Audited Annual Report 30 June 2017

JPMorgan FundsSICAV Range

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

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

Certain of the sub-funds of the Fund are not authorised for offer or distribution in or from Hong Kong. Accordingly, no reference is made to these sub-funds in this audited annual report. The attention of the investors is drawn to the fact that certain figures in this audited annual report are expressed on a consolidated basis and, thus, include the assets of those sub-funds which are not registered in Hong Kong.

JPMorgan FundsAudited Annual ReportAs at 30 June 2017

Contents (continued)

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

Financial Statements and Statistical InformationCombined Statement of Net Assets 13Combined Statement of Operations and Changes in Net Assets 22Statement of Changes in the Number of Shares 30Statistical Information 40

Notes to the Financial Statements 52

Schedule of InvestmentsJPMorgan Funds - America Equity Fund 69JPMorgan Funds - Asia Pacific Equity Fund 71JPMorgan Funds - Asia Pacific Income Fund 73JPMorgan Funds - Brazil Equity Fund 80JPMorgan Funds - China Fund 81JPMorgan Funds - Emerging Europe Equity Fund 82JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 84JPMorgan Funds - Emerging Markets Debt Fund 86JPMorgan Funds - Emerging Markets Dividend Fund 94JPMorgan Funds - Emerging Markets Equity Fund 97JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 100JPMorgan Funds - Emerging Markets Local Currency Debt Fund 106JPMorgan Funds - Emerging Markets Opportunities Fund 114JPMorgan Funds - Emerging Middle East Equity Fund 117JPMorgan Funds - Euroland Equity Fund 119JPMorgan Funds - Europe Dynamic Fund 122JPMorgan Funds - Europe Equity Fund 126JPMorgan Funds - Europe Small Cap Fund 129JPMorgan Funds - Europe Technology Fund 133JPMorgan Funds - Global Dynamic Fund 136JPMorgan Funds - Global Government Bond Fund 141JPMorgan Funds - Global Natural Resources Fund 146JPMorgan Funds - Global Real Estate Securities Fund (USD) 149JPMorgan Funds - Global Unconstrained Equity Fund 152JPMorgan Funds - Greater China Fund 155JPMorgan Funds - Hong Kong Fund 156JPMorgan Funds - Income Fund 157JPMorgan Funds - India Fund 163JPMorgan Funds - Indonesia Equity Fund 164JPMorgan Funds - Japan Equity Fund 166JPMorgan Funds - Korea Equity Fund 168JPMorgan Funds - Latin America Equity Fund 169JPMorgan Funds - Russia Fund 170JPMorgan Funds - Singapore Fund 171JPMorgan Funds - Taiwan Fund 172JPMorgan Funds - Total Emerging Markets Income Fund 173JPMorgan Funds - US Aggregate Bond Fund 182JPMorgan Funds - US Dollar Money Market Fund 215JPMorgan Funds - US Growth Fund 217JPMorgan Funds - US High Yield Plus Bond Fund 219JPMorgan Funds - US Technology Fund 228JPMorgan Funds - US Value Fund 229

Appendix - Unaudited Additional Disclosures1. Total Expense Ratios 2322. Summary of Investment Objectives of the Sub-Funds 2493. Performance and Volatility 2524. Interest Rate Received/(Charged) on Bank Accounts 2645. Sub-Fund Share Classes Subject to Taxe dAbonnement Rate of 0.01% 2646. Portfolio Turnover Ratio 2667. Calculation Method of the Risk Exposure 2678. Collateral Received 2699. Securities Financing Transactions 27010. UCITS Remuneration Disclosures 27511. Historical Statement of Changes in the Number of Shares 276

JPMorgan FundsBoard of Directors

Chairman

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

Directors

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

Jean FrijnsAntigonelaan 2NL-5631 LR EindhovenThe Netherlands

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

Registered Office

6, route de TrvesL-2633 SenningerbergGrand Duchy of Luxembourg

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

Peter Thomas SchwichtGuiollettstrae 64D-60325 Frankfurt am MainGermany

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

1

JPMorgan FundsManagement and Administration

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

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

Investment Managers

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

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

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

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

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

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

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

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

Depositary, Corporate, Administrative and Listing Agent

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

Independent Auditor

PricewaterhouseCoopers, Socit cooprative2, rue Gerhard MercatorB.P. 1443, L-1014 LuxembourgGrand Duchy of Luxembourg

Luxembourg Legal Adviser

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

2

ChairmanIain O.S. SaundersIndependent Director and Chairman. A member of the Board since November 1996.

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

Jacques ElvingerIndependent Director. A member of the Board since January 2009.

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

Jean FrijnsIndependent Director. A member of the Board since September 2005.

Mr Frijns studied Econometrics, attained a doctorate in Economics from the University of Tilburg and was a lecturer at the Northern Illinois University. Hejoined the Dutch Central Planning Bureau (CPB), the economic think-tank of the Dutch government in 1980 and, in 1983, was appointed as deputy director ofthe CPB. Mr Frijns has held various posts including Chief Investment Strategist of ABP, a Dutch pension fund, a professorship in Investments from VrijeUniversiteit (Amsterdam) and, since 2005 has served as Chairman of the Monitoring Committee on Corporate Governance. Mr Frijns currently holds anumber of professional and board mandates with European organisations including several JPMorgan managed Luxembourg-domiciled investment funds.

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

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

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

During the last 29 years Mr Li worked essentially in the financial sector auditing and advising clients including