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					JPMorgan Funds
Singapore Offering Documents
August 2011
Contents

Section i) Singapore Prospectus
Section ii) Luxembourg Prospectus
Singapore Prospectus
   10 August 2011
                                                              JPMORGAN FUNDS

EQUITY SUB-FUNDS
•    JPMORGAN FUNDS - AFRICA EQUITY FUND
•    JPMORGAN FUNDS - AMERICA LARGE CAP FUND
•    JPMORGAN FUNDS - JF ASEAN EQUITY FUND
•    JPMORGAN FUNDS - JF ASIA PACIFIC EX-JAPAN EQUITY FUND
•    JPMORGAN FUNDS - JF CHINA FUND
•    JPMORGAN FUNDS - EASTERN EUROPE EQUITY FUND
•    JPMORGAN FUNDS - EMERGING EUROPE, MIDDLE EAST AND AFRICA EQUITY FUND
•    JPMORGAN FUNDS - EMERGING MARKETS EQUITY FUND
•    JPMORGAN FUNDS - EMERGING MARKETS INFRASTRUCTURE EQUITY FUND
•    JPMORGAN FUNDS - EMERGING MIDDLE EAST EQUITY FUND
•    JPMORGAN FUNDS - GLOBAL CONSUMER TRENDS FUND
•    JPMORGAN FUNDS - GLOBAL DYNAMIC FUND
•    JPMORGAN FUNDS - GLOBAL MINING FUND
•    JPMORGAN FUNDS - GLOBAL NATURAL RESOURCES FUND
•    JPMORGAN FUNDS - JF GREATER CHINA FUND
•    JPMORGAN FUNDS - JF INDIA FUND
•    JPMORGAN FUNDS - JF KOREA EQUITY FUND
•    JPMORGAN FUNDS - LATIN AMERICA EQUITY FUND
•    JPMORGAN FUNDS - JF PACIFIC TECHNOLOGY FUND
•    JPMORGAN FUNDS - RUSSIA FUND
•    JPMORGAN FUNDS - JF SINGAPORE FUND
•    JPMORGAN FUNDS - US SMALL CAP GROWTH FUND

ALPHA PLUS SUB-FUND
•    JPMORGAN FUNDS - BRAZIL ALPHA PLUS FUND (With effect from 16 August 2011, this Sub-Fund will be renamed JPMorgan Funds
     - Brazil Equity Fund and will be classified as an equity sub-fund.)

BOND SUB-FUNDS
•    JPMORGAN FUNDS - ASIA PACIFIC BOND FUND
•    JPMORGAN FUNDS - EMERGING MARKETS LOCAL CURRENCY DEBT FUND




                                                  ESTABLISHED IN LUXEMBOURG
                                                    SINGAPORE PROSPECTUS
This Singapore Prospectus dated 10 August 2011 is a replacement prospectus lodged pursuant to Section 298 of the Securities and
Futures Act, Chapter 289 of Singapore, which replaces the previous Singapore prospectus registered by the Monetary Authority of
Singapore on 28 April 2011.

This Singapore Prospectus incorporates and is not valid without the attached Luxembourg Prospectus (the "Luxembourg Prospectus") dated June
2011 for JPMorgan Funds (the "Fund"). JPMorgan Funds is an open-ended investment company constituted outside Singapore, organised as a soci été
anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as a soci été d ’investissement à capital variable. The Fund has appointed
JPMorgan Asset Management (Singapore) Limited (Company Registration No. 197601586K) (whose details appear in the Directory of this Singapore
Prospectus) as its Singapore Representative and agent for service of process in Singapore. Notwithstanding that many sub-funds of the Fund are
mentioned in the Luxembourg Prospectus, no sub-funds of the Fund other than the ones mentioned in this Singapore Prospectus are offered or
made available to investors in Singapore.
                                                                                                  TABLE OF CONTENTS

CONTENTS




                                                                                                                                                                                                                              PAGE
IMPORTANT INFORMATION ...........................................................................................................................................................................................                   1
1. THE FUND ................................................................................................................................................................................................................        5
2. THE SUB-FUNDS ......................................................................................................................................................................................................             5
3. MANAGEMENT AND ADMINISTRATION .................................................................................................................................................................                                  9
4. OTHER PARTIES ......................................................................................................................................................................................................            11
5. STRUCTURE OF THE SUB-FUNDS ............................................................................................................................................................................                         11
6. INVESTMENT OBJECTIVE, POLICY AND STRATEGY ..................................................................................................................................................                                    11
7. FEES, CHARGES AND EXPENSES ............................................................................................................................................................................                        12
8. RISK FACTORS ........................................................................................................................................................................................................          12
9. DEALING ..................................................................................................................................................................................................................     13
10. SUBSCRIPTION ........................................................................................................................................................................................................         14
11. REDEMPTION ..........................................................................................................................................................................................................          17
12. CONVERSION ...........................................................................................................................................................................................................        18
13. SUSPENSION OF DEALING ......................................................................................................................................................................................                  19
14. RESTRICTIONS ON SUBSCRIPTION AND CONVERSION INTO CERTAIN SUBFUNDS ..............................................................................................                                                              19
15. OBTAINING PRICE INFORMATION ...........................................................................................................................................................................                       20
16. PERFORMANCE OF THE SUB-FUNDS, EXPENSE RATIO AND TURNOVER RATIO ....................................................................................................                                                           20
17. CONFLICTS OF INTEREST ........................................................................................................................................................................................                20
18. REPORTS .................................................................................................................................................................................................................     21
19. USE OF DERIVATIVES ..............................................................................................................................................................................................             21
20. SOFT DOLLAR COMMISSIONS .................................................................................................................................................................................                     21
21. QUERIES AND COMPLAINTS ...................................................................................................................................................................................                    21
22. OTHER MATERIAL INFORMATION ...........................................................................................................................................................................                        21
APPENDIX 1 ...................................................................................................................................................................................................................    22
AFRICA EQUITY FUND ....................................................................................................................................................................................................           22
APPENDIX 2 ....................................................................................................................................................................................................................   25
AMERICA LARGE CAP FUND ...........................................................................................................................................................................................                25
APPENDIX 3 ..................................................................................................................................................................................................................     27
JF ASEAN EQUITY FUND ................................................................................................................................................................................................             27
APPENDIX 4 ..................................................................................................................................................................................................................     29
JF ASIA PACIFIC EX-JAPAN EQUITY FUND ....................................................................................................................................................................                         29
APPENDIX 5 ..................................................................................................................................................................................................................     32
BRAZIL ALPHA PLUS FUND (known as BRAZIL EQUITY FUND with effect from 16 August 2011) ..............................................................................                                                               32
APPENDIX 6 .................................................................................................................................................................................................................      35
JF CHINA FUND ............................................................................................................................................................................................................        35
APPENDIX 7 .................................................................................................................................................................................................................      38
EASTERN EUROPE EQUITY FUND ................................................................................................................................................................................                       38
APPENDIX 8 ................................................................................................................................................................................................................       40
EMERGING EUROPE, MIDDLE EAST AND AFRICA EQUITY FUND .................................................................................................................................                                             40
APPENDIX 9 ..................................................................................................................................................................................................................     42
EMERGING MARKETS EQUITY FUND ............................................................................................................................................................................                         42
APPENDIX 10 ................................................................................................................................................................................................................      45
EMERGING MARKETS INFRASTRUCTURE EQUITY FUND ..............................................................................................................................................                                        45
APPENDIX 11 .................................................................................................................................................................................................................     48
EMERGING MIDDLE EAST EQUITY FUND .......................................................................................................................................................................                          48
APPENDIX 12 .................................................................................................................................................................................................................     51
GLOBAL CONSUMER TRENDS FUND ..............................................................................................................................................................................                        51
APPENDIX 13 .................................................................................................................................................................................................................     53
GLOBAL DYNAMIC FUND ..............................................................................................................................................................................................                53
APPENDIX 14 .................................................................................................................................................................................................................     56
GLOBAL MINING FUND .................................................................................................................................................................................................              56
APPENDIX 15 ..................................................................................................................................................................................................................    58
GLOBAL NATURAL RESOURCES FUND ...........................................................................................................................................................................                         58
APPENDIX 16 .................................................................................................................................................................................................................     61
JF GREATER CHINA FUND ..............................................................................................................................................................................................              61
APPENDIX 17 ..................................................................................................................................................................................................................    64
JF INDIA FUND ..............................................................................................................................................................................................................      64
APPENDIX 18 ................................................................................................................................................................................................................      67
JF KOREA EQUITY FUND ...............................................................................................................................................................................................              67
APPENDIX 19 ................................................................................................................................................................................................................      70
LATIN AMERICA EQUITY FUND .....................................................................................................................................................................................                   70
APPENDIX 20 ................................................................................................................................................................................................................      73
JF PACIFIC TECHNOLOGY FUND ....................................................................................................................................................................................                   73
APPENDIX 21 ................................................................................................................................................................................................................   75
RUSSIA FUND ..............................................................................................................................................................................................................     75
APPENDIX 22 ..............................................................................................................................................................................................................     78
JF SINGAPORE FUND ..................................................................................................................................................................................................           78
APPENDIX 23 ...............................................................................................................................................................................................................    81
US SMALL CAP GROWTH FUND ...................................................................................................................................................................................                   81
APPENDIX 24 ..............................................................................................................................................................................................................     83
ASIA PACIFIC BOND FUND ..........................................................................................................................................................................................              83
APPENDIX 25 .............................................................................................................................................................................................................      85
EMERGING MARKETS LOCAL CURRENCY DEBT FUND .................................................................................................................................................                                    85
IMPORTANT INFORMATION

The following collective investment schemes offered in this Singapore Prospectus, each a "Sub-Fund" and collectively, the "Sub-Funds", are
established as sub-funds of the Fund:

•    JPMORGAN FUNDS - AFRICA EQUITY FUND (the "Africa Equity Fund")
•    JPMORGAN FUNDS - AMERICA LARGE CAP FUND (the "America Large Cap Fund")
•    JPMORGAN FUNDS - JF ASEAN EQUITY FUND (the "JF ASEAN Equity Fund")
•    JPMORGAN FUNDS - JF ASIA PACIFIC EX-JAPAN EQUITY FUND (the "JF Asia Pacific ex-Japan Equity Fund")
•	   JPMORGAN FUNDS - BRAZIL ALPHA PLUS FUND (the "Brazil Alpha Plus Fund") (With effect from 16 August 2011, this sub-fund will be renamed
     JPMorgan Funds - Brazil Equity Fund (the "Brazil Equity Fund").)
•	   JPMORGAN FUNDS - JF CHINA FUND (the "JF China Fund")
•	   JPMORGAN FUNDS - EASTERN EUROPE EQUITY FUND (the "Eastern Europe Equity Fund")
•	   JPMORGAN FUNDS - EMERGING EUROPE, MIDDLE EAST AND AFRICA EQUITY FUND (the "Emerging Europe, Middle East and Africa Equity
     Fund")
•	   JPMORGAN FUNDS - EMERGING MARKETS EQUITY FUND (the "Emerging Markets Equity Fund")
•	   JPMORGAN FUNDS - EMERGING MARKETS INFRASTRUCTURE EQUITY FUND (the "Emerging Markets Infrastructure Equity Fund")
•	   JPMORGAN FUNDS - EMERGING MIDDLE EAST EQUITY FUND (the "Emerging Middle East Equity Fund")
•	   JPMORGAN FUNDS - GLOBAL CONSUMER TRENDS FUND (the "Global Consumer Trends Fund")
•	   JPMORGAN FUNDS - GLOBAL DYNAMIC FUND (the "Global Dynamic Fund")
•	   JPMORGAN FUNDS - GLOBAL MINING FUND (the "Global Mining Fund")
•	   JPMORGAN FUNDS - GLOBAL NATURAL RESOURCES FUND (the "Global Natural Resources Fund")
•	   JPMORGAN FUNDS - JF GREATER CHINA FUND (the "JF Greater China Fund")
•	   JPMORGAN FUNDS - JF INDIA FUND (the "JF India Fund")
•	   JPMORGAN FUNDS - JF KOREA EQUITY FUND (the "JF Korea Equity Fund")
•	   JPMORGAN FUNDS - LATIN AMERICA EQUITY FUND (the "Latin America Equity Fund")
•	   JPMORGAN FUNDS - JF PACIFIC TECHNOLOGY FUND (the "JF Pacific Technology Fund")
•	   JPMORGAN FUNDS - RUSSIA FUND (the "Russia Fund")
•	   JPMORGAN FUNDS - JF SINGAPORE FUND (the "JF Singapore Fund")
•	   JPMORGAN FUNDS - US SMALL CAP GROWTH FUND (the "US Small Cap Growth Fund")
•	   JPMORGAN FUNDS - ASIA PACIFIC BOND FUND (the "Asia Pacific Bond Fund")
•	   JPMORGAN FUNDS - EMERGING MARKETS LOCAL CURRENCY DEBT FUND (the "Emerging Markets Local Currency Debt Fund")

The Sub-Funds have been approved as recognised schemes under the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"). A copy of this
Singapore Prospectus has been lodged with and registered by the Monetary Authority of Singapore (the "MAS"). The MAS assumes no responsibility
for the contents of this Singapore Prospectus. The registration of this Singapore Prospectus by the MAS does not imply that the SFA or any other
legal or regulatory requirements have been complied with. The MAS has not, in any way, considered the investment merits of the Sub-Funds.

The Fund and the Sub-Funds have been approved by the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"). The Fund
has been authorised under Part I of the Luxembourg law of 20 December 2002 relating to collective investment undertakings ("loi relative aux
organismes de placement collectif", the "Luxembourg Law") and qualifies as an Undertaking for Collective Investments in Transferable Securities
("UCITS") governed either by the amended EC Directive 85/611 of 20 December 1985 or by the Directive 2009/65/EC of the European Parliament
and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative procedures relating to the undertakings for collective
investment in transferable securities.

This Singapore Prospectus is a replacement prospectus lodged with the MAS on 10 August 2011. It replaces the Singapore prospectus that was
registered by the MAS on 28 April 2011 and shall be valid for a period of 12 months from the date of the registration i.e. up to and including 27 April
2012 and shall expire on 28 April 2012.

This Singapore Prospectus relating to the Sub-Funds incorporates and is not valid without the Luxembourg Prospectus. Unless the context otherwise
requires, terms defined in the Luxembourg Prospectus shall have the same meaning when used in this Singapore Prospectus except where
specifically provided for in this Singapore Prospectus. Certain defined terms can be found in the "PRINCIPAL FEATURES AND GLOSSARY" section of
the Luxembourg Prospectus. Where there is conflict between this Singapore Prospectus and the Luxembourg Prospectus, unless otherwise stated
herein, this Singapore Prospectus will supersede the Luxembourg Prospectus.

For purposes of this Singapore Prospectus, unless the context otherwise requires, references to a "Singapore Shareholder" are references to
a Singapore distributor (appointed by JPMorgan Funds (Asia) Limited ("JPMFAL"), the Management Company or their affiliates) or its nominee,
who acts as an agent to an investor and holds Shares in a Sub-Fund (the "Shares") on behalf of an investor and references to an "investor" are
references to a person (whether an individual or other legal person) applying for or investing in Shares through such a Singapore distributor.

Each Sub-Fund is a separate portfolio of securities managed in accordance with specific investment objective. Separate classes of shares may be
issued in relation to a Sub-Fund.

Potential investors should note that the Sub-Funds are subject to market fluctuations and that there can be no assurance that any appreciation in
value will occur. The value of investments and the income from them, and therefore the value of, and income from the Shares, can go down as well
as up and an investor may not get back the amount invested.




                                                                                                                                                          1
    Investors in the Fund agree that data relating to them, their account and account activities may be stored, changed or used by JPMorgan Asset
    Management (Singapore) Limited or its associated companies within JPMorgan Chase & Co.1 (the "Group"). Storage and use of this data within the
    Group is in relation to the servicing of, and maintaining the business relationship with investors. Data may be transmitted to other companies within
    the Group, intermediaries and other parties in business relationship within the Group.

    The Board of Directors of the Fund (the "Board of Directors") have taken all reasonable care to ensure that the facts stated in this Singapore
    Prospectus are true and accurate in all material respects and that there are no other material facts the omission of which makes any statement of
    fact or opinion in this Singapore Prospectus misleading. The Board of Directors accepts
    responsibility accordingly.

    The distribution of this Singapore Prospectus is restricted to within Singapore only and the offering of the Shares may be restricted in certain
    jurisdictions. This Singapore Prospectus is not an offer or solicitation in any jurisdiction where such offer or solicitation is unlawful, where the person
    making the offer or solicitation is not authorised to make it or a person receiving the offer or solicitation may not lawfully receive it.

    Investors should inform themselves as to (a) the legal requirements within their own country, (b) any foreign exchange or exchange control
    restrictions which may be applicable, and (c) the possible tax consequences, which they may encounter under the laws of the countries of their
    citizenship, residence or domicile, and which may be relevant to the subscription, holding, transfer or redemption of Shares, before investing in the
    Sub-Funds.

    Investors are advised to carefully consider the risk factors set out in Appendix IV - Risk Factors of the Luxembourg Prospectus and the sections
    headed "Risk Profile" which relate to each Sub-Fund as set out in Appendix III - Sub-Fund Details of the Luxembourg Prospectus, and to refer to
    paragraph 8 of this Singapore Prospectus.

    If you are in any doubt about the contents of this Singapore Prospectus, you should consult your stockbroker, bank manager, solicitor, accountant
    or other independent financial adviser. The Shares are offered on the basis of the information contained in this Singapore Prospectus and the
    documents referred to in this Singapore Prospectus. No person is authorised to give any information or to make any representations concerning
    the Fund or the Sub-Funds other than as contained in this Singapore Prospectus. Any purchase made by any person on the basis of statements or
    representations not contained in or inconsistent with the information and representations contained in this Singapore Prospectus will be solely at
    the risk of the purchaser.

    Investors may wish to consult their independent financial adviser about the suitability of any Sub-Fund for their specific investment needs.

    The delivery of this Singapore Prospectus or the issue of Shares shall not, under any circumstances, create any implication that the affairs of the
    Fund and/or the Sub-Funds have not changed since the date of registration of this Singapore Prospectus with the MAS. To reflect material changes,
    this Singapore Prospectus may be updated from time to time and investors should investigate whether any more recent Singapore Prospectus is
    available.

    For enquiries in relation to the Fund or any Sub-Fund, investors may contact the Singapore Representative at 168 Robinson Road, 17th Floor, Capital
    Tower, Singapore 068912, telephone number: (65) 6882 1328, or any appointed Singapore distributors.

    Investors should note that the JF Korea Equity Fund, the Emerging Markets Local Currency Debt Fund and the Asia Pacific Bond Fund
    currently intend to use financial derivatives to meet their respective investment objectives.

    Investors should note that the Africa Equity Fund, JF ASEAN Equity Fund, JF Asia Pacific ex-Japan Equity Fund, Brazil Alpha Plus Fund (known
    as Brazil Equity Fund with effect from 16 August 2011), JF China Fund, Eastern Europe Equity Fund, Emerging Europe, Middle East and Africa
    Equity Fund, Emerging Markets Equity Fund, Emerging Markets Infrastructure Equity Fund, Emerging Middle East Equity Fund, Global Mining
    Fund, Global Natural Resources Fund, JF Greater China Fund, JF India Fund, JF Korea Equity Fund, Latin America Equity Fund, JF Pacific
    Technology Fund, Russia Fund, JF Singapore Fund and US Small Cap Growth Fund, Asia Pacific Bond Fund and the Emerging Markets Local
    Currency Debt Fund may have a higher volatility to their net asset value as a result of their respective investment policies when compared
    to Sub-Funds investing in global markets, with broader investment policies and/or are a less volatile asset class. Investors are advised to
    carefully consider the relevant Sub-Fund's investment objective, policy and strategy as set out in Appendix III - Sub-Fund Details of the
    Luxembourg Prospectus and the section headed "Investment Objective, Policy and Strategy" in the relevant Sub-Fund's Appendix to this
    Singapore Prospectus, before investing in such Sub-Funds.

    IMPORTANT: PLEASE READ AND RETAIN THIS SINGAPORE PROSPECTUS, AS AMENDED FROM TIME TO TIME, FOR FUTURE REFERENCE.




    1
       JPMorgan Chase & Co. means the Management Company's ultimate holding company, whose principal office is located at 270 Park Avenue, New York, N.Y. 10017, USA and that company's
    direct and indirect subsidiaries and affiliates worldwide.



2
DIRECTORY

BOARD OF DIRECTORS

Chairman

Iain O.S. Saunders - Banker, Duine, Ardfern, Argyll PA31 8QN, United Kingdom

Deputy Chairman

Pierre Jaans - Economist, 3, rue de Kahler, L-8356 Garnich, Grand Duchy of Luxembourg

Directors

Jacques Elvinger - Partner, Elvinger, Hoss & Prussen, 2, place Winston Churchill, L-2014 Luxembourg, Grand Duchy of Luxembourg
Jean Frijns - Professor, Finance and Investments, Antigonelaan 2, NL-5631 LR Eindhoven, The Netherlands

Andrea L. Hazen - Managing Director, JPMorgan Asset Management (UK) Limited, Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ, United
Kingdom

Berndt May - Managing Director, JPMorgan Asset Management (Europe) S.à r.l., Austrian Branch, Führichgasse 8, 1010 Wien, Austria.

Robert Van Der Meer - Professor of Finance, 12, Lange Vijverberg, NL-2513 AC The Hague, The Netherlands


REGISTERED OFFICE OF THE FUND

6, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg R.C.S. Luxembourg B 8478


MANAGEMENT COMPANY AND DOMICILARY AGENT

JPMorgan Asset Management (Europe) S.à r.l.

European Bank & Business Centre, 6, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg


INVESTMENT MANAGERS

J. P. Morgan Investment Management Inc.

270 Park Avenue, New York, NY 10017, United States of America


JPMorgan Asset Management (UK) Limited

Finsbury Dials, 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

168 Robinson Road, 17th Floor, Capital Tower, Singapore 068912




                                                                                                                                            3
    CUSTODIAN, CORPORATE AND ADMINISTRATIVE AGENT AND PAYING AGENT

    J.P. Morgan Bank Luxembourg S.A.

    European Bank & Business Centre, 6, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg


    AUDITOR

    PricewaterhouseCoopers S.à r.l.

    400, route d'Esch, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg


    SINGAPORE REPRESENTATIVE

    JPMorgan Asset Management (Singapore) Limited

    168 Robinson Road, 17th Floor, Capital Tower, Singapore 068912


    AGENT FOR SERVICE OF PROCESS IN SINGAPORE

    JPMorgan Asset Management (Singapore) Limited

    168 Robinson Road, 17th Floor, Capital Tower, Singapore 068912




4
                                                                  JPMorgan Funds

1.    THE FUND

1.1   The Fund is an umbrella structured open-ended investment company, with variable capital and segregated liability between sub-funds,
      incorporated with limited liability under the laws of Luxembourg.

1.2   The Fund has been authorised under the Luxembourg Law. The Fund has been approved by the CSSF and qualifies as a UCITS governed either
      by the amended EC Directive 85/611 of 20 December 1985 or by the Directive 2009/65/EC of the European Parliament and of the Council of
      13 July 2009 on the coordination of laws, regulations and administrative procedures relating to the undertakings for collective investment in
      transferable securities. The Fund was incorporated on 14 April 1969 under the name Multi-Trust Fund and its Articles of Incorporation were
      published in the Mémorial on 20 June 1969. The Fund was converted into a Société d'investissement à Capital Variable (SICAV) and changed
      its name to Fleming International Fund on 3 July 1984. The name of the Fund was changed to Fleming Flagship Fund on 19 October 1988, to
      Fleming Funds on 2 June 2000, to JPMorgan Fleming Funds on 19 November 2001 and to JPMorgan Funds on 12 September 2005.

1.3   Full details of the Fund are set out under section 3.2 - Fund Information of the Luxembourg Prospectus.

1.4   Copies of the Articles of Incorporation of the Fund as amended from time to time ("Articles") and the most recent annual and semi-annual
      reports (when available) of the Fund may be inspected during usual business hours of the Singapore Representative at its business address.

2.    THE SUB-FUNDS

2.1   The Board of Directors may establish one or more sub-funds under the Fund from time to time. The sub-funds currently offered to investors
      in Singapore in this Singapore Prospectus are Africa Equity Fund, America Large Cap Fund, JF ASEAN Equity Fund, Asia Pacific ex-Japan Fund,
      Brazil Alpha Plus Fund (known as Brazil Equity Fund with effect from 16 August 2011), JF China Fund, Eastern Europe Equity Fund, Emerging
      Europe, Middle East and Africa Equity Fund, Emerging Markets Equity Fund, Emerging Markets Infrastructure Equity Fund, Emerging Middle
      East Equity Fund, Global Consumer Trends Fund, Global Dynamic Fund, Global Mining Fund, Global Natural Resources Fund, JF Greater China
      Fund, JF India Fund, JF Korea Equity Fund, Latin America Equity Fund, JF Pacific Technology Fund, Russia Fund, JF Singapore Fund, US Small
      Cap Growth Fund, Asia Pacific Bond Fund and Emerging Markets Local Currency Debt Fund.

2.2   The Management Company may also create new share classes in a Sub-Fund from time to time. As at the date of registration of this Singapore
      Prospectus, the following table indicates the different classes of Shares in each Sub-Fund available for offer in Singapore (each a "Share Class"
      and collectively known as the "Share Classes").

       Sub-Fund                                                                 Class of Shares
                                                                                United States Dollar ("USD") Class A (Acc)
       1. Africa Equity Fund
                                                                                USD Class D (Acc)
       2. America Large Cap Fund                                                USD Class A (Dist)
                                                                                Singapore Dollar ("SGD") Class A (Acc)
       3. JF ASEAN Equity Fund                                                  USD Class A (Acc)
                                                                                USD Class D (Acc)
                                                                                SGD Class A (Acc)
                                                                                USD Class A (Acc)
       4. JF Asia Pacific ex-Japan Equity Fund
                                                                                USD Class A (Dist)
                                                                                USD Class D (Acc)
                                                                                SGD Class A (Acc)
       5. Brazil Alpha Plus Fund (known as Brazil Equity Fund                   USD Class A (Acc)
          with effect from 16 August 2011)                                      USD Class A (Dist)
                                                                                USD Class D (Acc)
                                                                                SGD Class A (Acc)
                                                                                USD Class A (Dist)
       6. JF China Fund                                                         USD Class A (Acc)
                                                                                USD Class C (Acc)
                                                                                USD Class D (Acc)
                                                                                Euro ("EUR") Class A (Acc)
                                                                                EUR Class A (Dist)
       7. Eastern Europe Equity Fund
                                                                                EUR Class A (Dist) (JF Share Class)*
                                                                                EUR Class D (Acc)
                                                                                SGD Class A (Acc)
                                                                                USD Class A (Acc)
       8. Emerging Europe, Middle East and Africa Equity Fund
                                                                                USD Class A (Dist)
                                                                                USD Class D (Acc)




                                                                                                                                                          5
                                                      SGD Class A (Acc)
                                                      USD Class A (Acc)
    9. Emerging Markets Equity Fund                   USD Class A (Dist)
                                                      USD Class C (Acc)
                                                      USD Class D (Acc)
                                                      USD Class A (Acc)
    10. Emerging Markets Infrastructure Equity Fund
                                                      USD Class D (Acc)
                                                      SGD Class A (Acc)
                                                      USD Class A (Acc)
    11. Emerging Middle East Equity Fund
                                                      USD Class A (Dist)
                                                      USD Class D (Acc)
    12. Global Consumer Trends Fund                   USD Class A (Acc)
                                                      SGD Class A (Acc)
                                                      SGD Class A (Acc) Hedged
                                                      USD Class A (Dist)
    13. Global Dynamic Fund                           USD Class A (Dist) (JF Share Class)**
                                                      USD Class A (Acc)
                                                      USD Class C (Acc)
                                                      USD Class D (Acc)
    14. Global Mining Fund                            USD Class A (Acc)
                                                      SGD Class A (Acc)
                                                      USD Class A (Acc)
                                                      EUR Class A (Acc)
                                                      EUR Class A (Dist)
    15. Global Natural Resources Fund
                                                      USD Class C (Acc)
                                                      EUR Class C (Acc)
                                                      EUR Class D (Acc)
                                                      USD Class D (Acc)
                                                      SGD Class A (Acc)
                                                      USD Class A (Dist)
    16. JF Greater China Fund                         USD Class A (Acc)
                                                      USD Class C (Acc)
                                                      USD Class D (Acc)
                                                      SGD Class A (Acc)
                                                      USD Class A (Acc)
    17. JF India Fund                                 USD Class A (Dist)
                                                      USD Class C (Acc)
                                                      USD Class D (Acc)
                                                      USD Class A (Acc)
    18. JF Korea Equity Fund                          USD Class A (Dist)
                                                      USD Class D (Acc)
                                                      SGD Class A (Acc)
                                                      USD Class A (Acc)
    19. Latin America Equity Fund                     USD Class A (Dist)
                                                      USD Class A (Dist) (JF Share Class)**
                                                      USD Class D (Acc)
                                                      USD Class A (Acc)
    20. JF Pacific Technology Fund                    USD Class A (Dist)
                                                      USD Class D (Acc)
                                                      USD Class A (Acc)
    21. Russia Fund                                   USD Class A (Dist)
                                                      USD Class D (Acc)
                                                      SGD Class A (Acc)
                                                      USD Class A (Dist)
    22. JF Singapore Fund                             USD Class A (Acc)
                                                      USD Class C (Acc)
                                                      USD Class D (Acc)
    23. US Small Cap Growth Fund                      USD Class A (Dist)
    24. Asia Pacific Bond Fund                        USD Class A (Acc)




6
                                                                                                  EUR Class A (Acc)
                                                                                                  USD Class A (Acc)
           25. Emerging Markets Local Currency Debt Fund                                          USD Class A (Mth)
                                                                                                  EUR Class D (Acc)
                                                                                                  USD Class D (Acc)
       *     Notwithstanding the "JF" prefix, the "EUR Class A (Dist)" and "EUR Class A (Dist) (JF Share Class)" classes of shares are identical.

       ** Notwithstanding the "JF" prefix, the "USD Class A (Dist)" and "USD Class A (Dist) (JF Share Class)" classes of shares are identical.

2.3    Class A Shares, Class C Shares and Class D Shares differ in terms of, inter alia, minimum initial subscription amounts, minimum subsequent
       subscription amounts, minimum holding amounts, eligibility requirements, initial charge and annual management and advisory fees. The
       availability of the Share Classes to the investors in Singapore is dependent on what may be offered by each appointed Singapore distributor
       according to the terms under the relevant distribution agreement and as such may vary from Singapore distributor to Singapore distributor. A
       separate Net Asset Value per Share2 will be calculated for each Share Class.

2.4    Share Classes with the suffix "(Acc)" are accumulation Share Classes and will not normally pay dividends.

2.5    Distribution Share Classes will normally pay dividends as described below.

       Dividends will either be declared as annual dividends by the Annual General Meeting of Shareholders or as interim dividends by the Board of
       Directors.

       Dividends may be paid by the Fund more frequently in respect of some or all Share Classes, from time to time, or be paid at different times of
       the year to those listed below, as deemed appropriate by the Board of Directors.

       The declaration and payment of dividends is subject to the dividend policy referred to below.

2.6    It is intended that all those Share Classes with the suffix "(Dist)" will pay dividends so that these Share Classes of the Sub-Fund continue to
       qualify as "distributing" for the purposes of United Kingdom tax legislation relating to offshore funds for the Financial Year ending in 2011.
       In subsequent years these Share Classes may pay dividends and intend to meet the conditions to qualify as "reporting" for the purposes of
       the United Kingdom tax legislation. Please see the section headed "5. United Kingdom" in "Appendix I - Information for Investors in Certain
       Countries" of the Luxembourg Prospectus for further details.

       Any Share Classes with the suffix "(inc)" may distribute dividends but will not qualify as "distributing" for the purposes of United Kingdom tax
       legislation relating to offshore funds for the Financial Year ending in 2011.

       Payment of dividends on these Share Classes will normally be made in September each year, unless stated in Appendix III - Sub-Fund Details of
       the Luxembourg Prospectus. Share Classes with the suffix "(Dist)" or "(Inc)" in issue at the dividend record date will be eligible for any dividends,
       which will normally be reinvested, unless stated in Appendix III - Sub-Fund Details of the Luxembourg Prospectus. Singapore Shareholders in
       these Share Classes may inform JPMFAL in writing to receive a dividend payment, in which case payment will normally be made in the currency
       of the relevant Share Class. Notwithstanding any such written instructions, any distributions of USD 250 or less, or the equivalent amount in
       another currency, will normally be automatically reinvested in further Shares of the same Sub-Fund without further reference to the Singapore
       Shareholder. Such further Shares will be purchased as soon as practicable and normally on the distribution date, or if this is not a Dealing Day3,
       on the next Dealing Day at the relevant Net Asset Value per Share. No initial charge will be levied on the reinvestment of distributions. In the
       event that a Singapore Shareholder redeems or switches its entire holding of a Sub-Fund before the actual payment date of any distributions,
       JPMFAL will redeem the reinvested shares on the actual payment date and pay the redemption proceeds to the Singapore Shareholder in cash
       if the reinvested shares do not meet the relevant minimum holding requirement.

       Dividends to be reinvested for Share Classes with the suffix "(Dist)" or "(Inc)" will be paid to the Custodian who will reinvest the money on behalf
       of the Singapore Shareholder in additional Shares of the same Class. Such Shares will be issued on the payment date at the Net Asset Value
       per Share of the relevant Class. Fractional entitlements to registered Shares will be rounded to three decimal places. Investors should consult
       their relevant Singapore distributor to find out whether a similar dividend policy is applicable to them.

2.7    Share Classes with the suffix "(Mth)" will normally pay dividends on a monthly basis. The monthly dividend rate per Share will be calculated by
       the Management Company based on the estimated annual yield of the relevant Sub-Fund's portfolio which is attributable to that Share Class.
       The Management Company will review the dividend rate for each Share Class at least semi-annually, but may adjust the dividend rate more
       frequently to reflect changes in the portfolio's expected yield.

       Investors should note that, where the dividend rate is in excess of the investment income of the Share Class, dividends will be paid out of the
       Share Class capital as well as from investment income and realised and unrealised capital gains. This may be tax inefficient for investors in
       certain countries. Investors should consult their local tax adviser about their own position.

       Dividend payments for these Share Classes will normally be made to Shareholders each month in the currency of the relevant Share Class. They will
       not qualify as "distributing" for the purposes of United Kingdom tax legislation relating to offshore funds for the Financial Year ending in 2011.

2
    "Net Asset Value per Share" in relation to any Shares of any Share Class, means the value per Share determined in accordance with the relevant provisions described under the heading
    "Calculation of Prices" as set out in section 2.5 - Calculation of Prices in the Luxembourg Prospectus.
3
    A "Dealing Day" means a day which is both a Luxembourg Dealing Day and a Hong Kong Business Day. A "Hong Kong Business Day" means a day other than Saturday or Sunday or a local
    holiday on which banks in Hong Kong are open for normal banking business. A "Luxembourg Dealing Day" means a Business Day other than, in relation to a Sub-Fund's investments, a day
    on which any exchange or market on which a substantial portion of the relevant Sub-Fund's investments is traded, is closed. When dealings on any such exchange or market are restricted
    or suspended, the Management Company may, in consideration of prevailing market conditions or other relevant factors, determine whether a Business Day shall be a Luxembourg Dealing
    Day or not. or when dealings on any such exchange or market are restricted or suspended. A "Business Day" means a week day other than New Year's Day, Easter Monday, Christmas Day
    and the day prior to and following Christmas Day.

                                                                                                                                                                                              7
          Dividend payments for these Share Classes will normally be made to Shareholders each month in the currency of the relevant Share Class. They
          will not qualify as "distributing" for the purposes of United Kingdom tax legislation relating to offshore funds for the Financial Year ending in
          2011.

          The Management Company reserves the right to fix a minimum amount per Share Class below which the actual payment of the dividend would
          not be economically efficient for the Fund. These payments will be deferred to the following month or reinvested in further Shares of the same
          Share Class and not paid directly to the Shareholders.

          The Net Asset Value of "(Mth)" Share Classes may fluctuate more than other Share Classes due to more frequent distribution of income.

          Share Classes with the suffix "(Mth)" will only be available to investors subscribing, and remaining subscribed, through specific Asian distribution
          networks.

    2.8   For Currency Hedged Share Classes, the intention will be to hedge the value of the net assets in the Reference Currency of the Sub-Fund or
          the currency exposure of certain (but not necessarily all) assets of the relevant Sub-Fund into either the Reference Currency of the Currency
          Hedged Share Class, or into an alternative currency as specified in the relevant Share Class' name.

          It is generally intended to carry out such hedging through the utilisation of various techniques, including entering into Over The Counter
          ("OTC") currency forward contracts and foreign exchange swap agreements. In cases where the underlying currency is not liquid, or where the
          underlying currency is closely linked to another currency, proxy hedging may be used.

          All costs and expenses incurred from the currency hedge transactions will be borne on a pro rata basis by all Currency Hedged Share Classes
          denominated in the same currency issued within the same Sub-Fund.

          Investors should be aware that any currency hedging process may not give a precise hedge. Furthermore, there is no guarantee that the
          hedging will be totally successful. Investors in the Currency Hedged Share Classes may have exposure to currencies other than the currency of
          their Share Class.

          Currency Hedged Share Classes can be identified by the suffix "(hedged)" appearing after the currency denomination of the Share Class.

    2.9   Investment in China - Under the prevailing regulations in the People's Republic of China ("PRC"), foreign investors can invest in China A Shares
          through institutions that have obtained Qualified Foreign Institutional Investor ("QFII") status in the PRC. The current QFII regulations impose
          strict restrictions (including rules on investment restrictions, minimum investment holding period and repatriation of principal and profits) on
          China A Share investment.

          In extreme circumstances, the Sub-Funds may incur losses due to limited investment capabilities, or may not be able to fully implement or
          pursue its investment objectives or strategy, due to QFII investment restrictions, illiquidity of the China A Shares market, and/or delay or
          disruption in execution of trades or in settlement of trades.

          Investments by Sub-Funds in China A Shares and other permissible securities denominated in Renminbi will be made through the QFII in
          Renminbi. Such Sub-Funds and Share Classes will be exposed to any fluctuation in the exchange rate between the Reference Currency of the
          relevant Sub-Fund and the Renminbi in respect of such investments.

    2.10 Taxation of investments in PRC securities

          Currently, there is no specific PRC legislation governing the taxation of income derived by a unit trust. There is legislation for a company
          (including a foreign trustee company) which derives income from the PRC.

          The PRC enacted the Enterprise Income Tax Law ("EITL") effective 1 January 2008. Although the EITL imposes a withholding tax of 20%
          on the PRC sourced income derived by a foreign company without a permanent establishment in China, the rate is reduced to 10% by the
          Implementation Rules of the EITL effective 1 January 2008. Income includes profit, dividend, interest, rental, royalties, etc. The enactment of
          the EITL effectively abolished all tax circulars previously issued which exempted tax on gains derived from certain PRC securities.

          The PRC State Administration of Taxation ("SAT") has issued circulars clarifying that QFIIs are subject to 10% PRC withholding tax on dividends
          and interest that are sourced in China. The paying entity in China will be responsible for withholding such tax.

          The PRC taxation of gains on PRC securities is however presently unclear. Under the current EITL, a 10% tax may be payable on gains derived
          from the sale of PRC securities by foreign investors. While this tax is yet to be collected, it is possible that the SAT will start collection in respect
          of the gains on PRC securities either prospectively or retrospectively. Guidelines on the tax treatment of gains derived from the disposal of
          PRC securities are expected to be announced to clarify this issue.

    2.11 PRC Tax Consideration

          The Management Company reserves the right to provide for tax on gains of the Sub-Funds that invest in PRC securities for the reasons that
          follow. By investing in PRC securities, those Sub-Funds may be subject to withholding and other taxes imposed in the PRC.




8
      Various groups have sought clarification of the tax treatment of PRC securities. Whilst withholding tax (currently 10%) on dividends paid by PRC
      companies has now been confirmed by the SAT, an announcement on the tax treatment of gains derived from the disposal of PRC securities
      is still pending. The tax laws, regulations and practice in the PRC are constantly changing, and they may be changed with retrospective effect.
      With the uncertainty of whether and how gains on PRC securities are to be taxed under the EITL, the possibility of the rules being changed
      and the possibility of taxes being applied retrospectively, any provision for taxation made by the Management Company may be excessive or
      inadequate to meet final PRC tax liabilities on gains derived from the disposal of PRC securities. Consequently, investors may be advantaged or
      disadvantaged depending upon the final outcome of how such gains will be taxed, the level of tax provisioning and when they subscribed and/
      or redeemed their units in/from the Sub-Funds. With the various uncertainties in relation to the PRC taxation of gains on PRC securities, the
      Management Company is of the view that it is possible that the SAT may start to collect this tax either prospectively, or retrospectively from
      1 January 2008 when the EITL became effective. In these circumstances in order to achieve as fair an allocation as possible of this contingent
      tax among the investors within each relevant Sub-Fund, tax provisioning is currently made at 100% of the possible 10% tax on realized
      and unrealized gains on PRC securities since the relevant Sub-Fund's launch. The full tax of 10% is provided for PRC sourced dividends and
      interest.

2.12 US Tax Withholding under the Foreign Account Tax Compliance Act

      The Sub-Funds may invest in the United States (the "US"). Certain payments of (or attributable to) US-source income and the proceeds of sales
      of property that give rise to US-source interest and dividends paid to the Sub-Funds after December 31, 2012 will be subject to 30% withholding
      unless the Sub-Funds enter into an agreement with the US Secretary of the Treasury under which the Sub-Funds agree to certain reporting
      and withholding requirements. However, the form of the agreement has not been provided by the Internal Revenue Service (the "IRS") or the
      Treasury Department. Any amounts withheld may not be refundable by the IRS. Potential investors should consult their advisors regarding the
      application of the withholding rules and the information that may be required to be provided and disclosed. The application of the withholding
      rules and the information that may be required to be reported and disclosed are uncertain and subject to change.

2.13 Brazil Tax on Financial Operations Rate

      The Brazilian Presidential Decree no. 6.306/10, as amended from time to time, details the current IOF tax rate (Tax on Financial Operations),
      that applies to foreign exchange inflows and outflows. The application of the IOF tax may reduce the Net Asset Value per share.

2.14 Full details of the Sub-Funds are set out in the Luxembourg Prospectus.

3.    MANAGEMENT AND ADMINISTRATION
      Full details on the management and administration of the Fund are set out under section 3.1 - Administration Details, Charges and Expenses
      of the Luxembourg Prospectus.

3.1   Board of Directors

3.1.1 The Board of Directors is responsible for the management of the Fund including the determination of investment policies and of investment
      restrictions and powers.

3.1.2 The Board of Directors have appointed the Management Company to generally administer the business and affairs of the Fund, subject to the
      overall control and supervision of the Directors.

3.2   Management Company and Domiciliary Agent

3.2.1 The Board of Directors of the Fund has designated JPMorgan Asset Management (Europe) S.à r.l. as Management Company of the Fund to
      perform investment management, administration and marketing functions for the Fund and as domiciliary agent to the Fund.

3.2.2 The Management Company was incorporated as a "Société Anonyme" in Luxembourg on 20 April 1988 under the name of Fleming Fund
      Management (Luxembourg) S.A. The Management Company became a "Société à responsabilité limitée" (S.à r.l.) on 28 July 2000, amended
      its name to J. P. Morgan Fleming Asset Management (Europe) S.à r.l. on 22 February 2001 and amended it to JPMorgan Asset Management
      (Europe) S.à r.l. on 3 May 2005. As at 30 June 2009, JPMorgan Asset Management (Europe) S.à r.l. has an authorised and issued Share capital
      of EUR 10,000,000.

3.2.3 JPMorgan Asset Management (Europe) S.à r.l. was authorised on 25 May 2005 as a management company managing UCITS governed by the EC
      Directive 2001/107 and therefore complies with the conditions set out in Chapter 13 of the Luxembourg Law. The corporate object of JPMorgan
      Asset Management (Europe) S.à r.l. is to provide investment management, administration and marketing services to undertakings for collective
      investment.

3.2.4 As at the date of registration of this Singapore Prospectus with the MAS, the Management Company has managed collective investment
      schemes or discretionary funds for approximately 24 years.

3.2.5 In its capacity as Management Company and Domiciliary Agent, JPMorgan Asset Management (Europe) S.à r.l. is responsible for the general
      administration of the Fund.

3.2.6 The Management Company has been permitted by the Fund to delegate its investment management functions to investment managers
      authorised by the Fund, comprising the Investment Managers.




                                                                                                                                                         9
     3.2.7 The Management Company is responsible for the central administration of the Fund and acts as its domiciliary agent. The Management
           Company has been permitted by the Fund to delegate certain administrative functions to specialised service providers based in Luxembourg.
           In that context, the Management Company has delegated corporate and administrative functions to J.P. Morgan Bank Luxembourg S.A.

     3.2.8 The Management Company's liability towards the Fund is not affected by the fact that it has delegated certain functions to third parties.

     3.3   Investment Managers

     3.3.1 In respect of each Sub-Fund, the Management Company has delegated investment manager functions to the following investment managers
           (each, an "Investment Manager" and collectively, the "Investment Managers"):


            Sub-Funds                                                                              Investment Manager
            JF Asia Pacific ex-Japan Equity Fund
            Asia Pacific Bond Fund
            JF China Fund
            JF Greater China Fund                                                                  JF Asset Management Limited
            JF India Fund
            JF Korea Equity Fund
            JF Pacific Technology Fund
            Africa Equity Fund
            Eastern Europe Equity Fund
            Emerging Europe, Middle East and Africa Fund
            Emerging Markets Equity Fund
            Emerging Markets Infrastructure Equity Fund
            Emerging Middle East Equity Fund                                                       JPMorgan Asset Management (UK) Limited
            Global Consumer Trends Fund
            Global Dynamic Fund
            Global Mining Fund
            Global Natural Resources Fund
            Russia Fund
            JF Singapore Fund
                                                                                                   JPMorgan Asset Management (Singapore) Limited
            JF ASEAN Equity Fund
            America Large Cap Fund
            Brazil Alpha Plus Fund (known as Brazil Equity Fund with effect from 16 August 2011)
                                                                                                 J. P. Morgan Investment Management Inc.
            Latin America Equity fund
            US Small Cap Growth Fund
                                                                                                   JPMorgan Asset Management (UK) Limited,
                                                                                                   J. P. Morgan Investment Management Inc.
            Emerging Markets Local Currency Debt Fund
                                                                                                   and JF Asset Management Limited are joint
                                                                                                   investment managers


           The Investment Managers shall manage the investments of the Sub-Funds in accordance with stated investment objectives and restrictions and,
           on a discretionary basis, acquire and dispose of securities of the Sub-Funds. The terms of the appointment of the Investment Managers are
           specified in the investment management agreements. Investment Managers are entitled to receive as remuneration for their services such fee
           payable by the Management Company, as is set out in the relevant investment management agreement or as may otherwise be agreed upon
           from time to time.

     3.3.2 JF Asset Management Limited is incorporated and domiciled in Hong Kong and as at the date of registration of this Singapore Prospectus with
           the MAS, has managed collective investment schemes or discretionary funds for approximately 42 years.

     3.3.3 JPMorgan Asset Management (UK) Limited is incorporated and domiciled in the United Kingdom and as at the date of registration of this
           Singapore Prospectus with the MAS, has managed collective investment schemes or discretionary funds for approximately 37 years.

     3.3.4 JPMorgan Asset Management (Singapore) Limited is incorporated and domiciled in Singapore and as at the date of registration of this Singapore
           Prospectus with the MAS, has managed collective investment schemes or discretionary funds for approximately 15 years.

     3.3.5 J. P. Morgan Investment Management Inc. is incorporated and domiciled in the United States of America and as at the date of registration of
           this Singapore Prospectus with the MAS, has managed collective investment schemes or discretionary funds for approximately 17 years.




10
4.    OTHER PARTIES

4.1   Singapore Representative

4.1.1 The Fund has appointed JPMorgan Asset Management (Singapore) Limited to act as the representative for the Sub-Funds in Singapore (the
      "Singapore Representative") to provide and maintain certain administrative and other facilities relating to the offer of Shares of the Sub-
      Funds recognised under Section 287 of the Securities and Futures Act, which includes, inter alia, maintaining for inspection in Singapore a
      subsidiary register of Shareholders who subscribed for or purchased their Shares in Singapore (or any other facility that enables the inspection
      or extraction of the equivalent information), which shall be open to inspection by the public during usual business hours of the Singapore
      Representative at its business address.

4.2 Custodian, Corporate and Administrative Agent and Paying Agent

4.2.1 J.P. Morgan Bank Luxembourg S.A. has been appointed as custodian of all of the Fund's assets (and the assets of any subsidiaries), comprising
      securities, money market instruments, cash and other assets. It may entrust the physical custody of securities and other assets, mainly
      securities traded abroad, listed on a foreign stock market or accepted by clearing institutions for their transactions, to such institutions or to
      one or more of its banking correspondents.

4.2.2 J.P. Morgan Bank Luxembourg S.A must:
      a) ensure that the issue,redemption, switch and cancellation of Shares effected by or on behalf of the Fund are carried out in accordance with
           the law and the Articles;
      b) ensure that in transactions involving the assets of the Fund, the consideration is remitted to it within the usual time limits;
      c) ensure that the income of the Fund is applied in accordance with its Articles.

4.2.3 J.P. Morgan Bank Luxembourg S.A. was incorporated in Luxembourg as a société anonyme on 16 May 1973 and has its registered office at 6,
      route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg. It has engaged in banking activities since its incorporation.

4.2.4 In its capacity as Corporate and Administrative Agent, J.P. Morgan Bank Luxembourg S.A. has been delegated by the Management Company to
      provide the following services, together with certain ancillary services connected thereto, for and on behalf of the Management Company and
      subject to its supervision and oversight: legal framework and fund management accounting services; valuation of the portfolio and pricing of
      the Shares (including tax returns); maintenance of the Shareholder register; distribution of income; Share issues and redemptions; contract
      settlements and record keeping.

4.2.5 Further information on the Custodian, Corporate and Administrative Agent and Paying Agent can be found under section 3.1 - Administration
      Details, Charges and Expenses of the Luxembourg Prospectus.

4.3 Authorised Distributor

4.3.1 JPMFAL has been appointed by the Management Company as the authorised distributor of the Fund in Asia and is also the Fund's representative
      in Hong Kong.

4.4 Auditor

4.4.1 The auditor of the Fund is PricewaterhouseCoopers S.à r.l..

5.    STRUCTURE OF THE SUB-FUNDS

5.1   The Fund is an umbrella structured open-ended investment company with variable capital and segregated liability between sub-funds (including
      the Sub-Funds). Each sub-fund is a separate portfolio of securities or obligations formed under the umbrella structure of the Fund and has its
      own investment objective and policies.

6.    INVESTMENT OBJECTIVE, POLICY AND STRATEGY

6.1   Investment Objective

6.1.1 The exclusive investment objective of the Fund is to place the funds available to it in transferable securities and other permitted assets of any
      kind with the purpose of spreading investment risks and affording its Shareholders the results of the management of their portfolios.

6.1.2 Please refer to paragraph 1 of each Appendix to this Singapore Prospectus as well as to Appendix III - Sub-Fund Details of the Luxembourg
      Prospectus for information on and details of the investment objective, policy and strategy in respect of each Sub-Fund.

6.2   Investment Restrictions

6.2.1 Please refer to Appendix II - Investment Restrictions and Powers of the Luxembourg Prospectus for information on and details of the investment
      restrictions relating to the Sub-Funds.




                                                                                                                                                           11
     7.       FEES, CHARGES AND EXPENSES

     7.1      The current fees, charges and expenses applicable to each Sub-Fund offered in this Singapore Prospectus are set out in paragraph 2 of the
              relevant Appendix to this Singapore Prospectus.

     7.2      The Operating and Administrative Expenses borne by each Share Class of each Sub-Fund are fixed at the rate specified in paragraph 2 of the
              relevant Appendix to this Singapore Prospectus. The Management Company will bear the excess of any such expenses above the annual rate
              specified for each Share Class in paragraph 2 of the relevant Appendix to this Singapore Prospectus. Conversely, the Management Company
              will be entitled to retain any amount by which the annual rate of Operating and Administrative Expenses to be borne by the Share Class, as set
              out in paragraph 2 of the relevant Appendix to this Singapore Prospectus, exceeds the actual expenses incurred by the Fund.

     7.3      For certain Sub-Funds within the Fund, the Management Company is entitled to receive a Performance Fee in addition to other fees and
              expenses. The Management Company is entitled to a Performance Fee if, in any accounting year, the performance of the relevant Sub-Fund
              exceeds the return of the Performance Fee Benchmark during the same period, subject to the operation of a Claw-Back Mechanism or of a High
              Water Mark. The Performance Fee mechanism, Performance Fee Rate and the Performance Fee Benchmarks are specified in "Appendix III -
              Sub-Fund Details" of the Luxembourg Prospectus for each relevant Sub-Fund. Full details on how the Performance Fee is accrued and charged,
              and the definition of the terms used herein appear under "Appendix V - Calculation of Performance Fees" of the Luxembourg Prospectus.

     7.4      Sub-Funds may not invest more than 10% of its net assets in UCITS and other UCIs4. Fees and expenses may be imposed at the underlying
              fund level. Subject to the applicable investment restrictions, Sub-Funds may invest in UCITS and other UCIs managed by the Management
              Company, Investment Managers, or any other member of JPMorgan Chase & Co. No double-charging of fees will occur. The avoidance of a
              double-charge of the Performance Fee is achieved by either a) where a Sub-Fund invests in such UCITS and other UCIs, and these UCITS and/
              or UCIs charge performance fees, the Sub-Fund will not charge a Performance Fee, or b) where a Sub-Fund charges a Performance Fee,
              it will not invest in such UCITS and/or UCIs that charge performance fees. The avoidance of a double-charge of the Annual Management
              and Advisory Fee on such assets is achieved by either: a) excluding the assets from the net assets on which the Annual Management
              and Advisory Fee are calculated; or b) investing in UCITS or other UCIs via Share Classes that do not accrue an Annual Management and
              Advisory Fee or other equivalent fees payable to the relevant adviser's group; or c) the Annual Management and Advisory Fee being
              netted off by a rebate to the Fund or Sub-Fund of the annual management and advisory fee (or equivalent) charged to the underlying
              UCITS or other UCIs; or d) charging only the difference between the Annual Management and Advisory Fee of the Fund or Sub-Fund and
              the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or other UCIs. Subscription, redemption and
              switching charges of the UCITS and other UCIs managed by the Management Company, the Investment Manager or any other member of
              JPMorgan Chase & Co. into which the Sub-Fund may invest will be waived. Where a Sub-Fund invests in UCITS and other UCIs managed by
              investment managers which are not members of JPMorgan Chase & Co. group, the Annual Management and Advisory Fee, as specified in the
              relevant Appendix, may be charged regardless of any fees reflected in the price of the shares or units of such underlying UCITS and UCIs.

     7.5      Please refer to section 3.1 - Administration Details, Charges and Expenses and Appendix III - Sub-Fund Details of the Luxembourg Prospectus
              for further details on fees, charges and expenses currently applicable to the Sub-Funds.

     8.       RISK FACTORS

     8.1      General Risks

     8.1.1 Investors should note that the price of Shares of any of the Sub-Funds and any income from them may fall as well as rise. Investors may not
           get back the full amount invested, and the principal of the Sub-Funds may be at risk.

     8.1.2 Past performance is not a guide to future performance and the Sub-Fund(s) should be regarded as medium to long-term investment(s).

     8.1.3 Where a purchase involves a foreign exchange transaction, it may be subject to the fluctuations of currency values. Exchange rates may also
           cause the value of underlying investments to go down or up.

     8.1.4 The Sub-Funds are not listed and you can redeem only on a Singapore Dealing Day.

     8.2      Specific Risks

     8.2.1 In respect of Currency Hedged Share Classes, the relevant Sub-Fund may invest in assets denominated in any currency and currency exposure
           may be hedged. Notwithstanding the Currency Hedged Share Classes, the Sub-Funds may invest in assets denominated in any currency and
           such currency exposure may not be hedged for the Shares on offer in this Singapore Prospectus, as the relevant Investment Manager reserves
           the discretion to determine if currency exposure should be hedged actively, passively or not at all depending on the relevant circumstances.
           In addition, the net asset value of the USD and EUR denominated Share Classes are not denominated in SGD. Accordingly, foreign currency
           exchange rate movements are likely to influence the returns to investors in Singapore, and investors may be exposed to exchange rate
           risks. The attention of Shareholders is drawn to the fact that the Net Asset Value of a Share Class denominated in one currency may vary
           unfavourably in respect of another Share Class denominated in another currency due to hedging transactions. Please also refer to paragraph
           2.8 for details on the currency hedging relating to any Currency Hedged Share Classes being offered.




     4
           "UIC" means an Undertaking for Collective Investment.


12
8.2.2 Please refer to Appendix IV - Risk Factors in the Luxembourg Prospectus and Appendix III - Sub-Fund Details in the Luxembourg Prospectus,
      and (where applicable) to the relevant Sub-Fund's Appendix to this Singapore Prospectus for information on and details of the specific risks
      relating to each Sub-Fund.

9.    DEALING

9.1   For purposes of this Singapore Prospectus, unless the context otherwise requires, references to a "Singapore Shareholder" are references
      to a Singapore distributor (appointed by JPMorgan Funds (Asia) Limited ("JPMFAL"), the Management Company or their affiliates) or its
      nominee, who acts as an agent to an investor and holds the Shares in the Sub-Fund (the "Shares") on behalf of an investor and references
      to an "investor" are references to a person (whether an individual or other legal person) applying for or investing in Shares through such a
      Singapore distributor.

9.2   Shares may be purchased and redeemed by investors only through Singapore distributors appointed by JPMFAL, the Management Company
      or their affiliates. When an investor applies through a Singapore distributor to subscribe for Shares, or makes a request to redeem Shares,
      the Singapore distributor will in turn forward the application for subscription or the request for redemption to JPMFAL or the Management
      Company on the investor's behalf. Where an application to subscribe for Shares is made through JPMFAL and JPMFAL accepts the application,
      Shares will be issued to JPMFAL's nominee (the "Nominee"), currently JPMorgan Investor Services (Asia) Limited, whose name is entered into
      the shareholder register of the Fund as the legal owner of the Shares, and who will hold those Shares on behalf of the Singapore Shareholders.
      Where a redemption request is made and JPMFAL or the Management Company accepts the request, realisation proceeds will be paid to the
      relevant Singapore Shareholder, who in turn pays the same to the relevant investor in Singapore.

9.3   The dealing practices described in paragraphs 9.4, 10, 11 and 12 of this Singapore Prospectus are only applicable to dealings made by Singapore
      Shareholders through JPMFAL. The Singapore distributors may have different dealing practices in respect of dealings made by investors
      in Singapore, for example, earlier dealing cut-off time and different minimum investment amount. As such, investors who subscribe
      for, redeem or convert Shares through a Singapore distributor should consult the relevant Singapore distributor to find out the
      dealing practices that are applicable to them. Investors dealing through the Management Company are to refer to section 2.1- Subscription,
      Redemption and Switching of Shares and Appendix III - Sub-Fund Details of the Luxembourg Prospectus.

9.4   The Management Company has the discretion to determine whether a Business Day shall be a Luxembourg Dealing Day or non-Luxembourg
      Dealing Day. In respect of Singapore Shareholders dealing through JPMFAL, any requests for issue, redemption, transfer and conversion of
      Shares of any Share Class will be accepted by JPMFAL on any Dealing Day (being a day which is both a Luxembourg Dealing Day and a Hong
      Kong Business Day) of the relevant Sub-Fund. Notwithstanding the foregoing, on New Year's Eve, provided that such day is not a Saturday or
      Sunday, the Net Asset Value per Share of each Share Class in respect of this day shall be made available although no deals will be processed
      on that day. A list of expected non-Luxembourg Dealing Days applicable to Singapore Shareholders who deal through JPMFAL is available from
      JPMFAL on request.

9.5   Applications received by JPMFAL before 18:00 (Singapore time) on a Dealing Day, or such other time agreed by JPMFAL and permitted by the
      Board of Directors, will be dealt at the relevant offer price determined on that day. Applications received after 18:00 (Singapore time) will
      normally be executed on the next Dealing Day. As a result of this, applications for the subscription, redemption and conversion of Shares shall
      be dealt with on an unknown net asset value basis before the determination of the net asset value for that day.

9.6   Specifically, the Fund does not permit market timing (as set out in CSSF circular 04/146) or related excessive, short-term trading practices. In
      order to protect the best interests of the Shareholders, the Fund and/or the Management Company and/or JPMFAL reserve the right to reject
      any application for the subscription or conversion of Shares from any investor engaging in such practices or suspected of engaging in such
      practices and to take such further action as they, in their discretion, may deem appropriate or necessary.

9.7   The Shares of the Sub-Funds may not be offered to, subscribed or owned, directly or indirectly, by any US Person. Shareholders are required to
      notify the Management Company immediately in the event that they are or become US Persons or hold Shares for the account or benefit of US
      Persons or hold Shares in breach of any law or regulation or otherwise in circumstances having, or which may have, adverse regulatory, tax or
      fiscal consequences for the Fund or the Shareholders or otherwise be detrimental to the interests of the Fund. If the Board of Directors or the
      Management Company become aware that a Shareholder is holding Shares in breach of any law or regulation or otherwise in circumstances
      having, or which may have, adverse regulatory, tax or fiscal consequences for the Fund or the Shareholders or otherwise be detrimental to the
      interests of the Fund or the Shareholder has become or is a US Person, the Board of Directors or the Management Company may, in their sole
      discretion, redeem the Shares of the Shareholder in accordance with the provisions of the Articles. Should a Shareholder become a US Person,
      he may be subject to US withholding taxes and tax reporting. For these purposes a US Person is defined as follows:

9.7.1 an individual who is a citizen of the U.S. or a resident alien for U.S. federal income tax purposes. In general, the term "resident alien" is
      defined for this purpose to include any individual who (i) holds an Alien Registration Card (a "green card") issued by the U.S. Immigration and
      Naturalization Service or (ii) meets a "substantial presence" test. The "substantial presence" test is generally met with respect to any calendar
      year if (i) the individual was present in the U.S. on at least 31 days during such year and (ii) the sum of the number of days in which such
      individual was present in the U.S. during such year, 1/3 of the number of such days during the first preceding year, and 1/6 of the number of
      such days during the second preceding year, equals or exceeds 183 days;

9.7.2 a corporation, an entity taxable as a corporation, or a partnership created or organized in or under the laws of the U.S. or any state or political
      subdivision thereof or therein, including the District of Columbia (other than a partnership that is not treated as a U.S. person under Treasury
      Regulations);




                                                                                                                                                        13
     9.7.3 an estate the income of which is subject to U.S. federal income tax regardless of the source thereof; or

     9.7.4 a trust with respect to which a court within the U.S. is able to exercise primary supervision over its administration and one or more U.S. persons
           have the authority to control all of its substantial decisions, or certain electing trusts that were in existence on August 20, 1996 and were
           treated as domestic trusts on August 19, 1996.

     9.8    The Management Company may, at any time, decide to compulsorily redeem all Shares from Shareholders whose holding is less than the
            minimum holding amount as specified by the Board of Directors or on application, or who fail to satisfy any other applicable eligibility
            requirements. In such case, the Shareholder concerned will receive one month's prior notice so as to be able to increase their holding above
            such amount or otherwise satisfy the eligibility requirements. Under the same circumstances, the Management Company may convert Shares
            of one Class of Shares into Shares of another Class of Shares within the same Sub-Fund with higher charges or fee load.

     10. SUBSCRIPTION

            The Management Company and/or JPMFAL have absolute discretion to accept or reject in whole or in part any application for Shares. If an
            application is rejected, the money in respect of such application will be returned (without interest) at the cost of the Singapore Shareholder
            within 3 Singapore Dealing Days5 of such rejection.

     10.1 Initial Offer Period

            It is not intended that there be any initial offer period for the Sub-Funds in Singapore.

     10.2 Subscription Procedure

            Investors may subscribe for Shares on each Singapore Dealing Day by submitting the relevant completed application form together with all
            other relevant documents to any Singapore distributor appointed by JPMFAL or the Management Company.

            Investors should note that for purposes of subscription, no "cooling-off" or cancellation period will be applicable.

     10.3 Dealing Deadline and Pricing Basis

            Applications for Shares received by JPMFAL from the Singapore Shareholders before 18:00 (Singapore time) on a Dealing Day, or such other
            time agreed by JPMFAL and permitted by the Board of Directors, will be dealt at the relevant offer price calculated on that day. Applications
            received after 18:00 (Singapore time) will normally be executed on the next Dealing Day. All applications to subscribe for Shares shall be dealt
            with on an unknown net asset value basis before the determination of the net asset value for that day.

            Singapore distributors may impose their own more restrictive dealing deadlines on investors which may be different from JPMFAL's dealing
            deadlines. Investors should confirm the applicable dealing deadline with their relevant Singapore distributor.

     10.4 Minimum Subscription Amounts and Minimum Holding Amount

            In respect of each Sub-Fund, subject to the Board of Directors' discretion to determine otherwise, the minimum initial subscription amount,
            minimum subsequent subscription amount and minimum holding amount for the A Share Class are listed below in EUR, SGD and USD and for C
            and D Share Classes in USD only, however the Board of Directors may at their discretion accept equivalent amounts in alternative currencies.

                                                        Minimum Initial                              Minimum Subsequent                         Minimum Holding
              Share Class
                                                        Subscription Amount                          Subscription Amount                        Amount
              Class A (SGD)                             SGD 1,000                                    SGD 500                                    SGD 1,000
              Class A (USD)                             USD 1,000                                    USD 500                                    USD 1,000
              Class A (EUR)                             EUR 1,000                                    EUR 500                                    EUR 1,000
              Class C                                   USD 10,000,000                               USD 1,000                                  USD 10,000,000
              Class D                                   USD 5,000                                    USD 1,000                                  USD 5,000

     10.5 Numerical Example of How Shares are Allotted

            The following examples assume an initial charge of 5% and 0% respectively are added to the Net Asset Value per Share and explain the effect
            of such initial charge on the number of Shares received.




     5
         A "Singapore Dealing Day" means a day other than Saturday or Sunday or a local holiday on which banks in Singapore are open for normal banking business and which is also a Dealing
         Day.


14
       Based on a minimum investment amount of SGD 1,000 and USD 10,000,000 respectively and a notional Net Asset Value per Share of SGD 10.00
       and USD 10.00 respectively, the number of Shares received by the Shareholder will be:

       Class A (SGD) Shares

             SGD 1,000                ÷     SGD 10.50                  =              95.238
             Gross Investment               Net Asset Value per Share                 Number of Shares issued to the nearest
                                            multiplied by 105% and                    3 decimal places
                                            rounding the resulting sum
                                            up to 2 decimal places

       Class C (USD) Shares

             USD 10,000,000           ÷     USD 10.00                 =               1,000,000.000
             Gross Investment               Net Asset Value per Share                 Number of Shares issued to the nearest
                                            with 0% Initial Charge                    3 decimal places

       Investors should note that the above examples are purely hypothetical and are not a forecast or indication of any expectation of
       performance of the Sub-Funds. The above examples are to illustrate how the number of Shares is calculated. Please note that different
       Share Classes offered pursuant to this Singapore Prospectus may be denominated in different currencies, and be subject to different
       minimum investment amounts and initial charges, as described in the other paragraphs of this Singapore Prospectus.

10.6 Payment Terms

       Prices are quoted in the currency denomination of the relevant Shares. Payment for Shares must be made by telegraphic transfer or cheque
       and in the Reference Currency6 of the relevant Share Class. JPMFAL, however, may arrange on behalf of, and at the cost of, the Singapore
       Shareholder a currency exchange service for subscriptions received in other currencies. Such currency conversion will normally be effected at
       the first opportunity where practicable after the relevant Dealing Day at either a spot or forward rate at JPMFAL's absolute discretion.

       Each Singapore distributor has their own policy with regards to the payment terms for the Shares and how the Shares are to be paid for with
       whom the investors are advised to check.

       Where payment is not received with an application form, settlement is due within three Singapore business days of the relevant Dealing Day.
       If payment in cleared funds is not received within three Singapore business days from the relevant Dealing Day, JPMFAL may, at its absolute
       discretion, cancel the application. In such an event, JPMFAL will be entitled to charge the Singapore Shareholder (and retain for its own
       account) a cancellation fee which amongst others could include interest on any overdue payment and the cost of any currency exchange (if
       applicable) and require such Singapore Shareholder to pay the difference between the offer price of the Shares, on the date the Shares were
       issued, and the bid price of the Shares, on the date the Shares were cancelled. Investors should take note that such fees and charges may be
       passed on to them by their relevant Singapore distributor.

       Shares will be issued in registered form to three decimal places. Subscription monies representing smaller fractions of a Share will be retained
       by JPMFAL.

10.7 Confirmation of Subscription

       The relevant confirmations of the registration of the Shares are delivered as soon as reasonably practicable and normally within two Singapore
       Dealing Days to the Singapore Shareholders following the relevant Dealing Day on which the subscription application is accepted by JPMFAL.
       Investors should note that the date on which they receive the trade confirmation will depend on when their Singapore distributor actually
       sends the relevant trade confirmation to them. Please note that share certificates will not be issued to investors dealing through the Singapore
       distributors.

10.8 Minimum Fund Size

       If and when for any reason the total number of Shares of all share classes in any Sub-Fund is reduced to 1,000,000 shares or the net asset value
       of Shares of all share classes in any Sub-Fund is less than USD 10,000,000 (such threshold will be increased to USD 30,000,000 will effect from
       16 August 2011) or if a change in the economical or political situation relating to the Sub-Fund concerned would justify it, or in order to proceed
       to an economic rationalisation or if the interest of the Shareholders would justify it, the Directors may decide to redeem all the Shares of that
       Sub-Fund. In any such event Shareholders will, in addition to being notified individually of such compulsory redemption, also be notified by
       redemption notice published in such newspapers determined by the Directors in accordance with Luxembourg law at least fifteen days prior
       to compulsory redemption, and will be paid the net asset value of the Shares of the relevant share class held as at the redemption date.




