fact sheet - COPY - December 2014.pdfsee Fiscal deficit target for FY14 which has reached 98% of its...

FUND FACTSDecember, 2014

Equity and Debt review

Equity review

It was a volatile month for the markets on concerns of Russian currency

depreciation, full implications of the steep fall in oil prices and uncertainty on

Fed decision over interest rates. At the end of it all, Nifty posted its first down

month since April with a correction of ~ 3.6% even as the smaller companies

index outperformed by rising ~ 1.6%. Capital market activity rebounded with 12

deals totaling US$1.8bn led by 2.8% stake sale by founder families of Infosys and

5% government divestment in SAIL. FII activity was very tepid in December and

we saw net selling of US$129mn despite the $805mn of inflows on the day of

Infosys block. FIIs finished the year with net buying of US$16.1bn. DIIs

meanwhile turned net buyers once again – buying US$855mn of equities in the

month which reduced their net sell tally for the year to US$5.1bn. Among the

DIIs, mutual funds took their annual tally to an impressive US$3.8bn buying.

October IIP surprised negatively coming in at -4.2% vs 2.8% in the previous

month, led by a 7.6% contraction in manufacturing while on a use-based

classification, both consumer and capital goods were in the red at -18.6% and -

2.3% respectively. CPI eased further to 4.4% in November vs 5.5% last month, in

line with expectations. In addition to the base effect and continued supply side

measures, the decelerating trend in core CPI reflects subdued demand side

pressure and commodity tailwinds kicking in. Inspite of lower inflation, the RBI

left all key policy rates unchanged. While acknowledging the deceleration in

inflation, it highlighted that a change in monetary policy stance could be

premature. However, its guidance came across as dovish wherein it mentioned

that a change in stance is likely early next year.

While the government had a slew of key bills like Insurance, Coal, GST and Land

Acquisition lined up for the winter session of the parliament, the impressive

agenda failed to take off as the opposition stalled proceedings in the Upper

House. Given the deadlock, the government announced the adoption of

ordinance route to press ahead with the reforms – consequently, ordinances

were passed on land acquisition, insurance and coal although these need to be

ratified by the parliament else they would cease to exist six weeks from the end

of the next sitting of the parliament. BJP continued its strong showing having

won a majority in Jharkhand and a strong performance in J&K.

Lack of activity and global risks led to market volatility in the last month. We

however, continue to believe in the structural improvements amidst the cyclical

recovery in India as the government has shown intent towards reforms through

issuance of ordinance. We believe that with lower inflation and government

actions, the stars are aligned for a strong economic recovery in India. We

continue with our overweight stance on banks, industrials, autos and cement.

Source: JPMorgan Research, Citigroup Research

Debt review

The month of December was yet another month of easing headline inflation and

moving below the RBI's inflation fan-chart. Government bonds continued to

rally massively from ~8.00% to ~7.85 in a matter of 30 days on the back of easing

inflation and RBI's dovish monetary policy indicating easing policy rates easing

in near term. Liquidity conditions continued to ease in Q3 of 2014-15 due to

structural and frictional factors, as well as the fine tuning of the liquidity

adjustment framework. Upside risk remains from Fiscal point of view with Fiscal

Deficit reaching close to 98% of its budgeted target of 4.1% in the month of

November itself.

Economic releases during the month were as follows:

Fifth Bi-Monthly Monetary Policy:

RBI kept all policy rates unchanged (Repo: 8%; CRR: 4%). Acknowledging the

deceleration in inflation, RBI highlighted that “a change in the monetary policy

stance at the current juncture is premature” given uncertainties regarding;

strength and durability of ongoing disinflation impulses; trends in inflationary

expectations and challenges on the fiscal front. However, RBI sees the medium-

term risks around inflation as evenly balanced, rather than to the upside at the

last policy meeting. The forward guidance is dovish, with the RBI saying a

change in the monetary policy stance now would be premature. However, the

statement said that “if the current inflation momentum and changes in

inflationary expectations continue, and fiscal developments are encouraging, a

change in the monetary policy stance is likely early next year, including outside

the policy review cycle.”

We think RBI would see the continuity of Headline CPI's downward trajectory

further down the line along with Fiscal situation.

Inflation November 2014:

CPI continued to ease to 4.4% in Nov vs 5.5% last month, in line with

expectations. While base effect and continued supply side measures helped

food inflation ease to 3.5%, the decelerating trend in core CPI (5.5% vs 5.9%)

reflects subdued demand side pressure and commodity tailwinds kicking in.

WPI also dipped to 0% in Nov, sharply lower than expectations and close to

historical lows led by a broad based decline. Lower crude prices along with

subdued commodity prices bodes well for Inflation as we enter the next year.

India's industrial production (IIP) October 2014:

Oct IIP surprised negatively coming in at -4.2% vs 2.8% in the previous month.

On a sectoral basis, manufacturing contracted 7.6% while on a use-based

classification, both consumer and capital goods were in the red at -18.6% and -

2.3% respectively. Production issues at the Chennai-based plant continued

dragging “Radio, TV communication” down (-70%), excluding which, the IP

could have printed at -0.2%.

Incrementally fundamentals are getting better with inflation trajectory

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

see Fiscal deficit target for FY14 which has reached 98% of its fiscal target in

November itself but, government has cushion in terms of surplus cash balance

with RBI and deferral of plan and non-plan expenditures to next fiscal. RBI is

currently monitoring the sustainability of downward inflation trajectory and

would like to see positive real deposit rates in the economy for investment

revival.

Source: RBI, JPMorgan, CITI

Regular Plan~ 2.57%

Direct Plan~ 1.46%

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

Total stocks in portfolio 48Top 15 stocks 22.0%Total portfolio 48.5%

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 (%) 7.16Beta 0.88Sharpe Ratio 1.33Portfolio Turnover Ratio* 0.87(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Portfolio Turnover Ratio (Equity) 0.87

@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 11

Experience managing the scheme

Harshad Patwardhan 7 years, 5 months

Amit Gadgil 7 years, 5 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 31 December 2014, in Rs.)

Regular Plan - Growth Option 21.6060

Regular Plan - Dividend Option 19.0660

Direct Plan - Growth Option 22.1360

Direct Plan - Dividend Option 19.4430

Past performance may or may not be sustained

in future.

