fund facts - edelweissmf.com april 2012 .pdfan open-ended equity growth scheme the investment...

FundFacts

April, 2012

Equity and debt review

Equity review

The February IIP print got reported at 4.1% versus 6.8% consensus estimate, which continued to surprise the market. The unexpected slowdown in the headline number could be attributed to the Consumer Goods growth turning negative, led by a contraction in durables. But, Capital goods reversed its recent negative trend. The credibility of the data was questioned again, with the downward revision in the January data from 6.8% to 1.1% due to an incorrect reporting of sugar output. Inflation: March WPI inflation came in at 6.89% versus 6.95% in Feb despite a powerful base effect present in the month. This could be attributed to the rise in primary products inflation. What was more comforting however was the core inflation, viz manufactured non-food print coming down to 4.9% - which is much closer to the RBI comfort level of 4%. The March CPI print on the other hand was much higher at 9.5% and has now seen an increasing trend every month since its inception. The uptrend in March could be attributed in large part to the increase in the food prices from 4.5% to 8.4%. In the light of liquidity issues and the slowing growth in the economy, the RBI finally kicked off its rate reversal cycle. The cut to the tune of 50bps in the repo rate was in fact higher than expected, but failed to cheer the market. The reaction perhaps remained subdued because of the hawkish statements issued by the RBI which tempered expectations of a further rate cut in the near future. This policy also saw the central bank release its FY13 guidance which has pegged the WPI at 6.5% and the growth at 7.3%.

Rupee continued with its downward spiral for the second consecutive month and ended another 4% lower at ~52.7. Worsening macro trends in the economy, reversing direction in foreign flows, return of sovereign debt worries in Europe and the continued strength in the USD would have all contributed to this decline. S&P also revised its outlook for India to negative which started talks of a possible rating change for the country to the non-investment grade category.

April saw the GAAR overhang continues to weigh on the market without much incremental clarity emerging on the issue. This could have possibly impacted the market volumes and FII flows during the month. News reports were rife with suggestions of a possible “sunset clause” in the final law (Bill to be tabled in the Parliament on May 7th) which could tone down the impact and even delay its implementation. But any formal confirmation of the same has not come through. Last month saw regulatory moves that took a lot of cos. by surprise. In the gas industry, the PNGRB ordered GAIL and IGL to cut pipeline tariff rates, with a possible overhang of this being applied retrospectively as well In the telecom industry, TRAI came out with recommendations for the fresh 2G auctions which specified a reserve price that would involve a large cash outgo & lead to a disruption in spectrum allocation – both of which are negative for the players. Most importantly of course, all of this highlighted the inherent regulatory risk still prevalent in the country

Indian equities recorded yet another month of weak performance (-0.9%) after having started the year with an impressive rally. With the overhang on GAAR related tax issues continuing all of this month, regulatory surprises continuing to catch the industry on the wrong foot and Europe concerns re-emerging, we failed to see any bounce in the market. So much so that the much-awaited RBI rate cut which in fact surprised on the upside, did little to change sentiments. For the first time this year, FIIs turned into net sellers and pared their India investments by $115mn. However, their YTD buying still remains an impressive $8.7bn. DIIs on the other hand, showed buying interest and net bought $154mn in April with the YTD net selling number now at $4.3bn. Amongst the DIIs, Mutual Funds continued to be net sellers to the tune of $132mn while the buying interest was seen from Insurance companies, who bought in close to $286mn

Given the overhang of potentially negative macro factors and little evidence of policy paralysis reversing; our portfolio continues to remain focused on consumption theme as against investment theme. Over the course of next few months we will closely watch if and how the deceleration in growth and sticky inflation impact consumption trends.

Source: Citigroup

Debt review

Month of April stood as a single month filled with lots of surprises and unanticipated events. Along with that, Inflation continued to be under 7.0% levels, with IIP continuing to be volatile.

Banking system liquidity was under RBI's comfort zone as the government started spending, due to which there was an improvement in the system liquidity.

Economic releases during the month were as follows: RBI's monetary policy: Set in a challenging economic environment, RBI began its rate cutting cycle by cutting repo rate 50 bps; ahead of market expectations taking repo rate to 8.00% and reverse repo to 7.00%; whereas CRR remained at 4.75%. Further, in a bid to address liquidity issues, the RBI raised the borrowing limit under the marginal standing facility. This allows banks to borrow overnight to the tune of 2% of NDTL v/s 1% earlier at a rate that is 100bps above the repo rate. Also, it has guided to FY13 GDP growth coming in at 7.3% and WPI inflation at 6.5%. But, more importantly, it has said that 'the economy is likely to revert close to its post-crisis trend in FY13, which does not leave much room for monetary policy easing without aggravating inflation risks'.

RBI has following concerns: 1.) uptick in global commodity prices and crude 2.) Fiscal Slippages 3.) Large government borrowing program 4.) Financing of the CAD remains a concern in the backdrop of the domestic and global situation.

Taking into account the above, and FY13 expectations for growth and inflation at 7% and 7.4% respectively, one could see one more rate cut later this year. However this will be data/event dependent. Upcoming policy reviews are on June 18th and July 31st.

Inflation March 2012: Headline inflation in March came in at 6.89% YoY v/s 6.95% last month. This was due to the unabated rise in primary product inflation which rose 9.6% from the low single digit readings earlier this year. The deceleration in manufactured non-food product inflation continued, with the Mar print at 4.6% v/s 5.7% last month and 8% levels earlier in the year. This was due to a deceleration across all product groups. For the next couple of months, we can see headline inflation between 6.5% - 7.0% levels mainly due to high base effect and moderating primary articles. In the near term INR movement, commodity prices and crude oil prices is bound to play an important role.

