sdnuFnagroMPJ Unit Trust Range
Unaudited Semi-Annual Report – 31 March 2016
These reports do not constitute an offer of units in any funds forming the subject matter of this document.
Subscriptions are only valid if made on the basis of the current explanatory memoranda (or equivalent),
supplemented by the most recent financial reports, if available.
NNotice to U.K. residents: This document is only directed to persons believed by JPMorgan Asset
Management (U.K.) Limited to be investment professionals as defined in Article 19 of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005, high net worth companies, unincorporated
associations and other persons as defined in Article 49 of that Order and to others to whom it can lawfully
be distributed or given, inside the United Kingdom, without approval by an authorised person. Persons who
do not have professional experience in matters relating to investments should not rely on it and any other
person should not act on such information.
This document is issued in the U.K. by JPMorgan Asset Management (U.K.) Limited and has been approved
solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000 by JPMorgan Asset
Management (U.K.) Limited which is authorised and regulated in the U.K. by the Financial Conduct Authority.
Registered in England No. 01161446. Registered address: 25 Bank Street, Canary Wharf, London, UK, E14 5JP.
Although JPMorgan Asset Management (Europe) S.à r.l., under certain administrative services agreements,
provides services to the funds covered in this document, the funds are not subject to the laws of
Luxembourg nor are they subject to supervision by any supervisory authority in Luxembourg.
JPMORGAN FUNDSJPMORGAN FUNDSJPMORGAN FUNDSJPMORGAN FUNDS SemiSemiSemiSemi----aaaannual report for thennual report for thennual report for thennual report for the
periodperiodperiodperiod ended 3ended 3ended 3ended 31111 March 2016March 2016March 2016March 2016
ContentsContentsContentsContents PagePagePagePage
JPMorgan ASEAN Fund ................................................................................................................................................ 1
JPMorgan Asia Equity Dividend Fund .......................................................................................................................... 8
JPMorgan Asia Growth Fund ........................................................................................................................................ 21
JPMorgan Asian Total Return Bond Fund .................................................................................................................... 29
JPMorgan AsiaOne Fund .............................................................................................................................................. 43
JPMorgan Australia Fund ............................................................................................................................................. 49
JPMorgan China A-Share Opportunities Fund ............................................................................................................. 56
JPMorgan China New Generation Fund ....................................................................................................................... 65
JPMorgan China Pioneer A-Share Fund ...................................................................................................................... 73
JPMorgan Eastern Fund ............................................................................................................................................... 81
JPMorgan Eastern Smaller Companies Fund .............................................................................................................. 88
JPMorgan Evergreen Fund ........................................................................................................................................... 96
JPMorgan Global Bond Fund ........................................................................................................................................ 102
JPMorgan Global Property Income Fund ..................................................................................................................... 118
JPMorgan Greater China Smaller Companies Fund .................................................................................................... 126
JPMorgan India Fund ................................................................................................................................................... 133
JPMorgan India Smaller Companies Fund ................................................................................................................... 140
JPMorgan Indonesia Fund ............................................................................................................................................ 147
JPMorgan Japan (Yen) Fund ........................................................................................................................................ 154
JPMorgan Japan Smaller Company (Yen) Fund ........................................................................................................... 161
JPMorgan Korea Fund .................................................................................................................................................. 168
JPMorgan Malaysia Fund ............................................................................................................................................. 175
JPMorgan Money Fund ................................................................................................................................................. 182
JPMorgan Multi Income Fund ...................................................................................................................................... 188
JPMorgan Pacific Securities Fund ................................................................................................................................ 230
JPMorgan Pacific Technology Fund ............................................................................................................................. 237
JPMorgan Philippine Fund ........................................................................................................................................... 244
JPMorgan Thailand Fund ............................................................................................................................................. 251
JPMorgan Vietnam Opportunities Fund ...................................................................................................................... 258
JPMORGAN JPMORGAN JPMORGAN JPMORGAN ASEAN FUNDASEAN FUNDASEAN FUNDASEAN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 1 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 1 January
1984 to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (94.4%)
(I) Equities(I) Equities(I) Equities(I) Equities (93.8%)
IndonesiaIndonesiaIndonesiaIndonesia (22.7%)
Astra Intl 59,540,700 32,554,303 2.0
Bank Central Asia 65,734,900 65,933,193 4.0
Bank Mandiri (Persero) 24,786,613 19,253,552 1.2
Bank Rakyat Indonesia
Persero 37,199,500 32,051,604 1.9
Bumi Serpong Damai 83,411,600 11,543,008 0.7
Gudang Garam 1,779,600 8,763,792 0.5
Jasa Marga (Persero) 54,569,500 22,222,872 1.4
Kalbe Farma 49,656,700 5,411,307 0.3
Matahari Department Store 13,179,900 18,239,152 1.1
Mitra Keluarga Karyasehat 114,167,000 20,878,957 1.3
Pakuwon Jati 296,747,800 10,831,518 0.7
Summarecon Agung 132,332,100 15,817,977 1.0
Surya Citra Media 67,142,550 15,899,517 1.0
Telekomunikasi Indonesia 'B' 296,256,000 74,287,419 4.5
XL Axiata 61,693,300 18,610,346 1.1
MalaysiaMalaysiaMalaysiaMalaysia (15.9%)
Axiata Group 7,627,000 11,514,297 0.7
British American Tobacco (M)
Bhd (CDS) 686,100 9,503,228 0.6
CIMB Group Hldgs 6,188,950 7,693,556 0.5
Dialog Group 18,936,372 7,765,781 0.5
Genting Bhd 12,800,900 32,153,997 1.9
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Genting Malaysia 9,688,300 11,273,839 0.7
IOI Corp (CDS) 8,278,900 9,697,443 0.6
Malayan Banking 13,697,284 31,667,180 1.9
Malaysia Airports Hldgs 6,394,236 11,144,638 0.7
Petronas Gas 3,891,100 21,941,356 1.3
Public Bank (L) 7,689,380 37,013,086 2.2
Sime Darby 7,138,774 14,546,521 0.9
Telekom Malaysia 5,666,126 9,585,142 0.6
Tenaga Nasional 12,774,000 45,641,307 2.8
PhilippinesPhilippinesPhilippinesPhilippines (7.6%)
Ayala Corp 1,144,680 18,645,021 1.1
Ayala Land 16,158,200 12,369,998 0.8
Century Pacific Food 23,017,300 9,497,854 0.6
Globe Telecom 212,000 10,221,305 0.6
GT Capital Hldgs 475,555 14,355,988 0.9
Jollibee Food 3,214,090 15,845,335 1.0
Puregold Price Club 8,710,500 6,885,920 0.4
Robinsons Retail Hldgs 8,524,460 13,699,860 0.8
SM Prime Hldgs 49,722,800 23,703,235 1.4
SingaporeSingaporeSingaporeSingapore (27.4%)
Ascendas Real Estate Inv Trust 11,543,239 20,487,406 1.3
CapitaLand Ltd 6,092,900 13,890,690 0.8
City Developments 1,631,000 9,895,492 0.6
ComfortDelgro Corp 12,317,900 26,710,432 1.6
DBS Group Hldgs 6,273,077 71,647,056 4.4
Fibrechem Technologies 27,671,000 0 0.0
First Resources 5,542,900 8,314,762 0.5
Global Logistics Properties 4,164,000 5,952,547 0.4
Jardine Cycle & Carriage 1,009,700 30,015,068 1.8
Keppel Corp 2,128,000 9,213,011 0.6
Oversea-Chinese Bkg (CDP) 6,822,822 44,789,653 2.7
Singapore Exchange 2,689,200 15,876,385 1.0
Singapore Telecom 32,936,000 93,431,993 5.7
SMRT Corp 9,479,200 10,629,431 0.6
United Overseas Bank 3,827,300 53,632,223 3.3
UOL Group (CDP) 2,170,000 9,668,795 0.6
Wilmar Intl 10,156,000 25,340,977 1.5
ThailandThailandThailandThailand (19.3%)
Airports of Thailand (F) 3,170,700 36,231,421 2.2
CP ALL NVDR 6,500,000 8,452,956 0.5
Home Product Center (F) 41,001,200 9,615,119 0.6
IRPC Public Co (F) 180,166,500 25,862,445 1.6
Kasikornbank Public Co (F) 6,859,697 34,122,995 2.1
Kiatnakin Bank (F) 9,733,800 11,620,796 0.7
Kiatnakin Bank NVDR 883,900 1,055,253 0.1
Major Cineplex Group (F) 14,247,200 12,250,648 0.7
Namyong Terminal (F) 23,066,200 9,179,272 0.6
PTT Public Co (F) 8,129,500 64,703,240 3.9
Siam City Cement (F) 1,037,300 9,081,535 0.6
Sino Thai Engineering &
Construction (F) 37,540,200 24,222,926 1.5
Srisawad Power 1979 (F) 14,947,870 17,951,890 1.1
Star Petroleum Refining (F) 87,215,300 27,022,364 1.6
Supalai Public Co (F) 22,861,100 12,151,864 0.7
TISCO Financial Group (F) 3,222,160 4,167,376 0.3
TISCO Financial Group NVDR 6,173,640 7,984,668 0.5
JPMORGAN JPMORGAN JPMORGAN JPMORGAN ASEAN FUNDASEAN FUNDASEAN FUNDASEAN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 2 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
VietnamVietnamVietnamVietnam (0.9%)
Vietnam Dairy Products 2,434,011 14,630,489 0.9
1,538,467,582 93.8
(II) Collective Investment Schemes(II) Collective Investment Schemes(II) Collective Investment Schemes(II) Collective Investment Schemes (0.6%)
VietnamVietnamVietnamVietnam (0.6%)
JPM Vietnam Opportunities-
USD (acc)* 951,566 9,981,930 0.6
(III) Derivatives(III) Derivatives(III) Derivatives(III) Derivatives (0.0%)
Forward foreign exchangeForward foreign exchangeForward foreign exchangeForward foreign exchange
contracts contracts contracts contracts (0.0%) 667,897 0.0
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 1,549,117,409 94.4
Other net assetsOther net assetsOther net assetsOther net assets 91,747,613 5.6
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 1,640,865,022 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 1,519,606,126
* Issued and managed by the Manager
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
Singapore 27.4 31.2
Indonesia 22.7 15.8
Thailand 19.3 21.8
Malaysia 15.9 14.3
Philippines 7.6 9.7
Vietnam 0.9 0.7
Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes
Vietnam 0.6 0.7
DerivativesDerivativesDerivativesDerivatives
Forward foreign exchange contracts 0.0 0.0
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 94.4 94.2
Other net assetsOther net assetsOther net assetsOther net assets 5.6 5.8
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN JPMORGAN JPMORGAN JPMORGAN ASEAN FUNDASEAN FUNDASEAN FUNDASEAN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 5 to 7 form part of these financial statements.
- 3 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 82,186,305 79,956,606
Amounts due from brokers 25,307,285 2,761,187
Amounts receivable on allotment 7,387,671 4,645,320
Derivatives 750,311 134,451
Investments 1,548,449,512 1,332,053,478
Dividend and other accounts
receivable 3,630,242 1,036,712
Total assetsTotal assetsTotal assetsTotal assets 1,667,711,326 1,420,587,754
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 20,041,164 -
Amounts payable on redemption 4,481,375 3,800,390
Derivatives 82,414 71,475
Other accounts payable 2,241,351 2,087,253
Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units)redeemable units)redeemable units)redeemable units) 26,846,304 5,959,118
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 1,640,865,022 1,414,628,636
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains/(losses) on investments
and derivatives [Note 4] 209,836,841 (43,609,363)
Dividend income 12,123,456 13,789,226
Interest on deposits 116,827 144,305
Net foreign currency exchange
losses (362,318) (1,103,505)
221,714,806 (30,779,337)
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 11,400,131 15,120,793
Transaction costs 2,004,946 2,565,075
Safe custody and bank charges 181,771 221,255
Registrar's fee 145,141 194,342
Trustee's fee 137,780 181,743
Legal and professional expenses 64,803 13,182
Auditor's fee 27,769 26,234
Printing and publication expenses 4,986 18,551
Other operating expenses 12,002 8,798
13,979,329 18,349,973
---------- ----------
Profit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxation 207,735,477 (49,129,310)
Taxation (662,962) (885,637)
Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net
assets attributable to holdersassets attributable to holders assets attributable to holdersassets attributable to holders
of redeemable units and of redeemable units and of redeemable units and of redeemable units and
total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income 207,072,515 (50,014,947)
JPMORGAN JPMORGAN JPMORGAN JPMORGAN ASEAN FUNDASEAN FUNDASEAN FUNDASEAN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 5 to 7 form part of these financial statements.
- 4 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to Net assets attributable to Net assets attributable to Net assets attributable to holders holders holders holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 1,414,628,636 2,113,072,500
---------- ----------
Allotment of redeemable units 231,043,277 304,583,652
Redemption of redeemable units (211,879,406) (406,282,562)
Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption) 19,163,871 (101,698,910)
---------- ----------
1,433,792,507 2,011,373,590
Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 207,072,515 (50,014,947)
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 1,640,865,022 1,961,358,643
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (374,722,019) (549,396,275)
Proceeds from disposal of
investments and derivatives 364,966,425 628,977,771
Dividend received 9,562,556 12,903,217
Interest received 116,827 144,462
Trustee's fee paid (134,593) (184,713)
Registrar's fee paid (298,393) (381,870)
Tax paid (656,353) (906,221)
Transaction costs paid (1,923,547) (2,635,177)
Management fee paid (11,134,212) (15,375,461)
Others (708,039) (6,311,970)
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (14,931,348) 66,833,763
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Receipts on allotment of
redeemable units 228,300,926 309,125,250
Payments on redemption of
redeemable units (211,198,421) (408,350,721)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities 17,102,505 (99,225,471)
---------- ----------
Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and
cash cash cash cash equivalentsequivalentsequivalentsequivalents 2,171,157 (32,391,708)
Cash and cash equivalents at the
beginning of the period 79,956,606 120,279,166
Exchange gains/(losses) on cash
and cash equivalents 58,542 (259,381)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the the end of the the end of the the end of the periodperiodperiodperiod 82,186,305 87,628,077
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 82,186,305 87,628,077
JPMORGAN ASEAN FUNDJPMORGAN ASEAN FUNDJPMORGAN ASEAN FUNDJPMORGAN ASEAN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 5 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan ASEAN Fund (the "Fund") was established under a Trust Deed dated 7 July 1983, as amended, and is governed by the laws of Hong
Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to enable investors to participate in a managed portfolio consisting primarily of securities with
significant assets in, or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations.
Pursuant to the Supplemental Trust Deed dated 5 September 2012, the Manager may decide to issue separate classes (each a “Class”) whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivativesInvestments and derivativesInvestments and derivativesInvestments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN ASEAN FUNDJPMORGAN ASEAN FUNDJPMORGAN ASEAN FUNDJPMORGAN ASEAN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 6 -
(c)(c)(c)(c) Securities borrowingSecurities borrowingSecurities borrowingSecurities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 7 July 1983, as amended, which may be different from the accounting policies stated in the financial statements.
Units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial liability in the
Statement of Financial Position which represents the net assets attributable to holders of redeemable units (or "net asset value" or "net
assets" or "NAV") and is carried at the redemption amount that would be payable at the Statement of Financial Position date if the
holders of redeemable units exercised the right to redeem units of the Fund.
3333 Number of units in issue and net asNumber of units in issue and net asNumber of units in issue and net asNumber of units in issue and net assets attributable to holders of redeemable units (per unit)sets attributable to holders of redeemable units (per unit)sets attributable to holders of redeemable units (per unit)sets attributable to holders of redeemable units (per unit)
31.3.2016
AUD Hedged
Class (acc) HKD Class (acc)
RMB Hedged
Class (acc) USD Class (acc)
Units Units Units Units
Number of units in issue: 1,259,673.879 5,740,101.950 1,401,989.013 14,988,042.200
A$ HK$ CNY US$
Net assets attributable to
holders of redeemable
units 12,464,824 52,036,685 12,722,967 1,622,597,575
Net assets attributable to
holders of redeemable
units (per unit) 9.90 9.07 9.07 108.26
JPMORGAN ASEAN FUNDJPMORGAN ASEAN FUNDJPMORGAN ASEAN FUNDJPMORGAN ASEAN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 7 -
30.9.2015
AUD Hedged
Class (acc) HKD Class (acc)
RMB Hedged
Class (acc) USD Class (acc)
Units Units Units Units
Number of units in issue: 1,153,879.770 5,490,813.411 1,708,362.277 14,829,644.529
A$ HK$ CNY US$
Net assets attributable to
holders of redeemable
units 9,956,457 43,370,450 13,273,029 1,399,955,330
Net assets attributable to
holders of redeemable
units (per unit) 8.63 7.90 7.77 94.40
4444 Net gains/(losses) on investments and derivativesNet gains/(losses) on investments and derivativesNet gains/(losses) on investments and derivativesNet gains/(losses) on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 250,797,059 (3,281,638)
Realized losses on sale of investments and derivatives (40,960,218) (40,327,725)
209,836,841 (43,609,363)
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 DistributionDistributionDistributionDistribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 8 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (97.2%)
(I) Equities(I) Equities(I) Equities(I) Equities (96.3%)
AustraliaAustraliaAustraliaAustralia (20.9%)
Amcor Ltd 2,232,131 24,639,908 1.2
AMP Ltd-AU List 9,080,105 40,442,402 2.0
Australia & NZ Bkg Group-AU
List 1,571,422 28,358,832 1.4
Goodman Group Stapled Sec 3,805,150 19,523,835 0.9
Macquarie Group 564,101 28,678,744 1.4
Medibank Private 16,472,518 37,127,450 1.8
Mirvac Group Stapled Sec 20,941,194 31,170,941 1.5
QBE Insurance Group 6,578,660 55,211,519 2.7
Spotless Group 38,512,340 37,328,278 1.8
Vicinity Centres Stapled Secs 16,225,553 39,816,006 1.9
Westfield Corp Stapled Sec 5,750,066 44,188,150 2.1
Westpac Banking 1,970,980 46,015,953 2.2
ChinaChinaChinaChina (19.7%)
China Construction Bank 'H' 66,791,000 42,624,034 2.1
China Mobile 8,627,000 96,151,529 4.6
China Resources Land 12,670,000 32,505,818 1.6
CNOOC Ltd 23,902,000 28,226,766 1.4
Datang Intl Power Generation
'H' 57,678,000 17,772,131 0.9
Huadian Power Intl 'H' 26,774,000 17,051,854 0.8
Huaneng Power Intl 'H' 84,736,000 75,815,644 3.7
Jiangsu Expressway 'H' 2,292,000 3,084,939 0.1
KWG Property Hldg 19,416,000 12,766,191 0.6
Longfor Properties 6,070,500 8,655,875 0.4
Sunac China Hldgs 6,809,000 4,582,318 0.2
Yuexiu Transport
Infrastructure 50,518,000 33,997,584 1.6
Zhejiang Expressway 'H' 32,190,000 34,528,341 1.7
Hong KongHong KongHong KongHong Kong (14.8%)
BOC Hong Kong (Hldgs) 21,068,000 62,879,012 3.0
CK Hutchison Hldgs 3,733,500 48,470,448 2.3
HKBN Ltd 19,465,500 24,041,551 1.2
HKT Trust & HKT Stapled Uts 18,358,000 25,277,145 1.2
HSBC Hldgs-HK List 15,432,590 96,297,626 4.6
Lifestyle Intl Hldgs 6,673,500 8,999,466 0.4
New World Development 8,417,184 8,019,415 0.4
NWS Hldgs 15,345,576 24,492,620 1.2
Swire Properties 3,486,800 9,417,648 0.5
KoreaKoreaKoreaKorea (15.2%)
Dongbu Insurance 188,965 12,541,486 0.6
GS Hldgs 250,391 12,918,039 0.6
Hyundai Marine & Fire
Insurance 440,173 12,778,720 0.6
Korea Electric Power 1,982,422 104,356,247 5.1
LG Uplus 6,359,961 61,452,929 3.0
Macquarie Korea
Infrastructure Fd 5,094,433 37,286,118 1.8
SK Innovation 485,326 72,994,117 3.5
New ZealandNew ZealandNew ZealandNew Zealand (0.7%)
Z Energy 3,283,326 15,387,389 0.7
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
SingaporeSingaporeSingaporeSingapore (9.1%)
AIMS AMP Capital Ind REIT 6,784,866 6,726,419 0.3
Ascendas India Trust 26,322,300 17,103,826 0.8
Ascendas Real Estate Inv Trust 29,699,336 52,711,580 2.6
CapitaLand Mall Trust 6,411,800 9,951,479 0.5
DBS Group Hldgs 6,431,086 73,451,732 3.5
Mapletree Commercial Trust 10,599,773 11,098,827 0.5
Sheng Siong Group 2,423,000 1,511,451 0.1
Singapore Exchange 2,620,400 15,470,206 0.8
TaiwanTaiwanTaiwanTaiwan (6.4%)
Chipbond Technology 2,785,000 4,499,751 0.2
CTCI Corp 6,655,000 8,746,784 0.4
Pegatron Corp 3,411,000 7,959,424 0.4
Sercomm Corp 2,375,000 6,043,764 0.3
Taiwan Semiconductor Mfg 10,923,000 54,981,544 2.6
Yuanta Financial Hldg 104,148,639 37,214,434 1.8
Zhen Ding Technology Hldg 6,380,000 14,272,931 0.7
ThailandThailandThailandThailand (9.5%)
Bangkok Bank (F) 340,300 1,760,506 0.1
Bangkok Bank NVDR 12,330,100 63,087,493 3.0
Digital Telecom Infra Fd (F) 29,965,500 12,095,227 0.6
Land & Houses (F) 7,896,226 2,020,069 0.1
Land & Houses NVDR 51,561,974 13,117,671 0.6
LPN Development (F) 2,635,200 1,048,687 0.1
PTT Global Chemical (F) 3,353,700 5,767,449 0.3
PTT Public Co (F) 7,050,700 56,116,998 2.7
Supalai Public Co (F) 47,976,700 25,502,112 1.2
Ticon Industrial Connection (F) 11,047,510 3,768,338 0.2
TISCO Financial Group (F) 10,333,800 13,365,205 0.6
1,997,268,925 96.3
(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (0.9%)
Forward foreign exchangeForward foreign exchangeForward foreign exchangeForward foreign exchange
contracts contracts contracts contracts (0.9%) 19,291,701 0.9
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 2,016,560,626 97.2
Other net assetsOther net assetsOther net assetsOther net assets 57,911,471 2.8
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 2,074,472,097 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 2,105,466,238
JPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 9 -
Statement Statement Statement Statement of Movements in Portfolio Holdingsof Movements in Portfolio Holdingsof Movements in Portfolio Holdingsof Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
Australia 20.9 26.7
China 19.7 17.5
Korea 15.2 13.3
Hong Kong 14.8 14.6
Thailand 9.5 10.0
Singapore 9.1 7.8
Taiwan 6.4 7.8
New Zealand 0.7 0.3
DerivativesDerivativesDerivativesDerivatives
Forward foreign exchange contracts 0.9 1.3
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 97.2 99.3
Other net assetsOther net assetsOther net assetsOther net assets 2.8 0.7
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 12 to 20 form part of these financial statements.
- 10 -
Statement of Financial Statement of Financial Statement of Financial Statement of Financial PositionPositionPositionPosition
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 62,119,424 25,964,915
Amounts due from brokers 5,765,406 9,230,290
Amounts receivable on allotment 6,487,183 10,024,843
Derivatives 49,550,114 46,815,606
Investments 1,997,268,925 2,433,410,947
Dividend and other accounts
receivable 19,346,024 8,320,734
Total assetsTotal assetsTotal assetsTotal assets 2,140,537,076 2,533,767,335
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 7,052,931 5,116,166
Amounts payable on redemption 15,649,916 13,102,157
Distribution payable [Note 5] 10,307,195 14,146,058
Derivatives 30,258,413 15,165,811
Other accounts payable 2,796,524 3,387,316
Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units)redeemable units)redeemable units)redeemable units) 66,064,979 50,917,508
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 2,074,472,097 2,482,849,827
Statement of Statement of Statement of Statement of Comprehensive IncomeComprehensive IncomeComprehensive IncomeComprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 150,973,486 25,794,819
Dividend income 39,341,598 17,269,357
Net foreign currency exchange
gains/(losses) 1,512,483 (577,198)
Interest on deposits 22,647 63,144
Other income - 104,743
191,850,214 42,654,865
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 17,147,030 9,704,036
Transaction costs 2,861,342 2,618,527
Trustee's fee 294,532 172,703
Safe custody and bank charges 280,627 130,748
Registrar's fee 174,465 -
Legal and professional expenses 82,059 10,316
Valuation fee 8,540 8,610
Auditor's fee 8,521 8,030
Printing and publication expenses 6,749 10,211
Other operating expenses 4,630 3,384
20,868,495 12,666,565
---------- ----------
Net operating profitNet operating profitNet operating profitNet operating profit 170,981,719 29,988,300
---------- ----------
Finance costsFinance costsFinance costsFinance costs
Distribution [Note 0] (74,917,479) (46,923,993)
Interest paid (11,021) (12,114)
(74,928,500) (46,936,107)
---------- ----------
Profit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxation 96,053,219 (16,947,807)
Taxation (4,157,532) (1,338,481)
Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net
assets attributable to holdersassets attributable to holders assets attributable to holdersassets attributable to holders
of redeemable units and of redeemable units and of redeemable units and of redeemable units and
total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income 91,895,687 (18,286,288)
JPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 12 to 20 form part of these financial statements.
- 11 -
Statement of Changes in Net Assets Statement of Changes in Net Assets Statement of Changes in Net Assets Statement of Changes in Net Assets Attributable to Holders Attributable to Holders Attributable to Holders Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 2,482,849,827 738,968,058
---------- ----------
Allotment of redeemable units 445,137,133 1,938,846,680
Redemption of redeemable units (945,410,550) (687,051,972)
Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (500,273,417) 1,251,794,708
---------- ----------
1,982,576,410 1,990,762,766
Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 91,895,687 (18,286,288)
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of of of of redeemable units at the end redeemable units at the end redeemable units at the end redeemable units at the end
of the periodof the periodof the periodof the period 2,074,472,097 1,972,476,478
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments (389,324,073) (1,460,248,054)
Proceeds from disposal of
investments 994,216,965 340,753,358
Dividend received 28,337,025 11,775,871
Interest received 23,614 61,177
Registrar's fee paid (268,581) -
Trustee's fee paid (303,897) (148,795)
Transaction costs paid (2,885,531) (2,636,010)
Tax paid (4,157,532) (1,354,993)
Management fee paid (17,615,690) (8,250,633)
Others 133,763 1,943,221
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
operating activitiesoperating activitiesoperating activitiesoperating activities 608,156,063 (1,118,104,858)
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (11,021) (12,114)
Receipts on allotment of
redeemable units 448,674,793 1,911,895,150
Payments on redemption of
redeemable units (942,862,791) (667,603,345)
Distribution paid (78,756,342) (40,057,416)
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities (572,955,361) 1,204,222,275
---------- ----------
Increase in cash and cash Increase in cash and cash Increase in cash and cash Increase in cash and cash
equivalentsequivalentsequivalentsequivalents 35,200,702 86,117,417
Cash and cash equivalents at the
beginning of the period 25,964,915 30,219,495
Exchange gains/(losses) on cash
and cash equivalents 953,807 (2,633,018)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 62,119,424 113,703,894
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 62,119,424 113,703,894
JPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 12 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Asia Equity Dividend Fund (the "Fund") was established under a Trust Deed dated 6 May 2011, as amended, and is governed by the
laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to aim to provide income and long term capital growth by investing primarily in equity securities of
companies in the Asia Pacific region (excluding Japan) that the investment Manager expects to pay dividends. The Fund's holding of these
equity securities will be selected based on historical records and company announcements on dividends, in addition to their potential for long
term capital appreciation.
Pursuant to the Trust Deed, the Manager may decide to issue separate classes (each a "Class") whose assets will be commonly invested but
where a specific fee structure, currency or distribution policy may be applied. Each Class may have a different charging structure with the
result that the net asset value attributable to each Class may differ. All unitholders' rights with regard to the convening, voting or otherwise
acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivativesInvestments and derivativesInvestments and derivativesInvestments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 13 -
(c)(c)(c)(c) Securities borrowingSecurities borrowingSecurities borrowingSecurities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 6 May 2011, as amended, which may be different from the accounting policies stated in the financial statements.
Units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial liability in the
Statement of Financial Position which represents the net assets attributable to holders of redeemable units (or "net asset value" or "net
assets" or "NAV") and is carried at the redemption amount that would be payable at the Statement of Financial Position date if the
holders of redeemable units exercised the right to redeem units of the Fund.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
AUD Hedged Class
(mth)
CAD Hedged Class
(mth)
EUR Hedged Class
(mth)
GBP Hedged Class
(mth) HKD Class (acc)
Units Units Units Units Units
Number of units in issue: 46,394,598.470 12,956,861.335 2,461,176.792 9,022,076.664 1,444,836.594
A$ C$ EUR GBP HK$
Net assets attributable to
holders of redeemable
units 413,216,926 116,523,577 22,603,360 82,526,420 15,183,501
Net assets attributable to
holders of redeemable
units (per unit) 8.91 8.99 9.18 9.15 10.51
JPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 14 -
HKD Class (mth)
NZD Hedged Class
(mth)
RMB Hedged Class
(acc)
RMB Hedged Class
(mth)
SGD Hedged Class
(mth)
Units Units Units Units Units
Number of units in issue: 313,791,454.027 14,997,942.044 5,742,644.672 350,600,239.741 1,719,526.417
HK$ NZ$ CNY CNY S$
Net assets attributable to
holders of redeemable
units 2,867,638,226 134,769,942 65,828,629 3,370,791,477 15,511,757
Net assets attributable to
holders of redeemable
units (per unit) 9.14 8.99 11.46 9.61 9.02
USD Class (acc) USD Class (mth)
Units Units
Number of units in issue: 706,889.537 55,276,121.836
US$ US$
Net assets attributable to
holders of redeemable
units 7,434,634 505,799,653
Net assets attributable to
holders of redeemable
units (per unit) 10.52 9.15
30.9.2015
AUD Hedged Class
(mth)
CAD Hedged Class
(mth)
EUR Hedged Class
(mth)
GBP Hedged Class
(mth) HKD Class (acc)
Units Units Units Units Units
Number of units in issue: 58,360,467.700 16,027,821.663 2,960,870.188 10,277,800.181 1,566,322.916
A$ C$ EUR GBP HK$
Net assets attributable to
holders of redeemable
units 503,815,184 139,668,858 26,079,280 90,262,855 15,369,667
Net assets attributable to
holders of redeemable
units (per unit) 8.63 8.71 8.81 8.78 9.81
JPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 15 -
HKD Class (mth)
NZD Hedged Class
(mth)
RMB Hedged Class
(acc)
RMB Hedged Class
(mth)
SGD Hedged Class
(mth)
Units Units Units Units Units
Number of units in issue: 370,072,349.119 23,311,078.533 6,196,254.330 475,838,598.223 2,110,350.587
HK$ NZ$ CNY CNY S$
Net assets attributable to
holders of redeemable
units 3,238,250,062 202,151,845 65,307,790 4,424,507,299 18,325,542
Net assets attributable to
holders of redeemable
units (per unit) 8.75 8.67 10.54 9.30 8.68
USD Class (acc) USD Class (mth)
Units Units
Number of units in issue: 773,795.433 66,606,124.667
US$ US$
Net assets attributable to
holders of redeemable
units 7,605,387 584,040,196
Net assets attributable to
holders of redeemable
units (per unit) 9.83 8.77
4444 Net gains on investments and derivativesNet gains on investments and derivativesNet gains on investments and derivativesNet gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments 282,885,478 47,740,974
Realized losses on sale of investments (131,911,992) (21,946,155)
150,973,486 25,794,819
JPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 16 -
5555 DistributionDistributionDistributionDistribution
It is the intention of the manager of the Fund to have at least 85% of the income attributable to the distribution class(es) respectively in
respect of each accounting period, after charging the expenses attributable to these distribution class(es) respectively, to be distributed to
unitholders of these distribution class(es) respectively.
1.10.2015 1.10.2014
to to
31.3.2016 31.3.2015
US$ US$
Net operating gains 170,981,719 29,988,300
Adjustments:
Net gains on investments and derivatives (150,973,486) (25,794,819)
Net foreign currency exchange (gains)/losses (1,512,483) 577,198
Transaction costs 2,861,342 2,618,527
Interest paid (11,021) (12,114)
Taxation (4,157,532) (1,338,481)
Amount available for distribution 17,188,539 6,038,611
Distribution of
A$0.0527 per unit on 59,949,965.467 units of AUD Hedged Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (2,254,047)
C$0.0390 per unit on 15,714,814.884 units of CAD Hedged Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (468,436)
EUR0.0327 per unit on 2,896,942.890 units of EUR Hedged Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (104,644)
GBP0.0387 per unit on 10,239,424.307 units of GBP Hedged Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (611,993)
HK$0.0370 per unit on 366,643,415.953 units of HKD Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (1,750,404)
NZ$0.0587 per unit on 19,446,100.354 units of NZD Hedged Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (772,329)
CNY0.0720 per unit on 471,356,800.506 units of RMB Hedged Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (5,367,552)
S$0.0450 per unit on 2,141,974.889 units of SGD Hedged Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (68,825)
US$0.0370 per unit on 65,471,391.605 units of USD Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (2,422,440)
(2015: A$0.0653 per unit on 26,830,079.889 units of AUD Hedged Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (1,540,012)
(2015: C$0.0510 per unit on 3,101,489.470 units of CAD Hedged Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (140,295)
(2015: EUR0.0408 per unit on 1,161,919.196 units of EUR Hedged Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (59,395)
(2015: GBP0.0455 per unit on 2,025,856.215 units of GBP Hedged Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (147,469)
(2015: HK$0.0430 per unit on 131,292,578.380 units of HKD Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (727,974)
(2015: NZ$0.0739 per unit on 9,452,393.452 units of NZD Hedged Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (543,388)
(2015: CNY0.0729 per unit on 90,389,577.460 units of RMB Hedged Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (1,075,504)
(2015: S$0.0434 per unit on 691,312.009 units of SGD Hedged Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (23,340)
(2015: US$0.0430 per unit on 22,251,448.850 units of USD Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (956,812)
A$0.0522 per unit on 57,622,336.293 units of AUD Hedged Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (2,179,514)
C$0.0389 per unit on 15,053,501.131 units of CAD Hedged Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (439,741)
EUR0.0330 per unit on 2,777,116.624 units of EUR Hedged Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (96,791)
GBP0.0388 per unit on 10,311,343.990 units of GBP Hedged Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (602,241)
JPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 17 -
1.10.2015 1.10.2014
to to
31.3.2016 31.3.2015
US$ US$
HK$0.0370 per unit on 360,099,977.460 units of HKD Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (1,718,755)
NZ$0.0578 per unit on 18,616,035.518 units of NZD Hedged Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (709,035)
CNY0.0675 per unit on 465,553,474.342 units of RMB Hedged Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (4,890,610)
S$0.0461 per unit on 1,793,110.684 units of SGD Hedged Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (58,670)
US$0.0370 per unit on 63,956,741.576 units of USD Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (2,366,399)
(2015: A$0.0647 per unit on 32,851,182.274 units of AUD Hedged Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (1,814,090)
(2015: C$0.0502 per unit on 3,889,257.752 units of CAD Hedged Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (171,226)
(2015: EUR0.0408 per unit on 1,385,360.402 units of EUR Hedged Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (70,464)
(2015: GBP0.0455 per unit on 3,065,533.976 units of GBP Hedged Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (218,436)
(2015: HK$0.0430 per unit on 156,858,618.200 units of HKD Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (869,751)
(2015: NZ$0.0729 per unit on 11,909,752.191 units of NZD Hedged Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (681,553)
(2015: CNY0.0752 per unit on 129,648,555.934 units of RMB Hedged Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (1,582,954)
(2015: S$0.0446 per unit on 935,983.013 units of SGD Hedged Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (32,025)
(2015: US$0.0430 per unit on 28,940,275.762 units of USD Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (1,244,432)
A$0.0512 per unit on 55,699,875.598 units of AUD Hedged Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (2,074,852)
C$0.0371 per unit on 14,779,975.042 units of CAD Hedged Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (394,743)
EUR0.0283 per unit on 2,845,181.880 units of EUR Hedged Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (87,467)
GBP0.0357 per unit on 10,365,823.707 units of GBP Hedged Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (545,431)
HK$0.0370 per unit on 356,155,073.850 units of HKD Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (1,700,320)
NZ$0.0555 per unit on 17,697,203.526 units of NZD Hedged Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (672,411)
CNY0.0783 per unit on 450,816,824.839 units of RMB Hedged Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (5,373,607)
S$0.0457 per unit on 1,821,755.032 units of SGD Hedged Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (58,686)
US$0.0370 per unit on 63,119,843.089 units of USD Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (2,335,434)
(2015: A$0.0657 per unit on 32,387,576.356 units of AUD Hedged Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (1,741,337)
(2015: C$0.0503 per unit on 4,263,310.510 units of CAD Hedged Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (185,145)
(2015: EUR0.0409 per unit on 1,548,181.084 units of EUR Hedged Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (76,621)
(2015: GBP0.0448 per unit on 3,350,030.127 units of GBP Hedged Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (234,014)
(2015: HK$0.0430 per unit on 169,488,300.993 units of HKD Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (939,799)
(2015: NZ$0.0751 per unit on 12,441,921.656 units of NZD Hedged Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (730,318)
(2015: CNY0.0858 per unit on 156,165,980.873 units of RMB Hedged Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (2,154,914)
(2015: S$0.0491 per unit on 1,084,735.633 units of SGD Hedged Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (40,194)
JPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 18 -
1.10.2015 1.10.2014
to to
31.3.2016 31.3.2015
US$ US$
(2015: US$0.0430 per unit on 31,213,265.797 units of USD Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (1,342,170)
A$0.0489 per unit on 51,781,802.606 units of AUD Hedged Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (1,791,102)
C$0.0365 per unit on 13,879,752.563 units of CAD Hedged Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (360,001)
EUR0.0306 per unit on 2,599,412.601 units of EUR Hedged Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (86,068)
GBP0.0364 per unit on 10,009,067.343 units of GBP Hedged Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (516,802)
HK$0.0370 per unit on 349,161,340.723 units of HKD Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (1,659,928)
NZ$0.0522 per unit on 16,390,176.321 units of NZD Hedged Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (553,552)
CNY0.0972 per unit on 388,053,446.452 units of RMB Hedged Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (5,719,085)
S$0.0452 per unit on 1,993,780.889 units of SGD Hedged Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (63,317)
US$0.0370 per unit on 59,683,969.460 units of USD Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (2,208,307)
(2015: A$0.0641 per unit on 33,470,685.852 units of AUD Hedged Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (1,670,786)
(2015: C$0.0478 per unit on 5,313,162.254 units of CAD Hedged Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (200,299)
(2015: EUR0.0378 per unit on 1,963,360.539 units of EUR Hedged Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (83,748)
(2015: GBP0.0434 per unit on 3,854,495.542 units of GBP Hedged Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (251,246)
(2015: HK$0.0410 per unit on 170,737,508.113 units of HKD Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (902,866)
(2015: NZ$0.0727 per unit on 15,095,325.109 units of NZD Hedged Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (796,515)
(2015: CNY0.0823 per unit on 188,563,594.856 units of RMB Hedged Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (2,469,473)
(2015: S$0.0468 per unit on 1,256,568.654 units of SGD Hedged Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (43,461)
(2015: US$0.0410 per unit on 33,572,361.070 units of USD Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (1,376,467)
A$0.0488 per unit on 50,519,476.017 units of AUD Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (1,760,877)
C$0.0370 per unit on 13,480,996.562 units of CAD Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (368,224)
EUR0.0310 per unit on 2,576,226.620 units of EUR Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (86,775)
GBP0.0369 per unit on 9,653,745.748 units of GBP Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (496,433)
HK$0.0370 per unit on 336,806,714.710 units of HKD Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (1,602,573)
NZ$0.0523 per unit on 15,829,774.985 units of NZD Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (545,874)
CNY0.0790 per unit on 370,487,124.499 units of RMB Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (4,467,243)
S$0.0419 per unit on 1,957,071.708 units of SGD Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (58,300)
US$0.0370 per unit on 57,849,882.266 units of USD Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (2,140,446)
(2015: A$0.0592 per unit on 38,808,930.886 units of AUD Hedged Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (1,798,359)
(2015: C$0.0455 per unit on 6,600,640.458 units of CAD Hedged Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (240,523)
(2015: EUR0.0383 per unit on 1,925,554.882 units of EUR Hedged Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (82,720)
JPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 19 -
1.10.2015 1.10.2014
to to
31.3.2016 31.3.2015
US$ US$
(2015: GBP0.0430 per unit on 3,944,375.833 units of GBP Hedged Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (262,112)
2015: HK$0.0410 per unit on 187,130,854.935 units of HKD Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (989,287)
(2015: NZ$0.0695 per unit on 18,243,244.300 units of NZD Hedged Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (959,488)
(2015: CNY0.0882 per unit on 216,279,505.229 units of RMB Hedged Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (3,034,198)
(2015: S$0.0465 per unit on 1,530,207.708 units of SGD Hedged Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (52,316)
(2015: US$0.0410 per unit on 36,235,181.841 units of USD Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (1,485,642)
A$0.0500 per unit on 46,495,295.728 units of AUD Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (1,788,325)
C$0.0370 per unit on 12,970,508.676 units of CAD Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (371,030)
EUR0.0286 per unit on 2,458,718.630 units of EUR Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (80,132)
GBP0.0359 per unit on 9,038,608.870 units of GBP Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (466,384)
HK$0.0370 per unit on 314,321,674.345 units of HKD Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (1,499,365)
NZ$0.0535 per unit on 15,059,755.727 units of NZD Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (559,395)
CNY0.0632 per unit on 351,181,706.462 units of RMB Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (3,436,827)
S$0.0416 per unit on 1,719,526.417 units of SGD Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (53,121)
US$0.0370 per unit on 55,476,095.103 units of USD Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (2,052,616)
(2015: A$0.0606 per unit on 48,349,257.496 units of AUD Hedged Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (2,238,347)
(2015: C$0.0457 per unit on 9,472,997.674 units of CAD Hedged Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (341,821)
(2015: EUR0.0372 per unit on 2,598,701.885 units of EUR Hedged Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (103,825)
(2015: GBP0.0431 per unit on 5,425,976.599 units of GBP Hedged Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (347,165)
(2015: HK$0.0410 per unit on 234,604,188.194 units of HKD Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (1,240,644)
(2015: NZ$0.0724 per unit on 18,227,564.957 units of NZD Hedged Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (989,625)
(2015: CNY0.0872 per unit on 267,542,195.223 units of RMB Hedged Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (3,759,516)
(2015: S$0.0510 per unit on 1,851,885.694 units of SGD Hedged Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (68,853)
(2015: US$0.0410 per unit on 43,684,366.349 units of USD Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (1,791,059)
Total distribution to holders of redeemable units (74,917,479) (46,923,993)
In the event that the amount available for distribution is insufficient to pay distributions as the Fund declares, the Manager may in its
discretion determine that such distributions be paid from capital.
JPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 20 -
6666 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
JPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUND (Formerly known as JPMorgan (Formerly known as JPMorgan (Formerly known as JPMorgan (Formerly known as JPMorgan Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)
SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 21 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted Listed/Quoted Listed/Quoted Listed/Quoted InvestmentsInvestmentsInvestmentsInvestments (99.4%)
EquitiesEquitiesEquitiesEquities (99.4%)
ChinaChinaChinaChina (28.4%)
China Construction Bank 'H' 4,328,000 2,762,001 2.0
China Merchants Bank 'H' 1,261,000 2,649,928 1.9
China Mobile 340,000 3,789,442 2.8
China Resources Gas Group 418,000 1,193,662 0.9
China Resources Land 858,000 2,201,262 1.6
China Shipping Development
'H' 3,266,000 2,160,056 1.6
China Taiping Insurance Hldgs 739,678 1,624,964 1.2
China Vanke 'H' 910,209 2,231,943 1.6
IMAX China Hldg 108,600 657,350 0.5
IMAX China Hldg (Placing
03/16) 99,900 604,690 0.5
Netease Inc ADR 9,700 1,392,726 1.0
Nexteer Automotive Group 989,000 1,017,491 0.8
Ping An Insurance (Group) 'H' 937,500 4,484,113 3.3
Sunny Optical Technology
Group 385,000 1,082,053 0.8
Tencent Hldgs 530,200 10,827,454 7.9
Hong KongHong KongHong KongHong Kong (13.7%)
AIA Group 1,406,400 7,968,914 5.9
Cheung Kong Property Hldgs 384,000 2,472,852 1.8
CK Hutchison Hldgs 328,000 4,258,285 3.1
Hong Kong Exchanges &
Clearing 83,500 2,010,920 1.5
Techtronic Industries 483,000 1,908,574 1.4
IndiaIndiaIndiaIndia (13.2%)
Housing Development Finance 80,750 1,348,140 1.0
IndusInd Bank 347,533 5,077,926 3.7
ITC Ltd 390,930 1,937,752 1.4
Maruti Suzuki India 24,720 1,387,247 1.0
Sun Pharmaceutical Industries 167,820 2,078,031 1.6
Tata Consultancy Services 31,700 1,206,441 0.9
Tata Motors 300,270 1,752,945 1.3
Ultratech Cement 64,721 3,155,543 2.3
IndonesiaIndonesiaIndonesiaIndonesia (5.6%)
Bank Central Asia 2,748,200 2,756,490 2.0
Berlian Laju Tanker-SG List 100,000,000 0 0.0
Mitra Keluarga Karyasehat 4,551,500 832,382 0.6
Surya Citra Media 3,980,300 942,545 0.7
Telekomunikasi Indonesia 'B' 12,631,700 3,167,451 2.3
KoreaKoreaKoreaKorea (15.2%)
GS Retail 21,318 878,929 0.6
Hyundai Marine & Fire
Insurance 80,132 2,326,323 1.7
Korea Electric Power 73,816 3,885,732 2.8
LG Chem 7,060 2,021,817 1.5
LG Household & Healthcare 2,230 1,842,733 1.4
Samsung Electronics 7,510 8,615,880 6.3
S-Oil Corp 14,076 1,205,002 0.9
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
PhilippinesPhilippinesPhilippinesPhilippines (2.8%)
Globe Telecom 17,390 838,436 0.6
SM Prime Hldgs 2,583,100 1,231,383 0.9
Universal Robina 369,360 1,739,108 1.3
SingaporeSingaporeSingaporeSingapore (3.6%)
ComfortDelgro Corp 874,800 1,896,937 1.4
DBS Group Hldgs 161,900 1,849,118 1.3
Jardine Cycle & Carriage 39,400 1,171,233 0.9
TaiwanTaiwanTaiwanTaiwan (11.8%)
Catcher Technology 144,000 1,181,208 0.9
Eclat Textile 149,758 1,970,622 1.4
Taiwan Semiconductor Mfg 2,094,000 10,540,268 7.7
Uni-President Enterprises 1,398,700 2,455,461 1.8
ThailandThailandThailandThailand (5.1%)
Airports of Thailand (F) 262,300 2,997,288 2.2
Kasikornbank Public Co NVDR 381,300 1,875,068 1.4
PTT Public Co (F) 268,900 2,140,193 1.5
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 135,604,312 99.4
Other net assetsOther net assetsOther net assetsOther net assets 843,594 0.6
Net assets Net assets Net assets Net assets attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 136,447,906 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 123,236,248
JPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUND (Formerly known as JPMorgan (Formerly known as JPMorgan (Formerly known as JPMorgan (Formerly known as JPMorgan Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)
SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 22 -
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
China 28.4 33.0
Korea 15.2 17.2
Hong Kong 13.7 11.0
India 13.2 14.9
Taiwan 11.8 11.6
Indonesia 5.6 1.2
Thailand 5.1 3.4
Singapore 3.6 3.0
Philippines 2.8 2.7
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 99.4 98.0
Other net assetsOther net assetsOther net assetsOther net assets 0.6 2.0
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUND (Formerly known as JPMorgan (Formerly known as JPMorgan (Formerly known as JPMorgan (Formerly known as JPMorgan Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)
SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 25 to 28 form part of these financial statements.
- 23 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 815,256 3,254,511
Amounts due from brokers 359,745 332,997
Amounts receivable on allotment 209,380 23,406
Investments 135,604,312 137,836,387
Dividend and other accounts
receivable 673,519 3,985
Total Total Total Total assetsassetsassetsassets 137,662,212 141,451,286
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers - 580,586
Amounts payable on redemption 792,484 43,898
Other accounts payable 421,822 147,040
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 1,214,306 771,524
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 136,447,906 140,679,762
EquityEquityEquityEquity 136,447,906 140,679,762
Statement of Comprehensive Statement of Comprehensive Statement of Comprehensive Statement of Comprehensive IncomeIncomeIncomeIncome
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 7,693,736 19,396,196
Dividend income 683,965 1,051,584
Interest on deposits 1,061 5,797
Net foreign currency exchange
losses (59,711) (117,653)
8,319,051 20,335,924
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 1,038,266 1,606,969
Transaction costs 240,369 396,161
Registrar's fee 29,023 40,135
Trustee's fee 26,590 36,023
Safe custody and bank charges 20,445 29,134
Auditor's fee 16,993 16,109
Valuation fee 8,540 8,610
Legal and professional expenses 6,788 10,069
Printing and publication expenses 1,879 5,503
Other operating expenses 5,220 3,562
1,394,113 2,152,275
---------- ----------
Net operating profitNet operating profitNet operating profitNet operating profit 6,924,938 18,183,649
Finance costsFinance costsFinance costsFinance costs
Interest paid (294) -
Profit before Profit before Profit before Profit before taxationtaxationtaxationtaxation 6,924,644 18,183,649
Taxation (128,914) (267,812)
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 6,795,730 17,915,837
JPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUND (Formerly known as JPMorgan (Formerly known as JPMorgan (Formerly known as JPMorgan (Formerly known as JPMorgan Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)
SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 25 to 28 form part of these financial statements.
- 24 -
Statement of ChangesStatement of ChangesStatement of ChangesStatement of Changes in Net Assets Attributable to Holders in Net Assets Attributable to Holders in Net Assets Attributable to Holders in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 140,679,762 222,660,214
---------- ----------
Allotment of redeemable units 3,910,037 7,066,738
Redemption of redeemable units (14,937,623) (42,437,717)
Net redemptionNet redemptionNet redemptionNet redemption (11,027,586) (35,370,979)
---------- ----------
129,652,176 187,289,235
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 6,795,730 17,915,837
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of theof theof theof the periodperiodperiodperiod 136,447,906 205,205,072
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (46,662,128) (70,536,599)
Proceeds from disposal of
investments and derivatives 55,981,271 105,245,829
Dividend received 340,927 499,423
Interest received 1,055 5,793
Trustee's fee paid (26,608) (36,653)
Registrar's fee paid (58,490) (84,919)
Tax paid (127,178) (177,896)
Transaction costs paid (242,148) (394,834)
Management fee paid (1,042,357) (1,644,749)
Others (143,512) (138,500)
Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating
activitiesactivitiesactivitiesactivities 8,020,832 32,736,895
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (294) -
Receipts on allotment of
redeemable units 3,724,063 7,092,465
Payments on redemption of
redeemable units (14,189,037) (41,905,371)
Net cash outflow from Net cash outflow from Net cash outflow from Net cash outflow from
financing financing financing financing activitiesactivitiesactivitiesactivities (10,465,268) (34,812,906)
---------- ----------
Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash
equivalentsequivalentsequivalentsequivalents (2,444,436) (2,076,011)
Cash and cash equivalents at the
beginning of the period 3,254,511 7,692,869
Exchange gains/(losses) on cash
and cash equivalents 5,181 (94,373)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 815,256 5,522,485
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 815,256 5,522,485
JPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUND (Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)
SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 25 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Asia Growth Fund (the "Fund") was established under a Trust Deed dated 11 May 2007, as amended, and is governed by the laws of
Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
Prior to 7 April 2016, the investment objective of the Fund was to provide investors with long-term capital appreciation by investing primarily
in securities of companies whose predominant business will benefit from, or is related to, the domestic growth in Asian economies excluding
Japan but including Australia and New Zealand. This may include, but is not limited to, companies predominantly engaged in the production,
distribution, marketing or retail sale of staple goods, such as food, beverages, household products, cosmetics, tobacco, automobiles, also
companies primarily engaged in the development of properties and infrastructure projects including building materials, building services,
property developers, ports/railways/roads builders and operators as well as insurance companies and financial companies.
With effect from 7 April 2016, the name of the Fund was changed from JPMorgan Asia Domestic Opportunities Fund to JPMorgan Asia Growth
Fund and the investment objective of the Fund was changed to provide investors with long-term capital appreciation by investing at least 70%
of its non-cash assets in equity securities of companies whose predominant business will benefit from, or is related to, the growth in Asian
economies. The Fund may invest up to 30% of its non-cash assets in equity securities of companies in non-Asian countries. The Fund may also
invest up to 10% of its non-cash assets in non-equity securities in any countries.
Pursuant to the Supplemental Trust Deed dated 31 August 2012, the Manager may decide to issue separate classes (each a “Class”) whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
JPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUND (Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)
SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 26 -
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
(c)(c)(c)(c) Securities borrowing Securities borrowing Securities borrowing Securities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 11 May 2007, as amended, which may be different from the accounting policies stated in the financial
statements.
JPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUND (Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)
SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 27 -
3333 Number of uniNumber of uniNumber of uniNumber of units in issue and net assets attributable to holders of redeemable units (per unit)ts in issue and net assets attributable to holders of redeemable units (per unit)ts in issue and net assets attributable to holders of redeemable units (per unit)ts in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (acc)
Units
Number of units in issue: 13,586,091.287
US$
Net assets attributable to
holders of redeemable
units 136,447,906
Net assets attributable to
holders of redeemable
units (per unit) 10.04
30.9.2015
USD Class (acc)
Units
Number of units in issue: 14,716,497.760
US$
Net assets attributable to
holders of redeemable
units 140,679,762
Net assets attributable to
holders of redeemable
units (per unit) 9.56
4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains in value of investments and derivatives 11,471,848 9,941,711
Realized (losses)/gains on sale of investments and derivatives (3,778,112) 9,454,485
7,693,736 19,396,196
JPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUND (Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)
SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 28 -
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 29 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (89.2%)
(I) Convertibles(I) Convertibles(I) Convertibles(I) Convertibles (2.3%)
ChinaChinaChinaChina (0.6%)
Franshion Cap
EB(FPC)6.8% Perp-
RegS USD1,000,000 1,102,781 0.0
Hengan Intl Grp CB
0% 27/6/18-RegS HKD96,000,000 13,004,132 0.6
Hong KongHong KongHong KongHong Kong (0.4%)
China Daye Non-Fer
CB 0.5% 30/05/18 CNY10,000,000 1,546,856 0.1
PB Issuer CB (Pac
Basin)1.75% 04/16 USD5,000,000 5,016,069 0.2
Shine Power EB(BJ
Enter)0%7/19-RegS HKD26,000,000 3,269,044 0.1
MalaysiaMalaysiaMalaysiaMalaysia (0.4%)
Cahaya Capit
EB(Tenaga)
0%9/21-RegS USD8,000,000 7,820,000 0.4
SingaporeSingaporeSingaporeSingapore (0.6%)
CapitaLand Ltd CB
1.85%19/6/20-RegS SGD6,000,000 4,246,901 0.2
CapitaLand Ltd CB
2.8% 8/06/25-RegS SGD13,000,000 9,292,615 0.4
TaiwanTaiwanTaiwanTaiwan (0.3%)
Asia Cement CB 0%
13/05/18 USD6,000,000 5,947,500 0.3
51,245,898 2.3
--------- ----
(II) Debt (II) Debt (II) Debt (II) Debt SecuritiesSecuritiesSecuritiesSecurities (86.0%)
AustraliaAustraliaAustraliaAustralia (3.8%)
China Const Bk
Sydney3.8% 9/17-
RegS CNH26,000,000 3,987,073 0.2
CNOOC Fin (2015)
2.625% 05/05/20 USD32,100,000 32,355,796 1.4
NSW Treasury 4%
20/04/23 AUD37,700,000 32,316,188 1.4
Queensland Try No24
5.75% 7/24-RegS AUD18,000,000 16,969,685 0.8
BermudaBermudaBermudaBermuda (0.6%)
China Electronics
4.7% 16/1/17-RegS CNH4,800,000 745,713 0.0
Kunlun Energy 2.875%
13/05/20-RegS USD12,200,000 12,515,988 0.6
Cayman IslandsCayman IslandsCayman IslandsCayman Islands (11.0%)
Agile Property 9%
21/05/20-RegS USD7,700,000 8,423,415 0.4
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Agile Property 9.875%
20/03/17-RegS USD13,800,000 14,464,355 0.6
Alibaba Group Hldg
3.6% 28/11/24 USD10,000,000 10,267,500 0.5
CAR Inc 6% 11/02/21-
RegS USD7,900,000 8,124,755 0.4
CAR Inc 6.125%
04/02/20-RegS USD14,700,000 15,286,060 0.7
China Overs Fin V
3.95% 15/11/22 USD3,500,000 3,644,837 0.2
China Overs Fin VI
5.95% 5/24-RegS USD9,000,000 10,539,900 0.5
CIFI Hldgs Group
7.75% 05/06/20 USD6,000,000 6,398,325 0.3
Country Garden 7.5%
09/03/20-RegS USD4,500,000 4,743,638 0.2
Country Garden 7.5%
10/01/23-RegS USD600,000 626,540 0.0
Country Garden
7.875% 27/05/19-
RegS USD7,200,000 7,862,355 0.4
ENN Energy Hldgs
3.25% 10/19-RegS USD6,000,000 6,102,925 0.3
ENN Energy Hldgs 6%
13/05/21-RegS USD2,000,000 2,287,133 0.1
Formosa Group
3.375% 22/04/25-
RegS USD24,550,000 24,968,578 1.1
FWD Ltd 5%
24/09/24-RegS USD16,800,000 17,935,867 0.8
Greenland HK Hldgs
4.375% 8/17-RegS USD8,300,000 8,425,197 0.4
Hutch Wham Intl 12
VRN 6% Perp-RegS USD1,650,000 1,750,513 0.1
Hutch Wham Intl 14
3.625%10/24-RegS USD6,700,000 7,078,243 0.3
KWG Property 13.25%
22/03/17 USD400,000 434,992 0.0
KWG Property 8.25%
05/08/19-RegS USD10,500,000 11,352,206 0.5
Lai Fung Hldgs
6.875% 25/04/18-
RegS CNH5,000,000 764,382 0.0
Longfor Prop 6.75%
28/05/18-RegS CNH4,000,000 639,909 0.0
MCE Finance 5%
15/02/21-RegS USD3,200,000 3,097,849 0.1
New World China
5.375% 6/11/19-
RegS USD22,700,000 24,400,198 1.1
Semiconductor Manu
4.125%10/19-RegS USD11,600,000 12,105,204 0.5
Shimao Property
8.375% 10/2/22-
RegS USD17,906,000 19,833,531 0.9
Sinostrong Intl 4%
28/05/18 CNH27,300,000 4,189,247 0.2
Tencent Hldgs 3.8%
11/02/25-RegS USD7,900,000 8,188,218 0.4
JPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 30 -
Investment Investment Investment Investment PortfolioPortfolioPortfolioPortfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
ChinaChinaChinaChina (5.7%)
Bank of China 5%
13/11/24-RegS USD28,800,000 30,492,159 1.4
Bank of Comm VRN
5% Perp-RegS USD9,155,000 9,481,834 0.4
Beijing Capital (HK)
4.7% 6/17-RegS CNH4,000,000 626,757 0.0
China Const Bk
3.875% 13/5/25-
RegS USD25,200,000 25,763,518 1.2
China Const Bk VRN
4.9% 11/24-RegS CNH9,400,000 1,424,911 0.1
China Govt Bond
3.48% 29/06/27-
RegS CNH9,500,000 1,481,750 0.1
China Govt Bond
4.29% 22/05/29-
RegS CNH5,500,000 925,961 0.0
China Govt Bond 4.5%
22/05/34-RegS CNH4,500,000 762,272 0.0
China New Town Fin
5.5% 6/5/18-RegS CNH51,000,000 7,914,289 0.4
ICBC Macau VRN
3.875% 10/09/24-
RegS USD12,100,000 12,275,063 0.5
Lenovo Group 4.95%
10/06/20 CNH50,000,000 7,793,359 0.3
People's Bk of CN 3.1%
10/16-RegS CNH148,870,000 23,409,682 1.1
Shenzhen Qianhai
4.55% 10/17-RegS CNH25,500,000 4,025,440 0.2
Hong KongHong KongHong KongHong Kong (7.6%)
Bank of East VRN
4.25% 11/24-RegS USD21,200,000 21,580,187 1.0
China CITIC Bk 6.875%
24/6/20-RegS USD2,000,000 2,273,131 0.1
China CITIC Bk VRN
3.875% 28/9/22 USD1,400,000 1,410,403 0.1
China CITIC Bk VRN
6% 05/24-RegS USD4,500,000 4,838,340 0.2
China CITIC Bk VRN
7.25%Perp-RegS USD9,200,000 10,015,784 0.5
China Const Bk VRN
4.25% 08/24-RegS USD13,100,000 13,428,919 0.6
CITIC Ltd 6.875%
21/01/18 USD2,400,000 2,627,902 0.1
CITIC Ltd VRN 8.625%
Perp-RegS USD10,600,000 12,214,866 0.5
CRCC Yupeng VRN
3.95% Perp-RegS USD16,500,000 17,019,475 0.8
Dah Sing Bank VRN
4.875% 02/22-RegS SGD1,750,000 1,325,790 0.1
Hero Asia Inv 2.875%
03/10/17-RegS USD13,100,000 13,399,926 0.6
HNA Group Intl 8%
13/11/17-RegS CNH34,200,000 5,195,350 0.2
ICBCIL Finance 3.25%
17/03/20-RegS USD16,000,000 16,236,067 0.7
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
MCC Hldgs HK 2.5%
28/08/17-RegS USD12,100,000 12,188,464 0.5
Poly Property 4.75%
16/05/18-RegS USD9,980,000 10,323,756 0.5
Wheelock Finance
2.75% 2/07/17-
RegS USD12,700,000 12,923,838 0.6
Wheelock Finance 3%
19/03/18-RegS USD1,600,000 1,621,893 0.1
Wing Lung Bank VRN
3.5% 11/22-RegS USD1,000,000 1,013,947 0.0
Zhejiang Prov Energy
2.3% 9/17-RegS USD9,600,000 9,606,987 0.4
IndiaIndiaIndiaIndia (7.5%)
Bharat Petroleum 4%
08/05/25-RegS USD15,700,000 16,076,800 0.7
Export-Imp Bk IN
9.45% 22/01/19 INR950,000,000 15,157,584 0.7
Export-Imp Bk IN
NoQ17 9.28% 10/18 INR650,000,000 10,511,172 0.5
Export-Imp Bk IN
NoQ20
9.7%21/11/18 INR250,000,000 4,057,332 0.2
Export-Imp Bk IN
NoQ21 9.63% 11/18 INR250,000,000 4,052,199 0.2
Housing Dev Fin
9.75% 10/16 SerL-
02 INR750,000,000 11,880,488 0.5
Housing Dev Fin
9.75% 12/16 SerI-25 INR500,000,000 7,848,682 0.4
ICICI Bank 4%
24/11/17-RegS CNH31,000,000 4,822,581 0.2
India Govt Bond 8.19%
16/01/20 INR220,000,000 3,456,049 0.2
India Govt Bond 8.27%
09/06/20 INR752,000,000 11,988,833 0.5
India Govt Bond 8.4%
28/07/24 INR1,140,000,000 18,137,974 0.8
NTPC Ltd 4.375%
26/11/24-RegS USD9,100,000 9,691,159 0.4
Oil India 3.875%
17/04/19-RegS USD8,500,000 8,943,789 0.4
Oil India 5.375%
17/04/24-RegS USD2,000,000 2,233,971 0.1
ONGC Videsh 3.25%
15/07/19-RegS USD8,400,000 8,614,212 0.4
Power Finance 9.32%
17/09/19 INR250,000,000 4,092,839 0.2
Power Finance No123A
8.5% 28/11/17 INR600,000,000 9,367,933 0.4
Tata Motors 4.625%
30/04/20-RegS USD14,900,000 15,837,624 0.7
IndonesiaIndonesiaIndonesiaIndonesia (14.4%)
Indonesia Eximbank
NoOB 9% 13/03/18 IDR130,000,000,000 9,943,627 0.5
Indonesia Govt
NoFR53 8.25%
15/7/21 IDR73,500,000,000 5,849,247 0.3
JPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 31 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 As at 31 As at 31 As at 31 March 2016March 2016March 2016March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
IndonesiaIndonesiaIndonesiaIndonesia (Continued)
Indonesia Govt
NoFR54 9.5%
15/07/31 IDR87,500,000,000 7,430,876 0.3
Indonesia Govt
NoFR69
7.875%15/4/19 IDR364,900,000,000 28,813,963 1.3
Indonesia Govt
NoFR71 9%
15/03/29 IDR119,000,000,000 9,590,517 0.4
Indonesia Retail 8.5%
15/10/17 IDR504,000,000,000 38,866,079 1.7
Indonesia Retail 9%
15/10/18 IDR100,000,000,000 7,818,102 0.4
Indosat Tbk NoOB 10%
12/12/17 IDR35,000,000,000 2,697,997 0.1
Indosat Tbk NoOB
8.55% 14/06/16 IDR80,000,000,000 6,093,212 0.3
Indosat Tbk NoOB
9.25% 04/06/18 IDR100,000,000,000 7,595,735 0.3
MPM Global Pte 6.75%
19/9/19-RegS USD8,800,000 8,700,450 0.4
Pelabuhan Indonesia
4.25% 5/25-RegS USD9,600,000 9,364,840 0.4
Pertamina Persero
4.3% 20/5/23-RegS USD45,000,000 44,732,999 2.0
Pertamina Persero
4.875% 05/22-RegS USD8,000,000 8,311,017 0.4
Pertamina Persero
5.625% 05/43-RegS USD1,800,000 1,631,745 0.1
Pertamina Persero 6%
03/05/42-RegS USD800,000 754,387 0.0
Pertamina Persero
6.45%30/5/44-
RegS USD25,000,000 24,962,708 1.1
Perusahaan Penerb
4.325% 5/25-RegS USD6,300,000 6,378,103 0.3
Perusahaan Penerb
4.35% 09/24-RegS USD14,300,000 14,345,164 0.6
Perusahaan Penerb
NoSR07 8.25% 3/18 IDR153,000,000,000 11,747,695 0.5
Rep of Indonesia
4.75% 8/1/26-RegS USD50,000,000 53,282,082 2.4
Rep of Indonesia
5.125%15/1/45-
RegS USD6,000,000 6,045,071 0.3
Rep of Indonesia
5.875% 01/24-RegS USD5,000,000 5,706,330 0.3
Theta Cap 6.125%
14/11/20-RegS USD893,000 883,248 0.0
Jersey C.I.Jersey C.I.Jersey C.I.Jersey C.I. (0.6%)
West China Cement
6.5% 11/9/19-RegS USD12,700,000 13,378,709 0.6
KoreaKoreaKoreaKorea (3.8%)
KEB Hana Bank 4.25%
10/24-RegS USD7,500,000 7,945,750 0.3
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
KEB Hana Bank
4.375% 30/09/24-
RegS USD7,400,000 7,771,429 0.3
Korea Land No42
3.5% 27/08/20 KRW5,000,000,000 5,378,192 0.2
Korea Try No2106 ILB
1.5% 10/06/21 KRW6,850,000,000 6,582,179 0.3
Korea Try No2306 ILB
1.125% 10/6/23 KRW7,000,000,000 6,292,604 0.3
Korea Western Power
2.625%9/19-RegS USD10,200,000 10,414,498 0.5
Shinhan Bank 3.875%
24/03/26-RegS USD8,000,000 8,094,889 0.4
Woori Bank 4.75%
30/04/24-RegS USD15,800,000 16,951,118 0.8
Woori Bank 5%
10/06/45-RegS USD13,000,000 13,140,472 0.6
Woori Bank VRN
6.208% 02/05/37-
RegS USD1,500,000 1,596,925 0.1
MalaysiaMalaysiaMalaysiaMalaysia (3.9%)
AmBank M 3.125%
03/07/19-RegS USD10,600,000 10,879,582 0.5
Cagamas Bhd 4.1%
18/11/20 MYR15,000,000 3,900,863 0.2
Cagamas Bhd NoP8
6.35% 08/08/23 MYR55,000,000 16,005,509 0.7
Cagamas Global 3.7%
22/09/17-RegS CNH54,400,000 8,263,854 0.4
Danainfra Nasional
4.41% 24/07/24 MYR15,000,000 3,909,282 0.2
Malayan Bkg VRN
3.8% 28/04/21 SGD1,500,000 1,132,280 0.0
Malaysia Govt Inv
No0116 4.39% 7/23 MYR30,000,000 8,001,933 0.4
Malaysia Govt Inv
No0613 3.716%3/21 MYR42,000,000 10,779,180 0.5
Malaysian Govt
No0315 3.659%
10/20 MYR60,000,000 15,806,926 0.7
Putrajaya Hldgs 4.55%
19/09/23 MYR20,000,000 5,185,211 0.2
Telekom Malaysia
4.82% 21/03/24 MYR10,000,000 2,634,301 0.1
MongoliaMongoliaMongoliaMongolia (0.2%)
Mongolia 7.5%
30/06/18-RegS CNH40,000,000 5,321,294 0.2
NetherlandsNetherlandsNetherlandsNetherlands (1.4%)
Bharti Airtel 5.125%
11/03/23-RegS USD21,000,000 22,514,931 1.0
Indo Energy Fin II
6.375% 1/23-RegS USD6,000,000 2,907,250 0.1
Royal Capital VRN
5.5% Perp-RegS USD6,000,000 6,076,250 0.3
JPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 32 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
New ZealandNew ZealandNew ZealandNew Zealand (2.0%)
New Zealand Govt
No319 5% 15/03/19 NZD25,000,000 18,859,961 0.9
New Zealand Govt
No521 6% 15/05/21 NZD30,000,000 25,038,484 1.1
PakistanPakistanPakistanPakistan (0.2%)
Islamic Rep Pakistan
8.25%9/25-RegS USD5,000,000 5,328,792 0.2
PhilippinesPhilippinesPhilippinesPhilippines (0.6%)
Philippines Rep of
3.9% 26/11/22 PHP134,000,000 2,917,676 0.1
Philippines Rep of
6.25% 14/01/36 PHP467,000,000 11,494,840 0.5
SingaporeSingaporeSingaporeSingapore (4.6%)
Alam Synergy Pte 9%
29/01/19-RegS USD7,350,000 7,334,565 0.3
BOC Aviation Pte 3%
30/03/20-RegS USD10,700,000 10,802,898 0.5
BOC Aviation Pte
3.875% 9/5/19-
RegS USD10,721,000 11,259,112 0.5
BOC Aviation Pte 4.2%
05/11/18-RegS CNH44,000,000 6,827,192 0.3
CapitaLand Try
4.076% 20/09/22 USD2,000,000 2,125,617 0.1
Housing & Dev
3.008% 26/03/21-
RegS SGD10,000,000 7,860,838 0.3
Housing & Dev Board
3.1% 07/24-RegS SGD4,000,000 3,181,379 0.1
OCBC 4.25%
19/06/24-RegS USD1,600,000 1,702,896 0.1
OCBC VRN 4%
15/10/24-RegS USD14,400,000 15,224,480 0.7
Public Utilities Board
3.52% 10/20 SGD10,000,000 8,097,782 0.4
RH Intl Singapore
3.5% 2/5/19-RegS USD10,600,000 11,054,563 0.5
Theta Cap 7%
11/04/22-RegS USD7,800,000 7,796,100 0.3
United Over Bk VRN
3.45% 01/04/21 SGD2,250,000 1,699,856 0.1
United Over Bk VRN
3.75% 09/24-RegS USD8,000,000 8,257,633 0.4
Sri LankaSri LankaSri LankaSri Lanka (1.1%)
Natl Savings Bk 5.15%
10/09/19-RegS USD5,500,000 5,183,735 0.2
Natl Savings Bk
8.875% 18/9/18-
RegS USD3,200,000 3,355,844 0.2
Rep of Sri Lanka
6.125% 3/6/25-
RegS USD11,500,000 10,784,085 0.5
SriLankan Airlines
5.3% 06/19-RegS USD4,400,000 4,247,039 0.2
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
SupranationalSupranationalSupranationalSupranational (0.4%)
Asian Dev Bank 3.25%
20/07/17 NZD12,000,000 8,462,897 0.4
ThailandThailandThailandThailand (3.1%)
Krung Thai Bk VRN
5.2% 12/24-RegS USD26,000,000 27,153,533 1.2
Thailand Govt 3.625%
16/06/23 THB110,000,000 3,595,629 0.2
Thailand Govt 3.65%
17/12/21 THB337,000,000 10,821,339 0.5
Thailand Govt 3.65%
20/06/31 THB120,320,000 4,110,446 0.2
Thailand Govt 3.875%
13/06/19 THB720,000,000 22,312,858 1.0
United StatesUnited StatesUnited StatesUnited States (0.7%)
China Merchant
2.375% 14/05/18-
RegS USD15,000,000 15,204,813 0.7
Virgin IslandsVirgin IslandsVirgin IslandsVirgin Islands (12.8%)
Beijing Cap Polar
2.875% 04/18-RegS USD17,000,000 17,287,725 0.8
Bestgain Real Est
4.05% 12/16-RegS CNH3,900,000 609,572 0.0
CCCI Treasure VRN
3.5% Perp-RegS USD10,400,000 10,549,789 0.5
Central Plaza VRN
7.125% Perp-RegS USD22,700,000 24,323,050 1.1
Chalco HK Inv VRN
6.25% Perp-RegS USD16,100,000 16,763,521 0.8
Chinalco Fin 3.625%
11/12/19-RegS USD8,675,000 9,053,465 0.4
Dianjian Haixing VRN
4.05%Perp-RegS USD17,100,000 17,868,859 0.8
Double Rosy 3.625%
18/11/19-RegS USD22,400,000 23,087,524 1.0
Eastern Creation II
2.625% 20/11/17 USD9,600,000 9,766,800 0.5
Franshion Brill 5.375%
10/18-RegS USD400,000 429,854 0.0
Franshion Brill 5.75%
19/03/19-RegS USD23,000,000 24,526,657 1.1
HKT Capital No2
3.625% 2/04/25-
RegS USD10,997,000 11,404,164 0.5
HLP Finance 4.45%
16/04/21-RegS USD11,000,000 11,785,064 0.5
King Power Cap
5.625% 03/11/24-
RegS USD11,400,000 12,502,166 0.6
NWD (MTN) 5.25%
26/02/21-RegS USD16,725,000 17,932,545 0.8
Proven Honour Cap
4.125% 19/05/25 USD12,400,000 12,797,291 0.6
SDSC Intl Finance
3.625% 11/19-RegS USD12,600,000 13,118,455 0.6
Shanghai Electric Grp
3% 8/19-RegS USD9,000,000 9,204,750 0.4
JPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 33 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Virgin IslandsVirgin IslandsVirgin IslandsVirgin Islands (Continued)
Sino-Ocean Land
4.45% 04/02/20-
RegS USD10,000,000 10,231,194 0.5
Sino-Ocean Land 6%
30/07/24-RegS USD800,000 833,707 0.0
Sinopec Group Over
2.5%28/4/20-RegS USD20,300,000 20,576,982 0.9
Studio City Fin 8.5%
01/12/20-RegS USD5,000,000 5,169,667 0.2
Value Success Intl 4%
21/11/16-RegS CNH3,000,000 470,585 0.0
Value Success Intl
4.75% 11/18-RegS CNH1,000,000 157,465 0.0
Yunnan Energy Invest
5.5%10/17-RegS CNH30,000,000 4,619,509 0.2
1,914,797,403 86.0
--------- ----
(III) Derivatives(III) Derivatives(III) Derivatives(III) Derivatives (0.9%)
Forward foreign exchangeForward foreign exchangeForward foreign exchangeForward foreign exchange
contracts contracts contracts contracts (1.0%) 21,400,130 1.0
FuturesFuturesFuturesFutures (-0.1%)
US 10Yr Note (CBT)
Fut 06/16 (1,100) (1,973,438) (0.1)
19,426,692 0.9
--------- ----
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 1,985,469,993 89.2
Other net assetsOther net assetsOther net assetsOther net assets 241,451,452 10.8
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 2,226,921,445 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 1,952,331,867
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
ConvertiblesConvertiblesConvertiblesConvertibles
China 0.6 1.6
Singapore 0.6 0.9
Hong Kong 0.4 0.4
Malaysia 0.4 0.3
Taiwan 0.3 0.3
Korea - 0.1
Debt SecuritiesDebt SecuritiesDebt SecuritiesDebt Securities
Indonesia 14.4 9.3
Virgin Islands 12.8 14.8
Cayman Islands 11.0 12.6
Hong Kong 7.6 8.1
India 7.5 7.0
China 5.7 4.6
Singapore 4.6 5.1
Malaysia 3.9 2.7
Australia 3.8 3.7
Korea 3.8 4.8
Thailand 3.1 1.7
New Zealand 2.0 1.1
Netherlands 1.4 1.8
Sri Lanka 1.1 1.7
United States 0.7 0.7
Philippines 0.6 0.6
Jersey C.I. 0.6 0.6
Bermuda 0.6 0.9
Supranational 0.4 0.3
Pakistan 0.2 0.2
Mongolia 0.2 0.3
United Kingdom - 0.5
Mexico - 0.4
Peru - 0.1
DerivativesDerivativesDerivativesDerivatives
Forward foreign exchange contracts 1.0 0.9
Futures (0.1) (0.0)
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 89.2 88.1
Other net assetsOther net assetsOther net assetsOther net assets 10.8 11.9
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 36 to 42 form part of these financial statements.
