Fund Facts - edelweissmf.com - September 2014.pdf · – higher food inflation being offset by...

FundFacts

September, 2014

Equity and Debt review

Equity review

Market performance in the month of September was lackluster with Sensex and

Nifty remaining flat month on month. Mid caps outperformed large caps with

CNX Midcap index delivering 2.7% return. FIIs continued to deploy money into

Indian equities at a similar pace as in August with net buying of $850mn in

September taking the YTD inflows to $13.8bn. DIIs meanwhile returned to being

net sellers in the month with a small net selling of $195mn increasing the YTD

net outflows to $5.4bn. Mutual funds once again were net buyers of $527mn

while insurers emerged as the sellers. September saw a smart recovery in

capital market activity with 18 deals totaling about $1.1bn during the month.

On the macro front, following a strong 1Q GDP print at the end of last month, July

factory output was a disappointment at 0.5% vs. consensus expectations of 2%

(3.9% in Jun). On a use-based classification, both capital goods and consumer

goods were in the red at -3.8% and -7.4% respectively. However, the 3 month

moving average trend for the industrial sector remains healthy at 3.2%.

Meanwhile the Sep Manufacturing PMI came in at 51 vs. 52.4in Aug. Headline CPI

remained elevated at 7.8% in Aug (vs 8% in Jul) but was in line with expectations

– higher food inflation being offset by softer commodity prices. Core CPI

however saw a sharp decline to 6.9% from 7.4% earlier. Meanwhile, there was a

lot to cheer about on the WPI front with the headline touching a 5 year low at

3.7% - significantly lower than market expectations of 4.3%. This was more

pronounced due to base effect in the WPI vegetable index and the higher weight

of industrial fuel prices vis-à-vis the CPI.

On the policy front, The RBI in its bi-monthly policy meeting in Sep decided to

keep the key policy rates unchanged as expected by the market. It did however

acknowledge the upside risks to its Jan’16 CPI target of 6% and pegged its model

projection at 7%. S&P, which had lowered India’s sovereign outlook to

“negative” in Apr 2012, revised it up to “stable” in Sep 2014 while reaffirming

the rating at “BBB-”. This was largely in line with expectations and the S&P cited

India’s improved political setting as one of the key reasons for this outlook

revision.

During the month, Supreme Court (SC) announced its final verdict on the coal

allocation case. SC cancelled allocation of almost every mine allocated since

1993 and the firms were asked to pay a penalty of INR295/t for production done

till date. This decision could result in improvement in coal production in the

medium term as significant proportion of these mines were not producing coal

and any new allotment through auction process could result in serious players

getting the mines, who would be able to start and ramp up the coal production

from such idle mines.

Sep saw the launch of the “Make in India” campaign by PM Modi amidst a

gathering of diplomats, business leaders, journalists and politicians. The

campaign focuses on job creation through growth of the manufacturing sector.

The launch was closely followed by PM Modi’s much-awaited visit to the US

where he addressed large gatherings and met CEOs of some of the leading

companies to urge them to come and make in India. October month will have

important political events as two states of Maharashtra and Haryana go to polls.

With no major foreign visits for our PM, there could be action on the domestic

reforms front.

Source: JPMorgan Research, Citigroup Research

Debt review

The month of September saw improving inflation trajectory along with positive news coming from S&P rating agency who revised India's credit outlook upto 'Stable' from 'Negative'. However S&P maintained India's rating at 'BBB-'. Showing confidence on the stable government.

RBI in its 4th bi-monthly monetary policy kept the key policy rates constant;

repo rate at 8%. RBI sounded a little hawkish on inflation highlighting several

upside risks to the goal of achieving 6% target by January 2016, however,

acknowledged that medium term inflation glide path is comfortable.

From Liquidity standpoint; system liquidity was well managed throughout

Sept'14. RBI conducted several variable rate term repo auctions to keep a check

on this. RBI infused INR 1300bn (US$21.14bn) through 3-14 day repos, with the

cut off ranging between 8.01– 8.16%.

Economic releases during the month were as follows:

Monetary Policy:

Policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0%

and Cash Reserve Ratio (CRR) unchanged at 4.0% of NDTL. RBI reduced the

liquidity provided under the Export Credit Refinance (ECR) facility from 32% to

15% and continued to provide liquidity under overnight repos, at 0.25% of NDTL

at the LAF repo rate and liquidity under 7-day and 14-day term repos of up to

0.75% of NDTL, through auctions.

RBI acknowledged that Headline inflation is consistent with desired near term

inflation glide path. However highlighted several upside risks to the desired

target of 6% by January 2016.

Further, banks can include G-secs up to another 5% of their NDTL within the

mandatory SLR requirement as level 1 HQLA facilitating LCR requirement and

also statutory liquidity ratio (SLR) compliance. This additional liquidity up to 5%

of NDTL will be available, in addition to the MSF, through a special facility and at

a rate higher than the MSF rate as decided by the Reserve Bank taking into

account the market conditions; detailed guidelines to be issued by mid of

Nov'14.

With regard to non-banking financial companies(NBFCs): Changes in the

regulatory framework for NBFCs will be introduced by end-Oct'14 covering

prudential regulations on core capital, asset classification and provisioning

norms, regulation on deposit acceptance, corporate governance and consumer

protection measures. Post this RBI likely to re-start registering new NBFCs.

Inflation August 2014: Headline CPI moderated to 7.8% vs. 8% in July. Core

inflation also dipped to 6.9%, on the back of favorable base effect. Declining

commodity prices made their presence felt in the August Inflation. But, food

inflation remained stubborn at 9.2% versus 9.1% in July YoY. Food prices might

come under pressure in 4Q; as sub-normal produce comes to the market. Next

CPI headline likely to trend lower with subdued core and base effects.

India's industrial production (IIP) July 2014: IIP plunged to 0.5% in July, with

the manufacturing sector contracting by 1% from average growth of 3.5% in

1QFY15. More importantly, the sequential momentum of the IIP has abated

sharply. Capital goods remain volatile, contracting 3.8% after a sharp pick-up to

23.3% a month earlier. But excluding capital goods, IIP looked sluggish at 1.2%,

partly due to a plunge in consumer durables. Investment revival along with

supply side reforms are needed for sustainable growth recovery.

Incrementally fundamentals are getting better with inflation trajectory

trending downward and lower fiscal deficit target of 4.1%, however; we need to

see the full impact of deficient monsoon and food prices. Ten year might trade in

a range of 8.45-8.55%.

Source: RBI, JPMorgan, CITI

Regular Plan~ 2.57%

Direct Plan~ 1.50%

Total expense ratio(year-to-date ratio to average AUM)

Total stocks in portfolio 53Top 15 stocks 20.8%Total portfolio 45.4%

Active positive bets

Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg.

Quantitative indicators

Standard Deviation (%) 7.26Beta 0.88Sharpe Ratio 1.20Portfolio Turnover Ratio* 0.86(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Portfolio Turnover Ratio (Equity) 0.86

@Risk free rate of return (repo) 8.00%

JPMorgan India Equity Fund

Name of the scheme

JPMorgan India Equity Fund

Allotment date

Regular Plan - 14 June 2007

Direct Plan - 1 January 2013

Scheme structure

An open-ended equity growth scheme

Investment objective

The investment objective of the Scheme is to

generate income and long-term capital growth

from a diversified portfolio of predominantly

equity and equity-related securities including

equity derivatives. However, there can be no

assurance that the investment objective of the

Scheme will be realised.

Fund managers: Equity

Harshad Patwardhan & Amit Gadgil

Total experience (years)

Harshad Patwardhan 17

Amit Gadgil 9

Experience managing the scheme

Harshad Patwardhan 7 years, 2 months

Amit Gadgil 7 years, 2 months

For all PlansMinimum investment amount

Rs.5,000 per application plus in multiples of Re.1/-

thereof

Additional investment amount

Rs.1,000 per application plus in multiples of Re.1/-

thereof

Entry load - Nil

Exit load

If redeemed within 18 months from the date of

allotment in respect of purchase made other than

through SIP - 1%;

If redeemed after 18 months from the date of


through SIP - Nil

Exit load (SIP)


allotment of Units of each installment of SIP

purchase 1%;


allotment of units of each installment of SIP

purchase - Nil

Benchmark

S&P BSE-200 Index#

NAV (as at 30 September 2014, in Rs.)

Regular Plan - Growth Option 19.973

Regular Plan - Dividend Option 17.625

Direct Plan - Growth Option 20.402

Direct Plan - Dividend Option 17.931

Past performance may or may not be sustained

in future.

Average AUM (September 2014)

Rs. 218.9 Crore

Holdings as on 30 September 2014 (in %)

Record date Rate CUM (Re/unit) dividend NAVRegular Plan Dividend Option

After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.

Dividend history

Liquidity measures

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%<1 1-2 2-3

Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMIEF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg.

No. of days

% o

f to

tal p

ort

foli

o 91.2%

3.2%

Portfolio analysis: Market cap-wise

>`90k Crs45%

`18k Crs - `90k Crs38%

`6k Crs - `18k Crs10% <`6k Crs

7%

Equity Holdings ICICI Bank Ltd. 5.91Infosys Ltd. 5.81HDFC Bank Ltd. 5.71Larsen & Toubro Ltd. 4.63Tata Consultancy Services Ltd. 4.44Ultratech Cement Ltd. 3.84Maruti Suzuki India Ltd. 3.67Tata Motors Ltd. 3.26State Bank of India 3.02Eicher Motors Ltd. 2.75Shriram Transport Finance Company Ltd. 2.74Sun Pharmaceuticals Industries Ltd. 2.60Motherson Sumi Systems Ltd. 2.52Oil & Natural Gas Corporation Ltd. 2.41Axis Bank Ltd. 2.32Bharat Forge Ltd. 2.18Kotak Mahindra Bank Ltd. 1.85Divi's Laboratories Ltd. 1.73IndusInd Bank Ltd. 1.70ITC Ltd. 1.70Blue Dart Express Ltd. 1.66Havells India Ltd. 1.42Reliance Industries Ltd. 1.42HCL Technologies Ltd. 1.32Sadbhav Engineering Ltd. 1.31Lupin Ltd. 1.31Tech Mahindra Ltd. 1.28Ashok Leyland Ltd. 1.23Dalmia Bharat Ltd. 1.19Titan Company Ltd. 1.08HDFC Ltd. 1.07Fag Bearings India Ltd. 1.07Cummins India Ltd. 1.02Kansai Nerolac Paints Ltd. 1.00GlaxoSmithKline Consumer Healthcare Ltd. 0.99IDFC Ltd. 0.97Adani Ports & Special Economic Zone Ltd. 0.97Info Edge (India) Ltd. 0.95Sesa Sterlite Ltd. 0.88Thermax Ltd. 0.86VA Tech Wabag Ltd. 0.78Alstom T&D India Ltd. 0.76JK Cement Ltd. 0.71Gujarat Pipavav Port Ltd. 0.71ABB India Ltd. 0.66CRISIL Ltd. 0.61Jain Irrigation Systems Ltd. 0.54Persistent Systems Ltd. 0.54Bank of Baroda 0.51Just Dial Ltd. 0.50Punjab National Bank 0.48JSW Steel Ltd. 0.45Simplex Infrastructures Ltd. 0.42Equity Holdings Total 95.46Cash & Other ReceivablesCBLO / Repo 4.19Net Receivables/(Payables) 0.35Cash & Other Receivables 4.54Grand Total 100.00

*Last 12 months@As on September 30, 2014

>3

*Includes industrial capital goods / diversified / construction / industrial products.^Includes chemicals, fertilisers and transportation.