Average AUM (December 2014)

Rs. 229.51 Crore

Holdings as on 31 December 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 87.3%

4.5%

Portfolio analysis: Market cap-wise

>`90k Crs56%

`18k Crs - `90k Crs24%

`6k Crs - `18k Crs12% <`6k Crs

8%

Equity HoldingsICICI Bank Ltd. 7.32HDFC Bank Ltd. 6.62Infosys Ltd. 5.01Larsen & Toubro Ltd. 4.21State Bank of India 3.94Axis Bank Ltd. 3.91Tata Consultancy Services Ltd. 3.82Maruti Suzuki India Ltd. 3.60Tata Motors Ltd. 3.25Ultratech Cement Ltd. 2.80Eicher Motors Ltd. 2.73IndusInd Bank Ltd. 2.65Kotak Mahindra Bank Ltd. 2.64Sun Pharmaceuticals Industries Ltd. 2.59Shriram Transport Finance Company Ltd. 2.57Motherson Sumi Systems Ltd. 2.16ITC Ltd. 2.06Lupin Ltd. 2.01Kansai Nerolac Paints Ltd. 1.99Blue Dart Express Ltd. 1.87Bharat Forge Ltd. 1.78Divi's Laboratories Ltd. 1.64Dalmia Bharat Ltd. 1.53Fag Bearings India Ltd. 1.47Oil & Natural Gas Corporation Ltd. 1.47Ashok Leyland Ltd. 1.45Sadbhav Engineering Ltd. 1.43Cummins India Ltd. 1.25Reliance Industries Ltd. 1.25Havells India Ltd. 1.12Tech Mahindra Ltd. 1.10HDFC Ltd. 1.08HCL Technologies Ltd. 1.07Solar Industries India Ltd. 1.06JK Cement Ltd. 1.03GlaxoSmithKline Consumer Healthcare Ltd. 0.97Alstom T&D India Ltd. 0.96Bank of Baroda 0.94Thermax Ltd. 0.94Voltas Ltd. 0.90Info Edge (India) Ltd. 0.89Astra Microwave Products Ltd. 0.73VA Tech Wabag Ltd. 0.64Persistent Systems Ltd. 0.60Punjab National Bank 0.56CRISIL Ltd. 0.54IDFC Ltd. 0.54Gujarat Pipavav Port Ltd. 0.31Equity Holdings Total 97.00Non-Convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04Non-Convertible Debentures Total 0.04Debt Holdings Total 0.04Cash & Other Receivables CBLO / Repo 0.87Net Receivables/(Payables) 2.09Cash & Other Receivables Total 2.96Grand Total 100.00

*Last 12 months@As on December 31, 2014

>3

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

Telecom

Oil & Gas

Ôthers

Cement

Consumer

Pharma

Technology

Auto

*Industrials/Infra

Financials

Sec

tor

% of portfolio

Portfolio analysis: Sector-wise

0% 10% 20%

~Does not include Service Tax on Investment Management fees.

5% 15%

6.2%1.9%

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

22-Aug-14 0.90 18.462Regular Plan Dividend Option20-Dec-07 1.00 14.06022-Aug-14 0.90 18.180

35%25% 30%

13.6%

12.5%

6.2%

6.1%

5.4%

2.7%

0.7%

3.2%

13.2%

33.3%

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 11Experience managing the schemeHarshad Patwardhan 6 years, 11 monthsAmit Gadgil 6 years, 11 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 31 December 2014, in Rs.)Regular Plan - Growth Option 17.808



Direct Plan - Dividend Option 17.964Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 298.70 crore


JPMorgan India Mid and Small Cap Fund


&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~ 2.58%

Direct Plan~ 1.22%



Standard Deviation (%) 8.70Beta 0.93Sharpe Ratio 0.86Portfolio Turnover Ratio* 0.81(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Portfolio Turnover Ratio (Equity)* 0.81

@Risk free rate of return (repo) 8.00%

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

Sec

tor

% of portfolio


0% 5% 10%

Utilities

Telecom

Technology

Ôthers

Cement

Pharma

Consumer

Auto

Financials

*Industrials / Infra

23.0%

1.0%

0.8%

8.4%

6.2%

4.4%


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

47.1%

11.2%

29.2%

12.5%


Equity HoldingsMotherson Sumi Systems Ltd. 3.05IndusInd Bank Ltd. 3.04Kansai Nerolac Paints Ltd. 2.97Eicher Motors Ltd. 2.82ING Vysya Bank Ltd. 2.72Ashok Leyland Ltd. 2.70Bharat Forge Ltd. 2.70Amara Raja Batteries Ltd. 2.57Torrent Pharmaceuticals Ltd. 2.56Divi's Laboratories Ltd. 2.47Fag Bearings India Ltd. 2.37Shree Cements Ltd. 2.33Yes Bank Ltd. 2.14Allahabad Bank 1.98WABCO India Ltd. 1.96Havells India Ltd. 1.96Solar Industries India Ltd. 1.84Shriram Transport Finance Company Ltd. 1.84Union Bank of India 1.82Texmaco Rail & Engineering Ltd 1.80Blue Dart Express Ltd. 1.80Bajaj Finance Ltd. 1.72Cadila Healthcare Ltd. 1.72GlaxoSmithKline Consumer Healthcare Ltd. 1.67MindTree Ltd. 1.66Persistent Systems Ltd. 1.66The Federal Bank Ltd. 1.63City Union Bank Ltd. 1.58Ashoka Buildcon Ltd. 1.54JK Cement Ltd. 1.53Lakshmi Machine Works Ltd. 1.52Alstom T&D India Ltd. 1.51Indian Bank 1.47CRISIL Ltd. 1.43Simplex Infrastructures Ltd. 1.38Sadbhav Engineering Ltd. 1.34Max India Ltd. 1.34Kajaria Ceramics Ltd. 1.24Voltas Ltd. 1.23Dalmia Bharat Ltd. 1.22Greaves Cotton Ltd. 1.18Tube Investments Of India Ltd. 1.16JK Lakshmi Cement Ltd. 1.12J. Kumar Infraprojects Ltd. 1.12Thermax Ltd. 1.08Info Edge (India) Ltd. 1.08Gayatri Projects Ltd. 1.05Sintex Industries Ltd. 1.05Astra Microwave Products Ltd. 1.05EIH Ltd. 1.03NCC Ltd. 1.01Cummins India Ltd. 0.97Action Construction Equipment Ltd. 0.93MBL Infrastructures Ltd. 0.91Grindwell Norton Ltd 0.90Supreme Industries Ltd. 0.82Torrent Power Ltd. 0.82Whirlpool of India Ltd. 0.65TIL Ltd. 0.61Jain Irrigation Systems Ltd. 0.61VA Tech Wabag Ltd. 0.52KEC International Ltd. 0.44Gruh Finance Ltd. 0.30Gujarat Pipavav Port Ltd. 0.30Equity Holdings Total 98.54Non-Convertible DebenturesBlue Dart Express Ltd. ICRA AA 0.04Non-Convertible Debentures Total 0.04Debt Holdings Total 0.04Cash & Other ReceivablesCBLO / Repo 0.64Net Receivables/(Payables) 0.78Cash & Other Receivables Total 1.42Grand 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.

