JPMorgan Funds (SICAV Range) – Annual General Meeting of ...€¦ · Peter Schwicht 6 Should shareholders confirm the appointment of Daniel Watkins, co-opted by the Board of Directors

JPMorgan Funds (SICAV Range) – Annual General Meeting of Shareholders

1. Cover Letter

2. Notice of Annual General Meeting of Shareholders

3. Form of Instruction

4. Financial Reports

28 October 2015

Dear Investor,

JPMorgan Funds

Please find enclosed the Notice of an Annual General Meeting (the “AGM”) of JPMorgan Funds (the “Company”), which will be held on 18 November 2015 at 15:00 (CET) at the registered office of the Company.

Kindly note the details of the agenda as well as the quorum and voting requirements. To allow your vote to be cast, you should complete and return the enclosed Form of Instruction to us as soon as possible, and in any event no later than 18:00 (Hong Kong time) on 9 November 2015, using the envelope provided. If, however, we do not hear from you by this date, your instructions will not be reflected in the response to the Company in respect of your holdings and therefore will not be considered at the AGM.

When　available,　the　results　of　the　AGM　will　be　announced　on　our　website www.jpmorganam.com.hk.

The latest financial reports of the Company are available at www.jpmorganam.com.hk. You may also visit our registered office starting from 2 November 2015 should you prefer to collect a printed copy of the reports.

Should you have any questions regarding the above, please do not hesitate to contact:

• your bank or financial adviser; • our Intermediary Hotline on (852) 2978 7788;• our Intermediary Clients’ Hotline on (852) 2265 1000; or • if you normally deal directly with us, our J.P. Morgan Funds InvestorLine on (852) 2265 1188.

Yours faithfully,For and on behalf ofJPMorgan Funds (Asia) LimitedAs Hong Kong Representative of the Company

Eddy WongHead of Funds Business, Hong Kong & China Retail

Encl.

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JPMORGAN FUNDS | 28 OCTOBER 2015

A Message from Your Fund’s Board

Dear Shareholder,

Each year, you have the opportunity to vote on various business matters of your Fund at an annual general meeting. You do not need to attend in person to vote. You can use the proxy form to tell us how you want to vote.

If you have any questions after reading the information below, please contact the registered office or your local representative. To obtain a copy of the Audited Annual Report for the past fiscal year, go to jpmorganassetmanagement.com/jpmf or contact the registered office.

The Board of Directors

Items requiring your vote – please respond by 16 No vember 2015

JPMorgan Funds – Notice of Annual General Meeting THE MEETING Location Registered office of the Fund (see below)

Date and time Wednesday, 18 November 2015 at 15:00 CET

Quorum None required

Voting Agenda items will be resolved by a simple majority of the votes cast

THE FUND

Name JPMorgan Funds

Legal form SICAV

Fund type UCITS

Auditors PricewaterhouseCoopers Société coopérative

Registered office 6 route de Trèves L-2633 Senningerberg, Luxembourg

Phone +352 34 10 1

Fax +352 3410 8000

Registration number (RCS Luxembourg) B 8478

Past fiscal year 12 months ended 30 June 2015

The meeting will be held at the location and time stated in the right-hand column. All appointments being voted on are for terms that end at the next annual general meeting.

Agenda for Meeting and Shareholder Vote

1 Presentation of the report from Auditors and Board for the past fiscal year.

2 Should shareholders adopt the Audited Annual Report for the past fiscal year?

3 Should shareholders agree to discharge the Board for the performance of its duties for the past fiscal year?

4 Should shareholders approve the Directors’ fees?

5 Should the following Directors be reappointed to the Board? Jacques Elvinger Jean Frijns John Li-How-Cheong

Iain Saunders Peter Schwicht

6 Should shareholders confirm the appointment of Daniel Watkins, co-opted by the Board of Directors with effect from 13 December 2014, in replacement of Berndt May, and his election to serve as a Director of the Company?

7 Should Massimo Greco be appointed to the Board?

8 Should shareholders re-appoint PricewaterhouseCoopers Société coopérative as its Auditors?

9 Should shareholders approve the payment of any distributions shown in the Audited Annual Report for the past fiscal year?

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NEXT STEPS

To vote by proxy, use the proxy form at jpmorganassetmanagement.com/extra. Your form must arrive at the registered office, via post or fax, by 18:00 CET on Monday, 16 November 2015.

To vote in person, attend the meeting in person.

IMPORTANT

PLEASE COMPLETE AND RETURN THIS FORM IMMEDIATELY and in any event no later than 6:00 p.m. (Hong Kong time) on 9 November 2015.

Form of Instruction to JPMorgan Funds (Asia) LimitedJPMorgan Funds

Name(s) and Address of Client:Account Number(s):

MasterAccount:

Regular Investment Plan:(if applicable)

I am/We are the beneficial holders of shares in the JPMorgan Funds (the “Company”), registered in the name of JPMorgan Investor Services (Asia) Limited (“JPMIS”), on my/our behalf. I/We hereby authorise and instruct JPMorgan Funds (Asia) Limited (“JPMFAL”) as my/our agent on and subject to the Terms and Conditions of MasterAccount & Regular Investment Plan and the Nominee Agreement, to instruct JPMIS to vote, by itself or its lawful attorney/s, on my/our behalf in respect of ALL* / *of my/our shares (* if you wish to vote part but not all of the shares registered on your behalf, delete “ALL” and insert the number of shares you wish to vote) at the annual general meeting of shareholders to be held on 18 November 2015, at 3:00 p.m.(CET), at European Bank & Business Center, 6 route de Trèves, L-2633 Senningerberg, Luxembourg and at any adjournment thereof. JPMFAL is hereby authorised and instructed to instruct JPMIS, by itself or its lawful attorney/s, to vote on the agenda, as set out in the Notice of Annual General Meeting, in accordance with my/our instructions as indicated below:

Agenda “For” “Against” “Abstain”A. Should shareholders adopt as definitive the Audited Annual Report for the

past fiscal year ended 30 June 2015? B. Should shareholders agree to discharge the Board for the performance of its

duties for the past fiscal year ended 30 June 2015?C. Should shareholders approve the Directors’ fees?

D. Should shareholders reappoint all of the following Directors to the Board?Jacques Elvinger John Li How-Cheong Iain SaundersJean Frijns Peter Schwicht

E. Should shareholders confirm the co-optation of Mr Daniel Watkins and his election to serve as a Director of the Company?

F. Should shareholders appoint Massimo Greco to the Board?

G. Should shareholders re-appoint PricewaterhouseCoopers Société coopérative as the Company’s Auditors?

H. Should shareholders approve the payment of any distributions shown in the Audited Annual Report for the past fiscal year ended 30 June 2015?

If you wish JPMIS or its attorney/s to vote in respect of ALL of your shares, please tick the appropriate box above.

If you wish JPMIS or its attorney/s to vote only part of your shares please indicate the number of shares to be voted in the relevant box. If you indicate more shares than are actually held on your behalf, JPMIS or its attorney/s will vote the total number of shares registered in the name of JPMIS on your behalf in the same proportions to that indicated above.

Individual: Corporation:

Signature

Date

The Common Seal of

Affixed in the presence of

Date

Notes:1. To be valid, the Form of Instruction must be received by JPMFAL at GPO Box 11448, Hong Kong not later than 6:00 p.m. on 9 November 2015. The Form of Instruction may

be sent in the first instance by facsimile on (852) 2868 1562, but the original Form of Instruction should follow by mail to JPMFAL at GPO Box 11448, Hong Kong.2. JPMFAL will be entitled to rely and act upon any Instruction given, or purported to be given to JPMFAL’s satisfaction, by either or any Joint Client.

Audited Annual Report – 30 June 2018

JPMorgan FundsSICAV Range

This report is an abridged version of the audited annual report established in conformity with the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment. The complete version is available on request from the Company’s registered office in Luxembourg and from JPMorgan Funds (Asia) Limited.

This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of the current Hong Kong Offering Document which is available free of charge on request, supplemented by the most recent audited annual report of the Fund and any subsequent unaudited semi-annual report, from JPMorgan Funds (Asia) Limited.

Certain of the sub-funds of the Fund are not authorised for offer or distribution in or from Hong Kong. Accordingly, no reference is made to these sub-funds in this audited annual report. The attention of 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 of those sub-funds which are not registered in Hong Kong.

JPMorgan FundsAudited Annual ReportAs at 30 June 2018

Contents (continued)

Board of Directors 1Management and Administration 2Board of Directors’ Report 3Investment Managers’ Report 8Audit Report 9

Financial Statements and Statistical InformationCombined Statement of Net Assets 13Combined Statement of Operations and Changes in Net Assets 22Statement of Changes in the Number of Shares 30Statistical Information 42

Notes to the Financial Statements 54

Schedule of InvestmentsJPMorgan Funds - America Equity Fund 72JPMorgan Funds - Asia Pacific Equity Fund 74JPMorgan Funds - Asia Pacific Income Fund 76JPMorgan Funds - Brazil Equity Fund 83JPMorgan Funds - China Fund 84JPMorgan Funds - Emerging Europe Equity Fund 86JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 88JPMorgan Funds - Emerging Markets Debt Fund 90JPMorgan Funds - Emerging Markets Dividend Fund 98JPMorgan Funds - Emerging Markets Equity Fund 101JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 104JPMorgan Funds - Emerging Markets Local Currency Debt Fund 111JPMorgan Funds - Emerging Markets Opportunities Fund 118JPMorgan Funds - Emerging Middle East Equity Fund 121JPMorgan Funds - Euroland Equity Fund 122JPMorgan Funds - Europe Dynamic Fund 125JPMorgan Funds - Europe Dynamic Technologies Fund 129JPMorgan Funds - Europe Equity Fund 132JPMorgan Funds - Europe Small Cap Fund 135JPMorgan Funds - Global Dynamic Fund 138JPMorgan Funds - Global Government Bond Fund 143JPMorgan Funds - Global Natural Resources Fund 149JPMorgan Funds - Global Real Estate Securities Fund (USD) 151JPMorgan Funds - Global Unconstrained Equity Fund 154JPMorgan Funds - Greater China Fund 157JPMorgan Funds - Hong Kong Fund 158JPMorgan Funds - Income Fund 159JPMorgan Funds - India Fund 172JPMorgan Funds - Indonesia Equity Fund 173JPMorgan Funds - Japan Equity Fund 174JPMorgan Funds - Korea Equity Fund 177JPMorgan Funds - Latin America Equity Fund 178JPMorgan Funds - Russia Fund 179JPMorgan Funds - Singapore Fund 180JPMorgan Funds - Taiwan Fund 181JPMorgan Funds - Total Emerging Markets Income Fund 182JPMorgan Funds - US Aggregate Bond Fund 190JPMorgan Funds - US Dollar Money Market Fund 218JPMorgan Funds - US Growth Fund 220JPMorgan Funds - US High Yield Plus Bond Fund 222JPMorgan Funds - US Technology Fund 231JPMorgan Funds - US Value Fund 232

