Prospectus June JPMorgan Funds. Société d Investissement à Capital Variable Luxembourg - PDF

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Prospectus June 2014 JPMorgan Funds Société d Investissement à Capital Variable Luxembourg JPMORGAN FUNDS (the Fund ) has been authorised under Part I of the Luxembourg law of 17 December 2010 relating

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Prospectus June 2014 JPMorgan Funds Société d Investissement à Capital Variable Luxembourg JPMORGAN FUNDS (the Fund ) has been authorised under Part I of the Luxembourg law of 17 December 2010 relating to collective investment undertakings ( loi relative aux organismes de placement collectif, the Luxembourg Law ) and qualifies as an Undertaking for Collective Investments in Transferable Securities ( UCITS ) under the EC Directive 2009/65 of 13 July 2009, and may therefore be offered for sale in European Union ( EU ) Member States (subject to registration in countries other than Luxembourg). In addition, applications to register the Fund may be made in other countries. None of the Shares have been or will be registered under the United States Securities Act of 1933, as amended (the 1933 Act ), or under the securities laws of any state or political subdivision of the United States of America or any of its territories, possessions or other areas subject to its jurisdiction including the Commonwealth of Puerto Rico (the United States ). The Fund has not been and will not be registered under the United States Investment Company Act of 1940, as amended, nor under any other US federal laws. Accordingly, except as provided for below, no Shares are being offered to US Persons or persons who are in the United States at the time the Shares are offered or sold. For the purposes of this Prospectus, a US Person includes, but is not limited to, a person (including a partnership, corporation, limited liability company or similar entity) that is a citizen or a resident of the United States of America or is organised or incorporated under the laws of the United States of America. Shares will only be offered to a US Person at the sole discretion of either the Directors or the Management Company. Certain restrictions also apply to any subsequent transfer of Shares in the United States or to US Persons (please see the compulsory redemption provisions under Minimum Subscription and Holding Amounts and Eligibility for Shares in The Shares 2.1 Subscription, Redemption and Switching of Shares below). Should a Shareholder become a US, Person they may be subject to US withholding taxes and tax reporting. If you are in any doubt as to your status, you should consult your financial or other professional adviser. Shares are offered on the basis of the information contained in this Prospectus and the documents referred to therein. The Directors, whose names are set out under Board of Directors, have taken all reasonable care to ensure that the information contained in this Prospectus is, to the best of their knowledge and belief, in accordance with the facts and does not omit anything material to such information. The Directors accept responsibility accordingly. Prospective investors should review this Prospectus carefully and in its entirety and consult with their legal, tax and financial advisers in relation to (i) the legal and regulatory requirements within their own countries for the subscribing, purchasing, holding, switching, redeeming or disposing of Shares; (ii) any foreign exchange restrictions to which they are subject in their own countries in relation to the subscribing, purchasing, holding, switching, redeeming or disposing of Shares; (iii) the legal, tax, financial or other consequences of subscribing for, purchasing, holding, switching, redeeming or disposing of Shares; and (iv) any other consequences of such activities. The distribution of this Prospectus and supplementary documentation and the offering of Shares may be restricted in certain jurisdictions; persons into whose possession this Prospectus comes are required to inform themselves about and to observe any such restrictions. This Prospectus does not constitute an offer by anyone in any jurisdiction in which such offer is not lawful or authorised, or to any person to whom it is unlawful to make such offer. Investors should note that not all the protections provided under their relevant regulatory regime may apply and there may be no right to compensation under such regulatory regime, if such scheme exists. The distribution of this Prospectus in certain jurisdictions may require that it be translated into an appropriate language. Unless contrary to local law in the jurisdiction concerned, in the event of any inconsistency or ambiguity in relation to the meaning of any word or phrase in any translation, the English version shall always prevail. Any information or representation given or made by any person which is not contained herein or in any other document which may be available for inspection by the public