India's industrial production (IIP) February 2012: IIP continued to be volatile posting February output at 4.1% lower than the market expectations. On a sectoral basis; mining grew by 2.1%, manufacturing index rose by 4.1% and Electricity was at 8.0%. Most surprising element was the revision of the previous month's IIP output which was corrected to 1.1% vs. 6.8% previously reported. The correction was mainly from the front of sugar output which was over reported by ~2.5 times. Future development in political scenario and policy measures will be an important factor to govern IIP numbers.

S&P Revises Outlook from Stable to Negative: S&P lowered its outlook on India's long-term rating from Stable to Negative on the back of slowing growth and deterioration in the external and fiscal position. Long term sovereign ratings have been affirmed at BBB-. Signaling one-in-three chances of downgrade of ratings in the next 24 months. The reasons cited are not a surprise to the market; reasons are (1) fiscal deficit, (2) current account deficit and (3) growth prospects. The S&P “expects the government to face headwind in implementing policy measures to improve its fiscal and macroeconomic parameters in the near future, given the current unfavorable political environment.”

Going forward, a ratings downgrade will depend specifically on how the fiscal situation pans out. In the event of a failure in fiscal consolidation, a downgrade cannot be ruled out given that growth scenario will also continue remaining weak.

RBI is unlikely to cut sharply and we expect another 25-50 bps of rate cuts given that the upward pressure on inflation is likely to continue. CAD/GDP is likely around 4% and financing of this deficit will be difficult given the global and domestic fundamentals. We expect yields on the benchmark 10-year G-Sec to be in the range of 8.50-8.75% in coming months, with the timing of the peak dependent on the rate cut and quantum of OMO operations.

Source: RBI, S&P

Total expense ratio 2.33%

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

Total stocks in portfolio 49Top 15 stocks 19.48%Total portfolio 34.24%

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 (%) 8.38Beta 0.88Sharpe ratio 0.40Total portfolio turnover ratio* 2.14(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Total turnover ratio (Equity)* 1.38Risk free rate of return (reverse repo)# 7.00%

JPMorgan India Equity Fund

Name of the scheme

Allotment date

Scheme structure

Investment objective

Minimum investment amount

Additional investment amount

Fund managers: Equity

Total experience

Experience managing the scheme

Entry load - Exit load

Exit load (SIP)

Benchmark

NAV (as at 30 April 2012, in Rs.)

Average AUM (April 2012)

JPMorgan India Equity Fund

14 June 2007

An open-ended equity growth scheme

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.

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

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

Harshad Patwardhan & Amit Gadgil(years)

Harshad Patwardhan 17Amit Gadgil 9

Harshad Patwardhan 4 yrs, 10 monthsAmit Gadgil 4 yrs, 10 months

Nil

BSE-200 Index

Growth: 12.569Dividend: 11.671Past performance may or may not be sustained in future.

Rs. 301.03 crore

2%, If redeemed within 6 months from the date of

allotment in respect of purchase made other than

through SIP;

1.5%, If redeemed after 6 months up to 12 months

from the date of allotment in respect of purchase

made other than through SIP;

1%, If redeemed after 12 months up to 18 months


made other than through SIP


allotment of units of each installment of SIP

purchase.


from the date of allotment of units of each

installment of SIP purchase.




Holdings as on 30 April 2012 (in %)

Record date Rate CUM(Re/unit) dividend NAV

20 December 07 1.00 14.060

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

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

88.0%

8.0%

Portfolio analysis: Market cap-wise

Mega61.5%

Large26.2%

Mid9.4% Small

2.9%

Note: Mega-cap=above USD 10bn, Large cap=USD 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn

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

Telecom

Cement

Utilities

Metals/Minerals

Industrials/Infra*

Oil & Gas

Auto

Pharma

Technology

Consumer

Financials

Sec

tor

% of portfolio

Portfolio analysis: Sector-wise

0% 5% 10% 15% 20% 25%

4.6%

8.1%

11.5%

15.7%

8.6%

2.4%

3.1%

Equity HoldingsITC 8.11HDFC Bank 6.62Tata Consultancy Services 4.51HDFC 4.47Infosys 4.17ICICI Bank 4.15Reliance Industries 3.78Tata Motors 3.76Cairn India 3.36State Bank of India 3.27Power Grid Corporation 3.14Sun Pharmaceutical Industries 2.84Bosch 2.68Hindustan Unilever 2.56Nestle India 2.48Total of Top 15 stocks 59.90Total of other equity 33.06Equity Holdings Total 92.96Cash & Other ReceivablesCBLO / Repo 8.60Net Receivables/(Payables) -1.56Cash & Other Receivables 7.04Grand Total 100.00

*Last 12 months#As on April 30, 2012

9.1%

1.8%

3.3%

0.0%>3

4.0%

24.8%

Name of the scheme

Allotment date

Scheme structure





Total experience


Entry load -

Exit load

Exit load (SIP)

Benchmark



JPMorgan India Smaller Companies Fund

26 December 2007

An open ended equity growth scheme

The 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.

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

thereafter

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

thereafter

Harshad Patwardhan & Amit Gadgil

Nil

***CNX – Mid Cap

Growth: 7.551

Dividend: 7.551

Past performance may or may not be sustained

in future.

Rs. 137.93 crore

(years)

Harshad Patwardhan 17

Amit Gadgil 9

Harshad Patwardhan 4 years, 4 months

Amit Gadgil 4 years, 4 months


allotment in respect of purchase made other than

through SIP;



made other than through SIP;



made other than through SIP


allotment of units of each installment of SIP

purchase.








JPMorgan India Smaller Companies Fund



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.