Appendix - Unaudited Additional Disclosures1. Total Expense Ratios 2352. Summary of Investment Objectives of the Sub-Funds 2513. Performance and Volatility 2544. Interest Rate Received/(Charged) on Bank Accounts 2675. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 2676. Portfolio Turnover Ratio 2697. Calculation Method of the Risk Exposure 2708. Collateral Received 2729. Securities Financing Transactions 27310. UCITS Remuneration Disclosures 28011. Historical Statement of Changes in the Number of Shares 281

JPMorgan FundsBoard of Directors

Chairman

Iain O.S. SaundersDuine, ArdfernArgyll PA31 8QNUnited Kingdom

Directors

Jacques ElvingerElvinger Hoss Prussen, société anonyme2, place Winston ChurchillB.P. 425, L-2014 LuxembourgGrand Duchy of Luxembourg

Massimo GrecoJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

John Li How CheongThe Directors’ Office19, rue de BitbourgL-1273 LuxembourgGrand Duchy of Luxembourg

Registered Office

6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Peter Thomas SchwichtGuiollettstraße 64D-60325 Frankfurt am MainGermany

Susanne van Dootingh (from 15 December 2017)Vlierbeekberg 125B-3090 OverijseBelgium

Daniel WatkinsJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

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JPMorgan FundsManagement and Administration

Management Company, Registrar and Transfer Agent,Global Distributor and Domiciliary Agent

JPMorgan Asset Management (Europe) S.à r.l.6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Investment Managers

JPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

J.P. Morgan Investment Management Inc.270 Park AvenueNew York, NY 10017United States of America

JF Asset Management Limited21st Floor, Chater House8 Connaught Road CentralHong Kong

JPMorgan Asset Management (Singapore) Limited168, Robinson Road17th Floor, Capital TowerSingapore 068912

JPMorgan Asset Management (Japan) LimitedTokyo Building 7 - 3, Marunouchi 2 - chome, Chiyoda-kuTokyo 100 - 6432Japan

JPMorgan Asset Management (Taiwan) Limited20F, 1, Songzhi Rd, Xinyi DistTaipei City 110Taiwan (R.O.C.)

Highbridge Capital Management, LLC40 West 57th Street, 33 FloorNew York, NY 10019United States of America

J.P. Morgan Alternative Asset Management, Inc.270 Park AvenueNew York, NY 10017United States of America

Depositary, Corporate, Administrative and Listing Agent

J.P. Morgan Bank Luxembourg S.A.6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Independent Auditor

PricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorB.P. 1443, L-1014 LuxembourgGrand Duchy of Luxembourg

Luxembourg Legal Adviser

Elvinger Hoss Prussen, société anonyme2, place Winston ChurchillB.P. 425, L-2014 LuxembourgGrand Duchy of Luxembourg

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ChairmanIain O.S. SaundersChairman and Independent Non-Executive Director. A member of the Board since November 1996.

Mr Saunders graduated in Economics from Bristol University and joined Robert Fleming in 1970. He held several senior positions with the group in HongKong, Japan and the US, before returning to the UK in 1988. He was appointed Deputy Chairman of Fleming Asset Management and retired in 2001 followingthe merger of the Robert Fleming group with JP Morgan. Mr Saunders is currently Chairman of several JPMorgan managed Luxembourg-domiciledinvestment funds and MB Asia Select Fund.

Jacques ElvingerNon-Executive Director. A member of the Board since January 2009.

Mr Elvinger became a member of the Luxembourg Bar in 1984 and has been a partner of the Luxembourg law firm Elvinger Hoss Prussen since 1987. MrElvinger practices general corporate and banking law and specialises in the field of investment and pension funds. He is a member of the High Committee forthe Development of the Financial Sector instituted by the Luxembourg Government. He is also a member of the Advisory Committees to the LuxembourgCommission for the Supervision of the Financial Sector in the area of investment funds. He is a member of the Board of Directors of the Association of theLuxembourg Fund Industry (ALFI) and is currently chairman of ALFI’s Regulatory Board. Mr Elvinger currently holds a number of board mandates withLuxembourg investment funds including several JPMorgan managed Luxembourg-domiciled investment funds.

Massimo GrecoExecutive Director. A member of the Board since November 2015.

Mr Greco, Managing Director, is responsible for JPMorgan Asset Management’s Global Funds business in Europe, based in London. He took on his currentresponsibilities in 2012. Mr Greco has been a JPMorgan employee since 1992, initially with the Investment Banking unit, moving to Asset Management in1998. Before that, he worked for Goldman Sachs International in London. Mr Greco holds a degree in Economics from the University of Turin and an MBA(Major in Finance) from the Anderson Graduate School of Management at UCLA. Mr Greco is a Member of the Board of JPMorgan Asset Management (Europe)S.à r.l. as well as other Luxembourg domiciled SICAVs and is on the Board of European Fund Asset Management Association (“EFAMA”).

John Li How CheongIndependent Non-Executive Director. A member of the Board since June 2012.

Mr Li is a fellow of the Institute of Chartered Accountants in England & Wales. Mr Li moved to Luxembourg in 1987 and has since been working in the financialsector. Mr Li was a Partner at KPMG Luxembourg for more than 20 years during which he was Managing Partner for 8 years before taking on the role ofChairman of the Supervisory Board for 3 years. Mr Li was also a member of the Global Investment Management Practice of KPMG. During these years Mr Li’sexperience included auditing and advising clients such as banks, investment funds, insurance companies from Europe, US, Japan and Asia offering Mr Li anextensive experience in dealing with international companies. Mr Li is a board member of the Institut Luxembourgeois des Administrateurs. Mr Li currentlyholds a number of board mandates with financial institutions including several JPMorgan managed Luxembourg-domiciled investment funds.

Peter Thomas SchwichtIndependent Non-Executive Director. A member of the Board since June 2012.

Mr Schwicht obtained a Business Economics degree from the University of Mannheim in Germany after having studied business, tax and accounting inHamburg, Norway and the USA and was an employee of JPMorgan Asset Management from 1987 until October 2014. Prior to his retirement Mr Schwicht wasthe Chief Executive of Investment Management - EMEA, JPMorgan Asset Management. He had previously held positions as the Head of the ContinentalEurope Institutional business and the Investment Management Country Head for Institutional and Retail business in Germany where he first developed thebusiness and then went on to expand this throughout Continental Europe. Mr Schwicht is currently a Director of several JPMorgan managedLuxembourg-domiciled investment funds.

Susanne van DootinghIndependent Non-Executive Director. A member of the Board since December 2017.

Ms van Dootingh was at State Street Global Advisors from 2002 to 2017 with her final position being as Senior Managing Director, Head of EuropeanGovernance and Regulatory Strategy, EMEA. In addition she was the Chair of the SSGA Sicav and Management Company and has been a member of variousESMA consultative working groups since 2013. Prior to this she held positions within State Street Global Investors as the Global Head of Institutional ProductDevelopment and Research, Head of European Product Development and Management, EMEA, Head of Fixed Income Product Engineering, EMEA and SeniorFixed Income Strategist and Product Engineer. Before 2002 Ms van Dootingh worked at Fortis Investment Management as Senior Product Manager,European Fixed Income, at Barclays Global Investors as Product Manager, Fixed Income, and at ABN AMRO Asset Management as Portfolio Manager GlobalFixed Income. She graduated from Vrije Universiteit Amsterdam with a Master of Arts Financial Sector Management. Ms van Dootingh is currently a Directorof several JPMorgan managed Luxembourg-domiciled investment funds.

Daniel WatkinsExecutive Director. A member of the Board since December 2014.

Mr Watkins is the Deputy CEO of J.P. Morgan Asset Management’s AM Europe and Global Head of AM Client Services and Business Platform. Mr Watkins hasbeen an employee since 1997 and oversees the business infrastructure of Investment Management globally including client services, fund administration,product development, and Request for Proposal. Mr Watkins also performs the role of Deputy CEO of AM EMEA, acting as a director of all the regulated legalentities across the region. Mr Watkins has held a number of positions at JPMorgan namely; Head of Europe COO and Global AM Operations, Head of theEuropean Operations Team, Head of the European Transfer Agency, Head of Luxembourg Operations, manager of European Transfer Agency and LondonInvestment Operations; and manager of the Flemings Investment Operations Teams. Mr Watkins obtained a BA in Economics and Politics from the Universityof York and is a qualified Financial Advisor. Mr Watkins is currently a Director of several JPMorgan managed Luxembourg and Irish domiciled investmentfunds and also several UK legal entities.

The Board of Directors (the “Board”) is pleased to present the Audited Annual Report of JPMorgan Funds (the ‘Fund’) for the year ended 30 June 2018, andconsiders that taken as a whole they are fair and balanced and provide the information necessary for shareholders to assess the Fund’s position andperformance.

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JPMorgan FundsBoard of Directors’ Report

Structure of the FundThe Fund is a variable capital open-ended investment company, organised as a “Société Anonyme”, under the laws of the Grand Duchy of Luxembourg. TheBoard has appointed JPMorgan Asset Management (Europe) S.à r.l. (JPMAME) as Management Company of the Fund. The Fund is organised as an “umbrella”with a number of Sub-Funds each of which has its own investment objective, policies and restrictions.

