JPMorgan Funds. Audited Annual Report 30 June 2009

Transcription

1 JPMorgan Funds Audited Annual Report 30 June 2009

2 This report is an abridged version the audited annual report established in conformity with the Luxembourg Law 20 December 2002 on Undertakings for Collective Investment as amended. The complete version is available on request from the Company s registered fice in Luxembourg and from JPMorgan Funds (Asia) Limited. This report does not constitute an fer shares. Subscriptions are only valid if made on the basis the current Hong Kong Offering Document which is available free charge on request, supplemented by the most recent audited annual report the Fund and any subsequent unaudited semi-annual report, from JPMorgan Funds (Asia) Limited. Certain the sub-funds the Fund are not authorised for fer or distribution in or from Hong Kong. Accordingly, no reference is made to these sub-funds in this audited annual report. The attention the investors is drawn to the fact that certain figures in this audited annual report are expressed on a consolidated basis and, thus, include the assets those sub-funds which are not registered in Hong Kong

3 JPMorgan Funds Audited Annual Report Contents Board Directors 1 Management and Administration 2 Board Directors Report 3 Investment Managers Report 4 Independent Auditor s Report 5 Financial Statements and Statistical Information Combined Statement 6 Combined Statement Operations and Changes in 11 Statement Changes in the Number Shares 16 Statistical Information 22 Notes to the Financial Statements 28 Schedules Investment JPMorgan Funds - America Equity Fund 35 JPMorgan Funds - Global Natural Resources Fund 87 JPMorgan Funds - Eastern Europe Equity Fund 38 JPMorgan Funds - Global Real Estate Securities Fund (USD) 90 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 40 JPMorgan Funds - JF China Fund 92 JPMorgan Funds - Emerging s Debt Fund 42 JPMorgan Funds - JF Greater China Fund 95 JPMorgan Funds - Emerging s Equity Fund 45 JPMorgan Funds - JF Hong Kong Fund 96 JPMorgan Funds - Emerging s Local Currency Debt Fund 47 JPMorgan Funds - JF India Fund 97 JPMorgan Funds - Emerging Middle East Equity Fund 49 JPMorgan Funds - JF Japan Equity Fund 98 JPMorgan Funds - Euroland Equity Fund 50 JPMorgan Funds - JF Japan Small Cap Fund 99 JPMorgan Funds - Euroland Select Equity Fund 54 JPMorgan Funds - JF Pacific Balanced Fund 100 JPMorgan Funds - Europe Dynamic Fund 57 JPMorgan Funds - JF Pacific Technology Fund 104 JPMorgan Funds - Europe Dynamic Mega Cap Fund 60 JPMorgan Funds - JF Singapore Fund 106 JPMorgan Funds - Europe Equity Fund 63 JPMorgan Funds - JF Taiwan Fund 107 JPMorgan Funds - Europe Small Cap Fund 66 JPMorgan Funds - Latin America Equity Fund 108 JPMorgan Funds - Europe Technology Fund 69 JPMorgan Funds - Russia Fund 110 JPMorgan Funds - Germany Equity Fund 70 JPMorgan Funds - US Aggregate Bond Fund 112 JPMorgan Funds - Global Convertibles Fund (EUR) 71 JPMorgan Funds - US Dynamic Fund 123 JPMorgan Funds - Global Dynamic Fund 75 JPMorgan Funds - US Small Cap Growth Fund 124 JPMorgan Funds - Global Equity Fund (USD) 79 JPMorgan Funds - US Strategic Growth Fund 126 JPMorgan Funds - Global Focus Fund 82 JPMorgan Funds - US Technology Fund 129 JPMorgan Funds - Global Life Sciences Fund 85 JPMorgan Funds - US Fund 130 Appendix: Unaudited Additional Disclosures Fund Total Expense Ratios 133 Summary Investment Objectives the Sub-Funds 139 Performance and Volatility 141 Interest Rate Received/(Charged) on Bank Accounts 147 Sub-Fund Share Classes Subject to Taxe d Abonnement Rate Portfolio Turnover Rate 148 Historical Statements Changes in the Number Shares 149

4 JPMorgan Funds Board Directors Chairman Iain O.S. Saunders Banker Duine, Ardfern Argyll PA31 8QN United Kingdom Directors Jacques Elvinger Partner Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Grand Duchy Luxembourg Jean Frijns Pressor, Finance and Investments Antigonelaan 2 NL-5631 LR Eindhoven The herlands Deputy Chairman Pierre Jaans Economist 3, rue de Kahler L-8356 Garnich Grand Duchy Luxembourg Andrea L. Hazen Managing DirectorF JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ United Kingdom Robert Van der Meer Pressor Finance 9A Lange Vijverberg NL-2513 AC The Hague The herlands Berndt May Managing Director JPMorgan Asset Management (Europe) S.à r.l. Austrian Branch Führichgasse 8 A-1010 Vienna Austria Changes to the Composition the Board Directors On 31 December 2008, Mr André Elvinger resigned from the Board Directors. Mr Jacques Elvinger was co-opted as a Director on 1 January Registered Office European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg 1

5 JPMorgan Funds Management and Administration Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg Advisory Company JPMorgan Asset Management Advisory Company S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg Investment Managers J.P. Morgan Investment Management Inc. 245 Park Avenue New York, NY United States America JPMorgan Asset Management (Japan) Limited Tokyo Building 7-3, Marunouchi 2 - Chome Chiyoda-ku Tokyo Japan JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ United Kingdom JF Asset Management Limited 21st Floor, Chater House 8 Connaught Road, Central Hong Kong JPMorgan Asset Management (Singapore) Limited (previously named JF Asset Management (Singapore) Limited) 168 Robinson Road 17th Floor, Capital Tower Singapore Highbridge Capital Management LLC 9 West 57th Street New York, NY United States America Custodian, Corporate, Administrative Agent & Paying Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg Independent Auditor PricewaterhouseCoopers S.à r.l. Réviseur d entreprises 400, route d Esch B.P L-1014 Luxembourg Grand Duchy Luxembourg Legal Adviser Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Grand Duchy Luxembourg 2

