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JPMorgan FundsAudited Annual Report30 June 2011

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This report is an abridged version of the audited annual report established in conformity with the Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment as amended. The complete version is available on request from the Company’s registered office in Luxembourg and from JPMorgan Funds (Taiwan) Limited.

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

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

TW

JPMorgan FundsAudited Annual ReportAs at 30 June 2011

Contents (continued)

Board of Directors 1Management and Administration 2Board of Directors’ Report 3Investment Managers’ Report 4Audit Report 5Financial Statements and Statistical Information

Combined Statement of Net Assets 7Combined Statement of Operations and Changes in Net Assets 13Statement of Changes in the Number of Shares 18Statistical Information 24

Notes to the Financial Statements 30

Schedules of InvestmentJPMorgan Funds - America Equity Fund 37JPMorgan Funds - Brazil Alpha Plus Fund 39JPMorgan Funds - Eastern Europe Equity Fund 41JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 43JPMorgan Funds - Emerging Markets Debt Fund 45JPMorgan Funds - Emerging Markets Equity Fund 50JPMorgan Funds - Emerging Markets Local Currency Debt Fund 52JPMorgan Funds - Emerging Markets Small Cap Fund 56JPMorgan Funds - Emerging Middle East Equity Fund 58JPMorgan Funds - Euro Money Market Fund 59JPMorgan Funds - Euroland Equity Fund 61JPMorgan Funds - Europe Dynamic Fund 65JPMorgan Funds - Europe Dynamic Mega Cap Fund 68JPMorgan Funds - Europe Equity Fund 69JPMorgan Funds - Europe Focus Fund 73JPMorgan Funds - Europe Small Cap Fund 76JPMorgan Funds - Europe Strategic Growth Fund 79JPMorgan Funds - Europe Strategic Value Fund 84JPMorgan Funds - Europe Technology Fund 88JPMorgan Funds - Global Convertibles Fund (EUR) 90JPMorgan Funds - Global Corporate Bond Fund 94JPMorgan Funds - Global Equity Fund (USD) 98JPMorgan Funds - Global Focus Fund 101JPMorgan Funds - Global Natural Resources Fund 104JPMorgan Funds - JF China Fund 107JPMorgan Funds - JF Greater China Fund 108JPMorgan Funds - JF Pacific Balanced Fund 109JPMorgan Funds - Latin America Equity Fund 113JPMorgan Funds - Russia Fund 114JPMorgan Funds - US Aggregate Bond Fund 115JPMorgan Funds - US Dynamic Fund 131JPMorgan Funds - US Growth Fund 133JPMorgan Funds - US Small and Micro Cap Fund 135JPMorgan Funds - US Technology Fund 137JPMorgan Funds - US Value Fund 138

Appendix: Unaudited Additional DisclosuresFund Total Expense Ratios 141Summary of Investment Objectives of the Sub-Funds 148Performance and Volatility 150Interest Rate Received/(Charged) on Bank Accounts 157Sub-Fund Share Classes Subject to Taxe d’abonnement Rate of 0.01% 157Portfolio Turnover Ratio 157Historical Statements of Changes in the Number of Shares 158

JPMorgan FundsBoard of Directors

As at 30 June 2011

Chairman

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

Directors

Jacques ElvingerPartnerElvinger, Hoss & Prussen2, place Winston ChurchillL-2014 LuxembourgGrand Duchy of Luxembourg

Jean FrijnsProfessor, Finance and InvestmentsAntigonelaan 2NL-5631 LR EindhovenThe Netherlands

Berndt MayManaging DirectorJPMorgan Asset Management (Europe) S.à r.l.Austrian BranchFührichgasse 8A-1010 ViennaAustria

Registered Office

European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Deputy Chairman

Pierre JaansEconomist3, rue de KahlerL-8356 GarnichGrand Duchy of Luxembourg

James B. BroderickManaging DirectorJPMorgan Asset Management (UK) Limited20 Finsbury StreetLondon EC2Y 9AQUnited Kingdom

Robert Van der MeerProfessor of Finance12 Lange VijverbergNL-2513 AC The HagueThe Netherlands

1

JPMorgan FundsManagement and Administration

As at 30 June 2011

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

JPMorgan Asset Management (Europe) S.à r.l.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Investment Managers

J.P. Morgan Investment Management Inc.245 Park AvenueNew York, NY 10167United States of America

JPMorgan Asset Management (Japan) LimitedTokyo Building7 - 3, Marunouchi 2 - Chome Chiyoda-kuTokyo 100 - 6432Japan

JPMorgan Asset Management (UK) Limited20 Finsbury StreetLondon EC2Y 9AQUnited Kingdom

JPMorgan Asset Management (Taiwan) Limited17th Floor, 65 Tun Hwa South RoadSection 2, TaipeiTaiwan

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

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

Highbridge Capital Management LLC9 West 57th StreetNew York, NY 10019United States of America

Custodian, Corporate, Administrative Agent & Paying Agent

J.P. Morgan Bank Luxembourg S.A.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Auditor

PricewaterhouseCoopers S.à r.l.400, Route d’EschB.P. 1443L-1014 LuxembourgGrand Duchy of Luxembourg

Legal Adviser

Elvinger, Hoss & Prussen2, place Winston ChurchillL-2014 LuxembourgGrand Duchy of Luxembourg

2

JPMorgan FundsBoard of Directors’ Report

As at 30 June 2011

The Board of Directors is pleased to present the Audited Annual Report for the year ended 30 June 2011.

The Fund

The Fund is a variable capital investment company, organised as a “Société Anonyme”, under the laws of the Grand Duchy of Luxembourg. The Board ofDirectors has appointed JPMorgan Asset Management (Europe) S.à r.l. as Management Company of the Fund.

The Fund is organized as an “umbrella” with a number of Sub-Funds, each of which has its own investment policy and restrictions.

At present, the Fund has issued shares in 117 Sub-Funds.

During the year, the total net assets of the Fund increased from USD 44.1 billion to USD 61.6 billion at year end.

The Fund qualifies as an Undertaking for Collective Investment in Transferable Securities under the amended EC Directive 85/611 of 20 December 1985 andfrom 1 July 2011 the Fund is subject to the law of 17 December 2010. The Fund may therefore be offered for sale in European Union Member States, subject toregistration in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Fund and its Sub-Funds may be made in othercountries.

The Fund and the Sub-Funds are currently registered for offer and distribution in the Grand Duchy of Luxembourg and in the following jurisdictions:

Austria, Bahrain, Belgium, Chile, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Jersey, Korea, Macau, TheNetherlands, Norway, Peru, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan and the United Kingdom.

Responsibility of the Directors

The responsibility of the Directors of the Fund is governed exclusively by Luxembourg law. With respect to the annual accounts of the Fund, the duties of theDirectors are governed by general corporate law and the law of 19 December 2002 on, inter alia, the accounting and annual accounts of undertakings and bythe law of 17 December 2010 relating to undertakings for collective investment.

Change in the Board of Directors

Earlier this year Ms Andrea L. Hazen informed the Board of her intention to retire from the Board of Directors and it was agreed that this would be effectivefrom 31 March 2011. Ms Hazen had been a Director of the Company since September 2005 and the Board would like to take this opportunity to record theirthanks for her services.

In addition, the Board would like to advise that with effect from 31 March 2011 Mr James B. Broderick was co-opted as a Director and his appointment will beapproved by Shareholders at the forthcoming Annual General Meeting.

ALFI Code of Conduct

Following its introduction the Board of Directors has adopted the ALFI Code of Conduct (the “Code”) which sets out principles of good governance. The Boardof Directors considers that the Fund has been in compliance with the Code in all material aspects throughout the financial year ended 30 June 2011.

Annual General Meeting

The next Annual General Meeting of the Company will be held on 16 November 2011.

Board of Directors

Luxembourg, 4 October 2011

3

JPMorgan FundsInvestment Managers’ Report

For the Year Ended 30 June 2011

Market Review

Global stock markets made strong gains over the 12 months to the end of June 2011, with the MSCI World Index rising 10.8% in euro terms against a backdropof strong corporate profits growth (source: FactSet).

In contrast, government bond investors experienced losses in euro terms, with the JPMorgan Global Bond Index down 6.9% in euro terms. Returns werenegative in the period as the environment was poor for bonds, with developed markets experiencing a disappointingly weak recovery, rising inflationarypressures and expectations for rising interest rates.

Bond markets were also impacted by ongoing eurozone sovereign debt concerns. In peripheral Europe, the JPMorgan Ireland Index fell 22.9% and theJPMorgan Portugal Index was down 21.5% as both countries required bailouts in the period from the European Union (EU) and the International MonetaryFund (IMF). Core European markets were also hurt, with the JPMorgan Germany Index losing 1.0% and the JPMorgan France Index down 0.4% (source forgovernment bond indices: J.P. Morgan).

The review period began well for equities with a strong second-quarter 2010 corporate earnings season. However, the positive market sentiment quicklyfaded over the summer as the macroeconomic outlook became increasingly uncertain and investors waited to see if central banks would introduce morestimulus measures.

With the US economic recovery looking fragile, Ben Bernanke, chairman of the US Federal Reserve (“Fed”), talked of the need for a second round ofquantitative easing (QE2). In September and October markets rallied as investors changed allocation priorities towards equities in anticipation of QE2. On 3November, the Fed announced a larger-than-expected USD 600 billion asset purchase package, which was well received by the market.

The global stock market rally faltered in late November, when eurozone sovereign debt and Chinese inflation concerns undermined investor confidence. Abailout for Ireland from the EU and IMF calmed nerves, helping global markets to regain their upward momentum towards the end of 2010. Sentiment wasfurther supported in early 2011 by strong leading economic indicators from the developed world and generally good fourth-quarter 2010 corporate earningsresults.

Geopolitical instability in North Africa and the Middle East came to the fore in February, with political protests breaking out in Tunisia and Egypt. In March,violence escalated and civil unrest spread to Bahrain and Libya, resulting in disruption to oil production, which triggered a sharp rise in oil prices. Developedcountry bond investors feared that high oil prices would add to existing inflationary pressures, resulting in earlier-than-expected interest rate rises.

In the eurozone, the European Central Bank raised interest rates by 0.25% to 1.25% in April in an attempt to bring inflation back below its 2% target – makingit the first major developed market central bank to tighten policy. In emerging markets, central banks in China, Brazil, Korea, India and Thailand also raisedtheir key lending rates over the review period in an effort to combat rising prices. However, despite inflation rising sharply, the Bank of England and US Fedkept policy unchanged as economic growth remained weak.

Markets succumbed to further uncertainty when a massive earthquake, measuring 9.0 in magnitude, hit Japan on 11 March. Concerns about therepercussions of the earthquake, particularly on production lines and manufacturing supply chains, resulted in losses for markets globally.

Market volatility continued as the eurozone sovereign debt crisis re-emerged towards the end of the review period. A swift rescue package from the EU andIMF for Portugal reassured investors, but in May investor concerns turned to Greece, where a debt default became increasingly likely.

The Greek parliament eased investor concerns in late June by approving a new five-year package of additional spending cuts, tax increases and state assetsales, paving the way for the EU and IMF to release the next tranche of bailout funds. However, markets remain volatile as European politicians search for acomprehensive solution to the crisis.

Meanwhile, the impact of higher oil prices, the Japanese earthquake and tighter monetary policy started to come through in economic data. In China,investors began to worry about a hard landing for the economy as industrial data softened. Meanwhile, US economic data pointed towards a slowdown, withmanufacturing activity weakening in April and May, unemployment rising and the housing market continuing to struggle. The period drew to a close withreassurance from Fed officials that the exit from QE2, starting on the 30 June, should be gradual and flexible.

Outlook

The recent weakness in global economic data has led investors to question whether we are experiencing a soft patch or if this is the beginning of reneweddownturn. It seems most likely we are seeing a mid-cycle soft patch and that growth will pick up again later in the year and into 2012 as Greece receivesanother tranche of bailout money from the EU and IMF, oil prices stabilise and Japanese supply constraints ease.

In the US, the Fed is expected to keep interest rate policy unchanged through 2011 and probably 2012 in order to support economic growth. Monetaryconditions also remain broadly accommodative in the eurozone and Japan, and interest rates in the UK look to stay lower for longer as it is likely the Bank ofEngland will want to delay a rate increase given the economy is just beginning to feel the full force of the government’s fiscal austerity measures.

On global stock markets sentiment is likely to remain subdued while uncertainty remains over the course of the global economy – in particular the outlook forthe US and China. Middle East and eurozone debt concerns will also continue to weigh on confidence. However, globally, valuations do not look stretchedgiven expectations for firm corporate earnings growth in 2011.

Investment Managers

4 October 2011

The information contained in this report is historical and not necessarily indicative of future performance.

4

Following our appointment by the General Meeting of the Shareholders dated 17 November 2010, we have audited the accompanying financial statements of JPMorgan Fundsand of each of its Sub-Funds, which comprise the Combined Statement of Net Assets and the Schedule of Investments as at 30 June 2011 and the Combined Statement ofOperations and Changes in Net Assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the SICAV for the financial statementsThe Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatoryrequirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable thepreparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the “Réviseur d’entreprises agréé”Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing asadopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on thejudgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. Inmaking those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’sinternal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board ofDirectors of the SICAV, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements give a true and fair view of the financial position of JPMorgan Funds and of each of its Sub-Funds as of 30 June 2011, and of the results oftheir operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of thefinancial statements.

Other mattersSupplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out inaccordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning suchinformation in the context of the financial statements taken as a whole.

PricewaterhouseCoopers S.à r.l. Luxembourg, 4 October 2011Represented by

Régis Malcourant

PricewaterhouseCoopers S.à r.l., 400 Route d’Esch, B.P. 1443, L-1014 LuxembourgT: +352 494848 1, F: +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n° 00123693)R.C.S. Luxembourg B 65 477 - Capital social EUR 516 950 - TVA LU17564447

5

Audit Report

To the Shareholders ofJPMorgan Funds

This page has been left blank intentionally

6

JPMorgan FundsCombined Statement of Net Assets

As at 30 June 2011

JPMorgan FundsCombined

USD

AmericaEquity

FundUSD

Assets

Investments in Securities at Market Value 59,884,992,033 460,359,132Acquisition Cost: 52,153,042,044 395,337,205Investment in TBAs at Market Value (1) 111,956,009 -Cash at Bank 1,464,852,257 9,132,434Time Deposits and Cash Equivalents 281,485,786 -Amounts Receivable on Sale of Investments 439,281,897 -Amounts Receivable on Sale of TBAs (1) 35,822,116 -Amounts Receivable on Subscriptions 192,724,504 1,010,975Interest and Dividends Receivable, Net 237,118,427 361,876Tax Reclaims Receivable 5,945,184 27,967Fee Waiver (2) 1,143,690 -Other Receivables 1,620,848 1,049Unrealised Net Gain on Forward Foreign Exchange Contracts 69,387,481 -Unrealised Net Gain on Financial Futures Contracts 1,691,417 -Derivatives Instruments at Market Value 3,899,597 -

Total Assets 62,731,921,246 470,893,433

LiabilitiesBank Overdraft 31,186,876 -Open Short Positions on TBAs (1) 5,197,656 -Amounts Payable on Purchase of Investments 639,290,292 -Amounts Payable on Purchase of TBAs (1) 143,075,403 -Amounts Payable on Redemptions 178,648,434 756,250Management and Advisory Fees Payable 64,843,838 547,113Performance Fees 4,589,491 -Other Payables 12,690,025 88,420Unrealised Net Loss on Forward Foreign Exchange Contracts 24,855,034 325,407Unrealised Net Loss on Financial Futures Contracts 1,684,088 -Derivatives Instruments at Market Value 45,991,261 -

Total Liabilities 1,152,052,398 1,717,190

Total Net Assets 61,579,868,848 469,176,243

Historical Total Net Assets30 June 2010 44,088,150,386 373,415,44630 June 2009 34,590,007,431 337,907,41730 June 2008 57,591,091,920 549,614,35530 June 2007 89,568,991,703 753,695,199

(1) Please refer to Note 2l).(2) Please refer to Note 7a).

The accompanying notes form an integral part of these Financial Statements.

7

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2011

BrazilAlpha Plus

FundUSD

Eastern EuropeEquity

FundEUR

Emerging Europe,Middle East and

Africa Equity FundUSD

Emerging MarketsDebt Fund

EUR

Emerging MarketsEquity Fund

USD

Emerging MarketsLocal Currency

Debt FundEUR

Emerging MarketsSmall Cap

FundUSD

Emerging MiddleEast Equity

FundUSD

Euro MoneyMarket

Fund (3)EUR

663,291,566 1,009,993,851 790,051,043 331,063,446 8,950,285,400 690,272,626 458,429,386 363,662,398 100,202,381602,694,128 912,533,313 679,807,538 334,952,263 6,283,865,864 701,537,020 416,285,305 336,475,556 100,202,381

- - - - - - - - -60,355,324 5,692,219 1,568,587 21,534,077 91,209,916 112,842,614 2,634,223 5,060,638 103,362

- - - - - - - - 63,400,000202,546 - 78,810 1,929,391 922,775 - 448,888 - -

- - - - - - - - -2,337,184 1,248,674 875,178 2,026,522 6,108,133 6,581,919 29,418,255 516,335 2,054,5841,415,005 8,473,530 3,093,060 5,833,682 28,509,446 10,312,482 993,228 266,632 206,800

- 192,931 88,274 - - - 2,144 - -- - - - - - - 11,402 8,693

23,661 - - - 3,047 39,710 740 1,415 -- - - 6,323,196 - - - - -- - - - - - - - -

236,000 - - - - 954,020 - - -

727,861,286 1,025,601,205 795,754,952 368,710,314 9,077,038,717 821,003,371 491,926,864 369,518,820 165,975,820

- - - - - 13,414,764 - - -- - - - - - - - -

7,374,882 - - 4,737,121 3,432,549 31,040,193 1,415 137,823 26,898,636- - - - - - - - -

1,415,036 5,079,835 2,566,695 1,146,296 7,206,640 7,250,021 510,949 541,575 1,958,389888,474 1,328,306 952,971 348,340 7,961,369 440,921 585,781 459,102 50,589

467 - - - - 80,393 17,230 - -160,763 210,696 178,125 84,743 1,363,091 163,895 116,832 138,937 35,878

- - - - - 2,062,039 - - -- - - 219,577 - - - - -- - - 1,088,317 - - - - -

9,839,622 6,618,837 3,697,791 7,624,394 19,963,649 54,452,226 1,232,207 1,277,437 28,943,492

718,021,664 1,018,982,368 792,057,161 361,085,920 9,057,075,068 766,551,145 490,694,657 368,241,383 137,032,328

288,795,857 941,639,605 619,492,702 167,809,729 6,562,754,178 474,595,650 212,062,695 316,270,641 166,809,11557,567,211 517,438,764 412,101,960 143,731,454 4,671,128,410 86,488,839 23,557,296 308,246,494 343,070,45254,611,582 1,583,655,705 1,093,563,689 204,005,222 6,604,690,449 5,351,918 7,233,814 709,594,180 461,380,473

- 1,411,797,493 599,428,235 251,870,653 6,821,647,444 - - 341,530,509 99,718,976

(3) This Sub-Fund was renamed from Euro Liquid Reserve Fund on 2 August 2010.

8


As at 30 June 2011

EurolandEquity

FundEUR

Europe DynamicFund

EUR

Europe DynamicMega Cap

FundEUR

Europe EquityFund

EUR

Europe FocusFund

EUR

EuropeSmall Cap

FundEUR

Europe StrategicGrowth

FundEUR

Europe StrategicValue Fund

EUR

527,300,774 201,379,896 52,310,248 448,299,973 28,144,054 237,668,628 416,838,608 1,323,329,803500,724,470 195,854,875 51,771,968 425,428,237 27,666,178 204,984,395 366,105,349 1,228,707,799

- - - - - - - -1,627,996 2,834,047 595,586 29,696,557 682,752 8,312,253 877,011 392,221

- - - - - - - -288,319 2,174,407 536,869 22,448,619 4,659,397 11,281,507 14,751,741 76,647,818

- - - - - - - -131,010 69,788 4,588 159,220 25,351 1,389,671 118,721 35,707

206,988 289,180 123,962 743,208 38,916 169,641 259,977 2,194,878440,319 193,835 71,140 224,800 28,017 209,622 76,278 765,917

- - 54 - 7,055 - - -432 9,850 466 631 470 31,704 8,766 90,364

- - - - - - - -54,825 27,071 - 46,885 6,077 - - 235,020

- - - - - - - -

530,050,663 206,978,074 53,642,913 501,619,893 33,592,089 259,063,026 432,931,102 1,403,691,728

844,604 - - - - - - 3,472- - - - - - - -

525,895 4,847,291 973,164 40,426,298 5,110,834 6,500,479 16,872,014 49,765,580- - - - - - - -

1,004,139 599,787 27,753 469,535 86,361 956,250 1,394,728 2,452,156667,506 220,221 67,945 566,873 38,503 339,301 490,257 1,856,866

- - - - 2,040 - - -99,905 48,452 17,349 113,792 14,671 63,447 84,708 208,532

- - - - - - - -- - - - - - - -- - - - - - - -

3,142,049 5,715,751 1,086,211 41,576,498 5,252,409 7,859,477 18,841,707 54,286,606

526,908,614 201,262,323 52,556,702 460,043,395 28,339,680 251,203,549 414,089,395 1,349,405,122

594,371,470 258,699,413 108,048,777 444,504,471 8,022,819 221,762,214 398,966,096 1,390,344,294413,671,939 260,364,388 314,110,906 529,429,713 5,484,434 227,604,156 471,164,520 1,479,917,716

1,424,908,906 631,881,565 572,249,219 1,877,322,935 28,400,275 469,101,616 1,129,640,211 2,794,249,7354,685,250,845 1,465,060,727 1,202,156,717 6,724,760,335 120,306,237 1,383,590,469 2,862,619,054 9,169,138,960

9


As at 30 June 2011

EuropeTechnology

FundEUR

GlobalConvertibles

Fund (EUR)EUR

Global CorporateBond Fund

USD

GlobalEquity

Fund (USD)USD

GlobalFocusFundEUR

Global NaturalResources

FundEUR

JF ChinaFund

USD

JF GreaterChinaFundUSD

JF PacificBalanced

FundUSD

130,234,270 1,784,131,403 540,947,508 280,775,499 1,585,782,330 3,068,269,495 3,457,631,317 851,229,493 116,571,735120,317,254 1,769,444,975 535,684,362 254,936,038 1,504,455,957 2,635,606,981 2,927,226,626 714,997,472 109,693,745

- - - - - - - - -224,192 215,047 34,682,609 11,299,706 1,398,474 971,075 72,550,548 8,732,410 3,305,496

- - - - - - - - -3,127,602 4,848,023 11,297,871 4,703,355 5,586,637 9,976,030 25,317,921 4,463,295 998,436

- - - - - - - - -2,352,249 2,108,952 1,635,346 22,157 4,937,863 8,952,832 14,413,130 1,363,076 61,082

45,987 8,981,255 7,397,621 531,827 1,837,572 1,309,568 11,662,051 3,797,007 1,074,47747,733 - - 73,331 309,226 - - - 16,864

- - 68,087 - - - - - -1,250 992 2,972 - 27,262 1,072 1,419 - 749

- 31,052,621 - 851,887 1,185,726 - - - -- - - - - - - - -- - - - - - - - -

136,033,283 1,831,338,293 596,032,014 298,257,762 1,601,065,090 3,089,480,072 3,581,576,386 869,585,281 122,028,839

- - 355,155 4,340 - 1,508 294,361 - -- - - - - - - - -

341,691 27,736,576 5,597,224 9,451,347 28,461,813 5,636,044 31,124,119 8,447,854 1,611,069- - - - - - - - -

3,201,676 15,862,052 894,795 77,032 2,248,532 12,000,767 3,546,605 1,957,055 152,831204,802 1,696,249 381,451 171,571 1,858,384 4,215,804 5,027,555 1,190,038 161,090

- - - - - - - - -33,354 329,782 166,457 88,316 288,989 471,045 513,719 176,493 30,726

- - 2,653,717 - - - - - 274,826- - 376,079 - - - - - -- - - - - - - - -

3,781,523 45,624,659 10,424,878 9,792,606 32,857,718 22,325,168 40,506,359 11,771,440 2,230,542

132,251,760 1,785,713,634 585,607,136 288,465,156 1,568,207,372 3,067,154,904 3,541,070,027 857,813,841 119,798,297

94,831,796 2,837,744,071 246,698,799 253,598,220 1,027,930,229 1,912,587,338 3,435,434,476 684,691,268 108,088,20370,223,758 1,939,507,561 21,216,813 233,869,436 331,436,544 1,018,336,433 3,277,872,788 568,509,936 132,125,204

113,646,005 1,742,308,863 - 162,885,287 335,896,837 1,871,228,153 2,680,483,250 622,728,380 151,733,601203,196,335 1,697,301,712 - 270,564,769 551,822,932 1,778,456,610 3,221,787,004 684,910,511 182,226,858

10


As at 30 June 2011

Latin AmericaEquity

FundUSD

RussiaFund

USD

US AggregateBondFundUSD

US DynamicFund

USD

US GrowthFund (4)

USD

US Small andMicro Cap

FundUSD

US TechnologyFund

USD

US ValueFund

USD

1,481,985,114 2,587,641,760 1,429,660,685 228,425,359 521,330,000 123,438,256 211,928,006 1,107,574,9491,197,556,818 2,158,707,490 1,380,388,732 212,936,886 501,825,392 104,043,857 185,564,160 980,464,249

- - - - - - - -47,791,529 215,239 1,871,249 2,003,596 9,719,085 2,237,083 2,398,120 26,172,554

- - - - - - - -1,625,833 11,420,770 698,627 7,646,643 5,628 - 2,091,000 -

- - - - - - - -2,191,572 3,988,054 11,394,718 243,878 8,377,802 309,103 2,447,805 2,668,6931,818,589 22,521,954 7,827,755 166,676 263,308 47,381 2,489 1,076,629

- 425,120 - 26,108 29,032 - 8,703 27,704- - 35,078 - 12,517 - - -- - - - 6,758 - - 1,365- - - - - - - -- - - - - - - -- - - - - - - -

1,535,412,637 2,626,212,897 1,451,488,112 238,512,260 539,744,130 126,031,823 218,876,123 1,137,521,894

- - - - - - - -- - - - - - - -

21,517,628 - 13,943,548 7,877,783 - - 2,108,315 -- - - - - - - -

5,587,337 2,057,562 2,503,239 583,826 528,274 281,589 845,050 768,9631,881,544 2,963,000 770,233 312,451 444,714 164,882 300,038 942,653

- - - - - - - -292,375 437,799 237,647 43,481 141,265 27,642 46,213 192,825

- - 7,629 - 177,776 - - 969,619- - - - - - - -- - - - - - - -

29,278,884 5,458,361 17,462,296 8,817,541 1,292,029 474,113 3,299,616 2,874,060

1,506,133,753 2,620,754,536 1,434,025,816 229,694,719 538,452,101 125,557,710 215,576,507 1,134,647,834

1,290,637,333 2,035,560,908 959,323,512 694,398,270 59,733,564 145,918,535 52,580,080 571,693,123921,144,836 771,414,461 620,305,842 771,329,174 93,548,217 75,427,767 34,742,734 634,397,311

2,091,554,855 1,630,707,987 384,092,920 2,029,139,806 623,683,872 79,442,002 140,291,566 855,159,9151,748,314,623 299,387,847 254,010,752 7,549,424,048 584,352,217 211,101,103 65,053,721 1,776,712,510

(4) This Sub-Fund was renamed from US Strategic Growth Fund on 11 April 2011.

11

This page has been left blank intentionally

12

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets


JPMorgan FundsCombined

USD

AmericaEquity

FundUSD

Net Assets at the Beginning of the Year * 46,888,368,692 373,415,446

IncomeDividend Income, Net 888,784,789 5,866,188Interest Income, Net 373,085,264 39,251Securities Lending Income 17,087,568 4,823Bank Interest 1,244,302 538Interest on Swap Transactions 20,642,948 -Other Income 23,492 -

Total Income 1,300,868,363 5,910,800

ExpensesManagement and Advisory Fees 760,204,144 6,293,275Custodian, Corporate, Administration and Domiciliary Agency Fees 59,981,193 281,550Registrar and Transfer Agency Fees 42,886,673 367,563Taxe d’abonnement 26,160,880 220,476Overdraft Interest 706,970 -Interest on Swap Transactions 9,743,523 -Sundry Fees** 37,559,498 212,370

937,242,881 7,375,234Less: Fee Waiver (1) 15,422,097 25,813

Total Expenses before Performance Fees 921,820,784 7,349,421

Performance Fees 4,589,490 -

Total Expenses 926,410,274 7,349,421

Net Investment Income/(Loss) 374,458,089 (1,438,621)

Net Realised Gain/(Loss) on Sale of Investments 3,260,363,454 15,607,787Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 472,278,373 4,002,078Net Realised Gain/(Loss) on Financial Futures Contracts 12,836,471 -Net Realised Gain/(Loss) on Foreign Exchange (25,125,999) 45,689Net Realised Gain/(Loss) on TBAs 2,820,205 -Net Realised Gain/(Loss) on Derivatives Instruments 202,520,600 -

Net Realised Gain/(Loss) for the Year 3,925,693,104 19,655,554

Net Change in Unrealised Gain/(Loss) on Investments 4,100,056,524 79,371,201Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 46,871,370 (346,691)Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts 6,356,573 -Net Change in Unrealised Gain/(Loss) on Foreign Exchange 1,891,944 130Net Change in Unrealised Gain/(Loss) on TBAs (463,273) -Net Change in Unrealised Gain/(Loss) on Derivatives Instruments 12,393,215 -

Net Change in Unrealised Gain/(Loss) for the Year 4,167,106,353 79,024,640

Increase/(Decrease) in Net Assets as a Result of Operations 8,467,257,546 97,241,573

Movements in Share CapitalSubscriptions 47,103,861,553 163,098,844Redemptions (40,719,232,170) (164,579,620)Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 6,384,629,383 (1,480,776)

Dividend Distribution (160,386,773) -

Net Assets at the End of the Year 61,579,868,848 469,176,243

(1) Please refer to Note 7a).

* The opening balance was combined using the foreign exchange rates as at 30 June 2011. The same net assets when combined using the foreign exchange rate ruling as at 30 June 2010 reflecteda figure of USD 44,088,150,386.

** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.

The accompanying notes form an integral part of these Financial Statements.

13

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)


BrazilAlpha Plus

FundUSD

Eastern EuropeEquity

FundEUR

Emerging Europe,Middle East and

Africa Equity FundUSD

Emerging MarketsDebt Fund

EUR

Emerging MarketsEquity Fund

USD

Emerging MarketsLocal Currency

Debt FundEUR

Emerging MarketsSmall Cap

FundUSD

Emerging MiddleEast Equity

FundUSD

Euro MoneyMarket

Fund (2)EUR

288,795,857 941,639,605 619,492,702 167,809,729 6,562,754,178 474,595,650 212,062,695 316,270,641 166,809,115

14,392,317 21,985,300 19,329,665 - 168,090,440 - 7,881,464 13,430,751 -42,018 103,959 27,927 17,529,448 344,497 41,622,576 18,206 11,057 1,131,651

- - - 51,280 - 25,090 - - 2,253257 120,101 42,636 6,991 47,939 58,058 6,346 7,176 -

- - - 158,203 - - - - -- - - - - - - - -

14,434,592 22,209,360 19,400,228 17,745,922 168,482,876 41,705,724 7,906,016 13,448,984 1,133,904

7,919,717 17,238,009 11,999,053 3,118,397 94,906,729 4,265,149 6,888,621 6,123,457 683,098731,459 1,397,483 1,257,480 274,679 6,813,636 763,994 678,566 1,399,988 118,151427,374 831,016 656,266 282,691 4,711,931 405,588 463,572 451,721 302,934254,628 520,635 381,665 139,445 3,295,966 232,493 242,234 198,953 14,250

21,757 1,686 2,210 10,819 7,869 7,338 7,558 4,332 920- - - 266,149 - 75,902 - - -

4,789,028 588,962 490,559 253,028 3,425,946 283,154 392,741 283,720 29,44314,143,963 20,577,791 14,787,233 4,345,208 113,162,077 6,033,618 8,673,292 8,462,171 1,148,796

28,128 62,050 63,292 42,752 255 159,030 46,382 640,593 190,427

14,115,835 20,515,741 14,723,941 4,302,456 113,161,822 5,874,588 8,626,910 7,821,578 958,369

467 - - - - 80,392 17,230 - -

14,116,302 20,515,741 14,723,941 4,302,456 113,161,822 5,954,980 8,644,140 7,821,578 958,369

318,290 1,693,619 4,676,287 13,443,466 55,321,054 35,750,744 (738,124) 5,627,406 175,535

21,033,759 33,753,813 48,687,836 4,936,665 159,687,214 12,335,013 31,033,504 (3,098,991) 25(406,367) (79,876) (10,979) 29,245,120 1,929,466 9,432,313 178,552 (58,706) -

- - - (128,878) - (130,520) - - -736,546 843,307 (459,728) (5,890,574) 2,306,212 (6,117,004) 207,159 6,446 -

- - - - - - - - -169,450 - - 799,489 - (1,278,059) - - -

21,533,388 34,517,244 48,217,129 28,961,822 163,922,892 14,241,743 31,419,215 (3,151,251) 25

46,833,896 44,713,500 121,287,422 (24,730,041) 1,394,324,796 (40,303,665) 32,262,020 24,031,799 -- - - 7,216,718 - (1,911,610) - - -- - - (29,269) - 121,940 - - -

15,349 (14,165) 35,914 (591,512) 500,654 (580,169) 93,270 6,608 -- - - - - - - - -

(355,377) - - (138,918) - 278,447 - - -

46,493,868 44,699,335 121,323,336 (18,273,022) 1,394,825,450 (42,395,057) 32,355,290 24,038,407 -

68,345,546 80,910,198 174,216,752 24,132,266 1,614,069,396 7,597,430 63,036,381 26,514,562 175,560

833,555,099 652,246,990 504,919,048 547,351,318 4,371,701,219 912,471,302 801,935,595 422,863,582 192,496,909(472,674,683) (655,814,425) (505,740,806) (373,481,936) (3,477,553,692) (624,147,610) (586,336,624) (395,016,105) (222,449,256)

360,880,416 (3,567,435) (821,758) 173,869,382 894,147,527 288,323,692 215,598,971 27,847,477 (29,952,347)

(155) - (830,535) (4,725,457) (13,896,033) (3,965,627) (3,390) (2,391,297) -

718,021,664 1,018,982,368 792,057,161 361,085,920 9,057,075,068 766,551,145 490,694,657 368,241,383 137,032,328


14



EurolandEquity

FundEUR

Europe DynamicFund

EUR

Europe DynamicMega Cap

FundEUR

Europe EquityFund

EUR

Europe FocusFund

EUR

EuropeSmall Cap

FundEUR

Europe StrategicGrowth

FundEUR

Europe StrategicValue Fund

EUR

594,371,470 258,699,413 108,048,777 444,504,471 8,022,819 221,762,214 398,966,096 1,390,344,294

16,523,938 5,806,428 1,975,450 13,080,595 626,146 5,496,135 6,161,066 48,602,52246,196 20,173 4,766 32,887 5,524 40,411 29,874 57,464

1,570,125 492,348 167,576 862,162 - 361,026 386,719 3,429,8842,700 726 136 16,078 256 1,935 13,503 74,798

- - - - - - - -- - - - - - - -

18,142,959 6,319,675 2,147,928 13,991,722 631,926 5,899,507 6,591,162 52,164,668

8,683,802 3,285,436 1,085,968 6,484,327 371,172 4,182,787 5,874,030 24,166,835520,535 332,110 186,400 467,485 136,015 331,322 412,525 760,284399,785 189,947 91,582 372,636 47,937 271,150 319,562 933,702269,210 109,492 32,708 220,355 10,744 129,791 206,399 697,431

39,812 9,680 1,648 22,972 - 353 35,700 155,217- - - - - - - -

169,542 58,284 32,641 125,898 4,368 82,474 95,512 299,70910,082,686 3,984,949 1,430,947 7,693,673 570,236 4,997,877 6,943,728 27,013,178

35,140 64,766 60,543 31,636 125,719 10,875 41,457 249

10,047,546 3,920,183 1,370,404 7,662,037 444,517 4,987,002 6,902,271 27,012,929

- - - - 2,040 - - -

10,047,546 3,920,183 1,370,404 7,662,037 446,557 4,987,002 6,902,271 27,012,929

8,095,413 2,399,492 777,524 6,329,685 185,369 912,505 (311,109) 25,151,739

36,470,880 36,352,586 5,039,847 32,611,262 510,017 40,943,227 77,281,737 14,513,759(19,308) 192,216 41,931 4,718 2,976 13,653 57,886 252,838

(2,627,384) (326,327) (42,107) 196,479 5,905 - 817,142 2,665,88028,651 (477,507) (151,263) (73,809) (7,570) (97,789) (484,591) (800,715)

- - - - - - - -- - - - - - - -

33,852,839 35,740,968 4,888,408 32,738,650 511,328 40,859,091 77,672,174 16,631,762

49,144,039 2,844,739 1,702,922 37,848,691 592,601 8,752,391 2,408,876 139,650,129- - - - - - - -

653,220 27,071 - 471,553 11,408 - - 309,627(645) 156,893 44,099 (16,458) 2,188 (33,204) (19,470) (336,149)

- - - - - - - -- - - - - - - -

49,796,614 3,028,703 1,747,021 38,303,786 606,197 8,719,187 2,389,406 139,623,607

91,744,866 41,169,163 7,412,953 77,372,121 1,302,894 50,490,783 79,750,471 181,407,108

131,008,975 67,946,808 7,470,850 71,440,083 26,608,406 98,061,818 160,579,434 437,872,655(283,242,434) (165,901,704) (70,050,602) (130,067,658) (7,594,235) (118,104,046) (225,204,610) (636,681,351)

(152,233,459) (97,954,896) (62,579,752) (58,627,575) 19,014,171 (20,042,228) (64,625,176) (198,808,696)

(6,974,263) (651,357) (325,276) (3,205,622) (204) (1,007,220) (1,996) (23,537,584)

526,908,614 201,262,323 52,556,702 460,043,395 28,339,680 251,203,549 414,089,395 1,349,405,122

15



EuropeTechnology

FundEUR

GlobalConvertibles

Fund (EUR)EUR

Global CorporateBond Fund

USD

GlobalEquity

Fund (USD)USD

GlobalFocusFundEUR

Global NaturalResources

FundEUR

JF ChinaFund

USD

JF GreaterChinaFundUSD

JF PacificBalanced

FundUSD

94,831,796 2,837,744,071 246,698,799 253,598,220 1,027,930,229 1,912,587,338 3,435,434,476 684,691,268 108,088,203

2,332,398 2,639,749 - 5,733,702 26,280,118 21,454,034 58,455,877 21,884,301 1,466,74515,043 53,981,088 22,362,125 14,327 170,535 631,306 18,466 2,234 3,100,299

307,232 - 32,596 103,767 1,093,305 - - - -- 30,412 5,035 199 198,568 25,372 14,156 1,577 1,533- - - - - - - - -- - - - - - - - -

2,654,673 56,651,249 22,399,756 5,851,995 27,742,526 22,110,712 58,488,499 21,888,112 4,568,577

2,015,841 25,511,825 3,722,008 2,053,087 21,825,546 47,246,689 62,423,973 13,765,184 1,928,441182,325 946,869 378,282 279,955 699,968 1,284,326 2,123,451 929,730 199,658

204,923 1,283,508 338,246 199,397 1,064,710 2,045,501 2,047,345 559,452 145,98462,165 969,259 237,385 115,058 700,213 1,476,249 1,777,970 413,131 61,6691,640 23,581 329 302 265 803 21,241 575 505

- - - - - - - - -35,834 1,467,622 406,437 179,890 731,883 1,363,187 2,690,524 409,199 111,974

2,502,728 30,202,664 5,082,687 2,827,689 25,022,585 53,416,755 71,084,504 16,077,271 2,448,23116,296 53,510 495,410 94,641 57,549 196 4,377 4,604 35,587

2,486,432 30,149,154 4,587,277 2,733,048 24,965,036 53,416,559 71,080,127 16,072,667 2,412,644

- - - - - - - - -

2,486,432 30,149,154 4,587,277 2,733,048 24,965,036 53,416,559 71,080,127 16,072,667 2,412,644

168,241 26,502,095 17,812,479 3,118,947 2,777,490 (31,305,847) (12,591,628) 5,815,445 2,155,933

15,628,321 246,636,767 9,673,471 15,883,143 72,799,611 92,157,469 375,003,938 97,516,077 13,519,69928,718 193,651,498 36,721,273 6,305,591 4,167,459 (797,338) (166,153) 4,063 (678,386)

- (2,723,756) (3,870,252) 506,081 17,215,035 - - - 126,512(67,820) (398,096) (3,974,645) 76,605 (3,723,495) (7,471,138) 2,581,814 130,309 149,817

- - - - - - - - -- - (79,438) - - - - - -

15,589,219 437,166,413 38,470,409 22,771,420 90,458,610 83,888,993 377,419,599 97,650,449 13,117,642

3,354,771 (245,535,323) 7,678,281 39,496,446 32,280,864 156,393,452 148,736,198 76,460,716 6,122,115- 37,826,747 (3,526,297) 1,010,831 (6,586,903) - - - (416,504)- - 262,157 - 826,611 - - - 51,904

(7,732) (111,512) 176,686 15,579 5,617 (116,250) 802,919 290 2,165- - - - - - - - -- - - - - - - - -

3,347,039 (207,820,088) 4,590,827 40,522,856 26,526,189 156,277,202 149,539,117 76,461,006 5,759,680

19,104,499 255,848,420 60,873,715 66,413,223 119,762,289 208,860,348 514,367,088 179,926,900 21,033,255

177,502,774 1,323,762,845 557,219,664 23,261,620 1,408,540,898 3,848,233,559 1,913,294,894 429,414,879 56,439,405(159,152,588) (2,621,560,250) (273,317,141) (54,569,628) (987,433,693) (2,902,526,341) (2,322,026,431) (434,450,699) (63,773,953)

18,350,186 (1,297,797,405) 283,902,523 (31,308,008) 421,107,205 945,707,218 (408,731,537) (5,035,820) (7,334,548)

(34,721) (10,081,452) (5,867,901) (238,279) (592,351) - - (1,768,507) (1,988,613)

132,251,760 1,785,713,634 585,607,136 288,465,156 1,568,207,372 3,067,154,904 3,541,070,027 857,813,841 119,798,297

16



Latin AmericaEquity

FundUSD

RussiaFund

USD

US AggregateBondFundUSD

US DynamicFund

USD

US GrowthFund (3)

USD

US Small andMicro Cap

FundUSD

US TechnologyFund

USD

US ValueFund

USD

1,290,637,333 2,035,560,908 959,323,512 694,398,270 59,733,564 145,918,535 52,580,080 571,693,123

33,346,682 46,491,131 - 6,471,732 1,332,266 1,377,176 310,531 14,844,22146,698 110,294 58,411,070 6,954 9,516 2,768 2,542 27,173

- - 27,132 38,357 990 79,483 33,368 492,917134 443 - 199 435 - 142 1,419

- - - - - - - -- - - - - - - -

33,393,514 46,601,868 58,438,202 6,517,242 1,343,207 1,459,427 346,583 15,365,730

23,065,956 34,607,287 8,225,383 7,620,677 2,004,409 1,779,681 2,278,455 8,668,3061,473,847 4,241,192 476,998 272,425 294,613 121,866 166,110 384,0241,084,567 1,525,155 688,840 364,643 210,390 150,146 402,849 604,212

712,338 864,511 564,493 196,308 103,894 58,125 78,134 402,10114,869 5,345 8,803 - - - - -

- - - - - - - -5,509,898 1,477,337 797,583 107,557 73,987 39,674 59,798 345,82531,861,475 42,720,827 10,762,100 8,561,610 2,687,293 2,149,492 2,985,346 10,404,468

2,042 879,851 463,460 332 140,480 9,655 166,678 28,565

31,859,433 41,840,976 10,298,640 8,561,278 2,546,813 2,139,837 2,818,668 10,375,903

- - - - - - - -

31,859,433 41,840,976 10,298,640 8,561,278 2,546,813 2,139,837 2,818,668 10,375,903

1,534,081 4,760,892 48,139,562 (2,044,036) (1,203,606) (680,410) (2,472,085) 4,989,827

206,728,903 164,121,479 (1,128,161) 68,279,245 5,133,923 11,975,946 13,120,636 4,246,40467,485 (3,821) 40,086 (1,298,780) 1,841,194 - 136,235 7,150,494

- - - - 72,471 - - -(56,709) 360,277 (654) 776,846 70,215 - 466,501 (119,790)

- - - - - - - -536,930 - - - - - - -

207,276,609 164,477,935 (1,088,729) 67,757,311 7,117,803 11,975,946 13,723,372 11,277,108

79,858,810 535,150,919 6,651,145 60,440,156 20,521,663 24,323,287 24,081,311 156,806,644- - (7,629) - (205,706) - - (980,900)- - - - 87,198 - - -

1,620,120 76,437 - 516 790 - 1,747 (413)- - - - - - - -

(745,230) - - - - - - -

80,733,700 535,227,356 6,643,516 60,440,672 20,403,945 24,323,287 24,083,058 155,825,331

289,544,390 704,466,183 53,694,349 126,153,947 26,318,142 35,618,823 35,334,345 172,092,266

901,522,565 2,121,482,457 1,698,094,103 110,716,984 564,928,441 135,322,764 368,598,768 999,176,430(973,036,245) (2,240,755,012) (1,259,450,015) (701,074,247) (112,527,871) (191,300,132) (240,931,907) (608,146,201)

(71,513,680) (119,272,555) 438,644,088 (590,357,263) 452,400,570 (55,977,368) 127,666,861 391,030,229

(2,534,290) - (17,636,133) (500,235) (175) (2,280) (4,779) (167,784)

1,506,133,753 2,620,754,536 1,434,025,816 229,694,719 538,452,101 125,557,710 215,576,507 1,134,647,834


17

JPMorgan FundsStatement of Changes in the Number of Shares (continued)


Shares Outstandingat the Beginning

of the Year

Shares Subscribed Shares Redeemed Shares Outstandingat the End

of the Year

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 1,865,537.792 932,797.629 1,599,065.121 1,199,270.300JPM America Equity A (acc) - EUR (hedged) 293,772.467 532,298.702 341,621.639 484,449.530JF America Equity A (dist) - USD 573,582.270 505,155.018 460,304.499 618,432.789JPM America Equity A (dist) - USD 3,214,753.696 330,873.760 583,532.996 2,962,094.460JPM America Equity B (acc) - USD 217,877.373 268,311.769 192,647.464 293,541.678JPM America Equity C (acc) - USD 6,724,698.274 977,207.671 838,549.616 6,863,356.329JPM America Equity C (acc) - EUR (hedged) 928,262.558 4,614,992.079 4,324,423.166 1,218,831.471JPM America Equity D (acc) - EUR 338,582.823 192,389.896 415,552.777 115,419.942JPM America Equity D (acc) - USD 2,020,176.344 1,504,161.939 1,044,470.826 2,479,867.457JPM America Equity D (acc) - EUR (hedged) 728,639.908 1,537,171.747 861,219.729 1,404,591.926JPM America Equity X (acc) - USD 303,585.027 575,908.490 25,286.158 854,207.359

JPMorgan Funds - Brazil Alpha Plus FundJPM Brazil Alpha Plus A (acc) - USD 13,839,648.677 47,407,083.501 25,030,163.328 36,216,568.850JPM Brazil Alpha Plus A (acc) - SGD - 8,965.951 550.690 8,415.261JPM Brazil Alpha Plus A (dist) - USD 15,462.999 595,655.187 523,472.409 87,645.777JPM Brazil Alpha Plus A (acc) - EUR - 1,488.598 - 1,488.598JPM Brazil Alpha Plus B (acc) - USD 837,707.284 2,594,208.211 1,580,552.647 1,851,362.848JPM Brazil Alpha Plus C (acc) - USD 2,821,030.557 1,979,484.078 2,592,997.401 2,207,517.234JPM Brazil Alpha Plus D (acc) - USD 7,207,080.285 5,061,720.447 4,552,969.208 7,715,831.524JPM Brazil Alpha Plus D (acc) - EUR - 126,365.078 29,749.866 96,615.212JPM Brazil Alpha Plus I (acc) - USD 680.297 9,325,482.823 393,120.393 8,933,042.727JPM Brazil Alpha Plus I (acc) - EUR 268,743.942 126,000.000 340,000.000 54,743.942JPM Brazil Alpha Plus T (acc) - EUR - 5,939.980 - 5,939.980

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 7,196,215.446 8,458,000.353 7,888,653.322 7,765,562.477JPM Eastern Europe Equity A (acc) - USD - 35.951 - 35.951JPM Eastern Europe Equity A (dist) - EUR 10,330,900.900 3,456,733.434 3,886,111.549 9,901,522.785JF Eastern Europe Equity A (dist) - EUR 5,694,000.629 4,108,593.161 4,713,460.752 5,089,133.038JPM Eastern Europe Equity B (acc) - EUR 2,088,082.744 2,197,124.226 2,569,480.356 1,715,726.614JPM Eastern Europe Equity C (acc) - EUR 1,713,371.654 3,015,690.689 1,057,440.688 3,671,621.655JPM Eastern Europe Equity D (acc) - EUR 2,089,459.737 927,095.418 1,116,905.875 1,899,649.280JPM Eastern Europe Equity I (acc) - EUR 1,796,727.879 2,940,427.709 3,794,567.270 942,588.318JPM Eastern Europe Equity X (acc) - EUR 2,620,796.741 163,657.645 796.741 2,783,657.645

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 4,230,049.115 4,987,088.229 4,202,808.746 5,014,328.598JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 210,787.683 492,856.863 213,852.617 489,791.929JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD - 959.224 49.955 909.269JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 7,849,670.573 3,658,693.688 4,737,219.653 6,771,144.608JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 754,939.382 629,515.309 648,371.764 736,082.927JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,813,484.930 2,122,461.700 2,176,537.546 1,759,409.084JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,925,463.268 813,780.950 1,108,551.885 1,630,692.333JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR - 40,247.499 14,136.396 26,111.103JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR - 905.244 67.413 837.831JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 5,000,000.000 5,226,929.473 437,500.000 9,789,429.473

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 1,428,528.320 11,523,901.535 6,717,320.112 6,235,109.743JPM Emerging Markets Debt A (acc) - USD (hedged) 140,399.903 11,374,869.639 5,614,733.226 5,900,536.316JPM Emerging Markets Debt A (inc) - EUR 6,501,548.088 5,006,416.341 5,064,777.206 6,443,187.223JPM Emerging Markets Debt A (mth) - EUR 673,648.932 1,155,439.471 1,124,221.995 704,866.408JPM Emerging Markets Debt A (mth) - USD (hedged) 543,722.117 4,718,749.891 2,811,756.095 2,450,715.913JPM Emerging Markets Debt B (acc) - EUR 699,783.375 2,063,545.565 1,803,053.072 960,275.868JPM Emerging Markets Debt C (acc) - EUR 3,693,654.707 10,899,515.667 9,253,596.625 5,339,573.749JPM Emerging Markets Debt D (acc) - EUR 2,612,294.633 3,375,561.600 2,154,341.824 3,833,514.409JPM Emerging Markets Debt I (inc) - EUR 856,161.782 20,000.000 - 876,161.782

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 20,121,372.787 22,457,735.557 16,389,453.651 26,189,654.693JPM Emerging Markets Equity A (acc) - EUR 48,460,214.624 31,808,449.247 35,819,949.504 44,448,714.367JPM Emerging Markets Equity A (acc) - SGD 1,999.843 397,404.925 32,493.686 366,911.082JPM Emerging Markets Equity A (dist) - USD 83,592,027.985 32,248,757.155 32,590,077.983 83,250,707.157JPM Emerging Markets Equity A (dist) - GBP 1,695,180.515 1,095,930.047 914,624.794 1,876,485.768JPM Emerging Markets Equity B (acc) - USD 2,159,975.057 2,807,262.245 2,133,334.730 2,833,902.572JPM Emerging Markets Equity C (acc) - USD 54,752,485.863 32,465,123.795 42,467,763.663 44,749,845.995JPM Emerging Markets Equity C (dist) - USD - 270.876 - 270.876JPM Emerging Markets Equity D (acc) - USD 3,876,441.179 2,386,330.587 1,544,149.348 4,718,622.418JPM Emerging Markets Equity D (acc) - EUR 2,395,472.001 4,180,072.358 2,364,950.667 4,210,593.692JPM Emerging Markets Equity I (acc) - USD 8,494,658.792 39,368,914.908 6,060,364.254 41,803,209.446JPM Emerging Markets Equity I (acc) - EUR 1,942,978.492 - - 1,942,978.492JPM Emerging Markets Equity I (inc) - EUR 2,270,062.755 645,162.300 251,484.000 2,663,741.055JPM Emerging Markets Equity X (acc) - USD 42,148,385.507 14,806,076.085 2,486,120.611 54,468,340.981JPM Emerging Markets Equity X (acc) - EUR - 50,198.727 - 50,198.727JPM Emerging Markets Equity X (dist) - USD 983,000.423 799,874.117 233,205.863 1,549,668.677JPM Emerging Markets Equity X (inc) - EUR 45,085,625.651 5,905,704.910 894,647.367 50,096,683.194

18




of the Year


of the Year

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 7,461,578.810 20,219,971.017 16,087,490.514 11,594,059.313JPM Emerging Markets Local Currency Debt A (acc) - USD 5,525,387.886 14,817,691.368 13,936,801.151 6,406,278.103JPM Emerging Markets Local Currency Debt A (dist) - GBP - 1,203.185 - 1,203.185JPM Emerging Markets Local Currency Debt A (mth) - USD 4,997,324.264 9,995,322.033 8,683,099.599 6,309,546.698JPM Emerging Markets Local Currency Debt A (inc) - EUR - 12,315.000 - 12,315.000JPM Emerging Markets Local Currency Debt B (acc) - EUR - 10,034.720 - 10,034.720JPM Emerging Markets Local Currency Debt B (acc) - USD 493,573.091 3,953,077.093 1,382,697.753 3,063,952.431JPM Emerging Markets Local Currency Debt C (acc) - EUR - 185,312.070 70,553.621 114,758.449JPM Emerging Markets Local Currency Debt C (acc) - USD 744,031.123 3,606,268.047 1,790,952.676 2,559,346.494JPM Emerging Markets Local Currency Debt D (acc) - EUR 3,033,679.382 7,258,113.974 3,062,707.942 7,229,085.414JPM Emerging Markets Local Currency Debt D (acc) - USD 2,150.000 25,000.118 12,736.876 14,413.242JPM Emerging Markets Local Currency Debt D (inc) - EUR 40,079.625 2,055,286.126 309,337.412 1,786,028.339JPM Emerging Markets Local Currency Debt I (acc) - EUR - 244,795.224 199,695.224 45,100.000JPM Emerging Markets Local Currency Debt T (acc) - EUR - 50.000 - 50.000JPM Emerging Markets Local Currency Debt T (inc) - EUR - 21,113.019 - 21,113.019JPM Emerging Markets Local Currency Debt X (acc) - EUR - 536,061.704 232,270.634 303,791.070JPM Emerging Markets Local Currency Debt X (acc) - USD 14,338,603.643 2,236,249.801 208,607.826 16,366,245.618

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (acc) - USD 5,737,780.715 22,844,675.531 11,250,529.200 17,331,927.046JPM Emerging Markets Small Cap A (acc) - EUR 10,215,213.142 18,541,701.806 20,382,808.935 8,374,106.013JPM Emerging Markets Small Cap A (dist) - GBP 92,271.040 436,749.201 228,249.456 300,770.785JPM Emerging Markets Small Cap B (acc) - USD 1,155,092.556 8,925,906.607 8,233,926.716 1,847,072.447JPM Emerging Markets Small Cap C (acc) - USD 1,435,527.708 8,889,337.522 4,591,569.384 5,733,295.846JPM Emerging Markets Small Cap D (acc) - USD 3,691,571.467 4,960,987.359 3,584,729.681 5,067,829.145JPM Emerging Markets Small Cap D (acc) - EUR 61.192 16,819.431 4,501.027 12,379.596JPM Emerging Markets Small Cap I (acc) - USD - 120,000.000 - 120,000.000

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - USD 2,164,487.820 3,864,153.091 4,205,451.535 1,823,189.376JPM Emerging Middle East Equity A (acc) - EUR 148,212.987 1,598,162.529 1,208,709.430 537,666.086JPM Emerging Middle East Equity A (acc) - SGD - 1,559.870 49.955 1,509.915JPM Emerging Middle East Equity A (dist) - USD 10,266,481.844 5,814,744.866 5,671,281.527 10,409,945.183JPM Emerging Middle East Equity B (acc) - USD 248,533.471 422,569.802 460,441.740 210,661.533JPM Emerging Middle East Equity C (acc) - USD 3,611,239.752 14,013,669.280 12,038,311.523 5,586,597.509JPM Emerging Middle East Equity D (acc) - USD 1,939,619.749 900,969.123 1,055,231.857 1,785,357.015JPM Emerging Middle East Equity D (acc) - EUR - 178,642.560 160,038.363 18,604.197JPM Emerging Middle East Equity I (acc) - USD - 123,613.881 42,867.258 80,746.623

JPMorgan Funds - Euro Money Market Fund (1)JPM Euro Money Market A (acc) - EUR 508,370.018 542,493.158 586,614.487 464,248.689JPM Euro Money Market D (acc) - EUR 1,033,526.264 1,235,809.869 1,468,092.503 801,243.630

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 3,166,560.906 1,291,760.968 1,703,572.304 2,754,749.570JPM Euroland Equity A (dist) - EUR 13,534,833.737 2,293,266.992 5,344,101.330 10,483,999.399JF Euroland Equity A (dist) - USD 6,628,271.648 1,121,740.399 2,041,681.829 5,708,330.218JPM Euroland Equity A (inc) - EUR 13,504.151 - 6,653.013 6,851.138JPM Euroland Equity B (acc) - EUR 935,668.329 153,330.443 718,469.547 370,529.225JPM Euroland Equity C (acc) - EUR 6,956,640.840 1,840,054.094 4,648,236.192 4,148,458.742JPM Euroland Equity D (acc) - EUR 4,533,603.724 434,549.874 1,617,338.714 3,350,814.884JPM Euroland Equity I (acc) - EUR* 53,145.999 0.001 53,146.000 -JPM Euroland Equity X (acc) - EUR 747,426.000 619,025.000 21,425.000 1,345,026.000

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 4,766,700.403 1,288,004.918 3,262,186.832 2,792,518.489JPM Europe Dynamic A (dist) - EUR 6,814,937.228 1,042,446.194 3,121,556.430 4,735,826.992JPM Europe Dynamic A (dist) - GBP 40,382.370 1,388.961 12,527.519 29,243.812JF Europe Dynamic A (dist) - EUR 350,048.407 258,479.697 287,404.954 321,123.150JPM Europe Dynamic B (acc) - EUR 397,118.413 143,018.101 180,676.282 359,460.232JPM Europe Dynamic C (acc) - EUR 6,674,273.344 500,498.553 4,549,895.908 2,624,875.989JPM Europe Dynamic D (acc) - USD 4,566.115 - 887.318 3,678.797JPM Europe Dynamic D (acc) - EUR 1,488,189.228 365,188.681 544,546.394 1,308,831.515JPM Europe Dynamic I (acc) - EUR 1,300,000.000 1,288,000.000 - 2,588,000.000JPM Europe Dynamic T (acc) - EUR - 3,640.497 - 3,640.497

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - USD 353.856 - - 353.856JPM Europe Dynamic Mega Cap A (acc) - EUR 7,091,036.608 489,756.669 4,109,695.843 3,471,097.434JPM Europe Dynamic Mega Cap A (dist) - EUR 3,036,027.680 208,413.502 1,505,640.664 1,738,800.518JPM Europe Dynamic Mega Cap A (inc) - EUR 2,495.386 32.673 - 2,528.059JPM Europe Dynamic Mega Cap B (acc) - EUR 32,960.781 - 26,035.262 6,925.519JPM Europe Dynamic Mega Cap C (acc) - EUR 1,178,779.415 89,162.455 1,071,386.261 196,555.609JPM Europe Dynamic Mega Cap D (acc) - USD 353.857 2,352.941 - 2,706.798JPM Europe Dynamic Mega Cap D (acc) - EUR 856,278.613 33,018.913 341,452.222 547,845.304JPM Europe Dynamic Mega Cap T (acc) - EUR - 360.805 - 360.805JPM Europe Dynamic Mega Cap X (acc) - EUR 1,133,038.232 29,491.441 1,006,812.879 155,716.794


19




of the Year


of the Year

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - USD 4,242,039.673 322,874.561 1,195,399.207 3,369,515.027JPM Europe Equity A (acc) - EUR 5,843,819.456 1,159,725.617 3,419,774.115 3,583,770.958JPM Europe Equity A (dist) - EUR 7,316,966.414 688,660.821 1,590,543.482 6,415,083.753JF Europe Equity A (dist) - USD 901,705.647 195,539.997 219,421.813 877,823.831JPM Europe Equity B (acc) - EUR 694,364.684 211,648.889 357,094.647 548,918.926JPM Europe Equity C (acc) - EUR 7,244,717.385 1,807,543.338 1,119,855.234 7,932,405.489JPM Europe Equity D (acc) - USD 58,921.338 18,064.453 12,718.881 64,266.910JPM Europe Equity D (acc) - EUR 3,892,351.890 332,114.233 1,127,167.733 3,097,298.390JPM Europe Equity X (acc) - EUR 1,387,984.928 6,171.811 16,045.874 1,378,110.865

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - USD 348.675 - - 348.675JPM Europe Focus A (acc) - EUR 363,249.338 692,850.939 399,684.829 656,415.448JPM Europe Focus A (dist) - EUR 15,214.031 35,173.925 24,634.190 25,753.766JPM Europe Focus B (acc) - EUR 31,031.000 44,168.634 64,240.000 10,959.634JPM Europe Focus C (acc) - EUR 62,094.843 919,917.719 146,584.116 835,428.446JPM Europe Focus D (acc) - USD 348.675 1,598.968 1,598.968 348.675JPM Europe Focus D (acc) - EUR 517,941.696 1,030,644.274 183,005.398 1,365,580.572JPM Europe Focus T (acc) - EUR - 1,255.143 - 1,255.143JPM Europe Focus X (acc) - EUR 42,160.417 - 710.254 41,450.163

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1,558,477.725 2,731,855.202 2,720,225.437 1,570,107.490JPM Europe Small Cap A (dist) - EUR 5,455,692.422 616,941.192 1,169,024.396 4,903,609.218JF Europe Small Cap A (dist) - EUR 2,089,394.931 715,404.441 872,415.911 1,932,383.461JPM Europe Small Cap A (dist) - GBP 54,555.098 28,216.772 24,353.284 58,418.586JPM Europe Small Cap B (acc) - EUR 201,105.874 344,389.446 482,195.770 63,299.550JPM Europe Small Cap C (acc) - EUR 412,665.020 937,765.187 1,246,611.946 103,818.261JPM Europe Small Cap D (acc) - EUR 1,679,468.370 538,343.776 531,081.418 1,686,730.728JPM Europe Small Cap I (acc) - EUR - 85,375.831 - 85,375.831

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 4,801,294.954 3,602,958.198 3,823,123.257 4,581,129.895JPM Europe Strategic Growth A (dist) - EUR 30,122,022.826 5,187,599.242 7,350,973.152 27,958,648.916JPM Europe Strategic Growth A (dist) - GBP 41,866.243 4,865.774 21,802.512 24,929.505JPM Europe Strategic Growth B (acc) - EUR 420,457.954 150,052.036 371,184.371 199,325.619JPM Europe Strategic Growth C (acc) - EUR 11,378,929.300 5,071,665.161 8,761,807.337 7,688,787.124JPM Europe Strategic Growth D (acc) - EUR 2,771,167.244 807,037.665 900,248.692 2,677,956.217JPM Europe Strategic Growth X (acc) - EUR 1,774.423 13,400.001 1,774.425 13,399.999

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 8,052,274.020 5,443,508.478 4,396,902.716 9,098,879.782JPM Europe Strategic Value A (dist) - EUR 118,550,336.461 15,751,766.112 38,418,006.758 95,884,095.815JPM Europe Strategic Value A (dist) - GBP 21,881.704 3,453.482 7,187.141 18,148.045JPM Europe Strategic Value B (acc) - EUR 532,544.519 924,054.835 1,390,046.339 66,553.015JPM Europe Strategic Value C (acc) - EUR 4,845,105.559 14,800,434.280 9,737,513.108 9,908,026.731JPM Europe Strategic Value D (acc) - EUR 6,835,308.860 669,229.995 2,627,465.760 4,877,073.095

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 830,531.434 4,633,167.744 3,814,133.664 1,649,565.514JPM Europe Technology A (dist) - EUR 8,331,659.591 4,534,533.600 4,617,718.623 8,248,474.568JF Europe Technology A (dist) - EUR 1,800,278.206 1,203,146.021 1,486,160.526 1,517,263.701JPM Europe Technology A (dist) - GBP 140,778.485 79,599.689 69,208.158 151,170.016JPM Europe Technology B (acc) - EUR 101,963.434 3,310,075.048 3,268,376.079 143,662.403JPM Europe Technology D (acc) - EUR 1,675,386.535 2,696,993.764 1,601,825.226 2,770,555.073JPM Europe Technology X (acc) - EUR 19,540.984 - 2,319.965 17,221.019

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 28,116,224.365 27,708,193.227 26,187,151.938 29,637,265.654JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 2,163,053.698 1,475,208.893 656,141.987 2,982,120.604JPM Global Convertibles (EUR) A (dist) - EUR 62,364,349.048 20,546,746.418 40,829,092.805 42,082,002.661JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 1,746,537.550 716,043.409 905,766.915 1,556,814.044JF Global Convertibles (EUR) A (dist) - USD 2,019,518.193 1,965,065.574 2,750,953.602 1,233,630.165JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 688,484.039 512,910.943 114,695.000 1,086,699.982JPM Global Convertibles (EUR) B (dist) - GBP (hedged) - 300,287.391 - 300,287.391JPM Global Convertibles (EUR) B (acc) - EUR 3,483,505.056 4,019,196.482 5,592,742.767 1,909,958.771JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 339,206.282 52,465.865 216,827.166 174,844.981JPM Global Convertibles (EUR) C (acc) - EUR 61,127,371.872 29,207,672.197 59,403,753.903 30,931,290.166JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 10,207,235.638 4,259,703.387 10,964,292.142 3,502,646.883JPM Global Convertibles (EUR) D (acc) - EUR 14,739,725.200 4,225,193.003 6,184,833.178 12,780,085.025JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 1,019,625.506 289,017.341 - 1,308,642.847JPM Global Convertibles (EUR) I (acc) - EUR 66,910,230.298 11,058,908.881 69,500,629.446 8,468,509.733JPM Global Convertibles (EUR) I (inc) - EUR 250,090.196 - - 250,090.196JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1,788,476.035 - 0.710 1,788,475.325JPM Global Convertibles (EUR) X (acc) - EUR 8,793,326.891 1,198,381.604 4,565,183.843 5,426,524.652JPM Global Convertibles (EUR) X (dist) - GBP (hedged) - 3,236.968 - 3,236.968

20




of the Year


of the Year

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - USD 1,966,579.779 8,656,476.187 4,672,094.646 5,950,961.320JPM Global Corporate Bond A (acc) - EUR (hedged) 4,016,123.879 5,624,099.690 5,280,762.748 4,359,460.821JPM Global Corporate Bond A (acc) - SEK (hedged) 2,486,732.131 4,882,274.616 1,236,941.473 6,132,065.274JPM Global Corporate Bond A (dist) - GBP (hedged) 7,457,182.869 2,215,168.993 946,705.720 8,725,646.142JPM Global Corporate Bond A (mth) - USD - 21,789.729 9,408.072 12,381.657JPM Global Corporate Bond B (acc) - USD - 8,901.525 - 8,901.525JPM Global Corporate Bond B (acc) - EUR (hedged) - 22,761.132 - 22,761.132JPM Global Corporate Bond C (acc) - USD Duration (hedged) - 50,037.556 25,110.486 24,927.070JPM Global Corporate Bond C (acc) - EUR (hedged) - 1,225,135.879 118,315.789 1,106,820.090JPM Global Corporate Bond D (acc) - USD 661,186.302 987,520.524 649,070.953 999,635.873JPM Global Corporate Bond D (acc) - EUR (hedged) 4,529,683.002 7,478,251.448 6,063,549.050 5,944,385.400JPM Global Corporate Bond D (inc) - EUR (hedged) 36,004.036 2,510,811.894 179,994.861 2,366,821.069JPM Global Corporate Bond I (acc) - USD* - 100,000.000 100,000.000 -JPM Global Corporate Bond T (acc) - EUR (hedged) - 72.717 - 72.717JPM Global Corporate Bond T (inc) - EUR (hedged) - 27,443.848 669.043 26,774.805

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 447,831.162 73,523.291 39,019.391 482,335.062JPM Global Equity (USD) A (acc) - EUR - 11,874.657 - 11,874.657JPM Global Equity (USD) A (acc) - EUR (hedged) 219,637.526 40,741.436 126,389.479 133,989.483JPM Global Equity (USD) A (dist) - USD 386,766.685 82,725.544 175,597.721 293,894.508JF Global Equity (USD) A (dist) - USD 1,111,331.660 318,611.363 427,240.318 1,002,702.705JPM Global Equity (USD) A (dist) - EUR (hedged) 3,192,726.459 41,525.164 261,114.810 2,973,136.813JPM Global Equity (USD) C (acc) - USD 7,567,085.145 32,869.000 2,296,602.873 5,303,351.272JPM Global Equity (USD) C (acc) - EUR (hedged) 5,837,707.130 81,308.818 - 5,919,015.948JPM Global Equity (USD) D (acc) - USD 105,252.150 59,468.111 16,890.732 147,829.529JPM Global Equity (USD) D (acc) - EUR (hedged) 234,732.226 609,245.336 125,309.571 718,667.991JPM Global Equity (USD) X (acc) - USD 1,189.691 - - 1,189.691JPM Global Equity (USD) X (acc) - EUR 5,468,725.894 - 19,964.550 5,448,761.344

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 28,453,947.521 25,381,527.804 25,596,502.450 28,238,972.875JPM Global Focus A (acc) - EUR (hedged) 1,634,518.282 8,013,422.964 3,777,514.928 5,870,426.318JPM Global Focus A (acc) - CHF (hedged) - 50,692.001 4,211.698 46,480.303JPM Global Focus A (dist) - EUR 12,314,649.850 11,710,354.837 7,097,363.943 16,927,640.744JF Global Focus A (dist) - USD 1,842,078.240 1,422,839.249 1,415,050.007 1,849,867.482JPM Global Focus B (acc) - EUR 1,394,562.444 4,954,585.320 1,988,353.561 4,360,794.203JPM Global Focus C (acc) - USD 1,799,015.290 1,192,355.793 798,177.886 2,193,193.197JPM Global Focus C (acc) - EUR 17,536,751.170 19,114,922.157 17,332,122.333 19,319,550.994JPM Global Focus C (acc) - EUR (hedged) 489,378.430 5,437,280.512 3,775,768.156 2,150,890.786JPM Global Focus D (acc) - EUR 5,169,105.748 4,734,565.338 2,705,415.726 7,198,255.360JPM Global Focus D (acc) - EUR (hedged) 1,697,987.913 3,245,951.541 1,421,352.058 3,522,587.396JPM Global Focus I (acc) - USD - 402,080.697 - 402,080.697JPM Global Focus I (acc) - EUR - 747,375.996 577.810 746,798.186JPM Global Focus I (acc) - EUR (hedged) - 187,528.699 - 187,528.699JPM Global Focus T (acc) - EUR - 16,645.520 - 16,645.520JPM Global Focus X (acc) - EUR 936,103.590 61,966.510 105,876.296 892,193.804

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - USD 26,451,139.044 112,717,920.263 70,375,762.861 68,793,296.446JPM Global Natural Resources A (acc) - EUR 37,814,389.670 39,378,082.453 33,981,066.035 43,211,406.088JPM Global Natural Resources A (acc) - SGD 16,104.229 637,611.100 34,677.013 619,038.316JPM Global Natural Resources A (dist) - EUR 23,287,894.713 23,700,312.613 22,275,495.304 24,712,712.022JPM Global Natural Resources B (acc) - EUR 1,626,273.337 3,611,006.427 2,190,474.184 3,046,805.580JPM Global Natural Resources C (acc) - USD 5,551,376.057 9,743,820.499 5,963,838.909 9,331,357.647JPM Global Natural Resources C (acc) - EUR 6,011,118.454 8,539,145.727 6,243,386.233 8,306,877.948JPM Global Natural Resources D (acc) - USD 1,136,706.770 2,054,698.847 2,363,133.521 828,272.096JPM Global Natural Resources D (acc) - EUR 14,691,065.674 16,932,154.595 15,254,618.387 16,368,601.882JPM Global Natural Resources X (acc) - USD* - 17,517.215 17,517.215 -JPM Global Natural Resources X (acc) - EUR 5,089,717.594 3,689,693.947 4,594,762.891 4,184,648.650

JPMorgan Funds - JF China FundJF China A (acc) - USD 12,421,644.435 11,019,759.557 9,053,501.371 14,387,902.621JF China A (acc) - SGD 498.563 844.993 - 1,343.556JF China A (dist) - USD 55,425,360.101 22,997,080.179 30,061,826.820 48,360,613.460JF China A (dist) - HKD - 3,130,574.135 1,682,876.149 1,447,697.986JF China B (acc) - USD 1,072,011.902 527,548.730 693,369.180 906,191.452JF China C (acc) - USD 3,687,391.441 4,286,939.291 3,832,117.821 4,142,212.911JF China D (acc) - USD 11,142,449.919 4,171,980.381 6,463,071.386 8,851,358.914JF China D (acc) - EUR - 61,289.640 13,382.098 47,907.542JF China I (acc) - USD 23,707,183.887 6,820,107.259 13,002,042.268 17,525,248.878JF China T (acc) - EUR - 886.139 68.315 817.824JF China X (acc) - USD - 301,945.306 253,415.415 48,529.891

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 12,036,262.417 4,276,575.329 4,648,774.574 11,664,063.172JF Greater China A (acc) - SGD 498.563 107,658.490 60,498.563 47,658.490JF Greater China A (dist) - USD 12,882,622.537 6,054,857.820 6,056,582.729 12,880,897.628JF Greater China A (dist) - HKD - 1,513,845.696 115,940.324 1,397,905.372JF Greater China B (acc) - USD 252,095.134 550,290.833 521,883.389 280,502.578JF Greater China C (acc) - USD 3,092,015.534 3,301,641.035 4,353,745.025 2,039,911.544JF Greater China D (acc) - USD 3,510,441.172 621,500.973 1,274,337.194 2,857,604.951JF Greater China D (acc) - EUR - 60,426.170 13,211.406 47,214.764JF Greater China I (acc) - USD - 402,030.655 1,667.624 400,363.031JF Greater China T (acc) - EUR - 2,421.459 - 2,421.459

21




of the Year


of the Year

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 303,084.610 955,697.404 809,918.923 448,863.091JF Pacific Balanced A (dist) - USD 3,184,542.924 579,825.201 854,786.799 2,909,581.326JF Pacific Balanced B (acc) - USD 505,300.000 1,626,966.668 1,626,966.668 505,300.000JF Pacific Balanced D (acc) - USD 1,232,886.994 423,209.290 489,763.511 1,166,332.773

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 8,039,948.696 4,869,962.637 4,549,862.814 8,360,048.519JPM Latin America Equity A (acc) - SGD - 938.064 49.955 888.109JPM Latin America Equity A (dist) - USD 5,608,253.490 1,830,451.338 2,222,022.578 5,216,682.250JF Latin America Equity A (dist) - USD 8,233,060.601 6,287,470.648 6,429,439.873 8,091,091.376JPM Latin America Equity B (acc) - USD 2,745,684.656 2,571,109.778 2,149,617.213 3,167,177.221JPM Latin America Equity C (acc) - USD 2,170,586.391 2,372,888.341 1,714,408.637 2,829,066.095JPM Latin America Equity D (acc) - USD 4,453,156.114 2,398,716.186 3,452,636.003 3,399,236.297JPM Latin America Equity D (acc) - EUR - 61,797.839 21,335.555 40,462.284JPM Latin America Equity I (acc) - USD 5,077,455.106 1,133,768.913 3,619,892.351 2,591,331.668JPM Latin America Equity T (acc) - EUR - 2,887.234 68.315 2,818.919JPM Latin America Equity X (acc) - USD 2,362,034.245 1,186,198.651 1,078,189.472 2,470,043.424

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 43,246,446.765 27,797,091.925 31,196,837.897 39,846,700.793JPM Russia A (dist) - USD 22,668,321.825 64,846,133.401 52,022,713.253 35,491,741.973JPM Russia B (acc) - USD 2,738,127.299 4,097,152.920 4,562,582.250 2,272,697.969JPM Russia C (acc) - USD 18,617,599.055 15,491,952.910 29,892,735.014 4,216,816.951JPM Russia D (acc) - USD 13,634,117.959 6,801,318.700 8,009,848.795 12,425,587.864JPM Russia I (acc) - USD 153,487,599.652 56,826,325.663 68,266,175.068 142,047,750.247

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 26,907,106.016 37,679,179.994 26,072,687.891 38,513,598.119JPM US Aggregate Bond A (inc) - USD 17,948,731.358 38,107,726.097 37,880,930.632 18,175,526.823JPM US Aggregate Bond A (mth) - USD 570,093.668 5,109,600.771 2,613,025.929 3,066,668.510JPM US Aggregate Bond B (acc) - USD 10,766,503.163 8,178,015.679 8,270,617.677 10,673,901.165JPM US Aggregate Bond C (acc) - USD 9,723,205.894 23,443,740.456 14,412,483.276 18,754,463.074JPM US Aggregate Bond D (acc) - USD 1,357,901.210 1,753,569.296 1,470,097.342 1,641,373.164JPM US Aggregate Bond D (acc) - EUR (hedged) - 21,547.642 6,876.113 14,671.529JPM US Aggregate Bond I (acc) - USD - 315,352.787 - 315,352.787JPM US Aggregate Bond X (acc) - USD 4,457,381.531 9,586,304.908 4,133,898.867 9,909,787.572

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 9,684,141.743 1,660,563.311 4,719,827.476 6,624,877.578JPM US Dynamic A (acc) - EUR 2,353,588.065 424,969.187 835,748.975 1,942,808.277JPM US Dynamic A (dist) - USD 32,900,982.574 2,270,744.664 27,360,115.633 7,811,611.605JPM US Dynamic B (acc) - USD 353,698.012 1,222,969.814 650,800.521 925,867.305JPM US Dynamic C (acc) - USD 9,384,577.423 3,740,391.203 12,264,320.760 860,647.866JPM US Dynamic D (acc) - USD 1,598,965.713 180,092.566 743,433.389 1,035,624.890JPM US Dynamic D (acc) - EUR 37,813.643 322.581 3,533.392 34,602.832JPM US Dynamic I (inc) - EUR 18,308,677.100 90,871.397 18,399,381.336 167.161JPM US Dynamic T (acc) - EUR - 546.325 - 546.325JPM US Dynamic X (acc) - USD 1,122,159.552 22,482.240 1,004,352.777 140,289.015

JPMorgan Funds - US Growth Fund (2)JPM US Growth A (acc) - USD 883,269.582 22,377,759.438 2,035,001.341 21,226,027.679JPM US Growth A (acc) - EUR (hedged) 927,887.304 2,094,562.412 1,140,336.156 1,882,113.560JPM US Growth A (dist) - USD 6,832,019.061 4,316,994.905 7,873,660.136 3,275,353.830JPM US Growth A (dist) - GBP 24,905.001 2,014,750.031 46,192.665 1,993,462.367JPM US Growth B (acc) - USD 204,879.833 1,292,054.760 191,706.370 1,305,228.223JPM US Growth C (acc) - USD 686,167.311 10,683,235.931 2,160,245.545 9,209,157.697JPM US Growth C (acc) - EUR (hedged) 12,665.420 89,245.560 29,099.734 72,811.246JPM US Growth C (dist) - GBP - 198,624.637 42,644.766 155,979.871JPM US Growth D (acc) - USD 439,739.307 365,267.234 415,697.818 389,308.723JPM US Growth D (acc) - EUR (hedged) 74,172.147 416,132.886 113,593.518 376,711.515JPM US Growth X (acc) - USD 34,224.434 6,164,873.490 186,563.802 6,012,534.122JPM US Growth X (dist) - USD - 12,700.109 - 12,700.109

JPMorgan Funds - US Small and Micro Cap FundJPM US Small and Micro Cap A (acc) - USD 6,798,478.197 5,275,624.823 7,560,953.261 4,513,149.759JPM US Small and Micro Cap A (dist) - USD 578,657.380 70,161.112 284,527.804 364,290.688JF US Small and Micro Cap A (dist) - USD 292,530.158 4,695,007.713 3,181,011.843 1,806,526.028JPM US Small and Micro Cap D (acc) - USD 525,151.611 263,398.333 292,073.832 496,476.112JPM US Small and Micro Cap X (acc) - USD 5,225,249.606 291,592.976 5,187,462.483 329,380.099

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 509,902.577 2,876,147.899 1,601,272.825 1,784,777.651JPM US Technology A (acc) - EUR 10,135.017 402,983.987 340,089.902 73,029.102JF US Technology A (dist) - USD 4,823,379.045 72,497,773.863 42,108,901.453 35,212,251.455JPM US Technology A (dist) - USD 5,899,446.944 9,499,863.510 6,742,387.603 8,656,922.851JPM US Technology A (dist) - GBP 306,931.251 218,973.637 151,443.633 374,461.255JPM US Technology B (acc) - USD - 51,551.388 46,132.657 5,418.731JPM US Technology C (acc) - USD 120,241.325 1,332,747.564 1,287,394.970 165,593.919JPM US Technology D (acc) - USD 4,879,656.631 15,733,877.082 6,340,824.610 14,272,709.103JPM US Technology D (acc) - EUR 19,479.906 359,336.323 219,173.052 159,643.177JPM US Technology X (acc) - USD 20,793.725 - 13,262.557 7,531.168


22




of the Year


of the Year

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 3,540,067.338 19,010,935.969 6,737,719.362 15,813,283.945JPM US Value A (acc) - EUR (hedged) 781,914.365 2,905,952.055 436,313.659 3,251,552.761JPM US Value A (dist) - USD 17,913,867.444 13,481,576.425 19,074,068.104 12,321,375.765JF US Value A (dist) - USD 544,398.871 708,938.272 881,535.527 371,801.616JPM US Value A (dist) - GBP 18,306.958 20,291.349 6,818.359 31,779.948JPM US Value B (acc) - USD 282,593.906 1,067,524.016 724,184.533 625,933.389JPM US Value C (acc) - USD 15,659,401.523 28,216,205.813 14,382,589.380 29,493,017.956JPM US Value C (acc) - EUR (hedged) 64.401 4,983,572.446 1,162,904.395 3,820,732.452JPM US Value D (acc) - USD 2,448,541.532 1,121,127.902 580,824.512 2,988,844.922JPM US Value D (acc) - EUR (hedged) 622,146.258 2,660,764.148 499,271.866 2,783,638.540JPM US Value I (acc) - USD - 507,256.943 - 507,256.943JPM US Value X (acc) - USD 10,157,816.332 1,462,838.615 1,963,264.684 9,657,390.263

* Share Class inactive at the end of the year.The accompanying notes form an integral part of these Financial Statements.

23

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2011 30 June 2010 30 June 2009 30 June 2008 30 June 2007

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 11.53 9.19 8.14 10.68 13.02JPM America Equity A (acc) - EUR (hedged) 7.12 5.69 5.09 6.87 11.28JPM America Equity A (dist) - USD 87.53 69.75 61.92 81.24 99.09JF America Equity A (dist) - USD 46.96 37.42 33.23 43.59 53.17JPM America Equity B (acc) - USD 13.23 10.46 9.19 11.97 14.50JPM America Equity C (acc) - USD 13.56 10.69 9.37 12.16 14.67JPM America Equity C (acc) - EUR (hedged) 6.93 5.48 4.85 6.50 -JPM America Equity D (acc) - USD 10.65 8.55 7.63 10.09 12.39JPM America Equity D (acc) - EUR 7.03 6.66 5.18 6.12 8.78JPM America Equity D (acc) - EUR (hedged) 6.91 5.56 5.01 6.82 11.26JPM America Equity X (acc) - USD 13.19 10.33 8.99 11.59 13.88

JPMorgan Funds - Brazil Alpha Plus FundJPM Brazil Alpha Plus A (acc) - USD 11.80 9.70 7.32 11.03 -JPM Brazil Alpha Plus A (acc) - SGD** 13.88 - - - -JPM Brazil Alpha Plus A (dist) - USD 11.51 9.46 - - -JPM Brazil Alpha Plus A (acc) - EUR 70.55 - - - -JPM Brazil Alpha Plus B (acc) - USD 13.67 11.14 8.34 12.49 -JPM Brazil Alpha Plus C (acc) - USD 22.24 18.12 13.61 - -JPM Brazil Alpha Plus D (acc) - USD 11.42 9.48 7.20 10.97 -JPM Brazil Alpha Plus D (acc) - EUR 79.51 - - - -JPM Brazil Alpha Plus I (acc) - USD 12.16 9.91 7.43 11.11 -JPM Brazil Alpha Plus I (acc) - EUR 81.16 78.04 - - -JPM Brazil Alpha Plus T (acc) - EUR 71.44 - - - -

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - USD 142.81 - - - -JPM Eastern Europe Equity A (acc) - EUR 19.56 17.91 11.22 23.45 22.69JPM Eastern Europe Equity A (dist) - EUR 47.83 43.80 27.44 57.97 56.17JF Eastern Europe Equity A (dist) - EUR 32.00 29.31 18.36 38.79 37.55JPM Eastern Europe Equity B (acc) - EUR 9.51 8.65 5.38 11.15 10.72JPM Eastern Europe Equity C (acc) - EUR 19.46 17.68 10.98 22.75 21.83JPM Eastern Europe Equity D (acc) - EUR 33.10 30.61 19.37 40.86 39.92JPM Eastern Europe Equity I (acc) - EUR 15.86 14.41 - 14.94 14.33JPM Eastern Europe Equity X (acc) - EUR 23.39 21.05 12.96 26.62 25.31

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 22.01 17.23 13.39 25.17 22.14JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 16.33 15.09 10.22 - -JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD** 14.17 - - - -JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 62.56 49.08 38.51 73.66 64.84JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 13.89 10.79 8.33 15.52 13.57JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 23.85 18.52 14.27 26.60 23.20JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 45.98 36.36 28.54 54.19 48.15JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 81.83 - - - -JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD* - - 9.42 17.55 15.30JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 69.84 - - - -JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 11.87 9.13 - - -

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 11.42 9.97 8.35 9.88 10.29JPM Emerging Markets Debt A (acc) - USD (hedged) 15.32 13.34 - - -JPM Emerging Markets Debt A (inc) - EUR 9.56 8.75 7.33 9.06 10.21JPM Emerging Markets Debt A (mth) - EUR 11.00 10.11 8.88 - -JPM Emerging Markets Debt A (mth) - USD (hedged) 15.43 14.10 - - -JPM Emerging Markets Debt B (acc) - EUR 11.67 10.15 - - -JPM Emerging Markets Debt C (acc) - EUR 11.48 9.94 8.25 9.68 9.99JPM Emerging Markets Debt D (acc) - EUR 13.16 11.57 9.76 11.63 12.19JPM Emerging Markets Debt I (inc) - EUR 10.24 9.40 7.81 9.65 9.97JPM Emerging Markets Debt X (acc) - EUR* - - - 9.51 9.77

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 23.73 19.23 15.76 21.69 21.35JPM Emerging Markets Equity A (acc) - EUR 13.08 12.51 8.93 10.96 12.60JPM Emerging Markets Equity A (acc) - SGD 14.55 13.41 - - -JPM Emerging Markets Equity A (dist) - USD 33.20 26.92 22.24 31.22 30.84JPM Emerging Markets Equity A (dist) - GBP 34.77 30.11 22.57 26.05 25.56JPM Emerging Markets Equity B (acc) - USD 25.81 20.76 16.88 23.06 22.56JPM Emerging Markets Equity C (acc) - USD 25.34 20.37 16.56 22.60 22.06JPM Emerging Markets Equity C (dist) - USD 107.48 - - - -JPM Emerging Markets Equity D (acc) - USD 36.82 30.14 24.94 34.67 34.47JPM Emerging Markets Equity D (acc) - EUR 9.25 8.94 6.44 7.99 9.28JPM Emerging Markets Equity I (acc) - USD 17.00 13.65 11.09 15.13 14.76JPM Emerging Markets Equity I (acc) - EUR 13.15 12.46 8.82 - -JPM Emerging Markets Equity I (inc) - EUR 10.90 10.43 7.51 9.38 10.85JPM Emerging Markets Equity X (acc) - USD 29.32 23.35 18.80 25.44 24.61JPM Emerging Markets Equity X (acc) - EUR 73.83 - - - -JPM Emerging Markets Equity X (dist) - USD 20.62 16.68 13.53 - -JPM Emerging Markets Equity X (inc) - EUR 11.87 11.36 8.16 10.20 11.75

24




JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 18.89 12.77 9.81 9.47 -JPM Emerging Markets Local Currency Debt A (acc) - USD 13.06 15.66 13.80 14.94 -JPM Emerging Markets Local Currency Debt A (dist) - GBP 90.55 - - - -JPM Emerging Markets Local Currency Debt A (mth) - USD 16.70 14.75 - - -JPM Emerging Markets Local Currency Debt A (inc) - EUR 98.31 - - - -JPM Emerging Markets Local Currency Debt B (acc) - USD 17.05 14.14 - 15.04 -JPM Emerging Markets Local Currency Debt B (acc) - EUR 100.58 - - - -JPM Emerging Markets Local Currency Debt C (acc) - EUR 16.30 - - - -JPM Emerging Markets Local Currency Debt C (acc) - USD 100.55 13.50 - - -JPM Emerging Markets Local Currency Debt D (acc) - EUR 18.43 12.62 9.74 9.45 -JPM Emerging Markets Local Currency Debt D (acc) - USD 12.84 15.44 13.61 14.91 -JPM Emerging Markets Local Currency Debt D (inc) - EUR 10.16 10.50 - - -JPM Emerging Markets Local Currency Debt I (acc) - EUR** 99.56 - - - -JPM Emerging Markets Local Currency Debt T (acc) - EUR 99.46 - - - -JPM Emerging Markets Local Currency Debt T (inc) - EUR 100.22 - - - -JPM Emerging Markets Local Currency Debt X (acc) - EUR** 100.56 - 10.03 - -JPM Emerging Markets Local Currency Debt X (acc) - USD 20.47 16.85 14.59 - -

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (acc) - USD 11.38 9.16 6.52 8.20 -JPM Emerging Markets Small Cap A (acc) - EUR 7.88 7.48 4.64 5.21 -JPM Emerging Markets Small Cap A (dist) - GBP 6.53 5.62 3.94 4.12 -JPM Emerging Markets Small Cap B (acc) - USD 12.78 10.20 7.22 9.02 -JPM Emerging Markets Small Cap C (acc) - USD 17.70 14.12 - - -JPM Emerging Markets Small Cap D (acc) - USD 11.01 8.94 6.43 8.17 -JPM Emerging Markets Small Cap D (acc) - EUR 84.09 80.59 - - -JPM Emerging Markets Small Cap I (acc) - USD** 103.64 - - - -

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - USD 16.49 15.19 12.88 19.69 17.46JPM Emerging Middle East Equity A (acc) - EUR 10.87 11.82 8.72 - -JPM Emerging Middle East Equity A (acc) - SGD** 12.48 - - - -JPM Emerging Middle East Equity A (dist) - USD 22.51 20.95 18.03 28.96 25.97JPM Emerging Middle East Equity B (acc) - USD 17.30 15.82 13.31 20.19 17.79JPM Emerging Middle East Equity C (acc) - USD 8.13 7.42 6.24 9.46 -JPM Emerging Middle East Equity D (acc) - USD 20.93 19.49 16.69 25.77 23.08JPM Emerging Middle East Equity D (acc) - EUR 71.77 - - - -JPM Emerging Middle East Equity I (acc) - USD 87.43 - - - -

JPMorgan Funds - Euro Money Market Fund (1)JPM Euro Money Market A (acc) - EUR 107.54 107.35 107.27 104.79 100.98JPM Euro Money Market D (acc) - EUR 108.71 108.60 108.57 106.15 102.39

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 10.77 9.15 8.06 12.11 16.66JPM Euroland Equity A (dist) - EUR 34.83 30.10 27.14 42.16 59.30JF Euroland Equity A (dist) - USD 9.02 6.58 6.82 11.87 14.29JPM Euroland Equity A (inc) - EUR 6.18 5.33 4.83 7.49 -JPM Euroland Equity B (acc) - EUR 8.85 7.45 6.52 9.72 -JPM Euroland Equity C (acc) - EUR 13.43 11.29 9.84 14.63 19.92JPM Euroland Equity D (acc) - EUR 8.23 7.04 6.25 9.46 13.11JPM Euroland Equity I (acc) - EUR* - 7.33 6.39 9.50 12.92JPM Euroland Equity X (acc) - EUR 7.36 6.14 5.32 7.85 -

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 12.87 11.12 9.52 13.68 17.91JPM Europe Dynamic A (dist) - EUR 11.95 10.41 9.17 13.38 17.74JF Europe Dynamic A (dist) - EUR 13.65 11.90 10.42 15.22 20.19JPM Europe Dynamic A (dist) - GBP 16.42 12.94 11.79 16.02 18.08JPM Europe Dynamic B (acc) - EUR 15.71 13.47 11.45 16.32 21.24JPM Europe Dynamic C (acc) - EUR 16.06 13.74 11.66 16.61 21.53JPM Europe Dynamic D (acc) - EUR 12.15 10.60 9.17 13.30 17.59JPM Europe Dynamic D (acc) - USD 19.58 14.47 14.38 23.40 26.48JPM Europe Dynamic I (acc) - EUR 15.35 13.13 11.14 - 13.24JPM Europe Dynamic T (acc) - EUR 93.93 - - - -JPM Europe Dynamic X (acc) - EUR* - - 11.96 16.88 21.71

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 9.27 8.60 7.80 10.84 14.01JPM Europe Dynamic Mega Cap A (acc) - USD 10.27 8.08 8.40 13.10 -JPM Europe Dynamic Mega Cap A (dist) - EUR 7.25 6.86 6.40 9.07 11.91JPM Europe Dynamic Mega Cap A (inc) - EUR 7.51 7.07 6.56 9.32 12.20JPM Europe Dynamic Mega Cap B (acc) - EUR 8.31 7.66 6.89 9.52 12.23JPM Europe Dynamic Mega Cap C (acc) - EUR 9.09 8.36 7.51 10.35 13.26JPM Europe Dynamic Mega Cap D (acc) - EUR 8.06 7.55 6.92 9.72 12.69JPM Europe Dynamic Mega Cap D (acc) - USD 9.56 7.59 7.98 12.57 -JPM Europe Dynamic Mega Cap I (acc) - EUR* - - 7.03 9.70 12.41JPM Europe Dynamic Mega Cap T (acc) - EUR 92.59 - - - -JPM Europe Dynamic Mega Cap X (acc) - EUR 9.33 8.50 7.57 10.35 13.14


25




JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 10.45 8.85 7.50 11.25 15.52JPM Europe Equity A (acc) - USD 14.48 10.39 10.11 17.00 20.08JPM Europe Equity A (dist) - EUR 32.99 28.32 24.82 38.17 53.65JF Europe Equity A (dist) - USD 39.03 28.36 28.34 48.75 58.63JPM Europe Equity B (acc) - EUR 12.53 10.53 8.86 13.19 18.08JPM Europe Equity C (acc) - EUR 12.87 10.79 9.05 13.43 18.32JPM Europe Equity D (acc) - EUR 8.33 7.11 6.07 9.18 12.75JPM Europe Equity D (acc) - USD 11.75 8.49 8.33 14.11 16.79JPM Europe Equity I (acc) - EUR* - - - - 12.34JPM Europe Equity I (inc) - EUR* - - - 7.33 10.16JPM Europe Equity X (acc) - EUR 13.21 11.00 9.16 13.51 18.30

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 9.06 7.83 6.37 8.81 12.39JPM Europe Focus A (acc) - USD 12.12 8.87 8.28 12.84 -JPM Europe Focus A (dist) - EUR 8.02 6.95 5.80 8.19 11.61JPM Europe Focus B (acc) - EUR 9.35 8.05 6.50 8.92 -JPM Europe Focus C (acc) - EUR 11.82 10.18 - 8.05 10.48JPM Europe Focus D (acc) - EUR 8.60 7.51 6.16 8.61 12.23JPM Europe Focus D (acc) - USD 11.70 8.65 8.16 12.77 -JPM Europe Focus T (acc) - EUR 92.47 - - - -JPM Europe Focus X (acc) - EUR 8.33 7.07 5.65 7.67 10.60

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 13.14 10.71 8.33 13.13 18.98JPM Europe Small Cap A (dist) - EUR 36.72 30.07 23.66 37.64 54.43JF Europe Small Cap A (dist) - EUR 10.92 8.94 7.04 11.09 16.04JPM Europe Small Cap A (dist) - GBP 16.45 12.18 10.00 14.71 18.20JPM Europe Small Cap B (acc) - EUR 14.40 11.65 8.99 14.06 20.21JPM Europe Small Cap C (acc) - EUR 14.73 11.90 9.16 14.31 20.50JPM Europe Small Cap D (acc) - EUR 10.35 8.51 6.69 10.65 15.55JPM Europe Small Cap I (acc) - EUR** 99.07 - - 9.33 13.36JPM Europe Small Cap X (acc) - EUR* - - 10.35 16.02 22.76

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 12.84 10.52 8.44 13.02 16.87JPM Europe Strategic Growth A (dist) - EUR 8.02 6.58 5.33 8.21 10.72JPM Europe Strategic Growth A (dist) - GBP 13.32 9.91 8.37 12.13 13.45JPM Europe Strategic Growth B (acc) - EUR 15.54 12.64 10.07 15.41 19.83JPM Europe Strategic Growth C (acc) - EUR 13.46 10.93 8.69 13.27 17.03JPM Europe Strategic Growth D (acc) - EUR 8.46 6.99 5.65 8.78 11.46JPM Europe Strategic Growth I (acc) - EUR* - - 6.92 10.56 13.55JPM Europe Strategic Growth I (inc) - EUR* - - - 10.78 13.97JPM Europe Strategic Growth X (acc) - EUR** 96.83 12.60 9.94 15.06 19.17

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 9.79 8.57 7.57 10.84 15.67JPM Europe Strategic Value A (dist) - EUR 11.31 10.09 9.18 13.54 19.92JPM Europe Strategic Value A (dist) - GBP 15.61 12.60 11.90 16.37 20.48JPM Europe Strategic Value B (acc) - EUR 11.88 10.32 9.05 12.86 18.46JPM Europe Strategic Value C (acc) - EUR 12.11 10.50 9.19 13.03 18.64JPM Europe Strategic Value D (acc) - EUR 11.27 9.94 8.85 12.76 18.59JPM Europe Strategic Value I (acc) - EUR* - - - 8.68 12.42JPM Europe Strategic Value I (inc) - EUR* - - - 8.99 13.20JPM Europe Strategic Value X (acc) - EUR* - - 8.97 12.62 17.92

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 15.13 12.38 9.16 11.19 15.62JPM Europe Technology A (dist) - EUR 9.85 8.05 6.02 7.46 10.42JF Europe Technology A (dist) - EUR 5.32 4.37 3.26 4.05 5.66JPM Europe Technology A (dist) - GBP 8.49 6.31 4.92 5.68 6.75JPM Europe Technology B (acc) - EUR 12.29 9.97 7.32 8.88 -JPM Europe Technology C (acc) - EUR* - - - 9.85 -JPM Europe Technology D (acc) - EUR 5.28 4.37 3.26 4.03 5.68JPM Europe Technology X (acc) - EUR 10.87 8.74 6.37 7.64 -

26




JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 12.28 11.11 10.13 11.64 12.66JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 21.83 19.85 18.17 - -JPM Global Convertibles (EUR) A (dist) - EUR 10.81 9.86 9.04 10.45 11.37JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 12.27 11.28 10.31 - -JF Global Convertibles (EUR) A (dist) - USD 17.76 13.74 14.48 18.77 17.52JPM Global Convertibles (EUR) B (acc) - EUR 12.87 11.56 10.48 11.95 12.93JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 20.73 18.74 17.04 - -JPM Global Convertibles (EUR) B (dist) - GBP (hedged) 90.56 - - - -JPM Global Convertibles (EUR) C (acc) - EUR 13.11 11.77 10.66 12.16 13.13JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 22.11 19.97 18.18 - -JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 12.26 11.27 10.28 - -JPM Global Convertibles (EUR) D (acc) - EUR 10.68 9.71 8.90 10.27 11.23JPM Global Convertibles (EUR) I (acc) - EUR 10.48 9.40 8.51 9.70 10.47JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 17.23 15.55 - - -JPM Global Convertibles (EUR) I (inc) - EUR 10.10 9.06 8.24 9.53 10.55JPM Global Convertibles (EUR) X (acc) - EUR 13.74 12.24 11.00 12.44 13.32JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 18.22 16.33 - - -JPM Global Convertibles (EUR) X (dist) - GBP (hedged) 90.56 - - - -

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - USD 12.82 12.15 10.71 - -JPM Global Corporate Bond A (acc) - EUR (hedged) 10.13 9.60 8.46 - -JPM Global Corporate Bond A (acc) - SEK (hedged) 83.32 78.53 - - -JPM Global Corporate Bond A (dist) - GBP (hedged) 7.94 7.96 7.04 - -JPM Global Corporate Bond A (mth) - USD 99.05 - - - -JPM Global Corporate Bond B (acc) - USD 99.64 - - - -JPM Global Corporate Bond B (acc) - EUR (hedged) 67.01 - - - -JPM Global Corporate Bond C (acc) - USD Duration (hedged) 98.70 - - - -JPM Global Corporate Bond C (acc) - EUR (hedged)** 74.41 - - - -JPM Global Corporate Bond D (acc) - USD 12.73 12.11 10.69 - -JPM Global Corporate Bond D (acc) - EUR (hedged) 10.04 9.56 8.45 - -JPM Global Corporate Bond D (inc) - EUR (hedged) 7.57 7.46 - - -JPM Global Corporate Bond T (acc) - EUR (hedged) 68.28 - - - -JPM Global Corporate Bond T (inc) - EUR (hedged) 74.31 - - - -

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 11.41 9.31 8.61 12.11 13.64JPM Global Equity (USD) A (acc) - EUR 69.98 - - - -JPM Global Equity (USD) A (acc) - EUR (hedged) 6.15 5.38 4.82 - -JPM Global Equity (USD) A (dist) - USD 22.26 18.24 16.96 23.85 27.07JF Global Equity (USD) A (dist) - USD 38.46 31.52 29.31 41.62 47.24JPM Global Equity (USD) A (dist) - EUR (hedged) 5.88 5.16 4.81 - -JPM Global Equity (USD) C (acc) - USD 13.48 10.88 9.96 13.84 15.42JPM Global Equity (USD) C (acc) - EUR (hedged) 6.35 5.49 4.86 - -JPM Global Equity (USD) D (acc) - USD 9.87 8.12 7.56 10.71 12.16JPM Global Equity (USD) D (acc) - EUR (hedged) 6.01 5.30 4.78 - -JPM Global Equity (USD) X (acc) - USD 10.45 8.38 7.62 10.52 11.65JPM Global Equity (USD) X (acc) - EUR 9.72 9.20 7.28 - -

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 15.48 14.13 10.53 11.95 16.84JPM Global Focus A (acc) - EUR (hedged) 9.04 7.59 6.36 7.83 -JPM Global Focus A (acc) - CHF (hedged) 146.77 - - - -JPM Global Focus A (dist) - EUR 20.85 19.07 14.28 16.20 22.95JF Global Focus A (dist) - USD 15.37 11.90 10.24 13.03 15.78JPM Global Focus B (acc) - EUR 15.69 14.21 10.51 - -JPM Global Focus C (acc) - EUR 12.24 11.07 8.18 9.20 12.84JPM Global Focus C (acc) - EUR (hedged) 19.29 16.05 13.33 - -JPM Global Focus C (acc) - USD 15.06 11.54 - - -JPM Global Focus D (acc) - EUR 19.78 18.23 13.73 15.73 22.39JPM Global Focus D (acc) - EUR (hedged) 8.49 7.20 6.10 7.59 22.39JPM Global Focus I (acc) - USD 147.57 - - - -JPM Global Focus I (acc) - EUR 104.58 - - - -JPM Global Focus I (acc) - EUR (hedged) 113.23 - - - -JPM Global Focus T (acc) - EUR 92.74 - - - -JPM Global Focus X (acc) - EUR 18.51 16.60 12.17 13.57 18.78

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 22.39 19.30 13.27 23.03 23.52JPM Global Natural Resources A (acc) - SGD 23.63 19.63 - - -JPM Global Natural Resources A (acc) - USD 19.85 14.50 11.44 22.26 19.45JPM Global Natural Resources A (dist) - EUR 19.29 16.63 11.43 19.84 20.26JPM Global Natural Resources B (acc) - EUR 14.03 12.00 8.18 14.10 14.31JPM Global Natural Resources C (acc) - EUR 20.44 17.47 11.91 20.49 20.73JPM Global Natural Resources C (acc) - USD 16.07 11.64 9.11 17.56 11.26JPM Global Natural Resources D (acc) - EUR 15.01 13.07 9.07 15.90 16.41JPM Global Natural Resources D (acc) - USD 13.52 9.97 7.95 15.61 10.20JPM Global Natural Resources X (acc) - EUR 24.15 20.41 13.78 23.50 23.58JPM Global Natural Resources X (acc) - USD* - - - - -

27




JPMorgan Funds - JF China FundJF China A (acc) - USD 30.70 26.60 24.73 27.17 27.28JF China A (acc) - SGD 12.60 12.42 - - -JF China A (dist) - USD 49.75 43.11 40.25 45.08 45.51JF China A (dist) - HKD 11.66 - - - -JF China B (acc) - USD 23.03 19.81 18.27 19.93 19.90JF China C (acc) - USD 31.25 26.84 24.72 26.93 26.79JF China D (acc) - USD 37.33 32.66 30.66 33.99 34.45JF China D (acc) - EUR 77.57 - - - -JF China I (acc) - USD 11.39 9.77 8.99 9.78 12.05JF China T (acc) - EUR 69.30 - - - -JF China X (acc) - USD** 114.94 - - 11.15 11.01

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 23.31 18.42 16.34 18.40 18.92JF Greater China A (acc) - SGD 14.41 12.94 - - -JF Greater China A (dist) - USD 29.36 23.32 21.39 25.64 26.80JF Greater China A (dist) - HKD 12.50 - - - -JF Greater China B (acc) - USD 20.74 16.27 14.33 16.01 16.37JF Greater China C (acc) - USD 25.09 19.65 17.27 19.28 19.66JF Greater China D (acc) - USD 34.88 27.84 24.94 28.37 29.46JF Greater China D (acc) - EUR 84.23 - - - -JF Greater China I (acc) - USD** 105.85 - - - -JF Greater China T (acc) - EUR 70.45 - - - -JF Greater China X (acc) - USD* - - 11.35 19.75 19.98

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 15.98 13.40 12.08 13.38 14.10JF Pacific Balanced A (dist) - USD 28.05 24.10 22.38 25.64 27.03JF Pacific Balanced B (acc) - USD 11.51 9.58 8.57 9.42 -JF Pacific Balanced D (acc) - USD 21.60 18.20 16.48 18.33 19.40

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 33.93 27.48 20.16 32.95 28.71JPM Latin America Equity A (acc) - SGD** 14.21 - - - -JPM Latin America Equity A (dist) - USD 63.56 51.68 38.31 62.93 55.03JF Latin America Equity A (dist) - USD 45.97 37.39 27.71 45.52 39.82JPM Latin America Equity B (acc) - USD 20.56 16.52 12.04 19.52 16.90JPM Latin America Equity C (acc) - USD 38.28 30.76 22.39 36.30 31.36JPM Latin America Equity D (acc) - USD 50.93 41.67 30.88 50.97 44.86JPM Latin America Equity D (acc) - EUR 81.18 - - - -JPM Latin America Equity I (acc) - USD 22.28 17.89 13.01 21.08 18.21JPM Latin America Equity T (acc) - EUR 70.34 - - - -JPM Latin America Equity X (acc) - USD 44.39 35.34 25.49 40.95 35.06

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 16.40 12.44 8.63 23.55 18.40JPM Russia A (dist) - USD 16.12 12.22 8.48 23.17 18.11JPM Russia B (acc) - USD 11.01 8.29 5.71 15.44 12.00JPM Russia C (acc) - USD 7.61 5.73 3.94 10.67 -JPM Russia D (acc) - USD 12.51 9.58 6.72 18.50 14.61JPM Russia I (acc) - USD 8.32 6.26 4.31 11.64 -

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 14.14 13.49 12.11 11.41 10.63JPM US Aggregate Bond A (inc) - USD 12.69 12.90 12.09 11.94 11.53JPM US Aggregate Bond A (mth) - USD 10.46 10.37 - - -JPM US Aggregate Bond B (acc) - USD 14.14 13.45 12.03 11.30 10.48JPM US Aggregate Bond C (acc) - USD 14.26 13.55 12.09 11.34 10.50JPM US Aggregate Bond D (acc) - USD 15.88 15.20 13.67 12.92 12.05JPM US Aggregate Bond D (acc) - EUR (hedged) 72.31 - - - -JPM US Aggregate Bond I (acc) - USD 99.40 - - - -JPM US Aggregate Bond X (acc) - USD 15.07 14.25 12.65 11.81 10.88

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 10.13 8.10 7.56 11.19 14.04JPM US Dynamic A (acc) - EUR 5.85 5.52 4.49 5.92 8.68JPM US Dynamic A (dist) - USD 13.96 11.16 10.41 15.41 19.34JPM US Dynamic B (acc) - USD 11.55 9.18 8.50 12.49 15.58JPM US Dynamic C (acc) - USD 12.62 10.00 9.25 13.56 16.86JPM US Dynamic D (acc) - USD 12.94 10.45 9.85 14.72 18.67JPM US Dynamic D (acc) - EUR 5.43 5.17 4.25 5.66 8.39JPM US Dynamic I (acc) - USD* - - 6.60 9.67 12.01JPM US Dynamic I (inc) - EUR 5.06 4.77 3.89 5.14 10.09JPM US Dynamic T (acc) - EUR 67.88 - - - -JPM US Dynamic X (acc) - USD 13.16 10.34 9.48 13.78 16.98

28




JPMorgan Funds - US Growth Fund (2)JPM US Growth A (acc) - USD 12.27 9.38 8.35 12.16 13.56JPM US Growth A (acc) - EUR (hedged) 7.14 5.47 4.92 7.36 11.08JPM US Growth A (dist) - USD 6.57 5.03 4.47 6.52 7.27JPM US Growth A (dist) - GBP 5.90 4.83 3.92 4.74 5.25JPM US Growth B (acc) - USD 11.69 8.88 7.84 11.33 12.54JPM US Growth C (acc) - USD 11.25 8.51 7.50 10.80 11.91JPM US Growth C (acc) - EUR (hedged) 9.30 7.05 4.14 6.11 -JPM US Growth C (dist) - GBP 65.46 - - - -JPM US Growth D (acc) - USD 6.10 4.70 4.21 6.18 6.94JPM US Growth D (acc) - EUR (hedged) 6.91 5.34 4.84 7.28 11.06JPM US Growth X (acc) - USD 12.40 9.32 8.15 11.66 12.77JPM US Growth X (dist) - USD 102.40 - - - -

JPMorgan Funds - US Small and Micro Cap FundJPM US Small and Micro Cap A (acc) - USD 10.54 7.71 6.71 9.00 12.84JPM US Small and Micro Cap A (dist) - USD 107.12 78.38 68.22 91.47 130.55JF US Small and Micro Cap A (dist) - USD 15.70 11.50 10.01 13.42 19.15JPM US Small and Micro Cap D (acc) - USD 14.45 10.68 9.39 12.71 18.33JPM US Small and Micro Cap X (acc) - USD 10.41 7.50 6.41 8.45 13.82

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 15.05 10.21 8.32 11.04 12.61JPM US Technology A (acc) - EUR 98.37 78.80 - - -JF US Technology A (dist) - USD 2.20 1.49 1.22 1.62 1.85JPM US Technology A (dist) - USD 7.61 5.16 4.21 5.58 6.38JPM US Technology A (dist) - GBP 1.94 1.42 1.06 1.18 2.68JPM US Technology B (acc) - USD** 106.38 - 7.95 - -JPM US Technology C (acc) - USD 13.45 9.03 7.30 9.60 -JPM US Technology D (acc) - USD 2.01 1.38 1.13 1.52 1.75JPM US Technology D (acc) - EUR 9.87 7.99 - - -JPM US Technology I (acc) - USD* - - - - -JPM US Technology X (acc) - USD 11.72 7.82 6.27 8.18 -

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 11.81 9.45 8.12 11.31 13.54JPM US Value A (acc) - EUR (hedged) 7.13 5.72 4.95 7.11 11.48JPM US Value A (dist) - USD 14.76 11.82 10.20 14.22 17.03JF US Value A (dist) - USD 12.92 10.35 8.93 12.49 14.96JPM US Value A (dist) - GBP 13.20 11.30 8.84 10.25 12.20JPM US Value B (acc) - USD 13.39 10.63 9.06 12.53 14.90JPM US Value C (acc) - USD 13.95 11.04 9.38 12.94 15.32JPM US Value C (acc) - EUR (hedged) 10.31 8.19 7.03 - -JPM US Value D (acc) - USD 13.86 11.17 9.67 13.57 16.37JPM US Value D (acc) - EUR (hedged) 6.89 5.57 4.85 7.02 11.42JPM US Value I (acc) - USD 99.17 - - - -JPM US Value X (acc) - USD 13.55 10.65 8.99 12.30 14.47


* Share Class inactive at the end of the year.** Share Class reactivated during the year.