6
     "Reference Currency" means the reference currency of a Sub-Fund (or a Share Class thereof, if applicable) which, however, does not necessarily correspond to the currency in which the
    Sub-Fund's assets are invested at any point in time. Where currency is used in the name of a Sub-Fund, this merely refers to the reference currency of the Sub-Fund and does not indicate
    a currency bias within the portfolio. Individual Share Classes may have different currency denominations which denote the currency in which the Net Asset Value per Share is expressed.



                                                                                                                                                                                            15
     10.9 Nominee Arrangement

            Shares subscribed for through JPMFAL will be registered in the name of the Nominee, on behalf of the Singapore Shareholders. The Nominee
            is a limited liability company incorporated under the laws of the British Virgin Islands. The registered address of the Nominee is PO Box 3151,
            Road Town, Tortola, British Virgin Islands. The Nominee has been appointed by JPMFAL in accordance with the terms and conditions of the
            nominee agreement. Singapore Shareholders who wish to hold Shares directly in their own name may not currently deal (i.e. subscribe, redeem
            or convert Shares) through JPMFAL and should contact the Management Company in Luxembourg directly. The procedures for dealing through
            the Management Company may differ from those described in this Singapore Prospectus. The terms and conditions of the nominee agreement
            are summarised below: -

     (i)    JPMFAL has the right at any time, upon giving the Singapore Shareholder not less than ten calendar days' notice in writing, to require the
            Nominee to transfer any Shares that are registered in the name of the Nominee for the account of the Singapore Shareholder directly to the
            Singapore Shareholder.

     (ii)   JPMFAL acting as agent for the Singapore Shareholder may: (a) place any orders for the sale or purchase of Shares held or to be held (A) by
            the Nominee for the account of that Singapore Shareholder or (B) directly by that Singapore Shareholder upon or following JPMFAL exercising
            its right referred to in paragraph (i); (b) without further instructions from that Singapore Shareholder, deal with the conversion of any such
            Shares, whether pursuant to their terms or pursuant to any plan of merger, consolidation, re-organisation, recapitalisation or readjustment
            or otherwise; and (c) without further instructions from that Singapore Shareholder, direct the Nominee or the Fund to procure that, or cause,
            any dividends or other entitlements or redemption proceeds paid or payable in respect of any such Shares to be paid directly to JPMFAL on
            behalf of that Singapore Shareholder. Any such dividends or proceeds will be applied by JPMFAL in accordance with the relevant Singapore
            Shareholder's instructions from time to time.

     (iii) Subject to the above, instructions in connection with any Shares held for the Singapore Shareholder's account will only be given to the Nominee
           by JPMFAL acting as agent for that Singapore Shareholder. Each of JPMFAL and the Nominee will act on any instructions given to it by that
           Singapore Shareholder and JPMFAL, respectively, provided that each of JPMFAL and the Nominee receives sufficient notice to enable it to so
           act (that period of notice to be determined, in its absolute discretion, by JPMFAL).

     (iv) Instructions referred to in paragraph (iii) above include instructions in connection with attendance at meetings or voting in respect of any
          such Shares or as regards any merger, consolidation, reorganisation, receivership, bankruptcy or insolvency proceedings, compromise or
          arrangement or the deposit of any such Shares but, save as provided in the paragraph (iii) above, neither JPMFAL nor the Nominee will have any
          duty or responsibility in respect thereof nor will either of them be under any duty to investigate or participate therein or to take any affirmative
          action in connection therewith.

     (v)    A Singapore Shareholder may terminate the above arrangements in relation to its Shares by giving JPMFAL ten calendar days' written notice.
            Upon giving any such notice, the Singapore Shareholder will be deemed to have given JPMFAL instructions to cause any Shares then held by
            the Nominee for the account of that Singapore Shareholder to be, at JPMFAL's absolute discretion, (a) redeemed on the day upon which that
            notice is received by JPMFAL, or if that day is not a Dealing Day or if that notice is received after such time on any Dealing Day from time to
            time specified in this Singapore Prospectus, with effect on the next Dealing Day ("Effective Date") and for the redemption proceeds thereof to
            be remitted to that Singapore Shareholder; or (b) transferred by the Nominee on the Effective Date directly to that Singapore Shareholder.

     (vi) If a Singapore Shareholder is at any time in breach of these arrangements, JPMFAL may at any time whilst that breach is continuing by notice in
          writing immediately terminate its agency and cause all or any Shares then held by the Nominee for the account of the Singapore Shareholder
          to be redeemed.

     (vii) JPMFAL and other relevant parties, including the Management Company, shall be indemnified by each Singapore Shareholder against any
           actions, proceedings, claims, losses, damages, taxes, costs and expenses which may be brought against, suffered or incurred by any or all of
           them arising either directly or indirectly out of or in connection with JPMFAL's or the Nominee's accepting, relying on or failing to act on any
           instructions given or purported to be given by or on behalf of that Singapore Shareholder or given by JPMFAL, unless due to the wilful default
           or negligence of JPMFAL or any other relevant party.

     (viii) Any taxes incurred by the Nominee in respect of any Shares held on account of a Singapore Shareholder shall be the responsibility of that
            Singapore Shareholder.

            Singapore distributors may appoint their own nominee under terms and conditions different from the above. Investors should contact their
            relevant Singapore distributor to find out the applicable terms and conditions.

            Investment via these nominee arrangements is subject to the following risk factors:

     (i)    The legislative framework in some markets is only beginning to develop the concept of legal/formal ownership and of beneficial ownership or
            interest in securities. Consequently the courts in such markets may consider that any nominee or custodian as registered holder of securities
            would have full ownership thereof and that a beneficial owner may have no rights whatsoever in respect thereof.

     (ii)   Investors investing under nominee arrangements do not have any direct contractual relationship with JPMFAL or the Management Company.
            For investors investing via a Singapore distributor, although the investors are the beneficial owners of the Shares, legally the Shares are
            owned by the Nominee. In these circumstances, investors do not have any direct contractual relationship with JPMFAL, and therefore will not
            have direct recourse on JPMFAL as investors can only pursue claims through the Nominee. Investors should contact their relevant Singapore
            distributor to find out details of the applicable nominee arrangement.

     (iii) The nominee may not necessarily be registered with the MAS. As such, the MAS has limited powers to take action against the nominee.


16
10.10 Regular Savings Plan

      The Singapore distributors may, at their own discretion, offer regular savings plans in relation to offers of the Sub-Funds in Singapore.
      Information on such regular savings plans, such as minimum periodic contribution, timing of the investment deduction and Shares allotment,
      fees and termination of such regular savings plan, may be obtained from the relevant appointed Singapore distributor.

      An investor may at any time cease his participation in the regular savings plan (if any) in respect of a Sub-Fund or Class without penalty by
      giving written notice to the relevant Singapore distributor of not less than such period of notice as may from time to time be required by
      the relevant Singapore distributor provided that the requisite notice period is not longer than the period between that investor's periodic
      contributions or such other period specified under applicable Singapore laws.

11.   REDEMPTION

11.1 Redemption Procedure

      Investors may request for the redemption of their Shares on any Singapore Dealing Day through the relevant appointed Singapore distributor
      through which their Shares were purchased.

11.2 Redemption Instructions

      Redemption instructions should be in writing and may be sent by facsimile or other electronic form agreed in advance by JPMFAL. The
      instructions should specify the number of Shares or an amount in SGD or other currency to be redeemed. JPMFAL may also agree to accept
      redemption requests over the telephone, subject to certain conditions.

11.3 Partial Redemptions

      There is no minimum redemption amount and partial redemptions of Shares are permitted, provided that they do not result in a holding with
      an aggregate value of less than the relevant minimum holding amount, or equivalent in another currency, per Share Class in the relevant
      Sub-Fund. If a conversion or request results in a holding below the relevant minimum holding amount, or equivalent in another currency, on
      the relevant Dealing Day, JPMFAL may, at its absolute discretion, treat the conversion or redemption requests as an instruction to redeem or
      convert, as appropriate, the total holding in the relevant Share Class in the relevant Sub-Fund. In respect of investors of Class A Shares, the
      minimum holding amount is SGD 1,000 or USD 1,000 or EUR 1,000 depending on the currency of the relevant Class A Shares. Please refer to
      paragraph 10.4 Minimum Subscription Amounts and Minimum Holding Amount of this Singapore Prospectus for details.

11.4 Dealing Deadline and Pricing Basis

      Redemption instructions received by JPMFAL from the Singapore Shareholder before 18:00 (Singapore time) on a Dealing Day, or such other
      time agreed by JPMFAL, and permitted by the Board of Directors, will normally be executed at the relevant bid price on that day. Instructions
      received after 18:00 (Singapore time) on a Dealing Day will normally be executed at the bid price calculated on the next Dealing Day. All
      instructions to convert or redeem Shares shall be dealt with on an unknown net asset value basis before the determination of the net asset
      value for that day.

      Singapore distributors may impose their own dealing deadlines on investors which may be different from JPMFAL's dealing deadlines. Investors
      should confirm the applicable dealing deadline with their relevant Singapore distributor.

11.5 Authentication

      JPMFAL may at its option carry out any authentication procedures that it considers appropriate to verify, confirm or clarify a Singapore
      Shareholder's payment instructions relating to a redemption application. This aims to mitigate the risk of error and fraud for the Fund, its
      agents or Shareholders. Where it has not been possible to complete any authentication procedures to its satisfaction, JPMFAL may, at its
      discretion, delay the processing of payment instructions, until authentication procedures have been satisfied, to a date later than the envisaged
      payment date for redemptions set out in this Singapore Prospectus. This shall not affect the Dealing Day on which the redemption application
      is accepted and shall not affect the fact that the bid price for any redemption shall be determined on the Dealing Day on which the redemption
      application is accepted.

      If JPMFAL is not satisfied with any verification or confirmation, it may decline to execute the relevant redemption instruction until satisfaction is
      obtained. None of JPMFAL, the Fund or the Fund's agent shall be held responsible to the Singapore Shareholder or anyone if it delays execution
      or declines to execute redemption instructions in these circumstances.

11.6 Numerical examples of calculation of redemption proceeds

      The following examples assume a redemption charge of 0% and 0.5% for Class A (SGD) Shares and 0% for Class C (USD) Shares respectively
      of the Net Asset Value per Share and explains the effect of such redemption charge on the redemption proceeds received.




                                                                                                                                                          17
            Based on a redemption amount of 1,000 Shares and a notional Net Asset Value per Share of SGD 10.00 and USD 10.00 respectively, the amount
            of redemption proceeds payable to the Singapore Shareholders will be:

            Class A (SGD) Shares

                 e.g.                    100.0%                      X                  SGD 10.00                      =                               SGD 10.00
                               No Redemption Charge                           Net Asset Value per Share                       Bid price rounded to the nearest 2 decimal places
                                     1,000 Shares                    X                  SGD 10.00                      =                            SGD 10,000.00
                                Redemption Amount                                 Bid Price per Share                                           Redemption proceeds


                 e.g.                     99.5%                      X                  SGD 10.00                     =                                 SGD 9.95
                             Where applying Maximum
                                                                              Net Asset Value per Share                       Bid price rounded to the nearest 2 decimal places
                            Redemption Charge of 0.5%
                                     1,000 Shares                    X                   SGD 9.95                     =                              SGD 9,950.00
                                 Redemption Amount                                Bid Price per Share                                           Redemption proceeds


            Class C (USD) Shares

                 e.g.                    100.0%                      X                  USD 10.00                     =                                USD 10.00
                               No Redemption Charge                           Net Asset Value per Share                                                 Bid Price
                                     1,000 Shares                    X                  USD 10.00                     =                             USD 10,000.00
                                Redemption Amount                                 Bid Price per Share                                           Redemption proceeds


            Investors should note that the above examples are purely hypothetical are not a forecast or indication of any expectation of the
            performance of the Sub-Funds. The above examples are to illustrate how redemption proceeds are calculated. Please note that different
            Share Classes offered pursuant to this Singapore Prospectus may be denominated in different currencies.

     11.7 Payment of Redemption Proceeds

            The bid price will be quoted in the currency of the relevant Shares and payment will normally be made in that currency. On request, JPMFAL
            may arrange for payment to be made in certain other freely convertible currencies, at the Singapore Shareholder's expense. The Singapore
            distributors may in turn impose such expenses onto the investors in Singapore.

            The redemption proceeds will normally be paid within five Singapore Dealing Days (up to fifteen Singapore Dealing Days in the case of JF India
            Fund) and in any event not later than fifteen Singapore Dealing Days from the relevant Dealing Day provided that a duly completed redemption
            request in a prescribed format and such other information as JPMFAL may reasonably require has been provided by the Singapore Shareholder.
            Failure to provide such information may delay the payment of redemption proceeds.

            Investors should note that the date on which they receive redemption proceeds will depend on when their Singapore distributor forwards the
            redemption proceeds to them.

            To determine how investors will receive their redemption proceeds, investors should enquire from their relevant Singapore distributor as each
            Singapore distributor has their own payment procedures and process. Investors may be liable for any bank charges on payment which may be
            imposed by their relevant Singapore distributor.

            If, on the settlement date, the banks in the country of the currency of the relevant Shares are not open for normal banking business or an
            interbank settlement system is not operational, then payment to the Singapore Shareholder will be on the next Singapore Dealing Day on which
            those banks and settlement systems are open.

     12.    CONVERSION

     12.1 Instructions to convert from Shares of one Sub-Fund to Shares of another Share Class of that Sub-Fund or another Sub-Fund, received before
          18:00 (Singapore time) on a Dealing Day, will normally be effected on the same Dealing Day. If the conversion instruction from a Singapore
          Shareholder is received by JPMFAL on a day that is not a Dealing Day for the Shares to be redeemed or after 18:00 (Singapore time) on a
          Dealing Day, the conversion (i.e. both the redemption and the allotment) will be effected on the next Dealing Day. If the conversion instruction is
          received on a day that is a Dealing Day for the Shares to be redeemed but is not a Dealing Day for the Shares to be purchased, the redemption
          will be effected on the day on which the instruction is received and the allotment will be effected on the next day which is a Dealing Day for the
          Sub-Fund7.


     7
         For conversions of Shares out of JF India Fund into Shares of another Sub-Fund, the offer price may on occasion be calculated on the date the redemption proceeds are received; Shares
         in the new Sub-Fund will only be purchased when the redemption proceeds are available (limited to no more than fifteen Singapore Dealing Days for payment of redemption proceeds
         from JF India Fund). Please note that on such occasion subscription instructions into another Sub-Fund will be executed when any previously related redemption transaction in respect of
         JF India Fund has been completed.


18
12.2 Where a Singapore Shareholder converts from Shares of one Sub-Fund to Shares of another Share Class of that Sub-Fund or another Sub-Fund,
     the Shares will be redeemed at the bid price (including any redemption charge) and the Shares will be purchased at the Net Asset Value per
     Share plus a switching fee of normally 1% of the relevant Net Asset Value per Share.

12.3 For investors dealing through Singapore distributors appointed by JPMFAL, an application for conversion may be treated as an application
     for redemption followed by an application for subscription, and the full applicable redemption and initial charges may be applied accordingly.
     Investors should contact their relevant Singapore distributor for further information.

12.4 The Management Company agrees that JPMFAL or such other Singapore distributor appointed by JPMFAL or the Management Company may
     retain any charges on conversions and any rounding adjustments as set out in the Luxembourg Prospectus.

13.    SUSPENSION OF DEALING

13.1 Notwithstanding Article 21 of the Articles, the Fund reserves the right not to accept instructions to redeem or convert more than 10% of the
     total value of shares in issue of any Sub-Fund on any one Luxembourg Dealing Day. In these circumstances, part or all of the shares in excess
     of 10% for which a redemption or conversion instruction has been received may be deferred until the next Luxembourg Dealing Day and will
     be valued at the bid price prevailing on that Luxembourg Dealing Day. On such a Luxembourg Dealing Day, deferred requests will be dealt with
     in priority to later requests and in the order that the instructions were received by the Management Company.

13.2 In the event that the Fund exercises the above right and defers a redemption instruction placed by JPMFAL for the Nominee, on behalf of
     Singapore Shareholders, JPMFAL will defer the redemption of such Shares pro rata between Singapore Shareholders that have given JPMFAL
     an instructi on to redeem those Shares on that Dealing Day. Singapore Shareholders affected will be informed by JPMFAL. Investors should
     enquire from their relevant Singapore distributor what their policy is with regards to the above situation.

13.3 The Fund may suspend or defer the calculation of the Net Asset Value of any class of Shares (including the Shares) in any Sub-Fund and the
     issue and redemption of any class of Shares (including the Shares) in such Sub-Fund, as well as the right to convert shares of any class in any
     Sub-Fund into shares of another class of the same Sub-Fund or any other Sub-Fund:

(i)    while any transfer of funds involved in the realisation, acquisition or disposal of investments or payments due on sale of such investments by
       the Fund cannot, in the opinion of the Board of Directors, be effected at normal prices or rates of exchange or be effected without seriously
       prejudicing the interests of the Shareholders or the Fund; or

(ii)   during any breakdown in the communications normally employed in valuing any of the Fund's assets, or when, for any reason, the price or value
       of any assets cannot be promptly and accurately ascertained; or

(iii) if the Fund, a Sub-Fund or a Class of Shares is being, or may be, wound-up on or following the date on which notice is given of the meeting of
      the relevant Shareholders at which a resolution to wind up the Fund, the Sub-Fund or a Class of Shares is proposed; or

(iv) during the existence of any state of affairs which, in the view of the Board of Directors, constitutes an emergency as a result of which disposal
     or valuation of investments of the relevant Sub-Funds by the Management Company is impracticable; or

(v)    if the Board of Directors have determined that there has been a material change in the valuation of a substantial proportion of the investments
       of the Fund attributable to a particular Sub-Fund and the Board of Directors have decided, in order to safeguard the interest of the Shareholders
       and the Fund, to delay the preparation or use of a valuation or carry out a later or subsequent valuation; or

(vi) while the value of any subsidiary of the Fund may not be determined accurately; or

(vii) during any other circumstance or circumstances where a failure to do so might result in the Fund or its Shareholders incurring any liability
      to taxation or suffering other pecuniary disadvantages or other detriment to which the Fund or its Shareholders might not otherwise have
      suffered.

13.4 The suspension of the calculation of the Net Asset Value of any Sub-Fund or class shall not affect the valuation of other Sub-Funds or classes,
     unless these Sub-Funds or classes are also affected.

13.5 During a period of suspension or deferral, a Singapore Shareholder may withdraw its request in respect of any Shares not redeemed or
     converted, by notice in writing received by JPMFAL before the end of such period. Investors should enquire from their relevant Singapore
     distributor whether a similar policy exists for them.

13.6 In the case of JF India Fund, payment of redemption proceeds and execution of conversions may be deferred for a period of up to fifteen
     Singapore Dealing Days from the relevant Dealing Day if market conditions do not allow earlier settlement.

13.7 Investors will be informed of any suspension or deferral as appropriate by their relevant Singapore distributor.

14. RESTRICTIONS ON SUBSCRIPTION AND CONVERSION INTO CERTAIN SUB-FUNDS

14.1 A Sub-Fund may be closed to new subscription or conversion in (but not to redemption or conversion out) if, in the opinion of Management
     Company, this is necessary to protect the interests of existing Shareholders. Without limiting the circumstances where a closing may be
     appropriate, one such circumstance would be where the Sub-Fund has reached a size such that the capacity of the market and/or the capacity
     of the Investment Manager has been reached, and where to permit further inflows would be detrimental to the performance of the Sub-
     Fund.

                                                                                                                                                       19
     14.2 Any Sub-Fund which, in the opinion of the Management Company, is materially capacity constrained may be closed to new subscription or
          conversion without notice to Singapore Shareholders. Once closed to new subscription or conversion in, a Sub-Fund will not be re-opened until,
          in the opinion of the Management Company, the circumstances which required closure no longer prevail and significant capacity is available
          within the Sub-Fund for new investment. For Sub-Funds available for subscription by investors in Singapore through the Singapore distributors,
          investors should consult their relevant Singapore distributor to find out the current status of the Sub-Funds or the Share Classes.

     15.   OBTAINING PRICE INFORMATION

     15.1 The relevant prices of selected Share Class(es) of a Sub-Fund will be published in The Asian Wall Street Journal, and prices of all Share Classes
          of a Sub-Fund will be made available on the website of the Singapore Representative (www.jpmorganam.com.sg), on the following Singapore
          business day after each relevant Dealing Day.

     15.2 Investors should note that the frequency of the publication of the prices is dependent on the publication policies of the newspaper publisher
          concerned. Save for publications by the Singapore Representative on behalf of the Fund, the Singapore Representative does not accept any
          responsibility for any errors on the part of the publishers concerned in the prices published in the newspaper or for any non-publication or late
          publication of prices by such publisher.

     16. PERFORMANCE OF THE SUB-FUNDS, EXPENSE RATIO AND TURNOVER RATIO

           Please refer to the relevant Appendix for information on the performance, expense ratio and turnover ratio of each Sub-Fund.

     17.   CONFLICTS OF INTEREST

           The Management Company, the Investment Managers, the Singapore Representative, the Corporate and Administrative Agent, the Custodian
           and the Sales Agents are part of JPMorgan Chase & Co., which is a multi-service banking group, providing its clients all forms of banking
           investment services. As a result, there may be conflicts of interest between the various activities of these companies and their duties and
           obligations to the Fund.

           The Management Company, under the rules of conduct applicable to it, must try to avoid conflicts of interest and when they cannot be avoided,
           ensure that its clients (including the Fund) are fairly treated.

           The Management Company, the Investment Managers, the Singapore Representative, the Corporate and Administrative Agent, the Custodian
           and the Sales Agents may from time to time act as management company, investment manager or adviser, sales agent, administrator, registrar,
           custodian or trustee in relation to, or be otherwise involved with, other funds or UCITS, other UCIs or other clients. It is therefore possible that
           any of them may, in the due course of their business, have potential conflicts of interest with the Fund or any Sub-Fund. In such event, each
           will at all times have regard to its obligations under any agreements to which it is party or by which it is bound in relation to the Fund or any
           Sub-Fund. In particular, when undertaking any dealings or investments where conflicts of interest may arise, each will respectively endeavour
           to ensure that such conflicts are resolved fairly.

           The Management Company and JPMorgan Chase & Co. may effect transactions in which they have, directly or indirectly, an interest which may
           involve a potential conflict with the Management Company's duty to the Fund. Neither the Management Company nor JPMorgan Chase & Co.
           shall be liable to account to the Fund for any profit, commission or remuneration made or received from or by reason of such transactions or
           any connected transactions nor will the Management Company's fees, unless otherwise provided, be abated. The Management Company will
           ensure that such transactions are effected on terms that are at least as favourable to the Fund than if the potential conflict had not existed.

           There is no prohibition on the Fund entering into any transactions with the Management Company, or any Investment Manager, the Singapore
           Representative, the Sales Agents, or the Custodian or with any of their affiliates, provided that such transactions are carried out as if effected
           on normal commercial terms negotiated at arm's length. In such case, in addition to the management fees the Management Company or
           the Investment Managers earn for managing the Fund, they may also have an arrangement with the issuer, dealer and/or distributor of
           any products entitling them to a share in the revenue from such products that they purchase on behalf of the Fund. In addition, there
           is no prohibition on the Management Company or the Investment Managers to purchase any products on behalf of the Fund where the
           issuer, dealer and/or distributor of such products are their affiliates provided that such transactions are carried out as if effected on normal
           commercial terms negotiated at arm's length, in the best interest of the Fund. JPMorgan Chase & Co. acts as counterparty for financial
           derivative contracts entered into by the Fund.

           Potential conflicting interests or duties may arise because the Management Company or JPMorgan Chase & Co. may have invested directly or
           indirectly in the Fund. JPMorgan Chase & Co. could hold a relatively large proportion of Shares and voting rights in the Fund. JPMorgan Chase
           & Co. acting in a fiduciary capacity with respect to client accounts may recommend to or direct clients to buy and sell Shares of the Fund. If a
           client defaults on its obligation to repay indebtedness to JPMorgan Chase & Co. that is secured by Shares in the Fund, and JPMorgan Chase &
           Co. forecloses on such interest, JPMorgan Chase & Co. would become a Shareholder of the Fund.

           Employees and Directors of JPMorgan Chase & Co. and Directors of the Management Company may hold Shares in the Fund. Employees
           of JPMorgan Chase & Co. are bound by the terms of JPMorgan Chase & Co. policy on personal account dealings and managing conflicts of
           interest.




20
18. REPORTS

       The Fund's financial year ends on 30 June in each year.

       Abridged versions of the audited annual report and unaudited half-yearly report of the Fund will be available within four months of the end
       of each financial year and within two months of the end of each interim accounting period, respectively, on the website of the Singapore
       Representative (www.jpmorganam.com.sg). These reports may also be obtained free of charge, and upon request, from the business office of
       the Singapore Representative during normal business hours.

       The full version of the audited annual report and the unaudited semi-annual reports will be made available free-of-charge at the business office
       of the Singapore Representative during normal business hours.

19.    USE OF DERIVATIVES

19.1 A Sub-Fund may use financial derivative instruments including but not limited to financial futures contracts, options (on equities, interest
     rates, indices, bonds, currencies, commodity indices or other instruments), forward contracts (including foreign exchange contracts), swaps
     (including total return swaps, foreign exchange swaps, commodity index swaps, interest rate swaps, and swaps on baskets of equities, volatility
     swaps and variance swaps), credit derivatives (including credit default derivatives, credit default swaps and credit spread derivatives), warrants,
     mortgage TBAs (To-Be-Announced)8, and structured financial derivative instruments such as credit-linked and equity-linked securities for
     efficient portfolio management and/or hedging purposes. Efficient portfolio management generally means investment decisions involving
     transactions which are (i) economically appropriate and (ii) entered into for the reduction of risk, reduction of cost and/or the generation of
     additional capital or income.

19.2 Participation in certain financial derivative instruments involves potential investment returns which the Fund would not receive, and risks
     of a type, level or nature to which the Sub-Fund would not be subject, in the absence of using these instruments. In an extreme scenario,
     investments made through derivative transactions may cause the investor to lose his entire principal amount invested.

19.3 Investors may obtain supplementary information relating to the risk management methods employed by the Fund including the quantitative
     limits that are applied and any recent developments in the risk and yield characteristics of the main categories of investments from the
     Singapore Representative. Please refer to the section headed "Derivative Risks" in Appendix IV - Risk Factors of the Luxembourg Prospectus
     for a general discussion of the risks factors concerning the use of derivatives. Please also refer to the section headed "I Financial Derivative
     Instruments" in Appendix II - Investment Restrictions and Powers of the Luxembourg Prospectus on the investment restrictions and techniques
     and instruments in relation to the use of derivatives.

20. SOFT DOLLAR COMMISSIONS

       The Investment Managers may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients
       of the Investment Managers, including the Fund, and where the Investment Managers are satisfied that the transactions generating the shared
       commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the Fund and the
       Shareholders. Any such arrangements must be made by the Investment Managers on terms commensurate with best market practice. Due to
       their local regulatory rights, certain Investment Managers may make use of soft commission to pay for research or execution services. Other
       jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations.

21.    QUERIES AND COMPLAINTS

       Investors may contact the Singapore Representative at (65) 6882 1328 to seek clarifications about the Fund or the Sub-Funds.

22. OTHER MATERIAL INFORMATION

       Investors should refer to the Luxembourg Prospectus for other material information relating to the Sub-Funds.




8
    "TBAs (To-Be-Announced)" means a forward contract on a generic pool of mortgage-backed securities. The specific mortgage-backed securities are announced and allocated prior to
    delivery date.



                                                                                                                                                                                  21
                                                                           APPENDIX 1

                                                                     AFRICA EQUITY FUND

     1.    Investment Objective, Policy and Strategy

     1.1   The investment objective of the Africa Equity Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital growth
           by investing primarily in a portfolio of African companies.

     1.2   At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equities and equity linked securities of
           companies that are incorporated under the laws of, and have their registered office in, an African country or that derive the predominant part
           of their economic activity from Africa, even if listed elsewhere. A significant part of the Sub-Fund's assets will be invested in natural resources
           companies.

     1.3   A significant part of the Sub-Fund's assets will be invested in "emerging" Africa (including but not limited to, South Africa, Morocco and Egypt).
           The Sub-Fund will also invest in "frontier" and other African countries outside these core African markets. However investment in securities
           not traded on a Regulated Market will be limited to 10% of the Sub-Fund's net assets.

     1.4   Natural resources companies are those which are engaged in the exploration for and the development, refinement, production and marketing
           of natural resources and their secondary products.

     1.5   Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
           foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
           notes and equity linked notes.

     1.6   Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
           other UCIs.

     1.7   The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
           derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
           securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
           purpose of efficient portfolio management.

     1.8   All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
           Luxembourg Prospectus.

     1.9   The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) Emerging and Frontier Markets Africa Index (Total Return
           Net).

     1.10 The Reference Currency of the Sub-Fund is USD.

     1.11 Investor Profile: This is an equity Sub-Fund designed to give exposure to companies in Africa. Whilst the growth potential of African market
          equities make this Sub-Fund very attractive for investors looking for high investment returns, investors in this Sub-Fund need to be comfortable
          with the additional political and economic risks associated with African market investments. Investors also need to be comfortable with the
          Sub-Fund's exposure to natural resources companies. Investment in natural resources companies can result in high relative returns when the
          commodities sector is in favour with the market, however natural resources companies can suffer long periods of underperformance when
          the sector falls out of favour. This Sub-Fund may, therefore, be suitable for investors who already have a globally diversified portfolio and now
          want to expand into riskier assets in order to potentially boost returns. Because African stock markets may be very volatile, investors should
          also have at least a five to ten year investment horizon.




22
2.      Fees, Charges and Expenses

2.1. The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
     dividend policy, and set out in the tables below.


          Payable by the Investor
                                                                  Class A: Up to 5%
          Initial Charge
                                                                  Class D: Up to 5%
                                                                  Class A: Nil
                                                                  Maximum: 0.5%
          Redemption Charge9
                                                                  Class D: Nil
                                                                  Maximum: 0.5%
          Switching fee10                                         All Share Classes: Up to 1%
          Payable by the Sub-Fund:

          The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                  Class A: 1.50% per annum, payable monthly in arrears.
          Annual Management and Advisory Fee
                                                                  Class D: 2.25% per annum, payable monthly in arrears.
                                                                  Class A: 0.40% per annum.
          Operating and Administrative Expenses
                                                                  Class D: 0.40% per annum.
          Performance fee11
                                                                  All Share Classes: 10%
          (Claw-Back Mechanism)12

3.      Performance of the Sub-Fund

        Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*


                                                                                               Average Annual Compounded Return
                                                                                                            Three          Five          Ten
          Fund/Benchmark                                       Inception Date             One Year                                                        Since Inception
                                                                                                            Years         Years         Years
          USD Class A (Acc)
                                                                                           23.60%              -             -             -                    2.80%
          NAV-NAV
          USD Class A (Acc)
                                                                                            17.10%             -             -             -                    0.80%
          Offer-Bid
          MSCI Emerging and Frontier Markets
                                                                                            21.10%             -             -             -                    0.70%
          Africa Index (Total Return Net)
                                                                 14 May 2008
          USD Class D (Acc)
                                                                                           22.80%              -             -             -                    2.20%
          NAV-NAV
          USD Class D (Acc)
                                                                                           16.40%              -             -             -                    0.20%
          Offer-Bid
          MSCI Emerging and Frontier Markets
                                                                                            21.10%             -             -             -                    0.50%
          Africa Index (Total Return Net)

        Note: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
        * Source: JPMorgan Asset Management Data.

        Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
        net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
        5% (if any) and the maximum redemption charge of 0.5% (if any).

        Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.




9
     Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
     Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
10
     Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.
11
     Performance fee benchmark: Morgan Stanley Capital International (MSCI) Emerging and Frontier Markets Africa Index (Total Return Net)
12
     Full details on how the Performance Fee is accrued and charged appear under "Appendix V - Calculation of Performance Fees" of the Luxembourg Prospectus.


                                                                                                                                                                                       23
     4.      Total Expense Ratio ("Expense Ratio")

             The Expense Ratio13 (inclusive and exclusive of Performance Fee) of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's
             financial year end, is:


                                                   Share Class                                                  Expense Ratio (Inclusive of Performance Fee)

               USD Class A (Acc)                                                                                                   2.61%

               USD Class D (Acc)                                                                                                   3.25%


                                                   Share Class                                                  Expense Ratio (Exclusive of Performance Fee)

               USD Class A (Acc)                                                                                                   1.90%

               USD Class D (Acc)                                                                                                   2.65%


     5.      Portfolio Turnover Ratio ("Turnover Ratio")

             The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 0.00%*. The Turnover Ratio =
             (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
             currency.

             *The Turnover Ratio is expressed as a percentage and in the case the outcome of a calculation is negative, a zero value has been published.




     13
          The following expenses, where applicable, are excluded from the calculation of the expense ratios:
          (a) brokerage and other transaction costs associated with the purchase and sales of investments;
          (b) interest expenses;
          (c) foreign exchange gains and losses, whether realised or unrealised;
          (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
          (e) tax deducted at source or arising from income received, including withholding tax; and
          (f) dividends and other distributions paid to Shareholders.



24
                                                                                    APPENDIX 2

                                                                          AMERICA LARGE CAP FUND

1.       Investment Objective, Policy and Strategy

1.1      The investment objective of the America Large Cap Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital
         growth by investing primarily in large capitalisation Blue Chip US companies.

1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of large
         capitalisation companies that are incorporated under the laws of, and have their registered office in, the US, or that derive the predominant
         part of their economic activity from the US, even if listed elsewhere. Market capitalisation is the total value of a company's shares and
         may fluctuate materially over time. Large capitalisation companies are those whose market capitalisation is within the range of the market
         capitalisation of companies in the Benchmark at the time of purchase.

1.3      The Sub-Fund may also invest in Canadian companies.

1.4      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
         foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
         notes and equity linked notes.

1.5      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
         other UCIs.

1.6      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
         derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
         securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
         purpose of efficient portfolio management.

1.7      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
         Luxembourg Prospectus.

1.8      The Benchmark of the Sub-Fund is the Russell Top 200 (Total Return Net).

1.9      The Reference Currency of the Sub-Fund is USD.

1.10 Investor Profile: This is a core equity Sub-Fund designed to give diversified exposure to US large capitalisation companies. Therefore, the
     Sub-Fund may be suitable for investors who are looking to add a large capitalisation portfolio in a single country to an existing diversified
     portfolio, or for investors looking for a stand-alone core equity investment aimed at producing long-term capital growth. Because the Sub-Fund
     is invested in equities, and because of the individual economic, currency and political risks associated with single country investing, the Sub-
     Fund may be suitable for investors with at least a three-to-five year investment horizon.

2.       Fees, Charges and Expenses

2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
         dividend policy, and set out in the tables below.


           Payable by the Investor
           Initial Charge                                          Class A: Up to 5%
                                                                   Class A: Nil
           Redemption Charge14
                                                                   Maximum: 0.5%
           Switching fee15                                         All Share Classes: Up to 1%
           Payable by the Sub-Fund:

           The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
           Annual Management and Advisory Fee                      Class A: 1.50% per annum, payable monthly in arrears.
           Operating and Administrative Expenses                   Class A: 0.40% per annum.




14
      Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares if, in its
      absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
15
      Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.



                                                                                                                                                                                    25
     3.      Performance of the Sub-Fund

             Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*


                                                                                                          Average Annual Compounded Return
                                                                                                                  Three      Five     Ten
               Fund/Benchmark                                           Inception Date               One Year                                   Since Inception
                                                                                                                  Years     Years    Years
               USD Class A (Dist)
                                                                                                      16.00%      1.00%     2.30%    -0.40%         0.50%
               NAV-NAV
               USD Class A (Dist)
                                                                          1 April 1999                10.00%      -0.80%    1.20%    -1.00%         0.10%
               Offer-Bid
               Russell Top 200
                                                                                                      19.00%      -1.60%    1.10%    0.50%          1.00%
               (Total Return Net)

             Note 1: Prior to 1 Oct 2007, the benchmark was S&P 500 Net. (The benchmarks were changed during the life of the Sub-Fund for
             purposes of enhanced benchmarking of fund performance.)

             Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
             * Source: JPMorgan Asset Management Data.

             Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
             net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
             5% (if any) and the maximum redemption charge of 0.5% (if any).

             Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

     4.      Total Expense Ratio ("Expense Ratio")

             The Expense Ratio16 of the relevant Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                                   Share Class                                                                  Expense Ratio

               USD Class A (Dist)                                                                                                   1.90%


     5.      Portfolio Turnover Ratio ("Turnover Ratio")

             The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 0.0%. The Turnover Ratio =
             (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
             currency.

             *The Turnover Ratio is expressed as a percentage and in the case the outcome of a calculation is negative, a zero value has been published.




     16
          The following expenses, where applicable, are excluded from the calculation of the expense ratios:
          (a) brokerage and other transaction costs associated with the purchase and sales of investments;
          (b) interest expenses;
          (c) foreign exchange gains and losses, whether realised or unrealised;
          (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
          (e) tax deducted at source or arising from income received, including withholding tax; and
          (f) dividends and other distributions paid to Shareholders.


26
                                                                                     APPENDIX 3

                                                                             JF ASEAN EQUITY FUND

1        Investment Objective, Policy and Strategy

1.1      The investment objective of the JF ASEAN Equity Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital
         growth by investing primarily in companies of countries which are members of the Association of South East Asian Nations (ASEAN).

1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
         companies that are incorporated under the laws of, and have their registered office in, an ASEAN country or that derives the predominant part
         of their economic activity from ASEAN countries, even if listed elsewhere.

1.3      The Sub-Fund may also invest in companies listed in ASEAN countries which may have exposure to other countries, in particular China.

1.4      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
         foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
         notes and equity linked notes.

1.5      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
         other UCIs.

1.6      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
         derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
         securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
         purpose of efficient portfolio management.

1.7      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
         Luxembourg Prospectus.

1.8      The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) South East Asia Index (Total Return Net).

1.9      The Reference Currency of the Sub-Fund is USD.

1.10 Investor Profile: This is an equity Sub-Fund designed to give exposure to companies from countries which are members of the ASEAN. As the
     Sub-Fund is invested in equities, investors in this Sub-Fund need to be comfortable with the additional individual economic, currency and
     political risks associated with the ASEAN region. This Sub-Fund may, therefore, be suitable for investors who already have a globally diversified
     portfolio and now want to expand into riskier assets in order to potentially boost returns. Investors in this Sub-Fund should have at least a five
     year investment horizon.

2        Fees, Charges and Expenses

2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
         dividend policy, and set out in the tables below.


           Payable by the Investor
                                                                   Class A: Up to 5%
           Initial Charge
                                                                   Class D: Up to 5%
                                                                   Class A: Nil
                                                                   Maximum: 0.5%
           Redemption Charge17
                                                                   Class D: Nil
                                                                   Maximum: 0.5%

           Switching fee18                                         All Share Classes: Up to 1%
           Payable by the Sub-Fund:

           The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                   Class A: 1.50% per annum, payable monthly in arrears.
           Annual Management and Advisory Fee
                                                                   Class D: 2.25% per annum, payable monthly in arrears.

                                                                   Class A: 0.40% per annum.
           Operating and Administrative Expenses
                                                                   Class D: 0.40% per annum.


17
      Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
      Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
18
      Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.


                                                                                                                                                                                        27
     3.       Performance of the Sub-Fund

              Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                            Average Annual Compounded Return
                                                                                                                          Three           Five           Ten
               Fund/Benchmark                                            Inception Date                One Year                                                            Since Inception
                                                                                                                          Years          Years          Years
               SGD Class A (Acc)**
                                                                                                             -                -              -                -                         -
               NAV-NAV
               SGD Class A (Acc)**
                                                                           13 Aug 2010                       -                -              -                -                         -
               Offer-Bid
               MSCI South East Asia Index
                                                                                                             -                -              -                -                         -
               (Total Return Net)
               USD Class A (Acc)
                                                                                                        39.50%                -              -                -                  35.90%
               NAV-NAV
               USD Class A (Acc)
                                                                            4 Sep 2009                  32.00%                -              -                -                  30.80%
               Offer-Bid
               MSCI South East Asia Index
                                                                                                        32.00%                -              -                -                  30.20%
               (Total Return Net)
               USD Class D (Acc)
                                                                                                        38.30%                -              -                -                  32.60%
               NAV-NAV
               USD Class D (Acc)
                                                                           12 Nov 2009                  31.10%                -              -                -                  26.90%
               Offer-Bid
               MSCI South East Asia Index
                                                                                                        32.00%                -              -                -                  26.00%
               (Total Return Net)

              * Source: JPMorgan Asset Management Data.
              ** As this Share Class of the Sub-Fund has been incepted for a period of less than 1 year as at 31 January 2011, no performance returns have
              been disclosed for the Sub-Fund.

     4.       Total Expense Ratio ("Expense Ratio")

              The Expense Ratio19 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                                     Share Class                                                                                 Expense Ratio
                                      20
               SGD Class A (Acc)                                                                                                                          -
               USD Class A (Acc)                                                                                                             1.90% (annualised)
               USD Class D (Acc)                                                                                                             2.65% (annualised)

     5.       Portfolio Turnover Ratio ("Turnover Ratio")

              The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 132.51% (annualised). The
              Turnover Ratio = (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets
              in Sub-Fund currency.




     19
          The following expenses, where applicable, are excluded from the calculation of the expense ratios:
          (a) brokerage and other transaction costs associated with the purchase and sales of investments;
          (b) interest expenses;
          (c) foreign exchange gains and losses, whether realised or unrealised;
          (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
          (e) tax deducted at source or arising from income received, including withholding tax; and
          (f) dividends and other distributions paid to Shareholders.
     20
          As the SGD Class A (Acc) is newly established, the Expense Ratio relating to this Share Class is not available as at the date of registration of this Singapore Prospectus.


28
                                                                                        APPENDIX 4

                                                                     JF ASIA PACIFIC EX-JAPAN EQUITY FUND

1.       Investment Objective, Policy and Strategy

1.1      The investment objective of the Asia Pacific ex-Japan Equity Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term
         capital growth by investing primarily in companies in the Asia Pacific Basin21 (excluding Japan).

1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
         companies that are incorporated under the laws of, and have their registered office in, an Asia Pacific Basin country (excluding Japan), or that
         derive the predominant part of their economic activity from the Asia Pacific Basin (excluding Japan), even if listed elsewhere.

1.3      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
         foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
         notes and equity linked notes.

1.4      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
         other UCIs.

1.5      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
         derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
         securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
         purpose of efficient portfolio management.

1.6      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
         Luxembourg Prospectus.

1.7      The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) All Country Asia Pacific ex-Japan (Total Return Net).

1.8      The Reference Currency of the Sub-Fund is USD.

1.9      Investor Profile: This is an equity Sub-Fund designed to give broad market exposure to stock markets across the Asia Pacific Basin excluding
         Japan. Because the Sub-Fund is diversified across a number of markets, it may be suitable for investors who are looking for a stand-alone Asia
         Pacific Basin ex-Japan regional equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities,
         and because of the additional individual economic, currency and political risks associated in the Asia Pacific Basin ex-Japan region, the Sub-
         Fund is suitable for investors with at least a five-year investment horizon.

2.       Fees, Charges and Expenses

2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
         dividend policy, and set out in the tables below.


           Payable by the Investor
                                                                      Class A: Up to 5%
           Initial Charge
                                                                      Class D: Up to 5%
                                                                      Class A: Nil
                                    22
                                                                      Maximum: 0.5%
           Redemption Charge
                                                                      Class D: Nil
                                                                      Maximum: 0.5%
           Switching fee23                                            All Share Classes: Up to 1%
           Payable by the Sub-Fund:
           The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                      Class A: 1.50% per annum, payable monthly in arrears.
           Annual Management and Advisory Fee
                                                                      Class D: 2.25% per annum, payable monthly in arrears.
                                                                      Class A: 0.40% per annum.
           Operating and Administrative Expenses
                                                                      Class D: 0.40% per annum.




21
      The term "Pacific Basin" refers to an area including Australia, Hong Kong, New Zealand, Singapore, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand and the Indian
      sub-continent, excluding the United States of America, Central and South America.
22
      Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
      Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
23
      Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.



                                                                                                                                                                                               29
 3.   Performance of the Sub-Fund
      Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                             Average Annual Compounded Return
                                                                                      Three     Five     Ten
      Fund/Benchmark                               Inception Date         One Year                                             Since Inception
                                                                                      Years    Years    Years
      SGD Class A (Acc)**
                                                                               -            -           -          -                   -
      NAV-NAV

      SGD Class A (Acc)**
                                                     13 Aug 2010               -            -           -          -                   -
      Offer-Bid

      MSCI All Country Asia Pacific ex-Japan
                                                                               -            -           -          -                   -
      (Total Return Net)

      USD Class A (Dist)
                                                 The actual inception      19.50%        4.40%       9.80%      9.30%               9.30%
      NAV-NAV
                                                  date of the Share
      USD Class A (Dist)                         Class is 12 Sep 1989,
                                                                           13.30%        2.60%       8.60%      8.70%               9.00%
      Offer-Bid                                 however figures were
                                                only available from 2
      MSCI All Country Asia Pacific ex-Japan           Oct 1989.           24.40%        4.30%      10.40%     10.90%               8.50%
      (Total Return Net)

      USD Class A (Acc)
                                                                           19.50%        4.50%       9.80%         -                13.10%
      NAV-NAV

      USD Class A (Acc)
                                                     31 Mar 2005           13.20%        2.60%       8.60%         -               12.00%
      Offer-Bid

      MSCI All Country Asia Pacific ex-Japan
                                                                           24.40%        4.30%      10.60%         -               13.60%
      (Total Return Net)

      USD Class D (Acc)
                                                                           18.60%        3.70%       9.00%      7.80%               8.40%
      NAV-NAV

      USD Class D (Acc)
                                                     13 Oct 2000           12.40%        1.80%       7.80%      7.20%               7.80%
      Offer-Bid

      MSCI All Country Asia Pacific ex-Japan
                                                                           24.40%        4.30%      10.40%     10.90%               11.40%
      (Total Return Net)


      Note 1: From 2 October 1989 - 31 December 1998 the benchmark was MSCI AC Far East ex Japan (GDR), from 1 January 1999 - 30 April
      2008 the benchmark was MSCI AC Far East ex Japan (NDR) and from 1 May 2008, the benchmark has been Morgan Stanley Capital
      International (MSCI) All Countries Asia Pacific ex-Japan (Total Return Net) (The benchmarks were changed during the life of the Sub-
      Fund for purposes of enhanced benchmarking of fund performance).

      Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
      * Source: JPMorgan Asset Management Data.
      ** As this Share Class of the Sub-Fund has been incepted for a period of less than 1 year as at 31 January 2011, no performance returns have
      been disclosed for the Sub-Fund.

      Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
      net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
      5% (if any) and the maximum redemption charge of 0.5% (if any).

      Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.




30
4.      Total Expense Ratio ("Expense Ratio")

        The Expense Ratio24 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                               Share Class                                                                              Expense Ratio
                                25
          SGD Class A (Acc)                                                                                                                      -
          USD Class A (Dist)                                                                                                                 1.90%
          USD Class A (Acc)                                                                                                                  1.90%
          USD Class D (Acc)                                                                                                                  2.65%

5.      Portfolio Turnover Ratio ("Turnover Ratio")

        The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 202.24%. The Turnover Ratio =
        (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
        currency.




24
     The following expenses, where applicable, are excluded from the calculation of the expense ratios:
     (a) brokerage and other transaction costs associated with the purchase and sales of investments;
     (b) interest expenses;
     (c) foreign exchange gains and losses, whether realised or unrealised;
     (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
     (e) tax deducted at source or arising from income received, including withholding tax; and
     (f) dividends and other distributions paid to Shareholders.
25
     As the SGD Share Class is newly established as at the date of registration of this Singapore Prospectus, the Expense Ratio relating to this Share Class is not available as at the date of
     registration of this Singapore Prospectus.



                                                                                                                                                                                              31
                                                                          APPENDIX 5

                              BRAZIL ALPHA PLUS FUND (known as BRAZIL EQUITY FUND with effect from 16 August 2011)

     With effect from 16 August 2011 the Brazil Alpha Plus Fund will be renamed JPMorgan Funds - Brazil Equity Fund (also referred to in this
     Appendix as the "Sub-Fund")and changes will be made to the Investment Objective, Policy Investor Profile and Strategy of the Sub-Fund.
     Please refer to Part B) of paragraph 1 of this Appendix for further details.

     1.    Investment Objective, Policy and Strategy

           Part A)
           Brazil Alpha Plus Fund
     1.1   The investment objective of the "Sub-Fund" is to provide superior long term capital growth by investing primarily in a concentrated portfolio
           of Brazilian companies.

     1.2   At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
           companies that are incorporated under the laws of, and have their registered office in, Brazil, or that derive the predominant part of their
           economic activity from Brazil, even if listed elsewhere. The Sub-Fund's portfolio is concentrated in approximately 25 to 50 companies.

     1.3   Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
           foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
           notes and equity linked notes.

     1.4   Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
           other UCIs.

     1.5   The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
           derivative instruments for hedging purposes and for efficient portfolio management. More specifically, the Sub-Fund may invest in options,
           index swaps and index futures as well as in cash or cash equivalents to hedge against directional risk and market exposure. Techniques and
           instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or repurchase
           agreements) may be used for the purpose of efficient portfolio management.

     1.6   All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
           Luxembourg Prospectus.

     1.7   The Sub-Fund is categorised as an Alpha Plus sub-fund. Sub-Funds categorised as Alpha Plus are managed in order to generate maximum alpha.
           "Alpha" is the term used to describe the risk-adjusted out-performance of an investment. A large alpha indicates good performance relative
           to the market. The Alpha Plus Sub-Funds are manager-driven products and stock selection is based on a single manager's interpretation of
           the best ideas coming from the investment desk. This means each Alpha Plus Sub-Fund is managed with higher levels of investment manager
           discretion and the portfolio construction is managed with relatively lower reference to its benchmark. Therefore, performance dispersion is
           likely to be material between a) an Alpha Plus Sub-Fund and its benchmark; b) between individual Alpha Plus Sub-Funds; and c) between Alpha
           Plus Sub-Funds and other Sub-Funds. The Alpha Plus Sub-Funds also have the ability to hedge directional risk and market exposure via options,
           index swaps and index futures and use liquid assets. To this end at times the exposure to equities may be low.

     1.8   The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) Brazil 10/40 Index (Total Return Net).

     1.9   The Reference Currency of the Sub-Fund is USD.

     1.10 Investor Profile: This is an aggressively managed equity Sub-Fund designed to give concentrated exposure to Brazilian equities. Since the
          Sub-Fund is concentrated in only these specific securities, it may be suitable for investors willing to accept higher risks in order to potentially
          generate higher returns. Investors in this Sub-Fund should also have at least a five year investment horizon.

          Part B)
          Brazil Equity Fund
          On and after 16 August 2011
     1.11 The investment objective of the Sub-Fund is to provide long term capital growth by investing primarily in a concentrated portfolio of Brazilian
          companies.

     1.12 At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
          companies that are incorporated under the laws of, and have their registered office in, Brazil, or that derive the predominant part of their
          economic activity from Brazil, even if listed elsewhere. The Sub-Fund's portfolio is concentrated in approximately 25 to 50 companies.

     1.13 Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
          foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
          notes and equity linked notes.

     1.14 Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
          other UCIs.



32
1.15 The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
     derivative instruments for hedging purposes and for efficient portfolio management. More specifically, the Sub-Fund may invest in options,
     index swaps and index futures as well as in cash or cash equivalents to hedge against directional risk and market exposure. The net market
     exposure of the Sub-Fund will typically range between 80% and 100% of the Sub-Fund's net assets.

1.16 All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
     Luxembourg Prospectus.

1.17 The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) Brazil 10/40 Index (Total Return Net).

1.18 The Reference Currency of the Sub-Fund is USD.

1.19 Investor Profile: This is an aggressively managed equity Sub-Fund designed to give concentrated exposure to Brazilian equities. This Sub-Fund
     is designed for investors looking for exposure to the Brazilian stock market, either in addition to an existing diversified portfolio or as a stand-
     alone Brazilian equity investment aimed at producing long-term capital growth. Since the Sub-Fund is concentrated in only these specific
     securities, it may be suitable for investors willing to accept higher risks in order to potentially generate higher returns. Investors in this Sub-
     Fund should also have at least a five year investment horizon.

2.      Fees, Charges and Expenses

2.1     The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
        dividend policy, and set out in the tables below.


          Payable by the Investor
                                                                  Class A: Up to 5%
          Initial Charge
                                                                  Class D: Up to 5%
                                                                  Class A: Nil
                                                                  Maximum: 0.5%
          Redemption Charge26
                                                                  Class D: Nil
                                                                  Maximum: 0.5%
          Switching fee27                                         All Share Classes: Up to 1%
          Payable by the Sub-Fund:

          The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                  Class A: 1.50% per annum, payable monthly in arrears.
          Annual Management and Advisory Fee
                                                                  Class D: 2.50% per annum, payable monthly in arrears.
                                                                  Class A: 0.40% per annum.
          Operating and Administrative Expenses
                                                                  Class D: 0.40% per annum.
          Performance fee28
                                                                  All Share Classes: 10%
          (Claw-Back Mechanism)29

3.      Performance of the Sub-Fund

        Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                   Average Annual Compounded Return
                                                                                                                  Three          Five          Ten
          Fund/Benchmark                                              Inception Date             One Year                                                    Since Inception
                                                                                                                  Years         Years         Years
          SGD Class A (Acc)**
                                                                                                      -              -             -             -                    -
          NAV-NAV
          SGD Class A (Acc)**                                           13 Aug 2010                   -              -             -             -                    -
          Offer-Bid

          MSCI Brazil 10/40 Index (Total Return Net)                                                  -              -             -             -                    -

          USD Class A (Dist)
                                                                                                  12.10%             -             -             -                 6.70%
          NAV-NAV
          USD Class A (Dist)                                           24 Nov 2009
                                                                                                  6.30%              -             -             -                 2.00%
          Offer-Bid
          MSCI Brazil 10/40 Index (Total Return Net)                                              17.10%             -             -             -                 5.90%

26
     Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
     Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
27
     Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.
28
     Performance fee benchmark: Morgan Stanley Capital International (MSCI) Emerging and Frontier Markets Africa Index (Total Return Net)
29
     Full details on how the Performance Fee is accrued and charged appear under "Appendix V - Calculation of Performance Fees" of the Luxembourg Prospectus.                          33
               USD Class A (Acc)
                                                                                                            12.40%           7.00%             -             -                  3.10%
               NAV-NAV
               USD Class A (Acc)                                                 18 Oct 2007                                                   -             -
                                                                                                             6.40%           5.10%                                              1.40%
               Offer-Bid
               MSCI Brazil 10/40 Index (Total Return Net)                                                   17.10%           6.80%             -             -                  3.50%
               USD Class D (Acc)
                                                                                                            11.50%           6.10%             -             -                  2.20%
               NAV-NAV
               USD Class D (Acc)                                                 18 Oct 2007
                                                                                                             5.70%           4.20%             -             -                  0.60%
               Offer-Bid
               MSCI Brazil 10/40 Index (Total Return Net)                                                   17.10%           6.80%             -             -                  3.50%

             Note: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
             * Source: JPMorgan Asset Management Data.
             ** As this Share Class of the Sub-Fund has been incepted for a period of less than 1 year as at 31 January 2011, no performance returns have
             been disclosed for the Sub-Fund.

             Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
             net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
             5% (if any) and the maximum redemption charge of 0.5% (if any).

             Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

     4.      Total Expense Ratio ("Expense Ratio")

             The Expense Ratio30 (inclusive and exclusive of Performance Fee) of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's
             financial year end, is:


                                                    Share Class                                                        Expense Ratio (Inclusive of Performance Fee)
                                     31
               SGD Class A (Acc)                                                                                                                      -
               USD Class A (Dist)                                                                                                         3.52% (annualised)
               USD Class A (Acc)                                                                                                                   2.48%
               USD Class D (Acc)                                                                                                                   3.14%


                                                    Share Class                                                        Expense Ratio (Exclusive of Performance Fee)
                                     32
               SGD Class A (Acc)                                                                                                                      -
               USD Class A (Dist)                                                                                                         1.90% (annualised)
               USD Class A (Acc)                                                                                                                   1.90%
               USD Class D (Acc)                                                                                                                   2.90%

     5.      Portfolio Turnover Ratio ("Turnover Ratio")

             The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 0.0%*. The Turnover Ratio =
             (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
             currency.

             *The Turnover Ratio is expressed as a percentage and in the case the outcome of a calculation is negative, a zero value has been published.




     30
          The following expenses, where applicable, are excluded from the calculation of the expense ratios:
          (a) brokerage and other transaction costs associated with the purchase and sales of investments;
          (b) interest expenses;
          (c) foreign exchange gains and losses, whether realised or unrealised;
          (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
          (e) tax deducted at source or arising from income received, including withholding tax; and
          (f) dividends and other distributions paid to Shareholders.
     31
          As the SGD Share Class is newly established as at the date of registration of this Singapore Prospectus, the Expense Ratio relating to this Share Class is not available as at the date of
          registration of this Singapore Prospectus.
     32
          As the SGD Share Class is newly established as at the date of registration of this Singapore Prospectus, the Expense Ratio relating to this Share Class is not available as at the date of
          registration of this Singapore Prospectus.


34
                                                                     APPENDIX 6

                                                                   JF CHINA FUND

1.    Investment Objective, Policy and Strategy

1.1   The investment objective of the JF China Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital growth by
      investing primarily in companies of the People's Republic of China.

1.2   At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
      companies that are incorporated under the laws of, and have their registered office in, the People's Republic of China, or that derive the
      predominant part of their economic activity from the People's Republic of China, even if listed elsewhere.

1.3   Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
      foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation notes
      and equity linked notes. The Sub-Fund's exposure to China is gained primarily through H shares, red chips and all other Chinese companies
      listed in the Hong Kong Stock Exchange. The Sub-Fund can also obtain exposure to China by investing, inter alia, in B shares listed in Shenzhen/
      Shanghai Stock Exchange, depository receipts, exchange traded funds listed in Hong Kong, the in-house managed funds which can directly
      invest into the China market, A shares participation notes structured by brokers and China A shares utilising JF Asset Management Limited's
      Qualified Foreign Institutional Investor quota obtained in August 2009 which was specifically applied for and approved by the China regulatory
      authorities for use by the JF China Fund. As at the date of registration of this Prospectus, it is expected that the Sub-Fund's investment in A
      shares participation notes and the China A shares will not exceed 10% of the Sub-Fund's total assets.

1.4   Most companies listed on Chinese stock exchanges will offer two different share classes: A shares and B shares. China A Shares are traded
      in Renminbi on the Shanghai and Shenzhen stock exchanges by companies incorporated in mainland China and may only be purchased by
      Chinese domestic investors and Qualified Foreign Institutional Investors. China B Shares are quoted in foreign currencies (such as the USD) on
      the Shanghai and Shenzhen stock exchanges and are open to both domestic and foreign investments.

1.5   Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
      other UCIs.

1.6   The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
      derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
      securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
      purpose of efficient portfolio management.

1.7   All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
      Luxembourg Prospectus.

1.8   The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) China 10/40 I Index (Total Return Net).

1.9   The Reference Currency of the Sub-Fund is USD.

1.10 Investor Profile: This is an equity Sub-Fund designed for investors looking for exposure to the Chinese stock market and to companies operating
     in China but whose shares are quoted elsewhere. Therefore, the Sub-Fund may be suitable for investors looking to add Chinese stock market
     exposure to an existing diversified portfolio, or for investors looking for a stand-alone Chinese equity investment aimed at producing long-term
     capital growth. Because the Sub-Fund is invested in equities, and because of the additional individual economic, currency and political risks
     associated with Chinese investments, the Sub-Fund may be suited for investors with a five-to-ten year investment horizon.




                                                                                                                                                      35
     2.      Fees, Charges and Expenses

     2.1     The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
             dividend policy, and set out in the tables below.


               Payable by the Investor
                                                                       Class A: Up to 5%
               Initial Charge                                          Class C: Nil
                                                                       Class D: Up to 5%
                                                                       Class A: Nil
                                                                       Maximum: 0.5%

               Redemption Charge33                                     Class C: Nil

                                                                       Class D: Nil
                                                                       Maximum: 0.5%
               Switching fee34                                         All Share Classes: Up to 1%
               Payable by the Sub-Fund:

               The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                       Class A: 1.50% per annum, payable monthly in arrears.
               Annual Management and Advisory Fee                      Class C: 0.75% per annum, payable monthly in arrears.
                                                                       Class D: 2.50% per annum, payable monthly in arrears.
                                                                       Class A: 0.40% per annum.
               Operating and Administrative Expenses                   Class C: 0.25% per annum.
                                                                       Class D: 0.40% per annum.

     3.      Performance of the Sub-Fund

             Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                        Average Annual Compounded Return
                                                                                                                        Three          Five          Ten
               Fund/Benchmark                                              Inception Date             One Year                                                    Since Inception
                                                                                                                        Years         Years         Years
               SGD Class A (Acc)
                                                                                                        4.60%              -             -             -                -5.70%
               NAV-NAV
               SGD Class A (Acc)                                             14 Dec 2009                -1.00%             -             -             -               -10.20%
               Offer-Bid

               MSCI China 10/40 Index (Total Return Net)                                                3.80%              -             -             -                -5.00%

               USD Class A (Dist)
                                                                                                       14.80%           0.30%        18.20%        14.70%              10.60%
               NAV-NAV
               USD Class A (Dist)                                             4 Jul 1994
                                                                                                        8.80%          -1.50%        16.90%        14.10%              10.30%
               Offer-Bid
               MSCI China 10/40 Index (Total Return Net)                                               13.80%           2.40%        16.90%        14.30%               8.00%
               USD Class A (Acc)
                                                                                                       14.80%           0.30%        18.20%            -                21.00%
               NAV-NAV
               USD Class A (Acc)                                             31 Mar 2005
                                                                                                        8.80%          -1.50%        16.90%            -                19.90%
               Offer-Bid
               MSCI China 10/40 Index (Total Return Net)                                               13.80%           2.40%        16.90%            -                19.90%
               USD Class C (Acc)
                                                                                                       15.80%           1.20%        19.20%            -               20.70%
               NAV-NAV
               USD Class C (Acc)                                              1 Feb 2005
                                                                                                       15.80%           1.20%        19.20%            -               20.70%
               Offer-Bid
               MSCI China 10/40 Index (Total Return Net)                                               13.80%           2.40%        16.90%            -                19.90%




     33
          Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
          Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
     34
          Investors switching to Class C Shares of the Sub-Fund or another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.



36
          USD Class D (Acc)
                                                                                                           13.70%   -0.70%    17.00%    13.70%    13.80%
          NAV-NAV
          USD Class D (Acc)                                                 13 Oct 2000
                                                                                                           7.70%    -2.40%    15.80%    13.10%    13.20%
          Offer-Bid
          MSCI China 10/40 Index (Total Return Net)                                                        13.80%   2.40%     16.90%    14.30%    14.20%

        Note 1: Prior to 1 August 2008, the benchmark was BNP Paribas China Index Price. (The benchmark was changed for purposes of
        enhanced benchmarking of fund performance.)

        Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
        * Source: JPMorgan Asset Management Data.

        Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
        net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
        5% (if any) and the maximum redemption charge of 0.5% (if any).

        Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

4.      Total Expense Ratio ("Expense Ratio")

        The Expense Ratio35 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                               Share Class                                                                    Expense Ratio
          SGD Class A (Acc)                                                                                                  1.90% (annualised)
          USD Class A (Dist)                                                                                                       1.90%
          USD Class A (Acc)                                                                                                        1.90%
          USD Class C (Acc)                                                                                                        1.00%
          USD Class D (Acc)                                                                                                        2.90%

5.      Portfolio Turnover Ratio ("Turnover Ratio")

        The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 0.0%*. The Turnover Ratio =
        (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
        currency.

        *The Turnover Ratio is expressed as a percentage and in the case the outcome of a calculation is negative, a zero value has been published.




35
     The following expenses, where applicable, are excluded from the calculation of the expense ratios:
     (a) brokerage and other transaction costs associated with the purchase and sales of investments;
     (b) interest expenses;
     (c) foreign exchange gains and losses, whether realised or unrealised;
     (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
     (e) tax deducted at source or arising from income received, including withholding tax; and
     (f) dividends and other distributions paid to Shareholders.



                                                                                                                                                           37
                                                                                          APPENDIX 7

                                                                             EASTERN EUROPE EQUITY FUND

     1.       Investment Objective, Policy and Strategy

     1.1      The investment objective of the Eastern Europe Equity Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term
              capital growth by investing primarily in companies in central and eastern Europe (the "Eastern Europe Countries").

     1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities
              of companies that are incorporated under the laws of, and have their registered office in, an Eastern Europe Country, or that derive the
              predominant part of their economic activity from Eastern Europe Countries, even if listed elsewhere.

     1.3      The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency
              Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will limit any direct
              investment in securities traded on the non- Regulated Markets of the Commonwealth of Independent States (together with any other securities
              not traded on a Regulated Market) to 10% of its net assets.

     1.4      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
              foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
              notes and equity linked notes.

     1.5      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
              other UCIs.

     1.6      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
              derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
              securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
              purpose of efficient portfolio management.

     1.7      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
              Luxembourg Prospectus.

     1.8      The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) EM Europe Index (Total Return Net).

     1.9      The Reference Currency of the Sub-Fund is EUR.

     1.10 Investor Profile: This is an equity Sub-Fund investing in the emerging markets of Eastern Europe. Whilst the long-term growth potential of
          East European emerging markets make this Sub-Fund very attractive for investors looking for high investment returns, investors in the Sub-
          Fund need to be comfortable with the additional political and economic risks associated with emerging market investments. The Sub-Fund
          may, therefore, be suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in order
          to potentially boost returns. Because emerging stock markets are very volatile, investors should also have a five-to-ten year investment
          horizon.

     2.       Fees, Charges and Expenses

     2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
              dividend policy, and set out in the tables below.


                Payable by the Investor
                                                                        Class A: Up to 5%
                Initial Charge
                                                                        Class D: Up to 5%
                                                                        Class A: Nil
                                                                        Maximum: 0.5%
                Redemption Charge36
                                                                        Class D: Nil
                                                                        Maximum: 0.5%
                Switching fee37                                         All Share Classes: Up to 1%
                Payable by the Sub-Fund:

                The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                        Class A: 1.50% per annum, payable monthly in arrears.
                Annual Management and Advisory Fee
                                                                        Class D: 2.50% per annum, payable monthly in arrears.
                                                                        Class A: 0.45% per annum.
                Operating and Administrative Expenses
                                                                        Class D: 0.45% per annum.

     36
           Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
           Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
     37
           Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.


38
3.      Performance of the Sub-Fund

        Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                           Average Annual Compounded Return
                                                                                                                     Three     Five     Ten
          Fund/Benchmark                                                  Inception Date              One Year                                  Since Inception
                                                                                                                     Years    Years    Years
          EUR Class A (Acc)
                                                                                                           21.20%   -2.70%    4.00%        -        13.10%
          NAV-NAV
          EUR Class A (Acc)                                                 31 Mar 2005
                                                                                                           14.80%   -4.40%    2.90%        -        12.10%
          Offer-Bid
          MSCI EM Europe Index (Total Return Net)                                                          18.50%   -3.20%    0.60%        -        9.90%
          EUR Class A (Dist)
                                                                                                           21.20%   -2.70%    4.00%    13.20%       11.80%
          NAV-NAV
          EUR Class A (Dist)                                                 4 Jul 1994
                                                                                                           14.90%   -4.40%    2.90%    12.60%       11.50%
          Offer-Bid
          MSCI EM Europe Index (Total Return Net)                                                          18.50%   -3.20%    0.60%    12.70%       8.60%
          EUR Class A (Dist)
          (JF Share Class)                                                                                 21.20%   -2.70%    3.70%        -        14.80%
          NAV-NAV
          EUR Class A (Dist)                                                 15 Jun 2001
          (JF Share Class)                                                                                 14.90%   -4.40%    2.60%        -        14.20%
          Offer-Bid
          MSCI EM Europe Index (Total Return Net)                                                          18.50%   -3.20%    -0.10%       -        14.00%
          EUR Class D (Acc)
                                                                                                       20.00%       -3.60%    3.00%    12.30%       12.90%
          NAV-NAV
          EUR Class D (Acc)                                                 13 Oct 2000                                       1.90%    11.70%
                                                                                                           13.70%   -5.30%                          12.30%
          Offer-Bid
          MSCI EM Europe Index (Total Return Net)                                                          18.50%   -3.20%    0.60%    12.70%       13.10%

        Note 1: From inception to 31 May 2005, the benchmark was Nomura Central & Eastern Europe Price and 1 June 2005 - 30 September
        2006 the benchmark was MSCI Eastern Europe Net; from 1 October 2006, the benchmark has been Morgan Stanley Capital International
        (MSCI) EM Europe Index (Total Return Net) (The benchmarks were changed during the life of the Sub-Fund for purposes of enhanced
        benchmarking of fund performance).

        Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
        * Source: JPMorgan Asset Management Data.

        Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
        net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
        5% (if any) and the maximum redemption charge of 0.5% (if any).

        Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

4.      Total Expense Ratio ("Expense Ratio")

        The Expense Ratio38 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                               Share Class                                                                     Expense Ratio
          EUR Class A (Acc)                                                                                                        1.95%
          EUR Class A (Dist)                                                                                                       1.95%
          EUR Class A (Dist) (JF Share Class)                                                                                      1.95%
          EUR Class D (Acc)                                                                                                        2.95%

5.      Portfolio Turnover Ratio ("Turnover Ratio")

        The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 7.95%. The Turnover Ratio =
        (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
        currency.
38
     The following expenses, where applicable, are excluded from the calculation of the expense ratios:
     (a) brokerage and other transaction costs associated with the purchase and sales of investments;
     (b) interest expenses;
     (c) foreign exchange gains and losses, whether realised or unrealised;
     (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
     (e) tax deducted at source or arising from income received, including withholding tax; and
     (f) dividends and other distributions paid to Shareholders.
                                                                                                                                                                  39
                                                                                     APPENDIX 8

                                                      EMERGING EUROPE, MIDDLE EAST AND AFRICA EQUITY FUND

 1.       Investment Objective, Policy and Strategy

 1.1      The investment objective of the Emerging Europe, Middle East and Africa
          Equity Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital growth by investing primarily in companies
          of the emerging markets of central, eastern and southern Europe, Middle East and Africa.

 1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
          companies that are incorporated under the laws of, and have their registered office in, an emerging market of central, eastern and southern
          Europe, Middle East or Africa, or that derive the predominant part of their economic activity from an emerging market of central, eastern and
          southern Europe, Middle East or Africa, even if listed elsewhere.

 1.3      The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency
          Exchange, which are classified as Regulated Markets. Until such time that they become a Regulated Market, the Sub-Fund will limit any direct
          investment in securities traded on the non-Regulated Markets of the Commonwealth of Independent States (together with any other securities
          not traded on a Regulated Market) to 10% of its net assets.

 1.4      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
          foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
          notes and equity linked notes.

 1.5      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
          other UCIs.

 1.6      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
          derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
          securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
          purpose of efficient portfolio management.

 1.7      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
          Luxembourg Prospectus.

 1.8      The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) EMEA Index (Total Return Net).

 1.9      The Reference Currency of the Sub-Fund is USD.

 1.10 Investor Profile: This is an equity Sub-Fund investing in European, Middle Eastern and African emerging markets. Whilst the long-term growth
      potential of these emerging market equities make this Sub-Fund very attractive for investors looking for high investment returns, investors in
      the Sub-Fund need to be comfortable with the additional political and economic risks associated with emerging market investments. The Sub-
      Fund may, therefore, be suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in
      order to potentially boost returns. Because emerging stock markets are very volatile, investors should also have a five-to-ten year investment
      horizon.

 2.       Fees, Charges and Expenses

 2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
          dividend policy, and set out in the tables below.


            Payable by the Investor
                                                                    Class A: Up to 5%
            Initial Charge
                                                                    Class D: Up to 5%
                                                                    Class A: Nil
                                                                    Maximum: 0.5%
            Redemption Charge39
                                                                    Class D: Nil
                                                                    Maximum: 0.5%
            Switching fee40                                         All Share Classes: Up to 1%
            Payable by the Sub-Fund:

            The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                    Class A: 1.50% per annum, payable monthly in arrears.
            Annual Management and Advisory Fee
                                                                    Class D: 2.50% per annum, payable monthly in arrears.
                                                                    Class A: 0.45% per annum.
            Operating and Administrative Expenses
                                                                    Class D: 0.45% per annum.

 39
       Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
       Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
 40
       Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.


40
3.      Performance of the Sub-Fund

        Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                           Average Annual Compounded Return
                                                                                                                           Three           Five           Ten
          Fund/Benchmark                                                    Inception Date              One Year                                                         Since Inception
                                                                                                                           Years          Years          Years
          SGD Class A (Acc)**
                                                                                                              -               -              -              -                      -
          NAV-NAV
          SGD Class A (Acc)**                                                 13 Aug 2010                     -               -              -              -                      -
          Offer-Bid
          MSCI EMEA Index (Total Return Net)                                                                  -               -              -              -                      -

          USD Class A (Acc)NAV-NAV                                                                        19.10%          -1.80%         5.40%              -                    14.00%
          USD Class A (Acc)
                                                                              31 Mar 2005                 12.90%          -3.50%         4.30%              -                    13.00%
          Offer-Bid
          MSCI EMEA Index (Total Return Net)                                                              18.70%          0.40%          6.10%              -                    14.60%
          USD Class A (Dist)                                                                                                             5.40%          17.90%
                                                                                                          19.10%          -1.80%                                                 14.70%
          NAV-NAV
          USD Class A (Dist)                                                  14 Apr 1997                                                4.30%          17.30%
                                                                                                          12.80%          -3.50%                                                 14.20%
          Offer-Bid
          MSCI EMEA Index (Total Return Net)                                                              18.70%          0.40%          6.10%          17.10%                   13.20%
          USD Class D (Acc)                                                                                                              4.40%          16.90%
                                                                                                          17.90%          -2.70%                                                 16.20%
          NAV-NAV
          USD Class D (Acc)                                                   13 Oct 2000                                                3.20%          16.30%
                                                                                                          11.70%          -4.50%                                                 15.60%
          Offer-Bid
          MSCI EMEA Index (Total Return Net)                                                              18.70%          0.40%          6.10%          17.10%                   16.10%


        Note 1: Prior to 1 February 2001, the benchmark was MSCI EM Europe Gross and 1 February 2001 - 30 September 2006 the benchmark
        was MSCI EM Europe Net; from 1 October 2006, the benchmark has been Morgan Stanley Capital International (MSCI) EMEA (Total Return
        Net). (The benchmarks were changed during the life of the Sub-Fund for purposes of enhanced benchmarking of fund performance).

        Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
        * Source: JPMorgan Asset Management Data.
        ** As this Share Class of the Sub-Fund has been incepted for a period of less than 1 year as at 31 January 2011, no performance returns have
        been disclosed for the Sub-Fund.

        Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
        net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
        5% (if any) and the maximum redemption charge of 0.5% (if any).

        Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

4.      Total Expense Ratio ("Expense Ratio")

        The Expense Ratio41 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                                Share Class                                                                                Expense Ratio
                                 42
          SGD Class A (Acc)                                                                                                                         -
          USD Class A (Acc)                                                                                                                      1.95%
          USD Class A (Dist)                                                                                                                     1.95%
          USD Class D (Acc)                                                                                                                      2.95%

5.      Portfolio Turnover Ratio ("Turnover Ratio")

        The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 110.21%. The Turnover Ratio =
        (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
        currency.

41
     The following expenses, where applicable, are excluded from the calculation of the expense ratios:
     (a) brokerage and other transaction costs associated with the purchase and sales of investments;
     (b) interest expenses;
     (c) foreign exchange gains and losses, whether realised or unrealised;
     (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
     (e) tax deducted at source or arising from income received, including withholding tax; and
     (f) dividends and other distributions paid to Shareholders.
42
     As the SGD Share Class is newly established, the Expense Ratio relating to this Share Class is not available as at the date of registration of this Singapore Prospectus.
                                                                                                                                                                                           41
                                                                                             APPENDIX 9

                                                                             EMERGING MARKETS EQUITY FUND

     1.       Investment Objective, Policy and Strategy

     1.1      The investment objective of the Emerging Markets Equity Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term
              capital growth by investing primarily in emerging markets companies.

     1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
              companies that are incorporated under the laws of, and have their registered office in, an emerging markets country, or that derive the
              predominant part of their economic activity from emerging market countries, even if listed elsewhere.

     1.3      The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency
              Exchange, which are classified as Regulated Markets43. Until such time that they become Regulated Markets, the Sub-Fund will limit any direct
              investment in securities traded on the non-Regulated Markets of the Commonwealth of Independent States (together with any other securities
              not traded on a Regulated Market) to 10% of its net assets.

     1.4      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
              foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
              notes and equity linked notes.

     1.5      The Sub-Fund uses a fundamental investment process based purely on stock selection to generate returns.

     1.6      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
              other UCIs.

     1.7      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
              derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
              securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
              purpose of efficient portfolio management.

     1.8      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
              Luxembourg Prospectus.

     1.9      The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) Emerging Markets Index (Total Return Net).

     1.10 The Reference Currency of the Sub-Fund is USD.

     1.11 Investor Profile: This is an equity Sub-Fund investing in global emerging markets. Whilst the growth potential of global emerging market
          equities make this Sub-Fund very attractive for investors looking for high investment returns, investors in this Sub-Fund need to be comfortable
          with the additional political and economic risks associated with emerging market investments. The Sub-Fund may, therefore, be suitable for
          investors who already have a globally diversified portfolio and now want to expand into riskier assets in order to potentially boost returns.
          Because emerging stock markets are very volatile, investors should also have at least a five-year investment horizon.




     43
           "Regulated Market" means the market defined in item 14 of Article 4 of the European Parliament and the Council Directive 2004/39/EC of 21 April 2004 on markets in financial
           instruments, as well as any other market in an Eligible State (as defined in the Luxembourg Prospectus) which is regulated, operates regularly and is recognised and open to the public.



42
2.      Fees, Charges and Expenses

2.1     The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
        dividend policy, and set out in the tables below.


          Payable by the Investor
                                                                  Class A: Up to 5%
          Initial Charge                                          Class C: Nil
                                                                  Class D: Up to 5%
                                                                  Class A: Nil
                                                                  Maximum: 0.5%

          Redemption Charge44                                     Class C: Nil

                                                                  Class D: Nil
                                                                  Maximum: 0.5%
          Switching fee45                                         All Share Classes: Up to 1%
          Payable by the Sub-Fund:

          The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                  Class A: 1.50% per annum, payable monthly in arrears.
          Annual Management and Advisory Fee                      Class C: 0.85% per annum, payable monthly in arrears.
                                                                  Class D: 2.50% per annum, payable monthly in arrears.
                                                                  Class A: 0.40% per annum.
          Operating and Administrative Expenses                   Class C: 0.25% per annum.
                                                                  Class D: 0.40% per annum.

3.      Performance of the Sub-Fund

        Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                      Average Annual Compounded Return
                                                                                                                        Three           Five         Ten
          Fund/Benchmark                                                     Inception Date            One Year                                                 Since Inception
                                                                                                                        Years          Years        Years
          SGD Class A (Acc)
                                                                                                          7.10%             -             -            -              3.20%
          NAV-NAV
          SGD Class A (Acc)                                                    14 Dec 2009               1.40%              -             -            -              -1.60%
          Offer-Bid

          MSCI Emerging Markets Index (Total Return Net)                                                 11.70%             -             -            -              6.60%

          USD Class A (Acc)
                                                                                                         17.40%         0.80%         7.90%            -             14.90%
          NAV-NAV
          USD Class A (Acc)                                                    31 Mar 2005
                                                                                                         11.20%         -0.90%        6.80%            -             13.90%
          Offer-Bid
          MSCI Emerging Markets Index (Total Return Net)                                                 22.50%         3.30%         9.80%            -             15.60%
          USD Class A (Dist)
                                                                                                         17.40%         0.90%         7.90%        13.70%             7.70%
          NAV-NAV
          USD Class A (Dist)                                                     7 Apr 1994                                           6.80%        13.00%
                                                                                                         11.20%         -0.90%                                        7.30%
          Offer-Bid
          MSCI Emerging Markets Index (Total Return Net)                                                 22.50%         3.30%         9.80%        14.10%             7.50%
          USD Class C (Acc)
                                                                                                         18.30%         1.70%         8.80%            -             15.70%
          NAV-NAV
          USD Class C (Acc)                                                      1 Feb 2005                                           8.80%            -
                                                                                                         18.30%         1.70%                                        15.70%
          Offer-Bid
          MSCI Emerging Markets Index (Total Return Net)                                                 22.50%         3.30%         9.80%            -             15.50%



44
     Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
     Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
45
     Investors switching to Class C Shares of the sub-fund or another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.



                                                                                                                                                                                       43
           USD Class D (Acc)
                                                                                                            16.20%   -0.20%      6.80%    12.70%   13.10%
           NAV-NAV
           USD Class D (Acc)                                                        13 Oct 2000
                                                                                                            10.10%   -1.90%      5.70%    12.10%   12.50%
           Offer-Bid
           MSCI Emerging Markets Index (Total Return Net)                                                   22.50%   3.30%       9.80%    14.10%   14.40%


         Note 1: Prior to 1 January 2001, the benchmark was MSCI Emerging Markets Gross. (The benchmark was changed for purposes of
         enhanced benchmarking of fund performance.)

         Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
         * Source: JPMorgan Asset Management Data.

         Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
         net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
         5% (if any) and the maximum redemption charge of 0.5% (if any).

         Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

 4.      Total Expense Ratio ("Expense Ratio")

         The Expense Ratio46 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                                Share Class                                                                   Expense Ratio
           SGD Class A (Acc)                                                                                              1.90% (annualised)
           USD Class A (Acc)                                                                                                     1.90%
           USD Class A (Dist)                                                                                                    1.90%
           USD Class C (Acc)                                                                                                     1.10%
           USD Class D (Acc)                                                                                                     2.90%

 5.      Portfolio Turnover Ratio ("Turnover Ratio")

         The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 10.86%. The Turnover Ratio =
         (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
         currency.

         * The Turnover Ratio is expressed as a percentage and in the case the outcome of a calculation is negative, a zero value has been published.




 46
      The following expenses, where applicable, are excluded from the calculation of the expense ratios:
      (a) brokerage and other transaction costs associated with the purchase and sales of investments;
      (b) interest expenses;
      (c) foreign exchange gains and losses, whether realised or unrealised;
      (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
      (e) tax deducted at source or arising from income received, including withholding tax; and
      (f) dividends and other distributions paid to Shareholders.



44
                                                                                       APPENDIX 10

                                                            EMERGING MARKETS INFRASTRUCTURE EQUITY FUND

1.       Investment Objective, Policy and Strategy

1.1      The investment objective of the Emerging Markets InfrastructureEquity Fund (also referred to in this Appendix as the "Sub-Fund") is to provide
         long-term capital growth by investing primarily in emerging markets companies related to infrastructure opportunities.

1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities
         of companies related to infrastructure opportunities ("Infrastructure Companies") that are incorporated under the laws of, and have their
         registered office in, an emerging market country, or that derive the predominant part of their economic activity from emerging market
         countries, even if listed elsewhere.

1.3      Infrastructure Companies will include, but are not limited to, companies found in the Capital Goods, Transportation, Telecommunication
         Services, Utilities, Energy, Materials and Real Estate sectors.

1.4      The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency
         Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will limit any direct
         investment in securities traded on the non-Regulated Markets of the Commonwealth of Independent States (together with any other securities
         not traded on a Regulated Market) to 10% of its net assets.

1.5      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
         foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
         notes and equity linked notes.

1.6      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
         other UCIs.

1.7      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
         derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
         securities and money market instruments (including but not limited to securities lending or repurchase agreement) may be used for the
         purpose of efficient portfolio management.

1.8      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
         Luxembourg Prospectus.

1.9      The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) Emerging Markets Index (Total Return Net), limited to seven
         sectors: Energy, Materials (excluding Fertilizers & Agricultural Chemicals, Metal & Glass Containers, Paper Packaging, and Gold), Capital Goods
         (excluding Trading Companies & Distributors), Transportation, Real Estate (excluding Residential REITs and Retail REITs), Telecommunication
         Services and Utilities47.

1.10 The Reference Currency of the Sub-Fund is USD.

1.11 Investor Profile: This is an equity Sub-Fund investing in emerging markets Infrastructure Companies. Whilst the growth potential of emerging
     market Infrastructure Companies make this Sub-Fund attractive for investors looking for high investment returns, investors in this Sub-Fund
     need to be comfortable with the additional political and economic risks associated with emerging market investments. The Sub-Fund may,
     therefore, be suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in order
     to potentially boost returns. Because emerging stock markets are very volatile, investors should also have at least a five-year investment
     horizon.




47
      The proportion that each of these sectors constitutes in the Benchmark is based upon the market capitalisation of these sectors, as determined by Morgan Stanley Capital International
      (MSCI). Further information regarding this Benchmark may be obtained from the registered office of the Fund or the Singapore Representative.



                                                                                                                                                                                               45
 2.       Fees, Charges and Expenses

 2.1     The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
         dividend policy, and set out in the tables below.


           Payable by the Investor
                                                                     Class A: Up to 5%
           Initial Charge
                                                                     Class D: Up to 5%
                                                                     Class A: Nil
                                                                     Maximum: 0.5%
           Redemption Charge48
                                                                     Class D: Nil
                                                                     Maximum: 0.5%
           Switching fee49                                           All Share Classes: Up to 1%
           Payable by the Sub-Fund:

           The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                     Class A: 1.50% per annum, payable monthly in arrears.
           Annual Management and Advisory Fee
                                                                     Class D: 2.25% per annum, payable monthly in arrears.
                                                                     Class A: 0.40% per annum.
           Operating and Administrative Expenses
                                                                     Class D: 0.40% per annum.
           Performance fee50
                                                                     All Share Classes: 10%
           (Claw-Back Mechanism)51

 3.      Performance of the Sub-Fund

         Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                           Average Annual Compounded Return
                                                                                                                             Three          Five          Ten
           Fund/Benchmark                                                       Inception Date             One Year                                                  Since Inception
                                                                                                                             Years         Years         Years
           USD Class A (Acc)
                                                                                                            22.80%              -             -             -              -4.80%
           NAV-NAV
           USD Class A (Acc)
                                                                                                             16.30%             -             -             -              -6.60%
           Offer-Bid

           MSCI Emerging Markets Index (Total Return Net)                                                    21.40%             -             -             -              -4.40%
                                                                                  28 Apr 2008
           USD Class D (Acc)
                                                                                                             21.90%             -             -             -              -5.50%
           NAV-NAV
           USD Class D (Acc)
                                                                                                             15.60%             -             -             -              -7.30%
           Offer-Bid
           MSCI Emerging Markets
                                                                                                             21.40%             -             -             -              -4.40%
           (Total Return Net)**

         Note: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
         *Source: JPMorgan Asset Management Data.
         ** Please refer to paragraph 1.9 of this Appendix for more information on the benchmark.




 48
      Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
      Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
 49
      Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.
 50
      Performance fee benchmark: Morgan Stanley Capital International (MSCI) Emerging Markets Index (Total Return Net), limited to seven sectors: Energy, Materials (excluding Fertilizers &
      Agricultural Chemicals, Metal & Glass Containers, Paper Packaging, and Gold), Capital Goods (excluding Trading Companies & Distributors), Transportation, Real Estate (excluding
      Residential REITs and Retail REITs), Telecommunication Services and Utilities (The proportion that each of these sectors constitutes in the Benchmark is based upon the market
      capitalisation of these sectors, as determined by Morgan Stanley Capital International (MSCI). Further information regarding this Benchmark may be obtained from the registered office
      of the Fund or the Singapore Representative).
 51
      Full details on how the Performance Fee is accrued and charged appear under "Appendix V - Calculation of Performance Fees" of the Luxembourg Prospectus.




46
        Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
        net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
        5% (if any) and the maximum redemption charge of 0.5% (if any).

        Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

4.      Total Expense Ratio ("Expense Ratio")

        The Expense Ratio52 (inclusive and exclusive of Performance Fee) of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's
        financial year end, is:


                                               Share Class                                                 Expense Ratio (Inclusive of Performance Fee)
          USD Class A (Acc)                                                                                                   1.90%
          USD Class D (Acc)                                                                                                   2.65%


                                               Share Class                                                 Expense Ratio (Exclusive of Performance Fee)
          USD Class A (Acc)                                                                                                   1.90%
          USD Class D (Acc)                                                                                                   2.65%

5.      Portfolio Turnover Ratio ("Turnover Ratio")

        The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 25.75%. The Turnover Ratio =
        (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
        currency.




52
     The following expenses, where applicable, are excluded from the calculation of the expense ratios:
     (a) brokerage and other transaction costs associated with the purchase and sales of investments;
     (b) interest expenses;
     (c) foreign exchange gains and losses, whether realised or unrealised;
     (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
     (e) tax deducted at source or arising from income received, including withholding tax; and
     (f) dividends and other distributions paid to Shareholders.



                                                                                                                                                          47
                                                                                     APPENDIX 11

                                                                    EMERGING MIDDLE EAST EQUITY FUND

 1.       Investment Objective, Policy and Strategy

 1.1      The investment objective of the Emerging Middle East Equity Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term
          capital growth by investing primarily in companies of the emerging markets of the Middle East region.

 1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
          companies that are incorporated under the laws of, and have their registered office in, an emerging market of the Middle East, or that derive
          the predominant part of their economic activity from an emerging market of the Middle East, even if listed elsewhere.

 1.3      The Sub-Fund may also invest in Morocco and Tunisia.

 1.4      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
          foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
          notes and equity linked notes.

 1.5      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
          other UCIs.

 1.6      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
          derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
          securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
          purpose of efficient portfolio management.

 1.7      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
          Luxembourg Prospectus.

 1.8      The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) Middle East Index (Total Return Net)53.

 1.9      The Reference Currency of the Sub-Fund is USD.

 1.10 Investor Profile: This is an equity Sub-Fund investing primarily in companies of the emerging markets of the Middle East region. The long-term
      potential of emerging market companies in the Middle East makes this Sub-Fund attractive for investors looking for enhanced investment
      returns. However, investors in this Sub-Fund need to be comfortable with the substantial political and economic risks associated with the
      emerging markets of the Middle Eastern region. The Sub-Fund may, therefore, be particularly suitable for investors who already have a globally
      diversified portfolio and now want to expand into riskier assets in order to potentially boost returns. Because of the high volatility of the
      region's stock markets, investors should also have a five-to-ten year investment horizon.

 2.       Fees, Charges and Expenses

 2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
          dividend policy, and set out in the tables below.


            Payable by the Investor
                                                                    Class A: Up to 5%
            Initial Charge
                                                                    Class D: Up to 5%
                                                                    Class A: Nil
                                                                    Maximum: 0.5%
            Redemption Charge54
                                                                    Class D: Nil
                                                                    Maximum: 0.5%
            Switching fee55                                         All Share Classes: Up to 1%
            Payable by the Sub-Fund:

            The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                    Class A: 1.50% per annum, payable monthly in arrears.
            Annual Management and Advisory Fee
                                                                    Class D: 2.50% per annum, payable monthly in arrears.
                                                                    Class A: 0.45% per annum.
            Operating and Administrative Expenses
                                                                    Class D: 0.45% per annum.


 53
       Information regarding this Benchmark may be obtained from the registered office of the Fund or the Singapore Representative.
 54
       Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
       Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
 55
       Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.


48
3.   Performance of the Sub-Fund

     Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                             Average Annual Compounded Return
                                                                                               Three       Five       Ten
      Fund/Benchmark                                     Inception Date           One Year                                     Since Inception
                                                                                               Years      Years      Years
      SGD Class A (Acc)**
                                                                                      -           -          -          -              -
      NAV-NAV
      SGD Class A (Acc)**                                 16 Aug 2010                 -           -          -          -              -
      Offer-Bid

      MSCI Middle East Index (Total Return Net)                                       -           -          -          -              -

      USD Class A (Acc)
                                                                                   13.90%      -5.20%     1.40%         -           9.40%
      NAV-NAV
      USD Class A (Acc)                                   31 Mar 2005              8.00%       -6.80%     0.30%         -           8.40%
      Offer-Bid

      MSCI Middle East Index (Total Return Net)                                    16.10%      -3.20%     3.20%         -          10.40%

                                                     The actual inception date
      USD Class A (Dist)                           of the Share Class is 18 May                           1.30%      9.70%
                                                                                   13.90%      -5.20%                               8.70%
      NAV-NAV                                         1998. As the benchmark
                                                     figures are only available
                                                    on a month-end basis, the
                                                    performance figures since
      USD Class A (Dist)
                                                       inception are based on       7.80%      -6.90%     0.20%      9.10%          8.20%
      Offer-Bid
                                                      data from 31 May 1998,
                                                    the earliest date since the
                                                   inception of the Share Class
                                                  whereby performance figures
      MSCI Middle East Index (Total Return Net)                                    16.10%      -3.20%     3.20%     11.40%          9.00%
                                                  for both the Share Class and
                                                  the benchmark are available.

                                                    The actual inception date
      USD Class D (Acc)                            of the Share Class is 13 Oct                           0.30%      8.80%
                                                                                   12.70%      -6.10%                               8.00%
      NAV-NAV                                       2000. As the benchmark
                                                    figures are only available
                                                   on a month-end basis, the
                                                     performance figures are
      USD Class D (Acc)
                                                   based on data from 31 Oct       6.80%       -7.80%     -0.80%     8.20%          7.50%
      Offer-Bid
                                                  2000, the earliest date since
                                                   the inception of the Share
                                                  Class whereby performance
                                                   figures for both the Share
      MSCI Middle East Index (Total Return Net)                                    16.10%      -3.20%     3.20%     11.40%         10.30%
                                                  Class and the benchmark are
                                                            available.


     Note 1: 31 May 1998 - 31 December 2001 the benchmark was ING Barings Middle Eastern Price, 1 January 2002 - 31 December 2005 the
     benchmark was Nomura Africa & Middle East Price; from 1 January 2006 the benchmark has been Morgan Stanley Capital International
     (MSCI) Middle East Index (Total Return Net) (from 15 June 2009, Israel was removed from, and Oman, Qatar and the United Arab
     Emirates were added to, the benchmark; from 15 July 2009, Kuwait was also included in the benchmark) (The benchmark was changed
     for purposes of enhanced benchmarking of fund performance).

     Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
     * Source: JPMorgan Asset Management Data.
     ** As this Share Class of the Sub-Fund has been incepted for a period of less than 1 year as at 31 January 2011, no performance returns have
     been disclosed for the Sub-Fund.




                                                                                                                                                 49
             Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
             net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
             5% (if any) and the maximum redemption charge of 0.5% (if any).

             Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

     4.      Total Expense Ratio ("Expense Ratio")

             The Expense Ratio56 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                                     Share Class                                                                                Expense Ratio
                                      57
               SGD Class A (Acc)                                                                                                                         -
               USD Class A (Acc)                                                                                                                      1.95%
               USD Class A (Dist)                                                                                                                     1.95%
               USD Class D (Acc)                                                                                                                      2.95%

     5.      Portfolio Turnover Ratio ("Turnover Ratio")

             The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 38.42%. The Turnover Ratio =
             (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
             currency.




     56
          The following expenses, where applicable, are excluded from the calculation of the expense ratios:
          (a) brokerage and other transaction costs associated with the purchase and sales of investments;
          (b) interest expenses;
          (c) foreign exchange gains and losses, whether realised or unrealised;
          (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
          (e) tax deducted at source or arising from income received, including withholding tax; and
          (f) dividends and other distributions paid to Shareholders.
     57
          As the SGD Share Class is newly established, the Expense Ratio relating to this Share Class is not available as at the date of registration of this Singapore Prospectus.


50
                                                                                   APPENDIX 12

                                                                      GLOBAL CONSUMER TRENDS FUND

1.       Investment Objective, Policy and Strategy

1.1      The investment objective of the Global Consumer Trends Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term
         capital growth by investing primarily in companies benefiting from consumer driven opportunities, globally.

1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
         companies benefiting from consumer driven opportunities ("Consumer Trends Companies"). These may include, but are not limited to,
         companies providing goods and services relating to consumer related activities, wealth, leisure, lifestyle, health and wellness. Issuers of these
         securities may be located in any country and the Sub-Fund's portfolio may include significant investment in Asian and emerging markets.
         The Sub-Fund's portfolio is concentrated in a small number of companies and it may include significant investment in small capitalisation
         companies.

1.3      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
         foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
         notes and equity linked notes.

1.4      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
         other UCIs.

1.5      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
         derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
         securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
         purpose of efficient portfolio management.

1.6      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
         Luxembourg Prospectus.

         The Benchmarks of the Sub-Fund are Morgan Stanley Capital International (MSCI) World Index (Total Return Net), limited to two sectors;
         Consumer Discretionary and Consumer Staples -the proportion that each of these sectors constitutes in the Benchmark is based upon the
         market capitalisation of these sectors, as determined by Morgan Stanley Capital International (MSCI) and Morgan Stanley Capital International
         (MSCI) World Index (Total Return Net). Further information regarding these Benchmarks may be obtained from the Singapore Representative.

1.7      The Reference Currency of the Sub-Fund is EUR.

1.8      Investor Profile: This is a themed equity Sub-Fund investing in Consumer Trends Companies globally. Although this focused approach can result
         in high relative returns when Consumer Trends Companies are in favour with the market, investors can suffer long periods of underperformance
         when Consumer Trends Companies fall out of favour. The Sub-Fund may, therefore, be suitable for investors with at least a five year investment
         horizon looking for a global themed equity strategy to complement an existing core portfolio.

2.       Fees, Charges and Expenses

2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
         dividend policy, and set out in the tables below.

           Payable by the Investor
           Initial Charge                                          Class A: Up to 5%
                                                                   Class A: Nil
           Redemption Charge58
                                                                   Maximum: 0.5%
           Switching fee59                                         Up to 1%
           Payable by the Sub-Fund:

           The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
           Annual Management and Advisory Fee                      Class A: 1.50% per annum, payable monthly in arrears.
           Operating and Administrative Expenses                   Class A: 0.40% per annum.




58
      Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares if, in its
      absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
59
      Investors switching to Class C Shares of the sub-fund or another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.


                                                                                                                                                                                    51
     3.      Performance of the Sub-Fund

             Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                                Average Annual Compounded Return
                                                                                                                             Three       Five      Ten
               Fund/Benchmark                                                        Inception Date               One Year                                  Since Inception
                                                                                                                             Years      Years     Years
               USD Class A (Acc)
                                                                                                                   14.10%      -           -            -       14.20%
               NAV-NAV
               USD Class A (Acc)
                                                                                                                   8.10%       -           -            -       9.50%
               Offer-Bid
               Morgan Stanley Capital International (MSCI)                             12 Oct 2009
               World Index (Total Return Net), limited to
                                                                                                                   20.30%      -           -            -       23.20%
               two sectors; Consumer Discretionary and
               Consumer Staples.
               Morgan Stanley Capital International (MSCI)
                                                                                                                   19.20%      -           -            -       12.70%
               World Index (Total Return Net)

             Note 1: The Sub-Fund is not managed with reference to the indices shown. They are provided for comparison purposes only.

             Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
             * Source: JPMorgan Asset Management Data.

             Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
             net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
             5% (if any) and the maximum redemption charge of 0.5% (if any).

             Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

     4.      Total Expense Ratio ("Expense Ratio")

             The Expense Ratio60 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                                    Share Class                                                                      Expense Ratio
               USD Class A (Acc)                                                                                                   1.90% (annualised)

     5.      Portfolio Turnover Ratio ("Turnover Ratio")

             The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 5.89% (annualised). The Turnover
             Ratio = (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-
             Fund currency.




     60
          The following expenses, where applicable, are excluded from the calculation of the expense ratios:
          (a) brokerage and other transaction costs associated with the purchase and sales of investments;
          (b) interest expenses;
          (c) foreign exchange gains and losses, whether realised or unrealised;
          (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
          (e) tax deducted at source or arising from income received, including withholding tax; and
          (f) dividends and other distributions paid to Shareholders.



52
                                                                                   APPENDIX 13

                                                                            GLOBAL DYNAMIC FUND

1.       Investment Objective, Policy and Strategy

1.1      The investment objective of the Global Dynamic Fund (also referred to in this Appendix as the "Sub-Fund") is to maximise long-term capital
         growth by investing primarily in an aggressively managed portfolio of companies, globally.

1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities. Issuers
         of these securities may be located in any country, including emerging markets.

1.3      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
         foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
         notes and equity linked notes.

1.4      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
         other UCIs.

1.5      The Sub-Fund may invest in assets denominated in any currency and currency exposure (excluding that of underlying emerging markets
         currencies) may be hedged. Any currency hedging process may not give a precise hedge. Furthermore, there is no guarantee that the hedging
         will be totally successful. Investors in the Currency Hedged Share Classes may have exposure to currencies other than the currency of their
         Share Class.

1.6      The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
         instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or repurchase
         agreements) may be used for the purpose of efficient portfolio management.

1.7      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
         Luxembourg Prospectus.

1.8      The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) World Index (Total Return Net).

1.9      The Benchmark for Hedged Share Classes is Morgan Stanley Capital International (MSCI) World Index (Total Return Net) hedged into SGD.

1.10 The Reference Currency of the Sub-Fund is USD.

1.11 Investor Profile: This is an aggressively-managed global equity Sub-Fund. Therefore, the Sub-Fund may be suitable for investors looking
     for a higher risk equity strategy to complement an existing core portfolio, or looking to potentially enhance long-term returns and who are
     comfortable with the extra risks inherent in the Sub-Fund. Investors in this Sub-Fund should also have at least a five year investment horizon.

2.       Fees, Charges and Expenses

2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency, its
         dividend policy or whether it is a JF Share Class, and set out in the tables below.


           Payable by the Investor
                                                                   Class A: Up to 5%
           Initial Charge                                          Class C: Nil
                                                                   Class D: Up to 5%
                                                                   Class A: Nil
                                                                   Maximum: 0.5%

           Redemption Charge61                                     Class C: Nil

                                                                   Class D: Nil
                                                                   Maximum: 0.5%
           Switching fee62                                         All Share Classes: Up to 1%
           Payable by the Sub-Fund:

           The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                   Class A: 1.50% per annum, payable monthly in arrears.
           Annual Management and Advisory Fee                      Class C: 0.80% per annum, payable monthly in arrears.
                                                                   Class D: 2.50% per annum, payable monthly in arrears.
                                                                   Class A: 0.40% per annum.
           Operating and Administrative Expenses                   Class C: 0.20% per annum.
                                                                   Class D: 0.40% per annum.

61
      Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
      Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
62
      Investors switching to Class C Shares of the Sub-Fund or another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.


                                                                                                                                                                                    53
     3.      Performance of the Sub-Fund

             Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                               Average Annual Compounded Return
                                                                                                                                    Three          Five         Ten
               Fund/Benchmark                                                         Inception Date               One Year                                                Since Inception
                                                                                                                                    Years         Years        Years
               SGD Class A (Acc)
                                                                                                                     7.80%             -             -            -              5.30%
               NAV-NAV
               SGD Class A (Acc)                                                        14 Dec 2009                  2.20%             -             -            -              0.40%
               Offer-Bid

               MSCI World Index (Total Return Net)                                                                   8.70%             -             -            -              4.80%

               SGD Class A (Acc) (Hedged)63                                                                                                          -            -
                                                                                     As at the date of                  -              -                                             -
               NAV-NAV
                                                                                     registration this
               SGD Class A (Acc) (Hedged)
                                                                                  Singapore Prospectus,                 -              -             -            -                  -
               Offer-Bid
                                                                                 the share class was not
               Morgan Stanley Capital International (MSCI)                             yet incepted.                    -              -             -            -                  -
               World Index (Total Return Net) hedged into SGD
               USD Class A (Dist)
                                                                                                                    18.30%         -2.00%        0.80%         4.20%             4.20%
               NAV-NAV
               USD Class A (Dist)                                                        8 Dec 2000                 12.20%         -3.70%        -0.20%        3.70%             3.70%
               Offer-Bid

               MSCI World Index (Total Return Net)                                                                  19.20%         -1.60%        2.00%         2.30%             2.30%

               USD Class A (Dist)
               (JF Share Class)                                                                                     18.40%         -2.80%        0.60%            -              5.30%
               NAV-NAV
               USD Class A (Dist)                                                       27 May 2004
               (JF Share Class)                                                                                     12.10%         -4.50%        -0.40%           -              4.50%
               Offer-Bid

               MSCI World Index (Total Return Net)                                                                  19.20%         -1.60%        2.00%            -              5.50%

               USD Class A (Acc)
                                                                                                                    18.30%         -2.80%        0.60%            -              3.80%
               NAV-NAV
               USD Class A (Acc)                                                        31 Mar 2005                 12.10%         -4.50%        -0.40%           -              2.90%
               Offer-Bid

               MSCI World Index (Total Return Net)                                                                  19.20%         -1.60%        2.00%            -              4.30%

               USD Class C (Acc)
                                                                                                                    19.40%          -1.90%        1.50%           -              6.80%
               NAV-NAV
               USD Class C (Acc)                                                        26 Aug 2004                 19.40%          -1.90%        1.50%           -              6.80%
               Offer-Bid

               MSCI World Index (Total Return Net)                                                                  19.20%         -1.60%        2.00%            -              5.80%

               USD Class D (Acc)
                                                                                                                     17.10%        -3.80%        -0.40%        3.30%             3.30%
               NAV-NAV
               USD Class D (Acc)                                                         8 Dec 2000                 10.90%         -5.50%        -1.40%        2.80%             2.80%
               Offer-Bid

               MSCI World Index (Total Return Net)                                                                  19.20%         -1.60%        2.00%         2.30%             2.30%


             Note: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
             *Source: JPMorgan Asset Management Data.




     63
          As this Share Class has not been incepted as at the date of registration of this Singapore Prospectus, performance figures relating to the Share Class covering a period of at least one
          year are not available as at the date of registration of this Singapore Prospectus and no performance figures have accordingly been disclosed for this Share Class.



54
        Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
        net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
        5% (if any) and the maximum redemption charge of 0.5% (if any).

        Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

4.      Total Expense Ratio ("Expense Ratio")

        The Expense Ratio64 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                               Share Class                                                                               Expense Ratio
          SGD Class A (Acc)                                                                                                            1.90% (annualised)
                                             65
          SGD Class A (Acc) (Hedged)                                                                                                              -
          USD Class A (Dist)                                                                                                                   1.90%
          USD Class A (Dist) (JF Share Class)                                                                                                  1.90%
          USD Class A (Acc)                                                                                                                    1.90%
          USD Class C (Acc)                                                                                                                    1.00%
          USD Class D (Acc)                                                                                                                    2.90%

5.      Portfolio Turnover Ratio ("Turnover Ratio")

        The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 235.10%. The Turnover Ratio =
        (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
        currency.




64
     The following expenses, where applicable, are excluded from the calculation of the expense ratios:
     (a) brokerage and other transaction costs associated with the purchase and sales of investments;
     (b) interest expenses;
     (c) foreign exchange gains and losses, whether realised or unrealised;
     (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
     (e) tax deducted at source or arising from income received, including withholding tax; and
     (f) dividends and other distributions paid to Shareholders.
65
     As the SGD A (Acc) (Hedged) Share Class has not been incepted, the Expense Ratio relating to this Share Class is not available as at the date of registration of this Singapore Prospectus.


                                                                                                                                                                                                   55
                                                                                          APPENDIX 14

                                                                                    GLOBAL MINING FUND

     1.       Investment Objective, Policy and Strategy

     1.1      The investment objective of the Global Mining Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital growth
              by investing primarily in companies engaged in mining and mining related activities, anywhere in the world.

     1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
              companies engaged in mining and mining related activities, anywhere in the world. Mining and mining related companies are those that are
              engaged in any activity relating to the exploration for and the development, refinement, production and marketing of, mined natural resources
              and their secondary products. A substantial part of the assets of the Sub-Fund may be invested in or have exposure to higher risk markets.

     1.3      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
              foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
              notes and equity linked notes.

     1.4      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
              other UCIs.

     1.5      The Sub-Fund may invest in assets denominated in any currency and currency exposure will not generally be hedged. The Sub-Fund may
              invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating
              to transferable securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be
              used for the purpose of efficient portfolio management.

     1.6      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
              Luxembourg Prospectus.

     1.7      The Benchmark of the Sub-Fund is the HSBC Global Mining Index (Total Return Net).

     1.8      The Reference Currency of the Sub-Fund is EUR.

     1.9      Investor Profile: This is a specialist sector equity Sub-Fund investing in mining and mining related companies. The Sub-Fund may suit investors
              who are looking for a higher risk equity strategy to complement an existing core portfolio, or for diversified investors looking for exposure to
              a single sector. The Sub-Fund may, therefore, be suitable for investors with at least a five year investment horizon.

     2.       Fees, Charges and Expenses

     2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency, or its
              dividend policy, and set out in the tables below.


                Payable by the Investor
                Initial Charge                                           Class A: Up to 5%
                                                                         Class A: Nil
                Redemption Charge66
                                                                         Maximum: 0.5%
                Switching fee67                                          Up to 1%
                Payable by the Sub-Fund:

                The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                Annual Management and Advisory Fee                       Class A: 1.50% per annum, payable monthly in arrears.
                Operating and Administrative Expenses                    Class A: 0.40% per annum.




     66
           Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares if, in its
           absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
     67
           Investors switching to Class C Shares of the Sub-Fund or another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.



56
3.      Performance of the Sub-Fund

        Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                           Average Annual Compounded Return
                                                                                                                        Three      Five        Ten
          Fund/Benchmark                                                           Inception Date            One Year                                 Since Inception
                                                                                                                        Years     Years       Years
          USD Class A (Acc)
                                                                                  As at the date of             -         -             -       -            -
          NAV-NAV
                                                                                 registration of this
          USD Class A (Acc)                                                    Singapore Prospectus,            -         -             -       -            -
          Offer-Bid                                                           the share class was not
                                                                                    yet incepted.
          HSBC Global Mining Index (Total Return Net)                                                           -         -             -       -            -


        Note: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
        * As the relevant Share Class of the Sub-Fund have not been incepted as at the date of registration of this Singapore Prospectus no performance
        returns have been disclosed for the Sub-Fund.

4.      Total Expense Ratio ("Expense Ratio")

        The Expense Ratio68 of the relevant Share Class of the Sub-Fund,, as at 30 June 2010, being the Sub-Fund' s financial year end, is*:


                                               Share Class                                                                    Expense Ratio
          USD Class A (Acc)                                                                                                         -

        * As the relevant Share Class of the Sub-Fund has not been incepted as at the date of registration of this Singapore Prospectus no expense
        ratios have been disclosed for the Sub-Fund.

5.      Portfolio Turnover Ratio ("Turnover Ratio")

        As the Sub-Fund is newly established, no turnover ratio has been disclosed for the Sub-Fund.




68
     The following expenses, where applicable, are excluded from the calculation of the expense ratios:
     (a) brokerage and other transaction costs associated with the purchase and sales of investments;
     (b) interest expenses;
     (c) foreign exchange gains and losses, whether realised or unrealised;
     (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
     (e) tax deducted at source or arising from income received, including withholding tax; and
     (f) dividends and other distributions paid to Shareholders.



                                                                                                                                                                        57
                                                                                        APPENDIX 15

                                                                         GLOBAL NATURAL RESOURCES FUND

     1.       Investment Objective, Policy and Strategy

     1.1      The investment objective of the Global Natural Resources Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term
              capital growth by investing primarily in natural resources companies, globally, many of which are in the early stages of exploration.

     1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
              natural resources companies, globally. Natural resources companies are those which are engaged in the exploration for and the development,
              refinement, production and marketing of natural resources and their secondary products. The Sub-Fund will have exposure to companies
              that are in the early stages of exploration. A substantial part of the assets of the Sub-Fund may be invested in high risk markets and in small
              capitalisation companies.

     1.3      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
              foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
              notes and equity linked notes. The Sub-Fund invests in three major sectors - Gold & Precious Metals, Base and Diversified Metals, and Energy.
              From time to time, the Sub-Fund may have exposure to other commodity types such as soft commodity, specialised metals, etc.

     1.4      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
              other UCIs.

     1.5      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
              derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
              securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
              purpose of efficient portfolio management.

     1.6      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
              Luxembourg Prospectus.

     1.7      The Benchmark of the Sub-Fund is the HSBC Global Gold, Mining & Energy Index (Total Return Net).

     1.8      The Reference Currency of the Sub-Fund is EUR.

     1.9      Investor Profile: This is a specialist sector equity Sub-Fund investing in natural resources companies, globally, many of which are in the early
              stages of exploration. Although this focused approach can result in high relative returns when the commodities sector is in favour with the
              market, investors can suffer long periods of underperformance when the sector falls out of favour. However, natural resources stocks have in
              the past demonstrated a low correlation with the stock market, which means that investing in the Sub-Fund may add diversification benefits
              to existing equity portfolios. The Sub-Fund may, therefore, be suitable for investors with at least a five year investment horizon looking for a
              higher risk equity strategy to complement an existing core portfolio, or for experienced, diversified investors looking for exclusive exposure to
              a single stock market sector.

     2.       Fees, Charges and Expenses

     2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
              dividend policy, and set out in the tables below.

                Payable by the Investor
                                                                        Class A: Up to 5%
                Initial Charge                                          Class C: Nil
                                                                        Class D: Up to 5%
                                                                        Class A: Nil
                                                                        Maximum: 0.5%

                Redemption Charge69                                     Class C: Nil

                                                                        Class D: Nil
                                                                        Maximum: 0.5%
                Switching fee70                                         All Share Classes: Up to 1%
                Payable by the Sub-Fund:

                The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                        Class A: 1.50% per annum, payable monthly in arrears.
                Annual Management and Advisory Fee                      Class C: 0.80% per annum, payable monthly in arrears.
                                                                        Class D: 2.50% per annum, payable monthly in arrears.
                                                                        Class A: 0.40% per annum.
                Operating and Administrative Expenses                   Class C: 0.25% per annum.
                                                                        Class D: 0.40% per annum.

     69
           Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
           Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
     70
           Investors switching to Class C Shares of the Sub-Fund or another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.


58
3.   Performance of the Sub-Fund

     Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                             Average Annual Compounded Return
                                                                                            Three      Five      Ten
      Fund/Benchmark                                      Inception Date        One Year                                Since Inception
                                                                                            Years     Years     Years
      SGD Class A (Acc)
                                                                                30.30%         -         -          -      23.00%
      NAV-NAV
      SGD Class A (Acc)                                     14 Dec 2009         23.40%         -         -          -       17.30%
      Offer-Bid
      HSBC Global Gold, Mining & Energy Index
                                                                                22.20%         -         -          -       11.50%
      (Total Return Net)

      EUR Class A (Acc) NAV-NAV                                                 45.00%      3.80%     8.10%         -       16.00%

      EUR Class A (Acc)
                                                            21 Dec 2004          37.50%     1.90%     6.90%         -       14.90%
      Offer-Bid
      HSBC Global Gold, Mining & Energy Index
                                                                                35.90%      6.90%     8.40%         -       17.30%
      (Total Return Net)

      EUR Class A (Dist) NAV-NAV                                                45.00%      3.80%     8.10%         -       13.70%

      EUR Class A (Dist)
                                                            14 Mar 2005          37.30%     1.90%     6.90%         -       12.70%
      Offer-Bid
      HSBC Global Gold, Mining & Energy Index
                                                                                35.90%      6.90%     8.40%         -       16.00%
      (Total Return Net)

      USD Class A (Acc) NAV-NAV                                                 42.90%      1.10%        -          -       11.90%

      USD Class A (Acc)
                                                            12 Sep 2006         35.40%      -0.70%       -          -       10.50%
      Offer-Bid
      HSBC Global Gold, Mining & Energy Index
                                                                                34.00%      4.20%        -          -       13.60%
      (Total Return Net)

      EUR Class C (Acc) NAV-NAV                                                 46.30%      4.70%     9.00%         -       14.80%

      EUR Class C (Acc)
                                                            14 Mar 2005         46.30%      4.70%     9.00%         -       14.80%
      Offer-Bid
      HSBC Global Gold, Mining & Energy Index
                                                                                35.90%      6.90%     8.40%         -       16.00%
      (Total Return Net)
      USD Class C (Acc)
                                                                                44.10%      1.90%        -          -       6.00%
      NAV-NAV
      USD Class C (Acc)
                                                            5 Apr 2007          44.10%      1.90%        -          -       6.00%
      Offer-Bid
      HSBC Global Gold, Mining & Energy Index
                                                                                34.00%      4.20%        -          -       9.80%
      (Total Return Net)

      EUR Class D (Acc) NAV-NAV                                                 43.60%      2.70%     7.00%         -       10.40%

      EUR Class D (Acc)
                                                            5 Dec 2005           36.10%     0.90%     5.90%         -       9.20%
      Offer-Bid
      HSBC Global Gold, Mining & Energy Index
                                                                                35.90%      6.90%     8.40%         -       11.60%
      (Total Return Net)

      USD Class D (Acc) NAV-NAV                                                 41.40%      0.10%        -          -       1.70%

      USD Class D (Acc)
                                                            8 Jun 2007          34.10%      -1.70%       -          -       0.20%
      Offer-Bid
      HSBC Global Gold, Mining & Energy Index
                                                                                34.00%      4.20%        -          -       9.10%
      (Total Return Net)

     Note 1: This customised index was introduced in order to facilitate a comparison between the fund's performance and that of the
     broader natural resources sector. Please note that the Sub-Fund should not be expected to look or perform similar to the index.

     Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
     * Source: JPMorgan Asset Management Data

                                                                                                                                          59
         Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
         net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
         5% (if any) and the maximum redemption charge of 0.5% (if any).

         Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

 4.      Total Expense Ratio ("Expense Ratio")

         The Expense Ratio71 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                                Share Class                                                  Expense Ratio
           SGD Class A (Acc)                                                                                1.90% (annualised)
           EUR Class A (Dist)                                                                                     1.90%
           EUR Class A (Acc)                                                                                      1.90%
           USD Class A (Acc)                                                                                      1.90%
           EUR Class C (Acc)                                                                                      1.05%
           USD Class C (Acc)                                                                                      1.05%
           EUR Class D (Acc)                                                                                      2.90%
           USD Class D (Acc)                                                                                      2.90%

 5.      Portfolio Turnover Ratio ("Turnover Ratio")

         The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 0.0%*. The Turnover Ratio =
         (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
         currency.

         * The Turnover Ratio is expressed as a percentage and in the case the outcome of a calculation is negative, a zero value has been published.




 71
      The following expenses, where applicable, are excluded from the calculation of the expense ratios:
      (a) brokerage and other transaction costs associated with the purchase and sales of investments;
      (b) interest expenses;
      (c) foreign exchange gains and losses, whether realised or unrealised;
      (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
      (e) tax deducted at source or arising from income received, including withholding tax; and
      (f) dividends and other distributions paid to Shareholders.



60
                                                                                   APPENDIX 16

                                                                            JF GREATER CHINA FUND

1.       Investment Objective, Policy and Strategy

         The investment objective of the JF Greater China Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital
         growth by investing primarily in companies from the People's Republic of China, Hong Kong and Taiwan ("Greater China").

1.1      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities
         of companies that are incorporated under the laws of, and have their registered office in, a country of Greater China, or that derive the
         predominant part of their economic activity from Greater China, even if listed elsewhere.

1.2      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
         foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
         notes and equity linked notes. The Sub-Fund's exposure to China is gained primarily through H shares, red chips and all other Chinese
         companies listed in the Hong Kong Stock Exchange. The Sub-Fund can also obtain exposure to China by investing, inter alia, in B shares listed
         in Shenzhen/Shanghai Stock Exchange, depository receipts, exchange traded funds listed in Hong Kong and the in-house managed funds which
         can invest directly into the China market.

1.3      Most companies listed on Chinese stock exchanges will offer two different share classes: A shares and B shares. China A Shares are traded
         in Renminbi on the Shanghai and Shenzhen stock exchanges by companies incorporated in mainland China and may only be purchased by
         Chinese domestic investors and Qualified Foreign Institutional Investors. China B Shares are quoted in foreign currencies (such as the USD) on
         the Shanghai and Shenzhen stock exchanges and are open to both domestic and foreign investments.

1.4      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
         other UCIs.

1.5      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
         derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
         securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
         purpose of efficient portfolio management.

1.6      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
         Luxembourg Prospectus.

1.7      The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) Golden Dragon Index (Total Return Net).

1.8      The Reference Currency of the Sub-Fund is USD.

1.9      Investor Profile: This is an equity Sub-Fund designed for investors looking for diversified exposure to the Greater China region defined as
         mainland China, Hong Kong and Taiwan. Therefore, the Sub-Fund may be suitable for investors who are looking to add equities in the Greater
         China region to an existing diversified portfolio, or for investors looking for a stand-alone Greater China equity portfolio aimed at producing
         long-term capital growth. Because the Sub-Fund is invested in equities, and because of the additional individual economic, currency and
         political risks associated in the region, the Sub-Fund is best suited for investors with a five-to-ten year investment horizon.

2.       Fees, Charges and Expenses

2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
         dividend policy, and set out in the tables below.


           Payable by the Investor
                                                                   Class A: Up to 5%
           Initial Charge                                          Class C: Nil
                                                                   Class D: Up to 5%
                                                                   Class A: Nil
                                                                   Maximum: 0.5%
           Redemption Charge72                                     Class C: Nil
                                                                   Class D: Nil
                                                                   Maximum: 0.5%
           Switching fee73                                         All Share Classes: Up to 1%
           Payable by the Sub-Fund:
           The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                   Class A: 1.50% per annum, payable monthly in arrears.
           Annual Management and Advisory Fee                      Class C: 0.75% per annum, payable monthly in arrears.
                                                                   Class D: 2.50% per annum, payable monthly in arrears.
                                                                   Class A: 0.40% per annum.
           Operating and Administrative Expenses                   Class C: 0.25% per annum.
                                                                   Class D: 0.40% per annum.

72
      Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
      Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
73
      Investors switching to Class C Shares of the Sub-Fund or another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.
                                                                                                                                                                                    61
     3.   Performance of the Sub-Fund

          Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                        Average Annual Compounded Return
                                                                                                        Three       Five      Ten
           Fund/Benchmark                                           Inception Date        One Year                                     Since Inception
                                                                                                        Years      Years     Years
           SGD Class A (Acc)
                                                                                            15.10%        -          -          -           7.00%
           NAV-NAV
           SGD Class A (Acc)                                         14 Dec 2009            9.00%         -          -          -           2.00%
           Offer-Bid

           MSCI Golden Dragon Index (Total Return Net)                                     13.00%         -          -          -           5.60%

           USD Class A (Dist) NAV-NAV                                                      26.20%       5.70%     14.90%        -           15.20%

           USD Class A (Dist)
                                                                     18 May 2001           19.50%      3.80%      13.70%        -           14.50%
           Offer-Bid

           MSCI Golden Dragon Index (Total Return Net)                                     23.90%      4.60%      11.60%        -           10.00%

           USD Class A (Acc)
                                                                                           26.20%       5.70%     14.90%        -           15.60%
           NAV-NAV
           USD Class A (Acc)                                         31 Mar 2005           19.60%      3.80%      13.70%        -           14.60%
           Offer-Bid

           MSCI Golden Dragon Index (Total Return Net)                                     23.90%      4.60%      11.60%        -           13.40%

           USD Class C (Acc)
                                                                                           27.40%      6.70%      16.00%        -           16.50%
           NAV-NAV
           USD Class C (Acc)                                          1 Feb 2005           27.40%      6.70%      16.00%        -           16.50%
           Offer-Bid

           MSCI Golden Dragon Index (Total Return Net)                                     23.90%      4.60%      11.60%        -           13.20%

           USD Class D (Acc)
                                                                                           25.00%      4.70%      13.80%        -           14.00%
           NAV-NAV
           USD Class D (Acc)                                         25 May 2001           18.40%      2.80%      12.60%        -           13.40%
           Offer-Bid

           MSCI Golden Dragon Index (Total Return Net)                                     23.90%      4.60%      11.60%        -           9.80%


          Note 1: Prior to 1 June 2001, the benchmark was 40% HSI + 40% TWI + 20% BNPPPCI; 1 June 2001 - 31 May 2002, MSCI Golden
          Dragon Provisional Net; from 1 June 2002, the benchmark has been Morgan Stanley Capital International (MSCI) Golden Dragon Index
          (Total Return Net) (The benchmarks were changed during the life of the Sub-Fund for purposes of enhanced benchmarking of fund
          performance).

          Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
          * Source: JPMorgan Asset Management Data.

          Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
          net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
          5% (if any) and the maximum redemption charge of 0.5% (if any).

          Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.




62
4.      Total Expense Ratio ("Expense Ratio")

        The Expense Ratio74 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                               Share Class                                                  Expense Ratio
          SGD Class A (Acc)                                                                                1.90% (annualised)
          USD Class A (Dist)                                                                                     1.90%
          USD Class A (Acc)                                                                                      1.90%
          USD Class C (Acc)                                                                                      1.00%
          USD Class D (Acc)                                                                                      2.90%

5.      Portfolio Turnover Ratio ("Turnover Ratio")

        The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 94.54%.The Turnover Ratio =
        (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
        currency.




74
     The following expenses, where applicable, are excluded from the calculation of the expense ratios:
     (a) brokerage and other transaction costs associated with the purchase and sales of investments;
     (b) interest expenses;
     (c) foreign exchange gains and losses, whether realised or unrealised;
     (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
     (e) tax deducted at source or arising from income received, including withholding tax; and
     (f) dividends and other distributions paid to Shareholders.



                                                                                                                                                 63
                                                                                     APPENDIX 17

                                                                                    JF INDIA FUND

 1.       Investment Objective, Policy and Strategy

 1.1      The investment objective of the JF India Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital growth by
          investing primarily in Indian companies.

 1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
          companies that are incorporated under the laws of, and have their registered office in, India, or that derive the predominant part of their
          economic activity from India, even if listed elsewhere.

 1.3      The Sub-Fund may also invest in Pakistan, Sri Lanka and Bangladesh.

 1.4      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
          foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
          notes and equity linked notes.

 1.5      A Mauritius subsidiary, wholly-owned by the Fund, may be used to facilitate an efficient means of investing. For further details, please refer to
          section 3.7 - Additional Information Relating to JPMorgan Funds - JF India Fund of the Luxembourg Prospectus.

 1.6      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
          other UCIs.

 1.7      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
          derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
          securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
          purpose of efficient portfolio management.

 1.8      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
          Luxembourg Prospectus.

 1.9      The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) India 10/40 Index (Total Return Net).

 1.10 The Reference Currency of the Sub-Fund is USD.

 1.11 Investor Profile: This is an equity Sub-Fund designed for investors looking for exposure to the Indian stock market. Therefore, the Sub-Fund
      may be suitable for investors who are looking to add Indian stock market exposure to an existing diversified portfolio, or for investors looking
      for a stand-alone Indian equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities, and
      because of the additional individual economic, currency and political risks associated with Indian investments, the Sub-Fund may be suitable
      for investors with a five-to-ten year investment horizon.

 2.       Fees, Charges and Expenses

 2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
          dividend policy, and set out in the tables below.

            Payable by the Investor
                                                                    Class A: Up to 5%
            Initial Charge                                          Class C: Nil
                                                                    Class D: Up to 5%
                                                                    Class A: Nil
                                                                    Maximum: 0.5%
            Redemption Charge75                                     Class C: Nil
                                                                    Class D: Nil
                                                                    Maximum: 0.5%
            Switching fee76                                         All Share Classes: Up to 1%
            Payable by the Sub-Fund:

            The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                    Class A: 1.50% per annum, payable monthly in arrears.
            Annual Management and Advisory Fee                      Class C: 0.75% per annum, payable monthly in arrears.
                                                                    Class D: 2.30% per annum, payable monthly in arrears.
                                                                    Class A: 0.60% per annum.
            Operating and Administrative Expenses                   Class C: 0.45% per annum.
                                                                    Class D: 0.60% per annum.

 75
       Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
       Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
 76
       Investors switching to Class C Shares of the Sub-Fund or another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.


64
3.   Performance of the Sub-Fund

     Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                   Average Annual Compounded Return
                                                                                                   Three       Five      Ten
      Fund/Benchmark                                           Inception Date        One Year                                     Since Inception
                                                                                                   Years      Years     Years
      SGD Class A (Acc)
                                                                                       5.40%         -          -          -           2.90%
      NAV-NAV
      SGD Class A (Acc)                                         14 Dec 2009            -0.10%        -          -          -           -1.90%
      Offer-Bid

      MSCI India 10/40 Index (Total Return Net)                                        2.00%         -          -          -           -0.40%

      USD Class A (Acc) NAV-NAV                                                        15.70%     -5.20%     9.90%         -           17.30%

      USD Class A (Acc)
                                                                31 Mar 2005            9.60%      -6.80%     8.70%         -           16.20%
      Offer-Bid

      MSCI India 10/40 Index (Total Return Net)                                        11.80%     -3.10%     13.60%        -           19.80%

      USD Class A (Dist)
                                                                                       15.70%     -5.20%     9.90%      17.00%         14.40%
      NAV-NAV
      USD Class A (Dist)                                         31 Aug 1995           9.60%      -6.80%     8.70%      16.40%         14.00%
      Offer-Bid

      MSCI India 10/40 Index (Total Return Net)                                        11.80%     -3.10%     13.60%     16.30%         10.20%

      USD Class C (Acc)
                                                                                      16.80%      -4.30%     10.90%        -           17.70%
      NAV-NAV
      USD Class C (Acc)                                          5 Jan 2005           16.80%      -4.30%     10.90%        -           17.70%
      Offer-Bid

      MSCI India 10/40 Index (Total Return Net)                                        11.80%     -3.10%     13.60%        -           19.00%

      USD Class D (Acc)
                                                                                      14.80%      -5.90%     9.00%      16.20%         16.80%
      NAV-NAV
      USD Class D (Acc)                                          13 Oct 2000           8.80%      -7.60%      7.80%     15.50%         16.20%
      Offer-Bid

      MSCI India 10/40 Index (Total Return Net)                                        11.80%     -3.10%     13.60%     16.30%         17.60%


     Note 1: Prior to 1 August 2003, the benchmark was BSE National 100 Index and 1 August 2003 - 1 August 2008 the benchmark was
     MSCI India Net; from 2 August 2008, the benchmark has been Morgan Stanley Capital International (MSCI) India 10/40 Capped Index
     (Total Return Net) (The benchmarks were changed during the life of the Sub-Fund for purposes of enhanced benchmarking of fund
     performance).

     Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
     * Source: JPMorgan Asset Management Data.

     Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
     net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
     5% (if any) and the maximum redemption charge of 0.5% (if any).

     Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.




                                                                                                                                                    65
 4.      Total Expense Ratio ("Expense Ratio")

         The Expense Ratio77 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                                Share Class                                                  Expense Ratio
           SGD Class A (Acc)                                                                                2.10% (annualised)
           USD Class A (Acc)                                                                                      2.10%
           USD Class A (Dist)                                                                                     2.10%
           USD Class C (Acc)                                                                                      1.20%
           USD Class D (Acc)                                                                                      2.90%

 5.      Portfolio Turnover Ratio ("Turnover Ratio")

         The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 0.0%*. The Turnover Ratio =
         (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
         currency.

         * The Turnover Ratio is expressed as a percentage and in the case the outcome of a calculation is negative, a zero value has been published.




 77
      The following expenses, where applicable, are excluded from the calculation of the expense ratios:
      (a) brokerage and other transaction costs associated with the purchase and sales of investments;
      (b) interest expenses;
      (c) foreign exchange gains and losses, whether realised or unrealised;
      (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
      (e) tax deducted at source or arising from income received, including withholding tax; and
      (f) dividends and other distributions paid to Shareholders.



66
                                                                     APPENDIX 18

                                                               JF KOREA EQUITY FUND

1.    Investment Objective, Policy and Strategy

1.1   The investment objective of the JF Korea Equity Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital
      growth by investing primarily in a concentrated portfolio of Korean companies, using derivative strategies where appropriate.

1.2   At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested, either directly or through the use of financial
      derivative instruments, in equity and equity linked securities of companies that are incorporated under the laws of, and have their registered
      office in, Korea, or that derive the predominant part of their economic activity from Korea, even if listed elsewhere.

1.3   Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
      foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
      notes and equity linked notes.

1.4   The Sub-Fund may invest in financial derivative instruments and periodically the Sub-Fund may use long financial derivative instruments to
      increase its total exposure to Korean equity and equity linked securities up to a maximum of 130% of its total net assets. Financial derivative
      instruments utilised by the Sub-Fund may include, but are not limited to, futures, options, contracts for difference, forward contracts on
      financial instruments and options on such contracts, credit linked instruments, mortgage TBAs and swap contracts by private agreement and
      other fixed income, currency and credit derivatives. Financial derivative instruments may also be used for hedging purposes.

1.5   Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
      other UCIs.

1.6   USD is the reference currency of the Sub-Fund but assets may be denominated in other currencies and currency exposure may be hedged. In
      addition the Sub-Fund may seek to partially achieve its investment objectives through the use of active long and short currency positions where
      appropriate.

1.7   Techniques and instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending
      or repurchase agreements) may be used for the purpose of efficient portfolio management.

1.8   All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
      Luxembourg Prospectus.

1.9   The Benchmark of the Sub-Fund is the Korea Composite Stock Price Index (KOSPI).

1.10 The Reference Currency of the Sub-Fund is USD.

1.11 Investor Profile: This aggressively managed equity Sub-Fund is designed for investors looking for exposure to the Korean stock market.
     Therefore, the Sub-Fund may be suited to investors who are looking to add Korean stock market exposure to an existing diversified portfolio,
     or for experienced investors looking for a stand-alone Korean equity investment aimed at producing long-term capital growth. Because the
     Sub-Fund is invested in equities, and because of the additional individual economic, currency and political risks associated with investments in
     Korea, the Sub-Fund may be suitable for investors with at least a five year investment horizon.




                                                                                                                                                        67
 2.      Fees, Charges and Expenses

 2.1     The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
         dividend policy, and set out in the tables below.


           Payable by the Investor
                                                                   Class A: Up to 5%
           Initial Charge
                                                                   Class D: Up to 5%
                                                                   Class A: Nil
                                                                   Maximum: 0.5%
           Redemption Charge78
                                                                   Class D: Nil
                                                                   Maximum: 0.5%
           Switching fee79                                         All Share Classes: Up to 1%
           Payable by the Sub-Fund:

           The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                   Class A: 1.50% per annum, payable monthly in arrears.
           Annual Management and Advisory Fee
                                                                   Class D: 2.50% per annum, payable monthly in arrears.
                                                                   Class A: 0.40% per annum.
           Operating and Administrative Expenses
                                                                   Class D: 0.40% per annum.

 3.      Performance of the Sub-Fund

         Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                        Average Annual Compounded Return
                                                                                                                          Three          Five         Ten
           Fund/Benchmark                                                      Inception Date             One Year                                              Since Inception
                                                                                                                          Years         Years        Years
           USD Class A (Dist)
                                                                                                           40.90%             -            -            -              7.10%
           NAV-NAV
           USD Class A (Dist)                                                    19 May 2008                33.50%            -            -            -             5.00%
           Offer-Bid

           Korea Composite Stock Price (KOSPI)                                                              33.80%            -            -            -             0.80%

           USD Class A (Acc)
                                                                                                           40.70%         8.80%            -            -             4.30%
           NAV-NAV
           USD Class A (Acc)                                                     28 Sep 2007                33.30%        6.90%            -            -             2.60%
           Offer-Bid

           Korea Composite Stock Price (KOSPI)                                                              33.80%        2.40%            -            -             -4.10%

           USD Class D (Acc) NAV-NAV                                                                        39.40%        7.80%            -            -             3.30%

           USD Class D (Acc)
                                                                                 28 Sep 2007                32.00%        5.90%            -            -              1.60%
           Offer-Bid

           Korea Composite Stock Price (KOSPI)                                                              33.80%        2.40%            -            -             -4.10%


         Note: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
         * Source: JPMorgan Asset Management Data.




 78
      Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
      Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
 79
      Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.



68
        Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
        net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
        5% (if any) and the maximum redemption charge of 0.5% (if any).

        Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

4.      Total Expense Ratio ("Expense Ratio")

        The Expense Ratio80 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                               Share Class                                                  Expense Ratio
          USD Class A (Dist)                                                                                     1.90%
          USD Class A (Acc)                                                                                      1.90%
          USD Class D (Acc)                                                                                      2.90%

5.      Portfolio Turnover Ratio ("Turnover Ratio")

        The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 80.65%. The Turnover Ratio =
        (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
        currency.




80
     The following expenses, where applicable, are excluded from the calculation of the expense ratios:
     (a) brokerage and other transaction costs associated with the purchase and sales of investments;
     (b) interest expenses;
     (c) foreign exchange gains and losses, whether realised or unrealised;
     (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
     (e) tax deducted at source or arising from income received, including withholding tax; and
     (f) dividends and other distributions paid to Shareholders.


                                                                                                                                                       69
                                                                                        APPENDIX 19

                                                                              LATIN AMERICA EQUITY FUND

     1.       Investment Objective, Policy and Strategy

     1.1      The investment objective of the Latin America Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital growth
              by investing primarily in Latin American companies.

     1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
              companies that are incorporated under the laws of, and have their registered office in, a Latin American country, or that derive the predominant
              part of their economic activity from Latin America, even if listed elsewhere.

     1.3      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
              foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
              notes and equity linked notes.

     1.4      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
              other UCIs.

     1.5      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
              derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
              securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
              purpose of efficient portfolio management.

     1.6      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
              Luxembourg Prospectus.

     1.7       The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) EM Latin America Index (Total Return Net).

     1.8      The Reference Currency of the Sub-Fund is USD.

     1.9      Investor Profile: This is an equity Sub-Fund investing in the Latin American region. Whilst the growth potential of Latin American equities
              make this Sub-Fund attractive for investors looking for high investment returns, they need to be comfortable with the substantial political and
              economic risks associated with the Latin American region. The Sub-Fund may, therefore, be suitable for investors who already have a globally
              diversified portfolio and now want to expand into riskier assets in order to potentially boost returns. Because Latin American stock markets
              are very volatile, investors should also have a five-to-ten year investment horizon.

     2.       Fees, Charges and Expenses

     2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
              dividend policy, and set out in the tables below.

                Payable by the Investor
                                                                        Class A: Up to 5%
                Initial Charge
                                                                        Class D: Up to 5%
                                                                        Class A: Nil
                                                                        Maximum: 0.5%
                Redemption Charge81
                                                                        Class D: Nil
                                                                        Maximum: 0.5%
                Switching fee82                                         All Share Classes: Up to 1%
                Payable by the Sub-Fund:

                The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                        Class A: 1.50% per annum, payable monthly in arrears.
                Annual Management and Advisory Fee
                                                                        Class D: 2.50% per annum, payable monthly in arrears.
                                                                        Class A: 0.40% per annum.
                Operating and Administrative Expenses
                                                                        Class D: 0.40% per annum.




     81
           Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
           Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
     82
           Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.



