JPM Strategic Bond Fund

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1 Fund Annual Short Form Report 31 January Changes to the Registrar With effect from 7 December the ACD delegated registrar services for the Company to International Financial Data Services (UK) Limited ( IFDS ). The above changes were made because the company currently providing these services to the Company had decided to withdraw from this market. All costs associated with these changes were paid for by the ACD. Shareholders were initially notified of this in a letter sent in October. Changes to the Prospectus Shareholders were notified in half yearly statements sent in May that with effect from 1 June the Delivery versus Payment ( DvP ) exemption was reduced from 3 days to 1 day. This means that there is a 1 day period during which money held for the purposes of settling a transaction in shares is not treated as client money. On 30 June the expected level of leverage of 150% was added to the Prospectus. With effect from 19 October a risk warning has been added in relation to Contingent Convertible Securities. With effect from 1 February the Prospectus was updated to state that clients placing straight through processing transactions would not have to comply with the Investment Minima restrictions for A, B and C share classes. With effect from 1 February currency management disclosures in the investment objective and policy of the Fund was amended for increased clarity. With effect from 2 March the Prospectus was updated to clarify that the reference portfolio used to measure the Fund s relative VaR will be its benchmark. Investment objective and policy To maximise returns by investing primarily in a global portfolio of fixed and floating rate debt securities. In the fund manager s view, maximising returns means generating higher returns than those available from money market instruments denominated in Sterling. The Fund may invest in developed and emerging market countries and hold Investment grade, below-investment grade and unrated bonds, asset and mortgage backed securities (ABS and MBS), credit linked notes and structured products. The Fund may have a concentrated portfolio and may have a significant exposure to any one country, sector or issuer at any time. Allocations between countries, sectors and ratings of bonds may vary significantly at any time. The Fund may use financial derivative instruments (derivatives) for investment purposes or efficient portfolio management including hedging, where appropriate. The Fund can take long and short positions in securities. Long positions will be achieved directly or through the use of financial derivative instruments, and short positions will be achieved via the use of financial derivative instruments only. The Fund may invest up to 10% in convertible bonds. The Fund may also hold up to 10% in equity securities typically as a result of events relating to the Fund s investment in debt securities including, but not limited to, debt securities converting or being restructured. The Fund may also use equity derivatives for the purposes of reducing equity exposure as well as the Fund s correlation to the equity markets. The Fund is also permitted to invest up to 100% in government and public securities (see section 3.11(e) of the Prospectus). The Fund may invest in assets denominated in any currency and currency exposure will be primarily hedged back to Sterling. The Investment Adviser may also use opportunities in the foreign exchange markets to maximise returns. Risk profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Positive returns are not guaranteed and the Fund should not be used as a substitute for traditional liquidity funds or cash accounts. Bond funds may not behave like direct investments in the underlying bonds themselves. By investing in bond funds, the certainty of receiving a regular fixed amount of income for a defined period of time with the prospect of a future known return of capital is lost. The value of bonds and other debt securities may change significantly depending on market, economic and interest rate conditions as well as the creditworthiness of the issuer. Issuers of bonds and other debt securities may fail to meet payment obligations (default) or the credit rating of bonds and other debt securities may be downgraded. These risks are typically increased for below investment grade and certain unrated securities, which may also be subject to higher volatility and be more difficult to sell than investment grade securities. Convertible bonds are subject to the credit, interest rate and markets risks associated with both bonds and equity securities, and to risks specific to convertible securities. Convertible bonds may also be more difficult to sell than the underlying equity securities. A Fund investing in Contingent Convertible Securities may be adversely impacted should specific trigger events occur (as specified in the terms of the security) and may be at increased risk of capital loss. This may be as a result of the security converting to Equities at a discounted share price, the value of the security being written down, temporarily or permanently, and/ or coupon payments ceasing or being deferred. The value of equity and equity-linked securities may fluctuate in response to the performance of individual companies and general market conditions. Furthermore, participation notes run the risk of counterparty default which may result in the loss of the full market value of the note. The Fund s use of equity derivatives to manage the portfolio s correlation to equity markets may not always achieve its objective and could adversely affect the return of your investment. Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Emerging market currencies may be subject to volatile price movements. Emerging market securities may also be subject to higher volatility and be more difficult to sell than non-emerging market securities. Bonds and other debt securities with a lower credit rating may have a higher risk of defaulting which may in turn have an adverse effect on the performance of Funds which invest in them. The Fund may use financial derivative instruments (derivatives) and/or forward transactions for investment purposes. The value of derivatives can be volatile. This is because a small movement in the value of the underlying asset can cause a large movement in the value of the derivative and therefore, investment in derivatives may result in losses in excess of the amount invested by the Fund. The possible loss from taking a short position on a security (using financial derivative instruments) may be unlimited as there is no restriction on the price to which a security may rise. The short selling of investments may be subject to changes in regulations, which could adversely impact returns to investors. The Fund may have a significant exposure to asset and mortgage backed securities (ABS and MBS). ABS / MBS may be difficult to sell, subject to adverse changes to interest rates and to the risk that the payment obligations relating to the underlying asset are not met.