The accompanying notes form an integral part of these financial statements.

29

1. OrganisationJPMorgan Funds (the “SICAV”) is an investment company incorporated on 14 April 1969 under the name Multi Trust Fund S.A.. The name of the SICAV waschanged to Fleming International Fund on 3 July 1984, to Fleming Flagship Fund on 19 October 1988, to Fleming Funds on 2 June 2000, to JPMorgan FlemingFunds on 19 November 2001 and then to JPMorgan Funds on 12 September 2005.It is organised under the Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment as amended, Part I, as a Société Anonymequalifying as a “Société d’Investissement à Capital Variable” (SICAV) until 30 June 2011 and under Part I of the Luxembourg Law of 17 December 2010 onUndertakings for Collective Investment from 1 July 2011. As at 30 June 2011, it comprises 117 Sub-Funds, each relating to a separate investment portfolioconsisting of securities, cash and other instruments.On 12 September 2005, JPMorgan Asset Management (Europe) S.à r.l. was appointed by the SICAV to act as Management Company. The Articles ofIncorporation were also modified so the SICAV complies with UCITS III regulations. From 1 July 2011, JPMorgan Asset Management (Europe) S.à r.l. is actingas a Chapter 15 Management Company under the Luxembourg Law of 17 December 2010.The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg, under number B 8478.Each Sub-Fund may contain A, B, C, D, I, J, T and X Classes of Shares, which may differ in the minimum subscription amount, minimum holding amount,currency and/or eligibility requirements, the fees and expenses, and the dividend policy applicable to them. In addition, each Sub-Fund may contain Classesof Shares named either “JPM” or “JF”.Within each Sub-Fund, individual Classes of Shares may have a currency of denomination that differs from the currency of denomination of the Sub-Fund.The currency of denomination for each Class of Share is indicated by a suffix on the name of the Share Class.

2. Significant Accounting PoliciesThe Financial Statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investment.

a) Investment ValuationTransferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the latestavailable price prevailing at the time of calculating the net asset value.If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange ormarket will be applied.Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Thosesecurities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeablesales price determined with prudence and in good faith by the Board of Directors.Securities issued by any open-ended investment funds are valued at the latest available price or net asset value, as reported or provided by such funds ortheir agents.Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis.The Financial Statements are presented on the basis of the net asset value calculated on 30 June 2011. In accordance with the prospectus, the net assetvalues were calculated using the latest exchange rates known at the time of calculation.

b) Swing Pricing AdjustmentA Sub-Fund may suffer dilution of the Net Asset Value per Share due to investors buying or selling Shares in a Sub-Fund at a price that does not reflect thedealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows or outflows.In order to counter this impact, a Swing Pricing mechanism may be adopted to protect the interests of Shareholders of the Fund. If on any Valuation Day, theaggregate net transactions in Shares of a Sub-Fund exceed a pre-determined threshold, as determined and reviewed for each Sub-Fund on a periodic basisby the Management Company, the Net Asset Value per Share may be adjusted upwards or downwards to reflect net inflows and net outflows respectively.The net inflows and net outflows will be determined by the Management Company based on the latest available information at the time of calculation of theNet Asset Value per Share. The Swing Pricing mechanism may be applied across all Sub-Funds with the exception of the money market Sub-Funds. Theextent of the price adjustment will be set by the Management Company to reflect dealing and other costs. Such adjustment may vary from Sub-Fund toSub-Fund and will not exceed 2% of the original Net Asset Value per Share.The official Net Asset Value per Share as at year end, disclosed in the Statistical Information section of this report may therefore include a Swing Pricingadjustment, which would not be recognised in the Combined Statement of Net Assets and in the Combined Statement of Operations and Changes in NetAssets.

c) Realised and Unrealised Gains and Losses on InvestmentsInvestment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investmentschemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents.Realised gains and losses on sales of investments are calculated on the average book cost. The associated foreign exchange movement between the date ofpurchase and date of sale of investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings of investments arecalculated on the total book cost and include the associated unrealised gains and losses on foreign exchange.

d) Income RecognitionInterest income is accrued daily and includes the amortisation of premiums and accretion of discounts, where applicable. Bank interest income is recognisedon an accrual basis. Dividend income is accrued on the ex-dividend date. This income is shown net of any withholding taxes and adjusted accordingly whentax reclaims apply.

e) Conversion of Foreign CurrenciesThe books and records of each Sub-Fund are denominated in the base currency of the corresponding Sub-Fund. Amounts denominated in other currencies aretranslated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies areconverted each business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales of foreigninvestments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of such transactions.Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains and losses from the sale and holding of foreigncurrencies and foreign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions and forward foreign exchangecontracts; and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received.The resulting gains and losses on translation are included in “Net Realised Gain/(Loss) on Foreign Exchange” in the Combined Statement of Operations andChanges in Net Assets.The reference currency of the Combined Statements is USD.The principal exchange rates applied as at 30 June 2011 are as follows:1 USD = 0.69115667 EUR1 USD = 80.59500000 JPY1 USD = 0.62484379 GBP

30

JPMorgan FundsNotes to the Financial Statements

As at 30 June 2011

f) Forward Foreign Exchange ContractsUnrealised gains or losses on outstanding Forward Foreign Exchange Contracts are valued on the basis of currency exchange rates prevailing at the relevantvaluation date. The changes in such amounts are included in “Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts” in theCombined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Unrealised Net Gain/(Loss) on ForwardForeign Exchange Contracts” in the Combined Statement of Net Assets.

g) Financial Futures Contracts on Securities and IndicesRegulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contractsand can be either in cash or securities. During the year the contracts are open, changes in the value of the contracts are recognised as unrealised gains andlosses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation marginpayments are made or received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending onwhere the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or costof, the closing transaction and the initial cost of the contract in “Net Realised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement ofOperations and Changes in Net Assets.Unrealised gains or losses are recorded under “Unrealised Net Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Net Assets.Daily margin calls are recorded under “Net Realised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Operations and Changes inNet Assets.

h) Option ContractsThe SICAV writes options on securities, futures and currencies. These options are settled in cash and subject the SICAV to unlimited risk of loss. The SICAV,however, is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception ofthe contract. As of 30 June 2011, the SICAV had written options contracts outstanding as listed on its Schedule of Investments.Options purchased are recorded as investments; options written or sold are recorded as liabilities. When the exercise of an option results in a cashsettlement, the difference between the premium and the settlement proceeds is accounted for as a realised gain or loss. When securities are acquired ordelivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, thedifference between the premium and the cost to close the position is accounted for as a realised gain or loss. When an option expires, the premium isaccounted for as a realised gain for options written or as a realised loss for options purchased.For options on futures, where the investment manager is based in the United Kingdom, variation margin payments are made or received daily, dependingupon whether losses or gains are incurred on the underlying futures contracts.

i) Total Return SwapsThe SICAV may enter into swap contracts in which the SICAV and the counterparty agree to exchange payments where one or both parties pay the returnsgenerated by a security, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice versa are calculated byreference to a specific security, on a basket of securities, index, or instruments and an agreed upon notional amount. Any such underlying security orinstrument must be a transferable security and any such index must be an index of a regulated market.A Total Return Swap will exchange the total performance on a specific basket of securities, selected by the Investment Manager against a reference rate plusa spread. The total performance will include interests, dividends, gains and losses on the underlying securities during the contract period according to thetype of underlying. The risk of this type of instrument will depend on the uncertain evolution, at the time of the contract conclusion, of the performance of theunderlying. These underlying securities are listed on a primary exchange.

The value of the underlying securities shall be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers. Therelevant indices include, but are not limited to, currencies, interest rates, prices and total return on interest rates indices, fixed income indices and stock indices.

The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in such amounts areincluded in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments”.When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Derivatives Instruments” in the Combined Statement ofOperations and Changes in Net Assets.

j) Interest Rate SwapsAn interest rate swap is a bilateral agreement in which each of the parties agree to exchange a series of interest payments for another series of interestpayments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged.The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The interests on interest rateswaps are recorded under “Net Interest on Swap Transactions” in the Combined Statement of Operations and Changes in Net Assets. The changes inunrealised gains or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) onDerivatives Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Derivatives Instruments” inthe Combined Statement of Operations and Changes in Net Assets.

k) Credit Default SwapsA Credit Default Swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodiccoupon for the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset,occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. The value of the underlying securities shallbe taken into account for the calculation of the investment and borrowing powers applicable to individual issuers.The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in unrealised gainsor losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on DerivativesInstruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Derivatives Instruments” in theCombined Statement of Operations and Changes in Net Assets.

l) To Be Announced Securities (“TBA”)TBAs are related to mortgage backed securities issued by government sponsored agencies. These agencies usually pool mortgage loans and sell interests inthe pools created. TBAs relate to future pools of these agencies that are bought and sold for future settlement for which either the interest rate or thematurity date is not yet fixed. TBAs are separately disclosed in the Schedule of Investments.The Sub-Funds may enter into Dollar Rolls, principally using TBAs, in which the Sub-Funds sell mortgage-backed securities for delivery in the current monthand simultaneously contract to repurchase similar, but not identical, securities at an agreed-upon price on a fixed date. The Sub-Funds account for suchDollar Rolls as purchases and sales and receive compensation as consideration for entering into the commitment to repurchase. The Sub-Funds mustmaintain liquid securities having a value not less than the repurchase price (including accrued interest) for such Dollar Rolls. The market value of thesecurities that the Sub-Funds are required to purchase may decline below the agreed upon repurchase price of those securities.The Sub-Funds had TBA Dollar Rolls outstanding as of 30 June 2011, which are included in “Amounts Receivable on Sale of TBAs” and “Amounts Payable onPurchase of TBAs” in the Combined Statement of Net Assets.

31

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2011

m) Commodity Index SwapsA Commodity Index Swap is a bilateral agreement in which each of the parties agree to exchange the total return of a specified commodity index againstmoney market rate plus fees.The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in unrealised gainsor losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on DerivativesInstruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Derivatives Instruments” in theCombined Statement of Operations and Changes in Net Assets.

n) Repurchase AgreementsThe underlying obligations found to be satisfactory by the Investment Manager are transferred to an account of the SICAV as collateral. The securities aremarked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Interestreceived or paid on Repurchase Agreements are recorded in the interest section of the Combined Statement of Net Assets. The Funds’ Investment Manageris responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.

3. Value of Financial Instruments and Associated RisksThe SICAV entered into forward foreign exchange contracts, financial futures contracts, options and swaps which, to varying degrees, represent a marketrisk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’sparticipation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates,indices, and security values underlying these instruments.Investment in fixed income securities is subject to interest rate, sector, security and credit risks. High yield bonds are lower-rated securities and will usuallyoffer higher yields to compensate for the reduced creditworthiness or increased risk of default that these securities carry.Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value of the contracts may notdirectly correlate with changes in the value of the underlying currencies, indices, or securities, or that the counterparty to a contract defaults on itsobligation to perform under the terms of the contract.In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developing butthere is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors whoshould therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. Insome markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary tomake payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds.

4. Distribution PolicyDuring the year ended 30 June 2011, the SICAV paid dividends as follows:Class Currency Dividend Amount per Share Payment DateJPM Emerging Markets Debt A (mth) - EUR EUR 0.05 21-Jul-10JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 21-Jul-10JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.16 21-Jul-10JPM US Aggregate Bond A (mth) - USD USD 0.02 21-Jul-10JPM Emerging Markets Debt A (mth) - EUR EUR 0.06 20-Aug-10JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 20-Aug-10JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.14 20-Aug-10JPM Emerging Markets Local Currency Debt D (inc) - EUR EUR 0.13 20-Aug-10JPM Global Corporate Bond D (inc) - EUR (hedged) EUR 0.02 20-Aug-10JPM US Aggregate Bond A (mth) - USD USD 0.03 20-Aug-10JPM Emerging Markets Debt A (mth) - EUR EUR 0.03 21-Sep-10JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.04 21-Sep-10JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.07 21-Sep-10JPM US Aggregate Bond A (mth) - USD USD 0.03 21-Sep-10JF Euroland Equity A (dist) - USD USD 0.11 30-Sep-10JF Europe Dynamic A (dist) - EUR EUR 0.12 30-Sep-10JF Europe Equity A (dist) - USD USD 0.42 30-Sep-10JF Europe Small Cap A (dist) - EUR EUR 0.05 30-Sep-10JF Europe Technology A (dist) - EUR EUR 0.02 30-Sep-10JF Global Convertibles (EUR) A (dist) - USD USD 0.11 30-Sep-10JF Global Equity (USD) A (dist) - USD USD 0.13 30-Sep-10JF Global Focus A (dist) - USD USD 0.02 30-Sep-10JF Greater China A (dist) - USD USD 0.14 30-Sep-10JF Latin America Equity A (dist) - USD USD 0.17 30-Sep-10JF Pacific Balanced A (dist) - USD USD 0.63 30-Sep-10JF US Small and Micro Cap A (dist) - USD USD 0.01 30-Sep-10JF US Value A (dist) - USD USD 0.01 30-Sep-10JPM Brazil Alpha Plus A (dist) - USD USD 0.01 30-Sep-10JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.11 30-Sep-10JPM Emerging Markets Debt A (inc) - EUR EUR 0.43 30-Sep-10JPM Emerging Markets Debt I (inc) - EUR EUR 0.58 30-Sep-10JPM Emerging Markets Equity A (dist) - GBP GBP 0.02 30-Sep-10JPM Emerging Markets Equity A (dist) - USD USD 0.01 30-Sep-10JPM Emerging Markets Equity I (inc) - EUR EUR 0.10 30-Sep-10JPM Emerging Markets Equity X (dist) - USD USD 0.29 30-Sep-10JPM Emerging Markets Equity X (inc) - EUR EUR 0.21 30-Sep-10JPM Emerging Markets Small Cap A (dist) - GBP GBP 0.01 30-Sep-10JPM Emerging Middle East Equity A (dist) - USD USD 0.24 30-Sep-10JPM Euroland Equity A (dist) - EUR EUR 0.56 30-Sep-10JPM Euroland Equity A (inc) - EUR EUR 0.09 30-Sep-10JPM Europe Dynamic A (dist) - EUR EUR 0.10 30-Sep-10JPM Europe Dynamic A (dist) - GBP GBP 0.12 30-Sep-10JPM Europe Dynamic Mega Cap A (dist) - EUR EUR 0.14 30-Sep-10JPM Europe Dynamic Mega Cap A (inc) - EUR EUR 0.10 30-Sep-10

32


As at 30 June 2011

Class Currency Dividend Amount per Share Payment DateJPM Europe Equity A (dist) - EUR EUR 0.41 30-Sep-10JPM Europe Focus A (dist) - EUR EUR 0.01 30-Sep-10JPM Europe Small Cap A (dist) - EUR EUR 0.17 30-Sep-10JPM Europe Small Cap A (dist) - GBP GBP 0.06 30-Sep-10JPM Europe Strategic Growth A (dist) - GBP GBP 0.04 30-Sep-10JPM Europe Strategic Value A (dist) - EUR EUR 0.21 30-Sep-10JPM Europe Strategic Value A (dist) - GBP GBP 0.26 30-Sep-10JPM Europe Technology A (dist) - GBP GBP 0.03 30-Sep-10JPM Global Convertibles (EUR) A (dist) - EUR EUR 0.09 30-Sep-10JPM Global Convertibles (EUR) A (dist) - GBP (hedged) GBP 0.20 30-Sep-10JPM Global Convertibles (EUR) C (dist) - GBP (hedged) GBP 0.28 30-Sep-10JPM Global Corporate Bond Fund A (dist) - GBP (hedged) GBP 0.46 30-Sep-10JPM Global Equity (USD) A (dist) - EUR (hedged) EUR 0.02 30-Sep-10JPM Global Equity (USD) A (dist) - USD USD 0.07 30-Sep-10JPM Global Focus A (dist) - EUR EUR 0.04 30-Sep-10JPM Latin America Equity A (dist) - USD USD 0.23 30-Sep-10JPM US Aggregate Bond A (inc) - USD USD 0.80 30-Sep-10JPM US Dynamic I (inc) - EUR EUR 0.03 30-Sep-10JPM US Growth A (dist) - GBP (1) GBP 0.01 30-Sep-10JPM US Technology A (dist) - GBP GBP 0.01 30-Sep-10JPM US Value A (dist) - GBP GBP 0.02 30-Sep-10JPM US Value A (dist) - USD USD 0.01 30-Sep-10JPM Emerging Markets Debt A (mth) - EUR EUR 0.04 21-Oct-10JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 21-Oct-10JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.06 21-Oct-10JPM Global Corporate Bond A (mth) - USD USD 0.26 21-Oct-10JPM US Aggregate Bond A (mth) - USD USD 0.03 21-Oct-10JPM Emerging Markets Debt A (mth) - EUR EUR 0.04 22-Nov-10JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 22-Nov-10JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.04 22-Nov-10JPM Emerging Markets Local Currency Debt D (inc) - EUR EUR 0.13 22-Nov-10JPM Global Corporate Bond A (mth) - USD USD 0.17 22-Nov-10JPM Global Corporate Bond D (inc) - EUR (hedged) EUR 0.08 22-Nov-10JPM US Aggregate Bond A (mth) - USD USD 0.03 22-Nov-10JPM Emerging Markets Debt A (mth) - EUR EUR 0.04 21-Dec-10JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 21-Dec-10JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.07 21-Dec-10JPM Global Corporate Bond A (mth) - USD USD 0.34 21-Dec-10JPM US Aggregate Bond A (mth) - USD USD 0.03 21-Dec-10JPM Emerging Markets Debt A (mth) - EUR EUR 0.05 25-Jan-11JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 25-Jan-11JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.05 25-Jan-11JPM Global Corporate Bond A (mth) - USD USD 0.28 25-Jan-11JPM US Aggregate Bond A (mth) - USD USD 0.04 25-Jan-11JPM Emerging Markets Debt A (mth) - EUR EUR 0.05 22-Feb-11JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 22-Feb-11JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.14 22-Feb-11JPM Emerging Markets Local Currency Debt D (inc) - EUR EUR 0.12 22-Feb-11JPM Global Corporate Bond A (mth) - USD USD 0.31 22-Feb-11JPM Global Corporate Bond D (inc) - EUR (hedged) EUR 0.08 22-Feb-11JPM US Aggregate Bond A (mth) - USD USD 0.03 22-Feb-11JPM Emerging Markets Debt A (mth) - EUR EUR 0.05 22-Mar-11JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.08 22-Mar-11JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.03 22-Mar-11JPM Global Corporate Bond A (mth) - USD USD 0.32 22-Mar-11JPM US Aggregate Bond A (mth) - USD USD 0.04 22-Mar-11JPM Emerging Markets Debt A (mth) - EUR EUR 0.04 26-Apr-11JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 26-Apr-11JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.10 26-Apr-11JPM Global Corporate Bond A (mth) - USD USD 0.36 26-Apr-11JPM US Aggregate Bond A (mth) - USD USD 0.03 26-Apr-11JPM Emerging Markets Debt A (mth) - EUR EUR 0.05 25-May-11JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.07 25-May-11JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.08 25-May-11JPM Emerging Markets Local Currency Debt D (inc) - EUR EUR 0.14 25-May-11JPM Emerging Markets Local Currency Debt T (inc) - EUR EUR 1.38 25-May-11JPM Global Corporate Bond A (mth) - USD USD 0.36 25-May-11JPM Global Corporate Bond D (inc) - EUR (hedged) EUR 0.08 25-May-11JPM Global Corporate Bond T (inc) - EUR (hedged) EUR 0.76 25-May-11JPM US Aggregate Bond A (mth) - USD USD 0.04 25-May-11JPM Emerging Markets Debt A (mth) - EUR EUR 0.05 22-Jun-11JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.07 22-Jun-11JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.08 22-Jun-11JPM Global Corporate Bond A (mth) - USD USD 0.36 22-Jun-11JPM US Aggregate Bond A (mth) - USD USD 0.04 22-Jun-11

(1) This Share Class was renamed from JPM US Strategic Growth A (dist) - GBP on 11 April 2011.

33


As at 30 June 2011

It is intended that all those Classes of Shares with the suffix “(dist)” will distribute at least 85% of the net investment income attributable to such Classes ofShares, computed broadly in accordance with the definition of net taxable income under United Kingdom corporation tax principles (subject to theapplication of any de minimis threshold) so that these Classes of Shares of the SICAV continue to qualify as “distributing” for the purposes of United Kingdomtax legislation relating to offshore Sub-Funds.Classes of Shares with the suffix “(inc)” may pay dividends but will not qualify as “distributing” for the purposes of United Kingdom tax legislation relating tooffshore Funds.Classes of Shares with the suffix “(mth)” will normally distribute all, or substantially all, of the net investment income on a monthly basis, based on the netinvestment income earned over the course of the prior month for Shares in issue at the dividend record date. They will not qualify as “distributing” for thepurposes of United Kingdom tax legislation relating to offshore funds.Those Classes of Shares with the suffix “(acc)” will not normally pay dividends.

5. TaxationUnder current law and practice in the Grand Duchy of Luxembourg, the SICAV is not liable to any income tax, nor are dividends distributed by the SICAV liableto any withholding tax. However, the SICAV, with the exception of those Share Classes identified in the Appendix, is liable to an asset based tax, the Taxed’abonnement, of 0.05% per annum, such tax being payable quarterly and calculated on the total net assets of each Sub-Fund at the end of the relevantquarter. For the Sub-Funds’ Share Classes identified in the Appendix, the rate is 0.01% per annum. No tax is payable on the portion of assets invested inother undertakings for collective investment already subject to the Taxe d’abonnement.No stamp duty or other tax is payable on the issue of shares in the SICAV in the Grand Duchy of Luxembourg. No tax is payable on realised or unrealisedcapital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term,are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. Theregular income of the SICAV from some of its securities, as well as interest earned on its cash deposits in certain countries, may be subject to withholdingtaxes at varying rates, which normally cannot be recovered.Following recent case law precedent within Europe, the SICAV has instigated proceedings to reclaim tax withheld by certain Member States of the European Unionon dividend payments it has received. The decision to initiate proceedings against any particular Member State is the result of an analysis of the likely costs andpotential benefits of doing so. The likelihood of successfully reclaiming such amounts together with the estimated time to complete proceedings varies acrossMember States. Any costs associated with this decision have been charged to the relevant Sub-Funds and have been included within total costs for the purposes ofdetermining the relevant expense cap or TER and no amount has been recorded in the SICAV for any possible amounts to be received under this action.Certain Sub-Funds of the SICAV may invest on the Brazilian markets and are consequently subject to a local tax upon purchase of Brazilian Real, the BRL IOFTax. This tax has been recorded, where applicable, under Sundry Fees.

6. Statement of Changes in InvestmentsA list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the year under review, may be obtained freeof charge upon request at the registered office of the SICAV. Additional information on investments within each Sub-Fund’s portfolio is available toshareholders at the registered office of the SICAV.

7. Fees and Expenses

a) All Sub-Funds - Share Classes A, B, C, D, J and TThe fees and expenses charged to these Classes of shares are set at a fixed percentage of the total net assets of each Class of shares. This fixed percentagecovers all fees and expenses connected with the management of these Classes of shares, including Investment Management Fees, Shareholder ServicingFees and Other Operating and Administrative Expenses, which include but are not limited to Custody, Registrar and Transfer Agent Fees; it does not covertaxes paid on investments, brokerage’s expense, the taxe d’abonnement, the interest, extraordinary costs or performance fees, if any.No other costs are charged to these Classes of shares, and the Investment Manager absorbs any difference that may arise between the actual costs of theoperations of these Classes of shares and the fixed percentage. To the extent that the actual operating costs are less than the fixed percentage, the excess ispaid to the Investment Manager and included within “Investment Management Fees”. To the extent that actual operating costs exceed the fixed percentage,the amount borne by the Investment Manager will be separately disclosed as a “Fee Waiver’’ in the Combined Statement of Net Assets and the CombinedStatement of Operations and Changes in Net Assets.This fixed annual rate of fees and expenses is categorised as a Total Expense Ratio. The fixed annual rates of fees for each Class of shares are shown in the Appendix.

b) All Sub-Funds - Share Class IThe maximum total fees and expenses to be borne by shareholders on these Classes of shares of any Sub-Fund will not exceed a capped percentage of thetotal net assets attributable to that Class. These capped fees and expenses comprise Investment Management Fees plus other Operating and AdministrativeExpenses including but not limited to Custody, Fiduciary, Accounting, Transfer Agency Fees and Taxes; it does not cover performance fees, if any.This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio. The capped annual rates of fees for each Class of shares are shown inthe Appendix.

c) All Sub-Funds - Share Class XThe Annual Management Fee that would normally be payable in respect of the X Share Classes are administratively levied and collected by the GlobalDistributor directly from the shareholder or through the relevant J.P.Morgan Chase & Co entity.The maximum Operating and Administrative Expenses to be borne by the Class X shareholders of any Sub-Fund will not exceed a capped percentage of thetotal net assets attributable to that Class, as set out in the Appendix.Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, the Investment Manager or any other member of JPMorgan Chase &Co. The avoidance of a double-charge of the Annual Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the netassets on which the Annual Management and Advisory Fee is calculated; or b) investing in UCITS or UCIs via classes that do not accrue an AnnualManagement and Advisory Fee or other equivalent fees payable to the relevant Investment Manager’s group; or c) the Annual Management and AdvisoryFee being netted off by a rebate to the SICAV or Sub-Fund of the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS orUCIs; or d) charging only the difference between the Annual Management and Advisory Fee of the SICAV or Sub-Fund and the Annual Management andAdvisory Fee (or equivalent) charged to the underlying UCITS or UCIs.The Management Company may decide from time to time, in order to protect the interests of the Fund’s shareholders, to reduce the fees payable to theManagement Company.

d) Performance FeesPursuant to the Investment Management Agreement, as set out in the Appendix to the Prospectus, the Investment Manager is entitled to receive from thenet assets of certain Sub-Funds or Classes, an annual performance-based incentive fee (the “Performance Fee”) if the performance of the Sub-Fund exceedsthe return from the benchmark, subject to the operation of a Claw-Back Mechanism or of a High Water Mark as defined in Appendix V and as specified inAppendix III for each Sub-Fund. On each Valuation Day, an accrual for the previous Valuation Day’s Performance Fee is made, when appropriate, and thefinal Performance Fee is payable annually. Pursuant to the provisions of the relevant Investment Management Agreement, the Investment Manager may beentitled to receive the performance Fee from the Management Company.

34


As at 30 June 2011

On each Valuation Day, the net asset value of each Class of each Sub-Fund for which a Performance Fee applies, which includes an accrual for all fees andexpenses (including the Annual Management and Advisory Fee, and the Operating and Administrative Expenses to be borne by the relevant Class at the rateset out in the Appendix to the Prospectus), is adjusted for any dividend distributions and for subscriptions and redemptions dealt with on that Valuation Day,if any, and any Performance Fee accrued through that day in respect of such Class is added back (the “Adjusted net asset value”). For purposes of calculatingthe Performance Fee, the “Share Class Return” is computed on each Valuation Day, as the difference between the net asset value (adjusted by adding backany accrued Performance Fee) on such day and the Adjusted net asset value on the previous Valuation Day, expressed as a return based on the previousValuation Day’s Adjusted net asset value for that Class.

High Water Mark MethodIf the Share Class Return exceeds the Benchmark Return and the cumulative Share Class Return exceeds the High Water Mark Return (as set out in theAppendix to the Prospectus), the Performance Fee accrual is increased by the Performance Fee Rate multiplied by the Excess Return multiplied by theprevious Valuation Day’s Adjusted net asset value for that Class. If the Share Class Return does not exceed the Benchmark Return, the Performance Feeaccrual is reduced (but not below zero) by the Performance Fee Rate multiplied by the negative Excess Return multiplied by the previous Valuation Day’sAdjusted net asset value for that Class. Following a period of negative Excess Return whereby the Performance Fee accrual has been reduced to zero, no newPerformance Fee is accrued until such time as the cumulative Share Class Return exceeds the greater of the High Water Mark Return and the cumulativeBenchmark Return since the beginning of the Company accounting year. The Performance Fee accrued on any Valuation Day is reflected in the Net AssetValue per Share on the basis of which subscriptions and redemptions may be accepted.

Claw-Back mechanismThe purpose of the Claw-Back Mechanism is to ensure that the Management Company will only become entitled to a Performance Fee when it outperformsthe cumulative Benchmark Return (as defined in Appendix V of the prospectus) accrued since the last Valuation Day of the last year in which a PerformanceFee was paid.As at 30 June 2011, the Performance Fee rate and the benchmarks are as follows:

Sub-Fund Applicable

Share Classes

Performance

Fee Rate

Performance Benchmark

Claw-Back Mechanism method

JPMorgan Funds - Brazil Alpha Plus Fund All 10% Morgan Stanley Capital International (MSCI) Brazil 10/40 Index (Total Return Net)

JPMorgan Funds - Emerging Markets Small Cap Fund All 10% Morgan Stanley Capital International (MSCI) Emerging Markets Small Cap Index (TotalReturn Net)

JPMorgan Funds - Europe Focus Fund All 10% Morgan Stanley Capital International (MSCI) Europe Index (Total Return Net)

JPMorgan Funds - US Small and Micro Cap Fund All 10% Russell 2000 Index (Total Return Net)

High Water Mark method

JPMorgan Funds - Emerging Markets Local Currency Debt Fund All 10% J.P. Morgan Government Bond Index - Emerging Markets Global Index, Diversified(Total Return Gross)

8. Transactions with Connected PartiesAll transactions with connected parties were carried out on an arm’s length basis.JPMorgan Chase & Co. and its affiliates are counterparties for all securities lending activity and for certain forward foreign exchange contracts and financialfutures contracts. The Management Company, Registrar, Global Distributor, Transfer and Domiciliary Agent, Advisory Company, Investment Managers,Custodian, Corporate, Administrative and Paying Agent and other related Agents of the SICAV are considered as connected parties.

9. Soft Commission ArrangementsThe Investment Managers of the Fund may enter into soft commission arrangements with brokers in respect of services used to support investmentdecision-making for the benefit of the Fund.The investment related services received under soft commission arrangements comprise:- research and advisory services;- economic and political analysis;- portfolio analysis, including valuation and performance measurement;- market analysis;- data and quotation services;- computer hardware and software incidental to the above goods and services; and- investment-related publications.The Investment Managers do not make direct payments for these services, but transact an agreed amount of business with the brokers on behalf of the Fundand commission is paid on these transactions.

10. Securities LendingThe SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional capital or income or for reducing costs or risk,to the maximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certaindefinitions of the Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to undertakings for collective investment when they use certaintechniques and instruments relating to transferable securities and money market instruments (“CSSF Circular 08/356”) and (iii) any other applicable laws,regulations, circulars or CSSF positions. A significant proportion of the income generated from the securities lending program is credited to participatingSub-Funds, with a portion of the income shared between the Management Company for oversight of the program and JPMorgan Chase Bank, N.A. for its roleas securities lending agent for the Fund. Borrowers of securities lent by participating Sub-Funds are approved by the Management Company afterappropriate assessment of such borrowers’ status and financial standing. During the year, 70% of any incremental income earned from securities lendingwas accrued to the applicable Sub-Fund, with the remaining income payable to the relevant parties which arrange the transaction. The income earned fromthe securities lending program is detailed in the Combined Statement of Operations and Changes in Net Assets.As at 30 June 2011, the SICAV valuation of securities on loan dealt with the Custodian was USD 1,069,856,622 as detailed below and received collateral assecurity with a market value of USD 1,016,622,843.

35


As at 30 June 2011

The table below provides the USD valuation of securities on loan at a Sub-Fund level as at 30 June 2011:Market Value (USD) Market Value (USD)

JPMorgan Funds - America Equity Fund 814,925 JPMorgan Funds - Europe Strategic Growth Fund 45,203,907

JPMorgan Funds - Emerging Markets Debt Fund 64,766,744 JPMorgan Funds - Europe Strategic Value Fund 93,803,835

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 33,071,761 JPMorgan Funds - Europe Technology Fund 11,204,241

JPMorgan Funds - Euro Money Market Fund 1,950,334 JPMorgan Funds - Global Corporate Bond Fund 15,927,385

JPMorgan Funds - Euroland Equity Fund 61,787,723 JPMorgan Funds - Global Focus Fund 154,021,757

JPMorgan Funds - Europe Dynamic Fund 19,570,466 JPMorgan Funds - US Aggregate Bond Fund 3,852,700

JPMorgan Funds - Europe Dynamic Mega Cap Fund 2,254,232 JPMorgan Funds - US Small and Micro Cap Fund 2,928,482

JPMorgan Funds - Europe Equity Fund 41,876,517 JPMorgan Funds - US Technology Fund 7,773,386

JPMorgan Funds - Europe Small Cap Fund 22,226,622 JPMorgan Funds - US Value Fund 11,328,303

11. Information for Swiss Registered ShareholdersJ.P.Morgan (Suisse) S.A. was authorised by the Swiss Financial Market Authority (FINMA) as Swiss representative of the SICAV and acts also as paying agent.The Prospectus, the articles, the annual and semi-annual reports of the SICAV, as well as the list of the purchases and sales which the SICAV has undertakenduring the financial year and all information according to the SFA Directive in relation to the transparency of management fees, may be obtained, on simplerequest and free of charge, at the head office of the Swiss representative, J.P.Morgan (Suisse) S.A., 8, rue de la Confédération, CH-1204 Geneva, Switzerland.Payments/compensations (trailer fees) can be paid out from the management fee for the distribution/marketing of the investment fund to distributors.Reimbursements/rebates can be granted out of the management fee to institutional investors who hold the Sub-Fund shares for the economic benefit ofthird parties.

12. Information for German Registered ShareholdersA list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the year under review, may be obtained freeof charge upon request at the registered office of the SICAV and at the office of the German paying and information agent, J.P. Morgan AG, Junghofstraße 14,D-60311 Frankfurt am Main. Additional information on investments within each Sub-Fund’s portfolio is available to shareholders at the registered office ofthe SICAV and at the office of the German paying and information agent.

13. Authorization of Sub-Funds in Hong KongThe following Sub-Funds are authorized in Hong Kong and available to Hong Kong Residents:JPMorgan Funds - America Equity Fund JPMorgan Funds - Global Equity Fund (USD)

JPMorgan Funds - Eastern Europe Equity Fund JPMorgan Funds - Global Focus Fund

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPMorgan Funds - Global Natural Resources Fund

JPMorgan Funds - Emerging Markets Debt Fund JPMorgan Funds - JF China Fund

JPMorgan Funds - Emerging Markets Equity Fund JPMorgan Funds - JF Greater China Fund

JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPMorgan Funds - JF Pacific Balanced Fund

JPMorgan Funds - Emerging Middle East Equity Fund JPMorgan Funds - Latin America Equity Fund

JPMorgan Funds - Euroland Equity Fund JPMorgan Funds - Russia Fund

JPMorgan Funds - Europe Dynamic Fund JPMorgan Funds - US Aggregate Bond Fund

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPMorgan Funds - US Dynamic Fund

JPMorgan Funds - Europe Equity Fund JPMorgan Funds - US Growth Fund

JPMorgan Funds - Europe Small Cap Fund JPMorgan Funds - US Technology Fund

JPMorgan Funds - Europe Technology Fund JPMorgan Funds - US Value Fund

JPMorgan Funds - Global Convertibles Fund (EUR)

14. Significant EventsJPMorgan Funds - Euro Liquid Reserve Fund changed its name to JPMorgan Funds - Euro Money Market Fund on 2 August 2010.JPMorgan Funds - US Strategic Growth Fund changed its name to JPMorgan Funds - US Growth Fund on 11 April 2011.With effect from 2 August 2010, the following Sub-Funds changed their benchmark indexes as follow:- JPMorgan Funds - Emerging Markets Debt Fund changed from J.P. Morgan Emerging Markets Bond Index Plus, hedged into EUR (Total Return Gross) to J.P.Morgan Emerging Markets Bond Index Global Diversified, hedged into EUR (Total Return Gross);and for its USD hedged Share class, from JPM Emerging Market Bond Index Plus (Total Return Gross) Hedged into USD to J.P. Morgan Emerging Markets BondIndex Global Diversified, hedged into USD (Total Return Gross);- JPMorgan Funds - Emerging Markets Local Currency Debt Fund changed from J.P. Morgan Government Bond Index – Emerging Markets Global Index (TotalReturn Gross) to J.P. Morgan Government Bond Index – Emerging Markets Global Index, Diversified (Total Return Gross);With effect from 3 January 2011 the majority of the Share Classes of the Sub-Funds were de-listed from the official list of the Luxembourg Stock Exchange.Those Share Classes where a listing still exists are currently as follows:JPMorgan Funds - Global Convertibles Fund C (acc) EUR;JPMorgan Funds - Emerging Middle East Equity Fund I (acc) USD.

15. Subsequent EventsWith effect from 4 July 2011, the following Sub-Fund changed its benchmark index as follows:JPMorgan Funds - Emerging Markets Debt Fund changed from J.P. Morgan Emerging Markets Bond Index Global Diversified, hedged into EUR (Total ReturnGross) to J.P. Morgan Emerging Markets Bond Index Global Diversified, hedged into USD (Total Return Gross).On the same date, the base currency of the Sub-Fund JPMorgan Funds - Emerging Markets Debt Fund changed from EUR to USD.With effect from 16 August 2011, the following Sub-Funds changed their name as follows:- JPMorgan Funds - Brazil Alpha Plus Fund changed its name into JPMorgan Funds - Brazil Equity Fund;- JPMorgan Funds - US Small and Micro Cap Fund changed its name into JPMorgan Funds - US Smaller Companies Fund.From 18 August 2011, the JPMorgan Funds - Brazil Equity Fund ceased to be subject to performance fees calculation.

16. Directors’ FeesThe only remuneration paid to Directors is an annual fee. This is waived by Mr Berndt May, Ms Andrea L. Hazen and Mr James B. Broderick.The total Directors’ fees for the year amount to EUR 172,360, of which the Chairman is due EUR 36,872.

36


As at 30 June 2011

Transferable Securities Admitted to an Official Exchange Listing

Shares

UNITED STATES OF AMERICA55,500 3M 5,240,310 1.12

172,000 Abbott Laboratories 9,039,460 1.9371,300 Aflac 3,305,824 0.71

46,000 Air Products & Chemicals 4,363,330 0.93201,700 Alcoa 3,216,106 0.69118,900 American Express 6,056,171 1.2932,200 Anadarko Petroleum 2,465,554 0.5353,000 Apache 6,495,945 1.3845,400 Apple 15,147,710 3.23

553,900 Bank of America 6,067,975 1.2998,600 BB&T 2,615,365 0.5666,300 Biogen Idec 7,233,662 1.5472,100 CBS - Non voting B Shares 2,079,724 0.4476,400 Celanese - A Shares 4,045,380 0.8688,200 Celgene 5,351,976 1.1483,836 Chevron 8,555,883 1.82

448,900 Cisco Systems 6,942,238 1.48126,160 Citigroup 5,216,716 1.1129,780 Citigroup Preference Shares 3,552,158 0.76

140,500 Coca-Cola 9,459,162 2.02324,800 Comcast - A Shares 7,835,800 1.6786,900 ConocoPhillips 6,511,852 1.39

225,900 CSX 5,915,191 1.26123,400 CVS Caremark 4,608,373 0.98100,300 Dow Chemical 3,553,128 0.7674,800 EI du Pont de Nemours & Co. 4,038,078 0.86

339,100 El Paso 6,824,388 1.45167,200 EMC/Massachusetts 4,552,020 0.9731,000 EOG Resources 3,237,485 0.69

219,200 Exxon Mobil 17,776,024 3.7982,200 Gannett 1,172,994 0.2595,100 General Mills 3,542,000 0.7552,450 General Motors Preference Shares 2,544,874 0.5437,600 Goldman Sachs Group 4,963,012 1.06

128,800 Hewlett-Packard 4,708,928 1.00172,200 Home Depot 6,208,671 1.32150,700 Honeywell International 8,973,431 1.9155,800 International Business Machines 9,586,440 2.0438,779 JM Smucker 2,980,360 0.6337,700 Johnson & Johnson 2,516,475 0.53

167,000 Johnson Controls 6,963,065 1.49253,509 Merck & Co. 8,914,644 1.90125,900 MetLife 5,491,129 1.17637,500 Microsoft 16,425,188 3.50

77,500 NextEra Energy 4,430,288 0.9465,900 Occidental Petroleum 6,884,573 1.47

209,400 Oracle 6,863,085 1.4689,400 Paccar 4,503,972 0.9671,900 PepsiCo 5,053,132 1.08

339,400 Pfizer 6,986,549 1.4977,600 PG&E 3,216,908 0.6945,900 PNC Financial Services Group 2,708,559 0.58179,123 Procter & Gamble 11,238,177 2.4054,400 Prudential Financial 3,439,984 0.73

191,600 Qualcomm 10,768,878 2.3085,200 Sempra Energy 4,454,682 0.95

383,600 Sprint Nextel 2,015,818 0.439,940 Stanley Black & Decker Preference Shares 1,185,395 0.25

225,800 Staples 3,557,479 0.76126,400 State Street 5,692,424 1.21122,500 Thermo Fisher Scientific 7,898,188 1.68272,800 Time Warner 9,841,260 2.1065,000 Time Warner Cable 5,066,750 1.0882,700 Union Pacific 8,664,479 1.85

144,200 United Technologies 12,642,014 2.69119,550 UnitedHealth Group 6,179,540 1.32125,200 US Bancorp 3,168,186 0.68130,700 Verizon Communications 4,820,869 1.03233,600 Wal-Mart Stores 12,321,232 2.63179,200 Walt Disney 6,925,184 1.4844,200 WellPoint 3,513,237 0.75

208,473 Wells Fargo & Co. 5,834,117 1.2478,900 Xilinx 2,838,428 0.60

439,007,586 93.57

SWITZERLAND45,700 ACE 3,007,974 0.64

199,600 TE Connectivity 7,399,172 1.5890,200 Tyco International 4,450,017 0.95

14,857,163 3.17

IRELAND103,900 Covidien 5,579,949 1.19

5,579,949 1.19

BERMUDA51,100 Freescale Semiconductor Holdings 914,434 0.19

914,434 0.19

Total Shares 460,359,132 98.12

Total Transferable Securities Admitted to anOfficial Exchange Listing

460,359,132 98.12

Total Investments 460,359,132 98.12

Cash 9,132,434 1.95

Other Assets/(Liabilities) (315,323) (0.07)

Total Net Assets 469,176,243 100.00

Allocation of Portfolio as at 30 June 2011 % ofNet Assets

SharesInformation Technology 20.03Consumer Discretionary 14.21Financials 13.03Health Care 11.79Energy 11.07Industrials 10.54Consumer Staples 7.86Materials 4.10Utilities 4.03Telecommunication Services 1.46Total Shares 98.12Cash and Other Assets/(Liabilities) 1.88

Total 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % ofNet Assets

SharesInformation Technology 21.30Consumer Discretionary 14.32Financials 13.43Energy 10.96Industrials 9.74Health Care 9.39Consumer Staples 8.58Materials 4.54Utilities 4.04Telecommunication Services 1.53Total Shares 97.83Cash and Other Assets/(Liabilities) 2.17

Total 100.00

37

JPMorgan Funds - America Equity FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value

Name of Securities MarketValue

%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

38

JPMorgan Funds - America Equity FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2011

SettlementDate Currency

AmountPurchased Currency

AmountSold

UnrealisedGain/(Loss)

14-Jul-11 EUR 27,064,093 USD 39,442,890 (296,798)14-Jul-11 USD 8,736,830 EUR 6,060,643 (29,415)15-Aug-11 EUR 182,707 USD 263,204 806

Total (325,407)


Shares

BRAZIL1,576,816 AES Tiete 23,171,396 3.231,501,341 All America Latina Logistica 12,554,835 1.751,221,800 Banco ABC Brasil Preference Shares 9,137,585 1.271,502,549 Banco Bradesco ADR 30,884,895 4.30

118,232 Banco Bradesco Preference Shares 2,404,007 0.34636,350 Banco do Estado do Rio Grande do Sul Preference

Shares 7,403,541 1.031,793,350 BR Malls Participacoes 20,560,225 2.862,521,200 Brasil Brokers Participaçoes 12,398,153 1.73

8,625 Brasil Insurance Participacoes e Administracao 10,272,131 1.43507,199 BRF - Brasil Foods 8,546,145 1.19

1,160,368 BRF - Brasil Foods ADR 19,888,707 2.77463,700 Cia Hering 10,515,086 1.461,771,777 Cía Siderúrgica Nacional ADR 22,315,531 3.11

4,000 Companhia de Bebidas das Americas 110,005 0.021,440,265 Companhia de Bebidas das Americas Preference

Shares ADR 48,335,293 6.73672,043 Companhia de Concessoes Rodoviarias 20,353,855 2.83432,964 Companhia de Transmissao de Energia Eletrica

Paulista Preference Shares 13,829,620 1.93637,000 Companhia Energetica de Minas Gerais Preference

Shares 12,882,757 1.791,994,081 Duratex 17,275,438 2.41

627,047 EDP - Energias do Brasil 15,243,054 2.12438,760 Estacio Participaçoes 5,558,423 0.77485,904 Gerdau Preference Shares 5,069,829 0.71497,800 Iochpe-Maxion 6,797,237 0.95

84,920 Itau Unibanco Holding 1,681,816 0.24101,416 Itau Unibanco Holding Preference Shares 2,372,488 0.33

2,336,380 Itau Unibanco Holding Preference Shares ADR 55,150,250 7.68882,918 Itausa - Investimentos Itau Preference Shares 6,764,280 0.94932,501 Localiza Rent A CAR 16,599,025 2.31544,501 Lojas Renner 20,960,717 2.92753,800 Mills Estruturas e Servicos de Engenharia 10,908,199 1.52

1,904,352 MRV Engenharia e Participacoes 16,138,370 2.25473,200 Multiplus 8,444,427 1.18451,313 Natura Cosmeticos 11,355,431 1.58

994,800 Odontoprev 16,809,843 2.343,783,500 OGX Petroleo e Gas Participacoes 35,575,923 4.95

27,300 OSX Brasil 7,691,372 1.073,314,808 PDG Realty Empreendimentos e Participacoes 18,900,826 2.631,799,475 Randon Participacoes Preference Shares 14,166,509 1.971,757,840 Souza Cruz 22,347,951 3.11442,060 Telecomunicacoes de Sao Paulo ADR 12,817,530 1.79410,280 Totvs 7,504,177 1.05865,900 Usinas Siderurgicas de Minas Gerais Preference

Shares 7,703,973 1.0788,000 Weg 1,035,377 0.14

630,436,232 87.80

BERMUDA625,500 Wilson Sons BDR 11,975,316 1.67

11,975,316 1.67

UNITED KINGDOM951,180 JPMorgan Brazil Investment Trust 1,564,131 0.22

1,564,131 0.22

Total Shares 643,975,679 89.69


643,975,679 89.69

Transferable Securities Dealt in on Another Regulated Market

Investment Funds

UNITED STATES OF AMERICA134,900 iShares MSCI Brazil Index Fund 9,879,401 1.38

9,879,401 1.38

LUXEMBOURG9,436,486 JPMorgan Liquidity Funds - US Dollar Liquidity Fund

(JPM US Dollar Liquidity X (dist)) 9,436,486 1.31

9,436,486 1.31

Total Investment Funds 19,315,887 2.69

Total Transferable Securities Dealt in on AnotherRegulated Market

19,315,887 2.69


Cash 60,355,324 8.41

Other Assets/(Liabilities) (5,625,226) (0.79)



SharesFinancials 27.34Industrials 15.65Consumer Staples 15.40Consumer Discretionary 9.55Utilities 9.07Energy 4.95Materials 4.89Investment Companies 2.69Telecommunication Services 1.79Information Technology 1.05Total Shares 92.38Cash and Other Assets/(Liabilities) 7.62

Total 100.00


Shares and RightsFinancials 21.83Industrials 18.47Consumer Staples 16.11Materials 11.41Energy 8.15Consumer Discretionary 7.42Utilities 7.17Investment Companies 2.47Information Technology 2.26Telecommunication Services 1.19Total Shares and Rights 96.48Cash and Other Assets/(Liabilities) 3.52

Total 100.00

39

JPMorgan Funds - Brazil Alpha Plus FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

40

JPMorgan Funds - Brazil Alpha Plus FundSchedule of Investments - Outstanding Financial Option Contracts (Expressed in USD)

As at 30 June 2011

ExpirationDate

Number ofContracts Security Description Currency

MarketValue


16-Jul-11 3,000 Petroleo Brasileiro, Call Option, Strike Price 45.000 USD 9,000 (261,660)16-Jul-11 (3,000) Petroleo Brasileiro, Call Option, Strike Price 50.000 USD (9,000) 59,34020-Aug-11 4,000 Petroleo Brasileiro, Call Option, Strike Price 35.000 USD 236,000 35,120

Total 236,000 (167,200)


Shares

RUSSIA636,827 Chelyabinsk Zinc Plant 1,969,477 0.20510,762 Chelyabinsk Zinc Plant GDR 1,552,920 0.15

1,831,874 Cherkizovo Group Registered Shares GDR 22,479,817 2.212,079,300 DIXY Group 19,816,225 1.94

936,893 DIXY Group 9,066,198 0.89634,800 Lukoil OAO ADR 27,794,575 2.72

3,577,457 Magnit OJSC Registered Shares GDR 77,008,606 7.563,213,021 Magnitogorsk Iron & Steel Works Registered Shares

GDR 25,260,473 2.48793,046 Mechel Preference Shares 8,283,336 0.81

3,052,337 MMC Norilsk Nickel ADR 55,156,618 5.412,248,286 Mobile Telesystems 12,575,581 1.23

260,476 Mobile Telesystems 1,475,611 0.154,113,205 Mobile Telesystems ADR 54,284,585 5.332,528,986 Mostotrest 14,542,471 1.43

947,279 Novolipetsk Steel Registered Shares GDR 25,389,972 2.491,991,160 Pharmacy Chain 36.6 4,379,100 0.43

40,509,090 Sberbank of Russia 100,165,897 9.832,297,627 Sistema JSFC Registered Shares GDR 40,677,138 3.99

704,516 Sollers 8,973,488 0.881,392,346 Tatneft ADR 40,927,862 4.02

551,779,950 54.15

TURKEY259,800 BIM Birlesik Magazalar 5,795,641 0.57

1,808,700 TAV Havalimanlari Holding 6,278,594 0.621,535,059 Tofas Turk Otomobil Fabrikasi 4,831,787 0.471,129,090 Tupras Turkiye Petrol Rafinerileri 19,164,397 1.886,080,921 Turk Hava Yollari 11,046,550 1.0812,775,757 Turkiye Garanti Bankasi 40,430,929 3.974,524,742 Turkiye Halk Bankasi 23,463,946 2.3010,073,121 Yapi ve Kredi Bankasi 17,719,537 1.74

128,731,381 12.63

POLAND325,862 Bank Pekao 13,391,582 1.31

3,272,337 Powszechna Kasa Oszczednosci Bank Polski 34,598,066 3.40341,762 Powszechny Zaklad Ubezpieczen 32,361,035 3.18

2,513,000 Telekomunikacja Polska 10,601,990 1.04

90,952,673 8.93

IRELAND8,270,814 Dragon Oil 47,641,187 4.68

47,641,187 4.68

CZECH REPUBLIC326,708 CEZ 11,583,689 1.1469,400 Komercni Banka 11,650,745 1.14

720,874 Telefonica Czech Republic 12,916,594 1.27

36,151,028 3.55

UNITED STATES OF AMERICA1,740,600 BMB Munai 1,178,546 0.121,752,480 CTC Media 25,672,194 2.51

26,850,740 2.63

LUXEMBOURG669,100 Kernel Holding 12,782,186 1.25339,700 Oriflame Cosmetics SDR 11,363,183 1.12

24,145,369 2.37

KAZAKHSTAN124,882 Halyk Savings Bank of Kazakhstan Registered Shares

GDR 746,608 0.081,424,050 KazMunaiGas Exploration Production Registered

Shares GDR 19,896,445 1.95

20,643,053 2.03

NETHERLANDS2,712,200 Amtel Registered Shares GDR 0 0.00

667,633 X5 Retail Group Registered Shares GDR 18,023,807 1.77

18,023,807 1.77

ISLE OF MAN1,627,363 Zhaikmunai Registered Shares GDR 11,107,033 1.09

11,107,033 1.09

CAYMAN ISLANDS510,054 Eurasia Drilling Registered Shares GDR 10,376,639 1.02

10,376,639 1.02

CYPRUS926,700 Ros Agro Registered Shares GDR 8,870,854 0.87

3,381,000 Urals Energy 345,933 0.03902,552 XXI Century Investments Public 72,379 0.00

9,289,166 0.90

JERSEY904,876 KazakhGold Group Registered Shares GDR 2,192,066 0.22

2,192,066 0.22

MALAYSIA4,166,010 Steppe Cement 1,831,734 0.18

1,831,734 0.18

Total Shares 979,715,826 96.15


979,715,826 96.15


Investment Funds

UNITED KINGDOM2,431,283 JPMorgan Russian Securities 17,978,025 1.76

17,978,025 1.76

LUXEMBOURG12,300,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM

Euro Liquidity X (dist)) 12,300,000 1.21

12,300,000 1.21



30,278,025 2.97

Total Investments 1,009,993,851 99.12

Cash 5,692,219 0.56

Other Assets/(Liabilities) 3,296,298 0.32

Total Net Assets 1,018,982,368 100.00

41

JPMorgan Funds - Eastern Europe Equity FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 28.71Consumer Staples 18.18Energy 17.51Telecommunication Services 13.01Materials 11.94Consumer Discretionary 3.86Industrials 3.13Investment Companies 1.21Utilities 1.14Health Care 0.43Total Shares 99.12Cash and Other Assets/(Liabilities) 0.88

Total 100.00


SharesFinancials 30.46Energy 17.60Consumer Staples 15.66Telecommunication Services 12.05Materials 11.49Consumer Discretionary 4.59Industrials 2.92Investment Companies 1.29Utilities 0.83Health Care 0.41Total Shares 97.30Cash and Other Assets/(Liabilities) 2.70

Total 100.00

42

JPMorgan Funds - Eastern Europe Equity FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

SOUTH AFRICA856,147 ABSA Group 17,141,259 2.16

2,828,541 African Bank Investments 14,289,840 1.80302,700 African Rainbow Minerals 8,432,628 1.06592,453 AngloGold Ashanti 24,907,681 3.15305,800 Capitec Bank Holdings 8,156,622 1.03

1,443,400 Clicks Group 9,010,999 1.141,278,390 Foschini Group 16,455,038 2.08

694,568 Impala Platinum Holdings 18,599,540 2.35801,867 Imperial Holdings 14,304,981 1.81508,823 Massmart Holdings 10,513,973 1.33

2,209,703 MTN Group 46,686,966 5.90258,431 Naspers - N Shares 14,527,663 1.83

407,869 Northam Platinum 2,548,692 0.321,117,665 Shoprite Holdings 16,658,181 2.10254,900 Tiger Brands 7,442,373 0.94

1,609,641 Truworths International 17,272,197 2.18

246,948,633 31.18

RUSSIA427,461 Cherkizovo Group Registered Shares GDR 7,589,570 0.96862,947 DIXY Group 11,899,025 1.50444,339 DIXY Group 6,221,185 0.79162,695 Magnit OJSC 21,887,851 2.76207,446 Magnit OJSC Registered Shares GDR 6,460,906 0.82831,770 Magnitogorsk Iron & Steel Works Registered Shares

GDR 9,461,384 1.20396,283 Mechel Preference Shares 5,988,745 0.75551,505 MMC Norilsk Nickel ADR 14,419,098 1.82537,259 Mobile Telesystems 4,347,942 0.5562,244 Mobile Telesystems 510,182 0.06

1,107,537 Mobile Telesystems OJSC ADR 21,148,419 2.671,380,192 Mostotrest 11,482,984 1.45

147,126 Novolipetsk Steel Registered Shares GDR 5,705,546 0.7217,173,010 Sberbank of Russia 61,438,035 7.75

555,695 Sistema JSFC Registered Shares GDR 14,234,127 1.79171,656 Sollers 3,163,391 0.40

448,869 Tatneft ADR 19,090,399 2.41

225,048,789 28.40

TURKEY569,100 Aygaz 3,656,170 0.46130,500 BIM Birlesik Magazalar 4,212,077 0.53

1,721,500 KOC Holding 7,458,030 0.94796,700 TAV Havalimanlari Holding 4,001,420 0.51681,108 Tofas Turk Otomobil Fabrikasi 3,101,860 0.39600,105 Tupras Turkiye Petrol Rafinerileri 14,737,280 1.86

2,025,068 Turk Hava Yollari 5,322,558 0.675,751,274 Turkiye Garanti Bankasi 26,333,867 3.331,476,282 Turkiye Halk Bankasi 11,076,437 1.401,865,270 Yapi ve Kredi Bankasi 4,747,375 0.60

84,647,074 10.69

POLAND1,490,125 Powszechna Kasa Oszczednosci Bank Polski 22,795,021 2.88

137,023 Powszechny Zaklad Ubezpieczen 18,772,218 2.371,114,200 Telekomunikacja Polska 6,801,137 0.86

48,368,376 6.11


19,657,035 2.48

KAZAKHSTAN67,815 Halyk Savings Bank of Kazakhstan Registered Shares

GDR 586,600 0.08811,900 KazMunaiGas Exploration Production Registered

Shares GDR 16,412,559 2.07

16,999,159 2.15

LUXEMBOURG272,800 Kernel Holding 7,540,184 0.95189,049 Oriflame Cosmetics SDR 9,149,605 1.16

16,689,789 2.11

UNITED KINGDOM3,712,200 Old Mutual 7,913,042 1.001,478,623 PZ Cussons 8,346,251 1.05

16,259,293 2.05

UNITED STATES OF AMERICA737,380 CTC Media 15,628,769 1.97

15,628,769 1.97

QATAR189,805 Commercial Bank of Qatar 3,755,496 0.48

405,000 Doha Bank 5,722,240 0.72131,254 Industries Qatar 4,911,054 0.62

14,388,790 1.82

NIGERIA9,500,000 Dangote Cement 7,854,958 0.992,420,128 Nestle Foods Nigeria 6,391,590 0.81

14,246,548 1.80

CZECH REPUBLIC19,100 Komercni Banka 4,639,285 0.59

348,232 Telefonica Czech Republic 9,027,777 1.14

13,667,062 1.73

UNITED ARAB EMIRATES321,550 DP World 3,948,634 0.50

858,300 First Gulf Bank 4,171,213 0.53

8,119,847 1.03

ISLE OF MAN789,255 Zhaikmunai Registered Shares GDR 7,793,893 0.98

7,793,893 0.98


1,212,000 Urals Energy 179,421 0.03378,822 XXI Century Investments Public 43,954 0.00

6,634,540 0.84

CANADA30,600 First Quantum Minerals 4,401,939 0.55

4,401,939 0.55


4,058,822 0.51

OMAN1,763,552 Bank Muscat 3,378,145 0.42

3,378,145 0.42

MALAYSIA1,454,965 Steppe Cement 925,589 0.12

925,589 0.12

JERSEY271,283 KazakhGold Group Registered Shares GDR 950,847 0.12

950,847 0.12

BRITISH VIRGIN ISLANDS732,804 Orsu Metals 127,104 0.02

127,104 0.02

Total Shares 768,940,043 97.08


768,940,043 97.08

43

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Investment Funds



21,111,000 2.67



21,111,000 2.67


Cash 1,568,587 0.19

Other Assets/(Liabilities) 437,531 0.06



SharesFinancials 29.89Consumer Staples 15.18Materials 13.79Telecommunication Services 12.97Consumer Discretionary 11.78Energy 10.34Industrials 3.13Investment Companies 2.67Total Shares 99.75Cash and Other Assets/(Liabilities) 0.25

Total 100.00


SharesFinancials 32.08Materials 15.07Consumer Staples 13.70Consumer Discretionary 13.03Telecommunication Services 11.43Energy 8.68Industrials 3.56Investment Companies 2.52Total Shares 100.07Bank Overdraft and Other Assets/(Liabilities) (0.07)

Total 100.00

44

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

RUSSIA1,250,000 Russian (Republic of) 24.06.28/12.750% 1,536,463 0.43

29,057,379 Russian (Republic of) 31.03.30/7.500%* 23,702,697 6.56

25,239,160 6.99

BRAZIL1,800,000 Banco Nacional de

Desenvolvimento Economico eSocial 16.06.18/6.369% 1,398,149 0.39

1,139,000 Banco Nacional deDesenvolvimento Economico eSocial 10.06.19/6.500% 889,957 0.25

2,160 Brazil (Republic of) 15.05.13/6.000% 1,952,881 0.54750,000 Brazil (Republic of) 17.01.17/6.000% 606,360 0.17

1,446,667 Brazil (Republic of) 15.01.18/8.000% 1,203,323 0.338,415,000 Brazil (Republic of) 05.01.22/12.500% 4,669,066 1.291,702,000 Brazil (Republic of) 06.03.30/12.250% 2,146,836 0.599,271,000 Brazil (Republic of) 20.01.34/8.250% 8,809,164 2.44430,000 Gerdau Holdings 20.01.20/7.000% 327,673 0.09

1,090,000 Votorantim Cimentos 05.04.41/7.250% 747,605 0.21

22,751,014 6.30

MEXICO12,040,000 Mexico (United Mexican States) 15.01.17/5.625% 9,463,864 2.62

1,910,000 Mexico (United Mexican States) 19.03.19/5.950% 1,515,551 0.42360,000 Mexico (United Mexican States) 05.12.24/10.000% 2,626,559 0.73

3,000,000 Mexico (United Mexican States) 15.08.31/8.300% 2,851,643 0.794,100,000 Mexico (United Mexican States) 27.09.34/6.750% 3,297,201 0.91

100,000 Mexico (United Mexican States) 20.11.36/10.000% 715,672 0.202,520,000 Mexico (United Mexican States) 11.01.40/6.050% 1,852,227 0.51

22,322,717 6.18

ARGENTINA1,156,400 Aeropuertos Argentina 2000 01.12.20/10.750% 866,161 0.233,115,000 Argentina (Republic of) 03.10.15/7.000% 2,102,359 0.585,550,794 Argentina (Republic of) 02.06.17/8.750% 3,961,806 1.101,684,478 Argentina (Republic of) 31.12.33/8.280% 1,014,517 0.28

30,619,355 Argentina (Republic of) 15.12.35/0.000%* 3,673,328 1.0220,143,044 Argentina (Republic of) 31.12.38/2.500%* 5,979,847 1.661,360,000 Banco de Galicia y Buenos Aires 04.05.18/8.750% 942,752 0.26

18,540,770 5.13

VENEZUELA7,850,000 Petroleos de Venezuela 02.11.17/8.500% 4,040,701 1.129,093,600 Petroleos de Venezuela 12.04.27/5.375% 3,158,490 0.877,685,500 Venezuela (Republic of) 26.02.16/5.750% 4,119,898 1.144,750,000 Venezuela (Republic of) 13.10.19/7.750% 2,384,110 0.669,315,500 Venezuela (Republic of) 09.12.20/6.000% 4,037,886 1.12830,000 Venezuela (Republic of) 13.10.24/8.250% 391,552 0.11

18,132,637 5.02

TURKEY3,500,000 Turkey (Republic of) 15.03.15/7.250% 2,763,944 0.771,560,000 Turkey (Republic of) 14.07.17/7.500% 1,269,882 0.356,050,000 Turkey (Republic of) 03.04.18/6.750% 4,758,022 1.321,200,000 Turkey (Republic of) 11.03.19/7.000% 956,015 0.261,142,000 Turkey (Republic of) 07.11.19/7.500% 937,867 0.26

652,000 Turkey (Republic of) 15.01.30/11.875% 766,247 0.213,790,000 Turkey (Republic of) 14.02.34/8.000% 3,253,988 0.903,275,000 Turkey (Republic of) 05.03.38/7.250% 2,603,465 0.72

17,309,430 4.79

INDONESIA1,000,000 Indonesia (Republic of) 10.03.14/6.750% 772,943 0.21

900,000 Indonesia (Republic of) 04.05.14/10.375% 761,027 0.216,290,000 Indonesia (Republic of) 04.03.19/11.625% 6,408,466 1.773,090,000 Indonesia (Republic of) 05.05.21/4.875% 2,188,553 0.611,830,000 Pertamina Persero 23.05.21/5.250% 1,274,100 0.354,213,000 Indonesia (Republic of) 12.10.35/8.500% 3,909,804 1.09600,000 Indonesia (Republic of) 17.01.38/7.750% 516,750 0.14

1,830,000 Pertamina Persero 27.05.41/6.500% 1,254,376 0.35

17,086,019 4.73

PHILIPPINES3,590,000 Philippines (Republic of) 18.01.17/9.375% 3,200,994 0.90

860,000 Philippines (Republic of) 17.06.19/8.375% 765,031 0.21600,000 Philippines (Republic of) 16.03.25/10.625% 631,657 0.17

2,950,000 Philippines (Republic of) 02.02.30/9.500% 2,960,562 0.827,370,000 Philippines (Republic of) 14.01.31/7.750% 6,407,318 1.771,930,000 Philippines (Republic of) 15.01.32/6.375% 1,457,875 0.40

521,000 Power Sector Assets &Liabilities Management 27.05.19/7.250% 425,538 0.12

710,000 Power Sector Assets &Liabilities Management 02.12.24/7.390% 579,693 0.16

16,428,668 4.55

KAZAKHSTAN913,307 BTA Bank 01.07.18/10.750%* 502,706 0.14

2,960,000 Development Bank ofKazakhstan 20.12.15/5.500% 2,126,163 0.59

510,000 Development Bank ofKazakhstan 23.03.26/6.000% 322,095 0.09

2,011,000 KazMunayGas National 02.07.13/8.375% 1,520,777 0.421,100,000 KazMunayGas National 23.01.15/11.750% 945,007 0.26

10,758,000 KazMunayGas National 09.04.21/6.375% 7,865,010 2.18

13,281,758 3.68

SOUTH AFRICA1,400,000 African Bank 15.06.16/6.000% 956,713 0.262,600,000 Eskom Holdings 26.01.21/5.750% 1,865,725 0.534,570,000 South Africa (Republic of) 27.05.19/6.875% 3,771,292 1.044,370,000 South Africa (Republic of) 09.03.20/5.500% 3,306,083 0.92

490,000 South Africa (Republic of) 30.05.22/5.875% 377,559 0.1019,777,500 South Africa (Republic of) 21.12.26/10.500% 2,348,135 0.65

12,625,507 3.50

UKRAINE370,000 NAK Naftogaz Ukraine 30.09.14/9.500% 280,401 0.08

1,100,000 Ukraine (Government of) 23.09.15/6.875% 785,095 0.211,550,000 Ukraine (Government of) 17.06.16/6.250% 1,070,393 0.308,183,000 Ukraine (Government of) 21.11.16/6.580% 5,710,454 1.586,015,000 Ukraine (Government of) 23.09.20/7.750% 4,315,618 1.20

12,161,961 3.37

PERU7,027,000 Peru (Republic of) 21.07.25/7.350% 5,925,002 1.643,370,000 Peru (Republic of) 21.11.33/8.750% 3,173,241 0.88

762,000 Peru (Republic of) 14.03.37/6.550% 585,766 0.161,815,000 Peru (Republic of) 18.11.50/5.625% 1,184,871 0.33

10,868,880 3.01

HUNGARY5,704,000 Hungary (Government of) 29.01.20/6.250% 4,166,185 1.153,100,000 Hungary (Government of) 29.03.21/6.375% 2,262,817 0.635,742,000 Hungary (Government of) 29.03.41/7.625% 4,296,629 1.19

10,725,631 2.97

PANAMA2,120,000 Panama (Republic of) 15.03.15/7.250% 1,727,921 0.482,785,000 Panama (Republic of) 30.09.27/8.875% 2,724,165 0.755,095,000 Panama (Republic of) 01.04.29/9.375% 5,229,537 1.45

9,681,623 2.68

LITHUANIA3,150,000 Lithuania (Republic of) 15.01.15/6.750% 2,404,078 0.676,731,000 Lithuania (Republic of) 14.09.17/5.125% 4,789,926 1.322,240,000 Lithuania (Republic of) 11.02.20/7.375% 1,790,289 0.50

8,984,293 2.49

COLOMBIA1,300,000 Colombia (Republic of) 27.01.17/7.375% 1,103,003 0.31

4,254,000,000 Colombia (Republic of) 14.04.21/7.750% 1,895,876 0.531,400,000 Colombia (Republic of) 21.05.24/8.125% 1,279,483 0.353,398,000 Colombia (Republic of) 28.01.33/10.375% 3,721,983 1.031,140,000 Ecopetrol 23.07.19/7.625% 944,699 0.26

8,945,044 2.48

BELARUS7,505,000 Belarus (Republic of) 03.08.15/8.750% 4,720,445 1.313,286,000 Belarus (Republic of) 26.01.18/8.950% 2,018,976 0.56

6,739,421 1.87

UNITED KINGDOM1,210,000 Barclays Bank 20.01.13/0.000%* 933,227 0.26

190,000 Credit Suisse First BostonInternational 07.09.11/7.650% 132,186 0.04

1,000,000 Deutsche Bank/London 20.07.18/0.000%* 1,186,944 0.333,040,000 Deutsche Bank/London 19.07.27/10.250% 2,938,768 0.811,800,000 Oschadbank 10.03.16/8.250% 1,269,461 0.35

6,460,586 1.79

45

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value

Name of Securities Maturity/Coupon

MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

URUGUAY35,300,000 Uruguay (Republic of) 05.04.27/4.250% 1,964,979 0.54

3,130,000 Uruguay (Republic of) 15.01.33/7.875%* 2,740,873 0.761,680,000 Uruguay (Republic of) 21.03.36/7.625% 1,467,859 0.415,254,000 Uruguay (Republic of) 26.06.37/3.700% 262,066 0.07

6,435,777 1.78

LUXEMBOURG2,950,000 RSHB Capital 14.01.14/7.125% 2,211,455 0.612,880,000 RSHB Capital 11.06.14/9.000% 2,280,233 0.632,430,000 VTB Capital 13.10.20/6.551% 1,707,836 0.48

6,199,524 1.72

EL SALVADOR2,880,000 El Salvador (Republic of) 01.12.19/7.375% 2,196,900 0.60

260,000 El Salvador (Republic of) 24.01.23/7.750% 203,674 0.063,690,000 El Salvador (Republic of) 10.04.32/8.250% 2,855,864 0.79

280,000 El Salvador (Republic of) 15.06.35/7.650% 200,472 0.06

5,456,910 1.51

UNITED STATES OF AMERICA1,380,000 Citigroup Funding 02.10.13/13.300% 953,796 0.263,380,000 Citigroup Funding 27.07.20/11.000% 2,408,763 0.671,188,000 Pemex Project Funding Master

Trust 01.03.18/5.750% 897,259 0.25

4,259,818 1.18

SRI LANKA5,931,000 Sri Lanka (Republic of) 04.10.20/6.250% 4,101,812 1.14

4,101,812 1.14

IRELAND910,000 Alfa Bond Issuance 25.09.17/7.875% 662,743 0.18

2,148,000 BOM Capital 11.03.15/6.699% 1,543,425 0.431,440,000 Koks Finance 23.06.16/7.750% 1,005,815 0.28

880,000 VIP Finance Ireland 30.04.18/9.125% 687,234 0.19

3,899,217 1.08

CROATIA1,292,000 Croatia (Republic of) 14.07.20/6.625% 946,874 0.26

4,060,000 Croatia (Republic of) 24.03.21/6.375% 2,917,498 0.81

3,864,372 1.07

CAYMAN ISLANDS1,566,000 Country Garden Holdings 23.02.18/11.125% 1,119,876 0.311,690,000 Longfor Properties 07.04.16/9.500% 1,206,799 0.341,137,000 Virgolino de Oliveira Finance 28.01.18/10.500% 841,059 0.23

3,167,734 0.88

INTERNATIONAL AGENCIES3,970,000 Eurasian Development Bank 29.09.14/7.375% 3,029,984 0.84

3,029,984 0.84

MALAYSIA3,350,000 Petronas Capital 12.08.19/5.250% 2,497,998 0.69

2,497,998 0.69

DOMINICAN REPUBLIC2,879,994 Dominican Republic 23.01.18/9.040% 2,244,638 0.62

2,244,638 0.62

NIGERIA2,622,000 Nigeria (Federal Republic of) 28.01.21/6.750% 1,901,446 0.53

1,901,446 0.53

PAKISTAN2,856,000 Pakistan (Government of) 31.03.16/7.125% 1,724,421 0.48

1,724,421 0.48

ECUADOR2,191,000 Ecuador (Republic of) 15.12.15/9.375% 1,512,598 0.42

1,512,598 0.42

IVORY COAST3,940,000 Cote D’Ivoire 31.12.32/2.500% 1,444,689 0.40

1,444,689 0.40

NETHERLANDS1,150,000 Kazakhstan Temir Zholy

Finance 06.10.20/6.375% 849,276 0.24620,000 Majapahit Holding 20.01.20/7.750% 501,264 0.13

1,350,540 0.37

UNITED ARAB EMIRATES730,000 Dubai Electricity & Water

Authority 22.04.15/8.500% 560,413 0.15950,000 Dubai Electricity & Water

Authority 21.10.20/7.375% 677,538 0.19

1,237,951 0.34

SERBIA1,108,693 Republic of Serbia 01.11.24/6.750%* 770,675 0.21

770,675 0.21

CYPRUS820,000 Alfa MTN Issuance 18.03.15/8.000% 605,939 0.17

605,939 0.17

GHANA644,000 Ghana (Republic of) 04.10.17/8.500% 503,478 0.14

503,478 0.14

Total Bonds 314,494,640 87.10


314,494,640 87.10


Bonds

BRAZIL1,160,000 JBS Finance II 29.01.18/8.250% 818,077 0.232,510,000 OGX Petroleo e Gas

Participacoes 01.06.18/8.500% 1,776,612 0.49

2,594,689 0.72

CAYMAN ISLANDS823,000 Itabo Dominicana 12.11.20/9.500% 608,088 0.17449,076 IIRSA Norte Finance 30.05.24/8.750% 351,197 0.10759,000 Odebrecht Drilling Norbe VIII/IX 30.06.21/6.350% 554,954 0.15

1,514,239 0.42

CHILE2,000,000 Cencosud 20.01.21/5.500% 1,388,568 0.38

1,388,568 0.38

PERU1,805,000 Peru (Republic of) 12.08.31/6.950% 437,893 0.123,575,000 Peru (Republic of) 12.08.37/6.900% 854,863 0.24

1,292,756 0.36

IRAQ2,000,000 Iraq (Republic of) 15.01.28/5.800% 1,253,966 0.35

1,253,966 0.35

NETHERLANDS1,680,000 WPE International Cooperatief 30.09.20/10.375% 1,226,167 0.34

1,226,167 0.34

PANAMA1,810,000 Banco de Credito del

Peru/Panama 16.09.20/5.375% 1,195,875 0.33

1,195,875 0.33

VENEZUELA2,120,000 Petroleos de Venezuela 28.10.14/4.900% 1,132,970 0.31

1,132,970 0.31

UNITED STATES OF AMERICA999,000 Pemex Project Funding Master

Trust 15.06.35/6.625% 723,238 0.20560,000 US Treasury (i) 31.08.11/1.000% 387,675 0.11

1,110,913 0.31

46

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

MEXICO1,370,000 Empresas ICA 04.02.21/8.900% 985,986 0.28

985,986 0.28

THAILAND1,027,000 True Move 01.08.14/10.375% 768,967 0.21

768,967 0.21

Total Bonds 14,465,096 4.01


14,465,096 4.01

Other Transferable Securities

Bonds

UNITED KINGDOM760,000 Deutsche Bank/London 22.12.13/0.000%* 717,883 0.20750,000 Deutsche Bank/London 23.09.19/0.000%* 765,504 0.21

1,483,387 0.41

UNITED STATES OF AMERICA840,000 Citigroup Funding 13.03.13/0.000%* 574,940 0.16255,000 Lehman Brothers Holdings

(Defaulted) 03.01.12/10.000% 45,383 0.01

620,323 0.17

Total Bonds 2,103,710 0.58

Total Other Transferable Securities 2,103,710 0.58


Cash 21,534,077 5.96



* Variable coupon rates are those quoted as at 30 June 2011.(i) Security partially or totally held as collateral against futures positions by the broker.

47


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesBrazil 7.02Russia 6.99Mexico 6.46Venezuela 5.33Argentina 5.13Turkey 4.79Indonesia 4.73Philippines 4.55Kazakhstan 3.68South Africa 3.50Peru 3.37Ukraine 3.37Hungary 2.97Panama 3.01Lithuania 2.49Colombia 2.48United Kingdom 2.20Belarus 1.87Uruguay 1.78Luxembourg 1.72United States of America 1.66El Salvador 1.51Cayman Islands 1.30Sri Lanka 1.14Ireland 1.08Croatia 1.07International Agencies 0.84Netherlands 0.71Malaysia 0.69Dominican Republic 0.62Nigeria 0.53Pakistan 0.48Ecuador 0.42Ivory Coast 0.40Chile 0.38Iraq 0.35United Arab Emirates 0.34Serbia 0.21Thailand 0.21Cyprus 0.17Ghana 0.14Total Fixed Income Securities 91.69Cash and Other Assets/(Liabilities) 8.31

Total 100.00


Fixed Income SecuritiesBrazil 7.25Venezuela 6.15Turkey 5.67Argentina 4.62Luxembourg 4.35Peru 4.34Kazakhstan 4.33Philippines 4.23Russia 3.85Colombia 3.36Mexico 3.25Panama 3.23Uruguay 3.14United States of America 3.12Indonesia 2.97Ukraine 2.78South Africa 2.48Lithuania 2.37Hungary 2.32United Kingdom 1.83Cayman Islands 1.65El Salvador 1.62Netherlands 1.54Ireland 1.33Croatia 1.20Sri Lanka 1.12International Agencies 1.11Qatar 1.02Egypt 1.01Bermuda 0.92Malaysia 0.72Dominican Republic 0.65Iraq 0.53Belarus 0.48Belize 0.47Trinidad & Tobago 0.41Thailand 0.32Ghana 0.32Germany 0.30Chile 0.28Serbia 0.27Cyprus 0.25Ecuador 0.24United Arab Emirates 0.23Ivory Coast 0.15Total Fixed Income Securities 93.78Cash and Other Assets/(Liabilities) 6.22

Total 100.00

48


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2011

ExpirationDate


NotionalValue


Bond Futures

Sep-11 86 US 2 Year Note Future USD 13,041,856 24,115Sep-11 (20) US 5 Year Note Future USD (1,651,378) 4,590Sep-11 355 US 10 Year Note Future USD 30,093,097 (327,743)Sep-11 (40) US Long Bond Future USD (3,405,243) 79,461

Total (219,577)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)



AmountSold


11-Jul-11 EUR 364,000,000 USD 515,028,575 7,962,86911-Jul-11 USD 21,410,868 EUR 15,000,000 (198,755)22-Jul-11 EUR 2,363,605 USD 3,388,584 20,27722-Jul-11 USD 131,276,357 EUR 92,069,230 (1,286,902)15-Sep-11 MXN 117,500,000 USD 9,793,403 103,52015-Sep-11 USD 9,794,016 MXN 117,500,000 (103,096)21-Sep-11 BRL 20,030,000 USD 12,329,343 177,35621-Sep-11 CLP 2,399,720,000 USD 5,081,999 (6,987)21-Sep-11 CNY 11,749,300 USD 1,818,524 2,79521-Sep-11 COP 9,048,930,000 USD 5,080,814 4,29821-Sep-11 CZK 43,710,000 USD 2,619,501 (15,033)21-Sep-11 EUR 14,703,861 USD 21,178,449 31,85621-Sep-11 HUF 939,520,000 USD 5,063,351 13,00421-Sep-11 IDR 91,678,059,000 USD 10,629,541 17621-Sep-11 INR 458,080,000 USD 10,089,958 24,52621-Sep-11 JPY 420,000,000 USD 5,248,390 (24,066)21-Sep-11 KRW 5,484,360,000 USD 5,011,294 68,45521-Sep-11 MXN 61,060,000 USD 5,104,953 41,00721-Sep-11 RUB 141,180,000 USD 4,960,647 35,27621-Sep-11 TRY 8,093,479 USD 5,020,862 (76,573)21-Sep-11 TWD 293,330,000 USD 10,178,031 74,65521-Sep-11 USD 16,534,801 BRL 26,930,000 (267,406)21-Sep-11 USD 5,054,885 CLP 2,399,720,000 (11,797)21-Sep-11 USD 2,377,948 CNY 15,349,300 (2,109)21-Sep-11 USD 5,031,376 COP 9,048,930,000 (38,548)21-Sep-11 USD 2,641,854 CZK 43,710,000 30,51921-Sep-11 USD 21,226,628 EUR 14,703,861 1,52221-Sep-11 USD 5,033,323 HUF 939,520,000 (33,807)21-Sep-11 USD 10,549,834 IDR 91,678,059,000 (55,395)21-Sep-11 USD 10,064,024 INR 458,080,000 (42,493)21-Sep-11 USD 5,232,276 JPY 420,000,000 12,90221-Sep-11 USD 5,042,976 KRW 5,484,360,000 (46,507)21-Sep-11 USD 5,129,929 MXN 61,060,000 (23,705)21-Sep-11 USD 4,950,210 RUB 141,180,000 (42,506)21-Sep-11 USD 4,963,400 TRY 8,093,479 36,76521-Sep-11 USD 10,297,714 TWD 293,330,000 8,25921-Sep-11 USD 3,502,364 ZAR 24,450,000 (43,185)25-Nov-11 CNY 69,800,000 USD 10,849,352 1,37621-Dec-11 CNY 46,599,620 USD 7,191,074 41,32221-Dec-11 USD 7,205,307 CNY 46,599,620 (31,434)21-Mar-12 CNY 47,080,000 USD 7,372,377 (17,282)21-Mar-12 USD 7,344,774 CNY 47,080,000 (1,953)

Total 6,323,196

Schedule of Investments - Outstanding Credit Default Swaps (Expressed in EUR)

TerminationDate Counterparty Referenced Obligation

ProtectionBuyer/Seller Currency Nominal

MarketValue


20-Dec-15 Deutsche Bank Korea (Republic of) 4.875% 22/09/2014 Buyer USD 9,600,000 (18,841) 27,95120-Mar-16 Deutsche Bank Israel (State of) 5.125% 01/03/2014 Buyer USD 9,600,000 103,377 (37,101)20-Jun-16 Citibank Argentina (Republic of) 8.280% 31/12/2033 Buyer USD 11,000,000 341,460 (40,224)20-Jun-16 Citibank Kazakhstan (Republic of) 11.125% 11/05/2007 Seller USD 10,000,000 (181,646) (60,158)20-Jun-16 Deutsche Bank Venezuela (Republic of) 9.250% 15/09/2027 Seller USD 11,000,000 (1,332,667) 223,779

Total (1,088,317) 114,247

49


Shares

BRAZIL7,392,061 All America Latina Logistica 61,815,474 0.68

4,094,958 Cielo 100,384,483 1.115,791,700 Companhia de Bebidas das Americas Preference

Shares ADR 194,369,452 2.158,758,964 Itau Unibanco Holding Preference Shares 204,903,954 2.26

345,000 Itau Unibanco Holding Preference Shares ADR 8,143,725 0.0913,850,100 OGX Petroleo e Gas Participacoes 130,231,291 1.449,779,932 Petroleo Brasileiro Preference Share ADR 300,097,213 3.31

12,726,206 Vale Preference Shares ADR 367,723,722 4.063,546,600 Weg 41,728,045 0.46

1,409,397,359 15.56

INDIA3,604,458 ACC 76,666,314 0.857,671,747 Ambuja Cements 23,046,141 0.25

23,472,919 Bharti Airtel 206,615,787 2.2824,526,365 Housing Development Finance 385,443,708 4.26

1,374,684 Infosys Technologies 89,306,781 0.982,359,252 Infosys Technologies ADR 153,952,989 1.704,919,854 Jindal Steel & Power 71,268,527 0.794,375,732 Reliance Capital 56,735,688 0.633,866,967 United Spirits 84,443,345 0.93

1,147,479,280 12.67

SOUTH KOREA317,848 E-Mart 72,556,144 0.80804,716 Hyundai Mobis 301,071,401 3.32944,191 Hyundai Motor 209,785,835 2.32218,488 POSCO 94,890,251 1.05806,619 Samsung Electronics GDR 144A 311,435,596 3.44112,257 Shinsegae 35,665,094 0.39

1,025,404,321 11.32

CHINA37,953,000 Anhui Conch Cement - H Shares * 178,248,352 1.96

117,469,280 China Construction Bank - H Shares * 97,434,461 1.0882,910,062 China Merchants Bank - H Shares * 200,608,621 2.2121,036,500 Ping An Insurance Group Co. of China - H Shares * 216,993,053 2.4018,078,000 Tsingtao Brewery - H Shares * 104,184,920 1.1517,411,000 Wumart Stores - H Shares * 43,380,400 0.48

840,849,807 9.28

SOUTH AFRICA22,005,741 African Bank Investments 111,173,400 1.2323,794,877 FirstRand 69,683,367 0.775,044,069 Impala Platinum Holdings 135,072,970 1.49

3,117,679 Massmart Holdings 64,421,604 0.717,884,662 MTN Group 166,588,428 1.842,584,700 Naspers - N Shares 145,298,549 1.608,954,139 RMB Holdings 35,326,335 0.39

727,564,653 8.03

HONG KONG35,929,000 AIA Group 124,537,062 1.3714,673,000 China Mobile 135,798,263 1.5025,402,000 China Resources Enterprise 103,389,531 1.14

108,169,000 CNOOC 252,690,390 2.7921,376,000 Hang Lung Properties 87,758,529 0.97

704,173,775 7.77

TAIWAN21,004,000 Delta Electronics 76,959,826 0.8542,448,285 Hon Hai Precision Industry 145,410,313 1.6140,843,006 Taiwan Semiconductor Manufacturing 102,516,301 1.1315,509,588 Taiwan Semiconductor Manufacturing ADR 194,102,494 2.14

518,988,934 5.73

RUSSIA214,000 Magnit OJSC 28,790,068 0.32

4,391,000 Magnit OJSC Registered Shares GDR 136,757,695 1.5155,653,945 Sberbank of Russia 199,107,146 2.20

364,654,909 4.03

MEXICO38,081,032 Grupo Financiero Banorte - O Shares 174,043,186 1.9261,706,000 Wal-Mart de Mexico - V Shares 182,701,348 2.02

356,744,534 3.94

INDONESIA21,216,500 Astra International 157,747,862 1.75

139,860,066 Bank Rakyat Indonesia Persero 106,393,113 1.1729,782,000 Unilever Indonesia 51,994,806 0.57

316,135,781 3.49

TURKEY13,939,400 KOC Holding 60,389,463 0.6747,115,869 Turkiye Garanti Bankasi 215,733,596 2.38

276,123,059 3.05

BERMUDA1,700,200 Jardine Matheson Holdings 97,200,434 1.07

67,526,000 Li & Fung 134,751,780 1.49

231,952,214 2.56

LUXEMBOURG1,554,982 Oriflame Cosmetics SDR 75,258,111 0.832,593,445 Tenaris ADR 118,299,994 1.31

193,558,105 2.14

CHILE1,394,482 Banco Santander Chile ADR 130,356,177 1.44

130,356,177 1.44

CAYMAN ISLANDS1,039,615 New Oriental Education & Technology Group ADR 116,286,136 1.29

116,286,136 1.29

HUNGARY3,356,546 OTP Bank 108,648,869 1.20

108,648,869 1.20

UNITED STATES OF AMERICA2,512,445 NII Holdings 106,590,479 1.18

106,590,479 1.18

EGYPT1,542,072 Orascom Construction Industries 69,245,641 0.76

69,245,641 0.76

MALAYSIA2,556,400 British American Tobacco Malaysia 39,486,834 0.44

39,486,834 0.44

Total Shares 8,683,640,867 95.88


8,683,640,867 95.88


Investment Funds



266,644,533 2.94



266,644,533 2.94


Cash 91,209,916 1.01


Total Net Assets 9,057,075,068 100.00

* Hong Kong Registered Shares.

50

JPMorgan Funds - Emerging Markets Equity FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 30.85Consumer Discretionary 12.38Information Technology 11.00Materials 10.45Consumer Staples 10.40Energy 7.54Telecommunication Services 6.80Industrials 6.46Investment Companies 2.94Total Shares 98.82Cash and Other Assets/(Liabilities) 1.18

Total 100.00


SharesFinancials 29.46Information Technology 12.80Consumer Discretionary 11.91Materials 11.38Consumer Staples 10.92Energy 7.55Telecommunication Services 7.11Industrials 5.47Investment Companies 2.90Total Shares 99.50Cash and Other Assets/(Liabilities) 0.50

Total 100.00

51

JPMorgan Funds - Emerging Markets Equity FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

BRAZIL15,300,000 Banco Votorantim 16.05.16/6.250% 6,929,025 0.90

20,000 Brazil (Republic of) 01.07.11/0.000% 8,847,005 1.1517,400 Brazil (Republic of) 01.01.13/10.000% 7,434,926 0.9730,500 Brazil (Republic of) 15.05.13/6.000% 27,575,401 3.60

33,000,000 Brazil (Republic of) 05.01.16/12.500% 17,234,462 2.2539,250,000 Brazil (Republic of) 05.01.22/12.500% 21,777,880 2.84

89,798,699 11.71

SOUTH AFRICA48,000,000 Edcon 04.04.16/11.825%* 4,942,866 0.64

399,630,000 South Africa (Republic of) 31.03.21/6.750% 36,345,638 4.74238,144,860 South Africa (Republic of) 21.12.26/10.500% 28,274,365 3.69167,500,000 South Africa (Republic of) 28.02.31/7.000% 14,175,294 1.85

83,738,163 10.92

MEXICO2,166,094 Mexico (United Mexican

States) 18.12.14/9.500% 14,221,435 1.85500,000 Mexico (United Mexican

States) 14.12.17/7.750% 3,144,936 0.411,990,000 Mexico (United Mexican



States) 20.11.36/10.000% 24,268,583 3.17

80,581,219 10.51

TURKEY5,059,000 Turkey (Republic of) 07.03.12/16.000% 2,255,732 0.29

69,000,000 Turkey (Republic of) 07.11.12/0.000% 26,102,287 3.4130,100,000 Turkey (Republic of) 28.08.13/16.000% 14,512,799 1.8924,500,000 Turkey (Republic of) 11.02.15/4.500% 12,245,102 1.6032,000,000 Turkey (Republic of) 17.06.15/10.000% 13,943,246 1.824,800,000 Turkey (Republic of) 15.01.20/10.500% 2,170,199 0.28

71,229,365 9.29

POLAND2,200,000 Poland (Government of) 25.01.13/0.000% 513,552 0.07

40,500,000 Poland (Government of) 25.04.13/5.250% 10,255,589 1.3436,630,000 Poland (Government of) 24.10.13/5.000% 9,228,131 1.2049,800,000 Poland (Government of) 25.04.14/5.750% 12,764,194 1.6740,100,000 Poland (Government of) 25.04.15/5.500% 10,203,757 1.3349,915,000 Poland (Government of) 24.10.15/6.250% 13,055,097 1.70

30,000,000 Poland (Government of) 25.04.16/5.000% 7,443,226 0.9720,000,000 Poland (Government of) 24.08.16/3.000% 6,331,790 0.83

69,795,336 9.11

HUNGARY500,000,000 Hungary (Government of) 24.10.13/7.500% 1,941,666 0.25

2,885,300,000 Hungary (Government of) 12.02.15/8.000% 11,332,677 1.487,920,000,000 Hungary (Government of) 12.02.16/5.500% 28,336,623 3.702,170,000,000 Hungary (Government of) 24.11.23/6.000% 7,393,696 0.96

49,004,662 6.39

INDONESIA50,000,000,000 Indonesia (Republic of) 15.06.15/9.500% 4,421,758 0.5816,000,000,000 Indonesia (Republic of) 15.11.20/11.000% 1,584,439 0.2196,000,000,000 Indonesia (Republic of) 15.07.21/8.250% 8,070,984 1.0513,000,000,000 Indonesia (Republic of) 15.06.22/12.900% 1,431,092 0.19

188,000,000,000 Indonesia (Republic of) 15.07.22/10.250% 17,775,851 2.3250,000,000,000 Indonesia (Republic of) 15.08.30/10.500% 4,676,381 0.6189,100,000,000 Indonesia (Republic of) 15.07.38/10.500% 8,246,287 1.07

46,206,792 6.03

COLOMBIA5,584,000,000 Colombia (Republic of) 22.10.15/12.000% 2,766,305 0.36

40,790,000,000 Colombia (Republic of) 14.04.21/7.750% 18,178,843 2.373,207,000,000 Colombia (Republic of) 28.06.27/9.850% 1,605,691 0.218,500,000,000 Empresas Publicas de

Medellin ESP 01.02.21/8.375% 3,472,760 0.45

26,023,599 3.39

THAILAND1,025,000,000 Thailand (Government of) 13.06.19/3.875% 23,405,593 3.05

23,405,593 3.05

ARGENTINA83,500,000 Argentina (Republic of) 03.08.12/0.467%* 14,136,452 1.84

14,136,452 1.84

UNITED STATES OF AMERICA10,000,000 Citigroup Funding 02.10.13/13.300% 6,911,567 0.91

10,000,000,000 Citigroup Funding 27.07.20/11.000% 5,128,454 0.67

12,040,021 1.58

IRELAND5,661,951 Red Arrow International

Leasing 30.06.12/8.375% 141,510 0.02280,000,000 RusHydro Finance 28.10.15/7.875% 7,031,530 0.92

7,173,040 0.94

CHILE201,000 Bonos de la Tesoreria de la

Republica 01.01.15/3.000% 6,658,708 0.87

6,658,708 0.87


4,191,657 0.55

SOUTH KOREA5,100,000,000 Korea (Republic of) 10.06.20/2.750% 3,821,930 0.50

3,821,930 0.50

RUSSIA140,000,000 Russian Foreign Bond -

Eurobond 10.03.18/7.850% 3,636,239 0.47

3,636,239 0.47

UNITED KINGDOM1,110,000 Barclays Bank 22.12.11/0.000%* 743,171 0.10

27,550,000 Biz Finance for Ukreximbank 03.02.14/11.000% 2,382,257 0.31

3,125,428 0.41

LUXEMBOURG100,000,000 RSHB Capital for OJSC

Russian Agricultural Bank 25.03.13/7.500% 2,527,694 0.33

2,527,694 0.33

BAHAMAS2,865,000 Credit Suisse/Nassau 22.03.13/0.000%* 2,087,746 0.27

2,087,746 0.27

NETHERLANDS26,550,000 Signum Finance 08.09.15/5.500% 2,079,767 0.27

2,079,767 0.27

EGYPT2,590,000 Egypt (Republic of) 18.07.12/8.750% 284,866 0.04

284,866 0.04

Total Bonds 601,546,976 78.47


601,546,976 78.47


Bonds

UNITED STATES OF AMERICA45,000,000 US Treasury 30.06.13/0.375% 31,054,668 4.05

31,054,668 4.05

MALAYSIA15,000,000 Malaysia (Government of) 27.02.15/3.741% 3,480,748 0.4621,000,000 Malaysia (Government of) 07.02.18/4.240% 4,946,933 0.6542,400,000 Malaysia (Government of) 29.11.19/4.378% 10,080,731 1.31

18,508,412 2.42

52

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

PERU5,000,000 Peru (Republic of) 12.08.20/7.840% 1,381,265 0.18

25,000,000 Peru (Republic of) 12.08.31/6.950% 6,065,003 0.7940,000,000 Peru (Republic of) 12.08.37/6.900% 9,564,895 1.25

17,011,163 2.22


4,907,992 0.64

PHILIPPINES120,000,000 Philippines (Republic of) 18.02.20/7.750% 2,125,299 0.28

2,125,299 0.28

Total Bonds 73,607,534 9.61

Total Transferable Securities Dealt in onAnother Regulated Market

73,607,534 9.61


Bonds

UNITED KINGDOM660,000 Deutsche Bank/London 22.12.13/0.000%* 623,425 0.08

116,400,000,000 Deutsche Bank/London 22.07.31/9.500% 10,531,711 1.38

11,155,136 1.46

UNITED STATES OF AMERICA5,790,000 Citigroup Funding 13.03.13/0.000%* 3,962,980 0.51

3,962,980 0.51

Total Bonds 15,118,116 1.97



Cash 99,427,850 12.97



* Variable coupon rates are those quoted as at 30 June 2011.