70
3.   Performance of the Sub-Fund

     Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*


                                                                                   Average Annual Compounded Return

                                                                                                   Three       Five       Ten
      Fund/Benchmark                                           Inception Date        One Year                                     Since Inception
                                                                                                   Years      Years      Years

      SGD Class A (Acc)**
                                                                                          -          -          -          -              -
      NAV-NAV
      SGD Class A (Acc)**                                       13 Aug 2010               -          -          -          -              -
      Offer-Bid
      MSCI EM Latin America Index (Total Return Net)                                      -          -          -          -              -
      USD Class A (Dist)
      (JF Share Class)                                                                19.90%      4.20%      13.10%     15.80%         16.60%
      NAV-NAV
      USD Class A (Dist)                                        13 Oct 2000
      (JF Share Class)                                                                13.60%       2.30%     11.90%     15.20%         16.00%
      Offer-Bid
      MSCI EM Latin America Index (Total Return Net)                                  20.20%      5.00%      15.10%     19.00%         19.70%

      USD Class A (Dist) NAV-NAV                                                      19.90%      4.20%      13.40%     17.60%         10.90%

      USD Class A (Dist)
                                                                13 May 1992           13.60%       2.30%     12.20%     17.00%         10.60%
      Offer-Bid

      MSCI EM Latin America Index (Total Return Net)                                  20.20%      5.00%      14.80%     19.00%         13.20%

      USD Class A (Acc)
                                                                                      19.90%      4.20%      13.40%        -           22.40%
      NAV-NAV
      USD Class A (Acc)                                         31 Mar 2005           13.60%       2.30%     12.20%        -           21.30%
      Offer-Bid

      MSCI EM Latin America Index (Total Return Net)                                  20.20%      5.00%      14.80%        -           23.50%

      USD Class D (Acc)
                                                                                      18.70%       3.10%     12.30%     16.50%         17.30%
      NAV-NAV
      USD Class D (Acc)                                         13 Oct 2000           12.50%       1.30%     11.10%     15.90%         16.70%
      Offer-Bid

      MSCI EM Latin America Index (Total Return Net)                                  20.20%      5.00%      14.80%     19.00%         19.70%


     Note: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
     * Source: JPMorgan Asset Management Data.
     ** As this Share Class of the Sub-Fund has been incepted for a period of less than 1 year as at 31 January 2011, no performance returns have
     been disclosed for the Sub-Fund.

     Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
     net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
     5% (if any) and the maximum redemption charge of 0.5% (if any).

     Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.




                                                                                                                                                    71
     4.      Total Expense Ratio ("Expense Ratio")

             The Expense Ratio83 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                                     Share Class                                                                                Expense Ratio
                                      84
               SGD Class A (Acc)                                                                                                                         -
               USD Class A (Dist)                                                                                                                     1.90%
               USD Class A (Dist) (JF Share Class)                                                                                                    1.90%
               USD Class A (Acc)                                                                                                                      1.90%
               USD Class D (Acc)                                                                                                                     2.90%

     5.      Portfolio Turnover Ratio ("Turnover Ratio")

             The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 54.91%. The Turnover Ratio =
             (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
             currency.




     83
          The following expenses, where applicable, are excluded from the calculation of the expense ratios:
          (a) brokerage and other transaction costs associated with the purchase and sales of investments;
          (b) interest expenses;
          (c) foreign exchange gains and losses, whether realised or unrealised;
          (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
          (e) tax deducted at source or arising from income received, including withholding tax; and
          (f) dividends and other distributions paid to Shareholders.
     84
          As the SGD Share Class is newly established, the Expense Ratio relating to this Share Class is not available as at the date of registration of this Singapore Prospectus.


72
                                                                                       APPENDIX 20

                                                                           JF PACIFIC TECHNOLOGY FUND

1.       Investment Objective, Policy and Strategy

1.1      The investment objective of the JF Pacific Technology Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital
         growth by investing primarily in technology, media and telecommunications related companies in the Pacific Basin85 (including Japan).

1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
         technology related companies that are incorporated under the laws of, and have their registered office in, a country in the Pacific Basin
         (including Japan), or that derive the predominant part of their economic activity from the Pacific Basin (including Japan), even if listed
         elsewhere.

1.3      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
         foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
         notes and equity linked notes.

1.4      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
         other UCIs.

1.5      The Sub-Fund may invest in assets denominated in any currency and currency exposure in this Sub-Fund may be hedged or may be managed
         by reference to its benchmark. The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio
         management. Techniques and instruments relating to transferable securities and money market instruments (including, but not limited to,
         securities lending or repurchase agreements) may be used for the purpose of efficient portfolio management.

1.6      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
         Luxembourg Prospectus.

1.7      The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) All Country Pacific IT Index (Total Return Net).

1.8      The Reference Currency of the Sub-Fund is USD.

1.9      Investor Profile: This is a specialist equity Sub-Fund investing in the technology, media and telecommunications sectors within the Pacific
         region including Japan. Although this focused approach can result in high relative returns when the Pacific region's technology sector is
         in favour, investors can suffer periods of underperformance when the sector falls out of favour. The Sub-Fund is therefore best suited for
         investors with at least a five year investment horizon looking for a higher risk equity strategy to complement an existing core portfolio, or for
         investors looking for exclusive exposure to a single stock market sector.

2.       Fees, Charges and Expenses

2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
         dividend policy, and set out in the tables below.

           Payable by the Investor
                                                                     Class A: Up to 5%
           Initial Charge
                                                                     Class D: Up to 5%
                                                                     Class A: Nil
                                                                     Maximum: 0.5%
           Redemption Charge86
                                                                     Class D: Nil
                                                                     Maximum: 0.5%
           Switching fee87                                           All Share Classes: Up to 1%
           Payable by the Sub-Fund:

           The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                     Class A: 1.50% per annum, payable monthly in arrears.
           Annual Management and Advisory Fee
                                                                     Class D: 2.50% per annum, payable monthly in arrears.
                                                                     Class A: 0.40% per annum.
           Operating and Administrative Expenses
                                                                     Class D: 0.40% per annum.



85
      The term "Pacific Basin" refers to an area including Australia, Hong Kong, New Zealand, Singapore, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand and the Indian
      sub-continent, excluding the United States of America.
86
      Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
      Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
87
      Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.



                                                                                                                                                                                               73
     3.      Performance of the Sub-Fund

             Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                                Average Annual Compounded Return
                                                                                                                            Three     Five        Ten
               Fund/Benchmark                                                           Inception Date           One Year                                Since Inception
                                                                                                                            Years    Years       Years
               USD Class A (Dist)
                                                                                                                  17.20%    5.00%    5.70%       6.00%       2.50%
               NAV-NAV
               USD Class A (Dist)                                                         2 Jun 2000              11.10%    3.10%    4.60%       5.40%       2.00%
               Offer-Bid

               MSCI All Country Pacific IT Index (Total Return Net)                                               20.90%    5.30%    1.90%       2.20%       -2.10%

               USD Class A (Acc)
                                                                                                                  17.20%    5.00%    5.70%         -         9.90%
               NAV-NAV
               USD Class A (Acc)                                                          31 Mar 2005             10.90%    3.10%    4.60%         -         8.90%
               Offer-Bid

               MSCI All Country Pacific IT Index (Total Return Net)                                               20.90%    5.30%    2.00%         -         6.30%

               USD Class D (Acc) NAV-NAV                                                                          15.90%    3.90%    4.70%       5.10%       4.30%

               USD Class D (Acc)
                                                                                          13 Oct 2000              9.80%    2.10%    3.50%       4.50%       3.70%
               Offer-Bid

               MSCI All Country Pacific IT Index (Total Return Net)                                               20.90%    5.30%    2.00%       2.20%       1.10%


             Note: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
             * Source: JPMorgan Asset Management Data.

             Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
             net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
             5% (if any) and the maximum redemption charge of 0.5% (if any).

             Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

     4.      Total Expense Ratio ("Expense Ratio")

             The Expense Ratio88 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                                   Share Class                                                                   Expense Ratio
               USD Class A (Dist)                                                                                                    1.90%
               USD Class A (Acc)                                                                                                     1.90%
               USD Class D (Acc)                                                                                                    2.90%

     5.      Portfolio Turnover Ratio ("Turnover Ratio")

             The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 73.39%. The Turnover Ratio =
             (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
             currency.




     88
          The following expenses, where applicable, are excluded from the calculation of the expense ratios:
          (a) brokerage and other transaction costs associated with the purchase and sales of investments;
          (b) interest expenses;
          (c) foreign exchange gains and losses, whether realised or unrealised;
          (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
          (e) tax deducted at source or arising from income received, including withholding tax; and
          (f) dividends and other distributions paid to Shareholders.



74
                                                                    APPENDIX 21

                                                                   RUSSIA FUND

1.    Investment Objective, Policy and Strategy

1.1   The investment objective of the Russia Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital growth by
      investing primarily in a concentrated portfolio of Russian companies.

1.2   At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in a concentrated portfolio of equity and
      equity linked securities of companies that are incorporated under the laws of, and have their registered office in, Russia, or that derive the
      predominant part of their economic activity from Russia, even if listed elsewhere.

1.3   The Sub-Fund may also invest in other members of the Commonwealth of Independent States.

1.4   The Sub-Fund is run with a relatively low reference to its benchmark.

1.5   The Sub-Fund will invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency
      Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will limit any direct
      investment in securities traded on the non Regulated Markets of Russia and the Commonwealth of Independent States (together with any other
      securities not traded on a Regulated Market) to 10% of its net assets.

1.6   Equity exposure may be achieved through investment in depository receipts, shares, warrants and other participation rights. Subject to the
      foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
      notes and equity linked notes.

1.7   Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
      other UCIs.

1.8   The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
      derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
      securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
      purpose of efficient portfolio management.

1.9   All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
      Luxembourg Prospectus.

1.10 The Benchmark of the Sub-Fund is the MSCI Russia 10/40 Index (Total Return Net).

1.11 The Reference Currency of the Sub-Fund is USD.

1.12 Investor Profile: This aggressively managed equity Sub-Fund invests primarily in a concentrated portfolio of Russian and Russian-related
     companies. This Sub-Fund is designed for investors looking for exposure to the Russian stock market, therefore, may be suited to investors
     who are looking to add Russian stock market exposure to an existing diversified portfolio, or for investors looking for a stand-alone Russian
     equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities, and because of the additional
     individual economic, currency and political risks associated with investments in Russia, the Sub-Fund may be suitable for investors with at least
     a five-to-ten year investment horizon.




                                                                                                                                                     75
     2.      Fees, Charges and Expenses

     2.1     The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
             dividend policy, and set out in the tables below.


               Payable by the Investor
                                                                      Class A: Up to 5%
               Initial Charge
                                                                      Class D: Up to 5%
                                                                      Class A: Nil
                                                                      Maximum: 0.5%
               Redemption Charge89
                                                                      Class D: Nil
                                                                      Maximum: 0.5%
               Switching fee90                                        All Share Classes: Up to 1%
               Payable by the Sub-Fund:

               The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                      Class A: 1.50% per annum, payable monthly in arrears.
               Annual Management and Advisory Fee
                                                                      Class D: 2.50% per annum, payable monthly in arrears.
                                                                      Class A: 0.40% per annum.
               Operating and Administrative Expenses
                                                                      Class D: 0.40% per annum.

     3.      Performance of the Sub-Fund

             Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                           Average Annual Compounded Return
                                                                                                                             Three          Five        Ten
               Fund/Benchmark                                                      Inception Date            One Year                                              Since Inception
                                                                                                                             Years         Years       Years
               USD Class A (Dist)
                                                                                                              24.30%        -6.50%        6.40%           -             10.40%
               NAV-NAV
               USD Class A (Dist)                                                    17 Nov 2005               17.70%        -8.10%       5.30%           -              9.30%
               Offer-Bid

               MSCI Russia 10/40 Index (Total Return Net)                                                     29.30%         1.60%        14.40%          -             19.30%

               USD Class A (Acc)
                                                                                                              24.30%        -6.50%        6.40%           -             10.30%
               NAV-NAV
               USD Class A (Acc)                                                    22 Nov 2005                17.80%        -8.10%       5.30%           -              9.20%
               Offer-Bid

               MSCI Russia 10/40 Index (Total Return Net)                                                     29.30%         1.60%        14.40%          -             19.20%

               USD Class D (Acc) NAV-NAV                                                                      23.00%         -7.40%       5.40%           -              4.90%

               USD Class D (Acc)
                                                                                     27 Jan 2006               16.50%       -9.00%        4.20%           -              3.80%
               Offer-Bid

               MSCI Russia 10/40 Index (Total Return Net)                                                     29.30%         1.60%        14.40%          -             13.50%


             Note 1: Prior to 1 October 2006, the benchmark was CS ROS 30 Price. (The benchmark was changed for purposes of enhanced
             benchmarking of fund performance.)

             Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
             * Source: JPMorgan Asset Management Data.




     89
          Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
          Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
     90
          Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.


76
        Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
        net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
        5% (if any) and the maximum redemption charge of 0.5% (if any).

        Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

4.      Total Expense Ratio ("Expense Ratio")

        The Expense Ratio91 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                              Share Class                                                   Expense Ratio
          USD Class A (Dist)                                                                                    1.90%
          USD Class A (Acc)                                                                                     1.90%
          USD Class D (Acc)                                                                                     2.90%

5.      Portfolio Turnover Ratio ("Turnover Ratio")

        The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 34.28%. The Turnover Ratio =
        (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
        currency.




91
     The following expenses, where applicable, are excluded from the calculation of the expense ratios:
     (a) brokerage and other transaction costs associated with the purchase and sales of investments;
     (b) interest expenses;
     (c) foreign exchange gains and losses, whether realised or unrealised;
     (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
     (e) tax deducted at source or arising from income received, including withholding tax; and
     (f) dividends and other distributions paid to Shareholders.


                                                                                                                                                       77
                                                                                     APPENDIX 22

                                                                                JF SINGAPORE FUND

     1.    Investment Objective, Policy and Strategy

     1.1   The investment objective of the JF Singapore Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital growth
           by investing primarily in Singaporean companies.

     1.2   At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
           companies that are listed on the Singaporean stock exchange or are incorporated under the laws of, and have their registered office in,
           Singapore, or that derive the predominant part of their economic activity from Singapore, even if listed elsewhere.

     1.3   Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
           foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
           notes and equity linked notes.

     1.4   Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
           other UCIs.

     1.5   The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
           derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
           securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
           purpose of efficient portfolio management.

     1.6   All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
           Luxembourg Prospectus.

     1.7   The Benchmark of the Sub-Fund is the Morgan Stanley Capital International (MSCI) Singapore Index (Total Return Net).

     1.8   The Reference Currency of the Sub-Fund is USD.

     1.9   Investor Profile: This is an equity Sub-Fund designed for investors looking for exposure to the Singapore stock market. Therefore, the Sub-Fund
           may be suitable for investors who are looking to add Singapore stock market exposure to an existing diversified portfolio, or for investors
           looking for a stand-alone Singapore equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in
           equities, and because of the additional individual economic, currency and political risks associated with single country investing, the Sub-Fund
           may be suitable for experienced, diversified investors with at least a five year investment horizon.

     2.    Fees, Charges and Expenses

     2.1   The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
           dividend policy, and set out in the tables below.


             Payable by the Investor
                                                                     Class A: Up to 5%
             Initial Charge                                          Class C: Nil
                                                                     Class D: Up to 5%
                                                                     Class A: Nil
                                                                     Maximum: 0.5%

             Redemption Charge92                                     Class C: Nil

                                                                     Class D: Nil
                                                                     Maximum: 0.5%
             Switching fee93                                         All Share Classes: Up to 1%
             Payable by the Sub-Fund:

             The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                     Class A: 1.50% per annum, payable monthly in arrears.
             Annual Management and Advisory Fee                      Class C: 0.75% per annum, payable monthly in arrears.
                                                                     Class D: 2.50% per annum, payable monthly in arrears.
                                                                     Class A: 0.40% per annum.
             Operating and Administrative Expenses                   Class C: 0.25% per annum.
                                                                     Class D: 0.40% per annum.


     92
        Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
     Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
     93
        Investors switching to Class C Shares of the Sub-Fund or another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.


78
3.   Performance of the Sub-Fund

     Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                   Average Annual Compounded Return
                                                                                                   Three       Five      Ten
      Fund/Benchmark                                           Inception Date         One Year                                    Since Inception
                                                                                                   Years      Years     Years
      SGD Class A (Acc)
                                                                                       18.50%         -         -          -           14.20%
      NAV-NAV
      SGD Class A (Acc)                                          14 Dec 2009           12.30%         -         -          -           8.80%
      Offer-Bid

      MSCI Singapore Index (Total Return Net)                                          18.20%         -         -          -           13.60%

      USD Class A (Dist) NAV-NAV                                                       30.10%      3.30%     12.80%        -           18.30%

      USD Class A (Dist)
                                                                 18 May 2001           23.30%      1.50%     11.60%        -           17.60%
      Offer-Bid

      MSCI Singapore Index (Total Return Net)                                          29.70%      8.50%     14.80%        -           13.60%

      USD Class A (Acc)
                                                                                       30.10%      3.30%     12.80%        -           17.60%
      NAV-NAV
      USD Class A (Acc)                                          31 Mar 2005           23.30%      1.50%     11.60%        -           16.50%
      Offer-Bid

      MSCI Singapore Index (Total Return Net)                                          29.70%      8.50%     14.80%        -           15.80%

      USD Class C (Acc)
                                                                                       31.20%      4.30%     13.80%        -           17.30%
      NAV-NAV
      USD Class C (Acc)                                          20 Jan 2005           31.20%      4.30%     13.80%        -           17.30%
      Offer-Bid

      MSCI Singapore Index (Total Return Net)                                          29.70%      8.50%     14.80%        -           15.50%

      USD Class D (Acc)
                                                                                       28.90%      2.30%     11.70%        -           17.00%
      NAV-NAV
      USD Class D (Acc)                                          25 May 2001           22.10%      0.50%     10.50%        -           16.30%
      Offer-Bid

      MSCI Singapore Index (Total Return Net)                                          29.70%      8.50%     14.80%        -           13.60%


     Note: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
     * Source: JPMorgan Asset Management Data.

     Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
     net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
     5% (if any) and the maximum redemption charge of 0.5% (if any).

     Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.




                                                                                                                                                    79
 4.      Total Expense Ratio ("Expense Ratio")

         The Expense Ratio94 of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                               Share Class                                                   Expense Ratio
           SGD Class A (Acc)                                                                                1.90% (annualised)
           USD Class A (Dist)                                                                                     1.90%
           USD Class A (Acc)                                                                                      1.90%
           USD Class C (Acc)                                                                                      1.00%
           USD Class D (Acc)                                                                                      2.90%

 5.      Portfolio Turnover Ratio ("Turnover Ratio")

         The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 22.65%. The Turnover Ratio =
         (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
         currency.




 94
      The following expenses, where applicable, are excluded from the calculation of the expense ratios:
      (a) brokerage and other transaction costs associated with the purchase and sales of investments;
      (b) interest expenses;
      (c) foreign exchange gains and losses, whether realised or unrealised;
      (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
      (e) tax deducted at source or arising from income received, including withholding tax; and
      (f) dividends and other distributions paid to Shareholders.



80
                                                                                     APPENDIX 23

                                                                          US SMALL CAP GROWTH FUND

1.       Investment Objective, Policy and Strategy

1.1      The investment objective of the US Small Cap Growth Fund (also referred to in this Appendix as the "Sub-Fund") is to provide long-term capital
         growth by investing primarily in a growth style biased portfolio of small capitalisation US companies.

1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested in a growth style biased portfolio of equity
         and equity linked securities of small capitalisation companies that are incorporated under the laws of, and have their registered office in, the
         US, or that derive the predominant part of their economic activity from the US, even if listed elsewhere. Market capitalisation is the total value
         of a company's shares and may fluctuate materially over time. Small capitalisation companies are those whose market capitalisation is within
         the range of the market capitalisation of companies in the Benchmark for the Sub-Fund at the time of purchase.

1.3      The Sub-Fund may also invest in Canadian companies.

1.4      Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
         foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
         notes and equity linked notes.

1.5      Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and
         other UCIs.

1.6      The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may invest in financial
         derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable
         securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the
         purpose of efficient portfolio management.

1.7      All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
         Luxembourg Prospectus.

1.8      The Benchmark of the Sub-Fund is the Russell 2000 Growth Index (Total Return Net).

1.9      The Reference Currency of the Sub-Fund is USD.

1.10 Investor Profile: This is an equity Sub-Fund designed to give exposure to small capitalisation companies in the US. Although such companies
     have often produced periods of very high returns for investors, they have historically been less liquid and carry a higher risk of financial
     distress than larger, blue chip companies. Therefore, investors in this Sub-Fund should be comfortable with its potential to be more volatile
     than core, large-cap biased equity sub-funds. Because the Sub-Fund is invested in equities, and because of the individual economic, currency
     and political risks associated with single country investing, the Sub-Fund may be suitable for investors with a five year investment horizon.

2.       Fees, Charges and Expenses

2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
         dividend policy, and set out in the tables below.


           Payable by the Investor
           Initial Charge                                           Class A: Up to 5%
                                                                    Class A: Nil
           Redemption Charge95
                                                                    Maximum: 0.5%
           Switching fee96                                          All Share Classes: Up to 1%
           Payable by the Sub-Fund:

           The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
           Annual Management and Advisory Fee                       Class A: 1.50% per annum, payable monthly in arrears.
           Operating and Administrative Expenses                    Class A: 0.40% per annum.




95
      Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares if, in its
      absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
96
      Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.



                                                                                                                                                                                        81
     3.      Performance of the Sub-Fund

             Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                                Average Annual Compounded Return
                                                                                                                            Three     Five        Ten
               Fund/Benchmark                                                           Inception Date           One Year                                Since Inception
                                                                                                                            Years    Years       Years
               USD Class A (Dist)
                                                                                                                  34.60%    4.90%    2.90%       0.40%       9.00%
               NAV-NAV
               USD Class A (Dist)                                                     11 September 1984           27.50%    3.00%    1.80%   -0.20%          8.80%
               Offer-Bid

               Russell 2000 Growth Index (Total Return Net)                                                       34.10%    5.10%    3.00%       2.70%       7.30%


             Note: 1: Prior to 1 Aug 93, the benchmark was Russell 2000 Growth Total (The benchmarks were changed during the life of the Sub-Fund
             for purposes of enhanced benchmarking of fund performance).

             Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
             * Source: JPMorgan Asset Management Data.

             Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
             net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
             5% (if any) and the maximum redemption charge of 0.5% (if any).

             Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

     4.      Total Expense Ratio ("Expense Ratio")

             The Expense Ratio97 of the relevant Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                                   Share Class                                                                   Expense Ratio
               USD Class A (Dist)                                                                                                    1.90%

     5.      Portfolio Turnover Ratio ("Turnover Ratio")

             The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 96.03%. The Turnover Ratio =
             (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
             currency.




     97
          The following expenses, where applicable, are excluded from the calculation of the expense ratios:
          (a) brokerage and other transaction costs associated with the purchase and sales of investments;
          (b) interest expenses;
          (c) foreign exchange gains and losses, whether realised or unrealised;
          (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
          (e) tax deducted at source or arising from income received, including withholding tax; and
          (f) dividends and other distributions paid to Shareholders.



82
                                                                                     APPENDIX 24

                                                                             ASIA PACIFIC BOND FUND

1.       Investment Objective, Policy and Strategy

1.1      The investment objective of the Asia Pacific Bond Fund (also referred to in this Appendix as the "Sub-Fund") is to achieve a return in excess of
         Asia Pacific bond markets by investing primarily in Asia Pacific currencies and fixed and floating rate debt securities, using derivative strategies
         where appropriate.

1.2      At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested, either directly or through the use of financial
         derivative instruments, in fixed and floating rate debt securities issued or guaranteed by Asia Pacific governments or their agencies, or by
         companies that are incorporated under the laws of, and have their registered office in, countries in the Asia Pacific region, or that derive a
         predominant part of their revenues from the Asia Pacific region, even if such companies are listed elsewhere.

1.3      The Sub-Fund will actively invest in below investment grade securities and may also invest in unrated securities to a limited extent. The Sub-
         Fund will also actively manage its currency exposure.

1.4      The Sub-Fund will use financial derivative instruments to achieve its investment objective, in particular its foreign currency exposure. These
         may include futures, options, forward contracts on financial instruments and options on such contracts, credit linked instruments and swap
         contracts by private agreement, equivalent cash settled instruments and other fixed income, currency and credit derivatives. Financial
         derivative instruments may also be used for hedging purposes.

1.5      The Sub-Fund will neither invest more than 25% of its total net assets in convertible bonds, nor invest more than 10% of its total assets in
         equities and other participation rights.

1.6      Short-term money market instruments and deposits with credit institutions may be held on an ancillary basis. The Sub-Fund may also invest in
         UCITS and other UCIs.

1.7      Techniques and instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending
         or repurchase agreements) may be used for the purpose of efficient portfolio management.

1.8      While USD is the reference currency of the Sub-Fund, it will be exposed primarily to Asia Pacific currencies.

1.9      The global exposure of the Sub-Fund will be monitored using VaR methodology.

1.10 All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
     Luxembourg Prospectus.

1.11 The Benchmark of the Sub-Fund is the HSBC Asian Local Bond Index (Total Return Gross).

1.12 The Reference Currency of the Sub-Fund is USD.

1.13 Investor Profile: This is a bond Sub-Fund that offers access to a broad range of Asia Pacific fixed and floating rate debt securities and currencies.
     The Sub-Fund may be suitable for investors seeking to gain diversification opportunities and the higher return potential from investing in Asia
     Pacific securities and currencies. Investors should have at least a three-to-five year investment horizon.

2.       Fees, Charges and Expenses

2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
         dividend policy, and set out in the tables below.

           Payable by the Investor
           Initial Charge                                           Class A: Up to 3%
                                                                    Class A: Nil
           Redemption Charge98
                                                                    Maximum: 0.5%
           Switching fee99                                          All Share Classes: Up to 1%
           Payable by the Sub-Fund:

           The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
           Annual Management and Advisory Fee                       Class A: 0.80% per annum, payable monthly in arrears.
           Operating and Administrative Expenses                    Class A: 0.20% per annum.


98
      Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares if, in its
      absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
99
      Investors switching to Class C Shares of the Sub-Fund or another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.


                                                                                                                                                                                        83
 3.       Performance of the Sub-Fund

          Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                              Average Annual Compounded Return
                                                                                                                                  Three         Five         Ten
            Fund/Benchmark                                                          Inception Date               One Year                                                Since Inception
                                                                                                                                  Years        Years        Years
            USD Class A (Acc)100
                                                                                                                      -              -            -            -                  -
            NAV-NAV
            USD Class A (Acc)                                                          17 Mar 2010                    -              -            -            -                  -
            Offer-Bid

            HSBC Asian Local Bond Index (Total Return Gross)                                                          -              -            -            -                  -


          Note 1: Prior to 1 July 2010, the benchmark was JPMorgan Asia Credit Index (Total Return Gross) with currency exposure weighted to
          25% Australian Dollar, 25% SGD, 25% Korean Won and 25% Chinese Renminbi (The benchmark was changed for purposes of enhanced
          benchmarking of fund performance).

          Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
          * Source: JPMorgan Asset Management Data.

          Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
          net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
          3% (if any) and the maximum redemption charge of 0.5% (if any).

          Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

 4.       Total Expense Ratio ("Expense Ratio")

          The Expense Ratio101 of the relevant Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's financial year end, is:


                                                Share Class                                                                              Expense Ratio
            USD Class A (Acc)                                                                                                         1.00% (annualised)

 5.       Portfolio Turnover Ratio ("Turnover Ratio")

          The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 99.81% (annualised). The Turnover
          Ratio = (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-
          Fund currency.




 100
       As this Share Class is newly established, performance figures relating to the Share Class covering a period of at least one year are not available as at the date of registration of this
       Singapore Prospectus and no performance figures have accordingly been disclosed for this Share Class.
 101
       The following expenses, where applicable, are excluded from the calculation of the expense ratios:
       (a) brokerage and other transaction costs associated with the purchase and sales of investments;
       (b) interest expenses;
       (c) foreign exchange gains and losses, whether realised or unrealised;
       (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
       (e) tax deducted at source or arising from income received, including withholding tax; and
       (f) dividends and other distributions paid to Shareholders.



84
                                                                     APPENDIX 25

                                                EMERGING MARKETS LOCAL CURRENCY DEBT FUND

1.    Investment Objective, Policy and Strategy

1.1   The investment objective of the Sub-Fund is to achieve a return in excess of government bond markets of emerging markets countries through
      exposure primarily to local currency emerging market fixed and floating rate debt instruments, using derivatives where appropriate.

1.2   At least 67% of the Sub-Fund's total assets (excluding cash and cash equivalents) will be invested, either directly or through the use of
      financial derivative instruments, in fixed and floating rate debt securities issued or guaranteed by emerging market governments or their
      agencies or by companies that are incorporated under the laws of, and have their registered office in, an emerging market country, or that
      derive a predominant part of their economic activity from emerging market countries, even if listed elsewhere. Such debt securities may be
      denominated in any currency, however at least 67% of the Sub-Fund's total assets will be invested in debt securities that are denominated in
      the local emerging market currency. The Sub-Fund's portfolio is concentrated.

1.3   The Sub-Fund may use financial derivative instruments to achieve its investment objective; these may include futures, options, contracts for
      difference, forward contracts on financial instruments and options on such contracts, credit linked instruments and swap contracts and other
      fixed income, currency and credit derivatives. Financial derivative instruments may also be used for hedging purposes. Although these financial
      derivatives instruments may be issued in EUR and USD they may have an exposure to the local currencies of the emerging markets countries in
      which the Sub-Fund invests.

1.4   The Sub-Fund may invest, to an unlimited extent, in below investment grade securities, unrated securities and securities from emerging
      markets. There are no credit quality or maturity restrictions with respect to the securities in which the Sub-Fund may invest.

1.5   Short-term money market instruments and deposits with credit institutions may be held on an ancillary basis.

1.6   The Sub-Fund may also invest in UCITS and other UCIs.

1.7   The Sub-Fund will neither invest more than 25% of its total assets in convertible bonds, nor invest more than 10% of its total assets in equities
      and other participation rights.

1.8   Techniques and instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending
      or repurchase agreements) may be used for the purpose of efficient portfolio management.

1.9   The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.

1.10 The global exposure of the Sub-Fund will be monitored using VaR methodology.

1.11 All of the Sub-Fund's investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers of the
     Luxembourg Prospectus.

1.12 The Benchmark of the Sub-Fund is the J.P. Morgan Government Bond Index - Emerging Markets Global Index, Diversified (Total Return Gross).

1.13 The Reference Currency of the Sub-Fund is EUR.

1.14 Investors should note that corporate bond prices fluctuate significantly depending in the global economic situation, interest rates, the general
     credit market environment and the credit worthiness of the issuer. The securities in which this Sub-Fund invests carry a risk of default or
     downgrade. The Sub-Fund will subject investors to potential bond default risks and interest rate risks.

1.15 Investor Profile: As this Sub-Fund has exposure to local currency emerging market debt securities, it is most suited for investors willing to take
     extra risks in search of higher future returns. Investors in the Sub-Fund will therefore likely use it to complement an existing core bond portfolio
     invested in investment grade bonds from developed markets, in order to gain greater diversification through exposure to the higher return
     potential of emerging markets securities and currencies. Because of the higher volatility of emerging market debt securities, investors should
     have at least a three-to-five year investment horizon.




                                                                                                                                                       85
 2.       Fees, Charges and Expenses

 2.1      The fees, charges and expenses applicable to the Sub-Fund are applicable on a Share Class level, irrespective of its Reference Currency or its
          dividend policy, and set out in the tables below.


            Payable by the Investor
                                                                    Class A: Up to 3%
            Initial Charge
                                                                    Class D: Up to 3%
                                                                    Class A: Nil
                                                                    Maximum: 0.5%
            Redemption Charge102
                                                                    Class D: Nil
                                                                    Maximum: 0.5%
            Switching fee103                                        All Share Classes: Up to 1%
            Payable by the Sub-Fund:

            The following fees and expenses will be incurred by the Fund on behalf of the Sub-Fund and will affect the net asset value of the Sub-Fund.
                                                                    Class A: 1.00% per annum, payable monthly in arrears.
            Annual Management and Advisory Fee
                                                                    Class D: 1.50% per annum, payable monthly in arrears.
                                                                    Class A: 0.40% per annum.
            Operating and Administrative Expenses
                                                                    Class D: 0.40% per annum.
            Performance Fee104
                                                                    All Share Classes: 10%
            (High Water Mark Mechanism)105

 3.       Performance of the Sub-Fund

          Past Performance of each Share Class of the Sub-Fund and its Benchmark as of 31 January 2011*

                                                                                                         Average Annual Compounded Return
                                                                                                                            Three         Five         Ten
            Fund/Benchmark                                                       Inception Date             One Year                                             Since Inception
                                                                                                                            Years        Years        Years
            EUR Class A (Acc)
                                                                                                             15.50%         8.20%           -            -             8.20%
            NAV-NAV
            EUR Class A (Acc)                                                      24 Jan 2008               11.60%         7.00%           -            -             7.00%
            Offer-Bid
            J.P. Morgan Government Bond Index - Emerging
                                                                                                             15.20%         10.10%          -            -             10.00%
            Markets Global Index (Total Return Gross)
            USD Class A (Acc)
                                                                                                             13.80%         5.40%           -            -             5.70%
            NAV-NAV
            USD Class A (Acc)
                                                                                   24 Jan 2008               10.50%         4.30%           -            -             4.70%
            Offer-Bid
            J.P. Morgan Government Bond Index - Emerging
                                                                                                             13.60%         7.30%           -            -              7.40%
            Markets Global Index (Total Return Gross)
            USD Class A (Mth)
                                                                                                             13.80%             -           -            -             10.20%
            NAV-NAV
            USD Class A (Mth)
                                                                                   20 Nov 2009               10.50%             -           -            -              7.50%
            Offer-Bid
            J.P. Morgan Government Bond Index - Emerging
                                                                                                             13.60%             -           -            -             10.50%
            Markets Global Index (Total Return Gross)




 102
       Redemption Charge: The Management Company reserves the right at any time to charge up to the maximum redemption charge (currently 0.5%) in respect of Class A Shares or Class D
       Shares if, in its absolute discretion, it determines that a redemption by an investor would be detrimental to the interests of the remaining shareholders in the Sub-Fund.
 103
       Investors switching to Class C Shares of another Sub-Fund will be subject to a minimum holding amount of USD 10,000,000 in such Class C Shares.
 104
       Performance Fee Benchmark: prior to 2 August 2010: J.P. Morgan Government Bond Index - Emerging Markets Global Index (Total Return Gross); with effect from 2 August 2010: J.P.
       Morgan Government Bond Index - Emerging Markets Global Index, Diversified (Total Return Gross)
 105
       Full details on how the Performance Fee is accrued and charged appear under "Appendix V - Calculation of Performance Fees" of the Luxembourg Prospectus.


86
           EUR Class D (Acc)
                                                                                                            14.90%     7.70%      -            -       7.70%
           NAV-NAV
           EUR Class D (Acc)
                                                                                      24 Jan 2008           11.00%    6.50%       -            -       6.40%
           Offer-Bid
           J.P. Morgan Government Bond Index - Emerging
                                                                                                            15.20%    10.10%      -            -      10.00%
           Markets Global Index (Total Return Gross)
           USD Class D (Acc)
                                                                                                            13.20%    4.60%       -            -       4.90%
           NAV-NAV
           USD Class D (Acc)
                                                                                      24 Jan 2008           9.40%     3.40%       -            -       3.70%
           Offer-Bid
           J.P. Morgan Government Bond Index - Emerging
                                                                                                            13.60%    7.30%       -            -       7.40%
           Markets Global Index (Total Return Gross)

         Note 1: Prior to 2 August 2010, the benchmark is J.P. Morgan Government Bond Index - Emerging Markets Global Index (Total Return
         Gross); with effect from 2 August 2010, the benchmark was changed to J.P. Morgan Government Bond Index - Emerging Markets Global
         Index, Diversified (Total Return Gross) (The benchmark change is for purposes of enhanced benchmarking of fund performance).

         Note 2: Offer and bid price roundings were disregarded for the calculation of Offer-Bid performance figures.
         * Source: JPMorgan Asset Management Data.

         Performance calculations are on an NAV-to-NAV and offer-to-bid basis, on the assumption that dividends and distributions (if any) are reinvested
         net of all charges payable upon reinvestment, in the currency of the relevant Share Class, taking into account the maximum initial charge of
         3% (if any) and the maximum redemption charge of 0.5% (if any).

         Investors should note that the investment objective, policy and strategy of the Sub-Fund were changed with effect
         from 2 August 2010. Consequently, save for the period from 2 August 2010 to 31 January 2011, the above-mentioned
         performance figures relate to the period prior to the change in investment objective, policy and strategy which
         took effect on 2 August 2010.

         Past performance of the Share Classes is not necessarily indicative of the future performance of the Share Classes.

4.       Total Expense Ratio ("Expense Ratio")

         The Expense Ratio106 (inclusive and exclusive of Performance Fee) of each Share Class of the Sub-Fund as at 30 June 2010, being the Sub-Fund's
         financial year end, is:


                                                Share Class                                                  Expense Ratio (Inclusive of Performance Fee)
           EUR Class A (Acc)                                                                                                    1.40%
           USD Class A (Acc)                                                                                                    1.40%
           USD Class A (Mth)                                                                                              1.40% (annualised)
           EUR Class D (Acc)                                                                                                    1.90%
           USD Class D (Acc)                                                                                                    1.90%


                                                Share Class                                                 Expense Ratio (Exclusive of Performance Fee)
           EUR Class A (Acc)                                                                                                    1.40%
           USD Class A (Acc)                                                                                                    1.40%
           USD Class A (Mth)                                                                                              1.40% (annualised)
           EUR Class D (Acc)                                                                                                    1.90%
           USD Class D (Acc)                                                                                                    1.90%

5.       Portfolio Turnover Ratio ("Turnover Ratio")

         The Turnover Ratio of the Sub-Fund based on the Sub-Fund's latest audited accounts as at 30 June 2010 was 7.53%. The Turnover Ratio =
         (total securities' purchases and sales - total subscriptions and redemptions of Sub-Fund shares) / Average net Sub-Fund assets in Sub-Fund
         currency.
106
      The following expenses, where applicable, are excluded from the calculation of the expense ratios:
      (a) brokerage and other transaction costs associated with the purchase and sales of investments;
      (b) interest expenses;
      (c) foreign exchange gains and losses, whether realised or unrealised;
      (d) front end loads, back end loads and other costs arising on the purchase or sale of other funds;
      (e) tax deducted at source or arising from income received, including withholding tax; and
      (f) dividends and other distributions paid to Shareholders.


                                                                                                                                                               87
 JPMorgan Funds
 - Africa Equity Fund
 - America Large Cap Fund
 - JF ASEAN Equity Fund
 - JF Asia Pacific Ex-Japan Equity Fund
 - Brazil Alpha Plus Fund (to be known as JPMorgan Funds - Brazil Equity Fund with effect from 16 August 2011.)
 - JF China Fund
 - Eastern Europe Equity Fund
 - Emerging Europe, Middle East and Africa Equity Fund
 - Emerging Markets Equity Fund
 - Emerging Markets Infrastructure Equity Fund
 - Emerging Middle East Equity Fund
 - Global Consumer Trends Fund
 - Global Dynamic Fund
 - Global Mining Fund
 - Global Natural Resources Fund
 - JF Greater China Fund
 - JF India Fund
 - JF Korea Equity Fund
 - Latin America Equity Fund
 - JF Pacific Technology Fund
 - Russia Fund
 - JF Singapore Fund
 - US Small Cap Growth Fund
 - Asia Pacific Bond Fund
 - Emerging Markets Local Currency Debt Fund


 Signed:




 _____________________________

 Signed by

 Andrew James Creber, Director of JPMorgan Asset Management (Singapore) Limited

 For and on behalf of

 Iain O.S. Saunders
 Director




 Signed:




 _____________________________

 Signed by

 Andrew James Creber, Director of JPMorgan Asset Management (Singapore) Limited

 For and on behalf of

 Pierre Jaans
 Director




88
Signed:




_____________________________

Signed by

Andrew James Creber, Director of JPMorgan Asset Management (Singapore) Limited

For and on behalf of

Jacques Elvinger
Director




Signed:




_____________________________

Signed by

Andrew James Creber, Director of JPMorgan Asset Management (Singapore) Limited

For and on behalf of

Jean Frijns
Director




Signed:




_____________________________

Signed by

Andrew James Creber, Director of JPMorgan Asset Management (Singapore) Limited

For and on behalf of

Andrea L. Hazen
Director




                                                                                 89
 Signed:




 _____________________________

 Signed by

 Andrew James Creber, Director of JPMorgan Asset Management (Singapore) Limited

 For and on behalf of

 Berndt May
 Director




 Signed:




 _____________________________

 Signed by

 Andrew James Creber, Director of JPMorgan Asset Management (Singapore) Limited

 For and on behalf of

 Robert Van Der Meer
 Director




90
Luxembourg Prospectus
      June 2011
JPMORGAN FUNDS (the “Fund”) has been authorised under Part I of the Luxembourg law of 20 December 2002 relating to collective investment
undertakings (“loi relative aux organismes de placement collectif”, the “Luxembourg Law”) and qualifies as an Undertaking for Collective
Investments in Transferable Securities (“UCITS”) under the amended EC Directive 85/611 of 20 December 1985, and may therefore be offered for
sale in European Union (“EU”) Member States (subject to registration in countries other than Luxembourg). In addition, applications to register the
Fund may be made in other countries.

None of the Shares have been or will be registered under the United         Prospectus does not constitute an offer by anyone in any jurisdiction in
States Securities Act of 1933, as amended (the “1933 Act”), or under        which such offer is not lawful or authorised, or to any person to whom
the securities laws of any state or political subdivision of the United     it is unlawful to make such offer.
States of America or any of its territories, possessions or other areas
subject to its jurisdiction including the Commonwealth of Puerto Rico       Investors should note that not all the protections provided under their
(the “United States”). The Fund has not been and will not be registered     relevant regulatory regime may apply and there may be no right to
under the United States Investment Company Act of 1940, as amended,         compensation under such regulatory regime, if such scheme exists.
nor under any other US federal laws. Accordingly, except as provided
                                                                            The distribution of this Prospectus in certain jurisdictions may require
for below, no Shares are being offered to US Persons or persons who
                                                                            that it be translated into an appropriate language. Unless contrary to
are in the United States at the time the Shares are offered or sold.
For the purposes of this Prospectus, a US Person includes, but is not       local law in the jurisdiction concerned, in the event of any
limited to, a person (including a partnership, corporation, limited         inconsistency or ambiguity in relation to the meaning of any word or
liability company or similar entity) that is a citizen or a resident of     phrase in any translation, the English version shall always prevail.
the United States of America or is organised or incorporated under
                                                                            Any information or representation given or made by any person which
the laws of the United States of America. Shares will only be offered
                                                                            is not contained herein or in any other document which may be
to a US Person at the sole discretion of either the Directors or the
                                                                            available for inspection by the public should be regarded as
Management Company. Certain restrictions also apply to any
                                                                            unauthorised and should accordingly not be relied upon. Neither the
subsequent transfer of Shares in the United States or to US Persons
                                                                            delivery of this Prospectus nor the offer, issue or sale of Shares in the
(please see the compulsory redemption provisions under “Minimum
                                                                            Fund shall under any circumstances constitute a representation that
Subscription and Holding Amounts and Eligibility for Shares” in “The
Shares 2.1 Subscription, Redemption and Switching of Shares”                the information given in this Prospectus is correct as at any time
below). Should a Shareholder become a US, Person they may be                subsequent to the date hereof.
subject to US withholding taxes and tax reporting.
                                                                            The most recent annual report and the latest semi-annual report, if
If you are in any doubt as to your status, you should consult your          published thereafter, form an integral part of this Prospectus. These
financial or other professional adviser.                                    documents and the Simplified Prospectus(es) published by the Fund
                                                                            are available at the registered office of the Fund and from its local
Shares are offered on the basis of the information contained in this        sales agents listed in “Appendix I – Information for Investors in Certain
Prospectus and the documents referred to therein.                           Countries”.

The Directors, whose names are set out under “Board of Directors”,          The Management Company or JPMorgan Chase & Co. may use
have taken all reasonable care to ensure that the information               telephone recording procedures to record, inter alia, transaction
contained in this Prospectus is, to the best of their knowledge and         orders or instructions. By giving such instructions or orders by
belief, in accordance with the facts and does not omit anything             telephone, the counterparty to such transactions is deemed to consent
material to such information. The Directors accept responsibility           to the tape-recording of conversations between such counterparty and
accordingly.
                                                                            the Management Company or JPMorgan Chase & Co. and to the use of
Prospective investors should review this Prospectus carefully and in its    such tape recordings by the Management Company and/or JPMorgan
entirety and consult with their legal, tax and financial advisers in        Chase & Co. in legal proceedings or otherwise at their discretion.
relation to (i) the legal and regulatory requirements within their own
                                                                            The Management Company shall not divulge any confidential
countries for the subscribing, purchasing, holding, switching,
                                                                            information concerning the investor unless required to do so by law or
redeeming or disposing of Shares; (ii) any foreign exchange restrictions
                                                                            regulation. The investor agrees that personal details contained in the
to which they are subject in their own countries in relation to the
                                                                            application form and arising from the business relationship with the
subscribing, purchasing, holding, switching, redeeming or disposing of
                                                                            Management Company may be stored, modified or used in any other
Shares; (iii) the legal, tax, financial or other consequences of
                                                                            way by the Management Company or JPMorgan Chase & Co. for the
subscribing for, purchasing, holding, switching, redeeming or disposing
                                                                            purpose of administering and developing the business relationship with
of Shares; and (iv) any other consequences of such activities.
                                                                            the investor. To this end data may be transmitted to JPMorgan Chase &
The distribution of this Prospectus and supplementary documentation         Co., financial advisers working with the Management Company, as well
and the offering of Shares may be restricted in certain jurisdictions;      as to other companies being appointed to support the business
persons into whose possession this Prospectus comes are required to         relationship (e.g. external processing centres, despatch or
inform themselves about and to observe any such restrictions. This          paying agents).
Contents
                                                                                                                  Page
Principal Features and Glossary                                                                                      4

Board of Directors                                                                                                  8

Section 1.                    The Fund                                                                              10
                              1.1   Structure                                                                       10
                              1.2 Investment Objectives and Policies                                                10

Section 2.                    The Shares                                                                            11
                              2.1 Subscription, Redemption and Switching of Shares                                  11
                                    (a) Subscription for Shares                                                     13
                                    (b) Redemption of Shares                                                        13
                                    (c)  Switching of Shares                                                        14
                              2.2 Transfer of Shares                                                                14
                              2.3 Restrictions on subscriptions and switches into certain Sub-Funds                 15
                              2.4 Calculation of Prices                                                             15
                              2.5 Suspensions or Deferrals                                                          16

Section 3.                    General Information                                                                   18
                              3.1 Administration Details, Charges and Expenses                                      18
                              3.2 Fund Information                                                                  22
                              3.3 Dividends                                                                         22
                              3.4 Taxation                                                                          23
                              3.5 Meetings and Reports                                                              24
                              3.6 Details of Shares                                                                 25
                              3.7 Additional Information Relating to JPMorgan Funds – JF India Fund                 25
                              3.8 Additional Investment Policies for All Sub-Funds                                  26

Appendix I                    Information for Investors in Certain Countries                                        27
                              General                                                                               27
                              1.    Ireland                                                                         27
                              2.    Italy                                                                           27
                              3.    The Netherlands                                                                 27
                              4.    Spain                                                                           27
                              5.    United Kingdom                                                                  28

Appendix II                   Investment Restrictions and Powers                                                   30
                              General Investment Rules                                                             30
                              I     Financial Derivative Instruments                                               34
                              II    Financial Techniques and Instruments                                           37

Appendix III                  Sub-Fund Details                                                                     38
                              1.    Classes of Shares                                                              38
                              2.   Risk Management Process                                                         40
                              3.   Equity Sub-Funds                                                                41
                              JPMorgan Funds – Africa Equity Fund                                                  41
                              JPMorgan Funds – America Equity Fund                                                 43
                              JPMorgan Funds – America Equity Fund                                                 44
                              JPMorgan Funds – America Large Cap Fund                                              45
                              JPMorgan Funds – Asia Pacific ex-Japan Behavioural Finance Equity Fund               46
                              JPMorgan Funds – JF ASEAN Equity Fund                                                47
                              JPMorgan Funds – JF Asia Pacific ex-Japan Equity Fund                                48
                              JPMorgan Funds – Brazil Equity Fund                                                  49
                              JPMorgan Funds – JF China Fund                                                       51
                              JPMorgan Funds – Eastern Europe Equity Fund                                          52
                              JPMorgan Funds – Emerging Europe, Middle East and Africa Equity Fund                 53
                              JPMorgan Funds – Emerging Markets Diversified Equity Fund                            54
                              JPMorgan Funds – Emerging Markets Equity Fund                                        55
                              JPMorgan Funds – Emerging Markets Infrastructure Equity Fund                         56
                              JPMorgan Funds – Emerging Markets Long-Short Equity Fund                             58
                              JPMorgan Funds – Emerging Markets Small Cap Fund                                     60




                                                                                                       Contents      1
               JPMorgan Funds – Emerging Markets Value Fund                    62
               JPMorgan Funds – Emerging Middle East Equity Fund               63
               JPMorgan Funds – Euroland Equity Fund                           64
               JPMorgan Funds – Euroland Select Equity Fund                    65
               JPMorgan Funds – Europe 130/30 Fund                             66
               JPMorgan Funds – Europe Convergence Equity Fund                 68
               JPMorgan Funds – Europe Dynamic Fund                            69
               JPMorgan Funds – Europe Dynamic Mega Cap Fund                   70
               JPMorgan Funds – Europe Dynamic Small Cap Fund                  71
               JPMorgan Funds – Europe Equity Fund                             72
               JPMorgan Funds – Europe Focus Fund                              73
               JPMorgan Funds – Europe Micro Cap Fund                          74
               JPMorgan Funds – Europe Select 130/30 Fund                      75
               JPMorgan Funds – Europe Small Cap Fund                          77
               JPMorgan Funds – Europe Strategic Growth Fund                   78
               JPMorgan Funds – Europe Strategic Growth Small Cap Fund         79
               JPMorgan Funds – Europe Strategic Value Fund                    81
               JPMorgan Funds – Europe Strategic Value Small Cap Fund          82
               JPMorgan Funds – Europe Technology Fund                         84
               JPMorgan Funds – Germany Equity Fund                            85
               JPMorgan Funds – Global Consumer Trends Fund                    86
               JPMorgan Funds – Global Dynamic Fund                            88
               JPMorgan Funds – Global Equity Fund (USD)                       89
               JPMorgan Funds – Global Focus Fund                              90
               JPMorgan Funds – Global Healthcare Fund                         91
               JPMorgan Funds – Global Infrastructure Trends Fund              92
               JPMorgan Funds – Global Mining Fund                             93
               JPMorgan Funds – Global Natural Resources Fund                  95
               JPMorgan Funds – Global Real Estate Securities Fund (USD)       97
               JPMorgan Funds – Global Research Enhanced Index Equity Fund     98
               JPMorgan Funds – Global Socially Responsible Fund               99
               JPMorgan Funds – JF Greater China Fund                        100
               JPMorgan Funds – Highbridge Asia Pacific STEEP Fund           101
               JPMorgan Funds – Highbridge Europe STEEP Fund                 103
               JPMorgan Funds – Highbridge US STEEP Fund                     105
               JPMorgan Funds – JF Hong Kong Fund                            107
               JPMorgan Funds – JF India Fund                                108
               JPMorgan Funds – Japan Dynamic Fund                           109
               JPMorgan Funds – JF Japan Equity Fund                         110
               JPMorgan Funds – Japan Market Neutral Fund                     111
               JPMorgan Funds – JF Japan Small Cap Fund                       113
               JPMorgan Funds – JF Korea Equity Fund                          114
               JPMorgan Funds – Latin America Equity Fund                     116
               JPMorgan Funds – JF Pacific Equity Fund                        117
               JPMorgan Funds – JF Pacific Technology Fund                    118
               JPMorgan Funds – Russia Fund                                   119
               JPMorgan Funds – JF Singapore Fund                             121
               JPMorgan Funds – JF Taiwan Fund                               122
               JPMorgan Funds – UK Equity Fund                               123
               JPMorgan Funds – US 130/30 Fund                               124
               JPMorgan Funds – US Dynamic Fund                              126
               JPMorgan Funds – US Dynamic 130/30 Fund                       127
               JPMorgan Funds – US Growth Fund                               129
               JPMorgan Funds – US Research Enhanced Index Equity Fund       130
               JPMorgan Funds – US Select Long-Short Equity Fund              131
               JPMorgan Funds – US Select 130/30 Fund                        133
               JPMorgan Funds – US Small and Micro Cap Fund                  135
               JPMorgan Funds – US Small Cap Growth Fund                     137
               JPMorgan Funds – US Technology Fund                           138
               JPMorgan Funds – US Value Fund                                139

               4.   Alpha Plus Sub-Funds                                     140
               JPMorgan Funds – JF Asia Alpha Plus Fund                      140
               JPMorgan Funds – Brazil Alpha Plus Fund                       142
               JPMorgan Funds – Emerging Markets Alpha Plus Fund             144
               JPMorgan Funds – JF Japan Alpha Plus Fund                     146
               JPMorgan Funds – US Growth Alpha Plus Fund                    148



2   Contents
5.   Balanced Sub-Funds                                                          150
JPMorgan Funds – Europe Balanced Fund (EUR)                                      150
JPMorgan Funds – Global Capital Conservation Fund (EUR)                           151
JPMorgan Funds – Global Catholic Ethical Balanced Fund                           153
JPMorgan Funds – JF Pacific Balanced Fund                                        155

6.   Convertibles Sub-Funds                                                      157
JPMorgan Funds – Global Convertibles Fund (EUR)                                  157

7.   Bond Sub-Funds                                                              158
JPMorgan Funds – Aggregate Bond Fund                                             158
JPMorgan Funds – Asia Pacific Bond Fund                                          160
JPMorgan Funds – Corporate Bond Portfolio Fund I                                 162
JPMorgan Funds – Corporate Bond Portfolio Fund II                                164
JPMorgan Funds – Corporate Bond Portfolio Fund III                               166
JPMorgan Funds – Corporate Bond Portfolio Fund IV                                168
JPMorgan Funds – Emerging Markets Bond Fund                                      170
JPMorgan Funds – Emerging Markets Corporate Bond Fund                             171
JPMorgan Funds – Emerging Markets Corporate Bond Portfolio Fund II                173
JPMorgan Funds – Emerging Markets Corporate Bond Portfolio Fund III               175
JPMorgan Funds – Emerging Markets Corporate Bond Portfolio Fund IV                177
JPMorgan Funds – Emerging Markets Debt Fund                                      179
JPMorgan Funds – Emerging Markets Investment Grade Bond Fund                      181
JPMorgan Funds – Emerging Markets Local Currency Debt Fund                       183
JPMorgan Funds – Emerging Markets Strategic Bond Fund                            185
JPMorgan Funds – EU Government Bond Fund                                          187
JPMorgan Funds – Euro Aggregate Bond Fund                                        188
JPMorgan Funds – Euro Bond Portfolio Fund I                                      189
JPMorgan Funds – Euro Corporate Bond Fund                                         191
JPMorgan Funds – Euro Government Short Duration Bond Fund                         192
JPMorgan Funds – Euro Inflation Expectations Fund                                193
JPMorgan Funds – Euro Non-AAA Rated Government Bond Fund                         194
JPMorgan Funds – Euro Short Duration Bond Fund                                   196
JPMorgan Funds – Europe Aggregate Plus Bond Fund                                  197
JPMorgan Funds – Europe High Yield Bond Fund                                     198
JPMorgan Funds – Global Absolute Return Bond Fund                                199
JPMorgan Funds – Global Aggregate Bond Fund                                      201
JPMorgan Funds – Global Corporate Bond Fund                                      202
JPMorgan Funds – Global Credit Bond Fund                                         204
JPMorgan Funds – Global Duration-Hedged Corporate Bond Fund                      206
JPMorgan Funds – Global Government Bond Fund                                     208
JPMorgan Funds – Global Government Short Duration Bond Fund                      209
JPMorgan Funds – Global Short Duration Bond Fund                                 210
JPMorgan Funds – Global Strategic Bond Fund                                       212
JPMorgan Funds – Managed Reserves Fund                                           214
JPMorgan Funds – Sterling Bond Fund                                              216
JPMorgan Funds – US Aggregate Bond Fund                                           217
JPMorgan Funds – US Short Duration Bond Fund                                     218

8.   Money Market Sub-Funds                                                      220
JPMorgan Funds – Euro Money Market Fund                                          220
JPMorgan Funds – Sterling Money Market Fund                                      222
JPMorgan Funds – US Dollar Money Market Fund                                     223

9.   Currency Sub-Funds                                                          224
JPMorgan Funds – Emerging Markets Currency Alpha Fund                            224

10. Other Sub-Funds                                                              226
JPMorgan Funds – Emerging Markets Multi-Asset Fund                               226
JPMorgan Funds – Global Merger Arbitrage Fund                                    228
JPMorgan Funds – Highbridge Diversified Commodities Fund                         230
JPMorgan Funds – Systematic Alpha Fund                                           232
JPMorgan Funds – Volatility Fund                                                 234

Appendix IV – Risk Factors                                                       236

Appendix V – Calculation of Performance Fees                                     242




                                                                      Contents     3
Principal Features and Glossary
The following summarises the principal features of the Fund and should be read in conjunction with the full text of this Prospectus.
Articles                          The Articles of Incorporation of the Fund as amended from time to time.
ASEAN                             Association of South East Asian Nations. As at the date of this Prospectus, the countries comprising the
                                  ASEAN are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and
                                  Vietnam. The composition of the ASEAN may change over time.
Asset-backed securities (ABS) Asset-Backed Securities (ABS) are securities that entitle the holder to receive payments that are primarily
                              dependent upon the cash flow arising from a specified pool of financial assets.
AUD                               Australian Dollar.
Benchmark                         The benchmark, as amended from time to time, where listed in section 4 of “Appendix III – Sub-Fund Details”
                                  for each Sub-Fund is a point of reference against which the performance of the Sub-Fund may be measured,
                                  unless otherwise stated. The benchmark may also be a guide to market capitalisation of the targeted
                                  underlying companies, and where applicable this will be stated in the Sub-Fund’s investment policy. The
                                  degree of correlation with the benchmark may vary from Sub-Fund to Sub-Fund, depending on factors such
                                  as the risk profile, investment objective and investment restrictions of the Sub-Fund, and the concentration of
                                  constituents in the benchmark. Where a Sub-Fund’s benchmark is part of the investment policy, this is stated
                                  in the investment objective and policy of the Sub-Fund in “Appendix III – Sub-Fund Details” and the Sub-Fund
                                  will be seeking to outperform such benchmark. Benchmarks used in the calculation of the performance fees
                                  are stated under each Sub-Fund in “Appendix III – Sub-Fund Details” and where Sub-Funds’ currency
                                  exposure is managed with reference to a benchmark, the benchmarks are stated in Appendix III. Where “Not
                                  yet determined” appears in place of the benchmark in “Appendix III – Sub-Fund Details”, the Sub-Fund has
                                  not yet been launched.
                                  The description “Total Return Net” is applied to a benchmark when the return is quoted net of tax on
                                  dividends, “Total Return Gross” is applied to a benchmark when the return quoted is gross of tax on
                                  dividends, and “Price Index” is applied when the return excludes dividend income.
Bid Price and                     Shares of each Share Class are issued at the Offer Price of such Share Class determined on the
Offer Price                       applicable Valuation Day in accordance with the relevant provisions under “Calculation of Prices”.
                                  Subject to certain restrictions specified herein, Shareholders may at any time request redemptions of their
                                  Shares at the Bid Price of the relevant Share Class determined on the applicable Valuation Day in accordance
                                  with the relevant provisions under “Calculation of Prices”.
BRL                               Brazilian real.
Business Day                      Unless otherwise specified in “Appendix III – Sub-Fund Details”, a week day other than New Year's Day,
                                  Easter Monday, Christmas Day and the day prior to and following Christmas Day.
Caisse de Consignation            The Caisse de Consignation is a Luxembourg Government agency responsible for safekeeping unclaimed
                                  assets entrusted to it by financial institutions in accordance with applicable Luxembourg law(s). The
                                  Management Company will pay unclaimed Shareholder assets to the Caisse de Consignation in certain
                                  circumstances as described in the Prospectus.
CDSC                              Contingent Deferred Sales Charge.
CHF                               Swiss franc.
China A Shares and China          Most companies listed on Chinese stock exchanges will offer two different share classes: A shares and
B Shares                          B shares. China A Shares are traded in Renminbi on the Shanghai and Shenzhen stock exchanges by
                                  companies incorporated in mainland China and may only be purchased by Chinese domestic investors and
                                  Qualified Foreign Institutional Investors. China B Shares are quoted in foreign currencies (such as the USD) on
                                  the Shanghai and Shenzhen stock exchanges and are open to both domestic and foreign investments.
CIS States                        Commonwealth of Independent States: an alliance of former Soviet Socialist Republics in the Soviet Union
                                  prior to its dissolution in December 1991. The member states include: Armenia, Azerbaijan, Belarus, Georgia,
                                  Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan.
CNY                               Chinese renminbi.
Commission Sharing                The Investment Managers may enter into commission sharing arrangements only where there is a direct
Arrangements                      and identifiable benefit to the clients of the Investment Managers, including the Fund, and where the
                                  Investment Managers are satisfied that the transactions generating the shared commissions are made in
                                  good faith, in strict compliance with applicable regulatory requirements and in the best interests of the Fund
                                  and the Shareholders. Any such arrangements must be made by the Investment Manager on terms
                                  commensurate with best market practice.


4       Principal Features and Glossary
CSSF                        Commission de Surveillance du Secteur Financier – The regulatory and supervisory authority of the Fund in
                            Luxembourg.
Currency Hedged             Where a Share Class is described as currency hedged (a “Currency Hedged Share Class”), the intention will be
Share Classes               to hedge the value of the net assets in the Reference Currency of the Sub-Fund or the currency exposure of
                            certain (but not necessarily all) assets of the relevant Sub-Fund into either the Reference Currency of the
                            Hedged Share Class, or into an alternative currency as specified in the relevant Share Class’ name mentioned
                            in the full list of available Share Classes which may be found on the website
                            www.jpmorganassetmanagement.lu or may be obtained at the registered office of the Fund or of the
                            Management Company.
                            Further details on Currency Hedged Share Classes can be found in “Appendix III – Sub-Fund Details”.
Custodian                   The assets of the Fund are held under the custody or control of J.P. Morgan Bank Luxembourg S.A.
Dealing Basis               Forward pricing (a forward price is a price calculated at the valuation point following the Fund’s deal cut off
                            time).
Directors                   The Board of Directors of the Fund (the “Board”, the “Directors” or the “Board of Directors”).
Distributor                 The person or entity duly appointed from time to time by the Management Company to distribute or arrange
                            for the distribution of Shares.
Dividends                   Distributions attributable to all Share Classes of the Fund for the year, apart from those set out in the
                            Prospectus under “3.3 Dividends”.
Documents of the Fund       The Articles, Prospectus, Simplified Prospectus(es), supplementary documents and financial reports.
Duration Hedged             Where a Share Class is described as duration hedged (a “Duration Hedged Share Class”), the intention will be
Share Classes               to limit the impact of interest rate movements. This will be done by hedging the duration of that portion of
                            the net assets of Sub-Fund attributable to the Duration Hedged Share Class to a target duration of between
                            zero and six months.
                            Further details on Duration Hedged Share Classes can be found in “Appendix III – Sub-Fund Details”.
Eligible State              Any EU Member State, any member state of the Organisation for Economic Co-operation and Development
                            (“OECD”), and any other state which the Directors deem appropriate with regard to the investment objectives
                            of each Sub-Fund. Eligible States in this category include countries in Africa, the Americas, Asia, Australasia
                            and Europe.
ESMA                        The European Securities and Markets Authority is an independent EU Authority that contributes to
                            safeguarding the stability of the European Union's financial system by ensuring the integrity, transparency,
                            efficiency and orderly functioning of securities markets, as well as enhancing investor protection.
EU Member State             A member state of the European Union.
EUR/Euro                    The official single European currency adopted by a number of EU Member States participating in the
                            Economic and Monetary Union (as defined in European Union legislation).
FATF                        Financial Action Task Force (also referred to as Groupe d’Action Financière Internationale “GAFI”). The
                            Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the development and
                            promotion of national and international policies to combat money laundering and terrorist financing.
Financial Year              The financial year of the Fund ends on 30 June each year.
Fund                        The Fund is an investment company organised under Luxembourg law as a société anonyme qualifying as a
                            société d'investissement à capital variable (“SICAV”). The Fund comprises several Sub-Funds. Each Sub-Fund
                            may have one or more classes of Shares. The Fund is authorised under Part I of the Luxembourg law of
                            20 December 2002 relating to collective investment undertakings (the “Luxembourg Law”) and qualifies as an
                            Undertaking for Collective Investments in Transferable Securities (“UCITS”) under the amended EC Directive
                            85/611 of 20 December 1985.
GBP                         United Kingdom pounds sterling.
Historical Performance      Past performance information for each Sub-Fund is contained in that Sub-Fund’s Simplified Prospectus,
                            which is available at the registered office of the Fund.
Institutional Investor(s)   An investor, within the meaning of Article 174 of the Luxembourg Law of 17 December 2010 on
                            undertakings for collective investment (the “2010 Law”), which currently includes credit institutions and
                            other professionals in the financial sector investing either on their own behalf or on behalf of their clients
                            who are also investors within the meaning of this definition or under discretionary management, insurance
                            companies, pension funds, Luxembourg and foreign collective investment schemes and qualified holding
                            companies. Further description of an Institutional Investor can be found under “1. Classes of Shares, a)
                            Eligibility Requirements” in “Appendix III – Sub-Fund Details”.


                                                                                                    Principal Features and Glossary           5
Investment Manager              The Management Company has delegated investment management and advisory functions for each Sub-
                                Fund to one or more of the Investment Managers listed in the Administration page below.
ISDA                            The International Swaps and Derivatives Association is the global trade association representing
                                participants in the privately negotiated derivatives industry.
JPMorgan Chase & Co.            The Management Company’s ultimate holding company, whose principal office is located at 270 Park
                                Avenue, New York, N.Y. 10017-2070, USA and that company’s direct and indirect subsidiaries and affiliates
                                worldwide.
JPY                             Japanese Yen.
KRW                             South Korean Won.
Legal Structure                 Open-ended investment company with separate Sub-Funds incorporated in the Grand Duchy of
                                Luxembourg.
LIBID                           (London Interbank Bid Rate) The bid rate that a bank is willing to pay to attract a deposit from another
                                bank in the London interbank market.
Management Company              JPMorgan Asset Management (Europe) S.à r.l. has been designated by the Directors of the Fund as
                                Management Company to provide investment management, administration and marketing functions to the
                                Fund with the possibility to delegate part of such functions to third parties.
Minimum Investment              The minimum investment levels for initial and subsequent investments are specified in “b) Minimum Initial
                                and Subsequent Subscription Amounts and Minimum Holding Amounts” in “Appendix III – Sub-Fund Details”.
Mortgage-backed security        A security representing an interest in a pool of loans secured by mortgages. Principal and interest
(MBS)                           payments on the underlying mortgages are used to pay principal and interest on the security.
Net Asset Value per Share       In relation to any Shares of any Share Class, the value per Share determined in accordance with the
                                relevant provisions described under the heading “Calculation of Prices” as set out in the section “2.5 –
                                Calculation of Prices”.
Reference Currency              The reference currency of a Sub-Fund (or a Share Class thereof, if applicable) which, however, does not
                                necessarily correspond to the currency in which the Sub-Fund’s assets are invested at any point in time.
                                Where currency is used in the name of a Sub-Fund, this merely refers to the reference currency of the
                                Sub-Fund and does not indicate a currency bias within the portfolio. Individual Share Classes may have
                                different currency denominations which denote the currency in which the Net Asset Value per Share is
                                expressed. These differ from Currency Hedged Share Classes which are described in “Appendix III – Sub-
                                Fund Details”.
Regulated Market                The market defined in item 14 of Article 4 of the European Parliament and the Council Directive
                                2004/39/EC of 21 April 2004 on markets in financial instruments, as well as any other market in an Eligible
                                State which is regulated, operates regularly and is recognised and open to the public.
REITs                           A Real Estate Investment Trust or REIT is an entity that is dedicated to owning, and in most cases,
                                managing real estate. This may include, but is not limited to, real estate in the residential (apartments),
                                commercial (shopping centres, offices) and industrial (factories, warehouses) sectors. Certain REITs may
                                also engage in real estate financing transactions and other real estate development activities. A closed-
                                ended REITs, the units of which are listed on a Regulated Market is classified as a transferable security
                                listed on a Regulated Market thereby qualifying as an eligible investment for a UCITS under the
                                Luxembourg Law. However, investments in open-ended REITS and in closed-ended REITS which are not
                                listed on a Regulated Market, are currently limited to 10% of the net assets of a Sub-Fund under
                                Luxembourg Law (together with any other investments made in accordance with investment restriction 1)
                                b) in Appendix II). The legal structure of a REIT, its investment restrictions and the regulatory and taxation
                                regimes to which it is subject will differ depending on the jurisdiction in which it is established.
Risk Considerations             As more fully described under “Appendix IV – Risk Factors”, investors should note that the value of an
                                investment in the Shares may fluctuate and the value of Shares subscribed by an investor is not
                                guaranteed.
SEK                             Swedish krona.
SGD                             Singapore dollar.
Shares                          Shares of each Sub-Fund will be offered in registered form. All Shares must be fully paid for and fractions will
                                be issued up to 3 decimal places. Registered Shares will be issued and confirmed by means of a contract note
                                dispatched to the investor, following the issue of the Shares. No Share certificates will be issued. Shares may
                                also be held and transferred through accounts maintained with clearing systems.