6 JPMorgan Funds Board Directors Report The Board Directors is pleased to present the Audited Annual Report for the year ended 30 June The Fund The Fund is a variable capital investment company, organised as a Société Anonyme, under the laws the Grand Duchy Luxembourg.The Board Directors has appointed JPMorgan Asset Management (Europe) S.à r.l. as Management Company the Fund. The Fund is organized as an umbrella with a number Sub-Funds, each which has its own investment policy and restrictions. At present, the Fund has issued shares in 84 Sub-Funds. JPMorgan Funds - Middle East Equity Fund changed its name to JPMorgan Funds - Emerging Middle East Equity Fund on 15 June During the year, the total net assets the Fund decreased from USD 57.6 billion to USD 34.6 billion at year end. The Fund qualifies as an Undertaking for Collective Investments in Transferable Securities under the amended EC Directive 85/ December 1985 and may therefore be fered for sale in European Union Member States, subject to registration in countries other than the Grand Duchy Luxembourg.In addition, applications to register the Fund and its Sub-Funds may be made in other countries. The Fund and the Sub-Funds are currently registered for fer and distribution in the Grand Duchy Luxembourg and in the following jurisdictions: Austria, Bahrain, Belgium, Chile, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Korea, Macau, The herlands, Norway, Peru, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan and the United Kingdom. Fair Valuation The fair valuation process which had been in place since August 2007 ceased on 17 April Single Swing Pricing As a pre-requisite to Swing Pricing, the Fund converted from a last traded to a mid-pricing valuation basis on 23 March From 21 April 2009 onwards, a Swing Pricing Adjustment, as described in note 2 b), may be applied to the NAV per Share the relevant Sub-Funds. Responsibility the Directors The responsibility the Directors the Fund is governed exclusively by Luxembourg law.with respect to the annual accounts the Fund, the duties the Directors are governed by general corporate law and the law 19 December 2002 on, inter alia, the accounting and annual accounts undertakings and by the law 20 December 2002 relating to undertakings for collective investments. Changes to the Board Directors On 31 December 2008, Mr André Elvinger resigned as a Director the Fund.The Board would like to take this opportunity to thank Mr Elvinger for his service to the Fund. Mr Jacques Elvinger was co-opted as a Director with effect from 1 January 2009 and his appointment will be approved by Shareholders at the forthcoming Annual General Meeting. Annual General Meeting The next Annual General Meeting the Company will be held on 18 November Board Directors Luxembourg, 1 October

7 JPMorgan Funds Investment Managers Report For the year ended 30 June 2009 Review The year under review was a turbulent one for investors, as the repercussions the continued credit crisis resounded through the global financial system and then through the global economy.risk assets plummeted for most the year as bad newsflow shocks, tight credit conditions and rapidly deteriorating economic data caused high levels volatility and risk aversion. Government bond yields plunged as investors fled to quality. A new downward leg in the financial crisis commenced in September 2008.Equity prices tumbled before the US government rescued mortgage giants Fannie Mae and Freddie Mac, then, just one week later, the collapse investment banking giant Lehman Brothers and the sale Merrill Lynch to Bank America sent shockwaves through the global financial system. The slew bad news continued into October and many financial institutions required government support.global stock markets fell significantly and fixed income spreads reached record wides.meanwhile, the US Congress passed the USD 700 billion Troubled Asset Relief Program, designed to buy bad debt from banks, and the UK, European and US authorities announced plans to inject capital into struggling financial institutions and provide short-term lending support. In November, global stock markets fell further.the US government announced an emergency rescue package for Citigroup, and the US Fed also announced the USD 800 billion Term Asset Backed Securities Loan Facility, to buy mortgage debt and support consumer loans.elsewhere, the British government cut VAT from 17.5 to 15 and China unveiled a USD 568 billion fiscal stimulus plan. December was more positive for risk assets, with global equities bouncing from the lows reached in November.However, the gains did not last and global stock markets declined significantly in January, February and early March as the financial crisis rumbled on, credit conditions remained tight and economic data deteriorated rapidly. In mid March, stock markets finally rallied significantly after several large banks announced better than expected performance for the start the year. Equity investors responded positively to US Treasury Secretary Timothy Geithner's plan to remove toxic assets from banks' balance sheets, while the Federal Reserve and the Bank England provided further support when they announced quantitative easing policies, through which they would attempt to boost lending and bring down long-term borrowing costs. In fixed income markets, the end the economic and market freefall encouraged investors to buy riskier assets and sell government bonds, while increased supply also weighed on the government bond market. The equity market rally continued through the spring and into early June, with investors drawing comfort from possible green shoots among economic data releases. A note caution crept in at the end the year amid fears that optimism over the likelihood a swift recovery had been overdone. By the end the period, aggressive interest rate cuts meant that rates in the eurozone were down to 1.0, UK base rates reached just 0.5 and US interest rates were in a range. While the European Central Bank stopped short joining the US and UK in implementing full quantitative easing, it announced in May that it had decided in principle to spend up to EUR 60 billion buying up euro-denominated covered bonds to pump funds into the regional economy. Outlook Economic data has continued to suggest that the trough in activity has been passed and the business cycle has turned.surveys have continued to improve and in some instances have significantly beaten expectations.the better outlook for sentiment in the corporate sector has been mirrored by improving consumer confidence. Earnings momentum has improved dramatically over the past few months.the ratio analysts upgrading their earnings forecasts compared to those downgrading has bottomed in almost all the markets that we track.this suggests that, while we can expect to continue to see prits declining, the pace prit weakness has ameliorated.further green shoots may even result in analysts rushing to raise their numbers, leading to firmer improvements in earnings momentum. Following such a strong equity rally and with equity valuations reasonable but not compelling, it now remains to see whether liquidity will continue to drive a further re-rating equities and revival in risk appetite.we identify three factors that could derail markets.first, if central banks decide prematurely to remove their stimulus; second, if bond yields - particularly real yields - rise significantly from here; and third, if the dollar comes under significant pressure. A stronger economic recovery would push bond yields higher, but headwinds to that recovery are formidable: weak consumer balance sheets, rising unemployment, tight credit conditions (especially to the consumer), rising loan losses and weak final demand. Investment Managers 1 October 2009 The information contained in this report is historical and not necessarily indicative future performance. 4

