Jpmorgan Funds Société D’Investissement À Capital Variable, Luxembourg (R.C.S

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Unaudited Semi-Annual Report JPMorgan Funds Société d’Investissement à Capital Variable, Luxembourg (R.C.S. No B 8 478) 31 December 2010 JPMorgan Funds Unaudited Semi-Annual Report As at 31 December 2010

Contents

Board of Directors 1 Management and Administration 2 Unaudited Financial Statements and Statistical Information Combined Statement of Net Assets 5 Combined Statement of Operations and Changes in Net Assets 23 Statement of Changes in the Number of Shares 39 Statistical Information 51 Notes to the Unaudited Financial Statements 64 Schedules of Investment JPMorgan Funds - Africa Equity Fund 73 JPMorgan Funds - Global Convertibles Fund (EUR) 221 JPMorgan Funds - Aggregate Bond Fund 76 JPMorgan Funds - Global Corporate Bond Fund 225 JPMorgan Funds - America Equity Fund 80 JPMorgan Funds - Global Credit Bond Fund 229 JPMorgan Funds - America Large Cap Fund 83 JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund 232 JPMorgan Funds - Asia Pacific Bond Fund 84 JPMorgan Funds - Global Dynamic Fund 235 JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity Fund 87 JPMorgan Funds - Global Equity Fund (USD) 239 JPMorgan Funds - Brazil Alpha Plus Fund 89 JPMorgan Funds - Global Focus Fund 242 JPMorgan Funds - Corporate Bond Portfolio Fund I 90 JPMorgan Funds - Global Government Bond Fund 246 JPMorgan Funds - Eastern Europe Equity Fund 93 JPMorgan Funds - Global Government Short Duration Bond Fund 249 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 95 JPMorgan Funds - Global Healthcare Fund 252 JPMorgan Funds - Emerging Markets Alpha Plus Fund 97 JPMorgan Funds - Global Infrastructure Trends Fund 255 JPMorgan Funds - Emerging Markets Bond Fund 100 JPMorgan Funds - Global Natural Resources Fund 258 JPMorgan Funds - Emerging Markets Corporate Bond Fund 105 JPMorgan Funds - Global Real Estate Securities Fund (USD) 261 JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II 108 JPMorgan Funds - Global Research Enhanced Index Equity Fund 264 JPMorgan Funds - Emerging Markets Currency Alpha Fund 110 JPMorgan Funds - Global Short Duration Bond Fund 269 JPMorgan Funds - Emerging Markets Debt Fund 113 JPMorgan Funds - Global Socially Responsible Fund 274 JPMorgan Funds - Emerging Markets Diversified Equity Fund 118 JPMorgan Funds - Global Strategic Bond Fund 276 JPMorgan Funds - Emerging Markets Equity Fund 120 JPMorgan Funds - Highbridge Asia Pacific STEEP Fund 280 JPMorgan Funds - Emerging Markets Infrastructure Equity Fund 122 JPMorgan Funds - Highbridge Europe STEEP Fund 282 JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 124 JPMorgan Funds - Highbridge US STEEP Fund 285 JPMorgan Funds - Emerging Markets Local Currency Debt Fund 127 JPMorgan Funds - Japan Dynamic Fund 287 JPMorgan Funds - Emerging Markets Small Cap Fund 130 JPMorgan Funds - JF ASEAN Equity Fund 288 JPMorgan Funds - Emerging Markets Value Fund 133 JPMorgan Funds - JF Asia Alpha Plus Fund 289 JPMorgan Funds - Emerging Middle East Equity Fund 135 JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund 291 JPMorgan Funds - EU Government Bond Fund 136 JPMorgan Funds - JF China Fund 294 JPMorgan Funds - Euro Aggregate Bond Fund 139 JPMorgan Funds - JF Greater China Fund 295 JPMorgan Funds - Euro Corporate Bond Fund 142 JPMorgan Funds - JF Hong Kong Fund 296 JPMorgan Funds - Euro Government Short Duration Bond Fund 145 JPMorgan Funds - JF India Fund 297 JPMorgan Funds - Euro Money Market Fund 147 JPMorgan Funds - JF Japan Alpha Plus Fund 299 JPMorgan Funds - Euro Short Duration Bond Fund 149 JPMorgan Funds - JF Japan Equity Fund 300 JPMorgan Funds - Euroland Equity Fund 152 JPMorgan Funds - JF Japan Small Cap Fund 301 JPMorgan Funds - Euroland Select Equity Fund 155 JPMorgan Funds - JF Korea Equity Fund 302 JPMorgan Funds - Europe 130/30 Fund 158 JPMorgan Funds - JF Pacific Balanced Fund 304 JPMorgan Funds - Europe Aggregate Plus Bond Fund 161 JPMorgan Funds - JF Pacific Equity Fund 308 JPMorgan Funds - Europe Balanced Fund (EUR) 166 JPMorgan Funds - JF Pacific Technology Fund 311 JPMorgan Funds - Europe Convergence Equity Fund 170 JPMorgan Funds - JF Singapore Fund 312 JPMorgan Funds - Europe Dynamic Fund 171 JPMorgan Funds - JF Taiwan Fund 313 JPMorgan Funds - Europe Dynamic Mega Cap Fund 174 JPMorgan Funds - Latin America Equity Fund 314 JPMorgan Funds - Europe Dynamic Small Cap Fund 175 JPMorgan Funds - Managed Reserves Fund 316 JPMorgan Funds - Europe Equity Fund 177 JPMorgan Funds - Russia Fund 320 JPMorgan Funds - Europe Focus Fund 181 JPMorgan Funds - Sterling Bond Fund 321 JPMorgan Funds - Europe High Yield Bond Fund 184 JPMorgan Funds - Systematic Alpha Fund 324 JPMorgan Funds - Europe Micro Cap Fund 187 JPMorgan Funds - UK Equity Fund 327 JPMorgan Funds - Europe Select 130/30 Fund 189 JPMorgan Funds - US 130/30 Fund 330 JPMorgan Funds - Europe Small Cap Fund 192 JPMorgan Funds - US Aggregate Bond Fund 333 JPMorgan Funds - Europe Strategic Growth Fund 195 JPMorgan Funds - US Dynamic Fund 348 JPMorgan Funds - Europe Strategic Growth Small Cap Fund 200 JPMorgan Funds - US Growth Alpha Plus Fund 350 JPMorgan Funds - Europe Strategic Value Fund 202 JPMorgan Funds - US Select 130/30 Fund 352 JPMorgan Funds - Europe Strategic Value Small Cap Fund 205 JPMorgan Funds - US Short Duration Bond Fund 355 JPMorgan Funds - Europe Technology Fund 207 JPMorgan Funds - US Small and Micro Cap Fund 356 JPMorgan Funds - Germany Equity Fund 209 JPMorgan Funds - US Small Cap Growth Fund 358 JPMorgan Funds - Global Absolute Return Bond Fund 210 JPMorgan Funds - US Strategic Growth Fund 360 JPMorgan Funds - Global Aggregate Bond Fund 214 JPMorgan Funds - US Technology Fund 362 JPMorgan Funds - Global Consumer Trends Fund 219 JPMorgan Funds - US Value Fund 363 Appendix: Unaudited Additional Disclosures Fund Total Expense Ratios 366 Summary of Investment Objectives of the Sub-Funds 380 Performance and Volatility 387 Interest Rate Received/(Charged) on Bank Accounts 400 Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 400 Portfolio Turnover Rate 401 Historical Statements of Changes in the Number of Shares 402

