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JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2007 n) Consolidation of Mauritian Subsidiary All income, expenses, receivables, payables and investments of Flagship Indian Investment Company (Mauritius) Limited (the “Subsidiary”), a wholly-owned subsidiary of JPMorgan Funds, are consolidated into the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets of JPMorgan Funds - JF India Fund. Securities owned by the Subsidiary are individually disclosed in the Schedule of Investments of JPMorgan Funds - JF India Fund. Intercompany balances are eliminated on consolidation. 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 Board of Directors. 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 be applied or ceases to be applied, resulting from, inter alia, any future ruling by the Indian tax authorities. Should the treaty not be applied, or cease to be applied, interest on securities listed on an Indian stock exchange would be subject to tax at a maximum rate of 20%. Capital gains on disposal of such investments would be subject to tax at rates of 0 to 30% in respect of listed securities depending on the length of time the relevant investment has been held. 3. Value of Financial Instruments and Associated Risks The SICAV entered into forward foreign exchange contracts, financial futures contracts, options and swaps which, to varying degrees, represent a market risk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’s participation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, indices, and security values underlying these instruments. Investment in fixed income securities is subject to interest rate, sector, security and credit risks. High yield bonds are lower-rated securities and will usually offer higher yields to compensate for the reduced creditworthiness or increased risk of default that these securities carry. Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value of the contracts may not directly correlate with changes in the value of the underlying currencies, indices, or securities, or that the counterparty to a contract defaults on its obligation to perform under the terms of the contract. In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developing but there is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors who should therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. In some markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary to make payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds. 4. Distribution Policy During the period from 1 July 2007 to 31 December 2007, the SICAV paid dividends as follows: Class Currency Dividend Amount per Share Payment Date JF Eastern Europe Equity A (dist) - EUR EUR 0.02 28.09.07 JPM Eastern Europe Equity A (dist) - EUR EUR 0.08 28.09.07 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.05 28.09.07 JPM Emerging Markets Alpha Plus A (dist) - USD USD 0.01 28.09.07 JPM Emerging Markets Debt A (inc) - EUR EUR 0.74 28.09.07 JPM Emerging Markets Debt I (inc) - EUR EUR 0.01 28.09.07 JPM Emerging Markets Equity A (dist) - GBP GBP 0.07 28.09.07 JPM Emerging Markets Equity A (dist) - USD USD 0.11 28.09.07 JPM Emerging Markets Equity I (inc) - EUR EUR 0.15 28.09.07 JPM Emerging Markets Equity X (inc) - EUR EUR 0.21 28.09.07 JF Euroland Equity A (dist) - USD USD 0.29 28.09.07 JPM Euroland Equity A (dist) - EUR EUR 1.18 28.09.07 JPM Europe Aggregate Plus Bond A (inc) - EUR EUR 0.25 28.09.07 JPM Europe Balanced (EUR) A (dist) - EUR EUR 0.14 28.09.07 JPM Europe Convergence Equity A (dist) - EUR EUR 0.29 28.09.07 JF Europe Dynamic A (dist) - EUR EUR 0.24 28.09.07 JPM Europe Dynamic A (dist) - EUR EUR 0.21 28.09.07 JPM Europe Dynamic A (dist) - GBP GBP 0.22 28.09.07 JPM Europe Dynamic Mega Cap A (dist) - EUR EUR 0.18 28.09.07 JPM Europe Dynamic Mega Cap A (inc) - EUR EUR 0.14 28.09.07 JF Europe Equity A (dist) - USD USD 0.99 28.09.07 JPM Europe Equity A (dist) - EUR EUR 0.91 28.09.07 JPM Europe Equity I (inc) - EUR EUR 0.15 28.09.07 JPM Europe Focus A (dist) - EUR EUR 0.09 28.09.07 JPM Europe High Yield Bond A (inc) - EUR EUR 0.17 28.09.07 JPM Europe Small Cap A (dist) - GBP GBP 0.10 28.09.07 JPM Europe Strategic Growth A (dist) - EUR