fund facts - edelweissmf.com - march 2015.pdf · pace of 2.6% in jan as compared to a revised...

FUND FACTSMarch, 2015

Equity and Debt review

Equity reviewIndian equities started the month on a high with a fairly balanced budget in the

last week of February followed by a surprise rate cut from the RBI during the

first week of the month. However, the enthusiasm turned out to be short-lived

and the market gave up almost entire year-to-date gains by the end of the

month. The correction was led by large caps as Nifty declined 4.6% month on

month while CNX Midcap was down 0.9%. On the political front, we saw the

government making some headway with reforms as they managed to have a

fairly productive session even in the Upper House of the Parliament. FIIs

continued to pump in fresh money into Indian equities with net inflows totaling

another $1.6bn during the month, which took their YTD tally to $5.9bn. DIIs

meanwhile were small net buyers of $31mn keeping their YTD net sell tally

almost unchanged at $861mn. However the selling continues to come from

insurance companies, which sold ~$498mn in Mar even as mutual funds

remained buyers to the tune of $529mn.

On the macro front, industrial production continued to expand at a moderate

pace of 2.6% in Jan as compared to a revised growth of 3.2% last month. On a

sectoral basis, mining output contracted by 2% in Jan while electricity and

manufacturing output rose by 2.5% and 2.8% respectively. Among use based

categories, capital goods grew by a healthy 12.8% while trend in consumer

goods remained weak at -1.9%. On the inflation front, headline CPI inched up

marginally to 5.4% in Feb vs. 5.2% in Jan. The pickup in inflation was largely due

to adverse base effect as the sequential increase was muted at 0.2%. Food price

remained flat and core inflation slowed marginally to 3.9% reflecting subdued

demand pressure. However the fuel component was a key driver, rising 4.7%

from 3.8%. Meanwhile, WPI dropped further to -2% from the -0.4% print last

month. The fall was widespread across primary, fuel and manufactured

products. Despite a 15% contraction in exports, the steep decline in crude prices

and containment in gold imports resulted in Feb trade deficit narrowing to

$6.8bn from an average of $12bn earlier.

On the policy front, while there was no policy meet of the RBI scheduled in Mar,

RBI once again surprised by cutting the benchmark repo rate by 25bps in an

inter policy move. The Union Budget and the agreement on the monetary policy

framework appeared to be the triggers for this. The forward guidance remained

largely unchanged with further easing being contingent on (1) data (2) fiscal

consolidation (3) monsoons and (4) global developments. During the month,

the cabinet cleared the policy to allow gas power projects to bid for subsidy that

would be required to run the project at 30% PLF. Also, government completed

the telecom spectrum auction which will garner about USD17bn.

On the governance front, the first half of the ongoing budget session saw the

passage of three key reform bills viz. insurance, coal mines and mines & mineral

regulation. The government is likely to seek support for the land acquisition and

GST bills during the month long recess before the parliament resumes on Apr

20. It will be interesting to see government action on the existing ordinance on

land acquisition which lapses on Apr 5. Interestingly, the productivity for Lok

Sabha and Rajya Sabha (hours of sitting as a % of scheduled hours) stood at

123% and 107% compared to 98% and 58% respectively seen in the winter

session – this augurs well for the government's reform agenda.

Source: JPMorgan Research, Citigroup Research

Debt reviewMonth of March was governed by strict monitoring by RBI from the liquidity point of view. LAF and Term REPO remained in a band of –ve 1350 to –ve 1550 Bn. Liquidity remained tight due to lack of government spending but systemic inflows on account of coupon payments & TBill inflows provided some relief.

While there was no policy meet of the RBI scheduled in Mar, it once again

surprised by cutting the benchmark repo rate by 25bps in an inter policy move.

The Union Budget and the agreement on the monetary policy framework

appeared to be the triggers for this. The forward guidance remained largely

unchanged with further easing being contingent on Inflation trajectory, fiscal

consolidation and global developments.

Economic releases during the month were as follows:

1HFY16 Borrowing front-loaded: Central government will borrow INR 3.6 tn on

a gross basis in 1HFY16, completing 60% of its gross borrowing program for

FY2016BE as against 61.6% in 1HFY15. Like most years, 1HFY16 borrowing

remains front-loaded with the extent of gross borrowing being in line with

1HFY15. The net borrowing is placed at INR2.23 tn, ~23% lower than 1HFY15,

owing to higher redemption. Adjusted for debt repurchases and a switch

conducted in FYTD15, the redemption in FY2016 now stands at ~INR1.44 tn—of

which INR1.37 tn is in 1HFY16. June bears the maximum redemption pressure.

Expect bond yields to maintain its gradual drift path lower as the RBI is likely to

ease rates further by 25-50 bps in 1HFY16.

Inflation February 2015: February inflation at 5.37% (5.19% in January) was

led by marginally higher food and beverages inflation at 6.8% (6.3% in January)

and fuel and light inflation at 4.7% (3.8% last month). The continuation of the

disinflationary process was underpinned by core inflation, which at 4.1%

(earlier at 4.2%) was indicative of the muted demand scenario. Housing

inflation was at ~5% with ‘miscellaneous’ (mostly services sector) component of

inflation falling further to 2.9% from 3.1% in January. But strong disinflationary

forces continue to track slow demand and lower commodity prices. We may see

inflation reaching below 5% in July to August period due to favorable base

effect. RBI continues to track Inflationary trend and will look through base

effects and seasonal prices.

Growth: IIP continued to expand at a moderate pace of 2.6% in Jan as compared

to a revised growth of 3.2% last month. On a sectoral basis, mining output

contracted by 2% in Jan while electricity and manufacturing output rose by

2.5% and 2.8% respectively. Among use based categories, capital goods grew

by a healthy 12.8% while trend in consumer goods remained weak at -1.9%

Incrementally fundamentals are getting better with inflation trajectory

trending downward and structural improvement in twin deficits i.e. Fiscal and

Current account deficit. 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, CITI, Kotak

Regular Plan~ 2.56%

Direct Plan~ 1.43%

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

Total stocks in portfolio 47Top 15 stocks 18.9%Total portfolio 49.1%

Active positive bets

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

Quantitative indicators

Standard Deviation (%) 7.08Beta 0.89Sharpe Ratio 1.44Portfolio Turnover Ratio* 0.77(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Portfolio Turnover Ratio (Equity) 0.74

@Risk free rate of return (repo) 7.50%

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, 8 months

Amit Gadgil 7 years, 8 months

For all PlansMinimum investment amount

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

thereof

Additional investment amount


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 March 2015, in Rs.)

Regular Plan - Growth Option 23.0390

Regular Plan - Dividend Option 18.6420

Direct Plan - Growth Option 23.6760

Direct Plan - Dividend Option 19.0910

Past performance may or may not be sustained

in future.

Average AUM (March 2015)

Rs. 245.39 Crore

Holdings as on 31 March 2015 (in %)