Metals / Minerals

^Others

Oil & Gas

Pharma

Cement

Consumer

Auto

*Industrials/Infra

Technology

Financials

Sec

tor

% of portfolio

Portfolio analysis: Sector-wise

14.8%

14.2%

13.4%

6.2%

5.7%

5.6%

3.3%

1.3%

0% 10% 20%

~Does not include Service Tax on Investment Management fees.

5% 15%

2.4%

3.8%

3.2%

This product is suitable for investors who are seeking*• Long Term Capital Growth• Investments premdominantly in equity and equity related securities.• High Risk. (BROWN)

20 December 07 1.00 14.06022 August 14 0.90 18.180Direct Plan Dividend Option22 August 14 0.90 18.462 30%25%

26.9%

Name of the schemeJPMorgan India Mid and Small Cap FundAllotment dateRegular Plan - 26 December 2007Direct Plan - 1 January 2013Scheme structureAn open ended equity growth schemeInvestment objectiveThe investment objective is to seek to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities focused on smaller companies. Generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the NSE or the BSE. The fund manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction. However, there can be no assurance that the investment objective of the scheme will be realised.Fund managers: EquityHarshad Patwardhan & Amit GadgilTotal experience (years)Harshad Patwardhan 17Amit Gadgil 9Experience managing the schemeHarshad Patwardhan 6 years, 8 monthsAmit Gadgil 6 years, 8 months

For all PlansMinimum investment amountRs 5,000 per application plus in multiples of Re. 1/- thereafterAdditional investment amountRs 1,000 per application plus in multiples of Re. 1/- thereafterEntry load - NilExit load If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP - 1%;If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - NilExit load (SIP)If redeemed within 18 months from the date of allotment of Units of each installment of SIP purchase 1%;If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - NilBenchmarkCNX – Mid Cap Index###NAV (as at 30 September 2014, in Rs.)Regular Plan - Growth Option 15.358



Direct Plan - Dividend Option 15.431Past performance may or may not be sustained in future.Average AUM (September 2014)Rs. 234.00 crore


JPMorgan India Mid and Small Cap Fund

Total stocks in portfolio (%) 62Top 15 stocks 23.7%Total portfolio 70.0%

&Active positive bets

Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg.&Active bets are estimated.

Regular Plan~ 2.61%

Direct Plan~ 1.46%



Standard Deviation (%) 8.81Beta 0.93Sharpe Ratio 0.61Portfolio Turnover Ratio* 1.08(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Portfolio Turnover Ratio (Equity)* 1.08

@Risk free rate of return (repo) 8.00%

*Includes industrial capital goods / diversified / construction / industrial products.^Includes chemicals, fertilisers and transportation.

Sec

tor

% of portfolio


0% 5% 10%

^Others

Technology

Pharma

Cement

Consumer

Auto

Financials

*Industrials / Infra

17.9%

6.1%

5.2%

13.6%

9.2%

7.1%


Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMISCF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg.

Liquidity measures

80

70

60

50

40

30

20

10

0<1 1-2 2-5 >5

No. of days

% o

f to

tal p

ort

foli

o

47.4%

14.5%

25.2%

12.9%


Equity Holdings Motherson Sumi Systems Ltd. 3.68Divi's Laboratories Ltd. 3.65Bharat Forge Ltd. 3.31Eicher Motors Ltd. 2.89Shree Cements Ltd. 2.76Ashok Leyland Ltd. 2.67Havells India Ltd. 2.54Kansai Nerolac Paints Ltd. 2.54Amara Raja Batteries Ltd. 2.42Torrent Pharmaceuticals Ltd. 2.23IndusInd Bank Ltd. 2.15Fag Bearings India Ltd. 2.14GlaxoSmithKline Consumer Healthcare Ltd. 2.08JK Cement Ltd. 2.05Shriram Transport Finance Company Ltd. 2.00MindTree Ltd. 1.97CRISIL Ltd. 1.96Blue Dart Express Ltd. 1.94WABCO India Ltd. 1.90Yes Bank Ltd. 1.85Persistent Systems Ltd. 1.81Bajaj Finance Ltd. 1.73Lakshmi Machine Works Ltd. 1.66City Union Bank Ltd. 1.62JK Lakshmi Cement Ltd. 1.60Solar Industries India Ltd. 1.57Sadbhav Engineering Ltd. 1.48Alstom T&D India Ltd. 1.45Max India Ltd. 1.40Info Edge (India) Ltd. 1.39Dalmia Bharat Ltd. 1.36Tube Investments Of India Ltd. 1.36Ashoka Buildcon Ltd. 1.35Union Bank of India 1.34Greaves Cotton Ltd. 1.34Cadila Healthcare Ltd. 1.24Thermax Ltd. 1.20Supreme Industries Ltd. 1.15ING Vysya Bank Ltd. 1.11Gayatri Projects Ltd. 1.10Simplex Infrastructures Ltd. 1.07EIH Ltd. 1.05Action Construction Equipment Ltd. 1.05Sintex Industries Ltd. 1.02MBL Infrastructures Ltd. 0.99Allahabad Bank 0.98Cummins India Ltd. 0.96Jain Irrigation Systems Ltd. 0.92Just Dial Ltd. 0.92IDFC Ltd. 0.91Grindwell Norton Limited 0.90J. Kumar Infraprojects Ltd. 0.89Kajaria Ceramics Ltd. 0.88VA Tech Wabag Ltd. 0.76TIL Ltd. 0.75Whirlpool of India Ltd. 0.71KEC International Ltd. 0.65Gujarat Pipavav Port Ltd. 0.64Indian Bank 0.59Texmaco Rail & Engineering Ltd 0.49NCC Ltd. 0.43Gruh Finance Ltd. 0.27Equity Holdings Total 94.82Cash & Other ReceivablesCBLO / Repo 4.00Net Receivables / (Payables) 1.18Cash & Other Receivables 5.18Grand Total 100.00 ~Does not include Service Tax on Investment Management fees.

This product is suitable for investors who are seeking*• Long term capital growth• Investments premdominantly in equity and equity related securities focused on smaller companies

(generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the National Stock Exchange or Bombay Stock Exchange.)^

• High Risk. (BROWN)

15% 20% 25%

*Investores should consult their financial advisers if in doubt about whether the product is suitable for them.^The Fund Manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction.

7.8%

`6k Crs - `18k Crs35.0%

`3k Crs - `6k Crs25.0%

<`3k Crs11.0%

>`18k Crs29.0%

27.8%

30%

Name of the scheme

JPMorgan India Tax Advantage Fund

Allotment date

Regular Plan - 27 January 09


Scheme structure

An open ended equity linked savings scheme



generate income and long-term capi ta l

appreciation from a diversified portfolio of

predominantly equity and equity-related

Securities. However, there can be no assurance

that the investment objective of the Scheme will be

realized, as actual market movements may be at

variance with anticipated trends.

Fund managers: Equity

Harshad Patwardhan & Karan Sikka

Total experience (years)

Harshad Patwardhan 17

Karan Sikka 7

Experience managing the scheme

Harshad Patwardhan 5 years, 7 months

Karan Sikka 2 years, 11 months


Rs 500 per application and in multiples of Rs 500

thereafter


Rs 500 per application and in multiples of Rs 500

thereafter

Entry load - Nil

Exit load - Nil

Exit load (SIP) - Nil

Benchmark

S&P BSE-200 Index#







in future.


Rs. 7.78 crore


JPMorgan India Tax Advantage Fund

Total stocks in portfolio 54Top 15 stocks 19.3%Total portfolio 44.1%

Active positive bets

Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg.

Standard deviation (%) 5.27Beta 0.70Sharpe ratio 3.55Portfolio turnover ratio* 1.02(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)

Total turnover ratio (Equity)* 1.02@Risk free rate of return (repo) 8.00%


Record date Rate CUM (Re/unit) dividend NAVRegular Plan Dividend Option


Regular Plan Dividend History



>`90k Crs44.0%

<`6k Crs8.0%

`6k Crs - `18k Crs10.0%

*Includes industrial capital goods / diversified / construction / industrial products.^Includes transportation.