5.0%

`6k Crs - `18k Crs42.0%

`3k Crs - `6k Crs19.0%

<`3k Crs11.0%

>`18k Crs28.0%

13.1%

6.8%

30%

29.8%

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


The investment objective of the Scheme is to

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, 10 months

Karan Sikka 3 years, 2 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. 8.99 crore


JPMorgan India Tax Advantage Fund


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 (%) 5.20Beta 0.71Sharpe ratio 3.75Portfolio turnover ratio* 0.94(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)

Portfolio turnover ratio (Equity)* 0.94@Risk free rate of return (repo) 8.00%


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


Dividend History



>`90k Crs55.0%

<`6k Crs8.0%

`6k Crs - `18k Crs14.0%

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

Telecom

Oil & Gas

Ôthers

Cement

Pharma

Consumer

Technology

*Industrials/Infra

Auto

Financials

Sec

tor

% of portfolio


0% 10%

0.7%

3.1%

13.6%

20%

7.0%

6.1%

13.5%

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)

12.4%

01-Jul-13 0.50 15.22218-Nov-13 0.30 15.59124-Mar-14 0.30 16.604Regular Plan Dividend Option15-Dec-09 1.50 15.41625-Jan-10 1.40 14.02501-Jul-13 0.50 15.15318-Nov-13 0.30 15.46124-Mar-14 0.30 16.415

2.5%

35%25%

Equity HoldingsICICI Bank Ltd. 7.03HDFC Bank Ltd. 6.56Infosys Ltd. 4.98Larsen & Toubro Ltd. 4.19Axis Bank Ltd. 4.00Tata Consultancy Services Ltd. 3.76Maruti Suzuki India Ltd. 3.75State Bank of India 3.63Tata Motors Ltd. 3.25Eicher Motors Ltd. 2.88Ultratech Cement Ltd. 2.68Sun Pharmaceuticals Industries Ltd. 2.57IndusInd Bank Ltd. 2.55Kotak Mahindra Bank Ltd. 2.54Shriram Transport Finance Company Ltd. 2.47Motherson Sumi Systems Ltd. 2.20Lupin Ltd. 2.00Kansai Nerolac Paints Ltd. 1.98Blue Dart Express Ltd. 1.87ITC Ltd. 1.84Bharat Forge Ltd. 1.77Divi's Laboratories Ltd. 1.57Dalmia Bharat Ltd. 1.50Ashok Leyland Ltd. 1.48Fag Bearings India Ltd. 1.45Oil & Natural Gas Corporation Ltd. 1.42Sadbhav Engineering Ltd. 1.26Cummins India Ltd. 1.24Havells India Ltd. 1.23Voltas Ltd. 1.16Tech Mahindra Ltd. 1.10HCL Technologies Ltd. 1.07Whirlpool of India Ltd. 1.06Reliance Industries Ltd. 1.05JK Cement Ltd. 0.98Solar Industries India Ltd. 0.98HDFC Ltd. 0.96Alstom T&D India Ltd. 0.95Thermax Ltd. 0.94Info Edge (India) Ltd. 0.89GlaxoSmithKline Consumer Healthcare Ltd. 0.87Astra Microwave Products Ltd. 0.66Persistent Systems Ltd. 0.62VA Tech Wabag Ltd. 0.57CRISIL Ltd. 0.54IDFC Ltd. 0.50Bank of Baroda 0.49Punjab National Bank 0.47Gujarat Pipavav Port Ltd. 0.30Equity Holdings Total 95.81Non-Convertible DebenturesBlue Dart Express Ltd. ICRA AA 0.04Non-Convertible Debentures Total 0.04Debt Holdings Total 0.04Cash & Other ReceivablesCBLO / Repo 2.17Net Receivables/(Payables) 1.98Cash & Other Receivables Total 4.15Grand Total 100.00

`18k Crs - `90k Crs24.0%

5.1%

31.7%

30%

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 11Experience managing the schemeHarshad Patwardhan 7 monthsAmit Gadgil 7 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 31 December 2014, in Rs.)Regular Plan - Growth Option 11.399



Direct Plan - Dividend Option 11.458Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 169.60 crore


JPMorgan India Top 100 Fund



Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (S&P BSE 100 Index). Source: BSE, Bloomberg.&Active bets are estimated.

Regular Plan~ 2.61%

Direct Plan~ 1.32%


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

Încludes transportation.

Sec

tor

% of portfolio


0% 5% 10%

Ôthers

Oil & Gas

Cement

Pharma

Consumer

*Industrials/Infra

Auto

Technology

Financials

13.9%

13.8%

0.7%

10.2%

6.3%

5.4%


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

96.7%

3.3%

Equity HoldingsHDFC Bank Ltd. 8.50ICICI Bank Ltd. 8.23Infosys Ltd. 6.62Axis Bank Ltd. 5.18Larsen & Toubro Ltd. 5.10State Bank of India 4.85Tata Consultancy Services Ltd. 4.02Maruti Suzuki India Ltd. 3.98Tata Motors Ltd. 3.90HDFC Ltd. 3.23Kotak Mahindra Bank Ltd. 3.17Shree Cements Ltd. 3.16Sun Pharmaceuticals Industries Ltd. 2.94ITC Ltd. 2.55Ultratech Cement Ltd. 2.28Bharat Forge Ltd. 2.17Cummins India Ltd. 2.12Shriram Transport Finance Company Ltd. 2.11Eicher Motors Ltd. 2.09Bosch Ltd. 2.02Tech Mahindra Ltd. 2.02Lupin Ltd. 1.89Asian Paints Ltd. 1.82Motherson Sumi Systems Ltd. 1.80Oil & Natural Gas Corporation Ltd. 1.71Reliance Industries Ltd. 1.34HCL Technologies Ltd. 1.22Divi's Laboratories Ltd. 1.11Titan Company Ltd. 0.99GlaxoSmithKline Consumer Healthcare Ltd. 0.93Bank of Baroda 0.87IDFC Ltd. 0.80ABB India Ltd. 0.76Adani Ports & Special Economic Zone Ltd. 0.71Equity Holdings Total 96.19Cash & Other ReceivablesCBLO / Repo 1.17Net Receivables/(Payables) 2.64Cash & Other Receivables Total 3.81Grand Total 100.00

>`150k Crs46.0%

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

<`60k Crs24.0%


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.

5.9%

40%

36.9%

3.1%

Standard deviation (%) 2.53Beta 0.84Sharpe ratio 10.44Portfolio turnover ratio^ -(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)

Portfolio turnover ratio (Equity)^ -@Risk free rate of return (repo) 8.00%


^Since the scheme has not completed 12 months the Porfiolo Turnover ratios have not been provided.@As on December 31, 2014

30% 35%

Regular Plan~ 1.50%

Direct Plan~ 0.84%


**JPMorgan India Equity Income Fund

Name of the scheme#JPMorgan India Equity Income Fund

Allotment date13 October 2014Scheme structureAn open-ended equity schemeInvestment objectiveThe investment objective of the scheme is to provide capital appreciaton and income distrubution to the investors by using equity and e q u i t y r e l a t e d i n s t r u m e n t s , a r b i t r a g e opportunities, and investments in debt and money market instruments.However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated and the scheme does not assure or guarantee any returns.Fund managers: EquityAmit Gadgil & Karan SikkaTotal experience (years)Amit Gadgil 11Karan Sikka 7Experience managing the schemeAmit Gadgil 3 monthsKaran Sikka 3 monthsFund managers: DebtNamdev Chougule & Ravi RatanpalTotal experience (years)Namdev Chougule 13Ravi Ratanpal 10Experience managing the schemeNamdev Chougule 3 monthsRavi Ratanpal 3 monthsFor all PlansMinimum investment amountRs.5,000 per application plus in multiples of Re.1/- thereofAdditional investment amountRs.1,000 per application plus in multiples of Re.1/- thereofEntry 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 - NilBenchmark70% of CRISIL Liquid Fund Index and 30% in CNX NiftyNAV (as at 31 December 2014, in Rs.)Regular Plan - Growth Option 10.3027


