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

JPMorgan Funds
Combined Statement of Operations and Changes in Net Assets
For the Year Ended 30 June 2013
JPMorgan Funds
Combined
USD
America
Equity
Fund
USD
Asia
Local Currency
Debt Fund (1)
USD
Net Assets at the Beginning of the Year * 49,821,343,866 487,441,808 35,646,851
Income
Dividend Income, Net 896,928,483 4,400,676 -
Interest Income, Net 825,869,590 6,810 1,506,901
Securities Lending Income 6,864,298 - -
Bank Interest 534,848 147 443
Interest on Swap Transactions 32,343,862 - -
Other Income 4,564,690 - -
Total Income 1,767,105,771 4,407,633 1,507,344
Expenses
Management and Advisory Fees 703,860,586 8,253,874 278,994
Custodian, Corporate, Administration and Domiciliary Agency Fees 59,729,114 295,690 102,896
Registrar and Transfer Agency Fees 24,386,488 254,404 44,623
Taxe d’abonnement 26,855,319 284,852 19,385
Overdraft Interest 286,993 3,697 -
Interest on Swap Transactions 1,772,505 - -
Sundry Fees** 39,503,701 213,113 57,996
856,394,706 9,305,630 503,894
Less: Fee Waiver *** 16,312,353 8,868 136,944
Total Expenses before Performance Fees 840,082,353 9,296,762 366,950
Performance Fees 21,661,101 - -
Total Expenses 861,743,454 9,296,762 366,950
Net Investment Income/(Loss) 905,362,317 (4,889,129) 1,140,394
Net Realised Gain/(Loss) on Sale of Investments 1,965,151,866 56,091,266 376,916
Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 565,751,560 1,983,736 128,952
Net Realised Gain/(Loss) on Financial Futures Contracts 23,072,264 - -
Net Realised Gain/(Loss) on Foreign Exchange (24,656,223) (18,713) (96,733)
Net Realised Gain/(Loss) on TBAs 4,649,797 - -
Net Realised Gain/(Loss) on Derivatives Instruments 245,378,447 - -
Net Realised Gain/(Loss) for the Year 2,779,347,711 58,056,289 409,135
Net Change in Unrealised Gain/(Loss) on Investments (15,055,284) 56,450,699 (2,100,652)
Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts (287,112,960) (1,115,486) 56,640
Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts 9,321,133 - -
Net Change in Unrealised Gain/(Loss) on Foreign Exchange (2,758,653) - (1,825)
Net Change in Unrealised Gain/(Loss) on TBAs (143,944) - -
Net Change in Unrealised Gain/(Loss) on Derivatives Instruments (73,193,068) - -
Net Change in Unrealised Gain/(Loss) for the Year (368,942,776) 55,335,213 (2,045,837)
Increase/(Decrease) in Net Assets as a Result of Operations 3,315,767,252 108,502,373 (496,308)
Movements in Share Capital
Subscriptions 55,630,393,264 387,331,336 30,794,212
Redemptions (38,542,312,776) (219,906,706) (18,914,017)
Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 17,088,080,488 167,424,630 11,880,195
Dividend Distribution (456,746,900) - (41,620)
Net Assets at the End of the Year 69,768,444,706 763,368,811 46,989,118
* The opening balance was combined using the foreign exchange rates as at 30 June 2013. The same net assets when combined using the foreign exchange rate ruling as at 30 June 2012 reflected
a figure of USD 49,476,484,549.
** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.
*** Please refer to Note 7a).
# This Sub-Fund’s “JF” prefix was removed on 4 February 2013.
(1) This Sub-Fund was renamed from Asia Pacific Bond Fund on 5 December 2012.
The accompanying notes form an integral part of these Financial Statements.
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