8 Independent Auditor s Report To the Shareholders JPMorgan Funds PricewaterhouseCoopers Société à responsabilité limitée Réviseur d Entreprises 400, route d Esch B.P L-1014 Luxembourg Telephone Facsimile info@lu.pwc.com Following our appointment by the General Meeting the Shareholders the SICAV dated 19 November 2008, we have audited the accompanying Financial Statements JPMorgan Funds and each its Sub-Funds which comprise the Combined Statement and the Schedule Investments as at 30 June 2009 and the Combined Statement Operations and Changes in for the year then ended, and a summary significant accounting policies and other explanatory notes to the Financial Statements. Board Directors the SICAV s responsibility for the Financial Statements The Board Directors the SICAV is responsible for the preparation and fair presentation these Financial Statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation the Financial Statements.This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation Financial Statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor s responsibility Our responsibility is to express an opinion on these Financial Statements based on our audit.we conducted our audit in accordance with International Standards on Auditing as adopted by the Institut des Réviseurs d Entreprises.Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements.The procedures selected depend on the Auditor s judgment, including the assessment the risks material misstatement the Financial Statements, whether due to fraud or error.in making those risk assessments, the Auditor considers internal control relevant to the entity s preparation and fair presentation the Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose expressing an opinion on the effectiveness the entity s internal control. An audit also includes evaluating the appropriateness accounting policies used and the reasonableness accounting estimates made by the Board Directors the SICAV, as well as evaluating the overall presentation the Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, these Financial Statements give a true and fair view the financial position JPMorgan Funds and each its Sub-Funds as 30 June 2009, and the results their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation the Financial Statements. Other matter Supplementary information included in the annual report has been reviewed in the context our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above.consequently, we express no opinion on such information.however, we have no observation to make concerning such information in the context the Financial Statements taken as a whole. PricewaterhouseCoopers S.à r.l. Luxembourg, 1 October 2009 Réviseur d entreprises Represented by John Parkhouse R.C.S. Luxembourg B TVA LU

9 JPMorgan Funds Combined Statement JPMorgan Funds Combined USD America Equity Fund USD Eastern Europe Equity Fund EUR Emerging Europe, Middle East and Africa Equity Fund USD Emerging s Debt Fund EUR Investments in Securities at (1) 33,719,950, ,470, ,044, ,643, ,283,266 Acquisition Cost: 34,534,119, ,813, ,859, ,359, ,582,782 Investments in TBAs at (2) 3,426, Cash at Bank 891,840,404 6,154,982 1,359, ,833 10,582,235 Time Deposits and Cash Equivalents 137,799, Amounts Receivable on Sale Investments 211,841,413-1,103, ,257 59,656 Amounts Receivable on Sale TBAs (2) 379, Amounts Receivable on Subscriptions 152,559, , ,980 1,783,565 2,191,640 Interest and Dividends Receivable, 104,779, ,061 3,672,613 1,389,390 2,907,618 Tax Reclaims Receivable 4,709, ,337 - Fee Waiver (3) 2,427,576 28, ,916 32,405 15,769 Other Receivables 153,375-3,146 21,357 - Unrealised Gain on Forward Foreign Exchange Contracts 19,838, , Unrealised Gain on Financial Futures Contracts 691, ,443 Derivatives Instruments at 7,001, Total 35,257,399, ,612, ,211, ,162, ,152,627 Liabilities Bank Overdraft 77,123, ,684,852 - Amounts Payable on Purchase Investments 383,089, ,792 2,732, Amount Payable on Purchase TBAs (2) 3,762, Amounts Payable on Redemptions 131,801, ,247 1,019, , ,963 Management and Advisory Fees Payable 37,748, , , , ,713 Performance Fees 12,953, Other Payables 10,948, , ,623 56,712 Unrealised Loss on Forward Foreign Exchange Contracts 5,894, ,276 Unrealised Loss on Financial Futures Contracts 1,881, Derivatives Instruments at 2,188, Total Liabilities 667,391, ,201 2,773,027 6,060, ,173 Total 34,590,007, ,907, ,438, ,101, ,731,454 Historical Total 30 June ,591,091, ,614,355 1,583,655,705 1,093,563, ,005, June ,568,991, ,695,199 1,411,797, ,428, ,870, June ,483,121, ,863,368 1,303,458, ,240, ,643, June ,719,610,938 1,503,287,228 1,057,799, ,585, ,498, June ,129,291,606 1,745,071, ,853, ,841,160 41,666,376 (1) Please refer to note 2a). (2) Please refer to note 2l). (3) Please refer to Note 7a). The accompanying notes form an integral part these Financial Statements. 6

10 JPMorgan Funds Combined Statement (continued) Emerging s Equity Fund USD Emerging s Local Currency Debt Fund EUR Emerging Middle East Equity Fund (4) USD Euroland Equity Fund EUR Euroland Select Equity Fund EUR Europe Dynamic Fund EUR Europe Dynamic Mega Cap Fund EUR Europe Equity Fund EUR Europe Small Cap Fund EUR 4,660,992,571 78,295, ,419, ,514,574 7,343, ,549, ,505, ,588, ,971,139 4,071,738,921 79,707, ,778, ,888,433 7,624, ,319, ,185, ,221, ,056, ,580,102 6,840,987 10,328,014-72, ,853 21,658,855-5,625, ,616-12,976 28,034 16,955,802 5,502,084 50,367 6,385, ,027, , , ,321 79, , ,846 10,995,521 1,359, , ,995 4, , , , ,824 11,197-3, ,647 13, , , , ,973-21,329 87,139 42,440 22,457 40,842 22,150 2,731 19,801 1, , ,700,607,987 86,522, ,343, ,547,954 7,483, ,123, ,023, ,369, ,814, ,528 6,543, ,012-14,862, , ,715 38,205 17,698,949 18,174,990 1,282,683 5,273, ,629, ,617 2,494, , , , ,838 4,053, , ,885 4, , , , , ,456 33, , ,327 23, , , ,747 93, , , ,479,577 34,011 3,097,130 9,876,015 67,051 18,759,080 18,912,395 2,939,952 6,210,617 4,671,128,410 86,488, ,246, ,671,939 7,416, ,364, ,110, ,429, ,604,156 6,604,690,449 5,351, ,594,180 1,424,908,906 4,902, ,881, ,249,219 1,877,322, ,101,616 6,821,647, ,530,509 4,685,250,845-1,465,060,727 1,202,156,717 6,724,760,335 1,383,590,469 3,782,245, ,944,060 3,202,176,183-1,376,855, ,542,128 6,201,107,870 1,315,922,955 1,571,057, ,320,165 1,690,787, ,700,625-3,650,505, ,956, ,166,320-11,261, ,754, ,499,657-1,887,740, ,269,367 (4) This Sub-Fund was renamed from Middle East Equity Fund on 15 June