6       Principal Features and Glossary
Share Class(es)/              Pursuant to the Articles of the Fund, the Board of Directors may decide to issue, within each Sub-Fund,
Class(es) of Shares           separate classes of Shares (hereinafter referred to as a “Share Class” or “Class of Shares”, as appropriate)
                              whose assets will be commonly invested but where a specific initial or redemption charge structure, fee
                              structure, minimum subscription amount, currency or dividend policy may be applied. If different Classes
                              are issued within a Sub-Fund, the details of each Class are described in the relevant section of “Appendix
                              III – Sub-Fund Details”.
Share Dealing                 Shares are available for subscription, switching and redemption on each Valuation Day (except for New
                              Year’s Eve) for the relevant Sub-Fund or Sub-Funds, subject to the limitations and charges set out in the
                              section “2 – The Shares”.
Shareholder                   A holder of Shares.
Simplified Prospectus(es)     In accordance with the requirements of the Luxembourg Law and applicable CSSF circulars, the Fund
                              publishes, in addition to this Prospectus, a Simplified Prospectus for each Sub-Fund which contains the
                              information required by Schedule C of Annexe I to the aforesaid law. The Simplified Prospectus includes
                              amongst others, information on the past performance of each Sub-Fund, which will be updated on an
                              annual basis.
Switching of Shares           As more fully described under “2.1 c) Switching of Shares” below, unless specifically indicated to the
                              contrary in the relevant section of “Appendix III – Sub-Fund Details”, and subject to compliance with any
                              conditions (including any minimum subscription amount) of the Share Class into which switching is to be
                              effected, Shareholders may at any time request switching of their Shares into Shares of another existing
                              Share Class of that or another Sub-Fund, or to Shares of any other UCITS or other UCIs managed by a
                              member of JPMorgan Chase & Co., on the basis of the Bid Price of the original Share Class and the net
                              asset value of the other Share Class. A switch charge may be applicable, as more fully described under
                              “Redemption and Switching of Shares” below.
Sub-Fund                      A specific portfolio of assets and liabilities within the Fund having its own net asset value and represented
                              by a separate Class or Classes of Shares, which are distinguished mainly by their specific investment policy
                              and objective and/or by the currency in which they are denominated. The specifications of each Sub-Fund
                              are described in the relevant section of “Appendix III – Sub-Fund Details” to this Prospectus. The Board
                              may, at any time, decide to create additional Sub-Funds and, in such case, “Appendix III – Sub-Fund
                              Details” to this Prospectus will be updated.
TBAs (To-Be-Announced)        A forward contract on a generic pool of mortgage-backed securities. The specific MBS pools are
                              announced and allocated prior to delivery date.
Themed Sub-Fund                A Sub-Fund that invests in companies related to specific trends or drivers of major changes throughout the
                               world. Investment will be across a number of sectors, industrial groups and geographical areas.
UCI                           An Undertaking for Collective Investment.
UCITS                         An Undertaking for Collective Investment in Transferable Securities governed either by the amended EC
                              Directive 85/611 of 20 December 1985 or by the Directive 2009/65/EC of the European Parliament and of
                              the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating
                              to undertakings for collective investment in transferable securities.
USD                           United States dollars.
Valuation Day                 The Net Asset Value per Share of each Share Class is determined on each day that is a Valuation Day for
                              that Sub-Fund. Subject to any further restrictions as specified in “Appendix III – Sub-Fund Details” a
                              “Valuation Day” is a Business Day other than, in relation to a Sub-Fund’s investments, a day on which any
                              exchange or market on which a substantial portion of the relevant Sub-Fund’s investments is traded, is
                              closed. When dealings on any such exchange or market are restricted or suspended, the Management
                              Company may, in consideration of prevailing market conditions or other relevant factors, determine
                              whether a Business Day shall be a Valuation Day or non-valuation day. Requests for issue, redemption,
                              transfer and switching of Shares of any Share Class are accepted by the Fund in Luxembourg on any
                              Valuation Day of the relevant Sub-Fund. By derogation to the above, on New Year's Eve, provided that such
                              day is not a Saturday or Sunday, the Net Asset Value per Share of each Share Class in respect of this day
                              shall be made available at the registered office of the Fund although no deals will be processed on that
                              day. A list of expected non-dealing days is available from the Management Company on request.
Value at Risk (VaR)            Value at Risk (VaR) provides a measure of the potential loss that could arise over a given time interval
                               under normal market conditions, and at a given confidence level.


All references herein to time are to Luxembourg time unless otherwise indicated.
Words importing the singular shall, where the context permits, include the plural and vice versa.


                                                                                                    Principal Features and Glossary          7
JPMorgan Funds
Société d'Investissement à Capital Variable
Registered office: 6, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg
R.C.S. Luxembourg B 8478


Board of Directors                                                   Management and Administration
Chairman                                                             Management Company and Domiciliary Agent
Iain O.S. Saunders – Banker,                                         JPMorgan Asset Management (Europe) S.à r.l., European Bank and
Duine, Ardfern, Argyll PA31 8QN, United Kingdom                      Business Centre, 6, route de Trèves,
                                                                     L-2633 Senningerberg, Grand Duchy of Luxembourg
Deputy Chairman
Pierre Jaans – Economist, 3, rue de Kahler, L-8356 Garnich, Grand    Investment Managers
Duchy of Luxembourg                                                  JPMorgan Asset Management (UK) Limited, having its principal
                                                                     place of business at Finsbury Dials, 20 Finsbury Street, London
Directors                                                            EC2Y 9AQ, United Kingdom (authorised and regulated by the
Jacques Elvinger – Partner, Elvinger, Hoss & Prussen,                Financial Services Authority (FSA));
2, place Winston Churchill, L-2014 Luxembourg,
                                                                     J. P. Morgan Investment Management Inc., 245 Park Avenue,
Grand Duchy of Luxembourg
                                                                     New York, NY 10167, United States of America;

Jean Frijns – Professor, Finance and Investments, Antigonelaan 2,    JF Asset Management Limited, 21st Floor, Chater House,
NL-5631 LR Eindhoven, The Netherlands                                8 Connaught Road, Central, Hong Kong;
Andrea L. Hazen – Managing Director,                                 JPMorgan Asset Management (Singapore) Limited,
JPMorgan Asset Management (UK) Limited, Finsbury Dials, 20           168 Robinson Road, 17th Floor, Capital Tower,
Finsbury Street, London, EC2Y 9AQ, United Kingdom                    Singapore 068912;

Berndt May – Managing Director,                                      JPMorgan Asset Management (Japan) Limited,
JPMorgan Asset Management (Europe) S.à r.l., Austrian Branch,        Tokyo Building, 7-3, Marunouchi 2-chome Chiyoda-ku, Tokyo 100-
Führichgasse 8, 1010 Wien, Austria                                   6432, Japan;

Robert Van Der Meer – Professor of Finance,                          JPMorgan Asset Management (Taiwan) Limited, 17th Floor,
12, Lange Vijverberg, NL-2513 AC The Hague, The Netherlands          65 Tun Hwa South Road, Section 2, Taipei, Taiwan, R.O.C.;

                                                                     Highbridge Capital Management, LLC, 9 West 57th Street,
                                                                     New York, NY 10019, United States of America;

                                                                     Or any member of JPMorgan Chase & Co. that the Management
                                                                     Company may appoint as investment adviser and/or manager to a
                                                                     specific Sub-Fund from time to time.

                                                                     Custodian, Corporate and Administrative Agent and Paying Agent
                                                                     J.P. Morgan Bank Luxembourg S.A., European Bank & Business
                                                                     Centre, 6, route de Trèves,
                                                                     L-2633 Senningerberg, Grand Duchy of Luxembourg

                                                                     Auditors
                                                                     PricewaterhouseCoopers S.à r.l., 400, route d'Esch,
                                                                     B.P. 1443, L-1014, Luxembourg, Grand Duchy of Luxembourg

                                                                     Luxembourg Legal Advisers
                                                                     Elvinger, Hoss & Prussen, 2, place Winston Churchill, B.P. 425,
                                                                     L-2014 Luxembourg, Grand Duchy of Luxembourg




8     Board of Directors
Paying Agents/Representatives:                                      France JPMorgan Asset Management (Europe) S.à r.l., Paris
                                                                    Branch, Place Vendôme, 75001, Paris
Principal Paying Agents:                                            Tel.: (+33) 1 44 21 70 00 Fax: (+33) 1 44 21 71 23

Luxembourg J.P. Morgan Bank Luxembourg S.A., European Bank          Hong Kong JPMorgan Funds (Asia) Limited, 21st Floor, Chater
and Business Centre, 6, route de Trèves, L-2633 Senningerberg,      House, 8 Connaught Road, Central
Grand Duchy of Luxembourg                                           Tel.: (+852) 2843 8888 Fax: (+852) 2868 5013

Austria UniCredit Bank Austria AG, Schottengasse 6-8, A-1010        Italy JPMorgan Asset Management (Europe) S.à r.l.,
Vienna                                                              Milan Branch, Via Catena 4,
                                                                    I-20121 Milan
Belgium JP Morgan Chase Bank N.A., Brussels Branch, 1 boulevard     Tel.: (+39) 02 88951 Fax: (+39) 02 88952301
du Roi Albert II, B-1210 Brussels
                                                                    Japan JPMorgan Securities Japan Co., Tokyo Building
France BNP Paribas Securities Services,                             7-3, Marunouchi 2-chome Chiyoda-ku, Tokyo 100-6432
Les Grands Moulins de Pantin, 9. rue du Débarcadère, 93500 Pantin   Tel.: (+81) 3 6736 1822 Fax: (+81) 3 6736 1083

Hong Kong JPMorgan Funds (Asia) Limited, 21st Floor, Chater         Luxembourg JPMorgan Asset Management (Europe) S.à r.l.,
House, 8 Connaught Road, Central                                    European Bank and Business Centre,
                                                                    6, route de Trèves, L-2633 Senningerberg
Ireland J.P. Morgan Administration Services (Ireland) Limited,      Tel.: (+352) 34 10 1 Fax: (+352) 34 10 8000
JPMorgan House, International Financial Services Centre, Dublin 1
                                                                    The Netherlands JPMorgan Asset Management (Europe) S.à r.l.,
Italy BNP Paribas Securities Services, Via Ansperto 5,              Netherlands Branch, WTC Tower B, 11th Floor, Strawinskylaan 1135,
I 20123 Milano                                                      1077 XX Amsterdam, The Netherlands
                                                                    Tel.: (+31) 20 504 0330 Fax: (+31) 20 504 0340
Japan JPMorgan Securities Japan Co., Limited,
Tokyo Building, 7-3, Marunouchi 2-chome Chiyoda-ku,                 Spain JPMorgan Asset Management (Europe) S.à r.l., Spanish
Tokyo 100-6432                                                      Branch, 29. José Ortega y Gasset,
                                                                    2nd Floor 28006 Madrid Spain
Spain CITIBANK N.A., Sucursal en España,                            Tel.: (+34) 91 516 12 00 Fax: (+34) 91 516 16 24
José Ortega y Gasset 29, E-28006 Madrid
                                                                    Sweden JPMorgan Asset Management (Nordic), filial till JPMorgan
United Kingdom JPMorgan Asset Management Marketing Limited,         Asset Management (Europe) S.à r.l., Luxembourg, Norra
its principal place of business being Finsbury Dials,               Kungstornet, Kungsgatan 30, S-111 35 Stockholm
20 Finsbury Street, London EC2Y 9AQ                                 Tel.: (+46) 8 54518170 Fax: (+46) 8 54518177
(authorised and regulated by the Financial Services Authority)
                                                                    United Kingdom JPMorgan Asset Management Marketing Limited,
                                                                    its principal place of business being Finsbury Dials,
                                                                    20 Finsbury Street, London EC2Y 9AQ
Regional Contacts:                                                  (authorised and regulated by the Financial Services Authority)
                                                                    Tel.: (+44) 20 7742 4000 Fax: (+44) 20 7742 8000
Austria JPMorgan Asset Management (Europe) S.à r.l., Austrian
Branch, Führichgasse 8, A-1010 Wien
Tel.: (+43) 1 512 39 39 Fax: (+43) 1 512 39 39 59




                                                                                                             Board of Directors     9
1. The Fund                                                           1.2 Investment Objectives and Policies
                                                                      The exclusive objective of the Fund is to place the funds available
1.1 Structure
                                                                      to it in transferable securities and other permitted assets of any
The Fund is an open-ended investment company organised as a           kind with the purpose of spreading investment risks and affording
“société anonyme” under the laws of the Grand Duchy of                its Shareholders the results of the management of their portfolios.
Luxembourg and qualifies as a Société d’Investissement à Capital
Variable (“SICAV”). The Fund operates separate Sub-Funds, each of     The specific investment objective and policy of each Sub-Fund is
which is represented by one or more Share Classes. The Sub-Funds      described in “Appendix III – Sub-Fund Details”.
are distinguished by their specific investment policy or any other
specific features. At the discretion of the Management Company,       The investments of each Sub-Fund shall at any time comply with
Share Classes of the Sub-Funds (excluding Class X Shares) may be      the restrictions set out in “Appendix III – Sub-Fund Details”, and
listed on any stock exchange. Full details on the listing of each     investors should, prior to any investment being made, take due
Share Class may be obtained at any time at the registered office of   account of the risks of investments set out in Appendix IV.
the Fund upon request.

The Directors may at any time resolve to set up new Sub-Funds
and/or create within each Sub-Fund one or more Share Classes and
this Prospectus will be updated accordingly.




10    The Fund
2. The Shares                                                             (hereinafter referred to as “Sales Agents” and “Distributors”) or to
                                                                          the Management Company at its registered address in
The Management Company may create within each Sub-Fund                    Luxembourg. Addresses for Sales Agents in certain countries can
different classes of Shares (each a “Share Class”) whose assets will      be found in “Appendix I – Information for Investors in Certain
be commonly invested pursuant to the specific investment policy of        Countries”. Requests may also be accepted by facsimile
the relevant Sub-Fund. A distinct fee structure, currency of              transmission, or at the discretion of the Management Company
denomination, dividend policy or other specific feature may apply         other means of telecommunication. An application form can be
and a separate Net Asset Value per Share will be calculated for           obtained from the Management Company or from the website
each Share Class. The range of available Share Classes and their          www.jpmorganassetmanagement.com.
features are described in “Appendix III – Sub-Fund Details”.
                                                                          Unless otherwise specified in “Appendix III – Sub-Fund Details” for
Subject to the restrictions described below, Shares are freely            any Sub-Fund, requests for subscriptions, redemptions and
transferable and are each entitled to participate equally in the          switches from or to any Sub-Fund will be dealt with on the
profits and liquidation proceeds attributable to the relevant Share       Valuation Day on which they are received, provided they are
Class. The rules governing such allocation are set forth below. The       received prior to 2.30 p.m. Luxembourg time on that Valuation Day.
Shares, which are of no par value and which must be fully paid            Requests received after such time will be accepted on the next
upon issue, carry no preferential or pre-emptive rights, and each         Valuation Day. As a result, requests for the subscription,
one is entitled to one vote at all general meetings of Shareholders       redemption and switching of Shares shall be dealt with on an
and at all meetings of the Sub-Fund in which Shares are held.             unknown net asset value basis before the determination of the Net
Shares redeemed by the Fund become null and void.                         Asset Value for that day.
The Board of Directors may restrict or prevent the ownership of           The Management Company may permit different dealing cut-off
Shares by any person, firm or corporation, if such ownership may          times for certain types of investors, such as investors in
be against the interests of the Fund or of the majority of                jurisdictions where a different time zone so justifies. If permitted,
Shareholders or of any Sub-Fund or Share Class therein. Where it          the dealing cut-off time applied must always precede the time
appears that a person who should be precluded from holding                when the applicable Net Asset Value is determined. Different cut-
Shares, either alone or in conjunction with any other person, is a        off times may either be specifically agreed upon with the relevant
beneficial owner of Shares, the Management Company may                    Distributor or may be published in any supplement to the
compulsorily redeem all Shares so owned in accordance with the            Prospectus or other marketing document used in the jurisdiction
provisions of the Articles.                                               concerned.
The Management Company may, in its absolute discretion, delay             The Fund does not permit market timing (as set out in CSSF
the acceptance of any subscription for Shares of a Share Class            circular 04/146) or related excessive, short-term trading practices.
restricted to Institutional Investors until such date as it has           The Management Company has the right to reject any request for
received sufficient evidence of the qualification of the investor as      the subscription or switching of Shares from any investor engaging
an Institutional Investor. If it appears at any time that a holder of a   in such practices or suspected of engaging in such practices and to
Share Class restricted to Institutional Investors is not an               take such further action as it may deem appropriate or necessary.
Institutional Investor, the Management Company will either redeem
the relevant Shares in accordance with the provisions under “(b)          Subscription, redemption and switching of Shares of a given Sub-
Redemption of Shares” within “2.1 Subscription, Redemption and            Fund shall be suspended whenever the determination of the Net
Switching of Shares” below, or switch such Shares into a Share            Asset Value per Share of such Sub-Fund is suspended by the Fund
Class that is not restricted to Institutional Investors (provided there   (see “2.6 – Suspension or Deferrals”).
exists such a Share Class with similar characteristics) and notify the    The Management Company may enter into agreements with certain
relevant Shareholder of such switch.                                      Distributors or Sales Agents pursuant to which they agree to act as
                                                                          or appoint nominees for investors subscribing for Shares through
2.1 Subscription, Redemption and Switching of Shares                      their facilities. In such capacity the Distributor or Sales Agent may
General Information                                                       effect subscriptions, switches and redemptions of Shares in the
Types of Share                                                            nominee name on behalf of individual investors and request the
Shares will be issued in registered form and will be non-                 registration of such transactions on the register of Shareholders of
certificated. Fractional entitlements to Shares will be rounded to 3      the Fund in the nominee name. The appointed nominee maintains
decimal places. Shares may also be held and transferred through           its own records and provides the investor with individualised
accounts maintained with clearing systems. Physical bearer Share          information as to its holdings of Shares in the Fund. Except where
certificates in issue at the date of this Prospectus will not be          local law or custom prohibits the practice, investors may invest
replaced if lost or damaged but will be replaced by registered            directly in the Fund and not avail themselves of a nominee service.
Shares issued in non-certificated form.                                   Unless otherwise provided by local law, any Shareholder holding
                                                                          Shares in a nominee account with a Distributor has the right to
For the avoidance of any doubt, no new bearer shares will be              claim, at any time, direct title to such Shares.
issued.
                                                                          Deferral of Redemptions and Switches
Subscription, Redemption and Switch Requests                              If the total requests for redemptions and switches out of a Sub-
Requests for subscription, redemption and switching of Shares             Fund on any Valuation Day exceeds 10% of the total value of
should be sent to one of the sales agents or distributors                 Shares in issue of that Sub-Fund, the Management Company may



                                                                                                                             The Shares       11
decide that redemption and switching requests in excess of 10%          Company, in its absolute discretion, switch the holding into Shares
shall be deferred until the next Valuation Day. On the next             in the ‘parallel Share Class’. A ‘parallel Share Class’ within a Sub-
Valuation Day, or Valuation Days until completion of the original       Fund is one that is identical except for the minimum subscription
requests, deferred requests will be dealt with in priority to later     amount and expenses applicable to it.
requests.
                                                                        The right to redeem or switch Shares is subject to compliance with
Settlements                                                             any conditions (including any minimum subscription or holding
If, on the settlement date, banks are not open for business, or an      amounts and eligibility requirements) applicable to the Share Class
interbank settlement system is not operational, in the country of       from which the redemption or switch is being made, and also the
the currency of the relevant Share Class, then settlement will be on    Share Class into which the switch is to be effected (the “New Share
the next Business Day on which those banks and settlement               Class”). In the case of a transfer of Shares, whilst there is no
systems are open.                                                       change in actual Share Class, the minimum subscription and
                                                                        holding amounts will apply to the investment of the existing and
Confirmation of completed subscriptions, redemptions and
                                                                        new Shareholder after the transfer.
switches will normally be despatched on the Business Day
following the execution of the transaction.                             The Board of Directors may also, at any time, decide to
                                                                        compulsorily redeem all Shares from Shareholders whose holding
No redemption payments will be made until the original application
                                                                        is less than the minimum holding amount specified under “1.
form and relevant subscription monies have been received from
                                                                        Classes of Shares, b) Minimum Initial and Subsequent Subscription
the Shareholder and all the necessary anti-money laundering
                                                                        Amount, and Minimum Holding Amount” in “Appendix III – Sub
checks have been completed. Redemption proceeds will be paid on
                                                                        Fund Details” or who fail to satisfy any other applicable eligibility
receipt of faxed instructions where such payment is made into the
                                                                        requirements set out above or stated under “1. Classes of Shares,
account specified by the Shareholder in the original application
                                                                        a) Eligibility Requirements” in “Appendix III – Sub-Fund Details”. In
form submitted. However, any amendments to the Shareholder’s
                                                                        such case the Shareholder concerned will receive one month's
registration details and payment instructions can only be effected
                                                                        prior notice so as to be able to increase its holding above such
upon receipt of original documentation.
                                                                        amount or otherwise satisfy the eligibility requirements.
Withdrawal of Requests for Subscription, Redemption and
                                                                        Unless waived by the Management Company, if a redemption or
Switching of Shares
                                                                        switch request would result in the amount remaining invested by a
A Shareholder may withdraw a request for subscription,
                                                                        Shareholder falling below the minimum holding amount of that
redemption or switching of Shares in the event of a suspension of
                                                                        Share Class, such request will be treated as a request to redeem or
the determination of the Net Asset Value of the Shares and, in such
                                                                        switch, as appropriate, the Shareholder’s total holding in that
event, a withdrawal will be effective only if written notification is
                                                                        Share Class. If the request is to transfer Shares, then that request
received by the Management Company before the termination of
                                                                        may be refused by the Management Company.
the period of suspension. If the subscription, redemption or switch
request is not withdrawn, the Fund shall proceed to subscribe,          If, as a result of a switch or transfer request, the value of a
redeem, or switch on the first applicable Valuation Day following       Shareholder's holding in the New Share Class would be less than
the end of the suspension of the determination of the Net Asset         the relevant minimum subscription amount, the Management
Value of the Shares. All other requests to withdraw a subscription,     Company may decide not to accept the request.
redemption or switch request are at the sole discretion of the
                                                                        Shareholders are required to notify the Management Company
Management Company, and will only be considered if received
                                                                        immediately in the event that they are or become US Persons or
before 2.30 p.m. Luxembourg time on the relevant Valuation Day.
                                                                        hold Shares for the account or benefit of US Persons or hold
Minimum Subscription and Holding Amounts and Eligibility for            Shares in breach of any law or regulation or otherwise in
Shares                                                                  circumstances having, or which may have, adverse regulatory, tax
The Board of Directors have set minimum initial and subsequent          or fiscal consequences for the Fund or the Shareholders or
subscription amounts and minimum holding amounts for each               otherwise be detrimental to the interests of the Fund. If the
Share Class, as detailed under “1. Classes of Shares, b) Minimum        Management Company becomes aware that a Shareholder is
Initial and Subsequent Subscription Amount, and Minimum Holding         holding Shares in breach of any law or regulation or otherwise in
Amount” in “Appendix III – Sub-Fund Details”.                           circumstances having, or which may have, adverse regulatory, tax
                                                                        or fiscal consequences for the Fund or the Shareholders or would
The Management Company has the discretion, from time to time,
                                                                        otherwise be detrimental to the interests of the Fund or that the
to waive or reduce any applicable minimum subscription amounts.
                                                                        Shareholder has become or is a US Person, the Management
The relevant minimum subscription amount shall not apply where
                                                                        Company may, in its sole discretion, redeem the Shares of the
the Shares are subscribed for by companies affiliated with
                                                                        Shareholder in accordance with the provisions of the Articles.
JPMorgan Chase & Co. or by third party investment managers or
                                                                        Should a Shareholder become a US Person they may be subject to
Distributors approved by JPMorgan Chase & Co. who are
                                                                        US withholding taxes and tax reporting.
subscribing as a nominee.
                                                                        Further information in relation to the subscription, redemption and
Where a Shareholder of a given Share Class accumulates a holding
                                                                        switching of Shares is set out below.
of sufficient size to satisfy the minimum subscription requirements
of a ‘parallel Share Class’ within that Sub-Fund with lower fees and
expenses, the Shareholder may request that the Management




12     The Shares
(a) Subscription for Shares                                             contribution in kind or such other party as agreed by the
Subscriptions for Shares can be made on any day that is a               Management Company.
Valuation Day for the relevant Sub-Fund. Shares will be allotted at
                                                                        Anti-Money Laundering Procedures
the Offer Price of the relevant Share Class (as described in “2.5
                                                                        The Luxembourg law of 19 February 1973 (as amended), the law of
Calculation of Prices, Calculation of Bid and Offer Prices”)
                                                                        5 April 1993 (as amended), the law of 12 November 2004 (as
determined on the Valuation Day on which the request has been
                                                                        amended), and associated Grand Ducal and Ministerial Regulations
accepted.
                                                                        and circulars of the Luxembourg supervisory authority outline
The initial launch date or offering period for each newly created or    obligations to prevent the use of undertakings for collective
activated Share Class or Sub-Fund can be found on the website           investment, such as the Fund, for money laundering purposes.
www.jpmorganassetmanagement.com.                                        Within this context the Management Company has a procedure in
                                                                        place for the identification of investors which inter alia requires
Shares are normally only issued on receipt of cleared funds. In the
                                                                        that the application form of an investor must be accompanied by
case of subscriptions from approved Distributors or Sales Agents
                                                                        such documents set out in the current version of the application
authorised by the Management Company the issue of Shares is
                                                                        form.
conditional upon the receipt of settlement in cleared funds within a
previously agreed period not normally exceeding 3 Business Days         Such information provided to the Management Company will be
after acceptance of the request for subscription. This period may       held and used in accordance with Luxembourg Privacy laws. In all
be increased to up to 5 Business Days for deals placed through          cases the Management Company reserves the right to request
certain Distributors or Sales Agents approved by the Management         additional information and documentation including translations,
Company, such as JPMorgan Funds (Asia) Limited in Hong Kong.            certifications and updated versions of such documents to satisfy
                                                                        itself that the identification requirements under Luxembourg law
If timely settlement is not made the subscription may lapse and be
                                                                        have been fulfilled.
cancelled at the cost of the applicant or its financial intermediary.
Failure to make good settlement by the settlement date may result       (b) Redemption of Shares
in the Management Company bringing an action against the                Requests for the redemption of Shares can be made on any day
defaulting investor or its financial intermediary or deducting any      that is a Valuation Day for the relevant Sub-Fund. Redemptions will
costs or losses incurred by the Management Company against any          be effected at the Bid Price of the relevant Share Class determined
existing holding of the applicant in the Fund. In all cases any         on the Valuation Day on which the request has been accepted.
money returnable to the investor will be held by the Management
                                                                        Redemption requests will, only be executed if cleared funds in
Company without payment of interest pending receipt of the
                                                                        respect of the subscription for those Shares have been received.
remittance.
                                                                        The Management Company may carry out any authentication
Payment for Shares must be received by the Management
                                                                        procedures that it considers appropriate relating to a redemption
Company in the reference currency of the relevant Share Class.
                                                                        request. This aims to mitigate the risk of error and fraud for the
Request for subscriptions in any other major freely convertible
                                                                        Fund, its agents or Shareholders. Where it has not been possible to
currency will only be accepted if so determined by the
                                                                        complete any authentication procedures to its satisfaction, the
Management Company. A currency exchange service for
                                                                        Management Company may delay the processing of payment
subscriptions is provided by the Management Company on behalf
                                                                        instructions until authentication procedures have been satisfied.
of, and at the cost of, such requesting investors. This service is
                                                                        This will not affect the Valuation Day on which the redemption
currently not available in respect of JPMorgan Funds – Volatility
                                                                        request is accepted and the Bid Price to be applied. Neither the
Fund. Further information is available from the Management
                                                                        Management Company nor the Fund shall be held responsible to
Company on request.
                                                                        the Shareholder or anyone if it delays execution or declines to
Investors are advised to refer to the Terms and Conditions              execute redemption instructions in these circumstances.
applicable to subscriptions, which may be obtained by contacting
                                                                        Redemption payments will normally be paid in the Reference
the Management Company.
                                                                        Currency of the Share Class by bank transfer within 3 Business
The Fund reserves the right to accept or refuse any subscription in     Days of the relevant Valuation Day (unless otherwise specified in
whole or in part and for any reason. The Fund may also limit the        “Appendix III – Sub-Fund Details”). This period may be increased up
distribution of a given Share Class or Sub-Fund to specific             to 5 Business Days for deals placed through certain Distributors or
countries.                                                              Sales Agents approved by the Management Company, such as
                                                                        JPMorgan Funds (Asia) Limited in Hong Kong. Neither the Fund nor
Contribution in Kind
                                                                        the Management Company are responsible for any delays or
The Management Company may from time to time accept
                                                                        charges incurred at any receiving bank or settlement system. A
subscriptions for Shares against a contribution in kind of securities
                                                                        Shareholder may request, at its own cost and subject to agreement
or other assets that could be acquired by the relevant Sub-Fund
                                                                        by the Management Company that their redemption proceeds be
pursuant to its investment policy and restrictions. Any such
                                                                        paid in a currency other than the Reference Currency of the
contribution in kind will be valued in an auditor’s report, if
                                                                        relevant Share Class. This service is currently not available in
required, drawn up in accordance with the requirements of
                                                                        respect of JPMorgan Funds – Volatility Fund.
Luxembourg law. All supplemental costs associated with
contributions in kind will be borne by the Shareholder making the       If, in exceptional circumstances, redemption proceeds cannot be
                                                                        paid within the period specified above, payment will be made as




                                                                                                                         The Shares        13
soon as reasonably practicable thereafter (not exceeding, however,      JPMorgan Funds – Volatility Fund
10 Business Days and in the case of JPMorgan Funds – JF India           Requests for switching of Shares between the JPMorgan Funds –
Fund 15 Business Days from the relevant Valuation Day) at the Bid       Volatility Fund and other Sub-Funds of the Fund or other UCITS
Price calculated on the relevant Valuation Day.                         or other UCI managed by a member of JPMorgan Chase & Co. are
                                                                        not permitted.
A redemption charge may be applied, or may be waived in whole
or in part at the discretion of the Management Company. If a            T Share Class
redemption charge is applied in relation to any particular Sub-         Shareholders may switch all or part of their Shares in a T Share
Fund, it will be disclosed in “Appendix III – Sub-Fund Details”. The    Class to a T Share Class of another Sub-Fund. Such switches will
Management Company is entitled to receive the redemption charge         not be subject to payment of the Contingent Deferred Sales Charge
(if any). The redemption charge (if any) will be the same for all       (“CDSC”) but instead the remaining CDSC will be carried forward to
redemptions effected on the same Valuation Day.                         the New Share Class. With the exception of the foregoing, and
                                                                        unless specifically permitted by the Management Company, no
Instructions for the redemption of physical bearer Shares must be
                                                                        other switches into or out of a T Share Class of the Fund are
accompanied by the appropriate certificate and all relevant
                                                                        permitted.
coupons, including details of the class and number of Shares to be
redeemed and full settlement details.                                   Procedure for switching within the Fund
                                                                        If the switching request is received before 2.30 p.m. Luxembourg
Redemption in Kind
                                                                        time on a day that is a common Valuation Day for the Original
The Management Company may request that a Shareholder
                                                                        Share Class and the New Share Class (the “Common Valuation
accepts ‘redemption in kind’ i.e. receives a portfolio of securities
                                                                        Day”), the number of Shares issued upon switching will be based
from the Sub-Fund equivalent in value to the redemption proceeds.
                                                                        upon the Bid Price of the Original Share Class and the Net Asset
The Shareholder is free to refuse the redemption in kind. Where
                                                                        Value of the New Share Class, plus a switching charge (as detailed
the Shareholder agrees to accept a redemption in kind it will
                                                                        below). If the switching request is received before 2.30 p.m.
receive a selection of the Sub-Fund’s holdings having due regard to
                                                                        Luxembourg time on a day that is not a Common Valuation Day for
the principle of equal treatment to all Shareholders. The
                                                                        the relevant Share Classes (or if there is no Common Valuation
Management Company may also, at its sole discretion, accept
                                                                        Day), the switch will be made on the basis of the Bid Price of the
redemption in kind requests from Shareholders. The value of the
                                                                        Original Share Class and the Net Asset Value of the New Class
redemption in kind will be certified by an auditor’s report, to the
                                                                        calculated on the next relevant Valuation Days of each of the two
extent required by Luxembourg law. All supplemental costs
                                                                        Share Classes concerned, plus a switching charge (as detailed
associated with redemptions in kind will be borne by the
                                                                        below). Requests received after 2.30 p.m. Luxembourg time on any
Shareholder requesting the redemption in kind or such other party
                                                                        Valuation Day will be deferred to the next Valuation Day in the
as agreed by the Management Company.
                                                                        same manner as for the subscription and redemption of Shares.
(c) Switching of Shares
                                                                        The Management Company may apply a switching charge not
Subject to any suspension of the determination of the Net Asset
                                                                        exceeding 1% of the Net Asset Value of the Shares in the New
Values per Share concerned, Shareholders have the right to switch
                                                                        Share Class. Where a Shareholder requests a switch into a New
all or part of their Shares of any Share Class of a Sub-Fund (the
                                                                        Share Class with a higher initial charge, then the additional initial
“Original Share Class”) into Shares of another Share Class (the
                                                                        charge payable for the New Share Class may be charged. The
“New Share Class”) of that or another Sub-Fund, or when
                                                                        Management Company is entitled to any charges arising from
permitted by the Management Company, and subject to meeting
                                                                        switches and any rounding adjustment.
any relevant qualifications for investment, to Shares of any other
UCITS or other UCIs managed by a member of JPMorgan Chase &             Instructions for the switching of physical bearer Shares must be
Co., by applying for switching in the same manner as for the            accompanied by the appropriate certificate and all relevant
subscription and redemption of Shares. Switches within the Fund         coupons, including details of the Class and number of Shares to
are permitted provided that the Shareholder satisfies the eligibility   be switched.
requirements and minimum holding amounts set out in “Appendix
                                                                        2.2 Transfer of Shares
III – Sub-Fund Details” and such other conditions applicable to the
                                                                        The transfer of Shares may normally be effected by delivery to the
Original or New Share Classes as set out below. As tax laws may
                                                                        relevant Distributor, Sales Agent or the Management Company of
differ from country to country, shareholders should consult their
                                                                        an instrument of transfer in appropriate form. On the receipt of the
tax advisers as to the tax implications of switches.
                                                                        transfer request, and after reviewing the endorsement(s),
JPMorgan Funds – JF India Fund                                          signature(s) may be required to be certified by an approved bank,
For switches of Shares out of JPMorgan Funds – JF India Fund into       stock broker or public notary.
Shares of another Sub-Fund or into another UCITS or UCIs
                                                                        The right to transfer Shares is subject to the minimum investment
managed or advised by a member of JPMorgan Chase & Co., the
                                                                        and holding requirements as detailed in “Minimum Subscription
Offer Price will be that calculated on the date the redemption
                                                                        and Holding Amounts and Eligibility for Shares” in the “General
proceeds are received; however Shares in the new Sub-Fund will
                                                                        Information” section of “1. Subscription, Redemption and Switching
only be purchased when the redemption proceeds are available
                                                                        of Shares”.
(subject to the fifteen day limit for payment of redemption
proceeds from JPMorgan Funds – JF India Fund).                          Shareholders are advised to contact the relevant Distributor, Sales
                                                                        Agent or the Management Company prior to requesting a transfer




14     The Shares
to ensure that they have the correct documentation for the                 traded to determine the applicable value. If a security is
transaction.                                                               not traded or admitted on any official stock exchange or
                                                                           any Regulated Market or, in the case of securities so
2.3 Restrictions on subscriptions and switches into certain
                                                                           traded or admitted, if the last quoted price does not
    Sub-Funds
                                                                           reflect their true value, the Management Company or any
A Sub-Fund, or Share Class, may be closed to new subscriptions or
                                                                           agent appointed for this purpose will proceed with a
switches in (but not to redemptions or switches out) if, in the
                                                                           valuation on the basis of the expected sale price, which
opinion of the Management Company, closing is necessary to
                                                                           shall be valued with prudence and in good faith.
protect the interests of existing Shareholders. Without limiting the
circumstances where closing may be appropriate, one such               (ii) The financial derivative instruments which are not listed
circumstance would be where the Sub-Fund has reached a size                 on any official stock exchange or traded on any other
such that the capacity of the market and/or the capacity of the             organised market will be valued in a reliable and verifiable
Investment Manager has been reached, and where to permit                    manner on a daily basis and in accordance with market
further inflows would be detrimental to the performance of the              practice.
Sub-Fund. Any Sub-Fund, or Share Class, may be closed to new
                                                                       (iii) Units or Shares in open-ended UCIs and/or UCITS shall be
subscriptions or switches in without notice to Shareholders. Once
                                                                             valued on the basis of their last net asset value, as
closed, a Sub-Fund, or Share Class, will not be re-opened until, in
                                                                             reported by such undertakings.
the opinion of the Management Company, the circumstances which
required closure no longer prevail.                                    (iv) Cash, bills payable on demand and other receivables and
                                                                            prepaid expenses will be valued at their nominal amount,
Where closures to new subscriptions or switches in occur, the
                                                                            unless it appears unlikely that such nominal amount is
website www.jpmorganassetmanagement.com will be amended to
                                                                            obtainable.
indicate the change in status of the applicable Sub-Fund or Share
Class. Investors should confirm with the Management Company or         (v) Any assets or liabilities in currencies other than the
check the website for the current status of Sub-Funds or Share             currency of the relevant Sub-Fund will be valued using the
Classes.                                                                   relevant spot rate quoted by a bank or other responsible
                                                                           financial institution.
2.4 Calculation of Prices
                                                                       (vi) Any asset or liability which cannot be considered as being
Calculation of the Net Asset Value per Share
                                                                            attributable to a particular Sub-Fund, shall be allocated
(A) Unless otherwise specified in “Appendix III – Sub-Fund Details”,
                                                                            pro rata to the net asset value of each Sub-Fund. All
    the Net Asset Value per Share of each Share Class will be
                                                                            liabilities attributable to a particular Sub-Fund shall be
    calculated on each Valuation Day in the currency of the
                                                                            binding solely upon that Sub-Fund. For the purpose of the
    relevant Share Class. It will be calculated by dividing the net
                                                                            relations as between Shareholders, each Sub-Fund will be
    asset value attributable to each Share Class, being the value of
                                                                            deemed to be a separate entity.
    its assets less its liabilities, by the number of Shares of such
    Share Class then in issue. The resulting sum shall be rounded      (vii) Swaps are valued at their fair value based on the
    to the nearest two decimal places.                                       underlying securities (at the close of business or intraday)
                                                                             as well as on the characteristics of the underlying
(B) The Management Company reserves the right to allow prices to
                                                                             commitments.
    be calculated more frequently than once daily, or to otherwise
    alter dealing arrangements on a permanent or a temporary           (viii) Liquid assets and money market instruments may be
    basis, for example, where the Management Company considers                valued at nominal value plus any interest or on an
    that a material change to the market value of the investments             amortised cost basis. All other assets, where practice
    in one or more Sub-Funds so demands or where there is an in-              allows, may be valued in the same manner.
    specie subscription and the Management Company deems it is
                                                                       The value of assets denominated in a currency other than the
    in the interest of the Shareholders to value such a subscription
                                                                       reference currency of a Sub-Fund shall be determined by
    separately. The Prospectus will be amended, following any such
                                                                       taking into account the rate of exchange prevailing at the time
    permanent alteration, and Shareholders will be informed
                                                                       of the determination of the net asset value.
    accordingly.
                                                                       Swing Pricing Adjustment
(C) In valuing total assets, the following rules will apply:
                                                                       A Sub-Fund may suffer dilution of the Net Asset Value per
    (i)   The value of securities and/or financial derivative          Share due to investors buying or selling Shares in a Sub-Fund
          instruments is determined on the basis of the last quoted    at a price that does not reflect the dealing and other costs that
          price on the relevant stock exchange or over-the-counter     arise when security trades are undertaken by the Investment
          market or any other Regulated Market on which these          Manager to accommodate cash inflows or outflows.
          securities are traded or admitted for trading. Where such
                                                                       In order to counter this impact, a swing pricing mechanism
          securities are quoted or dealt on more than one stock
                                                                       may be adopted to protect the interests of Shareholders of the
          exchange or Regulated Market, the Management Company
                                                                       Fund. If on any Valuation Day, the aggregate net transactions
          or any agent appointed by them for this purpose may, at
                                                                       in Shares of a Sub-Fund exceed a pre-determined threshold, as
          its own discretion, select the stock exchanges or
                                                                       determined and reviewed for each Sub-Fund on a periodic
          Regulated Markets where such securities are primarily
                                                                       basis by the Management Company, the Net Asset Value per




                                                                                                                      The Shares       15
     Share may be adjusted upwards or downwards to reflect net          For publication purposes the Bid and Offer Prices will be rounded
     inflows and net outflows respectively. The net inflows and net     to the same number of decimal places as the Net Asset Value per
     outflows will be determined by the Management Company              Share of the relevant Sub Fund.
     based on the latest available information at the time of
                                                                        2.5 Suspensions or Deferrals
     calculation of the Net Asset Value per Share. The swing pricing
                                                                        (A) The Fund may suspend or defer the calculation of the net asset
     mechanism may be applied across all Sub-Funds with the
                                                                            value of any Share Class in any Sub-Fund and the issue and
     exception of JPMorgan Funds – Highbridge Asia Pacific STEEP
                                                                            redemption of any Share Class in such Fund, as well as the
     Fund, JPMorgan Funds – Highbridge Europe STEEP Fund,
                                                                            right to switch Shares of any Share Class in any Sub-Fund into
     JPMorgan Funds – Highbridge US STEEP Fund, JPMorgan Funds
                                                                            Shares of another Share Class of the same Sub-Fund or any
     – Highbridge Diversified Commodities Fund and the money
                                                                            other Sub-Fund, or any other type of switch referred to in “(c)
     market Sub-Funds. The extent of the price adjustment will be
                                                                            Switching of Shares” in Section “2.1 Subscription, Redemption
     set by the Management Company to reflect dealing and other
                                                                            and Switching of Shares” above:
     costs. Such adjustment may vary from Sub-Fund to Sub-Fund
     and will not exceed 2% of the original Net Asset Value per            (i) while any transfer of funds involved in the realisation,
     Share.                                                                    acquisition or disposal of investments or payments due on
                                                                               sale of such investments by the Fund cannot, in the opinion
     Pricing Underlying Securities at Bid or Offer
                                                                               of the Directors, be effected at normal prices or rates of
     The Management Company may consider it in the interests of
                                                                               exchange or be effected without seriously prejudicing the
     the Shareholders (or potential Shareholders) to value securities
                                                                               interests of the Shareholders or the Fund; or
     at either their bid or offer prices, given the prevailing market
     conditions and/or the level of subscriptions or redemptions           (ii) during any breakdown in the communications normally
     relative to the size of the relevant Sub-Fund. The Net Asset               employed in valuing any of the Fund’s assets, or when, for
     Value may also be adjusted for such sum as may represent the               any reason, the price or value of any of the Fund’s assets
     appropriate provision for dealing charges that may be incurred             cannot be promptly and accurately ascertained; or
     by a Sub-Fund, provided always that such sum shall not exceed
                                                                           (iii) if the Fund, the Sub-Fund or a Share Class is being, or may
     1% of the Net Asset Value of the Sub-Fund at such time. Under
                                                                                 be, wound-up on or following the date on which notice is
     these circumstances, swing pricing would not be applied to the
                                                                                 given of the meeting of Shareholders at which a resolution
     Net Asset Value.
                                                                                 to wind up the Fund, the Sub-Fund or a Share Class is
     Alternative Valuation Principles                                            proposed; or
     The Management Company, in circumstances where the
                                                                           (iv) during the existence of any state of affairs which, in the
     interests of the Shareholders or the Fund so justify, may take
                                                                                view of the Directors, constitutes an emergency as a result
     appropriate measures such as applying other appropriate
                                                                                of which disposal or valuation of investments of the
     valuation principles to certain or all of the assets of the Sub-
                                                                                relevant Sub-Funds by the Management Company is
     Funds and/or the assets of a given Class if the aforesaid
                                                                                impracticable; or
     valuation methods appear impossible or inappropriate.
     Alternatively, the Management Company may, in the same                (v) if the Directors have determined that there has been a
     circumstances, adjust the Net Asset Value per Share of a Sub-             material change in the valuation of a substantial
     Fund prior to publication to reflect what is believed to be the           proportion of the investments of the Fund attributable to a
     fair value of the portfolio as at the point of valuation. If an           particular Sub-Fund and the Directors have decided, in
     adjustment is made, it will be applied consistently to all Share          order to safeguard the interest of the Shareholders and the
     Classes in the same Sub-Fund.                                             Fund, to delay the preparation or use of a valuation or
                                                                               carry out a later or subsequent valuation; or
     Publication of Prices
     The Net Asset Value per Share of each Share Class and                 (vi) while the value of any subsidiary of the Fund may not be
     Bid and Offer Prices thereof are available at the                          determined accurately; or
     registered office of the Fund and are on the website
                                                                           (vii) during any other circumstance or circumstances where a
     www.jpmorganassetmanagement.com.
                                                                                 failure to do so might result in the Fund or its Shareholders
Calculation of Bid and Offer Price                                               incurring any liability to taxation or suffering other
(A) The Offer Price per Share of each Share Class is calculated by               pecuniary disadvantages or other detriment to which the
    adding an initial charge, if any, to the Net Asset Value per                 Fund or its Shareholders might not otherwise have
    Share. The initial charge will be calculated as a percentage of              suffered.
    the Net Asset Value per Share not exceeding the levels shown
    in “Appendix III – Sub-Fund Details”.
(B) The Bid Price per Share of each Share Class is calculated by
    deducting a redemption charge, if any, from the Net Asset
    Value per Share. The redemption charge will be calculated as a
    percentage of the Net Asset Value per Share, not exceeding the
    levels shown in “Appendix III – Sub-Fund Details”.




16      The Shares
(B) The suspension of the calculation of the net asset value of any
    Sub-Fund or Share Class shall not affect the valuation of other
    Sub-Funds or Share Classes, unless these Sub-Funds or Share
    Classes are also affected.
(C) During a period of suspension or deferral, a Shareholder may
    withdraw his request in respect of any Shares not redeemed or
    switched, by notice in writing received by the Management
    Company before the end of such period.
(D) In the case of JPMorgan Funds – JF India Fund, payment of
    redemption proceeds and execution of switches may be
    deferred for a period of up to fifteen Business Days from the
    relevant Valuation Day if market conditions do not allow earlier
    settlement.
Shareholders will be informed of any suspension or deferral as
appropriate.




                                                                       The Shares   17
3. General Information                                                    Graham Goodhew, Vice President, JPMorgan Asset Management
                                                                          (Europe) S.à r.l., 6, route de Trèves, L-2633 Senningerberg, Grand
3.1 Administration Details, Charges and Expenses                          Duchy of Luxembourg.
Administration Details
                                                                          Jean Jacques Lava, Executive Director, JPMorgan Asset
Board of Directors                                                        Management (Europe) S.à r.l., 6, route de Trèves, L-2633
The Board is responsible for the management of the Fund                   Senningerberg, Grand Duchy of Luxembourg.
including the determination of investment policies and of
investment restrictions and powers. The Board is composed of the          Roland Vogel, Managing Director, J.P. Morgan (Suisse) SA,
individuals identified under the section “Board of Directors”.            Dreikonigstrasse 21, 8002 Zurich, Switzerland.

Directors that are employees of JPMorgan Chase & Co. or its direct        Daniel J. Watkins, Managing Director, JPMorgan Asset Management
or indirect subsidiaries or affiliates waive their Directors' fees. The   (UK) Limited, Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ,
Board each year reviews and recommends Directors' fees for                United Kingdom.
approval by Shareholders at the Annual Meeting. Such Directors'
fees form part of the Funds Operating and Administrative                  The Board of Managers of the Management Company have
Expenses. For some Share Classes, the Operating and                       appointed Jon Griffin, Graham Goodhew and Andrew Taylor as
Administrative Expenses are capped at a maximum figure. Please            conducting persons, responsible for the day to day management of
refer to ‘Charges and Expenses’ for further information.                  the Management Company in accordance with article 78 of the
                                                                          Luxembourg Law.
The Directors have appointed the Management Company to
generally administer the business and affairs of the Fund, subject        In its capacity as Management Company and Domiciliary Agent,
to the overall control and supervision of the Directors.                  JPMorgan Asset Management (Europe) S.à r.l. is responsible for the
                                                                          general administration of the Fund.
Management Company and Domiciliary Agent
The Board of Directors of the Fund has designated JPMorgan Asset          The Management Company has been permitted by the Fund to
Management (Europe) S.à r.l. as Management Company of the Fund            delegate its investment management functions to investment
to perform investment management, administration and marketing            managers authorised by the Fund, comprising the Investment
functions for the Fund and as domiciliary agent to the Fund.              Managers.

The Management Company was incorporated as a “Société                     The Management Company is responsible for the central
Anonyme” in Luxembourg on 20 April 1988 under the name of                 administration of the Fund and acts as its domiciliary agent. The
Fleming Fund Management (Luxembourg) S.A. The Management                  Management Company has been permitted by the Fund to delegate
Company became a “Société à responsabilité limitée” (S.à r.l.) on         certain administrative functions to specialised service providers
28 July 2000, amended its name to J.P. Morgan Fleming Asset               based in Luxembourg. In that context, the Management Company
Management (Europe) S.à r.l. on 22 February 2001 and amended it           has delegated corporate and administrative functions to J.P.
to JPMorgan Asset Management (Europe) S.àr.l. on 3 May 2005.              Morgan Bank Luxembourg S.A.
JPMorgan Asset Management (Europe) S.à r.l. has an authorised
and issued Share capital of EUR 10,000,000.                               In the context of its marketing function, the Management Company
                                                                          may enter into agreements with Distributors pursuant to which the
JPMorgan Asset Management (Europe) S.à r.l. was authorised on             Distributors agree to act as intermediaries or nominees for
25 May 2005 as a management company managing UCITS                        investors subscribing for Shares through their facilities.
governed by the EC Directive 2001/107 and therefore complies with
the conditions set out in Chapter 13 of the Luxembourg Law. The           The Management Company will monitor on a continued basis the
corporate object of JPMorgan Asset Management (Europe) S.à r.l. is        activities of the third parties to which it has delegated functions.
to provide investment management, administration and marketing            The agreements entered into between the Management Company
services to undertakings for collective investment.                       and the relevant third parties provide that the Management
                                                                          Company can give at any time further instructions to such third
Board of Managers of the Management Company                               parties, and that it can withdraw their mandate with immediate
The managers of the Management Company are:                               effect if this is in the interest of the Shareholders. The
                                                                          Management Company's liability towards the Fund is not affected
James B. Broderick, Managing Director, JPMorgan Asset                     by the fact that it has delegated certain functions to third parties.
Management (UK) Limited, Finsbury Dials, 20 Finsbury Street,
London, EC2Y 9AQ, United Kingdom.                                         The names of other Funds for which JPMorgan Asset Management
                                                                          (Europe) S.à r.l has been appointed as Management Company are
Jon P. Griffin, Managing Director, JPMorgan Asset Management              available on request.
(Europe) S.à r.l., 6, route de Trèves, L-2633 Senningerberg, Grand
Duchy of Luxembourg.




18     General Information
Investment Managers                                                      Agreements have been entered into with various paying agents
The Management Company has delegated the investment                      and/or representatives to, inter alia, perform certain administrative
management functions for each Sub-Fund to one or more of the             services, distribute the Shares or to act as representatives in
Investment Managers listed under “Investment Managers” in the            respect of the Fund in the relevant jurisdictions.
section “Management and Administration” at the front of this
Prospectus. The Investment Managers shall manage the investments         Distributor’s use of Nominees
of the Sub-Funds in accordance with stated investment objectives         The Fund and/or the Management Company may enter into
and restrictions and, on a discretionary basis, acquire and dispose of   agreements with certain Distributors pursuant to which such
securities of the Sub-Funds. The terms of the appointment of the         Distributors agree to act as, or appoint, nominees for investors
Investment Managers are specified in the investment management           subscribing for Shares through their facilities. In such capacity,
agreements. Investment Managers are entitled to receive as               such Distributor may effect subscriptions, switches and
remuneration for their services such fee payable by the Management       redemptions of Shares in nominee name on behalf of individual
Company, as is set out in the relevant investment management             investors, and request the registration of such operations on the
agreement or as may otherwise be agreed upon from time to time.          Share records of the Fund in such nominee name. Such
                                                                         nominee/Distributor maintains its own records and provides the
Shareholders should contact the Management Company at its                investors with individualised information as to its holdings of
registered office, or consult the website                                Shares in the Fund. Except where local law or custom prescribes
www.jpmorganassetmanagement.com, for details of the Investment           the practice, investors may invest directly in the Fund and not avail
Manager(s) for individual Sub-Funds.                                     themselves of a nominee service. Unless otherwise provided by
                                                                         local law, any Shareholder holding Shares in a nominee account
Custodian, Corporate and Administrative Agent and Paying Agent           with a Distributor has a direct claim to the particular Shares
J.P. Morgan Bank Luxembourg S.A. has been appointed as                   subscribed for on its behalf by its nominee.
custodian of all of the Fund's assets (and the assets of any
subsidiaries), comprising securities, money market instruments,          In all cases such agreements between the Management Company
cash and other assets. It may entrust the physical custody of            and any nominee/Distributor will be subject to the provisions for
securities and other assets, mainly securities traded abroad, listed     anti money laundering as set out under, “Anti Money Laundering
on a foreign stock market or accepted by clearing institutions for       Procedures” above.
their transactions, to such institutions or to one or more of its
banking correspondents.                                                  Commission Sharing Arrangements
                                                                         The Investment Managers may enter into commission sharing
J.P. Morgan Bank Luxembourg S.A. must:                                   arrangements only where there is a direct and identifiable benefit
                                                                         to the clients of the Investment Managers, including the Fund, and
a) ensure that the issue, redemption, switch and cancellation of         where the Investment Managers are satisfied that the transactions
   Shares effected by or on behalf of the Fund are carried out in        generating the shared commissions are made in good faith, in
   accordance with the law and the Articles;                             strict compliance with applicable regulatory requirements and in
                                                                         the best interests of the Fund and the Shareholders. Any such
b) ensure that in transactions involving the assets of the Fund,         arrangements must be made by the Investment Manager on terms
   the consideration is remitted to it within the usual time limits;     commensurate with best market practice. Due to their local
                                                                         regulatory rights, certain Investment Managers may make use of
c) ensure that the income of the Fund is applied in accordance           soft commission to pay for research or execution services. Other
   with its Articles.                                                    jurisdictions may have other arrangements in place to pay for such
                                                                         services in accordance with local regulatory obligations.
J.P. Morgan Bank Luxembourg S.A. was incorporated in
Luxembourg as a société anonyme on 16 May 1973 and has its               Brokerage Arrangements
registered office at 6, route de Trèves, L-2633 Senningerberg,           The Investment Managers may appoint one or several prime
Grand Duchy of Luxembourg. It has engaged in banking activities          brokers to provide brokerage and dealing services to the Fund.
since its incorporation.
                                                                         In relation to the purchases and sale transaction that the brokers
In its capacity as Corporate and Administrative Agent, J.P. Morgan       will settle for the Fund, the brokers may provide financing to the
Bank Luxembourg S.A. has been delegated by the Management                Fund and may hold assets and cash on behalf of the Fund in
Company to provide the following services, together with certain         connection with such settlement and financing transactions. As
ancillary services connected thereto, for and on behalf of the           security for the payment and performance of its obligations and
Management Company and subject to its supervision and                    liabilities to the brokers, the Fund will advance to the brokers,
oversight: legal and fund management accounting services;                collateral in the form of securities or cash.
valuation of the portfolio and pricing of the Shares (including tax
returns); maintenance of the Shareholder register; distribution of       Conflicts of Interest
income; Share issues and redemptions; contract settlements and           (1) The Management Company, the Investment Managers,
record keeping.                                                              Corporate and Administrative Agent, the Custodian and the
                                                                             Sales Agents are part of JPMorgan Chase & Co., which is a




                                                                                                                  General Information         19
     multi-service banking group, providing its clients all forms of         counterparty for financial derivative contracts entered into by
     banking and investment services. As a result, there may be              the Fund.
     conflicts of interest between the various activities of these
     companies and their duties and obligations to the Fund.             (6) Potential conflicting interests or duties may arise because the
                                                                             Management Company or JPMorgan Chase & Co. may have
(2) The Management Company, under the rules of conduct                       invested directly or indirectly in the Fund. JP Morgan Chase &
    applicable to it, must try to avoid conflicts of interest and,           Co. could hold a relatively large proportion of Shares and
    when they cannot be avoided, ensure that its clients (including          voting rights in the Fund. JPMorgan Chase & Co. acting in a
    the Fund) are fairly treated.                                            fiduciary capacity with respect to client accounts may
                                                                             recommend to or direct clients to buy and sell Shares of the
(3) The Management Company, the Investment Managers,                         Fund. If a client defaults on its obligation to repay
    Corporate and Administrative Agent, the Custodian, and the               indebtedness to JPMorgan Chase & Co. that is secured by
    Sales Agents, may from time to time act as management                    Shares in the Fund, and JPMorgan Chase & Co. forecloses on
    company, investment manager or adviser, sales agent,                     such interest, JPMorgan Chase & Co. would become a
    administrator, registrar, custodian or trustee in relation to, or        Shareholder of the Fund.
    be otherwise involved with, other funds or UCITS, other UCIs or
    other clients. It is therefore possible that any of them may, in     (7) Employees and Directors of JPMorgan Chase & Co. and
    the due course of their business, have potential conflicts of            Directors of the Company may hold Shares in the Fund.
    interest with the Fund or any Sub-Fund. In such event, each              Employees of JPMorgan Chase & Co. are bound by the terms of
    will at all times have regard to its obligations under any               JPMorgan Chase & Co. policy on personal account dealings and
    agreements to which it is party or by which it is bound in               managing conflicts of interest.
    relation to the Fund or any Sub-Fund. In particular, when
    undertaking any dealings or investments where conflicts of           Charges and Expenses
    interest may arise, each will respectively endeavour to ensure
                                                                         Charges and Fees paid to the Management Company
    that such conflicts are resolved fairly.
                                                                         The Management Company is entitled to receive the initial charge,
                                                                         redemption charge and any charge on switching where applicable
(4) The Management Company and JPMorgan Chase & Co. may
                                                                         to the Share Class as detailed in Section 2.5, “Calculation of Prices”
    effect transactions in which they have, directly or indirectly, an
                                                                         and in “Appendix III – Sub-Fund Details”, together with any
    interest which may involve a potential conflict with the
                                                                         rounding adjustments as detailed within this Prospectus.
    Management Company’s duty to the Fund. Neither the
    Management Company nor JPMorgan Chase & Co. shall be
                                                                         Additionally, the Management Company is entitled to the Annual
    liable to account to the Fund for any profit, commission or
                                                                         Management and Advisory Fee as set out in “Appendix III – Sub-
    remuneration made or received from or by reason of such
                                                                         Fund Details”. This fee is paid to the Management Company
    transactions or any connected transactions nor will the
                                                                         monthly in arrears. The Management Company may from time to
    Management Company’s fees, unless otherwise provided, be
                                                                         time, and at its absolute discretion, decide to reduce such fee
    abated. The Management Company will ensure that such
                                                                         (which might become 0.0%). Certain Sub-Funds or Share Classes
    transactions are effected on terms that are at least as
                                                                         may incorporate a performance fee as further detailed below.
    favourable to the Fund than if the potential conflict had not
    existed.
                                                                         The Management Company may pay all or part of the fees and
                                                                         charges it receives as a commission, retrocession or discount to
(5) There is no prohibition on the Fund entering into any
                                                                         financial intermediaries or Distributors.
    transactions with the Management Company, or any
    Investment Manager, the Sales Agents, or the Custodian or with
                                                                         Subject to the investment restrictions described below, Sub-Funds
    any of their affiliates, provided that such transactions are
                                                                         may invest in UCITS and other UCIs managed by the Management
    carried out as if effected on normal commercial terms
                                                                         Company, Investment Managers, or any other member of
    negotiated at arm’s length. In such case, in addition to the
                                                                         JPMorgan Chase & Co. In accordance with section 5 b) of Appendix
    management fees the Management Company or the
                                                                         II, “Investment Restrictions and Powers”, no double-charging of
    Investment Managers earn for managing the Fund, they may
                                                                         fees will occur. The avoidance of a double-charge of the Annual
    also have an arrangement with the issuer, dealer and/or
                                                                         Management and Advisory Fee on such assets is achieved by
    distributor of any products entitling them to a share in the
                                                                         either: (a) excluding the assets from the net assets on which the
    revenue from such products that they purchase on behalf of
                                                                         Annual Management and Advisory Fee are calculated; or (b)
    the Fund. In addition, there is no prohibition on the
                                                                         investing in UCITS or other UCIs via Share Classes that do not
    Management Company or the Investment Managers to
                                                                         accrue an Annual Management and Advisory Fee or other
    purchase any products on behalf of the Fund where the issuer,
                                                                         equivalent fees payable to the relevant adviser’s group; or (c) the
    dealer and/or distributor of such products are their affiliates
                                                                         Annual Management and Advisory Fee being netted off by a rebate
    provided that such transactions are carried out as if effected
                                                                         to the Fund or Sub-Fund of the annual management and advisory
    on normal commercial terms negotiated at arm’s length, in the
                                                                         fee (or equivalent) charged to the underlying UCITS or other UCIs;
    best interest of the Fund. JPMorgan Chase & Co. acts as
                                                                         or (d) charging only the difference between the Annual
                                                                         Management and Advisory Fee of the Fund or Sub-Fund as per



20      General Information
“Appendix III – Sub-Fund Details” and the Annual Management and         of any tax, levy, duty, or similar charge imposed on the Sub-Fund
Advisory Fee (or equivalent) charged to the underlying UCITS or         or its assets excluding the taxe d’abonnement detailed in section
other UCIs. Where a Sub-Fund invests in UCITS and other UCIs            3.4 under the heading “Taxation” (collectively “Extraordinary
managed by investment managers which are not members of                 Expenses”).
JPMorgan Chase & Co. group, the Annual Management and
Advisory Fee, as specified in “Appendix III – Sub-Fund Details”, may    Operating and Administrative Expenses
be charged regardless of any fees reflected in the price of the         The Fund bears all the ordinary operating expenses (the “Operating
shares or units of such underlying UCITS and UCIs.                      and Administrative Expenses”) including but not limited to
                                                                        formation expenses such as organisation and registration costs; the
All fees, charges, expenses and costs to be borne by the Fund will      Custodian fees and ongoing custody fees covering transaction and
be subject, where applicable, to the addition of VAT or any             safekeeping charges and fiduciary fees; accounting fees covering
analogous taxation.                                                     fund accounting and administrative services; transfer agency fees
                                                                        covering registrar and transfer agency services payable to the
Contingent Deferred Sales Charge                                        Management Company; the fees and reasonable out-of-pocket
No initial charge will be payable by the Shareholder upon               expenses of the Administrative Agent and Domiciliary Agent; the
acquisition of Shares of the T Share Class of any Sub-Fund, instead     fees and reasonable out-of-pocket expenses of the paying agents
a CDSC may be payable to the Management Company when the                and representatives; the Luxembourg taxe d’abonnement; the
Shares are redeemed. The proceeds of any redemption of Class T          Directors fees (no fees will be paid to Directors who are also
Shares by a Shareholder within the first 3 years after purchase will    directors or employees of JPMorgan Chase & Co.) and reasonable
be reduced in accordance with the following percentage scale:           out-of-pocket expenses incurred by the Directors; legal and auditing
                                                                        fees and expenses; ongoing registration, listing and quotation fees,
Years since purchase                Applicable rate of CDSC
                                                                        including translation expenses; the cost of publication of the Share
Up to 1 year                        3%
                                                                        prices and postage, telephone, facsimile transmission and other
Over 1 year and up to 2 years       2%
                                                                        electronic means of communication; and the costs and expenses of
Over 2 years and up to 3 years      1%
                                                                        preparing, printing and distributing the Prospectus, Simplified
Over 3 years                        0%
                                                                        Prospectus(es) or any offering document, financial reports and
The applicable rate of CDSC is determined by reference to the total     other documents made available to Shareholders. Operating and
length of time during which the Shares being redeemed (including        Administrative Expenses do not include Transaction Fees and
the holding period of the T Shares in the Original Share Class from     Extraordinary Expenses as defined above.
which they were switched (if any)) were in issue. Shares will be
                                                                        Expenses related to the formation of new Sub-Funds may be
redeemed on a First In, First Out (“FIFO”) basis, so that the Class T
                                                                        amortised over a period not exceeding five years, as permitted by
Shares first being redeemed are those Shares of the Sub-Fund
                                                                        Luxembourg Law.
which have been held for the longest period.
                                                                        The Fund seeks to preserve Shareholders from fluctuations in its
The amount of CDSC per Share is calculated in the relevant dealing
                                                                        Operating and Administrative Expenses and has agreed with the
currency of the T Share Class being redeemed by multiplying the
                                                                        Management Company that the excess of any such expenses,
relevant percentage rate, as determined above, by the Net Asset
                                                                        above the annual rate specified for each Share Class in “Appendix
Value per Share on the date of the original issue of the T Shares
                                                                        III – Sub Fund Details”, will be borne by the Management Company.
being redeemed, or of the T Shares of another Sub-Fund from
                                                                        Operating and Administrative Expenses will be allocated to the
which those Shares were switched, if applicable.
                                                                        Sub-Funds to which they are attributable or among all Sub-Funds
                                                                        and Share Classes pro rata to their respective net assets (or in a
Transaction Fees
                                                                        fair and reasonable manner determined by the Directors).
Each Sub-Fund bears all costs and expenses of buying and selling
securities and financial instruments including, without limitation,
                                                                        The Operating and Administrative Expenses borne by the A, B, C, D
any brokerage fees and commissions, interest, taxes, governmental
                                                                        and J Share Classes (and the I Share Class of the JPMorgan Funds –
duties, charges and levies and any other transaction related
                                                                        Euro Money Market Fund, JPMorgan Funds – US Dollar Money
expenses excluding any costs and expenses relating to custody
                                                                        Market Fund and JPMorgan Funds – Sterling Money Market Fund)
(collectively “Transaction Fees”) which relate to the relevant Sub-
                                                                        are fixed at the rates specified in “Appendix III – Sub- Fund
Fund. Such costs and expenses are allocated across each Share
                                                                        Details”. The Management Company will bear the excess of any
Class of the relevant Sub-Fund.
                                                                        such expenses above the annual rate specified for each Share Class
                                                                        in “Appendix III – Sub-Fund Details”. Conversely, the Management
Subscription, redemption and switching charges of the UCITS and
                                                                        Company will be entitled to retain any amount by which the annual
other UCIs managed by the Management Company, the Investment
                                                                        rate of Operating and Administration Expenses to be borne by the
Manager or any other member of JPMorgan Chase & Co. into which
                                                                        Shares, as set out in “Appendix III – Sub-Fund Details”, exceeds the
a Sub-Fund may invest will be waived.
                                                                        actual expenses incurred by the Fund. The Operating and
                                                                        Administration Expenses borne by I and X Share Classes will be the
Extraordinary Expenses
                                                                        lower of the actual expenses incurred by the Fund and the
Each Sub-Fund bears any extraordinary expenses including,
                                                                        maximum rate detailed in “Appendix III – Sub-Fund Details”. The
without limitation, litigation expenses, interest and the full amount



                                                                                                                General Information         21
Management Company will bear the portion of any such Operating            by fully paid Shares of no par value and is at any time equal to
and Administrative Expenses which exceed the rate specified.              its net asset value. Should the capital of the Fund fall below
                                                                          two thirds of the minimum capital, an Extraordinary Meeting of
Performance Fees                                                          Shareholders must be convened to consider the dissolution of
For certain Sub-Funds within the Fund, the Management Company             the Fund. Any decision to liquidate the Fund must be taken by
is entitled to receive a Performance Fee in addition to other fees        a majority of the votes cast. Where the share capital falls below
and expenses. The Management Company is entitled to a                     one quarter of the minimum capital, the Directors must
Performance Fee if, in any accounting year, the performance of the        convene an Extraordinary Meeting of Shareholders to decide
relevant Sub-Fund exceeds the return of the Performance Fee               upon the liquidation of the Fund. At that meeting, the decision
Benchmark during the same period, subject to the operation of a           to liquidate the Fund may be taken by Shareholders holding
Claw-Back Mechanism or of a High Water Mark. The Performance              together one quarter of the Shares present or represented.
Fee mechanism, Performance Fee Rate and the Performance Fee
                                                                      3. The following material contracts have been entered into:
Benchmarks are specified in “Appendix III – Sub-Fund Details” for
each relevant Sub-Fund. Full details on how the Performance Fee is    •   An agreement, effective from 12 September 2005, between the
accrued and charged, and the definitions of the terms used herein         Fund and JPMorgan Asset Management (Europe) S.à r.l.,
appear under “Appendix V – Calculation of Performance Fees”.              pursuant to which the latter was appointed Management
                                                                          Company of the Fund. This Agreement is entered into for an
Sub-Funds may invest in UCITS and other UCIs managed by the               unlimited period and may be terminated by either party upon
Management Company, the Investment Managers or any other                  three months’ written notice.
member of JPMorgan Chase & Co. No double-charging of
Performance Fees will occur. The avoidance of a double-charge of      •   A Custody Agreement, dated 31 January 2001, between the
the Performance Fee is achieved by either a) where a Sub-Fund             Fund and J.P. Morgan Bank Luxembourg S.A. pursuant to which
invests in such UCITS and other UCIs, and these UCITS and/or UCIs         the latter was appointed custodian of the assets of the Fund.
charge performance fees, the Sub-Fund will not charge a                   The Agreement is entered into for an unlimited period and may
Performance Fee, or b) where a Sub-Fund charges a Performance             be terminated by either party upon three months’ written
Fee, it will not invest in such UCITS and/or UCIs that charge             notice.
performance fees.                                                     •   An Administration Agreement, effective from 12 September
3.2 Fund Information                                                      2005, between JPMorgan Asset Management (Europe) S.à r.l.
                                                                          and J.P. Morgan Bank Luxembourg S.A. pursuant to which the
1. The Fund is an umbrella structured open-ended investment               latter has been delegated the function of providing net asset
   company with limited liability, organised as a “société                value calculations, company secretarial and paying agency
   anonyme” and qualifies as a “Société d’Investissement à                services (the “Administration Agreement”). The Administration
   Capital Variable” (“SICAV”) under Part I of the Luxembourg Law         Agreement is entered into for an unlimited period and may be
   (“loi relative aux organismes de placement collectif”), and            terminated by either party upon three months’ written notice.
   qualifies as an Undertaking for Collective Investments in
   Transferable Securities (“UCITS”) under the amended EC             The material contracts listed above may be amended from time to
   Directive 85/611 of 20 December 1985 and may therefore be          time by agreement between the parties thereto.
   offered for sale in EU Member States (subject to registration in   Documents of the Fund
   countries other than Luxembourg). The Fund was incorporated        Copies of the Articles, Prospectus, Simplified Prospectus(es),
   on 14 April 1969 under the name Multi-Trust Fund and its           supplementary documents and financial reports may be obtained
   Articles were published in the Mémorial on 20 June 1969. The       free of charge and upon request, from the registered office of the
   Fund was converted into a SICAV and changed its name to            Fund. The material contracts referred to above are available for
   Fleming International Fund on 3 July 1984, which was               inspection during normal business hours, at the registered office of
   published in Mémorial on 6 August 1984. The name of the            the Fund.
   Fund was changed to Fleming Flagship Fund on 19 October
   1988, to Fleming Funds on 2 June 2000, to JPMorgan Fleming         Queries and Complaints
   Funds on 19 November 2001 and to JPMorgan Funds on                 Any person who would like to receive further information
   12 September 2005. The first two name changes were                 regarding the Fund or who wishes to make a complaint about the
   published in the Mémorial on 15 December 1988 and on 2 June        operation of the Fund should contact JPMorgan Asset Management
   2000 respectively. The third name change was published in the      (Europe) S.à r.l., European Bank and Business Centre, 6, route de
   Mémorial on 19 November 2001. The latter name change was           Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg.
   published in the Mémorial on 7 October 2005.                       3.3 Dividends
     The Fund is registered under Number B-8478 with the              Share Classes with the suffix “(acc)” are accumulation Share
     “Registre de Commerce et des Sociétés”, where the Articles of    Classes and will not normally pay dividends. Distribution Share
     the Fund have been filed and are available for inspection. The   Classes will normally pay dividends as described below.
     Fund exists for an indefinite period.