Regular Plan - Bonus Option 10.3033



Direct Plan - Bonus Option 10.3169Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 287.02 Crore


Equity Holdings % to % to NAV NAV Deriv- atives UnHedge PositionsICICI Bank Ltd. 2.81Infosys Ltd. 1.97 Axis Bank Ltd. 1.85 ITC Ltd. 1.72 State Bank of India 1.70 Maruti Suzuki India Ltd. 1.65 HDFC Bank Ltd. 1.47 HDFC Ltd. 1.34 Tata Consultancy Services Ltd. 1.28 Tata Motors Ltd. 1.22 Reliance Industries Ltd. 1.06 Asian Paints Ltd. 1.02 Shree Cements Ltd. 0.89 IndusInd Bank Ltd. 0.88 Kotak Mahindra Bank Ltd. 0.85 Larsen & Toubro Ltd. 0.82 Sun Pharmaceuticals Industries Ltd. 0.72 Ultratech Cement Ltd. 0.68 Shriram Transport Finance Co. Ltd. 0.53 Oil & Natural Gas Corporation Ltd. 0.50 HCL Technologies Ltd. 0.50 Lupin Ltd. 0.49 Tech Mahindra Ltd. 0.49 Cummins India Ltd. 0.39 Bosch Ltd. 0.34 Eicher Motors Ltd. 0.28 Bharat Forge Ltd. 0.26 Motherson Sumi Systems Ltd. 0.25 Titan Company Ltd. 0.25 Divi's Laboratories Ltd. 0.24 ABB India Ltd. 0.20 GSK Consumer Healthcare Ltd. 0.19 IDFC Ltd. 0.19 UnHedge Positions Total 29.03 Hedge Positions Lupin Ltd. 4.16 Lupin Ltd - Futures. (4.21)Reliance Industries Ltd. 3.92 Reliance Industries Ltd - Futures. (3.94)HDFC Bank Ltd. 3.76 HDFC Bank Ltd - Futures. (3.80)Aurobindo Pharma Ltd. 2.62 Aurobindo Pharma Ltd - Futures. (2.64)HPCL 2.38 HPCL - Futures (2.40)IndusInd Bank Ltd. 2.09 IndusInd Bank Ltd.-Futures (2.11)JSW Steel Ltd. 2.02 JSW Steel Ltd - Futures. (2.04)HDFC Ltd. 2.01HDFC Ltd. - Futures (2.03)ITC Ltd. 1.91 ITC Ltd. - Futures. (1.92)Tata Steel Ltd. 1.89 Tata Steel Ltd - Futures. (1.91)Asian Paints Ltd. 1.84 Asian Paints Ltd - Futures. (1.86)ICICI Bank Ltd. 1.79ICICI Bank Ltd - Futures. (1.80) Axis Bank Ltd. 1.77Axis Bank Ltd. - Futures (1.78) ONGC Ltd. 1.69ONGC Ltd. - Futures. (1.70) Grasim Industries Ltd. 1.43Grasim Industries Ltd. - Futures (1.44) Maruti Suzuki India Ltd. 1.19Maruti Suzuki India Ltd. - Futures (1.20) Indian Oil Corporation Ltd. 0.54 Indian Oil Corporation Ltd.-Futures (0.54)Hedge Positions Total 37.01 (37.32)Equity Holdings Total 66.04 (37.32)Margin Deposits Canara Bank 4.25 Corporation Bank 2.29 Margin Deposits Total 6.54Non-Convertible Debentures Welspun Corp Ltd. CARE AA- 12.05 Sintex Industries Ltd. CARE AA 11.73 Tata Power Company Ltd. CARE AA 0.50 Non-Convertible Debentures Total 24.28 Debt Holdings Total 24.28%Cash & Other Receivables CBLO / Repo 1.99 Net Receivables/(Payables) 1.15 Cash & Other Receivables Total 3.14 Grand Total 100.00

^Since the scheme has not completed 12 months the Porfiolo Turnover ratios have not been provided.@As on December 31, 2014


This product is suitable for investors who are seeking*• Income distribution by investing in debt and money market instrument and arbitrage opportunities.• Long term capital appreciation by using equity and equity related instruments.• Medium Risk (YELLOW)

**Please note that the name of JPMorgan India Equity Savings Fund has been changed to JPMorgan India Equity Income Fund with effect from 14th November 2014.

*Includes industrial capital goods / diversified / construction / industrial products.The above chart represents the unhedged equity positions only.

Pharma

Oil & Gas

Cement

*Industrials/Infra

Consumer

Auto

Technology

Financials

Sec

tor

% of portfolio


0% 8%

1.4%

4%

1.6%

12%

1.6%

1.7%

3.2%

3.7%

4.2%

Standard deviation (%) 0.75Beta 0.31Sharpe ratio 10.32Portfolio turnover ratio^ -(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)

Portfolio turnover ratio (Equity)^ -@Risk free rate of return (repo) 8.00%


Total stocks in portfolio 33


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.


>`90k Crs74.0%

`18k Crs - `90k Crs26.0%

11.6%

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%

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 yrs, 3 mnths.


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%;


allotment of units of each installment of SIP

purchase - Nil

Benchmark of the underlying fund

MSCI Golden Dragon Index





in future.


Rs. 119.55 crore

International Mutual Fund Units

JPMorgan Funds - Greater China Fund 100.48%

International Mutual Fund Units Total 100.48%

Cash & Other Receivables

CBLO / Repo 0.50%

Net Receivables (Payable) (0.98%)

Cash & Other Receivables Total (0.48%)

Grand Total 100.00

Holding as on 31 December 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~ 0.70% 1.00%


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

Equity holding Weight (%)

Taiwan Semiconductor (Information Technology) 8.0

Tencent Holdings (Information Technology) 6.8

AIA Group (Financials) 5.0

China Construction Bank (Financials) 4.8

Cheung Kong (Financials) 3.4

China Telecom (Telecommunication Services) 2.7

China Minsheng Bank (Financials) 2.4

Agricultural Bank of China (Financials) 2.2

Alibaba (Information Technology) 2.1

Bank of China (Financials) 2.0

Total 39.4

Statistical analysis as on 30 November 2014

3 years 5 years

Correlation 0.96 0.98

Alpha 1.39 1.55

Beta 0.99 1.05

10 largest holdings as on 30 November 2014

Sector breakdown as on 30 November 2014

Sector Fund

Financials 38.7%

Information Technology 30.3%

Industrials 6.0%

Health Care 5.7%

Consumer Discretionary 4.7%

Telecommunication Services 4.3%

Energy 2.9%

Utilities 2.8%

Consumer Staples 2.8%

Materials 1.3%

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 30 November 2014

Country FundChina 55.3%Taiwan 25.4%Hong Kong 18.8%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: We have reduced exposure to Chinese financial and energy stocks given softening mainland economic fundamentals and have increased exposure to Greater China technology and healthcare.