Metals / Minerals

^Others

Oil & Gas

Cement

Pharma

Consumer

Auto

*Industrials/Infra

Technology

Financials

Sec

tor

% of portfolio


0% 10%

1.3%

3.6%

5.5%

14.4%

20%

7.2%

5.5%

14.0%

Regular Plan~ 2.70%Direct Plan~ 1.74%

Total expense ratio (year-to-date ratio to average AUM)


5% 15%

This product is suitable for investors who are seeking*• Long Term Capital Growth• Investments premdominantly in equity and equity related securities.• High Risk. (BROWN)

13.4%

Record date Rate CUM (Re/unit) dividend NAVDirect Plan Dividend Option

Direct Plan Dividend History

01-Jul-13 0.50 15.222018-Nov-13 0.30 15.591024-Mar-14 0.30 16.6040

15-Dec-09 1.50 15.416025-Jan-10 1.40 14.025001-Jul-13 0.50 15.153018-Nov-13 0.30 15.461024-Mar-14 0.30 16.4147

3.2%

30%25%

25.7%

Equity HoldingsICICI Bank Ltd. 6.07Infosys Ltd. 5.68HDFC Bank Ltd. 5.46Larsen & Toubro Ltd. 4.55Tata Consultancy Services Ltd. 4.00Maruti Suzuki India Ltd. 3.85Ultratech Cement Ltd. 3.72Tata Motors Ltd. 3.24Eicher Motors Ltd. 2.70Sun Pharmaceuticals Industries Ltd. 2.55Shriram Transport Finance Company Ltd. 2.52Motherson Sumi Systems Ltd. 2.46State Bank of India 2.45Oil & Natural Gas Corporation Ltd. 2.33Axis Bank Ltd. 2.29Bharat Forge Ltd. 2.12Kotak Mahindra Bank Ltd. 1.78Divi's Laboratories Ltd. 1.71IndusInd Bank Ltd. 1.68ITC Ltd. 1.67Blue Dart Express Ltd. 1.55Havells India Ltd. 1.40Reliance Industries Ltd. 1.31Sadbhav Engineering Ltd. 1.28Tech Mahindra Ltd. 1.25HCL Technologies Ltd. 1.23Lupin Ltd. 1.22Ashok Leyland Ltd. 1.14Dalmia Bharat Ltd. 1.11Whirlpool of India Ltd. 1.07Titan Company Ltd. 1.06HDFC Ltd. 1.05Fag Bearings India Ltd. 1.05Persistent Systems Ltd. 1.05Cummins India Ltd. 1.00Kansai Nerolac Paints Ltd. 0.98GlaxoSmithKline Consumer Healthcare Ltd. 0.98Adani Ports & Special Economic Zone Ltd. 0.96IDFC Ltd. 0.94Thermax Ltd. 0.85Sesa Sterlite Ltd. 0.84Info Edge (India) Ltd. 0.83VA Tech Wabag Ltd. 0.77Alstom T&D India Ltd. 0.74Gujarat Pipavav Port Ltd. 0.66ABB India Ltd. 0.65JK Cement Ltd. 0.62CRISIL Ltd. 0.55Jain Irrigation Systems Ltd. 0.53Bank of Baroda 0.48Punjab National Bank 0.45JSW Steel Ltd. 0.43Simplex Infrastructures Ltd. 0.41Just Dial Ltd. 0.39Equity Holdings Total 93.66Cash & Other ReceivablesCBLO / Repo 5.26Net Receivables/(Payables) 1.08Cash & Other Receivables 6.34Grand Total 100.00

`18k Crs - `90k Crs37.0%

Name of the schemeJPMorgan India Top 100 FundAllotment date23 June 2014Scheme structureAn open-ended equity growth schemeInvestment objectiveThe primary investment objective of the Scheme is to seek to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the top 100 companies, by market capitalisation, listed in India.Fund managers: EquityHarshad Patwardhan & Amit GadgilTotal experience (years)Harshad Patwardhan 17Amit Gadgil 9Experience managing the schemeHarshad Patwardhan 4 monthsAmit Gadgil 4 months

For all PlansMinimum investment amountRs 5,000 per application plus in multiples of Re. 1/- thereafterAdditional investment amountRs 1,000 per application plus in multiples of Re. 1/- thereafterEntry load - NilExit load If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP - 1%;If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - NilExit load (SIP)If redeemed within 18 months from the date of allotment of Units of each installment of SIP purchase 1%;If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - NilBenchmarkS&P BSE 100 Index##NAV (as at 30 September 2014, in Rs.)Regular Plan - Growth Option 10.596



Direct Plan - Dividend Option 10.625Past performance may or may not be sustained in future.Average AUM (September 2014)Rs. 154.87 crore


JPMorgan India Top 100 Fund

Total stocks in portfolio (%) 35Top 15 stocks 20.0%Total portfolio 38.6%

&Active positive bets

Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg.&Active bets are estimated.

Regular Plan~ 2.63%

Direct Plan~ 1.33%


*Includes industrial capital goods / diversified / construction / industrial products.

^Includes transportation.

Sec

tor

% of portfolio


0% 5% 10%

^Others

Metals / Minerals

Oil & Gas

Consumer

Pharma

Cement

*Industrials/Infra

Auto

Technology

Financials

15.3%

13.4%

4.1%

1.2%

10.8%

7.5%

5.9%


Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMISCF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg.

Liquidity measures

100

90

80

70

60

50

40

30

20

10

0<1 1-2

No. of days

% o

f to

tal p

ort

foli

o

100%

0.0%

Equity HoldingsHDFC Bank Ltd. 6.56ICICI Bank Ltd. 6.41Infosys Ltd. 6.41Larsen & Toubro Ltd. 5.27Tata Consultancy Services Ltd. 5.16Ultratech Cement Ltd. 4.91Tata Motors Ltd. 3.88State Bank of India 3.86Maruti Suzuki India Ltd. 3.81HDFC Ltd. 3.32Sun Pharmaceuticals Industries Ltd. 3.04Axis Bank Ltd. 2.94Shree Cements Ltd. 2.61Oil & Natural Gas Corporation Ltd. 2.57Kotak Mahindra Bank Ltd. 2.52Shriram Transport Finance Company Ltd. 2.43ITC Ltd. 2.33Motherson Sumi Systems Ltd. 1.99Eicher Motors Ltd. 1.95Tech Mahindra Ltd. 1.95Lupin Ltd. 1.89ABB India Ltd. 1.87Bharat Forge Ltd. 1.85Cummins India Ltd. 1.81HCL Technologies Ltd. 1.81Bosch Ltd. 1.72Titan Company Ltd. 1.61Reliance Industries Ltd. 1.58Divi's Laboratories Ltd. 1.28Adani Ports & Special Economic Zone Ltd. 1.21IDFC Ltd. 1.01GlaxoSmithKline Consumer Healthcare Ltd. 0.99Asian Paints Ltd. 0.97Sesa Sterlite Ltd. 0.96JSW Steel Ltd. 0.43Equity Holdings Total 94.91Cash & Other ReceivablesCBLO / Repo 6.09Net Receivables/(Payables) 1.00Cash & Other Receivables 5.09Grand Total 100.00

>`150k Crs43.0%

`60k Crs - `150k Crs30.0%

<`60k Crs27.0%


This product is suitable for investors who are seeking*• Long term capital growth• Investment in equity and equity-related securities of the top 100 largest companies,

by market capitalization, listed in india.• High Risk. (BROWN)

15% 20% 25%

*Investores should consult their financial advisers if in doubt about whether the product is suitable for them.

6.2%

30%

29.0%

1.4%

Standard deviation (%) 2.00Beta 1.05Sharpe ratio 10.05Portfolio turnover ratio* 0.77(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)

Total turnover ratio (Equity)* 0.77@Risk free rate of return (repo) 8.00%



Name of the scheme

JPMorgan Greater China Equity Off-shore Fund

Allotment date

Regular Plan - 26 August 2009


Scheme structure

An open ended fund of funds scheme


The primary investment objective of the Scheme is

to provide long term capital appreciation by

investing in JPMorgan Funds - Greater China Equity

Fund, an equity fund which invests primarily in a

diversified portfolio of companies incorporated or

which have their registered office located in, or

derive the predominant part of their economic

activity from, a country in the Greater China region.

Fund manager

Namdev Chougule

Total experience 13 years

Experience managing the scheme 5 years


Rs 10,000 per application plus in multiples of Re.

1/- thereafter


Rs 1,000 per application plus in multiples of Re. 1/-

thereafter

Entry load - Nil

Exit load



through SIP - 1%;



through SIP - Nil

Exit load (SIP)



purchase 1%;



purchase - Nil

Benchmark of the underlying fund

MSCI Golden Dragon Index


Regular Growth 17.686

Direct Growth 18.027


in future.


Rs. 128.38 crore

International Mutual Fund Units

JPMorgan Funds - Greater China Fund 99.38%

International Mutual Fund Units Total 99.38%

Cash & Other Receivables

CBLO / Repo 1.03%

Net Receivables (Payable) (0.41%)

Cash & Other Receivables 0.62%

Grand Total 100.00

Holding as on 30 September 2014

JPMorgan Greater China Equity Off-shore Fund

Details of JPMorgan Greater China Equity Off-shore Fund

JPMorgan Greater China Equity JPMorgan Funds - Greater China

Offshore Fund Fund (underlying fund)

Regular Plan~ 1.70% 1.00%

Direct Plan~ 0.69% 1.00%


Details of JPMorgan Funds - Greater China Fund (underlying fund)

Equity holding Weight (%)

Taiwan Semiconductor (Information Technology) 7.0

Tencent Holdings (Information Technology) 6.8

AIA Group (Financials) 4.9

China Construction Bank (Financials) 4.4

Agricultural Bank of China (Financials) 3.1

China Petroleum & Chemical (Energy) 2.9

Cheung Kong (Financials) 2.8

China Minsheng Bank (Financials) 2.7

CNOOC (Energy) 2.6

Fubon Financial (Financials) 2.3

Total 39.5

Statistical analysis as on 31 August 2014

3 years 5 years

Correlation 0.97 0.98

Alpha 2.04 1.33

Beta 0.96 1.05

10 largest holdings as on 31 August 2014

Sector breakdown as on 31 August 2014

Sector Fund

Financials 34.6%

Information Technology 29.8%

Consumer Discretionary 6.4%

Industrials 6.3%

Health Care 5.8%

Energy 4.8%

Telecommunication Services 4.2%

Consumer Staples 3.0%

Utilities 2.8%

Materials 1.8%

Cash 0.5%

Total 100.0%

Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees.

Geographical breakdown as on 31 August 2014

Country FundChina 55.5%Taiwan 26.3%Hong Kong 17.7%Cash 0.5%Total 100.0%

This product is suitable for investors who are seeking*• Long Term Capital Growth• Investment in JPMorgan Funds Greater China Fund, an equity fund which invests primarily in a diversified portfolio of

companies that are domiciled in, or carrying out the main part of their economic activity in, a country of Greater China region


Quarterly Outlook: The stabilising economic picture in China should continue to restore investor confidence and underpin the ongoing resurgence in the stock market. We remain optimistic on the pace of reform and its attendant economic benefits. On the other hand, Hong Kong equities present a more mixed picture given heightened political risk, rising rates and slowing economic drivers, including retail sales and gaming revenues. Taiwanese technology continues to present investment opportunities, but inventory levels need to be monitored given rising growth expectations. We continue to be marginal buyers of Chinese financials and growth names, while having trimmed Macau gaming and Taiwanese technology on strength.