For additional information, please consult www.jpmorganassetmanagement.com

No subscriptions can be received solely on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus, the current simplified prospectus, supplemented by the latest audited annual report and, if published thereafter, the latest unaudited semi-annual report. The current prospectus, the current simplified prospectus, the unaudited semi-annual reports, as well as the audited annual report can be obtained free of charge from the registered office of the SICAV and from local payingagent. Following a review of the disclosure of Investment Manager(s) within the Prospectus and Simplified Prospectus, the details of the Investment Manager(s) for the individual Sub-Funds will now be available from the Management Company at its registered office, or from www.jpmorganassetmanagement.com. JPMorgan Funds Board of Directors As at 31 December 2010

Chairman Deputy Chairman Iain O.S. Saunders Pierre Jaans Banker Economist Duine, Ardfern 3, rue de Kahler Argyll PA31 8QN L-8356 Garnich United Kingdom Grand Duchy of Luxembourg

Directors Jacques Elvinger Andrea L. Hazen Partner Managing DirectorF Elvinger, Hoss & Prussen JPMorgan Asset Management (UK) Limited 2, place Winston Churchill 20 Finsbury Street L-2014 Luxembourg London EC2Y 9AQ Grand Duchy of Luxembourg United Kingdom

Jean Frijns Robert Van der Meer Professor, Finance and Investments Professor of Finance Antigonelaan 2 12 Lange Vijverberg NL-5631 LR Eindhoven NL-2513 AC The Hague The Netherlands The Netherlands

Berndt May Managing Director JPMorgan Asset Management (Europe) S.à r.l. Austrian Branch Führichgasse 8 A-1010 Vienna Austria

Registered Office European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

1 JPMorgan Funds Management and Administration As at 31 December 2010

Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Advisory Company (liquidated on 21 October 2010) JPMorgan Asset Management Advisory Company S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Investment Managers J.P. Morgan Investment Management Inc. 245 Park Avenue New York, NY 10167 United States of America JPMorgan Asset Management (Japan) Limited Tokyo Building 7 - 3, Marunouchi 2 - Chome Chiyoda-ku Tokyo 100 - 6432 Japan JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ United Kingdom JPMorgan Asset Management (Taiwan) Limited 17th Floor, 65 Tun Hwa South Road Section 2, Taipei Taiwan JF Asset Management Limited 21st Floor, Chater House 8 Connaught Road, Central Hong Kong JPMorgan Asset Management (Singapore) Limited 168 Robinson Road 17th Floor, Capital Tower Singapore 068912 Highbridge Capital Management LLC 9 West 57th Street New York, NY 10019 United States of America

Custodian, Corporate, Administrative Agent & Paying Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Auditor PricewaterhouseCoopers S.à r.l. 400, Route d’Esch B.P. 1443 L-1014 Luxembourg Grand Duchy of Luxembourg

Legal Adviser Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Grand Duchy of Luxembourg

