111
JPMORGAN FLEMING FUNDS
Socikte d’lnvcstissement a Capital Variable
2 8 FEV. 2003
(Register of Commerce Luxembourg No. B 8478)
UNAUDITED SEMI-ANNUAL REPORT
31 December 2002
This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of thc currciit prospectus which is available frcc ofcliargcs on rcquest, supplemented by the latest Articles ofhcorporation ofthe Fund, the latest Annual Rcport ofthe Fund and the latest Semi-Annual Report if published after the Annual Report, from the registered office of the Fund and from the local agcnts and sharc distributors listcd in thc prospcctus.
CONTENTS
Board of Directors Administration Statement of Net Assets Statement of Operations and of Changes in Net Assets Statistical information Portfolio of Invustments
JPMorgan Fleming Funds - America Equity Fund JPMorgan Fleming Funds - America Largc Cap Fund JPMorgan Fleming Funds - America Micro Cap Fund JPMorgan Fleming Funds - America Small Cap Fund JPMorgan Fleming Funds - Asia Equity Fund JPMorgan Fleming Funds - Balanccd Fund JPMorgan Fleming Funds - China Fund JPMorgan Flcming Funds - Eastern Europe Equity Fund JPMorgan Fleming Funds - Emerging Europc Equity Fund JPMorgan Fleming Funds - Emerging Markcts Equity Fund JPMorgan Fleming Funds - Euroland Equity Fund JPMorgan Fleming Funds - Europe Aggregate Bond Fund JPMorgrin Flcming Funds - Europe Convergence Equity Fund JPMorgan Fleming Funds - Europc Dynamic Fund JPMorgin Flcming Funds - Europe Equity Fund JPMorgan Fleming Funds - Europe High Yield Bond Fund JPMorgan Fleming Funds - Europe Small Cap Fund JPMorgan Fleming Funds - Europe Strategic Growth Fund JPMorgan Fleming Funds - Europe Strategic Value Fund JPMoryan Flcming Funds - Europe Technology Fund JPMorgan Fleming Funds - FF Eincrging Markets Debt Fund JPMorgan Fleming Funds - FF Global Bond Fund JPMorgan Fleming Funds - FF USD Bond Fund JPMorgan Fleming Funds - Germany Equity Fund JPMorgan Fleming Fund? - Global Convcrtiblc Bond Fund JPMorgan Fleming Funds - Global Dynamic Fund JPMorgan Fleming Funds - Global Equity Fund JPMorgan Fleming Funds - Global Lifc Sciences Fund JPMorgan Fleming Funds - Global Socially Rcsponsible Fund JPMorgan Fleming Funds - Greater China Fund JPMorgan Fleming Funds - Hong Kong Fund JPMnrgan Flcining Funds - India Fund JPMorgan Fleming Funds - International Equity Fund JPMorgan Fleming Funds - Japan Equity Fund JPMorgan Fleming Funds - Japan Small Cap Fund JPMorgan Fleming Funds - Latin America Equity Fund JPMorgan Fleming Funds - Middle East Equity Fund JPMorgan Fleming Funds - Pacific Balanced Fund JPMorgan Fleming Funds - Pacific Equity Fund JPMorgan Fleming Funds - Pacific Technology Fund JPMorgan Flcming Funds - Singapore Fund JPMorgan Flcming Funds - Sterling Bond Fund JPMorgan Fleming Funds - Taiwan Fund JPMorgan Fleming Funds - UK Equity Fund JPMorgan Fleming Funds - US Strategic Growth Fund JPMorgan Fleming Funds - US Strategic Value Fund JPMorgan Fleming Funds - US Technology Fund
1 2 4 x
13
18 19 20 21 22 24 27 28 29 30 32 34 36 37 39 42 43 46 49 52 54 56 58 60 61 64 68 70 71 73 74 75 76 78 79 80 81 82 84 86 87 88 89 90 91 92 93
Notes to the Financial Statements Appendix : Additional Disclosures
94 102
BOARD OF DIRECTORS
Chairman:
lain OS. Suunders Banker, Polebrook, Oundle Pctcrborough PE8 5LN United Kingdom
Directors:
,Jumr.s B. Broderick Managing Director, J.P. Morgan Investment Management Limited Thc principal place of business being 20 Finsbury Strcet London EC2Y 9AQ United Kingdom
Andri Ehinger Partncr, Elvinger, Hoss & Prussen 2 place Winston Churchill L-2014 Luxembourg Grand Duchy of Luxembourg
Pierre .Juun.s Economist, L-8356 Gamich Grand Duchy of Luxembourg
Registered Office:
European Bank & Business Centrc 6 route de TrGves L-2633 Senningerberg Grand Duchy of Luxembourg
Putrick Petitjean Managing Dircctor, J.P. Morgan Fleming Asset Management France 40 rue Washington F-75364 Paris, Cedex 08 France (from 9 October 2002)
Veit 0. Schuhen Manager, J.P. Morgan Fleming Assct Management (Europe) S.a r.1. European Bank & Business Centre 6 routc dc Treves L-2633 Senningerbcrg Grand Duchy of Luxembourg (to 9 October 2002)
I
ADMINISTRATION
Manager, Registrar, Transfer Agent, Administration Agent and Domiciliary Agent: J.P. Morgan Flcniing Asset Management (Europc) S.1 r.1. Europcan Hank & Business Cenlrc 6 route de Trevcs L-2633 Senningerberg Grand Duchy of Luxembourg
Adviser: Fleming Flagship Advisory Company S.i r.1. European Bank k Busincss Ccntre 6 routc de TrGves L-2633 Senniiigcrberg Grand Duchy ofluxcmbourg
investment Managers: J.P. Morgan Fleming Assct Managcment (UK) Limited 20 Finsbury Street London EC2Y 9AQ United Kingdom
J.P. Morgan Fleming Assct Management (USA) Inc. 41 st Floor, 12 1 1 Avcnue of the Americas New York, NY 10036 Unitcd States of America
JF Asset Management Limilcd 47th Floor, Jardine House 1 Connaught Place Central. Hong Kong
JF Asset Management (Singaporc) Limited 168 Robinson Road 17th Floor, Capital Tower Singapore 0689 12
1.P. Morgan Fleming Assct Management (Japan) Limited Akasaka Park Building 2-20 Akasaka 5-choine. Minato-ku
Japan Tokyo 107-6 15 1
Robert Fleming Inc. 522 Fifth Avenue New York, NY 10036 United States of America
J.P. Morgan 1 nvestment Management Inc. 522 Fifth Avcnuc New York, NY 10036 Unitcd States of America
Custodian: J.P. Morgan Bank Luxembourg S.A. 5 ruc Plactis L-2338 Luxcinhourg Grand Duchy of Luxembourg
Independent Auditor: Deloitte & Touche S A . 3 route d’Arlon L-8009 Strassen Grand Duchy of Luxembourg
Principal Legal Adviser: Elvingcr, Hoss & Prussen 2 place Winston Churchill L-2014 Luxembourg Grand Duchy of Luxembourg
Paying Agents / Representatives: Principal Puyiiig Agent: Krcdietbank S.A. Luxembourgeoise 13 boulevard Royal L-2955 Luxembourg Grand Duchy of Luxembourg
.4 ustriu: Creditanstalt AG Schottengasse 6 A- I 0 1 0 Wien
Belgium: Banquc Dcwaay S.A. Boulevard Anspach 1 B-1000 Bruxcllcs
Fiiiland: Opstock Securities Limited Teollisuuskatu IS FIN-005 10 Helsinki
France: J.P. Morgan Fleming Asset Managemcnt France 40 ruc Washington F-75364 Paris. Cedex 08
Gcmiany:
Hockenheimer Landstrde 10 D-60323 Frankfurt am Main
BHF-BANK AG
Hoiig Kong: JF Funds Limited 47th Floor, Jardinc House I Connaught Place HK-Ccntral, Hong Kong
Irelund: J.P. Morgan Administration Services (Ircland) Limited JPMorgan Housc International Financial Scrviccs Centre Dublin 1
Ituly: IntesaBCI S.p.A. Dirczicme Centrale Centro Rmininistrritivo Elettronico di Parnia Reparto Titoh Esteri Via Langhirano 1 1-43 100 Paniia
2
ADMINISTRATION (continued)
Juparr: J.P. Morgan Securities Asia Private Limited, Tokyo Branch Akasaka Park Building 2-20 Akasaka 5-Chome, Minato-ku JP-Tokyo 107-61 5 1
Sprtin: CITIBANK N.A. Sucursal en Espaiia Jose Ortega y Gasset 29 E-28006 Madrid
Sn.itzerland: J.P. Morgan Fleming Asset Management (Switzerland) Limited Dreikonigstrasse 2 1 CH-8002 Zurich
United Kingdom: J.P. Morgan Fleming Marketing Limited 10 Aldermanbury UK-Lo1ldo11 EC2V 7RF
Regional Contacts: Aasfria: J.P. Morgan Fleming Asset Mauagement (Europe) S.a r.l., Austrian Branch Fuhrichgasse 8 A-1010 Wien
Bnhruin: Robert Fleming Holdings Limited (Bahrain) 4th Floor, Bahrain Coininercial Complex PO Box 2467 BH-Manama
Fmrrce: J.P. Morgan Fleming Asset Management France 40 rue Washington F-75364 Paris. Cedex OS
Grmatry : Fleming-Fonds Marketing GmbH Griineburgweg 2 D-60322 Frankfurt ani Main
Horg Koiig: JF Funds Limited 47th Floor. Jardine House I Connaught Place HK-Central, Hong Kong
If&: J.P. Morgan Fleming SIM S.p.A Via Catena 4 1-1 20 12 1 Milaiio
L zi.ren1 hozdi-g: J. P. Morgan Fleming Asset Management (Europe) S.a r.1. European Bank & Business Centre 6 route de Treves L-2633 Senningerberg
Th t' Neth wimds: Flemings Nederland BV Atrium Building. 1st Floor Strawinskylaan 3035 NL-1077 ZX Amsterdam
Spuin: J.P. Morgan S.V. S.A. Josk Ortega y Gasset 29-2a Plaiita E-28006 Madrid
Stt.edm : J.P. Morgan Fleming Asset Management (Nordic) filial till J.P. Morgan Fleming Asset Management (Europe) S.a r.1.. Luxembourg N o m Kungstomet. Kuiigsgatan 30 S-l 1 1 35 Stockholm
Switzerlund: J.P. Morgan Fleming Asset Management (Switzerland) Limited Dreikonigstrasse 2 1 CH-8002 Ziirich
United Kitigdotii: J.P. Morgan Fleming Marketing Limited 10 Aldennanbury UK-London EC2V 7RF
This page has been left intentionally blank.
Jupnrr: J.P. Morgan Securities Asia Private Limited. Tokyo Branch Akasaka Park Building 2-20 !&asaka 5-Chome. Minato-ku JP-Tokyo 107-61 5 1
3
STATEMENT OF NET ASSETS
at 31 December 2002
Asi;i Balanced Equity Fund
Fund
China Fund
Eastem Europe Equit)
Fund ELlR
4 I7.llh.118
1.131.8S0
i Emergi 11
us1
130.353.01
46 1.29
JPblorgan America Fleming Funds Equity
Fund
USD LSD Combined
America Large Cap
Fund
Americn America Micro Cap Small Cap
Fund Fund
LSD USD LSD USD EUR LSD
ASSETS Inrestinents in Securities :it b1:irket Value Reczivnbles Utuenlised Gain on Fonvard Currencies Open Positions Cash at Banks Total
196.73X.69-1 60.773.627 78.331 I 1,278
2il7.777,261 104.4 I 4
974.401.128 17.369.455) 565.653 3 16.334
140. I73
21.029.3 84 300.076
I1.774.XL1.844 1.25h.172.172. 27.483.583 1 .541 .452
1.277.841
325.673.457 4X,I 10,188
12.129.219.725 1.305qX34.512
281.448.hAl
339.827
2,591.717 2.687.062 I .803. I 8 947.727 5.471.712 2.247.652 ~
208.829.405 12 1.265..360 132.416.49 284.380.185 202.291.7-37 62.982.557 998.996.165 18.126.042
LIABILITIES Unrealised Loss on Fonvard Currencies Open Positions Overdrdfts at Banks
(61 1323) (5.408.677)
(17.194.160) (I.XIX.961) (.33X.548) (676.368) (210.281 (113.250) (338.268) (90.166) ( I .428.68 I ) (2 1.3 12) I Payables (23.6(11:)60) ( 1,818.961) (413.250) (338,268) (90,lbh) ( 1 1128168 1 (21.312) (338,548) (676.3h8) (2I0.281
12,105.631.765 1.3(14,005.551 283.966.935 201.953.169 62.XY2,391 '397.567.1~4 18.104.73n 208.460.857 -120,j88.~)~2 132,206.21 Total Total Net Assets
1.475.176,02% 359.3116.074 215.461 -834 I12.4hl.485 1.0311.171.X70 20.031.291 246.744.4U4 415,698.1II)X 118.1 78,46 Total Investments at Cost
T'lie accompanying notes fonn an integral part of these Finmcial Statements.
1
Emerging Euroland Europe Europe Europe Europe Europe Europc Europe Europe Mal-kets Equity Aggregate Convcrgcnce Dynamic Equity High Yield Small Cap Strategic Strategic
Equity Fnnd Bond Equity Fund Fund Bond Fund Growth Value Fund Fund Fund Fund Fund Fund USD EUK EIJR EUR EUR EUR EUR EUR EUR EUR
245,856.540 469.191,377 179,453,993 48,246.440 404.367,674 745,570,397 64,177.960 480,532,780 196,655.042 1,240,812,299
293,785 29,92X 3,717,924 150.780 1,138,926 2,187,681 423,604 190.047 2,624,686
- 14.006,064 6,573.449 1,319,336 ... 1.178,183 23,684,984 903,306 7,240,776 25,980, I34 323,776 15,557.195
393,o I 8
~ 260,156,389 _- 475,794,754 184,880.271 49,424,623-38,203,438 747,612,629 73,606.417 506,936,518 197.168.865 1.258,994,180
(394.362) - __ (683,7491 (171,680) (79,357) (698,295)--_ (1,062.822) (64,557) (xoy.950) (280,067) ( I ,745,041)
259.762,027 475,l ~ l , 0 0 ~ - 184,708,591 49,345,266 427,505,143744549,807 73,541,860 506,126,568 196,888,798 1,257.249.139 (394,362) ( 683 , 749) --( 171:680) (79,357 ) (698,295) (1,062,822) L64J57) (809,950) (280.067) ( 1,745,041)
273.599,175 532.919.248 174,875.574 48,435,933 41 1,714,772 869,804,018 68,928,810 517,397,931 213,415.271 1,487,432,732
5
Europe FF Emerging FF Global FF USD Gemiany Global Global Global Global Global Tcchnology Markets Bond Bond Equity Convertible Dynamic Equity Life Socially
Fund Debt Iund Fund Fund Bond Fund Fund Sciences Responsible Fund Fund Fund Fund
EUK USD IJSD USD FUR EUK USD USD c1 SD USD
187.753,623 48,006,383 79,457,259 33.866,586 36,925,90 I 114.908.535 272.293.476 S5,550.736 56.640,886 5,123,526 51,896 I .280.220 1,147.701 200,125 - 2,370,955 3 I 0,353 129,265 11.521 X,490
424.804 349,797 -- 713,697 4,479.748 3,;l86?505 I ,710.912 3,713,012.. 172,227 69 1,733
188,230.323 49,636,300 __ XO.$Ml3,960 34,066,71 1 371702.598 122,450.971 276,090,335 .- 87,390.913 60,365,319 5,304,243
- (551.189) - (2,12X,762) (3,369,915)
(32X.X70) __ (57,561) (69,487) (31.733) (62.732) (167.276) ._ (428,893) ( I36,Y 13) (95.896) (x,997) (328.870) (2.749,338) ( 57.561 ) (3,401,648) - (62,732) (167.276) (42X,X93) (136,914) (95.896) (8,997)
187.901,453 49,578.839 .- 77.855.522 30,665,063 - - 37.639,866 122,283.695 275,661.442 87,253.999 60,219,523 5,2’15,246
221.438.156 45,l 10,912 75,593,420 3335,143 57,152,550 126,006,718 273,795,671 98.528.029 95309,433 4,731.X47
6
C'hinn Fund
Fund Fund
USD LISD LrSD
Greater Hony Krmg India Ititeni;itionnl Japnn Japan Latin h:firldle Pacific
Fund Fund Fund Equity Eyu i ty Fund
EUR LISD LSD USD USD LSD
Equ i t ]i Equity Small Cap .Atn3ica East B;1lanced
Fund Fund
3X.hX77h 16.085
J.41 x.471 82.165.991
I I .Oh I 45.143
75.5X9 759.7511.2X2 58333.41 7 52.277.745 7.94s.913 3 1.3 27.74 I)
392.KX5 467.364 73.330 17(1.1) I1 1 1.073 339.539
I . 176.857 1 h(1.20 I 2.532.64 I 5 .2 94.11 x 7 10.2hK.104 2.9Y 9.3 8.3 1 .I38.438 I.OXU.X7 1,154. Ihl 31).X21.7IX 10.5SP.X16 84746.775 259.1 22.561 77n.lX5.840 hi . w ~ . I ?n 53.93h-245 Y.IOO.X13 35.826.140
( W h 3 4 )
(64.65b) (3 .372) (233.572) (3h5.9K3) (1.039.172) (93.985) tXl.hl3) ( I 5376) ( S6.093 )
(64.65 6 ) (33.372) (233.572) (3659x3) (I.C139.1721 (93;9XS) (84.hlXj ( I 5.376) ( I 16.727) 39.757.062 2U.55h.454 84.508.2(13 258.756.578 7h9.146.h6X b 1.3 12.145 53.X5 1.677 9.085.467 35.709.76-3
39.036.076 20.748.311 80.797.024 339.706.01X 91 8.X82.322 X4.958 .OJO 60.03 3.020 <).364.677 33.955.891
Pacific Pnci fic Singpure Sterling Taiwan L K us L-S u S Equity Tzclincllogy Fund Bond Fund Equity Strategic Strategic Technology
Fund Fund Fund Fund Cironlh Value Fund
USD LlSD USD (3BP USD GBP U SD USD LSD Fund Fund
792.953 -642 35.324.X80 4.376.691 XL1.121.891 45.7h9.41C1 l73.0W.917 40.483.013 311.363.(317 h4.232.3X5
174.257 1X.lhh X.IY9 l.hU3.208 442.376 29.9X(1 352.797 3.411
h2.734.680 1.763.X27 hh.S49 799.760 2.693.9 I 5 I .672.542 I Zh.62 I 2 3.3 (12 .(I 90 757.649 855.862.579 3 7. I 06.873 4.45 1.789 8 3 2 4 . 8 6 2 4S.463.355 175.2 12.X3.5 10.639.614 338.017.904 60.993.478
( I -17 I ,206) (62.hll) (7 .(I4 x 1 (7-3.274) (77.358) (234.695) (64.2X.l) (-152.1 Ih) (129.69X)
( I .17 I .?Oh) ~.62.6 l l ) (7.048) (7.3 -274) (77.3581 (234.hWj (64.284) (452.1 I h ) (129.698)
%54.691,373 37.U44.262 4.444.74 1 K2.451.5XX 10.575.33) 337.Shj.738 69.863.780 48.3X5.947 174.078.140
X10.hhX.742 3Y.35Y.7-35 4-78 1 .596 7h.471).499 1 x 3 2 5 7 2 I 9h.520.591 42.96432 313.108.041 75.497.39h
I
STATEMENT OF OPERATIONS AND OF CHANGES IN NET ASSETS
for the period ended 31 December 2002
INCOME Dividends and Interest Securities Lending Income Total
EXPENSES h.l;inagement and Advisor?; Fees Custodian Fees Tow rl'Ahonnement Overdrat1 Interert Orher Expenses
Less: Fee Waiver
Net Income (Loss) froin lnvectinents Net Realised Profit (Loss) on Sale of Investments Net Realised Profit (Loss) on Foreign Currencies Net Realised Profit (Loss)
Change in Unrealised Appreciation (Depreciotion) on Investments Change in Unrdised Gain ( Loss) on Fonwrd Currencies Open Positions Results of Operations
Net .As%ets at the Beginniug ofthe Period Net Impact o f Issuance.:'Redeniption of Shores Distribution Paid Net .4ssets at thr End ofthe Period
JPhlorgan America 4 nierica America America 4sia Balanced Chino Eastem Enierg Fleming Funds Equity Large Cap Micro Cap Smnll C a p Equity Fund Fund Europe Eurt
Combined Fund FL LISD USD USD USD LlSD USD ELR LSD EUR u ,
Fund Fund Fund Fund Fund Equity Equ
97.2611.62y' 7.373.765 1.814.126 270.hZI 3fi.312 S.rlh0.382 257.43 I 2.X43.715 796.43h 23X.L
I110.453.20 I 7.456.Xhl 1.827.842 2711.h: I 36.312 X.960.382 257.43 I 796.936 238.L 2.843.71 5
3.192.572 83.OY9 I -3.7 I h
81.225.274 7.XX1.312 1.904.175 I .802.807 487.h95 h.754.814 9h.100 I .h14.0h7 2.963.660 -44.1 4.(1211.262 5 0.7 it1 24.814 14.252 19.480 5 8 3.8 5 4 12.687 h 8.20 'I 244. I59 68.; 3.0011.453 3011.701 72.750 50.522 15.71h 219.53 1 4.591 50.547 94.797 29s
303.844 2.4hO 14.326 4.745 I 17.506.16 1 2.075.656 482.715 105.3i6 126.1 14 1277.604 29.096 3 0 X .60 6 539.344 143.1
l(lh.O55.994 l(l.308.439 2.186.939 2 . 2 8 7 3 3 653.750 8.X65.XO3 142.471 2.071.479 3.851.960 1 .035q< 1ox.910 4.661 2 1-46 7 841 x 8hU
105.~57.064 10.303.77X 2.484.793 2.287.263 645,909 8.865.XO3 133.614 2.071.479 3.851.9h0 1.035>
( 1.378.363.350) ( I 14.971.722) (36.038.867) 2.487.871 (70,Xl 1.0531
(54335.60%) 1.537.327 4.160q950 (53.326.310) 50.222.024 ~1.788.150)
94.579 123.x I 7 772.236 (3.055.024) (797.5 (64.74h.X93) ( 1.337.6453 (16.894.399) (8 .867 .832) (5.556.82
(2.030.25l) 1.075.594 222.805 30 ,20 1 (28.31 (66.682.565i (13X.234) 1: 15.899,358) ( I 1.886.655i (h.382.7
I I1.901.079) (186,237) (29.856.287) 15.942.843 I 1.243.; - (438.173)
i 1.923.507.108) ( I 13.434.395) (3 1.877.917) iSU.838.439) (2U,584.0291 (178.583.044) (7h2.M9) (45.755-h45) 4.056.18X 4.Xhl.I
1.355.591.300 304.bJ2.c)8X 33 1.159.937 132.1 Ib.I)l5 1.14h.ti45.491 211.629.8114 263.954.5XO 427213,257 99."95.[
h1.84X.646 I1.201.Xh4 (78.368.029) (18.633.995) 30.55b. lXS (1.422.5 I Y ) (7.X23.O38) (113.hSI3.453) 27.550.1
1.301.0U5.551 18-3.966.935 201.953.164 62.X92.391 997.567.184 18.3134.730 2(38.490.857 42O.iXX.902 132.206.;
- ( 1.050.551) (734.906) (r.xX5.o40)
The accompanying notes fonn :in integral part of these Financial Statements
Emerging Euroland Europe Europe Europe Europc Europe Europe Markets Equity Aggregate Convergence Dynamic Equity High Yield Small Cap
Equity Fund Bond Equity Fund Fund Bond Fund Fund Fund Fund Fund USD EUR EUR EUR EUK EUR EUR FUR
2,;51,504 1,728,633 5,214,069 65,195 2.338,687 5,338,677 3,828,137 2,545.849
792,580 19.242 602.604 120,272
2,35 1,504 ~ 2.521.213 5,233,311 65.195 2,338,687 5,941.281 3.948.409 2.545,8+9-
1.956. I32 3,205,757 934,836 283.748 3,462,955 4,426.266 335,840 3,874,368
133,137 I81,248 30,843 6 1.466 274,639 158,677 10,47 1 301.239
60,256 1 12.943 5 1,583 10.348 116.369 176,365 18,360 133,509
30.042 2 1,254 20,730
Europe Europe Stratcgic Strategic Growth Velue
Fund Fund EIJR EUR
1.021,535 13,055,138
57,4= 1,141,456 1,079,011 14.196.594
1.048,773 8.653,367 109,l I I 277,543
40.697 34 1,899
I .m 6,779 176,484 . . . 2,071.365
2,504, I53 4,167, I 82 1,246,324 371.363 4,373,864 5.784.993 478,751 4.905,864 1.376,925 I 1,350,953 -_ 304.587 664,234 229.062 1530 I 498,647 1,023.6XS 93,350 596.748
.. . . .. .. -. .- . .. .-- 6, I26
-.- . 2,504, 154 3,167, I X2 1,246,324 365.237 4,373,864 5.784.993 478,751 4,905,864 1,376225 I 1.35!!,953
( 1 52.650) (I ,645,969) 3.986.9X7 (300,042) (2,035,177) 156.288 3,469,658 (2,360,015 j (297,914) 2,845,63 I
(27,904,602) (85,225,08 I) 5.581,258 (772.333) (86,753,888) (61.520.689) (12.853,306) (89.754,729) (24.488,333) (171,340,447) (289,336) (3.780) 127,692 (75.637) 54,699 895,574 ( I ) (115,254) . - 3 1,036 62,577
(28,346.588) (86.874.830) 9,695.937 (1,148,012) (88.734.366) (60,468.827) (9.383,649) (92229,998) (24,755.211) (168-432.229)
3,136,147 (22.612.273) 3.883,584 2312.578 296,002 (65,448.962) 7,151.706 (20,045,402) (435 I ,785) ( 1 78.98 1,671)
- . 476, I54
( 3 , 7 10,441) (109.487.1O3) 14,055,675 1.664.566 (88,438.364) (125,917.789) (2.231,943) (1 12,275,400) (29,306.996) (337.413,900)
332,488,797 542.1 11.197 275,402,659 3 1.301.333 302,083,092 645,829,212 126.166,552 501,870,132 141.994,31 I 1,395,546,742
(47,516,329) 43,362,085 (92,637,431) 16.422.031 215,601,802 230,689,540 (34.966,155) 116.531,836 84.467,975 220,420,134 - (878.174) (12,l 12,312) (42,667) (1.741.387) (4,051.156) (15.426,594) - (266.592) (I I ,303,837)
259,762,027 475,111.005 184,708,591 49,345,266 427.505.143 746,549,807 73,54! .MU- _SM)6.568 196,888,798 1.257.249.139
9
Europe FF Emerging FF Global FF LJSD Iierrnany Global Global Global Global Global Technology Markets Bond Bond Equity Convertible Dynamic Equity Life Socially
Fund Debt Fund Fund Fund Bond Fund Fund Sciences Responsible I u n d Fund Fund Fund
EUR USD USD USD EUR LUK USD USD usn USD
1,352,035 2324,427 1,439.5 I7 628,505 140.4X6 1,448.557 1.338,792 534.394 7 1.093 26.327
_ 29.130 . . . - 40,839 4,414 1.352,035 2,365.266 1.443,931 628.505 140,486 1.448,557 1,338,792 563,524 7 1.093 26,327
1,805,347 248, I77 2X2,637 139.342 379,373 672,627 1,617.402 591.903 472.5 17 46.5 17 109,934 7,957 9,360 5.279 14,48 1 12,006 94.422 29.650 9.390 80.268 36.278 I I ,93 I 19.676 9,040 10,290 27,367 63.674 20.058 15.821 1.381
I 19.303 410 409 308.543 ... -. ... 75.1331 ....... 104.883. .... 51,198 75?052 169,493 293,337 1 15,202 97,937
2,270.1 12 343,396 535.859 204, 85 9 479, I96 8X1,493 2.068.835 756.813 596.075 128.575 . 334 69,145
.2,270,111-_- 343,396 >Z28L? 203.438 478,638 881,493 2,033.786 756.813 595.741 59,430 35.049.. ........... I ,42 I 5%
(9 18,077) 2.02.I.X70 908,072 425.067 (338,152) 567,064 (694.994) (193,289) (524.647) (33,103) (99.927,937) (567, I X3) 2147,426 1,000.070 (8.352,524) (2.628.952) (12.513.989) ( I 1.364.799) (2,369.826) (5.1 78,891)
(60,422) I46 350,155 982,005 39.895 119.208 .Ilz,rcl+) 1,436 (100.906,436) 1.453.X33 3.405,653 1,425.137 (8.690,676) (1.079.883) (13,169.088) ( 1 1.438.880) (2,9015,637) (5.2 10,558)
6,630.5 I8 3,578,660 2,068.9X8 656,412 ( I I,X40,94X) (4.165,240) (2,127.112) (874,734) (5,171.397) 3.809.550 - ( I ,028,92 I ) - (134,951) ...........
(94275,918) 5.033.493 4.445,720 2,081.549 (20.531.624) (5.380.074) (15,296.200) (12313,614) (8,078,034) (1.401,008)
309.593,714 56,194.552 X1.184,871 36,434.533 67.225,911 97.844.929 127.529.221 88.900.714 65,839,991 8.250,099
- (4,437.610) (2,481.406) (1,147,737) (271). . - (215.031) - - -
(27.416.343) (7,211.596) (5.293.663) (6,703,282) (9.054.150) 30.033,871 163,428,42 I 10,666,899 2.50736 (I ,553.845)
187.901.453 49578,839 77,855.522 30,665,063 37,639.866 122,2X,?.$95 27S,$h!1442 87,253.999 60269,523 5,295.246
10
Frwter Hong Koiig India International Japan Japan I.atin Middle Pacific China Fund Fund Equity Equity Small Cap America East Balanced Fund Fund Fund Fund Equity Equity Fund
lJSD usn usn EUR usn USD lJSD lJSD USD Fund Fund
396,O I 6 330,385 925~55 1 1.780.649 2.666.089 211.587 682.149 48,328 558.084
496.016 330.385.- 925,hS 1 1 ,938,506 2,666.089 211,587 682.149 48,328 558.084 1 5 1 . 8 5 7
3 10.635 169, I95 593,047 1,750,026 5,346.249 589,544 463.094 52,032 267,249 51,919 16,619 150.399 44.469 97.905 26.581 18,261 46.1 18 9,66 I 9.592 5.161 20.384 63.943 201,722 17.494 13,658 2.084 8.938
23.566 3,774 501K 88.837 . . _.. __ 20,009 21,981 7 1.377 440,110 1,352,884 109.081 _ _
392, 155 2 12,956 858,773 2 298,548 6,998,760 742,700 587,624 100,234 336.650 995 33,070
39 1,160 212.956 858.773 2,298.548 6,998,760 742,700 587,624 67.164 336,650
104.856 I 17,429 66,878 (360,042) (4,332,671) (531,113) 94.525 ( I 8,836) 22 1,434 (3,490,976) (l,l45.121) (1.895.660) (46.348.346) (123,466.567) (6.993,446) (9,299.356) (1,312.692) (23.42nj
_ _ . (34.217) 332 (15,571) 959,665 (1,005.694) (77,434) (60.256) (2.074) (26.534) (3.430,367) ( 1,027,360) (1 .X44.353) (45,748.723) ( 1 28.804,932) (7,601,993) (9,265,087) (1,333,602) I7 I ,480
(2,137.890) (1,793,348) 3 3 I. I I 8 (8,779,496) (44,937.046) ( I 7,796.1 74) (1,3 13.684) 789.552 (1.295.837) ._ (939,119) 118,298
(5,568.257) (2.820,708) 1.716,765 (55,467.338) (173.741,978) (25.398.167) (10.578.771) (544,050) (1.006.059j
43,902.312 25,265.544 86,505,095 326,67X,hl5 1,014,259,733 99,633, I23 82,253.560 5,473,135 35.523,837 1,470.565 ( I ,764, I I I ) (3,7 13,657) (1 2.354,699) (71.071 .087) (1 2,922.8 I I j ( I 6,488.344) 4,237,437 I .588,579 (47,558) (124.271) - ( I ,334.81 8) (81 . O M ) (396,594)
39.757,062 20.556,454 84,508,203 25-8,756,578 ?69,446,668 61,3 12,145 53,85 1.627 9$8&467 35,709.763
11
p. d C 1 : tlc - Pacific Singapore Stcrling Taiwan UK IJS us US Equity Technology Fund Bond Fund Equity Strategic Slralegic Technology
Iund tund Fund Fund Growth Value Fund Fund Fund
usn usn IJSD GUP USD GBP USD u SL) USD
8 , 14JJ IO I 3 1,467 39,716 2.202,227 396,647 2,409,535 172.923 2,049,059 16.41 0
~. 846 6,159 .... . .......... ...
8,!+4,8 10 13 1,467 39.716 2,203.073 396>637-. 2.41 5.694 172,923 2,039.059 16,4 IO ..
5,909,792 306,630 36,508 303,329 386.254 962,893 262,X05 1.785.361 664.738
268.134 35.697 15,982 9.074 60,341 13,527 10,6X4 16,O'O 15,064
218.744 9,2 15 1,084 20369 11.551 39.734 I 1,292 73.706 16,647 7.177 2,786 31,931
1,356.090 ~ 36,835 4,663 109.465 28.753 .. 254,050 63,3XX 468.732 1 4424 7 7,752,770 38X.387 58.237 442.737 494,076 1,270.204 350.955 2.343.819 873,327
3,177 4.44 1 .... 2,662 ..-
7.7L220 384.358 46,008 442,737 -_ 494,076_.. 1.270.204 347,778 2 . 3 3 9 7 3 7 8 870,665 .. . . ... .~ 4,029 12,229
392.040 (252,891) (6.292) 1.760,336 (97,429) I, 145,490 (174.X55) (290.3 19) (854.255)
(46.182,894) (3,359.235) ( 1 62.02 I ) 262,859 (5,019.453) (10,296.791) (2,615,935) (15,037,589) (54.186.230) 204
(46,97 1,326) (4.003,65') (170,238) 2.023,195 ( 5 2 14,106) (9.151,286) (2.790,768) (15,327,835) (55,040,281) 73 '2 (1.180,472) ( 391.526) ( I >925) .... (97.224) I 5 ..... ...
(69,857.51 I) (2.X75,686) (522,124) 3.027,509 458,695 (16.301.703) 588.912 (7,793.875) 37,178,348
- ........ 203,321 ..
(1 16,X2X.837) (6.676,017) (692.362) 5.050,703 (3,755,411) (25,452,989) (2.201 .856) (23,12 1,710) (17,261,933)
1,053533,936 35,923.080 5.718.381 81,13 1,092 55,036.266 I X3,692,220 16,333,956 271222,330 95.7 I 1,358
(82.0 13,726) 7,797, I99 (561 ,XO4) (2,169,487) (1.894.858) 19,344,782 26,443,230 89.565.168 (8,585,645) (19.474) (1.560,721) - (2,605,873) . . . . . . ....
854.691.373 37,044.262 4.444.74 1 ... Q45 I S8X ....... 48,385.997 174,978,140 40.ti75133Jl 33735,788 69,863.780
STATISTICAL INFORMATION
at 31 December 2002
Shares Outstanding Nct Assct Valuc pcr Sharc Total Expense Katio* in Fund Currency
JPMorgan Fleming Funds - .4merica Equity Fund JPMF America Equity .4 - USD JF America Equity A - USL) JPR.11; Atncrica Equity D - USD
22,180,879.22
1.1 72.683.97
3.920J65.28
55.93
30. I 8 7.1 8
1.6SVh
1 .90U% 1 2 j u , L. . .'U
JPMorgan Fleming Funds - America Large Cap Fund JPMF America Large Cap 4 - USD JI'MF America Large Cap D - USL)
37,868.350.29
3,124.3 19.29
6.96
6.50
JPMurgan Fleming Funds -America Micro Cap Fund JPMI Amcrica Micro Cap ,4 - IJSn JPMI; jitncrica Micro Cap D - IJSD
3.503.126.93
27,005.8s
57.58 8.41
1.90"./0
2.50%
JPRforgan Fleming Funds - America Small Cap Fund JPMF Amei-ica Small Cap A - USD JPMF America Small Cap 4 - GRP JPMF .4merica Small Cap D - USD
1,397,809.98
3.061.67
4.000.00
44.91
6.88
4.62
I .65%
1.6SV.b
2.25?,b
JPhlorgan Fleming Funds - Asia Equity Fund JF Asia Fquily A - LIST) JF Plsia Equity A - GBP JF Asia Equity L) - USD
52,33 1,642. I0
7.011.37
672.5 17.62
18.96
11.87
8.01
I .hSYo
1.65%
2.25%
JPblorgan Fleming Funds - Balanced Fund JPhlF Ualanccd A - EUR JPMF Ralanced D - ELlK
2,93 1.399.85
31.263.36
6.09
8.55
I .40% 2.204u
JPRlorgan Fleming Funds - China Fund JF China A - USD JI; China D - IJSD
20.840.723.37 3 I ,x3x.33
9.99 1.14
JPMorgan Fleming Fund\ - Eastern Europe Equity Fund JPMF Ea\tem Furope Fquity A - EUR JF Ea\tem Furope Equity A - EUK JPMF Eastern Europe Equity D - FUR
27,965,054.35
I .422.743. I 8
130,363.46
1 4 . ~ 0
9.67 10.40
JPMorgan Fleming Funds - Emerging Europe Equity Fund JPMI; Emcrging Europe Eqiiity A - USD JPMI Emcrging Europe Equity - USD
9,798,Y 12.50
93,14 1.1 s 13.39
10.24
I .9S% 2. S S ? C
JPMorgan Fleming Funds - Emerging Markets Equity Fund JPMF Emerging Markets Equity A - USD JI'MF F.merging Markets Equity A - GBP JPMF Emerging Markets Equity L) - USD
34.41 6.814.47
4.730.65
28,798.80
7.54
12.47
8.39
I .90% 1 .BO% 2.50%
*Thc Total Expense Ratio ("TER") represents the total operating cost as 3 pcrccntagc of thc Fund's average daily net assets.The ioial operating cost comprises investment management and advisory fccs, custodian liees, [axe d'ahonnemcnt and other expenses. as summarised in the Statemcnt of Operations. Ovcrdraft intcrcst is cxcludcd from the calculation
13
STATISTICAL I NFORMATTON (continued)
at 31 December 2002
Shares Outstanding Net Asset Valuc pcr Share 'Iota1 Expense Ratio in Fund Currency
JPMorgan Fleming Funds - Euruland Equity Fund JPMF Euroland Equity A - EUK JF Euroland Equity A - USD JPMF Euroland bquity D - EUR
15,013.378.95
13.585,528.98 4,l 15.621 -04
25.90
4.61
5.75
1.65%
1.90% 2.25%
JPMorgan Fleming Funds - Europe Aggregate Bond Fund JPMI Europe Aggregate Bond A - FUR JPMF Europe Aggregate Bond D - EUR
26,307,03 1-92
1.706,098.00
6.29
11.29
1.10Y" 1.35%
JPMocgan Fleming Funds - Europe Convergence Equity Fund JPMF Europe Con\ergeiice Equity A - EUR JPMF Europe Coiivergence Equity TI - FUR
5,724.174.12
122,488.91
8.40 10.18
JYMurgan Fleming Funds - Europe Dynamic Fund JPMF Europe Dyiiainic A - ElJR JPMF Europe Dynamic A - GBP JPMF Europe Dynamic D - FUR
56.179,204.71
22,187.86
2,030.540.02
7.34 12.04 7.29
1 .YO% 1.90%
2.50Y'n
JPMorgrn Fleming Funds - Europe Equity Fund JPMF Europe Equity A - EUR JPMF Europe Equitj A - USD JF Europe Equily A - USD JPMF Europc Equity D - EUR
25.95 7.07
'0.93 6.09
I .65% 1.65% 1.90% 2.25?',
23.869,727.95
9,905.702.54
2,643.744.35
310.778.26
.IPMorgan Fleming Funds - Eurupu High Yield Bond Fund JPMF Europe High Yield Bond A - EUR JPMF Europe High Yield Bond D - EUR
24.1 19,964.42
91 5.370.9 1
2.79
6.94
I . I09/0 1.35%
JPMorgan Fleming Funds - Europe Small Cap Fund JPMF Europe Small Cap A - EUR JPMF Europe Small Cap A - GRP JF Europe Small Cap A - EUR JPMF Europe Small Cap D - EIJR
29,003,288.37
9,120.3 I
10,56'.20 11 1.633.93
17.43
8.72 5.13
5.07
JPMurgan Fleming Funds - Europe Strategic Growth Fund JPMF Europe Strategic Frowlh A - EUR JPMF Europe Strategic Frowlh A - FBP JPMF Europe Strategic Growth D - FUR
1.65%
1.65%
2.25Yn
41.304,820.33
21,X19.71
30.613.96
4.76
8.93 5.1 1
JPMorgan Fleming Funds - Eurupt. Strategic Value Fund JPMF Europe Strategic Value A - EUR JPMF Europe Strategic Value A - GBP JPMF Europe Strategic Value D - EUR
139,070,557.74 16,228.06
2,339,7 I 9 3 9
8.90 13.84
8.21
1.65% I .65%
2.25%
14
STATTSTICAL INFORMATlON (continued)
at 31 December 2002
Shares Outstanding Net Asset Value per Share Total Expcnsc Ratio in Fund Currency
JPMorgan Fleming Funds - Europe Technology Fund JPMF Europc Technology A - EIJR JPMF Europe Technology A - F R P JF Europe Technology A - FIIR JPMF Europe Technology D - FUR
39,309,5XX.X6
3401 6 . I9 4.505,952.91 3,062,378.45
4.32 4.16
2.35 2.42
I.YO(J/o I .YO% I .90% 2.50%
JYRlorgan Fleming Funds - FF Emerging klrrketr Deht Fund JPMI I 1 Emcrging Markcts Dcbt A - USD JPMF FF Emerging Markets Deht D - lJSD
1.40n/0 2.004c
3,076.039.78 137,636.5X
11.79 I 1-07
.lPklorgan Fleming Funds - FF Glubsl Bund Fund
JPMF FF Global Bond D - USI)
JPMF FF Globd Bold A - USD 5:734,938.03 137.YY8.59
13.30 11.46
1.1016 1.40%
JPMorgan Fleming Funds - FF USD Bond Fund JPMF FF USD UOMI 4 - USD JPMF FF IJSD Bond D - USD
2,666,562.54 1.975.15
11.49 11.21
1 . 1 0?,0 1.35%
JPMurgsn Fleming Funds - Germany Equity Fund JPMb Gcrmany Equity A - ElJR JF Gcrnmany Equity A - EIJR JPhlF Germany Equity D - FUR
I .842.875.30 3.147.208.42
30.800.75
3.X6 9.69 1.30
1 .YO% I .90% 2.50%
JPMorgtln Flrming Funds - Global Convertible Bond Fund JPMF Cilohal Conkertihle Bond A - FUR JPMI; Global Conicrtiblc Bond D - EIJR
13.854,975.55 183,134.60
8.71 8.hX
1.65% 2.00%
JPMnrgnn Fleming Funds - Global Dynamic Fund JPMF Global Dynamic A - USD JPMF Global Dynamic A - CUP JPMI Global Dynamic D - USD
34285,440.17 24,543.59
769,272. I4
7.97 11.54
7.88
1.90% I .YO% 2.509/u
JPhlorgan Fleming Funds - Glohnl Equity Fund JPRII Global Equity A - USD IF Global Equity A - USU JPMF Global Equity D - USD
2.392.985 -44 2,121,341.30
2,530.2s
14.07 24.58 6.43
1.650,;
l.YOU/n 2.259.b
JPMorgan Fleming Funds - Global Life Sciences Fund JPMF Global Life Sciences A - USD JPMF Global Lifc Scicriccs A - GBP JF Global Life Scicnces A - USD JPMF Global Lifc Sciences D - lJSD
I O.POb, I39 04
2 I .077 89 738.940 94 I 16.959.64
5.28 5.3 I 3.63 3.59
1 .YO% 1.9094
1.909.; 2.509.;
JPMorgrn Fleming Funds - Global Socislly Rcsponsiblc Fund JPMF Cilohal Socially Responuble A - USn JPMF Global Socially Reqmwhle D - IJSD
1.152.566.56 I .000.00
4.59 5.06
1.90% 2.50%
15
STATTSTTCAL TNFORMATTON (continued)
at 31 December 2002
Shares Outstanding Net Asset Value per Share Total Expense Ratio in Fund Currency
JPMorgan Fleming Funds - Greater China Fund JF Circatcr China A - USD JF Circatcr China D - USD
4.887,871.19
56.507. I 2
n.03 8.68
1.9056 2.50?,b
JYMorgan Fleming Funds - Hong Kong Fund JF lIong Kong A - USD JF Hong Kong D - USD
1,428,006.13
32.h2n.n~
14.14
8.40
I .90%
2.500/0
JPMorgan Fleming Funds - India Fund IF India A - USD J F India D - USD
6.770,876.41
2.702.33
12.48
8.24
2.1 096 2.70%
JPhlorgan Fleming Funds - International Equity Fund JPMF Intenrational Equity A - EUR JPMF Tntemational Equity D - FUR
6,595.933.34
12.681.87
39.22
5.5 I 1.65Y4
2.25%
JPhlorgan Fleming Funds - Japan Equity Fund JF Japan Equity A - USD JF Japan Equity A - CiBP JF Japan Equity D - IJSD
JF Japan Equity J - USD
36,998,924.80
14,775.75
2.034.445.88
46.1 61.06
16.12
8.27 5.57 X.69
I .6jU/,
I .65% 2.25% 1.90"'o
JPMorgan Fleming Funds - Japan Small Cap Fund JF Japan Small Cap A - USD JF Japan Small Cap D - lJSD
11,567,895.26
2 19.288.1 X
5.22 4.42
1.90%
2.5094
JPMorgan Fleming Funds - Latin Amcricn Equity Fund JPMI; Latin America Equity A - USU JF Latin Amcrica Equity A - USD JPMF Latin Amcrica Equity D - USD
6,327,892.01
2,052.n2
5 . I 6X.05
8.50
7.1 1
7.09
I .90% I .90u/u
2.5094
JPMorgan Fleming Funds - Middle East Equity Fund JPMF Middle East Equity A - USD JPMF Middle East Equity D - USD
1,411,992.71)
1.027.79
6.43
5.61
1.95%
2.55%
JPMorgan Fleming Funds - Pacific Balanced Fund JF Pacific Ualanced .4 - USD JF Pacific Balanccd D - USD
2,424.224.29
1,373.82
14.72
10.33
1.9Ou/0
2.20%
16
STATISTICAL INFORMATION (continued)
at 31 December 2002
Shares Outstanding Net Asset Value per Share Total Expcnsc Ratio in Fund Currency
JPMorgan Fleming Funds - Pacific Equity Fund JF Pacific Equity A - USD JF Pacific Equity A - GBP J I Pacific Equity D - USD
26,682.601 .55 17,051.9x
103,267.88
32.00 10.39 6.99
1.65% 1.65% '.250/b
JPRlorgan Fleming Funds - Pacific Technology Fund JF Pacilic Technology A - IJSD Ji-' Pacific Tcchnology A - GBP JF Pacific 'Tcchnology D - USD
6,650.807.83
348,s 13.66 8,199.57
5.2 I 9.85 6.63
I .90%
I .90% 2.50%
JPMorgan Fleming Funds - Singapore Fund JI: Singaporc A - IlSD JF Singapore D - UST)
646,196.09 1 ,0 18.43
6.86 9.02
I .90%
2.5094
JPRIorgan Fleming Funds - Sterling Bond Fund JPMF Sterling Bond A - GUP JPMF Sterling Bond D - GUP
76,041,016.01 1,830.79
1.084 10.160
1.10Yo 1.6SYo
JPMnrgan Fleming Funds - Taiwan Fund JF Taiwan A - LED JF Taiwan - USD
4,863.743.34 1.166.67
9.95 1.16
1.90% 2.50%
JPMorgan Fleming Funds - UK Equity Fund JPMF UK Equity A - GBP JPRIF U K Equity D - GBP
29,553,873.51 679,469.84
5.77 6.69
I .65%
2.25%
JPRlorgarr Fleming Funds - US Strategic Growth Fund JPMk US Stratcgic Growth A - USD JPMI: US Stratcgic Growth A - GRP JPMF IIS Strategic Growth D - USD
8,446>067.19 6,798.99
137.728.00
4.72 6.83 4.66
1.65%
I.659,"
2.25%
JPMorgan Flcming Funds - IJS Strategic Value Fund JPMF US Strategic Value A - USD JPMF US Strategic Value A - CUP JPMF US Strategic Value D - USD
37,398,701.43 5,444.14
373.740.26
8.91 12.x9 X.80
1 .6S0/, I .hjU/,
2.2%
JPklorgan Fleming Funds - US Technology Fund JPMF IJS Technology A - USD JPMF I!S Technology A - GBP JF IJS Technology A - USD JPMF US T ~ h ~ ~ l o g y D - USD
1935 1.494.41 30.456.13
3.053,416.50 625,206.9 1
3.34 1.41 0.96 0.95
1.90% 1.90% 1 .90U/n
2.50U'n
17
JPMorgan Fleming Funds - America Equity Fund
PORTFOIJO as at 31 ncccmbcr 2002
Description Holding Market Value % of Net ncicription IJSD Assets
Shares listed on an Official Stock Exchange
USA
3M AOL Time Warner AT&T Alcoa Alltel American Exprcss American Intcrnational Group .4mcrisourccBcrgcn Amgcn Anhcuscr-Busch Automatic Data Processing UUC'I' Bank of New York Rristol-Myers Squibh Brown-Forman (E) Burlington Resources Cm1ax ChevronTexaco Circuit City Stores-Circuit City Group Cisco Systcms Citigroup Comcast Computer Associates Jntemational Consolidated Edison Devon Energy Dominion Rcsourccs Dover EchoStar Communications (A j Electronic Data Systems Energy East Equifax Exxon Mohil Fannie Mae Foot Lockcr Frcddic Mac Ciannett Gap General Dynamics General Electric Gillette Golden West Financial Hartford Financial Services Group Home Depot Hughes Electronics Illinois Tool Works lntcl International Business Machines John Hancock Financial Services Johnson & Johnson Knight-Riddcr Kraft Ioods (A) Lexmark International Libeity Media T.illy (Eli) 8i C o Linear Technology Marsh & McLcnnan May Dcpartmcnt Stores McDonald's
66.400 l,X13.700
474.400 408,200 254.000 551.000 404.050 145.700 260.100
94.650 1 56.700
380,700 30 1,800 164.990 278.200 442,883 422,568
1.646.900 198.500 689.799 71 5.036 504,000 254,200 270,625
66,700 263. I00 6X8.400 443,700 643,700 564,400 8 18.800 277.300
1,411,125 105.500 I77,000 567.000
5 1,000 I ,4 I 2, I 5 0
22 1,425 240,500 190.500 26 1.400
I .406.900 149.100 794,300 297,600 43x,000 394,900
59,700 822,500 296.600
3,001.060 151.500 129,900 172,400 245,400 49 1,200
382.800
8,057,308 22.562.428 12.687.828 9,196,746
13.054,330 19.648,660 22.897,514
7.895.483 12.880. I52 4.51 4.805 6.058.806
14,108.094 9,026.397 7,045,521
10.672,378 1 1,692,746 7,761.525
27,845.1 18
12,080.0 I 2 2,584,470
24,256,782 16,339,163 6,645,240 I O.XOX,584 123 13.700 3.598.1 32 7.5 15,452
15,106,938 7,9X2,163
14.003,694 12.74 1.330 28.355,044 18.078,574 14,837.979 6,204,983
12,537,795 8258,355 4,032.3 15
34,X94,227 6,647.179
17,437,453 8.607,743 6,213.478
14,737.278 9,587, I30
13,026.520 23-01 3.408 12.193.920 20.959.3 1 8 3,687,669
32,102, I75 17.987,307 25.418.978
9.5 17,988 3.430.010 7,962,294 5,471,328 7,616.056
0.62 1.73 0.97 0.71 1 .OO 1.51 1.76 0.6 I 0.99 0.35 0.47 I .ox 0.69 0.54 0.82 0.90 0.60 2.14
0.93 0.20 1 .X6 1.25 0.51 0.83 0.96 0.28 0.58 1.16 0.61 1.07 0.98 2.17 1-39 1.14 0.4x 0.96 0.63 0.3 1 2.68 0.51 1.34 0.66 0.48 1.13 0.74 1 .OO 1.77 0.94 1-61 0.28 2.45 1.38 1.95 0.73 0.26 0.61 0.42 0.58
Mcrck & Co Mcrrill Lynch & Co Microsoft Molex (A) Ni Source Nikc Northern Trust Novellus Systems PNC Financial Scrviccs Group Panamerican Bcvcrages PepsiCo Pfizcr Philip Morris Qualcomm SBC Communications Schering-Plough Schwab (Charles) Scientific- Atlanta Scripps Seagate Technology Sigma- Aldrich Sprint-PCS Group Stilwcll Financial T. Rowc Pricc Group Targct Tcxas Instruments Travelers Property Casualty (A) US Bancorp United Technologics Veriron Communications Walt Llisney Washington Mutual Washington Post (R) Waste Management Wells Fargo & Co Wyeih
Holding Market Value % of Net USn Assets
4 I 7,800 266,400 938.900 305.800 367.617 3 I 2,700 284.300 112.200 185.700 172.800 3 10,700
I, 14 1,900
933,100 252,100 929,200 940.300 103.950 358,668 159,800 239,300 836,700 412,100 I87,100
I ,727,000
382,XOO
256,700 298.7 I 6 464.836 13 1,100 789.400 352.300 249.000
14.725 702.400 204,900 634.500
23,390,533 10,203, I20 49,733.533
6,090.007 7.332.121
13,614,958 9.930.599 3,208.920 7.61 8.343 3,575.232
12,937,548 5 I,430,060 47,177,599 14,243,9X8 25,440,972
5.595,360 10.012.130 11,335,317 7,X63,X 1X 3.629,720 7,836,592
10,952,403 I I ,396,626 5,355,738 3,924.943 4,392.619 9,708.100 7,995.1 34
30.7 I9,50 I 5.642.085 8.634.075
10.570.415 15,972,576 9,485346
23.476.500
I ,ox0,440
1.79 0.7x 3.80 0.47 0.56 I .04 0.76 0.25 0.58 0.27 0.99 3.94 3.62 1.09 1.95 0.43 0.77 0.87 0.60 0.28 0.60 0.08 0.x4 0.87 0.4 I 0.30 0.34 0.74
2.35 0.43 0.66 0.81 1.23 0.73 1.80
0.61
- . . . . .