Equity holding Weight (%)Naspers (Consumer Discretionary) 7.2MTN (Telecommunication Services) 4.3Lukoil (Energy) 3.7Sberbank of Russia (Financials) 3.0Sasol (Energy) 2.9Magnit (Consumer Staples) 2.8FirstRand (Financials) 2.6PKO Bank Polski (Financials) 2.4Turkiye Garanti Bankasi (Financials) 2.3Bidvest (Industrials) 2.2Total 33.4



Country FundSouth Africa 35.5%Russia 22.4%Turkey 9.9%Poland 7.7%Saudi Arabia 4.2%Greece 4.1%Qatar 2.2%Kazakhstan 2.0%United Kingdom 1.5%Other 5.3%Cash 5.2%Total 100.0%


Sector Fund

Financials 33.5%

Energy 14.8%




Materials 5.9%

Industrials 3.6%


Health Care 1.7%

Utilities 0.0%

Cash 5.2%

Total 100.0%

Name of the scheme

JPMorgan Emerging Europe, Middle East and Africa

Equity Off-shore Fund

Allotment date

Regular Plan - 8 November 2010


Scheme structure

An open-ended fund of funds scheme


The primary investment objective of the Scheme is to

provide long term capital appreciation investing in

JPMorgan Funds – Emerging Europe, Middle East and

Africa Equity Fund, an equity fund which invests

primarily in a diversified portfolio of companies

incorporated or which have their registered office

located in, or derive the predominant part of their

economic activity from, an emerging market in

Central, Eastern and Southern Europe, Middle East or

Africa. However, there can be no assurance that the

investment objective of the Scheme will be realised.

Fund manager

Namdev Chougule


Experience managing the scheme 3 yrs, 10 months


Rs. 5,000 per application and in multiples of Re. 1

thereafter.



thereafter.

Entry load - Nil

Exit load



through SIP - 1%;



through SIP - Nil

Exit load (SIP)



purchase 1%;



purchase - Nil


MSCI EM-EMEA Index




Past performance may or may not be sustained in

future.


Rs. 4.28 crore

International Mutual Fund UnitsJPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 92.40%International Mutual Fund Units Total 92.40%Cash & Other ReceivablesCBLO / Repo 8.09%Net Receivables / (Payables) (0.49%)Cash & Other Receivables 7.60%Grand Total 100.00


JPMorgan Emerging Europe, Middle East andAfrica Equity Off-shore Fund

Details of JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Fund

JPMorgan Emerging Europe, Middle East and Emerging Europe, Middle East Africa Equity Off-shore Fund and Africa Equity Fund (underlying fund)Regular Plan~ 1.60% 1.10%Direct Plan~ 0.65% 1.10%


Details of JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund

(underlying fund)



3 years 5 years Correlation 0.97 0.97Alpha 2.75 1.09Beta 0.95 0.97

This product is suitable for investors who are seeking*• Long Term Capital Growth• Investment in JPMorgan Funds Emerging Europe, Middle East and Africa Equity Fund, an equity fund which invests primarily in

a diversified portfolio of companies that are domiciled in, or carrying out the main part of their economic activity from, an emerging market country of central, eastern and southern Europe, Middle East or Africa.


Quarterly Outlook: There has been a notable decoupling between emerging and developed market growth over the last year, which is both rare and unsustainable in a globalised world. Our basecase scenario is that this decoupling will reverse. We believe that emerging growth will be pulled up by developed markets as exports recover, and that this will feed through to the earnings of both exporters and domestic businesses.

Name of the scheme

JPMorgan ASEAN Equity Off-shore Fund

Allotment date

Regular Plan - 1 July 2011


Scheme structure

An Open-ended Fund of Funds Scheme


The primary investment objective of the Scheme is to

provide long term capital growth by investing

predominantly in JPMorgan Funds – ASEAN Equity

Fund, an equity fund which invests primarily in

companies of countries which are members of the

Association of South East Asian Nations (ASEAN).

However, there can be no assurance that the

investment objective of the Scheme will be realized.

Fund manager

Namdev Chougule


Experience managing the scheme 3 years, 2 months



thereafter.



thereafter.

Entry load - Nil

Exit load



through SIP - 1%;If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - Nil

Exit load (SIP)



purchase 1%;If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - Nil


Morgan Stanley Capital International (MSCI) South

East Asia Index




Past performance may or may not be sustained in

future.


Rs. 204.72 crore


JPMorgan Funds - ASEAN Equity Fund 100.27%



CBLO / Repo 0.61%

Net Receivables / (Payables) (0.88%)

Cash & Other Receivables (0.27%)

Grand Total 100.00


JPMorgan ASEAN Equity Off-shore Fund

Details of JPMorgan ASEAN Equity Off-shore Fund


Details of JPMorgan Funds - ASEAN Equity Fund (underlying fund)

Equity holding Weight (%)DBS (Financials) 5.2%United Overseas Bank (Financials) 3.8%Singapore Telecommunications (Telecommunication Services) 3.7%Kasikornbank (Financials) 3.3%Bank of Central Asia (Financials) 2.7%Telekomunikasi Indonesia (Telecommunication Services) 2.6%Malayan Bankaing (Financials) 2.5%Global Logistic Properties (Financials) 2.5%PTT (Energy) 2.4%Charoen Pokphand Food (Consumer Staples) 2.2%Total 30.9%



Country FundSingapore 27.2%Thailand 22.1% Malaysia 19.2%Indonesia 17.2%Philippines 6.9%Vietnam 0.9%Hong Kong 0.7%Cash 5.8%Total 100.0%


Sector Fund

Financials 38.3%

Industrials 14.3%



Energy 8.1%


Utilities 4.3%

Health Care 2.0%

Materials 1.3%


Cash 5.8%

Total 100.0%


JPMorgan ASEAN Equity Off-shore Fund ASEAN Equity Fund

(underlying fund)




3 years 5 years Correlation 0.96 -Alpha 3.76 -Beta 0.98 -

This product is suitable for investors who are seeking*• Long Term Capital Growth• Investments predominantly in JPMorgan Funds ASEAN Equity Fund, an equity fund which invests primarily in companies of countries which are

members of the Association of South East Asian Nations• High Risk. (BROWN)

Quarterly Outlook: The falling 10year Treasury yield may have helped the yeartodate performance of ASEAN markets. To realise the growth potential of ASEAN markets arising from positive demographic trends and growth of emerging ASEAN countries like Laos, Myanmar, Cambodia and Vietnam, we need to see further political and economic reforms. Removal of subsidies and infrastructure investment are critical to drive higher growth for the bloc. There has been no change in our tight country allocation due to eventdriven risks in Indonesia and Thailand. We focus on sectors and companies that have solid execution and longerterm growth potential in profits and/or cash flow.

Name of the scheme

JPMorgan US Value Equity Off-shore Fund

Allotment date

7 August, 2013

Scheme structure



To provide longterm capital growth by investing

primarily in a value style biased portfolio of US

companies.

Fund manager

Namdev Chougule


Experience managing the scheme 1 year, 1 month

For all Plans

Minimum investment amount


thereafter.



thereafter.

Entry load - Nil

Exit load



through SIP - 1%;

If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - Nil

Exit load (SIP)



purchase 1%;

If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - Nil


Russell 1000 Value Index





in future.


Rs. 198.99 crore


JPMorgan Funds - US Value Fund 99.92%



CBLO / Repo 1.21%



Grand Total 100.00


JPMorgan US Value Equity Off-shore Fund

Details of JPMorgan US Value Equity Off-shore Fund


Details of JPMorgan Funds - US Value Equity Fund (underlying fund)

Equity holding Weight (%)

Exxon Mobil (Energy) 4.1%

Wells Fargo (Financials) 3.9%

Johnson & Johnson (Health Care) 2.7%

Chevron (Energy) 2.5%

Pfizer (Health Care) 2.4%

Capital One (Financials) 2.1%

Bank of America (Financials) 2.0%

Merck & Co. (Health Care) 2.0%

Procter & Gamble (Consumer Staples) 1.9%

Loews (Financials) 1.9%

Total 25.5%



Sector Fund

Financials 32.9%


Energy 11.1%

Health Care 10.7%


Industrials 6.4%


Utilities 5.4%

Materials 3.6%


Total 100.0%


JPMorgan US Value Equity Off-shore Fund US Value Equity Fund

(underlying fund)




3 years 5 years Correlation 0.96 0.95Alpha -0.77 1.01Beta 0.95 0.87

This product is suitable for investors who are seeking*• Long Term Capital Growth• Investments in equity and equity-related securities of US companies• High Risk. (BROWN)

Quarterly Outlook: With expectations that the Federal Reserve's shortterm interest rates are likely to remain on hold until mid 2015, economic growth gradually improving, and continued growth in corporate profits, we believe the nearterm fundamentals for US equity markets are highly supportive. The secondquarter earnings season will begin shortly, where operating earnings for the S&P 500 are expected to set a new quarterly record.

Name of the scheme

JPMorgan Europe Dynamic Equity Offshore Fund

Allotment date

7 February, 2014

Scheme structure



To provide long term capital growth by investing

predominantly in the JPMorgan Funds - Europe

Dynamic Fund, an equity fund which invests

primarily in an aggressively managed portfolio of

European companies.

Fund manager

Namdev Chougule


Experience managing the scheme 8 months

For all Plans



thereafter.



thereafter.

Entry load - Nil

Exit load



through SIP - 1%;


Exit load (SIP)



purchase 1%;



MSCI Europe Index





in future.


Rs. 245.41 crore


JPMorgan Europe Dynamic Equity Offshore Fund 100.28%



CBLO / Repo 0.81%


Cash & Other Receivables (0.28%)

Grand Total 100.00


JPMorgan Europe Dynamic Equity Off-shore Fund

Details of JPMorgan Europe Dynamic Equity Offshore Fund


Details of JPMorgan Europe Dynamic Equity Offshore Fund


JPMorgan Europe Dynamic Equity Offshore Fund Europe Dynamic Equity Fund

(underlying fund)



This product is suitable for investors who are seeking*• Long-term Capital Growth• Investments in equity and equity-related securities of European companies• High Risk. (BROWN)

Outlook: Valuations for currentyear earnings in Europe are no longer outright attractive, but a confirmation of a return to earnings growth would alleviate investor concerns.