11 JPMorgan Funds Combined Statement (continued) Europe Technology Fund EUR Germany Equity Fund EUR Global Convertibles Fund (EUR) EUR Global Dynamic Fund USD Global Equity Fund (USD) USD Global Focus Fund EUR Global Life Sciences Fund USD Global Natural Resources Fund EUR Global Real Estate Securities Fund (USD) USD 70,128, ,476,249 1,859,544,391 1,179,038, ,961, ,349,099 20,644,331 1,006,284,091 13,382,561 65,524, ,294,613 1,893,155,359 1,231,233, ,531, ,366,671 21,632,945 1,265,061,352 16,688, , , ,372, ,478 2,301,731 28,677, ,239 39,833, , ,077-13,212,319 1,942,402-1,487, ,111 2,583, , ,427 14,722, ,474 24,603 5,211,720-4,802,302 25,636 8, ,782,009 2,035, , ,672 13, ,938 80,733 4, ,331 50, ,352 13,574 50,283 3,483-16,315 13,788-43,705 33,262 47,055 54,853 28,914-40, , , ,545, , , ,845, ,289,716 2,010,273,992 1,184,221, ,110, ,596,631 21,700,267 1,054,111,870 13,818, ,446, ,163-56,926,377 6,282,971-3,427, ,870 26,833,988 28, , ,083 11,023, ,180 13, ,257 21,824 7,384,947-90, ,082 1,644, , , ,968 26,722 1,254,798 6, ,558 85, , ,837 88, ,426 36, ,704 39, ,882, , , , , ,974 70,766,431 9,308, ,192 8,160, ,483 35,775, ,466 70,223, ,655,742 1,939,507,561 1,174,912, ,869, ,436,544 21,082,784 1,018,336,433 13,710, ,646, ,719,016 1,742,308,863 1,872,953, ,885, ,896,837 31,732,175 1,871,228,153 12,635, ,196, ,261,152 1,697,301,712 3,346,335, ,564, ,822,932 47,918,265 1,778,456,610 21,580, ,588, ,827,675 1,149,704,455 2,325,259, ,794, ,907,690 60,967, ,442, ,544,916 52,725, ,650,333 1,025,643, ,539,466 23,601,757 56,495, ,717, ,246,982 48,746, ,088, ,491, ,899,099 37,914,516 70,563,

12 JPMorgan Funds Combined Statement (continued) JF China Fund USD JF Greater China Fund USD JF Hong Kong Fund USD JF India Fund USD JF Japan Equity Fund USD JF Japan Small Cap Fund USD JF Pacific Balanced Fund USD JF Pacific Technology Fund USD JF Singapore Fund USD 3,072,626, ,843, ,809,508 1,990,354, ,279,762 51,923, ,474,679 25,349, ,611,601 2,601,203, ,180, ,222,393 1,585,444, ,388,975 47,989, ,283,921 26,789, ,898, ,555,246 3,301,117 3,581,572 98,805,474 3,349,243 1,098,100 12,453,834 1,500,291 4,930, ,897,270 3,896,498 1,605,093-8,108, ,206 2,901, ,203 2,202, ,357,034 2,156, ,017 5,191, , , , ,232 68,609 13,932,209 1,716, ,277 4,550, ,791 69, ,955 28,489 42, ,217 66,095-3,701 32,938 28,801 30,685 34,507 9, , , ,329,714, ,944, ,474,562 2,098,901, ,934,646 53,625, ,121,711 27,605, ,889, ,252,162 3,863, ,635 7,399,463 7,333, ,028 9,045, , ,595, , ,802 3,003, ,416 53, ,991 27, ,950 4,080, , ,442 3,195, ,267 52, ,832 31, , , , , , ,033 46,879 71,682 38,189 96, ,286 5, , ,841,640 5,434,121 1,042,841 14,359,190 8,199, ,842 9,996, , ,353 3,277,872, ,509, ,431,721 2,084,541, ,735,115 52,721, ,125,204 27,012, ,367,313 2,680,483, ,728, ,111,221 2,533,079, ,338, ,803, ,733,601 43,863, ,489,727 3,221,787, ,910, ,208,759 4,123,155,354 1,948,180, ,926, ,226,858 39,446, ,840,297 1,156,132, ,255,116 69,447,599 2,682,021,036 3,851,032, ,241, ,569,440 51,718, ,904, ,358, ,352,335 59,200,392 1,090,513,091 1,974,843, ,225, ,855,596 26,382,261 29,867, ,532, ,924,945 57,440, ,864,953 2,425,759, ,410, ,741,277 29,459,730 10,847,678 9

13 JPMorgan Funds Combined Statement (continued) JF Taiwan Fund USD Latin America Equity Fund USD Russia Fund USD US Aggregate Bond Fund USD US Dynamic Fund USD US Small Cap Growth Fund USD US Strategic Growth Fund USD US Technology Fund USD US Fund USD 397,945, ,445, ,995, ,073, ,439,403 28,629,763 92,642,220 34,348, ,068, ,738, ,715,303 1,096,291, ,868, ,024,470 31,849,588 96,777,019 39,502, ,065, ,977,577 10,248,777 6,555,075 22,110,792 7,661, , , ,984 19,034, ,165,955-3,895,226 28,292 33,412, ,123 13,121, ,989 3,166,702 1,632,993 2,272, ,938 13,267 48, ,242 1,151, ,956 3,870,739 3,281,535 4,706, ,130 5,238 85,019 2, , , , ,245 37,372-50,477-18,243 37,824 26,795 16, , , , ,057, ,797, ,415, ,242, ,275,888 29,259, ,457,517 34,883, ,315, ,764 9,691, ,125 2,212,255 30,909,173 46,973 8,945, ,507,614 4,576,824 1,101,289 17,237,726 4,032,984 45,667 3,816,040 56,924 1,159, ,461 1,081,044 1,134, , ,346 38,212 85,371 45, , , ,576 14, , ,211 27,537 62,803 38, , ,830,407 15,652,172 3,000,988 19,936,422 35,946, ,389 12,909, ,822 1,918, ,227, ,144, ,414, ,305, ,329,174 29,100,734 93,548,217 34,742, ,397,311 1,080,868,675 2,091,554,855 1,630,707, ,092,920 2,029,139,806 47,282, ,683, ,291, ,159, ,278,900 1,748,314, ,387, ,010,752 7,549,424,048 67,473, ,352,217 65,053,721 1,776,712, ,243, ,332, ,766, ,454,960 4,920,977,009 65,415, ,686,288 89,973,113 1,193,279, ,282, ,829, ,223,292 1,205,344,952 62,087,458 17,074, ,719,465 61,421,956,477 75,218, ,274,848-23,575, ,814,499 72,047,337 4,792, ,857, ,688,707 10