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


Standard deviation (%) 10.08Beta 0.93Sharpe ratio -0.75Portfolio turnover ratio* 1.82(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Total turnover ratio (Equity)* 1.37Risk free rate of return (reverse repo)# 7.00%

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

Sec

tor

% of portfolio


0% 5% 10% 15%

Others#

Utilities

Oil & Gas

Cement

Technology

Auto

Industrials/Infra*

Pharma

Financials

Consumer

13.1%

12.8%

4.8%

2.7%

2.3%

7.3%

6.1%

5.2%

19.2%

20%


Note: Large cap=USD 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn

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

55

50

45

40

35

30

25

20

15

10

5

0<1 1-2 2-5 >5

No. of days

% o

f to

tal p

ort

foli

o 38.9%

24.8%25.9%

10.4%


17.4%

Equity HoldingsDivis Laboratories 4.35Glaxosmithkline Consumer Healthcare 4.25Cummins India 4.09Godrej Consumer Products 3.43Marico 3.13CRISIL 3.09Gruh Finance 2.94IPCA Laboratories 2.90Shree Cement 2.73Torrent Power 2.70ING Vysya Bank 2.58Sadbhav Engineering 2.45India Cements 2.44Berger Paints India 2.36Wabco India 2.35Total of Top 15 stocks 45.79Total of other equity 45.13Equity Holdings Total 90.92Cash & Other ReceivablesCBLO / Repo 9.87Net Receivables/(Payables) -0.79Cash & Other Receivables 9.08Grand Total 100.00

Mid54.2%

Small36.2%

Mega2.3% Large

7.3%

Name of the scheme

Allotment date

Scheme structure





Total experience


Entry load - Exit load - Exit load (SIP) - Benchmark



JPMorgan India Tax Advantage Fund

27 January 09

An open ended equity linked savings scheme

The investment objective of the Scheme is to generate income and long-term capital 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.

Rs 500 per application and in multiples of Rs 500 thereafter

Rs 500 per application and in multiples of Rs 500 thereafter

Harshad Patwardhan & Karan Sikka(years)

Harshad Patwardhan 17Karan Sikka 7

Harshad Patwardhan 3 years, 3 monthsKaran Sikka Less than 8 months

NilNil

BSE-200 Index

Nil

Growth: 17.386Dividend: 14.079Past performance may or may not be sustained in future.

Rs. 4.21 crore



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

JPMorgan India Tax Advantage Fund



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 (%) 5.98Beta 0.68Sharpe ratio 3.01Portfolio turnover ratio* 1.43(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)

Total turnover ratio (Equity)* 1.43Risk free rate of return (reverse repo)# 7.00%


Note: Mega-cap=above USD 10bn, Large cap=USD 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn

Record date Rate CUM(Re/unit) dividend NAV

15-Dec-09 1.5000 15.416025-Jan-10 1.4000 14.0250


Dividend history

Equity HoldingsITC 7.96HDFC Bank 6.46Tata Consultancy Services 4.49Housing Development Finance Corporation 4.45Infosys 4.16ICICI Bank 4.13Reliance Industries 3.76Tata Motors 3.75Cairn India 3.27State Bank of India 3.25Power Grid Corporation 3.07Sun Pharmaceutical Industries 2.77Bosch 2.62Hindustan Unilever 2.51Nestle India 2.43Total of Top 15 stocks 59.08Total of other equity 32.46Equity Holdings Total 91.54Cash & Other ReceivablesCBLO / Repo 4.75Net Receivables/(Payables) 3.71Cash & Other Receivables 8.46Grand Total 100.00



Mega61.7%

Large26.0%

Small2.9%

Mid9.4%

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

Telecom

Cement

Utilities

Metals/Minerals

Industrials/Infra*

Oil & Gas

Auto

Pharma

Technology

Consumer

Financials

Sec

tor

% of portfolio


0% 10% 15%

3.1%

3.2%

4.5%

8.0%

15.4%

1.8%

20%

2.4%

8.8%

8.5%

5%

11.4%

25%

24.6%

Name of the scheme

Allotment date

Scheme structure




Fund manager

Total experienceExperience managing the schemeEntry load - Exit load

Exit load (SIP)

Benchmark of the underlying fund



Portfolio Review:

Outlook:

JPMorgan JF Greater China Equity Off-shore Fund

26 August 2009

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 - JF 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.

Rs 10,000 per application plus in multiples of Re. 1/- thereafter

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

Namdev Chougule

Nil

MSCI Golden Dragon Index (Total Return Net)

Growth: 12.457Past performance may or may not be sustained in future.

Rs. 101.21 crore

12 years2 yrs, 8 months

2%, If redeemed within 6 months from the date of allotment in respect of purchase made other than through SIP;1.5%, If redeemed after 6 months up to 12 months from the date of allotment in respect of purchase made other than through SIP;1%, If redeemed after 12 months up to 18 months from the date of allotment in respect of purchase made other than through SIP

2%, If redeemed within 6 months from the date of allotment of units of each installment of SIP purchase.1.5%, If redeemed after 6 months up to 12 months from the date of allotment of units of each installment of SIP purchase.1%, If redeemed after 12 months up to 18 months from the date of allotment of units of each installment of SIP purchase.

Greater China markets fell in March. The MSCI China index corrected the most, as mainland macro data indicated a sharper - than-expected deceleration and corporate earnings for 4Q11 were generally lackluster. In addition, rumors of political strife in China surfaced after Chongqing Mayor Bo Xilai was removed from his position. The MSCI Hong Kong index followed China, with the election of a more populist new Chief Executive, CY Leung, adding to the profit-taking atmosphere. Leung is perceived as less friendly for the property market than his predecessor. The MSCI Taiwan outperformed led by technology stocks. The strong outlook for makers of smartphones and tablets, paired with better-than-expected employment data in the US, a key market, kept the electronics stock index flat. This was despite falling regional markets and the Taiwanese government developing a capital gains tax on assets. The Fund outperformed against this backdrop. While the policy environment in all three markets remains in flux, we believe that the global economy will continue its recovery. China has already reached its inflection point in both fiscal and monetary policy. The 'bad news' of earnings season is completed and as a result, we remain constructive on equity markets in Greater China. We have added to our Chinese property and consumption positions during the month while trimming back on banks in all three markets.