Equity holding Weight (%)Royal Dutsh Shell (Energy) 4.4%Nestle (Consumer Staples) 3.0%HSBC (Financials) 3.0%Sanofi (Health Care) 2.7%BP (Energy) 2.4%Lloyds Banking (Financials) 2.3%Novartis (Health Care) 2.1%Roche (Health Care) 2.0%Anheuser-Busch Inbev (Consumer Staples) 2.0%Allianz (Financials) 1.8%Total 25.7%



Country FundUnited Kingdom 29.4%France 11.8%Germany 11.2%Switzerland 9.7%Netherlands 9.1%Spain 6.9%Denmark 5.4%Belgium 3.1%Norway 2.8%Others 8.3%Cash 2.3%Total 100.0%


Sector Fund

Financials 25.9%


Health Care 12.4%


Materials 9.3%

Energy 8.2%

Industrials 7.0%


Utilities 4.0%


Cash 2.3%

Total 100.0%Statistical analysis as on 31 August 2014


Name of the scheme

JPMorgan Emerging Markets Opportunities

Equity Off-shore Fund

Allotment date

7 July, 2014

Scheme structure



The primary investment objective of the Scheme is

to seek to provide long term capital growth by

investing predominantly in the JPMorgan Funds -

Emerging Markets Opportunities Fund, an equity

fund which invests primarily in an aggressively

managed portfolio of emerging market companies.

However, there can be no assurance that the

investment objective of the Scheme will be

realised.

Fund manager

Namdev Chougule


Experience managing the scheme 3 months

For all Plans



thereafter.



thereafter.

Entry load - Nil

Exit load



through SIP - 1%;


Exit load (SIP)



purchase 1%;



MSCI Emerging Market Index





in future.


Rs. 8.09 crore


JPMorgan Emerging Markets Opportunities Equity Offshore Fund 97.66%



CBLO / Repo 2.68%



Grand Total 100.00


Details of JPMorgan Emerging Markets Opportunities Equity Off-shore Fund


Details of JPMorgan Emerging Markets Opportunities Equity Off-shore Fund


JPMorgan Emerging Markets Opportunities Emerging Markets Opportunities

Equity Off-shore Fund Equity Off-shore Fund (underlying fund)



This product is suitable for investors who are seeking*• Long-term Capital Growth• Investments predominantly in JPMorgan Funds - Emerging Markets Opportunities Funds, an

equity oriented fund which invest primarily in an aggressively managed portfolio of emerging market companies.


Outlook: There has been a notable decoupling between emerging and developed market growth over the last year, which is both rare and unsustainable in a globalised world. Our basecase scenario is that this decoupling will reverse. We believe that emerging growth will be pulled up by developed markets as exports recover, and that this will feed through to the earnings of both exporters and domestic businesses.

Equity holding Weight (%)Infosys Technologies (Information Technology) 2.9%Samsung Electronics (Information Technology) 2.6%Lukoil (Energy) 2.4%SK Telecom (Telecommunication Services) 2.3%Taiwan Semiconductor (Information Technology) 2.2%Kasikornbank (Financials) 2.2%Samsung Fire & Marine Insurance (Financials) 2.1%Great Wall Motor (Consumer Discretionary) 2.1%Hon Hai Precision Industry (Information Technology) 2.1%Sberbank of Russia (Financials) 2.1%Total 23.0%



Country FundChina 22.9%South Korea 16.3%Taiwan 11.3%Brazil 10.3%India 8.3%Russia 5.5%South Africa 4.8%Thailand 3.7%Turkey 3.4%Others 8.3%Cash 5.2%Total 100.0%


Sector Fund



Financials 21.4%


Materials 6.0%

Energy 5.3%


Industrials 3.8%

Utilities 1.3%

Health Care 0.0%

Cash 5.2%

Total 100.0%Statistical analysis as on 31 August 2014


JPMorgan Emerging Markets OpportunitiesEquity Off-shore Fund

Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan 0.04 27 8.69% 0.33%~ 0.52%~ 0.18%~

*The assigned rating AAAmfs is valid only for "JPMorgan India Liquid Fund". The rating of CRISIL is not an opinion of the

Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion

on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield.


Rating % to NAV

Name of the scheme

JPMorgan India Liquid Fund

Allotment date

Super Institutional - 21 September 2007

Retail - 16 September 2008


Scheme structure

An open ended Liquid Scheme


The investment objective of the Scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. However, there can be no assurance that the investment objectives of the Scheme will be realized.

Fund managers

Namdev Chougule & Ravi Ratanpal

Total experience (in years)

Namdev Chougule 13

Ravi Ratanpal 10

Experience in managing this scheme

Namdev Chougule 6 years, 3 months

Ravi Ratanpal 2 years, 12 months

For all PlansMinimum initial application amount: Rs. 10,000 per application and in multiples of Re. 1 thereafter.

Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 thereafter.

Entry Load - Nil

Entry Load (SIP) Nil

Exit Load Nil

Exit Load (SIP) Nil

Benchmark

CRISIL Liquid Fund Index


Retail Plan - Growth Option 15.8262

Retail Plan - Daily Dividend Option 10.0190

Retail Plan - Weekly Dividend Option 10.0362

Retail Plan - Monthly Dividend Option 10.0360

Super Institutional Plan - Growth Option 17.3623

Super Institutional Plan - 10.0279

Daily Dividend Option


Weekly Dividend Option


Fortnightly Dividend Option


Monthly Dividend Option

Super Institutional Plan - Bonus Option 17.3623


Annual Dividend Option


Direct Plan - Daily Dividend Option 10.0101

Direct Plan - Weekly Dividend Option 10.1500

Direct Plan - Bonus Option 17.3788

Direct Plan - Monthly Dividend Option 10.0452

Past performance may or may not be sustained in future.

Average AUM (September 2014)Rs. 6555.05 crore

JPMorgan India Liquid Fund


Name of the instrumentMoney Market Instruments

Certificate of Deposit

Canara Bank CRISIL A1+ 16.63

IDBI Bank Ltd. CRISIL A1+ 9.51

UCO Bank CRISIL A1+ 9.48

The Jammu & Kashmir Bank Ltd. CARE A1+ 4.75

Union Bank of India CRISIL A1+ 3.55

Andhra Bank CRISIL A1+ 2.36

State Bank of Hyderabad CRISIL A1+ 2.36

Indian Bank ICRA A1+ 2.26

Andhra Bank CARE A1+ 1.19

Certificate of Deposit Total 52.09

Commercial Paper

Indiabulls Housing Finance Ltd. CRISIL A1+ 9.92

Nirma Ltd. CRISIL A1+ 7.11

Export Import Bank of India CRISIL A1+ 4.73

IDFC Ltd. ICRA A1+ 2.38

Commercial Paper Total 24.14

Money Market Instruments Total 76.23

Fixed Deposit

IDBI Bank Ltd. UNRATED 7.22

Syndicate Bank UNRATED 7.14

Fixed Deposit Total 14.36


CBLO / Repo 8.94

Net Receivables / (Payables) 0.47

Cash & Other Receivables 9.41

Grand Total 100.00

ICRA A1+, CRISIL A1+, CARE A1+

Rating profile

76.23%

14.36%

Dividend details (Re / Unit)

Super Institutional Plan - Monthly Dividend Option

25-Jul-14 0.07133138 10.1039

25-Aug-14 0.07211419 10.1047

25-Sep-14 0.07276885 10.1054

Retail Plan - Monthly Dividend Option

25-Jul-14 0.06960820 10.0935

25-Aug-14 0.07033209 10.0942

25-Sep-14 0.07106859 10.0950

Direct Plan - Monthly Dividend Option

25-Jul-14 0.07257530 10.1052

25-Aug-14 0.07339785 10.1060

25-Sep-14 0.07413135 10.1067


Asset allocation (% of total)

60

50

40

30

20

10

0Certificate of

Deposit

52.09%

CommercialPaper

24.14%

Fixed Deposit

14.36%

Unrated

This product is suitable for investors who are seeking*• Income Over Short Term• Investments in money market and debt securities• Low Risk. (BLUE)

Record Date Gross Dividend CUM Dividend NAV

Cash andOther Receivables

9.41%

9.41%


Dividend details (Re / Unit) Name of the schemeJPMorgan India Treasury FundAllotment dateSuper Institutional - 21 September 2007Retail - 16 September 2008Direct Plan - 1 January 2013Scheme structureAn open ended income schemeInvestment objectiveThe investment objective is to provide liquidity and optimal returns to the investors by investing primarily in a mix of short-term debt and money market instruments which results in a portfolio having marginally higher maturity and moderately higher credit risk as compared to a liquid fund, at the same time maintaining a balance between safety and liquidity. However, there can be no assurance that the investment objective of the Scheme will be realized.Fund managersNamdev Chougule & Ravi RatanpalTotal experience (in years)Namdev Chougule 13Ravi Ratanpal 10Experience in managing this schemeNamdev Chougule 6 years, 3 monthsRavi Ratanpal 2 years, 12 months

For all PlansMinimum initial application amount: Rs. 10,000 per application and in multiples of Re. 1 thereafter.Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 thereafter.Entry Load - NilEntry Load (SIP) NilExit Load NilExit Load (SIP) NilBenchmarkCRISIL Liquid Fund IndexNAV (as at 30 September 2014, in Rs.)Retail Plan - Growth Option 15.7977

Retail Plan - Daily Dividend Option 10.0353

Retail Plan - Weekly Dividend Option 10.0874

Retail Plan - Monthly Dividend Option 10.0435

Super Institutional Plan - Growth Option 17.5758

Super Institutional Plan - Dividend Option 11.8854


Daily Dividend Option


Weekly Dividend Option


Fortnightly Dividend Option


Monthly Dividend Option

Super Institutional Plan - Bonus Option 11.7174


Direct Plan - Bonus Option 11.7479

Direct Plan - Daily Dividend Option 10.0579


Direct Plan - Fortnightly Dividend Option 10.0670


Direct Plan - Annual Dividend Option 10.5291Past performance may or may not be sustained in future.Average AUM (September 2014)Rs. 1922.04 crore


JPMorgan India Treasury Fund

Name of the instrument Rating % to NAV

Holdings as on 30 September 2014 (in%)

**The assigned rating AAAmfs is valid only for "JPMorgan India Treasury Fund". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield.

Please note that w.e.f. 18th February 2009, the name of JPMorgan India Liquid Plus Fund has been changed to JPMorgan India Treasury Fund. ~Does not include Service Tax on Investment Management fees.