2 The Fund may be concentrated in a limited number of securities, industry sectors or countries and as a result, may be more volatile than more broadly diversified funds. Bond funds will normally distribute a combination of coupon and the expected discount/premium on the securities. Therefore, a Fund s distribution will comprise income received and an element of projected capital gains or losses. This could result in an element of capital gain being taxed as income in the hands of an investor. To the extent that any underlying assets of the Fund are denominated in a currency other than Sterling and are not hedged back to Sterling, movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. The Fund may invest in structured products which will involve additional risks including the movements in the value of the underlying asset and the risk of the issuer of the structured product becoming insolvent. The Fund may invest in credit linked notes which involve the risk of the underlying credit instrument decreasing in value or defaulting and the risk of the issuer of the credit linked note becoming insolvent. Please refer to Part 11 of the Prospectus for details of the general risk factors affecting this Fund in addition to the specific risk factors above. Market review proved eventful, featuring quantitative easing measures from the European Central Bank (ECB), a spike in bond yields, another chapter in the Greek drama, fears over China s growth prospects and the continuing decline in energy prices. The year culminated with a rate rise from the Federal Reserve (Fed). Fund review The Fund underperformed its benchmark during the period. The main contributor to performance was securitised products, as housing data remained robust. The Fund s government exposure contributed because of our exposure to bond positions in Spain and Italy. The short US government bond exposure detracted, while initial gains in investment grade and high yield were subsequently reversed. We took profits on some of our high yield positions, later adding exposure to both the US and European high yield (ex-energy) sectors, and adding to our peripheral European positions. We trimmed exposure in convertible bonds, sold all of our emerging market exposure and removed all active FX positions. 12 month performance^ to 31 January A-Class Acc -1.8% 1.7% 1.1% 4.5% 3.7% B-Class Acc -1.5% 1.9% 1.4% C-Class Acc -1.3% 2.0% 1.5% 4.8% 4.1% C-Class Gross Acc -0.7% 2.8% 2.4% I-Class Acc -1.2% 2.3% 1.7% 5.2% I-Class Gross Acc -0.5% 3.1% 2.6% 6.0% 5.2% X-Class Acc -0.9% 2.6% 1.9% 5.4% X-Class Gross Acc -0.2% 3.5% 3.0% Benchmark Index A 0.5% 0.5% 0.5% 2.7% 16.0% Fund statistics Risk and Reward Profile 3 (4 at 31 July ) Fund size Benchmark Index 354.6m ICE Overnight GBP LIBOR Fund charges and expenses A-Class B-Class C-Class I-Class X-Class Initial charge (max.) 3.00% Nil Nil Nil Nil Exit charge Nil Nil Nil Nil Nil Ongoing charge (comprises) 1.18% 0.83% 0.68% 0.40% 0.06% B Annual management fee 1.00% 0.65% 0.50% 0.40% Fixed expenses 0.18% 0.18% 0.18% 0.00% 0.06% Market outlook Central bank policy divergence remains in focus for. We believe that the current environment of low growth, low inflation and still highly accommodative central banks globally remains supportive for fixed income assets. You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. For specific risks, including the risk and reward profile, please refer to the Key Investor information Document (KIID) available on the following website ^ returns are calculated using the dealing prices of the accumulation shares (income shares are used if no accumulation share class exists) which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the fund performance that are due to timing differences. returns are in Sterling. All equity indices stated as Net are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise. Source: J.P. Morgan. A On 11/06/12 the benchmark for the Fund was changed from BofA Merrill Lynch GBP Broad Market Index to ICE Overnight GBP LIBOR. B The ongoing charge will vary in accordance to the annual management fee which varies, as agreed from time to time between the ACD and the relevant JPMorgan Chase & Co. entity.