- 34 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 279,151,886 258,463,022
Amounts due from brokers - 16,425,191
Amounts receivable on allotment 46,563,953 17,420,474
Margin deposits 3,268,121 1,314,345
Derivatives 38,859,277 33,315,219
Investments 1,966,043,301 1,943,564,543
Interest and other accounts
receivable 84,791 20,967
Total assetsTotal assetsTotal assetsTotal assets 2,333,971,329 2,270,523,761
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 59,078,070 -
Amounts payable on redemption 15,615,304 12,504,110
Distribution payable [Note 5] 9,876,502 12,622,926
Derivatives 19,432,585 13,484,437
Other accounts payable 3,047,423 2,796,888
Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units)redeemable units)redeemable units)redeemable units) 107,049,884 41,408,361
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 2,226,921,445 2,229,115,400
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 114,114,865 22,557,030
Net foreign currency exchange
gains/(losses) 2,614,134 (275,254)
Interest on deposits 272,219 264,079
Other income 117,049 1,500
117,118,267 22,547,355
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 10,937,459 8,230,334
Trustee's fee 282,257 216,112
Registrar's fee 181,645 160,963
Safe custody and bank charges 176,086 118,999
Transaction costs 139,137 15,455
Legal and professional expenses 91,676 17,688
Valuation fee 8,540 8,610
Auditor's fee 7,118 6,683
Printing and publication expenses 4,884 9,103
Other operating expenses 4,033 4,021
11,832,835 8,787,968
---------- ----------
Net operating profitNet operating profitNet operating profitNet operating profit 105,285,432 13,759,387
---------- ----------
Finance costsFinance costsFinance costsFinance costs
Distribution [Note 5] (68,466,241) (59,417,927)
Interest paid (12) (5,454)
(68,466,253) (59,423,381)
---------- ----------
Profit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxation 36,819,179 (45,663,994)
Taxation (1,885,317) (1,574,435)
Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net
assets attributable to holdersassets attributable to holders assets attributable to holdersassets attributable to holders
of redeemable units and of redeemable units and of redeemable units and of redeemable units and
total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income 34,933,862 (47,238,429)
JPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 36 to 42 form part of these financial statements.
- 35 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to Net assets attributable to Net assets attributable to Net assets attributable to holders holders holders holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 2,229,115,400 902,230,981
---------- ----------
Allotment of redeemable units 891,886,975 2,050,864,685
Redemption of redeemable units (929,014,792) (498,233,700)
Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (37,127,817) 1,552,630,985
---------- ----------
2,191,987,583 2,454,861,966
Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 34,933,862 (47,238,429)
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 2,226,921,445 2,407,623,537
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (225,221,908) (1,242,956,610)
Proceeds from disposal of
investments and derivatives 392,765,366 38,714,254
Interest received 271,576 263,659
Transaction costs paid (140,022) (19,400)
Registrar's fee paid (189,125) (121,031)
Trustee's fee paid (284,244) (183,779)
Tax paid (1,761,068) (392,080)
Increase in margin deposits (1,953,776) (859,514)
Management fee paid (10,982,292) (6,921,904)
Others (1,120,582) (62,743)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
operating activitiesoperating activitiesoperating activitiesoperating activities 151,383,925 (1,212,539,148)
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (12) (5,454)
Receipts on allotment of
redeemable units 862,743,496 1,943,909,723
Payments on redemption of
redeemable units (925,903,598) (494,466,808)
Distribution paid (71,212,665) (50,268,945)
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
financing financing financing financing activitiesactivitiesactivitiesactivities (134,372,779) 1,399,168,516
---------- ----------
Increase in cash and cash Increase in cash and cash Increase in cash and cash Increase in cash and cash
equivalentsequivalentsequivalentsequivalents 17,011,146 186,629,368
Cash and cash equivalents at the
beginning of the period 258,463,022 152,061,816
Exchange gains/(losses) on cash
and cash equivalents 3,677,718 (87,330)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 279,151,886 338,603,854
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 279,151,886 285,602,652
Short term deposits - 53,001,202
279,151,886 338,603,854
JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN BOND FUNDBOND FUNDBOND FUNDBOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 36 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Asian Total Return Bond Fund (the "Fund") was established under a Trust Deed dated 30 November 2004, as amended, and is
governed by the laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to achieve a competitive total return, consisting of capital growth and regular dividend income,
through an actively managed portfolio investing primarily in Asian bonds and other debt securities.
Pursuant to the Supplemental Trust Deed dated 27 February 2012, the Manager may decide to issue separate classes (each a “Class”) whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Credit default swaps are marked to market daily based upon quotations from the market makers and the change in value, if any, is
recorded as an unrealized gain or loss in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN BOND FUNDBOND FUNDBOND FUNDBOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 37 -
(c)(c)(c)(c) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(d)(d)(d)(d) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 30 November 2004, as amended, which may be different from the accounting policies stated in the financial
statements.
Units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial liability in the
Statement of Financial Position which represents the net assets attributable to holders of redeemable units (or "net asset value" or "net
assets" or "NAV") and is carried at the redemption amount that would be payable at the Statement of Financial Position date if the
holders of redeemable units exercised the right to redeem units of the Fund.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
AUD Hedged Class
(mth)
CAD Hedged Class
(mth)
GBP Hedged Class
(mth) HKD Class (mth)
NZD Hedged Class
(mth)
Units Units Units Units Units
Number of units in issue: 25,522,176.189 14,613,074.661 153,867.797 298,664,339.357 8,940,965.565
A$ C$ GBP HK$ NZ$
Net assets attributable to
holders of redeemable
units 233,897,087 134,326,307 1,474,978 2,890,398,232 81,367,341
Net assets attributable to
holders of redeemable
units (per unit) 9.16 9.19 9.59 9.68 9.10
JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN BOND FUNDBOND FUNDBOND FUNDBOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 38 -
RMB Hedged Class
(acc)
RMB Hedged Class
(mth) USD Class (acc) USD Class (mth)
PRC RMB Hedged
Class (acc)
Units Units Units Units Units
Number of units in issue: 1,702,778.192 484,794,987.368 2,661,865.552 58,748,650.727 35,691,747.010
CNY CNY US$ US$ CNY
Net assets attributable to
holders of redeemable
units 18,674,255 4,576,756,469 30,539,494 653,985,795 372,458,057
Net assets attributable to
holders of redeemable
units (per unit) 10.97 9.44 11.47 11.13 10.44
PRC RMB Hedged
Class (mth)
PRC USD Class
(acc)
PRC USD Class
(mth)
Units Units Units
Number of units in issue: 32,478,359.860 667,121.990 201.460
CNY US$ US$
Net assets attributable to
holders of redeemable
units 330,976,185 6,840,131 2,043
Net assets attributable to
holders of redeemable
units (per unit) 10.19 10.25 10.14
30.9.2015
AUD Hedged Class
(mth)
CAD Hedged Class
(mth)
GBP Hedged Class
(mth) HKD Class (mth)
NZD Hedged Class
(mth)
Units Units Units Units Units
Number of units in issue: 24,150,892.841 15,771,899.487 93,571.235 259,609,204.830 10,791,750.092
A$ C$ GBP HK$ NZ$
Net assets attributable to
holders of redeemable
units 218,503,411 143,065,587 883,883 2,473,838,161 96,923,455
Net assets attributable to
holders of redeemable
units (per unit) 9.05 9.07 9.45 9.53 8.98
JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN BOND FUNDBOND FUNDBOND FUNDBOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 39 -
RMB Hedged Class
(acc)
RMB Hedged Class
(mth) USD Class (acc) USD Class (mth)
Units Units Units Units
Number of units in issue: 2,814,534.808 651,910,409.424 2,877,139.286 54,291,404.491
CNY CNY US$ US$
Net assets attributable to
holders of redeemable
units 29,073,814 6,075,057,512 31,831,272 595,609,359
Net assets attributable to
holders of redeemable
units (per unit) 10.33 9.32 11.06 10.97
4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 83,111,509 42,574,233
Realized gains/(losses) on sale of investments and derivatives 31,003,356 (20,017,203)
114,114,865 22,557,030
5555 Distribution Distribution Distribution Distribution
It is the intention of the manager of the Fund to have at least 85% of the income attributable to the distribution class(es) respectively in
respect of each accounting period, after charging the expenses attributable to these distribution class(es) respectively, to be distributed to
unitholders of these distribution class(es) respectively.
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Net operating profit 105,285,432 13,759,387
Adjustments:
Net gains on investments and derivatives (114,114,865) (22,557,030)
Interest income included in net gains on investments and derivatives (at coupon rate) 47,765,348 33,132,088
Net foreign currency exchange (gains)/losses (2,614,134) 275,254
Transaction costs 139,137 15,455
Interest paid (12) (5,454)
Taxation (1,885,317) (1,574,435)
Capital gain tax 462,368 764,681
Amount available for distribution 35,037,957 23,809,946
Distribution of
A$0.0486 per unit on 26,840,078.252 units of AUD Hedged Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (930,644)
C$0.0350 per unit on 15,723,534.392 units of CAD Hedged Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (420,624)
CNY0.0650 per unit on 641,902,557.016 units of RMB Hedged Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (6,598,975)
GBP0.0361 per unit on 95,671.350 units of GBP Hedged Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (5,334)
JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN BOND FUNDBOND FUNDBOND FUNDBOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 40 -
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
HK$0.0347 per unit on 269,359,708.456 units of HKD Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (1,206,021)
NZ$0.0541 per unit on 11,305,834.876 units of NZD Hedged Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (413,839)
US$0.0400 per unit on 56,664,884.781 units of USD Class (mth)
ex on 30 October 2015 and pay on 9 November 2015 (2,266,595)
(2015: A$0.0571 per unit on 10,899,218.783 units of AUD Hedged Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (547,041)
(2015: C$0.0430 per unit on 7,452,151.829 units of CAD Hedged Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (284,219)
(2015: CNY0.0613 per unit on 269,502,749.333 units of RMB Hedged Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (2,696,435)
(2015: HK$0.0369 per unit on 103,724,462.800 units of HKD Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (493,531)
(2015: NZ$0.0652 per unit on 8,442,478.846 units of NZD Hedged Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (428,195)
(2015: US$0.0425 per unit on 25,783,027.441 units of USD Class (mth)
ex on 31 October 2014 and pay on 10 November 2014) (1,095,779)
A$0.0483 per unit on 26,495,033.317 units of AUD Hedged Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (927,278)
C$0.0349 per unit on 15,514,852.048 units of CAD Hedged Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (406,615)
CNY0.0610 per unit on 650,362,116.817 units of RMB Hedged Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (6,174,116)
GBP0.0362 per unit on 82,708.699 units of GBP Hedged Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (4,507)
HK$0.0347 per unit on 273,194,912.785 units of HKD Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (1,222,900)
NZ$0.0535 per unit on 10,603,883.081 units of NZD Hedged Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (373,827)
US$0.0400 per unit on 55,318,474.035 units of USD Class (mth)
ex on 30 November 2015 and pay on 8 December 2015 (2,212,739)
(2015: A$0.0563 per unit on 13,730,714.496 units of AUD Hedged Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (659,789)
(2015: C$0.0421 per unit on 9,319,920.892 units of CAD Hedged Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (344,108)
(2015: CNY0.0632 per unit on 382,948,213.617 units of RMB Hedged Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (3,929,523)
(2015: GBP0.0391 per unit on 12,743.662 units of GBP Hedged Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (780)
(2015: HK$0.0369 per unit on 140,662,260.091 units of HKD Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (669,302)
(2015: NZ$0.0639 per unit on 9,449,446.030 units of NZD Hedged Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (473,998)
(2015: US$0.0425 per unit on 35,044,857.628 units of USD Class (mth)
ex on 28 November 2014 and pay on 8 December 2014) (1,489,407)
A$0.0479 per unit on 26,336,317.872 units of AUD Hedged Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (917,811)
C$0.0331 per unit on 15,023,545.331 units of CAD Hedged Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (357,987)
CNY0.0730 per unit on 620,930,012.709 units of RMB Hedged Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (6,900,325)
GBP0.0330 per unit on 98,296.913 units of GBP Hedged Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (4,781)
HK$0.0347 per unit on 271,240,027.831 units of HKD Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (1,214,432)
NZ$0.0520 per unit on 10,104,262.131 units of NZD Hedged Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (359,704)
US$0.0400 per unit on 54,825,057.972 units of USD Class (mth)
ex on 31 December 2015 and pay on 11 January 2016 (2,193,002)
(2015: A$0.0570 per unit on 15,789,847.780 units of AUD Hedged Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (736,533)
(2015: C$0.0421 per unit on 10,435,539.487 units of CAD Hedged Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (379,310)
JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN BOND FUNDBOND FUNDBOND FUNDBOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 41 -
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
(2015: CNY0.0727 per unit on 463,315,467.569 units of RMB Hedged Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (5,417,108)
(2015: GBP0.0384 per unit on 12,793.689 units of GBP Hedged Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (766)
(2015: HK$0.0369 per unit on 143,389,300.559 units of HKD Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (682,291)
(2015: NZ$0.0657 per unit on 9,864,830.682 units of NZD Hedged Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (506,570)
(2015: US$0.0425 per unit on 37,857,909.726 units of USD Class (mth)
ex on 31 December 2014 and pay on 9 January 2015) (1,608,961)
A$0.0469 per unit on 25,363,107.229 units of AUD Hedged Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (841,414)
C$0.0324 per unit on 15,194,708.421 units of CAD Hedged Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (349,837)
CNY0.0986 per unit on 517,806,528.297 units of RMB Hedged Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (7,741,287)
CNY0.1063 per unit on 1,897,453.890 units of PRC RMB Hedged Class (mth)
ex on 29 January 2016 and pay on 15 February 2016 (30,583)
GBP0.0337 per unit on 337,458.127 units of GBP Hedged Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (16,132)
HK$0.0347 per unit on 287,344,259.506 units of HKD Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (1,281,130)
NZ$0.0503 per unit on 9,302,888.025 units of NZD Hedged Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (302,754)
US$0.0400 per unit on 56,417,500.315 units of USD Class (mth)
ex on 29 January 2016 and pay on 11 February 2016 (2,256,700)
US$0.0365 per unit on 200.000 units of PRC USD Class (mth)
ex on 29 January 2016 and pay on 15 February 2016 (7)
(2015: A$0.0573 per unit on 19,009,260.638 units of AUD Hedged Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (848,238)
(2015: C$0.0416 per unit on 11,408,501.688 units of CAD Hedged Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (374,300)
(2015: CNY0.0714 per unit on 570,705,961.328 units of RMB Hedged Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (6,484,212)
(2015: GBP0.0389 per unit on 14,007.910 units of GBP Hedged Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (818)
(2015: HK$0.0369 per unit on 171,447,899.907 units of HKD Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (815,961)
(2015: NZ$0.0651 per unit on 10,064,506.549 units of NZD Hedged Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (475,544)
(2015: US$0.0425 per unit on 42,609,388.171 units of USD Class (mth)
ex on 30 January 2015 and pay on 9 February 2015) (1,810,899)
A$0.0460 per unit on 25,613,412.880 units of AUD Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (841,542)
C$0.0330 per unit on 14,946,499.642 units of CAD Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (364,118)
CNY0.0759 per unit on 488,497,028.163 units of RMB Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (5,659,044)
CNY0.0818 per unit on 8,493,681.230 units of PRC RMB Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (106,045)
GBP0.0343 per unit on 352,555.659 units of GBP Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (16,852)
HK$0.0347 per unit on 288,418,151.953 units of HKD Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (1,287,026)
NZ$0.0494 per unit on 8,762,445.980 units of NZD Hedged Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (285,410)
US$0.0400 per unit on 52,444,866.385 units of USD Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (2,097,795)
US$0.0365 per unit on 200.730 units of PRC USD Class (mth)
ex on 29 February 2016 and pay on 8 March 2016 (7)
(2015: A$0.0522 per unit on 21,360,786.537 units of AUD Hedged Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (872,792)
(2015: C$0.0394 per unit on 13,425,618.575 units of CAD Hedged Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (423,633)
JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN BOND FUNDBOND FUNDBOND FUNDBOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 42 -
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
(2015: CNY0.0758 per unit on 646,559,035.265 units of RMB Hedged Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (7,795,382)
(2015: GBP0.0386 per unit on 29,053.383 units of GBP Hedged Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (1,733)
(2015: HK$0.0369 per unit on 190,610,524.943 units of HKD Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (906,914)
(2015: NZ$0.0615 per unit on 10,962,357.685 units of NZD Hedged Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (510,190)
(2015: US$0.0425 per unit on 46,185,838.444 units of USD Class (mth)
ex on 27 February 2015 and pay on 9 March 2015) (1,962,898)
A$0.0464 per unit on 25,729,574.016 units of AUD Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (918,371)
C$0.0330 per unit on 14,655,199.579 units of CAD Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (373,900)
CNY0.0574 per unit on 484,042,762.396 units of RMB Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (4,302,336)
CNY0.0618 per unit on 31,214,890.980 units of PRC RMB Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (298,716)
GBP0.0333 per unit on 146,123.807 units of GBP Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (6,994)
HK$0.0347 per unit on 297,837,091.869 units of HKD Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (1,332,416)
NZ$0.0494 per unit on 8,941,434.726 units of NZD Hedged Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (306,677)
US$0.0400 per unit on 58,427,124.078 units of USD Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (2,337,085)
US$0.0365 per unit on 201.460 units of PRC USD Class (mth)
ex on 31 March 2016 and pay on 11 April 2016 (7)
(2015: A$0.0536 per unit on 22,325,056.566 units of AUD Hedged Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (914,160)
(2015: C$0.0396 per unit on 16,417,288.971 units of CAD Hedged Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (513,324)
(2015: CNY0.0751 per unit on 722,991,363.788 units of RMB Hedged Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (8,749,762)
(2015: GBP0.0386 per unit on 35,962.399 units of GBP Hedged Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (2,061)
(2015: HK$0.0369 per unit on 212,260,160.977 units of HKD Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (1,010,235)
(2015: NZ$0.0643 per unit on 10,716,913.929 units of NZD Hedged Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (516,754)
(2015: US$0.0425 per unit on 46,693,441.496 units of USD Class (mth)
ex on 31 March 2015 and pay on 13 April 2015) (1,984,471)
Total distribution to holders of redeemable units (68,466,241) (59,417,927)
In the event that the amount available for distribution is insufficient to pay distributions as the Fund declares, the Manager may in its
discretion determine that such distributions be paid from capital.
6666 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
JPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 43 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
Place ofPlace ofPlace ofPlace of
establishmentestablishmentestablishmentestablishment HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (100.2%)
Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes (100.2%)
ChinaChinaChinaChina (18.3%)
JPMF-JPM China Fd 'A' (dist)-USD * Luxembourg 88,432 3,746,853 9.1
JPMF-JPM Greater China'A'(dist)-USD * Luxembourg 129,433 3,762,617 9.2
Hong KongHong KongHong KongHong Kong (16.8%)
JPMF-JPM Hong Kong 'A' (dist)-USD * Luxembourg 150,787 6,863,807 16.8
IndiaIndiaIndiaIndia (10.0%)
JPM India Fd-USD (acc) * Mauritius 7,761 1,787,212 4.4
JPM India Smaller Co Fund-USD (acc) ** Mauritius 152,774 2,285,499 5.6
JapanJapanJapanJapan (25.0%)
JPM Japan (Yen)(acc)-JPY ** Hong Kong 43,039 10,211,415 25.0
KoreaKoreaKoreaKorea (18.2%)
JPM Korea Fd (acc)-USD ** Hong Kong 165,560 7,460,148 18.2
South East AsiaSouth East AsiaSouth East AsiaSouth East Asia (5.7%)
JPM Eastern Smaller Cos-USD(acc) ** Hong Kong 14,387 2,348,570 5.7
TaiwanTaiwanTaiwanTaiwan (6.2%)
JPMF-JPM Taiwan 'A' (dist)-USD * Luxembourg 170,311 2,532,527 6.2
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 40,998,648 100.2
Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (63,010) (0.2)
Net assets Net assets Net assets Net assets attributable to holders of redeemable units at 31 March 2016attributable to holders of redeemable units at 31 March 2016attributable to holders of redeemable units at 31 March 2016attributable to holders of redeemable units at 31 March 2016 40,935,638 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 37,079,413
* Issued and managed by a Connected Person of the Manager
** Issued and managed by the Manager
JPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 44 -
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes
Japan 25.0 29.0
China 18.3 17.0
Korea 18.2 16.4
Hong Kong 16.8 17.4
India 10.0 9.5
Taiwan 6.2 7.4
South East Asia 5.7 5.0
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 100.2 101.7
Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (0.2) (1.7)
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 47 to 48 form part of these financial statements.
- 45 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 144,767 84,798
Amounts due from brokers 183,957 181,703
Amounts receivable on allotment 510 4,308
Margin deposits 2 2
Investments 40,998,648 44,809,746
Interest receivable 5 2
Total assetsTotal assetsTotal assetsTotal assets 41,327,889 45,080,559
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Short term bank loans - unsecured - 950,173
Amounts payable on redemption 331,492 19,463
Other accounts payable 60,759 61,677
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 392,251 1,031,313
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 40,935,638 44,049,246
EquityEquityEquityEquity 40,935,638 44,049,246
Statement ofStatement ofStatement ofStatement of Comprehensive IncomeComprehensive IncomeComprehensive IncomeComprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 2,040,707 6,528,013
Interest on deposits 27 10
Net foreign currency exchange
losses (34,674) (30,060)
2,006,060 6,497,963
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 106,326 140,508
Auditor's fee 15,038 13,566
Registrar's fee 13,779 16,748
Valuation fee 8,400 8,470
Trustee's fee 6,380 8,430
Legal and professional expenses 3,407 2,118
Safe custody and bank charges 894 538
Printing and publication expenses 850 2,993
Transaction costs 180 700
Other operating expenses 4,602 2,150
159,856 196,221
---------- ----------
Net operating profitNet operating profitNet operating profitNet operating profit 1,846,204 6,301,742
Finance costsFinance costsFinance costsFinance costs
Interest paid (6,309) (2,947)
Increase Increase Increase Increase in net assets in net assets in net assets in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units redeemable units redeemable units redeemable units and total and total and total and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 1,839,895 6,298,795
JPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 47 to 48 form part of these financial statements.
- 46 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 44,049,246 57,898,767
---------- ----------
Allotment of redeemable units 520,146 2,355,713
Redemption of redeemable units (5,473,649) (10,268,319)
Net redemptionNet redemptionNet redemptionNet redemption (4,953,503) (7,912,606)
---------- ----------
39,095,743 49,986,161
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 1,839,895 6,298,795
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 40,935,638 56,284,956
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives - (4,660,877)
Proceeds from disposal of
investments and derivatives 5,849,551 15,203,767
Interest received 24 9
Transaction costs paid (280) (760)
Trustee's fee paid (6,455) (8,539)
Registrar's fee paid (28,064) (34,280)
Management fee paid (107,578) (142,325)
Others (53,047) (77,604)
Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating
activitiesactivitiesactivitiesactivities 5,654,151 10,279,391
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (6,330) (3,004)
Receipts on allotment of
redeemable units 523,944 2,362,413
Payments on redemption of
redeemable units (5,161,620) (10,059,753)
Net cash outflow from Net cash outflow from Net cash outflow from Net cash outflow from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities (4,644,006) (7,700,344)
---------- ----------
Increase in cash and cash Increase in cash and cash Increase in cash and cash Increase in cash and cash
equivalentsequivalentsequivalentsequivalents 1,010,145 2,579,047
Cash and cash equivalents at the
beginning of the period (865,375) (2,961,039)
Exchange (losses)/gains on cash
and cash equivalents (3) 2
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 144,767 (381,990)
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 144,767 38,022
Short term bank loans -
unsecured - (420,012)
144,767 (381,990)
JPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 47 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan AsiaOne Fund (the "Fund") was established under a Trust Deed dated 22 August 2006, as amended, and is governed by the laws of
Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong ("SFC").
The investment objective of the Fund is to seek to produce a competitive total return in different market conditions. The Fund seeks to
achieve this primarily through an actively managed portfolio of collective investment schemes managed by the Manager or its connected
persons (as defined in the SFC Code) which are linked to the economies of Asian countries (including Australia) ("Underlying Funds"). The
allocation to the Underlying Funds will be continually monitored and reviewed and changes will be made as considered appropriate to better
achieve the Fund's objective. In other words, the Fund may invest up to all of its assets in equity funds when the Investment Manager believes
market conditions and opportunities favour equities. When the Investment Manager believes market conditions and opportunities do not
favour equities the Fund may invest up to all of its assets in fixed income and money market funds and other funds with a low correlation to
equities. The Investment Manager may invest in a range of funds whose underlying assets embrace the full spectrum of the risk return trade
off from low to high risk. The Investment Manager may carry out hedging activities via financial futures.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivativesInvestments and derivativesInvestments and derivativesInvestments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
(c)(c)(c)(c) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
JPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 48 -
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(d)(d)(d)(d) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 22 August 2006, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016 30.9.2015
Units Units
Number of units in issue 2,743,058.810 3,086,137.316
US$ US$
Net assets attributable to holders of redeemable units 40,935,638 44,049,246
Net assets attributable to holders of redeemable units (per unit) 14.92 14.27
4444 Net gains on investments and derivativesNet gains on investments and derivativesNet gains on investments and derivativesNet gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 1,105,941 4,999,456
Realized gains on sale of investments and derivatives 934,766 1,528,557
2,040,707 6,528,013
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
During the period, the Investment Manager and its associates did not enter into any soft dollar arrangements/commission sharing
arrangements in connection with directing transactions of the Fund through a broker or dealer (31 March 2015: nil).
6666 DistributionDistributionDistributionDistribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 49 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 1 January
1984 to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (94.9%)
EquitiesEquitiesEquitiesEquities (94.9%)
AustraliaAustraliaAustraliaAustralia (92.8%)
BanksBanksBanksBanks (23.6%)
Australia & NZ Bkg Group-AU
List 93,500 1,687,358 4.7
Commonwealth Bank of
Australia 52,800 3,042,980 8.4
National Australia Bank 76,016 1,534,392 4.3
Westpac Banking 96,313 2,248,594 6.2
Commercial Services & SuppliesCommercial Services & SuppliesCommercial Services & SuppliesCommercial Services & Supplies (5.5%)
Brambles Ltd 120,000 1,118,797 3.1
Computershare Ltd 68,000 511,582 1.4
Spotless Group 369,466 358,107 1.0
Communications EquipmentCommunications EquipmentCommunications EquipmentCommunications Equipment (1.2%)
IVE Group 280,000 431,857 1.2
Containers & PackagingContainers & PackagingContainers & PackagingContainers & Packaging (7.2%)
Amcor Ltd 145,000 1,600,617 4.4
Orora Ltd 525,000 1,009,641 2.8
Diversified FinancialsDiversified FinancialsDiversified FinancialsDiversified Financials (5.3%)
Eclipx Group 175,849 412,579 1.1
Macquarie Group 29,500 1,499,772 4.2
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Diversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication Services (5.1%)
Telstra Corp 445,000 1,824,546 5.1
Food ProductsFood ProductsFood ProductsFood Products (0.6%)
Wellard Ltd 360,000 213,236 0.6
Hotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & Leisure (3.1%)
Aristocrat Leisure 143,146 1,134,185 3.1
InsuranceInsuranceInsuranceInsurance (10.9%)
AMP Ltd-AU List 348,200 1,550,868 4.3
Medibank Private 453,274 1,021,635 2.8
QBE Insurance Group 161,390 1,354,468 3.8
MediaMediaMediaMedia (1.9%)
Isentia Group 130,000 347,009 0.9
oOh Media 102,000 347,593 1.0
Metals & MiningMetals & MiningMetals & MiningMetals & Mining (4.2%)
BHP Billiton Ltd 74,185 962,146 2.7
Syrah Resources 171,158 534,553 1.5
Oil & GasOil & GasOil & GasOil & Gas (5.6%)
Caltex Australia 43,000 1,125,305 3.1
Oil Search 174,575 907,813 2.5
PharmaceuticalsPharmaceuticalsPharmaceuticalsPharmaceuticals (6.2%)
Blackmores Ltd 2,819 384,153 1.1
CSL Ltd 23,767 1,854,604 5.1
Real Real Real Real EstateEstateEstateEstate (9.4%)
AVEO Group Stapled Sec 317,220 817,472 2.3
Ingenia Communities Stapled
Sec 197,786 429,054 1.2
Lend Lease Group Stapled Sec 102,200 1,090,423 3.0
Stockland Stapled Sec 325,300 1,068,512 2.9
Road & RailRoad & RailRoad & RailRoad & Rail (3.0%)
Aurizon Hldgs 360,000 1,096,643 3.0
New ZealandNew ZealandNew ZealandNew Zealand (2.1%)
OilsOilsOilsOils (2.1%)
Z Energy 160,892 754,024 2.1
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 34,274,518 94.9
Other net assetsOther net assetsOther net assetsOther net assets 1,842,581 5.1
Net assets attributableNet assets attributableNet assets attributableNet assets attributable to holders of to holders of to holders of to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 36,117,099 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 33,361,842
JPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 50 -
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of of of of net assetsnet assetsnet assetsnet assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
AustraliaAustraliaAustraliaAustralia
Banks 23.6 23.6
Insurance 10.9 12.0
Real Estate 9.4 8.1
Containers & Packaging 7.2 4.2
Pharmaceuticals 6.2 5.5
Oil & Gas 5.6 6.5
Commercial Services & Supplies 5.5 5.4
Diversified Financials 5.3 5.0
Diversified Telecommunication Services 5.1 -
Metals & Mining 4.2 4.4
Hotels Restaurants & Leisure 3.1 3.8
Road & Rail 3.0 3.9
Media 1.9 1.3
Communications Equipment 1.2 -
Food Products 0.6 -
Transportation Infrastructure - 4.4
Health Care Providers & Services - 1.6
Textiles & Apparel - 0.7
New ZealandNew ZealandNew ZealandNew Zealand
Oils 2.1 2.8
Healthcare - 1.0
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 94.9 94.2
Other net assetsOther net assetsOther net assetsOther net assets 5.1 5.8
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 53 to 55 form part of these financial statements.
- 51 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 1,750,656 640,388
Short term deposits - 1,074,430
Amounts receivable on allotment 67,668 143,907
Investments 34,274,518 30,411,598
Dividend and interest receivable 152,577 169,369
Total assetsTotal assetsTotal assetsTotal assets 36,245,419 32,439,692
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts payable on redemption 73,359 77,164
Other accounts payable 54,961 69,912
Liabilities Liabilities Liabilities Liabilities (excluding net assets (excluding net assets (excluding net assets (excluding net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units)redeemable units)redeemable units)redeemable units) 128,320 147,076
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 36,117,099 32,292,616
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains/(losses) on investments
and derivatives [Note 4] 3,285,430 (232,512)
Dividend income 615,540 687,896
Net foreign currency exchange
gains/(losses) 106,677 (181,248)
Interest on deposits 17,417 14,340
Other income - 16,650
4,025,064 305,126
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 252,057 317,062
Transaction costs 14,118 15,636
Registrar's fee 12,753 16,045
Trustee's fee 10,084 11,938
Valuation fee 8,400 8,470
Auditor's fee 7,870 7,232
Safe custody and bank charges 3,919 3,275
Legal and professional expenses 1,208 154
Printing and publication expenses 677 1,410
Other operating expenses 3,676 1,434
314,762 382,656
---------- ----------
Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss) 3,710,302 (77,530)
Finance costsFinance costsFinance costsFinance costs
Interest paid - (7)
Profit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxation 3,710,302 (77,537)
Taxation (16,489) (23,286)
Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net
assets attributable to holdersassets attributable to holders assets attributable to holdersassets attributable to holders
of redeemable units and of redeemable units and of redeemable units and of redeemable units and
total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income 3,693,813 (100,823)
JPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 53 to 55 form part of these financial statements.
- 52 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to Net assets attributable to Net assets attributable to Net assets attributable to holders holders holders holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 32,292,616 42,323,442
---------- ----------
Allotment of redeemable units 3,241,803 5,672,828
Redemption of redeemable units (3,111,133) (7,713,273)
Net Net Net Net allotment/(redemption)allotment/(redemption)allotment/(redemption)allotment/(redemption) 130,670 (2,040,445)
---------- ----------
32,423,286 40,282,997
Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 3,693,813 (100,823)
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 36,117,099 40,182,174
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (6,292,679) (4,172,715)
Proceeds from disposal of
investments and derivatives 5,715,189 7,986,195
Dividend received 632,302 689,284
Interest received 17,447 14,289
Trustee's fee paid (9,899) (12,150)
Transaction costs paid (14,370) (13,558)
Tax paid (16,144) (23,464)
Registrar's fee paid (24,689) (33,577)
Management fee paid (247,388) (324,618)
Others 6,000 119,644
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (234,231) 4,229,330
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid - (7)
Receipts on allotment of
redeemable units 3,318,042 5,477,857
Payments on redemption of
redeemable units (3,114,938) (7,887,467)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities 203,104 (2,409,617)
---------- ----------
(Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash
and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents (31,127) 1,819,713
Cash and cash equivalents at the
beginning of the period 1,714,818 1,345,374
Exchange gains/(losses) on cash
and cash equivalents 66,965 (319,732)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 1,750,656 2,845,355
Analysis of balances of cash and cash Analysis of balances of cash and cash Analysis of balances of cash and cash Analysis of balances of cash and cash equivalents:equivalents:equivalents:equivalents:
Cash at banks 1,750,656 848,143
Short term deposits - 1,997,212
1,750,656 2,845,355
JPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 53 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Australia Fund (the "Fund") was established under a Trust Deed dated 5 June 1981, as amended, and is governed by the laws of
Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in Australian securities.
Pursuant to the Supplemental Trust Deed dated 31 August 2012, the Manager may decide to issue separate classes (each a “Class”) whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim fAccounting policies of interim fAccounting policies of interim fAccounting policies of interim financial statementsinancial statementsinancial statementsinancial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 54 -
(c)(c)(c)(c) Securities lending and borrowing Securities lending and borrowing Securities lending and borrowing Securities lending and borrowing
Securities lenders' agreements are entered into with institutions of appropriate financial standing who engage in such arrangements
acceptable to the Trustee and on arm's length commercial terms. Securities lent are included in the investment portfolio of the Fund.
Relevant securities lending income entitled by the Fund is accounted for in the Statement of Comprehensive Income. Collateral received
for the purpose of securities lent generally consist of non-cash collateral which are off-balance sheet transactions and are therefore not
included in the financial statements.
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) PrPrPrProceeds and payments on allotment and redemption of unitsoceeds and payments on allotment and redemption of unitsoceeds and payments on allotment and redemption of unitsoceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 5 June 1981, as amended, which may be different from the accounting policies stated in the financial statements.
Units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial liability in the
Statement of Financial Position which represents the net assets attributable to holders of redeemable units (or "net asset value" or "net
assets" or "NAV") and is carried at the redemption amount that would be payable at the Statement of Financial Position date if the
holders of redeemable units exercised the right to redeem units of the Fund.
3333 Number of units in issue and net assets attributable to holders of redeemable unitNumber of units in issue and net assets attributable to holders of redeemable unitNumber of units in issue and net assets attributable to holders of redeemable unitNumber of units in issue and net assets attributable to holders of redeemable units (per unit)s (per unit)s (per unit)s (per unit)
31.3.2016
AUD Class (acc) USD Class (acc)
Units Units
Number of units in issue: 165,312.388 1,018,638.604
A$ US$
Net assets attributable to
holders of redeemable
units 2,244,596 34,390,443
Net assets attributable to
holders of redeemable
units (per unit) 13.58 33.76
JPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 55 -
30.9.2015
AUD Class (acc) USD Class (acc)
Units Units
Number of units in issue: 178,172.599 1,011,564.784
A$ US$
Net assets attributable to
holders of redeemable
units 2,376,204 30,621,522
Net assets attributable to
holders of redeemable
units (per unit) 13.34 30.27
4444 Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 2,458,392 (92,041)
Realized gains/(losses) on sale of investments and derivatives 827,038 (140,471)
3,285,430 (232,512)
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA A----SHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 56 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
CNYCNYCNYCNY
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (100.0%)
EquitiesEquitiesEquitiesEquities (100.0%)
ChinaChinaChinaChina (100.0%)
Aier Eye Hospital Group 'A' 97,220 2,901,045 0.6
Aisino Corp 'A' 41,300 2,181,053 0.5
Anhui Conch Cement 'A' 348,900 5,892,921 1.2
Avic Aviation Engine Corp 'A' 148,300 5,856,367 1.2
Bank of Nanjing 'A' 534,700 8,608,670 1.8
Bank of Nanjing Co 'A' (C1) 121,000 1,948,100 0.4
Bank of Ningbo 'A' 917,010 12,352,125 2.6
Beijing GeoEnviron Engin &
Tech 'A' 38,200 2,314,920 0.5
Beijing Homyear Capital 'A' 266,193 2,882,870 0.6
Beijing Homyear Capital 'A'-C1 109,500 1,185,885 0.3
Beijing Originwater
Technology 'A' 109,877 4,284,104 0.9
Boai NKY Pharmaceuticals 'A' 73,100 3,763,188 0.8
Cachet Pharmaceutical 'A' 69,450 2,567,567 0.5
China Coal Energy 'A' (C1) 309,300 1,583,616 0.3
China Commun Construction
'A' 513,900 6,269,580 1.3
China CYTS Tours Hldg Co 'A' 251,044 5,244,309 1.1
China Fortune Land
Developement 'A' 418,925 10,171,499 2.1
China Merchants Bank 'A' 997,069 16,042,840 3.4
China Merchants Bank 'A' (C1) 106,000 1,705,540 0.4
China Merchants Shekou Ind
Zone-A 150,300 2,262,015 0.5
China South Publishing &
Media 'A' 262,558 4,978,100 1.0
China Yangtze Power 'A' 583,449 7,164,754 1.5
China Yangtze Power 'A' (C1) 163,400 2,006,552 0.4
Chongqing Changan
Automobile 'A' 313,584 4,945,220 1.0
Dr Peng Telecom & Media
Group 'A' 277,600 5,893,448 1.2
Fujian Sunner Development 'A' 180,800 4,861,712 1.0
GD Power Development 'A' 1,297,900 3,997,532 0.8
GF Securities 'A' 1,405,439 23,498,940 5.0
Gosun Hldg 'A' 129,400 3,568,852 0.8
Gosuncn Technology Group 'A' 291,600 4,298,184 0.9
Guangdong Alpha Animation &
Cul 'A' 133,200 5,422,572 1.1
Guangdong Chj Industry Co-A 185,600 2,006,336 0.4
Guangdong Qtone Education
'A' 33,700 2,475,602 0.5
Guangdong Sky Dragon
Printing 'A' 100,900 3,093,594 0.7
Guangxi Bossco Environ Prot
Tech-A 119,500 3,674,625 0.8
Hangzhou Hik-Vision Digital 'A' 123,937 3,819,738 0.8
Hangzhou Liaison Inter Info
Tech'A' 172,700 4,369,310 0.9
Hangzhou Robam Appliances
'A' 98,285 4,520,127 1.0
Hangzhou Shunwang
Technology 'A' 51,700 4,585,790 1.0
Huatai Securities 'A' 1,116,243 19,098,918 4.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
CNYCNYCNYCNY
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Huatai Securities 'A' (C1) 139,497 2,386,794 0.5
Huawei Technology 'A' 170,100 4,662,441 1.0
Huaxin Cement 'A' 716,300 6,446,700 1.4
Hubei Xinyangfeng Fertilizer
'A' 359,034 9,439,004 2.0
Iflytek Co 'A' 122,900 3,432,597 0.7
Industrial Bank 'A' 789,663 12,263,466 2.6
Industrial Bank 'A' (C1) 141,311 2,194,560 0.5
Jiangsu Hengrui Medicine 'A' 276,436 13,056,072 2.8
Jiangsu Kangde Xin Composite
'A' 315,702 10,415,009 2.2
JSTI Group 'A' 268,300 5,162,092 1.1
Kweichow Moutai 'A' 63,340 15,685,518 3.3
Kweichow Moutai 'A' (C1) 11,560 2,862,718 0.6
Luxin Venture Capital Group
'A' 166,100 4,096,026 0.9
Luxshare Precision Industry 'A' 100,131 2,928,832 0.6
MIG Unmobi Technology 'A' 173,017 5,373,908 1.1
Navinfo Co 'A' 106,400 2,818,536 0.6
Netposa Technologies 'A' 105,350 3,216,336 0.7
New China Life Insurance 'A' 145,400 5,898,878 1.2
ORG Packaging 'A' 108,100 2,637,640 0.6
Ping An Insurance (Group) 'A' 703,300 22,371,973 4.7
Poly Real Estate Group 'A' 2,037,500 18,908,000 4.0
Poly Real Estate Group 'A' (C1) 195,164 1,811,122 0.4
Sanlux Co 'A' 113,200 2,060,240 0.4
Shandong Gettop Acoustic 'A' 183,500 3,279,145 0.7
Shanghai Intl Airport 'A' 269,115 8,097,670 1.7
Shenzhen AOTO Electronics 'A' 170,100 2,719,899 0.6
Shenzhen Tempus Global
Travel 'A' 105,260 2,294,668 0.5
Shinva Medical Instrument 'A' 247,200 6,380,232 1.3
Songcheng Performance
Develop 'A' 195,563 5,722,173 1.2
Spring Airlines 'A' 110,336 5,121,797 1.1
Stellar Megaunion Corporation
'A' 272,393 4,636,129 1.0
Suofeiya Home Collection 'A' 59,580 2,572,664 0.5
Tangshan Jidong Cement Co
'A' 435,200 4,748,032 1.0
Tasly Pharmaceutical Group
'A' 116,900 4,539,227 1.0
Wangsu Science & Technology
'A' 297,245 17,362,080 3.7
Wuhan Double 'A' 30,546 1,843,757 0.4
Wuxi Hodgen Technology 'A' 101,700 3,295,080 0.7
Xiamen C&D 'A' 165,099 1,936,611 0.4
Xiamen Tungsten 'A' 101,300 1,934,830 0.4
Zhejiang Dahua Technology 'A' 284,400 10,249,776 2.2
Zhejiang Huace Film & TV 'A' 345,348 9,186,257 1.9
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 474,346,609 100.0
Other net assetsOther net assetsOther net assetsOther net assets 147,250 0.0
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 474,493,859 100.0
JPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA A----SHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 57 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
CNYCNYCNYCNY
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 490,218,049
Statement ofStatement ofStatement ofStatement of Movements in Portfolio HoldingsMovements in Portfolio HoldingsMovements in Portfolio HoldingsMovements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
China 100.0 94.3
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 100.0 94.3
Other net assetsOther net assetsOther net assetsOther net assets 0.0 5.7
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA A----SHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 60 to 64 form part of these financial statements.
- 58 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
CNYCNYCNYCNY CNYCNYCNYCNY
AssetsAssetsAssetsAssets
Cash at banks 14,959,567 29,392,728
Amounts due from brokers 587,219 10,186,061
Amounts receivable on allotment 647,006 362,467
Investments 474,346,609 460,097,917
Interest and other accounts
receivable 2,536,236 27
Total assetsTotal assetsTotal assetsTotal assets 493,076,637 500,039,200
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Short term bank loans - unsecured 6,245,388 1,231,976
Amounts due to brokers 563,931 8,033,418
Amounts payable on redemption 8,592,706 1,889,865
Provision for taxation [Note 5] - 147,261
Other accounts payable 3,364,699 1,029,929
Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units)redeemable units)redeemable units)redeemable units) 18,766,724 12,332,449
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units
((((in accordance with HKFRSin accordance with HKFRSin accordance with HKFRSin accordance with HKFRS) ) ) )
[Note 3] 474,309,913 487,706,751
Fair value adjustment of units of the
Fund [Note 3] 183,946 245,074
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable unitsof redeemable unitsof redeemable unitsof redeemable units
((((in accordance in accordance in accordance in accordance with the Fundwith the Fundwith the Fundwith the Fund''''s s s s
Trust DeedTrust DeedTrust DeedTrust Deed) ) ) ) [Note 3] 474,493,859 487,951,825
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
2.7.20142.7.20142.7.20142.7.2014
(Date of(Date of(Date of(Date of
Trust Deed)Trust Deed)Trust Deed)Trust Deed)
totototo
31.3.201531.3.201531.3.201531.3.2015
CNYCNYCNYCNY CNYCNYCNYCNY
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 20,790,652 142,110,364
Net foreign currency exchange
gains/(losses) 107,960 (63,984)
Dividend income 46,498 107,944
Interest on deposits 22,410 25,570
20,967,520 142,179,894
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 4,536,631 2,970,447
Transaction costs 1,608,944 2,364,459
Safe custody and bank charges 315,267 442,568
Trustee's fee 126,929 89,360
Legal and professional expenses 116,419 46,202
Auditor's fee 56,533 57,744
Valuation fee 52,246 52,482
Registrar's fee 44,745 123,250
Printing and publication expenses 11,848 28,072
Formation expenses [Note 2(d)] - 376,792
Other operating expenses 49,615 20,443
6,919,177 6,571,819
---------- ----------
Net operating profitNet operating profitNet operating profitNet operating profit 14,048,343 135,608,075
Finance costsFinance costsFinance costsFinance costs
Interest paid (10,592) (15,523)
Profit before taxationProfit before taxationProfit before taxationProfit before taxation 14,037,751 135,592,552
Taxation [Note 5] 134,843 (160,531)
14,172,594 135,432,021
Change in cumulative difference
arising from the fair value
adjustment of units of the
Fund (61,128) 300,825
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 14,111,466 135,732,846
JPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA A----SHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 60 to 64 form part of these financial statements.
- 59 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
2.7.20142.7.20142.7.20142.7.2014
(Date of(Date of(Date of(Date of
Trust Deed)Trust Deed)Trust Deed)Trust Deed)
totototo
31.3.201531.3.201531.3.201531.3.2015
CNYCNYCNYCNY CNYCNYCNYCNY
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 487,951,825 -
---------- ----------
Allotment of redeemable units 185,364,335 861,996,173
Redemption of redeemable units (212,933,767) (536,100,862)
Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (27,569,432) 325,895,311
---------- ----------
460,382,393 325,895,311
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 14,111,466 135,732,846
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 474,493,859 461,628,157
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
2.7.20142.7.20142.7.20142.7.2014
(Date of(Date of(Date of(Date of
Trust Deed)Trust Deed)Trust Deed)Trust Deed)
totototo
31.3.201531.3.201531.3.201531.3.2015
CNYCNYCNYCNY CNYCNYCNYCNY
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (369,050,358) (745,845,511)
Proceeds from disposal of
investments and derivatives 377,727,131 406,153,696
Dividend received 46,498 107,944
Interest received 22,350 25,536
Tax paid (12,418) (13,270)
Registrar's fee paid (114,798) (123,250)
Trustee's fee paid (127,033) (67,009)
Transaction costs paid (1,614,654) (2,364,459)
Management fee paid (4,560,912) (2,174,325)
Others (496,072) (983,715)
Net cash inflow/(outflow) Net cash inflow/(outflow) Net cash inflow/(outflow) Net cash inflow/(outflow)
from operating activitiesfrom operating activitiesfrom operating activitiesfrom operating activities 1,819,734 (345,284,363)
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (10,492) (15,523)
Receipts on allotment of
redeemable units 185,079,796 853,093,358
Payments on redemption of
redeemable units (206,230,926) (491,455,728)
Net Net Net Net cash (outflow)/inflow cash (outflow)/inflow cash (outflow)/inflow cash (outflow)/inflow
from financing activitiesfrom financing activitiesfrom financing activitiesfrom financing activities (21,161,622) 361,622,107
---------- ----------
(Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash
and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents (19,341,888) 16,337,744
Cash and cash equivalents at
the beginning of the period 28,160,752 -
Exchange losses on cash and
cash equivalents (104,685) -
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 8,714,179 16,337,744
Analysis of balances of cash Analysis of balances of cash Analysis of balances of cash Analysis of balances of cash
and cash equivalents:and cash equivalents:and cash equivalents:and cash equivalents:
Cash at banks 14,959,567 16,337,744
Short term bank loans -
unsecured (6,245,388) -
8,714,179 16,337,744
JPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA A----SHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 60 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan China A-Share Opportunities Fund (the "Fund") was established under a Trust Deed dated 2 July 2014 and is governed by the laws of
Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective and policy of the Fund is to aim to achieve long-term capital growth by investing primarily in securities issued in the
PRC including but not limited to China A-Shares listed on the PRC stock exchanges. The Fund will invest in PRC securities via the Renminbi
Qualified Foreign Institutional Investor ("RQFII") quota of the Investment Manager. The Fund may also invest and have direct access to certain
eligible China A-Shares via the Shanghai-Hong Kong Stock Connect and/or other similar programs as approved by the relevant regulators
from time to time.
Pursuant to the Trust Deed dated 2 July 2014, the Manager may decide to issue separate classes (each a "Class") whose assets will be
commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a different
charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the period ended 30 September 2015.
(b)(b)(b)(b) Investments and derivativesInvestments and derivativesInvestments and derivativesInvestments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA A----SHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 61 -
(c)(c)(c)(c) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted Renminbi as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(d)(d)(d)(d) Formation expenses Formation expenses Formation expenses Formation expenses
Formation expenses are recognized as an expense in the period in which they are incurred.
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 2 July 2014, as amended, which may be different from the accounting policies stated in the financial statements.
Units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial liability in the
Statement of Financial Position which represents the net assets attributable to holders of redeemable units (or "net asset value" or "net
assets" or "NAV") and is carried at the redemption amount that would be payable at the Statement of Financial Position date if the
holders of redeemable units exercised the right to redeem units of the Fund.
(f)(f)(f)(f) TaxationTaxationTaxationTaxation
Tax provision made predominantly relates to enterprise income tax arising from investment income realized from trading PRC securities.
Deferred income tax is provided, using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from
initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor taxable profit
or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement
of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax
liability is settled.
Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the
temporary differences can be utilized.
3333 Net assets attributable to holders of redeemable units and nNet assets attributable to holders of redeemable units and nNet assets attributable to holders of redeemable units and nNet assets attributable to holders of redeemable units and number of units in issueumber of units in issueumber of units in issueumber of units in issue
Fair value adjustment of units of the Fund
As stated in Note 2(e), units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial
liability in the Statement of Financial Position which represents the net assets attributable to the holders of redeemable units and is carried at
the redemption amount that would be payable at the Statement of Financial Position date, if the holders of redeemable units exercised the
right to redeem units of the Fund. The redemption amount is determined based on the net assets attributable to holders of redeemable units
calculated in accordance with the provisions of the Fund's Trust Deed dated 2 July 2014, as amended ("Trust Deed NAV").
JPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA A----SHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 62 -
31.3.2016 30.9.2015
CNY CNY
Net assets attributable to holders of redeemable units (in accordance with HKFRS) 474,309,913 487,706,751
Fair value adjustment of units of the Fund:
Unamortized formation expenses as at the end of the period [Note 3(a)] 183,946 245,074
Net assets attributable to holders of redeemable units (in accordance with the Fund's Trust Deed) 474,493,859 487,951,825
Note:
(a) In accordance with the provisions of the Fund's Trust Deed, the formation expenses (including legal, accounting, and other professional
fees and expenses) or costs incidental to the establishment of the Fund will be paid out of the assets of the Fund and amortized over the
first three financial years. However, as stated in Note 2(d), the accounting policy of the Fund for the purpose of compliance with Hong
Kong Accounting Standard 38 "Intangible Assets" and for reporting purposes is to expense the expenditure incurred in the formation of
the Fund in the period in which they arose.
Number of units in issue
31.3.2016
HKD Class (acc) RMB Class (acc) USD Class (acc)
Units Units Units
Number of units in issue: 18,419,650.677 7,552,569.622 3,214,119.263
HK$ CNY US$
Net assets attributable to
holders of redeemable
units (in accordance with
the Fund's Trust Deed) 220,770,426 95,147,499 30,278,991
Net assets attributable to
holders of redeemable
units (per unit) 11.99 12.60 9.42
30.9.2015
HKD Class (acc) RMB Class (acc) USD Class (acc)
Units Units Units
Number of units in issue: 19,208,715.691 9,477,289.957 3,123,084.716
HK$ CNY US$
Net assets attributable to
holders of redeemable
units (in accordance
with the Fund's Trust
Deed) 227,268,341 116,270,119 29,067,561
Net assets attributable to
holders of redeemable
units (per unit) 11.83 12.27 9.31
JPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA A----SHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 63 -
4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives
1.10.2015
to
31.3.2016
2.7.2014
(Date of
Trust Deed)
to
31.3.2015
CNY CNY
Change in unrealized gains/losses in value of investments and derivatives 41,052,433 85,322,762
Realized (losses)/gains on sale of investments and derivatives (20,261,781) 56,787,602
20,790,652 142,110,364
5555 TaxationTaxationTaxationTaxation
Tax provision made predominantly relates to enterprise income tax arising from investment income realized from trading PRC securities.
The amount of taxation reversed/(charged) to the Statement of Comprehensive Income represents:
1.10.2015
to
31.3.2016
2.7.2014
(Date of
Trust Deed)
to
31.3.2015
CNY CNY
Withholding tax
- Dividend and interest income (6,727) (13,270)
Capital gains tax 141,570 (147,261)
Taxation 134,843 (160,531)
The movement in provision for taxation is as follows:
1.10.2015
to
31.3.2016
2.7.2014
(Date of
Trust Deed)
to
30.9.2015
CNY CNY
At the beginning of the period 147,261 -
Taxation (reversed)/charged to the Statement of Comprehensive Income (134,843) 1,138,440
Tax paid (12,418) (991,179)
At the end of the period - 147,261
Provisioning Policy of the Fund
The Fund held A-shares of PRC listed companies through the RQFII quota of the Investment Manager and certain investment in other PRC
securities. Under PRC tax law, enterprise income tax of 10% is payable on dividends and interest (except for Government bond interest which
is tax exempt) derived by foreign investors from China. The tax should be withheld by the payors upon dividend and interest payments. The
10% tax is provided for taxable PRC sourced dividends and interest where tax is not deducted by the payors.
Under PRC tax law, enterprise income tax of 10% would normally be payable on gains realized from the sale of PRC securities by foreign
investors. However, on 14 November 2014, the Ministry of Finance, the State Administration of Taxation and the China Securities Regulatory
Commission jointly promulgated; (I) Circular Concerning the Temporary Exemption of the Enterprise Income Tax for Gains Earned by Qualified
Foreign Institutional Investor ("QFII") and Renminbi Qualified Foreign Institutional Investor ("RQFII") from Transfer of Domestic Shares and
Other Equity Interest Investment in China; and (II) Circular on the Taxation Policy of the Pilot Programme for the Mutual Stock Market Access
between Shanghai and Hong Kong Stock Markets (each a "Circular"), clarifying the tax treatment on gains realized by foreign investors from
sale of PRC securities.
JPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA A----SHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 64 -
According to Circular (I), amongst other things:
(i) enterprise income tax shall be exempt on a temporary basis on the gains realized by QFIIs and RQFIIs from the sale of domestic shares
and other equity interest investment in the PRC with effect from 17 November 2014; and
(ii) enterprise income tax shall be imposed on such gains realized by QFIIs and RQFIIs before 17 November 2014 in accordance with the tax
laws.
According to Circular (II), amongst other things:
(i) enterprise income tax shall be exempt on a temporary basis on the gains realized by Hong Kong market investors (including corporate
and individual investors) from the sale of China A-Shares listed on the Shanghai Stock Exchange.
Pursuant to Circular I, the Fund has ceased to provide PRC enterprise income tax for gains on its investment in China A-Shares from 17
November 2014 on the basis that any gains realized from 17 November 2014 will be temporarily exempt from enterprise income tax.
Current Development
With respect to gains from PRC securities disposed of prior to 17 November 2014, the Fund had submitted the tax reporting package from 2
July 2014 to 16 November 2014 as requested by the Beijing Tax Bureau and in March 2016, the Beijing Tax Bureau accepted the tax settlement
made by the Fund. After settlement of the pre-17 November 2014 tax liability, the Fund had released the surplus tax provision of CNY141,570
relating to pre-17 November 2014 China A-Share gains during the period ended 31 March 2016.
Hong Kong Taxation
No provision for Hong Kong profits tax has been made as the Fund was authorized as a collective investment scheme under Section 104 of the
Securities and Futures Ordinance and is therefore exempt from profits tax under Section 26A(1A) of the Inland Revenue Ordinance.
6666 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
7777 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 65 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March As at 31 March As at 31 March As at 31 March 2016201620162016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (95.5%)
(I) Equities(I) Equities(I) Equities(I) Equities (78.6%)
ChinaChinaChinaChina (78.6%)
Auto ComponentsAuto ComponentsAuto ComponentsAuto Components (5.3%)
Fuyao Group Glass
Industries 'A' 501,918 1,155,538 3.3
Huayu Automotive
Systems 'A' 297,356 699,759 2.0
AutomobilesAutomobilesAutomobilesAutomobiles (5.7%)
Chongqing Changan
Automobile 'A' 168,734 411,425 1.2
Jiangling Motors 'A' 121,700 496,201 1.4
SAIC Motor Corp 'A' 354,678 1,100,074 3.1
BeveragesBeveragesBeveragesBeverages (3.6%)
Kweichow Moutai 'A' 11,280 431,904 1.2
Wuliangye Yibin 'A' 192,500 836,659 2.4
Capital MarketsCapital MarketsCapital MarketsCapital Markets (6.8%)
GF Securities 'A' 638,500 1,650,645 4.7
Huatai Securities 'A' 281,700 745,236 2.1
Commercial BanksCommercial BanksCommercial BanksCommercial Banks (16.3%)
Bank of Nanjing 'A' 295,494 735,583 2.1
China Merchants Bank 'A' 565,092 1,405,828 4.0
Ind & Comm Bank of China
'A' 1,694,500 1,123,973 3.2
Industrial Bank 'A' 607,488 1,458,699 4.1
Shanghai Pudong Dev
Bank 'A' * 370,849 1,028,097 2.9
Construction & EngineeringConstruction & EngineeringConstruction & EngineeringConstruction & Engineering (2.4%)
China State Construction
Eng 'A' 968,100 853,202 2.4
Construction MaterialsConstruction MaterialsConstruction MaterialsConstruction Materials (2.7%)
Anhui Conch Cement 'A' 372,300 972,254 2.7
Food ProductsFood ProductsFood ProductsFood Products (3.5%)
Henan Shuanghui Inv 'A' 373,725 1,219,824 3.5
Household DurablesHousehold DurablesHousehold DurablesHousehold Durables (5.8%)
Gree Electric Appliances
'A' 232,800 691,820 2.0
Joyoung Co 'A' 101,700 286,344 0.8
Midea Group 'A' 226,287 1,079,373 3.0
Independent Power Producers & Energy TradersIndependent Power Producers & Energy TradersIndependent Power Producers & Energy TradersIndependent Power Producers & Energy Traders (6.8%)
China Yangtze Power 'A' 532,700 1,011,435 2.9
Guangxi Guiguan Electric
Power 'A' 475,000 440,658 1.2
Huaneng Power Intl 'A' 778,600 959,466 2.7
MachineryMachineryMachineryMachinery (2.3%)
Zhengzhou Yutong Bus 'A' 269,566 807,748 2.3
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Metals & MiningMetals & MiningMetals & MiningMetals & Mining (1.5%)
Baoshan Iron & Steel 'A' 634,755 515,255 1.5
Oil & Gas & Oil & Gas & Oil & Gas & Oil & Gas & Consumable FuelsConsumable FuelsConsumable FuelsConsumable Fuels (2.3%)
China Petroleum &
Chemical 'A' 576,800 424,511 1.2
China Shenhua Energy 'A' 185,400 403,043 1.1
Real Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & Development (5.8%)
Beijing Capital
Development 'A' 150,600 234,250 0.6
China Fortune Land
Developement 'A' 63,208 237,289 0.7
China Vanke 'A' 269,433 771,523 2.2
Poly Real Estate Group 'A' 570,050 817,933 2.3
Road & RailRoad & RailRoad & RailRoad & Rail (0.4%)
Daqin Railway 'A' 138,300 146,905 0.4
SoftwareSoftwareSoftwareSoftware (1.4%)
Aisino Corp 'A' 60,700 495,635 1.4
Textiles & Apparel & Luxury GoodsTextiles & Apparel & Luxury GoodsTextiles & Apparel & Luxury GoodsTextiles & Apparel & Luxury Goods (2.9%)
Joeone Co 'A' 108,600 264,800 0.8
Youngor Group 'A' 320,900 750,202 2.1
Transportation InfrastructureTransportation InfrastructureTransportation InfrastructureTransportation Infrastructure (3.1%)
Jiangsu Expressway 'A' 845,000 1,092,244 3.1
27,755,335 78.6
--------- ----
(II) Debt Securities(II) Debt Securities(II) Debt Securities(II) Debt Securities (16.9%)
ChinaChinaChinaChina (16.9%)
Air China 5.1% 18/01/23
(SS) CNY706,000 120,031 0.3
Anhui Conch Cement
5.08% 23/5/16-SS CNY600,000 97,073 0.3
China Dev Bank 5.84%
03/01/19 (SS) CNY2,200,000 375,725 1.1
China Govt Bond No1107
4.26%7/21-SS CNY4,800,000 813,784 2.3
China Govt Bond No1213
2.6% 9/17-SS CNY8,000,000 1,244,683 3.5
China Govt Bond No1303
3.4% 4/23-SS CNY10,378,000 1,690,212 4.8
China Guodian 5.6%
22/09/19 (SS) CNY117,000 20,046 0.1
China Petro & Chem NoA
4.26%6/17-SS CNY1,500,000 244,489 0.7
China Three Gorges
4.15%11/5/26(SS) CNY1,996,000 331,147 0.9
China Yangtze Pwr 5.35%
24/9/17(SS) CNY600,000 99,044 0.3
Chongqing Land 7.35%
25/04/19 (SS) CNY1,000,000 140,352 0.4
GD Power Dev 4.35%
15/06/17 (SS) CNY800,000 130,410 0.4
JPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 66 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
ChinaChinaChinaChina (Continued)
GD Power Dev 4.75%
15/06/19 (SS) CNY1,000,000 168,577 0.5
Jiangxi Copper 1%
22/9/16-SerWW(SS) CNY1,000,000 154,208 0.4
Jinan City Const 6.98%
26/03/18(SS) CNY1,000,000 81,827 0.2
Shanghai Intl VRN 5.05%
07/16 (SS) CNY1,500,000 241,869 0.7
5,953,477 16.9
--------- ----
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 33,708,812 95.5
Other net assetsOther net assetsOther net assetsOther net assets 1,585,750 4.5
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 35,294,562 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 32,637,858
* An affiliate of the investment advisor of the Fund
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
ChinaChinaChinaChina
Commercial Banks 16.3 24.8
Independent Power Producers & Energy
Traders 6.8 -
Capital Markets 6.8 2.4
Real Estate Management & Development 5.8 3.9
Household Durables 5.8 2.6
Automobiles 5.7 2.1
Auto Components 5.3 1.7
Beverages 3.6 3.0
Food Products 3.5 4.0
Transportation Infrastructure 3.1 -
Textiles & Apparel & Luxury Goods 2.9 -
Construction Materials 2.7 -
Construction & Engineering 2.4 -
Oil & Gas & Consumable Fuels 2.3 -
Machinery 2.3 1.7
Metals & Mining 1.5 -
Software 1.4 1.1
Road & Rail 0.4 -
Insurance - 8.2
Elect Equipment Instts & Components - 5.5
Pharmaceuticals - 3.8
Media - 3.3
Internet Software & Services - 3.1
Hotels Restaurants & Leisure - 2.2
Food & Staples Retailing - 1.6
IT Services - 1.2
Wireless Telecommunication Services - 1.1
Specialty Retail - 1.1
Commercial Services & Supplies - 1.0
Communications Equipment - 1.0
Health Care Providers & Services - 0.9
Personal Products - 0.5
Debt SecuritiesDebt SecuritiesDebt SecuritiesDebt Securities 16.9 12.3
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 95.5 94.1
Other net assetsOther net assetsOther net assetsOther net assets 4.5 5.9
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 69 to 72 form part of these financial statements.
- 67 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 2,177,617 5,321,855
Amounts receivable on allotment 2,764 2,765
Margin deposits 322,258 1,554,833
Investments 33,708,812 44,745,238
Interest and other accounts
receivable 10 10
Total assetsTotal assetsTotal assetsTotal assets 36,211,461 51,624,701
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts payable on redemption 377,694 86,571
Provision for taxation [Note 5] 439,273 3,874,617
Other accounts payable 62,176 96,602
Deferred tax liabilities [Note 5] 37,756 30,502
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 916,899 4,088,292
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 35,294,562 47,536,409
EquityEquityEquityEquity 35,294,562 47,536,409
Statement of Comprehensive Statement of Comprehensive Statement of Comprehensive Statement of Comprehensive IncomeIncomeIncomeIncome
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 3,957,037 45,473,253
Interest on deposits 5,880 7,082
Dividend income - 58,384
Net foreign currency exchange
losses (166,281) (65,115)
Other income 1,806 -
3,798,442 45,473,604
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 353,896 878,729
Transaction costs 184,581 464,129
Safe custody and bank charges 27,606 46,180
Legal and professional expenses 22,017 7,635
Trustee's fee 11,698 21,778
Auditor's fee 10,576 10,075
Valuation fee 8,050 8,120
Registrar's fee 3,337 7,614
Printing and publication expenses 1,697 4,569
Other operating expenses 2,574 60
626,032 1,448,889
---------- ----------
Profit before taxationProfit before taxationProfit before taxationProfit before taxation 3,172,410 44,024,715
Taxation [Note 5] 3,067,551 340,419
Increase in net Increase in net Increase in net Increase in net assets assets assets assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 6,239,961 44,365,134
JPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 69 to 72 form part of these financial statements.
- 68 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 47,536,409 88,373,190
---------- ----------
Allotment of redeemable units 864,482 33,928,049
Redemption of redeemable units (19,346,290) (59,143,080)
Net redemptionNet redemptionNet redemptionNet redemption (18,481,808) (25,215,031)
---------- ----------
29,054,601 63,158,159
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and redeemable units and redeemable units and redeemable units and total total total total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 6,239,961 44,365,134
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 35,294,562 107,523,293
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 For the period ended 31 For the period ended 31 For the period ended 31 March 2016March 2016March 2016March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (35,045,353) (90,961,215)
Proceeds from disposal of
investments and derivatives 50,038,816 122,822,577
Decrease in margin deposits 1,232,575 54,324
Interest received 5,880 7,050
Dividend received - 58,384
Registrar's fee paid (9,104) (11,357)
Trustee's fee paid (12,228) (21,349)
Transaction costs paid (184,665) (457,256)
Tax paid (360,539) (9,358)
Management fee paid (372,988) (848,741)
Others (212,856) (131,797)
Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating
activitiesactivitiesactivitiesactivities 15,079,538 30,501,262
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Receipts on allotment of
redeemable units 864,483 33,924,820
Payments on redemption of
redeemable units (19,055,167) (55,460,386)
Net cash outflow from Net cash outflow from Net cash outflow from Net cash outflow from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities (18,190,684) (21,535,566)
---------- ----------
(Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash
and cash and cash and cash and cash equivalentsequivalentsequivalentsequivalents (3,111,146) 8,965,696
Cash and cash equivalents at the
beginning of the period 5,321,855 4,756,511
Exchange losses on cash and cash
equivalents (33,092) (18,945)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 2,177,617 13,703,262
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 2,177,617 13,703,262
JPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 69 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan China New Generation Fund (the "Fund") was established under a Trust Deed dated 21 May 2009, as amended, and is governed by
the laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in the People's Republic of
China ("PRC") securities, including but not limited to A-Shares, of companies whose predominant business will benefit from, or is related to,
growth of the domestic consumption sector in the PRC. The Fund may also invest in fixed income instruments denominated in Renminbi
issued or listed in or outside the PRC, including debt securities issued by the central government of the PRC, any public or local authorities in
the PRC, any quasi-governmental organizations or any corporates. The Fund will invest in PRC securities via the Qualified Foreign Institutional
Investor (“QFII”) quota of the Investment Manager. For the investment in China A-Shares, the Fund may also invest and have direct access to
certain eligible China A-Shares via the Shanghai-Hong Kong Stock Connect (as further described in the sub-section entitled “Shanghai-Hong
Kong Stock Connect” below) and/or other similar programs as approved by the relevant regulators from time to time.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 70 -
(c)(c)(c)(c) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(d)(d)(d)(d) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 21 May 2009, as amended, which may be different from the accounting policies stated in the financial
statements.
(e)(e)(e)(e) Taxation Taxation Taxation Taxation
Tax provision made predominantly relates to enterprise income tax arising from investment income realized from trading PRC securities.
Deferred income tax is provided, using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from
initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor taxable profit
or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement
of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax
liability is settled.
Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the
temporary differences can be utilized.
3333 Number Number Number Number of units in issue and net assets attributable to holders of redeemable units (per unit)of units in issue and net assets attributable to holders of redeemable units (per unit)of units in issue and net assets attributable to holders of redeemable units (per unit)of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016 30.9.2015
Units Units
Number of units in issue 2,723,468.357 4,192,851.635
US$ US$
Net assets attributable to holders of redeemable units 35,294,562 47,536,409
Net assets attributable to holders of redeemable units (per unit) 12.96 11.34
JPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 71 -
4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives (2,756,092) 26,210,863
Realized gains on sale of investments and derivatives 6,713,129 19,262,390
3,957,037 45,473,253
5555 Taxation Taxation Taxation Taxation
Tax provision made predominantly relates to enterprise income tax arising from investment income realized from trading PRC securities.
The amount of taxation reversed/(charged) to the Statement of Comprehensive Income represents:
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Withholding tax
- Dividend and interest income (5,839) (11,257)
Capital gains tax 3,080,644 (123,948)
3,074,805 (135,205)
Deferred tax liabilities (7,254) 475,624
Taxation 3,067,551 340,419
The movement in deferred tax liabilities is as follows:
1.10.2015
to
31.3.2016
1.10.2014
to
30.9.2015
US$ US$
At the beginning of the period/year 30,502 497,237
Deferred tax liabilities charged/(reversed) to the Statement of Comprehensive Income 7,254 (465,735)
At the end of the period/year 37,756 30,502
The movement in provision for taxation is as follows:
1.10.2015
to
31.3.2016
1.10.2014
to
30.9.2015
US$ US$
At the beginning of the period/year 3,874,617 3,837,282
Taxation (reversed)/charged to the Statement of Comprehensive Income (3,074,805) 173,151
Tax paid (360,539) (135,816)
At the end of the period/year 439,273 3,874,617
JPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 72 -
Provisioning Policy of the Fund
The Fund held A-shares of PRC listed companies through the QFII quota of the Investment Manager and certain investment in other PRC
securities. Under PRC tax law, enterprise income tax of 10% is payable on dividends and interests (except for Government bond interest which
is tax exempt) derived by foreign investors from China. The tax should be withheld by the payors upon dividend and interest payments. The
10% tax is provided for taxable PRC sourced dividends and interests where tax is not deducted by the payors.
Under PRC tax law, enterprise income tax of 10% would normally be payable on gains realized from the sale of PRC securities by foreign
investors. However on 14 November 2014, the Ministry of Finance, the State Administration of Taxation and the China Securities Regulatory
Commission jointly promulgated; (I) Circular Concerning the Temporary Exemption of the Enterprise Income Tax for Gains Earned by Qualified
Foreign Institutional Investor ("QFII") and Renminbi Qualified Foreign Institutional Investor ("RQFII") from Transfer of Domestic Shares and
Other Equity Interest Investment in China; and (II) Circular on the Taxation Policy of the Pilot Programme for the Mutual Stock Market Access
between Shanghai and Hong Kong Stock Markets (each a "Circular"), clarifying the tax treatment on gains realized by foreign investors from
sale of PRC securities.
According to Circular (I), amongst other things:
(i) enterprise income tax shall be exempt on a temporary basis on the gains realized by QFIIs and RQFIIs from the sale of domestic shares
and other equity interest investment in the PRC with effect from 17 November 2014; and
(ii) enterprise income tax shall be imposed on such gains realized by QFIIs and RQFIIs before 17 November 2014 in accordance with the tax
laws.
According to Circular (II), amongst other things:
(i) enterprise income tax shall be exempt on a temporary basis on the gains realized by Hong Kong market investors (including corporate
and individual investors) from the sale of China A-Shares listed on the Shanghai Stock Exchange.
Pursuant to Circular I, the Fund has ceased to provide PRC enterprise income tax for gains on its investment in China A-Shares from 17
November 2014 on the basis that any gains realized from 17 November 2014 will be temporarily exempt from enterprise income tax.
Current Development
With respect to gains from PRC securities disposed of prior to 17 November 2014, the Fund had submitted the tax reporting package for five
years from 17 November 2009 to 16 November 2014 as requested by the Beijing Tax Bureau and in March 2016, the Beijing Tax Bureau
accepted the tax settlement made by the Fund. After settlement of the pre-17 November 2014 tax liability, the Fund had released the surplus
tax provision of USD3,001,656 relating to pre-17 November 2014 China A-Share gains during the period ended 31 March 2016.
Hong Kong Taxation
No provision for Hong Kong profits tax has been made as the Fund was authorized as a collective investment scheme under Section 104 of the
Securities and Futures Ordinance and is therefore exempt from profits tax under Section 26A(1A) of the Inland Revenue Ordinance.
6666 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
7777 DiDiDiDistribution stribution stribution stribution
No distribution was made during the year/period (31 March 2015: nil).
JPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER A----SHARE FUNDSHARE FUNDSHARE FUNDSHARE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 73 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 14 June 2006
to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (98.5%)
EquitiesEquitiesEquitiesEquities (98.5%)
ChinaChinaChinaChina (98.5%)
Aier Eye Hospital Group 'A' 1,013,821 4,677,534 0.7
Aisino Corp 'A' 343,676 2,806,223 0.4
Anhui Conch Cement 'A' 2,729,275 7,127,444 1.1
Anhui Conch Cement 'A' (C1) 625,200 1,635,149 0.2
Avic Aviation Engine Corp 'A' 1,303,300 7,957,715 1.2
Bank of Nanjing 'A' 5,392,780 13,424,417 2.1
Bank of Nanjing Co 'A' (C1) 73,304 182,752 0.0
Bank of Ningbo 'A' 7,748,037 16,136,752 2.5
Beijing GeoEnviron Engin &
Tech 'A' 340,001 3,185,735 0.5
Beijing Homyear Capital 'A' 2,306,000 3,861,398 0.6
Beijing Homyear Capital 'A'-C1 1,491,583 2,501,408 0.4
Beijing Originwater
Technology 'A' 1,524,659 9,191,424 1.4
Boai NKY Pharmaceuticals 'A' 598,725 4,765,657 0.7
Cachet Pharmaceutical 'A' 604,267 3,454,102 0.5
China Coal Energy 'A' (C1) 3,923,090 3,110,333 0.5
China Commun Construction
'A' 2,944,580 5,554,437 0.9
China Communications Const
'A' (C1) 205,900 388,978 0.1
China CYTS Tours Hldg Co 'A' 2,218,406 7,165,332 1.1
China Fortune Land
Developement 'A' 3,712,226 13,936,058 2.1
China Merchants Bank 'A' 8,582,002 21,350,178 3.3
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
China Merchants Shekou Ind
Zone-A 1,330,996 3,097,206 0.5
China South Publishing &
Media 'A' 2,273,289 6,664,228 1.0
China Yangtze Power 'A' 5,137,061 9,753,712 1.5
Chongqing Changan
Automobile 'A' 2,764,017 6,739,524 1.0
Dr Peng Telecom & Media
Group 'A' 2,187,865 7,181,702 1.1
Dr Peng Telecom & Media Grp
'A'-C1 718,000 2,360,387 0.4
East Money Information 'A' 184,360 1,262,779 0.2
Fujian Sunner Development 'A' 1,599,161 6,648,747 1.0
GD Power Development 'A' 8,942,435 4,258,566 0.7
GF Securities 'A' 12,981,481 33,559,644 5.2
Gosun Hldg 'A' 818,900 3,492,062 0.5
Gosuncn Technology Group 'A' 2,471,900 5,633,590 0.9
Guangdong Alpha Animation &
Cul 'A' 1,160,786 7,306,512 1.1
Guangdong Chj Industry Co-A 1,617,000 2,702,667 0.4
Guangdong Qtone Education
'A' 294,025 3,339,581 0.5
Guangdong Sky Dragon
Printing 'A' 534,317 2,532,958 0.4
Guangxi Bossco Environ Prot
Tech-A 784,981 3,732,167 0.6
Hangzhou Hik-Vision Digital 'A' 1,089,556 5,192,052 0.8
Hangzhou Liaison Inter Info
Tech'A' 1,580,460 6,182,454 1.0
Hangzhou Robam Appliances
'A' 748,570 5,322,954 0.8
Hangzhou Shunwang
Technology 'A' 457,350 6,272,334 1.0
Han's Laser Technology 'A' 1,866,270 6,420,389 1.0
Hebei Hengshui Laobaigan
Liquor-A 619,164 4,944,619 0.8
Huatai Securities 'A' 8,745,045 23,134,968 3.6
Huatai Securities 'A' (C1) 4,044,500 10,715,774 1.6
Huawei Technology 'A' 1,210,800 5,131,429 0.8
Huaxin Cement 'A' 5,743,168 7,991,915 1.2
Hubei Xinyangfeng Fertilizer
'A' 3,155,476 12,826,623 2.0
Iflytek Co 'A' 804,971 3,476,226 0.5
Industrial Bank 'A' 8,606,511 20,665,953 3.2
Industrial Bank 'A' (C1) 826,400 1,987,332 0.3
Jiangsu Hengrui Medicine 'A' 2,477,099 18,089,150 2.8
Jiangsu Kangde Xin Composite
'A' 2,749,664 14,025,514 2.2
JSTI Group 'A' 2,101,235 6,250,814 1.0
Kweichow Moutai 'A' 513,049 19,644,297 3.0
Loncin Motor 'A' 1,109,305 3,164,493 0.5
Luxin Venture Capital Group
'A' 1,449,527 5,526,832 0.8
Luxshare Precision Industry 'A' 873,990 3,952,657 0.6
MIG Unmobi Technology 'A' 1,431,501 6,874,640 1.1
Nanjing Iron & Steel 'A' 6,098,000 2,470,276 0.4
Navinfo Co 'A' 873,553 3,577,899 0.5
Netposa Technologies 'A' 933,250 4,405,363 0.7
New China Life Insurance 'A' 1,267,178 7,948,762 1.2
ORG Packaging 'A' 951,600 3,590,055 0.6
JPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER A----SHARE FUNDSHARE FUNDSHARE FUNDSHARE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 74 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March As at 31 March As at 31 March As at 31 March 2016201620162016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
ChinaChinaChinaChina (Continued)
Ping An Insurance (Group) 'A' 6,231,259 30,647,589 4.7
Poly Real Estate Group 'A' 17,911,714 25,700,524 4.0
Poly Real Estate Group 'A' (C1) 660,294 948,842 0.1
Sanlux Co 'A' 986,000 2,774,630 0.4
Shandong Gettop Acoustic 'A' 1,290,000 3,564,274 0.5
Shanghai Intl Airport 'A' 2,350,381 10,934,963 1.7
Shenzhen AOTO Electronics 'A' 1,526,544 3,774,111 0.6
Shinva Medical Instrument 'A' 1,650,070 6,584,870 1.0
Songcheng Performance
Develop 'A' 1,621,446 7,335,567 1.1
Spring Airlines 'A' 976,724 7,010,255 1.1
Stellar Megaunion Corporation
'A' 2,465,068 6,487,021 1.0
Suofeiya Home Collection 'A' 580,950 3,878,629 0.6
Tangshan Jidong Cement Co
'A' 2,699,689 4,554,024 0.7
Tasly Pharmaceutical Group
'A' 1,035,741 6,218,353 1.0
Wangsu Science & Technology
'A' 2,093,356 18,905,456 2.9
Wuhan Double 'A' 273,606 2,553,476 0.4
Wuxi Hodgen Technology 'A' 886,651 4,441,755 0.7
Xiamen C&D 'A' 894,852 1,622,953 0.2
Xiamen Tungsten 'A' 843,248 2,490,265 0.4
Zhejiang Dahua Technology 'A' 2,499,689 13,929,246 2.1
Zhejiang Huace Film & TV 'A' 3,124,912 12,852,165 2.0
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 639,673,800 98.5
Other net assetsOther net assetsOther net assetsOther net assets 9,811,594 1.5
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 649,485,394 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 644,830,838
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the For the For the For the period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
China 98.5 93.1
Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes
China - 2.0
Total Listed/Quoted Total Listed/Quoted Total Listed/Quoted Total Listed/Quoted InvestmentsInvestmentsInvestmentsInvestments 98.5 95.1
Other net assetsOther net assetsOther net assetsOther net assets 1.5 4.9
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER A----SHARE FUNDSHARE FUNDSHARE FUNDSHARE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 77 to 80 form part of these financial statements.
- 75 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 28,770,411 90,748,196
Amounts due from brokers 790,019 21,735,405
Amounts receivable on allotment 966,486 328,508
Margin deposits 7,494,787 7,625,062
Investments 639,673,800 610,612,340
Interest and other accounts
receivable 1,092 263
Total assetsTotal assetsTotal assetsTotal assets 677,696,595 731,049,774
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 1,453,782 17,242,460
Amounts payable on redemption 20,240,893 4,593,976
Provision for taxation [Note 5] 5,590,005 65,926,061
Other accounts payable 926,521 979,466
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 28,211,201 88,741,963
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 649,485,394 642,307,811
EquityEquityEquityEquity 649,485,394 642,307,811
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 12,103,616 421,678,278
Interest on deposits 102,294 116,576
Dividend income 64,553 405,916
Net foreign currency exchange
losses (1,239,429) (778,760)
11,031,034 421,422,010
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 5,757,128 7,456,442
Transaction costs 1,921,880 4,220,889
Safe custody and bank charges 209,095 243,621
Trustee's fee 92,239 119,437
Legal and professional expenses 50,560 27,552
Registrar's fee 27,103 35,054
Auditor's fee 12,732 12,020
Valuation fee 8,050 8,120
Printing and publication expenses 6,758 16,993
Other operating expenses 6,035 5,781
8,091,580 12,145,909
---------- ----------
Profit before taxationProfit before taxationProfit before taxationProfit before taxation 2,939,454 409,276,101
Taxation [Note 5] 58,415,012 3,319,844
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 61,354,466 412,595,945
JPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER A----SHARE FUNDSHARE FUNDSHARE FUNDSHARE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 77 to 80 form part of these financial statements.
- 76 -
Statement of Statement of Statement of Statement of Changes in Net Assets Attributable to Holders Changes in Net Assets Attributable to Holders Changes in Net Assets Attributable to Holders Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the beginning of the beginning of the beginning of the periodperiodperiodperiod 642,307,811 776,480,328
---------- ----------
Allotment of redeemable units 178,707,895 380,259,370
Redemption of redeemable units (232,884,778) (616,548,540)
Net redemptionNet redemptionNet redemptionNet redemption (54,176,883) (236,289,170)
---------- ----------
588,130,928 540,191,158
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 61,354,466 412,595,945
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable of redeemable of redeemable of redeemable units at the end units at the end units at the end units at the end
of the periodof the periodof the periodof the period 649,485,394 952,787,103
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (477,699,306) (922,448,996)
Proceeds from disposal of
investments and derivatives 465,970,620 1,163,110,911
Decrease in margin deposits 130,275 463,941
Interest received 101,464 116,139
Dividend received 64,553 434,845
Registrar's fee paid (61,229) (64,437)
Trustee's fee paid (92,531) (115,255)
Tax paid (1,921,044) (51,155)
Transaction costs paid (1,994,624) (4,172,172)
Management fee paid (5,762,100) (7,178,519)
Others (1,368,307) (886,578)
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (22,632,229) 229,208,724
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Receipts on allotment of
redeemable units 178,069,917 369,368,091
Payments on redemption of
redeemable units (217,237,861) (519,566,604)
Net cash outflow from Net cash outflow from Net cash outflow from Net cash outflow from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities (39,167,944) (150,198,513)
---------- ----------
(Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash
and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents (61,800,173) 79,010,211
Cash and cash equivalents at the
beginning of the period 90,748,196 69,481,112
Exchange losses on cash and cash
equivalents (177,612) (285,238)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 28,770,411 148,206,085
Analysis of balances of Analysis of balances of Analysis of balances of Analysis of balances of cash and cash equivalents:cash and cash equivalents:cash and cash equivalents:cash and cash equivalents:
Cash at banks 28,770,411 148,206,085
JPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER A----SHARE FUNDSHARE FUNDSHARE FUNDSHARE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 77 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan China Pioneer A-Share Fund (the "Fund") was established under a Trust Deed dated 14 June 2006, as amended, and is governed by
the laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective and policy of the Fund is to achieve long-term capital growth by investing primarily in the People's Republic of China
("PRC") securities, including but not limited to A-Shares. The Fund will invest in PRC securities via the Qualified Foreign Institutional Investor
(“QFII”) quota of the Investment Manager. For the investment in China A-Shares, the Fund may also invest and have direct access to certain
eligible China A-Shares via the Shanghai-Hong Kong Stock Connect and/or other similar programs as approved by the relevant regulators
from time to time.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER A----SHARE FUNDSHARE FUNDSHARE FUNDSHARE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 78 -
(c)(c)(c)(c) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(d)(d)(d)(d) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 14 June 2006, as amended, which may be different from the accounting policies stated in the financial
statements.
(e)(e)(e)(e) Taxation Taxation Taxation Taxation
Tax provision made predominantly relates to enterprise income tax arising from investment income realized from trading PRC securities.
Deferred income tax is provided, using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from
initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor taxable profit
or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement
of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax
liability is settled.
Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the
temporary differences can be utilized.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016 30.9.2015
Units Units
Number of units in issue 19,781,943.829 21,419,779.303
US$ US$
Net assets attributable to holders of redeemable units 649,485,394 642,307,811
Net assets attributable to holders of redeemable units (per unit) 32.83 29.99
JPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER A----SHARE FUNDSHARE FUNDSHARE FUNDSHARE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 79 -
4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives (9,063,101) 230,779,285
Realized gains on sale of investments and derivatives 21,166,717 190,898,993
12,103,616 421,678,278
5555 Taxation Taxation Taxation Taxation
Tax provision made predominantly relates to enterprise income tax arising from investment income realized from trading PRC securities.
The amount of taxation reversed/(charged) to the Statement of Comprehensive Income represents:
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Withholding tax
- Dividend and interest income 55,041 (50,442)
Capital gains tax 58,359,971 (523,545)
Deferred tax liabilities - 3,893,831
Taxation 58,415,012 3,319,844
The movement in deferred tax liabilities is as follows:
1.10.2015
to
31.3.2016
1.10.2014
to
30.9.2015
US$ US$
At the beginning of the period/year - 3,893,831
Deferred tax liabilities (reversed)/charged to the Statement of Comprehensive Income - (3,893,831)
At the end of the period/year - -
The movement in provision for taxation is as follows:
1.10.2015
to
31.3.2016
1.10.2014
to
30.9.2015
US$ US$
At the beginning of the period/year 65,926,061 66,935,791
Taxation (reversed)/charged to the Statement of Comprehensive Income (58,415,012) 423,505
Tax paid (1,921,044) (1,433,235)
At the end of the period/year 5,590,005 65,926,061
JPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER A----SHARE FUNDSHARE FUNDSHARE FUNDSHARE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 80 -
Provisioning Policy of the Fund
The Fund held A-shares of PRC listed companies through the QFII quota of the Investment Manager and certain investment in other PRC
securities. Under PRC tax law, enterprise income tax of 10% is payable on dividends and interest (except for Government bond interest which
is tax exempt) derived by foreign investors from China. The tax should be withheld by the payors upon dividend and interest payments. The
10% tax is provided for taxable PRC sourced dividends and interest where tax is not deducted by the payors.
Under PRC tax law, enterprise income tax of 10% would normally be payable on gains realized from the sale of PRC securities by foreign
investors. However, on 14 November 2014, the Ministry of Finance, the State Administration of Taxation and the China Securities Regulatory
Commission jointly promulgated; (I) Circular Concerning the Temporary Exemption of the Enterprise Income Tax for Gains Earned by Qualified
Foreign Institutional Investor ("QFII") and Renminbi Qualified Foreign Institutional Investor ("RQFII") from Transfer of Domestic Shares and
Other Equity Interest Investment in China; and (II) Circular on the Taxation Policy of the Pilot Programme for the Mutual Stock Market Access
between Shanghai and Hong Kong Stock Markets (each a "Circular"), clarifying the tax treatment on gains realized by foreign investors from
sale of PRC securities.
According to Circular (I), amongst other things:
(i) enterprise income tax shall be exempt on a temporary basis on the gains realized by QFIIs and RQFIIs from the sale of domestic shares and
other equity interest investment in the PRC with effect from 17 November 2014; and
(ii) enterprise income tax shall be imposed on such gains realized by QFIIs and RQFIIs before 17 November 2014 in accordance with the tax
laws.
According to Circular (II), amongst other things:
(i) enterprise income tax shall be exempt on a temporary basis on the gains realized by Hong Kong market investors (including corporate and
individual investors) from the sale of China A-Shares listed on the Shanghai Stock Exchange.
Pursuant to Circular I, the Fund has ceased to provide PRC enterprise income tax for gains on its investment in China A-Shares from 17
November 2014 on the basis that any gains realized from 17 November 2014 will be temporarily exempt from enterprise income tax.
Current Development
With respect to gains from PRC securities disposed of prior to 17 November 2014, the Fund had submitted the tax reporting package for five
years from 17 November 2009 to 16 November 2014 as requested by the Beijing Tax Bureau and in March 2016, the Beijing Tax Bureau
accepted the tax settlement made by the Fund. After settlement of the pre-17 November 2014 tax liability, the Fund had released the surplus
tax provision of US$56,912,533 relating to pre-17 November 2014 China A-Share gains during the period ended 31 March 2016.
Hong Kong Taxation
No provision for Hong Kong profits tax has been made as the Fund was authorized as a collective investment scheme under Section 104 of the
Securities and Futures Ordinance and is therefore exempt from profits tax under Section 26A(1A) of the Inland Revenue Ordinance.
6666 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
7777 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 81 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 1 January
1984 to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment Investment Investment Investment PortfolioPortfolioPortfolioPortfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (99.3%)
(I) Equities and Warrants(I) Equities and Warrants(I) Equities and Warrants(I) Equities and Warrants (97.2%)
ChinaChinaChinaChina (34.8%)
AAC Technologies Hldgs 542,000 4,143,672 2.0
China Auto Rental 1,652,000 1,938,130 0.9
China Construction Bank 'H' 8,696,270 5,549,701 2.6
China Everbright Intl 2,358,000 2,632,650 1.2
China Merchants Bank 'H' 2,661,000 5,591,958 2.6
China Resources Gas Group 1,292,000 3,689,501 1.7
China Resources Land 1,592,000 4,084,393 1.9
China Shipping Development
'H' 4,442,000 2,937,834 1.4
China Taiping Insurance Hldgs 1,449,200 3,183,679 1.5
China Vanke 'H' 1,717,600 4,211,763 2.0
Chongqing Changan
Automobile 'B' 1,323,334 2,478,943 1.2
CSPC Pharmaceutical Group 3,572,000 3,232,808 1.5
IMAX China Hldg 219,900 1,331,043 0.6
IMAX China Hldg (Placing
03/16) 79,900 483,631 0.2
Phoenix Healthcare Group 1,756,500 1,945,238 0.9
Ping An Insurance (Group) 'H' 1,586,500 7,588,316 3.6
Sino Biopharmaceutical 1,926,000 1,445,142 0.7
Tencent Hldgs 779,700 15,922,606 7.5
Vipshop Hldgs ADR 128,465 1,654,629 0.8
Hong KongHong KongHong KongHong Kong (11.4%)
AIA Group 2,159,600 12,236,681 5.8
BOC Hong Kong (Hldgs) 1,520,500 4,538,045 2.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Cheung Kong Property Hldgs 380,500 2,450,313 1.1
CK Hutchison Hldgs 388,000 5,037,239 2.4
IndiaIndiaIndiaIndia (10.4%)
HDFC Bank 398,000 7,541,908 3.5
IndusInd Bank 100,895 1,474,212 0.7
IndusInd Bank Wts 11/12/17
(BNP) 289,639 4,232,016 2.0
Lupin Ltd U-Wts 08/12/17-UBS 18,036 402,880 0.2
Lupin Ltd U-Wts 20/07/18
(UBS)-New 45,089 1,007,179 0.5
Maruti Suzuki India 66,613 3,738,214 1.8
Ultratech Cement 75,600 3,685,960 1.7
KoreaKoreaKoreaKorea (17.9%)
E-MART Co 11,519 1,767,737 0.8
Hyundai Marine & Fire
Insurance 106,679 3,097,012 1.4
KIWOOM Securities 55,284 3,229,251 1.5
Korea Electric Power 107,972 5,683,731 2.7
LG Chem 13,500 3,866,081 1.8
Samsung Electronics 12,778 14,659,616 6.9
Samsung Electronics Pref 1,260 1,219,675 0.6
Samsung Life Insurance 15,914 1,635,095 0.8
SK Hynix 118,905 2,926,876 1.4
PhilippinesPhilippinesPhilippinesPhilippines (1.0%)
GT Capital Hldgs 69,450 2,096,547 1.0
SingaporeSingaporeSingaporeSingapore (2.3%)
DBS Group Hldgs 428,700 4,896,336 2.3
TaiwanTaiwanTaiwanTaiwan (14.2%)
Advanced Semiconductor Eng 3,167,000 3,685,190 1.7
Catcher Technology 247,000 2,026,100 0.9
E Sun Financial Hldg 4,116,000 2,302,013 1.1
Largan Precision 43,000 3,333,489 1.6
President Chain Store 399,000 2,907,205 1.4
Taiwan Semiconductor Mfg 3,171,000 15,961,410 7.5
ThailandThailandThailandThailand (5.2%)
Airports of Thailand (F) 265,900 3,038,425 1.4
Kasikornbank Public Co NVDR 305,000 1,499,858 0.7
PTT Public Co (F) 567,600 4,517,567 2.1
Sino Thai Eng & Construction
(F) 3,114,600 2,009,705 1.0
206,749,203 97.2
(II)(II)(II)(II) Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes (2.1%)
VietnamVietnamVietnamVietnam (2.1%)
JPM Vietnam Opportunities-
USD (acc)* 429,214 4,502,453 2.1
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 211,251,656 99.3
Other net assetsOther net assetsOther net assetsOther net assets 1,433,329 0.7
JPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 82 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 212,684,985 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 210,402,655
* Issued and managed by a Connected Person of the Manager
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted Listed/Quoted Listed/Quoted Listed/Quoted InvestmentsInvestmentsInvestmentsInvestments
Equities and WarrantsEquities and WarrantsEquities and WarrantsEquities and Warrants
China 34.8 32.9
Korea 17.9 16.4
Taiwan 14.2 14.0
Hong Kong 11.4 11.6
India 10.4 15.0
Thailand 5.2 4.3
Singapore 2.3 2.1
Philippines 1.0 2.0
Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes
Vietnam 2.1 -
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 99.3 98.3
Other net assetsOther net assetsOther net assetsOther net assets 0.7 1.7
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 85 to 87 form part of these financial statements.
- 83 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 486,297 3,275,786
Amounts due from brokers 2,675,557 523,135
Amounts receivable on allotment 3,026,775 382,428
Investments 211,251,656 206,713,943
Dividend and other accounts
receivable 741,559 188,786
Total assetsTotal assetsTotal assetsTotal assets 218,181,844 211,084,078
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Short term bank loans - unsecured 3,939,513 -
Amounts payable on redemption 1,284,871 443,585
Other accounts payable 272,475 334,803
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 5,496,859 778,388
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 212,684,985 210,305,690
EquityEquityEquityEquity 212,684,985 210,305,690
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended For the period ended For the period ended For the period ended 31 March 201631 March 201631 March 201631 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 6,141,951 12,093,246
Dividend income 1,024,491 1,112,601
Interest on deposits 162 550
Net foreign currency exchange
(losses)/gains (36,342) 321,299
7,130,262 13,527,696
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 1,546,780 2,034,012
Transaction costs 168,982 1,508,844
Registrar's fee 41,201 52,149
Trustee's fee 35,488 43,403
Safe custody and bank charges 28,646 51,603
Legal and professional expenses 12,954 4,863
Auditor's fee 11,529 10,973
Valuation fee 8,540 8,610
Printing and publication expenses 1,257 5,103
Other operating expenses 9,319 6,212
1,864,696 3,725,772
---------- ----------
Net operating profitNet operating profitNet operating profitNet operating profit 5,265,566 9,801,924
Finance costsFinance costsFinance costsFinance costs
Interest paid (19,738) (32,351)
Profit before taxationProfit before taxationProfit before taxationProfit before taxation 5,245,828 9,769,573
Taxation (193,005) (170,096)
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 5,052,823 9,599,477
JPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 85 to 87 form part of these financial statements.
- 84 -
Statement of Changes in Net Assets Statement of Changes in Net Assets Statement of Changes in Net Assets Statement of Changes in Net Assets Attributable to Holders Attributable to Holders Attributable to Holders Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 210,305,690 277,669,742
---------- ----------
Allotment of redeemable units 11,701,094 14,398,884
Redemption of redeemable units (14,374,622) (30,751,743)
Net redemptionNet redemptionNet redemptionNet redemption (2,673,528) (16,352,859)
---------- ----------
207,632,162 261,316,883
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 5,052,823 9,599,477
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 212,684,985 270,916,360
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (37,990,191) (370,371,283)
Proceeds from disposal of
investments and derivatives 37,442,175 425,312,284
Dividend received 471,731 599,202
Interest received 148 546
Trustee's fee paid (35,408) (43,858)
Registrar's fee paid (82,443) (105,699)
Transaction costs paid (169,766) (1,497,197)
Tax paid (193,005) (170,096)
Management fee paid (1,550,822) (2,056,565)
Others (127,467) 365,744
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (2,235,048) 52,033,078
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (19,634) (32,832)
Receipts on allotment of
redeemable units 9,056,747 14,834,550
Payments on redemption of
redeemable units (13,533,336) (30,655,789)
Net cash Net cash Net cash Net cash outflow from outflow from outflow from outflow from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities (4,496,223) (15,854,071)
---------- ----------
(Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash
and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents (6,731,271) 36,179,007
Cash and cash equivalents at the
beginning of the period 3,275,786 (21,334,745)
Exchange gains/(losses) on cash
and cash equivalents 2,269 (176,815)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period (3,453,216) 14,667,447
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 486,297 14,667,447
Short term bank loans -
unsecured (3,939,513) -
(3,453,216) 14,667,447
JPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 85 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Eastern Fund (the "Fund") was established under a Trust Deed dated 20 January 1971, as amended, and is governed by the laws of
Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in the securities of
companies in the Asia-Pacific region, excluding Japan and Australia except the Manager may, from time to time, invest in Japan and Australia
when appropriate investment opportunities arise.
Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a “Class”) whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 86 -
(c)(c)(c)(c) SecuriSecuriSecuriSecurities borrowingties borrowingties borrowingties borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
year period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral
placed for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 20 January 1971, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 NNNNumber of units in issue and net assets attributable to holders of redeemable units (per unit)umber of units in issue and net assets attributable to holders of redeemable units (per unit)umber of units in issue and net assets attributable to holders of redeemable units (per unit)umber of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (acc)
Units
Number of units in issue: 852,987.902
US$
Net assets attributable to
holders of redeemable
units 212,684,985
Net assets attributable to
holders of redeemable
units (per unit) 249.34
JPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 87 -
30.9.2015
USD Class (acc)
Units
Number of units in issue: 864,371.782
US$
Net assets attributable to
holders of redeemable
units 210,305,690
Net assets attributable to
holders of redeemable
units (per unit) 243.30
4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 11,899,001 4,822,737
Realized (losses)/gains on sale of investments and derivatives (5,757,050) 7,270,509
6,141,951 12,093,246
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 DisDisDisDistribution tribution tribution tribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 88 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 2 December
1991 to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (96.3%)
EquitiesEquitiesEquitiesEquities (96.3%)
ChinaChinaChinaChina (20.3%)
Best Pacific Intl Holdings 2,172,000 1,198,492 0.7
China Resources Land 768,000 1,970,361 1.2
China Taiping Insurance Hldgs 854,594 1,877,417 1.1
CITIC Telecom Intl Hldgs 6,526,500 2,456,940 1.4
Clear Media 1,851,000 1,598,868 0.9
EVA Precision Industrial Hldgs 3,356,000 497,567 0.3
Guangdong Investment 898,000 1,135,734 0.7
Haier Electronics Group 1,168,000 2,035,874 1.2
IMAX China Hldg 134,900 816,543 0.5
IMAX China Hldg (Placing
03/16) 25,700 155,561 0.1
Kingboard Laminates Hldgs 4,261,000 1,983,125 1.2
Minth Group 3,076,000 7,162,020 4.2
Nexteer Automotive Group 2,934,000 3,018,522 1.8
Pou Sheng Intl (Hldgs) 6,811,000 1,475,202 0.9
Shenzhou Intl Grp 349,000 1,898,757 1.1
Stella Intl Hldgs 106,000 249,265 0.1
Sunny Optical Technology
Group 704,000 1,978,612 1.2
Tongda Group Hldgs 4,740,000 947,199 0.5
Towngas China 1,597,000 823,562 0.5
Yuexiu Transport
Infrastructure 1,746,000 1,175,022 0.7
Hong KongHong KongHong KongHong Kong (11.3%)
Dah Sing Banking Group 715,760 1,256,828 0.7
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Dah Sing Financial Hldgs 210,372 1,293,712 0.8
Intl Housewares Retail 2,471,000 315,384 0.2
Lifestyle Intl Hldgs 717,500 967,576 0.6
Man Wah Hldgs 444,800 563,129 0.3
Pacific Textile Hldgs 1,709,000 2,467,695 1.5
Regina Miracle Intl (Hldgs) 1,206,000 1,760,051 1.0
Samsonite Intl 197,400 661,686 0.4
SCMP Group 6,454,000 324,508 0.2
Sun Hung Kai & Co 1,528,000 919,966 0.5
Techtronic Industries 1,787,000 7,061,330 4.2
Xinyi Glass Hldgs 2,306,000 1,537,026 0.9
IndiaIndiaIndiaIndia (13.5%)
Ashok Leyland 930,259 1,525,556 0.9
Castrol India 206,720 1,167,946 0.7
Cummins India 94,280 1,198,458 0.7
Divi's Laboratories 37,000 551,599 0.3
Eicher Motors 6,000 1,737,832 1.0
EIH Ltd (DEMAT) 1,083,538 1,706,565 1.0
Godrej Industries 353,140 1,893,083 1.1
Gujarat Pipavav Port 1,057,031 2,817,260 1.7
HeidelbergCement India 598,062 733,325 0.4
IndusInd Bank 279,839 4,088,825 2.4
Jubilant Foodworks 58,400 1,126,023 0.7
Persistent Systems 78,894 907,985 0.5
Shree Cement 10,076 1,889,825 1.1
Shriram Transport Finance 89,840 1,293,080 0.8
Suzlon Energy 1,300,000 278,757 0.2
IndonesiaIndonesiaIndonesiaIndonesia (3.6%)
Jasa Marga (Persero) 2,980,700 1,213,860 0.7
Midi Utama Indonesia 10,538,000 586,107 0.4
Mitra Keluarga Karyasehat 6,758,400 1,235,982 0.7
Pakuwon Jati 10,812,900 394,679 0.2
Summarecon Agung 3,200,200 382,528 0.2
Surya Citra Media 5,804,300 1,374,472 0.8
XL Axiata 3,131,600 944,676 0.6
KoreaKoreaKoreaKorea (14.9%)
AJ Rent A Car 112,721 1,103,948 0.6
CJ CheilJedang 1,600 486,184 0.3
DGB Financial Group 213,023 1,657,839 1.0
E-MART Co 5,620 862,461 0.5
Farmsco 151,714 1,538,897 0.9
GS Home Shopping 5,940 964,549 0.6
GS Retail 24,789 1,022,037 0.6
Hankook Tire Worldwide 64,380 1,291,991 0.8
Hyundai Marine & Fire
Insurance 70,390 2,043,501 1.2
KCC Corp 4,050 1,473,242 0.9
KIWOOM Securities 20,805 1,215,262 0.7
Kolon Industries 24,477 1,549,611 0.9
Korea Investment Hldgs 4,373 168,060 0.1
Loen Entertainment 9,220 629,662 0.4
Meritz Fire & Marine Insurance 94,160 1,317,384 0.8
Modetour Network 49,930 1,314,177 0.8
NCsoft Corp 4,592 1,017,901 0.6
Nong Shim Co 8,000 2,798,181 1.6
NS Shopping 2,540 417,559 0.2
Seegene Inc 44,578 1,309,742 0.8
JPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 89 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
KoreaKoreaKoreaKorea (Continued)
Yuhan Corp 4,528 1,110,619 0.6
MalaysiaMalaysiaMalaysiaMalaysia (1.4%)
Carlsberg Brewery Malaysia 356,400 1,277,066 0.8
Karex Bhd 1,133,500 1,104,011 0.6
PhilippinesPhilippinesPhilippinesPhilippines (1.6%)
Century Pacific Food 4,504,100 1,858,571 1.1
Robinsons Retail Hldgs 470,250 755,750 0.5
SingaporeSingaporeSingaporeSingapore (2.5%)
ComfortDelgro Corp 898,900 1,949,196 1.1
Jardine Cycle & Carriage 77,500 2,303,821 1.4
TaiwanTaiwanTaiwanTaiwan (21.4%)
Aspeed Technology 126,563 1,344,909 0.8
Axiomtek Co 458,000 1,055,916 0.6
China Life Insurance 2,131,178 1,638,909 1.0
Chipbond Technology 267,000 431,394 0.3
Chunghwa Precision Test Tech 38,300 774,711 0.5
Eclat Textile 177,149 2,331,053 1.4
Ennoconn Corp 92,000 1,106,264 0.6
Glory Science 1,018,000 1,783,967 1.0
Hota Industrial Mfg 475,000 2,066,244 1.2
King Slide Works 55,000 634,865 0.4
Macauto Industrial Co 248,000 1,302,262 0.8
Pegatron Corp 365,000 851,712 0.5
Phison Electronics 102,000 830,350 0.5
Poya Intl 68,490 727,802 0.4
Realtek Semiconductor 847,000 2,329,092 1.4
Silergy Corp 112,000 1,527,716 0.9
Silicon Motion Tech ADR 31,000 1,203,110 0.7
Sumeeko Industries 297,850 994,869 0.6
Systex Corp 269,000 499,820 0.3
Taiwan FamilyMart 118,000 815,778 0.5
Toung Loong Textile Mfg 111,000 309,023 0.2
TSC Auto ID Technology Co 103,100 903,374 0.5
Tung Thih Electronic Co 175,000 2,881,867 1.7
Voltronic Power Technology 174,203 2,744,249 1.6
Wistron NeWeb 1,024,728 2,744,580 1.6
Yeong Guan Energy
Technology Group 339,000 2,406,833 1.4
ThailandThailandThailandThailand (5.8%)
AEON Thana Sinsap (Thailand)
NVDR 290,700 789,137 0.5
Airports of Thailand (F) 158,800 1,814,599 1.1
Chularat Hospital (F) 19,569,800 1,490,820 0.9
Home Product Center (F) 2,255,500 528,933 0.3
Home Product Center NVDR 719,600 168,752 0.1
IRPC Public Co (F) 6,912,000 992,200 0.6
Siam City Cement (F) 64,500 564,696 0.3
Sino Thai Eng & Construction
(F) 2,236,600 1,443,173 0.8
Somboon Advance Technology
(F) 1,254,100 513,333 0.3
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Star Petroleum Refining (F) 5,000,000 1,549,176 0.9
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 163,268,667 96.3
Other net assetsOther net assetsOther net assetsOther net assets 6,227,207 3.7
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 169,495,874 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 145,448,256
JPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 90 -
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
Taiwan 21.4 15.3
China 20.3 23.2
Korea 14.9 17.4
India 13.5 14.8
Hong Kong 11.3 13.1
Thailand 5.8 5.1
Indonesia 3.6 3.2
Singapore 2.5 1.7
Philippines 1.6 1.0
Malaysia 1.4 0.7
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 96.3 95.5
Other net assetsOther net assetsOther net assetsOther net assets 3.7 4.5
Net assets attributable to Net assets attributable to Net assets attributable to Net assets attributable to holders of holders of holders of holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 93 to 95 form part of these financial statements.
- 91 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 As at 31 As at 31 As at 31 March 2016March 2016March 2016March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 4,974,765 6,690,029
Amounts due from brokers 802,341 1,124,859
Amounts receivable on allotment 181,655 340,892
Investments 163,268,667 154,340,637
Dividend and other accounts
receivable 1,645,839 325,823
Total assetsTotal assetsTotal assetsTotal assets 170,873,267 162,822,240
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 569,429 479,579
Amounts payable on redemption 583,358 357,408
Other accounts payable 224,606 401,034
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 1,377,393 1,238,021
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 169,495,874 161,584,219
EquityEquityEquityEquity 169,495,874 161,584,219
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 9,910,994 9,399,479
Dividend income 2,088,285 843,508
Net foreign currency exchange
gains/(losses) 31,771 (223,139)
Interest on deposits 721 228
12,031,771 10,020,076
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 1,223,132 1,414,630
Transaction costs 258,343 512,138
Registrar's fee 31,488 38,924
Trustee's fee 29,673 32,816
Safe custody and bank charges 27,418 27,957
Auditor's fee 10,025 9,476
Valuation fee 8,540 8,610
Legal and professional expenses 7,617 15,494
Printing and publication expenses 3,515 4,277
Other operating expenses 3,929 3,338
1,603,680 2,067,660
---------- ----------
Profit Profit Profit Profit before taxationbefore taxationbefore taxationbefore taxation 10,428,091 7,952,416
Taxation (87,387) (259,273)
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 10,340,704 7,693,143
JPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 93 to 95 form part of these financial statements.
- 92 -
Statement of Statement of Statement of Statement of Changes in Net Assets Attributable to Holders Changes in Net Assets Attributable to Holders Changes in Net Assets Attributable to Holders Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the beginning of the beginning of the beginning of the periodperiodperiodperiod 161,584,219 196,943,615
---------- ----------
Allotment of redeemable units 14,975,668 11,263,804
Redemption of redeemable units (17,404,717) (29,025,170)
Net redemptionNet redemptionNet redemptionNet redemption (2,429,049) (17,761,366)
---------- ----------
159,155,170 179,182,249
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 10,340,704 7,693,143
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the end end end end
of the periodof the periodof the periodof the period 169,495,874 186,875,392
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (48,180,712) (82,872,557)
Proceeds from disposal of
investments and derivatives 49,577,393 98,988,766
Dividend received 632,033 522,318
Interest received 636 253
Trustee's fee paid (29,461) (33,199)
Registrar's fee paid (63,260) (79,571)
Tax paid (87,825) (260,124)
Transaction costs paid (262,170) (517,694)
Management fee paid (1,213,430) (1,437,553)
Others (49,423) (94,747)
Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating
activitiesactivitiesactivitiesactivities 323,781 14,215,892
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Receipts on allotment of
redeemable units 15,134,905 11,665,464
Payments on redemption of
redeemable units (17,178,767) (29,106,536)
Net cash outflow from Net cash outflow from Net cash outflow from Net cash outflow from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities (2,043,862) (17,441,072)
---------- ----------
Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash
equivalentsequivalentsequivalentsequivalents (1,720,081) (3,225,180)
Cash and cash equivalents at the
beginning of the period 6,690,029 9,100,277
Exchange gains/(losses) on cash
and cash equivalents 4,817 (86,315)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 4,974,765 5,788,782
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 4,974,765 5,788,782
JPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 93 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Eastern Smaller Companies Fund (the "Fund") was established under a Trust Deed dated 2 December 1991, as amended, and is
governed by the laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in the securities of small to
medium sized companies in the Asia-Pacific region, excluding Japan and Australia except the Manager may, from time to time, invest in Japan
and Australia when appropriate investment opportunities arise.
Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a "Class") whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial Accounting policies of interim financial Accounting policies of interim financial Accounting policies of interim financial statementsstatementsstatementsstatements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) InvestmeInvestmeInvestmeInvestments and derivatives nts and derivatives nts and derivatives nts and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 94 -
(c)(c)(c)(c) Securities borrowing Securities borrowing Securities borrowing Securities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 2 December 1991, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (acc)
Units
Number of units in issue: 1,038,314.777
US$
Net assets attributable to
holders of redeemable
units 169,495,874
Net assets attributable to
holders of redeemable
units (per unit) 163.24
JPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 95 -
30.9.2015
USD Class (acc)
Units
Number of units in issue: 1,054,552.018
US$
Net assets attributable to
holders of redeemable
units 161,584,219
Net assets attributable to
holders of redeemable
units (per unit) 153.23
4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 10,364,055 (935,923)
Realized (losses)/gains on sale of investments and derivatives (453,061) 10,335,402
9,910,994 9,399,479
5555 Soft dollar Soft dollar Soft dollar Soft dollar arrangements/Commission sharing arrangementsarrangements/Commission sharing arrangementsarrangements/Commission sharing arrangementsarrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 96 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
Place ofPlace ofPlace ofPlace of
establishmentestablishmentestablishmentestablishment HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted Listed/Quoted Listed/Quoted Listed/Quoted InvestmentsInvestmentsInvestmentsInvestments (92.2%)
Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes (92.2%)
ChinaChinaChinaChina (4.0%)
JPM China A-Shs Opp (acc)-HKD** Hong Kong 340,000 525,130 1.6
JPMF-JPM Greater China 'A'(acc)-USD* Luxembourg 33,600 820,176 2.4
EuropeEuropeEuropeEurope (11.3%)
JPMF-Europe Dynamic 'A' (dist)-EUR* Luxembourg 96,000 1,926,478 5.8
JPMIF-Europe Strat Div 'A'(acc)-EUR*# Luxembourg 8,658 1,854,159 5.5
GermanyGermanyGermanyGermany (2.4%)
JPMF-Germany Equity 'A'(acc)-EUR*# Luxembourg 30,500 806,693 2.4
InternationalInternationalInternationalInternational (20.8%)
JPMF-Global Corp Bond 'A'(acc)-USD*# Luxembourg 278,816 4,433,175 13.3
JPMIF-Global High Yield'A'(acc)-USD* Luxembourg 17,400 2,506,644 7.5
JapanJapanJapanJapan (14.5%)
JPMIF-Japan Adv Equity'A' (acc)-JPY*# Luxembourg 16,200 1,648,034 4.9
JPMIF-Japan Stra Value 'A'(acc)-JPY*# Luxembourg 34,386 3,211,746 9.6
LuxembourgLuxembourgLuxembourgLuxembourg (10.5%)
JPMF-US Res Enh Ind Eqy'C'(acc)-USD*# Luxembourg 21,300 3,516,843 10.5
United StatesUnited StatesUnited StatesUnited States (28.7%)
iShares Barclays 7-10Yr Tsy Bond Fd United States 25,100 2,769,534 8.3
JPMF-America Equity 'A' (dist)-USD* Luxembourg 10,600 1,479,972 4.4
JPMF-US Aggregate Bd 'A' (acc)-USD* Luxembourg 100,000 1,621,000 4.8
JPMF-US Select Eq Plus 'A'(acc)-USD*# Luxembourg 236,306 3,747,814 11.2
Total Total Total Total Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments 30,867,398 92.2
Other net assetsOther net assetsOther net assetsOther net assets 2,621,290 7.8
Net assets attributable to holders of redeemable units at 31 March 2016Net assets attributable to holders of redeemable units at 31 March 2016Net assets attributable to holders of redeemable units at 31 March 2016Net assets attributable to holders of redeemable units at 31 March 2016 33,488,688 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 26,347,799
* Issued and managed by a Connected Person of the Manager
** Issued and managed by the Manager
# Not authorized in Hong Kong and not available to Hong Kong Residents
JPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 97 -
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the periodFor the periodFor the periodFor the period ended 31 March 2016ended 31 March 2016ended 31 March 2016ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes
United States 28.7 28.1
International 20.8 20.0
Japan 14.5 14.2
Europe 11.3 10.6
Luxembourg 10.5 10.4
China 4.0 4.3
Germany 2.4 2.5
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 92.2 90.1
Other net assetsOther net assetsOther net assetsOther net assets 7.8 9.9
Net assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable units 100.0 100.0
JPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 100 to 101 form part of these financial statements.
- 98 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 2,629,124 917,141
Amounts due from brokers - 2,419,546
Amounts receivable on allotment 110,714 147,113
Investments 30,867,398 28,191,337
Dividend and other accounts
receivable 61 43,084
Total assetsTotal assetsTotal assetsTotal assets 33,607,297 31,718,221
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts payable on redemption 95,868 391,445
Other accounts payable 22,741 36,554
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 118,609 427,999
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 33,488,688 31,290,222
EquityEquityEquityEquity 33,488,688 31,290,222
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 For the period ended 31 For the period ended 31 For the period ended 31 March 2016March 2016March 2016March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 520,263 1,585,299
Dividend income 24,408 26,530
Interest on deposits 3,652 2,294
Net foreign currency exchange
(losses)/gains (18,227) 162
530,096 1,614,285
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 82,659 90,525
Registrar's fee 8,422 9,067
Valuation fee 8,190 8,260
Auditor's fee 7,018 6,284
Trustee's fee 4,960 5,431
Safe custody and bank charges 1,819 1,744
Printing and publication expenses 1,672 2,873
Legal and professional expenses 1,182 140
Transaction costs 132 184
Other operating expenses 3,785 1,266
119,839 125,774
---------- ----------
Profit before taxationProfit before taxationProfit before taxationProfit before taxation 410,257 1,488,511
Taxation (7,322) (7,959)
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 402,935 1,480,552
JPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 100 to 101 form part of these financial statements.
- 99 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to Net assets attributable to Net assets attributable to Net assets attributable to holders holders holders holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 31,290,222 36,145,013
---------- ----------
Allotment of redeemable units 3,627,798 3,200,357
Redemption of redeemable units (1,832,267) (3,384,010)
Net Net Net Net allotment/(redemption)allotment/(redemption)allotment/(redemption)allotment/(redemption) 1,795,531 (183,653)
---------- ----------
33,085,753 35,961,360
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 402,935 1,480,552
Net assets Net assets Net assets Net assets attributable to holders attributable to holders attributable to holders attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 33,488,688 37,441,912
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (2,155,799) (5,580,390)
Proceeds from disposal of
investments and derivatives 2,419,546 4,257,556
Dividend received 67,484 57,112
Interest received 3,600 2,312
Transaction costs paid (132) (284)
Trustee's fee paid (4,911) (5,414)
Tax paid (7,322) (7,959)
Registrar's fee paid (16,965) (18,307)
Management fee paid (81,842) (90,244)
Others (48,014) (29,492)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
operating activitiesoperating activitiesoperating activitiesoperating activities 175,645 (1,415,110)
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Receipts on allotment of
redeemable units 3,664,197 3,211,405
Payments on redemption of
redeemable units (2,127,844) (3,157,186)
Net cash inflow from Net cash inflow from Net cash inflow from Net cash inflow from financing financing financing financing
activitiesactivitiesactivitiesactivities 1,536,353 54,219
---------- ----------
Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and
cash equivalentscash equivalentscash equivalentscash equivalents 1,711,998 (1,360,891)
Cash and cash equivalents at the
beginning of the period 917,141 3,041,254
Exchange (losses)/gains on cash
and cash equivalents (15) 1
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 2,629,124 1,680,364
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 2,629,124 1,680,364
JPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 100 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Evergreen Fund (the "Fund") was established under a Trust Deed dated 19 January 2004, as amended, and is governed by the laws
of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to seek to produce a competitive total return in different market conditions. The Fund seeks to
achieve this through an actively managed portfolio of collective investment schemes managed by the Manager, its connected parties or
external parties.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
(c)(c)(c)(c) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
JPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 101 -
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(d)(d)(d)(d) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 19 January 2004, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016 30.9.2015
Units Units
Number of units in issue 1,848,845.813 1,755,203.578
US$ US$
Net assets attributable to holders of redeemable units 33,488,688 31,290,222
Net assets attributable to holders of redeemable units (per unit) 18.11 17.83
4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 520,262 1,757,275
Realized gains/(losses) on sale of investments and derivatives 1 (171,976)
520,263 1,585,299
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
During the period, the Investment Manager and its associates did not enter into any soft dollar arrangements/commission sharing
arrangements in connection with directing transactions of the Fund through a broker or dealer (31 March 2015: nil).
6666 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 102 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted Listed/Quoted Listed/Quoted Listed/Quoted InvestmentsInvestmentsInvestmentsInvestments (98.7%)
(I) Debt Securities(I) Debt Securities(I) Debt Securities(I) Debt Securities (90.3%)
AustraliaAustraliaAustraliaAustralia (2.4%)
Australian Gov No139
3.25%4/25-RegS AUD8,565,000 7,101,050 0.8
Australian Gov No142
4.25%4/26-RegS AUD10,300,000 9,296,597 1.1
Australian Gov No140
4.5%4/33-RegS AUD2,670,000 2,530,589 0.3
Commonwealth Bk
Aus 0.375%2/21-
RegS EUR607,000 698,648 0.1
Commonwealth Bk
Aus 0.75%11/21-
RegS EUR100,000 117,192 0.0
Queensland No23
4.25%7/23-
RegS/144A AUD1,200,000 1,022,508 0.1
Westpac Banking
0.625% 14/1/22-
RegS EUR100,000 115,993 0.0
AustriaAustriaAustriaAustria (0.4%)
Austria Rep Of 4.15%
15/03/37-RegS EUR790,000 1,429,528 0.2
Austria Rep Of 6.25%
15/07/27 EUR990,000 1,890,132 0.2
BelgiumBelgiumBelgiumBelgium (1.1%)
Anheuser-Busch
0.625% 17/3/20-
RegS EUR531,000 610,336 0.1
Anheuser-Busch 2%
17/03/28-RegS EUR1,400,000 1,666,546 0.2
Belgium Kingdom
No71 3.75%6/45-
RegS EUR185,000 336,421 0.0
Belgium Kingdom of
No31 5.5%28/3/28 EUR1,765,000 3,137,441 0.4
Belgium Kingdom of
No66 4% 28/03/32 EUR1,960,000 3,245,946 0.4
CanadaCanadaCanadaCanada (2.6%)
Canada Govt Of 1.5%
01/03/17 CAD90,000 70,275 0.0
Canada Govt Of 2.75%
01/06/22 CAD6,955,000 6,034,531 0.7
Canada Govt Of 4%
01/06/41 CAD1,715,000 1,858,044 0.2
Canada Govt Of 5%
01/06/37 CAD1,645,000 1,950,760 0.2
Canada Govt Of 5.75%
01/06/29 CAD2,410,000 2,807,366 0.3
Hydro-Quebec No19
6.5% 15/02/35 CAD450,000 522,076 0.1
National Bk Canada
0.5% 01/22-RegS EUR100,000 115,522 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Ontario Prov Of 2.6%
02/06/25 CAD4,550,000 3,667,739 0.5
Ontario Prov Of 4.2%
02/06/20 CAD3,500,000 3,064,033 0.4
Quebec Prov Of5%
01/12/41 CAD1,850,000 1,916,460 0.2
Royal Bank of Canada
0.875% 6/22-RegS EUR150,000 178,096 0.0
Royal Bank of Canada
2.5% 19/01/21 USD120,000 123,091 0.0
DenmarkDenmarkDenmarkDenmark (0.2%)
Danske Bank 2.8%
10/03/21-144A USD1,520,000 1,543,425 0.2
Danske Bank VRN
3.875% 4/10/23-
RegS EUR100,000 123,380 0.0
Denmark Kingdom Of
4.5% 15/11/39 DKK270,000 72,918 0.0
FinlandFinlandFinlandFinland (0.0%)
Finnish Govt Of
0.875% 15/9/25-
RegS EUR300,000 360,032 0.0
FranceFranceFranceFrance (4.4%)
Arkema SA 1.5%
20/01/25-RegS EUR1,000,000 1,156,027 0.1
Autoroutes Sud
Fran4.125% 4/20-
RegS EUR1,100,000 1,496,118 0.2
BPCE SA 2.65%
03/02/21 USD780,000 790,057 0.1
BPCE SA 5.15%
01/04/26-144A USD1,530,000 1,517,821 0.2
Cie de Saint-Gobain
4.5% 30/9/19 EUR400,000 533,274 0.1
France OAT 0.5%
25/05/25 EUR5,260,000 6,113,688 0.7
France OAT 1.75%
25/11/24 EUR5,010,000 6,476,856 0.8
France OAT 3.25%
25/10/21 EUR3,600,000 4,934,010 0.6
France OAT 4%
25/04/55 EUR590,000 1,188,706 0.1
France OAT 4.5%
25/04/41 EUR1,470,000 2,910,133 0.3
France OAT 5.75%
25/10/32 EUR2,278,000 4,579,754 0.5
Holding D'infras
4.875% 10/21-RegS EUR950,000 1,347,491 0.2
Imerys SA 1.875%
31/03/28-RegS EUR1,200,000 1,383,870 0.2
Imerys SA 2.5%
26/11/20-RegS EUR500,000 621,297 0.1
Orange SA NoEMTN
3.375% 16/09/22 EUR1,500,000 2,028,812 0.2
UNEDIC 0.3%
04/11/21-RegS EUR200,000 231,755 0.0
JPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 103 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
GermanyGermanyGermanyGermany (2.2%)
Bundesrep Deut 0.5%
15/02/26-RegS EUR4,651,000 5,480,804 0.7
Bundesrep Deut 1.75%
15/02/24 EUR2,595,000 3,396,726 0.4
Bundesrep Deut 2.5%
04/07/44 EUR110,000 181,235 0.0
Bundesrep Deut No08
4.75% 04/07/40 EUR2,954,000 6,474,105 0.8
CRH Fin Germany
1.75% 16/07/21-
RegS EUR100,000 121,388 0.0
Kredit fuer Wied 2%
02/05/25 USD2,900,000 2,921,702 0.3
Volkswagen Lea
2.625% 15/01/24-
RegS EUR9,000 11,066 0.0
IndonesiaIndonesiaIndonesiaIndonesia (0.1%)
Rep of Indonesia
4.75% 8/1/26-RegS USD800,000 852,513 0.1
InternationalInternationalInternationalInternational (0.9%)
Euro Stability 0.5%
02/03/26-RegS EUR600,000 689,720 0.1
European Inv Bk
2.875% 15/09/20 USD6,900,000 7,329,578 0.8
IrelandIrelandIrelandIreland (1.2%)
Bank Of Ireland 3.25%
15/01/19-RegS EUR110,000 134,571 0.0
CRH Finance 3.125%
03/04/23 EUR800,000 1,072,662 0.1
FCA Capital Ireland
1.25% 9/20-RegS EUR456,000 519,976 0.1
GE Capital Euro 6%
15/01/19 EUR200,000 267,921 0.0
Ireland Treasury 1%
15/05/26-RegS EUR6,309,000 7,394,903 0.9
Ireland Treasury 2.4%
15/05/30-RegS EUR65,000 88,008 0.0
Kerry Group Fin
2.375% 09/25-RegS EUR850,000 1,072,199 0.1
ItalyItalyItalyItaly (5.2%)
Atlantia SpA 5.875%
09/06/24 EUR900,000 1,474,882 0.2
Italy Rep Of (BTP) 2%
01/12/25 EUR6,560,000 8,054,546 0.9
Italy Rep Of (BTP)
3.7% 11/16-RegS JPY15,000,000 138,193 0.0
Italy Rep Of (BTP)
3.75% 01/05/21 EUR3,500,000 4,724,127 0.6
Italy Rep Of (BTP)
3.75% 01/08/21 EUR3,370,000 4,539,143 0.5
Italy Rep Of (BTP)
3.75% 01/09/24 EUR5,225,000 7,256,077 0.8
Italy Rep Of (BTP) 4%
01/02/37 EUR1,765,000 2,669,191 0.3
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Italy Rep Of (BTP)
4.75% 01/08/23 EUR5,235,000 7,685,588 0.9
Italy Rep Of (BTP) 5%
01/08/34 EUR1,355,000 2,282,693 0.3
Italy Rep Of (BTP) 5%
01/09/40 EUR1,780,000 3,075,280 0.4
SNAM SpA 1.5%
24/04/19-RegS EUR100,000 120,246 0.0
SNAM SpA 3.5%
13/02/20-RegS EUR1,800,000 2,309,133 0.3
JapanJapanJapanJapan (15.8%)
JGB No105 (20Yr) 2.1%
20/09/28 JPY974,600,000 10,880,544 1.3
JGB No127 (5Yr) 0.1%
20/03/21 JPY1,500,000,000 13,539,742 1.6
JGB No132 (20Yr) 1.7%
20/12/31 JPY1,000,800,000 10,999,471 1.3
JGB No151 (20Yr) 1.2%
20/12/34 JPY1,106,000,000 11,323,093 1.3
JGB No20 (30Yr) 2.5%
20/09/35 JPY1,223,250,000 15,116,320 1.8
JGB No325 (10Yr)
0.8% 20/09/22 JPY2,484,000,000 23,538,560 2.7
JGB No338 (10Yr)
0.4% 20/03/25 JPY1,648,000,000 15,333,116 1.8
JGB No37 (30Yr) 1.9%
20/09/42 JPY608,100,000 7,243,554 0.8
JGB No4 (40Yr) 2.2%
20/03/51 JPY547,950,000 7,356,328 0.9
JGB No78 (20Yr) 1.9%
20/06/25 JPY1,821,850,000 19,288,506 2.3
Jersey C.I.Jersey C.I.Jersey C.I.Jersey C.I. (0.3%)
Heathrow Funding 6%
20/03/20-RegS GBP200,000 325,886 0.0
Porterbrook Rail Fin
5.5% 20/04/19 GBP500,000 810,705 0.1
UBS Group Fund
4.125% 15/04/26-
144A USD1,430,000 1,425,853 0.2
LuxembourgLuxembourgLuxembourgLuxembourg (0.4%)
Actavis Funding 3.8%
15/03/25 USD2,320,000 2,431,370 0.3
Actavis Funding 4.75%
15/03/45 USD20,000 21,234 0.0
European Fin 2.35%
29/07/44-RegS EUR470,000 693,244 0.1
European Inv 1.75%
12/11/26-RegS SEK1,100,000 138,323 0.0
MexicoMexicoMexicoMexico (0.8%)
Mexican Bds Desarr
10% 05/12/24 MXN626,900 4,806,490 0.6
Petroleos Mexi
6.875% 04/08/26-
RegS USD800,000 873,845 0.1
United Mexican States
1.625% 6/3/24 EUR1,250,000 1,390,475 0.1
JPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 104 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
NetherlandsNetherlandsNetherlandsNetherlands (2.5%)
Airbus Group 2.375%
02/04/24-RegS EUR2,000,000 2,624,578 0.3
BAT Netherlands
4.875% 24/02/21 EUR950,000 1,316,129 0.1
Cooperatieve Rabo
1.25% 3/26-RegS EUR600,000 688,282 0.1
CRH Funding 1.875%
09/01/24-RegS EUR600,000 727,226 0.1
Deutsche Telekom
6.5% 08/04/22 GBP70,000 131,716 0.0
Enel Fin Intl 4.875%
17/04/23-RegS EUR2,525,000 3,827,811 0.4
GAS Natural Fenosa
3.875% 4/22-RegS EUR1,100,000 1,528,576 0.2
ING Bank 2.75%
22/03/21-144A USD1,070,000 1,084,032 0.1
Linde Finance 1.75%
11/06/19 EUR500,000 608,523 0.1
LYB Intl Fin 4.875%
15/03/44 USD850,000 852,764 0.1
Netherlands Govt
2.5% 15/01/33 EUR155,000 227,901 0.0
Netherlands Govt
3.75% 15/01/42 EUR625,000 1,192,761 0.1
Netherlands Govt
5.5% 15/01/28 EUR2,333,000 4,239,629 0.5
Red Electrica 3.875%
25/01/22-RegS EUR1,000,000 1,364,626 0.2
Shell Intl Fin 3.25%
11/05/25 USD1,340,000 1,372,440 0.2
New ZealandNew ZealandNew ZealandNew Zealand (0.0%)
ANZ NZ Intl Ldn
0.625% 01/22-RegS EUR100,000 115,860 0.0
PolandPolandPolandPoland (0.1%)
Poland Govt No0725
3.25% 25/07/25 PLN1,700,000 487,079 0.1
South AfricaSouth AfricaSouth AfricaSouth Africa (0.1%)
Rep Of South Africa
R186 10.5%12/26 ZAR8,650,000 660,361 0.1
SpainSpainSpainSpain (3.7%)
Iberdrola Finanzas
4.125% 23/03/20 EUR3,150,000 4,144,414 0.5
Spain Kingdom Of
2.9% 10/46-RegS-
144A EUR397,000 477,146 0.0
Spain Kingdom Of
2.15% 10/25-RegS EUR5,960,000 7,324,784 0.9
Spain Kingdom Of
4.2% 31/01/37 EUR1,690,000 2,529,242 0.3
Spain Kingdom Of
4.65% 30/07/25 EUR3,175,000 4,778,221 0.6
Spain Kingdom Of
5.15%31/10/44-
RegS EUR134,000 235,422 0.0
Spain Kingdom Of
5.5% 30/04/21 EUR3,130,000 4,649,819 0.5
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Spain Kingdom Of
5.85% 31/01/22 EUR4,690,000 7,001,424 0.8
Telefonica Emis 4.71%
20/01/20-RegS EUR500,000 668,028 0.1
SupranationalSupranationalSupranationalSupranational (0.2%)
European Inv Bk
1.25% 12/05/25-
RegS SEK7,750,000 966,144 0.1
European Union
3.75% 04/04/42 EUR360,000 668,008 0.1
SwedenSwedenSwedenSweden (0.7%)
Skandinaviska Ensk
0.75% 08/21-RegS EUR1,000,000 1,152,550 0.2
Skandinaviska Ensk
VRN 2.5% 28/5/26 EUR1,600,000 1,897,682 0.2
Svenska
Handelsbanken
2.45% 30/3/21 USD1,930,000 1,950,207 0.2
Swedbank AB 2.65%
10/03/21-144A USD660,000 669,121 0.1
Sweden Kingdom Of
No1053 3.5% 03/39 SEK50,000 8,414 0.0
Sweden Kingdom Of
No1057 1.5% 11/23 SEK270,000 36,383 0.0
SwitzerlandSwitzerlandSwitzerlandSwitzerland (0.3%)
Credit Suisse 0.75%
17/09/21-RegS EUR100,000 117,498 0.0
Credit Suisse NY
4.375% 05/08/20 USD1,130,000 1,232,502 0.1
UBS AG London
1.375% 16/04/21-
RegS EUR100,000 122,352 0.0
UBS AG Stamford
2.35% 26/03/20 USD1,500,000 1,521,243 0.2
TurkeyTurkeyTurkeyTurkey (0.2%)
Rep of Turkey 7.375%
05/02/25 USD800,000 970,622 0.1
Turkey Govt Bond 8%
12/03/25 TRY2,100,000 672,339 0.1
United KingdomUnited KingdomUnited KingdomUnited Kingdom (6.8%)
Abbey Natl Tsy 1.875%
17/02/20-RegS GBP400,000 573,776 0.1
Abbey Natl Tsy 3.05%
23/08/18 USD1,100,000 1,134,314 0.1
BAT Intl Fin 3.95%
15/06/25-144A USD500,000 551,645 0.1
CRH Fin UK 4.125%
02/12/29-RegS GBP650,000 1,014,391 0.1
Eversholt Funding
6.359% 02/12/25 GBP650,000 1,198,611 0.1
FCE Bank 1.875%
24/06/21-RegS EUR200,000 238,667 0.0
Hammerson PLC
1.75% 15/03/23-
RegS EUR1,400,000 1,615,974 0.2
JPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 105 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United KingdomUnited KingdomUnited KingdomUnited Kingdom (Continued)
Hammerson PLC 2%
01/07/22-RegS EUR400,000 481,358 0.1
Hammerson PLC 6%
23/02/26 GBP200,000 356,306 0.0
HSBC Hldgs 4.3%
08/03/26 USD370,000 382,919 0.1
InterContinental Hot
3.75%8/25-RegS GBP700,000 1,059,754 0.1
Lloyds Bank 6.5%
24/03/20-RegS EUR100,000 134,327 0.0
Lloyds Bank Group
4.65% 24/03/26 USD1,245,000 1,235,106 0.2
Manchester Airport
4.125% 4/24-RegS GBP500,000 791,243 0.1
Prudential PLC VRN
11.375% 29/05/39 GBP150,000 275,229 0.0
Royal Bk Scotland
5.375% 30/09/19 EUR100,000 135,808 0.0
UK Treasury 1.25%
22/07/18-RegS GBP5,800,000 8,512,686 1.0
UK Treasury 2%
07/09/25-RegS GBP9,465,000 14,334,020 1.7
UK Treasury 3.5%
22/07/68-RegS GBP1,540,000 3,178,571 0.4
UK Treasury 3.75%
22/07/52-RegS GBP955,000 1,919,627 0.2
UK Treasury 4.75%
07/12/30 GBP4,542,000 9,056,299 1.1
UK Treasury 4.75%
07/12/38 GBP4,600,000 9,706,161 1.1
United StatesUnited StatesUnited StatesUnited States (37.7%)
21st Century Fox Amer
4.95%15/10/45 USD5,000 5,458 0.0
Abbvie Inc 3.6%
14/05/25 USD1,025,000 1,090,754 0.1
Actavis Inc 3.25%
01/10/22 USD290,000 294,336 0.0
Altria Group 5.375%
31/01/44 USD665,000 822,220 0.1
American Express
3.625% 05/12/24 USD500,000 511,851 0.1
American Honda Fin
1.7% 22/02/19 USD940,000 949,508 0.1
American Int Group
4.5% 16/07/44 USD40,000 38,353 0.0
American Intl Group
3.75% 10/07/25 USD755,000 768,478 0.1
American Intl Group
4.8% 10/07/45 USD865,000 869,951 0.1
American Intl Group
4.875% 01/06/22 USD250,000 279,350 0.0
American Tower 4%
01/06/25 USD5,000 5,238 0.0
American Tower 4.4%
15/02/26 USD2,275,000 2,438,749 0.3
Anheuser-Busch
2.65% 01/02/21 USD60,000 61,886 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Anheuser-Busch
3.65% 01/02/26 USD2,120,000 2,236,585 0.3
Anheuser-Busch 4.9%
01/02/46 USD1,160,000 1,296,091 0.2
Anthem Inc 5.1%
15/01/44 USD165,000 175,653 0.0
Apple Inc 3.45%
09/02/45 USD395,000 361,018 0.0
Apple Inc 4.375%
13/05/45 USD260,000 277,972 0.0
Apple Inc 4.65%
23/02/46 USD625,000 686,636 0.1
AT&T Inc 3.4%
15/05/25 USD345,000 351,148 0.0
AT&T Inc 3.6%
17/02/23 USD290,000 304,787 0.0
AT&T Inc 4.8%
15/06/44 USD345,000 343,477 0.0
AT&T Inc 5.15%
15/03/42 USD375,000 380,719 0.0
AT&T Inc 5.65%
15/02/47 USD1,565,000 1,747,194 0.2
AT&T Inc 6.55%
15/02/39 USD60,000 71,529 0.0
Bank of America
2.625% 19/10/20 USD1,270,000 1,288,396 0.2
Bank of America
3.875% 01/08/25 USD1,475,000 1,539,691 0.2
Bank of America
4.25% 22/10/26 USD710,000 736,894 0.1
Bank of America
4.45% 03/03/26 USD945,000 985,894 0.1
Bank of America
6.125%15/09/21-
RegS GBP200,000 341,180 0.0
Bank of New York
2.5% 15/04/21 USD630,000 645,817 0.1
Berkshire Hathaway
2.75% 15/03/23 USD515,000 527,668 0.1
Berkshire Hathaway
3.125% 15/03/26 USD1,765,000 1,823,555 0.2
Biogen Inc 2.9%
15/09/20 USD295,000 304,254 0.0
Biogen Inc 5.2%
15/09/45 USD255,000 283,666 0.0
Branch Banking&Trust
3.8% 30/10/26 USD500,000 539,150 0.1
Burlington North SF
4.55% 01/09/44 USD1,225,000 1,348,681 0.2
Burlington North SF
5.75% 01/05/40 USD40,000 50,363 0.0
Capital One Fin 4.2%
29/10/25 USD55,000 56,967 0.0
Celgene Corp 5%
15/08/45 USD1,335,000 1,461,862 0.2
Chevron Corp 3.191%
24/06/23 USD750,000 776,330 0.1
Chubb INA Hldgs
2.875% 03/11/22 USD210,000 219,649 0.0
JPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 106 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Chubb INA Hldgs
4.35% 03/11/45 USD10,000 10,986 0.0
Cisco Systems 2.2%
28/02/21 USD435,000 446,030 0.1
Citigroup Inc 2.65%
26/10/20 USD2,095,000 2,140,070 0.3
Citigroup Inc 2.7%
30/03/21 USD1,545,000 1,558,472 0.2
Citigroup Inc 3.7%
12/01/26 USD440,000 457,790 0.1
Citigroup Inc 4.3%
20/11/26 USD275,000 280,337 0.0
Citigroup Inc 4.6%
09/03/26 USD870,000 895,490 0.1
Citigroup Inc 7.375%
04/09/19 EUR200,000 290,794 0.0
Comcast Corp 3.15%
01/03/26 USD1,115,000 1,166,605 0.1
Comcast Corp 4.6%
15/08/45 USD860,000 964,538 0.1
Commonwealth Edison
4.35% 15/11/45 USD10,000 10,960 0.0
Consolidated Edison
4.5% 01/12/45 USD170,000 187,844 0.0
Consolidated Edison
4.625% 01/12/54 USD150,000 164,752 0.0
Crown Castle Intl
4.45% 15/02/26 USD400,000 420,058 0.1
CVS Health 3.875%
20/07/25 USD345,000 377,144 0.0
CVS Health 5.125%
20/07/45 USD145,000 170,049 0.0
CVS Health 6.125%
15/09/39 USD40,000 50,693 0.0
Dominion Gas Hldgs
4.6% 15/12/44 USD20,000 19,929 0.0
Dominion Resources
4.7% 01/12/44 USD490,000 499,209 0.1
Duke Energy 3.75%
15/04/24 USD525,000 557,102 0.1
Duke Energy Carolin
3.875% 15/03/46 USD410,000 416,704 0.1
Enterprise Products
4.9% 15/05/46 USD30,000 29,571 0.0
Express Scripts 4.5%
25/02/26 USD410,000 429,567 0.1
Exxon Mobil 3.043%
01/03/26 USD615,000 631,858 0.1
Exxon Mobil 4.114%
01/03/46 USD325,000 346,676 0.0
Fedex Corp 4.55%
01/04/46 USD285,000 293,835 0.0
Ford Motor Credit
2.943% 08/01/19 USD1,400,000 1,435,430 0.2
Ford Motor Credit
3.336% 18/03/21 USD635,000 656,690 0.1
Ford Motor Credit
4.134% 04/08/25 USD1,920,000 2,016,289 0.2
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
General Electric Co
4.375% 16/09/20 USD60,000 66,555 0.0
General Electric Co
4.5% 11/03/44 USD450,000 505,519 0.1
General Motors 6.25%
02/10/43 USD50,000 54,813 0.0
General Motors Fin
4.25% 15/05/23 USD460,000 471,161 0.1
General Motors Fin
5.25% 01/03/26 USD645,000 680,299 0.1
Gilead Sciences 4.5%
01/02/45 USD15,000 16,028 0.0
Gilead Sciences 4.75%
01/03/46 USD185,000 203,079 0.0
Goldman Sachs Group
6.75% 01/10/37 USD130,000 159,365 0.0
Goldman Sachs Group
2.375% 22/01/18 USD90,000 91,602 0.0
Goldman Sachs Group
2.75% 15/09/20 USD10,000 10,173 0.0
Goldman Sachs Group
3.5% 23/01/25 USD40,000 40,592 0.0
Goldman Sachs Group
3.75% 22/05/25 USD885,000 922,021 0.1
Goldman Sachs Group
3.75% 25/02/26 USD1,260,000 1,302,732 0.2
Goldman Sachs Group
4.25% 21/10/25 USD490,000 508,623 0.1
Goldman Sachs Group
5.15% 22/05/45 USD5,000 5,220 0.0
Goldman Sachs Group
2% 27/07/23-RegS EUR1,800,000 2,147,815 0.3
Harris Corp 5.054%
27/04/45 USD920,000 1,002,892 0.1
Home Depot 2%
01/04/21 USD445,000 452,208 0.1
Home Depot 3%
01/04/26 USD185,000 195,025 0.0
Home Depot 4.25%
01/04/46 USD5,000 5,615 0.0
Honeywell Int 1.3%
22/02/23 EUR2,600,000 3,029,906 0.4
HSBC USA 2.75%
07/08/20 USD850,000 857,277 0.1
Huntington Bancshare
3.15% 14/03/21 USD1,070,000 1,089,950 0.1
Intel Corp 4.9%
29/07/45 USD15,000 17,041 0.0
Intl Bk Rec & Dev 2.5%
29/07/25 USD510,000 532,937 0.1
John Deere Capital
2.45% 11/09/20 USD15,000 15,355 0.0
John Deere Capital
2.55% 08/01/21 USD80,000 82,136 0.0
John Deere Capital
2.8% 06/03/23 USD1,300,000 1,331,327 0.2
Kimco Realty 3.125%
01/06/23 USD25,000 24,974 0.0
Kimco Realty 3.4%
01/11/22 USD10,000 10,373 0.0
JPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 107 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Kohl's Corp 5.55%
17/07/45 USD10,000 9,143 0.0
Kraft Heinz Foods 2%
06/23-RegS EUR1,100,000 1,328,624 0.2
Lockheed Martin 4.7%
15/05/46 USD885,000 996,812 0.1
Lowe's Co 3.375%
15/09/25 USD15,000 15,887 0.0
Mcdonald's Corp 3.7%
30/01/26 USD25,000 26,853 0.0
McKesson Corp 2.85%
15/03/23 USD500,000 495,373 0.1
Medtronic Inc 4.625%
15/03/45 USD310,000 349,731 0.0
Metlife Inc 4.125%
13/08/42 USD400,000 386,266 0.0
Metropolitan Life
0.875% 1/22-RegS EUR100,000 113,006 0.0
Microsoft Corp 3.75%
12/02/45 USD20,000 19,910 0.0
Microsoft Corp 4.45%
03/11/45 USD345,000 389,439 0.0
Mississippi Power
No12-A 4.25% 3/42 USD13,000 10,038 0.0
Morgan Stanley
3.875% 27/01/26 USD1,585,000 1,671,884 0.2
Morgan Stanley
3.875% 29/04/24 USD305,000 326,164 0.0
Morgan Stanley 4.3%
27/01/45 USD35,000 35,887 0.0
Morgan Stanley 4.35%
08/09/26 USD860,000 879,049 0.1
Natl Rural Utilties
2.7% 15/02/23 USD620,000 632,508 0.1
Natl Rural Utilties
3.25% 01/11/25 USD20,000 21,240 0.0
Newell Rubberm 5.5%
01/04/46 USD15,000 16,319 0.0
Nisource Finance
5.65% 01/02/45 USD465,000 562,931 0.1
Oracle Corp 6.125%
08/07/39 USD120,000 155,189 0.0
Oracle Corp 2.95%
15/05/25 USD195,000 202,296 0.0
Oracle Corp 4.125%
15/05/45 USD825,000 857,677 0.1
Pacific Gas & Electric
4.75%15/2/44 USD160,000 183,090 0.0
Pepsico Inc 4.45%
14/04/46 USD620,000 708,887 0.1
Philip Morris Intl
4.875% 15/11/43 USD340,000 399,569 0.0
Phillips 66 4.875%
15/11/44 USD20,000 20,703 0.0
Prudential Fin 5.8%
16/11/41 USD30,000 34,289 0.0
Qualcomm Inc 4.8%
20/05/45 USD244,000 244,634 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Reynolds American
4.45% 12/06/25 USD150,000 167,332 0.0
Reynolds American
5.7% 15/08/35 USD5,000 5,923 0.0
Reynolds American
5.85% 12/08/45 USD675,000 832,597 0.1
Roche Hldgs 2.625%
15/05/26-144A USD665,000 661,464 0.1
Simon Property Group
3.3% 15/01/26 USD765,000 800,245 0.1
Sunoco Logistics
5.35% 15/05/45 USD240,000 205,445 0.0
Synchrony Financial
4.25% 15/08/24 USD500,000 513,799 0.1
Sysco Corp 3.3%
15/07/26 USD675,000 685,955 0.1
Time Warner 3.6%
15/07/25 USD40,000 41,706 0.0
Trans-Allegheny
3.85% 01/06/25-
144A USD1,100,000 1,148,861 0.1
Unitedhealth Group
3.1% 15/03/26 USD1,015,000 1,045,984 0.1
Unitedhealth Group
3.75% 15/07/25 USD45,000 49,153 0.0
Unitedhealth Group
4.75% 15/07/45 USD10,000 11,571 0.0
US Treasury 0.75%
15/04/18 USD15,320,000 15,372,456 1.8
US Treasury 0.75%
28/02/18 USD18,000,000 18,019,474 2.1
US Treasury 1%
31/12/17 USD5,300,000 5,338,446 0.6
US Treasury 1.125%
28/02/21 USD27,800,000 27,740,320 3.3
US Treasury 1.25%
30/11/18 USD19,375,000 19,678,144 2.3
US Treasury 1.75%
15/05/22 USD17,885,000 18,312,456 2.1
US Treasury 1.75%
31/12/20 USD25,280,000 26,033,689 3.1
US Treasury 2.125%
15/05/25 USD14,190,000 14,767,711 1.7
US Treasury 2.25%
15/11/25 USD13,215,000 13,885,235 1.6
US Treasury 2.5%
15/05/24 USD14,050,000 15,093,123 1.8
US Treasury 2.875%
15/08/45 USD5,370,000 5,678,148 0.7
US Treasury 3%
15/11/45 USD4,190,000 4,579,730 0.5
US Treasury 3.125%
15/02/42 USD10,414,000 11,641,346 1.4
US Treasury 4.5%
15/02/36 USD10,868,000 14,996,814 1.8
US Treasury 4.625%
15/02/40 USD8,038,000 11,258,420 1.3
US Treasury 5.375%
15/02/31 USD8,510,000 12,278,298 1.4
JPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 108 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Verizon Commun
6.9%15/04/38 USD670,000 868,071 0.1
Verizon Commun
3.85% 01/11/42 USD176,000 161,702 0.0
Verizon Commun
4.5% 15/09/20 USD785,000 869,690 0.1
Verizon Commun
4.862% 21/08/46 USD2,039,000 2,168,981 0.3
Visa Inc 2.8% 14/12/22 USD550,000 578,358 0.1
Visa Inc 4.3%
14/12/45 USD620,000 684,325 0.1
Walgreens Boots
Alliance 3.8% 11/24 USD20,000 20,939 0.0
Wal-Mart Stores 6.2%
15/04/38 USD60,000 82,831 0.0
Wells Fargo & Co 4.3%
22/07/27 USD1,500,000 1,598,942 0.2
Wells Fargo & Co
5.375% 02/11/43 USD170,000 196,611 0.0
770,746,566 90.3
--------- ----
(II) Collective Investment Schemes(II) Collective Investment Schemes(II) Collective Investment Schemes(II) Collective Investment Schemes (8.0%)
EuropeEuropeEuropeEurope (3.9%)
JPMF-Europe High
Yield 'X' (acc)-EUR*# 265,345 33,388,147 3.9
InternationalInternationalInternationalInternational (4.1%)
JPMIF-Global High
Yield'X'(acc)-USD* 220,253 29,104,270 3.4
JPMLIQ-USD Liquidity
'X' (acc) *# 380 5,417,957 0.7
67,910,374 8.0
--------- ----
(III) Derivatives(III) Derivatives(III) Derivatives(III) Derivatives (0.4%)
Forward foreign exchangeForward foreign exchangeForward foreign exchangeForward foreign exchange
contracts contracts contracts contracts (0.4%) 3,517,622 0.4
FuturesFuturesFuturesFutures (-0.0%)
Euro BUXL 30Yr Bd
(EUX) Fut 06/16 (2) (10,324) (0.0)
Euro-BOBL (EUX) Fut
06/16 (99) 26,324 0.0
Euro-Bund (EUX) Fut
06/16 (94) (103,015) (0.0)
Euro-Schatz (EUX) Fut
06/16 (65) 7,128 0.0
Long Gilt (LIF) Fut
06/15 (25) 14,804 0.0
US 10Yr Note (CBT)
Fut 06/16 (342) (204,687) (0.0)
US 2Yr Note (CBT) Fut
06/16 (26) (21,125) (0.0)
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
US 5Yr Note (CBT) Fut
06/16 (120) (124,953) (0.0)
US Ultra Bond (CBT)
Fut 06/16 (96) (108,563) (0.0)
2,993,211 0.4
--------- ----
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 841,650,151 98.7
Other net assetsOther net assetsOther net assetsOther net assets 11,073,580 1.3
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 852,723,731 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 813,370,263
* Issued and managed by a Connected Person of the Manager # Not authorized in Hong Kong and not available to Hong Kong residents
JPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 109 -
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/QuotedListed/QuotedListed/QuotedListed/Quoted InvestmentsInvestmentsInvestmentsInvestments
Debt SecuritiesDebt SecuritiesDebt SecuritiesDebt Securities
United States 37.7 24.4
Japan 15.8 14.8
United Kingdom 6.8 6.0
Italy 5.2 6.8
France 4.4 3.4
Spain 3.7 3.4
Canada 2.6 2.7
Netherlands 2.5 2.4
Australia 2.4 3.7
Germany 2.2 4.7
Ireland 1.2 0.1
Belgium 1.1 0.6
International 0.9 1.6
Mexico 0.8 1.2
Sweden 0.7 0.8
Austria 0.4 0.5
Luxembourg 0.4 0.5
Switzerland 0.3 1.1
Jersey C.I. 0.3 1.7
Denmark 0.2 0.9
Turkey 0.2 -
Supranational 0.2 0.1
Indonesia 0.1 -
South Africa 0.1 0.5
Poland 0.1 -
Finland 0.0 -
New Zealand 0.0 0.5
Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes
International 4.1 12.1
Europe 3.9 2.9
DerivativesDerivativesDerivativesDerivatives
Forward foreign exchange contracts 0.4 0.0
Futures (0.0) (0.1)
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 98.7 97.3
Other net assetsOther net assetsOther net assetsOther net assets 1.3 2.7
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 112 to 117 form part of these financial statements.