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, 5 months


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

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. 181.31 crore


JPMorgan Funds - ASEAN Equity Fund 100.19%



CBLO / Repo 0.67%

Net Receivables / (Payables) (0.86%)


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) 5.5%Singapore Telecommunications (Telecommunication Services) 3.9%United Overseas Bank (Financials) 3.9%Oversea-Chinese Banking (Financials) 3.2%Bank Central Asia (Financials) 3.1%Kasikornbank (Financials) 3.1%Malayan Bankaing (Financials) 2.7%PTT (Energy) 2.6%Tenaga Nasional (Utilities) 2.6%Telekomunikasi Indonesia (Telecommunication Services) 2.3%Total 32.9%



Country FundSingapore 27.8%Thailand 22.8% Indonesia 17.1%Malaysia 16.9%Philippines 8.1%Hong Kong 0.7%Vietnam 0.7%Cash 5.9%Total 100.0%


Sector Fund

Financials 41.5%

Industrials 13.0%




Energy 5.3%

Utilities 5.1%

Health Care 2.0%

Materials 1.6%


Cash 5.9%

Total 100.0%


JPMorgan ASEAN Equity Off-shore Fund ASEAN Equity Fund

(underlying fund)




3 years 5 years Correlation 0.96 -Alpha 2.06 -Beta 1.01 -

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: External risks arising from the higher US 10year yield may cause shortterm volatility, but given that many ASEAN interest rates and exchange rates have adjusted in the last 18 months, the impact from a gradual rise in US interest rates should not be severe.

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 yr, 4 months

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. 196 crore


JPMorgan Funds - US Value Fund 100.45%



CBLO / Repo 0.56%



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 (%)

Wells Fargo (Financials) 4.1%

Exxon Mobil (Energy) 3.8%

Johnson & Johnson (Health Care) 2.8%

Pfizer (Health Care) 2.5%

Bank of America (Financials) 2.2%

Capital One (Financials) 2.1%

Chevron (Energy) 2.1%

Procter & Gamble (Consumer Staples) 2.1%

Merck & Co. (Health Care) 2.0%

DISH Network (Consumer Discretionary) 1.9%

Total 25.6%



Sector Fund

Financials 33.6%


Health Care 10.6%

Energy 10.0%


Industrials 6.6%


Utilities 5.1%

Materials 4.1%


Total 100.0%


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

(underlying fund)




3 years 5 years Correlation 0.95 0.96Alpha 0.08 0.78Beta 0.95 0.89

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: While the timing of a rise in interest rates continues to drive investor sentiment in the short term, we believe markets will welcome rising rates as they should confirm that the US economy is on stable ground. Given an increase in the number of Americans working, a robust manufacturing sector, and signs pointing to increased levels of capital investment, we believe that US corporate profits will increase and US equity markets will continue to advance.

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 11 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. 204.58 crore


JPMorgan Europe Dynamic Equity Offshore Fund 100.32%



CBLO / Repo 1.08%



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: European equity valuations are once again attractive, and the fact that earnings revisions have turned positive suggests that a lot of bad economic news has already been discounted.

Equity holding Weight (%)Royal Dutsh Shell (Energy) 2.9%Novartis (Health Care) 2.9%Orange (Telecommunication Services) 2.4%Allianz (Financials) 2.3%Roche (Health Care) 2.3%Pandora (Consumer Discretionary) 2.0%Shire (Health Care) 1.9%ING (Financials) 1.9%Lloyds Banking (Financials) 1.8%Cap Gemini (Information Technology) 1.8%Total 22.2%



Country FundUnited Kingdom 28.1%Germany 14.0%France 9.4%Switzerland 8.9%Netherlands 8.7%Denmark 6.5%Spain 6.4%Sweden 4.0%Ireland 2.6%Others 7.4%Cash 4.0%Total 100.0%


Sector Fund

Financials 25.4%


Health Care 10.0%



Materials 8.4%

Industrials 8.1%


Energy 5.2%

Utilities 3.6%

Cash 4.0%

Total 100.0%Statistical analysis as on 30 November 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 6 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. 8.15 crore


JPMorgan Emerging Markets Opportunities Equity Offshore Fund 69.66%



CBLO / Repo 1.33%

Net Receivables / (Payables) 29.01%

Cash & Other Receivables Total 30.34%

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: The recent negative headlines and their effect on markets remind us why valuation discipline and patience are so important when investing in a cyclical asset class such as emerging markets. The recent correction has taken emerging market valuations back below 1.5x book value. We believe this reflects a healthy dose of scepticism and is the area around which longterm investors may wish to add exposure.

Equity holding Weight (%)Infosys Technologies (Information Technology) 3.4%Taiwan Semiconductor (Information Technology) 2.8%Great Wall Motor (Consumer Discretionary) 2.6%Tencent (Information Technology) 2.4%Samsung Fire & Marine Insurance (Financials) 2.3%Samsung Electronics (Information Technology) 2.2%Kasikornbank (Financials) 2.2%Lukoil (Energy) 2.1%MediaTek (Information Technology) 2.1%Hon Hai Precision Industry (Information Technology) 2.1%Total 24.2%



Country FundChina 26.2%South Korea 15.0%Taiwan 12.6%Brazil 10.5%India 8.4%South Africa 5.1%Russia 4.8%Turkey 4.8%Thailand 4.1%Others 8.2%Cash 0.3%Total 100.0%


Sector Fund



Financials 22.4%

Materials 5.8%


Energy 5.2%

Industrials 4.6%


Utilities 2.1%

Health Care 0.2%

Cash 0.3%

Total 100.0%Statistical analysis as on 30 November 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 0.08 30 8.41% 0.32%~ 0.52%~ 0.17%~

*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, 6 months

Ravi Ratanpal 3 years, 3 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 16.1586

Retail Plan - Daily Dividend Option 10.0190

Retail Plan - Weekly Dividend Option 10.0223

Retail Plan - Monthly Dividend Option 10.0359

Super Institutional Plan - Growth Option 17.7359

Super Institutional Plan - 10.0279

Daily Dividend Option


Weekly Dividend Option


Fortnightly Dividend Option


Monthly Dividend Option

Super Institutional Plan - Bonus Option 17.7362


Annual Dividend Option


Direct Plan - Daily Dividend Option 10.0101

Direct Plan - Weekly Dividend Option 10.1355

Direct Plan - Bonus Option 17.7595

Past performance may or may not be sustained in future.