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4 JPMorgan Funds Combined Statement of Net Assets As at 31 December 2010

JPMorgan Funds Africa Aggregate America Combined Equity Bond Equity Fund Fund Fund USD USD USD USD

Assets Investments in Securities at Market Value 57,861,850,313 586,675,790 9,989,786 430,070,184 Acquisition Cost: 46,741,703,913 500,261,751 9,811,366 376,422,366 Investment in TBAs at Market Value (1) 26,715,449 - 1,667,195 - Cash at Bank 1,149,347,737 19,963,226 357,051 5,855,300 Time Deposits and Cash Equivalents 94,744,964 - - - Amounts Receivable on Sale of Investments 127,311,346 - - 229,859 Amount Receivable on Sale of TBAs (1) 19,055,426 - 245,656 - Amounts Receivable on Subscriptions 304,241,141 11,477,099 - 3,977,422 Interest and Dividends Receivable, Net 121,942,507 28,289 95,973 290,148 Tax Reclaims Receivable 1,986,655 - - 19,038 Fee Waiver (2) 1,626,543 66,782 9,758 1,165 Other Receivables 351,603 37,027 - 40 Unrealised Net Gain on Forward Foreign Exchange Contracts 49,662,693 - - 183,148 Unrealised Net Gain on Financial Futures Contracts 5,437,227 - 4,905 - Derivatives Instruments at Market Value 42,837,200 - - - Total Assets 59,807,110,804 618,248,213 12,370,324 440,626,304 Liabilities Bank Overdraft 59,335,893 - - - Open Short Positions on TBAs (2) 9,904,267 - - - Amounts Payable on Purchase of Investments 180,787,229 9,340,581 - 167,608 Amount Payable on Purchase of TBAs (1) 35,901,530 - 1,917,840 - Amounts Payable on Redemptions 149,399,883 664,620 - 221,782 Management and Advisory Fees Payable 63,993,907 689,130 6,970 513,317 Performance Fees 921,580 27,193 - - Other Payables 19,331,130 237,819 11,500 103,958 Unrealised Net Loss on Forward Foreign Exchange Contracts 27,957,158 581 89,383 - Unrealised Net Loss on Financial Futures Contracts 898,352 - - - Derivatives Instruments at Market Value 1,769,600 - - - Total Liabilities 550,200,529 10,959,924 2,025,693 1,006,665 Total Net Assets 59,256,910,275 607,288,289 10,344,631 439,619,639

Historical Total Net Assets 30 June 2010 44,088,150,386 175,314,359 9,722,718 373,415,446 30 June 2009 34,590,007,431 8,958,743 - 337,907,417 30 June 2008 57,591,091,920 4,761,584 - 549,614,355 30 June 2007 89,568,991,703 - - 753,695,199 30 June 2006 63,483,121,497 - - 827,863,368

(1) Please refer to Note 2l).

(2) Please refer to Note 7a).

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

5 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

America Asia Pacific Asia Pacific ex-Japan Brazil Corporate Eastern Europe Emerging Europe, Large Cap Bond Behavioural Finance Alpha Plus Bond Portfolio Equity Middle East and Fund Fund Equity Fund Fund Fund I (3) Fund Africa Equity Fund USD USD USD USD EUR EUR USD

139,828,301 31,460,959 5,172,443 567,388,307 248,081,971 1,201,048,747 969,237,641 117,264,124 31,072,150 4,237,589 492,753,744 247,859,106 977,165,906 783,034,990 ------2,200,394 873,770 117,157 14,018,231 478,396 34,086,760 ------385,195 - - - 586 375,022 142,289 ------130,797 - - 8,567,584 - 2,504,739 2,882,991 123,039 346,251 10,187 1,133,990 4,022,893 569,307 278,786 4,905 ------13,529 10,321 53,597 6,649 - 40,651 - - - 1,488 - - 10,001 - 147,941 - - 6,604,614 ------142,672,631 32,842,450 5,310,108 591,163,197 259,195,109 1,238,584,575 972,592,359

------358,079 ------260,656 - 577,948 762,691 ------19,189 99,696 - 1,955,638 39,175 1,684,989 1,408,642 145,582 18,091 5,749 697,410 170,415 1,573,505 1,107,657 ------32,699 18,456 13,377 188,064 49,781 336,096 363,867 ------197,470 136,243 19,126 3,101,768 259,371 4,172,538 4,000,936 142,475,161 32,706,207 5,290,982 588,061,429 258,935,738 1,234,412,037 968,591,423

84,456,730 9,675,813 3,228,209 288,795,857 - 941,639,605 619,492,702 67,845,478 - - 57,567,211 - 517,438,764 412,101,960 29,801,575 - - 54,611,582 - 1,583,655,705 1,093,563,689 43,630,540 ----1,411,797,493 599,428,235 41,129,009 ----1,303,458,118 589,240,340

(3) This Sub-Fund was launched on 1 July 2010. 6 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets Alpha Plus Bond Corporate Bond Corporate Bond Currency Alpha Debt Fund Diversified Fund Fund Fund (4) Portfolio Fund II (5) Fund Equity Fund (6) USD USD USD USD EUR EUR USD