- 110 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 38,632,787 2,316,340
Amounts due from brokers 4,046,086 15,615
Amounts receivable on allotment 40,144,207 193,239
Margin deposits 1,902,743 75,970
Derivatives 10,708,165 74,034
Investments 838,656,940 19,987,070
Interest and other accounts
receivable 29,239 328
Total assetsTotal assetsTotal assetsTotal assets 934,120,167 22,662,596
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 56,647,343 1,713,291
Amounts payable on redemption 13,242,598 23,676
Distribution payable [Note 5] 2,893,524 257,665
Derivatives 7,714,954 101,477
Other accounts payable 898,017 44,096
Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units)redeemable units)redeemable units)redeemable units) 81,396,436 2,140,205
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 852,723,731 20,522,391
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains/(losses) on investments
and derivatives [Note 4] 26,753,590 (310,910)
Interest on deposits 5,048 383
Net foreign currency exchange
losses (870,471) (80,532)
Other income 376 -
25,888,543 (391,059)
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 800,316 88,157
Registrar's fee 77,378 12,394
Safe custody and bank charges 40,382 2,519
Trustee's fee 17,844 1,587
Transaction costs 12,699 1,394
Auditor's fee 6,950 5,784
Printing and publication expenses 2,667 1,702
Legal and professional expenses 949 68
Other operating expenses 2,570 1,534
961,755 115,139
---------- ----------
Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss) 24,926,788 (506,198)
---------- ----------
Finance costsFinance costsFinance costsFinance costs
Distribution [Note 5] (5,172,508) (62,590)
Interest paid (3,744) (19)
(5,176,252) (62,609)
---------- ----------
Profit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxation 19,750,536 (568,807)
Taxation (13,155) (5,143)
Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net
assets attributable to holdersassets attributable to holders assets attributable to holdersassets attributable to holders
of redeemable units and of redeemable units and of redeemable units and of redeemable units and
total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income 19,737,381 (573,950)
JPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 112 to 117 form part of these financial statements.
- 111 -
Statement of Changes in Net Assets Statement of Changes in Net Assets Statement of Changes in Net Assets Statement of Changes in Net Assets Attributable to Holders Attributable to Holders Attributable to Holders Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 20,522,391 19,452,343
---------- ----------
Allotment of redeemable units 916,367,273 1,894,535
Redemption of redeemable units (103,903,314) (4,825,968)
Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption) 812,463,959 (2,931,433)
---------- ----------
832,986,350 16,520,910
Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 19,737,381 (573,950)
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the end end end end
of the periodof the periodof the periodof the period 852,723,731 15,946,960
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (843,469,131) (12,906,895)
Proceeds from disposal of
investments and derivatives 99,435,778 15,069,192
Tax received/(paid) 31,275 (4,408)
Interest received 3,954 383
Trustee's fee paid (7,622) (1,638)
Transaction costs paid (11,044) (4,718)
Registrar's fee paid (19,796) (20,098)
Management fee paid (339,617) (90,991)
Increase in margin deposits (1,826,773) -
Others (811,613) 35,412
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (747,014,589) 2,076,239
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (3,744) (19)
Receipts on allotment of
redeemable units 876,416,305 2,324,978
Payments on redemption of
redeemable units (90,684,392) (4,875,026)
Distribution paid (2,536,649) (74,103)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities 783,191,520 (2,624,170)
---------- ----------
Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and
cash equivalentscash equivalentscash equivalentscash equivalents 36,176,931 (547,931)
Cash and cash equivalents at the
beginning of the period 2,316,340 1,845,506
Exchange gains/(losses) on cash
and cash equivalents 139,516 (124,143)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 38,632,787 1,173,432
Analysis of balances of cash Analysis of balances of cash Analysis of balances of cash Analysis of balances of cash and cash equivalents:and cash equivalents:and cash equivalents:and cash equivalents:
Cash at banks 38,632,787 1,173,432
JPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBAL BOND FUNDAL BOND FUNDAL BOND FUNDAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 112 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Global Bond Fund (the "Fund") was established under a Trust Deed dated 30 April 1979, as amended, and is governed by the laws of
Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
Prior to 13 May 2015, the investment objective of the Fund was to provide a stable income primarily from a portfolio of international interest
bearing securities together with long-term capital appreciation through diversification of exposure to the major international currencies.
With effect from 13 May 2015, the name of the Fund was changed from JPMorgan Global Bond and Currency Fund to JPMorgan Global Bond
Fund and the investment objective of the Fund was changed to achieve a return in excess of global bond markets by investing primarily in
global investment grade debt securities.
Pursuant to the Supplemental Trust Deed dated 14 January 2013, the Manager may decide to issue separate classes (each a "Class") whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivativesInvestments and derivativesInvestments and derivativesInvestments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
JPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBAL BOND FUNDAL BOND FUNDAL BOND FUNDAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 113 -
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
(c)(c)(c)(c) Securities borrowing Securities borrowing Securities borrowing Securities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 30 April 1979, as amended, which may be different from the accounting policies stated in the financial
statements.
Units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial liability in the
Statement of Financial Position which represents the net assets attributable to holders of redeemable units (or "net asset value" or "net
assets" or "NAV") and is carried at the redemption amount that would be payable at the Statement of Financial Position date if the
holders of redeemable units exercised the right to redeem units of the Fund.
3333 Number of units in issue and net assets attributable Number of units in issue and net assets attributable Number of units in issue and net assets attributable Number of units in issue and net assets attributable to holders of redeemable units (per unit)to holders of redeemable units (per unit)to holders of redeemable units (per unit)to holders of redeemable units (per unit)
31.3.2016
AUD Hedged Class
(mth)
CAD Hedged Class
(mth) HKD Class (mth)
NZD Hedged Class
(mth)
RMB Hedged Class
(acc)
Units Units Units Units Units
Number of units in issue: 12,488,881.505 4,373,107.803 155,867,386.811 2,793,357.394 335,836.773
A$ C$ HK$ NZ$ CNY
Net assets attributable to
holders of redeemable
units 125,537,654 43,987,791 1,571,362,047 28,132,166 3,577,308
Net assets attributable to
holders of redeemable
units (per unit) 10.05 10.06 10.08 10.07 10.65
JPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBAL BOND FUNDAL BOND FUNDAL BOND FUNDAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 114 -
RMB Hedged Class
(mth) USD Class (mth) USD Class (san)
Units Units Units
Number of units in issue: 99,891,025.928 32,314,355.989 845,664.941
CNY US$ US$
Net assets attributable to
holders of redeemable
units 999,301,820 325,470,876 19,262,636
Net assets attributable to
holders of redeemable
units (per unit) 10.00 10.07 22.78
30.9.2015
AUD Hedged Class
(mth)
CAD Hedged Class
(mth) HKD Class (mth)
NZD Hedged Class
(mth)
RMB Hedged Class
(acc)
Units Units Units Units Units
Number of units in issue: 117,251.818 27,640.263 281,620.476 101,096.813 162,313.940
A$ C$ HK$ NZ$ CNY
Net assets attributable to
holders of redeemable
units
1,158,256
273,251
2,786,871
1,000,610
1,636,646
Net assets attributable to
holders of redeemable
units (per unit)
9.88
9.89
9.90
9.90
10.08
RMB Hedged Class
(mth) USD Class (mth) USD Class (san)
Units Units Units
Number of units in issue: 545,093.056 170,741.278 702,259.261
CNY US$ US$
Net assets attributable to
holders of redeemable
units
5,377,548
1,688,965
15,714,594
Net assets attributable to
holders of redeemable
units (per unit)
9.87
9.89
22.38
JPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBAL BOND FUNDAL BOND FUNDAL BOND FUNDAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 115 -
4444 Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 28,751,489 (162,333)
Realized losses on sale of investments and derivatives (1,997,899) (148,577)
26,753,590 (310,910)
5555 Distribution Distribution Distribution Distribution
It is the intention of the manager of the Fund to have at least 85% of the income attributable to the distribution class(es) respectively in
respect of each accounting period, after charging the expenses attributable to these distribution class(es) respectively, to be distributed to
unitholders of these distribution class(es) respectively.
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Net operating profit/(loss) 24,926,788 (506,198)
Adjustments:
Net (gains)/losses on investments and derivatives (26,753,590) 310,910
Net foreign currency exchange losses 870,471 80,532
Interest income included in net gains/losses on investments and derivatives (at coupon rate) 1,946,556 183,116
Transaction costs 12,699 1,394
Interest paid (3,744) (19)
Taxation (13,155) (5,143)
Amount available for distribution 985,025 64,592
Interim distribution of
A$0.0418 per unit on 158,069.404 units of AUD Hedged Class (mth) ex on
30 October 2015 and pay on 9 November 2015 (4,714)
C$0.0271 per unit on 29,235.936 units of CAD Hedged Class (mth) ex on
30 October 2015 and pay on 9 November 2015 (606)
HK$0.0250 per unit on 479,064.241 units of HKD Class (mth) ex on
30 October 2015 and pay on 9 November 2015 (1,545)
NZ$0.0482 per unit on 127,536.087 units of NZD Hedged Class (mth) ex on
30 October 2015 and pay on 9 November 2015 (4,159)
CNY0.0574 per unit on 1,633,196.101 units of RMB Hedged Class (mth) ex on
30 October 2015 and pay on 9 November 2015 (14,827)
US$0.025 per unit on 154,287.097 units of USD Class (mth) ex on
30 October 2015 and pay on 9 November 2015 (3,857)
A$0.0415 per unit on 201,429.914 units of AUD Hedged Class (mth) ex on
30 November 2015 and pay on 8 December 2015 (6,057)
C$0.0271 per unit on 31,002.790 units of CAD Hedged Class (mth) ex on
30 November 2015 and pay on 8 December 2015 (631)
HK$0.0250 per unit on 551,151.034 units of HKD Class (mth) ex on
30 November 2015 and pay on 8 December 2015 (1,777)
NZ$0.0476 per unit on 193,927.291 units of NZD Hedged Class (mth) ex on
30 November 2015 and pay on 8 December 2015 (6,083)
CNY0.0532 per unit on 3,254,404.881 units of RMB Hedged Class (mth) ex on
30 November 2015 and pay on 8 December 2015 (26,945)
US$0.0250 per unit on 130,024.509 units of USD Class (mth) ex on
30 November 2015 and pay on 8 December 2015 (3,251)
A$0.0411 per unit on 226,298.534 units of AUD Hedged Class (mth) ex on
31 December 2015 and pay on 11 January 2016 (6,767)
C$0.0251 per unit on 44,135.281 units of CAD Hedged Class (mth) ex on
31 December 2015 and pay on 11 January 2016 (797)
JPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBAL BOND FUNDAL BOND FUNDAL BOND FUNDAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 116 -
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
HK$0.0250 per unit on 1,122,085.452 units of HKD Class (mth) ex on
31 December 2015 and pay on 11 January 2016 (3,620)
NZ$0.0460 per unit on 207,034.626 units of NZD Hedged Class (mth) ex on
31 December 2015 and pay on 11 January 2016 (6,520)
CNY0.0659 per unit on 3,837,630.964 units of RMB Hedged Class (mth) ex on
31 December 2015 and pay on 11 January 2016 (38,499)
US$0.0250 per unit on 240,816.329 units of USD Class (mth) ex on
31 December 2015 and pay on 11 January 2016 (6,020)
A$0.0402 per unit on 3,365,384.423 units of AUD Hedged Class (mth) ex on
29 January 2016 and pay on 11 February 2016 (95,696)
C$0.0244 per unit on 1,179,263.719 units of CAD Hedged Class (mth) ex on
29 January 2016 and pay on 11 February 2016 (20,447)
HK$0.0250 per unit on 37,551,311.835 units of HKD Class (mth) ex on
29 January 2016 and pay on 11 February 2016 (120,622)
NZ$0.0443 per unit on 1,254,782.419 units of NZD Hedged Class (mth) ex on
29 January 2016 and pay on 11 February 2016 (35,965)
CNY0.0932 per unit on 17,246,820.704 units of RMB Hedged Class (mth) ex on
29 January 2016 and pay on 11 February 2016 (243,721)
US$0.0250 per unit on 7,543,603.152 units of USD Class (mth) ex on
29 January 2016 and pay on 11 February 2016 (188,590)
A$0.0393 per unit on 7,922,017.586 units of AUD Hedged Class (mth) ex on
29 February 2016 and pay on 8 March 2016 (222,371)
C$0.0250 per unit on 2,708,511.668 units of CAD Hedged Class (mth) ex on
29 February 2016 and pay on 8 March 2016 (49,987)
HK$0.0250 per unit on 95,788,997.945 units of HKD Class (mth) ex on
29 February 2016 and pay on 8 March 2016 (307,958)
NZ$0.0434 per unit on 2,410,060.959 units of NZD Hedged Class (mth) ex on
29 February 2016 and pay on 8 March 2016 (68,966)
CNY0.0693 per unit on 35,707,335.109 units of RMB Hedged Class (mth) ex on
29 February 2016 and pay on 8 March 2016 (377,686)
US$0.0250 per unit on 16,412,016.284 units of USD Class (mth) ex on
29 February 2016 and pay on 8 March 2016 (410,300)
A$0.0397 per unit on 12,434,232.695 units of AUD Hedged Class (mth) ex on
31 March 2016 and pay on 11 April 2016 (379,732)
C$0.0250 per unit on 4,248,271.397 units of CAD Hedged Class (mth) ex on
31 March 2016 and pay on 11 April 2016 (82,111)
HK$0.0250 per unit on 154,913,884.437 units of HKD Class (mth) ex on
31 March 2016 and pay on 11 April 2016 (499,300)
NZ$0.0434 per unit on 2,809,225.324 units of NZD Hedged Class (mth) ex on
31 March 2016 and pay on 11 April 2016 (84,649)
CNY0.0496 per unit on 98,159,783.879 units of RMB Hedged Class (mth) ex on
31 March 2016 and pay on 11 April 2016 (753,918)
US$0.0250 per unit on 31,973,361.864 units of USD Class (mth) ex on
31 March 2016 and pay on 11 April 2016 (799,334)
US$0.3481 per unit on 845,963.001 units of USD Class (san) ex on
31 March 2016 and pay on 11 April 2016 (294,480)
(US$0.0902 per unit on 693,898.778 units of USD Class (san) ex on
31 March 2015 and pay on 13 April 2015) (62,590)
Total distribution to holders of redeemable units (5,172,508) (62,590)
In the event that the amount available for distribution is insufficient to pay distributions as the Fund declares, the Manager may in its
discretion determine that such distributions be paid from capital.
JPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBAL BOND FUNDAL BOND FUNDAL BOND FUNDAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 117 -
6666 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
JPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 118 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (100.0%)
(I) Equities(I) Equities(I) Equities(I) Equities (101.0%)
AustraliaAustraliaAustraliaAustralia (8.1%)
Dexus Property Group Stapled
Sec 35,737 218,276 0.9
Goodman Group Stapled Sec 56,607 290,445 1.2
Mirvac Group Stapled Sec 282,077 419,871 1.8
Scentre Group Stapled Secs 150,865 515,275 2.2
Westfield Corp Stapled Sec 62,682 481,699 2.0
BelgiumBelgiumBelgiumBelgium (0.3%)
Warehouses De Pauw 888 84,546 0.3
CanadaCanadaCanadaCanada (2.8%)
Allied Properties REIT 10,879 294,127 1.2
Canadian Apartment
Properties REIT 10,600 236,676 1.0
RioCan Real Estate Inv Trust 6,316 129,890 0.6
FranceFranceFranceFrance (1.6%)
Klepierre 8,075 387,399 1.6
GermanyGermanyGermanyGermany (2.1%)
Alstria Office REIT 18,876 272,749 1.2
Deutsche Wohnen (Br) 7,103 221,215 0.9
Hong KongHong KongHong KongHong Kong (1.6%)
Hongkong Land Hldgs (CDP) 34,900 209,051 0.9
Link REIT 20,000 118,609 0.5
New World Development 43,000 40,968 0.2
JapanJapanJapanJapan (5.0%)
GLP J-REIT 129 147,255 0.6
Japan Logistics Fd 38 79,486 0.3
Japan Real Estate Inv 34 196,628 0.8
Japan Retail Fund Investment 69 165,877 0.7
Nippon Prologis REIT 75 168,090 0.7
Nippon Prologis REIT-RegS 78 174,814 0.8
ORIX JREIT 158 245,305 1.1
NetherlandsNetherlandsNetherlandsNetherlands (5.9%)
Eurocommercial Properties
CVA 2,262 106,019 0.4
Unibail-Rodamco SE-NL List 3,306 910,945 3.9
Vastned Retail 8,572 384,233 1.6
SingaporeSingaporeSingaporeSingapore (0.4%)
Ascendas Real Estate Inv Trust 37,814 67,114 0.3
CapitaLand Commercial Trust 16,900 18,449 0.1
United KingdomUnited KingdomUnited KingdomUnited Kingdom (4.4%)
British Land 54,809 551,833 2.4
Safestore Hldgs 59,974 289,376 1.2
Segro plc 32,618 192,356 0.8
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (68.8%)
American Campus
Communities 2,596 122,246 0.5
Apartment Inv & Mgmt 'A' REIT 16,723 699,356 3.0
Avalonbay Communities 6,841 1,301,157 5.5
Boston Properties REIT 6,370 809,499 3.4
Brandywine Realty Trust 7,700 108,031 0.5
Camden Property Trust 3,158 265,556 1.1
CBL & Associates Prop Dep
Pref 'D' 15,250 377,438 1.6
DDR Corp 6,943 123,516 0.5
Diamondrock Hospitality 21,500 217,580 0.9
Douglas Emmett 8,850 266,474 1.1
Duke Realty 10,301 232,185 1.0
Equity One 15,027 430,674 1.8
Extra Space Storage 3,529 329,820 1.4
General Growth Properties
REIT 15,935 473,748 2.0
HCP Inc 26,773 872,263 3.7
Highwoods Properties 7,492 358,193 1.5
Kilroy Realty 3,211 198,665 0.8
Kimco Realty 37,223 1,071,277 4.5
Lasalle Hotel Properties 21,964 555,909 2.4
Liberty Property Trust 17,000 568,820 2.4
Macerich Co (REIT) 7,634 604,918 2.6
National Retail Properties 6,801 314,206 1.3
Natl Health Investors 2,900 192,908 0.8
Omega Healthcare Investors 7,760 273,928 1.2
Parkway Properties 9,300 145,638 0.6
Pebblebrook Hotel Trust 4,550 132,269 0.6
Prologis Inc 24,663 1,089,610 4.6
Public Storage 2,119 584,484 2.5
Regency Centers 9,500 711,075 3.0
Simon Property Group 3,750 778,837 3.3
SL Green Realty REIT 6,011 582,346 2.5
Spirit Realty Capital 54,160 609,300 2.6
Store Capital 3,743 96,869 0.4
Vornado Realty Trust REIT 3,316 313,130 1.3
Welltower Inc 6,400 443,776 1.9
23,874,277 101.0
(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (-1.0%)
Forward foreign exchangeForward foreign exchangeForward foreign exchangeForward foreign exchange
contracts contracts contracts contracts (-1.0%) (243,219) (1.0)
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 23,631,058 100.0
---------- -----
JPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 119 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 MarchAs at 31 MarchAs at 31 MarchAs at 31 March 2016201620162016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
UnlistedUnlistedUnlistedUnlisted/Unquoted Investments /Unquoted Investments /Unquoted Investments /Unquoted Investments (0.0%)
Equities Equities Equities Equities (0.0%)
MaltaMaltaMaltaMalta (0.0%)
BGP Hldgs 193,047 0 0.0
Total Unlisted/Unquoted Total Unlisted/Unquoted Total Unlisted/Unquoted Total Unlisted/Unquoted
InvestmentsInvestmentsInvestmentsInvestments 0 0.0
---------- ----
Total InvestmentsTotal InvestmentsTotal InvestmentsTotal Investments 23,631,058 100.0
Other net assetsOther net assetsOther net assetsOther net assets 1,344 0.0
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 201redeemable units at 31 March 201redeemable units at 31 March 201redeemable units at 31 March 2016666 23,632,402 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 22,757,197
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
United States 68.8 60.7
Australia 8.1 7.2
Netherlands 5.9 6.5
Japan 5.0 2.8
United Kingdom 4.4 10.3
Canada 2.8 4.0
Germany 2.1 3.4
France 1.6 1.6
Hong Kong 1.6 1.5
Singapore 0.4 0.6
Belgium 0.3 0.4
DerivativesDerivativesDerivativesDerivatives
Forward foreign exchange contracts (1.0) 0.5
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 100.0 99.5
---- ----
Unlisted/Unquoted InvestmentsUnlisted/Unquoted InvestmentsUnlisted/Unquoted InvestmentsUnlisted/Unquoted Investments
EquitiesEquitiesEquitiesEquities
Malta 0.0 0.0
Total Unlisted/Unquoted InvestmentsTotal Unlisted/Unquoted InvestmentsTotal Unlisted/Unquoted InvestmentsTotal Unlisted/Unquoted Investments 0.0 0.0
---- ----
Total Total Total Total investmentsinvestmentsinvestmentsinvestments 100.0 99.5
Other net assetsOther net assetsOther net assetsOther net assets 0.0 0.5
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 122 to 125 form part of these financial statements.
- 120 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 322,703 191,002
Amounts due from brokers 413,591 73,538
Amounts receivable on allotment 53,051 26,460
Derivatives 34,799 180,412
Investments 23,874,277 22,756,507
Dividend and other accounts
receivable 73,677 55,285
Total assetsTotal assetsTotal assetsTotal assets 24,772,098 23,283,204
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 434,177 -
Amounts payable on redemption 329,259 52,416
Distribution payable [Note 5] 59,818 121,905
Derivatives 278,018 59,498
Other accounts payable 38,424 57,436
Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units)redeemable units)redeemable units)redeemable units) 1,139,696 291,255
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 23,632,402 22,991,949
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 1,573,332 2,948,083
Dividend income 472,608 524,450
Net foreign currency exchange
gains/(losses) 2,967 (11,463)
Interest on deposits 5 17
Other income - 340
2,048,912 3,461,427
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 176,355 206,641
Transaction costs 14,087 34,629
Registrar's fee 13,810 17,598
Valuation fee 8,330 7,800
Trustee's fee 7,058 8,252
Auditor's fee 6,165 5,586
Safe custody and bank charges 4,913 4,048
Printing and publication expenses 1,163 1,283
Legal and professional expenses 823 88
Other operating expenses 2,569 902
235,273 286,827
---------- ----------
Net operating profitNet operating profitNet operating profitNet operating profit 1,813,639 3,174,600
---------- ----------
Finance costsFinance costsFinance costsFinance costs
Distribution [Note 5] (71,161) (82,700)
Interest paid (20) -
(71,181) (82,700)
---------- ----------
Profit before taxationProfit before taxationProfit before taxationProfit before taxation 1,742,458 3,091,900
Taxation (124,813) (124,240)
Increase inIncrease inIncrease inIncrease in net assets net assets net assets net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 1,617,645 2,967,660
JPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 122 to 125 form part of these financial statements.
- 121 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 22,991,949 18,177,077
---------- ----------
Allotment of redeemable units 4,856,780 34,176,736
Redemption of redeemable units (5,833,972) (13,576,678)
Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (977,192) 20,600,058
---------- ----------
22,014,757 38,777,135
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 1,617,645 2,967,660
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 23,632,402 41,744,795
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For For For For the period ended 31 March 2016the period ended 31 March 2016the period ended 31 March 2016the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (6,682,753) (24,531,453)
Proceeds from disposal of
investments and derivatives 7,596,051 5,881,498
Dividend received 454,045 462,011
Interest received 5 17
Trustee's fee paid (6,979) (7,127)
Transaction costs paid (15,193) (33,991)
Registrar's fee paid (27,579) (31,017)
Tax paid (124,813) (124,240)
Management fee paid (174,384) (178,201)
Others (27,761) (30,863)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
operating activitiesoperating activitiesoperating activitiesoperating activities 990,639 (18,593,366)
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (20) -
Receipts on allotment of
redeemable units 4,830,189 33,519,800
Payments on redemption of
redeemable units (5,557,129) (13,288,318)
Distribution paid (133,248) (103,196)
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities (860,208) 20,128,286
---------- ----------
Increase in cash and cash Increase in cash and cash Increase in cash and cash Increase in cash and cash
equivalentsequivalentsequivalentsequivalents 130,431 1,534,920
Cash and cash equivalents at the
beginning of the period 191,002 221,343
Exchange gains/(losses) on cash
and cash equivalents 1,270 (7,291)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 322,703 1,748,972
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 322,703 1,748,972
JPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 122 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Global Property Income Fund (the "Fund") was established under a Trust Deed dated 6 July 2005, as amended, and is governed by
the laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to achieve a high level of current income and long-term capital appreciation primarily through
investing in securities that are listed on any stock exchange and are principally engaged in or related to the property industry or which own
significant property assets. The Fund does not invest in real estate directly.
Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a "Class") whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivativesInvestments and derivativesInvestments and derivativesInvestments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 123 -
(c)(c)(c)(c) Securities borrowingSecurities borrowingSecurities borrowingSecurities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 6 July 2005, as amended, which may be different from the accounting policies stated in the financial statements.
Units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial liability in the
Statement of Financial Position which represents the net assets attributable to holders of redeemable units (or "net asset value" or "net
assets" or "NAV") and is carried at the redemption amount that would be payable at the Statement of Financial Position date if the
holders of redeemable units exercised the right to redeem units of the Fund.
JPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 124 -
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (div)
Units
Number of units in issue: 2,251,275.607
US$
Net assets attributable to
holders of redeemable
units 23,632,402
Net assets attributable to
holders of redeemable
units (per unit) 10.50
30.9.2015
USD Class (div)
Units
Number of units in issue: 2,348,892.537
US$
Net assets attributable to
holders of redeemable
units 22,991,949
Net assets attributable to
holders of redeemable
units (per unit) 9.79
4444 Net Net Net Net gains on investments and derivativesgains on investments and derivativesgains on investments and derivativesgains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 1,448,033 1,556,398
Realized gains on sale of investments and derivatives 125,299 1,391,685
1,573,332 2,948,083
JPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 125 -
5555 DistributionDistributionDistributionDistribution
It is the intention of the manager of the Fund to have at least 85% of the income attributable to the distribution class(es) respectively in
respect of each accounting period, after charging the expenses attributable to these distribution class(es) respectively, to be distributed to
unitholders of these distribution class(es) respectively.
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Net operating profit 1,813,639 3,174,600
Adjustments:
Net gains on investments and derivatives (1,573,332) (2,948,083)
Net foreign currency exchange (gains)/losses (2,967) 11,463
Transaction costs 14,087 34,629
Interest paid (20) -
Taxation (124,813) (124,240)
Amount available for distribution 126,594 148,369
Distribution of
US$0.0048 per unit on 2,363,114.703 units of USD Class (div) ex on 31 December 2015
and pay on 11 January 2016 (11,343)
(US$0.005 per unit on 2,213,798.630 units of USD Class (div) ex on 31 December 2014
and pay on 9 January 2015)
(11,069)
US$0.0263 per unit on 2,274,451.983 units of USD Class (div) ex on 31 March 2016
and pay on 11 April 2016 (59,818)
(US$0.0186 per unit on 3,851,149.894 units of USD Class (div) ex on 31 March 2015
and pay on 13 April 2015)
(71,631)
Total distribution to holders of redeemable units (71,161) (82,700)
In the event that the amount available for distribution is insufficient to pay distributions as the Fund declares, the Manager may in its
discretion determine that such distributions be paid from capital.
6666 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES
FUNDFUNDFUNDFUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 126 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
HK$HK$HK$HK$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (98.9%)
EquitiesEquitiesEquitiesEquities (98.9%)
ChinaChinaChinaChina (50.7%)
Asia Cement China Hldgs 193,000 301,080 0.1
China Harmony New Energy
Auto Hldgs 936,000 3,846,960 1.4
China Maple Leaf Educational 1,042,000 5,126,640 1.9
China National Materials 'H' 1,701,000 2,585,520 0.9
China Shengmu Organic Milk 1,821,000 2,931,810 1.1
China Singyes Solar
Technologies 432,000 1,412,640 0.5
China Taiping Insurance Hldgs 542,346 9,241,576 3.3
CITIC Telecom Intl Hldgs 2,410,000 7,037,200 2.5
Dah Chong Hong Hldgs 855,000 2,701,800 1.0
EVA Precision Industrial Hldgs 1,890,000 2,173,500 0.8
First Tractor Co 'H' 452,000 1,939,080 0.7
Haichang Ocean Park Hldgs 6,285,000 10,370,250 3.7
Haier Electronics Group 457,000 6,178,640 2.2
Haitian Intl Hldgs 383,000 5,093,900 1.8
Hopefluent Group Hldgs 1,604,487 3,016,436 1.1
Huaneng Renewables 'H' 1,708,000 4,116,280 1.5
IMAX China Hldg 99,400 4,666,830 1.7
IMAX China Hldg (Placing
03/16) 13,900 652,605 0.2
Kingboard Laminates Hldgs 2,376,500 8,579,165 3.1
KWG Property Hldg 790,000 4,029,000 1.5
Minth Group 524,000 9,463,440 3.4
Nexteer Automotive Group 567,000 4,524,660 1.6
Phoenix Healthcare Group 1,009,000 8,667,310 3.1
Phoenix Satellite TV Hldgs 2,870,000 5,108,600 1.9
Sinotrans Ltd 'H' 1,579,000 5,352,810 1.9
Skyworth Digital Hldgs 1,222,948 5,870,150 2.1
Stella Intl Hldgs 316,500 5,772,960 2.1
Towngas China 987,000 3,948,000 1.4
Yuexiu REIT 1,381,000 5,952,110 2.2
Hong KongHong KongHong KongHong Kong (32.0%)
Dah Sing Banking Group 396,684 5,402,836 1.9
Dah Sing Financial Hldgs 129,660 6,184,782 2.2
Fortune REIT-HK List 380,000 3,157,800 1.1
Intl Housewares Retail 2,458,000 2,433,420 0.9
Lifestyle Intl Hldgs 713,500 7,463,210 2.7
Man Wah Hldgs 983,600 9,658,952 3.5
Orient Overseas (Intl) 212,000 6,349,400 2.3
Pacific Textile Hldgs 470,000 5,264,000 1.9
Prosperity REIT 1,138,000 3,288,820 1.2
Regina Miracle Intl (Hldgs) 430,000 4,867,600 1.8
Shun Tak Hldgs 3,084,750 7,927,808 2.9
Singamas Container Hldgs 3,214,000 2,699,760 1.0
Techtronic Industries 384,000 11,769,600 4.2
Television Broadcasts 76,600 2,137,140 0.8
TK Group Hldgs 1,352,000 2,704,000 1.0
VTech Hldgs 45,900 4,227,390 1.5
Xinyi Glass Hldgs 612,000 3,164,040 1.1
SingaporeSingaporeSingaporeSingapore (0.9%)
SIIC Environment Hldgs 609,380 2,404,411 0.9
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
HK$HK$HK$HK$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
TaiwanTaiwanTaiwanTaiwan (15.3%)
CTCI Corp 405,000 4,128,801 1.5
Eclat Textile 56,287 5,745,001 2.1
Epistar Corp 248,000 1,389,643 0.5
Huaku Development 183,227 2,627,453 0.9
Inventec Corp 224,000 1,101,303 0.4
Johnson Health Tech 358,050 4,564,865 1.6
PCHome Online 105,444 9,008,795 3.3
Ruentex Development 537,812 5,281,857 1.9
Silicon Motion Tech ADR 28,998 8,729,317 3.1
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 274,342,956 98.9
Other net assetsOther net assetsOther net assetsOther net assets 2,940,127 1.1
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 277,283,083 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 306,196,096
JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES
FUNDFUNDFUNDFUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 127 -
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period For the period For the period For the period ended 31 March 2016ended 31 March 2016ended 31 March 2016ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
Equities and ConvertiblesEquities and ConvertiblesEquities and ConvertiblesEquities and Convertibles
China 50.7 48.9
Hong Kong 32.0 35.4
Taiwan 15.3 14.7
Singapore 0.9 1.0
Total Total Total Total Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments 98.9 100.0
Other net assetsOther net assetsOther net assetsOther net assets 1.1 (0.0)
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES
FUNDFUNDFUNDFUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 130 to 132 form part of these financial statements.
- 128 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
HK$HK$HK$HK$ HK$HK$HK$HK$
AssetsAssetsAssetsAssets
Cash at banks 4,988,347 1,922,185
Amounts receivable on allotment 9,754 178,865
Investments 274,342,956 333,460,152
Dividend and other accounts
receivable 102,080 1,329,988
Total assetsTotal assetsTotal assetsTotal assets 279,443,137 336,891,190
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 102,296 706,616
Amounts payable on redemption 1,535,971 2,022,481
Other accounts payable 521,787 741,966
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 2,160,054 3,471,063
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 277,283,083 333,420,127
EquityEquityEquityEquity 277,283,083 333,420,127
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended For the period ended For the period ended For the period ended 31 March 201631 March 201631 March 201631 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
HK$HK$HK$HK$ HK$HK$HK$HK$
IncomeIncomeIncomeIncome
Net gains/(losses) on investments
and derivatives [Note 4] 2,069,927 (4,249,089)
Dividend income 1,620,541 2,493,847
Interest on deposits - 1,102
Net foreign currency exchange
losses (25,281) (127,357)
3,665,187 (1,881,497)
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 2,841,665 3,836,571
Transaction costs 540,214 902,221
Trustee's fee 94,579 118,669
Auditor's fee 93,769 87,274
Valuation fee 66,277 66,766
Registrar's fee 44,191 58,396
Safe custody and bank charges 33,860 45,991
Legal and professional expenses 26,434 16,485
Printing and publication expenses 10,955 18,759
Other operating expenses 19,146 2,496
3,771,090 5,153,628
---------- ----------
Net operating lossNet operating lossNet operating lossNet operating loss (105,903) (7,035,125)
Finance costsFinance costsFinance costsFinance costs
Interest paid (2,951) (3,022)
Loss before taxationLoss before taxationLoss before taxationLoss before taxation (108,854) (7,038,147)
Taxation - (3,074)
Decrease in net assets Decrease in net assets Decrease in net assets Decrease in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income (108,854) (7,041,221)
JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES
FUNDFUNDFUNDFUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 130 to 132 form part of these financial statements.
- 129 -
Statement of Changes in Net Assets AttributableStatement of Changes in Net Assets AttributableStatement of Changes in Net Assets AttributableStatement of Changes in Net Assets Attributable to Holders to Holders to Holders to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
HK$HK$HK$HK$ HK$HK$HK$HK$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 333,420,127 465,810,565
---------- ----------
Allotment of redeemable units 50,162,989 43,685,194
Redemption of redeemable units (106,191,179) (119,297,823)
Net redemptionNet redemptionNet redemptionNet redemption (56,028,190) (75,612,629)
---------- ----------
277,391,937 390,197,936
Decrease in net assets Decrease in net assets Decrease in net assets Decrease in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income (108,854) (7,041,221)
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 277,283,083 383,156,715
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
HK$HK$HK$HK$ HK$HK$HK$HK$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (72,959,621) (98,986,658)
Proceeds from disposal of
investments and derivatives 133,542,278 174,756,789
Dividend received 2,848,449 3,405,834
Interest received - 1,102
Tax paid (1,175) (3,074)
Registrar's fee paid (92,206) (123,468)
Trustee's fee paid (96,745) (121,592)
Transaction costs paid (547,431) (918,025)
Management fee paid (2,919,117) (3,964,378)
Others (362,361) (486,332)
Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating
activitiesactivitiesactivitiesactivities 59,412,071 73,560,198
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (2,951) (2,950)
Receipts on allotment of
redeemable units 50,332,100 51,504,984
Payments on redemption of
redeemable units (106,677,689) (135,738,453)
Net cash outflow from Net cash outflow from Net cash outflow from Net cash outflow from
financing financing financing financing activitiesactivitiesactivitiesactivities (56,348,540) (84,236,419)
---------- ----------
Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and
cash equivalentscash equivalentscash equivalentscash equivalents 3,063,531 (10,676,221)
Cash and cash equivalents at the
beginning of the period 1,922,185 8,526,428
Exchange gains/(losses) on cash
and cash equivalents 2,631 (6,250)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 4,988,347 (2,156,043)
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 4,988,347 1,444,317
Short term bank loans -
unsecured - (3,600,360)
4,988,347 (2,156,043)
JPMORGAN JPMORGAN JPMORGAN JPMORGAN GREATER CHINA SMALLER COMPANIES GREATER CHINA SMALLER COMPANIES GREATER CHINA SMALLER COMPANIES GREATER CHINA SMALLER COMPANIES
FUNDFUNDFUNDFUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 130 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Greater China Smaller Companies Fund (the "Fund") was established under a Trust Deed dated 26 August 2009 as amended, and is
governed by the laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in the securities of small to
medium-sized companies in the People's Republic of China, Hong Kong and Taiwan ("Greater China").
Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a "Class") whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accouSummary of principal accouSummary of principal accouSummary of principal accounting policiesnting policiesnting policiesnting policies
(a)(a)(a)(a) Accounting policies of interim financial statements Accounting policies of interim financial statements Accounting policies of interim financial statements Accounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN JPMORGAN JPMORGAN JPMORGAN GREATER CHINA SMALLER COMPANIES GREATER CHINA SMALLER COMPANIES GREATER CHINA SMALLER COMPANIES GREATER CHINA SMALLER COMPANIES
FUNDFUNDFUNDFUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 131 -
(c)(c)(c)(c) Securities borrowing Securities borrowing Securities borrowing Securities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currencyForeign currencyForeign currencyForeign currency translationtranslationtranslationtranslation
Functional and presentation currency
The Fund has adopted Hong Kong dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment andProceeds and payments on allotment andProceeds and payments on allotment andProceeds and payments on allotment and redemption of unitsredemption of unitsredemption of unitsredemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 26 August 2009, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 Number of units in issue and net assets attributable to holders of redeemable unitNumber of units in issue and net assets attributable to holders of redeemable unitNumber of units in issue and net assets attributable to holders of redeemable unitNumber of units in issue and net assets attributable to holders of redeemable units (per unit)s (per unit)s (per unit)s (per unit)
31.3.2016
HKD Class (acc)
Units
Number of units in issue: 32,458,407.565
HK$
Net assets attributable to
holders of redeemable
units 277,283,083
Net assets attributable to
holders of redeemable
units (per unit) 8.54
JPMORGAN JPMORGAN JPMORGAN JPMORGAN GREATER CHINA SMALLER COMPANIES GREATER CHINA SMALLER COMPANIES GREATER CHINA SMALLER COMPANIES GREATER CHINA SMALLER COMPANIES
FUNDFUNDFUNDFUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 132 -
30.9.2015
HKD Class (acc)
Units
Number of units in issue: 39,580,459.401
HK$
Net assets attributable to
holders of redeemable
units 333,420,127
Net assets attributable to
holders of redeemable
units (per unit) 8.42
4444 Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
HK$ HK$
Change in unrealized gains/losses in value of investments and derivatives 22,825,853 (990,987)
Realized losses on sale of investments and derivatives (20,755,926) (3,258,102)
2,069,927 (4,249,089)
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN INDIA FUNDJPMORGAN INDIA FUNDJPMORGAN INDIA FUNDJPMORGAN INDIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 133 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 23 November
1989 to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (98.1%)
EquitiesEquitiesEquitiesEquities (98.1%)
IndiaIndiaIndiaIndia (98.1%)
AutomobilesAutomobilesAutomobilesAutomobiles (11.2%)
Bajaj Auto 831,814 30,220,890 3.1
Hero Motocorp (DEMAT) 228,871 10,180,608 1.0
Maruti Suzuki India 646,718 36,292,772 3.7
Tata Motors 5,797,406 33,844,647 3.4
BeveragesBeveragesBeveragesBeverages (1.0%)
United Spirits 270,871 10,223,338 1.0
ChemicalsChemicalsChemicalsChemicals (1.6%)
Godrej Industries 3,009,687 16,134,077 1.6
Commercial BanksCommercial BanksCommercial BanksCommercial Banks (18.6%)
Bank of Baroda 3,876,352 8,604,685 0.9
HDFC Bank 4,300,183 81,486,389 8.3
IDFC Bank 9,783,009 7,120,556 0.7
IndusInd Bank 2,443,812 35,707,388 3.6
Kotak Mahindra Bank 4,630,172 47,589,967 4.8
State Bank of India 1,047,355 3,072,199 0.3
Construction MaterialsConstruction MaterialsConstruction MaterialsConstruction Materials (14.5%)
ACC Ltd 2,115,988 44,155,443 4.5
Ambuja Cements 14,291,135 50,185,412 5.1
Ultratech Cement 1,002,696 48,887,534 4.9
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Consumer FinanceConsumer FinanceConsumer FinanceConsumer Finance (4.2%)
Mahindra & Mahindra Fin
Services 4,714,409 17,374,027 1.8
Shriram Transport Finance 1,643,858 23,660,285 2.4
Diversified Diversified Diversified Diversified Financial ServicesFinancial ServicesFinancial ServicesFinancial Services (0.6%)
IDFC Ltd 9,783,009 6,266,130 0.6
Electrical EquipmentElectrical EquipmentElectrical EquipmentElectrical Equipment (0.7%)
Bharat Heavy Electricals 3,902,889 6,709,863 0.7
Hotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & Leisure (1.6%)
Jubilant Foodworks 818,209 15,776,060 1.6
Independent Power Independent Power Independent Power Independent Power Producers & Energy TradersProducers & Energy TradersProducers & Energy TradersProducers & Energy Traders (0.2%)
JSW Energy 1,799,501 1,889,921 0.2
IT ServicesIT ServicesIT ServicesIT Services (12.6%)
Infosys Ltd 5,199,772 95,660,571 9.7
Tata Consultancy Services 756,441 28,788,678 2.9
Life Sciences Tools & ServicesLife Sciences Tools & ServicesLife Sciences Tools & ServicesLife Sciences Tools & Services (1.3%)
Divi's Laboratories 843,174 12,570,101 1.3
MachineryMachineryMachineryMachinery (6.7%)
Ashok Leyland 27,721,933 45,461,919 4.6
Cummins India 1,626,814 20,679,558 2.1
Oil & Gas & Consumable FuelsOil & Gas & Consumable FuelsOil & Gas & Consumable FuelsOil & Gas & Consumable Fuels (2.0%)
Reliance Industries 1,274,757 20,119,688 2.0
PharmaceuticalsPharmaceuticalsPharmaceuticalsPharmaceuticals (9.4%)
DR Reddy's Laboratories 90,145 4,131,649 0.4
Lupin Ltd 823,312 18,390,793 1.9
Sun Pharma Adv Res Rts(28/3-
5/4/16) 118,429 75,111 0.0
Sun Pharma Advanced
Research 2,747,568 11,907,615 1.2
Sun Pharmaceutical Industries 4,653,736 57,624,879 5.9
Real Real Real Real Estate Management & DevelopmentEstate Management & DevelopmentEstate Management & DevelopmentEstate Management & Development (1.4%)
Godrej Properties 1,948,786 8,706,230 0.9
Oberoi Realty 1,256,734 4,583,054 0.5
Thrifts & Mortgage FinanceThrifts & Mortgage FinanceThrifts & Mortgage FinanceThrifts & Mortgage Finance (8.8%)
Housing Development Finance 5,189,307 86,636,684 8.8
Transportation InfrastructureTransportation InfrastructureTransportation InfrastructureTransportation Infrastructure (1.7%)
Gujarat Pipavav Port 6,267,509 16,704,524 1.7
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 967,423,245 98.1
JPMORGAN INDIA FUNDJPMORGAN INDIA FUNDJPMORGAN INDIA FUNDJPMORGAN INDIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 134 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Other net assetsOther net assetsOther net assetsOther net assets 18,558,764 1.9
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 985,982,009
100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 700,346,354
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
IndiaIndiaIndiaIndia
Commercial Banks 18.6 18.4
Construction Materials 14.5 11.8
IT Services 12.6 12.6
Automobiles 11.2 10.2
Pharmaceuticals 9.4 9.7
Thrifts & Mortgage Finance 8.8 9.8
Machinery 6.7 6.8
Consumer Finance 4.2 4.1
Oil & Gas & Consumable Fuels 2.0 2.5
Transportation Infrastructure 1.7 1.3
Chemicals 1.6 1.6
Hotels Restaurants & Leisure 1.6 1.8
Real Estate Management & Development 1.4 -
Life Sciences Tools & Services 1.3 1.4
Beverages 1.0 1.1
Electrical Equipment 0.7 1.6
Diversified Financial Services 0.6 2.1
Independent Power Producers & Energy
Traders 0.2 -
Real Estate Mgnt & Development - 1.6
Independent Pwr Prodrs & Energy Tdr - 0.3
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 98.1 98.7
Other net assetsOther net assetsOther net assetsOther net assets 1.9 1.3
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN INDIA FUNDJPMORGAN INDIA FUNDJPMORGAN INDIA FUNDJPMORGAN INDIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 137 to 139 form part of these financial statements.
- 135 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 21,072,331 16,592,173
Amounts due from brokers 2,416,215 4,814,147
Amounts receivable on allotment 7,083,715 3,625,508
Investments 967,423,245 1,003,503,479
Dividend and interest receivable 686,783 50,029
Total assetsTotal assetsTotal assetsTotal assets 998,682,289 1,028,585,336
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers - 256,046
Amounts payable on redemption 11,439,559 10,354,062
Other accounts payable 1,260,721 1,658,095
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 12,700,280 12,268,203
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 985,982,009 1,016,317,133
EquityEquityEquityEquity 985,982,009 1,016,317,133
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net (losses)/gains on investments
and derivatives [Note 4] (32,539,953) 174,306,307
Dividend income 3,272,539 2,260,470
Interest on deposits 32,366 30,744
Net foreign currency exchange
gains/(losses) 12,485 (451,727)
Other income 1,498 -
(29,221,065) 176,145,794
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 7,320,847 7,842,869
Transaction costs 333,701 741,737
Trustee's fee 131,360 140,014
Registrar's fee 128,882 140,630
Safe custody and bank charges 119,654 109,982
Legal and professional expenses 58,460 23,799
Auditor's fee 31,931 31,022
Printing and publication expenses 8,137 10,224
Valuation fee 7,980 7,910
Other operating expenses 4,638 6,525
8,145,590 9,054,712
---------- ----------
Net operating (loss)/profitNet operating (loss)/profitNet operating (loss)/profitNet operating (loss)/profit (37,366,655) 167,091,082
Finance costsFinance costsFinance costsFinance costs
Interest paid - (104,595)
(Loss)/profit before taxation(Loss)/profit before taxation(Loss)/profit before taxation(Loss)/profit before taxation (37,366,655) 166,986,487
Taxation (22,797) 45,761
(Decrease)/increase (Decrease)/increase (Decrease)/increase (Decrease)/increase in net in net in net in net
assets attributable to holdersassets attributable to holders assets attributable to holdersassets attributable to holders
of redeemable units and of redeemable units and of redeemable units and of redeemable units and
total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income (37,389,452) 167,032,248
JPMORGAN INDIA FUNDJPMORGAN INDIA FUNDJPMORGAN INDIA FUNDJPMORGAN INDIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 137 to 139 form part of these financial statements.
- 136 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 1,016,317,133 977,950,826
---------- ----------
Allotment of redeemable units 192,052,492 524,019,308
Redemption of redeemable units (184,998,164) (475,777,995)
Net allotmentNet allotmentNet allotmentNet allotment 7,054,328 48,241,313
---------- ----------
1,023,371,461 1,026,192,139
(Decrease)/increase in net assets (Decrease)/increase in net assets (Decrease)/increase in net assets (Decrease)/increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income (37,389,452) 167,032,248
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 985,982,009 1,193,224,387
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (53,868,307) (88,943,637)
Proceeds from disposal of
investments and derivatives 59,557,555 186,566,152
Dividend received 2,636,578 2,000,334
Interest received 31,573 30,223
Tax paid (22,797) 45,761
Trustee's fee paid (131,468) (137,978)
Tax paid (187,341) (413,031)
Registrar's fee paid (269,155) (254,078)
Transaction costs paid (341,552) (734,364)
Management fee paid (7,330,409) (7,717,719)
Others (271,740) (701,346)
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (197,063) 89,740,317
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid - (105,346)
Receipts on allotment of
redeemable units 188,594,285 498,296,015
Payments on redemption of
redeemable units (183,912,667) (481,453,417)
Net cash inflow from Net cash inflow from Net cash inflow from Net cash inflow from financing financing financing financing
activitiesactivitiesactivitiesactivities 4,681,618 16,737,252
---------- ----------
Increase in cash and cash Increase in cash and cash Increase in cash and cash Increase in cash and cash
equivalentsequivalentsequivalentsequivalents 4,484,555 106,477,569
Cash and cash equivalents at the
beginning of the period 16,592,173 (10,852,260)
Exchange losses on cash and cash
equivalents (4,397) (3,160)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 21,072,331 95,622,149
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 21,072,331 95,622,149
JPMORGAN JPMORGAN JPMORGAN JPMORGAN INDIA FUNDINDIA FUNDINDIA FUNDINDIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 137 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan India Fund (the "Fund") was established under a Trust Deed dated 23 November 1989, as amended, and is governed by the laws of
the Republic of Mauritius. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide long-term capital growth through a portfolio consisting primarily of securities linked to the
Indian economy. These include, but are not restricted to, securities traded on the stock exchanges of India and the rest of the Indian sub-
continent including Pakistan, Bangladesh and Sri Lanka.
Pursuant to the Supplemental Trust Deed dated 7 January 2013, the Manager may decide to issue separate classes (each a "Class") whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) AccountAccountAccountAccounting policies of interim financial statementsing policies of interim financial statementsing policies of interim financial statementsing policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN JPMORGAN JPMORGAN JPMORGAN INDIA FUNDINDIA FUNDINDIA FUNDINDIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 138 -
(c)(c)(c)(c) Securities borrowing Securities borrowing Securities borrowing Securities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 23 November 1989, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (acc)
Units
Number of units in issue: 4,281,656.967
US$
Net assets attributable to
holders of redeemable
units 985,982,009
Net assets attributable to
holders of redeemable
units (per unit) 230.28
JPMORGAN JPMORGAN JPMORGAN JPMORGAN INDIA FUNDINDIA FUNDINDIA FUNDINDIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 139 -
30.9.2015
USD Class (acc)
Units
Number of units in issue: 4,258,695.530
US$
Net assets attributable to
holders of redeemable
units 1,016,317,133
Net assets attributable to
holders of redeemable
units (per unit) 238.65
4444 Net (losses)/gains on investments and derivatives Net (losses)/gains on investments and derivatives Net (losses)/gains on investments and derivatives Net (losses)/gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives (40,470,228) 119,369,478
Realized gains on sale of investments and derivatives 7,930,275 54,936,829
(32,539,953) 174,306,307
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 140 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (94.0%)
EquitiesEquitiesEquitiesEquities (94.0%)
IndiaIndiaIndiaIndia (90.5%)
Air Freight & Couriers FuelsAir Freight & Couriers FuelsAir Freight & Couriers FuelsAir Freight & Couriers Fuels (1.5%)
Transport Corp of India 260,998 1,109,653 1.5
Auto ComponentsAuto ComponentsAuto ComponentsAuto Components (4.0%)
Balkrishna Industries 155,762 1,485,116 2.0
BOSCH Ltd 4,581 1,437,786 2.0
Capital MarketsCapital MarketsCapital MarketsCapital Markets (2.3%)
Motilal Oswal Financial
Services 418,802 1,728,078 2.3
ChemicalsChemicalsChemicalsChemicals (5.9%)
Castrol India 389,728 2,201,921 3.0
Godrej Industries 396,738 2,126,800 2.9
Commercial BanksCommercial BanksCommercial BanksCommercial Banks (3.0%)
IndusInd Bank 149,212 2,180,188 2.9
Union Bank of India (DEMAT) 31,695 62,603 0.1
Construction MaterialsConstruction MaterialsConstruction MaterialsConstruction Materials (8.3%)
HeidelbergCement India 653,398 801,177 1.1
JK Cement 126,065 1,285,921 1.7
JK Lakshmi Cement 433,321 2,222,797 3.0
Shree Cement 9,855 1,848,375 2.5
Consumer Consumer Consumer Consumer FinanceFinanceFinanceFinance (6.2%)
Mahindra & Mahindra Fin
Services 603,012 2,222,282 3.0
Shriram Transport Finance 161,499 2,324,478 3.2
Diversified Financial ServicesDiversified Financial ServicesDiversified Financial ServicesDiversified Financial Services (3.4%)
Bajaj Hldgs & Inv 41,621 922,956 1.2
IDFC Ltd 1,865,000 1,194,554 1.6
Multi Commodity Exchange of
India 30,000 429,924 0.6
Electrical EquipmentElectrical EquipmentElectrical EquipmentElectrical Equipment (3.2%)
ABB India 110,119 2,132,041 2.9
Suzlon Energy 1,097,523 235,340 0.3
Health Care Providers & ServicesHealth Care Providers & ServicesHealth Care Providers & ServicesHealth Care Providers & Services (1.9%)
DR Lal Pathlabs 102,640 1,431,047 1.9
Hotels Restaurants & Hotels Restaurants & Hotels Restaurants & Hotels Restaurants & LeisureLeisureLeisureLeisure (6.0%)
EIH Ltd (DEMAT) 1,133,522 1,785,290 2.4
Jubilant Foodworks 103,697 1,999,404 2.7
Thomas Cook (India) (DEMAT) 229,194 651,700 0.9
Household DurablesHousehold DurablesHousehold DurablesHousehold Durables (3.0%)
Hitachi Home & Life Solutions 32,950 604,119 0.8
Whirlpool Of India 151,181 1,604,097 2.2
Independent Power Producers & Energy TradersIndependent Power Producers & Energy TradersIndependent Power Producers & Energy TradersIndependent Power Producers & Energy Traders (1.5%)
JSW Energy 1,027,599 1,079,233 1.5
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
IT ServicesIT ServicesIT ServicesIT Services (2.6%)
Persistent Systems 166,679 1,918,297 2.6
Life Life Life Life Sciences Tools & ServicesSciences Tools & ServicesSciences Tools & ServicesSciences Tools & Services (2.4%)
Divi's Laboratories 119,666 1,783,990 2.4
MachineryMachineryMachineryMachinery (17.1%)
Ashok Leyland 1,566,425 2,568,820 3.5
Cummins India 138,304 1,758,078 2.4
Eicher Motors 5,230 1,514,810 2.0
Greaves Cotton 770,938 1,433,085 1.9
NRB Bearings (DEMAT) 691,680 1,299,854 1.8
SKF India (DEMAT) 133,662 2,551,633 3.5
Thermax Ltd (DEMAT) 128,993 1,477,461 2.0
MediaMediaMediaMedia (2.2%)
Navneet Education 1,270,627 1,619,403 2.2
Oil & Gas & Consumable FuelsOil & Gas & Consumable FuelsOil & Gas & Consumable FuelsOil & Gas & Consumable Fuels (1.0%)
Great Eastern Shipping 159,540 751,173 1.0
PharmaceuticalsPharmaceuticalsPharmaceuticalsPharmaceuticals (0.9%)
Torrent Pharmaceuticals 31,655 640,653 0.9
Real Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & Development (7.0%)
Godrej Properties 291,916 1,304,139 1.8
Nesco Ltd 41,330 943,090 1.3
Oberoi Realty 438,598 1,599,478 2.2
Sobha Ltd 310,472 1,284,364 1.7
Road & RailRoad & RailRoad & RailRoad & Rail (0.8%)
VRL Logistics 100,000 556,910 0.8
SoftwareSoftwareSoftwareSoftware (0.9%)
KPIT Technologies 308,065 687,794 0.9
Thrifts & Mortgage FinanceThrifts & Mortgage FinanceThrifts & Mortgage FinanceThrifts & Mortgage Finance (2.6%)
GRUH Finance 522,054 1,886,087 2.6
Transportation Transportation Transportation Transportation InfrastructureInfrastructureInfrastructureInfrastructure (2.8%)
Gujarat Pipavav Port 767,880 2,046,598 2.8
SingaporeSingaporeSingaporeSingapore (3.5%)
Real Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & Development (3.5%)
Ascendas India Trust 3,920,800 2,547,676 3.5
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 69,280,273 94.0
Other net assetsOther net assetsOther net assetsOther net assets 4,455,766 6.0
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 73,736,039 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 52,288,217
JPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 141 -
Statement of Statement of Statement of Statement of Movements in Portfolio HoldingsMovements in Portfolio HoldingsMovements in Portfolio HoldingsMovements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
IndiaIndiaIndiaIndia
Machinery 17.1 15.0
Construction Materials 8.3 9.6
Real Estate Management & Development 7.0 9.0
Consumer Finance 6.2 5.6
Hotels Restaurants & Leisure 6.0 7.4
Chemicals 5.9 6.3
Auto Components 4.0 3.6
Diversified Financial Services 3.4 1.2
Electrical Equipment 3.2 2.6
Commercial Banks 3.0 3.8
Household Durables 3.0 2.7
Transportation Infrastructure 2.8 2.7
IT Services 2.6 2.1
Thrifts & Mortgage Finance 2.6 2.9
Life Sciences Tools & Services 2.4 3.1
Capital Markets 2.3 2.3
Media 2.2 2.5
Health Care Providers & Services 1.9 -
Air Freight & Couriers Fuels 1.5 1.2
Independent Power Producers & Energy
Traders 1.5 2.0
Oil & Gas & Consumable Fuels 1.0 1.1
Software 0.9 1.1
Pharmaceuticals 0.9 3.0
Road & Rail 0.8 -
Electric Utilities - 2.1
Paper & Forest Products - 0.0
SingaporeSingaporeSingaporeSingapore
Real Estate Management & Development 3.5 2.9
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 94.0 95.8
Other net assetsOther net assetsOther net assetsOther net assets 6.0 4.2
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 144 to 146 form part of these financial statements.
- 142 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 3,040,606 2,867,130
Amounts due from brokers 201,276 890,311
Amounts receivable on allotment 1,418,278 11,063
Investments 69,280,273 77,954,905
Dividend and interest receivable 27 59,150
Total assetsTotal assetsTotal assetsTotal assets 73,940,460 81,782,559
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers - 3,205
Amounts payable on redemption 102,449 240,845
Other accounts payable 101,972 156,740
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 204,421 400,790
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 73,736,039 81,381,769
EquityEquityEquityEquity 73,736,039 81,381,769
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 For the period ended 31 For the period ended 31 For the period ended 31 March 2016March 2016March 2016March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net (losses)/gains on investments
and derivatives [Note 4] (1,711,842) 16,264,963
Dividend income 409,777 80,880
Interest on deposits 326 5,678
Net foreign currency exchange
losses (9,112) (18,958)
(1,310,851) 16,332,563
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 574,458 777,056
Transaction costs 48,091 85,985
Trustee's fee 18,761 22,183
Safe custody and bank charges 18,079 23,531
Auditor's fee 10,227 10,474
Registrar's fee 8,849 16,830
Legal and professional expenses 8,492 17,868
Valuation fee 7,980 7,910
Printing and publication expenses 1,035 1,582
Other operating expenses 5,128 1,050
701,100 964,469
---------- ----------
Net operating (loss)/profitNet operating (loss)/profitNet operating (loss)/profitNet operating (loss)/profit (2,011,951) 15,368,094
Finance costsFinance costsFinance costsFinance costs
Interest paid (158) -
(Loss)/profit before taxation(Loss)/profit before taxation(Loss)/profit before taxation(Loss)/profit before taxation (2,012,109) 15,368,094
Taxation (2,093) 570
(Decrease)/increase in net (Decrease)/increase in net (Decrease)/increase in net (Decrease)/increase in net
assets attributable to holdersassets attributable to holders assets attributable to holdersassets attributable to holders
of redeemable units and of redeemable units and of redeemable units and of redeemable units and
total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income (2,014,202) 15,368,664
JPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 144 to 146 form part of these financial statements.
- 143 -
Statement of Changes in Net Assets Statement of Changes in Net Assets Statement of Changes in Net Assets Statement of Changes in Net Assets Attributable to Holders Attributable to Holders Attributable to Holders Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 81,381,769 83,470,992
---------- ----------
Allotment of redeemable units 6,437,856 38,993,269
Redemption of redeemable units (12,069,384) (29,223,460)
Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (5,631,528) 9,769,809
---------- ----------
75,750,241 93,240,801
(Decrease)/increase in net assets (Decrease)/increase in net assets (Decrease)/increase in net assets (Decrease)/increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income (2,014,202) 15,368,664
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the endof redeemable units at the endof redeemable units at the endof redeemable units at the end
of the periodof the periodof the periodof the period 73,736,039 108,609,465
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (5,352,309) (17,993,294)
Proceeds from disposal of
investments and derivatives 13,003,024 11,535,479
Dividend received 468,918 117,901
Interest received 308 5,776
Tax paid (20,436) (2,870)
Trustee's fee paid (18,897) (21,660)
Registrar's fee paid (19,688) (29,180)
Transaction costs paid (51,866) (85,963)
Management fee paid (584,554) (742,659)
Others (73,696) (98,538)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
operating activitiesoperating activitiesoperating activitiesoperating activities 7,350,804 (7,315,008)
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (158) -
Receipts on allotment of
redeemable units 5,030,641 38,935,344
Payments on redemption of
redeemable units (12,207,780) (26,380,483)
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities (7,177,297) 12,554,861
---------- ----------
Increase in cash and cash Increase in cash and cash Increase in cash and cash Increase in cash and cash
equivalentsequivalentsequivalentsequivalents 173,507 5,239,853
Cash and cash equivalents at the
beginning of the period 2,867,130 2,461,416
Exchange losses on cash and cash
equivalents (31) (830)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 3,040,606 7,700,439
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 3,040,606 7,700,439
JPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 144 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan India Smaller Companies Fund (the "Fund") was established under a Trust Deed dated 13 April 2006, as amended, and is governed
by the laws of the Republic of Mauritius. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in securities of small to
medium-sized companies in India.
Pursuant to the Supplemental Trust Deed dated 31 August 2012, the Manager may decide to issue separate classes (each a "Class") whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 145 -
(c)(c)(c)(c) Securities borrowing Securities borrowing Securities borrowing Securities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 13 April 2006, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (acc)
Units
Number of units in issue: 4,930,486.094
US$
Net assets attributable to
holders of redeemable
units 73,736,039
Net assets attributable to
holders of redeemable
units (per unit) 14.96
JPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 146 -
30.9.2015
USD Class (acc)
Units
Number of units in issue: 5,342,137.087
US$
Net assets attributable to
holders of redeemable
units 81,381,769
Net assets attributable to
holders of redeemable
units (per unit) 15.23
4444 Net (losses)/gains on investments and derivatives Net (losses)/gains on investments and derivatives Net (losses)/gains on investments and derivatives Net (losses)/gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives (5,096,000) 12,166,364
Realized gains on sale of investments and derivatives 3,384,158 4,098,599
(1,711,842) 16,264,963
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 DisDisDisDistribution tribution tribution tribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 147 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 19
September 2006 to 30 September 2010. The principal effect
of this certification is that for unitholders resident in the UK
for taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (97.8%)
EquitiesEquitiesEquitiesEquities (97.8%)
IndonesiaIndonesiaIndonesiaIndonesia (93.9%)
AutomobilesAutomobilesAutomobilesAutomobiles (9.3%)
Astra Intl 12,710,900 6,949,775 9.3
Commercial BanksCommercial BanksCommercial BanksCommercial Banks (29.5%)
Bank Central Asia 6,947,700 6,968,658 9.4
Bank Mandiri (Persero) 4,262,962 3,311,350 4.4
Bank Negara Indonesia
(Persero) 8,792,800 3,448,157 4.6
Bank Rakyat Indonesia
Persero 8,498,700 7,322,597 9.8
Bank Tabungan Negara 7,245,300 953,473 1.3
Construction & EngineeringConstruction & EngineeringConstruction & EngineeringConstruction & Engineering (3.4%)
Acset Indonusa 1,565,000 439,640 0.6
Adhi Karya Persero 5,218,788 1,058,713 1.4
Waskita Karya Persero 7,036,856 1,064,019 1.4
Construction MaterialsConstruction MaterialsConstruction MaterialsConstruction Materials (1.9%)
Semen Indonesia Persero 1,858,700 1,426,265 1.9
Diversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication Services (14.1%)
Telekomunikasi Indonesia 'B' 28,178,900 7,065,976 9.5
XL Axiata 11,314,600 3,413,152 4.6
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Health Care Providers & ServicesHealth Care Providers & ServicesHealth Care Providers & ServicesHealth Care Providers & Services (3.0%)
Mitra Keluarga Karyasehat 12,159,300 2,223,703 3.0
Household ProductsHousehold ProductsHousehold ProductsHousehold Products (2.1%)
Unilever Indonesia 473,300 1,532,157 2.1
MachineryMachineryMachineryMachinery (0.5%)
United Tractors 327,700 378,115 0.5
MediaMediaMediaMedia (3.6%)
Surya Citra Media 11,260,057 2,666,409 3.6
Multiline RetailMultiline RetailMultiline RetailMultiline Retail (4.9%)
Matahari Department Store 2,618,300 3,623,364 4.9
Personal ProductsPersonal ProductsPersonal ProductsPersonal Products (1.5%)
Industri Jamu Dan
Farmasi Sido 30,468,600 1,148,891 1.5
PharmaceuticalsPharmaceuticalsPharmaceuticalsPharmaceuticals (1.5%)
Kalbe Farma 10,003,900 1,090,169 1.5
Real Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & Development (9.5%)
Bumi Serpong Damai 13,891,600 1,922,405 2.6
Ciputra Development 9,376,700 922,820 1.2
Ciputra Surya 3,536,000 532,000 0.7
Pakuwon Jati 55,040,200 2,009,009 2.7
Summarecon Agung 14,242,000 1,702,381 2.3
TobaccoTobaccoTobaccoTobacco (5.2%)
Gudang Garam 780,100 3,841,669 5.2
Transportation InfrastructureTransportation InfrastructureTransportation InfrastructureTransportation Infrastructure (2.8%)
Jasa Marga (Persero) 5,059,000 2,060,226 2.8
Wireless Telecommunication ServicesWireless Telecommunication ServicesWireless Telecommunication ServicesWireless Telecommunication Services (1.1%)
Indosat Tbk 1,733,500 807,267 1.1
SingaporeSingaporeSingaporeSingapore (3.9%)
DistributorsDistributorsDistributorsDistributors (3.9%)
Jardine Cycle & Carriage 97,900 2,910,246 3.9
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 72,792,606 97.8
Other net assetsOther net assetsOther net assetsOther net assets 1,672,509 2.2
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 74,465,115 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 67,861,360
JPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 148 -
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
IndonesiaIndonesiaIndonesiaIndonesia
Commercial Banks 29.5 22.6
Diversified Telecommunication Services 14.1 9.7
Real Estate Management & Development 9.5 9.8
Automobiles 9.3 4.7
Tobacco 5.2 1.3
Multiline Retail 4.9 5.3
Media 3.6 5.0
Construction & Engineering 3.4 8.0
Health Care Providers & Services 3.0 4.9
Transportation Infrastructure 2.8 4.9
Household Products 2.1 2.5
Construction Materials 1.9 -
Personal Products 1.5 -
Pharmaceuticals 1.5 2.3
Wireless Telecommunication Services 1.1 2.5
Machinery 0.5 4.5
Oil & Gas & Consumable Fuels - 2.6
Insurance - 1.7
Gas Utilities - 0.7
Food Products - 0.7
SingaporeSingaporeSingaporeSingapore
Distributors 3.9 -
Food Products - 1.0
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 97.8 94.7
Other net assetsOther net assetsOther net assetsOther net assets 2.2 5.3
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 151 to 153 form part of these financial statements.
- 149 -
Statement of Statement of Statement of Statement of Financial PositionFinancial PositionFinancial PositionFinancial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 3,016,927 2,497,399
Amounts due from brokers 1,365,539 733,438
Amounts receivable on allotment 91,257 44,471
Investments 72,792,606 51,171,205
Dividend and other accounts
receivable 132,794 53,288
Total assetsTotal assetsTotal assetsTotal assets 77,399,123 54,499,801
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 1,247,345 279,933
Amounts payable on redemption 1,581,427 83,469
Other accounts payable 105,236 104,871
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 2,934,008 468,273
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 74,465,115 54,031,528
EquityEquityEquityEquity 74,465,115 54,031,528
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 16,647,662 1,094,091
Dividend income 370,664 559,997
Net foreign currency exchange
gains/(losses) 50,277 (94,012)
Interest on deposits 2,601 2,795
17,071,204 1,562,871
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 491,916 598,558
Transaction costs 142,663 164,120
Trustee's fee 17,084 19,206
Registrar's fee 12,828 21,875
Safe custody and bank charges 11,687 13,740
Valuation fee 8,190 8,540
Auditor's fee 7,018 6,583
Legal and professional expenses 2,651 300
Printing and publication expenses 1,030 2,666
Other operating expenses 7,174 2,258
702,241 837,846
---------- ----------
Net operating Net operating Net operating Net operating profitprofitprofitprofit 16,368,963 725,025
Finance costsFinance costsFinance costsFinance costs
Interest paid - (78)
Profit before taxationProfit before taxationProfit before taxationProfit before taxation 16,368,963 724,947
Taxation (74,286) (112,084)
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable redeemable redeemable redeemable units and total units and total units and total units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 16,294,677 612,863
JPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 151 to 153 form part of these financial statements.
- 150 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 54,031,528 86,425,244
---------- ----------
Allotment of redeemable units 17,231,012 31,606,265
Redemption of redeemable units (13,092,102) (37,876,586)
Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption) 4,138,910 (6,270,321)
---------- ----------
58,170,438 80,154,923
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 16,294,677 612,863
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 74,465,115 80,767,786
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (31,189,412) (33,700,167)
Proceeds from disposal of
investments and derivatives 26,547,852 38,275,323
Dividend received 292,079 228,159
Interest received 2,548 2,795
Trustee's fee paid (16,463) (19,428)
Registrar's fee paid (27,112) (44,271)
Tax paid (74,286) (112,084)
Transaction costs paid (141,411) (167,896)
Management fee paid (467,514) (611,867)
Others 3,156 (100,401)
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (5,070,563) 3,750,163
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid - (64)
Receipts on allotment of
redeemable units 17,184,226 32,009,487
Payments on redemption of
redeemable units (11,594,144) (38,096,669)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities 5,590,082 (6,087,246)
---------- ----------
Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and
cash equivalentscash equivalentscash equivalentscash equivalents 519,519 (2,337,083)
Cash and cash equivalents at the
beginning of the period 2,497,399 2,388,646
Exchange gains/(losses) on cash
and cash equivalents 9 (44,235)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 3,016,927 7,328
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 3,016,927 622,345
Short term bank loans -
unsecured - (615,017)
3,016,927 7,328
JPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 151 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Indonesia Fund (the "Fund") was established under a Trust Deed dated 19 September 2006, as amended, and is governed by the
laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital appreciation through a portfolio consisting primarily of
securities linked to the Indonesian economy. These include, but are not restricted to, securities traded on the stock exchanges of Indonesia.
Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a “Class”) whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) AccouAccouAccouAccounting policies of interim financial statementsnting policies of interim financial statementsnting policies of interim financial statementsnting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivativesInvestments and derivativesInvestments and derivativesInvestments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 152 -
(c)(c)(c)(c) Securities borrowingSecurities borrowingSecurities borrowingSecurities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 19 September 2006, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (acc)
Units
Number of units in issue: 2,956,226.997
US$
Net assets attributable to
holders of redeemable
units 74,465,115
Net assets attributable to
holders of redeemable
units (per unit) 25.19
JPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 153 -
30.9.2015
USD Class (acc)
Units
Number of units in issue: 2,793,435.377
US$
Net assets attributable to
holders of redeemable
units 54,031,528
Net assets attributable to
holders of redeemable
units (per unit) 19.34
4444 Net gains on investments and derivativesNet gains on investments and derivativesNet gains on investments and derivativesNet gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 21,881,050 1,571,959
Realized losses on sale of investments and derivatives (5,233,388) (477,868)
16,647,662 1,094,091
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 DistributionDistributionDistributionDistribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN JPMORGAN JPMORGAN JPMORGAN JAPAN (YEN) FUNDJAPAN (YEN) FUNDJAPAN (YEN) FUNDJAPAN (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 154 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 1 January
1984 to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
JPY'000JPY'000JPY'000JPY'000
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (115.6%)
(I) Equities(I) Equities(I) Equities(I) Equities (116.1%)
JapanJapanJapanJapan (116.1%)
BanksBanksBanksBanks (1.2%)
Suruga Bank 313,500 620,103 1.2
ChemicalsChemicalsChemicalsChemicals (10.3%)
Kose Corp 105,600 1,156,320 2.3
Lion Corp 1,207,000 1,531,683 3.0
Nifco Inc 137,200 742,252 1.5
Pola Orbis Hldgs 170,200 1,587,966 3.1
Unicharm Corp 93,100 228,002 0.4
Electric AppliancesElectric AppliancesElectric AppliancesElectric Appliances (12.9%)
Casio Computer 251,300 570,702 1.1
Fanuc Corp 31,100 543,784 1.1
Keyence Corp 39,900 2,449,461 4.8
Mabuchi Motor 142,700 747,748 1.5
Murata Mfg 36,100 489,877 1.0
Sysmex Corp 249,400 1,755,776 3.4
FoodsFoodsFoodsFoods (6.5%)
Japan Tobacco 353,300 1,656,977 3.3
Kewpie Corp 227,600 580,835 1.1
Megmilk Snow Brand 377,500 1,067,948 2.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
JPY'000JPY'000JPY'000JPY'000
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Information & CommunicationInformation & CommunicationInformation & CommunicationInformation & Communication (12.2%)
GMO Payment Gateway 102,900 784,098 1.5
KDDI Corp 590,200 1,774,141 3.5
Nippon Telegraph &
Telephone 499,400 2,421,091 4.7
Otsuka Corp 148,300 880,902 1.7
Trend Micro 92,400 380,688 0.8
MachineryMachineryMachineryMachinery (6.4%)
Hoshizaki Electric 105,300 988,767 1.9
Kubota Corp 181,600 279,028 0.6
Miura Co 584,900 1,228,875 2.4
SMC Corp 30,000 784,200 1.5
Metal ProductsMetal ProductsMetal ProductsMetal Products (2.5%)
Rinnai Corp 52,900 525,826 1.0
Sanwa Hldgs 904,600 757,150 1.5
Other Financing BusinessOther Financing BusinessOther Financing BusinessOther Financing Business (3.8%)
Acom Co 1,416,700 803,269 1.6
Japan Exchange Group 654,500 1,128,358 2.2
Other ProductsOther ProductsOther ProductsOther Products (1.7%)
Pigeon Corp 302,200 887,561 1.7
PharmaceuticalsPharmaceuticalsPharmaceuticalsPharmaceuticals (8.7%)
Nippon Shinyaku 124,300 546,920 1.1
Ono Pharmaceutical 370,000 1,763,050 3.5
Santen Pharmaceutical 644,100 1,090,461 2.1
Sosei Group 63,800 1,035,474 2.0
Precision InstrumentsPrecision InstrumentsPrecision InstrumentsPrecision Instruments (3.8%)
Asahi Intecc 306,900 1,617,363 3.2
Nakanishi Inc 93,900 335,692 0.6
Real EstateReal EstateReal EstateReal Estate (2.8%)
Apamanshop Hldgs 37,800 67,360 0.1
Industrial & Infrastructure
Fund 594 310,662 0.6
Nippon Prologis REIT 2,120 534,028 1.1
Park24 Co 168,400 530,460 1.0
Retail TradeRetail TradeRetail TradeRetail Trade (15.2%)
ABC-Mart Inc 78,100 563,101 1.1
Cosmos Pharmaceutical 59,200 1,107,632 2.2
Don Quijote 400,900 1,567,519 3.1
Marui Group Co 319,000 514,547 1.0
MonotaRO Co 605,600 2,025,732 3.9
Seria Co 110,800 752,332 1.5
Start Today Co 123,900 562,506 1.1
Sundrug Co 81,000 682,020 1.3
ServicesServicesServicesServices (22.4%)
H I S Co 172,300 541,884 1.1
Infomart Corp 456,900 462,383 0.9
Kakaku.com Inc 250,200 522,918 1.0
Kyoritsu Maintenance 80,900 785,539 1.5
JPMORGAN JPMORGAN JPMORGAN JPMORGAN JAPAN (YEN) FUNDJAPAN (YEN) FUNDJAPAN (YEN) FUNDJAPAN (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 155 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
JPY'000JPY'000JPY'000JPY'000
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
ServicesServicesServicesServices (Continued)
M3 Inc 886,300 2,510,002 4.9
NEXT Co 615,900 850,558 1.7
Nihon M&A Center 308,600 2,021,330 4.0
Oriental Land 239,800 1,911,206 3.7
Rakuten Inc 256,600 278,539 0.6
Resorttrust Inc 302,600 765,275 1.5
Sohgo Security Services 128,700 785,070 1.5
Transportation EquipmentTransportation EquipmentTransportation EquipmentTransportation Equipment (4.8%)
Fuji Heavy Industries 330,900 1,315,328 2.6
Shimano Inc 65,000 1,146,600 2.2
Wholesale TradeWholesale TradeWholesale TradeWholesale Trade (0.9%)
Daiichikosho Co 95,600 468,440 0.9
59,325,319 116.1
(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (-0.5%)
Forward foreign exchangeForward foreign exchangeForward foreign exchangeForward foreign exchange
contracts contracts contracts contracts (-0.5%) (272,413) (0.5)
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 59,052,906 115.6
Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (7,973,808) (15.6)
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 51,079,098 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 47,684,600
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
JapanJapanJapanJapan
Services 22.4 19.9
Retail Trade 15.2 12.6
Electric Appliances 12.9 19.4
Information & Communication 12.2 6.7
Chemicals 10.3 5.6
Pharmaceuticals 8.7 6.2
Foods 6.5 0.7
Machinery 6.4 3.5
Transportation Equipment 4.8 5.3
Precision Instruments 3.8 3.3
Other Financing Business 3.8 3.7
Real Estate 2.8 2.1
Metal Products 2.5 1.4
Other Products 1.7 2.6
Banks 1.2 3.4
Wholesale Trade 0.9 0.8
Rubber Products - 1.1
Construction - 0.4
Textiles & Apparel - 0.3
DerivativesDerivativesDerivativesDerivatives
Forward foreign exchange contracts (0.5) (0.0)
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 115.6 99.0
Other net (liabilities)/assetsOther net (liabilities)/assetsOther net (liabilities)/assetsOther net (liabilities)/assets (15.6) 1.0
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN JPMORGAN JPMORGAN JPMORGAN JAPAN (YEN) FUNDJAPAN (YEN) FUNDJAPAN (YEN) FUNDJAPAN (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 158 to 160 form part of these financial statements.
- 156 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
JPY'000JPY'000JPY'000JPY'000 JPY'000JPY'000JPY'000JPY'000
AssetsAssetsAssetsAssets
Cash at banks 111,356 1,535,509
Amounts due from brokers 609,753 444,308
Amounts receivable on allotment 392,017 1,522,317
Derivatives 53,671 47,071
Investments 59,325,319 51,857,454
Dividend and other accounts
receivable 225,072 186,829
Total assetsTotal assetsTotal assetsTotal assets 60,717,188 55,593,488
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Short term bank loans - unsecured 7,108,366 2,646,587
Amounts due to brokers 64,235 180,067
Amounts payable on redemption 2,067,794 278,173
Derivatives 326,084 58,168
Other accounts payable 71,611 84,153
Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units)redeemable units)redeemable units)redeemable units) 9,638,090 3,247,148
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 51,079,098 52,346,340
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
JPY'000JPY'000JPY'000JPY'000 JPY'000JPY'000JPY'000JPY'000
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 724,323 10,138,589
Dividend income 374,161 253,124
Interest on deposits 107 59
Net foreign currency exchange
losses (590) (1,765)
Other income - 1,149
1,098,001 10,391,156
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 416,769 242,934
Transaction costs 20,887 13,213
Registrar's fee 12,290 8,451
Trustee's fee 7,701 4,732
Safe custody and bank charges 6,451 2,681
Legal and professional expenses 2,277 125
Auditor's fee 1,040 791
Valuation fee 946 948
Printing and publication expenses 644 819
Other operating expenses 725 73
469,730 274,767
---------- ----------
Net operating profitNet operating profitNet operating profitNet operating profit 628,271 10,116,389
Finance costsFinance costsFinance costsFinance costs
Interest paid (17,908) (21,714)
Profit before taxationProfit before taxationProfit before taxationProfit before taxation 610,363 10,094,675
Taxation (37,416) (25,312)
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 572,947 10,069,363
JPMORGAN JPMORGAN JPMORGAN JPMORGAN JAPAN (YEN) FUNDJAPAN (YEN) FUNDJAPAN (YEN) FUNDJAPAN (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 158 to 160 form part of these financial statements.
- 157 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
JPY'000JPY'000JPY'000JPY'000 JPY'000JPY'000JPY'000JPY'000
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 52,346,340 31,500,726
---------- ----------
Allotment of redeemable units 45,160,794 29,079,294
Redemption of redeemable units (47,000,983) (30,759,539)
Net redemptionNet redemptionNet redemptionNet redemption (1,840,189) (1,680,245)
---------- ----------
50,506,151 29,820,481
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable redeemable redeemable redeemable units and total units and total units and total units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 572,947 10,069,363
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 51,079,098 39,889,844
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period For the period For the period For the period ended 31 March 2016ended 31 March 2016ended 31 March 2016ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
JPY'000JPY'000JPY'000JPY'000 JPY'000JPY'000JPY'000JPY'000
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (25,454,247) (15,973,060)
Proceeds from disposal of
investments and derivatives 18,690,962 18,936,593
Dividend received 336,830 235,115
Interest received 117 43
Trustee's fee paid (7,560) (4,633)
Transaction costs paid (21,226) (13,838)
Registrar's fee paid (25,758) (13,099)
Tax paid (37,416) (25,312)
Management fee paid (409,435) (237,306)
Others (17,893) 269,228
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (6,945,626) 3,173,731
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (17,821) (21,674)
Receipts on allotment of
redeemable units 46,291,094 26,332,110
Payments on redemption of
redeemable units (45,211,362) (30,578,946)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities 1,061,911 (4,268,510)
---------- ----------
Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash
equivalentsequivalentsequivalentsequivalents (5,883,715) (1,094,779)
Cash and cash equivalents at the
beginning of the period (1,111,078) (5,941,818)
Exchange (losses)/gains on cash
and cash equivalents (2,217) 53,832
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period (6,997,010) (6,982,765)
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 111,356 1,054,791
Short term bank loans -
unsecured (7,108,366) (8,037,556)
(6,997,010) (6,982,765)
JPMORGAN JAPAN (YEN) FUNDJPMORGAN JAPAN (YEN) FUNDJPMORGAN JAPAN (YEN) FUNDJPMORGAN JAPAN (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 158 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Japan (Yen) Fund (the "Fund") was established under a Trust Deed dated 1 August 1969, as amended, and is governed by the laws of
Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital growth through investment primarily in Japanese
securities and other securities whose performance is linked to the Japanese economy.
Pursuant to the Supplemental Trust Deed dated 20 June 2013, the Manager may decide to issue separate classes (each a "Class") whose assets
will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a different
charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN JAPAN (YEN) FUNDJPMORGAN JAPAN (YEN) FUNDJPMORGAN JAPAN (YEN) FUNDJPMORGAN JAPAN (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 159 -
(c)(c)(c)(c) Securities lending and borrowing Securities lending and borrowing Securities lending and borrowing Securities lending and borrowing
Securities lenders' agreements are entered into with institutions of appropriate financial standing who engage in such arrangements
acceptable to the Trustee and on arm's length commercial terms. Securities lent are included in the investment portfolio of the Fund.
Relevant securities lending income entitled by the Fund is accounted for in the Statement of Comprehensive Income. Collateral received
for the purpose of securities lent generally consist of non-cash collateral which are off-balance sheet transactions and are therefore not
included in the financial statements.
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted Japanese Yen as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 1 August 1969, as amended, which may be different from the accounting policies stated in the financial
statements.
Units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial liability in the
Statement of Financial Position which represents the net assets attributable to holders of redeemable units (or "net asset value" or "net
assets" or "NAV") and is carried at the redemption amount that would be payable at the Statement of Financial Position date if the
holders of redeemable units exercised the right to redeem units of the Fund.
3333 Number of units in issue and net assets attributable to holdersNumber of units in issue and net assets attributable to holdersNumber of units in issue and net assets attributable to holdersNumber of units in issue and net assets attributable to holders of redeemable units (per unit)of redeemable units (per unit)of redeemable units (per unit)of redeemable units (per unit)
31.3.2016
HKD Hedged Class
(acc) JPY Class (acc)
USD Hedged Class
(acc)
RMB Hedged Class
(acc)
Units Units Units Units
Number of units in issue: 10,738,572.637 1,043,588.921 12,536,217.245 700,336.053
HK$ JPY'000 US$ CNY
Net assets attributable to
holders of redeemable
units 157,709,808 27,829,873 185,419,997 7,106,150
Net assets attributable to
holders of redeemable
units (per unit) 14.69 26.667 14.79 10.15
JPMORGAN JAPAN (YEN) FUNDJPMORGAN JAPAN (YEN) FUNDJPMORGAN JAPAN (YEN) FUNDJPMORGAN JAPAN (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 160 -
30.9.2015
HKD Hedged Class
(acc) JPY Class (acc)
USD Hedged Class
(acc)
RMB Hedged Class
(acc)
Units Units Units Units
Number of units in issue: 9,979,306.883 1,143,059.258 12,560,055.032 1,126,331.203
HK$ JPY'000 US$ CNY
Net assets attributable to
holders of redeemable
units 139,455,965 28,851,668 176,496,708 10,707,579
Net assets attributable to
holders of redeemable
units (per unit) 13.97 25.241 14.05 9.51
4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
JPY'000 JPY'000
Change in unrealized gains in value of investments and derivatives 2,956,404 6,491,701
Realized (losses)/gains on sale of investments and derivatives (2,232,081) 3,646,888
724,323 10,138,589
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 161 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 1 January
1984 to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
JPY'000JPY'000JPY'000JPY'000
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (107.7%)
EquitiesEquitiesEquitiesEquities (107.7%)
JapanJapanJapanJapan (107.7%)
BanksBanksBanksBanks (1.0%)
Suruga Bank 65,200 128,966 1.0
ChemicalsChemicalsChemicalsChemicals (6.5%)
Daicel Corp 102,600 157,799 1.3
FP Corp 29,300 141,080 1.1
Mitsui Chemicals 392,000 147,000 1.2
Nifco Inc 27,200 147,152 1.2
Pola Orbis Hldgs 13,400 125,022 1.0
Unicharm Corp 38,800 95,021 0.7
ConstructionConstructionConstructionConstruction (5.1%)
Kumagai Gumi 733,000 209,638 1.7
SHO-BOND Hldgs 37,400 160,072 1.3
Taisei Corp 358,000 266,352 2.1
Electric AppliancesElectric AppliancesElectric AppliancesElectric Appliances (6.8%)
Casio Computer 92,000 208,932 1.7
Iriso Electronics 24,800 138,384 1.1
Mabuchi Motor 19,900 104,276 0.9
Nidec Corp 29,700 228,720 1.8
Sysmex Corp 23,200 163,328 1.3
FoodsFoodsFoodsFoods (1.0%)
Kewpie Corp 48,800 124,538 1.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
JPY'000JPY'000JPY'000JPY'000
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Glass & Ceramics ProductsGlass & Ceramics ProductsGlass & Ceramics ProductsGlass & Ceramics Products (1.0%)
Taiheiyo Cement 474,000 122,766 1.0
Information & CommunicationInformation & CommunicationInformation & CommunicationInformation & Communication (6.0%)
Digital Garage 56,100 115,061 0.9
GMO Payment Gateway 39,500 300,990 2.4
Otsuka Corp 31,800 188,892 1.5
Square Enix Hldgs 47,700 145,008 1.2
InsuranceInsuranceInsuranceInsurance (3.0%)
Anicom Hldgs 119,900 370,491 3.0
MachineryMachineryMachineryMachinery (4.6%)
Disco Corp 22,200 211,788 1.7
Hoshizaki Electric 14,900 139,911 1.1
Miura Co 78,500 164,928 1.3
Nittoku Engineering 42,100 41,468 0.3
Shibuya Corp 15,500 20,476 0.2
Metal ProductsMetal ProductsMetal ProductsMetal Products (1.3%)
Rinnai Corp 17,000 168,980 1.3
Other Financing BusinessOther Financing BusinessOther Financing BusinessOther Financing Business (5.0%)
Acom Co 446,700 253,279 2.0
Hitachi Capital 44,600 109,270 0.9
Japan Exchange Group 72,600 125,162 1.0
Mitsubishi UFJ Lease &
Finance Co 270,500 133,627 1.1
Other ProductsOther ProductsOther ProductsOther Products (2.8%)
Bandai Namco Hldgs 90,300 221,596 1.8
Fuji Seal Intl 31,100 124,089 1.0
PharmaceuticalsPharmaceuticalsPharmaceuticalsPharmaceuticals (6.6%)
Nippon Shinyaku 29,700 130,680 1.1
PeptiDream Inc 80,800 553,481 4.4
Sosei Group 8,300 134,709 1.1
Precision InstrumentsPrecision InstrumentsPrecision InstrumentsPrecision Instruments (4.8%)
Asahi Intecc 79,900 421,073 3.4
Shimadzu Corp 73,000 128,845 1.0
Topcon Corp 31,600 46,894 0.4
Real EstateReal EstateReal EstateReal Estate (10.8%)
Arealink Co 464,600 56,217 0.5
GLP J-REIT 1,366 175,258 1.4
Hulic Reit 638 116,754 0.9
Industrial & Infrastructure
Fund 330 172,590 1.4
Invincible Investment 6,131 517,456 4.1
Kenedix Retail REIT 350 95,515 0.8
Nippon Prologis REIT 360 90,684 0.7
Park24 Co 40,600 127,890 1.0
Retail TradeRetail TradeRetail TradeRetail Trade (15.0%)
Adastria Hldgs 29,000 99,035 0.8
Cosmos Pharmaceutical 7,200 134,712 1.1
Don Quijote 58,500 228,735 1.8
Isetan Mitsukoshi Hldgs 105,700 138,996 1.1
Marui Group Co 81,700 131,782 1.1
JPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 162 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
JPY'000JPY'000JPY'000JPY'000
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Retail TradeRetail TradeRetail TradeRetail Trade (Continued)
MonotaRO Co 45,200 151,194 1.2
Nitori Co 19,900 205,169 1.6
San-A Co 28,000 148,960 1.2
Seria Co 32,100 217,959 1.8
Shimamura Co 13,700 192,485 1.5
Start Today Co 49,600 225,184 1.8
ServicesServicesServicesServices (20.0%)
AEON Fantasy 34,000 76,670 0.6
Benefit One 53,900 136,852 1.1
Cyber Agent 20,900 109,307 0.9
Firstlogic Inc 21,000 66,360 0.5
H I S Co 60,100 189,014 1.5
Infomart Corp 71,500 72,358 0.6
Kakaku.com Inc 57,600 120,384 1.0
Litalico Inc 24,400 58,511 0.5
M3 Inc 97,600 276,403 2.2
N Field Co 65,800 111,794 0.9
NEXT Co 89,700 123,876 1.0
Nihon M&A Center 17,100 112,005 0.9
Oriental Land 33,100 263,807 2.1
Rakuten Inc 188,600 204,725 1.6
Resorttrust Inc 47,800 120,886 1.0
SMS Co 64,100 137,879 1.1
Sohgo Security Services 51,500 314,150 2.5
Transportation EquipmentTransportation EquipmentTransportation EquipmentTransportation Equipment (2.7%)
Shimano Inc 12,500 220,500 1.8
ShinMaywa Industries 145,000 115,710 0.9
Wholesale Wholesale Wholesale Wholesale TradeTradeTradeTrade (3.7%)
Daiichikosho Co 36,600 179,340 1.4
Misumi Group 86,800 139,835 1.1
Yokohama Reito 136,700 145,722 1.2
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 13,442,407 107.7
Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (963,440) (7.7)
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 12,478,967 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 9,438,105
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
JapanJapanJapanJapan
Services 20.0 16.7
Retail Trade 15.0 9.9
Real Estate 10.8 9.3
Electric Appliances 6.8 12.0
Pharmaceuticals 6.6 6.1
Chemicals 6.5 5.0
Information & Communication 6.0 5.1
Construction 5.1 5.8
Other Financing Business 5.0 7.2
Precision Instruments 4.8 3.4
Machinery 4.6 3.9
Wholesale Trade 3.7 3.5
Insurance 3.0 2.8
Other Products 2.8 5.4
Transportation Equipment 2.7 3.0
Metal Products 1.3 2.3
Banks 1.0 3.2
Foods 1.0 1.1
Glass & Ceramics Products 1.0 1.8
Rubber Products - 1.5
Iron & Steel - 0.6
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 107.7 109.6
Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (7.7) (9.6)
NetNetNetNet assets attributable to holders of assets attributable to holders of assets attributable to holders of assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 165 to 167 form part of these financial statements.
- 163 -
Statement of Statement of Statement of Statement of Financial PositionFinancial PositionFinancial PositionFinancial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
JPY'000JPY'000JPY'000JPY'000 JPY'000JPY'000JPY'000JPY'000
AssetsAssetsAssetsAssets
Cash at banks 50,748 21,765
Amounts due from brokers 8,227 399
Amounts receivable on allotment 738 4,539
Investments 13,442,407 13,852,449
Dividend and other accounts
receivable 56,288 53,366
Total assetsTotal assetsTotal assetsTotal assets 13,558,408 13,932,518
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Short term bank loans - unsecured 1,032,583 1,258,335
Amounts payable on redemption 28,372 18,498
Other accounts payable 18,486 19,972
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 1,079,441 1,296,805
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 12,478,967 12,635,713
EquityEquityEquityEquity 12,478,967 12,635,713
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
JPY'000JPY'000JPY'000JPY'000 JPY'000JPY'000JPY'000JPY'000
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 591,132 2,975,771
Dividend income 92,329 109,271
Net foreign currency exchange
(losses)/gains (359) 186
683,102 3,085,228
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 95,733 106,879
Transaction costs 4,115 5,298
Registrar's fee 1,771 2,120
Trustee's fee 1,149 1,283
Auditor's fee 968 661
Safe custody and bank charges 890 879
Legal and professional expenses 436 90
Printing and publication expenses 227 483
Other operating expenses 311 48
105,600 117,741
---------- ----------
Net operating profitNet operating profitNet operating profitNet operating profit 577,502 2,967,487
Finance costsFinance costsFinance costsFinance costs
Interest paid (4,557) (8,353)
Profit Profit Profit Profit before taxationbefore taxationbefore taxationbefore taxation 572,945 2,959,134
Taxation (9,233) (10,927)
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 563,712 2,948,207
JPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 165 to 167 form part of these financial statements.
- 164 -
Statement of Changes Statement of Changes Statement of Changes Statement of Changes in Net Assets Attributable to Holders in Net Assets Attributable to Holders in Net Assets Attributable to Holders in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
JPY'000JPY'000JPY'000JPY'000 JPY'000JPY'000JPY'000JPY'000
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the beginning of the beginning of the beginning of the periodperiodperiodperiod 12,635,713 13,949,799
---------- ----------
Allotment of redeemable units 866,600 1,239,986
Redemption of redeemable units (1,587,058) (2,736,817)
Net redemptionNet redemptionNet redemptionNet redemption (720,458) (1,496,831)
---------- ----------
11,915,255 12,452,968
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 563,712 2,948,207
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 12,478,967 15,401,175
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
JPY'000JPY'000JPY'000JPY'000 JPY'000JPY'000JPY'000JPY'000
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (3,058,089) (3,273,828)
Proceeds from disposal of
investments and derivatives 4,051,427 4,463,077
Dividend received 89,407 94,201
Trustee's fee paid (1,146) (1,261)
Registrar's fee paid (3,668) (3,978)
Transaction costs paid (4,348) (5,567)
Tax paid (9,233) (10,927)
Management fee paid (95,504) (105,033)
Others (2,524) (3,849)
Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating
activitiesactivitiesactivitiesactivities 966,322 1,152,835
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (4,562) (8,341)
Receipts on allotment of
redeemable units 870,401 1,081,313
Payments on redemption of
redeemable units (1,577,184) (2,641,312)
Net cash outflow from Net cash outflow from Net cash outflow from Net cash outflow from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities (711,345) (1,568,340)
---------- ----------
Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and
cash equivalentscash equivalentscash equivalentscash equivalents 254,977 (415,505)
Cash and cash equivalents at the
beginning of the period (1,236,570) (1,829,876)
Exchange (losses)/gains on cash
and cash equivalents (242) 608
Cash and cash Cash and cash Cash and cash Cash and cash equivalents at equivalents at equivalents at equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period (981,835) (2,244,773)
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 50,748 34,791
Short term bank loans -
unsecured (1,032,583) (2,279,564)
(981,835) (2,244,773)
JPMORGANJPMORGANJPMORGANJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJAPAN SMALLER COMPANY (YEN) FUNDJAPAN SMALLER COMPANY (YEN) FUNDJAPAN SMALLER COMPANY (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 165 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Japan Smaller Company (Yen) Fund (the "Fund") was established under a Trust Deed dated 5 June 1980, as amended, and is
governed by the laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital growth through investment primarily in the shares of small
to medium sized Japanese companies.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting Accounting Accounting Accounting policies of interim financial statementspolicies of interim financial statementspolicies of interim financial statementspolicies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGANJPMORGANJPMORGANJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJAPAN SMALLER COMPANY (YEN) FUNDJAPAN SMALLER COMPANY (YEN) FUNDJAPAN SMALLER COMPANY (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 166 -
(c)(c)(c)(c) Securities borrowingSecurities borrowingSecurities borrowingSecurities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted Japanese Yen as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 5 June 1980, as amended, which may be different from the accounting policies stated in the financial statements.
3333 Number of units in issue and netNumber of units in issue and netNumber of units in issue and netNumber of units in issue and net assets attributable to holders of redeemable units (per unit)assets attributable to holders of redeemable units (per unit)assets attributable to holders of redeemable units (per unit)assets attributable to holders of redeemable units (per unit)
31.3.2016 30.9.2015
Units Units
Number of units in issue 237,419.721 251,616.375
JPY'000 JPY'000
Net assets attributable to holders of redeemable units 12,478,967 12,635,713
Net assets attributable to holders of redeemable units (per unit) 52.561 50.218
4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
JPY'000 JPY'000
Change in unrealized gains/losses in value of investments and derivatives 217,970 2,435,620
Realized gains on sale of investments and derivatives 373,162 540,151
591,132 2,975,771
JPMORGANJPMORGANJPMORGANJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJAPAN SMALLER COMPANY (YEN) FUNDJAPAN SMALLER COMPANY (YEN) FUNDJAPAN SMALLER COMPANY (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 167 -
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 168 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 11 December
1991 to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (95.9%)
EquitiesEquitiesEquitiesEquities (95.9%)
KoreaKoreaKoreaKorea (95.9%)
Aerospace & Defense ServicesAerospace & Defense ServicesAerospace & Defense ServicesAerospace & Defense Services (1.1%)
Korea Aerospace Industries 56,300 3,209,829 1.1
Air Freight & Couriers FuelsAir Freight & Couriers FuelsAir Freight & Couriers FuelsAir Freight & Couriers Fuels (4.9%)
Hanjin Transportation 97,200 3,374,292 1.1
Hyundai Glovis 70,000 11,538,125 3.8
AirlinesAirlinesAirlinesAirlines (1.7%)
Korean Air Lines 188,000 5,096,187 1.7
Auto ComponentsAuto ComponentsAuto ComponentsAuto Components (2.5%)
Hankook Tire Worldwide 373,000 7,485,441 2.5
AutomobilesAutomobilesAutomobilesAutomobiles (1.2%)
Hyundai Motor Pref 2 39,600 3,670,514 1.2
BiotechnologyBiotechnologyBiotechnologyBiotechnology (1.4%)
Seegene Inc 148,000 4,348,374 1.4
Building ProductsBuilding ProductsBuilding ProductsBuilding Products (6.0%)
KCC Corp 33,000 12,004,197 4.0
LG Hausys 50,400 6,103,883 2.0
Capital MarketsCapital MarketsCapital MarketsCapital Markets (4.9%)
KIWOOM Securities 89,315 5,217,071 1.7
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Korea Investment Hldgs 199,500 7,667,038 2.5
NH Investment & Securities
Pref 368,939 2,080,847 0.7
ChemicalsChemicalsChemicalsChemicals (3.7%)
Kolon Industries 98,200 6,216,929 2.1
Kumho Petro Chemical 97,500 4,961,962 1.6
Commercial BanksCommercial BanksCommercial BanksCommercial Banks (5.4%)
DGB Financial Group 341,000 2,653,813 0.9
KB Financial Group 233,000 6,489,201 2.1
Shinhan Financial Group 208,000 7,366,212 2.4
Computers & PeripheralsComputers & PeripheralsComputers & PeripheralsComputers & Peripherals (9.8%)
Samsung Electronics 11,600 13,308,150 4.4
Samsung Electronics GDR-
RegS 28,700 16,344,649 5.4
Construction & EngineeringConstruction & EngineeringConstruction & EngineeringConstruction & Engineering (0.8%)
Hyundai Eng & Construction 65,000 2,395,724 0.8
Diversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer Services (0.1%)
CMS Edu 18,480 374,900 0.1
Diversified Financial ServicesDiversified Financial ServicesDiversified Financial ServicesDiversified Financial Services (0.3%)
Korea Ratings Corp 26,119 977,521 0.3
Diversified Telecommunication ServiDiversified Telecommunication ServiDiversified Telecommunication ServiDiversified Telecommunication Servi (0.8%)
LG Uplus 250,000 2,415,617 0.8
Electric UtilitiesElectric UtilitiesElectric UtilitiesElectric Utilities (4.2%)
Korea Electric Power 241,000 12,686,429 4.2
Food & Staples RetailingFood & Staples RetailingFood & Staples RetailingFood & Staples Retailing (4.7%)
E-MART Co 57,100 8,762,723 2.9
GS Retail 106,000 4,370,322 1.4
Hyundai C&F 48,201 1,034,745 0.4
Food ProductsFood ProductsFood ProductsFood Products (7.0%)
CJ CheilJedang 12,050 3,661,573 1.2
Easy Bio 803,200 3,883,959 1.3
Farmsco 526,000 5,335,432 1.7
Nong Shim Co 16,300 5,701,294 1.9
Nong Shim Hldgs 20,798 2,755,244 0.9
Gas Gas Gas Gas UtilitiesUtilitiesUtilitiesUtilities (1.3%)
Korea Gas 119,600 4,010,721 1.3
Health Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & Supplies (0.8%)
Suheung Co 58,700 2,358,574 0.8
Hotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & Leisure (3.4%)
Grand Korea Leisure 212,700 4,249,908 1.4
Modetour Network 231,300 6,087,907 2.0
Industrial ConglomeratesIndustrial ConglomeratesIndustrial ConglomeratesIndustrial Conglomerates (1.7%)
SK Holdings Co 27,200 5,303,952 1.7
InsuranceInsuranceInsuranceInsurance (5.0%)
Dongbu Insurance 47,800 3,172,455 1.0
JPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 169 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
KoreaKoreaKoreaKorea (Continued)
Hyundai Marine & Fire
Insurance 145,000 4,209,514 1.4
Meritz Fire & Marine Insurance 340,000 4,756,908 1.6
Samsung Life Insurance 31,082 3,193,542 1.0
Internet & Catalog RetailInternet & Catalog RetailInternet & Catalog RetailInternet & Catalog Retail (3.6%)
GS Home Shopping 38,300 6,219,229 2.0
NS Shopping 28,700 4,718,083 1.6
Internet Software & ServicesInternet Software & ServicesInternet Software & ServicesInternet Software & Services (1.6%)
NAVER Corp 8,800 4,901,714 1.6
MediaMediaMediaMedia (0.6%)
YG Entertainment 52,500 1,794,990 0.6
Oil & Gas & Consumable FuelsOil & Gas & Consumable FuelsOil & Gas & Consumable FuelsOil & Gas & Consumable Fuels (6.1%)
SK Innovation 68,900 10,362,714 3.4
S-Oil Corp 97,300 8,329,547 2.7
Personal ProductsPersonal ProductsPersonal ProductsPersonal Products (0.7%)
Nutribiotech 40,700 2,021,476 0.7
Road & RailRoad & RailRoad & RailRoad & Rail (1.8%)
AJ Rent A Car 571,000 5,592,165 1.8
Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor EquipmentSemiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment (3.2%)
SK Hynix 394,000 9,698,409 3.2
SoftwareSoftwareSoftwareSoftware (1.7%)
DoubleUGames 105,100 3,207,406 1.0
NCsoft Corp 9,000 1,995,016 0.7
Specialty RetailSpecialty RetailSpecialty RetailSpecialty Retail (1.4%)
LOTTE Himart 94,100 4,212,942 1.4
Trading Companies & DistributorsTrading Companies & DistributorsTrading Companies & DistributorsTrading Companies & Distributors (0.5%)
Hyundai Corp 70,064 1,409,122 0.5
Wireless Wireless Wireless Wireless Telecommunication ServicesTelecommunication ServicesTelecommunication ServicesTelecommunication Services (2.0%)
SK Telecom 33,000 6,016,527 2.0
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 291,315,018 95.9
Other net assetsOther net assetsOther net assetsOther net assets 12,546,831 4.1
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable redeemable redeemable redeemable units at 31 March 2016units at 31 March 2016units at 31 March 2016units at 31 March 2016 303,861,849 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 302,405,192
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
KoreaKoreaKoreaKorea
Computers & Peripherals 9.8 9.3
Food Products 7.0 5.2
Oil & Gas & Consumable Fuels 6.1 2.9
Building Products 6.0 4.4
Commercial Banks 5.4 8.9
Insurance 5.0 6.2
Capital Markets 4.9 4.2
Air Freight & Couriers Fuels 4.9 4.0
Food & Staples Retailing 4.7 3.9
Electric Utilities 4.2 3.6
Chemicals 3.7 6.4
Internet & Catalog Retail 3.6 4.3
Hotels Restaurants & Leisure 3.4 3.6
Semiconductors & Semiconductor
Equipment 3.2 -
Auto Components 2.5 5.3
Wireless Telecommunication Services 2.0 2.2
Road & Rail 1.8 1.4
Industrial Conglomerates 1.7 -
Software 1.7 1.2
Airlines 1.7 2.7
Internet Software & Services 1.6 1.8
Biotechnology 1.4 1.1
Specialty Retail 1.4 1.9
Gas Utilities 1.3 2.4
Automobiles 1.2 0.8
Aerospace & Defense Services 1.1 2.2
Diversified Telecommunication Servi 0.8 -
Construction & Engineering 0.8 -
Health Care Equipment & Supplies 0.8 -
Personal Products 0.7 -
Media 0.6 1.0
Trading Companies & Distributors 0.5 2.6
Diversified Financial Services 0.3 0.7
Diversified Consumer Services 0.1 -
Semiconductors & Semicond.Equipment - 2.5
DerivativesDerivativesDerivativesDerivatives
Futures - 0.0
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 95.9 96.7
Other net assetsOther net assetsOther net assetsOther net assets 4.1 3.3
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 172 to 174 form part of these financial statements.
- 170 -
Statement of Statement of Statement of Statement of Financial PositionFinancial PositionFinancial PositionFinancial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 3,415,925 10,982,129
Amounts due from brokers 2,769,972 2,086,105
Amounts receivable on allotment 1,591,575 268,985
Margin deposits 5,148,033 4,799,709
Derivatives - 39,652
Investments 291,315,018 294,867,241
Dividend and other accounts
receivable 3,735,335 7,014
Total assetsTotal assetsTotal assetsTotal assets 307,975,858 313,050,835
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 3,032,610 6,914,331
Amounts payable on redemption 686,687 744,729
Other accounts payable 394,712 474,721
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 4,114,009 8,133,781
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 303,861,849 304,917,054
EquityEquityEquityEquity 303,861,849 304,917,054
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains/(losses) on investments
and derivatives [Note 4] 16,840,591 (13,401,349)
Dividend income 5,159,024 5,973,815
Net foreign currency exchange
gains/(losses) 246,021 (418,374)
Interest on deposits 9,302 86,066
Other income - 75
22,254,938 (7,759,767)
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 2,221,364 3,102,433
Transaction costs 820,096 1,979,377
Registrar's fee 53,393 71,785
Trustee's fee 46,320 60,962
Safe custody and bank charges 40,670 44,334
Auditor's fee 14,286 13,516
Legal and professional expenses 12,301 1,601
Valuation fee 8,330 8,330
Printing and publication expenses 3,098 9,966
Other operating expenses 8,838 1,075
3,228,696 5,293,379
---------- ----------
Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss) 19,026,242 (13,053,146)
Finance costsFinance costsFinance costsFinance costs
Interest paid (353) -
Profit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxation 19,025,889 (13,053,146)
Taxation (1,125,795) (1,247,281)
Income tax expenses (14) -
Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net
assets attributable to holdersassets attributable to holders assets attributable to holdersassets attributable to holders
of redeemable units and of redeemable units and of redeemable units and of redeemable units and
total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income 17,900,080 (14,300,427)
JPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 172 to 174 form part of these financial statements.
- 171 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of of of of redeemable units at the redeemable units at the redeemable units at the redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 304,917,054 457,087,698
---------- ----------
Allotment of redeemable units 21,591,326 45,859,106
Redemption of redeemable units (40,546,611) (92,394,232)
Net redemptionNet redemptionNet redemptionNet redemption (18,955,285) (46,535,126)
---------- ----------
285,961,769 410,552,572
Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 17,900,080 (14,300,427)
Net Net Net Net assets attributable to holders assets attributable to holders assets attributable to holders assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 303,861,849 396,252,145
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (139,009,704) (356,219,675)
Proceeds from disposal of
investments and derivatives 154,934,865 378,344,595
Dividend received 1,423,913 1,678,327
Interest received 16,289 102,353
Tax paid (14) -
Trustee's fee paid (46,255) (62,857)
Registrar's fee paid (106,112) (145,165)
(Increase)/decrease in margin
deposits (348,324) 2,431,027
Transaction costs paid (883,674) (2,010,630)
Tax paid (1,125,795) (1,247,281)
Management fee paid (2,220,520) (3,216,063)
Others 130,212 (560,209)
Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating
activitiesactivitiesactivitiesactivities 12,764,881 19,094,422
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (353) -
Receipts on allotment of
redeemable units 20,268,736 45,852,318
Payments on redemption of
redeemable units (40,604,653) (89,377,692)
Net cash outflow from Net cash outflow from Net cash outflow from Net cash outflow from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities (20,336,270) (43,525,374)
---------- ----------
Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash
equivalentsequivalentsequivalentsequivalents (7,571,389) (24,430,952)
Cash and cash equivalents at the
beginning of the period 10,982,129 58,642,333
Exchange gains/(losses) on cash
and cash equivalents 5,185 (5,664)
Cash and cash Cash and cash Cash and cash Cash and cash equivalents at equivalents at equivalents at equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 3,415,925 34,205,717
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 3,415,925 34,205,717
JPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 172 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Korea Fund (the "Fund") was established under a Trust Deed dated 11 December 1991, as amended, and is governed by the laws of
Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital appreciation through investment primarily in companies
whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market.
Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a “Class”) whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 173 -
(c)(c)(c)(c) Securities lending and borrowSecurities lending and borrowSecurities lending and borrowSecurities lending and borrowing ing ing ing
Securities lenders' agreements are entered into with institutions of appropriate financial standing who engage in such arrangements
acceptable to the Trustee and on arm's length commercial terms. Securities lent are included in the investment portfolio of the Fund.
Relevant securities lending income entitled by the Fund is accounted for in the Statement of Comprehensive Income. Collateral received
for the purpose of securities lent generally consist of non-cash collateral which are off-balance sheet transactions and are therefore not
included in the financial statements.
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 11 December 1991, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (acc)
Units
Number of units in issue: 6,743,606.736
US$
Net assets attributable to
holders of redeemable
units 303,861,849
Net assets attributable to
holders of redeemable
units (per unit) 45.06
JPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 174 -
30.9.2015
USD Class (acc)
Units
Number of units in issue: 7,188,156.637
US$
Net assets attributable to
holders of redeemable
units 304,917,054
Net assets attributable to
holders of redeemable
units (per unit) 42.42
4444 Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 15,868,423 19,309,777
Realized gains/(losses) on sale of investments and derivatives 972,168 (32,711,126)
16,840,591 (13,401,349)
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 175 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 12 December
1989 to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PorInvestment PorInvestment PorInvestment Portfoliotfoliotfoliotfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (97.7%)
EquitiesEquitiesEquitiesEquities (97.7%)
MalaysiaMalaysiaMalaysiaMalaysia (96.2%)
ChemicalsChemicalsChemicalsChemicals (3.3%)
Petronas Chemicals 2,077,000 3,572,131 3.3
ConstructionConstructionConstructionConstruction (5.8%)
Econpile Sdn 2,441,000 763,301 0.7
Gamuda Bhd 974,500 1,228,897 1.2
IJM Corp 2,276,400 2,059,642 1.9
SapuraKencana Petroleum 2,702,363 1,288,324 1.2
WCT Hldgs 1,980,000 857,670 0.8
Consumer ProductsConsumer ProductsConsumer ProductsConsumer Products (12.3%)
Astro Malaysia Hldgs 506,800 388,397 0.4
Axiata Group 2,291,248 3,459,042 3.2
Bioalpha Hldgs 8,101,000 851,316 0.8
Bison Consolidated 4,600,000 1,462,002 1.4
British American Tobacco (M)
Bhd (CDS) 100,500 1,392,034 1.3
Hartalega Hldgs 400,000 497,245 0.5
IHH Healthcare-MY List 1,788,000 3,006,351 2.8
Padini Hldgs 530,000 281,200 0.2
PPB Group 171,300 733,233 0.7
Prestariang Bhd 975,000 737,216 0.7
UMW Hldgs 204,900 360,800 0.3
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
FinanceFinanceFinanceFinance (26.0%)
Alliance Financial Group 732,000 778,624 0.7
AMMB Hldgs 487,500 574,779 0.6
Bursa Malaysia 317,700 724,729 0.7
CIMB Group Hldgs 3,685,512 4,581,503 4.3
Hong Leong Bank (CDS) 274,000 948,097 0.9
Hong Leong Financial Group 277,644 1,104,456 1.0
Malayan Banking 3,853,581 8,909,214 8.3
Public Bank (L) 2,050,010 9,867,790 9.2
RHB Capital 238,206 360,224 0.3
Industrial ProductsIndustrial ProductsIndustrial ProductsIndustrial Products (9.4%)
Century Bond 702,300 277,212 0.2
Karex Bhd 2,761,300 2,689,463 2.5
Maxis Bhd 327,800 533,520 0.5
Petronas Gas 601,600 3,392,336 3.2
Scientex Bhd (CDS) 667,000 2,215,640 2.1
SKP Resources 1,820,000 601,769 0.6
TEK Seng Hldgs 1,100,000 315,776 0.3
PlantationsPlantationsPlantationsPlantations (3.8%)
Genting Plantations (CDS) 193,400 555,192 0.5
IOI Corp (CDS) 2,042,100 2,392,002 2.3
Kuala Lumpur Kepong 174,000 1,070,358 1.0
PropertyPropertyPropertyProperty (1.4%)
Eastern & Oriental (CDS) 1,100,000 465,206 0.4
IJM Plantations (CDS) 436,000 400,072 0.4
Only World Group Holdings 1,028,000 632,372 0.6
Trading ServicesTrading ServicesTrading ServicesTrading Services (34.2%)
AirAsia Bhd 1,126,000 528,151 0.5
Dialog Group 3,304,306 1,355,092 1.3
Digi.com Bhd 2,121,100 2,685,694 2.5
Genting Bhd 2,642,100 6,636,571 6.2
Genting Malaysia 2,248,900 2,616,944 2.4
Hap Seng Consolidated (CDS) 330,000 636,909 0.6
Malaysia Airports Hldgs 897,298 1,563,918 1.5
MISC Bhd 743,000 1,694,912 1.6
Petronas Dagangan (CDS) 160,000 988,338 0.9
Sime Darby 2,137,567 4,355,673 4.1
Telekom Malaysia 1,254,804 2,122,698 2.0
Tenaga Nasional 2,880,400 10,291,624 9.6
Westports Hldgs 344,000 364,147 0.3
Yinson Hldgs 1,125,100 801,686 0.7
SingaporeSingaporeSingaporeSingapore (1.5%)
HealthcareHealthcareHealthcareHealthcare (1.5%)
ISEC Healthcare 7,862,400 1,547,257 1.5
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 104,518,749 97.7
Other net assetsOther net assetsOther net assetsOther net assets 2,492,901 2.3
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 107,011,650 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 99,280,885
JPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 176 -
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the periodFor the periodFor the periodFor the period ended 31 March 2016ended 31 March 2016ended 31 March 2016ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
MalaysiaMalaysiaMalaysiaMalaysia
Trading Services 34.2 31.6
Finance 26.0 26.6
Consumer Products 12.3 11.5
Industrial Products 9.4 9.3
Construction 5.8 5.1
Plantations 3.8 4.3
Chemicals 3.3 2.5
Property 1.4 0.4
Technology - 0.3
SingaporeSingaporeSingaporeSingapore
Healthcare 1.5 1.7
Business & Public - 1.3
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 97.7 94.6
Other net assetsOther net assetsOther net assetsOther net assets 2.3 5.4
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 179 to 181 form part of these financial statements.
- 177 -
Statement of Financial Statement of Financial Statement of Financial Statement of Financial PositionPositionPositionPosition
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 2,386,854 3,998,808
Amounts due from brokers 622,309 451,836
Amounts receivable on allotment 1,442,136 153,762
Investments 104,518,749 68,673,922
Dividend and other accounts
receivable 106,488 73,893
Total assetsTotal assetsTotal assetsTotal assets 109,076,536 73,352,221
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 1,371,056 386,426
Amounts payable on redemption 565,752 204,810
Other accounts payable 128,078 149,464
Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units)redeemable units)redeemable units)redeemable units) 2,064,886 740,700
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 107,011,650 72,611,521
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains/(losses) on investments
and derivatives [Note 4] 17,983,432 (17,644,244)
Dividend income 1,096,625 1,325,573
Interest on deposits 2,487 5,764
Net foreign currency exchange
losses (110,151) (56,250)
Other income 1,799 965
18,974,192 (16,368,192)
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 600,432 836,071
Transaction costs 89,564 121,798
Registrar's fee 26,625 38,565
Trustee's fee 19,809 24,073
Safe custody and bank charges 14,576 16,190
Valuation fee 8,190 8,330
Auditor's fee 8,120 7,631
Legal and professional expenses 2,674 455
Printing and publication expenses 843 2,327
Other operating expenses 4,784 2,744
775,617 1,058,184
---------- ----------
Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss) 18,198,575 (17,426,376)
Finance costsFinance costsFinance costsFinance costs
Interest paid - (122)
18,198,575 (17,426,498)
JPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 179 to 181 form part of these financial statements.
- 178 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of of of of Redeemable UnitsRedeemable UnitsRedeemable UnitsRedeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 72,611,521 135,853,473
---------- ----------
Allotment of redeemable units 26,066,098 19,812,655
Redemption of redeemable units (9,864,544) (32,657,064)
Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption) 16,201,554 (12,844,409)
---------- ----------
88,813,075 123,009,064
Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 18,198,575 (17,426,498)
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the of the of the of the periodperiodperiodperiod 107,011,650 105,582,566
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (30,792,961) (26,088,297)
Proceeds from disposal of
investments and derivatives 13,743,360 34,783,376
Dividend received 1,064,101 1,782,148
Interest received 2,457 5,751
Trustee's fee paid (19,451) (24,768)
Registrar's fee paid (54,072) (72,340)
Transaction costs paid (88,271) (123,226)
Management fee paid (582,785) (870,874)
Others (194,787) 3,629
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (16,922,409) 9,395,399
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid - (122)
Receipts on allotment of
redeemable units 24,777,724 19,965,923
Payments on redemption of
redeemable units (9,503,602) (32,653,442)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities 15,274,122 (12,687,641)
---------- ----------
Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash
equivalentsequivalentsequivalentsequivalents (1,648,287) (3,292,242)
Cash and cash equivalents at the
beginning of the period 3,998,808 5,735,710
Exchange gains/(losses) on cash
and cash equivalents 36,333 (121,019)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 2,386,854 2,322,449
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 2,386,854 2,322,449
JPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 179 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Malaysia Fund (the "Fund") was established under a Trust Deed dated 12 December 1989, as amended, and is governed by the laws
of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide long-term capital growth by investing primarily in securities linked to the Malaysian
economy. These include, but are not restricted to, securities listed on the Kuala Lumpur Stock Exchange.
Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a “Class”) whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statemenAccounting policies of interim financial statemenAccounting policies of interim financial statemenAccounting policies of interim financial statementstststs
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and Investments and Investments and Investments and derivativesderivativesderivativesderivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 180 -
(c)(c)(c)(c) Securities borrowingSecurities borrowingSecurities borrowingSecurities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 12 December 1989, as amended, which may be different from the accounting policies stated in the financial
statements.
Units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial liability in the
Statement of Financial Position which represents the net assets attributable to holders of redeemable units (or "net asset value" or "net
assets" or "NAV") and is carried at the redemption amount that would be payable at the Statement of Financial Position date if the
holders of redeemable units exercised the right to redeem units of the Fund.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (acc) USD C Class (acc)
Units Units
Number of units in issue: 1,658,128.514 2,286,638.000
US$ US$
Net assets attributable to
holders of redeemable
units 87,870,935 19,140,715
Net assets attributable to
holders of redeemable
units (per unit) 52.99 8.37
JPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 181 -
30.9.2015
USD Class (acc) USD C Class (acc)
Units Units
Number of units in issue: 1,606,572.808 411,001.000
US$ US$
Net assets attributable to
holders of redeemable
units 69,799,806 2,811,715
Net assets attributable to
holders of redeemable
units (per unit) 43.45 6.84
4444 Net Net Net Net gains/(losses) on investments and derivativesgains/(losses) on investments and derivativesgains/(losses) on investments and derivativesgains/(losses) on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 18,746,340 (15,074,792)
Realized losses on sale of investments and derivatives (762,908) (2,569,452)
17,983,432 (17,644,244)
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 DistributionDistributionDistributionDistribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 182 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 As at 31 As at 31 As at 31 March 2016March 2016March 2016March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
HK$HK$HK$HK$
portfolioportfolioportfolioportfolio
fairfairfairfair
valuevaluevaluevalue
HK$HK$HK$HK$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (74.5%)
(I) Debt Securities(I) Debt Securities(I) Debt Securities(I) Debt Securities (11.6%)
Cayman IslandsCayman IslandsCayman IslandsCayman Islands (2.2%)
CK Bond Finance 5.1%
07/04/16 HKD6,000,000 6,075,515 0.6
Sun Hung Kai Prop 2.25%
15/09/16 HKD18,000,000 18,116,849 1.6
Hong KongHong KongHong KongHong Kong (2.9%)
HK Airport Auth 5.1%
13/04/16 HKD30,000,000 31,530,380 2.9
KoreaKoreaKoreaKorea (1.9%)
Korea Dev Bank 3.3%
20/10/16 HKD20,000,000 20,582,065 1.9
SingaporeSingaporeSingaporeSingapore (2.7%)
OCBC 2.2% 19/01/17 HKD30,000,000 30,420,236 2.7
Virgin IslandsVirgin IslandsVirgin IslandsVirgin Islands (1.9%)
CLP Power HK Fin 4.38%
11/01/17 HKD20,000,000 20,719,447 1.9
127,444,492 11.6
--------- ----
(II) Money Market(II) Money Market(II) Money Market(II) Money Market (62.9%)
AustraliaAustraliaAustraliaAustralia (14.5%)
Bank of China Syd ECD 0%
20/04/16-HKD HKD40,000,000 39,992,303 3.6
Bk Tky-Mit UFJ ECD 0%
16/05/16-HKD HKD40,000,000 39,974,881 3.6
Tasmanian Public ECP 0%
19/04/16-HKD HKD40,000,000 39,993,890 3.7
UOB Australia ECD 0%
15/06/16-HKD HKD40,000,000 39,971,258 3.6
ChinaChinaChinaChina (6.5%)
Agricult Bk CN HK CD
0.9% 24/06/16-RegS HKD22,000,000 22,075,398 2.0
China Const Bank HK CD
0.85% 04/10/16 HKD40,000,000 40,000,000 3.6
China Merchant HK CD
0.85% 27/05/16-RegS HKD10,000,000 10,071,262 0.9
FranceFranceFranceFrance (10.9%)
Banque Feder Cr ECP 0%
12/05/16-HKD HKD40,000,000 39,975,321 3.6
Bred Banque Popul ECD
0% 31/05/16-HKD HKD40,000,000 39,963,886 3.6
Regie Autonome ECP 0%
08/04/16-HKD HKD40,000,000 39,996,858 3.7
(Continued)
HoldingHoldingHoldingHolding
HK$HK$HK$HK$
portfolioportfolioportfolioportfolio
fairfairfairfair
valuevaluevaluevalue
HK$HK$HK$HK$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Hong KongHong KongHong KongHong Kong (18.3%)
Bank of East Asia CD
0.95% 08/04/16 HKD20,000,000 20,186,861 1.8
China Const Bk HK CD
3.1% 06/04/16 HKD40,000,000 41,232,627 3.8
China Dev Bank HK CD
FRN 09/01/17-RegS HKD40,000,000 40,079,644 3.6
Fubon Bank HK CD 0%
10/06/16-RegS HKD20,000,000 19,980,081 1.8
ICBC Asia CD 0.7%
22/04/16-RegS HKD40,000,000 40,122,227 3.7
Mizuho Bank CD 0%
19/05/16 HKD40,000,000 39,977,405 3.6
MalaysiaMalaysiaMalaysiaMalaysia (1.8%)
Malayan Banking HK CD
1.75% 12/07/16 HKD20,000,000 20,114,443 1.8
NetherlandsNetherlandsNetherlandsNetherlands (3.6%)
ING Bank ECP 0%
24/05/16-HKD HKD40,000,000 39,969,836 3.6
SingaporeSingaporeSingaporeSingapore (7.3%)
DBS Bank ECP 0%
12/04/16-HKD HKD40,000,000 39,996,025 3.7
Sumitomo Mitsui SG ECD
0% 06/06/16-HKD HKD40,000,000 39,966,047 3.6
693,640,253 62.9
--------- ----
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 821,084,745 74.5
Other net assetsOther net assetsOther net assetsOther net assets 280,804,173 25.5
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 redeemable units at 31 redeemable units at 31 redeemable units at 31 March 2016March 2016March 2016March 2016 1,101,888,918 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 820,364,346
JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 183 -
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HK$HK$HK$HK$
portfolioportfolioportfolioportfolio
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
Debt SecuritiesDebt SecuritiesDebt SecuritiesDebt Securities
Hong Kong 2.9 8.6
Singapore 2.7 -
Cayman Islands 2.2 2.0
Virgin Islands 1.9 3.8
Korea 1.9 5.6
Australia - 1.5
France - 1.0
Money MarketMoney MarketMoney MarketMoney Market
Hong Kong 18.3 22.4
Australia 14.5 11.3
France 10.9 -
Singapore 7.3 7.5
China 6.5 1.9
Netherlands 3.6 3.8
Malaysia 1.8 1.9
Norway - 3.8
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 74.5 75.1
Other net assetsOther net assetsOther net assetsOther net assets 25.5 24.9
Net assets attributable to Net assets attributable to Net assets attributable to Net assets attributable to holders of holders of holders of holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 186 to 187 form part of these financial statements.
- 184 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HK$HK$HK$HK$
portfolioportfolioportfolioportfolio
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
HK$HK$HK$HK$ HK$HK$HK$HK$
AssetsAssetsAssetsAssets
Cash at banks 129,433,697 172,485,149
Short term deposits 190,042,777 190,322,689
Amounts receivable on allotment 2,044,365 147,002
Investments 821,084,745 797,222,551
Interest and other accounts
receivable 63,971 44,610
Total assetsTotal assetsTotal assetsTotal assets 1,142,669,555 1,160,222,001
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 40,000,000 97,223,365
Amounts payable on redemption 147,249 432,647
Other accounts payable 633,388 525,481
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 40,780,637 98,181,493
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 1,101,888,918 1,062,040,508
EquityEquityEquityEquity 1,101,888,918 1,062,040,508
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HK$HK$HK$HK$
portfolioportfolioportfolioportfolio
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
HK$HK$HK$HK$ HK$HK$HK$HK$
IncomeIncomeIncomeIncome
Net gains on investments [Note 4] 2,255,792 2,472,725
Interest on deposits 112,593 417,457
Net foreign currency exchange
gains/(losses) 12 (15)
2,368,397 2,890,167
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 1,309,116 1,231,517
Registrar's fee 399,392 369,455
Trustee's fee 95,854 88,669
Auditor's fee 59,450 54,137
Safe custody and bank charges 49,002 37,136
Printing and publication expenses 9,424 17,771
Transaction costs 4,346 2,249
Legal and professional expenses 478 3,865
Other operating expenses 4,938 6,027
1,932,000 1,810,826
---------- ----------
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 436,397 1,079,341
JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 186 to 187 form part of these financial statements.
- 185 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HK$HK$HK$HK$
portfolioportfolioportfolioportfolio
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
HK$HK$HK$HK$ HK$HK$HK$HK$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 1,062,040,508 1,018,756,486
---------- ----------
Allotment of redeemable units 244,695,417 209,336,719
Redemption of redeemable units (205,283,404) (260,227,605)
Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption) 39,412,013 (50,890,886)
---------- ----------
1,101,452,521 967,865,600
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive comprehensive comprehensive comprehensive incomeincomeincomeincome 436,397 1,079,341
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 1,101,888,918 968,944,941
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HK$HK$HK$HK$
portfolioportfolioportfolioportfolio
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
HK$HK$HK$HK$ HK$HK$HK$HK$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments (1,479,106,995) (703,960,883)
Proceeds from disposal of
investments 1,400,277,227 666,005,325
Interest received 112,233 416,531
Transaction costs paid (4,927) (3,683)
Trustee's fee paid (94,066) (89,754)
Registrar's fee paid (385,770) (381,734)
Management fee paid (1,281,020) (1,246,586)
Others (77,406) (86,601)
Net cash outflow from Net cash outflow from Net cash outflow from Net cash outflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (80,560,724) (39,347,385)
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Receipts on allotment of
redeemable units 242,798,054 208,648,839
Payments on redemption of
redeemable units (205,568,802) (258,905,249)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities 37,229,252 (50,256,410)
---------- ----------
Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash
equivalentsequivalentsequivalentsequivalents (43,331,472) (89,603,795)
Cash and cash equivalents at the
beginning of the period 362,807,838 455,465,518
Exchange gains/(losses) on cash
and cash equivalents 108 (24)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 319,476,474 365,861,699
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 129,433,697 63,668,760
Short term deposits 190,042,777 302,192,939
319,476,474 365,861,699
JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 186 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Money Fund (the "Fund") was established under a Trust Deed dated 13 June 1983, as amended, and is governed by the laws of Hong
Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The Fund currently comprises the HK$ portfolio ("Portfolio").
The investment objective of the Portfolio is to provide an efficient vehicle for holding liquid assets currently denominated in the currency of
Hong Kong.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments Investments Investments Investments
Classification
The Fund classifies its investments as financial assets or financial liabilities at fair value through profit or loss. These financial assets or
financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or repurchasing in the near
term or short-term profit taking.
Recognition, derecognition and measurement
Purchases and sales of investments are accounted for on the trade date basis. Investments are initially recognized at fair value and are
subsequently re-measured at fair value. Realized and unrealized gains and losses on investments are recognized in the Statement of
Comprehensive Income. Investments are derecognized when the rights to receive cash flows from the investments have expired or the
Fund has transferred substantially all risks and rewards of ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
(c)(c)(c)(c) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted Hong Kong dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments".
JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 187 -
(d)(d)(d)(d) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 13 June 1983, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 Number of units in issue anNumber of units in issue anNumber of units in issue anNumber of units in issue and net assets attributable to holders of redeemable units (per unit)d net assets attributable to holders of redeemable units (per unit)d net assets attributable to holders of redeemable units (per unit)d net assets attributable to holders of redeemable units (per unit)
31.3.2016 30.9.2015
Units Units
Number of units in issue 6,853,050.231 6,607,938.515
HK$ HK$
Net assets attributable to holders of redeemable units 1,101,888,918 1,062,040,508
Net assets attributable to holders of redeemable units (per unit) 160.79 160.72
4444 Net gains on investments Net gains on investments Net gains on investments Net gains on investments
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
HK$ HK$
Change in unrealized gains/losses in value of investments (466,517) 215,066
Realized gains on sale of investments 2,722,309 2,257,659
2,255,792 2,472,725
5555 Soft dollar Soft dollar Soft dollar Soft dollar arrangements/Commission sharing arrangementsarrangements/Commission sharing arrangementsarrangements/Commission sharing arrangementsarrangements/Commission sharing arrangements
During the period, the Investment Manager and its associates did not enter into any soft dollar arrangements/commission sharing
arrangements in connection with directing transactions of the Fund through a broker or dealer (31 March 2015: nil).