1,238,111,474 94.95
BERMUDA Accenttirc (A) 627,400 11,101,843 0.85
ix,n6i,uw 1.38
Tyco Internatioiial 458,600 6,959.255 0.53 .
. .-
Total Shares listed on an Official Stock Exchange 1,256,172,572 96.33
Total Investmcot Portfolio 1,256,112,572 96.33 .. .
Allocation of Portfolio
Services
General Manufacturcrs
Financials
Utilities
Mineral Extraction
Consumer Goods
Cash & other Net Assets
o/o of Net Assets
35.83
23.70
19.94
8.54
6.17
2.15
3.67 ~
100.00 .. . -.
total
JPMorgan Fleming Funds - America Large Cap Fund
POKlFOLIO as at 31 December 2UU2
Dcsrription
Shares listed on an Official Stock Exchange
Holding Market Value ‘%n of Net Description TJSD Assets
USA
AOI. Time Warner AT&T Alcoa Amcrican Exprcss American International Group Amgen Analog Devices Anhcuscr-Busch Automatic Data Proccssing Bank of America Rank of New York Raxter Intemational Bioinet Boeing Bristol-Myers Squihh Brown-Fomian (E) Uurlington Resources Cardinal liealth Camax ChevronTesaco Cigria Circuit City Storcs-Circuit City Group Cisco Systems Citigroup Clear Channel Communications Colgatc-Palmolive Comcast (A) Comcast ConocoPhilips Consolidated Edison Devon Energy Dominion Kcsourccs Dover Du Pont (EL) De Nemours & Co Duke Energy Ecolah El Paso Exxon Mobil Fannie Mae Gannctt General Electric Cillcttc HCA Hewlett-Packard Home Depot Household Tntemational Hughes Electronics Intel International Business Machines Johnson & Johnson Kraft Foods (A) Lexmark Tntemational Lilly (Eli) SL C o Marriot International Marsh & McLennan McDonald’s Medtronic hlellon Financial
167.542 60,949 55,l 75
106.500 174,025 63,175 38.300 56,925 90,700 43,xoo 57,500 47.700 78.525 44.100 34.500 2X,600 30, I00 32.000 40.786 53,463 40,900
136.000 238,425 303.533 122,975 34.450
100,203 9 9,900 29,615 95.850 28,950 3 1,300 73,220 45,000 90,100 26.100
108,400 280,506
61,925 71,825
375,450 94,000 33.500 99,339 41,835 65.000
114,800 187.365 86.625
106, I50 140.700 5 1.600 40.075 57.680 74300 83,700 4 1.400 79.400
2.084,222 1,630.081 1,243.093 3,797,790 Y.X61,997 3,128,426
946.776 2.71 5,323 3,506,9 16 3,029,646 1,363.325 1,318,905 2.241,496 1.425,092
805,403 I ,849,991 1,265. I03 1,855,040
714,775 3.522,944 1,738,864
997,560 3,104.294
10,673.738 4,596.806 1,795.706 2,332,225 2,225,273 1,416.485 4,075,542 1,338,648 I .bXX,479 2 4 9 1,529 I,902.X25 1,737,579 1.279,031
753,922 9,7 13.923 4,037,200 5.087.724 9.277.370 2 3 2 I ,880 1.39 1,255 1.7X0, I55
994,418 1,776.450 1.202.530 3,072,786 6.698,7 I 1 5,633,9 I I 5,491.52 I 3,129,282 2.5 17.7 12 1 .855.854 3,454,638 1,297.769 1.892,601 2.062,415
0.73 0.57 0.44 I .34 3.47 1.10 0.33 0.96 I .24 I .07 0.48 0.46 0.79 0.50 0.28 0.65 0.45 0.65 0.25 I .24 0.61
0.35 I .09 3.76 1.62 0.63 0.82 0.78 0.50 1.44 0.47 0.60 0.74 0.67 0.61 0.45 0.27 3.42 1.42 1.79 3.27 0.99 0.49 0.63 0.35 0.63 0.42 1 .os 2.36 1-98 1.93 1.10 0.89 0.65 I .22 0.46 0.67 0.73
Merck & Co Merrill Lynch & Co Micron Technology Microsoft Molex (A) Morgan Stanley Motorola Nikc Northern Trust Novellus Systems Omnicom Group PNC Financial Scrviccs Group PcpsiCo Pfizer Pharmacia Philip Morris Prudential Financial Qualcomm SBC Communications Sc h wab (Chad es) Southwcst Airlines Sprint-PCS Group T. R o w Price Group Texas Instruments Travelers Property Casualty (A) Travclcrs Property Casualty (U) US Uancorp United Technologies Verizon Communications Viacom WM Wrigley Junior Wal-Marl Stores Walgrccn Walt Disney Washington Mutual Washington Post (R) Wells Fargo & Co Wyeth
Holding Market Value % of Net USD Assets
50,425 52,200 99.900
253,650 47,700 54.975
129,700 35,200 45.400 40.500 45,700 51,300 99,600
335.087 45.000
145.150 40.200
I00,700 102,636 93.350 58.187
197,200 55,200 91,100 88.097 20,327
209,884 63.700
13 1.641 71.810 27,400
142,120 112.325 56.925 6 1,600
2.X60 76, I00
128,175
2,823.044 1,999,260 1.028.47 1
I3,43.5,841 949,946
2,206,422 I , 167.949 1,532.608 1.585.822 I . I 58,300 2,874.073 2,104.583 4.147.344 9.978.891 1.822.275 5.996,872 1.256,853 3,737,047 2,798,371 1 .005,846
813,454 890.358
1,526,556 I .392,9 I 9 1.295,466
299.925 4,383.427 3,884.745 5,122.810 2393,225
6,9X4,4X7 3.234.398
911.654 2,135,980 2,053,065 3,523,050 4,742.475
1,504, I23
0.99 0.70 0.36 4 74 0 34 0.78 0.41 0.54 0.56 041 101 0.74 1.46 3.52 0.64 2 I I 0 44 132 0.99 0.35 0.29 0.3 1 0 54 0.49 0.46 0.11 1.54 1.37 1.80 102 0.53 2.46 1.14 0.32 0 75 0 12 I 24 1 .67
BERMUDA
Tyco International 197. I50 2.991,75 I 1.05
2,991,751 1.05
Total Shares listed on an Official Stock Exchange 281,448,641 99.1 1
Total Investment Portfolio 281,448,641 99.11
Allocation of Portfolio
Services
General Manufacturers
Financials
IJtilities
Mineral Extraction
Consumer Goods
Cash & other Net Assets
Total
o/o of Net Assets
36.30
24.79
23.20
6.32
6.08
2.42
0.89 ~
100.00 .....
19
JPMorgan Fleming Funds - America Micro Cap Fund
PORTFOLIO as at 31 December 2002
Description Holding Market Value O/o of Net Description USD Assets
Shares Sr \Varrants listcd on an Official Stock Exchange
IJSA 1-800 FIowers.com Alabama National Bancorporation Ambassador (iroups Amcrican Hcalthmays .4msurg Array Riophanna Atlanti~ PreiiiiLiiii Brands ALrix Labs Ranknorth (;roup Bio,jcct Mcdical Tcchnologics Wrt 06i06i06 Uioject Medical Technology Ruca Champps Enwlaiiimenl C.'imarex Energy CoSlar ( h u p Cybcroptics Daisytek InternatIonal Delias Dianon Systems Dick's Sporting Goods Dynamics Kcscarch Endocardial Solutions Endocardial Solutions (Restr. Shares) Esterline Technologics First Ycars (Thc) Fonvard Air PuelCell Energy Genaissance Pharinacetrticals Gymboree Haverly Furniture Hilh Rogal & Hamilton Hollywood Mcdia IMPAC Mcdical Systems Impax Laboratorics lnterMune Intercept Iiitcrslalc Hotcls & Rcsorts J & J Snack Foods J. Jill Group Knight Transportation 1,oehmanns Holdings Med-Design (Thc) Merchantile Bank Mcrix Myriad Gcnctics National Dentex Natiollal Health Realty Nalional Healthcare NeoPhann Ncoforma OneSource Information Services PDF Solutions Palm Harboi- Homes Penn National (iarning Pharsight Philadelphia Consolidated Holdings Pro Assurance
640.725 66,700
191,280 142,027 112,430 276.300 I50.000 145.600 112.160
17,500 209,000 I 88,400 I 90,700 362,135 163,600 267.320 207,700
I ,938,400 112,705 207, I00 209,400
86,120
43 I.XY6 238.220 278.360 159.740 I30.380 437,475 162,s 10 145,160 171.980 492,400 48,700
592.663 83.2 10
151,170 332,100 172,375 144,725 233.550 152.400 188.860 162.055 260.000 182.804 126.80 I 96,800 97,500
138,640 333,440 26 1,300 303.025 36.737
228,100 230,180
169.220 293.500
3376,386 2.Y 10.121 2.508.637 2,476.24 I 2,282.89 I 1.453,864
328,500 2.176,720 2.493.317
0 377.14 I
1,503,432 1,727,742 6,129,135 2,887,907 I ,387,39 I 1.600,9XX
847.554 5,869,594 3,958,717
28 1,612 3 , 0 2 5 m
1,271,070 4.1 8 1,952 2.826.746 3.122.1 18
876.806 380,603
2,782,984 1,894,338 7,lS 1,025
406,230 872,948
2,056,244 2.259.152 2.571.402 1,605.704 5,829,723 2,044.24 1 4,765,588 2.414,016 1.457,999 3,802,621 2. I 89,200 2,685.798 2,492,274 1,403,116 1,858,350 1,520,188 4,002,947 1,953,218 2.078.752
838.462 3.460.277
34,885
5.978543 6.167,903
1 .92 1 .14 1.23 1.23 1.13 0.72 0.16 1.08 1.24
0.00 0.19 0.74 0.86 3.04 1.43 0.69 0.79 0.42 2.91 I .9h 1.50 0. I4
0.63 2.07 I .40 I .55 0.43 0.19 I. .38 0.94 3.55 0.20 0.43 I .02. 1.12 1.27 0.80 2.89 1.01 2.36 1.20 0.72 1-88 I .ox I .33 1.23 0.70 0.92 0.75 1 .98 0.97 1.03 0.42 1.71 0.02
2.96 3.04
Psychiatric Solutions KLI SCP Pool Scansource Scachange lntemational Staar Surgical Star Buffct Stciner Leisure Steven Madden ralx Tanning Technology TriPath Imaging USA Truck United Bankshares Vcntana Medical Systems Virage Logic WMS Tiidustries West Marine Young Innovations
Holding Market Value O/o uf Net USD Assets
156.866 2 14,773 306,545 150,545 379,925 301,520 280,000 206,300 204.400 179.601 871.519 487.775 180, I00 52,280 58.690
175,100 2 1 1,500 285,570
85,175
880.803 5,929.9 IO 9,036.479 7,418.858 2,209,263 I ,004,062
63 1,400 2.702,XOX 3,609.704 2,35 I .875
705.95s I , 177,977 1,303,924 1,533,634 1,399,757 1.779.892 3.285,653 3.933,727 1.91 3.882 - .
0.44 2.94 4.47 3.66 1.09 0.50 0.3 1 1.34 1.79 1.17 0.35 0.58 0.65 0.76 0.69 0.88 1.63 1.95 0.95
194,192,707 96.16
BERMUDA
Orient-Express Hotcls 197,100 2,389,838 I . I8
2,389,838 1.18 _ _ .. ._ .... .. . .. .
. -~
Total Shares & Warrants listed on an Ot?icial Stork Exchange
Unlisted Shares
196,582,545 97.34 .. ..
USA
Caliber Learning Network 225,900 29 0.00 Caliber Learning Network (A) 16,303 0 0.00 PMR 470,600 0 0.00 Sphinx lntemational 390,300 156,120 0.08
156,149 0.08
Total Unlisted Shares 156,149 0.08
Total Investment Portfolio 196,738,694 97.42
-.
.
- . . . . ..
I - - - 1 Allocation of Portfolio O/o of Net Assets
Services 55.68
Finuicials 19.76
General Manufacturers 13.82
Cimsumcr Goods 5.12
Mineral Extraction 3.04 Cash &: other Net Assets
Total 2.58
100.00
20
JPMorgan Fleming Funds - America Small Cap Fund
PORTFOLJO as at 31 Deccmber 2002
Description
Shares listed on an Official Stock Exchange
Holding Market Value 9'0 of Net Description USD Assets
USA .4 bgcnis Advanced Energy Industries Advent Software A meri C'redi t Atlantic Coast Airlines Holdings Brown C Brown CUW Computcrs Ccntcrs CSG Svstcms International C\JR Financial Caminus Checkliee Chclsea Property (;roup Chicago Mcrcantilc Exchangc ChoicePoint Covancc Cynier Daisytek Intemational Electronics (or Imaging Enterasys Networks Enzon Phartnaccuticals Evergreen Kesources Fair Isaac & C o Falcon Products Fidclity National In fortnation Solutions Genesco Global Imiging Systems Gray Television Hilh Rogal & Hamilton Hol 1 y wood Media Information Holdings InterMune Interactive nata Iron Momlain Kana Sollware Kc); Energy Services Knight Transportation LCC International Markel Medcath Mcdiacom Comniunications Myriad Genetics NnC€Iealth National Instruments New held Exploration PC Conncction PLX Tcchnology PKG-Schultz lntcrnational Packeteer Pediatrix Medical Group Pegasus Solutions Pcnton Mcdia Performance Food Group Pctco Animal Supplies Photronics Primedia Priority Healthcare ProAssurance Provincc Hcalthcarc
89,905
32.300
24.180 32.454
38,000 22,250 16.675 57.660 23.891 35.950 42,300 17,700 5.900
45.749 23,550 12.800 84.59 I 66.325
207.000 21,350 22.250 33,250
I 13.948
33,950 59.950 82.650 63,700 17.950
57 1.460 84,590 22,950
106.550 33,625
151.270 77,550 32,500
290,360 2.860
I 13,350 156.500 46,075 38.500 42,950 22,750 2 1,725 X6.400 x4,350
178,560 15,800
137,113 235,820 26.200 58,200 35,600
364,125 45, I00 35,300 61.450
649,5 64 3 19.176 438,940 313,232 45 1,440 7 17.006 699,683 766,301 623,555 I 11,429 705.5 64 600.X27 247.653
1.783.525 580,979 41 9.648 666, I 54
1,087,398 344,655 361.540
1.001.806 I ,388,853
46 I ,489
596.241 1.088.093 1,481.915
749,502 37 1,455
1,305.647 623.093
1.353,875 1.050,445
298,002 702,2 15 663.163 566.202 579.879
I,I 38,601 1.373,288
676.61 1 782.128
1,383.633 8 12,289
358,128
628,720
120,465
772,224 1,240.099
628.050 1,360.847
173,328 XX3,464
1.35 1.695 461.376 77 1.945
1,046,997 14 1,830 577.630
1.03 0.5 1 0.70 0.50 0.72 1.14 1.11 1.22 0.99 0. I x 1.12 0.96 0.39 2.83 0.92 0.67 I .06 I .73 0.55 0.58 1.59 2.2
0.73
0.95 1.73 2.35 I .OO 1.19 0.75 2.08 0.99 2.3 I 1 .67 0.47 1.12 1.05 0.90 0.92 1.81 2.18 1 .os 1.24 2.20 1-29 0.19 0.57 1.23 1.97 1 .oo 2.16 0.28 1.41 2.15 0.73 I .23 I .67 1.18 0.92
Rctck Rudolph Tcchnologies Scrcna Sofhvarc Staar Surgical Sylvan Learning Systems T. Rowe Price Group Tech nata Technitrol Tckclcc Texas Kcgional Bancshares (A) Transkaryotic Therapies Tuesday Morning Corporation Tweeter Home Entertainment Group UTI Worldwide Unit United Surgical Partners Intemational Ilnivcrsal Comprcssion Holdings Vcntana Medical Systcms Vcrtex Pharmaceuticals Vicor Western Gas Resources Wind River Systems Witness Systems
Holding Market Value '/o of Net USD Asscts
43,350 3 I ,500 73,480
145,825 76.655 45,025 35.790 37.250 70.475 4 1,983 25,650 42.746
64.1 00 28.400 33,000
46.050 37.250 18.000 33,675
14,900 175.237 180.960
74. I 50
I 14.0 I I 576,293
I , I x4,130 4x5397
1229,546 1245,166
964,362 626.9 I X 727,654
I ,4Xh,40X 25 1,883 727,537
339.089 7303 I4 622.710
671.639 726, I 89 429,300 530.3 15 635.095 543.105 768,j 14 537,35 I
59,827,125
0. I x 0.92 1 .88 0.77 1.96 1.98 1.53 I .oo 1.16 7 1 i ~
0.40 1.16
0.54 1.1x 0.99
1.07 1.16 0.6x 0.86 1.01 0.86 1.22 0.86
95.12
-
SWTTZERIAND
Mettler-Toledo Intemational 27,555 896.502 1.43
X96,502 1.43
.. .. . . -_ .. ~-
.~ ~ - .. . . . .
Total Shares listed on an Official Stock Exchange 60,723,627 96.55
Total Investment Portfolio 60,723,627 96.55
.... - - .-.
.. .-
Scrviccs
Gcncral Manufacturers
Financials
Mineral Extraction
Utilities
Consumer Goods
Cash & other Net Assets
Total
o/o of Nct Assets
45.20
27.09
15.32
6.15
1.06
0.73
3.45 100.001
21
JPMorgan Fleming Funds - Asia Equity Fund
PORTFOLIO as at 31 December 2002
Description tlolding Market Value % of Net Description USD Assets
Holding Market Value Yo of Net USD Assets
Shares listed on an Official Stock Exchange
KOREA
2,169,000 7.677,300 2.420,OOO
2 1,604,000 3.489,OOO 9.617,OOO
21,276,250 2,723,000
4,417,295 12.65 1,864 3.1 31,234
26,896.190 3.2 18,840 3.052,029
I2.953,166 1,963,477
0.44 1.27 0.31
Nien Madc Enterpriscs Quanta Computcr Taiwan 11011 Chuan Entreprise Taiwan Semiconductor Manufacturing Taiwan Styrcnc Monomcr Uni-Prcsidcnt Entcrprises United Microelectronics Yungtay Engineering
.. .
Dacgu Bank Hite Brewery Hyundai Motor KT KT(ADR) Kookmin Bank KorAm Bank Kumgang Korea Chemical LG Household & Health Cure POSCO SK Teleconi Samsung Electronics Samsung Firc gL Marinc Insurance Samsung SDI Shinsegae Sindo Ricoh
4,073,000 165.000 223,000
50.000 273.306 803,561
1,743,230 136.170 499,000 322.110 137,300 307.400 1 83,000 272,700
39,000 125.000
16,196,887 6,768,238 S,169,8S I 2,117,816 6,204,046
28,195.405 10,776.968 13,309,983 15,674,676 3 1,753,85 1 28> 180,482 80>638,735 9,906,866
12,744,447 4,870,976 6,840,085
1.62 0.68 0.52 0.2 I 0.62 3.83 1 .os 1.33 1.57 3.18 2.83 8.08 0.99 1.28 0.49 0.69
2.70 0.32 0.31 1.30 0.20
168,362,710 16.88
SINGAPORE
DBS Group Holdings Haw Par Oversea-Chinese Banking Parkway Holdings SeinbCorp Logistics Singapore Airlines Singaporc Prcss Holdings Singapore Tcchnologies Engineering Singapore Tclccommunications IJnited Overseas Bank
3.221,ooo 130,171
2,664,000 5,047,000 8,525,000 2,198>000 1.037,OOO
20.322,071 246,759
14.697.25 I 2, I 88.280 7,s 15,345
12,727.903 10,964,225
2.04 0.03 I .47 0.22 0.75 1.28 1.10
279,349,312 28.00 3,580.000
13.650,OOO 3.112,OOO
3,434.475 9,634,559
20,710,219
0.34 0.97 2.07
HONG KONG
CLP Holdings Cathay Pacific Airways Cheung Kong Holdings China Insurance Inteinatioiial Holdings China National Aviation Cnooc Convenience Ketail Asia Esprit IIoldings Hang Seng Rank Hong Kong & China Gas Hong Kong Elcctric Holdings Hutchison Whampoa Lcgend Group Lerado Group Holding Li 8: Fung Ngai LIK Industrial Holdings Sun Hung Kai Properties Texwinca lloldings
10.059,000 5.468,OOO 3.000,OOO
4,568,000 23,s 16,000
6,l75,000 14.420.000 5.7 15,500 3,218.000
20,745,000 7,x50,500 6.200,OOO
14.373.000 27.888,OOO
4,092.000 Ih,448,000 1,635,000
354,000
40,563,787 7,466,914
19,137,155
2.29 1.624 4,387,220 8,0 5 6.2 7 7 3,790,374 9,673,668
34,195,788 26.799.182 29,594,274 38,357,655 4,815,008 4,541,342 3,817,083 4.059,821 9,591.177
262,131
4.06 0.75 1.92
0.23 0.44 0.81 0.38
3.42 2.69 2.97 3.84 0.48 0.46 0.38 0.41 0.96 0.03
0.97
102,441,087 10.27
MALAYSJA
AMMB Holdings Arab Malaysian Gamuda Genting Hong Leong Bank I JM IO1 Magnum Malayan Banking Public Bank (F) Rcsorts World 'Tanjong
3,703.800 I 1,742.000 3,695,000
875,000 4.677,OOO 3,790.000 4,050,000 8,397,000 6.164,200
12,197,250 5.631,OOO 2,933,000
3.596.561 238 I .406 5,420,918 3,073,993 5.341,592 4,867, I26 5,941,738 5,093.410
12.774,410 8,168,894
13.743,996 6.620,760
0.36 0.29 0.54 0.3 1 0.54 0.49 0.60 0.51 1.28 0.82 1.37 0.66
77,524,804 7.77 ... .. .. ... ...
PEOPLE'S REPUBLIC OF CHINA
China Petroleum & Chemical 48.646,OOO 8.264,681 0.83 China Southem Airlines (Asia) (H) 7.I82,OOO I ,968,406 0.20 People's Food Holdings 2 1,733,000 9>297,779 0.93
33,487,847 3.36
PetroChina 70,000.000 13,956.981 1.40 -. .. . ..
251,400,480 --
25.20 -
TAIWAN
Accton Technology Asustck Cornputcr Chinatrust b'inancial Holding Evergreen Marine Foniiosa Chemicals & Fibre Fonnosa Plastics Fubon Financial Holding Giant Manufacturing Hannstar Display lion I h i Precision Industry Lite-On Technology Mercuries & Associates Nan Ya Plastic Nien Hsing Textilc
6,170,276 7,230,546
14,217,483 2,665,432 5,752,764
10,484.5 16 9,341.947 4,313,123 4,328,586
19,864,975 5,504,666 1.977.739 4,717,570 3,508,992
0.62 0.73 1.43 0.27 0.58 1 .os 0.94 0.43 0.43 I .98 0.55 0.20 0.47 0.35
6,OX 1,000 3.204,000
17.300.000 4.277,OOO 5,322,260 7,926,700
1 I ,780,000 3.268,000
15.000.000 5.738,950 4,823,000 4,476,000 5.338,380 3.926.000
INDIA Iiindalco Industries (GDR) 567,000 7,056,3 I5 0.7 I ITC (GDR) I 10.849 1,571.285 0.16 Reliance Industries (GDR) 714,755 8,866,536 0.88
17,494,136 1.75 . . . . . . -.
22
JPMorgan Fleming Funds - Asia Equity Fund (continued)
POK1'FOLIO as at 31 December 2002
Description Holding Market Value "h of Net USn Assets
THAllAND
Advanced Info Service 3,934,500 3,2W,2 IO 0.33 Bangkok Expressway FJR 5,400.000 1.858,627 0.19 PTT 8,338,000 8.137.685 0.81
13,245,522 1.33
Total Shsrcs listed on an Official Stock Exchange 933,305,898 94.56
- - . . -
Shares dealt on another Regulated Market
KOREA Ceratech Group KT Fi-eetel NCSoll
385,837 1.63 I .040 0. I 6 400,000 9,423.653 0.96 122,292 10,523,143 1.05
21,577,836 2.17
Total Shares dealt on another Regulated nlarkct 21,577,836 2.17
Unlisted Shares Br Warrants
TAIWAN
Capital Securities 32,980,950 9,s 17,394 0.95
9,517,394 0.95 - -. .
INDONESIA
Lippo Bank Wrt 30/06!02 36.000,000 0 0.00
0 0.00
Total Unlisted Shares & Warrants 9,517,394 0.95
Total Investment Portfolio 974,401,128 97.68 __ .
. ..
Allocation of Portfolio
General Maiiufaclurers
Financials
Scrviccs
Utilities
Consumer Goods
Mineral Extraction
Cash & othcr Nct Asscts
Total . .. . . .. . . .. . . . .
''A of Net Assets
34.16
26.9 I
14.04
12.93
5.19
4.45
23 .
JPMorgan Fleming Funds - BaJanced Fund
PORTFOLIO as at 31 December 2002
Description Holding Market Value '%n of Net Description EUR Assets
Shares listed on an Ofiicial Stock Exchange
USA
American International Group AmerisourceRergen Anadarko Petroleum Avon Products Bank ofNcw York Bristol-Myers Squibb Burlington Northcrn Santa Pc Circuit City Storcs-Circuit City Group Cisco Systems Citigroup ConocoPhilips Consolidated Edison Dell Computer Exxon Mobil Fannic Mac FlcctBoston Financial Ciannctt Ckncral Electric HCA llartford Financial Services Group Hewlett-Packard Hughcs Elcctronics Johnson & Johnson Kraft Foods (A) Lexmark Tntemational Marsh & McLeiinan May Department Stores McDonald's Microsolt Ncivmont Mining Pfizcr Pharmacia Philip Morris Proctcr & Gamble Prudential Iinancial SBC Communications Target IJnited Technologies Walt Disney Washington Mutual Wastc Managcrncnt Wclls Fargo & Co Wyeth
2,440 1 .000 1 . I 50 1.720 1,900 3,570 2,970
8.365 4,985 6,290 2.335 2.560 1.700 1,400 2, I20 3,640 1,040 6.735 2,750 2,370 7,777 3.280 3.100 2,712 1.080 1,200 3,530 4.700 4.026 2.350 6.730 3,250 4.896
440 3,770 3,965 3.051 2.090 3.800 3,l 10 3,780 2,770 3.260
132.541 5 1,943 53,027 88,378 43,181 79,886 73.307
58.813 62.214
2 12,016 107,052 104.338 44,038 46,472
132.482 83,703 70.6 I4
I59,52 1 109,472 102.648 133.585 42,974
157,710 10 1.460 62.781 53.124 75,523 69,852
204.41 5 66,957
192, I09 126.152 193.891 36,486
1 12.982 103,623 83,714
122,173 58,334
103.368 X2.393
122,920 115,619
0.73 0.29 0.29 0.49 0.24 0.44 0.41
0.33 0.34 1.16 0.59 0.58 0.24 0.26 0.73 0.46 0.39 0.xx 0.6 1 0.57 0.74 0.24 0.87 0.56 0.35 0.29
0.39 1.13 0.37 I .Oh 0.70 1.06 0.20 0.62 0.57 0.46 0.68 0.32 0.57 0.46
0.64
0.42
0.68
UNITED KINGDOM
Allicd Domecq RAE Systems RG Group BP Barclays GKN GlaxoSmithKlinc Reckitt Renckiser Rio Tinto (Reg. Shares)
4,231,191 23.41
12.300 24.979 14,700 17,960 14,270 13,958 5,963 2,650 3,700
75,559 48,141 58,922
I 17.8 I8 82,423 44,066
105.000 49.270 70.499
0.42 0.27 0.33 0.65 0.46 0.24 0.57 0.27 0.39
Holding Market Value '/o of Net FXJR Assets
Royal Bank 01' Scotland Group 4,330 97,612 0.54 Six Continents 6.381 48,726 0.27 Tesco 32.341 95,825 0.53 Vodafone Group 124.440 214.483 1.18 Wolseley 6,200 48,940 0.27
1 , I 57.285 6.39 ... ...... .... .......... ___
JAPAN
Acom 980 30.857 0.17 Chugai Pharmaceutical 4,100 37.405 0.21 Fuji Photo Film 2,000 62.489 0.35 Honda Motor 1,300 46,076 0.25 Kaneka 6.000 30,760 0.17 Kao 2,000 42.063 0.23 Nikko Cordial 13,000 41.983 0.23 Nilitendo 500 44,768 0.25 Nippon Telegraph & Telephone 20 69,594 0.38 Nissan Motor 7,000 52,333 0.29 Suini tomo 14.000 57.645 0.32 Takeda Chemical Industries 2,000 xo.090 0.44 Toyo Suisan Kaisha 2.000 17.213 0.10
613.276 3.39 - .
~ . . . . . . . .
FRANCE
Aventis 2,440 123.220 0.68 Axa 4,342 54,427 0.31 BNP Paribas 2.150 81.324 0.45 Compagnie de Saint-Gobain 2.820 77,099 0.43 Dassault Systtmes 2.173 44,188 0.24 lmerys 490 58,653 0.32 Renault 600 26,052 0.14 TotalFinaElf 1,819 244,201 1.35
709,164 3.92 - ......
KOREA
KT(ADR) Kookmin Bank POSCO (AUK) Samsung Electronics
3,470 75,503 0.42 2,300 77,356 0.43 2.300 55,711 0.31
510 128.238 0.70
336,808 1.86 -.- ...
SWITZERLAND
Alcon 2.160 80.602 0.45 Holcim (E) 390 67,885 0.38 Nestle (Keg. Shares) 65 1 133.135 0.73 Zurich Financial Senices 600 S2.994 0.29
334,616 1.85
BERMUDA
Accenhire (A) Ingcrsoll-Rand Tyco Tntemational XL Capital (A)
5,000 84.806 0.47 2,180 87.847 0.48 4.550 66,183 0.37
9 70 72.105 0.40
310,941 1.72
24
JPMorgan Fleming Funds - Balanced Fund (continued)
POR1'I~'OLIO as at 31 December 2002
Description Hnlding Market Valuc % of Net Description EUR Assets
Holding Rfarket Value %" nf Net EUR Assets
GERMANY
Bayel- Uaycrischc hlotorcn Wcrkc Ileutschc Post Hriclrlberg~.i-C:ement
Rands listed on an Official Stock Elchange
2.330 46.938 0.26 1,130 32,633 0.18 4,374 43,806 0.23 1.092 39,094 0.22
Denominated in EUR
Federal Home Loaii Mortgage
Finland SYO 2009 France 5% 2005 France 5"4,20 I2 France 5.S% 2029 France OAl' 5.55'0 2010 Germany 4.75% 2028 Gcnnaiiy 5% 2006 Germany 50/0 2012 Gennany 5.625?4 2028 Gennany 69.; 2003 Germany 6% 2007 (Scr. 97) Germany 6.75% 2003
5.251'n 2006 485.000 500.000
95,000 130,000 190.000 175.000 145.000 130,000 3 10,000 I 85,000 I 95,000 625,000 350,000
513.639 532,675 99.83 I
137.547 207,138 191,879 132.637 137.378 329.003 205, I65 199,388 687.3 I3 353.920
2.83 2.94 0.55 0.76 1.14 1.06 0.79 0.76 1 .82 1.13 1.10 3.80 1.96
162,472 0.90 . -
NETHERLANDS
Koninkli.jkc Philips Electronics 4,523 75.783 0.42 Wol tei-s-K I uwer 3,830 62,773 0.35
ITALY
EN1-Entc Nazionalc Idrocarhuri x,975 136,375 0.75 . . . .
136,375 0.75 3,137,513 20.64 . - .... ... ....... -
Denominated in JPY Dcvclopmcnt Bank of Japan I .75% 20 10 Eksportfinans 1.8% 2010
FINLAND
Nokia 8.586 119,091 0.71 13.000,OOO 40,000,000
80,000.000 10,000,000
113.499 0.63 351.200 1.94 129,091 0.71
-. . . . .
BIILGIUR.1
Ilexia ( N P V ) 4.850 55,557 0.31 Fortis 3.840 62.1957 0.34
118,514 0.65 . . .
....... . . . . . ~. .
c A N A n1z Talisman Encrg): 2,390 86,747 0.48
... .... ~-
86,747 0.48 ................
SINGAPORE
Ilcxtronics International 7.620 62,048 0.34
62,048 0.34 ................. .-
Export-Import Dank of Japan 2.875% 2005 691,678 3.81
83.251 0.46 General Electric Capital I .4% 2006 International Bank for Rrconstructioii and Developiiient 24," 2 0 0 ~ 22,000.000
37,000,ooo 26,000,000 6,000,000
193.249 1.07 Landwirtschaftliche Kcntcnbank I.3759/u 201 3 312.926 1.73
229.429 1.27 49,l 19 0.27
Ontario I .875'?/, 20 I O Toyota Motor Credit 0.75% 2008
2,024,351 11.18 ...
2.09
1.29 1.26 0.02 0.64 I .02 0.76 0.71
- - ..
Denominated in USD
bannic Mae 5.5?/a 2006 Federal Home T oaii Mortgage 54: 2004 i-reddie Mac 5.125% 2012 USA Treasury (Strip) 8.875% 2019 IJSA Treawry 3 75% 2005 IJSA Treasury 6 125% 2027 IJSA Treasury 6.2596 2030 USA rrcasury 6.75Vn 2005
360,000
235,000 227,000 220.000 1 IO,000 165,000 I20,OOO 120,000
377.181
233.536 228.861
3.542 I I6,46 I 183,798 137.382 128.198
SPAIN
Altadis 2.110 45,516 0.25
45,576 0.25 .. -. ..
.. .
SWEDEN
Noi-dea (SEK) 10.336 44,667 0.25
44,667 0.25 . . . . . .-
..... -
BRAZTI.
Coinpania Vale do Rio Doce (.4DR) 1.535 42.441 0.23 'l'clc Nortc Lcstc Participacoes (ADK) 46 325 0.00
1,409,979 7.79
Denominated in SEK
Swedcn 5.25K 201 1 Swedcn 5.5"h 2012
I,700.000 193,497 1.07 2,800.000 314,707 1.79
Denominated in AUD
Queensland Treasury 6% 201 1 580,000 330,hI I I .X3
330,611 1.83 42,766 0.23
I'otal Shares listed on an Official Stock Exchrngc 8,666,694 47.87
-
_-_ _ _ _
25
JPMorgan Fleming Funds - Balanced Fund (continued)
234,442 1.31
Denominated in DKK
h " r k Xo u 2006 950,000 145.456 0 8 0
145,456 0.80
Total Bonds listed on an Official Stock Exchange 8,400,556 46.41
Unlisted Shares
... .- . -..
._ __
POKTFOLIO as at 31 December 2002
Currency
AUD
CAD
CHF
EUR
GBP
SEK
ncsrription
Denominated in GBP
European Investment Rank 2005 Trcasuty 5% 2008
Holding Market Value YO of Net EUK Assets
open the following fonvard currency 6.125%
60,000 86.205
Japan
Canon usn
3,000 108.266 0.59
Amount Evaluation in Purchase/Salc EUR
620,000 334,234 Sale
460.000 280,235 Salc
385,000 265,190 Sale
1 2,15 3,090 12,153.090 Purchasc
903.000 1,387,471 Sale
4.790.000 523,190 Sale
6,730,000 6.456,120 Sale
342.1 60,000 2,766,477 Sale 108,266 0.59
i y E N The net unrealiaed gain on the abovc positions amounted to EUR 140.173 as at
_ _ 08,266 0.59 3 1 December 2002 lotal Unlisted Shares
IJnlisted Bond\
..
Denominatcd in C4T) Canada 5.Sno 2009 3oo,ono 193,943 1.07
. ___ . _
193,943 1.07
Total Unlisted Bonds 193,943 1.07
Total lnvcstmcnt Portfolio 17,369,459 95.94
Allocation o f Portfolio O/u of Net Assets
Iixed Interest 45.24
Scniccs 16.89
Financials 12.47
General Manulhclurttrs 10.69
Mincral Extraction 5.69
Utilities
Consumer Goods 3.85
1.11
Cash & other Net Assets I. Iota1 100.00 .-
26
JPMorgan Fleming Funds - China Fund
POKIFOLIO as at 31 December 2002
nescription Holding Market Value o/o of Net IJSD Assets
Shares listed on an Official Stock Exchange
HONG K O N G
Cliaoda Modem Agriculture China Mobilc China National .4viation China Resources Entriprises (:hiria Rcwurccs Land L'ofco International Cosco Pacific Denway Motors Digital China Holdings Euro-Asia Agricullui-al Holdings Fiordano International Global Bio-Chctn Technology Group Gzitic Iiualing Holdings Hung Hing Printing Group Lcgcnd Group Ming Pao Entcrprisc Tcxwinca Holdings Vari troni 9 In temati onal
35.204,000 6.925.500
33,272,000 8,498,000
11.298.000 25.694.000 14,262.000 37.5 12,000 37.25 I ,800 30,392,000 20.886.000
36.404.800
I .ooo,ooo 49.687.000
820.000 I92.000
7,592.410
I 0,004,000
5,980.960 16,450.245 8.072-964 7.600. I82 1.15 1.679 7.124.443
I 1,739,425 12,686,029 I I .523,320
38,969 8.000,668
9,977,639 339.92s 629,89 1
16.642.494 140,333 142. I73
4.27 I .297
2.87 7.88 3.87 3.65 0.55 3.32 5.63 6.09 5.51 0.02 3.84
4.79 0.16 0.30 7.97 0.07 0.07 2.05
122,522,636 58.17 . . . . ..-
PEOPLE'S HEPUBLIC OF CHINA
A1 uil1iilunl Corporation of China I9,970.000 2.816.656 1.35 China Oilticld Scrviccs 35,178.000 8.547.584 4.1 n China Pctrolcuiii & Chemical 46.580.000 7.913.678 3-80 China Shipping Development (H) China Southcm Airlincs (Asia) (H) Iiuancng Poivcr lntcrnational Qingling Motors (11) Sinopec Shanghai Petrocheniical (H) Sinpec Yizheng Chemical Fihre (H) Trawlsky Tcchnology (H) 'l'singtao Urcawy (11) I'anzhou Coal Mining Zhenhai Refining & Cheinical (H)
37.554,000 2,514.000
11,980.000 56.710.000
73,308,000
76.184,000 13.636,000 4.790,000
13.298,000 4,638.000
7,824,789 3.75 689.025 0.33
9.562.23 I 4.5x 6,435,257 3.09
I ,044.658 5.30
9.817.319 4.70 9.310.428 4.46 2,410,673 I I6 5,307, I I7 2 55 1,186.416 0.57
nz,86s,831 39.74 . .. . . _.
Total Shares listed on an Official Stock Exchange 205,388,467 98.51
Shares dealt on another Regulated Market
. . _.
PEOPT.E'S REPURI.1C OF CHINA
China Vanke Da7hong Tiansportation
380,805 264.890 0. I3 I ,388,4 I0 983.688 0.37
Shanghai Lujiazhui Fin & Tradc W) 1,680.499 1.140.219 0.55
2,388,797 1.15
Total Shares dealt on another Kegulated Market 2,388,797 1 .15
Total Imeqtment Portfolio 201,171,264 99.66
- _
-.
Allocation of Portfolio
Services
Gcneral Manufticturcrs
lltilitics
Mineral Extraction
Consumer Foods
Finaiicials
Cash 6i other Net .4ssets
Total
U/u o f Net Assets
36.29
35.60
12.48
10.74
3.32
1.23
0.34 IOO.00
27
JPMorgan Fleming Funds - Eastern Europe Equity Fund
PORTFOLIO as at 31 December 2002
Holding Market Value "h of Net EUR Assets
Description Holding Market Vnlue Yo of Net Description EUK Assets
Shares listed on an Official Stock Exchange
POLAND
Agora 756,369 Uank Pckao X40.566 Hank Zachodni W H K 418.834 BRE Bank 85.656 Budiincx 1.37 1,227
Shares dealt on another Regulated Market
CZECH REPUBLIC
Ce\ke Energelicke Zavody 2,842,700 8,306,238 1.98 Ccqky Tclccorri 672,3 12 5.169,532 I 2 3 Kotnercni Uanka 287.850 18.967,507 3.50
9,334,439 9,838,IXb 7.341.719 1,868.53 1 0,193,527
I 13,600 2,585,979 307.618 3,x77,940
1.439.003 9.586.341 1.1 80,900 5.060.640
268,097 4,150,226 929.705 8,990.5 IO
11.120.752 35.549.806
2.22 4.72 1 .?5 0.41 2.42 0.62 0.92
2.28 I .?0 0.99 2-13
8.45
32?443,277 7.71 .. -. .-
KLI SSlA OAO Ciazprotn (Rcg. Shares) 262.000 2.963,402 0.7 I Sbcrbank 93.370 17,125,493 4.07 Sibneft (ADK) 450.167 9,590.090 2.28
Cornputcrland Poland Grupn Kcty KGIIk.1 Polska Micdz (GUK'I (Keg. Shares) Orhis Prokom Sii l iwm (GDR) Stomil Olszlyn Tclckomunikac,ja Polska ((iDR) (Reg. Shares) I
2Y,678,9XS 7.06
ESTONIA
Hansabank
. . .-
1 18,377,844 28. It; 769,428 12,172.351 2.89
12,172,351 2.89 RlJSSlA
1.ukoil (ADR) hlohile Tt'lesyslems (ADS) OAO Gazpi-om (ADS)(Reg. Shares) Kostclccom ( A D K ) Vitiipcl Cointinmications (ADR) Wiintn Bill h i n Foods (AUK) Yukos (XDRI
. - . .
12.750 755.887 350.959 12.793,s I7
1,647,733 IX.637.003 I .535,7 IO 10,3 10.230
730,862 22,547.093 312.001 5.327,814 305,418 41,135,887
0.18 3.04
4.43 2.45 5.36 1.27 9.78
26.51
Total Shares dealt on another Rcgulatcd Market 74,294,613 17.66
IJnlisted Shares
Rl~SSIA Lukoil (ADK'I(Spon) 514.850 30.424.332 7 23 SurgulnellegiL (ADR) I 262,654 19,233,707 4 58
..
.. - _ _ _- _.. ~-
49,6158,039 1 1 .%I 1 1 1,507,431
HUNGAKY
Egis 40,500 2,343,140 0.56
(Kcg. Shares) 131.363 ~.266,374 I .97 (kdcon Richter (GDR) (Spon)
Matav (.4DK) 523.6 IO 9,034,159 2.15 UI'P Bank (GDK) 614.109 11.522.706 2.74 k~nnonplast 124.633 643.151 0.15
POTAND
Interi~etional Trading Investiiient Holding I ,n I 3,855 1,700,673 0.40
1,700.674 0.40
Total Unlisted Shares
Total Investment Portfolio .. -
51,368,713 12.21
31,809,530 7.57
UNITED KINGDOM bleminp Kussia Securities Fund 488,600 9.714.059 2.31 Allocation of Portfolio
lllilitics
Fiiiaiiciak
Mineral Lxtraction
Services
General Man ulhc turers
Investment Companies
Cash & other Net Assets
Total
o/u of Net Assets
27.13
26.26
24.05
10.53
8.90
2.31
0.82
100.00 ~
9,714,059 2.31
C ROATI .4
Pliva (GDK) . .
709,767 9,677.771 2.30
9,671,111 2.30
ESI'ONIA
Pesti 'l'clskom ( O K ) (Kcg Shares) 507.604 8.952.6 I9 2.13
. -.
8,952,619 2.13
LITHUANIA
A B Lieluvos Telekomas (GDR)(Rcg. Sharcs) 557.900 I ,133,XhX 0.34
1,443,868 0.34
Total Shares listed on an Official Stock Elchange 291,483,122 69.31
28
JPMorgan Fleming Funds - Emerging Europe Equity Fund
PORTFOLIO as at 31 Decemher 2002
Description
Sharcs listed on an Official Stock Exchange
Holding Market V-nlue u/u of Net Description usu Assets
RITSSLi Lrikoil ( 4 D K ) Mobile Telesvsteiiis (ADS) 0.A0 Gazprom (ADS)(Reg. S h a m ) Kostclccoiii (ADK) \'impel Coiiiiiiuiiications (4DR) Wimm Rill Dann Foods (4DR) Yukos (XDR)
4.063 126,900
534.73 I 867,647 117,078 174,952 90.95 I
..........
251.297 0.19 4.826.007 3.65
6.309,X25 4.76 6, I 16.9 I I 4.63 3,768.107 2.85 3.1 16.770 3.36
I2.77X,h I6 9.67
37,167,533 28.1 1
. . . . . .
POI A N D
Agora 200.723 Bank Peltao 2 18.399 KGHM Polska hlicdz (GDR) (Reg. Shares) 5X7,XOO 01-bis 577,400 Prokom Soliware (GDR) 23.323 Tclckoriiuiiikacja Polska (GDR) (Reg. Shares) I .949,000
2.581.30') I .Y6 5277.415 4.07
4,0X5.210 3.09 2,581.339 1.95
376.666 0.29
6,499.915 4.91
21,504,954 16.27
. . -
TIJRKEY
Akban k 1.717.234.960 5,696.772 4.3 1 .\ksigorla 428.052.000 1.205.069 0.91 Enka lnsaat ve Sanayi 92.784.1 92 2.273.228 I .7? I'upras-Turkiyc Pctrol Raiinc 333.869,000 I.575.000 I . I 9 Turkcell Iletisiiii llizinet 567.99X.000 3,301.81X 2.50
14,051,887 1U.63 ~. ... .. . . .
IrNITED KINGDOM
Flciiiing Kussia Sccuritics Fund 144,500 2,997,146 2.27 ..... ..
2,997,146 2.27 . . .
ESTONIA Eesli Trlekoin (GDR) (Reg. Sharcs) 122.06 I 2,235,922 1.70
2,245,922 1.7U
. .
. . . ..... - ~
HUNGARY Gedeon Kichtcr ( O K ) ISpon) (Reg!. Shares) 15.552 1.020,9x9 0.77 OTP Rank (GTIR ) 15429 1 3,020.246 2.28
4,041,23s 3.0s .............. .......
'Total Shares listed on an Ofticial Stock Exchange 82,008,677 62.03 .- .... . . .
Holding Rhrkct Value u/u of Net usu Assets
Shares dealt on anothcr Regulated Market
RUSSM S bcrbank 45,532 Sibneft (4DK) 294.084
X.712,54X 6.60 h.j36,Ol7 4.94
15,21X,565 1 1.54
CLECll REPUBLIC Konieruni Ranka 93,400 6,120.720 4.86
-~ __ 6,~20,72n 4 . ~ 6
. . -~ .-
ESTONIA
Hanhahank 146,132 2.41 1.818 1.82
2,411.818 1.82 .- _.__ -
Total Sharei dealt on anothcr Rcgulatcd Market 24.OX1,103 1x.22
Uiilisted Shares
RUSSIA Lukoil (ADR)(Spon) Surgiitiicftcgaz (.4UK)
199.900 12.323.835 9.32 738.201 11.737.396 X . X X
24,061,231 18.20
Total IJnlisted Shares 24,061,231 18.20
-. ....
Total Tnucstmcnt Portfolio i3n,i5i,uii 98.45
Allocation of Portfolio
Mineral Extraction
Financials
Utilitics
Services
Geiieral Maiiufacturers
Investment Coinpanies
Cash & other Net Assets
Total
-1 u/o of Net Assets
34, I 9
29.62
20.24
7.04
5.09
2.27
1.55
100.00 ~
29
- .. -
JPMorgan Fleming Funds - Emerging Markets Equity Fund
PORTFOLIO as at 31 December 20U2
Description Holding Market Vnlue %, of Net Description WSD Assets
Sharcs listcd on un Ofticid Stock Ewhangc
KOREA Kookmin Rank Kookmin Rank (4DR) POSCO POSCO (ADK)
Samsung Electronics (GDR) Saiiisuiig SDl (GDR) Shiiisegar
SK ~reiecoIll ( 4 r ) ~ )
. .-
137.060 178.5 1 I 30.050
106.100 275,770 144,YOO 233.280
72.900
3,809, 17 1 6,506,726 2.962.352 2.681.147 6,253,085
19,4 16,600 3.849.120 9.104,978
1.85 -.I 1 i 1 1.14 1.03 2.41 7.47 I .48 3.5 I
55,583,179 21.40
MEXICO .4merica Movil ( A D R ) ( I . ) 176,900 C'emex 5 17,040
(.4D11) i35.060
C'einrx (ADR) 139.969 Fomcnto Lconotnico Mcxicano
Cirupo Financiei-o R R V A Rancomer 3,154,100 Cirupo Trlr\,isa (GDR) 92,776 Telelhnos de Fvlcxico (ADR)( L) 205,560 W~~l-Mart dc Mexico (C) 3.019,653
2,582.740 2,230:370 3.028,229
4.892.539
2.675.654 2,609.325 6,588, 198 6.052.468
0.99 0.86 1.17
1.88
1.03 1.01 2.53 2.33
30,659,533 1 1 .SO - -.
SOUTH .AFRICA
Ah-ican Bank Investments 2,984.51 1 1.962,263 0.76 Iinpala Platinum Holdings 2 1.400 1,378,500 0.53 lmpcrial 1 loldiiigs 709,833 4,543,667 1.74 KMB Holdings 3,185,665 3,775,667 I .45 11ehserve Iloldings 2,529,361 2,225,649 0.86 SiIsol 35 i , Y O O 3,309,355 1.66 Steinhoff lnremational Holdings 3.XOO,6XO 3,104,334 1.20
21,299,435 X.20 ...
-. ..... -_
TAIWAN
Asustek Computer 1,038.473 1.786.0Y 1 0.69 Delia Eleclroiijcs 2.245.066 2,627,000 1 .0 I Hon Hai Precision Industiy 1.898.505 6,571,543 2.53 President Chain Store 2,681,103 4.032.462 1.56 I'aiwan Seiiiicondnctor Manufactwing 4,369,629 5.440.028 2.09
20,457,124 7.88
~. .
. -. .......
BHAZIL
Cia Urasileira de Distribuicao Grupo P a o de Acucar 175.790 2.709,803 1.04 r i a Vale do Rio Docc (/lDK)(Spon) I 59.xno 4,382,s 15 1.69 C'ompanhia de Rebidas d a s Aiiiei-iw.; (ADR) (Spon) 206.300 3.320288 1.20 Petroleti Brasilciro-Pctrobras (ADK) (Spoil) 3.58.891) 4,748,115 1.83 Uniao de Uancos Urasileiros
190.945 2,0841 65 0.80 (GDR) -.
i 7 , ~ 4 q ~ 6.56 .....
Holding Market \'aluc % of Net USD Assets
HONG KONG China Mobile (Hong Kong) 1,617.000 3.830.885 I .48 Esprit Holdings 2,128.000 3,60 1,709 1.39 Johnson ELecti-ic 2>3 14,700 2.126,306 0.93 Li & Fung 4,o 10,000 3.740,592 1.44 YLW Yucn Industrial 1,028.100 3.206.648 1.23
16,s 16, I40 6.47 __ .....
IJNTTED KINGDOM
Aiiglo American 543,808 8.003,733 3.08 HSBC Holdings 403.8 14 4.394,649 1.69
~ ........
12,3yn,3yz 4.71 ~ ..... .
RUSSIA
S berbank 13.650 2,6l1.928 1.01 Viinpel Communications (ADR) 8 1,200 2.613,389 1.01
5.746,450 2.20 Yukos (ADR) 40,900
10,971,767 4.22 ~ ......