The objective of the Fund is to place the money available to it in transferable securities and other permitted assets of any kind, in accordance with the Fund’sProspectus, with the purpose of spreading investment risks and affording shareholders the results of the management of their portfolios.

The Fund qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS) under the EC Directive 2009/65/EC of 13 July 2009 and issubject to the Luxembourg law of 17 December 2010, as amended, on undertakings for collective investment. The Fund may therefore be offered for sale inEuropean Union Member States, subject to notification in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Fundand its Sub-Funds may be made in other countries.

The Fund currently has 110 Sub-Funds. All of the Sub-Funds and Share Classes are registered for offer and distribution in the Grand Duchy of Luxembourgand a number of the Sub-Funds and Share Classes are registered for distribution in the following jurisdictions: Austria, Bahrain, Belgium, Chile, CzechRepublic, Croatia, Curacao and Sint Maarten, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Italy, Japan,Jersey, Korea, Liechtenstein, Macau, The Netherlands, Norway, Peru, Poland, Portugal, Singapore, Slovakia, Spain, Sweden, Switzerland, Taiwan and theUnited Kingdom. During the year JPMorgan Funds was registered in Chile and there were no country de-registrations.

Role and Responsibility of the BoardThe responsibility of the Board is governed exclusively by Luxembourg law. With respect to the annual accounts of the Fund, the duties of the Directors aregoverned by the law of 10 December 2010 on, inter alia, the accounting and annual accounts of undertakings for collective investment and by the law of 17December 2010, as amended, relating to undertakings for collective investment.

A management agreement between the Fund and JPMorgan Asset Management (Europe) S.à r.l sets out the matters over which the Management Companyhas authority under Chapter 15 of the Law of 17 December 2010. This includes management of the Fund’s assets and the provision of administration,registration, domiciliation agent and marketing services. All other matters are reserved for approval by the Board and a schedule setting out such mattersfor clarity is in place between the Board and the Management Company. The matters reserved for the Board include determination of each Sub-Fund’sinvestment objective and policies, investment restrictions and powers, amendments to the Prospectus, reviewing and approving key investment andfinancial data, including the annual accounts, as well as the appointment of, and review of the services provided by, the Management Company, Auditor andDepositary.

Prior to each Board meeting the Directors receive detailed and timely information allowing them to be prepared for the items under discussion during themeeting. For each quarterly meeting the Board requests, and receives, reports from, amongst others, the Management Company, the investment managers,risk management as well as proposals for changes to existing Sub-Funds or proposals to launch new ones as appropriate. Senior representatives of each ofthese functions attend Board meetings by invitation to enable the Directors to question the reports presented to them.

The Directors take decisions in the interests of the Fund and its shareholders as a whole and refrain from taking part in any deliberation or decision whichcreates a conflict of interest between their personal interests and those of the Fund and its shareholders. The subject of conflicts of interest is documented inthe Prospectus and the Management Company’s policy on conflicts of interest is available for inspection on the website:

http://www.jpmorganassetmanagement.lu/ENG/Document_Library

The Board can take independent professional advice if necessary and at the Fund’s expense.

Board CompositionThe Board is chaired by Mr. Saunders and consists of four Independent Non-Executive Directors, one Non-Executive Director and two Executive Directors.The Board defines an Executive Director as someone who is employed by JPMorgan Chase & Co or any of its affiliates, a Non-Executive Director as someonewho has a business, family or other relationship with the Fund or JPMorgan Chase & Co or any of its affiliates, and an Independent Non-Executive Director assomeone who is free of any business, family or other relationship with the Fund or JPMorgan Chase & Co or any of its affiliates. All Board meetings require amajority of Non-Executive Directors to be in attendance. .

In appointing a Director the Board takes into account the relative mix and composition of the Board, which as a whole has a breadth of investmentknowledge, financial skills, as well as legal and other experience relevant to the Fund’s business.

The Board does not limit the number of years of Directors ’ service and it does take into account the nature and requirements of the fund industry and of theFund’s business when making recommendation to shareholders that Directors be elected. The terms of each Director’s appointment are set out in a contractfor services and these are available at the Fund’s registered office for inspection.

Change to the Composition of the BoardAt the Board meeting held on 14 December 2017, Mr Frijns resigned from the Board with effect from the close of business on that day. The Board would like totake this opportunity to record its thanks for his service.

At the same Board meeting, the Board approved that Ms Susanne van Dootingh be co-opted as a Director with effect from 15 December 2017.

Induction and TrainingAll new Directors will receive an induction incorporating relevant information regarding the Fund and their duties and responsibilities as a Director. Inaddition, the Board takes active steps to keep up to date with developments relevant to the Fund and have ensured that a formal training programme is inplace.

Board EvaluationThe Board carries out a biennial review of its performance.

Board RemunerationThe Board believes that the remuneration of its members should reflect the responsibilities and experience of the Board as a whole and be fair andappropriate given the size, complexity and investment objectives of the Fund. The remuneration is reviewed on an annual basis. The Chairman is paidEUR 82,488 per annum and the other Directors EUR 65,488 per annum pro rata apart from the Connected Directors who have agreed to waive theirremuneration. No element of the remuneration paid by the Fund to the Directors is performance related.

Board Meetings and CommitteesThe Board meets quarterly but if necessary additional meetings will be arranged. Given the scope and nature of the business of the Fund, the Board does notcurrently consider it necessary to have a formal Audit or Remuneration Committee or indeed any other standing committees. However, this is kept underreview. All Board related matters are therefore currently approved by the Board or, where there are specific matters that need further consideration, aSub-Committee of the Board could be formed for this specific purpose. Such circumstances could be where the Board requests some amendments to the

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JPMorgan FundsBoard of Directors’ Report (continued)

Prospectus and where it is not appropriate to wait till the next quarterly Board meeting for this to be approved. These Sub-Committee meetings are usuallyformed of a minimum of two Directors.

There were nine Board meetings held during the year. Four of these were quarterly Board meetings where, amongst other matters, the agenda includedthose items highlighted under the section above called ‘Role and Responsibility of the Board’ and five were ad hoc Board meetings. In addition to the Boardmeeting where the Auditors present the report on the audit of the Fund accounts, the Non-Executive Directors also meet with them annually without theExecutive Directors being in attendance.

Internal ControlInvestment management and all administrative services are provided by the Management Company and custody of assets is provided by J.P. Morgan BankLuxembourg S.A. The Board’s system of internal control therefore mainly comprises monitoring the services provided by the Management Company and theDepositary, including the operational and compliance controls established by them to meet the Fund’s obligations to shareholders as set out in theProspectus, Articles of Incorporation as well as all relevant regulations. The Management Company formally reports to the Board on a quarterly basis on thevarious activities it is responsible for and in addition shall inform the Board without delay of any material administrative or accounting matters.

Corporate Governance and ALFI Code of ConductThe Board is responsible for ensuring that a high level of corporate governance is met and considers that the Fund has complied with the best practices in theLuxembourg funds industry.

In particular the Board has adopted the ALFI Code of Conduct (the “Code”) which sets out principles of good governance. These principles are set out below:

1. The Board should ensure that high standards of corporate governance are applied at all times;

2. The Board should have good professional standing and appropriate experience and to ensure that it is collectively competent to fulfil its responsibilities;

3. The Board should act fairly and independently in the best interests of the investors;

4. The Board should act with due care and diligence in the performance of their duties;

5. The Board should ensure compliance with all applicable laws and regulations and with the Fund’s constitutional documents;

6. The Board should ensure that investors are properly informed, are fairly and equitably treated, and receive the benefits and services to which they areentitled;

7. The Board should ensure that an effective risk management process and appropriate internal controls are in place;

8. The Board should identify and manage fairly and effectively, to the best of its ability, any actual, potential or apparent conflict of interest and ensureappropriate disclosure;

9. The Board should ensure that shareholder rights are exercised in a considered way and in the best interests of the Fund;

10. The Board should ensure that the remuneration of the Board members is reasonable and fair and adequately disclosed.

The Board considers that the Fund has been in compliance with the principles of the Code in all material aspects throughout the financial year ended 30 June2018. The Board undertakes an annual review of ongoing compliance with the principles of the Code.

Proxy Voting PolicyThe Board delegates responsibility for proxy voting to the Management Company. The Management Company manages the voting rights of the sharesentrusted in a prudent and diligent manner, based exclusively on the reasonable judgement of what will best serve the financial interests of clients. So far asis practicable, the Management Company will vote at all of the meetings called by companies in which they are invested.

A copy of the proxy voting policy is available from the Fund’s registered office upon request or on the website:

https://am.jpmorgan.com/uk/institutional/corporate-governance

Environmental Social Governance (“ESG”)Certain Sub-Funds of JPMorgan Funds have included ESG as part of their investment policy. Details of these are included within the prospectus.

Directors and Officers Indemnity InsuranceThe Fund’s Articles of Incorporation indemnify the Directors against expenses reasonably incurred in connection with any claim against them arising in thecourse of their duties or responsibilities as long as they have not acted fraudulently or dishonestly. To protect shareholders against any such claim, the Boardhas taken out Directors and Officers Indemnity Insurance which indemnifies the Directors against certain liabilities arising in the course of their duties andresponsibilities but does not cover against any fraudulent or dishonest actions on their part.

Independent AuditorPricewaterhouseCoopers, Société coopérative, has been the Fund’s Auditor since February 2006. The provision of audit services was last put to competitivetender in 2016. The Board reviewed the services of PwC in 2016 and decided that, subject to any other influencing factor, they should continue to be proposedto the Shareholders to be appointed as Auditor.

Annual General MeetingsThe next Annual General Meeting of the Fund will be held on 21 November 2018 at the Registered Office of the Fund to consider matters relating to the yearending on 30 June 2018. At this meeting shareholders will be requested to consider the usual matters at such meetings including:

1. The adoption of the financial statements and approval of the allocation of the results;

2. The approval of Directors’ fees;

3. The election of the Directors, all of whom wish to stand for election;

4. The election of the Auditor;

5. The discharge of Directors duties.

No special business is being proposed by the Board.

Discharge of DirectorsOne of the resolutions in the AGM is, as required under Luxembourg Law, for shareholders to vote on the discharge the directors of their duties for the fiscalyear in question. This discharge is only valid where the annual accounts contain no omission or false information concealing the real financial situation of theFund.

