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

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JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2013 Class Currency Dividend Amount per Share Payment Date JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.57 16 October 2013 JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.55 16 October 2013 JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.56 16 October 2013 JPM US Aggregate Bond A (mth) - HKD HKD 0.03 16 October 2013 JPM US Aggregate Bond A (mth) - SGD SGD 0.03 16 October 2013 JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 16 October 2013 JPM US Aggregate Bond A (mth) - USD USD 0.03 16 October 2013 JPM US Aggregate Bond B (mth) - USD USD 0.26 16 October 2013 JPM US Aggregate Bond I (mth) - USD USD 0.27 16 October 2013 JPM US High Yield Plus Bond A (mth) - HKD HKD 0.08 16 October 2013 JPM US High Yield Plus Bond A (mth) - USD USD 0.68 16 October 2013 JPM Asia Local Currency Debt A (mth) - HKD HKD 0.04 18 November 2013 JPM Asia Local Currency Debt A (mth) - USD USD 0.36 18 November 2013 JPMorgan Asia Pacific Income A (irc) - AUD (hedged) AUD 0.06 18 November 2013 JPMorgan Asia Pacific Income A (irc) - CAD (hedged) CAD 0.05 18 November 2013 JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 18 November 2013 JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 18 November 2013 JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 18 November 2013 JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 18 November 2013 JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 18 November 2013 JPMorgan Asia Pacific Income D (mth) - USD USD 0.47 18 November 2013 JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 18 November 2013 JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 18 November 2013 JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 18 November 2013 JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 18 November 2013 JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 18 November 2013 JPM Emerging Markets Debt A (mth) - USD USD 0.08 18 November 2013 JPM Emerging Markets Debt C (mth) - USD USD 0.52 18 November 2013 JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.06 18 November 2013 JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 18 November 2013 JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.04 18 November 2013 JPM Emerging Markets Dividend A (mth) - USD USD 0.40 18 November 2013 JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 18 November 2013 JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.08 18 November 2013 JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.52 18 November 2013 JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.52 18 November 2013 JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18 November 2013 JPM US Aggregate Bond A (mth) - SGD SGD 0.04 18 November 2013 JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 18 November 2013 JPM US Aggregate Bond A (mth) - USD USD 0.03 18 November 2013 JPM US Aggregate Bond B (mth) - USD USD 0.28 18 November 2013 JPM US Aggregate Bond I (mth) - USD USD 0.29 18 November 2013 JPM US High Yield Plus Bond A (mth) - HKD HKD 0.07 18 November 2013 JPM US High Yield Plus Bond A (mth) - USD USD 0.65 18 November 2013 JPM Emerging Markets Dividend A (div) - EUR EUR 0.96 20 November 2013 JPM Emerging Markets Dividend D (div) - EUR EUR 0.96 20 November 2013 JPM Emerging Markets Dividend T (div) - EUR EUR 0.96 20 November 2013 JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.55 20 November 2013 JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.15 20 November 2013 JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.52 20 November 2013 JPM US Aggregate Bond A (div) - USD USD 0.85 20 November 2013 JPM US High Yield Plus Bond A (div) - EUR (hedged) EUR 1.04 20 November 2013 JPM US High Yield Plus Bond D (div) - EUR (hedged) EUR 1.04 20 November 2013 JPM Asia Local Currency Debt A (mth) - HKD HKD 0.04 18 December 2013 JPM Asia Local Currency Debt A (mth) - USD USD 0.36 18 December 2013 JPMorgan Asia Pacific Income A (irc) - AUD (hedged) AUD 0.06 18 December 2013 JPMorgan Asia Pacific Income A (irc) - CAD (hedged) CAD 0.05 18 December 2013 JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 18 December 2013 JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 18 December 2013 JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 18 December 2013 JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 18 December 2013 JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 18 December 2013 JPMorgan Asia Pacific Income D (mth) - USD USD 0.47 18 December 2013 JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 18 December 2013 JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 18 December 2013 JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 18 December 2013 JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 18 December 2013 JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 18 December 2013 JPM Emerging Markets Debt A (mth) - USD USD 0.08 18 December 2013 JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.06 18 December 2013 JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 18 December 2013 JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.04 18 December 2013 JPM Emerging Markets Dividend A (mth) - USD USD 0.40 18 December 2013 JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 18 December 2013 45
JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2013 Class Currency Dividend Amount per Share Payment Date JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.08 18 December 2013 JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.52 18 December 2013 JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.52 18 December 2013 JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18 December 2013 JPM US Aggregate Bond A (mth) - SGD SGD 0.04 18 December 2013 JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 18 December 2013 JPM US Aggregate Bond A (mth) - USD USD 0.03 18 December 2013 JPM US Aggregate Bond B (mth) - USD USD 0.28 18 December 2013 JPM US Aggregate Bond I (mth) - USD USD 0.29 18 December 2013 JPM US High Yield Plus Bond A (mth) - HKD HKD 0.07 18 December 2013 JPM US High Yield Plus Bond A (mth) - USD USD 0.65 18 December 2013 Share Classes with the suffix “(acc)” are accumulation Share Classes and will not normally pay dividends. Distribution Share Classes will normally pay dividends as described below. Share Classes suffixed “(dist)” and suffixed “(inc)” It is intended that all those Share Classes with the suffix “(dist)” will meet the conditions to qualify as “reporting” for the purposes of the United Kingdom tax legislation relating to offshore funds and will, if appropriate, pay dividends which at least meet the greater of the reportable income under that legislation or the taxable earnings from investments in accordance with the German Investment Tax Act. It is intended that those Share Classes with the suffix “(inc)” will, if appropriate, pay dividends