Fixed Income SecuritiesBrazil 11.71South Africa 10.92Mexico 10.51Turkey 9.29Poland 9.11Hungary 6.39United States of America 6.14Indonesia 6.03Colombia 3.39Thailand 3.05Malaysia 2.42Peru 2.22United Kingdom 1.87Argentina 1.84Uruguay 1.19Ireland 0.94Chile 0.87South Korea 0.50Russia 0.47Luxembourg 0.33Philippines 0.28Bahamas 0.27Netherlands 0.27Egypt 0.04Total Fixed Income Securities 90.05Cash and Other Assets/(Liabilities) 9.95

Total 100.00


Fixed Income SecuritiesBrazil 10.83South Africa 9.93Mexico 9.08Hungary 9.07Poland 8.00Turkey 7.49Malaysia 6.34Indonesia 6.24Colombia 5.39United States of America 5.29Thailand 3.42Peru 2.39United Kingdom 1.75Uruguay 1.32Chile 0.93South Korea 0.75Philippines 0.60Luxembourg 0.36Netherlands 0.35Bahamas 0.33Egypt 0.05Ireland 0.03Total Fixed Income Securities 89.94Cash and Other Assets/(Liabilities) 10.06

Total 100.00

53

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2011



AmountSold


21-Sep-11 AUD 10,111,000 USD 10,540,616 136,24021-Sep-11 BRL 42,315,000 USD 26,046,110 375,11221-Sep-11 CLP 4,753,330,000 USD 10,065,283 (13,102)21-Sep-11 CNY 244,134,141 USD 37,582,088 199,61721-Sep-11 COP 18,958,210,000 USD 10,582,246 52,27121-Sep-11 CZK 442,811,957 EUR 18,142,748 89,48221-Sep-11 EUR 3,547,139 CZK 85,811,957 13,93821-Sep-11 EUR 20,330,430 HUF 5,462,805,967 (141,095)21-Sep-11 EUR 12,711,588 PLN 50,630,000 68,89121-Sep-11 EUR 14,010,000 RON 58,509,263 283,46221-Sep-11 EUR 8,001,685 TRY 18,781,235 107,72321-Sep-11 EUR 188,203,927 USD 272,797,549 (784,753)21-Sep-11 HUF 5,670,368,925 EUR 21,121,435 127,91921-Sep-11 HUF 94,312,102 USD 498,760 7,89721-Sep-11 IDR 366,321,897,000 USD 42,578,500 (72,452)21-Sep-11 INR 908,830,000 USD 20,018,414 48,69321-Sep-11 JPY 809,464,862 USD 10,069,000 (14,370)21-Sep-11 KRW 22,318,930,000 USD 20,468,017 227,13921-Sep-11 MXN 93,345,617 EUR 5,373,365 95,92521-Sep-11 MXN 433,202,890 USD 36,164,300 328,24421-Sep-11 MYR 280,253,965 USD 92,331,554 (59,850)21-Sep-11 PLN 79,630,000 USD 29,016,084 (217,544)21-Sep-11 RON 58,509,263 EUR 14,056,124 (329,586)21-Sep-11 RUB 1,957,793,800 USD 69,699,274 (139,998)21-Sep-11 THB 1,641,257,776 EUR 36,817,085 16,03621-Sep-11 THB 658,903,197 USD 21,439,948 (66,056)21-Sep-11 TRY 31,849,376 USD 19,803,629 (332,910)21-Sep-11 TWD 887,420,000 USD 30,813,174 211,11821-Sep-11 USD 10,539,312 AUD 10,111,000 (137,143)21-Sep-11 USD 15,076,349 BRL 24,391,075 (172,621)21-Sep-11 USD 25,957,182 BRL 42,315,000 (436,720)21-Sep-11 USD 10,012,641 CLP 4,753,330,000 (23,367)21-Sep-11 USD 17,564,995 CNY 114,422,141 (127,633)21-Sep-11 USD 10,541,123 COP 18,958,210,000 (80,760)21-Sep-11 USD 254,957,321 EUR 176,464,746 164,58121-Sep-11 USD 10,070,000 HUF 1,866,555,060 (18,504)21-Sep-11 USD 22,297,761 IDR 193,767,547,000 (117,081)21-Sep-11 USD 19,965,242 INR 908,830,000 (85,529)21-Sep-11 USD 10,084,151 JPY 809,464,862 24,86621-Sep-11 USD 10,625,618 KRW 11,553,930,000 (96,899)21-Sep-11 USD 50,624,030 MXN 608,106,407 (558,748)21-Sep-11 USD 10,461,781 RUB 298,370,000 (89,833)21-Sep-11 USD 21,453,353 THB 658,903,197 75,34321-Sep-11 USD 9,658,449 TRY 15,749,376 71,54221-Sep-11 USD 31,131,421 TWD 887,420,000 9,35721-Sep-11 USD 31,732,000 ZAR 220,638,162 (302,085)21-Sep-11 ZAR 80,536,455 EUR 8,201,450 (66,930)21-Sep-11 ZAR 69,412,379 USD 10,070,000 34,64715-Nov-11 PHP 1,758,000,000 USD 40,441,684 (47,812)15-Nov-11 USD 40,000,000 PHP 1,758,000,000 (258,700)21-Dec-11 CNY 58,590,000 USD 9,041,375 51,96121-Dec-11 USD 9,059,278 CNY 58,590,000 (39,523)21-Mar-12 CNY 128,350,000 USD 20,098,653 (47,115)21-Mar-12 USD 20,023,401 CNY 128,350,000 (5,324)

Total (2,062,039)

Schedule of Investments - Outstanding Total Return Swaps (Expressed in EUR) (Please refer to note 2i)

TerminationDate Counterparty Referenced Obligation

ProtectionBuyer/Seller Currency Nominal

MarketValue


20-Mar-16 Deutsche Bank Israel (State of) 5.125% 01/03/2014 Buyer USD 21,500,000 231,522 231,522

Total 231,522 231,522

54

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments - Outstanding Currency Option Contracts (Expressed in EUR)

As at 30 June 2011

ExpirationDate Counterparty Description

PutCurrency

ContractSize

CallCurrency

ContractSize

MarketValue


07-Jul-11 UBS One Touch EUR/AUD, Call Option AUD 3,550,400 EUR 2,240,000 - (201,599)07-Jul-11 UBS One Touch EUR/AUD, Call Option AUD (1,182,410) EUR (746,000) - 67,14027-Jul-11 UBS Vanilla AUD/USD, Call Option, Strike Price 1.070 USD 31,329,600 AUD 29,280,000 192,323 (66,657)27-Jul-11 UBS Vanilla AUD/USD, Call Option, Strike Price 1.100 USD 16,104,000 AUD 14,640,000 18,882 (23,467)27-Jul-11 UBS Vanilla AUD/USD, Call Option, Strike Price 1.070 USD (15,664,800) AUD (14,640,000) (96,162) 27,62827-Jul-11 UBS Vanilla AUD/USD, Call Option, Strike Price 1.100 USD (32,208,000) AUD (29,280,000) (37,764) 57,79204-Aug-11 Deutsche Bank Vanilla EUR/USD, Put Option, Strike Price 1.410 EUR 25,300,000 USD 35,673,000 239,252 (54,481)04-Aug-11 Deutsche Bank Vanilla EUR/USD, Put Option, Strike Price 1.360 EUR (25,300,000) USD (34,408,000) (86,295) 32,61502-Sep-11 Deutsche Bank One Touch USD/JPY, Put Option USD 1,640,000 JPY 123,000,000 108,340 (61,685)02-Sep-11 UBS One Touch USD/JPY, Put Option USD (1,640,000) JPY (123,000,000) (108,340) 53,18309-Apr-12 UBS Vanilla USD/IDR, Put Option, Strike Price 8500.000 USD 11,150,000 IDR 94,775,000,000 80,382 (44,847)09-Apr-12 UBS Vanilla USD/IDR, Put Option, Strike Price 8000.000 USD 11,150,000 IDR 89,200,000,000 15,832 (11,140)09-Apr-12 UBS Vanilla USD/IDR, Put Option, Strike Price 8000.000 USD (11,150,000) IDR (89,200,000,000) (15,832) 27,13109-Apr-12 UBS Vanilla USD/IDR, Put Option, Strike Price 8500.000 USD (11,150,000) IDR (94,775,000,000) (80,382) 4,38926-Apr-12 Deutsche Bank Vanilla USD/HKD, Put Option, Strike Price 7.700 USD 310,810,000 HKD 2,393,237,000 764,557 124,39726-Apr-12 Deutsche Bank Vanilla USD/HKD, Put Option, Strike Price 7.500 USD (310,810,000) HKD (2,331,075,000) (272,295) 116,526

Total 722,498 46,925

55


Shares and Warrants

CAYMAN ISLANDS144,800 3SBio ADR 2,503,592 0.51

6,690,000 Chinasoft International 2,071,740 0.4252,000 CNInsure ADR 774,540 0.16

500,695 E-House China Holdings ADR 4,891,790 1.0035,715,000 Fantasia Holdings Group 5,575,951 1.14

678,000 Fuji Food & Catering 9 0.0014,294,400 Hopefluent Group Holdings 5,721,581 1.16

240,700 IFM Investments ADS 330,963 0.079,393,600 Kingdee International Software Group 5,039,420 1.03

115,107 Longtop Financial Technologies ADR 12 0.00349,800 Perfect World ADR 6,511,527 1.33

22,928,000 Samson Holding 4,095,180 0.83464,332 Simcere Pharmaceutical Group ADR 4,524,915 0.92

18,976,000 Sino Biopharmaceutical 6,790,815 1.38413,100 Spreadtrum Communications ADR 5,626,422 1.15

1,712,000 Stella International Holdings 4,335,932 0.887,974,000 Tao Heung Holdings 2,848,479 0.58

38,486,000 Truly International Holdings 5,563,490 1.135,112,000 United Laboratories International Holdings 7,547,496 1.54

420,251 WuXi PharmaTech Cayman ADR 7,306,064 1.497,947,000 Yingde Gases Group 7,316,636 1.49

89,376,554 18.21

TAIWAN1,249,000 Catcher Technology 7,859,243 1.60

597,536 International Games System 3,011,082 0.612,070,000 Powertech Technology 6,932,428 1.412,079,436 Radiant Opto-Electronics 6,714,280 1.373,159,830 Realtek Semiconductor 6,083,154 1.241,065,000 Richtek Technology 7,322,454 1.491,356,357 Simplo Technology 10,942,932 2.23372,000 St Shine Optical 5,633,420 1.15

1,565,400 Taiwan Hon Chuan Enterprise 4,705,737 0.961,459,000 Tripod Technology 6,031,549 1.234,276,000 Yungtay Engineering 8,537,114 1.74

73,773,393 15.03

SOUTH KOREA193,979 CJ E&M 8,124,846 1.6690,800 Fila Korea 7,559,580 1.54419,220 Grand Korea Leisure 7,940,368 1.62549,509 Infraware 3,977,996 0.81

47,300 Megastudy 6,361,004 1.29617,132 Youngone 8,799,246 1.79

42,763,040 8.71

BRAZIL992,600 Brasil Brokers Participaçoes 4,881,170 0.99

6,400 Brasil Insurance Participacoes e Administracao 7,622,219 1.55275,721 LPS Brasil Consultoria de Imoveis 6,586,055 1.34471,100 Lupatech 3,523,258 0.72

476,300 Sul America 5,963,852 1.22346,019 Tegma Gestao Logistica 5,586,598 1.14349,585 Totvs 6,394,042 1.31

40,557,194 8.27

BERMUDA2,718,000 Cafe de Coral Holdings 6,611,380 1.35

210,832,346 China LotSynergy Holdings 5,865,259 1.202,445,000 Clear Media 1,355,663 0.287,962,000 IT 7,749,913 1.58

15,234,000 Kingway Brewery Holdings 4,678,470 0.9510,597,000 Pacific Basin Shipping 6,032,241 1.22

374,000 Peace Mark Holdings 5 0.005,544,000 Trinity 5,585,105 1.14

37,878,036 7.72

INDIA530,917 Amara Raja Batteries 2,680,127 0.55961,945 Aurobindo Pharma 3,705,501 0.76339,617 Birla 2,522,999 0.52729,723 Pantaloon Retail India 5,809,916 1.18

1,604,300 Polaris Software Lab 6,445,560 1.31756,799 United Breweries 8,996,408 1.83348,200 United Spirits 7,603,678 1.55

37,764,189 7.70

SOUTH AFRICA393,970 African Bank Investments 1,990,344 0.41933,789 Distribution and Warehousing Network 877,774 0.18269,468 Massmart Holdings 5,568,104 1.13

2,482,768 Raubex Group 5,962,820 1.22533,200 Spar 7,079,565 1.44

21,478,607 4.38

ISLE OF MAN1,772,750 Lamprell 10,624,974 2.16

353,100 Zhaikmunai Registered Shares GDR 3,486,863 0.71

14,111,837 2.87

UNITED STATES OF AMERICA393,069 AsiaInfo-Linkage 6,369,683 1.30238,176 CTC Media 5,048,140 1.03

11,417,823 2.33

TURKEY6,163,200 Anadolu Sigorta 4,234,897 0.86

69,658 BIM Birlesik Magazalar 2,248,313 0.463,157,448 Reysas Tasimacilik ve Lojistik Ticaret 3,103,549 0.63

9,586,759 1.95

MALAYSIA897,442 Steppe Cement 570,916 0.12

4,310,500 Top Glove 7,501,798 1.53

8,072,714 1.65

UNITED KINGDOM1,389,013 International Personal Finance 8,071,627 1.64

8,071,627 1.64

RUSSIA690,011 Mostotrest 5,740,785 1.17

26,172 Veropharm 1,149,993 0.23

6,890,778 1.40

EGYPT35,797 Eastern Tobacco 654,072 0.13

6,442,900 Juhayna Food Industries 5,969,796 1.22

6,623,868 1.35

UNITED ARAB EMIRATES7,965,750 Arabtec Holding 2,765,170 0.57

12,372,600 Drake & Scull International 3,203,513 0.65

5,968,683 1.22

MEXICO3,247,036 Compartamos 5,906,695 1.20

5,906,695 1.20

CHINA2,320,000 Wumart Stores - H Shares * 5,780,399 1.18

5,780,399 1.18

JERSEY14,138,000 West China Cement 5,086,722 1.03

5,086,722 1.03

POLAND398,573 Eurocash 4,282,764 0.87

4,282,764 0.87


3,671,635 0.75

NIGERIA5,971,139 Nigerian Breweries 3,419,093 0.70

3,419,093 0.70

KENYA1,493,135 East African Breweries 3,271,593 0.67

3,271,593 0.67

56

JPMorgan Funds - Emerging Markets Small Cap FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

GERMANY206,466 KHD Humboldt Wedag International 1,761,583 0.36

1,761,583 0.36

PHILIPPINES1,246,800 Megaworld - Warrants 15.06.15 28,339 0.01

28,339 0.01

Total Shares and Warrants 447,543,925 91.20


447,543,925 91.20


Investment Funds



10,885,461 2.22



10,885,461 2.22


Cash 2,634,223 0.54





Shares and WarrantsInformation Technology 17.14Consumer Discretionary 16.31Industrials 15.50Financials 14.77Consumer Staples 11.75Health Care 6.49Materials 5.65Energy 3.59Investment Companies 2.22Total Shares and Warrants 93.42Cash and Other Assets/(Liabilities) 6.58

Total 100.00


Shares and WarrantsInformation Technology 22.20Financials 18.66Consumer Discretionary 13.43Industrials 12.93Consumer Staples 9.56Health Care 8.57Materials 5.50Energy 5.15Investment Companies 2.29Utilities 1.10Total Shares and Warrants 99.39Cash and Other Assets/(Liabilities) 0.61

Total 100.00

57

JPMorgan Funds - Emerging Markets Small Cap FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

TURKEY892,650 Arcelik 4,538,339 1.23573,000 Aygaz 3,681,226 1.00378,290 BIM Birlesik Magazalar 12,209,859 3.32506,971 Ford Otomotiv Sanayi 4,350,509 1.18

2,736,241 KOC Holding 11,854,178 3.221,579,297 TAV Havalimanlari Holding 7,932,009 2.15909,364 Tekfen Holding 3,155,062 0.86565,291 Tofas Turk Otomobil Fabrikasi 2,574,413 0.70

604,974 Tupras Turkiye Petrol Rafinerileri 14,856,852 4.032,381,783 Turk Hava Yollari 6,260,125 1.70

1,464,400 Turk Telekomunikasyon 7,770,065 2.11440,960 Turkcell Iletisim Hizmetleri 2,394,070 0.65

7,455,558 Turkiye Garanti Bankasi 34,137,423 9.271,534,372 Turkiye Halk Bankasi 11,512,281 3.132,617,164 Turkiye Is Bankasi - C Shares 8,023,905 2.18

664,715 Turkiye Vakiflar Bankasi Tao - D Shares 1,513,602 0.413,637,490 Yapi ve Kredi Bankasi 9,257,924 2.51

146,021,842 39.65

QATAR363,853 Commercial Bank of Qatar 7,199,222 1.96232,013 Doha Bank 3,278,109 0.89250,144 Industries Qatar 9,359,491 2.54182,089 Qatar Electricity & Water 7,203,153 1.96803,300 Qatar Gas Transport Nakilat 3,996,150 1.08523,437 Qatar National Bank 20,282,294 5.51268,029 Qatar Telecom Q-Tel 11,276,289 3.06

62,594,708 17.00

UNITED ARAB EMIRATES5,849,168 Aramex 2,810,760 0.773,673,400 Depa 1,928,535 0.52

871,895 DP World 10,706,871 2.9112,640,920 Drake & Scull International 3,272,986 0.8910,480,421 Emaar Properties 8,631,556 2.341,294,600 First Gulf Bank 6,291,567 1.712,793,382 National Bank of Abu Dhabi 8,346,797 2.27

41,989,072 11.41

KUWAIT4,510,000 Mobile Telecommunications 16,917,838 4.605,771,975 National Bank of Kuwait 24,174,271 6.56

41,092,109 11.16

EGYPT1,352,788 Commercial International Bank 6,754,590 1.83

612,958 Egyptian Financial Group-Hermes Holding 2,084,874 0.576,709,800 Juhayna Food Industries 6,217,098 1.69

983,412 National Societe Generale Bank 5,862,656 1.59238,189 Orascom Construction Industries 10,695,707 2.91124,900 Six of October Development & Investment 1,265,376 0.34

1,980,539 Talaat Moustafa Group 1,636,000 0.45

34,516,301 9.38

OMAN4,710,517 Bank Muscat 9,023,159 2.451,841,400 Omani Qatari Telecommunications 3,257,041 0.88

12,280,200 3.33

MOROCCO125,778 Attijariwafa Bank 5,734,194 1.56

3,993 Brasseries Maroc 1,131,676 0.30119,220 Maroc Telecom 2,164,211 0.59

9,030,081 2.45


9,011,973 2.45

JERSEY134,800 Petrofac 3,227,379 0.88

3,227,379 0.88

AUSTRALIA993,453 Centamin Egypt 2,006,482 0.54

2,006,482 0.54

UNITED KINGDOM154,600 Hikma Pharmaceuticals 1,886,591 0.51

1,886,591 0.51

Total Shares 363,656,738 98.76


363,656,738 98.76


Investment Funds

LUXEMBOURG5,660 JPMorgan Liquidity Funds - US Dollar Liquidity Fund

(JPM US Dollar Liquidity X (dist)) 5,660 0.00

5,660 0.00

Total Investment Funds 5,660 0.00


5,660 0.00


Cash 5,060,638 1.37




SharesFinancials 51.61Telecommunication Services 11.89Industrials 11.85Energy 7.36Consumer Staples 5.31Consumer Discretionary 4.11Materials 3.08Utilities 3.04Health Care 0.51Investment Companies 0.00Total Shares 98.76Cash and Other Assets/(Liabilities) 1.24

Total 100.00


SharesFinancials 56.64Telecommunication Services 12.20Industrials 11.65Energy 5.73Consumer Staples 4.86Consumer Discretionary 3.72Materials 3.10Utilities 1.25Health Care 0.59Total Shares 99.74Bank Overdraft and Other Assets/(Liabilities) 0.26

Total 100.00

58

JPMorgan Funds - Emerging Middle East Equity FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

UNITED STATES OF AMERICA3,000,000 Wachovia Bank 19.09.11/1.569% 3,000,458 2.191,000,000 Wells Fargo & Co. 01.08.11/1.485%* 1,000,157 0.74

4,000,615 2.93

GERMANY1,300,000 German Treasury Bill 13.07.11/0.000% 1,299,787 0.952,000,000 KfW - Kreditanstalt fuer

Wiederaufbau 04.07.11/5.000% 2,008,040 1.46

3,307,827 2.41

UNITED KINGDOM2,000,000 HSBC Bank 05.05.12/1.502%* 2,000,000 1.46

2,000,000 1.46

CANADA1,000,000 RBC 25.07.11/5.750% 1,003,025 0.73

1,003,025 0.73

IRELAND1,000,000 GE Capital European Funding 06.09.11/2.136%* 1,001,310 0.73

1,001,310 0.73

Total Bonds 11,312,777 8.26


11,312,777 8.26


Bonds

FRANCE1,500,000 BT Cades 17.11.11/1.416% 1,500,000 1.10

1,500,000 1.10

NETHERLANDS1,500,000 Rabobank Nederland 18.01.12/1.432%* 1,500,000 1.09

1,500,000 1.09

Total Bonds 3,000,000 2.19

Commercial Papers

FRANCE2,000,000 Antalis 15.07.11/0.000% 1,999,013 1.461,000,000 BPCE 01.08.11/0.000% 998,799 0.73

500,000 BPCE 11.08.11/0.000% 499,228 0.361,000,000 BPCE 01.09.11/0.000% 997,564 0.731,000,000 Caisse des Dépôts et

Consignations 20.07.11/0.000% 999,577 0.732,000,000 Caisse Fédérale du Crédit Mutuel 18.08.11/0.000% 1,996,465 1.451,000,000 Caisse Fédérale du Crédit Mutuel 07.09.11/0.000% 997,468 0.735,000,000 France (Government of) 18.07.11/0.000% 4,997,169 3.641,500,000 Société Générale 15.08.11/0.000% 1,497,534 1.09

14,982,817 10.92

GERMANY3,000,000 Erste Abwicklungsanstalt 11.07.11/0.000% 2,999,093 2.192,000,000 FMS Wertmanagement 26.07.11/0.000% 1,998,618 1.463,000,000 State of Baden-Württemberg 11.07.11/0.000% 2,999,068 2.19

7,996,779 5.84

NETHERLANDS1,000,000 ING Groep 12.07.11/0.000% 999,607 0.731,000,000 ING Groep 01.08.11/0.000% 998,816 0.733,000,000 Paccar 06.07.11/0.000% 2,999,521 2.191,000,000 Unilever 11.07.11/0.000% 999,673 0.73

5,997,617 4.38

SWEDEN2,000,000 Banc of America Securities 24.08.11/0.000% 1,996,054 1.461,000,000 Nordea Bank 15.08.11/0.000% 998,393 0.732,000,000 Svenska Handelsbanken 17.08.11/0.000% 1,996,617 1.461,000,000 Svenska Handelsbanken 09.11.11/0.000% 994,421 0.72

5,985,485 4.37

IRELAND3,000,000 Regency Assets 19.07.11/0.000% 2,998,067 2.191,000,000 Scaldis Capital 20.07.11/0.000% 999,330 0.73

3,997,397 2.92

UNITED KINGDOM2,000,000 Lloyds Banking Group 02.08.11/0.000% 1,997,609 1.462,000,000 Rhein Main Securitisation 25.07.11/0.000% 1,998,217 1.45

3,995,826 2.91

ITALY3,000,000 ENI 15.07.11/0.000% 2,998,636 2.19

2,998,636 2.19

FINLAND1,000,000 Pohjola Bank 28.07.11/0.000% 999,103 0.731,500,000 Pohjola Bank 16.08.11/0.000% 1,497,421 1.09

2,496,524 1.82

AUSTRIA2,000,000 Austria (Republic of) 04.07.11/0.000% 1,999,830 1.46

1,999,830 1.46

JAPAN2,000,000 Toyota Motor 11.07.11/0.000% 1,999,401 1.46

1,999,401 1.46

SWITZERLAND2,000,000 Mont Blanc Capital 15.07.11/0.000% 1,999,021 1.46

1,999,021 1.46

AUSTRALIA1,000,000 Commonwealth Bank of

Australia 05.07.11/0.000% 999,894 0.731,000,000 Macquarie Bank 17.08.11/0.000% 998,244 0.73

1,998,138 1.46

NETHERLANDS ANTILLES2,000,000 Schlumberger 10.08.11/0.000% 1,997,054 1.46

1,997,054 1.46

UNITED STATES OF AMERICA2,000,000 General Electric Company 02.12.11/0.000% 1,986,843 1.44

1,986,843 1.44

HONG KONG1,000,000 BCA Interest Hong Kong 11.07.11/0.000% 999,659 0.73

999,659 0.73

Total Commercial Papers 61,431,027 44.82

Certificates of Deposit

FRANCE2,000,000 BNP Paribas 15.09.11/0.000% 1,993,964 1.452,000,000 BNP Paribas 26.09.11/1.353% 2,000,000 1.461,000,000 Crédit Agricole 01.09.11/0.000% 997,607 0.732,000,000 Crédit Agricole 09.09.11/0.000% 1,994,652 1.461,000,000 HSBC France 07.11.11/1.113% 1,000,000 0.73

7,986,223 5.83

NETHERLANDS1,000,000 ING Groep 07.09.11/0.000% 997,328 0.732,000,000 Rabobank Nederland 17.11.11/1.216% 2,000,000 1.462,500,000 Rabobank Nederland 06.09.11/0.000% 2,495,485 1.82

5,492,813 4.01

UNITED KINGDOM2,000,000 Barclays Bank 15.08.11/1.226% 2,000,000 1.462,000,000 Barclays Bank 14.10.11/0.000% 1,990,857 1.451,000,000 Barclays Bank 05.12.11/0.000% 993,165 0.73

4,984,022 3.64

SWEDEN2,000,000 Nordea Bank 17.08.11/0.000% 1,996,617 1.452,000,000 Skandinaviska Enskilda Banken 06.07.11/0.000% 1,999,698 1.46

3,996,315 2.91

59

JPMorgan Funds - Euro Money Market FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JAPAN1,000,000 Mitsubishi UFJ Financial Group 18.07.11/0.000% 999,420 0.731,000,000 Mizuho Financial Group 08.07.11/0.000% 999,784 0.73

1,999,204 1.46

Total Certificates of Deposit 24,458,577 17.85


88,889,604 64.86


Cash Equivalents

Time Deposits

UNITED KINGDOM13,500,000 Citibank/London 01.07.11/1.050% 13,500,000 9.8513,400,000 Citibank/London 04.07.11/0.750% 13,400,000 9.783,500,000 RBC/London 01.07.11/0.750% 3,500,000 2.56

30,400,000 22.19

NETHERLANDS10,500,000 ING Bank 01.07.11/1.000% 10,500,000 7.6610,500,000 ING Bank 04.07.11/0.900% 10,500,000 7.66

21,000,000 15.32

FRANCE12,000,000 Société Générale 01.07.11/1.050% 12,000,000 8.76

12,000,000 8.76

Total Time Deposits 63,400,000 46.27

Total Cash Equivalents 63,400,000 46.27

Total Investments plus Total Cash Equivalents 163,602,381 119.39

Cash 103,362 0.08





Fixed Income SecuritiesFrance 17.85Netherlands 9.48Germany 8.25United Kingdom 8.01Sweden 7.28United States of America 4.37Ireland 3.65Japan 2.92Italy 2.19Finland 1.82Australia 1.46Austria 1.46Netherlands Antilles 1.46Switzerland 1.46Canada 0.73Hong Kong 0.73Total Fixed Income Securities 73.12Cash Equivalents, Cash and Other Assets/(Liabilities) 26.88

Total 100.00


Fixed Income SecuritiesFrance 20.62United Kingdom 15.60Netherlands 13.71Sweden 7.71Japan 6.93Ireland 5.40United States of America 4.63Australia 4.62Denmark 3.09Belgium 2.70Channel Islands 1.16Switzerland 1.16Spain 1.16Canada 0.79Germany 0.77Finland 0.77Total Fixed Income Securities 90.82Cash Equivalents, Cash and Other Assets/(Liabilities) 9.18

Total 100.00

60

JPMorgan Funds - Euro Money Market FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Rights

FRANCE409,799 Alcatel-Lucent 1,642,065 0.31111,060 Alstom 4,712,276 0.8938,702 Alten 1,062,370 0.2099,117 Altran Technologies 554,510 0.11

116,777 Arkema 8,249,127 1.5629,567 Assystem 519,196 0.1022,908 AtoS 884,707 0.17

8,587 Axway Software 185,050 0.048,587 Axway Software - Rights 08.07.11 13,907 0.00

342,343 BNP Paribas 18,092,828 3.4324,950 Bureau Veritas 1,438,867 0.2792,857 Compagnie de Saint-Gobain 4,129,351 0.7828,400 Compagnie Générale des Etablissements Michelin -

B Shares 1,906,776 0.36544,086 Crédit Agricole 5,579,602 1.06

46,412 Eiffage 2,109,889 0.406,717 Entrepose Contracting 649,870 0.12

11,925 Etam Developpement 339,624 0.0692,654 Faurecia 2,714,299 0.52

402,916 France Télécom 5,888,617 1.1260,978 Gecina 5,867,303 1.1113,766 Haulotte Group 205,251 0.0425,232 Jacquet Metal Service 428,818 0.0838,253 Lectra 221,485 0.044,419 LeGuide.com 61,711 0.01

1 LVL Medical Groupe 17 0.0011,232 Manitou BF 241,263 0.0514,027 Medica 206,828 0.04

224 Naturex 13,329 0.005,954 Norbert Dentressangle 480,488 0.096,979 Parrot 194,644 0.04

142,592 Peugeot 4,395,042 0.8382,190 Plastic Omnium 1,844,754 0.3553,323 Publicis Groupe 2,053,069 0.39

39,840 Rallye 1,149,384 0.2222,472 Renault 916,240 0.17

228,175 Rexel 3,876,693 0.74241,661 Sanofi 13,276,855 2.52115,440 SCOR 2,243,865 0.4328,753 SEB 2,059,290 0.3935,614 Sequana 360,681 0.07

216,426 Société Générale 8,782,567 1.67300,102 Société Télévision Française 1 3,734,019 0.71

8,587 Sopra Group 506,247 0.108,706 Spir Communication 297,528 0.06

557,083 Total 22,021,491 4.1899,840 Valeo 4,683,744 0.89

534,992 Vivendi 10,212,997 1.948,709 Wendel 733,603 0.146,783 Zodiac Aerospace 408,133 0.08

152,150,270 28.88

GERMANY115,974 Aareal Bank 2,721,040 0.52

154,649 Allianz Registered Shares 14,827,746 2.815,980 Aurelius 164,659 0.0322,122 Axel Springer 753,641 0.14

307,617 BASF 20,616,491 3.9246,062 Bayer Registered Shares 2,545,156 0.4876,358 Bayerische Motoren Werke 5,208,379 0.9969,912 Bechtle 2,148,221 0.4146,760 Bertrandt 2,426,143 0.4614,750 Bilfinger Berger 1,004,254 0.197,468 Brenntag 596,805 0.1161,201 Cancom IT Systeme 552,217 0.1011,802 Carl Zeiss Meditec 180,984 0.0327,362 CENTROTEC Sustainable 580,895 0.1126,133 Continental 1,881,968 0.362,774 CTS Eventim 131,619 0.02

194,363 Daimler Registered Shares 10,058,285 1.912,479 Delticom 181,847 0.03

187,019 Deutsche Bank Registered Shares 7,560,711 1.43125,672 Deutsche Lufthansa Registered Shares 1,883,195 0.36136,437 Deutsche Post Registered Shares 1,795,511 0.34

8,748 Deutsche Wohnen - Bearer Shares 103,598 0.0210,213 Deutz 69,326 0.012,521 Draegerwerk & Co. KGaA Preference Shares 194,772 0.04

145,311 Drillisch 1,167,138 0.2221,664 Duerr 605,076 0.11115,212 E.ON 2,229,640 0.42

89,958 Fuchs Petrolub Preference Shares 3,511,960 0.673,182 Gerry Weber International 143,293 0.03

12,459 Grammer 213,828 0.04129,338 Hannover Rueckversicherung Registered Shares 4,609,606 0.87

9,087 Henkel & Co. KGaA Non Voting Preference Shares 432,973 0.0821,685 Hugo Boss Preference Shares 1,498,433 0.2828,365 Indus Holding 680,193 0.13111,274 Infineon Technologies 861,483 0.1652,427 Jungheinrich Preference Shares 1,519,597 0.2985,109 Kloeckner & Co. 1,764,948 0.3325,507 KUKA 468,308 0.09

1,127 KWS Saat 177,277 0.0369,809 Lanxess 3,927,105 0.7510,779 Leoni 442,020 0.0815,602 Merck KGaA 1,166,483 0.2322,009 Metro 918,656 0.1712,032 Muehlbauer Holding & Co. KGaA 444,883 0.0952,091 Muenchener Rueckversicherungs Registered Shares 5,472,160 1.04

262 NORMA Group 5,295 0.0013,041 Pfeiffer Vacuum Technology 1,127,786 0.2128,438 Porsche Automobil Holding Preference Shares 1,551,293 0.3058,818 QSC 175,131 0.035,942 Salzgitter 311,331 0.0611,528 SAP 479,017 0.097,379 Schuler 83,586 0.02

160,522 Siemens Registered Shares 15,203,039 2.894,809 Sixt 185,772 0.04

24,027 Sixt 928,163 0.183,343 Sto Preference Shares 397,650 0.08

124,102 Suss Microtec 1,248,776 0.2423,634 TAG Immobilien 165,343 0.0317,903 Tipp24 614,297 0.12

2,162 Volkswagen Preference Shares 304,680 0.066,104 VTG 110,818 0.026,526 Wacker Chemie 971,558 0.19

13,421 XING 725,741 0.14

135,031,799 25.63

SPAIN53,773 Antena 3 de Television 308,926 0.06

423,088 BBVA 3,377,088 0.641,712,086 BSCH 13,556,297 2.57446,839 CaixaBank 2,149,966 0.41446,839 CaixaBank - Rights 15.07.11 23,236 0.00

31,836 Codere 298,622 0.0658,705 Corporacion Financiera Alba 2,266,013 0.4374,872 Duro Felguera 429,391 0.08

293,501 Ebro Foods 4,639,517 0.88206,275 Endesa 4,734,527 0.90

81,033 Gas Natural SDG 1,156,949 0.229,708 Grupo Catalana Occidente 161,104 0.03

855,818 Mapfre 2,172,922 0.4124,823 NH Hoteles 129,514 0.0229,510 Pescanova 875,267 0.1738,951 Red Eléctrica 1,608,968 0.31

261,560 Repsol YPF 6,195,702 1.181,022,469 Telefonica 17,136,580 3.25

120,857 Viscofan 3,280,663 0.62

64,501,252 12.24

NETHERLANDS34,002 AMG Advanced Metallurgical Group 434,035 0.0833,280 Amsterdam Commodities 347,859 0.0739,460 ASM International 1,075,975 0.20312,985 ASML Holding 7,976,423 1.51218,723 BE Semiconductor Industries 1,304,355 0.25144,624 Delta Lloyd 2,352,671 0.45

56,637 Heijmans - CVA 986,475 0.191,601,863 ING Groep - CVA 13,435,626 2.55

277,658 Koninklijke Ahold 2,564,033 0.4998,853 Koninklijke BAM Groep 424,722 0.08115,347 Koninklijke KPN 1,147,068 0.22

6,956 Koninklijke Ten Cate 193,638 0.04197,909 Koninklijke Wessanen 562,754 0.11

19,367 Macintosh Retail Group 320,330 0.0630,410 Nutreco 1,541,331 0.29

310,368 Royal Dutch Shell - A Shares 7,531,855 1.4223,357 TKH Group 518,350 0.10

123,840 Unilever - CVA 2,794,759 0.539,749 Unit 4 243,359 0.04

45,755,618 8.68

61

JPMorgan Funds - Euroland Equity FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

ITALY136,421 ACEA 960,063 0.18146,843 Astaldi 736,785 0.14

65,765 Autostrada Torino-Milano 671,461 0.13152,184 Banca Generali 1,374,982 0.2625,308 Biesse 139,890 0.0328,407 Brembo 276,897 0.05

260,966 Buongiorno 355,958 0.07125,060 Cairo Communication 374,680 0.07

58,195 Carraro 185,933 0.04235,917 De’Longhi 1,907,389 0.3692,080 DiaSorin 3,036,798 0.5811,476 Digital Multimedia Technologies 238,586 0.04

3,001,499 Enel 13,368,677 2.54597,879 ENI 9,646,778 1.8373,044 Fiat Industrial 648,996 0.1275,628 Immobiliare Grande Distribuzione 126,942 0.0260,367 Indesit 409,892 0.08

8,581 Industria Macchine Automatiche 129,616 0.0222,874 Interpump Group 134,785 0.03

456,847 Intesa Sanpaolo 825,294 0.16156,015 Iren 192,600 0.0434,965 Marcolin 177,622 0.03

133,100 MARR 1,181,262 0.22115,976 Prysmian 1,609,167 0.31134,457 Recordati 1,012,461 0.19264,739 Snam Rete Gas 1,072,193 0.20175,870 Sogefi 452,514 0.09139,885 UniCredit 200,805 0.04

9,864 Yoox 124,977 0.0249,387 Yoox 625,733 0.1269,795 Zignago Vetro 380,034 0.07

42,579,770 8.08

FINLAND22,116 Amer Sports - A Shares 251,569 0.05

94,163 Fortum 1,867,252 0.3573,580 Huhtamaki 646,400 0.1236,629 Kone - B Shares 1,578,893 0.3057,397 Metso 2,245,371 0.4349,822 Nokian Renkaat 1,699,677 0.32

300,007 Orion - B Shares 5,335,624 1.0133,551 PKC Group 524,570 0.10

200,427 Sampo - A Shares 4,458,499 0.8546,913 Sponda 188,356 0.04

397,375 Stora Enso - R Shares 2,858,120 0.54216,800 UPM-Kymmene 2,721,924 0.52199,692 Wartsila 4,658,814 0.8840,454 YIT 701,068 0.13

29,736,137 5.64

BELGIUM34,466 Arseus 391,878 0.07

186 Banque Nationale de Belgique 576,217 0.116,861 Barco 350,460 0.07

18,348 Bekaert 941,986 0.1862,136 Belgacom 1,528,080 0.2924,806 Compagnie d’Entreprises CFE 1,236,703 0.2384,080 D’ieteren 3,956,384 0.7563,896 Delhaize Group 3,305,660 0.6317,366 Econocom Group 263,529 0.0512,130 Mobistar 632,640 0.12

193,519 Nyrstar 1,942,447 0.3790,713 Nyrstar 454 0.0090,367 Recticel 689,048 0.13

7,875 Sipef 536,799 0.1026,403 Tessenderlo Chemie 783,509 0.1563,794 Umicore 2,411,254 0.46

19,547,048 3.71

PORTUGAL2,201,570 EDP - Energias de Portugal 5,361,924 1.02

579,237 Portucel Empresa Produtora de Pasta e Papel 1,319,212 0.25114,914 Semapa-Sociedade de Investimento e Gestao 858,063 0.16492,710 Sonaecom SGPS 755,324 0.14

8,294,523 1.57

IRELAND93,074 C&C Group 330,320 0.06

382,309 Glanbia 1,844,259 0.35115,520 Kerry Group - A Shares 3,300,984 0.6314,808 Paddy Power 551,746 0.10

6,027,309 1.14

GREECE27,331 Coca Cola Hellenic Bottling 506,580 0.1011,851 Frigoglass 117,740 0.02

139,865 Mytilineos Holdings Registered Shares 669,254 0.12332,110 OPAP 3,561,880 0.68114,605 Public Power 1,151,780 0.22

6,007,234 1.14

AUSTRIA7,991 CA Immobilien Anlagen 98,809 0.02

25,270 Immofinanz 0 0.0048,462 Oesterreichische Post 1,065,195 0.2022,729 OMV 679,256 0.1311,790 Raiffeisen Bank International 412,768 0.0833,022 Voestalpine 1,231,886 0.23

3,487,914 0.66

UNITED KINGDOM19,500 Abcam 89,837 0.02

44,000 Ashtead Group 82,471 0.026,800 Atkins (WS) 56,525 0.012,140 Aveva Group 40,584 0.00

34,000 Avocet Mining 80,249 0.0271,200 Barratt Developments 90,097 0.02

8,135 Computacenter 43,084 0.0187,400 Cove Energy 93,417 0.0179,000 Elementis 149,208 0.0339,182 Fenner 170,761 0.0322,300 Filtrona 90,231 0.025,400 Hargreaves Services 62,717 0.01

30,200 Howden Joinery Group 35,626 0.0117,200 Hyder Consulting 83,451 0.014,000 Immunodiagnostic Systems Holdings 47,254 0.01

25,000 International Personal Finance 100,409 0.0229,290 ITE Group 70,596 0.0119,900 Kofax 97,535 0.0231,200 Morgan Crucible 106,243 0.0242,677 Nautical Petroleum 148,171 0.03

7,761 Renishaw 150,961 0.0323,100 RPC Group 90,708 0.0252,770 Senior 105,183 0.0234,500 Sports Direct International 88,992 0.02

5,430 SuperGroup 51,879 0.0125,600 TT Electronics 56,600 0.0154,066 Yule Catto & Co. 135,426 0.02

2,418,215 0.46

LUXEMBOURG95,936 ArcelorMittal 2,296,708 0.44

2,296,708 0.44

SWITZERLAND1,166 Bucher Industries Registered Shares 178,109 0.031,077 PubliGroupe Registered Shares 135,843 0.03

29,676 Schmolz & Bickenbach Registered Shares 252,581 0.05

566,533 0.11

SWEDEN11,669 Betsson 192,491 0.046,861 Hexpol 136,414 0.02

11,284 KNOW IT 94,765 0.02

423,670 0.08

JERSEY31,800 Cape 193,989 0.0422,870 Kentz 110,295 0.02

304,284 0.06

62

JPMorgan Funds - Euroland Equity FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

ISLE OF MAN18,918 Exillon Energy 90,326 0.0233,930 Lamprell 140,553 0.02

230,879 0.04

BERMUDA7,244 Golar LNG 175,530 0.03

22,600 Petra Diamonds 39,530 0.01

215,060 0.04

DENMARK519 Royal UNIBREW 23,640 0.00

1,393 SimCorp 190,020 0.04

213,660 0.04

Total Shares and Rights 519,787,883 98.64


519,787,883 98.64


Investment Funds



7,512,891 1.43



7,512,891 1.43


Cash 783,392 0.15




Shares and RightsFinancials 23.75Consumer Discretionary 12.83Industrials 11.82Materials 11.68Energy 9.51Telecommunication Services 7.33Utilities 6.40Consumer Staples 5.31Information Technology 5.24Health Care 4.77Investment Companies 1.43Total Shares and Rights 100.07Cash and Other Assets/(Liabilities) (0.07)

Total 100.00


SharesFinancials 25.70Consumer Discretionary 16.85Industrials 13.62Materials 9.57Energy 9.04Utilities 6.76Telecommunication Services 6.06Consumer Staples 5.69Health Care 4.02Information Technology 2.38Investment Companies 0.37Total Shares 100.06Cash and Other Assets/(Liabilities) (0.06)

Total 100.00

63

JPMorgan Funds - Euroland Equity FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Euroland Equity FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2011

ExpirationDate


NotionalValue


Equity Futures

Sep-11 215 DJ Euro Stoxx 50 Index Future EUR 6,083,425 54,825

Total 54,825

64


Shares and Rights

UNITED KINGDOM52,996 Admiral Group 968,701 0.48

236,247 ARM Holdings 1,539,823 0.7758,626 ASOS 1,558,617 0.7779,276 AstraZeneca 2,708,504 1.35

218,522 Aviva 1,052,661 0.52116,597 Avocet Mining 275,199 0.14

438,703 Blinkx 578,674 0.29252,616 Bodycote 1,032,896 0.51

1,165,626 BP 5,912,225 2.941,790,416 BT Group 3,976,699 1.97

111,212 GlaxoSmithKline 1,635,172 0.8187,740 Imperial Tobacco Group 1,996,837 0.99

848,195 Legal & General Group 1,101,929 0.55305,988 Melrose 1,221,339 0.61189,001 National Grid 1,271,602 0.63109,777 Next 2,806,185 1.39

1,527,128 Old Mutual 2,246,633 1.12177,453 Premier Oil 874,943 0.4381,476 Rio Tinto 4,024,434 2.00

135,859 Spectris 2,375,133 1.181,289,864 Vodafone Group 2,349,863 1.17

136,408 Weir Group 3,200,262 1.59478,284 William Hill 1,205,689 0.60143,792 Xstrata 2,168,677 1.08

48,082,697 23.89

FRANCE400,141 Alcatel-Lucent 1,603,365 0.7948,224 Alstom 2,046,144 1.0249,290 Arkema 3,481,846 1.7317,551 AtoS 677,820 0.34

242,886 AXA 3,775,663 1.8812,896 Axway Software 277,909 0.1412,896 Axway Software 08.07.11 20,885 0.0137,267 BNP Paribas 1,969,561 0.9858,833 Compagnie Générale des Etablissements Michelin

Registered - B Shares 3,950,048 1.9631,928 Eiffage 1,451,447 0.7216,765 LVMH Moet Hennessy Louis Vuitton 2,061,257 1.02

116,982 Sanofi 6,426,991 3.19105,145 SCOR 2,043,756 1.0135,510 Société Générale 1,440,996 0.7212,896 Sopra Group 760,284 0.38

110,300 Total 4,360,159 2.1710,142 Unibail-Rodamco 1,605,986 0.80

66,646 Valeo 3,126,530 1.5554,827 Vinci 2,410,332 1.20

43,490,979 21.61

GERMANY16,598 Allianz Registered Shares 1,591,416 0.7932,572 Asian Bamboo - Bearer Shares 819,023 0.4151,747 Aurubis 2,322,276 1.1557,127 BASF 3,828,651 1.90

34,052 Bayer Registered Shares 1,881,543 0.9392,434 Bayerische Motoren Werke 6,304,923 3.14

4,782 Bertrandt 248,114 0.1226,320 Continental 1,895,435 0.9479,657 Deutsche Bank Registered Shares 3,220,333 1.6078,997 E.ON 1,528,789 0.76

228,083 Infineon Technologies 1,765,819 0.8836,283 Lanxess 2,041,100 1.0119,193 Leoni 787,057 0.3931,923 Merck KGaA 2,386,723 1.1927,422 Siemens Registered Shares 2,597,138 1.29

797,710 Sky Deutschland 2,948,336 1.4738,952 Volkswagen Preference Shares 5,489,311 2.73

41,655,987 20.70

NETHERLANDS36,500 ASM International 995,264 0.4937,264 Heineken Holding 1,314,860 0.66

276,422 ING Groep - CVA 2,318,490 1.1579,680 Koninklijke DSM 3,562,493 1.77

342,066 Royal Dutch Shell - A Shares 8,301,087 4.12

16,492,194 8.19

SWEDEN49,499 Hexagon - B Shares 839,513 0.42251,384 Swedbank - A Shares 2,900,019 1.44361,035 Telefonaktiebolaget LM Ericsson - B Shares 3,592,094 1.78

7,331,626 3.64

SWITZERLAND92,441 ABB Registered Shares 1,646,004 0.8223,321 Novartis Registered Shares 974,282 0.4811,156 Swiss Life Holding Registered Shares 1,256,109 0.63

150,230 UBS Registered Shares 1,873,914 0.935,707 Zurich Financial Services 991,843 0.49

6,742,152 3.35

ITALY813,809 Enel 3,624,705 1.80111,600 ENI 1,800,666 0.8946,367 Yoox 587,470 0.30

6,012,841 2.99

FINLAND66,390 Nokian Renkaat 2,264,895 1.12113,705 Sampo - A Shares 2,529,368 1.2662,710 YIT 1,086,764 0.54

5,881,027 2.92

BELGIUM115,865 Nyrstar 1,162,995 0.5828,701 Solvay 3,055,221 1.52

4,218,216 2.10

NORWAY425,284 Morpol 1,131,645 0.56

1,120,803 Sevan Drilling 665,629 0.3359,882 Yara International 2,323,529 1.16

4,120,803 2.05

SPAIN128,107 BSCH 1,014,351 0.5032,182 Red Eléctrica 1,329,358 0.66

46,027 Repsol YPF 1,090,265 0.55

3,433,974 1.71

BERMUDA362,202 Lancashire Holdings 2,602,166 1.29

2,602,166 1.29

AUSTRIA55,724 Voestalpine 2,078,784 1.03

2,078,784 1.03

JERSEY81,259 Shire 1,741,479 0.87

1,741,479 0.87

UNITED STATES OF AMERICA79,450 Virgin Media 1,684,255 0.84

1,684,255 0.84

IRELAND178,800 Dragon Oil 1,029,916 0.51

1,029,916 0.51

GUERNSEY186,089 Chariot Oil & Gas 380,800 0.18

380,800 0.18



196,979,896 97.87

65

JPMorgan Funds - Europe Dynamic FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Investment Funds



4,400,000 2.19



4,400,000 2.19


Cash 2,834,047 1.41




SharesFinancials 19.16Consumer Discretionary 15.97Materials 14.85Energy 12.12Industrials 10.79Health Care 7.89Information Technology 7.05Telecommunication Services 3.98Utilities 3.85Consumer Staples 2.21Investment Companies 2.19Total Shares 100.06Cash and Other Assets/(Liabilities) (0.06)

Total 100.00


SharesConsumer Discretionary 26.50Industrials 16.29Materials 15.41Financials 14.60Information Technology 8.07Telecommunication Services 6.76Energy 4.66Consumer Staples 3.08Health Care 1.96Investment Companies 1.49Utilities 0.87Total Shares 99.69Cash and Other Assets/(Liabilities) 0.31

Total 100.00

66

JPMorgan Funds - Europe Dynamic FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Europe Dynamic FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2011

ExpirationDate


NotionalValue


Equity Futures

Sep-11 72 DJ Euro Stoxx 50 Index Future EUR 2,037,240 18,360Sep-11 15 FTSE 100 Index Future GBP 975,687 8,711

Total 27,071

67


Shares

UNITED KINGDOM35,793 AstraZeneca 1,222,886 2.32

483,293 BP 2,451,333 4.6678,260 British American Tobacco 2,350,254 4.47365,119 BT Group 810,967 1.54113,652 GlaxoSmithKline 1,671,048 3.18

270,370 HSBC Holdings 1,836,550 3.5046,091 Imperial Tobacco Group 1,048,965 2.00

202,810 Legal & General Group 263,480 0.5032,112 Rio Tinto 1,586,144 3.02

1,034,515 Vodafone Group 1,884,671 3.59233,050 WM Morrison Supermarkets 763,553 1.45

15,889,851 30.23

SWITZERLAND43,644 ABB Registered Shares 777,125 1.4824,710 Crédit Suisse Group Registered Shares 663,679 1.2648,452 Nestlé Registered Shares 2,069,892 3.9480,013 Novartis Registered Shares 3,342,706 6.3614,252 Roche Holding - Genussschein 1,630,425 3.1071,462 UBS Registered Shares 891,391 1.70

9,375,218 17.84

FRANCE8,157 Alstom 346,102 0.66

74,142 AXA 1,152,537 2.199,805 BNP Paribas 518,194 0.996,487 Compagnie Générale des Etablissements Michelin

Registered - B Shares 435,537 0.8236,080 France Télécom 527,309 1.0031,947 GDF Suez 800,033 1.524,416 LVMH Moet Hennessy Louis Vuitton 542,947 1.04

47,028 Sanofi 2,583,718 4.9251,482 Total 2,035,083 3.877,274 Vinci 319,783 0.61

9,261,243 17.62

GERMANY19,046 BASF 1,276,463 2.4316,786 Bayer Registered Shares 927,510 1.7623,993 Bayerische Motoren Werke 1,636,563 3.113,907 Continental 281,363 0.54

19,092 Deutsche Bank Registered Shares 771,842 1.4747,827 Deutsche Telekom Registered Shares 513,064 0.9844,077 E.ON 853,000 1.62

5,876 Volkswagen Preference Shares 828,075 1.58

7,087,880 13.49

SPAIN102,280 BBVA 816,399 1.55135,460 BSCH 1,072,572 2.0456,598 Gas Natural SDG 808,078 1.5462,128 Telefonica 1,041,265 1.98

3,738,314 7.11

NETHERLANDS8,988 Heineken Holding 317,142 0.60

43,926 ING Groep - CVA 368,429 0.70106,797 Royal Dutch Shell - A Shares 2,591,696 4.94

3,277,267 6.24

ITALY229,893 Enel 1,023,943 1.95

65,823 ENI 1,062,054 2.0297,676 Intesa Sanpaolo 176,452 0.33

2,262,449 4.30

SWEDEN33,835 Nordea Bank 249,407 0.4854,832 Telefonaktiebolaget LM Ericsson - B Shares 545,547 1.03

794,954 1.51

FINLAND80,197 Nokia 355,032 0.68

355,032 0.68

JERSEY12,507 Shire 268,040 0.51

268,040 0.51

Total Shares 52,310,248 99.53

Total Transferable Securities Admitted to an OfficialExchange Listing

52,310,248 99.53


Cash 595,586 1.13




SharesHealth Care 20.39Financials 17.75Energy 15.49Consumer Staples 12.46Telecommunication Services 9.09Materials 7.21Utilities 6.63Consumer Discretionary 6.05Industrials 2.75Information Technology 1.71Total Shares 99.53Cash and Other Assets/(Liabilities) 0.47

Total 100.00


SharesFinancials 17.78Materials 17.34Consumer Discretionary 13.52Energy 12.50Telecommunication Services 8.98Health Care 8.88Industrials 8.51Consumer Staples 5.98Information Technology 4.69Utilities 1.76Total Shares 99.94Cash and Other Assets/(Liabilities) 0.06

Total 100.00

68

JPMorgan Funds - Europe Dynamic Mega Cap FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares and Rights

UNITED KINGDOM22,727 Abcam 104,704 0.0271,277 Aero Inventory 8 0.00

29,879 Anglo American 1,016,369 0.22117,850 Ashtead Group 220,890 0.05294,972 AstraZeneca 10,077,866 2.19204,402 Atkins (WS) 1,699,101 0.37

1,039 Aveva Group 19,704 0.00507,713 Aviva 2,445,747 0.5338,483 Avocet Mining 90,830 0.02

759,329 Barclays 2,118,684 0.4652,610 Barratt Developments 66,573 0.01

140,438 Bellway 1,110,697 0.24320,302 BHP Billiton 8,643,906 1.88412,451 Bodycote 1,686,429 0.37176,614 Bovis Homes Group 852,736 0.19

1,937,950 BP 9,829,565 2.14124,399 British American Tobacco 3,735,870 0.81436,859 BT Group 970,309 0.21109,547 Capital & Counties Properties 236,469 0.0578,878 Capital Shopping Centres Group 347,644 0.08141,591 Carillion 586,925 0.13

207,080 Computacenter 1,096,724 0.2471,376 Cove Energy 76,290 0.02

217,058 Dairy Crest Group 892,188 0.19537,897 Debenhams 407,147 0.09158,829 Derwent London 3,203,617 0.7090,041 Drax Group 499,727 0.11

932,761 DS Smith 2,588,666 0.56369,904 Electrocomponents 1,098,392 0.24

84,824 Elementis 160,208 0.0444,344 Fenner 193,257 0.04

488,289 Fiberweb 318,665 0.0726,171 Filtrona 105,893 0.0297,751 Flybe Group 199,220 0.04

204,698 GlaxoSmithKline 3,009,715 0.65455,911 Hammerson 2,408,011 0.52118,969 Hargreaves Lansdown 795,820 0.17

6,340 Hargreaves Services 73,635 0.02371,735 Hays 420,027 0.0918,222 Howden Joinery Group 21,496 0.01

1,601,903 HSBC Holdings 10,881,289 2.3717,940 Hyder Consulting 87,041 0.02

125,143 IMI 1,452,761 0.324,246 Immunodiagnostic Systems Holdings 50,160 0.01

182,811 Inchcape 844,944 0.1852,857 Inmarsat 323,174 0.07

121,481 International Personal Finance 487,910 0.11303,531 Interserve 1,103,758 0.2413,928 Investec 77,454 0.02

578,080 ITE Group 1,393,318 0.3021,651 Jardine Lloyd Thompson Group 161,953 0.04

86,437 Kier Group 1,294,564 0.2819,982 Kofax 97,937 0.02

4,960,381 Legal & General Group 6,444,261 1.40173,988 Marston’s 197,553 0.04373,899 Mitie Group 991,764 0.22

25,956 Morgan Crucible 88,386 0.0238,963 Nautical Petroleum 135,276 0.0339,555 Next 1,011,129 0.2237,315 Old Mutual 54,896 0.01

156,793 Persimmon 834,560 0.183,087,509 Premier Foods 713,431 0.16

39,610 Provident Financial 419,735 0.09951,769 Prudential 7,498,408 1.63

1,767,666 RBS Group 740,654 0.167,579 Renishaw 147,421 0.03

132,010 Rio Tinto 6,520,516 1.4294,920 RPC Group 372,727 0.0887,885 Scottish & Southern Energy 1,349,788 0.2952,628 Senior 104,900 0.02

348,442 Sports Direct International 898,802 0.2054,564 SuperGroup 521,314 0.11515,129 TalkTalk Telecom Group 818,515 0.18

8,170 Telecom Plus 60,074 0.01277,625 TT Electronics 613,809 0.13103,315 Tullett Prebon 400,035 0.09101,797 Unilever 2,251,445 0.49

5,868,436 Vodafone Group 10,691,066 2.32

622,789 WM Morrison Supermarkets 2,040,474 0.44252,754 Yule Catto & Co. 633,105 0.14

128,240,031 27.88

FRANCE13,721 Akka Technologies 314,142 0.07

46,893 Alstom 1,989,670 0.4317,213 Alten 472,497 0.10

94,802 Arkema 6,696,813 1.4620,564 Assystem 361,104 0.08

7,330 Axway Software 157,962 0.047,330 Axway Software - Rights 08.07.11 11,871 0.00

194,552 BNP Paribas 10,282,073 2.242,913 Bonduelle 199,584 0.04

368,126 Crédit Agricole 3,775,132 0.824,250 Delachaux 341,211 0.076,193 Entrepose Contracting 599,173 0.13

11,444 Etam Developpement 325,925 0.0730,659 Faurecia 898,155 0.20

791 Financiere de L’Odet 282,652 0.0623,130 France Télécom 338,045 0.0739,171 Gecina 3,769,034 0.8212,686 Haulotte Group 189,148 0.0434,865 Lectra 201,868 0.049,020 LeGuide.com 125,964 0.03

1 LVL Medical Groupe 17 0.0010,306 Manitou BF 221,373 0.0510,780 Medica 158,951 0.03

216 Naturex 12,853 0.005,494 Norbert Dentressangle 443,366 0.10

42,037 Peugeot 1,295,685 0.2857,992 Plastic Omnium 1,301,630 0.2831,653 Renault 1,290,572 0.28

201,988 Rexel 3,431,776 0.75118,198 Sanofi-Aventis 6,493,798 1.4116,726 SCOR 325,112 0.0721,040 SEB 1,506,885 0.3344,446 Sequana 450,127 0.1060,327 Société Générale 2,448,070 0.5390,281 Société Télévision Française 1 1,123,321 0.257,330 Sopra Group 432,140 0.098,601 Spir Communication 293,939 0.06

333,968 Total 13,201,755 2.8720,645 Valeo 968,509 0.21

445,467 Vivendi 8,503,965 1.85

75,235,867 16.35

GERMANY51,113 Aareal Bank 1,199,239 0.2612,837 Allianz Registered Shares 1,230,812 0.2731,070 Asian Bamboo - Bearer Shares 781,255 0.176,442 Aurelius 177,380 0.046,368 Aurubis 285,780 0.06

15,825 Axel Springer 539,118 0.12171,223 BASF 11,475,365 2.4946,117 Bayerische Motoren Werke 3,145,641 0.68

60,386 Bechtle 1,855,511 0.4021,018 Bertrandt 1,090,519 0.24

46,559 Cancom IT Systeme 420,102 0.0910,620 Carl Zeiss Meditec 162,858 0.04

7,033 Centrotherm Photovoltaics 213,680 0.056,207 Continental 446,997 0.102,524 CTS Eventim 119,757 0.03

99,169 Daimler Registered Shares 5,131,996 1.122,241 Delticom 164,389 0.04

85,621 Deutsche Bank Registered Shares 3,461,443 0.7559,535 Deutsche Lufthansa Registered Shares 892,132 0.198,586 Deutsche Wohnen - Bearer Shares 101,680 0.02

10,193 Deutz 69,190 0.021,013 Draegerwerk & Co. KGaA Preference Shares 78,264 0.02

73,917 Drillisch 593,701 0.136,434 Duerr 179,702 0.04

16,000 Elmos Semiconductor 167,400 0.0455,710 Fuchs Petrolub Preference Shares 2,174,918 0.47

3,177 Gerry Weber International 143,068 0.0330,605 Hannover Rueckversicherung Registered Shares 1,090,762 0.2317,715 Indus Holding 424,806 0.0942,611 Jungheinrich Preference Shares 1,235,080 0.271,033 KWS Saat 162,491 0.04

40,430 Lanxess 2,274,390 0.494,949 Leoni 202,946 0.044,051 Merck KGaA 302,873 0.07

69

JPMorgan Funds - Europe Equity FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

9,480 Metro 395,695 0.096,543 Muehlbauer Holding & Co. KGaA 241,927 0.053,827 Muenchener Rueckversicherungs Registered Shares 402,026 0.09

252 NORMA Group 5,093 0.0052,901 QSC 157,513 0.036,723 Schuler 76,155 0.02

35,109 Siemens Registered Shares 3,325,173 0.7220,459 Sixt 790,331 0.1791,840 Suss Microtec 924,140 0.2023,003 TAG Immobilien 160,929 0.035,499 VTG 99,834 0.021,472 Wacker Chemie 219,144 0.05

48,793,205 10.61

SWITZERLAND51,317 ABB Registered Shares 913,751 0.20

10,084 AFG Arbonia-Forster Holding Registered Shares 253,554 0.0623,541 Ascom Holding Registered Shares 239,954 0.053,503 Barry Callebaut Registered Shares 2,390,229 0.52

175 Bell Registered Shares 293,157 0.0610,094 Bossard Holding - Bearer Shares 1,310,843 0.28

1,163 Bucher Industries Registered Shares 177,650 0.0413,988 Clariant Registered Shares 183,489 0.0476,419 Crédit Suisse Group Registered Shares 2,052,516 0.45

3,611 Emmi Registered Shares 623,720 0.14577 Forbo Holding Registered Shares 300,459 0.07

164,878 GAM Holding 1,856,443 0.4026,562 Gategroup Holding 804,615 0.172,930 Georg Fischer Registered Shares 1,096,673 0.24

884 Gurit Holding - Bearer Shares 396,141 0.092,209 Helvetia Holding Registered Shares 646,044 0.14

58,920 Highlight Communications - Bearer Shares 267,467 0.066,003 Komax Holding Registered Shares 483,600 0.111,973 Kuoni Reisen Holding Registered - B Shares 528,263 0.11

67,519 Mobilezone Holding - Bearer Shares 518,729 0.11142,843 Nestlé Registered Shares 6,102,318 1.33172,694 Novartis Registered Shares 7,214,644 1.57

6,689 Orior 294,949 0.06122,172 Petroplus Holdings 1,200,200 0.26

972 PubliGroupe Registered Shares 122,599 0.0319,164 Roche Holding - Genussschein 2,192,357 0.48

175,353 Schmolz & Bickenbach Registered Shares 1,492,478 0.3210,424 Sulzer Registered Shares 1,167,704 0.25

1,840 Swatch Group - Bearer Shares 637,826 0.146,600 Swiss Life Holding Registered Shares 743,127 0.16

260,728 UBS Registered Shares 3,252,226 0.717,627 Uster Technologies 226,188 0.051,070 Vaudoise Assurances Holding - B Shares 245,671 0.05

274 Vetropack Holding - Bearer Shares 391,454 0.091,910 Walter Meier Registered - A Shares 339,233 0.07

371 Zehnder Group - Bearer Shares 784,475 0.179,102 Zurich Financial Services 1,581,874 0.34

43,326,620 9.42

ITALY32,000 Astaldi 160,560 0.0345,659 Autostrada Torino-Milano 466,178 0.10

186,685 Banca Generali 1,686,699 0.371,848,442 Banca Monte dei Paschi di Siena 950,099 0.21

22,994 Biesse 127,099 0.0325,644 Brembo 249,965 0.05179,177 Buongiorno 244,397 0.0552,471 Carraro 167,645 0.049,904 Danieli & Co. 188,622 0.04

216,795 De’Longhi 1,752,788 0.3866,552 DiaSorin 2,194,885 0.489,435 Digital Multimedia Technologies 196,154 0.04

1,882,635 Enel 8,385,256 1.82584,300 ENI 9,427,681 2.0568,809 Immobiliare Grande Distribuzione 115,496 0.0346,021 Indesit 312,483 0.076,509 Industria Macchine Automatiche 98,318 0.02

20,902 Interpump Group 123,165 0.021,568,781 Iren 1,936,660 0.42

32,059 Marcolin 162,860 0.0483,790 MARR 743,636 0.16

653,471 Mediolanum 2,058,434 0.45176,980 Sogefi 455,370 0.10

8,856 Yoox 112,206 0.0273,047 Zignago Vetro 397,741 0.09

32,714,397 7.11

NETHERLANDS38,500 AMG Advanced Metallurgical Group 491,452 0.11

7,160 Amsterdam Commodities 74,840 0.02230,316 ASML Holding 5,869,603 1.28172,206 BE Semiconductor Industries 1,026,950 0.2258,405 Heijmans - CVA 1,017,269 0.22

486,624 ING Groep - CVA 4,081,559 0.896,347 Koninklijke Ten Cate 176,685 0.04

150,430 Koninklijke Wessanen 427,748 0.0917,535 Macintosh Retail Group 290,029 0.0618,128 Mediq 240,241 0.0527,470 Nutreco 1,392,317 0.30

543,000 Royal Dutch Shell - B Shares 13,224,306 2.878,781 Unit 4 219,196 0.05

28,532,195 6.20

SPAIN4,786 Baron de Ley 222,597 0.05

261,360 BBVA 2,086,176 0.45238,711 BSCH 1,890,114 0.4127,580 Codere 258,700 0.0659,064 Corporacion Financiera Alba 2,279,870 0.5069,788 Ebro Foods 1,103,174 0.2425,746 Endesa 590,935 0.13

8,831 Grupo Catalana Occidente 146,550 0.03206,790 Mapfre 525,040 0.11

22,306 NH Hoteles 116,382 0.0230,502 Pescanova 904,689 0.20

154,978 Repsol YPF 3,671,041 0.79328,289 Telefonica 5,502,124 1.20

28,081 Viscofan 762,259 0.17

20,059,651 4.36

SWEDEN16,007 AarhusKarlshamn 322,193 0.0775,078 Betsson 1,238,480 0.27111,393 Bilia - A Shares 1,385,752 0.3037,920 Boliden 481,778 0.1076,198 Duni 510,898 0.11

213,384 FinnvedenBulten 1,132,915 0.2552,797 Hexpol 1,049,736 0.23

153,435 Industrivarden - A Shares 1,848,840 0.4096,906 JM 1,565,470 0.3437,406 Kinnevik Investment - B Shares 569,848 0.1210,108 KNOW IT 84,889 0.0399,802 Kungsleden 644,629 0.1435,028 Loomis - B Shares 342,004 0.0763,849 NCC - B Shares 995,702 0.2242,025 Saab - B Shares 665,235 0.1523,318 Scania -B Shares 372,806 0.08

239,823 Skandinaviska Enskilda Banken - A Shares 1,348,610 0.29216,016 Swedbank - A Shares 2,492,006 0.54199,939 Volvo - B Shares 2,412,473 0.52

19,464,264 4.23

BELGIUM34,245 Arseus 389,366 0.08

31 Banque Nationale de Belgique 96,036 0.024,097 Barco 209,275 0.0516,213 Bekaert 832,375 0.1817,856 Compagnie d’Entreprises CFE 890,211 0.19

58,690 D’ieteren 2,761,658 0.6037,665 Delhaize Group 1,948,599 0.4319,204 Econocom Group 291,421 0.0682,645 Nyrstar 829,549 0.1834,027 Nyrstar 170 0.0088,680 Recticel 676,185 0.15

7,944 Sipef 541,503 0.125,200 Tessenderlo Chemie 154,310 0.03

23,283 Umicore 880,039 0.19

10,500,697 2.28

FINLAND22,083 Amer Sports - A Shares 251,194 0.0536,937 Fortum 732,461 0.1642,711 Huhtamaki 375,216 0.0819,588 Metso 766,283 0.1796,787 Orion - B Shares 1,721,357 0.3724,509 PKC Group 383,198 0.0945,364 Pohjola Bank - A Shares 403,513 0.0945,261 Sponda 181,723 0.04

70

JPMorgan Funds - Europe Equity FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

172,990 Stora Enso - R Shares 1,244,231 0.2775,376 Wartsila 1,758,522 0.38

7,817,698 1.70

NORWAY224,124 Cermaq 2,495,700 0.54285,054 Grieg Seafood 461,698 0.10

51,912 Leroy Seafood Group 825,798 0.181,586,548 Marine Harvest 889,814 0.19

128,862 Morpol 342,891 0.07154,029 Norske Skogindustrier 175,625 0.0446,270 SpareBank 1 SMN 291,742 0.06

105,948 Telenor 1,187,940 0.2762,295 Veidekke 393,984 0.09

7,065,192 1.54

GREECE17,248 Folli - Follie 171,443 0.0423,863 Frigoglass 237,079 0.05

135,794 Mytilineos Holdings Registered Shares 649,774 0.14310,682 OPAP 3,332,064 0.72101,400 Public Power 1,019,070 0.23

5,409,430 1.18

DENMARK14,412 East Asiatic 273,881 0.0616,943 Jyske Bank Registered Shares 464,740 0.1029,500 Novo Nordisk - B Shares 2,545,971 0.55

8,102 Royal UNIBREW 369,034 0.081,344 SimCorp 183,336 0.04

12,067 Topdanmark 1,559,114 0.34

5,396,076 1.17

PORTUGAL773,908 EDP - Energias de Portugal 1,884,853 0.41300,375 Portucel Empresa Produtora de Pasta e Papel 684,104 0.15125,332 Semapa-Sociedade de Investimento e Gestao 935,854 0.20

3,504,811 0.76

IRELAND185,857 Glanbia 896,574 0.1927,509 Kerry Group - A Shares 786,070 0.1713,784 Paddy Power 513,592 0.11

643,246 Total Produce 260,515 0.06

2,456,751 0.53

AUSTRIA16,095 CA Immobilien Anlagen 199,015 0.0451,567 Immofinanz 0 0.0061,539 OMV 1,839,093 0.40

2,038,108 0.44

JERSEY34,719 Cape 211,796 0.0557,751 Charter International 507,047 0.11

27,464 Kentz 132,451 0.03

851,294 0.19

LUXEMBOURG46,723 Subsea 7 824,335 0.18

824,335 0.18

PAPUA NEW GUINEA64,939 New Britain Palm Oil 646,477 0.14

646,477 0.14

FAROE ISLANDS64,649 Bakkafrost 382,694 0.08

382,694 0.08

ISLE OF MAN23,478 Exillon Energy 112,098 0.0238,534 Lamprell 159,625 0.04

271,723 0.06

BAHAMAS2,959 United International Enterprises 264,597 0.06

264,597 0.06

BERMUDA6,918 Golar LNG 167,630 0.049,721 Petra Diamonds 17,003 0.00

184,633 0.04



443,980,746 96.51


Investment Funds

LUXEMBOURG4,319,227 JPMorgan Liquidity Funds - Euro Liquidity Fund

(JPMEuro Liquidity X (dist)) 4,319,227 0.94

4,319,227 0.94



4,319,227 0.94


Cash 29,696,557 6.46




SharesFinancials 22.97Energy 12.17Materials 11.92Consumer Discretionary 10.08Industrials 9.07Health Care 8.06Consumer Staples 8.02Telecommunication Services 6.27Information Technology 4.49Utilities 3.46Investment Companies 0.94Total Shares 97.45Cash and Other Assets/(Liabilities) 2.55

Total 100.00


Shares and RightsFinancials 22.80Consumer Discretionary 15.80Industrials 12.37Materials 10.35Energy 9.38Consumer Staples 8.31Health Care 8.02Telecommunication Services 4.68Utilities 3.65Information Technology 3.26Investment Companies 1.29Total Shares and Rights 99.91Cash and Other Assets/(Liabilities) 0.09

Total 100.00

71

JPMorgan Funds - Europe Equity FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Europe Equity FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2011

ExpirationDate


NotionalValue


Equity Futures

Sep-11 316 DJ Euro Stoxx 50 Index Future EUR 8,941,220 21,741Sep-11 86 FTSE 100 Index Future GBP 5,593,939 25,144

Total 46,885

72


Shares

UNITED KINGDOM188,231 Afren 323,867 1.1421,892 Associated British Foods 259,709 0.9214,508 Avis Europe 49,812 0.1828,464 BG Group 444,329 1.57111,179 BP 563,916 1.99

109,772 Brammer 392,799 1.39137,770 BT Group 306,001 1.0834,384 Bunzl 294,566 1.0426,695 Cairn Energy 119,795 0.4241,209 Computacenter 218,249 0.7726,515 Domino’s Pizza UK & IRL 118,152 0.42

68,426 Ferrexpo 354,484 1.2536,305 GlaxoSmithKline 533,800 1.88

201,038 Howden Joinery Group 237,161 0.8423,904 Intercontinental Hotels Group 336,989 1.19529,311 ITV 414,933 1.46

767,895 Lloyds Banking Group 412,548 1.4668,103 Man Group 175,671 0.6264,179 Meggitt 271,431 0.9561,861 Persimmon 329,267 1.1626,222 Petropavlovsk 211,445 0.75

913,094 Premier Foods 210,989 0.7518,709 Provident Financial 198,254 0.70

346,764 Rentokil Initial 363,620 1.2837,646 Restaurant Group 122,384 0.43

102,467 Robert Walters 337,622 1.1916,295 SABMiller 406,134 1.43

177,772 SIG 261,333 0.9248,220 WH Smith 261,167 0.9219,105 Pearson 247,991 0.88

74,950 International Personal Finance 301,025 1.0686,706 Kingfisher 256,985 0.918,499 Next 217,257 0.7632,013 Prudential 252,211 0.89

60,409 Salamander Energy 186,862 0.6623,591 Travis Perkins 257,815 0.91

10,250,573 36.17

GERMANY3,338 Allianz Registered Shares 320,047 1.138,405 Bayer Registered Shares 464,418 1.64

137,205 Commerzbank 406,195 1.433,007 Hamburger Hafen und Logistik 89,654 0.31

36,100 Adler Modemaerkte AG 362,805 1.287,822 Henkel & Co. KGaA 306,818 1.08

10,551 Kabel Deutschland Holding 451,029 1.5910,111 Porsche Automobil Holding Preference Shares 551,555 1.957,724 ThyssenKrupp 275,805 0.98

3,228,326 11.39

BELGIUM82,764 Ageas 152,989 0.546,286 Barco 321,089 1.148,755 D’ieteren 411,967 1.457,735 KBC Ancora 97,732 0.34

35 Kinepolis Group 1,795 0.0146,745 Nyrstar 469,203 1.6616,646 Nyrstar - VVPR Strip 83 0.0011,558 Omega Pharma 404,703 1.433,737 Solvay 397,804 1.408,097 Telenet Group Holding 263,153 0.93

14,649 ThromboGenics 273,570 0.97

2,794,088 9.87

FRANCE13,955 AtoS 538,942 1.906,044 BNP Paribas 319,425 1.13

10,682 Sanofi 586,869 2.073,584 Schneider Electric 410,906 1.453,562 L’Oréal 317,374 1.127,093 Lafarge 310,035 1.09

2,483,551 8.76

SWEDEN53,377 Byggmax Group 250,156 0.8818,491 Intrum Justitia 187,106 0.6627,473 Loomis - B Shares 268,239 0.9537,676 Nordea Bank 277,720 0.9817,298 Tele2 - B Shares 235,363 0.83

1,218,584 4.30

ITALY34,985 Banca Generali 316,089 1.1239,532 Fiat 297,972 1.05

89,060 Snam Rete Gas 360,693 1.27134,725 UniCredit 193,398 0.68

1,168,152 4.12

PORTUGAL30,448 Jeronimo Martins SGPS 402,827 1.4259,475 Portugal Telecom SGPS Registered Shares 404,371 1.43112,723 REN - Redes Energeticas Nacionais 272,452 0.96

1,079,650 3.81

NETHERLANDS33,903 ING Groep - CVA 284,361 1.00

6,762 Telegraaf Media Groep - CVA 84,018 0.3030,024 Wavin 312,925 1.1010,253 ASML Holding 261,298 0.9265,554 Vimetco Registered Shares GDR 121,176 0.43

1,063,778 3.75

SWITZERLAND2,906 Roche Holding - Bearer Shares 351,398 1.2417,763 UBS Registered Shares 221,569 0.781,652 Zurich Financial Services 287,108 1.01

860,075 3.03

JERSEY49,495 Glencore International 267,744 0.9449,805 Highland Gold Mining 98,271 0.35

12,711 Shire 272,412 0.96

638,427 2.25

NORWAY4,221 Algeta 104,585 0.37

385,876 Marine Harvest 216,418 0.77151,574 Norske Skogindustrier 172,826 0.61

9,066 Petroleum Geo-Services 89,532 0.31

583,361 2.06

DENMARK4,185 Carlsberg - B Shares 312,370 1.102,613 Royal UNIBREW 119,018 0.42

431,388 1.52

IRELAND9,333 Paddy Power 347,748 1.23

347,748 1.23

GREECE50,997 Ellaktor 126,473 0.4521,659 Folli - Follie 215,290 0.76

341,763 1.21

ISLE OF MAN32,513 Lamprell 134,683 0.48

134,683 0.48

GUERNSEY78,661 Burford Capital 115,287 0.41

115,287 0.41

FAROE ISLANDS16,985 Bakkafrost 100,544 0.35

100,544 0.35

73

JPMorgan Funds - Europe Focus FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

AUSTRALIA190,938 International Ferro Metals 34,320 0.12

34,320 0.12

FINLAND11,103 Nokian Renkaat 378,779 1.33

50,870 Ruukki Group 81,392 0.29

460,171 1.62

Total Shares 27,334,469 96.45

Total Transferable Securities Admitted to an OfficialExchange Listing

27,334,469 96.45


Investment Funds

LUXEMBOURG809,585 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM

Euro Liquidity X (dist)) 809,585 2.86

809,585 2.86



809,585 2.86


Cash 682,752 2.41




SharesConsumer Discretionary 24.02Financials 15.28Materials 12.18Consumer Staples 9.36Health Care 8.92Industrials 8.89Energy 6.57Information Technology 4.73Telecommunication Services 4.27Investment Companies 2.86Utilities 2.23Total Shares 99.31Cash and Other Assets/(Liabilities) 0.69

Total 100.00


SharesConsumer Discretionary 25.22Financials 17.95Materials 12.38Consumer Staples 8.53Health Care 8.19Energy 7.46Industrials 6.87Telecommunication Services 4.07Information Technology 3.93Utilities 3.46Total Shares 98.06Cash and Other Assets/(Liabilities) 1.94

Total 100.00

74

JPMorgan Funds - Europe Focus FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Europe Focus FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2011

ExpirationDate


NotionalValue


Equity Futures

Sep-11 17 DJ Euro Stoxx 50 Index Future EUR 481,015 4,335Sep-11 3 FTSE 100 Index Future GBP 195,137 1,742

Total 6,077

75


Shares and Rights

UNITED KINGDOM147,650 Abcam 680,226 0.27144,508 Anglo Pacific Group 510,782 0.20502,084 Ashtead Group 941,072 0.38

84,643 Atkins (WS) 703,599 0.28470,600 Avocet Mining 1,110,736 0.44165,780 Babcock International Group 1,301,954 0.52750,000 Barratt Developments 949,057 0.38174,800 BowLeven 643,144 0.26276,095 BTG 855,262 0.34

37,350 Bumi 486,884 0.19553,000 Capital & Counties Properties 1,193,710 0.48150,547 Computacenter 797,317 0.32128,414 Cookson Group 946,711 0.38

1,010,907 Cove Energy 1,080,509 0.4380,083 Croda International 1,664,455 0.66891,277 Debenhams 674,628 0.27193,620 Drax Group 1,074,590 0.43291,160 DS Smith 808,048 0.32274,507 Electrocomponents 815,121 0.33790,900 Elementis 1,493,782 0.60380,580 Fenner 1,658,621 0.66

78,948 Ferrexpo 408,994 0.16229,862 Filtrona 930,071 0.37

41,053 Go-Ahead Group 718,838 0.29190,000 Great Portland Estates 917,787 0.3796,000 Greene King 524,782 0.2197,906 Hargreaves Services 1,137,113 0.45

642,473 Howden Joinery Group 757,915 0.3073,742 IMI 856,056 0.34

193,800 Inchcape 895,734 0.36316,311 International Personal Finance 1,270,415 0.51

261,428 ITE Group 630,107 0.25296,919 Jazztel 1,314,015 0.52110,663 John Menzies 605,463 0.24152,299 John Wood Group 1,086,580 0.43

829,500 Kcom Group 712,189 0.28178,100 Kofax 872,912 0.35107,176 London Mining 407,671 0.16576,100 Marston’s 654,127 0.26285,707 Melrose 1,140,388 0.45224,900 Misys 1,040,223 0.41267,943 Mondi 1,844,218 0.74218,843 Morgan Crucible 745,207 0.30486,867 Nautical Petroleum 1,690,359 0.67

142,112 Northgate 513,553 0.20346,066 Paragon Group of Companies 751,040 0.30173,845 Persimmon 925,322 0.37

2,305,000 Premier Foods 532,616 0.2174,783 Provident Financial 792,453 0.32

1,119,700 Quintain Estates & Development 735,439 0.2981,450 Renishaw 1,584,304 0.63

40,000 Rightmove 533,596 0.21256,425 RPC Group 1,006,917 0.40485,970 Senior 968,655 0.38211,890 Soco International 834,266 0.3388,639 Spectris 1,549,617 0.62

381,348 Sports Direct International 983,683 0.39264,341 St James’s Place 993,996 0.40322,876 Stagecoach Group 914,998 0.3669,550 SuperGroup 664,493 0.27

2,769,369 Taylor Wimpey 1,157,611 0.46252,100 Unite Group 599,119 0.2449,000 Victrex 814,629 0.3229,368 Weir Group 689,001 0.27

482,236 William Hill 1,215,651 0.48755,766 Yule Catto & Co. 1,893,061 0.75

62,205,392 24.76

GERMANY92,479 Aareal Bank 2,169,789 0.8642,630 Aurubis 1,913,128 0.7659,902 Bechtle 1,840,639 0.7340,594 Bertrandt 2,106,220 0.8420,800 Bilfinger Berger 1,416,168 0.5611,287 Brenntag 902,001 0.36

43,484 Carl Zeiss Meditec 666,827 0.27117,131 Constantin Medien 213,823 0.0913,473 Delticom 988,312 0.3915,895 Deutsche Wohnen - Bearer Shares 188,237 0.08

103,186 Deutz 700,427 0.28

8,514 Draegerwerk & Co. KGaA Preference Shares 657,792 0.26142,606 Drillisch 1,145,411 0.4640,205 Duerr 1,122,926 0.4560,073 Elmos Semiconductor 628,514 0.2551,453 Fuchs Petrolub Preference Shares 2,008,725 0.8051,854 GEA Group 1,291,554 0.5239,622 Gerry Weber International 1,784,278 0.7126,276 GFK 958,351 0.3845,439 Gigaset 170,192 0.0720,370 Hugo Boss Preference Shares 1,407,567 0.5622,713 Indus Holding 544,658 0.2216,509 Jenoptik 105,369 0.0441,680 Jungheinrich Preference Shares 1,208,095 0.4829,003 Kabel Deutschland Holding 1,239,806 0.4927,456 Kloeckner & Co. 569,369 0.2311,247 Krones 657,218 0.2625,252 KUKA 463,627 0.1946,778 Leoni 1,918,249 0.7636,356 NORMA Group 734,755 0.29

8,953 Pfeiffer Vacuum Technology 774,255 0.31203,704 QSC 606,529 0.24

20,580 Rheinmetall 1,256,100 0.505,444 Schaltbau Holding 423,679 0.17

33,981 Sixt 1,312,686 0.5233,242 Software 1,368,906 0.5443,836 Stada Arzneimittel 1,173,928 0.479,064 Sto Preference Shares 1,078,163 0.43

135,854 TAG Immobilien 950,435 0.388,299 Tipp24 284,759 0.11

27,620 Tognum 713,701 0.2829,037 VTG 527,167 0.21

42,192,335 16.80

FRANCE30,854 Alten 846,942 0.3471,869 Altran Technologies 402,071 0.1624,282 Archos 259,089 0.1125,177 Arkema 1,778,503 0.717,937 Assystem 139,374 0.06

12,022 Axway Software 259,074 0.1012,022 Axway Software - Rights 08.07.11 19,470 0.015,488 Ciments Français 401,145 0.163,639 Delachaux 292,157 0.12

80,004 Derichebourg 426,141 0.173,220 Faiveley Transport 224,418 0.09

59,520 Faurecia 1,743,638 0.6961,883 GameLoft 309,106 0.1246,238 Haulotte Group 689,409 0.2713,677 Ingenico 457,427 0.1815,202 Jacquet Metal Service 258,358 0.10

101,809 Lectra 589,474 0.2417,368 Manitou BF 373,065 0.1524,231 Medica 357,286 0.1426,828 Mersen 1,057,694 0.42

5,677 Naturex 337,810 0.146,911 Nexans 446,520 0.18

11,669 Nexity 384,406 0.15198 Norbert Dentressangle 15,979 0.01

39,213 Plastic Omnium 880,136 0.3510,527 Remy Cointreau 613,461 0.24

1,196 Rexel 20,320 0.0121,026 Sa des Ciments Vicat 1,217,616 0.493,764 Société Fonciére Financiére et de Participations 205,533 0.086,074 Societe Internationale de Plantations d’Heveas 552,157 0.2112,022 Sopra Group 708,757 0.2824,087 Valeo 1,129,981 0.45

2,390 Vilmorin & Cie 202,552 0.0842,388 Wendel 3,570,553 1.42

21,169,622 8.43

ITALY39,786 Autostrada Torino-Milano 406,215 0.1679,275 Benetton Group 433,832 0.17

657,164 Beni Stabili 456,072 0.1847,746 Brembo 465,404 0.1997,321 Carraro 310,941 0.12

204,609 De’Longhi 1,654,264 0.6612,273 Digital Multimedia Technologies 255,156 0.1074,783 Geox 309,228 0.1277,865 Immobiliare Grande Distribuzione 130,696 0.0579,893 Interpump Group 470,769 0.18

398,008 Iren 491,341 0.2044,930 MARR 398,754 0.16

135,080 Piaggio & Co. 390,922 0.16

76

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

208,964 Poltrona Frau 259,847 0.11225,225 Recordati 1,695,944 0.68191,848 Salvatore Ferragamo Italia 1,907,928 0.76130,759 Societa Iniziative Autostradali e Servizi 1,032,015 0.41208,058 Sogefi 535,333 0.21526,601 Sorin 1,033,454 0.41

9,218 Tod’s 846,443 0.34124,715 Trevi Finanziaria 1,240,291 0.49

109,650 Yoox 1,389,265 0.5523,974 Zignago Vetro 130,538 0.05

16,244,652 6.46

SPAIN26,408 Bolsas y Mercados Españoles 540,374 0.22

218,947 CIE Automotive 1,310,945 0.521,080 Construcciones y Auxiliar de Ferrocarriles 437,103 0.17

94,850 Duro Felguera 543,965 0.2264,241 Ebro Foods 1,015,490 0.4049,523 Grifols 687,627 0.27

117,843 Grupo Catalana Occidente 1,955,605 0.77138,647 Melia Hotels International 1,141,411 0.45241,914 NH Hoteles 1,262,186 0.50114,046 Obrascon Huarte Lain 2,961,775 1.18

42,134 Pescanova 1,249,694 0.50392,854 Tubacex 1,094,098 0.44

41,432 Viscofan 1,124,672 0.45

15,324,945 6.09

SWEDEN30,013 AarhusKarlshamn 604,110 0.24

164,526 Betsson 2,714,006 1.08186,348 Billerud 1,346,138 0.54

40,151 Elekta - B Shares 1,307,329 0.52150,115 Fastighets Balder - B Shares 514,116 0.2063,891 Hexpol 1,270,312 0.5168,542 KNOW IT 575,627 0.2328,522 Loomis - B Shares 278,481 0.1119,040 Lundin Petroleum 179,297 0.07

192,543 Meda - A Shares 1,455,044 0.5823,940 Nibe Industrier - B Shares 286,050 0.1141,420 Saab - B Shares 655,659 0.26171,353 Trelleborg - B Shares 1,327,203 0.53120,961 Wihlborgs Fastigheter 1,207,458 0.48

13,720,830 5.46

SWITZERLAND35,993 Ascom Holding Registered Shares 366,877 0.15

9,441 Bossard Holding - Bearer Shares 1,226,042 0.496,804 Bucher Industries Registered Shares 1,039,323 0.4175,133 Clariant Registered Shares 985,566 0.39

491 Daetwyler Holding - Bearer Shares 29,364 0.017,523 EFG International 57,704 0.02

921 Flughafen Zuerich Registered Shares 284,467 0.11790 Forbo Holding Registered Shares 411,374 0.16

1,373 Galenica Registered Shares 584,862 0.233,165 Helvetia Holding Registered Shares 925,635 0.361,681 Inficon Holding Registered Shares 241,675 0.10

304,441 OC Oerlikon Registered Shares 1,672,093 0.671,768 PubliGroupe Registered Shares 223,000 0.09

99,264 Schmolz & Bickenbach Registered Shares 844,863 0.34278 Zehnder Group - Bearer Shares 587,828 0.23

9,480,673 3.76

FINLAND14,490 Cargotec - B Shares 511,280 0.20

203,771 Citycon 632,709 0.2552,535 Fiskars 841,873 0.34

160,192 Kemira 1,895,872 0.7629,526 Nokian Renkaat 1,007,279 0.4071,849 Orion - B Shares 1,277,834 0.5136,834 PKC Group 575,900 0.2350,107 Poyry 497,562 0.20

439,779 Sponda 1,765,713 0.70

9,006,022 3.59

BELGIUM5,860 Ackermans & van Haaren 391,594 0.159,178 Arseus 104,354 0.04

16,401 Barco 837,763 0.3325,406 Compagnie d’Entreprises CFE 1,266,616 0.5046,761 D’Ieteren 2,200,339 0.8814,140 Kinepolis Group 725,311 0.29

70,469 Nyrstar 352 0.00201,398 Nyrstar 2,021,532 0.8041,386 Recticel 315,568 0.1323,209 Tessenderlo Chemie 688,727 0.27

8,552,156 3.39

DENMARK39,252 DSV 652,263 0.26111,573 GN Store Nord 740,645 0.3014,609 NKT Holding 643,482 0.2618,715 Royal UNIBREW 852,439 0.345,038 SimCorp 687,237 0.27

23,379 Topdanmark 3,020,678 1.20

6,596,744 2.63

NORWAY66,992 BWG Homes 181,274 0.07141,117 Cermaq 1,571,387 0.63

290,722 Eltek 184,801 0.07182,636 Grieg Seafood 295,813 0.1227,667 Kongsberg Gruppen 537,031 0.21

186,148 Norwegian Property 266,805 0.1175,477 TGS Nopec Geophysical 1,462,624 0.5861,557 Tomra Systems 371,117 0.15

4,870,852 1.94

NETHERLANDS39,800 Aalberts Industries 638,889 0.2646,392 ASM International 1,264,994 0.50

202 Heijmans - CVA 3,518 0.0059,147 Koninklijke Ten Cate 1,646,505 0.6613,154 Mediq 174,323 0.07

24,479 SBM Offshore 448,945 0.1812,885 TKH Group - Dutch Certificates 285,950 0.118,297 Unit 4 207,114 0.08

4,670,238 1.86

JERSEY417,869 Cape 2,549,123 1.02209,978 Kentz 1,012,664 0.4074,600 Vallares 823,108 0.33

4,384,895 1.75

AUSTRIA16,356 Andritz 1,160,213 0.46

101,559 CA Immobilien Anlagen 1,255,777 0.5048,139 Conwert Immobilien Invest 566,355 0.23181,272 Immofinanz 0 0.0032,343 Palfinger 804,532 0.3232,818 POLYTEC Holding 245,692 0.10

4,121 Zumtobel 75,672 0.03

4,108,241 1.64

IRELAND365,298 Glanbia 1,762,198 0.7036,865 Paddy Power 1,373,590 0.55

3,135,788 1.25

BERMUDA53,757 Golar LNG 1,302,588 0.52

122,100 Lancashire Holdings 877,203 0.35

2,179,791 0.87

ISLE OF MAN283,010 Lamprell 1,172,354 0.47

1,172,354 0.47

PORTUGAL451,905 Sonaecom SGPS 692,770 0.28

692,770 0.28

MALTA41,975 Unibet Group SDR 630,511 0.25

630,511 0.25

AUSTRALIA372,000 Centamin Egypt 519,287 0.21

519,287 0.21

77

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

GREECE43,402 Frigoglass 431,199 0.18

431,199 0.18



231,289,297 92.07


Investment Funds



6,379,331 2.54



6,379,331 2.54


Cash 8,312,253 3.31




Shares and RightsIndustrials 25.86Consumer Discretionary 16.80Financials 12.67Materials 12.40Information Technology 7.83Health Care 5.14Energy 4.95Consumer Staples 4.44Investment Companies 2.54Telecommunication Services 1.78Utilities 0.20Total Shares and Rights 94.61Cash and Other Assets/(Liabilities) 5.39

Total 100.00


Shares and RightsIndustrials 29.93Consumer Discretionary 19.62Materials 12.60Information Technology 9.59Financials 9.21Energy 7.01Consumer Staples 5.66Health Care 3.89Investment Companies 1.50Telecommunication Services 0.57Utilities 0.18Total Shares and Rights 99.76Cash and Other Assets/(Liabilities) 0.24

Total 100.00

78

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Rights

UNITED KINGDOM7,850 4imprint Group 23,184 0.01

103,362 Abcam 476,191 0.11320,629 Aberdeen Asset Management 786,451 0.19

70,575 Admiral Group 1,290,023 0.31448,461 Afren 771,613 0.19

65,173 Aggreko 1,383,400 0.33111,913 Amec 1,338,789 0.32

1,666,397 Amerisur Resources 444,591 0.1113,881 Andor Technology 99,802 0.02

130 Anglo-Eastern Plantations 1,057 0.00448,351 Anite 372,595 0.09311,593 ARM Holdings 2,030,918 0.49119,220 Ashmore Group 523,929 0.13371,481 Ashtead Group 696,279 0.1727,926 ASOS 742,434 0.18

1,182,907 Aurelian Oil & Gas 750,786 0.1865,365 Autonomy 1,232,749 0.3040,655 Aveva Group 771,004 0.19114,170 Avocet Mining 269,470 0.0730,100 Avon Rubber 102,713 0.0210,276 Axis-Shield 36,359 0.01

613,188 Barratt Developments 775,934 0.1996,131 Bellway 760,282 0.1853,202 Berkeley Group Holdings 760,024 0.18

496,000 BG Group 7,742,669 1.87172,500 BHP Billiton 4,655,212 1.12548,410 Blinkx 723,384 0.17199,567 Bodycote 815,989 0.20376,697 Booker Group 281,880 0.07159,681 Bovis Homes Group 770,979 0.19161,181 Brammer 576,757 0.14336,121 British American Tobacco 10,094,168 2.44116,634 British Land 782,780 0.19247,724 British Sky Broadcasting Group 2,321,586 0.56338,482 BT Group 751,803 0.18173,570 BTG 537,669 0.13113,128 Burberry Group 1,816,945 0.44

357,146 Capital & Counties Properties 770,938 0.19121,321 Carclo 414,841 0.10

164,606 Carphone Warehouse Group 769,504 0.19188,044 Chime Communications 581,112 0.14

4,804 Clarkson 66,582 0.02114,354 Computacenter 605,634 0.15108,963 Cookson Group 803,312 0.19

35,657 Croda International 741,100 0.1814,511 Cupid 40,347 0.0137,713 Derwent London 760,680 0.18

192,861 Devro 571,934 0.14101,714 Dialight 819,344 0.2058,258 Dignity 499,899 0.12

139,466 Diploma 575,416 0.14271,751 DS Smith 754,183 0.18

510,848 E2V Technologies 755,093 0.18256,547 Electrocomponents 761,790 0.18399,251 Elementis 754,070 0.18174,509 Fenner 760,535 0.18113,394 Ferrexpo 587,443 0.14125,513 Filtrona 507,852 0.12142,189 Flybe Group 289,787 0.07977,097 Fortune Oil 132,397 0.03

75,233 French Connection Group 69,902 0.0284,598 Galliford Try 486,128 0.1268,898 Genus 781,914 0.19312,628 GKN 794,836 0.19158,694 Great Portland Estates 766,565 0.18154,985 Halma 706,133 0.17144,655 Hammerson 764,033 0.18211,137 Hampson Industries 60,722 0.0183,216 Hamworthy 610,505 0.15

860,566 Hansteen Holdings 828,149 0.20122,466 Hargreaves Lansdown 819,212 0.20

73,757 Harvey Nash Group 64,248 0.02132,662 Hochschild Mining 666,058 0.1692,236 Hunting 782,020 0.1966,942 IMI 777,117 0.19112,590 Inchcape 520,386 0.13

2,593,181 Innovation Group 641,945 0.1697,760 Intercontinental Hotels Group 1,378,180 0.33

207,256 International Personal Finance 832,412 0.2019,755 IP Group 10,871 0.00

1,628,971 IQE 786,147 0.19289,577 ITE Group 697,953 0.1748,560 Jardine Lloyd Thompson Group 363,238 0.09186,122 Jazztel 823,683 0.20102,389 John Wood Group 730,496 0.17

55,166 Johnson Matthey 1,188,681 0.29596,893 Kcom Group 512,478 0.12182,010 Kingfisher 539,454 0.13157,197 Kofax 770,462 0.19

81,211 Land Securities Group 761,531 0.18178,859 London Mining 680,335 0.1789,893 London Stock Exchange Group 997,811 0.24

3,824,870 Lonrho 766,620 0.19135,966 Low & Bonar 99,637 0.02100,614 Lupus Capital 123,256 0.03138,881 Majestic Wine 734,119 0.18261,345 Marshalls 313,277 0.08

3,720,650 Max Petroleum 524,728 0.13260,490 Mecom Group 634,992 0.15196,393 Melrose 783,895 0.19135,291 Michael Page International 800,248 0.19133,283 Misys 616,470 0.15113,268 Mondi 779,610 0.19532,463 Moneysupermarket.com Group 588,972 0.141,211,751 Monitise 398,754 0.10234,292 Morgan Crucible 797,814 0.19

707 Mucklow A & J Group 2,472 0.0041,099 Mulberry Group 729,645 0.18120,715 Nautical Petroleum 419,112 0.10

326,904 Norcros 51,998 0.01233,678 Northgate 844,446 0.20396,486 Old Mutual 583,290 0.14

72,939 Oxford Instruments 739,632 0.18144,467 Persimmon 768,952 0.19100,479 Prudential 791,613 0.19637,270 Quintain Estates & Development 418,571 0.1043,329 Rathbone Brothers 537,266 0.1341,723 Renishaw 811,564 0.20

976,861 Renold 384,994 0.09231,594 Restaurant Group 752,891 0.18129,921 Rexam 554,071 0.1359,302 Rightmove 791,082 0.19

197,707 Robert Walters 651,431 0.16208,520 RPC Group 818,806 0.20

166 RWS Holdings 822 0.00185,798 SABMiller 4,630,794 1.12184,790 Salamander Energy 571,608 0.14

79,841 Savills 343,322 0.0876,051 SDL 587,593 0.14

147,364 Segro 504,903 0.1296,062 Shaftesbury 560,505 0.14

130,703 Shanks Group 184,260 0.04343,905 SIG 505,555 0.12295,698 Songbird Estates 509,852 0.12

43,776 Spectris 765,307 0.181,321,053 Speedy Hire 440,275 0.11289,687 Sports Direct International 747,244 0.18174,423 Sthree 757,748 0.1871,684 Tate & Lyle 488,238 0.12

123,432 Telecity Group 757,408 0.18100,096 Telecom Plus 736,004 0.18

72,828 Travis Perkins 795,903 0.19331,915 TT Electronics 733,840 0.18185,732 Tullow Oil 2,541,332 0.6163,476 Vectura Group 54,330 0.0147,082 Victrex 782,743 0.19

218,969 Volex Group 815,925 0.2063,541 Weir Group 1,490,733 0.36

1,740,508 Workspace Group 580,070 0.14294,157 Yule Catto & Co. 736,812 0.18

123,087,150 29.72

SWITZERLAND387,386 ABB Registered Shares 6,897,795 1.67

4,803 Acino Holding Registered Shares 326,249 0.0839,565 Adecco Registered Shares 1,732,430 0.4229,724 AFG Arbonia-Forster Holding Registered Shares 747,385 0.1877,471 Ascom Holding Registered Shares 789,664 0.1910,349 Autoneum Holding 751,148 0.1825,516 Bank Sarasin & Cie Registered - B Shares 689,200 0.172,064 BB Biotech Registered Shares 108,494 0.03

700 Belimo Holding Registered Shares 1,031,362 0.25313 Bell Registered Shares 524,332 0.13

6,453 Bossard Holding - Bearer Shares 838,010 0.20

79

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

4,954 Bucher Industries Registered Shares 756,732 0.182,516 Burkhalter Holding 503,728 0.12

19,758 Charles Voegele Holding - Bearer Shares 718,048 0.17110,076 Compagnie Financiere Richemont - Bearer A Shares 4,950,828 1.20

3,504 Daetwyler Holding - Bearer Shares 209,555 0.051,480 Forbo Holding Registered Shares 770,675 0.191,780 Galenica Registered Shares 758,234 0.18

100,636 GAM Holding 1,133,111 0.274,424 Gategroup Holding 134,012 0.031,956 Georg Fischer Registered Shares 732,113 0.18

30,519 Highlight Communications - Bearer Shares 138,541 0.035,388 Inficon Holding Registered Shares 774,626 0.191,595 Interroll Holding Registered Shares 494,933 0.129,709 Komax Holding Registered Shares 782,155 0.191,613 LEM Holding Registered Shares 760,867 0.18

37 Metall Zug Registered Shares 116,436 0.0325,773 Meyer Burger Technology 778,600 0.19

4,117 Mobimo Holding Registered Shares 733,749 0.18145,093 OC Oerlikon Registered Shares 796,900 0.19

5,455 Orior 240,536 0.068,600 Panalpina Welttransport Holding Registered Shares 803,227 0.19

75,009 Petroplus Holdings 736,878 0.18670 Phoenix Mecano - Bearer Shares 351,635 0.08

4,122 PubliGroupe Registered Shares 519,912 0.131,358 Schaffner Holding Registered Shares 373,626 0.09

87,300 Schmolz + Bickenbach Registered Shares 743,034 0.1817,912 Schulthess Group 800,843 0.191,932 Siegfried Holding Registered Share 161,030 0.04

750 Sika - Bearer Shares 1,247,774 0.3010,542 Sulzer Registered Shares 1,180,922 0.298,628 Swatch Group - Bearer Shares 2,990,851 0.726,500 Swiss Life Holding Registered Shares 731,867 0.189,264 Swissquote Group Holding Registered Shares 339,903 0.08

18,695 Syngenta Registered Shares 4,325,718 1.045,357 Tamedia Registered Shares 528,901 0.13

22,409 Uster Technologies 664,565 0.162,538 Vaudoise Assurances Holding - B Shares 582,723 0.146,866 VZ Holding 798,987 0.194,538 Walter Meier Registered - B Shares 805,989 0.19

16,503 Winterthur Technologie Registered Shares 832,954 0.20411 Zehnder Group - Bearer Shares 869,055 0.2185 Zuger Kantonalbank Bearer Shares 398,512 0.10

51,509,354 12.44

GERMANY34,996 Aareal Bank 821,094 0.2054,875 Balda 500,734 0.1252,859 Bayerische Motoren Werke 3,605,512 0.8726,897 Bechtle 826,478 0.20

7,967 Bertrandt 413,368 0.1012,459 Brenntag 995,661 0.24

40,095 Carl Zeiss Meditec 614,857 0.1549,023 CompuGroup Medical 513,271 0.1214,391 Constantin Medien 26,271 0.0120,477 Continental 1,474,651 0.3557,800 CropEnergies 311,600 0.0810,302 Delticom 755,703 0.1837,746 Derby Cycle 675,465 0.1655,071 Deutsche Wohnen - Bearer Shares 652,178 0.16

102,189 Deutz 693,659 0.1776,630 Drillisch 615,492 0.1527,162 Duerr 758,635 0.1853,428 Elmos Semiconductor 558,990 0.13

252,422 Evotec 636,861 0.1514,736 Fraport Frankfurt Airport Services Worldwide 819,322 0.2025,250 Fresenius & Co. KGaA 1,811,814 0.4458,108 GEA Group 1,447,325 0.3517,728 Gerresheimer 583,960 0.14

140,811 Gigaset 527,408 0.1345,478 Gildemeister 657,271 0.1613,077 Hamburger Hafen und Logistik 389,891 0.098,831 Hugo Boss Preference Shares 610,222 0.15

246,590 Infineon Technologies 1,909,100 0.46110,124 Jenoptik 702,866 0.1735,507 K+S 1,885,244 0.4624,377 Kabel Deutschland Holding 1,042,056 0.2540,534 Kloeckner & Co. 840,574 0.2010,484 Krones 612,633 0.15

274 KSB 149,597 0.0437,706 KUKA 692,282 0.1723,140 Lanxess 1,301,741 0.3222,235 Leoni 911,802 0.2222,604 MAN 2,070,300 0.50

3,723 Mobotix 212,043 0.05

13,797 Muehlbauer Holding & Co. KGaA 510,144 0.1228,506 PSI Gesellschaft Fuer Produkte und Systeme der

Informationstechnologie 574,966 0.14190,530 QSC 567,303 0.14

7,960 Sartorius Preference Shares 251,954 0.0617,887 Schuler 202,615 0.0542,157 Siemens Registered Shares 3,992,689 0.96

123,512 Singulus Technologies 480,215 0.1217,266 Sixt 666,986 0.16

183,312 Sky Deutschland 677,521 0.1612,810 Software 527,516 0.1319,494 Stada Arzneimittel 522,049 0.1264,626 Suss Microtec 650,299 0.1692,324 TAG Immobilien 645,899 0.16

3,118 Takkt 35,343 0.0118,841 ThyssenKrupp 672,765 0.1629,500 Volkswagen Preference Shares 4,157,287 1.00

1,028 VTG 18,663 0.0011,262 XING 608,993 0.154,937 zooplus 480,543 0.12

50,871,681 12.29

FRANCE2,160 Affine 43,060 0.01

14,105 Akka Technologies 322,934 0.08503,400 Alcatel-Lucent 2,017,124 0.49

37,967 Altamir Amboise 297,471 0.07157 Altarea 22,381 0.01

24,068 Alten 660,667 0.16141,682 Altran Technologies 792,640 0.1944,678 Archos 476,714 0.1213,572 Arkema 958,726 0.2332,166 Assystem 564,835 0.146,189 Axway Software 133,373 0.036,189 Axway Software - Rights 08.07.11 10,023 0.009,186 Belvedere 566,133 0.14

743 Bonduelle 50,907 0.01123,691 Bull 591,243 0.1447,746 Cie Générale de Géophysique-Veritas 1,209,406 0.2976,241 Compagnie de Saint-Gobain 3,390,437 0.82

7,515 Delachaux 603,342 0.15118,474 Derichebourg 631,052 0.16

12,710 Eiffage 577,797 0.1430,521 Etablissements Maurel et Prom 517,407 0.1266,241 Euro Disney Registered Shares 537,214 0.1312,803 Eurofins Scientific 811,454 0.2028,623 Faurecia 838,511 0.20