Super Institutional Plan - Monthly Dividend Option

25-Jul-14 0.07310242 10.0849

25-Aug-14 0.07077532 10.0826

25-Sep-14 0.06353907 10.0866

Retail Plan - Monthly Dividend Option

25-Jul-14 0.06824009 10.0999

25-Aug-14 0.06576162 10.0975

25-Sep-14 0.06980134 10.1015


25-Jul-14 0.01187611 10.4054

25-Aug-14 0.07478986 10.4683

25-Sep-14 0.07896807 10.4725

CARE AAA, CRISIL AA, CRISIL AA-, CRISIL AA+, CRISIL AAA, ICRA AA+, ICRA A1+, CRISIL A1+

Rating profile

54.84%

45.16%

Corporate Debt Non-convertible Debentures Bharat Aluminium Company Ltd. CRISIL AA- 3.00Power Finance Corporation Ltd. CRISIL AAA 2.18Fullerton India Credit Company Ltd. ICRA AA+ 1.16Non-convertible Debentures Total 6.34Corporate Debt Total 6.34Money Market InstrumentsCertificate of DepositCanara Bank ICRA A1+ 6.24Bank of Baroda ICRA A1+ 5.30Bank of Baroda CRISIL A1+ 3.29Canara Bank CRISIL A1+ 3.18State Bank of Patiala CRISIL A1+ 2.95Oriental Bank of Commerce CRISIL A1+ 0.05Certificate of Deposit Total 21.01Commercial PaperDewan Housing Fin. Corp. Ltd. CRISIL A1+ 21.09Commercial Paper Total 21.09Money Market Bonds Indiabulls Housing Finance Ltd. CRISIL AA+ 2.80Shriram Transport Fin. Co. Ltd. CRISIL AA 1.36HDFC Ltd. CRISIL AAA 1.09LIC Housing Finance Ltd. CARE AAA 0.54LIC Housing Finance Ltd. CRISIL AAA 0.37Bajaj Finance Ltd. CRISIL AA+ 0.21Fullerton India Credit Company Ltd. ICRA AA+ 0.03Money Market Bonds Total 6.40Money Market Instruments Total 48.50Cash & Other ReceivablesCBLO / Repo 43.47Net Receivables/(Payables) 1.69Cash & Other Receivables 45.16Grand Total 100.00

Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan 0.29 115 9.05% 0.49%~ 1.09%~ 0.34%~

CommercialPaper

Cash andOther

Receivables

80

70

60

50

40

30

20

10

0

21.01%


Certificateof deposit

45.16%

21.09%

CorporateDebt

6.34%


This product is suitable for investors who are seeking*• Optimal Returns Over Short Term• Investments primarily in a mix of short term debt and money market instruments• Low Risk. (BLUE)


Money MarketBond

6.40%

JPMorgan India Active Bond Fund


Retail Plan - Dividend Option 07-Oct-08 0.20000000 10.251322-Jan-09 0.42500000 10.5850Institutional Plan - Dividend Option 07-Oct-08 0.20000000 10.274722-Jan-09 0.30000000 10.6346


Name of the scheme

JPMorgan India Active Bond Fund

Allotment date

Retail Plan - 27 June 2008

Institutional Plan - 27 June 2008


Scheme structure

An open ended income scheme


To generate optimal returns while maintaining

liquidity through active management of the

portfolio by investing in debt and money market

instruments. However, there can be no assurance

that the investment objective of the Scheme

will be realized.


Rs. 5,000 per application and in multiples of Re 1

thereafter.


Re 1 per application and in multiples of Re 1

thereafter.

Fund managers



Namdev Chougule 13

Ravi Ratanpal 10




Entry load - Nil

Exit load - (w.e.f. July 2, 2013)

Within 12 months from the date of allotment in

respect of Lumpsum & Within 12 months from the

date of allotment in respect of each purchase made

through SIP : 1.00%

After 12 months from the date of allotment in

respect of Lumpsum & After 12 months from the

date of allotment in respect of each purchase made

through SIP : Nil

Benchmark

CRISIL Composite Bond Fund Index




Retail Plan - Growth Option 14.1867

Retail Plan - Dividend Option 13.3433

Institutional Plan - Growth Option 11.7967

Institutional Plan - Dividend Option 11.7762



#The assigned rating AAAmfs is valid only for "JPMorgan India Active Bond Fund". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield. ~Does not include Service Tax on Investment Management fees.


Name of the instrument % to NAV

Rating profile


91.25%

8.75%

CARE AAA, CRISIL AAA, FITCH AAA, ICRA AAA, ICRA A1+

Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Institutional Plan Retail Plan Direct Plan 4.58 2486 9.18% 0.90%~ 1.93%~ 0.87%~

100

90

80

70

60

50

40

30

20

10

0


Cash & OtherReceivables

8.75%

CorporateDebt

89.42%

Certificate ofDeposit

1.83%

This product is suitable for investors who are seeking*• Optimal Returns Over Medium To Long Term• Investments in debt and money market instruments with an active management of the

portfolio• Medium Risk. (YELLOW)


Corporate Debt Non-convertible Debentures LIC Housing Finance Ltd. CRISIL AAA 19.47Export Import Bank of India CRISIL AAA 18.37Power Finance Corporation Ltd. CRISIL AAA 15.74Rural Electrification Corporation Ltd. CRISIL AAA 15.49Tata Sons Ltd. CRISIL AAA 7.11Power Grid Corporation of India Ltd. CRISIL AAA 4.18Housing Development Finance Corporation Ltd. CRISIL AAA 2.69Housing Development Finance Corporation Ltd. ICRA AAA 2.20Power Grid Corporation of India Ltd. ICRA AAA 1.52Rural Electrification Corporation Ltd. CARE AAA 1.10GAIL (India) Ltd. CARE AAA 0.94Infrastructure Leasing & Financial Services Ltd. FITCH AAA 0.38HDB Financial Services Ltd. CARE AAA 0.15National Bank for Agriculture & Rural Development CRISIL AAA 0.08Non-convertible Debentures Total 89.42Corporate Debt Total 89.42Money Market InstrumentsCertificate of DepositCanara Bank ICRA A1+ 1.83Certificate of Deposit Total 1.83Money Market Instruments Total 1.83Cash & Other ReceivablesCBLO / Repo 5.62Net Receivables/(Payables) 3.13Cash & Other Receivables 8.75Grand Total 100.00

#The assigned rating AAAmfs is valid only for "JPMorgan India Short Term Income Fund". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield. ~Does not include Service Tax on Investment Management fees.

Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Regular Plan Direct Plan 1.04 510 8.95% 1.07%~ 0.61%~

JPMorgan India Short Term Income Fund


Regular Plan - Monthly Dividend Option

25-Jul-14 0.06347067 10.2050

25-Aug-14 0.05652697 10.1980

25-Sep-14 0.07480289 10.2248

Regular Dividend - Adhoc

21-Jan-13 0.13000000 10.2992


25-Aug-14 0.05830159 10.1998


Name of the scheme

JPMorgan India Short Term Income Fund

Allotment date

Regular Plan - 25 March 2010


Scheme structure

An open ended income scheme


The investment objective is to generate income by

investing primarily in money market and short

term debt instruments. However, there can be no

assurance that income can be generated, regular

or otherwise or that the investment objective of the

Scheme will be realised.


Rs 5,000 per application and in multiples of Re 1

thereafter.



thereafter.

Fund managers



Namdev Chougule 13

Ravi Ratanpal 10




Entry load - Nil

Exit load - Within six months from the date of


through SIP : 0.50%

Within six months from the date of allotment in

respect of purchase made through SIP : 0.50%

After six months from the date of allotment in

respect of purchases made other than through SIP

and After six months from the date of allotment in

respect of each purchase made through SIP: nil

Benchmark

CRISIL Short-Term Bond Fund Index




Regular Plan - Weekly Dividend Option 10.1679

Regular Plan - Fortnightly Dividend Option 10.1921

Regular Plan - Monthly Dividend Option 10.1599









Corporate Debt Non-convertible Debentures Power Finance Corporation Ltd. ICRA AAA 4.68HPCL Mittal Energy Ltd. ICRA AA- 4.01ECL Finance Ltd. CRISIL AA- 2.83Fullerton (I) Credit Company Ltd. ICRA AA+ 1.90HPCL Mittal Pipelines Ltd. ICRA AA- 1.77Nirma Ltd. CRISIL AA 1.24Sesa Sterlite Ltd. CRISIL AA+ 0.94Cholamandalam Inv.&Fin.Co.Ltd. ICRA AA 0.94Power Grid Corp. of India Ltd. CRISIL AAA 0.19The Indian Hotels Company Ltd. ICRA AA 0.11Non-convertible Debentures Total 18.61Corporate Debt Total 18.61Money Market InstrumentsCertificate of Deposit State Bank of Patiala CRISIL A1+ 13.79Canara Bank ICRA A1+ 11.02Canara Bank CRISIL A1+ 0.92Certificate of Deposit Total 25.73Money Market Bonds Indiabulls Housing Finance Ltd. CRISIL AA+ 9.74Power Grid Corp. of India Ltd. CRISIL AAA 2.83LIC Housing Finance Ltd. CRISIL AAA 0.02Indian Oil Corporation Ltd. ICRA AAA 0.02Money Market Bonds Total 12.61Money Market Instruments Total 38.34Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN 2.45Government Bond Total 2.45Government Bond And Treasury Bill Total 2.45Cash & Other Receivables CBLO / Repo 39.59Net Receivables/(Payables) 1.01Cash & Other Receivables 40.60Grand Total 100.00

Rating profile

59.40%

40.60%


60

50

40

30

20

10

0


CorporateDebt

18.61%

2.45%

25.73%

Certificateof

Deposit

Cash &Other

Receivables

4.60%

CRISIL AA, CRISIL AA-, CRISIL AA+, CRISIL AAA, ICRA AA, ICRA AA-, ICRA AA+, ICRA AAA, ICRA A1+, CRISIL A1+, SOVREIGN

This product is suitable for investors who are seeking*• Income Over Short to Medium Term• Investments primarily in money market and short term debt instruments.• Low Risk. (BLUE)

Record Date Gross Dividend CUM

Dividend NAV

12.61%

MoneyMarketBond

GovernmentBond

JPMorgan India Banking and PSU Debt Fund

Name of the schemeJPMorgan India Banking and PSU Debt FundAllotment date13 September 2013Scheme structureAn open ended income schemeInvestment objectiveThe investment objective of the Scheme is to seek to generate income by investing predominantly in a portfolio of Debt Securities and Money Market Instruments issued by banks and PSUs. However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated.For all PlansMinimum investment amountRs 5,000 per application and in multiples of Re 1 thereafter.Additional investment amountRs 1,000 per application and in multiples of Re 1 thereafter.Fund managersNamdev Chougule & Ravi RatanpalTotal experience (in years)Namdev Chougule 13Ravi Ratanpal 10Experience in managing this schemeNamdev Chougule 1 year, 1 monthRavi Ratanpal 1 year, 1 monthEntry load - NilExit loadWithin one year from the date of allotment in respect of Purchase made other than through SIP; if redeemed within one year from the date of allotment in respect of each Purchase made through SIP : 1.50%

After one year but within two years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after one year but within two years from the date of allotment in respect of each Purchase made through SIP: 1.00%

After two years but within three years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after two years but within three years from the date of allotment in respect of each Purchase made through SIP: 0.50%

After three years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after three years from the date of allotment in respect of each Purchase made through SIP: NilBenchmarkCRISIL Short Term Bond Fund IndexNAV (as at 30 September 2014, in Rs.)Direct Plan - Growth Option 11.0880





Regular Plan - Fortnightly Dividend Option 10.1804



Regular Plan - Weekly Dividend Option 10.2019Past performance may or may not be sustained in future.Average AUM (September 2014)Rs. 281.56 crore

#Gross yield. ~Does not include Service Tax on Investment Management fees.