2. The minimum capital requirement of the Fund is set out in
   Luxembourg law. The share capital of the Fund is represented



22     General Information
Declaration of Dividends                                                inefficient for investors in certain countries. Investors should
Dividends will either be declared as annual dividends by the            consult their local tax adviser about their own position.
Annual General Meeting of Shareholders or as interim dividends by       Dividend payments for these Share Classes will normally be made
the Board of Directors.                                                 to Shareholders each month in the currency of the relevant Share
Dividends may be paid by the Fund more frequently in respect of         Class. They will not qualify as “distributing” for the purposes of
some or all Share Classes, from time to time, or be paid at             United Kingdom tax legislation relating to offshore funds for the
different times of the year to those listed below, as deemed            Financial Year ending in 2011.
appropriate by the Directors.                                           The Management Company reserves the right to fix a minimum
The declaration and payment of dividends is subject to the              amount per Share Class, below which the actual payment of the
dividend policy referred to below.                                      dividend would not be economically efficient for the Fund. These
                                                                        payments will be deferred to the following month or reinvested in
Different categories of distribution Share Classes                      further Shares of the same Share Class and not paid directly to the
Share Classes suffixed “(dist)” and suffixed “(inc)”                    Shareholders.
It is intended that all those Share Classes with the suffix “(dist)”    The Net Asset Value of “(mth)” Share Classes may fluctuate more
will pay dividends so that these Share Classes of the Fund continue     than other Share Classes due to more frequent distribution of
to qualify as “distributing” for the purposes of United Kingdom tax     income.
legislation relating to offshore funds for the Financial Year ending
                                                                        Share Classes with the suffix “(mth)” will only be available to
in 2011. In subsequent years these Share Classes may pay
                                                                        investors subscribing, and remaining subscribed, through specific
dividends and intend to meet the conditions to qualify as
                                                                        Asian distribution networks.
“reporting” for the purposes of the United Kingdom tax legislation.
See section “5. United Kingdom” in “Appendix I – Information for        Authentication Procedure
Investors in Certain Countries” for further details.                    The Management Company may at its discretion carry out any
                                                                        authentication procedures that it considers appropriate relating to
Share Classes with the suffix “(inc)” may distribute dividends but      dividend payments. This aims to mitigate the risk of error and
will not qualify as “distributing” for the purposes of United           fraud for the Fund, its agents or Shareholders. Where it has not
Kingdom tax legislation relating to offshore funds for the Financial    been possible to complete authentication procedures to its
Year ending in 2011.                                                    satisfaction, the Management Company may delay the processing
Except where otherwise indicated in “Appendix III – Sub-Fund            of payment instructions to a date later than the envisaged dividend
Details”, payment of dividends on these Share Classes will normally     payment, when authentication procedures have been satisfied.
be made in September of each year.                                      If the Management Company is not satisfied with any verification
Share Classes with the suffix “(dist)” or “(inc)” in issue at the       or confirmation, it may decline to execute the relevant dividend
dividend record date will be eligible for any dividends, which will     payment until satisfaction is obtained. Neither the Management
normally be reinvested unless otherwise stated in “Appendix III –       Company nor the Fund shall be held responsible to the
Sub-Fund Details”. Shareholders in these Share Classes may elect        Shareholder or anyone if it delays execution or declines to execute
in writing to receive a dividend payment, in which case payment         dividend payments in these circumstances.
will normally be made in the currency of the relevant Share Class.      Dividends remaining unclaimed five years after the dividend record
                                                                        date will be forfeited and will accrue for the benefit of the relevant
Dividends to be reinvested for Share Classes with the suffix “(dist)”
                                                                        Sub-Fund.
or “(inc)” will be paid to the Custodian who will reinvest the money
on behalf of the Shareholder in additional Shares of the same           Dividends due on bearer Shares will be distributed.
Share Class. Such Shares will be issued on the payment date at the      3.4 Taxation
Net Asset Value per Share of the relevant Share Class. Fractional       The following summary is based on the law and practice currently
entitlements to registered Shares will be recognised to three           in force in the Grand Duchy of Luxembourg. It is therefore subject
decimal places.                                                         to any future changes. Investors should, however, consult their
Share Classes suffixed “(mth)”                                          financial or other professional advisers on the possible tax or other
Share Classes with the suffix “(mth)” will normally pay dividends on    consequences of buying, holding, transferring, switching,
a monthly basis. The monthly dividend rate per Share will be            redeeming or otherwise dealing in the Fund’s Shares under the
calculated by the Management Company based on the estimated             laws of their countries of citizenship, residence and domicile. The
annual yield of the relevant Sub-Fund’s portfolio which is              following is based on the Directors’ understanding of the law and
attributable to that Share Class. The Management Company will           practice in force at the date of this document and applies to
review the dividend rate for each Share Class at least semi-            investors acquiring Shares in the Fund as an investment. Please
annually, but may adjust the dividend rate more frequently to           refer to “Appendix I – Information for Investors in Certain
reflect changes in the portfolio’s expected yield.                      Countries” for further information on the requirements in your
                                                                        country.
Investors should note that, where the dividend rate is in excess of
the investment income of the Share Class, dividends will be paid        3.4.1 Taxation of the Fund
out of the Share Class capital, as well as from investment income       The Fund is not subject to any taxes in Luxembourg on income or
and realised and unrealised capital gains. This may be tax              capital gains. The only tax to which the Fund in Luxembourg is




                                                                                                                  General Information      23
subject is the subscription tax, (“taxe d’abonnement”) up to a rate of   The Directive has been implemented in Luxembourg by a law dated
0.05% per annum based on the net asset value attributed to each          21 June 2005 (the “EUSD Law”).
Share Class at the end of the relevant quarter, calculated and paid
                                                                         Dividends distributed by a Sub-Fund of the Fund will be subject to
quarterly. This subscription tax is included in the fees and expenses
                                                                         the Directive and the EUSD Law if more than 15% of such Sub-Fund’s
referred to under “Charges and Expenses” above. No stamp duty or
                                                                         assets are invested in debt claims (as defined in the EUSD Law) and
other tax is payable in Luxembourg on the issue of Shares in the
                                                                         proceeds realised by Shareholders on the redemption or sale of
Fund except a tax, payable once only, which was paid upon
                                                                         Shares in a Sub-Fund will be subject to the Directive and the EUSD
incorporation of the Fund.
                                                                         Law if more than 25% of such Sub-Fund’s assets are invested in debt
Interest income, dividend income and capital gains received by the       claims (such Sub-Funds, hereafter “Affected Sub-Funds”).
Fund in respect of some of its securities and cash deposits may be
subject to non-recoverable withholding taxes at varying rates in         The applicable withholding tax will be at a rate of 20% until
the countries of origin.                                                 30 June 2011 and 35% from 1 July 2011 onwards.

A reduced tax rate of 0.01% per annum of the net assets will be          Consequently, if in relation to an Affected Sub-Fund a Luxembourg
applicable to Share Classes which are only sold to and held by           paying agent makes a payment of dividends or redemption
Institutional Investors. In addition, those Sub-Funds which invest       proceeds directly to a Shareholder who is an individual resident or
exclusively in deposits and money market instruments in                  deemed resident for tax purposes in another EU Member State or
accordance with the Luxembourg law regarding undertakings for            certain of the above mentioned dependent or associated
collective investment are liable to the same reduced tax rate of         territories, such payment will, subject to the next paragraph
0.01% per annum of their net assets.                                     below, be subject to withholding tax at the rate indicated above.

The 0.01% and 0.05% rates described above, as appropriate, are           No withholding tax will be withheld by the Luxembourg paying agent
not applicable for the portion of the assets of the Fund invested in     if the relevant individual either (i) has expressly authorised the
other Luxembourg collective investment undertakings which are            paying agent to report information to the tax authorities in
themselves subject to the taxe d’abonnement.                             accordance with the provisions of the EUSD Law or (ii) has provided
No tax is payable in Luxembourg on realised or unrealised capital        the paying agent with a certificate drawn up in the format required
appreciation of the assets of the Fund. Although the Fund's              by the EUSD Law by the competent authorities of his State or
realised capital gains, whether short- or long-term, are not             residence for tax purposes.
expected to become taxable in another country, the Shareholders          The Fund reserves the right to reject any application for Shares if
must be aware and recognise that such a possibility is not totally       the information provided by any prospective investor does not
excluded.                                                                meet the standards required by the EUSD Law as a result of the
The Fund is subject to an annual tax of 0.08% on the part of the         Directive.
net asset value of the Shares placed through Belgian financial           The foregoing is only a summary of the implications of the
intermediaries. The tax is payable to the Kingdom of Belgium as          Directive and the EUSD Law, is based on the current
long as the Fund is registered for public distribution in such           interpretation thereof and does not purport to be complete in all
country.                                                                 respects. It does not constitute investment or tax advice and
3.4.2 Taxation of Shareholders                                           investors should therefore seek advice from their financial or tax
Shareholders are not normally subject to any capital gains, income,      adviser on the full implications for themselves of the Directive
gift, estate, inheritance or other taxes in Luxembourg except for        and the EUSD Law.
Shareholders domiciled, resident or having a permanent                   3.4.4 Taxation of Chinese Assets
establishment in Luxembourg. Also see “European Union Tax                The Management Company reserves the right to provide for capital
Considerations” section below.                                           gains tax on Sub-Funds investing in Chinese assets, including China
3.4.3 European Union Tax Considerations                                  A or B Shares. The tax rules applied by the People’s Republic of
The Council of the EU has, on 3 June 2003, adopted Council Directive     China (PRC) taxation authorities in this area are unclear. As the
2003/48/EC on taxation of savings income in the form of interest         provision made by the Management Company is based on current
payments (the “Directive”). Under the Directive, Member States of        market practice and the Management Company’s understanding of
the EU will be required to provide the tax authorities of another EU     the tax rules, any changes to market practice or interpretation of
Member State with information on payments of interest or other           PRC tax rules may impact this provision and may result in this
similar income paid by a paying agent (as defined by the Directive)      provision being higher or lower than required.
within its jurisdiction to an individual resident in that other EU       3.5 Meetings and Reports
Member State. Austria and Luxembourg have opted instead for a tax
                                                                         Meetings
withholding system for a transitional period in relation to such
                                                                         The Annual General Meeting of Shareholders of the Fund is held in
payments. Switzerland, Monaco, Liechtenstein, Andorra and San
                                                                         Luxembourg on the third Wednesday of November annually at 15:00
Marino and the Channel Islands, the Isle of Man and the dependent
                                                                         hours or, if such day is not a business day in Luxembourg, on the next
or associated territories in the Caribbean, have also introduced
                                                                         business day. For all General Meetings of Shareholders notices are
measures equivalent to information reporting or, during the above
                                                                         sent to registered Shareholders by post at least eight days prior to the
transitional period, withholding tax.
                                                                         meeting. Notices will be published in the d’Wort and in such other
                                                                         newspapers as the Directors may decide. Such notices will include the



24     General Information
agenda and specify the place of the meeting. The legal requirements                        Rights on a winding-up
as to notice, quorum and voting at all General and Sub-Fund or class                       The Fund has been established for an unlimited period. However,
Meetings are included in the Articles. Meetings of Shareholders of any                     the Fund may be liquidated at any time by a resolution adopted by
given Sub-Fund or class shall decide upon matters relating to that                         an Extraordinary Meeting of Shareholders, at which meeting one or
Sub-Fund or Share Class only.                                                              several liquidators will be named and their powers defined.
                                                                                           Liquidation will be carried out in accordance with the provisions of
Reports
                                                                                           Luxembourg law. The net proceeds of liquidation corresponding to
The financial year of the Fund ends on 30 June each year.
                                                                                           each Sub-Fund shall be distributed by the liquidators to the
Audited annual reports shall be published within 4 months
                                                                                           Shareholders of the relevant Sub-Fund in proportion to the value
following the end of the accounting year and unaudited semi-
                                                                                           of their holding of Shares.
annual reports shall be published within 2 months following the
period to which they refer. Both the annual and semi-annual                                If and when for any reason the total number of Shares of all Share
reports of the Fund can be downloaded from the website                                     Classes in any Sub-Fund is reduced to 1,000,000 Shares or the net
www.jpmorganassetmanagement.com/jpmf or may be obtained,                                   asset value of Shares of all classes in any Sub-Fund is less than USD
free of charge, on request by contacting the Management Company                            10,000,0001 or if a change in the economical or political situation
at its registered office. Such reports form an integral part of this                       relating to the Sub-Fund concerned would justify it, or in order to
Prospectus.                                                                                proceed to an economic rationalisation or if the interest of the
                                                                                           Shareholders would justify it, the Directors may decide to redeem all
3.6 Details of Shares
                                                                                           the Shares of that Sub-Fund. In any such event Shareholders will be
Shareholder rights                                                                         notified by redemption notice published in such newspapers
(A) The Shares issued by the Fund are freely transferable and                              determined by the Directors in accordance with Luxembourg law at
    entitled to participate equally in the profits and dividends of                        least 15 days prior to compulsory redemption, and will be paid the
    the classes to which they relate and in the net assets of such                         net asset value of the Shares of the relevant class held as at the
    Share Class upon liquidation. The Shares carry no preferential                         redemption date.
    and pre-emptive rights.
                                                                                           Under the same circumstances, the Directors may decide to merge
(B) Voting:                                                                                Sub-Funds with other Sub-Funds or merge Sub-Funds into other
    At General Meetings, each Shareholder has the right to one                             collective investment undertakings governed by Part I of the
    vote for each whole Share held. A Shareholder of any                                   Luxembourg Law or reorganise the Shares of a Sub-Fund into two
    particular Share Class will be entitled at any separate meeting                        or more Share Classes or combine two or more Share Classes into
    of the Shareholders of that Share Class to one vote for each                           a single Share Class. Publication of the decision will be made as
    whole Share of that class held. In the case of a joint holding,                        described above including details of the merger and will be made
    only the first named Shareholder may vote.                                             at least one calendar month prior to the merger taking effect
(C) Joint Shareholders:                                                                    during which time Shareholders of the Sub-Fund or Share Classes
    The Management Company will register registered Shares                                 to be merged may request redemption of their Shares free of
    jointly in the names of not more than four Shareholders should                         charge, with the exception of Shareholders of the T Share Class
    they so require. In such case the rights attached to such a                            where the CDSC may be applicable. The decision to merge or
    Share must be exercised jointly by ALL those parties in whose                          liquidate a Sub-Fund may also be made at a meeting of
    name it is registered except when (i) voting as described in (B)                       Shareholders of the particular Sub-Fund concerned.
    above, (ii) the Shareholders have indicated their desire to have                       Apart from exceptional circumstances, no subscriptions will be
    individual signatory powers, or (iii) unless one or more persons                       accepted after publication/notification of a merger or liquidation.
    (such as an attorney or executor) is/are appointed to do so.
                                                                                           Assets which are not distributed upon the close of the liquidation
(D) Compulsory redemption:                                                                 of the Sub-Fund will be transferred to the Caisse de Consignation
    The Directors may impose or relax restrictions on any Shares                           on behalf of those entitled, within the time period prescribed by
    and, if necessary, require redemption of Shares to ensure that                         Luxembourg laws and regulations, and shall be forfeited in
    Shares are neither acquired nor held by or on behalf of any                            accordance with Luxembourg law.
    person in breach of the law, regulations or requirements of any
    country or government or regulatory authority or which might                           3.7 Additional Information Relating to JPMorgan Funds –
    have adverse taxation or other disadvantage (whether                                   JF India Fund
    pecuniary, administrative or operational) for the Fund including                       The Fund incorporated the Flagship Indian Investment Company
    a requirement to register under the laws and regulations of                            (Mauritius) Limited (“the Mauritius Subsidiary”) on 9 August 1995,
    any country or authority. The Directors may in this connection                         as a wholly-owned subsidiary. It holds a substantial proportion of
    require a Shareholder to provide such information as they may                          the assets of the JPMorgan Funds – JF India Fund to facilitate
    consider necessary to establish whether the Shareholder is the                         efficient portfolio management of the assets by utilising a tax
    beneficial owner of the Shares which they hold.                                        efficient means of investing in Indian securities. The Mauritius
                                                                                           Subsidiary has received a tax residence certificate from the
If it shall come to the attention of the Directors at any time that                        Commissioner of Income Tax in Mauritius, on which basis the
Shares are beneficially owned by a US Person, the Fund will have                           Mauritius Subsidiary should be entitled to appropriate relief under
the right compulsorily to redeem such Shares.                                              the India/Mauritius Double Taxation Treaty. The Mauritius
                                                                                           Subsidiary makes direct investment in India.
1
    With effect from 16 August 2011, this threshold will be increased to USD 30,000,000.



                                                                                                                                    General Information         25
The Mauritius Subsidiary is an open-ended private company limited          inter alia, any future ruling by the Indian tax authorities. The Indian
by Shares incorporated under the Mauritius Companies Act 1984              government has released an official statement whereby it has
and is now governed by the Companies Act 2001. The Mauritius               confirmed that the Indian tax authorities should accept a
Subsidiary holds a Category 1 Global Business Licence under the            registration certificate issued by the Mauritian government as
Financial Services Development Act 2001.                                   proof of an investor’s residence, thus making investments routed
                                                                           through Mauritius not liable to local Indian capital gains tax.
The directors of the Mauritius Subsidiary are:
                                                                           Should, however, the Indian government change its position and
Directors                                                                  the treaty not be applied, interest on securities listed on an
Iain O. S. Saunders – Banker, Duine, Ardfern, Argyll PA31 8QN,             Indian stock exchange (earned by the Mauritius Subsidiary being
United Kingdom.                                                            treated as a Foreign Institutional Investor) would be subject to
                                                                           tax at a rate of 20%. Capital gains on disposal of such
Pierre Dinan – Independent Director, c/- Multiconsult Limited,
                                                                           investments would be subject to tax at rates of 0% or 15% in
Rogers House, 5 President John Kennedy Street, Port Louis,
                                                                           respect of listed securities depending on the length of time the
Mauritius.
                                                                           relevant investment has been held.
Andrea L. Hazen – Managing Director, JPMorgan Asset
                                                                           The Indian market has the characteristics of an emerging
Management (UK) Limited, Finsbury Dials, 20 Finsbury Street,
                                                                           market. It is recommended that investors read carefully
London, EC2Y 9AQ, United Kingdom.
                                                                           Appendix IV of this Prospectus entitled “Risk Factors” and in
Steve Flynn – Director, Multiconsult Limited, Rogers House, 5              particular the section on “Emerging and Less Developed
President John Kennedy Street, Port Louis, Mauritius.                      Markets”. In addition, investors should note that settlement of
                                                                           securities is still in part in physical form and that the Mauritius
Berndt May – Managing Director,                                            Subsidiary may experience difficulties in the registration of
JPMorgan Asset Management (Europe) S.à r.l., Austrian Branch,              securities purchased.
Führichgasse 8, 1010 Wien, Austria.
                                                                           3.8 Additional Investment Policies for All Sub-Funds
The directors of the Mauritius Subsidiary are responsible for              To the extent described in section 4 (b) (v) of Appendix II,
establishing the investment policy and restrictions of the Mauritius       “Investment Restrictions and Powers”, the investments of a Sub-
Subsidiary and for monitoring its operations. The Mauritius                Fund may be held indirectly through one or more wholly-owned
Subsidiary adheres to the investment policy and restrictions               subsidiaries of the Fund (which are referred to hereafter as the
contained in this Prospectus which apply to the JPMorgan Funds –           “Subsidiaries”). Therefore, investments of a Sub-Fund may include
JF India Fund and the Fund on a collective basis. The Mauritius            assets held directly by the Fund and indirectly through
Subsidiary carries out exclusively activities consistent with              Subsidiaries. The Shares in one or more Subsidiaries are not
investment on behalf of the Sub-Fund.                                      considered to be investments of a Sub-Fund. Consequently, when
The Mauritius Subsidiary has appointed Multiconsult Limited, Port          preparing the Fund's audited annual and unaudited semi-annual
Louis, Mauritius to provide company secretarial and administrative         reports, the financial results of any Subsidiary will be consolidated
services, including maintenance of accounts, books and records.            with the financial results of the Sub-Fund in relation to which it has
Multiconsult Limited is incorporated in Mauritius and is licensed by       been created.
the Mauritius Offshore Business Activities Authority to provide inter
alia company management services to offshore companies. All cash,
securities and other assets constituting the assets of the Mauritius
Subsidiary shall be held under the control of the Custodian on
behalf of the Mauritius Subsidiary. The Custodian may entrust the
physical custody of securities and other assets, mainly securities
traded abroad, listed on a foreign stock market or accepted by
clearing institutions for their transactions, to such institutions or to
one or more of its banking correspondents.
PricewaterhouseCoopers of Cathedral Square, Port Louis, Mauritius
have been appointed auditors of the Mauritius Subsidiary.
As a wholly-owned subsidiary of the Fund all assets and liabilities,
income and expenses of the Mauritius Subsidiary are consolidated
in the statement of net assets and operations of the Fund. All
investments held by the Mauritius Subsidiary are disclosed in the
accounts of the Fund.
The use of the Mauritius Subsidiary and the tax treatment it is
afforded is based on the law and practice currently in force in the
relevant countries as understood by the Directors after making all
reasonable enquiries. It is subject to any future changes and such
changes may adversely affect the returns of the Sub-Fund. This
includes any circumstances where the India/Mauritius Double
Taxation Treaty may not or ceases to be applied, resulting from,



26     General Information
Appendix I – Information for Investors in                               purposes will be liable to Irish income tax or corporation tax in
                                                                        respect of any income distributions of the Fund (whether
Certain Countries                                                       distributed or reinvested in new Shares).
General
Investors in each country where a Sub-Fund has been registered          Furthermore, the attention of individuals resident or ordinarily
with the relevant regulatory authority can obtain the Prospectus,       resident in Ireland for tax purposes is drawn to certain anti-
Simplified Prospectus(es), the Articles and the most recent annual      avoidance legislation in particular Chapter 1 of Part 33 of the Taxes
report (and if subsequently published, the semi-annual report)          Consolidation Act, 1997 (as amended), which may render them
from the Sales Agent in that country at no cost. Financial              liable to income tax in respect of undistributed income or profits of
statements appearing in the annual reports are audited by               the Fund and also Chapter 4 of Part 19 of the Taxes Consolidation
independent auditors.                                                   Act, 1997 (as amended) could be material to any person who holds
                                                                        5% or more of the Shares in the Fund if, at the same time, the
Investors will find below information relating to Sales Agents in       Fund is controlled in such a manner as to render it a company that
certain countries.                                                      would, were it to have been resident in Ireland, be a “close”
                                                                        company for Irish taxation purposes.
1. Ireland
General                                                                 Attention is drawn to the fact that special rules may apply to
Investment in the Fund carries with it a degree of risk. The value of   particular types of Shareholders (such as financial institutions).
Shares and the income from them may go down as well as up, and          Persons who are resident but not domiciled in Ireland may be able
investors may not get back the amount invested. Investment in the       to claim the remittance basis of taxation, in which case the liability
Fund may not be suitable for all investors. This document should        to tax will only arise as and when income or gains from the Fund
not be regarded as a recommendation to buy, sell or otherwise           are received in Ireland. Investors should seek their own
maintain any particular investment or Shareholding. Investors           professional advice as to the tax consequences before investing in
needing advice should consult an appropriate financial adviser.         Shares in the Fund. Taxation law and practice, and the levels of
                                                                        taxation may change from time to time.
Facilities Agent
J.P. Morgan Administration Services (Ireland) Limited has been          Further information about the Fund and the relevant dealing
appointed to act as Facilities Agent for the Fund in Ireland and it     procedures may be obtained from the Facilities Agent.
has agreed to provide facilities at its offices at JPMorgan House,
International Financial Services Centre, Dublin 1, Ireland where:       2. Italy
                                                                        The Fund has appointed JPMorgan Asset Management
(a) a Shareholder may redeem his or her Shares and from which           (Europe) S.à r.l., Milan Branch, Via Catena 4, I – 20121
    payment of the proceeds on redemption may be obtained; and          Milan as marketing agent.

(b) information can be obtained orally and in writing about the         In addition to the fees and expenses indicated in the Prospectus,
    Fund's most recently published Net Asset Value per Share.           Italian Shareholders will be charged fees relating to Paying Agent
    Copies of the following documents in English can be obtained        activities as defined and specified in the latest version of the Italian
    or inspected, free of charge, at the above address:                 application form.

    (i) the Articles of the Fund and any amendments thereto;            Regular Savings Plans, redemption and switch programmes may be
                                                                        available in Italy. Further information can be found in the latest
    (ii) the latest Prospectus;                                         version of the Italian Application Form which can be obtained from
                                                                        authorised Distributors.
    (iii) the latest Simplified Prospectuses; and
                                                                        For further information, please refer to the Italian application
    (iv) the latest annual and semi-annual reports.                     form.

The Directors of the Fund intend to conduct the affairs of the Fund     3. The Netherlands
so that it does not become resident in Ireland for taxation             For information on the Fund or with questions on the subscription
purposes. Accordingly, provided the Fund does not exercise a trade      and redemption of Shares in the Fund, Dutch investors should
within Ireland or carry on a trade in Ireland through a branch or       contact JPMorgan Asset Management (Europe) S.à r.l., The
agency, the Fund will not be subject to Irish tax on its income and     Netherlands Branch, WTC Tower B, 11th Floor, Strawinskylaan 1135,
gains other than on certain Irish source income and gains.              1077XX, Amsterdam, The Netherlands.

The Shares of the Fund should constitute a “material interest” in       4. Spain
an offshore fund located in a qualifying location for the purposes      The Fund has appointed JPMorgan Asset Management (Europe)
of Chapter 4 (Sections 747B to 747F) of Part 27 of the Taxes            S.à r.l., Spanish Branch, 29 José Ortega y Gasset, 2a Floor, 28006
Consolidation Act, 1997 (as amended). Subject to personal               Madrid, Spain as sales agent. Further information, for Spanish
circumstances, Shareholders resident in Ireland for taxation            investors is included in the Spanish marketing memorandum which



                                                                                                                             Appendix I      27
has been filed with the Comisión Nacional del Mercado de Valores       (i) UK taxation of dividends paid by the Fund
(“CNMV”) and is available from the Spanish sales agent.                    Individual investors resident in the UK for tax purposes will be
                                                                           liable to UK income tax on dividends received by them.
5. United Kingdom                                                          Dividends from certain Sub-Funds may be reclassified as
The Fund has been authorised under Part I of the Luxembourg law            interest for those subject to UK income tax. Corporate
of 20 December 2002 relating to undertakings for collective                investors within the charge to UK corporation tax will be
investment (“loi relative aux organismes de placement collectif,”          exempt from taxation on dividends received by them. Holdings
the “Luxembourg Law”) and is organised in the form of an                   in certain Sub-Funds may be subject to the UK loan
umbrella scheme. The Fund qualifies as a UCITS fund under the              relationship rules for UK corporate investors.
amended EC Directive 85/611 of 20 December 1985. The Fund is
registered with the CSSF and was constituted on 14 April 1969. With    (ii) UK taxation of gains in respect of Shares in the Financial Year
prior approval of the CSSF, the Fund may from time to time create           ending in 2011
an additional Sub-Fund or Sub-Funds.                                         Shares in the Fund will constitute “a material interest in an
                                                                            offshore fund” for the purposes of sections 757-764 of the
The attention of potential investors in the UK is drawn to the              Income and Corporation Taxes Act 1988 (“Taxes Act”) (“the
description of risk factors connected with an investment in the             Offshore Funds Provisions”). As a result, any gains arising on a
Fund in the section “Risk Factors”.                                         redemption or other disposal of Shares by UK resident or
                                                                            ordinarily resident investors (whether individual or corporate)
The Fund is a recognised scheme in the UK for the purposes of the           will be chargeable to UK income tax or corporation tax as
Financial Services and Markets Act 2000 (“FSMA”) by virtue of               income and not to UK capital gains tax or corporation tax on
section 264 of FSMA. The content of this Prospectus has been                capital gains unless the Share Class concerned (designated by
approved for the purposes of section 21 of FSMA by the Fund,                “dist”) is certified by Her Majesty’s Revenue & Customs as a
which as a scheme recognised under section 264 of FSMA is an                “distributing share class” and has held such status throughout
authorised person and as such is regulated by the Financial                 the period during which the Shares have been held.
Services Authority (“FSA”). The Prospectus may accordingly be
distributed in the UK without restriction. Copies of this Prospectus       Please also see “3.3 Dividends” section which confirms that
have been delivered to the FSA as required under FSMA.                     certain Share Classes of the Fund intend to seek continuing
                                                                           qualification as distributing for the purposes of the Offshore
The Fund has appointed JPMorgan Asset Management Marketing                 Fund Provisions.
Limited, having its principal place of business at Finsbury Dials,
20 Finsbury Street, London, EC2Y 9AQ as facilities, marketing and          Financial Years ending in 2012 and Beyond
sales agent. Copies of the following documents in English can be           Under the new tax regime for UK investors investing in
obtained or inspected, free of charge, at the above address:               offshore funds, Shares in the Fund will constitute an offshore
                                                                           fund for the purposes of Section 355 Taxation (International
(a) the Articles of the Fund and any amendments thereto;                   and Other Provisions) Act 2010. As a result, any gains arising
                                                                           on a redemption or other disposal of Shares which do not have
(b) the latest Prospectus;                                                 “UK Reporting Fund Status” by UK resident or ordinarily
                                                                           resident investors (whether individual or corporate) will be
(c) the latest Simplified Prospectuses; and                                chargeable to UK income tax or corporation tax as income and
                                                                           not to UK capital gains tax or corporation tax on capital gains.
(d) the latest annual and semi-annual reports.
                                                                       (iii) Miscellaneous
Investors may redeem, arrange for redemption and obtain                      The attention of individuals ordinarily resident in the UK is
payment in respect of Shares by contacting the marketing and                 drawn to section 714 et seq of the Income Tax Act 2007 which
sales agent.                                                                 may in certain circumstances render them liable to income tax
                                                                             in respect of undistributed income of the Fund. However, it is
Financial Services Compensation Scheme                                       understood that Her Majesty’s Revenue & Customs does not
Persons interested in purchasing Shares in the Fund should note              ordinarily invoke these provisions where the Offshore Funds
that rules and regulations made under the Financial Services                 Provisions apply.
Markets Act 2000 of the United Kingdom for the protection of
investors do not apply to the Fund and that the Financial Services         Investors who are subject to UK tax on a remittance basis
Compensation Scheme established by the Financial Services                  should be clear on their tax position should they be
Authority may not apply in relation to any investment in the Fund.         considering transferring monies to a UK collection account.

Taxation of United Kingdom resident Shareholders                       The above position reflects the Directors’ understanding of the
The Fund is intended to be managed and controlled in such a way        current UK tax laws, regulations and practice. UK resident investors
that it should not be treated as resident in the UK for UK tax         should seek their own professional advice as to tax matters and
purposes.                                                              other relevant considerations. Please note that persons making




28     Appendix I
investment in the Fund may not receive back the whole of their
investment.

Investors can obtain information about the most recently
published Net Asset Value of Shares in the Fund, and send any
written complaints about the operation of the Fund for
submission to the Fund's registered office via the sales agent
detailed above.

The foregoing is based on the Directors' understanding of the
law and practice currently in force in the countries referred to
above and is subject to changes therein. It should not be taken
as constituting legal or tax advice and, investors should obtain
information and, if necessary, should consult their professional
advisers on the possible tax or other consequences of buying,
holding, transferring or selling Shares under the laws of their
countries of origin citizenship, residence or domicile.




                                                                   Appendix I   29
Appendix II – Investment Restrictions                                     (v) Deposits with credit institutions which are repayable on
and Powers                                                                    demand or have the right to be withdrawn, and maturing
                                                                              in no more than 12 months, provided that the credit
Pursuit of the investment objective and policy of any Sub-Fund                institution has its registered office in a Member State of
must be in compliance with the limits and restrictions set forth in           the European Union or, if the registered office of the credit
this Appendix. Such limits and restrictions are subject at all times
                                                                              institution is situated in a non-EU Member State, provided
to any regulations and guidance issued from time to time by the
                                                                              that it is subject to prudential rules considered by the CSSF
CSSF or any other appropriate regulatory body.
                                                                              as equivalent to those laid down in the European law;
                                                                              and/or
General Investment Rules

                                                                          (vi) financial derivative instruments, including equivalent cash-
(1) (a) The Fund may exclusively invest in:
                                                                               settled instruments, dealt in on a Regulated Market
                                                                               referred to in sub-paragraphs (i) and (ii) above, and/or
     (i) Transferable securities and money market instruments
                                                                               financial derivative instruments dealt in over-the-counter
         admitted to official listing on a Stock Exchange; and/or
                                                                               (“OTC derivatives”), provided that:
     (ii) Transferable securities and money market instruments
                                                                              •   the underlying consists of instruments covered by this
          dealt in on another Regulated Market; and/or
                                                                                  section (1) (a), financial indices, interest rates, foreign
                                                                                  exchange rates or currencies, in which the Sub-Funds
     (iii) Recently issued transferable securities and money market
                                                                                  may invest according to their investment objective;
           instruments, provided that the terms of issue include an
           undertaking that application will be made for admission to
                                                                              •   the counterparties to OTC derivative transactions are
           official listing on a Regulated Market and such admission is
                                                                                  institutions subject to prudential supervision, and
           secured within a year of the issue; and/or
                                                                                  belonging to the categories approved by the
                                                                                  Luxembourg supervisory authority;
     (iv) Units of UCITS authorised according to Directive 85/611/EEC
          or Directive 2009/65/EC and/or other undertakings for
                                                                              •   the OTC derivatives are subject to reliable and
          collective investment (“UCI”) within the meaning of the first
                                                                                  verifiable valuation on a daily basis and can be sold,
          and second indent of Article 1, paragraph (2) of Directive
                                                                                  liquidated or closed by an offsetting transaction at any
          85/611/EEC or of Directive 2009/65/EC, whether situated in
                                                                                  time at their fair value at the Board's initiative.
          an EU Member State or not, provided that:

                                                                              and/or
         •   such other UCIs have been authorised under laws
             which provide that they are subject to supervision
                                                                          (vii) Money market instruments other than those dealt in on a
             considered by the CSSF to be equivalent to that laid
                                                                                Regulated Market, if the issue or the issuer of such
             down by European law and that cooperation between
                                                                                instruments are themselves regulated for the purpose of
             authorities is sufficiently ensured;
                                                                                protecting investors and savings, and provided that such
                                                                                instruments are:
         •   the level of protection for unitholders in such other
             UCIs is equivalent to that provided for unitholders in a
                                                                              (a) issued or guaranteed by a central, regional or local
             UCITS, and in particular that the rules on assets
                                                                                  authority or by a central bank of an EU Member State,
             segregation, borrowing, lending, and uncovered sales
                                                                                  the European Central Bank, the EU or the European
             of transferable securities and money market
                                                                                  Investment Bank, a non-EU Member State or, in case of
             instruments are equivalent to the requirements of the
                                                                                  a Federal State, by one of the members making up the
             amended EC Directive 85/611 or of Directive
                                                                                  federation, or by a public international body to which
             2009/65/EC;
                                                                                  one or more EU Member States belong; or

         •   the business of such other UCIs is reported in half-
                                                                              (b) issued by an undertaking, any securities of which are
             yearly and annual reports to enable an assessment of
                                                                                  dealt in on Regulated Markets referred to in (1) (a) (i)
             the assets and liabilities, income and operations over
                                                                                  and (ii) above; or
             the reporting period;

                                                                              (c) issued or guaranteed by a credit institution subject to
         •   no more than 10% of the assets of the UCITS or of the
                                                                                  prudential supervision in accordance with criteria
             other UCIs, whose acquisition is contemplated, can,
                                                                                  defined by European law or by a credit institution
             according to their constitutional documents, in
                                                                                  which is subject to and complies with prudential rules
             aggregate be invested in units of other UCITS or other
                                                                                  considered by the CSSF to be at least as stringent as
             UCIs; and/or
                                                                                  those laid down by the European law; or



30      Appendix II
        (d) issued by other bodies belonging to the categories             (iii) The limit of 10% laid down in sub-paragraph (3) (a) (i)
            approved by the CSSF provided that investments in                    above will be increased to a maximum of 35% in
            such instruments are subject to investor protection                  respect of transferable securities or money market
            equivalent to that laid down in (a) (b) or (c) above and             instruments which are issued or guaranteed by an EU
            provided that the issuer is a company whose capital                  Member State, its local authorities or agencies, or by
            and reserves amount to at least ten million Euro (EUR                another Eligible State or by public international bodies
            10,000,000) and which presents and publishes its                     of which one or more EU Member States are members.
            annual accounts in accordance with the fourth
            Directive 78/660/EEC, is an entity which, within a group       (iv) The limit laid down in the first paragraph of (3) (a) (i)
            of companies, is dedicated to the financing of the                  may be of a maximum of 25% for certain debt
            group or is an entity which is dedicated to the                     instruments when they are issued by a credit
            financing of securitisation vehicles which benefit from             institution which has its registered office in the EU and
            a banking liquidity line.                                           is subject by law, to special public supervision designed
                                                                                to protect unitholders. In particular, sums deriving
   (b) In addition, the Fund may invest a maximum of 10% of the                 from the issue of these debt instruments must be
       assets of any Sub-Fund in transferable securities and                    invested in accordance with the law, in assets which,
       money market instruments other than those referred to                    during the whole period of validity of the debt
       under (a) above.                                                         instruments, are capable of covering claims attached to
                                                                                said instruments and which, in case of bankruptcy of
(2) The Fund may hold ancillary liquid assets.
                                                                                the issuer, would be used on a priority basis for the
(3) (a) (i) The Fund will invest no more than 10% of the assets of              repayment of the principal and payment of accrued
            any Sub-Fund in transferable securities or money                    interest.
            market instruments issued by the same issuing body.
                                                                               If a Sub-Fund invests more than 5% of its assets in the
           The Fund may not invest more than 20% of the total                  debt instruments referred to in the above paragraph
           assets of such Sub-Fund in deposits made with the                   and issued by one issuer, the total value of such
           same body.                                                          investments may not exceed 80% of the value of the
                                                                               assets of the Sub-Fund.
           The risk exposure to a counterparty of a Sub-Fund in
           an OTC derivative transaction may not exceed 10% of
                                                                           (v) The transferable securities and money market
           its assets when the counterparty is a credit institution
                                                                               instruments referred to paragraphs (iii) and (iv) above
           referred to in (1) (a) (v) above or 5% of its assets in
                                                                               shall not be included in the calculation of the limit of
           other cases.
                                                                               40% stated in paragraph (3) (a) (ii) above.
       (ii) The total value of the transferable securities and
            money market instruments held by the Fund on behalf            (vi) The limits set out in sub-paragraphs (i), (ii) (iii) and iv)
            of the Sub-Fund in the issuing bodies in each of which              may not be aggregated and, accordingly, investments
            it invests more than 5% of the assets of such Sub-Fund              in transferable securities or money market instruments
            must not exceed 40% of the value of the assets of such              issued by the same issuing body, in deposits or
            Sub-Fund.                                                           derivative instruments made with this body carried out
                                                                                in accordance with sub-paragraphs (i), (ii), (iii) and (iv)
           This limitation does not apply to deposits and OTC                   above may not, in any event, exceed a total of 35% of
           derivative transactions made with financial institutions             any Sub-Fund's assets;
           subject to prudential supervision.
                                                                               Companies which are part of the same group for the
           Notwithstanding the individual limits laid down in                  purposes of the establishment of consolidated
           paragraph (3) (a) (i), the Fund may not combine for                 accounts, as defined in accordance with Directive
           each Sub-Fund:                                                      83/349/EEC or in accordance with recognised
            •   investments in transferable securities or money                international accounting rules, are regarded as a single
                market instruments issued by a single body;                    body for the purpose of calculating the limits contained
                                                                               in section (3) (a).
            •   deposits made with a single body; and/or
                                                                               A Sub-Fund may cumulatively invest up to 20% of the
            •   exposures arising from OTC derivative transactions             assets in transferable securities and money market
                undertaken with a single body,                                 instruments within the same group.

          in excess of 20% of its assets.                              (b) (i) Without prejudice to the limits laid down in section 4
                                                                               below, the limits laid down in section (3) (a) above are



                                                                                                                        Appendix II       31
           raised to a maximum of 20% for investments in shares             (b) Paragraphs (4) (a) (i) and (4) (a) (ii) above are waived as
           and/or debt securities issued by the same body when,                 regards:
           according to the prospectus, the aim of the Sub-Funds’
           investment policy is to replicate the composition of a               (i) transferable securities and money market instruments
           certain stock or debt securities index which is                          issued or guaranteed by an EU Member State or its
           recognised by the CSSF, on the following basis:                          local authorities;

           •   the composition of the index is sufficiently                     (ii) transferable securities and money market instruments
               diversified,                                                          issued or guaranteed by a non-member state of the
                                                                                     EU;
           •   the index represents an adequate benchmark for
               the market to which it refers,                                   (iii) transferable securities and money market instruments
                                                                                      issued by public international bodies of which one or
           •   it is published in an appropriate manner.                              more EU Member States are members;

       (ii) The limit laid down in (3) (b) (i) above is raised to 35%           (iv) Shares held by a Sub-Fund in the capital of a company
            where that proves to be justified by exceptional market                  incorporated in a non-member state of the EU which
            conditions in particular in regulated markets where                      invests its assets mainly in the securities of issuing
            certain transferable securities or money market                          bodies having their registered office in that State,
            instruments are highly dominant. The investment up to                    where under the legislation of that state, such a
            this limit is only permitted for a single issuer.                        holding represents the only way in which the Sub-Fund
                                                                                     can invest in the issuing bodies of that State. This
       (iii) Notwithstanding the provisions outlined in section (3)                  derogation, however, shall apply only if in its
             (a), the Fund is authorised to invest up to 100% of the                 investment policy the company from the non-Member
             assets of any Sub-Fund, in accordance with the                          State of the EU complies with the limits laid down in (3)
             principle of risk spreading, in transferable securities                 (a), (4) (a) (i) and (ii), and (5).
             and money market instruments issued or guaranteed
             by an EU Member State, by its local authorities or                 (v) Shares held by one or more investment companies in
             agencies, or by another member state of the OECD or                    the capital of subsidiary companies which, exclusively
             by public international bodies of which one or more EU                 on its or their behalf carry on only the business of
             Member States are members, provided that such Sub-                     management, advice or marketing in the country
             Fund must hold securities from at least six different                  where the subsidiary is located, in regard to the
             issues and securities from one issue do not account for                redemption of Shares at the request of Shareholders.
             more than 30% of the total assets of such Sub-Fund.
                                                                        (5) (a) The Fund may acquire units of the UCITS and/or other UCIs
(4) (a) The Fund may not acquire:                                               as defined under paragraph (1) a) (iv), provided that no
                                                                                more than 10% in total of a Sub-Fund's assets be invested
       (i) Shares carrying voting rights which should enable it to              in the units of UCITS and/or other UCIs. Until the end of the
           exercise significant influence over the management of                financial year ending 30 June 2011 only and with regards to
           an issuing body; or                                                  those Sub-Funds containing Share Classes with the suffix
       (ii) More than:                                                          “(dist)” that qualify as “distributing” for the purposes of
                                                                                United Kingdom tax legislation relating to offshore funds
           a   10% of the non-voting shares of the same issuer;                 (as detailed in “Dividends”), these will also not invest more
               and/or                                                           than 5% of their assets in non-UK UCITS and other non-UK
                                                                                UCIs that do not themselves qualify as “distributing” for the
           b   10% of the debt securities of the same issuer;                   purposes of United Kingdom tax legislation.
               and/or
                                                                            (b) The Management Company will waive any subscription or
           c   25% of the units of the same UCITS and/or other                  redemption fees, or any Annual Management and Advisory
               UCI; and/or                                                      Fee of the UCITS and/or other UCIs into which the Fund
                                                                                may invest and which:
           d   10% of the money market instruments of the same
               issuer;                                                          i) it manages itself either directly or indirectly; or
       The limits under (4) (a) (ii) b. c. and d. may be disregarded            ii) are managed by a company with which it is related by
       at the time of acquisition, if at that time the gross amount                  virtue of:
       of the debt securities, or of money market instruments or
       units or the net amount of the instruments in issue cannot                   a. common management, or
       be calculated.
                                                                                    b. control, or




32    Appendix II
            c. a direct or indirect interest of more than 10 percent           issued by companies which invest in real estate or interests
                 of the capital or the votes.                                  therein;

        The Fund will indicate in its annual report the total Annual       (c) carry out uncovered sales of transferable securities or
        Management and Advisory Fee charged both to the                        other financial instruments, money market instruments or
        relevant Sub-Fund and to the UCITS and other UCIs in                   UCITS and/or other UCIs referred to above;
        which such Sub-Fund has invested during the relevant
        period.                                                            (d) make loans to – or act as guarantor on behalf of – third
                                                                               parties, provided that this restriction shall not prevent the
    (c) The underlying investments held by the UCITS or other                  Fund from:
        UCIs in which the Fund invests do not have to be
        considered for the purpose of the investment restrictions              (i) lending of its portfolio securities and
        set forth under 3) a) above.
                                                                               (ii) acquiring transferable securities, money market
    (d) A Sub-Fund may subscribe, acquire and/or hold securities                    instruments or other financial instruments referred to
        to be issued or issued by one or more Sub-Funds without                     in paragraph (1) (a) (iv), (vi) and (vii), which are not
        the Fund being subject to the requirements of the Law of                    fully paid.
        10 August 1915 on commercial companies, as amended,
        with respect to the subscription, acquisition and/or the           (e) borrow for the account of any Sub-Fund amounts in excess
        holding by a company of its own shares, under the                      of 10% of the total assets of that Sub-Fund, any such
        condition however that:                                                borrowings to be effected on a temporary basis. However,
                                                                               the Fund may acquire foreign currency by means of a back-
        –   the target Sub-Fund does not, in turn, invest in the               to-back loan;
            Sub-Fund invested in this target Sub-Fund; and
                                                                           (f) mortgage, pledge, hypothecate or otherwise encumber as
        –   no more than 10% of the assets that the target Sub-                security for indebtedness any securities held for the
            Funds whose acquisition is contemplated may be in                  account of any Sub-Fund, except as may be necessary in
            units of UCITS and/or other UCIs; and                              connection with the borrowings mentioned above, and
                                                                               then such mortgaging, pledging, or hypothecating may not
        –   voting rights, if any, attaching to the shares of the              exceed 10% of the asset value of each Sub-Fund. In
            target Sub-Fund are suspended for as long as they are              connection with OTC transactions including amongst
            held by the Sub-Fund concerned and without prejudice               others, swap transactions, option and forward exchange or
            to the appropriate processing in the accounts and the              futures transactions, the deposit of securities or other
            periodic reports; and                                              assets in a separate account shall not be considered a
                                                                               mortgage, pledge or hypothecation for this purpose;
        –   in any event, for as long as these securities are held by
            the Sub-Fund, their value will not be taken into               (g) underwrite or sub-underwrite securities of other issuers;
            consideration for the calculation of the net assets of
            the Fund for the purposes of verifying the minimum             (h) make investments in any transferable securities involving
            threshold of the net assets imposed by the 2010 Law;               the assumption of unlimited liability.
            and
                                                                        (7) To the extent that an issuer is a legal entity with multiple
                                                                            compartments where the assets of a compartment are
        –   there is no duplication of management/subscription or
                                                                            exclusively reserved to the investors in such compartment and
            redemption fees between those at the level of the Sub-
                                                                            to those creditors whose claim has arisen in connection with
            Fund having invested in the target Sub-Fund, and this
                                                                            the creation, operation or liquidation of that compartment,
            target Sub-Fund.
                                                                            each compartment is to be considered to be a separate issuer
(6) In addition the Fund will not:                                          for the purpose of the application of the risk-spreading rules
                                                                            set out in (3) (a); (3) (b) (i) and (ii); and (5) above.
    (a) make investments in – or enter into transactions involving
                                                                        (8) During the first six months following its launch, a new Sub-
        – precious metals, commodities, commodities contracts, or
                                                                            Fund may derogate from restrictions 3) and 5) while ensuring
        certificates representing these;
                                                                            observance of the principle of risk-spreading.
    (b) purchase or sell real estate or any option, right or interest
                                                                        (9) Each Sub-Fund must ensure an adequate spread of investment
        therein, provided the Fund may invest in transferable
                                                                            risks by sufficient diversification.
        securities secured by real estate or interests therein or




                                                                                                                             Appendix II   33
(10)The Fund will in addition comply with such further restrictions      addition, this global exposure may not be increased by more than
    as may be required by the regulatory authorities in which the        10% by means of temporary borrowings (as referred to in section
    Shares are marketed.                                                 6 (e) above) so that the Sub-Fund’s overall risk exposure may not
                                                                         exceed 210% of any Sub-Fund’s total net assets under any
(11)The Fund need not comply with the investment limit                   circumstances.
     percentages when exercising subscription rights attached to
     securities which form part of its assets.                           The global exposure relating to financial derivative instruments
                                                                         may be calculated through the VaR methodology or the
If the percentage limitations set forth in the above restrictions are
                                                                         commitment approach.
exceeded for reasons beyond the control of the Fund or as a result
of the exercise of subscription rights, it must adopt as a priority      2.1 VaR Methodology
objective for its sales transactions the remedying of that situation,    Certain Sub-Funds apply a Value-at-Risk (VaR) approach to
taking due account of the interests of its Shareholders.                 calculate their global exposure, and this will be specified in their
                                                                         respective investment policies in “Appendix III – Sub-Fund Details”.
I Financial Derivative Instruments
                                                                         In respect of such Sub-Funds, the limits and restrictions a) to f) in
1. General
                                                                         the section “Commitment Approach” below shall not be applicable
As specified in 1. a) vi) above, the Fund may in respect of each Sub-
                                                                         although they may use similar strategies and hedging techniques.
Fund invest in financial derivative instruments, including but not
                                                                         The VaR approach is measured at a 99% confidence level and
limited to financial futures contracts, options (on equities, interest
                                                                         based on a time horizon of one month. The holding period relating
rates, indices, bonds, currencies, commodity indices or other
                                                                         to financial derivative instruments, for the purpose of calculating
instruments), forward contracts (including foreign exchange
                                                                         global exposure, is one month.
contracts), swaps (including total return swaps, foreign exchange
swaps, commodity index swaps, interest rate swaps, and swaps on
                                                                         2.2 Commitment Approach
baskets of equities, volatility swaps and variance swaps), credit
                                                                         Unless otherwise specified in “Appendix III – Sub-Fund Details”, the
derivatives (including credit default derivatives, credit default
                                                                         Sub-Funds calculate their global exposure resulting from the use of
swaps and credit spread derivatives), warrants, mortgage TBAs,
                                                                         financial derivative instruments on a commitment basis. Such Sub-
and structured financial derivative instruments such as credit-
                                                                         Funds will make use of financial derivative instruments in a
linked and equity-linked securities.
                                                                         manner not to materially alter a Sub-Fund’s risk profile over what
                                                                         would be the case if financial derivative instruments were not used.
The use of financial derivative instruments may not cause the Fund
to stray from the investment objectives set out in “Appendix III –
                                                                         When using the financial deriviative instruments described in the
Sub-Fund Details”. If any Sub-Fund intends to make use of financial
                                                                         preceding paragraphs within this section, those Sub-Funds using
derivative instruments for any purpose other than efficient
                                                                         the commitment approach must comply with the limits and
portfolio management or to hedge against market or currency
                                                                         restrictions in items a) to f) below:
risks, this will be specified in “Appendix III – Sub-Fund Details”.

                                                                         (a) With respect to options on securities:
Each Sub-Fund may invest in financial derivative instruments
within the limits laid down in restriction 3) a) v) and vi) above,
                                                                             (i) the Fund may not invest in put or call options on securities
provided that the exposure to the underlying assets does not
                                                                                 unless:
exceed in aggregate the investment limits laid down in restrictions
3) a) i) to vi) above. When a Sub-Fund invests in index-based
                                                                                 •   such options are quoted on a stock exchange or traded
financial derivative instruments, these investments do not have to
                                                                                     on a regulated market; and
be combined to the limits laid down in restriction 3) a) above.
When a transferable security or money market instrument embeds
                                                                                 •   the acquisition price of such options does not exceed,
a derivative, the latter must be taken into account when complying
                                                                                     in terms of premium, 15% of the total net assets of the
with the requirements of this restriction.
                                                                                     relevant Sub-Fund;

2. Global Exposure
                                                                             (ii) the Fund may write call options on securities that it does
The global exposure relating to financial derivative instruments is
                                                                                  not own. However, the aggregate of the exercise prices of
calculated taking into account the current value of the underlying
                                                                                  such call options must not exceed 25% of the net asset
assets, counterparty risk, foreseeable market movements and the
                                                                                  value of the relevant Sub-Fund;
time available to liquidate the positions.
                                                                             (iii) the Fund may write put options on securities. However, the
The Fund shall ensure that the global exposure of each Sub-Fund
                                                                                   relevant Sub-Fund must hold sufficient liquid assets to
relating to financial derivative instruments does not exceed the
                                                                                   cover the aggregate of the exercise prices of such options
total net assets of that Sub-Fund. The Sub-Fund’s global exposure
                                                                                   written.
shall consequently not exceed 200% of its total net assets. In




34     Appendix II
(b) The Fund may enter into forward currency contracts or write                of a later purchase of underlying portfolio securities is a
    call options or purchase put options on currencies provided                currency associated with those countries which are within
    however that the transactions made in one currency in respect              the Sub-Fund’s benchmark or investment policy.
    of one Sub-Fund may in principle not exceed the valuation of
    the aggregate assets of such Sub-Fund denominated in that              A Sub-Fund may not sell forward more currency exposure than
    currency (or currencies which are likely to fluctuate in the           there is in underlying assets exposure on either an individual
    same manner) nor exceed the period during which such assets            currency (unless hedging by proxy) or a total currency basis.
    are held.
                                                                           In case the publication of the benchmark has been stopped or
   By derogation to the above, Sub-Funds may be managed by                 where major changes in that benchmark have occurred or if for
   reference to a benchmark to hedge currency risk. These                  some reason the Directors feel that another benchmark is
   benchmarks are appropriate, recognised indices or                       appropriate, another benchmark may be chosen. Any such
   combinations thereof and disclosed in “Appendix III – Sub-Fund          change of benchmark will be reflected in an updated
   Details”. The neutral risk position of any Sub-Fund will be the         Prospectus.
   composition of the index in both its investment and currency
                                                                           The Fund may only enter into forward currency contracts if they
   component weightings. The Investment Manager may take
                                                                           constitute private agreements with highly rated financial
   currency positions towards this index by purchasing (or selling)
                                                                           institutions specialised in this type of transaction and may write
   currencies for forward settlement by the sale (or purchase) of
                                                                           call options and purchase put options on currencies if they are
   other currencies held in the portfolio. The Investment Manager
                                                                           traded on a regulated market operating regularly, being
   may however give to the Sub-Fund a currency exposure that
                                                                           recognised and open to the public.
   differs from that applicable index provided that, when using
   forward currency contracts, purchases of currencies that are
                                                                       (c) The Fund may not deal in financial futures, except that:
   not a reference currency of the relevant Sub-Fund will be
   permitted to increase the exposure up to a maximum of 15%               (i) for the purpose of hedging the risk of the fluctuation of the
   above the benchmark weight of a given currency and in total                 value of the portfolio securities of its Sub-Funds, the Fund
   such purchase transactions providing a currency exposure                    may sell stock index futures provided that there exists
   which is greater than the benchmark weightings (except                      sufficient correlation between the composition of the index
   purchases in the reference currency of the Sub-Fund) will not               used and the corresponding portfolio of the relevant Sub-
   be in excess of the value of 20% of the assets of the relevant              Fund;
   Sub-Fund.
                                                                           (ii) for the purpose of efficient portfolio management, the
   In addition, the Fund may engage in the following currency
                                                                                Fund may, in respect of each Sub-Fund, purchase and sell
   hedging techniques:
                                                                                futures contracts on any kind of financial instruments;
   (i) hedging by proxy, i.e. a technique whereby a Sub-Fund
                                                                       (d) The Fund may not deal in index options except that:
       effects a hedge of the reference currency of the Sub-Fund
       (or benchmark or currency exposure of the assets of the
                                                                           (i) for the purpose of hedging the risk of the fluctuation of the
       Sub-Fund) against exposure in one currency by instead
                                                                               value of the portfolio securities of its Sub-Funds, the Fund
       selling (or purchasing) another currency closely related to
                                                                               may sell call options on indices or purchase put options on
       it, provided however that these currencies are indeed likely
                                                                               indices provided there exists a sufficient correlation
       to fluctuate in the same manner;
                                                                               between the composition of the index used and the
   (ii) cross-hedging, i.e. a technique whereby a Sub-Fund sells a             corresponding portfolio of the relevant Sub-Fund. The
        currency to which it is exposed and purchases more of                  value of the underlying securities included in the relevant
        another currency to which the Sub-Fund may also be                     index option shall not exceed, together with outstanding
        exposed, the level of the base currency being left                     commitments in financial futures contracts entered into for
        unchanged, provided however that all such currencies are               the same purpose, the aggregate value of the portion of
        currencies of the countries which are at that time within              the securities portfolio to be hedged; and
        the Sub-Fund’s benchmark or investment policy and the
                                                                           (ii) for the purpose of efficient portfolio management the Fund
        technique is used as an efficient method to gain the
                                                                                may, in respect of each Sub-Fund, purchase and sell
        desired currency and asset exposures;
                                                                                options on any kind of financial instruments;
   (iii) anticipatory hedging, i.e. a technique whereby the decision
         to take a position on a given currency and the decision to            provided however that the aggregate acquisition cost (in
         have some securities held in a Sub-Fund’s portfolio                   terms of premiums paid) of options on securities, index
         denominated in that currency are separate, provided                   options, interest rate options and options on any kind of
         however that the currency which is bought in anticipation             financial instruments purchased by the Fund in respect of a




                                                                                                                           Appendix II          35
         particular Sub-Fund shall not exceed 15% of the total net                event occurs or receive a cash settlement based on the
         assets of the relevant Sub-Fund;                                         difference between the market price and such reference
                                                                                  price. A credit event is commonly defined as bankruptcy,
         provided that the Fund may only enter into the                           insolvency, receivership, material adverse restructuring of
         transactions referred to in paragraphs (c) and (d) above, if             debt, or failure to meet payment obligations when due. The
         these transactions concern contracts which are traded on a               ISDA have produced standardised documentation for these
         regulated market operating regularly, being recognised                   transactions under the umbrella of its ISDA Master
         and open to the public.                                                  Agreement.

(e) (i) The Fund may sell interest rate futures contracts for the                 The Fund may use credit default swaps in order to hedge
        purpose of managing interest rate risk. It may also for the               the specific credit risk of some of the issuers in its portfolio
        same purpose write call options or purchase put options on                by buying protection.
        interest rates or enter into interest rate swaps by private
        agreement with highly rated financial institutions                        In addition, the Fund may, provided it is in its exclusive
        specialised in this type of operation. In principle, the                  interest, buy protection under credit default swaps without
        aggregate of the commitments of each Sub-Fund relating                    holding the underlying assets provided that the aggregate
        to futures contracts, options and swap transactions on                    premiums paid together with the present value of the
        interest rates may not exceed the aggregate estimated                     aggregate premiums still payable in connection with credit
        market value of the assets to be hedged and held by the                   default swap purchased together with the amount of the
        Sub-Fund in the currency corresponding to those contracts.                aggregate of premiums paid relating to the purchase of
                                                                                  options on transferable securities or on financial
     (ii) The Fund may use bond and interest rate options, bond                   instruments for a purpose other than hedging, may not, at
          and interest rate futures, index futures contracts and MBS              any time, exceed 15% of the net assets of the relevant Sub-
          TBAs for the purposes of efficient portfolio management                 Fund.
          and may enter into currency, interest rate and index swaps.
                                                                                  Provided it is in its exclusive interest, the Fund may also
         The Fund may enter into swap contracts in which the Fund                 sell protection under credit default swaps in order to
         and the counterparty agree to exchange payments where                    acquire a specific credit exposure.
         one or both parties pay the returns generated by a
         security, instrument, basket or index thereof. The payments              The Fund will only enter into credit default swap
         made by the Fund to the counterparty and vice versa are                  transactions with highly rated financial institutions
         calculated by reference to a specific security, index, or                specialised in this type of transaction and only in
         instruments and an agreed upon notional amount. Any                      accordance with the standard terms laid down by the ISDA.
         such underlying security or instrument must be a                         Also, the Fund will only accept obligations upon a credit
         transferable security and any such index must be an index                event that are within the investment policy of the relevant
         of a regulated market. The value of the underlying                       Sub-Fund.
         securities shall be taken into account for the calculation of
         the investment restrictions applicable to individual issuers.            The Fund will ensure it can dispose of the necessary assets
         The relevant indices include, but are not limited to,                    at any time in order to pay redemption proceeds resulting
         currencies, interest rates, prices and total return on                   from redemption requests and to meet its obligations
         interest rates indices, fixed income indices and stock                   resulting from credit default swaps and other techniques
         indices.                                                                 and instruments.

         The Fund may enter into swap contracts relating to any                   The aggregate commitments of all credit default swap
         financial instruments or index, including total return swaps,            transactions will not exceed 20% of the net assets of any
         All such permitted transactions must be effected through                 Sub-Fund provided that all swaps will be fully funded.
         highly rated financial institutions specialised in this type of
         transaction.                                                      (f) With respect to options referred to under a), b), d) and e)
                                                                               above, not withstanding any provision to the contrary, the Fund
     (iii) The Fund may use credit default swaps. A credit default
                                                                               may enter into OTC option transactions with highly rated
           swap is a bilateral financial contract in which one
                                                                               financial institutions participating in these types of
           counterpart (the protection buyer) pays a periodic fee in
                                                                               transactions.
           return for a contingent payment by the protection seller
           following a credit event of a reference issuer. The
                                                                           3. Specific restrictions on dealing in Financial Derivative
           protection buyer must either sell particular obligations
                                                                               Instruments
           issued by the reference issuer for its par value (or some
                                                                           Unless otherwise approved by the Taiwan Financial Supervisory
           other designated reference or strike price) when a credit
                                                                           Commission, for any Sub-Fund registered for public distribution in




36      Appendix II
Taiwan, the total value of a Sub-Fund's open long derivative           (a) Shares or units in money market UCIs calculating a daily net
positions may not exceed 40% of the Sub-Fund's net asset value,            asset value and being assigned a rating of AAA or its
and the total value of a Sub-Fund's open short derivative positions        equivalent;
may not exceed the total market value of the corresponding
securities held by the Sub-Fund.                                       (b) short-term bank deposits;

II. Financial Techniques and Instruments                               (c) money market instruments as defined in Directive 2007/16/EC
                                                                           of 19 March 2007;
Financial techniques and instruments (securities lending, sale with
right of repurchase transactions as well as repurchase and reverse     (d) short-term bonds issued or guaranteed by a EU Member State,
repurchase agreements) may be used by any Sub-Fund for the                 Switzerland, Canada, Japan or the United States or by their
purpose of generating additional capital or income or for reducing         local authorities or by supranational institutions and
costs or risk, to the maximum extent allowed by and within the             undertakings with EU, regional or world-wide scope;
limits set forth in (i) article 11 of the Grand Ducal regulation of
08 February 2008 relating to certain definitions of the                (e) bonds issued or guaranteed by first class issuers offering an
Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules            adequate liquidity, and
applicable to undertakings for collective investments when they
use certain techniques and instruments relating to transferable        (f) reverse repurchase agreement transactions according to the
securities and money market instruments (“CSSF Circular 08/356”)           provisions described under section I (C) (a) of CSSF Circular
and (iii) any other applicable laws, regulations, circulars or CSSF        08/356.
positions. A significant proportion of the income generated from
the securities lending program is credited to participating Sub-       To the extent required by CSSF Circular 08/356, reinvestments of
Funds, with a portion of the income shared between the                 such cash collateral must be taken into account for the calculation
Management Company for oversight of the program and JPMorgan           of the Sub-Fund’s global exposure.
Chase Bank, N.A. for its role as securities lending agent for the
Fund. The net revenues of the Fund arising from securities lending     Use of the aforesaid techniques and instruments involves certain
transactions are specified in the semi-annual and annual reports       risks (See “Appendix IV – Risk Factors”) and there can be no
published by the Fund. Borrowers of securities lent by participating   assurance that the objective sought to be obtained from such use
Sub-Funds are approved by the Management Company after                 will be achieved.
appropriate assessment of such borrowers’ status and financial
standing. Cash collateral received in the context of the use of such
techniques and instruments may be reinvested, pursuant to the
laws, regulations and pronouncements above, in:




                                                                                                                        Appendix II        37
Appendix III – Sub-Fund Details                                           It is generally intended to carry out such hedging through the
                                                                          utilisation of various techniques, including entering into Over The
The information contained in this Appendix should be read in              Counter (“OTC”) currency forward contracts and foreign exchange
conjunction with the full text of the Prospectus of which this forms      swap agreements. In cases where the underlying currency is not
an integral part.                                                         liquid, or where the underlying currency is closely linked to
                                                                          another currency, proxy hedging may be used.
1. Classes of Shares
The Management Company may decide to create within each Sub-              All costs and expenses incurred from the currency hedge
Fund different Share Classes whose assets will be commonly                transactions will be borne on a pro rata basis by all Currency
invested pursuant to the specific investment policy of the relevant       Hedged Share Classes denominated in the same currency issued
Sub-Fund, but which may have any combination of the following             within the same Sub-Fund.
features:
                                                                          Investors should be aware that any currency hedging process may
•    Each Sub-Fund may contain A, B, C, D, I, J, T and X Share            not give a precise hedge. Furthermore, there is no guarantee that
     Classes, which may differ in the minimum subscription amount,        the hedging will be totally successful. Investors in the Currency
     minimum holding amount, eligibility requirements, and the            Hedged Share Classes may have exposure to currencies other than
     fees and expenses applicable to them as listed for each Sub-         the currency of their Share Class.
     Fund. In addition, each Share Class may be branded either
     “JPM” or “JF” as a prefix, for which the characteristics may         Currency Hedged Share Classes can be identified by the suffix
     differ for the same Share Class.                                     “(hedged)” appearing after the currency denomination of the
                                                                          Share Class mentioned in the full list of available Share Classes
•    Each Share Class, where available, may be offered in the
                                                                          which may be obtained from www.jpmorganassetmanagement.lu,
     Reference Currency of the relevant Sub-Fund, or may be
                                                                          the registered office of the Fund or the Management Company in
     denominated in any currency, and such currency denomination
                                                                          Luxembourg.
     will be represented as a suffix to the Share Class name.
                                                                          Duration Hedged Share Classes
•    Each Share Class may be:
                                                                          The Management Company may, from time to time, launch
     – unhedged;                                                          Duration Hedged Share Classes on selected bond Sub-Funds.
     – currency hedged;                                                   Shareholders can find out if such Share Classes have been
                                                                          launched on a particular bond Sub-Fund by consulting the full list
     – duration hedged;                                                   of available Share Classes which may be obtained from
     – currency and duration hedged.                                      www.jpmorganassetmanagement.lu, the registered office of the
                                                                          Fund or the Management Company in Luxembourg.
Those Share Classes that are hedged will be identified as below.
                                                                          For Duration Hedged Share Classes, the intention will be to limit
•    Each Share Class, where available, may also have different           the impact of interest rate movements. This will be done by
     dividend policies as described in the main part of the               hedging the interest rate risk of the net assets of the Duration
     Prospectus under the section “Dividend Policy”: “(acc)”, “(dist)”,   Hedged Share Class to a target duration between zero and six
     “(inc)” and “(mth)” suffixed Share Classes may be available.         months.