3 Comparative tables A-Class Accumulation Shares Opening net asset value per share Return before operating charges* (0.38) Operating charges (0.82) (0.81) (0.79) Return after operating charges* (1.20) Closing net asset value per share accumulation shares B-Class Accumulation Shares Opening net asset value per share Return before operating charges* (0.42) Operating charges (0.58) (0.57) (0.56) Return after operating charges* (1.00) Closing net asset value per share accumulation shares % Return after operating charges (1.75)% 1.66% 1.06% % Return after operating charges (1.45)% 1.93% 1.37% Closing net asset value ( 000) 13,689 38,189 59,101 Closing number of shares 20,278,235 55,576,568 87,441,789 % Operating charges 1.18% 1.18% 1.18% Closing net asset value ( 000) Closing number of shares 7, , ,098 % Operating charges 0.83% 0.83% 0.83% Highest share price Lowest share price Highest share price Lowest share price A-Class Income Shares Opening net asset value per share Return before operating charges* (0.03) Operating charges (0.68) (0.70) (0.70) Return after operating charges* (0.71) Distributions on income shares (1.49) (1.91) (2.30) Closing net asset value per share B-Class Income Shares Opening net asset value per share Return before operating charges* (0.03) Operating charges (0.84) (0.84) (0.84) Return after operating charges* (0.87) Distributions on income shares (2.94) (3.64) (4.30) Closing net asset value per share % Return after operating charges (1.23)% 2.31% 1.79% % Return after operating charges (0.87)% 2.67% 2.15% Closing net asset value ( 000) 5,955 15,170 29,537 Closing number of shares 10,695,651 26,211,417 50,543,380 % Operating charges 1.18% 1.18% 1.18% Closing net asset value ( 000) 115 1,731 1,629 Closing number of shares 120,440 1,740,845 1,622,689 % Operating charges 0.83% 0.83% 0.83% Highest share price Lowest share price Highest share price Lowest share price

4 Comparative tables continued C-Class Accumulation Shares Opening net asset value per share Return before operating charges* (0.76) Operating charges (0.71) (0.71) (0.69) Return after operating charges* (1.47) Closing net asset value per share accumulation shares C-Class Income Shares Opening net asset value per share Return before operating charges* (0.05) Operating charges (0.72) (0.73) (0.74) Return after operating charges* (0.77) Distributions on income shares (3.26) (4.05) (4.78) Closing net asset value per share % Return after operating charges (1.41)% 2.05% 1.49% % Return after operating charges (0.72)% 2.84% 2.26% Closing net asset value ( 000) 51,631 37,692 28,667 Closing number of shares 50,063,069 36,044,706 27,975,574 % Operating charges 0.68% 0.68% 0.68% Closing net asset value ( 000) 45,921 73, ,785 Closing number of shares 44,900,719 69,590, ,025,502 % Operating charges 0.68% 0.68% 0.68% Highest share price Lowest share price Highest share price Lowest share price C-Class Gross Accumulation Shares Opening net asset value per share Return before operating charges* (0.12) Operating charges (0.73) (0.72) (0.70) Return after operating charges* (0.85) Closing net asset value per share accumulation shares C-Class Gross Income Shares Opening net asset value per share Return before operating charges* (0.05) Operating charges (0.67) (0.68) (0.69) Return after operating charges* (0.72) Distributions on income shares (3.03) (3.73) (4.47) Closing net asset value per share % Return after operating charges (0.79)% 2.88% 2.26% % Return after operating charges (0.73)% 2.78% 2.25% Closing net asset value ( 000) 1,049 1,560 1,201 Closing number of shares 988,117 1,458,744 1,154,269 % Operating charges 0.68% 0.68% 0.68% Closing net asset value ( 000) 14,811 23,731 31,285 Closing number of shares 15,552,076 23,975,553 93,393,434 % Operating charges 0.68% 0.68% 0.68% Highest share price Lowest share price Highest share price Lowest share price