International mutual fund units

JPMorgan Funds - JF Greater China Fund 99.07

International mutual fund units total 99.07

Cash & other receivables

CBLO / Repo 0.93

Net Receivables / (Payables) 0.00

Cash & other receivables Total 0.93

Grand Total 100.00

Holdings as of 30 April 2012 (in %)

JPMorgan JF Greater China Equity Off-shore Fund

Details of JPMorgan JF Greater China Equity Off-shore Fund



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

Equity holding Weight (%)

Taiwan Semiconductor (Information Technology) 5.90

China Mobile (Telecommunication Services) 4.80

China Construction Bank (Financials) 4.80

Industrial & Commercial Bank of China (Financials) 4.30

Tencent Holdings (Information Technology) 4.00

AIA Group (Financials) 3.90

CNOOC (Energy) 3.60

Cheung Kong (Financials) 3.00

China Petroleum & Chemical (Energy) 2.90

Hon Hai Precision Industry (Information Technology) 2.80

Total 40.00

Statistical analysis as on 31 March 2012

3 years 5 years

Correlation 0.98 0.99

Alpha -0.09 0.11

Beta 1.03 1.03

10 largest holdings as on 31 March 2012

Sector breakdown as on 31 March 2012

Sector Fund

Financials 36.9%

Information Technology 23.6%

Energy 9.1%

Consumer Discretionary 7.3%

Telecommunication Services 5.7%

Industrials 5.2%

Materials 5.1%

Consumer Staples 4.8%

Utilities 1.8%

Health Care 0.0%

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.

Geographical breakdown as on 31 March 2012

Country FundChina 51.1%Taiwan 28.3%Hong Kong 20.1%Cash 0.5%Total 100.0%

Equity holding Weight (%)Lukoil (Energy) 6.80MTN (Telecommunication Services) 5.80Sberbank (Financials) 5.70Mobile Telesystems (Telecommunication Services) 2.70Shoprite (Consumer Staples) 2.60Magnit (Consumer Staples) 2.50PKO Bank Polski (Financials) 2.30Novatek (Energy) 2.20Dixy (Consumer Discretionary) 2.20Dragon Oil (Energy) 2.10Total 34.90

Statistical analysis as on 31 March 2012

3 years 5 yearsCorrelation 0.98 0.98Alpha 0.13 -0.09Beta 1.01 1.08



Country FundRussia 38.7%South Africa 32.9%Turkey 8.5%Poland 3.7%Kazakhstan 3.0%Nigeria 2.5%Qatar 1.6%United Arab Emirates 1.4%Luxembourg 1.2%United Kingdom 1.2%Ukraine 1.0%Oman 0.5%Ireland 0.5%Jordan 0.5%Other 0.4%Cash 2.4%Total 100.0%


Sector Fund

Financials 22.3%

Energy 20.6%



Materials 11.4%


Industrials 4.3%

Health Care 0.5%

Utilities 0.0%

Information Technology 0.0%

Cash 2.4%

Total 100.0%

Name of the scheme

Allotment date

Scheme structure




Fund manager


Exit load (SIP)




Portfolio Review:

Outlook:

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

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.

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


12 years1 yr, 6 months



MSCI EMEA (Total Return Net)

Emerging EMEA was the worst regional performer in March, underperforming the broader asset class by falling 4.1% in USD terms. All regional markets with the exception of Turkey (+0.1%) were in negative territory, led by Russia (-5.8%). The Fund significantly outperformed the benchmark. Both stock selection and asset allocation contributed, in particular our investment ideas in Russia and South Africa, and our off-index exposures in Kazakhstan and Nigeria. An overweight position in Russia and an underweight in Poland, however, detracted.

Central banks almost everywhere are either easing monetary policy or have an easing bias and this provision of liquidity together with attractive valuations supports our positive outlook. We believe the business cycle has bottomed in emerging markets and see upgrades of analysts' earnings forecasts as confirmation of the turn. We do not expect a large reform agenda after the election in Russia. Instead, in our portfolios, we are focusing on robust domestic demand and investment supported by oil prices above USD100. In Egypt, we believe the currency is unsustainable at current levels given dwindling reserves and rising local prices. Hence, we will retain an underweight position towards the Egyptian market until a new equilibrium is found.

8 November 2010

Namdev Chougule

Nil


Rs. 2.95 crore

International mutual fund units JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 94.11Total of International Mutual Fund Units 94.11Cash & Other ReceivablesCBLO / Repo 6.57Net Receivables / (Payables) -0.68Total of Cash & Other Receivables 5.89Grand 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



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

(underlying fund)


Name of the scheme

Allotment date

Scheme structure




Fund manager


Exit load (SIP)




Portfolio Review:

Outlook:

JPMorgan JF ASEAN Equity Off-shore Fund

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–JF 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.



12 years10 months



Morgan Stanley Capital International (MSCI) South East Asia Index

The MSCI South East Asia index gained about 0.2% and outperformed the MSCI Asia Pac ex Japan which closed down 3.0%. All ASEAN currencies weakened against the USD. Singapore inched 0.6% higher, but lagged behind Malaysia (+1.7%), Thailand (+3.1%), Indonesia (+3.4%) and Philippines (+4.3%). In Singapore, the growth outlook improved with NODX coming in stronger for February, up 30.5%, but headline inflation remains high at 4.6%yoy. In Malaysia, exports rose modestly in Jan (+0.4%) while inflation eased to 2.2%yoy. Bank Negara has narrowed its inflation forecast to 2.5%-3.0% for 2012. Trade balance improved in Thailand with February exports up 0.9% yoy, leading to the current account reaching a surplus for the first time in six months. Consumer and defensive names outperformed the cyclicals. Headline inflation rose to 3.45% in March. Likewise, inflation rose to 4.0% in Indonesia. In the Philippines, exports rose 3%yoy in January, the first increase in nine months. The government has committed to lift spending in 2012 by 12% and incur a deficit as much as about 2.8% of GDP. Headline inflation retreated from 4.0% in January to 2.7% yoy in February. We see some market consolidation, after the strong year-to-date rally, as healthy. News flow from the US and Europe will likely remain mixed and stock prices are likely to be driven by earnings and company specific news flow.