ISR4EL Bank Hapoaliin 1,346,100 2.094,17 0 . X I Check Point Software Technologies 7 1.100 945.180 0.36 Koor Industries 2.645 28.698 0.01 Super-Sol 981.750 1,790,439 0.69 'leva Pharinaceutical Industries (ADR) 120.300 4,419.221 1.70
9,277,695 3.57 .....
HUNGARY
Gcdeon Richter (GDR) (Spun) (Reg. Shares) 39,000 2360,350 0.99 OTP Rank (GDR) 264,300 5.173,673 1.99
-.
7,734,023 2.98
INDONESIA
Hanjaya Mandala Sainpoema 6.108,800 2,525,662 0.91 lJnilcvcr lndoricsia 1.379,000 2,804,485 1.08
5,330,147 2.05
~ . . . . . . . . . ~
.
CROATIA
Pliva (GDR) 267.100 3.799.498 I .46 . ....
3,799,498 1.46 . . . . . . . . .
POIAND
Hank Pekao (GDR) 136.600 3,360.360 1.29
3,36U,36U 1.29
. . . . .
.............
30
... . .
JPMorgan Fleming Funds - Emerging Markets Equity Fund (continued)
PORTFOLIO as at 31 December 2002
Description Holding Market Value % of Net USD Assets
MAL.AYSIA
British American Tobacco Malaysia 1X2.300 2.637,259 1.02
2,637,259 1.02
CHILE Banco Santander Chile ( ADRNSpon) 126, I00 2,3X0,13X 0.92
TURKEY
Migro\ Turk I X6.46 1,550 I ,63 1,550 0.63
1,631,550 0.63
- .~ ____ . . .
Total Shares listed on an Official Stock Exchange 221,381,126 85.22
Share3 dcalt on another Regulated Market
. - - .- .. . . . .. .
INDIA
Hcro Honda Motors Hindustan Lcvcr Housing Development Finance ITC Tnfosys Teclinologics Punjab Tractors
. . .
43X, 100 2,462,997 0.95 1,046.000 3,968,620 1.54 1,221.824 9,187,266 3.54
203.700 2 3 14,639 I .OX 48.000 4.760,224 I .X3
4 10,940 1,2x I .66X 0.49 . . . . - ._
24,475,414 9.43
Total Shares dealt on another Regulated Market 24,475,414 9.43
Total Investment Portfolio 245,856,540 94.65 -- . -
Allocation of Portfolio
General ManuFacturers
Seivices
Financials
Mineral Extraction
Utilities
Consumer Goods
Cash & other Net Assets
Total
% of Net Assets
29.33
22.74
19.64
9.3 I
7.43
6.20
5.35 IOO.OO
~
31
JPMorgan Fleming Funds - Euroland Equity Fund
PORTFOLIO as at 31 December 2002
Description llolding Market \ ' a h '% of Net Description EUR .Assets
Shares listed nn an Ofiicial Stock Exchange
FRANCE
Accor Air T.iquide Awntis t2xa U N P Paribas CNP Assunliices Cap Ciemini (:arrcfour Cotnpagnic (;L'ncralc d'Optique Essilor Iiiteriiatioiial Compagnic de Saint-Gobaiti C'i-kclit 1,yonnais GroLipe Danune L'Orcal Lafargc Lagardere S.C.A. Orangs Pech iney Peugeot Renault SEB Sanofi-Synthclabo Schncider Elcctric (Kcg. Sharcs) Societe Tele\ision Frangaisc 1 SociCtC Gtnbale s Utf%
TotalFinaElf Vivendi Univcrsal
36.546 16.871
440,766 210.106 29.676 3 1.226
136,358
52.739 86.871 47,743 33.194 37,868 35.098 3 1,526
479,671 49,232 73.334 55.595 12,277 65,529 83, I31 37.871 67.594
202.549 222,589 294,772
I 44,700
1,04357 1 2.073,446 7.307.350 5,525,002 7,947.159 1,027.086
666.207 5,592.723
2.062,622 2.375,053 2.526.798 4.235.554 2,680, I 08 2,4X4,93X 1.19 8 . I46 3.149,060 1.605.209 2.802.459 2,413.935 1,034,337 3,759,726 3.713,lXO
928.V76 3,680.493 3,249.899
29,882,573 4.41 7,158
109,382,868
0.22 0.44 1.54 1-16 I .67 0.22 0.14 1.18
0.43 0.50 0.53 0.89 0.56 0.52 0.25 0.66 0.34 0.59
0.22 0.79 0.78 0.20 0.78 0.68 6.29 0.93
0.5 1
23.02
NETHERLANDS
ABN Amro Holdings ASML Holdings hhold (Koninkli.jkc) CSM Luropcan Aeronautic Dcfctisc and Space Heinckcn 1HC Ciiland INC Crocp KT.M Koninklijke T.ucl1tvaai-t Mij Koninklijke Philips Electronics Nutrcco Holding Kccd Elscvicr Koyal Dutch Pctrolcutn Royal KPN Sligro Food Group TPCi Ilnilcver V N U Volkcr Wcsscls Stcvin Woltei-s-Klnwer
720.454 I6 I .392 194,709 54,600
64.240 28,536 32,520
509.325 117,705 304,469
62. I79 301. I01 66X.985 793,864
3 1,659 83.497
I3 1.287 77,523 3x,15x
104.5 10
10.803.208
2,293.672 I.079.988
638.867 1.036.570 I ,5x 1,773 8.009,136 1.010.497 6.776.878 I , 105.232 3 3 10,838
18.335,207 4.886.233 1.260.661 1.277.504 7,571.978 1,944,302
937,877 1,712.919
I .a I 0,503 2.27 0.28 0.4X 0.23
0.13 0.22 0.33 1.69 0.21
I .43 0.23 0.74 5.98 1.03 0.27 0.27 1-59 0.4 1 0.20 0.36
87,183,843 18.35 - _ __ . .- - . . .
GERMANY
Allianz BASP Uayer DaimlerChrysler nepussa Deutsche Bank Dcutschc Lufthansa (Rcg. Shares) Dcutschc Post Deutsche Telekom E.ON Fielmann Infincon Tcchnologics MLP Mctro Miinchener Kuckversichenings Puma (Rudolf Dassler Sport) SAP Schwarz Pharma Siemens T-Onlinc Intcrnational Thyssen Krupp Vo I k swapen
Holding Market Value "/n of Net EUR Assets
29,289 215,605 4 1,294 47,658 33.1 18
109.933 449,682 247,458 396.442 104.147 4 1,030
177,797 124.1 I2 65.366 28.653 14,787 43,46 I 70.708
252,084 207.474 224.037
65,465 . . .
2,612.1 6 I 7,731.595
831.868 1.383.988
820,538 4,826,608 3,914.482 2.478,292 3.858,397 4.0 IO, I80 1,374.840 1,245,468 I . I 55,483 1 d99.169 3.265.009
955,240 3,263,704 2.41 1,749 0.200,579 1.005.463 2.411.758 2,250,032
0.56 1 .63
0.29 0.17 I .02 0.82 0.52 1.02 0.84 0.29 0.26 0.24 0.32 0.69 0.20 0.69 0.5 I 2.15 0.23 0.5 1 0.47
0.18
. . . . - .
4,636,603 13.61
ITALY
Assicurazioni Gcncrali 3 19,332 Uaiico Popolare di Verona e Novara 131.545 Ranca Popolare di Milanti 226,963 ENI-Entc Nazionalc ldrocarburi 1.084,115 Encl 607.530 Mediaset 195,248 Merloni Elettrodomestici 65,837 Riimione Adriatica di Sicurta x0.722 Saipem 375,749 San Paolo-IMI 222,309 Seat-Paginc Giallc 2.000,097 Tclccotri Italia 762.760 Telecoin Italia (RNC:) 494.202 Telrcom Ttalia Mobile I,XX4.698 UniCredilo ltalianti 1.733,XOY
. . .
SPAIN
Acerinox Aclividades dc Construceion y Senic Altadis Banco Rilbao Vizcaya Argentaria Banco Santander Central Hispanti Endesa Gmpo Pcrrovial lberdrola Iberia Lineas Aereas de F.spana Metrovaccsa Repsol Tclcfonica 'Terra Networks
58,336
36.673 208.323 764,683
I , I 19,133 679.321
56.371 168.353
I,637,236 59.856
577.639 1.333.678
304.545
6,129.578
I ,393,7 I9 792, I O 1
16,473.127 3.010.311 I .404.809
664,954 935,972
2,436.732 1,388.320 1,297.063 5,503,313 2364,757 8,170. I 66 6,614.481
1.29
0.29 0 . I7 3.47 0.63 0.30
0.20 0 .5 I 0.29 0.27 1.16 0.50 I .72 1.39
0 .14
58,579,403
2,046,778
1.132.829 4.499.798 7 ,o 12.143 7,335,9 I7 7.524,588 1.376,016 2,197,848 2,25 I ,2 I3 1.195,624 7.28 1 .I40
11,382.942 1,640.430
12.33
0.43
0.24 0.95 1-48 I .54 1.58 0.29 0.46 0.47 0.25 1.53 2.40 0.35
56,877,266 11.97 - . .
. . -. . . . . . . 32 -. . ...
JPMorgan Fleming Funds - Euroland Equity Fund (continued)
PORTFOIJO as at 31 December 2002
Description Holding Market Value O/u of Net Description EUK Assets
FINLAND
Fortum 237,545 1,490,595 0.3 I lnstnimcntarium 34.836 I ,7 I I .6 I4 0.36 Nokia 1,501,990 22,582,420 3.75 Sampo 435.716 3,119,727 0.66 Soncra 323.176 I .72328 0.36 Stora Enso (R) 444,357 4,530,220 0.95 UPM-Kymmene 20 I , IO9 6,265,55 I 1.33
.- ...
41,422,655 x.72 . . .
BELGIUM
AGFA Gevaert 102,423 2,137.568 0.35 DclhaiLc Group 104,107 1,816,147 0.38 Dexia (NPV) 275,045 3 , I50,640 0.66 Dexia (Strip) 102.910 1,029 0.00 Electrabel 12,709 2,914.173 0.61 Fortis 228,409 3,744.766 0.79 Ontcx 12,937 1.1 75.326 0.25 Solvus 40 0 0.00
14,939,650 3.14 .~ .....
. . . ___ . . . . . . . .
PORTIJGAI,
Electricidade de Portugal 2.365,418 3,772,X42 0.79 Porlugal Telecom (Reg. Shares) 78 1,576 1,X73,126 1.03
8,645,968 ......
GREECE
Aktor Technical Company 176,290 1,011.905 Comrncrcial Bank of Grcccc 53,850 771,671 Cosmotc Mobilc Communications 82,300 777,735 llellenic 'Tcchnodomiki (Keg. ShtlJeS) 169.370 985,733 Hellenic Tclccoiiiiiiunications Organi lati 011 228,340 2.41 1.270 National Bank of Grcccc (Rcg. Shares) 97,290 I ,3 12,442
7,270,756 . . .......
1.82 -
0.21 0.16 0.16
0.21
0.51
0.2x
1.53
SU'ITZER1,AND
C'i-kdit Suisse Group 97,078 2,0 18,720 0.43
STMicrt,rlectronics 188,227 3,596,077 0.75
6,471,392 1.36
Logitech lntemational 30,723 X56,595 0.18
. . . . . . .
IJNTTED KINGDOM
ET Group British American Tobacco
X60,XXO 2,529,243 0.53 152,684 1,451,069 0.31
3,980,312 0.84 . - .
SWEDEN
TeliaSonera 4 15,754 1,446,867 0.3 1 TeliaSonera (AB) 4X9.419 1.700,731 0.35
3,147,598 0.66 - ___ ~ _
Holding Market Value "A of Net EUR .Assets
DEN M AKK TDC 1 19,273 2,790,338 0 59
2,790,338 0.59 _~ _.
__ ~ _.
LUXEMBOURG Arcclor 137,692 I ,6 I X,569 0 34
.___
1,618,569 0.34 __
AUSTRM I'elekom Austria 157,220 1,516,3S7 0 32
1,516,387 0.32
Total Shares listed on an Official Stock Exchsngc 468,463,608 98.60
Unlisted Shares
._ _.
_ -. .
LUXEMBOUKG
Fleming Fronticr Fund-European Discovery Fund I X,X26 727,769 0.15
... ._
727,769 0.15
Total Unlisted Shares 727,769 0.15
Total Investmcnt Portfolio 469,191,377 98.75
.- -.
. .~
. . .
Allocation of Portfolio % of Nct Assets
Utilities 21.48 Financials 20.69
Mineral Extraction 20.38
Services 17.61
General Manufacturers 15.58
Coiisuiner Goods 2.86
Investment Companies 0.15 Cash & other Net Assets 1.25
100.00 Total ~
. . . . ...
33 _. .. -
JPMorgan Fleming Funds - Europe Aggregate Bond Fund
PORTFOLIO as tit 31 nrccmbcr 2002
Description
Bonds listed on an Official Stock Exchange
Holding Market Value % of Net Description EUH Assets
Denominated in EUR AHRR .Allgmieine Hypotheken 3.75'!+l 2005 Ark1 6.Sn,'n 2006 Abbey National 4.625% 201 1 Allied Doinecq Financial Serviccs 5-54.; 2006 Austria 5?4 2OOX Austria 5.25ui 20 I I Austria 5.X754,i) 2006 DIIP Dilliton Finance 4.375% 2007 HNP Paribas Capital Trust 6.342'!/0 2049 Dank of Arncrica 5.25U4, 2006 Hank of lrelaiid 7.49'0 2049 Rarclays Rank 5.754." 201 1 Belgium 3-75?); 2009 Bclgiurn 4.75% 2006 British Tclccorritniinicationr; 7.1251,o 201 1 CL Capital Tnist 7.047"i 2049 Caisse d'Amortisscmcnt dc la Dette Sociale 6.2516 2007 Carrelbiir6.125°,; 2010 Citigroup h.I25?.:, 2010 Compagnie dc 1;inancctncnt Foncier 59" 2005 CrCdit Suissc Group Capital 6.905% 2049 DEPFA Deutsche Pfandbriefbank 3.75% 2004 DairnlcrChrysler North America 5.625% 2007 Dcutsche Ausgleichsbank 4.75% 2006 Deutsche Rank 5.5?S 201 1 Dcutsche Post Finance 5.1254; 2012 nomos 5 4.Wt 201 1 E O N lntcrnational Finance 5.7% 2009 Electricidade de Portugal 6.4?6 2009 Electricit6 dc France 5.75°,:, 20 10 E~roliypo 3.7S0,i, 2005 European Investmcnt Bank 3.5% 2005 Ford Motor Credit 6.?5"/0 1007 Irancc 0% 2003 France OAI S'Yn 20 16 Ffiillce OAT 5.251,; 2008 France OAT 5.754,; 2032 France Tcleconi 74; 2009 Frcddic Mac 4.62SU.:, 2005 GTE Suez Alliance 5.5% 2009 General Electric Capital 5.125"C 2007 (iencral Motors Acceptance 6.125% 2007 Gjensidige NOR Sparebank 7.068%~ 2049 141305 Euro 7.627u'n 2049 IISBC: Capital Funding 8.03uC 2049 Hellenic Republic 5.994 2022
2,730,000 70.000
700.000
200,000 3.500,000 2.650.000 7. IOO.OOO
740,000
650.000 3 I0.000 600,000 600.000
6,200.000 I .860.000
6 IO.000 300,000
1.670,000 500,000 I 00.000
3.000.000
200,000
1.3 10.000
440,000
2,650.000 320.000
3 30.000 1.600,000
330,000
90.000 I00.000
3,530,000
3.700.000 800.000
3. I00,000 5,210.000 2.720,000
840,000
I I0,OOO
640.000
480,000
350.000 540,000
520.000
90.000
I .7s0.000
3.400,ono
2,766.992 70,420
69 1,320
210.458 3.731.630 2,850.605 7,720.824
752,506
679.023 326,957 678.402 645,540
6.178,920 1.957.743
683.964 328,935
1.863,804 551.585 1 10.695
3,140.850
197,378
1,33 1,026
45 1.884
2.781,970 341,120
341.913 1.609.760
354,024
98.681 107,960
3.596,s I 7
3,749,025 8 12,680
87,177 3,235,470 5.628.155 3.089.648
852.474 1,812.913
I 15,484
672.768
481,006
362,373 628. I I 2
610,912 3.77 1,790
1.50 0.04 0.37
0.11 2.02 1 .S4 4.18 0.4 I
0.37 0.18 0.37 0.35 3.35 1.06
0.37 0. I x
1.01 0.30 0.06
1.70
0.1 I
0.72
0.25
1.51 0.19
0. I 9 0.87
0.19
0.05 0.06 I .95
2.03 0.44 0.05 1.75 3.05 1.67 0.46 0.98 0.06
0.36
0.26
0.20 0.34
0.33 2.04
Household Finance 5.125"/0 2009 Hypothekenhank 3.25O.b 2004 1NG Bank 5.875?/0 201 1 Imperial Tobacco Finance 5.375% 2004 Intematiimal Endesa 5.25% 2006 Italy 4.5Yn 2004 Italy 4.75% 2006 Italy 4.751.b 2013 Italy 5% 2008 Italy 6% 203 1 Koniiiklijke PTT Nederluid 4.750/0 2008 Krcditanstalt 5.25% 2012 Lehman Urothers 5.625% 2006
MBNA Credit Card Master Note 'Inist 5.6% 2014 Marks & Spencer 5.125% 2006 Mor&an Stanley 5.75% 2009 Muenchener Hypothekenhank 5% 20 I 2 NGC; Finance 6.12S'Yn 201 1 Netherlands SYO 201 1 Nordea Batik Finland 5.75% 2014 Pcarson 6.125% 2007 Portugal Telecom 4.625% 2009 RWE Finance 6. I2506 20 I 2 Rccd Llscvicr Capital 5.75'l.b 2008 Royal Bank of Scotland 6% 2013 SC; Capital Trust 1 7.875% 2049 Sodhexo Alliance 5.8759.: 2009 Solvay 5.25% 2006 Spain 5% 20 12 Spain 5.75% 2032 Sucdzuckcr International Finance
Syiigenta 1.ux Finance 5.5% 2006 Teleconi Ttalia 6.2594 2012 Tclcfonica Europc 5.125Y0 2006 Tesco 5.25% 2008 TotalFinaElf 5.75% 2005 Transco 5.2594, 2006 Unicrcdito ltaliano Capital 8.048% 2049 FRN Unilever 4.25% 2007 IJnited IJlilites Water 6.62594, 2007
VW Financial Scrviccs 4.875% 2008 Vivendi Environnement 5.87% 2008 Vodafone Finance 4.75% 2009 WPP Group 6?& 2008 Wolters Kluwer 6.125% 2005
T . I ~ ) ~ ~ ~ TSR m s o / u 2009
5.750/0 2012
wu 6.759.; 2008
Holding Market Value % of Net EUR Assets
230.000 2.1 50,000
620,000
450,000 150,000
7,200.000 1 1,050.000 1,900.000 7,600,000 3.770.000
440,000 1.730,000
90.000 220.000
4,450.000 100.000 360.000
390,000 130.000
7,020.000 530,000 200,000
70,000 520,000 200,000 420,000 410.000 200.000 250.000
4,600,000 2,700.000
330.000 300,000
I , 100,000 100.000 200,000 300,000 I 60.000
550,000 150,000 I IO.OOO IOO.000
160.000
350.000 400.000 100.000 200,000
223,604 2,159,460
664,733
450.341 155.445
7,355,880 I 1 ,S93.660 1,954.245 8,10 1 ~ 144 4.336,820
437.492 I,X50.200
Y4,356 227,656
4.733,910 104.69 1 380.466
407,433
7,438,743 138,977
563.634 213.660
69,675 563.264 214,190 362,294 47 1,562 2 I 1,497 262,508
4,X50,240 3.045,330
352.869 3 15.087
I , 154,285 103.015 21 1.286 3 19,455 166,768
638,770 153.338 122,078 107,685
165.4 16
370,353 402,400 100.55 1 2 13.500
.. . . . ._ ... .~
141,691,659
0.12 1.17 0.36
0.24 0.08 3.97 6.27 1 .06 4.38 2.35
0.24 I .oo 0.05 0.12
2.55 0.06 0.21
0.22 0.08 4.02 0.3 I 0.12 0.04 0.3 1 0.12 0.25 0.26 0.12 0.14 2.62 1 .6S
0.19 0.17 0.63 0.06 0.11 0.17 0.09
0.35 0.08 0.07 0.06
0.09
0.20 0.22 0.05 0.12
16.13
Denominated in GBP Anglian Water 6.875?/0 2023 200.000 339.844 0.18 Grand Metropolitan Finance 9% 2005 170,000 286.973 0.16 Northuinbrian Water Finance 6% 201 7 2 10.000 340.228 0.18 Treasury 7.25Yn 2007 1.620,000 2J25.329 1.53
34
JPMorgan Fleming Funds - Europe Aggregate Bond Fund (continued)
PORTFOLIO as at 31 December 2002
Description Holding Market Value "/O of Net EUR Assets
Trcasury 7.5% 2006 2,100.000 Treasury 8Yo 20 15 1,400.000 Treasury 8% 202 1 I,500.000 IJnited Kingdom Gilt 5?6 2012 2.150,OOO
3.622,435 1-96 2,893.364 1.57 3,307,094 1.79 3,453.373 1.87
17,U68,640 9.24
Denominated in SEK
Sweden 3.596 2006 83 ,h00,000 Sweden 6.59h 2008 54,700,000 .... . . . . . .. .
9.010,355 4.87 6,611.196 3.58
Total Bonds listed on an Official Stock Exchange 174,387,8511 94.42
Unlisted Shares
LUXEMBOURG
JPMorgan Fleming Liquidity Funds - JPMI; Euro Liquidity X 446 5.066,143 2.74
5,066,143 2.14
Total Unlistcd Shares 5,066,143 2.74
-
Total Investment Portfolio 179,453,993 97.16
Forward Currency Open Positions
As tit 3 1 December 2002. the fund has open the following forward currency deals:
1 Currency
EUK
GBP
SFK
Amount Evaluation in PurchaselSale ~
EUK
32.71 1.345 32,771.34s Purchase
I 1,028,709 16,942,794 Salc
141,340.771 15,435.533 Sale
The net unrealised gain on the above positions amounted to EUR 393J I 8 as at 3 I Deceiiiher 2002
35
JPMorgan Fleming Funds - Europe Convergence Equity Fund
PORTFOLIO as at 31 December 2002
Holding Market Value o/o of Net EIJR Assets
Lkscription llolding Market Value % of Net Description EIJR Assets
Shares listed on an Official Stock Exchange Shares dealt on another Regulated Market
POIAND
Agora Bank Pchao Bank Zachodni WUK UKE Hank Uudimex Computerland Poland Cn-upa Kety KGHM Polska M i d / ( O R ) (Rep. Shares) Orbis Pnlski Koncem Naftowy Orlen ((iDR) Prokorn Software (GDR) Stoinil Olsztyii Telckomunikacja Polska (GDR) (Rug. Shares) . ._ - . .- . . . . .
CZECH REPUBLIC
Ceske Eiiergeticke Zavody Cesky Tclccom Komcrcni Uailka
156,147 199.029 59,OI 7 1 1,500
253,302 64,600 84.87 I
I ,927,028 3.691,2X I 1.033.506
1,883.758 1,470.548 I ,O69,9 14
2,206.39 I 1,23x.y 12
2 5 0 . ~ 5
I ,30 1.554 1,569.781 1,486.129
4,679.98 I
3.9 I 9.52 2.10 0.51 3.82 2.98 2.17
4.47 2.51
2.64 3.1X 3.01
9.47
50.29
6 17.200 l,X03,430 3.66 100,600 773.532 1.51 75,495 4,974:647 10.07
7,551,6U9 15.30
ESTONIA
Hansabank 92.300 I ,36 I ,76X 2 06
1,461,768 2.96
. . 33 1,200 2XY,100
I4X.400 IO 1,405 153.680
Total Shares dealt on snuthcr Rcgulatcd Market 9,013,377 18.26
Unlisted Shares I .461,000
POLAND
International Trading Investment Holding 139.687 234,307 0.48
24,816,648
HUNC,\RY
Egis Gedeon Richter (GLIK) (Spon) (Reg. Shares) blalav (ADR) Mol hlagyar Ola-j-es Gazipari (GT)R)( Spon) North .41ncrican Bus Industtics OTP Uank (GDK) Pannonplast Raba Janiuipari Holding
234,307 0.48
Total Unlisted Shares 234,307 U.48
_ . _ _ _. _ 13.300 769.476 1.56
27,750 123,300
2 I 3 0 0 32,000
246.550 42.600 81.900
1,746.244 2,127,369
48478X 423,849
3,626,090 219.831 326.304
3.54 4.3 I
0.98 0.86 9.37 0.45 0.66
Total Investment Portfolio 48,246,440 97.77
% of Net Assets
37.17
22.00
I9 .oo 18.62
0.98
2.23
100.00 ~
Allocation of Portfolio
Financials
U tilitics
Services
General Manufacturers
Mineral Extraction
Cash & other Net .4ssets
Total _.
10,723,951 21.73
CROATIA
P1ii.a (GDR) 145.800 I .988,003 4.03
1,988,UU3 4.u3 . . ~ . .
ESTONIA
Ecsti l'clckorn (GDR) (Keg. Shares) 55.417 977.391 1.98
. .. .
977,391 1.98
LITHU.4N1.4
.4U Lictuvos Tclckomas (GDR)(Reg. Shares) 190,400 492.763 1.00
492,763 1.00
h t a l Shares listed on an Official Stock hzchange 38,998,756 79.03
. ._ .. .
. .
36
JPMorgan Fleming Funds - Europe Dynamic Fund
PORTFOI.10 as at 31 Dcccmbcr 2002
Description Holding Markct Value % of Nct Description EUR Assets
Holding Market Value '% ofNet EUR Assets
Shares listed on an Official Stock Excliange
IJNITED KINGDOM
T-Online Inlema1icmal 1,4x 1.694 7.82334 1.83
x , m . 6 i ~ x.21 . . . . _ -. . . . . . . . . .... _. ..
Anglo American RT Group Brilish Airways British Amcrican Tobacco Corus Group TIS Smith TIevro FKT Friends Provident Wimpey (George)
. .
956.744 4,337.139 1.363.824
696,368 9,123.797 2,377.380 1,244.3813 2.890.381 1.673,172
944,125
13,497,413 12.742,399 2.843,337 6,h 19.05 I 3.804,308 5.317,310
84 1,665 3.843 .? 76 3.073,540 3,648.228
3.15 2.98 0.67 1-55 0.89 1.24 0.20 0.90 0.72 0.85
56,230,527 13.15 - _ _
SWEDEN Eni rn E uropol i tan Voda lime Modem Times Group 'IcliaSoncra TcliaSoncra (AB)
8 I 1.446 3.854,297 1.14 I,932.645 8.670.978 2.02
22,710 179.903 0.04 1.179.86 I 0.9X 1201,074
1.1 77,886 4,093.154 0.96
21.97X,I93 5.14
NORWAY
DnB Ilolding 1 J69.322 6.163.327 I .44
SPAIN
A1 ladi I,
Gjensidige NOR Sparebank 236,997 7.589.2 I 8 I .77 Statoil 873.257 6.990.95 I 1.61
395.488 8.542.541 2.00 Endcsa 1,050.8 I S I I .637,776 2.72 20,743,496 4.85 Camcsa Corp 'l'cchnologica I X5.840 2,926,OS I O.6X . . . . . . -
Grupo Ferrovial 1 X 1,023 4 4 1 8,771 I .03 PORTU(;AL Iberia Lineas Aereas de Espana 2.66X,501 3,669. I x9 0.X6 Repsol 1.314,360 lh,ShX.76x 3.88 Eleclricidade de Ponugal 5,826,687 9,793.566 3.17 Tavex Algodonera 173.277 5313.758 0.1 3 Porlugal Teleccnn (Reg. Shares) I .725,X7X 10,76O,X49 2.5 1
..... . - . .-
20,054,415 4.68 . . . . . . . . .
48,302,854 1 1.30
NETHERLANDS
AUN Arriro Holdings IHC' Calaiid Nulreco Holding
DENMAHK
550,455 8,254.073 1.93 TDC 684.812 l6.O?O.86S 3.75
184.476 8,9723 I3 2. IO 355.01 1 6.310.321 1.48 16,020,865 3.75
Koval Dutch Pelroleum 315.721 13.419,711 3.13 Royal KPN 726,23 I 4,469.9.52 I .OS Slipro Food Group 49.929 1,9xx,173 0 4 7
43,415.153 10.16 _.
_ _
FINIAND
Forhim Kcsko Sampo Sloi-a Fnso (R) UPM-Kymniene
1.518,781 9,530.357 2 2 3 176.952 2,139.350 0.50
1.520,384 IO,XX5,939 2.54 734,149 7,484.649 1.75 261.341 8,142.079 1.91
38,182.384 8.93 ... ~~
FFUNCE
'1'otall;inaElf 101,028 13.563.009 3.17
13,563,009 3.17
SOUTH AFRICA
.AngIogold Harmony Gold Mining
204.8 10 (i.786,959 I 59 395,122 6,645.471 1.55
13,432.430 3.14 . . __
AUS'THIA
OMV x0,033 7,503.094 1.76 Tclckorn Austria 5 1 1,260 4,931.103 1.15 ~ ~
ITAT,\.' .
C'remonini 54 I ,9x 1 685,877 0.16 12,434,197 2.91 ENI-Fnte Na7ionale Idrocarburi 774.375 11,766,628 2.75 Saipeiii Scat-Paginc Giallc Telecoin Italia (KNC) Telecom 1tiili;l Mobile
1.075.709 6.975,973 1.63 SWITZERLAND 6.161.958 3.396.030 0.94 1,747.572 1.41 1 .Y46
x,362, I 32 I .96 Credit Suisse Group 305,398 6,350,697 I .4x h. I 20.786 I ,43 Micronas Semiconductor Holding 171.383 2.807,430 0.66
9,158,127 2.14 _-. 37,907,426 8.87
GEKMANY
Deutschc Lufthansa (Rcg. Sharcs) Deutsche Post Schwarz Pharina
BELGIIJM
7,425.61 7 1.74 AGFA Fe\..ae~I 302,733 8,405,038 1.97
8,405,038 1.97 7.789,238 I .X2 ~ ~
_. . 853,029 887.053 8,883,836 2.08 227,423
S ~ b a 4r7neiinittel 82,339 3.153,584 0.74
37 . . . . . ... -. .
JPMorgan Fleming Funds - Europe Dynamic Fund (continued)
YORTFOT.TO ss tit 31 December 2002
Description
AUSTRALIA
Aquarius Platinurn
Holding Market Value '% of Net EUR Assuts
994,461 4,723,638 I . I I
4,723,638 1.1 1 ~-
GREECE
Hellenic Tclccotnniunicatioris Organization 440,950 4,656,432 1.09
4,656,432 1.09
Total Shares listed on an Officisl Stock Exchange 404,283,803 94.57
.- ......
.. . .-
Unlisted Warrants
La Fondiaria Assicurwioni Wri 3OiOhiOX 39.376 83,871 0.02
83,871 0.02
Total Unlisted Warrants 83,871 0.02
Total Investment Portfolio 404,367,674 94.59
-. .
.. ...
. .
Mineral Extraction
Utilities
Scrviccs
Financials
Gcncral Manufacturers
Consumer Goods
Cash & other Net Assets
32.49
25.41
1x.94
9.92
7.64
0.13
5.41
38 .. .-
JPMorgan Fleming Funds - Europe Equity Fund
PORTFOTITO as at 31 neccmbcr 2002
Description Holding Market Value % of Net Description EUR Assets
Shares listed on an Official Stock Exchange
UNITED KINGDOM
Amcc Anglo Amcrican Plrriw~ AstraZeneca Aviva UHP Billiton RP ET Group Barclays Barratt Developments Bradford A? Bingley Uritish American Tobacco Uritish Vita Carillion Countryside Properties Counlrywide Assured Group DS Smith Diagco Emap FKI First Choice Holidays Gallilbrd ClasoSmithKlinc IIUOS HSRC' Holdings Homestyle Group House of Fraser ICAP Inchcape lnforma Group Johnston Press Kidde Land Securities Group Legal & Gcncral Group Lloyds TSD Group Matalau MC Alpine (Alfred) McCarthy &: Stone Mowlem National Express Group National Grid Transco New T.ook Group P&O Princess Cruises Pearson Pendragon Persiinnion R AC' Rolls-Royce Royal & Sun Alliance Insurance Group Koyal Bank of Scotland Group SABMiller STG Sainshury (J) Scottish & Ncwcastlc Scottish & Southern Energy Shell Transpoi-t & Trading (Keg. Shares)
750,699 3X2,4X4 237.114 508.456
1,522.569 1,347,933 4,741.466
452,630 152,916 36 1,472 788,702 363,703 377,060 422,767 170,864 924,339 725,507 76,078
224,245 1,605,422 1,450.585
527,730 947,389 6lX,040
2.222932 67,378
515.637 204.767
298,357 58.903
1,522,780 38,192
1.073,841 1,171,21X
714.707 286.260 178,207 241,227 271,439 43.639
333,090 955,559 76,230
154.367 674
249,090 2.972,211
220.324
394,875 112.706 56 1 ,8 16 141,087 h35,OX 1
1,815.387
160,502
394. I 30
1,677.59 I 5,395,952
966,814 17.027,125 10.385,938 6,793,710
3 1.104,022 1.329.81 5
883.248 2,158,719
3,466,043 1,396,876
3,505.331
723,614 413.677
1,605.610 1,622,688
784.7 16 2,563.776 2,134.695 1,973.408
192,667 I6.6X2.2 I9 6,092,203
13,543.758 171,932 649,963
3,142,957 1,682,650
763,626 333,661
1.670,758 454,113
1,570,237 7,935,247 2.156,096 1.067,094
850,584 394.917
1.684.672 298,347
1,22 1.182 6,224.402
674.1 7 I 654,929
4,372 1.345,XYX 4,803.038
41 1,922 8,8X4,888 2,658.6tiX
296,261 2.387,919
996,559 6,545.733
11.378,725
0.23 0.72 0.13 2.28 1.39 0.91 4.16 0.18 0.12 0.29 0.47 0.36 0. I9 0.10 0.06 0.22
0.11 0.34 0.29 0.26
2.24 0.82 3.14 0.02 0.09 0.42 0.23 0. I O 0.05 0.22 0.06 0.2 I I .Oh 0.29 0.14 0.11 0.05 0.23 0.04 0.16 0.83 0.09 0.09 0.00 0.1x 0.64
0.06 1.19 0.36 0.04 0.32
0.xx
1.52
0.22
0.03
0.13
Six Continents Smith (WH) Standard Chartered Tatc & Lyle laylor Woodrow I'ibbett & Britten Group Toinkins Trinity Mirror Unitcd Utilitics Vardy (Keg) Vodalbne Group Westbury Wimpey (George) Wincanton
Wolvcrhampton & Dudlcy Breweries mmO2
Wolsclcy
Holding Market Value u/u nf Net ELlK Assets
677,261 264,724 406,268
1.018.912 511.867 79,392
1,725.497 522,34 219.331 35,000
14,468,390 93,056
290.260 190.54x 209.124
42,201 3.647384
. .. . .. . - .
5,171.639 1.395,274 4,4 15.323 4370,955 1.313,043
466,808 5,0X9,358 3,357.540 2.376,284
21 8.244 24,937,507
394,XOh 1 , I 2 1,605
508,100 1.650,725
395.71 6 2,502,359
278,026,128 .
0.69 0.19 0.59 0.67 0.18
0 hX 0.45 0.32
3.33 0.05 0.15 0.07 0.22
O 05 0.34
37.24
n 06
0 03
.-
FRANCE
Aventis Axa BNP Parihas Bcghin-Say CNP Assurances Compagnie de Saint-Gobain Credit Agricole Eiffage Eurazeo Lagardere S.C.A. M6-hlCtropolc TCICvision Peugeot Rallye SEB Sagctn Sanofi-Synthelabo Socittt Assurances Gtntrales de France Societe TPIevision FranGaise I Societe GknPrale Sodexho Alliance TotalFinaElf Transiciel Vallourec Vinci Wavccom
7,363 464,553 36 I . I 73
6,887 41,865
276.8 12 388,020
1 1.467 16.807
151,521 1 1.869
2 15,043 15,242 X,6 I5
46.864 63.048
65, I96 3 10,332 175,462 87. I28
1 0Y ,949
27.729 55.xo9 56,377
70,000
37 1,832 j.X23,172
13.66l.107 254.853
1,448.948 7.568,040 5,566,117
807,277 865,98 I
5,758.556 240,347
8.2 17.868 544,902 725.x14
2,848,160 3.617.379
2,079.752 7,h 12.444 9,553,906 I ,923,35 I
14.760.653
1 .544,505 2.967~544
786.177
4.;2,600
0.05 0.78 1.83 0.03 0.19 1 .01 0.75 0.1 I 0 12 0.77 0.03 I 10 0.07 0.10 0.38 0.49
0.2X I .02 1.27 0.26 1.98 0.06 0.21 0.10 0.11
99,981,715 13.40
SWITZERLAND
Baloise Holdings Fischrr (Georg) (Reg. Sharcs) Julius Bacr Holdings Micronas Semiconductor Holding Nestlt (Reg. Shares) Novartis (Reg. Shares) Roche Holding (Bearer Shares) Rochc Holding Schindler Holdings Straumann Holding Swiss Life Holding
54.643 2,500 6.158
48.912 76.21 2
778,995 3,273
22.308 7.784 8.603
79.41 1
2, I 31 ,604 239.295
1,279.486 787.445
15.585,980 27,226.2 I 6
393.789 1,488,365 1,4 16,503
661,434 5.777.633
0.29 0.03 0.17 0.1 I
3.64 0.05 0.20 0.19 0.09 0.77
3.09
39
JPMorgan Fleming Funds - Europe Equity Fund (continued)
PORTFOLIO as at 31 Decemher 2002
nescription Holding Market Value u/u of Net Description EUK Assets
Holding Market Value O/o of Net EUR Assets
Swisscorn URS Valora Holding (Rcg. Sharcs) Vontahel Holdings Zurich 1:inancial Scwices
30,759 107.000
6,925 7,709
45,384
8.533,663 1.14 5.009,574 0.67 1.2h0,in5 0.17
4.008.410 0.54 1 1 1,778 0.02
Puma (Kudolf Dassler Sport)
KWb (Pref.) SAP Scheriiig Siemens T h y w n Krupp Volkswagen Volkswagen (Pref.)
nwE
... ...
22,029 35,949 25,030 6 I ,002 19.013 4.841
744.306 I39,61 1 100,062
1,423,073 879.3 I3 507,608
4,580,945 789,610 195.891
8.012.454 4,798,430 2.482,03x
0.19 0.12 0.07 0.6 1 0.1 1 0.03 1.07 0.64 0.33
75,911,360 10.17 . . -.... .~
NETIIEKLAN1)S
AUN Atnro IIoldings Acgon Uoskalis \Vestminster Uu hriiiann CSM DSbI (Dutch State Mines) F. uron ex t European /\eronaulic Del'ense and Space Company Gucci GI-oup Hunter Douglas KLM Koninkli-jkc Luchtvaart Mi.j Nutreco Holding Royal Dutch Petroleum Unilever Van der Moolen Holding Volker Wessels Stevin
789,s 17 650,512 27,598
443.238 50.202
178,960 19 1,719
706.657 87,898 I 8.477
112.550 63.165
361.768 32.801
I 18,472 34,534
11.838.807 1.59 7.959,014 1.07
536,781 0.07 1,837.222 0 25
992,996 0 13 7,560, I65 I .O I 3,893,813 0.52
7.027,704 0 94 7,726,233 I 04
520,682 0.07 966,242 0.13
1.122,758 0 15 15.376.949 2.05 1,891,798 0 25 2,385.434 0.32
867.300 0.12
49,364,975 6.61
FINLAND
Ariier Group ( A ) Elcotcq Nctwork I~orhlm lnstlumentarium Kesko M-Real Metso Nokia Orion Ylityma Sampo
22.056 66.873
534.370 65, I02 59,692
151.903 102.057
1.367,495 18,700
36 1,487
765.343 72 1 .894
3,353,172 2,485,769
721,676 I .212,186 I ,052,7 I 8
20,560,287 396,721
2.588,247
0.10 0.10 0.45 0.33 0.10 0.17 0.14 2.75 0.05 0.35
33,857,513 4.54
72,503,899 9.71 SWEDEN Billcrud D. Carncgie & Co. llolmen (R) Nordea (SEK) SKF (A) SKF (B) Skanska (B) Svemka Cellulosa
122.456 78.477
134,73 I 1.609,624
38,342 179.028 703,296 153,779
I ,2X I , I54 5 0 1,627
3,117.264 6,955.903
947,864 4.435.585 3,861 SO7 4,977.806
0 . I7 0.07 0.42 0.92 0.13 0.59 0.52 0.67
3.49
~
.-. . . . . . . .. .
ITALY
Buzzi Utiicein CTR-Compagnie lndustriali Riunitc Davidc Carnpari - Milano EN I-Entc Nazionalc Idrocarburi EKG Enel Ifil-Finaii7iaria di Paitecipazioni Tfil-Finan;.iai-ia di Parlecipazioni (Savings Sharcs) ltalccnicnti Lotiotnatica hlilano Assicurazioni Pii-elli Pirclli & Co Kiunionc Adriatica di Sicurta Tclecom ltalia Telecoiii Italia (RNC:) Telzcoin Ttalia Mobile Telzcoin Ttalia Mobile (RNC)
120.02 1 877,215
16,934 978,428 149.800 121.150 179.264
799,340 0.1 I 77531 I 0.10 508.443 0.07
14,867.213 1.99 547.519 0.07 600.298 0.08 603.223 0 . O X 26,078,710
524.838 0.07 827.831 0.11 999.027 0.13 482.102 0.07
3.467,506 0.46 718.170 0.10
7.824.515 1.05 4,254,505 0.57 4,568,694 0.61
10,242,734 1.37 1,377,538 0.19
220,520
126,100 245.657
3,944,831 539,369 674,818 589.675 954.795
2,362.799 343,x I 8
I 57,983
. .
BELGIUM Alnianij 35.295 I , 132.970 0. I 5 Dcxia (Strip) 53,300 533 0.00 Dexia (Strip) (RR) 3 1.730 317 0.00 Electrabcl 9,392 2,153,5Xh 0.29 Fortis 6 19,900 I O , I57,O62 I .36 Solvus 70 1 0.00
13,444,469 1.80 . . .. . . .. .... . ..- - .-
~ . -
SPAIN 53,989,017 7.23
Compania Espanola dc Pctrolcos Coiiipania dc Distribucioti Integral Logista Corporacion Mapfre Corteliel lberdrola lberia Lineas Aereas de Espana Red Electrica de Espana Telefonica Telefonici~ Publicidad e Tn Ibrmacion
7 1.962
4 1,522
93.766 92.21 6
2,436.683 X5,486
122.75 1
398,181
1.234.148
852,862
405,069 3.038.12 1
I.203.880 3,350.439
8 15,109 1.047.680
0. I7
0.11 0.41 0.05 0.1 6 0.44 0.11 0.14
GERMANY
Altnna RASF Bayerische Hypo-und Vereinshank E.ON Frcscnius K&S Karstadt Quelle MG Technologies Mall Merck KGa.4
2 1,436 305,952
157 129.845
17.637 31.614 67.920 85.976
336.834 61,918
928,612 0.12 1 0,97 1,439 1.47
2,363 0.00 4.999,682 0.67
641,105 009 542,970 0 07
509.838 0.07 4,4 19.262 0.59 1,574,265 0.21
i.i06,077 0 15 83,863 255,782 .
0.03
12,203,090 1.62 . .-
JPMorgan Fleming Funds - Europe Equity Fund (continued)
PORTFOLIO as at 31 neccmbcr 2002
ncsrription
EIRE Allied Irish Ranks Anglo Irish Rank Bank of Ireland First Active
Holding Market Value ?A of Net EUK Assets
478,268 6,248,571 0.84 223,575 1,512,485 0.20 274,888 2.673,286 0.36
70,556 381,708 0.05
10,816,050 1.45
NORWAY
DnU IIolding Ekomes (Reg Shares) Fronllinc l'and berg
856.367 3,853.5 13 0.52 32,671 372.682 0.05
705,952 5,845,619 0.78 40,509 224,634 0.03
10,297,458 1.38 -. . ~
GREECE
Greek Organization of' Football Prognostics 259,260 2,634,082 0.35 Hellenic Telecominuiiicatioiis Organization 12Y.YS0 1.372,589 0.19
4,006,671 0.54 . . . . . .
DENMAKK
H. Lundbcck Radiometer (B) Sydbank (Rcg. Shares)
104.07 1 2399,342 0.35 8,541 418,026 0.06 9,313 615,061 0.08
3,632,429 0.49
LUXEMBOURG
Arcclor 60,030 713,457 0.10
713,457 0.10
Total Shares listed on an Official Stock Exchange 744,826,941 99.77
Shares dealt on another Regulated Market
.- . . . -
-~ ~-
GISKMANY Medion 22,326 743.456 0.10
743,456 0.10
Tots1 Sharer, deslt on another Regulated Market 743,456 0.10
-~ - _.--
-
Total Investment Portfolio 745,571),397 99.87
. . .
Allocation of Portfolio
Financials
Senices
Gcncral Manufacturers
Mineral Extraction
Utilities
Coiisuiner Goods
Cash A'L other Net Asscts
Total
o/o of Net Assets
27.23
23.44
17.05
15.67
12.69
3.79
0.13 I00.D0
~
41
JPMorgan Fleming Funds - Europe High Yield Bond Fund
PORTFOLIO as at 31 December 2002
Description
Bonds listed on an Official Stock Exchange
Holding Market Value % of Net Description EUR Assets
ncnominutcd in EUR
ArKr 6.504 2006 A h Lavval Special Finance 12.13% 2010 Anlargaz Finance I 0% 20 I I BNP Paribas Capital Trust 6.342% 20-19 RSN Financing I0.25"% 2009 CHC Helicopler I 1.759; 2007 CIT Group 5.5u.0 2005 CL Capital Tmst 7.047u.1 2049 Calpinc Canada 8.375% 200X Clondalkin lndustrics 10.63?;, 20 I O C'oncordia Bus 1 Ilk 2010 Duia Operating 9% 2009 (U) Eleltlrownia Turon 9.75?6 201 I
Iindcxa 11 10.25'!,n 201 1 Fixed-Link Finance 10.75"h 2009 Flextronics Tntemational 9,75?,6 20 I O Irancc Tclccotn 7.25% 200X Gallaher Group 5.875':~ 2008 Gap lntcrnational 5% 2004 General Motors Acccptancc 7% 2005 Gjensidige NOR Sparebenk 7.06Xu.b 2039 Grohc Holding 1 I .5%, 20 I O IIamtnerson 5% 2007 Head Holding 10.75"i 2006 Household Finance 5.125"/o 2009 Huntsman lntcrnational I O . I25",; 2009 Twos Group Holdings I0.50/0 2010 Ispai Europe I I.8751'~ 201 1 Johnsondiversey 9.625% 20 I2 Jones Lang LaSallc Finance 9% 2007 Kamps 8.5% 2009 Kappa Reheer 10.625n.b 2009 Kloeckner Pentaplasi 9.37596 2012 Kronos lnlamalional 8.87596 2009 Lcar 8.125% 2008 Manitowoc 10.37S?b 101 1 Messer Griesham I0.3750/; 201 1 NGG Finance 6.125% 20 I I P'IC lntcrnational Finance I I I0.875?4 2008 Petroplus Funding I0.5?/0 2010 Preeiii Holdings I0.625?& 201 1 Rcxam 6.625% 2007 W a g 10.7SU/~ 2007
Sanitec International 9% 2012 Sealed Air Finance 5.625?'0 2006 Scchafen Roslock 9.875% 2009 Sodhexo .4lliancc 5.X75Y.0 2009 Tyco Tntemational 5.5% 2008 United Biscuits Finance 10.625?& 201 I Vivcndi Lnvironncmcnt 5.X750.b 2008
FKI 6.625',b 20 I O
Royal KPN 81.n 2006
1,250.000
1,125.000 1 .000.000
1,250,000 750,000
1 .000.000 I,250.000 I , I00.000 2,000,000 I,000,000 1.250,000
750.000 1.')10.000
I .ooo,ooo 1 .000.000
soo,ono
I. I 50,noo
I .oon.noo
I.250.000 I
500,000
sno.000 I,450,000
750,000 7 17.000
1.250.000
1,800.000 1,s00.000
750.000 1,300.000
750.000 I,000,000 1.750,000 1.250.000 1.700.000 1,250,000
500.000 1.750.000
sno,oon
1.850.000 1.500.000 2.000,000 I , IOO.OOO 1,250,000 1,200.000 I,740.000 1.000,000 1.250.000
750,000 2.000,000
I ,ono.ooo
750.000
1,257,500
1.260,000 1,050.000
1.305,X13 646.875
1,100.000 1,250.77.5 1,206,095
760,000 I ,080,000 1,200.000
690.000 1.757,?00
453,250 1,075,000
862,500
1,178.405 1,330,938
1 965.000
514,550
517.675 I .645,750
756.750 724.170
1,2 15,238
1.368,000 1.590,000
667,500 1,428.000
753,750 1.072,500 1.859.375 1,293.750 1,708.500 I .278, I25
502.500 1,875,781
534,525
1.942,500 1.095.000 1.690.000 1.177,01 I 1,256.250 I ,3 1 1,840 1.653,000
947.000 1,027375
793,l 14 1,7 15.000
I , 128, I25
793.6 13
1.71
1.71 1.43
1-78
1 .50 1.70 I .64 I .03 I .47 I .63 0.94 2.39 0.62 1.46 1.17
1.60 1.81 0.00 1.31
0.70
0.70 2.24 1.03 0.99 1.65
1.86 2.16 0.91 I .94
1.03 1.36 2.53 1.76 2.32 I .74 0.68 2.55 0.73
2.63 1.49 2.30 I .60 1.71 I .7X 2.25 1.29
I .ox 2.33
I .53
1.08
0.88
1.40
Holding Market Value 5% of Net EUR Assets
Weight Watchers Intemational 13% 2009 I,000,000 I , I50.000 I .56
59,415,619 80.79 . . . . .
Denominated in DEM
Colt Telecom Group 7.6250/0 2008 2.650,000 711.336 0.97 Sirona Dental Systems 9.125% 2008 I,250.000 616,737 0 84
1,328,083 1.81
Total Rands listed on an Official Stock Exchange 60,743.702 82.60
Bonds dealt on another Regulated Market
Denominated in EUK Frcsenius Medical Care Capital Trust 7.3750% 201 1 I,500.000 1.440.000 1 .95 Sola Inlemalional I I % 2008 I,000,000 1,040,950 1-42
. .. . . . . . .. .. ....
2,480,950 3.37
Total Ronds dealt on another Regulated Market 2,480,950 3.37
IJnlisted Shares & Warrants
LUXEMBOURG
JPMorgan Fleming Liquidity Funds - JPMF Euro Liquidity X 84 953.298 1.30
953,298 1.30
UNITED KINGDOM Atlantic Teleconi Wrt 03/02/10 2.000 0 0.00 ON0 Finance Wrt 31/01/09 950 10 0.00
SPAIN
Jazrtcl Wrt 15/07/10
10 0.00 ... ...