Average AUM (December 2014)Rs. 6836.91 crore

JPMorgan India Liquid Fund


Name of the instrumentMoney Market Instruments

Certificate of Deposit

Canara Bank CRISIL A1+ 16.39

IDBI Bank Ltd. CRISIL A1+ 11.23

Bank of Maharashtra CRISIL A1+ 11.21

Kotak Mahindra Bank Ltd. ICRA A1+ 4.82

Punjab & Sind Bank CRISIL A1+ 3.19

Corporation Bank CRISIL A1+ 2.95

Union Bank of India CRISIL A1+ 0.80

Indian Overseas Bank ICRA A1+ 0.80

State Bank of Patiala CRISIL A1+ 0.45

Certificate of Deposit Total 51.84

Commercial Paper

Edelweiss Financial Services Ltd. CRISIL A1+ 8.75

Welspun Corp Ltd. CARE A1+ 3.20

ECL Finance Ltd. CRISIL A1+ 3.18

Nirma Ltd. CRISIL A1+ 2.40

Commercial Paper Total 17.53

Money Market Instruments Total 69.37

Fixed Deposit

IDBI Bank Ltd. UNRATED 4.84

Fixed Deposit Total 4.84


CBLO / Repo 25.48

Net Receivables/(Payables) 0.31

Cash & Other Receivables Total 25.79

Grand Total 100.00

ICRA A1+, CRISIL A1+, CARE A1+

Rating profile

69.37%

4.84%

Dividend details (Re / Unit)

Super Institutional Plan - Monthly Dividend Option

27-Oct-14 0.07610216 10.1087

25-Nov-14 0.06671325 10.0993

26-Dec-14 0.07171824 10.1043

Retail Plan - Monthly Dividend Option

27-Oct-14 0.07427137 10.0982

25-Nov-14 0.06505662 10.0890

26-Dec-14 0.06993341 10.0938

Direct Plan - Monthly Dividend Option

25-Aug-14 0.07339785 10.1060

25-Sep-14 0.07413135 10.1067

27-Oct-14 0.07738489 10.1100


Asset allocation (% of total)

60

50

40

30

20

10

0Certificate of

Deposit

51.84%

CommercialPaper

17.53%

Fixed Deposit

4.84%

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

25.79%

25.79%


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, 6 monthsRavi Ratanpal 3 years, 3 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 31 December 2014, in Rs.)Retail Plan - Growth Option 16.1234

Retail Plan - Daily Dividend Option 10.0353

Retail Plan - Weekly Dividend Option 10.0745

Retail Plan - Monthly Dividend Option 10.0429

Super Institutional Plan - Growth Option 17.9645

Super Institutional Plan - Dividend Option 12.1488


Daily Dividend Option


Weekly Dividend Option


Fortnightly Dividend Option


Monthly Dividend Option

Super Institutional Plan - Bonus Option 11.9770



Direct Plan - Daily Dividend Option 10.0738

Direct Plan - Monthly Dividend Option 10.4062

Direct Plan - Fortnightly Dividend Option 10.0694

Direct Plan - Annual Dividend Option 10.7665Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 1593.51 crore


JPMorgan India Treasury Fund

Name of the instrument Rating % to NAV

Holdings as on 31 December 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

27-Oct-14 0.07692115 10.1052

25-Nov-14 0.06037594 10.1020

26-Dec-14 0.06536471 10.1071

Retail Plan - Monthly Dividend Option

27-Oct-14 0.07695434 10.1087

25-Nov-14 0.06897140 10.1007

26-Dec-14 0.06019324 10.0919


27-Oct-14 0.08659381 10.4801

25-Nov-14 0.07769196 10.4712

26-Dec-14 0.06903835 10.4625

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

Rating profile

90.27%

6.56%

Corporate Debt

Non-Convertible Debentures

Bharat Aluminium Company Ltd. CRISIL AA- 3.65

SREI Equipment Finance Ltd. CARE AA 2.96

Fullerton India Credit Company Ltd. ICRA AA+ 1.41

Power Finance Corporation Ltd. CRISIL AAA 0.13

Non-Convertible Debentures Total 8.15

Corporate Debt Total 8.15

Money Market Instruments


Kotak Mahindra Bank Ltd. ICRA A1+ 16.20

Canara Bank ICRA A1+ 7.69

Oriental Bank of Commerce CRISIL A1+ 6.56

Bank of Baroda ICRA A1+ 6.53

Bank of Baroda CRISIL A1+ 4.05

Canara Bank CRISIL A1+ 3.92



Commercial Paper

Dewan Housing Finance Corp. Ltd. CRISIL A1+ 26.09

Commercial Paper Total 26.09

Money Market Bonds

Indiabulls Housing Finance Ltd. CRISIL AA+ 3.47

Bajaj Finance Ltd. CRISIL AA+ 2.12

Shriram Transport Fin. Co. Ltd. CRISIL AA 1.64

HDFC Ltd. CRISIL AAA 1.31

LIC Housing Finance Ltd. CRISIL AAA 0.44

Fullerton India Credit Company Ltd. ICRA AA+ 0.03

Money Market Bonds Total 9.01


Fixed Deposit

Syndicate Bank UNRATED 6.56

Fixed Deposit Total 6.56


CBLO / Repo 1.65

Net Receivables/(Payables) 1.52


Grand 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 0.20 84 8.48% 0.49%~ 1.09%~ 0.34%~

CommercialPaper

Cash andOther

Receivables

80

70

60

50

40

30

20

10

0

47.02%


Certificateof deposit

3.17%

26.09%

CorporateDebt

8.15%


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

9.01%

3.17%

Unrated

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


Direct Plan - Annual Dividend Option 14.0524



Retail Plan - Growth Option 14.7929

Retail Plan - Dividend Option 13.9134

Institutional Plan - Growth Option 12.3380

Institutional Plan - Dividend Option 12.3166


Average AUM (December 2014)Rs. 1364.07 crore#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


88.55%

11.45%

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 4.27 2327 8.57% 0.90%~ 1.99%~ 0.87%~

100

90

80

70

60

50

40

30

20

10

0


Cash & OtherReceivables

11.45%

CorporateDebt

86.71%

Certificate ofDeposit

1.84%

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 Export Import Bank of India CRISIL AAA 18.73Power Finance Corporation Ltd. CRISIL AAA 17.82LIC Housing Finance Ltd. CRISIL AAA 16.04Rural Electrification Corporation Ltd. CRISIL AAA 13.03Tata Sons Ltd. CRISIL AAA 7.24Power Grid Corporation of India Ltd. CRISIL AAA 4.26Housing Development Finance Corporation Ltd. CRISIL AAA 2.72Housing Development Finance Corporation Ltd. ICRA AAA 2.25Power Grid Corporation of India Ltd. ICRA AAA 1.57Rural Electrification Corporation Ltd. CARE AAA 1.13GAIL (India) Ltd. CARE AAA 0.94Infrastructure Leasing & Financial Services Ltd. FITCH AAA 0.38Infrastructure Development Finance Company Ltd. ICRA AAA 0.37HDB Financial Services Ltd. CARE AAA 0.15National Bank for Agriculture & Rural Development CRISIL AAA 0.08Non-Convertible Debentures Total 86.71Corporate Debt Total 86.71Money Market InstrumentsCertificate of DepositCanara Bank ICRA A1+ 1.84Certificate of Deposit Total 1.84Money Market Instruments Total 1.84CBLO / Repo 7.57Net Receivables/(Payables) 3.88Cash & Other Receivables Total 11.45Grand 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 1.03 563 8.73% 1.05%~ 0.60%~

JPMorgan India Short Term Income Fund


Regular Plan - Monthly Dividend Option

27-Oct-14 0.09955078 10.2496

25-Nov-14 0.11014383 10.2601

26-Dec-14 0.08818547 10.2382

Regular Dividend - Adhoc

21-Jan-13 0.13000000 10.2992


27-Oct-14 0.18906658 10.3306

25-Nov-14 0.11376872 10.2553

26-Dec-14 0.09208805 10.2336


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.