436 Financiere de L’Odet 155,798 0.0426,859 Flo Groupe 174,852 0.04

5,973 Gecina 574,722 0.1436,627 Haulotte Group 546,109 0.143,868 Hermes International 794,971 0.1972,713 Hi-Media 301,032 0.0724,767 Ingenico 828,332 0.2031,972 Jacquet Metal Service 543,364 0.1335,630 JC Decaux 781,633 0.1913,203 Kaufman & Broad 265,842 0.069,056 LISI 581,712 0.14

863 LVL Medical Groupe 14,658 0.0015,083 Maisons France Confort 498,191 0.1234,837 Manitou BF 748,299 0.18

1,672 Medica 24,654 0.0119,114 Mersen 753,569 0.1814,714 Naturex 875,557 0.218,299 Nexans 536,198 0.136,253 Norbert Dentressangle 504,617 0.12

63,535 NRJ Group 539,730 0.1324,601 Outremer Telecom 293,244 0.0722,919 Parrot 639,211 0.1534,593 Plastic Omnium 776,440 0.19

8,951 Remy Cointreau 521,620 0.1346,696 Rexel 793,365 0.1950,670 Safran 1,492,612 0.3611,784 Sartorius Stedim Biotech 561,213 0.14

40,500 Schneider Electric 4,643,325 1.127,718 Seche Environnement 493,296 0.125,676 Societé Immobilière de Location pour l’Industrie et le

Commerce 558,802 0.1354,199 SOITEC 415,435 0.105,670 Sopra Group 334,275 0.08

23,554 Technip 1,738,638 0.42264 Touax 8,167 0.00

33,045 Trigano 716,994 0.1710,977 Unibail-Rodamco 1,738,208 0.42

80

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

8,760 Wendel 737,899 0.1811,644 Zodiac Aerospace 700,619 0.17

43,832,054 10.59

SWEDEN18,716 AddTech - B Shares 367,009 0.09

196,086 Atlas Copco - A Shares 3,563,433 0.8646,482 Betsson 766,763 0.19170,419 Fastighets Balder - B Shares 583,653 0.1483,980 Hexagon - B Shares 1,424,317 0.3539,867 Hexpol 792,655 0.1925,782 Holmen - B Shares 551,197 0.1333,868 JM 547,121 0.1384,221 Kungsleden 543,990 0.1358,507 Lundin Petroleum 550,953 0.1378,879 Nordic Mines 535,337 0.1336,567 Saab - B Shares 578,838 0.1473,872 Semcon 345,804 0.0891,130 Skandinaviska Enskilda Banken - A Shares 512,456 0.12

175,103 Swedbank - A Shares 2,020,025 0.49295,000 Telefonaktiebolaget LM Ericsson - B Shares 2,935,083 0.71121,635 TradeDoubler 532,847 0.13

263,843 Volvo - B Shares 3,183,542 0.7752,864 Wihlborgs Fastigheter 527,699 0.13

20,862,722 5.04

NETHERLANDS46,465 Aalberts Industries 745,879 0.1844,062 AMG Advanced Metallurgical Group 562,451 0.1421,686 Amsterdam Commodities 226,673 0.0519,609 ASM International 534,688 0.1365,496 ASML Holding 1,669,166 0.4015,351 Beter Bed Holding 282,765 0.0717,281 Brunel International 522,232 0.13

93,063 EADS 2,142,776 0.5221,018 Fugro - CVA 1,042,861 0.2525,487 Heijmans - CVA 443,920 0.11

69,000 Heineken 2,849,010 0.6889,629 ING Groep - CVA 751,763 0.1830,174 Kendrion 533,929 0.1312,173 Koninklijke DSM 544,255 0.13

26,880 Koninklijke Ten Cate 748,272 0.1849,895 Ordina 168,446 0.0433,421 Royal Dutch Shell - B Shares 813,940 0.2059,540 SBM Offshore 1,091,964 0.2634,933 TKH Group - Dutch Certificates 775,251 0.1926,752 Unit 4 667,797 0.1650,666 Wavin 528,066 0.13

17,646,104 4.26

ITALY66,924 Banca Generali 604,658 0.1477,962 Biesse 430,935 0.1070,090 Brembo 683,202 0.16

1,668,103 Cam Finanziaria 656,982 0.16138,482 Carraro 442,450 0.11

81,559 Datalogic 518,307 0.1391,489 De’Longhi 739,689 0.1836,792 Exor 792,868 0.19

127,596 Fiat Industrial 1,133,690 0.27358,712 IMMSI 296,206 0.07124,579 Interpump Group 734,082 0.1879,996 Italcementi 515,174 0.1249,686 Marcolin 252,405 0.06120,393 Pirelli & Co. 893,617 0.22519,291 Poltrona Frau 645,738 0.1669,697 Prysmian 967,046 0.2351,814 Safilo Group 557,260 0.1360,141 Saipem 2,126,886 0.51

90,442 Salvatore Ferragamo Italia 899,446 0.2257,293 Societa Iniziative Autostradali e Servizi 452,185 0.11

250,364 Sogefi 644,187 0.16416,931 Sorin 818,227 0.20

9,306 Tod’s 854,523 0.2164,276 Yoox 814,377 0.20

17,474,140 4.22

SPAIN10,151 Acciona 738,434 0.183,496 Amper 12,411 0.00

382 Baron de Ley 17,767 0.0042,689 Campofrio Food Group 306,080 0.07

136,824 CIE Automotive 819,234 0.2053,653 Codere 503,265 0.12

15,598 Corporacion Financiera Alba 602,083 0.15149,813 EDP Renovaveis 675,657 0.16504,283 Ercros 488,902 0.12132,018 Ferrovial 1,139,315 0.2856,088 Fersa Energias Renovable 66,324 0.0293,584 Gamesa Corp Tecnologica 513,542 0.1259,418 Grifols 825,019 0.2067,572 Melia Hotels International 556,286 0.13

6,125 Miquel y Costas & Miquel 131,687 0.03157,145 NH Hoteles 819,904 0.2021,170 Obrascon Huarte Lain 549,785 0.13

188,430 Papeles y Cartones de Europa 714,621 0.1720,579 Pescanova 610,373 0.1527,766 Red Eléctrica 1,146,944 0.282,060 Sacyr Vallehermoso 13,205 0.00

67,995 Sacyr Vallehermoso 435,848 0.11257,119 Solaria Energia y Medio Ambiente 505,882 0.12174,351 Tubacex 485,568 0.1279,642 Tubos Reunidos - B Shares 167,248 0.0427,569 Viscofan 748,360 0.18

13,593,744 3.28

DENMARK63,305 Bang & Olufsen 562,261 0.1428,201 Christian Hansen Holding 462,386 0.114,414 Dfds 253,570 0.06

66,840 DSV 1,110,701 0.275,149 Greentech Energy Systems 12,632 0.0012,112 NKT Holding 533,496 0.13

61,600 Novo Nordisk - B Shares 5,316,332 1.2812,346 Novozymes - B Shares 1,392,818 0.34

7,165 Royal UNIBREW 326,355 0.088,670 Satair 503,584 0.12

28,926 Schouw & Co. 528,371 0.134,505 Topdanmark 582,067 0.14

17,092 Tryg 677,004 0.16

12,261,577 2.96

JERSEY124,934 Cape 762,134 0.18235,242 Experian 2,055,640 0.50484,617 Henderson Group 816,133 0.20128,957 Kentz 621,923 0.1585,239 Petrofac 1,410,506 0.34

450,000 Regus 549,773 0.13131,098 Shire 2,809,589 0.6876,425 Wolseley 1,713,117 0.4189,731 WPP 773,932 0.19

11,512,747 2.78

FINLAND16,493 Ahlstrom 263,146 0.0647,351 Amer Sports - A Shares 538,618 0.13

697 BasWare 19,167 0.0024,266 Cargotec - B Shares 856,226 0.21174,116 Citycon 540,630 0.1343,754 Cramo - B Shares 662,654 0.1636,596 F-Secure 90,026 0.0228,699 Metso 1,122,705 0.2739,612 Nokian Renkaat 1,351,363 0.338,582 Olvi - A Shares 158,982 0.04

14,968 Outotec 593,781 0.1434,342 PKC Group 536,937 0.1350,422 Poyry 500,690 0.1257,181 Ramirent 516,916 0.13

35,994 Rautaruukki 556,107 0.14165,838 Sponda 665,840 0.16

12,524 Vacon 535,526 0.13

9,509,314 2.30

BELGIUM9,877 Ackermans & van Haaren 660,031 0.16

47,194 Arseus 536,596 0.1313,485 Barco 688,814 0.17

4 Cie du Bois Sauvage 880 0.009,743 Deceuninck 18,122 0.005,159 Devgen 33,250 0.01

32,536 Econocom Group 493,734 0.1291,364 Exmar 568,741 0.1412,706 Gimv 556,968 0.13

107 Kinepolis Group 5,489 0.0028,147 Nyrstar 141 0.004,832 Solvay 514,366 0.12

13,374 Telenet Group Holding 434,655 0.10

81


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

22,282 Tessenderlo Chemie 661,218 0.1621,870 ThromboGenics 408,422 0.1021,412 UCB 662,701 0.1634,527 Umicore 1,305,034 0.32

7,549,162 1.82

NORWAY63,153 Aker Solutions 867,825 0.2131,441 Algeta 779,025 0.19

100,694 BWG Homes 272,469 0.0651,841 Cermaq 577,268 0.14

481,118 Electromagnetic GeoServices 711,230 0.17818,058 Eltek 520,009 0.13

1,071,811 Kongsberg Automotive Holding 583,489 0.14337,412 Norwegian Property 483,611 0.1231,829 Opera Software 135,838 0.0329,495 TGS Nopec Geophysical 571,566 0.14

104,944 Tomra Systems 632,690 0.1511,655 TTS Group 16,106 0.0059,779 Wilh Wilhelmsen 269,338 0.07

6,420,464 1.55

AUSTRIA10,785 Andritz 765,034 0.1923,876 Austriamicrosystems - Bearer Shares 810,902 0.208,889 DO & CO Restaurants & Catering 300,004 0.0725,151 Palfinger 625,631 0.15

71,969 Polytec Holding 538,796 0.135,455 Rosenbauer International 204,876 0.058,554 Schoeller-Bleckmann Oilfield Equipment 508,749 0.12

36,152 Voestalpine 1,348,650 0.3330,368 Zumtobel 557,632 0.13

5,660,274 1.37

PORTUGAL78,741 Galp Energia SGPS - B Shares 1,298,636 0.3295,933 Jeronimo Martins SGPS 1,269,194 0.31

230,370 Portucel Empresa Produtora de Pasta e Papel 524,668 0.1368,523 Semapa-Sociedade de Investimento e Gestao 511,661 0.12

389,212 Sonaecom SGPS 596,662 0.15158,945 Zon Multimedia Servicos de Telecomunicacoes e

Multimedia SGPS 510,134 0.12

4,710,955 1.15

IRELAND166,218 Elan 1,310,213 0.3228,557 FBD Holdings 204,225 0.05

395,002 Fyffes 166,296 0.04156,764 Glanbia 755,972 0.18

1,150,256 Kenmare Resources 733,498 0.1897,219 Smurfit Kappa Group 801,133 0.19

321,302 Total Produce 130,127 0.03

4,101,464 0.99

LUXEMBOURG150,463 AZ Electronic Materials 514,356 0.12

12,327 GlobeOp Financial Services 53,382 0.01377,970 Northland Resources 745,807 0.18

64,261 SAF-Holland 541,592 0.1378,800 Subsea 7 1,390,270 0.34

3,245,407 0.78

GREECE56,321 Frigoglass 559,549 0.1457,495 Hellenic Petroleum 375,442 0.09

128,391 Mytilineos Holdings Registered Shares 614,351 0.1540,219 OPAP 431,349 0.104,653 Piraeus Port Authority 62,048 0.01

197,236 TT Hellenic Postbank 559,164 0.14130,918 Viohalco 524,327 0.12

3,126,230 0.75

ISLE OF MAN2,933,999 Bahamas Petroleum 498,814 0.12

38,424 Eros International 89,891 0.0244,011 Hardy Oil & Gas 103,512 0.02

186,728 Lamprell 773,511 0.19276,471 Shaft Sinkers Holdings 495,416 0.12

1,961,144 0.47

BERMUDA28,742 Golar LNG 696,449 0.1724,438 Signet Jewelers 785,401 0.19

1,481,850 0.36

PAPUA NEW GUINEA79,975 New Britain Palm Oil 796,163 0.19

796,163 0.19

SINGAPORE44,057 XP Power 763,641 0.18

763,641 0.18

UNITED STATES OF AMERICA34,567 Virgin Media 732,783 0.18

732,783 0.18

BAHAMAS6,303 United International Enterprises 563,621 0.14

563,621 0.14

BRITISH VIRGIN ISLANDS199,494 Gem Diamonds 498,925 0.12

498,925 0.12

GUERNSEY227,694 Chariot Oil & Gas 465,938 0.11

465,938 0.11



414,238,608 100.04


Investment Funds



2,600,000 0.62



2,600,000 0.62


Cash 877,011 0.21



82


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and RightsIndustrials 24.08Consumer Discretionary 19.24Materials 11.92Financials 10.88Information Technology 10.36Energy 8.90Consumer Staples 7.15Health Care 5.40Telecommunication Services 1.65Investment Companies 0.62Utilities 0.46Total Shares and Rights 100.66Cash and Other Assets/(Liabilities) (0.66)

Total 100.00


Shares and RightsConsumer Discretionary 25.90Industrials 22.80Financials 11.58Materials 11.22Information Technology 8.62Energy 4.75Consumer Staples 4.47Health Care 4.34Investment Companies 2.01Telecommunication Services 1.55Utilities 0.40Total Shares and Rights 97.64Cash and Other Assets/(Liabilities) 2.36

Total 100.00

83


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Rights

UNITED KINGDOM118,775 Anglo American 4,040,271 0.30

856,378 AstraZeneca 29,258,584 2.17120,000 Atkins (WS) 997,505 0.07

2,508,990 Aviva 12,086,266 0.90200,000 Babcock International Group 1,570,701 0.12721,847 Balfour Beatty 2,439,678 0.18

7,555,622 Barclays 21,081,740 1.56126,344 BHP Billiton 3,409,612 0.25

10,826,008 BP 54,911,093 4.076,342,317 BT Group 14,086,941 1.04

342,259 Carillion 1,418,736 0.11752,861 Chaucer Holdings 442,445 0.03332,924 Cookson Group 2,454,428 0.18171,710 Development Securities 418,328 0.03

244,034 Drax Group 1,354,387 0.10900,000 DS Smith 2,497,746 0.19563,427 Ferrexpo 2,918,860 0.22

1,268,049 Fiberweb 827,548 0.06642,065 GKN 1,632,407 0.12

97,220 Go-Ahead Group 1,702,321 0.13535,792 Grainger 766,598 0.06280,325 Greene King 1,532,391 0.11

62,237 Hargreaves Services 722,841 0.052,001,311 Howden Joinery Group 2,360,916 0.17

135,410 Imperial Tobacco Group 3,081,737 0.23631,768 Intermediate Capital Group 2,231,319 0.17517,192 Interserve 1,880,713 0.14541,475 Investec 3,011,172 0.22

396,998 John Menzies 2,172,070 0.16108,180 Kier Group 1,620,208 0.12

1,346,475 Laird 3,024,171 0.225,126,632 Legal & General Group 6,660,245 0.491,665,870 Logica 2,472,855 0.18

784,421 Lookers 460,993 0.031,266,281 Marston’s 1,437,785 0.11

414,641 Mitchells & Butlers 1,439,459 0.11541,764 National Express Group 1,512,232 0.11308,191 Nautical Petroleum 1,070,012 0.08129,393 New World Resources - A Shares 1,319,971 0.10

209,088 Northgate 755,585 0.064,544,100 Old Mutual 6,685,049 0.50

400,576 Paragon Group of Companies 869,339 0.073,516,646 Premier Foods 812,591 0.061,942,319 Prudential 15,302,348 1.134,415,979 Quintain Estates & Development 2,900,496 0.211,085,273 Rexam 4,628,335 0.35

150,160 Rio Tinto 7,417,019 0.55485,224 Rockhopper Exploration 1,449,840 0.11

3,030,888 RSA Insurance Group 4,494,090 0.33973,421 TalkTalk Telecom Group 1,546,719 0.12355,308 Unite Group 844,394 0.06

30,626,061 Vodafone Group 55,794,294 4.13285,362 WH Smith 1,545,564 0.11733,251 William Hill 1,848,426 0.14

265,682 Xstrata 4,007,027 0.30

309,228,401 22.92

FRANCE134,585 ABC Arbitrage 973,050 0.0768,439 Alstom 2,903,867 0.2239,296 Arkema 2,775,869 0.2084,336 Assystem 1,480,940 0.1167,387 AtoS 2,602,486 0.19

1,163,522 AXA 18,086,949 1.3428,198 Axway Software - Rights 08.07.11 45,667 0.00

588,663 BNP Paribas 31,110,840 2.316,163 Bonduelle 422,258 0.03

23,471 Ciments Français 1,715,613 0.1349,527 Compagnie Générale des Etablissements Michelin

Registered - B Shares 3,325,243 0.25838,841 Crédit Agricole 8,602,314 0.64416,174 Derichebourg 2,216,751 0.16

11,439 Entrepose Contracting 1,106,723 0.0821,230 Euler Hermès 1,245,989 0.0943,341 Eurazeo 2,162,933 0.1612,751 Faiveley Transport 888,681 0.07

56,431 Faurecia 1,653,146 0.1220,847 Groupe Steria 420,536 0.0317,387 Parrot 484,923 0.04

119,797 Plastic Omnium 2,688,844 0.20

81,900 Rallye 2,362,815 0.18148,445 Renault 6,052,474 0.45

42,717 Sa des Ciments Vicat 2,473,741 0.18640,293 Sanofi-Aventis 35,177,697 2.61214,550 SCOR 4,170,316 0.31211,914 Sequana 2,146,159 0.16

477,342 Société Générale 19,370,538 1.4415,708 Societe Internationale de Plantations d’Heveas 1,427,936 0.1128,198 Sopra Group 1,662,413 0.12

1,094,810 Theolia 1,395,883 0.101,271,503 Total 50,262,514 3.72

35,314 Valeo 1,656,668 0.12355,527 Vinci 15,629,856 1.16778,171 Vivendi 14,855,284 1.1019,339 Wendel 1,629,021 0.12

247,186,937 18.32

GERMANY112,883 Aareal Bank 2,648,517 0.20

305,883 Allianz Registered Shares 29,328,062 2.1763,874 Asian Bamboo - Bearer Shares 1,606,112 0.1255,162 Aurubis 2,475,533 0.18

38,000 Axel Springer 1,294,565 0.10584,058 BASF 39,143,567 2.90

70,968 Bauer 2,095,508 0.16320,012 Bayer Registered Shares 17,682,263 1.31

64,125 Bayerische Motoren Werke 4,373,966 0.3287,833 Bechtle 2,698,889 0.2045,542 Bertrandt 2,362,947 0.1838,597 Bilfinger Berger 2,627,877 0.1936,675 Continental 2,641,150 0.20

386,455 Daimler Registered Shares 19,999,046 1.48668,120 Deutsche Bank Registered Shares 27,010,421 2.0039,308 Deutsche Boerse 2,056,791 0.1591,805 DIC Asset 799,438 0.06

344,012 Drillisch 2,763,104 0.2040,899 Elmos Semiconductor 427,906 0.0367,891 GSW Immobilien 1,576,429 0.12

101,163 Indus Holding 2,425,889 0.18384,909 IVG Immobilien 2,076,199 0.15

19,504 Jungheinrich Preference Shares 565,323 0.0444,444 Lanxess 2,500,197 0.1949,259 Leoni 2,019,988 0.1536,791 Merck KGaA 2,750,679 0.20

114,661 NORMA Group 2,317,299 0.17256,983 Patrizia Immobilien 1,316,652 0.10

25,271 Rheinmetall 1,542,415 0.1270,333 Sixt 2,716,964 0.20

141,804 Solarworld 1,283,184 0.1047,506 Tipp24 1,630,050 0.1239,150 Volkswagen Preference Shares 5,517,214 0.4127,278 Vossloh 2,619,779 0.198,435 Wacker Chemie 1,255,761 0.09

198,149,684 14.68

NETHERLANDS141,426 Accell Group 2,804,124 0.2152,260 ASM International 1,425,000 0.10

239,223 BE Semiconductor Industries 1,426,606 0.11146,610 BinckBank 1,389,570 0.10159,114 Delta Lloyd 2,588,387 0.19146,722 Heijmans - CVA 2,555,530 0.19

2,904,322 ING Groep - CVA 24,360,001 1.81330,592 Koninklijke BAM Groep 1,420,389 0.11

3,387,013 Royal Dutch Shell - B Shares 82,487,837 6.11468,116 SNS Reaal 1,440,627 0.10

121,898,071 9.03

ITALY707,000 Assicurazioni Generali 10,191,405 0.76547,893 Astaldi 2,749,053 0.20218,007 Autostrada Torino-Milano 2,225,851 0.16

3,932,856 Beni Stabili 2,729,402 0.20111,796 Danieli & Co. 2,129,155 0.16

5,170,440 Enel 23,029,140 1.711,705,018 ENI 27,510,465 2.048,507,351 Intesa Sanpaolo 15,368,530 1.14

2,083,869 Iren 2,572,536 0.19320,560 Pirelli & Co. 2,379,357 0.18813,373 Snam Rete Gas 3,294,161 0.24152,532 Trevi Finanziaria 1,516,931 0.11

95,695,986 7.09

84

JPMorgan Funds - Europe Strategic Value FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

SWITZERLAND54,150 Ascom Holding Registered Shares 551,952 0.0443,452 Baloise Holding Registered Shares 3,084,310 0.2310,362 Bossard Holding - Bearer Shares 1,345,647 0.10

169,125 Clariant Registered Shares 2,218,518 0.1612,117 Daetwyler Holding - Bearer Shares 724,652 0.06

17,363 EFG International 133,181 0.018,945 Emmi Registered Shares 1,545,049 0.114,774 Forbo Holding Registered Shares 2,485,946 0.181,836 Gurit Holding - Bearer Shares 822,755 0.068,520 Helvetia Holding Registered Shares 2,491,757 0.195,910 Kuoni Reisen Holding Registered - B Shares 1,582,381 0.12

46,245 Meyer Burger Technology 1,397,057 0.101,301,511 Novartis Registered Shares 54,373,273 4.03

64,652 Orior 2,850,802 0.216,382 PubliGroupe Registered Shares 804,968 0.06

208,889 Schmolz & Bickenbach Registered Shares 1,777,912 0.1338,810 Swiss Life Holding Registered Shares 4,369,810 0.3220,719 Swisscom Registered Shares 6,524,345 0.49

328,756 UBS Registered Shares 4,100,782 0.3153,416 Vontobel Holding Registered Shares 1,235,740 0.09

94,420,837 7.00

SPAIN123,041 Abengoa 2,579,862 0.19

5,304,207 BSCH 41,998,711 3.11980,000 CaixaBank - Rights 15.07.11 50,960 0.01

6,745 Construcciones y Auxiliar de Ferrocarriles 2,729,870 0.2036,901 Corporacion Financiera Alba 1,424,379 0.10

980,000 Criteria Caixacorp 4,715,270 0.35214,850 Duro Felguera 1,232,165 0.09

61,401 Endesa 1,409,306 0.1092,441 Fomento de Construcciones y Contratas 1,931,092 0.14

428,473 Gas Natural SDG 6,117,523 0.4576,047 Grupo Catalana Occidente 1,262,000 0.10

478,945 Grupo Empresarial Ence 1,294,349 0.102,096,935 Iberdrola 12,667,584 0.941,004,981 Mapfre 2,551,647 0.19

242,927 Papeles y Cartones de Europa 921,301 0.07336,000 Repsol YPF 7,959,000 0.59

90,845,019 6.73

SWEDEN132,378 Bilia - A Shares 1,646,810 0.12175,406 Billerud 1,267,096 0.09352,117 Boliden 4,473,691 0.33

437,745 FinnvedenBulten 2,324,110 0.17155,275 NCC - B Shares 2,421,458 0.18

2,044,588 Nordea Bank 15,071,205 1.1299,362 Saab - B Shares 1,572,852 0.12

461,662 Svenska Handelsbanken - A Shares 9,794,282 0.73

38,571,504 2.86

FINLAND392,374 Fortum 7,780,776 0.58491,772 M-real - B Shares 1,428,598 0.11138,748 Orion - B Shares 2,467,633 0.1840,645 PKC Group 635,485 0.05

355,392 Pohjola Bank - A Shares 3,161,212 0.23275,554 Sampo - A Shares 6,129,699 0.45686,865 Stora Enso - R Shares 4,940,277 0.37316,740 UPM-Kymmene 3,976,671 0.29

30,520,351 2.26

NORWAY170,812 Atea 1,270,779 0.09175,361 Cermaq 1,952,706 0.14

220,902 Det Norske Oljeselskap 880,282 0.07825,311 DnB NOR 7,895,819 0.59

296,819 Gjensidige Forsikring 2,513,466 0.192,006,574 Kongsberg Automotive 1,092,369 0.083,310,403 Marine Harvest 1,856,636 0.14

3,000,000 Sevan Drilling 1,781,656 0.13346,134 Statoil Fuel & Retail 2,310,370 0.17

21,554,083 1.60

AUSTRIA34,340 Austriamicrosystems - Bearer Shares 1,166,292 0.09

199,579 CA Immobilien Anlagen 2,467,794 0.18242,285 Conwert Immobilien Invest 2,850,483 0.2180,304 Erste Group Bank 2,835,735 0.21

850,000 Immofinanz 2,493,900 0.18978,926 Immofinanz 0 0.00

130,548 OMV 3,901,427 0.2965,242 Raiffeisen Bank International Registered Shares 2,284,122 0.17

176,702 Sparkassen Immobilien 819,102 0.06

18,818,855 1.39

BELGIUM24,801 Ackermans & van Haaren 1,657,327 0.1235,857 Arseus 407,694 0.0350,055 Compagnie d’Entreprises CFE 2,495,492 0.1856,879 D’Ieteren 2,676,441 0.2058,986 Econocom Group 895,113 0.07124,201 KBC Groep 3,315,856 0.2553,478 Melexis 672,753 0.05

144,433 Nyrstar 1,449,746 0.1144,388 Omega Pharma 1,554,246 0.12

139,449 Recticel 1,063,299 0.089,554 Sipef 651,248 0.05

16,839,215 1.26

DENMARK89,180 H Lundbeck 1,615,837 0.1279,133 Jyske Bank Registered Shares 2,170,588 0.1632,719 Royal UNIBREW 1,490,300 0.11

124,870 Sydbank 1,915,967 0.14404,627 TDC 2,552,553 0.19

17,856 Thrane & Thrane 649,334 0.0521,312 Topdanmark 2,753,612 0.20

13,148,191 0.97

GREECE214,173 Folli - Follie 2,128,880 0.16

5,065 GEK Terna Holding Real Estate Construction 10,003 0.00216,517 Motor Oil Hellas Corinth Refineries 1,839,312 0.14

246,242 OPAP 2,640,945 0.20

6,619,140 0.50

JERSEY252,152 Cape 1,538,201 0.11

726,450 Highland Gold Mining 1,433,365 0.11497,289 Informa 2,354,003 0.17

5,325,569 0.39

PORTUGAL243,500 Mota-Engil SGPS 380,104 0.03453,334 Portucel Empresa Produtora de Pasta e Papel 1,032,468 0.07234,343 Semapa-Sociedade de Investimento e Gestao 1,749,839 0.13

3,162,411 0.23

LUXEMBOURG275,479 SAF-Holland 2,321,737 0.17

2,321,737 0.17

FAROE ISLANDS366,997 Bakkafrost 2,172,465 0.16

2,172,465 0.16

CAYMAN ISLANDS3,012,627 Polarcus 2,050,558 0.15

2,050,558 0.15

CYPRUS2,083,200 SD Standard Drilling 1,646,898 0.12

1,646,898 0.12

IRELAND4,273 FBD Holdings 30,558 0.00

267,283 Glanbia 1,289,373 0.10

1,319,931 0.10

GUERNSEY505,274 Chariot Oil & Gas 1,033,960 0.08

1,033,960 0.08

Total Shares and Rights 1,322,529,803 98.01


1,322,529,803 98.01

85

JPMorgan Funds - Europe Strategic Value FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Investment Funds

LUXEMBOURG800,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM

Euro Liquidity X (dist)) 800,000 0.06

800,000 0.06



800,000 0.06


Cash 388,749 0.03


Total Net Assets 1,349,405,122 100.00


Shares and RightsFinancials 31.95Energy 17.80Materials 10.25Health Care 9.46Telecommunication Services 7.27Consumer Discretionary 6.90Industrials 6.88Utilities 4.21Information Technology 1.73Consumer Staples 1.56Investment Companies 0.06Total Shares and Rights 98.07Cash and Other Assets/(Liabilities) 1.93

Total 100.00


SharesFinancials 31.50Telecommunication Services 15.27Energy 14.58Materials 8.51Industrials 8.20Consumer Discretionary 7.26Health Care 7.24Utilities 3.63Consumer Staples 1.87Information Technology 1.73Total Shares 99.79Bank Overdraft and Other Assets/(Liabilities) 0.21

Total 100.00

86

JPMorgan Funds - Europe Strategic Value FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Europe Strategic Value FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)

As at 30 June 2011

ExpirationDate


NotionalValue


Equity Futures

Sep-11 555 DJ Euro Stoxx 50 Index Future EUR 15,703,725 141,525Sep-11 161 FTSE 100 Index Future GBP 10,472,375 93,495

Total 235,020

87


Shares and Rights

UNITED KINGDOM1,006,666 ARM Holdings 6,561,302 4.96

39,061 ASOS 1,038,467 0.79207,292 Autonomy 3,909,417 2.96

72,653 Aveva Group 1,377,831 1.041,026,170 Blinkx 1,353,576 1.02

939,536 BT Group 2,086,807 1.581,654,030 DDD Group 516,853 0.39

195,531 Dialight 1,575,075 1.19253,155 Diploma 1,044,481 0.79

1,125,642 E2V Technologies 1,663,831 1.26434,361 Electrocomponents 1,289,791 0.98386,792 Laird 868,731 0.66894,766 Logica 1,328,211 1.01169,450 Micro Focus International 627,152 0.47209,591 Misys 969,415 0.73

2,112,031 Monitise 695,012 0.53473,922 Nanoco Group 428,548 0.3249,023 Renishaw 953,558 0.7296,498 SDL 745,572 0.56

188,635 Spectris 3,297,781 2.491,229,820 Spirent Communications 2,039,826 1.54

346,427 Telecity Group 2,125,759 1.61989,141 TT Electronics 2,186,919 1.65

38,683,915 29.25

GERMANY38,865 Aixtron 907,886 0.6972,298 Bechtle 2,221,537 1.68

163,849 Cancom IT Systeme 1,478,410 1.1216,982 Centrotherm Photovoltaics 515,956 0.39

253,048 Drillisch 2,032,482 1.5369,445 Elmos Semiconductor 726,568 0.55

927,045 Infineon Technologies 7,177,182 5.43265,433 Jenoptik 1,694,126 1.28

65,143 LPKF Laser & Electronics 871,613 0.66436 RIB Software 2,962 0.00

180,404 SAP 7,496,237 5.67580,561 Sky Deutschland 2,145,754 1.62

38,718 Software 1,594,407 1.217,272 zooplus 707,820 0.53

29,572,940 22.36

FRANCE1,727,985 Alcatel-Lucent 6,924,036 5.24

51,974 Alten 1,426,686 1.08121,845 Altran Technologies 681,662 0.5138,918 Assystem 683,400 0.5243,334 AtoS 1,673,559 1.2716,828 Axway Software 362,643 0.2716,828 Axway Software - Rights 08.07.11 27,253 0.0299,857 Cap Gemini 4,040,214 3.0557,922 Ingenico 1,937,201 1.4654,310 Parrot 1,514,706 1.1514,861 Sopra Group 876,130 0.6617,858 Sword Group 350,820 0.27

20,498,310 15.50

SWEDEN87,616 KNOW IT 735,814 0.56

1,268,905 Telefonaktiebolaget LM Ericsson - B Shares 12,624,889 9.54

13,360,703 10.10

NETHERLANDS31,593 ASM International 861,462 0.65

204,184 ASML Holding 5,203,629 3.93282,113 BE Semiconductor Industries 1,682,381 1.2736,205 Gemalto 1,183,542 0.9070,826 TKH Group - Dutch Certificates 1,571,806 1.19

10,502,820 7.94

FINLAND1,172,990 Nokia 5,192,827 3.93

5,192,827 3.93

AUSTRIA35,921 Austriamicrosystems - Bearer Shares 1,219,987 0.9226,319 Kapsch TrafficCom 1,619,145 1.23

2,839,132 2.15

UNITED STATES OF AMERICA241,954 Planet Payment 555,336 0.4262,285 Virgin Media 1,320,375 1.00

1,875,711 1.42

TAIWAN57,000 HTC 1,325,541 1.00

1,325,541 1.00

SWITZERLAND56,251 Ascom Holding Registered Shares 573,368 0.434,773 Inficon Holding Registered Shares 686,208 0.52

1,259,576 0.95

NORWAY144,265 Atea 1,073,279 0.81

1,073,279 0.81

DENMARK21,573 Thrane & Thrane 784,503 0.59

784,503 0.59

BELGIUM15,263 Barco 779,634 0.59

779,634 0.59

ITALY35,098 Yoox 444,692 0.34

444,692 0.34

GREECE112,000 Internetq 340,687 0.26

340,687 0.26



128,534,270 97.19


Investment Funds



1,700,000 1.28



1,700,000 1.28


Cash 224,192 0.17



88

JPMorgan Funds - Europe Technology FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and RightsInformation Technology 82.15Telecommunication Services 5.72Industrials 5.25Consumer Discretionary 4.07Investment Companies 1.28Total Shares and Rights 98.47Cash and Other Assets/(Liabilities) 1.53

Total 100.00


SharesInformation Technology 83.89Consumer Discretionary 4.71Telecommunication Services 4.48Industrials 4.18Investment Companies 2.39Total Shares 99.65Cash and Other Assets/(Liabilities) 0.35

Total 100.00

89

JPMorgan Funds - Europe Technology FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Preferred Shares

UNITED STATES OF AMERICA141,800 Apache 6,439,975 0.3620,584 Bank of America 14,116,511 0.7996,624 Citigroup 7,965,795 0.45

519,387 General Motors 17,417,602 0.98217,200 Goodyear Tire & Rubber 8,301,593 0.46195,200 Health Care REIT 6,981,114 0.3964,875 MetLife 3,672,521 0.20

387,950 NextEra Energy 13,875,946 0.78263,750 PPL 9,992,367 0.56

8,944 Wells Fargo & Co. 6,531,126 0.37

95,294,550 5.34

ISLE OF MAN142,650 AngloGold Ashanti Holdings Finance 4,912,421 0.27

4,912,421 0.27

NETHERLANDS103,000 Nielsen Holdings 4,311,392 0.24

4,311,392 0.24

Total Preferred Shares 104,518,363 5.85

Convertible Bonds

JAPAN3,156,000,000 Aeon 22.11.12/0.000% 30,468,240 1.712,063,000,000 Asahi Breweries 26.05.28/0.000% 18,156,027 1.021,520,000,000 Asahi Glass 14.11.12/0.000% 13,517,325 0.761,670,000,000 Asahi Glass 14.11.14/0.000% 15,431,288 0.861,781,000,000 Hitachi 12.12.14/0.100% 23,154,294 1.301,465,000,000 Nidec 18.09.15/0.000% 12,974,817 0.731,492,000,000 Nippon Meat Packers 03.03.14/0.000% 13,938,187 0.782,597,000,000 ORIX 31.03.14/1.000% 27,887,454 1.56

444,000,000 Sawai Pharmaceutical 17.09.15/0.000% 4,196,928 0.232,000,000,000 Sekisui House 05.07.16/0.000% 17,731,893 0.99

844,000,000 Softbank 31.03.13/1.500% 10,373,679 0.582,160,000,000 Unicharm 24.09.13/0.000% 19,847,890 1.11

660,000,000 Unicharm 24.09.15/0.000% 6,194,104 0.35

213,872,126 11.98

FRANCE182,358,200 Air France-KLM 01.04.15/4.970% 25,487,294 1.43542,969,200 Alcatel-Lucent 01.01.15/5.000% 25,294,220 1.42

6,234,800 AXA 01.01.17/3.750% 14,685,604 0.8229,246,300 Cap Gemini 01.01.14/3.500% 13,302,972 0.7433,783,100 Club Mediterranee 01.11.15/6.110% 7,024,013 0.3932,872,000 Eurazeo 10.06.14/6.250% 19,456,772 1.0923,544,100 Fonciere Des Regions 01.01.17/3.340% 20,189,419 1.135,330,000 Iliad 01.01.12/2.200% 5,114,695 0.2916,814,501 Misarte 01.01.16/3.250% 27,069,749 1.524,194,000 Nexans 01.01.13/1.500% 3,612,229 0.20

15,375,900 Nexans 01.01.16/4.000% 10,720,616 0.6082,875,900 Peugeot 01.01.16/4.450% 29,131,293 1.63

5,724,900 Pierre & Vacances 01.10.15/4.000% 4,633,505 0.263,528,600 Unibail-Rodamco 01.01.15/3.500% 7,580,844 0.42

213,303,225 11.94

CAYMAN ISLANDS24,600,000 China Overseas Finance

Investment Cayman 14.05.14/0.000% 22,393,677 1.2525,750,000 EFG Ora Funding III 29.10.14/1.700% 13,681,876 0.7752,000,000 Hengdeli Holdings 20.10.15/2.500% 5,262,752 0.3089,000,000 Intime Department Store

Group 27.10.13/1.750% 9,334,083 0.5293,600,000 Soho China 02.07.14/3.750% 11,136,042 0.6210,700,000 Subsea 7 11.10.13/2.250% 9,044,287 0.519,800,000 TPK Holding 20.04.14/0.000% 7,301,215 0.41

78,153,932 4.38

NETHERLANDS11,000,000 Celesio Finance 07.04.18/2.500% 10,343,575 0.5829,600,000 Lukoil International Finance 16.06.15/2.625% 23,762,550 1.3318,055,000 Pargesa Netherlands 15.06.14/1.750% 14,659,408 0.8216,100,000 Q-Cells International Finance 26.05.14/5.750% 8,702,372 0.498,000,000 Salzgitter Finance 08.11.17/2.000% 8,992,960 0.506,800,000 Wereldhave 16.09.14/4.375% 7,245,808 0.41

73,706,673 4.13

SINGAPORE46,250,000 CapitaLand 03.09.16/2.875% 25,643,731 1.4433,000,000 Olam International 15.10.16/6.000% 29,351,036 1.65

3,400,000 OSIM International 05.07.16/2.750% 1,836,172 0.1026,000,000 Yanlord Land Group 13.07.14/5.850% 14,883,596 0.83

71,714,535 4.02

LUXEMBOURG8,860,000 Actelion Finance 22.11.11/0.000% 7,266,935 0.41

386,044 ArcelorMittal 01.04.14/7.250% 11,348,729 0.634,050,000 Controlinveste International

Finance 28.01.15/3.000% 3,583,055 0.2034,250,000 Espirito Santo Financial Group 15.11.25/5.050%* 22,878,658 1.28

4,150,000 Intralot Luxembourg 20.12.13/2.250% 3,921,128 0.2212,350,000 Kloeckner & Co. Financial

Services 22.12.17/2.500% 14,103,021 0.798,700,000 TMK Bonds 11.02.15/5.250% 6,553,367 0.37

69,654,893 3.90

UNITED KINGDOM5,000,000 Anglo American 07.05.14/4.000% 6,397,951 0.364,500,000 Misys 22.11.15/2.500% 6,788,164 0.38

14,700,000 TUI Travel 05.10.14/6.000% 16,385,190 0.9234,800,000 Vedanta Resources Jersey 13.07.16/5.500% 27,465,026 1.5414,400,000 Vedanta Resources Jersey II 30.03.17/4.000% 10,104,534 0.56

67,140,865 3.76

BRITISH VIRGIN ISLANDS31,200,000 Billion Express Investments 18.10.15/0.750% 25,226,641 1.4127,800,000 Newford Capital 12.05.16/0.000% 18,798,169 1.0576,070,000 Power Regal Group 02.06.14/2.250% 7,838,172 0.4463,100,000 Sherson 04.06.14/0.000% 6,332,124 0.36

58,195,106 3.26

INDIA7,400,000 JSW Steel 28.06.12/0.000% 6,886,064 0.39

10,200,000 Larsen & Toubro 22.10.14/3.500% 8,385,805 0.472,197,000 Suzlon Energy 12.06.12/7.500% 2,125,860 0.125,202,000 Suzlon Energy 11.10.12/7.500% 4,889,740 0.279,300,000 Tata Motors 12.07.12/0.000% 8,399,600 0.4717,295,000 Tata Steel 21.11.14/4.500% 13,822,194 0.77

44,509,263 2.49

TAIWAN45,200,000 Hon Hai Precision Industry 12.10.13/0.000% 31,420,069 1.76

31,420,069 1.76

UNITED STATES OF AMERICA8,266,000 Chesapeake Energy 15.11.35/2.750% 6,305,835 0.35

24,123,000 Chesapeake Energy 15.05.37/2.500% 17,631,457 0.994,472,000 DR Horton 15.05.14/2.000% 3,423,119 0.19

27,360,411 1.53

SOUTH KOREA11,600,000 Hynix Semiconductor 14.05.15/2.650% 8,562,281 0.4819,300,000 SK Telecom 07.04.14/1.750% 15,689,979 0.88

24,252,260 1.36

GERMANY20,200,000 KfW - Kreditanstalt fuer

Wiederaufbau 30.07.14/1.500% 22,840,645 1.28

22,840,645 1.28

AUSTRIA5,000,000 Immofinanz 19.11.17/1.250% 5,337,575 0.304,700,000 Steinhoff Finance Holding 22.05.16/5.000% 4,976,125 0.2811,350,000 Steinhoff Finance Holding 31.03.18/4.500% 10,789,197 0.60

21,102,897 1.18

PORTUGAL19,150,000 Parpublica - Participaçes

Publicas 28.09.17/5.250% 19,350,501 1.08

19,350,501 1.08

SWEDEN14,700,000 Industrivarden 27.02.15/2.500% 17,664,476 0.99

17,664,476 0.99

90

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

ISLE OF MAN21,300,000 AngloGold Ashanti Holdings

Finance 22.05.14/3.500% 17,037,498 0.95

17,037,498 0.95

SWITZERLAND16,890,000 Swiss Prime Site 20.01.15/1.875% 14,479,881 0.81

14,479,881 0.81

MALAYSIA18,000,000 YTL Finance Labuan 18.03.15/1.875% 13,155,048 0.74

13,155,048 0.74

JERSEY3,000,000 London Mining Jersey 15.02.16/8.000% 2,259,398 0.1311,300,000 Shire 09.05.14/2.750% 9,092,328 0.51

11,351,726 0.64

SPAIN5,400,000 Abengoa 03.02.17/4.500% 5,308,632 0.303,250,000 Fomento de Construcciones y

Contratas 30.10.14/6.500% 3,075,979 0.17

8,384,611 0.47

BERMUDA3,600,000 Aquarius Platinum 18.12.15/4.000% 2,659,947 0.15

53,770,000 Yue Yuen Industrial Holdings 17.11.11/0.000% 5,417,032 0.30

8,076,979 0.45

BELGIUM11,750,000 Fortis Bank 19.12.49/3.494%* 6,668,125 0.37

6,668,125 0.37

Total Convertible Bonds 1,133,395,745 63.47


1,237,914,108 69.32


Convertible Bonds

UNITED STATES OF AMERICA1,000 Amgen 01.02.13/0.375% 696 0.001,000 Archer-Daniels-Midland 15.02.14/0.875% 739 0.00

9,396,000 Boston Properties 15.05.36/3.750% 7,654,930 0.4310,467,000 Ciena 15.06.17/0.875% 6,135,152 0.34

3,271,000 Ciena 144A 15.03.15/4.000% 2,706,417 0.1519,131,000 Dendreon 15.01.16/2.875% 14,742,182 0.83

1,000 EMC/Massachusetts 01.12.13/1.750% 1,197 0.008,698,000 Equinix 15.10.14/3.000% 6,725,568 0.382,600,000 General Cable 15.11.13/0.875% 1,936,275 0.11

26,452,000 Gilead Sciences 01.05.13/0.625% 21,893,265 1.2337,419,000 Gilead Sciences 144A 01.05.14/1.000% 28,868,894 1.62

5,812,000 Gilead Sciences 144A 01.05.16/1.625% 4,674,787 0.2618,977,000 Health Care REIT 01.12.29/3.000% 14,755,590 0.834,507,000 Hologic 15.12.37/2.000%* 3,562,831 0.208,701,000 Iconix Brand Group 144A 01.06.16/2.500% 6,334,829 0.35

26,835,000 Illumina 144A 15.03.16/0.250% 19,835,662 1.1114,408,000 Intel 15.12.35/2.950% 10,281,826 0.5840,747,000 Intel 01.08.39/3.250% 33,478,244 1.8712,509,000 International Game

Technology 01.05.14/3.250% 10,303,401 0.584,812,000 James River Coal 144A 15.03.18/3.125% 3,317,531 0.19

13,525,000 Lam Research 144A 15.05.16/0.500% 9,301,341 0.5212,307,000 Lam Research 144A 15.05.18/1.250% 8,439,122 0.473,098,000 Lennar 144A 15.12.20/2.750% 2,317,007 0.13

17,087,000 Liberty Media 30.03.23/3.125% 14,127,466 0.794,577,000 Life Technologies 15.02.24/1.500% 3,645,846 0.20

13,513,000 MGM Resorts International 15.04.15/4.250% 9,981,698 0.5614,013,000 Micron Technology 01.06.14/1.875% 9,467,262 0.5310,337,000 Micron Technology 01.06.27/1.875% 7,323,099 0.4125,057,000 Microsoft 144A 15.06.13/0.000% 17,711,005 0.999,957,000 Mylan 15.03.12/1.250% 7,570,032 0.424,601,000 National Retail Properties 15.06.28/5.125% 3,545,713 0.202,598,000 NetApp 01.06.13/1.750% 2,913,402 0.165,060,000 Newmont Mining 15.02.12/3.000% 4,266,648 0.2421,111,000 Newmont Mining 15.07.14/1.250% 18,931,833 1.063,767,000 Novellus Systems 144A 15.05.41/2.625% 2,761,898 0.155,456,000 ON Semiconductor 15.12.26/2.625% 4,525,141 0.259,423,000 Peabody Energy 15.12.41/4.750% 7,945,579 0.447,152,000 ProLogis 15.03.15/3.250% 5,700,443 0.322,123,000 Rayonier TRS Holdings 15.10.12/3.750% 1,799,308 0.10

41,164,000 SanDisk 15.08.17/1.500% 29,908,875 1.685,862,000 SBA Communications 01.05.13/1.875% 4,471,910 0.25

10,582,000 Stanley Black & Decker 17.05.12/0.000%* 8,406,322 0.4718,526,000 Symantec 15.06.13/1.000% 15,461,275 0.8714,797,000 Teva Pharmaceutical Finance 01.02.26/0.250% 11,441,507 0.64

5,132,000 Tyson Foods 15.10.13/3.250% 4,580,084 0.266,601,000 VeriSign 15.08.37/3.250% 5,298,000 0.30

14,817,000 Vornado Realty 15.04.25/3.875% 11,584,982 0.6524,519,000 Xilinx 15.03.37/3.125% 20,992,440 1.18

451,629,254 25.30

BERMUDA20,500,000 Seadrill 27.10.17/3.375% 16,818,615 0.94

16,818,615 0.94

CANADA10,071,000 Goldcorp 01.08.14/2.000% 8,753,003 0.49

8,753,003 0.49

BAHAMAS9,200,000 Petrominerales 25.08.16/2.625% 7,253,334 0.41

7,253,334 0.41

MEXICO10,400,000 Cemex 144A 15.03.16/3.250% 7,026,299 0.39

7,026,299 0.39

SOUTH KOREA9,600,000 Lotte Shopping 05.07.16/0.000% 6,765,484 0.38

6,765,484 0.38

SWEDEN52,000,000 SAS 01.04.15/7.500% 5,148,143 0.29

5,148,143 0.29

CAYMAN ISLANDS6,700,000 Polarcus 27.04.16/2.875% 4,182,979 0.23

4,182,979 0.23

FINLAND2,800,000 Talvivaara Mining 16.12.15/4.000% 2,919,168 0.16

2,919,168 0.16

NORWAY1,600,000 Marine Harvest 23.02.15/4.500% 1,771,016 0.10

1,771,016 0.10

Total Convertible Bonds 512,267,295 28.69

Investment Funds


(JPM Euro Liquidity X (dist)) 33,950,000 1.90

33,950,000 1.90



546,217,295 30.59


Cash 215,047 0.01


Total Net Assets 1,785,713,634 100.00


91

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesUnited States of America 26.83Japan 11.98France 11.94Cayman Islands 4.61Netherlands 4.13Singapore 4.02Luxembourg 3.90United Kingdom 3.76British Virgin Islands 3.26India 2.49Taiwan 1.76South Korea 1.74Bermuda 1.39Germany 1.28Sweden 1.28Austria 1.18Portugal 1.08Isle of Man 0.95Switzerland 0.81Malaysia 0.74Jersey 0.64Canada 0.49Spain 0.47Bahamas 0.41Mexico 0.39Belgium 0.37Finland 0.16Norway 0.10Total Fixed Income Securities 92.16SharesFinancials 2.20Investment Companies 1.90Consumer Discretionary 1.68Utilities 1.34Energy 0.36Materials 0.27Total Shares 7.75Cash and Other Assets/(Liabilities) 0.09

Total 100.00


Fixed Income SecuritiesUnited States of America 27.79Japan 13.04France 10.01Luxembourg 5.25Singapore 4.74United Kingdom 4.11Netherlands 3.36Cayman Islands 3.34Portugal 2.94Jersey 2.78India 2.25Bermuda 2.16Germany 2.16Canada 1.92South Korea 1.40Malaysia 1.20Isle of Man 1.19Spain 1.11British Virgin Islands 0.87Norway 0.72Switzerland 0.53Belgium 0.52Taiwan 0.48Australia 0.39Bahamas 0.35Netherlands Antilles 0.31Mexico 0.29Sweden 0.23Austria 0.23Italy 0.14Finland 0.08Total Fixed Income Securities 95.89SharesFinancials 1.55Investment Companies 1.11Consumer Discretionary 0.96Energy 0.64Total Shares 4.26Bank Overdraft and Other Assets/(Liabilities) (0.15)

Total 100.00

92

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2011



AmountSold


12-Jul-11 EUR 31,105,593 GBP 26,999,509 1,237,73012-Jul-11 GBP 115,841,535 EUR 129,842,664 (1,694,441)14-Jul-11 CHF 152,141,950 EUR 124,518,397 335,16914-Jul-11 EUR 6,191,213 CHF 7,476,989 55,30622-Jul-11 CHF 13,200,400 EUR 10,938,089 (101,923)22-Jul-11 EUR 46,229,301 CHF 55,262,507 864,48822-Jul-11 EUR 21,856,061 GBP 19,122,960 697,53622-Jul-11 EUR 47,576,751 HKD 524,140,692 995,74222-Jul-11 EUR 200,364,601 JPY 22,758,413,222 5,069,75822-Jul-11 EUR 37,977,296 SGD 66,473,180 542,72822-Jul-11 EUR 1,033,740,734 USD 1,459,849,994 24,201,89422-Jul-11 HKD 86,141,277 EUR 7,735,735 (80,257)22-Jul-11 JPY 410,000,000 EUR 3,555,337 (37,038)22-Jul-11 USD 96,098,510 EUR 67,489,492 (1,033,912)11-Aug-11 EUR 16,240 GBP 14,579 10315-Aug-11 CHF 27,471 EUR 22,834 (262)

Total 31,052,621

93


Bonds

UNITED STATES OF AMERICA1,180,000 Abbott Laboratories 27.05.40/5.300% 1,180,584 0.20

850,000 Ahold Finance USA 14.03.17/6.500% 1,521,436 0.263,270,000 Altria Group 05.05.21/4.750% 3,271,929 0.562,605,000 American Express Credit 25.08.14/5.125% 2,842,836 0.49

550,000 American Express Credit 01.10.14/5.375% 943,390 0.165,255,000 American International Group 15.12.20/6.400% 5,596,680 0.962,180,000 Anadarko Petroleum 15.09.17/6.375% 2,497,964 0.435,000,000 Anheuser-Busch InBev Worldwide 15.01.15/4.125% 5,381,550 0.922,495,000 Anheuser-Busch InBev Worldwide 15.01.20/5.375% 2,757,449 0.471,600,000 Apache 01.09.40/5.100% 1,537,024 0.262,870,000 AT&T 15.05.21/4.450% 2,918,933 0.502,895,000 AT&T 15.01.38/6.300% 3,042,182 0.523,560,000 Bank of America 17.03.16/3.625% 3,564,041 0.611,750,000 Bank of America 15.06.17/6.100% 1,881,084 0.323,630,000 Bank of America 01.05.18/5.650% 3,814,059 0.65

850,000 Bank of America 04.12.19/5.500% 1,369,687 0.235,100,000 BB&T 28.04.14/2.050% 5,161,761 0.881,750,000 BMW US Capital 28.05.15/5.000% 2,704,696 0.461,605,000 Camden Property Trust 15.06.21/4.625% 1,579,729 0.275,200,000 Capital One Bank USA 13.06.13/6.500% 5,675,826 0.971,175,000 Caterpillar 27.05.41/5.200% 1,171,775 0.20

10,000,000 Citigroup 15.10.14/5.500% 10,839,400 1.842,715,000 Citigroup 19.05.15/4.750% 2,879,135 0.49

2,740,000 Citigroup 15.06.16/3.953% 2,801,431 0.482,200,000 Citigroup 03.04.18/7.625% 4,012,219 0.69

400,000 Community Health Systems 15.07.15/8.875% 409,782 0.071,545,000 ConocoPhillips 01.02.39/6.500% 1,799,060 0.312,710,000 Consolidated Edison Co. of New York 01.04.18/5.850% 3,120,402 0.531,000,000 Constellation Brands 01.09.16/7.250% 1,090,805 0.19

400,000 Corrections Corp. of Amercia 01.06.17/7.750% 435,084 0.071,500,000 Coventry Health Care 15.06.21/5.450% 1,540,192 0.261,500,000 Crédit Suisse/New York 15.05.13/5.000% 1,600,830 0.273,000,000 Crédit Suisse/New York 15.02.18/6.000% 3,245,430 0.55

855,000 Darden Restaurants 15.10.37/6.800% 945,019 0.16400,000 Denbury Resources 01.03.16/9.750% 447,600 0.08

1,500,000 Dominion Resources 15.08.19/5.200% 1,644,435 0.281,000,000 Duke Realty 15.03.20/6.750% 1,127,595 0.19

500,000 El Paso 01.06.18/7.250% 565,681 0.101,885,000 Energy Transfer Partners 01.06.21/4.650% 1,845,443 0.311,420,000 Energy Transfer Partners 01.06.41/6.050% 1,377,066 0.242,610,000 Entergy Arkansas 15.02.21/3.750% 2,491,326 0.43

480,000 Enterprise Products Operating 15.04.38/7.550% 579,058 0.101,400,000 Enterprise Products Operating 01.09.40/6.450% 1,490,048 0.251,000,000 Fidelity National Information

Services 15.07.20/7.875% 1,062,500 0.181,000,000 Ford Motor Credit 15.08.17/6.625% 1,068,790 0.182,675,000 General Electric 06.12.17/5.250% 2,963,004 0.515,700,000 General Electric Capital 13.05.14/5.900% 6,348,346 1.085,260,000 General Electric Capital 16.09.20/4.375% 5,193,908 0.891,920,000 General Electric Capital 14.01.38/5.875% 1,912,627 0.331,080,000 Georgia Power 01.03.37/5.650% 1,119,921 0.19

400,000 Glatfelter 01.05.16/7.125% 414,500 0.07565,000 Goldman Sachs Group 01.08.15/3.700% 575,577 0.10

4,000,000 Goldman Sachs Group 07.02.16/3.625% 4,037,960 0.69650,000 Goldman Sachs Group 23.10.19/5.125% 933,582 0.16

1,555,000 Goldman Sachs Group 01.02.41/6.250% 1,546,012 0.26400,000 Hanesbrands 15.12.16/8.000% 427,686 0.07

1,480,000 Hartford Financial Services Group 30.03.40/6.625% 1,506,847 0.26600,000 HCA 15.11.16/9.250% 637,020 0.11400,000 HCA 15.11.16/9.625%* 426,432 0.07

1,500,000 HCP 01.02.21/5.375% 1,549,950 0.26750,000 Health Management Associates 15.04.16/6.125% 780,000 0.13

2,505,000 Hewlett-Packard 01.06.21/4.300% 2,528,710 0.431,385,000 Home Depot 01.04.41/5.950% 1,416,232 0.241,000,000 Host Hotels & Resorts 01.06.16/6.750% 1,032,980 0.182,525,000 HSBC Finance 27.11.12/6.375% 2,700,374 0.46400,000 Jarden 01.05.16/8.000% 436,000 0.07

1,235,000 Kinder Morgan Energy Partners 01.03.41/6.375% 1,268,431 0.224,000,000 Kraft Foods 10.02.20/5.375% 4,372,120 0.751,000,000 Mack-Cali Realty 15.08.19/7.750% 1,208,689 0.212,000,000 MetLife 01.06.16/6.750% 2,332,860 0.406,930,000 Morgan Stanley 13.05.14/6.000% 7,554,289 1.295,000,000 Morgan Stanley 02.11.15/3.450% 4,976,125 0.85

625,000 Morgan Stanley 01.04.18/6.625% 686,875 0.12500,000 Morgan Stanley 25.01.21/5.750% 516,420 0.09

1,235,000 Nevada Power 15.05.41/5.450% 1,228,924 0.211,105,000 Nisource Finance 15.06.41/5.950% 1,087,160 0.19645,000 ONEOK Partners 01.02.41/6.125% 660,083 0.11

1,000,000 Owens Corning 01.12.16/6.500% 1,088,330 0.192,000,000 PepsiCo 01.11.20/3.125% 1,892,910 0.32

3,090,000 Philip Morris International 16.05.18/5.650% 3,490,572 0.603,905,000 Plains All American Pipeline 15.01.20/5.750% 4,241,455 0.723,855,000 Prudential Financial 15.06.19/7.375% 4,562,624 0.78

500,000 Qwest CommunicationsInternational 15.02.14/7.500% 508,125 0.09

850,000 Service Corp. International 01.04.15/6.750% 913,750 0.16150,000 Service Corp. International 15.06.17/7.000% 162,375 0.03

2,850,000 SES Global Americas Holdings 09.07.14/4.875% 4,344,556 0.74850,000 Sprint Capital 15.03.32/8.750% 916,725 0.16425,000 Tenet Healthcare 01.05.18/10.000% 478,809 0.08

1,890,000 Time Warner 29.03.41/6.250% 1,945,415 0.33850,000 Time Warner Cable 01.07.18/6.750% 986,391 0.17720,000 Time Warner Cable 15.11.40/5.875% 706,446 0.12

1,605,000 UnitedHealth Group 15.10.40/5.700% 1,593,444 0.271,160,000 Valero Energy 15.06.37/6.625% 1,202,995 0.211,400,000 Ventas Realty/Ventas Capital 01.06.21/4.750% 1,373,421 0.234,690,000 Verizon Communications 01.04.19/6.350% 5,461,528 0.931,630,000 Verizon Communications 01.04.21/4.600% 1,680,832 0.294,200,000 Wachovia Bank 15.03.16/5.600% 4,596,186 0.783,100,000 Wal-Mart Stores 25.10.40/5.000% 2,912,140 0.50

640,000 Wal-Mart Stores 15.04.41/5.625% 657,725 0.111,230,000 Watson Pharmaceuticals 15.08.19/6.125% 1,388,086 0.241,265,000 WellPoint 15.08.40/5.800% 1,278,725 0.22

885,000 Xcel Energy 15.05.20/4.700% 926,759 0.16

222,522,914 38.00

UNITED KINGDOM480,000 Aviva 03.06.41/6.625%* 748,590 0.13390,000 Aviva 20.05.58/6.875%* 596,135 0.10950,000 BAA 01.03.17/7.125% 1,503,534 0.26

1,500,000 Barclays Bank 20.01.17/4.000% 2,146,325 0.374,645,000 Barclays Bank 23.01.18/6.000% 6,718,205 1.151,800,000 BAT International Finance 12.12.19/6.375% 3,257,690 0.561,165,000 British Telecommunications 07.12.16/8.750% 2,262,734 0.39700,000 Credit Agricole/London 18.04.23/5.125% 1,017,625 0.17

2,825,000 Ensco 15.03.21/4.700% 2,837,727 0.481,800,000 Eversholt Funding 02.12.25/6.359% 2,912,235 0.501,000,000 Hammerson 23.02.26/6.000% 1,607,080 0.271,290,000 HSBC Holdings 05.04.21/5.100% 1,324,262 0.222,645,000 HSBC Holdings 20.12.27/5.750% 4,032,542 0.693,580,000 Legal & General Group 08.06.25/4.000%* 4,757,977 0.811,350,000 Lloyds TSB Bank 24.03.20/6.500% 1,858,807 0.32

730,000 Lloyds TSB Bank 21.01.21/6.375% 755,630 0.13170,000 Prudential 29.05.39/11.375%* 359,093 0.06

1,330,000 RBS 18.05.16/4.750% 1,925,062 0.331,700,000 RBS 29.04.24/7.500% 2,940,593 0.503,400,000 Standard Chartered Bank 26.09.17/5.875% 5,142,726 0.881,750,000 Vodafone Group 05.12.17/5.375% 3,046,641 0.521,350,000 Vodafone Group 16.03.21/4.375% 1,362,811 0.23

53,114,024 9.07

FRANCE2,100,000 Arkema 25.10.17/4.000% 3,003,070 0.511,300,000 Autoroutes du Sud de la France 04.07.22/5.625% 2,047,595 0.351,150,000 AXA 16.04.40/5.250%* 1,522,790 0.261,350,000 Casino Guichard Perrachon 12.11.18/4.481% 1,957,971 0.332,700,000 Cie de St-Gobain 15.12.16/5.625% 4,668,061 0.801,100,000 Lafarge 13.04.18/6.250% 1,587,036 0.27

2,000,000 Pernod-Ricard 15.03.17/5.000% 2,913,044 0.50780,000 RCI Banque 27.01.15/4.375% 1,139,902 0.20800,000 Rexel 15.12.16/8.250% 1,248,637 0.21

3,800,000 Société des AutoroutesParis-Rhin-Rhone 12.01.17/5.000% 5,653,987 0.97

25,742,093 4.40

NETHERLANDS1,100,000 ABN Amro Bank 11.04.16/4.250% 1,600,362 0.27

888,000 ABN Amro Bank 27.04.21/6.375% 1,296,264 0.22774,000 Aegon 16.12.39/6.625% 1,233,197 0.21500,000 Conti-Gummi Finance 15.01.16/6.500% 745,620 0.13

1,800,000 E.ON International Finance 19.01.16/5.500% 2,848,499 0.49655,000 HeidelbergCement Finance 31.01.17/8.000% 1,033,168 0.18

1,600,000 HIT Finance 09.03.18/5.750% 2,357,612 0.401,450,000 ING Bank 29.05.23/6.875%* 2,420,806 0.411,400,000 Linde Finance 01.06.21/3.875% 2,012,211 0.354,250,000 Rabobank Nederland 09.11.20/3.750% 5,644,009 0.96

900,000 Ziggo Finance 15.11.17/6.125% 1,282,353 0.22

22,474,101 3.84

GERMANY1,000,000 Allianz Finance II 08.07.41/5.750%* 1,391,729 0.243,905,000 Deutsche Telekom International

Finance 31.05.16/4.750% 5,996,811 1.02

94

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

1,570,000 Merck Financial Services 24.03.20/4.500% 2,313,661 0.392,845,000 Metro 05.03.15/7.625% 4,726,970 0.81

14,429,171 2.46

CANADA5,000,000 Cenovus Energy 15.09.14/4.500% 5,426,250 0.931,575,000 Encana 15.08.37/6.625% 1,716,648 0.292,530,000 Suncor Energy 15.06.38/6.500% 2,760,597 0.471,055,000 Xstrata Canada Financial 27.05.20/7.375% 1,924,421 0.33

11,827,916 2.02

SPAIN700,000 BBVA Senior Finance 15.04.16/4.875% 1,007,647 0.17

1,300,000 Gas Natural Capital Markets 09.02.17/5.625% 1,908,143 0.321,900,000 Santander International Debt

Unipersonal 07.04.14/4.250% 2,744,882 0.471,050,000 Santander Issuances Unipersonal 31.01.18/5.750%* 1,627,614 0.28

500,000 Santander Issuances Unipersonal 27.07.19/7.300%* 816,308 0.143,000,000 Telefonica Emisiones 16.02.21/5.462% 3,041,790 0.52

11,146,384 1.90

JERSEY820,000 BAA Funding 03.12.26/6.750% 1,434,541 0.24

2,950,000 UBS/Jersey 21.06.21/5.250%* 4,840,229 0.83

6,274,770 1.07

MEXICO3,500,000 America Movil 30.03.15/3.625% 3,677,800 0.632,040,000 America Movil 30.03.20/5.000% 2,139,297 0.36

5,817,097 0.99

SWEDEN2,415,000 Nordea Bank 26.03.20/4.500% 3,360,689 0.571,485,000 Volvo Treasury 31.05.17/5.000% 2,258,922 0.39

5,619,611 0.96

LUXEMBOURG1,720,000 ArcelorMittal 01.03.41/6.750% 1,678,092 0.292,750,000 Telecom Italia Capital 04.06.38/7.721% 2,715,969 0.46

4,394,061 0.75

CAYMAN ISLANDS3,975,000 Vale Overseas 15.09.19/5.625% 4,239,437 0.72

4,239,437 0.72

DENMARK1,545,000 Carlsberg Breweries 28.11.16/7.250% 2,883,817 0.49

2,883,817 0.49

FINLAND1,600,000 UPM-Kymmene 23.01.17/6.625% 2,631,390 0.45

2,631,390 0.45

ITALY1,250,000 Intesa Sanpaolo 02.03.20/3.750%* 1,724,993 0.29

1,724,993 0.29

AUSTRALIA565,000 ANZ Banking Group 10.09.19/5.125% 822,433 0.14640,000 Westpac Banking 27.02.15/4.200% 678,275 0.12

1,500,708 0.26

NORWAY800,000 DnB NOR Bank 29.01.18/6.170%* 1,339,087 0.23

1,339,087 0.23

BERMUDA475,000 Holcim GB Finance 24.04.17/8.750% 934,364 0.16

934,364 0.16

ISLE OF MAN865,000 AngloGold Ashanti Holdings 15.04.20/5.375% 858,608 0.15

858,608 0.15

IRELAND300,000 Smurfit Kappa Acquisitions 15.11.17/7.250% 444,815 0.08

444,815 0.08

Total Bonds 399,919,361 68.29


399,919,361 68.29


Bonds

UNITED STATES OF AMERICA1,270,000 Amgen 15.06.42/5.650% 1,263,745 0.22

950,000 Amkor Technology 01.05.18/7.375% 969,000 0.16900,000 Biomet 15.10.17/10.375%* 990,000 0.17

1,000,000 Burlington Northern Santa Fe 01.05.17/5.650% 1,138,230 0.191,000,000 Case New Holland 144A 01.12.17/7.875% 1,100,000 0.192,000,000 Cisco Systems 15.01.40/5.500% 1,999,690 0.341,375,000 Comcast 15.01.15/6.500% 1,578,246 0.272,015,000 Comcast 15.05.38/6.400% 2,127,024 0.36

951,917 Continental Airlines 2009-2Class A Pass Through Trust 10.11.19/7.250% 1,025,690 0.18

500,000 Crown Americas 15.05.17/7.625% 536,250 0.091,388,836 CVS Pass-Through Trust 10.01.30/6.943% 1,569,799 0.27

5,000,000 Daimler Finance North America144A 28.03.14/1.950% 5,047,165 0.86

3,000,000 DCP Midstream 144A 15.03.20/5.350% 3,185,355 0.541,185,195 Delta Air Lines 2007-1 A Pass

Through Trust 10.08.22/6.821% 1,232,602 0.212,825,000 DirecTV Holdings/DirecTV

Financing 01.03.21/5.000% 2,928,014 0.50400,000 DISH DBS 01.02.16/7.125% 423,244 0.07600,000 DISH DBS 01.09.19/7.875% 648,843 0.11500,000 First Data 144A 15.08.20/8.875% 532,500 0.09250,000 GCI 15.11.19/8.625% 274,375 0.05

1,375,000 Gilead Sciences 01.04.21/4.500% 1,383,415 0.24400,000 JDA Software Group 15.12.14/8.000% 440,000 0.07

3,105,000 LG&E and KU Energy 144A 15.11.15/2.125% 3,028,943 0.521,189,000 Metropolitan Life Global Funding

I 144A 10.04.13/5.125% 1,265,570 0.22675,000 Midamerican Energy Holdings 15.09.37/6.500% 763,094 0.13

1,000,000 Mylan 144A 15.07.20/7.875% 1,090,000 0.192,005,000 Nationwide Financial Services 144A 25.03.21/5.375% 2,038,443 0.351,900,000 NBC Universal Media 144A 01.04.14/2.100% 1,926,172 0.331,440,000 NBC Universal Media 144A 01.04.21/4.375% 1,425,744 0.24

670,000 News America 15.11.37/6.650% 712,280 0.121,000,000 Oglethorpe Power 01.11.40/5.375% 970,212 0.172,900,000 Oncor Electric Delivery 30.09.17/5.000% 3,154,365 0.541,865,000 Oracle 144A 15.07.40/5.375% 1,876,749 0.32

500,000 Qwest CommunicationsInternational 01.04.18/7.125% 539,375 0.09

300,000 Reynolds Group Issuer 15.10.16/7.750% 448,079 0.081,000,000 Reynolds Group Issuer 144A 15.04.19/7.125% 987,500 0.171,500,000 Roche Holdings 144A 01.03.19/6.000% 1,732,980 0.30

900,000 Roche Holdings 144A 01.03.39/7.000% 1,089,986 0.193,375,000 Rockies Express Pipeline 144A 15.04.15/3.900% 3,435,487 0.591,665,000 State of Illinois 01.03.19/5.877% 1,713,069 0.291,013,000 US Treasury (i) 21.07.11/0.000% 1,012,230 0.17

550,000 US Treasury (i) 10.11.11/0.000% 549,801 0.0960,000 US Treasury (i) 15.02.12/1.375% 60,462 0.01

800,000 US Treasury 15.09.13/0.750% 804,094 0.142,645,000 US Treasury 31.05.16/1.750% 2,654,919 0.45

205,000 US Treasury (i) 15.08.20/2.625% 198,770 0.0350,000 US Treasury 15.05.21/3.125% 49,965 0.01

225,000 US Treasury (i) 15.05.40/4.375% 224,227 0.04250,000 US Treasury 15.02.41/4.750% 265,059 0.05

1,000,000 Valeant PharmaceuticalsInternational 144A 15.07.22/7.250% 965,000 0.16

5,025,000 Wells Fargo & Co. 15.06.16/3.676% 5,196,729 0.891,000,000 Windstream 01.09.18/8.125% 1,064,625 0.181,000,000 Xerox 16.05.14/1.081%* 1,007,663 0.17

72,644,779 12.41

FRANCE3,000,000 BNP Paribas 23.02.16/3.600% 3,037,905 0.523,100,000 BPCE 144A 04.10.13/2.375% 3,153,190 0.54

745,000 RCI Banque 144A 12.04.16/4.600% 764,030 0.132,780,000 Société Générale 144A 15.04.21/5.200% 2,724,845 0.46

9,679,970 1.65

95

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

CAYMAN ISLANDS6,050,000 Hutchison Whampoa

International 03/13 144A 13.02.13/6.500% 6,522,354 1.11

6,522,354 1.11

SWEDEN5,295,000 Svenska Handelsbanken 144A 10.06.14/4.875% 5,733,161 0.98

5,733,161 0.98

UNITED KINGDOM3,300,000 Anglo American Capital 144A 08.04.14/9.375% 3,964,257 0.681,635,000 PPL WEM Holdings 144A 01.05.21/5.375% 1,697,014 0.29

5,661,271 0.97

NETHERLANDS4,550,000 ING Bank 144A 18.10.13/2.000% 4,536,810 0.77

4,536,810 0.77

CANADA3,480,000 Barrick Gold 144A 30.05.16/2.900% 3,498,322 0.60

400,000 Videotron Ltee 15.12.15/6.375% 414,000 0.07

3,912,322 0.67

ITALY3,290,000 Intesa Sanpaolo 144A 24.02.21/6.500% 3,418,804 0.59

3,418,804 0.59

NETHERLANDS ANTILLES2,000,000 Teva Pharmaceutical Finance II 15.06.15/3.000% 2,061,830 0.35

2,061,830 0.35

BELGIUM1,485,000 Delhaize Group 01.10.40/5.700% 1,388,579 0.24

1,388,579 0.24

IRELAND1,000,000 Ardagh Packaging Finance 144A 15.10.17/7.375% 1,030,000 0.17

1,030,000 0.17

LUXEMBOURG400,000 Intelsat Jackson Holdings 144A 15.10.20/7.250% 396,600 0.07

396,600 0.07

Total Bonds 116,986,480 19.98

Investment Funds

LUXEMBOURG1,633 JPMorgan Liquidity Funds - US Dollar Liquidity Fund

(JPM US Dollar Liquidity X (acc)) 23,008,897 3.93

23,008,897 3.93



139,995,377 23.91


Bonds

UNITED STATES OF AMERICA867,125 CVS Pass Through Trust 144A 10.01.32/7.507% 1,032,770 0.17

1,032,770 0.17

Total Bonds 1,032,770 0.17



Cash 34,327,454 5.86



* Variable coupon rates are those quoted as at 30 June 2011.(i) Security partially or totally held as collateral against futures positions by the broker.


Fixed Income SecuritiesUnited States of America 50.58United Kingdom 10.04France 6.05Netherlands 4.61Canada 2.69Germany 2.46Sweden 1.94Spain 1.90Cayman Islands 1.83Jersey 1.07Mexico 0.99Italy 0.88Luxembourg 0.82Denmark 0.49Finland 0.45Netherlands Antilles 0.35Australia 0.26Ireland 0.25Belgium 0.24Norway 0.23Bermuda 0.16Isle of Man 0.15Total Fixed Income Securities 88.44Investment FundsLuxembourg 3.93Total Investment Funds 3.93Cash and Other Assets/(Liabilities) 7.63

Total 100.00


Fixed Income SecuritiesUnited States of America 52.62United Kingdom 11.77Netherlands 5.75France 4.34Canada 3.92Sweden 2.21Mexico 1.95Cayman Islands 1.62Spain 1.41Jersey 1.34Germany 1.13Luxembourg 1.11Australia 1.07Ireland 0.95Bermuda 0.70Italy 0.61Denmark 0.58Isle of Man 0.57British Virgin Islands 0.44Netherlands Antilles 0.42Belgium 0.37Norway 0.27Liberia 0.08Total Fixed Income Securities 95.23Investment FundsLuxembourg 0.57Total Investment Funds 0.57Cash and Other Assets/(Liabilities) 4.20

Total 100.00

96

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

As at 30 June 2011

ExpirationDate


NotionalValue


Bond Futures

Sep-11 114 Canada 10 Year Bond Future CAD 14,671,730 10,034Sep-11 56 Euro-Bobl Future EUR 9,468,837 19,533Sep-11 18 Euro-Bund Future EUR 3,276,905 (441)Sep-11 484 Euro-Schatz Future EUR 75,379,396 (26,052)Sep-11 9 Japan 10 Year Bond Future JPY 15,749,860 (33,501)Sep-11 (38) Long Gilt Future GBP (7,340,706) (5,686)Sep-11 (6) Short Gilt Future GBP (1,032,258) (192)Sep-11 (52) US 2 Year Note Future USD (11,409,523) (26,305)Sep-11 (128) US 5 Year Note Future USD (15,291,516) (48,203)Sep-11 (418) US 10 Year Note Future USD (51,267,063) (218,469)Sep-11 18 US Long Bond Future USD 2,217,140 (46,797)

Total (376,079)

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)



AmountSold


14-Jul-11 EUR 209,633,949 USD 303,503,342 (284,248)14-Jul-11 GBP 69,989,479 USD 114,496,766 (2,503,382)14-Jul-11 SEK 517,376,706 USD 82,872,999 (1,153,405)14-Jul-11 USD 2,207,381 EUR 1,527,265 (1,688)14-Jul-11 USD 730,233 GBP 452,715 5,82214-Jul-11 USD 750,185 SEK 4,769,323 (3,129)15-Aug-11 EUR 1,917,853 USD 2,743,338 27,94815-Aug-11 GBP 1,714,740 USD 2,741,925 77815-Aug-11 SEK 492,236 USD 77,253 34315-Aug-11 USD 275,676 CAD 270,919 (4,540)15-Aug-11 USD 108,966,523 EUR 75,465,698 (80,903)15-Aug-11 USD 66,040,755 GBP 40,450,029 1,341,47915-Aug-11 USD 223,199 JPY 17,887,231 1,208

Total (2,653,717)

97


Shares

UNITED STATES OF AMERICA61,957 Abbott Laboratories 3,256,150 1.1358,624 American Express 2,986,013 1.0458,126 Anadarko Petroleum 4,450,708 1.5429,943 Apache 3,669,964 1.2726,034 Apple 8,686,244 3.01

242,690 Bank of America 2,658,669 0.9239,700 Celgene 2,408,996 0.8365,305 Chevron 6,664,702 2.31

175,092 Cisco Systems 2,707,798 0.9487,247 Citigroup 3,607,663 1.25

176,329 Comcast - A Shares 4,454,952 1.5579,477 Dow Chemical 2,815,473 0.98

7,427 Google - A Shares 3,741,834 1.3084,466 Guess? 3,600,363 1.2594,821 Hartford Financial Services Group 2,484,784 0.86

100,313 Hewlett-Packard 3,667,443 1.27105,673 Merck & Co. 3,715,991 1.29161,326 News - B Shares 2,922,420 1.0187,544 Norfolk Southern 6,581,996 2.2844,807 Occidental Petroleum 4,680,987 1.6269,507 Prudential Financial 4,395,275 1.5242,512 United Technologies 3,727,027 1.29

136,268 Veeco Instruments 6,559,942 2.2826,379 VF 2,867,397 0.9989,851 Virgin Media 2,762,469 0.96

130,965 Wells Fargo & Co. 3,665,056 1.27

103,740,316 35.96

UNITED KINGDOM415,266 Aviva 2,894,297 1.00832,469 Barclays 3,360,685 1.17135,038 BG Group 3,049,920 1.06108,596 BHP Billiton 4,240,213 1.47

64,731 British American Tobacco 2,812,618 0.98139,939 GlaxoSmithKline 2,976,967 1.03263,405 Prudential 3,002,514 1.04177,859 Unilever 5,691,488 1.97

2,158,403 Vodafone Group 5,689,246 1.97193,692 Xstrata 4,226,641 1.46

37,944,589 13.15

GERMANY63,936 Bayer Registered Shares 5,111,408 1.77

419,394 Commerzbank 1,796,432 0.6349,414 Rheinmetall 4,363,676 1.5187,240 ThyssenKrupp 4,507,115 1.5636,670 Volkswagen Preference Shares 7,476,915 2.59

23,255,546 8.06

FRANCE165,532 AXA 3,723,027 1.2937,884 BNP Paribas 2,896,839 1.0019,004 PPR 3,373,751 1.1783,814 Sanofi-Aventis 6,662,370 2.3197,892 Total 5,598,833 1.94

22,254,820 7.71

JAPAN216,700 Komatsu 6,711,126 2.33165,800 Mitsubishi 4,116,456 1.4356,700 Omron 1,564,623 0.5414,900 SMC 2,667,746 0.92

15,059,951 5.22

NETHERLANDS389,425 Koninklijke KPN 5,603,125 1.94201,234 Royal Dutch Shell - B Shares 7,090,844 2.46

12,693,969 4.40

INDIA64,048 Axis Bank 1,840,968 0.64198,431 Federal Bank 2,001,627 0.70583,745 Infrastructure Development Finance 1,707,869 0.59285,378 Yes Bank 1,992,984 0.69

7,543,448 2.62

BELGIUM73,771 Anheuser-Busch InBev 4,238,203 1.4719,783 Solvay 3,046,922 1.06

7,285,125 2.53

SWITZERLAND73,419 Nestlé Registered Shares 4,538,035 1.5736,524 Novartis Registered Shares 2,207,697 0.77

6,745,732 2.34

CHINA1,288,883 China Merchants Bank - H Shares * 3,118,572 1.081,797,000 Industrial & Commercial Bank of China - H Shares * 1,363,515 0.47

4,482,087 1.55

SINGAPORE102,329 Avago Technologies 3,901,293 1.35

3,901,293 1.35

CANADA23,175 First Quantum Minerals 3,333,821 1.16

3,333,821 1.16

TAIWAN263,498 Taiwan Semiconductor Manufacturing ADR 3,297,677 1.14

3,297,677 1.14

ISRAEL61,982 Teva Pharmaceutical Industries ADR 2,969,868 1.03

2,969,868 1.03


2,833,207 0.98

DENMARK25,149 Carlsberg - B Shares 2,715,930 0.94

2,715,930 0.94

CAYMAN ISLANDS908,000 Agile Property Holdings 1,405,934 0.49

1,289,000 International Mining Machinery Holdings 1,238,101 0.43109,762 Longtop Financial Technologies ADR 11 0.00

2,644,046 0.92

INDONESIA3,384,500 Bank Rakyat Indonesia Persero 2,574,627 0.89

2,574,627 0.89

BERMUDA884,000 Ports Design 2,088,940 0.73

2,088,940 0.73

AUSTRIA49,624 RHI 1,480,485 0.51

1,480,485 0.51

JERSEY3,996,000 West China Cement 1,437,724 0.50

1,437,724 0.50

SOUTH AFRICA25,195 Naspers - N Shares 1,416,333 0.49

1,416,333 0.49

ITALY75,785 Fiat Industrial 974,236 0.34

974,236 0.34

Total Shares 272,673,770 94.52


272,673,770 94.52

98

JPMorgan Funds - Global Equity Fund (USD)Schedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Investment Funds



8,101,729 2.81



8,101,729 2.81


Cash 11,295,366 3.92





SharesFinancials 18.54Energy 12.20Information Technology 11.83Consumer Discretionary 11.04Materials 9.96Industrials 9.78Health Care 9.37Consumer Staples 6.93Telecommunication Services 4.87Investment Companies 2.81Total Shares 97.33Cash and Other Assets/(Liabilities) 2.67

Total 100.00


SharesFinancials 16.55Information Technology 14.20Industrials 12.24Energy 10.67Consumer Discretionary 10.56Health Care 10.18Materials 9.64Consumer Staples 5.71Telecommunication Services 5.32Investment Companies 2.92Total Shares 97.99Cash and Other Assets/(Liabilities) 2.01

Total 100.00

99

JPMorgan Funds - Global Equity Fund (USD)Schedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Global Equity Fund (USD)Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2011



AmountSold


27-Jul-11 EUR 296,745 GBP 261,995 9,88127-Jul-11 EUR 372,582 JPY 42,803,075 7,53627-Jul-11 EUR 43,777,701 USD 62,424,041 870,99427-Jul-11 GBP 1,228,972 EUR 1,367,728 (11,290)27-Jul-11 HKD 3,621,678 EUR 325,837 (5,658)27-Jul-11 JPY 28,903,073 EUR 247,606 67027-Jul-11 SEK 4,654,318 EUR 506,212 2,67427-Jul-11 USD 794,007 CAD 773,340 (6,278)27-Jul-11 USD 2,146,860 CHF 1,806,111 2,81027-Jul-11 USD 560,132 DKK 2,931,093 (8,078)27-Jul-11 USD 874,485 EUR 611,096 (9,054)27-Jul-11 USD 14,290,928 GBP 8,923,938 13,68027-Jul-11 USD 2,391,678 HKD 18,625,405 (1,998)27-Jul-11 USD 4,291,835 JPY 345,704,340 1,90627-Jul-11 USD 725,458 SEK 4,663,358 (10,537)27-Jul-11 USD 1,214,840 SGD 1,498,371 (5,371)

Total 851,887

100


Shares

UNITED STATES OF AMERICA368,783 Adobe Systems 7,953,744 0.51545,256 Aflac 17,472,990 1.11206,192 Amazon.com 28,718,099 1.83430,378 American Express 15,151,055 0.97240,739 Biogen Idec 18,153,803 1.16644,917 Broadcom - A Shares 14,771,780 0.94960,527 CBS Non Voting - B Shares 19,149,464 1.22775,317 Citigroup 22,158,039 1.41

264,582 DaVita 15,843,650 1.01419,475 Dendreon 11,765,073 0.75474,611 Fluor 21,144,850 1.35382,037 Kansas City Southern 15,490,342 0.99

1,238,353 Lowe’s 20,006,567 1.28557,114 MetLife 16,794,089 1.07

479,935 Paccar 16,711,564 1.07214,042 Rock-Tenn - A Shares 9,736,444 0.62

4,147,646 Sprint Nextel 15,064,368 0.96485,029 Sysco 10,442,447 0.67297,623 Union Pacific 21,551,621 1.37416,837 Walt Disney 11,133,612 0.71

1,421,550 Wells Fargo & Co. 27,495,648 1.75

356,709,249 22.75

UNITED KINGDOM1,604,253 Afren 2,760,247 0.18

2,490,446 Associated British Foods 29,544,693 1.881,253,757 BG Group 19,571,422 1.253,024,518 Cairn Energy 13,572,699 0.865,472,275 Centrica 19,505,895 1.251,837,626 Cookson Group 13,547,599 0.862,561,997 Homeserve 14,226,150 0.911,279,643 Intercontinental Hotels Group 18,039,883 1.15

25,521,547 Lloyds Banking Group 13,711,348 0.885,337,689 Man Group 13,768,507 0.881,597,946 Petropavlovsk 12,885,304 0.82

22,632,076 Taylor Wimpey 9,460,331 0.60943,479 Tullow Oil 12,909,428 0.82

193,503,506 12.34

JAPAN711,700 Daikin Industries 17,318,140 1.10

948,600 FUJIFILM Holdings 20,349,420 1.298,603 Japan Tobacco 22,833,842 1.46

831,100 JS Group 14,710,634 0.943,746,000 JX Holdings 17,315,098 1.10

3,596 KDDI 17,824,442 1.143,143,000 Marubeni 14,352,660 0.921,792,000 Mitsubishi Electric 14,276,513 0.91

14,410,000 Nippon Sheet Glass 30,832,089 1.97321,700 ORIX 21,491,015 1.37

191,303,853 12.20

GERMANY365,239 Bayer Registered Shares 20,181,281 1.29

8,121,027 Commerzbank 24,042,300 1.53213,428 Continental 15,370,017 0.98118,813 Hamburger Hafen und Logistik Registered Shares 3,542,410 0.23

266,029 Lanxess 14,965,461 0.95407,521 Porsche Automobil Holding Preference Shares 22,230,271 1.42110,689 Volkswagen Preference Shares 15,598,847 0.99

115,930,587 7.39

FRANCE390,434 Bouygues 11,750,111 0.75407,103 Lafarge 17,794,472 1.14289,025 Pernod-Ricard 19,675,377 1.25123,759 Schneider Electric 14,188,969 0.90340,179 Sodexho 18,305,032 1.17

81,713,961 5.21

CANADA239,330 First Quantum Minerals 23,795,574 1.52735,412 InterOil 29,455,110 1.88

1,011,544 Kinross Gold 10,884,851 0.69

64,135,535 4.09

BELGIUM445,375 Anheuser-Busch InBev 17,684,728 1.13886,028 KBC Groep 23,654,733 1.51

213,111 Solvay 22,685,666 1.45

64,025,127 4.09

FINLAND733,743 Nokian Renkaat 25,031,642 1.60

2,583,033 Ruukki Group 4,132,853 0.261,710,282 Stora Enso - R Shares 12,301,203 0.78

1,030,368 UPM-Kymmene 12,936,270 0.83

54,401,968 3.47

NETHERLANDS496,986 AerCap Holdings 4,492,917 0.291,611,391 Koninklijke KPN 16,024,478 1.02

1,167,980 Royal Dutch Shell - A Shares 28,343,955 1.81

48,861,350 3.12

JERSEY1,892,368 Experian 16,536,277 1.051,913,579 Glencore International 10,351,534 0.66728,805 Shire 15,619,175 1.00

42,506,986 2.71

INDIA793,737 Larsen & Toubro 22,495,653 1.43

3,974,542 Yes Bank 19,184,347 1.23

41,680,000 2.66

SWITZERLAND345,754 ACE 15,729,017 1.00402,801 Crédit Suisse Group Registered Shares 10,818,718 0.69118,471 Kuehne & Nagel International Registered Shares 12,377,063 0.79

38,924,798 2.48

ITALY4,912,561 Enel 21,880,547 1.39

2,889,588 Snam Rete Gas 11,702,831 0.75

33,583,378 2.14

SOUTH KOREA204,254 POSCO ADR 15,262,758 0.97

26,055 Samsung Electronics 13,921,787 0.89

29,184,545 1.86

DENMARK340,841 Carlsberg - B Shares 25,440,532 1.62

25,440,532 1.62

AUSTRIA498,227 Erste Group Bank 17,593,641 1.12236,357 Intercell 694,181 0.0594,977 Schoeller-Bleckmann Oilfield Equipment 5,648,757 0.36

23,936,579 1.53

ISRAEL613,081 Teva Pharmaceutical Industries ADR 20,303,264 1.29

20,303,264 1.29

BERMUDA1,324,329 Cosan - A Shares 11,262,998 0.72

12,499,000 Huabao International Holdings 7,864,727 0.50

19,127,725 1.22

GUERNSEY5,762,216 Resolution 18,442,427 1.18

18,442,427 1.18

TAIWAN7,779,728 Hon Hai Precision Industry 18,419,421 1.17

18,419,421 1.17


17,953,361 1.14

101

JPMorgan Funds - Global Focus FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

NORWAY1,568,456 Telenor 17,586,281 1.12

17,586,281 1.12

SWEDEN1,597,993 Telefonaktiebolaget LM Ericsson - B Shares 15,899,128 1.01

15,899,128 1.01

CHINA4,427,520 ZTE - H Shares * 11,088,637 0.71

11,088,637 0.71

SOUTH AFRICA2,119,363 African Bank Investments 7,400,256 0.47

7,400,256 0.47


5,825,853 0.37

Total Shares 1,557,888,307 99.34


1,557,888,307 99.34


Investment Funds


(JPMEuro Liquidity X (dist)) 27,894,023 1.78

27,894,023 1.78



27,894,023 1.78


Cash 1,398,474 0.09


Total Net Assets 1,568,207,372 100.00



SharesFinancials 18.17Industrials 16.70Consumer Discretionary 14.43Materials 13.42Consumer Staples 8.73Energy 8.63Health Care 6.40Information Technology 5.23Telecommunication Services 4.24Utilities 3.39Investment Companies 1.78Total Shares 101.12Cash and Other Assets/(Liabilities) (1.12)

Total 100.00


SharesFinancials 16.54Consumer Discretionary 13.38Industrials 12.34Materials 10.85Consumer Staples 10.75Energy 7.21Information Technology 7.17Health Care 3.74Telecommunication Services 3.30Investment Companies 2.97Utilities 2.35Total Shares 90.60Cash and Other Assets/(Liabilities) 9.40

Total 100.00

102

JPMorgan Funds - Global Focus FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Global Focus FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)

As at 30 June 2011



AmountSold


05-Jul-11 CHF 6,136,279 EUR 5,001,165 33,11605-Jul-11 CHF 62,988 GBP 46,187 58605-Jul-11 CHF 39,587 JPY 3,815,063 (241)05-Jul-11 CHF 121,253 USD 144,152 (160)05-Jul-11 EUR 195,374 AUD 264,857 (1,011)05-Jul-11 EUR 272,021 CAD 380,667 (416)05-Jul-11 EUR 202,454 CHF 246,275 40705-Jul-11 EUR 495,434 GBP 431,954 17,62905-Jul-11 EUR 76,032 HKD 850,899 45705-Jul-11 EUR 484,733 JPY 56,889,725 (3,170)05-Jul-11 EUR 46,849 NOK 363,676 10605-Jul-11 EUR 90,788 SEK 808,658 2,45705-Jul-11 EUR 32,025 SGD 56,842 3105-Jul-11 EUR 2,337,610 USD 3,360,876 14,58105-Jul-11 GBP 35,026 CHF 47,844 (508)05-Jul-11 HKD 381,485 CHF 41,471 (141)05-Jul-11 JPY 3,907,236 CHF 41,151 (251)05-Jul-11 NOK 225,966 CHF 34,498 74105-Jul-11 USD 226,915 CHF 195,184 (3,289)08-Jul-11 AUD 80,233,959 EUR 57,837,531 1,635,06808-Jul-11 CAD 61,679,242 EUR 45,070,000 (928,441)08-Jul-11 CHF 48,518,728 EUR 37,175,683 2,632,05108-Jul-11 DKK 50,333,300 EUR 6,748,810 (1,012)08-Jul-11 EUR 14,894,690 CHF 18,841,138 (563,733)08-Jul-11 EUR 29,644,569 DKK 221,025,071 13,43908-Jul-11 EUR 142,685,692 GBP 124,300,704 5,188,24808-Jul-11 EUR 44,113,146 HKD 486,854,735 868,12308-Jul-11 EUR 55,326,481 JPY 6,522,724,924 (618,355)08-Jul-11 EUR 15,445,808 NOK 121,328,629 (146,705)08-Jul-11 EUR 146,126,297 USD 208,364,394 2,096,79108-Jul-11 EUR 11,090,390 ZAR 108,770,216 4,77808-Jul-11 GBP 28,361,297 EUR 32,281,668 (909,312)08-Jul-11 HKD 550,782,440 EUR 49,646,532 (723,111)08-Jul-11 JPY 1,555,058,991 EUR 12,773,450 564,15308-Jul-11 NOK 53,470,554 EUR 6,837,551 34,20108-Jul-11 SEK 213,554,410 EUR 23,669,599 (345,106)08-Jul-11 SGD 21,320,291 EUR 11,974,725 26,42108-Jul-11 USD 547,866,105 EUR 385,286,632 (6,580,449)08-Jul-11 ZAR 77,645,900 EUR 7,964,474 (50,982)08-Jul-11 ZAR 31,124,316 USD 4,536,644 36,21611-Jul-11 EUR 5,363,425 AUD 7,371,111 (98,634)11-Jul-11 EUR 6,859,908 CAD 9,798,714 (152,696)11-Jul-11 EUR 5,922,428 CHF 7,238,191 (16,810)11-Jul-11 EUR 608,359 DKK 4,535,368 33011-Jul-11 EUR 15,443,192 GBP 13,768,362 212,40411-Jul-11 EUR 1,728,289 HKD 19,707,440 (22,408)11-Jul-11 EUR 14,641,451 JPY 1,717,548,053 (91,244)11-Jul-11 EUR 1,228,951 NOK 9,646,826 (10,677)11-Jul-11 EUR 2,591,167 SEK 23,376,810 38,18611-Jul-11 EUR 931,736 SGD 1,678,197 (12,999)11-Jul-11 EUR 65,061,274 USD 95,279,595 (805,117)11-Jul-11 GBP 2,345,723 EUR 2,633,283 (38,406)11-Jul-11 JPY 176,208,690 EUR 1,520,540 (9,066)11-Jul-11 NOK 6,022,330 EUR 765,236 8,64011-Jul-11 USD 9,122,382 EUR 6,347,012 (40,747)03-Aug-11 CHF 45,692 JPY 4,424,431 (458)03-Aug-11 JPY 3,155,205 CHF 32,518 38103-Aug-11 USD 33,578 CHF 28,039 20107-Oct-11 EUR 16,157,329 SEK 148,843,515 (55,511)07-Oct-11 EUR 21,965,240 USD 31,491,651 138,17907-Oct-11 GBP 7,451,735 EUR 8,316,000 (60,197)07-Oct-11 HKD 44,712,237 EUR 4,007,805 (23,087)07-Oct-11 USD 13,164,395 EUR 9,192,070 (67,745)

Total 1,185,726

103


Shares and Warrants

CANADA3,966,204 Afferro Mining 3,465,829 0.113,109,529 Alacer Gold 18,231,962 0.601,378,961 Alamos Gold 15,746,465 0.51

12,470,400 Alange Energy 1,896,591 0.062,680,000 Allana Potash 3,020,992 0.105,540,000 Anvil Mining 24,166,722 0.794,690,000 AQM Copper 2,198,611 0.071,900,000 AQM Copper - Warrants 17.03.14 0 0.003,978,500 Augusta Resource 12,366,514 0.404,694,945 Aureus Mining 3,440,499 0.114,500,000 B2Gold 10,418,881 0.347,700,000 Baja Mining 5,758,923 0.191,375,000 Bankers Petroleum 6,745,970 0.22

125,000 Banro - Warrants 17.09.11 131,320 0.017,030,000 Banro CAD 17,886,658 0.58

675,600 Banro USD 1,713,690 0.061,085,000 Barrick Gold CAD 33,775,621 1.10

65,100 Barrick Gold USD 2,026,543 0.071,850,783 Brazilian Gold 1,443,831 0.05

4,254,900 Calvalley Petroleums - A Shares 7,019,312 0.233,125,000 Canacol Energy 2,359,591 0.081,430,000 Canadian Natural Resources 41,537,070 1.359,400,000 Canadian Overseas Petroleum 3,145,167 0.104,700,000 Canadian Overseas Petroleum -

Warrants 01.12.13 0 0.002,060,000 Centerra Gold 23,648,623 0.771,040,000 Detour Gold 20,688,752 0.673,275,000 Duluth Metals 5,414,490 0.18

22,900,000 Eastern Platinum 12,865,877 0.421,770,000 Eldorado Gold 17,893,529 0.583,500,000 European Goldfields 25,106,321 0.821,672,600 Exeter Resource 4,854,195 0.162,007,600 Extorre Gold Mines 17,407,439 0.57

432,500 First Quantum Minerals 43,001,654 1.4010,583,100 Global Alumina 9,724,438 0.322,285,000 Global Atomic 3,679,620 0.12

480,000 Goldcorp 15,924,731 0.528,050,000 Great Basin Gold 11,090,749 0.362,350,000 Hana Mining 2,531,271 0.08

585,000 Harry Winston Diamond 6,533,621 0.212,256,000 HudBay Minerals 23,113,447 0.75

990,000 IAMGold CAD 12,934,549 0.42353,000 IAMGold USD 4,611,190 0.15358,000 Inmet Mining 17,722,912 0.58

9,680,300 Ithaca Energy 14,155,540 0.461,955,900 Keegan Resources 10,323,880 0.34

6,485,000 Kinross Gold 69,782,686 2.27214,500 Kinross Gold - Warrants 17.09.14 365,375 0.01

1,990,000 Kirkland Lake Gold 21,264,107 0.691,800,000 Lake Shore Gold 3,587,831 0.122,212,500 Levon Resources 2,794,874 0.09

10,275,000 Lucara Diamond 8,567,262 0.286,020,000 Lundin Mining 31,258,503 1.021,303,341 Lundin Mining SDR 6,768,875 0.222,130,000 Mercator Minerals 4,291,334 0.141,240,600 Mirasol Resources 3,804,669 0.12

70,000 Mirasol Resources - Warrants 06.12.11 14,278 0.002,485,000 Mountain Province Diamonds 9,212,774 0.305,827,800 Nevsun Resources 24,045,744 0.781,939,000 NGEx Resources 4,038,360 0.13

338,000 Niko Resources 14,726,175 0.482,750,000 Northern Star - Warrants 14.08.12 0 0.00

500,000 Northern Star - Warrants 18.12.12 0 0.006,500,000 Northern Star Mining 466 0.005,403,000 OceanaGold 10,259,161 0.333,420,000 Orezone Gold 8,089,689 0.262,325,000 Osisko Mining 24,635,742 0.803,100,000 Pacific Rubiales Energy 58,784,102 1.92

760,000 Pan American Silver 16,149,462 0.53155,480 Pan American Silver - Warrants 07.12.14 0 0.00

1,799,484 Parex Resources 9,865,317 0.32511,500 Petrobank Energy & Resources 5,031,815 0.17

1,580,000 Petrominerales 32,086,861 1.056,850,000 Platinum Group Metals 8,407,928 0.271,160,700 Rainy River Resources 7,846,143 0.26

275,000 Rainy River Resources -Warrants 25.02.12 461,541 0.02

1,750,000 Redox Diamonds 125 0.006,640,000 Rio Alto Mining 9,813,466 0.325,000,000 Rockgate Capital 3,990,057 0.138,510,000 Romarco Minerals 10,506,376 0.34

2,225,000 Rubicon Minerals 5,740,762 0.1912,864,300 Rusoro Mining 1,933,480 0.065,904,300 Scorpio Mining 5,303,303 0.17

14,017,600 Sea Dragon Energy 1,404,546 0.055,875,000 SEMAFO 30,715,838 1.001,690,000 Silver Wheaton 38,880,730 1.272,550,000 Stans Energy 2,701,072 0.091,275,000 Stans Energy - Warrants 28.04.13 0 0.001,201,275 Stornoway Diamond 1,676,530 0.06622,256 Teck Cominco - B Shares 21,851,194 0.71

2,001,295 Teranga Gold AUD 3,569,958 0.122,299,956 Teranga Gold CAD 4,106,997 0.131,575,000 Thompson Creek Metals 10,782,012 0.35

2,600,000 Tsar Emerald 180 0.005,372,300 Victoria Gold 2,345,440 0.08

426,000 Victoria Gold - Warrants 13.03.12 18,293 0.002,652,000 Yamana Gold 21,286,638 0.69

1,084,491,661 35.35

UNITED KINGDOM12,175,000 Afren 20,948,071 0.68

3,281,410 Allied Gold Mining AUD 7,252,933 0.241,450,103 Allied Gold Mining GBP 3,272,156 0.11

6,500,000 Amerisur Resources 1,734,186 0.061,937,435 Anglo American 65,904,127 2.151,437,000 Antofagasta 22,078,220 0.721,555,221 Archipelago Metals 172 0.00

11,050,000 Archipelago Resources 7,547,520 0.256,000,000 Avocet Mining 14,161,524 0.461,085,000 BHP Billiton 29,280,609 0.957,399,200 Borders & Southern Petroleum 4,164,251 0.143,945,104 Botswana Diamonds 218,189 0.017,790,000 BowLeven 28,661,830 0.931,276,006 Cadogan Petroleum 543,399 0.026,679,500 Caledon Resources 8,192,232 0.276,432,168 Cluff Gold 6,225,446 0.204,074,763 Cove Energy 4,355,313 0.144,863,966 Equatorial Palm Oil 961,435 0.031,495,000 Equatorial Palm Oil - Warrants 26.02.12 6,284 0.00

695,000 Equatorial Palm Oil - Warrants 26.02.13 2,921 0.001,020,000 Eurasian Natural Resources 8,735,473 0.285,099,000 Ferrexpo 26,415,606 0.8613,864,676 Firestone Diamonds 4,659,105 0.152,015,000 Hummingbird Resources 2,763,769 0.09

146,649 Jordan Energy and Mining 1,520,362 0.0510,383,687 Jubilee Platinum GBP 2,498,135 0.08

500,000 Jubilee Platinum ZAR 124,177 0.006,600,000 Kalahari Minerals 17,010,023 0.55

875,000 Kazakhmys 13,303,253 0.4326,290,350 Mwana Africa 1,323,161 0.04

1,010,000 New World Resources - A Shares 10,303,270 0.341,149,900 Norseman Gold AUD 217,489 0.017,831,991 Norseman Gold GBP 1,407,766 0.05690,000 Ophir Energy 1,144,842 0.04

2,589,696 Petropavlovsk 20,882,446 0.682,500,000 Premier Oil 12,326,404 0.40

592,600 R.E.A. Holdings 4,599,908 0.1554,660 REA Holdings Preference Shares 64,693 0.00

1,493,500 Rio Tinto 73,770,099 2.411,598,775 Rockhopper Exploration 4,777,110 0.16

4,619,200 Target Resources 511 0.009,166,000 Trap Oil Group 4,207,586 0.141,785,000 Valiant Petroleum 11,762,708 0.38

505,000 Vedanta Resources 11,509,834 0.372,100,000 Volga Gas 2,674,317 0.094,872,000 Xstrata 73,479,716 2.401,686,166 ZincOx Resources 1,305,580 0.04

538,298,161 17.55

AUSTRALIA19,100,000 Adamus Resources 7,933,381 0.269,730,000 Aditya Birla Minerals 11,005,749 0.36

23,650,000 African Iron 4,166,119 0.148,221,000 African Petroleum 5,030,550 0.16

275,000 Altus Renewables 20 0.006,053,700 Alumina 9,496,601 0.311,889,000 Aquila Resources 10,228,024 0.335,155,033 Arafura Resources 2,781,643 0.09

15,285,000 Aurora Oil and Gas 39,509,828 1.292,727,046 Ausgold 3,064,376 0.10

11,206,564 Azumah Resources 4,509,300 0.1517,701,859 Bathurst Resources 13,490,797 0.44

15,652 Berkeley Resources - Warrants 15.05.13 0 0.001,859,009 Berkeley Resources AUD 568,777 0.02

104

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (Market Value Expressed in EUR)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

2,310,687 Berkeley Resources GBP 690,097 0.02695,000 BHP Billiton 22,568,229 0.74

4,000,000 Blackthorn Resources 1,349,921 0.0413,853,900 Cape Lambert Resources 4,598,350 0.15

6,382,712 Carrick Gold 2,485,430 0.0869,076,675 Castlemaine Goldfields 2,151,878 0.076,870,000 Centamin Egypt 9,590,056 0.318,234,000 CGA Mining 17,237,370 0.565,430,000 Coal of Africa GBP 4,474,671 0.155,026,000 Diamonex AUD 373 0.00

619,000 Diamonex GBP 68 0.003,850,000 Discovery Metals 3,433,861 0.11

11,700,000 Exco Resources 5,662,436 0.187,050,000 Fortescue Metals Group 33,152,424 1.08

26,793,000 Gindalbie Metals 16,544,075 0.542,800,000 Gryphon Minerals 3,727,858 0.122,150,000 Iluka Resources 26,718,976 0.872,092,625 Independence Group 8,792,821 0.29

28,000,000 Integra Mining 9,137,926 0.3015,331,200 International Ferro Metals 2,755,717 0.09

