JPM Emerging Markets FundInterim Short Form Report – 31 July 2016

Changes to the ProspectusAmendments with effect from 1 February 2016To state that clients placing straight through processing transactions would not have to comply with the Investment Minima restrictions for A, B and C share classes.

To amend currency management disclosures in the investment objective and policies of the Fund for increased clarity.

To allow the Company to invest in China A-Shares through the Shanghai-Hong Kong Stock Connect programme. This programme is a securities trading and clearing linked programme developed by Hong Kong Exchanges and Clearing Limited, the Hong Kong Securities Clearing Company Limited, Shanghai Stock Exchange and China Securities Depositary and Clearing Corporation with an aim to achieve mutual stock market access between mainland China and Hong Kong.

Amendments with effect from 1 July 2016To comply with the Securities Financing Transactions Regulation, the prospectus was updated to include additional information and disclosures for specific financial instruments and transactions. The purpose of this regulation is to increase the transparency and data availability for the five types of instruments and transactions in scope. Although the Fund might not participate in all of these, the scope of this regulation includes 1) repurchase and reverse repurchase transactions, 2) securities or commodities lending and securities or commodities borrowing, 3) margin lending transactions, 4) buy-sell back or sell-back transactions, and 5) total return swaps.

Amendments with effect on 1 August 2016The disclosure was amended to reflect the revised duties, obligations and liabilities of the Depositary, so to comply with UCITS V Directive.

A section was added in relation to the Remuneration Policy adopted by the ACD.

Amendments with effect on 1 January 2017To state that share price publications in the Financial Times will cease with effect from 1 January 2017. Prices will continue to be available in other national newspapers and are available via the J.P. Morgan website: www.jpmorgan.co.uk/investor.

Investment objective and policyTo provide long term capital growth by investing primarily in Equity and Equity-Linked Securities of Emerging Markets companies.

Emerging Markets companies are 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. Smaller companies may be held on an ancillary basis.

Other instruments as permitted in the stated investment and borrowing powers of the Company including, but not limited to, fixed interest securities, cash and cash equivalents may be held on an ancillary basis, as appropriate.

The Fund may invest in China A-Shares via the Shanghai-Hong Kong Stock Connect program.

The Fund may invest in assets denominated in any currency and non-Sterling currency exposure will not normally be hedged back to Sterling.

Risk profileThe value of your investment may fall as well as rise and you may get back less than you originally invested.

The value of Equity and Equity-Linked Securities may fluctuate in response to the performance of individual companies and general market conditions.

Emerging Markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Emerging Market currencies may be subject to volatile price movements. Emerging Market securities may also be subject to higher volatility and be more difficult to sell than non-Emerging Market securities.

The Fund may invest in China A-Shares through the Shanghai-Hong Kong Stock Connect program which is subject to regulatory change, quota limitations and also operational constraints which may result in increased counterparty risk.

Movements in currency exchange rates can adversely affect the return of your investment.

Please refer to Part 11 of the Prospectus for details of the general risk factors affecting this Fund in addition to the specific risk factors above.

Fund reviewAfter prolonged weakness relative to developed markets, emerging markets are up strongly over the six months to 31 July 2016, supported by US dollar weakness, commodity price stability and low relative valuations. The asset class has shown resilience to Brexit, while currencies have appreciated in aggregate, supporting returns.

The Fund delivered outperformance over the six months to 31 July 2016. In Brazil, an overweight position in the market helped performance, as a political shift and rebound in commodity prices resulted in strong market returns while stock selection and an underweight in China also contributed. The Fund was hurt by our Indian overweight. Indian equities have been a long-standing overweight as we are able to find numerous companies that meet our quality standards, given their enduring competitive advantages, strong cash flow generation and skilled management. Our structural underweight to the materials sector detracted, given inconsistent cash flow generation, dependence on commodity prices and pro-cyclical capital allocation that do not fit our criteria for investment.

Fund outlookEmerging market equities, more than simply participating in the risk-on rally, have outperformed developed markets. The era of monetary accommodation appears to have been extended, following the Brexit vote in late June. What these market moves seem to be signalling is that the persistent underperformance of emerging markets may be behind us. There is some fundamental support for this view: economic growth is showing early signs of bottoming, with purchasing managers’ indices posting successive improvements in several emerging markets. The key to a sustained recovery in emerging market equities is a recovery in earnings estimates

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You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested.