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

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 10.1576

Regular Plan - Fortnightly Dividend Option 10.2010

Regular Plan - Monthly Dividend Option 10.1636






Average AUM (December 2014)Rs. 483.13 crore



Rating profile

84.35%

2.86%


60

50

40

30

20

10

0


CorporateDebt

18.24%

2.86%

55.02%

Certificateof

Deposit

Cash &Other

Receivables

12.79%

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

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

11.09%

MoneyMarketBond

GovernmentBond

12.79%

SOVEREIGN

Corporate Debt Non-Convertible Debentures Sintex Industries Ltd. CARE AA 5.72HPCL Mittal Energy Ltd. ICRA AA- 4.01Fullerton India Credit Company Ltd. ICRA AA+ 2.16Power Finance Corporation Ltd. ICRA AAA 2.11HPCL Mittal Pipelines Ltd. ICRA AA- 1.41ECL Finance Ltd. CRISIL AA- 1.07Sesa Sterlite Ltd. CRISIL AA+ 1.05Nirma Ltd. CRISIL AA 0.37Power Grid Corp. of India Ltd. CRISIL AAA 0.21The Indian Hotels Company Ltd. ICRA AA 0.13Non-Convertible Debentures Total 18.24Corporate Debt Total 18.24Money Market InstrumentsCertificate of DepositIDBI Bank Ltd. CRISIL A1+ 31.03Canara Bank ICRA A1+ 12.47State Bank of Patiala CRISIL A1+ 10.48Canara Bank CRISIL A1+ 1.04Certificate of Deposit Total 55.02Money Market BondsIndiabulls Housing Finance Ltd. CRISIL AA+ 11.05LIC Housing Finance Ltd. CRISIL AAA 0.02Indian Oil Corporation Ltd. ICRA AAA 0.02Money Market Bonds Total 11.09Money Market Instruments Total 66.11Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN 2.86Government Bond Total 2.86Government Bond And Treasury Bill Total 2.86Cash & Other Receivables CBLO / Repo 12.35Net Receivables/(Payables) 0.44Cash & Other Receivables Total 12.79Grand Total 100.00

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, 4 monthsRavi Ratanpal 1 year, 4 monthsEntry 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 31 December 2014, in Rs.)Direct Plan - Growth Option 11.4310







Regular Plan - Monthly Dividend Option 10.2824Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 384.76 crore

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



Rating profile

93.18%

6.82%


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

87.66%


6.82%

CRISIL AA+, CRISIL AAA, ICRA AAA, CRISIL A1+

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)



27-Oct-14 0.10469527 10.3275

25-Nov-14 0.06744142 10.3337

26-Dec-14 0.05045429 10.3168


27-Oct-14 0.06436360 10.2798

25-Nov-14 0.06472636 10.3237

26-Dec-14 0.04781619 10.3068



Dividend NAV

Corporate Debt

Non-convertible Debentures

Power Finance Corporation Ltd. CRISIL AAA 17.00

Kotak Mahindra Prime Ltd. CRISIL AAA 12.47

Power Grid Corp. of India Ltd. CRISIL AAA 11.44

IDBI Bank Ltd. CRISIL AA+ 8.94

Rural Electrification Corp. Ltd. CRISIL AAA 7.96

Export Import Bank of India CRISIL AAA 7.80

HPC Ltd. CRISIL AAA 6.47

NABARD CRISIL AAA 5.23

Power Grid Corp. of India Ltd. ICRA AAA 1.31

HDB Financial Services Ltd. CRISIL AAA 1.31

Airports Authority of India Ltd. ICRA AAA 1.30

Indian Railway Fin. Corp. Ltd. CRISIL AAA 1.30

Power Finance Corporation Ltd. ICRA AAA 1.29

Bank of Baroda CRISIL AAA 1.29

NHPC Ltd. ICRA AAA 1.29

Housing & Urban Dev. Corp. Ltd. CRISIL AA+ 1.26

Non-convertible Debentures Total 87.66


Money Market Instruments






CBLO / Repo 1.41

Net Receivables / (Payables) 5.41


Grand Total 100.00

In days Regular Plan Direct Plan 1.92 852 8.55% 0.55%~ 0.25%~

MoneyMarket

5.52%

JPMorgan India Government Securities Fund

Name of the schemeJPMorgan India Government Securities FundAllotment date13 February 2014Scheme structureAn open ended gilt schemeInvestment objectiveThe investment objective of the Scheme is to 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.

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 11 monthsRavi Ratanpal 11 monthsEntry load - NilExit load - If redeemed within 12 month from the date of allotment in respect of Purchase made other than through SIP; if redeemed within 12 months from the date of allotment in respect of each Purchase made through SIP; 2.00%If redeemed after 12 month but within 24 months from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 12 months but within 24 months from the date of allotment in respect of each Purchase made through SIP; 1.50%If redeemed after 24 month but within 36 months from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 24 months but within 36 months from the date of allotment in respect of each Purchase made through SIP; 1.00%If redeemed after 36 month from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 36 months from the date of allotment in respect of each Purchase made through SIP; NilBenchmarkI-Sec Mi-BEXNAV (as at 31 December 2014, in Rs.)Direct Plan - Growth Option 11.4585






Regular Plan - Annual Dividend Option 11.4277Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 588.04 crore




Government Bond And Treasury Bill

Government Bond

Government of India SOVEREIGN 98.43

Government Bond Total 98.43

Government Bond & Treasury Bill Total 98.43


CBLO / Repo 4.32

Net Receivables / (Payables) (2.75)


Grand Total 100.00

Rating profile

98.43%



100

90

80

70

60

50

40

30

20

10

0



1.57%

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-Sep-14 0.04861500 10.0986

27-Oct-14 0.04566627 10.0957

25-Nov-14 0.60245043 10.6525



Dividend NAV


1.57%

SOVEREIGN

GovernmentBond

98.43%

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 4 monthsRavi Ratanpal 4 monthsEntry 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 31 December 2014, in Rs.)Direct Plan - Annual Dividend Option 10.4353









Regular Plan - Annual Dividend Option 10.4253Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 86.73 crore