Rating profile

87.05%

12.95%


Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM)

100

90

80

70

60

50

40

30

20

10

0


CorporateDebt

87.05%


12.95%

CRISIL AA+, CRISIL AAA, ICRA AAA

This product is suitable for investors who are seeking*• Income Over Short to Medium Term• Investments in debt securities and money market instruments issued by Banks and PSUs.• Medium Risk (YELLOW)



25-Jul-14 0.07061883 10.1970

25-Aug-14 0.06589703 10.1923

25-Sep-14 0.06139598 10.2443


25-Jul-14 0.06818685 10.2066

25-Aug-14 0.06338212 10.2018

25-Sep-14 0.11543738 10.2538



Dividend NAV

Corporate Debt

Non-convertible Debentures

Power Grid Corp. of India Ltd. CRISIL AAA 14.36

Rural Electrification Corp.Ltd. CRISIL AAA 11.56

IDBI Bank Ltd. CRISIL AA+ 11.21

Power Finance Corp. Ltd. CRISIL AAA 10.57

Export Import Bank of India CRISIL AAA 9.88

Hindustan Petroleum Corp. Ltd. CRISIL AAA 8.13

NABARD CRISIL AAA 6.63

HDB Financial Services Ltd. CRISIL AAA 1.66

Power Grid Corp. of India Ltd. ICRA AAA 1.66

Airports Authority of India Ltd. ICRA AAA 1.64

IDFC Ltd. ICRA AAA 1.64

Bank of Baroda CRISIL AAA 1.64

NHPC Ltd. ICRA AAA 1.64

Power Finance Corp. Ltd. ICRA AAA 1.63

Indian Railway Fin. Corp. Ltd. CRISIL AAA 1.62

Housing & Urban Dev. Corp. Ltd. CRISIL AA+ 1.58

Non-convertible Debentures Total 87.05

Corporate Debt Total 87.05

Money Market Instruments

CBLO / Repo 9.67

Net Receivables/(Payables) 3.28


Grand Total 100.00

In days Regular Plan Direct Plan 2.16 977 9.05% 0.55%~ 0.25%~

JPMorgan India Government Securities Fund

Name of the scheme

JPMorgan India Government Securities Fund

Allotment date

13 February 2014

Scheme structure

An open ended gilt scheme



generate income through investment in Securities

of various maturities issued and/or created by the

Central Government and State Governments of

India. However, there can be no assurance that the

investment objectives of the Scheme will be

realized.



thereafter.



thereafter.

Fund managers



Namdev Chougule 13

Ravi Ratanpal 10


Namdev Chougule 8 months

Ravi Ratanpal 8 months

Entry load - Nil

Exit load - Nil

Benchmark

I-Sec Mi-BEX







Regular Plan - Weekly Dividend Option 10.0604

Regular Plan - Annual Dividend Option 10.4205







CBLO / Repo 73.89

Net Receivables / (Payables) 26.11


Grand Total 100.00

Rating profile

100.00%



100

90

80

70

60

50

40

30

20

10

0



100.00%

This product is suitable for investors who are seeking*• Credit risk free returns over Medium to Long Term• Investment in Government Securities• Low Risk. (BLUE)



25-Jul-14 0.05560857 10.1056

25-Aug-14 0.14671500 10.1967

25-Sep-14 0.048615 10.0986



Dividend NAV


JPMorgan India Corporate Debt Opportunities Fund

Name of the schemeJPMorgan India Corporate Debt Opportunities FundAllotment date22 September 2014Scheme structureAn open income schemeInvestment objectiveThe investment objective is to generate regular income and opportunities for capital appreciation while maintaining liquidity through active management of a diversified portfolio comprising of corporate bonds and securities across the investment grade credit rating and maturity spectrum. However, there can be no assurance that the investment objectives of the Scheme will be realized.

For all PlansMinimum investment amountRs 5,000 per application and in multiples of Re 1 thereafter.Additional investment amountRs 1,000 per application and in multiples of Re 1 thereafter.Fund managersNamdev Chougule & Ravi RatanpalTotal experience (in years)Namdev Chougule 13Ravi Ratanpal 10Experience in managing this schemeNamdev Chougule 1 monthRavi Ratanpal 1 monthEntry load - NilExit load - If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed within 18 months from the date of allotment of units of each installment of SIP purchase: 1.5%.If redeemed after 18 months but within 36 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed after 18 months but within 36 months from the date of allotment of units of each installment of SIP purchase: 0.50%.If redeemed after 36 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed after 36 months from the date of allotment of units of each installment of SIP purchase: Nil.BenchmarkCRISIL Short Term Bond Fund IndexNAV (as at 30 September 2014, in Rs.)Direct Plan - Growth Option 10.0201Direct Plan - Bonus Option 10.0202Direct Plan - Dividend Option 10.0202Regular Plan - Growth Option 10.0194Regular Plan - Dividend Option 10.0194Regular Plan - Fortnightly Dividend Option 10.0194Regular Plan - Monthly Dividend Option 10.0194Regular Plan - Weekly Dividend Option 10.0193Regular Plan - Annual Dividend Option 10.0194Past performance may or may not be sustained in future.Average AUM (September 2014)Rs. 16.3 crore




Corporate Debt

Non-convertible DebenturesHPCL Mittal Pipelines Ltd. ICRA AA- 14.66

HPCL Mittal Energy Ltd. ICRA AA- 14.49

Nirma Ltd. CRISIL AA 14.16

The Indian Hotels Co. Ltd. ICRA AA 13.09

Non-convertible Debentures Total 56.40

Corporate Debt Total 56.40


CBLO / Repo 42.44

Net Receivables/(Payables) 1.16


Grand Total 100.00


100

90

80

70

60

50

40

30

20

10

0



43.60%

This product is suitable for investors who are seeking*• Regular income & capital appreciation through active management across time frames.• Investment in corporate bonds and securities across the investment grade credit rating

and maturity spectrum.• Medium Risk (YELLOW)


Rating profile

56.40%

43.60%


CRISIL AA, ICRA AA, ICRA AA-

Corporate DebtTotal

56.40%

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##30-09-2013 To 30-09-2014 (Absolute) 8.333 87.56 63.17 37.41

Scheme ReturnsJPMorgan India Equity Fund - Regular Plan Growth Option Returns as on 30 September 2014

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.000 9.93 9.03 8.99 30-09-2013 To 30-09-2014 (Absolute) 13.513 47.81 42.50 37.41 28-09-2012 To 30-09-2013 (Absolute) 13.649 -1.00 -1.11 3.29 30-09-2011 To 28-09-2012 (Absolute) 12.175 12.11 13.77 14.03

NAV as on September 30, 2014 Rs. 19.973

Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the

Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 19,973 18,802 18,749

Fund Managers:

Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Tax Advantage Fund• JPMorgan India Top 100 Fund

Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan Greater China Equity Offshore

Fund• JPMorgan Emerging Europe, Middle East

and Africa Equity Off-shore Fund• JPMorgan ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,

501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan US Value Equity Off-shore Fund• JPMorgan India Banking & PSU Debt Fund• JPMorgan India Government Securities

Fund• JPMorgan India Corpoate Debt

Opportunties Fund• JPMorgan Emerging Markets

Opportunities Equity Off-shore Fund

Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Top 100 Fund

Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,

501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Corpoate Debt

Opportunties Fund

Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Hybrid Fund Series 1 & 2

NOTES1. The returns for close ended schemes have not

been disclosed as these are not comparable with other schemes.

2. Returns of only those schemes that have completed one year has been given.

JPMorgan India Equity Fund - Direct Plan Growth Option Returns as on 30 September 2014



JPMorgan India Mid and Small Cap Fund - Regular Option Returns as on 30 September 2014

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.000 6.54 3.77 4.1730-09-2013 To 30-09-2014 (Absolute) 8.273 85.64 63.17 37.4128-09-2012 To 30-09-2013 (Absolute) 8.361 -1.05 -10.75 3.2930-09-2011 To 28-09-2012 (Absolute) 7.171 16.59 10.52 14.03




JPMorgan India Mid and Small Cap Fund - Direct Plan Growth Option Returns as on 30 September 2014


JPMorgan India Tax Advantage Fund - Regular Plan Growth Option Returns as on 30 September 2014

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.000 19.33 21.79 21.0430-09-2013 To 30-09-2014 (Absolute) 18.243 49.58 42.50 37.4128-09-2012 To 30-09-2013 (Absolute) 18.826 -3.10 -1.11 3.2930-09-2011 To 28-09-2012 (Absolute) 16.887 11.48 13.77 14.03




JPMorgan India Tax Advantage Fund - Direct Plan Growth Option Returns as on 30 September 2014




Scheme (Rs) Benchmark (Rs) # 17,686 17,703

JPMorgan Greater China Equity OffShore Fund - Regular Plan Growth Option Returns as on 30 September 2014

NAV as on September 30, 2014 Rs. 17.686Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)Since Inception - CAGR 10.000 11.83 11.8530-09-2013 To 30-09-2014 (Absolute) 17.005 4.00 4.9128-09-2012 To 30-09-2013 (Absolute) 12.514 35.89 31.7830-09-2011 To 28-09-2012 (Absolute) 9.870 26.79 28.52