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12 month performance^ to 31 July2016 2015 2014

JPM Emerging Markets FundA-Class Acc 22.5% -7.2% 1.6%

JPM Emerging Markets FundB-Class Acc 23.1% -6.7% 2.1%

JPM Emerging Markets FundI-Class Acc 23.3% -6.5% 2.3%

JPM Emerging Markets FundX-Class Inc 24.4% -5.8% –

Benchmark Index 16.7% -6.3% 3.6%

Six month performance to 31 July 2016Net asset value per

share

Net asset value per

share31.07.16 31.01.16 % Return

JPM Emerging Markets FundA-Class Acc 173.7p 128.8p 34.86%

JPM Emerging Markets FundB-Class Acc 236.4p 174.8p 35.24%

JPM Emerging Markets FundI-Class Acc 676.5p 499.6p 35.41%JPM Emerging Markets FundX-Class Inc 121.5p 89.30p 36.05%

Benchmark Index 27.70%

Fund statisticsRisk and Reward Profile 6† (6 at 31 January 2016)

Fund size £1,090.2m

Benchmark Index MSCI Emerging Markets Index (Net)

Fund charges and expenses A-Class B-Class I-Class X-Class

Initial charge (max.) 3.00% Nil Nil Nil

Exit charge Nil Nil Nil Nil

Ongoing charge (comprises) 1.68% 1.18% 1.00% 0.06%A

Annual management fee 1.50% 1.00% 1.00% 0.00%

Fixed expenses 0.18% 0.18% 0.00% 0.06%

Top ten holdings (excluding Liquidity Funds) %Tencent Holdings Ltd. 4.43Taiwan Semiconductor Manufacturing Co. Ltd., ADR 4.29Housing Development Finance Corp. Ltd. 4.26HDFC Bank Ltd. 4.06AIA Group Ltd. 3.68Tata Consultancy Services Ltd. 3.18Bid Corp. Ltd. 2.90Infosys Ltd. 2.50ITC Ltd. 2.25Samsung Electronics Co. Ltd. 2.08

Geographical breakdown %India 22.71South Africa 18.22China 13.87Brazil 10.98Taiwan 7.85Russia 5.87Hong Kong 4.94Indonesia 3.18South Korea 3.05Thailand 2.02Peru 1.26Mexico 1.17Liquidity Funds 1.12Papua New Guinea 1.11Panama 0.82Belarus 0.77Saudi Arabia 0.53Net other assets 0.53

† For specific risks, including the risk and reward profile, please refer to the Key Investor information Document (KIID) available on the following website http://am.jpmorgan.co.uk/investor/prices-and-factsheets/?list=all&tab=PricesOn 31/08/13 JPM Emerging Markets infrastructure Fund was merged into this Fund.^ Performance returns are calculated using the dealing prices of the accumulation shares (income shares are used if no accumulation share class exists) which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the fund performance that are due to timing differences. Performance returns are in Sterling. All equity indices stated as ‘Net’ are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise.Source: J.P. Morgan.A The ongoing charge will vary in accordance to the annual management fee which varies, as agreed from time to time between the ACD and the relevant JPMorgan Chase & Co. entity.Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express of implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

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Highest/lowest share price and distribution record

Financial year to 31 JanuaryHighest

share priceLowest

share price

Distribution per share

(net)

A-Class Accumulation Shares

2014 169.0p 132.2p 0.90p

2015 163.0p 130.9p 1.04p

2016 170.4p 121.7p 0.97p

2017B 174.7p 122.4p 0.00p

A-Class Income Shares

2014 73.63p 57.62p 0.39p

2015 70.56p 56.66p 0.45p

2016 73.28p 52.36p 0.42p

2017B 74.55p 52.24p 0.00p

B-Class Accumulation Shares

2014 226.0p 177.6p 2.21p

2015 220.1p 175.9p 2.41p

2016 230.3p 165.2p 2.29p

2017A 237.7p 166.2p 0.00p

B-Class Income Shares

2014 104.6p 82.23p 1.03p

2015 100.6p 80.41p 1.09p

2016 104.1p 74.70p 1.04p

2017B 106.0p 74.13p 0.00p

I-Class Accumulation Shares

2014 643.0p 506.0p 7.25p

2015 628.1p 501.1p 7.85p

2016 657.5p 472.3p 7.54p

2017B 680.1p 475.1p 0.00p

I-Class Income SharesC

2014 101.2p 82.23p 0.17p

2015 106.4p 84.88p 1.37p

2016 109.9p 78.96p 1.27p

2017B 112.0p 78.22p 0.00p

X-Class Income SharesD

2015 115.8p 99.64p 1.49p

2016 119.7p 86.56p 2.26p

2017B 122.1p 84.96p 0.00p

B To 31 July 2016.C I-Class Income Shares were launched on 30 August 2013.D X-Class Income Shares were launched on 7 May 2014.

Portfolio turnover rate31.01.16 28.61%

31.07.16 19.59%

The portfolio turnover rate (PTR) reflects the total of security purchases and sales (excluding Liquidity funds), less the total of share issues and cancellations, expressed as a percentage of the average daily net asset values over the period.

