2013/14. Interim Report JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts for the period ended 31st December 2013
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1 GCIF HY Cover_GCIF HY_Cover 27/02/ :46 Page /14 Interim Report JPMorgan Global Convertibles Income Fund Limited Interim Report & Accounts for the period ended 31st December 2013
2 Contents Contents About the Company 1 Features 2 Interim Performance 3 Chairman s Statement 5 Investment Managers Report Investment Review 7 Sector Analysis 8 Geographical Analysis Accounts 9 Income Statement 10 Statement of Changes in Equity 11 Statement of Financial Position 13 Cash Flow Statement 13 Notes to the Accounts Shareholder Information 14 Interim Management Report 15 Glossary of Terms and Definitions 17 Information about the Company
3 Features Objective The Company aims to provide investors with a dividend income combined with the potential for long term capital growth, from investing in a globally diversified portfolio of convertible securities. Investment Policies The Company will invest in a globally diversified portfolio of convertible securities and other suitable instruments exhibiting convertible or exchangeable characteristics. The portfolio is expected to be broadly diversified across sectors, geography and market capitalisations and, while there are no specific limits placed on exposure to any sector, country or market capitalisation, the Company will at all times invest and manage the portfolio in a manner consistent with spreading investment risk. The Company will have no restrictions with respect to the credit ratings of any issuer, or any securities, in which it may invest and the issuers of convertible securities may be located in any country, including emerging market countries. The number of holdings in the portfolio will usually range between 60 and 80 when fully invested. Investment exposure to convertible securities will normally make up the majority of total assets and may take the form of convertible bonds, convertible notes, convertible preference shares, convertible unsecured loan stock, synthetic convertible securities, equity and equity-linked securities, index and participation notes, equity-linked notes, corporate bonds, pre-ipo bonds, warrants and other instruments exhibiting convertible or exchangeable characteristics. Pending investment or re-investment in convertible securities, the Company may hold cash on deposit or invest on a temporary basis in a range of high quality debt securities and cash equivalent instruments. The Company may hold equity securities arising on the conversion or exchange of convertible securities, exercise of options and similar events but it is not envisaged that such equity securities will be held on a long-term basis. No exposure to any investee company, whether obtained through securities issued by that company or through instruments entered into with third parties which are referable to that company, will exceed 10% of gross asset value at the time of investment. No exposure to any single counterparty, whether in its capacity as the issuer of convertible securities, as the counterparty to instruments which are referable to other companies, or as a banking counterparty (other than the Custodian holding cash resources on behalf of the Company from time to time) will exceed 15% of gross asset value at the time of making the relevant investment or deposit. The majority of the portfolio will be invested in listed convertible securities or those subject to regulatory reporting requirements. Investments in convertible securities that are neither listed nor subject to regulatory reporting requirements will not normally exceed 5% of gross asset value at the time of investment. The Company may, from time to time, invest in synthetic convertible securities but such exposure shall be limited, in aggregate, to 15% of gross asset value at the time of investment. The Company may invest in other investment funds, including listed closed-ended investment funds, to gain investment exposure to convertible securities but such exposure will be limited, in aggregate, to 10% of total assets at the time of investment. The Company will not invest in closed-ended investment funds which may invest more than 15% of their total assets in other listed closed-ended investment funds. The Company may employ gearing up to a maximum of 20% of Net Asset Value at the time of borrowing. Gearing is expected to be used tactically to make investments consistent with the Company s investment objective and policy and for working capital purposes. The Company may use derivatives (both long and short) for purposes of efficient portfolio management. Short positions will be used to hedge the equity exposure of the portfolio. The Company will not enter into uncovered short positions. The Company will operate in Sterling. The majority of the Company s assets from time to time are expected to be denominated in currencies other than Sterling. Accordingly, the Company would normally intend to hedge the value of any non-sterling assets and the income derived from them into Sterling using suitable