EUR 0.07 28.09.07 JPM Europe Strategic Growth A (dist) - GBP GBP 0.08 28.09.07 JPM Europe Strategic Growth I (inc) - EUR EUR 0.13 28.09.07 JPM Europe Strategic Value A (dist) - EUR EUR 0.31 28.09.07 JPM Europe Strategic Value A (dist) - GBP GBP 0.32 28.09.07 JPM Europe Strategic Value I (inc) - EUR EUR 0.31 28.09.07 JF Germany Equity A (dist) - EUR EUR 0.34 28.09.07 JPM Germany Equity A (dist) - EUR EUR 0.14 28.09.07 JPM Global Aggregate Bond A (inc) - USD USD 0.48 28.09.07 JPM Global Convertibles (EUR) I (inc) - EUR EUR 0.26 28.09.07 JF Global Dynamic A (dist) - USD USD 0.12 28.09.07 JPM Global Dynamic A (dist) - GBP GBP 0.10 28.09.07 JPM Global Dynamic A (dist) - USD USD 0.13 28.09.07 JPM Global Dynamic A (inc) - EUR EUR 0.07 28.09.07 JPM Global Equity (EUR) A (dist) - EUR EUR 0.38 28.09.07 JF Global Equity (USD) A (dist) - USD USD 0.35 28.09.07 JPM Global Equity (USD) A (dist) - USD USD 0.20 28.09.07 JPM Global Focus A (dist) - EUR EUR 0.12 28.09.07 JF Global Focus A (dist) - USD USD 0.07 28.09.07 JF Asia Equity A (dist) - GBP GBP 0.55 28.09.07 JF Asia Equity A (dist) - USD USD 1.48 28.09.07 JF China A (dist) - USD USD 0.31 28.09.07 JF Greater China A (dist) - USD USD 0.50 28.09.07 JF Hong Kong A (dist) - USD USD 0.39 28.09.07 JF India A (dist) - USD USD 3.49 28.09.07 JF Latin America Equity A (dist) - USD USD 33 0.15 28.09.07
JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2007 Class Currency Dividend Amount per Share Payment Date JF Pacific Equity A (dist) - GBP GBP 0.09 28.09.07 JF Pacific Equity A (dist) - USD USD 0.56 28.09.07 JF Pacific Technology A (dist) - GBP GBP 0.35 28.09.07 JF Pacific Technology A (dist) - USD USD 0.42 28.09.07 JF Singapore A (dist) - USD USD 0.31 28.09.07 JF Taiwan A (dist) - USD USD 0.87 28.09.07 JPM Global Real Estate Securities (EUR) A (inc) - EUR EUR 0.12 28.09.07 JPM Latin America Equity A (dist) - USD USD 0.20 28.09.07 JPM Middle East Equity A (dist) - USD USD 0.29 28.09.07 JPM Sterling Bond A (dist) - GBP GBP 0.05 28.09.07 JPM Sterling Fixed Income Fund C (dist) - GBP GBP 1.11 28.09.07 JPM UK Equity A (dist) - GBP GBP 0.31 28.09.07 JPM US Aggregate Bond A (dist) - USD USD 0.43 28.09.07 JPM US Dynamic I (inc) - EUR EUR 0.01 28.09.07 It is intended that all those Classes of Shares with the suffix “(dist)” will distribute at least 85% of the net investment income attributable to such Classes of Shares, computed broadly in accordance with the definition of net taxable income under United Kingdom corporation tax principles (subject to the application of any de minimis threshold) so that these Classes of Shares of the Fund continue to qualify as “distributing” for the purposes of United Kingdom tax legislation relating to offshore Sub-Funds. Classes of Shares with the suffix “(inc)” may pay dividends but will not qualify as “distributing” for the purposes of United Kingdom tax legislation relating to offshore Funds. Those Classes of Shares with the suffix “(acc)” will not normally pay dividends. 5. Taxation Under current law and practice in the Grand Duchy of Luxembourg, the SICAV is not liable to any income tax, nor are dividends distributed by the SICAV liable to any withholding tax. However, the SICAV, with the exception of those share classes identified in the Appendix, is liable to an asset based tax of 0.05% per annum, such tax being payable quarterly and calculated on the total net assets of each Sub-Fund at the end of the relevant quarter. For the Sub-Funds’ share classes identified in the Appendix, the rate is 0.01% per annum. No tax is payable on the portion of assets invested in other undertakings for collective investment subject to such tax. No stamp duty or other tax is payable on the issue of shares in the SICAV in the Grand Duchy of Luxembourg. No tax is payable on realised or unrealised capital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term, are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. The regular income of the SICAV from some of its securities, as well as interest earned on its cash deposits in certain countries, may be subject to withholding taxes at varying rates, which normally cannot be recovered. 