1 July 2011

Namdev Chougule

Nil


Rs. 163.05 crore

International mutual fund unitsJPMorgan Funds - JF ASEAN Equity Fund 98.39Total of International Mutual Fund Units 98.39Cash & Other ReceivablesCBLO / Repo 1.72Net Receivables / (Payables) -0.11Total of Cash & Other Receivables 1.61Grand Total 100.00


JPMorgan JF ASEAN Equity Off-shore Fund

Details of JPMorgan JF ASEAN Equity Off-shore Fund



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

Equity holding Weight (%)Keppel (Industrials) 4.2Astra International (Consumer Discretionary) 3.3United Overseas Bank (Financials) 3.0United Tractors (Industrials) 2.9Kasikorn Bank (Financials) 2.9Capitaland (Financials) 2.8DBS Group Holding (Financials) 2.8Bank of Central Asia (Financials) 2.6Charoen Pokphand Food (Consumer Staples) 2.3Genting (Consumer Discretionary) 2.2Total 29.0



Country FundSingapore 29.8%Thailand 26.2%Indonesia 24.8%Malaysia 12.6%Philippines 2.6%Cash 4.0%Total 100.0%


Sector Fund

Financials 31.5%

Industrials 22.8%



Energy 8.0%

Materials 6.6%


Utilities 1.3%

Health Care 0.0%

Cash 4.0%

Total 100.0%


In days Super Institutional Plan Retail Plan0.09 36 10.30% 0.35% 0.55%

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

*The assigned rating AAAf 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

Allotment date

Scheme structure


Fund managers

Total experience

Experience in managing this scheme

Retail Plan

Super-Institutional Plan

Entry Load -

Entry Load (SIP)

Exit Load

Exit Load (SIP)

Benchmark



JPMorgan India Liquid Fund

Super Institutional - 21 September 2007

Retail - 16 September 2008

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.

Namdev Chougule & Ravi Ratanpal

(in years)

Namdev Chougule 12

Ravi Ratanpal 7

Namdev Chougule 4 years

Ravi Ratanpal Less than 8 months

Minimum initial application amount: Rs. 5,000 per application and in multiples of Re. 1 thereafter.

Minimum additional application amount: Rs. 1000 per application and in multiples of Re. 1 thereafter.

Minimum Amount / No. of Units for Redemption: Rs. 5000 or 500 units

Minimum initial application amount: Rs. 1 Crore per application and in multiples of Re. 1 thereafter.

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

Minimum Amount / No. of Units for Redemption: Rs. 5000 or 500 units

Nil

Nil

Nil

Nil

CRISIL Liquid Fund Index

Retail Growth 12.8401

Retail Daily Dividend 10.0150

Retail Weekly Dividend 10.0310

Retail Fortnightly Dividend 10.0371

Retail Monthly Dividend 10.0284

Super Institutional Growth 14.0188

Super Institutional Daily Dividend 10.0079

Super Institutional Weekly Dividend 10.1102

Super Institutional Monthly Dividend 10.0463

Past performance may or may not be sustained in future.

Rs. 1397.12 crore

JPMorgan India Liquid Fund


Name of the instrumentMoney Market Instruments

Certificate of Deposit

Indusind Bank ICRA A1+ 10.21

Bank of India CRISIL A1+ 9.76

UCO Bank CRISIL A1+ 6.99

Canara Bank CRISIL A1+ 6.53

State Bank of Mysore ICRA A1+ 6.20

Union Bank of India ICRA A1+ 6.19

Allahabad Bank CRISIL A1+ 5.92

Axis Bank CRISIL A1+ 2.46

Oriental Bank of Commerce CRISIL A1+ 2.28

Punjab National Bank ICRA A1+ 1.62

Corporation Bank CRISIL A1+ 1.57

Central Bank of India CRISIL A1+ 0.84

Punjab & Sind Bank ICRA A1+ 0.33

Kotak Mahindra Bank ICRA A1+ 0.32

IDBI Bank CRISIL A1+ 0.03

Certificate of Deposit Total 61.25

Commercial Paper

National Housing Bank CRISIL A1+ 9.71

ECL Finance CRISIL A1+ 6.52

Reliance Capital CRISIL A1+ 6.46

IDFC ICRA A1+ 3.60

Redington India ICRA A1+ 3.27

Indian Oil Corporation CRISIL A1+ 2.91

Commercial Paper Total 32.47

Money Market Instruments Total 93.72

Cash & Other Receivables

CBLO / Repo 5.42

Net Receivables/(Payables) 0.86

Cash & Other Receivables 6.28

Grand Total 100.00


CRISIL A1+, ICRA A1+

Rating profile

93.72%

6.28%

Dividend details (Re / Unit)Record Date Gross Dividend CUM Dividend NAV

Super Institutional Dividend - Monthly

27-Feb-12 0.08631419 10.1189

26-Mar-12 0.07561205 10.1082

25-Apr-12 0.08436214 10.1170

Retail Dividend - Monthly

27-Feb-12 0.08436889 10.0994

26-Mar-12 0.07393912 10.0889

25-Apr-12 0.08255974 10.0976


Asset allocation (% of total)

100

90

80

70

60

50

40

30

20

10

0

Certificate ofDeposit

61.25%

Cash andOther Receivables

6.28%

CommercialPaper

32.47%

Dividend details (Re / Unit) Name of the scheme

Allotment date

Scheme structure


Fund managers

Total experience


Retail Plan

Super-Institutional Plan

Entry Load

Entry Load (SIP)

Exit Load

Exit Load (SIP)

Benchmark



JPMorgan India Treasury Fund

Super Institutional - 21 September 2007

Retail - 16 September 2008

An open-ended income scheme

The 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.