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Privacy PolicyThe Management Company complies with a privacy policy that has been issued by J.P. Morgan Asset Management which can be accessed atwww.jpmorgan.com/emea-privacy-policy. This policy will be updated by 25 May 2018 to comply with the General Data Protection Regulation.

Events during the YearThe Board agreed the following corporate actions relating to Sub-Funds which were notified to clients as appropriate:

a) Share Class merger and name changeWith effect from 10 November 2017, the “(inc)” Share Classes of the Sub-Funds were merged into the equivalent “(dist)” Share Classes within the sameSub-Fund or, where corresponding “(dist)” Share Classes within the same Sub-Fund had not been launched, the “(inc)” Share Classes were renamed to theequivalent “(dist)” Share Classes with Share Class identifiers retained.

b) Changes to the ProspectusWith effect from 12 July 2017, the investment policy of JPMorgan Funds - Asia Pacific Income Fund was amended to hold up to a maximum of 10% of its assetsin contingent convertible securities (instead of 5% previously).

With effect from 27 December 2017 the investment objective of JPMorgan Funds - Korea Equity Fund was amended to remove reference to financialderivative instruments being used for investment purposes.

Share Class Eligibility and Minimums - Change ProposalWith effect from September 2017, the Prospectus was amended to enhance Share Class eligibility transparency and understanding.

Currency Hedged Share Classes - Clarifications to Address Regulatory ChangesWith effect from June 2017, the Prospectus was amended to enhance the description of Currency Hedged Share Classes in connection with the ESMA OpinionPaper on UCITS Share Classes (ESMA Opinion) and European Market Infrastructure Regulation (EMIR).

Addition of ESG Language to various Sub-FundsWith effect from December 2017, the Prospectus was amended to reflect how Environmental, Social and Governance (“ESG”) factors are integrated into theinvestment process for some Sub-Funds.

Currency Hedged Share Classes - Update on the derivatives margin model to meet the European Market Infrastructure RegulationsWith effect from December 2017, the following statement was removed from the Prospectus “As a result of currency hedging transactions, the Sub-Fund maybe required to transfer cash or other liquid assets as collateral to counterparties. Consequently, the Currency Hedged Share Classes may be allocated agreater proportion of cash or other liquid assets than the other Share Classes and therefore may have less market exposure which could have a positive ornegative impact on performance”.

Regulatory update - MIFID II - Changes to Commission Sharing ArrangementsWith effect from 1 January 2018 J.P. Morgan Asset Management pays for external research services with the exception of the Sub-Funds listed below whichwill continue to use commission sharing/soft commission to pay for external research:

JPMorgan Funds - America Equity FundJPMorgan Funds - Asia Pacific Equity FundJPMorgan Funds - Asia Pacific Income FundJPMorgan Funds - China FundJPMorgan Funds - Greater China FundJPMorgan Funds - Hong Kong FundJPMorgan Funds - India FundJPMorgan Funds - Indonesia Equity FundJPMorgan Funds - Japan Equity FundJPMorgan Funds - Korea Equity FundJPMorgan Funds - Singapore FundJPMorgan Funds - Taiwan FundJPMorgan Funds - US Growth FundJPMorgan Funds - US Technology FundJPMorgan Funds - US Value Fund

EU Benchmark RegulationWith effect from 29 March 2018, the Prospectus was amended to meet EU Benchmark Regulations.

c) Change to the Sub-Fund benchmarkWith effect from 1 August 2017, the benchmark for JPMorgan Funds - Emerging Middle East Equity Fund changed from MSCI Middle East Index (Total ReturnNet) to S&P Pan Arab Composite Index (Total Return Net).

With effect from 2 October 2017, the benchmark for JPMorgan Funds - US Technology Fund changed from BofA Merrill Lynch 100 Technology Price Index toRussell 1000 Equal Weight Technology Index (Total Return Net).

With effect from 11 April 2018, the benchmark for JPMorgan Funds - Emerging Europe Equity Fund changed from MSCI Emerging Markets Europe Index (TotalReturn Net) to MSCI Emerging Markets Europe 10/40 Index (Total Return Net).

d) Removal of Performance Fee and reduction of Management and Advisory FeeWith effect from 1 September 2017 performance and non-performance fee Share Classes were merged or renamed.

e) Swing waiver mechanism

With effect from 26 September 2017, the swing waiver period for JPMorgan Funds - Income Fund was extended to 31 March 2018. Subsequently, with effectfrom 1 April 2018, JPMorgan Funds - Income Fund was removed from the swing waiver mechanism having reached the end of its waiver period.


Events after the Year-EndThe Board agreed the following corporate actions relating to Sub-Funds which were notified to clients as appropriate:

a) Sub-Fund registrationThe Management Company has submitted a request to deregister JPMorgan Funds - Singapore Fund with the SFC in Hong Kong. This request was made inanticipation of the prospective merger of the Sub-Fund with another Sub-Fund of JPMorgan Funds (the “Fund”) for which authorisation is currently not andwill not be sought from the SFC in Hong Kong. The deregistration was effective from 8 October 2018.

Board of Directors

Luxembourg, 11 October 2018

7


JPMorgan FundsInvestment Managers’ Report

Market Review

Global equity markets produced positive returns for the 12 months ended 30 June 2018, despite increased market volatility and investor concerns overU.S.-driven trade tensions in the second half of the period. The MSCI All-Country World Index rose 11.7%, the Standard & Poor’s 500 was up 14.4%, the FTSEAll-World Developed Europe ex UK Index gained 4.6% and the FTSE All-Share ended 10.8% higher. Global bond markets generally underperformed equities.The Bloomberg Barclays Aggregate Multiverse Index returned 1.3% and the Bloomberg Barclays Global Aggregate Bond Index, U.S. dollar hedged, returned1.66%. (All performance in U.S. dollar terms, total return net, 1 July 2017 – 30 June 2018, source: J.P. Morgan Asset Management).

Through the latter half of 2017, global equity prices rose and bond prices remained relatively stable amid synchronised global economic growth, strongcorporate earnings and support from leading central banks. U.S. equity markets generally outperformed other developed markets and emerging marketsequities benefitted from rising petroleum prices and a positive environment for global investors. In January 2018, the S&P 500 ended four separate tradingsessions at record highs but would not reach those levels again for the remainder of the reporting period.

In early February 2018, both equity and bond prices fell sharply in the U.S. and the sell off spread to other financial markets. The S&P 500 lost more than 10%of its value over nine trading sessions, and yields on 10-year U.S. Treasury bonds, which serve as a benchmark for a broad range of financial assets, spikedhigher. Equity markets rebounded somewhat in subsequent weeks but financial market volatility remained elevated through to 30 June 2018.

Meanwhile, the European Central Bank reduced its monthly purchases of assets by half in January 2018, but declined to raise interest rates. Responding toweaker-than-expected economic data and below-target core inflation during the first half of 2018, the ECB said it would not raise interest rates untilmid-2019, though it confirmed it would end all asset purchases under its quantitative easing program by the end of 2018. In November 2017, the Bank ofEngland raised interest rates for the first time in a decade but did not raise rates further during the reporting period, despite improved retail sales data andthe lowest U.K. jobless rate since 1975. In the U.S., the Federal Reserve Bank raised interest rates in December 2017 and again in March 2018 and June 2018.

Trade tensions weighed on equity markets in 2018 as investors braced for higher U.S. tariffs on a range of agricultural, industrial and consumer products. Thepotential for a trade war with China, as well as with long-term U.S. allies and trading partners, rose during latter part of the reporting period as details of theTrump administration’s policies were revealed.

Rising interest rates in the U.S. and a strengthening U.S. dollar also put pressure on emerging market equities and currencies, particularly in nations relianton external financing, notably Argentina and Turkey.

Outlook

Overall, the global economy remains on track for further growth supported by corporate earnings and accommodative policies at leading central banks.However, there are a number of potential political risks that may impact financial markets in the second half of the 2018. Protectionist trade policies enactedby the U.S. and reciprocated by China and other leading trading partners are expected to drive consumer prices higher and may hurt investor sentiment.While global energy prices have risen over the past year to the benefit of petroleum exporting nations, increasing global demand and other factors couldpush prices high enough to become a drag on economic growth in developed and emerging market nations.

While the outlook for financial markets appears positive, we believe investors should keep their focus on central banks’ public statements and economicindicators that may signal changes in economic and financial market fundamentals.

Investment Managers

11 October 2018

The information contained in this report is historical and not necessarily indicative of future performance.

8

Audit Report

To the Shareholders of

JPMorgan Funds

Our opinionIn our opinion, the accompanying Financial Statements give a true and fair view of the financial position of JPMorgan Funds and of each of its Sub-Funds (the“Fund”) as at 30 June 2018, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourglegal and regulatory requirements relating to the preparation and presentation of the Financial Statements.

What we have auditedThe Fund’s Financial Statements comprise :

- the Combined Statement of Net Assets as at 30 June 2018;

- the Schedule of Investments as at 30 June 2018;

- the Combined Statement of Operations and Changes in Net Assets for the year then ended; and

- the Notes to the Financial Statements, which include a summary of significant accounting policies.

Basis for opinionWe conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing(ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under those Law and standards arefurther described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the Financial Statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBACode) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the Financial Statements. We have fulfilledour other ethical responsibilities under those ethical requirements.

Other informationThe Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report butdoes not include the Financial Statements and our audit report thereon.

Our opinion on the Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements, our responsibility is to read the other information identified above and, in doing so, considerwhether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to bematerially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requiredto report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund and those charged with governance for the Financial StatementsThe Board of Directors of the Fund is responsible for the preparation and fair presentation of the Financial Statements in accordance with Luxembourg legaland regulatory requirements relating to the preparation and presentation of the Financial Statements, and for such internal control as the Board of Directorsof the Fund determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud orerror.

In preparing the Financial Statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern,disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund eitherintends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Fund’s financial reporting process.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT: +352 494848 1, F: +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n° 10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

9

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the Financial StatementsThe objectives of our audit are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement,whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteethat an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they couldreasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment andmaintain professional scepticism throughout the audit.