Record date Rate CUM (Re/unit) dividend NAV

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%

5.9%

Portfolio analysis: Market cap-wise

>`90k Crs55%

`18k Crs - `90k Crs27%

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

8%

Equity HoldingsHDFC Bank Ltd. 7.58Infosys Ltd. 5.82Larsen & Toubro Ltd. 5.41HDFC Ltd. 5.29ICICI Bank Ltd. 5.13Axis Bank Ltd. 3.97Maruti Suzuki India Ltd. 3.85Tata Motors Ltd. 3.23Ultratech Cement Ltd. 3.14State Bank of India 2.94IndusInd Bank Ltd. 2.81Sun Pharmaceuticals Industries Ltd. 2.81Lupin Ltd. 2.72Tata Consultancy Services Ltd. 2.71Kotak Mahindra Bank Ltd. 2.64Eicher Motors Ltd. 2.52Shriram Transport Finance Company Ltd. 2.37Bharat Forge Ltd. 2.13Kansai Nerolac Paints Ltd. 2.08Blue Dart Express Ltd. 2.07Britannia Industries Ltd. 1.80Ashok Leyland Ltd. 1.70Fag Bearings India Ltd. 1.65Sadbhav Engineering Ltd. 1.56Solar Industries India Ltd. 1.29Motherson Sumi Systems Ltd. 1.25Dalmia Bharat Ltd. 1.25Havells India Ltd. 1.19HCL Technologies Ltd. 1.17Alstom T&D India Ltd. 1.15Divi's Laboratories Ltd. 1.10VA Tech Wabag Ltd. 1.06Oil & Natural Gas Corp Ltd. 1.05Cummins India Ltd. 1.04JK Cement Ltd. 1.03Voltas Ltd. 1.00GlaxoSmithKline Consumer Healthcare Ltd. 1.00Tech Mahindra Ltd. 0.94Thermax Ltd. 0.91Astra Microwave Products Ltd. 0.88Reliance Industries Ltd. 0.86Info Edge (India) Ltd. 0.84Bank of Baroda 0.55IDFC Ltd. 0.55Gayatri Projects Ltd. 0.47NCC Ltd. 0.31Punjab National Bank 0.28Equity Holdings Total 99.10Debt HoldingsNon-convertible DebenturesBlue Dart Express Ltd. ICRA AA 0.04Non-convertible Debentures Total 0.04Debt Holdings Total 0.04Money Market Instruments Certificate of Deposit IndusInd Bank Ltd. CRISIL A1+ 2.92 Certificate of Deposit Total 2.92 Money Market Instruments Total 2.92 Cash & Other Receivables Net Receivables/(Payables) (2.06)Cash & Other Receivables Total (2.06)Grand Total 100.00

*Last 12 months@As on March 31, 2015

>3

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

Oil & Gas

^Others

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%

4.7%4.1%

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

Direct Plan Dividend Option22-Aug-14 0.90 18.462013-Feb-15 1.70 21.0030Regular Plan Dividend Option20-Dec-07 1.00 14.060022-Aug-14 0.90 18.180013-Feb-15 1.70 20.5730

40%25% 30%

16.7%

11.5%

6.6%

6.1%

5.4%

4.2%

1.9%

12.5%

34.1%

35%

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 7 years, 2 monthsAmit Gadgil 7 years, 2 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 - NilBenchmark: CNX – Mid Cap Index###NAV (as at 31 March 2015, in Rs.)Regular Plan - Growth Option 19.3900



Direct Plan - Dividend Option 19.1930Past performance may or may not be sustained in future.Average AUM (March 2015)Rs. 389.48 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~ 2.56%

Direct Plan~ 1.00%



Standard Deviation (%) 8.56Beta 0.93Sharpe Ratio 0.99Portfolio Turnover Ratio* 0.50(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Portfolio Turnover Ratio (Equity)* 0.50

@Risk free rate of return (repo) 7.50%

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

Sec

tor

% of portfolio


0% 5% 10%

Utilities

Technology

Pharma

^Others

Cement

Consumer

Auto

Financials

*Industrials / Infra

19.7%

0.7%

10.6%

6.8%

2.9%


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

Liquidity measures

60

50

40

30

20

10

0<1 1-2 2-5 >5

No. of days

% o

f to

tal p

ort

foli

o

46.6%

15.4%

22.4%

15.7%


Equity Holdings Ashok Leyland Ltd. 3.01Kansai Nerolac Paints Ltd. 2.86 Bharat Forge Ltd. 2.85 Eicher Motors Ltd. 2.82 NCC Ltd. 2.82 IndusInd Bank Ltd. 2.62 Amara Raja Batteries Ltd. 2.52 Motherson Sumi Systems Ltd. 2.48 Britannia Industries Ltd. 2.41 Yes Bank Ltd. 2.40 Fag Bearings India Ltd. 2.33 WABCO India Ltd. 2.09 Shree Cements Ltd. 2.09 Torrent Pharmaceuticals Ltd. 2.05 Divi's Laboratories Ltd. 2.00 Shriram Transport Finance Company Ltd. 1.94 JK Lakshmi Cement Ltd. 1.88 JK Cement Ltd. 1.86 Solar Industries India Ltd. 1.82 The Federal Bank Ltd. 1.81 Havells India Ltd. 1.70 Blue Dart Express Ltd. 1.62 City Union Bank Ltd. 1.59 Bajaj Finance Ltd. 1.58 EIH Ltd. 1.56 Alstom T&D India Ltd. 1.47 GlaxoSmithKline Consumer Healthcare Ltd. 1.40 Simplex Infrastructures Ltd. 1.39 Voltas Ltd. 1.36 VA Tech Wabag Ltd. 1.36 Kajaria Ceramics Ltd. 1.32 MindTree Ltd. 1.32 Dalmia Bharat Ltd. 1.31 Texmaco Rail & Engineering Ltd 1.31 Union Bank of India 1.28 Astra Microwave Products Ltd. 1.27 Ashoka Buildcon Ltd. 1.26 Kaveri Seed Company Ltd. 1.26 Grindwell Norton Ltd 1.26 Cummins India Ltd. 1.20 Lakshmi Machine Works Ltd. 1.19 CRISIL Ltd. 1.18 Allahabad Bank 1.16 J.KUMAR INFRAPROJECTS LTD. 1.16 Sadbhav Engineering Ltd. 1.16 Motilal Oswal Financial Services Ltd. 1.16 Max India Ltd. 1.14 MBL Infrastructures Ltd. 1.09 Sintex Industries Ltd. 1.03 Action Construction Equipment Ltd. 0.99 Whirlpool of India Ltd. 0.97 Gruh Finance Ltd. 0.97 Tube Investments Of India Ltd. 0.93 Indian Bank 0.91 TIL Ltd. 0.91 Greaves Cotton Ltd. 0.89 Thermax Ltd. 0.84 Info Edge (India) Ltd. 0.83 Gayatri Projects Ltd. 0.77 Supreme Industries Ltd. 0.76 Persistent Systems Ltd. 0.73 Torrent Power Ltd. 0.66 Gujarat Pipavav Port Ltd. 0.53 Equity Holdings Total 96.44Debt Holdings Non-Convertible DebenturesBlue Dart Express Ltd. 0.04 Non-Convertible Debentures Total 0.04 Debt Holdings Total 0.04Money Market Instruments Certificate of DepositIndusInd Bank Ltd. 3.77 Certificate of Deposit Total 3.77 Money Market Instruments Total 3.77 Cash & Other ReceivablesNet Receivables/(Payables) (0.25)Cash & Other Receivables Total (0.25)Grand Total 100.00


15% 20% 25%

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)*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.

4.1%

`6k Crs - `18k Crs32.0%

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

<`3k Crs9.0%

>`18k Crs34.0%

13.8%

7.1%

35%

30.7%

30%


Dividend history

Direct Plan Dividend Option20-Mar-15 0.50 19.6380Regular Plan Dividend Option20-Mar-15 1.50 19.3430

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



Karan Sikka 7


Harshad Patwardhan 6 years, 1 month

Karan Sikka 3 years, 5 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. 10.53 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 (%) 5.14Beta 0.71Sharpe ratio 3.87Portfolio turnover ratio* 0.72(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)

Portfolio turnover ratio (Equity)* 0.72@Risk free rate of return (repo) 7.50%




Dividend History



>`90k Crs54.0%

<`6k Crs9.0%

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

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

Oil & Gas

^Others

Cement

Consumer

Pharma

Technology

Auto

*Industrials/Infra

Financials

Sec

tor

% of portfolio


0% 10%

1.8%

3.9%

17.5%

20%

6.7%

5.9%

13.0%

Regular Plan~ 2.70%Direct Plan~ 1.43%

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)

10.6%

Direct Plan Dividend Option 01-Jul-13 0.50 15.222018-Nov-13 0.30 15.591024-Mar-14 0.30 16.6040Regular Plan Dividend Option 15-Dec-09 1.50 15.416025-Jan-10 1.40 14.025001-Jul-13 0.50 15.153018-Nov-13 0.30 15.461024-Mar-14 0.30 16.4147