5 Comparative tables continued I-Class Accumulation Shares Opening net asset value per share Return before operating charges* (0.92) Operating charges (0.44) (0.44) (0.43) Return after operating charges* (1.36) Closing net asset value per share accumulation shares I-Class Income Shares Opening net asset value per share Return before operating charges* (0.05) Operating charges (0.39) (0.40) (0.40) Return after operating charges* (0.44) Distributions on income shares (3.29) (4.04) (4.68) Closing net asset value per share % Return after operating charges (1.22)% 2.29% 1.68% % Return after operating charges (0.45)% 3.08% 2.64% Closing net asset value ( 000) 1, Closing number of shares 1,446, , ,475 % Operating charges 0.40% 0.40% 0.40% Closing net asset value ( 000) 21,678 19,853 26,347 Closing number of shares 22,919,549 20,193,581 26,536,348 % Operating charges 0.40% 0.40% 0.40% Highest share price Lowest share price Highest share price Lowest share price I-Class Gross Accumulation Shares Opening net asset value per share Return before operating charges* (0.08) Operating charges (0.57) (0.58) (0.56) Return after operating charges* (0.65) Closing net asset value per share accumulation shares I-Class Gross Income Shares Opening net asset value per share Return before operating charges* (0.07) Operating charges (0.40) (0.41) (0.41) Return after operating charges* (0.47) Distributions on income shares (3.37) (4.15) (4.84) Closing net asset value per share % Return after operating charges (0.45)% 3.06% 2.63% % Return after operating charges (0.47)% 3.09% 2.63% Closing net asset value ( 000) Closing number of shares 447,031 12,226 7,475 % Operating charges 0.40% 0.40% 0.40% Closing net asset value ( 000) 83,918 70,785 60,295 Closing number of shares 86,459,085 70,175,444 59,195,426 % Operating charges 0.40% 0.40% 0.40% Highest share price Lowest share price Highest share price Lowest share price

6 Comparative tables continued X-Class Accumulation Shares Opening net asset value per share Return before operating charges* (0.91) Operating charges (0.07) (0.07) (0.07) Return after operating charges* (0.98) Closing net asset value per share accumulation shares X-Class Gross Income Shares Opening net asset value per share Return before operating charges* (0.03) Operating charges (0.06) (0.06) (0.06) Return after operating charges* (0.09) Distributions on income shares (3.54) (4.27) (4.96) Closing net asset value per share % Return after operating charges (0.87)% 2.54% 1.94% % Return after operating charges (0.09)% 3.43% 2.87% Closing net asset value ( 000) 28,680 38,254 76,144 Closing number of shares 25,580,487 33,816,857 69,043,871 % Operating charges 0.06% 0.06% 0.06% Closing net asset value ( 000) 72,751 75,606 58,101 Closing number of shares 78,609,039 78,609,039 59,821,538 % Operating charges 0.06% 0.06% 0.06% Highest share price Lowest share price X-Class Gross Accumulation Shares Opening net asset value per share Return before operating charges* (0.09) Operating charges (0.07) (0.07) (0.06) Return after operating charges* (0.16) Highest share price Lowest share price The Operating charges are calculated on an accruals basis and as such may differ from the Ongoing charge figure where: (a) Changes to fee rates were made during the year and the ongoing charge figure has been amended to be future proofed for this change. (b) The Ongoing charge has been annualised for a share class that has not yet been open for a full year. returns are calculated using the net asset value per share from the financial statements as opposed to the dealing price for the last business day of the period. The different calculation basis may result in a variance in the returns published in the comparative tables versus those returns disclosed in the 12 month performance tables which use the dealing price. To calculate the performance for the Income shares the distributions declared for the financial period have been added to the closing net asset value per share. Closing net asset value per share accumulation shares % Return after operating charges (0.14)% 3.44% 2.96% Closing net asset value ( 000) 12,166 65, ,773 Closing number of shares 10,937,032 58,558,687 94,506,270 % Operating charges 0.06% 0.06% 0.06% Highest share price Lowest share price