247,991,096 217,508,168 62,893,799 896,110 348,280 241,241,709 38,248,089 214,515,523 215,236,584 62,580,173 896,017 344,997 238,021,625 37,342,133 ------20,059,389 11,345,846 1,782,546 8,773,547 3,443,606 5,721,809 730,880 ------5,740 ------513,300 284,532 2,617,646 598,414 - 732,808 - 223,213 4,348,604 982,532 242 700 4,717,050 83,076 ------20,136 4,119 10,869 26,243 3,639 1,615 - 3,594 1,487 - 2,934 - 43 - 274,219 124,516 - 6,169,336 ------2,221 - 165 951 - 268,788,656 233,487,150 68,582,433 10,398,435 3,803,620 258,612,840 39,065,684

------235,786 - 2,896,795 - - - 460,226 ------209,713 131,486 - 294,228 - 898,905 - 320,296 120,204 46,344 4,790 4,827 245,435 5,512 - - 82,535 ---- 45,131 46,682 41,767 6,849 12,155 105,667 7,256 - 76,162 - - 12,771 - - 141,156 6,645 - - - 113,957 - 510,665 ------1,462,747 381,179 3,067,441 305,867 29,753 1,363,964 472,994 267,325,909 233,105,971 65,514,992 10,092,568 3,773,867 257,248,876 38,592,690

220,474,010 125,177,410 - - 3,772,465 167,809,729 - 136,755,468 - - - 3,746,871 143,731,454 - 260,256,515 ----204,005,222 - 375,656,648 ----251,870,653 ------186,643,180 -

(4) This Sub-Fund was launched on 14 July 2010. (5) This Sub-Fund was launched on 24 November 2010. (6) This Sub-Fund was launched on 10 December 2010.

7 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Middle Equity Fund Infrastructure Investment Grade Local Currency Small Cap Value East Equity Equity Fund Bond Fund (7) Debt Fund Fund Fund Fund USD USD USD EUR USD USD USD

9,445,165,974 169,637,465 17,200,780 605,248,353 595,373,397 211,426,063 441,141,603 6,488,584,600 146,359,222 17,399,909 592,397,464 516,250,427 175,556,037 363,243,131 ------52,836,383 6,275,938 223,145 54,171,683 2,896,940 523,579 ------626,450 - 1,439,562 ------14,472,116 1,129,085 - 1,385,007 3,408,992 20,000 2,451,176 9,463,485 221,314 323,463 12,488,772 295,374 335,535 986 ------10,052 - 47,202 5,467 2,852 114,514 - 6,125 - 6,288 17,633 - 6,484 - - 296,932 507,781 22 ------1,095,705 - - - 9,521,937,958 177,279,979 18,044,320 674,950,791 602,624,275 212,308,029 445,154,325

------2,472 ------1,074,617 - - 2,234,693 ------18,618,064 135,287 - 1,449,281 422,633 2,046 2,022,690 8,787,234 208,044 14,406 353,468 706,795 115,638 572,256 - 116,986 - 20,112--- 1,805,020 61,062 5,331 203,765 259,047 47,312 261,490 ------1,164------29,210,318 1,595,996 20,901 2,026,626 3,623,168 164,996 2,858,908 9,492,727,640 175,683,983 18,023,419 672,924,165 599,001,107 212,143,033 442,295,417

6,562,754,178 66,178,907 - 474,595,650 212,062,695 150,174,353 316,270,641 4,671,128,410 10,052,996 - 86,488,839 23,557,296 - 308,246,494 6,604,690,449 4,801,840 - 5,351,918 7,233,814 - 709,594,180 6,821,647,444 -----341,530,509 3,782,245,657 -----265,944,060

(7) This Sub-Fund was launched on 29 November 2010. 8 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

EU Government Euro Aggregate Euro Corporate Euro Government Euro Money Euro Short Euroland Bond Bond Bond Short Duration Market Duration Bond Equity Fund Fund Fund Bond Fund Fund (8) Fund Fund EUR EUR EUR EUR EUR EUR EUR

223,818,636 6,729,091 23,560,724 35,790,402 117,713,645 19,310,496 554,709,643 228,169,623 6,696,492 23,704,709 36,207,978 117,713,645 19,512,850 510,577,155 ------414,220 126,491 961,013 1,637,456 111,420 - 172,602 ----11,700,000 - - - - 104,875 - - - 97,383 ------1,084,651 - 19,905 21,739 1,079,728 87,000 402,191 4,609,971 146,377 674,272 499,218 172,153 365,407 14,283 ------199,234 10,978 5,978 6,323 7,989 9,505 7,201 ------106,736 ------24,302 70 5,475 - - 1,155 ------230,069,494 7,008,007 25,332,587 37,956,804 130,786,451 19,771,259 555,595,336

-----2,093 ------54,555 ------223,778 - 34,421 8,076 1,070,355 - 351,733 70,139 4,761 21,808 13,710 57,106 10,323 728,721 ------43,081 7,169 10,488 12,578 44,306 10,555 97,041 -----1,889 - - - - 5,420 ------336,998 11,930 66,717 39,784 1,171,767 24,860 1,232,050 229,732,496 6,996,077 25,265,870 37,917,020 129,614,684 19,746,399 554,363,286