Net asset values and Ongoing charges

Date

Net assetvalue per

share class£’000

Numberof shares

Net assetvalue per

shareOngoingcharges*

A-Class Accumulation Shares

31.01.14 582,014 440,432,942 132.2p 1.68%

31.01.15 568,939 357,453,752 159.2p 1.68%

31.01.16 343,747 266,985,922 128.8p 1.68%

31.07.16 415,669 239,274,393 173.7p 1.68%

A-Class Income Shares

31.01.14E 18,019 31,497,625 57.21p 1.68%

31.01.15E 12,101 17,678,090 68.45p 1.68%

31.01.16E 7,239 13,172,143 54.95p 1.68%

31.07.16 9,130 12,312,917 74.15p 1.68%

B-Class Accumulation Shares

31.01.14 80,637 45,409,318 177.6p 1.18%

31.01.15 175,869 81,812,147 215.0p 1.18%

31.01.16 206,013 117,882,453 174.8p 1.18%

31.07.16 292,993 123,935,257 236.4p 1.18%

B-Class Income Shares

31.01.14E 12,187 15,014,017 81.17p 1.18%

31.01.15E 17,838 18,356,618 97.18p 1.18%

31.01.16E 28,705 36,816,835 77.97p 1.18%

31.07.16 39,529 37,478,900 105.5p 1.18%

I-Class Accumulation Shares

31.01.14 392,978 77,685,895 505.9p 1.00%

31.01.15 429,949 70,085,436 613.5p 1.00%

31.01.16 287,108 57,465,815 499.6p 1.00%

31.07.16 325,215 48,075,104 676.5p 1.00%

I-Class Income Shares

31.01.14E 39 45,355 85.70p 1.00%

31.01.15E 193 188,196 102.6p 1.00%

31.01.16E 5,562 6,762,116 82.25p 1.00%

31.07.16 7,633 6,853,290 111.4p 1.00%

X-Class Income Shares

31.01.15E 284 254,573 111.5p 0.06%

31.01.16E 19 21,662 89.30p 0.06%

31.07.16 26 21,662 121.5p 0.06%

E The net asset value and the net asset value per income share are shown ex-dividend at the financial year end.

* The Ongoing charges takes into account the ACD fee, the fixed expenses and any expenses paid to an affiliate in respect of stocklending activities, expressed as a percentage of the average daily net asset values over the period.

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Other informationThese are short form accounts, the full accounts can be obtained using the contact details below.

The Fund is a sub-fund of JPMorgan Fund ICVC. JPMorgan Fund ICVC is an Open-Ended Investment Company (“Company”) with variable capital, authorised under Regulation 12 of the OEIC Regulations by the Financial Conduct Authority on 6 October 1997.

The Company was launched as a UCITS Scheme on 16 November 2001 and acts as an umbrella company comprising 32 sub-funds. Its registration number is IC00005 and its registered address is 60 Victoria Embankment, London, EC4Y 0JP.

Authorised Corporate Director: JPMorgan Funds Limited, 3 Lochside View, Edinburgh Park, Edinburgh, EH12 9DH. (Authorised and regulated by the Financial Conduct Authority)

Custodian and Bankers: JPMorgan Chase Bank, N.A. London Branch 25 Bank Street, Canary Wharf, London, E14 5JP. (Authorised and regulated by the Prudential Regulation Authority

and regulated by the Financial Conduct Authority and the Prudential Regulation Authority)

Depositary: National Westminster Bank plc, 135 Bishopsgate, London, EC2M 3UR. (Authorised and regulated by the Prudential Regulation Authority

and regulated by the Financial Conduct Authority and the Prudential Regulation Authority)

Independent Auditors: PricewaterhouseCoopers LLP, Atria One, 144 Morrison Street, Edinburgh, EH3 8EX.

Investment Adviser: JPMorgan Asset Management (UK) Limited, 25 Bank Street, Canary Wharf, London, E14 5JP. (Authorised and regulated by the Financial Conduct Authority)

Registrar: International Financial Data Services Limited IFDS House, Saint Nicholas Lane Basildon, Essex, SS15 5FS. (Authorised and regulated by the Financial Conduct Authority)

For up-to-date performance information please contact your J.P. Morgan Asset Management representative. Intermediaries on 0800 727 770. Clients investing direct contact your financial adviser or call 0800 20 40 20.

Telephone lines are open 9.00am to 5.30pm Monday to Friday. Telephone lines are recorded to ensure compliance with our legal and regulatory obligations and internal policies.

www.jpmorganassetmanagement.co.uk

This material should not be relied on as including sufficient information to support an investment decision. The opinions and views expressed in this document are those held by J.P. Morgan Asset Management as at 12 September 2016, which are subject to change and are not to be taken as or construed as investment advice. The level of tax benefits and liabilities will depend on individual circumstances and may change in the future. The information in this document is based on our understanding of law, regulation and HM Revenue & Customs practice as at 12 September 2016.J.P. Morgan Asset Management is a trading name of JPMorgan Asset Management Marketing Limited, which is authorised and regulated by the Financial Conduct Authority and is part of JPMorgan Asset Management marketing group.