should be regarded as unauthorised and should accordingly not be relied upon. Neither the delivery of this Prospectus nor the offer, issue or sale of Shares in the Fund shall under any circumstances constitute a representation that the information given in this Prospectus is correct as at any time subsequent to the date hereof. The most recent annual report and the latest semi-annual report, if published thereafter, form an integral part of this Prospectus. These documents and the Key Investor Information Documents published by the Fund are available at the registered office of the Fund and from its local sales agents listed in Appendix I Information for Investors in Certain Countries. The Management Company or JPMorgan Chase & Co. may use telephone recording procedures to record, inter alia, transaction orders or instructions. By giving such instructions or orders by telephone, the counterparty to such transactions is deemed to consent to the tape-recording of conversations between such counterparty and the Management Company or JPMorgan Chase & Co. and to the use of such tape recordings by the Management Company and/or JPMorgan Chase & Co. in legal proceedings or otherwise at their discretion. The Management Company shall not divulge any confidential information concerning the investor unless required to do so by law or regulation. The investor agrees that personal details contained in the application form and arising from the business relationship with the Management Company may be stored, modified or used in any other way by the Management Company or JPMorgan Chase & Co. for the purpose of administering and developing the business relationship with the investor. To this end data may be transmitted to JPMorgan Chase & Co., financial advisers working with the Management Company, as well as to other companies being appointed to support the business relationship (e.g. external processing centres, despatch or paying agents). Contents Page Glossary 4 Board of Directors 9 Section 1. The Fund Structure Investment Objectives and Policies 11 Section 2. The Shares Subscription, Redemption and Switching of Shares 12 (a) Subscription for Shares 14 (b) Redemption of Shares 14 (c) Switching of Shares Transfer of Shares Restrictions on subscriptions and switches into certain Sub-Funds Restrictions on subscriptions and switches into S Share Classes Calculation of Prices Suspensions or Deferrals 18 Section 3. General Information Administration Details, Charges and Expenses Fund Information Dividends Taxation Meetings and Reports Details of Shares Additional Information Relating to JPMorgan Funds India Fund Additional Investment Policies for All Sub-Funds 29 Appendix I Information for Investors in Certain Countries 30 General Australia Curacao Denmark Germany Ireland Italy The Netherlands Singapore Spain Taiwan United Kingdom 33 Appendix II Investment Restrictions and Powers 35 General Investment Rules 35 I Financial Derivative Instruments 39 II Financial Techniques and Instruments 42 III Collateral Received in respect of Financial Techniques and Financial Derivative Instruments 43 Appendix III Sub-Fund Details Classes of Shares Risk Management Process Equity Sub-Funds 47 JPMorgan Funds Africa Equity Fund 47 JPMorgan Funds America Equity Fund 49 JPMorgan Funds ASEAN Equity Fund 50 JPMorgan Funds Asia Equity Fund 51 JPMorgan Funds Asia Pacific Strategic Equity Fund 52 JPMorgan Funds Brazil Equity Fund 53 JPMorgan Funds China Fund 55 JPMorgan Funds Eastern Europe Equity Fund 56 JPMorgan Funds Emerging Europe, Middle East and Africa Equity Fund 57 JPMorgan Funds Emerging Markets Diversified Equity Fund 59 JPMorgan Funds Emerging Markets Dividend Fund 60 JPMorgan Funds Emerging Markets Equity Fund 61 Contents 1 JPMorgan Funds Emerging Markets Opportunities Fund 62 JPMorgan Funds Emerging Markets Small Cap Fund 63 JPMorgan Funds Emerging Middle East Equity Fund 65 JPMorgan Funds Euroland Dynamic Fund 66 JPMorgan Funds Euroland Equity Fund 68 JPMorgan Funds Euroland Focus Fund 69 JPMorgan Funds Euroland Select Equity Fund 70 JPMorgan Funds Europe Dividend Alpha Fund 71 JPMorgan Funds Europe Dynamic Fund 73 JPMorgan Funds Europe Dynamic Small Cap Fund 74 JPMorgan Funds Europe Equity Absolute Alpha Fund 75 JPMorgan Funds Europe Equity Fund 77 JPMorgan Funds Europe Equity Plus Fund 78 JPMorgan Funds Europe Focus Fund 80 JPMorgan Funds Europe Research Enhanced Index Equity Fund 81 JPMorgan Funds Europe Select Equity Plus Fund 82 JPMorgan Funds Europe Small Cap Fund 84 JPMorgan Funds Europe Strategic Growth Fund 85 JPMorgan Funds Europe Strategic Value Fund 86 JPMorgan Funds Europe Technology Fund 87 JPMorgan Funds France Equity Fund 88 JPMorgan Funds Germany Equity Fund 89 JPMorgan Funds Global Consumer Trends Fund 90 JPMorgan Funds Global Developing Trends Fund 92 JPMorgan Funds Global Dynamic Fund 93 JPMorgan Funds Global Focus Fund 94 JPMorgan Funds Global Healthcare Fund 96 JPMorgan Funds Global Natural Resources Fund 97 JPMorgan Funds Global Real Estate Securities