2.000 0 0.00
o 0.00
Tntal Unlisted Shares & Warrants 953,308 1.30
Unlisted Rands
Denominated in EUR
Winstar Communications I2 75% 20 IO 3.500,000 0 0.00
0 u.uu
Total IJnlistcd Rands 0 0.00
Total Investment Portfolio 64,177,960 81.27
42
JPMorgan Fleming Funds - Europe Small Cap Fund
PORTFOLIO HS tlt 31 December 2002
Description llolding Markut Vsluc YO o f Net Description EUR Assets
Shrrcs listed on nn Official Stock Exchange
UNITED KINGDOM
Abbot Group 4 111 I in Anite Group Arriva Azlan GroLlp Ballbur Bcatty Bcllway Uovis Homcs Group Brit Insuratice Iioldings Hi-itish Polythene Industries (him Energy c : ’ Chatter Chrysalis Group C:ordiant Communications Countrywide Assured Group Cox Insurance Holdings Cranswick Croda lntcrnational DS Smith ne La Rue Domino Printing Sciences Eidos Enodis Entcrprisc l r ins EKI First Choice 1Iolidays First Technology Freeport Future Network Go-Ahcad Group Goldshield Group Goshawk Insurance Holdings Greggs Gyrus Group HIT Entcrtainmcnt IIealtli Clinic IIenlys Group ICAP IFX Power Intcrcarc Group Intcrrncdiatc Capital Group intersewe JJB Sports Fardine Lloyd Thompson Group Jamis Kiddc I. umi 1x11-
Marlhorough Stirling Mcggitt Mitic Group Rlowlelll New Look Group Northmi Focids PHS Group Paragon Group Persimmon PowderJect T’hannaceuticals Premier nil Pro.jccl Tclccorn
aiillion
1.378, I96 957. I70
2.192.873 640.32 1 857.173
1,076.413 369.103 3 16.646
3, I I3.4X6 332,550 163.766
1.066.521 5 13.382 468.220
2,782,849 670,360 648.005 372.258 325,710
I,040,055 lX7.057 692.724 750.859 377.205 330.493
I .0 16.500 1.008.202
42 1.790 436.889
3255,278 157.790 350,206
I ,09X,90 I 52,677
789,532 598,920 63 I ,378
I ,24 I ,38 I 249.920 220.064 422.565 133.120 554,035 533.090 259,748 305.581
1.353.170 119.410 7 1,334
141,922 957,OI 7 993,297 546,623 53 5.140
1,426,l 80 461.073 5 14.065 355,480
3.622,490 1.515.780
2.897, I 6 I 1.743,564
809,012 2.610.860 1 d95.529 2.384,7X1 2.567.4 I 8 1,752,294 3,66 I ,329 I .234,538
771.587 1,827,994
580,04 I I ,4 I0,706 1.390.284 1.164.440
767.008 3.038.568 1,593,467 2,326,2 I4
838.191 1.381.312 1.406,707
284, I22 2,986,030 1.35 1,618 I ,37 I .580 1.3x 1.040 1,873.724 2,802.248 I .398,329 I . 103,590 2.229.785 2,623.593 2,132.125 1,956,403
2,79s,sxx 0
3.836,008 279,083
1.468,022 I .734,257 1,426335 I 167.739 2,665.225 1,310.573 1,484,666
728.722 38.933
3 83.966 I .279,880 1,626. I45 2.004,03 1 1.356,290 1.73 1,936 1.15 1.730 3.334.732 2,230.420 1,607.902 1,782.494
0.57 0.34 0.16 0.52 0.30 0.47 0.5 I 0.35 0.71 0.24 0. I 5 0.36 0.12 0.28 0.28 0.23 0.15 Mi) 0.32 0.46 0.1 7 0.27 0.28 0.06 0.59 0.27 0.27 0.27 0.37 0.55 0.28 0.22 0.44 0.52 0.42 0.39 0.00 0.55 0.75 0.06 0.29 0.33
0.23 0.53 0.26 0.29 0.14 0.01 0.08 0.25 0.31 0.40 0.27 0.34 0.23 0.65 0.44 0.32 0.35
0.28
Quinlain Estates & Dcvclopment RAC RPS Group SMG SSL Intemational Shafteshury Sihir Energy Spcctris Stagccoach Group Sygen intertiational ‘l‘ores Trinity Mirror Unite Group Vardy (Rcg) Viridian Group Weir Group Wetnbley Wi Iminglon Group Wimpey ((icorgc) Workspacc Group Wyndcham Press Group Yule C‘attu & Co ebookers -. .. .
ITALY Arnplifon Uuzzi Unicem CIK-Compagnie Industriali Riunilc Cattolica di Assicurazioni Credito Eiiiiliano Davidc Carnpari - Milano DcLonghi Industria Macchine Auiomatichc Ita1 inobi 1 i are Lottoniatica Mcrloni Elcttrodomestici Milano Assicurazioni Parmaltit Finanziaria Perinasteelisa Saeco Intemational Group
_ _
Holding Market Valuu o/u of Net EUR Assets
535.788 209,380
I .162,05 1 1.380.914
226.1 50 459,404
3.25 1,426 33 I .j IO
5.150.266 1,576.568
316.973 236.780 596,986 449,405 191.930 393.491 197.007
1.261.069 406.420 203,99 I 628.066 333.008 250,239
230.23 1 95.145
2.029.705 29.174
813.477 86,024
I .0 10,666 197.637 204,858 359,298 4 12.456 912,020
1,675.768 244.988
1.256.75 I
?,O67.770 0.11 1,131.334 0.22 2,000.6(i 1 0.40 ?,04X,445 0.41
907.335 0.18 1.493.604 0.30
637.191 0.13 1.457.44s 0.29 2.3 15.720 0.46 1.054.223 0.2 1 137 1.384 0.3 1 I ,52 I ,42Y 0.30 1.145,357 0.29 2.179.554 0.43 1.367.799 0.29 1,270237 0.25 2,127,445 0.42 I ,424.xox 0.28 1,570.463 0.3 I 3,225.119 0.63 1.317.857 0.26 1,425,612 0.28 I .538,670 0.30
137,794,084 27.23
3.902.31 5 0.77 633.666 0.13
1,794.259 0.36 697.9XX 0.14
4 2 5 1.570 0.84 1.582.871 0.5 I 4.335.757 0.86 2.327, I76 0.46 4,256,949 0.84 2.X46.538 0.56 3,165.806 0.82 1.789339 0.35 3.732.773 0.74 3.630.722 0.77 4,348,358 0.85
q z 9 6 . 6 ~ 7 8.95
. . .-
GERMANY Bilfinger Berger 204.398 3.003,629 0.59 Celanese 149.598 3,145.298 0.62 Continental 217.1 18 3,228.545 0.64 Frescnius 52,9x I 1,925.860 0.38
Krones 80.61 8 3,563,3 I6 0.70 MLP 289.356 2,693,904 0.53 Mcdion x 1,222 2.703.693 0.53 Puma (Rudolf Dassler Sport) 57.635 3.723.221 0.74
Schuurz Phama 137.726 4.7 17, I I6 0.93 Stada Arzneimittel 97.359 3.728.850 0.73
37,396,096 7.34
f Iannover Ruechversicherungs 138,976 3.385.43 O.6X
Khoen Klinikutn (Pref.) 55.795 1.576.209 0.3 I
.. .~
.
33
JPMorgan Fleming Funds - Europe Small Cap Fund (continued)
PORTFOCTO as at 31 December 2002
Description
FRANCE
April Group ?\lor; Origin Bacou Dalloz Bcnctcau Ciinciits 1;rancais Clarins Galeries Lafayette GrandVision Ciroupe Sleria ltncrys Marionnaud Parfumcrics Marioiiiiaud Parfumeries (Bonus Righls) Rallyc Rodrigucz Group SEB SK 'l'eleperfomiancc Unilop U'avecom Wctidcl Invcstisseinent
Holding Market Value O/o of Net Description EUR Asscts
140.000 1 13,273 44.063 82.690 49,250
1,535 25.531 72.939
6.428 2 1,400 52,621
92,241 2,557
64,l I8 32,284
132.392 62,331
137.603 7 1,703
2,004.100 2,589.421 3,792,723 3,944,726 2,493.28 I
65.613 2,768.837 1.343,002
7 1,672 2.56 1,580 I ,5 17,853
130.982 91.413
3,268,259 2,7 19.927 2.566,616 1.966.859 1.9 18.874 1,556.672
0.40 0.51 0.74 0.77 0.49 0.01 0.55 0.27 0.01 0.5 I 0.30
0.03 0.02 0.65 0.53 0.5 I 0.39 0.38 0.3 I
37,373,311 7.39
SWITZERI A N D
Hobst Group Geberit Helvetia Patria Holding Hero Kaha Holding Kuelmc & Nagcl lritcrnational Lindt & Spruengli Micronas Semiconductoi- Holding P uhl i Groupe SEZ Holding (Rcg. Sharcs) SGS (SocidtC GCnCralc Surveillance) Saurer Siegliietl Holding St Ciallcr Kantonalhank Straumann Holding Valiant lloldiiig
54,928 9.81 1
11.506 395
14.929 1,165
613 190.633
3.847 108,838
12.600 213.568 28,677
8,714 66, I77 27,551
1,594.759 2,662.865 1,197,3 16
38,352 2,585,766
68.250 3,425,620 3.069,042
569,049 1,623,038
3.664,739 4.481.516 2,989.064 1,230,523 5,087,958 1.578.013
0.32 0.53 0.14 0.01 0.5 I 0.0 I 0.68 0.61 0.11 0.32
0.72 0.89 0.59 0.23 I .oo 0.3 1
35,865,870 7.09
SWEDEN
Axfood Billenid Capin Castcllurn Elckta Eniro F uropu I i tan Vodafone hlunlei-s SKF (R) Skandia Forsakring Svcnskt Stil
. . . .
225,209 298.942 433.053 238,934 322,667 507,876 705.733 151.861 125.855
1.306,502 299,902
3,875,689
3.229433 3,178,554 3,076. I I5 3,038,257 3,150,033 3.127.809 3.1 18,174 3.333.340 3,416, I59
3,127.579 0.76 0.62 0.64 0.63 0.6 I 0.60 0.62 0.62 0.62 0.66 0.67
35,671,142 7.05
WAIN
Xccriiiox YO, 135 3.161.936 0.63
Actividades dc Coiistrucciori y Servicios Compmia de Dislrihucion Inlegral Logista Corporacioii Mapfre Gainesa Gorp Techiiologica Iberia Lineas Aereas de Espaiia Indra Sisleinas Inmohiliaria llrhis
. . . ... .
Ilolding Market Value "/o nf Net EUK Assets
1?4,520
i 6 i , w 463,224 185,877
2.283,884 490.757 559.260
..-
3.846.423 0.75
3,324.378 0 66
2.926,633 0.58 3.140,341 0.62 3.148,206 0.62 3.226.930 0.64
3,534,399 0 70
26,309,246 5.20
NETHERLANDS
CSM Fugro Nulreco Holding Ordina Tradcr Classificd Mcdia Van der Moolen Holding Vedioi- Voda I'one Li hertel Vopak
100.256 88.177
I56,h I3 377,958 373.671 215.574 171,458 305,772 105. I30
1,983.064 3,817.865 2,783.796 2.126,014 2,67h.h56 4,330.582
X87.295 3,025,614 1,267.342
22,938,228
0.39 0.76 0.55
0.53 0.85 0.18 0.60 0.25
4.53
0.42
GREECE
Aktoi- Technical Company Folli Follie Hellenic Petroleum Hellenic Teclinodomiki (Reg Shares) IIyatt Regency lnlralot MJ Maillis Titan Ccincnt
582,4 10 170.660 151.150
515.830 603.450 I 18.230 I59,X I0 85.460
3.343,033 2.747,626
84 1,906
3.002,13 1 4.12 1.564 1,428.218
642,437 3.066,305
0.66 0.54 0.17
0.59
0.28 0.13 0.6 I
0.81
19,193,220 3.79
EIRE
Anglo Irish Bank Dcpfa Bank Grafton Group IAWS Group Paddy Power
563,076 3.8 15,974 0.75 71.785 3.57 1,304 0.7 I
1,132.383 3,991,650 0.79 143,303 3,322.047 0.66 799,949 4,019.744 0.79
18,720,719 3.70 . . . . - - . -. . . .
FINLAND
Elisu C'oinmunications 392,583 2.247.538 0.44 Kesko 284.662 3.44 I 3 . 1 0.68 Kone I35,2 I I 3,893,401 0.77 Stockmarin 248,371 3.456,082 0.69
13,038,585 2.58 ..... . .
NORWAY
Ekomes (Reg. Shares) Mcrkruitildata Schibstcd
346,l 13 3,918,156 0.78 5,624.851 4,070. I25 0.80
347,488 3,378.816 0.67
11,397,097 2.25 . . . .- . .
44
JPMorgan Fleming Funds - Europe Small Cap Fund (continued)
PORTFO1,IO as at 31 December 2002
Description Holding Market Valuc % of Net EUR Assets
DENMARK Coloplasl 2,987 207.125 0.04 DSV (De Sarnrncnsluttcdc
Kohenhavns I d i h a v n c 46.788 3,241 229 0.64 Topdaninark 130,108 3.813.311 0.75
11,236.547 2.22
Vognmncnd) (13 ) 172.131 3,973.779 0.79
~ .....
-. . ..
RE1.CTTJM Bai-co 60,386 2,939.590 0.58 Rekaert 39,7 I3 2.121.999 0.42 Mohislar I h6.004 3.666.198 0.71
x ,m,7n7 1.71 .~ .....
ATJSTRI.1 Mayi--Melnhol' Karton 57,371 4.064.636 0.X0
4,064,636 0.80 .~ ..
POKTUGAL Vodnfone Telecel-CoinLinicacocs Pessoais 408.20 I 3.141,107 0.62
3,141,107 0.62 ~.
... .
AUS'I'MLIA Aquarius Platinuiii 309.510 1,470. I57 0.29
.. ~
1,470,157 0.29
ISRAEL
BATM Advanced Coniinunications 3.256.945 713.337 0.14
713,437 0.14
Total Sharcs listed on an Official Stock Eschangc 470,347,956 92.93
Unlisted Shares
-. .
. .
.~
1,UXEMBOIJRC;
Fleming Fronlier Fund-European Discovery Fund 173,197 6,695.389 I .32
6,695,389 1.32 .. . - .
. . .... .. ~
SP.\IN 7ardoya-Oti s 280.61 4 3,489.435 0.69 ~.
3,489,435 0.69 -. - . - .... .
UNITFD KINGDOM Vers<iilles Group 998.800 0 0 0 0
0 0.00
Total Unlisted Shares 10,184,824 2.01
Total Investinent Portfolio 480,532,780 94.94 . -_
o/o of Net Assets .
Scnices
General Manufachirers
Financials
Consumer Goods
Utilities
Mincral Extraction
Tnveslnient Compaiiies
Cash & other Net Asscts
Total
34.62
29.98
15.16
6.12
4.23
3.51
1.32
5.06 100.00
~
35
JPMorgan Fleming Funds - Europe Strategic Growth Fund
POKIFDLIO as at 31 Deccmbcr 2002
Description Holding Market Value % of Net Description EUR Assets
Shares & \\.'arrant5 listed on an Official Stuck Exchange
UNITED KINGDOM
.4bbol Group Aga 1;oodscrvicc (;roup Alexon Group Alliance & Leiccstcr Anloragasti1 Associated Ri-ilish Foods BPB BT (;roup Balfour Beatly Barratt Dcvclopiiienls
Rovis Homes Group Bradlijrd k Ringley British Jlinvays British American Tohacco hitis11 Sky Broadcasting C'aim Energy Carpetright (:alllcs I.'hclslield C h rysa I i s (;roup
Cranswick DS Smith Daily Mail tk General 'lmst Dana Pelrolrum
Hellway
Conlputaccnlcr
Egg Emap lintcrprisc Inns Forth Potts GKN GIJS (hllaher Froirp (iranada 111.1 htcrtainrncnt HSRC' Iioldings Hiscox IC,lP lnchcapc Intertiiediate Capital Group Jardine Lloyd Thonipson Group Johnston Press K~dde MFI Fumiturr Man Ciroup Marks Ai Spcncct McCiItthy & Stonc Morrison (WM) Superiiiarkcts N t \ v Look Group Noi-thcrn Rock P&O Princess Ctuiscs PZ C'ussons Prrsiinmon Pillar Properly Premier Oil Rank Group Kcckitt Bcnckiscr Redrow Reed Flseviei- Rcsam
355.896 155,361 166.585 78.323 68,283
112,383 146.19 I 257.773
129,817 109.480 139.95 I
285,222
1~1.530 329.9~0 159,288 223,193 262,456 I 09, I 53 192.627 I45.5XX 242.059
89,253 393.756 I 17,257
I,OX3,595 163.3 I I
77.77 I 102,213 66.385
120.369 217,6Xl 106,473 5x4.2x5 199,183 62,933
35 1,191 6 1,048 70.469 51,725 66,466
133.9 I 9 63 1 .xo5 409.67 I
174.463 194.341 263.350 259,097
97,066 123.1 63 2 1,379 99,730
1 ox. I69
293,176 94,106
2 I 5 , M I 145,079 131.331
i 4 J . m
xx,xx I
I ,nx6.o65
697.53 1 393,165 515.990 909.865 658,663 989,887 559.565 757.331 63 1,906 775.270 761.525 771,478 806,797 687.95 I
1.513,x32 2,137.465 1.236.566
984,089 849.825 675,870 729,303 622,330 72 8.5 3 o 880.685
1.051,294 229.034
I ,02 1,539 X83,433 x96,3xo 835.765 380,008
1,884.743 1,003.709
690,463 650.642 6 6 6.5 4 3 837.566 937,023 738,777 673,862 68 1,995 758.595 704.1 74 699,019
I 187,980 X37.742 927.591 860.752
962.777 808,783 241.549 646,947 699. I97 X37.161
I.I79,066 1,749.660
780,426 I, 193.248
949,907
844.436
0.35 0.25 O.?h 0.46 0.33 0.50 0.28 0.39 0.32 0.39 0.39 0.39 0.41 0.35 0.77 I .09 0.63 0.50 0.43 0.34 0.37 0.32 0.37 0.45 0.53 0.12 0.52 0.45 0.46 0.42 0.19 0.95 0.51 0.35 0.33 0.34 0.33 0.38 0.38 0.34 0.35 0.39 0.36 0.36 0.60 0.43 0.47 0.44 0.18 0.39 0.4 I 0.12 0.33 0.36 0.43 0.60 0.88 0.40 0.61 0.43
Royal Bank of Scotland Group Sage Group Smith Ai Nephew Standard Chartcrcd Stanley Txisure TTP Communications Tale ,!k Lyle Taylor Woodrow 'Travis Pcrkins 'Tiillow Oil LJltra Electronics Holdings Unilever LJniq Viridian Group Vodafonc Group Westbury Wh j thread Wilson Ro\\&JJ Wilson Connolly Holdings Wirnpcy (George)
Yule catto & Co 11111102
Wolsclcy
Holding Market Value % of Net EUR Asscts
30.268 503,793 205,XIO
85.738 154,230 282.739 195.1 X? 364,736 50.659
742.705 122,983 410,861 26 1.081
x 1,376 487,570 138.872 73,987 49.730
270,738 250,035
50.460 219.196
I. 189.243
682,333 1,027,089 I ,20 I ,419
931,801 932.919 319,450 952,233 935,622 7X2.623
I . 130,269 853.559
3,685.243 706,348 622,329
63 1,615 604.490 556.137 61 3,864 966,208 398.307 938,401 815.792
~40,369
0.35 0.52 0.61 0.47 0.47 0.16 0.48 0.48 0.40 0.57 0.43 1 .XI5 0.36 0.32 0.43 0.32 0.3 1 0.28 0.3 1 0.39 0.20 0.48 0.3 I
72,449,62X 36.80 . .. . .. __
SWIIZEKLAND
.4ctclion 15.607 67X,XX7 0.35 Ccntcrpulsc 5.852 973,329 0.49 Geberit 3.655 992.027 0.50
Logitrch International 24.042 670,321 0.33 Nohcl Biocare Holding x,772 528,600 0.27 Novartis (Reg. Shares) 333.120 11.642,690 5.90 Kochc Holding 15.037 1.809,164 0.9 I SGS (Socii-ti- GCnCralc Surveillance) 2,75 I 800.135 0.41 S1G Holding (Reg. Shares) 7,511 767,385 0.39 S'l'hlicroclcctronics 41,958 801.60X 0.41 Schindler lloldings 3,450 809,794 0.4 I Swisscoin 2,664 739,090 0.38 Syngenla 1425 I 767,218 0.39 Synthcs-Stratcc 1.711 977,05 I 0.50 UBS 15.022 703,307 0.36
.. . 24,384,163 12.38 -.
Givaudan 1,699 723.557 0.37
FRANCE
Aulortiules du Sud de la France 13acou Dalloz Canal Plus Christian Dior Ciinents Francais Compagnie GinCrale d'Optique Essilor Intcrtiational Caleries Lafaycttc Gecina IPSOS Wrt 21/06/03 liiierys L'Orcal M(i-Mttropole 'Ttltvision NRJ Group Pemod-Ricard
32.0~ I 9.090
222.928 23.696
6.083
35.729 6,746 7,986
20 x.549
51,971 32,576 23,497
9.790
756,630 782.422 983.1 12 748,320 307,952
1.397,36l 73 1.604 806, I87
2 I ,023,3 15 3.678,248
659.664 347.521 888, I98
0.38 0.40 0.50 0.38 0.16
0.7 I 0.37 0.4 1 0.00 0.52 1.86 0.34 0.18 0.45
46
JPMorgan Fleming Funds - Europe Strategic Growth Fund (continued)
PORTFOLIO as at 31 December 2002
Description Holding Market Vsluc % of Net Description EIJR Assets
Holding Market Value '/n of Net EUR Assets
17.973 3 I .683 19.230 13.541 I I .777 15.900 63,458 5 1,229
175,932
686,838 943,995 8 3 4.9 6 7 683,821 992-2 I2 966,323
3,640.903 1,256,647
727.479
0.35 0.48 0.42 0.35 0.50 0.49 1.85 0.64 0.37
12.11 ~-
~
27,804 278,423 43,366 55,43 1
1,126 175,260 62,897 56,943 40.887
0.35 0.19 0.50 0.18 0.0 I 0.75 0.20 0. I9 0.26
Peugeol Rerny Cointreau Kcriault Kodriguez Group SEU Sagem Sanofi-Syntlielabo Socittt Ttltvision FranGaise I w'~nadoo
.. ..
Grupo Ferrovial Iberia Lincas Acreas de Espana lnditcx (Industria de Diseno Textil) lndra Sistemas Metrovacesa Telefonica Telefonica Moviles Viscofan Zardoya-Otis - . . . . . -
678.696 382,832 987,661 355.590 22.492
1,495.844 397.195 369.560 508.130
10,346,157 23,843,72 J 5.26 . . .. . . .
NETILEKLANDS
CShl 47,004 929.739 0.47 Corio 36,093 914,236 0.46 DSM (Dutch State Mines) 24,684 1,032,776 0.53 Euroncxt 52,628 1,068,875 0.54 Gucci Group 8,858 778,6 I8 0.40 IIaslemere 1,900 69,350 0.04 Heiiieken 43,090 1,565,244 0.80 IHC Caland 27.339 1.329.761) 0.68 KLM Koninklijkc Luchtvaarf Mij 91,697 787,219 0.40 Reed Elsevier 145,757 1,699,527 0.86 Royal KPN 156.233 961.614 0.49 U ni Icvcr 78.121 4.505,629 2.28 VN U 33.700 845,196 0.43 Vodafonc Libeiwl 97.651 966,257 0.49
17,464,049 8.87 . .. .
. . . .
GERM.ANY
ITALY
Autostradc L'onccssioni e Costruzioni Autostrade Banco Popolare di Verona e Novare
Capitalia Creditu Emiliano Gruppo Editorialc Esprcsso ltalgas Merloni Elettrodomestici Olivctti Kccordati Telecom Italia Telecoin Italia (RNC) Telecorn ltalia Mobile Telecoin Italia Mobile (RNC)
klncd Loiiibarda
. .
1.221.274 129.21 I 0.61
2x.102 26.3 15
334.712 70.838 95.626 32,858 37.085
370,119 32,200
330,308 I 97,675 4 I 6,080 145,322
297.741 243,940 402,659 369,774 292. I37 125,675 374,559 365,789 482,517
2,383.172 945,875
1,803.707 580,561
0.15 0.12 0.2 I 0. I9 0.15 0.22 0.19 0.1Y 0.25 1 .?O 0.48 0.92 0.30
10,392,380 5.18
Adidas-Salomon RASF CclaIlcSc Continental naiinlerChrysler Deulsche Roerse Deutsche Lufthansa (Reg. Shares) Fraport-Frankfurt Airport Scrviccs Gchc IIeiinover Kuechversichemngs Medion Porsche (Pref.) Puma (R~idolf Dassler Sporl) SAP Siemens Stada Arzneiinittel Thyssen Krupp Wella (PreC)
12.27 I 16,128 26.912 39.550 12.274 19,351 48,352 15,344 17,501 22,753 13,752 2,09 I 8.82 I
30,701 85,757 25,347 39,206 12.59 I
1,007.326 578.350 505,825 588, I09 356,437 737.273 420.904 263.150 652.700 554.263 457.942 X24,900 569,837
2.305.492 3.470.157
970,790 422,053 709,503
0.5 1 0.29 0.29 0.30 0.18 0.37 0.22 0.13 0.33 0.28 0.24 0.43 0.29 1.17 I .76 0.49 0.21 0.36
FINLAND
Elcotcq Nchvork 7,916 85.453 0.04 Nokia 539,232 8,107.353 4.12 Perlos 13,153 79.576 0.04
.. . .. - .
8,272,382 4.20 ....
SWEDEN
Axfood Clas Ohlson (B) Europolitan Vodafone Getinge Hcnncs & Mauritz (H&M)(U)
Svenska Cellulosa Tele7
SKL; (€3)
349,246 384,260 281.829 474,547
I ,306,92X 326,398
285.499 308, 194
20.294 16,169 63.141 24.468 70,050 13,174 9.521
1 1.299
0.18 0.20 0.14 0.24 0.65 0.17 0.16 0.15
Telefbnakliebolaget Ericsson (LM) (B) I , 160,777 802.2 17 0.41
15,455,Ull 7.85 ..._
4,519,118 2.30
SPAIN
Acerinox I 1,577 406> I2 I Actividades de Conslruccion y Scrvic 2 1.432 662,034
Banco Popular Espanol 12,185 470,524
Compania Espanola dc Pctrolcos 35,617 610.832 Cornpania dc Distribucion Integral Logista 25,675 527,365
Gainesa C'orp Technologica 27,033 425,635
Altadis 58,770 1,269,432
Banco de Valencia 23,309 277.843
Corporation Mipfre 65,278 498,07 I
BE1,GIUM
AGFA Fevaert 26,4 13 551,239 Barco 6.263 304,883 Bckacrt 7,767 33 1.534 Mobistiar 13,562 299.517 Tessenderlo Cliemie 11,544 332.929 Umicore 7,228 293 9 2 7
2,114.029
. .- . .
0.2 1
0.34 0.65 0.24 0.14 0.31
0.27 0.25 0.22
0.27 0 . I 6 0.17 0.15 0.1 7 0. I5
1.07 ._
47 .. . .. -.
J PMorgan Fleming Funds - Europe Strategic Growth Fund (continued)
PORTFOL.IO as at 31 nccember 2002
Description Ilolding Market Value % of Net Description EUR Assets
DENMARK
cc~loplasl 5,570 386,236 0.20 Danske Traelasi 16,746 292,556 0.15 H. Lundheck 20.932 522.811 0.26 Jyske Bank (Reg.) 10.770 278.787 0.14 Radiomctcr (B) 6,212 306.973 0.15 TDC 13,018 304,550 0.16
..........
2,UY1,913 1.06 . ....
EIRE
Allied Irish Hanks 25,47 I 332,779 0.17 Anglo lrish Hank 46,324 314.058 0.16
Irish Life & Perinancnt 16,259 167.224 0.09 Ryanair IIoldings X7.102 594,47 I 0.29
1,713,477 0.87
First Activc 56,361 304.945 0.16
. . . . . . . . . . . . . .
........
PORTUCAT.
Portucel-Empresa Protlutora de Pasta c Papcl 260.557 303.549 0.15 Portugal Tclccotn (Rcg. Shares) 139.923 872,420 0.44 Vodafonc Tclcccl-Comunicacoes Pessoais 30,nsti 237,437 0.13
......... ...............
1,413,406 0.72
GREECE
Coca Cola Hellenic Bottling 14,810 197,714 0.10 Cosrnotc Mobilc Comtnunications 16,826 159,006 0.0x Folli F o l k 11.xx0 191,268 0.10 Hyatt Regency 16,580 113,241 0.06 Piraeus Bank 16.970 99.614 0.05 Vodafone-Panat" 46,020 255,411 0.13
...
1,016,254 0.52 . _.
NORW.4Y
Ekomes (Reg. Shares) Merkanti Idata Ricbcr & SON Visma
27,924 318,533 0.16 235.824 170.642 0.09 14.132 283.553 0.14 26.419 141,199 0.07
913,927 0.46
AUSTRIA
Mayr-Melnhn I' Kartcm Tclckom Austria Wicncrbcrgcr
I .264 89.396 0.05 29.255 282,164 0.13
5,594 93,867 0.05
465,421 0.23
Holding Market Valuc % of Net EUR Assets
Unlisted Shares
NETHERLANDS
Endcmol Entertainment Holding I30 0 0.00
0 0.00
Total Unlisted Shares 0 0.00
Total Investment Portfolio 196,655,042 99.88
Allocation of Portfolio
Services
General Manufacturers
Utilities
Financials
Consurncr Goods
Mincral Extraction
Cash & other Net Assets
Tntnl
% of Nct Assets
46.7 I
20.23
12.79
11.12
5.48
3.55
3 IOO.OO
Tntal Shares & Warrants listed un an Official Stock Exchange 196,655,042 99.88
48
3PMorgan Fleming Funds - Europe Strategic Value Fund
PORTFOI.10 as nt 31 December 2002
ncscription HddinK Market Vnlue "4, of Net Dcscriptinn EUK Assets
Sharcs listed on 811 Offirial Stock Exrhange
UNITED KLNGDOM /\lliancc Al Leicester Anglo Arncrican .4mi \,a Aviva BHA Group Ualfour Ueatty Uarclays Barralt Dcvcloprticnts Bcllway Berkeley Group Rovis HOIWS (;roup Bradliird B Binglcy British Atncrican 'l'obacco British Vita Carpctright Coats Countiywide Assured Group DIS t'uriiiture DS Siiiilh Dairy Crest Group De benhams Entriprise Inns GKN Greene King HBOS HMV (;roup House of Frascr IMI lmpcrial Chcmical Industi-ies Inchcape Keldil Groirp Kidde Legal& General Group Lloyds TSR Ciroup 1-onmin hlcAlpine (,\lficd) h lc rsq Docks B Harbour New Look Group Northern Foods Old Miltrial Peninsular & Orieiihl Stcarn
Pcrinon Group Persiiniiion Pi I kinghi RAC Kcdrow Kexani Royal R: Sun Alliance Insurance (;roup Royal Bank oi.Scotland Group Scottish CYL Newcastle Scottish & Southein Energy Sevem Trent Six C'oiitiiients Sinith (WH) Tatc Ai Lyle laylor Woocii-ow Tomkitis
IJiiiied lllilitics
N. d\igation .. (The)
Ti-inity Miii-or
289,704 660.642
1,629,995 2,098,3 I2 1263,282 I .4 12,042 1.238.739 1,207,885
877,028 744.701 818.1 13
1,8X5,404 853.32 I
2,366.1 13 809,587
1.394. I37 3,610.337
671.703 3,316.228
787.1 I2 1.509,859
396.4 19 2.652,445
657.697 3,466,770 1.706.874
"49 I 2,053,582 2,846,388
678,602 1.769,865 7.36 1,207 9,735.194 1,092.7 16
243.428 447.958
1,936.505 3,s I I .o IO 4,431.375
1.581.797 443,862
1.104,010 2.058.743
3373 14 I ,719,219 1,574.922
2.244.350 2.241 319 I .520,455
712,599 1 .068,990 1.671,854
931,861 I ,840, I ox 3.1 15.21s 2.040.437
245.799 I J74.128
702, I 04
3.361.151 9.320.108 h.646,179
14.3 13.268 3.500.306 3.128.364 7.1 54,993 7,2 13.5 16 6,300.458 h,77 1,223 4,527,372 8,379,545 8,109.740 8,765.625
1.050.103 6.271.285 3.655.204 7.41 7. I62 4,138,025 6.295.592 3,376,486 8.373,834 6,849,605
34. 172,974 3,112,491 I,009,022 8,227.322 9,839.333 7.1 14.263
11,239,630 8. I 86,2h 1
14.235.399 7.403.380 3,195,647 I ,669.858 5,045.hOX 7,136.319 8.898.509 6.050.678
4,002,920 4.296,814 7.16 1.696 1.83 1,570 1.823,675 6.223.755
10.125.708
4, I9h,08 I 50,526.8 1 6 10.739.634 7,344.705
11.1 74.1 10 12,766,346 3.9 I 1,536
7.9!)1,165
7.298.976
x .977~14
6.01 8,271 1.57938 I
I3,096,320
0.27 0.74 0.53 1.13 0.28 0.25 0.57 0.57
0.54 0.36 0.67 0.65 0.70 0.58
0.50 0.29 0.59 0.33 0.50 0.28 0.67 0.55 2.72 0.25 0.08 0.65 0.78 0.57 0.N 0.65 1.13 0.59 0.25 0.13 0.40 0.57 0.7 I 0.48
0.32 0.34 0.57 0.15 0.15 0.50 0.8 I
0.33 4.01 0.85 0.58 0.89 1 .02 0.39 0.71 0.64 0.48 0.13 1.03
0.49
0.08
Holding Market Vnlue "4, ofNct EUK Assets
Vartly (Reg) 229,994 1. I 15,440 Weir Group 2,038.608 6,580,871 Westbuy 1,188.076 3.040,617 Wilson Bowdeli 449,590 5,027.824 Wilson Connolly Holdings 1.976.499 4,481.455 Wimpcy (George) 1.833.039 7.083.113 Wolsclcy 1.1 33. I50 x.944.545 Wolvcrhmiipton & Dudley Breweries 549.476 5.152393
506,868,892 .. .. ~ ..
. .
SW'ITZERLAND
Rohst Group 56,240 I ,632,852 CrL'dit Suissc Gronp 1.139.042 23,686,I 76 Fischcr (Gsorg) (Reg. Shares) 49.082 4,698.036 Forbo Holding (Reg. Shares) 9.849 2,781,597 Hilti 3.799 222 1 .h58 Holcim (U) 70.844 12.33 1.403 Lonza Group 135.040 7.736.882 Kieter Iloldings 13,153 2.506.649 SIG Holding (Reg. Sharcs) 69.966 7.138294 Schindlcr Holdings 50.865 9,2562 I9
Sulzer 44,44 1 5.702,3?0 Swiss Life Holding 89,302 6.50439 Swiss Reinsurancc 239,196 14.876,859 Swisscotn 46,296 12,844,IY 1 Valora Holding (Keg. Shares) 58.803 10.700.746
132.159 1 1,671,560 Zurich Financial Services
140.103596
Sika I5,32 I 3.802.61 5
. -- .~
FRANCE
A X l I ,233,03 I 15.456.044 BNP Paribas 767.378 2Y.026,073
5.932,901 Ucghin-Say 160.327 CNP .4ssuraiices 168,X8Y 5.Y45.248 Ci-i.dit Agricole 357,965 5.135.008 Fifhge 50,385 3.547, I04 Iiiierys 25,131 3,008, I 8 I Michelin 354,667 1 I , 195,064 Pcugcot 295.697 I I .300,0h 1 Kcnault 307.433 I3.349,l 75 K e d 19,902 618.952 SociPtP Cicncralc 378.652 20.61 7,602 Vallourcc 23.637 I ,3 16.58 I Vinci 167.476 8,905.536 Zodiac 179.316 3,343.317
1 ~ 9 6 , 8 7 7 . . - . -
- .-
GERMANY
4 M U Cetierali Holding 25.389 I.788.492 Aarcal Bank 54,961 68 1.5 I6 UASF 442.882 15.881.749 Rayerische Motorcn Wcrke 177.378 5.122.677 Budcrus 192.174 4.247.045
752.227 2 I ,844.672 DaimlcrChysler Deutsche Rank 157, I87 6,901.295 Deutsche Posl 402.05 I 4,026.541 E.ON 293,737 11.310.3.13
0,09 0.52
0.40 0.36 0.56 0.7 1
0.41
0.40
40.32 -.
0.13 1.88 0.37 0.22 0.18 0.98 0.62. 0.20 0.57 0.74 0.30 0.45 0.52 1.18 1.02 0.85 0.93
11.14
1.23 2.30 0.47 0.47 0.41 0.28 0.21 0.89 0.90 1.05 0.05 I .6J 0.1 1 0.71 0.27
I I .02 .-
0.10 0.05 I .26 0.3 I 0.34 1.74 0.55 0.32 0.90
JPMorgan Fleming Funds - Europe Strategic Value Fund (continued)
PORTFOLIO RS 91 31 Ikrcmber 2002
Description Holding Market Value % of Net Description EUR Assets
Holding Market Value O/o of Net EUR Assets
5.069,584 3.41 5.66 1 3,697.752 3,791.024 1,848,609
- 7 5 438,639 10.41 6,035
0.40 0.28 0.29 0.30 0.15 0.43 0.83
SWEDEN
Atlas Copco Autoliv Billerud Caslelluin Electrtilux (E) Holiiicn (5) SKI; (U) Skandinaviska Enskilda Banken (A) Sveiiska Cellulosa Svenska Handelsbanken (A) Svenskt StHl Trcllcborg . . .
0.12 0.15 0.14 0.13 0.47 0.19 0.32
0.37 0.57 0.56 0.1 1 0. I4
Ilannover Kucchvcrsichcrungs 208,111 K&S 198,874 hfG Technologies 623,567 hlun 288,950 Sslzgitter 306.823 Thyssen Krupp 505.2 I 5 Volkswagen 303,056
90.149 93,498
173,592 123,424 386.465 1 05 .613 159,78 I
567,938 220.856 556,402 116,920 232,900
I .548,939 1,846,559 I ,8 16.147 1,641,9 I7 5.911,815 2,443.562 3,958.722
4,607.655 7.1 49,080 7 ,OY 7 ,8 72 I ,33 1,826 1,800,439 ~. .
104,981,634 8.35 - ITALY
Banco Popolare di Verona e Novara 3 16.444 3,352,724 0.27 Banca Agricola blantovana 122.997 1,146,947 0.09 Uniica Popolarc di Bcrgarno Credito Varesiiio 205,082 3,490,496 0.28 Uallca '1 OSCalla 62,942 274.742 0.02 C'redito Finiliano 166.087 866,974 0.07 FN-Fnte Naziotiale ldrocarburi 2,678,835 40,704,898 3.33
Italcctncnti 393,253 3,722.140 0.30 ltalmohiliare 47,101 1,596,724 0.1 3 Mcrloni Ele!ti-odoine.;tici 284.982 2,878,318 0.23 Parmalat Finanziaria 800.786 1.783.751 0.14 UniCrcdito Italiano 4.082.638 15,575,264 1.24
I lil-Finanriaria di Partrcipa7ioni 266,692 897.319 0.07
.
76,290,397 6.07
3.27 ._
41,154,533 _. .. .
BELGIUM Almanij 149,080 3,785,468 0.38 Dexia (NPV) 422,X I 5 4.843.346 0.39 Fortis 307,893 5,047,906 0.40 KBC Bancassurance Holding 222.76.3 6.744,150 0.54
1 0.00 Solvus 64 Uinicore 43,832 1,782,428 0.14
.. .-
23,203,299 1.85 .- .. . . . .-
FINLAND 5,905,283 0.47 Fortum 94 1 ,OX 1
Kemira 182,977 1,200,329 0. I O M-Real 414.341 3.306,441 0.26 Metso 385,678 3,978.269 0.32 Oko Rank ~ 9 9 I 1,292,593 0.10 Outokurnp LI 544,429 4,507.872 0.36 Uponor 94,793 1,815.286 0.14 Y LT-Y htyrna 32,131 527,112 0.04
- 22,533,186 1.79
. .
.
NETHERLANDS
AUN Arnro Holdings CSbl DSM (hitch State Mines) Hcij mans I lunter L)oiiglas ING Groep Koninklijke Vendex KUU OP(; Cirocp OCE Volkcr Wcsscls Stcvin Wcreldhavc
1,398.630 2 15.138 150,7l 8 80.493
130,177 1,297.373
4on.799 73,531
375.304 161.076 83.046
1.67 0.34 0.51 0. I I 0.29 I .62 0.33 0.19 0.32 0.25 0.35
5.98
20,972,457 4,25.5,430
1,322,098 3,668.388
20,40 I , I90 4,128,870
4,040.148 3,136,955 4,426,352
75,145,861
6,367.082
2,426.891
.. __
DENMARK D/S 1912 114 DSV (De Sarninenslutlede Vognmaend) (U) 34, I82 Danske Rank 497.576 Danskc Traelasl 18,423 Jyske Bank (Keg.) 54,527 Sydbank (Reg. Shares) 13,094 Topdanmark 39,967
0.06 762.871
789,3 1 7 7,855,287
321,853 1.41 1,458
864.772 1,087.033
13,092,591
0.06 0.62 0.03 0.11 0.07 0.09
SPAIN
Actividadcs dc Construccion y Servicios Ccrncntos Portland Coinpania Espanola dc Petrolecis Compania dc l)istribucion Integral 1.ogista (:orporacicm Maplie Ebro Puleva Iomcnto de Construcciones Y Contratas Grupo nragados Grupo Empi-esanal Ence Inmobiliaria Urbis Vallchcrmoso
224,118 24,024
453.851
6.923,005 0.55 861.260 0.07
7,783,545 0.62
4,142.1 58
3.853,436
6,495.995 6,55 1,925 1,462.532 3.927,535 7,529,023
7,941,296 0.33 0.62 0.3 I
0.52 0.52 0.12 0.31 0.60
201,663 1,040.799
3~8.288
1.04
EIRE Allied Irish Banks 260,502 3,403,459 0.27 Anglo Irish Bank 543,569 3,677,244 0.28 ncc 108,521 1,063,506 0.09 Depfa Bank 65.138 3.240,616 0.26 Grafton Group 199,31 1 702.571 0.06
... . . .
12,087,3~6 0.96
300,254 40 1,466 104,616 6 8 0.6 8 2 787.143
57,471,710 4.57
JPMorgan Fleming Funds - Europe Strategic Value Fund (continued)
PORTFOLIO as at 31 December 2002
Description Holding Market Value v/u of Net EUR Assets
NOKWAY DnS llolding 645,864 2,907,038 0.23 Farstad Shipping 50,080 268,084 0.02 Gjcnsidigc NOR Sparchank 90.662 2.903,2 17 0.24 ProSafc 128.165 1.660,157 0.13 Statoil 189.627 1.518,079 0.12
9,256,575 0.74
1,UXEMROURC
Arcelor .-
605,436 7,116,900 0.57
7,116,900 0.57 ~
GREECE
Greek Organimlion ol.Foothall Prognostics 173,390 1,761,642 0.14 lntralot 45,370 548,070 0.04 Public Power 126,900 1,681.425 0.13 'Technical Olyiiipic 324.458 1.067,467 0.09 Titan Ceiiient 36.640 1.314,643 0.1 I
6,313,241 0.51 .- ._ . . . . . .. . . . __.- ..
PORTUGAT. Ranco RPT (Reg. Shares) 590, I 8 I 1,289,545 0. I O Electricidade de Portugal I .423.338 2,270,224 0 . I 8 Porhicel-Empresa Produlora de Pasta c Papcl 488,376 568.958 0.05
4,128,721 0.33
AUSTRIA Roh I er Uddehu I m Mayr-Melnhol' Karton OMV Voestalpine
7,371 330,031 0.03 6.507 460,208 0.04
12,591 1,180.406 0.08 18,624 431.425 0.03
2,402,070 0.1 8
Total Shares listed on an Official Stock Exchange 1,240,807,491 98.69
. -. . . -_ - - . - . . - -_
TJnlistcd Shares & Warrants
ITALY
Banca Lombarda Wrl20/ 12/04 188.552 4,808 0.00 Bipielle.net Wrt 31i12/03 1.796 0 0.00
.. . ..
UNITED KINGDOM TI Automotive
4,808 0.00
49.99 I 0 0.00
0 0.00
Total Unlisted Shares & Warrants 4,808 0.00
..
Allocation of Portfolio
Financials
General Manufacturers
Services
Consumcr Goods
Mineral F.xlraclion
U tilitics
Cash J i othcr Net Asscts
Total
35.79
27.00
14.97
8.07
7.77
5.09
1.31 100.00
.. ..
.
Total Investment Portfolio 1,240,812,299 98.69
........ .~
JPMorgan Fleming Funds - Europe Technology Fund
PORTFOI.IO a$ at 31 ncccmbcr 2002
Description Holding Market Value "/n of Net EUK
Description Holding Market Value % of Net EUR Assets Assets
-.. 1 i o 0.38 0.3 1 2.33 0.43 0.49 I .20 0.67 0.04 0.30 0.25 0.13 0.27 3.27
0.08 0.29 1.14 0.22 0.3 1 0.3 1 2.48 3.24 2.00 0.04 2.37 0.02 0.60 0.48 0.3 1 0.25 0.34 0.6 I 0.3 I 0.2 I
0.84
Shares listed on an Official Stock Exchange Pfciffcr Vacuum I'cchnolopy SAP Systems Integration Sinpulus Technologies Software Suess Microtec T-Online International United Internet (Reg.Shares)
28.467 544.858 108.751 986.372 72.682 920.5 I8
109,793 986,190 145,l 16 393,990 708,078 3.738,652 161,777 I .063,684
22,491,007 . .
0.29 0.53 0.49 0.53 0.2 I I .9x 0.57
UNITED KINGDOM AKM Holdings Anitc Group 4rc Intcrnational U T Group Uiocoinpatible International
Cookson Group Cordiant Communications T)iagonal Dicorn (;roup Eidos Eurodis Elcctron Filtronic Future Network Highbury House Cotntns IQL lnccpta Group ltnet Kewill Syskms Kingston Comtnunications Lastminnte.com LogicaCMG Misys Morse NSB Retail Sytcins Northgatc Information Solutions Royalbluc Group SMG Staffwxre 'Ihus Group T0tt.X United Busincss Media ebookers mm02 nCipher
C:elltech Group
..... ....
6.136.021 1,909.260 1,511.743 1,492.786
567.207 171.960
7.169,2 19 2,527.601)
90, I35
251.522 6 10.739 379.009
7.126.178 7,337.239 1,600.458 2,307.587
721.667 1,085,738
582.497 37 I .266
2.015,hX I 2,288,248 I ,9 15.905
72 1,002 10,936.9 13
10.43x 761.511 247.988
1,188.1 59 95,107
134.120 187.768 843,703 426,540
89.653
....
4.704,356 704,379 586,772
4.385.766 815,237 9 I6.588
2,259,108 1.262.768
70.6h4 558,139 176,838
503,960 6,134,528 1.579,033
147,614 549.820
2.1 35.492 108,903 573.066 587.832
4,650, I o x h,OXO,XhY 3,755,030
78 ,~hx 4.455,239
36,905 1.120.624
905,367 587.149 47 1,490 630.285
1.1 54,548 578.760 399,964
248,790
1 1.97
NETHERLANDS
/\SML Holdings Be Scmicotiductor Industries Exact Iloldings Konitikli.jke Philips Electronics Ordina PinkKoccade Scala Business Solutions Teleplati Intemational Ti-ader Classified Media
984.960 373.158
93.690 163.358 23 1.653 140.430
1.008,571 255, I39
82,623
7.997.875 1,656.822 1,168.783 2.737.063 1,303.018
782.897 2,58 1,942 1,663,506
588,689
4.26 0.88 0.62 1.46 0.69 0.12 1.37 0.89 0.3 I
20,480,625 10.90
SWEDEN
Biacore International E~it~pol i tan Vodafonc IBS lntcntia International ( U ) LGP 'l'clccom llolding Micronic Laser Systems Modem Times Group Technology Nexus Tele2 Tclcforiakticbolagct Ericsson (Lhl) (R)
32,584 933.999
335.066 722.14 1 109.052 150.376 23 1,380
37.012
897.828
653,316 4.168.896
398.292 627.881
2,860.307 5 18.329
I , I9 1.240 204, IS I 935.358
0.35 2.22 0.21 0.33 1.52 0.28 0.63 0.1 I 0.50
9,965, I35 6.886,937 3.67
18,444,817 9.82
DENMARK
I'DC
..... ...
54,524,080 29.02 366.655 8,577.727 4.57
IX4NCE
Alcatel .4ssystem Business Object.; Cap (;ctnini Frnnce 'l'elecom Gemplus Sage111 Thotnson I!BI Soft Entcrtainmcnt Wavecoin
8,577,727 4.57 2,146.588
25.361 232,948 351.103
55.761 1,182.1 60
22,775 232.819 106.463 312.600
9.219,596 559.2 I0
3,277,578 7,490,783
920,893 1,223,536 1,384, I5 I 3.783,309 1.154,070 4.359,207
4.91 0.30 1-73 3.99 0.49 0.65 0.73 2.01 0.61 2.32
FINLAND
Clcotcq Nctwork Nokia Novo Group Tietoenator
198.556 2,143.412 1.14
342,549 1,026,714 0.55 115,655 1.485,588 0.79
120, I84 I ,806,966 0.96
PORTUCAI,
Novabase 3,969 0 0.00 Pottugal Telecom (Reg. Shares) 876,675 5,466,069 2.9 I
33,372,333 17.76 ... ~ ....... . -. .. ......
GERMANY
Aixtron Dcutschc Telekom Dialog Semiconductor Epcos IDS Schccr Infincon Technologies 1x0s Xoftwarc
5,466,069 2.91 274,687 0.15 1.442,365 0.77
76.X64 0.03 3,729,514 1.98
602,002 0.32 5.325.993 2.83 2.405.018 1.28
S2 __
59.9 10 117.696 83,538
38 1.536 123.361 760.311 477.660
SWITZERLAND
Micronas Semiconductor Holding 12.570 202,367 0 . I I Nobel Biocare Holding 10.248 620.279 0.33 Puhli(;roupc 8.262 1,221.117 0.65
JPMorgan Fleming Funds - Europe Technology Fund (continued)
PORTFO1,IO as at 31 Decemher 2002
Description llolding Market Value % of Nct EIJR Assets
Tecan Group (Reg. Shares) 36, I04 I, I 16,539 0.59 llnaxir; Holding (Reg. Shares) 28,302 I ,8 16,232 0.97
4,977334 2.65
. . -. ..........
ITAT,\'
Scat-Paginc Ciiallc Tiscali
2.964,054 1,922.189 1.01 376, IO9 1,632.313 0.87
3,554,502 1 .XU
NORWA\'
FT)R Business Partner 449.530 1.1 36,776 0.60 Mei-kan tildala I ,4s7,7sn I ,ns4,~24 0.55 Ncra 312,695 424,824 0.23 -. . . . . . . - ... . . . . . . . . . .
2,616,424 1.38
GREECE
Hellenic Telecoininimicalions Organization 225,500 2,38 1,280 1.27
2,381,280 1.27
-. . . . . . . . . . . . . . .. -. .. ........... ~
AtJSTRJA Telekoiii Austria 126.314 1.218.299 0.65
1,218,299 0.65
EIRE
Iona Technologies (ADS) 447,075 1,079.912 0.58
1,079,912 0.58
SPAIN
Tera Nelworks 239.787 972,336 0.52
972,336 0.52 . . . . . _- ~. . . . . . .
BELGIUM AGPA Gevaert 29,749 620.862 0.33
620,862 0.33
LUXEMBOURG Transcoin Worldwide (SDK) (U) 384,937 513,136 0.27
513,136 0.27
Total Shares listed on an Official Stock Exchange 187.753,623 99.92
Totnl Investment Portfolio 187,753,623 99.92
Allocation of Portfolio
General Manufacturers
Utilities
Scrviccs
C:asli & otliei- Net Assets
Total
"/n of Net Assets
63.79
19.98
16.15
0.08 100.00
53 ... .