35%25%

Equity Holdings HDFC Bank Ltd. 7.45 Larsen & Toubro Ltd. 5.35 HDFC Ltd. 5.23 Infosys Ltd. 5.23 ICICI Bank Ltd. 4.96 Axis Bank Ltd. 3.89 Maruti Suzuki India Ltd. 3.88 Tata Motors Ltd. 3.27 Ultratech Cement Ltd. 3.08 Sun Pharmaceuticals Industries Ltd. 2.77 Lupin Ltd. 2.69 Eicher Motors Ltd. 2.65 Tata Consultancy Services Ltd. 2.63 IndusInd Bank Ltd. 2.57 State Bank of India 2.54 Kotak Mahindra Bank Ltd. 2.44 Shriram Transport Finance Company Ltd. 2.33 Bharat Forge Ltd. 2.08 Kansai Nerolac Paints Ltd. 1.96 Blue Dart Express Ltd. 1.87 Ashok Leyland Ltd. 1.84 Sadbhav Engineering Ltd. 1.52 Fag Bearings India Ltd. 1.48 VA Tech Wabag Ltd. 1.44 Motherson Sumi Systems Ltd. 1.38 JK Cement Ltd. 1.38 Divi's Laboratories Ltd. 1.28 Cummins India Ltd. 1.25 Dalmia Bharat Ltd. 1.22 Solar Industries India Ltd. 1.21 Havells India Ltd. 1.19 Voltas Ltd. 1.16 Gayatri Projects Ltd. 1.10 HCL Technologies Ltd. 1.10 Whirlpool of India Ltd. 1.04 Alstom T&D India Ltd. 1.03 Oil & Natural Gas Corp Ltd. 0.97 GlaxoSmithKline Consumer Healthcare Ltd. 0.96 Tech Mahindra Ltd. 0.89 Reliance Industries Ltd. 0.84 Astra Microwave Products Ltd. 0.84 Thermax Ltd. 0.82 Info Edge (India) Ltd. 0.76 Britannia Industries Ltd. 0.74 Bank of Baroda 0.53 IDFC Ltd. 0.46 NCC Ltd. 0.30 Punjab National Bank 0.27 Equity Holdings Total 97.87 Debt Holdings Non-convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04 Non-convertible Debentures Total 0.04 Debt Holdings Total 0.04 Cash & Other Receivables Net Receivables/(Payables) 2.09 Cash & Other Receivables Total 2.09 Grand Total 100.00

`18k Crs - `90k Crs27.0%

5.7%

30%

32.7%

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 10 monthsAmit Gadgil 10 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 March 2015, in Rs.)Regular Plan - Growth Option 12.0850



Direct Plan - Dividend Option 12.1830Past performance may or may not be sustained in future.Average AUM (March 2015)Rs. 184.79 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~ 2.60%

Direct Plan~ 1.25%


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

^Includes transportation.

Sec

tor

% of portfolio


0% 5% 10%

^Others

Oil & Gas

Consumer

Cement

Pharma

Technology

*Industrials/Infra

Auto

Financials

14.1%

13.2%

0.6%

13.1%

6.7%

4.9%


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

Liquidity measures

100

90

80

70

60

50

40

30

20

10

0<1 1-2

No. of days

% o

f to

tal p

ort

foli

o

100.0%

Equity Holdings HDFC Bank Ltd. 8.97Infosys Ltd. 7.14 Larsen & Toubro Ltd. 6.26 HDFC Ltd. 6.08ICICI Bank Ltd. 6.03 Axis Bank Ltd. 5.17 Maruti Suzuki India Ltd. 4.41 Tata Motors Ltd. 4.07 State Bank of India 3.90 Ultratech Cement Ltd. 3.54 Sun Pharmaceuticals Industries Ltd. 3.42 Kotak Mahindra Bank Ltd. 3.09 Tata Consultancy Services Ltd. 3.06 Shree Cements Ltd. 2.92 Bharat Forge Ltd. 2.76 Lupin Ltd. 2.49 Bosch Ltd. 2.47 Shriram Transport Finance Company Ltd. 2.47 Asian Paints Ltd. 2.17 Eicher Motors Ltd. 2.07 Cummins India Ltd. 1.94 Bharat Electronics Ltd. 1.57 Tech Mahindra Ltd. 1.52 HCL Technologies Ltd. 1.41 Britannia Industries Ltd. 1.26 Oil & Natural Gas Corp Ltd. 1.23 Reliance Industries Ltd. 1.17 Motherson Sumi Systems Ltd. 1.10 GlaxoSmithKline Consumer Healthcare Ltd. 0.93 Divi's Laboratories Ltd. 0.80 IDFC Ltd. 0.79 ABB India Ltd. 0.70 Adani Ports & Special Economic Zone Ltd. 0.64 Titan Company Ltd. 0.49 Bank of Baroda 0.48 Equity Holdings Total 98.52 Cash & Other ReceivablesNet Receivables/(Payables) 1.48Cash & Other Receivables Total 1.48 Grand Total 100.00

>`150k Crs52.0%

`60k Crs - `150k Crs26.0%

<`60k Crs22.0%


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

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

15% 20% 25%

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

6.5%

40%

2.4%

Standard deviation (%) 3.25Beta 0.94Sharpe ratio 8.10Portfolio 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) 7.50%


^Since the scheme has not completed 12 months the Porfiolo Turnover ratios have not been provided.@As on March 31, 2015

30% 35%

37.0%

Regular Plan~ 1.50%Direct Plan~ 0.86%


**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 6 monthsKaran Sikka 6 monthsFund managers: DebtNamdev Chougule & Ravi RatanpalTotal experience (years)Namdev Chougule 13Ravi Ratanpal 10Experience managing the schemeNamdev Chougule 6 monthsRavi Ratanpal 6 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 March 2015, in Rs.)Regular Plan - Growth Option 10.6418


Regular Plan - Bonus Option 10.6425



Direct Plan - Bonus Option 10.6724Past performance may or may not be sustained in future.Average AUM (March 2015)Rs. 375.81 Crore


Equity Holdings % to % to NAV NAV Deriv- atives UnHedge Positions Infosys Ltd. 2.45 HDFC Bank Ltd. 2.12 ICICI Bank Ltd. 1.95 HDFC Ltd. 1.91Axis Bank Ltd. 1.80 Larsen & Toubro Ltd. 1.57 Maruti Suzuki India Ltd. 1.42 Tata Consultancy Services Ltd. 1.24 State Bank of India 1.13 Asian Paints Ltd. 1.09 Sun Pharmaceuticals Industries Ltd. 1.08 Tata Motors Ltd. 1.05 Lupin Ltd. 0.88 Ultratech Cement Ltd. 0.82 Shree Cements Ltd. 0.79 Reliance Industries Ltd. 0.76 IndusInd Bank Ltd. 0.75 Kotak Mahindra Bank Ltd. 0.68 Tech Mahindra Ltd. 0.61 Ashok Leyland Ltd. 0.52 Britannia Industries Ltd. 0.49 Kansai Nerolac Paints Ltd. 0.49 Blue Dart Express Ltd. 0.49 CRISIL Ltd. 0.48 HCL Technologies Ltd. 0.47Shriram Transport Finance Co. Ltd. 0.42Bosch Ltd. 0.35 Oil & Natural Gas Corporation Ltd. 0.35 Cummins India Ltd. 0.30 Bharat Forge Ltd. 0.27 IDFC Ltd. 0.24 Eicher Motors Ltd. 0.23 Motherson Sumi Systems Ltd. 0.22 Titan Company Ltd. 0.20 Divi's Laboratories Ltd. 0.19 GSK Consumer Healthcare Ltd. 0.16 ABB India Ltd. 0.15 UnHedge Positions Total 30.12Hedge Positions IDFC Ltd. 4.11 IDFC Ltd.-Futures (4.15)HDFC Bank Ltd. 3.41 HDFC Bank Ltd - Futures. (3.44)Lupin Ltd. 3.35 Lupin Ltd - Futures. (3.37)State Bank of India. 2.91 State Bank of India - Futures (2.92)ICICI Bank Ltd. 2.85 ICICI Bank Ltd - Futures. (2.86)Reliance Industries Ltd. 2.81 Reliance Industries Ltd - Futures. (2.83)Maruti Suzuki India Ltd. 2.69 Maruti Suzuki India Ltd. - Futures (2.71)Axis Bank Ltd. 2.68 Axis Bank Ltd. - Futures (2.69)IndusInd Bank Ltd. 2.22 IndusInd Bank Ltd.-Futures (2.23)Aurobindo Pharma Ltd. 2.18 Aurobindo Pharma Ltd - Futures. (2.19)JSW Steel Ltd. 1.36 JSW Steel Ltd - Futures. (1.36)Grasim Industries Ltd. 1.19 Grasim Industries Ltd. - Futures (1.19)Oil & Natural Gas Corporation Ltd. 1.17 Oil & Natural Gas Corporation Ltd - Futures. (1.18)Tata Steel Ltd. 1.16 Tata Steel Ltd - Futures. (1.17)Titan Company Ltd. 1.00 Titan Company Ltd.-Futures (1.01)Indian Oil Corporation Ltd. 0.46 Indian Oil Corporation Ltd.-Futures (0.47)Punjab National Bank 0.23 Punjab National Bank - Futures (0.23)Hedge Positions Total 35.78 (36.02)Margin Deposits Canara Bank 3.29 Corporation Bank 1.77 Margin Deposits Total 5.06 Debt Holdings Non-convertible Debentures Sintex Industries Ltd. CARE AA 9.13 Welspun Corp Ltd. CARE AA- 7.46 JK Cement Ltd. BRICKWORKS AA- 0.78 Tata Power Company Ltd. CARE AA 0.39 Non-convertible Debentures Total 17.76 Debt Holdings Total 17.76 Money Market Instruments Certificate of Deposit IndusInd Bank Ltd. CRISIL A1+ 10.25 Certificate of Deposit Total 10.25 Money Market Instruments Total 10.25 Cash & Other Receivables Net Receivables/(Payables) 1.03 Cash & Other Receivables Total 1.03 Grand Total 100.00



