JPMorgan Funds Audited Annual Report - JP Morgan Asset ...
JPMorgan Funds Audited Annual Report - JP Morgan Asset ...
JPMorgan Funds Audited Annual Report - JP Morgan Asset ...
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<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong><br />
<strong>Audited</strong> <strong>Annual</strong> <strong>Report</strong><br />
As at 30 June 2013<br />
Contents<br />
Board of Directors 1<br />
Management and Administration 2<br />
Board of Directors’ <strong>Report</strong> 3<br />
Investment Managers’ <strong>Report</strong> 8<br />
Audit <strong>Report</strong> 9<br />
Financial Statements and Statistical Information<br />
Combined Statement of Net <strong>Asset</strong>s 11<br />
Combined Statement of Operations and Changes in Net <strong>Asset</strong>s 19<br />
Statement of Changes in the Number of Shares 27<br />
Statistical Information 36<br />
Notes to the Financial Statements 45<br />
Schedules of Investments<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - America Equity Fund 59<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Asia Local Currency Debt Fund 61<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Asia Pacific Income Fund 64<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Brazil Equity Fund 70<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - China Fund 72<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Eastern Europe Equity Fund 74<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Europe, Middle East and Africa Equity Fund 76<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Markets Bond Fund 78<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Markets Debt Fund 83<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Markets Equity Fund 89<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Markets Local Currency Debt Fund 92<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Markets Opportunities Fund 97<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Middle East Equity Fund 100<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Euroland Equity Fund 102<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Euroland Select Equity Fund 105<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Europe Dynamic Fund 108<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Europe Dynamic Mega Cap Fund 111<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Europe Equity Fund 114<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Europe Small Cap Fund 117<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Europe Technology Fund 119<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Germany Equity Fund 121<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Consumer Trends Fund 122<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Convertibles Fund (EUR) 125<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Dynamic Fund 129<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Focus Fund 133<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Government Bond Fund 137<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Mining Fund 141<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Natural Resources Fund 143<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Real Estate Securities Fund (USD) 146<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Unconstrained Equity Fund 149<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Greater China Fund 152<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Hong Kong Fund 153<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - India Fund 154<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Japan Equity Fund 155<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Japan Small Cap Fund 156<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Korea Equity Fund 157<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Latin America Equity Fund 159<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Pacific Technology Fund 160<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Russia Fund 161<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Singapore Fund 163<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Taiwan Fund 164<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - US Aggregate Bond Fund 165<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - US Growth Fund 185<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - US Small Cap Growth Fund 188<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - US Technology Fund 190<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - US Value Fund 191<br />
Appendix: Unaudited Additional Disclosures<br />
Fund Total Expense Ratios 194<br />
Summary of Investment Objectives of the Sub-<strong>Funds</strong> 204<br />
Performance and Volatility 207<br />
Interest Rate Received/(Charged) on Bank Accounts 217<br />
Sub-Fund Share Classes Subject to Taxe d’abonnement Rate of 0.01% 217<br />
Portfolio Turnover Ratio 218<br />
Calculation Method of the Risk Exposure 219<br />
Historical Statements of Changes in the Number of Shares 220
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