14 JPMorgan Funds Combined Statement Operations and Changes in For the Year Ended 30 June 2009 JPMorgan Funds Combined USD America Equity Fund USD Eastern Europe Equity Fund EUR Emerging Europe, Middle East and Africa Equity Fund USD Emerging s Debt Fund EUR at the Beginning the Year * 54,684,004, ,614,355 1,583,655,705 1,093,563, ,005,222 Income Dividend Income, 786,589,345 6,457,190 10,501,013 12,690,716 - Interest Income, 143,430, ,934 31,210 1,206 10,935,708 Securities Lending Income 34,454, , ,938 27,823 68,314 Bank Interest 10,960, , , ,581 95,947 Interest on Swap Transactions 161, Other Income 275, Total Income 975,872,018 7,070,438 11,133,938 12,874,326 11,099,969 Expenses Management and Advisory Fees 444,502,093 5,087,664 9,037,689 7,395,192 1,447,233 Custodian, Corporate, Administration and Domiciliary Agency Fees 37,916, ,826 1,576, , ,765 Registrar and Transfer Agency Fees 28,856, , , , ,378 Taxe d abonnement 13,739, , , ,927 55,282 Overdraft Interest 51, Interest on Swap Transactions 3, Sundry Fees** 25,289, , , ,797 71,535 Less: Fee Waiver (1) 12,910, , , ,614 28,384 Total Expenses before Performance Fees 537,448,440 6,186,030 11,709,073 9,432,467 1,847,809 Performance Fees 12,955, Total Expenses 550,404,431 6,186,030 11,709,073 9,432,467 1,847,809 Investment Income/(Loss) 425,467, ,408 (575,135) 3,441,859 9,252,160 Realised Gain/(Loss) on Sale Investments (12,145,398,653) (134,511,409) (267,569,097) (262,388,104) (32,214,022) Realised Gain/(Loss) on Forward Foreign Exchange Contracts (204,408,836) (3,250,720) (276,410) 814,213 (27,065,578) Realised Gain/(Loss) on Financial Futures Contracts (50,994,410) ,878 Realised Gain/(Loss) on Foreign Exchange (7,902,877) 62,190 4,200, ,508 5,020,106 Realised Gain/(Loss) on TBAs (164,386) Realised Gain/(Loss) on Derivatives Instruments 20,160, Realised Gain/(Loss) for the Year (12,388,708,193) (137,699,939) (263,645,476) (260,906,383) (54,205,616) Change in Unrealised Gain/(Loss) on Investments (2,018,226,926) 5,533,971 (538,151,842) (248,036,561) 18,156,102 Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts (4,140,699) 215, (404,953) Change in Unrealised Gain/(Loss) on Financial Futures Contracts 5,021, (63,052) Change in Unrealised Gain/(Loss) on Foreign Exchange 264,646 (18,291) 525,696 (109,590) (35,640) Change in Unrealised Gain/(Loss) on TBAs 78, Change in Unrealised Gain/(Loss) on Derivatives Instruments 1,315, Change in Unrealised Gain/(Loss) for the Year (2,015,687,366) 5,731,079 (537,626,146) (248,146,151) 17,652,457 Increase/(Decrease) in as a Result Operations (13,978,927,972) (131,084,452) (801,846,757) (505,610,675) (27,300,999) Movements in Share Capital Subscriptions 20,961,717, ,431, ,501, ,902, ,327,148 Redemptions (26,667,085,499) (231,054,309) (561,761,225) (383,507,507) (158,742,793) Increase/(Decrease) in as a Result Movements in Share Capital (5,705,367,590) (80,622,486) (255,260,048) (165,604,852) (28,415,645) Dividend Distribution (409,701,142) - (9,110,136) (10,246,202) (4,557,124) at the End the Year 34,590,007, ,907, ,438, ,101, ,731,454 (1) Please refer to Note 7a). * The opening balance was combined using the foreign exchange rates as at 30 June 2009.The same net assets when combined using the foreign exchange rate ruling as at 30 June 2008 reflected a figure USD 57,591,091,920. ** Sundry Fees are principally comprised Directors fees, audit and tax related fees, registration, publication, mailing, printing, legal and marketing expenses. The accompanying notes form an integral part these Financial Statements. 11