We also:

· identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit proceduresresponsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control;

· obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not forthe purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

· evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board ofDirectors of the Fund;

· conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and, based on the audit evidenceobtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a goingconcern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the FinancialStatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of ouraudit report. However, future events or conditions may cause the Fund to cease to continue as a going concern;

· evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statementsrepresent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant auditfindings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers, Société coopérative Luxembourg, 24 October 2018

Represented by

Régis Malcourant

10

11

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12


JPMorgan FundsCombined Statement of Net Assets

As at 30 June 2018

JPMorganFunds

CombinedUSD

AssetsInvestments in Securities at Market Value 107,048,560,624Acquisition Cost: 99,346,489,533Investment in TBAs at Market Value* 22,976,434Cash at Bank and at Brokers 1,217,007,827Time Deposits 283,464,788Amounts Receivable on Sale of Investments 469,493,785Amounts Receivable on Sale of TBAs* 12,805,650Amounts Receivable on Subscriptions 371,512,852Interest and Dividends Receivable, Net 533,162,362Tax Reclaims Receivable 54,482,343Fee Waiver** 3,210,911Other Receivables 705,313Net Unrealised Gain on Forward Currency Exchange Contracts 78,992,917Net Unrealised Gain on Financial Futures Contracts 6,484,397Other Derivative Instruments at Market Value 49,136,489

Total Assets 110,151,996,692

LiabilitiesBank and Broker Overdraft 15,606,517Open Short Positions on TBAs* 12,844,788Amounts Payable on Purchase of Investments 697,389,472Amounts Payable on Purchase of TBAs* 22,926,578Amounts Payable on Redemptions 341,441,793Management and Advisory Fees Payable 73,486,687Fund Servicing Fees Payable 8,883,955Distribution Fees Payable 5,854,787Performance Fees Payable 7,206,416Other Payables*** 12,762,256Net Unrealised Loss on Forward Currency Exchange Contracts 187,118,539Net Unrealised Loss on Financial Futures Contracts 5,596,112Other Derivative Instruments at Market Value 23,278,617

Total Liabilities 1,414,396,517

Total Net Assets 108,737,600,175

Historical Total Net Assets30 June 2017 101,379,377,99630 June 2016 89,615,749,740

* Please refer to Note 2i).** Please refer to Note 3a), 3b), 3c) and 3d). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosedas a “Fee Waiver’’ in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets.*** Other Payables are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.

The accompanying notes form an integral part of these Financial Statements.

13

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

AmericaEquity

FundUSD

Asia PacificEquity

FundUSD

Asia PacificIncome

FundUSD

BrazilEquity

FundUSD

ChinaFund

USD

Emerging EuropeEquity

FundEUR

1,899,436,184 1,055,861,206 2,721,821,205 206,608,550 1,438,157,869 382,503,7891,593,390,388 889,884,150 2,816,988,053 223,238,237 1,117,279,173 378,204,037

- - - - - -1,062,919 18,600,537 20,700,076 578,792 10,311,730 775,805

- 10,009,720 - - 5,000,000 -8,783 13,418,012 1,701,463 - 7,241,627 29,275

- - - - - -23,447,908 1,960,959 11,369,486 1,733,277 4,034,910 47,042

646,251 6,313,173 26,412,401 570,583 5,102,459 2,120,557- 40,792 - - - 328,942- 11,692 13,154 10,541 - 91,442

11,806 - 14,862 177 - -- - - - - -- - - - - -- - - - - -

1,924,613,851 1,106,216,091 2,782,032,647 209,501,920 1,469,848,595 385,896,852

- - - - - -- - - - - -

26,947,973 19,656,826 11,325,412 - 725,104 -- - - - - -

3,754,258 7,121,043 4,789,733 942,982 11,047,639 609,9281,646,270 778,032 3,241,241 239,833 1,966,255 352,902

154,300 90,546 228,892 17,136 127,963 32,53339,770 11,498 14,394 16,517 92,952 13,353

- - - - - -83,757 205,895 378,268 32,083 2,885,718 118,540

3,128,000 - 12,975,632 - - -- - - - - -- - - - - -

35,754,328 27,863,840 32,953,572 1,248,551 16,845,631 1,127,256

1,888,859,523 1,078,352,251 2,749,079,075 208,253,369 1,453,002,964 384,769,596

1,307,437,537 697,698,175 2,453,909,081 232,064,859 1,240,419,082 463,040,4961,188,361,357 423,529,345 2,007,198,980 205,693,028 1,104,369,993 441,855,694

14


As at 30 June 2018

Emerging Europe,Middle East and Africa

Equity FundUSD

Emerging MarketsDebtFundUSD

Emerging MarketsDividend

FundUSD

Emerging MarketsEquity

FundUSD

Emerging MarketsInvestment Grade

Bond FundUSD

Emerging MarketsLocal Currency

Debt FundUSD

310,425,788 2,078,873,274 517,689,673 6,822,181,189 484,040,679 2,096,441,342285,335,449 2,179,413,807 510,182,984 5,482,589,451 505,730,213 2,377,111,806

- - - - - -1,231,134 18,773,448 4,206,474 13,802,041 28,805,296 27,375,442

- - - - - -18,742 7,734,216 - 1,285,500 1,672,000 5,647,113

- - - - - -57,284 2,803,272 247,929 7,914,419 448,630 5,127,274

1,309,472 31,991,956 3,788,964 33,921,409 5,830,996 34,790,715152,134 - 262,797 987,644 - 1,943,23673,478 48,742 47,247 43,746 21,970 99,669

- - - - - 14,739- - - - - 1,214,273- - - - 61,723 -- 771,038 - - 102,060 -

313,268,032 2,140,995,946 526,243,084 6,880,135,948 520,983,354 2,172,653,803

- - - - 65,281 597,051- - - - - -- 6,242,302 - - 1,939,500 -- - - - - -

872,891 3,114,998 1,146,289 15,544,138 265,865 11,747,403248,040 1,147,049 297,770 3,316,443 193,532 1,108,055

25,884 175,264 44,303 519,008 42,396 182,6859,708 14,916 19,516 83,006 820 105,195

- - - - - -94,590 190,815 165,291 878,268 51,514 194,691

- 18,682,175 645,161 3,033,747 4,702,877 -- - - - - -- - - - - 7,168,723

1,251,113 29,567,519 2,318,330 23,374,610 7,261,785 21,103,803

312,016,919 2,111,428,427 523,924,754 6,856,761,338 513,721,569 2,151,550,000

336,189,555 1,909,213,297 410,465,654 5,305,118,830 589,044,097 2,402,486,192299,245,118 1,598,669,678 195,265,193 3,543,323,304 297,179,434 2,467,475,648

15


As at 30 June 2018

Emerging MarketsOpportunities

FundUSD

EmergingMiddle EastEquity Fund

USD

EurolandEquity

FundEUR

EuropeDynamic

FundEUR

EuropeDynamic Technologies

Fund (1)EUR

EuropeEquity

FundEUR

2,896,227,526 132,011,568 752,235,108 1,555,917,501 621,219,556 886,105,4672,512,449,854 118,570,090 714,545,235 1,496,948,200 554,143,161 839,797,172

- - - - - -7,897,089 421,870 173,920 335,760 1,150,617 6,410,562

- - - - - -13,056,394 1,337,252 20,635 - 13,354 19,253,573

- - - - - -5,930,326 481,948 467,605 2,011,679 5,830,058 345,496

17,463,488 48,316 356,947 2,182,339 148,554 1,043,187307,256 - 1,877,757 3,114,251 874,061 1,361,559

53,201 50,294 1,624 1,239 - 1,498- - - - - -- - - 1,843,487 346,764 316,730- - - - 120,730 49,526- - - - - -

2,940,935,280 134,351,248 755,133,596 1,565,406,256 629,703,694 914,887,598

- - - - - 83,421- - - - - -

2,456,497 - - 692,113 474,136 83,890,582- - - - - -

3,909,724 2,723,401 767,684 13,634,263 11,175,098 320,9001,630,006 155,378 648,823 1,274,013 721,084 401,347

246,302 11,166 64,007 130,735 52,263 64,74920,943 8,540 48,728 37,451 67,290 30,689

- - - - - -226,488 58,774 48,308 92,530 39,449 80,039189,883 - 36,379 - - -

- - - - - -- - - - - -

8,679,843 2,957,259 1,613,929 15,861,105 12,529,320 84,871,727

2,932,255,437 131,393,989 753,519,667 1,549,545,151 617,174,374 830,015,871

2,211,347,680 105,984,509 417,289,814 1,218,980,412 278,735,735 447,778,0631,803,781,838 108,972,302 278,591,499 1,332,238,255 148,537,641 396,466,241

(1) This Sub-Fund was renamed from JPMorgan Funds - Europe Technology Fund to JPMorgan Funds - Europe Dynamic Technologies Fund on 29 September 2017.