12,000,000 International Petroleum 2,625,670 0.0916,426,700 Kagara Zinc 7,005,757 0.23

630,300 Kingsgate Consolidated 3,735,347 0.1222,850,000 Lynas 34,828,514 1.14

6,510,000 Mawson West 5,591,090 0.181,425,000 Medusa Mining 6,965,258 0.231,041,665 Mineral Deposits AUD 4,330,525 0.14

366,130 Mineral Deposits CAD 1,549,974 0.056,085,000 Mirabela Nickel AUD 7,943,468 0.262,704,218 Mirabela Nickel CAD 3,570,856 0.129,098,100 Mount Gibson Iron 12,382,938 0.409,796,700 Murchison Metals 5,558,763 0.182,251,300 New Hope 8,641,331 0.281,330,300 Newcrest Mining 37,198,708 1.21

19,380,742 Nyota Minerals 2,465,320 0.082,507,000 PanAust 6,982,343 0.235,805,000 Perseus Mining 11,176,061 0.368,606,027 Pluton Resources 1,803,259 0.06

28,504,139 Red 5 2,484,178 0.084,036,010 Rex Minerals 6,885,207 0.22

14,019,475 Rialto Energy 4,601,315 0.15702,600 Rio Tinto 43,185,942 1.41

3,343,992 Robust Resources 3,701,830 0.125,645,000 Saracen Mineral Holdings 2,240,034 0.074,100,000 St Barbara 5,930,009 0.19

43,532,600 Sundance Resources/Australia 10,897,460 0.367,464,641 Swan Gold Mining 554 0.004,749,900 Terramin Australia 942,421 0.034,750,000 Tiger Resources 1,620,647 0.05

690,000 Western Areas 3,029,756 0.105,338,018 Windimurra Vanadium 396 0.00

536,732,633 17.49

UNITED STATES OF AMERICA1,085,000 Arcelor Mittal Registered - NY Shares 25,995,456 0.851,050,000 Coeur d’Alene Mines 17,725,577 0.58

460,000 ConocoPhillips 23,824,240 0.771,385,000 Freeport-McMoRan Copper & Gold 50,203,080 1.642,092,000 Gran Tierra Energy 9,515,059 0.311,000,000 Mantle Diamonds 111 0.002,450,000 Mitra Energy 5,503,335 0.18

426,000 Newmont Mining 15,762,457 0.51105,174 Resaca Exploitation 112,672 0.00

484,900 Southern Copper 10,982,599 0.36370,800 Southwestern Energy 10,980,355 0.36325,000 United States Steel 10,303,591 0.34124,636 Walter Energy 10,020,580 0.33353,000 Walter Energy 28,384,436 0.92

219,313,548 7.15

BERMUDA4,662,372 African Minerals 26,469,207 0.86

4,600,000 Aquarius Platinum 16,152,443 0.53810,000 Energy XXI Bermuda 18,866,504 0.62

320,001,000 G-Resources Group 18,046,525 0.597,950,000 Gulf Keystone Petroleum 12,113,337 0.3919,126,903 Petra Diamonds 33,455,226 1.0910,813,000 Sylvania Platinum 4,411,052 0.14

129,514,294 4.22

CHINA10,291,000 China Coal Energy - H Shares* 9,550,858 0.3113,814,000 China Petroleum & Chemical - H Shares * 9,600,024 0.317,951,000 China Shenhua Energy - H Shares * 26,233,069 0.86

62,432,000 Sinopec Shanghai Petrochemical - H Shares* 19,212,285 0.63

64,596,236 2.11

ISLE OF MAN2,346,901 3Legs Resources 5,620,277 0.188,274,140 Exillon Energy 39,505,690 1.29

2,600,000 Zhaikmunai Registered Shares GDR 17,745,448 0.58

62,871,415 2.05

JERSEY2,323,932 Glencore International 12,571,344 0.41

4,780,000 Highland Gold Mining 9,431,464 0.311,800,000 KazakhGold Group Registered Shares GDR 4,360,507 0.144,309,500 Minera IRL 3,146,124 0.10

530,000 Randgold Resources ADR 30,768,463 1.01

60,277,902 1.97

IRELAND15,850,000 Circle Oil 5,764,559 0.1946,250,000 Kenmare Resources 29,492,806 0.96

9,201,356 Ormonde Mining 1,030,509 0.0350,696,100 Petroceltic International 5,579,595 0.1819,500,000 Petroneft Resources 7,495,394 0.25

2,286,970 Providence Resources 6,488,628 0.21

55,851,491 1.82

HONG KONG24,970,000 CNOOC 40,316,327 1.3132,160,000 IRC 5,069,708 0.17

45,386,035 1.48

INDONESIA43,046,000 International Nickel Indonesia 15,521,809 0.5132,565,500 Perusahaan Perkebunan London Sumatra Indonesia 6,068,145 0.204,150,000 PT Astra Agro Lestari 7,783,130 0.25

41,000,000 PT Timah 8,217,949 0.27

37,591,033 1.23

BRAZIL900,000 Petroleo Brasileiro ADR 20,990,774 0.68610,000 Vale Preference Shares ADR 12,182,293 0.40

33,173,067 1.08

RUSSIA260,000 Lukoil OAO ADR 11,384,041 0.37

1,157,000 MMC Norilsk Nickel ADR 20,907,327 0.68

32,291,368 1.05

CAYMAN ISLANDS2,047,500 Leaf Clean Energy 1,687,273 0.058,200,000 Mongolian Mining 6,998,513 0.233,000,000 Real Gold Mining 2,360,606 0.0813,220,000 Tethys Petroleum 10,265,863 0.34

21,312,255 0.70

SOUTH AFRICA580,000 Impala Platinum Holdings 10,734,750 0.35

68,927,240 Merafe Resources 8,190,075 0.27

18,924,825 0.62

NORWAY21,150,000 DNO International 16,903,898 0.55

16,903,898 0.55

LUXEMBOURG610,000 Evraz Group Registered Shares GDR 13,126,689 0.43

13,126,689 0.43

BRITISH VIRGIN ISLANDS1,484,300 Gem Diamonds 3,712,165 0.12

756,512 Ncondezi Coal 1,138,046 0.0322,349,572 Sierra Rutile 5,161,843 0.173,873,389 St Augustine Gold and Copper 1,788,072 0.06

11,800,126 0.38

105

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

SWEDEN1,175,700 Lundin Petroleum 11,071,413 0.36

11,071,413 0.36

MALAYSIA7,776,946 IOI 9,425,763 0.31

9,425,763 0.31

PAPUA NEW GUINEA881,400 New Britain Palm Oil 8,774,464 0.29

8,774,464 0.29

PERU8,655,355 Minsur 6,973,990 0.23

6,973,990 0.23

SINGAPORE4,000,000 Straits Asia Resources 6,720,204 0.22

6,720,204 0.22

FALKLAND ISLANDS11,662,757 Argos Resources 3,579,887 0.123,441,520 Falkland Oil & Gas 2,198,403 0.07

5,778,290 0.19

GUERNSEY6,614,036 Mariana Resources 1,646,092 0.05

1,646,092 0.05

SOUTH KOREA19,426 POSCO ADR 1,451,596 0.05

1,451,596 0.05

NEW ZEALAND30,168 Allied Medical 2 0.00

2 0.00

Total Shares and Warrants 3,034,298,451 98.93

Convertible Bonds

IRELAND1,500,000 Providence Resources 29.07.12/12.000% 750,000 0.02

750,000 0.02

Total Convertible Bonds 750,000 0.02


3,035,048,451 98.95


Investment Funds



33,221,044 1.09



33,221,044 1.09


Cash 969,567 0.03


Total Net Assets 3,067,154,904 100.00



Fixed Income SecuritiesIreland 0.02Total Fixed Income Securities 0.02Shares and WarrantsMaterials 76.61Energy 21.03Consumer Staples 1.23Investment Companies 1.09Industrials 0.04Financials 0.02Total Shares and Warrants 100.02Cash and Other Assets/(Liabilities) (0.04)

Total 100.00


Fixed Income SecuritiesIreland 0.02Total Fixed Income Securities 0.02Shares and WarrantsMaterials 76.11Energy 17.81Investment Companies 2.99Consumer Staples 1.12Industrials 0.04Health Care 0.00Total Shares and Warrants 98.07Cash and Other Assets/(Liabilities) 1.91

Total 100.00

106

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (Market Value Expressed in EUR) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares, Warrants and Rights

CHINA241,323,000 Agricultural Bank of China - H Shares * 126,982,728 3.59

3,500,000 Air China - H Shares * 3,624,892 0.1024,710,000 Aluminum Corporation of China - H Shares * 20,813,134 0.59

2,532,500 Anhui Conch Cement - H Shares * 11,894,026 0.33195,000 Baidu/China ADR 27,040,650 0.76

3,693,200 Changsha Zoomlion Heavy Industry Science andTechnology Development - H Shares * 7,028,294 0.20

295,905,000 China Citic Bank - H Shares * 184,220,568 5.2059,181,000 China Citic Bank - H Shares -

Rights * 25.07.11 6,349,811 0.18303,176,540 China Construction Bank - H Shares * 251,468,662 7.10

18,131,000 China Life Insurance - H Shares * 61,913,743 1.7561,994,000 China National Building Material - H Shares * 121,481,888 3.43

100,166,000 China Oilfield Services - H Shares * 182,768,230 5.1617,055,000 China Pacific Insurance Group - H Shares * 70,511,883 1.99

148,144,000 China Petroleum & Chemical - H Shares * 148,956,838 4.2127,648,000 China Telecom - H Shares * 17,887,730 0.5043,479,742 China Vanke - B Shares 58,495,933 1.65

104,684,485 Industrial & Commercial Bank of China - H Shares * 79,431,773 2.253,694,000 Jiangxi Copper - H Shares * 12,282,005 0.341,249,946 Kangmei Pharmaceutical - A Shares 2,544,023 0.071,683,488 Kangmei Pharmaceutical -

Warrants 09.09.13 3,427,582 0.1022,004,779 Kangmei Pharmaceutical -

Warrants 05.05.14 44,800,630 1.2610,058,500 Ping An Insurance Group Co. of China - H Shares * 103,754,171 2.935,999,842 SAIC Motor - A Shares 17,419,166 0.507,677,361 Sany Heavy Industry - A Shares 21,434,226 0.61

5,025,000 Sany Heavy Industry - Warrants 03.03.14 14,029,172 0.401,870,000 Shandong Dong-E E-Jiao-A -

Warrants 03.03.14 11,935,649 0.34730,665 Tianjin Tasly Pharmaceutical - A Shares 4,647,908 0.13

600,000 Tianjin Tasly Pharmaceutical -Warrants 06.01.14 3,817,860 0.11

5,252,000 Tsingtao Brewery - H Shares * 30,267,684 0.8542,380,000 Yanzhou Coal Mining - H Shares * 161,056,307 4.5557,516,000 Zijin Mining Group - H Shares * 28,934,266 0.82

1,841,221,432 52.00

CAYMAN ISLANDS28,844,000 Agile Property Holdings 44,661,630 1.2657,456,000 Belle International Holdings 120,562,877 3.4071,156,000 China Resources Land 128,097,807 3.6212,278,000 China Shineway Pharmaceutical Group 24,327,867 0.69

47,893,000 China Vanadium Titano - Magnetite Mining 18,308,427 0.527,500,000 Credit China Holdings 1,498,593 0.041,042,607 Focus Media Holding ADR 32,539,765 0.92

137,870,000 Glorious Property Holdings 42,872,339 1.2129,264,000 Hengdeli Holdings 15,492,551 0.4421,668,000 Intime Department Store Group 36,891,536 1.0466,252,000 KWG Property Holding 44,013,060 1.2475,829,000 Lee & Man Paper Manufacturing 46,039,349 1.3062,066,000 Maoye International Holdings 30,904,199 0.87

450,349 New Oriental Education & Technology Group ADR 50,373,787 1.42254,035 Noah Holdings ADR 2,884,567 0.08

79,744,500 Parkson Retail Group 116,507,326 3.2925,013,000 Springland International Holdings 20,875,504 0.59

7,341,700 Tencent Holdings 198,865,420 5.62

975,716,604 27.55

HONG KONG1,500,000 Cathay Pacific Airways 3,479,049 0.096,684,000 China Mobile 61,860,260 1.758,326,000 China Resources Power Holdings 16,176,339 0.46

58,620,000 CNOOC 136,940,442 3.8793,132,000 Franshion Properties China 23,575,298 0.67

44,626,000 Guotai Junan International Holdings 18,722,472 0.5315,912,000 Poly Hong Kong Investments 10,458,332 0.29

271,212,192 7.66

BERMUDA54,026,000 China Yurun Food Group 152,206,938 4.3055,314,000 COSCO Pacific 96,948,583 2.7430,392,000 Euro-Asia Agricultural Holdings 391 0.0010,141,000 Sihuan Pharmaceutical Holdings 4,788,838 0.13

253,944,750 7.17

TAIWAN6,075,000 Eva Airways 6,191,319 0.17

14,436,000 Formosa Chemicals & Fibre 53,648,146 1.52

59,839,465 1.69

NETHERLANDS7,057,417 Sany Heavy Industry - Warrants 05.05.14 19,696,545 0.55

19,696,545 0.55

SINGAPORE15,902,000 Yanlord Land Group 15,604,161 0.44

15,604,161 0.44

Total Shares, Warrants and Rights 3,437,235,149 97.06


3,437,235,149 97.06


Investment Funds

HONG KONG2,049,866 JF China New Generation Fund 20,396,168 0.58

20,396,168 0.58



20,396,168 0.58


Cash 72,256,187 2.04


Total Net Assets 3,541,070,027 100.00



Shares, Warrants and RightsFinancials 36.02Materials 13.40Energy 13.24Consumer Discretionary 11.05Information Technology 6.38Industrials 6.28Consumer Staples 5.15Health Care 2.83Telecommunication Services 2.25Investment Companies 0.58Utilities 0.46Total Shares, Warrants and Rights 97.64Cash and Other Assets/(Liabilities) 2.36

Total 100.00


Shares and WarrantsFinancials 37.27Materials 14.30Energy 13.43Consumer Discretionary 10.34Information Technology 6.69Consumer Staples 5.44Industrials 4.76Health Care 3.62Telecommunication Services 2.78Investment Companies 0.65Utilities 0.38Total Shares and Warrants 99.66Cash and Other Assets/(Liabilities) 0.34

Total 100.00

107

JPMorgan Funds - JF China FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares, Warrants and Rights

CHINA33,051,000 Agricultural Bank of China - H Shares * 17,391,240 2.039,554,000 Aluminum Corporation of China - H Shares * 8,047,296 0.941,104,000 Anhui Conch Cement - H Shares * 5,184,997 0.60

44,081,700 Bank of China - H Shares * 21,496,222 2.512,483,000 Beijing Jingkelong - H Shares * 3,206,526 0.372,896,400 Changsha Zoomlion Heavy Industry Science and

Technology Development - H Shares * 5,511,955 0.6416,240,000 China Citic Bank - H Shares * 10,110,481 1.183,248,000 China Citic Bank - Rights 25.07.11 348,493 0.049,609,000 China Communications Construction - H Shares * 8,235,615 0.9643,615,780 China Construction Bank - H Shares * 36,176,948 4.229,350,000 China National Building Material - H Shares * 18,322,026 2.145,552,000 China Oilfield Services - H Shares * 10,130,476 1.18

18,742,000 China Petroleum & Chemical - H Shares * 18,844,834 2.2011,502,000 China Telecom - H Shares * 7,441,575 0.8711,781,926 China Vanke - B Shares 15,850,939 1.85

18,467,665 Industrial & Commercial Bank of China - H Shares * 14,012,768 1.632,551,200 Lianhua Supermarket Holdings - H Shares * 5,831,933 0.68

3,806,000 PICC Property & Casualty - H Shares * 6,465,353 0.751,765,500 Ping An Insurance Group Co. of China - H Shares * 18,211,263 2.12

3,636,000 Yanzhou Coal Mining - H Shares * 13,817,856 1.6114,079,000 Zijin Mining Group - H Shares * 7,082,647 0.82

251,721,443 29.34

TAIWAN13,460,201 Advanced Semiconductor Engineering 14,737,104 1.721,084,000 Asustek Computer 10,745,657 1.25

930,000 Catcher Technology 5,851,958 0.682,803,000 Cheng Uei Precision Industry 7,313,659 0.859,166,667 China Life Insurance/Taiwan 12,134,465 1.41

5,898,000 China Petrochemical Development 6,729,572 0.7810,074,000 E.Sun Financial Holding 7,145,614 0.834,365,000 Eva Airways 4,448,577 0.524,031,000 Formosa Chemicals & Fibre 14,980,305 1.753,237,000 Formosa Plastics 11,635,170 1.362,077,000 Foxconn Technology 8,586,379 1.009,827,718 Fubon Financial Holding 15,087,985 1.763,213,720 Hon Hai Precision Industry 11,008,879 1.29

162,000 HTC 5,450,757 0.641,876,239 Huaku Development 5,581,362 0.651,180,000 Kinsus Interconnect Technology 4,816,536 0.56

198,000 Largan Precision 6,344,961 0.7412,417,000 Mega Financial Holding 10,839,209 1.261,786,000 Powertech Technology 5,981,312 0.701,279,000 President Chain Store 7,380,131 0.864,523,000 Prince Housing & Development 4,617,475 0.5413,765,235 Taishin Financial Holding 8,158,507 0.956,452,241 Taiwan Cement 9,602,552 1.12

14,423,610 Taiwan Semiconductor Manufacturing 36,203,387 4.223,598,000 Unimicron Technology 6,394,357 0.75

241,775,870 28.19

HONG KONG4,699,000 AIA Group 16,287,669 1.903,146,500 BOC Hong Kong Holdings 9,127,409 1.061,723,000 Cheung Kong Holdings 25,151,022 2.931,373,705 China Mobile 12,713,607 1.48

2,081,000 China Taiping Insurance Holdings 4,700,921 0.5613,900,000 CNOOC 32,471,377 3.784,369,000 Hang Lung Properties 17,936,799 2.09

798,000 Hutchison Whampoa 8,618,519 1.011,632,500 Power Assets Holdings 12,334,528 1.44

653,000 Sun Hung Kai Properties 9,511,012 1.112,393,600 Wharf Holdings 16,662,591 1.94

638,753 Wing Hang Bank 6,982,757 0.81

172,498,211 20.11

CAYMAN ISLANDS7,552,000 Agile Property Holdings 11,693,407 1.366,828,000 China Resources Land 12,292,032 1.431,363,000 China Shineway Pharmaceutical Group 2,700,675 0.325,034,000 Greatview Aseptic Packaging 3,046,675 0.36

13,208,000 Hengdeli Holdings 6,992,401 0.827,898,000 Hidili Industry International Development 6,809,758 0.798,660,500 International Mining Machinery Holdings 8,318,522 0.976,855,000 Intime Department Store Group 11,671,196 1.36

14,782,000 Maoye International Holdings -Warrants 28.11.11 7,370,305 0.86

5,355,292 Parkson Retail Group 7,824,123 0.915,020,400 Sands China 13,466,565 1.57

3,453,500 Sany Heavy Equipment International Holdings 3,940,619 0.467,754,000 Springland International Holdings 6,471,381 0.75

887,600 Tencent Holdings 24,042,517 2.808,141,000 Want Want China Holdings 7,866,610 0.92

134,506,786 15.68

BERMUDA6,774,000 China Resources Gas Group 9,444,239 1.103,173,000 China Yurun Food Group 8,939,263 1.044,758,000 COSCO Pacific 8,339,324 0.97

204,400 Jardine Matheson Holdings 11,685,548 1.375,654,000 Sihuan Pharmaceutical Holdings Group 2,669,963 0.31

41,078,337 4.79

SINGAPORE317,000 TPK Holding - Warrants 23.12.11 9,648,846 1.12

9,648,846 1.12

Total Shares, Warrants and Rights 851,229,493 99.23


851,229,493 99.23


Cash 8,732,410 1.02





Shares, Warrants and RightsFinancials 41.30Information Technology 16.90Materials 12.27Consumer Discretionary 7.87Energy 7.16Industrials 5.20Consumer Staples 3.01Utilities 2.54Telecommunication Services 2.35Health Care 0.63Total Shares, Warrants and Rights 99.23Cash and Other Assets/(Liabilities) 0.77

Total 100.00


Shares and WarrantsFinancials 37.73Information Technology 16.63Materials 11.43Consumer Discretionary 8.34Energy 8.20Industrials 6.76Consumer Staples 3.88Telecommunication Services 3.54Health Care 1.90Utilities 0.53Total Shares and Warrants 98.94Cash and Other Assets/(Liabilities) 1.06

Total 100.00

108

JPMorgan Funds - JF Greater China FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Warrants

JAPAN11,200 Aisin Seiki 430,101 0.3614,100 Canon 666,555 0.56

70 CyberAgent 243,799 0.206,700 Dena 287,428 0.242,200 Fanuc 365,780 0.31

900 Fast Retailing 144,891 0.125,900 FUJIFILM Holdings 183,124 0.15

20,600 Gree 447,298 0.37145,000 Hitachi 850,983 0.7122,400 Honda Motor 858,118 0.72

121,000 Isuzu Motors 569,006 0.4772,500 JX Holdings 484,863 0.4016,400 Komatsu 507,902 0.4312,500 Konami 294,373 0.255,600 Kyocera 566,983 0.476,200 Lawson 324,059 0.27

37,800 Marui Group 285,159 0.2425,000 Mitsubishi 620,696 0.5261,000 Mitsubishi Electric 703,133 0.5946,000 Mitsubishi Estate 802,767 0.6727,800 Mitsui & Co. 477,044 0.4051,000 Mitsui Fudosan 872,622 0.733,800 Murata Manufacturing 251,777 0.21

16,000 NGK Insulators 296,495 0.2564,000 Nippon Sheet Glass 198,126 0.1719,600 Nippon Telegraph & Telephone 940,542 0.7958,600 Nissan Motor 612,575 0.51

6,300 Nitori Holdings 597,208 0.505,800 Nitto Denko 292,177 0.24

40,000 NSK 396,054 0.3313,200 Omron 364,251 0.306,100 Oriental Land 515,807 0.427,640 ORIX 738,453 0.62

16 Rakuten 16,487 0.0210,900 Sanrio 422,976 0.356,200 Softbank 233,284 0.197,100 Sony 186,585 0.162,300 Square Enix Holdings 41,180 0.03

20,800 Sumitomo Mitsui Financial Group 636,685 0.539,500 Tokio Marine Holdings 264,508 0.22

38,700 Tokyo Steel Manufacturing 405,751 0.345,900 Toyota Motor 241,212 0.2011,500 Yamato Kogyo 355,295 0.30

18,994,112 15.86

SOUTH KOREA1,395 Hyundai Heavy Industries 579,073 0.48

760 Hyundai Mobis 284,342 0.242,600 Hyundai Motor 577,683 0.48

43,840 KB Financial Group 2,075,400 1.737,141 KT&G 444,390 0.37740 Lotte Shopping 353,090 0.29999 OCI 377,268 0.32

1,464 POSCO 635,821 0.5311,200 Samsung C&T 859,562 0.721,698 Samsung Electronics 1,312,698 1.10

7,499,327 6.26

AUSTRALIA281,674 Asciano 495,737 0.4138,864 BHP Billiton 1,825,928 1.52

134,000 Boart Longyear Group 573,770 0.4869,506 Fortescue Metals Group 472,903 0.3911,632 Newcrest Mining 470,605 0.3931,097 QBE Insurance Group 574,495 0.487,457 Rio Tinto 663,165 0.55

67,000 Suncorp Group 583,837 0.4929,333 Treasury Wine Estates 105,454 0.0911,200 Wesfarmers 382,634 0.33

6,148,528 5.13

CHINA630,000 Aluminum Corporation of China - H Shares ** 530,646 0.44615,000 China Communications Construction - H Shares ** 527,100 0.44

1,662,910 China Construction Bank - H Shares ** 1,379,295 1.15340,000 China National Building Material - H Shares ** 666,255 0.56

656,000 China Petroleum & Chemical - H Shares ** 659,599 0.551,606,240 Industrial & Commercial Bank of China - H Shares ** 1,218,772 1.02

166,000 Yanzhou Coal Mining - H Shares ** 630,848 0.52

5,612,515 4.68

CAYMAN ISLANDS384,000 Daphne International Holdings 343,425 0.29

1,729,000 Glorious Property Holdings 537,653 0.45640,000 Hidili Industry International Development 551,816 0.46260,000 Intime Department Store Group 442,671 0.37400,200 MGM China Holdings 736,911 0.61187,600 Sands China 503,212 0.4223,700 Tencent Holdings 641,964 0.5463,600 Wynn Macau 206,762 0.17

3,964,414 3.31

BERMUDA208,000 COSCO Pacific 364,561 0.30304,000 IT 295,902 0.25

10,800 Jardine Matheson Holdings 617,436 0.5235,663 Jardine Strategic Holdings 1,098,420 0.92

165,500 Kerry Properties 795,888 0.66156,000 Ports Design 368,637 0.31

3,540,844 2.96

HONG KONG38,000 Cheung Kong Holdings 554,695 0.46

227,600 China Taiping Insurance Holdings 514,142 0.43285,000 CNOOC 665,780 0.56352,000 Poly Hong Kong Investments 231,356 0.19

52,500 Power Assets Holdings 396,669 0.3390,700 Wharf Holdings 631,391 0.53

2,994,033 2.50

TAIWAN211,000 Formosa Chemicals & Fibre 784,134 0.66169,000 Foxconn Technology 698,651 0.58250,000 Fubon Financial Holding 383,812 0.32

112 Hon Hai Precision Industry 384 0.00370,000 Mega Financial Holding 322,985 0.27357,056 Taiwan Cement 531,389 0.45

2,721,355 2.28

AUSTRIA61,284 ANZ Banking Group 1,446,872 1.2136,500 National Australia Bank 1,002,947 0.83

2,449,819 2.04

SINGAPORE61,600 Keppel 555,303 0.46

436,000 Mapletree Industrial Trust 417,182 0.3579,000 Oversea-Chinese Banking 601,828 0.50151,000 Singapore Telecommunications 387,952 0.32

1,026 United Overseas Bank 16,418 0.02

1,978,683 1.65

THAILAND241,000 Charoen Pokphand Foods (Foreign) 230,899 0.19580,200 Krung Thai Bank (Foreign) 354,819 0.2930,400 PTT (Foreign) 331,663 0.28

6,279,000 Quality Houses (Foreign) 365,558 0.31

1,282,939 1.07

GERMANY7,500 Infosys Technologies ADR 489,413 0.41

177,500 Hindalco Industries - Warrants 07.09.12 716,976 0.60

1,206,389 1.01

UNITED KINGDOM116,000 HSBC Holdings 1,148,105 0.96

1,148,105 0.96

INDONESIA66,000 Indo Tambangraya Megah 344,908 0.29187,500 United Tractors 545,395 0.45

890,303 0.74

109

JPMorgan Funds - JF Pacific Balanced FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

PAPUA NEW GUINEA80,000 Oil Search 565,765 0.47

565,765 0.47

MALAYSIA160,900 Petronas Chemicals Group - Bearer Shares 378,071 0.32

378,071 0.32

NETHERLANDS36,412 JP Morgan Structured Products

- Warrants 09.09.14 321,773 0.27

321,773 0.27

Total Shares and Warrants 61,696,975 51.51

Bonds

CAYMAN ISLANDS600,000 China Overseas Finance

Cayman II 10.11.20/5.500% 572,955 0.481,500,000 Country Garden Holdings 23.02.18/11.125% 1,552,005 1.291,000,000 KWG Property Holding 30.03.16/12.750% 1,001,440 0.841,600,000 Longfor Properties 07.04.16/9.500% 1,653,072 1.381,000,000 PHBS 29.09.15/6.625% 917,590 0.77

600,000 Shimao Property Holdings 08.03.18/11.000% 581,650 0.483,200,000 Shui On Development Holding 23.12.13/6.875% 510,139 0.43

6,788,851 5.67

SOUTH KOREA50,000,000 Export-Import Bank of Korea 29.10.13/5.100% 1,080,219 0.90

7,000,000,000 Export-Import Bank of Korea 04.11.13/6.600% 807,030 0.681,400,000,000 Korea (Republic of) 10.06.20/2.750% 1,517,972 1.27

2,000,000 Shinhan Bank 20.09.36/6.819%* 2,097,500 1.751,000,000 Woori Bank 13.04.21/5.875% 1,006,735 0.84

6,509,456 5.44

INDONESIA7,500,000,000 Bank Danamon Indonesia 09.12.13/8.750% 885,066 0.74

1,800,000 Indonesia (Republic of) 13.03.20/5.875% 1,998,459 1.671,000,000 Indonesia (Republic of) 05.05.21/4.875% 1,024,760 0.85

810,000 Pertamina Persero 23.05.21/5.250% 815,945 0.68650,000 Pertamina Persero 27.05.41/6.500% 644,634 0.54

5,368,864 4.48

BRITISH VIRGIN ISLANDS12,000,000 Big Will Investments 29.04.14/7.000% 1,707,067 1.42

500,000 CNPC HK Overseas Capital 28.04.41/5.950% 496,752 0.411,000,000 Fita International 10.02.20/7.000% 1,023,520 0.866,500,000 Road King Infrastructure

Finance 2011 25.02.14/6.000% 981,326 0.82

4,208,665 3.51

HONG KONG1,000,000 Bank of East Asia 16.07.20/6.125% 1,021,838 0.841,500,000 Citic Pacific 15.04.16/7.875%* 1,504,274 1.26

500,000 Citic Pacific 15.04.21/6.625% 498,637 0.421,000,000 Industrial & Commercial Bank

of China Asia 30.11.20/5.125% 979,792 0.82

4,004,541 3.34

MALAYSIA1,000,000 AMBB Capital L 27.01.16/6.770%* 1,007,955 0.841,500,000 Malayan Banking 28.04.21/3.800%* 1,231,869 1.031,000,000 Public Bank 22.08.36/6.840%* 1,062,549 0.89

250,000 Wakala Global Sukuk 06.07.21/4.646% 250,941 0.21

3,553,314 2.97

PHILIPPINES1,000,000 Development Bank of

Philippines 15.09.16/8.375%* 1,103,409 0.92600,000 International Container

Terminal Services 17.03.20/7.375% 643,460 0.54600,000 Philippines (Republic of) 20.01.20/6.500% 698,844 0.58800,000 Philippines (Republic of) 23.10.34/6.375% 875,092 0.73

3,320,805 2.77

NETHERLANDS1,750,000 Majapahit Holding 28.06.17/7.250% 1,986,481 1.661,000,000 Majapahit Holding 20.01.20/7.750% 1,169,765 0.97

3,156,246 2.63

SINGAPORE1,500,000 Bumi Investment 06.10.17/10.750% 1,705,598 1.42

1,705,598 1.42

GERMANY1,500,000 Vedanta Resources 07.06.21/8.250% 1,517,010 1.27

1,517,010 1.27

INDIA60,000,000 India Government Bond 11.04.18/7.830% 1,306,609 1.09

1,306,609 1.09

BERMUDA1,200,000 China Oriental Group 17.11.17/7.000% 1,164,954 0.97

1,164,954 0.97

PAKISTAN1,300,000 Pakistan (Government of) 31.03.16/7.125% 1,135,670 0.95

1,135,670 0.95

MAURITIUS1,000,000 Bhira Investments 27.04.71/8.500%* 1,033,965 0.86

1,033,965 0.86

UNITED ARAB EMIRATES500,000 ICICI Bank/Dubai 25.11.16/4.750% 499,605 0.42

499,605 0.42

Total Bonds 45,274,153 37.79

Convertible Bonds

SOUTH KOREA1,500,000 LG Uplus 29.09.12/5.000%* 1,560,083 1.30

1,560,083 1.30

CAYMAN ISLANDS6,000,000 Country Garden Holdings 22.02.13/2.500% 1,047,039 0.88

1,047,039 0.88

BRITISH VIRGIN ISLANDS1,000,000 Giant Great 21.07.16/3.000% 997,500 0.83

997,500 0.83

INDIA500,000 JSW Steel 28.06.12/0.000% 673,183 0.56

673,183 0.56

THAILAND600,000 Thoresen Thai Agencies 24.09.12/2.500% 671,256 0.56

671,256 0.56

SINGAPORE750,000 Yanlord Land Group 13.07.14/5.850% 621,183 0.52

621,183 0.52

Total Convertible Bonds 5,570,244 4.65


112,541,372 93.95


Bonds

HONG KONG1,700,000 Bangkok Bank/Hong Kong 15.03.29/9.025% 2,086,855 1.74

2,086,855 1.74

THAILAND1,000,000 True Move 01.08.14/10.375% 1,083,330 0.90

1,083,330 0.90

BRITISH VIRGIN ISLANDS3,000,000 Rainbow Days 30.06.16/3.000% 464,152 0.39

464,152 0.39

110

JPMorgan Funds - JF Pacific Balanced FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

CAYMAN ISLANDS400,000 China Resources Land 19.05.16/4.625% 396,026 0.33

396,026 0.33

Total Bonds 4,030,363 3.36


4,030,363 3.36


Cash 3,305,496 2.76



** Hong Kong Registered Shares.* Variable coupon rates are those quoted as at 30 June 2011.


Fixed Income SecuritiesCayman Islands 6.88South Korea 6.74Hong Kong 5.08British Virgin Islands 4.73Indonesia 4.48Malaysia 2.97Philippines 2.77Netherlands 2.63Singapore 1.94India 1.65Thailand 1.46Germany 1.27Bermuda 0.97Pakistan 0.95Mauritius 0.86United Arab Emirates 0.42Total Fixed Income Securities 45.80Shares and WarrantsFinancials 17.28Materials 8.88Consumer Discretionary 8.80Industrials 6.74Information Technology 5.27Energy 2.26Telecommunication Services 1.30Consumer Staples 0.65Utilities 0.33Total Shares and Warrants 51.51Cash and Other Assets/(Liabilities) 2.69

Total 100.00


Fixed Income SecuritiesSouth Korea 5.74Netherlands 4.89Cayman Islands 4.37Malaysia 3.67Hong Kong 3.53India 3.45Philippines 3.43Australia 2.79Thailand 2.36Indonesia 1.56British Virgin Islands 1.34International Agencies 1.29Singapore 0.96Japan 0.48China 0.10Total Fixed Income Securities 39.96Shares and WarrantsFinancials 18.63Materials 12.12Consumer Discretionary 8.14Industrials 7.97Information Technology 4.71Energy 1.88Investment Companies 1.54Consumer Staples 1.27Telecommunication Services 0.80Utilities 0.52Health Care 0.30Total Shares and Warrants 57.88Cash and Other Assets/(Liabilities) 2.16

Total 100.00

111

JPMorgan Funds - JF Pacific Balanced FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - JF Pacific Balanced FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2011



AmountSold


14-Jul-11 AUD 2,000,000 USD 2,096,560 46,40514-Jul-11 USD 2,069,400 AUD 2,000,000 (73,565)14-Jul-11 USD 4,515,673 JPY 380,249,000 (202,612)20-Jul-11 USD 2,300,000 INR 105,041,000 (45,054)

Total (274,826)

112


Shares

BRAZIL245,000 AES Tiete 3,600,288 0.231,161,071 AES Tiete Preference Shares 18,980,082 1.26

2,746,653 All America Latina Logistica 22,968,649 1.531,376,300 Banco ABC Brasil Preference Shares 10,293,058 0.682,316,035 Banco Bradesco ADR 47,606,099 3.16

2,593,000 Banco do Estado do Rio Grande do Sul PreferenceShares 30,167,959 2.00

2,392,324 BR Malls Participacoes 27,427,284 1.822,041,700 Brasil Brokers Participaçoes 10,040,183 0.67

18,100 Brasil Insurance Participacoes e Administracao 21,556,587 1.432,608,128 BRF - Brasil Foods 43,946,143 2.921,017,500 Cia Hering 23,073,323 1.532,305,471 Cía Siderúrgica Nacional ADR 29,037,407 1.93

309,055 Companhia de Bebidas das Americas ADR 8,633,451 0.571,593,720 Companhia de Bebidas das Americas Preference

Shares ADR 53,485,243 3.55993,800 Companhia de Concessoes Rodoviarias 30,098,761 2.00566,332 Companhia de Transmissao de Energia Eletrica

Paulista Preference Shares 18,089,625 1.202,385,951 Duratex 20,670,349 1.37

753,643 Estacio Participaçoes 9,547,512 0.631,364,300 Iochpe-Maxion 18,628,908 1.242,229,413 Itau Unibanco Holding Preference Shares 52,154,060 3.46666,000 Itau Unibanco Holding Preference Shares ADR 15,720,930 1.05

4,837,383 Itausa - Investimentos Itau Preference Shares 37,060,533 2.461,842,569 Localiza Rent A CAR 32,798,731 2.17

908,634 Lojas Renner 34,978,118 2.321,334,500 Mills Estruturas e Servicos de Engenharia 19,311,478 1.283,090,321 MRV Engenharia e Participacoes 26,188,826 1.74

887,600 Multiplus 15,839,547 1.05726,569 Natura Cosmeticos 18,281,113 1.22

2,398,800 Odontoprev 40,534,229 2.697,265,800 OGX Petroleo e Gas Participacoes 68,319,688 4.53

44,300 OSX Brasil 12,480,871 0.844,818,448 PDG Realty Empreendimentos e Participacoes 27,474,487 1.833,490,815 Randon Participacoes Preference Shares 27,481,716 1.822,478,000 Souza Cruz 31,503,563 2.091,071,980 Telecomunicacoes de Sao Paulo ADR 31,082,060 2.07

972,650 Totvs 17,790,138 1.181,750,600 Usinas Siderurgicas de Minas Gerais Preference

Shares 15,575,212 1.04184,000 Weg 2,164,879 0.14

974,591,090 64.70

MEXICO645,600 Alfa - A Shares 9,586,183 0.64

14,090,652 America Movil - L Shares 18,933,126 1.261,158,473 America Movil ADR - L Shares 62,099,945 4.12

40,849 Cemex ADR Participation Certificates 354,978 0.0218,072,348 Compartamos 32,875,473 2.18

495,673 Fomento Economico Mexicano ADR 32,793,726 2.18336,378 Grupo Aeroportuario del Sureste ADR 19,804,255 1.32

5,726,099 Grupo Financiero Banorte - O Shares 26,170,208 1.74973,800 Grupo Televisa ADR 24,028,515 1.60

1,009,000 Kimberly-Clark de Mexico - A Shares 6,671,330 0.447,271,070 Mexichem 29,572,960 1.963,413,400 Urbi Desarrollos Urbanos 7,401,752 0.49

270,292,451 17.95

BERMUDA450,400 Credicorp 38,941,584 2.58450,100 Wilson Sons BDR 8,617,250 0.58

47,558,834 3.16

UNITED STATES OF AMERICA264,200 First Cash Financial Services 11,155,845 0.75740,183 NII Holdings 31,402,264 2.08

42,558,109 2.83

UNITED KINGDOM1,426,461 Antofagasta 31,709,595 2.113,514,572 JPMorgan Brazil Investment Trust 5,779,401 0.38

37,488,996 2.49

CANADA849,663 Pacific Rubiales Energy 23,311,402 1.55686,500 Yamana Gold 7,973,697 0.53

31,285,099 2.08

PANAMA288,702 Copa Holdings - A Shares 19,644,728 1.30431,600 Intergroup Financial Services 9,711,000 0.65

29,355,728 1.95

LUXEMBOURG394,832 Tenaris ADR 18,010,262 1.19320,806 Ternium ADR 9,484,629 0.63

27,494,891 1.82

CHILE2,544,028 E.CL 7,126,243 0.48

896,000 SACI Falabella 9,241,007 0.61

16,367,250 1.09

Total Shares 1,476,992,448 98.07


1,476,992,448 98.07


Investment Funds



4,992,666 0.33



4,992,666 0.33


Cash 47,791,529 3.17


Total Net Assets 1,506,133,753 100.00


SharesFinancials 29.42Industrials 15.40Consumer Staples 12.53Consumer Discretionary 11.61Telecommunication Services 9.53Materials 9.15Energy 6.08Utilities 3.17Information Technology 1.18Investment Companies 0.33Total Shares 98.40Cash and Other Assets/(Liabilities) 1.60

Total 100.00


SharesFinancials 23.88Materials 18.33Industrials 15.03Consumer Staples 11.03Telecommunication Services 10.14Energy 8.06Consumer Discretionary 6.88Utilities 2.40Investment Companies 2.30Information Technology 1.69Total Shares 99.74Bank Overdraft and Other Assets/(Liabilities) 0.26

Total 100.00

113

JPMorgan Funds - Latin America Equity FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

RUSSIA2,550,103 Bank St Petersburg 12,736,087 0.497,527,242 Bank St. Petersburg Preference Shares 40,107,052 1.53

323,266 Chelyabinsk Zinc Plant 1,446,482 0.06423,019 Chelyabinsk Zinc Plant GDR 1,860,861 0.07

1,809,267 Cherkizovo Group Registered Shares GDR 32,123,536 1.232,829,063 DIXY Group 39,195,897 1.50

375,207,890 IDGC Holding 49,200,808 1.8816,932,000 Lenenergo 10,193,809 0.39

904,250 Lukoil OAO ADR 57,284,237 2.181,079,485 Magnit OJSC 145,226,383 5.543,286,377 Magnit OJSC Registered Shares GDR 102,354,212 3.918,535,234 Magnitogorsk Iron & Steel Works Registered Shares GDR 97,088,287 3.702,777,340 Mechel Preference Shares 41,971,980 1.609,284,083 MMC Norilsk Nickel ADR 242,732,350 9.264,771,136 Mobile Telesystems 38,663,306 1.489,831,027 Mobile Telesystems OJSC ADR 187,723,461 7.16

12,978,090 Mostotrest 107,975,705 4.122,541,746 Novolipetsk Steel Registered Shares GDR 98,568,910 3.76

78,520 Open Investments 2,830,354 0.112,495,038 Pharmacy Chain 36.6 7,939,249 0.307,849,094 RBC OJSC 10,236,262 0.394,290,000 Rosneft Oil Registered Shares GDR 36,068,175 1.3871,687,250 Sberbank of Russia 256,467,781 9.794,905,160 Sistema JSFC Registered Shares GDR 125,645,673 4.795,914,387 Sistema-Hals Registered Shares GDR 7,345,669 0.28

10,648,823 Sitronics Registered Shares GDR 6,655,514 0.25747,194 Sollers 13,769,789 0.52

3,101,099 Tatneft ADR 131,889,740 5.03236,958 Veropharm 10,411,890 0.40

6,100,000 World Trade Center Moscow 2,801,561 0.10

1,918,515,020 73.20

UNITED STATES OF AMERICA1,087,208 BMB Munai 1,065,083 0.045,856,599 CTC Media 124,130,616 4.74

125,195,699 4.78


120,790,515 4.61

LUXEMBOURG1,249,061 Kernel Holding 34,524,011 1.321,568,469 Oriflame Cosmetics SDR 75,910,855 2.89

110,434,866 4.21

KAZAKHSTAN2,477,388 Halyk Savings Bank of Kazakhstan Registered Shares

GDR 21,429,406 0.824,132,269 KazMunaiGas Exploration Production Registered

Shares GDR 83,533,818 3.19

104,963,224 4.01

NETHERLANDS1,588,843 Amtel Registered Shares GDR 0 0.001,268,750 X5 Retail Group Registered Shares GDR 49,557,375 1.89

49,557,375 1.89

CYPRUS3,377,900 Ros Agro Registered Shares GDR 46,783,915 1.782,699,423 Urals Energy 399,614 0.02

577,093 XXI Century Investments Public 66,959 0.00

47,250,488 1.80


20,426,978 0.78

ISLE OF MAN5,817,707 Kazakhstan Kagazy Registered Shares GDR 523,594 0.021,596,355 Zhaikmunai Registered Shares GDR 15,764,006 0.60

16,287,600 0.62

MALAYSIA4,022,759 Steppe Cement 2,559,114 0.10

2,559,114 0.10

JERSEY566,401 KazakhGold Group Registered Shares GDR 1,985,235 0.08

1,985,235 0.08

BRITISH VIRGIN ISLANDS2,220,370 Orsu Metals 385,122 0.01

385,122 0.01

Total Shares 2,518,351,236 96.09


2,518,351,236 96.09


Investment Funds



69,290,524 2.64



69,290,524 2.64


Cash 215,239 0.01


Total Net Assets 2,620,754,536 100.00


SharesConsumer Staples 20.06Materials 18.66Energy 17.83Telecommunication Services 13.43Financials 13.12Consumer Discretionary 5.65Industrials 4.12Investment Companies 2.64Utilities 2.27Health Care 0.70Information Technology 0.25Total Shares 98.73Cash and Other Assets/(Liabilities) 1.27

Total 100.00


SharesEnergy 23.95Consumer Staples 19.52Materials 15.55Financials 13.59Telecommunication Services 11.52Consumer Discretionary 5.47Industrials 3.57Utilities 2.79Investment Companies 1.99Information Technology 0.77Health Care 0.64Total Shares 99.36Bank Overdraft and Other Assets/(Liabilities) 0.64

Total 100.00

114

JPMorgan Funds - Russia FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

UNITED STATES OF AMERICA15,000 Abbey National Capital Trust I 30.06.30/8.963%* 16,560 0.00

100,000 Ace INA Holdings 15.06.14/5.875% 112,247 0.01182,000 ACE INA Holdings 23.11.15/2.600% 182,173 0.0180,000 Aflac 15.05.19/8.500% 98,231 0.01

108,000 Aflac 15.08.40/6.450% 107,325 0.0175,000 AGL Capital 15.04.13/4.450% 78,703 0.01

150,000 AGL Capital 15.08.19/5.250% 161,719 0.01200,000 AGL Capital 15.03.41/5.875% 207,248 0.01179,000 Alabama Power 15.05.38/6.125% 200,279 0.01100,000 Allied Waste North America 01.06.17/6.875% 108,254 0.01325,000 Allstate Life Global Funding Trusts 30.04.13/5.375% 350,407 0.02400,000 American Express 19.03.18/7.000% 472,697 0.03250,000 American Express Centurion Bank 13.09.17/6.000% 284,017 0.02615,000 American Express Credit 02.05.13/5.875% 662,290 0.05100,000 American Express Credit 20.08.13/7.300% 111,349 0.01100,000 American International Group 15.05.13/4.250% 103,414 0.01100,000 American International Group 18.10.16/5.600% 105,299 0.01200,000 American Water Capital 15.10.17/6.085% 230,235 0.02125,000 American Water Capital 15.10.37/6.593% 135,969 0.01

400,000 Anadarko Petroleum 15.03.14/7.625% 456,300 0.0375,000 Anadarko Petroleum 15.06.14/5.750% 82,547 0.01

100,000 Anadarko Petroleum 15.03.19/8.700% 127,393 0.0175,000 Anheuser-Busch 01.04.36/5.750% 77,266 0.01

510,000 Anheuser-Busch InBev Worldwide 15.01.19/7.750% 643,403 0.05112,000 Aon 30.09.15/3.500% 115,366 0.01182,000 Aon 27.05.16/3.125% 182,047 0.0197,000 Aon 30.09.40/6.250% 101,525 0.01

200,000 Apache 15.09.18/6.900% 242,439 0.0225,000 Arizona Public Service 15.05.15/4.650% 27,134 0.00

250,000 Arrow Electronics 01.07.13/6.875% 272,478 0.0240,000 Arrow Electronics 01.11.15/3.375% 40,691 0.00

350,000 Arrow Electronics 01.04.20/6.000% 376,222 0.03150,000 Arrow Electronics 15.01.27/7.500% 164,269 0.01775,000 Associates Corp of North

America 01.11.18/6.950% 876,630 0.06500,000 AT&T 15.01.13/4.950% 530,170 0.04565,000 AT&T 15.09.14/5.100% 622,345 0.0460,000 AT&T 15.06.16/5.625% 68,234 0.00

500,000 AT&T 15.05.21/4.450% 508,525 0.04153,000 AT&T 15.05.36/6.800% 168,839 0.01700,000 AT&T 15.01.38/6.300% 735,588 0.05385,000 AT&T 01.09.40/5.350% 363,398 0.03125,000 Atmos Energy 15.03.19/8.500% 160,178 0.01

2,100,000 BA Covered Bond Issuer 144A 14.06.12/5.500% 2,189,827 0.15600,000 Bank of America 15.05.14/7.375% 675,681 0.05350,000 Bank of America 15.03.17/5.300% 362,707 0.03315,000 Bank of America 01.12.17/5.750% 335,117 0.02415,000 Bank of America 01.05.18/5.650% 436,043 0.03240,000 Bank of America 01.06.19/7.625% 278,161 0.02

1,100,000 Bank of America 01.07.20/5.625% 1,134,413 0.08390,000 Bank of America 13.05.21/5.000% 385,252 0.03

75,000 Bank of New York Mellon 27.08.13/5.125% 81,463 0.01150,000 Bank of New York Mellon 15.01.15/3.100% 156,912 0.01675,000 Bank of New York Mellon 18.06.15/2.950% 699,546 0.05

75,000 Bank of New York Mellon 15.01.20/4.600% 78,818 0.0145,000 Baxter International 01.03.14/4.000% 48,317 0.00

200,000 Baxter International 15.03.15/4.625% 219,790 0.02500,000 BB&T 27.07.12/3.850% 515,947 0.04446,000 BB&T 28.04.14/2.050% 451,401 0.03250,000 BB&T 30.04.19/6.850% 296,474 0.0250,000 Becton Dickinson & Co. 15.05.19/5.000% 54,639 0.00

605,000 BellSouth 15.09.14/5.200% 667,905 0.0575,000 BellSouth 15.11.34/6.000% 75,561 0.01

100,000 BellSouth Telecommunications 01.10.25/7.000% 113,369 0.01155,000 BellSouth Telecommunications 01.12.95/7.000% 162,334 0.01

300,000 Berkshire Hathaway Finance 15.07.14/5.100% 330,075 0.02200,000 Berkshire Hathaway Finance 15.12.15/2.450% 203,148 0.01857,000 Berkshire Hathaway Finance 15.05.18/5.400% 955,731 0.07100,000 Berkshire Hathaway Finance 15.01.40/5.750% 103,402 0.01215,000 BlackRock 10.12.14/3.500% 227,494 0.02105,000 BlackRock 15.09.17/6.250% 123,266 0.01359,000 BlackRock 10.12.19/5.000% 382,872 0.0360,000 Boeing 15.02.33/6.125% 67,771 0.00

100,000 Branch Banking & Trust Wilson 15.01.13/4.875% 105,068 0.01685,000 Branch Banking & Trust Wilson 15.09.16/5.625% 771,307 0.05100,000 Bunge Finance 15.05.13/5.875% 106,587 0.01161,000 Bunge NA Finance 01.04.17/5.900% 176,394 0.01

200,000 Burlington Northern Santa Fe 01.05.40/5.750% 206,229 0.011,200,000 Capital One Bank USA 15.07.19/8.800% 1,481,808 0.10

100,000 Capital One Financial 15.09.11/5.700% 100,896 0.01220,000 Capital One Financial 15.11.13/6.250% 243,457 0.02250,000 Capital One Financial 23.05.14/7.375% 286,660 0.02

150,000 Capital One Financial 15.09.17/6.750% 175,031 0.0175,000 Carolina Power & Light 15.09.13/5.125% 81,692 0.0155,000 Carolina Power & Light 15.01.19/5.300% 61,607 0.00

150,000 Caterpillar Financial Services 15.08.13/4.900% 161,973 0.01350,000 Caterpillar Financial Services 30.09.13/6.200% 389,370 0.03

70,000 Caterpillar Financial Services 15.03.16/5.500% 80,247 0.01250,000 Caterpillar Financial Services 01.10.18/7.050% 306,720 0.02135,000 CBS 15.05.19/8.875% 172,588 0.0158,000 CBS 15.04.20/5.750% 62,950 0.00

350,000 CBS 30.07.30/7.875% 415,569 0.03150,000 CBS 15.05.33/5.500% 140,110 0.01350,000 Centel Capital 15.10.19/9.000% 406,912 0.03

75,000 CenterPoint Energy HoustonElectric 15.01.14/5.750% 83,082 0.01

365,000 CenterPoint Energy HoustonElectric 01.03.14/7.000% 418,343 0.03

40,000 CenterPoint Energy Resources 01.11.17/6.125% 45,968 0.00480,000 CenturyLink 15.06.21/6.450% 475,903 0.03320,000 CenturyLink 15.09.39/7.600% 305,624 0.02100,000 Charles Schwab 01.06.14/4.950% 109,609 0.01400,000 Citigroup 11.04.13/5.500% 424,652 0.03255,000 Citigroup 13.12.13/6.000% 277,074 0.02125,000 Citigroup 12.08.14/6.375% 138,332 0.01

650,000 Citigroup 15.09.14/5.000% 680,121 0.05245,000 Citigroup 15.01.15/6.010% 269,885 0.02237,000 Citigroup 19.05.15/4.750% 251,328 0.02389,000 Citigroup 15.12.15/4.587% 408,837 0.03342,000 Citigroup 15.06.16/3.953% 349,668 0.02880,000 Citigroup 15.08.17/6.000% 965,417 0.07340,000 Citigroup 21.11.17/6.125% 375,035 0.03725,000 Citigroup 22.05.19/8.500% 898,565 0.06600,000 Citigroup 09.08.20/5.375% 626,493 0.04

15,000 Citigroup 15.06.32/6.625% 15,346 0.00360,000 Cleveland Electric Illuminating 01.11.17/7.880% 443,538 0.03325,000 CNA Financial 15.12.14/5.850% 352,768 0.02298,000 CNA Financial 15.08.20/5.875% 311,471 0.02200,000 Coca-Cola 15.03.14/3.625% 213,168 0.01200,000 Coca-Cola 15.03.19/4.875% 221,288 0.02

50,000 Coca-Cola Refreshments USA 01.02.12/8.500% 52,246 0.0060,000 Columbus Southern Power 01.05.18/6.050% 66,202 0.00

300,000 Comcast Cable CommunicationsHoldings 15.03.13/8.375% 335,881 0.02

715,000 Comcast Cable CommunicationsHoldings 15.11.22/9.455% 999,162 0.07

110,000 Comerica 16.09.15/3.000% 111,506 0.01100,000 CommonWealth REIT 15.08.16/6.250% 109,941 0.01150,000 CommonWealth REIT 15.01.18/6.650% 163,773 0.01450,000 CommonWealth REIT 15.09.20/5.875% 461,887 0.03

35,000 Connecticut Light & Power 01.05.18/5.650% 39,682 0.00275,000 ConocoPhillips 01.02.19/5.750% 317,204 0.02

400,000 ConocoPhillips 15.01.20/6.000% 469,598 0.0355,000 Consolidated Edison Co. of New

York 01.07.12/5.625% 57,676 0.00250,000 Countrywide Financial 15.05.16/6.250% 265,705 0.02200,000 Crédit Suisse/New York 02.07.12/3.450% 205,499 0.01350,000 Crédit Suisse/New York 15.05.13/5.000% 373,527 0.03500,000 Crédit Suisse/New York 01.05.14/5.500% 549,875 0.04300,000 Crédit Suisse/New York 15.02.18/6.000% 324,543 0.02100,000 Crédit Suisse/New York 13.08.19/5.300% 107,027 0.01541,000 Crédit Suisse/New York 05.08.20/4.375% 531,078 0.0466,000 CRH America 30.09.11/5.625% 66,710 0.0050,000 Credit Suisse USA 15.11.11/6.125% 50,995 0.00

325,000 Credit Suisse USA 15.01.14/5.125% 353,189 0.0375,000 Credit Suisse USA 15.01.15/4.875% 81,243 0.01

100,000 CSX 15.03.12/6.300% 103,796 0.01300,000 CSX 01.02.19/7.375% 366,268 0.03

54,000 CSX 01.06.21/4.250% 53,731 0.00100,000 CSX 15.04.41/5.500% 97,532 0.01145,000 CVS Caremark 15.09.39/6.125% 148,655 0.01

400,000 CVS Caremark 15.05.41/5.750% 391,540 0.03100,000 Daimler Finance North America 15.01.12/7.300% 103,506 0.01200,000 Dominion Resources 30.11.17/6.000% 231,211 0.02150,000 Dominion Resources 15.01.19/8.875% 194,485 0.01360,000 Dow Chemical 01.10.12/6.000% 382,126 0.03158,000 Dow Chemical 15.05.19/8.550% 203,974 0.01203,000 Dow Chemical 15.11.20/4.250% 199,023 0.01

65,000 Dow Chemical 01.11.29/7.375% 79,264 0.01255,000 Duke Energy Carolinas 15.04.18/5.100% 283,622 0.02100,000 Duke Energy Carolinas 15.10.32/6.450% 111,013 0.01185,000 Duke Energy Indiana 15.08.38/6.350% 210,246 0.01231,000 EI du Pont de Nemours & Co. 15.01.16/1.950% 228,409 0.02265,000 EI du Pont de Nemours & Co. 15.07.18/6.000% 305,826 0.02125,000 EI du Pont de Nemours & Co. 15.01.41/4.900% 118,100 0.01

200,000 Eli Lilly & Co. 06.03.12/3.550% 204,087 0.01300,000 EOG Resources 01.02.21/4.100% 298,098 0.02360,000 Exelon Generation 01.10.20/4.000% 342,934 0.02

115

JPMorgan Funds - US Aggregate Bond FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

20,000 Florida Power 15.06.18/5.650% 22,883 0.0035,000 Florida Power & Light 01.10.33/5.950% 38,521 0.00

600,000 General Electric 06.12.17/5.250% 664,599 0.051,205,000 General Electric Capital 15.02.12/5.875% 1,244,416 0.091,060,000 General Electric Capital 15.06.12/6.000% 1,114,155 0.08

500,000 General Electric Capital 19.10.12/5.250% 527,995 0.04500,000 General Electric Capital 13.05.14/5.900% 556,872 0.04

1,100,000 General Electric Capital 09.06.14/5.650% 1,216,193 0.08600,000 General Electric Capital 15.09.14/4.750% 651,711 0.05300,000 General Electric Capital 09.11.15/2.250% 295,888 0.02410,000 General Electric Capital 15.09.17/5.625% 453,257 0.03

2,100,000 General Electric Capital 01.05.18/5.625% 2,296,812 0.16650,000 General Electric Capital 16.09.20/4.375% 641,833 0.04430,000 General Electric Capital 07.01.21/4.625% 432,240 0.03

83,000 General Electric Capital 11.02.21/5.300% 86,271 0.0165,000 General Electric Capital 15.03.32/6.750% 71,724 0.01

100,000 General Electric Capital 14.01.38/5.875% 99,616 0.0143,000 General Mills 15.02.12/6.000% 44,429 0.0035,000 Genworth Financial 15.06.14/5.750% 36,783 0.0010,000 Genworth Financial 15.06.34/6.500% 9,040 0.0050,000 Georgia Power 01.02.39/5.950% 53,788 0.00

375,000 GlaxoSmithKline Capital 15.04.14/4.375% 409,035 0.03300,000 Golden West Financial 01.10.12/4.750% 313,192 0.02110,000 Goldman Sachs Capital I 15.02.34/6.345% 103,347 0.01150,000 Goldman Sachs Group 01.04.13/5.250% 158,944 0.01125,000 Goldman Sachs Group 15.07.13/4.750% 131,977 0.01925,000 Goldman Sachs Group 15.10.13/5.250% 991,253 0.07300,000 Goldman Sachs Group 15.11.14/5.500% 325,399 0.02271,000 Goldman Sachs Group 01.08.15/3.700% 276,073 0.02675,000 Goldman Sachs Group 07.02.16/3.625% 681,406 0.05150,000 Goldman Sachs Group 18.01.18/5.950% 161,719 0.01

400,000 Goldman Sachs Group 01.04.18/6.150% 435,270 0.031,560,000 Goldman Sachs Group 15.02.19/7.500% 1,817,907 0.13

470,000 Goldman Sachs Group 15.03.20/5.375% 483,766 0.03881,000 Goldman Sachs Group 15.06.20/6.000% 946,714 0.07300,000 Goldman Sachs Group 01.10.37/6.750% 296,496 0.02

88,000 Great Plains Energy 01.06.21/4.850% 88,504 0.01550,000 GTE 15.04.18/6.840% 643,681 0.04400,000 Halliburton 15.09.39/7.450% 502,198 0.04368,000 HCP 01.02.21/5.375% 380,254 0.03

95,000 Hewlett-Packard 15.08.12/2.950% 97,550 0.01550,000 Hewlett-Packard 02.06.14/4.750% 600,735 0.04175,000 Hewlett-Packard 01.03.17/5.400% 199,780 0.01533,000 Hewlett-Packard 01.06.21/4.300% 538,493 0.04

25,000 Historic TW 15.06.18/6.875% 29,415 0.00215,000 Historic TW 01.02.23/9.150% 285,436 0.02

200,000 Home Depot 01.03.16/5.400% 223,805 0.0245,000 Hospira 15.05.15/6.400% 50,863 0.00

100,000 HSBC Bank USA/New York 01.04.14/4.625% 106,975 0.011,208,000 HSBC Finance 15.10.11/6.375% 1,226,730 0.09

200,000 HSBC Finance 15.07.13/4.750% 211,970 0.02500,000 HSBC Finance 15.01.14/5.250% 539,815 0.04210,000 Indiana Michigan Power 15.03.19/7.000% 251,398 0.02350,000 International Business Machines 15.10.18/7.625% 445,571 0.03125,000 International Business Machines 01.08.27/6.220% 144,843 0.01100,000 International Business Machines 15.10.38/8.000% 135,413 0.01400,000 International Lease Finance 01.06.14/5.650% 401,724 0.03186,000 Jefferies Group 09.11.15/3.875% 189,528 0.01300,000 Jefferies Group 13.04.18/5.125% 301,708 0.02500,000 Jefferies Group 15.07.19/8.500% 596,732 0.04220,000 Jefferies Group 15.01.36/6.250% 203,755 0.0140,000 Jersey Central Power & Light 01.02.19/7.350% 48,619 0.00

240,000 John Deere Capital 01.10.12/5.250% 253,732 0.0245,000 John Deere Capital 03.04.18/5.350% 50,557 0.00

310,000 KCP&L Greater MissouriOperations 01.07.12/11.875% 341,681 0.02

30,000 Kellogg 03.12.12/5.125% 31,806 0.00200,000 Kellogg 06.03.13/4.250% 210,920 0.01

30,000 Kerr-McGee 01.07.24/6.950% 34,178 0.00250,000 KeyBank 17.09.12/5.500% 262,550 0.02165,000 KeyBank 01.11.17/5.700% 179,056 0.0160,000 Keycorp 14.05.13/6.500% 65,212 0.0015,000 Kimberly-Clark 01.11.18/7.500% 18,856 0.0080,000 Kohl’s 15.12.17/6.250% 93,969 0.01

400,000 Kraft Foods 19.02.14/6.750% 453,630 0.03500,000 Kraft Foods 11.08.17/6.500% 588,267 0.04400,000 Kraft Foods 01.02.18/6.125% 459,366 0.03200,000 Kraft Foods 11.08.37/7.000% 232,898 0.02175,000 Kraft Foods 01.02.38/6.875% 201,442 0.01100,000 Kroger 01.04.31/7.500% 119,899 0.01114,000 Kroger 15.07.40/5.400% 110,027 0.01100,000 Lincoln National 24.06.21/4.850% 99,095 0.01250,000 Lowe’s 15.05.37/7.110% 304,362 0.02250,000 Marathon Oil 01.10.17/6.000% 287,150 0.0250,000 Masco 15.03.17/5.850% 50,313 0.00

175,000 Medco Health Solutions 15.09.15/2.750% 176,651 0.01

886,000 Merrill Lynch & Co. 25.04.13/6.150% 950,753 0.07295,000 Merrill Lynch & Co. 15.07.14/5.450% 317,277 0.0240,000 Merrill Lynch & Co. 15.01.15/5.000% 42,317 0.00

1,150,000 Merrill Lynch & Co. 28.08.17/6.400% 1,255,668 0.09290,000 Merrill Lynch & Co. 25.04.18/6.875% 321,553 0.02300,000 Monsanto 15.08.12/7.375% 322,210 0.02600,000 Morgan Stanley 01.03.13/5.300% 634,278 0.04

75,000 Morgan Stanley 15.10.13/6.750% 82,337 0.01350,000 Morgan Stanley 01.04.14/4.750% 365,092 0.03300,000 Morgan Stanley 13.05.14/6.000% 327,025 0.02208,000 Morgan Stanley 24.07.15/4.000% 212,834 0.01250,000 Morgan Stanley 09.01.17/5.450% 263,775 0.02290,000 Morgan Stanley 28.12.17/5.950% 310,884 0.02500,000 Morgan Stanley 01.04.18/6.625% 549,500 0.04600,000 Morgan Stanley 13.05.19/7.300% 675,822 0.05

1,200,000 Morgan Stanley 23.09.19/5.625% 1,228,530 0.09442,000 Morgan Stanley 24.07.20/5.500% 448,416 0.03167,000 Morgan Stanley 25.01.21/5.750% 172,484 0.01320,000 National City 15.01.15/4.900% 349,155 0.02500,000 National Semiconductor 15.06.17/6.600% 589,315 0.04

80,000 Nevada Power 01.08.18/6.500% 93,187 0.01200,000 Nevada Power 15.03.19/7.125% 241,557 0.02200,000 Newell Rubbermaid 15.08.20/4.700% 202,299 0.0140,000 NextEra Energy Capital Holdings 15.06.13/5.350% 42,932 0.00

185,000 NextEra Energy Capital Holdings 01.03.19/6.000% 206,860 0.0180,000 Nisource Finance 01.03.13/6.150% 86,040 0.0119,000 Norfolk Southern 17.05.25/5.590% 20,593 0.0021,000 Norfolk Southern 15.02.31/7.250% 25,768 0.00

150,000 Norfolk Southern 15.03.05/6.000% 147,969 0.01264,000 Norfolk Southern 23.05.11/6.000% 259,280 0.02200,000 Pacific Gas & Electric 30.11.17/5.625% 228,154 0.02

50,000 Parker Hannifin 15.05.18/5.500% 56,769 0.00150,000 Peco Energy 01.03.18/5.350% 167,883 0.01

14,000 PepsiCo 01.11.18/7.900% 18,031 0.00150,000 PG&E 01.04.14/5.750% 166,025 0.0190,000 Pioneer Natural Resources 15.07.16/5.875% 95,479 0.01

300,000 Pitney Bowes 15.08.14/4.875% 323,814 0.02350,000 Pitney Bowes 15.03.15/5.000% 377,944 0.03100,000 Pitney Bowes 15.03.18/5.600% 108,373 0.01500,000 PNC Bank 07.12.17/6.000% 563,260 0.04250,000 PNC Bank 01.04.18/6.875% 289,422 0.0250,000 PNC Funding 15.11.15/5.250% 54,595 0.0050,000 PNC Funding 01.02.17/5.625% 55,196 0.00

100,000 PNC Funding 10.06.19/6.700% 117,534 0.01100,000 PNC Funding 08.02.20/5.125% 106,964 0.01400,000 PNC Funding 11.08.20/4.375% 405,090 0.03200,000 Potomac Electric Power 15.11.37/6.500% 236,032 0.02

80,000 PPG Industries 15.03.13/5.750% 85,780 0.01300,000 PPG Industries 15.08.19/7.400% 358,142 0.02

60,000 PPG Industries 01.05.21/9.000% 79,190 0.01490,000 Praxair 31.03.14/4.375% 529,626 0.04650,000 Principal Life Global Funding I

144A 15.03.15/5.050% 700,859 0.05175,000 Principal Life Income Funding

Trusts 24.04.13/5.300% 188,017 0.01110,000 Progress Energy 15.04.12/6.850% 114,895 0.0175,000 Progress Energy 15.03.14/6.050% 83,731 0.01

234,000 Progress Energy 15.01.21/4.400% 237,889 0.02150,000 Progress Energy 01.03.31/7.750% 188,209 0.01110,000 Prudential Financial 20.09.14/5.100% 120,023 0.0155,000 PSEG Power 01.12.15/5.500% 61,040 0.0035,000 PSEG Power 15.04.31/8.625% 45,172 0.0025,000 Public Service Co of Colorado 01.08.18/5.800% 28,856 0.0093,000 Public Service Co of Colorado 15.11.20/3.200% 88,630 0.01

135,000 Public Service Co of Colorado 01.08.38/6.500% 161,852 0.01300,000 Public Service Electric & Gas 01.11.13/6.330% 334,999 0.02

55,000 Public Service Electric & Gas 01.05.18/5.300% 61,800 0.0050,000 Public Service Electric & Gas 01.11.39/5.375% 51,271 0.00

147,000 Public Services Oklahoma 01.02.21/4.400% 149,491 0.01300,000 Public Services Oklahoma 15.11.37/6.625% 336,173 0.02

2,500,000 Residual Funding Principal Strip 15.07.20/0.000% 1,847,482 0.13135,000 Ryder System 01.03.16/3.600% 138,615 0.0140,000 Sempra Energy 15.11.13/8.900% 46,282 0.00

100,000 Sempra Energy 01.06.16/6.500% 116,433 0.01630,000 Sempra Energy 15.02.19/9.800% 848,024 0.06115,000 Sempra Energy 15.10.39/6.000% 121,553 0.01

140,000 Simon Property Group 15.05.14/6.750% 158,112 0.01165,000 Simon Property Group 15.08.14/5.625% 183,562 0.01

13,000 Simon Property Group 01.02.15/4.200% 13,873 0.00120,000 Simon Property Group 01.05.16/6.100% 136,603 0.01200,000 Simon Property Group 30.05.18/6.125% 225,554 0.02150,000 Simon Property Group 01.02.20/5.650% 163,335 0.01100,000 Simon Property Group 01.03.21/4.375% 98,992 0.0120,000 SLM 15.01.13/5.375% 20,650 0.00

125,000 Southern 15.05.14/4.150% 133,255 0.01135,000 Southern California Edison 15.08.18/5.500% 154,299 0.01

116

JPMorgan Funds - US Aggregate Bond FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

36,000 Southern California Edison 01.06.21/3.875% 36,047 0.00250,000 SouthTrust Bank 15.05.25/7.690% 280,990 0.02225,000 Southwestern Public Service 01.12.18/8.750% 289,848 0.02250,000 Spectra Energy Capital 01.03.14/5.500% 270,850 0.0250,000 Spectra Energy Capital 15.08.14/5.668% 55,271 0.00

300,000 Spectra Energy Capital 15.07.18/6.750% 341,576 0.02185,000 Springleaf Finance 01.10.12/5.375% 183,755 0.01170,000 Springleaf Finance 15.12.17/6.900% 155,385 0.0165,000 State Street 30.05.14/4.300% 69,971 0.01

100,000 SunTrust Bank/Atlanta 15.03.18/7.250% 115,370 0.01225,000 SunTrust Banks 05.11.12/5.250% 236,283 0.02150,000 SunTrust Banks 11.09.17/6.000% 167,902 0.01150,000 Target 15.01.38/7.000% 179,599 0.01

1,000,000 Tennessee Valley Authority 18.07.17/5.500% 1,168,281 0.08178,000 Tennessee Valley Authority 15.09.60/4.625% 168,321 0.01

400,000 Texas Instruments 15.05.14/1.375% 401,808 0.03280,000 Time Warner 29.03.21/4.750% 283,774 0.02200,000 Time Warner 15.04.31/7.625% 237,792 0.02200,000 Time Warner 15.03.40/6.200% 203,582 0.01219,000 Time Warner 29.03.41/6.250% 225,421 0.02200,000 Time Warner Cable 14.02.14/8.250% 232,950 0.02450,000 Time Warner Cable 01.04.19/8.250% 561,706 0.04400,000 Time Warner Cable 01.05.37/6.550% 423,068 0.03300,000 Time Warner Cable 15.11.40/5.875% 294,352 0.02174,000 Time Warner Entertainment 01.05.12/10.150% 186,324 0.01

480,000 Time Warner Entertainment 15.03.23/8.375% 608,023 0.04275,000 Time Warner Entertainment 15.07.33/8.375% 349,403 0.02250,000 Tosco 15.02.30/8.125% 330,391 0.02385,000 Toyota Motor Credit 17.06.15/3.200% 400,741 0.0350,000 Travelers 15.05.18/5.800% 55,748 0.0050,000 Travelers Property Casualty 15.03.13/5.000% 53,234 0.00

250,000 UBS/Stamford 12.08.13/2.250% 254,230 0.02250,000 UBS/Stamford 15.01.15/3.875% 261,906 0.02100,000 UBS/Stamford 20.12.17/5.875% 110,411 0.01500,000 UBS/Stamford 25.04.18/5.750% 544,267 0.04365,000 UBS/Stamford 04.08.20/4.875% 370,256 0.03150,000 Union Carbide 01.10.96/7.750% 161,868 0.0175,000 Union Pacific 15.01.15/4.875% 82,076 0.01

300,000 Union Pacific 15.11.17/5.750% 346,915 0.02100,000 United Parcel Service of

America 01.04.20/8.375% 133,675 0.01500,000 United Technologies 01.02.19/6.125% 586,132 0.04242,000 US Bancorp 20.11.14/2.875% 251,339 0.02450,000 US Bancorp 27.07.15/2.450% 455,389 0.03200,000 US Bancorp 24.05.21/4.125% 200,356 0.0140,000 Valero Energy 15.04.32/7.500% 44,911 0.00

150,000 Verizon Communications 15.02.16/5.550% 169,594 0.01185,000 Verizon Communications 01.04.17/5.500% 209,014 0.01750,000 Verizon Communications 01.04.39/7.350% 902,077 0.06650,000 Verizon Florida 15.01.13/6.125% 696,826 0.05350,000 Verizon Global Funding 01.12.30/7.750% 438,189 0.03270,000 Verizon Maryland 01.03.12/6.125% 279,447 0.02250,000 Verizon Maryland 01.05.23/7.150% 265,136 0.02250,000 Verizon New England 01.10.13/4.750% 267,124 0.02

15,000 Verizon New York 01.04.32/7.375% 17,325 0.00200,000 Verizon Virginia 15.03.13/4.625% 210,778 0.01100,000 Verizon Wireless Capital 01.02.14/5.550% 110,237 0.01250,000 Virginia Electric and Power 30.11.12/5.100% 264,916 0.02140,000 Virginia Electric and Power 15.09.17/5.950% 163,831 0.01250,000 Virginia Electric and Power 30.04.18/5.400% 281,060 0.02

1,385,000 Wachovia 01.05.13/5.500% 1,489,948 0.10325,000 Wachovia 15.02.14/4.875% 346,879 0.02625,000 Wachovia 01.02.18/5.750% 692,894 0.05500,000 Wachovia Bank NA 15.08.15/5.000% 535,720 0.04

1,000,000 Wachovia Bank NA 15.11.17/6.000% 1,120,875 0.08250,000 Wachovia Bank NA 15.01.38/6.600% 275,390 0.0260,000 Wal-Mart Stores 01.09.35/5.250% 59,455 0.00

100,000 Waste Management 11.03.19/7.375% 121,696 0.01107,000 Waste Management 30.06.20/4.750% 111,413 0.01100,000 Waste Management 15.05.32/7.750% 123,465 0.0134,000 WellPoint 15.06.17/5.875% 39,048 0.0022,000 WellPoint 15.02.19/7.000% 26,278 0.00

100,000 Wells Fargo & Co. 01.08.11/6.375% 100,391 0.01500,000 Wells Fargo & Co. 11.12.17/5.625% 554,635 0.04

1,000,000 Wells Fargo & Co. 01.04.21/4.600% 1,006,635 0.07300,000 Wells Fargo Financial 18.04.12/6.125% 312,767 0.02

80,000 Wisconsin Electric Power 01.04.14/6.000% 89,716 0.0125,000 Wyeth 01.02.24/6.450% 29,726 0.00

100,000 Xerox 15.05.14/8.250% 117,262 0.01200,000 Xerox 01.02.17/6.750% 233,812 0.02175,000 Xerox 15.12.19/5.625% 191,403 0.0170,000 Xerox 15.05.21/4.500% 69,363 0.00

500,000 XTO Energy 15.12.13/5.750% 558,125 0.04

126,376,251 8.81

CANADA250,000 Alberta Energy 01.11.31/7.375% 288,994 0.02250,000 Bank of Nova Scotia 17.12.13/2.375% 256,979 0.02123,000 Bank of Nova Scotia 22.01.15/3.400% 129,406 0.01150,000 Canadian Natural Resources 01.02.18/5.900% 172,482 0.0110,000 Canadian Natural Resources 15.01.32/7.200% 12,004 0.00

180,000 Devon Financing 30.09.11/6.875% 182,596 0.0160,000 Devon Financing 30.09.31/7.875% 77,156 0.00

100,000 EnCana 15.05.19/6.500% 118,314 0.01140,000 Manitoba (Province Of) 22.04.13/2.125% 143,833 0.01500,000 Ontario (Province Of) 05.02.15/2.950% 525,677 0.04550,000 Ontario (Province Of) 16.06.15/2.700% 572,217 0.04130,000 Petro-Canada 15.05.18/6.050% 147,555 0.01200,000 Petro-Canada 15.05.38/6.800% 226,368 0.02120,000 Potash Corp of Saskatchewan 15.05.19/6.500% 140,105 0.01200,000 Suncor Energy 01.06.18/6.100% 227,985 0.02370,000 Talisman Energy 01.06.19/7.750% 455,625 0.03

75,000 Thomson Reuters 15.07.13/5.950% 81,907 0.01440,000 Toronto-Dominion Bank 144A 29.07.15/2.200% 445,762 0.03

80,000 TransCanada Pipelines 15.06.13/4.000% 84,441 0.01150,000 TransCanada Pipelines 15.08.18/6.500% 176,870 0.01330,000 TransCanada Pipelines 15.01.19/7.125% 405,402 0.02140,000 TransCanada Pipelines 15.10.37/6.200% 150,872 0.01

5,022,550 0.35

UNITED KINGDOM110,000 AstraZeneca 01.06.14/5.400% 123,187 0.01220,000 Barclays Bank 23.01.13/2.500% 224,405 0.02100,000 Barclays Bank 10.07.14/5.200% 108,363 0.01100,000 Barclays Bank 22.05.19/6.750% 112,877 0.01250,000 Barclays Bank 08.01.20/5.125% 254,170 0.02400,000 BP Capital Markets 10.03.12/3.125% 406,602 0.03350,000 BP Capital Markets 07.11.13/5.250% 379,559 0.03300,000 BP Capital Markets 08.05.14/3.625% 315,531 0.02310,000 BP Capital Markets 11.03.21/4.742% 319,891 0.02

1,000,000 British Telecommunications 15.01.13/5.150% 1,059,660 0.0745,000 British Telecommunications 15.12.30/9.875% 62,067 0.00

700,000 Deutsche Bank/London 11.01.16/3.250% 707,343 0.05200,000 Diageo Capital 23.10.17/5.750% 230,375 0.02

50,000 Diageo Capital 15.07.20/4.828% 52,735 0.00139,000 HSBC Holdings 05.04.21/5.100% 142,692 0.01300,000 Vodafone Group 15.09.15/5.000% 331,886 0.02

4,831,343 0.34

NETHERLANDS45,000 Deutsche Telekom International

Finance 22.07.13/5.250% 48,578 0.00200,000 Deutsche Telekom International

Finance 15.06.30/8.750% 262,666 0.02170,000 Diageo Finance 01.04.13/5.500% 183,537 0.01150,000 Diageo Finance 28.10.15/5.300% 169,360 0.0192,000 Koninklijke Philips Electronics 11.03.18/5.750% 103,389 0.01

100,000 Koninklijke Philips Electronics 01.06.26/7.200% 120,177 0.0135,000 Shell International Finance 25.03.13/1.875% 35,751 0.00

670,000 Shell International Finance 21.03.14/4.000% 720,009 0.05184,000 Shell International Finance 28.06.15/3.100% 192,543 0.01230,000 Shell International Finance 25.03.20/4.375% 241,699 0.02280,000 Shell International Finance 15.12.38/6.375% 324,547 0.03

2,402,256 0.17

AUSTRALIA200,000 BHP Billiton Finance USA 01.04.14/5.500% 222,795 0.02

55,000 BHP Billiton Finance USA 29.03.17/5.400% 62,619 0.00100,000 Rio Tinto Finance USA 01.05.14/8.950% 120,198 0.01

67,000 Rio Tinto Finance USA 02.11.20/3.500% 63,975 0.00762,000 Westpac Banking 19.11.19/4.875% 791,947 0.06

1,261,534 0.09

JAPAN130,000 Nomura Holdings 04.03.15/5.000% 137,656 0.01610,000 Nomura Holdings 19.01.16/4.125% 620,418 0.04404,000 Nomura Holdings 04.03.20/6.700% 443,089 0.03

1,201,163 0.08

LUXEMBOURG160,000 Telecom Italia Capital 15.11.13/5.250% 167,992 0.01150,000 Telecom Italia Capital 18.06.14/6.175% 162,127 0.01300,000 Telecom Italia Capital 30.09.14/4.950% 313,802 0.02100,000 Telecom Italia Capital 04.06.18/6.999% 108,006 0.01100,000 Tyco International Finance 15.01.19/8.500% 126,641 0.01

878,568 0.06

117


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

SPAIN350,000 Telefonica Emisiones 04.02.13/5.855% 371,315 0.02220,000 Telefonica Emisiones 03.07.17/6.221% 242,598 0.0240,000 Telefonica Emisiones 15.07.19/5.877% 41,910 0.00113,000 Telefonica Emisiones 16.02.21/5.462% 114,574 0.01

770,397 0.05

SWITZERLAND200,000 Credit Suisse 14.01.20/5.400% 203,191 0.01300,000 Tyco International Finance 15.12.19/7.000% 356,873 0.03

560,064 0.04

CAYMAN ISLANDS400,000 Transocean 15.11.20/6.500% 449,008 0.04

449,008 0.04

MEXICO260,000 Mexico (United Mexican States) 16.01.13/6.375% 280,787 0.02165,000 Mexico (United Mexican States) 03.03.15/6.625% 191,833 0.01

472,620 0.03

NORWAY183,000 Statoil 17.08.17/3.125% 185,820 0.01

185,820 0.01

FRANCE110,000 France Télécom 01.03.31/8.500% 147,996 0.01

147,996 0.01

BERMUDA50,000 Ingersoll-Rand 15.11.27/6.391% 55,950 0.00

55,950 0.00

Total Bonds 144,615,520 10.08


144,615,520 10.08


Bonds

UNITED STATES OF AMERICA766,741 Aames Mortgage Investment

Trust 2005-3 M1 25.08.35/0.716%* 570,843 0.0457,081 ABN Amro Mortgage 2003-7 A3 25.07.18/4.500% 57,711 0.00

205,000 Ally Auto Receivables Trust2010-1 A3 15.05.14/1.450% 206,474 0.01




73,000 American Airlines 2011-1 Class APass Through Trust 31.01.21/5.250% 71,358 0.00

1,400,000 American General MortgageLoan Trust 2009-1 A4 25.09.48/5.750%* 1,410,702 0.10

950,000 American General MortgageLoan Trust 2009-1 A5 25.09.48/5.750%* 962,135 0.07

1,471,352 American General MortgageLoan Trust 2009-1 A7 25.09.48/5.750%* 1,497,560 0.10

500,000 American Home MortgageInvestment Trust 2005-3 2A4 25.09.35/2.021%* 203,150 0.01

150,000 American Honda Finance 144A 18.03.13/2.375% 153,386 0.01165,000 American Honda Finance 144A 01.10.18/7.625% 202,598 0.01715,000 American Municipal Power-Ohio 15.02.50/7.499% 810,631 0.06

1,947 AmeriCredit AutomobileReceivables Trust 2008-AF A3 12.12.12/5.680% 1,948 0.00

100,000 AmeriCredit AutomobileReceivables Trust 2008-AF A4 14.10.14/6.960% 105,038 0.01

13,113 AmeriCredit AutomobileReceivables Trust 2010-1 A2 15.01.13/0.970% 13,114 0.00





1,183,000 AmeriCredit AutomobileReceivables Trust 2011-3 A2 10.11.14/0.840% 1,182,671 0.08

190,000 Amgen 01.02.19/5.700% 214,933 0.0181,000 Amgen 15.03.20/4.500% 84,209 0.01

237,000 Amgen 15.03.40/5.750% 241,703 0.02300,000 Amgen 01.10.41/4.950% 273,486 0.02126,000 Amgen 15.06.42/5.650% 125,386 0.01561,281 ASG Resecuritization Trust

2009-1 A60 26.06.37/5.272%* 566,894 0.04543,230 ASG Resecuritization Trust

2009-2 A55 24.05.36/5.358%* 547,744 0.042,449,943 ASG Resecuritization Trust

2009-3 A65 26.03.37/5.327%* 2,453,466 0.171,690,948 ASG Resecuritization Trust

2009-4 A60 28.06.37/6.000% 1,720,539 0.12984,645 Asset Backed Funding

Certificates 2005-AQ1 A4 25.06.35/5.010%* 979,769 0.0711,000 AT&T 15.11.31/8.000% 14,532 0.00

375,000 BAE Systems Holdings 144A 15.08.15/5.200% 407,106 0.03524,980 Banc of America Alternative

Loan Trust 2003-7 1CB1 25.09.33/5.500% 544,026 0.04474,769 Banc of America Alternative

Loan Trust 2003-7 2A4 25.09.18/5.000% 485,721 0.03366,225 Banc of America Alternative

Loan Trust 2004-1 1A1 25.02.34/6.000% 386,583 0.03355,695 Banc of America Funding

2004-2 1CB1 20.09.34/5.750% 366,598 0.03155,243 Banc of America Funding

2004-2 30PO 20.09.34/0.000% 114,665 0.01315,188 Banc of America Funding

2004-C 1A1 20.12.34/5.020%* 312,677 0.02848,979 Banc of America Funding

2005-6 2A7 25.10.35/5.500% 828,635 0.06185,198 Banc of America Funding

2005-7 30PO 25.11.35/0.000% 124,474 0.01286,449 Banc of America Funding

2005-E 4A1 20.03.35/2.814%* 271,981 0.021,923,601 Banc of America Funding

2010-R5 5A6 26.05.37/0.494%* 1,866,086 0.13200,000 Banc of America Merrill Lynch

Commercial Mortgage 2006-5A4 10.09.47/5.414% 213,640 0.02

2,689 Banc of America Merrill LynchCommercial Mortgage 2003-2A2 11.03.41/4.342% 2,692 0.00


500,000 Banc of America Merrill LynchCommercial Mortgage 2005-3AM 10.07.43/4.727% 501,623 0.03

408,830 Banc of America Merrill LynchCommercial Mortgage 2005-6ASB 10.09.47/5.195%* 431,392 0.03

300,000 Banc of America Merrill LynchCommercial Mortgage 2006-1A4 10.09.45/5.372%* 324,595 0.02

400,000 Banc of America Merrill LynchCommercial Mortgage 2006-3A4 10.07.44/5.889%* 439,593 0.03


1,300,000 Banc of America MortgageSecurities 2003-3 1A7 25.05.33/5.500% 1,331,478 0.09

252,411 Banc of America MortgageSecurities 2003-6 2A1 25.08.18/0.636%* 242,572 0.02

32,443 Banc of America MortgageSecurities 2003-8 APO 25.11.33/0.000% 23,807 0.00



734,161 Banc of America MortgageSecurities 2004-5 2A2 25.06.34/5.500% 737,798 0.05


732,755 Banc of America MortgageSecurities 2004-7 15IO 25.08.19/4.748%* 82,169 0.01


53,525 Banc of America MortgageSecurities 2004-9 XPO 25.11.34/0.000% 39,380 0.00

250,590 Banc of America MortgageSecurities 2004-J 3A1 25.11.34/5.089%* 221,393 0.02

650,000 Bank of America 14.10.16/5.625% 694,912 0.05222,331 Bank of America Auto Trust

2009-1A A3 15.07.13/2.670% 223,861 0.02182,252 Bank of America Auto Trust



2010-2 A2 15.10.12/0.910% 188,756 0.01465,000 Bank of America Auto Trust

2010-2 A3 15.07.14/1.310% 468,054 0.03

118


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

770,000 Bank of America Auto Trust2010-2 A4 15.06.17/1.940% 784,779 0.06

865,747 BCAP Trust 2011-RR2 3A3 21.11.35/3.011%* 864,664 0.06398,921 Bear Stearns Adjustable Rate

Mortgage Trust 2003-4 3A1 25.07.33/5.016%* 398,064 0.0379,154 Bear Stearns Adjustable Rate

Mortgage Trust 2003-7 3A 25.10.33/2.789%* 75,755 0.01548,994 Bear Stearns Adjustable Rate

Mortgage Trust 2004-2 14A 25.05.34/5.089%* 558,718 0.04432,460 Bear Stearns Adjustable Rate

Mortgage Trust 2005-5 A1 25.08.35/2.340%* 407,764 0.03692,674 Bear Stearns Adjustable Rate

Mortgage Trust 2006-1 A1 25.02.36/2.520%* 616,590 0.04507,343 Bear Stearns Alt-A Trust 2005-2

1A1 25.03.35/0.686%* 416,394 0.03114,222 Bear Stearns Asset Backed

Securities Trust 2006-SD1 A 25.04.36/0.556%* 86,014 0.0119,379,414 Bear Stearns Commercial

Mortgage Securities 2005-PWR8X1 11.06.41/0.250%* 301,011 0.02

122,182 Bear Stearns CommercialMortgage Securities 2005-PWR9AAB 11.09.42/4.804% 127,039 0.01

360,000 Bear Stearns CommercialMortgage Securities 2006-PW11A4 11.03.39/5.452%* 394,573 0.03

56,275 Bear Stearns CommercialMortgage Securities 2006-PW14A1 11.12.38/5.044% 56,505 0.00

63,822,479 Bear Stearns CommercialMortgage Securities 2007-T26X1 12.01.45/0.078%* 335,368 0.02

500,000 Blackstone Holdings Finance144A 15.03.21/5.875% 508,425 0.04

395,000 Bunge 15.06.19/8.500% 482,115 0.03100,000 Burlington Northern Santa Fe 15.07.11/6.750% 100,152 0.01250,000 Burlington Northern Santa Fe 01.07.12/5.900% 262,354 0.02150,000 Burlington Northern Santa Fe 01.02.14/7.000% 171,225 0.0150,000 Burlington Northern Santa Fe 15.03.18/5.750% 56,578 0.00

147,000 Burlington Northern Santa Fe 01.09.20/3.600% 142,501 0.01100,000 Burlington Northern Santa Fe 01.08.28/6.700% 112,589 0.01375,000 Burlington Northern Santa Fe 01.06.41/5.400% 368,124 0.03300,000 Cargill 144A 06.03.19/7.350% 370,082 0.03160,000 CarMax Auto Owner Trust

2010-1 A3 15.07.14/1.560% 161,003 0.01630,000 CarMax Auto Owner Trust 2011-1

A3 15.09.15/1.290% 633,295 0.04575,000 CarMax Auto Owner Trust 2011-1

A4 15.09.16/2.160% 586,052 0.0470,000 CenterPoint Energy Resources

144A 15.01.21/4.500% 70,861 0.01500,000 Centex Home Equity 2004-D

AF4 25.06.32/4.680%* 486,028 0.03480,592 Chase Funding Mortgage Loan

Asset-Backed Certificates2003-4 1A5 25.05.33/5.416%* 465,137 0.03

288,357 Chase Funding Mortgage LoanAsset-Backed Certificates2003-6 1A6 25.11.34/4.585% 286,449 0.02

515,328 Chase Funding Mortgage LoanAsset-Backed Certificates2003-6 1A7 25.11.34/4.277%* 494,122 0.03

369,983 Chase Mortgage Finance2003-S2 A1 25.03.18/5.000% 376,657 0.03

243,822 Chase Mortgage Finance2003-S6 A1 25.06.18/5.000% 249,189 0.02

379,806 Chase Mortgage Finance2007-A1 2A1 25.02.37/2.775%* 374,276 0.03



1,171,632 Chase Mortgage Finance2007-A2 2A1 25.07.37/3.061%* 1,164,244 0.08

1,000,000 Chrysler Financial AutoSecuritization Trust 2010-A A3 08.08.13/0.910% 1,003,293 0.07

80,000 Cisco Systems 22.02.16/5.500% 91,126 0.01140,000 Cisco Systems 15.01.20/4.450% 145,718 0.01400,000 Cisco Systems 15.02.39/5.900% 421,036 0.03100,000 Cisco Systems 15.01.40/5.500% 99,985 0.01153,488 Citicorp Mortgage Securities

2003-10 A1 25.11.18/4.500% 158,247 0.01423,831 Citicorp Mortgage Securities

2004-1 3A1 25.01.34/4.750% 428,740 0.031,075,786 Citicorp Mortgage Securities

2004-4 A4 25.06.34/5.500% 1,125,009 0.08560,290 Citicorp Mortgage Securities

2004-5 2A5 25.08.34/4.500% 579,738 0.04303,910 Citicorp Mortgage Securities

2004-8 2A2 25.10.34/4.750% 285,556 0.02

415,915 Citicorp Mortgage Securities2005-3 2A2 25.04.20/5.000% 392,890 0.03

1,000,000 Citicorp Mortgage Securities2006-4 1A2 25.08.36/6.000% 955,691 0.07

600,000 Citigroup Commercial MortgageTrust 2005-C3 AM 15.05.43/4.830%* 604,172 0.04

31,737 Citigroup Commercial MortgageTrust 2006-C4 A1 15.03.49/5.729%* 31,714 0.00

500,000 Citigroup Commercial MortgageTrust 2006-C5 A4 15.10.49/5.431% 544,333 0.04

375,706 Citigroup Mortgage Loan Trust2003-1 2A5 25.10.33/5.250% 380,915 0.03


10,798 Citigroup Mortgage Loan Trust2003-UP3 A3 25.09.33/7.000% 11,110 0.00

195,490 Citigroup Mortgage Loan Trust2004-UST1 A3 25.08.34/2.499%* 194,002 0.01


900,645 Citigroup Mortgage Loan Trust2008-AR4 1A1A 25.11.38/5.277%* 896,142 0.06

57,988,722 Citigroup/Deutsche BankCommercial Mortgage Trust2007-CD4 XC 11.12.49/0.167%* 487,569 0.03

500,000 CME Group 01.08.13/5.400% 543,818 0.0455,459 CNH Equipment Trust 2008-B

A4A 17.11.14/5.600% 56,535 0.0036,745 CNH Equipment Trust 2009-A

A3 15.11.12/5.280% 36,903 0.00408,643 CNH Equipment Trust 2010-A A3 15.07.14/1.540% 410,752 0.03

1,100,000 CNH Equipment Trust 2010-C A3 15.05.15/1.170% 1,103,478 0.08325,000 CNH Equipment Trust 2011-A A3 16.05.16/1.200% 325,901 0.02267,000 CNH Equipment Trust 2011-A A4 17.10.16/2.040% 269,136 0.02275,000 Comcast 15.03.16/5.900% 313,603 0.02250,000 Comcast 15.01.17/6.500% 291,386 0.02200,000 Comcast 15.11.35/6.500% 214,522 0.01150,000 Comcast 15.03.37/6.450% 159,190 0.01150,000 Comcast Cable Holdings 01.02.12/9.800% 157,451 0.01100,000 Comcast Holdings 15.07.12/10.625% 109,926 0.01

54,591 Commercial Mortgage PassThrough Certificates 2004-LB4AA4 15.10.37/4.584% 54,952 0.00

650,000 Commercial Mortgage PassThrough Certificates 2005-LP5A4 10.05.43/4.982%* 700,844 0.05

173,000 Consolidated Edison Co. of NewYork 15.06.40/5.700% 182,940 0.01

284,105 Continental Airlines 2007-1Class A Pass Through Trust2007-1 19.04.22/5.983% 292,259 0.02

111,735 Countrywide Alternative LoanTrust 2002-18 A2 25.02.33/5.250% 113,245 0.01

601,360 Countrywide Alternative LoanTrust 2004-18CB 2A4 25.09.34/5.700% 615,170 0.04


1,066,078 Countrywide Alternative LoanTrust 2004-2CB 1A9 25.03.34/5.750% 1,022,681 0.07

2,664,023 Countrywide Alternative LoanTrust 2005-20CB 3A8 25.07.35/4.564%* 289,134 0.02

34,451 Countrywide Alternative LoanTrust 2005-26CB A10 25.07.35/12.713%* 34,184 0.00


1,000,000 Countrywide Alternative LoanTrust 2005-54CB 1A11 25.11.35/5.500% 840,550 0.06

86,649 Countrywide Alternative LoanTrust 2005-5R A1 25.12.18/5.250% 88,396 0.01

611,219 Countrywide Alternative LoanTrust 2005-J1 1A4 25.02.35/4.914%* 61,647 0.00

107,732 Countrywide Home LoanMortgage Pass Through Trust2003-26 1A6 25.08.33/3.500% 102,977 0.01

27,136 Countrywide Home LoanMortgage Pass Through Trust2003-J7 4A3 25.08.18/9.533%* 28,434 0.00

976,143 Countrywide Home LoanMortgage Pass Through Trust2004-5 1A4 25.06.34/5.500% 1,020,939 0.07

147,083 Countrywide Home LoanMortgage Pass Through Trust2004-7 2A1 25.06.34/2.275%* 131,197 0.01

1,160,698 Countrywide Home LoanMortgage Pass Through Trust2004-8 2A1 25.06.19/4.500% 1,198,652 0.08

144,628 Countrywide Home LoanMortgage Pass Through Trust2004-J6 2A1 25.07.14/4.750% 147,082 0.01

242,121 Countrywide Home LoanMortgage Pass Through Trust2004-J8 1A2 25.11.19/4.750% 246,120 0.02

119


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

833,669 Countrywide Home LoanMortgage Pass Through Trust2005-22 2A1 25.11.35/3.079%* 562,208 0.04

75,000 COX Communications 144A 01.03.39/8.375% 99,236 0.01698,374 Credit Suisse First Boston

Mortgage Securities 2003-275A4 25.11.33/5.250% 724,821 0.05

985,540 Credit Suisse First BostonMortgage Securities 2004-42A4 25.09.34/5.500% 1,044,492 0.07

377,907 Credit Suisse First BostonMortgage Securities 2004-5 3A1 25.08.19/5.250% 386,473 0.03

847,225 Credit Suisse First BostonMortgage Securities 2004-8 1A4 25.12.34/5.500% 890,670 0.06

300,000 Credit Suisse Mortgage CapitalCertificates 2010-16 A3 25.06.50/4.250%* 288,039 0.02

66,392 Credit-Based Asset Servicingand Securitization 2006-CB1AF2 25.01.36/5.236%* 40,464 0.00

102,014 CSFB Mortgage Securities2003-1 DB1 25.02.33/6.564% 90,107 0.01

1,016,330 CSFB Mortgage Securities2003-21 1A4 25.09.33/5.250% 1,043,597 0.07

372,730 CSFB Mortgage Securities2003-21 AP 25.09.33/0.000% 266,639 0.02

782,541 CSFB Mortgage Securities2003-23 2A5 25.10.18/5.000% 805,595 0.06


165,000 CSFB Mortgage Securities2003-C5 A4 15.12.36/4.900%* 174,138 0.01



166,736 CSFB Mortgage Securities2005-4 3A24 25.06.35/18.312%* 165,320 0.01

793,519 CSFB Mortgage Securities2005-7 4A3 25.08.20/5.000% 794,500 0.06

645,000 CW Capital Cobalt 2006-C1 A4 15.08.48/5.223% 683,030 0.05180,000 Daimler Finance North America 15.11.13/6.500% 200,288 0.01218,000 Danaher 23.06.21/3.900% 217,688 0.02683,000 Dell 01.04.16/3.100% 701,222 0.05100,000 Dell 01.04.21/4.625% 101,874 0.01251,348 Delta Air Lines 2010-2 Class A

Pass Through Trust 2010-2A 23.05.19/4.950% 249,785 0.0296,000 Delta Air Lines 2011-1 Class A

Pass Through Trust 2011-1 15.04.19/5.300% 96,000 0.01722,006 Deutsche Mortgage Securities

2004-1 3A6 25.12.33/4.740%* 733,150 0.05400,000 DirecTV Holdings/DirecTV

Financing 15.02.21/4.600% 402,586 0.03243,000 DirecTV Holdings/DirecTV

Financing 01.03.21/5.000% 251,861 0.02700,000 DirecTV Holdings/DirecTV

Financing 15.08.40/6.000% 705,705 0.05414,000 Discovery Communications 15.06.21/4.375% 410,152 0.03195,000 Duke Energy Carolinas 15.06.20/4.300% 203,086 0.01160,000 Duke Energy Indiana 15.07.20/3.750% 159,663 0.0185,000 Duke Energy Ohio 01.04.19/5.450% 95,485 0.01

326,000 ERAC USA Finance 144A 10.01.14/2.250% 329,608 0.02114,000 Exelon Generation 01.10.41/5.750% 108,388 0.01

4,600,000 Fannie Mae 05.07.14/0.000% 4,433,084 0.3110,150,000 Fannie Mae 11.05.17/5.000% 11,646,110 0.811,000,000 Fannie Mae 01.06.17/0.000% 863,533 0.06

300,000 Fannie Mae 12.06.17/5.375% 350,387 0.02506,668 Fannie Mae Grantor Trust

2000-T6 A1 25.06.30/7.500% 578,280 0.041,392,136 Fannie Mae Grantor Trust

2001-T10 A2 25.12.41/7.500% 1,612,815 0.11432,247 Fannie Mae Grantor Trust

2001-T7 A1 25.02.41/7.500% 515,443 0.0452,426 Fannie Mae Grantor Trust

2002-T16 A2 25.07.42/7.000% 60,324 0.00947,703 Fannie Mae Grantor Trust

2004-T2 1A4 25.11.43/7.500% 1,094,783 0.08726,706 Fannie Mae Grantor Trust

2004-T3 PT1 25.01.44/9.239%* 891,726 0.06682,898 Fannie Mae Interest Strip 293 1 01.12.24/0.000% 605,089 0.04450,176 Fannie Mae Interest Strip 339 18 01.07.18/4.500% 43,670 0.00923,193 Fannie Mae Interest Strip 383 32 01.01.38/6.000% 138,696 0.01

8,141 Fannie Mae Pool No: 190632 01.02.14/6.000% 8,898 0.0020,487 Fannie Mae Pool No: 252409 01.03.29/6.500% 23,360 0.00

200,620 Fannie Mae Pool No: 254305 01.05.22/6.500% 227,353 0.02245,171 Fannie Mae Pool No: 254717 01.04.13/4.500% 257,645 0.0227,281 Fannie Mae Pool No: 254827 01.05.13/5.500% 29,590 0.00


956,389 Fannie Mae Pool No: 255843 01.09.35/5.500% 1,040,034 0.07


1,559,677 Fannie Mae Pool No: 256885 01.09.27/6.000% 1,715,110 0.12356,642 Fannie Mae Pool No: 257055 01.12.27/6.500% 404,388 0.03



1,228,348 Fannie Mae Pool No: 464367 01.01.20/4.540% 1,308,970 0.092,800,000 Fannie Mae Pool No: 464756 01.04.20/4.350% 2,948,176 0.211,500,000 Fannie Mae Pool No: 465578 01.07.20/3.930% 1,541,976 0.112,962,162 Fannie Mae Pool No: 465641 01.08.20/3.740% 3,008,691 0.211,482,501 Fannie Mae Pool No: 465659 01.07.20/3.740% 1,506,687 0.11



992,409 Fannie Mae Pool No: 466689 01.12.20/3.590% 994,267 0.074,000,000 Fannie Mae Pool No: 467010 01.01.18/3.520% 4,120,539 0.29

1,988,431 Fannie Mae Pool No: 467059 01.01.19/3.810% 2,060,630 0.141,000,000 Fannie Mae Pool No: 467264 01.02.21/4.330% 1,037,510 0.072,990,106 Fannie Mae Pool No: 467390 01.03.21/4.160% 3,093,050 0.221,624,624 Fannie Mae Pool No: 467473 01.03.18/3.800% 1,695,440 0.12

2,000,000 Fannie Mae Pool No: 467755 01.04.21/4.250% 2,055,889 0.141,500,000 Fannie Mae Pool No: 467772 01.04.21/4.380% 1,570,470 0.111,000,000 Fannie Mae Pool No: 468058 01.05.21/4.390% 1,046,812 0.07








177,332 Fannie Mae Pool No: 679263 01.11.24/4.500% 183,622 0.011,065,390 Fannie Mae Pool No: 682076 01.11.17/6.000% 1,162,773 0.08



100,406 Fannie Mae Pool No: 722985 01.07.33/2.609%* 105,549 0.01107,759 Fannie Mae Pool No: 725171 01.01.19/4.000% 112,254 0.0112,646 Fannie Mae Pool No: 725382 01.01.16/8.000% 12,828 0.0041,137 Fannie Mae Pool No: 725704 01.08.34/6.000% 45,206 0.00


107,437 Fannie Mae Pool No: 730536 01.08.18/4.000% 111,919 0.01202,901 Fannie Mae Pool No: 735332 01.08.34/3.034%* 213,005 0.01130,333 Fannie Mae Pool No: 735911 01.08.20/6.500% 144,731 0.01131,078 Fannie Mae Pool No: 740822 01.09.18/5.500% 142,158 0.0148,553 Fannie Mae Pool No: 743097 01.10.18/3.500% 49,456 0.00


1,158,719 Fannie Mae Pool No: 745418 01.04.36/5.500% 1,260,061 0.09743,176 Fannie Mae Pool No: 745445 01.01.36/2.491%* 779,821 0.05122,027 Fannie Mae Pool No: 745446 01.04.33/2.541%* 127,842 0.01101,533 Fannie Mae Pool No: 748306 01.11.33/6.500% 115,002 0.0168,299 Fannie Mae Pool No: 754922 01.09.33/5.500% 73,365 0.01


229,106 Fannie Mae Pool No: 763029 01.05.33/4.500% 237,841 0.0270,522 Fannie Mae Pool No: 766610 01.01.34/2.436%* 73,827 0.01

298,280 Fannie Mae Pool No: 771959 01.02.34/5.500% 323,202 0.02450,460 Fannie Mae Pool No: 775902 01.04.30/8.500% 532,166 0.04594,828 Fannie Mae Pool No: 777132 01.06.34/2.562%* 621,913 0.04139,270 Fannie Mae Pool No: 781309 01.07.34/2.746%* 146,169 0.01


251,777 Fannie Mae Pool No: 788150 01.03.32/6.000% 276,679 0.02140,775 Fannie Mae Pool No: 789426 01.07.19/3.500% 143,393 0.01141,636 Fannie Mae Pool No: 790235 01.08.34/2.741%* 147,928 0.01104,200 Fannie Mae Pool No: 791961 01.09.34/1.812%* 107,246 0.01