15 JPMorgan Funds Combined Statement Operations and Changes in (continued) For the Year Ended 30 June 2009 Emerging s Equity Fund USD Emerging s Local Currency Debt Fund EUR Emerging Middle East Equity Fund (2) USD Euroland Equity Fund EUR Euroland Select Equity Fund EUR Europe Dynamic Fund EUR Europe Dynamic Mega Cap Fund EUR Europe Equity Fund EUR Europe Small Cap Fund EUR 6,604,690,449 5,351, ,594,180 1,424,908,906 4,902, ,881, ,249,219 1,877,322, ,101, ,697,388-10,790,471 20,145, ,493 11,462,921 14,578,849 29,555,163 6,979,585 13,602 6,178,612 1,538 2, ,345 55,159 1,371 3, ,651-53,897 3,556,059 9, , ,704 3,153, , ,466 49,233 55, ,894 3, , , , , ,216,107 6,227,845 10,901,379 23,947, ,714 12,545,601 16,068,861 33,134,797 7,911,710 42,329,146 20,204 5,914,719 9,548,021 41,507 4,638,003 5,550,091 11,244,288 4,281,708 3,854, ,386 1,074, ,203 76, , , , ,525 2,425,202 60, , ,348 29, , , , ,106 1,402,943 8, , ,816 1, , , , , , ,574 1, ,004,623 40, , ,074 4, , , , , , , , ,641 99,587 73,588 51,103 63,566 28,496 51,835, ,038 7,560,899 11,270,821 53,606 5,519,980 6,539,531 13,199,666 5,237,821-1, ,835, ,280 7,560,899 11,270,821 53,606 5,519,980 6,539,531 13,199,666 5,237,821 58,380,959 6,084,565 3,340,480 12,676, ,108 7,025,621 9,529,330 19,935,131 2,673,889 (307,301,188) (2,600,908) (159,687,013) (437,833,995) (1,834,692) (224,133,909) (239,682,095) (580,590,079) (195,009,816) (3,030,138) (900,515) 163,532 (115,292) 68 (10,361) (258,754) 117,439 (17,673) - (140,821) - 10,896,197 (33,705) (2,149,094) 1,704,700 (13,718,634) - (3,446,610) 772,716 (489,297) (19,184) (168) (99,952) 1,059,226 (869,982) 238, (313,777,936) (2,869,528) (160,012,778) (427,072,274) (1,868,497) (226,393,316) (237,176,923) (595,061,256) (194,789,384) (1,292,383,130) (1,111,056) (74,148,240) 48,756, ,348 59,768,882 67,886, ,864,486 31,898,461-12, (3,303,880) 1,275 (8,617) 2, ,389 (5,284) (3,091) 1,036 - (1,644) - 18,484 (155) (1,292,226,741) (1,103,787) (74,151,331) 45,453, ,623 59,758,621 67,889, ,882,970 31,898,306 (1,547,623,718) 2,111,250 (230,823,629) (368,941,526) (982,766) (159,609,074) (159,758,110) (452,243,155) (160,217,189) 2,320,193, ,267, ,161, ,987,379 5,164, ,807, ,660, ,983,523 42,747,473 (2,655,675,241) (30,241,984) (349,549,908) (813,873,704) (1,667,211) (385,293,064) (300,178,417) (1,125,290,883) (120,807,409) (335,481,661) 79,025,671 (149,388,206) (616,886,325) 3,497,049 (207,485,773) (97,518,313) (878,307,360) (78,059,936) (50,456,660) - (21,135,851) (25,409,116) (318) (4,422,330) (861,890) (17,342,707) (3,220,335) 4,671,128,410 86,488, ,246, ,671,939 7,416, ,364, ,110, ,429, ,604,156 (2) This Sub-Fund was renamed from Middle East Equity Fund on 15 June

16 JPMorgan Funds Combined Statement Operations and Changes in (continued) For the Year Ended 30 June 2009 Europe Technology Fund EUR Germany Equity Fund EUR Global Convertibles Fund (EUR) EUR Global Dynamic Fund USD Global Equity Fund (USD) USD Global Focus Fund EUR Global Life Sciences Fund USD Global Natural Resources Fund EUR Global Real Estate Securities Fund (USD) USD 113,646, ,719,016 1,742,308,863 1,872,953, ,885, ,896,837 31,732,175 1,871,228,153 12,635,754 1,351,991 10,347,624 5,071,626 29,252,545 3,917,689 6,280, ,807 6,817, ,387 8,087 2,109 26,558,821 1, , , , ,251-1,761, , ,161 19,974-8,383-18, ,720 43,054 6,589 14, ,940 4, ,561,434 11,278,772 32,177,167 31,058,430 4,202,455 6,690, ,388 7,206, ,050 1,255,927 5,260,618 16,434,827 13,447,795 1,631,145 3,622, ,437 11,939,587 73, , , , , , , , , , , , , , , , , ,272 52,056 36, , , ,361 87, ,791 12, ,305 3, , , , ,542 1,718,685 1,185, , ,269 25, ,135 11, ,779 48, , , , , ,842 11, ,604 1,574,822 6,078,276 19,994,325 16,185,109 2,104,464 4,447, ,760 14,251, , ,574,822 6,078,276 19,994,325 16,185,109 2,104,464 4,447, ,760 14,251, ,596 (13,388) 5,200,496 12,182,842 14,873,321 2,097,991 2,242,542 (217,372) (7,045,381) 579,454 (46,453,409) (110,839,997) (177,423,879) (441,704,275) (17,305,201) (74,159,797) (6,571,131) (312,989,785) (7,352,925) (115,307,647) (2,645,813) (5,258,816) 10,900,268 1,614 (644,871) (587,462) - - (36,929,559) , (23,357) - 2,262,154 (107,828) (1,089,221) ,562 (912,636) (75,395) (646,182) (46,476,404) (110,839,997) (328,045,113) (444,457,916) (23,653,238) (63,088,302) (6,547,955) (314,547,292) (8,015,782) 22,330,818 (44,229,120) 206,619,399 (156,432,740) (51,060,486) 22,327, ,456 (394,636,866) (1,550,853) - - (311,753) (13,289) 299,609 (3,248,726) - - (17,352) - - 6,808, (64,356) ,986 29,289 5,752 (28,681) (352) 150, ,330,915 (44,229,120) 213,144,904 (156,416,740) (50,755,125) 18,985, ,104 (394,486,767) (1,567,960) (24,158,877) (149,868,621) (102,717,367) (586,001,335) (72,310,372) (41,860,410) (6,519,223) (716,079,440) (9,004,288) 50,596, ,662,700 1,334,604, ,686, ,669, ,324,448 29,164, ,492,343 15,222,207 (68,010,483) (415,788,026) (1,029,810,543) (620,712,409) (21,024,576) (147,924,331) (33,294,129) (829,304,623) (5,142,996) (17,414,452) (76,125,326) 304,794,337 (106,025,410) 143,644,984 37,400,117 (4,129,884) (136,812,280) 10,079,211 (1,848,918) (6,069,327) (4,878,272) (6,014,064) (350,463) - (284) ,223, ,655,742 1,939,507,561 1,174,912, ,869, ,436,544 21,082,784 1,018,336,433 13,710,677 13