233,269,722 6,987,080 26,690,639 64,665,022 166,809,115 18,941,263 594,371,470 333,238,481 - 4,174,621 4,170,155 343,070,452 - 413,671,939 78,830,308 - - - 461,380,473 - 1,424,908,906 ----99,718,976 - 4,685,250,845 ----10,021,587 - 3,202,176,183

(8) This Sub-Fund was renamed from Euro Liquid Reserve Fund on 2 August 2010. 9 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

Euroland Europe Europe Europe Europe Europe Dynamic Europe Dynamic Select Equity 130/30 Aggregate Plus Balanced Convergence Fund Mega Cap Fund Fund Bond Fund Fund (EUR) Equity Fund Fund EUR EUR EUR EUR EUR EUR EUR

69,205,832 4,930,106 19,279,759 71,409,655 197,913,532 282,270,706 78,779,540 65,051,517 4,368,861 19,670,690 66,539,744 181,521,454 258,556,789 75,328,096 ------209,507 154,721 312,375 2,935,494 1,398,130 578,063 43,443 ------44,504 10,219 106,947 ------8 24,715 21,342 9,923,330 1,162,723 8,607 24 7,889 306,623 849,940 217 503,996 97,918 10,427 1,071 22 7,228 58,316 97,507 77,096 - 17,390 9,782 - 9,269 - 4,119 ---146--- - - 89,002 93,567 ------50,841 - - - - 119,243 115---- 69,425,790 5,230,428 20,022,393 75,368,213 209,347,298 284,623,214 79,117,670

------37842,753 ------41,114 206,543 71,768 225,991 172,393 92,722 7,637 16,725 106,949 236,803 299,064 93,320 - 6,428----- 11,420 19,087 13,211 22,299 72,868 65,381 28,843 ------4,650 820 15,794 - - 46,013 ------108,792 33,972 86,844 335,791 381,476 1,479,202 294,556 69,316,998 5,196,456 19,935,549 75,032,422 208,965,822 283,144,012 78,823,114

7,845,016 4,257,676 24,314,585 73,546,292 152,058,601 258,699,413 108,048,777 7,416,715 4,158,168 18,415,269 80,377,451 120,176,137 260,364,388 314,110,906 4,902,750 5,672,134 50,055,822 122,347,155 304,064,830 631,881,565 572,249,219 - 7,504,635 174,653,253 157,292,381 504,849,268 1,465,060,727 1,202,156,717 - - 173,312,859 77,878,440 368,646,238 1,376,855,052 249,542,128

10 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

Europe Dynamic Europe Equity Europe Focus Europe Europe Europe Select Europe Small Cap Fund Fund High Yield Micro Cap 130/30 Small Cap Fund Bond Fund Fund Fund Fund EUR EUR EUR EUR EUR EUR EUR

17,127,008 460,127,097 15,478,673 52,636,666 86,913,954 4,800,122 295,303,740 14,499,402 417,807,414 13,436,845 50,516,560 71,888,528 4,231,476 224,689,718 ------196,047 625,229 292,472 2,174,153 303,680 20,190 762,441 ------154,339 15,157 179,343 891,438 40,408 ------707 153,960 12,239 109,980 2,004 22,500 466,136 4,127 859,309 6,782 1,149,957 19,324 4,661 273,152 7,515 126,923 10,504 - 24,232 1,456 72,355 6,204 - - 5,476 - 17,514 - -653283------6,481 ------105,548 - - - 17,495,947 461,908,328 15,980,296 57,079,699 87,303,602 4,866,443 296,877,824

------449,149 159,050 - - 566,801 ------60,766 502,471 157,722 64,263 30,713 - 403,797 19,669 562,417 29,960 46,962 101,727 6,942 377,057 - - 2,288---- 11,234 94,615 2,307 21,408 22,885 19,077 76,127 ------48,527 2,382------41,768 - 540,818 1,367,080 194,659 132,633 722,126 67,787 856,981 16,955,129 460,541,248 15,785,637 56,947,066 86,581,476 4,798,656 296,020,843

9,562,343 444,504,471 8,022,819 47,009,799 53,206,480 4,177,598 221,762,214 13,239,733 529,429,713 5,484,434 35,783,861 51,051,233 4,116,243 227,604,156 29,136,348 1,877,322,935 28,400,275 55,847,224 69,672,614 5,720,115 469,101,616 181,667,931 6,724,760,335 120,306,237 120,462,285 350,264,462 7,487,132 1,383,590,469 210,032,447 6,201,107,870 11,481,518 56,405,091 177,092,335 - 1,315,922,955

11 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

Europe Strategic Europe Strategic Europe Strategic Europe Strategic Europe Germany Equity Global Growth Growth Small Value Fund Value Small Technology Fund Absolute Return Fund Cap Fund Cap Fund Fund Bond Fund (9) EUR EUR EUR EUR EUR EUR USD

435,287,780 5,026,027 1,325,228,235 3,922,048 118,876,015 555,085,776 5,538,278 332,424,333 3,955,777 1,204,190,992 3,063,443 100,924,641 496,382,307 5,571,706 ------10,517,560 9,286,507 153,421 - 98,729 532,194 4,773,538 24,433,736 ------1,561,147 - 5,846,520 ------15,823,152 460,586 8,083 496,557 - 173,139 3,090,429 - 202,465 1,360 1,828,364 7,831 51,268 37 57,363 13,573 1,383 448,942 446 6,877 52,675 - - 8,862 - 5,016 1,421 - 2,402 ----89-- 3,483-----160,237 ------18,662 ------46,204 446,815,541 5,199,136 1,333,848,618 4,034,070 119,641,003 563,002,455 56,597,594