(in years)

Namdev Chougule 12

Ravi Ratanpal 7

Namdev Chougule 4 years

Ravi Ratanpal Less than 8 months

Minimum initial application amount: Rs. 5,000 per

application and in multiples of Re. 1 thereafter.

Minimum additional application amount: Rs. 1000

per application and in multiples of Re. 1 thereafter.

Minimum Amount/No. of Units for Redemption: Rs.

5000 or 500 units

Minimum initial application amount: Rs. 1 Crore per


Minimum additional application amount: Re. 1 per


Minimum Amount/No. of Units for Redemption: Rs.

5000 or 500 units

- Nil

Nil

Nil

Nil

CRISIL Liquid Fund Index

Retail Growth 12.8982

Retail Daily Dividend 10.0353

Retail Weekly Dividend 10.0875

Retail Monthly Dividend 10.0453

Super Institutional Growth 14.1518

Super Institutional Daily Dividend 10.0089

Super Institutional Weekly Dividend 10.0804

Super Institutional Monthly Dividend 10.0203

Past performance may or may not be sustained

in future.

Rs. 793.93 crore


In days Super Institutional Plan Retail Plan0.34 136 10.85% 0.50% 0.75%

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

JPMorgan India Treasury Fund

Name of the instrument Rating % to NAV

Holdings as on 30 April 2012 (in%)

**The assigned rating AAAf 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.

Record Date Gross Dividend CUM Dividend NAV

Super Institutional Dividend - Monthly

27-Feb-12 0.08511736 10.0916

26-Mar-12 0.07060460 10.0771

25-Apr-12 0.08311811 10.0896

Retail Dividend - Monthly

27-Feb-12 0.08291688 10.1146

26-Mar-12 0.06882862 10.1005

25-Apr-12 0.08123218 10.1129

CommercialPaper

Cash andOther Receivables

80

70

60

50

40

30

20

10

0

62.98%


Certificateof deposit


CRISIL A1+, ICRA A1+

Rating profile

95.32%

4.68%

Money Market Instruments


Oriental Bank of Commerce CRISIL A1+ 11.49


State Bank of Mysore CRISIL A1+ 8.23

Canara Bank CRISIL A1+ 7.87


Punjab National Bank CRISIL A1+ 5.31

Corporation Bank CRISIL A1+ 5.25

State Bank of Patiala CRISIL A1+ 3.24


Punjab National Bank ICRA A1+ 2.75

State Bank of Hyderabad CRISIL A1+ 1.05

ICICI Bank ICRA A1+ 0.56

UCO Bank CRISIL A1+ 0.19


Commercial Paper


Edelweiss Financial Services CRISIL A1+ 11.28





CBLO / Repo 3.65



Grand Total 100.004.68%

32.34%

100

90

80

70

60

50

40

30

20

10

0

JPMorgan India Active Bond Fund

In days Retail Plan

5.93 4284 2.00%

Modified duration Average maturity Total expense ratio

(years) (year-to-date ratio to average AUM)


Record Date Gross Dividend CUM Dividend NAVRETAIL DIVIDEND07-Oct-08 0.20000000 10.251322-Jan-09 0.42500000 10.5850INSTITUTIONAL DIVIDEND07-Oct-08 0.20000000 10.274722-Jan-09 0.30000000 10.6346

Dividend details (Re / Unit)

Name of the scheme

Allotment date

Scheme structure




Fund managers

Total experience


Entry load -

Exit load -

Exit load (SIP)- only for retail plan -

Benchmark



JPMorgan India Active Bond Fund

27 June 2008


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.

Retail Plan: Rs. 5,000 per application and in

multiples of Re 1 thereafter.

Institutional Plan: Rs. 1 Crore per application and

in multiples of Re. 1 thereafter.

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

thereafter under both the plans.


(in years)

Namdev Chougule 12

Ravi Ratanpal 7

Namdev Chougule 3 yrs

Ravi Ratanpal 4

Nil

Retail plan: For any amount, if redeemed within

one year of allotment of units: 1.00%

Institutional plan: For any amount, if redeemed

within one year of allotment of units: 1.00%

For any amount, if redeemed within one year of

allotment of units: 1.00%

CRISIL Composite Bond Fund Index

, 10 months

months

Retail - Growth 11.7294

Retail - Dividend 11.0405


Rs. 1.86 crore

#The assigned rating AAAf 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.

Holdings as on 30 April 2012 (in%)


Name of the instrument % to NAV

Government Bond and Treasury Bill

Government Bond

Government of India SOV 93.51

Government Bond Total 93.51

Government Bond and Total Treasury Bill Total 93.51


CBLO / Repo 2.59

Net Receivables / (Payables) 3.90

Cash & Other Receivables Total 6.49

Grand Total 100.00

Rating profile

Cash & Other ReceivablesCash & Other Receivables

6.49%

Government Bond

93.51%

93.51%

6.49%

SOV

90

80

70

60

50

40

30

20

10

0

JPMorgan India Short Term Income Fund

In days

1.33 866 10.65% 0.92%

Modified duration Average maturity Yield to Total expense ratio

(years) maturity (YTM)## (year-to-date ratio to average AUM)


Record Date Gross Dividend CUM Dividend NAV

Monthly Dividend

27-Feb-12 0.08305012 10.1247

26-Mar-12 0.06253679 10.1041

25-Apr-12 0.05689884 10.0985

Dividend details (Re / Unit)

Name of the scheme

Allotment date

Scheme structure




Fund managers

Total experience


Entry load -

Exit load -

Benchmark



JPMorgan India Short Term Income Fund

25 March 2010


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.


thereafter.


thereafter.


