436 0.58

Machinery 3.15% (4.84%) Graco, Inc. 47,194 1,865 0.76ITT, Inc. 46,547 2,221 0.90John Bean Technologies Corp. 52,289 3,662 1.49

7,748 3.15

Marine 0.36% (0.60%) Kirby Corp. 20,665 894 0.36

894 0.36

Professional Services 0.71% (0.38%) FTI Consulting, Inc. 17,689 1,752 0.71

1,752 0.71

Road & Rail 1.54% (1.48%) Lyft, Inc. ‘A’ 25,837 665 0.27Saia, Inc. 35,202 3,129 1.27

3,794 1.54

Trading Companies & Distributors 2.87% (3.99%) Applied Industrial Technologies, Inc. 38,518 1,838 0.74Rush Enterprises, Inc. ‘A’ 61,774 2,089 0.85SiteOne Landscape Supply, Inc. 36,678 3,151 1.28

7,078 2.87


Information Technology 26.27% (22.45%)Communications Equipment 0.94% (0.68%) Ciena Corp. 51,941 2,309 0.94

2,309 0.94

Electronic Equipment, Instruments & Components 0.75% (0.89%)Littelfuse, Inc. 14,039 1,853 0.75

1,853 0.75

IT Services 2.82% (3.38%) I3 Verticals, Inc. ‘A’ 59,054 1,380 0.56ManTech International Corp. ‘A’ 54,051 3,389 1.38MongoDB, Inc. 12,419 2,169 0.88

6,938 2.82

Semiconductors & Semiconductor Equipment 7.85% (6.08%)Cree, Inc. 22,377 962 0.39Enphase Energy, Inc. 60,370 2,733 1.11Entegris, Inc. 69,450 3,302 1.34Inphi Corp. 45,948 4,565 1.85MKS Instruments, Inc. 38,001 3,184 1.29Monolithic Power Systems, Inc. 10,869 1,812 0.74Semtech Corp. 48,401 2,020 0.82SolarEdge Technologies, Inc. 6,991 767 0.31

19,345 7.85

Software 13.91% (11.42%) Anaplan, Inc. 58,418 2,136 0.87Avalara, Inc. 14,866 1,197 0.49Bill.com Holdings, Inc. 26,155 1,470 0.60Blackline, Inc. 30,698 1,798 0.73CyberArk Software Ltd. 25,370 2,102 0.85Dynatrace, Inc. 92,806 2,834 1.15Elastic NV 32,034 2,126 0.86Envestnet, Inc. 58,125 3,396 1.38Everbridge, Inc. 18,680 2,072 0.84Globant SA 14,337 1,674 0.68HubSpot, Inc. 18,794 2,931 1.19Medallia, Inc. 66,645 1,478 0.60Proofpoint, Inc. 21,538 1,985 0.81Smartsheet, Inc. ‘A’ 56,242 2,482 1.01Zendesk, Inc. 28,341 1,940 0.79Zscaler, Inc. 42,631 2,622 1.06

34,243 13.91


Materials 0.00% (0.47%)

Chemicals 0.00% (0.47%)

Real Estate 2.38% (2.91%) Equity Real Estate Investment Trusts (REITs) 2.38% (2.91%)CubeSmart 55,109 1,265 0.51EastGroup Properties, Inc. 18,701 1,815 0.74National Health Investors, Inc. 21,896 1,027 0.42Terreno Realty Corp. 41,391 1,742 0.71

5,849 2.38



Liquidity Funds 0.46% (1.37%)JPM USD Liquidity LVNAV Fund X (dist.)Ø 1,389,598 1,127 0.46


Investment assets 245,829 99.84Net other assets 407 0.16

Net assets 246,236 100.00

The comparative percentage figures in brackets are as at 30 November 2019.^ Unlisted, suspended or delisted security.Ø A related party to the Fund.




Total netassets %






£’000 £’000 £’000 £’000

Income

Net capital gains 16,028 16,084

Revenue 573 568


Net expense before taxation (333) (330)

Taxation (62) (68)

Net expense after taxation (395) (398)

Total return before distributions 15,633 15,686

Distributions (7) 5

Change in net assets attributable to shareholders from investment activities 15,626 15,691



£’000 £’000 £’000 £’000




6,012 (2,006)


Change in net assets attributable to shareholders from investment activities (see above) 15,626 15,691



Balance sheetAs at


£’000 £’000

Assets:


Current assets:

Debtors 3,937 1,328

Total assets 249,766 226,506

Liabilities:

Creditors:

Bank overdraft (92) (508)

Other creditors (3,438) (1,433)















£’000United Kingdom Treasury 4,365

Republic of Austria Government 1,697

Republic of Finland Government 454

United States of America Treasury 314

Total 6,830


Counterparties



UBS 6,277

Total 6,277




£’000

Bonds Investment Grade GBP 4,365

Bonds Investment Grade EUR 2,151

Bonds Investment Grade USD 314

Total 6,830



Type


less than one day –

1 to 3 months –

3 to 12 months 324


Total 6,830





IncorporationUBS Switzerland






Cash collateral received in the context of securities lending transactions may be reused in accordance with the provisions contained within the Prospectus, however the Fund as at the period end has not reinvested cash collateral received in respect of securities lending transactions.




Accounting policies

The interim financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with Statement of Recommended Practice for UK Authorised Funds (SORP) issued by the Investment Management Association (IMA (now the Investment Association)) in May 2014 and in accordance with United Kingdom Generally Accepted Accounting Practice as defined within FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

Accounting policies applied are consistent with those of the annual financial statements for the period ending 30 November 2019 and are described in those financial statements.

This report has been prepared in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook and was approved by the Authorised Corporate Director on 7 July 2020.

The ACD decided that JPM America Equity Fund, JPM Global Allocation Fund and JPM Balanced Managed Fund would cease trading and it is the ACD’s intention to wind up these funds.

Accordingly, the financial statements have been prepared on a basis other than going concern for these funds. No adjustments were required in these financial statements to reduce assets to their realisable values and to reclassify fixed assets and long-term liabilities as current assets and liabilities or to provide for liabilities arising from the decision. The ACD will bear the costs relating to any such liabilities arising.

The comparative financial statements continue to be prepared on a going concern basis with the exception of JPM America Equity Fund, JPM Global Allocation Fund and JPM Balanced Managed Fund. No adjustments were required to reduce assets to their realisable values and to reclassify fixed assets and long-term liabilities as current assets and liabilities or to provide for liabilities arising from the decision. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

Andrew LewisDirectorFor and on behalf of JPMorgan Funds Limited17 July 2020

Stephen PondDirectorFor and on behalf of JPMorgan Funds Limited17 July 2020

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Issued by JPMorgan Funds Limited which is authorised and regulated by the Financial Conduct Authority.Registered in Scotland No: SC019438. Registered address: 3 Lochside View, Edinburgh Park, Edinburgh EH12 9DH.

GB 07/20

interim report & financial statements (unaudited) jpmorgan … · 2019-07-31 · jpm global...

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