6666 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 188 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (97.9%)
(I) Equities and Convertibles(I) Equities and Convertibles(I) Equities and Convertibles(I) Equities and Convertibles (41.5%)
AustraliaAustraliaAustraliaAustralia (1.1%)
Dexus Property Group
Stapled Sec 398,702 2,435,210 0.1
Goodman Group Stapled
Sec 468,634 2,404,513 0.0
Mirvac Group Stapled Sec 2,245,443 3,342,339 0.1
Scentre Group Stapled
Secs 1,327,325 4,533,439 0.1
Suncorp Group 1,187,830 10,882,622 0.2
Transurban Group Stapled
Sec 1,429,038 12,476,912 0.3
Westfield Corp Stapled Sec 1,683,011 12,933,615 0.3
AustriaAustriaAustriaAustria (0.0%)
Immofinanz CB 4.25%
8/3/18-Uts-RegS EUR53,300 258,137 0.0
Steinhoff F NoSHF CB
1.25% 11/08/22 EUR500,000 608,745 0.0
BelgiumBelgiumBelgiumBelgium (0.4%)
Ageas NV 76,130 3,025,110 0.1
Anheuser-Busch InBev 71,410 8,890,248 0.2
Bekaert SA CB 0.75%
18/06/18-RegS EUR100,000 124,480 0.0
KBC Groep 56,413 2,914,380 0.0
Proximus 97,984 3,353,638 0.1
Warehouses De Pauw 6,270 596,963 0.0
BermudaBermudaBermudaBermuda (0.0%)
Jazz Inv I CB 1.875%
15/08/21-144A USD200,000 207,347 0.0
BrazilBrazilBrazilBrazil (0.3%)
Ambev SA ADR 667,406 3,457,163 0.1
Banco Bradesco Pref 103,793 792,798 0.0
Banco do Brasil 124,076 692,151 0.0
BB Seguridade
Participacoes 419,590 3,516,316 0.1
Tractebel Energia 244,476 2,530,299 0.1
CanadaCanadaCanadaCanada (0.2%)
Allied Properties REIT 165,900 4,485,309 0.1
Canadian Apartment
Properties REIT 158,700 3,543,435 0.1
RioCan Real Estate Inv
Trust 90,453 1,860,180 0.0
Cayman IslandsCayman IslandsCayman IslandsCayman Islands (0.1%)
Soufun Hldgs CB 2%
15/12/18-144A USD336,000 326,758 0.0
Vipshop Hldg CB 1.5%
15/03/19 USD342,000 343,915 0.0
XL Group Pref 'D' 2,475 1,962,984 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
ChileChileChileChile (0.1%)
Banco Santander-Chile
ADR 174,030 3,367,481 0.1
ChinaChinaChinaChina (0.3%)
China Construction Bank
'H' 3,711,000 2,368,250 0.1
China Mobile 181,000 2,017,321 0.0
China Resources Power
Hldgs 1,276,000 2,385,339 0.1
Ctrip.com Intl CB 1%
01/07/20-144A USD151,000 166,832 0.0
Fuyao Glass Industry
Group 'H' 304,400 736,222 0.0
Fuyao Grp 'A' PN 09/18
(BNP) (RegS) 1,009,220 2,323,472 0.1
Kingsoft Corp CB 1.25%
11/4/19-RegS HKD2,000,000 251,212 0.0
Midea Group 'A' PN
11/18(BNP)-RegS 8,800 41,975 0.0
Midea Group 'A' PN
17/02/17-UBS 343,313 1,637,579 0.0
Qihoo 360 Tech CB 1.75%
15/08/21 USD600,000 593,271 0.0
Qihoo 360 Tech CB 2.5%
15/9/18-144A USD200,000 198,848 0.0
Sina Corp CB 1% 01/12/18-
144A USD459,000 451,313 0.0
Czech RepublicCzech RepublicCzech RepublicCzech Republic (0.1%)
Komercni Banka 18,420 4,074,165 0.1
DenmarkDenmarkDenmarkDenmark (0.5%)
Danske Bank 615,316 17,411,184 0.4
Pandora A/S 32,900 4,315,076 0.1
FinlandFinlandFinlandFinland (1.1%)
Elisa Oyj 98,878 3,850,153 0.1
Kone Oyj 'B' 90,932 4,389,409 0.1
Nokia Oyj 797,860 4,750,577 0.1
Nokian Renkaat 96,625 3,415,582 0.1
Orion Oyj 'B' 97,806 3,237,763 0.1
Sampo Oyj 'A' 82,966 3,946,263 0.1
Stora Enso 'R' 388,438 3,481,399 0.1
UPM-Kymmene Oyj 1,062,376 19,273,238 0.4
FranceFranceFranceFrance (2.7%)
Air France-KLM CB 2.03%
15/2/23-Uts EUR32,101 421,849 0.0
Airbus Group-FR List 123,577 8,216,974 0.2
AXA SA 252,627 5,956,260 0.1
BNP Paribas 118,868 5,991,220 0.1
Bouygues SA 95,248 3,891,154 0.1
CNP Assurances 184,295 2,878,233 0.1
Credit Agricole 348,817 3,783,352 0.1
Eutelsat Communications 118,936 3,847,797 0.1
Gecina SA 24,328 3,354,480 0.1
Klepierre 147,284 7,065,958 0.1
Lagardere SCA 107,089 2,849,477 0.1
Michelin-Regd 86,893 8,904,771 0.2
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 189 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
FranceFranceFranceFrance (Continued)
Natixis 478,320 2,358,516 0.0
Orange 285,627 5,010,861 0.1
SCOR SE 97,285 3,458,867 0.1
Societe Generale 116,956 4,328,844 0.1
Suez Environnement-FR
List 174,693 3,209,031 0.1
Technip SA 56,381 3,129,567 0.1
Total SA CB 0.5%
02/12/22-RegS USD200,000 199,271 0.0
Unibail-Rodamco SE-NL
List 117,889 32,483,510 0.7
Veolia Environnement 163,361 3,940,965 0.1
Vivendi 193,845 4,082,159 0.1
GermanyGermanyGermanyGermany (2.3%)
Allianz SE-Regd 101,885 16,596,930 0.4
Alstria Office REIT 185,598 2,681,797 0.0
Bayer AG 142,728 16,801,299 0.4
Daimler AG-Regd 305,561 23,458,370 0.5
Deutsche Telekom-Regd 995,133 17,888,909 0.4
Deutsche Wohnen (Br) 62,006 1,931,109 0.0
Hannover
Rueckversicherung-
Regd 26,643 3,108,970 0.1
Muenchener Rueck-Regd 26,452 5,388,129 0.1
ProSieben Sat.1 Media-
Regd 64,563 3,324,385 0.1
Rocket Internet CB 3%
22/07/22-RegS EUR200,000 187,499 0.0
RTL Group 38,223 3,242,385 0.1
Siemens AG-Regd 72,926 7,741,028 0.2
Hong KongHong KongHong KongHong Kong (0.3%)
Baosteel Hong Kong CB
0% 12/18-RegS USD200,000 187,500 0.0
China Overseas Fin CB
0%5/1/23-RegS USD800,000 799,440 0.0
Hang Seng Bank 141,100 2,493,997 0.1
HKT Trust & HKT Stapled
Uts 1,256,000 1,729,387 0.0
Hongkong Land Hldgs
(CDP) 397,200 2,379,228 0.1
Link REIT 279,000 1,654,602 0.0
New World Development 917,000 873,665 0.0
Sands China 752,800 3,066,889 0.1
Shine Power EB(BJ
Enter)0%7/19-RegS HKD4,000,000 502,930 0.0
VTech Hldgs 100,500 1,193,320 0.0
HungaryHungaryHungaryHungary (0.1%)
OTP Bank 92,520 2,324,197 0.1
IndiaIndiaIndiaIndia (0.1%)
Coal India 488,438 2,153,339 0.0
ITC Ltd 521,470 2,584,809 0.1
IndonesiaIndonesiaIndonesiaIndonesia (0.0%)
Telekomunikasi Indonesia
'B' 4,430,000 1,110,841 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
IrelandIrelandIrelandIreland (0.1%)
Allergan PLC Cnv Prf NoA
5.5%1/3/18 1,975 1,815,302 0.0
Paddy Power Betfair-IE
List 24,603 3,437,256 0.1
IsraelIsraelIsraelIsrael (0.0%)
Teva Pharm Ind Cnv Pref
7% 15/12/18 1,399 1,236,632 0.0
ItalyItalyItalyItaly (0.8%)
Assicurazioni Generali 223,174 3,313,763 0.1
Atlantia SpA 615,160 17,083,505 0.4
Intesa Sanpaolo 1,704,936 4,728,921 0.1
Snam SpA 690,463 4,331,428 0.1
Telefonica CB 6%
24/07/17-RegS EUR1,200,000 1,501,186 0.0
Terna-Rete Elettrica
Nationale 560,249 3,201,735 0.1
Unicredit SpA 842,654 3,043,981 0.0
JapanJapanJapanJapan (1.9%)
GLP J-REIT 1,038 1,184,887 0.0
Japan Airlines 454,800 16,679,438 0.4
Japan Logistics Fd 872 1,823,989 0.0
Japan Real Estate Inv 352 2,035,678 0.1
Japan Retail Fund
Investment 546 1,312,596 0.0
Japan Tobacco 617,700 25,775,283 0.6
Kawasaki Kisen CB 0%
26/09/18-RegS JPY20,000,000 171,077 0.0
Nippon Prologis REIT 486 1,089,225 0.0
Nippon Prologis REIT-RegS 535 1,199,044 0.0
Nippon Telegraph &
Telephone 576,900 24,883,768 0.6
ORIX JREIT 1,184 1,838,231 0.0
Toyota Motor 156,100 8,266,446 0.2
KoreaKoreaKoreaKorea (0.2%)
Kangwon Land 30,159 1,078,614 0.0
KT & G 32,800 3,154,949 0.1
Samsung Electronics 1,820 2,088,003 0.1
SK Telecom ADR 97,634 1,969,278 0.0
MalaysiaMalaysiaMalaysiaMalaysia (0.0%)
Cahaya Capit EB(Tenaga)
0%9/21-RegS USD400,000 391,000 0.0
MexicoMexicoMexicoMexico (0.1%)
America Movil CB 5.5%
17/09/18 EUR500,000 613,622 0.0
Bolsa Mexicana de Valores 177,649 306,625 0.0
Cemex SAB CB 3.75%
15/03/18-144A USD100,000 104,358 0.0
Kimberly-Clark de Mexico
'A' 1,424,340 3,454,935 0.1
NetherlandsNetherlandsNetherlandsNetherlands (1.7%)
Aegon NV 584,788 3,221,354 0.1
Ahold 187,436 4,222,728 0.1
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 190 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
NetherlandsNetherlandsNetherlandsNetherlands (Continued)
Amorim Ener
EB(Galp)3.375%6/18-
RegS EUR200,000 230,660 0.0
Brenntag Finance CB
1.875% 02/12/22 USD250,000 271,188 0.0
Eurocommercial
Properties CVA 21,276 997,200 0.0
Fiat Chry Auto CB 7.875%
12/16-Uts USD12,500 903,205 0.0
ING Groep CVA 1,209,362 14,649,505 0.3
KPN (Koninklijke) 848,480 3,561,039 0.1
NN Group 502,028 16,450,332 0.4
Royal Dutch Shell 'A'-NL
List 1,089,597 26,496,816 0.6
STMicroelectronics CB 1%
07/21-RegS USD400,000 360,337 0.0
Vastned Retail 68,726 3,080,588 0.1
Yandex NV CB 1.125%
15/12/18-144A USD504,000 448,234 0.0
NorwayNorwayNorwayNorway (0.4%)
DNB ASA 292,862 3,464,597 0.1
Gjensidige Forsikring 219,639 3,746,842 0.1
Orkla ASA 432,459 3,918,731 0.1
Subsea 7 CB 1% 05/10/17-
RegS USD1,000,000 937,604 0.0
Telenor ASA 241,970 3,917,157 0.1
Yara Intl 80,032 3,013,083 0.0
PolandPolandPolandPoland (0.1%)
Powszechny Zaklad
Ubezpiecze 263,670 2,522,005 0.1
PortugalPortugalPortugalPortugal (0.2%)
EDP-Energias de Portugal 1,136,897 4,049,892 0.1
Galp Energia SGPS 241,014 3,034,855 0.1
Parpublica EB(Galp) 5.25%
28/09/17 EUR300,000 369,447 0.0
RussiaRussiaRussiaRussia (0.2%)
Lukoil Sponsored ADR-LI
List 64,799 2,489,254 0.1
MegaFon OJSC GDR-RegS 80,870 889,570 0.0
MMC Norilsk Nickel ADR
(London) 88,354 1,140,650 0.0
Mobile Telesystems ADR 136,002 1,100,256 0.0
Moscow Exchange MICEX-
RTS 1,607,390 2,525,521 0.1
Severstal Cherepovets
GDR-RegS 106,913 1,131,140 0.0
Surgutneftegas Preference 2,221,760 1,494,022 0.0
Saudi ArabiaSaudi ArabiaSaudi ArabiaSaudi Arabia (0.0%)
Al Rajhi Bank PN
22/08/16-HSBC 34,900 482,746 0.0
Yanbu Natl Petro PN
03/08/16 (ML) 88,271 917,624 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
SingaporeSingaporeSingaporeSingapore (0.1%)
Ascendas Real Estate Inv
Trust 155,923 276,738 0.0
CapitaLand Commercial
Trust 408,100 445,498 0.0
CapitaLand Ltd CB
1.85%19/6/20-RegS SGD2,000,000 1,415,634 0.0
Hutchison Port Hldgs
Trust-USD 3,350,100 1,675,050 0.1
South South South South AfricaAfricaAfricaAfrica (0.5%)
AVI Ltd 377,250 2,228,412 0.0
Barclays Africa Group 275,192 2,798,883 0.1
Bidvest Group 135,495 3,436,200 0.1
Firstrand Ltd 878,270 2,888,355 0.1
Imperial Hldgs 166,624 1,703,852 0.0
Life Healthcare Group
Hldgs Pte 1,021,472 2,477,979 0.1
MMI Hldgs 1,506,814 2,550,970 0.1
Shoprite EB (SHP
SJ)6.5%17-RegS-Uts ZAR220 163,041 0.0
Vodacom Group 169,220 1,846,946 0.0
SpainSpainSpainSpain (0.9%)
Abertis Infraestructuras 180,910 2,978,954 0.1
ACS Actividades de
Construction 118,336 3,531,716 0.1
Banco de Sabadell 1,609,800 2,902,096 0.1
Banco Popular Espanol 969,751 2,527,317 0.0
Enagas SA 125,912 3,790,104 0.1
Endesa SA 182,483 3,508,091 0.1
Ferrovial SA 122,187 2,629,513 0.0
Gas Natural SDG 163,333 3,307,461 0.1
Iberdrola SA 825,544 5,513,728 0.1
OHL Investment CB 4%
25/04/18-RegS EUR200,000 202,162 0.0
Red Electrica Corp 45,741 3,977,073 0.1
Telefonica Part CB 4.9%
09/17-RegS EUR700,000 739,300 0.0
Telefonica SA 506,039 5,681,222 0.1
SwedenSwedenSwedenSweden (0.3%)
Electrolux AB 'B' 260,255 6,857,349 0.1
ICA Gruppen 84,141 2,787,851 0.1
Skanska AB 'B' 141,101 3,225,235 0.1
SwitzerlandSwitzerlandSwitzerlandSwitzerland (1.0%)
Baloise Hldg-Regd 37,368 4,768,307 0.1
Banque Cantonale
Vaudoise-Regd 1,344 940,302 0.0
Cembra Money Bank 10,944 767,960 0.0
Novartis AG-Regd 111,457 8,112,100 0.2
Roche Hldg (Genusschein) 34,011 8,406,415 0.2
Swiss Prime Site 55,556 4,919,489 0.1
Swiss Re 198,025 18,382,939 0.4
TaiwanTaiwanTaiwanTaiwan (0.8%)
Asustek Computer 130,000 1,167,350 0.0
Cheng Shin Rubber
Industry 1,137,000 2,285,729 0.1
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 191 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
TaiwanTaiwanTaiwanTaiwan (Continued)
Chicony Electronics 322,390 829,415 0.0
Delta Electronics 616,886 2,721,781 0.1
Far EasTone Telecom 599,000 1,341,906 0.0
MediaTek Inc 204,000 1,565,623 0.0
Novatek Microelectronics 503,000 2,023,940 0.0
President Chain Store 406,000 2,958,209 0.1
Quanta Computer 1,330,000 2,322,458 0.1
Siliconware Precision 3,320,314 5,364,663 0.1
Simplo Technology 179,000 642,384 0.0
Taiwan Mobile 907,300 2,945,962 0.1
Taiwan Semiconductor
Mfg ADR 199,758 5,233,660 0.1
TPK Hldg CB 0%
08/04/20-RegS USD250,000 214,375 0.0
Vanguard Intl
Semiconductor 2,133,000 3,333,641 0.1
ThailandThailandThailandThailand (0.1%)
Siam Cement (F) 157,600 2,096,555 0.1
TurkeyTurkeyTurkeyTurkey (0.1%)
Eregli Demir ve Celik
Fabrikalari 362,650 546,094 0.0
Tofas Turk Otomobil
Fabrikasi 355,880 2,889,305 0.1
United Arab EmiratesUnited Arab EmiratesUnited Arab EmiratesUnited Arab Emirates (0.1%)
Aabar Inv PJSC CB 0.5%
03/20-RegS EUR700,000 623,285 0.0
Aabar Inv PJSC CB 1%
27/03/22-RegS EUR300,000 255,591 0.0
DP World CB 1.75%
19/06/24-RegS USD800,000 811,254 0.0
First Gulf Bank 622,192 1,990,405 0.1
National Bk of Abu CB 1%
3/18-RegS USD400,000 387,594 0.0
United KingdomUnited KingdomUnited KingdomUnited Kingdom (6.6%)
Admiral Group 112,834 3,215,956 0.1
Amec Foster Wheeler 294,083 1,902,085 0.0
AstraZeneca plc 121,023 6,788,257 0.1
Aviva plc 1,496,873 9,812,789 0.2
BAE Systems 3,549,434 25,967,151 0.6
Balfour EB (BBY) 1.875%
12/18-RegS GBP200,000 277,528 0.0
Barratt Developments 403,347 3,249,390 0.1
BP plc 1,636,336 8,235,198 0.2
British American Tobacco-
UK List 160,441 9,431,616 0.2
British Land 611,879 6,160,573 0.1
British Land Whi NoBLND
CB 09/06/20 GBP200,000 273,144 0.0
BT Group 658,115 4,166,728 0.1
Direct Line Insurance
Group 3,040,266 16,176,904 0.3
Easyjet plc 123,268 2,691,259 0.0
GlaxoSmithKline plc 1,675,729 34,008,376 0.8
Imperial Brands 107,899 5,990,865 0.1
Inmarsat plc 206,097 2,916,318 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Intl Consolid CB 0.625%
11/22-RegS EUR500,000 541,185 0.0
Intu Properties-UK List 705,454 3,173,660 0.1
ITV plc 1,060,425 3,676,247 0.1
Lloyds Banking Group 15,926,647 15,570,709 0.3
Marks & Spencer Group 559,917 3,268,970 0.1
National Grid 416,629 5,911,560 0.1
Next plc 38,648 2,999,634 0.1
Persimmon plc 658,195 19,724,593 0.4
Petrofac Ltd 221,966 2,938,282 0.1
Provident Financial 71,244 3,036,130 0.1
Rio Tinto-UK List 158,439 4,453,150 0.1
Royal Dutch Shell 'B'-UK
List 581,700 14,213,315 0.3
Royal Mail 470,801 3,252,812 0.1
Safestore Hldgs 734,032 3,541,716 0.1
Sainsbury (J) 793,086 3,149,551 0.1
Segro plc 920,519 5,428,523 0.1
Severn Trent 116,654 3,643,399 0.1
Sky PLC 238,076 3,503,991 0.1
SSE PLC 183,600 3,937,213 0.1
Standard Life 607,990 3,111,830 0.1
Tate & Lyle 362,096 3,008,147 0.1
Taylor Wimpey 1,292,584 3,535,452 0.1
TUI AG-UK List 214,585 3,327,884 0.1
Unilever plc 230,921 10,463,234 0.2
United Utilities Group 274,750 3,644,910 0.1
Vodafone Group CB 0%
26/11/20-RegS GBP200,000 286,626 0.0
Vodafone Group NoVOD
CB 2% 25/02/19 GBP700,000 1,048,736 0.0
Vodafone Group-UK List 5,141,830 16,347,458 0.4
United StatesUnited StatesUnited StatesUnited States (15.6%)
Accenture PLC 'A' 156,140 18,018,555 0.4
Akamai Tech CB 0%
15/02/19-144A USD457,000 445,552 0.0
Alcoa No1 Cnv Pref 5.375%
01/10/17 6,376 210,344 0.0
Allstate Corp Pref 'C' 106,000 2,941,500 0.1
Allstate Corp Pref 'E' 16,000 439,200 0.0
Altria Group 408,597 25,602,687 0.6
American Campus
Communities 30,761 1,448,535 0.0
American Tower Cnv Prf
5.5% 15/2/18 6,832 704,721 0.0
American Tower Cv Prf
5.25% 5/17-A 2,178 229,126 0.0
Anthem Cnv Pref 5.25%
01/05/18 12,177 568,544 0.0
Apartment Inv & Mgmt 'A'
REIT 192,559 8,052,817 0.2
Apple Inc 155,700 16,969,742 0.4
Ares Capital CB 4.75%
15/01/18-144A USD642,000 657,896 0.0
AT&T Inc 458,257 17,949,926 0.4
Avalonbay Communities 80,700 15,349,139 0.3
Bank Of America Conv
Pref 7.25%Perp 1,216 1,383,808 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 192 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 As at 31 As at 31 As at 31 March 2016March 2016March 2016March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Bank of New York Mellon
Pref 'C' 92,200 2,364,930 0.1
BB&T Corp Deposit Pref 'F' 146,150 3,682,980 0.1
Boston Properties Pref 39,000 1,015,170 0.0
Boston Properties REIT 77,264 9,818,709 0.2
Brandywine Realty Trust 93,200 1,307,596 0.0
Bristol Myers Squibb 126,369 8,072,452 0.2
Brocade Comm CB 1.375%
1/1/20-144A USD326,000 324,513 0.0
Bunge Ltd Conv Pref
4.875% Perp 3,100 265,825 0.0
California Resources 43,486 44,791 0.0
Camden Property Trust 39,894 3,354,686 0.1
Capital One Financial Pref
'B' 30,000 773,700 0.0
Capital One Financial Pref
'D' 255,000 6,925,800 0.2
Centerpoint Energy EB
(AOL)FRN 9/29 USD5,646 361,061 0.0
Cheniere Energy CB 4.25%
15/03/45 USD213,000 111,515 0.0
CME Group 'A' 260,353 25,006,905 0.6
Cobalt Intl CB 3.125%
15/05/24 USD260,000 108,257 0.0
Colony Financial CB
3.875% 15/01/21 USD327,000 296,159 0.0
Crown Castle Con Prf NoA
4.5% 11/16 4,142 444,022 0.0
DDR Corp 82,297 1,464,064 0.0
Diamondrock Hospitality 320,700 3,245,484 0.1
Discover Fin Serv Dep Pref
'B' 75,200 2,004,080 0.0
Dominion Conv Pref 6%
01/07/16 'B' 1,371 79,833 0.0
Dominion Res Conv Prf
6.375% 1/7/17 11,150 560,845 0.0
Douglas Emmett 76,300 2,297,393 0.1
Du Pont (EI) de Nemours 133,803 8,472,406 0.2
Duke Energy Pref 130,200 3,387,804 0.1
Duke Realty 130,203 2,934,776 0.1
Dycom Indust CB 0.75%
15/09/21-144A USD164,000 160,224 0.0
Equity One 191,986 5,502,319 0.1
Exelon Corp Conv Pref
6.5% 01/06/17 8,010 394,332 0.0
Extra Space CB 3.125%
01/10/35-144A USD424,000 489,330 0.0
Extra Space Storage 61,692 5,765,734 0.1
Fireeye NoB CB 1.625%
01/06/35-144A USD466,000 382,762 0.0
Front Conv Pref 11.125%
29/06/18-A 7,432 775,901 0.0
General Growth Properties
REIT 190,570 5,665,646 0.1
General Motors 557,034 17,507,578 0.4
Goldman Sachs Group Pref
'J' 323,000 8,075,000 0.2
Goldman Sachs Group Pref
'K' 255,000 7,094,100 0.2
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
HCP Inc 383,424 12,491,953 0.3
Highwoods Properties 81,358 3,889,726 0.1
Hologic Inc CB Step Cpn
2% 01/03/42 USD161,000 206,682 0.0
Home Depot 231,848 30,935,478 0.7
HP Inc 688,581 8,483,318 0.2
IAS Operating EB (IVR) 5%
3/18-144A USD169,000 159,682 0.0
Impax Laboratories
CB2%15/6/22-144A USD274,000 245,160 0.0
Intel Corp CB 3.25%
01/08/39-144A USD373,000 598,261 0.0
Intel Corp CB Stp Cpn
2.95% 12/35 USD1,580,000 2,004,654 0.0
Ionis Pharm CB 1%
15/11/21-144A USD121,000 110,603 0.0
Johnson & Johnson 116,057 12,557,366 0.3
Kilroy Realty 33,800 2,091,206 0.0
Kimco Realty 465,018 13,383,217 0.3
KLA-Tencor Corp 211,911 15,429,239 0.4
Lasalle Hotel Properties 305,100 7,722,081 0.2
Liberty Inter EB 4%
15/11/29-Regd USD519,000 297,850 0.0
Liberty Media CB 1.375%
10/23-144A USD501,000 500,664 0.0
Liberty Property Trust 202,600 6,778,996 0.2
Linkedin Corp CB 0.5%
01/11/19-144A USD280,000 254,085 0.0
Macerich Co (REIT) 95,991 7,606,327 0.2
Medicines Co CB 2.5%
15/01/22-144A USD95,000 108,924 0.0
Microchip Tech CB 1.625%
02/25-144A USD813,000 832,204 0.0
Micron Tech CB 3%
15/11/43 USD604,000 419,359 0.0
Microsoft Corp 618,725 34,172,181 0.8
Morgan Stanley 341,828 8,549,118 0.2
Morgan Stanley Pref 'E' 236,000 6,714,200 0.2
Morgan Stanley Pref 'F' 115,000 3,121,100 0.1
Morgan Stanley Pref 'I' 280,000 7,299,600 0.2
National Gr NoNGLN CB
0.9% 02/11/20 GBP400,000 592,277 0.0
National Retail Properties 74,954 3,462,875 0.1
Natl Health Investors 34,500 2,294,940 0.1
NextEra Energy 141,038 16,690,436 0.4
Nextera Energy Cnv Prf
5.799% 09/16 10,944 666,490 0.0
NII Hldgs 113,798 629,303 0.0
NRG Yield CB 3.25%
01/06/20-144A USD400,000 351,493 0.0
Nuance Commun CB
2.75% 11/31-144A USD417,000 421,778 0.0
Nuvasive Inc CB 2.25%
15/03/21-144A USD252,000 264,373 0.0
Occidental Petroleum 450,451 30,824,361 0.7
Omega Healthcare
Investors 90,720 3,202,416 0.1
ON Semiconductor CB 1%
1/12/20-144A USD553,000 497,630 0.0
Parkway Properties 157,300 2,463,318 0.1
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 193 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Pebblebrook Hotel Trust 57,350 1,667,165 0.0
Pfizer Inc 676,941 20,064,530 0.5
Philip Morris Intl 104,388 10,241,507 0.2
PPL Corp 189,936 7,230,864 0.2
Priceline Grp CB 0.9%
15/09/21-144A USD630,000 638,143 0.0
Prologis Inc 508,991 22,487,221 0.5
Public Storage 39,800 10,978,034 0.2
Redwood Trust CB 4.625%
15/04/18 USD276,000 264,000 0.0
Regency Centers 107,900 8,076,315 0.2
Sandisk Corp CB 0.5%
15/10/20-144A USD155,000 158,894 0.0
SCE Trust II Preferred Secs 120,800 3,058,656 0.1
Simon Property Group 68,657 14,259,371 0.3
SL Green Realty REIT 83,428 8,082,505 0.2
SolarCity Corp
CB1.625%1/11/19-144A USD145,000 85,919 0.0
Southwestern Ene Cnv Prf
6.25% 1/18 14,647 287,228 0.0
Spirit Realty Cap CB
2.875% 15/5/19 USD342,000 344,870 0.0
Spirit Realty Cap CB 3.75%
15/05/21 USD279,000 283,679 0.0
Spirit Realty Capital 639,573 7,195,196 0.2
Stanley Black Conv Pref
6.25% 11/16 1,873 211,218 0.0
Starwood Property CB
3.75% 15/10/17 USD793,000 795,891 0.0
State Street Pref 'C' 25,000 646,250 0.0
State Street Pref 'D' 93,500 2,553,485 0.1
State Street Pref 'E' 180,000 4,780,800 0.1
Stericycle Inc Conv Pref
5.25% 9/18 2,580 241,204 0.0
Store Capital 44,414 1,149,434 0.0
SunPower Corp CB 0.875%
1/6/21-144A USD165,000 128,323 0.0
Tesla Motors CB 1.25%
01/03/21 USD1,092,000 937,882 0.0
T-Mobile US Cnv Pref 5.5%
15/12/17 8,521 564,090 0.0
Trinity Industries CB
3.875% 1/6/36 USD290,000 311,549 0.0
Twitter Inc CB 0.25%
15/09/19-144A USD512,000 450,434 0.0
Twitter Inc CB 1%
15/09/21-144A USD511,000 428,204 0.0
Tyson Foods Cnv Pref
4.75% 15/07/17 11,662 868,586 0.0
United Technologies 89,837 8,992,684 0.2
Unitedhealth Group 97,346 12,547,898 0.3
Vereit Inc CB 3% 01/08/18 USD105,000 102,239 0.0
VEREIT Inc CB 3.75%
15/12/20 USD567,000 551,320 0.0
Verint Systems CB 1.5%
01/06/21 USD181,000 157,470 0.0
Viavi Solut CB 0.625%
15/08/33-144A USD453,000 443,671 0.0
Vornado Realty Trust REIT 37,200 3,512,796 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Wells Fargo & Co 508,408 24,586,610 0.6
Wells Fargo Conv Pref
7.5% Perp-L 1,684 2,029,237 0.0
Welltower Inc 83,900 5,817,626 0.1
Welltower Inc Conv Prf
6.5% Perp 8,350 518,535 0.0
Weyerhaeu Co Conv Pref
6.375% 7/16 7,212 368,677 0.0
Wright Medical CB 2%
15/02/20-144A USD432,000 385,848 0.0
Yahoo CB 0% 01/12/18-
144A USD919,000 904,020 0.0
Virgin IslandsVirgin IslandsVirgin IslandsVirgin Islands (0.0%)
New Cotai 'B'-144A 2 66,527 0.0
1,837,314,715 41.5
--------- ----
(II) Debt Securities(II) Debt Securities(II) Debt Securities(II) Debt Securities (54.6%)
AngolaAngolaAngolaAngola (0.0%)
Angola Rep Of 7%
16/08/19-RegS USD900,000 776,116 0.0
Angola Rep Of 9.5%
12/11/25-RegS USD828,000 789,204 0.0
ArgentinaArgentinaArgentinaArgentina (0.2%)
Argentina Rep Of
8.28%12/33-Default USD500,000 840,767 0.0
Argentina Rep Of NoX 7%
17/04/17 USD775,000 806,659 0.0
Prov Buenos Aires
10.875% 1/21-RegS USD2,492,000 2,761,229 0.1
Prov Buenos Aires 9.125%
3/24-RegS USD520,000 535,525 0.0
Prov Buenos Aires 9.625%
04/28-RegS USD772,000 848,310 0.0
Prov Buenos Aires 9.95%
9/6/21-RegS USD1,150,000 1,249,167 0.1
YPF SA 8.5% 28/07/25-
RegS USD610,000 600,155 0.0
YPF SA 8.75% 04/04/24-
RegS USD500,000 516,007 0.0
ArubaArubaArubaAruba (0.0%)
Aruba Govt Of 4.625%
14/09/23-RegS USD1,250,000 1,227,891 0.0
AustraliaAustraliaAustraliaAustralia (0.1%)
BHP Billiton Fin USA 5%
30/09/43 USD2,515,000 2,564,163 0.1
Nufarm Aust 6.375%
15/10/19-144A USD500,000 504,786 0.0
Nufarm Aust 6.375%
15/10/19-RegS USD79,000 79,756 0.0
AzerbaijanAzerbaijanAzerbaijanAzerbaijan (0.0%)
State Oil Co Azerb 6.95%
3/30-RegS USD1,620,000 1,466,429 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 194 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
BahamasBahamasBahamasBahamas (0.0%)
Ultrapetrol Bahamas
8.875% 15/06/21 USD1,945,000 397,519 0.0
BelarusBelarusBelarusBelarus (0.1%)
Rep of Belarus 8.95%
26/01/18-RegS USD2,800,000 2,971,943 0.1
BelgiumBelgiumBelgiumBelgium (0.1%)
KBC Groep VRN 5.625%
Perp-RegS EUR4,050,000 4,509,019 0.1
BermudaBermudaBermudaBermuda (0.1%)
Aircastle Ltd 5.125%
15/03/21 USD187,000 194,703 0.0
Aircastle Ltd 6.25%
01/12/19 USD555,000 615,336 0.0
Aircastle Ltd 7.625%
15/04/20 USD2,746,000 3,210,270 0.1
Digicel Grp 7.125%
01/04/22-RegS USD1,440,000 1,168,654 0.0
Seadrill Stp Cpn
6.125%15/9/17-RegS USD200,000 80,578 0.0
Seadrill Stp Cpn
6.625%15/9/20-144A USD200,000 64,626 0.0
Weatherford Intl 4.5%
15/04/22 USD416,000 345,644 0.0
Weatherford Intl 9.625%
01/03/19 USD496,000 502,724 0.0
BrazilBrazilBrazilBrazil (0.3%)
Banco Daycoval 5.75%
19/03/19-RegS USD1,714,000 1,694,077 0.0
Fed Rep of Brazil 2.625%
05/01/23 USD800,000 691,515 0.0
Fed Rep of Brazil 4.25%
07/01/25 USD2,700,000 2,510,824 0.1
Fed Rep of Brazil 4.875%
22/01/21 USD2,700,000 2,759,344 0.1
Fed Rep of Brazil 5%
27/01/45 USD4,432,000 3,607,771 0.1
Fed Rep of Brazil 7.125%
20/01/37 USD2,150,000 2,215,898 0.0
Votorantim Cimentos
7.25% 4/41-RegS USD1,770,000 1,485,731 0.0
CanadaCanadaCanadaCanada (1.5%)
1011778 BC/New Red
4.625% 1/22-144A USD908,000 933,962 0.0
1011778 BC/New Red 6%
01/04/22-144A USD4,596,000 4,842,346 0.1
Automation Tool 6.5%
15/06/23-144A USD835,000 874,094 0.0
Baytex Energy 5.125%
01/06/21-144A USD108,000 78,525 0.0
Baytex Energy 5.625%
01/06/24-144A USD108,000 76,005 0.0
Bombardier Inc 4.75%
15/04/19-144A USD455,000 404,738 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Bombardier Inc 5.5%
15/09/18-144A USD271,000 250,024 0.0
Bombardier Inc 6.125%
15/01/23-144A USD274,000 211,145 0.0
Bombardier Inc 7.5%
15/03/25-144A USD1,000,000 771,042 0.0
Bombardier Inc 7.75%
15/03/20-144A USD2,195,000 1,906,708 0.1
Cascades Inc 5.5%
15/07/22-144A USD430,000 417,858 0.0
Cascades Inc 5.75%
15/07/23-144A USD535,000 510,817 0.0
Cenovus Energy 5.7%
15/10/19 USD131,000 134,569 0.0
Cenovus Energy 6.75%
15/11/39 USD408,000 402,161 0.0
Concordia Health 7%
15/04/23-144A USD2,985,000 2,656,567 0.1
Encana Corp 3.9%
15/11/21 USD78,000 69,310 0.0
Encana Corp 6.5%
01/02/38 USD194,000 165,487 0.0
First Quantum 6.75%
15/02/20-144A USD744,000 516,197 0.0
First Quantum 7%
15/02/21-144A USD769,000 529,948 0.0
Garda World Sec 7.25%
15/11/21-144A USD1,700,000 1,337,849 0.1
HudBay Minerals 9.5%
01/10/20 USD430,000 327,875 0.0
Jupiter Resource 8.5%
01/10/22-144A USD875,000 500,938 0.0
Lundin Mining 7.5%
01/11/20-144A USD1,037,000 1,022,741 0.0
Lundin Mining 7.875%
01/11/22-144A USD612,000 592,301 0.0
Masonite Intl 5.625%
15/03/23-144A USD788,000 823,583 0.0
Mattamy Group 6.5%
15/11/20-144A USD926,000 858,621 0.0
MEG Energy 6.375%
30/01/23-144A USD3,030,000 1,820,967 0.1
MEG Energy 6.375%
30/01/23-RegS USD99,000 59,497 0.0
MEG Energy 6.5%
15/03/21-144A USD544,000 328,070 0.0
MEG Energy 7% 31/03/24-
144A USD770,000 454,300 0.0
New Gold 6.25% 15/11/22-
144A USD923,000 804,196 0.0
New Gold 7% 15/04/20-
144A USD540,000 538,635 0.0
New Gold 7% 15/04/20-
RegS USD24,000 23,939 0.0
Nova Chemicals 5%
01/05/25-144A USD384,000 383,360 0.0
Nova Chemicals 5.25%
01/08/23-144A USD370,000 365,357 0.0
Novelis Inc 8.75%
15/12/20 USD2,393,000 2,489,455 0.1
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 195 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
CanadaCanadaCanadaCanada (Continued)
Open Text 5.625%
15/01/23-144A USD805,000 832,798 0.0
Pacific Explor 5.125%
28/03/23-RegS USD750,000 148,999 0.0
Pacific Explor 5.375%
26/01/19-RegS USD2,280,000 381,900 0.0
Pacific Explor 5.625%
19/01/25-RegS USD305,000 51,088 0.0
Precision Drilling 5.25%
15/11/24 USD784,000 564,464 0.0
Precision Drilling 6.5%
15/12/21 USD375,000 292,245 0.0
Quebecor Media 5.75%
15/01/23 USD2,632,000 2,777,261 0.1
Taseko Mines 7.75%
15/04/19 USD490,000 267,516 0.0
Transcanada Trust VRN
5.625% 05/75 USD3,635,000 3,278,316 0.1
Trinidad Drill 7.875%
15/01/19-144A USD1,325,000 1,070,724 0.0
Trinidad Drill 7.875%
15/01/19-RegS USD425,000 343,440 0.0
Ultra Petroleum 5.75%
15/12/18-144A USD1,240,000 107,992 0.0
Ultra Petroleum 6.125%
1/10/24-144A USD804,000 80,903 0.0
Valeant Pharm 5.5%
01/03/23-144A USD1,669,000 1,318,325 0.0
Valeant Pharm 5.625%
01/12/21-144A USD1,187,000 957,019 0.0
Videotron Ltd 5%
15/07/22 USD1,150,000 1,204,676 0.0
Videotron Ltd 5.375%
15/06/24-144A USD3,826,000 4,030,598 0.1
VPII Escrow 7.5%
15/07/21-144A USD5,519,000 4,696,899 0.1
VRX Escrow 5.375%
15/03/20-144A USD1,840,000 1,508,870 0.1
VRX Escrow 5.875%
15/05/23-144A USD13,011,000 10,439,475 0.3
VRX Escrow 6.125%
15/04/25-144A USD6,788,000 5,436,599 0.1
Cayman IslandsCayman IslandsCayman IslandsCayman Islands (0.2%)
Comcel Trust 6.875%
06/02/24-RegS USD730,000 677,582 0.0
Odebrecht Offshore 6.75%
10/22-RegS USD3,590,000 725,331 0.0
Shelf Drilling 8.625%
01/11/18-144A USD450,000 324,705 0.0
Transocean Stp Cpn
6.875% 15/12/21 USD1,031,000 702,294 0.0
UPCB Finance IV 5.375%
15/1/25-144A USD2,035,000 2,086,275 0.1
UPCB Finance V 7.25%
15/11/21-144A USD2,630,000 2,597,996 0.1
UPCB Finance VI 6.875%
01/22-144A USD2,115,000 2,048,080 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Vale Overseas 6.875%
21/11/36 USD1,200,000 978,021 0.0
ChileChileChileChile (0.1%)
Cencosud SA 5.5%
20/01/21-RegS USD3,360,000 3,629,472 0.1
Empresa Elec Angam
4.875% 5/29-RegS USD700,000 660,064 0.0
ColombiaColombiaColombiaColombia (0.1%)
Ecopetrol SA 7.375%
18/09/43 USD5,097,000 4,757,377 0.1
Costa RicaCosta RicaCosta RicaCosta Rica (0.1%)
Banco Costa Rica 9.995%
1/8/20-RegS USD3,665,000 4,504,865 0.1
Costa Rica Rep Of 7.158%
03/45-RegS USD640,000 593,521 0.0
Instituto Costarr 6.95%
11/21-RegS USD1,240,000 1,252,293 0.0
CroatiaCroatiaCroatiaCroatia (0.2%)
Hrvatska Elekt 5.875%
23/10/22-RegS USD1,320,000 1,394,643 0.0
Rep of Croatia 6%
26/01/24-RegS USD2,290,000 2,526,099 0.1
Rep of Croatia 6.75%
05/11/19-RegS USD2,680,000 3,022,002 0.1
Dominican RepublicDominican RepublicDominican RepublicDominican Republic (0.2%)
Dominican Republic
6.875% 1/26-RegS USD730,000 780,758 0.0
Dominican Republic 7.45%
04/44-RegS USD1,170,000 1,255,066 0.0
Dominican Republic 7.5%
6/5/21-RegS USD3,000,000 3,357,500 0.1
Dominican Republic
9.04% 01/18-RegS USD7,608,333 3,587,329 0.1
EcuadorEcuadorEcuadorEcuador (0.0%)
Ecuador Rep Of 10.5%
24/03/20-RegS USD1,350,000 1,225,373 0.0
EgyptEgyptEgyptEgypt (0.0%)
Egypt Rep Of 5.875%
11/06/25-RegS USD1,182,000 1,074,869 0.0
El SalvadorEl SalvadorEl SalvadorEl Salvador (0.1%)
Rep of El Salvador 7.75%
01/23-RegS USD3,940,000 3,918,877 0.1
EthiopiaEthiopiaEthiopiaEthiopia (0.0%)
Rep Of Ethiopia 6.625%
12/24-RegS USD1,200,000 1,134,513 0.0
FinlandFinlandFinlandFinland (0.0%)
Nokia OYJ 5.375%
15/05/19 USD317,000 344,203 0.0
Nokia OYJ 6.625%
15/05/39 USD636,000 685,959 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 196 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
FranceFranceFranceFrance (0.5%)
BNP Paribas 7.375%
19/08/25-144A USD2,320,000 2,268,517 0.1
Credit Agri 8.125% Perp-
144A USD2,360,000 2,379,072 0.1
Credit Agri VRN6.625%
Perp-144A USD2,885,000 2,725,622 0.1
Electric France
VRN5.625% Perp-144A USD2,345,000 2,171,910 0.0
Numericable-SFR 4.875%
15/5/19-144A USD1,065,000 1,063,738 0.0
Numericable-SFR 6%
15/05/22-144A USD7,966,000 7,824,072 0.2
Numericable-SFR 6.25%
15/05/24-144A USD1,547,000 1,501,611 0.0
Orange SA 5.5% 06/02/44 USD1,692,000 2,023,049 0.0
Orange SA VRN 5.875%
Perp-RegS GBP1,400,000 2,050,838 0.0
GeorgiaGeorgiaGeorgiaGeorgia (0.1%)
Georgian Railway 7.75%
11/7/22-RegS USD2,602,000 2,816,502 0.1
GermanyGermanyGermanyGermany (0.1%)
Unitymedia Hes/NRW
5.5% 01/23-144A USD1,899,000 1,979,506 0.1
Unitymedia Kab 6.125%
15/01/25-144A USD984,000 1,036,448 0.0
GhanaGhanaGhanaGhana (0.1%)
Ghana Rep 10.75%
14/10/30-RegS USD3,250,000 3,358,117 0.1
HondurasHondurasHondurasHonduras (0.1%)
Rep of Honduras 8.75%
16/12/20-RegS USD2,270,000 2,603,381 0.1
HungaryHungaryHungaryHungary (0.5%)
Hungarian Dev Bk
6.25%21/10/20-RegS USD1,480,000 1,679,802 0.0
Rep of Hungary 5.375%
25/03/24 USD4,320,000 4,843,779 0.1
Rep of Hungary 5.75%
22/11/23 USD3,450,000 4,007,223 0.1
Rep of Hungary 6.375%
29/03/21 USD2,372,000 2,700,952 0.1
Rep of Hungary 7.625%
29/03/41 USD5,380,000 7,649,475 0.2
IndonesiaIndonesiaIndonesiaIndonesia (0.5%)
Pertamina Persero
4.875% 05/22-RegS USD650,000 675,270 0.0
Pertamina Persero 5.25%
05/21-RegS USD3,060,000 3,264,905 0.1
Pertamina Persero 6%
03/05/42-RegS USD1,650,000 1,555,923 0.0
Pertamina Persero
6.45%30/5/44-RegS USD3,830,000 3,824,287 0.1
Rep of Indonesia 11.625%
03/19-RegS USD4,273,000 5,406,805 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Rep of Indonesia 5.375%
10/23-RegS USD1,050,000 1,179,502 0.0
Rep of Indonesia 5.875%
01/24-RegS USD3,010,000 3,435,211 0.1
Rep of Indonesia 6.75%
15/1/44-RegS USD3,290,000 4,024,945 0.1
IraqIraqIraqIraq (0.1%)
Rep of Iraq 5.8%
15/01/28-RegS USD6,440,000 4,537,660 0.1
IrelandIrelandIrelandIreland (0.4%)
AerCap Ireland Cap
4.625% 30/10/20 USD265,000 276,444 0.0
AerCap Ireland/Global
3.75% 15/5/19 USD500,000 507,635 0.0
AerCap Ireland/Global
4.25% 1/07/20 USD410,000 419,375 0.0
AerCap Ireland/Global
4.5%5/21-144A USD1,330,000 1,384,071 0.1
AerCap Ireland/Global
4.625% 1/7/22 USD1,574,000 1,630,448 0.1
Ardagh Packaging 9.125%
10/20-144A USD4,400,000 4,756,751 0.1
Ardagh Packaging 9.125%
10/20-RegS USD225,000 241,274 0.0
Ardagh Pkg/Hldgs 6.25%
31/1/19-144A USD300,000 300,125 0.0
Ardagh Pkg/Hldgs 6.75%
31/1/21-144A USD1,000,000 981,250 0.0
Ardagh Pkg/Hldgs 7%
15/11/20-144A USD850,000 145,746 0.0
Ardagh Pkg/Hldgs 9.125%
10/20-RegS USD200,000 214,466 0.0
Ardagh Pkg/Hldgs FRN
15/12/19-144A USD910,000 902,780 0.0
Bank of Ireland
VRN7.375% Perp-RegS EUR500,000 583,582 0.0
Grifols Worldwide 5.25%
01/04/22 USD600,000 633,990 0.0
James Hardie 5.875%
15/02/23-144A USD1,300,000 1,326,221 0.0
RZD Capital 5.7%
05/04/22-RegS USD1,770,000 1,856,420 0.1
Vnesheconombank
5.942%21/11/23-RegS USD1,160,000 1,156,024 0.0
IsraelIsraelIsraelIsrael (0.1%)
Israel Electric 5% 12/11/24 USD2,920,000 3,163,658 0.1
Ivory CoastIvory CoastIvory CoastIvory Coast (0.0%)
Ivory Coast 6.375%
03/03/28-RegS USD1,800,000 1,714,114 0.0
JamaicaJamaicaJamaicaJamaica (0.1%)
Jamaica Govt Of 7.875%
28/07/45 USD600,000 620,400 0.0
Jamaica Govt Of 8%
24/06/19 USD3,000,000 3,324,083 0.1
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 197 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
JapanJapanJapanJapan (0.1%)
Softbank Group 4.5%
15/04/20-144A USD1,850,000 1,922,862 0.1
Jersey C.I.Jersey C.I.Jersey C.I.Jersey C.I. (0.1%)
International Game
6.5%15/2/25-144A USD3,250,000 3,249,142 0.1
Intl Game Tech 6.25%
15/02/22-144A USD2,550,000 2,615,432 0.0
KazakhstanKazakhstanKazakhstanKazakhstan (0.2%)
Kazakhstan Rep Of 5.125%
7/25-RegS USD1,290,000 1,342,900 0.0
KazMunaiGaz Fin 9.125%
2/7/18-RegS USD1,500,000 1,676,494 0.0
KazMunaiGaz Natl 6.375%
9/4/21-RegS USD5,862,000 6,215,979 0.2
KenyaKenyaKenyaKenya (0.0%)
Kenya Rep Of 6.875%
24/06/24-RegS USD1,364,000 1,323,033 0.0
LebanonLebanonLebanonLebanon (0.2%)
Lebanese Rep Of 4.5%
22/04/16 USD1,150,000 1,172,109 0.0
Lebanese Rep Of 6.6%
27/11/26-RegS USD1,150,000 1,158,893 0.0
Lebanese Rep Of 6.65%
26/2/30-RegS USD1,790,000 1,768,252 0.1
Lebanese Rep Of 8.25%
12/04/21-RegS USD2,600,000 2,938,412 0.1
LiberiaLiberiaLiberiaLiberia (0.0%)
Royal Caribbean 7.5%
15/10/27 USD73,000 85,694 0.0
LuxembourgLuxembourgLuxembourgLuxembourg (1.8%)
Actavis Funding 4.75%
15/03/45 USD2,605,000 2,765,789 0.1
Actavis Funding 4.85%
15/06/44 USD3,420,000 3,686,368 0.1
Albea Beauty 8.375%
01/11/19-144A USD1,950,000 2,125,297 0.1
Altice Financing 6.5%
15/01/22-144A USD1,716,000 1,765,597 0.1
Altice Financing
6.625%15/2/23-144A USD3,105,000 3,190,310 0.1
Altice Financing 7.875%
12/19-144A USD200,000 213,671 0.0
Altice Finco 7.625%
15/02/25-144A USD200,000 198,625 0.0
Altice Finco 8.125%
15/01/24-144A USD200,000 201,476 0.0
Altice Lux 7.625%
15/02/25-144A USD1,435,000 1,428,722 0.0
Altice Lux 7.75%
15/05/22-144A USD3,637,000 3,596,513 0.1
ArcelorMittal 6.125%
01/06/25 USD294,000 280,893 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
ArcelorMittal Stp Cpn
10.6% 1/6/19 USD214,000 245,932 0.0
Arcelormittal Stp Cpn
6.25% 1/03/21 USD158,000 154,963 0.0
ArcelorMittal Stp Cpn
7.25% 25/2/22 USD9,002,000 8,889,758 0.2
ArcelorMittal Stp Cpn 8%
15/10/39 USD1,012,000 923,056 0.0
Capsugel SA 7% 15/05/19-
144A USD400,000 412,656 0.0
Convatec Health 10.5%
15/12/18-144A USD2,363,000 2,510,589 0.1
Gaz Capital 9.25%
23/04/19-RegS USD1,850,000 2,176,440 0.1
INEOS Group 5.875%
15/02/19-144A USD6,982,000 7,087,918 0.2
INEOS Group 6.125%
15/08/18-144A USD313,000 320,198 0.0
Intelsat Jackson 5.5%
01/08/23-144A USD6,080,000 3,688,533 0.1
Intelsat Jackson 6.625%
15/12/22 USD5,225,000 2,898,260 0.1
Intelsat Jackson 7.25%
15/10/20 USD7,150,000 4,852,218 0.1
Intelsat Jackson 7.5%
01/04/21 USD1,300,000 880,750 0.0
Intelsat Jackson 8%
15/02/24-144A USD1,064,000 1,075,349 0.0
Intelsat Jackson Hld 7.25%
01/04/19 USD775,000 599,656 0.0
Intelsat Lux 7.75%
01/06/21-144A USD1,607,000 519,597 0.0
Mallinckrodt Intl 3.5%
15/04/18 USD120,000 115,348 0.0
Mallinckrodt Intl 4.75%
15/04/23 USD299,000 249,541 0.0
Mallinckrodt Intl 4.875%
04/20-144A USD820,000 785,244 0.0
Mallinckrodt Intl 5.5%
15/4/25-144A USD1,885,000 1,706,894 0.1
Mallinckrodt Intl 5.625%
10/23-144A USD3,946,000 3,706,774 0.1
Mallinckrodt Intl 5.75%
1/8/22-144A USD1,252,000 1,165,403 0.0
Millicom Intl 6.625%
15/10/21-RegS USD1,400,000 1,436,026 0.0
MOL Group Fin 6.25%
26/09/19-RegS USD1,430,000 1,541,886 0.0
Nielsen Co Lux 5.5%
01/10/21-144A USD1,235,000 1,316,016 0.0
RSHB Capital 5.298%
27/12/17-RegS USD1,150,000 1,187,180 0.0
RSHB Capital 7.75%
29/05/18-RegS USD900,000 987,326 0.0
Sberbank 4.95%
07/02/17-RegS USD1,000,000 1,026,013 0.0
Trinseo Materialls 6.75%
05/22-144A USD900,000 947,813 0.0
VTB Bank 6.95% 17/10/22-
RegS USD1,206,000 1,220,055 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 198 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
LuxembourgLuxembourgLuxembourgLuxembourg (Continued)
Wind Acquisition
7.375%23/4/21-144A USD1,445,000 1,358,405 0.0
Wind Acquisition4.75%
15/07/20-144A USD2,344,000 2,271,124 0.1
MalaysiaMalaysiaMalaysiaMalaysia (0.0%)
Petronas Capital 4.5%
18/03/45-RegS USD650,000 676,748 0.0
Marshall IslandMarshall IslandMarshall IslandMarshall Island (0.0%)
Navios Maritim 7.375%
15/01/22-144A USD1,430,000 544,507 0.0
Navios Maritim 8.125%
15/11/21-144A USD225,000 156,582 0.0
Navios S A Log/Fin 7.25%
05/22-144A USD953,000 631,561 0.0
MexicoMexicoMexicoMexico (0.6%)
Alfa SAB 5.25% 25/03/24-
RegS USD2,670,000 2,816,238 0.1
Alfa SAB 6.875%
25/03/44-RegS USD2,406,000 2,403,201 0.1
BBVA Bancomer 6.75%
30/09/22-RegS USD1,350,000 1,494,754 0.0
Cemex SAB 6.125%
05/05/25-144A USD1,586,000 1,516,629 0.0
Cemex SAB 7.25%
15/01/21-144A USD200,000 210,501 0.0
Cemex SAB de CV 5.7%
11/01/25-144A USD525,000 488,421 0.0
Grupo KUO SAB 6.25%
04/12/22-RegS USD850,000 852,538 0.0
Mexichem SAB 6.75%
19/09/42-RegS USD1,153,000 1,141,928 0.0
Nemak SAB de CV 5.5%
28/02/23-RegS USD1,897,000 1,960,767 0.1
Pemex Project Funding
6.625% 06/35 USD3,930,000 3,869,050 0.1
Petroleos Mexi 6.875%
04/08/26-RegS USD1,540,000 1,682,152 0.0
Petroleos Mexicanos
5.625% 23/01/46 USD3,059,000 2,622,852 0.1
Petroleos Mexicanos 6.5%
6/41-RegS USD1,800,000 1,732,620 0.0
United Mexican States
3.6% 30/01/25 USD340,000 348,347 0.0
United Mexican States
4.6% 23/01/46 USD3,800,000 3,757,503 0.1
MoroccoMoroccoMoroccoMorocco (0.3%)
Morocco Kingdom Of
4.25% 12/22-RegS USD770,000 799,226 0.0
Morocco Kingdom Of 5.5%
12/42-RegS USD1,100,000 1,167,904 0.0
OCP SA 5.625% 25/04/24-
RegS USD6,170,000 6,586,359 0.2
OCP SA 6.875% 25/04/44-
RegS USD3,810,000 4,082,730 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
NetherlandsNetherlandsNetherlandsNetherlands (0.8%)
Bharti Airtel 5.125%
11/03/23-RegS USD1,500,000 1,608,209 0.1
Bluewater Hldgs 10%
10/12/19-RegS USD2,100,000 894,514 0.0
Cooperatieve Rabo
VRN5.5% Perp-RegS EUR621,000 695,507 0.0
Fiat Chry Auto 4.5%
15/04/20 USD1,257,000 1,305,237 0.0
Fiat Chry Auto 5.25%
15/04/23 USD7,095,000 7,232,318 0.2
InterGen NV 7%
30/06/23-144A USD450,000 314,050 0.0
Kazakhstan Temir 6.95%
10/7/42-RegS USD1,580,000 1,425,208 0.0
LYB Intl Fin 4.875%
15/03/44 USD1,535,000 1,539,992 0.0
Lyondellbasell Ind 5%
15/04/19 USD650,000 709,316 0.0
Lyondellbasell Ind 5.75%
15/04/24 USD200,000 236,543 0.0
Majapahit Hldg 7.75%
20/01/20-RegS USD1,930,000 2,242,178 0.1
Montell Fin 8.1%
15/03/27-144A USD355,000 460,670 0.0
NXP BV/NXP Fdg 3.75%
01/06/18-144A USD965,000 991,538 0.0
NXP BV/NXP Fdg 4.125%
15/06/20-144A USD1,111,000 1,137,120 0.0
NXP BV/NXP Fdg 4.625%
15/06/22-144A USD1,299,000 1,355,021 0.0
NXP BV/NXP Fdg 5.75%
15/02/21-144A USD1,910,000 2,023,372 0.1
NXP BV/NXP Fdg 5.75%
15/03/23-144A USD3,000,000 3,169,396 0.1
Schaeffler Fin 4.75%
15/05/21-144A USD325,000 339,812 0.0
Schaeffler Fin 4.75%
15/05/23-144A USD2,475,000 2,508,911 0.1
Sensata Tech 4.875%
15/10/23-144A USD1,220,000 1,253,690 0.0
Sensata Tech 5%
01/10/25-144A USD1,679,000 1,739,612 0.1
Sensata Tech 5.625%
01/11/24-144A USD268,000 286,341 0.0
Ziggo Bond Fin 5.875%
15/01/25-144A USD510,000 511,283 0.0
NigeriaNigeriaNigeriaNigeria (0.0%)
SEA Trucks 9% 26/03/18-
144A/RegS USD1,266,390 457,774 0.0
PakistanPakistanPakistanPakistan (0.1%)
Islamic Rep Pakistan
8.25%4/24-RegS USD3,150,000 3,478,138 0.1
Islamic Rep
Pakistan6.75%12/19-
RegS USD1,600,000 1,712,180 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 199 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
PakistanPakistanPakistanPakistan (Continued)
Islamic Rep
Pakistan6.875%6/17-
RegS USD686,000 727,960 0.0
PanamaPanamaPanamaPanama (0.2%)
Rep of Panama 3.75%
16/03/25 USD2,410,000 2,486,799 0.1
Rep of Panama 4.3%
29/04/53 USD1,440,000 1,395,770 0.0
Rep of Panama 6.7%
26/01/36 USD1,250,000 1,621,479 0.1
Rep of Panama of 3.875%
17/03/28 USD840,000 847,656 0.0
ParaguayParaguayParaguayParaguay (0.0%)
Paraguay Rep of 5%
15/04/26-RegS USD370,000 369,279 0.0
PeruPeruPeruPeru (0.1%)
Banco de Cred 4.25%
01/04/23-RegS USD1,500,000 1,578,525 0.1
BBVA Banco Contin 5%
26/08/22-RegS USD1,450,000 1,556,938 0.0
Consorcio Tran 4.375%
07/05/23-RegS USD1,057,000 1,053,450 0.0
Rep of Peru 5.625%
18/11/50 USD960,000 1,100,100 0.0
Rep of Peru 6.55%
14/03/37 USD750,000 937,969 0.0
PhilippinesPhilippinesPhilippinesPhilippines (0.2%)
Philippines Rep of
10.625% 16/03/25 USD4,050,000 6,660,923 0.2
Philippines Rep of 3.7%
01/03/41 USD510,000 540,824 0.0
PolandPolandPolandPoland (0.1%)
Rep of Poland 5%
23/03/22 USD1,860,000 2,081,433 0.1
RomaniaRomaniaRomaniaRomania (0.2%)
Romania 6.125%
22/01/44-RegS USD4,936,000 6,096,748 0.1
Romania 6.75% 07/02/22-
RegS USD2,912,000 3,485,992 0.1
RussiaRussiaRussiaRussia (0.4%)
Russia Step-up 7.5%
31/03/30-RegS USD3,100,000 2,140,333 0.0
Russian Feder 12.75%
24/06/28-RegS USD4,141,000 7,038,906 0.2
Russian Feder 4.875%
16/09/23-RegS USD3,800,000 3,987,973 0.1
Russian Feder 5.875%
16/09/43-RegS USD3,600,000 3,731,440 0.1
SerbiaSerbiaSerbiaSerbia (0.1%)
Rep of Serbia 7.25%
28/09/21-RegS USD4,690,000 5,263,613 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
SingaporeSingaporeSingaporeSingapore (0.0%)
Flextronics Intl 5%
15/02/23 USD300,000 304,568 0.0
SloveniaSloveniaSloveniaSlovenia (0.1%)
Rep of Slovenia 5.25%
18/02/24-RegS USD940,000 1,059,396 0.0
Rep of Slovenia 5.85%
10/05/23-RegS USD2,245,000 2,643,880 0.1
South AfricaSouth AfricaSouth AfricaSouth Africa (0.1%)
Rep of South Africa
5.875% 16/09/25 USD2,960,000 3,220,661 0.1
Rep of South Africa
5.875% 30/05/22 USD2,300,000 2,542,557 0.0
SpainSpainSpainSpain (0.1%)
Banco Bilbao Viz VRN
6.75%Perp-RegS EUR2,000,000 2,100,169 0.1
Banco Bilbao Viz VRN 7%
Perp-RegS EUR1,400,000 1,495,153 0.0
Banco Bilbao Viz VRN 9%
Perp-RegS USD800,000 836,400 0.0
Sri LankaSri LankaSri LankaSri Lanka (0.1%)
Rep of Sri Lanka
5.875%25/7/22-RegS USD1,630,000 1,558,091 0.0
Rep of Sri Lanka 6.25%
4/10/20-RegS USD1,990,000 2,040,552 0.1
SwedenSwedenSwedenSweden (0.2%)
Skandinaviska Ens
VRN5.75%Perp-RegS USD700,000 697,341 0.0
Svenska Handelsbk
VRN5.25%Perp-RegS USD3,725,000 3,613,871 0.1
Swedbank AB VRN 5.5%
Perp-RegS USD3,000,000 2,960,225 0.1
SwitzerlandSwitzerlandSwitzerlandSwitzerland (0.2%)
Credit Suisse VRN 6.25%
Perp-144A USD1,760,000 1,664,178 0.0
Credit Suisse VRN 7.5%
Perp-144A USD4,370,000 4,449,862 0.1
UBS Group AG VRN 7%
Perp-RegS USD1,746,000 1,807,479 0.1
TurkeyTurkeyTurkeyTurkey (0.4%)
Rep of Turkey 6%
14/01/41 USD4,070,000 4,455,633 0.1
Rep of Turkey 6.25%
26/09/22 USD4,520,000 5,038,406 0.1
Rep of Turkey 7.375%
05/02/25 USD6,460,000 7,837,770 0.2
UkraineUkraineUkraineUkraine (0.1%)
Ukraine Govt 7.75%
01/09/20-RegS USD625,000 591,806 0.0
Ukraine Govt 7.75%
01/09/21-RegS USD490,000 459,076 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 200 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
UkraineUkraineUkraineUkraine (Continued)
Ukraine Govt 7.75%
01/09/22-RegS USD1,590,000 1,472,720 0.1
Ukraine Govt 7.75%
01/09/23-RegS USD1,590,000 1,457,853 0.0
Ukraine Govt 7.75%
01/09/24-RegS USD490,000 445,601 0.0
Ukraine Govt 7.75%
01/09/25-RegS USD490,000 440,407 0.0
Ukraine Govt VRN
31/05/40-RegS USD992,000 329,592 0.0
United Arab EmiratesUnited Arab EmiratesUnited Arab EmiratesUnited Arab Emirates (0.0%)
DP World 6.85%
02/07/37-RegS USD1,750,000 1,817,856 0.0
United KingdomUnited KingdomUnited KingdomUnited Kingdom (0.8%)
Afren plc 6.625%
09/12/20-RegS USD1,893,000 4,618 0.0
Anglo American 4.875%
14/05/25-144A USD495,000 415,150 0.0
HSBC Hldgs VRN 6.375%
Perp USD4,690,000 4,407,784 0.2
Jaguar Land Rover 4.125%
12/18-144A USD1,432,000 1,480,846 0.1
Jaguar Land Rover 4.25%
11/19-144A USD680,000 708,209 0.0
Jaguar Land Rover 5.625%
02/23-144A USD300,000 312,713 0.0
Lloyds Banking Group VRN
7.5% Perp USD5,320,000 5,384,860 0.1
Nationwide Bldg
VRN6.875% Perp-RegS GBP1,606,000 2,202,924 0.1
Royal Bk Scotland 6%
19/12/23 USD1,250,000 1,296,171 0.0
Royal Bk Scotland Grp
5.125%28/5/24 USD1,265,000 1,243,461 0.0
Royal Bk Scotland Grp
6.1% 10/06/23 USD3,700,000 3,861,682 0.1
Royal Bk Scotland Grp
6.125% 12/22 USD4,723,000 5,124,006 0.1
Royal Bk Scotland VRN
9.5% 16/03/22 USD33,000 35,172 0.0
Santander UK VRN 7.375%
Perp-RegS GBP500,000 664,077 0.0
Sensata Tech UK 6.25%
15/02/26-144A USD3,502,000 3,749,450 0.1
Virgin Media Fin 5.75%
15/1/25-144A USD227,000 229,792 0.0
Virgin Media Fin
6.375%15/4/23-144A USD1,060,000 1,129,772 0.0
Virgin Media Secured
5.5%1/25-144A USD750,000 781,323 0.0
United StatesUnited StatesUnited StatesUnited States (40.7%)
21st Century Fox Amer
4.75%09/44 USD2,295,000 2,361,890 0.1
21st Century Fox Amer
4.95%15/10/45 USD1,685,000 1,839,342 0.1
Abbvie Inc 4.7% 14/05/45 USD4,924,000 5,345,921 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Acadia Health 5.625%
15/02/23 USD350,000 360,445 0.0
Acadia Health 6.125%
15/03/21 USD416,000 432,803 0.0
Acadia Health 6.5%
01/03/24-144A USD435,000 458,188 0.0
Access Midstream 6.125%
15/07/22 USD4,423,000 4,149,219 0.1
ACCO Brands 6.75%
30/04/20 USD3,595,000 3,899,497 0.1
ACE Cash Express 11%
01/02/19-144A USD1,602,000 654,150 0.0
ACI Worldwide 6.375%
15/08/20-144A USD941,000 970,004 0.0
Activision Blizzard
6.125%9/23-144A USD180,000 194,300 0.0
ADT Corp 3.5% 15/07/22 USD3,270,000 2,848,975 0.1
ADT Corp 4.125%
15/06/23 USD3,415,000 3,012,919 0.1
ADT Corp 6.25% 15/10/21 USD610,000 630,339 0.0
Advanced Micro 6.75%
01/03/19 USD1,085,000 869,085 0.0
Advanced Micro 7%
01/07/24 USD1,262,000 861,315 0.0
Advanced Micro 7.5%
15/08/22 USD59,000 41,140 0.0
Advanced Micro 7.75%
01/08/20 USD748,000 533,860 0.0
AECOM 5.75% 15/10/22 USD1,160,000 1,237,341 0.0
AECOM 5.875% 15/10/24 USD4,241,000 4,514,903 0.1
Aerojet Rocketdyne
7.125% 15/03/21 USD131,000 136,353 0.0
AES Corp 4.875%
15/05/23 USD4,155,000 4,097,046 0.1
AES Corp 5.5% 15/03/24 USD1,110,000 1,088,130 0.0
AES Corp 5.5% 15/04/25 USD805,000 797,364 0.0
AES Corp 7.375% 01/07/21 USD1,750,000 1,992,266 0.1
Ahern Rentals 7.375%
15/05/23-144A USD835,000 599,585 0.0
AIR Medical Me 6.375%
15/05/23-144A USD2,060,000 1,960,626 0.1
Aircastle Ltd 5.5%
15/02/22 USD790,000 828,853 0.0
AK Steel 8.75% 01/12/18 USD1,070,000 1,069,108 0.0
Albertson's Hldgs 7.75%
10/22-144A USD4,601,000 5,140,244 0.1
Alcatel-Lucent USA 6.45%
15/03/29 USD1,225,000 1,305,294 0.0
Alcoa Inc 5.125% 01/10/24 USD3,972,000 3,903,741 0.1
Alcoa Inc 5.4% 15/04/21 USD1,114,000 1,163,852 0.0
Alcoa Inc 5.87% 23/02/22 USD365,000 369,146 0.0
Alcoa Inc 5.9% 01/02/27 USD585,000 567,633 0.0
Alcoa Inc 5.95% 01/02/37 USD14,000 12,319 0.0
Alcoa Inc 6.15% 15/08/20 USD555,000 584,431 0.0
Alere Inc 6.375%
01/07/23-144A USD828,000 890,876 0.0
Alere Inc 6.5% 15/06/20 USD1,303,000 1,355,015 0.0
Alere Inc 7.25% 01/07/18 USD275,000 292,613 0.0
Aleris Intl 7.625%
15/02/18 USD395,000 406,832 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 201 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Aleris Intl 7.875%
01/11/20 USD3,000 2,648 0.0
Aleris Intl 9.5% 01/04/21-
144A USD532,000 543,970 0.0
Allegheny Tech Stp Cpn
6.625% 08/23 USD590,000 500,191 0.0
Alliance Data 5.375%
01/08/22-144A USD925,000 880,099 0.0
Allstate Corp VRN 5.75%
15/08/53 USD4,850,000 4,959,159 0.1
Ally Financial 3.5%
27/01/19 USD3,950,000 3,950,472 0.1
Ally Financial 3.6%
21/05/18 USD831,000 837,731 0.0
Ally Financial 4.125%
30/03/20 USD6,240,000 6,249,230 0.2
Ally Financial 4.625%
19/05/22 USD3,957,000 4,044,397 0.1
Ally Financial 4.625%
30/03/25 USD5,500,000 5,405,163 0.1
Ally Financial 4.75%
10/09/18 USD420,000 429,300 0.0
Ally Financial 5.75%
20/11/25 USD2,900,000 2,903,142 0.1
Ally Financial 6.25%
01/12/17 USD335,000 356,585 0.0
Ally Financial 8% 01/11/31 USD1,535,000 1,801,067 0.1
Altria Group 5.375%
31/01/44 USD4,010,000 4,958,046 0.1
Amazon.com Inc 4.95%
05/12/44 USD685,000 799,592 0.0
AMC Entertainment 5.75%
15/06/25 USD1,700,000 1,763,053 0.1
AMC Entertainment
5.875% 15/02/22 USD1,506,000 1,558,966 0.0
AMC Networks 5%
01/04/24 USD2,805,000 2,798,626 0.1
American Axle & Mfg
6.25% 15/03/21 USD2,025,000 2,106,914 0.1
American Axle & Mfg
6.625% 15/10/22 USD3,171,000 3,381,024 0.1
American Axle & Mfg
7.75% 15/11/19 USD500,000 561,597 0.0
American Express VRN
4.9% Perp USD7,995,000 7,210,722 0.2
American Express VRN
5.2% Perpetual USD4,015,000 3,880,854 0.1
American Int Group 4.5%
16/07/44 USD1,540,000 1,476,598 0.0
American Intl Group 4.8%
10/07/45 USD3,015,000 3,032,256 0.1
Amerigas Finance 7%
20/05/22 USD1,447,000 1,522,123 0.0
Amgen Inc 4.4% 01/05/45 USD3,695,000 3,864,982 0.1
Amkor Tech 6.375%
01/10/22 USD2,266,000 2,222,028 0.1
Amkor Tech 6.625%
01/06/21 USD3,175,000 3,155,103 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Amsurg Corp 5.625%
15/07/22 USD730,000 762,508 0.0
Amsurg Corp 5.625%
30/11/20 USD620,000 652,297 0.0
Anadarko Petroleum 4.5%
15/07/44 USD1,535,000 1,215,550 0.0
Anadarko Petroleum
4.85% 15/03/21 USD372,000 378,968 0.0
Anadarko Petroleum
5.55% 15/03/26 USD260,000 263,659 0.0
Anadarko Petroleum 6.6%
15/03/46 USD260,000 266,721 0.0
Anheuser-Busch 4.9%
01/02/46 USD6,890,000 7,698,331 0.2
Anixter Inc 5.5%
01/03/23-144A USD2,844,000 2,893,454 0.1
Anixter Inc 5.625%
01/05/19 USD826,000 889,757 0.0
Antero Res 5.125%
01/12/22 USD1,013,000 934,952 0.0
Antero Resources 5.375%
01/11/21 USD370,000 347,761 0.0
Antero Resources 5.625%
01/06/23 USD1,280,000 1,201,600 0.0
Antero Resources 6%
01/12/20 USD1,331,000 1,291,070 0.0
Anthem Inc 5.1% 15/01/44 USD1,720,000 1,831,054 0.1
Apache Corp 3.25%
15/04/22 USD320,000 313,960 0.0
Apache Corp 4.75%
15/04/43 USD512,000 473,423 0.0
Apache Corp 5.1%
01/09/40 USD90,000 83,600 0.0
Apache Corp 6% 15/01/37 USD256,000 257,749 0.0
Apple Inc 4.65% 23/02/46 USD3,810,000 4,185,733 0.1
Aramark Servic 5.125%
15/01/24-144A USD653,000 700,276 0.0
Argos Merger 7.125%
15/03/23-144A USD7,725,000 8,158,871 0.2
Ashland Inc 4.75%
15/08/22 USD6,529,000 6,683,746 0.2
Ashtead Capital 5.625%
1/10/24-144A USD930,000 988,706 0.0
Ashtead Capital 6.5%
15/07/22-144A USD3,217,000 3,458,766 0.1
AT&T Inc 4.3% 15/12/42 USD595,000 554,729 0.0
AT&T Inc 4.35% 15/06/45 USD1,620,000 1,513,403 0.0
AT&T Inc 4.75% 15/05/46 USD2,820,000 2,801,575 0.1
AT&T Inc 5.15% 15/03/42 USD1,300,000 1,319,828 0.0
AT&T Inc 5.65% 15/02/47 USD1,315,000 1,468,090 0.0
Atwood Oceanics 6.5%
01/02/20 USD1,175,000 584,743 0.0
Avaya Inc 10.5% 01/03/21-
144A USD1,237,000 395,015 0.0
Avaya Inc 7% 01/04/19-
144A USD2,578,000 1,830,380 0.1
Avaya Inc 7% 01/04/19-
RegS USD400,000 284,000 0.0
Avaya Inc 9% 01/04/19-
144A USD1,705,000 1,236,125 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 202 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Avis Budget Car 6.375%
01/4/24-RegS USD267,000 267,796 0.0
Avis Budget Car/Fin 5.5%
01/04/23 USD3,040,000 3,033,160 0.1
Avis Budget
Car/Fin5.125% 6/22-
144A USD1,150,000 1,109,271 0.0
Axalta Coating Sys
7.375%05/21-144A USD1,590,000 1,704,944 0.1
Axiall Corp 4.875%
15/05/23 USD825,000 817,618 0.0
B&G Foods 4.625%
01/06/21 USD2,326,000 2,379,304 0.1
Ball Corp 4% 15/11/23 USD425,000 425,647 0.0
Ball Corp 4.375% 15/12/20 USD400,000 421,250 0.0
Ball Corp 5% 15/03/22 USD525,000 552,490 0.0
Ball Corp 5.25% 01/07/25 USD1,220,000 1,292,438 0.0
Bank of America NoAA
VRN 6.1% Perp USD8,950,000 8,852,102 0.2
Bank of America NoK VRN
8% Perp USD4,850,000 4,844,072 0.1
Bank of America NoM VRN
8.125% Perp USD3,795,000 3,874,354 0.1
Bank of America NoU VRN
5.2% Perp USD4,620,000 4,339,350 0.1
Bank of America NoX VRN
6.25% Perp USD4,040,000 4,003,388 0.1
Bank of America NoZ VRN
6.5% Perp USD5,030,000 5,337,677 0.1
Bank of America VRN
5.125% Perp USD11,415,000 10,943,537 0.3
Bank of America VRN
6.3% Perp USD2,640,000 2,732,664 0.1
Bank of New York NoD
VRN4.5% 06/23 USD2,186,000 2,010,901 0.1
Bank of New York VRN
4.95% 20/06/20 USD7,530,000 7,616,783 0.2
Basic Energy 7.75%
15/10/22 USD598,000 194,919 0.0
Baxalta Inc 5.25%
23/06/45-144A USD1,915,000 2,052,291 0.1
Becton Dickinson 4.685%
15/12/44 USD650,000 715,910 0.0
Belden Inc 5.25%
15/07/24-144A USD253,000 244,772 0.0
Belden Inc 5.5% 01/09/22-
144A USD2,209,000 2,230,845 0.1
Berry Plastics 5.125%
15/07/23 USD1,775,000 1,821,082 0.1
Berry Plastics 5.5%
15/05/22 USD755,000 795,808 0.0
Biogen Inc 5.2% 15/09/45 USD1,655,000 1,841,048 0.1
Blackboard Inc 7.75%
15/11/19-144A USD775,000 648,670 0.0
Blue Cube Spinco 10%
15/10/25-144A USD2,362,000 2,816,685 0.1
Blue Cube Spinco
9.75%15/10/23-144A USD2,996,000 3,576,475 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Blue Racer Mid 6.125%
15/11/22-144A USD2,475,000 2,118,127 0.1
Blueline Rental Fin 7%
1/2/19-144A USD1,445,000 1,346,258 0.0
Boyd Gaming 6.375%
01/04/26-144A USD435,000 448,336 0.0
Boyd Gaming 6.875%
15/05/23 USD1,628,000 1,772,344 0.1
BreitBurn Ener/Fin
7.875% 15/04/22 USD745,000 104,048 0.0
BreitBurn Ener/Fin
8.625% 15/10/20 USD585,000 81,906 0.0
Briggs & Stratton 6.875%
15/12/20 USD800,000 884,347 0.0
Buckeye Partners 5.6%
15/10/44 USD1,000,000 862,888 0.0
Bumble Bee Acq 9%
15/12/17-144A USD3,495,000 3,614,704 0.1
Burlington North SF 4.7%
1/9/45 USD3,080,000 3,420,118 0.1
Cablevision Systems
7.75% 15/04/18 USD550,000 593,148 0.0
Cablevision Systems 8%
15/04/20 USD2,525,000 2,549,268 0.1
Cablevision Systems
8.625% 15/09/17 USD3,010,000 3,207,164 0.1
Caesars Entertain 8.5%
15/02/20 USD3,430,000 2,915,500 0.1
Caesars Entertain 9%
15/02/20 USD6,075,000 5,163,750 0.1
CalAtlantic Group 5.375%
01/10/22 USD138,000 145,280 0.0
CalAtlantic Group 5.875%
15/11/24 USD1,092,000 1,176,475 0.0
CalAtlantic Group 8.375%
15/01/21 USD660,000 780,723 0.0
Caleres Inc 6.25%
15/08/23 USD983,000 998,394 0.0
California Res 8%
15/12/22-144A USD1,050,000 426,592 0.0
California Resources 5%
15/01/20 USD153,000 36,061 0.0
California Resources 5.5%
15/09/21 USD159,000 35,393 0.0
California Resources 6%
15/11/24 USD82,000 20,732 0.0
Calpine Corp 5.375%
15/01/23 USD601,000 600,960 0.0
Calpine Corp 5.5%
01/02/24 USD725,000 702,646 0.0
Calpine Corp 5.75%
15/01/25 USD599,000 593,653 0.0
Calpine Corp 5.875%
15/01/24-144A USD2,897,000 3,085,496 0.1
Calpine Corp 6% 15/01/22-
144A USD1,617,000 1,718,602 0.1
Capital One Fin NoE VRN
5.55% Perp USD4,970,000 5,064,877 0.1
Case New Holland 7.875%
01/12/17 USD920,000 1,020,970 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 203 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Casella Waste 7.75%
15/02/19 USD2,015,000 2,070,650 0.1
CBS Outdoor Amer 5.25%
15/02/22 USD438,000 459,321 0.0
CBS Outdoor Amer 5.625%
15/02/24 USD3,095,000 3,285,052 0.1
CBS Outdoor Amer 5.875%
15/03/25 USD340,000 357,093 0.0
CCM Merger 9.125%
01/05/19-144A USD402,000 431,354 0.0
CCO Hldgs LLC/Cap 5.125%
05/23-144A USD2,810,000 2,919,180 0.1
CCO Hldgs LLC/Cap 5.125%
15/02/23 USD167,000 171,125 0.0
CCO Hldgs LLC/Cap
5.375% 05/25-144A USD3,250,000 3,363,411 0.1
CCO Hldgs LLC/Cap 5.75%
01/09/23 USD103,000 107,646 0.0
CCO Hldgs LLC/Cap 5.75%
2/26-144A USD5,635,000 5,874,527 0.1
CCO Hldgs LLC/Cap
5.875% 4/24-144A USD4,535,000 4,762,282 0.1
CCO Hldgs LLC/Cap 6.5%
30/04/21 USD1,750,000 1,860,695 0.1
CCO Hldgs LLC/Cap
6.625% 31/01/22 USD1,734,000 1,850,143 0.1
CCO Hldgs LLC/Cap 7%
15/01/19 USD644,000 667,694 0.0
CCO Hldgs LLC/Cap
7.375% 01/06/20 USD3,730,000 3,974,887 0.1
CDW LLC/CDW Fin 5%
01/09/23 USD1,055,000 1,073,931 0.0
CDW LLC/CDW Fin 6%
15/08/22 USD100,000 106,283 0.0
CEB Inc 5.625% 15/06/23-
144A USD426,000 440,577 0.0
Cedar Fair/Maguum
5.375% 01/06/24 USD335,000 354,402 0.0
Celgene Corp 5%
15/08/45 USD2,330,000 2,551,415 0.1
Cemex Finance 6%
01/04/24-144A USD1,890,000 1,835,663 0.1
Cemex Finance 9.375%
12/10/22-144A USD6,270,000 7,190,253 0.2
Centene Corp 4.75%
15/05/22 USD558,000 576,457 0.0
Centene Escrow 5.625%
15/02/21-144A USD1,130,000 1,184,883 0.0
Centene Escrow 6.125%
15/02/24-144A USD760,000 803,645 0.0
Central Garden & Pet
6.125%15/11/23 USD509,000 543,042 0.0
CenturyLink Inc 5.8%
15/03/22 USD5,350,000 5,160,283 0.1
CenturyLink Inc NoW
6.75% 01/12/23 USD2,575,000 2,571,189 0.1
Cenveo Corp 8.5%
15/09/22-144A USD680,000 235,629 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Cequel Comm 5.125%
15/12/21-144A USD1,392,000 1,308,804 0.0
Cequel Commun/Cap
5.125% 12/21-144A USD880,000 831,805 0.0
CF Industries 4.95%
01/06/43 USD475,000 423,844 0.0
CF Industries 5.375%
15/03/44 USD1,770,000 1,641,196 0.0
Charter Com 4.464%
23/07/22-144A USD567,000 599,090 0.0
Charter Com 6.484%
10/45-144A USD6,105,000 6,969,460 0.2
Chemours Co 6.625%
15/05/23-144A USD425,000 354,965 0.0
Chemours Co 7%
15/05/25-144A USD425,000 351,322 0.0
Chesapeake Energy 8%
15/12/22-144A USD5,041,000 2,555,787 0.1
Choice Hotels Intl 5.75%
01/07/22 USD414,000 449,051 0.0
CHS/Community 5.125%
01/08/21 USD1,340,000 1,371,546 0.0
CHS/Community 5.125%
15/08/18 USD719,000 732,245 0.0
CHS/Community 6.875%
01/02/22 USD2,425,000 2,228,474 0.1
CHS/Community 7.125%
15/07/20 USD623,000 597,388 0.0
CHS/Community 8%
15/11/19 USD2,000,000 2,007,169 0.1
Cimarex Energy 4.375%
01/06/24 USD575,000 575,025 0.0
Cimarex Energy 5.875%
01/05/22 USD675,000 715,148 0.0
Cincinnati Bell 8.375%
15/10/20 USD2,181,000 2,304,424 0.1
Cinemark USA 4.875%
01/06/23 USD2,500,000 2,555,725 0.1
Cinemark USA 5.125%
15/12/22 USD840,000 883,464 0.0
CIT Group 4.25% 15/08/17 USD248,000 253,964 0.0
CIT Group 5% 15/08/22 USD4,308,000 4,411,512 0.1
CIT Group 5.25% 15/03/18 USD805,000 835,171 0.0
CIT Group 5.375%
15/05/20 USD3,025,000 3,211,203 0.1
CIT Group 5.5% 15/02/19-
144A USD7,110,000 7,401,016 0.2
CIT Group 6.625%
01/04/18-144A USD1,035,000 1,126,779 0.0