- - 2,023,611 ------9,904,267 -----3,401,209 ------16,427,504 224,436 800 1,659,925 - 146,607 669,346 - 531,994 7,630 1,941,706 6,538 154,482 735,937 23,101 ------2,211 85,988 10,387 222,005 6,332 40,602 90,838 6,976 ------174,397 ------1,016,815 18,817 5,847,247 12,870 341,691 4,897,330 26,364,059 445,798,726 5,180,319 1,328,001,371 4,021,200 119,299,312 558,105,125 30,233,535

398,966,096 3,021,541 1,390,344,294 3,060,119 94,831,796 286,786,355 - 471,164,520 2,345,574 1,479,917,716 2,248,054 70,223,758 318,655,742 - 1,129,640,211 3,679,978 2,794,249,735 3,404,527 113,646,005 550,719,016 - 2,862,619,054 - 9,169,138,960 - 203,196,335 754,261,152 - 2,173,253,875 - 6,726,029,589 - 192,588,759 181,827,675 -

(9) This Sub-Fund was launched on 7 October 2010. 12 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

Global Global Global Global Corporate Global Credit Global Global Aggregate Consumer Trends Convertibles Bond Fund Bond Fund Duration-Hedged Dynamic Bond Fund Fund Fund (EUR) Corporate Bond Fund (10) Fund USD EUR EUR USD USD EUR USD

23,827,173 112,021,907 2,232,027,022 463,736,360 24,051,864 20,427,418 1,270,994,212 23,446,800 106,937,501 2,019,824,296 469,077,393 23,844,253 20,901,339 1,032,482,491 3,750,514 ------862,830 3,940,101 - 7,889,841 2,132,287 792,645 442,676 -----2,000,000 - - - - 421,424 - - 6,945,046 1,368,727 ------48,230 495,558 9,647,851 1,579,309 - 111,047 730,923 269,869 86,320 10,515,486 7,783,358 449,220 321,120 905,460 2192----64,513 13,629 2,346 - 55,976 11,963 13,465 163 - - 7,126 6,041 - - 11,269 112,112 - - 3,997,160 163,812 176,274 145,291 37,750 - - 1,566,260 44,483 252,355 - 95------30,290,950 116,546,324 2,252,197,485 487,035,729 26,853,629 24,094,324 1,280,239,553

- - 2,295,003 ------194 - - 10,116,631 5,138,901 ------96,588 12,646 2,712,763 2,507,380 - - 971,030 20,582 113,761 2,159,236 325,008 18,181 17,225 1,036,911 ------18,207 33,445 419,808 135,957 16,448 17,271 262,949 - - 15,979,800 ------5,274,278 159,852 23,566,610 2,968,539 34,629 34,496 12,387,521 25,016,672 116,386,472 2,228,630,875 484,067,190 26,819,000 24,059,828 1,267,852,032

27,249,553 53,019,318 2,837,744,071 246,698,799 23,684,650 - 1,135,055,214 26,313,056 5,996,185 1,939,507,561 21,216,813 - - 1,174,912,544 40,709,728 3,634,522 1,742,308,863 - - - 1,872,953,353 50,010,254 - 1,697,301,712 - - - 3,346,335,559 94,432,324 - 1,149,704,455 - - - 2,325,259,734

(10) This Sub-Fund was launched on 16 September 2010. 13 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

Global Global Global Global Government Global Global Global Natural Equity Focus Government Short Duration Healthcare Infrastructure Resources Fund (USD) Fund Bond Fund Bond Fund Fund Trends Fund Fund USD EUR EUR EUR USD EUR EUR

286,462,158 1,444,193,011 257,863,081 61,298,649 37,290,244 3,514,813 3,433,371,819 249,458,610 1,229,446,298 257,814,308 60,916,534 35,263,995 3,145,696 2,395,478,545 ------4,721,391 128,091,141 1,125,679 2,770,338 424 150,636 58,613,729 ------13,457 4,546---2,281,768 ------965,467 8,712,418 1,778,819 434,381 1,944 - 91,627,835 252,706 1,123,976 2,330,648 394,657 41,235 6,321 579,948 18,870 57,102 - - 2,873 - - 19,186 151 12,435 15,931 11,745 4,897 - - 1,381 544 - 11 - 136,827 168,941 15,541,731 1,802,062 41,412 141,049 - - - 339,220 293,194 100,979 ------292,608,719 1,598,073,588 265,211,008 65,056,347 37,489,525 3,676,667 3,586,611,926

------1,144 - 62,930 - 56,792,925 ------10,422 1,646,344 4,956,291 7,000 72,458 - 24,092,665 168,440 1,980,652 64,548 12,306 46,654 4,665 4,311,719 ------77,624 495,079 45,895 22,956 23,139 6,140 1,354,754 -----1,806 ------256,486 4,122,075 5,067,878 42,262 205,181 12,611 86,552,063 292,352,233 1,593,951,513 260,143,130 65,014,085 37,284,344 3,664,056 3,500,059,863