equal to or in excess of the taxable earnings from investments in accordance with the German Investment Tax Act. Payment of dividends on these Share Classes will normally be made in September of each year. Share Classes suffixed “(div)” Share Classes with the suffix “(div)” will normally pay quarterly dividends which are calculated by the Management Company based on the estimated annual yield of the relevant Sub-Fund’s portfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each Share Class at least semi-annually, but may adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield. Investors should be aware that “(div)” Share Classes give priority to dividends, rather than to capital growth. The expected yield for each Share Class will be calculated gross of both the Annual Management and Advisory Fee and the Operating and Administrative Expenses, and such Share Classes will typically distribute more than the income received. Share Classes with the suffix “(div)” in issue at the dividend record date will be eligible for any dividends which will normally be paid in the currency of the relevant Share Class. Share Classes suffixed “(mth)” Share Classes with the suffix “(mth)” will be available to Shareholders subscribing, and remaining subscribed, through specific Asian distribution networks and to other distributors at the sole discretion of the Management Company. Share Classes with the suffix “(mth)” will normally pay dividends on a monthly basis. The monthly dividend rate per Share will be calculated by the Management Company based on the estimated annual yield of the relevant Sub-Fund’s portfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each Share Class at least semi-annually, but may adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield. Investors should be aware that “(mth)” share classes give priority to dividends, rather than to capital growth. The expected yield for each Share Class will be calculated gross of both the Annual Management and Advisory Fee and the Operating and Administrative Expenses, and such Share Classes will typically distribute more than the income received. Dividend payments for these Share Classes will normally be made to Shareholders each month in the currency of the relevant Share Class. Share Classes suffixed “(fix)” Share Classes with the suffix “(fix)” will normally pay a quarterly fixed dividend based on a total amount per Share per annum as defined in the prospectus dated December 2013. Share Classes suffixed “(irc)” Share Classes with the suffix “(irc)” will normally pay dividends on a monthly basis. The monthly dividend rate per Share will be variable and will be calculated by the Management Company based on: the estimated gross annual yield of the relevant Sub-Fund’s portfolio attributable to that Share Class, which is revised at least semi-annually; and the addition or deduction of the estimated interest rate carry depending on whether such carry is positive or negative respectively. The interest rate carry is calculated using the average daily differential of the one month FX forward rate and the spot rate between these two currencies of the preceding calendar month. Other Information Shareholders should note that, where the dividend rate is in excess of the investment income of the Share Class, dividends will be paid out of the capital attributed to the Share Class, as well as from realised and unrealised capital gains. This may be tax inefficient for investors in certain countries. Investors should consult their local tax adviser about their own position. Share Classes with the suffix “(div)”, “(fix)”, “(inc)” and “(mth)” do not distribute the reportable income in accordance with the United Kingdom tax legislation relating to offshore funds. 5. Taxation Under current law and practice, the SICAV is not subject to any taxes in Luxembourg on income or capital gains, nor are dividends distributed by the SICAV liable to any withholding tax. The only tax to which the SICAV in Luxembourg is subject is the subscription tax, (“Taxe d’abonnement”) up to a rate of 0.05% per annum based on the net asset value attributed to each Share Class at the end of the relevant quarter, calculated and paid quarterly. A reduced tax rateof 0.01% per annum of the net assets will be applicable to Share Classes as indentified in the Appendix. The 0.01% and 0.05% rates described above, as appropriate, are not applicable for the portion of the assets of the SICAV invested in other Luxembourg collective investment undertakings which are themselves already subject to the Taxe d’abonnement. No stamp duty or other tax is payable on the issue of shares in the SICAV in the Grand Duchy of Luxembourg. No tax is payable on realised or unrealised capital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term, are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. The regular income of the SICAV from some of its securities, as well as interest earned on its cash deposits in certain countries, may be subject to withholding taxes at varying rates, which normally cannot be recovered. The SICAV has instigated proceedings to reclaim tax withheld by certain Member States of the European Union on dividend payments it has received. The decision to initiate proceedings against any particular Member State is the result of an analysis of the likely costs and potential benefits of doing so. The likelihood of successfully reclaiming such amounts together with the estimated time to complete proceedings varies across Member States. Any costs associated with this decision have been charged to the relevant Sub-Funds and have been included within total costs for the purposes of determining the relevant expense cap or TER and no amount has been recorded in the SICAV for any possible amounts to be received under this action. Certain Sub-Funds of the SICAV may have invested into Norwegian, Finnish and Polish stocks for which tax reclaim has been successful. As such, amounts have been recorded, where applicable, on a cash basis under Other Income. Certain Sub-Funds of the SICAV may invest on the Brazilian markets and are consequently subject to a local tax upon purchase of Brazilian Real, the BRL IOF Tax. On 5 June 2013, the BRL IOFtax on foreign exchange inflows relating to the purchase of fixed income instruments was reduced from 6% to 0% on inflows with a trade date of 5 June 2013 and onwards. This tax has been recorded, where applicable, under Sundry Fees. 46
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www.jpmorganam.com.hk
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This report is an abridged version
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JPMorgan Funds Board of Directors C
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JPMorgan Funds Board of Directors
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Audit Report To the Shareholders of
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JPMorgan Funds - Emerging Europe, M
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