JPMorgan Fleming Funds - FF Emerging Markets Debt Fund
PORTFOLIO as at 31 December 2002
Description
Bonds listed on an Official Stock Exch
Denominated in USD
Argcntina 12% 203 1 Argentina 6% 2023 Par Bds Argentina 7 y o 2008 Step Up Argentina 8.37514 2003 Brazil 10. I25O/, 2027 Gbl Rds Brazil I I Yu 2040 Brazil I294 20 I 0 Brazil 12.25% 2030 Brazil 12.7SU,b 2020 Brazil 14.Sn% 2009 Brazil 2.56254: 2006 FRN Brazil 2.5625% 2024 FRN Brazil 2.62Sn& 2012 I K N (UR) Brazil 6?/0 2024 Var Rds Brazil 8% 2014 Brazil 8.875% 2024 Bulgaria 2.687504 201 1 FRN IAB Bulgaria 2.687504 201 2 FLIRB Bulgaria 8.2594 2015 Colomhia 10% 20 I2 Colombia 10.75% 2013 Colombia 11.75% 2020 Colombia 9.75% 2009 Colombia 9.75% 201 1 Dominican Republic 9.5% 2006 Ecuador 12% 2012 Ecuador 6% 2030
Korea 8.875% 2008 Gbl Bds Malaysia 7.5% 201 1 Mexico I0.375Y~ 2009 XW Mexico I I .3759/, 20 I 6 Ghl Bds Mcxico 11.5% 2026 Mexico 6.25% 2019 Mexico 6.25% 201 9 (B) Mexico 7.5% 20 I 2 Mcxico 8?/0 2022 Mexico 8.125% 2019 Mexico 8.3% 2031 Mexico 8.375% 20 I I Mexico 8.5% 2006 Mexico 8.625% 2008 Gbl Bds Mexico 9.875% 2010 Panama 10.75"/0 2020 Panama 5% 2014 IRB Panama 8.875% 2027 Ghl Rds Panama 9.625Yn 201 1 Pcru 3.25% 2017 ILIRB Peru 4.5% 2017 Peru 9.125% 2008 Philippines I0.625?', 2025 Philippincs 9% 20 13 Philippines 9.875% 2019 Poland 7"/0 2014 Qatar 9.5% 2009 Russia 1004 2007 Russia 1 I YU 20 I8 Russia 12.75% 2028 Russia 5% 2030 (144A) Russia 5% 2030
Egypt 8.750/0 201 1
Holding Market Value YO of Net Description USD Assets
iangc
392,977 545.000 300.000 125.000 645,000
2,205,000 225,000 4 10,000
1.150,000 139.000 270,000
1.220,000 1.395.000
370.000 2,595.000 1.615.000
5 10.000 750.000 349.000 I 60,000 790,000 930.000 100.000 350,000 205.000 374.000
2.944,OOO 410.000 125,000 425.000 355.000
I ,060,000 344,000 60,000
3 15.000 I,205.000
345,000 825,000 595,000 450,000 I20,OOO 335,000
1.165,000 100.000 570,000 150,000 225,000 885,000 920.000 590,000 9x5.000 325,000 880.000 125.000
I.050,000 850,000 500,000 560,000
I 00,000
5,428.3 I 7
82.525 254.433
67,500 27,813
392,482 1,406,790
163,hXX 283.925 8 15.925 115.301 122, I32 738.100 775.620 239,6 I 2
2,123.016 888.250 459,453 675,899 38 I ,98 I 160.720 819.632 995.333 102,450 332.674 218.581 204.952
1,207.040 450,693 155,388 490,854 43X,X69
1,42 1.195 471.263
59.250 3 I 1,063
1,296.580 359.3 18 873,469 6 3 0,2 5 4 509,963 136,230 385.836
1,423.921 112,350 452.605 149,445 246.183 6 3 0.5 6 3 707.756 597,375
1.036,220 322.368 875.600 56.880
126,350 1,197,000 I .022,763
665.750 444,500
4,3 153 I 2
0.17 0.51 0.14 0.06 0.79 2.X3 0.33 0.57 1.65 0.23 0.25 1.49 1.56 0.48 4.27 I .79 0.93 1-36 0.77 0.32 1.65 2.01 0.2 I 0.67 0.44 0.41 2.44 0.91 0.3 I 0.99 0.89 2.87 0.95 0.12 0.63 2.61 0.73 1.76 1-27 1.03 0.28 0.78 2.87 0.23 0.9 I 0.30 0.50 1.27 I .43 I .2 I 2.09 0.65 1.77 0. I 2 0.26 2.40 2.06 1.34 0.90 x.70
Ruwa 8 25% 20 I 0 Russia 8 75% 2005 South Africa 9.125% 2009 Turkey 1 1.375% 2006 Turkey 1 I 75O/, 2010 Turkey 12.375"/0 2009 Turkey Y.X7S% 2008 Ukrainc (Rcg. Shares) 11% 2007 Uruguay 7.625% 2012 Uruguay 7.875% 2027 Venezuela 13.625% 2018 Vene~uela 2.3 125?4~ 2007 FRN DCB Venezuela 2.6875% 2007 FLIRR Vene7uela 6 75O/, 2020 Par Bds Veneruela 9 25% 2027 Gbl Bds
IIolding Market Value YO of Net USn Assets
613,842 505,000 205,000 270.000 x75.000 405,000 530,000 265,000 390,000 670.000 350,000
750,000 I .250,000
650.000 620.000
653.6X6 548.885 246,05 1 293,085 936.609 442.463 539,010 23 1.615 193,050 3 13,225 3 10,450
275,673 416,828 520.000 428.420
1.32 1.11 0.50 0.59 1 .X9 0.89 1.09 0.47 0.39 0.63 0.63
0.56 0.84 1 .05 0.86
42,179,243 86.29
Total Bonds listed on an Official Stock Exchange
Bunds dcalt on another Regulated Market
. -~ -
Denominated in USD
Brazil I I .5% 2008 Colombia 10% 2012 F.1 Salvador 8.25% 2032 Mexico 6.25% 20 I 9 Par Bds WA Mexico 6.25% 2019 Par Uds WB Mohile Telesystems 10.95% 2004 Pemcx Mastcr 7.X75% 2009 Pcmcx Projcct Funding Master Trust 7.375% 2014 (144A)
895.000 3 75,000 435,000 350.000 150.000 4 10,000 250.000
320,000 Pemex Project Funding Master Trust 7.375% 2014 280.000 Peru 9.125Yn 2012 Philippines 9.875% 2010
740.000 100,000
42,779,243 86.29
680.200 376.687 4 13,946 345.625 148.125 43 1.064 270.627
328,202
287.280 719.650 I 07,850
1.37 0.76 0.84 0.70 0.30 0.87 0.55
0.66
0.58 1.44 0.22
Total Bonds dealt on another Rcgulatcd Market 4,109,256 8.29
Unlisted Warrants
_ _
MEXICO
Mcxico Wrt 30/06/03 3,155.000 10.569 0.02 Mcxico Wrt 30/06/04 1,818.000 0 0.00 Mexico Wrt 30/06/05 I ,8 IX,000 0 0.00 Mexico Wrt 30106106 I ,8 I x,000 0 0.00 ~ .. ..
10,569 0.02
VENEZUELA
Vene7uela Wrt 15/04/20 2,000 1 0.00 . ~-
I 0.00
Total Unlisted Warrants 10,sm 0.02 ~
54
JPMorgan Fleming Funds - FF Emerging Markets Debt Fund (continued)
PORTFOI.10 as at 31 December 2002
Description Holding Market Value u/o of Net USD Assets
Unlisted Bonds
Denominated in USD Argentina 2.08"/0 2002 FRN 18.720 468 0.00 Brazil 2.6250/0 2009 FRN (NMB) 1,670,000 845,796 1.70 Mexico 0"u 2007 665,000 0 0.00 South Aliica 8.5% 20 17 230,000 261,050 0.53
1,107,314 2.23
Total llnlisted Bonds 1,107,314 2.23
Total Invcstmcnt Portfolio 48,006,383 96.83
-_ - . . ...
JPMorgan Fleming Funds - FF Global Bond Fund
PORTFOLIO as at 31 December 2UUZ
Description Holding
Bonds listed on an Official Stock Exchange
ncnominstrd in EUR
AT&T 6.5% 2006 BHP Billiton Finance 4.37j0/, 2007 BNP Paribas Capital Trust 6.342% 2049 Rank ofIreland h.450/0 2010 Bank ofScotland 6.1259; 2013 Barclays Bank 7.5Yi 2010 (Reg. Shares) British Telecommunications 7.125% 20 I I CL Capital Trust 7.047% 2049 Carrcfour 6.125% 2010 Credit Suisse Group Capital
Danskc Bank 5.125"/0 2012 E.ON International Finance 5.75"/0 2009 France OAT 4.75% 2007 France OAT 5.25YU 2008 France Telecom 7% 2009 Germany 4Yo 2004 (icrmany 4% 2007 Gcrmany 4.75n/o 2028 Germany 5"/0 2005 Gemany 5?6 201 2 Cijensidige NOR Sparcbank 7.068% 2049 Hellenic Republic 5.9% 2022 ING Rank 5.875% 201 I Imperial Tobacco Finance 5.375% 2004 Koninklijkc PTT Ncdcrland 4.75% 2008 MBNA Credit Card Master Note Trust 5.60h 2013 NMi Financc 6.125% 201 1 Reed Elsevier Capital 5.75% 2008 Rentokil Initial 5.75% 2007 Rio Tinto Finance 5.1259: 2007 SCi Capital Trust I 7.X75U6 2049 Sodhcxo Alliance 5.875% 2009 Sogerim 7% 201 1 Solvay 5.2546 2006 Spain 504 201 2 Suedzucker lnlemational Finance 5.75% 2012 Tclcconi ltalia 6.25% 2012 Tesco 4.75°/0 2010 TotalFinaFlf 5.75% 2005 Unicredito Ttaliano Capital X.04Xo/O 2049 FRN Vodafonc Finance 4.75% 2009 Wolters Kluwer 6. I 25Y0 2005
6.9059/0 2049
-. .. . .. ..
I 60.000 260.000
200.000 200,000 100,000
70.000
220,000 I50,OOO 110.000
90,000 150.000
270,000 8,noo,ooo 2.225,OOO
50,000 4.320,OOO
9 00,000 1.645.000
860.000 700,000
100.000 I,050,000
I 3o.oon
1 10,000
270.000
850,000 200,000 100.000 150.000 360,000 1 10,000 140.000 80,000
250.000 I,050.000
244.000 110,000 200.000 250.000
140,000 I00,000 195.000
Market Valuc % o f Nct USD
167,923 275,832
2 17.969 232.5 IO 1 14.33 1
84.227
257,347
126,599
92,663 157,239
302. I87 8.8 I 1.378 2,507.558
52.938 4,590.038
963.629 1,688.190
941.347 774,099
108,014 1.2 15,208
145,410
114.846
280,075
943.347 223.060 1 1 1.728 165,877 393.846 13 1.990 154.453 92.433
273,864
I 71.583
I. I j5,Ol5
272.196 120.422 2 10,830 277,729
169.630 104.952 217,168
4ssets
0.22 0.35
0.28 0.30 0.15
0.11
0.33 0.22 0.16
0.12 0.20
0.39 11.31 3.21 0.07 5.89 1.24 2.17 I .2 I 0.99
0.14 I .56 0.19
0.15
0.36
1.11 0.29 0.14 0.2 I 0.51 0.17 0.20 0. I 2 0.35 1.48
0.35 0.16 0.27 0.36
0 . 2 0.14 0.28
29,411,hXU 37.78
Denominated in USn AOL Time Warner 6.125% 2006 100,000 103.563 0.13 Abbey National Capital Trust 8.963O/0 2049 50.000 60,7X6 0.08 AmeriCredit Automobilc 7.5% 2004 I K N 2,000,000 369.389 0.47
ncscriptinn
American General Finance 4.j0& 2007 Bank One 5 . W n 201 1 Hank of America 5.875% 2009 Capital Auto Receivables Asset Trust 3.16% 2007 FRN Citibank Credit 6.9% 2007 Citigroup 6.5% 201 1 Daimlei-Chrysler 7.75?% 20 1 I Ford hlotor Company 7.375% 2009 GNMA 6°C 2033 Gcncral Motors .4cceptance 7.25?6 2011 HBOS Treasury Scrviccs 3.5yC 2007
Household Finance 7.625'% 2032 Kraft Foods 6.25?/n 2012 MUNA 7% 2012 (Ser. 1999-J)(A) Mexico 1 1.375"/0 2016 Gbl Bds Petroilas Capital 7?b 201 2 Phillips Petroleum 8.754i 20 I0 Royal Rank of Scotland 6.49% 2009 SBC Communications 5.X759.b 20 I2 South Africa 9.125% 2009 Sprint Capital 7.62516 201 1 Toyota Motor Credit 7OLB 2007 IJSA Trcasury Bill 0% 0112003 US.4 Treasury Bill 0"'0 0212003 USA Treasury Bill O0/0 04:2003 USA Treiisury Notes 5.375% 203 I US.4 Treasuy Notes 7.25'/0 2016 USA Treasury Notes 84: 202 I Unilever Capital 7.125% 2010 Verimn Glohal Fund 7.375% 2002 Viacorn 6.625u/o 201 1 Washington hlutual 6.75?0 2032
liSUc 7.5'/0 2009
Holding Market Value u/o of Net usn .4ssets
230,000 70.000
200,000
800,000 800.000 I m m o I50.000
260,000 1.000,000
3oo.noo
150,000 I xn,ooo 190.000 40.000
I .oon.ooo 160,000 I 30,000 I 85,000 220,000
80.000 200.000
120.000 1.000.000
120.000 2,650.000
6 I0,000 900.000
I . 170,000 50,000 w o o 0 55.000
900.000
70,000
Denominated in JPk' Dcutsche Ausgleichsbank 1 .8S0& 2010 Development Bank ofJapan 1.7% 2022 Fannie Mae 2.125% 2007 International Bank for Reconslruction and Decelopmcnt 2% 2008 Japan Financc 1.55% 2012
I 34,000,000
100,000.000 i40 ,o~o .oo~
100.000.000 50,000.000
. _ _ - ~.
Denominated in SEK
Sweden 6.5% 2008 Swcdcll3.5'1.0 2006
.. ..
Denominated in GBP
Allied Doniecq Financial Scrvicc 6.625% 2013
21,950.000 I 4,350.000
-
150.000
236,866 75.944
2 17,080
825.125 893.750 179.008 171.45 I
256.060 1.031 $75
305,746
I 5 1.358 2 12,734 206.X47 44.798
I, 148.750 2 I 4.520 142,618 23 1,672 244,646
86.557 240.050
h7.200 13x.024 991.939 119.1 12
2,632,475 663,852
I, 154.109 1,630,505
59,293 92.143 62.135
659.657
15931,637
1,241 ,897
849.400 I 280.7 I 9
9 16.304 446.6 I 2
4,735,032
2.468.1 01 1,809.4 I I
4,277.512
_ _ ~
258,845
0.30 0.10 0.28
1.06 1.15 0.23 0.22
0.33 1.34
0.39
0.19 0.27 0.27 0.06 I .38 0.28 0.18 0.30 0.3 1
0.1 1 0.3 I 0.09 0.18 1.27 0. I 5 3.39 0.85 1-48 2.09 0.08 0.12 0.08 0.85
20.47 ~
I .60
1.09 1-64
1.18 0.57
6.08 ~
3.17 2.32
5.49
~
~
0.33
56
JPMargan Fleming Funds - IFF Global Bond Fund (continued)
POK'I'FOL.10 as at 31 December 2002
Description Holding Market Value "h of Net usn Assets
HOC: Group S.X75?& 2009 I40,OOO Centrica 5.X75Yo 2012 265,000 Grand Metropolitan Finance 9"h 2005 130.000 Talisman Fnergy 6.625% 20 I 7 32,000 Treasury 7.259,; 2007 58,667 'Ireaswy X9,; 20 I5 I40,000 ~. .. . . .. --
234.294 446.564
228,944 56,245
106.743 301.853
1,633,488 ~ .~
0.30 0.57
0.29 0.07 0.15 0.39
2.10 --
.-
Denominated in PLZ
Poland 0" 0 2004 1,000,000 232,498 0.30
232.498 0.30
Totnl Bonds listed on an Official Stock Exchange 56,221,817 72.22
Bunds dealt on anothcr Regulated Marhd
~.
~- - -
Denominated in IJSn AT%T Wirclcss Senices 7.875% 201 1 Bcllsouth Capital Funding 7.757:
Coca-Cola Enterprises 5.7530 2008 C:oiioco Funding 5.459,; 2006 Devon Financing 6.875% 201 1
Fannic Mae 5.5?,5 2033 Iannie Mae 6.5% 2033 Fannie Mac 7.25"4 2030
201 0
FNCL 6u.L 2033
100.000
40.000 70,000
145.000 150.000
5.700.000 8,200,000 2,600,000
360,000 General Electric Capital 5.875% 2012 250,000 Goldman Sachs Group 6.69'~ 2012 Intem~lational Paper 6.75?4 201 1 KeiT-Mc(;cc Corporation 6.875% 201 I Krogcr 6.7% 20 I 2 Lchman Brothers Holdings 6.625?4 2012 Morgan Stanley Dean Witter 6.75% 201 I Safeway 5.8?,5 2012 Wells Fargo Bank 6.45",; 20 I I
60.000 100.000
2 10.000 30,000
90,000
1 10.000 20,000
3 50.000
100,40 1
47,169 76.146
156.762 164.180
5.895.938 8.335,XOX 2.709.686
576.909
266.X64 65,766
110,009
237.886 32.908
99.567
121,752 20,Y 16
391,733
0.13
0.06 0.10 0.20 0.21 7.57
10.7 I 3.4x 0.74
0.34 0.08 0.14
0.31 0.04
0.13
0.16 0.03 0.50
19,410,409 24.93
Lotal Bondp dealt on another Regulated Market 19,410,409 24.93
IJnlisted Shares
LUXEMBOURG
JPMogan Fleming Liquidity Funds - JPMF US Liquidity X 165 1,903,993 2.45
1,903,993 2.45 ~. -. .-
. . . .~
CAYMAN ISLANDS
Ikming Txveragcd Emerging Maikttt Portfolio 22 1,000 523.770 0.67
523,770 0.67
Total IJnlisted Shares 2.4217763 3.12
-. . .. . .
. - .~
. .. - - -
Description
Unlisted Rands
Holding Market Vnlue o/o uf Net USD Assets
Denominated in USn
1 leming CEO 5.4925% 2006 1 KN (Ser 96) 1.500,ooo 620,823 0 79 Fiance Tclccom 9 25% 201 1 130.000 150,085 0 19 Korea Development 5 5% 20 I 2 300.000 308,430 0 4 0
- - 1,079,338 1-38
Denominated in CAD
Canada 6% 201 1 460,000 3 17,902 0 41
317,902 0.41
Total Unliqted Bonds 1,397.240 1.79
Total Investment Portfolio 79,157.259 102.06
~- - -
~-
-
.- ~
Forward Currcncy Open Positions
As at 31 December 2002, the fund has open the following I'orward currency deals:
Currency Amount Evaluation in PurchasdSnle USD
CAD 75 1,358 416.663 Purchase
EUK 6.81 6.790 7.099.202 Sale
CiBP 784,738 1.254.495 Purchase
SEK 2 1,262,082 2,415,057 Sale
8,12h,X37 USD 8,126.837
YEN 106,080.276 894.925
The net unrcalised loss on the above positions amounted to USD 55 I ,I X9 as at 3 1 December 2002
.~ .. .~
57
JPMorgan Fleming Funds - FF USD Bond Fund
PORTFOLIO as at 31 December 2002
Description Holding Markct Value % of Net Description USD Assets
Bonds listed on an Official Stock Exchange
Denominated in USD AOL Time Wamer 7.625% 2031
AXA 8.6"/02030 Abbey National Capital Trust 8.963% 2049 Ahold Finance USA 6.87SU/0 2029 American General Finance 4.5% 2007 Amcricredit Automobile (CI. A4) 5.37% 2008 RR&T Corporation 6.5% 201 1 Bank One 7.875°% 2010 Bank of Aiuerica 4.875% 201 2 Bank of America 7.3% 20 I I British Telecommunications 8.875% 2030 CIT Group 6.5Vn 2006
AT&T 7.8% 201 I
Capital Auto Receivables Asset Tllst 2.64y'u 2008 Citibank Credit Card Issuance 3.1 Sb 2006 Citigroup 6.514 201 I Citigroup 6.6259'0 2032 Citigroup 7.25% 2010 Consolidated Edison NY 5.625% 201 2 Constellation Encrgy 7% 2012 CrCdit Suisse First Boston 6.1 25% 201 1 CrCdit Suisse First Boston 7.125% 2032 CrCdit Suisse First Boston 6.5% 2012 Credit Suissc First Boston Mortgage Securities 6.505% 201 I DCMT (A) 5.3% 2006 DaimlerChiysler 8.5% 203 I Deerc Rr Co 6.95% 2014 Deutsche Tclekoin International Finance 8.5% 2010 Fannie Mae 5.51,O 2033 fedcrated Department Stores 79,; 2028 Florida Power & Light 4.850/0 2013 Ford Credit Auto Owner (A5) 5.25% 2005 Ford Credit Auto Owner Trust 4.83% 2005 Ford Motor 7.4514 203 I Ford Motor Credit 7.375% 201 I Freddic Mac 3.875% 2005 Freddie Mac 4.25% 2005 GNMA 6% 2033 General Motors Acccptance 7% 2012 General Motors Acceptance 7.2Wu 201 I Gcncral Motors Acccptance 8% 203 1 Golden West Financial 4.75% 2012 Greenwich Capital Commercial Fund 4.948?O 2012 Honda Auto Receivables Owner Trust 5.56% 77006 Household Finance 5.75"/O 2007
80.000 x0.000 60.000
30.000 10,000
5.000
270,000 60,000
5.000 55,000
125.000
60.000 105,000
400.000
840.000 135,000 15.000 10,000
55,000 15.000
10,000
20,000
35,000
215,000 625.000 25.000 25.000
45,000 4,000,000
15.000 50,000
175,000
305.000 85,000
250,000 750,000 375.000 500,000
45,000
175.000
55,000 55,000
365,000
1 90,000 50,000
80,338
67,7 I6
36,472 8,971
5,145
285,504 68.038 5,994
56,001 145,746
76,808 110,982
403,063
87,199
874,519 15 1.018
16,364 I 1.524
57,134 15,868
10.437
2 1.257
37,209
242.345 655,518 30,610 29,700
5 1 .620 4,066,248
16,047 50.989
18 1,604
265,025 73.562
243, I25 78 1.275 394,878 520.938
45,009
178,598
54.459 55,017
366.805
197,437 52.130
0.26 0.29 0.22
0.12 0.03
0.02
0.93 0.22 0.02 0.IX 0.4x
0.25 0.36
1.31
2.85 0.49 0 05 0.04
0.19 0.05
0.03
0.07
0.12
0.79 2. I 4 0. IO 0.10
0.17 13.25
0.05 0 . I 7
0.59
0.86 0.23 0.79 2.55 1.29 I .70
0.15
0.58
0.1 8 0.18
1.20
0.64 0.1 7
Household Finance 6.75% 201 1 Household Finance 70/~ 20 12 Household Pinance 8?4 2010 Kellogg 6.6% 201 1 Kraft Foods 6.25% 2012 LBUBS 6.653% 201 1 MBNA Credit Card CMO 3.9% 2007 Midamerican Energy 6.7SU% 203 I Morgan Stanley 5.8% 2007 Morgan Stanley 6.6% 2012 National Rural IJtilities 7.25% 20 I 2 Nationwide Financial 5.9% 2012 Province of Quebec 7.5% 2029 Region of Lombardy 5.804"/0 2032 Royal Uank of Scotland 7.648?/0 2049 SBC Communications 5.X75"/0 2012 Safeway 6.5% 201 I Sprint capital 7.625% 20 I 1 Telefonica Europe 7.75% 2010 Trans-Canada Pipelinc 8.625% 2012 UUS Preferred Funding Trust 8.6229,; 2049 IJSA TTCdSllr?: Notcs 6.125% 2027 USA Treasury Notes 6.12SU/n 2029 USA 'lrcasury Notes 8% 2021 IJSA Treasury Notes 3% 2012 United Technologics 6. I YU 201 2 Ununiprovident 7.375% 2032 Vcrizon Global Fund 7.375% 2002 Viacorn 7.875% 2030 Vodafonc Group 7.75% 2010 ( 144A) Washington Mutual Rank 4.375% 2008 Washington Mutual Uank 6.875?/u 201 1 Wells Fargo 5% 2014
Holding Market Value % uf Net l1SD Assets
70.000 25,000 40.000 20,000 30,000
200,000
750,000 25.000 x5,ooo 55,000
25,000 30,000 75,000 60.000
65.000
100,000 50.000 90.000 50,000
15,000
85.000 65,000
190,000 535,000 35,000 55.000 20,000 35,000 20.000
65,000
30,000
45,000 30.000
7409 I 26,824 43,937 22.398 33,197
228.0 I 6
777,656 25,846
60,167
27,954 30,433 93,891
9 1,957
62,241
79.745
108,537 54,496 86,400 57,325
1X,334
102,419 75,089
223,072 747,663 35,533 61,716 16,245 40,377 24.50 I
76.528
30.795
50,644 30.562
0.24 0.09 0.15 0.07 0. I I 0.74
2.54 0.0x 0.30 0.20
0.09 0. 10 0.3 1 0.20
0.26
0.35 0.18 0.28 0.19
0.06
0.33 0.25 0.73 2.44 0.12 0.20 0.05 0.13 0.08
0.25
0.10
0.17 0. 10
-
14,707,635 47.96
Total Bunds listed on an Official Stock Exchange 14,707,635 47.96
Bonds dealt on another Regulated Market
~
Denominated in USD A T & I Wircless Services 7.875?/0 201 I Alberta Energy 7.375% 203 I Albcrtson's 7.5% 201 1 Amcrada Hess 7.3% 2031 American Gencral Finance 5.375% 20 I2 Anadarko Finance 7.5?/0 2031 Archer Daniels Midland 5.935% 2032 Bcllsouth Capital Funding 7.875% 2030 Burlington Northcm Santa Fe 6.75?,O 2011 COX Coinmunications 6.750h 201 1
50,000 I5,OOO 20,000 20.000
55,000 40,000
40.000
50,000
65,000 30,000
50,267 17.799 223 1 8 21.725
56,5 I 4 47.1 OX
40.500
6 1,522
73,107 32,057
0.16 0.06 0.07 0.07
0.18 0.15
0.13
0.20
0.24 0.1 I
58
JPMorgan Fleming Funds - FF USD Bond Fund (continued)
POKTFOLIO as at 31 December 2002
Description
COX Communications 7.125% 2012 (7SX 6.3% 20 I 2 Citizens Coiiiniuriications 9.25Uk 201 1 Comcast Cahle Communications 6.75'?'0 201 1 ConAgra Foods 6.7570 201 1 Conoco Funding 7.259," 203 I Counlrywide Home Loans 5.625% 2007 Devon Financing 6.8751.b 201 1 Devon Financing 7.875% 2031 Dominiom Resources 8.125% 2010 now Chemical 7.3751'0 2029 Duke F;nergy Field Services 7.X75"in 20 10 FllLhlC 6l.0 20 18 FNCT. 5.5?'0 20.33 PNCL 7% 2033 Fannic Mac 0°C 2003 Faiinie Miit 5.5n.b 2018 Fannie Mac 6"); 201 8 Fannie Mae 6% 203.7 Fannie Mar 6.5% 2033 Fannie Mae 7.125% 2030 Fannir Mae 7.5% 20 I 2 FlcctBoston Financial 7.375% 2009 GNhl.4 6.25% 2025 GNMA 74; 203 I General Electric Capital 5.875n.b 20 I 2 General Electric Capital 6.7% 2032 Goldman Sachs Group 5.7% 2012 Goldman Sachs Group 6.6% 2012 IlSUC 5.25?,0 2012 TNG Capital Funding Trust T I T 8.43993 2049 lntcmational Paper 6.754~ 201 I Kinder Morgan Lnergy Partners 7 44b 203 I Krogcr h.X% 201 1 Krogcr 7.5n.b 2031 Lasmo USA 7.3% 2027 1.ehman Brothers Holdings 6.625% 20 I 2 Lockhccd Martin X.5uk 2029 LOUT'S 6.X75?n 2028 May 1)epartment Stores 6.9% 2032
Metlife 6. I25?/u 201 1 National City Bank 6.29'0 201 I Norfolk Southcrn 7.254k 2031 Northrop Glumillen 7.75% 203 1 Occidental Petroleum 6.7516 2012 Progress Energy 6.850/; 20 I2 Progress Encrgy 7. 10uA 201 I Kaythcoll6.55'Yn 2010 Royal KPN 8l.b 2010
hleadWeWaco 6.85% 201 2
Sears Roebuck Acceptance 7% 2032 Sprint Capital X.7SUh 2032 Suntrust Bank 6.375% 201 1 1 Cl Cominunications 7.875% 2026
Holding Market Value %, of Net USD
15,000 30.000
40,000
25,000 30,000 30,000
75,000 25,000 20,000 70,000 30,000
20.000 250,000
1 .000.000 185,000 800,000 500,000 500,000
3. I 60,000 4.000,000
480.000 8,778
20,000 1.41 0,000 1,076.432
I50,000
65.000 45.000 10.000
120,000
s0,000 3 5.000
60,000 15.000 10.000 45,000
45,000 30.000 25.000 10.000 5.000
65,000 20.000 40.000 15.000 55,000 I0,000 20.000 25,000 25.000
20,000 5.000
165.000 60,000
16,605 32,656
47,654
25.700 34.360 35.379
80,026 27,706 23.496 83.018 3 1,795
20,300 261.1 72
1,020,937 194.655 783.754 518.281 522.813
3,270,600 4,168,748
595,008 1,584
22.194 24,741
65X,426
160.375
72,279 47,05 1 43,844
123,073
58, I33 38,503
64.827 16,409 43,975 53.132
49,649 39,95 1 27,697 10,24 1 5,555
70. I90 22,009 448 17 17,919 62,655 10.869 21,805 26,665 29,071
17,150 4,900
1 X4,272 57,064
Assets
0.05 0.1 1
0.16
0.08 0.1 1 0.12
0.26 0.09 0.08 0.26 0. I 0
0.07 0.85 3.32 0.64 2.56 1.69 1.71
10.66 13.58
1 .94 0.01
0.07 0.08 2.15
0.52
0.24 0.15 0.14 0.40
0. I9 0.13
0.2 I 0.05 0.14 0.1 8
0.1 6 0.13 0.09 0.03 0.02 0.23 0.07 0.15 0.06 0.20 0.04 0.07 0.09 0.10
0.06 0.02 0.60 0.19
Description Holding Market \ ' a h "A of Net USD Assets
Time Wamer Enterlainment X.375% 2023 60,000 65.354 0.21 Tosco 8.125% 2030 55,000 69,84X 0.23 Transocean 6.625"h 201 I 30,000 32,858 0.11 US Bank National Associadon 6.375% 201 1 130,000 146,740 0.48 Union Pacific 6.65% 201 I Valero Energy 8.75Yu 2030 Verizon Global 7.75% 2030 Verizon New York h.X75?/n 2012 Wells Fargo 5.125'% 2012 Wells Iargo Dank 6.45% 201 1 Westvaco 7.95% 2031 Westvaco 8.2"/0 2030 Weyerhaeuser 7.375% 2032
60,000 50,000 40.000
125,000 15,000 45,000 I5,000 I0,000 80,000
67,407 57.130 46.335
140.003 15.576 50,3 I9 17,316 11,912 86,797
0.22 0.19 0. I5 0.46 0.05 0.16 0.06 0.04 0.28
15,155,700 49.42
l'otal Rand\ dralt on another Regulated Market 15,155,700 49.42
.- --
- .
Unlisted Bonds
FRANCE France Telecotn 9.25% 201 1 55,000 63,476 0.22
63,476 0.22
Total Unlistcd Bonds 63,476 0.22
Commercial Papers dealt on another Regulated Market
. . . .. . . .
.- . ... -. . .
Denominated in USD
Tkxia Delaware CP 12! 12412- 12,02103 750.000 718,273 2.44 Morgan Stanlcy L'P 05112102-12/02/03 8 0 0,0 0 0 797,930 2.60 Pfizer CP 18/12/02-25/02/03 800,000 797,926 2.60 Salmon Smith Ramey CP 05; I2i02-I2102/03 800.000 797,936 2.60 Stadshypotek Delaware CP 05;12/02- 19\02/03 XOO.OOO 797,710 2.60
3,939,715 12.84 .~ - ..
Total Commercial Papers dealt on another Regulated Market 3,939,775 12.84
Total Investment Portfolio 33,866,586 110.44
59
JPMorgan Fleming Funds - Germany Equity Fund
PORTFOTJO 21s at 31 December 2002
Description Holding Market Value YO of Net Description EUK Assets
Shares listed on an Official Stock Exchange
4MR Generali Holding Adidas-Salotnon Allianz Altana RASF Rayer Bayerischc Hypo-und Vercinshank Baycrischc Motorcn Wcrkc BCtU
Bilfirigcr Bcrgcr Ccl'ulcsc Commerzbmik Chtinental DaimlcrChryslcr Tleutsche Hank neutsche POSl Deutschc Tclckoni Douglas Holding Ducrr E.ON Lpcos b'rapoi-t-1:rankfiii-t Airport Scniccs Worldwide Fresenius Frescnius Medical Care Gehe Gerry Weber International (iildcmcistcr Hannowr Rucchversicherungs HcidclbcrgcrCcmcnt Hcnkcl Hochticf I W K A Indus Ilolding Infineoil Technologies Jungheinrich (Prel:) (NPV) K&S Karstadt Quelle Koenig & Railer Kolhenschinidl Pierhurg Krones Lindc MG Tcchnologics MLP Man Miinchener Rkkversichcrungs Norddeulsche 4 llinerie Puma (Rudolf Dasslcr Sport) KWE Rheinmetall SAP Schering Schwarz Pharma Siemens Sixt Software Stada Arzneimillel Suedzucker T-Online International 1'Ul Techem Thyssen Krupp Volkswagcn
3.645 3.580
18.652 8.829
5 1,508 61,217 3 I .663 37.693 4.161
14.330 14,387 33.083 28,791 9 7.440 72.890 38.391
7X2.3 I9 5.956
I 1.027 46.15X
6,327
4.983 2.2 I 2 3.5x0 5.351
21.166 3.95 I 9,936 4.665 X.300
17.067 10,038 4,029
80.000 23.006
2,73 1 3.876
I3.69X 4.035 7.300
30.227 10,349 13,786 12,660 14,550 3.62 1
42.994 17.38 I 23,809
4.201 85,066 14,389 6.671 3,3X I
19.2xo 25.246 15.867 4,663
4X. I63 26.734
10.886
2 I .yon
184.984
1.682397 382.296
I ,847,077 1,233,216
376,370 I.0XS,574
177,758 210.579 306.692 248.626 428, I22
293,882
2.819,65n 3.200.235
I oo,xoj
384.486 3.459,XlY
173,124 1.777,314
63.801
85.458 80.406
140.014 199.566 109,852
15,014 242,041 167,007 513,655 213.508 103.695 67.748
S60.400 2 12,806
43,474 52.326
I17,IX6 I 78,347 256,194 179.246 96.349
1,432.607
233,917 I .05 1.633
193.7 I I 1,787,937
909,X3Y 143.884
3.442.1 96 122.350 59,966
129.492
133,299 252.099
32.64 I
9 19.19 I
186.967
180.872
136.228
2~n,x40
5 18,475
0.49 0.78 4.47 I .02 4.9 I 3.2s 1.27 2.89 0.47 0.56 0.82 0.66 1.14 7.5 1 8.50 1.02 9.lX 0.27 0.46 4.72 0.17
0.23 0.2 I 0.37 0.53 0.29 0.04 0.64 0.44 1.37 0.57 0.28 0.18 1-49 0.57 0.50 0.12 0. I3 0.3 I 0.47 0.68 0.48 0.26 0.48 3.83 0.39 0.62 2.79 0.52 4.75 2.42 0.38 9.14 0.33 0. I 6 0.34 0.74 0.35 0.67 0.09
2.14 1.38
60
Vvssloh Wella Wclla (Pref.) Zapf Creation
llolding Market I'alue % of Net FUR Assets
7.39 I 176,460 0 47 403 23,274 0.06
170,515 0.45 3.026 5,415 139,301 0 37
Total Shares listed on an Official Stock Exchange 36,882,001 97.98
IJnli\tcd Shares
Dcutschland In\ estinent 43.900 43.900 0.12
Total Unlisted Share$ 43,900 0.12
___ _. ...
._
Total Investment Portfolio 36,925,901 98.10
Allocation of Portfolio
C eneral Man ufacturers
Financials
Consumer Foods
Scniccs
Utililies
Cash & other Net Assets
Total
"An of Net Assets
31.72
20.24
16.32
10.63
9.19
I .90 100.00l
JPMorgan Fleming Funds - Global Convertible Bond Fund
PORTFOLIO a5 at 31 December 2UU2
Dcscriptiun Holding Market \'alue "/n of Net Description EITR Asscts
Holding Market Value '!h of Net EUR .issets
Shares listed on nn Officitll Stock Exchange CAYMAN ISLANDS
BCP Finance Bank 4.75% 201 1 llMC Caynian Finance (Keg. Shares) 3"h 2003 IBK Cayman Finance I .5%, 2003 lntcmational Power 2% 2005 Momenta Cayman 1.544 2007 S.4U Finmice Cayinan Islands 3.250/0 ?006 YTL Po\vcr Fin 2.544 2006
900,000
3,500.000 2.600,000
650,000 1,700.000
1.900,000 800.000
7XX.625
4,550,638 2,679. I63
645,633 1 , 7 2 3 X5
1,933,937 XXO,892
0.65
3.72 2.19 0.53 1.41
1.58 0.72
u SA
Alltcl 7.75'+,, (Prel..) 2005 273000 1.334,782 Metlife Capital Trust 1 (Prcf.) Xu& 2003 4.000 3 17,716 Motorola 7?,i, 2004 27,250 888.734 Northrop (;rumman 7.2544 2004 26,455 2.748.807 Kaythcon X.25!;, 2004 46.1 00 2,303.585 Toys R Us 6.251b (kef . ) 2005 15,500 397, I24 VEC' TI -US~ 17.75% 2003 39,159 1,065,437
1.09
0.26 0.73 2.25 1.88 0.4 I 0.87
7.49 10.m
9,156,185 ... - ~ ..
JAPAN
Alpine Electronics 0% 2007 Relluna 0.294 2007 Daiwa Securities Group 0.594 2006 Fu-jitsu 0u'n 2009 CEO 0% 2006
97.000,000 44,000.000 50,000,000 Y5.000,000 40.000,000
X.OO0,OOO 60,000.000
104.000.000 50.000,000
70,000.000 228,000.000
55,000,000 50,000
55.000,000 50.000,000 73,000.000
50,000.000 140.000,000
889.642 385,432 314,577 617.146 355.237
0.73 0.32 0.34 0.53 0.29
AUSTRALIA
Aincor Invcstmcnts 3,000 184,475 0.15
184,475 0.15
t h c h i C'onstruction Machinet?' O Y C 200x
Total Shares listed on tln Dftiirial Stuck Exchange 9,340,660 7.64
Bonds listed on tln Official Stuck Exchange
- ..- .. 66, I12
782,974 419.825
386,836 0.05 0.40 0.64 0.34
Hogy Mcdical 0% 2006 JSAT 0% 2007 Kuraya Saiiseido 0.9% 2008 Matsushita Electric Industrial I .3?,; 2004 #6 Nikon 0U.n 2007 Kohto Phartriaccutical 0% 2008 Sega 0.41." 2006 Sony 1.4% 2005 #4 Suzuki Motor 0% 2010 Toyota Industries 0.35?4 2003 #2 Yamada Dcnki 0% 2007 Yainaha Motor O?b 2009
Denominated in USD
BSES 0.594, 2007 270,000 256.216 0.21 5X8,320 1.785,53X
439,383 400.8 18 617.224 424.367 603,5 I5
1,113.344 382,395
0.4x 1.46 0.36 0.33 0.5 1 0.35 0.49 0.9 1 0.39
Korea Deposit Insurance 2.59% 2005 I ,600.000 1.679.351 1.37 Nestle Iloldings 0% 2008 3,000,000 2,554,7 I3 2.09
4,490,280 3.67
. . . ..
... - _. - -
ncnominated in EUK
Pamialat Soparfi 0 " b 2022 1,170.000 I , I30,58 I 0.93
1,130,581 0.93
Total Bonds listed on an Offcial Stock Exchangc 5,620,861 4.60
Convcrtiblc Bonds listed on an Official Stock Exchange
. -. ... . . ..
..
. __ .
10,902,705 8.92
FRANCE A X ~ 3.7SUk 2017 France Tclccotri 49'0 2003 Gecina 3.25% 2006 Ciroupe Ilaiione I .2?6 2007 Lalhrgr I .59& 2006 Lagardcrc 2.5?& 1005 Pernod Kicard 2.5% 2008 Rallye 3.25% 2006 (CO) Thales 2.5% 2007 Vinci I YO 2007 Vivendi Environncment 2.25% 2005 Vivendi Universal 1% 2006 (DG)
6,728 350,000
873 6,358 4.558
340,000 4,673
10.675 53.310 4,556
3,567 5,521
I , I26,67 I 329,070
8 1,626 1,260.791
596.984 337.042 568.492
1.428,635 2,665,159
427,407
995.1 93 435.055
0.92 0.27 0.07 1.02 0.49 0.28 0.47 1.17 2.17 0.35
0.x1 0.36
UNITED KINGTIOM
lZBB Intemational 4.625"C 2007 Anglo htncrican 3.37594 2007 k4.4 2.94% 2008 Crtdit Suisse Group Finance Guernsey 64,; 231 12/05 Friends Provident 5.25% 2007 h n z a Finance 2'!4 2006 National Grid 4.25% 2008 Standard Chartered Finance 4.514 20 IO Ul3S 0% 2005 IJBS 0.1251h 2005 URS 0.25% 2005 lJBS 0.59t 2007 Woodstock Finance 1 % 2004 (NAD )
1.480.000 3,780.000
300,000
2,300.000 780.000
2,530,000 450,000
1.100,000 120,000
170,000 1.300,000
400,000
I 20.000
813.939 3,600,430
334.633
0.67 2.94 0.36
1.560,644 1.177,290 1.737,160
787.685
I .2x 0.96 1.42 0.64
1.101,375 124,658 124.945 177,820
I .18~,625
1 1 1,000
0.90 0.10 0.10 0.15 I .05
10,252,125 .. ... ._ . -
8.38
NEI'IIEKLANDS
Ueutschc Bank Iinancc 2% 2003 Fugro 4.75% 03/04/2005 Koninklijke Abold 4% 2005 Lukinter Finance 3.5% 2007 Partnalat Finance I YO 2005
2.100,000 500,000 400,000 630,000 900,000
2.084,250 504.400 377.380 648,736 932,895
I .70 0.4 1 0.3 1 0.53 0.76
0.34
13,340,214 10.91 .. .
61
JPMorgan Fleming Funds - Global Convertible Bond Fund (continued)
PORTFO1,TO as at 31 Decemher 2002
Description Ilolding Market Value o/u of Net Description EUK Assets
Portugal Tclccom 2% 2006 700.000 657,125 0.55 Sicmcns Ncderland 1% 2005 4.900.000 4,79X,325 3.92 Swiss Life Finance (Reg. Shares) 2% 2003 100,000 98.625 0 .08
10,101,736 8.26
. .
...
us4 B u n g 3.75% 2022 220,000 211,932 0.17 Devon Energy 4.9% 2008 1,300.000 1.155.568 I .n3 Fosters Securities 4.75% 2003 1,450.000 1.424,62 1 I . I 6 Givaudan Unitcd States 1% 2006 300.000 4 16.603 0.33 Hcwlctt-Packard (Keg. Shares) 0% 2017 3.200,000 933.665 0.76 Kerr-McGee 5.25% 20 I0 250,000 263.609 0.22 Resiiied 4'%, 2006 700.000 599,716 0.39 Rochc Holdings (DIC) 0% 2010 1 .000,000 7O,XX9 0.06 Roche Holdings On/O 202 1 1 , I 00,000 507.097 0.42 Verizon Global Funding (Reg. Shares) 4.25% 2005 400,000 403,543 0.33
.
6,087,243 4.98 . .. -. .
TAIWAN
Ambit Microsystems 09h 2007 200,000 199,178 0.16 Asia Optical 0% 2007 560,000 581,063 0.48 Cathay Financial 09,; 2007 400.000 386.289 0.32 China Development Financial 0% 2004 130,000 40X.563 0.33 Chinatrust Financial 09h 2007 I30,000 130.529 0.1 1 Chunghwa Picturc Tubcs 0.25Yn 2007 3 50,000 341.358 0.28 Coinpal Electronics 0% 2007 6XO.000 725.946 0.59 Fubon Financial 00/; 2004 1.260,000 1.228.054 I .OO Sinopac 0% 2007 250.000 255.527 0.2 I Unitcd Microclcctronics 0% 2007 1.400,ono 1,268,130 1.04
5524,647 4.52
. .. -~
...
EIJXEMROURC Autogrill Finance 0% 20 I 4 700,000 480.278 0.39 Relgelec Finance 1.5'?/0 2004 4.500 771,188 0.63 CrCdit Suissc 0% 2005 2.000.000 1.33h,h23 1.09 Fortfinlux 4.562% FRN 2019 500,000 439.400 0.36 Hellenic Exchangeable Finance 2% 2005 360,000 383,256 0.3 I Kaha Financc 4% 2010 740,000 553,032 0.46 Parmalat Soparfi 6.125% 2032 1,960.000 1,504,692 1.23
5,468,469 4.41 .. .
GERMANY Deutsche Lufihansa 2.25'Yn 2006 4~0.000 422,933 0.35 Ergo International 0.75% 2006 850.000 785,IXX 0.64 Ergo lnternational 2.25% 2006 2,400,000 2.284.080 1.86 b'ranz IIaniel2.75"/0 2004 XOO.000 803.100 0.66
4,295,401 3.51 .. .. -- .
-. . . . .-
Holding hlarkct \'alue '% of Net EUR Assets
ITALY
Banca Popolare di Lodi 4.750/, 201 0 1.728.860 1,681,316 1-38 Ranca Popolarc di Milano 1.5% 2oon I ,967.995,OOO 957.941 0.78 Finmeccanica 20/0 2005 743,738 736.709 0.60
3,375.966 2.76
. .
.-.
KOREA
KT 0.15"/0 2007 1 ~91 ,000 1.641.386 1.34 Korea Depohil lnsurancc (Rcg. Sharcs) 2.25% 2005 300.000 350.1 12 0.29 Korra Tobacco & Ginseng 2% 2006 879.000 908.902 0.74
2,900.400 2.37
... . ..
. ..
NIAl .,\YS1.4 'TNB Capital 2.62504 2007 1.300.000 1.255.439 1-03
1,255,439 1.03
.. . . -
.. . . . . . .. .-
SWLTZERL4ND St (iallcr Kantonalbank 1 . 2 5 O 4 2007 1,700.000 1,245.625 I .02
1,245,625 1.02 ~-
INDIA Gujarat Ambuja Cemeiils 1 % 2006 1.000.000 1.055.585 0 86
1,055,585 0.86 -
NORWAY
Storcbrand 2 25% 2006 I , I00,000 1,032.625 0 84
3,032,625 0.84 ..
BELGIUM
G r o u p Bnixcllcs Lambert 2.5?/0 2003 1,700.000 883.321 0.72
883.321 0.72 .. ~ ~-
4 u sr R ~ L I A National Australia Hank 7 875% 2049 28,000 874,343 072
874,343 0.72 ~ _. ---
SINGAPORE
Mandarin Oriental International (Reg.. Sharcs) 6.75 % 2005 200,000 207.523 0.17 St Asscmbly Test Services J.75% 2007 350.000 319,552 0.26
527,075 0.43
.
62
JPMorgan Fleming Funds - Global Convertible Bond Fund (continued)
POKI'FOLIO as at 31 December 2002
nescriptinn Hnlding Market Value o/u of Net EUH Assets
BERMUDA Holderbulk Overseas Filialice 1?0 2004 750,000 506,842 0.41
506,842 0.41
..........
IIONG KONG Hcbc Ha\Tctl 0?'0 2006 400,000 416.483 0.34
416,483 0.34
Total Convertible Bonds listed on an Official Stock Exchange 93,241,321 16.25
Convertible Bonds dealt on another Kegulated Market
USA
American lntemational Group 0% 203 1 2.100.000 1,263,409 1.03 Franklin Resources 00/0 203 1 400.000 214.392 0.18 Nahors Industries 0% 2020 3no.oon 170,120 0.14 Starwood Hotels & Resorts
United Parcel Scwicc 1.75% 2007 1.350,000 1.361.956 1.11
3,954,111 3.23
Worldwide 094 202 I 2, I00,000 943.300 0.77
. . . ... ....... ~
TAIWAN
Micro-Star International 0O.b 2007 6 I0,000 592.745 0.49
592,145 0.49
JAPAN
Jeol 0"A 2005 60.000.000 502,579 0.41
Total Convertible Bonds dealt on another Regulated Market
502,579 0.41
IJnlisted Convertible Bunds
U S 4
Anadarko Petroleuin 0% 2020 1.080.000 534,453 0.44 Intel (Reg. Shares) 0?4; 2004 800.000 I , I 15,733 0.91
1,650,186 1.35
Total Unlisted Convertible Bonds 1,6S0,186 1.35
Total Investment Purtfolio 114,908,535 93.97
Forward Currency Open Positions 1 As at 3 1 December 2002. the fund has open the following forward currcncy deals:
1 Currency Amount Evaluation in Purchase/Sale EUR
16.600,239 16,600,239 Purchase 1 ~ISD YEN
6,619,290 6.367,13 7 Sale
1,177.673,600 9541 3 6 9 Sale
The net unrealised gain o n thc abovc positions amountcd to EUR 691,733 as at 3 I December 2002
63 . .-
JPMorgan Fleming Funds - Global Dynamic Fund
PORTFOLIO as at 31 December 2002
Description Holding Market Value o/o of Net Description lrSD Asscts
Shares listed on an Official Stock Exchange
USA 3M AOL, Time Wamer AT&T Abbott Laboratories AdvancePCS Advanccd Fibre Communications .4ffiliatcd Computcr Scrviccs (11) Airgas Allicd Capital Allstate Alltel Amerada Hess American Axle & Manufachiring Holdings Amcrican International (;roup Amcrican National lnsurancc Amcrisourcefiergcn Anadarko Petroleum Annaly Mortgagc Managcmcnt Apachc Astoria Financial Autonation Avon Products Bank of America Bard (C.R.) Ran- 1.aboi-atories Bear Stcartis Cornpanics Bristol-Myers Squihb Brown-Forman (E) CBPL Group CSX CenturyTel C'emer Circuit City Storcs-Circuit City Group Cisco Systems Citigroup Clear Channcl Communications Cognizant Tcchnology Solutions Colonial Uancgroup Comcast Commerce Group C'onAgra Focrds ConocoPhilips Coors (Adolph) Corinthian Colleges Com Products Intemational Countrywide Financial Dell Computer Diebold Dole Food Dora1 Financial Du Font ( E l ) De Neniours gL C o Encrgizcr Holdings Entcrgy FedEx Fidelity National Finance First Amcrican Forest Laboratorics Fox Entertainment Group Freddie Mac
7.560 57.000 32,122 2 1,000 37,800 64,020
52,110
22,850
18.845
17.740
41.550
21,445
28, I98 2 1,140 I I .050
20.000 51.616 17.020 38.736 72,125 18,690 16.440 16.520 15.939 16,574 35,483 13,740
18,441
42,582 26.647 37.340 22,324
16 1.700 107.070 85,725 23.860 15,110 82.05 1 24.136 2 I .682 38,580 17,230 17.860 27.800 34,220 20,306 48.870 29.181 36,963 36.964 l9,X IO 29,070 18.947 19.040 34,463 50,540
8.256 36.900 16.440
937,368 709,080 859, I03 772.170 840.105
1,057.290 9 17,779
911,815 857,903
1,256.35 I 1.030,162
649,400 1,198.004
906,874 999,318 962,100 976,833 982.139
I .041,805 884.6 I 3
1,001,877 1,137,155
934,702 1,049,822
990,628 X28.351 888,772
1,262,343 751,978
1.098,169 659.004
1.186,070 1,393.05 I 3,014.520
89 1,887 1,129,170
954,253 561,765 829,435 91 1.444 823.589
1,071,779 1,07 1 ,55 1 I ,0 15.992 1,038.753 1,320,712 1,196,567 1.207,059 1,039,428
837,666 811,634 863,036
1.026,732 1,133, I76 1,107,33 1
807,437 933,017 966,9 I9
871,193
0.33 0.26 0.3 I 0.28 0.3 1 0.38 0.33 0.32 0.33 0.3 I 0.46 0.37
0.24 0.43 0.33 0.36 0.35 0.35 0.36 0.38 0.32 0.36 0.41 0.34 0.38 0.36 0.30 0.32 0.46 027 0.30 0.24
0.33 0.5 I 1 .ox 0.32 0.31 0.35 0.20 0.30 0.35 0.30 0.39 0.39 0.37 0.38
0.43 0.44 0.38 0.30 0.29 0.3 1 0.37 0.4 I 0.40 0.29 0.34 0.35
0.48
General Dynamics General Electric Greenpoint Financid HCA Harte-Hanks Hcwlctt-Packard Hibernia Hudson City Uancorp IIughes Electronics IIumana IKON Office Solutions ITT Industries Idexx Laboratories IndyMac Bancorp Ingrain Micrv Integrated Circuit Systems lntuit Johnson & Johnson KB llome King Pharmaceuticals Kraft Foods (A) Lafarge North America Lear T.ee Enterprises Lennar Lexmark lnternational Lilly (Eli) & Co 1.incoln Electric Holdings Longs Drug Stores Marsh L McLcnnan Merck & Co Michaels Stores Microchip Technology Microsoft Mid Atlantic Medical Services Mylan Laboratories Newfield Exploration Norfolk Southem Nortlirop Grumman Occidental Petroleum Officc Depot Old Kcpublic International Oracle PMI Group (The) Pactiv Pan AmSat Parkcr-Hannifin Patterson-UTI Energy Penney (JC) Pepco Pepsi(:o Pcrformancc Food Group Pcrot Svstems Pfizer Philip Morris Pixar Principal Financial Group Progressive Pulte Homes RJ Reynolds Tobacco Holdings Raythcon Rockwcll Automation Rockwell Collins Ryland Group
Holding Market \'due % of Net USD Assets
12,420 107,380 24,786 19,930 57,079 36,500 45,550 54,240 83,540 78, I58
I 17.58 I 13.540 32,483 53,341 63,020 38.8 I3 17,640 31,410 14,153 5 1,000 25,970 3 1,530 25,978 23,761 16,994 15,990 16,640 40,249 38,383 2 1,000 15,290 22,630 35,310 46.660 27, I 80 32,028 26,670 17,280
8.700 36,772 70,220 35,069 83,960 28, I70 45,550 52,578 2 1,000 34,130 35,000 40,159 24,460 26,941 86,392 70,060 30,600 20,93 1 34,970 18,010 I I .990 19,802 32,491 40.540 36.042 22,836
981 .Y87 2,653,360 I , 1223 I0
827.693 952.785 654.080 868.183
1,01 1.576 875,082 7 9 7,6 0 2 826,594 872.473
1,061.382 992.943 779,764 893,766 832.432
1,667.086 605,890 833.595
I ,0 13,609 I .003,546
864,l I 8 x3x.~o7 890.486 969,714
I ,045,408 929.953 781.093 969,885 856.01 1 701,756 900,758
2.47 1,580 869.624
1,076.781 952,252 720,436 85 1.817
1,03 1.822 993,964 990,524 906,768 837,494 995,268 761.855 962.850
77 I .300 767.037
1,018.5 14 908,451 9 13,595
2,086,387 1,264.239 1,114,262 1,056,619
885,101 576,659 835.743 990,001 814,246 825,722 786,358
I .047,279
0.36 0.96 0.40 0.30 0.35 0.24 0.32 0.37 0.32 0.29 0.30 0.32 0.39 0.36 0.28 0.32 0.30 0.61 0.22 0.30 0.37 0.36 0.3 1 0.30 0.32 0.35 0.38 0.34 0.28 0.35 0.31 0.26 0.33 0.90 0.32 0.39 0.35 0.26 0.31 0.37 0.36 0.36 0.33 0.30 0.36 0.28 0.35 0.38 0.28 0.28 0.37 0.33 0.33 0.76 0.45 0.40 0.38 0.32 0.2 I 0.30 0.36 0.30 0.30 0.29
64
JPMorgan Fleming Funds - Global Dynamic Fund (continued)
PORTFOLIO as at 31 Decemher 2UU2
Description
SRC Communications SCANA Scrnpra Encrgy Sicor Silicon Laboratories Southem Southcm California Edison Sovereign kmcorp Sprint (Fon Group) Staten Island Banco?, Storage Technology Sungard Data Systems Tcch Data Tyson Foods (A) US Dancorp Union Pacific UnionBanCal I. Jnited Technologies UnuiiiProvident Verizon Communications Visteon Wachovia Wal-Mart Storcs Washington b'cdcral Washington Mutual Wellpoint llealth Nehvork Wells Fargo & Co Werner Enterprises Winn-Dixie Stoi-es Wotthington Industries Wycth Zebra Technologies
llolding Market Valuc % of Net Description USD Assets
3n.476 33,590 42,032 64.054 34,420 32,6 I5 87.540 75,120 82,770 53,452 59,094 43.300 21.710 88.130 43.300
24.446 15,250
I 6.240
43,932 23.000 76,219 27,000 27,050 34,971 27,821 13.480 22.350 52,534 64,630 58,580 27.618 16.23 1
.- . .