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.

Others

Oil & Gas

Cement

Pharma

*Industrials/Infra

Consumer

Auto

Technology

Financials

Sec

tor

% of portfolio


0% 8%

0.5%

4%

1.1%

12%

1.6%

2.1%

2.3%

2.4%

4.8%

Standard deviation (%) 1.19Beta 0.45Sharpe ratio 9.35Portfolio turnover ratio^ -(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)



Total stocks in portfolio 37


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 Crs66.0%

`18k Crs - `90k Crs29.0%

11.5%

Liquidity measures

1009080706050403020100

<1 1-2No. of days

% o

f to

tal p

ort

foli

o 96.8%

3.2%

`60k Crs - `18k Crs5.0%

3.8%


Dividend history

Direct Plan Dividend Option13-Mar-15 0.15 10.6547Regular Plan Dividend Option13-Mar-15 0.15 10.6288

Regular Plan~ 2.70%

Direct Plan~ 1.05%


JPMorgan India Economic Resurgence Fund

Name of the scheme

JPMorgan India Economic Resurgence Fund

Allotment date

3 February 2015

Scheme structure

An open-ended equity scheme


The primary investment objective of the scheme is

to generate long term capital appreciation, from a

diversified por tfolio that is substantially

constituted of equity and equity related securities

of companies with focus on riding economic cycles

through dynamic allocation between various

sectors and stocks at different stages of economic

activity.

However, there can be no assurance that the

investment objective of the scheme will be realised.

Fund managers

Harshad Patwardhan & Karan Sikka



Karan Sikka 7


Harshad Patwardhan 2 months

Karan Sikka 2 months



thereof



thereof

Entry load - Nil

Exit load



through SIP - 1%;



through SIP - Nil

Exit load (SIP)



purchase 1%;



purchase - Nil

Benchmark

S&P BSE 200







in future.


Rs. 93.51 Crore



This product is suitable for investors who are seeking*

• Long-term capital growth.• Investment in equity and equity-related securities of companies with a focus on riding economic cycles

through dynamic allocation between various sectors and stocks at different stages of economic activity.• High Risk (BROWN)

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

Others

Consumer

Cement

Auto

*Industrials/Infra

Financials

Sec

tor

% of portfolio


0% 10%

2.3%

5%

3.1%

40%

8.9%

14.0%

34.8%

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



34.9%


Equity Holdings HDFC Bank Ltd. 8.62Larsen & Toubro Ltd. 6.73 HDFC Ltd. 5.60ICICI Bank Ltd. 4.63 Maruti Suzuki India Ltd. 3.97 Ultratech Cement Ltd. 3.45 State Bank of India 3.44 Axis Bank Ltd. 3.26 NCC Ltd. 2.76 Bharat Forge Ltd. 2.68 Cummins India Ltd. 2.50 Bosch Ltd. 2.32 Fag Bearings India Ltd. 2.32 Shriram Transport Finance Company Ltd. 2.28 Shree Cements Ltd. 2.16 Amara Raja Batteries Ltd. 2.12 Yes Bank Ltd. 2.08 Bharat Electronics Ltd. 2.08 J.KUMAR INFRAPROJECTS LTD. 2.03 JK Cement Ltd. 2.02 Alstom T&D India Ltd. 1.82 Sadbhav Engineering Ltd. 1.75 Kotak Mahindra Bank Ltd. 1.68 Ashok Leyland Ltd. 1.66 Kajaria Ceramics Ltd. 1.65 Grindwell Norton Ltd 1.61 Whirlpool of India Ltd. 1.59 IndusInd Bank Ltd. 1.51 Kansai Nerolac Paints Ltd. 1.51 Voltas Ltd. 1.49 Eicher Motors Ltd. 1.45 Solar Industries India Ltd. 1.36 Dalmia Bharat Ltd. 1.31 WABCO India Ltd. 1.28 VA Tech Wabag Ltd. 1.27 Motherson Sumi Systems Ltd. 1.21 Bank of Baroda 1.05 Action Construction Equipment Ltd. 1.05 TIL Ltd. 1.05 Thermax Ltd. 1.04 Texmaco Rail & Engineering Ltd 0.94 Astra Microwave Products Ltd. 0.94 IDFC Ltd. 0.72 Equity Holdings Total 97.99 Cash & Other Receivables Net Receivables / (Payables) 2.01 Cash & Other Receivables Total 2.01 Grand Total 100.00



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


>`90k Crs39.0%

<`6k Crs18.0%

`6k Crs - `18k Crs15.0%

`18k Crs - `90k Crs28.0%

Liquidity measures

90

80

70

60

50

40

30

20

10

0<1 1-2 2-3 >3

No. of days

% o

f to

tal p

ort

foli

o

87.0%

7.7% 4.0%

20%15% 30%25% 35%

1.3%

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, 6 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%;



purchase - Nil

Benchmark of the underlying fund

MSCI Golden Dragon Index





in future.


Rs. 113.59 crore

International Mutual Fund Units

JPMorgan Funds - Greater China Fund 100.29%

International Mutual Fund Units Total 100.29%

Cash & Other Receivables

CBLO / Repo 1.00%

Net Receivables (Payable) (1.29%)

Cash & Other Receivables Total (0.29%)

Grand Total 100.00

Holding as on 31 March 2015

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~ 0.80% 1.00%


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

Equity holding Weight (%)

Taiwan Semiconductor (Information Technology) 8.1

Tencent (Information Technology) 7.3

China Construction Bank (Financials) 4.9

AIA (Financials) 4.6

Cheung Kong (Financials) 4.0

Ping An Insurance (Financials) 3.6

China Pacific Insurance (Financials) 3.5

Agricultural Bank of China (Financials) 2.8

China Minsheng Bank (Financials) 2.4

China Unicom (Telecommunication Services) 2.4

Total 43.6

Statistical analysis as on 28 February 2015

3 years 5 years

Correlation 0.98 0.98

Alpha 2.37 1.33

Beta 0.99 1.04

10 largest holdings as on 28 February 2015

Sector breakdown as on 28 February 2015

Sector Fund

Financials 42.6%

Information Technology 27.9%

Telecommunication Services 6.5%

Industrials 5.3%

Health Care 3.9%

Consumer Discretionary 3.5%

Energy 3.2%

Utilities 3.1%

Consumer Staples 2.2%

Materials 1.6%

Cash 0.2%

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 28 February 2015

Country FundChina 57.1%Taiwan 25.3%Hong Kong 17.4%Cash 0.2%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

• High Risk. (BROWN)

Quarterly Outlook: We remain overweight modestlyvalued Chinasensitive financials in all three markets, alongside our secular core bets in alternative energy, Chinese healthcare and internet services.