(in years)

Namdev Chougule 12

Ravi Ratanpal 7

Namdev Chougule 2 yrs, 1 month

Ravi Ratanpal 4 months

Nil

Within six months from the date of allotment in

respect of Purchase made other than through SIP:

0.60%

Within six months from the date of allotment in

respect of each Purchase made through SIP: 0.60%

CRISIL Short - Term Bond Fund Index

Growth 11.7489

Weekly Dividend 10.0116

Fortnightly Dividend 10.0211

Monthly Dividend 10.0436


Rs. 485.71 crore

#The assigned rating AAAf 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.

Holdings as on 30 April 2012 (in%) Asset allocation (% of total)

Name of the instrument Rating % to NAV

CORPORATE DEBT

NON-CONVERTIBLE DEBENTURES

Sundaram Finance FITCH AA+ 2.97

LIC Housing Finance CRISIL AAA 0.99

Non-convertible Debentures Total 3.96

Corporate Debt Total 3.96

Money Market Instruments


Axis Bank ICRA A1+ 10.23



State Bank of Patiala CRISIL A1+ 8.44

State Bank of Mysore ICRA A1+ 4.74

Punjab National Bank CRISIL A1+ 4.65

State Bank of Bikaner & Jaipur CRISIL A1+ 4.64


Allahabad Bank CRISIL A1+ 2.36


Commercial Paper


Edelweiss Financial Services CRISIL A1+ 9.80




Government Bond And Treasury Bill

Government Bond

Government of India SOV 16.02

Government Bond Total 16.02

Government Bond and Treasury Bill Total 16.02


CBLO / Repo 0.32



Grand Total 100.00


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

Rating profile

98.70%

1.30%

CommercialPaper

22.14%

Certificateof Deposit

56.58%

Non convertibleDebentures

3.96%

Cash & OtherReceivables

1.30%

16.02%

GovernmentBond

Scheme Returns

JPMorgan India Tax Advantage Fund - Growth Option

JPMorgan India Smaller Companies Fund - Growth Option

JPMorgan India Equity Fund - Growth Option Fund Managers:

Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Smaller Companies Fund• JPMorgan India Tax Advantage Fund

Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Capital Protection

Oriented Fund (debt portion)• JPMorgan JF Greater China Equity

Offshore Fund• JPMorgan Emerging Europe, Middle East

and Africa Equity Off-shore Fund• JPMorgan JF ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plan Series

6,7,8,9

Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Smaller Companies Fund• JPMorgan India Capital Protection

Oriented Fund (equity portion)

Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Capital Protection

Oriented Fund (debt portion) • JPMorgan India Fixed Maturity Plan Series

6,7,8,9

Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Capital Protection


NOTES1. The returns for JPMorgan India Fixed Maturity

Plan Series 6,7,8,9, and JPMorgan India Capital Protection Oriented Fund have not been disclosed as these are close ended schemes and not comparable with other debt schemes.

2. The scheme returns for JPMorgan JF ASEAN Equity Off-shore Fund have not been disclosed since the scheme has not been in existence for more than a year.

Returns as on 30 March 2012



Date NAV per unit as on the first day Scheme CNX MIDCAP# SENSEX##of the period mentioned (Rs.) (%) (%) (%)

^Since inception till March 30 2012 10.000 -6.31% -3.27% -3.42%*March 31 2011 to March 30 2012 7.616 -0.58% -4.09% -10.50%*March 31 2010 to March 31 2011 6.844 11.28% 4.35% 10.94%*March 31 2009 to March 31 2010 3.067 123.15% 126.12% 80.54%

Date NAV per unit as on the first day Scheme BSE 200# SENSEX##of the period mentioned (Rs.) (%) (%) (%)

^Since inception till March 30 2012 10.000 19.21% 25.03% 23.07%*March 31 2011 to March 30 2012 18.742 -6.79% -9.28% -10.50%*March 31 2010 to March 31 2011 16.441 14.00% 8.15% 10.94%*March 31 2009 to March 31 2010 10.017 64.13% 92.87% 80.54%

Date NAV per unit as on the first day Scheme BSE 200# SENSEX##of the period mentioned (Rs.) (%) (%) (%)

^Since inception till March 30 2012 10.000 4.97% 4.72% 4.32%*March 31 2011 to March 30 2012 13.518 -6.64% -9.28% -10.50%*March 31 2010 to March 31 2011 11.814 14.42% 8.15% 10.94%*March 31 2009 to March 31 2010 6.449 83.19% 92.87% 80.54%

JPMorgan JF Greater China Equity Off-Shore Fund - Growth Option Returns as on 30 March 2012

NAV as on March 30, 2012 Rs. 12.621

Allotment date: June 14, 2007, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.

# Scheme benchmark returns, ## Additional benchmark returns,


Allotment date: December 26, 2007, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.

#Scheme benchmark returns, ##Additional benchmark returns,


Allotment date: January 27, 2009, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.

#Scheme benchmark returns, ##Additional benchmark returns,


Allotment date: August 26, 2009, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.

##Additional benchmark returns, **Not Applicable,

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

Scheme BSE 200 # SENSEX##12,621 12,477 12,253

Scheme CNX MIDCAP # SENSEX##7,572 8,676 8,619

JPMorgan India Liquid Fund - Growth Option (Retail Plan) Returns as on 30 March 2012

Date NAV per unit as on the first day Scheme CRISIL Liquid CRISILof the period (%) Fund Index# 1 year T-Bill

mentioned (Rs.) (%) Index ##^Since inception till March 30 2012 10.0000 7.06% 6.60% 5.47%&7 days 12.7037 10.02% 9.75% 8.81%&15 days 12.6803 9.84% 9.78% 8.34%&30 days 12.6308 9.71% 9.56% 9.18%*March 31 2011 to March 30 2012 11.6591 9.20% 8.44% 6.59%*March 31 2010 to March 31 2011 10.9401 6.57% 6.21% 3.86%*March 31 2009 to March 31 2010 10.4827 4.36% 3.69% 3.08%

NAV as on March 30, 2012 Rs. 12.7316

Allotment date: September 16, 2008, ^CAGR Returns, *Absolute Returns, Simple annualisation of yields. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.