. .. . ..
UNITED KINGDOM
Alliancc & Lciccstcr Associated British Foods .4straZcncca ..\viva HG Group BP Barclays Ran-att Developments Rerkelzy Group British American Tobacco British Land (:onipany Compass Group Galcn Holdings GlaxoSmithKline IISUC IIoldings TCAP lnchcape Kclda Group Land Securities Group Tibefly Intemational MFI Furniture Morrison (WM) Supermarkcts Northcrn Rock Pcnnon Group RMC Group Reckitt Benckiser Rio Tinto (Reg. Shares) Royal Bank of Scotland Group
1.049,048 1.018.953
965.265 1.006,609
686,507 928,060
1.032,534 1,045,295 1,155,469
1,255,452 1.020,581
584,976 9X7,056 904,32 I 970,340 959, I39 930.021 766.174 895,045 5 18,289 988.200
1.329.372 856.964 964.693 949.396
1,034,693 I, 138.674
980, I 14 890,123
1.021.866 925,238
1,07n.661
153,215,703
0.38 0.37 0.35 0.37 0.25 0.34 0.38 0.38 0.42 0.39 0.45 0.37 0.2 I 0.36 0.33 0.35 0.35 0.34 0.28 0.33 0.19 0.36 0.47 0.3 I 0.35 0.34 0.38 0.4 I 0.36 0.32 0.37 0.34
$5.58
80,389 110,620 27.760
105,327 300,280 228,790 150,000 67. I40 59,978 8 1,060
147,914 160,000 100,000 62.270 80,000 7 1,870 80.272
177.660 50.036 92,888
466,875 262,230 100.832 101.929 114.120
30,000 36,980
so.oon
973.023 1,016.509
969.841 749,551
1.255.665 1,565.791
903,886 4 I 8,30X 568,945 803.700
1.043.130 829.755 797,841
1.1 43.924 883.960
I . I50,850 877,Y54
1 J77.048
843. I39 83 1 ,088 894,170
1.043,397 1,029,412
673,035 969,838 596.336 869.706
620.678
0.35 0.37 0.35 0.27 0.45 0.56 0.33 0.15 0.21 0.29 0.38 0.30 0.29 0.42 0.32 0.42 0.32 0.43 0.23 0.3 1 0.30 0.32 0.38 0.37 0.24 0.35 0.22 0.32
Holding Market Value "/o of Net USD Assets
Shell Transport & Trading (Reg. Shares) 167.61 0 I ,096,O I 6 0.40 Six Continents 94,690 754.337 0.27 Smith & Nephew 156,760 954.677 0.35 Taylor Woodrow 159,180 425.993 0.16 Thistle Hotels 436.228 759,043 0.28 Vodafone Group 1,304.290 2,345.308 0.84 Wimpey (George) I57,O I 8 632.987 0.23
. ._ - . .
JAPAN
Alps Electric Central Glass Dai Nippon Printing Daito 7'rust Construction Dcnso Fuji Photo Film Honda Motor Hoya Japan Tobacco K am i guini K ao Kyocera Nippon Oil Nissari Motor Nissin Food Products Promisc Shin-Etsu Chemical I'akeda Chemical Industries Takefiuji Tanahe Sciyaku Teikoku Oil 'Toppan Printing Yaindnouchi Phamiaceutical
68,000 173,000 76,000 4 1,500 5 I .so0 34.000 21.300 16.400
110 205.000 40.000 14,400
197.000 I06.000 48,400 2 I .300 25,900 2 1,500 15,400
129.000 230,800 128,000 33,700
32,468,842 -.
750,305 775,203 840,497 9 17,562
1.108.27s 787,593
1.147.896 735,650 984.207 877,658 838. I 05 892.702 X26.751
1,080.3 12
~49,481
~ S X . X X X 8 4 8.6 0 8 898,210 888,524
I. 125,660 921.450 962.763 976.441
11.78
0.27 0.28 0.3 1 0.33 0.3 1 0.40 0.29 0.41
0.36 0.32 0.30 0.32 0.30 0.39 0.28 0.31 0.33 0.32 0.41 0.33 0.35 0.35
0.27
.. .. -
20,792,741 7.54 .. - .. .... .
FRANCE Aventis 16,040 845,062 0.3 1 Axa 60.858 795.857 0.29 RNP Parihas 19.370 764.366 0.28 Bouyycs 33,080 896.942 0.33 CNP Assurances 26,h7 I 963,016 0.35 Dassault Systemes 37.810 802,128 0.29 Eiffage 11.671 857,183 0.31 Galeries Lafayettt 7,145 808,397 0.29 Imerys 7.760 969,056 0.35
815,371 0.30 Renault 18.000 TotalFinaElf 8.360 I I 170,883 0.42
9,688,261 3.52
. . .... .
.
SWITZERLAND Alcon 23.166 90 1,852 0.33 Compagnic Financiere Richmotit 48.167 897,158 0.33 Givaudan 2, I22 942.796 0.34 Lonza Group l4,32 1 855.992 0.31 Nestle (Reg. Shares) 4,020 857.689 0.31 Novatti.; (Reg. Shares) 23,130 843.376 0.31 Roche Holdings 10,830 753,824 0.27 Syngenta 17,110 960,984 0.35 Synthcs-Stratec 1.520 905,531 0.33
65
JPMorgan Fleming Funds - Global Dynamic Fund (continued)
PORTFOLIO as at 31 December 2002
Description Holding Market Value '9'0 of Net Description usn A S S C t S
Zurich Financial Services 9,400 866,144 0.31
8,785,346 3.19 - .. . . . . . . .- . . . ...
GERMANY
AMB Generali Holding 9,190 486,569 0.18 Altana 23,948 1,0XI,X07 0.39
Buderus 35.130 809,960 0.29 BASF 22.850 854,849 0.31
EON 23.370 938,790 0.34 K&S 54,865 983,071 0.36 Scliering 18.470 800,243 0.29 Siemens 22,687 957,744 0.35
. . . . . . . . -- . .
6,913,033 2.51 . ...... ~
DENMARK
Carlsberg (A) 7. I22 287,122 0.10 Carlsbcrg (E) 7,420 324,672 0.12 Danisco 27,750 933,554 0.34 Danske Bank 56,610 932.371 0.34 H. Lundbeck 32.219 839.535 0.31 Novo Nordisk 32.000 942,833 0.34
4,26l,OX7 1.55
AUSTRALIA
Bora1 CSK Wcsfanners Woodside Petroleum Woolworths
322,720 7X2.X95 0.X 235.906 827,232 0.30 58.235 866,818 0.31
145.890 1.005,506 0.37 I 15,285 729.680 0.27
KOREA
KT(ADR) Kookinin Rank (ADR) POSCO (ADR) SK Telecom (ADR) Samsung Electronics (GDR)
4,212,131 1.53 ._ -
44.4 IO 1,00X,107 0.37 21,080 768,366 0.28 22,000 555,940 0.20 34,000 997,700 0.36
5,710 765.140 0.28
4,095,253 1.49
ITALY
Banca Popolare di Bergamo Crcdito Varesino 41,6X1 740,100 0.27 EN1-Ente Nazionale ldrocarburi 78,209 1,239.796 0.45 Enel 147,280 761,343 0.28 Italgas 90,226 I .2 19,444 0 44
3,960,683 1.44
.. .- ....
CANADA
Husky Energy Imperial Oil National Bank of Canada Petro-Canada
83.144 866,219 0.31 33,700 960.778 0.35 4 I ,'I IO X50.607 0.3 I 37,317 1,157.933 0.42
3,835,537 1.39
Holding Market Value "A ofNet USD ilssets
NETHERLANDS
ABN Amro Holdings 58,720 918,598 0.33 INC Groep 53,110 871.284 0.32 Koninklijke Philips Electronics 53,620 937,269 0.34 Royal Dutch Pctrolcum 23,610 1,046,957 0.3X
3,774,108 1.37
FINLAND
Fortuiii 157,494 I ,03 1,029 0.37 Nokia 62,506 980,433 0.36 Sampo 139.150 1.039,415 0.3X
3,0$0,877 1.1 1
SWEDEN
Nordca (SEK) su- (U) Saab
217.594 981,000 0.35 35,180 909.324 0.33 8 1,696 891.692 0.32
2,782,016 1.00
SPAIN
Compania Espanola de Pelroleos 55,710 996,759 0.36 I .0 14,672 0.36 Corporacion Maplie 127,470
2,011,431 0.72
SINGAPORE
Flextronics Tntemational 82.800 703,386 0.26
llnited Overseas Bank 132,000 x7x,454 0.3 1 Haw Par 4,49 7 X.525 0.00
1,590,36$ 0.57
BERMUDA Accenlure (A) Ingersoll-Rand
45,000 796,275 0.28 18.200 765,128 0.2x
1,561,403 0.56
EIRE
Anglo h h Rank 163,330 I , 147,264 0 42
1,147,264 0.42 _. . . . .- -
PORTUGAL
Portugal Telecoin (Reg. Shares) 153,550 998,801 0.36
998,801 0.36
CAYMAN ISLANDS
Fresh del Monte Produce 41,822 816,365 0.30
816,365 0.30 ........ . ........ -. .. ....................
TAIWAN
IIon IIai Precision 98.750 733,219 0.27
733,219 0.27
66
JPMorgan Fleming Funds - Global Dynamic Fund (continued)
PORTFOLIO as at 31 December 2002
Description Holding Market Value YO of Net USD Assets
BELGIUM Dcxia (NPV) 55,040 657,759 0.24
657,159 0.24
Total Shares listed on an Official Stock Exchange 271,352,225 98.44
Unlistcd Shares
.- __ ..
__
JAPAN
Canon 25.000 94 I ,25 I 0.34
941,251 0.34
Total Unlisted S h a m 941,251 0.34
~ . _.
Total Investment Portfolio 272,293,416 98.78
_ _ % of Net Assets
Services
General Manul'acturers
Fiiiancials
Utilitics
31.77
24.72
23.45,
7.96
Mineral F,xtraction
Consumcr Goods
Carh & other Net hssc ts
Total . ._
67
JPMorgan Fleming Funds - Global Equity Fund
PORTFOT.10 a$ at 31 nucumber 2002
Description Holding Markct Value % of Net Description USD Assets
Shares listed on an Official Stock Exchange
USA
Amcrican lntcrnational Group AmerisourceBergen Anadarko Petroleum A w n Products Bank of Ncw York Bristol-Myers Squibb Burlington Northern Santa I;c Circuit City Stores-Circuit City Group Cisco Systems Citigroup ConocoPhilips Consolidated Edison Dell Coiiiputer Exxoil Mohil Fannie Mae Ikctuoston 1;inancial Qannett General Electric HCA Hartford Financial Sewices Group Hewlett-Packarcl Hughes Electronics Johnson & .lohnson Kraft Foods (A) Lcxmark lntcrnational Marsh & McLennan May Department Stores McDonald's Microsoft Newmont Mining Pfizer Phamiacia Philip Morris Pmcter FL Gamble Prudential Financial SBC L'onmmunications Target United Technologies Walt Disiiey Washington Mutual Waste Manageincnt Wells F a g o & Co Wyeth
22,544 9,490
11,070 15,650 17.990 33,480 29,550
76.710 46.396 66.438 22, I I 0 22,830 15.600 13.200 20,448 32,900 9.450
57.940 26.180 21,890 72.993 46.480 29,010 24.36 I I 0,085 1 1,400 33,340 42,570 37,350 22,210 61.106 30.240 43.268
4.100 34,200 44,472 24.572 19.460 43,080 29,5 IO 36.210 26.963 30.530
1,277,568 5 14,263 532.522 838.91 8 4 2 6,5 4 3 78 I ,59 I 760,Y 13
562.668 604.076
2,336.292 I ,057,52 I
970,732 421,590 457,116
1,333.107 789.27 I 669,391
1.431,697 1.087,255
989.100 1.308.035
486.878 1 S39.706
954.7 I3 6 I 1,605 526,509 744.149 660,048
I .978,430 660.192
1,s 19.737 1.224.569 1,787,617
354.691 1,069,263 I ,2 12.529
703,373 1,186,768
6 8 9,9 2 6 1,023.259
823,4 I5 1.248,252 I .129,610
1-46 0.59 0.61 0.96 0.49 0.90 0.87
0.65 0.69 2.67 I .2 I 1 . 1 I 0.48 0.52 1.53 0.9 I 0.77 1.64 1.25 1.13 1.50 0.56 1.77 1-09 0.70 0.60 0.85 0.76 2.26 0.76 2.09 1.40 7.05 0.41 I .23 1.39 0.8 I 1.36 0.79 1.17 0.94 1.43 1.30
Tesco 305,580 944,588 1.08 Vodafone Group 1,176.301 2.115.164 2.42 Wolseley 59.270 488.089 0.56
11,276,752 12.92 . . - . . . . .- __ . . . . ._ ___
.JAP.AN
Aco111 Chugai Pharmaceutical Fuji Photo Filtn Honda Motor Kancka Kao Nikko Cordial Nintendu Nippon Telegraph & Telephone Nissan Motor Sumitomo Takeda Chemical Industries Toyo Suisan Kaisha
. . . . . . .~
... . ~
Fk4NCE Avcntis Axa DNP Paribas Coiiipagnie de Saint-Gobain nassault Systemes Imerys Kcnault TotalFinaElf
9,590 36,900 17,000 12,600 56.000 17.000
125.000 1.600
192 68,000
127,000 18,600 25.000
20,830 40.270 20.066 28.490 10,225 4,9 I 0 5.900
16.461
UNITED KINGDOM
Allicd Domccq UAE Systems BG Group RP Barclays CiKN GlaxoSiiiithKline Reokitt Benckiser Rio Tinto (Reg. Shares) Royal Rank of Scotland Group Six Continents
I20,OOO 22 1,943 132.940 161.1 50 153.520 I3 1,467 53.760 19.260 34.430 40.280 63.246
769,055 446.247 555.908
I ,102.877 925,097 433,000 987.592 373.582 684,395 947,3 16 503.842
llolding Market Value "An of Net usn Assets
3 15.022 35 1.207 554, I 38 365,900 299.5 I6 373.005 42 1.141 429.682
530.368 545.546 777.056 224,468
5,984,055
697,000
I,O97,948 526,622 791.831 8 12.6 13 407.853 613,153 267.261
2.305.490
0.36 0.40 0.64 0.53 0.34 0.43 0.4x 0.49 0.80 0.6 I 0.63 0.89 0.26
6,822.771 7.82 . .- _
SWITZERLAND Alcon 20.126 783,505 0 90 Holcim (B) 3,550 644.660 0.74 Nestle (Keg. Shares) 6,280 1,339.872 1.53 Zurich Financial Services 5,110 470.851 0.54
KOREA
KT(ADR)
0.88 0.5 1 0.64 1.26 I .Oh 0.50 1.13 0.43 0.78 1.09 0.58
6.86
I .26 0.60 0.91 0.93 0.47 0.70 0.3 1 2.64
3,238,888 3.71
Kookniiii Rank 41,585,409 47.66 POSCO (ADR)
Sainsung Elecmmics _. . .. . . . .. .. . . ... . .
32,580 739.566 0.85 20.340 713,691 082 I 9,770 499,588 0.57 3,780 991,589 I 14
~- .. ~.
2,944,434 3.38
BERMUDA
Accenture (A) Ingcrsoll-Rand Tyco lntcrnational XL Capital (A)
42,470 751,507 036 18.510 778,160 0.89 3 1.080 623,389 0.71
8.410 652.196 0.75
2,805,252 3.21 ...
JPMorgan Fleming Funds - Global Equity Fund (continued)
POKTFOLIO as at 31 December 2002
Dcscription Holding Market Value o/o of Net Description USD Assets
G ERRI.4NY
Haver 32.136 675,386 0.77 Rayrrische Motoi-en Werkc 8.350 251,581 0.2Y Dculschc Post 44,393 363,830 0.54 1lcidclhcrgcrCctncnt 9, I69 342,451 0.39
. . .- . . ... - .
1,733,248 1.99 - . . . .
NETHERLANDS
Koninklijke Philips Electronic.; 47,613 833,334 0.96 \l'oltcrs-Kluwcr 34.730 593.850 0.68
1,427,184 1.64
_ .
.........
ITALY
EN1-Entc Nazionale Idrocarhuri 8549 1 1,355.233 I .55
1,355,233 1.55 ._ .
FIN1 AND
Nokia 84.750 1.329,310 1.52
1,329,340 1.52
_ _
-
REI,GIURI Dcsia Dcxia (NPV) Fortis
3x,x00 463.682 0.53 I X.660 222,997 0.26 3 4 3 15 590,353 0.67
1,277,032 1.46 - -. ....
CANADA
'Talisman Energy 22.21 0 807,220 0.93
807,220 0.93
..... .......
SINGAPOM
Ilcxtronics lntcmalional 72,130 612,744 0.70
612,744 0.70
. . .
....... - ....
SWEDEN
"lea (EUR) 40,671 179,269 0.21 "lea (SEK) 85,642 386,108 0.44
565,377 0.65
. .
SPAIN
hltadis 19,720 444.379 0 51
444,379 0.51
_.
. _ _
Holding Market Value ''A of Net USD Assets
BRAZIL
Cornpania Vale do Rio Docc (AUK) 13,873 400.167 0.46
400,167 0.46
Total Shares listed on an Official Stock Exchange 84,609,485 96.97
.
Unlisted Shares
JAPAN
Canon 25,000 9 4 1 3 I 1 .OX ..... -
941,251 1-08
Total Unlisted Shares
Total lnvestnient Portfolio . ._
941,251 1.08
85,550,736 98.05
-
Allocation of Portfolio
Services
Financials
General Manufacturers
Miticral Extraction
Utilities
Consumer Goods
Cash & other Net Assets
Total -. -. ............... ... .....
% of Net Assets
33.70
21.35
21.30
11.37
8-10
2.23
1.95 100.00
~
69
JPMorgan Fleming Funds - Global Life Sciences Fund
PORTFOLIO as at 31 December 2002
Description
Shares listed on an Official Stock Exchange
Holding Market Value "/A of Net Description USD Assets
USA
Ahgenix Accredo fkalth Alkermes AmerisourceRergen Amgen Array Biopharma Atrix Labs Baxtcr lntcrnational Cardinal Health Conceptus Dendreon Diagnostic Products Endocarc Enzon Pharmaceuticals Exelixis Genaissance Pharmaceuticals Genentech Gilead Scicnccs Human Gcnome Sciences ICOS Idec Pharmaceuticals Immunogen TnterMune Johnson & Johnson Lcxicon Gcnetics Eilly (Eli) & Co Med-Design (The) Medimmune Millennium Pharmaceuticals Myriad Genetics NeoPharm Pfizer Pharsight Scios Strykcr Transkaryotic Therapies Ventana Medical Systems Vertex Phannaceuticals Wyeth
147,700 50.000 90,465
6.600 64.000
208.010 98.800 12.000 18.000 90,800
150,030 22,000
185.000
200,000 22 1,785
64.600 61,980 69,760 58,870 47.500
196.500 70.000 32.600
121.000 I0,000
I 11,185 61,100
134,000 123.060 116.800 9 1,470
580,000 46.000 17.000
1 10.000 60.000
132,000 37.000
69.61 n
1,067.1 33 I,755.000
556,X 12 351,654
3.169,280 1.094,133 1.477,060
33 1.800 1,043,460 I , 150,436
812,412 838,310 637,325
I , 173,277 1,42 1 . O W
192.953 2,158,932 2,142.649
62 I ,2 I3 1,408, I70 1.599.800
623.888 1.900,SOO I .730.245
572,935 628,250 858,348
1,687,582 1,092.770 1,807.1 36 1.280,7 I2 2,723.977
113.100 1,5 18,230 I , I 14,775 1.080,200 1.43 1 .000 2.1 17.940 1.369.000
1.77 2.91 0.92 0.59 5.26 1.82 2.45 0.55 1.73 1.91 1.35 1.39 I .Oh 1 .95 2.36 0.31 3.58 3.56 I .03 2.34 2.65 I .05 3.15 2.87 0.95 1.04 1.42 2.80 1.81 3.00 2.13 4.52 0.19 2.52
1.79 2.37 3.51 2.27
1 .ns
.. , . -
48,659,397 80.74 -.
SWITZER1,AND Actelion 16,788 761,850 1.26 Roche Holdings 10.223 711,574 1.18 Straumann Holding 9.09 1 729,190 1.21 Synthcs-Stratec 1,330 792.340 1.31
2,994,954 4.96 . ....
. .. ... ..
JAPAN Ranyu Pharmaccutical 30,600 287.121 0.48 Chugai Pharmaceutical 76,000 723,352 1.20 Kvorin Pharmaceutical 40,000 589,935 0.98
1,600,408 2.66 . .. .- . .. .
Holding Market Value % of Net USD Assets
PRANCE Aventir 5.065 266,848 0 4 4 Aventw (ADR) (Spon) 20.121 1,043,274 1 73
1,310,122 2.17 ..- ._
GERMANY
Altana 17,420 786,917 131 Schaing 10,908 472.607 0 78
1,259,524 2.09 ~ _ _
UNITED KINGDOM
Smith & Nephew 134.068 816.481 136
816,481 1.36
Total Shares listed on an Official Stock Exchange 56,640,886 93.98
Total Investment Portfolio 56,640,886 93.98 ~ - .
%" of Net Assets - - -1
.-
Allocation of Portfolio I -- Services
Cash & other Net Assets
93.98
6.02
70
JPMorgan Fleming Funds - Global Socially Responsible Fund
POKTFOLIO as at 31 December 2002
Description
Shares listed on an Official Stock Exchange
Holding Market Value u/o of Net Description USD Asscts
USA
AMRAC Financial Group Allstate Amcrada Hcss .American International Group Anhc user-Busch Avoii Products Bank of Ncw York Rurlington Northem Santa Fe Cisco Systems Citigroup Countrywide Financial Fannie Mae FlcctBoston Financial Gannctt Greenpoint Financial HCA Hartford Financial Services Group Johnson & Johnson Lexmark International MR14 May Department Stores Microsoft PMI Group (The) Pfizcr Proctcr A? Gamble Progressive SRC Coinmunications SLM Target Walt Disney Washington Mutual Wells Fago & C h
460 1.110
370 1,580
630 1,670 1,690 3,350 6,240 5.170
320 1.630 2.450
970 370
1,840 1,380 2,740 1,420
520 2,700 4,230
550 6.850 1 .so0
290 5.690
590 2,260 3,480 2.560 1,970
25,466 41,675 20,227 89.539 30.05 1 89,520 40,070 86.263
18 1,803 16.370
106,268 58.776 68,710 16,753 76,416 62.355
145,426 X6,l I6 22,927 60.264
224.063 16.352
203.993 129.765
14,2.53 1ss,13x 61,289 64,693 7 1,747 X8,76X 9 1,202
n I .24s
0.48 0.79 0.38 1.69 0.57 I .69 0.76 1.63 1 .53 3.42 0.31 2.01 1.11 1.30 0.32 1.44 1.18 2.75 I .63 0.43 1.14 4.22 0.3 1 3.85 2.45 0.27 2.93 1.16 1.22 1-36 I .6X 1.72
2,527,504 47.73 .. . .
UNITED KINGDOM
Abbcy National .Alliance & Leicester Allied Doinecq Aviva RG Group BP BT Group Barclays British Land Company Coius Group GlaxoSmithKlinc Land Securities Group Lloyds TSR Group RMC Group Keckitt Bcnckiscr Reed Elsevier Rexam Royal Rank o f Scotland Group Sainshury (J) Scvcrn Trent Six Continents
2,420 1,140 5,800 6,900 8,820
24.000 15.440 7.700 2.990
3 1,780 5 , I50 1,580 3,450 2,270 1,550 6,180 5,000 2.570 4.340 1.830 5.020
19,948 13,799 37.171 49,104 36382
164.25 1 47,325 46,400 21.086 13,825 94.608 19.600 24,386 13.388 30.065 53,073 33,537 60.342 19.245 19.957 39,991
0.38 0.26 0.70 0.93 0.70 3.09 0.89 0.88 0.40 0.26 I .79 0.37 0.46 0.25 0.57 I .OO 0.63 1.14 0.36 0.38 0.76
Smith & Nephew Tate & Lyle Tesco Vodafone Group Whitbread
Holding Market Value o/o of Net USD Assets
2.240 13.642 2.450 12,470
19.710 60,926 61.580 1 10,730 3,580 30.5 I5
0.26 0.24 1.15 2.09 0.5x
1,086,366
FRANCE
Avcntis Axa BNP Paribas 'l'otalFinaElf
1,490 78,500 4,910 64.2 10 2,090 82.474 1,000 140.058
20.52 . .
1.48 1.21 1.56 2.65
365,242 6.90
JAPAN
Acom Dai Nippon Printing Fuji Photo Film Honda Motor NTT DoCoMo Sony Takcfiiji
1.090 35,805 0.68 1 .ooo 11,059 0.21 2,000 65,193 1.22 1,100 30>674 0.77
20 36,892 0.70 1.200 50,133 0.95
820 47,311 0.89
NETHERJ,ANDS ABN Amro Holdings 3,450 53,97 I I .02 ING Groep 2,170 35.599 0.68 Koninklijke Philips Electronics 4.340 75.863 1.43 Unilever 1.190 71,602 1.35
237,035 4.48 .
GERMANY
hltana 490 22.135 0.42 Baycr 2.490 52,331 0.98 Uayerische Motoren Werke 1,440 43,386 0.82 Schering 460 19.931 038
137,783 2.60 _. -. . . .-
FINLAND
Nokia 4.980 78,l 13 1.48 Siora Enso (R) 2,090 22,230 0.42
100,343 1.90 .. .... .....
SWITZERL.4ND Swiss Reinsurance 440 28,550 0.54 Zurich Financial Services 690 63,579 1.20
92,129 1.74 .. . . . . . _. .. ~ ... ........
AUSTRAT.l.4
MIM Holdings 88,970 75.868 1.43
75,868 1.43
71
JPMorgan Fleming Funds - Global Socially Responsible Fund (continued)
PORTFOLIO as at 31 December 2UU2
Descriptiun Hnlding Market Value '% of Net USD Assets
BELGIUM Dexia (NPV) 3,110 37,167 0.70 Fortis 1.700 29,077 0 .55
66,244 1.25
.~ -. .-
SWEDEN Nordea (SEK) 9,820 34,172 0.83
630 16,284 0.31 SKF (B) . .. .~ .
60,556 1.14 .... . . .. . . ..
ITALY
T1algas 1.860 25,139 0.48 Riunionc Adriatica di Sicurta 920 11,129 0.21
.
36,268 U.6Y -.
DENMARK Danisco 400 13,471 0 . 2
13,471 0.25
Total Shares listed on an Official Stuck Exchange 5,085,876 96.05
Unlisted Shares
.. . .... .
.. ..
.. . . .. . .- - -. .... - .
JAPAN Canon I.000 37.650 0 7 1
37,650 U.71
Total Unlisted Shares 37,650 0.71
Total Invcstmcnt Portfolio 5,123,526 96.76
- .. .
-~
- __ . ..
Allocation of Portfolio
Financials
Services
(kncral Manufacturcrs
Mineral Extraction
Utilitics
Consumer Goods
Cash & other Net Assets
ITotal . J
"/o of Net iissets
32.Y9
32.75
12.29
3.24 100.00
72
JPMorgan Fleming Funds - Greater China Fund
PORTFOI.10 as at 31 ncccmhcr 2002
Description Holding Market Value Yo of Net Description USD Assets
Shares listed on an Official Stock Exchange
H O N G K O N G
Brilliance China .Automotive Holdings CLP Holdings Cathay Pacific Ainvays (:haoda Modem .Agriculture Chcung Kong Holdings China Mobile (Hong Kong!) Cofico Tntemational Esprit Holdings Fountain Set Hang Seng Bank Hong Kong & C'hina Gas Hong Kong Electric Holdings Hopc\\,cII Holdings Ilung lling Printing Group Hutchison Whmpoa Johnson Electric Jusco Stores K i n Ynt lloldings Legend Group l.i & Ftmg Shun Tak Skyworth Digilal Holdings TCL lntcrnational Tcchtronic Industries 'Tcxminca Holdings 'l'om.com Ltd
5.000,000 155.000 507.000
225.000 464.000
3,000.000 332.000
1,700.000 80.000
I50,000 8 I x,o00
1,400.000 336.100
I,800,000 3,670.000 2.700,000
174,000 I.900,000 4,500,ono 3,950,000
66X.000 43.200
I,600.000
1 ,586,ono
6 I 0,000
-157,000
x94.350 623,051 692,342 269.453
1 ~ 3 3 , 2 8 7 1.10?.147
83 1,841 56 I ,92 I 9 2 0,9 5 6 8.50, I I 3 788.022 565,360 534.9 I7
2.079.356
5 13,530 661,158 904,447 442.15 5 380.05 I 470.255
I ,2? I.811 6 IX.839
3 I , IO I 37X,512
881,837
479.035
2.25 1.57 1.74 0.6X 3.61 2.77 2.09 1.41 2.32 2. I4 I .9x I .42 I .35 2.22 5.23 1.21 I .2Y 1.66 2.28 1.1 I 0.96 I L I X 3.07 I .5h
0.Y5 0.08
TAIWAN Ambit Microsystcnis .4sii1 Polynier Basso Industry China Metals Products China Steel Chinatrust Financial Holding Chung HWA Pulp Eva Ainvays Fomiosa Chemicals 8; Fibie Iorinosa Plastics Giant Mnnufacturinp Hon Hai Precision Tiidustry KaLilin Maniificturing Lite-On Technology Kcaltck Semiconductor Sunplus Tcchnlogy Sunplus Technology (GDK) Synnex Technology Internation Ton Yi Industrial Taiwan Hon Chain Enti-eprise Taiwan Semiconductor Manufacturing Taiwan Styrene hlonomrr Uni-President Enterprises
al
in0,330 7 14,000
83.000 455.000
I,439.000 503,000 980,000 349.540 hX9,060 323.890 227.300 386.000 138,333 I36.000 204,000
4,9xx 370,000
1.375.000 337.000
~83.000
1,496.300 591 .000
I .748,940
1 9,134,023 . .. .-
576, I X4 372.004 124.835 393.574 494.369
I . 182,599 l6x,3 I X 415.386 377.813 9 I I .4OY 427.472 786.783 4 13.890 169,298 357,226 377,289
I X,655 556.492 363.145 436,044
1,862.839 545,238 5 5 5,040
11,885,902
48.13 -
1.45 0.94 0.3 1 0.99 I 2 4 2 97 0.42 1.05 0 95 2 . X 1 .os 1.98 1.04 0 43 0 90 0 95 0 05 1.40 0.91 1.10
4.68 1.37 I 40
29.89
Ilolding Market Vsluc % of Nct IJSD Assets
PEOPLE'S REPUBLIC OF CHINA Angang New Steel ( H ) 3.000,000 428.903 1.08 C U D Consulting 5,200,000 113.348 0.29 China Oiliicld Scrviccs 1.700,OOO 413.068 1.01 Pcoplc's Food Holdings 600.000 256.691 0.65 PctroChina 5.000,000 996,928 2.50
Sinopec Shanghai Petrochemical
Tong Ren Tang Technologies I ,X 16,000 1,926.846 4.84
5,U39,719 12.68
Qingling Motors (H) 3,x50,000 436.XX5 1.10
(1 1) 3,100,000 467,050 I . I X
... .
-
USA
IJTS tarcoin 45,136 862.549 2.17 . . . . . . .- _. .
862,539 2.17
KOREA
Samsung Electronics 3,000 786.Y75 1.98
786,975 1.98
Total Shares listed on an Official Stock Exchmgc 37,709,168 94.85
Shares dealt on another Regulated Market
PEOPLE'S REPUBLIC OF CHINA
China Tntemational Marine Container (B) 415.925 410,693 1.03 Jiangxi Coppcr lndustry 4.200.000 508,915 1.28
919,608 2.31
Total Shares dealt on another Kegulated Market 919,608 2.31
Total Investment Portfolio 38,628,776 97.16
. .-
. .. . ..
.
Allocation of Portfolio
General Manufacturers
Scrviccs
Iinancials
Consumcr Goods
Utilities
Mineral Extraction
('ash & olher Net Assets
'Total
-
YO of Net Assets
40 32
18 94
12.05
10.44
1.94
7.47
2.84 100 00
~
~-
73
JPMorgan Fleming Funds - Hong Kong Fund
PORTFOLIO as at 31 December 2002
Description Holding Market Value ’% of Net Description USD Assets
Shares 8r Warrants listed on an Offcial Stock Exchange
HONG KONG
Brilliance China Automotive IIoldings CI,P Holdings Cathay Pacific Airways Chaoda Modem Agriculture Cheung Kong Holdings China Insurance International Holdings China Mobile (Hong Kong) Cofco International Conveniencc Rctail Asia Cosco Pacific Fountain Set Global Bio-Chem Technology Group Grand Field Wrt 13/03/05 Hang Seng Rank Hengan International Group Hong Kong & China Gas Hong Kong Elcctric Holdings Hopcivcll Holdings Hung Hing Printing Group Hutchison Whainpoa Jusco Stores Kin Yat Holdings Legend Group Shun Tak Singarnas Containcr Sun IIung Kai Properties TCL International Techtronic Industries Texwinca Holdings
1,850.000 I70,000 250.000
1,550.000 155.000
I,300,000 520,000
1,750,000 xs0,000 650,000
2,9 14.000
I . I00,000 1.300.000
1 17.000 I , 150,000
4X0,OOO 165,000 600,000 908.000 230.000
2.220,ooo 1.300.000 1,150.000 I,950,000 2.850,000
70,000 1.650,OOO
950.000 20,000
330,909 68,540 341.392 263,337 988,753
652.170 1,235,164
223,427 535,488
1,578,626
485,241
301,482 1,834
1,243,290 315.186
622,006 392,360 571,942
1,422,946 b33,354 234, I98 385,227 390,052 577.384 4 10,632 5 10,405 880,OXS
14,810
620.083
Holding Market Value % of Net USD Assets
Shares dealt un another Regulated Market
PEOPLE’S REPURT.IC OF CHINA liangxi Copper Industry I .X50,000 224,164 I .09
1.61 _. .. . . .. .
3.34 224,164 1.09 I .66 1.28 Total Shares dealt on another Regulated Market 224,164 1.09 4.81
Total Investment Portfolio 20,418,474 99.33
__
._ .
1 1 7 2.1 I
6.01 2.36 1.09 2.61 7.67
1.47 0.01 6.05 1.53 3.02 3.03 1.91 2.78 6.92 3.08 1.14 I .87 1.90 2.81. 2.00 2.48
0.07 4.28
... . .. . .... . . . . . .
16,847,323 81.96
PEOPLE’S REPUBLIC OF CHINA
Angang New Steel (H) CCID Consulting PetroChina Qingling Motors (11)
2.150,ooo 307,381 1.50 2,600,000 56,674 0.28 i,nso,ooo 368,863 1.78 2.600,OOO 295.039 1.44
~~
Sinopec Shanghai Petrochemical (H) I ,x50.000 278,723 1.36 I .
Tong Rcn Tang Tcchnologics 550,000 583,571 2.83
1,890,251 9.19
UNITED KINGDOM IISBC IIoldings 133,856 1,456,736 7.09
1,456,736 7.09 ~- .
Total Shares & Warrants listed on an Official Stock Exchange 20,194,310 98.24
. . .. _. .
Allocation of Portfolio
Ihancials
Gencral Manufacturcrs
Services
Utilities
Consumer Goods
Mineral Extraction
Cash & othcr Nct Assets
Total
O/o of Net Assets
28.04
21.50
20.95
12.37
10.80
5.67
0.67 1 0 0 . 0 ~
.. . 74
JPMorgan Fleming Funds - India Fund
POKTFOLIO as at 31 December 2002
Description Holding Market Value % of Net USD Assets
Shares listed on an Official Stock Errhangc Gujarat Ambuja Cements (GDR) 667.573 2,293,071 2.71 HDFC' Rank (ADR) 658.347 3.853,162 4.56
. . . . . . . .
Total Shares listed on an Official Stock Exchange
Shares dealt on another Rcgulsted Market
__ ......
Asea Browm BUWJ~ R. .. Balaji Telelilms Ballarpur Industrics Uharat lleavy Electricals Bharat Petroleum Cipla D-Link (India) Digital Global Sol1 (India) Dr Rcddys Lahoratorics E-Serve International lisscl Propack G'IL Cirasiin Industries Hero Honda Motors Hirnachal Futuristic C'ommunicatioiis Hindalco Industries Hindustan Lever Hindustan Petroleurn Housing Dcvclopmcnt Financc 1CICI Bank I I C Indian Petrochemical Indian Rayon And Induslries Tndo Gulf Inlosys Tcchnologies Kotak Mahitidra Financc Mahanagar 'l'elephone Nigaiu Mphasis RFT. NIlT Ranbaxy Lahoratorics Kcliancc lndustrics Satyam Computer Services Shyam Telecoiii Stale Rank ofIndia Sun Phaniiaceutical Industries Tata Erigiriccring & Locomotivc Tata Iron & Stccl 'lata Telecom Wockhai-(It Zee Teleliliiis
dJdJ i\UtO 143,000 94,000
108.47 I 197,865 751,000 298,505
82,000 357.139 173.000 10.710 74.000
2 2 6.8 7 6 447.000 285,000
85,000
488.061 230,799
I .420,000 345,000 152,000 175.828 490.728 369.000 385.283 770.000
50,292 289,000 979.000 124.575 I08,000 29 1,2x0
1,120,765 280.000 650,000 758,295 164.000 9 12,000 531,000
80,000 I30,000
1,135.000
6,146,233 7.27
727,536 984,930 188,313 176,967
2,673.408 1,328,660 1,539,361
43 1,608 2,286,264
200,692 880,478 927,559 887,749
1,832,482
398,058 2,821.157 5,387.610 2,085.043 1,142.934
5 2 6 ~ 7 3 2 6,780,668
615,770 739,344 822,374
4,987.524 1,019.130 1,932,559 1,926,869
41 1.735 3,622.759 6,997.468 1,644.583
82 I .828 4.654,229 2.044,608 3,076,167 1.650,300
243.290 1,204, I48 2.290,846
477,870
0.86 1.17 0.22 0.21 3.16 1.57 1.82 0.5 1 2.71 0.21 1.04 1.10 I .05 2.17 0.57
0.47 3.34 6.37 2.47 1.35 0.62 8.01 0.73
0.97 5.90 1.21 2.29 2 . X 0.49 4.29 8.27 1.9s 0.97 5.51 2.42 3.64 1.95 0.29 1.43 2.71
0.88
. . . . . . . .
'Total Shares dealt on another Regulated hlarket 75,391,810 89.21
I!nlisted Convertible Bonds
Sterlile 104i 2008 3.482,9 15 612,836 0.73
......
Total Unlisted Convertible Bonds 612,836 0.73
IJnlisted Shares
.........
Sun Phannaceuticals 724,000 15.112 0.02
Total Unlisted Shares 15,112 0.02 ...... . . . . . . .
.. . . .
Allocation of Portfolio
General Manufacturcrs
Services
Pinmcials
Mineral Extraction
Utilities
Consumer Goods
Cash & other Net Assets
Total . . . . .
21.13
13.25
5.35
3.77
1.73
2.77
100.0q
Total Investment Portfolio 82,165,991 97.23
75
JPMorgan Fleming Funds - International Equity Fund
PORTFOLIO as at 31 neccmber 2002
Description
Shares listed on an Official Stock Ezchtinge
Holding Markct Value O/U of Nct Dcscription EUH Assets
u SA
American Intcrnational Group AmcrisourccUcrgcn Anadarko Petroleum A w n Products Bank ol.New York Bristol-Myers Squihb Burlingtoti Northern Santa Fc Circuit Citv Stores-Circuit City Group Cisco Systems Citigroup ConocoPhilips Consolidatcd Edisori Dcll Computcr Exxon Mobil Fannie Mae FleetBoston Financial Ciannctt Gcncral Electric llC.4 Hartford Financial Services Group Hewlett-Packiird Hughes Elecaonics Johnson gL Johnson Kraft Foods (A) Lcxmark lntcrnational Marsh & McLeniian May Department Stores McDonald's Microsoll Ncwtnont Mining Pfizer Pharmacia Philip Morris Procler E2 Gamble Ptudcntial Iinancial SBC Communications
United Technologies Walt Disney Washington Mutual Waste Management Wells Pargo ti Co Wyeth
'Target
70, I5 1 29.700 34.3 10 5 1 .so0 32,830
105,430 95.5 00
233.410 122,741 2 13.497
60,033 69,700 35.900 40,500 67,359
10.3, I x0 29.356
I XO.082 88,250 57.570
229.5 I I 146.870 92.350 77,522 3 1 . I 70 35.500
102.450 131,000 114.408 53,3 IO
192,430 99.640
I 5 I .668 I 2.600
10x,630 146,817 78.872 63.602
139,290 95,290
1 I 1,500 80.390 95.900
3,x IO.609 1,542.70s
2.646.183 746, I22
2,359,203 2,357.1 53
1.641,069 I ,53 1.834 7,196.307 2,752.3 13 2,X30,752 I . I89,010 1.343.358 4.209.371 2,372,646 1,993,206 4.265,307 3.5 13.047 2.493.433 3.942.292 I .474.669 4,698,229 2.900,2 I9 1 3 1 1,921 1,571.580 2,191.863 1,991.5 16 5,808.897 1.5 IX.931 5,492.939 3,867.608 ~,006.327 1,044,826 3.255.483 3,836.977 2.164.091 3,717.929 2,138,229 3,167, I68 2,430.371 3,571.768 3.401.163
i.sn2,033
I .47 0.60 0.61 1.02 0.29 0.9 I 0.91
0.63 0.59 2.78 I .Oh 1.10 0.46 0.52 1.63 0.92 0.77 1.65 1.36 0.96
I .52 0.57 1-82 1.12 0.70 0.61 0.85 0.77 2.25 0.59 2.12 1.50 2.3 I 0.40 1.26 1.4x 0.84 1.43 0.83 1.22 0.94 1.38 1.31
124,391,669 48.07 - . . . -~
UNITED KINGDOM Allied Domecq U.4E Systems RG Group RP Barclays GKN GlaxoSmithKline Reckitl Benckiser Rio Tinto (Reg. Shares)
326.520 664.103 118.600 508.240 36X,960 393.738
62,950 104.x00
170.1 00
2,005.824 1,279,902 1.677,853 3.334055 2,708.727 1,233,011 2,995.228 I , 170.394 1.996,817
0.78 0.50 0.65 1.29 I .05 0.4x 1.16 0.45 0.77
Holding Mtwket Valuc % o f Net EUR Assets
2,83 I ,63 I I .09 Royal Rank of Scotland Group Six Continents 219.592 l.h76,X14 0.65 Tesco 926,340 2.744998 1.06 Vodafoiic Group 3.628.270 6.253.633 2.41 Wolseley 187.790 1.482.325 0.57
I25,6 I0
..
FKANCE Avcnt is .4xa I BNP Paribas Compagiiie de Saint-Gohain Dassault SystPmes Iinerys Rrnaull TotalFinaElf
66.480 100,614 68.050
56,987 14.780 17.500 56,739
90, I 60
33.401,242 . .
3.3.57.240 1261.196 2,573.991 2,464.974 I I58,83 I 1.769, I66
759.850 7,6 17.2 1 I
12.Y1
1.30 0.49 1 .OO 0.95 0.45 0.68 0.29 2.94
20,Y62.459 8.10 . . . . . . . . . ....
.I A PAN
.\coni 17,490 865.574 0.34 Chugai Pharmaceutical 116.200 1.060,107 0.41 h j i Photo Film 52.000 1.624,7?3 0.63 Ilonda Motor 38.000 1.346,83 1 0.52 Kaneka 163.000 835.654 0.32 K<lU .i2,oon 1,093,644 0.42 Nikko Cordial 390,000 1,259,475 0.49 Ninlendo 13,600 I ,2 I7,hXh 0.47 Nippon Telegraph & Tclcphonc 525 1,826.845 0.7 I Nissan Motor 203.000 1.517,651 0.59 Sumitomo 388.000 1.597.596 0.62 Takeda Chemical Industries 56,500 2,262,534 0.87 Toyo Suisan Kaisha 73,000 628,26X 0.14
................. . . . . . . .
17,136,588 6.63
SWITZERLAND
Alcon Holciirt (E ) Nestlc (Reg. Shares) Zurich Financial Senices
54,725 2,042, I02 0.79 I 1,050 1,923,409 0.73 IX.030 3.687,2X3 1.43 16.300 1.439.650 0.55
Y,OY2,444 3.51 ................ __ . . . .
BERMUDA
Acccnturc (A) 135.460 2.297.571 0.89 IIigcrsoll-RaIid 50.760 2.045.463 0.79 Tyco Inrematioiiel 129.2 I4 1.879.5 I4 0.73 XT.. Capital (A) 27,590 2,050.883 0.79
8,273.431 3.20 . ~
KOKEA
KI'(ADK) 75.730 1.647.787 0.64 Kookmin Rank 70.470 2.370.124 0.9 I POSCO (ADR) 65,400 1,584.128 0.61 Samsung Elcctronics 10.350 2,602,480 1.01
8,204,519 3.17 -_ ... ___ .- ~-
76 . . . . . . . . . .
.....
JPMorgan Fleming Funds - International Equity Fund (continued)
POKIFOLIO as at 31 December 2002
Description Holding Markct Value % of Net Description ElJR Assets
CERM,\N\’
Rayer 96.950 1.953.058 0.75 Rayerische Motoren Wcrkc 25.000 722.000 0.28 DcLitsChe Post 140,752 I ,409,63 I 0.54 Hcidclhcrgefit.iiitriit 32.860 I . 176,388 0.46
5,261,077 2.03 ~. .
NETHERIANDS
Koiiinhlijlte Philip’; Flectronics 145,131 2.43 1,670 0.94 Woltcrs-Kluwcr 108.630 1,780.446 0.70
4,212,116 1.64 ... ..
.
ITALY
ENI-Ente Nuionale ldrocarburi 238,XOO 3,780.5 I6 I .45
3,780,516 1.45 .....
- -. ...... .-
RELGIIIR.1 Desia (NPV) 172.330 1.974,040 0.76 Fortis 107,750 1.766.561 0.69
3,74U,601 1.45 -. .- . ... -.
FINLAND
Nokia 223.980 3.367.539 1.30 .-
3,367,539 1.30 .
CANADA
Talisman Energy h9,630 2,425.756 0.94
2,425,756 0.94 -.
. . . ~.
SWEDEN
Nordea (SF.K) 430,930 1,862,284 0.72
1,862,284 0.72 ... .....
SINGAPORE
Flestronics Intcrnational 226.520 1,844.493 0.71
1,844,494 U.71 . . . . ..
. . .. -.
SPAIN
Altadis 63,880 1.379,XOX 0.53
1,379,808 0.53 ... _-
UKAZIL
Cornpailia Vale do Rio Doce (.4L)K) 42.528 1.175,852 0.45
1,175,X52 0.45
Total Shares listed on an Official Stock Exchange 250,512,395 96.81
Unlisted Shares
JAPAN
Canon
Holding Market Value % o f Net EUK Assets
8 1,000 2,923,194 1.13
2,923,194 1.13 .
Total Unlisted Shares 2,923,194 1.13
253,435589 97.94 Total lnvesttncnt Portfolio
. .- -
Allocation of Portfolio % of Net Assets
Services
1;inancials
(icneral Manulhcturers
34.32
2 1.40
21.14
Mineral Extraction
Utilitics
Consunicr (hods
Cash & othei.Net Assets
Total ~
100.00 .......
77
JPMorgan Fleming Funds - Japan Equity Fund
1.20 7.95
POKTFOLIO as at 31 nccemher 2002
Financials
Mineral Extraction
Ilescription
Shares listed on an Official Stoc
Aderans Bellsystem 24 Renesse Rridgestonc Central Glass Daito Trust Construction Data Cominunication System Denso Dentsu East Japan Railway Fuji Photo Film Fujikura Eujii-ebio Gunze Hirose Electric Hisamitsu Pharmaceutical Hogy Medical IIosiden Jafco Japan Telecom Joint Corporation Kyocera Kyoto Kimono Yuzen Mabuchi Motor Matsumotokiyoshi Millea Holdings Murata Manufacturing NTT DoCoMo NEC System Integration Construction Nichicon Nikko Cordial Nintendo Nippon Comsys Nippon Shokubai Nippon System Development Nippon Telegraph & Tclcphone Nippon Television Network Nissan Chemical Industries Nissan Motor Olyinpus Optical Ono Pharmaceutical Oriental Land Orix Promise Ricoh SFCG Sanyo Electric Crcdit Secom Scvcn-Eleven Japan Shin-Etsu Chcinical Suinitoino Sumitomo Elcctric Industries Sumitorno Mctal Mining Sumken TDK Takeda Chemical lndustrics Tcrumo Tokyo Broadcasting System Tokyo Electron 'Tokyo Ohka Kogyo TonenGeneral Sckiyu K.K.