Fund (USD) 98 JPMorgan Funds Global Research Enhanced Index Equity Fund 99 JPMorgan Funds Global Socially Responsible Fund 100 JPMorgan Funds Global Unconstrained Equity Fund 101 JPMorgan Funds Greater China Fund 102 JPMorgan Funds Highbridge Europe STEEP Fund 103 JPMorgan Funds Highbridge US STEEP Fund 105 JPMorgan Funds Hong Kong Fund 107 JPMorgan Funds India Fund 108 JPMorgan Funds Indonesia Equity Fund 109 JPMorgan Funds Japan Equity Fund 110 JPMorgan Funds Japan Market Neutral Fund 111 JPMorgan Funds Korea Equity Fund 113 JPMorgan Funds Latin America Equity Fund 115 JPMorgan Funds Pacific Equity Fund 116 JPMorgan Funds Russia Fund 117 JPMorgan Funds Singapore Fund 118 JPMorgan Funds Taiwan Fund 119 JPMorgan Funds Turkey Equity Fund 120 JPMorgan Funds US Equity All Cap Fund 121 JPMorgan Funds US Equity Plus Fund 122 JPMorgan Funds US Growth Fund 124 JPMorgan Funds US Research Enhanced Index Equity Fund 125 JPMorgan Funds US Select Equity Plus Fund 126 JPMorgan Funds US Select Long-Short Equity Fund 128 JPMorgan Funds US Small Cap Growth Fund 130 JPMorgan Funds US Smaller Companies Fund 131 JPMorgan Funds US Technology Fund 132 JPMorgan Funds US Value Fund Balanced and Mixed Asset Sub-Funds 134 JPMorgan Funds Asia Pacific Income Fund 134 JPMorgan Funds Global Allocation Fund 136 JPMorgan Funds Total Emerging Markets Income Fund Convertibles Sub-Funds 140 JPMorgan Funds Global Convertibles Fund (EUR) Contents 6. Bond Sub-Funds 141 JPMorgan Funds Aggregate Bond Fund 141 JPMorgan Funds Asia Local Currency Debt Fund 143 JPMorgan Funds Corporate Bond Portfolio Fund I 145 JPMorgan Funds Corporate Bond Portfolio Fund II 147 JPMorgan Funds Emerging Markets Bond Fund 149 JPMorgan Funds Emerging Markets Corporate Bond Fund 151 JPMorgan Funds Emerging Markets Corporate Bond Portfolio Fund II 153 JPMorgan Funds Emerging Markets Corporate Bond Portfolio Fund III 155 JPMorgan Funds Emerging Markets Debt Fund 157 JPMorgan Funds Emerging Markets Investment Grade Bond Fund 159 JPMorgan Funds Emerging Markets Local Currency Debt Fund 161 JPMorgan Funds Emerging Markets Strategic Bond Fund 163 JPMorgan Funds EU Government Bond Fund 165 JPMorgan Funds Euro Aggregate Bond Fund 166 JPMorgan Funds Euro Bond Portfolio Fund I 168 JPMorgan Funds Euro Corporate Bond Fund 170 JPMorgan Funds Euro Government Short Duration Bond Fund 172 JPMorgan Funds Euro Inflation-Linked Bond Fund 173 JPMorgan Funds Euro Short Duration Bond Fund 175 JPMorgan Funds Europe Aggregate Plus Bond Fund 177 JPMorgan Funds Europe High Yield Bond Fund 179 JPMorgan Funds Financials Bond Fund 181 JPMorgan Funds Global Absolute Return Bond Fund 183 JPMorgan Funds Global Aggregate Bond Fund 185 JPMorgan Funds Global Bond Opportunities Fund 186 JPMorgan Funds Global Corporate Bond Fund 188 JPMorgan Funds Global Credit Bond Fund 190 JPMorgan Funds Global Diversified High Yield Bond Fund 192 JPMorgan Funds Global Government Bond Fund 194 JPMorgan Funds Global Government Short Duration Bond Fund 195 JPMorgan Funds Global Short Duration Bond Fund 196 JPMorgan Funds Global Strategic Bond Fund 198 JPMorgan Funds High Yield Bond Portfolio Fund I 200 JPMorgan Funds High Yield Bond Portfolio Fund II 202 JPMorgan Funds Income Fund 204 JPMorgan Funds Italy Flexible Bond Fund 206 JPMorgan Funds Managed Reserves Fund 208 JPMorgan Funds Renminbi Bond Fund 210 JPMorgan Funds Sterling Bond Fund 212 JPMorgan Funds US Aggregate Bond Fund 213 JPMorgan Funds US High Yield Plus Bond Fund 215 JPMorgan Funds US Short Duration Bond Fund Money Market Sub-Funds 219 JPMorgan Funds Euro Money Market Fund 219 JPMorgan Funds US Dollar Money Market Fund Currency Sub-Funds 222 JPMorgan Funds Emerging Markets Currency Alpha Fund Fund of Funds Sub-Funds 224 JPMorgan Funds Global Multi Strategy Income Fund Other Sub-Funds 226 JPMorgan Funds Diversified Risk Fund 226 JPMorgan Funds Global Merger Arbitrage Fund 228 JPMorgan Funds Income Opportunity Plus Fund 230 JPMorgan Funds Systematic Alpha Fund 232 Appendix IV Risk Factors 234 Appendix V Calculation of Performance Fees 243 Contents 3 Glossary The following summarises the principal features of the Fund and should be read in conjunction with the full text of this Prospectus. Articles ASEAN Asset-backed securities (ABS) AUD Benchmark Bid Price and Offer Price Business Day CAD Caisse de Consignation CDSC CHF China A Shares and China B Shares CIS States CNH CNY The Articles of Incorporation of the Fund as amended from time to time. Association of South East Asian Nations. As at the date of this Prospectus, the countries comprising the ASEAN are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The composition of the ASEAN may change over time. Asset-Backed Securities (ABS) are securities that entitle the holder to receive payments that are primarily dependent upon the cash flow arising from a specified pool of financial assets. The underlying assets may include, but are not limited to, mortgages, auto loans, credit cards and student loans. Australian Dollar. The benchmark, as amended