7 Ongoing charges A-Class Accumulation Shares % % A-Class Income Shares % % B-Class Accumulation Shares % % B-Class Income Shares % % C-Class Accumulation Shares % % C-Class Gross Accumulation Shares % % C-Class Income Shares % % C-Class Gross Income Shares % % I-Class Accumulation Shares % % I-Class Gross Accumulation Shares % % I-Class Income Shares % % I-Class Gross Income Shares % % X-Class Accumulation Shares % % X-Class Gross Accumulation Shares % % X-Class Gross Income Shares % % Top ten holdings (excluding Liquidity Funds) % Spain Government Bond 1.95% 30/04/ Spain Government Bond 2.75% 31/10/ FNMA 3.00%, FRN 25/02/ FNMA 3.50%, FRN 25/02/ Italy Buoni Poliennali Del Tesoro 3.75% 01/09/ JPMorgan Funds Global Absolute Return Bond Fund X (inc) USD 1.97 Japan Government Thirty Year Bond 2.40% 20/03/ FHLMC REMIC, Series 4314 KA 3.00% 15/12/ FHLMC REMIC, FRN, Series 4347 WF 0.59% 15/01/ BPCE SA, FRN 1.20% 23/06/ A related party to the Fund. Sector breakdown % Corporate Bonds Government Bonds To Be Announced Contracts 5.36 Convertible Bonds 2.53 Collective Investment Schemes 1.97 Liquidity Funds 0.96 Equities 0.91 Options 0.06 Swaps (0.02) Futures (0.24) Forward Currency Contracts (1.43) Net other liabilities (2.14) Portfolio turnover rate % % The portfolio turnover rate (PTR) reflects the total of security purchases and sales (excluding Liquidity funds), less the total of share issues and cancellations, expressed as a percentage of the average daily net asset values over the year. The Ongoing charges takes into account the ACD fee, the fixed expenses and any expenses paid to an affiliate in respect of stock lending activities, expressed as a percentage of the average daily net asset values over the year.

8 These are short form accounts, the full accounts can be obtained using the contact details below. The Fund is a sub-fund of JPMorgan Fund ICVC. JPMorgan Fund ICVC is an Open-Ended Investment Company ( Company ) with variable capital, authorised under Regulation 12 of the OEIC Regulations by the Financial Conduct Authority on 6 October The Company was launched as a UCITS Scheme on 16 November 2001 and acts as an umbrella company comprising 32 sub-funds. Its registration number is IC00005 and its registered address is 60 Victoria Embankment, London, EC4Y 0JP. Authorised Corporate Director: JPMorgan Funds Limited, 3 Lochside View, Edinburgh Park, Edinburgh, EH12 9DH. (Authorised and regulated by the Financial Conduct Authority) Custodian and Bankers: Depositary: Independent Auditors: Investment Adviser: Registrar: JPMorgan Chase Bank, N.A. London Branch 25 Bank Street, Canary Wharf, London, E14 5JP. (Authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority) National Westminster Bank plc, 135 Bishopsgate, London, EC2M 3UR. (Authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority) PricewaterhouseCoopers LLP, Atria One, 144 Morrison Street, Edinburgh, EH3 8EX. JPMorgan Asset Management (UK) Limited, 25 Bank Street, Canary Wharf, London, E14 5JP. (Authorised and regulated by the Financial Conduct Authority) International Financial Data Services Limited IFDS House, Saint Nicholas Lane Basildon, Essex, SS15 5FS. (Authorised and regulated by the Financial Conduct Authority) For up-to-date performance information please contact your J.P. Morgan Asset Management representative. Intermediaries on Clients investing direct contact your financial adviser or call Telephone lines are open 9.00am to 5.30pm Monday to Friday. Telephone lines are recorded to ensure compliance with our legal and regulatory obligations and internal policies. This material should not be relied on as including sufficient information to support an investment decision. The opinions and views expressed in this document are those held by J.P. Morgan Asset Management as at 9 May, which are subject to change and are not to be taken as or construed as investment advice. The level of tax benefits and liabilities will depend on individual circumstances and may change in the future. The information in this document is based on our understanding of law, regulation and HM Revenue & Customs practice as at 9 May. J.P. Morgan Asset Management is a trading name of JPMorgan Asset Management Marketing Limited, which is authorised and regulated by the Financial Conduct Authority and is part of JPMorgan Asset Management marketing group.

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