17 JPMorgan Funds Combined Statement Operations and Changes in (continued) For the Year Ended 30 June 2009 JF China Fund USD JF Greater China Fund USD JF Hong Kong Fund USD JF India Fund USD JF Japan Equity Fund USD JF Japan Small Cap Fund USD JF Pacific Balanced Fund USD JF Pacific Technology Fund USD JF Singapore Fund USD 2,680,483, ,728, ,111,221 2,533,079, ,338, ,803, ,733,601 43,863, ,489,727 48,689,335 24,764,197 5,722,999 20,669,278 8,875,106 1,054,420 1,205, ,540 8,996,029 68,298 2,176-87, ,133, , ,654-66,688 17, ,485 45,608 24,122 1,158,825 28,017 1,607 67,678 5,329 90, ,135 4,219-49,400,118 24,811,981 5,747,121 21,915,387 9,252,503 1,056,173 5,507, ,704 9,090,570 35,120,544 7,161,248 2,850,304 31,968,904 7,366,294 1,088,577 1,723, ,907 3,522,021 1,422, , ,508 3,525, , , , , ,860 1,535, , ,233 1,460, , , ,009 86, ,712 1,058, ,259 86, , ,127 31,720 54,974 12,702 80, ,818, , ,376 2,025, ,864 44, ,619 18, ,513 1,098 28, ,368 4,801 29,594 72,887 92, ,675 36,167 40,953,591 8,692,859 3,559,470 39,833,280 8,632,350 1,375,928 2,155, ,052 4,313, ,953,591 8,692,859 3,559,470 39,833,280 8,632,350 1,375,928 2,155, ,052 4,313,100 8,446,527 16,119,122 2,187,651 (17,917,893) 620,153 (319,755) 3,352, ,652 4,777,470 (552,790,238) (109,330,688) (61,294,525) (228,669,325) (252,657,424) (50,753,818) (23,900,388) (11,959,202) (182,442,152) 15,435 (311) 73 (6,933) 48,008 (285) 570,579 (73,556) 36,775 (2,276,160) - - 3,002, (1,796,909) - - (152,367) (636,936) 102,726 (5,958,670) 1,576,246 35,185 (337,903) 285,576 (607,751) (555,203,330) (109,967,935) (61,191,726) (231,632,246) (251,033,170) (50,718,918) (25,464,621) (11,747,182) (183,013,128) 359,641,933 28,155,086 28,658,708 94,354,179 23,786,469 6,825,459 6,859,336 2,098,601 (20,121,235) (160,108) 302, , (647,505) (3,656) (8,316) 280,255 (335,195) (31,984) (39,868) (30,610) (76,154) ,978,593 28,151,430 28,650,392 94,634,434 23,451,274 6,793,475 6,011,855 2,370,171 (20,197,389) (186,778,210) (65,697,383) (30,353,683) (154,915,705) (226,961,743) (44,245,198) (16,100,337) (8,884,359) (198,433,047) 2,154,026, ,677,910 62,960, ,228, ,444,702 30,830,586 33,253,311 7,240,274 85,701,424 (1,334,554,866) (178,684,906) (75,879,574) (933,850,758) (358,086,313) (73,667,296) (33,508,926) (14,820,480) (290,740,684) 819,471,806 25,993,004 (12,919,235) (293,622,168) (216,641,611) (42,836,710) (255,615) (7,580,206) (205,039,260) (35,304,058) (14,514,065) (1,406,582) (3,252,445) (386,130) (1,650,107) 3,277,872, ,509, ,431,721 2,084,541, ,735,115 52,721, ,125,204 27,012, ,367,313 14

18 JPMorgan Funds Combined Statement Operations and Changes in (continued) For the Year Ended 30 June 2009 JF Taiwan Fund USD Latin America Equity Fund USD Russia Fund USD US Aggregate Bond Fund USD US Dynamic Fund USD US Small Cap Growth Fund USD US Strategic Growth Fund USD US Technology Fund USD US Fund USD 1,080,868,675 2,091,554,855 1,630,707, ,092,920 2,029,139,806 47,282, ,683, ,291, ,159,915 56,044,847 24,915,660 6,976,908-18,336,135 56,225 2,582, ,183 15,327,263 2, ,850 24,163,404 10, , , ,173 95, ,503 20, ,347 35, , ,208 85, , ,384 13,308 91,291 26, , ,195,131 25,427,237 7,467,890 24,163,404 19,704,016 90,258 2,795, ,613 16,234,687 6,995,054 13,113,143 7,983,244 2,924,922 15,503, ,420 2,846, ,862 8,448, , ,119 1,401, , ,450 90, , , , , , , , ,766 71, , , , , , , , ,799 14,709 88,630 17, ,732-1,348-1, , , , , ,410 19, ,751 43, , , , , ,169 7,806 73, , , ,152 8,871,986 15,924,699 9,773,396 3,716,785 17,686, ,073 3,504, ,727 10,109, ,871,986 15,924,699 9,773,396 3,716,785 17,686, ,073 3,504, ,727 10,109,668 47,323,145 9,502,538 (2,305,506) 20,446,619 2,017,563 (547,815) (709,306) (577,114) 6,125,019 (523,003,299) (293,940,584) (430,072,848) 1,542,882 (603,429,413) (11,883,283) (128,310,281) (21,322,191) (126,656,733) (6,689) (71,466) (567) - (235,267) - (4,137,086) (2,198) (2,831,672) - (2,000) - - (13,186,608) - 272, (5,381,130) (3,038,342) (120,112) - 338,175 - (176,303) (543) 501, , (528,391,118) (296,729,033) (430,193,527) 1,542,882 (616,513,113) (11,883,283) (132,351,647) (21,324,932) (128,987,052) 189,354,728 (454,147,008) (452,242,464) 5,733,534 4,357,880 (225,289) (37,628,867) (355,904) (151,066,997) (54,791) - 263, , (27,348) 69,599 (130,998) - 3,217 (114) (26,963) (13,096) (73,806) (37,500) ,327,380 (454,114,909) (452,373,462) 5,733,534 5,083,472 (225,403) (37,710,621) (369,000) (150,876,947) (291,740,593) (741,341,404) (884,872,495) 27,723,035 (609,412,078) (12,656,501) (170,771,574) (22,271,046) (273,738,980) 271,712, ,807,063 1,113,472, ,604, ,965,799 1,901, ,885,851 31,214, ,970,209 (630,608,204) (851,204,063) (1,087,620,435) (422,563,394) (907,905,828) (7,426,913) (487,249,566) (114,492,165) (646,985,427) (358,896,196) (425,397,000) 25,851, ,041,333 (646,940,029) (5,525,070) (359,363,715) (83,277,183) 52,984,782 (26,004,802) (3,671,615) (272,855) (3,551,446) (1,458,525) (3) (366) (603) (8,406) 404,227, ,144, ,414, ,305, ,329,174 29,100,734 93,548,217 34,742, ,397,311 15