49,657 Fannie Mae Pool No: 796815 01.09.19/5.500% 53,855 0.00266,434 Fannie Mae Pool No: 801342 01.09.34/2.700%* 280,258 0.02

120


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

349,916 Fannie Mae Pool No: 810896 01.01.35/2.020%* 368,092 0.03256,775 Fannie Mae Pool No: 816597 01.02.35/2.322%* 269,400 0.02117,709 Fannie Mae Pool No: 823660 01.05.35/2.470%* 123,643 0.01

309,846 Fannie Mae Pool No: 843026 01.09.35/2.035%* 323,928 0.02345,951 Fannie Mae Pool No: 843028 01.09.35/2.035%* 361,643 0.03222,598 Fannie Mae Pool No: 847108 01.10.35/6.500% 252,069 0.02717,368 Fannie Mae Pool No: 849251 01.01.36/2.271%* 742,131 0.05

1,214,004 Fannie Mae Pool No: 851432 01.10.35/5.377%* 1,291,056 0.09272,341 Fannie Mae Pool No: 852874 01.04.20/4.000% 283,702 0.02861,663 Fannie Mae Pool No: 870770 01.07.36/6.500% 975,968 0.07570,749 Fannie Mae Pool No: 872502 01.06.36/2.560%* 600,296 0.04454,349 Fannie Mae Pool No: 884066 01.06.36/4.144%* 477,961 0.03228,279 Fannie Mae Pool No: 886558 01.08.36/6.034%* 239,934 0.02

1,268,256 Fannie Mae Pool No: 888366 01.04.37/7.000% 1,458,618 0.10966,007 Fannie Mae Pool No: 888408 01.03.37/6.000% 1,052,773 0.07

1,308,914 Fannie Mae Pool No: 888594 01.08.22/6.000% 1,428,557 0.10663,563 Fannie Mae Pool No: 888605 01.07.35/2.405%* 696,105 0.051,575,121 Fannie Mae Pool No: 888829 01.06.37/5.832% 1,675,956 0.12



1,577,031 Fannie Mae Pool No: 890268 01.10.38/6.500% 1,786,234 0.12446,311 Fannie Mae Pool No: 894672 01.10.36/8.000% 514,092 0.04272,387 Fannie Mae Pool No: 896463 01.10.34/4.998%* 286,133 0.02121,920 Fannie Mae Pool No: 900177 01.08.36/7.500% 140,246 0.01295,345 Fannie Mae Pool No: 900197 01.10.36/5.858%* 313,207 0.02228,599 Fannie Mae Pool No: 905694 01.12.36/5.653%* 242,681 0.02163,373 Fannie Mae Pool No: 907742 01.12.36/7.000% 186,063 0.01

324,083 Fannie Mae Pool No: 912374 01.02.37/7.000% 372,870 0.032,200,889 Fannie Mae Pool No: 920843 01.03.36/3.001%* 2,309,083 0.16

634,830 Fannie Mae Pool No: 920954 01.01.37/6.529%* 677,589 0.0546,962 Fannie Mae Pool No: 924857 01.09.37/8.500% 55,085 0.00

466,473 Fannie Mae Pool No: 929560 01.06.38/7.000% 538,749 0.042,469,040 Fannie Mae Pool No: 932355 01.12.39/6.000% 2,755,920 0.191,142,834 Fannie Mae Pool No: 933032 01.10.37/6.000% 1,248,155 0.09

892,914 Fannie Mae Pool No: 945870 01.08.37/6.500% 1,011,364 0.07746,468 Fannie Mae Pool No: 946338 01.09.37/7.000% 858,518 0.06398,550 Fannie Mae Pool No: 961192 01.01.38/7.000% 458,170 0.03535,459 Fannie Mae Pool No: 966946 01.01.38/5.287%* 574,177 0.04

1,616,903 Fannie Mae Pool No: 976871 01.08.36/6.500% 1,831,395 0.132,031,682 Fannie Mae Pool No: 995149 01.10.38/6.500% 2,301,197 0.161,274,355 Fannie Mae Pool No: 995381 01.01.24/6.000% 1,390,839 0.102,236,295 Fannie Mae Pool No: 995456 01.02.24/6.500% 2,483,336 0.17


1,422,064 Fannie Mae Pool No: AA0922 01.09.36/6.000% 1,562,715 0.111,007,622 Fannie Mae Pool No: AA1019 01.11.36/6.000% 1,107,283 0.08

929,602 Fannie Mae Pool No: AC3407 01.10.39/5.500% 1,004,987 0.071,971,218 Fannie Mae Pool No: AD0133 01.08.24/5.000% 2,114,440 0.151,036,102 Fannie Mae Pool No: AD0364 01.05.23/5.000% 1,111,381 0.08988,860 Fannie Mae Pool No: AD0660 01.12.19/4.530% 1,056,620 0.07737,525 Fannie Mae Pool No: AD0753 01.01.39/7.000% 856,576 0.06

2,784,691 Fannie Mae Pool No: AD7790 01.08.40/5.000% 2,958,299 0.211,273,353 Fannie Mae Pool No: AD8548 01.01.33/5.500% 1,353,085 0.09

2,040,467 Fannie Mae Pool No: AE0081 01.07.24/6.000% 2,226,979 0.161,219,559 Fannie Mae Pool No: AE0346 01.05.37/6.000% 1,340,081 0.09266,008 Fannie Mae REMICS 1992-145 ZB 25.08.22/8.000% 306,076 0.02998,996 Fannie Mae REMICS 1992-69 Z 25.05.22/8.000% 1,154,042 0.08538,161 Fannie Mae REMICS 1993-136 ZB 25.07.23/6.792%* 644,853 0.04

688,875 Fannie Mae REMICS 1993-141 Z 25.08.23/7.000% 799,523 0.06406,462 Fannie Mae REMICS 1993-203 PL 25.10.23/6.500% 453,347 0.03

47,953 Fannie Mae REMICS 1993-25 J 25.03.23/7.500% 54,610 0.00609,441 Fannie Mae REMICS 1993-99 Z 25.07.23/7.000% 701,205 0.05510,953 Fannie Mae REMICS 1994-63 PK 25.04.24/7.000% 595,183 0.04440,313 Fannie Mae REMICS 1996-4 SA 25.02.24/8.281%* 90,383 0.01630,485 Fannie Mae REMICS 1996-48 Z 25.11.26/7.000% 715,135 0.05

58,016 Fannie Mae REMICS 1997-39 PD 20.05.27/7.500% 65,259 0.00315,372 Fannie Mae REMICS 1997-50 SK 25.05.23/6.781%* 46,766 0.0031,500 Fannie Mae REMICS 1998-36 ZB 18.07.28/6.000% 35,199 0.00

2,409,861 Fannie Mae REMICS 1998-44 ZA 20.07.28/6.500% 2,817,424 0.20392,718 Fannie Mae REMICS 1998-58 PC 25.10.28/6.500% 434,998 0.0324,306 Fannie Mae REMICS 2001-44 PD 25.09.31/7.000% 27,988 0.0012,314 Fannie Mae REMICS 2001-7 PF 25.03.31/7.000% 14,161 0.00

60,051 Fannie Mae REMICS 2001-71 MB 25.12.16/6.000% 64,801 0.00358,928 Fannie Mae REMICS 2001-79 BA 25.03.45/7.000% 406,970 0.03109,595 Fannie Mae REMICS 2002-2 MG 25.02.17/6.000% 118,391 0.01143,902 Fannie Mae REMICS 2002-3 OG 25.02.17/6.000% 154,918 0.01

1,361,443 Fannie Mae REMICS 2002-30 Z 25.05.32/6.000% 1,524,390 0.11179,155 Fannie Mae REMICS 2002-47 PE 25.08.17/5.500% 192,762 0.01

239,026 Fannie Mae REMICS 2002-5 SE 25.02.32/15.235%* 306,220 0.022,085,058 Fannie Mae REMICS 2002-50 ZA 25.05.31/6.000% 2,334,737 0.16

458,553 Fannie Mae REMICS 2002-63 KC 25.10.17/5.000% 492,319 0.03

91,308 Fannie Mae REMICS 2002-78 VB 25.01.23/5.500% 91,029 0.01253,828 Fannie Mae REMICS 2002-81 JO 25.04.32/0.000% 240,890 0.02

500,000 Fannie Mae REMICS 2002-94 BK 25.01.18/5.500% 542,683 0.042,295,019 Fannie Mae REMICS 2003-105 AZ 25.10.33/5.500% 2,677,809 0.191,500,000 Fannie Mae REMICS 2003-106 WE 25.11.22/4.500% 1,614,258 0.11

172,974 Fannie Mae REMICS 2003-116 SB 25.11.33/7.414%* 29,434 0.00474,865 Fannie Mae REMICS 2003-117 JB 25.06.33/3.500% 492,614 0.03450,000 Fannie Mae REMICS 2003-128 NG 25.01.19/4.000% 477,236 0.031,117,063 Fannie Mae REMICS 2003-130 CS 25.12.33/13.728%* 1,318,488 0.09

2,000,000 Fannie Mae REMICS 2003-17 EQ 25.03.23/5.500% 2,260,566 0.163,000,000 Fannie Mae REMICS 2003-23 EQ 25.04.23/5.500% 3,368,818 0.23

400,000 Fannie Mae REMICS 2003-32 KC 25.05.18/5.000% 435,777 0.03801,335 Fannie Mae REMICS 2003-33 IA 25.05.33/6.500% 176,789 0.01

3,000,000 Fannie Mae REMICS 2003-35 BC 25.05.18/5.000% 3,247,591 0.23895,131 Fannie Mae REMICS 2003-35 IU 25.05.33/6.000% 193,854 0.01

200,000 Fannie Mae REMICS 2003-39 LW 25.05.23/5.500% 223,353 0.02176,011 Fannie Mae REMICS 2003-44 IU 25.06.33/7.000% 34,736 0.0089,252 Fannie Mae REMICS 2003-52 SX 25.10.31/22.393%* 132,546 0.0144,996 Fannie Mae REMICS 2003-60 NJ 25.07.21/5.000% 45,156 0.0055,379 Fannie Mae REMICS 2003-68 QP 25.07.22/3.000% 56,574 0.00

671,942 Fannie Mae REMICS 2003-73 GF 25.05.31/0.586%* 673,075 0.052,500,000 Fannie Mae REMICS 2003-78 B 25.08.23/5.000% 2,739,947 0.19

160,478 Fannie Mae REMICS 2003-80 SY 25.06.23/7.464%* 18,772 0.001,650,000 Fannie Mae REMICS 2003-81 LC 25.09.18/4.500% 1,784,308 0.12

114,364 Fannie Mae REMICS 2003-81 SP 25.09.33/11.618%* 115,941 0.01249,135 Fannie Mae REMICS 2003-83 PG 25.06.23/5.000% 269,553 0.0246,802 Fannie Mae REMICS 2004-10 SC 25.02.34/27.857%* 68,762 0.0034,700 Fannie Mae REMICS 2004-14 SD 25.03.34/8.796%* 33,182 0.0059,540 Fannie Mae REMICS 2004-25 SA 25.04.34/19.014%* 79,238 0.01

1,358,782 Fannie Mae REMICS 2004-36 PB 25.05.32/5.500% 1,402,334 0.10687,981 Fannie Mae REMICS 2004-46 EP 25.03.34/0.000% 609,728 0.04502,411 Fannie Mae REMICS 2004-46 HS 25.05.30/5.814%* 28,432 0.00

562,886 Fannie Mae REMICS 2004-46 SK 25.05.34/15.989%* 698,971 0.05146,170 Fannie Mae REMICS 2004-61 SH 25.11.32/23.245%* 206,785 0.01257,763 Fannie Mae REMICS 2004-74 SW 25.11.31/15.128%* 324,863 0.02

400,000 Fannie Mae REMICS 2004-76 CL 25.10.19/4.000% 422,518 0.03400,000 Fannie Mae REMICS 2004-81 AC 25.11.19/4.000% 422,528 0.03

1,055,622 Fannie Mae REMICS 2004-92 BX 25.09.34/5.500% 1,151,398 0.08488,760 Fannie Mae REMICS 2005-109 PB 25.01.34/6.000% 509,513 0.04

1,000,000 Fannie Mae REMICS 2005-109 PC 25.12.35/6.000% 1,135,333 0.08500,000 Fannie Mae REMICS 2005-110 MN 25.06.35/5.500% 557,318 0.04956,337 Fannie Mae REMICS 2005-118 ME 25.01.32/6.000% 974,275 0.07

2,000,000 Fannie Mae REMICS 2005-118 PN 25.01.32/6.000% 2,171,845 0.15589,484 Fannie Mae REMICS 2005-123 FG 25.07.34/0.636%* 588,137 0.04705,000 Fannie Mae REMICS 2005-3 CE 25.08.34/5.500% 734,544 0.0594,064 Fannie Mae REMICS 2005-40 YA 25.09.20/5.000% 97,059 0.01

460,312 Fannie Mae REMICS 2005-45 DC 25.06.35/23.629%* 613,406 0.042,538 Fannie Mae REMICS 2005-47 AN 25.12.16/5.000% 2,538 0.00

586,022 Fannie Mae REMICS 2005-56 S 25.07.35/6.524%* 89,418 0.01411,451 Fannie Mae REMICS 2005-56 TP 25.08.33/17.593%* 519,975 0.04

224,485 Fannie Mae REMICS 2005-57 DC 25.12.34/21.171%* 287,618 0.02706,495 Fannie Mae REMICS 2005-57 EG 25.03.35/0.486%* 707,528 0.05

1,000,000 Fannie Mae REMICS 2005-67 EY 25.08.25/5.500% 1,112,428 0.08664,475 Fannie Mae REMICS 2005-74 CS 25.05.35/19.509%* 915,206 0.06664,475 Fannie Mae REMICS 2005-74 SK 25.05.35/19.619%* 917,585 0.06

1,046,053 Fannie Mae REMICS 2005-75 SV 25.09.35/23.457%* 1,501,833 0.10342,746 Fannie Mae REMICS 2005-76 PZ 25.09.35/5.500% 369,611 0.03

1,059,432 Fannie Mae REMICS 2005-84 MB 25.10.35/5.750% 1,167,728 0.081,360,000 Fannie Mae REMICS 2005-84 XH 25.10.35/5.750% 1,518,214 0.11

520,074 Fannie Mae REMICS 2005-84 XM 25.10.35/5.750% 570,507 0.04183,998 Fannie Mae REMICS 2005-86 GB 25.10.35/5.000% 187,679 0.01425,539 Fannie Mae REMICS 2005-90 ES 25.10.35/16.411%* 505,102 0.04272,838 Fannie Mae REMICS 2005-90 PO 25.09.35/0.000% 246,073 0.02564,127 Fannie Mae REMICS 2006-11 PS 25.03.36/23.885%* 745,405 0.05269,815 Fannie Mae REMICS 2006-110 PO 25.11.36/0.000% 226,520 0.0286,882 Fannie Mae REMICS 2006-111 EO 25.11.36/0.000% 72,873 0.01

692,829 Fannie Mae REMICS 2006-113 PO 25.07.36/0.000% 629,444 0.041,000,000 Fannie Mae REMICS 2006-124 HB 25.11.36/5.964%* 1,095,776 0.08

521,152 Fannie Mae REMICS 2006-16 FC 25.03.36/0.486%* 522,496 0.04150,376 Fannie Mae REMICS 2006-22 AO 25.04.36/0.000% 129,443 0.01568,023 Fannie Mae REMICS 2006-27 OH 25.04.36/0.000% 517,438 0.04347,608 Fannie Mae REMICS 2006-33 LS 25.05.36/29.314%* 542,554 0.04

5,000,000 Fannie Mae REMICS 2006-35 GD 25.12.34/6.000% 5,567,393 0.39509,761 Fannie Mae REMICS 2006-36 PO 25.05.36/0.000% 443,034 0.03158,820 Fannie Mae REMICS 2006-44 GO 25.06.36/0.000% 137,476 0.01530,183 Fannie Mae REMICS 2006-44 P 25.12.33/0.000% 449,490 0.03

1,491,644 Fannie Mae REMICS 2006-53 US 25.06.36/6.394%* 245,429 0.021,000,000 Fannie Mae REMICS 2006-53 WE 25.06.36/6.000% 1,132,468 0.081,420,339 Fannie Mae REMICS 2006-56 FC 25.07.36/0.476%* 1,427,515 0.10

265,524 Fannie Mae REMICS 2006-58 AP 25.07.36/0.000% 225,100 0.02514,871 Fannie Mae REMICS 2006-58 PO 25.07.36/0.000% 431,478 0.03235,768 Fannie Mae REMICS 2006-59 QO 25.01.33/0.000% 206,822 0.01833,599 Fannie Mae REMICS 2006-60 DO 25.04.35/0.000% 738,771 0.05125,735 Fannie Mae REMICS 2006-62 PS 25.07.36/38.785%* 219,683 0.02

150,049 Fannie Mae REMICS 2006-65 QO 25.07.36/0.000% 129,799 0.01754,889 Fannie Mae REMICS 2006-66 NV 25.02.24/6.500% 796,357 0.06

121


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

2,000,000 Fannie Mae REMICS 2006-7 TC 25.09.33/6.000% 2,089,063 0.15293,461 Fannie Mae REMICS 2006-72 TO 25.08.36/0.000% 255,107 0.02

1,000,000 Fannie Mae REMICS 2006-77 PC 25.08.36/6.500% 1,152,378 0.08350,535 Fannie Mae REMICS 2006-79 DF 25.08.36/0.536%* 352,465 0.02237,521 Fannie Mae REMICS 2006-79 DO 25.08.36/0.000% 204,479 0.01

649,780 Fannie Mae REMICS 2006-85 MZ 25.09.36/6.500% 745,842 0.051,690,975 Fannie Mae REMICS 2006-94 GI 25.10.26/6.464%* 239,927 0.02

298,093 Fannie Mae REMICS 2006-95 SG 25.10.36/25.457%* 424,459 0.03181,011 Fannie Mae REMICS 2007-1 SD 25.02.37/37.885%* 305,465 0.02

1,936,436 Fannie Mae REMICS 2007-101 A2 27.06.36/0.436%* 1,940,874 0.141,080,180 Fannie Mae REMICS 2007-106 A7 25.10.37/5.978%* 1,142,681 0.081,356,024 Fannie Mae REMICS 2007-108 AN 25.11.37/8.634%* 1,635,509 0.11

608,457 Fannie Mae REMICS 2007-108 SA 25.12.37/6.174%* 83,839 0.014,910,467 Fannie Mae REMICS 2007-109 PI 25.12.37/6.164%* 721,267 0.051,600,000 Fannie Mae REMICS 2007-114 A6 27.10.37/0.386%* 1,590,056 0.11

949,339 Fannie Mae REMICS 2007-116 HI 25.01.38/6.362%* 72,634 0.0179,977 Fannie Mae REMICS 2007-15 NO 25.03.22/0.000% 71,468 0.00

299,133 Fannie Mae REMICS 2007-16 FC 25.03.37/0.936%* 293,380 0.022,198,381 Fannie Mae REMICS 2007-2 HF 25.08.36/0.536%* 2,199,835 0.15344,366 Fannie Mae REMICS 2007-29 SG 25.04.37/21.047%* 484,348 0.03448,635 Fannie Mae REMICS 2007-42 AO 25.05.37/0.000% 404,118 0.03

2,000,000 Fannie Mae REMICS 2007-42 B 25.05.37/6.000% 2,263,891 0.161,500,000 Fannie Mae REMICS 2007-46 VK 25.03.22/5.500% 1,670,835 0.121,169,651 Fannie Mae REMICS 2007-48 PO 25.05.37/0.000% 1,006,474 0.07

1,994,349 Fannie Mae REMICS 2007-53 SH 25.06.37/5.914%* 251,208 0.02565,338 Fannie Mae REMICS 2007-54 FA 25.06.37/0.586%* 567,906 0.04

2,515,171 Fannie Mae REMICS 2007-60 AX 25.07.37/6.964%* 476,417 0.033,290,086 Fannie Mae REMICS 2007-65 KI 25.07.37/6.434%* 462,679 0.03

708,252 Fannie Mae REMICS 2007-7 SG 25.08.36/6.314%* 131,408 0.011,250,000 Fannie Mae REMICS 2007-71 GB 25.07.37/6.000% 1,433,679 0.105,307,958 Fannie Mae REMICS 2007-72 EK 25.07.37/6.214%* 823,118 0.061,239,768 Fannie Mae REMICS 2007-76 AZ 25.08.37/5.500% 1,356,994 0.091,264,168 Fannie Mae REMICS 2007-76 ZG 25.08.37/6.000% 1,397,212 0.10

1,000,000 Fannie Mae REMICS 2007-84 PD 25.08.32/6.000% 1,044,023 0.071,789,872 Fannie Mae REMICS 2007-84 PE 25.05.34/6.000% 1,955,259 0.14

2,000,000 Fannie Mae REMICS 2007-84 PG 25.12.36/6.000% 2,242,698 0.16313,491 Fannie Mae REMICS 2007-85 SL 25.09.37/15.686%* 365,914 0.03

1,311,865 Fannie Mae REMICS 2007-88 VI 25.09.37/6.354%* 189,906 0.012,979,803 Fannie Mae REMICS 2007-92 YS 25.06.37/5.594%* 379,654 0.03

166,404 Fannie Mae REMICS 2007-97 MS 25.12.31/14.326%* 176,576 0.011,118,472 Fannie Mae REMICS 2007-98 VA 25.11.17/6.000% 1,208,625 0.081,860,971 Fannie Mae REMICS 2008-1 BI 25.02.38/5.724%* 255,072 0.02

408,267 Fannie Mae REMICS 2008-10 XI 25.03.38/6.044%* 53,803 0.001,045,101 Fannie Mae REMICS 2008-16 IS 25.03.38/6.014%* 142,340 0.01

196,037 Fannie Mae REMICS 2008-18 SP 25.03.38/13.628%* 226,395 0.02731,895 Fannie Mae REMICS 2008-19 IC 25.03.23/5.000% 74,476 0.01

500,000 Fannie Mae REMICS 2008-24 DY 25.04.23/5.000% 555,478 0.041,403,701 Fannie Mae REMICS 2008-24 PF 25.02.38/0.836%* 1,419,659 0.10

520,200 Fannie Mae REMICS 2008-28 QS 25.04.38/20.143%* 678,999 0.05788,585 Fannie Mae REMICS 2008-46 HI 25.06.38/6.632%* 64,688 0.00322,783 Fannie Mae REMICS 2008-47 SI 25.06.23/6.314%* 42,403 0.00

1,000,000 Fannie Mae REMICS 2008-53 CA 25.07.23/5.000% 1,107,450 0.08734,853 Fannie Mae REMICS 2008-53 CI 25.07.38/7.014%* 100,748 0.01

1,956,064 Fannie Mae REMICS 2008-56 AC 25.07.38/5.000% 2,115,448 0.152,281,964 Fannie Mae REMICS 2008-76 GF 25.09.23/0.836%* 2,307,603 0.16

887,741 Fannie Mae REMICS 2008-80 SA 25.09.38/5.664%* 106,557 0.01867,408 Fannie Mae REMICS 2008-81 SB 25.09.38/5.664%* 106,974 0.01777,724 Fannie Mae REMICS 2009-103 MB 25.12.39/4.000% 825,258 0.06

2,414,556 Fannie Mae REMICS 2009-112 ST 25.01.40/6.064%* 308,189 0.02688,589 Fannie Mae REMICS 2009-113 AO 25.01.40/0.000% 591,550 0.04

2,411,765 Fannie Mae REMICS 2009-12 NU 25.12.23/5.500% 2,704,196 0.192,521,692 Fannie Mae REMICS 2009-17 QS 25.03.39/6.464%* 371,769 0.03524,098 Fannie Mae REMICS 2009-18 IO 25.03.24/5.000% 61,656 0.00718,810 Fannie Mae REMICS 2009-52 PI 25.07.39/5.000% 121,565 0.01

1,000,000 Fannie Mae REMICS 2009-59 HB 25.08.39/5.000% 1,074,614 0.081,026,420 Fannie Mae REMICS 2009-6 GS 25.02.39/6.364%* 141,419 0.01

313,141 Fannie Mae REMICS 2009-63 P 25.03.37/5.000% 330,945 0.023,000,000 Fannie Mae REMICS 2009-69 GL 25.09.39/5.000% 3,253,229 0.23

734,331 Fannie Mae REMICS 2009-69 PO 25.09.39/0.000% 628,198 0.04521,072 Fannie Mae REMICS 2009-79 UA 25.03.38/7.000% 589,403 0.04

1,359,249 Fannie Mae REMICS 2009-84 WS 25.10.39/5.714%* 178,024 0.011,484,029 Fannie Mae REMICS 2009-86 IP 25.10.39/5.500% 238,511 0.021,656,564 Fannie Mae REMICS 2009-86 OT 25.10.37/0.000% 1,369,798 0.102,629,076 Fannie Mae REMICS 2009-86 UI 25.10.14/4.000% 226,119 0.02

754,354 Fannie Mae REMICS 2010-1 WA 25.02.40/6.154%* 847,953 0.069,108,856 Fannie Mae REMICS 2010-111 AE 25.04.38/5.500% 9,778,141 0.68

2,000,000 Fannie Mae REMICS 2010-111 AM 25.10.40/5.500% 2,199,002 0.153,823,357 Fannie Mae REMICS 2010-125 SA 25.11.40/4.254%* 351,145 0.023,822,842 Fannie Mae REMICS 2010-133 A 25.05.38/5.500% 4,122,817 0.292,361,858 Fannie Mae REMICS 2010-23 KS 25.02.40/6.914%* 334,198 0.02

3,050,000 Fannie Mae REMICS 2010-26 B 25.03.25/5.500% 3,448,616 0.242,031,788 Fannie Mae REMICS 2010-35 SB 25.04.40/6.234%* 296,267 0.022,713,278 Fannie Mae REMICS 2010-40 FJ 25.04.40/0.786%* 2,734,140 0.191,803,263 Fannie Mae REMICS 2010-49 SC 25.03.40/12.288%* 2,034,594 0.14

743,587 Fannie Mae REMICS 2010-61 WA 25.06.40/5.940%* 827,958 0.062,607,537 Fannie Mae REMICS 2010-64 EH 25.10.35/5.000% 2,791,585 0.19

3,750,483 Fannie Mae REMICS 2010-68 SA 25.07.40/4.814%* 482,395 0.035,209,237 Fannie Mae REMICS 2011-30 LS 25.04.41/4.838%* 423,536 0.031,924,611 Fannie Mae REMICS 2011-43 WA 25.05.51/5.896%* 2,006,535 0.14

2,009,167 Fannie Mae REMICS 2011-47 ZA 25.07.38/5.500% 2,220,364 0.15285,396 Fannie Mae REMICS G92-43 Z 25.07.22/7.500% 322,196 0.02465,980 Fannie Mae REMICS G92-61 Z 25.10.22/7.000% 556,404 0.04

27,293 Fannie Mae REMICS G93-1 KA 25.01.23/7.900% 31,159 0.0090,708 Fannie Mae REMICS G93-17 SH 25.04.23/29.467%* 153,125 0.01

295,223 Fannie Mae Whole Loan2001-W4 AF6 25.01.32/5.610%* 322,676 0.02

4,215,060 Fannie Mae Whole Loan2002-W10 IO 25.08.42/0.978%* 101,878 0.01

220,172 Fannie Mae Whole Loan2002-W6 2A1 25.06.42/6.708%* 249,282 0.02

24,120 Fannie Mae Whole Loan2003-W4 2A 25.10.42/6.500%* 27,397 0.00

10,874,659 Fannie Mae Whole Loan2003-W6 4T 25.09.42/0.550%* 179,778 0.01

314,884 Fannie Mae Whole Loan2003-W8 3F1 25.05.42/0.586%* 313,562 0.02

205,613 Fannie Mae Whole Loan2004-W1 2A2 25.12.33/7.000% 240,221 0.02

1,453,133 Fannie Mae Whole Loan2004-W11 1A1 25.05.44/6.000% 1,621,840 0.11

84,616 Fannie Mae Whole Loan2004-W2 2A2 25.02.44/7.000% 98,323 0.01

1,267,916 Fannie Mae Whole Loan2005-W1 1A2 25.10.44/6.500% 1,460,111 0.10

3,183,432 Fannie Mae Whole Loan2005-W3 2AF 25.03.45/0.406%* 3,177,354 0.22

858,977 Fannie Mae Whole Loan2006-W3 2A 25.09.46/6.000% 954,773 0.07

1,139,217 Fannie Mae Whole Loan2007-W1 1AF1 25.11.46/0.446%* 1,139,371 0.08

167,247 Fannie Mae Whole Loan2007-W7 1A4 25.07.37/38.065%* 245,035 0.02

2,869,873 Fannie Mae Whole Loan2009-W1 A 25.12.49/6.000% 3,205,462 0.22

4,000,000 Fannie Mae-Aces 2010-M1 A2 25.09.19/4.450% 4,232,015 0.302,777,434 FDIC Structured Sale

Guaranteed Notes 2010-C1 A 06.12.20/2.980% 2,833,638 0.201,115,000 Federal Farm Credit Bank 15.11.18/5.125% 1,282,820 0.09

157,575 Federal Home Loan Banks00-0606 Y 28.12.12/5.270% 165,281 0.01

568,760 Federal Home Loan Banks00-1067 1 15.06.12/5.300% 589,639 0.04

33,147 FHLMC Structured Pass ThroughSecurities T-41 3A 25.07.32/7.054%* 38,020 0.00

694,381 FHLMC Structured Pass ThroughSecurities T-42 A5 25.02.42/7.500% 822,629 0.06

44,182 FHLMC Structured Pass ThroughSecurities T-54 2A 25.02.43/6.500% 50,352 0.00

60,091 FHLMC Structured Pass ThroughSecurities T-54 3A 25.02.43/7.000% 70,751 0.01

1,905,426 FHLMC Structured Pass ThroughSecurities T-56 A5 25.05.43/5.231% 2,050,910 0.14

1,382,700 FHLMC Structured Pass ThroughSecurities T-76 2A 25.10.37/4.779%* 1,401,344 0.10

156,445 FHLMC-GNMA 24 J 25.11.23/6.250% 167,200 0.01669,463 FHLMC-GNMA 29 L 25.04.24/7.500% 703,197 0.05100,000 Fifth Third Bancorp 15.01.17/5.450% 106,672 0.01500,000 Financing Fico 05.04.19/0.000% 386,055 0.03700,000 Financing Fico 26.09.19/0.000% 539,879 0.04

139,971 First Horizon Asset Securities2003-7 2A1 25.09.18/4.500% 142,979 0.01

45,807 First Horizon Asset Securities2004-AR7 2A1 25.02.35/2.741%* 43,564 0.00



1,500,000 Ford Credit Auto Lease Trust2011-A A2 15.09.13/0.740% 1,498,594 0.10

371,214 Ford Credit Auto Owner Trust2009-B A3 15.08.13/2.790% 374,879 0.03

500,000 Ford Credit Auto Owner Trust2009-B A4 15.07.14/4.500% 524,740 0.04

2,700,000 Freddie Mac 21.12.12/4.125% 2,847,231 0.201,700,000 Freddie Mac 23.08.17/5.500% 1,995,214 0.14

21,000,000 Freddie Mac 17.11.17/5.125% 24,206,175 1.69411,150 Freddie Mac Gold Pool No:

A61376 01.07.32/6.500% 464,149 0.03627,495 Freddie Mac Gold Pool No:

A88871 01.01.31/7.000% 724,173 0.054,667,080 Freddie Mac Gold Pool No:

A93511 01.08.40/5.000% 4,952,209 0.3563,264 Freddie Mac Gold Pool No:

B10492 01.11.18/4.000% 65,844 0.00572,434 Freddie Mac Gold Pool No:

B11402 01.12.18/3.500% 583,257 0.04

122


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

523,573 Freddie Mac Gold Pool No:B90491 01.01.32/7.500% 613,024 0.04

38,708 Freddie Mac Gold Pool No:C90600 01.12.22/6.000% 42,768 0.00

274,669 Freddie Mac Gold Pool No:C90985 01.08.26/6.500% 309,641 0.02

24,604 Freddie Mac Gold Pool No:E01403 01.04.18/6.000% 26,761 0.00




35,621 Freddie Mac Gold Pool No:G01448 01.08.32/7.000% 40,881 0.00

1,250,230 Freddie Mac Gold Pool No:G02186 01.05.36/5.000% 1,334,161 0.09



968,005 Freddie Mac Gold Pool No:G04952 01.01.38/7.500% 1,111,539 0.08


530 Freddie Mac Gold Pool No:G10706 01.07.12/8.000% 539 0.00






379,867 Freddie Mac Gold Pool No:J15254 01.10.17/6.000% 413,165 0.03

139,034 Freddie Mac Gold Pool No:P50201 01.01.34/5.500% 147,376 0.01




852,889 Freddie Mac Gold Pool No:Z40024 01.04.36/5.500% 920,987 0.06

147,108 Freddie Mac Non Gold Pool No:1A1082 01.07.36/6.290%* 152,196 0.01




185,200 Freddie Mac Non Gold Pool No:1B1665 01.04.34/2.510%* 194,263 0.01

307,062 Freddie Mac Non Gold Pool No:1B3485 01.07.37/3.324%* 321,353 0.02

1,497,307 Freddie Mac Non Gold Pool No:1G2557 01.06.36/6.013%* 1,620,130 0.11

194,639 Freddie Mac Non Gold Pool No:1J1399 01.12.36/6.109%* 205,601 0.01





1,056,523 Freddie Mac Non Gold Pool No:1K0046 01.10.36/5.738%* 1,107,977 0.08

1,205,217 Freddie Mac Non Gold Pool No:1L1286 01.05.36/5.545%* 1,287,605 0.09

549,741 Freddie Mac Non Gold Pool No:1N0189 01.08.36/6.580%* 571,048 0.04




318,440 Freddie Mac Non Gold Pool No:1Q0007 01.12.35/2.360%* 334,638 0.02

701,072 Freddie Mac Non Gold Pool No:1Q0737 01.11.36/6.691%* 755,659 0.05

1,588,643 Freddie Mac Non Gold Pool No:1Q0739 01.03.37/6.218%* 1,676,871 0.12

3,531 Freddie Mac Non Gold Pool No:555325 01.06.17/8.750% 3,975 0.00

1,108,487 Freddie Mac Non Gold Pool No:782760 01.11.36/6.020%* 1,190,366 0.08

695,762 Freddie Mac Non Gold Pool No:782870 01.09.34/2.693%* 728,374 0.05







1,000,000 Freddie Mac Reference REMICR004 VG 15.08.21/6.000% 1,093,430 0.08

5,449,489 Freddie Mac Reference REMICR006 ZA 15.04.36/6.000% 6,292,372 0.44

2,033,392 Freddie Mac Reference REMICR007 ZA 15.05.36/6.000% 2,281,290 0.16

281,136 Freddie Mac REMICS 1081 K 15.05.21/7.000% 315,828 0.02286,722 Freddie Mac REMICS 1142 IA 15.10.21/7.000% 322,276 0.02124,192 Freddie Mac REMICS 1578 K 15.09.23/6.900% 142,812 0.0164,389 Freddie Mac REMICS 1609 LG 15.11.23/16.927%* 78,697 0.01

845,840 Freddie Mac REMICS 1621 J 15.11.23/6.400% 905,520 0.0626,918 Freddie Mac REMICS 1668 D 15.02.14/6.500% 28,265 0.00

137,586 Freddie Mac REMICS 1702 PX 15.09.23/6.500% 140,702 0.01187,645 Freddie Mac REMICS 1863 Z 15.07.26/6.500% 211,052 0.01504,710 Freddie Mac REMICS 1927 ZA 15.01.27/6.500% 504,674 0.04254,802 Freddie Mac REMICS 2033 J 15.06.23/5.600% 278,281 0.02

57,991 Freddie Mac REMICS 2061 Z 15.06.28/6.500% 61,801 0.0074,392 Freddie Mac REMICS 2075 PH 15.08.28/6.500% 84,566 0.0152,430 Freddie Mac REMICS 2102 TC 15.12.13/6.000% 54,749 0.00

403,796 Freddie Mac REMICS 2110 PG 15.01.29/6.000% 442,642 0.031,767,233 Freddie Mac REMICS 2165 PE 15.06.29/6.000% 1,976,325 0.14

98,725 Freddie Mac REMICS 2169 TB 15.06.29/7.000% 113,324 0.01353,121 Freddie Mac REMICS 2172 QC 15.07.29/7.000% 405,580 0.0362,118 Freddie Mac REMICS 2259 ZM 15.10.30/7.000% 71,427 0.00

387,002 Freddie Mac REMICS 2283 K 15.12.23/6.500% 419,621 0.03234,289 Freddie Mac REMICS 2344 ZD 15.08.31/6.500% 260,569 0.0298,693 Freddie Mac REMICS 2345 PQ 15.08.16/6.500% 104,612 0.0167,399 Freddie Mac REMICS 2355 BP 15.09.16/6.000% 72,399 0.0165,006 Freddie Mac REMICS 2360 PG 15.09.16/6.000% 70,148 0.0082,613 Freddie Mac REMICS 2363 PF 15.09.16/6.000% 88,866 0.0164,319 Freddie Mac REMICS 2366 MD 15.10.16/6.000% 69,294 0.00

159,005 Freddie Mac REMICS 2388 EZ 15.06.31/8.500% 188,085 0.01254,788 Freddie Mac REMICS 2388 FB 15.01.29/0.787%* 256,636 0.02

67,123 Freddie Mac REMICS 2410 NG 15.02.32/6.500% 75,295 0.0173,272 Freddie Mac REMICS 2416 SH 17.02.32/15.629%* 95,839 0.01

365,543 Freddie Mac REMICS 2423 TB 15.03.32/6.500% 406,898 0.0368,020 Freddie Mac REMICS 2424 OG 15.03.17/6.000% 73,650 0.0184,754 Freddie Mac REMICS 2425 OB 15.03.17/6.000% 91,781 0.0164,276 Freddie Mac REMICS 2434 TC 15.04.32/7.000% 73,010 0.01

127,003 Freddie Mac REMICS 2453 BD 15.05.17/6.000% 137,004 0.0134,074 Freddie Mac REMICS 2466 PG 15.04.32/6.500% 36,310 0.00

495,664 Freddie Mac REMICS 2483 HZ 15.08.32/4.500% 476,036 0.03134,339 Freddie Mac REMICS 2484 LZ 15.07.32/6.500% 157,089 0.01137,056 Freddie Mac REMICS 2503 BH 15.09.17/5.500% 148,712 0.01

527 Freddie Mac REMICS 2519 BT 15.09.31/8.500% 532 0.00358,155 Freddie Mac REMICS 2537 TE 15.12.17/5.500% 387,344 0.03394,707 Freddie Mac REMICS 2544 HC 15.12.32/6.000% 440,459 0.03

2,139,118 Freddie Mac REMICS 2549 ZG 15.01.18/5.000% 2,226,096 0.162,000,000 Freddie Mac REMICS 2568 KG 15.02.23/5.500% 2,207,883 0.15

503,223 Freddie Mac REMICS 2571 SY 15.12.32/18.151%* 674,217 0.05200,000 Freddie Mac REMICS 2575 ME 15.02.33/6.000% 226,190 0.02377,000 Freddie Mac REMICS 2591 QO 15.03.18/4.500% 405,258 0.03

91,097 Freddie Mac REMICS 2591 QU 15.06.17/3.750% 91,811 0.01605,485 Freddie Mac REMICS 2594 DJ 15.10.30/4.250% 621,044 0.04

9,058 Freddie Mac REMICS 2597 DS 15.02.33/7.363%* 510 0.0029,323 Freddie Mac REMICS 2610 DS 15.03.33/6.913%* 1,196 0.0023,205 Freddie Mac REMICS 2611 SH 15.10.21/7.463%* 699 0.00

1,759,634 Freddie Mac REMICS 2619 AE 15.05.23/5.000% 1,935,705 0.13151,622 Freddie Mac REMICS 2628 WA 15.07.28/4.000% 152,696 0.01289,513 Freddie Mac REMICS 2631 SA 15.06.33/14.507%* 343,899 0.02234,309 Freddie Mac REMICS 2636 Z 15.06.18/4.500% 250,427 0.02

55,584 Freddie Mac REMICS 2646 AC 15.08.17/3.500% 56,865 0.00126,834 Freddie Mac REMICS 2650 PO 15.12.32/0.000% 115,401 0.01353,249 Freddie Mac REMICS 2650 SO 15.12.32/0.000% 322,606 0.0233,458 Freddie Mac REMICS 2668 SB 15.10.15/7.034%* 33,842 0.00

184,123 Freddie Mac REMICS 2671 S 15.09.33/14.415%* 218,008 0.02200,000 Freddie Mac REMICS 2672 ME 15.11.22/5.000% 218,290 0.02

1,000,000 Freddie Mac REMICS 2677 LE 15.09.18/4.500% 1,090,211 0.081,500,000 Freddie Mac REMICS 2684 PO 15.01.33/0.000% 1,317,079 0.09

123


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

25,037 Freddie Mac REMICS 2684 SN 15.10.33/27.315%* 30,349 0.0025,372 Freddie Mac REMICS 2686 GB 15.05.20/5.000% 25,576 0.00

76,404 Freddie Mac REMICS 2694 BA 15.06.31/4.000% 81,015 0.011,000,000 Freddie Mac REMICS 2695 DG 15.10.18/4.000% 1,061,510 0.07

111,447 Freddie Mac REMICS 2695 OB 15.10.33/0.000% 80,120 0.011,000,000 Freddie Mac REMICS 2707 QE 15.11.18/4.500% 1,091,040 0.082,000,000 Freddie Mac REMICS 2709 PG 15.11.23/5.000% 2,173,029 0.15

456,904 Freddie Mac REMICS 2720 PC 15.12.23/5.000% 498,776 0.035,186 Freddie Mac REMICS 2722 EG 15.12.33/0.000% 5,050 0.00

654,258 Freddie Mac REMICS 2725 OP 15.10.33/0.000% 525,763 0.04373,890 Freddie Mac REMICS 2725 SC 15.11.33/8.788%* 366,792 0.03

1,000,000 Freddie Mac REMICS 2733 SB 15.10.33/7.842%* 1,079,478 0.0837,106 Freddie Mac REMICS 2744 PD 15.08.33/5.500% 37,525 0.00

1,000,000 Freddie Mac REMICS 2750 TC 15.02.34/5.250% 1,105,336 0.08224,023 Freddie Mac REMICS 2751 BA 15.10.18/4.000% 233,186 0.02256,676 Freddie Mac REMICS 2755 PA 15.02.29/0.000% 253,161 0.02199,134 Freddie Mac REMICS 2759 GC 15.05.29/5.000% 202,283 0.01

13,173 Freddie Mac REMICS 2762 LO 15.03.34/0.000% 12,833 0.0045,949 Freddie Mac REMICS 2764 UC 15.05.27/5.000% 45,998 0.00

2,202 Freddie Mac REMICS 2766 SX 15.03.34/15.927%* 2,235 0.005,000,000 Freddie Mac REMICS 2770 TW 15.03.19/4.500% 5,453,381 0.38

13,916 Freddie Mac REMICS 2776 SK 15.04.34/8.794%* 13,257 0.001,000,000 Freddie Mac REMICS 2777 KO 15.02.33/0.000% 919,756 0.06

320,892 Freddie Mac REMICS 2778 US 15.06.33/7.013%* 13,338 0.0076,720 Freddie Mac REMICS 2780 JG 15.04.19/4.500% 81,481 0.01

500,000 Freddie Mac REMICS 2783 AT 15.04.19/4.000% 528,788 0.04800,000 Freddie Mac REMICS 2809 UC 15.06.19/4.000% 847,593 0.06

137,111 Freddie Mac REMICS 2812 AB 15.10.18/4.500% 142,469 0.0150,883 Freddie Mac REMICS 2827 SQ 15.01.19/7.500%* 51,132 0.00

694,493 Freddie Mac REMICS 2835 BO 15.12.28/0.000% 654,614 0.05229,247 Freddie Mac REMICS 2840 JO 15.06.23/0.000% 217,324 0.02

1,000,000 Freddie Mac REMICS 2843 VB 15.08.23/5.500% 1,100,468 0.08568,315 Freddie Mac REMICS 2850 SN 15.09.18/6.963%* 43,186 0.00152,049 Freddie Mac REMICS 2895 F 15.06.31/0.537%* 152,089 0.0175,480 Freddie Mac REMICS 2897 EO 15.10.31/0.000% 72,739 0.0136,799 Freddie Mac REMICS 2921 MS 15.01.35/8.450%* 37,195 0.0024,862 Freddie Mac REMICS 2925 MW 15.01.35/0.000%* 24,810 0.00

500,000 Freddie Mac REMICS 2931 QC 15.01.19/4.500% 527,777 0.04758,447 Freddie Mac REMICS 2934 EC 15.02.20/0.000% 693,269 0.05667,922 Freddie Mac REMICS 2945 ZB 15.03.35/5.500% 725,652 0.05

1,000,000 Freddie Mac REMICS 2958 QD 15.04.20/4.500% 1,088,620 0.08164,719 Freddie Mac REMICS 2962 WJ 15.06.24/5.500% 172,123 0.01

800,000 Freddie Mac REMICS 2965 GD 15.04.20/4.500% 873,403 0.06377,916 Freddie Mac REMICS 2967 S 15.04.25/32.796%* 590,220 0.04

1,000,000 Freddie Mac REMICS 2971 GC 15.07.18/5.000% 1,067,147 0.07389,163 Freddie Mac REMICS 2979 AS 15.03.34/23.587%* 487,425 0.03515,275 Freddie Mac REMICS 2990 SL 15.06.34/23.807%* 678,465 0.05

248,364 Freddie Mac REMICS 2990 WP 15.06.35/16.545%* 295,610 0.0223,647 Freddie Mac REMICS 3000 JF 15.04.35/0.587%* 23,637 0.00113,921 Freddie Mac REMICS 3013 FY 15.08.35/0.000%* 105,462 0.01

248,410 Freddie Mac REMICS 3022 SY 15.08.25/16.407%* 271,100 0.02834,298 Freddie Mac REMICS 3029 SP 15.09.35/27.972%* 1,217,677 0.08

1,530,949 Freddie Mac REMICS 3035 Z 15.09.35/5.850% 1,689,131 0.12435,152 Freddie Mac REMICS 3047 OB 15.12.33/5.500% 459,365 0.03

200,000 Freddie Mac REMICS 3047 OD 15.10.35/5.500% 221,182 0.02447,778 Freddie Mac REMICS 3049 XF 15.05.33/0.537%* 449,427 0.03222,048 Freddie Mac REMICS 3051 DP 15.10.25/27.205%* 331,800 0.02700,000 Freddie Mac REMICS 3064 OE 15.11.35/5.500% 766,938 0.05571,843 Freddie Mac REMICS 3064 SG 15.11.35/19.376%* 765,361 0.05306,201 Freddie Mac REMICS 3068 AO 15.01.35/0.000% 287,954 0.02

1,000,000 Freddie Mac REMICS 3074 BH 15.11.35/5.000% 1,101,815 0.08933,391 Freddie Mac REMICS 3077 TO 15.04.35/0.000% 816,562 0.06

3,885,353 Freddie Mac REMICS 3085 WF 15.08.35/0.987%* 3,943,974 0.28827,843 Freddie Mac REMICS 3102 FB 15.01.36/0.487%* 829,614 0.06133,605 Freddie Mac REMICS 3117 EO 15.02.36/0.000% 113,227 0.01171,540 Freddie Mac REMICS 3117 OK 15.02.36/0.000% 140,734 0.01861,056 Freddie Mac REMICS 3122 OH 15.03.36/0.000% 777,220 0.05

54,147 Freddie Mac REMICS 3134 PO 15.03.36/0.000% 45,864 0.00252,589 Freddie Mac REMICS 3138 PO 15.04.36/0.000% 218,231 0.02

1,000,000 Freddie Mac REMICS 3143 BC 15.02.36/5.500% 1,094,761 0.08573,562 Freddie Mac REMICS 3151 PO 15.05.36/0.000% 484,128 0.03890,577 Freddie Mac REMICS 3152 MO 15.03.36/0.000% 758,315 0.05918,176 Freddie Mac REMICS 3153 EO 15.05.36/0.000% 804,708 0.06771,216 Freddie Mac REMICS 3162 OB 15.11.30/6.000% 792,217 0.06277,941 Freddie Mac REMICS 3169 BN 15.06.34/5.000% 296,452 0.02275,954 Freddie Mac REMICS 3171 MO 15.06.36/0.000% 237,192 0.02

1,375,367 Freddie Mac REMICS 3181 AZ 15.07.36/6.500% 1,583,631 0.11350,807 Freddie Mac REMICS 3194 SA 15.07.36/6.913%* 47,635 0.00

3,300,000 Freddie Mac REMICS 3195 PD 15.07.36/6.500% 3,699,204 0.261,000,000 Freddie Mac REMICS 3200 AY 15.08.36/5.500% 1,097,467 0.082,579,168 Freddie Mac REMICS 3202 HI 15.08.36/6.463%* 417,695 0.03

2,000,000 Freddie Mac REMICS 3218 BE 15.09.35/6.000% 2,240,977 0.16755,500 Freddie Mac REMICS 3219 DI 15.04.36/6.000% 137,442 0.01

1,328,818 Freddie Mac REMICS 3220 Z 15.09.36/6.000% 1,487,893 0.10520,332 Freddie Mac REMICS 3232 ST 15.10.36/6.513%* 73,768 0.01296,266 Freddie Mac REMICS 3260 CS 15.01.37/5.953%* 42,688 0.00

35,922 Freddie Mac REMICS 3263 TP 15.08.35/0.000%* 35,308 0.003,000,000 Freddie Mac REMICS 3266 D 15.01.22/5.000% 3,322,415 0.23

214,770 Freddie Mac REMICS 3275 FL 15.02.37/0.627%* 214,729 0.01809,705 Freddie Mac REMICS 3287 PM 15.10.35/6.000% 875,851 0.06

1,405,952 Freddie Mac REMICS 3288 LO 15.03.37/0.000% 1,145,782 0.081,276,842 Freddie Mac REMICS 3315 HZ 15.05.37/6.000% 1,428,934 0.10

2,000,000 Freddie Mac REMICS 3316 GD 15.06.35/5.500% 2,190,740 0.151,000,000 Freddie Mac REMICS 3349 DP 15.09.36/6.000% 1,123,105 0.08

723,722 Freddie Mac REMICS 3369 VA 15.07.18/6.000% 781,302 0.051,289,602 Freddie Mac REMICS 3385 SN 15.11.37/5.813%* 155,580 0.011,433,105 Freddie Mac REMICS 3387 SA 15.11.37/6.233%* 208,532 0.012,208,367 Freddie Mac REMICS 3404 SC 15.01.38/5.813%* 287,341 0.02

996,954 Freddie Mac REMICS 3418 GV 15.03.31/5.000% 1,020,215 0.072,211,044 Freddie Mac REMICS 3422 AI 15.01.38/0.250%* 15,048 0.00

718,559 Freddie Mac REMICS 3424 PI 15.04.38/6.613%* 108,961 0.011,257,891 Freddie Mac REMICS 3430 AI 15.09.12/1.417% 13,613 0.001,064,142 Freddie Mac REMICS 3437 AI 15.09.11/1.335% 1,181 0.001,500,000 Freddie Mac REMICS 3453 B 15.05.38/5.500% 1,641,113 0.111,942,582 Freddie Mac REMICS 3455 SE 15.06.38/6.013%* 265,359 0.02

598,340 Freddie Mac REMICS 3461 LZ 15.06.38/6.000% 668,517 0.051,196,681 Freddie Mac REMICS 3461 Z 15.06.38/6.000% 1,344,516 0.09564,282 Freddie Mac REMICS 3481 SJ 15.08.38/5.663%* 69,539 0.00

1,000,000 Freddie Mac REMICS 3501 CB 15.01.39/5.500% 1,094,997 0.08429,935 Freddie Mac REMICS 3505 SA 15.01.39/5.813%* 46,222 0.00

1,458,943 Freddie Mac REMICS 3511 SA 15.02.39/5.813%* 151,029 0.011,480,614 Freddie Mac REMICS 3549 FA 15.07.39/1.387%* 1,486,423 0.10

911,702 Freddie Mac REMICS 3564 JA 15.01.18/4.000% 960,686 0.071,100,792 Freddie Mac REMICS 3578 VZ 15.08.36/5.500% 1,249,929 0.09400,000 Freddie Mac REMICS 3607 AO 15.04.36/0.000% 321,810 0.02300,000 Freddie Mac REMICS 3607 BO 15.04.36/0.000% 241,357 0.02550,819 Freddie Mac REMICS 3607 EO 15.02.33/0.000% 496,400 0.03311,935 Freddie Mac REMICS 3611 PO 15.07.34/0.000% 273,811 0.02

687,997 Freddie Mac REMICS 3621 BO 15.01.40/0.000% 566,375 0.04300,000 Freddie Mac REMICS 3632 BS 15.02.40/16.876%* 395,913 0.03

3,801,688 Freddie Mac REMICS 3659 VE 15.03.26/5.000% 4,185,532 0.291,876,281 Freddie Mac REMICS 3666 VA 15.12.22/5.500% 2,084,978 0.151,366,552 Freddie Mac REMICS 3671 QO 15.12.36/0.000% 1,111,824 0.083,804,726 Freddie Mac REMICS 3680 MA 15.07.39/4.500% 4,091,080 0.291,899,019 Freddie Mac REMICS 3687 MA 15.02.37/4.500% 2,034,058 0.141,486,964 Freddie Mac REMICS 3688 CU 15.11.21/6.811%* 1,617,609 0.111,785,323 Freddie Mac REMICS 3688 GT 15.11.46/7.158%* 2,006,800 0.142,588,371 Freddie Mac REMICS 3688 NI 15.04.32/5.000% 335,647 0.022,679,380 Freddie Mac REMICS 3704 CT 15.12.36/7.000% 3,078,410 0.211,800,534 Freddie Mac REMICS 3704 DT 15.11.36/7.500% 2,094,184 0.151,789,617 Freddie Mac REMICS 3704 ET 15.12.36/7.500% 2,081,936 0.151,918,928 Freddie Mac REMICS 3714 IP 15.08.40/5.000% 358,142 0.02

2,394,428 Freddie Mac REMICS 3739 LI 15.03.34/4.000% 338,661 0.022,431,481 Freddie Mac REMICS 3740 SC 15.10.40/5.813%* 371,152 0.033,830,752 Freddie Mac REMICS 3747 HI 15.07.37/4.500% 607,925 0.042,895,654 Freddie Mac REMICS 3756 IP 15.08.35/4.000% 409,164 0.032,432,637 Freddie Mac REMICS 3759 HI 15.08.37/4.000% 400,322 0.031,941,849 Freddie Mac REMICS 3760 GI 15.10.37/4.000% 330,330 0.022,849,524 Freddie Mac REMICS 3772 IO 15.09.24/3.500% 372,873 0.032,430,674 Freddie Mac REMICS 3779 IH 15.11.34/4.000% 334,226 0.022,866,770 Freddie Mac REMICS 3798 BF 15.06.24/0.487%* 2,866,234 0.203,914,890 Freddie Mac REMICS 3800 AI 15.11.29/4.000% 593,524 0.044,636,642 Freddie Mac REMICS 3802 LS 15.01.40/4.580%* 331,103 0.022,103,380 Freddie Mac REMICS 3856 DB 15.05.21/3.500% 2,103,906 0.15

642,091 Freddie Mac Strips 233 11 15.09.35/5.000% 131,364 0.011,622,125 Freddie Mac Strips 233 13 15.09.35/5.000% 324,732 0.02

4,697,543 Freddie Mac Strips 239 S30 15.08.36/7.513%* 680,660 0.05327,260 Freddie Mac Strips 243 16 15.11.20/4.500% 35,509 0.00

1,000,000 GE Capital CommercialMortgage 2005-C1 AJ 10.06.48/4.826%* 993,011 0.07

1,000,000 GE Capital Credit Card MasterNote Trust 2009-2 A 15.07.15/3.690% 1,028,574 0.07

153,050 Ginnie Mae I Pool No: 456388 15.03.28/7.500% 179,754 0.0140,745 Ginnie Mae I Pool No: 465505 15.06.28/7.500% 47,855 0.00

100,776 Ginnie Mae I Pool No: 530795 15.01.23/6.500% 115,023 0.01466,831 Ginnie Mae I Pool No: 569568 15.01.32/6.500% 530,655 0.0410,949 Ginnie Mae I Pool No: 591882 15.07.32/6.500% 12,446 0.0014,218 Ginnie Mae I Pool No: 607645 15.02.33/6.500% 16,161 0.0015,177 Ginnie Mae I Pool No: 607728 15.03.33/6.000% 16,920 0.00

33,669 Ginnie Mae I Pool No: 611453 15.04.32/7.000% 39,302 0.0040,481 Ginnie Mae I Pool No: 621970 15.02.34/6.000% 45,129 0.00

457,749 Ginnie Mae I Pool No: 781328 15.09.31/7.000% 533,418 0.0411,639 Ginnie Mae I Pool No: 781570 15.01.16/8.000% 12,568 0.0013,132 Ginnie Mae I Pool No: 781614 15.06.33/7.000% 15,406 0.00

133,906 Ginnie Mae I Pool No: 781648 15.08.33/6.000% 149,326 0.01875,169 Ginnie Mae I Pool No: 782507 15.10.24/9.500% 1,041,472 0.07687,066 Ginnie Mae I Pool No: 782615 15.06.35/7.000% 777,915 0.05929,413 Ginnie Mae I Pool No: 783123 15.04.33/5.500% 1,022,790 0.07793,711 Ginnie Mae II Pool No: 4189 20.07.38/6.500% 859,400 0.06

705,974 Ginnie Mae II Pool No: 4217 20.08.38/6.500% 764,402 0.051,473,993 Ginnie Mae II Pool No: 748766 20.01.39/6.500% 1,674,594 0.12

124


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

1,340,000 GMAC Commercial MortgageSecurities 2006-C1 A4 10.11.45/5.238%* 1,449,946 0.10

473,368 GMAC Mortgage Corp Loan Trust2003-AR1 A4 19.10.33/3.377%* 463,047 0.03

1,333,516 GMAC Mortgage Corp Loan Trust2003-AR2 2A4 19.12.33/3.254%* 1,270,977 0.09

647,437 GMAC Mortgage Corp Loan Trust2004-J5 A7 25.01.35/6.500% 673,476 0.05

196,219 GMAC Mortgage Corp Loan Trust2004-J6 1A1 25.01.20/5.000% 199,187 0.01

640,000 GMAC Mortgage Corp Loan Trust2005-AR3 3A4 19.06.35/3.092%* 539,689 0.04

335,766 Government National MortgageAssociation 1994-7 PQ 16.10.24/6.500% 383,115 0.03

952,907 Government National MortgageAssociation 1998-17 S 16.07.28/8.314%* 206,905 0.01

442,799 Government National MortgageAssociation 1999-10 ZC 20.04.29/6.500% 503,457 0.04

385,353 Government National MortgageAssociation 1999-31 ZC 16.09.29/8.000% 456,528 0.03

224,480 Government National MortgageAssociation 2000-10 ZP 16.02.30/7.500% 249,632 0.02

24,846 Government National MortgageAssociation 2000-6 Z 20.02.30/7.500% 28,076 0.00

799,124 Government National MortgageAssociation 2001-21 PE 16.05.31/6.500% 943,117 0.07

295,616 Government National MortgageAssociation 2001-22 PS 17.03.31/20.526%* 415,183 0.03

133,910 Government National MortgageAssociation 2001-51 SA 16.10.31/31.696%* 228,454 0.02

1,500,000 Government National MortgageAssociation 2001-53 PB 20.11.31/6.500% 1,741,875 0.12

763,856 Government National MortgageAssociation 2001-53 SR 20.10.31/7.964%* 103,549 0.01

100,185 Government National MortgageAssociation 2001-8 Z 20.03.31/6.500% 113,974 0.01

166,111 Government National MortgageAssociation 2002-40 UK 20.06.32/6.500% 190,088 0.01

319,268 Government National MortgageAssociation 2002-41 SY 16.06.32/7.314%* 63,639 0.00

155,037 Government National MortgageAssociation 2002-45 QE 20.06.32/6.500% 180,575 0.01

45,678 Government National MortgageAssociation 2002-47 PG 16.07.32/6.500% 52,467 0.00

2,890 Government National MortgageAssociation 2002-51 SG 20.04.31/31.697%* 5,184 0.00

58,958 Government National MortgageAssociation 2002-54 GB 20.08.32/6.500% 66,975 0.00

201,236 Government National MortgageAssociation 2002-69 PO 20.02.32/0.000% 197,364 0.01

351,129 Government National MortgageAssociation 2002-69 SC 20.02.32/16.091%* 413,448 0.03

291,539 Government National MortgageAssociation 2003-1 SX 16.06.31/6.914%* 14,839 0.00

3,159,562 Government National MortgageAssociation 2003-10 PZ 20.02.33/5.500% 3,594,027 0.25

182,724 Government National MortgageAssociation 2003-34 TO 16.02.32/0.000% 176,966 0.01

27,998 Government National MortgageAssociation 2003-4 NY 20.12.13/5.500% 29,534 0.00

130,722 Government National MortgageAssociation 2003-60 NS 16.07.33/16.092%* 144,766 0.01

272,600 Government National MortgageAssociation 2003-67 SD 20.08.33/16.202%* 360,685 0.03

7,155,768 Government National MortgageAssociation 2003-75 ZX 16.09.33/6.000% 7,769,857 0.54


2,401,939 Government National MortgageAssociation 2003-95 SP 20.05.32/7.014%* 248,122 0.02


1,545,227 Government National MortgageAssociation 2004-90 SI 20.10.34/5.914%* 229,027 0.02

256,309 Government National MortgageAssociation 2004-94 TS 20.10.34/17.914%* 331,634 0.02

285,387 Government National MortgageAssociation 2005-35 FL 20.03.32/0.536%* 284,522 0.02

276,498 Government National MortgageAssociation 2005-66 SP 16.08.35/20.215%* 377,940 0.03

928,328 Government National MortgageAssociation 2005-68 DP 17.06.35/15.987%* 1,149,411 0.08

2,582,335 Government National MortgageAssociation 2005-68 KI 20.09.35/6.114%* 345,952 0.02

332,214 Government National MortgageAssociation 2005-7 JM 18.05.34/16.311%* 410,734 0.03

1,370,982 Government National MortgageAssociation 2005-72 AZ 20.09.35/5.500% 1,539,651 0.11

1,375,367 Government National MortgageAssociation 2006-33 Z 20.07.36/6.500% 1,652,878 0.12

956,968 Government National MortgageAssociation 2006-38 SW 20.06.36/6.314%* 132,529 0.01

1,367,958 Government National MortgageAssociation 2006-38 ZK 20.08.36/6.500% 1,596,116 0.11

894,729 Government National MortgageAssociation 2006-40 VB 20.11.26/6.000% 935,317 0.07

1,295,751 Government National MortgageAssociation 2006-57 PZ 20.10.36/5.565% 1,423,393 0.10

942,120 Government National MortgageAssociation 2006-59 SD 20.10.36/6.514%* 153,111 0.01

1,149,124 Government National MortgageAssociation 2006-65 SA 20.11.36/6.614%* 180,870 0.01

1,247,549 Government National MortgageAssociation 2007-17 JI 16.04.37/6.624%* 206,448 0.01

6,151,021 Government National MortgageAssociation 2007-26 SW 20.05.37/6.014%* 826,336 0.06

698,568 Government National MortgageAssociation 2007-27 MI 20.09.36/5.500% 78,772 0.01


548,634 Government National MortgageAssociation 2007-36 SE 16.06.37/6.284%* 83,983 0.01

1,229,091 Government National MortgageAssociation 2007-40 SB 20.07.37/6.564%* 185,958 0.01

2,163,979 Government National MortgageAssociation 2007-40 SN 20.07.37/6.494%* 329,152 0.02

737,503 Government National MortgageAssociation 2007-42 SB 20.07.37/6.564%* 112,290 0.01

325,666 Government National MortgageAssociation 2007-49 NO 20.12.35/0.000% 317,649 0.02

956,961 Government National MortgageAssociation 2007-50 AI 20.08.37/6.589%* 150,921 0.01

1,263,261 Government National MortgageAssociation 2007-53 ES 20.09.37/6.364%* 186,166 0.01

479,603 Government National MortgageAssociation 2007-53 SW 20.09.37/19.648%* 621,392 0.04

948,162 Government National MortgageAssociation 2007-57 QA 20.10.37/6.314%* 141,147 0.01

1,000,000 Government National MortgageAssociation 2007-6 LD 20.03.36/5.500% 1,088,484 0.08

993,971 Government National MortgageAssociation 2007-67 SI 20.11.37/6.324%* 149,968 0.01

1,000,000 Government National MortgageAssociation 2007-70 TA 20.08.36/5.750% 1,066,831 0.07

1,879,392 Government National MortgageAssociation 2007-73 MI 20.11.37/5.814%* 234,446 0.02

945,875 Government National MortgageAssociation 2007-74 SL 16.11.37/6.354%* 148,768 0.01


2,440,777 Government National MortgageAssociation 2007-76 SD 20.11.37/5.614%* 309,502 0.02

1,387,654 Government National MortgageAssociation 2007-79 SY 20.12.37/6.364%* 199,002 0.01

2,351,297 Government National MortgageAssociation 2007-81 SB 20.12.37/6.464%* 354,969 0.02

727,600 Government National MortgageAssociation 2008-25 SB 20.03.38/6.714%* 115,246 0.01

1,314,500 Government National MortgageAssociation 2008-32 PI 16.10.37/5.500% 234,051 0.02



1,000,000 Government National MortgageAssociation 2008-50 KB 20.06.38/6.000% 1,137,936 0.08


3,080,684 Government National MortgageAssociation 2008-76 US 20.09.38/5.714%* 384,172 0.03

848,915 Government National MortgageAssociation 2008-93 AS 20.12.38/5.514%* 99,490 0.01

2,492,805 Government National MortgageAssociation 2008-95 DS 20.12.38/7.114%* 428,247 0.03


1,016,911 Government National MortgageAssociation 2009-10 SL 16.03.34/6.314%* 129,725 0.01

3,008,347 Government National MortgageAssociation 2009-102 SM 16.06.39/6.214%* 400,336 0.03

543,020 Government National MortgageAssociation 2009-104 AB 16.08.39/7.000% 638,546 0.04

2,024,382 Government National MortgageAssociation 2009-106 AS 16.11.39/6.214%* 297,741 0.02

662,403 Government National MortgageAssociation 2009-14 NI 20.03.39/6.500% 110,181 0.01


3,032,070 Government National MortgageAssociation 2009-31 ST 20.03.39/6.164%* 443,241 0.03

2,526,725 Government National MortgageAssociation 2009-31 TS 20.03.39/6.114%* 310,723 0.02

621,289 Government National MortgageAssociation 2009-33 TI 20.05.39/6.000% 124,576 0.01

125


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

2,201,923 Government National MortgageAssociation 2009-42 SC 20.06.39/5.894%* 291,209 0.02


2,951,899 Government National MortgageAssociation 2009-64 SN 16.07.39/5.914%* 397,441 0.03

728,064 Government National MortgageAssociation 2009-79 OK 16.11.37/0.000% 631,312 0.04

1,309,345 Government National MortgageAssociation 2010-129 AW 20.04.37/6.152%* 1,460,030 0.10

1,317,240 Government National MortgageAssociation 2010-130 CP 16.10.40/7.000% 1,545,866 0.11

761,254 Government National MortgageAssociation 2010-14 AO 20.12.32/0.000% 715,498 0.05

787,296 Government National MortgageAssociation 2010-14 BO 20.11.35/0.000% 711,586 0.05

299,980 Government National MortgageAssociation 2010-14 CO 20.08.35/0.000% 225,382 0.02

449,763 Government National MortgageAssociation 2010-14 EO 16.06.33/0.000% 431,178 0.03

1,904,845 Government National MortgageAssociation 2010-14 QP 20.12.39/6.000% 2,079,361 0.15

981,502 Government National MortgageAssociation 2010-157 OP 20.12.40/0.000% 760,650 0.05

200,000 Greenwich Capital CommercialFunding 2005-GG3 AJ 10.08.42/4.859%* 197,344 0.01

14,231 GS Mortgage Securities II2004-GG2 A3 10.08.38/4.602% 14,225 0.00

1,300,000 GS Mortgage Securities II2004-GG2 A6 10.08.38/5.396%* 1,407,884 0.10

650,000 GS Mortgage Securities II2006-GG6 A4 10.04.38/5.553%* 704,525 0.05

235,293 GSMPS Mortgage Loan Trust2004-4 1AF 25.06.34/0.586%* 197,135 0.01

92,677 GSMPS Mortgage Loan Trust2005-RP1 1AF 25.01.35/0.536%* 79,359 0.01

401,001 GSMPS Mortgage Loan Trust2005-RP2 1AF 25.03.35/0.536%* 341,612 0.02

1,687,561 GSMPS Mortgage Loan Trust2006-RP2 1AS2 25.04.36/5.387%* 240,876 0.02

1,507,341 GSR Mortgage Loan Trust2003-7F 1A4 25.06.33/5.250% 1,494,718 0.10

150,424 GSR Mortgage Loan Trust2004-10F 2A1 25.08.19/5.000% 151,882 0.01

887,864 GSR Mortgage Loan Trust2004-6F 3A4 25.05.34/6.500% 951,382 0.07

131,686 GSR Mortgage Loan Trust2004-9 5A5 25.08.34/2.285%* 131,043 0.01

1,200,000 GSR Mortgage Loan Trust2007-1F 2A4 25.01.37/5.500% 1,135,461 0.08

349,455 Harley-Davidson MotorcycleTrust 2010-1 A2 15.11.13/0.830% 349,701 0.02

360,000 Harley-Davidson MotorcycleTrust 2010-1 A3 15.02.15/1.160% 360,788 0.03

275,872 Honda Auto Receivables OwnerTrust 2009-2 A3 15.01.13/2.790% 277,925 0.02

300,000 Honda Auto Receivables OwnerTrust 2009-2 A4 15.07.15/4.430% 311,450 0.02

125,000 HP Enterprise Services 01.08.13/6.000% 137,328 0.01229,517 HSBC Home Equity Loan Trust

2005-2 M2 20.01.35/0.676%* 197,858 0.01340,000 Hyundai Auto Receivables Trust

2010-B A3 15.04.15/0.970% 341,168 0.02375,000 Hyundai Auto Receivables Trust


2011-A A3 15.04.15/1.160% 346,741 0.02365,000 Hyundai Auto Receivables Trust

2011-A A4 15.12.15/1.780% 369,351 0.03257,000 Hyundai Auto Receivables Trust


2011-B A4 15.02.17/1.650% 289,495 0.02151,783 Impac Secured Assets CMN

Owner Trust 2003-2 A1 25.08.33/5.500% 159,018 0.015,468 Impac Secured Assets CMN

Owner Trust 2004-3 1A4 25.11.34/0.986%* 5,101 0.00603,057 Impac Secured Assets CMN

Owner Trust 2006-1 2A1 25.05.36/0.536%* 560,644 0.04844,550 Impac Secured Assets CMN

Owner Trust 2006-2 2A1 25.08.36/0.536%* 754,414 0.059,982 Indymac Index Mortgage Loan

Trust 2004-AR7 A1 25.09.34/1.066%* 6,159 0.002,502,853 Indymac Index Mortgage Loan

Trust 2005-AR11 A7 25.08.35/0.256%* 31,415 0.00650,000 Jackson National Life Global

Funding 144A 08.05.13/5.375% 696,132 0.05102,001 John Deere Owner Trust 2009-A

A3 15.10.13/2.590% 102,633 0.01490,000 John Deere Owner Trust 2011-A

A3 15.01.16/1.290% 493,216 0.03

355,000 John Deere Owner Trust 2011-AA4 16.04.18/1.960% 359,770 0.03

750,000 JP Morgan Chase CommercialMortgage Securities 2005-CB11AJ 12.08.37/5.356%* 747,736 0.05

1,000,000 JP Morgan Chase CommercialMortgage Securities 2006-CB16A4 12.05.45/5.552% 1,090,282 0.08

1,000,000 JP Morgan Chase CommercialMortgage Securities 2006-LDP8A4 15.05.45/5.399% 1,080,134 0.08

187,219 JP Morgan Mortgage Trust2004-A3 4A1 25.07.34/2.749%* 184,657 0.01



1,239,289 JP Morgan Mortgage Trust2006-A2 5A3 25.11.33/2.961%* 1,250,411 0.09

516,503 JP Morgan Reremic 2009-7 14A1 27.07.37/5.509%* 506,016 0.04211,885 JP Morgan Reremic 2009-7 17A1 27.07.37/6.293%* 213,562 0.01391,915 JP Morgan Reremic 2009-7 18A1 27.11.36/5.475%* 388,549 0.03

489,455 JP Morgan Reremic 2009-8 A1 20.04.36/5.113%* 490,087 0.03112,000 LB-UBS Commercial Mortgage

Trust 2003-C7 A4 15.09.35/4.931%* 118,126 0.0121,192,872 LB-UBS Commercial Mortgage

Trust 2006-C1 XCL 15.02.41/0.125%* 212,488 0.01177,524 Long Beach Mortgage Loan

Trust 2006-WL2 2A3 25.01.36/0.386%* 142,726 0.01351,000 Manufacturers & Traders Trust 01.04.13/1.746%* 350,488 0.02310,000 Manufacturers & Traders Trust 04.12.17/6.625% 355,931 0.02600,000 MassMutual Global Funding II

144A 16.07.12/3.625% 616,693 0.04144,000 MassMutual Global Funding II

144A 28.09.15/2.300% 144,548 0.01300,305 Mastr Adjustable Rate

Mortgages Trust 2004-13 3A6 21.11.34/2.836%* 295,778 0.022,200,000 Mastr Adjustable Rate

Mortgages Trust 2004-13 3A7 21.11.34/2.836%* 2,105,556 0.1566,274 Mastr Adjustable Rate

Mortgages Trust 2004-3 4A2 25.04.34/2.283%* 59,954 0.00143,312 MASTR Alternative Loans Trust

2004-10 1A1 25.09.19/4.500% 146,101 0.01257,267 MASTR Alternative Loans Trust





2005-6 3A1 25.11.20/5.500% 692,775 0.05136,956 MASTR Asset Securitization

Trust 2003-2 1A1 25.03.18/5.000% 141,384 0.01727,794 MASTR Asset Securitization

Trust 2004-4 1A6 26.12.33/5.250% 759,541 0.05400,000 MASTR Asset Securitization

Trust 2006-2 1A30 25.06.36/6.000% 362,711 0.03937,961 Mastr Reperforming Loan Trust

2005-2 1A1F 25.05.35/0.536%* 769,520 0.05462,127 Mastr Seasoned Securities Trust

2004-2 A1 25.08.32/6.500% 481,462 0.03105,000 Mercedes-Benz Auto

Receivables Trust 2010-1 A3 15.08.14/1.420% 105,864 0.01200,097 Merrill Lynch Mortgage

Investors 2003-A4 2A 25.07.33/2.751%* 201,978 0.01514,093 Merrill Lynch Mortgage

Investors 2004-A4 A2 25.08.34/2.716%* 502,452 0.04450,000 Merrill Lynch Mortgage Trust

2005-LC1 AJ 12.01.44/5.325%* 428,471 0.03197,011 Merrill Lynch Mortgage Trust

2005-MCP1 ASB 12.06.43/4.674%* 205,757 0.01400,000 Merrill Lynch/Countrywide

Commercial Mortgage Trust2006-1 A4 12.02.39/5.608%* 436,204 0.03

19,252,126 Merrill Lynch/CountrywideCommercial Mortgage Trust2006-4 XC 12.12.49/0.295%* 257,888 0.02

775,000 Metropolitan Life GlobalFunding I 144A 11.01.13/2.500% 788,357 0.05





390,000 Microsoft 25.09.15/1.625% 388,565 0.03112,000 Microsoft 01.10.40/4.500% 102,019 0.01

126


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

125,000 Midamerican Energy 15.03.18/5.300% 138,585 0.011,159,738 MLCC Mortgage Investors

2004-1 2A1 25.12.34/2.192%* 1,135,393 0.08230,000 Morgan Stanley Capital I

2004-T13 A4 13.09.45/4.660% 242,941 0.0246,560,709 Morgan Stanley Capital I

2006-IQ12 X1 15.12.43/0.155%* 592,494 0.04222,967 Morgan Stanley Mortgage Loan

Trust 2004-3 1A 25.05.19/5.000% 232,696 0.021,194,658 Morgan Stanley Mortgage Loan

Trust 2004-3 4A 25.04.34/5.650%* 1,217,479 0.08505,520 Morgan Stanley Re-Remic TR 20 17.07.56/3.000%* 505,995 0.04100,190 MortgageIT Trust 2005-1 1A1 25.02.35/0.506%* 77,671 0.0150,000 National Rural Utilities

Cooperative Finance 16.09.12/2.625% 51,188 0.00200,000 National Rural Utilities

Cooperative Finance 01.03.14/4.750% 217,749 0.02100,000 National Rural Utilities

Cooperative Finance 01.11.18/10.375% 138,873 0.0130,000 Nationwide Financial Services 01.07.12/5.900% 30,831 0.00

300,000 NBC Universal Media 144A 01.04.41/5.950% 302,960 0.02885,832 NCUA Guaranteed Notes

2010-A1 A 07.12.20/0.540%* 888,295 0.063,101,267 NCUA Guaranteed Notes

2010-C1 APT 29.10.20/2.650% 3,109,229 0.221,908,594 NCUA Guaranteed Notes

2010-R3 1A 08.12.20/0.750%* 1,919,473 0.13581,138 NCUA Guaranteed Notes

2010-R3 3A 08.12.20/2.400% 581,411 0.0445,000 Nevada Power 15.09.40/5.375% 44,623 0.00

400,000 New York Life Global Funding144A 09.05.13/4.650% 426,938 0.03

350,000 New York Life Global Funding144A 04.05.15/3.000% 361,538 0.03

175,000 New York St Dorm Auth St Pers 15.03.40/5.600% 180,432 0.01100,000 News America 18.05.18/7.250% 119,360 0.01300,000 News America 26.04.23/8.875% 394,742 0.03

15,000 News America 20.01.24/7.750% 18,469 0.00170,000 News America 30.10.25/7.700% 205,381 0.01200,000 News America 30.11.28/7.625% 234,421 0.02250,000 News America 15.12.34/6.200% 254,214 0.0260,000 Niagara Mohawk Power 144A 15.08.19/4.881% 63,915 0.00

375,000 Nissan Auto Receivables OwnerTrust 2010-A A3 15.07.14/0.870% 375,282 0.03

300,000 Nissan Auto Receivables OwnerTrust 2010-A A4 15.09.16/1.310% 301,029 0.02

13,795 Nomura Asset Acceptance2003-A1 A1 25.05.33/5.500% 14,274 0.00



113,000 Northern Trust 15.08.13/5.500% 123,648 0.0140,000 Oncor Electric Delivery 01.09.13/5.950% 43,653 0.00

200,000 Oncor Electric Delivery 01.09.18/6.800% 234,391 0.02100,000 Oracle 15.01.16/5.250% 113,078 0.01250,000 Oracle 15.04.18/5.750% 287,049 0.02100,000 Oracle 08.07.19/5.000% 109,689 0.01235,000 Oracle 15.04.38/6.500% 271,416 0.0297,000 Oracle 144A 15.07.40/5.375% 97,611 0.0140,000 PACCAR 15.02.12/6.375% 41,405 0.00

200,000 Pacific Life Global Funding 144A 15.04.13/5.150% 213,045 0.01100,000 Pacificorp 15.07.18/5.650% 114,088 0.01

15,000 Pacificorp 15.01.19/5.500% 16,935 0.0045,000 Pacificorp 15.08.34/5.900% 47,750 0.0050,000 PC Financial Partnership 15.11.14/5.000% 54,944 0.00

650,000 Port Authority of New York andNew Jersey 01.11.40/5.647% 656,936 0.05

650,000 Pricoa Global Funding I 144A 11.06.14/5.450% 712,544 0.05175,000 Principal Life Income Funding

Trusts 14.12.12/5.300% 185,702 0.01323,084 Procter & Gamble - Esop 01.01.21/9.360% 409,386 0.03

54,132 PSE&G Transition Funding2001-1 A6 15.06.15/6.610% 57,649 0.00

350,000 PSEG Power 144A 15.09.16/5.320% 386,491 0.03135,000 Public Service Electric & Gas 01.05.15/2.700% 138,543 0.01179,170 Residential Accredit Loans

2001-QS19 A2 25.12.16/6.000% 183,063 0.01765,149 Residential Accredit Loans

2003-QR19 CB4 25.10.33/5.750% 755,641 0.05425,092 Residential Accredit Loans

2003-QS13 A5 25.07.33/0.836%* 377,029 0.03339,875 Residential Accredit Loans



2004-QS3 CB 25.03.19/5.000% 728,941 0.05

55,785 Residential Accredit Loans2004-QS8 A2 25.06.34/5.000% 56,120 0.00

1,107,040 Residential Asset MortgageProducts 2004-SL2 A3 25.10.31/7.000% 1,164,081 0.08

1,000,000 Residential Asset MortgageProducts 2005-EFC5 A3 25.10.35/0.526%* 856,234 0.06

1,667 Residential Asset Securities2002-KS4 AIIB 25.07.32/0.686%* 989 0.00

900,000 Residential Asset Securities2005-KS9 A3 25.10.35/0.556%* 859,878 0.06

490,638 Residential Asset SecuritizationTrust 2003-A13 A3 25.01.34/5.500% 491,177 0.03

596,652 Residential Funding MortgageSecurities I 2003-S4 A4 25.03.33/5.750% 629,254 0.04

164,169 Residential Funding MortgageSecurities I 2004-S6 2A6 25.06.34/0.000% 122,038 0.01

102,833 Residential Funding MortgageSecurities I 2004-S6 3A5 25.06.19/4.500% 102,946 0.01

160,629 Residential Funding MortgageSecurities I 2005-SA4 1A1 25.09.35/3.223%* 114,820 0.01

811,173 Salomon Brothers MortgageSecurities VII 2003-HYB1 A 25.09.33/3.217%* 795,275 0.06

11,447 Salomon Brothers MortgageSecurities VII 2003-UP2 PO1 25.12.18/0.000% 8,872 0.00

530,000 Santander Drive AutoReceivables Trust 2010-3 A2 17.06.13/0.930% 530,228 0.04

325,000 Santander Drive AutoReceivables Trust 2010-3 A3 16.06.14/1.200% 325,432 0.02

466,011 Saxon Asset Securities Trust2003-1 AF6 25.06.33/4.795%* 473,514 0.03

735,234 Sequoia Mortgage Trust 2003-11A 20.04.33/0.566%* 689,892 0.05

446,779 Sequoia Mortgage Trust2004-12 A3 20.01.35/0.715%* 367,759 0.03

450,000 Southern California Edison 15.03.39/6.050% 507,058 0.0495,000 Staples 15.01.14/9.750% 113,101 0.01695,617 Structured Adjustable Rate

Mortgage Loan Trust 2004-163A2 25.11.34/2.675%* 335,615 0.02

475,000 Structured Adjustable RateMortgage Loan Trust 2004-65A4 25.06.34/4.938%* 459,268 0.03

400,000 Structured Asset InvestmentLoan Trust 2005-5 A9 25.06.35/0.456%* 372,792 0.03

634,158 Structured Asset MortgageInvestments 2004-AR5 1A1 19.10.34/0.516%* 564,650 0.04

200,295 Structured Asset Securities2002-23XS A7 25.11.32/6.580%* 204,144 0.01

672,256 Structured Asset Securities2003-29 1A1 25.09.18/4.750% 690,459 0.05

257,358 Structured Asset Securities2003-33H 1A1 25.10.33/5.500% 262,181 0.02

1,305,537 Structured Asset Securities2003-34A 3A3 25.11.33/2.581%* 1,225,766 0.09


1,000,000 Structured Asset Securities2004-5H A4 25.12.33/5.540% 990,722 0.07

889,464 Structured Asset Securities2004-6XS A5B 25.03.34/5.550%* 853,243 0.06


236,148 Structured Asset Securities2007-OSI A2 25.06.37/0.276%* 204,416 0.01

30,000 TCI Communications 15.02.26/7.875% 38,201 0.00765,000 Toyota Auto Receivables Owner

Trust 2010-C A3 15.04.14/0.770% 766,209 0.05250,000 Travelers Life & Annunity Global

Funding I 144A 15.08.14/5.125% 276,973 0.02168,719 Union Pacific Railroad Co 2003

Pass Through Trust 02.01.24/4.698% 179,528 0.01100,000 United Parcel Service of

America 01.04.30/8.375%* 134,581 0.0116,000,000 US Treasury 31.08.11/1.000% 16,025,938 1.1210,000,000 US Treasury 30.11.11/0.750% 10,027,734 0.705,000,000 US Treasury 30.11.11/4.500% 5,091,699 0.363,800,000 US Treasury 31.07.14/2.625% 4,009,148 0.284,000,000 US Treasury 31.01.15/2.250% 4,168,438 0.29

200,000 US Treasury 31.03.16/2.375% 207,336 0.01825,000 US Treasury 30.04.16/2.625% 864,252 0.06

6,000,000 US Treasury 31.10.16/3.125% 6,392,344 0.458,900,000 US Treasury 31.12.16/3.250% 9,524,738 0.668,500,000 US Treasury 28.02.17/3.000% 8,963,516 0.637,600,000 US Treasury 31.03.17/3.250% 8,117,750 0.571,440,000 US Treasury 30.04.17/3.125% 1,525,838 0.11

660,000 US Treasury 15.05.17/4.500% 751,111 0.051,115,000 US Treasury 15.05.17/8.750% 1,534,083 0.11

3,910,000 US Treasury 31.05.17/2.750% 4,056,778 0.283,215,000 US Treasury 15.08.17/4.750% 3,707,422 0.26

4,390,000 US Treasury 15.08.17/8.875% 6,118,391 0.43

127


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

2,900,000 US Treasury 15.11.17/4.250% 3,259,328 0.236,765,000 US Treasury 30.11.17/2.250% 6,762,093 0.472,000,000 US Treasury 15.02.18/3.500% 2,150,859 0.15

10,000,000 US Treasury 28.02.18/2.750% 10,262,891 0.722,000,000 US Treasury 15.05.18/3.875% 2,197,813 0.15

20,856,000 US Treasury 15.05.19/3.125% 21,591,663 1.516,091,000 US Treasury 15.08.19/8.125% 8,550,479 0.602,000,000 US Treasury 15.11.19/3.375% 2,090,234 0.15

500,000 US Treasury 15.02.20/8.500% 720,547 0.05700,000 US Treasury 15.05.20/8.750% 1,025,008 0.07

4,700,000 US Treasury 15.08.20/8.750% 6,906,063 0.48100,000 US Treasury 15.02.21/7.875% 140,539 0.01

4,000,000 US Treasury 15.02.23/7.125% 5,430,000 0.38200,000 US Treasury 15.02.26/6.000% 249,297 0.02300,000 US Treasury 15.02.27/6.625% 397,078 0.03250,000 US Treasury 15.08.27/6.375% 324,258 0.02100,000 US Treasury 15.11.27/6.125% 126,469 0.01750,000 US Treasury 15.08.28/5.500% 890,684 0.06100,000 US Treasury 15.11.28/5.250% 115,547 0.01250,000 US Treasury 15.02.31/5.375% 293,105 0.02

1,000,000 US Treasury 15.02.36/4.500% 1,031,875 0.073,000,000 US Treasury (Strip Principal) 15.11.16/0.000% 2,711,927 0.191,400,000 US Treasury (Strip Principal) 15.05.20/0.000% 1,063,093 0.072,800,000 US Treasury (Strip) 15.02.14/0.000% 2,749,733 0.195,500,000 US Treasury (Strip) 15.05.14/0.000% 5,381,462 0.382,000,000 US Treasury (Strip) 15.08.14/0.000% 1,947,029 0.141,000,000 US Treasury (Strip) 15.11.14/0.000% 967,343 0.07

800,000 US Treasury (Strip) 15.02.15/0.000% 766,273 0.053,000,000 US Treasury (Strip) 15.05.15/0.000% 2,854,172 0.204,660,000 US Treasury (Strip) 15.11.15/0.000% 4,364,116 0.302,535,000 US Treasury (Strip) 15.05.16/0.000% 2,331,602 0.16

14,600,000 US Treasury (Strip) 15.08.16/0.000% 13,296,429 0.9312,850,000 US Treasury (Strip) 15.11.16/0.000% 11,585,222 0.8112,305,000 US Treasury (Strip) 15.02.17/0.000% 10,960,439 0.7613,785,000 US Treasury (Strip) 15.08.17/0.000% 12,004,504 0.842,380,000 US Treasury (Strip) 15.11.17/0.000% 2,052,018 0.141,600,000 US Treasury (Strip) 15.08.18/0.000% 1,330,485 0.096,950,000 US Treasury (Strip) 15.05.19/0.000% 5,562,475 0.398,850,000 US Treasury (Strip) 15.08.19/0.000% 6,988,196 0.499,500,000 US Treasury (Strip) 15.02.20/0.000% 7,278,831 0.51

34,733,000 US Treasury (Strip) 15.05.20/0.000% 26,182,942 1.8318,600,000 US Treasury (Strip) 15.08.20/0.000% 13,819,601 0.96

350,000 US Treasury (Strip) 15.11.20/0.000% 256,662 0.021,500,000 US Treasury (Strip) 15.08.21/0.000% 1,051,638 0.07

200,000 US Treasury (Strip) 15.11.21/0.000% 138,305 0.01500,000 US Treasury (Strip) 15.02.22/0.000% 340,609 0.02200,000 US Treasury (Strip) 15.05.24/0.000% 119,216 0.01850,000 US Treasury (Strip) 15.11.24/0.000% 491,699 0.03200,000 US Treasury (Strip) 15.02.25/0.000% 114,117 0.01

1,150,000 US Treasury (Strip) 15.08.25/0.000% 637,400 0.051,200,000 US Treasury (Strip) 15.05.26/0.000% 636,024 0.04

100,000 US Treasury (Strip) 15.02.27/0.000% 50,863 0.00800,000 US Treasury (Strip) 15.05.27/0.000% 400,719 0.03

3,000,000 US Treasury (Strip) 15.11.27/0.000% 1,462,338 0.10550,000 US Treasury (Strip) 15.02.28/0.000% 264,350 0.02400,000 US Treasury (Strip) 15.05.28/0.000% 189,757 0.01200,000 US Treasury (Strip) 15.08.28/0.000% 93,788 0.01300,000 US Treasury (Strip) 15.05.34/0.000% 103,279 0.01500,000 US Treasury (Strip) 15.11.28/0.000% 231,009 0.02750,000 US Treasury (Strip) 15.02.29/0.000% 341,327 0.02

2,500,000 US Treasury (Strip) 15.11.29/0.000% 1,092,691 0.085,650,000 US Treasury (Strip) 15.02.30/0.000% 2,438,270 0.173,400,000 US Treasury (Strip) 15.05.30/0.000% 1,447,876 0.102,200,000 US Treasury (Strip) 15.08.30/0.000% 923,475 0.061,000,000 US Treasury (Strip) 15.11.30/0.000% 415,103 0.031,125,000 US Treasury (Strip) 15.02.32/0.000% 436,901 0.03250,000 US Treasury (Strip) 15.11.32/0.000% 93,307 0.01300,000 US Treasury (Strip) 15.02.33/0.000% 110,581 0.01

1,750,000 US Treasury (Strip) 15.05.33/0.000% 636,492 0.041,600,000 US Treasury (Strip) 15.08.33/0.000% 573,951 0.04

800,000 US Treasury (Strip) 15.11.33/0.000% 283,077 0.02400,000 US Treasury (Strip) 15.02.34/0.000% 139,491 0.01250,000 US Treasury (Strip) 15.02.35/0.000% 82,641 0.01107,120 Vendee Mortgage Trust 1998-1

2E 15.03.28/7.000% 124,076 0.01822,051 Vendee Mortgage Trust 1998-2

1G 15.06.28/6.750% 951,731 0.07170,516 Wachovia Bank Commercial

Mortgage Trust 2004-C15 A2 15.10.41/4.039% 170,568 0.011,024,828 WaMu Mortgage Pass Through

Certificates 2003-AR5 A7 25.06.33/2.576%* 1,013,956 0.07165,931 WaMu Mortgage Pass Through

Certificates 2003-AR7 A7 25.08.33/2.656%* 161,626 0.0188,984 WaMu Mortgage Pass Through

Certificates 2003-AR8 A 25.08.33/2.711%* 87,409 0.01

1,121,259 WaMu Mortgage Pass ThroughCertificates 2003-AR9 1A6 25.09.33/2.714%* 1,075,435 0.07

908,701 WaMu Mortgage Pass ThroughCertificates 2003-S1 A5 25.04.33/5.500% 938,261 0.07



278,616 WaMu Mortgage Pass ThroughCertificates 2003-S11 2A5 25.11.33/16.539%* 291,080 0.02

1,255,325 WaMu Mortgage Pass ThroughCertificates 2003-S6 2A1 25.07.18/5.000% 1,299,043 0.09



1,500,000 WaMu Mortgage Pass ThroughCertificates 2004-CB1 3A2 25.06.34/5.500% 1,569,992 0.11

664,327 WaMu Mortgage Pass ThroughCertificates 2004-CB3 4A 25.10.19/6.000% 688,984 0.05

711,937 WaMu Mortgage Pass ThroughCertificates 2004-RS2 A4 25.11.33/5.000% 717,880 0.05

587,302 WaMu Mortgage Pass ThroughCertificates 2004-S2 2A4 25.06.34/5.500% 589,879 0.04

1,163,252 WaMu Mortgage Pass ThroughCertificates 2004-S3 1A5 25.07.34/5.000% 1,207,876 0.08

552,118 WaMu Mortgage Pass ThroughCertificates 2004-S3 3A2 25.07.34/6.000% 583,904 0.04

1,700,402 Washington Mutual AlternativeMortgage Pass-ThroughCertificates 2005-3 CX 25.05.35/5.500% 249,343 0.02

472,678 Washington Mutual AlternativeMortgage Pass-ThroughCertificates 2005-4 CB7 25.06.35/5.500% 397,536 0.03

286,000 Washington Mutual MSCMortgage Pass-ThroughCertificates 2003-MS2 1A1 25.02.33/5.750% 298,553 0.02

200,000 WEA Finance 144A 15.04.18/7.125% 232,747 0.02300,000 Wells Fargo Bank 09.02.15/4.750% 320,598 0.02

65,828 Wells Fargo Mortgage BackedSecurities Trust 2002-1 APO 25.02.32/0.000% 49,521 0.00

136,805 Wells Fargo Mortgage BackedSecurities Trust 2003-11 1A4 25.10.18/4.750% 136,814 0.01

745,202 Wells Fargo Mortgage BackedSecurities Trust 2004-4 A9 25.05.34/5.500% 769,070 0.05

1,432,450 Wells Fargo Mortgage BackedSecurities Trust 2004-7 2A2 25.07.19/5.000% 1,477,675 0.10

115,217 Wells Fargo Mortgage BackedSecurities Trust 2004-BB A4 25.01.35/2.745%* 112,802 0.01

324,216 Wells Fargo Mortgage BackedSecurities Trust 2004-EE 3A1 25.12.34/2.880%* 323,651 0.02

346,391 Wells Fargo Mortgage BackedSecurities Trust 2004-P 2A1 25.09.34/2.894%* 335,189 0.02

479,055 Wells Fargo Mortgage BackedSecurities Trust 2005-1 2A1 25.01.20/5.000% 501,473 0.03

270,877 Wells Fargo Mortgage BackedSecurities Trust 2005-13 A1 25.11.20/5.000% 281,122 0.02

846,717 Wells Fargo Mortgage BackedSecurities Trust 2005-AR8 2A1 25.06.35/2.808%* 816,479 0.06

1,000,000 Wells Fargo Mortgage BackedSecurities Trust 2007-9 1A8 25.07.37/5.500% 974,011 0.07

129,203 World Omni Auto ReceivablesTrust 2009-A A3 15.05.13/3.330% 130,222 0.01

230,000 World Omni Auto ReceivablesTrust 2010-A A4 15.05.15/2.210% 234,751 0.02

1,156,257,448 80.64

AUSTRALIA350,000 Australia & New Zealand

Banking Group 144A 01.03.16/3.250% 354,673 0.02350,000 FBG Finance 144A 15.06.15/5.125% 380,660 0.03350,000 Macquarie Group 144A 01.08.14/7.300% 394,658 0.03800,000 National Australia Bank 144A 08.01.13/2.500% 815,212 0.05195,000 National Australia Bank 144A 02.03.15/3.750% 203,353 0.01675,000 National Australia Bank 144A 28.09.15/2.750% 674,605 0.05

2,823,161 0.19

UNITED KINGDOM140,000 ANZ National

International/London 144A 21.12.12/2.375% 142,426 0.01382,000 Barclays Bank 07.04.15/3.900% 397,595 0.03585,000 Barclays Bank 144A 21.09.15/2.500% 584,456 0.04300,000 Barclays Bank 144A 04.12.17/6.050% 315,977 0.02439,000 HSBC Bank 144A 28.06.15/3.500% 451,781 0.03392,000 HSBC Bank 144A 24.05.16/3.100% 391,590 0.03361,000 HSBC Bank 144A 12.08.20/4.125% 352,276 0.02

2,636,101 0.18

128


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

NETHERLANDS300,000 Deutsche Telekom International

Finance 08.07.19/6.000% 344,451 0.02158,000 Rabobank Nederland 13.10.15/2.125% 156,973 0.01500,000 Rabobank Nederland 11.01.21/4.500% 514,410 0.04700,000 Rabobank Nederland 144A 11.03.15/3.200% 727,136 0.05100,000 Siemens

Financieringsmaatschappij 144A 17.10.16/5.750% 115,106 0.01166,000 Volkswagen International

Finance 144A 12.08.13/1.625% 167,462 0.01

2,025,538 0.14

CANADA414,000 Bank of Nova Scotia 144A 29.10.15/1.650% 407,734 0.03484,000 Caisse Centrale Desjardins du

Quebec 144A 24.03.16/2.550% 489,999 0.04150,000 ConocoPhillips Canada Funding

Co. I 15.10.16/5.625% 173,899 0.0140,000 Husky Energy 15.06.19/6.150% 44,781 0.00

564,000 National Bank of Canada 144A 30.01.14/1.650% 571,690 0.04270,000 Province of Quebec Canada 30.01.26/6.350% 336,709 0.02

2,024,812 0.14

SWEDEN300,000 Nordea Bank 144A 04.10.13/1.750% 300,459 0.02

1,463,000 Stadshypotek 144A 30.09.13/1.450% 1,472,773 0.10

1,773,232 0.12

CAYMAN ISLANDS1,500,000 TIAA Seasoned Commercial

Mortgage Trust 2007-C4 A3 15.08.39/5.979%* 1,638,276 0.11

1,638,276 0.11

FRANCE550,000 Total Capital 15.03.16/2.300% 551,227 0.04149,000 Total Capital 28.01.21/4.125% 151,234 0.01

702,461 0.05

NORWAY568,000 DnB NOR Boligkreditt 144A 14.10.15/2.100% 561,550 0.04

561,550 0.04

LUXEMBOURG350,000 Enel Finance International 144A 07.10.19/5.125% 354,785 0.03

354,785 0.03

JAPAN114,000 Bank of Tokyo-Mitsubishi 144A 22.01.15/3.850% 120,686 0.01

120,686 0.01

INTERNATIONAL AGENCIES20,000 Corporacion Andina de Fomento 21.05.13/5.200% 21,500 0.00

21,500 0.00

Total Bonds 1,170,939,550 81.65

Investment Funds



112,771,213 7.87



1,283,710,763 89.52


Bonds

UNITED STATES OF AMERICA345,000 Greenwich Capital Commercial

Funding 2002-C1 A4 11.01.35/4.948% 355,938 0.02180,000 Lehman Brothers Holdings

(Defaulted) 10.11.09/3.950% 47,025 0.00310,000 Lehman Brothers Holdings



(Defaulted) 17.05.13/5.750% 65,312 0.01

75,000 Lehman Brothers Holdings(Defaulted) 28.12.17/6.750% 113 0.00

1,000,000 Lehman Mortgage Trust 2008-21A6 25.03.38/6.000% 765,433 0.06

1,334,402 0.10

Total Bonds 1,334,402 0.10



Cash 1,871,249 0.13


Total Net Assets 1,434,025,816 100.00



Fixed Income SecuritiesUnited States of America 89.55United Kingdom 0.52Canada 0.49Netherlands 0.31Australia 0.28Cayman Islands 0.15Sweden 0.12Japan 0.09Luxembourg 0.09France 0.06Spain 0.05Norway 0.05Switzerland 0.04Mexico 0.03Bermuda 0.00International Agencies 0.00Total Fixed Income Securities 91.83Investment FundsLuxembourg 7.87Total Investment Funds 7.87Cash and Other Assets/(Liabilities) 0.30

Total 100.00


Fixed Income SecuritiesUnited States of America 96.86Canada 0.50United Kingdom 0.49Netherlands 0.31Australia 0.28Cayman Islands 0.18Sweden 0.16Luxembourg 0.09Norway 0.06France 0.06Japan 0.06Mexico 0.04Spain 0.04Italy 0.03New Zealand 0.01Bermuda 0.00International Agencies 0.00Total Fixed Income Securities 99.17Investment FundsLuxembourg 2.81Total Investment Funds 2.81Bank Overdraft and Other Assets/(Liabilities) (1.98)

Total 100.00

129


As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - US Aggregate Bond FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2011



AmountSold


11-Jul-11 EUR 1,129,883 USD 1,642,681 (8,239)11-Jul-11 USD 89,187 EUR 61,233 610

Total (7,629)

130


Shares

UNITED STATES OF AMERICA10,300 Abercrombie & Fitch - A Shares 699,988 0.3114,500 AES 183,062 0.0830,200 Agilent Technologies 1,559,075 0.68

8,500 Alaska Air Group 585,820 0.2531,400 Altera 1,449,267 0.634,800 Ameren 137,832 0.06

120,600 American Capital 1,176,453 0.5110,300 American Electric Power 385,117 0.1716,000 American Financial Group 573,360 0.2524,700 Ameriprise Financial 1,418,150 0.6227,800 Apple 9,275,470 4.0415,100 Arrow Electronics 613,588 0.27

176,700 AT&T 5,548,380 2.418,500 Baker Hughes 614,337 0.27

196,100 Bank of America 2,148,276 0.9411,700 Berry Petroleum - A Shares 617,818 0.27

26,000 Biogen Idec 2,836,730 1.2410,900 BlackRock 2,088,059 0.9124,800 BMC Software 1,350,608 0.5957,900 Cadence Design Systems 611,714 0.2741,800 Capital One Financial 2,185,304 0.9518,600 Caterpillar 1,953,651 0.85

120,900 CBS Non Voting - B Shares 3,487,360 1.528,200 CenterPoint Energy 158,711 0.07

53,500 CenturyLink 2,153,910 0.948,800 CF Industries Holdings 1,256,640 0.55

55,000 Chevron 5,613,025 2.45114,550 Citigroup 4,736,643 2.06

9,300 Cliffs Natural Resources 853,972 0.3744,200 Coca-Cola 2,975,765 1.2927,200 Coca-Cola Enterprises 796,552 0.3522,000 Coeur d’Alene Mines 537,350 0.24

144,500 Comcast - A Shares 3,650,792 1.5936,300 Complete Production Services 1,205,886 0.526,000 Consolidated Edison 318,060 0.14

29,500 Constellation Brands - A Shares 613,600 0.274,800 Constellation Energy Group 181,680 0.0811,400 Corn Products International 634,581 0.279,400 Cummins 968,670 0.42

28,800 Cypress Semiconductor 593,568 0.2644,600 Dean Foods 551,479 0.2433,900 Dell 561,214 0.2411,500 Dillard’s - A Shares 597,022 0.26

84,900 Discover Financial Services 2,277,442 0.9911,800 Dominion Resources 566,341 0.2422,300 Dow Chemical 789,977 0.343,600 DTE Energy 179,532 0.08

29,200 Duke Energy 547,062 0.247,200 Eastman Chemical 731,844 0.327,000 Edison International 270,130 0.12

40,500 EMC/Massachusetts 1,102,612 0.4846,500 Endo Pharmaceuticals Holdings 1,856,513 0.81

4,300 Entergy 293,389 0.1313,300 Exelon 567,777 0.24

115,900 Exxon Mobil 9,398,911 4.096,800 FirstEnergy 298,010 0.13

42,900 Fortinet 1,158,085 0.5040,400 Freeport-McMoRan Copper & Gold 2,118,778 0.92

233,400 General Electric 4,377,417 1.9018,200 Halliburton 924,469 0.4022,300 Healthsouth 580,134 0.2534,700 Honeywell International 2,066,211 0.9010,200 Humana 834,105 0.3659,900 IAC/InterActive 2,282,190 0.99

101,400 Intel 2,217,111 0.9731,700 International Business Machines 5,446,060 2.3736,300 Johnson & Johnson 2,423,025 1.0632,900 KBR 1,238,027 0.5484,200 Kroger 2,084,371 0.9112,300 Lear 663,769 0.2985,800 Macy’s 2,510,079 1.0936,400 Marathon Oil 1,891,708 0.8220,500 McKesson 1,711,545 0.7462,400 MetLife 2,721,576 1.1947,700 Nasdaq OMX Group 1,202,756 0.5324,100 National Oilwell Varco 1,871,968 0.81

9,100 NextEra Energy 520,202 0.226,700 NiSource 134,972 0.063,800 Northeast Utilities 133,684 0.065,700 NRG Energy 139,080 0.06

32,400 Occidental Petroleum 3,384,828 1.47

7,600 Oil States International 596,144 0.262,200 Oneok 163,405 0.07

109,900 Oracle 3,601,973 1.5716,600 Parker Hannifin 1,476,653 0.6460,000 Patterson-UTI Energy 1,847,700 0.8193,700 People’s United Financial 1,241,993 0.5430,400 PepsiCo 2,136,512 0.93

318,700 Pfizer 6,560,440 2.867,700 PG&E 319,204 0.14

85,000 Philip Morris International 5,632,950 2.4529,300 PNC Financial Services Group 1,728,993 0.7510,300 Polaris Industries 1,142,270 0.508,700 Polypore International 591,948 0.269,500 PPG Industries 853,575 0.379,800 PPL 273,126 0.123,200 priceline.com 1,632,176 0.71