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).


investment objective of the Scheme will be realized.

Fund manager

Namdev Chougule


Experience managing the scheme 3 years, 8 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


MSCI South East Asia Index




Past performance may or may not be sustained in

future.


Rs. 158.93 crore


JPMorgan Funds - ASEAN Equity Fund 99.98%



CBLO / Repo 1.23%

Net Receivables / (Payables) (1.21%)

Cash & Other Receivables Total 0.02%

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) 5.6%Singapore Telecommunications (Telecommunication Services) 4.8%Oversea-Chinese Banking (Financials) 4.0%United Overseas Bank (Financials) 3.9%Bank Central Asia (Financials) 3.9%Kasikornbank (Financials) 3.3%PTT (Energy) 3.0%Airports of Thailand (Industrials) 2.4%Tenaga Nasional (Utilities) 2.3%Telekomunikasi Indonesia (Telecommunication Services) 2.0%Total 35.2%



Country FundSingapore 29.3%Thailand 21.5% Indonesia 20.6%Malaysia 14.2%Philippines 9.4%Vietnam 1.0%Hong Kong 0.9%Cash 3.1%Total 100.0%


Sector Fund

Financials 49.2%

Industrials 15.0%




Energy 4.6%

Utilities 3.3%

Health Care 2.2%

Materials 0.3%


Cash 3.1%

Total 100.0%


JPMorgan ASEAN Equity Off-shore Fund ASEAN Equity Fund

(underlying fund)




3 years 5 years Correlation 0.97 -Alpha 3.31 -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: The sudden oil price collapse will be negative for net oil exporters like Malaysia, but positive for countries like the Philippines, Thailand and Indonesia. Earnings are likely to remain lacklustre in early 2015, but should improve in the second half of the year as the benefits of a lower oil price and increased government spending start to kickin in Indonesia and Thailand. We remain overweight Thailand, and prefer banks and tourismrelated plays.

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, 7 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. 167.92 crore


JPMorgan Funds - US Value Fund 100.46%



CBLO / Repo 0.69%



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) 3.2%

Pfizer (Health Care) 2.8%

Johnson & Johnson (Health Care) 2.7%

Chevron (Energy) 2.0%

Bank of America (Financials) 2.0%

Capital One (Financials) 2.0%

AIG (Financials) 1.9%

Merck & Co. (Health Care) 1.9%

Loews (Financials) 1.9%

Total 24.5%



Sector Fund

Financials 34.2%


Health Care 9.7%

Energy 9.6%

Industrials 7.5%



Utilities 4.8%

Materials 4.6%


Total 100.0%


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

(underlying fund)




3 years 5 years ECorrelation 0.96 0.97

EAlpha 0.06 0.92EBeta 0.95 0.90

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: Heading into the sixth year of an economic expansion, our outlook remains constructive. At times, investors get caught out by measuring market advances in calendar years and not in terms of where we are in the economic cycle. There remains considerable underinvestment in the US economy as both residential and commercial construction as a percentage of GDP remains below longterm averages. While there will be bumps in the road, we expect US equity markets to continue their upward trend.

EThe time difference between Fund NAV calculation and the US market can distort this figure. All equity indices stated as ‘Net’ are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise.

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 1 yr, 2 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. 159.06 crore


JPMorgan Europe Dynamic Equity Offshore Fund 100.80%



CBLO / Repo 0.62%



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: The European Central Bank's commitment to balance sheet expansion and the weakness of the euro should boost confidence. In addition, European corporate earnings are expected to grow further this year

Equity holding Weight (%)Delhaize (Consumer Staples) 2.6%BT (Telecommunication Services) 2.2%Novartis (Health Care) 2.2%Publigroupe (Consumer Discretionary) 2.1%Cap Gemini (Information Technology) 2.1%Lloyds Bank (Financials) 2.0%Telefonica (Telecommunication Services) 1.9%Rio Tinto (Materials) 1.9%Reckitt Benckiser (Consumer Staples) 1.9%International Consolidated Airlines (Industrials) 1.9%Total 20.8%



Country FundUnited Kingdom 25.2%Germany 16.8%France 14.8%Switzerland 6.7%Netherlands 6.6%Spain 4.9%Denmark 4.1%Ireland 4.1%Belgium 3.7%Others 6.0%Cash 7.1%Total 100.0%


Sector Fund

Financials 18.0%


Materials 11.9%

Industrials 11.5%


Health Care 8.5%



Energy 1.0%

Utilities 0.5%

Cash 7.1%

Total 100.0%Statistical analysis as on 28 February 2015

3 years 5 years Correlation 0.93 0.93Alpha 4.46 3.85Beta 1.05 1.13

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.


investment objective of the Scheme will be

realised.

Fund manager

Namdev Chougule


Experience managing the scheme 9 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. 10.95 crore


JPMorgan Emerging Markets Opportunities Equity Offshore Fund 99.78%



CBLO / Repo 0.36%


Cash & Other Receivables Total 0.22%

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.

• High Risk. (BROWN)

Outlook: We do not expect EM stocks to enter a new secular bull phase or offer sustained outperformance until there is evidence of a turn in the underlying fundamentals. That evidence is in short supply, but this does not alter the compelling longterm story of EM growth that will be driven by the rise of the EM consumer and the emergence of important global brands from previouslyunexpected EM domiciles. Investors seeking exposure to these secular themes might wish to take advantage of relatively attractive valuations by adding to EM equities on pullbacks, such as the one currently underway, below 1.5x book value.

Equity holding Weight (%)Tencent (Information Technology) 3.1%Infosys Technologies (Information Technology) 3.1%MediaTek (Information Technology) 2.9%China Merchants Bank (Financials) 2.5%Magnit (Consumer Staples) 2.5%Samsung Electronics (Information Technology) 2.5%Turkiye Halk Bankasi (Financials) 2.4%Siliconware Precision Industries (Information Technology) 2.0%Great Wall Motor (Consumer Discretionary) 1.9%Tata Motors (Consumer Discretionary) 1.8%Total 24.7%



Country FundChina 26.0%South Korea 15.2%Taiwan 11.8%Brazil 9.7%India 7.5%South Africa 7.0%Russia 5.7%Thailand 3.8%Turkey 2.9%Others 7.9%Cash 2.5%Total 100.0%


Sector Fund


Financials 22.0%




Materials 5.0%

Industrials 4.7%

Energy 3.7%

Utilities 2.4%

Health Care 0.5%

Cash 2.5%

Total 100.0%Statistical analysis as on 28 February 2015

3 years 5 years Correlation 0.96 0.97Alpha 1.30 2.92Beta 0.99 0.97

JPMorgan Emerging Markets Opportunities Equity 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 0.11 40 9.00% 0.31%~ 0.50%~ 0.16%~

*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, 9 months

Ravi Ratanpal 3 years, 6 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 16.4903

Retail Plan - Daily Dividend Option 10.0190

Retail Plan - Weekly Dividend Option 10.0373

Retail Plan - Monthly Dividend Option 10.0394

Super Institutional Plan - Growth Option 18.1070

Super Institutional Plan - 10.0279

Daily Dividend Option


Weekly Dividend Option


Fortnightly Dividend Option


Monthly Dividend Option

Super Institutional Plan - Bonus Option 10.5479


Annual Dividend Option


Direct Plan - Daily Dividend Option 10.0101

Direct Plan - Weekly Dividend Option 10.1507

Direct Plan - Bonus Option 10.5650

Past performance may or may not be sustained in future.