Corporate Debt

Non-Convertible Debentures

Sintex Industries Ltd. CARE AA 14.89

Welspun Corp Ltd. CARE AA- 14.75

Nirma Ltd. CRISIL AA 14.62

HPCL Mittal Pipelines Ltd. ICRA AA- 13.06

HPCL Mittal Energy Ltd. ICRA AA- 12.96

The Indian Hotels Company Ltd. ICRA AA 8.56

Shriram Transport Fin. Co. Ltd. CRISIL AA 5.87

Cholamandalam Inv.&Fin.Co.Ltd. ICRA AA 5.62

Tata Power Company Ltd. CARE AA 3.94

Non-Convertible Debentures Total 94.27



CBLO / Repo 2.84

Net Receivables / (Payables) 2.89


Grand Total 100.00


100

90

80

70

60

50

40

30

20

10

0



5.73%

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

94.27%

5.73%


CRISIL AA, ICRA AA, ICRA AA-, CARE AA, CARE AA-

Corporate DebtTotal

94.27%

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 9.805 85.58 55.91 29.89

Scheme ReturnsJPMorgan India Equity Fund - Regular Plan Growth Option Returns as on 31 December 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 10.73 9.48 9.1431-12-2013 To 31-12-2014 (Absolute) 14.930 44.72 35.47 29.8931-12-2012 To 31-12-2013 (Absolute) 14.179 5.30 4.38 8.9830-12-2011 To 31-12-2012 (Absolute) 11.187 26.75 30.98 25.70

NAV as on December 31, 2014 Rs. 21.606

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

Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 21,606 19,821 19,361

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• JPMorgan India Equity Income 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• JPMorgan India Equity Income 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• JPMorgan India Equity Income Fund

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

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 31 December 2014



JPMorgan India Mid and Small Cap Fund - Regular Option Returns as on 31 December 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 8.57 5.08 4.5031-12-2013 To 31-12-2014 (Absolute) 9.712 83.36 55.91 29.8931-12-2012 To 31-12-2013 (Absolute) 9.093 6.81 -5.10 8.9830-12-2011 To 31-12-2012 (Absolute) 6.286 44.65 39.16 25.70




JPMorgan India Mid and Small Cap Fund - Direct Plan Growth Option Returns as on 31 December 2014


JPMorgan India Tax Advantage Fund - Regular Plan Growth Option Returns as on 31 December 2014





JPMorgan India Tax Advantage Fund - Direct Plan Growth Option Returns as on 31 December 2014




Scheme (Rs) Benchmark (Rs) # 19,156 19,031

JPMorgan Greater China Equity OffShore Fund - Regular Plan Growth Option Returns as on 31 December 2014

NAV as on December 31, 2014 Rs. 19.156Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)Since Inception - CAGR 10.000 12.92 12.7830-12-2013 To 30-12-2014 (Absolute) 17.638 8.61 10.4028-12-2012 To 30-12-2013 (Absolute) 13.950 26.44 20.7130-12-2011 To 28-12-2012 (Absolute) 10.903 27.95 25.95

#MSCI Golden Dragon Index

JPMorgan Greater China Equity OffShore Fund - Direct Plan Growth Option Returns as on 31 December 2014

NAV as on December 31, 2014 Rs. 19.574Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)30-12-2013 To 30-12-2014 (Absolute) 17.836 9.74 10.40

#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



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

Scheme ReturnsJPMorgan ASEAN Equity Off-shore Fund - Regular Plan Growth Option Returns as on 31 December 2014

NAV as on December 31, 2014 Rs. 16.619Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)Since Inception - CAGR 10.000 15.60 13.7330-12-2013 To 30-12-2014 (Absolute) 15.329 8.42 9.8228-12-2012 To 30-12-2013 (Absolute) 13.925 10.08 7.4230-12-2011 To 28-12-2012 (Absolute) 10.614 31.19 26.42

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

JPMorgan ASEAN Equity Off-shore Fund - Direct Plan Growth Option Returns as on 31 December 2014


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

Scheme (Rs) Benchmark (Rs)# 16,619 15,695


JPMorgan US Value Equity Offshore Fund-Regular Plan Growth Option Returns as on 31 December 2014


#Russell 1000 Value Index

JPMorgan US Value Equity Offshore Fund-Direct Plan Growth Option Returns as on 31 December 2014


#Russell 1000 Value Index

JPMorgan India Liquid Fund - Retail Plan Growth Option Returns as on 31 December 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 7.92 7.60 6.347 days 16.1321 8.57 8.92 11.4015 days 16.1028 8.43 8.30 8.4930 days 16.0383 8.30 8.20 8.3331-12-2013 To 31-12-2014 (Absolute) 14.8426 8.87 9.21 8.5631-12-2012 To 31-12-2013 (Absolute) 13.6201 8.98 9.03 5.8630-12-2011 To 31-12-2012 (Absolute) 12.4356 9.53 8.54 8.11



Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 16,159 15,855 14,726

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

Fund Managers:
















2. Returns of only those schemes that have completed one year has been given.JPMorgan India Liquid Fund - Direct Plan Growth Option Returns as on 31 December 2014

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##7 days 17.7515 8.90 8.92 11.4015 days 17.7179 8.78 8.30 8.4930 days 17.6438 8.65 8.20 8.3331-12-2013 To 31-12-2014 (Absolute) 16.2774 9.24 9.21 8.56


JPMorgan India Liquid Fund - Super Institutional Plan Growth Option Returns as on 31 December 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 8.18 7.57 6.127 days 17.7062 8.75 8.92 11.4015 days 17.6732 8.63 8.30 8.4930 days 17.6007 8.50 8.20 8.3331-12-2013 To 31-12-2014 (Absolute) 16.2590 9.08 9.21 8.5631-12-2012 To 31-12-2013 (Absolute) 14.8903 9.19 9.03 5.8630-12-2011 To 31-12-2012 (Absolute) 13.5687 9.74 8.54 8.11



Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 17,736 17,012 15,412



Scheme Returns

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

JPMorgan India Treasury Fund - Super Institutional Plan Growth Option Returns as on 31 December 2014





JPMorgan India Treasury Fund - Direct Plan Growth Option Returns as on 31 December 2014



JPMorgan India Treasury Fund - Retail Plan Growth Option Returns as on 31 December 2014








JPMorgan India Short Term Income Fund - Regular Plan Growth Option


Returns as on 31 December 2014




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

Fund Managers:

















JPMorgan India Active Bond Fund - Retail Plan Growth Option Returns as on 31 December 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 6.19 7.93 7.0231-12-2013 To 31-12-2014 (Absolute) 13.1421 12.56 14.31 14.1431-12-2012 To 31-12-2013 (Absolute) 12.6268 4.08 3.79 -0.6830-12-2011 To 31-12-2012 (Absolute) 11.6642 8.25 9.38 10.67




JPMorgan India Short Term Income Fund - Direct Plan Growth Option


Returns as on 31 December 2014



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

Scheme Returns

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

JPMorgan India Active Bond Fund - Direct Plan Growth Option Returns as on 31 December 2014



JPMorgan India Active Bond Fund - Institutional Plan Growth Option Returns as on 31 December 2014

NAV as on December 31, 2014 Rs. 12.3380Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 10.8476 13.74 14.31 14.1431-12-2012 To 31-12-2013 (Absolute) 10.3539 4.77 3.79 -0.68



JPMorgan India Banking and PSU Debt Fund-Regular Plan Growth Option Returns as on 31 December 2014



JPMorgan India Banking and PSU Debt Fund-Direct Plan Growth Option Returns as on 31 December 2014





Fund Managers:

















#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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