54,100 Procter & Gamble 3,394,234 1.486,200 Progress Energy 295,337 0.13

37,900 Prudential Financial 2,396,607 1.0410,600 Public Service Enterprise Group 343,387 0.1543,500 Qualcomm 2,444,918 1.0611,700 Rockwood Holdings 638,001 0.2812,400 Rosetta Resources 635,562 0.2846,400 RPC 1,128,912 0.4918,700 SanDisk 764,363 0.335,200 Sempra Energy 271,882 0.12

17,500 Southern 701,925 0.3010,400 SVB Financial Group 622,700 0.27

191,600 Symantec 3,771,646 1.6423,777 Timken 1,184,808 0.52

26,800 Towers Watson & Co. - A Shares 1,718,818 0.7510,800 TRW Automotive Holdings 637,956 0.2818,300 United Technologies 1,604,361 0.7085,900 UnitedHealth Group 4,440,171 1.9322,100 Universal Health Services - B Shares 1,149,532 0.5012,900 URS 575,727 0.2511,400 VeriFone Systems 507,186 0.22

106,200 Verizon Communications 3,917,187 1.7148,600 Viacom - B Shares 2,508,246 1.0985,500 Walgreen 3,585,015 1.5631,600 Watson Pharmaceuticals 2,171,552 0.9524,300 Weight Watchers International 1,855,062 0.81

101,700 Wells Fargo & Co. 2,846,075 1.2434,500 Western Digital 1,255,628 0.5511,100 Westlake Chemical 580,474 0.255,100 Wisconsin Energy 158,738 0.07

20,700 Wyndham Worldwide 696,348 0.3010,000 Wynn Resorts 1,421,350 0.6210,200 Xcel Energy 247,197 0.1152,900 Zions Bancorporation 1,266,162 0.55

215,510,358 93.83

SWITZERLAND58,300 ACE 3,837,306 1.6756,700 Tyco International 2,797,294 1.22

6,634,600 2.89

IRELAND38,000 Accenture - A Shares 2,280,190 0.9951,600 Covidien 2,771,178 1.21

5,051,368 2.20

SINGAPORE17,100 Avago Technologies 651,937 0.28

651,937 0.28

BERMUDA12,400 Signet Jewelers 577,096 0.25

577,096 0.25

Total Shares 228,425,359 99.45


228,425,359 99.45


Cash 2,003,596 0.87



131

JPMorgan Funds - US Dynamic FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesInformation Technology 17.94Financials 15.01Energy 12.94Health Care 11.91Industrials 10.01Consumer Discretionary 9.80Consumer Staples 9.75Telecommunication Services 5.06Materials 3.64Utilities 3.39Total Shares 99.45Cash and Other Assets/(Liabilities) 0.55

Total 100.00


SharesInformation Technology 19.66Consumer Discretionary 15.51Financials 15.27Energy 12.78Health Care 8.65Industrials 7.64Consumer Staples 6.61Materials 6.49Utilities 3.54Telecommunication Services 2.78Total Shares 98.93Cash and Other Assets/(Liabilities) 1.07

Total 100.00

132

JPMorgan Funds - US Dynamic FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED STATES OF AMERICA178,800 Alexion Pharmaceuticals 8,432,208 1.57129,100 Allergan 10,866,347 2.02125,900 Altera 5,810,914 1.08110,700 Amazon.com 22,307,710 4.14109,500 Amphenol - A Shares 5,769,555 1.07108,500 Apple 36,201,025 6.7284,800 Biogen Idec 9,252,104 1.72

133,600 BorgWarner 10,778,180 2.0092,100 Caterpillar 9,673,723 1.8019,600 Celgene 1,189,328 0.2269,600 Cerner 4,230,288 0.7922,400 CF Industries Holdings 3,198,720 0.5954,500 CH Robinson Worldwide 4,287,242 0.8064,500 Citrix Systems 5,107,755 0.95

118,600 Coca-Cola 7,984,745 1.48211,700 Cognizant Technology Solutions - A Shares 15,595,939 2.9081,100 Concho Resources/Midland TX 7,447,413 1.38

103,000 Cummins 10,614,150 1.9788,900 Deere & Co. 7,239,127 1.3483,400 Dendreon 3,384,372 0.63211,900 DirecTV - A Shares 10,780,412 2.0092,700 Dollar Tree 6,261,885 1.1649,100 Edwards Lifesciences 4,229,474 0.78

180,600 EMC/Massachusetts 4,916,835 0.9183,600 Estée Lauder Companies - A Shares 8,765,042 1.63

200,487 Express Scripts 10,885,442 2.02131,400 Exxon Mobil 10,655,883 1.9817,400 F5 Networks 1,932,096 0.36

48,000 Factset Research Systems 4,908,240 0.91126,200 FMC Technologies 5,645,557 1.0554,450 Fossil 6,356,765 1.18

124,300 Freeport-McMoRan Copper & Gold 6,518,913 1.2151,000 General Mills 1,899,495 0.3570,900 Goodrich 6,724,865 1.25

9,200 Google - A Shares 4,635,098 0.8682,600 Illumina 6,207,803 1.15

105,500 International Business Machines 18,124,900 3.37100,000 Intuit 5,176,500 0.96

9,500 Intuitive Surgical 3,548,773 0.6682,000 Johnson Controls 3,418,990 0.6464,600 Joy Global 5,953,536 1.11127,700 McDonald’s 10,800,228 2.0179,100 National Oilwell Varco 6,144,093 1.14

141,400 NetApp 7,149,184 1.3314,300 NetFlix 3,752,892 0.70

105,500 Occidental Petroleum 11,021,585 2.05300,850 Oracle 9,860,359 1.83110,700 O’Reilly Automotive 7,166,718 1.33147,100 Philip Morris International 9,748,317 1.8167,090 Polo Ralph Lauren 8,893,786 1.6569,500 Praxair 7,475,768 1.3943,200 Praxair 7,077,024 1.3114,000 priceline.com 7,140,770 1.33

163,700 Qualcomm 9,200,759 1.71106,800 Red Hat 4,839,642 0.9090,200 Rovi 5,177,931 0.9661,800 Salesforce.com 9,117,045 1.6936,700 Sherwin-Williams 3,051,422 0.5794,000 T Rowe Price Group 5,586,890 1.0485,500 Union Pacific 8,957,835 1.6631,500 VMware - A Shares 3,086,370 0.57

104,700 Whiting Petroleum 5,889,375 1.0965,300 WW Grainger 10,007,878 1.8645,800 Wynn Resorts 6,509,783 1.21

494,573,003 91.85

DENMARK69,000 Novo Nordisk ADR 8,618,790 1.60

8,618,790 1.60

UNITED KINGDOM189,800 ARM Holdings ADR 5,396,963 1.00

5,396,963 1.00

BRAZIL146,200 Companhia de Bebidas das Americas Preference

Shares ADR 4,906,472 0.91

4,906,472 0.91

NETHERLANDS ANTILLES46,600 Schlumberger 4,021,347 0.75

4,021,347 0.75

CHINA27,500 Baidu China ADR 3,813,425 0.71

3,813,425 0.71

Total Shares 521,330,000 96.82


521,330,000 96.82


Cash 9,719,085 1.81




SharesInformation Technology 30.67Consumer Discretionary 22.12Health Care 12.37Industrials 11.24Energy 9.44Consumer Staples 6.18Materials 3.76Financials 1.04Total Shares 96.82Cash and Other Assets/(Liabilities) 3.18

Total 100.00


SharesInformation Technology 33.76Consumer Discretionary 24.84Health Care 12.80Industrials 9.63Energy 5.15Consumer Staples 5.12Materials 4.72Financials 0.93Total Shares 96.95Cash and Other Assets/(Liabilities) 3.05

Total 100.00

133

JPMorgan Funds - US Growth FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - US Growth FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2011



AmountSold


14-Jul-11 EUR 16,553,758 USD 24,123,608 (179,893)14-Jul-11 USD 1,414,438 EUR 979,098 (1,751)15-Aug-11 EUR 850,308 USD 1,224,823 3,868

Total (177,776)

134


Shares

UNITED STATES OF AMERICA210,840 ACCO Brands 1,645,606 1.3199,830 Altra Holdings 2,336,521 1.86

104,400 American Eagle Outfitters 1,351,458 1.0839,770 Approach Resources 939,566 0.75

108,770 Archipelago Learning 1,078,455 0.8675,605 Associated Banc-Corp 1,030,496 0.8217,970 Blackboard 784,121 0.62

59,080 Brinker International 1,453,959 1.1659,360 Brunswick 1,192,542 0.95

174,010 Calamos Asset Management - A Shares 2,524,885 2.01129,640 Chico’s FAS 1,993,863 1.59

14,780 Cimarex Energy 1,330,939 1.06115,920 Comfort Systems USA 1,213,682 0.97

7,030 CoStar Group 414,278 0.33101,210 Coventry Health Care 3,732,625 2.9723,611 Cracker Barrel Old Country Store 1,161,897 0.92

74,220 Cumberland Pharmaceuticals 419,714 0.3449,629 DemandTec 454,602 0.3617,900 Diamond Hill Investment Group 1,429,047 1.1466,310 Dice Holdings 859,046 0.6843,400 Dick’s Sporting Goods 1,676,325 1.33145,588 Douglas Dynamics 2,235,504 1.7876,010 Drew Industries 1,857,684 1.4853,224 eHealth 723,314 0.5895,130 Einstein Noah Restaurant Group 1,422,669 1.1387,120 Epoch Holding 1,534,619 1.2255,850 Exterran Holdings 1,117,838 0.8957,495 First Financial Bancorp 949,530 0.7652,639 First of Long Island 1,464,154 1.1720,310 Forward Air 682,721 0.5422,540 Greenhill & Co. 1,213,892 0.9742,600 Harley-Davidson 1,693,137 1.3570,370 Herman Miller 1,926,731 1.53

138,280 HFF - A Shares 2,061,063 1.6447,440 Iberiabank 2,723,530 2.1768,000 Iconix Brand Group 1,633,020 1.3074,250 Interline Brands 1,372,140 1.0972,300 Intersil - A Shares 923,271 0.7430,802 J&J Snack Foods 1,524,083 1.21

107,300 Janus Capital Group 996,281 0.7988,930 Jarden 3,045,408 2.43189,981 JMP Group 1,293,771 1.03107,460 KAR Auction Services 2,023,472 1.61

34,210 Kaydon 1,268,165 1.0148,060 KBW 885,025 0.7051,390 Knight Transportation 862,838 0.6912,400 Laboratory Corp of America Holdings 1,195,794 0.9523,090 Micros Systems 1,155,654 0.92

144,840 Monarch Casino & Resort 1,480,989 1.18105,370 Monotype Imaging Holdings 1,497,308 1.1922,449 Morningstar 1,366,695 1.0921,020 MWI Veterinary Supply 1,694,737 1.3546,240 NCI Building Systems 525,518 0.4239,400 NetSuite 1,554,527 1.2429,839 Northwest Natural Gas 1,339,622 1.0754,160 NorthWestern 1,782,406 1.4229,723 NTELOS Holdings 608,281 0.4899,360 Omnicell 1,495,865 1.1973,359 Papa John’s International 2,435,152 1.9467,490 Patterson-UTI Energy 2,078,355 1.6666,020 Penn National Gaming 2,647,072 2.1125,500 PF Chang’s China Bistro 1,028,542 0.8246,520 Pool 1,381,877 1.1043,570 ProAssurance 3,042,275 2.4271,320 PSS World Medical 1,985,905 1.5854,883 RBC Bearings 2,078,145 1.6551,960 Resolute Energy 817,850 0.6510,444 RLI 642,306 0.5138,715 RLJ Lodging Trust 671,899 0.5489,763 Shuffle Master 824,024 0.6662,510 Silgan Holdings 2,547,595 2.0343,950 SolarWinds 1,128,636 0.9068,773 Soundbite Communications 169,869 0.1430,330 SuccessFactors 895,038 0.7190,980 Team 2,179,426 1.7425,150 Tidewater 1,346,405 1.0755,500 Toll Brothers 1,146,353 0.91

186,240 Umpqua Holdings 2,127,792 1.6946,530 VCA Antech 986,436 0.79

57,620 Vocus 1,776,136 1.4256,010 Waste Connections 1,781,678 1.4236,500 WellCare Health Plans 1,921,542 1.53

138,540 Western Alliance Bancorp 962,160 0.7738,644 Williams-Sonoma 1,430,987 1.14

122,188,338 97.32

CANADA36,740 FirstService 1,249,895 0.99

1,249,895 0.99

Total Shares 123,438,233 98.31


123,438,233 98.31


Shares

UNITED STATES OF AMERICA225,900 Caliber Learning Network 23 0.00

23 0.00

Total Shares 23 0.00

Convertible Bonds

UNITED STATES OF AMERICA16,303 Caliber Learnings - A Shares 31.12.49/0.000% 0 0.00

0 0.00

Total Convertible Bonds 0 0.00

Total Other Transferable Securities 23 0.00


Cash 2,237,083 1.78



135

JPMorgan Funds - US Small and Micro Cap FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


SharesConsumer Discretionary 23.80Financials 20.93Industrials 17.21Information Technology 10.26Health Care 8.16Materials 5.02Energy 5.01Consumer Staples 4.95Utilities 2.49Telecommunication Services 0.48Total Shares 98.31Cash and Other Assets/(Liabilities) 1.69

Total 100.00


SharesFinancials 22.61Consumer Discretionary 18.89Industrials 18.75Information Technology 9.08Health Care 6.85Consumer Staples 6.84Energy 5.65Materials 4.66Utilities 2.29Telecommunication Services 2.01Total Shares 97.63Cash and Other Assets/(Liabilities) 2.37

Total 100.00

136

JPMorgan Funds - US Small and Micro Cap FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2011

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

UNITED STATES OF AMERICA50,380 Adobe Systems 1,572,108 0.73122,810 Agilent Technologies 6,340,066 2.9477,070 Amazon.com 15,530,761 7.2045,460 Apple 15,167,729 7.04107,210 Aruba Networks 3,138,037 1.4648,400 Blackboard 2,111,934 0.9873,800 Broadcom - A Shares 2,445,732 1.1345,550 BroadSoft 1,725,434 0.8053,220 Cavium 2,287,928 1.06

149,660 Ciena 2,797,894 1.3016,600 Cognizant Technology Solutions - A Shares 1,222,922 0.5797,300 Cornerstone OnDemand 1,781,563 0.83

146,610 Corning 2,613,323 1.2160 DigitalGlobe 1,528 0.00

72,650 DirecTV - A Shares 3,696,069 1.72133,990 eBay 4,296,389 1.99212,420 EMC/Massachusetts 5,783,134 2.6824,440 F5 Networks 2,713,818 1.2665,730 Fidelity National Information Services 2,020,212 0.94

102,800 Fortinet 2,775,086 1.2970,530 Fusion-io 2,184,667 1.01

204,170 Informatica 11,951,091 5.54122,670 Inphi 2,118,511 0.9822,200 International Business Machines 3,813,960 1.77

113,060 IntraLinks Holdings 1,951,416 0.91212,180 JDS Uniphase 3,533,858 1.64214,610 Juniper Networks 6,703,343 3.1163,400 KLA-Tencor 2,563,896 1.1941,610 Lam Research 1,837,706 0.85

29,900 LinkedIn - A Shares 2,662,744 1.2425,840 LogMeIn 976,752 0.4541,950 Micros Systems 2,099,598 0.97

136,680 NetApp 6,910,541 3.2112,370 OpenTable 1,035,802 0.48

201,190 Oracle 6,594,002 3.0645,650 Polycom 2,946,023 1.377,040 priceline.com 3,590,787 1.67

70,480 QLIK Technologies 2,417,464 1.12157,510 Qualcomm 8,852,850 4.1170,670 Rackspace Hosting 3,045,877 1.41121,590 RealPage 3,285,970 1.5245,780 Red Hat 2,074,521 0.9617,020 Salesforce.com 2,510,876 1.1789,380 SolarWinds 2,295,278 1.0675,450 Sourcefire 2,264,632 1.05

436,800 Sprint Nextel 2,295,384 1.0673,840 Taleo - A Shares 2,727,280 1.27

279,750 TIBCO Software 8,055,401 3.7467,990 VeriFone Systems 3,024,875 1.4038,290 VMware - A Shares 3,751,654 1.7475,030 Xerox 776,185 0.36

153,100 Xilinx 5,507,773 2.55

196,382,384 91.10

UNITED KINGDOM161,200 ARM Holdings ADR 4,583,722 2.13

4,583,722 2.13

SINGAPORE79,200 Avago Technologies 3,019,500 1.40

3,019,500 1.40

SWITZERLAND78,920 TE Connectivity 2,925,564 1.36

2,925,564 1.36

FRANCE353,200 Alcatel-Lucent ADR 2,046,794 0.95

2,046,794 0.95

BERMUDA103,160 Marvell Technology Group 1,497,367 0.69

1,497,367 0.69

CAYMAN ISLANDS10,620 Baidu China ADR 1,472,675 0.68

1,472,675 0.68

Total Shares 211,928,006 98.31


211,928,006 98.31


Cash 2,398,120 1.11




SharesInformation Technology 84.19Consumer Discretionary 13.06Telecommunication Services 1.06Total Shares 98.31Cash and Other Assets/(Liabilities) 1.69

Total 100.00


SharesInformation Technology 87.45Consumer Discretionary 11.05Total Shares 98.50Cash and Other Assets/(Liabilities) 1.50

Total 100.00

137

JPMorgan Funds - US Technology FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED STATES OF AMERICA157,680 Albemarle 10,861,787 0.96250,430 Altria Group 6,542,484 0.58128,200 American International Group 3,740,235 0.33195,500 Ameriprise Financial 11,224,632 0.99401,410 AmerisourceBergen 16,700,663 1.47128,700 Aon 6,559,195 0.58

1,113,150 AT&T 34,952,910 3.0840,480 Autozone 11,845,662 1.04

803,778 Bank of America 8,805,388 0.78227,960 Bank of New York Mellon 5,757,130 0.5187,920 Baxter International 5,244,428 0.46

110,000 BB&T 2,917,750 0.2666,300 Becton Dickinson & Co. 5,730,309 0.51

225,800 Bed Bath & Beyond 13,165,269 1.1658 Berkshire Hathaway - A Shares 6,701,697 0.59

410,100 Bristol-Myers Squibb 11,821,132 1.04106,400 Brown-Forman - B Shares 7,894,880 0.69239,000 Capital One Financial 12,494,920 1.10278,100 CBS Non Voting - B Shares 8,021,794 0.71291,410 CenturyLink 11,732,167 1.03440,522 Charles Schwab 7,178,306 0.63320,280 Chevron 32,686,175 2.88296,740 Chubb 18,521,027 1.63

75,920 Cincinnati Financial 2,199,402 0.19361,797 Citigroup 14,960,306 1.32

262,460 Coca-Cola 17,670,119 1.56225,971 ConocoPhillips 16,933,137 1.49126,300 Crown Holdings 4,870,128 0.43150,740 CVS Caremark 5,629,385 0.50

406,940 Devon Energy 32,068,907 2.83274,100 El Paso 5,516,262 0.49103,900 Emerson Electric 5,772,164 0.51393,830 Exxon Mobil 31,937,644 2.81204,300 Fortune Brands 13,087,458 1.16514,800 Gannett 7,346,196 0.65500,540 Gap 9,052,266 0.80255,600 Genuine Parts 13,847,130 1.22170,050 Hewlett-Packard 6,217,028 0.54272,730 Home Depot 9,833,280 0.8776,700 Humana 6,272,142 0.56

287,630 Illinois Tool Works 16,118,785 1.4255,480 International Business Machines 9,531,464 0.84116,100 JM Smucker 8,922,866 0.79

366,970 Johnson & Johnson 24,495,247 2.16258,180 Johnson Controls 10,764,815 0.95172,100 Kohl’s 8,724,609 0.77

482,430 Loews 20,397,140 1.80104,320 M&T Bank 9,131,130 0.8028,500 Martin Marietta Materials 2,287,125 0.2024,300 Mastercard - A Shares 7,367,395 0.65

128,290 McDonald’s 10,850,127 0.96681,602 Merck & Co. 23,968,534 2.11226,670 MetLife 9,886,212 0.87492,470 Microsoft 12,688,490 1.12212,400 NextEra Energy 12,141,846 1.0770,900 Nike - B Shares 6,344,486 0.56

317,640 Northeast Utilities 11,174,575 0.99368,000 Old Republic International 4,333,200 0.38242,980 Oneok 18,047,339 1.59898,880 Pfizer 18,503,445 1.63195,300 PG&E 8,096,162 0.7179,050 PPG Industries 7,102,643 0.63

338,100 Procter & Gamble 21,212,394 1.87189,200 Progress Energy 9,012,542 0.79184,100 Prudential Financial 11,641,564 1.03155,330 Qualcomm 8,730,323 0.77101,300 Regency Centers 4,430,862 0.3989,100 Rock-Tenn - A Shares 5,864,117 0.51

132,500 Sears Holdings 9,302,825 0.82237,200 Sempra Energy 12,402,002 1.0994,300 Sherwin-Williams 7,840,574 0.6999,590 Sigma-Aldrich 7,225,752 0.64

100,700 Snap-On 6,303,820 0.55348,100 Southern 13,962,291 1.23292,130 SunTrust Banks 7,478,528 0.66112,910 Sysco 3,517,147 0.3191,770 T Rowe Price Group 5,454,350 0.48

310,170 Time Warner 11,189,383 0.98119,000 Time Warner Cable 9,276,050 0.82161,780 TJX 8,546,029 0.75225,910 Transatlantic Holdings 11,153,177 0.98

230,700 United Technologies 20,225,469 1.78215,490 UnitedHealth Group 11,138,678 0.98548,700 US Bancorp 13,884,854 1.22405,210 Verizon Communications 14,946,171 1.3270,045 Vornado Realty Trust 6,501,577 0.57

350,450 Walgreen 14,694,369 1.29200,500 Wal-Mart Stores 10,575,373 0.93269,270 Walt Disney 10,405,939 0.92

8,800 Washington Post - B Shares 3,675,540 0.321,556,928 Wells Fargo & Co. 43,570,630 3.84

225,220 Williams 6,799,392 0.60286,810 WR Berkley 9,288,342 0.82

1,065,440,593 93.89

MARSHALL ISLANDS507,410 Teekay 15,881,933 1.40

15,881,933 1.40

SWITZERLAND311,390 TE Connectivity 11,543,227 1.02

11,543,227 1.02

CANADA324,030 Brookfield Properties 6,195,454 0.55

6,195,454 0.55

IRELAND268,000 XL Group 5,894,660 0.52

5,894,660 0.52

BERMUDA197,220 OneBeacon Insurance Group - A Shares 2,619,082 0.23

2,619,082 0.23

Total Shares 1,107,574,949 97.61


1,107,574,949 97.61


Cash 26,172,554 2.31

Other Assets/(Liabilities) 900,331 0.08

Total Net Assets 1,134,647,834 100.00

138

JPMorgan Funds - US Value FundSchedule of Investments (Market Value Expressed in USD)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 24.05Consumer Discretionary 15.78Health Care 10.92Energy 10.01Consumer Staples 8.75Utilities 8.56Industrials 5.76Telecommunication Services 5.43Information Technology 4.29Materials 4.06Total Shares 97.61Cash and Other Assets/(Liabilities) 2.39

Total 100.00


SharesFinancials 24.14Consumer Discretionary 15.79Health Care 10.84Energy 9.77Utilities 8.59Consumer Staples 8.24Industrials 5.71Telecommunication Services 5.05Information Technology 4.63Materials 3.03Total Shares 95.79Cash and Other Assets/(Liabilities) 4.21

Total 100.00

139

JPMorgan Funds - US Value FundSchedule of Investments (Market Value Expressed in USD) (continued)

As at 30 June 2011

Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - US Value FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)

As at 30 June 2011



AmountSold


14-Jul-11 EUR 92,797,859 USD 135,206,312 (981,474)14-Jul-11 USD 18,974,665 EUR 13,110,983 10,65515-Aug-11 EUR 260,347 USD 374,999 1,200

Total (969,619)

140

1. Fund Total Expense Ratios (continued)For the

yearended

30 Jun 11

For theyear

ended30 Jun 11#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

CappedExpense

Ratio30 Jun 11

InceptionDate

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Apr-05JPM America Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Mar-07JPM America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 16-Nov-88JF America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01JPM America Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.20% - 26-Aug-04JPM America Equity C (acc) - USD 0.85% - 0.85% 0.85% 0.83% 0.79% - 26-Aug-04JPM America Equity C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% - - 28-Jan-08JPM America Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JPM America Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 08-May-06JPM America Equity D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 15-Mar-07JPM America Equity X (acc) - USD 0.14% - 0.15% 0.15% 0.12% 0.10% 0.15% 24-Nov-04

JPMorgan Funds - Brazil Alpha Plus FundJPM Brazil Alpha Plus A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - 18-Oct-07JPM Brazil Alpha Plus A (acc) - EUR 1.90% 2.65% - - - - - 28-Mar-11JPM Brazil Alpha Plus A (acc) - SGD** 1.90% 1.90% - - - - - 09-Aug-10JPM Brazil Alpha Plus A (dist) - USD 1.90% 1.90% 1.90% - - - - 24-Nov-09JPM Brazil Alpha Plus B (acc) - USD 1.15% 1.15% 1.15% 1.15% 1.15% - - 28-Jan-08JPM Brazil Alpha Plus C (acc) - USD 1.10% 1.10% 1.10% 1.10% - - - 19-Mar-08JPM Brazil Alpha Plus D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% - - 18-Oct-07JPM Brazil Alpha Plus D (acc) - EUR 2.90% 2.90% - - - - - 13-Jul-10JPM Brazil Alpha Plus I (acc) - USD 1.06% 1.06% 1.05% 1.06% 1.06% - 1.06% 18-Oct-07JPM Brazil Alpha Plus I (acc) - EUR 1.05% 1.05% 1.06% - - - 1.06% 18-Jun-10JPM Brazil Alpha Plus T (acc) - EUR 2.90% 3.56% - - - - - 21-Feb-11

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 31-Mar-05JPM Eastern Europe Equity A (acc) - USD 1.95% - - - - - - 10-Jun-11JPM Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 04-Jul-94JF Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 15-Jun-01JPM Eastern Europe Equity B (acc) - EUR 1.20% - 1.20% 1.20% 1.20% 1.55% - 20-Mar-06JPM Eastern Europe Equity C (acc) - EUR 1.10% - 1.10% 1.10% 1.09% 1.06% - 25-Feb-05JPM Eastern Europe Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00JPM Eastern Europe Equity I (acc) - EUR 1.00% - 1.03% - 1.04% 1.02% 1.06% 26-Jun-06JPM Eastern Europe Equity X (acc) - EUR 0.15% - 0.14% 0.15% 0.19% 0.17% 0.20% 09-Nov-04

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 31-Mar-05JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 1.95% - 1.95% 1.95% - - - 09-Dec-08JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD** 1.95% - - - - - - 09-Aug-10JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 14-Apr-97JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.55% - 03-Sep-04JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.08% - 01-Feb-05JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 2.95% - - - - - - 13-Jul-10JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD* - - - 1.05% 1.06% 1.05% 1.06% 26-Jun-06JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 2.95% - - - - - - 16-Feb-11JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 0.18% - 0.19% - - 0.12% 0.20% 09-Feb-05

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 1.55% - 1.55% 1.55% 1.55% 1.55% - 31-Mar-05JPM Emerging Markets Debt A (acc) - USD (hedged) 1.55% - 1.55% - - - - 09-Apr-10JPM Emerging Markets Debt A (inc) - EUR 1.55% - 1.55% 1.55% - - - 14-Mar-97JPM Emerging Markets Debt A (mth) - EUR 1.55% - 1.55% 1.55% - - - 17-Sep-08JPM Emerging Markets Debt A (mth) - USD (hedged) 1.55% - 1.55% - - - - 22-Feb-10JPM Emerging Markets Debt B (acc) - EUR 1.10% - 1.10% - - - - 24-Sep-09JPM Emerging Markets Debt C (acc) - EUR 0.70% - 0.70% 0.70% 0.70% 0.03% - 21-Jun-06JPM Emerging Markets Debt D (acc) - EUR 2.25% - 2.25% 2.25% 2.25% 2.25% - 13-Oct-00JPM Emerging Markets Debt I (inc) - EUR 0.66% - 0.66% 0.66% 0.66% 0.03% 0.66% 14-Jun-07JPM Emerging Markets Debt X (acc) - EUR* - - - - 0.15% 0.02% 0.15% 21-May-07

141

JPMorgan FundsAppendix - Unaudited Additional Disclosures

***


yearended

30 Jun 11

For theyear

ended30 Jun 11#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

CappedExpense

Ratio30 Jun 11

InceptionDate

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Emerging Markets Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Sep-05JPM Emerging Markets Equity A (acc) - SGD 1.90% - 1.90% - - - - 14-Dec-09JPM Emerging Markets Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Apr-94JPM Emerging Markets Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Emerging Markets Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% - 22-Dec-04JPM Emerging Markets Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.08% 1.07% - 01-Feb-05JPM Emerging Markets Equity C (dist) - USD 1.10% - - - - - - 24-Feb-11JPM Emerging Markets Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM Emerging Markets Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-May-06JPM Emerging Markets Equity I (acc) - USD 1.00% - 1.01% 1.05% 1.03% 1.02% 1.06% 27-Jun-06JPM Emerging Markets Equity I (acc) - EUR 1.00% - 1.01% 1.05% - - 1.06% 28-Apr-09JPM Emerging Markets Equity I (inc) - EUR 1.00% - 1.01% 1.05% 1.03% 1.02% 1.06% 30-May-06JPM Emerging Markets Equity X (acc) - USD 0.15% - 0.16% 0.19% 0.18% 0.17% 0.20% 23-Nov-04JPM Emerging Markets Equity X (acc) - EUR 0.15% - - - - - 0.20% 23-Feb-11JPM Emerging Markets Equity X (dist) - USD 0.15% - 0.17% 0.20% - - 0.20% 10-Feb-09JPM Emerging Markets Equity X (inc) - EUR 0.15% - 0.16% 0.19% 0.18% 0.17% 0.20% 19-Dec-05

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 1.40% 1.40% 1.40% 1.40% 1.40% - - 24-Jan-08JPM Emerging Markets Local Currency Debt A (acc) - USD 1.40% 1.40% 1.40% 1.40% 1.40% - - 24-Jan-08JPM Emerging Markets Local Currency Debt A (dist) - GBP 1.40% 1.42% - - - - - 13-Aug-10JPM Emerging Markets Local Currency Debt A (inc) - EUR 1.40% 1.40% - - - - - 27-Dec-10JPM Emerging Markets Local Currency Debt A (mth) - USD 1.40% 1.40% 1.40% - - - - 20-Nov-09JPM Emerging Markets Local Currency Debt B (acc) - USD 0.85% 0.87% 0.85% - 0.85% - - 14-Feb-08JPM Emerging Markets Local Currency Debt B (acc) - EUR 0.85% 0.85% - - - - - 11-Apr-11JPM Emerging Markets Local Currency Debt C (acc) - EUR 0.70% 0.70% - - - - - 01-Oct-10JPM Emerging Markets Local Currency Debt C (acc) - USD 0.70% 0.80% 0.70% - - - - 09-Mar-10JPM Emerging Markets Local Currency Debt D (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% - - 24-Jan-08JPM Emerging Markets Local Currency Debt D (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - 24-Jan-08JPM Emerging Markets Local Currency Debt D (inc) - EUR 1.90% 1.90% 1.90% - - - - 19-Apr-10JPM Emerging Markets Local Currency Debt I (acc) - EUR** 0.60% 0.66% - - - - 0.66% 26-Oct-10JPM Emerging Markets Local Currency Debt T (acc) - EUR 1.90% 1.90% - - - - - 03-Jun-11JPM Emerging Markets Local Currency Debt T (inc) - EUR 1.90% 1.95% - - - - - 21-Feb-11JPM Emerging Markets Local Currency Debt X (acc) - EUR** 0.15% 0.15% - 0.15% - - 0.15% 01-Oct-08JPM Emerging Markets Local Currency Debt X (acc) - USD 0.15% 0.17% 0.15% 0.15% - - 0.15% 01-Jul-08

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - 15-Nov-07JPM Emerging Markets Small Cap A (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% - - 15-Nov-07JPM Emerging Markets Small Cap A (dist) - GBP 1.90% 1.90% 1.90% 1.90% 1.90% - - 15-Nov-07JPM Emerging Markets Small Cap B (acc) - USD 1.15% 1.15% 1.15% 1.15% 1.15% - - 03-Jun-08JPM Emerging Markets Small Cap C (acc) - USD 1.10% 1.10% 1.10% - 1.10% - - 07-Dec-07JPM Emerging Markets Small Cap D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% - - 15-Nov-07JPM Emerging Markets Small Cap D (acc) - EUR 2.90% 2.90% 2.90% - - - - 11-Jun-10JPM Emerging Markets Small Cap I (acc) - USD** 1.06% 1.56% - - - - - 09-Mar-11

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 31-Mar-05JPM Emerging Middle East Equity A (acc) - EUR 1.95% - 1.95% 1.95% - - - 10-Dec-08JPM Emerging Middle East Equity A (acc) - SGD** 1.95% - - - - - - 09-Aug-10JPM Emerging Middle East Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 18-May-98JPM Emerging Middle East Equity B (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.55% - 19-Apr-05JPM Emerging Middle East Equity C (acc) - USD 1.10% - 1.10% 1.10% 0.98% - - 21-Jan-08JPM Emerging Middle East Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00JPM Emerging Middle East Equity D (acc) - EUR 2.95% - - - - - - 13-Jul-10JPM Emerging Middle East Equity I (acc) - USD 1.05% - - - - - 1.06% 08-Dec-10

JPMorgan Funds - Euro Money Market Fund (1)JPM Euro Money Market A (acc) - EUR 0.65% - 0.65% 0.65% 0.65% 0.65% - 22-May-06JPM Euro Money Market D (acc) - EUR 0.75% - 0.75% 0.75% 0.75% 0.75% - 30-Aug-06

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Euroland Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 30-Nov-88JF Euroland Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01JPM Euroland Equity A (inc) - EUR 1.90% - 1.87% 1.90% 1.90% - - 18-Oct-07JPM Euroland Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% - - 23-Jan-08JPM Euroland Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.83% 0.83% - 09-Sep-04JPM Euroland Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JPM Euroland Equity I (acc) - EUR* - - 0.80% 0.81% 0.78% 0.78% 0.81% 28-Jun-06JPM Euroland Equity X (acc) - EUR 0.15% - 0.14% 0.15% 0.15% - 0.15% 03-Aug-07


142

JPMorgan FundsAppendix - Unaudited Additional Disclosures (continued)


yearended

30 Jun 11

For theyear

ended30 Jun 11#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

CappedExpense

Ratio30 Jun 11

InceptionDate

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00JF Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04JPM Europe Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00JPM Europe Dynamic B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% - 26-Aug-04JPM Europe Dynamic C (acc) - EUR 1.00% - 1.00% 1.00% 0.98% 0.97% - 26-Aug-04JPM Europe Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Dec-00JPM Europe Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 01-Oct-04JPM Europe Dynamic I (acc) - EUR 0.96% - 0.95% 0.96% - 0.91% 0.96% 12-Jul-06JPM Europe Dynamic T (acc) - EUR 2.90% - - - - - - 16-Feb-11JPM Europe Dynamic X (acc) - EUR* - - - 0.15% 0.14% 0.13% 0.15% 25-Oct-04

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 19-Sep-05JPM Europe Dynamic Mega Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 26-Sep-07JPM Europe Dynamic Mega Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 09-May-06JPM Europe Dynamic Mega Cap A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06JPM Europe Dynamic Mega Cap B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% - 27-Mar-06JPM Europe Dynamic Mega Cap C (acc) - EUR 1.00% - 1.00% 1.00% 0.99% 0.99% - 11-Jan-06JPM Europe Dynamic Mega Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 03-Feb-06JPM Europe Dynamic Mega Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - 26-Sep-07JPM Europe Dynamic Mega Cap I (acc) - EUR* - - - 0.96% 0.94% 0.84% 0.96% 07-Aug-06JPM Europe Dynamic Mega Cap T (acc) - EUR 2.90% - - - - - - 16-Feb-11JPM Europe Dynamic Mega Cap X (acc) - EUR 0.15% - 0.15% 0.15% 0.14% 0.14% 0.15% 27-Jan-06

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Europe Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Europe Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Dec-88JF Europe Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 29-Dec-00JPM Europe Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.30% - 26-Aug-04JPM Europe Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.82% 0.81% - 26-Aug-04JPM Europe Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JPM Europe Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 27-Jun-06JPM Europe Equity I (acc) - EUR* - - - - - 0.78% 0.81% 28-Jun-06JPM Europe Equity I (inc) - EUR* - - - - 0.77% 0.16% 0.81% 16-Apr-07JPM Europe Equity X (acc) - EUR 0.15% - 0.15% 0.15% 0.12% 0.12% 0.15% 14-Sep-04

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Mar-06JPM Europe Focus A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - 20-Dec-07JPM Europe Focus A (dist) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 17-Nov-06JPM Europe Focus B (acc) - EUR 1.15% 1.40% 1.15% 1.15% 1.15% - - 23-May-08JPM Europe Focus C (acc) - EUR 1.00% 1.04% 1.00% - 0.95% 0.22% - 12-Apr-07JPM Europe Focus D (acc) - EUR 2.90% 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Mar-06JPM Europe Focus D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% - - 20-Dec-07JPM Europe Focus T (acc) - EUR 2.90% 2.90% - - - - - 16-Feb-11JPM Europe Focus X (acc) - EUR 0.15% 0.15% 0.08% 0.15% 0.15% 0.04% 0.15% 30-Mar-07

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Apr-94JF Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Europe Small Cap A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Europe Small Cap B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% - 26-Aug-04JPM Europe Small Cap C (acc) - EUR 1.00% - 1.00% 1.00% 0.98% 0.99% - 26-Aug-04JPM Europe Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM Europe Small Cap I (acc) - EUR** 0.96% - - - 0.94% 0.95% 0.96% 27-Jun-06JPM Europe Small Cap X (acc) - EUR* - - - 0.15% 0.14% 0.15% 0.15% 24-Nov-04

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Europe Strategic Growth A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Feb-00JPM Europe Strategic Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Europe Strategic Growth B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.30% - 26-Aug-04JPM Europe Strategic Growth C (acc) - EUR 0.95% - 0.95% 0.95% 0.92% 0.93% - 01-Mar-05JPM Europe Strategic Growth D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JPM Europe Strategic Growth I (acc) - EUR* - - - 0.91% 0.88% 0.44% 0.91% 29-Jun-06JPM Europe Strategic Growth I (inc) - EUR* - - - - 0.88% 0.49% 0.91% 13-Jun-06JPM Europe Strategic Growth X (acc) - EUR** 0.14% - 0.15% 0.15% 0.13% 0.14% 0.15% 23-Nov-04

143



yearended

30 Jun 11

For theyear

ended30 Jun 11#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

CappedExpense

Ratio30 Jun 11

InceptionDate

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Europe Strategic Value A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Feb-00JPM Europe Strategic Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Europe Strategic Value B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.30% - 26-Aug-04JPM Europe Strategic Value C (acc) - EUR 0.95% - 0.95% 0.95% 0.91% 0.91% - 01-Sep-04JPM Europe Strategic Value D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JPM Europe Strategic Value I (acc) - EUR* - - - - 0.87% 0.87% 0.91% 27-Jun-06JPM Europe Strategic Value I (inc) - EUR* - - - - 0.87% 0.87% 0.91% 13-Jun-06JPM Europe Strategic Value X (acc) - EUR* - - - 0.15% 0.12% 0.13% 0.15% 23-Nov-04

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Nov-99JF Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01JPM Europe Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Europe Technology B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% - - 23-May-08JPM Europe Technology C (acc) - EUR* - - - - 0.57% - - 20-Jun-08JPM Europe Technology D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM Europe Technology X (acc) - EUR 0.19% - 0.20% 0.20% 0.19% - 0.20% 09-Aug-07

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 31-Mar-05JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 1.65% - 1.65% 1.65% - - - 12-Dec-08JPM Global Convertibles (EUR) A (dist) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 04-May-01JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 1.65% - 1.65% 1.65% - - - 16-Dec-08JF Global Convertibles (EUR) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Jun-03JPM Global Convertibles (EUR) B (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.25% - 04-May-01JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 1.00% - 1.00% 1.00% - - - 11-Nov-08JPM Global Convertibles (EUR) B (dist) - GBP (hedged) 1.00% - - - - - - 28-Jun-11JPM Global Convertibles (EUR) C (acc) - EUR 0.95% - 0.95% 0.95% 0.91% 0.90% - 10-Sep-04JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 0.95% - 0.95% 0.95% - - - 11-Dec-08JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 0.95% - 0.95% 0.95% - - - 24-Nov-08JPM Global Convertibles (EUR) D (acc) - EUR 2.15% - 2.15% 2.15% 2.15% 2.15% - 04-May-01JPM Global Convertibles (EUR) I (acc) - EUR 0.90% - 0.89% 0.91% 0.89% 0.30% 0.91% 01-Mar-07JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 0.90% - 0.91% - - - 0.91% 03-Sep-09JPM Global Convertibles (EUR) I (inc) - EUR 0.89% - 0.90% 0.90% 0.90% 0.43% 0.91% 09-Jan-07JPM Global Convertibles (EUR) X (acc) - EUR 0.14% - 0.14% 0.15% 0.12% 0.11% 0.15% 23-Nov-04JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 0.14% - 0.14% - - - 0.15% 24-Jul-09JPM Global Convertibles (EUR) X (dist) - GBP (hedged) 0.15% - - - - - 0.15% 28-Jun-11

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - USD 1.00% - 1.00% 1.00% - - - 27-Feb-09JPM Global Corporate Bond A (acc) - EUR (hedged) 1.00% - 1.00% 1.00% - - - 27-Feb-09JPM Global Corporate Bond A (acc) - SEK (hedged) 1.00% - 1.00% - - - - 19-Aug-09JPM Global Corporate Bond A (dist) - GBP (hedged) 1.00% - 1.00% 1.00% - - - 16-Apr-09JPM Global Corporate Bond A (mth) - USD 1.00% - - - - - - 03-Sep-10JPM Global Corporate Bond B (acc) - USD 0.65% - - - - - - 16-May-11JPM Global Corporate Bond B (acc) - EUR (hedged) 0.65% - - - - - - 04-May-11JPM Global Corporate Bond C (acc) - USD Duration (hedged) 0.55% - - - - - - 13-May-11JPM Global Corporate Bond C (acc) - EUR (hedged)** 0.55% - - - - - - 15-Jul-09JPM Global Corporate Bond D (acc) - USD 1.40% - 1.40% 1.40% - - - 27-Feb-09JPM Global Corporate Bond D (acc) - EUR (hedged) 1.40% - 1.40% 1.40% - - - 27-Feb-09JPM Global Corporate Bond D (inc) - EUR (hedged) 1.40% - 1.40% - - - - 19-Apr-10JPM Global Corporate Bond I (acc) - USD* - - - - - - 0.51% 06-Sep-10JPM Global Corporate Bond T (acc) - EUR (hedged) 1.40% - - - - - - 03-Jun-11JPM Global Corporate Bond T (inc) - EUR (hedged) 1.40% - - - - - - 18-Feb-11

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Global Equity (USD) A (acc) - EUR 1.90% - - - - - - 14-Jun-11JPM Global Equity (USD) A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% - - - 18-Jul-08JPM Global Equity (USD) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 16-Nov-88JF Global Equity (USD) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01JPM Global Equity (USD) A (dist) - EUR (hedged) 1.90% - 1.90% 1.90% - - - 18-Jul-08JPM Global Equity (USD) C (acc) - USD 0.80% - 0.80% 0.80% 0.80% 0.78% - 13-Sep-04JPM Global Equity (USD) C (acc) - EUR (hedged) 0.80% - 0.80% 0.80% - - - 18-Jul-08JPM Global Equity (USD) D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JPM Global Equity (USD) D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% - - - 18-Jul-08JPM Global Equity (USD) X (acc) - USD 0.15% - 0.15% 0.15% 0.15% 0.14% 0.15% 21-Mar-06JPM Global Equity (USD) X (acc) - EUR 0.15% - 0.15% 0.15% - - 0.15% 25-Jun-09

144



yearended

30 Jun 11

For theyear

ended30 Jun 11#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

CappedExpense

Ratio30 Jun 11

InceptionDate

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Global Focus A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% - - 11-Jul-07JPM Global Focus A (acc) - CHF (hedged) 1.90% - - - - - - 31-Aug-10JPM Global Focus A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 23-May-03JF Global Focus A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Dec-06JPM Global Focus B (acc) - EUR 1.15% - 1.15% 1.15% - - - 01-Dec-04JPM Global Focus C (acc) - EUR 1.00% - 1.00% 1.00% 0.99% 1.00% - 20-Jan-06JPM Global Focus C (acc) - EUR (hedged) 1.00% - 1.00% 1.00% - - - 17-Mar-09JPM Global Focus C (acc) - USD 1.00% - 1.00% - - - - 20-Apr-10JPM Global Focus D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 23-May-03JPM Global Focus D (acc) - EUR (hedged) 2.90% - 2.90% 2.90% 2.90% - - 11-Jul-07JPM Global Focus I (acc) - USD 0.96% - - - - - 0.96% 27-Jun-11JPM Global Focus I (acc) - EUR 0.96% - - - - - 0.96% 07-Sep-10JPM Global Focus I (acc) - EUR (hedged) 0.96% - - - - - 0.96% 28-Jul-10JPM Global Focus T (acc) - EUR 2.90% - - - - - - 16-Feb-11JPM Global Focus X (acc) - EUR 0.14% - 0.14% 0.15% 0.15% 0.15% 0.15% 24-Nov-04

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 21-Dec-04JPM Global Natural Resources A (acc) - SGD 1.90% - 1.90% - - - - 14-Dec-09JPM Global Natural Resources A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 12-Sep-06JPM Global Natural Resources A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Mar-05JPM Global Natural Resources B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% - 22-Apr-05JPM Global Natural Resources C (acc) - EUR 1.05% - 1.05% 1.05% 0.98% 0.97% - 14-Mar-05JPM Global Natural Resources C (acc) - USD 1.05% - 1.05% 1.05% 0.97% 0.23% - 05-Apr-07JPM Global Natural Resources D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 05-Dec-05JPM Global Natural Resources D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Jun-07JPM Global Natural Resources X (acc) - EUR 0.12% - 0.13% 0.17% 0.13% 0.13% 0.20% 19-Apr-05JPM Global Natural Resources X (acc) - USD* - - - - - - 0.20% 30-Oct-10

JPMorgan Funds - JF China FundJF China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JF China A (acc) - SGD 1.90% - 1.90% - - - - 14-Dec-09JF China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Jul-94JF China A (dist) - HKD 1.90% - - - - - - 20-Sep-10JF China B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% - 21-Feb-06JF China C (acc) - USD 1.00% - 1.00% 1.00% 0.94% 0.94% - 01-Feb-05JF China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JF China D (acc) - EUR 2.90% - - - - - - 13-Jul-10JF China I (acc) - USD 0.88% - 0.87% 0.92% 0.82% 0.30% 0.96% 26-Feb-07JF China T (acc) - EUR 2.90% - - - - - - 21-Feb-11JF China X (acc) - USD** 0.13% - - - 0.17% 0.02% 0.20% 18-May-07

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JF Greater China A (acc) - SGD 1.90% - 1.90% - - - - 14-Dec-09JF Greater China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01JF Greater China A (dist) - HKD 1.90% - - - - - - 20-Sep-10JF Greater China B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% - 10-Feb-06JF Greater China C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 0.98% - 01-Feb-05JF Greater China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01JF Greater China D (acc) - EUR 2.90% - - - - - - 13-Jul-10JF Greater China I (acc) - USD** 0.94% - - - - - 0.96% 28-Jun-06JF Greater China T (acc) - EUR 2.90% - - - - - - 21-Feb-11JF Greater China X (acc) - USD* - - - 0.20% 0.20% 0.19% 0.20% 09-Dec-04

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JF Pacific Balanced A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01JF Pacific Balanced B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - 10-Sep-07JF Pacific Balanced D (acc) - USD 2.35% - 2.35% 2.35% 2.35% 2.35% - 22-Jun-01

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Latin America Equity A (acc) - SGD** 1.90% - - - - - - 09-Aug-10JPM Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-May-92JF Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Latin America Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% - 08-Mar-06JPM Latin America Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.07% 1.05% - 13-Jan-05JPM Latin America Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM Latin America Equity D (acc) - EUR 2.90% - - - - - - 13-Jul-10JPM Latin America Equity I (acc) - USD 1.02% - 1.01% 1.05% 1.02% 1.01% 1.06% 26-Jun-06JPM Latin America Equity T (acc) - EUR 2.90% - - - - - - 21-Feb-11JPM Latin America Equity X (acc) - USD 0.17% - 0.16% 0.19% 0.17% 0.15% 0.20% 09-Nov-04

145



yearended

30 Jun 11

For theyear

ended30 Jun 11#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

CappedExpense

Ratio30 Jun 11

InceptionDate

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 22-Nov-05JPM Russia A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 17-Nov-05JPM Russia B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% - 04-May-06JPM Russia C (acc) - USD 1.10% - 1.10% 1.10% 1.10% - - 13-Nov-07JPM Russia D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 27-Jan-06JPM Russia I (acc) - USD 1.01% - 1.01% 1.00% 1.06% 0.35% 1.06% 25-Aug-06

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 31-Mar-05JPM US Aggregate Bond A (inc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 15-Sep-00JPM US Aggregate Bond A (mth) - USD 1.10% - 1.10% - - - - 06-Apr-10JPM US Aggregate Bond B (acc) - USD 0.75% - 0.75% 0.75% 0.75% 0.80% - 08-Dec-05JPM US Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.60% 0.60% 0.60% - 13-Jul-05JPM US Aggregate Bond D (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.35% - 13-Oct-00JPM US Aggregate Bond D (acc) - EUR (hedged) 1.35% - - - - - - 02-Nov-10JPM US Aggregate Bond I (acc) - USD 0.43% - - - - - 0.56% 17-Jun-11JPM US Aggregate Bond X (acc) - USD 0.10% - 0.10% 0.10% 0.10% 0.10% 0.10% 30-Mar-05

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM US Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 16-Mar-06JPM US Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Jul-03JPM US Dynamic B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% - 01-Sep-04JPM US Dynamic C (acc) - USD 1.00% - 1.00% 1.00% 0.94% 0.93% - 26-Aug-04JPM US Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 18-Jul-03JPM US Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-May-06JPM US Dynamic I (acc) - USD* - - - 0.94% 0.90% 0.89% 0.96% 17-May-06JPM US Dynamic I (inc) - EUR 0.92% - 0.92% 0.94% 0.90% 0.01% 0.96% 25-Jun-07JPM US Dynamic T (acc) - EUR 2.90% - - - - - - 18-Feb-11JPM US Dynamic X (acc) - USD 0.14% - 0.12% 0.14% 0.10% 0.09% 0.15% 25-Oct-04

JPMorgan Funds - US Growth Fund (2)JPM US Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM US Growth A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Mar-07JPM US Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Oct-00JPM US Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Oct-00JPM US Growth B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.20% - 22-Sep-05JPM US Growth C (acc) - USD 0.85% - 0.85% 0.85% 0.83% 0.82% - 08-Mar-06JPM US Growth C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% - - 06-Dec-07JPM US Growth C (dist) - GBP 0.85% - - - - - - 21-Jan-11JPM US Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Oct-00JPM US Growth D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 15-Mar-07JPM US Growth X (acc) - USD 0.15% - 0.15% 0.15% 0.13% 0.13% 0.15% 22-Sep-05JPM US Growth X (dist) - USD 0.15% - - - - - 0.15% 23-May-11

JPMorgan Funds - US Small and Micro Cap FundJPM US Small and Micro Cap A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM US Small and Micro Cap A (dist) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Nov-88JF US Small and Micro Cap A (dist) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Jun-03JPM US Small and Micro Cap D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM US Small and Micro Cap X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.14% 0.11% 0.15% 09-Dec-04

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM US Technology A (acc) - EUR 1.90% - 1.90% - - - - 11-Jun-10JPM US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 05-Dec-97JF US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM US Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM US Technology B (acc) - USD** 1.15% - 1.15% 1.15% - - - 10-Jul-08JPM US Technology C (acc) - USD 1.05% - 1.05% 1.05% 0.57% - - 20-Jun-08JPM US Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM US Technology D (acc) - EUR 2.90% - 2.90% - - - - 11-Dec-09JPM US Technology I (acc) - USD* - - - - - - 1.01% 20-Sep-07JPM US Technology X (acc) - USD 0.19% - 0.20% 0.20% 0.19% - 0.20% 08-Oct-07


146



yearended

30 Jun 11

For theyear

ended30 Jun 11#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

CappedExpense

Ratio30 Jun 11

InceptionDate

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM US Value A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Nov-06JPM US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Oct-00JF US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04JPM US Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Oct-00JPM US Value B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.20% - 11-Oct-04JPM US Value C (acc) - USD 0.85% - 0.85% 0.85% 0.82% 0.79% - 01-Sep-04JPM US Value C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% - - - 07-Jan-09JPM US Value D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Oct-00JPM US Value D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Nov-06JPM US Value I (acc) - USD 0.80% - - - - - 0.81% 05-May-11JPM US Value X (acc) - USD 0.14% - 0.14% 0.15% 0.12% 0.11% 0.15% 24-Nov-04

Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association.# These figures include the Performance Fees, where applicable.* Share Class inactive at the end of the year.

** Share Class reactivated during the year.

*** The Total Expense Ratio (“TER”) represents the total operating cost as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisoryfees, custodian fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations. Overdraft interest and Performance Fees are excluded from the calculation. Thecapped expense ratios and total expense ratios for some share classes may have changed over the previous five years. All details concerning these changes have been disclosed in previous years’Financial Statements.

All the TER figures are annualised.

147


JPMorgan Funds – America Equity Fund

Seeks to provide long-term capital growth by investing primarily in US companies.

JPMorgan Funds – Brazil Alpha Plus Fund

Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies.

JPMorgan Funds – Eastern Europe Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies in central and eastern Europe (the “Eastern Europe Countries”).

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe, Middle Eastand Africa.

JPMorgan Funds – Emerging Markets Debt Fund

Seeks to achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market fixed and floating rate debtsecurities, including corporate securities and securities issued in local currencies, using derivatives where appropriate.

JPMorgan Funds – Emerging Markets Equity Fund

Seeks to provide long-term capital growth by investing primarily in emerging markets companies.

JPMorgan Funds – Emerging Markets Local Currency Debt Fund

Seeks to achieve a return in excess of government bond markets of emerging markets countries through exposure primarily to local currency emergingmarket fixed and floating rate debt instruments, using derivatives where appropriate.

JPMorgan Funds – Emerging Markets Small Cap Fund

Seeks to provide long-term capital growth by investing primarily in small capitalisation emerging markets companies.

JPMorgan Funds – Emerging Middle East Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of the Middle East region.

JPMorgan Funds – Euro Money Market Fund

Seeks to achieve a competitive level of return in the reference currency and a high degree of liquidity by investing in EUR-denominated short term fixed andfloating rate debt securities.

JPMorgan Funds – Euroland Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies of countries which are part of the Euro-zone (the “Euroland Countries”).

JPMorgan Funds – Europe Dynamic Fund

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies.

JPMorgan Funds – Europe Dynamic Mega Cap Fund

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of mega capitalisation European companies.

JPMorgan Funds – Europe Equity Fund

Seeks to provide long-term capital growth by investing primarily in European companies.

JPMorgan Funds – Europe Focus Fund

Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small Europeancompanies.

JPMorgan Funds – Europe Small Cap Fund

Seeks to provide long-term capital growth by investing primarily in small capitalisation European companies.

JPMorgan Funds – Europe Strategic Growth Fund

Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of European companies.

JPMorgan Funds – Europe Strategic Value Fund

Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of European companies.

JPMorgan Funds – Europe Technology Fund

Seeks to provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies.

148


2. Summary of Investment Objectives of the Sub-Funds

JPMorgan Funds – Global Convertibles Fund (EUR)

Seeks to provide a return by investing primarily in a diversified portfolio of convertible securities and warrants, globally.

JPMorgan Funds – Global Corporate Bond Fund

Seeks to achieve a return in excess of global corporate bond markets by investing primarily in global corporate fixed and floating rate debt securities, usingderivatives where appropriate.

JPMorgan Funds – Global Equity Fund (USD)

Seeks to provide long-term capital growth by investing primarily in companies, globally.

JPMorgan Funds – Global Focus Fund

Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small companies,globally, that the Investment Manager believes to be attractively valued and to have significant profit growth or earnings recovery potential.

JPMorgan Funds – Global Natural Resources Fund

Seeks to provide long-term capital growth by investing primarily in natural resources companies, globally, many of which are in the early stages ofexploration.

JPMorgan Funds – JF China Fund

Seeks to provide long-term capital growth by investing primarily in companies of the People’s Republic of China.

JPMorgan Funds – JF Greater China Fund

Seeks to provide long-term capital growth by investing primarily in companies from the People’s Republic of China, Hong Kong and Taiwan (“Greater China”).

JPMorgan Funds – JF Pacific Balanced Fund

Seeks to provide long-term capital growth and income by investing primarily in companies and sovereign issuers of countries in the Pacific Basin (includingJapan).

JPMorgan Funds – Latin America Equity Fund

Seeks to provide long-term capital growth by investing primarily in Latin American companies.

JPMorgan Funds – Russia Fund

Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies.

JPMorgan Funds – US Aggregate Bond Fund

Seeks to achieve a return in excess of US bond markets by investing primarily in US fixed and floating rate debt securities.

JPMorgan Funds – US Dynamic Fund

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of US companies.

JPMorgan Funds – US Growth Fund

Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of US companies.

JPMorgan Funds – US Small and Micro Cap Fund

Seeks to provide long-term capital growth by investing primarily in small and micro capitalisation US companies.

JPMorgan Funds – US Technology Fund

Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies.

JPMorgan Funds – US Value Fund

Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of US companies.

149


2. Summary of Investment Objectives of the Sub-Funds (continued)

3. Performance and Volatility

PerformanceReturns for periods greater than one year are annualised. Fund performance includes reinvestment of income and is net of all expenses.Past performance is no indication of current or future performance.The performance data does not take into account the commissions and costs incurred on the issue and redemption of units.

Volatility

The standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial period. The details below relate to the period from 1 July 2010 to 30 June 2011.

If D is equal to or less than 0.1 then volatility will be LowIf D is greater than 0.1 but less or equal to 1.0 then volatility will be MediumIf D is greater than 1.0 but less than or equal to 2.4 then volatility will be HighIf D is greater than 2.4 then volatility will be Very High

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 0.26% 4.72% 14.16% 25.46% 20.82% 2.65% -2.86% 2.28% MediumJPM America Equity A (acc) - EUR (hedged) 0.42% 4.86% 14.47% 25.13% 19.94% 1.21% -9.22% - MediumJPM America Equity A (dist) - USD 0.32% 4.79% 14.22% 25.49% 20.81% 2.65% -2.88% 2.28% MediumJF America Equity A (dist) - USD 0.30% 4.77% 14.23% 25.49% 20.79% 2.65% -2.88% 2.28% MediumJPM America Equity B (acc) - USD 0.53% 5.25% 14.94% 26.48% 21.98% 3.51% -2.19% 3.15% MediumJPM America Equity C (acc) - USD 0.59% 5.36% 15.11% 26.85% 22.36% 3.84% -1.89% 3.52% MediumJPM America Equity C (acc) - EUR (hedged) 0.58% 5.48% 15.31% 26.46% 21.44% 2.21% - - MediumJPM America Equity D (acc) - USD 0.19% 4.41% 13.66% 24.56% 19.79% 1.85% -3.51% 1.47% MediumJPM America Equity D (acc) - EUR -1.82% -3.30% 7.00% 5.56% 17.86% 4.96% -4.98% -1.05% MediumJPM America Equity D (acc) - EUR (hedged) 0.14% 4.54% 13.84% 24.28% 18.96% 0.44% -9.66% - MediumJPM America Equity X (acc) - USD 0.76% 5.69% 15.70% 27.69% 23.36% 4.60% -1.24% 4.36% Medium

JPMorgan Funds - Brazil Alpha Plus FundJPM Brazil Alpha Plus A (acc) - USD 0.60% -1.75% 2.08% 21.65% 30.60% 2.33% - - HighJPM Brazil Alpha Plus A (acc) - SGD** -1.98% -6.34% -4.93% - - - - - HighJPM Brazil Alpha Plus A (dist) - USD 0.61% -1.71% 2.04% 21.78% - - - - HighJPM Brazil Alpha Plus A (acc) - EUR -1.65% - - - - - - - HighJPM Brazil Alpha Plus B (acc) - USD 0.81% -1.30% 2.63% 22.71% 31.95% 3.15% - - HighJPM Brazil Alpha Plus C (acc) - USD 0.82% -1.33% 2.68% 22.74% 31.70% - - - HighJPM Brazil Alpha Plus D (acc) - USD 0.35% -2.23% 1.33% 20.46% 29.31% 1.37% - - HighJPM Brazil Alpha Plus D (acc) - EUR -1.62% -10.06% -4.80% - - - - - HighJPM Brazil Alpha Plus I (acc) - USD 0.75% -1.38% 2.62% 22.70% 31.83% 3.15% - - HighJPM Brazil Alpha Plus I (acc) - EUR -1.17% -9.24% -3.27% 4.00% - - - - HighJPM Brazil Alpha Plus T (acc) - EUR -1.81% - - - - - - - High

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - USD*** - - - - - - - - MediumJPM Eastern Europe Equity A (acc) - EUR -7.25% -8.17% -0.56% 9.21% 37.17% -5.53% -3.45% 3.19% MediumJPM Eastern Europe Equity A (dist) - EUR -7.27% -8.18% -0.58% 9.20% 37.15% -5.52% -3.44% 3.14% MediumJF Eastern Europe Equity A (dist) - EUR -7.27% -8.18% -0.59% 9.18% 37.15% -5.53% -3.44% 3.14% MediumJPM Eastern Europe Equity B (acc) - EUR -7.13% -7.85% -0.11% 9.94% 38.38% -4.90% -2.82% -0.31% MediumJPM Eastern Europe Equity C (acc) - EUR -7.07% -7.82% 0.00% 10.07% 38.62% -4.82% -2.71% 4.25% MediumJPM Eastern Europe Equity D (acc) - EUR -7.49% -8.64% -1.31% 8.13% 35.44% -6.33% -4.27% 2.10% MediumJPM Eastern Europe Equity I (acc) - EUR -7.14% -7.84% 0.00% 10.06% - 2.05% 2.67% 10.04% MediumJPM Eastern Europe Equity X (acc) - EUR -6.85% -7.37% 0.73% 11.12% 40.24% -4.04% -1.90% 5.30% Medium

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD -3.25% -3.55% 3.82% 27.74% 32.19% -4.18% -0.15% 8.09% HighJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR -5.17% -10.72% -2.22% 8.22% 29.89% - - - HighJPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD** -5.78% -7.51% -3.08% - - - - - HighJPM Emerging Europe, Middle East and Africa Equity A (dist) - USD -3.26% -3.56% 3.80% 27.69% 31.89% -4.31% -0.25% 7.83% HighJPM Emerging Europe, Middle East and Africa Equity B (acc) - USD -3.07% -3.14% 4.44% 28.73% 33.37% -3.50% 0.59% 9.03% HighJPM Emerging Europe, Middle East and Africa Equity C (acc) - USD -3.05% -3.13% 4.47% 28.78% 33.57% -3.45% 0.70% 9.32% HighJPM Emerging Europe, Middle East and Africa Equity D (acc) - USD -3.50% -4.03% 3.05% 26.46% 30.55% -5.05% -1.13% 6.72% HighJPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR -5.42% -11.17% -2.95% - - - - - HighJPM Emerging Europe, Middle East and Africa Equity I (acc) - USD* - - - - - - - - HighJPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR -5.40% - - - - - - - HighJPM Emerging Europe, Middle East and Africa Equity X (acc) - USD -2.86% -2.70% 5.14% 30.01% - - - 4.30% High

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 3.63% 5.35% 4.01% 14.54% 18.38% 5.20% 2.75% -0.29% MediumJPM Emerging Markets Debt A (acc) - USD (hedged) 3.44% 5.15% 4.08% 14.84% - - - - MediumJPM Emerging Markets Debt A (inc) - EUR 3.58% 5.29% 4.03% 14.17% 18.14% 4.89% 2.25% 4.38% MediumJPM Emerging Markets Debt A (mth) - EUR 3.53% 5.22% 3.82% 14.24% 17.68% - - - MediumJPM Emerging Markets Debt A (mth) - USD (hedged) 3.37% 5.04% 4.03% 14.68% - - - - MediumJPM Emerging Markets Debt B (acc) - EUR 3.64% 5.52% 4.29% 14.98% - - - - MediumJPM Emerging Markets Debt C (acc) - EUR 3.80% 5.71% 4.65% 15.49% 19.58% 6.20% 3.73% - MediumJPM Emerging Markets Debt D (acc) - EUR 3.38% 4.94% 3.46% 13.74% 17.42% 4.39% 1.99% -0.97% MediumJPM Emerging Markets Debt I (inc) - EUR 3.85% 5.79% 4.70% 15.11% 19.33% 5.80% 3.44% - MediumJPM Emerging Markets Debt X (acc) - EUR* - - - - - - - - Medium

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JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD -0.21% -1.04% 3.67% 23.40% 25.29% 3.14% 2.79% 12.53% MediumJPM Emerging Markets Equity A (acc) - EUR -2.17% -8.40% -2.32% 4.56% 23.24% 6.45% 0.95% 8.72% MediumJPM Emerging Markets Equity A (acc) - SGD -2.81% -5.09% -3.13% 8.50% - - - - MediumJPM Emerging Markets Equity A (dist) - USD -0.24% -1.07% 3.65% 23.37% 25.11% 2.93% 2.62% 12.09% MediumJPM Emerging Markets Equity A (dist) - GBP 0.03% -3.68% 2.11% 15.54% 27.56% 11.82% 9.59% 17.13% MediumJPM Emerging Markets Equity B (acc) - USD 0.00% -0.65% 4.28% 24.33% 26.45% 3.98% 3.60% 13.61% MediumJPM Emerging Markets Equity C (acc) - USD 0.00% -0.63% 4.32% 24.40% 26.51% 4.04% 3.72% 13.90% MediumJPM Emerging Markets Equity C (dist) - USD -0.01% - - - - - - - MediumJPM Emerging Markets Equity D (acc) - USD -0.46% -1.52% 2.91% 22.16% 23.82% 2.07% 1.70% 10.95% MediumJPM Emerging Markets Equity D (acc) - EUR -2.43% -8.87% -3.14% 3.47% 21.82% 5.26% -0.08% 7.29% MediumJPM Emerging Markets Equity I (acc) - USD 0.00% -0.58% 4.42% 24.54% 26.65% 4.12% 3.79% - MediumJPM Emerging Markets Equity I (acc) - EUR -1.94% -7.98% -1.65% 5.54% 24.55% - - - MediumJPM Emerging Markets Equity I (inc) - EUR -1.98% -8.02% -1.71% 5.47% 24.17% 7.07% 1.54% 9.60% MediumJPM Emerging Markets Equity X (acc) - USD 0.24% -0.17% 5.05% 25.57% 27.98% 5.08% 4.78% 15.45% MediumJPM Emerging Markets Equity X (acc) - EUR -1.76% - - - - - - - MediumJPM Emerging Markets Equity X (dist) - USD 0.24% -0.19% 5.04% 25.36% 27.68% - - - MediumJPM Emerging Markets Equity X (inc) - EUR -1.74% -7.63% -1.08% 6.34% 25.31% 7.94% 2.32% 10.62% Medium

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - USD 3.79% 6.72% 6.18% 20.63% 18.44% 8.81% - - MediumJPM Emerging Markets Local Currency Debt A (acc) - EUR 1.79% -1.21% 0.00% 2.27% 16.56% 12.64% - - MediumJPM Emerging Markets Local Currency Debt A (dist) - GBP 4.07% 3.93% 4.57% - - - - - MediumJPM Emerging Markets Local Currency Debt A (mth) - USD 3.86% 6.64% 6.05% 20.14% - - - - MediumJPM Emerging Markets Local Currency Debt A (inc) - EUR 1.77% -1.20% - - - - - - MediumJPM Emerging Markets Local Currency Debt B (acc) - USD 3.96% 6.96% 6.56% 20.58% - 4.45% - - MediumJPM Emerging Markets Local Currency Debt B (acc) - EUR*** - - - - - - - - MediumJPM Emerging Markets Local Currency Debt C (acc) - USD 4.02% 7.03% 6.68% 20.74% - - - - MediumJPM Emerging Markets Local Currency Debt C (acc) - EUR 1.96% -0.85% - - - - - - MediumJPM Emerging Markets Local Currency Debt D (acc) - USD 3.66% 6.47% 5.74% 19.37% 17.71% 7.87% - - MediumJPM Emerging Markets Local Currency Debt D (acc) - EUR 1.66% -1.38% -0.31% 1.74% 15.91% 11.96% - - MediumJPM Emerging Markets Local Currency Debt D (inc) - EUR 1.68% -1.42% -0.38% 1.71% - - - - MediumJPM Emerging Markets Local Currency Debt I (acc) - EUR** 1.96% - - - - - - - MediumJPM Emerging Markets Local Currency Debt T (acc) - EUR*** - - - - - - - - MediumJPM Emerging Markets Local Currency Debt T (inc) - EUR 1.48% - - - - - - - MediumJPM Emerging Markets Local Currency Debt X (acc) - USD 4.12% 7.34% 7.12% 21.48% 20.15% - - - MediumJPM Emerging Markets Local Currency Debt X (acc) - EUR** 2.09% -0.58% - - - - - - Medium

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (acc) - USD -0.18% -3.56% 1.79% 24.24% 37.27% 12.93% - - MediumJPM Emerging Markets Small Cap A (acc) - EUR -2.11% -10.76% -4.14% 5.35% 34.91% 17.08% - - MediumJPM Emerging Markets Small Cap A (dist) - GBP 0.00% -6.18% 0.15% 16.37% 37.44% 22.49% - - MediumJPM Emerging Markets Small Cap B (acc) - USD 0.08% -3.18% 2.49% 25.29% 38.50% 13.90% - - MediumJPM Emerging Markets Small Cap C (acc) - USD 0.06% -3.17% 2.49% 25.35% - - - - MediumJPM Emerging Markets Small Cap D (acc) - USD -0.45% -4.09% 1.01% 23.15% 35.61% 11.59% - - MediumJPM Emerging Markets Small Cap D (acc) - EUR -2.37% -11.19% -4.84% 4.34% - - - - MediumJPM Emerging Markets Small Cap I (acc) - USD** -0.06% - - - - - - - Medium

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - USD -1.20% -10.96% -10.09% 8.56% 14.01% -5.42% -1.39% 7.76% MediumJPM Emerging Middle East Equity A (acc) - EUR -3.21% -18.15% -15.28% -8.04% 12.33% - - - MediumJPM Emerging Middle East Equity A (acc) - SGD** -3.70% -15.16% -16.02% - - - - - MediumJPM Emerging Middle East Equity A (dist) - USD -1.23% -10.96% -10.07% 8.59% 13.92% -5.26% -1.24% 7.77% MediumJPM Emerging Middle East Equity B (acc) - USD -1.03% -10.64% -9.57% 9.36% 14.99% -4.77% -0.69% 8.67% MediumJPM Emerging Middle East Equity C (acc) - USD -0.97% -10.56% -9.47% 9.57% 15.14% -4.69% - - MediumJPM Emerging Middle East Equity D (acc) - USD -1.51% -11.43% -10.78% 7.39% 12.70% -6.26% -2.33% 6.38% MediumJPM Emerging Middle East Equity D (acc) - EUR -3.46% -18.58% -15.98% - - - - - MediumJPM Emerging Middle East Equity I (acc) - USD -1.02% -10.58% - - - - - - Medium

JPMorgan Funds - Euro Money Market Fund (1)JPM Euro Money Market A (acc) - EUR 0.12% 0.16% 0.18% 0.18% 0.13% 0.87% 1.62% - LowJPM Euro Money Market D (acc) - EUR 0.08% 0.10% 0.10% 0.10% 0.06% 0.80% 1.54% - Low

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR -0.46% 2.47% 7.49% 17.70% 16.81% -3.69% -8.84% -3.48% MediumJPM Euroland Equity A (dist) - EUR -0.43% 2.41% 7.53% 17.57% 16.49% -3.74% -8.72% -3.28% MediumJF Euroland Equity A (dist) - USD 1.58% 11.36% 14.18% 38.75% 18.26% -6.21% -7.59% -1.15% MediumJPM Euroland Equity A (inc) - EUR -0.48% 2.49% 7.48% 17.64% 16.46% -3.78% - - MediumJPM Euroland Equity B (acc) - EUR -0.23% 2.91% 8.19% 18.79% 17.87% -2.98% - - MediumJPM Euroland Equity C (acc) - EUR -0.15% 2.99% 8.39% 18.95% 18.24% -2.73% -8.15% -2.58% MediumJPM Euroland Equity D (acc) - EUR -0.60% 2.11% 7.02% 16.90% 15.84% -4.33% -9.31% -4.08% MediumJPM Euroland Equity I (acc) - EUR* - - - - - - - - MediumJPM Euroland Equity X (acc) - EUR 0.00% 3.37% 8.88% 19.87% 19.17% -2.08% - - Medium


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JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR -0.23% -2.05% 7.34% 15.74% 17.59% -1.97% -7.04% -1.47% MediumJPM Europe Dynamic A (dist) - EUR -0.25% -2.05% 7.37% 15.75% 17.23% -2.09% -7.03% -1.44% MediumJPM Europe Dynamic A (dist) - GBP 2.05% 3.01% 12.24% 27.82% 21.37% 2.23% -1.06% 3.95% MediumJF Europe Dynamic A (dist) - EUR -0.22% -2.01% 7.40% 15.71% 17.32% -2.08% -7.03% -1.43% MediumJPM Europe Dynamic B (acc) - EUR -0.06% -1.69% 7.90% 16.63% 18.60% -1.25% -6.51% -0.85% MediumJPM Europe Dynamic C (acc) - EUR 0.00% -1.59% 8.08% 16.89% 18.87% -1.10% -6.35% -0.59% MediumJPM Europe Dynamic D (acc) - USD 1.56% 5.33% 13.11% 35.31% 18.08% -5.44% -6.51% -0.04% MediumJPM Europe Dynamic D (acc) - EUR -0.49% -2.57% 6.49% 14.62% 16.25% -2.88% -7.73% -2.37% MediumJPM Europe Dynamic I (acc) - EUR 0.00% -1.54% 8.10% 16.91% 18.90% - 3.98% - MediumJPM Europe Dynamic T (acc) - EUR -0.48% - - - - - - - MediumJPM Europe Dynamic X (acc) - EUR* - - - - - - - - Medium

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - USD 0.98% 5.44% 9.72% 27.10% 11.13% -7.20% - - MediumJPM Europe Dynamic Mega Cap A (acc) - EUR -0.96% -2.32% 3.46% 7.79% 9.42% -4.83% -8.46% -3.40% MediumJPM Europe Dynamic Mega Cap A (dist) - EUR -1.09% -2.42% 3.28% 7.73% 9.22% -4.85% -8.35% -3.30% MediumJPM Europe Dynamic Mega Cap A (inc) - EUR -1.05% -2.47% 3.30% 7.64% 9.30% -4.86% -8.40% -3.35% MediumJPM Europe Dynamic Mega Cap B (acc) - EUR -0.84% -2.00% 3.88% 8.49% 10.30% -4.24% -8.01% -2.88% MediumJPM Europe Dynamic Mega Cap C (acc) - EUR -0.76% -1.94% 4.12% 8.73% 10.52% -4.06% -7.86% -2.65% MediumJPM Europe Dynamic Mega Cap D (acc) - USD 0.74% 4.94% 8.88% 25.96% 9.90% -7.98% - - MediumJPM Europe Dynamic Mega Cap D (acc) - EUR -1.23% -2.77% 2.68% 6.75% 8.24% -5.69% -9.12% -4.21% MediumJPM Europe Dynamic Mega Cap I (acc) - EUR* - - - - - - - - MediumJPM Europe Dynamic Mega Cap T (acc) - EUR -1.25% - - - - - - - MediumJPM Europe Dynamic Mega Cap X (acc) - EUR -0.53% -1.48% 4.83% 9.76% 11.62% -3.29% -7.25% -1.88% Medium

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - USD 0.84% 8.22% 14.38% 39.36% 21.61% -4.94% -6.97% 3.78% MediumJPM Europe Equity A (acc) - EUR -1.04% 0.19% 7.84% 18.08% 19.67% -2.37% -8.17% -3.56% MediumJPM Europe Equity A (dist) - EUR -1.14% 0.18% 7.74% 17.94% 19.10% -2.58% -8.17% -3.49% MediumJF Europe Equity A (dist) - USD 0.88% 8.24% 14.39% 39.10% 21.05% -5.11% -6.98% -1.36% MediumJPM Europe Equity B (acc) - EUR -0.95% 0.56% 8.39% 18.99% 20.71% -1.67% -7.67% -2.98% MediumJPM Europe Equity C (acc) - EUR -0.92% 0.70% 8.61% 19.28% 21.10% -1.39% -7.44% -2.67% MediumJPM Europe Equity D (acc) - USD 0.69% 7.80% 13.75% 38.40% 20.53% -5.58% -7.50% -2.07% MediumJPM Europe Equity D (acc) - EUR -1.30% -0.24% 7.07% 17.16% 18.62% -3.09% -8.67% -4.18% MediumJPM Europe Equity I (acc) - EUR* - - - - - - - - MediumJPM Europe Equity I (inc) - EUR* - - - - - - - - MediumJPM Europe Equity X (acc) - EUR -0.68% 1.07% 9.17% 20.09% 22.11% -0.74% -6.95% -2.06% Medium

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - USD -0.25% 6.41% 12.74% 36.64% 23.19% -1.87% - - MediumJPM Europe Focus A (acc) - EUR -2.48% -1.74% 6.09% 15.71% 21.11% 0.95% -6.72% -1.05% MediumJPM Europe Focus A (dist) - EUR -2.55% -1.84% 6.08% 15.54% 20.69% 0.69% -6.80% - MediumJPM Europe Focus B (acc) - EUR -2.09% -1.27% 6.49% 16.15% 21.92% 1.61% - - MediumJPM Europe Focus C (acc) - EUR -2.15% -1.42% 6.39% 16.11% - 15.61% 3.20% - MediumJPM Europe Focus D (acc) - USD -0.68% 5.69% 11.96% 35.26% 21.69% -2.79% - - MediumJPM Europe Focus D (acc) - EUR -2.71% -2.16% 5.39% 14.51% 19.81% -0.04% -7.42% -1.95% MediumJPM Europe Focus T (acc) - EUR -2.70% - - - - - - - MediumJPM Europe Focus X (acc) - EUR -2.00% -0.83% 7.62% 17.82% 23.72% 2.87% -5.35% - Medium

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR -1.79% -3.31% 9.50% 22.69% 28.87% 0.03% -7.69% -1.67% MediumJPM Europe Small Cap A (dist) - EUR -1.77% -3.32% 9.51% 22.68% 28.57% -0.10% -7.76% -1.73% MediumJF Europe Small Cap A (dist) - EUR -1.80% -3.28% 9.53% 22.71% 28.55% -0.09% -7.76% -1.72% MediumJPM Europe Small Cap A (dist) - GBP 0.49% 1.67% 14.55% 35.55% 33.30% 4.58% -1.88% 3.79% MediumJPM Europe Small Cap B (acc) - EUR -1.64% -2.96% 10.09% 23.61% 30.09% 0.81% -7.19% -1.05% MediumJPM Europe Small Cap C (acc) - EUR -1.60% -2.90% 10.17% 23.78% 30.40% 0.98% -7.04% -0.80% MediumJPM Europe Small Cap D (acc) - EUR -1.99% -3.81% 8.72% 21.62% 27.35% -0.94% -8.36% -2.56% MediumJPM Europe Small Cap I (acc) - EUR** -1.55% - - - - - - - MediumJPM Europe Small Cap X (acc) - EUR* - - - - - - - - Medium

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR -1.00% -1.61% 9.46% 22.05% 26.07% -0.46% -5.97% -0.52% MediumJPM Europe Strategic Growth A (dist) - EUR -1.11% -1.72% 9.41% 21.88% 25.70% -0.57% -6.02% -0.54% MediumJPM Europe Strategic Growth A (dist) - GBP 1.22% 3.42% 14.43% 34.81% 30.41% 3.98% 0.39% 5.23% MediumJPM Europe Strategic Growth B (acc) - EUR -0.83% -1.21% 10.06% 22.94% 27.16% 0.28% -5.41% 0.18% MediumJPM Europe Strategic Growth C (acc) - EUR -0.81% -1.17% 10.24% 23.15% 27.45% 0.48% -5.24% 0.42% MediumJPM Europe Strategic Growth D (acc) - EUR -1.28% -2.08% 8.74% 21.03% 24.87% -1.21% -6.54% -1.24% MediumJPM Europe Strategic Growth I (acc) - EUR* - - - - - - - - MediumJPM Europe Strategic Growth I (inc) - EUR* - - - - - - - - MediumJPM Europe Strategic Growth X (acc) - EUR** -0.63% - - - - - - - Medium

152



JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR -1.81% 1.35% 4.48% 14.24% 14.66% -3.23% -9.38% -4.64% MediumJPM Europe Strategic Value A (dist) - EUR -1.82% 1.43% 4.53% 14.17% 14.38% -3.27% -9.29% -4.46% MediumJPM Europe Strategic Value A (dist) - GBP 0.45% 6.63% 9.31% 25.95% 18.24% 0.75% -4.17% -0.07% MediumJPM Europe Strategic Value B (acc) - EUR -1.66% 1.71% 5.13% 15.12% 15.64% -2.54% -8.91% -4.09% MediumJPM Europe Strategic Value C (acc) - EUR -1.54% 1.85% 5.30% 15.33% 15.89% -2.35% -8.76% -3.87% MediumJPM Europe Strategic Value D (acc) - EUR -2.00% 0.99% 3.97% 13.38% 13.67% -3.89% -9.84% -5.21% MediumJPM Europe Strategic Value I (acc) - EUR* - - - - - - - - MediumJPM Europe Strategic Value I (inc) - EUR* - - - - - - - - MediumJPM Europe Strategic Value X (acc) - EUR* - - - - - - - - Medium

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR -1.69% 3.35% 14.88% 22.21% 32.59% 11.74% -0.78% 5.24% MediumJPM Europe Technology A (dist) - EUR -1.60% 3.36% 14.94% 22.36% 32.31% 11.53% -0.91% 5.07% MediumJF Europe Technology A (dist) - EUR -1.66% 3.50% 14.90% 22.20% 32.36% 11.52% -0.93% 4.99% MediumJPM Europe Technology A (dist) - GBP 0.59% 8.71% 20.25% 35.02% 37.20% 17.66% 7.19% 12.50% MediumJPM Europe Technology B (acc) - EUR -1.44% 3.80% 15.62% 23.27% 33.95% 12.80% - - MediumJPM Europe Technology C (acc) - EUR* - - - - - - - - MediumJPM Europe Technology D (acc) - EUR -2.04% 2.72% 14.04% 20.82% 30.98% 10.34% -1.76% 4.00% MediumJPM Europe Technology X (acc) - EUR -1.27% 4.22% 16.38% 24.37% 35.32% 14.09% - - Medium

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR -1.60% 0.90% 4.42% 10.53% 10.61% 1.83% -0.75% 1.77% MediumJPM Global Convertibles (EUR) A (acc) - CHF (hedged) -1.80% 0.65% 4.00% 9.97% 10.07% - - - MediumJPM Global Convertibles (EUR) A (dist) - EUR -1.55% 0.93% 4.44% 10.55% 10.56% 1.82% -0.77% 1.76% MediumJPM Global Convertibles (EUR) A (dist) - GBP (hedged) -1.60% 0.90% 4.51% 10.55% 10.81% - - - MediumJF Global Convertibles (EUR) A (dist) - USD 0.34% 8.89% 10.65% 30.06% 11.91% -1.37% 0.68% 4.32% MediumJPM Global Convertibles (EUR) B (acc) - EUR -1.38% 1.34% 4.98% 11.33% 11.40% 2.57% -0.12% 2.42% MediumJPM Global Convertibles (EUR) B (acc) - CHF (hedged) -1.66% 0.93% 4.43% 10.62% 10.83% - - - MediumJPM Global Convertibles (EUR) B (dist) - GBP (hedged)*** - - - - - - - - MediumJPM Global Convertibles (EUR) C (acc) - EUR -1.43% 1.31% 5.05% 11.38% 11.49% 2.60% -0.04% 2.58% MediumJPM Global Convertibles (EUR) C (acc) - CHF (hedged) -1.60% 1.01% 4.49% 10.72% 10.81% - - - MediumJPM Global Convertibles (EUR) C (dist) - GBP (hedged) -1.45% 1.24% 5.06% 11.27% 11.58% - - - MediumJPM Global Convertibles (EUR) D (acc) - EUR -1.75% 0.66% 4.09% 9.99% 10.00% 1.33% -1.22% 1.23% MediumJPM Global Convertibles (EUR) I (acc) - EUR -1.32% 1.35% 5.12% 11.49% 11.57% 2.68% 0.02% - MediumJPM Global Convertibles (EUR) I (acc) - CHF (hedged) -1.60% 1.00% 4.55% 10.80% - - - - MediumJPM Global Convertibles (EUR) I (inc) - EUR -1.37% 1.30% 5.10% 11.48% 11.53% 2.59% -0.05% - MediumJPM Global Convertibles (EUR) X (acc) - EUR -1.22% 1.70% 5.69% 12.25% 12.45% 3.48% 0.79% 3.51% MediumJPM Global Convertibles (EUR) X (acc) - CHF (hedged) -1.46% 1.39% 5.14% 11.57% - - - - MediumJPM Global Convertibles (EUR) X (dist) - GBP (hedged)*** - - - - - - - - Medium

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - USD 1.50% 2.40% 0.94% 5.51% 9.85% - - - MediumJPM Global Corporate Bond A (acc) - EUR (hedged) 1.71% 2.74% 1.10% 5.52% 9.87% - - - MediumJPM Global Corporate Bond A (acc) - SEK (hedged) 1.92% 3.13% 1.70% 6.10% - - - - MediumJPM Global Corporate Bond A (dist) - GBP (hedged) 1.66% 2.58% 1.15% 5.53% 10.16% - - - MediumJPM Global Corporate Bond A (mth) - USD 1.52% 2.39% 1.22% - - - - - MediumJPM Global Corporate Bond B (acc) - USD*** - - - - - - - - MediumJPM Global Corporate Bond B (acc) - EUR (hedged)*** - - - - - - - - MediumJPM Global Corporate Bond C (acc) - USD Duration (hedged)*** - - - - - - - - MediumJPM Global Corporate Bond C (acc) - EUR (hedged)** 1.85% 2.92% 1.42% - - - - - MediumJPM Global Corporate Bond D (acc) - USD 1.43% 2.25% 0.63% 5.12% 9.54% - - - MediumJPM Global Corporate Bond D (acc) - EUR (hedged) 1.62% 2.45% 0.80% 5.02% 9.41% - - - MediumJPM Global Corporate Bond D (inc) - EUR (hedged) 1.73% 2.52% 0.77% 4.96% - - - - MediumJPM Global Corporate Bond I (acc) - USD* - - - - - - - - MediumJPM Global Corporate Bond T (acc) - EUR (hedged)*** - - - - - - - - MediumJPM Global Corporate Bond T (inc) - EUR (hedged) 1.62% - - - - - - - Medium

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD -2.14% 2.61% 8.67% 22.56% 16.26% -1.93% -4.09% -0.61% MediumJPM Global Equity (USD) A (acc) - EUR*** - - - - - - - - MediumJPM Global Equity (USD) A (acc) - EUR (hedged) -3.00% -0.32% 5.85% 14.31% 13.80% - - - MediumJPM Global Equity (USD) A (dist) - USD -2.20% 2.63% 8.64% 22.42% 16.13% -1.98% -4.10% -0.61% MediumJF Global Equity (USD) A (dist) - USD -2.21% 2.61% 8.64% 22.43% 16.12% -1.98% -4.10% -0.61% MediumJPM Global Equity (USD) A (dist) - EUR (hedged) -2.97% -0.17% 5.95% 14.34% 13.51% - - - MediumJPM Global Equity (USD) C (acc) - USD -1.89% 3.22% 9.59% 23.90% 17.67% -0.87% -3.15% 0.49% MediumJPM Global Equity (USD) C (acc) - EUR (hedged) -2.76% 0.16% 6.72% 15.66% 15.33% - - - MediumJPM Global Equity (USD) D (acc) - USD -2.37% 2.28% 8.11% 21.55% 15.28% -2.61% -4.71% -1.32% MediumJPM Global Equity (USD) D (acc) - EUR (hedged) -3.22% -0.83% 5.25% 13.40% 12.87% - - - MediumJPM Global Equity (USD) X (acc) - USD -1.79% 3.57% 10.12% 24.70% 18.57% -0.22% -2.58% 1.18% MediumJPM Global Equity (USD) X (acc) - EUR -3.67% -4.14% 3.74% 5.65% 16.76% - - - Medium

153



JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR -1.09% -4.15% 4.03% 9.55% 23.50% 9.85% -2.02% 3.37% MediumJPM Global Focus A (acc) - EUR (hedged) -0.33% 0.56% 7.11% 19.10% 21.07% 5.15% - - MediumJPM Global Focus A (acc) - CHF (hedged) -0.96% -0.28% 5.08% - - - - - MediumJPM Global Focus A (dist) - EUR -1.09% -4.18% 3.99% 9.54% 23.39% 9.79% -2.04% 3.32% MediumJF Global Focus A (dist) - USD 0.92% 3.50% 10.42% 29.33% 25.44% 6.19% -0.41% - MediumJPM Global Focus B (acc) - EUR -0.88% -3.80% 4.60% 10.42% 24.64% - - - MediumJPM Global Focus C (acc) - USD 1.14% 3.93% 11.14% 30.50% - - - - MediumJPM Global Focus C (acc) - EUR -0.89% -3.77% 4.70% 10.57% 24.82% 11.01% -1.17% 4.43% MediumJPM Global Focus C (acc) - EUR (hedged) -0.05% 0.99% 7.77% 20.19% 22.36% - - - MediumJPM Global Focus D (acc) - EUR -1.35% -4.63% 3.24% 8.50% 22.03% 8.58% -2.91% 2.22% MediumJPM Global Focus D (acc) - EUR (hedged) -0.59% 0.00% 6.26% 17.92% 19.59% 3.95% -15.52% -10.46% MediumJPM Global Focus I (acc) - USD*** - - - - - - - - MediumJPM Global Focus I (acc) - EUR -0.87% -3.73% 4.73% - - - - - MediumJPM Global Focus I (acc) - EUR (hedged) -0.03% 1.04% 7.84% - - - - - MediumJPM Global Focus T (acc) - EUR -1.35% - - - - - - - MediumJPM Global Focus X (acc) - EUR -0.70% -3.34% 5.35% 11.51% 26.05% 12.13% -0.36% 5.48% Medium

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - USD -7.37% -8.36% 10.52% 36.90% 36.76% -3.61% 0.51% - HighJPM Global Natural Resources A (acc) - EUR -9.21% -15.16% 4.09% 16.01% 34.36% -0.93% -1.20% 6.69% HighJPM Global Natural Resources A (acc) - SGD -9.77% -12.12% 3.23% 20.38% - - - - HighJPM Global Natural Resources A (dist) - EUR -9.22% -15.13% 4.10% 16.00% 34.38% -0.92% -1.20% 6.68% HighJPM Global Natural Resources B (acc) - EUR -9.01% -14.81% 4.70% 16.92% 35.76% -0.17% -0.49% 7.59% HighJPM Global Natural Resources C (acc) - USD -7.16% -7.96% 11.21% 38.06% 38.20% -2.83% 10.68% - HighJPM Global Natural Resources C (acc) - EUR -9.03% -14.80% 4.77% 17.00% 35.81% -0.08% -0.35% 7.90% HighJPM Global Natural Resources D (acc) - USD -7.59% -8.77% 9.74% 35.61% 35.03% -4.46% 8.14% - HighJPM Global Natural Resources D (acc) - EUR -9.41% -15.58% 3.30% 14.84% 32.75% -1.87% -2.13% 5.40% HighJPM Global Natural Resources X (acc) - USD* - - - - - - - - HighJPM Global Natural Resources X (acc) - EUR -8.80% -14.36% 5.74% 18.32% 37.63% 0.92% 0.60% 9.22% High

JPMorgan Funds - JF China FundJF China A (acc) - USD -3.06% -0.39% 2.40% 15.41% 12.07% 4.33% 3.13% 21.04% HighJF China A (acc) - SGD -5.62% -4.55% -4.40% 1.45% - - - - HighJF China A (dist) - USD -3.06% -0.40% 2.39% 15.40% 12.02% 4.19% 3.04% 20.75% HighJF China A (dist) - HKD -3.08% -0.26% 2.82% - - - - - HighJF China B (acc) - USD -2.87% -0.04% 2.95% 16.25% 13.03% 5.18% 3.93% 22.37% HighJF China C (acc) - USD -2.83% 0.03% 3.07% 16.43% 13.21% 5.35% 4.16% 22.93% HighJF China D (acc) - USD -3.29% -0.88% 1.63% 14.30% 10.88% 3.28% 2.09% 19.13% HighJF China D (acc) - EUR -5.22% -8.26% -4.27% - - - - - HighJF China I (acc) - USD -2.82% 0.09% 3.17% 16.58% 13.35% 5.49% -1.37% - HighJF China T (acc) - EUR -5.22% - - - - - - - HighJF China X (acc) - USD** -2.64% 0.47% 3.77% - - - - - High

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 0.65% 0.21% 8.98% 26.55% 21.33% 8.89% 5.80% 18.95% MediumJF Greater China A (acc) - SGD -1.91% -3.87% 1.84% 11.36% - - - - MediumJF Greater China A (dist) - USD 0.65% 0.20% 8.98% 26.50% 20.66% 7.81% 4.99% 17.41% MediumJF Greater China A (dist) - HKD 0.73% 0.32% 9.27% - - - - - MediumJF Greater China B (acc) - USD 0.83% 0.58% 9.56% 27.47% 22.37% 9.85% 6.67% 20.27% MediumJF Greater China C (acc) - USD 0.88% 0.64% 9.71% 27.68% 22.64% 10.04% 6.90% 20.73% MediumJF Greater China D (acc) - USD 0.40% -0.31% 8.16% 25.29% 19.93% 7.65% 4.60% 17.09% MediumJF Greater China D (acc) - EUR -1.59% -7.71% 1.89% - - - - - MediumJF Greater China I (acc) - USD** 0.89% 0.66% - - - - - - MediumJF Greater China T (acc) - EUR -1.59% - - - - - - - MediumJF Greater China X (acc) - USD* - - - - - - - - Medium

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 1.40% 1.85% 7.39% 19.25% 16.14% 6.48% 3.33% 7.84% MediumJF Pacific Balanced A (dist) - USD 1.45% 1.85% 7.43% 19.00% 15.64% 5.92% 2.92% 7.31% MediumJF Pacific Balanced B (acc) - USD 1.68% 2.31% 8.08% 20.15% 17.15% 7.40% - - MediumJF Pacific Balanced D (acc) - USD 1.31% 1.65% 7.04% 18.68% 15.53% 5.95% 2.84% 7.24% Medium

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 0.09% -2.78% 4.53% 23.47% 34.15% 0.99% 4.55% 19.50% HighJPM Latin America Equity A (acc) - SGD** -2.54% -7.43% -2.47% - - - - - HighJPM Latin America Equity A (dist) - USD 0.08% -2.80% 4.52% 23.43% 33.80% 0.82% 4.38% 19.07% HighJF Latin America Equity A (dist) - USD 0.09% -2.79% 4.52% 23.40% 33.80% 0.82% 4.38% 19.06% HighJPM Latin America Equity B (acc) - USD 0.29% -2.42% 5.11% 24.46% 35.38% 1.78% 5.41% 20.83% HighJPM Latin America Equity C (acc) - USD 0.29% -2.42% 5.14% 24.45% 35.48% 1.82% 5.52% 21.21% HighJPM Latin America Equity D (acc) - USD -0.18% -3.29% 3.73% 22.22% 32.46% -0.03% 3.38% 17.57% HighJPM Latin America Equity D (acc) - EUR -2.15% -11.06% -2.28% - - - - - HighJPM Latin America Equity I (acc) - USD 0.27% -2.41% 5.19% 24.54% 35.63% 1.90% 5.59% 21.26% HighJPM Latin America Equity T (acc) - EUR -2.16% - - - - - - - HighJPM Latin America Equity X (acc) - USD 0.50% -1.97% 5.87% 25.61% 37.07% 2.80% 6.65% 23.06% High

154



JPMorgan Funds - Russia FundJPM Russia A (acc) - USD -7.03% -0.43% 11.95% 31.83% 45.02% -10.12% -2.72% 5.45% HighJPM Russia A (dist) - USD -6.98% -0.37% 12.02% 31.91% 45.05% -10.10% -2.71% 5.36% HighJPM Russia B (acc) - USD -6.85% -0.09% 12.58% 32.81% 46.41% -9.56% -2.06% 6.31% HighJPM Russia C (acc) - USD -6.85% 0.00% 12.57% 32.81% 46.57% -9.56% - - HighJPM Russia D (acc) - USD -7.26% -0.87% 11.10% 30.58% 43.08% -10.79% -3.59% 4.20% HighJPM Russia I (acc) - USD -6.83% 0.00% 12.58% 32.91% 46.52% -9.51% - - High

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 2.24% 3.06% 2.32% 4.82% 8.38% 7.98% 8.25% 7.92% MediumJPM US Aggregate Bond A (inc) - USD 2.17% 3.00% 2.26% 4.57% 7.98% 7.34% 7.52% 7.07% MediumJPM US Aggregate Bond A (mth) - USD 2.22% 2.99% 2.18% 4.63% - - - - MediumJPM US Aggregate Bond B (acc) - USD 2.32% 3.21% 2.54% 5.13% 8.77% 8.38% 8.73% 8.39% MediumJPM US Aggregate Bond C (acc) - USD 2.30% 3.33% 2.66% 5.24% 8.97% 8.58% 8.95% 8.63% MediumJPM US Aggregate Bond D (acc) - USD 2.12% 2.92% 2.06% 4.47% 8.08% 7.64% 7.95% 7.57% MediumJPM US Aggregate Bond D (acc) - EUR (hedged) 2.38% 3.21% - - - - - - MediumJPM US Aggregate Bond I (acc) - USD*** - - - - - - - - MediumJPM US Aggregate Bond X (acc) - USD 2.45% 3.57% 3.01% 5.75% 9.57% 9.20% 9.63% 9.35% Medium

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD -0.49% 4.97% 13.82% 25.06% 17.00% -3.16% -6.96% -2.74% MediumJPM US Dynamic A (acc) - EUR -2.34% -2.66% 7.34% 5.98% 15.14% -0.39% -8.15% -4.77% MediumJPM US Dynamic A (dist) - USD -0.50% 5.04% 13.87% 25.09% 17.05% -3.14% -6.95% -2.74% MediumJPM US Dynamic B (acc) - USD -0.35% 5.38% 14.36% 25.82% 17.94% -2.51% -6.47% -2.20% MediumJPM US Dynamic C (acc) - USD -0.32% 5.52% 14.62% 26.20% 18.22% -2.31% -6.29% -1.93% MediumJPM US Dynamic D (acc) - USD -0.77% 4.52% 13.01% 23.83% 15.69% -4.03% -7.67% -3.59% MediumJPM US Dynamic D (acc) - EUR -2.69% -3.21% 6.47% 5.03% 13.88% -1.35% -8.82% -5.52% MediumJPM US Dynamic I (acc) - USD* - - - - - - - - MediumJPM US Dynamic I (inc) - EUR -2.32% -2.50% 7.89% 6.71% 16.20% 0.39% -12.09% - MediumJPM US Dynamic T (acc) - EUR -2.74% - - - - - - - MediumJPM US Dynamic X (acc) - USD -0.08% 5.96% 15.34% 27.27% 19.41% -1.50% -5.62% -1.15% Medium

JPMorgan Funds - US Growth Fund (2)JPM US Growth A (acc) - USD 1.24% 6.23% 17.42% 30.81% 23.47% 0.30% -2.38% 1.62% MediumJPM US Growth A (acc) - EUR (hedged) 1.56% 6.57% 17.82% 30.53% 22.56% -1.00% -8.89% - MediumJPM US Growth A (dist) - USD 1.23% 6.14% 17.32% 30.62% 23.49% 0.26% -2.41% 1.61% MediumJPM US Growth A (dist) - GBP 1.37% 3.33% 15.46% 22.36% 25.64% 8.44% 3.29% 4.91% MediumJPM US Growth B (acc) - USD 1.39% 6.56% 17.96% 31.64% 24.55% 1.06% -1.69% 2.42% MediumJPM US Growth C (acc) - USD 1.53% 6.74% 18.30% 32.20% 25.00% 1.39% -1.39% 2.80% MediumJPM US Growth C (acc) - EUR (hedged) 1.75% 7.02% 18.62% 31.91% 62.32% 17.40% - - MediumJPM US Growth C (dist) - GBP 1.77% - - - - - - - MediumJPM US Growth D (acc) - USD 1.16% 5.90% 16.86% 29.79% 22.45% -0.43% -3.03% 0.82% MediumJPM US Growth D (acc) - EUR (hedged) 1.32% 6.14% 17.12% 29.40% 21.38% -1.69% -9.38% - MediumJPM US Growth X (acc) - USD 1.64% 7.08% 18.89% 33.05% 26.07% 2.12% -0.72% 3.62% MediumJPM US Growth X (dist) - USD*** - - - - - - - - Medium

JPMorgan Funds - US Small and Micro Cap FundJPM US Small and Micro Cap A (acc) - USD -0.47% 6.25% 24.15% 36.71% 28.54% 5.70% -4.48% -1.89% HighJPM US Small and Micro Cap A (dist) - USD -0.47% 6.21% 24.10% 36.67% 28.51% 5.70% -4.49% -1.90% HighJF US Small and Micro Cap A (dist) - USD -0.51% 6.22% 24.11% 36.61% 28.47% 5.69% -4.49% -1.91% HighJPM US Small and Micro Cap D (acc) - USD -0.69% 5.71% 23.19% 35.30% 26.94% 4.56% -5.29% -2.78% HighJPM US Small and Micro Cap X (acc) - USD -0.10% 7.10% 25.42% 38.80% 31.20% 7.73% -6.17% -3.06% High

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD -0.79% 10.26% 22.56% 47.40% 40.44% 12.11% 4.84% 7.87% HighJPM US Technology A (acc) - EUR -2.78% 2.05% 15.44% 24.84% - - - - HighJF US Technology A (dist) - USD -0.90% 10.00% 22.22% 47.65% 40.16% 11.93% 4.73% 7.85% HighJPM US Technology A (dist) - USD -0.78% 10.29% 22.54% 47.48% 40.38% 12.13% 4.82% 7.88% HighJPM US Technology A (dist) - GBP -0.51% 7.18% 20.50% 37.32% 42.92% 22.60% -6.53% 11.94% HighJPM US Technology B (acc) - USD** -0.64% - - - - - - - HighJPM US Technology C (acc) - USD -0.59% 10.79% 23.51% 48.95% 42.12% 13.37% - - HighJPM US Technology D (acc) - USD -0.99% 9.84% 21.82% 45.65% 38.94% 10.75% 3.71% 6.45% HighJPM US Technology D (acc) - EUR -3.05% 1.54% 14.50% 23.53% - - - - HighJPM US Technology I (acc) - USD* - - - - - - - - HighJPM US Technology X (acc) - USD -0.42% 11.20% 24.15% 49.87% 43.46% 14.43% - - High


155



JPMorgan Funds - US Value FundJPM US Value A (acc) - USD -0.17% 5.16% 14.77% 24.97% 22.72% 1.47% -3.19% 0.92% MediumJPM US Value A (acc) - EUR (hedged) 0.00% 5.32% 15.00% 24.65% 22.02% 0.09% -9.47% - MediumJPM US Value A (dist) - USD -0.14% 5.28% 14.86% 24.96% 22.70% 1.43% -3.23% 0.90% MediumJF US Value A (dist) - USD -0.08% 5.30% 14.84% 24.93% 22.68% 1.44% -3.23% 0.91% MediumJPM US Value A (dist) - GBP 0.15% 2.40% 13.11% 16.99% 25.06% 9.95% 2.27% 4.09% MediumJPM US Value B (acc) - USD 0.07% 5.60% 15.53% 25.96% 23.90% 2.29% -2.53% 1.72% MediumJPM US Value C (acc) - USD 0.14% 5.84% 15.77% 26.36% 24.36% 2.60% -2.24% 2.09% MediumJPM US Value C (acc) - EUR (hedged) 0.19% 5.85% 15.97% 25.89% 23.33% - - - MediumJPM US Value D (acc) - USD -0.29% 4.84% 14.17% 24.08% 21.66% 0.71% -3.83% 0.16% MediumJPM US Value D (acc) - EUR (hedged) -0.14% 5.03% 14.45% 23.70% 21.03% -0.62% -9.92% - MediumJPM US Value I (acc) - USD*** - - - - - - - - MediumJPM US Value X (acc) - USD 0.37% 6.19% 16.41% 27.23% 25.36% 3.39% -1.59% 2.87% Medium

* Share Class inactive at the end of the year.** Share Class reactivated during the year.*** No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the year end.

156


4. Interest Rate Received/(Charged) on Bank Accounts

Basis for Bank Interest RatesThe rates are based on the JPMorgan Chase Treasury rates and consequently may change on a daily basis. The bank interest amount is posted to each of theFund’s bank accounts on a monthly basis on the first business day of the subsequent month based on the bank balances from the prior month.

