JPMorgan Funds JF India Fund

Share class: JF A (acc) - USD

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Fundratings
A S&Pfundrating(asat31/01/07) S&Pfundstars(asat31/01/07)

Performancedata
550 500

(asat31/01/07)

Benchmark
A

450 400 350 300 250

JFA(acc)USD BenchmarkA

MSCIIndiaIndex(TotalReturnNet)

200 150

Investmentobjective

100 31/01/02 31/01/03 31/01/04 31/01/05 31/01/06 31/01/07

Toprovidelongtermcapitalgrowthbyinvestingprimarily inIndiancompanies.

Cumulativeperformance
JFA(acc)USD BenchmarkA 1month 1.59% 2.55% 3months 12.38% 11.80% 1year 37.33% 43.96% 3years 171.80% 160.02% 5years 439.83% 397.84% 10years 672.92% 295.64%

Fundstatistics
Fundmanager(s) Clientportfoliomanager(s) Fundsize(asat01/03/07) Fundlaunchdate Shareclasslaunchdate ISIN Umbrellaname Fundlegalstructure EdwardPulling RukhshadShroff AdamMatthews USD3,740.9m 31/08/95 31/03/05 LU0210527015 JPMorganFunds SICAV

Annualisedperformance
JFA(acc)USD BenchmarkA 3years 39.56% 37.51% 5years 40.10% 37.85% 10years 22.69% 14.74%

Calendaryearperformance
JFA(acc)USD BenchmarkA YTD 1.59% 2.55% 2006 49.20% 51.00% 2005 43.02% 37.57% 2004 24.79% 19.10% 2003 103.08% 85.51%

Rolling12mperformanceasat31/01/07
JFA(acc)USD BenchmarkA 2007/2006 37.33% 43.96% 2006/2005 57.10% 50.63% 2005/2004 25.98% 19.91% 2004/2003 108.47% 87.66% 2003/2002 4.73% 2.03%

Fundcharges Initialcharge 5.00% Annualmanagement&advisoryfee 1.50% Operating&administrativeexpenses 0.60% Redemptioncharge 0.50% TER(TotalExpenseRatio)=AnnualMgt&AdvisoryFee+ Operating&Admin.expenses

10largestholdings
Stockname BharatHeavyElectricals BhartiAirtel Larsen&Toubro InfosysTechnologies AssociatedCement Mahindra&Mahindra SatyamComputerServices HousingDevelopmentFinance IciciBank GujaratAmbujaCement Economicsector Industrials TelecommunicationServices Industrials InformationTechnology Materials ConsumerDiscretionary InformationTechnology Financials Financials Materials

(asat31/01/07)

Weight 6.2% 6.1% 5.9% 5.8% 5.2% 5.0% 4.6% 4.0% 3.4% 3.2%

Youshouldrememberthatpastperformanceisnotaguidetothefuture.Thepriceofinvestmentsandtheincomefromthemmayfallaswellasriseand investorsmaynotgetbackthefullamountinvested.
AllperformancedetailsareNAVNAVwithgrossincomereinvested. Allperformancefigurespriortothe31/03/05relatetotheA(dist)shareclasswithgrossincomereinvested. Source:JPM/JPMorganChase

JPMorgan Funds JF India Fund

Share class: JF A (acc) - USD
Page 2 of 3

Statisticalanalysisreview
Correlation Alpha Beta Annualisedvolatility Sharperatio Trackingerror Informationratio

(asat31/01/07)

Portfoliodata
Sectorbreakdown
Sector Industrials Financials InformationTechnology TelecommunicationServices Materials ConsumerDiscretionary Utilities HealthCare ConsumerStaples Energy Cash Total Fund 19.1% 16.5% 14.3% 10.4% 10.1% 9.6% 5.7% 5.3% 3.2% 3.0% 2.8% 100.0% BenchmarkA 9.4% 20.7% 21.5% 5.2% 6.8% 6.8% 2.4% 5.0% 6.0% 16.2% 0.0% 100.0%

(asat31/01/07)

3years 0.97 0.32 0.93 21.69 1.62 5.69 0.23

5years 0.96 0.31 0.94 22.46 1.59 6.45 0.24

Theinformationabovemaydifferfromfigurespublishedelsewheredue todifferencesinthestandarddeviationcalculationmethodologyused. Theabovefiguresarequotedbaseduponthepopulationmethodology.

Fundcodes
Bloomberg ISIN Reuters Sedol Valoren WKN JPINAAULX LU0210527015 LU0210527015.LUF B1FMZH9 2051156 A0DQQN

Deviation 9.7% 4.2% 7.2% 5.2% 3.3% 2.8% 3.3% 0.3% 2.8% 13.2% 2.8% 0.0%

From01/02/98to31/07/03thebenchmarkwastheBombaySENationalPriceIndex.Priorto01/02/98thebenchmarkwastheBombayStockExchange200Index.On01/08/03the benchmarkforthisFundwaschangedfromagrossdividendsreinvestedbasistonetdividendsreinvestedasthisbetterreflectsthetaxstatusoftheFund. B Asat01/09/06theinvestmentobjectiveoftheFundwaschangedtoharmonisethewordingacrosstheFundrange.

JPMorgan Funds JF India Fund

Share class: JF A (acc) - USD
Page 3 of 3

Fundhighlights

q q q q

ThissinglecountryfundinvestsexclusivelyinIndia,aimingtocapitaliseontheinvestmentopportunitiesthatexistincompaniesfromthisfast growingmarket. Indiaisconsideredtobethesoftware'centreofexcellence'forAsiaandhasemergedasarelocationsiteforglobalcompanies'helpdesk functions,whoaredrawnbythecountry'sEnglishspeakingskillsandlowerlabourcosts. InvestorsbenefitfromactivemanagementatthestocklevelasJPMtypicallylookstocapitaliseoninhousestockselectionexpertisewithinIndia. TheFundissuitableforinvestorslookingtoenhanceinvestmentreturnsthroughaconcentratedexposurewithinthisregion.

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