from time to time, where listed in section 4 of Appendix III Sub-Fund Details for each Sub-Fund is a point of reference against which the performance of the Sub-Fund may be measured, unless otherwise stated. The benchmark may also be a guide to market capitalisation of the targeted underlying companies, and where applicable this will be stated in the Sub-Fund s investment policy. The degree of correlation with the benchmark may vary from Sub-Fund to Sub-Fund, depending on factors such as the risk profile, investment objective and investment restrictions of the Sub-Fund, and the concentration of constituents in the benchmark. Where a Sub-Fund s benchmark is part of the investment policy, this is stated in the investment objective and policy of the Sub-Fund in Appendix III Sub-Fund Details and the Sub-Fund will be seeking to outperform such benchmark. Benchmarks used in the calculation of the performance fees are stated under each Sub-Fund in Appendix III Sub-Fund Details and where Sub-Funds currency exposure is managed with reference to a benchmark, the benchmarks are stated in Appendix III. Where Not yet determined appears in place of the benchmark in Appendix III Sub-Fund Details, the Sub-Fund has not yet been launched. The description Total Return Net is applied to a benchmark when the return is quoted net of tax on dividends, Total Return Gross is applied to a benchmark when the return quoted is gross of tax on dividends, and Price Index is applied when the return excludes dividend income. Shares of each Share Class are issued at the Offer Price of such Share Class determined on the applicable Valuation Day in accordance with the relevant provisions under Calculation of Prices. Subject to certain restrictions specified herein, Shareholders may at any time request redemptions of their Shares at the Bid Price of the relevant Share Class determined on the applicable Valuation Day in accordance with the relevant provisions under Calculation of Prices. Unless otherwise specified in Appendix III Sub-Fund Details, a week day other than New Year's Day, Easter Monday, Christmas Day and the day prior to and following Christmas Day. Canadian Dollar. The Caisse de Consignation is a Luxembourg Government agency responsible for safekeeping unclaimed assets entrusted to it by financial institutions in accordance with applicable Luxembourg law(s). The Management Company will pay unclaimed Shareholder assets to the Caisse de Consignation in certain circumstances as described in the Prospectus. Contingent Deferred Sales Charge. Swiss Franc. Most companies listed on Chinese stock exchanges will offer two different share classes: A shares and B shares. China A Shares are traded in Renminbi on the Shanghai and Shenzhen stock exchanges by companies incorporated in mainland China and may only be purchased by Chinese domestic investors and Qualified Foreign Institutional Investors. China B Shares are quoted in foreign currencies (such as the USD) on the Shanghai and Shenzhen stock exchanges and are open to both domestic and foreign investments. Commonwealth of Independent States: an alliance of former Soviet Socialist Republics in the Soviet Union prior to its dissolution in December The member states include: Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan. Chinese offshore RMB, accessible outside the PRC and traded primarily in Hong Kong. The government of the PRC introduced this currency in July 2010 to encourage trade and investment with entities outside the PRC. The value of CNY (onshore) and CNH (offshore) may be different. Chinese onshore RMB accessible within the PRC. 4 Glossary Commission Sharing Arrangements Contingent Convertible Bond The Investment Managers may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients of the Investment Managers, including the Fund, and where the Investment Managers are satisfied that the transactions generating the shared commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the Fund and the Shareholders. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice. A type of convertible security where a bond will be exchanged for a set number of shares, usually of the issuing company, at a predefined price should a specific event occur. Such events include the share price of the issuer falling to a particular level for a certain period of time or the issuer s core tier 1 capital ratio (the issuers capital versus the risk asset weighted assets on the issuers balance sheet) falling to a particular level. CSSF Commission de Surveillance du Secteur Financier, 110, route d Arlon L-1150 Luxembourg, Tel (+352) , Fax (+352) The regulatory and supervisory authority of the Fund in Luxembourg. Currency Hedged Where a Share Class is described as currency hedged (a Currency Hedged Share Class ), the intention will be Share Classes to hedge the value of the net assets in the Reference Currency of the Sub-Fund or the currency exposure of certain (but not necessarily all) ass
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