hedging contracts. Benchmark The Company s benchmark is the MSCI World Index, (in Sterling terms) for reference purposes but will not be benchmark-driven in its asset allocation. Capital Structure At 31st December 2013, there were 156,499,999 ordinary shares in issue. Management Company The Company employs JPMorgan Asset Management (UK) Limited ( JPMAM or the Manager ) to manage its assets. Administrator The Company employs JPM Administration Services (CI) Limited as its administrator. Website The Company s website, which can be found at includes useful information on the Company, such as daily prices, factsheets and will include current and historic half year and annual reports. FCA regulation of non-mainstream pooled investments The Company currently conducts its affairs so that the shares issued by JPMorgan Global Convertibles Income Fund Limited can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA s rules in relation to non-mainstream pooled investment products and intends to continue to do so for the foreseeable future. The shares are excluded from the FCA s restrictions which apply to non-mainstream investment products because they are shares in an investment company, which if it were domiciled in the United Kingdom, would currently qualify as an investment trust. JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts
4 Interim Performance (for the period from 11th June 2013 to 31st December 2013) Total returns (includes dividends reinvested) +7.0% Return to shareholders on issue price % Return on net assets 2 Financial Data 31st December 11th June % change Total net assets ( 000) 162, , Number of shares in issue 156,499, ,000, Net asset value per share 103.9p 98.2p +5.8 Share price 107.0p 103.0p Share price premium to net asset value per share 3.0% 4.9% A glossary of terms and definitions is provided on page Source: Morningstar. Issue price Source: J.P. Morgan. 3 Opening mid market price on the first day of trading. 2 JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts 2013
5 Chairman s Statement The Company This is my first statement since the Company s listing on the London Stock Exchange on 11th June The Company s investment objective is to deliver dividend income with potential for capital growth from a portfolio of global convertible bonds. The Company s launch raised net proceeds of million. To date a further 24.4 million has been raised through the issue of shares. Investment Performance For the period from launch to 31st December 2013, the Company recorded a total return on net assets of +5.8%. Shares in the Company have traded strongly since launch and the total return for shareholders who subscribed for shares in the initial issue has been +7.0%, as at 31st December The Investment Managers report reviews the Company s performance and gives a detailed commentary on the investment strategy and portfolio construction. Dividends The Company is targeting an initial gross dividend of 4.50p per share, which represents 4.5% per annum based on the initial issue price of 100p per share as per the Company s prospectus published on 17th May The Board has declared a first interim dividend of 2.25p per share, payable on 28th March 2014 to shareholders on the register on 14th March The Board believe this to be an appropriate level at which to pay the first interim dividend, based on revenue to date. Following discussions with the Company s Auditors and Manager, it has been agreed to account for revenue on a yield to maturity basis, rather than yield to best. Gearing The Company may employ gearing up to a maximum of 20% of Net Asset Value at the time of borrowing. Gearing has not been employed to date. Share Issuance At launch on 11th June 2014, the Company issued 136,000,000 ordinary shares at a price of 100p per share. The Company s launch raised million. To date a further 23,500,000 shares have been issued at a premium to net asset value, resulting in proceeds of 24.4 million. Share issuance has always taken place at a premium to the prevailing net asset value and so is accretive to the returns of existing shareholders. If conditions are appropriate, the Company will continue to issue new shares, providing enhanced liquidity and underpinning it as an attractive investment for private investors and private wealth managers. Placing Programme Pursuant to a prospectus published on 20th September 2013, the Company obtained Admission to the Official List of up to 150 million shares to be issued pursuant to a Placing Programme. JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts
6 Chairman s Statement continued The Alternative Investment Fund Managers Directive The European Union s Alternative Investment Fund Managers Directive ( AIFMD ) came into force in the UK on 22nd July 2013, with the effect that investment companies will be subject to further regulatory oversight. The Board has considered its options and has agreed to appoint an affiliate of JPMAM as the Alternative Investment Fund Manager at no additional cost to the Company. The Company will comply with the regime, including the practice as to depositaries as this applies to this Company, which will result in some minimal additional fees to the Company. Shareholders will be provided an update on this matter in the 2014 Annual Report. Outlook Last year represented a strong period for convertible issuance, with the more than USD 95 billion issued, comfortably surpassing the totals for 2011 and 2012 (Source: UBS). November was a particularly strong month as companies sought to pre-empt potential increases in interest rates related to the tapering of central bank asset purchase programmes. The period of low interest rates that has followed the Global Financial Crisis has coincided with an increased dominance of the new issuance market by small and mid-capitalisation issuers. Whereas larger corporations have been able to issue non-convertible debt at very low interest rates and have generally considered this preferable to potentially dilutive convertible issuance, smaller companies have often found the straight debt market closed to them. Convertible issuance often remains an option in such cases, since equity exposure to these companies through a convertible can be attractive for investors. An increase in global interest rates could support further increases in convertible issuance, particularly from larger companies, as traditional arguments for convertible issuance relative to straight debt, such as relative interest savings, return to the fore. A continued resurgence in new issuance would extend and diversify the Company s investment opportunity set, and could provide attractive opportunities to combine both coupon yield and equity sensitivity. Simon Miller Chairman 27th February JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts 2013
7 Investment Managers Report Performance The period from the Company s launch in June 2013 to 31st December 2013 was a broadly positive one for convertible performance, and the Company achieved a return on net assets of +5.8%. This performance was driven mostly by the strong underlying equity performance of the Company s holdings, although income also contributed a significant portion. A broad tightening of credit spreads was also a positive factor. The Company s holdings in Europe performed particularly strongly, as did the non-investment grade holdings. Securities offering exposure to the continued global economic recovery performed well, demonstrated by the strong performance of holdings in cyclical, industrial, and materials sectors. Against a backdrop of positive equity performance, the holdings with greatest exposure to movements in equities provided the most significant contributions to overall return. Market Review The launch of the Company in June 2013 coincided with a period of heightened market volatility as investors sought to digest the possibility that the US Federal Reserve could start to rein in their significant asset purchase programme. This volatility created a number of attractive opportunities for the Company to initiate positions at higher yields than had been available in the period immediately preceding the launch. Whilst the subsequent period was broadly negative for fixed income assets as the market priced in a likely increase in interest rates, equity markets were driven higher by strong economic data releases pointing to continued strength in the global economy. In this environment, convertible securities significantly outperformed non-convertible fixed income securities as the increased value of equity optionality more than offset any reduction in the bond-only component from rising bond yield. The Portfolio The Company s portfolio consists of a diversified selection of convertible securities offering a combination of yield and the ability to participate in some of the performance of the underlying equities. The primary focus on income generation implies a lower level of equity sensitivity than the broader convertible market average and a greater allocation to non-investment grade securities. The allocation to convertibles issued by small and mid-capitalisation companies (i.e. those with a market capitalisation below USD10 billion) is also significant, since these are considered to provide an attractive opportunity to combine coupon income with equity sensitivity (as the coupon investors require is typically considered to be inversely related to a company s size). The focus on income generation is expected to result in a low turnover for the portfolio, since the Company will generally invest on a buy-and-hold basis. However, the strong performance of the Company s holdings in the period to date has necessitated higher turnover than had initially been envisaged, as positions have been scaled down or sold as the yield has decreased. The proceeds from these sales have then been used to purchase securities with a more attractive yield in order to protect the average yield of the portfolio. JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts
8 Investment Managers Report continued Outlook We expect that equity market returns will continue to have a stronger influence on convertible returns than developments in the fixed income market. In a context of tapering of central bank asset purchase programmes, this should help to provide convertible securities with an element of protection against an anticipated increase in effective interest rates. However, such tapering may also result in heightened equity market volatility, and our expectation is that the portfolio yield will start to emerge as the more significant driver of overall portfolio returns. Antony Vallee Natalia Bucci Robin Dunmall Investment Managers 27th February JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts 2013
9 Sector Analysis at 31st December st December 2013 Portfolio % 1 Capital Goods 14.0 Materials 13.8 Real Estate 13.1 Energy 11.9 Diversified Financials 10.7 Automobiles & Components 5.4 Utilities 4.0 Transportation 3.9 Consumer Services 3.3 Semiconductors 3.0 Telecommunication Services 2.7 Technology Hardware & Equipment 2.3 Consumer Durables & Apparel 2.0 Health Care Equipment & Services 2.0 Banks 1.9 Retailing 1.7 Insurance 0.7 Food Beverage & Tobacco 0.6 Net current assets 3.0 Total Based on total assets less current liabilities of 162.6m. JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts
10 Geographical Analysis at 31st December st December 2013 Portfolio % 1 United States of America 40.0 Spain 8.8 France 7.1 Germany 5.8 United Kingdom 5.8 India 5.6 Russia 4.5 Hong Kong 3.4 Sweden 2.0 South Africa 2.0 Hungary 2.0 Singapore 1.8 Mexico 1.7 Canada 1.4 Belgium 1.3 Australia 1.3 China 1.1 Italy 0.9 Taiwan 0.4 Luxembourg 0.1 Net current assets 3.0 Total Based on total assets less current liabilities of 162.6m. 8 JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts 2013
11 Income Statement for the period from incorporation on 7th May to 31st December 2013 (Unaudited) Period ended 31st December 2013 Revenue Capital Total Losses on investments held at fair value through profit or loss (3,139) (3,139) Foreign currency gains 8,318 8,318 Income from investments 3,903 3,903 Gross return 3,903 5,179 9,082 Management fee (396) (213) (609) Other administrative expenses (151) (151) Net return on ordinary activities before finance costs and taxation 3,356 4,966 8,322 Finance costs (4) (2) (6) Net return on ordinary activities before taxation 3,352 4,964 8,316 Taxation (146) (146) Net return on ordinary activities after taxation 3,206 4,964 8,170 Return per share (note 4) 2.16p 3.34p 5.50p Return per share is based on the weighted average number of shares in issue during the period. The Company does not have any income or expense that is not included in net return for the period. Accordingly the Net return for the period is also the Total comprehensive income for the period, as defined in IAS 1 (revised) and no separate Statement of Comprehensive Income has been presented. The Total column of this statement is the profit and loss account of the Company and the Revenue and Capital columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. All items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts
12 Statement of Changes in Equity for the period from incorporation on 7th May 2013 to 31st December 2013 Share Capital Revenue Capital Reserve Reserve Total At 7th May 2013 Issue of ordinary shares following placing and offer for subscription 136, ,000 Expenses of placing and offer for subscription (2,218) (2,218) Issue of ordinary shares 21,186 21,186 Transfer of share premium on share issuance to revenue (89) 89 Additional share issue expenses (586) (586) Total return from ordinary activities 4,964 3,206 8,170 At 31st December ,293 4,964 3, , JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts 2013
13 Statement of Financial Position at 31st December 2013 (Unaudited) 31st December Non current assets Investments held at fair value through profit or loss 157,644 Current assets Derivative financial assets 2,573 Trade and other receivables 1,920 Cash and cash equivalents 527 Current liabilities Trade and other payables Derivative financial liabilities Net current assets 4,908 5,020 (34) (78) Total assets less current liabilities 162,552 Net assets 162,552 Amounts attributable to equity holders Share capital 154,293 Capital reserves 4,964 Revenue reserve 3,295 Total equity shareholders' funds 162,552 Net asset value per Ordinary share (note 5) 103.9p Incorporated in Guernsey with company registration number: JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts
14 Cash Flow Statement for the period from incorporation on 7th May 2013 to 31st December 2013 (Unaudited) 31st December Operating activities Profit before taxation 8,316 Add back losses on investments held at fair value through profit or loss 3,139 Deduction of unrealised gains on foreign exchange (2,386) Realised losses on Future Contracts (250) Transfer of income accrued (267) Purchases of investments held at fair value through profit or loss (236,674) Sales of investments held at fair value through profit or loss 76,046 Effect of increase in trade and other receivables (1,667) Effect of increase in trade and other payables 34 Taxation (146) Net cash outflow from operating activities (153,855) Financing activities Proceeds from the issue of ordinary shares following placing and offer for subscription 136,000 Expenses paid in respect of ordinary Shares issued (2,804) Proceeds from the issue of ordinary shares 21,186 Net cash inflow from financing activities 154,382 Increase in cash and cash equivalents 527 Cash and cash equivalents at the start of the period Cash and cash equivalents at the end of the period JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts 2013