Holding Market l'alue % of Net Description USD Assets
:k Exchange
276.100 33.000
225.700 1,023,000
932,000 608,100 2 12.300
1 . I 91,800 3.206 4,283
42 I .000 4,772.000
497.000 2,255.000
149,500 568.000 139.900 555.500
70.800 7.452
174.200 60.900
l,lX2 22 1,700 18 1.500
1,729 235,600
33,209
476,600 679,300
5 .0 14.000 3 12.900
2,149,000 2,285.000
371.900 6,057 8,840
I.X74,000 3.509,300
231.000 182,000
63.0X0 14X.300 445.000
394,900 338,500 60 1,000 743,200 921 .on0
I .5 I9,OOO 4,929,000
158,500 135,300
1.030.800 572. I00 437.000 243.300 558,400
153,600
78.71 0
2,064.000
6.162.686 6,440,176 2,494.153
12,666.32') 4.1 76,239
13,445,040 3.247,309
I 9.544,615 9.775.295
13.723.056 1 I .334,629 3.38639 1 X.300,147
11.408.464 6.697.831
4.337.32 I 3,059,204
23,098.2 16 1,003.603 3344.485 2,976.778
20,391,356 8,369,235
12,436J57 9,227,542
61.257.278
11,248,lj 1
5.773.93 1
3,231,526 7.855,79 I
I h,X92,8 I 8 29.227,7 17
7.276,462 9.603.832 4,354,104
21,988.349 1,3 17.903 7,008.262
27,370,9 I 2 3,762,93 1 5,503,305 9,302,033 4.064,535 5,283.714 7.297,662 5.701.461 5,514.796
11,604.084 18.324.867 24,350,792
3,956,285 9,838,795
20,550,472 3,818.15 I 5,437,327
43,063,95 1 7.(312,302 5.491.716
11.004.598 7,529,992
13,560,075
0.80 0.84 0.32 1.65 0.54 I .75 0.42 2.54 1.27 2.76 1.78 I .47 0.44 1 .ox 1.48 0.87 0.75 0.56
Toppan Forms l'oyota Motor Wni -C: hami Union Tool IJshio Yamada Denki Yamanouchi Phamaceulical
Holding Market Vnlue %, of Net USD Asscts
632.100 7.1 02.306 0 92 886.000 23.805.767 3.08 99.800 3,959.216 0.52
1,794,971 0.23 70.800 3 xx.000 4,248.473 0.55
406,500 I I ,778, 132 1.53 239,000 5,042,703 0 66
Total Shares listed on an Official Stock Exchange 736,369,615 95.70
Unlisted S h a m
Canon 621,000 23,780,667 3 04
23,380,667 3.04
Total Unlisted Shares 23.380.667 3.04
Total Jnvestment Portfolio 759,750,282 98.74
~-
__
__
--
0.40 7.- --- -7 3.00 1 Allocation of Portfolio % of Net Assets1
0,46 Services 0.13 I 0.39 /General Manufacturers
30.63
29.06
15.48
13.05
8.76
1.76
100.00 . 2.20
3.80 0.95 I .25 0.57 2.86 0.17 0.9 I 3.55 0.49 0.72 1.21 0.53 0.69 0.95 0.74 0.72 1.51 2.38 3.17 0.51 1.28 2.67 0.50 0.71 5.60 I .03 0.7 I I .43 0.98 1.76
78
JPMorgan Fleming Funds - Japan Small Cap Fund
PORTFOLIO as at 31 December 2002
Description Holding Market l'alue O/u o f Net Description USD Assets
Shares listcd on an Official Stock Exchange
.Aeon Credit Senice Asia Securities Printing Asics Randai Bcllsvstctn 24 Belluna C&S (:ulture Convenience Club Dcnsci-Lambda KK Dodwcll BMS Eneserve Fuji Soft ABC HIS Hosiden K's Denki Kancka Kcihin Keika Express Komori Mahuchi Motor Milbon Nichii Gakkan Nippon Comsys Nippon Thompson Nissan Chemical Industries Nissha Printing Nissin Nissin Kogyo Otsuka Parco Pixcla Plcnus Round One Sanyo Shokai Sawai Pharmaceutical Shinko Electric Industries Showa Taisei T.amick Tokai Rika 'Tokyo lndividualizud Educational Institute Tomcn Electronics Union Tool Yamada Denki Yamaichi Electronics Zensho
30,900 123,000
1 .os 1,000 17.600 6.130
X3,850 26.000 47.100 87,200
247,800 4s.xoo 42.000
149.300 170,000 70,300 72.000
54,800 275,000
8,700 45.210 12,400
4 I I ,000 95.000
162.000 83.000
268,000 21,300 83.000
325,000 33.600 24.800
320 69,000 64,000 1 I , I O 0 42,000 20.100
144,000
52,600 63,100 32.600
12 1.100 77,100 29,500
3 I ,900
Total Shares listed on an Official Stock Exchanee
1.121,743 6 1 1,244 885.239 606.309
1.196,312 2.9 16.829
338,126 .160,392 520,005 .346.229 ,778,378 663,297 ,52 1,609 .327,353 879.305 385.092
413,106 2,795.746
800.202 I ,08 1,460
64 1.280 1.391.636
3 12.066
522,923 1362,287
445.824 I ,069,6 I5 1,308,486
396.210 866.877 371,952 326,620 996,723 155,853 32 1,920 602,704 879.343
307.648
605.~37
872,790 1,379.191
826,498 2.555,l I O
779.280 598.821
I .X3 I .oo 1.44 0.99 1.95 4.75 0.55 1.89 0.85 2.20 2.90 I .ox 2.4X 2.17 I .43 0.63 0.50 0.67 4.56 1.31 1.76 I .05 2.27 0.5 I 0.99
3.04 0.73 I .75 2.13 0.65 1.41 0.61 0.53 I .63 0.25 0.53 0.98 1.43
1.42 2.25 1.35 4. I7 I .27
0.85
o.9x -
42,745,470 69.72
Shares dealt on another Regulated Market
ARRK 82.100 ASKIJL 35.300 Celartcm Technology 58 FCC 10,600 Fujimi 32.700 GEO 69 Gcomatec 2 1,600 Goodwill Group 99 1 Kappa Crcatc 37,100 Koiiemi Computer Entcrtainmcnt Tokyo 26,200 Leopalace2 I 286,000 Otsuka Kagu 108.900
3,042,66 I 1 .0 19,827
322.426 223.098 594,92 I 334,176 305,647
3.130.132 1,874.921
3 04,s 3 6 1,271.9 14 1,715,249
4.95 1.66 0.53 0.37 0.97 0.55 0.50 5.10 3.06
0.50 2.07 2.80
Holding Market Value o/. of Net USD Assets
Photonics 134 84,988 0 14 Rclo Holdings 26.100 571,573 093 Sazaby 24.900 425,749 069 Tac 25.500 365.129 0 6 0
Total Shares dealt on another Regulated Market 15,587,947 25.42 ~- . - -
Total Investment Portfolio 58,333,417 95.14
Allocation o f Portfolio
Senices
General Manulhcturers
Financiuls
Uonsumcr Goods
Utilities
Cash & other Net Assets
Total
% of Net Assets
44.93
35.06
7.87
5.0 I
2.27
4.86 100.00 . . .
79
-
JPMorgan Fleming Funds - Latin America Equity Fund
PORTFOLIO as at 31 December 2UU2
Description
Shares listed un an Official Stuck Exchange
Holding Market Value % uf Nct Description IJSD Assets
MEXICO
America Movil (AT)R)(L) America Telecom Ccnicx (AUK) Coca-Cola Fenisa (ADS)(L) Consorcio Ara Foinento Fconoiiiico Mexicanti Grupo Aetoportuario dcl Surcstc MDK) (imp0 Iinancicro UUVA Bancoiner Grupo Modelo (C) Grupo Televisa ( O R )
Tclcfonos dc hlcxico (AUK)(L) Wal-Mart de Mexico (C)
TV AZteW (ADS)
172.940 2,65Y.000
139,182 25,000
5 15,000 589.920
5 I .467
3,026,396 379.687
x 1,200 1 10,000 141,400
I .707.465
BKAZIL
Aracruz Cclulosc (ADR)( Spon) Banco Uradcsco (PN) Banco ltau (Pref.) B r a d 'lelecom Cia Hrasileira de Distrihuicao (irupo Pao dc Acucar Cia Vale do Kio Doce (ADR)( Spon) Coiiipanliia dc Bcbidas das Americas (AUK) (Spoii) Conipanhia de Saneamento Basico Embraer-Empresa Brasileira de Aeronautica (ADR) ( S ) G ~ J ~ w (ADR) (Spon) Petroleo Rrasileim-Prtr(ibras (ADR) (Spon) Souza Cniz Tele Norte Leste Participacoes (ADR) Telemar Norte I-este IJniao de Rancos Brasileiros (GDR)
29.500 311,500.000 47,929,900
242,122,495
36.1 20
129.375
174.720 24,200.000
xx,939 55,800
371.400 162,373
76.1 00 105,0X2.000
44.800
2.524.924 4.69 1.575,705 2.93 3,01 1,203 5.59
4s4* 12s 0.x4 773,436 1.44
2,124,913 3.95
593.157 1.10
2,344,341 4.35 904.41 I 1.68
2,283.750 4.23 524.700 0.97
433 1,870 x.41 3,322,372 6.36
25,068,907 46.55
539,998 1,070,295 2,304,503
7x5.sx I
556,790
3,550.852
2,642,640 612.450
1,405.681 506.943
4,9 13.622 X 16,344
56 1,238 1.323,003
488.992
I .oo 1 .YY 4.2x 1.36
I .03
6.59
4.9 1 1.13
2.6 I 0.93
9.12 1.52
I .03 2.46
0.9 1
22,078,932 41 .OO ... .
CHILE
Banco Suitmder ChIle (,ADR)(Spon) 86,792 1,638.199 3.05 Cia dc Tclccomniunicaciones de Chile (ADS)(Spon) 45,000 433.575 0.81 Embotelladui-a Andina (A)(RDR)(Spon) 30.500 2 12, I28 0.39
. - -. .
2,283,902 4.25 . ..
llolding Markct \'aluc % of Net USD Assets
\. ENEZUELA
Cia Anonima Nacional Teldciiici\ de Venezuela (ADR) 43,600 614,324 1.14
614,324 1.14
Total Shares listed on an Official Stock Exchange 50,046,065 92.94
Unlisted Shares
.- ~
MEXICO Carso Global Telecoin (ADS) I ,o 13.300 2,231.6XO 4.13
..
2,231,680 4.14 -
2,231,680 4.14 Tutal IJnlistcd Shares
Tutal Investment Portfolio 52,277.745 97.08
.. -
I I Allocation of Portfolio
Serviccs
Ulilities
Iinanciails
Ciencral Manufacturers
Mincral Extraction
Cash k othcr Nct Asscts
O/o uf Nct Assets
33.58
23.53
16.01
13.X3
10.13
2.92
100.00
JPMorgan Fleming Funds - Middle East Equity Fund
PORTFOLIO as at 31 December 2002
Holding Market Value YO of Net USD Assets
Description Holding Market Value % of Net Description usn .4sscts
Shares listed on an Official Stock Exchange LEBANON
BLOM Bank (GDR) 12.800 241,600 2.66 ISRAEL Bank Hapoalirn Bank Lcumi Lc-lsracl Uczcq lsracli Telecommunication Blue Square Chain lnvcstnicnts and Properties Elbit Systems h a c 1 Chemicals Koor Industries Lumenis Makhtcshim Agan Industries Oscrn Invcstmcnt Kctalix Super-Sol Taro Phariiiacsutical lndustrics Teva Pharmaceutical lndustrics (/\DR)
241,600 2.66 265.820 27 1,700 492,900
5,700 12.000
278 15.100 88.800 44.370
4.500 57,600 2,900
23,068
328.600
384.945 289.662 478.420
4.24 3.19 5.26 Total Shares listed on an Official Stock Exchange 6,497,033 71.51
43.602 189.256 33 1,705
3.017 27,709
145,920 226.274
40,467 105.046 108.808
0.48 2.08 3.65 0.03 0.3 1 1.61 2.49 0.45 1.16 1.20
Bonds listed on an Official Stock Exchange
Denominated in OMR Rank Muscat Tntematiunal 10% (Loan Notes) 2006 28,oso 206,923 2.28
206,923 2.28
Total Bonds listed on an Official Stock Exchange 206,923 2.28
Shares dealt on another Regulated Market
~ _ .
847,403 9.32 . ._
3,222,234 35.47 EGYPT
Easlem Tobacco 16,845 202,232 2.23 Mobinil-Egyptian Mobilc Netork 62,229 421,567 4.63 Orascoin Construction Industries 60,393 303.621 3.34
TURKEY
Akhank .4kcansa Cimenlo .4ksigorta Anadolu Efcs Biracilik ve Mali Sanayii Arcelik Enka Tnsaat ve Sanayi Ford Otumotive Sanayii H urri ye t Gazeleci 1 i k Migros Turk Sahanci liolding Tupras-Turkiye Petrol Kafiiie Turkccll lletisini Hizmet
106,985.620 20,652.000 27,128.000
14.052,732 I 1,053,000 8,301.883 8.392.000
16.417,000 13.33 1,000 39,040,999 5 1.04 1,850 56,996,000
354,Y 16 122,566 76.372
3.90 1.35 0.84
927,420 10.20
MOKOCCO
ONA (Omnium Nord Africain) 4,400 323,257 3 5 6
323,257 3.56
. - __ - . .. -... _
195.67 I X8.304
203,398 69,600 44,2 19
116.647 101,592 240.786 33 1.323
2.15 0.97 2.24 0.77 0.49 1.28 1.12 2.65 3.65
Iota1 Shares dealt on another Hegulated Market 3,25U,677 13.76
Unlisted Shares
_____ .
EIRE Fraiiilington Invst Maghrcb 13,500 44.280 0.39
. -
1,945,394 21.41 __
EGYPT
Commcrcial International Bank (GDR) (Reg. Shares) 3 0.5 00 163,480 1-79 Nalional Societe GCntral Rank 9.166 46,827 0.52 Orascom Tclccom (GDR) 121,800 123.018 1.35 Oriental Weavcrs Group 9.006 103.326 1.14
44,280 0.49
Total Unlisted Shares 44,280 0.49
Total Invcqtmrnt Portfolio 7,998,913 88.04
. ___ . _ .-.
% of Net Aqsctq
24.79
Allocation of Portfolio
Fmancials
Services
436,651 4.80 __ -
TUNISIA
Banque lntcrnationalc Arabc dc Tunisle (GDR) 53,524 392,064 4 3 2
392,064 4.32
._ ._ ._
_ -.
OM4N
Bank Muscat lntcrnational 26,180 259.090 2.85
259,090 2.85
- .. _. .
General Manulhcturers
Utilities
lnvcstmcnt Companies
15.72
14.91
3.68
/Mineral Extraction 2.651 Fixed Tiiterest
Consumer Goods 2.28
I .YO
Cash & other Net Asscts
Total I I .96
-. . .-
81 ._
JPMorgan Fleming Funds - Pacific Balanced Fund
PORTFOLIO as at 31 December 2002
Description
Shares listed on an Official Stock Exchangc
Holding Market Value Yn of Net Description usll Assets
AUSTKALIA
AMP Henderson Global lnvcstors Adstcam Marine Aincor Investments Australian Gas Light RHP Billiton (NPV) Baycorp Advantage Newcrest Mining Patrick Rio Tinto Santos
..... .
...... - .
12,800 408,960
3.000 30,850
130.604 121,200 40,000 30.000 60,000 80.126
748,9 I9 397.073 192.456 181.977 732.91 2 127,617 165,256 219,347
1,138,778 274,657
4,178,992
2 IO 1.11 0.54 0.5 1 2 05 0.36 0.46 0.6 I 3.19 0 77
11.70
_.
-
HONG KONG CLP Holdings 60,000 241,956 0.68 Chcung Kong Holdings 30,000 191,372 0.54 Guoco Group 30.000 176.755 0.50 Hang Seng Bank 30.000 318,792 0.88 Hcngan lnternational Group 1 ,0 14,000 277,912 0.78 Hoiig Kong & China Gas I70,000 219,613 0.62 Hong Kong Electric IIoldings I80,000 678,552 1.89
Legend Group 400,000 133,992 0.38 Liu Chong Hing Rank I~0,000 134,153 0.38 SCMP Group 400,000 167,330 0.47
2,900,227 8.12
Jardiiie Strategic Holdings I40,000 359,800 1.00
...... .... -. - ....
-~ . -. - ......
NEW ZEA1,AND Carter Hol t Harvey 900.000 813.941 2.28
Fletcher Building 350.000 61 8,472 1.73 Fisher & pdykel Healthcare 70.000 345.724 0.97
Warehouse Group (Thc) 40.000 150,539 0.32 .- ... ...
1,928,679 5.40
KOREA KorAin Bank Korea Tobacco S'L Ginseng (GDR) Kuingang Korea Chemical Oriental Fire & Marine Insurance Pusan City Gas Saiiisung Electronics (GDR) Samsung SDI Samsung SDI (Pref.)
30,000 40,000
2,000 6,430
27.730 3.300 5.000 6.000
180,453 0.51 274,000 0.77 195,491 0.55 67,685 0.19
257.148 0.72 442,200 1.23 286,135 0.80 207,270 0.58
1,910,382 535
JAPAN Matsushita Electric Industrial 20,000 197,094 Matsushita Electric Works 30,000 185,471 Sega 20,000 197,094 Sony 12,000 501,327 Toyota Industries 23.000 345.799 Yamada Denki 7.000 147,694
1,574,479 .
__ . . . .
0.55 0.52 0.56 1.40 0.97 0.4 I
4.41
~-
Holding Market Value "0 of Net USD Assets
SINGAPORE Haw Par 2,354 4,463 0.01 Mobileone Asia 1 , I 78,000 824,679 2.31
United Overseas Rank 32,586 216,859 0.61
1,257,462 3.52
Singapore Press IIoldings 20,000 211,361 0.59
. . - ...
- _- ..........
INDIA Dr Reddy's Laboratories (ADS) 10,000 190,450 0.53 Tnlbsys Technologics (ADK) 3,000 2 15,025 0.60 Wipro (ADR) 6,000 203,070 0.57
608,545 1.70
. __ .....
... . . .
MALAYSIA Guinness Anchor 250,000 230,920 0.65
23U,92U 0.65
Total Shares listed on an Official Stock Elchange 14,589,686 40.85
Bonds listed on an Official Stock Exchange
.
........ ..
.. .
Denominated in USD
Asian nevelopiiient Bank 4.25%
BSES OSYh 2007 2009
Bangko Scntral ng Pilipinas 8.59/0 2004 DRS Capital Funding (Rcg. Sharcs) 7.657"h 2049 Korea Deposit Insurance 2.59.n 2005 POSCO 7.125% 2004 Philippines 9.5% 2024 Reliance lndustries (Reg. Shares) 10.Sn% 2046 Reliance Industries 10.2% 2097 Standard Chartered 4.0875% 2049 FRN #3 Standard Chartered 8.9% 2049
700.000 I 00.000
200,000
160,000
500,000 400,000 500,000
700.000 1,600.000
700,000 106,000
730,730 99,000
214,270
175.321
547,500 423,940 555,250
711.025 1,s 18.320
415,205 118,190
2.05 0.28
0.60
0.49
1 .53 1.19 1.56
I .99 4.25
1.16 0.33
_.
5,509,751 15.43 ....
Denominstcd in AUD
Ncw South Wales Treasury 6 5% 2006 1,500,000 889,185 2.49 New South Wales Trcasury 7"/0 2004 2,000,000 1,157,921 3 24
2,047,106 5.73 -_
...
Denominated in NZD Nen Zealand 6 5% 2005 3.500.000 1,852,247 5.19
1,852,247 5.19
Total Bonds listed on an Official Stock Enchange 9,409,104 26.35
_.
._ .... -
82
JPMorgan Fleming Funds - Pacific Balanced Fund (continued)
PORTFO1,IO BS at 31 Dccrmbcr 2002
Description Holding Market \'due Yo of Net Description USD Assets
Convertible Bonds listed on an Offcial Stock Exchange
CAYM.\N ISLANDS
Bank of Asia 3.75% 2004 200,000 119,000 0.33 HhlC Cayman Finance (Reg. Sharcs) 3"b 2003 2,050,000 2,162,750 6.06 IBK Cayinan Financc 1.594, 2003 I . I 16,000 I , 199.728 3.36 Morncnta Cayman 2.SYC 2007 500,000 528,438 1.38 YTL Power I i n 2.5% 2006 400,000 359,500 1.29
...........
4,469,416 12.52
KOREA
K?' 0.25"h 2007 Korea Deposit Insurance (Keg. Shares) 2.2% 2005 Korca Tobacco & Ginseng 2% 2006 Kunigang Korca Chemical 7.625% 2008
500,000 538,150 1.50
150.000 182,629 0.51
3 17,000 341,964 0.96
300.000 332,100 0.93
..- _ ~ . . . . .
JAPAN
Alpinc Elcctronics 0% 2007 GEO 01i 2006 Hitachi Construction Machinery 01% 2008 Nikon 0% 2007 Suzuki Motor On/; 2010 Yamada D e d i 0% 2007 Yamaha Motor 0% 2009
1,394,843
32,000,000 306,187 20,000,000 I X5,3O2
2.oon.noo t 7,246 22,000.000 179,743 10,000,000 88,545 9.000,000 73,668
so.ooo,ooo 503.264
3.90 ~
0.86 0.52
0.05 0.50 0.25 0.2 I 1.40
1,354,955 3.79 .... ..
USA
Fostcrs Sccuritics 3.759: 2003 8no,ooo 820,000 2.30
820,000 2.30
'1AIN'AN
Anibit Microsystcms O"/o 2007 I50,000 155.846 044 Coinpal Electronics 0% 2007 430,000 378,913 I 3 3
634,759 1.77
--
UNITED KINGDOM
Standard Chartcred Finance 4.5% 201 0 600,000 626.739 1.76
626,739 1.76
. . ___
~ .. .
S 1 N C A P 0 KE Mandarin Oricntal lntcrnational (Reg. Shares) 6.75 ?/o 2005 355.000 384,288 1.08
384,288 1.08
....... .-
-. ..............
MALAYSIA
TNR Capital 2.625Y~ 2007 300,000 302.250 0.85
302,250 0.85 . .- _ .
~ . . . . ___
83 . ._
Holding Market Value YO of Net USD Assets
INDIA
Fujaral Ainbuja Cements 19.0 2006 200.000 220,250 0.62
220,250 0.62
_ _
Total Convertible Bonds listcd on an Official Stock Exchange 10,207,500 28.59
Convertible Bonds dealt on another Regulated hlarket
HONG KONG
Bangkok Rank Public Company Hong Kong 4.589% 2004 200,000 121,500 0.34
121,SUO 0.34 - ~ .... . .
Total Cnmertihle Bonds dealt on another Regulated Market 121,500 0.34
Total lnvestment Portfolio 34,327,790 96.13
Allocation of Portfolio
Fixed lnterest
Financials
General Manufacturers
Services
Mincral Extraction
IJlililies
Consumer Goods
lnvestrncnt Companies
Cash & other Net Assets
Tntal
._. .
o/u of Net Assets
37.24
18.09
14.14
10.76
6.24
4.x9
3.48
1.29
3 . ~ 7
100.001
................. ._ .. .. ._
Forward Currency Open Positions
As at 3 1 December 2002, the fund has open the following fonvard currency deals:
Currency Amount Evaluation in Purchasr/Salc USD
AUD 3,499,013 1,960.1 10 Sale
USD 4,250,000 4.250,OOO Purchase
YEN 278,7 10,400 2,350,524 Sale
The net unrealised loss on the above positions amounted to USD 60,634 as at 3 1 December 2002
.
JPMorgan Fleming Funds - Pacific Equity Fund
POKI'FOL10 as at 31 December 2002
Description
Shares listed on an Official Stock Ewhrnge
Holding Market Value '% of Net Description USD Assets
JAPAN
Chubti Electric Power Daito Trust Construction Denso Fanuc Fuji Photo Film i-'u.ji Televisioii Network Funai Electric 11o-Y okado Kansai Electric Power Kao Mabuchi Motor Mmii Matsushita Electric Industrial Mazda Motor NTT DoCoMo Nikon Nintendo Nippon Telegraph & Telephone Nissan Motor Osaka Gas Ricoh Secom Scga Scven-Eleven Japan Shimano Shionogi & C o Sl1owa Sony Takcda Chcmical Industries Tohoku Electric Power Tokyo Gas Toyota Motor Uni-C:hann Yamada Denki Yainaha Motor
350,000 290,000 n70.000 90.000
295.000 4x0
50,000 370,000 345,000 925.000
25,000 545.000 8X4,OOO
4,3 10.000 5.645
740.000 200.000
1.925 3,425,000 I ,360,000 1.47S,OOO
375,000 300.000 305.000 300.000 235,000 196,000 420,000 675.000 355.000
670,000 65,000
150.000 835.000
i.220,000
6,249,736 6,411,876
14.267.339
9,615,9 I X I .932.533
3.979.785
5 . ~ 4 5 . 4 ~ I 10,907.558 5,210.233
20,295,850 2,299,43 I 5.334,09 1
7.986.523 10.4 12.760 539,738
18.681.826 6,9XX,207
26,713.41 I 3,356,327
24,188,880 12265,337 2,956,4 I? 9.299,64 I 4.548,326 3.32 1.373 1,502.295
17.546.429 28,199.6 I 8
5,22 3,7 I 0 3,822,615
x,7 1 1,560
1 8,002,104 2,578,638 3.164,877 6.892,39X
0.73 0.75 1.67 0.47 I 13 0.23 0.68 I .28 0.61 2.38 0.27 0.62 1.02 0.93 I .2? 0.65 2-19 0.82 3.12 0.39 2.82 1 50 0.35 1 .OY 0.53 0.39 0.18 2.05 3.29 0.61 0.35 2.1 1 0.30
081 0.37
.... .
324362,806 38.01
AUSTRAL I A
Alumina AurionCiold Australia & New Zealmid Banking Group Australian Gas Light RHP Billiton (NPV) Coca-Cola Amatil Commonwealth Bank of Australia Computershare Foodland Associated Lihir Gold MIM Holdings National Australia Bank Newcrest Mining Qaiitas Aiiways Rio Tinto Santos
855.000 1.500.000
425,000 600.000
2,060.000 1,750,000
460,000 384,937
1,120.000 6,250.000 5,275.000
605.000 2,400,000 4,785,000
245,000 2.085,000
2,317,195 2,575,083
4.1 28.858 3.539.262
I 1 .S60. I26 5,176, I99 7,O 19,199
395,415 11,173.892 5.241,631 4.498. I64
I0.779,387 9,9 I 5-337 IO, 167. I47 4,650.010 7,146,996
0.27 0.30
0.48 0.41 1-35 0.61 0.82 0.05 1.31
0.53 1.27 1.16 1.19 0.54 0.84
0.61
Hnlding Market Value % of Net USD Asscts
Suncorp-Metwa y 565,000 3,487.043 0.41 TAR 6.150,000 10.523226 1.23 WMC Resources 855,000 2,033261 0.24 Weslhniiers 365.000 5.432,962 0.64 Westpac Banking 885,000 6,869.225 0.80 Woodsidc Pctrolcum 860,000 5,927,307 0.69 Woolworths 760,000 4,810,312 0.56
139,367,332 16.31 ..__ . . .. . .
HONG KONG
CLP Holdings 5.300,000 21,372,708 2.50 Carhay Pacific Airways I ,5 15,000 2.0hX,X32 0.24
Esprit Holdings 6.000,000 10.155.194 1.19 IIang Seng Rank I.X25,000 19.393.199 2.27 Hone Kong & China Gas 18,725.000 24.189,668 2.83 Hung Kong Electric Holdings 5,500.000 20.73352 I 2.43 Hutchison Whatnpoa 2,700.000 16.704. I40 I .9S
Chcung Kong IIoldings I ,x20,000 I I .609,n74 1.36
Li Ai Futig 2.030.000 I .8Y$.6 17 0.22 . .. . .. -. . .
128,120,753 14.99 .. .
KOREA
Alneropacitic 47,000 4.044,3 I 8 0.47 Hitc Brcwciy I00,000 4. IO 1,963 0.48 Hqundai Motor 245,000 S . ~ ~ Y , X X I 0.67 Kumgang Korea Chemical I0,500 1.026.326 0.12 POsc:O n5.000 8,379.365 0.98 SK Telecoin 52.500 10.043.960 1. I8 Samsung Electronics 32.000 8,394,403 0.98
6,166.9X5 0.79 Samsung Fire & Marine Insurance Samsung SDl I 05.000 6,008,832 0.70 Shinscgae 3 2.5 00 3,059,137 0.48
5x,505,180 6.85
125.000
_. . . ... .
TAIWAN
Chinatnist Financial Holding ~ . X ~ S , O O ~ 3,965,280 0.46 Formosa Chemicals & Fibre 1,625.000 1,756.442 0.21 Foriiiosa Plastics 3,265.000 4,318.562 0.51 Hon Hai Precision Industry 2.100,000 7,269,003 0.84 Quanta Computer 1.185.000 I ,952.830 0.23 Sinopac Holdings 15.749,090 6.630,127 0.7X Sytincx Technology Intematioiial 2,000,000 3.008,062 0.35 Taiwan Semiconductor Manu facturing 8,700.000 10.83 I .I 8 I 1.26 1.Jniied Microclcctronics 12,000.000 7,305.705 0.86
47,037,193 5.50 _. .
MAIdAYS1A
British American Tobacco Malaysia
Magnum 6,475.000 3,927.573 0.47 Perusahaan Otoinobil Nasional 1,900.000 4,212.473 0.49 Public Bank (F) 5.675.000 3,800,732 0.45 Rcsorts World 1,090,000 2,660,443 0.31
625.000 5,838,778 0.67 (icnting 1,055.000 3,706.m 0.43
-
24,146,357 2.82 . . . . .. ..
84
JPMorgan Fleming Funds - Pacific Equity Fund (continued)
PORTFOLIO as at 31 December 2002
Description Holding Market Value Yo of Net USI) Assets
NEW ZEALAND
Carter Holl Harvey 6.000.000 5,426.288 0.63 Fisher & Paykel Healthcure 600,000 2,963.348 0.35 Tclecoin Corp of New Zealand 1.220.000 2,832.292 0.33 WarelioLwe Group (The) 500,000 1.881.739 0.22
13,103,967 1.53 .
.. ._ . . . . . . . ..........
SINCAPORE
Ovcrsea-Chinese Ranking 2,l 10.000 11.640,841 1.36
11,640,841 1.36 - . -
.......
THAILAND
PTT 9,350,000 9,125,372 1.07
9,125,372 1.07 ...... . . . .
Total Shares listed on an Official Stock Exchange 755,909,801 88.44
Shtlrcs dcalt on another Regulated Market
KORE.4
KT Freetel NCSolt
170,000 4,005.053 0.48 36.000 3,097.775 0.36
7,102,ntn 0.84 ~.
’Iota1 Shares dealt on another Regulated Market 7,102,828 0.84
Bonds dealt on another Regulated Mtlrktt
Denominated in MYK
Uerjaya Sports Toto XU’n 2012 2,160.000 1,703.492 0.20
1,703,492 0.20 -. - . ..... ....
Total Bonds dcalt on another Regulated Market 1,703,492 0.20
Unlisted Shares
JAPAN
_- - . . .
Canon 7~0.000 2 8 , ~ , s 2 i 3.30 .. .-
28,237,521 3.30
. . . . . . . ....... .- .
Allocation of Portfolio
Semiccs
General Manulhcturers
Financials
Consumer Goods
Utilities
Miiieral Extraction
Cash & other Net Assets
Total .
-
YO of Net Assets
24.37
22.43
17.11
11.21
10.89
6.77
7.22
IOO.00 ___
Total IJnlkted Sharer 28,237,521 3.30
Total lnvcstmcnt Portfolio 792,953,642 92.78
85
JPMorgan Fleming Funds - Pacific Technology Fund
PORTFOJJO as at 31 December 2002
Description Holding Market Value '3'0 of Net Description USD Assets
Shares listed on an Official Stock Exchange
JAPPIN
Asahi Glass Fuji Photo Film Funai Elcctric IIitachi Hoya Kyoccra Mabuchi Motor Matsushita Electric Industrial Murata Manufacturing Nintendo Ricoh Secom Sega Shin-Etsu Chcrnical Sumitomo Bakelite Tokyo Electron Toppan Printing
92.000 26.000
6,600 I70,000
8.500 26.000 1 I .000
I50.000 32,000 10,300
I30.000 6,500
30,000 46,000 53,000 9.000
33.000
563.352 8 4 7,s 0 5 77 1,598 65 1,506 594.946
I ,j 13,245 I ,O I 1,750
1.253.3 16 962.1 14
2.13 1.901 222.826 295.641
1,507.1 80 2 I8,74 I 407,075 248,2 12
i.47n.206
1.52 2.29 2.08 1.76 I .61 4.09 2.73 3.99 3.38 2.60 5.75 0.60 0.80 4.07 0.59 1.10 0.67
~. -
14,679,114 39.63
KOREA
Dacom Halla Climate Control SK l'elecom SK Telecom (ADR) Sainsung Electronics Samsung Electronics (GDK) Samsung SDI Sindo Ricoh
20.000 13.500 3,500
25,000 900
25,000 19.500 I I.000
237.262 462.4 I I 669.597 566.875 236,093
3,350,000 I , I 15,926
601.927
7,240,091
0.64 1.25 1.81 1.53 0.64 9.03 3.01 1.63
19.54 ~
TAIWAN Asiistek Computer 270,000 464.379 1.25 Hon Hai Precision Industry 150,000 519,215 1.40
Quanta Storage 50,000 331,751 0.90 Sunplus Technlogy 250.000 462,364 1.25 Synnex Technology International 300,000 451,209 1.22 Taiwan Semiconductor Man utac turing 1,500.300 1.867,819 5.04 Unitcd Microelectronics 900.500 548,232 1.48
5,615,274 15.16
Lite-On Technology 850,148 970,305 2.62
. . . . . . . . - -
... .- . .
SINGAPORE Mobileone Asia 629.000 440.342 1.19 Singapore Technologies
Singapore Telecommunications 350,000 247.040 0.67
1,358,428 3.67
Enginccring 700,000 671,546 1 . ~ 1
......
..... ....
AUSTKALlA
Telstra 420.000 1.043.71 I 2.82
1,043,711 2.82 ... ......
.....
Holding Market Value % of Net USD Assets
INDIA
Sdtyam Computer Senwcs (AUK) 5 1 .ooo 666.825 1 8 0
666,825 1.80 -_
. __ _
NEW ZEAIAND lelecom of New 7edldnd Ih0,000 372,803 1.01
372,803 1.01
Total Shares listed on an Official Stock Exchange 30,976,746 83.63
Shares dealt on another Regulated Market
.
.- __ .- .- -
..-
KOREA
KT Freetel 19,000 447.624 1.20 NCSot'l 4,200 361,407 0.98
809,031 2.18
Total Shares dealt on another Regulated Market 809,031 2.18
Unlisted Shares
JAPAN
.... .... ._ ...... - ......
. .....
......
Canon 94,000 3.539,103 9.55 ............
3,539,103 9.55
Tutal Unlisted Shares 3,539,103 9.55
..
Tutal Investment Portfolio 35,324,880 95.36
Allocation of Portfolio
General Manufacturers
Utilities
Services
Consumcr Goods
Cash & other Net Assets
. .- -. ....
O/a of Net Assets
75.07
10.87
X.17
I .25
4.64 100.00
~
86
JPMorgan Fleming Funds - Singapore Fund
PORTFOLIO as at 31 December 2002
Description
Shares listed on an Officlal Stock Exchange
SINGAPORE
Holding Market Valuc % o f Net USD Assets
Amtek Engineering City Developiiients DRS Group Holdings Great F,.astem Holdings HTT. International Haw Par Hone Txong Asia Kcppel Keppcl Land MobileOne Asia Neptune Orient Lines Oversca-Chincsc Banking Raffles Holdings SembCorp Logistics SenibCorp Industries Singapore Airlines Singapore Pi-ess Holdings
150,000 65,000 65,000 40,000
400,000 2,248
250.000 90.000
200,000 300.000 200,000
70,000 2X6,000 200.000 200.000
35.000 23.000
Singapore Technologies Engineering 200.000 Singapore Tclccommunications 2x0.000 The Ascott Group 550,000 Total Automation 580.000 Unitcd Overseas Bank ss.000 United Ovcrscas Land I 00,000 Venture 35,000
.- - .. . .
8X. 157 155.427 410.101 196.480 153.842
4,262 143,327 191,352 110.916 210,020 101.98s 386. I89 58,500
176,313 x9,597
202,674 243,180
191 ,870 191,632 100.6 I7 112.789 366,023
9 1,038 28 1,323
1.98 3.50 (3.22 4.42 3.46 0.10 3.23 4.3 1 2.50 4.73 2.30 8.68 1.32 3.97 2.02 4.56 5.46
4.32 4.45 2.26 2.54 8.23 2.0s 6.32
. ..
1,263,614 95.93 . . _ _ _ . .. . . . . .
HONG KONC
Surlhce Mount Technology s00.000 113,077 2.54
113,077 2.54 .
. . .. -. . .. . -. ..
Total Sharcs listed on an Official Stock Exchange 4,376,691 98.47 . . .. ~- . . .
Total Investment Portfolio 4,376,691 98.47
.... .
Financial\
Senices
Gcncral Manufacturer$
O/u of Net Assets
40.88
28.49
16.47
Utilities 9.17
Consumcr Goods 3.46 Cash Ai other Net Assets
Total .
“?I 100.00
x7
JPMorgan Fleming Funds - Sterling Bond Fund
PORTFOJ.10 BS at 31 nccembcr 2002
Description Hnlding Market Value */n of Net Description GBP Assets
Bonds listed on an Official Stock Exchange
Denominated in CUP 31 Group h.875Yu 2023 AWG 6.875Y6 2023 AXA 7. I25U,S 2020 Aegon 6.125% 203 I ,\hold Financc USA 6.546 2017 Allicd Domecq binancia1 Seivice 6.62596 20 I4 hnglian Watcr Scrviccs Financing 6.29394 2030 RAA 8.5096 202 I BNP Paribas 5.75% 2022 BO(: 6.594 20 I 6 Bank Ncdcrlarids Gcmccntcn 5.21'0 2028 Bank of Scotland 7.286% 2049 Barclays Bimk 5.750/h 2026 British Telecom 5.75% 2028 British Telecoin 7.75% 20 I h Centrica 5.X7SU/0 2012 Ciba Spcciality Chemicals 6.5% 2013 Citigrtiup 6.25?i, 20 19 Coca-Cola Entcrpriscs 6.5?.i 2016 Cornpass Group 7% 2014 CrCdit Suissc Group Finance 7% 2020 Daily Mail & Geneial Trust 7.5O& Rds 20 I3 Dcutschc Tclckom lntcrnational Finance 7.62516 2030 Dwr Cymm Financing 6.9070,6 202 I Electricitt de France 5.875% 2031 European Jnvestmcnt Rank 64; 2028 European Investment Bank 6.25% 2014 European Investment Bank 8.75% 2017 France Telecom 7.25% 2020 Fraiice Telecom 8% 2017 General Electric Capital 5.25% 2028 ClaxoSmithKlinc Capital 5.25% 2033 Goldinan Sachs 6.125% 20 I 7 HSRC Rank 6.j0/, 2023 Halilhx 1 19'0 Sub Bonds 19x8-2013 Haiiiinerson 6.8759i) 2020 Ilutchison Ports (UK) Finance 6.75% 2015 Integrated Accoiiiodation Services 6.4Wn 2029 lntcrnational Bank for Reconstruction aid Develupment 5.49/0 202 I Italy 6% 2028 Krcditanstalt f i r Wiederaufbau 5.5% 2015 Kreditanstalt ilir Wicdcraufbau 5.75% 2032 LCR Finance 4.5°/u 2028 LCR Finance 5 . I 205 I T.al:arge 6.875Oh 2012
550,000 5 I5,000 500,000 260,000 325.000
300.000
400,000 1,054.000
340.000 525,000
2. I00.000 sno.oon 930,000 928,000 6 10,000 5 10.000
I ,378,OOi~ 1.837,000 1,3 15,000
380,000
2 I 0,000
360.000
300,000
1,576.000 230.000
4.785,000
468,000
1,973.000 500,000 180,000
1.363,000
91 0,000 800.000
1 ,0 12.000 540.000 225.000
3 15,000
290.000
3.384,000 2.194.000
3,371,000
3.999.000 1,774.000
800.000 190,000
-
595.491 586.190 482.975 264.472 304,870
322,810
426,119 1.429,593
348,44 I 579.784
2.20 1,430 553.680 995.458 889.952 707.753 535,900
1.464.125 1,984.879 1,418.81 0
425,790
20Z,YYY
392.706
3 16,800
1.782,l.S 1 226.723
5,603,714
53 1,157
2,794.064 473.800 182.448
1,274,337
907,333 78 1,444
1.168,455 798,930 235, I48
339,113
343,940
3,637,462 2,501,709
3,507.902
4.560,l 73 1,711.023
864.160 20 I .07 I
0.72 0.7 I 0.59 0.32 0.37
0.39
0.52 1.73 0.42 0.70
2.67 0.67 1.21 1 .os 0.86 0.65
1.78 2.41 1-72 0.52
0.25
0.48
0.38
2-16 0.28
6.80
O.64
3.38 0.58 0.22
1.55
1.10 0.95 1.42 0.97 0.29
0.41
0.42
4.40 3.03
4.36
5.52 2.08 1 .os 0.24
88 -
Land Securities 10% 2025 Legal Ai (icncral Finance 5.875% 2033 Lloyds TSB Bank 9.6250/0 2023 McDonalds 5.875% 2032 National Grid 5.875"/0 2024 National Grid 6.SYo 2028 National Westminster Bank 7.87396 2015 Nordic Investment Bank 5.25% 2019 Northem Rock 5.759'0 2017 Ocstcrrcichische Postspnrkasse 6.12594 2028 PowerGen UK 6.25% 2024 Procter & Gainhle 6.259.; 2030 Prudential 5.875% 2029 RWE Finance 6.375% 2013 RWE Finance 6.5% 2021 Reseau Ferrc dc France 5.5% 2021 Safcway 6.125% 2018 Sainsbury (J) 6.5% 2012 Scottish & South Energy 5.875% 2022 Scvcrn Trent Water Utilities Finance 6.125?', 2024
Statui1 6.12596 2028 Talisniaii Energy 6.625?/0 201 7
Slough Estates 70/u 2022
Thames Watcr Utilitics Finance 6.75% 2028 Treasury 3.5% 2049 Trrasury 4.25% 2032 Trrasury 8% 20 I5 Treasury 8% 2021 United Parcel Service 5.S0/u 203 I United Utilities Electric X.X75% 2026 Vodafonc Group 5.9% 2032 Wal-Mart Storcs 5.75% 2030 Yorkshire Power Finance 7.25% 2028
Holding Market Value % of Net GBP Assets
750,000
533,000 805,000 2 15,000
380,000
550,000
1,714,000
850,000
500,000
230,000 667.000
1 ,552,000 745,000 390,000 730,000
1,650,000 3 15,000 490,000
1,305,000
750.000 470.000 220.000 196.000
I,320,000 2,02 1,000
5 10,000 566.000
1.372.000 1,973,000
350.000 400,000
1.01 0,000
5.000
I , 125.000
553,067 1,234,146
205,066 Xh7,553 3 19,045
684.778
1,797,043 51 3,155
264,976 7 10,422
1.773,393 769,660 414,881 768,748
1,770,038 309,094 532,022
I ,35 1.328
799,650 50 1,443 241.91 2 2 14.X 16
1,544,664 1.549,299
492,023 7 6 0,9 5 9
1,967.79 I 2,049,043
496,020 390,439
1,096,249
5.681 .. .
81),121,780
1.36
0.67 1.50 0.25 1 .os 0.5 1
0.83
2.18 0.62
0.32 0.86 2.15 0.93 0.50 0.93 2 15 0.3x 0.65
I .64
0.97 0.61 0.29 , 0.26
1.87 1.88 0.60 0.92 2.39 2.49
0.60 0.47 1.33
0.01
97.17 ~
-
Total Bonds listed on an Official Stock Exchange 80,121,780 97.17 ... . -
Unlisted Shares
LlrXEMROURC JPMorgan Fleming Liquidity Funds - SPMF Sierling Liquidy X 0 114 0.00
114 0.00
Total Unlisted Shares 114 0.00
- ..
- __ Total Investment Portfolio 80,121,894 97.17
... -_
JPMorgan Fleming Funds - Taiwan Fund
PORTFOLIO as at 31 Decemher 2002
Description Holding Market Value % of Net USD Assets
Shares listed on an Official Stock Exchange
Ambit Microsystcins Asia Polymer Asustck Computcr R, <asso .. Industry China Metals Products China Motor China Steel Chinatrust Financial Holding Chung HW4 Pulp Eva Airways Evcrgreen Marine Far Eastcrn Tcxtilc Formosa Chemicals ti Fibrc Formosa Plastic.; Giant Manuficttiring Hon Hai Precision Industry Hsin Kuaiig Steel Kaulin Manufacturing 1.i te-On Technology Media Tek Mercuries & Associates Nicn Made Enterprises Quanta Computcr Kealtck Sctnicotiductor Siinplo Technology Sinopac Holdings Sunplus Tcchnlogy Synncx Tcchnology lntemational TON Y1 Industrial Taiwan Acccptancc Taiwan Ilon Chuan Entreprise Taiwan Semiconductor Manu facttiring Taiwan Styrcnc Monomcr Topco Scientific Uni-President Enterprises IJnikd Microelectronics Yich Phui Entrcprisc Yungtay Enginccring Zyxel Communications
7 12,4xo 2,642.000
6 IY,O00 1,054.000
6 12,000 2.617,000 4.203.000 1.343,000 1.873,OOO
942.000 77.050
1234,860 1.603.740 1.169.410
s3 I .300 6 I 1 .ooo 477.000
1,495.659 148,800
1.244000 355.000 433.050 197.000
2,912.256 78 1 .ooo
1.230.000
42x,ono
6 I x,ooo
3,243,000 220,000 78 I .ooo
2,918.800 2,54 I .no0
I84.000 l.642,XSO
735.100 763.000
450,950 535,000
2.276.492 1,376.518
736,126 930.996 9 1 I ,70X
I , 149.483 1.46S,190 3.454, I ox
449,407 793,896 587.056
25,784 1,334,745 ?,12 1.241 1.543.393 I J39.404
472,233 5 I 1,465 ,707,050 . 2 2 2 , 8 ~ 549,667 722.978 7 1 3.648
,305,419 9 1 I ,702
,226.016 ,144,421 .849,959 856,493 181,134
,010,535
3.633.799 2.343.246
443.582 521,371 447.53s 521,625 385,773 944,348
4.7 I 2.85 1.52 I .92 I .88 2.38 3.03 7.13 0.93 I .64 1.21 0.05 2.76 4.37 3.19 3.80 0.98 I .06 3.53 2.53 1.14 I .49 1.48 2.70 I .XX 2.53 2.99 3.82 1.77 0.38 2.09
7.50 4.84 0.92 I .ox 0.93 1.08 0.80 1.95
.
Total Shares listcd on an Official Stock Exchange 44,923,747 92.84
IJnlisted Shares
Capital Sccuritics 1,684,530 486.109 1.01 Coretronic 397,200 359.584 0.74
. . .... .
.. -. -
Total TJnlistcd Shares 845,693 1.75 . . ... .. .. . .
Total Investment Portfolio 45,769,440 94.59
.Allocation of Portfolio
General Manufacturers
Fiiiancials
Scrviccs
Constinier Goods Mineral Extraction
Cash C other Net Assets
Total .. ..
% of Net Assets
64.51
10.05
9.90
9.20
0.93
5.41 I00.00
~
89
JPMorgan Fleming Funds - UK Equity Fund
PORI'FOLlO as at 31 December 2002
Description Holding Market Value '%n of Net Description GBP Assets
Shares listed on an Official Stock Ilxchangc
Abbey National Alliance 8; T.eicester Anglo American Arriva AstraZeneca Avi,a RHP Rillilon RP BT Group Balfour Hearty Rarclays Rarratt Devclopmcnts British American 'l'ohacco British Vita Carpetright Cattles Coats Countrywide Assured Group Diageo Emap FKI Iirst Choice llolidays Gallaher Group GlaxoSmithKline HBOS HSBC Holdings II:AP Impcrial Tobacco Group lnchcape lntcrmediate Capital Group Jardine 1.loyd Thompson Group Johnston Press Kiddc Laing (John) Legal & General Group J.loyds TSR Froup Man Group Meggitt Mowlctn Ncw Look Group Northern Foods Novar Old Mutual P&O Princess Cruiscs PZ Cussons Pearson Peninsular & Oriental Steam Navigation (Thc) Persimmon Premier Oil Provident Financial Prudential Rank Group Reed Elscvicr Kexain Kio 'Tinto (Reg!. Shares)
Royal Bank of Scotland Group Sagc Group Sainsbury (J) Scottish &r Newcastlc Scottish Power
Rolls-Royce
43,435 16,563
117,200 I 85,638 271,686 533,742 904,973
2.996,339 1.300,3 19
363,912 817.193 395.343 525,l 14 673,268
80,244 204,064
I .319,911 1,390,603
279,529 122.291
1.362.495 149.423 376.521 739.596 788.072
1,729.037 192.257
14.79 I 265, I22 55.000
220,983 86.230
2260,989 322,899
2,734.261 944.773 146.218 777.622 135,370 682,754 198,489 X28,584
449,109 46,455
207.939
813,886 146,506
I .9 19,413 153.427 163.335 690.035 5 12.386
207.746 912.135
242,545 23.177 16.963
730.805
290,077
487,275
572,435
223,271 35 1.434
3,828.853 492.431
5.91 8.680 2,372.918 7,967. I80
12.786.877 2,485,235
3.070.603 1,535.9 I I 3,236,5 17 1,622.576
470.63 1 585,664 695.756
1,571.381 1,875.640
909,539 I, 178,558
132.239 2.309.033 8,472.072 5,053,12
I I ,9 13.065 1.9 I 9.686
153.418 1,808.132
466.125 1,475.062
3 17.758 I ,620,205
343,xx7 2.600,966 3.163,087
I ,27 1.626 1,368.6 15
463.669 1,678.368
327.259 894.871 257.08 I
1,904,371 34 1,444
1.196,169
1,339,860 618,255 554.23 1 899,082 714,591
1 .805,303 2 . 7 4 3 , ~ 2.038.028 2575,012
990.41 9 8,394,759
321,675 63,936 77.945
2,597.098
524,4x8
0.13 0.20 2.19 0.28 3.37 I 3 6 1-70 7.30 I .42 0.30 1-76
1.86 0.93 0.27 0.34 0.40 0.90 1-07 0.52 0.67 0.08 1.32 4.83 2.89 6.80 1.10 0.09 1.03 0.27 0.84 0. I 8 0.93 0.20 1.49 2.37 0.73
0.27 0.93 0.19 0.5 I 0. I5 I .09 0.20 0.68
0.77 0.35 0.32 0.51 0.41 1.03 1.57 1.17 1.47 0.57 4.79 0.18 0.04 0.05
0.88
0.78
i.4x
Shcll Transport & 'Trading (Reg Shares) Signct Group Smiths Group Standard Chartered Stanley Leisure 'late & Lyle I'esco Toinkins Unilever IJnited lltilitics Vodafonc Group Wiinpey (George) Wolverhampton & Dudlcy Hreweries Yule Catto & Co nun02
Holding Market Valur. % o f Net GRP Assets
1.942,630 2,600.5 I3
176.967 4141 64
32.657 560.340 133.42 1 983.305 674.364 353.330
12,232,045 779.686
30,17X
1,432.531) 282.033
7.92 1,074 1.773,850 1.244.963 2.928,139
128.505 1.778,379
257,169 1.886,716 3.9349 I1 2.190.646
13,715.1 80 1.959,936
184.086 785.462 639.271
4.52 1.01 0.71 1.61 0.07 I .02 0.15 I .ox 2.25 1.25 7.83 1.12
0.1 1 0.45 0.37
._ . ..
Tutal Shares listed on an Official Stock Exchange 168,181,185 96.12
Unlisted Shares
JPMorgan Flcming UK Smaller Companies A 6226,076 4.916,732 2.81 TI Automotive 102.857 0 0.00 Versailles Group 332,300 0 0.00
.
....
Total Unlisted Shares 4,916,732 2.81
Total Investment Portfolio 173,097,917 98.93
.- . .....
. .
o/u of Net Assets
Financials 28.71
Scwiccs 26.19
Mineral Extraction 17.51 Uti 1 i ti es 12.36
9.92
IOO.00
90
JPMorgan Fleming Funds - US Strategic Growth Fund
PORTFOLIO as at 31 Uecember 2002
Description Holding Market Value % o f Nrt Description IJSD Assets
USA
/\MBAC Financial GI-oup ,401 Tinic Warner Abbott Laboratories American Express .4merican Tntttmational Group Anigen Applera-Applied Riosyslems
Applied Materials Autoinatic Data Processing Cardinal Ilealth Cisco Systems Citigroup Coca-Cola Colgate-Palmolive Corncast Dell Computer tirncrson Elcctric Exson Mobil Fannie Mae Fifth Third Uancorp Forest Laboratories General Fkcti-ic Gilead Sciences Gillctte Goldman Sachs Group (The) Home Depot Intel Tnkmational Business Machines Johnson & Johnson Kohl's Lilly (Eli) Ai Co Medimmune Medti-onic Microsoll Northem Trust Oracle PepsiCo Pfizcr Philip Morris Procter & Gamble Texas Instruments Verizon Communications Viacoin Wal-Mart Stores Wall Disney Wycth Yum! Brands
Group
Shares listed on an Official Stock Exchange
-
1 0,000 50,200 28,500 19,100 18,600 23,300
2 I ,oo 25,050 I5.000 6,700
79,500 13.700 24,700 14,000 10.500 43.200
x.200 30,XOO 17,700 10,600 2,300
80.000 6.200
25.000 9,200
23.300 107.700
15.900 30.000
9,675 13,000 1 1 .000 13.700 61.050 10,600 52, I00
8.100 75.600 12.900 18,200 22,300
5.600 9.900
34.000 24,500
33.000 20,000
553,600 624.488
1.047945 681,106
1.053.062 I . I 58.768
397.858 338,xoi 579,975 388,399 ,035.090 481.761 ,073,709 72Y.750 233.888 ,193,505 3 12,460 ,066,604 ,153.952 619,305 224.940 ,976.800 234.333 750,500 624.588 556.218 ,766.280 .229.547 .59?,?50 529,223 8 16.725 303.820 626,296
3.233,819 370,258 562,680 337,283
2.251,368 532,964
1374,482 340.967 2 17,923 398,87 I
1.670,930 392.368
795,795 7 ~ ~ 0 0 0
39,457,257
1.36 I .54 2.58 1.68
2.86
0.9x 0.84 I .43 0.Y6 2.55 1.19 2.65 1.80 0.58 2.94 I .02 2.63 2.X4 I .53 0.55 4.87 0.53 I .8S I .54 1.37 4.35 3.03 3.92 1.30 2.01 0.75 1.54 7.97 0.91 1-39 0.83 5.55 1.31 3.88 0.84 0.54 0.9x 4.12 0.97 1 .82 1.96
97.24
2.60
FINLAND
Nokla (ADR) 37.400 5X0,81X I33
580,818 1.43 _.