5. Sub-Fund Share Classes Subject to Taxe d’abonnement Rate of 0.01%

The following Sub-Fund Share Classes are subject to an asset based tax of 0.01% per annum:

Share Class NameJF China I (acc) - USD JPM Europe Strategic Growth X (acc) - EURJF China X (acc) - USD JPM Europe Technology X (acc) - EURJF Greater China I (acc) - USD JPM Global Convertibles (EUR) I (acc) - CHF (hedged)JPM America Equity X (acc) - USD JPM Global Convertibles (EUR) I (acc) - EURJPM Brazil Alpha Plus I (acc) - EUR JPM Global Convertibles (EUR) I (inc) - EURJPM Brazil Alpha Plus I (acc) - USD JPM Global Convertibles (EUR) X (acc) - CHF (hedged)JPM Eastern Europe Equity I (acc) - EUR JPM Global Convertibles (EUR) X (acc) - EURJPM Eastern Europe Equity X (acc) - EUR JPM Global Convertibles (EUR) X (dist) - GBP (hedged)JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD JPM Global Corporate Bond I (acc) - USDJPM Emerging Markets Debt I (inc) - EUR JPM Global Equity (USD) X (acc) - EURJPM Emerging Markets Equity I (acc) - EUR JPM Global Equity (USD) X (acc) - USDJPM Emerging Markets Equity I (acc) - USD JPM Global Focus I (acc) - EURJPM Emerging Markets Equity I (inc) - EUR JPM Global Focus I (acc) - EUR (hedged)JPM Emerging Markets Equity X (acc) - EUR JPM Global Focus I (acc) - USDJPM Emerging Markets Equity X (acc) - USD JPM Global Focus X (acc) - EURJPM Emerging Markets Equity X (dist) - USD JPM Global Natural Resources X (acc) - EURJPM Emerging Markets Equity X (inc) - EUR JPM Global Natural Resources X (acc) - USDJPM Emerging Markets Local Currency Debt I (acc) - EUR JPM Latin America Equity I (acc) - USDJPM Emerging Markets Local Currency Debt X (acc) - EUR JPM Latin America Equity X (acc) - USDJPM Emerging Markets Local Currency Debt X (acc) - USD JPM Russia I (acc) - USDJPM Emerging Markets Small Cap I (acc) - USD JPM US Aggregate Bond I (acc) - USDJPM Emerging Middle East Equity I (acc) - USD JPM US Aggregate Bond X (acc) - USDJPM Euro Money Market A (acc) - EUR JPM US Dynamic I (inc) - EURJPM Euro Money Market D (acc) - EUR JPM US Dynamic X (acc) - USDJPM Euroland Equity I (acc) - EUR JPM US Growth X (acc) - USDJPM Euroland Equity X (acc) - EUR JPM US Growth X (dist) - USDJPM Europe Dynamic I (acc) - EUR JPM US Small and Micro Cap X (acc) - USDJPM Europe Dynamic Mega Cap X (acc) - EUR JPM US Technology X (acc) - USDJPM Europe Equity X (acc) - EUR JPM US Value I (acc) - USDJPM Europe Focus X (acc) - EUR JPM US Value X (acc) - USDJPM Europe Small Cap I (acc) - EUR

6. Portfolio Turnover Ratio

The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to its investment policy.The Portfolio Turnover Ratio is calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association as outlined below:

(Total securities’ purchases and sales - total subscriptions and redemptions of Sub-Fund shares)

Average net Sub-Fund assets in Sub-Fund currency

The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation is negative, a zero value has been published.

Sub-Fund Portfolio Turnover Ratio (%) Sub-Fund Portfolio Turnover Ratio (%)JPMorgan Funds - America Equity Fund 12.01 JPMorgan Funds - Europe Technology Fund 315.09

JPMorgan Funds - Brazil Alpha Plus Fund 0.00 JPMorgan Funds - Global Convertibles Fund (EUR) 58.53

JPMorgan Funds - Eastern Europe Equity Fund 0.00 JPMorgan Funds - Global Corporate Bond Fund 265.27

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 0.00 JPMorgan Funds - Global Equity Fund (USD) 180.79

JPMorgan Funds - Emerging Markets Debt Fund 141.96 JPMorgan Funds - Global Focus Fund 46.99

JPMorgan Funds - Emerging Markets Equity Fund 0.00 JPMorgan Funds - Global Natural Resources Fund 0.00

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 0.00 JPMorgan Funds - JF China Fund 31.49

JPMorgan Funds - Emerging Markets Small Cap Fund 0.00 JPMorgan Funds - JF Greater China Fund 102.72

JPMorgan Funds - Emerging Middle East Equity Fund 0.00 JPMorgan Funds - JF Pacific Balanced Fund 182.30

JPMorgan Funds - Euro Money Market Fund 0.00* JPMorgan Funds - Latin America Equity Fund 80.23

JPMorgan Funds - Euroland Equity Fund 137.76 JPMorgan Funds - Russia Fund 0.00

JPMorgan Funds - Europe Dynamic Fund 879.16 JPMorgan Funds - US Aggregate Bond Fund 0.00

JPMorgan Funds - Europe Dynamic Mega Cap Fund 829.49 JPMorgan Funds - US Dynamic Fund 731.26

JPMorgan Funds - Europe Equity Fund 172.06 JPMorgan Funds - US Growth Fund 3.12

JPMorgan Funds - Europe Focus Fund 50.60 JPMorgan Funds - US Small and Micro Cap Fund 0.00

JPMorgan Funds - Europe Small Cap Fund 291.47 JPMorgan Funds - US Technology Fund 0.00

JPMorgan Funds - Europe Strategic Growth Fund 245.92 JPMorgan Funds - US Value Fund 0.00

JPMorgan Funds - Europe Strategic Value Fund 146.34

* Due to the fact underlying investments have short term maturity and that they are replaced only at maturity, no portfolio turnover statistics are calculated for the Fund.

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7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued)JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 1,764,798.609 2,062,800.796 1,962,061.613 1,865,537.792JPM America Equity A (acc) - EUR (hedged) 96,048.318 748,098.694 550,374.545 293,772.467JPM America Equity A (dist) - USD 3,348,743.512 538,770.757 672,760.573 3,214,753.696JF America Equity A (dist) - USD 483,247.076 294,678.797 204,343.603 573,582.270JPM America Equity B (acc) - USD 218,090.640 472,116.019 472,329.286 217,877.373JPM America Equity C (acc) - USD 8,281,473.908 2,230,853.596 3,787,629.230 6,724,698.274JPM America Equity C (acc) - EUR (hedged) 469,357.959 4,149,684.884 3,690,780.285 928,262.558JPM America Equity D (acc) - USD 1,453,001.188 2,414,873.763 1,847,698.607 2,020,176.344JPM America Equity D (acc) - EUR 13,141.918 384,341.153 58,900.248 338,582.823JPM America Equity D (acc) - EUR (hedged) 358,720.308 555,024.679 185,105.079 728,639.908JPM America Equity X (acc) - USD 324,923.944 - 21,338.917 303,585.027

JPMorgan Funds - Brazil Alpha Plus FundJPM Brazil Alpha Plus A (acc) - USD 2,976,759.734 21,482,526.100 10,619,637.157 13,839,648.677JPM Brazil Alpha Plus A (dist) - USD - 18,713.009 3,250.010 15,462.999JPM Brazil Alpha Plus B (acc) - USD 1,329,509.164 1,739,881.340 2,231,683.220 837,707.284JPM Brazil Alpha Plus C (acc) - USD 587,774.712 3,178,098.115 944,842.270 2,821,030.557JPM Brazil Alpha Plus D (acc) - USD 2,319,668.403 8,583,767.782 3,696,355.900 7,207,080.285JPM Brazil Alpha Plus I (acc) - USD 680.298 2,600,000.001 2,600,000.002 680.297JPM Brazil Alpha Plus I (acc) - EUR - 268,743.942 - 268,743.942

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 4,742,410.065 8,152,121.320 5,698,315.939 7,196,215.446JPM Eastern Europe Equity A (dist) - EUR 10,545,081.550 4,793,219.996 5,007,400.646 10,330,900.900JF Eastern Europe Equity A (dist) - EUR 5,002,403.860 5,783,763.226 5,092,166.457 5,694,000.629JPM Eastern Europe Equity B (acc) - EUR 795,800.925 6,669,132.768 5,376,850.949 2,088,082.744JPM Eastern Europe Equity C (acc) - EUR 671,636.419 4,863,179.895 3,821,444.660 1,713,371.654JPM Eastern Europe Equity D (acc) - EUR 1,963,239.450 1,606,864.414 1,480,644.127 2,089,459.737JPM Eastern Europe Equity I (acc) - EUR - 5,470,482.958 3,673,755.079 1,796,727.879JPM Eastern Europe Equity X (acc) - EUR 2,569,000.000 131,176.744 79,380.003 2,620,796.741

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 2,171,946.829 3,256,933.991 1,198,831.705 4,230,049.115JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 38,754.997 210,004.291 37,971.605 210,787.683JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 7,911,890.135 4,260,349.308 4,322,568.870 7,849,670.573JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1,005,682.116 1,089,346.070 1,340,088.804 754,939.382JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 910,418.427 2,234,672.006 1,331,605.503 1,813,484.930JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,814,338.955 853,294.835 742,170.522 1,925,463.268JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD* 494,012.339 1,211,203.633 1,705,215.972 -JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD - 5,000,000.000 - 5,000,000.000

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 4,988,714.880 10,903,200.374 14,463,386.934 1,428,528.320JPM Emerging Markets Debt A (acc) - USD (hedged) - 153,262.886 12,862.983 140,399.903JPM Emerging Markets Debt A (inc) - EUR 7,333,747.288 4,735,806.184 5,568,005.384 6,501,548.088JPM Emerging Markets Debt A (mth) - EUR 101,573.645 999,844.415 427,769.128 673,648.932JPM Emerging Markets Debt A (mth) - USD (hedged) - 624,307.533 80,585.416 543,722.117JPM Emerging Markets Debt B (acc) - EUR - 740,470.611 40,687.236 699,783.375JPM Emerging Markets Debt C (acc) - EUR 2,607,132.369 5,542,338.568 4,455,816.230 3,693,654.707JPM Emerging Markets Debt D (acc) - EUR 1,974,291.499 2,106,878.187 1,468,875.053 2,612,294.633JPM Emerging Markets Debt I (inc) - EUR 856,072.874 88.908 - 856,161.782

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 20,530,509.051 13,945,521.082 14,354,657.346 20,121,372.787JPM Emerging Markets Equity A (acc) - EUR 21,263,298.672 48,974,704.116 21,777,788.164 48,460,214.624JPM Emerging Markets Equity A (acc) - SGD - 1,999.843 - 1,999.843JPM Emerging Markets Equity A (dist) - USD 80,445,506.369 42,580,014.960 39,433,493.344 83,592,027.985JPM Emerging Markets Equity A (dist) - GBP 526,672.325 1,373,797.788 205,289.598 1,695,180.515JPM Emerging Markets Equity B (acc) - USD 3,582,653.275 2,361,552.981 3,784,231.199 2,159,975.057JPM Emerging Markets Equity C (acc) - USD 38,618,365.170 44,141,117.652 28,006,996.959 54,752,485.863JPM Emerging Markets Equity D (acc) - USD 3,218,848.127 2,072,056.839 1,414,463.787 3,876,441.179JPM Emerging Markets Equity D (acc) - EUR 901,900.347 2,670,259.712 1,176,688.058 2,395,472.001JPM Emerging Markets Equity I (acc) - USD 26,927,537.033 3,536,422.925 21,969,301.166 8,494,658.792JPM Emerging Markets Equity I (acc) - EUR 668,537.860 1,274,440.632 - 1,942,978.492JPM Emerging Markets Equity I (inc) - EUR 1,864,775.381 1,282,387.374 877,100.000 2,270,062.755JPM Emerging Markets Equity X (acc) - USD 37,106,625.151 10,937,195.665 5,895,435.309 42,148,385.507JPM Emerging Markets Equity X (dist) - USD 369,638.934 1,168,908.489 555,547.000 983,000.423JPM Emerging Markets Equity X (inc) - EUR 39,499,161.394 6,249,296.528 662,832.271 45,085,625.651

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - USD 49,278.644 8,186,262.973 2,710,153.731 5,525,387.886JPM Emerging Markets Local Currency Debt A (acc) - EUR 27,359.460 11,466,413.716 4,032,194.366 7,461,578.810JPM Emerging Markets Local Currency Debt A (mth) - USD - 6,791,298.549 1,793,974.285 4,997,324.264JPM Emerging Markets Local Currency Debt B (acc) - USD - 876,090.435 382,517.344 493,573.091JPM Emerging Markets Local Currency Debt C (acc) - USD - 744,031.123 - 744,031.123JPM Emerging Markets Local Currency Debt D (acc) - USD 150.000 2,896.512 896.512 2,150.000JPM Emerging Markets Local Currency Debt D (acc) - EUR 76,627.326 3,424,989.447 467,937.391 3,033,679.382JPM Emerging Markets Local Currency Debt D (inc) - EUR - 68,724.767 28,645.142 40,079.625JPM Emerging Markets Local Currency Debt X (acc) - USD 6,930,440.333 7,408,163.310 - 14,338,603.643JPM Emerging Markets Local Currency Debt X (acc) - EUR* 1,310,000.000 - 1,310,000.000 -

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7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued)JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - USD 1,939,680.755 3,107,002.929 2,882,195.864 2,164,487.820JPM Emerging Middle East Equity A (acc) - EUR 15,360.183 280,872.804 148,020.000 148,212.987JPM Emerging Middle East Equity A (dist) - USD 12,476,541.159 4,320,917.492 6,530,976.807 10,266,481.844JPM Emerging Middle East Equity B (acc) - USD 327,244.962 303,397.696 382,109.187 248,533.471JPM Emerging Middle East Equity C (acc) - USD 2,293,502.581 5,629,624.400 4,311,887.229 3,611,239.752JPM Emerging Middle East Equity D (acc) - USD 2,362,143.516 604,609.157 1,027,132.924 1,939,619.749

JPMorgan Funds - Euro Liquid Reserve FundJPM Euro Liquid Reserve A (acc) - EUR 613,049.537 647,953.956 752,633.475 508,370.018JPM Euro Liquid Reserve D (acc) - EUR 2,554,206.519 1,355,461.492 2,876,141.747 1,033,526.264

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 5,493,127.764 1,097,070.217 3,423,637.075 3,166,560.906JPM Euroland Equity A (dist) - EUR 7,039,242.499 14,012,189.007 7,516,597.769 13,534,833.737JF Euroland Equity A (dist) - USD 7,578,961.357 1,579,362.675 2,530,052.384 6,628,271.648JPM Euroland Equity A (inc) - EUR 79,098.478 160.210 65,754.537 13,504.151JPM Euroland Equity B (acc) - EUR 731,048.996 372,073.608 167,454.275 935,668.329JPM Euroland Equity C (acc) - EUR 9,858,777.530 1,606,471.959 4,508,608.649 6,956,640.840JPM Euroland Equity D (acc) - EUR 5,936,313.288 1,140,684.753 2,543,394.317 4,533,603.724JPM Euroland Equity I (acc) - EUR 53,145.999 - - 53,145.999JPM Euroland Equity X (acc) - EUR 392,069.000 764,127.000 408,770.000 747,426.000

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 6,381,691.173 6,487,638.645 8,102,629.415 4,766,700.403JPM Europe Dynamic A (dist) - EUR 10,403,551.244 2,004,722.824 5,593,336.840 6,814,937.228JPM Europe Dynamic A (dist) - GBP 55,664.533 2,481.351 17,763.514 40,382.370JF Europe Dynamic A (dist) - EUR 515,105.518 222,666.655 387,723.766 350,048.407JPM Europe Dynamic B (acc) - EUR 358,282.132 342,767.773 303,931.492 397,118.413JPM Europe Dynamic C (acc) - EUR 5,519,079.902 3,803,115.886 2,647,922.444 6,674,273.344JPM Europe Dynamic D (acc) - USD 6,397.936 3,022.732 4,854.553 4,566.115JPM Europe Dynamic D (acc) - EUR 1,495,086.417 713,379.238 720,276.427 1,488,189.228JPM Europe Dynamic I (acc) - EUR 1,300,000.000 - - 1,300,000.000JPM Europe Dynamic X (acc) - EUR* 111,591.534 70,193.436 181,784.970 -

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - USD 953.088 40,449.736 41,048.968 353.856JPM Europe Dynamic Mega Cap A (acc) - EUR 26,698,106.325 2,729,913.031 22,336,982.748 7,091,036.608JPM Europe Dynamic Mega Cap A (dist) - EUR 3,502,330.773 955,549.128 1,421,852.221 3,036,027.680JPM Europe Dynamic Mega Cap A (inc) - EUR 2,322.768 172.618 - 2,495.386JPM Europe Dynamic Mega Cap B (acc) - EUR 1,407,589.235 22,789.063 1,397,417.517 32,960.781JPM Europe Dynamic Mega Cap C (acc) - EUR 5,847,894.484 397,499.883 5,066,614.952 1,178,779.415JPM Europe Dynamic Mega Cap D (acc) - USD 353.857 - - 353.857JPM Europe Dynamic Mega Cap D (acc) - EUR 1,035,056.819 178,823.195 357,601.401 856,278.613JPM Europe Dynamic Mega Cap I (acc) - EUR* 284,580.592 - 284,580.592 -JPM Europe Dynamic Mega Cap X (acc) - EUR 2,737,640.598 218,129.201 1,822,731.567 1,133,038.232

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - USD 5,333,304.441 124,461.797 1,215,726.565 4,242,039.673JPM Europe Equity A (acc) - EUR 14,424,920.445 7,174,574.654 15,755,675.643 5,843,819.456JPM Europe Equity A (dist) - EUR 9,520,752.356 626,898.238 2,830,684.180 7,316,966.414JF Europe Equity A (dist) - USD 943,126.654 161,362.490 202,783.497 901,705.647JPM Europe Equity B (acc) - EUR 328,959.509 469,550.213 104,145.038 694,364.684JPM Europe Equity C (acc) - EUR 9,983,910.291 491,924.488 3,231,117.394 7,244,717.385JPM Europe Equity D (acc) - USD 55,536.603 5,743.215 2,358.480 58,921.338JPM Europe Equity D (acc) - EUR 3,925,373.578 1,391,805.675 1,424,827.363 3,892,351.890JPM Europe Equity X (acc) - EUR 1,111,232.186 415,910.340 139,157.598 1,387,984.928

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - USD 348.675 - - 348.675JPM Europe Focus A (acc) - EUR 196,779.916 4,192,842.888 4,026,373.466 363,249.338JPM Europe Focus A (dist) - EUR 23,095.054 10,834.691 18,715.714 15,214.031JPM Europe Focus B (acc) - EUR 105,278.412 66,414.000 140,661.412 31,031.000JPM Europe Focus C (acc) - EUR - 681,026.440 618,931.597 62,094.843JPM Europe Focus D (acc) - USD 348.675 - - 348.675JPM Europe Focus D (acc) - EUR 344,431.871 390,992.794 217,482.969 517,941.696JPM Europe Focus X (acc) - EUR 227,648.416 - 185,487.999 42,160.417

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1,303,635.709 1,798,646.200 1,543,804.184 1,558,477.725JPM Europe Small Cap A (dist) - EUR 7,620,670.669 1,360,217.710 3,525,195.957 5,455,692.422JF Europe Small Cap A (dist) - EUR 2,313,209.386 596,405.403 820,219.858 2,089,394.931JPM Europe Small Cap A (dist) - GBP 57,495.523 19,264.713 22,205.138 54,555.098JPM Europe Small Cap B (acc) - EUR 136,534.841 351,212.325 286,641.292 201,105.874JPM Europe Small Cap C (acc) - EUR 582,375.639 399,735.490 569,446.109 412,665.020JPM Europe Small Cap D (acc) - EUR 1,851,211.887 682,967.407 854,710.924 1,679,468.370JPM Europe Small Cap X (acc) - EUR* 47,838.490 - 47,838.490 -

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7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued)JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 6,806,983.597 7,121,817.246 9,127,505.889 4,801,294.954JPM Europe Strategic Growth A (dist) - EUR 34,855,637.696 7,701,199.773 12,434,814.643 30,122,022.826JPM Europe Strategic Growth A (dist) - GBP 38,777.834 14,946.816 11,858.407 41,866.243JPM Europe Strategic Growth B (acc) - EUR 441,457.745 358,105.876 379,105.667 420,457.954JPM Europe Strategic Growth C (acc) - EUR 21,044,212.933 11,349,307.382 21,014,591.015 11,378,929.300JPM Europe Strategic Growth D (acc) - EUR 4,225,929.435 253,394.701 1,708,156.892 2,771,167.244JPM Europe Strategic Growth I (acc) - EUR* 2,225,000.000 - 2,225,000.000 -JPM Europe Strategic Growth X (acc) - EUR 109,152.789 1,280.000 108,658.366 1,774.423

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 13,351,416.861 2,052,404.209 7,351,547.050 8,052,274.020JPM Europe Strategic Value A (dist) - EUR 135,995,081.763 15,837,822.180 33,282,567.482 118,550,336.461JPM Europe Strategic Value A (dist) - GBP 23,121.237 4,333.339 5,572.872 21,881.704JPM Europe Strategic Value B (acc) - EUR 540,088.178 926,306.292 933,849.951 532,544.519JPM Europe Strategic Value C (acc) - EUR 3,919,887.381 5,834,369.842 4,909,151.664 4,845,105.559JPM Europe Strategic Value D (acc) - EUR 9,981,069.628 1,567,359.757 4,713,120.525 6,835,308.860JPM Europe Strategic Value X (acc) - EUR* 49,406.782 - 49,406.782 -

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 468,291.275 1,202,272.722 840,032.563 830,531.434JPM Europe Technology A (dist) - EUR 8,898,147.503 1,864,415.553 2,430,903.465 8,331,659.591JF Europe Technology A (dist) - EUR 1,504,120.174 986,201.464 690,043.432 1,800,278.206JPM Europe Technology A (dist) - GBP 32,111.000 122,364.232 13,696.747 140,778.485JPM Europe Technology B (acc) - EUR 163,791.964 635,183.552 697,012.082 101,963.434JPM Europe Technology D (acc) - EUR 1,854,823.017 1,168,803.060 1,348,239.542 1,675,386.535JPM Europe Technology X (acc) - EUR 8,549.213 16,779.506 5,787.735 19,540.984

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 36,993,414.108 52,234,737.696 61,111,927.439 28,116,224.365JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 231,410.052 2,120,685.142 189,041.496 2,163,053.698JPM Global Convertibles (EUR) A (dist) - EUR 68,293,642.713 49,773,415.293 55,702,708.958 62,364,349.048JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 2,835,618.401 1,527,567.999 2,616,648.850 1,746,537.550JF Global Convertibles (EUR) A (dist) - USD 1,449,965.436 7,547,903.908 6,978,351.151 2,019,518.193JPM Global Convertibles (EUR) B (acc) - EUR 3,352,272.678 5,585,546.411 5,454,314.033 3,483,505.056JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 766,843.906 604,691.777 683,051.644 688,484.039JPM Global Convertibles (EUR) C (acc) - EUR 43,961,519.570 70,452,374.058 53,286,521.756 61,127,371.872JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 289,366.282 56,840.000 7,000.000 339,206.282JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 2,688,586.611 9,497,364.963 1,978,715.936 10,207,235.638JPM Global Convertibles (EUR) D (acc) - EUR 16,965,275.124 32,304,117.218 34,529,667.142 14,739,725.200JPM Global Convertibles (EUR) I (acc) - EUR 5,182,163.880 101,432,437.924 39,704,371.506 66,910,230.298JPM Global Convertibles (EUR) I (acc) - CHF (hedged) - 1,019,625.506 - 1,019,625.506JPM Global Convertibles (EUR) I (inc) - EUR 250,000.000 90.196 - 250,090.196JPM Global Convertibles (EUR) X (acc) - EUR 13,604,012.371 4,492,190.019 9,302,875.499 8,793,326.891JPM Global Convertibles (EUR) X (acc) - CHF (hedged) - 1,788,476.035 - 1,788,476.035

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 502,970.752 373,986.254 429,125.844 447,831.162JPM Global Equity (USD) A (acc) - EUR (hedged) 172,529.757 66,889.529 19,781.760 219,637.526JPM Global Equity (USD) A (dist) - USD 407,961.263 64,809.738 86,004.316 386,766.685JF Global Equity (USD) A (dist) - USD 937,707.692 538,155.014 364,531.046 1,111,331.660JPM Global Equity (USD) A (dist) - EUR (hedged) 3,387,718.620 276,685.053 471,677.214 3,192,726.459JPM Global Equity (USD) C (acc) - USD 7,567,085.145 - - 7,567,085.145JPM Global Equity (USD) C (acc) - EUR (hedged) 5,822,804.407 101,679.378 86,776.655 5,837,707.130JPM Global Equity (USD) D (acc) - USD 93,307.445 65,323.656 53,378.951 105,252.150JPM Global Equity (USD) D (acc) - EUR (hedged) 238,848.062 100,027.870 104,143.706 234,732.226JPM Global Equity (USD) X (acc) - USD 2,957.934 - 1,768.243 1,189.691JPM Global Equity (USD) X (acc) - EUR 5,217,065.411 271,318.736 19,658.253 5,468,725.894

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 10,848,409.588 22,280,955.013 4,675,417.080 28,453,947.521JPM Global Focus A (acc) - EUR (hedged) 2,494,653.445 14,183,525.924 15,043,661.087 1,634,518.282JPM Global Focus A (dist) - EUR 2,973,729.190 12,441,356.972 3,100,436.312 12,314,649.850JF Global Focus A (dist) - USD 565,617.131 1,609,904.344 333,443.235 1,842,078.240JPM Global Focus B (acc) - EUR 140,985.074 1,812,275.607 558,698.237 1,394,562.444JPM Global Focus C (acc) - USD - 1,799,015.290 - 1,799,015.290JPM Global Focus C (acc) - EUR 9,463,133.999 19,713,244.603 11,639,627.432 17,536,751.170JPM Global Focus C (acc) - EUR (hedged) 651,968.037 2,516,850.669 2,679,440.276 489,378.430JPM Global Focus D (acc) - EUR 2,501,572.778 3,959,793.090 1,292,260.120 5,169,105.748JPM Global Focus D (acc) - EUR (hedged) 481,183.558 2,588,557.614 1,371,753.259 1,697,987.913JPM Global Focus X (acc) - EUR 2,457,095.336 871,080.659 2,392,072.405 936,103.590

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - USD 11,683,682.499 41,464,469.805 26,697,013.260 26,451,139.044JPM Global Natural Resources A (acc) - EUR 30,263,079.268 31,472,278.131 23,920,967.729 37,814,389.670JPM Global Natural Resources A (acc) - SGD - 16,104.229 - 16,104.229JPM Global Natural Resources A (dist) - EUR 19,136,358.154 25,820,424.315 21,668,887.756 23,287,894.713JPM Global Natural Resources B (acc) - EUR 1,543,964.585 5,014,826.019 4,932,517.267 1,626,273.337JPM Global Natural Resources C (acc) - USD 4,583,433.934 12,446,807.980 11,478,865.857 5,551,376.057JPM Global Natural Resources C (acc) - EUR 3,283,166.605 11,110,766.457 8,382,814.608 6,011,118.454JPM Global Natural Resources D (acc) - USD 498,485.559 1,114,529.587 476,308.376 1,136,706.770JPM Global Natural Resources D (acc) - EUR 13,857,865.078 11,723,045.399 10,889,844.803 14,691,065.674JPM Global Natural Resources X (acc) - EUR 6,765,126.759 4,526,357.250 6,201,766.415 5,089,717.594

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7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued)JPMorgan Funds - JF China FundJF China A (acc) - USD 16,252,469.501 14,275,774.756 18,106,599.822 12,421,644.435JF China A (acc) - SGD - 498.563 - 498.563JF China A (dist) - USD 50,279,766.508 45,081,840.571 39,936,246.978 55,425,360.101JF China B (acc) - USD 2,765,529.912 623,714.616 2,317,232.626 1,072,011.902JF China C (acc) - USD 2,484,053.574 5,157,691.901 3,954,354.034 3,687,391.441JF China D (acc) - USD 13,527,676.199 6,139,941.506 8,525,167.786 11,142,449.919JF China I (acc) - USD 36,252,248.933 4,239,040.315 16,784,105.361 23,707,183.887JF China X (acc) - USD* - 92,365.908 92,365.908 -

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 9,742,760.492 6,164,238.237 3,870,736.312 12,036,262.417JF Greater China A (acc) - SGD - 498.563 - 498.563JF Greater China A (dist) - USD 12,138,773.232 9,225,100.884 8,481,251.579 12,882,622.537JF Greater China B (acc) - USD 333,596.867 206,145.279 287,647.012 252,095.134JF Greater China C (acc) - USD 3,007,450.070 734,875.016 650,309.552 3,092,015.534JF Greater China D (acc) - USD 3,675,963.617 1,582,837.548 1,748,359.993 3,510,441.172JF Greater China X (acc) - USD* 115,000.001 - 115,000.001 -

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 2,010,497.176 2,438,590.171 4,146,002.737 303,084.610JF Pacific Balanced A (dist) - USD 3,619,487.255 556,982.021 991,926.352 3,184,542.924JF Pacific Balanced B (acc) - USD 553,413.000 463,145.935 511,258.935 505,300.000JF Pacific Balanced D (acc) - USD 1,340,857.448 379,123.756 487,094.210 1,232,886.994

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 6,197,136.686 4,941,230.507 3,098,418.497 8,039,948.696JPM Latin America Equity A (dist) - USD 6,060,837.343 2,221,217.440 2,673,801.293 5,608,253.490JF Latin America Equity A (dist) - USD 7,682,762.698 7,956,777.929 7,406,480.026 8,233,060.601JPM Latin America Equity B (acc) - USD 1,636,889.022 2,583,598.476 1,474,802.842 2,745,684.656JPM Latin America Equity C (acc) - USD 898,210.529 3,481,626.326 2,209,250.464 2,170,586.391JPM Latin America Equity D (acc) - USD 4,771,699.992 2,273,304.780 2,591,848.658 4,453,156.114JPM Latin America Equity I (acc) - USD 7,691,209.506 2,150,822.065 4,764,576.465 5,077,455.106JPM Latin America Equity X (acc) - USD 2,507,623.295 59,410.950 205,000.000 2,362,034.245

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 31,273,282.112 57,692,152.083 45,718,987.430 43,246,446.765JPM Russia A (dist) - USD 11,756,906.046 56,397,333.864 45,485,918.085 22,668,321.825JPM Russia B (acc) - USD 3,209,588.712 3,388,294.807 3,859,756.220 2,738,127.299JPM Russia C (acc) - USD 241,613.316 22,801,845.825 4,425,860.086 18,617,599.055JPM Russia D (acc) - USD 11,700,468.778 11,977,195.206 10,043,546.025 13,634,117.959JPM Russia I (acc) - USD 70,530,513.329 137,358,480.408 54,401,394.085 153,487,599.652

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 16,389,330.805 27,730,634.209 17,212,858.998 26,907,106.016JPM US Aggregate Bond A (inc) - USD 11,721,580.688 26,943,801.328 20,716,650.658 17,948,731.358JPM US Aggregate Bond A (mth) - USD - 647,565.122 77,471.454 570,093.668JPM US Aggregate Bond B (acc) - USD 7,392,145.894 7,964,210.416 4,589,853.147 10,766,503.163JPM US Aggregate Bond C (acc) - USD 4,778,544.990 11,952,485.819 7,007,824.915 9,723,205.894JPM US Aggregate Bond D (acc) - USD 1,374,239.516 2,138,368.291 2,154,706.597 1,357,901.210JPM US Aggregate Bond X (acc) - USD 9,065,284.528 1,961,948.019 6,569,851.016 4,457,381.531

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 18,325,058.711 4,314,423.483 12,955,340.451 9,684,141.743JPM US Dynamic A (acc) - EUR 8,019,990.828 556,061.938 6,222,464.701 2,353,588.065JPM US Dynamic A (dist) - USD 24,723,070.956 25,092,760.859 16,914,849.241 32,900,982.574JPM US Dynamic B (acc) - USD 831,177.238 1,139,959.270 1,617,438.496 353,698.012JPM US Dynamic C (acc) - USD 13,234,506.761 4,617,980.845 8,467,910.183 9,384,577.423JPM US Dynamic D (acc) - USD 2,520,927.694 283,430.527 1,205,392.508 1,598,965.713JPM US Dynamic D (acc) - EUR 34,196.197 6,132.274 2,514.828 37,813.643JPM US Dynamic I (acc) - USD* 6,337,345.358 - 6,337,345.358 -JPM US Dynamic I (inc) - EUR 19,995,929.691 300,818.980 1,988,071.571 18,308,677.100JPM US Dynamic X (acc) - USD 1,979,440.807 5,183,262.816 6,040,544.071 1,122,159.552

JPMorgan Funds - US Small and Micro Cap Fund (1)JPM US Small and Micro Cap A (acc) - USD 4,839,158.501 8,291,669.760 6,332,350.064 6,798,478.197JPM US Small and Micro Cap A (dist) - USD 502,444.090 232,917.013 156,703.723 578,657.380JF US Small and Micro Cap A (dist) - USD 75,645.841 530,895.728 314,011.411 292,530.158JPM US Small and Micro Cap D (acc) - USD 571,458.892 246,233.020 292,540.301 525,151.611JPM US Small and Micro Cap X (acc) - USD 397,303.144 5,451,601.619 623,655.157 5,225,249.606

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 1,292,640.413 1,694,872.887 2,104,243.718 883,269.582JPM US Strategic Growth A (acc) - EUR (hedged) 405,682.795 1,048,328.749 526,124.240 927,887.304JPM US Strategic Growth A (dist) - USD 7,404,640.085 4,829,684.677 5,402,305.701 6,832,019.061JPM US Strategic Growth A (dist) - GBP 11,281.642 17,583.382 3,960.023 24,905.001JPM US Strategic Growth B (acc) - USD 149,161.198 129,444.690 73,726.055 204,879.833JPM US Strategic Growth C (acc) - USD 3,987,308.100 2,092,401.861 5,393,542.650 686,167.311JPM US Strategic Growth C (acc) - EUR (hedged) 28,022.735 12,707.605 28,064.920 12,665.420JPM US Strategic Growth D (acc) - USD 311,924.077 297,696.562 169,881.332 439,739.307JPM US Strategic Growth D (acc) - EUR (hedged) 34,846.280 76,539.594 37,213.727 74,172.147JPM US Strategic Growth X (acc) - USD 1,713,161.916 41,609.091 1,720,546.573 34,224.434

(1) This Sub-Fund was renamed from America Micro Cap Fund on 1 October 2009.

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7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued)JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 315,112.227 729,748.953 534,958.603 509,902.577JPM US Technology A (acc) - EUR - 10,135.017 - 10,135.017JPM US Technology A (dist) - USD 5,345,409.457 3,483,367.873 2,929,330.386 5,899,446.944JF US Technology A (dist) - USD 4,693,464.892 6,711,212.724 6,581,298.571 4,823,379.045JPM US Technology A (dist) - GBP 82,391.873 364,049.763 139,510.385 306,931.251JPM US Technology B (acc) - USD* 3,078.643 - 3,078.643 -JPM US Technology C (acc) - USD 24,583.054 109,020.210 13,361.939 120,241.325JPM US Technology D (acc) - USD 3,059,752.813 3,627,157.662 1,807,253.844 4,879,656.631JPM US Technology D (acc) - EUR - 192,447.181 172,967.275 19,479.906JPM US Technology X (acc) - USD 16,365.548 4,428.177 - 20,793.725

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 14,275,126.931 1,821,255.430 12,556,315.023 3,540,067.338JPM US Value A (acc) - EUR (hedged) 2,635,634.237 3,854,887.777 5,708,607.649 781,914.365JPM US Value A (dist) - USD 21,814,304.813 19,779,311.289 23,679,748.658 17,913,867.444JF US Value A (dist) - USD 257,437.340 541,479.235 254,517.704 544,398.871JPM US Value A (dist) - GBP 34,454.848 8,593.206 24,741.096 18,306.958JPM US Value B (acc) - USD 257,807.980 410,745.854 385,959.928 282,593.906JPM US Value C (acc) - USD 14,379,611.254 10,469,493.213 9,189,702.944 15,659,401.523JPM US Value C (acc) - EUR (hedged) 137,213.686 1,317,184.854 1,454,334.139 64.401JPM US Value D (acc) - USD 2,733,682.822 615,019.704 900,160.994 2,448,541.532JPM US Value D (acc) - EUR (hedged) 490,087.972 495,884.087 363,825.801 622,146.258JPM US Value X (acc) - USD 11,837,646.830 1,353,481.128 3,033,311.626 10,157,816.332

* Share Class inactive at the end of the year.

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8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2009 (continued)JPMorgan Funds - America Equity FundJF America Equity A (dist) - USD 429,075.063 272,901.258 218,729.245 483,247.076JPM America Equity A (acc) - EUR (hedged) 153,697.288 370,674.213 428,323.183 96,048.318JPM America Equity A (acc) - USD 1,706,364.440 798,588.299 740,154.130 1,764,798.609JPM America Equity A (dist) - USD 4,149,055.870 633,457.866 1,433,770.224 3,348,743.512JPM America Equity B (acc) - USD 319,096.502 376,052.975 477,058.837 218,090.640JPM America Equity C (acc) - EUR (hedged) 771,006.987 3,110,632.255 3,412,281.283 469,357.959JPM America Equity C (acc) - USD 10,661,899.040 5,310,831.653 7,691,256.785 8,281,473.908JPM America Equity D (acc) - EUR 8,611.013 75,286.972 70,756.067 13,141.918JPM America Equity D (acc) - EUR (hedged) 427,125.930 1,269,960.973 1,338,366.595 358,720.308JPM America Equity D (acc) - USD 1,718,514.294 1,174,854.074 1,440,367.180 1,453,001.188JPM America Equity X (acc) - USD 911,371.684 31,937.260 618,385.000 324,923.944

JPMorgan Funds - America Micro Cap FundJF America Micro Cap A (dist) - USD 66,639.431 535,407.300 526,400.890 75,645.841JPM America Micro Cap A (acc) - USD 1,150,278.272 4,783,104.012 1,094,223.783 4,839,158.501JPM America Micro Cap A (dist) - USD 636,586.323 255,609.468 389,751.701 502,444.090JPM America Micro Cap D (acc) - USD 675,070.681 119,972.163 223,583.952 571,458.892JPM America Micro Cap X (acc) - USD 163,318.535 415,088.379 181,103.770 397,303.144

JPMorgan Funds - Eastern Europe Equity FundJF Eastern Europe Equity A (dist) - EUR 6,183,296.407 3,195,997.578 4,376,890.125 5,002,403.860JPM Eastern Europe Equity A (acc) - EUR 6,235,078.311 3,979,591.614 5,472,259.860 4,742,410.065JPM Eastern Europe Equity A (dist) - EUR 13,427,783.911 4,589,333.187 7,472,035.548 10,545,081.550JPM Eastern Europe Equity B (acc) - EUR 1,183,038.828 2,508,113.435 2,895,351.338 795,800.925JPM Eastern Europe Equity C (acc) - EUR 2,665,953.428 615,965.778 2,610,282.787 671,636.419JPM Eastern Europe Equity D (acc) - EUR 2,505,395.244 566,899.265 1,109,055.059 1,963,239.450JPM Eastern Europe Equity I (acc) - EUR* 11,593,053.986 1,353,144.182 12,946,198.168 -JPM Eastern Europe Equity X (acc) - EUR 2,618,765.251 - 49,765.251 2,569,000.000

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 5,982,557.721 1,205,317.140 5,015,928.032 2,171,946.829JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR - 38,754.997 - 38,754.997JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 9,913,992.154 3,136,186.630 5,138,288.649 7,911,890.135JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 592,824.288 1,509,643.870 1,096,786.042 1,005,682.116JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,870,617.003 2,668,949.227 3,629,147.803 910,418.427JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2,115,832.188 488,153.443 789,646.676 1,814,338.955JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 2,226,724.514 - 1,732,712.175 494,012.339

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 2,773,565.229 5,589,136.855 3,373,987.204 4,988,714.880JPM Emerging Markets Debt A (inc) - EUR 10,297,357.901 5,675,034.589 8,638,645.202 7,333,747.288JPM Emerging Markets Debt A (mth) - EUR - 147,317.683 45,744.038 101,573.645JPM Emerging Markets Debt C (acc) - EUR 2,503,332.674 3,943,745.502 3,839,945.807 2,607,132.369JPM Emerging Markets Debt D (acc) - EUR 3,165,056.536 312,665.180 1,503,430.217 1,974,291.499JPM Emerging Markets Debt I (inc) - EUR 2,299,667.059 847,601.127 2,291,195.312 856,072.874JPM Emerging Markets Debt X (acc) - EUR* 5,656.002 - 5,656.002 -

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 21,967,724.347 13,733,754.857 15,170,970.153 20,530,509.051JPM Emerging Markets Equity A (acc) - EUR 20,712,269.711 15,319,913.334 14,768,884.373 21,263,298.672JPM Emerging Markets Equity A (dist) - USD 103,480,032.598 46,113,155.688 69,147,681.917 80,445,506.369JPM Emerging Markets Equity A (dist) - GBP 578,128.563 117,072.734 168,528.972 526,672.325JPM Emerging Markets Equity B (acc) - USD 3,197,230.295 3,841,360.538 3,455,937.558 3,582,653.275JPM Emerging Markets Equity C (acc) - USD 38,918,157.492 21,611,569.648 21,911,361.970 38,618,365.170JPM Emerging Markets Equity D (acc) - USD 3,956,990.633 1,876,982.371 2,615,124.877 3,218,848.127JPM Emerging Markets Equity D (acc) - EUR 693,083.398 610,550.906 401,733.957 901,900.347JPM Emerging Markets Equity I (acc) - USD 22,552,227.924 12,499,604.033 8,124,294.924 26,927,537.033JPM Emerging Markets Equity I (acc) - EUR - 668,537.860 - 668,537.860JPM Emerging Markets Equity I (inc) - EUR 994,933.579 1,402,510.802 532,669.000 1,864,775.381JPM Emerging Markets Equity X (acc) - USD 33,836,703.202 10,407,204.829 7,137,282.880 37,106,625.151JPM Emerging Markets Equity X (dist) - USD - 369,638.944 0.010 369,638.934JPM Emerging Markets Equity X (inc) - EUR 12,023,394.222 29,152,826.172 1,677,059.000 39,499,161.394

JPMorgan Funds - Emerging Middle East Equity Fund (1)JPM Emerging Middle East Equity A (acc) - USD 5,754,551.025 3,305,427.862 7,120,298.132 1,939,680.755JPM Emerging Middle East Equity A (acc) - EUR - 15,360.183 - 15,360.183JPM Emerging Middle East Equity A (dist) - USD 17,276,617.093 5,974,537.588 10,774,613.522 12,476,541.159JPM Emerging Middle East Equity B (acc) - USD 486,118.011 157,555.550 316,428.599 327,244.962JPM Emerging Middle East Equity C (acc) - USD 1,029,505.230 1,885,870.827 621,873.476 2,293,502.581JPM Emerging Middle East Equity D (acc) - USD 2,966,782.633 500,082.254 1,104,721.371 2,362,143.516

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 12,163,931.685 2,425,049.377 9,095,853.298 5,493,127.764JPM Euroland Equity A (dist) - EUR 18,367,301.302 2,153,904.694 13,481,963.497 7,039,242.499JF Euroland Equity A (dist) - USD 10,263,314.132 1,310,567.193 3,994,919.968 7,578,961.357JPM Euroland Equity A (inc) - EUR 1,356,949.000 9,612.404 1,287,462.926 79,098.478JPM Euroland Equity B (acc) - EUR 179,917.899 815,239.153 264,108.056 731,048.996JPM Euroland Equity C (acc) - EUR 15,998,331.296 7,677,843.259 13,817,397.025 9,858,777.530JPM Euroland Equity D (acc) - EUR 8,842,456.439 736,333.521 3,642,476.672 5,936,313.288JPM Euroland Equity I (acc) - EUR 9,365,124.002 2,538.000 9,314,516.002 53,146.000JPM Euroland Equity X (acc) - EUR 942,911.000 890,165.000 1,441,007.000 392,069.000

(1) This Sub-Fund was renamed from Middle East Equity Fund on 15 June 2009.

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8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2009 (continued)JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 5,401,511.763 7,257,999.681 6,277,820.271 6,381,691.173JPM Europe Dynamic A (dist) - EUR 25,900,834.981 2,945,099.405 18,442,383.142 10,403,551.244JPM Europe Dynamic A (dist) - GBP 96,440.481 13,204.810 53,980.758 55,664.533JF Europe Dynamic A (dist) - EUR 734,102.003 161,076.880 380,073.365 515,105.518JPM Europe Dynamic B (acc) - EUR 902,173.491 296,838.926 840,730.285 358,282.132JPM Europe Dynamic C (acc) - EUR 7,207,105.315 3,767,383.274 5,455,408.687 5,519,079.902JPM Europe Dynamic D (acc) - USD 28,883.551 5,421.865 27,907.480 6,397.936JPM Europe Dynamic D (acc) - EUR 1,866,379.979 1,126,053.674 1,497,347.236 1,495,086.417JPM Europe Dynamic I (acc) - EUR - 1,300,000.010 0.010 1,300,000.000JPM Europe Dynamic X (acc) - EUR 2,283,181.237 136,404.167 2,307,993.870 111,591.534

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - USD 953.088 15,026.147 15,026.147 953.088JPM Europe Dynamic Mega Cap A (acc) - EUR 36,813,610.387 11,090,920.352 21,206,424.414 26,698,106.325JPM Europe Dynamic Mega Cap A (dist) - EUR 5,117,279.113 1,439,055.247 3,054,003.587 3,502,330.773JPM Europe Dynamic Mega Cap A (inc) - EUR 25,129.269 51.681 22,858.182 2,322.768JPM Europe Dynamic Mega Cap B (acc) - EUR 1,256,667.149 2,577,978.620 2,427,056.534 1,407,589.235JPM Europe Dynamic Mega Cap C (acc) - EUR 7,425,972.693 6,481,848.511 8,059,926.720 5,847,894.484JPM Europe Dynamic Mega Cap D (acc) - USD 353.857 - - 353.857JPM Europe Dynamic Mega Cap D (acc) - EUR 1,326,997.053 139,353.039 431,293.273 1,035,056.819JPM Europe Dynamic Mega Cap I (acc) - EUR 495,773.834 - 211,193.242 284,580.592JPM Europe Dynamic Mega Cap X (acc) - EUR 1,913,453.547 3,616,076.492 2,791,889.441 2,737,640.598

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - USD 8,443,451.237 1,221,541.427 4,331,688.223 5,333,304.441JPM Europe Equity A (acc) - EUR 21,769,956.559 10,862,509.702 18,207,545.816 14,424,920.445JPM Europe Equity A (dist) - EUR 24,685,666.465 2,197,060.467 17,361,974.576 9,520,752.356JF Europe Equity A (dist) - USD 1,172,172.513 133,175.560 362,221.419 943,126.654JPM Europe Equity B (acc) - EUR 749,766.975 325,207.499 746,014.965 328,959.509JPM Europe Equity C (acc) - EUR 17,888,230.577 5,425,460.636 13,329,780.922 9,983,910.291JPM Europe Equity D (acc) - USD 92,581.988 2,347.271 39,392.656 55,536.603JPM Europe Equity D (acc) - EUR 7,086,480.752 535,172.691 3,696,279.865 3,925,373.578JPM Europe Equity I (inc) - EUR* 10,000,000.000 - 10,000,000.000 -JPM Europe Equity X (acc) - EUR 12,861,766.128 1,952,325.632 13,702,859.574 1,111,232.186

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - USD 348.675 - - 348.675JPM Europe Focus A (acc) - EUR 250,068.724 15,266.030 68,554.838 196,779.916JPM Europe Focus A (dist) - EUR 27,420.800 1,350.456 5,676.202 23,095.054JPM Europe Focus B (acc) - EUR 105,278.412 - - 105,278.412JPM Europe Focus C (acc) - EUR* 29,589.081 3,127.303 32,716.384 -JPM Europe Focus D (acc) - USD 348.675 - - 348.675JPM Europe Focus D (acc) - EUR 448,225.472 91,054.805 194,848.406 344,431.871JPM Europe Focus X (acc) - EUR 2,728,377.627 64,251.949 2,564,981.160 227,648.416

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1,982,246.849 608,317.825 1,286,928.965 1,303,635.709JPM Europe Small Cap A (dist) - EUR 9,522,157.098 1,176,969.732 3,078,456.161 7,620,670.669JF Europe Small Cap A (dist) - EUR 2,860,008.515 430,260.017 977,059.146 2,313,209.386JPM Europe Small Cap A (dist) - GBP 51,346.636 12,532.857 6,383.970 57,495.523JPM Europe Small Cap B (acc) - EUR 184,162.005 19,619.461 67,246.625 136,534.841JPM Europe Small Cap C (acc) - EUR 777,947.699 37,880.243 233,452.303 582,375.639JPM Europe Small Cap D (acc) - EUR 2,905,450.006 332,042.491 1,386,280.610 1,851,211.887JPM Europe Small Cap I (acc) - EUR* 663,128.079 - 663,128.079 -JPM Europe Small Cap X (acc) - EUR 73,684.818 2,004.791 27,851.119 47,838.490

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 23,226,377.910 2,916,790.165 19,336,184.478 6,806,983.597JPM Europe Strategic Growth A (dist) - EUR 51,012,143.382 7,169,820.889 23,326,326.575 34,855,637.696JPM Europe Strategic Growth A (dist) - GBP 44,190.074 1,309.273 6,721.513 38,777.834JPM Europe Strategic Growth B (acc) - EUR 998,166.061 121,655.376 678,363.692 441,457.745JPM Europe Strategic Growth C (acc) - EUR 18,798,350.012 12,817,151.508 10,571,288.587 21,044,212.933JPM Europe Strategic Growth D (acc) - EUR 7,710,446.418 185,477.850 3,669,994.833 4,225,929.435JPM Europe Strategic Growth I (acc) - EUR 3,894,991.312 - 1,669,991.312 2,225,000.000JPM Europe Strategic Growth I (inc) - EUR* 364,000.000 - 364,000.000 -JPM Europe Strategic Growth X (acc) - EUR 1,979,316.516 84,846.000 1,955,009.727 109,152.789

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 16,988,894.346 15,977,514.814 19,614,992.299 13,351,416.861JPM Europe Strategic Value A (dist) - EUR 168,689,219.867 21,843,017.090 54,537,155.194 135,995,081.763JPM Europe Strategic Value A (dist) - GBP 26,116.602 1,874.705 4,870.070 23,121.237JPM Europe Strategic Value B (acc) - EUR 855,711.331 152,313.562 467,936.715 540,088.178JPM Europe Strategic Value C (acc) - EUR 5,064,004.516 5,162,312.915 6,306,430.050 3,919,887.381JPM Europe Strategic Value D (acc) - EUR 13,953,169.890 2,652,831.249 6,624,931.511 9,981,069.628JPM Europe Strategic Value I (acc) - EUR* 2,688,167.238 - 2,688,167.238 -JPM Europe Strategic Value I (inc) - EUR* 196,000.000 - 196,000.000 -JPM Europe Strategic Value X (acc) - EUR 3,539,254.699 - 3,489,847.917 49,406.782

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of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2009 (continued)JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 748,083.804 1,509,368.270 1,789,160.799 468,291.275JPM Europe Technology A (dist) - EUR 11,709,308.045 3,458,664.818 6,269,825.360 8,898,147.503JF Europe Technology A (dist) - EUR 1,738,352.163 416,242.361 650,474.350 1,504,120.174JPM Europe Technology A (dist) - GBP 40,827.935 972.970 9,689.905 32,111.000JPM Europe Technology B (acc) - EUR 170,042.513 223,404.629 229,655.178 163,791.964JPM Europe Technology C (acc) - EUR* 1,298.453 402,192.001 403,490.454 -JPM Europe Technology D (acc) - EUR 2,161,419.355 380,706.720 687,303.058 1,854,823.017JPM Europe Technology X (acc) - EUR 43,899.206 4,175.699 39,525.692 8,549.213

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 30,685,794.698 24,937,438.748 18,629,819.338 36,993,414.108JPM Global Convertibles (EUR) A (acc) - CHF (hedged) - 232,010.053 600.001 231,410.052JPM Global Convertibles (EUR) A (dist) - EUR 81,756,150.432 27,634,252.931 41,096,760.650 68,293,642.713JPM Global Convertibles (EUR) A (dist) - GBP (hedged) - 3,166,507.553 330,889.152 2,835,618.401JF Global Convertibles (EUR) A (dist) - USD 960,984.369 1,591,223.094 1,102,242.027 1,449,965.436JPM Global Convertibles (EUR) B (acc) - CHF (hedged) - 1,287,629.879 520,785.973 766,843.906JPM Global Convertibles (EUR) B (acc) - EUR 2,301,312.436 3,192,494.604 2,141,534.362 3,352,272.678JPM Global Convertibles (EUR) C (acc) - CHF (hedged) - 289,366.282 - 289,366.282JPM Global Convertibles (EUR) C (acc) - EUR 13,382,756.489 57,088,643.628 26,509,880.547 43,961,519.570JPM Global Convertibles (EUR) C (dist) - GBP (hedged) - 2,937,575.611 248,989.000 2,688,586.611JPM Global Convertibles (EUR) D (acc) - EUR 17,198,886.290 10,202,438.323 10,436,049.489 16,965,275.124JPM Global Convertibles (EUR) I (acc) - EUR 3,900,806.819 4,873,667.061 3,592,310.000 5,182,163.880JPM Global Convertibles (EUR) I (inc) - EUR 250,000.000 - - 250,000.000JPM Global Convertibles (EUR) X (acc) - EUR 8,992,571.068 6,376,866.519 1,765,425.216 13,604,012.371

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 594,011.785 761,464.519 852,505.552 502,970.752JPM Global Equity (USD) A (acc) - EUR (hedged) - 219,622.677 47,092.920 172,529.757JPM Global Equity (USD) A (dist) - USD 507,344.604 60,268.392 159,651.733 407,961.263JF Global Equity (USD) A (dist) - USD 892,705.859 263,172.707 218,170.874 937,707.692JPM Global Equity (USD) A (dist) - EUR (hedged) - 3,824,661.060 436,942.440 3,387,718.620JPM Global Equity (USD) C (acc) - USD 7,562,935.932 4,149.213 - 7,567,085.145JPM Global Equity (USD) C (acc) - EUR (hedged) - 5,830,744.978 7,940.571 5,822,804.407JPM Global Equity (USD) D (acc) - USD 160,986.960 51,108.309 118,787.824 93,307.445JPM Global Equity (USD) D (acc) - EUR (hedged) - 386,841.979 147,993.917 238,848.062JPM Global Equity (USD) X (acc) - USD 2,957.934 - - 2,957.934JPM Global Equity (USD) X (acc) - EUR - 5,217,065.411 - 5,217,065.411

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 12,687,324.617 3,844,217.443 5,683,132.472 10,848,409.588JPM Global Focus A (acc) - EUR (hedged) 192,297.870 3,178,916.689 876,561.114 2,494,653.445JPM Global Focus A (dist) - EUR 2,798,285.864 1,228,279.415 1,052,836.089 2,973,729.190JF Global Focus A (dist) - USD 886,608.785 97,910.765 418,902.419 565,617.131JPM Global Focus B (acc) - EUR - 171,712.775 30,727.701 140,985.074JPM Global Focus C (acc) - EUR 2,715,148.661 9,465,081.106 2,717,095.768 9,463,133.999JPM Global Focus C (acc) - EUR (hedged) - 872,218.608 220,250.571 651,968.037JPM Global Focus D (acc) - EUR 2,615,092.998 618,939.371 732,459.591 2,501,572.778JPM Global Focus D (acc) - EUR (hedged) 145,244.120 3,440,924.455 3,104,985.017 481,183.558JPM Global Focus X (acc) - EUR 4,634,316.485 16,183.000 2,193,404.149 2,457,095.336

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 123,974.228 548,330.078 604,083.158 68,221.148JPM Global Life Sciences A (dist) - USD 2,671,616.214 1,157,989.276 1,857,981.236 1,971,624.254JF Global Life Sciences A (dist) - USD 1,767,752.188 2,559,753.932 2,852,384.340 1,475,121.780JPM Global Life Sciences A (dist) - GBP 15,640.791 115.960 1,368.061 14,388.690JPM Global Life Sciences C (acc) - USD - 45,140.812 - 45,140.812JPM Global Life Sciences D (acc) - USD 629,710.648 785,806.624 880,655.974 534,861.298

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - USD 8,792,266.759 12,320,499.365 9,429,083.625 11,683,682.499JPM Global Natural Resources A (acc) - EUR 35,929,142.932 21,893,999.401 27,560,063.065 30,263,079.268JPM Global Natural Resources A (dist) - EUR 19,646,787.596 10,616,233.241 11,126,662.683 19,136,358.154JPM Global Natural Resources B (acc) - EUR 2,208,951.876 2,480,242.872 3,145,230.163 1,543,964.585JPM Global Natural Resources C (acc) - USD 2,003,926.440 6,224,357.771 3,644,850.277 4,583,433.934JPM Global Natural Resources C (acc) - EUR 6,924,779.044 4,645,926.462 8,287,538.901 3,283,166.605JPM Global Natural Resources D (acc) - USD 284,450.033 511,051.111 297,015.585 498,485.559JPM Global Natural Resources D (acc) - EUR 12,427,401.283 8,533,785.691 7,103,321.896 13,857,865.078JPM Global Natural Resources X (acc) - EUR 5,718,572.641 2,708,427.574 1,661,873.456 6,765,126.759

JPMorgan Funds - JF China FundJF China A (acc) - USD 7,069,632.862 15,889,754.705 6,706,918.066 16,252,469.501JF China A (dist) - USD 43,726,090.184 36,247,023.957 29,693,347.633 50,279,766.508JF China B (acc) - USD 2,687,091.359 1,666,308.255 1,587,869.702 2,765,529.912JF China C (acc) - USD 1,134,992.649 2,820,099.492 1,471,038.567 2,484,053.574JF China D (acc) - USD 11,352,671.107 9,453,993.403 7,278,988.311 13,527,676.199JF China I (acc) - USD 4,545,764.197 31,948,030.630 241,545.895 36,252,248.933JF China X (acc) - USD* 1,213,854.060 106,772.489 1,320,626.549 -

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8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2009 (continued)JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 7,815,779.970 3,674,785.873 1,747,805.351 9,742,760.492JF Greater China A (dist) - USD 10,591,296.440 5,976,200.977 4,428,724.185 12,138,773.232JF Greater China B (acc) - USD 125,332.099 260,100.912 51,836.144 333,596.867JF Greater China C (acc) - USD 4,196,022.970 1,037,031.776 2,225,604.676 3,007,450.070JF Greater China D (acc) - USD 4,318,286.801 859,525.183 1,501,848.367 3,675,963.617JF Greater China X (acc) - USD 99,028.111 128,745.127 112,773.237 115,000.001

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 396,430.440 1,804,085.790 190,019.054 2,010,497.176JF Pacific Balanced A (dist) - USD 4,171,547.267 455,408.775 1,007,468.787 3,619,487.255JF Pacific Balanced B (acc) - USD 505,300.000 82,352.000 34,239.000 553,413.000JF Pacific Balanced D (acc) - USD 1,892,940.900 96,009.410 648,092.862 1,340,857.448

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 7,192,392.086 4,078,683.545 5,073,938.945 6,197,136.686JPM Latin America Equity A (dist) - USD 8,400,599.024 2,259,637.976 4,599,399.657 6,060,837.343JF Latin America Equity A (dist) - USD 7,881,414.218 5,375,299.432 5,573,950.952 7,682,762.698JPM Latin America Equity B (acc) - USD 2,135,854.291 1,433,374.086 1,932,339.355 1,636,889.022JPM Latin America Equity C (acc) - USD 2,047,344.533 1,013,884.268 2,163,018.272 898,210.529JPM Latin America Equity D (acc) - USD 5,164,745.893 1,653,721.949 2,046,767.850 4,771,699.992JPM Latin America Equity I (acc) - USD 22,332,506.051 2,633,579.685 17,274,876.230 7,691,209.506JPM Latin America Equity X (acc) - USD 2,859,927.430 742,961.705 1,095,265.840 2,507,623.295

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 11,867,789.580 15,969,495.199 11,447,953.974 16,389,330.805JPM US Aggregate Bond A (inc) - USD 5,741,946.295 16,616,449.171 10,636,814.778 11,721,580.688JPM US Aggregate Bond B (acc) - USD 2,615,526.720 6,607,480.724 1,830,861.550 7,392,145.894JPM US Aggregate Bond C (acc) - USD 3,447,616.159 7,118,756.075 5,787,827.244 4,778,544.990JPM US Aggregate Bond D (acc) - USD 2,415,777.886 1,732,502.698 2,774,041.068 1,374,239.516JPM US Aggregate Bond X (acc) - USD 6,796,877.571 5,538,591.475 3,270,184.518 9,065,284.528

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 37,580,925.126 9,636,085.182 28,891,951.597 18,325,058.711JPM US Dynamic A (acc) - EUR 5,197,943.967 6,485,118.360 3,663,071.499 8,019,990.828JPM US Dynamic A (dist) - USD 51,139,190.555 4,017,585.949 30,433,705.548 24,723,070.956JPM US Dynamic B (acc) - USD 2,845,950.266 980,401.494 2,995,174.522 831,177.238JPM US Dynamic C (acc) - USD 22,229,798.150 4,272,521.724 13,267,813.113 13,234,506.761JPM US Dynamic D (acc) - USD 4,906,790.322 439,751.808 2,825,614.436 2,520,927.694JPM US Dynamic D (acc) - EUR 67,379.174 5,846.346 39,029.323 34,196.197JPM US Dynamic I (acc) - USD 6,879,345.358 - 542,000.000 6,337,345.358JPM US Dynamic I (inc) - EUR 19,777,911.360 218,018.331 - 19,995,929.691JPM US Dynamic X (acc) - USD 9,827,336.182 581,187.037 8,429,082.412 1,979,440.807

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 8,145,880.742 1,590,224.270 8,443,464.599 1,292,640.413JPM US Strategic Growth A (acc) - EUR (hedged) 2,469,765.321 240,152.400 2,304,234.926 405,682.795JPM US Strategic Growth A (dist) - USD 42,711,399.169 6,214,933.612 41,521,692.696 7,404,640.085JPM US Strategic Growth A (dist) - GBP 17,840.408 1,417.175 7,975.941 11,281.642JPM US Strategic Growth B (acc) - USD 1,347,336.974 224,110.043 1,422,285.819 149,161.198JPM US Strategic Growth C (acc) - USD 11,028,595.204 6,051,316.224 13,092,603.328 3,987,308.100JPM US Strategic Growth C (acc) - EUR (hedged) 994,776.027 563,293.313 1,530,046.605 28,022.735JPM US Strategic Growth D (acc) - USD 419,426.683 101,323.115 208,825.721 311,924.077JPM US Strategic Growth D (acc) - EUR (hedged) 20,837.755 40,671.001 26,662.476 34,846.280JPM US Strategic Growth X (acc) - USD 6,053,872.769 1,080,888.575 5,421,599.428 1,713,161.916

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 1,204,205.747 684,980.712 1,574,074.232 315,112.227JF US Technology A (dist) - USD 4,820,930.654 7,776,727.976 7,904,193.738 4,693,464.892JPM US Technology A (dist) - USD 15,944,061.600 1,770,476.683 12,369,128.826 5,345,409.457JPM US Technology A (dist) - GBP 30,999.391 55,752.904 4,360.422 82,391.873JPM US Technology B (acc) - USD - 390,968.205 387,889.562 3,078.643JPM US Technology C (acc) - USD 19,518.980 5,064.074 - 24,583.054JPM US Technology D (acc) - USD 2,841,126.684 1,654,790.485 1,436,164.356 3,059,752.813JPM US Technology X (acc) - USD 3,126,853.579 3,327.130 3,113,815.161 16,365.548

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 13,580,870.347 16,934,184.657 16,239,928.073 14,275,126.931JPM US Value A (acc) - EUR (hedged) 1,337,892.958 4,616,382.128 3,318,640.849 2,635,634.237JPM US Value A (dist) - USD 26,968,840.325 25,217,272.552 30,371,808.064 21,814,304.813JF US Value A (dist) - USD 151,231.707 497,520.507 391,314.874 257,437.340JPM US Value A (dist) - GBP 50,063.299 17,561.047 33,169.498 34,454.848JPM US Value B (acc) - USD 200,919.073 499,709.325 442,820.418 257,807.980JPM US Value C (acc) - USD 11,849,443.656 13,836,140.070 11,305,972.472 14,379,611.254JPM US Value C (acc) - EUR (hedged) - 2,510,927.020 2,373,713.334 137,213.686JPM US Value D (acc) - USD 3,979,931.995 676,020.113 1,922,269.286 2,733,682.822JPM US Value D (acc) - EUR (hedged) 351,599.275 336,616.143 198,127.446 490,087.972JPM US Value X (acc) - USD 7,024,315.673 5,192,212.648 378,881.491 11,837,646.830

* Share Class inactive at the end of the year.

166



of the Year


of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2008 (continued)JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 2,191,194.046 1,861,941.178 2,346,770.784 1,706,364.440JPM America Equity A (dist) - USD 5,556,809.994 6,155,489.821 7,563,243.945 4,149,055.870JF America Equity A (dist) - USD 545,513.798 139,885.913 256,324.648 429,075.063JPM America Equity A (acc) - EUR (hedged) 26,946.066 3,034,915.062 2,908,163.840 153,697.288JPM America Equity B (acc) - USD 218,747.201 171,696.173 71,346.872 319,096.502JPM America Equity C (acc) - EUR (hedged) - 1,228,367.361 457,360.374 771,006.987JPM America Equity C (acc) - USD 7,078,336.652 8,687,126.741 5,103,564.353 10,661,899.040JPM America Equity D (acc) - EUR (hedged) 26,490.066 697,535.845 296,899.981 427,125.930JPM America Equity D (acc) - EUR 9,557.871 10,025.680 10,972.538 8,611.013JPM America Equity D (acc) - USD 1,932,601.590 1,781,750.541 1,995,837.837 1,718,514.294JPM America Equity X (acc) - USD 994,178.673 139,430.407 222,237.396 911,371.684

JPMorgan Funds - America Micro Cap FundJPM America Micro Cap A (acc) - USD 3,708,190.884 467,846.387 3,025,758.999 1,150,278.272JPM America Micro Cap A (dist) - USD 1,080,853.310 169,138.618 613,405.605 636,586.323JF America Micro Cap A (dist) - USD 123,062.631 49,729.507 106,152.707 66,639.431JPM America Micro Cap D (acc) - USD 1,080,076.610 218,263.773 623,269.702 675,070.681JPM America Micro Cap X (acc) - USD 15,487.006 163,318.536 15,487.007 163,318.535

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 1,990,154.670 10,552,981.598 6,308,057.957 6,235,078.311JPM Eastern Europe Equity A (dist) - EUR 14,158,698.977 6,188,365.601 6,919,280.667 13,427,783.911JF Eastern Europe Equity A (dist) - EUR 4,941,761.225 8,867,801.932 7,626,266.750 6,183,296.407JPM Eastern Europe Equity B (acc) - EUR 144,210.260 1,183,776.962 144,948.394 1,183,038.828JPM Eastern Europe Equity C (acc) - EUR 665,006.999 3,750,400.703 1,749,454.274 2,665,953.428JPM Eastern Europe Equity D (acc) - EUR 2,960,822.863 1,862,565.609 2,317,993.228 2,505,395.244JPM Eastern Europe Equity I (acc) - EUR 11,758,308.150 12,199,652.761 12,364,906.925 11,593,053.986JPM Eastern Europe Equity X (acc) - EUR 3,280,799.944 519,319.333 1,181,354.026 2,618,765.251

JPMorgan Funds - Emerging Europe Middle East and Africa Equity FundJPM Emerging Europe Middle East and Africa Equity A (acc)- USD 3,196,718.829 7,109,770.973 4,323,932.081 5,982,557.721JPM Emerging Europe Middle East and Africa Equity A (dist) - USD 5,364,321.982 9,368,795.215 4,819,125.043 9,913,992.154JPM Emerging Europe Middle East and Africa Equity B (acc) - USD 218,329.200 641,124.356 266,629.268 592,824.288JPM Emerging Europe Middle East and Africa Equity C (acc) - USD 166,213.626 3,216,981.031 1,512,577.654 1,870,617.003JPM Emerging Europe Middle East and Africa Equity D (acc) - USD 1,377,014.173 1,676,638.683 937,820.668 2,115,832.188JPM Emerging Europe Middle East and Africa Equity I (acc) - USD 7,040,033.000 - 4,813,308.485 2,226,724.515

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 7,143,981.300 2,805,703.851 7,176,119.922 2,773,565.229JPM Emerging Markets Debt A (inc) - EUR 10,669,542.531 10,662,758.199 11,034,942.829 10,297,357.901JPM Emerging Markets Debt C (acc) - EUR 653,748.769 3,194,239.281 1,344,655.376 2,503,332.674JPM Emerging Markets Debt D (acc) - EUR 4,948,144.105 3,079,792.680 4,862,880.249 3,165,056.536JPM Emerging Markets Debt I (Inc) - EUR 250,000.001 2,187,667.059 138,000.001 2,299,667.059JPM Emerging Markets Debt X (acc) - EUR 5,656.002 - - 5,656.002

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 42,972,831.964 18,763,585.885 49,572,486.164 12,163,931.685JPM Euroland Equity A (dist) - EUR 45,084,048.473 13,721,796.983 40,438,544.154 18,367,301.302JF Euroland Equity A (dist) - USD 25,155,026.703 4,740,470.229 19,632,182.800 10,263,314.132JPM Euroland Equity A (inc) - EUR - 4,827,291.001 3,470,342.001 1,356,949.000JPM Euroland Equity B (acc) - EUR - 199,700.740 19,782.841 179,917.899JPM Euroland Equity C (acc) - EUR 21,047,520.302 15,759,168.635 20,808,357.641 15,998,331.296JPM Euroland Equity D (acc) - EUR 26,818,488.143 6,613,671.456 24,589,703.160 8,842,456.439JPM Euroland Equity I (acc) - EUR 19,998,524.767 7,630,293.472 18,263,694.237 9,365,124.002JPM Euroland Equity X (acc) - EUR - 947,661.001 4,750.001 942,911.000

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 10,688,150.400 134,456.727 5,421,095.364 5,401,511.763JPM Europe Dynamic A (dist) - EUR 42,017,150.420 557,085.132 16,673,400.571 25,900,834.981JF Europe Dynamic A (dist) - EUR 1,730,901.036 71,365.920 1,068,164.953 734,102.003JPM Europe Dynamic A (dist) - GBP 120,464.129 673.678 24,697.326 96,440.481JPM Europe Dynamic B (acc) - EUR 1,631,360.921 119,174.258 848,361.688 902,173.491JPM Europe Dynamic C (acc) - EUR 12,076,185.768 241,271.483 5,110,351.936 7,207,105.315JPM Europe Dynamic D (acc) - EUR 3,440,024.289 9,165.451 1,582,809.761 1,866,379.979JPM Europe Dynamic D (acc) - USD 35,610.148 - 6,726.597 28,883.551JPM Europe Dynamic I (acc) - EUR 1,071,473.018 - 1,071,473.018 -JPM Europe Dynamic X (acc) - EUR 5,522,740.871 18,297.846 3,257,857.480 2,283,181.237

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 63,662,036.480 35,092,381.990 61,940,808.083 36,813,610.387JPM Europe Dynamic Mega Cap A (dist) - EUR 10,692,583.596 3,537,235.794 9,112,540.277 5,117,279.113JPM Europe Dynamic Mega Cap A (inc) - EUR 76,161.785 21,729.497 72,762.013 25,129.269JPM Europe Dynamic Mega Cap A (acc) - USD - 31,962.969 31,009.881 953.088JPM Europe Dynamic Mega Cap B (acc) - EUR 1,300,628.206 1,078,207.587 1,122,168.644 1,256,667.149JPM Europe Dynamic Mega Cap C (acc) - EUR 6,436,424.137 8,594,429.377 7,604,880.821 7,425,972.693JPM Europe Dynamic Mega Cap D (acc) - EUR 2,191,730.452 1,126,256.266 1,990,989.665 1,326,997.053JPM Europe Dynamic Mega Cap D (acc) - USD - 353.858 - 353.858JPM Europe Dynamic Mega Cap I (acc) - EUR 495,773.834 - - 495,773.834JPM Europe Dynamic Mega Cap X (acc) - EUR 3,535,355.286 1,497,782.590 3,119,684.329 1,913,453.547

167



of the Year


of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2008 (continued)JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 56,934,402.918 17,763,955.447 52,928,401.806 21,769,956.559JPM Europe Equity A (dist) - EUR 78,036,988.331 8,813,393.106 62,164,714.972 24,685,666.465JPM Europe Equity A (acc) - USD 12,734,719.548 4,964,712.997 9,255,981.308 8,443,451.237JF Europe Equity A (dist) - USD 1,960,279.228 302,743.213 1,090,849.928 1,172,172.513JPM Europe Equity B (acc) - EUR 1,367,233.985 369,923.268 987,390.278 749,766.975JPM Europe Equity C (acc) - EUR 31,649,396.900 5,802,498.860 19,563,665.183 17,888,230.577JPM Europe Equity D (acc) - EUR 19,971,892.952 2,166,730.171 15,052,142.371 7,086,480.752JPM Europe Equity D (acc) - USD 276,853.062 50,586.330 234,857.404 92,581.988JPM Europe Equity I (acc) - EUR 2,802,081.207 144,021.000 2,946,102.207 -JPM Europe Equity I (inc) - EUR 10,000,000.000 - - 10,000,000.000JPM Europe Equity X (acc) - EUR 20,825,434.506 1,855,487.347 9,819,155.725 12,861,766.128

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 5,622,397.142 4,343,446.474 9,715,774.892 250,068.724JPM Europe Focus A (dis) - EUR 45,358.562 21,959.269 39,897.031 27,420.800JPM Europe Focus A (acc) - USD - 348.676 - 348.676JPM Europe Focus B (acc) - EUR - 105,278.413 - 105,278.413JPM Europe Focus C (acc) - EUR 1,505,000.000 163,643.440 1,639,054.359 29,589.081JPM Europe Focus D (acc) - EUR 731,409.410 394,420.403 677,604.341 448,225.472JPM Europe Focus D (acc) - USD - 348.676 - 348.676JPM Europe Focus X (acc) - EUR 2,397,165.000 457,809.435 126,596.808 2,728,377.627

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 5,087,078.651 1,557,693.592 4,662,525.394 1,982,246.849JPM Europe Small Cap A (dist) - EUR 15,761,936.577 5,569,625.818 11,809,405.297 9,522,157.098JF Europe Small Cap A (dist) - EUR 8,172,130.049 1,611,509.375 6,923,630.909 2,860,008.515JPM Europe Small Cap A (dist) - GBP 42,515.278 20,973.777 12,142.419 51,346.636JPM Europe Small Cap B (acc) - EUR 320,421.789 132,786.373 269,046.157 184,162.005JPM Europe Small Cap C (acc) - EUR 2,072,883.841 815,730.486 2,110,666.628 777,947.699JPM Europe Small Cap D (acc) - EUR 8,062,946.098 4,124,991.677 9,282,487.769 2,905,450.006JPM Europe Small Cap I (acc) - EUR 6,039,332.774 224,008.790 5,600,213.485 663,128.079JPM Europe Small Cap X (acc) - EUR 1,839,550.124 140,806.171 1,906,671.477 73,684.818

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 59,013,609.635 31,339,214.948 67,126,446.673 23,226,377.910JPM Europe Strategic Growth A (dist) - EUR 101,494,122.779 43,645,293.096 94,127,272.493 51,012,143.382JPM Europe Strategic Growth A (dist) - GBP 102,488.614 6,323.119 64,621.659 44,190.074JPM Europe Strategic Growth B (acc) - EUR 1,451,568.877 1,023,090.077 1,476,492.893 998,166.061JPM Europe Strategic Growth C (acc) - EUR 26,389,883.097 15,814,555.114 23,406,088.199 18,798,350.012JPM Europe Strategic Growth D (acc) - EUR 18,439,700.275 5,545,235.699 16,274,489.556 7,710,446.418JPM Europe Strategic Growth I (inc) - EUR 280,000.000 84,000.000 - 364,000.000JPM Europe Strategic Growth I (acc) - EUR 960,953.311 8,014,622.623 5,080,584.622 3,894,991.312JPM Europe Strategic Growth X (acc) - EUR 3,671,714.102 852,545.108 2,544,942.694 1,979,316.516

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 57,131,296.717 15,277,143.351 55,419,545.722 16,988,894.346JPM Europe Strategic Value A (dist) - EUR 328,831,753.444 32,843,686.709 192,986,220.286 168,689,219.867JPM Europe Strategic Value A (dist) - GBP 46,512.465 2,396.714 22,792.577 26,116.602JPM Europe Strategic Value B (acc) - EUR 1,141,494.355 760,700.521 1,046,483.545 855,711.331JPM Europe Strategic Value C (acc) - EUR 28,575,829.232 4,405,145.503 27,916,970.219 5,064,004.516JPM Europe Strategic Value D (acc) - EUR 49,338,136.002 4,444,527.117 39,829,493.229 13,953,169.890JPM Europe Strategic Value I (acc) - EUR 9,441,809.443 6,105,585.890 12,859,228.095 2,688,167.238JPM Europe Strategic Value I (inc) - EUR 294,000.000 - 98,000.000 196,000.000JPM Europe Strategic Value X (acc) - EUR 7,308,747.656 139,060.593 3,908,553.550 3,539,254.699

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 917,862.632 1,422,380.973 1,592,159.801 748,083.804JPM Europe Technology A (dist) - EUR 15,076,000.250 7,254,999.109 10,621,691.314 11,709,308.045JF Europe Technology A (dist) - EUR 3,092,449.304 1,214,406.140 2,568,503.281 1,738,352.163JPM Europe Technology A (dist) - GBP 41,116.112 3,183.827 3,472.004 40,827.935JPM Europe Technology B (acc) - EUR - 171,593.006 1,550.493 170,042.513JPM Europe Technology C (acc) - EUR - 1,298.453 - 1,298.453JPM Europe Technology D (acc) - EUR 2,444,720.330 1,375,932.619 1,659,233.594 2,161,419.355JPM Europe Technology X (acc) - EUR - 54,491.963 10,592.757 43,899.206

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 22,739,773.672 47,551,178.354 39,605,157.328 30,685,794.698JPM Global Convertibles (EUR) A (dist) - EUR 71,209,071.433 75,790,634.882 65,243,555.883 81,756,150.432JF Global Convertibles (EUR) A (dist) - USD 1,316,415.195 1,239,236.902 1,594,667.728 960,984.369JPM Global Convertibles (EUR) B (acc) - EUR 921,800.158 2,233,331.022 853,818.744 2,301,312.436JPM Global Convertibles (EUR) C (acc) - EUR 15,122,443.099 15,183,266.536 16,922,953.146 13,382,756.489JPM Global Convertibles (EUR) D (acc) - EUR 21,577,849.173 22,723,792.405 27,102,755.288 17,198,886.290JPM Global Convertibles (EUR) I (acc) - EUR 2,958,183.000 4,640,058.819 3,697,435.000 3,900,806.819JPM Global Convertibles (EUR) I (inc) - EUR 445,121.951 4,892.161 200,014.112 250,000.000JPM Global Convertibles (EUR) X (acc) - EUR 7,075,220.836 2,413,547.991 496,197.759 8,992,571.068

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 495,167.946 259,900.948 161,057.109 594,011.785JPM Global Equity (USD) A (dist) - USD 993,988.692 329,550.949 816,195.037 507,344.604JF Global Equity (USD) A (dist) - USD 1,154,323.423 135,680.311 397,297.875 892,705.859JPM Global Equity (USD) C (acc) - USD 8,546,952.921 1,144,655.578 2,128,672.567 7,562,935.932JPM Global Equity (USD) D (acc) - USD 2,727,654.479 204,614.874 2,771,282.393 160,986.960JPM Global Equity (USD) X (acc) - USD 1,492,766.925 376,932.185 1,866,741.176 2,957.934

168



of the Year


of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2008 (continued)JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 8,422,853.847 27,035,798.249 22,771,327.479 12,687,324.617JPM Global Focus A (acc) - EUR (hedged) - 282,062.719 89,764.850 192,297.869JPM Global Focus A (dist) - EUR 7,363,973.928 3,823,720.501 8,389,408.565 2,798,285.864JF Global Focus A (dist) - USD 808,944.047 1,288,384.815 1,210,720.077 886,608.785JPM Global Focus C (acc) - EUR 10,362,304.599 4,158,308.432 11,805,464.370 2,715,148.661JPM Global Focus D (acc) - EUR 3,245,375.975 1,564,825.743 2,195,108.720 2,615,092.998JPM Global Focus D (acc) - EUR (hedged) - 229,483.215 84,239.095 145,244.120JPM Global Focus X (acc) - EUR 1,373,337.858 4,030,396.820 769,418.193 4,634,316.485

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 88,440.995 61,933.187 26,399.954 123,974.228JPM Global Life Sciences A (dist) - USD 3,712,953.024 286,003.422 1,327,340.232 2,671,616.214JPM Global Life Sciences A (dist) - GBP 17,408.642 259.060 2,026.911 15,640.791JF Global Life Sciences A (dist) - USD 2,272,401.738 1,403,790.098 1,908,439.648 1,767,752.188JPM Global Life Sciences D (acc) - USD 918,917.842 503,788.707 792,995.901 629,710.648

JPMorgan Funds - Global Resources FundJPM Global Natural Resources A (acc) - EUR 41,767,627.278 33,789,968.880 39,628,453.226 35,929,142.932JPM Global Natural Resources A (dist) - EUR 13,647,983.718 27,249,774.909 21,250,971.031 19,646,787.596JPM Global Natural Resources A (acc) - USD 1,581,451.050 11,491,360.377 4,280,544.668 8,792,266.759JPM Global Natural Resources B (acc) - EUR 1,759,842.669 807,277.332 358,168.125 2,208,951.876JPM Global Natural Resources C (acc) - EUR 5,481,915.183 11,266,390.209 9,823,526.348 6,924,779.044JPM Global Natural Resources C (acc) - USD 224,985.925 4,366,231.723 2,587,291.208 2,003,926.440JPM Global Natural Resources D (acc) - EUR 12,113,309.446 12,143,278.114 11,829,186.277 12,427,401.283JPM Global Natural Resources D (acc) - USD 2,437.992 326,268.363 44,256.322 284,450.033JPM Global Natural Resources X (acc) - EUR 6,653,023.256 1,154,580.088 2,089,030.703 5,718,572.641

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 5,293,247.986 13,984,912.586 12,085,768.486 7,192,392.086JPM Latin America Equity A (dist) - USD 8,876,389.837 7,813,652.470 8,289,443.283 8,400,599.024JF Latin America Equity A (dist) - USD 6,398,082.075 17,011,320.421 15,527,988.278 7,881,414.218JPM Latin America Equity B (acc) - USD 2,646,728.225 1,299,949.016 1,810,822.950 2,135,854.291JPM Latin America Equity C (acc) - USD 1,752,290.374 3,421,620.669 3,126,566.510 2,047,344.533JPM Latin America Equity D (acc) - USD 4,835,423.310 4,204,090.339 3,874,767.756 5,164,745.893JPM Latin America Equity I (acc) - USD 24,322,260.984 7,456,035.600 9,445,790.533 22,332,506.051JPM Latin America Equity X (acc) - USD 2,670,787.978 767,243.719 578,104.267 2,859,927.430

JPMorgan Funds - Middle East Equity FundJPM Middle East Equity A (acc) - USD 2,030,248.251 9,090,504.486 5,366,201.712 5,754,551.025JPM Middle East Equity A (dist) - USD 8,616,103.551 21,928,923.871 13,268,410.329 17,276,617.093JPM Middle East Equity B (acc) - USD 560,810.234 218,204.201 292,896.424 486,118.011JPM Middle East Equity C (acc) - USD - 2,890,824.627 1,861,319.397 1,029,505.230JPM Middle East Equity D (acc) - USD 3,135,784.213 2,229,235.795 2,398,237.375 2,966,782.633

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 1,820,355.397 18,158,301.967 8,110,867.784 11,867,789.580JPM US Aggregate Bond A (inc) - USD 6,898,969.081 12,482,885.594 13,639,908.380 5,741,946.295JPM US Aggregate Bond B (acc) - USD 1,759,737.185 1,397,129.616 541,340.081 2,615,526.720JPM US Aggregate Bond C (acc) - USD 2,016,264.732 5,817,728.723 4,386,377.296 3,447,616.159JPM US Aggregate Bond D (acc) - USD 1,693,954.341 3,787,333.428 3,065,509.883 2,415,777.886JPM US Aggregate Bond X (acc) - USD 8,735,947.234 6,574,668.250 8,513,737.913 6,796,877.571

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 143,261,125.337 23,041,184.357 128,721,384.568 37,580,925.126JPM US Dynamic A (dist) - USD 149,804,709.411 25,745,966.951 124,411,485.807 51,139,190.555JPM US Dynamic A (acc) - EUR 12,660,864.667 2,883,415.032 10,346,335.732 5,197,943.967JPM US Dynamic B (acc) - USD 8,481,744.694 1,269,192.754 6,904,987.182 2,845,950.266JPM US Dynamic C (acc) - USD 77,489,094.609 12,446,926.303 67,706,222.762 22,229,798.150JPM US Dynamic D (acc) - USD 9,950,985.050 2,619,362.962 7,663,557.690 4,906,790.322JPM US Dynamic D (acc) - EUR 93,162.319 54,410.715 80,193.860 67,379.174JPM US Dynamic I (acc) - USD 9,774,094.418 12,038,792.332 14,933,541.392 6,879,345.358JPM US Dynamic I (inc) - EUR 32,407,618.093 3,430,268.850 16,059,975.583 19,777,911.360JPM US Dynamic X (acc) - USD 24,900,201.909 995,913.373 16,068,779.100 9,827,336.182

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 11,130,631.323 12,440,460.422 15,425,211.003 8,145,880.742JPM US Strategic Growth A (acc) - EUR (hedged) 3,375,084.945 6,643,531.361 7,548,850.985 2,469,765.321JPM US Strategic Growth A (dist) - USD 31,032,613.212 44,069,842.024 32,391,056.067 42,711,399.169JPM US Strategic Growth A (dist) - GBP 3,954.670 23,752.794 9,867.056 17,840.408JPM US Strategic Growth B (acc) - USD 1,735,426.034 1,308,202.457 1,696,291.517 1,347,336.974JPM US Strategic Growth C (acc) - USD 2,972,578.845 11,672,890.866 3,616,874.507 11,028,595.204JPM US Strategic Growth C (acc) - EUR (hedged) - 1,589,675.969 594,899.942 994,776.027JPM US Strategic Growth D (acc) - USD 436,263.924 374,401.025 391,238.266 419,426.683JPM US Strategic Growth D (acc) - EUR (hedged) 26,490.066 49,566.378 55,218.689 20,837.755JPM US Strategic Growth X (acc) - USD 8,617,309.686 3,609,143.452 6,172,580.369 6,053,872.769

169



of the Year


of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2008 (continued)JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 388,244.856 5,843,079.353 5,027,118.462 1,204,205.747JPM US Technology A (dist) - GBP 33,371.059 752.779 3,124.447 30,999.391JF US Technology A (dist) - USD 3,935,202.391 9,475,198.647 8,589,470.384 4,820,930.654JPM US Technology A (dist) - USD 7,506,545.980 16,106,213.843 7,668,698.223 15,944,061.600JPM US Technology C (acc) - USD - 19,518.980 - 19,518.980JPM US Technology D (acc) - USD 2,796,854.394 4,767,532.794 4,723,260.504 2,841,126.684JPM US Technology I (acc) - USD - 2,100,000.002 2,100,000.002 -JPM US Technology X (acc) - USD - 3,126,853.579 - 3,126,853.579

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 27,746,806.522 11,740,630.869 25,906,567.044 13,580,870.347JPM US Value A (dist) - USD 54,218,371.671 13,252,368.723 40,501,900.069 26,968,840.325JF US Value A (dist) - USD 178,063.555 152,033.116 178,864.964 151,231.707JPM US Value A (dist) - GBP 58,596.671 7,496.456 16,029.828 50,063.299JPM US Value A (acc) - EUR (hedged) 1,442,636.034 1,340,983.616 1,445,726.692 1,337,892.958JPM US Value B (acc) - USD 505,584.866 194,330.536 498,996.329 200,919.073JPM US Value C (acc) - USD 14,466,805.702 7,500,375.759 10,117,737.805 11,849,443.656JPM US Value D (acc) - USD 6,939,158.126 2,080,807.362 5,040,033.493 3,979,931.995JPM US Value D (acc) - EUR (hedged) 239,224.570 450,050.777 337,676.072 351,599.275JPM US Value X (acc) - USD 7,707,216.974 385,886.385 1,068,787.686 7,024,315.673

170



of the Year


of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 4,147,584.799 1,317,483.456 3,273,874.209 2,191,194.046JPM America Equity A (acc) - EUR (hedged) - 26,946.066 - 26,946.066JPM America Equity A (dist) - USD 6,972,770.257 1,786,563.160 3,202,523.423 5,556,809.994JF America Equity A (dist) - USD 599,707.703 175,065.015 229,258.920 545,513.798JPM America Equity B (acc) - USD 286,768.822 - 68,021.621 218,747.201JPM America Equity C (acc) - USD 10,584,072.026 1,385,297.318 4,891,032.692 7,078,336.652JPM America Equity D (acc) - USD 6,260,800.755 1,175,550.048 5,503,749.213 1,932,601.590JPM America Equity D (acc) - EUR 501.365 22,733.143 13,676.637 9,557.871JPM America Equity D (acc) - EUR (hedged) - 26,490.066 - 26,490.066JPM America Equity X (acc) - USD 2,169,929.449 95,039.650 1,270,790.426 994,178.673

JPMorgan Funds - America Micro Cap FundJPM America Micro Cap A (acc) - USD 5,622,770.721 1,234,931.140 3,149,510.977 3,708,190.884JPM America Micro Cap A (dist) - USD 2,472,760.585 539,655.169 1,931,562.444 1,080,853.310JF America Micro Cap A (dist) - USD 963,558.964 105,603.752 946,100.085 123,062.631JPM America Micro Cap D (acc) - USD 1,860,096.713 368,783.926 1,148,804.029 1,080,076.610JPM America Micro Cap X (acc) - USD 213,916.338 - 198,429.332 15,487.006

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 2,292,870.062 2,242,226.839 2,544,942.231 1,990,154.670JPM Eastern Europe Equity A (dist) - EUR 17,236,854.500 4,110,222.598 7,188,378.121 14,158,698.977JF Eastern Europe Equity A (dist) - EUR 5,011,854.514 7,632,581.480 7,702,674.769 4,941,761.225JPM Eastern Europe Equity B (acc) - EUR 6,640.000 144,210.261 6,640.001 144,210.260JPM Eastern Europe Equity C (acc) - EUR 9,142,193.731 410,509.582 8,887,696.314 665,006.999JPM Eastern Europe Equity D (acc) - EUR 3,670,961.878 2,114,579.636 2,824,718.651 2,960,822.863JPM Eastern Europe Equity I (acc) - EUR 4,697,055.454 14,058,348.504 6,997,095.808 11,758,308.150JPM Eastern Europe Equity X (acc) - EUR 4,156,418.049 1,038,465.194 1,914,083.299 3,280,799.944

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 32,699,773.224 43,471,389.838 33,198,331.098 42,972,831.964JPM Euroland Equity A (dist) - EUR 46,944,388.203 45,372,753.515 47,233,093.245 45,084,048.473JF Euroland Equity A (dist) - USD 13,761,111.249 26,434,909.240 15,040,993.786 25,155,026.703JPM Euroland Equity C (acc) - EUR 21,099,132.574 16,019,021.833 16,070,634.105 21,047,520.302JPM Euroland Equity D (acc) - EUR 11,055,092.934 26,981,112.892 11,217,717.683 26,818,488.143JPM Euroland Equity I (acc) - EUR - 21,891,072.110 1,892,547.343 19,998,524.767

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 14,432,666.893 747,235.039 4,491,751.532 10,688,150.400JPM Europe Dynamic A (dist) - EUR 49,003,541.127 1,395,478.591 8,381,869.298 42,017,150.420JPM Europe Dynamic A (dist) - GBP 125,938.330 1,662.245 7,136.446 120,464.129JF Europe Dynamic A (dist) - EUR 2,234,289.640 195,263.207 698,651.811 1,730,901.036JPM Europe Dynamic B (acc) - EUR 2,088,181.497 12,659.681 469,480.257 1,631,360.921JPM Europe Dynamic C (acc) - EUR 13,925,366.854 1,569,362.612 3,418,543.698 12,076,185.768JPM Europe Dynamic D (acc) - EUR 5,325,729.956 6,637.965 1,892,343.632 3,440,024.289JPM Europe Dynamic D (acc) - USD 48,164.660 - 12,554.512 35,610.148JPM Europe Dynamic I (acc) - EUR - 1,071,473.018 - 1,071,473.018JPM Europe Dynamic X (acc) - EUR 6,783,515.719 13,174.653 1,273,949.501 5,522,740.871

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 18,194,469.431 85,030,986.636 39,563,419.587 63,662,036.480JPM Europe Dynamic Mega Cap A (dist) - EUR 102,811.064 19,443,887.920 8,854,115.388 10,692,583.596JPM Europe Dynamic Mega Cap A (inc) - EUR 387.177 91,698.847 15,924.239 76,161.785JPM Europe Dynamic Mega Cap B (acc) - EUR 735,935.005 1,113,600.904 548,907.703 1,300,628.206JPM Europe Dynamic Mega Cap C (acc) - EUR 2,369,114.164 5,872,377.716 1,805,067.743 6,436,424.137JPM Europe Dynamic Mega Cap D (acc) - EUR 98,037.919 4,164,274.010 2,070,581.477 2,191,730.452JPM Europe Dynamic Mega Cap I (acc) - EUR - 543,017.929 47,244.095 495,773.834JPM Europe Dynamic Mega Cap X (acc) - EUR 1,193,798.741 3,516,109.483 1,174,552.938 3,535,355.286

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - USD 8,143,453.710 9,301,320.598 4,710,054.760 12,734,719.548JPM Europe Equity A (acc) - EUR 48,739,057.051 47,137,921.929 38,942,576.062 56,934,402.918JPM Europe Equity A (dist) - EUR 102,038,639.375 30,736,598.237 54,738,249.281 78,036,988.331JF Europe Equity A (dist) - USD 1,788,500.248 1,444,453.732 1,272,674.752 1,960,279.228JPM Europe Equity B (acc) - EUR 993,395.772 900,933.925 527,095.712 1,367,233.985JPM Europe Equity C (acc) - EUR 25,099,800.559 25,266,439.636 18,716,843.295 31,649,396.900JPM Europe Equity D (acc) - EUR 18,955,399.885 27,092,923.975 26,076,430.908 19,971,892.952JPM Europe Equity D (acc) - USD 397.456 410,718.239 134,262.633 276,853.062JPM Europe Equity I (acc) - EUR - 2,849,429.208 47,348.001 2,802,081.207JPM Europe Equity I (inc) - EUR - 10,000,000.000 - 10,000,000.000JPM Europe Equity X (acc) - EUR 17,253,104.209 6,944,843.118 3,372,512.821 20,825,434.506

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 3,551,608.633 7,815,851.482 6,280,381.464 5,087,078.651JPM Europe Small Cap A (dist) - EUR 20,094,871.537 17,252,011.080 21,584,946.040 15,761,936.577JPM Europe Small Cap A (dist) - GBP 33,157.723 10,746.201 1,388.646 42,515.278JF Europe Small Cap A (dist) - EUR 15,185,686.426 10,289,087.338 17,302,643.715 8,172,130.049JPM Europe Small Cap B (acc) - EUR 115,307.885 245,051.368 39,937.464 320,421.789JPM Europe Small Cap C (acc) - EUR 9,918,365.123 2,624,683.147 10,470,164.429 2,072,883.841JPM Europe Small Cap D (acc) - EUR 6,380,666.197 11,895,535.516 10,213,255.615 8,062,946.098JPM Europe Small Cap I (acc) - EUR - 11,661,953.547 5,622,620.773 6,039,332.774JPM Europe Small Cap X (acc) - EUR 1,004,202.777 970,853.698 135,506.351 1,839,550.124

171



of the Year


of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 24,441,746.380 57,002,067.225 22,430,203.970 59,013,609.635JPM Europe Strategic Growth A (dist) - EUR 145,912,035.967 87,381,169.944 131,799,083.132 101,494,122.779JPM Europe Strategic Growth A (dist) - GBP 30,265.616 76,625.984 4,402.986 102,488.614JPM Europe Strategic Growth B (acc) - EUR 3,230,102.770 1,056,646.034 2,835,179.927 1,451,568.877JPM Europe Strategic Growth C (acc) - EUR 29,274,155.862 15,482,491.198 18,366,763.963 26,389,883.097JPM Europe Strategic Growth D (acc) - EUR 16,098,491.713 16,154,690.452 13,813,481.890 18,439,700.275JPM Europe Strategic Growth I (inc) - EUR 400,165.000 10,300.000 130,465.000 280,000.000JPM Europe Strategic Growth I (acc) - EUR - 3,322,862.971 2,361,909.660 960,953.311JPM Europe Strategic Growth X (acc) - EUR 1,912,562.233 2,209,481.733 450,329.864 3,671,714.102

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 35,754,354.503 61,061,453.343 39,684,511.129 57,131,296.717JPM Europe Strategic Value A (dist) - EUR 310,357,924.985 201,600,367.520 183,126,539.061 328,831,753.444JPM Europe Strategic Value A (dist) - GBP 35,807.059 27,797.124 17,091.718 46,512.465JPM Europe Strategic Value B (acc) - EUR 1,087,109.034 525,848.221 471,462.900 1,141,494.355JPM Europe Strategic Value C (acc) - EUR 30,520,742.593 15,780,642.632 17,725,555.993 28,575,829.232JPM Europe Strategic Value D (acc) - EUR 41,997,562.522 38,119,751.609 30,779,178.129 49,338,136.002JPM Europe Strategic Value I (inc) - EUR 400,165.000 10,000.000 116,165.000 294,000.000JPM Europe Strategic Value I (acc) - EUR - 11,282,687.512 1,840,878.069 9,441,809.443JPM Europe Strategic Value X (acc) - EUR 2,735,882.259 6,109,721.446 1,536,856.049 7,308,747.656

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 1,202,234.138 2,356,378.065 2,640,749.571 917,862.632JPM Europe Technology A (dist) - EUR 18,936,244.969 8,125,811.001 11,986,055.720 15,076,000.250JPM Europe Technology A (dist) - GBP 50,864.596 6,028.134 15,776.618 41,116.112JF Europe Technology A (dist) - EUR 2,900,668.851 2,436,040.396 2,244,259.943 3,092,449.304JPM Europe Technology D (acc) - EUR 2,670,426.840 2,429,526.270 2,655,232.780 2,444,720.330

JPMorgan Funds - Global Equity Fund (USD) (1)JPM Global Equity (USD) A (acc) - USD 1,244,050.960 535,086.101 1,283,969.115 495,167.946JPM Global Equity (USD) A (dist) - USD 1,398,753.173 143,741.661 548,506.142 993,988.692JF Global Equity (USD) A (dist) - USD 1,237,430.880 205,195.619 288,303.076 1,154,323.423JPM Global Equity (USD) B (acc) - USD 24,404.580 - 24,404.580 -JPM Global Equity (USD) C (acc) - USD 8,538,694.026 8,258.895 - 8,546,952.921JPM Global Equity (USD) D (acc) - USD 2,887,294.164 117,888.042 277,527.727 2,727,654.479JPM Global Equity (USD) X (acc) - USD 1,048,640.488 578,043.574 133,917.137 1,492,766.925

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 203,952.653 563,957.582 679,469.240 88,440.995JPM Global Life Sciences A (dist) - USD 4,395,062.472 1,974,930.735 2,657,040.183 3,712,953.024JPM Global Life Sciences A (dist) - GBP 18,090.243 408.019 1,089.620 17,408.642JF Global Life Sciences A (dist) - USD 4,087,861.939 3,191,109.794 5,006,569.995 2,272,401.738JPM Global Life Sciences D (acc) - USD 1,077,146.537 753,419.178 911,647.873 918,917.842

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 34,264,546.125 38,741,505.247 31,238,424.094 41,767,627.278JPM Global Natural Resources A (dist) - EUR 2,992,978.432 16,981,607.874 6,326,602.588 13,647,983.718JPM Global Natural Resources A (acc) - USD - 1,706,403.250 124,952.200 1,581,451.050JPM Global Natural Resources B (acc) - EUR 1,088,061.679 955,801.383 284,020.393 1,759,842.669JPM Global Natural Resources C (acc) - EUR 7,754,952.338 12,043,364.935 14,316,402.090 5,481,915.183JPM Global Natural Resources C (acc) - USD - 224,985.925 - 224,985.925JPM Global Natural Resources D (acc) - EUR 9,714,749.024 11,566,855.923 9,168,295.501 12,113,309.446JPM Global Natural Resources D (acc) - USD - 2,437.992 - 2,437.992JPM Global Natural Resources X (acc) - EUR 5,178,017.275 1,682,000.970 206,994.989 6,653,023.256

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 1,918,114.362 8,165,835.489 4,790,701.865 5,293,247.986JPM Latin America Equity A (dist) - USD 7,449,530.717 6,835,809.700 5,408,950.580 8,876,389.837JF Latin America Equity A (dist) - USD 2,405,480.811 11,331,287.761 7,338,686.497 6,398,082.075JPM Latin America Equity B (acc) - USD 3,457,728.199 1,143,607.565 1,954,607.539 2,646,728.225JPM Latin America Equity C (acc) - USD 9,165,261.509 1,660,257.197 9,073,228.332 1,752,290.374JPM Latin America Equity D (acc) - USD 3,735,483.153 3,896,341.999 2,796,401.842 4,835,423.310JPM Latin America Equity I (acc) - USD 5,515,171.024 23,232,264.732 4,425,174.772 24,322,260.984JPM Latin America Equity X (acc) - USD 3,016,255.232 155,346.365 500,813.619 2,670,787.978

JPMorgan Funds - Middle East Equity FundJPM Middle East Equity A (acc) - USD 2,237,966.202 3,608,203.259 3,815,921.210 2,030,248.251JPM Middle East Equity A (dist) - USD 8,373,495.442 9,517,236.409 9,274,628.300 8,616,103.551JPM Middle East Equity B (acc) - USD 6,300.000 554,510.234 - 560,810.234JPM Middle East Equity D (acc) - USD 5,440,163.096 1,795,073.895 4,099,452.778 3,135,784.213

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 178,383.687 2,132,549.946 490,578.236 1,820,355.397JPM US Aggregate Bond A (dist) - USD 2,854,395.715 11,182,304.287 7,137,730.921 6,898,969.081JPM US Aggregate Bond B (acc) - USD 797,858.600 961,878.585 - 1,759,737.185JPM US Aggregate Bond C (acc) - USD 2,240,709.753 65,789.474 290,234.495 2,016,264.732JPM US Aggregate Bond D (acc) - USD 602,934.645 2,360,683.451 1,269,663.755 1,693,954.341JPM US Aggregate Bond X (acc) - USD 17,615,619.613 902,124.303 9,781,796.682 8,735,947.234

(1) Name changed from Global Equity Fund on 29 August 2006.

172



of the Year


of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 98,179,196.738 112,544,953.949 67,463,025.350 143,261,125.337JPM US Dynamic A (acc) - EUR 1,832,985.998 13,795,807.066 2,967,928.397 12,660,864.667JPM US Dynamic A (dist) - USD 138,272,807.910 107,586,396.412 96,054,494.911 149,804,709.411JPM US Dynamic B (acc) - USD 8,875,839.249 4,028,031.116 4,422,125.671 8,481,744.694JPM US Dynamic C (acc) - USD 66,622,657.227 55,969,083.656 45,102,646.274 77,489,094.609JPM US Dynamic D (acc) - USD 8,241,221.278 9,670,473.280 7,960,709.508 9,950,985.050JPM US Dynamic D (acc) - EUR 501.365 131,094.112 38,433.158 93,162.319JPM US Dynamic I (inc) - EUR - 64,815,236.185 32,407,618.092 32,407,618.093JPM US Dynamic I (acc) - USD 2,500,000.000 9,500,471.576 2,226,377.158 9,774,094.418JPM US Dynamic X (acc) - USD 22,339,544.970 48,421,902.343 45,861,245.404 24,900,201.909

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 5,554,669.177 10,396,529.332 4,820,567.186 11,130,631.323JPM US Strategic Growth A (acc) - EUR (hedged) - 3,376,594.381 1,509.436 3,375,084.945JPM US Strategic Growth A (dist) - USD 9,967,356.538 34,770,599.039 13,705,342.365 31,032,613.212JPM US Strategic Growth A (dist) - GBP 28,393.835 635.779 25,074.944 3,954.670JPM US Strategic Growth B (acc) - USD 1,143,551.797 941,487.880 349,613.643 1,735,426.034JPM US Strategic Growth C (acc) - USD 641,058.058 4,435,630.259 2,104,109.472 2,972,578.845JPM US Strategic Growth D (acc) - USD 432,730.237 311,179.912 307,646.225 436,263.924JPM US Strategic Growth D (acc) - EUR (hedged) - 26,490.066 - 26,490.066JPM US Strategic Growth X (acc) - USD 3,711,013.447 5,435,332.359 529,036.120 8,617,309.686

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 178,419.945 1,180,352.223 970,527.312 388,244.856JPM US Technology A (dist) - GBP 40,163.033 1,753.184 8,545.158 33,371.059JPM US Technology A (dist) - USD 14,013,006.695 8,700,971.987 15,207,432.702 7,506,545.980JF US Technology A (dist) - USD 3,959,547.876 6,928,855.541 6,953,201.026 3,935,202.391JPM US Technology D (acc) - USD 3,425,483.037 2,461,818.928 3,090,447.571 2,796,854.394

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 17,525,395.184 40,906,758.343 30,685,347.005 27,746,806.522JPM US Value A (acc) - EUR (hedged) - 3,585,219.422 2,142,583.388 1,442,636.034JPM US Value A (dist) - USD 53,645,880.704 46,760,790.075 46,188,299.108 54,218,371.671JPM US Value A (dist) - GBP 39,901.555 21,411.794 2,716.678 58,596.671JF US Value A (dist) - USD 314,520.824 488,480.864 624,938.133 178,063.555JPM US Value B (acc) - USD 224,746.041 535,566.173 254,727.348 505,584.866JPM US Value C (acc) - USD 9,517,928.147 14,693,150.896 9,744,273.341 14,466,805.702JPM US Value D (acc) - USD 5,017,070.643 4,228,404.432 2,306,316.949 6,939,158.126JPM US Value D (acc) - EUR (hedged) - 268,507.456 29,282.885 239,224.571JPM US Value X (acc) - USD 3,155,183.098 6,464,554.694 1,912,520.818 7,707,216.974

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