6. Fees and Expenses a) All Sub-Funds - Share Classes A (acc), A (acc) - (hedged), A (dist), A (inc), B (acc), D (acc), D (acc) - (hedged) and J (dist) The fees and expenses charged to these Classes of shares are set at a fixed percentage of the total net assets of each Class of shares. This fixed percentage covers all fees and expenses connected with the management of these Classes of shares, including Investment Management Fees, Shareholder Servicing Fees and Other Operating and Administrative Expenses, which include but are not limited to Custody, Registrar and Transfer Agent Fees; it does not cover taxes paid on investments, extraordinary costs or performance fees, if any. No other costs are charged to these Classes of shares, and the Investment Manager absorbs any difference that may arise between the actual costs of the operations of these Classes of shares and the fixed percentage. To the extent that the actual operating costs are less than the fixed percentage, the excess is paid to the Investment Manager and included within “Investment Management Fees”. To the extent that actual operating costs exceed the fixed percentage, the amount borne by the Investment Manager will be separately disclosed as a “Fee Waiver’’ in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets. This fixed annual rate of fees and expenses is categorised as a Total Expense Ratio. The fixed annual rates of fees for each Class of shares are shown in the Appendix. b) All Sub-Funds - Share Classes C (acc), C (acc) - (hedged), I (acc) and I (inc) The maximum total fees and expenses to be borne by shareholders on these Classes of shares of any Sub-Fund will not exceed a capped percentage of the total net assets attributable to that Class. These capped fees and expenses comprise Investment Management Fees plus other Operating and Administrative Expenses, not limited to Custody, Fiduciary, Accounting, Transfer Agency Fees and Taxes; it does not cover performance fees, if any. This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio. The capped annual rates of fees for each Class of shares are shown in the Appendix. c) All Sub-Funds - Share Classes X (acc) and X (inc) The Annual Management Fee that would normally be payable in respect of the X (acc) and X (inc) Share Classes are administratively levied and collected by the Global Distributor directly from the shareholder or through the relevant J.P.Morgan Chase & Co entity. The maximum Operating and Administrative Expenses to be borne by the Class X (acc) and X (inc) shareholders of any Sub-Fund will not exceed a capped percentage of the total net assets attributable to that Class, as set out in the Appendix. Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, the Investment Manager or any other member of JPMorgan Chase & Co. 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 is calculated; or b) investing in UCITS or UCIs via classes that do not accrue an Annual Management and Advisory Fee or other equivalent fees payable to the relevant Investment Manager’s group; or c) the Annual Management and Advisory Fee being netted off by a rebate to the SICAV or Sub-Fund of the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or UCIs; or d) charging only the difference between the Annual Management and Advisory Fee of the SICAV or Sub-Fund and the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or UCIs. d) Performance Fees Pursuant to the Investment Management Agreement, as set out in the Appendix to the Prospectus, the Investment Manager is entitled to receive from the net assets of certain Sub-Funds or Classes, an annual performance-based incentive fee (the “Performance Fees”) equal to the given percentage (the “Performance Fees Rate”, as set out in the Appendix V to the Prospectus) of the Share Class Return (as defined below) in excess of the Benchmark Return and the High Water Mark Return where applicable (the “Excess Return”). On each Valuation Day, an accrual for the previous Valuation Day’s Performance Fees is made, when appropriate, and the final Performance Fees are payable annually. Pursuant to the provisions of the relevant Investment Management Agreement, the Investment Manager may be entitled to receive the Performance Fees from the Management Company. 34
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