JPMorgan Funds Audited Annual Report - JP Morgan Asset ...

JPMorgan Funds
Board of Directors’ Report (continued)
Events during the Year
During the year, the total net assets of the Fund increased from USD 49.5 billion to USD 69.8 billion at year end.
The Board agreed the following corporate actions relating to Sub-Funds during the year:
a) Mergers
Shareholders in the following Sub-Funds were informed of the decision of the Board to merge them as set out below:
- JPMorgan Funds - US Dynamic Fund was merged into JPMorgan Funds - US Equity Plus Fund (formerly JPMorgan Funds - US Dynamic 130/30 Fund) with
effect from 31 May 2013.
The following other significant amendments to Sub-Funds were also approved by the Board during the year:
a) Changes to investment strategies, investment objectives and policies, and names
Shareholders in a number of Sub-Funds were informed of the decision of the Board to make the following amendments:
With effect from 5 December 2012:
- JPMorgan Funds - Asia Pacific Bond Fund. The investment strategy was revised with the aim of focusing on investment in Asian bond markets rather than
actively investing in the Pacific region. The investment objective will be achieved by investing primarily in Asian local currency denominated debt securities
and the Sub-Fund may also utilise convertible bonds. As a result of these changes the name of the Sub-Fund changed its name to JPMorgan Funds – Asia
Local Currency Debt Fund.
- JPMorgan Funds - Global Equity Fund (USD). The Sub-Fund was restructured from a core global equity strategy to a more flexible investment strategy to
reflect that it would invest primarily in an aggressively managed portfolio of companies, globally. As a result of this amendment the Sub-Fund changed its
name to JPMorgan Funds - Global Unconstrained Equity Fund and its benchmark changed from:
- Morgan Stanley Capital International (MSCI) World Index (Total Return Net), to
- Morgan Stanley Capital International (MSCI) All Country World Index (Total Return Net)
With effect from 19 December 2012:
- JPMorgan - JF Asia Pacific Income Fund. To facilitate the registration of the Sub-Fund in the Republic of Korea the investment policy was clarified to provide
that allocations to different asset classes and countries may vary depending on market conditions and opportunities.
With effect from 14 February 2013:
- JPMorgan Funds - Asia Pacific Bond Fund. The investment policy was changed to permit a wider range of investment powers including the use of financial
derivative instruments, European corporate debt securities and below investment grade and unrated debt securities.
b) Currency Changes
The base currency of JPMorgan Funds - Emerging Markets Local Currency Debt Fund was changed from EUR to USD with effect from 2 July 2012.
c) Name Changes
With effect from 4 February 2013, those Sub-Funds branded “JF” were renamed as set out below and in addition all share classes branded “JF” were also
replaced with “JPMorgan” Classes of Shares:
- JPMorgan Funds - JF Asia Pacific Income Fund changed its name into JPMorgan Funds - Asia Pacific Income Fund;
- JPMorgan Funds - JF China Fund changed its name into JPMorgan Funds - China Fund;
- JPMorgan Funds - JF Greater China Fund changed its name into JPMorgan Funds - Greater China Fund;
- JPMorgan Funds - JF Hong Kong Fund changed its name into JPMorgan Funds - Hong Kong Fund;
- JPMorgan Funds - JF India Fund changed its name into JPMorgan Funds - India Fund;
- JPMorgan Funds - JF Japan Equity Fund changed its name into JPMorgan Funds - Japan Equity Fund;
- JPMorgan Funds - JF Japan Small Cap Fund changed its name into JPMorgan Funds - Japan Small Cap Fund;
- JPMorgan Funds - JF Korea Equity Fund changed its name into JPMorgan Funds - Korea Equity Fund;
- JPMorgan Funds - JF Pacific Technology Fund changed its name into JPMorgan Funds - Pacific Technology Fund;
- JPMorgan Funds - JF Singapore Fund changed its name into JPMorgan Funds - Singapore Fund;
- JPMorgan Funds - JF Taiwan Fund changed its name into JPMorgan Funds - Taiwan Fund.
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