15 Notes to the Accounts for the period from incorporation on 7th May 2013 to 31st December Accounting period The accounts cover the period from the date of the incorporation of the Company on 7th May 2013 to 31st December Dealings in the Company s shares began on 11th June 2013 and the Company began investing on that date. 2. Financial statements The information contained within the Financial Statement in this Interim report has not been audited or reviewed by the Company s auditors. 3. Accounting policies The Company s financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ), which comprise standards and interpretations approved by the International Accounting Standards Board to the extent that they have been adopted by the European Union. Where presentational evidence set out in the Statement of Recommended Practice (the SORP ) issued by the Association of Investment Companies in January 2009 is consistent with the requirement of IFRS, the financial statements have been prepared on a basis compliant with the recommendation of SORP. The Board has agreed to allocate management fees and finance costs of 35% to capital and 65% to revenue, reflecting the investment objective of the Company. All of the Company s operations are of a continuing nature. The accounts have been prepared on a going concern basis. 4. Return per share (Unaudited) Period ended 31st December Return per share is based on the following: Revenue return 3,206 Capital return 4,964 Total return 8,170 Weighted average number of shares in issue during the period 148,495,098 Revenue return per share 2.16p Capital return per share 3.34p Total return per share 5.50p 5. Net asset value per share (Unaudited) 31st December 2013 Shareholders funds ( 000) 162,552 Number of shares in issue 156,499,999 Net asset value per share (pence) JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts
16 Interim Management Report The Company is required to make the following disclosures in its interim report. Principal Risks and Uncertainties The principal risks and uncertainties faced by the Company fall into the following broad categories: investment and strategy; accounting, legal and regulatory; corporate governance and shareholder relations; operational and financial. Information on each of these areas will be given in the Strategic Report within the Company s first Annual Report and Accounts for the period ending 30th June Information on risk factors facing the Company is given on pages 16 to 28 of the Prospectus prepared pursuant to the Placing and Offer for Subscription and issued on 17th May Related Parties Transactions During the period from the date of Listing on 11th June 2013 to 31st December 2013, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company. Going Concern The Directors believe, having considered the Company s investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider there is reasonable evidence to adopt the going concern basis in preparing the accounts. Directors Responsibilities The Board of Directors confirms that, to the best of its knowledge: (i) the condensed set of financial statements contained within the interim financial report has been prepared in accordance with the Accounting Standards Board s Statement Half Yearly Financial Reports and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st December 2013, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and (ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules. In order to provide these confirmations, and in preparing these financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and the Directors confirm that they have done so. For and on behalf of the Board Simon Miller Chairman 27th February JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts 2013
17 Glossary of Terms and Definitions Return to Ordinary shareholders Share price total return to the Ordinary shareholder, on a mid-market price to mid-market price basis, assuming that all dividends received were reinvested, without transaction costs, into the Ordinary shares of the Company at the time the shares were quoted ex-dividend. Return on net assets Share price (discount)/premium to net asset value ( NAV ) per share If the share price of an investment trust is lower than the NAV per share, the shares are said to be trading at a discount. The discount is shown as a percentage of the NAV per share. The opposite of a discount is a premium. It is more common for an investment trust s shares to trade at a discount than at premium. Return on the undiluted net asset value ( NAV ) per share on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested into the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend. Benchmark total return Total return on the benchmark, on a mid-market value to mid-market value basis, assuming that all dividends received were reinvested in the shares of the underlying companies at the time the shares were quoted ex-dividend. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company s investment universe. The Company s investment strategy does not track this index and consequently, there will be divergence between the Company s performance and that of the benchmark. In association with: Beware of share fraud Fraudsters use persuasive and high-pressure tactics to lure investors into scams. They may offer to sell shares that turn out to be worthless or non-existent, or to buy shares at an inflated price in return for an upfront payment. While high profits are promised, if you buy or sell shares in this way you will probably lose your money. How to avoid share fraud Report a scam Keep in mind that firms authorised by the FCA are unlikely to contact you out of the blue with an offer to buy or sell shares. Do not get into a conversation, note the name of the person and firm contacting you and then end the call. Check the Financial Services Register from to see if the person and firm contacting you is authorised by the FCA. Beware of fraudsters claiming to be from an authorised firm, copying its website or giving you false contact details. Use the firm s contact details listed on the Register if you want to call it back Call the FCA on if the firm does not have contact details on the Register or you are told they are out of date. Search the list of unauthorised firms to avoid at Consider that if you buy or sell shares from an unauthorised firm you will not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme. Think about getting independent financial and professional advice before you hand over any money. Remember: if it sounds too good to be true, it probably is! If you are approached by fraudsters please tell the FCA using the share fraud reporting form at where you can find out more about investment scams. You can also call the FCA Consumer Helpline on If you have already paid money to share fraudsters you should contact Action Fraud on ,000 people contact the Financial Conduct Authority about share fraud each year, with victims losing an average of 20,000 JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts
18 Notes 16 JPMorgan Global Convertibles Income Fund Limited. Interim Report & Accounts 2013
19 Information about the Company Financial Calendar Financial year end Final results announced Half year end Half year results announced Interim Management Statements announced Annual General Meeting 30th June September 31st December February May and November November History JPMorgan Global Convertibles Income Fund Limited is a Guernsey-incorporated investment company which was launched in June 2013 with assets of million. Directors Simon Miller (Chairman) Philip Taylor Charlotte Valeur Paul Meader Company Numbers Guernsey company registration number: Ordinary Shares London Stock Exchange ISIN code: GG00B96SW597 Bloomberg code: JGCI SEDOL B96SW59 Market Information The Company s unaudited net asset value ( NAV ) is published daily, via the London Stock Exchange. The Company s shares are listed on the London Stock Exchange. The market price is shown daily in the Financial Times, The Times, The Daily Telegraph, The Scotsman and on the JPMorgan website at where the share price is updated every fifteen minutes during trading hours. Website Share Transactions The Company s shares may be dealt in directly through a stockbroker or professional adviser acting on an investor s behalf. They may also be purchased and held through the J.P. Morgan Investment Account, J.P. Morgan ISA and J.P. Morgan SIPP. These products are all available on the online wealth manager service, J.P. Morgan WealthManager+ available at Manager and Company Secretary JPMorgan Asset Management (UK) Limited Administrator JPM Administration Services (CI) Limited Company s Registered Office 1st Floor Les Echelons Court Les Echelons South Esplanade St Peter Port Guernsey GY1 1AR For company secretarial matters please contact Juliet Dearlove at the above address. Registrars Capita Registrars (Guernsey) Limited Mont Crevelt House Bulwer Avenue St Sampson Guernsey GY2 4LH Telephone number: (Calls cost 10p per minute plus network extras) Lines are open Monday Friday, 9.00 a.m. to 5.30 p.m. (from outside the UK +44 (0) ) ssd@capitaregistrars.com Registered shareholders can obtain further details on their holdings on the internet by visiting Independent Auditors Ernst & Young LLP PO Box 9 Royal Chambers St Julian s Avenue St Peter Port Guernsey GY1 4AF Brokers Winterflood Securities The Atrium Building Cannon Bridge 25 Dowgate Hill London EC4R 2GA Telephone number: Savings Product Administrators For queries on the J.P. Morgan Investment Account, J.P. Morgan ISA and J.P. Morgan SIPP, call the JPMorgan Helpline on Freephone or +44 (0) A member of the AIC JPMorgan Global Convertibles Income Fund Limited Interim Report & Accounts
20 J.P. Morgan Helpline Freephone or +44 (0) Your telephone call may be recorded for your security
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