16


As at 30 June 2018

EuropeSmall Cap

FundEUR

GlobalDynamic

FundUSD

GlobalGovernment Bond

FundEUR

GlobalNatural Resources

FundEUR

GlobalReal Estate

Securities Fund (USD)USD

GlobalUnconstrained Equity

FundUSD

961,368,026 388,319,129 691,593,350 801,346,347 93,703,643 447,254,890833,198,705 326,926,079 693,281,883 683,157,612 88,690,041 405,781,447

- - - - - -125,686 284,634 9,563,560 777,214 215,882 241,227

- - - - - -5,349,256 - 4,641,270 2,159,733 4,520 9,620,368

- - - - - -3,191,432 314,516 2,929,989 2,114,353 2,329,340 63,4491,895,922 437,223 3,785,463 374,425 350,069 1,054,2681,607,175 710,551 - 535,403 28,195 147,875

1,311 6,331 53,836 - 22,507 12,5842,830 229 - - - 3,713

193,004 - 4,570,773 - - 766,737- - 193,971 - - -- - 791,267 - - -

973,734,642 390,072,613 718,123,479 807,307,475 96,654,156 459,165,111

- - 169,571 - - -- - - - - -

3,496,015 - 8,791,877 - 2,795,042 8,952,753- - - - - -

1,501,103 350,107 1,465,037 5,199,474 23,011 1,470,9401,002,156 290,298 111,010 1,005,952 47,603 264,000

81,468 33,390 58,079 68,397 7,432 37,42568,768 22,976 2,240 76,037 6,274 7,360

- - - - - -69,926 37,471 78,450 68,658 28,728 40,593

- 483,979 - - 247,572 -- 2,257 - - - -- - - - - -

6,219,436 1,220,478 10,676,264 6,418,518 3,155,662 10,773,071

967,515,206 388,852,135 707,447,215 800,888,957 93,498,494 448,392,040

708,685,364 381,821,844 334,280,128 754,168,043 120,527,083 454,584,344450,311,698 423,931,684 718,282,343 625,353,241 121,028,238 460,900,674

17


As at 30 June 2018

GreaterChinaFundUSD

HongKongFundUSD

IncomeFund

USD

IndiaFund

USD

IndonesiaEquity

FundUSD

JapanEquity

FundJPY

620,136,950 70,716,924 150,186,324 995,571,454 41,069,960 481,749,974,075468,747,180 60,959,415 153,361,639 596,440,586 43,972,493 381,863,914,845

- - - - - -359,939 2,218,946 1,844,267 3,110,960 264,737 4,312,280,773

- - - 17,045,861 1,601,214 -2,085,567 105,977 291,744 1,161,352 465,194 626,623,562

- - - - - -8,179,868 141,897 475,080 348,943 29,085 4,775,179,4542,872,718 353,633 1,404,710 1,437,838 58,690 395,925,640

- - - - - -- 10,368 25,450 10,484 17,378 152,896

269 - 2,001 - - 4,332,270- - - - - -- - 45,995 - - -- - 164,844 - - -

633,635,311 73,547,745 154,440,415 1,018,686,892 43,506,258 491,864,468,670

- - 71,306 - - -- - - - - -

6,078,237 1,814,965 185,950 - 656,515 5,054,770,640- - - - - -

2,008,565 59,096 141,104 1,185,644 9,910 481,240,388731,801 89,243 115,997 1,191,678 19,836 328,785,81954,317 6,126 12,386 85,626 3,709 39,488,76966,511 5,896 26,554 152,426 4,473 3,181,147

- - - - - -352,741 18,652 31,449 385,684 20,165 17,752,737

- - 972,625 - - 389,181,013- - - - - -- - - - - -

9,292,172 1,993,978 1,557,371 3,001,058 714,608 6,314,400,513

624,343,139 71,553,767 152,883,044 1,015,685,834 42,791,650 485,550,068,157

493,619,116 96,259,234 28,193,845 1,085,522,831 51,675,650 279,368,960,542599,499,845 111,206,377 26,311,345 1,094,663,464 53,247,065 274,915,549,821

18


As at 30 June 2018

KoreaEquity

FundUSD

Latin AmericaEquity

FundUSD

RussiaFund

USD

SingaporeFund

USD

TaiwanFund

USD

TotalEmerging Markets

Income FundUSD

259,756,819 674,896,820 634,799,944 52,742,814 154,378,274 194,302,183272,458,171 656,774,987 580,945,908 54,225,673 127,684,032 199,181,784

- - - - - -962,127 885,147 1,558,757 703,057 692,742 5,001,953

4,412,568 - - - - -2,509,827 8,611,856 115,898 - - 590,045

- - - - - -282,152 773,458 1,637,646 682 26,843 265,077406,781 1,254,321 6,359,269 - 956,899 1,739,019

- 68,497 - - - 66,56639,280 18,310 237,019 10,975 8,034 21,231

- 13,712 - - - -- - - - - -- - - - - -- - - - - -

268,369,554 686,522,121 644,708,533 53,457,528 156,062,792 201,986,074

- - - - - -- - - - - -

1,310,069 8,379,228 36,792 - - 185,750- - - - - -

519,731 546,980 1,559,946 48,549 111,893 466,087208,746 579,261 659,754 68,399 159,930 202,470

22,702 58,614 52,964 4,638 13,292 16,9277,608 19,158 41,786 11,269 4,095 71,436

- - - - - -56,983 66,718 298,585 17,043 21,977 44,137

- - - - - 295,474- - - - - -- - - - - -

2,125,839 9,649,959 2,649,827 149,898 311,187 1,282,281

266,243,715 676,872,162 642,058,706 53,307,630 155,751,605 200,703,793

179,541,563 945,270,489 663,077,256 61,184,224 170,862,328 152,172,401141,752,681 799,977,215 494,382,484 53,785,651 169,397,561 72,315,659

19


As at 30 June 2018

USAggregate Bond

FundUSD

US DollarMoney Market

FundUSD

USGrowth

FundUSD

USHigh Yield Plus

Bond FundUSD

USTechnology

FundUSD

USValueFundUSD

3,073,421,996 362,136,311 444,031,279 191,607,746 778,524,384 2,344,810,0633,120,625,402 362,136,311 312,126,007 198,668,673 636,524,370 1,749,167,117

- - - - - -- 92,247,082 2,580,223 1,358,472 30,232,587 1,022,077- - - - - -

4,336,977 - 1,038,170 57,629 29,307,672 -- - - - - -

13,509,146 4,714,796 5,035,516 269,277 17,918,100 2,955,54315,958,038 572,263 21,806 2,939,965 83,973 1,521,910

- - - - 4,739 3,005,216109,356 7,996 6,183 26,024 - -

6,091 - 1,778 - 6,259 -- - 44,899 - - -- - - - - -- - - - - -

3,107,341,604 459,678,448 452,759,854 196,259,113 856,077,714 2,353,314,809

3,723,812 - - - - -- - - - - -

6,173,565 - - 854,277 34,535,858 -- - - - - -

4,371,431 1,233,843 602,949 344,737 10,473,806 3,432,7661,388,416 92,664 367,395 87,832 837,914 1,711,228

249,503 37,066 36,768 16,149 64,259 199,20710,680 - 17,158 10,315 53,235 48,592

- - - - - -171,481 50,712 41,051 32,359 70,254 78,845

6,689,689 - - 956,042 - 2,716,012- - - - - -- - - - - -

22,778,577 1,414,285 1,065,321 2,301,711 46,035,326 8,186,650

3,084,563,027 458,264,163 451,694,533 193,957,402 810,042,388 2,345,128,159

3,765,956,833 376,994,175 356,916,124 210,940,849 307,321,133 2,646,213,5782,442,643,007 437,971,653 337,319,879 154,392,682 236,235,056 2,587,378,500

20


21

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets

For the Year Ended 30 June 2018

JPMorganFunds

CombinedUSD

Net Assets at the Beginning of the Year* 101,966,366,276

IncomeDividend Income, Net 1,340,553,081Interest Income, Net 1,571,447,964Securities Lending Income 10,207,622Bank Interest 2,092,298Interest on Swap Transactions 8,724,233Other Income 2,072,632

Total Income 2,935,097,830

ExpensesManagement and Advisory Fees 888,441,133Fund Servicing Fees 108,402,936Distribution Fees 69,824,217Depositary, Corporate, Administration and Domiciliary Agency Fees 69,216,257Registrar and Transfer Agency Fees 13,308,331Taxe d’Abonnement 38,484,417Overdraft Interest 2,225,199Interest on Swap Transactions 25,625,720Sundry Fees** 27,419,725

1,242,947,935

Less: Fee Waiver*** 50,332,533

Total Expenses before Performance Fees 1,192,615,402

Performance Fees 7,638,128

Total Expenses 1,200,253,530

Net Investment Income/(Loss) 1,734,844,300

Net Realised Gain/(Loss) on Sale of Investments 4,182,887,383Net Realised Gain/(Loss) on Forward Currency Exchange Contracts 198,127,428Net Realised Gain/(Loss) on Financial Futures Contracts (64,534,656)Net Realised Gain/(Loss) on Foreign Exchange (24,707,100)Net Realised Gain/(Loss) on TBAs (3,460,095)Net Realised Gain/(Loss) on Other Derivative Instruments 83,539,582

Net Realised Gain/(Loss) for the Year 4,371,852,542

Net Change in Unrealised Gain/(Loss) on Investments (1,123,841,319)Net Change in Unrealised Gain/(Loss) on Forward Currency Exchange Contracts (400,150,111)Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts 5,597,901Net Change in Unrealised Gain/(Loss) on Foreign Exchange (6,545,356)Net Change in Unrealised Gain/(Loss) on TBAs (16,609)Net Change in Unrealised Gain/(Loss) on Other Derivative Instruments (7,755,872)

Net Change in Unrealised Gain/(Loss) for the Year (1,532,711,366)

Increase/(Decrease) in Net Assets as a Result of Operations 4,573,985,476

Movements in Share CapitalSubscriptions 68,275,187,272Redemptions (65,323,535,806)

Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 2,951,651,466

Dividend Distribution (754,403,043)

Net Assets at the End of the Year 108,737,600,175

* The opening balance was combined using the foreign exchange rates as at 30 June 2018. The same net assets when combined using the foreign exchange rates ruling as at 30 June 2017reflected a figure of USD 101,379,377,996.** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.*** Please refer to Note 3a), 3b), 3c) and 3d). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosedas a “Fee Waiver’’ in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets.

The accompanying notes form an integral part of these Financial Statements.