253,598,220 1,027,930,229 280,367,183 42,158,840 36,196,348 3,233,437 1,912,587,338 233,869,436 331,436,544 71,690,468 3,713,850 - - 1,018,336,433 162,885,287 335,896,837 ----1,871,228,153 270,564,769 551,822,932 ----1,778,456,610 251,794,930 107,907,690 ----943,442,736

14 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

Global Real Global Research Global Short Duration Gobal Socially Global Strategic Highbridge Highbridge Estate Securities Enhanced Index Bond Fund Responsible Bond Fund Asia Pacific Europe STEEP Fund (USD) Equity Fund Fund STEEP Fund (11) Fund USD EUR USD USD USD USD EUR

44,660,973 5,321,252 428,145,171 94,116,355 42,783,275 12,496,877 98,833,793 40,283,688 5,016,307 424,532,672 82,274,617 41,882,103 12,496,877 98,842,143 ----10,780,180 - - 689,523 16,830 17,775,927 138,071 6,284,473 2,538,293 4,701,838 ------10,000,000 ------1,617,891 - - 191,424 - 1,759,383 34,983 32,789 - 89,165 124,658 4,368 4,363,840 87,999 621,225 671 110,779 86 141 - 7,376 - - - 15,180 2,592 39,917 - 11,356 2,596 10,248 - - 788 - 666 - - 12,822---656,841 - 7,421 - - 583,770 - 635,455 ------27,166 5,525,105 45,694,666 5,345,183 452,668,796 94,384,784 63,424,151 15,065,603 119,278,349

------12,417,285 - - 81,922 - 827,698 1,134 - - 285,403 49,259 - 161,938 130,091 38,823 11,116 93,140 - 4,346 - - 353,169 - 23,272 27,769 3,271 104,038 22,434 19,545 4,773 36,182 - - 5,640,539 ------158,950 7,617 6,734,213 153,659 12,828,822 15,889 437,997 45,535,716 5,337,566 445,934,583 94,231,125 50,595,329 15,049,714 118,840,352

27,856,852 4,741,898 217,229,216 72,946,730 25,147,773 - 168,540,331 13,710,677 - - 83,519,202 - - 76,358,730 12,635,754 - - 75,044,557 - - 48,985,528 21,580,292 - - 54,795,054 ------35,025,585 - - -

(11) This Sub-Fund was launched on 13 December 2010. 15 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

Highbridge Japan JF ASEAN JF Asia JF Asia Pacific JF China JF Greater US STEEP Dynamic Equity Alpha Plus ex-Japan Equity Fund China Fund Fund Fund Fund Fund Fund USD JPY USD USD USD USD USD

502,005,741 505,725,791 171,861,096 115,162,215 502,498,164 3,802,738,048 893,091,532 502,005,740 472,922,193 152,130,319 105,864,545 431,947,427 3,075,341,243 704,567,516 ------149,456,226 13,885,213 7,424,450 8,021,171 3,340,440 37,948,437 11,190,986 63,000,000 ------285,075 - - 13,398,309 ------9,296,093 - 1,401,613 731,318 416,837 5,907,653 8,926,159 150,709 332,289 55,130 198,865 437,058 468 130 ------363,168 35,346 5,026 272 - - 128 - 11,691 2,114 107 3,234 370 74,198 - - - 278,871 ------26,493,689 ------750,476,784 520,306,461 181,074,401 124,120,709 506,971,749 3,859,996,149 913,209,177

------1,564,171 - - 29,836,507 8,313,453 ------415,864 - 316,642 127,713 159,326 5,716,533 775,774 752,691 654,854 209,281 148,157 513,762 5,057,533 1,174,977 1,651 - - 208,279 - - - 159,223 537,796 83,657 44,645 548,376 3,555,459 303,383 ------182,360 ------1,329,429 1,192,650 2,173,751 711,154 1,221,464 44,166,032 10,567,587 749,147,355 519,113,811 178,900,650 123,409,555 505,750,285 3,815,830,117 902,641,590

706,157,798 490,650,883 50,180,087 34,135,306 466,045,617 3,435,434,476 684,691,268 296,227,780 540,273,309 - 57,962,253 324,166,004 3,277,872,788 568,509,936 53,672,320 930,740,901 - 105,923,364 475,593,917 2,680,483,250 622,728,380 - 7,182,106,766 - 112,533,474 864,817,828 3,221,787,004 684,910,511 - 27,194,449,831 - 46,475,242 738,412,667 1,156,132,290 476,255,116

16 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

JF Hong Kong JF India JF Japan JF Japan JF Japan JF Korea JF Pacific Fund Fund Alpha Plus Equity Small Cap Equity Balanced Fund Fund Fund Fund Fund USD USD USD USD USD USD USD

168,502,764 3,213,299,016 42,570,321 275,995,485 29,643,231 81,451,498 124,235,125 148,414,680 1,846,814,054 38,469,811 253,555,955 26,951,150 72,798,023 110,308,984 ------362,216 93,046,266 709,629 5,087,161 212,064 19,147,761 2,364,198 ------198,403 - 175,902 507,995 346,956 ------721,439 5,608,627 - 528,345 66,270 1,035,726 85,942 178,779 4,499 23,559 111,862 32,171 754,134 770,396 ------16,110 51,159 - - - 10,293 14,881 24,939 76 1,227 - 75 - 938 750 -----87,638 - - 117,005 - - - 677,773 ------169,816,433 3,312,076,640 43,501,912 281,722,928 30,139,931 103,678,344 127,844,416