#Scheme benchmark returns, ##Additional benchmark returns, &


Scheme CRISIL Liquid CRISIL 1 yearFund Index# T-Bill Index ##

12,732 12,539 12,074

Date NAV per unit as on the first day Scheme Equivalent return in Indian Additionalof the period mentioned (Rs.) (%) Rupee of Benchmark Benchmark

of the underlying fund Returns## (%)*March 31 2011 to March 30 2012 11.931 -0.71% 4.06% NA***March 31 2010 to March 31 2011 10.362 15.14% 14.07% NA**


JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Fund - Growth Option

Returns as on 30 March 2012NAV as on March 30, 2012 Rs. 9.921

Allotment date: November 8, 2010, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.

##Additional benchmark returns, **Not Applicable,

Date NAV per unit as on the first day Scheme Equivalent return in Indian Additionalof the period mentioned (Rs.) (%) Rupee of Benchmark Benchmark

of the underlying fund Returns## (%)*March 31 2011 to March 30 2012 10.046 -1.24% 0.26% NA**

Scheme BSE 200# SENSEX##17,470 20,326 19,329


Scheme Returns

JPMorgan India Active Bond Fund - Growth Option (Retail Plan)

JPMorgan India Short Term Income Fund - Growth Option

Date NAV per unit as on the first day Scheme CRISIL Short- CRISILof the period mentioned (Rs.) (%) Term Bond Fund 1 year T-Bill

Index# (%) Index##*March 31 2011 to March 30 2012 10.6738 9.54% 8.28% 6.59%*March 31 2010 to March 31 2011 10.0088 6.64% 5.12% 3.86%

JPMorgan India Treasury Fund - Growth Option (Super Institutional Plan)

Fund Managers:

Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Smaller Companies Fund• JPMorgan India Tax Advantage Fund

Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Capital Protection

Oriented Fund (debt portion)• JPMorgan JF Greater China Equity

Offshore Fund• JPMorgan Emerging Europe, Middle East

and Africa Equity Off-shore Fund• JPMorgan JF ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plan Series

6,7,8,9

Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Smaller Companies Fund• JPMorgan India Capital Protection


Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Capital Protection

Oriented Fund (debt portion) • JPMorgan India Fixed Maturity Plan Series

6,7,8,9

Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Capital Protection


NOTES1. The returns for JPMorgan India Fixed Maturity

Plan Series 6,7,8,9, and JPMorgan India Capital Protection Oriented Fund have not been disclosed as these are close ended schemes and not comparable with other debt schemes.

2. The scheme returns for JPMorgan JF ASEAN Equity Off-shore Fund have not been disclosed since the scheme has not been in existence for more than a year.




Date NAV per unit as on the first day Scheme CRISIL Liquid CRISILof the period mentioned (Rs.) (%) Fund Index# 1 year T-Bill

(%) Index##^Since inception till March 30 2012 10.0000 7.76% 6.78% 5.30%*March 31 2011 to March 30 2012 12.8107 9.52% 8.44% 6.59%*March 31 2010 to March 31 2011 12.0002 6.75% 6.21% 3.86%*March 31 2009 to March 31 2010 11.4128 5.15% 3.69% 3.08%

Date NAV per unit as on the first day Scheme CRISIL Composite CRISILof the period mentioned (Rs.) (%) Bond Fund Index # 10 year Gilt

(%) Index ##^Since inception till March 30 2012 10.0000 4.75% 7.10% 6.46%*March 31 2011 to March 30 2012 11.1953 6.36% 7.68% 2.43%*March 31 2010 to March 31 2011 10.4435 7.20% 5.06% 4.61%*March 31 2009 to March 31 2010 10.2798 1.59% 5.41% 3.60%

JPMorgan India Treasury Fund - Growth Option (Retail Plan) Returns as on 30 March 2012


(%) Index##^Since inception till March 30 2012 10.0000 7.20% 6.60% 5.47%*March 31 2011 to March 30 2012 11.7062 9.26% 8.44% 6.59%*March 31 2010 to March 31 2011 10.9929 6.49% 6.21% 3.86%*March 31 2009 to March 31 2010 10.4808 4.89% 3.69% 3.08%

JPMorgan India Liquid Fund - Growth Option (Super Institutional Plan) Returns as on 30 March 2012


(%) Index##^Since inception till March 30 2012 10.0000 7.54% 6.78% 5.30%&7 days 13.8677 10.23% 9.75% 8.81%&15 days 13.8416 10.06% 9.78% 8.34%&30 days 13.7864 9.92% 9.56% 9.18%*March 31 2011 to March 30 2012 12.7022 9.42% 8.44% 6.59%*March 31 2010 to March 31 2011 11.8947 6.79% 6.21% 3.86%*March 31 2009 to March 31 2010 11.3746 4.57% 3.69% 3.08%

NAV as on March 30, 2012 Rs. 13.8988

NAV as on March 30, 2012 Rs. 12.7902

NAV as on March 30, 2012 Rs. 14.0303

NAV as on March 30, 2012 Rs. 11.6924

NAV as on March 30, 2012 Rs. 11.9071

Allotment date: September 21, 2007, ^CAGR Returns, *Absolute Returns, Simple annualisation of yields. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.

##Additional benchmark returns, #Scheme benchmark returns, &


Scheme CRISIL Liquid CRISILFund Index# 1 year T-Bill

Index ##13,899 13,457 12,636



Index##12,790 12,539 12,074

Allotment date: September 16, 2008, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.

##Additional benchmark returns, #Scheme benchmark returns,



Index##14,030 13,457 12,636

Allotment date: September 21, 2007, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.


Allotment date: March 25, 2010, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.


Allotment date: June 27, 2008, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.



Scheme CRISIL Composite CRISILBond Fund Index# 10 year Gilt

Index ##11,907 12,943 12,653

fund facts - edelweissmf.com april 2012 .pdfan open-ended equity growth scheme the investment...

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