22

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)


AmericaEquity

FundUSD

Asia PacificEquity

FundUSD

Asia PacificIncome

FundUSD

BrazilEquity

FundUSD

ChinaFund

USD

Emerging EuropeEquity

FundEUR

1,307,437,537 697,698,175 2,453,909,081 232,064,859 1,240,419,082 463,040,496

17,010,240 24,639,467 61,189,536 6,840,182 22,175,263 16,696,642- 131,376 44,351,147 - 41,287 -

1,203 13 6,644 - 924,605 -877 2,335 25,062 2,054 4,837 4,332

- - - - - -- - 148,266 - - 1,010,785

17,012,320 24,773,191 105,720,655 6,842,236 23,145,992 17,711,759

17,419,186 9,094,164 37,318,222 3,336,319 21,487,926 4,893,1701,660,209 1,017,219 2,697,773 245,628 1,459,241 456,255

436,032 122,873 185,992 243,963 1,062,212 188,492501,571 845,874 1,851,238 319,732 965,233 666,363213,634 115,678 339,548 115,350 262,175 102,004

805,664 390,126 1,268,178 110,349 721,276 177,697450 118 4,682 - 2,515 -

- - - - - -291,446 221,448 1,567,678 167,929 532,342 147,127

21,328,192 11,807,500 45,233,311 4,539,270 26,492,920 6,631,108

129,245 388,714 530,113 264,116 183,798 413,476

21,198,947 11,418,786 44,703,198 4,275,154 26,309,122 6,217,632

- - - - - -

21,198,947 11,418,786 44,703,198 4,275,154 26,309,122 6,217,632

(4,186,627) 13,354,405 61,017,457 2,567,082 (3,163,130) 11,494,127

132,257,718 62,078,108 104,183,539 9,381,585 245,628,798 12,545,606(1,351,022) 428,493 (1,612,023) (27,974) (82,041) (47,855)

- - - - - -40,479 (424,322) 601,533 (253,241) 142,828 (399,031)

- - - - - -- - - - - -

130,947,175 62,082,279 103,173,049 9,100,370 245,689,585 12,098,720

84,125,015 47,843,585 (145,771,377) (20,394,633) 62,877,000 (22,080,254)(4,540,794) - (21,318,245) - - -

- - - - - -(1,761) (88,670) (956,468) (50,608) (202,036) 64,916

- - - - - -- - - - - -

79,582,460 47,754,915 (168,046,090) (20,445,241) 62,674,964 (22,015,338)

206,343,008 123,191,599 (3,855,584) (8,777,789) 305,201,419 1,577,509

1,322,556,772 852,336,224 2,248,468,760 235,203,847 1,098,394,929 114,652,591(943,579,906) (594,260,290) (1,852,606,509) (249,735,857) (1,189,119,053) (188,086,842)

378,976,866 258,075,934 395,862,251 (14,532,010) (90,724,124) (73,434,251)

(3,897,888) (613,457) (96,836,673) (501,691) (1,893,413) (6,414,158)

1,888,859,523 1,078,352,251 2,749,079,075 208,253,369 1,453,002,964 384,769,596

23



Emerging Europe,Middle East and Africa

Equity FundUSD

Emerging MarketsDebtFundUSD

Emerging MarketsDividend

FundUSD

Emerging MarketsEquity

FundUSD

Emerging MarketsInvestment Grade

Bond FundUSD

Emerging MarketsLocal Currency

Debt FundUSD

336,189,555 1,909,213,297 410,465,654 5,305,118,830 589,044,097 2,402,486,192

10,841,535 1,222,800 21,169,505 123,360,821 - 11,002- 125,944,891 - - 27,432,271 153,304,162- - 29,341 9,499 - -

1,791 29,655 4,697 8,666 49,595 266,216- 956,417 - - 135,303 906,030

362,021 - - - 3,020 -

11,205,347 128,153,763 21,203,543 123,378,986 27,620,189 154,487,410

3,438,744 14,465,476 3,543,498 41,139,769 2,793,569 15,093,464350,640 2,179,781 532,359 6,075,170 620,037 2,527,306137,804 194,415 222,427 885,588 13,884 1,387,427607,642 1,277,419 769,761 4,916,363 498,779 2,921,981

91,988 293,492 188,248 356,318 81,777 275,726106,662 641,363 159,888 1,638,870 143,068 748,303

327 230 580 11,565 154 10,568- 1,122,528 - - 135,303 3,469,535

157,025 764,098 351,639 1,590,431 162,271 478,753

4,890,832 20,938,802 5,768,400 56,614,074 4,448,842 26,913,063

524,291 699,423 815,645 2,152,375 359,019 1,540,121

4,366,541 20,239,379 4,952,755 54,461,699 4,089,823 25,372,942

- - - - - -

4,366,541 20,239,379 4,952,755 54,461,699 4,089,823 25,372,942

6,838,806 107,914,384 16,250,788 68,917,287 23,530,366 129,114,468

12,638,261 (12,599,825) 29,766,560 235,159,281 (5,819,937) (115,595,356)(49,276) 19,001,735 708,696 (671,369) 2,343,503 21,617,469

- 923,716 112,760 4,345,280 257,234 1,511,988(4,563) (1,865,470) (121,114) (1,791,657) 71,437 (5,359,596)

- - - - - -- 425,322 - - (3,783) 11,607,819

12,584,422 5,885,478 30,466,902 237,041,535 (3,151,546) (86,217,676)

(11,634,287) (133,812,361) (25,028,636) 44,051,882 (25,158,023) (131,836,494)- (36,989,034) (947,387) (4,501,342) (7,622,720) (15,548,713)- (321,063) - - 324,082 (75,445)

21,908 121,691 (69,674) (606,271) - (2,189,803)- - - - - -- (509,784) - - (67,479) (10,737,745)

(11,612,379) (171,510,551) (26,045,697) 38,944,269 (32,524,140) (160,388,200)

7,810,849 (57,710,689) 20,671,993 344,903,091 (12,145,320) (117,491,408)

61,874,155 1,418,343,818 376,504,384 3,970,080,006 241,832,320 1,679,859,009(92,226,661) (1,098,018,858) (273,278,940) (2,745,823,944) (297,944,046) (1,726,062,536)

(30,352,506) 320,324,960 103,225,444 1,224,256,062 (56,111,726) (46,203,527)

(1,630,979) (60,399,141) (10,438,337) (17,516,645) (7,065,482) (87,241,257)

312,016,919 2,111,428,427 523,924,754 6,856,761,338 513,721,569 2,151,550,000

24



Emerging MarketsOpportunities

FundUSD

EmergingMiddle EastEquity Fund

USD

EurolandEquity

FundEUR

EuropeDynamic

FundEUR

EuropeDynamic Technologies

Fund (1)EUR

EuropeEquity

FundEUR

2,211,347,680 105,984,509 417,289,814 1,218,980,412 278,735,735 447,778,063

64,457,560 3,964,076 19,691,116 38,435,850 6,081,063 21,661,775- - - - - -

105,572 - 35,176 480,424 74,246 199,47430,856 428 617 1,526 114 -

- - - - - -- - - - - 123

64,593,988 3,964,504 19,726,909 38,917,800 6,155,423 21,861,372

18,411,270 1,639,572 5,560,942 14,436,090 5,753,912 4,378,4922,831,467 114,919 568,751 1,494,727 429,752 671,155

196,256 90,288 313,867 316,794 516,160 312,1812,329,936 455,065 391,323 651,663 285,253 393,226

242,598 71,566 115,571 178,410 131,330 116,685801,694 55,466 263,400 500,866 213,027 261,506

1,080 15,499 13,288 13,590 12,097 9,488- - - - - -

357,816 137,799 167,293 348,368 124,887 160,590

25,172,117 2,580,174 7,394,435 17,940,508 7,466,418 6,303,323

1,262,880 503,291 217,269 223,120 132,953 181,763

23,909,237 2,076,883 7,177,166 17,717,388 7,333,465 6,121,560

- - - - - -

23,909,237 2,076,883 7,177,166 17,717,388 7,333,465 6,121,560

40,684,751 1,887,621 12,549,743 21,200,412 (1,178,042) 15,739,812

233,804,941 6,707,843 21,342,643 16,878,866 19,319,889 12,166,467225,881 (53,250) 186,763 (3,500,038) (359,806) (453,819)

(4,179,116) - 950,668 2,279,313 (201,034) 1,994,852(970,301) (77,582) 30,546 (190,890) 82,295 249,876

- - - - - -- - - - - -

228,881,405 6,577,011 22,510,620 15,467,251 18,841,344 13,957,376

(19,049,538) 6,066,527 (5,550,618) (25,288,245) 40,619,974 (9,078,648)(248,785) - 123,401 4,849,515 850,537 593,281

- - (10,600) (18,557) 122,080 49,526(225,521) (682) 566 31,791 (1,046) 14,271

- - - - - -- - - - - -

(19,523,844) 6,065,845 (5,437,251) (20,425,496) 41,591,545 (8,421,570)

250,042,312 14,530,477 29,623,112 16,242,167 59,254,847 21,275,618

1,511,218,398 91,697,367 701,135,914 1,008,459,674 889,901,246 538,999,812(1,037,842,519) (79,616,042) (392,915,338) (692,438,042) (609,133,969) (174,387,320)

473,375,879 12,081,325 308,220,576 316,021,632 280,767,277 364,612,492

(2,510,434) (1,202,322) (1,613,835) (1,699,060) (1,583,485) (3,650,302)

2,932,255,437 131,393,989 753,519,667 1,549,545,151 617,174,374 830,015,871

(1) This Sub-Fund was renamed from JPMorgan Funds - Europe Technology Fund to JPMorgan Funds - Europe Dynamic Technologies Fund on 29 September 2017.

