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 />
Unaudited Semi-<strong>Annual</strong> <strong>Report</strong><br />
As at 31 December 2013<br />
Contents<br />
Board of Directors 1<br />
Management and Administration 2<br />
Unaudited Financial Statements and Statistical Information<br />
Combined Statement of Net <strong>Asset</strong>s 4<br />
Combined Statement of Operations and Changes in Net <strong>Asset</strong>s 11<br />
Statement of Changes in the Number of Shares 18<br />
Statistical Information 28<br />
Notes to the Unaudited Financial Statements 39<br />
Schedules of Investments<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - America Equity Fund 51<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Asia Local Currency Debt Fund 53<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Asia Pacific Income Fund 56<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Brazil Equity Fund 62<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - China Fund 64<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Eastern Europe Equity Fund 65<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Europe, Middle East and Africa Equity Fund 67<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Markets Debt Fund 69<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Markets Dividend Fund 76<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Markets Equity Fund 79<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Markets Investment Grade Bond Fund 82<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Markets Local Currency Debt Fund 87<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Markets Opportunities Fund 93<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Emerging Middle East Equity Fund 96<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Euroland Equity Fund 98<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Euroland Select Equity Fund 101<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Europe Dynamic Fund 104<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Europe Equity Fund 107<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Europe Small Cap Fund 110<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Europe Technology Fund 114<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Germany Equity Fund 116<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Consumer Trends Fund 117<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Convertibles Fund (EUR) 120<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Dynamic Fund 124<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Focus Fund 128<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Government Bond Fund 132<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Natural Resources Fund 135<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Real Estate Securities Fund (USD) 137<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Global Unconstrained Equity Fund 140<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Greater China Fund 143<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Hong Kong Fund 144<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - India Fund 145<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Indonesia Equity Fund 146<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Japan Equity Fund 147<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Korea Equity Fund 149<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Latin America Equity Fund 151<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Russia Fund 153<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Singapore Fund 155<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - Taiwan Fund 156<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - US Aggregate Bond Fund 157<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - US Growth Fund 174<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - US High Yield Plus Bond Fund 176<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - US Small Cap Growth Fund 183<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - US Technology Fund 185<br />
<strong><strong>JP</strong><strong>Morgan</strong></strong> <strong>Funds</strong> - US Value Fund 186<br />
Appendix: Unaudited Additional Disclosures<br />
Fund Total Expense Ratios 189<br />
Summary of Investment Objectives of the Sub-<strong>Funds</strong> 201<br />
Performance and Volatility 204<br />
Interest Rate Received/(Charged) on Bank Accounts 215<br />
Sub-Fund Share Classes Subject to Taxe d’abonnement Rate of 0.01% 215<br />
Portfolio Turnover Ratio 216<br />
Calculation Method of the Risk Exposure 217<br />
Historical Statements of Changes in the Number of Shares 218
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