NE'TIIERLANDS Unilevcr
Holding Market Value u/o ofNet USD Assets
7.500 334,938 I .I0
444,938 1.10
Total Shares listed on an Official Stock Exchange 40,483,013 99.77
Total Investment Portfolio 40,483,013 99.77
. .~ -
. .- - __ -_.. ._
... . -
of Net Assets
Services 45.54
General Manul:dcturer\ 3 1.23
Financials 13.65
Consumer Goods 4.75
Mineral Lxtraction 2.63 Utilitics
Cash & other Net Assets
Total
1.97
0.23
100.00 .
91
JPMorgan Fleming Funds - US Strategic Value Fund
PORTFOLIO as at 31 December 2002
Description Holding Market Value "An of Net Description USD Assets
Shares listed on an Official Stock Exchange
IJSA
AOL Time Wamcr AT&T Alcoa Alliedsignal Alltel American Express American International Group Autozone RRBiT Bank of America Bank of New York Bellsouth Black & Decker Brown-Forman (U) Burlington Kcsourccs CenturyTel Charter One Financial ChevronTexaco Circuit City Stores-Circuit City Group Citigroup Clayton lloiiies Clear Channel Communications Cumcast Coinpass Bancshares Comptitcr Associates Intcmational ConocoPhilips Corisolidatcd Edison Cooper Industries DPL DTE Energy Deluxe Dcntsply International Devon Energy Dominion Resources Dover EclioSlar Coiiiniunications (A) El Paso Energy East Equifax Exxon Mobil FirstFnergy Freddie Mac (;annett Gcncral Dynamics General Electric Genuine Parts Golden West Financial Hartford Financial Sewices (;roup Hcwlctt-Packard Hughes Electronics IMS Health Tnttmational Business Machines John Hancock Financial Services Kimco Realty Kinder Morgan Knight-Kidder Kraft Foods (A) Lexmark International Liberty Media MGIC Investmeut
222.200 140.460 54.200 80.700
132.800 101.300 223.600 40,000
I 13,200 50.000 96.500
I64.600 32,800 42.400 96.600 60,000 50.900
I07.200
200,000 345,100 224.700
237. I80 50.000
100,000 54,744 41.500 50,000
1 00,000 35.000 50.000 39.850
106.900 66,400 37,900 X6.600
155.900 147.900 53.200
352,700 98,700
100,400 76.500 20,100 6 1,400 84. I00 99,200 6 1,500
117.100 275,500 140.300 30.000
146.200 75.000 83.500 38,200
43.600 458,676
60,000
so,noo
I 05,600
2.764,168 3,756,603 I ,22 I, I26 I .789,926 6,825.256 3.612,358
I2,671,412 2,XO5.X00 4,17 1.W6 3,458,500 2,288,015 4.298.529 1,390.064 2,742.644 4,060,098 1,764,600 1,438,689 6,X00,364
1.467.000 12.135.442 2.741 340 I ,869,000 5,520,365 1.539,500 1.318.500 2.61 8.406 1.763.580 1,770,750 I ,4x7,500 1,589.525 2.068,000 1.473,653 4,943.056 3,58 I ,94x 1,082,614 1,90043 7 1,084,285 3,2 17,565 1,200,990
12.214.001 3,260.061 5,905.026 5,418.878 1,589,207 I ,5 17,194 2,586,916 7.192.496 2,778.878 2.098.432 2,XXS,863 2.173,247 2.319,900 4.070.208 2.382,750 3.507,835 2,359,hlJ 4,121 ,56X 2.644,122 3384.986 2,445,600
0.82 1 . 1 1 0.36 0.53 2.02 1 .07 3.75 0.83 1.24 1.03 0.68 1.27 0.41 0.8 I 1-20 0.52 0.43 2.02
0.44 3.59 0.8 I 0 .55 1.64 0.46 0.39 0.78 0.52 0.53 0.44 0.47 0.61 0.44 I .45 1.06 0.37 0.56 0.32 0.95 0.36 3.61 0.97 1.75 1.61 0.47 0.45 0.77 2.12 0.82 0.62 0.86 0.64 0.69 1.21 0.71 I .04 0.70 1.22 0.78 1.15 0.72
92
Marsh & McLcnnan Murphy Oil Nike North Fork Bancorporation Outback Stcakhousc PNC Iinancial Senices Group PPG lndustries Pfizcr Philip Morris Plum Creek Timber Principal Financial Group Prudential Financial Puhlic Storage SBC Communications Safeco Scrilips SouthTrust Suntrust Banks T. Kowe Price Group Travelers Property Casualty (A) US Bancorp United Technologies VF Valspar Verizon Communications Viaconi \'ulcan Materials Wachovia Walt nisney Washington Mutual Washington Post (B) Wastc Management Wcllpoint Health Nehvork Wells Fargo & Co Wyetli
Holding Market Value % nf Net USD Assets
47,400 39,600 32.600 66,400
119.300 79,400 4 1,700
1 19,700 120,300 60,000 49,700 7x,300 63.800
22 1.400 93,000 32.000 60.000 80.000
I 10.300 203,104 197.500 60,XOO 47,600 56.300
287.600 71.800 69,000 97.200
143,300 113,600
2.100 91,700 30,000 70.900 58,800
2.1 89,169 3,325,608 1.4 19,404 2.224.732 4.1 11.078 3,257,385 2,062,482 3,564,666 4,970, I95 1,393,200 I ,so I ,6Xh 2.448,050 2.034.582 6.036.471 3,303,825 2.420.800 1.469.300 J3S 19.200 3,050,347 2,986,644 4, I24.7XX 3,707.888 1.677,662 2.459,747
11.191,954 2.892,822 7,530.970 3,557.520 2294,950 3.939,080 1,507,496 2,085,258 2.1 12.900 3,282.316 2.1 75.600
0.65 0.99 0.42 0.66 1.22 0.97 0.61 I .Oh I .47 0.4 I 0.45 0.73 0.60 1.78 0.98 0.72 0.44 1.34 0.90 0.89 1.22 1.10 0.50 0.73 3.3 I 0 86 0.75 1.05 0.68 1.17
0.62 0.63 0.97 0.64
0.45
309,421,201 91.67 .
RERMUD 4
Partnerre 37.600 1.935,648 0.57 Tyco International 198.100 3.006.168 0.89
4,941,816 1.46
Total Shares listed on an Official Stnck Exchange 314,363,017 93.13
.
.
.
Total Investment Portfolio 314,363,017 93.13
. . __ . .. .
Allocation of Portfolio uA of Net Assets
Financials 35.13
Services 18.95
Utilities 14.45
General Mariufacturers 11-92
Mineral Extraction 10.47
Consumer Goods 2.21
Cash & other Net Asscts 6.87 100.00 Total . ..
JPMorgan Fleming Funds - US Technology Fund
PORTFOT.10 tls at 31 December 2002
Description Holding Market Veluc % o f Net USD Assets
Shares listed on an Official Stock Exchange
ITSA AOL Time Warner 54,000 Adohe Systems 27.000 Advent Software 27,000 Altera xo.000 I2maroii.com 147,000 Analog Devices w,ooo ~Zpple Coiquter 1 18,000 Applied Materials 79,000 Automatic Data Processing 18.000 BE/\ Systcms 213.000 Broadcorn 69.000 CDW Computers Centers 36,000 Cisco Systems 283.000 Dell Computer 150,000 E.piphany 178,000 Electronic Arts 26.000 Electronics for Imaging 77,000 First Data 54,000 Intel 102,000 Intergraph 77,000 lntcrsil 42.000 Intuit 46.000 JDS Uniphase 277,000 Kla-Tencor 36,000 Linear Technology 39:000
Micron Tcchnology 82,000 Maxim Integrated Products 66,000
Microsoft 77,000 Nerwork Appliancc 2 17.000 Novellus Systems 36,000 Oracle 243,000 Qualcoiiiin 114,000 Sun Microsystems 506.000 Symmitcc 34,000 Texas Instrunicnts h 1,000 VeriSigii 80.000 Veritas Softwai-e 84,000 Xilinx 52,000 Yahoo 88,000 ebay 57,000
671.760 677,835 365.1 75 980,000
2.76X,O IO 1 .977,600 1.663,2 IO 1,068,475
695.970 2,524.050 1.098,825 I.S10,560 3,697,680 4,053,750
797.440 1,338.870 1,262.415 I .Y 17,540 1,672,X00 1,359,335
5X6.950 2.170,740
698,040 1,303.380 I ,29 3,845 2232,120
844.190 4,078.690 2,346.855 1,029.600 2,624,400 424 I ,940 1.659,680 1.423,4 10
932,690 674.400
1.393,980 1,101.360 1,460,360 3,817.575
0.96 0.97 0.52 1.40 3.96 2.83 2.38 1.53 I .oo 3.61 1.57 2.16 5.28 5 x 0 1.14 I .92 1.81 2.75 2.39 I .95 0.84 3.11 1.00 1.87 I .x5 3.20 1.21 5.85 3.36 1.47 3.76 6.06
2.04 1.34 0.97 2.00 1.58 2.09 5.45
2.38
68,O 15,605 97.36 _ _ -_ ~-
CANADA
Nortel Netwoiks 733,000 1.216.780 174
1,216,780 1.74
Total Shares listed on an Otficial Stock Elchange 69,232,385 99.10
Total In\estmcnt Porttolio 69,232,385 99.10
-_
._ . -
91.01
Allocation of Portfolio
General Manulhcturers r - --- Services
Utilitics
Cash & other Net Assets
Total . .. _. -.
I .oo O.y"i - 100.00 ..
93
NOTES TO THE FINANCIAL STATEMENTS 31 December 2002
1. Activity
JPMorgan Fleming Funds is an investment company incorporated on 14 April 1969 under the name Multi Trust Fund SA. The name of the Company was changed to Flcming International Fund on 3 July 1984. then to Fleming Flagship Fund on 19 October 1988, to Fleming Funds on 2 Junc 2000 and then to JPMorgrin Flcming Funds on 19 November 2001. It is organised undcr thc Luxembourg Law of 30 March 1988 on Undertakings for Collective Investment. Part I, as a Societe Anonyme qualifying as a “SociPtP d’lnvestissement ii Capital Variable” (SICAV). As at 3 1 December 2002 it comprises 47 sub-funds, each relating to a separate investment portfolio consisting of sccuritics, cash and other instruments. Within each sub-fund, ii number ofdifferent classes of shares have bccn issued. The types of shares are namcd cithcr “JPMF” or “JF”. Furthermore. each J P M F share class and some JF share classes may be dcsignated “A” or “D” to reflect diffurcnt charging structures. Within each sub-fund. individual classes of shares may have a currency of denomination that differs from the currency denomination ofthe sub-fund. The currency of denomination for cadi class of share is indicated by B suffix on the name of the share class.
The Board of Directors dccidcd with effect from September 2002 the following name changes: JPMorgan Fleming Funds - FF Euro Bond Fund has become JPMorgan Fleming Funds Europc Aggregate Bond Fund SPMorgan Fleming Funds - Global Small Cap Fund has become JPMorgan Fleming Funds - Cilobal Socially Rcsponsiblc Fund
2. Significant Accounting Policies
The Financial Statements are presented in accordance with Luxembourg regulations relating to investment funds.
EXCHANGE RATES The Company’s dcsignated currency is the US dollar. Asscts and liabilities have been convcrtcd at the exchange rates prevailing at 3 I December 2002. Gains or losscs on foreign exchange are recogniscd in the Statement of Operations in determining the increasc or dccrease in net assets as a result of opcrations.
INVESTM EN‘I IN SECURITIES Thc value of’ securities is determined on the basis of the last available quoted price on the stock exchange or ovcr-the-counter market or any other recogniscd market on which these securitios arc traded or admitted for trading. Where such securities are quoted or dcalt on more than one stock exchange. the Directors may, at their own discretion, select the principal of such stock exchanges. If a security is not traded or admitted on any official stock exchange or any rcgulatcd market, or, in the case ofsecuritics so traded or admitted, ifthe last available price does not reflect their true value. the Directors are required to proceed with a valuation on thc basis of the expected sale price, which shall be valuud with prudence and in good faith.
INVESTMENT INCOME Bonds and bank deposit interest are accountcd for on a day-to-day basis. Dividends arc taken into income on the date upon which the relevant securities arc first listed as “ex-dividend”.
ALLOCATION OF COSTS AND EXPENSES Each Fund is charged with all cxpenses attributable to it. Expcnscs not attributable to a particular Fund are allocated amongst the Funds on an equitable basis. normally pro rata to their respective net asset values.
FORWARD CURRENCY CONTRACTS Unsettled forward currcncy contracts are valued by rcfcrcnce to the forward rate of exchange applicable to the outstanding life of the contract. All unrealised gains and losses arc rccognised in the Statement of Operations in determining the incrcasc or decrease in net assets as ii result of operations.
VALUATION OF FINANCIAL FUTURES AND OPTIONS Financial Cutures and options are valued at tht last known market price. Kealiscd and unrealised profits and losses are included in the Statcment of Operations.
94
NOTES TO THE FLNANCIAL STATEMENTS 31 December 2002
(continued)
CONSOLIDATlON OF MAURITIAN SUBS1 DIARY All income, expenses, receivables, payables and investments of Flagship Indian lnvestment Company (Mauritius) Limited (the “Subsidiary”), a wholly-owned subsidiary ofJPMorgan Fleming Funds SICAV, arc consolidated into the Statement of Net Assets and the Statement of Operations and of Changes in Net Assets of the Company. Securities owncd hy the Subsidiary are individually discloscd in the portfolio of investments of JPMorgan Fleming Funds - India Fund. Intcrcompwy balances are eliminated on consolidation.
3. Dividends Paid
During the period to 3 I Deceinbcr 2002, the Company paid dividends as follows: - JF Asia Equity A - USD: USD 0.02 per share paid on 3 October 2002. - JF Asia kquity A - GBP: GBP 0.01 pcr share paid on 3 October 2002. - JF China A - USD: USD 0.09 per share paid on 3 October 2002. - JF China D - USD: USD 0.10 pcr share paid on 3 October 2002. - JF Europc Equity A - USD: USD 0.09 per share paid on 3 October 2002. - JF Greater China A - USI): USD 0.01 per share paid on 3 October 2002. - JF Greater China D - USD: USD 0.01 per share paid on 3 October 2002. - J F Hong Kong A - USD: USD 0.08 per share paid on 3 October 2002. - JF Hong Kong D - USD: USD 0.03 per share paid on 3 October 2002. - JF Latin America Equity A - USD: USD 0.12 per share paid on 3 October 2002. - JF Pacific Balanced A - USD: USD 0.17 per sharc paid on 8 August 2002. - J F Pacific Balanced D - USD: USD 0.04 per share paid on 8 August 2002. - JF Singapore A - USD: USD 0.03 per sharc paid on 3 October 2002. - J F Singapore D - USD: USD 0. I6 per share paid on 3 October 2002. - JPMF Ralanced A - EUR: EUR 0.1 1 pcr share paid on 8 August 2002. - JPMF Balanced r) - EUR: EUR 0.06 per share paid on 8 August 2002. - JPMF Euroland Equity A - EUR: EUR 0.06 pcr sharc paid on 3 October 2002. - JPMF Euroland Equity D - EUR: EUR 0.01 per share paid on 3 October 2002. - JPMP Europe Aggregate Bond A - EUR: EUR 0.32 per sharc paid on 8 August 2002. - JPMF Europe Aggregate Bond D - EUR: EUK 0.21 per share paid on 8 August 2002. - JPMF Europc Convergence Equity A - EUR: EUR 0.01 per share paid on 3 October 2002. - JPMF Europe Dynamic A - EUR: FUR 0.03 per share paid on 3 October 2002. - JPMF Europe Dynamic D - EUR: EUR 0.04 per share paid on 3 October 2002. - JPMF Europe Equity A - EUR: EUR 0.17 per share paid on 3 October 2002. - JPMF Europe Equity A - USD: USD 0.05 per share paid on 3 October 2002. - JPMF Europe Equity D - EUR: EUR 0.03 per share paid on 3 October 2002. - JPMF Europe High Yield Bond A - EUR: EUR 0.51 per share paid on 8 August 2002. - JPMF Europe High Yield Bond D - EUR: EUR 0.46 per share paid on 8 August 2002. - JPMF Europe Strategic Growth A - EUR: EUR 0.01 per share paid on 3 October 2002. - JPMF Europe Strategic Growth A - GHP: GBP 0.01 per share paid on 3 October 2002. - JPMF Europe Strategic Growth D - EUR: EUR 0.17 per share paid on 3 October 2002. - JPMF Europe Strategic Value A - EUR: EUR 0.07 pcr share paid on 3 October 2002. - JPMF Europe Strategic Value A - GBP: GHP 0.12 per share paid on 3 October 2002. - JPMF Europc Strategic Value D - EUR: EUR 0.07 per share paid on 3 October 2002. - JPMF FF Emerging Markets Dcbt A - USD: USD 1.06 per share paid on 8 August 2002. - JPMF FF Emerging Markets Debt D - USD: USD 0.5 1 per share paid on 8 August 2002. - JPMF FF Global Bond A - USD: USD 0.41 per sharc paid on 8 August 2002. - JPMF FF Global Bond D - USD: USD 0.16 per share paid on 8 August 2002. - JPMF FF USD Bond A - USD: USD 0.35 per share paid on 8 August 2002. - JPMF FF USD Bond D - USD: USD 0.26 pcr share paid on 8 August 2002. - JPMF Germany Equity D - EUR: EUR 0.01 per sharc paid on 3 October 2002. - JPMF Global Convcrtihlc Bond A - EUR: EUR 0.02 per sharc paid on 8 August 2002. - JPMF Latin America Equity A - USD: USD 0.18 per share paid on 3 October 2002. - JPMF Latin America Equity D - USD: USD 0.08 per share paid on 3 October 2002. - JPMI-; Middle East Equity A - USTI: USD 0.07 per share paid on 3 October 2002. - JPMF Middle Last Equity D - USD: USD 0.15 per share paid on 3 October 2002. - JPMF Sterling Bond A - GBP: CiBP 0.02 per sharc paid on 8 August 2002. - J P M F Sterling Bond D - GBP: GBP 0.34 per share paid on 8 August 2002. - JPMF UK Equity A - GBP: GBP 0.1 1 per share paid on 3 October 2002. - JPMF UK Equity D - GBP: GHP 0.05 per share paid on 3 October 2002.
95
NOTES TO THE FINANCIAL STATEMENTS 31 December 2002
(continued)
4. Taxation
Under legislation and regulations currently prevailing in Luxembourg, thc Company is not subject to any taxes on incomc or capital gains. The only significant tax to which the Company is subject is the “taxc d’abonnement” at the ratc of 0.05% per annum based on the net assets of the Company at the end of the relcvant quarter. calculated and paid quarterly. A nil tax rate is applied to that part of the Fund’s assets invested in other Luxembourg funds which have already been subjcct to “taxe d’abonnement”. Interest and dividend income received by the Company may be subject to non-recoverable withholding tax in thc countries of origin.
5. Management and Advisory Fccs
The Company is managed by J.P. Morgan Fleming Asset Management (Europe) S.1 r.1. (“the Manager”). a Societe 1 responsabilitk limitke incorporated under the laws of the Grand Duchy of Luxembourg on 20 April 1988. Each Fund pays annual management and advisory fees monthly as follows :
JPMorgan Fleming Funds - America Equity Fund JPMF America Equity A - USD J F America Equity A - USD JPMF America Equity D - USD
JPMorgan Fleming Funds - America Large Cap Fund JPMF America Largc Cap A - USD JPMF America Large Cap D - USD
JPMorgan Fleming Funds - America Micro Cap Fund JPMF America Micro Cap A I USD JPMF America Micro Cap D - USD
JPMorgan Fleming Funds - America Small Cap Fund JPMF America Small Cap A - USD JPMF America Small Cap A - GBP JPMF America Small Cap D - USD
dPMorgan Fleming Funds - Asia Equity Fund JF Asia Equity A - USD JF Asia Equity A - GBP JF Asia Equity D - USD
JPMorgan Fleming Funds - Balanced Fund JPMF Balanced A - EUR JPMF Halanccd D - EUR
JPMorgan Fleming Funds - China Fund JF China A - USD JF China D - USD
JPMorgan Fleming Funds - Eastern Europe Equity Fund JPMF Eastern Europe Equity A - EUR JF Eastern Europe Equity A - EUR JPMF Eastern Europe Equity D - EUR
JPMorgan Fleming Funds - Emerging Europe Equity Fund JPMF Emerging Europe Equity A - USD JPMF Emerging Europe Equity D - USD
JPMorgan Fleming Funds - Emerging Markets Equity Fund JPMF Emcrging Markets Equity A - USD JPMF Emerging Markets Equity A - GBP JPMF Emerging Markcts Equity D - USD
I .25% 1 SO% 1 .MY0
1.25% 1.85%
1.50% 2.10%
.25%
.25%
.85%
.25%
.25%
.X5%
1 .OO% 1.80%
1 .SO% 2.10%
1.50Yo 1.501’ 2.10%
1 SO% 2.10%
I. .50% 1 S O % 2.10%
96
NOTES TO THE FINANCIAL STATEMENTS 31 December 2002
(con tinucd)
JPMorgan Fleming Funds - Euroland Equity Fund JPMF Euroland Equity A - EUR JF Euroland Equity A - US11 JPMF Euroland Equity D - E1JR
JPMorgan Fleming Funds - Europe Aggregate Bond Fund JPMP Europe Aggregate Bond A - FUR JPMF Furope Aggregate Bond D - EUR
JPMorgan Fleming Funds - Europe Convergence Equity Fund JPMF Furope Convergence Equity A - FUR JPMF Europc Convcrgcncc Equity D - EUR
dPILlorgtin Fluniing Funds - Europe Dynamic Fund JPMF Europc Dynamic A - EIJR JPMF Europe Dynninic A - GBP JPMF Europe Dynamic 11 - E U K
JPMorgan Fleming Funds - Europe Equity Fund JPMF Europe Equity A - EUR JI'MP Europe Equity A - USD JF Europe Equity A - IJSD JPMF Europe Equity D - EUR
.JPMorgan Fleming Funds - Europe High Yield Bond Fund JPMF Europe TTigh Yield Bond A - EUR JPMF Europe High Yield Bond D - EUR
JPMorgtin Fleming Funds - Europe Small Cap Fund JPMF Europe Small Cap A - EUR JPMF Europe Small Cap A - GBP .IF Europe Small Cap A - t<UK JPMF Europe Small Cap D - EUR
JPMorgan Fleming Funds - Kurupu Stratugir Growth Fund JPMF Europc Stratcgic Growth A - EUR JPMF Europc Strategic Cirowth A - CiBP JPMF Europe Strategic Growth D - EUR
.JPMnrgan Fleming Funds - Europc Stratcgic Value Fund JPMF Europc Stratcgic Value A - EUR JPMF Europe Strategic Value A - CiRP JPMF Europe Stratcgic Value D - EUR
JPMorgan Fleming Funds - Europc 'I'erhnology Fund JPMF Europc Technology A - EUR JPMF Europe Technology A - CiBP JF Europe Technology A - EUR JPMF Europe Technology I) - E U R
JPMorgan Fleming Funds - FF Emerging Markets Debt Fund JPMF FF Emerging Markets Debt A - USD JPMF FF Emerging Markets Debt D - USD
JPMurgan Fleming Funds - FF Global Bond Fund JPMF FF Global Bond A - US11 JPMF FF Global Bond D - IJSD
1.25%
1.85% 1 .Soyo
0.90% 1.15yo
1.50% 2.10%
I SO'% I S0V" 2.10%
I .25%
1.50yo 1.25%
1.85%)
0.85% 1.10%)
1.5@yo
1.50% 1.50%
2.10%
1.25% I .25% I .85%)
1 .25yo I .25% 1.85?'0
1.50?'0 I .SO% I .5O% 2.10%
I .OOY" 1.60%
0.75% 1.05?'0
NOTES TO THE FINANCIAL STATEMENTS 31 December 2002
(continued)
JPhlorgan Fleming Funds - FF USD Bond Fund JI'MF FF US11 Bond A - USD JPMF FF IJSD Bond D - USD
JPMorgan Fleming Funds - Grrmany Equity Fund JPMP Gerrrinny Equity A - EUR JF Gcrniany Equity A - EIJR JPMF Gcriniiny Equity D - EUR
JPRlorgm Flcniing Funds - Global Cunvertihle Bnnd Fund JPMF Global Convertible Bond A - EUR JPMF Global Convertible Bond D - F U R
dPMorgan Fleming Funds - Global Dynamic Fund JrMF Global Dynamic A - US11 JPMF Global Dynaiiiic A - GHP JPMF Global Dynamic D - IJSD
JPMorgan Fleming Funds - Global Equity Fund JPMF Global Equity A - IJSI) JF Globul Equity A - USD JPMF Global Eqiiity D - USD
JPRlorgan Flcniing Funds - Global Life Sciences Fund JPMF Global Lil'c Sciciiccs A - USD JPMF Global Life Sciences A - GBP JF Global Life Sciences A - USI) JPMF Global I.ife Sciences I) - U S D
JPMorgan Fleming Funds - Global Socially Hcspunsihlr Fund JPMF Glohal Socially Rcsponsible A - USD JPMF Global Socially Responsible D - USI)
JPMurgtin Flrming Funds - Greater China Fund JF Grcatcr China A - IJSD IF Grciitcr China D - USD
JPMorgan Fleming Funds - Hong Kong Fund JF Hong Kong A - LIS11 JF I I ~ I I ~ I < O I I ~ D - USD
JPMorgan Fleming Funds - India Fund JF India A - USD JF India D - US11
.JPMnrgan Fleming Funds - International Equity Fund JPMF lnteriiational Equity A - EUK JPMF International Equity I ) - FUR
.JPMorgan Fleming Funds - Japan Equity Fund JF Japan Equity A - USD .IF Japan Equity A - GBP JF Japan Equity D - USD JF Japan Equity J - USD
.IPRlorgan Fleming Funds - .Japan Small Cap Fund JF Jnpa11 Si~lall Cap A - USD J F Japan Small Cap D - IJSD
NOTES TO THE FINANCTAL STATEMENTS 31 December 2002
(continued)
JPMorgan Fleming Funds - Latin America Equity Fund JPMF Latin America Equity A - USD JF L,atin America Equity A - USD JPMF Latin America Equity D - USD
JPMorgan Fleming Funds - Middle East Equity Fund JPMF Middle East Equity A - USD JPMF Middlc East Equity D - USD
JPMorgan Fleming Funds - Pacific Balanced Fund JF Pacific Balanced A - IJSD J F Pacific Balanccd D - USD
JPMorgan Flrming Funds - Pacific Equity Fund JF Pacific Equity A - USD JF Pacific Equity A - GBP JF Pacific Equity D - USD
JPMorgan Fleming Funds - Pacific Technology Fund JF Paciiic Technology A - USD JF Pacific Technology A - GBP I F Pacific Technology D - USD
JPMorgan Fleming Funds - Singapore Fund JF Singapore A - USD JF Singapore D - USD
JPMorgan Fleming Funds - Sterling Bond Fund JPMF Sterling Bond A - GBP JPMF Sterling Bond D - GBP
JPMorgan Fleming Funds - Taiwan Fund J F Taiwan A - USD JF Taiwan D - USD
JPMurgan Fleming Funds - UK Equity Fund JPMF UK Equity A - GBP JPMF UK Equity D - GBP
JPMorgan Fleming Funds - US Strategic Growth Fund JPMF US Strategic Growth A - USD JPMF US Strategic Growth A - GBP JPMF US Strategic Growth D - USD
JPMorgan Fleming Funds - US Strategic Value Fund JPMF US Strategic Value A - USI) JPMF US Strategic Valuc A - GBP JPMF US Stratcgic Value D - USD
JPMorgan Fleming Funds - US Tcchnology Fund JPMF US Technology A - USD JPMF US Technology A - GBP JF US Tcchnology A - USD JPMF US Technology - USD
6. Operating & Administrative Expenses
1.50% 1.50% 2. I O %
I .SO% 2.10Y"
1 .SO% .XU%
.25%
.25%
.85%
SO%
2.1OY" 1.50vo
I .SO% 2.10%
0.75% 1.30%
1 SOY" 2.10%
1.25% 1.85%
1.25% 1.25% 1 .85'%
1.50yo 1.50% I .50o/u 2.10%
From 1 January 2002, the Operating & Administrative Expenses (O&A Expenses) charge is fixed at a pro-dclcrmined level and includes but is not limited to custody, registrar and transfer agent fees. Thc Manager absorbs any difference that may arise between the actual fees and expenses related to tho operations of the Fund and the fixedperccntagc sct out below. To the extent that actual Operating & Administrative Expenses exceed the tixcd porccntage. the amount borne by the Managcr will be separately disclosed as a "Fee Waiver" in tho Combined Statement of Operations and Changcs in Net Assets.
99
NOTES TO THE FINANCIAL STATEMENTS 31 December 2002
(continued)
In general thc O&A Kxpenses for the A and D classes of shares are 0.40% o f the Net Asset Value ofthc shares per annum, with the exception ol'thc share classes listed in the table below:
Sub-fund
JPMorgan Fleming Funds - India Fund
JPMorgan Fleming Funds - Eastern Europe Equity Fund
JPMorgan Fleming Funds - Emerging Europc Equity Fund
JPMorgan Fleming Funds - Europe Convergence Equity Fund
JPMorgan Fleming Funds - Middle East Equity Fund
JPMorgaii Flcming Funds - FF Global Bond Fund
JPMorgan Fleming Funds - Europe Aggregate Bond Fund
JPMorgan Fleming Funds - Europe High Yield Bond Fund
JPMorgan Fleming Funds - Sterling Bond Fund
JPMorgan Fleming Funds - FF USD Bond Fund
Share Class
JF India A - USD JF India D - USD
JPMF Eastern Europe Equity A - EUR JF Eastern Europe Equity A - EUR JPMF Eastern Europe Equity D - EUR
J PMF Emerging Europe Equity A - USD JPMF Emerging Europe Equity D - USD
JPMF Europe Convcrgence Equity A - EUR JPMF EuroDe Converecncc Euuitv D - RlJR
3 PMF Middle East Equity A - USD JPMF Middle East Equity D - USD
JPMF FF Global Bond A - USD JPMF FF Global Bond D - USD
JPMV Europe Aggregate Bond A - EUR JPMF Europe Aggregate Bond D - EUR
JPMF Europe High Yield Bond A - FUR JPMF Europe High Yield Bond D - EUR
JPMF Sterling Bond A - GBP JPMF Sterling Bond D - GBP
JPMF FF USD Bond A - USD JPMP FF USD Bond D - USD
O&A Expenses
0.60%
0.45%
0.45%
0.45%
0.45%
0.35%
0.20%
0.25%
0.35%
0.35%
7.
J.P. Morgan Fleming Asset Management (Switzerland) Limited, was authorised by the Federal Banking Commission as Swiss representative of the Fund and acts also as paying agent. The prospectus, the articles, the annual and scmi-annual reports ofthe Fund. as well as the list ofthe purchases and sales which thc Fund has undcrtaken during the financial year, may be obtained, on simple request and frcc of charge, at the head office of the Swiss Represcntativc. J.P. Morgan Fleming Asset Management (Switzerland) Limited, Dreikonigstrassc 2 1 , CTT-8002 Zurich, Switzerland.
8. Securities Lending
The Fund may lend portions of its securities portf'olio to third parties. Tn general, such lending may only be cffcctcd via recognised clearing houses. or through the intermediary ol'primc financial institutions that specialise in such activities and in the modus spccificd by them. Such transactions may not be entered into for longcr than 30 days. If the loan of securities exceeds 50% ofthe securities portfolio ofthe sub-fimd concerned, it may only be effected on condition that it is possiblc to terminate the loan contract with imincdiatc cffcct. The Tlirectors will ensure that revenues arising from securities lending arrangcmcnts are in accordance with usual innrket practice and that the Company retains an appropriate share thereof (which may vary froin timc to timc. but at least 65% of any incremental incoinc carncd from securities lending must be accrued to the relevant Fund, with the remaining incomc payable to the relevant parties which arrange the relevant transaction).
Information for Swiss Rcgistered Shareholders
IO0
NOTES TO THE FINANCIAL STATEMENTS 31 December 2002
(continued)
As at 3 1 December 2002 thc Fund valuation of sccurilies on loan dealt with the Custodian is USD 457,671.08 I .
- JPMorgan b leming Funds - America Equity Fund - JPMorgan Fleming Funds - Amcrica Large Cap Fund - JPMorgan Fleming bunds - Euroland Equity Fund - JPMorgan Fleming Funds I Europe Aggrcgatc Bond Fund - JPMorgan Fleming Funds - Europc Equity Fund - JPMorgan Flciniiig Funds - Europc 1 ligh Yield Bond Fund - JPMorgan Fleming Funds - Europe Strategic Gmwlh Fund - JPMorgan Fleming Funds - Europe Strategic Value Fund - JPMorgan Fleming Funds - FF Emerging Markets Debt Fund - JPMorgan Fleming Funds - FF Global Bond bund - JPMorgan Fleming bunds - Global Equity Fund - JPMorgan Fleming Funds - Inteimational Equity Fund - JPMorgan Fleming Funds - UK Equity Fund
USD 77,302,152 USD 6.1 74,791 USD 65,333,Z 13 USD 15,468,527 USD 75,834,991 USD 23.71 7,850 USD 15,230,161 USD 148,367,945 USD 13,121,353 USD 3.702,587 USD 706,617 USD 0,459,634 USD 3,05 1,260
9.
Thc lbllowing funds ;ire not authorised in Hong Kong and not available to Hong Kong Residents:
- .I PMorgan Fleming Funds - America Large Cap Fund - JPMorgan Fleming Funds - America Micro Cap Fund - JPMorgan Fleming Funds - America Small Cap Fund - JPMorgan Flcmirig Funds - Asia Equity Fund - J f’Morgan Fleming Funds - Balanced Fund - JPMorgan Fleming Funds - Emcrging Europe Equity Fund - JPMorgari Fleming Funds - Emerging Markets Equity Fund - JPMorgan Fleming Funds - Europe Aggregate Bond Fund - J PMorgan Fleming Funds - Europe Convergence Equity Fund - JPMorgan Fleming Funds - Europe Dynamic Fund - JPMorgan Flcining Funds - Europc IIigh Yield Bond Fund - JPMorgan Fleming Funds - Europe Strategic Growth Fund - JPMorgaii Fleming Funds - Europe Stratcgic Value Fund - JPMorgan Flcming Funds - FF Emerging Markets Debt Fund - JPMorgan Flcining Funds - FF Global Bond Fund - JPMorgan Fleming Funds - FF IJSD Bond Fund - JPMorgan Fleming Funds - Global Convertible Bond Fund - JPMorgan Fleming Funds - Global Dynamic Fund - JPMorgan Flcining Funds - Global Socially Responsible Fund - JPMorgan Fleming Funds - India Fund - JPMorgan Fleming Funds - International Equity Fund - JPMorgan Fleming Funds - Latin Amcrica Equity Fund - JPMorgan Fleming Funds - Middle East Equity Fund - JPMorgan Fleming Funds - Pacific Equity Fund - JPMorgan Fleming Funds - Pacitk ’I’cehnology Fund - JPMorgan Fleining Funds - Sterling Bond Fund - JPMorgan Fleming Funds - UK Equity Fund - JPMorgan Fleming Funds - US Strategic Growth Fund - JPMorgan Fleming Funds - US Strategic Value Fund
10. Purchases and Sales
Authorisation of funds in Hong Kong
A schedule of Purchases and Sales made by the Company during the period to 3 1 December 2002 has not been included but a complete report is available from the Company’s registered offiioc in Luxembourg and from the local agents and share distributors listed in the prospectus.
APPENDIX: ADDITIONAL DlSCLOSURES 31 December 2002
1. lnvcstment Objectivc uf the Fund
JPMorgan Fleming Funds - America Equity Fund Seeks to provide long-term capital growth by investing priiiiarily in North Amurioan securities.
JPMorgan Flrming Funds - America 1,argr Cap Fund Seeks to provide long-term capital growth by investing primarily in “Bluc Chip” North American securities.
JPMorgan Fleming Funds - America Micro Cap Fund Seeks to provide long-term capital growth by investing primarily in North American micro-capitalisation companies.
JPMorgan Flcming Funds - America Small Cap Fund Seeks to provide long-terin capital growth by investing primarily in North American smaller companies.
JPMurgan Fleming Funds - Asia Equity Fund Seeks to provide long-term capital growth by investing primarily in equities of companies based in or trading in countries in thc Pacific Basin excluding 5iipan but including. to a limited extent, Australia and New Zealand.
JPMorgan Flrming Funds - Balanced Fund Seeks to provide long-term capital growth and income by investing in a balanccd portfolio. priiiiarily ofcquities and debt securities throughout the world.
JPMorgan Flcming Funds - China Fund Seeks to provide long-term capital growth by investing primarily in companies iii the Pcoplc’s Republic of China iiicludiiig Chinese companies based or operating in China that are quoted on thc Hong Koiig Stock Exchange or other non-Chinese stock exchanges.
JPMorgan Fleming Funds - Eastern Europu Equity Fund Seeks to provide long-term capital growth by investing primarily in central and oastcrn Europe. including Austria and castein Germany. The Fund may invest up to 10% dircctly in the states of the foniier Sovict Union.
JPMurgan Fleming Funds - Emerging Europe Equity Fund Seeks to provide long-tcmi capital growth by investing primarily in the eniergiiig markuts of central, eastern and southern Europe, including Austria and eastern Germany and, to a limited extent. the markets ofthc Middle East, and North Aliica. The Fund may invest up to 109.; directly in the states of the former Soviet Union.
JPMorgnn Fleming Funds - Emerging Markets Equity Fund Seeks to provide long-term capital growth by investing primarily in cmergirig markets.
JPMurgan Fleming Funds - Euruland Equity Fund Sccks to provide long-tenn capital growth by investing primarily in equities of coinpanics in countries which are or might becoinc part of the Euro zone. The fund may invest up to 10% in coinpanics from other Contiiicntal European countries.
JPMorgan Fleming Funds - Europe Aggrrgatr Rond Fund (formerly PE’ Euro Bond Fund) Seeks to provide a return at moderate risk by investing primarily in i-ixed and ha t ing rate securities of European governments, government aguncics and corporations denominated in western European currencies.
JPMorgan Fleming Funds - Europe Convergencu Equity Fund Sceks to provide long-tcrm capital growth by investing primarily in those countries applying or likely to apply for mcinbcrship ofthe European Union or E U R .
JPMorgan Fleming Funds - Europe Dynamic Fund Sucks to maximize long-term capital growth by investing primarily in European equities.
JPMorgan Fleming Funds - Europe Equity Fund Scuks to provide long-torin capital growth by investing primarily in European equities.
JPMorgan Fleming Funds - Europe High Yidd Bond Fund Seeks to provide a rcturn superior to EMU government debt by investing in European and EUR denominated corporate debt securities. The Fund may invest. to a limited uxtent, in governiiieiit dcbc securities of countrics considered. by the Manager. to be candidates for joining thc EUR and up to 509’~ in governmait debt securities of those countries participating i n FUR.
APPENDIX: ADDITIONAL DISCLOSURES 31 December 2002
(continued)
JPMorgan Fleming Funds - Europe Small Cap Fund Seeks to provide long-term capital growth by investing primarily in Europcan smaller companies.
JPMorgan Fleming Funds - Europe Strategic Growth Fund Seeks to provide long-term capital growth by investing primarily in a growth style biascd portfolio of European companies.
JPMorgan Fleming Funds - Europe Strategic Value Fund Sccks to provide long-term capital growth by invcsting primarily in a value style biased portfolio of European companies.
JPMorgan Fleming Funds - Europe Technology Fund Seeks to provido long-term capital growth by investing primarily in technology related companies in Europe.
JPMorgan Fleming Funds - FF Emerging Markets Debt Fund Seeks to provide ii return by investing primarily in fixed and floating-rate securities from emerging markets.
JPMorgan Flcming Funds - FF Global Bond Fund Seeks to provide a return at moderate risk and a degree of capital protection by investing primarily in high quality international ilxed and floating-rate securities.
JPMorgan Fleming Funds - FF USD Bond Fund Seeks to provide a return by investing primarily in fixed and floatingrate securities denominated in USD or, to a limited cxtcnt, either in a closely linked currency, or onc that is hedged back into USD.
JPMorgan Fleming Funds - Germany Equity Fund Seeks to provide long-tcnn capital growth by investing primarily in equities of German companies.
JPMorgan Flcming Funds - Glohal Convertible Bond Fund Sccks to providc a return by investing primarily in a diversified portfolio of convertible bonds and warrants, throughout the world. The Fund may hold to a limited extent straight bonds and equities.
JPMorgan Fleming Funds - Global Dynamic Fund Sccks to maximize long-term capital growth by investing primarily in equities throughout the world.
JPMorgan Fleming Funds - Global Equity Fund Seeks to provide long-term capital growth by investing primarily in equities, throughout the world. The Fund may invest, to a limited extent, in fixed-interest securities.
JPMorgan Fleming Funds - Global Lifc Sciences Fund Seeks to provide long-term capital growth by invcsting primarily in companies in the healthcare and life sciences industries, throughout the world.
JPMorgan Fleming Funds - Global Socially Responsible Fund (formerly Global Small Cap Fund) Seeks to provide long-term capital growth by investing primarily in equities of companies throughout the world that demonstrate socially responsihlc principles. Such companies would bc cxpccted to work towards environmental sustainability, develop positive relationships with their shareholders and uphold or support universal human rights.
JPMorgtln Fleming Funds - Greater China Fund Seeks to provide long-term capital growth hy invcsting primarily in companies in thc Pcople’s Republic of China, Hong Kong and Taiwan.
JPMorgan Fleming Funds - Hong Kong Fund Seeks to provide long-term capital growth by investing primarily in companies with thc predominant proportion of their business in Hong Kong, even if listed elsewhere.
JPMorgan Fleming Funds - India Fund Seeks to provide long-term capital growth by investing priinarily in Indian securities and in companies. which derive the predominant proportion of their revenue from the Indian sub-continent. A Mauritius subsidiary, wholly owned by JPMorgan Fleming funds, may be used to facilitate an efficient means of investing.
JPMorgan Fleming Funds - International Equity Fund Sccks to provide long-term capital growth by investing primarily in equities, throughout thc world. The Fund inay invest, to a limited extent. in fixed-interest sccuritics.
103
APPENDIX: ADDITIONAL DISCLOSURES 31 December 2002
(continued)
JPMorgan Fleming Funds - Japan Equity Fund Seeks to provide long-tcnn capital growth by investing primarily in equities of Japanese companics.
JPMorgan Fleming Funds - Japan Small Cap Fund Seeks to provide long-term capital growth by investing primarily in Japanese smaller companies.
JPMorgan Fleming Funds - Latin Amcrica Equity Fund Seeks lo provide long-term capital growth by investing primarily in equities of Latin American companies.
JPMorgan Fleming Funds - Middle East Equity Fund Sceks to provide long-term capital growth by investing primarily in equities of Middle East companies. Additionally the Fund may invest, to a limited extent, in Morocco and Tunisia.
JPMorgan Flcming Funds - Pacific Balanced Fund Sccks to provide long-term capital growth and income by investing primarily in the securities of companies from the Asia-Pacific region.
JPMorgan Fleming Funds - Pacific Equity Fund Seeks to provide long-term capital growth by investing primarily in equities of companies based or trading in Japan and the Pacific region, excluding the United Statcs of America.
JPMorgan Fleming Funds - Pacific Technology Fund Seeks to provide long-term capital growth by investing primarily in technology related companies in Japan and thc Pacific region.
JPMorgan Fleming Funds - Singapore Fund Seeks to provide long-tcnn capital growth by investing primarily in companies listed on the stock exchange of Singapore or in companies listed elsewhere but which trade with or invest significantly in Singapore.
JPMorgan Fleming Funds - Sterling Bond Fund Seuks to provide a return at moderate risk by investing primarily in lixed and tloating-rate sccurities denominated in GBP or, to a limited extent, either in a closely linked currency, or one that is hedged back into GBP.
JPMorgan Fleming Funds - Taiwan Fund Sccks to provide long-term capital growth by investing primarily in Taiwanese securities.
JPMorgan Fleming Funds - UK Equity Fund Seeks to provide long-term capital growth by investing primarily in UK securitics.
JPMorgan Fleming Funds - US Strategic Growth Fund Seeks to provide long-term capital growth by invesling primarily in a growth stylc biased portfolio of U.S. coinpan ies.
JPMorgan Fleming Funds - US Strategic Value Fund Sccks to provide long-term capital growth by investing priinarily in a value style biascdportfolio of U S . companies.
JPMorgan Fleming Funds - US Technology Fund Seeks to provide long-term capital growth by investing priinarily in technology related companies bascd or operating in the United States of' America.
104
APPENDIX: ADDITIONAL DISCLOSURES 31 December 2002
(continued)
2. Performance and Volatility
Share Class Name
JPMF America Equity A - USD IPMF America Largc Cap A - USD JPMF America Micro Cap A - IJSD JPMF America Small Cap A - USD JF Asia Equity A - USD JPMF Balmiced A - EUK JF China A - USD JPMF Eastem Europe Equity A - EUR JPMF Emerging Europe Equity A -USD JPMF Emerging Markets Equity A - USD JPMF Euroland Equity A - EUR JPMF Europe Aggregate Bond A - EUK JPMF Europe Convergence Equity A - EUR JPMF Europe L)ynamic A - EUR JPMF Europe Equity A - EUR JPMF Europe High Yicld Bond A - EUR JPMF Europe Small Cap A - EUR JPMF Europe Strategic Growth A - EUR JPMF Europe Strategic Value A - EUK JPMF Europe Technology A - EUK JPMI FF Emerging Markcts Dcbt A - USD JPMI 1:l: Global Bond A - USD JPMF FF IJSD Bond A - lJSD JPMF (icrmany Equity A - EIJR JPMF Global Convediblt Bond A - EUR JPMF Global Dynamic A - USD JPMF Global Equity 4 - USD JPMF Global Lifc Sciences A - IJSD JPMF Global Socially Responsible A - IJSD JF (ircater China A - IJSD JF Hong Kong A - USD JF India 4 - USD JPMF Tntemational Equity A - EUR IF Japmi Equity A - US11 IF Japan Small Cap A - USD JPMF Latin America Equity A -USD JPMF Middle East Equity A - USD JF Pacilic Balanced A - IJSD JF Pacific Equity A - IJSD JF Pacific Technology A - IJSD JF Singapore A - IJSD JPMF Sterling Bond A - GRP JF Taiwan A - USD JPMF UK Equity A - GBP JPMF US Strategic Growth A - USD JPMF US Strategic Value A - USD JPMF US Technology A - US0
3 months 1 year 5 pears
8.7% 6.6%
2.0YU 10.2o/b -0.7vn 2.7% 5.1Yn 8.6%
12.0% 8.514 3.014 2.01/"
I 1.2% -6.8%, 2.6% 6.1%
-0.8%J -I .6?0 -0.39'0 2.9%
15.6% 3 .5 04 1.4%
-1.5% -1.8% 3.2% 5.6%
-1.8?& 5.994 1.40/0 3.1%
12.41'0 0.59h
-4.X%, -13.8% I5.X% 2.4% 0.29'0
- 1.4'4 0.6% 4.2% 0.5% 5.7% I .XY"
3.5% 6. I YU
I 0.00/0
-72.9% -24.8% -25.9% 42.6% - 13.7'%
-x.994,
- I 1.4% 5.7%
19.714 -5.5%
-29.4% 7.8% 5.1%
-2 I . 1 %
-25.4O.L - IO.XO/U
-25.00,L -27.9'4, -20.XYn -5 I . 1 %
9.994 14.5% 8.6%
-40.6% -9.9%
- 1 0.9'4 -22.3% -43.4% -32.396
-7.714 -5.91% -1.1%
-32.706 - 10.70/u - I 7. I 94 -24.904 - I4.3K
1 . 0'!/n
-9.6% - 1 1.3%
- 8.90/0
x.39i -2O.OU/U -20.6% -3 1 .69/o -16.194 -5 9.2%
-25.7Yo nla
6.8% -3 9.6% 26.7%
1.2% -23.2% -21.5%
5.1o/b -18.9%
-5.01'0 26.5%
n/a nla
-2.1% nia
- 19.946 nla d a nla
32.694 21.8%
I d 2 1
nla
d a Ilia
-44.79% nla Ilia
nia nia
3 1.1 '/an -16.49'0 42.1% 27.794
-38.694 n:a nla
57.3% nla
Ida 34.3%
n!a -8 .5%
nia nia
-67.4%
Since Inception
12.99/0 -9.4% 13.1% 8.91.h 5.7% 3.69'0 0.3% 7. 00/0 4.9%
-3.1% 7.9% 5.6%
-7.39/0 -13.6%
8.3% -6.4Yu
X.b%J
-23.2% -3.5%
-75.3% I0.40/u 6.1% 8.6%
-30.9% -7.8%
- 1 0.490 -5.5%
-21.194 -54.196
-6.794 -7.414 3.0% 3.606 3.4%
-7.4% -I .0% -8.7Yn 2.8?/0 8.6?/0
-22.4% -3.0% 8.4%
-14.49'0 7. 69h
-28.494 -6.7%
- I9.5%
Inception Volatility/ date Annualized
16-Nov-88 High 01-Apr-99 High 16-Nov-88 High 11-Sep-84 lIigh 02-0ct-89 High
3 1-Aug-95 Medium 04-Jul-94 High 04-Jul-94 High
16-Apr-97 High 18-Apr-94 High 01-Dec-88 IIigh 18-May-95 Medium 15-Scp-00 High 08-Dcc-00 High 0 I -Dec-X8 High 05-Ocl-98 High I X-Apr-94 Medium 14-Feb-00 High 14-Pcb-00 High
OX-Nov-99 High 14-Mar-97 High 0 I -Dec-88 Medium 15-Sep-00 Medium 02-Jun-00 High
04-May-01 Medium 08-Dcc-00 High 01-Lkc-88 High 14-Apr-00 High 02-Jun-00 High
18-May-01 High 18-May-01 lligh 31-Aug-95 High 01-Dee-88 High 0 I -Dec-88 High 04-Ju-94 High
13-May-92 High 18-May-98 Mcdium 18-Jun-01 Medium
01-Dec-88 Medium 02-Jun-00 High
18-May-0 1 High 01-Apr-92 Mcdiutn 18-May4 I High 0 I -Apr-92 High 20-0ct-00 High 20-0ct-00 High 05-Dec-97 Very High
105 ~. . . . .. .-
APPENDIX: ADDlTlONAL DISCLOSURES 31 December 2002
(continued)
Performance
Rcturns for periods greater than one year are annualized. Fund performancc includcs rcinvestinent of inconie and is net of a11 expenses.
Volatility
The standtird lievialion (U) or the price is calculated on a daily basis throughout each Fund's financial year. The details above rclatc to thc pcriod from 1 January 2002 to 3 1 December 2002.
If D is equal to or less th,m 0.1 then volatility was Low If D is grcatcr than 0.1 but lcss or cqual to I .O then wlalility was Medium If II is greater than 1 .O hut less than or equal to 2.4 then volatility was High If D is greater than 2.4 thcn volatility was Very 1 Iigli n/a: Not Applicable
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Approved for usc in thc United Kingdom by J.P. Morgan Fleming Markcting Limitcd, 10 Aldermanbury, London EC2V 7KF. England. J.P. Morgan Flcining Marketing Limited is authorised by the Financial Services Authority and is part ofthe JPMorgan Fleming Asset Managcment marketing group which sells investments, life assurancc and pension products. The pricc of shares and any income from them may fall as well as rise. When a subscription involves a foreign exchangc transaction, it may be subject to the fluctuations ofcurrcncy values. Exchange rates may also cause the value ofunderlying overseas investments to go up or down. Investment in emerging markets may be more volatile and the risk to your capital is greater. There is no right to cancel an agrccmcnt to purchase shares under the Financial Services (Cancellation Rulcs). The normal protections provided by the UK regulatory system do no1 apply and compensation under the Financial Services Compensation Scheinc is not available.