Average AUM (March 2015)Rs. 4321.26 crore

JPMorgan India Liquid Fund


Name of the instrumentMoney Market Instruments

Certificate of Deposit

Punjab & Sind Bank CRISIL A1+ 17.07

Union Bank of India CRISIL A1+ 12.81

IDBI Bank Ltd. CRISIL A1+ 8.56

Bank of Maharashtra CRISIL A1+ 8.55

ING Vysya Bank Ltd. CRISIL A1+ 4.25

IndusInd Bank Ltd. CRISIL A1+ 0.17

Certificate of Deposit Total 51.41

Commercial Paper

Edelweiss Financial Services Ltd. CRISIL A1+ 12.75

ECL Finance Ltd. CRISIL A1+ 10.61

Export Import Bank of India CRISIL A1+ 8.50

National Fertilizers Ltd. CRISIL A1+ 6.38

Welspun India Ltd. FITCH A1+ 4.25

Adani Enterprises Ltd. BRICKWORKS A1+ 1.06

Dewan Housing Fin. Corp. Ltd. CRISIL A1+ 0.06

Commercial Paper Total 43.61

Money Market Instruments Total 95.02


Net Receivables/(Payables) 4.66

CBLO / Repo 0.32

Cash & Other Receivables Total 4.98

Grand Total 100.00 BRICKWORKS A1+,CRISIL A1+,FITCH A1+

Rating profile

95.02%

Dividend details (Re / Unit)

Super Institutional Plan - Monthly Dividend Option

27-Jan-15 0.07552364 10.1081

25-Feb-15 0.06590036 10.0985

25-Mar-15 0.06499586 10.0976

Retail Plan - Monthly Dividend Option

27-Jan-15 0.07252003 10.0964

25-Feb-15 0.06447185 10.0884

25-Mar-15 0.06386147 10.0878

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

51.41%

CommercialPaper

43.61%

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

4.98%

4.98%


Bonus History

Record Date - 25-Feb-15 RateSuper Institutional Plan - Bonus Option 2.15 bonus units for every 3 units heldDirect Plan - Bonus Option 2.15 bonus units for every 3 units held

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, 9 monthsRavi Ratanpal 3 years, 6 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) NilBenchmark: CRISIL Liquid Fund IndexNAV (as at 31 March 2015, in Rs.)Retail Plan - Growth Option 16.4561

Retail Plan - Daily Dividend Option 10.0353

Retail Plan - Weekly Dividend Option 10.1011

Retail Plan - Monthly Dividend Option 10.0587

Super Institutional Plan - Growth Option 18.3624

Super Institutional Plan - Dividend Option 12.4178


Daily Dividend Option


Weekly Dividend Option


Fortnightly Dividend Option


Monthly Dividend Option

Super Institutional Plan - Bonus Option 12.2422


Annual Dividend Option



Direct Plan - Daily Dividend Option 10.0790

Direct Plan - Monthly Dividend Option 10.4228

Direct Plan - Fortnightly Dividend Option 10.0825

Direct Plan - Annual Dividend Option 11.0090Past performance may or may not be sustained in future.Average AUM (March 2015)Rs. 1805.61 crore


JPMorgan India Treasury Fund

Name of the instrument Rating % to NAV

Holdings as on 31 March 2015 (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-Jan-15 0.07712100 10.1188

25-Feb-15 0.06587218 10.1076

25-Mar-15 0.06182396 10.1035

Retail Plan - Monthly Dividend Option

27-Jan-15 0.07164267 10.1033

25-Feb-15 0.06099231 10.0927

25-Mar-15 0.05713401 10.0888


27-Jan-15 0.08111163 10.4746

25-Feb-15 0.06942770 10.4629

25-Mar-15 0.06520029 10.4587

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

Rating profile

74.88%

Corporate Debt

Non-Convertible Debentures

Dalmia Cements (Bharat) Limited ICRA AA- 9.73

ECL Finance Ltd. ICRA AA 7.21

Bharat Aluminium Co. Ltd. CRISIL AA- 3.61

SREI Equipment Finance Ltd. CARE AA 2.93

Fullerton India Credit Co. Ltd. ICRA AA+ 1.40

Power Finance Corporation Ltd. CRISIL AAA 0.13

Non-convertible Debentures Total 25.01

Corporate Debt Total 25.01

Money Market Instruments


Bank of Maharashtra CRISIL A1+ 9.63

Axis Bank Ltd. CRISIL A1+ 6.04

IDBI Bank Ltd. CRISIL A1+ 3.32

Canara Bank CRISIL A1+ 3.01


Dena Bank CRISIL A1+ 1.61


Commercial Paper

Edelweiss Financial Services Ltd. CRISIL A1+ 5.95

ECL Finance Ltd. CRISIL A1+ 2.97

Edelwiess Commodities Services Ltd. CRISIL A1+ 2.97

Commercial Paper Total 11.89

Money Market Bonds

Amtek Auto Ltd. CARE AA 8.45

Indiabulls Housing Finance Ltd. CRISIL AA+ 3.51

LIC Housing Finance Ltd. CRISIL AAA 0.44


Money Market Bonds Total 12.43



Net Receivables/(Payables) 13.73

CBLO / Repo 11.39


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 0.61 317 9.40% 0.49%~ 1.09%~ 0.34%~

CommercialPaper

Cash andOther

Receivables

80

70

60

50

40

30

20

10

0

25.55%


Certificateof deposit

25.12%

11.89%

CorporateDebt

25.01%


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

12.43%

25.12%

Bonus History

Record Date - 22-May-13 RateSuper Institutional Plan - Bonus Option 1 bonus unit for every 2 units heldDirect Plan - Bonus Option 1 bonus unit for every 2 units held

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. Jan. 22, 2015)

Within 3 months from the date of allotment in

respect of Lumpsum & Within 3 months from the

date of allotment in respect of each purchase made

through SIP : 1.00%

After 3 months from the date of allotment in

respect of Lumpsum & After 3 months from the

date of allotment in respect of each purchase made

through SIP : Nil

Benchmark

CRISIL Composite Bond Fund Index




Retail Plan - Growth Option 15.1877

Retail Plan - Dividend Option 14.2848

Institutional Plan - Growth Option 12.7048

Institutional Plan - Dividend Option 12.6827



#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


84.90%

15.10%

CARE AAA,CRISIL AAA,FITCH AAA,ICRA AAA

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 4.34 2404 8.26% 0.90%~ 2.02%~ 0.87%~

100

90

80

70

60

50

40

30

20

10

0


Cash & OtherReceivables

15.10%

CorporateDebt

84.56%

Money MarketBonds

0.34%

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 14.94%Power Finance Corporation Ltd. CRISIL AAA 14.40%Rural Electrification Corporation Ltd. CRISIL AAA 10.31%LIC Housing Finance Ltd. CRISIL AAA 8.39%Housing Development Finance Corporation Ltd. CRISIL AAA 8.26%IDFC Ltd. CRISIL AAA 6.03%Power Grid Corporation of India Ltd. CRISIL AAA 5.99%Tata Sons Ltd. CRISIL AAA 5.73%Nuclear Power Corporation CRISIL AAA 5.06%Housing Development Finance Corporation Ltd. ICRA AAA 1.79%Power Grid Corporation of India Ltd. ICRA AAA 1.25%Rural Electrification Corporation Ltd. CARE AAA 0.90%GAIL (India) Ltd. CARE AAA 0.74%Infrastructure Leasing & Financial Services Ltd. FITCH AAA 0.30%India Infradebt Ltd. CRISIL AAA 0.29%HDB Financial Services Ltd. CARE AAA 0.12%National Bank for Agriculture & Rural Development CRISIL AAA 0.06%Non-convertible Debentures Total 84.56%Corporate Debt Total 84.56%Money Market Instruments Money Market Bonds IDFC Ltd. ICRA AAA 0.29%National Bank for Agriculture & Rural Development CRISIL AAA 0.05%Money Market Bonds Total 0.34%Money Market Instruments Total 0.34%Cash & Other Receivables CBLO / Repo 11.38%Net Receivables/(Payables) 3.72%Cash & Other Receivables Total 15.10%Grand Total 100.00%

Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Regular Plan Direct Plan 1.55 813 9.40% 1.07%~ 0.61%~