•    The attention of Shareholders is drawn to the fact that the Net      It is generally intended to carry out such hedging through the use
     Asset Value of a Share Class denominated in one currency may         of financial derivative instruments, typically interest rate futures.
     vary unfavourably in respect of another Share Class
     denominated in another currency due to hedging transactions.         Where an investment is held by Shareholders in Duration Hedged
                                                                          Share Classes, the Sub-Fund (not the individual Duration Hedged
A complete list of available Share Classes may be obtained from           Share Class) may be required to transfer either cash or other
www.jpmorganassetmanagement.lu, the registered office of the              securities as collateral to a counterparty. This may result in the
Fund or the Management Company in Luxembourg.                             Sub-Fund holding larger cash balances than would be the case in
                                                                          the absence of active Duration Hedged Share Classes. The impact
a) Hedged Share Classes                                                   on performance of holding larger cash balances may be positive or
Currency Hedged Share Classes                                             negative and will impact all Share Classes within the Sub-Fund.
For Currency Hedged Share Classes, the intention will be to hedge
the value of the net assets in the Reference Currency of the Sub-         All other costs and expenses incurred from the duration hedge
Fund or the currency exposure of certain (but not necessarily all)        transactions will be borne on a pro rata basis by all Duration
assets of the relevant Sub-Fund into either the Reference Currency        Hedged Share Classes issued within the same Sub-Fund.
of the Currency Hedged Share Class, or into an alternative
currency as specified in the relevant Share Class’ name.                  Duration Hedged Share Classes can be identified by “Duration
                                                                          (hedged)” appearing after the currency denomination of the Share




38      Appendix III
Class mentioned in the full list of available Share Classes which is     proceeds thereof will be subject to a CDSC at the rates set forth in
available as described above.                                            Section 3.1 “Charges and Expenses”.

Share Classes may be available with both currency and duration           Shares of T Share Classes will be switched automatically into the D
hedging as described above. The risks associated with Currency           Share Class of the Sub-Fund on the third anniversary of the issue
Hedged Share Classes and Duration Hedged Share Classes can be            of such T Shares (or if such anniversary is not a Valuation Day, on
found in “Appendix IV – Risk Factors”.                                   the immediately following Valuation Day) on the basis of the
                                                                         respective Net Asset Values of the relevant T Share Class and D
b) Eligibility Requirements                                              Share Class. Thereafter the Shares will be subject to the same
Shares of D Share Classes may only be acquired by distributors           rights and obligations as the D Share Class. This switch may give
appointed by the Management Company purchasing Shares on                 rise to a tax liability for investors in certain jurisdictions. Investors
behalf of their clients.                                                 should consult their local tax adviser about their own position.

Shares of I Share Classes are reserved for Institutional Investors       Shares of X Share Classes may only be acquired by Institutional
only, which are defined as follows:                                      Investors who are clients of the Management Company or
                                                                         JPMorgan Chase & Co. and (i) which meet the minimum account
•   Institutional Investors, such as banks and other professionals       maintenance or qualification requirements established from time
    of the financial sector, insurance and reinsurance companies,        to time for JPMorgan Chase & Co. client accounts and/or (ii) whose
    social security institutions and pension funds, industrial,          Share Class X Shares will be held in a JPMorgan Chase & Co. client
    commercial and financial group companies, all subscribing on         account subject to separate advisory fees payable to the
    their own behalf, and the structures which such Institutional        Investment Manager or any of its affiliated companies.
    Investors put into place for the management of their own
    assets.                                                              Unless stated otherwise in the Sub-Fund specific details, Shares of
                                                                         X Share Classes are designed to accommodate an alternative
•   Credit institutions and other professionals of the financial         charging structure whereby a fee for the management of the Sub-
    sector investing in their own name but on behalf of                  Fund is administratively levied and collected by the Management
    Institutional Investors as defined above.                            Company or through the relevant JPMorgan Chase & Co. entity
                                                                         directly from the Shareholder. The Annual Management and
•   Credit institutions or other professionals of the financial sector   Advisory Fee is therefore listed as “Nil” in the Fees and Expenses
    established in Luxembourg or abroad which invest in their own        tables in this appendix, due to it not being levied on the Sub-Fund.
    name but on behalf of their clients on the basis of a
    discretionary management mandate.                                    c) Minimum Initial and Subsequent Subscription Amount, and
                                                                             Minimum Holding Amounts
•   Collective investment schemes established in Luxembourg              Minimum initial investment amounts, minimum subsequent
    or abroad.                                                           investment amounts and minimum holding amounts per Share
                                                                         Class are listed below and are in USD or equivalent amounts in
•   Holding companies or similar entities, whether Luxembourg-           alternative currencies:
    based or not, whose shareholders are Institutional Investors as
                                                                         Share     Minimum Initial       Minimum Subsequent    Minimum Holding
    described in the foregoing paragraphs.                               Class     Subscription Amount   Subscription Amount   Amount

•   Holding companies or similar entities, whether Luxembourg-             A       USD 35,000            USD 5,000             USD 5,000
    based or not, whose shareholder/beneficial owners are                  B       USD 1,000,000         USD 1,000             USD 1,000,000
    individual person(s) who are extremely wealthy and may                 C       USD 10,000,000        USD 1,000             USD 10,000,000
    reasonably be regarded as sophisticated investors and where
    the purpose of the holding company is to hold important                D       USD 5,000             USD 1,000             USD 5,000
    financial interests/investments for an individual or a family.         I       USD 10,000,000        USD 1,000             USD 10,000,000
                                                                           J       USD 10,000            USD 1,000             USD 5,000
•   A holding company or similar entity, whether Luxembourg-
    based or not, which as a result of its structure, activity and         T       USD 5,000             USD 1,000             USD 5,000
    substance constitutes an Institutional Investor in its own right.      X       On Application        On Application        On Application

Shares of T Share Classes may only be acquired by distributors
appointed by the Management Company purchasing the T Shares              The Management Company may, at any time, decide to
on behalf of their clients, and only with reference to those Sub-        compulsorily redeem all Shares from any Shareholder whose
Funds in respect of which specific distribution arrangements have        holding is less than the minimum holding amount specified above
been made with the Management Company.                                   or on application, or who fails to satisfy any other applicable
                                                                         eligibility requirements set out in the Prospectus. In such cases,
No initial charge is payable on T Share Classes. Instead when such       the Shareholder concerned will receive one month’s prior notice so
Shares are redeemed within 3 years of purchase the redemption            as to be able to increase their holding above such amount or



                                                                                                                               Appendix III      39
otherwise satisfy the eligibility requirements. Under the same       2. Risk Management Process
circumstances, the Management Company may switch Shares of           The Fund employs a risk management process which enables it to
one Share Class into Shares of another Share Class within the same   monitor and measure at any time the risk of the positions and their
Sub-Fund with higher charges and fee load.                           contribution to the overall risk profile of each individual Sub-Fund.
                                                                     Furthermore, the Fund employs a process for accurate and
d) Operating and Administrative Expenses                             independent assessment of the value of OTC derivative instruments
A, B, C, D, J and T Share Classes (and the I Share Classes of the    which is communicated to the CSSF on a regular basis in
JPMorgan Funds – Euro Money Market Fund, JPMorgan Funds –            accordance with Luxembourg Law.
Sterling Money Market Fund and JPMorgan Funds – US Dollar
Money Market Fund) will bear a fixed annual Operating and            Upon request of investors, the Management Company will
Administrative Expenses charge as set out in this Appendix.          provide supplementary information relating to the risk
I and X Share Classes will be subject to a maximum annual            management process.
Operating and Administrative Expenses charge as set out in this
Appendix. If the actual Operating and Administrative Expenses for
the I and X Share Classes are below the stated maximum
percentage, only the actual expenses will be charged.




40    Appendix III
3. Equity Sub-Funds


JPMorgan Funds – Africa Equity Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) Emerging and Frontier Markets Africa Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in a portfolio of African companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equities and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, an African country or that derive the predominant
part of their economic activity from Africa, even if listed elsewhere. A significant part of the Sub-Fund’s assets will be invested in natural
resources companies.
A significant part of the Sub-Fund’s assets will be invested in “emerging” Africa (including but not limited to, South Africa, Morocco and
Egypt). The Sub-Fund will also invest in “frontier” and other African countries outside these core African markets. However investment in
securities not traded on a Regulated Market will be limited to 10% of the Sub-Fund’s net assets.
Natural resources companies are those which are engaged in the exploration for and the development, refinement, production and
marketing of natural resources and their secondary products.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund designed to give exposure to companies in Africa. Whilst the growth potential of African market equities make this
Sub-Fund very attractive for investors looking for high investment returns, investors in this Sub-Fund need to be comfortable with the
additional political and economic risks associated with African market investments. Investors also need to be comfortable with the Sub-Fund’s
exposure to natural resources companies. Investment in natural resources companies can result in high relative returns when the
commodities sector is in favour with the market, however natural resources companies can suffer long periods of underperformance when
the sector falls out of favour. This Sub-Fund may, therefore, be suitable for investors who already have a globally diversified portfolio and now
want to expand into riskier assets in order to potentially boost returns. Because African stock markets may be very volatile, investors should
also have at least a five to ten year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of African companies.
• Investors should be aware that the Sub-Fund is invested in “emerging”, “frontier” and other African markets, which may be subject to
  additional political and economic risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and
  greater financial risks.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• As the Sub-Fund may hold significant investment in smaller companies, which can be less liquid and tend to carry greater financial risk,
  volatility may be higher than in a broadly based investment.
• The Sub-Fund is exposed to commodities, primarily through investing in natural resources companies. The risks associated with
  commodities may be greater than those resulting from other investments.




                                                                                                                             Appendix III      41
• The Sub-Fund is denominated in USD but will have significant non-USD exposure. As such, investors should be aware of the additional
  currency risks associated with African markets.
• The Sub-Fund will be managed with relatively low reference to its benchmark.

Fees and Expenses
 Share Class                                 Initial Charge        Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Africa Equity A                         5.00%                 1.50%                                0.40%                                   0.50%
 JPM Africa Equity B                         Nil                   0.90%                                0.25%                                   Nil
 JPM Africa Equity C                         Nil                   0.75%                                0.20%                                   Nil
 JPM Africa Equity D                         5.00%                 2.25%                                0.40%                                   0.50%
 JPM Africa Equity I                         Nil                   0.75%                                0.16% Max                               Nil
 JPM Africa Equity X                         Nil                   Nil                                  0.15% Max                               Nil



Performance Fee
 Applicable Share Classes          Performance Fee            Mechanism                    Performance Fee Benchmark

 All                               10%                        Claw-Back                    Morgan Stanley Capital International (MSCI) Emerging and
                                                                                           Frontier Markets Africa Index (Total Return Net)




42        Appendix III
JPMorgan Funds – America Equity Fund1
Reference Currency
US Dollar (USD)
Benchmark
Standard & Poor’s (S&P) 500 (Total Return Net)
Benchmark for Hedged Share Classes
Standard & Poor’s (S&P) 500 (Total Return Net) hedged into EUR (for the EUR hedged Share Classes)
Investment Objective
To provide long-term capital growth by investing primarily in US companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, the US, or that derive the predominant part of their
economic activity from the US, even if listed elsewhere.
The Sub-Fund may also invest in Canadian companies.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation notes
and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a core equity Sub-Fund designed to give broad market exposure to the US stock market. Therefore, the Sub-Fund may be suitable for
investors looking to add a single country holding to an existing diversified portfolio, or for investors looking for a stand-alone core equity
investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities, and because of the individual
economic, currency and political risks associated with single country investing, the Sub-Fund may be suitable for investors with at least a
three-to-five year investment horizon.

Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of US equities.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Furthermore, investors should be aware that the Sub-Fund invests in a single market, which can be subject to particular political and
  economic risks and while providing a focused investment and the potential for higher returns, also further limits the room for risk
  diversification within the Sub-Fund.
• However, the volatility of the Sub-Fund is limited by its diversification across a large number of companies and industry groups.
• Also, the Sub-Fund’s careful risk controls and high level of stock diversification aim to ensure low volatility relative to the benchmark
  index. Therefore, returns are not dependent on taking large risks against the Sub-Fund’s benchmark.
• Non-USD denominated investors are exposed to currency risk as the Sub-Fund’s underlying assets are mainly denominated in USD.
Fees and Expenses
    Share Class                                            Initial Charge            Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

    JPM America Equity A                                   5.00%                     1.50%                                0.40%                                   0.50%
    JPM America Equity B                                   Nil                       0.90%                                0.25%                                   Nil
    JPM America Equity C                                   Nil                       0.65%                                0.20%                                   Nil
    JPM America Equity D                                   5.00%                     2.25%                                0.40%                                   0.50%
    JPM America Equity I                                   Nil                       0.65%                                0.16% Max                               Nil
    JPM America Equity X                                   Nil                       Nil                                  0.15% Max                               Nil


1
    With effect from 16 August 2011 changes will be made to the Investment Objective, Investment Policy, Investor Profile and Risk Profile of this Sub-Fund. Please refer to page 44
    for further details.



                                                                                                                                                                         Appendix III   43
JPMorgan Funds – America Equity Fund1
Reference Currency
US Dollar (USD)
Benchmark
Standard & Poor’s (S&P) 500 (Total Return Net)
Benchmark for Hedged Share Classes
Standard & Poor’s (S&P) 500 (Total Return Net) hedged into EUR for the EUR hedged Share Classes
Investment Objective
To provide long-term capital growth by investing primarily in a concentrated portfolio of US companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, the US, or that derive the predominant part of their
economic activity from the US, even if listed elsewhere. The Sub-Fund’s portfolio will invest in approximately 20 to 40 companies.
The Sub-Fund may also invest in Canadian companies.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an aggressively managed equity Sub-Fund designed to give concentrated exposure to the US stock market. As the Sub-Fund’s portfolio
comprises approximately 20 to 40 stocks, it may be suitable for investors willing to accept higher risks in order to potentially generate higher
long-term returns or for investors looking to add a single country holding to an existing diversified portfolio. The Sub-Fund may be suitable
for investors with at least a five year investment horizon.

Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of US equities.
• As the Sub-Fund invests in equities and equity linked securities, investors are exposed to stock market fluctuations and the financial
  performance of the companies held in the Sub-Fund’s portfolio. Therefore, investors may see the value of their investment fall as well as
  rise on a daily basis, and they may get back less than they originally invested.
• Investors should be aware that the Sub-Fund invests in a single market, which can be subject to particular political and economic risks
  and which limits the room for risk diversification within the Sub-Fund.
• As the portfolio consists of approximately 20 to 40 stocks, diversification is reduced and the Sub-Fund may bear little resemblance to the
  composition of its benchmark, and volatility may be very high.
• This Sub-Fund is denominated in USD but may have exposure to other currencies.
Fees and Expenses
    Share Class                                            Initial Charge             Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

    JPM America Equity A                                   5.00%                      1.50%                                0.40%                                   0.50%
    JPM America Equity B                                   Nil                        0.90%                                0.25%                                   Nil
    JPM America Equity C                                   Nil                        0.65%                                0.20%                                   Nil
    JPM America Equity D                                   5.00%                      2.25%                                0.40%                                   0.50%
    JPM America Equity I                                   Nil                        0.65%                                0.16% Max                               Nil
    JPM America Equity X                                   Nil                        Nil                                  0.15% Max                               Nil


1
    For details of this Sub-Fund prior to 16 August 2011, please refer to page 43 above.




44           Appendix III
JPMorgan Funds – America Large Cap Fund
Reference Currency
US Dollar (USD)
Benchmark
Russell Top 200 (Total Return Net)
Benchmark for Hedged Share Classes
Russell Top 200 (Total Return Net) hedged into EUR (for the EUR hedged Share Classes)
Investment Objective
To provide long-term capital growth by investing primarily in large capitalisation Blue Chip US companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, the US, or that derive the predominant part of their
economic activity from the US, even if listed elsewhere. Market capitalisation is the total value of a company’s shares and may fluctuate
materially over time. Large capitalisation companies are those whose market capitalisation is within the range of the market capitalisation
of companies in the Benchmark at the time of purchase.
The Sub-Fund may also invest in Canadian companies.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a core equity Sub-Fund designed to give diversified exposure to the US large capitalisation companies. Therefore, the Sub-Fund
may be suitable for investors who are looking to add a large capitalisation portfolio in a single country to an existing diversified portfolio,
or for investors looking for a stand-alone core equity investment aimed at producing long-term capital growth. Because the Sub-Fund is
invested in equities, and because of the individual economic, currency and political risks associated with single country investing, the Sub-
Fund may be suitable for investors with at least a three-to-five year investment horizon.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of large capitalisation US equities.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Furthermore, investors should be aware that the Sub-Fund invests in a single market, which can be subject to particular political and
  economic risks and while providing a focused investment and the potential for higher returns, also further limits the room for risk
  diversification within the Sub-Fund.
• However, the volatility of the Sub-Fund is limited by its diversification across a large number of companies and industry groups.
• Also, the Sub-Fund’s careful risk controls and high level of stock diversification aim to ensure low volatility relative to the benchmark
  index. Therefore, returns are not dependent on taking large risks against the Sub-Fund’s benchmark.
• Non-USD denominated investors are exposed to currency risk as the Sub-Fund’s underlying assets are mainly denominated in USD.
Fees and Expenses
 Share Class                                     Initial Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM America Large Cap A                         5.00%            1.50%                                0.40%                                   0.50%
 JF America Large Cap A                          5.00%            1.50%                                0.40%                                   0.50%
 JPM America Large Cap B                         Nil              0.90%                                0.25%                                   Nil
 JPM America Large Cap C                         Nil              0.65%                                0.20%                                   Nil
 JPM America Large Cap D                         5.00%            2.25%                                0.40% Max                               0.50%
 JPM America Large Cap I                         Nil              0.65%                                0.16% Max                               Nil
 JPM America Large Cap X                         Nil              Nil                                  0.15% Max                               Nil




                                                                                                                                                      Appendix III   45
JPMorgan Funds – Asia Pacific ex-Japan Behavioural Finance Equity Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) All Country Asia Pacific ex-Japan (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies in the Asia Pacific Basin1 (excluding Japan).
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, an Asia Pacific Basin country (excluding Japan), or
that derive the predominant part of their economic activity from the Asia Pacific Basin (excluding Japan), even if listed elsewhere.
This Sub-Fund uses an investment process which is based on systematic investment in stocks with specific style characteristics which are
associated with long-term outperformance, caused by the impact of human psychological biases on stock markets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency although currency exposure will not generally be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in Appendix II.
Investor Profile
This Sub-Fund is designed for investors looking for broad market exposure across the Asia Pacific Basin excluding Japan. Because the Sub-
Fund is diversified across a number of markets, it may be suitable for investors who are looking for a stand-alone Asia Pacific Basin ex-
Japan regional equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities, and because
of the individual economic, currency and political risks associated in the Asia Pacific Basin ex-Japan region, the Sub-Fund may be suitable
for investors with at least a five year investment horizon.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of Asia Pacific Basin companies excluding Japan.
• As the Sub-Fund invests in equities and equity linked securities, investors are exposed to stock market fluctuations and the financial
  performance of the companies held in the Sub-Fund’s portfolio. Therefore, investors may see the value of their investment fall as well as
  rise on a daily basis, and they may get back less than they originally invested.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• The Sub-Fund may invest in smaller companies which can be less liquid and more volatile than larger companies, and tend to carry
  greater financial risk.
• This Sub-Fund is denominated in USD, but has significant exposure to non-USD currencies.
Fees and Expenses
  Share Class                                                          Initial Charge       Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

  JPM Asia Pacific ex-Japan Behavioural Finance Equity A               5.00%                1.50%                                0.40%                                   0.50%
  JPM Asia Pacific ex-Japan Behavioural Finance Equity B               Nil                  0.90%                                0.25%                                   Nil
  JPM Asia Pacific ex-Japan Behavioural Finance Equity C               Nil                  0.75%                                0.20%                                   Nil
  JPM Asia Pacific ex-Japan Behavioural Finance Equity D               5.00%                2.25%                                0.40%                                   0.50%
  JPM Asia Pacific ex-Japan Behavioural Finance Equity I               Nil                  0.75%                                0.16% Max                               Nil
  JPM Asia Pacific ex-Japan Behavioural Finance Equity X               Nil                  Nil                                  0.15% Max                               Nil




1 The term “Pacific Basin” refers to an area including Australia, Hong Kong, New Zealand, Singapore, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand and the

Indian sub-continent, excluding the United States of America, Central and South America.




46         Appendix III
JPMorgan Funds – JF ASEAN Equity Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) South East Asia Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies of countries which are members of the Association of South East
Asian Nations (ASEAN).
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, an ASEAN country or that derives the predominant
part of their economic activity from ASEAN countries, even if listed elsewhere.
The Sub-Fund may also invest in companies listed in ASEAN countries which may have exposure to other countries, in particular China.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund designed to give exposure to companies from countries which are members of the ASEAN. As the Sub-Fund is
invested in equities, investors in this Sub-Fund need to be comfortable with the additional individual economic, currency and political risks
associated with the ASEAN region. This Sub-Fund may, therefore, be suitable for investors who already have a globally diversified portfolio
and now want to expand into riskier assets in order to potentially boost returns. Investors in this Sub-Fund should have at least a five year
investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of ASEAN companies.
• As the Sub-Fund invests in equities and equity linked securities, investors are exposed to stock market fluctuations and the financial
  performance of the companies held in the Sub-Fund’s portfolio. Therefore, investors may see the value of their investment fall as well as
  rise on a daily basis, and they may get back less than they originally invested.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• Due to the nature of its investment universe, the Sub-Fund may have concentrated exposure to one or more industry sectors and/or
  countries.
• The Sub-Fund may invest in smaller companies which can be less liquid and more volatile than larger companies, and tend to carry
  greater financial risk.
• The Sub-Fund is denominated in USD but has significant exposure to non-USD currencies.
• The Sub-Fund will be managed with relatively low reference to its benchmark and with high fund manager discretion.


Fees and Expenses
 Share Class                            Initial Charge           Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JF ASEAN Equity A                      5.00%                    1.50%                                0.40%                                   0.50%
 JF ASEAN Equity B                      Nil                      0.90%                                0.25%                                   Nil
 JF ASEAN Equity C                      Nil                      0.75%                                0.20%                                   Nil
 JF ASEAN Equity D                      5.00%                    2.25%                                0.40%                                   0.50%
 JF ASEAN Equity I                      Nil                      0.75%                                0.16% Max                               Nil
 JF ASEAN Equity X                      Nil                      Nil                                  0.15% Max                               Nil




                                                                                                                                                     Appendix III   47
JPMorgan Funds – JF Asia Pacific ex-Japan Equity Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) All Country Asia Pacific ex Japan (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies in the Asia Pacific Basin1 (excluding Japan).
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, an Asia Pacific Basin country (excluding Japan), or
that derive the predominant part of their economic activity from the Asia Pacific Basin (excluding Japan), even if listed elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund designed to give broad market exposure to stock markets across the Asia Pacific Basin excluding Japan.
Because the Sub-Fund is diversified across a number of markets, it may be suitable for investors who are looking for a stand-alone Asia
Pacific Basin ex Japan regional equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in
equities, and because of the additional individual economic, currency and political risks associated in the Asia Pacific Basin ex Japan
region, the Sub-Fund is suitable for investors with at least a five-year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of Asia Pacific Basin companies excluding Japan.
• As the Sub-Fund invests in equities and equity linked securities, investors are exposed to stock market fluctuations and the financial
  performance of the companies held in the Sub-Fund’s portfolio. Therefore, investors may see the value of their investment fall as well as
  rise on a daily basis, and they may get back less than they originally invested.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• Due to the nature of its investment universe, the Sub-Fund may have concentrated exposure to one or more industry sectors and/or
  countries.
• The Sub-Fund may invest in smaller companies which can be less liquid and more volatile than larger companies, and tend to carry
  greater financial risk.
• This Sub-Fund is denominated in USD, but has significant exposure to non-USD currencies.
• The Sub-Fund will be managed with relatively low reference to its benchmark and with high fund manager discretion.
Fees and Expenses
  Share Class                                      Initial Charge                  Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

  JF Asia Pacific ex-Japan Equity A                5.00%                           1.50%                                0.40%                                   0.50%
  JF Asia Pacific ex-Japan Equity B                Nil                             0.90%                                0.25%                                   Nil
  JF Asia Pacific ex-Japan Equity C                Nil                             0.75%                                0.25%                                   Nil
  JF Asia Pacific ex-Japan Equity D                5.00%                           2.25%                                0.40%                                   0.50%
  JF Asia Pacific ex-Japan Equity I                Nil                             0.75%                                0.21% Max                               Nil
  JF Asia Pacific ex-Japan Equity X                Nil                             Nil                                  0.20% Max                               Nil




1 The term “Pacific Basin” refers to an area including Australia, Hong Kong, New Zealand, Singapore, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand and the

Indian sub-continent, excluding the United States of America, Central and South America.




48         Appendix III
JPMorgan Funds – Brazil Equity Fund1
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) Brazil 10/40 Index (Total Return Net)
Investment Objective
To provide long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, Brazil, or that derive the predominant part of their
economic activity from Brazil, even if listed elsewhere. The Sub-Fund’s portfolio is concentrated in approximately 25 to 50 companies.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
The Sub-Fund may use financial derivative instruments for hedging and for efficient portfolio management. More specifically, the Sub-Fund
may invest in options, index swaps and index futures as well as in cash or cash equivalents to hedge against directional risk and market
exposure. The net market exposure of the Sub-Fund will typically range between 80% and 100% of the Sub-Fund’s net assets.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an aggressively managed equity Sub-Fund designed to give concentrated exposure to Brazilian equities. This Sub-Fund is designed
for investors looking for exposure to the Brazilian stock market, either in addition to an existing diversified portfolio or as a stand-alone
Brazilian equity investment aimed at producing long-term capital growth. Since the Sub-Fund is concentrated in only these specific
securities, it may be suitable for investors willing to accept higher risks in order to potentially generate higher returns. Investors in this
Sub-Fund should also have at least a five year investment horizon.
Risk Profile
• This aggressively managed Sub-Fund invests primarily in a portfolio of Brazilian companies.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio. Therefore investors may see the value of their investment fall as well as rise on a daily basis, and they
  may get back less than they originally invested.
• Investors should be aware that the Sub-Fund is invested in a single market, which may be subject to particular political and economic
  risks, and which limits the room for risk diversification within the Sub-Fund.
• Brazil is an emerging market and therefore stocks may be negatively impacted by high volatility, low liquidity, poor transparency and
  greater financial risks.
• Due to the constraints of the investment universe, the Sub-Fund’s portfolio may be concentrated in a limited number of securities.
• As the portfolio may hold significant investment in smaller companies, which can be less liquid and tend to carry greater financial risk,
  volatility may be higher than in a broadly based investment.
• The Sub-Fund may use financial derivative instruments, cash and cash equivalents to hedge market directional risk in the Brazilian
  markets and for efficient portfolio management. The risks associated with the derivative instruments listed in the Investment Policy
  above are further detailed in “Appendix IV – Risk Factors”.
• There is a risk that the Sub-Fund may not participate fully in a rise in the market due to the fact that it may allocate up to 20% of the
  portfolio in cash.
• This Sub-Fund is denominated in USD, but will have significant exposure to non-USD currencies.
• The Sub-Fund will be managed with low reference to its benchmark.
• Investors should be aware that the Brazilian Presidential Decree no. 6.306/10, as amended from time to time, details the current IOF tax
  rate (Tax on Financial Operations), that applies to foreign exchange inflows and outflows. The application of the IOF tax may reduce the
  Net Asset Value per share.



1
    For details of this Sub-Fund prior to 16 August 2011, please refer to pages 142 and 143 below.



                                                                                                                            Appendix III      49
Fees and Expenses
 Share Class                Initial Charge    Contingent Deferred Sales Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Brazil Equity A        5.00%             Nil                                1.50%                                0.40%                                   0.50%
 JPM Brazil Equity B        Nil               Nil                                0.90%                                0.25%                                   Nil
 JPM Brazil Equity C        Nil               Nil                                0.85%                                0.25%                                   Nil
 JPM Brazil Equity D        5.00%             Nil                                2.50%                                0.40%                                   0.50%
 JPM Brazil Equity I        Nil               Nil                                0.85%                                0.21% Max                               Nil
 JPM Brazil Equity T        Nil               3.00%                              2.50%                                0.40%                                   Nil
 JPM Brazil Equity X        Nil               Nil                                Nil                                  0.20% Max                               Nil


Performance Fee
 Applicable Share Classes   Performance Fee                       Mechanism                  Performance Fee Benchmark

 All                        10%                                   Claw-Back                  Morgan Stanley Capital International (MSCI) Brazil 10/40 Index
                                                                                             (Total Return Net)




50        Appendix III
JPMorgan Funds – JF China Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) China 10/40 Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies of the People’s Republic of China.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, the People’s Republic of China, or that derive the
predominant part of their economic activity from the People’s Republic of China, even if listed elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund designed for investors looking for exposure to the Chinese stock market and to companies operating in China
but whose shares are quoted elsewhere. Therefore, the Sub-Fund may be suitable for investors looking to add Chinese stock market
exposure to an existing diversified portfolio, or for investors looking for a stand-alone Chinese equity investment aimed at producing long-
term capital growth. Because the Sub-Fund is invested in equities, and because of the additional individual economic, currency and
political risks associated with Chinese investments, the Sub-Fund may be suited for investors with a five-to-ten year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of Chinese companies.
• As the Sub-Fund invests in equities and equity linked securities, investors are exposed to stock market fluctuations and the financial
  performance of the companies held in the Sub-Fund’s portfolio. Therefore, investors may see the value of their investment fall as well as
  rise on a daily basis, and they may get back less than they originally invested.
• Investors should be aware that the Sub-Fund is invested in a single market, which may be subject to particular political and economic
  risks, and which limits the room for risk diversification within the Sub-Fund. As China is an emerging market, stocks may be negatively
  impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• Due to the nature of its investment universe, the Sub-Fund may be concentrated in a limited number of securities and may have
  concentrated exposure to one or more industry sectors.
• The Sub-Fund may invest in smaller companies which can be less liquid and more volatile than larger companies, and tend to carry
  greater financial risk.
• This Sub-Fund is denominated in USD, but has significant exposure to non-USD currencies.
• The Sub-Fund will be managed with relatively low reference to its benchmark and with high fund manager discretion.
Fees and Expenses
 Share Class                        Initial Charge   Contingent Deferred Sales Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JF China A                         5.00%            Nil                                1.50%                                0.40%                                   0.5%
 JF China B                         Nil              Nil                                0.90%                                0.25%                                   Nil
 JF China C                         Nil              Nil                                0.75%                                0.25%                                   Nil
 JF China D                         5.00%            Nil                                2.50%                                0.40%                                   0.50%
 JF China I                         Nil              Nil                                0.75%                                0.21% Max                               Nil
 JF China T                         Nil              3.00%                              2.50%                                0.40%                                   Nil
 JF China X                         Nil              Nil                                Nil                                  0.20% Max                               Nil




                                                                                                                                                                      Appendix III       51
JPMorgan Funds – Eastern Europe Equity Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) EM Europe Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies in central and eastern Europe (the “Eastern Europe Countries”).
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, an Eastern Europe Country, or that derive the
predominant part of their economic activity from Eastern Europe Countries, even if listed elsewhere.
The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank
Currency Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will
limit any direct investment in securities traded on the non Regulated Markets of the Commonwealth of Independent States (together with
any other securities not traded on a Regulated Market) to 10% of its net assets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent through investment in convertible securities, index and participation notes
and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund investing in the emerging markets of Eastern Europe. Whilst the long-term growth potential of East European
emerging markets make this Sub-Fund very attractive for investors looking for high investment returns, investors in the Sub-Fund need to
be comfortable with the additional political and economic risks associated with emerging market investments. The Sub-Fund may,
therefore, be suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in order to
potentially boost returns. Because emerging stock markets are very volatile, investors should also have a five-to-ten year investment
horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of Eastern European equities.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• This Sub-Fund is denominated in EUR, but will have significant exposure to non-EUR currencies.
• Due to the constraints of the investment universe, the Sub-Fund’s portfolio may be concentrated in a limited number of securities.
• The Sub-Fund will be managed with relatively low reference to its benchmark.
Fees and Expenses
 Share Class                                 Initial Charge        Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Eastern Europe Equity A                 5.00%                 1.50%                                0.45%                                   0.50%
 JF Eastern Europe Equity A                  5.00%                 1.50%                                0.45%                                   0.50%
 JPM Eastern Europe Equity B                 Nil                   0.90%                                0.30%                                   Nil
 JPM Eastern Europe Equity C                 Nil                   0.85%                                0.25%                                   Nil
 JPM Eastern Europe Equity D                 5.00%                 2.50%                                0.45%                                   0.50%
 JPM Eastern Europe Equity I                 Nil                   0.85%                                0.21% Max                               Nil
 JPM Eastern Europe Equity X                 Nil                   Nil                                  0.20% Max                               Nil




52        Appendix III
JPMorgan Funds – Emerging Europe, Middle East and Africa Equity Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) EMEA Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe,
Middle East and Africa.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, an emerging market of central, eastern and
southern Europe, Middle East or Africa, or that derive the predominant part of their economic activity from an emerging market of central,
eastern and southern Europe, Middle East or Africa, even if listed elsewhere.
The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank
Currency Exchange, which are classified as Regulated Markets. Until such time that they become a Regulated Market, the Sub-Fund will
limit any direct investment in securities traded on the non Regulated Markets of the Commonwealth of Independent States (together with
any other securities not traded on a Regulated Market) to 10% of its net assets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund investing in European, Middle Eastern and African emerging markets. Whilst the long-term growth potential of
these emerging market equities make this Sub-Fund very attractive for investors looking for high investment returns, investors in the Sub-
Fund need to be comfortable with the additional political and economic risks associated with emerging market investments. The Sub-Fund
may, therefore, be suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in
order to potentially boost returns. Because emerging stock markets are very volatile, investors should also have a five-to-ten year
investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of emerging European, Middle Eastern and African equities.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• This Sub-Fund is denominated in USD, but will have significant exposure to non-USD currencies.
• The Sub-Fund will be managed with relatively low reference to its benchmark.
Fees and Expenses
                                                            Initial          Contingent Deferred   Annual Management   Operating and             Redemption
 Share Class                                                Charge           Sales Charge          and Advisory Fee    Administrative Expenses   Charge

 JPM Emerging Europe, Middle East and Africa Equity A       5.00%            Nil                   1.50%               0.45%                     0.50%
 JF Emerging Europe, Middle East and Africa Equity A        5.00%            Nil                   1.50%               0.45%                     0.50%
 JPM Emerging Europe, Middle East and Africa Equity B       Nil              Nil                   0.90%               0.30%                     Nil
 JPM Emerging Europe, Middle East and Africa Equity C       Nil              Nil                   0.85%               0.25%                     Nil
 JPM Emerging Europe, Middle East and Africa Equity D       5.00%            Nil                   2.50%               0.45%                     0.50%
 JPM Emerging Europe, Middle East and Africa Equity I       Nil              Nil                   0.85%               0.21% Max                 Nil
 JPM Emerging Europe, Middle East and Africa Equity T       Nil              3.00%                 2.50%               0.45%                     Nil
 JPM Emerging Europe, Middle East and Africa Equity X       Nil              Nil                   Nil                 0.20% Max                 Nil



                                                                                                                                            Appendix III      53
JPMorgan Funds – Emerging Markets Diversified Equity Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) Emerging Markets Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in a diversified portfolio of emerging markets companies.
Investment Policy
At least 67% of the Sub-Fund’s assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, an emerging markets country, or that derive the
predominant part of their economic activity from emerging market countries, even if listed elsewhere.
This Sub-Fund uses an investment process that combines quantitative screening that ranks countries, sectors and stocks with fundamental,
research-based insights to identify emerging market companies deemed attractive.
The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank
Currency Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will
limit any direct investment in securities traded on the non Regulated Markets of the Commonwealth of Independent States (together with
any other securities not traded on a Regulated Market) to no more than 10% of its net assets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure will not generally be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund investing in emerging markets, and so investors in the Sub-Fund need to be comfortable with the additional
political and economic risks associated with emerging market investments. The Sub-Fund may, therefore, be suitable for investors who
already have a globally diversified portfolio and now want to expand into riskier assets in order to potentially enhance returns. As
emerging markets are very volatile, investors should have at least a five year investment horizon.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of emerging markets equities.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio. Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they
  may get back less than they originally invested.
• The Sub-Fund is denominated in USD, but will have significant exposure to non-USD currencies.
Fees and Expenses
 Share Class                                               Initial Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Emerging Markets Diversified Equity A                 5.00%            1.50%                                0.40%                                   0.50%
 JPM Emerging Markets Diversified Equity B                 Nil              0.90%                                0.25%                                   Nil
 JPM Emerging Markets Diversified Equity C                 Nil              0.75%                                0.20%                                   Nil
 JPM Emerging Markets Diversified Equity D                 5.00%            2.25%                                0.40%                                   0.50%
 JPM Emerging Markets Diversified Equity I                 Nil              0.75%                                0.16% Max                               Nil
 JPM Emerging Markets Diversified Equity X                 Nil              Nil                                  0.15% Max                               Nil




54        Appendix III
JPMorgan Funds – Emerging Markets Equity Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) Emerging Markets Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in emerging markets companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, an emerging markets country, or that derive the
predominant part of their economic activity from emerging market countries, even if listed elsewhere.
The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank
Currency Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will
limit any direct investment in securities traded on the non Regulated Markets of the Commonwealth of Independent States (together with
any other securities not traded on a Regulated Market) to 10% of its net assets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation notes
and equity linked notes.
This Sub-Fund uses a fundamental investment process based purely on stock selection to generate returns.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund investing in global emerging markets. Whilst the growth potential of global emerging market equities make this
Sub-Fund very attractive for investors looking for high investment returns, investors in this Sub-Fund need to be comfortable with the
additional political and economic risks associated with emerging market investments. The Sub-Fund may, therefore, be suitable for investors
who already have a globally diversified portfolio and now want to expand into riskier assets in order to potentially boost returns. Because
emerging stock markets are very volatile, investors should also have at least a five-year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of emerging markets equities.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• This Sub-Fund is denominated in USD, but will have significant exposure to non-USD currencies.
Fees and Expenses
 Share Class                                             Initial Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Emerging Markets Equity A                           5.00%            1.50%                                0.40%                                   0.50%
 JF Emerging Markets Equity A                            5.00%            1.50%                                0.40%                                   0.50%
 JPM Emerging Markets Equity B                           Nil              0.90%                                0.25%                                   Nil
 JPM Emerging Markets Equity C                           Nil              0.85%                                0.25%                                   Nil
 JPM Emerging Markets Equity D                           5.00%            2.50%                                0.40%                                   0.50%
 JPM Emerging Markets Equity I                           Nil              0.85%                                0.21% Max                               Nil
 JPM Emerging Markets Equity X                           Nil              Nil                                  0.20% Max                               Nil




                                                                                                                                                        Appendix III       55
JPMorgan Funds – Emerging Markets Infrastructure Equity Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) Emerging Markets Index (Total Return Net), limited to seven sectors: Energy, Materials
(excluding Fertilizers & Agricultural Chemicals, Metal & Glass Containers, Paper Packaging, and Gold), Capital Goods (excluding Trading
Companies & Distributors), Transportation, Real Estate (excluding Residential REITs and Retail REITs), Telecommunication Services and
Utilities.1
Investment Objective
To provide long-term capital growth by investing primarily in emerging markets companies related to infrastructure opportunities.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies related to infrastructure opportunities (“Infrastructure Companies”) that are incorporated under the laws of, and have their
registered office in, an emerging market country, or that derive the predominant part of their economic activity from emerging market
countries, even if listed elsewhere.
Infrastructure Companies will include, but are not limited to, companies found in the Capital Goods, Transportation, Telecommunication
Services, Utilities, Energy, Materials and Real Estate sectors.
The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank
Currency Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will
limit any direct investment in securities traded on the non-Regulated Markets of the Commonwealth of Independent States (together with
any other securities not traded on a Regulated Market) to 10% of its net assets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including but not limited to securities lending or
repurchase agreement) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund investing in emerging markets Infrastructure Companies. Whilst the growth potential of emerging market
Infrastructure Companies make this Sub-Fund attractive for investors looking for high investment returns, investors in this Sub-Fund need
to be comfortable with the additional political and economic risks associated with emerging market investments. The Sub-Fund may,
therefore, be suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in order to
potentially boost returns. Because emerging stock markets are very volatile, investors should also have at least a five-year investment
horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of emerging markets companies related to infrastructure
  opportunities.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• As the Sub-Fund may hold significant investment in smaller companies, which can be less liquid and tend to carry greater financial risk,
  volatility may be higher than in a broadly based investment.
• The Sub-Fund’s concentration in Infrastructure Companies limits the room for diversification within the Sub-Fund. The volatility of the
  Sub-Fund may therefore be higher than a broadly based investment.

1    The proportion that each of these sectors constitutes in the Benchmark is based upon the market capitalisation of these sectors, as determined by Morgan Stanley Capital
    International (MSCI). Further information regarding this Benchmark may be obtained from the registered office of the Fund.



56        Appendix III
• This Sub-Fund is denominated in USD, but may have significant exposure to non-USD currencies.
• The Sub-Fund will be managed with a relatively low reference to its benchmark.


Fees and Expenses
    Share Class                                                       Initial Charge        Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

    JPM Emerging Markets Infrastructure Equity A                      5.00%                 1.50%                                0.40%                                   0.50%
    JPM Emerging Markets Infrastructure Equity B                      Nil                   0.90%                                0.25%                                   Nil
    JPM Emerging Markets Infrastructure Equity C                      Nil                   0.75%                                0.20%                                   Nil
    JPM Emerging Markets Infrastructure Equity D                      5.00%                 2.25%                                0.40%                                   0.50%
    JPM Emerging Markets Infrastructure Equity I                      Nil                   0.75%                                0.16% Max                               Nil
    JPM Emerging Markets Infrastructure Equity X                      Nil                   Nil                                  0.15% Max                               Nil



Performance Fee
    Applicable Share Classes                   Performance Fee                  Mechanism                      Performance Fee Benchmark

    All                                        10%                              Claw-Back                      Morgan Stanley Capital International (MSCI) Emerging Markets Index
                                                                                                               (Total Return Net), limited to seven sectors: Energy, Materials (excluding
                                                                                                               Fertilizers & Agricultural Chemicals, Metal & Glass Containers, Paper
                                                                                                               Packaging, and Gold), Capital Goods (excluding Trading Companies &
                                                                                                               Distributors), Transportation, Real Estate (excluding Residential REITs and
                                                                                                               Retail REITs), Telecommunication Services and Utilities.2
2    The proportion that each of these sectors constitutes in the Benchmark is based upon the market capitalisation of these sectors, as determined by Morgan Stanley Capital
     International (MSCI). Further information regarding this Benchmark may be obtained from the registered office of the Fund.




                                                                                                                                                                          Appendix III       57
JPMorgan Funds – Emerging Markets Long-Short Equity Fund
Reference Currency
US Dollar (USD)
Benchmark
British Bankers’ Association (BBA) LIBOR one-month US Dollar deposits
Investment Objective
To achieve a return in excess of cash through exposure primarily to emerging markets companies and financial derivative instruments.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested, either directly or through the use of
financial derivative instruments, in a concentrated portfolio of equity and equity linked securities of companies that are incorporated
under the laws of, and have their registered office in, an emerging markets country, or that derive the predominant part of their economic
activity from emerging market countries, even if listed elsewhere ("Emerging Market Companies").
The Sub-Fund uses a long-short strategy, buying equities and equity-linked securities of Emerging Market Companies considered
undervalued and selling short equities and equity-linked securities of Emerging Market Companies considered overvalued, using financial
derivative instruments where appropriate. The Sub-Fund aims to generate positive absolute returns from stock selection, tactical asset
allocation and a yield enhancing strategy.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
The Sub-Fund will use financial derivative instruments to achieve its investment objective. These may include but are not limited to, total
return swaps, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts and swap
contracts. Financial derivative instruments may also be used for hedging purposes.
The Sub-Fund will normally hold, directly or through the use of financial derivative instruments, long positions of up to 200% of its net
assets and short positions (achieved through the use of financial derivative instruments) of up to 150% of its net assets. The Sub-Fund will
hold sufficient liquid assets (including, if applicable, sufficient liquid long positions) to cover at all times the Sub-Fund's obligations arising
from its financial derivative positions (including short positions). Net market exposure will be dynamic and may range between being long
to being short, depending on market conditions. The net exposure will normally not exceed 100% of the Sub-Fund’s net assets.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure will not generally be hedged.
Techniques and instruments relating to transferable securities and money market instruments (including, but not limited to, securities
lending or repurchase agreements) may be used for the purpose of efficient portfolio management.
The global exposure of the Sub-Fund will be monitored using VaR methodology.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.

Investor Profile
This is an aggressively managed equity Sub-Fund with a concentrated exposure to Emerging Market Companies, designed to deliver a
return in excess of its cash benchmark. The Sub-Fund will therefore have a higher volatility than its benchmark. The Sub-Fund may be
suitable for investors seeking emerging markets exposure, but also seeking lower volatility than a long-only emerging markets strategy.
Investors in this Sub-Fund should have at least a five year investment horizon.
Risk Profile
• This aggressively managed Sub-Fund is exposed primarily to a portfolio of Emerging Market Companies, utilising derivative strategies
  where appropriate.
• The Sub-Fund is invested in emerging markets, which may be subject to additional political and economic risks, while stocks can be
  negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• Whilst the Sub-Fund has a cash benchmark, it will invest in equities and financial derivative instruments on equities, so that investors will
  be exposed to stock market fluctuations and the financial performance of the companies held in the Sub-Fund’s portfolio or to which the
  portfolio is exposed.
• Volatility will therefore be higher than that of the cash benchmark and investors may see the value of their investment fall as well as rise
  on a daily basis, and they may get back less than they originally invested.
• The Sub-Fund will use financial derivative instruments to achieve its investment objective. The risks associated with the derivative
  instruments listed in the Investment Policy above are further detailed in “Appendix IV – Risk Factors”.




58     Appendix III
• The possible loss from taking a short position on a security differs from the loss that could be incurred from a cash investment in the
  security; the former may be unlimited as there is no restriction on the price to which a security may rise, whereas the latter cannot
  exceed the total amount of the cash investment. The short selling of investments may be subject to changes in regulations, which could
  adversely impact returns to investors.
• The long-short strategy used by the Sub-Fund may not produce the intended results. There is no guarantee that the simultaneous use of
  long and short positions will succeed in limiting the Sub-Fund’s exposure to stock market movements or other risk factors.
• The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank
  Currency Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will
  limit any direct investment in securities traded on the non-Regulated Markets of the Commonwealth of Independent States (together
  with any other securities not traded on a Regulated Market) to 10% of its net assets.
• The Sub-Fund’s portfolio may be concentrated in a limited number of securities.
• This Sub-Fund is denominated in USD, but will have significant exposure to non-USD currencies.
• The Sub-Fund will be managed without reference to its benchmark.


Fees and Expenses
 Share Class                                                  Initial Charge        Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Emerging Markets Long-Short Equity A                     5.00%                 1.50%                                0.40%                                   0.50%
 JPM Emerging Markets Long-Short Equity B                     Nil                   0.90%                                0.25%                                   Nil
 JPM Emerging Markets Long-Short Equity C                     Nil                   0.75%                                0.20%                                   Nil
 JPM Emerging Markets Long-Short Equity D                     5.00%                 2.25%                                0.40%                                   0.50%
 JPM Emerging Markets Long-Short Equity I                     Nil                   0.75%                                0.16% Max                               Nil
 JPM Emerging Markets Long-Short Equity X                     Nil                   Nil                                  0.15% Max                               Nil



Performance Fee
 Applicable Share Classes                   Performance Fee             Mechanism                      Performance Fee Benchmark

 All                                        20%                         High Water Mark                British Bankers’ Association (BBA) LIBOR one-month US Dollar deposits




                                                                                                                                                                  Appendix III       59
JPMorgan Funds – Emerging Markets Small Cap Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) Emerging Markets Small Cap Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in small capitalisation emerging markets companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
small capitalisation companies that are incorporated under the laws of, and have their registered office in, an emerging markets country,
or that derive the predominant part of their economic activity from emerging market countries, even if listed elsewhere. Market
capitalisation is the total value of a company’s shares and may fluctuate materially over time. The Sub-Fund’s weighted average market
capitalisation will, at all times, be less than the weighted average market capitalisation of the MSCI Emerging Markets IMI Index.
The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank
Currency Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will
limit any direct investment in securities traded on the non-Regulated Markets of the Commonwealth of Independent States (together with
any other securities not traded on a Regulated Market) to 10% of its net assets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund investing in emerging market small capitalisation companies. Although such companies have often produced
periods of very high returns for investors, they have historically been less liquid and carry a higher risk of financial distress than larger,
developed market blue chip companies. Therefore, investors in this Sub-Fund should be comfortable with its potential to be more volatile
than core, developed market large-cap biased equity sub-funds. Whilst the growth potential of small capitalisation emerging market
equities make this Sub-Fund attractive for investors looking for high investment returns, investors in this Sub-Fund need to be comfortable
with the additional political and economic risks associated with emerging market investments. The Sub-Fund may, therefore, be suitable
for investors who already have a globally diversified portfolio and now want to expand into riskier assets in order to potentially boost
returns. Because the markets for emerging market small capitalisation stocks are very volatile, investors should also have at least a five-
year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of small capitalisation emerging markets equities.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risk.
• As the Sub-Fund invests in equities and equity linked securities, investors are exposed to stock market fluctuations and the financial
  performance of the companies held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• As the portfolio is invested in smaller companies, which can be less liquid and tend to carry greater financial risk, volatility may be
  higher than in a broadly based investment.
• This Sub-Fund is denominated in USD, but will have significant exposure to non-USD currencies.
• The Sub-Fund will be managed with relatively low reference to its benchmark.




60     Appendix III
Fees and Expenses
 Share Class                                          Initial Charge        Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Emerging Markets Small Cap A                     5.00%                 1.50%                                0.40%                                   0.50%
 JPM Emerging Markets Small Cap B                     Nil                   0.90%                                0.25%                                   Nil
 JPM Emerging Markets Small Cap C                     Nil                   0.85%                                0.25%                                   Nil
 JPM Emerging Markets Small Cap D                     5.00%                 2.50%                                0.40%                                   0.50%
 JPM Emerging Markets Small Cap I                     Nil                   0.85%                                0.21% Max                               Nil
 JPM Emerging Markets Small Cap X                     Nil                   Nil                                  0.20% Max                               Nil


Performance Fee
 Applicable Share Classes           Performance Fee             Mechanism                      Performance Fee Benchmark

 All                                10%                         Claw-Back                      Morgan Stanley Capital International (MSCI) Emerging Markets Small Cap
                                                                                               Index (Total Return Net)




                                                                                                                                                          Appendix III       61
JPMorgan Funds – Emerging Markets Value Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) Emerging Markets Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in a value style biased portfolio of emerging market companies.
Investment Policy
At least 67% of the Sub-Fund’s assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, an emerging markets country, or that derive the
predominant part of their economic activity from emerging market countries, even if listed elsewhere.
The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank
Currency Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will
limit any direct investment in securities traded on the non Regulated Markets of the Commonwealth of Independent States (together with
any other securities not traded on a Regulated Market) to no more than 10% of its net assets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights and only to a
limited extent through investment in convertible securities, index and participation notes and equity linked notes.
Bonds, other debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments (including, but not limited to, securities lending or repurchase agreements) relating to transferable securities and money
market instruments may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a value investment style equity Sub-Fund designed to give exposure to attractively valued companies in global emerging markets.
Whilst emerging market equities make this Sub-Fund very attractive for investors looking for high investment returns, investors in the Sub-
Fund need to be comfortable with the additional political and economic risks associated with emerging market investments. The Sub-Fund
may, therefore, be suitable for experienced investors who already have a globally diversified portfolio and now want to expand into riskier
assets in order to potentially boost returns. As emerging stock markets are very volatile, investors should also have a five-to-ten year
investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of emerging markets equities.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• The Sub-Fund is denominated in USD, but will have significant exposure to non-USD currencies.
• The Sub-Fund will be managed with relatively low reference to its benchmark.
Fees and Expenses
 Share Class                                           Initial Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Emerging Markets Value A                          5.00%            1.50%                                0.40%                                   0.50%
 JPM Emerging Markets Value B                          Nil              0.90%                                0.25%                                   Nil
 JPM Emerging Markets Value C                          Nil              0.85%                                0.25%                                   Nil
 JPM Emerging Markets Value D                          5.00%            2.25%                                0.40%                                   0.50%
 JPM Emerging Markets Value I                          Nil              0.85%                                0.21% Max                               Nil
 JPM Emerging Markets Value X                          Nil              Nil                                  0.20% Max                               Nil




62        Appendix III
JPMorgan Funds – Emerging Middle East Equity Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) Middle East Index (Total Return Net)1
Investment Objective
To provide long-term capital growth by investing primarily in companies of the emerging markets of the Middle East region.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, an emerging market of the Middle East, or that
derive the predominant part of their economic activity from an emerging market of the Middle East, even if listed elsewhere.
The Sub-Fund may also invest in Morocco and Tunisia.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund investing primarily in companies of the emerging markets of the Middle East region. The long-term potential of
emerging market companies in the Middle East makes this Sub-Fund attractive for investors looking for enhanced investment returns.
However, investors in this Sub-Fund need to be comfortable with the substantial political and economic risks associated with the emerging
markets of the Middle Eastern region. The Sub-Fund may, therefore, be particularly suitable for investors who already have a globally
diversified portfolio and now want to expand into riskier assets in order to potentially boost returns. Because of the high volatility of the
region’s stock markets, investors should also have a five-to-ten year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of companies in the emerging markets of the Middle East
  region.
• Investors should be aware that the Sub-Fund is invested in the emerging markets of the Middle East, which may be subject to additional
  political and economic risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater
  financial risks.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Due to the constraints of the investment universe, the Sub-Fund’s portfolio may be concentrated in a limited number of securities.
• This Sub-Fund is denominated in USD, but will have significant exposure to non-USD currencies.
Fees and Expenses
    Share Class                                                      Initial Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

    JPM Emerging Middle East Equity A                                5.00%            1.50%                                0.45%                                   0.50%
    JF Emerging Middle East Equity A                                 5.00%            1.50%                                0.45%                                   0.50%
    JPM Emerging Middle East Equity B                                Nil              0.90%                                0.30%                                   Nil
    JPM Emerging Middle East Equity C                                Nil              0.85%                                0.25%                                   Nil
    JPM Emerging Middle East Equity D                                5.00%            2.50%                                0.45%                                   0.50%
    JPM Emerging Middle East Equity I                                Nil              0.85%                                0.21% Max                               Nil
    JPM Emerging Middle East Equity X                                Nil              Nil                                  0.20% Max                               Nil



1   Information regarding this Benchmark may be obtained from the registered office of the Fund.




                                                                                                                                                                    Appendix III       63
JPMorgan Funds – Euroland Equity Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) EMU Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies of countries which are part of the Euro zone (the “Euroland
Countries”).
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, a Euroland Country, or that derive the predominant
part of their economic activity from Euroland Countries, even if listed elsewhere.
The Sub-Fund may invest up to 10% of its net assets in companies from other continental European countries.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and Floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a core equity Sub-Fund designed to give a broad market exposure to Euro-zone stock markets. Because the Sub-Fund is diversified
across a number of markets and is managed conservatively relative to its benchmark index, it may be suitable for investors who are
looking for a core equity investment to sit at the heart of their portfolio, or as a stand alone investment aimed at producing long-term
capital growth. This Sub-Fund uses an investment process which is based on systematic investment in stocks with specific style
characteristics which are associated with long term outperformance, caused by the impact of human psychological biases on stock
markets. Investors in this Sub-Fund should also have at least a five-year investment horizon.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of equities in the euro zone.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• However, the volatility of the Sub-Fund is limited by its diversification across a large number of companies and industry groups.
• Also, the Sub-Fund’s careful risk controls and high level of stock diversification aim to ensure low volatility relative to the benchmark
  index. Therefore, returns are not dependent on taking large risks against the Sub-Fund’s benchmark.
• This Sub-Fund is denominated in EUR, but may at times have limited exposure to non-EUR currencies in the portfolio.
Fees and Expenses
 Share Class                             Initial Charge           Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Euroland Equity A                   5.00%                    1.50%                                0.40%                                   0.50%
 JF Euroland Equity A                    5.00%                    1.50%                                0.40%                                   0.50%
 JPM Euroland Equity B                   Nil                      0.90%                                0.25%                                   Nil
 JPM Euroland Equity C                   Nil                      0.65%                                0.20%                                   Nil
 JPM Euroland Equity D                   5.00%                    2.25%                                0.40%                                   0.50%
 JPM Euroland Equity I                   Nil                      0.65%                                0.16% Max                               Nil
 JPM Euroland Equity X                   Nil                      Nil                                  0.15% Max                               Nil




64        Appendix III
JPMorgan Funds – Euroland Select Equity Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) EMU Index (Total Return Net)
Investment Objective
To achieve a return in excess of Euro-zone equity markets by investing primarily in companies of countries which are part of the Euro-zone
(the “Euroland Countries”).
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, a Euroland Country, or that derive the predominant
part of their economic activity from Euroland Countries, even if listed elsewhere.
The Sub-Fund may invest up to 10% of its net assets in companies from other continental European countries.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
This Sub-Fund uses an active investment process that is based on the bottom-up analysis of companies and their future earnings and
cashflows by a group of specialist sector analysts.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a core equity Sub-Fund designed to give a broad market exposure to Euro-zone stock markets. Because the Sub-Fund is diversified
across a number of markets, it may be suitable for investors who are looking for a core equity investment to sit at the heart of their
portfolio, or as a stand alone investment aimed at producing long-term capital growth. Investors in this Sub-Fund should also have at least
a five-year investment horizon.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of equities in the Euro-zone.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• However, the volatility of the Sub-Fund is limited by its diversification across a large number of companies and industry groups.
• This Sub-Fund is denominated in EUR, but may at times have exposure to non-EUR currencies.
Fees and Expenses
 Share Class                                     Initial Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Euroland Select Equity A                    5.00%            1.50%                                0.40%                                   0.50%
 JPM Euroland Select Equity B                    Nil              0.90%                                0.25%                                   Nil
 JPM Euroland Select Equity C                    Nil              0.65%                                0.20%                                   Nil
 JPM Euroland Select Equity D                    5.00%            2.25%                                0.40%                                   0.50%
 JPM Euroland Select Equity I                    Nil              0.65%                                0.16% Max                               Nil
 JPM Euroland Select Equity X                    Nil              Nil                                  0.15% Max                               Nil




                                                                                                                                                      Appendix III   65
JPMorgan Funds – Europe 130/30 Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) Europe Index (Total Return Net)
Investment Objective
To provide long term capital growth, through exposure to European companies by direct investments in securities of such companies and
through the use of financial derivative instruments.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested, either directly or through the use of
financial derivative instruments, in equity and equity linked securities of companies that are incorporated under the laws of, and have
their registered office in, a European country, or that derive the predominant part of their economic activity from Europe, even if listed
elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Financial derivative instruments utilised by the Sub-Fund may include, but are not limited to, futures, options, contracts for difference,
forward contracts on financial instruments and options on such contracts, credit linked instruments, mortgage TBAs and swap contracts by
private agreement and other fixed income, currency and credit derivatives. Long and short positions may be employed as described below.
Financial derivative instruments may also be used for hedging purposes.
To enhance investment returns, the Sub-Fund will, mainly through the use of covered cash settled equity swaps, have exposure to long and
short positions in equities. The Sub-Fund will normally hold directly or through the use of financial derivative instruments, long positions
of approximately 130% of its net assets, and approximately 30% of its net assets in short positions through the use of financial derivative
instruments. However at times the Sub-Fund may hold long positions of up to 150% of its net assets and short positions of up to 50% of
its net assets. In certain market conditions, the Sub-Fund may only hold 100% of its net assets in long positions with no short positions.
When outside of the range 115% long/15% short and 145% long/45% short, steps will be taken to adjust the exposure of the Sub-Fund so
as to move back within such range. The Sub-Fund’s long positions will be sufficiently liquid to cover at all times the Sub-Fund’s obligations
arising from its short positions.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in units of UCITS and other UCIs including money market funds.
EUR is the reference currency of the Sub-Fund but assets may be denominated in other currencies and currency exposure may be hedged.
The Sub-Fund may also use securities lending or repurchase agreements.
The global exposure of the Sub-Fund will be monitored using VaR methodology.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an actively managed Sub-Fund designed to give broad market exposure to European securities markets. The Sub-Fund is well
diversified across a number of European markets. Financial derivative instruments will be used to have exposure to covered long and
short positions on such securities. This Sub-Fund uses an investment process which is based on systematic investment in stocks with
specific style characteristics which are associated with long-term outperformance, caused by the impact of human psychological biases on
stock markets. The Sub-Fund may be suitable for investors who are looking for an equity investment with scope for additional returns.
Investors should have a five-year investment horizon.
Risk Profile
• This Sub-Fund is exposed primarily to European equities including the UK.
• The Sub-Fund frequently uses derivative positions rather than direct investments, in order to create and maintain exposure to European
  markets.
• As the Sub-Fund invests in equities and financial derivative instruments on equities, investors are exposed to stock market fluctuations
  and the financial performance of the companies held in the Sub-Fund’s portfolio or to which the portfolio is exposed.
• The possible loss from taking a short position on a security differs from the loss that could be incurred from a cash investment in the
  security; the former may be unlimited as there is no restriction on the price to which a security may rise, whereas the latter cannot
  exceed the total amount of the cash investment. The short selling of investments may be subject to changes in regulations, which could
  adversely impact returns to investors.




66     Appendix III
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• This Sub-Fund is denominated in EUR, but will have exposure to non-EUR currencies.
• The Sub-Fund may use financial derivative instruments to achieve its investment objective.
• The risks associated with the financial derivative instruments listed in the Investment Policy above are further detailed in “Appendix IV –
  Risk Factors”.