CIT Group 6.625%
01/04/18-RegS USD125,000 135,391 0.0
Citgo Hldg 10.75%
15/02/20-144A USD756,000 737,100 0.0
Citgo Petroleum 6.25%
15/08/22-144A USD968,000 942,019 0.0
Citigroup Inc 5.95%
15/08/20 USD1,770,000 1,721,658 0.1
Citigroup Inc CLN 03/01/17
(1) USD1,650,000 811,731 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 204 -
Investment Investment Investment Investment PortfolioPortfolioPortfolioPortfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Citigroup Inc NoD VRN
5.35% Perp USD3,910,000 3,704,450 0.1
Citigroup Inc NoN VRN
5.8% Perp USD5,045,000 4,929,329 0.1
Citigroup Inc NoO VRN
5.875% Perp USD7,985,000 7,672,116 0.2
Citigroup Inc VRN 5.95%
Perp USD13,305,000 13,041,684 0.3
Citigroup Inc VRN 6.125%
Perp USD2,625,000 2,713,329 0.1
Citigroup Inc VRN 6.3%
Perp USD7,650,000 7,565,659 0.2
Claire's Stores 6.125%
15/3/20-144A USD754,000 477,201 0.0
Claire's Stores 8.875%
15/03/19 USD2,321,000 662,509 0.0
Claire's Stores 9%
15/03/19-144A USD4,870,000 3,478,398 0.1
Claire's Stores 9%
15/03/19-RegS USD640,000 461,523 0.0
Claire's Stores 9%
15/03/19-SEPT USD1,100,000 793,243 0.0
Clean Harbors 5.25%
01/08/20 USD2,500,000 2,596,625 0.1
Clear Channel 6.5%
15/11/22-Ser A USD1,666,000 1,632,240 0.0
Clear Channel 6.5%
15/11/22-Ser B USD12,020,000 12,347,378 0.3
Clear Channel 7.625%
15/03/20-SerA USD485,000 422,484 0.0
Clear Channel 7.625%
15/03/20-SerB USD9,123,000 8,384,956 0.2
Clearwater Pap 4.5%
01/02/23 USD550,000 528,000 0.0
Clearwater Pap 5.375%
01/02/25-144A USD525,000 520,516 0.0
Cloud Peak Energy 6.375%
15/03/24 USD169,000 55,011 0.0
Cloud Peak Energy 8.5%
15/12/19 USD84,000 39,502 0.0
CNG Hldgs 9.375%
15/05/20-144A USD1,380,000 659,884 0.0
CNG Hldgs 9.375%
15/05/20-RegS USD349,000 166,884 0.0
CNH Industrial Cap 4.375%
11/20 USD1,750,000 1,766,455 0.1
CNH Industrial Cap
4.875% 01/04/21 USD880,000 880,344 0.0
CNO Financial 4.5%
30/05/20 USD293,000 302,596 0.0
CNO Financial 5.25%
30/05/25 USD1,346,000 1,400,233 0.0
Coeur Mining 7.875%
01/02/21 USD1,185,000 963,553 0.0
Cogent Comm 5.375%
01/03/22-144A USD2,845,000 2,815,918 0.1
Cogent Comm Fin 5.625%
15/4/21-144A USD500,000 501,472 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Commercial Metals
4.875% 15/05/23 USD1,978,000 1,813,672 0.1
Commscope Inc 4.375%
15/06/20-144A USD176,000 184,009 0.0
Commscope Inc 5%
15/06/21-144A USD286,000 291,680 0.0
Commscope Inc 5.5%
15/06/24-144A USD2,534,000 2,594,429 0.1
Commscope Tech Fin 6%
15/06/25-144A USD4,097,000 4,231,518 0.1
Communications S&L
6.0% 04/23-144A USD1,302,000 1,296,901 0.0
Communications S&L
8.25% 15/10/23 USD2,850,000 2,755,867 0.1
Comstock Resources 10%
15/3/20-144A USD750,000 372,917 0.0
Comstock Resources
7.75% 01/04/19 USD200,000 33,750 0.0
Comstock Resources 9.5%
15/06/20 USD429,000 67,883 0.0
Concho Resources 5.5%
01/04/23 USD885,000 893,850 0.0
Concho Resources 5.5%
01/10/22 USD375,000 377,963 0.0
Concho Resources 6.5%
15/01/22 USD1,219,000 1,240,519 0.0
ConocoPhillips Co 4.3%
15/11/44 USD937,000 821,265 0.0
Consol Energy 5.875%
15/04/22 USD665,000 500,322 0.0
Consolidated Comm 6.5%
01/10/22 USD964,000 870,010 0.0
Consolidated Edison
4.625% 01/12/54 USD925,000 1,015,971 0.0
Constellation Brands
3.75% 01/05/21 USD216,000 224,235 0.0
Constellation Brands
4.25% 01/05/23 USD397,000 414,948 0.0
Constellation Brands
4.75% 01/12/25 USD18,000 19,034 0.0
Constellation Brands
4.75% 15/11/24 USD775,000 827,108 0.0
Constellation Brands 6%
01/05/22 USD875,000 1,010,258 0.0
Constellation Brands
7.25% 15/05/17 USD100,000 109,009 0.0
Continental Air 5.5%
29/10/20 USD300,000 254,729 0.0
Continental Air 6.125%
29/4/18 USD29,000 31,205 0.0
Continental Air 7.875%
02/07/18 USD1,425,000 305,120 0.0
Continental Air 9.798%
01/04/21 USD950,000 467,326 0.0
Continental Air NoB 6.25%
11/04/20 USD100,000 79,678 0.0
Continental Res 5%
15/09/22 USD3,151,000 2,714,275 0.1
Corrections Corp 4.125%
01/04/20 USD3,400,000 3,529,625 0.1
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 205 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Corrections Corp of
4.625% 01/05/23 USD1,450,000 1,497,880 0.0
Cott Beverages 5.375%
01/07/22 USD2,043,000 2,121,528 0.1
Cott Beverages 6.75%
01/01/20 USD1,250,000 1,340,594 0.0
Covanta Hldg 5.875%
01/03/24 USD250,000 244,858 0.0
Covanta Hldg 6.375%
01/10/22 USD347,000 358,928 0.0
Crestview DS Merger 10%
01/09/21 USD1,794,000 2,045,409 0.1
Crestwood Mids/Fin 6.25%
04/23-144A USD682,000 525,993 0.0
Crestwood Midstream
6.125% 01/03/22 USD1,507,000 1,138,455 0.0
Crimson Merger 6.625%
15/05/22-144A USD746,000 582,038 0.0
Crown Amer LLC/Cap
4.5% 15/01/23 USD583,000 600,679 0.0
Crown Castle 4.875%
15/04/22 USD1,005,000 1,100,650 0.0
Crown Castle 5.25%
15/01/23 USD2,216,000 2,407,084 0.1
CSI Compressco Partners
7.25% 08/22 USD840,000 593,851 0.0
CST Brands 5% 01/05/23 USD1,385,000 1,434,629 0.0
CVS Health 5.125%
20/07/45 USD3,705,000 4,345,039 0.1
D.R. Horton 5.75%
15/08/23 USD480,000 527,115 0.0
Dana Hldg 5.5% 15/12/24 USD3,693,000 3,568,720 0.1
Dana Hldg 6% 15/09/23 USD1,175,000 1,166,579 0.0
Dana Hldg 6.75% 15/02/21 USD1,150,000 1,196,762 0.0
Darling Ingred 5.375%
15/01/22 USD1,817,000 1,872,049 0.1
Davita Healthcare Part 5%
01/05/25 USD2,935,000 2,981,471 0.1
DaVita HealthCare Part
5.125% 07/24 USD1,820,000 1,868,388 0.1
DaVita HealthCare Part
5.75% 08/22 USD725,000 765,685 0.0
Dean Foods 6.5%
15/03/23-144A USD1,850,000 1,904,241 0.1
Delta Air Lines 4.75%
07/05/20 USD80,000 67,062 0.0
Delta Air Lines 6.875%
7/05/19-144A USD394,000 297,633 0.0
Denali Intl/Fin 5.625%
10/20-144A USD2,200,000 2,372,906 0.1
Denbury Resources
4.625% 15/07/23 USD1,384,000 614,693 0.0
Denbury Resources 5.5%
01/05/22 USD1,500,000 689,695 0.0
Devon Energy 5%
15/06/45 USD2,795,000 2,176,526 0.1
Diamondback Energy
7.625% 01/10/21 USD231,000 249,047 0.0
Dish DBS 5% 15/03/23 USD7,350,000 6,512,549 0.2
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Dish DBS 5.875% 15/07/22 USD3,525,000 3,390,860 0.1
Dish DBS 5.875% 15/11/24 USD6,503,000 6,111,894 0.1
Dish DBS 6.75% 01/06/21 USD9,915,000 10,420,665 0.2
Dish DBS 7.875%
01/09/19 USD230,000 254,610 0.0
DJO Fin 8.125% 15/06/21-
144A USD2,800,000 2,552,618 0.1
Dollar Tree 5.75%
01/03/23-144A USD3,003,000 3,206,036 0.1
Dominion Gas Hldgs 4.6%
15/12/44 USD626,000 623,773 0.0
Dominion Resources 4.7%
01/12/44 USD1,765,000 1,798,173 0.1
Dominion Resources VRN
5.75%1/10/54 USD6,485,000 6,404,969 0.2
DR Horton 4.375%
15/09/22 USD236,000 237,668 0.0
DR Horton 4.75%
15/02/23 USD322,000 326,412 0.0
Dreamworks Ani 6.875%
15/08/20-144A USD2,500,000 2,541,189 0.1
DuPont Fabros 5.875%
15/09/21 USD822,000 864,353 0.0
Dynegy Inc 5.875%
01/06/23 USD2,441,000 2,098,243 0.1
Dynegy Inc 7.375%
01/11/22 USD1,675,000 1,592,471 0.0
Dynegy Inc 7.625%
01/11/24 USD755,000 712,924 0.0
E*trade Financial 4.625%
15/09/23 USD1,093,000 1,100,852 0.0
E*trade Financial 5.375%
15/11/22 USD940,000 1,018,918 0.0
Eldorado Resorts 7%
01/08/23 USD220,000 230,542 0.0
Embarq Corp 7.995%
01/06/36 USD8,496,000 8,494,088 0.2
Emdeon Inc 11% 31/12/19 USD1,365,000 1,481,025 0.0
Emdeon Inc 6% 15/02/21-
144A USD1,050,000 1,061,375 0.0
Enable Midstream Stp Cpn
5% 15/05/44 USD166,000 120,189 0.0
Endo Fin/Fin Stp Cpn
7.75%1/22-144A USD571,000 593,313 0.0
Endo Fin/Finco 6%
01/02/25-144A USD1,040,000 985,400 0.0
Endo Fin/Finco 6%
15/07/23-144A USD3,615,000 3,458,049 0.1
Endo Finance 5.75%
15/01/22-144A USD1,264,000 1,216,345 0.0
Energizer Hldgs 5.5%
15/06/25-144A USD3,504,000 3,583,005 0.1
Energy Transfer 5.875%
15/01/24 USD1,250,000 1,084,457 0.0
Energy Transfer 7.5%
15/10/20 USD625,000 627,214 0.0
Energy Transfer Part
5.15% 01/02/43 USD1,070,000 845,259 0.0
Energy Transfer
Part6.125% 15/12/45 USD1,515,000 1,381,354 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 206 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
EnerSys Inc 5% 30/04/23-
144A USD1,200,000 1,177,333 0.0
Entegris Inc 6% 01/04/22-
144A USD1,540,000 1,613,150 0.0
Enterprise Products 4.85%
15/03/44 USD1,050,000 988,817 0.0
Enterprise Products 4.9%
15/05/46 USD2,440,000 2,405,101 0.1
Envision Healthcare
5.125%7/22-144A USD860,000 884,478 0.0
EP Energy/Everest 6.375%
15/06/23 USD528,000 250,245 0.0
EP Energy/Everest 7.75%
01/09/22 USD1,535,000 724,349 0.0
EP Energy/Everest9.375%
01/05/20 USD4,800,000 2,629,500 0.1
Equinix Inc 4.875%
01/04/20 USD370,000 393,578 0.0
Equinix Inc 5.375%
01/01/22 USD1,250,000 1,322,234 0.0
Equinix Inc 5.375%
01/04/23 USD550,000 585,736 0.0
Equinix Inc 5.75%
01/01/25 USD553,000 590,673 0.0
Equinix Inc 5.875%
15/01/26 USD928,000 999,230 0.0
ESH Hospitality 5.25%
01/05/25-144A USD1,440,000 1,422,900 0.0
EV Energy Partners 8%
15/04/19 USD1,100,000 337,822 0.0
Exelon Corp 5.1%
15/06/45-144A USD1,270,000 1,402,345 0.0
Express Scripts 6.125%
15/11/41 USD2,281,000 2,616,937 0.1
Exterran Part/Expl Fin 6%
01/10/22 USD580,000 435,000 0.0
Fedex Corp 4.55%
01/04/46 USD1,355,000 1,397,007 0.0
Fedex Corp 4.75%
15/11/45 USD785,000 848,679 0.0
Felcor Lodging 6%
01/06/25 USD360,000 381,600 0.0
Ferrellgas LP/Fin
6.75%15/6/23-144A USD898,000 817,236 0.0
Fidelity & Guaranty
6.375%4/21-144A USD749,000 778,492 0.0
Fifth Third Bancorp VRN
4.9% Perp USD3,965,000 3,459,463 0.1
Fifth Third Bancorp VRN
5.1% Perp USD3,020,000 2,756,505 0.1
First Data 5% 15/01/24-
144A USD2,270,000 2,310,040 0.1
First Data 5.375%
15/08/23 USD2,345,000 2,418,556 0.1
First Data 5.75% 15/01/24-
144A USD12,070,000 12,314,837 0.3
First Data 6.75% 01/11/20-
144A USD4,590,000 4,965,577 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
First Data 7% 01/12/23-
144A USD5,660,000 5,838,887 0.1
Ford Motor 4.75%
15/01/43 USD5,620,000 5,698,903 0.1
Freeport-Mcmoran 3.1%
15/03/20 USD1,035,000 770,650 0.0
Freeport-Mcmoran
3.875% 15/3/23 USD2,975,000 2,058,194 0.1
Freeport-McMoRan 5.4%
14/11/34 USD164,000 104,665 0.0
Freeport-Mcmoran 5.45%
15/03/43 USD3,151,000 1,914,464 0.1
Freescale Semicon 6%
15/01/22-144A USD421,000 456,378 0.0
Fresenius Medi 4.125%
15/10/20-144A USD445,000 463,506 0.0
Fresenius Medi 4.75%
15/10/24-144A USD270,000 282,902 0.0
Fresenius Medi 5.625%
31/07/19-144A USD1,325,000 1,454,088 0.0
Fresenius Medi 5.75%
15/02/21-144A USD550,000 601,511 0.0
Fresenius Medi 5.75%
15/02/21-RegS USD290,000 316,798 0.0
Fresenius Medi 5.875%
31/01/22-144A USD1,380,000 1,521,439 0.0
Fresenius Medi 5.875%
31/01/22-RegS USD12,000 13,288 0.0
Fresenius Medi 6.5%
15/09/18-144A USD275,000 303,330 0.0
Frontier Comm 10.5%
15/09/22-144A USD3,561,000 3,681,854 0.1
Frontier Comm 11%
15/09/25-144A USD10,475,000 10,597,395 0.3
Frontier Comm 6.25%
15/09/21 USD285,000 263,754 0.0
Frontier Comm 7.125%
15/03/19 USD250,000 260,681 0.0
Frontier Comm 8.5%
15/04/20 USD2,513,000 2,688,761 0.1
Frontier Comm 8.875%
15/09/20-144A USD277,000 289,241 0.0
Frontier Comm 9.25%
01/07/21 USD3,078,000 3,218,434 0.1
Gardner Denver 6.875%
15/8/21-144A USD545,000 449,748 0.0
GCI Inc 6.75% 01/06/21 USD1,100,000 1,149,500 0.0
GCP Applied Tech 9.5%
01/02/23-144A USD1,183,000 1,311,181 0.0
General Cable Stp Cpn
5.75% 1/10/22 USD1,850,000 1,514,688 0.0
General Elec Cap NoD VRN
5% Perp USD19,627,000 20,506,682 0.5
General Motors 6.25%
02/10/43 USD3,440,000 3,771,100 0.1
General Motors 6.75%
01/04/46 USD1,320,000 1,516,419 0.0
General Motors Fin 3.25%
15/05/18 USD1,835,000 1,890,725 0.1
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 207 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
General Motors Fin 4.25%
15/05/23 USD101,000 103,451 0.0
General Motors Fin
4.875% 02/10/23 USD5,440,000 5,822,894 0.1
Genesis Energy/Fin
5.625% 15/06/24 USD553,000 473,765 0.0
Genesis Energy/Fin 5.75%
15/02/21 USD325,000 296,565 0.0
Genesis Energy/Fin 6%
15/05/23 USD423,000 380,841 0.0
Genesis Energy/Fin 6.75%
01/08/22 USD350,000 328,563 0.0
GenOn Energy 9.5%
15/10/18 USD500,000 387,035 0.0
GenOn Energy 9.875%
15/10/20 USD1,565,000 1,085,029 0.0
GEO Group 5.875%
15/01/22 USD1,900,000 1,961,875 0.1
GEO Group 6.625%
15/02/21 USD3,085,000 3,208,089 0.1
Gilead Sciences 4.75%
01/03/46 USD2,655,000 2,914,453 0.1
Global Part/GLP 6.25%
15/07/22 USD262,000 198,692 0.0
Global Part/GLP 7%
15/06/23 USD200,000 153,161 0.0
GLP Capital/Fin 5.375%
01/11/23 USD1,242,000 1,274,411 0.0
Golden Nugget 8.5%
01/12/21-144A USD855,000 879,225 0.0
Goldman Sachs NoL VRN
5.7% Perp USD6,080,000 6,011,499 0.1
Goldman Sachs VRN
5.375% Perp USD7,970,000 7,883,855 0.2
Goodman Net Stp Cpn
12.125% 1/7/18 USD1,200,000 456,375 0.0
Goodyear Tire 5.125%
15/11/23 USD686,000 716,031 0.0
Goodyear Tire 6.5%
01/03/21 USD482,000 510,692 0.0
Goodyear Tire 7%
15/05/22 USD3,054,000 3,387,310 0.1
Goodyear Tire 8.75%
15/08/20 USD2,500,000 2,975,559 0.1
Graphic Packaging 4.75%
15/04/21 USD321,000 339,308 0.0
Graphic Packaging 4.875%
15/11/22 USD370,000 383,783 0.0
Gray Television 7.5%
01/10/20 USD1,660,000 1,815,625 0.1
Great Lakes Dredge
7.375% 01/02/19 USD800,000 770,833 0.0
Group 1 Auto 5.25%
15/12/23-144A USD1,335,000 1,348,784 0.0
Guitar Center 6.5%
15/04/19-144A USD615,000 570,506 0.0
H&E Equipment Serv 7%
01/09/22 USD3,983,000 4,062,549 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Halcon Resources 13%
15/02/22-144A USD2,021,000 640,601 0.0
Halliburton Co 5%
15/11/45 USD3,855,000 3,836,672 0.1
Halyard Health 6.25%
15/10/22 USD270,000 276,478 0.0
Hanesbrands Inc 6.375%
15/12/20 USD800,000 840,158 0.0
Hardwoods Acq 7.5%
01/08/21-144A USD925,000 640,563 0.0
Harland Clarke 6.875%
01/03/20-144A USD900,000 802,000 0.0
Harland Clarke 9.75%
01/08/18-144A USD152,000 152,950 0.0
Harris Corp 5.054%
27/04/45 USD670,000 730,367 0.0
Hartford Fin VRN 8.125%
15/06/38 USD630,000 689,314 0.0
HCA Hldgs 6.25% 15/02/21 USD1,655,000 1,803,056 0.1
HCA Inc 3.75% 15/03/19 USD827,000 848,147 0.0
HCA Inc 4.25% 15/10/19 USD735,000 777,274 0.0
HCA Inc 5% 15/03/24 USD1,234,000 1,274,686 0.0
HCA Inc 5.25% 15/04/25 USD820,000 867,133 0.0
HCA Inc 5.25% 15/06/26 USD1,630,000 1,679,681 0.0
HCA Inc 5.375% 01/02/25 USD15,957,000 16,253,774 0.4
HCA Inc 5.875% 15/02/26 USD3,408,000 3,600,770 0.1
HCA Inc 5.875% 15/03/22 USD1,235,000 1,339,696 0.0
HCA Inc 6.5% 15/02/20 USD7,450,000 8,275,804 0.2
HCA Inc 7.5% 15/02/22 USD7,177,000 8,209,481 0.2
HCA Inc No1 5.875%
01/05/23 USD2,045,000 2,199,355 0.1
HD Supply 5.25% 15/12/21-
144A USD4,020,000 4,273,478 0.1
HD Supply 5.75%
15/04/24-144A USD531,000 545,603 0.0
HD Supply 7.5% 15/07/20 USD1,800,000 1,972,875 0.1
Headwaters Inc 7.25%
15/01/19 USD722,000 754,856 0.0
Healthsouth 5.75%
01/11/24 USD600,000 623,375 0.0
Healthsouth 5.75%
15/09/25 USD3,300,000 3,432,018 0.1
Healthsouth 7.75%
15/09/22 USD315,000 329,540 0.0
Hecla Mining 6.875%
01/05/21 USD1,172,000 977,033 0.0
Hertz Corp 5.875%
15/10/20 USD3,335,000 3,484,253 0.1
Hertz Corp 6.25%
15/10/22 USD2,075,000 2,161,098 0.1
Hertz Corp 7.375%
15/01/21 USD1,250,000 1,300,968 0.0
Hexion Inc 10% 15/04/20 USD472,000 445,516 0.0
Hexion Inc 6.625%
15/04/20 USD10,844,000 9,225,345 0.2
Hexion Inc 8.875%
01/02/18 USD200,000 140,458 0.0
Hiland Part/Fin 5.5%
15/05/22-144A USD266,000 272,753 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 208 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Hiland Part/Fin 7.25%
01/10/20-144A USD1,809,000 1,942,414 0.1
Hiland Part/Fin 7.25%
01/10/20-RegS USD66,000 70,868 0.0
Hilcorp Energy/Fin 5%
01/12/24-144A USD450,000 394,500 0.0
Hilcorp Energy/Fin 5.75%
10/25-144A USD1,150,000 1,022,063 0.0
Hilcorp Energy/Fin 7.625%
4/21-144A USD1,500,000 1,470,557 0.0
Hillman Group 6.375%
15/07/22-144A USD225,000 198,677 0.0
Hill-Rom Hldgs 5.75%
01/09/23-144A USD2,995,000 3,100,158 0.1
Hilton Worldwide 5.625%
15/10/21 USD1,375,000 1,461,548 0.0
Holly Energy 6.5%
01/03/20 USD105,000 104,163 0.0
Hologic Inc 5.25%
15/07/22-144A USD2,895,000 3,050,546 0.1
Huntsman Intl 4.875%
15/11/20 USD3,775,000 3,816,722 0.1
Huntsman Intl 5.125%
15/11/22-144A USD1,675,000 1,665,793 0.0
IAC/InterActive 4.875%
30/11/18 USD165,000 172,618 0.0
Iasis Healthcare/Cap
8.375% 15/5/19 USD2,884,000 2,943,472 0.1
Icahn Enterprises/Finance
6% 1/8/20 USD420,000 413,860 0.0
Icahn Entp/Fin 4.875%
15/03/19 USD1,115,000 1,075,933 0.0
Icahn Entp/Fin 5.875%
01/02/22 USD1,295,000 1,250,001 0.0
iHeartCommunications 9%
01/03/21 USD695,000 492,060 0.0
iHeartCommunications 9%
15/12/19 USD4,525,000 3,486,603 0.1
IHS Inc 5% 01/11/22 USD1,000,000 1,063,333 0.0
ILFC E-Capital FRN
21/12/65-144A USD5,466,000 4,448,207 0.1
ILFC E-Capital FRN
21/12/65-RegS USD1,185,000 964,348 0.0
IMS Health 6% 01/11/20-
144A USD3,167,000 3,343,085 0.1
Indiana Michigan Pow
4.55% 15/03/46 USD945,000 983,230 0.0
Infor Software 7.125%
01/05/21-144A USD2,350,000 1,826,391 0.1
Infor US 5.75% 15/08/20-
144A USD1,034,000 1,072,782 0.0
Infor US 6.5% 15/05/22 USD400,000 373,126 0.0
Infor US 6.5% 15/05/22-
144A USD5,995,000 5,566,274 0.1
Ingles Markets 5.75%
15/06/23 USD830,000 861,781 0.0
Intel Corp 4.9% 29/07/45 USD1,620,000 1,840,474 0.1
Interval Acq 5.625%
15/4/23-144A USD890,000 917,673 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Intl Lease Fin 4.625%
15/04/21 USD727,000 762,590 0.0
Intl Lease Fin 5.875%
01/04/19 USD3,250,000 3,562,406 0.1
Intl Lease Fin 6.25%
15/05/19 USD4,160,000 4,534,544 0.1
Intl Lease Fin 8.25%
15/12/20 USD1,950,000 2,324,441 0.1
Intl Lease Fin 8.625%
15/01/22 USD1,860,000 2,281,602 0.1
Intl Lease Fin 8.75%
15/03/17 USD350,000 373,437 0.0
Intl Wire Group 8.5%
15/10/17-144A USD710,000 734,446 0.0
Intl Wire Group 8.5%
15/10/17-RegS USD91,000 93,906 0.0
inVentiv Health 9%
15/01/18-144A USD2,660,000 2,860,830 0.1
Iron Mountain 5.75%
15/08/24 USD825,000 859,037 0.0
Iron Mountain 6%
01/10/20-144A USD1,416,000 1,538,838 0.0
Iron Mountain 6%
15/08/23 USD1,000,000 1,062,783 0.0
Isle of Capri 5.875%
15/03/21 USD1,818,000 1,873,039 0.1
Ithaca Merger 7.125%
15/07/23-144A USD2,604,000 2,546,034 0.1
Jack Cooper Step
Cpn10.25%6/20-144A USD250,000 187,292 0.0
Jaguar Hl / Pp 6.375%
01/08/23-144A USD1,580,000 1,640,238 0.0
Jarden Corp 6.125%
15/11/22 USD3,075,000 3,245,383 0.1
Jarden Corp 7.5%
01/05/17 USD1,220,000 1,258,125 0.0
JB Poindexter 9%
01/04/22-144A USD250,000 271,875 0.0
JB Poindexter 9%
01/04/22-RegS USD350,000 380,625 0.0
JBS USA LLC/Fin 5.75%
15/06/25-144A USD986,000 885,320 0.0
JBS USA LLC/Fin 5.875%
15/7/24-144A USD2,163,000 1,984,695 0.1
JBS USA LLC/Fin 7.25%
01/06/21 USD50,000 50,458 0.0
JBS USA LLC/Fin 7.25%
01/06/21-144A USD3,440,000 3,471,533 0.1
JBS USA LLC/Fin 8.25%
01/02/20-144A USD1,410,000 1,471,688 0.0
JBS USA LLC/Fin 8.25%
01/02/20-RegS USD150,000 156,188 0.0
JC Penney 8.125%
01/10/19 USD229,000 245,459 0.0
Jo-Ann Stores 8.125%
15/03/19-144A USD405,000 374,154 0.0
Kaiser Aluminum 8.25%
01/06/20 USD401,000 428,569 0.0
Kennedy-Wilson 5.875%
01/04/24 USD508,000 511,493 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 209 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Kinder Morgan 5.625%
15/11/23-144A USD524,000 538,308 0.0
Kinder Morgan/Delawa
5.05% 15/02/46 USD2,035,000 1,741,386 0.1
Kinder Morgan/Delawa
7.25% 01/06/18 USD400,000 438,088 0.0
Kindred Healthcare 8%
15/01/20 USD1,650,000 1,669,983 0.0
Kindred Healthcare 8.75%
15/01/23 USD1,225,000 1,198,161 0.0
Kinetic Concept 7.875%
15/2/21-144A USD435,000 463,403 0.0
Kinetics Concept 10.5%
01/11/18 USD4,450,000 4,666,938 0.1
KLX Inc 5.875% 01/12/22-
144A USD2,500,000 2,527,083 0.1
Kohl's Corp 5.55%
17/07/45 USD700,000 639,984 0.0
Kraft Heinz 5.2%
15/07/45-144A USD5,680,000 6,455,446 0.2
Kraft Heinz Foods 4.875%
02/25-144A USD299,000 330,803 0.0
Kratos Defense & Sec Sol
7% 15/5/19 USD1,586,000 1,295,189 0.0
Kroger Co 5.15% 01/08/43 USD1,570,000 1,841,465 0.1
L Brands 5.625% 15/02/22 USD665,000 730,232 0.0
L Brands 5.625% 15/10/23 USD1,925,000 2,162,032 0.1
L Brands 6.625% 01/04/21 USD2,160,000 2,506,734 0.1
Landry's Inc 9.375%
01/05/20-144A USD843,000 921,241 0.0
Laredo Petroleum 7.375%
01/05/22 USD400,000 354,292 0.0
Lear Corp 5.375%
15/03/24 USD1,850,000 1,948,306 0.1
Lender Processing 5.75%
15/04/23 USD200,000 213,335 0.0
Lennar Corp 12.25%
01/06/17 USD400,000 459,333 0.0
Lennar Corp 4.5%
15/06/19 USD602,000 628,864 0.0
Lennar Corp 4.5%
15/11/19 USD286,000 299,120 0.0
Lennar Corp 4.75%
30/05/25 USD1,105,000 1,113,063 0.0
Lennar Corp 4.875%
15/12/23 USD494,000 503,216 0.0
Level 3 Comm 5.75%
01/12/22 USD1,598,000 1,660,979 0.0
Level 3 Fin 5.125%
01/05/23 USD1,361,000 1,397,129 0.0
Level 3 Fin 5.25%
15/03/26-144A USD715,000 718,724 0.0
Level 3 Fin 5.375%
01/05/25 USD4,409,000 4,460,531 0.1
Level 3 Fin 5.375%
15/01/24-144A USD800,000 823,557 0.0
Level 3 Fin 5.625%
01/02/23 USD596,000 619,374 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Level 3 Fin 6.125%
15/01/21 USD250,000 269,291 0.0
Level 3 Fin 7% 01/06/20 USD660,000 704,110 0.0
Levi Strauss 5% 01/05/25 USD580,000 598,163 0.0
Liberty Inter 8.25%
01/02/30 USD360,000 373,950 0.0
Liberty Mutual 7.8%
15/03/37-144A USD1,163,000 1,274,861 0.0
Liberty Mutual 7.8%
15/03/37-RegS USD750,000 822,138 0.0
LifePoint Health 5.5%
01/12/21 USD720,000 764,362 0.0
LifePoint Health 6.625%
01/10/20 USD500,000 536,238 0.0
LIN Television 5.875%
15/11/22 USD1,640,000 1,695,117 0.1
LIN Television 6.375%
15/01/21 USD630,000 663,790 0.0
Live Nation Ent 5.375%
15/6/22-144A USD290,000 299,708 0.0
Live Nation Ent 7%
01/09/20-144A USD305,000 321,385 0.0
LSB Industries 7.75%
01/08/19 USD1,468,000 1,376,862 0.0
LTF Merger Sub 8.5%
15/06/23-144A USD1,505,000 1,512,922 0.0
Lynx I 5.375% 15/04/21-
144A USD2,881,000 2,762,823 0.1
M/I Homes 6.75%
15/01/21 USD946,000 955,460 0.0
MagnaChip Semi Stp Cpn
6.625% 07/21 USD995,000 730,499 0.0
Mariposa Bor/Merger
8%15/10/21-144A USD1,474,000 1,326,027 0.0
Markel Corp 5% 05/04/46 USD1,625,000 1,630,038 0.0
Martin Midst/Fin 7.25%
15/02/21 USD644,000 566,376 0.0
Masco Corp 4.45%
01/04/25 USD1,388,000 1,470,933 0.0
Masco Corp 5.95%
15/03/22 USD75,000 83,461 0.0
Masco Corp 7.125%
15/03/20 USD10,000 11,571 0.0
Mastec Inc 4.875%
15/03/23 USD1,917,000 1,662,618 0.0
Mcdonald's Corp 4.875%
09/12/45 USD2,575,000 2,866,804 0.1
McKesson Corp 4.883%
15/03/44 USD1,270,000 1,355,364 0.0
Mediacom Broadband
5.5% 15/04/21 USD2,000 2,062 0.0
Mediacom LLC/Cap 7.25%
15/02/22 USD304,000 323,597 0.0
Meritage Homes 7%
01/04/22 USD625,000 681,250 0.0
Meritage Homes 7.15%
15/04/20 USD175,000 191,304 0.0
Metlife Inc 6.4% 15/12/36 USD4,285,000 4,513,143 0.1
Metlife Inc VRN 5.25%
Perpetual USD6,516,000 6,340,747 0.2
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 210 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
MGM Resorts Intl 11.375%
01/03/18 USD1,000,000 1,163,811 0.0
MGM Resorts Intl 5.25%
31/03/20 USD1,056,000 1,085,969 0.0
MGM Resorts Intl 6%
15/03/23 USD5,958,000 6,175,308 0.2
MGM Resorts Intl 6.625%
15/12/21 USD763,000 833,342 0.0
MGM Resorts Intl 6.75%
01/10/20 USD4,068,000 4,530,735 0.1
MGM Resorts Intl 7.75%
15/03/22 USD8,571,000 9,652,315 0.2
MGM Resorts Intl 8.625%
1/2/19-144A USD780,000 898,463 0.0
Michaels Store 5.875%
15/12/20-144A USD860,000 916,942 0.0
Micron Tech 5.25%
1/8/23-144A USD695,000 588,144 0.0
Micron Tech 5.25%
15/01/24-144A USD3,686,000 3,008,621 0.1
Micron Tech 5.5% 1/2/25 USD2,272,000 1,872,507 0.1
Micron Tech 5.625%
15/01/26-144A USD413,000 339,499 0.0
Micron Tech 5.875%
15/02/22 USD320,000 280,854 0.0
Microsemi 9.125%
15/04/23-144A USD756,000 846,355 0.0
Microsoft Corp 4.75%
03/11/55 USD5,545,000 6,241,783 0.2
Milacron/Mcron Fin 7.75%
02/21-144A USD1,510,000 1,412,028 0.0
MMC Energy 8.875%
15/10/20 USD700,000 0 0.0
Momentive Perf 3.88%
24/10/21 USD700,000 514,849 0.0
Morgan Stanley NoH VRN
5.45% Perp USD2,910,000 2,816,609 0.1
Morgan Stanley VRN
5.55% Perp USD6,830,000 6,825,703 0.2
MPG Holdco I Inc 7.375%
15/10/22 USD3,515,000 3,591,317 0.1
MPH Acquisition 6.625%
1/4/22-144A USD2,900,000 3,119,313 0.1
MPLX LP 4.5% 15/07/23-
144A USD220,000 204,518 0.0
MPLX LP 4.875%
01/06/25-144A USD3,389,000 3,139,061 0.1
MPLX LP 4.875%
01/12/24-144A USD4,735,000 4,433,144 0.1
MPLX LP 5.5% 15/02/23-
144A USD500,000 486,090 0.0
MSCI Inc 5.25% 15/11/24-
144A USD791,000 836,426 0.0
Murphy Oil USA 6%
15/08/23 USD245,000 255,494 0.0
Mustang Merger 8.5%
15/08/21-144A USD33,000 34,274 0.0
Nationstar Mort/Cap 6.5%
01/06/22 USD313,000 273,614 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Nationstar Mort/Cap 6.5%
01/07/21 USD455,000 410,638 0.0
Nationstar Mort/Cap
7.875% 01/10/20 USD1,107,000 1,117,256 0.0
Nationstar Mort/Cap
9.625% 01/05/19 USD150,000 161,641 0.0
Natl Financial Part 9%
15/7/21-144A USD1,350,000 1,321,988 0.0
NCI Building Sys 8.25%
15/1/23-144A USD770,000 825,937 0.0
NCL Corp 5.25% 15/11/19-
144A USD534,000 556,684 0.0
NCR Corp 5% 15/07/22 USD166,000 166,115 0.0
NCR Corp 5.875% 15/12/21 USD80,000 83,597 0.0
NCR Corp 6.375% 15/12/23 USD205,000 215,034 0.0
Neiman Marcus 8.75%
15/10/21-144A USD1,900,000 1,544,872 0.0
Neptune Finco 10.125%
15/01/23-144A USD2,550,000 2,849,386 0.1
Neptune Finco 10.875%
15/10/25-144A USD600,000 680,106 0.0
Neptune Finco 6.625%
15/10/25-144A USD1,050,000 1,158,241 0.0
Netflix Inc 5.375%
01/02/21 USD457,000 485,804 0.0
Netflix Inc 5.5% 15/02/22-
144A USD350,000 378,075 0.0
Netflix Inc 5.75% 01/03/24 USD1,090,000 1,160,524 0.0
Netflix Inc 5.875%
15/02/25-144A USD350,000 380,602 0.0
New Albertsons 6.625%
01/06/28 USD178,000 150,781 0.0
New Albertsons 7.45%
01/08/29 USD797,000 736,162 0.0
New Albertsons 7.75%
15/06/26 USD200,000 193,607 0.0
New Albertsons 8%
01/05/31 USD1,223,000 1,199,559 0.0
New Albertsons 8.7%
01/05/30 USD60,000 59,475 0.0
Newell Rubberm 5.5%
01/04/46 USD1,015,000 1,104,244 0.0
Newfield Exploration
5.375% 1/1/26 USD412,000 384,782 0.0
Newfield Exploration
5.625% 1/07/24 USD1,942,000 1,862,499 0.1
Newfield Exploration
5.75% 30/01/22 USD1,002,000 988,125 0.0
Nexstar Broad 6.125%
15/02/22-144A USD1,885,000 1,885,936 0.1
Nexstar Broad 6.875%
15/11/20 USD3,183,000 3,377,682 0.1
NGL Energy Part/Fin
5.125% 15/07/19 USD239,000 147,215 0.0
NGL Energy Part/Fin
6.875% 15/10/21 USD563,000 358,570 0.0
NGPL Pipe 9.625%
01/06/19-144A USD1,000,000 1,014,583 0.0
Nielsen Finance 4.5%
01/10/20 USD655,000 685,261 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 211 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Nielsen Finance 5%
15/04/22-144A USD5,403,000 5,578,838 0.1
Noble Energy 5.05%
15/11/44 USD690,000 611,208 0.0
Noble Energy 5.25%
15/11/43 USD1,100,000 971,675 0.0
Noble Energy 5.625%
01/05/21 USD634,000 657,894 0.0
Northwest Air No07-1
7.027% 1/11/19 USD1,560,000 1,312,810 0.0
NRG Energy 6.25%
01/05/24 USD900,000 851,015 0.0
NRG Energy 6.25%
15/07/22 USD425,000 401,994 0.0
NRG Energy 6.625%
15/03/23 USD2,000,000 1,874,017 0.1
NRG Energy 7.625%
15/01/18 USD1,260,000 1,355,847 0.0
NRG Energy 7.875%
15/05/21 USD1,017,000 1,036,861 0.0
NRG Yield Operating
5.375% 15/08/24 USD1,075,000 1,005,896 0.0
Nuance Commun 5.375%
15/08/20-144A USD1,280,000 1,306,582 0.0
Nuance Commun 5.375%
15/08/20-RegS USD59,000 59,857 0.0
Nucor Corp 5.2%
01/08/43 USD520,000 534,430 0.0
Nucor Corp 6.4% 01/12/37 USD1,220,000 1,380,644 0.0
NWH Escrow 7.5%
01/08/21-144A USD685,000 454,669 0.0
Oasis Petroleum 6.875%
15/03/22 USD2,675,000 1,988,184 0.1
Oasis Petroleum 7.25%
01/02/19 USD128,000 103,243 0.0
Omega Healthcare 5.875%
15/03/24 USD94,000 98,961 0.0
Oneok Partners 6.2%
15/09/43 USD1,215,000 1,110,281 0.0
Onex USI Acq 7.75%
15/01/21-144A USD1,772,000 1,796,943 0.1
Oracle Corp 4.375%
15/05/55 USD4,240,000 4,362,024 0.1
Orbital ATK 5.25%
01/10/21 USD507,000 541,856 0.0
Orbital ATK 5.5%
01/10/23-144A USD1,105,000 1,182,856 0.0
Oshkosh Corp 5.375%
01/03/22 USD500,000 511,139 0.0
Oshkosh Corp 5.375%
01/03/25 USD1,607,000 1,626,730 0.0
Owens-Brockway 5%
15/01/22-144A USD900,000 929,875 0.0
Owens-Brockway 5.375%
15/01/25-144A USD1,280,000 1,311,916 0.0
Owens-Brockway 5.875%
15/08/23-144A USD234,000 245,155 0.0
Owens-Brockway 6.375%
15/08/25-144A USD134,000 142,235 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Parker Drilling 6.75%
15/07/22 USD270,000 195,598 0.0
Parker Drilling 7.5%
01/08/20 USD335,000 265,488 0.0
Party City 6.125%
15/08/23-144A USD990,000 1,026,379 0.0
PBF Hldg 7% 15/11/23
(144A) USD608,000 591,212 0.0
PBF Logistics 6.875%
15/05/23 USD425,000 407,432 0.0
Penn Virginia 8.5%
01/05/20 USD705,000 114,856 0.0
Phillips 66 4.875%
15/11/44 USD2,100,000 2,173,777 0.1
Pilgrim's Pride 5.75%
15/03/25-144A USD610,000 615,469 0.0
Pinnacle Foods 5.875%
15/01/24-144A USD317,000 334,456 0.0
Plains All America 4.7%
15/06/44 USD490,000 373,856 0.0
Plains All America 4.9%
15/02/45 USD465,000 360,708 0.0
Plantronics Inc 5.5%
31/05/23-144A USD2,524,000 2,533,572 0.1
PNC Financial NoR VRN
4.85% Perp USD2,410,000 2,292,312 0.1
PNC Financial VRN 6.75%
Perp USD2,104,000 2,332,305 0.1
PolyOne Corp 5.25%
15/03/23 USD2,083,000 2,077,749 0.1
Post Hldgs 6% 15/12/22-
144A USD1,000,000 1,057,183 0.0
Post Hldgs 6.75%
01/12/21-144A USD1,868,000 2,017,440 0.1
Post Hldgs 7.375%
15/02/22 USD5,958,000 6,354,377 0.2
Post Hldgs Inc 7.75%
15/03/24-144A USD3,138,000 3,459,362 0.1
Post Hldgs Inc 8%
15/07/25-144A USD133,000 150,318 0.0
PPL Cap Fdg NoA VRN
6.7% 30/03/67 USD3,125,000 2,376,163 0.1
Prestige Brand 6.375%
01/03/24-144A USD355,000 373,660 0.0
Prestige Brands 5.375%
12/21-144A USD751,000 774,263 0.0
Prince Min Stp
Cp11.5%15/12/19-144A USD465,000 421,606 0.0
Provident Fdg/PFG 6.75%
06/21-144A USD385,000 370,086 0.0
Prudential Fin VRN 5.2%
15/03/44 USD7,587,000 7,331,967 0.2
Prudential Fin VRN
5.625% 15/06/43 USD6,156,000 6,351,261 0.2
Prudential Fin VRN
5.875% 15/09/42 USD6,365,000 6,661,127 0.2
Pulte Group 5.5%
01/03/26 USD709,000 730,191 0.0
QEP Resources 5.25%
01/05/23 USD1,007,000 907,181 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 212 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
QEP Resources 5.375%
01/10/22 USD2,250,000 2,046,094 0.1
QEP Resources 6.875%
01/03/21 USD275,000 256,056 0.0
Qorvo Inc 6.75% 01/12/23-
144A USD870,000 919,971 0.0
Quad Graphics 7%
01/05/22 USD700,000 601,417 0.0
Qualcomm Inc 4.8%
20/05/45 USD4,990,000 5,002,974 0.1
Quapaw Downstream
10.5% 1/7/19-144A USD852,000 836,025 0.0
Quicken Loans 5.75%
01/05/25-144A USD1,689,000 1,678,796 0.0
Quintiles Tran 4.875%
15/05/23-144A USD245,000 255,670 0.0
Qwest Capital Fdg 6.875%
15/07/28 USD196,000 167,702 0.0
Qwest Capital Fdg 7.75%
15/02/31 USD1,683,000 1,457,741 0.0
Qwest Corp 7.25%
15/09/25 USD210,000 226,225 0.0
Radian Group 7% 15/03/21 USD473,000 491,079 0.0
Radio Systems 8.375%
01/11/19-144A USD1,885,000 2,021,466 0.1
Rain CII Carbon 8%
01/12/18-144A USD1,002,000 863,390 0.0
Rain CII Carbon 8.25%
15/01/21-144A USD400,000 291,058 0.0
Range Resources 4.875%
15/5/25-144A USD1,900,000 1,678,749 0.0
Range Resources 5%
15/03/23 USD277,000 238,182 0.0
RCN Telecom/Cap 8.5%
15/08/20-144A USD837,000 846,288 0.0
Realogy Group 5.25%
01/12/21-144A USD400,000 419,000 0.0
Regal Entertainment
5.75% 01/02/25 USD1,354,000 1,365,283 0.0
Regal Entertainment
5.75% 15/03/22 USD3,319,000 3,435,880 0.1
Regency Energy/Fin 4.5%
01/11/23 USD333,000 300,942 0.0
Regency Energy/Fin 5%
01/10/22 USD360,000 348,685 0.0
Regency Energy/Fin 5.5%
15/04/23 USD2,090,000 1,934,324 0.1
Regency Energy/Fin
5.875% 01/03/22 USD739,000 726,239 0.0
Regency Energy/Fin 6.5%
15/07/21 USD1,370,000 1,387,266 0.0
Reliance Hldgs USA 5.4%
02/22-RegS USD1,160,000 1,300,186 0.0
Revlon Consumer 5.75%
15/02/21 USD688,000 713,805 0.0
Reynolds American 5.85%
12/08/45 USD4,740,000 5,846,683 0.1
Reynolds Grp 5.75%
15/10/20 USD6,906,000 7,318,969 0.2
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Reynolds Grp 6.875%
15/02/21 USD900,000 940,658 0.0
Reynolds Grp 7.125%
15/04/19 USD406,000 427,539 0.0
Reynolds Grp 8.25%
15/02/21 USD1,200,000 1,239,925 0.0
Reynolds Grp 9.875%
15/08/19 USD2,761,000 2,893,231 0.1
Reynolds Grp Iss 9%
15/04/19 USD3,859,000 4,057,198 0.1
RHP Hotel Prop/Fin 5%
15/04/21 USD1,450,000 1,519,882 0.0
RHP Hotel Prop/Fin 5%
15/04/23 USD1,802,000 1,888,846 0.1
Rice Energy 7.25%
01/05/23 USD540,000 491,513 0.0
Rite Aid 6.125% 01/04/23-
144A USD3,617,000 3,879,986 0.1
Rite Aid 6.75% 15/06/21 USD1,380,000 1,488,761 0.0
Riverbed Tech 8.875%
01/03/23-144A USD2,225,000 2,231,428 0.1
Rivers Pittsburgh 9.5%
15/6/19-144A USD500,000 529,118 0.0
Rivers Pittsburgh 9.5%
15/6/19-RegS USD61,000 64,095 0.0
RJS Power Stp Cpn
4.625% 7/19-144A USD469,000 411,497 0.0
Rockies Express 6%
15/01/19-144A USD1,400,000 1,382,967 0.0
Rockies Express 6.85%
15/07/18-144A USD750,000 760,989 0.0
Rock-Tenn Co 4.9%
01/03/22 USD30,000 32,386 0.0
Rose Rock Mid 5.625%
15/11/23-144A USD591 397 0.0
Rose Rock Midstream
5.625% 15/07/22 USD352,000 240,075 0.0
Rose Rock Midstream
5.625% 15/11/23 USD521,000 349,803 0.0
RR Donnelley 7% 15/02/22 USD490,000 456,503 0.0
RR Donnelley 7.625%
15/06/20 USD187,000 192,459 0.0
RSI Home Prods 6.5%
15/03/23-144A USD2,375,000 2,498,071 0.1
RSP Permian 6.625%
01/10/22 USD1,028,000 1,051,773 0.0
Ruby Tuesday 7.625%
15/05/20 USD175,000 175,703 0.0
Sabine Oil & Gas 9.75%
15/02/17 USD114,000 3,990 0.0
Sabine Pass 5.625%
01/03/25 USD2,218,000 2,129,280 0.1
Sabine Pass 5.625%
15/04/23 USD4,990,000 4,860,229 0.1
Sabine Pass 5.75%
15/05/24 USD575,000 561,707 0.0
Sabine Pass 6.25%
15/03/22 USD823,000 806,911 0.0
Sabre Global 5.25%
15/11/23-144A USD1,250,000 1,296,380 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 213 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Sabre Global 5.375%
15/04/23-144A USD3,077,000 3,236,339 0.1
Safeway Inc 5% 15/08/19 USD40,000 38,971 0.0
Sally Hldgs/Cap 5.5%
01/11/23 USD325,000 349,510 0.0
Sally Hldgs/Cap 5.625%
01/12/25 USD1,893,000 2,046,510 0.1
Sally Hldgs/Cap 5.75%
01/06/22 USD867,000 929,135 0.0
Sanchez Energy 6.125%
15/01/23 USD1,000,000 568,051 0.0
SBA Communs 4.875%
15/07/22 USD821,000 839,823 0.0
SBA Telecom 5.75%
15/07/20 USD1,501,000 1,573,871 0.0
Scientific Games Intl 10%
01/12/22 USD1,530,000 1,280,156 0.0
Scotts Miracle-Gro 6%
15/10/23-144A USD1,966,000 2,131,767 0.1
Sealed Air 4.875%
01/12/22-144A USD215,000 227,621 0.0
Sealed Air 5.125%
01/12/24-144A USD1,415,000 1,501,645 0.0
Sealed Air 5.25%
01/04/23-144A USD392,000 424,340 0.0
Sealed Air 5.5% 15/09/25-
144A USD800,000 845,078 0.0
Sealed Air 6.5% 01/12/20-
144A USD535,000 614,804 0.0
Semgroup Corp 7.5%
15/06/21 USD1,875,000 1,541,797 0.0
Seminole Hard 5.875%
15/05/21-144A USD1,679,000 1,724,933 0.1
Serta Simmons 8.125%
01/10/20-144A USD5,925,000 6,387,891 0.2
Serta Simmons 8.125%
01/10/20-RegS USD216,000 232,875 0.0
Service Corp 5.375%
15/01/22 USD2,245,000 2,374,641 0.1
Service Corp 5.375%
15/05/24 USD1,625,000 1,757,689 0.1
Service Corp 7.5%
01/04/27 USD200,000 236,000 0.0
Service Corp 7.625%
01/10/18 USD100,000 116,563 0.0
Service Corp 8% 15/11/21 USD960,000 1,154,827 0.0
SESI LLC 7.125% 15/12/21 USD500,000 388,089 0.0
SGMS Escrow 7%
01/01/22-144A USD856,000 888,100 0.0
Shearers Foods/Chip 9%
1/11/19-144A USD993,000 1,079,888 0.0
Shingle Springs 9.75%
01/09/21-144A USD1,149,000 1,268,113 0.0
Signode Ind 6.375%
01/05/22-144A USD565,000 529,158 0.0
Sinclair TV 5.375%
01/04/21 USD2,450,000 2,569,989 0.1
Sinclair TV 5.625%
01/08/24-144A USD3,064,000 3,138,685 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Sinclair TV 6.125%
01/10/22 USD2,252,000 2,439,198 0.1
Sirius XM Radio 4.625%
15/5/23-144A USD965,000 971,128 0.0
Sirius XM Radio 5.75%
01/08/21-144A USD1,970,000 2,084,917 0.1
Sirius XM Radio 6%
15/07/24-144A USD3,835,000 4,071,172 0.1
Sirius XM Radio5.375%
15/04/25-144A USD3,715,000 3,867,999 0.1
Six Flags Ent 5.25%
15/01/21-144A USD1,710,000 1,776,227 0.1
SM Energy 5% 15/01/24 USD920,000 642,339 0.0
SM Energy 5.625%
01/06/25 USD2,395,000 1,685,481 0.0
SM Energy 6.5% 01/01/23 USD1,625,000 1,188,281 0.0
SM Energy 6.5% 15/11/21 USD118,000 89,944 0.0
Smithfield Foods 5.25%
1/8/18-144A USD2,214,000 2,269,350 0.1
Smithfield Foods 5.875%
1/8/21-144A USD2,582,000 2,707,335 0.1
Smithfield Foods 7.75%
01/07/17 USD379,000 410,504 0.0
Solera LLC/Fin 10.5%
1/3/24-144A USD1,090,000 1,093,061 0.0
Southern Copper 5.875%
23/04/45 USD2,000,000 1,816,896 0.1
Southern Power 5.15%
15/09/41 USD450,000 448,573 0.0
Southern Power 5.25%
15/07/43 USD514,000 526,484 0.0
Spectrum Brands 5.75%
15/07/25 USD1,098,000 1,180,129 0.0
Spectrum Brands 6.125%
15/12/24 USD589,000 639,480 0.0
Spectrum Brands 6.375%
15/11/20 USD325,000 350,890 0.0
Spectrum Brands 6.625%
15/11/22 USD3,082,000 3,389,928 0.1
Speedway Motor 5.125%
01/02/23 USD525,000 541,297 0.0
Sprint Capital 6.875%
15/11/28 USD1,323,000 1,006,887 0.0
Sprint Capital 8.75%
15/03/32 USD6,818,000 5,251,850 0.1
Sprint Commun 11.5%
15/11/21 USD510,000 473,670 0.0
Sprint Commun 6%
01/12/16 USD909,000 930,807 0.0
Sprint Commun 6%
15/11/22 USD1,675,000 1,269,371 0.0
Sprint Commun 7%
01/03/20-144A USD3,240,000 3,260,160 0.1
Sprint Commun 7%
01/03/20-RegS USD450,000 453,925 0.0
Sprint Commun 7%
15/08/20 USD2,055,000 1,658,301 0.0
Sprint Commun 8.375%
15/08/17 USD1,000,000 1,009,184 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 214 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Sprint Commun 9%
15/11/18-144A USD5,750,000 6,245,880 0.2
Sprint Commun 9%
15/11/18-RegS USD215,000 232,845 0.0
Sprint Commun 9.125%
01/03/17 USD850,000 875,212 0.0
Sprint Corp 7.125%
15/06/24 USD801,000 614,709 0.0
Sprint Corp 7.25%
15/09/21 USD5,870,000 4,591,359 0.1
Sprint Corp 7.625%
15/02/25 USD10,810,000 8,147,550 0.2
Sprint Corp 7.875%
15/09/23 USD11,873,000 9,126,998 0.2
SS&C Tech 5.875%
15/07/23-144A USD480,000 504,032 0.0
Standard Ind 5.125%
15/02/21-144A USD361,000 371,127 0.0
Standard Ind
5.375%11/24-144A USD1,157,000 1,209,591 0.0
Standard Ind 5.5%
15/02/23-144A USD604,000 618,924 0.0
Standard Ind 6%
15/10/25-144A USD990,000 1,074,893 0.0
State Street NoF VRN
5.25% 15/09/20 USD3,150,000 3,173,559 0.1
Station Casinos 7.5%
01/03/21 USD1,585,000 1,690,667 0.1
Steel Dynamics 5.125%
01/10/21 USD1,561,000 1,627,616 0.0
Steel Dynamics 5.25%
15/04/23 USD15,000 15,496 0.0
Steel Dynamics 5.5%
01/10/24 USD879,000 917,456 0.0
Steel Dynamics 6.375%
15/08/22 USD784,000 812,085 0.0
Sterigenics-Nord 6.5%
15/05/23-144A USD750,000 772,302 0.0
Stone Energy 7.5%
15/11/22 USD792,000 240,405 0.0
Stryker Corp 4.625%
15/03/46 USD930,000 994,939 0.0
Summit Materials 6.125%
07/23 USD2,707,000 2,613,881 0.1
Summit Mid Hldgs 5.5%
15/08/22 USD265,000 190,053 0.0
Summit Mid Hldgs 7.5%
01/07/21 USD600,000 479,250 0.0
Sunoco Logistics 5.3%
01/04/44 USD1,780,000 1,512,149 0.0
Sunoco Logistics 5.35%
15/05/45 USD1,525,000 1,305,430 0.0
Sunoco LP/Fin 6.375%
01/04/23-144A USD1,130,000 1,166,019 0.0
Suntrust Banks VRN
5.625% Perp USD4,740,000 4,770,188 0.1
Supervalu Inc 7.75%
15/11/22 USD3,210,000 2,839,223 0.1
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Sysco Corp 4.5%
01/04/46 USD2,025,000 2,083,725 0.1
Talen Energy Supply 6.5%
01/06/25 USD1,150,000 990,917 0.0
Targa Res 4.25% 15/11/23-
144A USD2,350,000 2,106,008 0.1
Targa Res 5.25%
01/05/23-144A USD425,000 403,909 0.0
Targa Res 6.75%
15/03/24-144A USD1,000,000 978,188 0.0
Targa Res 6.875%
01/02/21 USD75,000 74,781 0.0
Taylor Morr/Mon 5.625%
01/03/24-144 USD75,000 71,813 0.0
Taylor Morr/Mon 5.875%
15/4/23-144A USD747,000 752,418 0.0
Teamhealth Inc 7.25%
15/12/23-144A USD805,000 886,288 0.0
Tegna Inc 4.875%
15/09/21-144A USD885,000 925,756 0.0
Tegna Inc 5.5% 15/09/24-
144A USD880,000 927,019 0.0
Tegna Inc 6.375%
15/10/23-144A USD2,913,000 3,239,614 0.1
Teleflex Inc 5.25%
15/06/24 USD525,000 546,317 0.0
Tempur Sealy 5.625%
15/10/23-144A USD1,819,000 1,933,733 0.1
Tempur Sealy Intl 6.875%
15/12/20 USD1,575,000 1,691,840 0.1
Tenet Healthcare 4.375%
01/10/21 USD1,374,000 1,384,700 0.0
Tenet Healthcare 4.5%
01/04/21-144A USD1,375,000 1,420,141 0.0
Tenet Healthcare 4.75%
1/6/20-144A USD1,960,000 2,033,546 0.1
Tenet Healthcare 5%
01/03/19 USD610,000 603,866 0.0
Tenet Healthcare 5.5%
01/03/19 USD1,000,000 998,589 0.0
Tenet Healthcare 6%
01/10/20-144A USD5,596,000 6,176,585 0.2
Tenet Healthcare 6.25%
01/11/18 USD150,000 164,024 0.0
Tenet Healthcare 6.75%
01/02/20 USD2,150,000 2,168,168 0.1
Tenet Healthcare 6.75%
15/06/23 USD4,620,000 4,550,989 0.1
Tenet Healthcare 8%
01/08/20 USD2,723,000 2,846,034 0.1
Tenet Healthcare 8.125%
01/04/22 USD6,225,000 6,680,203 0.2
Tenneco Inc 5.375%
15/12/24 USD279,000 294,617 0.0
Terex Corp 6% 15/05/21 USD4,025,000 4,023,685 0.1
Terex Corp 6.5% 01/04/20 USD650,000 648,375 0.0
Terraform Global 9.75%
15/8/22-144A USD616,000 469,841 0.0
Terraform Power 5.875%
1/2/23-144A USD767,000 636,450 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 215 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United StatesUnited StatesUnited StatesUnited States (Continued)
Terraform Power 6.125%
15/6/25-144A USD555,000 448,554 0.0
Tesoro Corp 5.125%
01/04/24 USD332,000 333,652 0.0
Tesoro Corp 5.375%
01/10/22 USD112,000 114,170 0.0
Tesoro Logist/Fin 5.5%
10/19-144A USD469,000 477,449 0.0
Tesoro Logist/Fin 5.875%
01/10/20 USD1,747,000 1,785,216 0.1
Tesoro Logist/Fin 6.125%
15/10/21 USD2,675,000 2,744,318 0.1
Tesoro Logist/Fin 6.25%
10/22-144A USD2,125,000 2,173,223 0.1
Texas Competitive
11.5%1/10/20-144A USD12,173,000 3,651,900 0.1
TI Grp Automotiv 8.75%
07/23-144A USD1,550,000 1,482,134 0.0
Time Inc 5.75% 15/04/22-
144A USD1,900,000 1,736,930 0.1
Time Warner 4.85%
15/07/45 USD4,075,000 4,240,989 0.1
Time Warner Cable 7.3%
01/07/38 USD1,140,000 1,377,302 0.0
T-Mobile USA 6%
15/04/24 USD343,000 348,574 0.0
T-Mobile USA 6.125%
15/01/22 USD1,879,000 1,976,521 0.1
T-Mobile USA 6.25%
01/04/21 USD1,990,000 2,137,777 0.1
T-Mobile USA 6.5%
15/01/24 USD370,000 390,869 0.0
T-Mobile USA 6.5%
15/01/26 USD3,797,000 3,962,939 0.1
T-Mobile USA 6.625%
01/04/23 USD1,920,000 2,092,502 0.1
T-Mobile USA 6.625%
15/11/20 USD1,021,000 1,079,924 0.0
T-Mobile USA 6.633%
28/04/21 USD3,003,000 3,181,054 0.1
T-Mobile USA 6.731%
28/04/22 USD7,559,000 8,006,993 0.2
T-Mobile USA 6.836%
28/04/23 USD1,677,000 1,786,865 0.1
T-Mobile USA Inc 6%
01/03/23 USD1,133,000 1,170,200 0.0
T-Mobile USA Inc 6.375%
01/03/25 USD483,000 502,038 0.0
Toll Brothers Fin 4.875%
15/11/25 USD768,000 776,581 0.0
Toll Brothers Fin 5.625%
15/01/24 USD490,000 513,045 0.0
Tops Hldg/Mkts II 8%
15/06/22-144A USD505,000 481,658 0.0
Transcontinental Gas
7.85%2/26-144A USD800,000 935,244 0.0
Transdigm 6% 15/07/22 USD1,792,000 1,797,077 0.1
Transdigm Inc 5.5%
15/10/20 USD620,000 639,756 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Transdigm Inc 6.5%
15/05/25 USD1,570,000 1,583,245 0.0
Transdigm Inc 6.5%
15/07/24 USD1,013,000 1,025,179 0.0
Treehouse Foods 4.875%
15/03/22 USD250,000 259,076 0.0
Treehouse Foods 6%
15/02/24-144A USD630,000 672,021 0.0
Triumph Group 4.875%
01/04/21 USD1,115,000 1,036,253 0.0
Triumph Group 5.25%
01/06/22 USD1,435,000 1,316,613 0.0
Tronox Fin 6.375%
15/08/20 USD413,000 325,835 0.0
Tronox Finance 7.5%
15/03/22-144A USD1,470,000 1,115,056 0.0
Tutor Perini 7.625%
01/11/18 USD1,617,000 1,648,161 0.0
UAL 2007 Pass Trust
6.636% 02/07/22 USD1,275,000 803,729 0.0
UCI Intl 8.625% 15/02/19 USD1,100,000 159,500 0.0
Unifrax I/Hldgs 7.5%
15/02/19-144A USD750,000 464,844 0.0
Unit Corp 6.625%
15/05/21 USD1,669,000 876,579 0.0
United Rentals NA 5.75%
15/11/24 USD695,000 717,158 0.0
United Rentals NA 6.125%
15/06/23 USD4,895,000 5,155,438 0.1
United Rentals NA 7.375%
15/05/20 USD530,000 568,725 0.0
United Rentals NA 7.625%
15/04/22 USD4,493,000 4,974,859 0.1
United Rentals NA 8.25%
01/02/21 USD1,035,000 1,098,394 0.0
Univar USA Inc 6.75%
15/07/23-144A USD765,000 761,701 0.0
Universal Health3.75%
01/08/19-144A USD150,000 155,438 0.0
Universal Health4.75%
01/08/22-144A USD219,000 223,756 0.0
Univision Com 5.125%
15/02/25-144A USD370,000 366,926 0.0
Univision Comm 5.125%
15/05/23-144A USD2,500,000 2,530,009 0.1
Univision Comm 6.75%
15/09/22-144A USD4,564,000 4,840,978 0.1
Univision Comm 6.75%
15/09/22-RegS USD228,000 241,837 0.0
Univision Comm 8.5%
15/05/21-144A USD850,000 895,558 0.0
Univision Comm 8.5%
15/05/21-RegS USD25,000 26,277 0.0
US Airways 2013-1B
5.375% 15/11/21 USD1,778,000 1,739,271 0.1
US Bancorp VRN 5.125%
Perp USD4,170,000 4,267,836 0.1
US Concrete 8.5%
01/12/18 USD679,000 722,003 0.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 216 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
United United United United StatesStatesStatesStates (Continued)
US Treasury N/B 0.5%
31/01/17 USD3,755,000 3,755,946 0.1
US Treasury N/B 0.5%
31/01/17* USD5,415,000 5,416,365 0.1
Valeant Pharm 6.75%
15/08/21-144A USD3,585,000 2,971,293 0.1
Valeant Pharm 7%
01/10/20-144A USD1,850,000 1,618,750 0.0
Valeant Pharm 7%
01/10/20-RegS USD800,000 700,000 0.0
Valeant Pharm 7.25%
15/07/22-144A USD3,775,000 3,116,289 0.1
Verisign Inc 4.625%
01/05/23 USD600,000 622,531 0.0
Verisign Inc 5.25%
01/04/25 USD203,000 210,602 0.0
Verizon Commun 4.522%
15/09/48 USD3,885,000 3,891,936 0.1
Verizon Commun 4.862%
21/08/46 USD4,075,000 4,334,770 0.1
Viacom Inc 4.375%
15/03/43 USD375,000 290,736 0.0
Viking Cruises 6.25%
15/05/25-144A USD200,000 164,757 0.0
Vista Outdoor 5.875%
01/10/23-144A USD500,000 540,099 0.0
Voya Financial VRN 5.65%
15/05/53 USD7,245,000 6,938,909 0.2
VPI Escrow 6.375%
15/10/20-144A USD1,960,000 1,674,963 0.0
VPI Escrow 6.375%
15/10/20-RegS USD38,000 32,284 0.0
Vulcan Materials 4.5%
01/04/25 USD1,152,000 1,215,360 0.0
Vulcan Materials 7.5%
15/06/21 USD1,155,000 1,397,309 0.0
W&T Offshore 8.5%
15/06/19 USD668,000 97,036 0.0
Wachovia Cap Trust FRN
Perp USD4,500,000 4,462,561 0.1
Walgreens Boots Alliance
4.8% 11/44 USD3,135,000 3,200,954 0.1
WCI Communities 6.875%
15/08/21 USD232,000 232,342 0.0
Wells Enterprises 6.75%
02/20-144A USD258,000 267,998 0.0
Wells Fargo VRN 5.875%
31/12/49 USD6,603,000 7,157,400 0.2
Wells Fargo VRN 5.9%
Perp-Ser S USD8,526,000 8,803,403 0.2
Wells Fargo VRN 7.98%
Perp-Ser K USD5,070,000 5,287,495 0.1
West Corp 5.375%
15/07/22-144A USD1,055,000 982,729 0.0
Western Digital 10.5%
01/04/24-144A USD5,341,000 5,361,029 0.1
Western Digital 7.375%
01/4/23-144A USD2,363,000 2,413,214 0.1
Western Refin/WNRL
Fin7.5% 15/02/23 USD536,000 482,288 0.0
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Western Refining 6.25%
01/04/21 USD434,000 399,823 0.0
Whiting Petroleum 5%
15/03/19 USD1,411,000 976,922 0.0
Whiting Petroleum 5.75%
15/03/21 USD1,200,000 806,058 0.0
Whiting Petroleum 6.25%
01/04/23 USD2,300,000 1,618,625 0.0
Williams Partners 4.875%
15/05/23 USD500,000 444,276 0.0
Williams Partners 5.1%
15/09/45 USD1,255,000 909,760 0.0
Windstream Hldgs 6.375%
01/08/23 USD500,000 365,698 0.0
Windstream Hldgs 7.5%
01/04/23 USD2,001,000 1,590,795 0.0
Windstream Hldgs 7.5%
01/06/22 USD1,501,000 1,208,305 0.0
Windstream Hldgs 7.75%
01/10/21 USD7,541,000 6,419,276 0.2
Wise Metals Grp 8.75%
15/12/18-144A USD365,000 331,605 0.0
WMG Acquisition 5.625%
15/4/22-144A USD1,500,000 1,576,641 0.0
WMG Acquisition 6%
15/01/21-144A USD2,090,000 2,163,742 0.1
WMG Acquisition 6.75%
15/04/22-144A USD1,309,000 1,340,171 0.0
WPX Energy 5.25%
15/09/24 USD1,473,000 1,020,022 0.0
WPX Energy 6% 15/01/22 USD3,413,000 2,543,823 0.1
WR Grace & Co-Conn
5.625%10/24-144A USD167,000 180,882 0.0
Wynn Las Vegas 5.375%
15/03/22 USD175,000 177,523 0.0
Wynn Las Vegas/Cap 5.5%
1/3/25-144A USD5,369,000 5,032,841 0.1
XPO Logistics 6.5%
15/06/22-144A USD2,480,000 2,472,112 0.1
Yum Brands 3.75%
01/11/21 USD1,050,000 1,008,656 0.0
Yum! Brands 3.875%
01/11/20 USD520,000 525,307 0.0
Zayo Group L No144a
6.375% 15/05/25 USD605,000 606,126 0.0
Zayo Group LLC/Zayo Cap
6% 01/04/23 USD5,310,000 5,472,592 0.1
Zayo Group/Cap 10.125%
01/07/20 USD259,000 284,010 0.0
Zebra Technologies 7.25%
10/22-144A USD5,521,000 6,217,374 0.2
ZF North Amer 4%
29/04/20-144A USD937,000 971,913 0.0
ZF North Amer 4.5%
29/04/22-144A USD4,860,000 5,050,148 0.1
ZF North Amer 4.75%
29/04/25-144A USD3,395,000 3,459,293 0.1
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 217 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
UruguayUruguayUruguayUruguay (0.1%)
Rep of Uruguay 8%
18/11/22 USD860,000 1,101,641 0.0
Rep Orient Uruguay 5.1%
18/06/50 USD1,690,000 1,597,106 0.1
Rep Orient Uruguay
7.625% 21/03/36 USD680,000 873,718 0.0
VenezuelaVenezuelaVenezuelaVenezuela (0.2%)
Petroleos de Venez
5.375% 4/27-RegS USD3,550,000 1,208,462 0.0
Petroleos de Venez 6%
15/11/26-RegS USD5,551,433 1,853,253 0.0
Rep of Venezuela 7.65%
21/04/25 USD7,630,000 2,807,554 0.1
Rep of Venezuela 9%
07/05/23-RegS USD6,440,000 2,518,362 0.1
Rep of Venezuela7.75%
13/10/19-RegS USD2,000,000 833,764 0.0
Virgin IslandsVirgin IslandsVirgin IslandsVirgin Islands (0.0%)
Star Energy 6.125%
27/03/20-RegS USD670,000 677,156 0.0
ZambiaZambiaZambiaZambia (0.0%)
Rep of Zambia 8.5%
14/04/24-RegS USD1,110,000 970,103 0.0
Rep of Zambia 8.97%
30/07/27-RegS USD700,000 581,314 0.0
2,422,784,032 54.6
--------- ----
(III) Derivatives(III) Derivatives(III) Derivatives(III) Derivatives (1.8%)
Forward foreign exchangeForward foreign exchangeForward foreign exchangeForward foreign exchange
contracts contracts contracts contracts (1.8%) 81,249,377 1.8
FuturesFuturesFuturesFutures (0.0%)
Euro Stoxx 50 (EUX) Fut
06/16 (395) 388,074 0.0
FTSE 100 Idx (LIF) Fut
06/16 26 3,507 0.0
US 5Yr Note (CBT) Fut
06/16 (5,378) (336,125) (0.0)
81,304,833 1.8
--------- ----
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 4,341,403,580 97.9
Other net assetsOther net assetsOther net assetsOther net assets 94,928,258 2.1
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 4,436,331,838 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 4,286,714,720
*Security pledged as collateral with broker for derivative contracts
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
Equities and ConvertiblesEquities and ConvertiblesEquities and ConvertiblesEquities and Convertibles
United States 15.6 16.1
United Kingdom 6.6 8.5
France 2.7 3.2
Germany 2.3 2.0
Japan 1.9 2.6
Netherlands 1.7 1.2
Australia 1.1 1.3
Finland 1.1 0.8
Switzerland 1.0 2.0
Spain 0.9 0.9
Italy 0.8 0.9
Taiwan 0.8 0.9
Denmark 0.5 0.7
South Africa 0.5 0.5
Norway 0.4 0.5
Belgium 0.4 0.2
Hong Kong 0.3 0.3
China 0.3 0.4
Sweden 0.3 0.8
Brazil 0.3 0.2
Russia 0.2 0.3
Canada 0.2 0.7
Korea 0.2 0.2
Portugal 0.2 0.2
Ireland 0.1 0.0
India 0.1 0.1
Mexico 0.1 0.1
Czech Republic 0.1 -
United Arab Emirates 0.1 0.1
Singapore 0.1 0.1
Turkey 0.1 0.1
Chile 0.1 0.1
Cayman Islands 0.1 0.1
Poland 0.1 0.1
Hungary 0.1 0.1
Thailand 0.1 0.1
Saudi Arabia 0.0 0.0
Israel 0.0 -
Indonesia 0.0 0.0
Austria 0.0 0.1
Malaysia 0.0 0.0
Bermuda 0.0 -
Virgin Islands 0.0 0.0
Debt SecuritiesDebt SecuritiesDebt SecuritiesDebt Securities
United States 40.7 33.7
Luxembourg 1.8 1.6
Canada 1.5 1.5
Netherlands 0.8 0.6
United Kingdom 0.8 0.8
Mexico 0.6 0.5
France 0.5 0.6
Indonesia 0.5 0.7
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 218 -
Statement of Movements inStatement of Movements inStatement of Movements inStatement of Movements in Portfolio HoldingsPortfolio HoldingsPortfolio HoldingsPortfolio Holdings (Continued)
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Hungary 0.5 0.7
Turkey 0.4 0.5
Ireland 0.4 0.3
Russia 0.4 0.6
Brazil 0.3 0.3
Morocco 0.3 0.4
Cayman Islands 0.2 0.2
Romania 0.2 0.3
Kazakhstan 0.2 0.4
Venezuela 0.2 0.3
Dominican Republic 0.2 0.3
Argentina 0.2 0.2
Switzerland 0.2 0.2
Sweden 0.2 0.2
Philippines 0.2 0.3
Lebanon 0.2 0.2
Croatia 0.2 0.3
Panama 0.2 0.1
Costa Rica 0.1 0.2
Peru 0.1 0.1
Bermuda 0.1 0.1
Pakistan 0.1 0.2
Jersey C.I. 0.1 0.1
South Africa 0.1 0.3
Serbia 0.1 0.2
Ukraine 0.1 0.1
Colombia 0.1 0.1
Iraq 0.1 0.2
Belgium 0.1 0.1
Spain 0.1 0.4
Chile 0.1 0.1
Jamaica 0.1 0.1
El Salvador 0.1 0.1
Slovenia 0.1 0.2
Sri Lanka 0.1 0.2
Uruguay 0.1 0.1
Ghana 0.1 -
Israel 0.1 0.1
Australia 0.1 0.1
Germany 0.1 0.0
Belarus 0.1 0.0
Georgia 0.1 0.1
Honduras 0.1 0.1
Poland 0.1 0.1
Japan 0.1 0.0
United Arab Emirates 0.0 0.1
Ivory Coast 0.0 0.1
Angola 0.0 -
Zambia 0.0 0.1
Azerbaijan 0.0 0.1
Marshall Island 0.0 0.1
Kenya 0.0 0.0
Aruba 0.0 0.1
Ecuador 0.0 0.0
Ethiopia 0.0 0.0
Egypt 0.0 0.0
Finland 0.0 0.0
Virgin Islands 0.0 0.0
(Continued)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Malaysia 0.0 -
Nigeria 0.0 0.0
Bahamas 0.0 0.0
Paraguay 0.0 -
Singapore 0.0 0.0
Liberia 0.0 0.0
Italy - 0.2
Bahrain - 0.1
Portugal - 0.1
Denmark - 0.0
Gabon - 0.0
Vietnam - 0.0
DerivativesDerivativesDerivativesDerivatives
Forward foreign exchange contracts 1.8 0.6
Futures 0.0 (0.0)
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 97.9 97.3
Other net assetsOther net assetsOther net assetsOther net assets 2.1 2.7
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 221 to 229 form part of these financial statements.
- 219 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 11,749,963 127,389,092
Short term deposits 122,164,009 -
Amounts due from brokers 27,965,757 6,190,950
Amounts receivable on allotment 19,546,160 39,311,833
Derivatives 111,194,164 42,811,866
Investments 4,260,098,747 3,954,753,802
Dividend and other accounts
receivable 7,298,377 3,650,853
Total assetsTotal assetsTotal assetsTotal assets 4,560,017,177 4,174,108,396
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Bank overdraft - 534
Margin deposits 934,007 2,284,634
Amounts due to brokers 44,710,875 25,721,405
Amounts payable on redemption 22,614,059 13,055,191
Distribution payable [Note 5] 20,503,454 20,055,863
Derivatives 29,889,331 19,636,184
Other accounts payable 5,033,613 4,648,170
Liabilities (excluding Liabilities (excluding Liabilities (excluding Liabilities (excluding net assets net assets net assets net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units)redeemable units)redeemable units)redeemable units) 123,685,339 85,401,981
---------- ----------
Net assets attributable toNet assets attributable toNet assets attributable toNet assets attributable to hhhholders olders olders olders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 4,436,331,838 4,088,706,415
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains/(losses) on investments
and derivatives [Note 4] 190,865,365 (54,556,976)
Dividend income 32,215,192 42,969,922
Interest on deposits 71,709 24,461
Net foreign currency exchange
losses (640,527) (1,315,169)
Other income 949,272 655,020
223,461,011 (12,222,742)
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 27,262,242 28,023,719
Transaction costs 2,630,473 1,896,670
Trustee's fee 553,275 578,197
Registrar's fee 360,053 376,831
Safe custody and bank charges 237,903 239,450
Legal and professional expenses 153,486 31,184
Auditor's fee 23,058 29,445
Valuation fee 8,330 8,400
Printing and publication expenses 6,715 27,056
Other operating expenses 10,663 10,018
31,246,198 31,220,970
---------- ----------
Net operating Net operating Net operating Net operating profit/(loss)profit/(loss)profit/(loss)profit/(loss) 192,214,813 (43,443,712)
---------- ----------
Finance costsFinance costsFinance costsFinance costs
Distribution [Note 5] (126,963,981) (131,859,623)
Interest paid (7,025) (14,789)
(126,971,006) (131,874,412)
---------- ----------
Profit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxation 65,243,807 (175,318,124)
Taxation (7,575,924) (9,683,674)
Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net
assets attributable to holdersassets attributable to holders assets attributable to holdersassets attributable to holders
of redeemable units and of redeemable units and of redeemable units and of redeemable units and
total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income 57,667,883 (185,001,798)
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 221 to 229 form part of these financial statements.
- 220 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets Net assets Net assets Net assets attributable to holders attributable to holders attributable to holders attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 4,088,706,415 4,329,315,144
---------- ----------
Allotment of redeemable units 1,361,820,437 1,827,536,099
Redemption of redeemable units (1,071,862,897) (1,487,641,603)
Net allotmentNet allotmentNet allotmentNet allotment 289,957,540 339,894,496
---------- ----------
4,378,663,955 4,669,209,640
Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 57,667,883 (185,001,798)
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 4,436,331,838 4,484,207,842
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (1,412,304,653) (1,263,943,399)
Proceeds from disposal of
investments and derivatives 1,236,745,320 968,783,842
Dividend received 28,696,957 40,024,592
Interest received 71,286 27,285
(Increase)/Decrease in margin
deposits (1,350,627) 3,932
Registrar's fee paid (393,598) (441,088)
Trustee's fee paid (546,363) (575,557)
Transaction costs paid (2,493,021) (1,966,146)
Tax paid (7,591,902) (9,959,194)
Management fee paid (26,765,673) (27,789,677)
Others (383,902) (338,386)
Net cash outflow from Net cash outflow from Net cash outflow from Net cash outflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (186,316,176) (296,173,796)
---------- ----------
Financing Financing Financing Financing activitiesactivitiesactivitiesactivities
Interest paid (7,025) (14,788)
Receipts on allotment of
redeemable units 1,381,586,110 1,841,167,435
Payments on redemption of
redeemable units (1,062,304,029) (1,463,995,327)
Distribution paid (126,516,390) (130,705,082)
Net cash inflow from financing Net cash inflow from financing Net cash inflow from financing Net cash inflow from financing
activitiesactivitiesactivitiesactivities 192,758,666 246,452,238
---------- ----------
Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and
cash equivalentscash equivalentscash equivalentscash equivalents 6,442,490 (49,721,558)
Cash and cash equivalents at the
beginning of the period 127,388,558 143,307,311
Exchange gains/(losses) on cash
and cash equivalents 82,924 (776,857)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 133,913,972 92,808,896
Analysis of balances of cash and cash Analysis of balances of cash and cash Analysis of balances of cash and cash Analysis of balances of cash and cash equivalents:equivalents:equivalents:equivalents:
Cash at banks 11,749,963 17,049,339
Short term deposits 122,164,009 75,799,036
Short term bank loans -
unsecured - (39,479)
133,913,972 92,808,896
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
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Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Multi Income Fund (the "Fund") was established under a Trust Deed dated 24 June 2011, as amended, and is governed by the laws of
Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to maximize the income return primarily through investing in a diversified portfolio of income
producing equities, bonds and other securities. In addition, the Fund aims to provide medium to long term moderate capital growth.