JPMorgan India Short Term Income Fund


Regular Plan - Monthly Dividend Option

27-Jan-15 0.09344659 10.2434

25-Feb-15 0.06681484 10.2168

25-Mar-15 0.05391070 10.2039

Regular Dividend - Adhoc

21-Jan-13 0.13000000 10.2992


27-Jan-15 0.09755650 10.2391

25-Feb-15 0.07089528 10.2124

25-Mar-15 0.05763301 10.1991


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 - Nil (w.e.f. Feb. 1, 2015)

Benchmark

CRISIL Short-Term Bond Fund Index




Regular Plan - Weekly Dividend Option 10.1893

Regular Plan - Fortnightly Dividend Option 10.2138

Regular Plan - Monthly Dividend Option 10.1834








Rating profile

74.32%

11.33%


60

50

40

30

20

10

0


CorporateDebt

13.90%11.33%10.60%

Certificate ofDeposit

Cash &Other

Receivables

14.35%

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

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

36.77%

MoneyMarketBonds

GovernmentBond

14.35%

SOVEREIGN

Corporate Debt Non-Convertible DebenturesSintex Industries Ltd. CARE AA 5.78HPCL Mittal Energy Ltd. ICRA AA- 2.91Power Finance Corporation Ltd. ICRA AAA 2.89Sesa Sterlite Ltd. CRISIL AA+ 1.42HPCL Mittal Pipelines Ltd. ICRA AA- 0.43Power Grid Corp. of India Ltd. CRISIL AAA 0.29The Indian Hotels Company Ltd. ICRA AA 0.18Non-convertible Debentures Total 13.90Corporate Debt Total 13.90Money Market Instruments Certificate of Deposit IDBI Bank Ltd. CRISIL A1+ 10.60Certificate of Deposit Total 10.60Commercial PaperEdelweiss Financial Services Ltd. CRISIL A1+ 6.53ECL Finance Ltd. CRISIL A1+ 6.52Commercial Paper Total 13.05Money Market BondsAmtek Auto Ltd. CARE AA 18.73Indiabulls Housing Finance Ltd. CRISIL AA+ 15.37NABARD CRISIL AAA 1.65Power Finance Corporation Ltd. CRISIL AAA 0.96Indian Oil Corporation Ltd. ICRA AAA 0.03LIC Housing Finance Ltd. CRISIL AAA 0.03Money Market Bonds Total 36.77Money Market Instruments Total 60.42Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN 11.33Government Bond Total 11.33Government Bond And Treasury Bill Total 11.33Cash & Other Receivables Net Receivables/(Payables) 13.47CBLO / Repo 0.88Cash & Other Receivables Total 14.35Grand Total 100.00

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

13.05%

CommercialPaper

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, 7 monthsRavi Ratanpal 1 year, 7 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 March 2015, in Rs.)Direct Plan - Growth Option 11.7257






Regular Plan - Monthly Dividend Option 10.3629Past performance may or may not be sustained in future.Average AUM (March 2015)Rs. 392.12 crore




Rating profile

94.48%

5.52%


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

89.38%


5.52%

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

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



27-Jan-15 0.07340028 10.4169

25-Feb-15 0.05790261 10.4014

25-Mar-15 0.04566731 10.3892


27-Jan-15 0.07683773 10.4068

25-Feb-15 0.05536659 10.3853

25-Mar-15 0.04321959 10.3731



Dividend NAV

Corporate Debt

Non-Convertible Debentures

Power Finance Corporation Ltd. CRISIL AAA 16.97

Kotak Mahindra Prime Ltd. CRISIL AAA 12.43

Power Grid Corp. of India Ltd. CRISIL AAA 11.47

IDBI Bank Ltd. CRISIL AA+ 9.00

NABARD CRISIL AAA 8.21

Rural Electrification Corp. Ltd. CRISIL AAA 7.96

Export Import Bank of India CRISIL AAA 7.80

Hindustan Petroleum Corp Ltd. CRISIL AAA 6.49

Power Grid Corp. of India Ltd. ICRA AAA 1.31

Power Finance Corporation Ltd. ICRA AAA 1.30

HDB Financial Services Ltd. CRISIL AAA 1.30

Indian Railway Fin. Corp. Ltd. CRISIL AAA 1.30

Airports Authority of India Ltd. ICRA AAA 1.29

Bank of Baroda CRISIL AAA 1.28

Housing & Urban Dev. Corp Ltd. CRISIL AA+ 1.27

Non-Convertible Debentures Total 89.38


Money Market Instruments




Money Market Bonds

NHPC Ltd. ICRA AAA 1.28

Money Market Bonds Total 1.28



CBLO / Repo 6.59

Net Receivables / (Payables) (1.07)


Grand Total 100.00

In days Regular Plan Direct Plan 1.87 814 8.30% 0.55%~ 0.25%~

Money MarketBonds

1.28%

Certificateof Deposit

3.82%

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 1 yr, 2 monthsRavi Ratanpal 1 yr, 2 monthsEntry load - NilExit load - Nil (w.e.f. 12 February 2015)BenchmarkI-Sec Mi-BEXNAV (as at 31 March 2015, in Rs.)Direct Plan - Growth Option 11.8089






Regular Plan - Annual Dividend Option 11.7630Past performance may or may not be sustained in future.Average AUM (March 2015)Rs. 765.53 crore








Government Bond And Treasury Bill

Government Bond

Government of India SOVEREIGN 93.62

Government Bond Total 93.62

Government Bond & Treasury Bill Total 93.62


CBLO / Repo 0.23

Net Receivables / (Payables) 4.90


Grand Total 100.00

Rating profile

93.62%



100

90

80

70

60

50

40

30

20

10

0



5.13%

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


5.13%

SOVEREIGN

GovernmentBond

93.62%

Certificate ofDeposit Total

1.25%

1.25%

CRISIL A1+

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 7 monthsRavi Ratanpal 7 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 March 2015, in Rs.)Direct Plan - Growth Option 10.7683








Regular Plan - Annual Dividend Option 10.7479Past performance may or may not be sustained in future.Average AUM (March 2015)Rs. 146.23 crore




Corporate Debt

Non-convertible Debentures

HPCL Mittal Energy Ltd. ICRA AA- 14.10

Welspun Corp Ltd. CARE AA- 13.73

Sintex Industries Ltd. CARE AA 13.49

HPCL Mittal Pipelines Ltd. ICRA AA- 11.48

JK Cement Ltd. BRICKWORKS AA- 11.31

Nirma Ltd. CRISIL AA 9.87


The Indian Hotels Company Ltd. ICRA AA 5.19

Shriram Transport Fin. Co. Ltd. CRISIL AA 3.49

Cholamandalam Inv. & Fin.Co.Ltd. ICRA AA 3.32

Tata Power Company Ltd. CARE AA 2.34

Non-Convertible Debentures Total 95.27



CBLO / Repo 0.39

Net Receivables / (Payables) 4.34


Grand Total 100.00


100

90

80

70

60

50

40

30

20

10

0



4.73%

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

95.27%

4.73%


BRICKWORKS AA-,CARE AA,CARE AA-,CRISIL AA, ICRA AA,ICRA AA-,ICRA AA+

Corporate DebtTotal

95.27%

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)## 31/03/2014 To 31/03/2015 (Absolute) 10.805 84.22 50.96 24.89

Scheme Returns

JPMorgan India Equity Fund - Regular Plan Growth Option Returns as on 31 March 2015

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 11.29 9.60 9.0731/03/2014 To 31/03/2015 (Absolute) 15.961 44.35 31.93 24.8928/03/2013 To 31/03/2014 (Absolute) 13.328 19.76 17.19 18.8530/03/2012 To 28/03/2013 (Absolute) 12.621 5.60 6.03 8.23

NAV as on March 31, 2015 Rs. 23.039

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

Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 23,039 20,454 19,683

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 March 2015

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31/03/2014 To 31/03/2015 (Absolute) 16.151 46.59 31.93 24.89


JPMorgan India Mid and Small Cap Fund-Regular Plan Growth Option Returns as on 31 March 2015

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.000 9.54 5.37 4.5831/03/2014 To 31/03/2015 (Absolute) 10.677 81.61 50.96 24.8928/03/2013 To 31/03/2014 (Absolute) 8.312 28.45 16.36 18.8530/03/2012 To 28/03/2013 (Absolute) 7.572 9.77 -4.02 8.23