25



EuropeSmall Cap

FundEUR

GlobalDynamic

FundUSD

GlobalGovernment Bond

FundEUR

GlobalNatural Resources

FundEUR

GlobalReal Estate

Securities Fund (USD)USD

GlobalUnconstrained Equity

FundUSD

708,685,364 381,821,844 334,280,128 754,168,043 120,527,083 454,584,344

19,325,037 7,343,480 - 17,541,258 3,624,270 7,204,958- - 7,599,520 - - -

95,127 127,071 - 12,175 - 13,361135 2,489 15,178 169 930 5,206

- - 2,013 - - -- - - - - -

19,420,299 7,473,040 7,616,711 17,553,602 3,625,200 7,223,525

10,381,799 3,777,259 971,439 11,081,659 717,096 3,336,432862,900 405,997 508,965 777,070 123,500 472,623640,405 224,157 28,359 719,602 82,961 94,214457,805 324,414 397,683 376,496 145,419 327,956150,347 115,670 57,459 201,159 55,021 100,010356,055 176,364 147,920 374,831 36,141 128,940

9,489 1,056 37,991 4,207 - 239- - 50,389 - - -

181,643 145,857 132,125 285,755 109,936 169,308

13,040,443 5,170,774 2,332,330 13,820,779 1,270,074 4,629,722

142,801 262,460 587,236 91,134 219,848 245,245

12,897,642 4,908,314 1,745,094 13,729,645 1,050,226 4,384,477

- - - - - -

12,897,642 4,908,314 1,745,094 13,729,645 1,050,226 4,384,477

6,522,657 2,564,726 5,871,617 3,823,957 2,574,974 2,839,048

34,172,478 35,367,369 (4,122,050) 42,618,758 2,646,761 36,244,558(348,108) 887,416 (5,559,024) 4,963 1,741,461 1,336,470

- 137,735 (1,704,871) - - -(403,705) 19,903 (169,373) 625,287 (33,404) 89,634

- - - - - -- - 86,566 - - -

33,420,665 36,412,423 (11,468,752) 43,249,008 4,354,818 37,670,662

42,592,276 9,745,921 2,159,892 115,361,312 649,122 1,935,901287,358 (1,031,776) 2,288,689 - (951,727) (1,161,662)

- (3,891) 274,772 - - -124,075 20,998 60,558 20,781 (4,407) 8,613

- - - - - -- - 777,268 - - -

43,003,709 8,731,252 5,561,179 115,382,093 (307,012) 782,852

82,947,031 47,708,401 (35,956) 162,455,058 6,622,780 41,292,562

609,290,834 126,331,553 677,276,342 468,494,830 42,790,891 99,025,776(429,299,855) (166,182,398) (303,766,745) (583,908,755) (76,427,081) (146,469,395)

179,990,979 (39,850,845) 373,509,597 (115,413,925) (33,636,190) (47,443,619)

(4,108,168) (827,265) (306,554) (320,219) (15,179) (41,247)

967,515,206 388,852,135 707,447,215 800,888,957 93,498,494 448,392,040

26



GreaterChinaFundUSD

HongKongFundUSD

IncomeFund

USD

IndiaFund

USD

IndonesiaEquity

FundUSD

JapanEquity

FundJPY

493,619,116 96,259,234 28,193,845 1,085,522,831 51,675,650 279,368,960,542

9,001,513 2,109,266 97,050 10,284,822 941,788 3,722,155,815- - 4,240,510 77,801 9,680 -

353,550 39,407 - - - 295,233,9361,708 3,353 7,115 1,926 1,545 436,126

- - 109,503 - - -- - - - - -

9,356,771 2,152,026 4,454,178 10,364,549 953,013 4,017,825,877

8,247,898 1,297,845 733,890 15,844,974 242,405 3,039,285,489612,708 92,192 80,309 1,129,695 49,014 352,437,532713,560 69,935 189,380 2,032,608 53,432 29,404,875509,842 143,541 174,316 1,538,144 123,503 129,620,643154,972 39,820 78,603 192,797 27,416 32,163,743295,679 44,761 47,911 539,030 12,396 86,142,047

207 - 2,104 7,240 115 4,000,261- - 33,222 - - -

231,872 135,373 122,328 604,814 107,474 64,692,887

10,766,738 1,823,467 1,462,063 21,889,302 615,755 3,737,747,477

197,032 189,844 349,204 321,917 224,134 36,702,438

10,569,706 1,633,623 1,112,859 21,567,385 391,621 3,701,045,039

- - - - - -

10,569,706 1,633,623 1,112,859 21,567,385 391,621 3,701,045,039

(1,212,935) 518,403 3,341,319 (11,202,836) 561,392 316,780,838

75,873,782 18,954,527 (301,918) 130,599,712 1,695,342 15,777,348,84567,819 20,618 (1,360,123) 15,981 (4,713) 1,155,651,773

- - 352,903 - - -(54,438) (1,909) 2,732 (244,465) 24,658 (324,336,925)

- - 32,240 - - -- - 65,276 - - -

75,887,163 18,973,236 (1,208,890) 130,371,228 1,715,287 16,608,663,693

18,597,167 (2,733,222) (3,510,320) (72,350,219) (7,042,395) 52,748,722,979- - (1,016,384) - (91) (1,010,604,947)- - 61,604 - - -

(22,291) (387) (146) (10,203) (292) (1,474,989)- - - - - -- - 40,753 - - -

18,574,876 (2,733,609) (4,424,493) (72,360,422) (7,042,778) 51,736,643,043

93,249,104 16,758,030 (2,292,064) 46,807,970 (4,766,099) 68,662,087,574

605,262,718 71,181,544 167,160,311 142,696,771 14,684,137 331,506,294,194(567,351,577) (111,797,274) (38,703,312) (256,337,894) (18,802,038) (193,968,160,947)

37,911,141 (40,615,730) 128,456,999 (113,641,123) (4,117,901) 137,538,133,247

(436,222) (847,767) (1,475,736) (3,003,844) - (19,113,206)

624,343,139 71,553,767 152,883,044 1,015,685,834 42,791,650 485,550,068,157

27



KoreaEquity

FundUSD

Latin AmericaEquity

FundUSD

RussiaFund

USD

SingaporeFund

USD

TaiwanFund

USD

TotalEmerging Markets

Income FundUSD

179,541,563 945,270,489 663,077,256 61,184,224 170,862,328 152,172,401

3,406,607 27,345,692 32,043,314 1,974,569 4,029,914 5,521,67528,618 - - 1,818 - 3,342,033

- - 58 12,741 - 5,5351,302 6,433 5,095 1,688 4,457 7,331

- - - - - -- - - - - -

3,436,527 27,352,125 32,048,467 1,990,816 4,034,371 8,876,574

2,043,934 9,642,881 8,071,094 866,871 1,998,235 2,471,667225,103 985,045 667,548 59,688 167,739 208,60070,792 296,355 530,877 141,736 50,858 800,780

347,109 952,357 1,116,853 94,092 318,842 418,01359,194 173,137 147,417 60,605 51,411 105,15794,257 275,592 287,066 28,335 70,781 98,090

168 127 186 - - 517- - - - - -

120,070 204,445 303,700 114,247 139,915 97,190

2,960,627 12,529,939 11,124,741 1,365,574 2,797,781 4,200,014

365,880 487,466 741,068 181,269 326,522 362,915

2,594,747 12,042,473 10,383,673 1,184,305 2,471,259 3,837,099

- - - - - -

2,594,747 12,042,473 10,383,673 1,184,305 2,471,259 3,837,099

841,780 15,309,652 21,664,794 806,511 1,563,112 5,039,475

42,597,961 41,349,844 21,234,438 4,038,860 20,729,436 8,320,084(32,867) (8,800) 6,396 (14,426) 1,790 949,120

- - - - - 9,42086,278 (398,396) (137,748) 48,215 6,887 (117,851)

- - - - - -- - - - - -

42,651,372 40,942,648 21,103,086 4,072,649 20,738,113 9,160,773

(29,085,609) (90,753,933) 46,458,727 (3,652,215) (11,232,226) (11,980,678)- - - - - (407,215)- - - - - (656)

16,829 (103,005) 964 (15,174) (12,893) (39,253)- - - - - -- - - - - -

(29,068,780) (90,856,938) 46,459,691 (3,667,389) (11,245,119) (12,427,802)

14,424,372 (34,604,638) 89,227,571 1,211,771 11,056,106 1,772,446

174,366,956 412,113,164 518,472,841 26,711,748 41,995,326 152,137,332(102,020,017) (643,737,843) (618,309,274) (35,360,020) (67,342,433) (102,221,862)

72,346,939 (231,624,679) (99,836,433) (8,648,272) (25,347,107) 49,915,470

(69,159) (2,169,010) (10,409,688) (440,093) (819,722) (3,156,524)

266,243,715 676,872,162 642,058,706 53,307,630 155,751,605 200,703,793

28



USAggregate Bond

FundUSD

US DollarMoney Market

FundUSD

USGrowth

FundUSD

USHigh Yield Plus

Bond FundUSD

USTechnology

FundUSD

USValueFundUSD

3,765,956,833 376,994,175 356,916,124 210,940,849 307,321,133 2,646,213,578

1,297,086 - 2,156,087 174,945 1,697,332 42,834,350100,564,182 7,142,030 - 12,488,553 - -

- - 9,116 - - -2,925 - 722 570 20,536 431

- - - - - -- - - - - -

101,864,193 7,142,030 2,165,925 12,664,068 1,717,868 42,834,781

19,428,948 1,051,587 3,753,879 1,164,675 6,353,486 21,943,8723,456,356 422,093 399,979 212,456 487,958 2,651,083

137,150 - 135,467 123,689 394,435 640,9281,159,685 193,632 234,603 204,683 220,487 654,813

305,726 104,171 131,937 70,367 171,981 242,0371,070,092 43,788 166,293 77,955 269,908 941,165

- 515 - 420 429 983- - - - - -

558,697 265,240 148,302 163,503 205,820 282,892

26,116,654 2,081,026 4,970,460 2,017,748 8,104,504 27,357,773

1,464,493 184,738 232,360 379,955 101,486 93,366

24,652,161 1,896,288 4,738,100 1,637,793 8,003,018 27,264,407

- - - - - -

24,652,161 1,896,288 4,738,100 1,637,793 8,003,018 27,264,407

77,212,032 5,245,742 (2,572,175) 11,026,275 (6,285,150) 15,570,374

1,490,198 - 57,631,777 (49,706) 65,135,967 193,887,57325,542,708 - 325,510 2,759,685 (94,385) 1,415,474

- - - - - -(41,188) - (23,006) (564) 42,622 1,379,954

- - - - - -- - - - - -

26,991,718 - 57,934,281 2,709,415 65,084,204 196,683,001

(93,047,139) - 38,747,571 (6,067,489) 71,936,252 (37,199,655)(19,951,836) - (939,627) (2,361,236) - (5,514,278)

- - - - - -1,855 - (1,042) (2,798) (1,904) (6,159)

- - - - - -- - - - - -

(112,997,120) - 37,806,902 (8,431,523) 71,934,348 (42,720,092)

(8,793,370) 5,245

Documents

JPMorgan Funds (SICAV Range) – Annual General Meeting of ...€¦ · Peter Schwicht 6 Should shareholders confirm the appointment of Daniel Watkins, co-opted by the Board of Directors