19 JPMorgan Funds Statement Changes in the Number Shares (continued) For the Year Ended 30 June 2009 Shares Outstanding at the Beginning the Year Shares Subscribed Shares Redeemed Shares Outstanding at the End the Year JPMorgan Funds - America Equity Fund JF America Equity A (dist) - USD 429, , , , JPM America Equity A (acc) - EUR (hedged) 153, , , , JPM America Equity A (acc) - USD 1,706, , , ,764, JPM America Equity A (dist) - USD 4,149, , ,433, ,348, JPM America Equity B (acc) - USD 319, , , , JPM America Equity C (acc) - EUR (hedged) 771, ,110, ,412, , JPM America Equity C (acc) - USD 10,661, ,310, ,691, ,281, JPM America Equity D (acc) - EUR 8, , , , JPM America Equity D (acc) - EUR (hedged) 427, ,269, ,338, , JPM America Equity D (acc) - USD 1,718, ,174, ,440, ,453, JPM America Equity X (acc) - USD 911, , , , JPMorgan Funds - Eastern Europe Equity Fund JF Eastern Europe Equity A (dist) - EUR 6,183, ,195, ,376, ,002, JPM Eastern Europe Equity A (acc) - EUR 6,235, ,979, ,472, ,742, JPM Eastern Europe Equity A (dist) - EUR 13,427, ,589, ,472, ,545, JPM Eastern Europe Equity B (acc) - EUR 1,183, ,508, ,895, , JPM Eastern Europe Equity C (acc) - EUR 2,665, , ,610, , JPM Eastern Europe Equity D (acc) - EUR 2,505, , ,109, ,963, JPM Eastern Europe Equity I (acc) - EUR* 11,593, ,353, ,946, JPM Eastern Europe Equity X (acc) - EUR 2,618, , ,569, JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 5,982, ,205, ,015, ,171, JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR - 38, , JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 9,913, ,136, ,138, ,911, JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 592, ,509, ,096, ,005, JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,870, ,668, ,629, , JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2,115, , , ,814, JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 2,226, ,732, , JPMorgan Funds - Emerging s Debt Fund JPM Emerging s Debt A (acc) - EUR 2,773, ,589, ,373, ,988, JPM Emerging s Debt A (inc) - EUR 10,297, ,675, ,638, ,333, JPM Emerging s Debt A (mth) - EUR - 147, , , JPM Emerging s Debt C (acc) - EUR 2,503, ,943, ,839, ,607, JPM Emerging s Debt D (acc) - EUR 3,165, , ,503, ,974, JPM Emerging s Debt I (inc) - EUR 2,299, , ,291, , JPM Emerging s Debt X (acc) - EUR* 5, , JPMorgan Funds - Emerging s Equity Fund JPM Emerging s Equity A (acc) - USD 21,967, ,733, ,170, ,530, JPM Emerging s Equity A (acc) - EUR 20,712, ,319, ,768, ,263, JPM Emerging s Equity A (dist) - USD 103,480, ,113, ,147, ,445, JPM Emerging s Equity A (dist) - GBP 578, , , , JPM Emerging s Equity B (acc) - USD 3,197, ,841, ,455, ,582, JPM Emerging s Equity C (acc) - USD 38,918, ,611, ,911, ,618, JPM Emerging s Equity D (acc) - USD 3,956, ,876, ,615, ,218, JPM Emerging s Equity D (acc) - EUR 693, , , , JPM Emerging s Equity I (acc) - USD 22,552, ,499, ,124, ,927, JPM Emerging s Equity I (acc) - EUR - 668, , JPM Emerging s Equity I (inc) - EUR 994, ,402, , ,864, JPM Emerging s Equity X (acc) - USD 33,836, ,407, ,137, ,106, JPM Emerging s Equity X (dist) - USD - 369, , JPM Emerging s Equity X (inc) - EUR 12,023, ,152, ,677, ,499, JPMorgan Funds - Emerging s Local Currency Debt Fund JPM Emerging s Local Currency Debt A (acc) - USD 135, , , , JPM Emerging s Local Currency Debt A (acc) - EUR 121, , , , JPM Emerging s Local Currency Debt B (acc) - USD* 69, , , JPM Emerging s Local Currency Debt D (acc) - USD 118, , JPM Emerging s Local Currency Debt D (acc) - EUR 120, , , , JPM Emerging s Local Currency Debt X (acc) - USD - 6,930, ,930, JPM Emerging s Local Currency Debt X (acc) - EUR - 3,820, ,510, ,310, JPMorgan Funds - Emerging Middle East Equity Fund (1) JPM Emerging Middle East Equity A (acc) - USD 5,754, ,305, ,120, ,939, JPM Emerging Middle East Equity A (acc) - EUR - 15, , JPM Emerging Middle East Equity A (dist) - USD 17,276, ,974, ,774, ,476, JPM Emerging Middle East Equity B (acc) - USD 486, , , , JPM Emerging Middle East Equity C (acc) - USD 1,029, ,885, , ,293, JPM Emerging Middle East Equity D (acc) - USD 2,966, , ,104, ,362, JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 12,163, ,425, ,095, ,493, JPM Euroland Equity A (dist) - EUR 18,367, ,153, ,481, ,039, JF Euroland Equity A (dist) - USD 10,263, ,310, ,994, ,578, JPM Euroland Equity A (inc) - EUR 1,356, , ,287, , JPM Euroland Equity B (acc) - EUR 179, , , , JPM Euroland Equity C (acc) - EUR 15,998, ,677, ,817, ,858, JPM Euroland Equity D (acc) - EUR 8,842, , ,642, ,936, JPM Euroland Equity I (acc) - EUR 9,365, , ,314, , JPM Euroland Equity X (acc) - EUR 942, , ,441, , (1) This Sub-Fund was renamed from Middle East Equity Fund on 15 June