JPMorgan India Mid and Small Cap Fund - Direct Plan Growth Option Returns as on 31 March 2015


JPMorgan India Tax Advantage Fund - Regular Plan Growth Option Returns as on 31 March 2015





JPMorgan India Tax Advantage Fund - Direct Plan Growth Option Returns as on 31 March 2015



^ 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




Scheme (Rs) Benchmark (Rs) # 19,825 20,031

JPMorgan Greater China Equity Off-Shore Fund - Regular Plan Growth Option

NAV as on March 31, 2015 Rs. 19.825Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)Since Inception - CAGR 10.000 13.00 13.2131/03/2014 To 31/03/2015 (Absolute) 16.540 19.86 23.5028/03/2013 To 31/03/2014 (Absolute) 13.968 18.41 16.3630/03/2012 To 28/03/2013 (Absolute) 11.846 17.91 14.45

#MSCI Golden Dragon Index

Returns as on 31 March 2015

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

JPMorgan ASEAN Equity Off-shore Fund - Regular Plan Growth Option Returns as on 31 March 2015

NAV as on March 31, 2015 Rs. 16.461Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)Since Inception - CAGR 10.000 14.20 12.3631/03/2014 To 31/03/2015 (Absolute) 15.390 6.96 6.4628/03/2013 To 31/03/2014 (Absolute) 15.291 0.65 4.1430/03/2012 To 28/03/2013 (Absolute) 11.655 31.20 21.79

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

Scheme (Rs) Benchmark (Rs)# 16,461 15,489


JPMorgan US Value Equity Off-shore Fund-Regular Plan Growth Option Returns as on 31 March 2015

NAV as on March 31, 2015 Rs. 12.1721Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)31/03/2014 To 31/03/2015 (Absolute) 10.6534 14.26 13.07

#Russell 1000 Value Index

Fund Managers:

















Scheme Returns

JPMorgan Greater China Equity Off-Shore Fund - Direct Plan Growth Option Returns as on 31 March 2015


#MSCI Golden Dragon Index

JPMorgan ASEAN Equity Off-shore Fund - Direct Plan Growth Option Returns as on 31 March 2015


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

JPMorgan US Value Equity Off-shore Fund-Direct Plan Growth Option Returns as on 31 March 2015


#Russell 1000 Value Index

JPMorgan India Liquid Fund - Retail Plan Growth Option Returns as on 31 March 2015

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 7.95 7.65 6.457 days 16.4611 9.25 13.63 17.1715 days 16.4307 8.83 10.39 14.7130 days 16.3678 8.54 9.51 11.1928/03/2014 To 31/03/2015 (Absolute) 15.1532 8.82 9.06 8.8228/03/2013 To 28/03/2014 (Absolute) 13.8935 9.07 9.46 5.7730/03/2012 To 28/03/2013 (Absolute) 12.7316 9.13 8.17 8.33

NAV as on March 31, 2015 Rs. 16.4903


Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 16,490 16,196 15,054

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

JPMorgan India Liquid Fund - Super Institutional Plan Growth Option Returns as on 31 March 2015

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 8.20 7.61 6.227 days 18.0746 9.35 13.63 17.1715 days 18.0408 8.93 10.39 14.7130 days 17.9705 8.66 9.51 11.1928/03/2014 To 31/03/2015 (Absolute) 16.6070 9.03 9.06 8.8228/03/2013 To 28/03/2014 (Absolute) 15.1963 9.28 9.46 5.7730/03/2012 To 28/03/2013 (Absolute) 13.8988 9.34 8.17 8.33

NAV as on March 31, 2015 Rs. 18.1070


Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 18,107 17,378 15,754


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

JPMorgan India Treasury Fund - Retail Plan Growth Option Returns as on 31 March 2015


NAV as on March 31, 2015 Rs. 16.4561




Fund Managers:

















Scheme Returns

JPMorgan India Liquid Fund - Direct Plan Growth Option Returns as on 31 March 2015

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##7 days 18.1268 9.38 13.63 17.1715 days 18.0929 8.94 10.39 14.7130 days 18.0213 8.74 9.51 11.1928/03/2014 To 31/03/2015 (Absolute) 16.6310 9.19 9.06 8.8228/03/2013 To 28/03/2014 (Absolute) 15.2000 9.41 9.46 5.77

NAV as on March 31, 2015 Rs. 18.1594


JPMorgan India Treasury Fund - Super Institutional Plan Growth Option Returns as on 31 March 2015


NAV as on March 31, 2015 Rs. 18.3624




JPMorgan India Treasury Fund - Direct Plan Growth Option Returns as on 31 March 2015

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##28/03/2014 To 31/03/2015 (Absolute) 16.8253 9.50 9.06 8.8228/03/2013 To 28/03/2014 (Absolute) 15.3772 9.42 9.46 5.77

NAV as on March 31, 2015 Rs. 18.4233


JPMorgan India Short Term Income Fund - Regular Plan Growth Option



NAV as on March 31, 2015 Rs. 15.3246



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

JPMorgan India Short Term Income Fund - Direct Plan Growth Option

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##28/03/2014 To 31/03/2015 (Absolute) 13.9786 10.82 10.40 8.8228/03/2013 To 28/03/2014 (Absolute) 12.8108 9.12 8.78 5.77


NAV as on March 31, 2015 Rs. 15.4917


Fund Managers:

















JPMorgan India Active Bond Fund - Retail Plan Growth Option Returns as on 31 March 2015

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 6.37 8.08 7.1728/03/2014 To 31/03/2015 (Absolute) 13.4369 13.03 14.67 14.6328/03/2013 To 28/03/2014 (Absolute) 12.9271 3.94 4.32 -1.0130/03/2012 To 28/03/2013 (Absolute) 11.9071 8.57 9.24 11.25

NAV as on March 31, 2015 Rs. 15.1877



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

Scheme Returns

JPMorgan India Active Bond Fund - Institutional Plan Growth Option Returns as on 31 March 2015

NAV as on March 31, 2015 Rs. 12.7048Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##28/03/2014 To 31/03/2015 (Absolute) 11.1143 14.31 14.67 14.6328/03/2013 To 28/03/2014 (Absolute) 10.6162 4.69 4.32 -1.01




JPMorgan India Active Bond Fund - Direct Plan Growth Option Returns as on 31 March 2015

Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##28/03/2014 To 31/03/2015 (Absolute) 13.5729 14.34 14.67 14.6328/03/2013 To 28/03/2014 (Absolute) 12.9505 4.81 4.32 -1.01

NAV as on March 31, 2015 Rs. 15.5196


JPMorgan India Banking and PSU Debt Fund-Regular Plan Growth Option Returns as on 31 March 2015


NAV as on March 31, 2015 Rs. 11.6729


JPMorgan India Banking and PSU Debt Fund-Direct Plan Growth Option Returns as on 31 March 2015


NAV as on March 31, 2015 Rs. 11.7257


JPMorgan Europe Dynamic Equity Off-shore Fund-Regular Plan Growth Option Returns as on 31 March 2015

Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns#(%) 31/03/2014 To 31/03/2015 (Absolute) 10.2361 -3.28 23.77


#MSCI Europe Index

JPMorgan Europe Dynamic Equity Off-shore Fund-Direct Plan Growth Option Returns as on 31 March 2015

Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns#(%) 31/03/2014 To 31/03/2015 (Absolute) 10.2459 -2.40 23.77

NAV as on March 31, 2015 Rs. 10.0002

#MSCI Europe Index

JPMorgan India Govt Securities Fund-Regular Plan Growth Option Returns as on 31 March 2015


NAV as on March 31, 2015 Rs. 11.7590

#I-Sec Mi-BEX ##CRISIL 10 Year Gilt Index

JPMorgan India Govt Securities Fund-Direct Plan Growth Option Returns as on 31 March 2015


NAV as on March 31, 2015 Rs. 11.8089

#I-Sec Mi-BEX ##CRISIL 10 Year Gilt Index^ Past performance may or may not be sustained in the future

#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.

fund facts - edelweissmf.com - march 2015.pdf · pace of 2.6% in jan as compared to a revised...

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