Fees and Expenses
 Share Class                              Initial Charge          Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe 130/30 A                      5.00%                   1.50%                                0.40%                                   0.50%
 JPM Europe 130/30 B                      Nil                     0.90%                                0.25%                                   Nil
 JPM Europe 130/30 C                      Nil                     0.80%                                0.20%                                   Nil
 JPM Europe 130/30 D                      5.00%                   2.50%                                0.40%                                   0.50%
 JPM Europe 130/30 I                      Nil                     0.80%                                0.16% Max                               Nil
 JPM Europe 130/30 X                      Nil                     Nil                                  0.15% Max                               Nil


Performance Fee
 Applicable Share Classes           Performance Fee          Mechanism                    Performance Fee Benchmark

 All                                10%                      Claw-Back                    Morgan Stanley Capital International (MSCI) Europe Index (Total Return Net)




                                                                                                                                                      Appendix III   67
JPMorgan Funds – Europe Convergence Equity Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) Custom Converging Europe 10/40 Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies of those countries that joined the EU after 1 January 2004 or are
applying or likely to apply for membership of the European Union (the “Converging European Countries”).
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, a Converging European Country, or that derive the
predominant part of their economic activity from Converging European Countries, even if listed elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent through, investment in convertible securities, index and participation notes
and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund investing in the stock markets of those countries which have applied, or are likely to apply, for membership of
the European Union. Whilst the economic convergence of such countries with those already in the EU should provide attractive investment
opportunities, they may continue to have many of the characteristics of emerging markets. Investors in the Sub-Fund need to therefore be
comfortable with the additional political and economic risks associated with emerging market investments. The Sub-Fund may, therefore,
be suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in order to potentially
boost returns or who want a stand alone investment in the European convergence theme. Because emerging stock markets are very
volatile, investors should also have at least a five-year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in the stock markets of countries applying for or likely to apply for
  membership of the EU or to join the euro.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• As the Sub-Fund may hold significant investment in smaller companies, which can be less liquid and tend to carry greater financial risk,
  volatility may be higher than in a broadly based investment.
• This Sub-Fund is denominated in EUR, but will have significant exposure to non-EUR currencies.
• Due to the constraints of the investment universe, the Sub-Fund’s portfolio may be concentrated in a limited number of securities.
Fees and Expenses
 Share Class                                      Initial Charge    Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Convergence Equity A                  5.00%             1.50%                                0.45%                                   0.50%
 JF Europe Convergence Equity A                   5.00%             1.50%                                0.45%                                   0.50%
 JPM Europe Convergence Equity B                  Nil               0.90%                                0.30%                                   Nil
 JPM Europe Convergence Equity C                  Nil               0.85%                                0.25%                                   Nil
 JPM Europe Convergence Equity D                  5.00%             2.50%                                0.45%                                   0.50%
 JPM Europe Convergence Equity I                  Nil               0.85%                                0.21% Max                               Nil
 JPM Europe Convergence Equity X                  Nil               Nil                                  0.20% Max                               Nil




68        Appendix III
JPMorgan Funds – Europe Dynamic Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) Europe Index (Total Return Net)
Investment Objective
To maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies.
Investment Objective
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, a European country, or that derive the predominant
part of their economic activity from Europe, even if listed elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an aggressively-managed equity Sub-Fund investing in an equally weighted portfolio of European stocks chosen for their growth
and value characteristics. This Sub-Fund uses an investment process which is based on systematic investment in stocks with specific style
characteristics which are associated with long term outperformance, caused by the impact of human psychological biases on stock
markets. Therefore, the Sub-Fund may be suitable for investors looking for a higher risk equity strategy to complement an existing core
portfolio, or looking to potentially enhance long-term returns and who are comfortable with the extra risks inherent in the Sub-Fund. The
Sub-Fund may be suitable for investors with at least a five year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of European equities including the UK.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Because the portfolio is approximately equally weighted and may bear little resemblance to the composition of its benchmark, volatility
  may be very high. However, there may also be greater potential for higher returns.
• This Sub-Fund is denominated in EUR, but will have exposure to non-EUR currencies.
Fees and Expenses
 Share Class                        Initial Charge   Contingent Deferred Sales Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Dynamic A               5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JF Europe Dynamic A                5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JPM Europe Dynamic B               Nil              Nil                                0.90%                                0.25%                                   Nil
 JPM Europe Dynamic C               Nil              Nil                                0.80%                                0.20%                                   Nil
 JPM Europe Dynamic D               5.00%            Nil                                2.50%                                0.40%                                   0.50%
 JPM Europe Dynamic I               Nil              Nil                                0.80%                                0.16% Max                               Nil
 JPM Europe Dynamic T               Nil              3.00%                              2.50%                                0.40%                                   Nil
 JPM Europe Dynamic X               Nil              Nil                                Nil                                  0.15% Max                               Nil




                                                                                                                                                                      Appendix III       69
JPMorgan Funds – Europe Dynamic Mega Cap Fund
Reference Currency
Euro (EUR)
Benchmark
EURO STOXX 50 Index (Total Return Net)
Investment Objective
To maximise long-term capital growth by investing primarily in an aggressively managed portfolio of mega capitalisation European
companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
mega capitalisation companies that are incorporated under the laws of, and have their registered office in, a European country, or that
derive the predominant part of their economic activity from Europe, even if listed elsewhere. Market capitalisation is the total value of a
company’s shares and may fluctuate materially over time. Mega capitalisation companies are those whose market capitalisation is within
the range of the market capitalisation of the biggest 300 companies in the MSCI Europe Index at the time of purchase.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an aggressively managed equity Sub-Fund investing in a portfolio of European mega capitalisation stocks chosen for their growth
and value characteristics. Therefore, the Sub-Fund may be suitable for investors looking for a higher risk mega cap equity strategy to
complement an existing core portfolio or looking to potentially enhance long-term returns and who are comfortable with the extra risks
inherent in the Sub-Fund. Investors in this Sub-Fund should also have at least a five-year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of mega cap European equities including the UK.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Because the portfolio is aggressively managed and may bear little resemblance to the composition of its benchmark, volatility may be
  very high.
• This Sub-Fund is denominated in EUR, but will have exposure to non-EUR currencies.
Fees and Expenses
 Share Class                     Initial Charge   Contingent Deferred Sales Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Dynamic Mega Cap A   5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JF Europe Dynamic Mega Cap A    5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JPM Europe Dynamic Mega Cap B   Nil              Nil                                0.90%                                0.25%                                   Nil
 JPM Europe Dynamic Mega Cap C   Nil              Nil                                0.80%                                0.20%                                   Nil
 JPM Europe Dynamic Mega Cap D   5.00%            Nil                                2.50%                                0.40%                                   0.50%
 JPM Europe Dynamic Mega Cap I   Nil              Nil                                0.80%                                0.16% Max                               Nil
 JPM Europe Dynamic Mega Cap T   Nil              3.00%                              2.50%                                0.40%                                   Nil
 JPM Europe Dynamic Mega Cap X   Nil              Nil                                Nil                                  0.15% Max                               Nil




70        Appendix III
JPMorgan Funds – Europe Dynamic Small Cap Fund
Reference Currency
Euro (EUR)
Benchmark
HSBC Smaller Europe (inc UK) Index (Total Return Net)
Investment Objective
To maximise long-term capital growth by investing primarily in an aggressively managed portfolio of small capitalisation European
companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
small capitalisation companies that are incorporated under the laws of, and have their registered office in, a European country, or that
derive the predominant part of their economic activity from Europe, even if listed elsewhere. Market capitalisation is the total value of a
company’s shares and may fluctuate materially over time. Small capitalisation companies are those whose market capitalisation is within the
range of the market capitalisation of companies in the Benchmark for the Sub-Fund at the time of purchase.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an aggressively-managed equity Sub-Fund investing in a portfolio of European small-cap stocks chosen for their growth and value
characteristics. Therefore, the Sub-Fund may be suitable for investors looking for a higher risk small-cap equity strategy to complement an
existing core portfolio, or looking to potentially enhance long-term returns and who are comfortable with the extra risks inherent in the
Sub-Fund. Investors in this Sub-Fund should also have at least a five-year investment horizon.
Risk Profile
• This aggressively managed small cap equity Sub-Fund invests primarily in a portfolio of European equities including the UK.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Because the portfolio is aggressively managed and may bear little resemblance to the composition of its benchmark, volatility may be
  very high. Furthermore, the portfolio is also invested in smaller companies, which can be less liquid and tend to carry greater financial
  risk than larger companies. However, there may also be greater potential for higher returns.
• This Sub-Fund is denominated in EUR, but will have exposure to non-EUR currencies.
Fees and Expenses
 Share Class                                          Initial Charge        Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Dynamic Small Cap A                       5.00%                 1.50%                                0.40%                                   0.50%
 JPM Europe Dynamic Small Cap B                       Nil                   0.90%                                0.25%                                   Nil
 JPM Europe Dynamic Small Cap D                       5.00%                 2.50%                                0.40%                                   0.50%
 JPM Europe Dynamic Small Cap X                       Nil                   Nil                                  0.15% Max                               Nil


Performance Fee
 Applicable Share Classes           Performance Fee                    Mechanism                    Performance Fee Benchmark

 All                                10%                                Claw-Back                    HSBC Smaller Europe (inc UK) Index (Total Return Net)




                                                                                                                                                                Appendix III   71
JPMorgan Funds – Europe Equity Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) Europe Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in European companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, a European country, or that derive the predominant
part of their economic activity from Europe, even if listed elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent,through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a core equity Sub-Fund designed to give broad market exposure to European stock markets. Because the Sub-Fund is diversified
across a number of markets, it may be suitable for investors who are looking for a core equity investment to sit at the heart of their
portfolio, or as a stand alone investment aimed at producing long-term capital growth. Investors in this Sub-Fund should also have at least
a five year investment horizon.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of European equities including the UK.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• However, the volatility of the Sub-Fund is limited by its diversification across a large number of companies and industry groups.
• Also, the Sub-Fund’s careful risk controls and high level of stock diversification aim to ensure low volatility relative to the benchmark
  index. Therefore, returns are not dependent on taking large risks against the Sub-Fund’s benchmark.
• This Sub-Fund is denominated in EUR, but will have exposure to non-EUR currencies.
Fees and Expenses
 Share Class                             Initial Charge           Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Equity A                     5.00%                    1.50%                                0.40%                                   0.50%
 JF Europe Equity A                      5.00%                    1.50%                                0.40%                                   0.50%
 JPM Europe Equity B                     Nil                      0.90%                                0.25%                                   Nil
 JPM Europe Equity C                     Nil                      0.65%                                0.20%                                   Nil
 JPM Europe Equity D                     5.00%                    2.25%                                0.40%                                   0.50%
 JPM Europe Equity I                     Nil                      0.65%                                0.16% Max                               Nil
 JPM Europe Equity X                     Nil                      Nil                                  0.15% Max                               Nil




72        Appendix III
JPMorgan Funds – Europe Focus Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) Europe Index (Total Return Net)
Investment Objective
To provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small
European companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
large, medium and small companies that are incorporated under the laws of, and have their registered office in, a European country, or
that derive the predominant part of their economic activity from Europe, even if listed elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
This Sub-Fund uses an active investment process that is based on the bottom-up analysis of companies and their future earnings and
cashflows by a group of specialist sector analysts.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an aggressively managed equity Sub-Fund investing in a portfolio of European stocks. Therefore, the Sub-Fund may be suitable for
investors looking for a higher risk equity strategy to complement an existing core portfolio, or who are looking to enhance potential long-
term returns but are also comfortable with the extra risk inherent in the Sub-Fund’s investment strategy. Investors in this Sub-Fund should
also have at least a five year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of European equities including the UK.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Due to its stocks, sector and country allocations, high volatility may occur and the Sub-Fund may bear little resemblance to the
  composition of its benchmark. However, there may also be greater potential for higher returns and losses.
• This Sub-Fund is denominated in EUR, but will have exposure to non-EUR currencies.
Fees and Expenses
 Share Class                        Initial Charge    Contingent Deferred Sales Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Focus A                 5.00%             Nil                                1.50%                                0.40%                                   0.50%
 JF Europe Focus A                  5.00%             Nil                                1.50%                                0.40%                                   0.50%
 JPM Europe Focus B                 Nil               Nil                                0.90%                                0.25%                                   Nil
 JPM Europe Focus C                 Nil               Nil                                0.80%                                0.20%                                   Nil
 JPM Europe Focus D                 5.00%             Nil                                2.50%                                0.40%                                   0.50%
 JPM Europe Focus I                 Nil               Nil                                0.80%                                0.16% Max                               Nil
 JPM Europe Focus T                 Nil               3.00%                              2.50%                                0.40%                                   Nil
 JPM Europe Focus X                 Nil               Nil                                Nil                                  0.15% Max                               Nil



Performance Fee
 Applicable Share Classes           Performance Fee                       Mechanism                  Performance Fee Benchmark

 All                                10%                                   Claw-Back                  Morgan Stanley Capital International (MSCI) Europe Index (Total Return Net)




                                                                                                                                                                       Appendix III       73
JPMorgan Funds – Europe Micro Cap Fund
Reference Currency
Euro (EUR)
Benchmark
HSBC Smaller Europe (inc UK) Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in micro capitalisation European companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
micro capitalisation companies that are incorporated under the laws of, and have their registered office in, a European country, or that
derive the predominant part of their economic activity from Europe, even if listed elsewhere. Market capitalisation is the total value of a
company’s shares and may fluctuate materially over time. Micro capitalisation companies are those whose market capitalisation is within
the range of the market capitalisation of companies in the Benchmark for the Sub-Fund at the time of purchase.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund designed to give exposure to European micro capitalisation companies. Although such companies have often
produced periods of very high returns for investors, they have historically been less liquid and carry a higher risk of financial distress than
larger, blue chip companies. Therefore, investors in this Sub-Fund should be comfortable with its potential to be more volatile than core,
large-cap biased equity Sub-Funds. Because the Sub-Fund is invested in micro cap equities, it may be suitable for investors with at least a
five year investment horizon.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of micro-cap European equities including the UK.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Because the portfolio is invested in very small companies, which tend to be less liquid and carry greater financial risk, volatility may be
  higher than in a broadly-sbased investment.
• This Sub-Fund is denominated in EUR, but will have exposure to non-EUR currencies.
Fees and Expenses
 Share Class                              Initial Charge          Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Micro Cap A                   5.00%                   1.50%                                0.40%                                   0.50%
 JF Europe Micro Cap A                    5.00%                   1.50%                                0.40%                                   0.50%
 JPM Europe Micro Cap B                   Nil                     0.90%                                0.25%                                   Nil
 JPM Europe Micro Cap D                   5.00%                   2.50%                                0.40%                                   0.50%
 JPM Europe Micro Cap X                   Nil                     Nil                                  0.15% Max                               Nil



Performance Fee
 Applicable Share Classes           Performance Fee          Mechanism                    Performance Fee Benchmark

 All                                10%                      Claw-Back                    HSBC Smaller Europe (inc UK) Index (Total Return Net)




74        Appendix III
JPMorgan Funds – Europe Select 130/30 Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) Europe Index (Total Return Net)
Investment Objective
To provide long term capital growth, through exposure to European companies by direct investments in securities of such companies and
through the use of financial derivative instruments.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested, either directly or through the use of
financial derivative instruments, in equity and equity linked securities of companies that are incorporated under the laws of, and have
their registered office in a European country or that derive the predominant part of their economic activity from Europe, even if listed
elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Financial derivative instruments utilised by the Sub-Fund may include, but are not limited to, futures, options, contracts for difference,
forward contracts on financial instruments and options on such contracts, credit linked instruments, mortgage TBAs and swap contracts by
private agreement and other fixed income, currency and credit derivatives. Long and short positions may be employed as described below.
Financial derivative instruments may also be used for hedging purposes.
This Sub-Fund uses an active investment process that is based on the bottom-up analysis of companies and their future earnings and
cashflows by a group of specialist sector analysts.
To enhance investment returns, the Sub-Fund will, mainly through the use of covered cash settled equity swaps, have exposure to long and
short positions in equities. The Sub-Fund will normally hold directly or through the use of financial derivative instruments, long positions
of approximately 130% of its net assets, and approximately 30% of its net assets in short positions through the use of financial derivative
instruments. However at times the Sub-Fund may hold long positions of up to 150% of its net assets and short positions of up to 50% of
net assets. In certain market conditions, the Sub-Fund may only hold 100% of its net assets in long positions with no short positions. When
outside of the range 115% long/15% short and 145% long/45% short, steps will be taken to adjust the exposure of the Sub-Fund so as to
move back within such range. The Sub-Fund's long positions will be sufficiently liquid to cover at all times the Sub-Fund's obligations
arising from its short positions.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in units of UCITS and other UCIs including money market funds.
EUR is the reference currency of the Sub-Fund but assets may be denominated in other currencies and currency exposure may be hedged.
Techniques and instruments relating to transferable securities and money market instruments (including, but not limited to, securities
lending or repurchase agreements) may be used for the purpose of efficient portfolio management.
The global exposure of the Sub-Fund will be monitored using VaR methodology.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an actively managed Sub-Fund designed to give broad market exposure to European securities markets. The Sub-Fund is well
diversified across a number of European markets. Financial derivative instruments will be used to gain exposure to covered long and short
positions on such securities. The Sub-Fund may be suitable for investors who are looking for an equity investment with scope for
additional returns. Investors should have a five-year investment horizon.
Risk Profile
• This Sub-Fund is exposed primarily to European equities including the UK.
• The Sub-Fund frequently uses derivative positions rather than direct investments, in order to create and maintain exposure to European
  markets.
• As the Sub-Fund invests in equities and financial derivative instruments on equities, investors are exposed to stock market fluctuations
  and the financial performance of the companies held in the Sub-Fund’s portfolio or to which the portfolio is exposed.
• The possible loss from taking a short position on a security differs from the loss that could be incurred from a cash investment in the
  security; the former may be unlimited as there is no restriction on the price to which a security may rise, whereas the latter cannot
  exceed the total amount of the cash investment. The short selling of investments may be subject to changes in regulations, which could
  adversely impact returns to investors.




                                                                                                                          Appendix III       75
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• This Sub-Fund is denominated in EUR, but will have exposure to non-EUR currencies.
• The Sub-Fund may use financial derivative instruments to achieve its investment objective.
• The risks associated with the financial derivative instruments listed in the Investment Policy above are further detailed in “Appendix IV –
  Risk Factors”.

Fees and Expenses
 Share Class                                  Initial Charge        Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Select 130/30 A                   5.00%                 1.50%                                0.40%                                   0.50%
 JPM Europe Select 130/30 B                   Nil                   0.90%                                0.25%                                   Nil
 JPM Europe Select 130/30 C                   Nil                   0.80%                                0.20%                                   Nil
 JPM Europe Select 130/30 D                   5.00%                 2.50%                                0.40%                                   0.50%
 JPM Europe Select 130/30 I                   Nil                   0.80%                                0.16% Max                               Nil
 JPM Europe Select 130/30 X                   Nil                   Nil                                  0.15% Max                               Nil


Performance Fee
 Applicable Share Classes           Performance Fee            Mechanism                    Performance Fee Benchmark

 All                                10%                        Claw-Back                    Morgan Stanley Capital International (MSCI) Europe Index (Total Return Net)




76        Appendix III
JPMorgan Funds – Europe Small Cap Fund
Reference Currency
Euro (EUR)
Benchmark
HSBC Smaller Europe (inc UK) Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in small capitalisation European companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
small capitalisation companies that are incorporated under the laws of, and have their registered office in, a European country, or that
derive the predominant part of their economic activity from Europe, even if listed elsewhere. Market capitalisation is the total value of a
company’s shares and may fluctuate materially over time. Small capitalisation companies are those whose market capitalisation is within the
range of the market capitalisation of companies in the Benchmark for the Sub-Fund at the time of purchase.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund designed to give exposure to European small capitalisation companies. Although such companies have often
produced periods of very high returns for investors, they have historically been less liquid and carry a higher risk of financial distress than
larger, blue chip companies. Therefore, investors in this Sub-Fund should be comfortable with its potential to be more volatile than core,
large-cap biased equity sub-funds. Because the Sub-Fund is invested in equities, it may be suitable for investors with at least a five year
investment horizon.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of small cap European equities including the UK.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Because the portfolio is invested in smaller companies, which can be less liquid and tend to carry greater financial risk, volatility may be
  higher than in a broadly based investment. However, there may also be greater potential for higher returns.
• This Sub-Fund is denominated in EUR, but will have exposure to non-EUR currencies.
Fees and Expenses
 Share Class                             Initial Charge           Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Small Cap A                  5.00%                    1.50%                                0.40%                                   0.50%
 JF Europe Small Cap A                   5.00%                    1.50%                                0.40%                                   0.50%
 JPM Europe Small Cap B                  Nil                      0.90%                                0.25%                                   Nil
 JPM Europe Small Cap C                  Nil                      0.80%                                0.20%                                   Nil
 JPM Europe Small Cap D                  5.00%                    2.50%                                0.40%                                   0.50%
 JPM Europe Small Cap I                  Nil                      0.80%                                0.16% Max                               Nil
 JPM Europe Small Cap X                  Nil                      Nil                                  0.15% Max                               Nil




                                                                                                                                                      Appendix III   77
JPMorgan Funds – Europe Strategic Growth Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) Europe Growth Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in a growth style biased portfolio of European companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in a growth style biased portfolio of
equity and equity linked securities of companies that are incorporated under the laws of, and have their registered office, in a European
country, or that derive the predominant part of their economic activity from Europe, even if listed elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a growth investment style equity Sub-Fund designed to give exposure to growth companies in Europe. Because growth stocks tend
to outperform at different times to value stocks, investors should be prepared for periods of underperformance, although research shows
that over the long-term both investment styles have outperformed. Therefore, this Sub-Fund can be used both to provide a growth tilt to
an existing diversified portfolio or as an investment in its own right. Investors in this Sub-Fund should have at least a five year investment
horizon.
Risk Profile
• This equity Sub-Fund invests in a growth-style portfolio of European equities including the UK.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Also the Sub-Fund’s pure exposure to growth stocks limits the room for risk diversification within the Sub-Fund. Short term volatility
  against broader market indices may therefore be considerable.
• Although research shows that growth stocks outperform over the long term, investors may experience periods of high short term
  volatility.
• This Sub-Fund is denominated in EUR, but will have exposure to non-EUR currencies.
Fees and Expenses
 Share Class                                 Initial Charge       Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Strategic Growth A               5.00%                1.50%                                0.40%                                   0.50%
 JF Europe Strategic Growth A                5.00%                1.50%                                0.40%                                   0.50%
 JPM Europe Strategic Growth B               Nil                  0.90%                                0.25%                                   Nil
 JPM Europe Strategic Growth C               Nil                  0.75%                                0.20%                                   Nil
 JPM Europe Strategic Growth D               5.00%                2.25%                                0.40%                                   0.50%
 JPM Europe Strategic Growth I               Nil                  0.75%                                0.16% Max                               Nil
 JPM Europe Strategic Growth X               Nil                  Nil                                  0.15% Max                               Nil




78        Appendix III
JPMorgan Funds – Europe Strategic Growth Small Cap Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) Europe Small Cap Growth Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation European companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in a growth style biased portfolio of
equity and equity linked securities of small capitalisation companies that are incorporated under the laws of, and have their registered
office in, a European country, or that derive the predominant part of their economic activity from Europe, even if listed elsewhere. Market
capitalisation is the total value of a company’s shares and may fluctuate materially over time, Small capitalisation companies are those
whose market capitalisation is within the range of the market capitalisation of companies in the Benchmark for the Sub-Fund at the time
of purchase.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a growth investment style equity Sub-Fund designed to give exposure to small capitalisation growth companies in Europe. Because
growth stocks tend to outperform at different times to value stocks, investors should be prepared for periods of underperformance
relative to the European stock market. However, research shows that over the long-term both growth and value investment styles have
outperformed. Therefore, this Sub-Fund can be used both to provide a small capitalisation growth tilt to an existing diversified portfolio or
as an investment in its own right. Although small capitalisation companies have often produced periods of very high returns for investors,
they have historically been less liquid and carry a higher risk of financial distress than larger, blue chip companies. Therefore, investors in
this Sub-Fund should be comfortable with its potential to be more volatile than core, large-cap biased equity sub-funds. Investors in this
Sub-Fund should have at least a five year investment horizon.
Risk Profile
• This equity Sub-Fund invests in a growth-style portfolio of European small capitalisation companies including the UK.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Also the Sub-Fund’s pure exposure to small capitalisation growth stocks limits the room for risk diversification within the Sub-Fund.
  Short term volatility against broader market indices may therefore be considerable.
• Although research shows that small capitalisation growth stocks outperform over the long-term, investors may experience periods of
  high short term volatility.
• Because the portfolio is invested in smaller companies, which can be less liquid and tend to carry greater financial risk, volatility may be
  higher than in a broadly based investment. However, there may also be greater potential for higher returns.
• This Sub-Fund is denominated in EUR, but may have exposure to non-EUR currencies.




                                                                                                                           Appendix III      79
Fees and Expenses
 Share Class                                         Initial Charge        Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Strategic Growth Small Cap A             5.00%                 1.50%                                0.40%                                   0.50%
 JPM Europe Strategic Growth Small Cap B             Nil                   0.90%                                0.25%                                   Nil
 JPM Europe Strategic Growth Small Cap C             Nil                   0.80%                                0.20%                                   Nil
 JPM Europe Strategic Growth Small Cap D             5.00%                 2.50%                                0.40%                                   0.50%
 JPM Europe Strategic Growth Small Cap I             Nil                   0.80%                                0.16% Max                               Nil
 JPM Europe Strategic Growth Small Cap X             Nil                   Nil                                  0.15% Max                               Nil



Performance Fee
 Applicable Share Classes                  Performance Fee            Mechanism                    Performance Fee Benchmark

 All                                       10%                        Claw-Back                    Morgan Stanley Capital International (MSCI) Europe Small Cap Growth Index
                                                                                                   (Total Return Net)




80        Appendix III
JPMorgan Funds – Europe Strategic Value Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) Europe Value Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in a value style biased portfolio of European companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in a value style biased portfolio of equity
and equity linked securities of companies that are incorporated under the laws of, and have their registered office in, a European country,
or that derive the predominant part of their economic activity from Europe, even if listed elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a value investment style equity Sub-Fund designed to give exposure to value companies in Europe. Because value stocks tend to
outperform at different times to growth stocks, investors should be prepared for periods of underperformance, although research shows
that over the long term both investment styles have outperformed. Therefore, this Sub-Fund can be used both to provide a value tilt to an
existing diversified portfolio or as an investment in its own right. Investors in this Sub-Fund should have at least a five year investment
horizon.
Risk Profile
• This equity Sub-Fund invests in a value-style portfolio of European equities including the UK.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Also the Sub-Fund’s pure exposure to value stocks limits the room for risk diversification within the Sub-Fund. Short term volatility
  against broader market indices may therefore be considerable.
• Although research shows that value stocks outperform over the long term, investors may experience periods of high short term volatility.
• This Sub-Fund is denominated in EUR, but will have exposure to non-EUR currencies.
Fees and Expenses
 Share Class                                Initial Charge       Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Strategic Value A               5.00%                1.50%                                0.40%                                   0.50%
 JF Europe Strategic Value A                5.00%                1.50%                                0.40%                                   0.50%
 JPM Europe Strategic Value B               Nil                  0.90%                                0.25%                                   Nil
 JPM Europe Strategic Value C               Nil                  0.75%                                0.20%                                   Nil
 JPM Europe Strategic Value D               5.00%                2.25%                                0.40%                                   0.50%
 JPM Europe Strategic Value I               Nil                  0.75%                                0.16% Max                               Nil
 JPM Europe Strategic Value X               Nil                  Nil                                  0.15% Max                               Nil




                                                                                                                                                     Appendix III   81
JPMorgan Funds – Europe Strategic Value Small Cap Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) Europe Small Cap Value Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in a value style biased portfolio of small capitalisation European companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in a value style biased portfolio of equity
and equity linked securities of small capitalisation companies that are incorporated under the laws of, and have their registered office in, a
European country, or that derive the predominant part of their economic activity from Europe, even if listed elsewhere. Market
capitalisation is the total value of a company’s shares and may fluctuate materially over time. Small capitalisation companies are those
whose market capitalisation is within the range of the market capitalisation of companies in the Benchmark for the Sub-Fund at the time
of purchase.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a value investment style equity Sub-Fund designed to give exposure to small capitalisation value companies in Europe. Because
value stocks tend to outperform at different times to growth stocks, investors should be prepared for periods of underperformance
relative to the European stock market. However, research shows that over the long-term both value and growth investment styles have
outperformed. Therefore, this Sub-Fund can be used both to provide a small capitalisation value tilt to an existing diversified portfolio or
as an investment in its own right. Although small capitalisation companies have often produced periods of very high returns for investors,
they have historically been less liquid and carry a higher risk of financial distress than larger, blue chip companies. Therefore, investors in
this Sub-Fund should be comfortable with its potential to be more volatile than core, large-cap biased equity sub-funds. Investors in this
Sub-Fund should have at least a five year investment horizon.
Risk Profile
• This equity Sub-Fund invests in a value-style portfolio of European small capitalisation companies including the UK.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Also the Sub-Fund’s pure exposure to small capitalisation value stocks limits the room for risk diversification within the Sub-Fund. Short
  term volatility against broader market indices may therefore be considerable.
• Although research shows that small capitalisation value stocks outperform over the long-term, investors may experience periods of high
  short term volatility.
• Because the portfolio is invested in smaller companies, which can be less liquid and tend to carry greater financial risk, volatility may be
  higher than in a broadly based investment. However, there may also be greater potential for higher returns.
• This Sub-Fund is denominated in EUR, but may have exposure to non-EUR currencies.




82     Appendix III
Fees and Expenses
 Share Class                                        Initial Charge        Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Strategic Value Small Cap A             5.00%                 1.50%                                0.40%                                   0.50%
 JPM Europe Strategic Value Small Cap B             Nil                   0.90%                                0.25%                                   Nil
 JPM Europe Strategic Value Small Cap C             Nil                   0.80%                                0.20%                                   Nil
 JPM Europe Strategic Value Small Cap D             5.00%                 2.50%                                0.40%                                   0.50%
 JPM Europe Strategic Value Small Cap I             Nil                   0.80%                                0.16% Max                               Nil
 JPM Europe Strategic Value Small Cap X             Nil                   Nil                                  0.15% Max                               Nil


Performance Fee
 Applicable Share Classes                 Performance Fee            Mechanism                    Performance Fee Benchmark

 All                                      10%                        Claw-Back                    Morgan Stanley Capital International (MSCI) Europe Small Cap Value Index
                                                                                                  (Total Return Net)




                                                                                                                                                              Appendix III   83
JPMorgan Funds – Europe Technology Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) Europe 10/40 IMI IT Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European
companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
technology (including media and telecommunication) related companies that are incorporated under the laws of, and have their registered
office in, a European country, or that derive the predominant part of their economic activity from Europe, even if listed elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a specialist sector equity Sub-Fund investing only in the European technology sector. Although this focused approach can result in
high returns when the technology sector is in favour with the market, investors can suffer long periods of underperformance when that
sector falls out of favour. The Sub-Fund may, therefore, be suitable for investors with a five-to-ten year investment horizon looking for a
higher risk equity strategy to complement an existing core portfolio, or for investors looking for exclusive exposure to a single stock
market sector.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of technology stocks in Europe including the UK.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Also the Sub-Fund’s concentration on technology stocks limits the room for risk diversification within the Sub-Fund. However, there may
  also be greater potential for higher returns.
• This Sub-Fund is denominated in EUR, but will have exposure to non-EUR currencies.
Fees and Expenses
 Share Class                            Initial Charge           Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Europe Technology A                5.00%                    1.50%                                0.40%                                   0.50%
 JF Europe Technology A                 5.00%                    1.50%                                0.40%                                   0.50%
 JPM Europe Technology B                Nil                      0.90%                                0.25%                                   Nil
 JPM Europe Technology C                Nil                      0.80%                                0.25%                                   Nil
 JPM Europe Technology D                5.00%                    2.50%                                0.40%                                   0.50%
 JPM Europe Technology I                Nil                      0.80%                                0.21% Max                               Nil
 JPM Europe Technology X                Nil                      Nil                                  0.20% Max                               Nil




84        Appendix III
JPMorgan Funds – Germany Equity Fund
Reference Currency
Euro (EUR)
Benchmark
HDAX Index (Total Return Gross)
Investment Objective
To provide long-term capital growth by investing primarily in German companies.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, Germany, or that derive the predominant part of
their economic activity from Germany, even if listed elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a core equity Sub-Fund designed to give broad market exposure to the German stock market. Therefore, the Sub-Fund may be
suitable for investors looking to add a single country holding to an existing diversified portfolio, or for investors looking for a stand-alone
core equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities, and because of the
individual economic, currency and political risks associated with single country investing, the Sub-Fund may be suitable for investors with
at least a five year investment horizon.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of German equities.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Furthermore, investors should be aware that the Sub-Fund invests in a single market, which can be subject to particular political and
  economic risks and while providing a focused investment and the potential for higher returns, also further limits the room for risk
  diversification within the Sub-Fund. Volatility therefore may be high.
• Non-EUR denominated investors are exposed to currency risk as the Sub-Fund’s underlying assets are mainly denominated in EUR.
Fees and Expenses
 Share Class                         Initial Charge   Contingent Deferred Sales Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Germany Equity A                5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JF Germany Equity A                 5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JPM Germany Equity B                Nil              Nil                                0.90%                                0.25%                                   Nil
 JPM Germany Equity C                Nil              Nil                                0.75%                                0.20%                                   Nil
 JPM Germany Equity D                5.00%            Nil                                2.50%                                0.40%                                   0.50%
 JPM Germany Equity I                Nil              Nil                                0.75%                                0.16% Max                               Nil
 JPM Germany Equity T                Nil              3.00%                              2.50%                                0.40%                                   Nil
 JPM Germany Equity X                Nil              Nil                                Nil                                  0.15% Max                               Nil




                                                                                                                                                                       Appendix III       85
JPMorgan Funds – Global Consumer Trends Fund
Reference Currency
Euro (EUR)
Benchmarks
Morgan Stanley Capital International (MSCI) World Index (Total Return Net), limited to two sectors; Consumer Discretionary and Consumer
Staples.1
Morgan Stanley Capital International (MSCI) World Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies benefiting from consumer driven opportunities, globally.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies benefiting from consumer driven opportunities (“Consumer Trends Companies”). These may include, but are not limited to,
companies providing goods and services relating to consumer related activities, wealth, leisure, lifestyle, health and wellness. Issuers of
these securities may be located in any country and the Sub-Fund’s portfolio may include significant investment in Asian and emerging
markets. The Sub-Fund’s portfolio is concentrated in a small number of companies and it may include significant investment in small
capitalisation companies.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure in this Sub-Fund may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a themed equity Sub-Fund investing in Consumer Trends Companies globally. Although this focused approach can result in high
relative returns when Consumer Trends Companies are in favour with the market, investors can suffer long periods of underperformance
when Consumer Trends Companies fall out of favour. The Sub-Fund may, therefore, be suitable for investors with at least a five year
investment horizon looking for a global themed equity strategy to complement an existing core portfolio.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of companies benefiting from consumer driven opportunities,
  globally.
• The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank
  Currency Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will
  limit any direct investment in securities traded on the non-Regulated Markets of the Commonwealth of Independent States (together
  with any other securities not traded on a Regulated Market) to 10% of its net assets.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Investors should be aware that the Sub-Fund may invest significantly in emerging markets which may be subject to additional political
  and economic risk, while stocks can be negatively impacted by low liquidity, poor transparency and greater financial risks.
• Due to the portfolio’s concentration resulting from its stock, sector and country allocations, high volatility may occur and room for
  diversification is limited. The Sub-Fund may bear little resemblance to its benchmark. As a result, there may be greater potential for
  higher returns and losses.
• As the portfolio may hold significant investments in smaller companies, which can be less liquid and tend to carry greater financial risk,
  volatility may be higher than in a broadly based investment. However, there may also be greater potential for higher returns.
• This Sub-Fund is denominated in EUR but will have significant exposure to other currencies.

1   The proportion that each of these sectors constitutes in the Benchmark is based upon the market capitalisation of these sectors, as determined by Morgan Stanley Capital
     International (MSCI). Further information regarding this Benchmark may be obtained from the registered office of the Fund.




86        Appendix III
Fees and Expenses
 Share Class                    Initial Charge   Contingent Deferred Sales Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Global Consumer Trends A   5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JPM Global Consumer Trends B   Nil              Nil                                0.90%                                0.25%                                   Nil
 JPM Global Consumer Trends C   Nil              Nil                                0.75%                                0.20%                                   Nil
 JPM Global Consumer Trends D   5.00%            Nil                                2.25%                                0.40%                                   0.50%
 JPM Global Consumer Trends I   Nil              Nil                                0.75%                                0.16% Max                               Nil
 JPM Global Consumer Trends T   Nil              3.00%                              2.25%                                0.40%                                   Nil
 JPM Global Consumer Trends X   Nil              Nil                                Nil                                  0.15% Max                               Nil




                                                                                                                                                                  Appendix III       87
JPMorgan Funds – Global Dynamic Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) World Index (Total Return Net)
Benchmark for Hedged Share Classes
Morgan Stanley Capital International (MSCI) World Index (Total Return Net) hedged into EUR for the EUR hedged Share Classes
Morgan Stanley Capital International (MSCI) World Index (Total Return Net) hedged into CHF for the CHF hedged Share Classes
Morgan Stanley Capital International (MSCI) World Index (Total Return Net) hedged into SGD for the SGD hedged Share Classes
Investment Objective
To maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities.
Issuers of these securities may be located in any country, including emerging markets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an aggressively-managed global equity Sub-Fund. Therefore, the Sub-Fund may be suitable for investors looking for a higher risk
equity strategy to complement an existing core portfolio, or looking to potentially enhance long-term returns and who are comfortable
with the extra risks inherent in the Sub-Fund. Investors in this Sub-Fund should also have at least a five year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of global equities.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Because the portfolio is approximately equally weighted and may bear little resemblance to the composition of its benchmark, volatility
  may be very high. However, there may also be greater potential for higher returns.
• This Sub-Fund is denominated in USD, but will have significant exposure to other currencies.
Fees and Expenses
 Share Class                        Initial Charge   Contingent Deferred Sales Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Global Dynamic A               5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JF Global Dynamic A                5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JPM Global Dynamic B               Nil              Nil                                0.90%                                0.25%                                   Nil
 JPM Global Dynamic C               Nil              Nil                                0.80%                                0.20%                                   Nil
 JPM Global Dynamic D               5.00%            Nil                                2.50%                                0.40%                                   0.50%
 JPM Global Dynamic I               Nil              Nil                                0.80%                                0.16% Max                               Nil
 JPM Global Dynamic T               Nil              3.00%                              2.50%                                0.40%                                   Nil
 JPM Global Dynamic X               Nil              Nil                                Nil                                  0.15% Max                               Nil




88        Appendix III
JPMorgan Funds – Global Equity Fund (USD)
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) World Index (Total Return Net)
Benchmark for Hedged Share Classes
Morgan Stanley Capital International (MSCI) World Index (Total Return Net) hedged into EUR for the EUR hedged Share Classes
Investment Objective
To provide long-term capital growth by investing primarily in companies, globally.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities.
Issuers of these securities may be located in any country, including emerging markets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
USD is the reference currency of the Sub-Fund but assets may be denominated in other currencies. The currency exposure in this Sub-
Fund may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a core equity Sub-Fund designed to give, broad market exposure to international stock markets. Because the Sub-Fund is
diversified across a number of markets, it may be suitable for investors who are looking for a core international equity investment to sit at
the heart of their portfolio, or as a stand alone investment aimed at producing long-term capital growth. Investors in this Sub-Fund should
also have a three-to-five year investment horizon.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of global equities.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• However, the volatility of the Sub-Fund is limited by its diversification across a large number of companies and industry groups.
• Also, the Sub-Fund’s careful risk controls and high level of stock diversification aim to ensure low volatility relative to the benchmark
  index. Therefore, returns are not dependent on taking large risks against the Sub-Fund’s benchmark.
• This Sub-Fund is denominated in USD, but will have significant exposure to other currencies.
Fees and Expenses
 Share Class                             Initial Charge            Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Global Equity (USD) A               5.00%                     1.50%                                0.40%                                   0.50%
 JF Global Equity (USD) A                5.00%                     1.50%                                0.40%                                   0.50%
 JPM Global Equity (USD) B               Nil                       0.90%                                0.25%                                   Nil
 JPM Global Equity (USD) C               Nil                       0.60%                                0.20%                                   Nil
 JPM Global Equity (USD) D               5.00%                     2.25%                                0.40%                                   0.50%
 JPM Global Equity (USD) I               Nil                       0.60%                                0.16% Max                               Nil
 JPM Global Equity (USD) X               Nil                       Nil                                  0.15% Max                               Nil




                                                                                                                                                       Appendix III   89
JPMorgan Funds – Global Focus Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) World Index (Total Return Net)
Benchmark for Hedged Share Classes
Morgan Stanley Capital International (MSCI) World Index (Total Return Net) hedged into EUR for the EUR hedged Share Classes
Morgan Stanley Capital International (MSCI) World Index (Total Return Net) hedged into CHF for the CHF hedged Share Classes
Investment Objective
To provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small
companies, globally, that the Investment Manager believes to be attractively valued and to have significant profit growth or earnings
recovery potential.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
large, medium and small companies that the Investment Manager believes to be attractively valued and to have significant profit growth
or earnings recovery potential. Issuers of these securities may be located in any country, including emerging markets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
The Sub-Fund uses an active investment process that is based on the fundamental analysis of companies and their future cashflows and
earnings by a research team of specialist sector analysts.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure in this Sub-Fund may be hedged or may be
managed by reference to its benchmark.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an aggressively managed equity Sub-Fund that invests in companies located in any country, including emerging markets. The Sub-
Fund, therefore, may be suitable for investors looking for a higher risk equity strategy to complement a core portfolio, or for investors
seeking to enhance potential long-term returns but are comfortable with the extra risk inherent in the Sub-Fund’s investment strategy.
Investors in this Sub-Fund should have at least a five year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of global equities, which the Investment Manager believes to
  be attractively valued and to have significant profit growth or earnings recovery potential.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio. Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they
  may get back less than they originally invested.
• The Sub-Fund’s concentration on companies with significant growth or earnings recovery potential limits the room for risk diversification.
  Some companies in earnings recovery situations may not recover and may be wound up.
• This Sub-Fund is denominated in EUR, but will have significant exposure to non-EUR currencies.
• Due to its stock, sector and country allocations, high volatility may occur and the Sub-Fund’s portfolio may bear little resemblance to the
  composition of its benchmark.
Fees and Expenses
 Share Class                        Initial Charge   Contingent Deferred Sales Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Global Focus A                 5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JF Global Focus A                  5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JPM Global Focus B                 Nil              Nil                                0.90%                                0.25%                                   Nil
 JPM Global Focus C                 Nil              Nil                                0.80%                                0.20%                                   Nil
 JPM Global Focus D                 5.00%            Nil                                2.50%                                0.40%                                   0.50%
 JPM Global Focus I                 Nil              Nil                                0.80%                                0.16% Max                               Nil
 JPM Global Focus T                 Nil              3.00%                              2.50%                                0.40%                                   Nil
 JPM Global Focus X                 Nil              Nil                                Nil                                  0.15% Max                               Nil



90        Appendix III
JPMorgan Funds – Global Healthcare Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) World Healthcare Index USD (Total Return Net)
Investment Objective
To achieve a return by investing primarily in pharmaceutical, biotechnology, healthcare services, medical technology and life sciences
companies (“Healthcare Companies”), globally.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
Healthcare Companies. Issuers of these securities may be located in any country, including emerging markets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure in this Sub-Fund may be hedged or may be
managed by reference to its benchmark.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a specialist sector equity Sub-Fund investing in Healthcare Companies, globally. Although this focused approach can result in high
relative returns when Healthcare Companies are in favour with the market, investors can suffer long periods of underperformance when
Healthcare Companies are out of favour. The Sub-Fund may, therefore, be suitable for investors with at least a five year investment
horizon looking for a higher risk equity strategy to complement an existing core portfolio, or for investors looking for exclusive exposure
to Healthcare Companies.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of Healthcare Companies, globally.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Also because of the Sub-Fund’s concentration in one sector, the room for risk diversification within the Sub-Fund is limited. However,
  there may also be greater potential for higher returns.
• This Sub-Fund is denominated in USD, but will have significant exposure to other currencies.
Fees and Expenses
 Share Class                            Initial Charge           Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Global Healthcare A                5.00%                    1.50%                                0.40%                                   0.50%
 JF Global Healthcare A                 5.00%                    1.50%                                0.40%                                   0.50%
 JPM Global Healthcare B                Nil                      0.90%                                0.25%                                   Nil
 JPM Global Healthcare C                Nil                      0.80%                                0.25%                                   Nil
 JPM Global Healthcare D                5.00%                    2.50%                                0.40%                                   0.50%
 JPM Global Healthcare I                Nil                      0.80%                                0.21% Max                               Nil
 JPM Global Healthcare X                Nil                      Nil                                  0.20% Max                               Nil




                                                                                                                                                     Appendix III   91
JPMorgan Funds – Global Infrastructure Trends Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) World Index (Total Return Net), limited to three sectors; Utilities, Telecommunications and
Industrials1
Morgan Stanley Capital International (MSCI) World Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies benefiting from infrastructure opportunities, globally.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity-linked securities of
companies benefiting from global infrastructure opportunities (“Global Infrastructure Trends Companies”). Those companies may include,
but are not limited to, companies benefiting from infrastructure activities through utilities, transportation, energy, materials and real
estate. Issuers of these securities may be located in any country and the Sub-Fund’s portfolio may include significant investments in
emerging markets. The Sub-Fund’s portfolio may be concentrated in a small number of companies and a substantial part of the assets of
the Sub-Fund may be invested in small capitalisation companies.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity-linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund investing in Global Infrastructure Trends Companies. Although this focused approach can result in high relative
returns, investors can suffer long periods of underperformance if the global demand for infrastructure projects declines. The Sub-Fund
may, therefore, be suitable for investors with at least a five year investment horizon looking for a global themed equity strategy to
complement an existing core portfolio.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of companies benefiting from infrastructure opportunities, globally.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio. Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they
  may get back less than they originally invested.
• Investors should be aware that the Sub-Fund may invest significantly in emerging markets that may be subject to additional political and
  economic risk. These securities can be negatively impacted by low liquidity, poor transparency and greater financial risks.
• The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank
  Currency Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will
  limit any direct investment in securities traded on the non-Regulated Markets of the Commonwealth of Independent States (together
  with any other securities not traded on a Regulated Market) to 10% of its net assets value on any given Valuation Day.
• The portfolio’s concentration resulting from its stock, sector and country allocations and the potential significant investment in smaller
  capitalisation companies may result in reduced liquidity, greater financial risk, high volatility and limited diversification.
• The Sub-Fund is denominated in EUR but will have significant exposure to other currencies.
Fees and Expenses
    Share Class                                         Initial Charge             Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

    JPM Global Infrastructure Trends A                  5.00%                      1.50%                                0.40%                                   0.50%
    JPM Global Infrastructure Trends B                  Nil                        0.90%                                0.25%                                   Nil
    JPM Global Infrastructure Trends C                  Nil                        0.75%                                0.20%                                   Nil
    JPM Global Infrastructure Trends D                  5.00%                      2.25%                                0.40%                                   0.50%
    JPM Global Infrastructure Trends I                  Nil                        0.75%                                0.16% Max                               Nil
    JPM Global Infrastructure Trends X                  Nil                        Nil                                  0.15% Max                               Nil



1    The proportion that each of these sectors constitutes in the Benchmark is based upon the market capitalisation of these sectors, as determined by Morgan Stanley Capital
     International (MSCI). Further information regarding this Benchmark may be obtained from the registered office of the Fund.




92           Appendix III
JPMorgan Funds – Global Mining Fund
Reference Currency
Euro (EUR)
Benchmark
HSBC Global Mining Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies engaged in mining and mining related activities, anywhere in the
world.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies engaged in mining and mining related activities, anywhere in the world. Mining and mining related companies are those that are
engaged in any activity relating to the exploration for and the development, refinement, production and marketing of, mined natural
resources and their secondary products. A substantial part of the assets of the Sub-Fund may be invested in or have exposure to higher risk
markets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in unquoted securities and in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure will not generally be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or repurchase
agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a specialist sector equity Sub-Fund investing in mining and mining related companies. The Sub-Fund may suit investors who are
looking for a higher risk equity strategy to complement an existing core portfolio, or for diversified investors looking for exposure to a
single sector. The Sub-Fund may, therefore, be suitable for investors with at least a five year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests in a portfolio of mining and mining related companies.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio. Therefore, investors may see the value of their investment fall, as well as rise, on a daily basis and they
  may get back less than they had originally invested.
• Investors should be aware that the Sub-Fund is invested in or exposed to higher risk and emerging markets, which may be subject to
  additional political and economic risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and
  greater financial risks. The Sub-Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the
  Moscow Interbank Currency Exchange, which are classified as Regulated Markets. For further information relating to investment in
  Russia, please refer to “Appendix IV – Risk Factors.
• The Sub-Fund has concentrated exposure to the commodities sector, primarily through investing in mining and mining related companies
  and, to a lesser extent, other transferable securities. The risks associated with commodities may be greater than those resulting from
  other investments. Although this focused approach can result in high returns when the commodities sector is in favour with the market,
  investors can suffer long periods of underperformance when the sector falls out of favour.
• The Sub-Fund may invest in smaller companies, which can be less liquid and more volatile than larger companies, and tend to carry
  greater financial risk.
• This Sub-Fund is denominated in EUR, but will have significant exposure to non-EUR currencies.
• The Sub-Fund will be managed without reference to its benchmark.




                                                                                                                            Appendix III      93
Fees and Expenses
 Share Class             Initial Charge   Contingent Deferred Sales Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Global Mining A     5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JPM Global Mining B     Nil              Nil                                0.90%                                0.25%                                   Nil
 JPM Global Mining C     Nil              Nil                                0.75%                                0.20%                                   Nil
 JPM Global Mining D     5.00%            Nil                                2.25%                                0.40%                                   0.50%
 JPM Global Mining I     Nil              Nil                                0.75%                                0.16% Max                               Nil
 JPM Global Mining T     Nil              3.00%                              2.25%                                0.40%                                   Nil
 JPM Global Mining X     Nil              Nil                                Nil                                  0.15% Max                               Nil




94        Appendix III
JPMorgan Funds – Global Natural Resources Fund
Reference Currency
Euro (EUR)
Benchmark
HSBC Global Gold, Mining & Energy Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in natural resources companies, globally, many of which are in the early stages
of exploration.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
natural resources companies, globally. Natural resources companies are those which are engaged in the exploration for and the development,
refinement, production and marketing of natural resources and their secondary products. The Sub-Fund will have exposure to companies that
are in the early stages of exploration. A substantial part of the assets of the Sub-Fund may be invested in high risk markets and in small
capitalisation companies.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in unquoted securities and in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a specialist sector equity Sub-Fund investing in natural resources companies, globally, many of which are in the early stages of
exploration. Although this focused approach can result in high relative returns when the commodities sector is in favour with the market,
investors can suffer long periods of underperformance when the sector falls out of favour. However, natural resources stocks have in the
past demonstrated a low correlation with the stock market, which means that investing in the Sub-Fund may add diversification benefits to
existing equity portfolios. The Sub-Fund may, therefore, be suitable for investors with at least a five year investment horizon looking for a
higher risk equity strategy to complement an existing core portfolio, or for experienced, diversified investors looking for exclusive
exposure to a single stock market sector.
Risk Profile
• This aggressively managed equity Sub-Fund invests in a portfolio of natural resources companies, globally.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks. The Sub-
  Fund may invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency
  Exchange, which are classified as Regulated Markets. For further information relating to investment in Russia, please refer to “Appendix
  IV – Risk Factors”.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio. Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they
  may get back less than they originally invested.
• The Sub-Fund’s concentration on natural resources stocks limits the room for risk diversification within the Sub-Fund. The volatility of the
  Sub-Fund may therefore be higher than a broadly based investment.
• As the portfolio may invest in smaller companies, which can be less liquid and tend to carry greater financial risk, volatility may be
  higher than in a broadly based investment.
• The Sub-Fund is exposed to commodities, primarily through investing in natural resources companies and, to a lesser extent, other
  transferable securities. The risks associated with commodities may be greater than those resulting from other investments.
• The benchmark stated for this Sub-Fund is not for tracking purposes but for reference only. The Sub-Fund will be managed without
  reference to its benchmark.
• This Sub-Fund is denominated in EUR, but will have significant exposure to non-EUR currencies.




                                                                                                                            Appendix III     95
Fees and Expenses
 Share Class                      Initial Charge   Contingent Deferred Sales Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Global Natural Resources A   5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JPM Global Natural Resources B   Nil              Nil                                0.90%                                0.25%                                   Nil
 JPM Global Natural Resources C   Nil              Nil                                0.80%                                0.25%                                   Nil
 JPM Global Natural Resources D   5.00%            Nil                                2.50%                                0.40%                                   0.50%
 JPM Global Natural Resources I   Nil              Nil                                0.80%                                0.21% Max                               Nil
 JPM Global Natural Resources T   Nil              3.00%                              2.50%                                0.40%                                   Nil
 JPM Global Natural Resources X   Nil              Nil                                Nil                                  0.20% Max                               Nil




96        Appendix III
JPMorgan Funds – Global Real Estate Securities Fund (USD)
Reference Currency
US Dollar (USD)
Benchmark
FTSE EPRA/NAREIT Developed Markets Index (Total Return Net)
Benchmark for Hedged Share Classes
FTSE EPRA/NAREIT Developed Markets Index (Total Return Net) hedged into EUR for the EUR hedged Share Classes
Investment Objective
To provide long-term capital growth by investing primarily in a portfolio of Real Estate Investment Trusts (“REITs”) and in companies that
own, develop, operate or finance real estate, where real estate assets or activities account for more than 50% of their total market
capitalisation (“Real Estate Companies”).
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in securities, issued by REITs and other Real
Estate Companies. Issuers of these securities may be located in any country, including emerging markets.
Exposure may be achieved through investment in shares, depository receipts, warrants (including share of beneficial interest of REITs),
preferred stock and convertible securities and other participation rights. Subject to the foregoing, exposure may also be achieved, to a limited
extent, through investment in index and participation notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
USD is the reference currency of the Sub-Fund but assets may be denominated in other currencies and currency exposure may be hedged or
may be managed by reference to its benchmark.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or repurchase
agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is a specialist Sub-Fund investing in global real estate securities, designed to give broad market exposure to real estate securities
markets. The Sub-Fund is diversified across a number of markets, but as the exposure is primarily to the real estate market, investors in
this Sub-Fund should have at least a five year investment horizon. The Sub-Fund may be suitable for investors who are looking for a real
estate securities investment to complement an existing core portfolio, or for investors looking for exclusive exposure to the real estate
market.
Risk Profile
• This equity Sub-Fund invests primarily in a portfolio of global REITs and REIT-like Real Estate Companies worldwide and other property
  related securities.
• Investments in companies principally engaged in the business of real estate are subject to risks associated with the direct ownership of
  real estate.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• Because of the Sub-Fund’s concentration on a sector, the room for risk diversification within the Sub-Fund is limited. However, there may
  also be greater potential for higher returns.
• Because the portfolio may invest in smaller companies, which can be less liquid and tend to carry greater financial risk, volatility may be
  higher than in a broadly based investment. However, there may also be greater potential for higher returns.
• This Sub-Fund is denominated in USD, but will have significant exposure to other currencies.

Fees and Expenses
 Share Class                                 Initial Charge       Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Global Real Estate Securities (USD) A   5.00%                1.50%                                0.40%                                   0.50%
 JPM Global Real Estate Securities (USD) B   Nil                  0.90%                                0.25%                                   Nil
 JPM Global Real Estate Securities (USD) C   Nil                  0.60%                                0.20%                                   Nil
 JPM Global Real Estate Securities (USD) D   5.00%                2.25%                                0.40%                                   0.50%
 JPM Global Real Estate Securities (USD) I   Nil                  0.60%                                0.16% Max                               Nil
 JPM Global Real Estate Securities (USD) X   Nil                  Nil                                  0.15% Max                               Nil




                                                                                                                                                      Appendix III   97
JPMorgan Funds – Global Research Enhanced Index Equity Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) World Index (Total Return Net)
Investment Objective
To achieve a long-term return in excess of the benchmark by investing primarily in a portfolio of companies, globally; the risk
characteristics of the portfolio of securities held by the Sub-Fund will resemble the risk characteristics of the portfolio of securities held in
the benchmark.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies, globally. Issuers of these securities may be located in any country, including emerging markets.
The Sub-Fund will be constructed using the benchmark, aiming to overweight the securities in the benchmark with the highest potential to
outperform and underweight the securities considered most overvalued.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure in this Sub-Fund may be managed by reference to
its benchmark.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This Sub-Fund is designed to give broad market exposure to international stock markets. This Sub-Fund may be suitable for investors who
seek to benefit from potential excess returns with similar risks to investing in securities representing the benchmark. As the Sub-Fund is
diversified across a number of markets and is managed conservatively relative to the benchmark, it may be suitable for investors who are
looking for a core international equity investment, or as a stand-alone investment aimed at producing long-term capital growth. Investors
in this Sub-Fund should have a three-to-five year investment horizon.
Risk Profile
• This Sub-Fund invests primarily in a portfolio of global equities.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they originally
  invested.
• The Sub-Fund seeks to provide a return above the benchmark; however the Sub-Fund may underperform its benchmark.
• This Sub-Fund is denominated in EUR, but will have significant exposure to other currencies.

Fees and Expenses
 Share Class                                                   Initial Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Global Research Enhanced Index Equity C                   Nil              0.20%                                0.20%                                   Nil
 JPM Global Research Enhanced Index Equity I                   Nil              0.20%                                0.16% Max                               Nil
 JPM Global Research Enhanced Index Equity X                   Nil              Nil                                  0.15% Max                               Nil



Performance Fee
 Applicable Share Classes                 Performance Fee     Mechanism                     Performance Fee Benchmark

 All                                      20%                 Claw-Back                     Morgan Stanley Capital International (MSCI) World Index (Total Return Net)




98        Appendix III
JPMorgan Funds – Global Socially Responsible Fund
Reference Currency
US Dollar (USD)
Benchmark
Ethical Index Global (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies, globally, that the Investment Manager believes to be socially
responsible.
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
socially responsible companies. Socially responsible companies are expected to work towards high standards of corporate, social and
environmental responsibility, environmental sustainability, develop positive relationships with their shareholders and uphold or support
universal human rights. Issuers of these securities may be located in any country, including emerging markets.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund designed to invest in a universe of socially responsible companies throughout the world. The Sub-Fund may,
therefore, be suitable for investors looking for a global equity strategy managed along ethical lines and who are prepared to invest for at
least a three-to-five year investment horizon.
Risk Profile
• This equity Sub-Fund invests in a portfolio of socially responsible companies throughout the world.
• As the Sub-Fund invests in equities, investors are exposed to stock market fluctuations and the financial performance of the companies
  held in the Sub-Fund’s portfolio.
• Therefore, investors may see the value of their investment fall as well as rise on a daily basis, and they may get back less than they
  originally invested.
• The exclusion from the portfolio of companies that are not considered to be socially responsible may result in the Sub-Fund being more
  volatile than a core global sub-fund.
• However, the Sub-Fund’s careful risk controls and high level of stock diversification aim to ensure low volatility relative to the benchmark
  index. Therefore, returns are not dependent on taking large risks against the Sub-Fund’s benchmark.
• This Sub-Fund is denominated in USD, but will have significant exposure to other currencies.
Fees and Expenses
 Share Class                                    Initial Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Global Socially Responsible A              5.00%            1.50%                                0.40%                                   0.50%
 JF Global Socially Responsible A               5.00%            1.50%                                0.40%                                   0.50%
 JPM Global Socially Responsible B              Nil              0.90%                                0.25%                                   Nil
 JPM Global Socially Responsible C              Nil              0.80%                                0.20%                                   Nil
 JPM Global Socially Responsible D              5.00%            2.50%                                0.40%                                   0.50%
 JPM Global Socially Responsible I              Nil              0.80%                                0.16% Max                               Nil
 JPM Global Socially Responsible X              Nil              Nil                                  0.15% Max                               Nil




                                                                                                                                                     Appendix III   99
JPMorgan Funds – JF Greater China Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) Golden Dragon Index (Total Return Net)
Investment Objective
To provide long-term capital growth by investing primarily in companies from the People’s Republic of China, Hong Kong and Taiwan
(“Greater China”).
Investment Policy
At least 67% of the Sub-Fund’s total assets (excluding cash and cash equivalents) will be invested in equity and equity linked securities of
companies that are incorporated under the laws of, and have their registered office in, a country of Greater China, or that derive the
predominant part of their economic activity from Greater China, even if listed elsewhere.
Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the
foregoing, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation
notes and equity linked notes.
Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis.
The Sub-Fund may also invest in UCITS and other UCIs.
The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged.
The Sub-Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and
instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or
repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an equity Sub-Fund designed for investors looking for diversified exposure to the Greater China region defined as mainland China,
Hong Kong and Taiwan. Therefore, the Sub-Fund may be suitable for investors who are looking to add equities in the Greater China region
to an existing diversified portfolio, or for investors looking for a stand-alone Greater China equity portfolio aimed at producing long-term
capital growth. Because the Sub-Fund is invested in equities, and because of the additional individual economic, currency and political
risks associated in the region, the Sub-Fund is best suited for investors with a five-to-ten year investment horizon.
Risk Profile
• This aggressively managed equity Sub-Fund invests primarily in a portfolio of Greater China region companies.
• As the Sub-Fund invests in equities and equity linked securities, investors are exposed to stock market fluctuations and the financial
  performance of the companies held in the Sub-Fund’s portfolio. Therefore, investors may see the value of their investment fall as well as
  rise on a daily basis, and they may get back less than they originally invested.
• Investors should be aware that the Sub-Fund is invested in emerging markets, which may be subject to additional political and economic
  risks, while stocks can be negatively impacted by high volatility, low liquidity, poor transparency and greater financial risks.
• Due to the nature of its investment universe, the Sub-Fund may be concentrated in a limited number of securities and may have
  concentrated exposure to one or more industry sectors and/or countries.
• The Sub-Fund may invest in smaller companies which can be less liquid and more volatile than larger companies, and tend to carry
  greater financial risk.
• This Sub-Fund is denominated in USD, but has significant exposure to non-USD currencies.
• The Sub-Fund will be managed with relatively low reference to its benchmark and with high fund manager discretion.

Fees and Expenses
 Share Class                        Initial Charge   Contingent Deferred Sales Charge   Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JF Greater China A                 5.00%            Nil                                1.50%                                0.40%                                   0.50%
 JF Greater China B                 Nil              Nil                                0.90%                                0.25%                                   Nil
 JF Greater China C                 Nil              Nil                                0.75%                                0.25%                                   Nil
 JF Greater China D                 5.00%            Nil                                2.50%                                0.40%                                   0.50%
 JF Greater China I                 Nil              Nil                                0.75%                                0.21% Max                               Nil
 JF Greater China T                 Nil              3.00%                              2.50%                                0.40%                                   Nil
 JF Greater China X                 Nil              Nil                                Nil                                  0.20% Max                               Nil




100       Appendix III
JPMorgan Funds – Highbridge Asia Pacific STEEP Fund
Reference Currency
US Dollar (USD)
Benchmark
Morgan Stanley Capital International (MSCI) Pacific Index (Total Return Net)
Benchmark for Hedged Share Classes
Morgan Stanley Capital International (MSCI) Pacific (Total Return Net) hedged into EUR for the EUR hedged Share Classes
Investment Objective
To provide long term capital growth by having exposure primarily to Japanese and other Asia Pacific1 companies, through the use of
financial derivative instruments.
Investment Policy
The Sub-Fund will invest its assets primarily in cash, cash equivalents and short-dated instruments including but not limited to,
government securities, securities issued by corporations and time deposits.
The Sub-Fund will, mainly through the use of cash settled equity swaps, gain exposure to equity and equity linked securities of companies
that are incorporated under the laws of, and have their registered office in, Japan or the Asia Pacific region, or derive the predominant part
of their economic activity from Japan or the Asia Pacific region even if listed elsewhere. The minimum exposure to such equity or equity
linked securities will be 67% of the Sub-Fund’s total assets with a significant exposure to Japanese equity and equity linked securities.
This Sub-Fund will utilise the STEEP (Statistically Enhanced Equity Portfolio) process, which employs a purely quantitative approach, based
upon proprietary models developed by the Investment Manager, which seeks to identify profitable trades, measure and manage portfolio
risk and submit orders to electronic markets throughout the trading day.
Other financial derivative instruments that the Sub-Fund may use include, but are not limited to, futures, options, contracts for difference,
forward contracts on financial instruments and options on such contracts, and swap contracts by private agreement and other fixed
income and, currency derivatives. Financial derivative instruments may also be used for hedging purposes.
The Sub-Fund may hold up to 10% of its total net assets in short positions through the use of financial derivative instruments. The Sub-
Fund will hold sufficient liquid assets (including, if applicable, sufficient liquid long positions) to cover at all times the Sub-Fund’s
obligations arising from its financial derivative positions (including short positions).
The Sub-Fund may also invest in units of UCITS and other UCIs including money market funds.
Although USD is the reference currency of the Sub-Fund, it will also be exposed to other currencies and the Sub-Fund will seek to hedge
this currency exposure.
Techniques and instruments relating to transferable securities and money market instruments (including, but not limited to, securities
lending or repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an actively managed equity Sub-Fund investing in swaps on baskets of Japanese and other Asia Pacific equities. The Sub-Fund uses
an investment process that is based upon a strategy that seeks to exploit small market inefficiencies. Therefore the Sub-Fund may be
suitable for investors looking for a higher risk equity strategy to complement an existing core portfolio, or who are looking to enhance
potential long-term returns but are also comfortable with the extra risk inherent in the Sub-Fund’s investment strategy. Investors should
also have at least a five year investment horizon.
Risk Profile
• This actively managed equity Sub-Fund holds the majority of its assets in cash, cash equivalents and short-dated instruments, with its
  market exposure, and most of its excess return potential, overlaid onto the portfolio using financial derivative instruments, such as
  futures, forwards and swaps.
• As the Sub-Fund is exposed to equities, investors are exposed to stock market fluctuations and the financial performance of the
  companies held in the Sub-Fund’s portfolio or to which the portfolio is exposed. Therefore, investors may see the value of their
  investment fall as well as rise on a daily basis, and they may get back less than they originally invested.
• The investment process seeks to exploit market inefficiencies. Since these market inefficiencies are small, individual transactions
  generally have a small expected return. Consequently, the investment process involves efficiently executing a large number of trades,
  diversified across many different equities.
• The Sub-Fund will be managed with a relatively low reference to its benchmark.
• A substantial part of the assets of the Sub-Fund will be denominated or hedged into USD, although the Sub-Fund may invest in assets
  denominated in any currency. To the extent that the assets of the Sub-Fund are not denominated in or hedged into USD, the Sub-Fund
  will be exposed to currency fluctuations.

1   In respect of this Sub-Fund, the term "Asia Pacific" refers to the group of countries including, but not limited to, Australia, Hong Kong, Singapore and New Zealand.


                                                                                                                                                              Appendix III   101
• The risks associated with the financial derivative instruments listed in the Investment Policy above are further detailed in “Appendix IV –
  Risk Factors”.
Fees and Expenses
 Share Class                                             Initial Charge        Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Highbridge Asia Pacific STEEP A                     5.00%                 1.50%                                0.40%                                   0.50%
 JPM Highbridge Asia Pacific STEEP B                     Nil                   0.90%                                0.25%                                   Nil
 JPM Highbridge Asia Pacific STEEP C                     Nil                   0.80%                                0.20%                                   Nil
 JPM Highbridge Asia Pacific STEEP D                     5.00%                 2.25%                                0.40%                                   0.50%
 JPM Highbridge Asia Pacific STEEP I                     Nil                   0.80%                                0.16% Max                               Nil
 JPM Highbridge Asia Pacific STEEP X                     Nil                   Nil                                  0.15% Max                               Nil


Performance Fee
 Applicable Share Classes              Performance Fee                    Mechanism                    Performance Fee Benchmark

 All, except EUR Hedged                20%                                Claw-Back                    Morgan Stanley Capital International (MSCI) Pacific Index (Total Return Net)
 EUR Hedged                            20%                                Claw-Back                    Morgan Stanley Capital International (MSCI) Pacific Index (Total Return Net)
                                                                                                       hedged into EUR




102       Appendix III
JPMorgan Funds – Highbridge Europe STEEP Fund
Reference Currency
Euro (EUR)
Benchmark
Morgan Stanley Capital International (MSCI) Europe Index (Total Return Net)
Investment Objective
To provide long term capital growth by having exposure primarily to European companies, through the use of financial derivative
instruments.
Investment Policy
The Sub-Fund will invest its assets primarily in cash, cash equivalents and short-dated instruments including but not limited to,
government securities, securities issued by corporations and time deposits.
The Sub-Fund will, mainly through the use of cash settled equity swaps, gain exposure to equity and equity linked securities of companies
that are incorporated under the laws of, and have their registered office in a European country or derive the predominant part of their
economic activity from Europe, even if listed elsewhere. The minimum exposure to such equity or equity linked securities will be 67% of
the Sub-Fund’s total assets.
This Sub-Fund will utilise the STEEP (Statistically Enhanced Equity Portfolio) process, which employs a quantitative approach, based upon
proprietary models developed by the Investment Manager, which identify trade opportunities, measure and control portfolio risk and
submit orders to electronic markets throughout the trading day.
Other financial derivative instruments that the Sub-Fund may use include, but are not limited to, futures, options, contracts for difference,
forward contracts on financial instruments and options on such contracts, and swap contracts by private agreement and other fixed
income and, currency derivatives. Financial derivative instruments may also be used for hedging purposes.
The Sub-Fund may hold up to 10% of its total net assets in short positions through the use of financial derivative instruments. The Sub-
Fund will hold sufficient liquid assets (including, if applicable, sufficient liquid long positions) to cover at all times the Sub-Fund’s
obligations arising from its financial derivative positions (including short positions).
The Sub-Fund may also invest in units of UCITS and other UCIs including money market funds.
EUR is the reference currency of the Sub-Fund but assets may be denominated in other currencies and currency exposure may be hedged.
Techniques and instruments relating to transferable securities and money market instruments (including, but not limited to, securities
lending or repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an actively managed equity Sub-Fund investing in swaps on baskets of European equities. The Sub-Fund uses an investment process
that is based upon a strategy that seeks to exploit small market inefficiencies. Therefore the Sub-Fund may be suitable for investors
looking for a higher risk equity strategy to complement an existing core portfolio, or who are looking to enhance potential long-term
returns but are also comfortable with the extra risk inherent in the Sub-Fund’s investment strategy. Investors should also have at least a
five year investment horizon.
Risk Profile
• This actively managed equity Sub-Fund holds the majority of its assets in cash, cash equivalents and short-dated instruments, with its
  market exposure, and most of its excess return potential, overlaid onto the portfolio using financial derivative instruments, such as
  futures, forwards and swaps.
• As the Sub-Fund is exposed to equities, investors are exposed to stock market fluctuations and the financial performance of the
  companies held in the Sub-Fund’s portfolio or to which the portfolio is exposed. Therefore, investors may see the value of their
  investment fall as well as rise on a daily basis, and they may get back less than they originally invested.
• The investment process seeks to exploit market inefficiencies. Since these market inefficiencies are small, individual transactions
  generally have a small expected return. Consequently, the investment process involves efficiently executing a large number of trades,
  diversified across many different equities.
• The Sub-Fund will be managed with reference to the volatility of its benchmark but not with respect to the benchmark’s constituents.
• A substantial part of the assets of the Sub-Fund will be denominated or hedged into EUR, although the Sub-Fund may invest in assets
  denominated in any currency. To the extent that the assets of the Sub-Fund are not denominated in or hedged into EUR, the Sub-Fund
  will be exposed to currency fluctuations.
• The risks associated with the financial derivative instruments listed in the Investment Policy above are further detailed in “Appendix IV –
  Risk Factors”.




                                                                                                                          Appendix III      103
Fees and Expenses
 Share Class                                       Initial Charge        Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Highbridge Europe STEEP A                     5.00%                 1.50%                                0.40%                                   0.50%
 JPM Highbridge Europe STEEP B                     Nil                   0.90%                                0.25%                                   Nil
 JPM Highbridge Europe STEEP C                     Nil                   0.80%                                0.20%                                   Nil
 JPM Highbridge Europe STEEP D                     5.00%                 2.25%                                0.40%                                   0.50%
 JPM Highbridge Europe STEEP I                     Nil                   0.80%                                0.16% Max                               Nil
 JPM Highbridge Europe STEEP X                     Nil                   Nil                                  0.15% Max                               Nil



Performance Fee
 Applicable Share Classes        Performance Fee                    Mechanism                    Performance Fee Benchmark

 All                             20%                                Claw-Back                    Morgan Stanley Capital International (MSCI) Europe Index (Total Return Net)




104       Appendix III
JPMorgan Funds – Highbridge US STEEP Fund
Reference Currency
US Dollar (USD)
Benchmark
Standard & Poor’s (S&P) 500 Index (Total Return Net)
Benchmark for Hedged Share Classes
Standard & Poor’s (S&P) 500 Index (Total Return Net) hedged into EUR for the EUR hedged Share Classes
Investment Objective
To provide long term capital growth by having exposure primarily to US companies, through the use of financial derivative instruments.
Investment Policy
The Sub-Fund will invest its assets primarily in cash, cash equivalents and short-dated instruments including but not limited to,
government securities, securities issued by corporations and time deposits.
The Sub-Fund will, mainly through the use of cash settled equity swaps, gain exposure to equity and equity linked securities of companies
that are incorporated under the laws of, and have their registered office in the US, or derive the predominant part of their economic
activity from the US even if listed elsewhere. The minimum exposure to such equity or equity linked securities will be 67% of the Sub-
Fund’s total assets.
The Sub-Fund may also invest in Canadian companies.
This Sub-Fund will utilise the STEEP (Statistically Enhanced Equity Portfolio) process, which employs a purely quantitative approach, based
upon proprietary models developed by the Investment Manager, which identify profitable trades, measure and control portfolio risk and
submit orders to electronic markets throughout the trading day.
Other financial derivative instruments that the Sub-Fund may use include, but are not limited to, futures, options, contracts for difference,
forward contracts on financial instruments and options on such contracts, and swap contracts by private agreement and other fixed
income and, currency derivatives. Financial derivative instruments may also be used for hedging purposes.
The Sub-Fund may hold up to 10% of its total net assets in short positions through the use of financial derivative instruments. The Sub-
Fund will hold sufficient liquid assets (including, if applicable, sufficient liquid long positions) to cover at all times the Sub-Fund’s
obligations arising from its financial derivative positions (including short positions).
The Sub-Fund may also invest in units of UCITS and other UCIs including money market funds.
USD is the reference currency of the Sub-Fund but assets may be denominated in other currencies and currency exposure may be hedged.
Techniques and instruments relating to transferable securities and money market instruments (including, but not limited to, securities
lending or repurchase agreements) may be used for the purpose of efficient portfolio management.
All of the above investments will be made in accordance with the limits set out in “Appendix II – Investment Restrictions and Powers”.
Investor Profile
This is an actively managed equity Sub-Fund investing in swaps on baskets of US equities. The Sub-Fund uses an investment process that
is based upon a strategy that seeks to exploit small market inefficiencies. Therefore the Sub-Fund may be suitable for investors looking for
a higher risk equity strategy to complement an existing core portfolio, or who are looking to enhance potential long-term returns but are
also comfortable with the extra risk inherent in the Sub-Fund’s investment strategy. Investors should also have at least a five year
investment horizon.
Risk Profile
• This actively managed equity Sub-Fund holds the majority of its assets in cash, cash equivalents and short-dated instruments, with its
  market exposure, and most of its excess return potential, overlaid onto the portfolio using financial derivative instruments, such as
  futures, forward and swaps.
• As the Sub-Fund is exposed to equities, investors are exposed to stock market fluctuations and the financial performance of the
  companies held in the Sub-Fund’s portfolio or to which the portfolio is exposed. Therefore, investors may see the value of their
  investment fall as well as rise on a daily basis, and they may get back less than they originally invested.
• The investment process seeks to exploit market inefficiencies. Since these market inefficiencies are small, individual transactions
  generally have a small expected return. Consequently, the investment process involves efficiently executing a large number of trades,
  diversified across many different equities.
• The Sub-Fund will be managed with reference to the volatility of its benchmark but not with respect to the benchmark’s constituents.
• A substantial part of the assets of the Sub-Fund will be denominated or hedged into EUR, although the Sub-Fund may invest in assets
  denominated in any currency. To the extent that the assets of the Sub-Fund are not denominated in or hedged into USD, the Sub-Fund
  will be exposed to currency fluctuations.
• The risks associated with the financial derivative instruments listed in the Investment Policy above are further detailed in “Appendix IV –
  Risk Factors”.


                                                                                                                          Appendix III      105
Fees and Expenses
 Share Class                                   Initial Charge        Annual Management and Advisory Fee   Operating and Administrative Expenses   Redemption Charge

 JPM Highbridge US STEEP A                     5.00%                 1.50%                                0.40%                                   0.50%
 JPM Highbridge US STEEP B                     Nil                   0.90%                                0.25%                                   Nil
 JPM Highbridge US STEEP C                     Nil                   0.80%                                0.20%                                   Nil
 JPM Highbridge US STEEP D                     5.00%                 2.25%                                0.40%                                   0.50%
 JPM Highbridge US STEEP I                     Nil                   0.80%                                0.16% Max                               Nil
 JPM Highbridge US STEEP X                     Nil                   Nil                                  0.15% Max                               Nil


Performance Fee
 Applicable Share Classes    Performance Fee                    Mechanism                    Performance Fee Benchmark

 All, except EUR Hedged      20%                                Claw-Back                    Standard & Poor’s (S&P) 500 Index (Total Return Net)
 EUR Hedged                  20%                                Claw-Back                    Standard & Poor’s (S&P) 500 Index (Total Return Net) hedged into EUR