#MSCI Golden Dragon Index

JPMorgan Greater China Equity OffShore Fund - Direct Plan Growth Option Returns as on 30 September 2014

NAV as on September 30, 2014 Rs. 18.027Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)30-09-2013 To 30-09-2014 (Absolute) 17.146 5.14 4.91

#MSCI Golden Dragon Index

^ Past performance may or may not be sustained in the future

#S&P BSE 200 ##S&P BSE SENSEX


#CNX MIDCAP ##S&P BSE SENSEX

#CNX MIDCAP ##S&P BSE SENSEX



JPMorgan ASEAN Equity Off-shore Fund - Regular Plan Growth Option Returns as on 30 September 2014

NAV as on September 30, 2014 Rs. 16.685Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)Since Inception - CAGR 10.000 17.03 14.9630-09-2013 To 30-09-2014 (Absolute) 15.894 4.98 7.0128-09-2012 To 30-09-2013 (Absolute) 12.640 25.74 18.9130-09-2011 To 28-09-2012 (Absolute) 9.201 37.38 34.36

#Morgan Stanley Capital International (MSCI) South East Asia Index


Scheme Returns

JPMorgan EEMEA Equity Off-shore Fund - Direct Plan Growth Option Returns as on 30 September 2014

NAV as on September 30, 2014 Rs. 11.596Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)30-09-2013 To 30-09-2014 (Absolute) 12.728 -8.89 -7.15

#MSCI EM - EMEA

JPMorgan ASEAN Equity Off-shore Fund - Direct Plan Growth Option Returns as on 30 September 2014


#Morgan Stanley Capital International (MSCI) South East Asia Index

JPMorgan EEMEA Equity Off-shore Fund - Regular Plan Growth Option Returns as on 30 September 2014

NAV as on September 30, 2014 Rs. 11.403Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)Since Inception - CAGR 10.000 3.42 5.7530-09-2013 To 30-09-2014 (Absolute) 12.638 -9.77 -7.1528-09-2012 To 30-09-2013 (Absolute) 10.149 24.52 19.0330-09-2011 To 28-09-2012 (Absolute) 7.938 27.85 27.84

#MSCI EM - EMEA


Scheme (Rs) Benchmark Returns (Rs)# 11,403 12,436

Scheme (Rs) Benchmark (Rs)# 16,685 15,741


JPMorgan US Value Equity Offshore Fund-Regular Plan Growth Option Returns as on 30 September 2014


#Russell 1000 Value Index

JPMorgan US Value Equity Offshore Fund-Direct Plan Growth Option Returns as on 30 September 2014


#Russell 1000 Value Index

JPMorgan India Liquid Fund - Retail Plan Growth Option Returns as on 30 September 2014

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 7.89 7.55 6.22 7 days 15.7999 8.68 9.37 8.66 15 days 15.7709 8.53 9.08 7.85 30 days 15.7065 8.43 8.82 8.08 30-09-2013 To 30-09-2014 (Absolute) 14.5058 9.10 9.49 8.35 28-09-2012 To 30-09-2013 (Absolute) 13.3331 8.80 8.59 5.70 29-09-2011 To 28-09-2012 (Absolute) 12.1574 9.67 8.67 8.14



Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 15,826 15,525 14,400

#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index

Fund Managers:












Opportunties Fund





JPMorgan India Liquid Fund - Direct Plan Growth Option Returns as on 30 September 2014

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##7 days 17.3705 9.04 9.37 8.6615 days 17.3373 8.88 9.08 7.8530 days 17.2635 8.78 8.82 8.0830-09-2013 To 30-09-2014 (Absolute) 15.8947 9.47 9.49 8.35


JPMorgan India Liquid Fund - Super Institutional Plan Growth Option Returns as on 30 September 2014

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 8.16 7.53 6.01 7 days 17.3328 8.87 9.37 8.66 15 days 17.3003 8.72 9.08 7.85 30 days 17.2279 8.63 8.82 8.08 30-09-2013 To 30-09-2014 (Absolute) 15.8820 9.32 9.49 8.35 28-09-2012 To 30-09-2013 (Absolute) 14.5691 9.01 8.59 5.70 29-09-2011 To 28-09-2012 (Absolute) 13.2585 9.88 8.67 8.14



Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 17,362 16,658 15,070

Scheme Returns




JPMorgan India Treasury Fund - Super Institutional Plan Growth Option Returns as on 30 September 2014

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 8.35 7.53 6.0130-09-2013 To 30-09-2014 (Absolute) 15.9923 9.90 9.49 8.3528-09-2012 To 30-09-2013 (Absolute) 14.7224 8.63 8.59 5.7029-09-2011 To 28-09-2012 (Absolute) 13.3913 9.94 8.67 8.14




JPMorgan India Treasury Fund - Direct Plan Growth Option Returns as on 30 September 2014



JPMorgan India Treasury Fund - Retail Plan Growth Option Returns as on 30 September 2014








JPMorgan India Short Term Income Fund - Regular Plan Growth Option


Returns as on 30 September 2014




#CRISIL Short-Term Bond Fund Index ##CRISIL 1 Year T-Bill Index

Fund Managers:












Opportunties Fund





Scheme Returns

JPMorgan India Active Bond Fund - Retail Plan Growth Option Returns as on 30 September 2014





JPMorgan India Short Term Income Fund - Direct Plan Growth Option


Returns as on 30 September 2014


JPMorgan India Active Bond Fund - Direct Plan Growth Option Returns as on 30 September 2014



JPMorgan India Active Bond Fund - Institutional Plan Growth Option Returns as on 30 September 2014



##CRISIL 1 Year T-Bill Index

#CRISIL Composite Bond Fund Index ##CRISIL 10 Year Gilt Index

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##30-09-2013 To 30-09-2014 (Absolute) 10.5386 11.94 11.61 6.8528-09-2012 To 30-09-2013 (Absolute) 10.1292 4.04 3.49 2.45



JPMorgan India Banking and PSU Debt Fund-Regular Plan Growth Option Returns as on 30 September 2014



JPMorgan India Banking and PSU Debt Fund-Direct Plan Growth Option Returns as on 30 September 2014



Fund Managers:












Opportunties Fund







#S&P BSE 200 - “The S&P BSE 200 is a product of AIPL, which is a joint venture of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and

BSE, and has been licensed for use by JPMorgan Asset Management India Private Limited. Standard & Poor’s and S&P are registered

trademarks of Standard & Poor’s Financial Services LLC(“S&P”); BSE is a registered trademark of BSE Limited (“BSE”); Dow Jones is a

registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by AIPL and

sublicensed for certain purposes by JPMorgan Asset Management India Private Limited. Asia Index Private Limited 2014. All rights

reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of AIPL. For

more information on any of AIPL’s indices please visit http://www.asiaindex.com/. None of AIPL, BSE, Dow Jones Trademark Holdings LLC,

their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to

accurately represent the asset class or market sector that it purports to represent and none of AIPL, BSE, S&P Dow Jones Indices LLC, Dow

Jones Trademark Holdings LLC or their affiliates nor their third party licensors shall have any errors, omissions, or interruptions of any

index or the data included therein.”

##S&P BSE 100 - “The S&P BSE 100 is a product of AIPL, which is a joint venture of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and

BSE, and has been licensed for use by JPMorgan Asset Management India Private Limited. Standard & Poor’s and S&P are registered

trademarks of Standard & Poor’s Financial Services LLC(“S&P”); BSE is a registered trademark of BSE Limited (“BSE”); Dow Jones is a

registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by AIPL and

sublicensed for certain purposes by JPMorgan Asset Management India Private Limited. Asia Index Private Limited 2014. All rights

reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of AIPL. For

more information on any of AIPL’s indices please visit http://www.asiaindex.com/. None of AIPL, BSE, Dow Jones Trademark Holdings LLC,

their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to

accurately represent the asset class or market sector that it purports to represent and none of AIPL, BSE, S&P Dow Jones Indices LLC, Dow

Jones Trademark Holdings LLC or their affiliates nor their third party licensors shall have any errors, omissions, or interruptions of any

index or the data included therein.”

###“The JPMorgan India Mid and Small Cap Fund (“Product”) is not sponsored, endorsed, sold or promoted by India Index Services &

Products Limited (IISL). IISL makes no representation or warranty, express or implied to the owners of the Product or any member of the

public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the CNX Midcap Index to

track general stock market performance in India. The relationship of IISL to the JPMorgan Asset Management India Pvt. Ltd. is in respect

of the using of the trade name and the trade name of CNX Midcap Index for benchmarking purposes, which is determined, composed and

calculated by IISL without regard to the JPMorgan Asset Management India Pvt. Ltd or the Product. IISL has no obligation to take the

needs of JPMorgan Asset Management India Pvt. Ltd. or the owners of the Product into consideration in determining, composing or

calculating the CNX Midcap Index. IISL is not responsible for nor has participated in the determination of the timing of, prices at, or

quantities of the Product to be issued or in determination or calculation of the equation by which the product is to be converted into cash.

IISL has no obligation or liability in connection with the administration, marketing or trading of the Product.” “IISL does not guarantee the

accuracy and/or the completeness of the CNX Midcap Index or any data included therein and they shall have no liability for any errors,

omissions, or interruptions therein. IISL makes no warranty, express or implied, as to the results to be obtained by the Principal JPMorgan

Asset Management India Pvt. Ltd., owners of the Product, or any other persons or entities from the use of the CNX Midcap Index or any

data included therein. IISL makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for

a particular purpose or use with respect to the CNX Midcap Index or any data included therein. Without limiting any of the foregoing, in no

event shall IISL have any liability for any special, punitive, indirect or consequential damages (including lost profits), even if notified of the

possibility of such damages”. The calculation of returns assume that all payouts during the period have been reinvested in the units

of the scheme at the then prevailing NAV. Distribution taxes are not considered.

Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market

trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its

accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The

views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and

is not intended to provide, and should not be relied on for accounting, legal or tax advice. References to future returns are not promises or

even estimates of actual returns a client portfolio may achieve.

The views expressed are those of J.P. Morgan Asset Management. They are subject to change at any time. These views do not necessarily

reflect the opinions of any other firm. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase

& Co. and its affiliates worldwide. Past performance may or may not be sustained in future. JPMorgan Asset Management India Pvt. Ltd.

offers only the units of the schemes under JPMorgan Mutual Fund, a mutual fund registered with SEBI.

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