Pursuant to the Trust Deed, the Manager may decide to issue separate classes (each a "Class") whose assets will be commonly invested but
where a specific fee structure, currency or distribution policy may be applied. Each Class may have a different charging structure with the
result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatInvestments and derivatInvestments and derivatInvestments and derivativesivesivesives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
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(c)(c)(c)(c) Securities borrowing Securities borrowing Securities borrowing Securities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 24 June 2011, as amended, which may be different from the accounting policies stated in the financial
statements.
Units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial liability in the
Statement of Financial Position which represents the net assets attributable to holders of redeemable units (or "net asset value" or "net
assets" or "NAV") and is carried at the redemption amount that would be payable at the Statement of Financial Position date if the
holders of redeemable units exercised the right to redeem units of the Fund.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
AUD Hedged Class
(mth)
CAD Hedged Class
(mth)
EUR Hedged Class
(mth)
GBP Hedged Class
(mth) HKD Class (mth)
Units Units Units Units Units
Number of units in issue: 103,042,224.722 48,588,497.337 8,751,566.671 19,059,060.593 583,765,195.156
A$ C$ EUR GBP HK$
Net assets attributable to
holders of redeemable
units 1,008,948,801 480,677,898 84,075,332 182,918,600 6,110,664,805
Net assets attributable to
holders of redeemable
units (per unit) 9.79 9.89 9.61 9.60 10.47
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 223 -
NZD Hedged Class
(mth)
SGD Hedged Class
(mth)
RMB Hedged Class
(acc)
RMB Hedged Class
(mth) USD Class (acc)
Units Units Units Units Units
Number of units in issue: 28,171,437.347 7,870,133.885 2,577,247.389 347,892,319.386 7,808,095.705
NZ$ S$ CNY CNY US$
Net assets attributable to
holders of redeemable
units 275,608,424 75,045,477 27,647,378 3,169,777,303 94,268,859
Net assets attributable to
holders of redeemable
units (per unit) 9.78 9.54 10.73 9.11 12.07
USD Class (mth)
Units
Number of units in issue: 124,050,947.929
US$
Net assets attributable to
holders of redeemable
units 1,305,577,609
Net assets attributable to
holders of redeemable
units (per unit) 10.52
30.9.2015
AUD Hedged Class
(mth)
CAD Hedged Class
(mth)
EUR Hedged Class
(mth)
GBP Hedged Class
(mth) HKD Class (mth)
Units Units Units Units Units
Number of units in issue: 103,350,137.833 46,167,026.456 8,679,121.363 15,393,678.751 512,207,180.742
A$ C$ EUR GBP HK$
Net assets attributable to
holders of redeemable
units 1,019,737,239 460,195,315 83,423,060 148,112,664 5,365,871,669
Net assets attributable to
holders of redeemable
units (per unit) 9.87 9.97 9.61 9.62 10.48
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 224 -
NZD Hedged Class
(mth)
SGD Hedged Class
(mth)
RMB Hedged Class
(acc)
RMB Hedged Class
(mth) USD Class (acc)
Units Units Units Units Units
Number of units in issue: 29,261,304.892 8,507,803.024 3,929,929.180 359,415,476.598 8,318,208.237
NZ$ S$ CNY CNY US$
Net assets attributable to
holders of redeemable
units 288,132,882 81,377,211 40,333,198 3,291,011,862 98,160,759
Net assets attributable to
holders of redeemable
units (per unit) 9.85 9.57 10.26 9.16 11.80
USD Class (mth)
Units
Number of units in issue: 109,710,301.733
US$
Net assets attributable to
holders of redeemable
units 1,156,430,138
Net assets attributable to
holders of redeemable
units (per unit) 10.54
4444 Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 214,870,107 111,142,686
Realized losses on sale of investments and derivatives (24,004,742) (165,699,662)
190,865,365 (54,556,976)
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 225 -
5555 Distribution Distribution Distribution Distribution
It is the intention of the manager of the Fund to have at least 85% of the income attributable to the distribution class(es) respectively in
respect of each accounting period, after charging the expenses attributable to these distribution class(es) respectively, to be distributed to
unitholders of these distribution class(es) respectively.
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Net operating profit/(loss) 192,214,813 (43,443,712)
Adjustments:
Net (gains)/losses on investments and derivatives (190,865,365) 54,556,976
Interest income included in net gains on investments and derivatives (at coupon rate) 74,124,158 64,905,323
Net foreign currency exchange losses 640,527 1,315,169
Transaction costs 2,630,473 1,896,670
Interest paid (7,025) (14,789)
Taxation (7,575,924) (9,683,674)
Amount available for distribution 71,161,657 69,531,963
Distribution of
A$0.0582 per unit on 105,111,943.032 units of AUD Hedged Class (mth) ex on 30 October
2015 and pay on 9 November 2015 (4,364,541)
C$0.0430 per unit on 46,986,929.086 units of CAD Hedged Class (mth) ex on 30 October
2015 and pay on 9 November 2015 (1,544,264)
CNY0.0692 per unit on 369,774,387.163 units of RMB Hedged Class (mth) ex on 30 October 2015
and pay on 9 November 2015 (4,047,035)
EUR0.0346 per unit on 8,786,656.355 units of EUR Hedged Class (mth) ex on 30 October
2015 and pay on 9 November 2015 (335,834)
GBP0.0411 per unit on 15,944,562.026 units of GBP Hedged Class (mth) ex on 30 October
2015 and pay on 9 November 2015 (1,012,079)
HK$0.0430 per unit on 534,834,664.151 units of HKD Class (mth) ex on 30 October 2015
and pay on 9 November 2015 (2,967,431)
NZ$0.0648 per unit on 29,104,372.717 units of NZD Hedged Class (mth) ex on 30 October
2015 and pay on 9 November 2015 (1,276,043)
S$0.0478 per unit on 8,818,116.324 units of SGD Hedged Class (mth) ex on 30 October
2015 and pay on 9 November 2015 (300,968)
US$0.0430 per unit on 114,878,788.071 units of USD Class (mth) ex on 30 October 2015
and pay on 9 November 2015 (4,939,788)
(2015: A$0.0650 per unit on 116,132,113.364 units of AUD Hedged Class (mth) ex on 31 October
2014 and pay on 10 November 2014) (6,635,208)
(2015: C$0.0495 per unit on 38,759,118.931 units of CAD Hedged Class (mth) ex on 31 October
2014 and pay on 10 November 2014) (1,701,695)
(2015: CNY0.0628 per unit on 234,155,219.180 units of RMB Hedged Class (mth) ex on 31 October
2014 and pay on 10 November 2014) (2,400,102)
(2015: EUR0.0369 per unit on 8,509,581.134 units of EUR Hedged Class (mth) ex on 31 October
2014 and pay on 10 November 2014) (393,415)
(2015: GBP0.0419 per unit on 12,150,185.942 units of GBP Hedged Class (mth) ex on 31 October
2014 and pay on 10 November 2014) (814,472)
(2015: HK$0.0430 per unit on 536,364,063.716 units of HKD Class (mth) ex on 31 October 2014
and pay on 10 November 2014) (2,973,960)
(2015: NZ$0.0740 per unit on 38,416,556.300 units of NZD Hedged Class (mth) ex on 31 October
2014 and pay on 10 November 2014) (2,211,434)
(2015: S$0.0397 per unit on 7,401,851.153 units of SGD Hedged Class (mth) ex on 31 October 2014
and pay on 10 November 2014) (228,591)
(2015: US$0.0430 per unit on 100,249,564.151 units of USD Class (mth) ex on 31 October 2014
and pay on 10 November 2014) (4,310,732)
A$0.0578 per unit on 105,095,619.880 units of AUD Hedged Class (mth) ex on 30
November 2015 and pay on 8 December 2015 (4,401,602)
C$0.0429 per unit on 48,098,371.566 units of CAD Hedged Class (mth) ex on 30 November
2015 and pay on 8 December 2015 (1,549,521)
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 226 -
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
CNY0.0650 per unit on 380,193,076.409 units of RMB Hedged Class (mth) ex on 30 November
2015 and pay on 8 December 2015 (3,845,982)
EUR0.0349 per unit on 8,579,256.159 units of EUR Hedged Class (mth) ex on 30 November
2015 and pay on 8 December 2015 (316,228)
GBP0.0412 per unit on 16,590,991.063 units of GBP Hedged Class (mth) ex on 30 November
2015 and pay on 8 December 2015 (1,028,946)
HK$0.0430 per unit on 559,636,593.208 units of HKD Class (mth) ex on 30 November
2015 and pay on 8 December 2015 (3,104,299)
NZ$0.0639 per unit on 29,332,968.681 units of NZD Hedged Class (mth) ex on 30
November 2015 and pay on 8 December 2015 (1,235,121)
S$0.0491 per unit on 8,738,619.068 units of SGD Hedged Class (mth) ex on 30 November
2015 and pay on 8 December 2015 (304,529)
US$0.0430 per unit on 120,284,195.263 units of USD Class (mth) ex on 30 November
2015 and pay on 8 December 2015 (5,172,220)
(2015: A$0.0646 per unit on 117,591,963.553 units of AUD Hedged Class (mth) ex on 28
November 2014 and pay on 8 December 2014) (6,483,562)
(2015: C$0.0487 per unit on 39,355,552.312 units of CAD Hedged Class (mth) ex on 28
November 2014 and pay on 8 December 2014) (1,680,873)
(2015: CNY0.0652 per unit on 259,953,561.651 units of RMB Hedged Class (mth) ex on 28
November 2014 and pay on 8 December 2014) (2,751,859)
(2015: EUR0.0368 per unit on 8,942,469.233 units of EUR Hedged Class (mth) ex on 28
November 2014 and pay on 8 December 2014) (410,251)
(2015: GBP0.0420 per unit on 13,050,488.119 units of GBP Hedged Class (mth) ex on 28
November 2014 and pay on 8 December 2014) (858,384)
(2015: HK$0.0430 per unit on 525,939,441.860 units of HKD Class (mth) ex on 28 November
2014 and pay on 8 December 2014) (2,916,234)
(2015: NZ$0.0734 per unit on 39,360,070.078 units of NZD Hedged Class (mth) ex on 28
November 2014 and pay on 8 December 2014) (2,267,888)
(2015: S$0.0410 per unit on 7,274,034.626 units of SGD Hedged Class (mth) ex on 28 November
2014 and pay on 8 December 2014) (228,796)
(2015: US$0.0430 per unit on 101,412,767.520 units of USD Class (mth) ex on 28 November 2014
and pay on 8 December 2014) (4,360,749)
A$0.0570 per unit on 105,198,864.661 units of AUD Hedged Class (mth) ex on 31
December 2015 and pay on 11 January 2016 (4,362,634)
C$0.0409 per unit on 48,311,378.279 units of CAD Hedged Class (mth) ex on 31 December
2015 and pay on 11 January 2016 (1,422,457)
CNY0.0761 per unit on 379,573,185.110 units of RMB Hedged Class (mth) ex on 31 December
2015 and pay on 11 January 2016 (4,397,281)
EUR0.0296 per unit on 8,274,323.702 units of EUR Hedged Class (mth) ex on 31 December
2015 and pay on 11 January 2016 (266,057)
GBP0.0379 per unit on 16,659,909.160 units of GBP Hedged Class (mth) ex on 31 December
2015 and pay on 11 January 2016 (930,636)
HK$0.0430 per unit on 576,789,759.800 units of HKD Class (mth) ex on 31 December
2015 and pay on 11 January 2016 (3,200,191)
NZ$0.0618 per unit on 28,856,781.623 units of NZD Hedged Class (mth) ex on 31
December 2015 and pay on 11 January 2016 (1,220,881)
S$0.0489 per unit on 8,457,343.557 units of SGD Hedged Class (mth) ex on 31 December
2015 and pay on 11 January 2016 (291,519)
US$0.0430 per unit on 121,154,750.939 units of USD Class (mth) ex on 31 December
2015 and pay on 11 January 2016 (5,209,654)
(2015: A$0.0653 per unit on 118,662,325.629 units of AUD Hedged Class (mth) ex on 31 December
2014 and pay on 9 January 2015) (6,341,107)
(2015: C$0.0486 per unit on 39,445,684.846 units of CAD Hedged Class (mth) ex on 31 December
2014 and pay on 9 January 2015) (1,655,135)
(2015: CNY0.0747 per unit on 283,463,884.493 units of RMB Hedged Class (mth) ex on 31
December 2014 and pay on 9 January 2015) (3,405,451)
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 227 -
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
(2015: EUR0.0369 per unit on 9,065,421.995 units of EUR Hedged Class (mth) ex on 31 December
2014 and pay on 9 January 2015) (404,779)
(2015: GBP0.0412 per unit on 13,364,061.279 units of GBP Hedged Class (mth) ex on 31
December 2014 and pay on 9 January 2015) (858,522)
(2015: HK$0.0430 per unit on 523,100,121.482 units of HKD Class (mth) ex on 31 December 2014
and pay on 9 January 2015) (2,900,547)
(2015: NZ$0.0752 per unit on 39,194,646.683 units of NZD Hedged Class (mth) ex on 31
December 2014 and pay on 9 January 2015) (2,303,717)
(2015: S$0.0456 per unit on 7,482,690.926 units of SGD Hedged Class (mth) ex on 31 December
2014 and pay on 9 January 2015) (257,498)
(2015: US$0.0430 per unit on 101,864,535.040 units of USD Class (mth) ex on 31 December 2014
and pay on 9 January 2015) (4,380,175)
A$0.0552 per unit on 108,447,265.551 units of AUD Hedged Class (mth) ex on 29 January
2016 and pay on 11 February 2016 (4,234,402)
C$0.0402 per unit on 49,887,678.774 units of CAD Hedged Class (mth) ex on 29 January
2016 and pay on 11 February 2016 (1,425,109)
CNY0.0987 per unit on 357,900,199.326 units of RMB Hedged Class (mth) ex on 29 January
2016 and pay on 11 February 2016 (5,356,090)
EUR0.0317 per unit on 8,740,308.350 units of EUR Hedged Class (mth) ex on 29 January
2016 and pay on 11 February 2016 (299,801)
GBP0.0387 per unit on 17,471,961.304 units of GBP Hedged Class (mth) ex on 29 January
2016 and pay on 11 February 2016 (959,140)
HK$0.0430 per unit on 595,443,448.938 units of HKD Class (mth) ex on 29 January
2016 and pay on 11 February 2016 (3,289,806)
NZ$0.0591 per unit on 29,312,962.892 units of NZD Hedged Class (mth) ex on 29 January
2016 and pay on 11 February 2016 (1,120,860)
S$0.0490 per unit on 8,239,873.279 units of SGD Hedged Class (mth) ex on 29 January
2016 and pay on 11 February 2016 (283,674)
US$0.0430 per unit on 124,816,623.828 units of USD Class (mth) ex on 29 January
2016 and pay on 11 February 2016 (5,367,115)
(2015: A$0.0658 per unit on 114,331,268.745 units of AUD Hedged Class (mth) ex on 30 January
2015 and pay on 9 February 2015) (5,858,534)
(2015: C$0.0481 per unit on 40,839,238.430 units of CAD Hedged Class (mth) ex on 30 January
2015 and pay on 9 February 2015) (1,549,247)
(2015: CNY0.0737 per unit on 315,676,504.368 units of RMB Hedged Class (mth) ex on 30
January 2015 and pay on 9 February 2015) (3,702,169)
(2015: EUR0.0358 per unit on 8,942,508.762 units of EUR Hedged Class (mth) ex on 30 January
2015 and pay on 9 February 2015) (361,264)
(2015: GBP0.0418 per unit on 14,075,790.702 units of GBP Hedged Class (mth) ex on 30 January
2015 and pay on 9 February 2015) (883,670)
(2015: HK$0.0430 per unit on 516,645,572.597 units of HKD Class (mth) ex on 30 January 2015
and pay on 9 February 2015) (2,865,311)
(2015: NZ$0.0748 per unit on 40,193,056.295 units of NZD Hedged Class (mth) ex on 30 January
2015 and pay on 9 February 2015) (2,182,075)
(2015: S$0.0453 per unit on 7,860,867.542 units of SGD Hedged Class (mth) ex on 30 January
2015 and pay on 9 February 2015) (263,171)
(2015: US$0.0430 per unit on 102,609,875.466 units of USD Class (mth) ex on 30 January 2015
and pay on 9 February 2015) (4,412,225)
A$0.0544 per unit on 106,184,621.264 units of AUD Hedged Class (mth) ex on 29 February
2016 and pay on 8 March 2016 (4,125,825)
C$0.0408 per unit on 50,152,135.768 units of CAD Hedged Class (mth) ex on 29 February
2016 and pay on 8 March 2016 (1,510,562)
CNY0.0773 per unit on 351,178,010.591 units of RMB Hedged Class (mth) ex on 29 February
2016 and pay on 8 March 2016 (4,143,298)
EUR0.0325 per unit on 8,600,004.929 units of EUR Hedged Class (mth) ex on 29 February
2016 and pay on 8 March 2016 (303,691)
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 228 -
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
GBP0.0392 per unit on 18,309,266.838 units of GBP Hedged Class (mth) ex on 29 February
2016 and pay on 8 March 2016 (1,000,219)
HK$0.0430 per unit on 589,740,262.177 units of HKD Class (mth) ex on 29 February
2016 and pay on 8 March 2016 (3,261,104)
NZ$0.0583 per unit on 28,635,161.611 units of NZD Hedged Class (mth) ex on 29 February
2016 and pay on 8 March 2016 (1,100,739)
S$0.0447 per unit on 8,038,643.579 units of SGD Hedged Class (mth) ex on 29 February
2016 and pay on 8 March 2016 (255,467)
US$0.0430 per unit on 125,020,547.924 units of USD Class (mth) ex on 29 February
2016 and pay on 8 March 2016 (5,375,884)
(2015: A$0.0602 per unit on 112,035,589.039 units of AUD Hedged Class (mth) ex on 27 February
2015 and pay on 9 March 2015) (5,279,291)
(2015: C$0.0456 per unit on 41,280,421.077 units of CAD Hedged Class (mth) ex on 27 February
2015 and pay on 9 March 2015) (1,507,538)
(2015: CNY0.0786 per unit on 345,512,809.148 units of RMB Hedged Class (mth) ex on 27
February 2015 and pay on 9 March 2015) (4,319,631)
(2015: EUR0.0363 per unit on 9,235,507.058 units of EUR Hedged Class (mth) ex on 27 February
2015 and pay on 9 March 2015) (376,032)
(2015: GBP0.0414 per unit on 14,071,624.184 units of GBP Hedged Class (mth) ex on 27 February
2015 and pay on 9 March 2015) (900,296)
(2015: HK$0.0430 per unit on 509,073,879.208 units of HKD Class (mth) ex on 27 February 2015
and pay on 9 March 2015) (2,822,554)
(2015: NZ$0.0710 per unit on 35,321,643.475 units of NZD Hedged Class (mth) ex on 27 February
2015 and pay on 9 March 2015) (1,897,805)
(2015: S$0.0449 per unit on 7,886,422.427 units of SGD Hedged Class (mth) ex on 27 February
2015 and pay on 9 March 2015) (260,349)
(2015: US$0.0430 per unit on 103,942,577.916 units of USD Class (mth) ex on 27 February 2015
and pay on 9 March 2015) (4,469,531)
A$0.0552 per unit on 103,004,157.377 units of AUD Hedged Class (mth) ex on 31 March
2016 and pay on 11 April 2016 (4,373,824)
C$0.0408 per unit on 48,625,199.218 units of CAD Hedged Class (mth) ex on 31 March 2016
and pay on 11 April 2016 (1,533,811)
CNY0.0606 per unit on 347,754,607.399 units of RMB Hedged Class (mth) ex on 31 March
2016 and pay on 11 April 2016 (3,263,279)
EUR0.0303 per unit on 8,715,087.172 units of EUR Hedged Class (mth) ex on 31 March
2016 and pay on 11 April 2016 (300,918)
GBP0.0382 per unit on 19,064,570.607 units of GBP Hedged Class (mth) ex on 31 March
2016 and pay on 11 April 2016 (1,046,738)
HK$0.0430 per unit on 584,205,471.330 units of HKD Class (mth) ex on 31 March
2016 and pay on 11 April 2016 (3,238,661)
NZ$0.0588 per unit on 28,271,693.762 units of NZD Hedged Class (mth) ex on 31 March
2016 and pay on 11 April 2016 (1,154,187)
S$0.0441 per unit on 7,878,680.614 units of SGD Hedged Class (mth) ex on 31 March 2016
and pay on 11 April 2016 (258,020)
US$0.0430 per unit on 124,046,882.543 units of USD Class (mth) ex on 31 March
2016 and pay on 11 April 2016 (5,334,016)
(2015: A$0.0618 per unit on 110,336,396.659 units of AUD Hedged Class (mth) ex on 31 March
2015 and pay on 13 April 2015) (5,209,215)
(2015: C$0.0458 per unit on 41,898,731.454 units of CAD Hedged Class (mth) ex on 31 March
2015 and pay on 13 April 2015) (1,515,169)
(2015: CNY0.0779 per unit on 362,575,208.556 units of RMB Hedged Class (mth) ex on 31 March
2015 and pay on 13 April 2015) (4,551,544)
(2015: EUR0.0352 per unit on 9,308,204.631 units of EUR Hedged Class (mth) ex on 31 March
2015 and pay on 13 April 2015) (351,895)
(2015: GBP0.0415 per unit on 14,805,449.537 units of GBP Hedged Class (mth) ex on 31 March
2015 and pay on 13 April 2015) (912,116)
JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 229 -
In the event that the amount available for distribution is insufficient to pay distributions as the Fund declares, the Manager may in its
discretion determine that such distributions be paid from capital.
6666 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
(2015: HK$0.0430 per unit on 497,332,951.544 units of HKD Class (mth) ex on 31 March 2015
and pay on 13 April 2015) (2,758,310)
(2015: NZ$0.0742 per unit on 32,710,730.327 units of NZD Hedged Class (mth) ex on 31 March
2015 and pay on 13 April 2015) (1,820,109)
(2015: S$0.0496 per unit on 8,057,313.841 units of SGD Hedged Class (mth) ex on 31 March 2015
and pay on 13 April 2015) (291,349)
(2015: US$0.0430 per unit on 102,420,636.221 units of USD Class (mth) ex on 31 March 2015
and pay on 13 April 2015) (4,404,087)
Total distribution to holders of redeemable units (126,963,981) (131,859,623)
JPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 230 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 1 January
1984 to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted Listed/Quoted Listed/Quoted Listed/Quoted InvestmentsInvestmentsInvestmentsInvestments (98.6%)
(I) Equities(I) Equities(I) Equities(I) Equities (98.6%)
AustraliaAustraliaAustraliaAustralia (13.2%)
AMP Ltd-AU List 795,000 3,540,896 1.0
Aristocrat Leisure 531,000 4,207,259 1.2
Caltex Australia 215,000 5,626,525 1.7
Commonwealth Bank of
Australia 88,070 5,075,669 1.5
CSL Ltd 165,700 12,930,022 3.8
Macquarie Group 68,200 3,467,270 1.0
Oil Search 598,200 3,110,718 0.9
QBE Insurance Group 344,000 2,887,026 0.9
Westpac Banking 175,000 4,085,679 1.2
ChinaChinaChinaChina (13.6%)
China Merchants Bank 'H' 1,748,500 3,674,385 1.1
China Overseas Land &
Investment 514,000 1,626,844 0.5
China Taiping Insurance Hldgs 1,308,000 2,873,484 0.8
IMAX China Hldg 350,700 2,122,769 0.6
Ping An Insurance (Group) 'H' 1,646,000 7,872,907 2.3
Shenzhou Intl Grp 1,210,000 6,583,081 1.9
Sunny Optical Technology
Group 1,426,000 4,007,813 1.2
Tencent Hldgs 867,400 17,713,565 5.2
Hong KongHong KongHong KongHong Kong (7.1%)
AIA Group 2,887,200 16,359,391 4.8
Cheung Kong Property Hldgs 674,500 4,343,590 1.3
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
CK Hutchison Hldgs 263,000 3,414,417 1.0
IndiaIndiaIndiaIndia (4.9%)
HDFC Bank 100,000 1,894,952 0.6
HDFC Bank ADR 146,000 8,997,980 2.6
Maruti Suzuki India 62,000 3,479,340 1.0
Tata Consultancy Services 60,800 2,313,930 0.7
IndonesiaIndonesiaIndonesiaIndonesia (4.5%)
ACE Hardware Indonesia 18,633,200 1,257,671 0.4
Bank Central Asia 5,471,200 5,487,704 1.6
Bumi Serpong Damai 12,329,900 1,706,287 0.5
Jasa Marga (Persero) 3,932,300 1,601,389 0.5
Surya Citra Media 11,329,600 2,682,877 0.8
Telekomunikasi Indonesia 'B' 10,129,800 2,540,089 0.7
JapanJapanJapanJapan (41.2%)
Alps Electric 98,100 1,712,462 0.5
Bandai Namco Hldgs 231,500 5,054,504 1.5
Casio Computer 183,000 3,697,611 1.1
Fuji Heavy Industries 93,100 3,292,606 1.0
FUJIFILM Hldgs 127,800 5,061,060 1.5
H I S Co 174,100 4,871,609 1.4
Hino Motors 500,600 5,420,439 1.6
Japan Exchange Group 300,000 4,601,628 1.3
Japan Tobacco 78,200 3,263,117 1.0
JX Hldgs 1,018,400 3,930,619 1.1
Keyence Corp 23,600 12,890,289 3.8
LIXIL Group 149,800 3,058,775 0.9
M3 Inc 103,000 2,595,276 0.8
Nippon Telegraph &
Telephone 152,700 6,586,499 1.9
Nitori Co 62,600 5,742,302 1.7
Nitto Denko 171,300 9,536,226 2.8
Ono Pharmaceutical 115,500 4,896,637 1.4
Orix Corp 1,030,300 14,717,262 4.3
Otsuka Corp 93,300 4,930,842 1.4
Ryohin Keikaku 55,200 11,688,776 3.4
Shimano Inc 10,500 1,647,938 0.5
Sony Corp 153,300 3,945,877 1.2
Tokyo Electron 95,500 6,233,267 1.8
Unicharm Corp 323,400 7,046,636 2.1
Yamaha Motor 238,500 3,972,348 1.2
KoreaKoreaKoreaKorea (5.4%)
Hyundai Marine & Fire
Insurance 200,000 5,806,226 1.7
Samsung Electronics 8,600 9,866,387 2.9
Samsung Electronics Pref 1,350 1,306,794 0.4
Shinhan Financial Group 41,800 1,480,325 0.4
SingaporeSingaporeSingaporeSingapore (1.0%)
Jardine Cycle & Carriage 117,500 3,492,890 1.0
TaiwanTaiwanTaiwanTaiwan (7.7%)
Eclat Textile 464,011 6,105,787 1.8
Largan Precision 63,000 4,883,949 1.4
Taiwan Semiconductor Mfg 3,026,000 15,231,544 4.5
336,054,036 98.6
JPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 231 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (0.0%)
Forward foreign exchangeForward foreign exchangeForward foreign exchangeForward foreign exchange
contracts contracts contracts contracts (0.0%) 2,135 0.0
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 336,056,171 98.6
Other net assetsOther net assetsOther net assetsOther net assets 4,923,444 1.4
Net Net Net Net assets attributable to holders of assets attributable to holders of assets attributable to holders of assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 340,979,615 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 330,691,717
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
Japan 41.2 39.5
China 13.6 16.6
Australia 13.2 12.9
Taiwan 7.7 8.4
Hong Kong 7.1 7.9
Korea 5.4 6.2
India 4.9 7.0
Indonesia 4.5 0.9
Singapore 1.0 -
DerivativesDerivativesDerivativesDerivatives
Forward foreign exchange contracts 0.0 -
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 98.6 99.4
Other net assetsOther net assetsOther net assetsOther net assets 1.4 0.6
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 234 to 236 form part of these financial statements.
- 232 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 3,950,747 983,566
Amounts due from brokers 339,994 -
Amounts receivable on allotment 1,177,506 622,153
Derivatives 2,135 -
Investments 336,054,036 325,532,337
Dividend and other accounts
receivable 1,708,891 1,325,706
Total assetsTotal assetsTotal assetsTotal assets 343,233,309 328,463,762
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 641,076 -
Amounts payable on redemption 1,165,398 407,163
Other accounts payable 447,220 509,344
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 2,253,694 916,507
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 340,979,615 327,547,255
EquityEquityEquityEquity 340,979,615 327,547,255
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 22,990,234 26,634,396
Dividend income 2,600,480 3,040,796
Net foreign currency exchange
gains/(losses) 132,900 (718,094)
Interest on deposits 570 696
25,724,184 28,957,794
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 2,516,306 2,876,546
Transaction costs 267,334 1,216,114
Trustee's fee 51,238 57,195
Registrar's fee 41,027 48,029
Safe custody and bank charges 29,834 33,282
Legal and professional expenses 29,013 6,747
Auditor's fee 11,779 11,222
Valuation fee 8,120 8,330
Printing and publication expenses 5,918 5,843
Other operating expenses 5,504 3,708
2,966,073 4,267,016
---------- ----------
Net operating profitNet operating profitNet operating profitNet operating profit 22,758,111 24,690,778
Finance costsFinance costsFinance costsFinance costs
Interest paid - (43,084)
Profit before taxationProfit before taxationProfit before taxationProfit before taxation 22,758,111 24,647,694
Taxation (214,805) (308,112)
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 22,543,306 24,339,582
JPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 234 to 236 form part of these financial statements.
- 233 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable of redeemable of redeemable of redeemable units at the units at the units at the units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 327,547,255 393,548,800
---------- ----------
Allotment of redeemable units 21,551,673 22,469,419
Redemption of redeemable units (30,662,619) (50,459,545)
Net redemptionNet redemptionNet redemptionNet redemption (9,110,946) (27,990,126)
---------- ----------
318,436,309 365,558,674
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 22,543,306 24,339,582
Net assets attributableNet assets attributableNet assets attributableNet assets attributable to holders to holders to holders to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 340,979,615 389,898,256
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating Operating Operating Operating activitiesactivitiesactivitiesactivities
Purchase of investments and
derivatives (87,585,496) (443,464,688)
Proceeds from disposal of
investments and derivatives 100,350,527 474,797,209
Dividend received 2,217,348 2,592,324
Interest received 515 695
Trustee's fee paid (50,826) (57,702)
Registrar's fee paid (79,873) (92,805)
Tax paid (240,846) (300,727)
Transaction costs paid (267,731) (1,209,710)
Management fee paid (2,494,685) (2,906,915)
Others (51,858) (812,436)
Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating
activitiesactivitiesactivitiesactivities 11,797,075 28,545,245
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid - (43,118)
Receipts on allotment of
redeemable units 20,996,320 22,965,956
Payments on redemption of
redeemable units (29,904,384) (50,463,091)
Net cash outflow from Net cash outflow from Net cash outflow from Net cash outflow from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities (8,908,064) (27,540,253)
---------- ----------
Increase in cash and cash Increase in cash and cash Increase in cash and cash Increase in cash and cash
equivalentsequivalentsequivalentsequivalents 2,889,011 1,004,992
Cash and cash equivalents at the
beginning of the period 983,566 (15,453,540)
Exchange gains/(losses) on cash
and cash equivalents 78,170 (27,811)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 3,950,747 (14,476,359)
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 3,950,747 557,536
Short term bank loans -
unsecured - (15,033,895)
3,950,747 (14,476,359)
JPMORGAN PACIFIC JPMORGAN PACIFIC JPMORGAN PACIFIC JPMORGAN PACIFIC SECURITIES FUNDSECURITIES FUNDSECURITIES FUNDSECURITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 234 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Pacific Securities Fund (the "Fund") was established under a Trust Deed dated 7 April 1978, as amended, and is governed by the
laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in the securities of
companies in the Asia-Pacific region, including Japan, Australia and New Zealand.
Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a "Class") whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN PACIFIC JPMORGAN PACIFIC JPMORGAN PACIFIC JPMORGAN PACIFIC SECURITIES FUNDSECURITIES FUNDSECURITIES FUNDSECURITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 235 -
(c)(c)(c)(c) Securities lending and borrowing Securities lending and borrowing Securities lending and borrowing Securities lending and borrowing
Securities lenders' agreements are entered into with institutions of appropriate financial standing who engage in such arrangements
acceptable to the Trustee and on arm's length commercial terms. Securities lent are included in the investment portfolio of the Fund.
Relevant securities lending income entitled by the Fund is accounted for in the Statement of Comprehensive Income. Collateral received
for the purpose of securities lent generally consist of non-cash collateral which are off-balance sheet transactions and are therefore not
included in the financial statements.
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 7 April 1978, as amended, which may be different from the accounting policies stated in the financial statements.
3333 Number of units in issNumber of units in issNumber of units in issNumber of units in issue and net assets attributable to holders of redeemable units (per unit)ue and net assets attributable to holders of redeemable units (per unit)ue and net assets attributable to holders of redeemable units (per unit)ue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (acc)
PRC RMB Hedged
Class (acc)
PRC USD
Class (acc)
Units Units Units
Number of units in issue: 1,320,318.813 132,506.960 200.000
US$ CNY US$
Net assets attributable to
holders of redeemable
units 340,762,195 1,390,547 2,095
Net assets attributable to
holders of redeemable
units (per unit) 258.09 10.49 10.48
JPMORGAN PACIFIC JPMORGAN PACIFIC JPMORGAN PACIFIC JPMORGAN PACIFIC SECURITIES FUNDSECURITIES FUNDSECURITIES FUNDSECURITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 236 -
30.9.2015
USD Class (acc)
Units
Number of units in issue: 1,355,123.949
US$
Net assets attributable to
holders of redeemable
units 327,547,255
Net assets attributable to
holders of redeemable
units (per unit) 241.71
4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 31,601,754 16,918,212
Realized (losses)/gains on sale of investments and derivatives (8,611,520) 9,716,184
22,990,234 26,634,396
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 Distribution Distribution Distribution Distribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 237 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 14 August
1997 to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (94.4%)
EquitiesEquitiesEquitiesEquities (94.4%)
AustraliaAustraliaAustraliaAustralia (0.2%)
Computershare Ltd 22,520 169,424 0.2
ChinaChinaChinaChina (17.1%)
58.com Inc ADR 11,546 642,535 0.8
AAC Technologies Hldgs 129,000 986,225 1.3
IMAX China Hldg (Placing
03/16) 29,000 175,536 0.2
JD.com Inc ADR 27,381 725,597 1.0
Jiangsu Changjiang Elect 'A'
(C1) 127,453 380,115 0.5
Kingsoft Corp 82,000 192,194 0.3
Lenovo Group 574,000 446,972 0.6
Netease Inc ADR 5,592 802,899 1.1
Q Technology (Group) Co 1,415,000 235,330 0.3
Semiconductor Mfg Intl 2,739,000 243,653 0.3
Tencent Hldgs 369,600 7,547,768 10.0
Universal Scientific Ind 'A' (C1) 153,700 236,813 0.3
Vipshop Hldgs ADR 21,594 278,131 0.4
Hong KongHong KongHong KongHong Kong (0.2%)
ASM Pacific Technology 21,000 164,880 0.2
JapanJapanJapanJapan (29.0%)
Aisan Technology 7,400 474,042 0.6
Alps Electric 19,500 340,398 0.5
Canon Inc 56,100 1,674,590 2.2
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
FUJIFILM Hldgs 40,700 1,611,777 2.1
Hamamatsu Photonics 13,400 370,186 0.5
Hirata Corp 15,000 367,276 0.5
Hitachi Ltd 306,000 1,433,690 1.9
Keyence Corp 4,120 2,250,339 3.0
Konica Minolta Hldgs 40,800 347,033 0.5
Kyocera Corp 30,500 1,345,153 1.8
Murata Mfg 19,400 2,342,257 3.1
NEC Corp 97,000 244,237 0.3
Nexon Co 24,400 416,599 0.6
Nintendo Co 8,200 1,167,312 1.5
Nissin Electric 21,700 237,089 0.3
Nomura Research Institute 9,240 311,576 0.4
NTT Data 9,800 492,638 0.7
Oracle Corp Japan 3,400 191,183 0.3
Renesas Electronics 50,500 325,299 0.4
Ricoh Co 64,600 658,673 0.9
Seiko Epson 25,200 407,612 0.5
Shimadzu Corp 23,000 361,182 0.5
Sony Corp 23,600 607,454 0.8
TDK Corp 11,800 656,168 0.9
Tokyo Electron 13,700 894,196 1.2
Toshiba Corp 158,000 307,861 0.4
Trend Micro 40,000 1,466,257 1.9
Yahoo Japan 123,400 525,901 0.7
KoreaKoreaKoreaKorea (14.5%)
LG Display 9,045 210,386 0.3
LG Electronics 3,520 189,605 0.3
LG Innotek Co 1,181 81,893 0.1
NAVER Corp 4,732 2,635,785 3.5
NCsoft Corp 4,990 1,106,125 1.5
Samsung Electro-Mechanics 4,432 227,878 0.3
Samsung Electronics 4,086 4,687,681 6.2
Samsung Electronics Pref 1,617 1,565,249 2.1
Samsung SDS 1,175 179,805 0.2
TaiwanTaiwanTaiwanTaiwan (33.4%)
Addcn Technology Co 31,200 252,051 0.3
Advanced Power Electronics 688,314 541,087 0.7
Advanced Semiconductor Eng 544,463 633,549 0.8
Catcher Technology 77,000 631,618 0.8
Chunghwa Precision Test Tech 39,000 788,870 1.1
Clevo Co 204,000 184,135 0.3
DFI Inc 475,000 727,613 1.0
Elan Microelectronics 81,000 96,896 0.1
Epistar Corp 349,000 252,121 0.3
Flexium Interconnect 125,000 322,365 0.4
GCS Hldgs 366,000 1,042,823 1.4
Glory Science 892,000 1,563,162 2.1
Hermes Microvision 3,000 85,757 0.1
Hon Hai Precision Ind 77,070 203,068 0.3
Kinsus Interconnect
Technology 97,000 215,495 0.3
Largan Precision 10,000 775,230 1.0
MediaTek Inc 162,348 1,245,959 1.7
Pegatron Corp 210,000 490,026 0.7
Phison Electronics 45,000 366,331 0.5
Realtek Semiconductor 252,000 692,953 0.9
Silergy Corp 19,000 259,166 0.3
JPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 238 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
TaiwanTaiwanTaiwanTaiwan (Continued)
Silicon Motion Tech ADR 16,393 636,212 0.9
Siliconware Precision 650,355 1,050,785 1.4
Swancor Ind Co 54,000 247,483 0.3
Taiwan Semiconductor Mfg 1,517,788 7,639,872 10.2
Taiwan Surface Mounting Tech 444,600 395,089 0.5
Tong Hsing Electronics Ind 33,000 95,255 0.1
UDE Corp 570,000 579,139 0.8
Vanguard Intl Semiconductor 298,000 465,741 0.6
Visual Photonics Epitaxy 87,000 150,028 0.2
Wistron Corp 258,000 159,526 0.2
Wistron NeWeb 869,686 2,329,323 3.1
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 71,059,185 94.4
Other net assetsOther net assetsOther net assetsOther net assets 4,208,706 5.6
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 75,267,891 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 67,553,666
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
Taiwan 33.4 32.0
Japan 29.0 32.1
China 17.1 13.2
Korea 14.5 17.9
Australia 0.2 0.2
Hong Kong 0.2 0.2
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 94.4 95.6
Other net assetsOther net assetsOther net assetsOther net assets 5.6 4.4
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 241 to 243 form part of these financial statements.
- 239 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 5,647,352 2,791,554
Amounts due from brokers 75,788 394,370
Amounts receivable on allotment 10,286 30,464
Investments 71,059,185 66,433,497
Dividend and other accounts
receivable 260,589 136,925
Total assetsTotal assetsTotal assetsTotal assets 77,053,200 69,786,810
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 173,040 -
Amounts payable on redemption 1,505,449 191,059
Other accounts payable 106,820 125,331
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 1,785,309 316,390
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 75,267,891 69,470,420
EquityEquityEquityEquity 75,267,891 69,470,420
Statement of Statement of Statement of Statement of Comprehensive IncomeComprehensive IncomeComprehensive IncomeComprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 7,511,397 7,877,133
Dividend income 413,007 423,727
Interest on deposits 368 4,515
Net foreign currency exchange
losses (15,871) (212,120)
7,908,901 8,093,255
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 557,505 684,311
Transaction costs 120,916 368,085
Registrar's fee 20,660 20,422
Trustee's fee 18,551 20,636
Safe custody and bank charges 11,056 12,165
Valuation fee 8,330 8,400
Auditor's fee 7,118 6,683
Legal and professional expenses 4,477 2,255
Printing and publication expenses 783 2,425
Other operating expenses 2,193 2,842
751,589 1,128,224
---------- ----------
Net operating profitNet operating profitNet operating profitNet operating profit 7,157,312 6,965,031
Finance costsFinance costsFinance costsFinance costs
Interest paid - (5)
Profit before taxationProfit before taxationProfit before taxationProfit before taxation 7,157,312 6,965,026
Taxation (58,195) (66,634)
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 7,099,117 6,898,392
JPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 241 to 243 form part of these financial statements.
- 240 -
Statement of Changes in Net Statement of Changes in Net Statement of Changes in Net Statement of Changes in Net Assets Attributable to Holders Assets Attributable to Holders Assets Attributable to Holders Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 69,470,420 94,594,960
---------- ----------
Allotment of redeemable units 5,678,821 2,222,481
Redemption of redeemable units (6,980,467) (13,024,220)
Net redemptionNet redemptionNet redemptionNet redemption (1,301,646) (10,801,739)
---------- ----------
68,168,774 83,793,221
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 7,099,117 6,898,392
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 75,267,891 90,691,613
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (26,366,501) (73,108,447)
Proceeds from disposal of
investments and derivatives 29,745,015 84,083,150
Dividend received 289,519 264,593
Interest received 193 4,520
Trustee's fee paid (18,357) (20,754)
Registrar's fee paid (37,233) (41,179)
Tax paid (58,195) (76,135)
Transaction costs paid (123,752) (372,019)
Management fee paid (549,048) (691,396)
Others (71,093) (255,850)
Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating
activitiesactivitiesactivitiesactivities 2,810,548 9,786,483
---------- ----------
Financing Financing Financing Financing activitiesactivitiesactivitiesactivities
Interest paid - (5)
Receipts on allotment of
redeemable units 5,698,999 2,210,074
Payments on redemption of
redeemable units (5,666,077) (13,057,407)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities 32,922 (10,847,338)
---------- ----------
Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and
cash equivalentscash equivalentscash equivalentscash equivalents 2,843,470 (1,060,855)
Cash and cash equivalents at the
beginning of the period 2,791,554 2,231,717
Exchange gains/(losses) on cash
and cash equivalents 12,328 (5,875)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 5,647,352 1,164,987
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 5,647,352 1,164,987
JPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 241 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Pacific Technology Fund (the "Fund") was established under a Trust Deed dated 14 August 1997, as amended, and is governed by
the laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide long-term capital growth through a portfolio consisting primarily of securities of technology
companies in the Pacific region, including Japan.
Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a "Class") whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivativesInvestments and derivativesInvestments and derivativesInvestments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
JPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 242 -
(c)(c)(c)(c) Securities borrSecurities borrSecurities borrSecurities borrowing owing owing owing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 14 August 1997, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 Number of unitNumber of unitNumber of unitNumber of units in issue and net assets attributable to holders of redeemable units (per unit)s in issue and net assets attributable to holders of redeemable units (per unit)s in issue and net assets attributable to holders of redeemable units (per unit)s in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (acc)
Units
Number of units in issue: 1,794,614.333
US$
Net assets attributable to
holders of redeemable
units 75,267,891
Net assets attributable to
holders of redeemable
units (per unit) 41.94
JPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 243 -
30.9.2015
USD Class (acc)
Units
Number of units in issue: 1,824,736.836
US$
Net assets attributable to
holders of redeemable
units 69,470,420
Net assets attributable to
holders of redeemable
units (per unit) 38.07
4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 8,988,826 4,934,557
Realized (losses)/gains on sale of investments and derivatives (1,477,429) 2,942,576
7,511,397 7,877,133
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 DisDisDisDistributiontributiontributiontribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 244 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 30 June 1987
to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (97.5%)
EquitiesEquitiesEquitiesEquities (97.5%)
PhilippinesPhilippinesPhilippinesPhilippines (97.5%)
BanksBanksBanksBanks (7.3%)
Bank of Philippine Islands 917,485 1,733,548 1.6
BDO Unibank 2,017,747 4,482,908 4.1
Security Bank 471,050 1,790,287 1.6
CommunicationsCommunicationsCommunicationsCommunications (9.0%)
Globe Telecom 110,515 5,328,338 4.8
Philippine Long Distance
Telephone 106,595 4,583,735 4.2
Diversified IndustrialsDiversified IndustrialsDiversified IndustrialsDiversified Industrials (1.4%)
Alliance Global Group 4,264,500 1,528,163 1.4
EnergyEnergyEnergyEnergy (3.2%)
Energy Development-PH List 27,742,400 3,542,737 3.2
Financial ServicesFinancial ServicesFinancial ServicesFinancial Services (6.9%)
GT Capital Hldgs 253,120 7,641,151 6.9
Food, Beverages & TobaccoFood, Beverages & TobaccoFood, Beverages & TobaccoFood, Beverages & Tobacco (17.6%)
Century Pacific Food 11,056,500 4,562,352 4.1
Jollibee Food 1,686,200 8,312,898 7.6
Universal Robina 1,370,340 6,452,160 5.9
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Holding FirmsHolding FirmsHolding FirmsHolding Firms (24.7%)
Aboitiz Equity Ventures 2,346,090 3,311,887 3.0
Ayala Corp 620,410 10,105,494 9.2
JG Summit Hldgs 5,273,560 9,088,000 8.2
SM Investments 229,677 4,736,200 4.3
Investment TrustsInvestment TrustsInvestment TrustsInvestment Trusts (1.1%)
Metro Pacific Investments 9,834,200 1,253,703 1.1
Manufacturing, Distribution & TradingManufacturing, Distribution & TradingManufacturing, Distribution & TradingManufacturing, Distribution & Trading (1.6%)
Robinsons Retail Hldgs 1,087,530 1,747,795 1.6
OthersOthersOthersOthers (1.5%)
Puregold Price Club 2,022,400 1,598,770 1.5
Power & EnergyPower & EnergyPower & EnergyPower & Energy (4.0%)
Aboitiz Power 4,607,200 4,397,577 4.0
PropertyPropertyPropertyProperty (19.2%)
Ayala Land 11,447,660 8,763,818 8.0
Robinsons Land 5,856,600 3,548,684 3.2
SM Prime Hldgs 18,426,686 8,784,141 8.0
Total Total Total Total Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments 107,294,346 97.5
Other net assetsOther net assetsOther net assetsOther net assets 2,776,086 2.5
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 110,070,432 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 95,083,072
JPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 245 -
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
PhilippinesPhilippinesPhilippinesPhilippines
Holding Firms 24.7 24.4
Property 19.2 20.9
Food, Beverages & Tobacco 17.6 15.2
Communications 9.0 8.9
Banks 7.3 11.1
Financial Services 6.9 5.9
Power & Energy 4.0 2.1
Energy 3.2 -
Manufacturing, Distribution & Trading 1.6 -
Others 1.5 -
Diversified Industrials 1.4 1.3
Investment Trusts 1.1 5.2
Construction & Related Products - 1.2
Mining - 1.0
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 97.5 97.2
Other net assetsOther net assetsOther net assetsOther net assets 2.5 2.8
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 248 to 250 form part of these financial statements.
- 246 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 2,024,728 3,278,443
Amounts due from brokers 105,881 681,102
Amounts receivable on allotment 2,382,018 313,951
Investments 107,294,346 98,521,733
Dividend and interest receivable 435,838 5,686
Total assetsTotal assetsTotal assetsTotal assets 112,242,811 102,800,915
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers - 483,547
Amounts payable on redemption 2,034,971 719,279
Other accounts payable 137,408 192,890
Liabilities Liabilities Liabilities Liabilities (excluding net assets (excluding net assets (excluding net assets (excluding net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units)redeemable units)redeemable units)redeemable units) 2,172,379 1,395,716
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 110,070,432 101,405,199
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains on investments and
derivatives [Note 4] 7,075,124 14,242,167
Dividend income 837,636 1,102,448
Interest on deposits 2,122 5,329
Net foreign currency exchange
(losses)/gains (2,797) 1,887
7,912,085 15,351,831
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 701,949 971,133
Transaction costs 301,119 465,438
Registrar's fee 33,293 54,256
Safe custody and bank charges 24,988 28,728
Trustee's fee 21,879 25,875
Valuation fee 7,980 8,050
Legal and professional expenses 6,755 1,760
Auditor's fee 6,617 6,334
Printing and publication expenses 830 2,099
Other operating expenses 3,871 1,789
1,109,281 1,565,462
---------- ----------
Profit before taxationProfit before taxationProfit before taxationProfit before taxation 6,802,804 13,786,369
Taxation (125,645) (165,368)
IncreaseIncreaseIncreaseIncrease in net assets in net assets in net assets in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 6,677,159 13,621,001
JPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 248 to 250 form part of these financial statements.
- 247 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 101,405,199 136,266,712
---------- ----------
Allotment of redeemable units 26,289,522 103,282,026
Redemption of redeemable units (24,301,448) (86,679,424)
Net allotmentNet allotmentNet allotmentNet allotment 1,988,074 16,602,602
---------- ----------
103,393,273 152,869,314
Increase in net assets Increase in net assets Increase in net assets Increase in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable redeemable redeemable redeemable units and total units and total units and total units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 6,677,159 13,621,001
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 110,070,432 166,490,315
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the periodFor the periodFor the periodFor the period ended 31 March 2016ended 31 March 2016ended 31 March 2016ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (34,746,440) (50,123,428)
Proceeds from disposal of
investments and derivatives 33,145,630 55,540,349
Dividend received 407,551 616,963
Interest received 2,055 5,271
Trustee's fee paid (22,043) (25,700)
Registrar's fee paid (71,565) (104,650)
Tax paid (125,645) (188,144)
Transaction costs paid (307,984) (480,981)
Management fee paid (704,394) (964,837)
Others (67,928) (83,863)
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (2,490,763) 4,190,980
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Receipts on allotment of
redeemable units 24,221,455 85,392,157
Payments on redemption of
redeemable units (22,985,756) (89,008,326)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities 1,235,699 (3,616,169)
---------- ----------
(Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash
and cash and cash and cash and cash equivalentsequivalentsequivalentsequivalents (1,255,064) 574,811
Cash and cash equivalents at the
beginning of the period 3,278,443 5,041,872
Exchange gains on cash and cash
equivalents 1,349 9,940
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 2,024,728 5,626,623
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 2,024,728 5,626,623
JPMORGAN JPMORGAN JPMORGAN JPMORGAN PHILIPPINE FUNDPHILIPPINE FUNDPHILIPPINE FUNDPHILIPPINE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 248 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Philippine Fund (the "Fund") was established under a Trust Deed dated 29 July 1974, as amended, and is governed by the laws of
Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide long-term capital growth through investment primarily in the securities of companies
based or operating in the Philippines.
Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a “Class”) whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivativesInvestments and derivativesInvestments and derivativesInvestments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
JPMORGAN JPMORGAN JPMORGAN JPMORGAN PHILIPPINE FUNDPHILIPPINE FUNDPHILIPPINE FUNDPHILIPPINE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 249 -
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
(c)(c)(c)(c) Securities borrowingSecurities borrowingSecurities borrowingSecurities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 29 July 1974, as amended, which may be different from the accounting policies stated in the financial
statements.
Units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial liability in the
Statement of Financial Position which represents the net assets attributable to holders of redeemable units (or "net asset value" or "net
assets" or "NAV") and is carried at the redemption amount that would be payable at the Statement of Financial Position date if the
holders of redeemable units exercised the right to redeem units of the Fund.
3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (acc) USD C Class (acc)
Units Units
Number of units in issue: 817,040.200 1,249,181.000
US$ US$
Net assets attributable to
holders of redeemable
units 95,660,454 14,409,978
Net assets attributable to
holders of redeemable
units (per unit) 117.08 11.54
JPMORGAN JPMORGAN JPMORGAN JPMORGAN PHILIPPINE FUNDPHILIPPINE FUNDPHILIPPINE FUNDPHILIPPINE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 250 -
30.9.2015
USD Class (acc) USD C Class (acc)
Units Units
Number of units in issue: 785,448.564 1,408,619.000
US$ US$
Net assets attributable to
holders of redeemable
units 86,226,165 15,179,034
Net assets attributable to
holders of redeemable
units (per unit) 109.78 10.78
4444 Net gains on investments and derivativesNet gains on investments and derivativesNet gains on investments and derivativesNet gains on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 9,523,449 8,385,005
Realized (losses)/gains on sale of investments and derivatives (2,448,325) 5,857,162
7,075,124 14,242,167
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 DistributionDistributionDistributionDistribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 251 -
Distributor StatusDistributor StatusDistributor StatusDistributor Status
The Fund has been certified by HMRC in the UK as a
distributing fund in respect of the period from 8 August
1989 to 30 September 2010. The principal effect of this
certification is that for unitholders resident in the UK for
taxation purposes any gains accruing on the sale,
redemption or other disposal of units during the period will
be taxed in the UK as a capital gain and not as income. This
treatment will continue under the UK reporting fund regime
provided the Fund does not invest more than 5% of its
assets in other offshore funds which are not themselves
reporting funds. There will be no need to formally apply for
reporting fund status as the Fund is transparent for UK tax
purposes and therefore considered out of scope of the
requirements of this regime. These are now known as
"special category transparent offshore funds".
As noted, the Fund is transparent for UK income tax
purposes and UK investors are subject to UK capital gains
tax on disposal of their units. UK investors are subject to tax
on their share of income of the Fund on an arising basis.
Information has been provided to UK investors of the
amount of their share of the underlying income, expenses
and overseas tax suffered.
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (95.9%)
EquitiesEquitiesEquitiesEquities (95.9%)
ThailandThailandThailandThailand (95.9%)
BankingBankingBankingBanking (15.3%)
Kasikornbank Public Co (F) 5,350,800 26,617,112 8.0
Kasikornbank Public Co NVDR 819,900 4,031,913 1.2
Siam Commercial Bank (F) 3,601,000 14,432,661 4.4
TMB Bank (F) 78,031,600 5,589,529 1.7
Building & Building & Building & Building & Furnishing MaterialsFurnishing MaterialsFurnishing MaterialsFurnishing Materials (8.3%)
Home Product Center (F) 30,706,300 7,200,880 2.2
Siam Cement (F) 1,000,100 13,304,343 4.0
Siam City Cement (F) 820,900 7,186,959 2.1
Chemicals & PlasticsChemicals & PlasticsChemicals & PlasticsChemicals & Plastics (9.8%)
IRPC Public Co (F) 122,732,600 17,617,954 5.3
PTT Global Chemical (F) 8,660,000 14,892,837 4.5
CommunicationsCommunicationsCommunicationsCommunications (5.9%)
Advanced Information (F) 1,871,600 9,682,524 2.9
Digital Telecom
Infrastructure Fd (F) 17,379,000 7,014,832 2.1
True Corp (F) 9,750,000 2,106,310 0.6
True Corp NVDR 3,950,000 853,326 0.3
EnergyEnergyEnergyEnergy (14.9%)
PTT Public Co (F) 3,965,300 31,560,090 9.5
Star Petroleum Refining (F) 45,192,600 14,002,255 4.2
Thai Oil (F) 1,931,800 3,802,648 1.2
(Continued)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Entertainment & Entertainment & Entertainment & Entertainment & RecreationRecreationRecreationRecreation (3.1%)
Major Cineplex Group (F) 11,800,300 10,146,648 3.1
Finance & SecuritiesFinance & SecuritiesFinance & SecuritiesFinance & Securities (8.7%)
AEON Thana Sinsap
(Thailand) (F) 471,179 1,279,068 0.4
AEON Thana Sinsap
(Thailand) NVDR 596,921 1,620,408 0.5
Kiatnakin Bank (F) 6,971,900 8,323,474 2.5
Kiatnakin Bank NVDR 273,800 326,879 0.1
Srisawad Power 1979 (F) 7,396,858 8,883,378 2.7
TISCO Financial Group (F) 1,478,500 1,912,216 0.6
TISCO Financial Group NVDR 4,917,200 6,359,653 1.9
Food & BeveragesFood & BeveragesFood & BeveragesFood & Beverages (6.2%)
CP ALL (F) 14,408,000 18,736,953 5.7
CP ALL NVDR 1,340,000 1,742,609 0.5
Health Care ServicesHealth Care ServicesHealth Care ServicesHealth Care Services (3.6%)
Bumrungrad Hospital (F) 741,400 4,467,789 1.3
Chularat Hospital (F) 99,962,400 7,615,100 2.3
Hotel & Travel ServicesHotel & Travel ServicesHotel & Travel ServicesHotel & Travel Services (4.8%)
Asia Aviation NVDR 14,867,800 2,451,201 0.7
Central Plaza Hotel (F) 2,998,600 3,643,836 1.1
Minor Intl (F) 9,338,400 9,821,512 3.0
Machinery & EquipmentMachinery & EquipmentMachinery & EquipmentMachinery & Equipment (0.8%)
Somboon Advance
Technology (F) 6,832,700 2,796,785 0.8
Property DevelopmentProperty DevelopmentProperty DevelopmentProperty Development (5.0%)
Sino Thai Engineering &
Construction (F) 16,533,800 10,668,484 3.2
Supalai Public Co (F) 10,607,800 5,638,598 1.7
Supalai Public Co NVDR 531,100 282,307 0.1
TransportationTransportationTransportationTransportation (9.5%)
Airports of Thailand (F) 2,223,200 25,404,389 7.6
Namyong Terminal (F) 15,662,900 6,233,104 1.9
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 318,250,564 95.9
Other net assetsOther net assetsOther net assetsOther net assets 13,656,578 4.1
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 331,907,142 100.0
Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 297,056,626
JPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 252 -
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
ThailandThailandThailandThailand
Banking 15.3 17.2
Energy 14.9 12.3
Chemicals & Plastics 9.8 6.2
Transportation 9.5 10.0
Finance & Securities 8.7 3.4
Building & Furnishing Materials 8.3 9.3
Food & Beverages 6.2 8.2
Communications 5.9 5.8
Property Development 5.0 7.7
Hotel & Travel Services 4.8 7.1
Health Care Services 3.6 7.7
Entertainment & Recreation 3.1 2.6
Machinery & Equipment 0.8 0.5
Commerce - 0.6
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 95.9 98.6
Other net assetsOther net assetsOther net assetsOther net assets 4.1 1.4
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 255 to 257 form part of these financial statements.
- 253 -
Statement of Statement of Statement of Statement of Financial PositionFinancial PositionFinancial PositionFinancial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 13,507,842 3,561,547
Amounts due from brokers 1,948,546 268,032
Amounts receivable on allotment 980,484 1,215,812
Investments 318,250,564 281,349,594
Dividend and other accounts
receivable 2,602,216 149,524
Total assetsTotal assetsTotal assetsTotal assets 337,289,652 286,544,509
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 3,248,289 369,407
Amounts payable on redemption 1,699,061 473,521
Other accounts payable 435,160 468,009
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 5,382,510 1,310,937
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 331,907,142 285,233,572
EquityEquityEquityEquity 331,907,142 285,233,572
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net gains/(losses) on investments
and derivatives [Note 4] 38,428,280 (10,142,948)
Dividend income 3,284,903 3,584,534
Net foreign currency exchange
gains/(losses) 41,608 (30,091)
Interest on deposits 12,536 11,880
Other income - 642
41,767,327 (6,575,983)
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 2,258,589 3,072,839
Transaction costs 277,855 443,944
Registrar's fee 56,189 94,274
Safe custody and bank charges 52,009 67,854
Trustee's fee 46,940 60,468
Legal and professional expenses 12,185 1,550
Auditor's fee 10,526 9,925
Valuation fee 8,190 8,190
Printing and publication expenses 1,830 5,236
Other operating expenses 9,072 4,447
2,733,385 3,768,727
---------- ----------
Profit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxation 39,033,942 (10,344,710)
Taxation (245,214) (246,601)
Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net
assets attributable to holdersassets attributable to holders assets attributable to holdersassets attributable to holders
of redeemable units and of redeemable units and of redeemable units and of redeemable units and
total comprehensive total comprehensive total comprehensive total comprehensive incomeincomeincomeincome 38,788,728 (10,591,311)
JPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 255 to 257 form part of these financial statements.
- 254 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net Net Net Net assets attributable to holders assets attributable to holders assets attributable to holders assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 285,233,572 432,208,141
---------- ----------
Allotment of redeemable units 46,391,783 126,774,466
Redemption of redeemable units (38,506,941) (153,634,492)
Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption) 7,884,842 (26,860,026)
---------- ----------
293,118,414 405,348,115
Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 38,788,728 (10,591,311)
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 331,907,142 394,756,804
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (80,851,149) (135,206,165)
Proceeds from disposal of
investments and derivatives 83,574,235 168,884,120
Dividend received 832,671 1,651,530
Interest received 12,403 11,860
Trustee's fee paid (45,988) (61,330)
Registrar's fee paid (118,959) (189,874)
Tax paid (245,214) (246,601)
Transaction costs paid (276,913) (442,199)
Management fee paid (2,204,504) (3,124,525)
Others (77,333) (183,680)
Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating
activitiesactivitiesactivitiesactivities 599,249 31,093,136
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Receipts on allotment of
redeemable units 46,627,111 128,745,666
Payments on redemption of
redeemable units (37,281,401) (156,007,776)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
financing activitiesfinancing activitiesfinancing activitiesfinancing activities 9,345,710 (27,262,110)
---------- ----------
Increase in cash and cash Increase in cash and cash Increase in cash and cash Increase in cash and cash
equivalentsequivalentsequivalentsequivalents 9,944,959 3,831,026
Cash and cash equivalents at the
beginning of the period 3,561,547 5,405,048
Exchange gains/(losses) on cash
and cash equivalents 1,336 (8,562)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 13,507,842 9,227,512
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 13,507,842 9,227,512
JPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 255 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Thailand Fund (the "Fund") was established under a Trust Deed dated 20 July 1989, as amended, and is governed by the laws of
Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital appreciation through a portfolio consisting primarily of
securities of companies based, or operating principally, in Thailand.
Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a “Class”) whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary ofSummary ofSummary ofSummary of principal accounting policiesprincipal accounting policiesprincipal accounting policiesprincipal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivativesInvestments and derivativesInvestments and derivativesInvestments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
JPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 256 -
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
(c)(c)(c)(c) Securities borrowingSecurities borrowingSecurities borrowingSecurities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) FFFForeign currency translationoreign currency translationoreign currency translationoreign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and paymentProceeds and paymentProceeds and paymentProceeds and payments on allotment and redemption of unitss on allotment and redemption of unitss on allotment and redemption of unitss on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 20 July 1989, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 Number of units in issue and net assets attributable to holders ofNumber of units in issue and net assets attributable to holders ofNumber of units in issue and net assets attributable to holders ofNumber of units in issue and net assets attributable to holders of redeemable units (per unit)redeemable units (per unit)redeemable units (per unit)redeemable units (per unit)
31.3.2016
USD Class (acc)
Units
Number of units in issue: 2,637,501.381
US$
Net assets attributable to
holders of redeemable
units 331,907,142
Net assets attributable to
holders of redeemable
units (per unit) 125.84
JPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 257 -
30.9.2015
USD Class (acc)
Units
Number of units in issue: 2,575,628.592
US$
Net assets attributable to
holders of redeemable
units 285,233,572
Net assets attributable to
holders of redeemable
units (per unit) 110.74
4444 Net gains/(losses) on investments and derivativesNet gains/(losses) on investments and derivativesNet gains/(losses) on investments and derivativesNet gains/(losses) on investments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 37,406,813 (14,029,417)
Realized gains on sale of investments and derivatives 1,021,467 3,886,469
38,428,280 (10,142,948)
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 DistributionDistributionDistributionDistribution
No distribution was made during the period (31 March 2015: nil).
JPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUND SemiSemiSemiSemi----annual report annual report annual report annual report for thefor thefor thefor the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 258 -
Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
HoldingHoldingHoldingHolding
FairFairFairFair
valuevaluevaluevalue
US$US$US$US$
% of% of% of% of
netnetnetnet
assetsassetsassetsassets
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (98.0%)
EquitiesEquitiesEquitiesEquities (98.0%)
VietnamVietnamVietnamVietnam (98.0%)
Bank for Inv and Development
of Vietnam 8,119,696 6,082,579 4.4
Cotec Construction 879,660 7,418,297 5.3
DHG Pharmaceutical 616,367 2,322,470 1.7
FPT Corp 3,737,575 7,896,640 5.7
Hatien 1 Cement 5,812,660 6,727,073 4.8
Ho Chi Minh City Securities 1,330,167 1,730,357 1.2
Hoa Phat Group 5,008,968 6,628,294 4.8
Hoa Sen Group 3,333,991 5,159,588 3.7
JSC Bank for Foreign Trade 7,013,005 12,897,915 9.3
Khang Dien House Trading &
Investment 1,589,800 1,633,088 1.2
Kinh Bac City Development
Share Hldg 7,156,340 4,076,864 2.9
Lix Detergent 175,900 579,942 0.4
Masan Group 4,148,560 13,305,614 9.5
Military Commercial JS Bank 14,002,050 8,981,713 6.4
Military Commercial JS Bank-
Await Cert 34,005 21,813 0.0
Mobile World Investment 693,280 2,347,941 1.7
Petrovietnam Drilling & Well
Services 2 2 0.0
Petrovietnam Fertilizer &
Chemical 4,577,960 5,934,735 4.3
PetroVietnam Gas 2,000,170 3,678,598 2.6
Refrigeration Electrical
Engineer 6,255,000 6,846,185 4.9
Saigon General Service 307,000 414,511 0.3
Thien Long Group 864,558 2,617,758 1.9
Thien Long Group Await Cert 259,367 785,326 0.6
Vietnam Container Shipping 681,650 1,834,612 1.3
Vietnam Dairy Products 2,274,581 13,672,180 9.8
VietNam JS Comm Bank for
Industry & Trade 727,743 535,369 0.4
Vietnam Sun 2 2 0.0
Vingroup Joint Stock 3,536,502 7,487,683 5.4
Vinh Hoan 1,622,820 2,001,864 1.4
VNDIRECT Securities 6,001,200 2,988,083 2.1
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 136,607,096 98.0
Other net assetsOther net assetsOther net assetsOther net assets 2,741,109 2.0
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 139,348,205 100.0
Total Total Total Total investments, at costinvestments, at costinvestments, at costinvestments, at cost 132,808,705
Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
% holdings% holdings% holdings% holdings
of net assetsof net assetsof net assetsof net assets
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments
EquitiesEquitiesEquitiesEquities
Vietnam 98.0 96.9
Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 98.0 96.9
Other net assetsOther net assetsOther net assetsOther net assets 2.0 3.1
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of
redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0
JPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUND SemiSemiSemiSemi----annual report annual report annual report annual report for thefor thefor thefor the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 261 to 263 form part of these financial statements.
- 259 -
Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015
US$US$US$US$ US$US$US$US$
AssetsAssetsAssetsAssets
Cash at banks 3,164,201 4,980,974
Amounts due from brokers 810,227 43,677
Amounts receivable on allotment 142,713 138,332
Investments 136,607,096 130,437,123
Dividend and other accounts
receivable 471,280 32,057
Total assetsTotal assetsTotal assetsTotal assets 141,195,517 135,632,163
---------- ----------
LiabilitiesLiabilitiesLiabilitiesLiabilities
Amounts due to brokers 512,862 -
Amounts payable on redemption 1,140,278 854,828
Other accounts payable 194,172 230,320
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 1,847,312 1,085,148
---------- ----------
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 139,348,205 134,547,015
EquityEquityEquityEquity 139,348,205 134,547,015
Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
For the period ended For the period ended For the period ended For the period ended 31 March 201631 March 201631 March 201631 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
IncomeIncomeIncomeIncome
Net losses on investments and
derivatives [Note 4] (464,400) (11,414,593)
Dividend income 1,413,218 1,043,153
Net foreign currency exchange
gains/(losses) 12,050 (78,496)
Interest on deposits 3,320 4,729
964,188 (10,445,207)
---------- ----------
ExpensesExpensesExpensesExpenses
Management fee 1,112,070 1,001,009
Transaction costs 199,744 179,416
Safe custody and bank charges 92,756 68,768
Trustee's fee 27,821 25,918
Registrar's fee 25,107 29,652
Auditor's fee 8,471 7,980
Valuation fee 8,400 8,260
Legal and professional expenses 7,315 2,396
Printing and publication expenses 2,132 5,659
Other operating expenses 6,354 4,434
1,490,170 1,333,492
---------- ----------
Net operating lossNet operating lossNet operating lossNet operating loss (525,982) (11,778,699)
Finance costsFinance costsFinance costsFinance costs
Interest paid (4) -
Loss before taxationLoss before taxationLoss before taxationLoss before taxation (525,986) (11,778,699)
Taxation - (630)
Decrease in net assets Decrease in net assets Decrease in net assets Decrease in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income (525,986) (11,779,329)
JPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUND SemiSemiSemiSemi----annual report annual report annual report annual report for thefor thefor thefor the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
The notes on pages 261 to 263 form part of these financial statements.
- 260 -
Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders
of of of of Redeemable UnitsRedeemable UnitsRedeemable UnitsRedeemable Units
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the
beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 134,547,015 145,726,797
---------- ----------
Allotment of redeemable units 33,386,227 29,008,588
Redemption of redeemable units (28,059,051) (35,691,963)
Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption) 5,327,176 (6,683,375)
---------- ----------
139,874,191 139,043,422
Decrease in net assets Decrease in net assets Decrease in net assets Decrease in net assets
attributable to holders of attributable to holders of attributable to holders of attributable to holders of
redeemable units and total redeemable units and total redeemable units and total redeemable units and total
comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income (525,986) (11,779,329)
Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders
of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end
of the periodof the periodof the periodof the period 139,348,205 127,264,093
Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
1.10.20151.10.20151.10.20151.10.2015
totototo
31.3.201631.3.201631.3.201631.3.2016
1.10.20141.10.20141.10.20141.10.2014
totototo
31.3.201531.3.201531.3.201531.3.2015
US$US$US$US$ US$US$US$US$
Operating activitiesOperating activitiesOperating activitiesOperating activities
Purchase of investments and
derivatives (40,874,025) (31,414,140)
Proceeds from disposal of
investments and derivatives 33,982,633 33,053,825
Dividend received 974,011 949,018
Interest received 3,304 4,730
Tax paid - (630)
Trustee's fee paid (27,558) (26,345)
Registrar's fee paid (50,996) (57,568)
Transaction costs paid (197,493) (177,908)
Management fee paid (1,099,359) (1,026,599)
Others (150,933) (169,338)
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from
operating activitiesoperating activitiesoperating activitiesoperating activities (7,440,416) 1,135,045
---------- ----------
Financing activitiesFinancing activitiesFinancing activitiesFinancing activities
Interest paid (4) -
Receipts on allotment of
redeemable units 33,381,846 29,059,618
Payments on redemption of
redeemable units (27,773,601) (36,791,082)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from
financing financing financing financing activitiesactivitiesactivitiesactivities 5,608,241 (7,731,464)
---------- ----------
Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash
equivalentsequivalentsequivalentsequivalents (1,832,175) (6,596,419)
Cash and cash equivalents at the
beginning of the period 4,980,974 14,033,524
Exchange gains/(losses) on cash
and cash equivalents 15,402 (40,478)
Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at
the end of the periodthe end of the periodthe end of the periodthe end of the period 3,164,201 7,396,627
Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:
Cash at banks 3,164,201 7,396,627
JPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 261 -
Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
1111 The FundThe FundThe FundThe Fund
JPMorgan Vietnam Opportunities Fund (the "Fund") was established under a Trust Deed dated 15 August 2006, as amended, and is governed
by the laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.
The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in securities of companies
either (i) domiciled or listed on a stock exchange in Vietnam, or (ii) with actual or prospective operations, assets or investments, direct or
indirect, in Vietnam in an aggregate amount of not less than either US$50 million or 10 per cent. Of the gross assets of the investing company
(albeit such operations, assets or investments may at the time of investment be immaterial to the financial results of such company).
Pursuant to the Supplemental Trust Deed dated 31 August 2012, the Manager may decide to issue separate classes (each a “Class”) whose
assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a
different charging structure with the result that the net asset value attributable to each Class may differ.
All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.
2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies
(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements
The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the annual financial statements for the year ended 30 September 2015.
(b)(b)(b)(b) Investments and derivativesInvestments and derivativesInvestments and derivativesInvestments and derivatives
Classification
The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These
financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or
repurchasing in the near term or short-term profit taking.
All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.
The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may
use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially
recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and
derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to
receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of
ownership.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded
prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair
value.
Debt securities are fair valued based on quoted prices inclusive of accrued interest.
Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as
determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or
traded on an exchange.
Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences
between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.
JPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 262 -
Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between
the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.
Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward
rates and the contract rates are recognized in the Statement of Comprehensive Income.
(c)(c)(c)(c) Securities borrowingSecurities borrowingSecurities borrowingSecurities borrowing
The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver
securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the
period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed
for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position
separately.
(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation
Functional and presentation currency
The Fund has adopted United States dollar as its functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities
denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income
within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities
carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on
investments and derivatives".
(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units
The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by
reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the
Fund's Trust Deed dated 15 August 2006, as amended, which may be different from the accounting policies stated in the financial
statements.
3333 Number of units in issNumber of units in issNumber of units in issNumber of units in issue and net assets attributable to holders of redeemable units (per unit)ue and net assets attributable to holders of redeemable units (per unit)ue and net assets attributable to holders of redeemable units (per unit)ue and net assets attributable to holders of redeemable units (per unit)
31.3.2016
USD Class (acc)
Units
Number of units in issue: 13,286,348.912
US$
Net assets attributable to
holders of redeemable
units 139,348,205
Net assets attributable to
holders of redeemable
units (per unit) 10.49
JPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the
period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016
- 263 -
30.9.2015
USD Class (acc)
Units
Number of units in issue: 12,979,248.623
US$
Net assets attributable to
holders of redeemable
units 134,547,015
Net assets attributable to
holders of redeemable
units (per unit) 10.37
4444 Net losses on Net losses on Net losses on Net losses on investments and derivativesinvestments and derivativesinvestments and derivativesinvestments and derivatives
1.10.2015
to
31.3.2016
1.10.2014
to
31.3.2015
US$ US$
Change in unrealized gains/losses in value of investments and derivatives 7,191,807 (13,419,573)
Realized (losses)/gains on sale of investments and derivatives (7,656,207) 2,004,980
(464,400) (11,414,593)
5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements
The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain
goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not
make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is
paid from the Fund on these transactions.
The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political
analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer
hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.
6666 DisDisDisDistributiontributiontributiontribution
No distribution was made during the period (31 March 2015: nil).
FR/DP/0516
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