------737,092 3,151,525 312,663 2,088,462 291,505 ------144,697 3,764,555 - 196,191 52,388 206,911 111,637 229,157 4,729,714 56,573 340,798 40,138 91,646 165,756 ------108,419 1,259,050 9,764 73,414 20,007 34,472 66,431 ------230,548 ------482,273 9,753,319 803,429 3,761,928 425,196 2,421,491 865,877 169,334,160 3,302,323,321 42,698,483 277,961,000 29,714,735 101,256,853 126,978,539

170,855,931 2,637,009,261 12,773,277 253,118,567 33,764,363 32,973,452 108,088,203 212,431,721 2,084,541,872 7,046,551 356,735,115 52,721,554 11,522,686 132,125,204 257,111,221 2,533,079,738 23,022,771 800,338,469 139,803,462 36,806,282 151,733,601 108,208,759 4,123,155,354 51,558,445 1,948,180,766 241,926,110 - 182,226,858 69,447,599 2,682,021,036 185,379,443 3,851,032,031 254,241,348 - 207,569,440

17 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

JF Pacific JF Pacific JF Singapore JF Taiwan Latin America Managed Russia Equity Technology Fund Fund Equity Reserves Fund Fund Fund Fund Fund USD USD USD USD USD USD USD

643,976,730 31,783,364 209,303,772 534,227,629 1,811,625,312 120,315,853 2,863,185,765 546,662,833 27,368,878 175,835,575 413,506,359 1,370,613,495 120,853,519 2,286,509,489 ------27,071,280 1,168,909 4,071,997 5,653,112 - 10,913,591 ------1,537,117 - - - 68,405,344 ------761,508 212,783 307,391 505,828 8,903,727 293,744 6,022,446 556,703 72,093 156,285 - 2,131,240 594,150 2,841,116 ------26,262 - 13,679 9,174 44,539 26,547 21,694 221,641 1,691 11 - 1,002 635 10,788 ------188,481 - 249,125 ------672,617,037 33,250,839 215,385,736 540,432,110 1,822,687,461 132,338,301 2,940,702,574

----1,170,310 - 47,238,634 ------1,356,676 - 68,149 ------767,104 24,052 377,415 2,350,298 2,635,206 - 7,792,502 942,089 49,218 316,892 574,465 2,039,211 32,290 2,936,650 ------135,237 25,373 88,665 216,505 453,909 40,017 954,347 484,164 ------3,685,270 98,643 851,121 3,141,268 6,298,636 72,307 58,922,133 668,931,767 33,152,196 214,534,615 537,290,842 1,816,388,825 132,265,994 2,881,780,441

571,746,822 60,914,568 175,447,667 338,093,161 1,290,637,333 30,021,196 2,035,560,908 557,931,669 27,012,528 198,367,313 404,227,084 921,144,836 - 771,414,461 892,048,594 43,863,223 603,489,727 1,080,868,675 2,091,554,855 - 1,630,707,987 1,210,682,811 39,446,674 789,840,297 748,278,900 1,748,314,623 - 299,387,847 1,562,304,523 51,718,815 163,904,802 434,243,842 767,332,573 - 117,766,371

18 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

Sterling Bond Systematic UK Equity US 130/30 US Aggregate US Dynamic US Growth Fund Alpha Fund Fund Bond Fund Alpha Plus Fund Fund Fund GBP EUR GBP USD USD USD USD

69,473,233 2,629,874 30,531,104 135,110,176 1,186,926,417 509,063,029 100,463,405 68,557,010 2,538,088 27,063,035 124,765,328 1,151,149,510 465,004,815 82,294,845 ------91,408 2,468,260 860,656 5,537,753 - 4,599,108 2,849,525 ------82,279 4,476,678 336,357 11,299,608 ------42,656 - 13,833 277,476 2,956,066 403,750 - 1,445,451 564 104,087 60,684 7,914,997 241,087 27,350 - 15,560 - 3,558 - 19,607 - 4,306 14,698 904 15,631 136,306 ------21,722 - 29,390 1,213 - - 14,193 - 4,170 ---- - 125,098 - 605,391 - - - 71,071,247 5,275,776 31,597,033 146,116,737 1,198,271,356 525,626,189 103,340,280

- - - 75 4,778,952 ------109,056 1,662 6,857,528 3,151 9,838,608 ------31,619 - 136,407 125,000 28,506,875 416,427 - 52,261 6,515 39,090 137,180 737,839 706,153 129,958 - 8,535 ----- 18,235 16,435 10,979 53,626 324,584 93,537 21,674 6,152------11,368 ------1,202,989 108,267 151,909 188,138 7,173,409 34,351,401 11,054,725 1,354,621 70,962,980 5,123,867 31,408,895 138,943,328 1,163,919,955 514,571,464 101,985,659

66,662,213 4,942,399 31,177,986 125,027,282 959,323,512 694,398,270 34,914,878 69,265,691 - 40,485,733 15,822,794 620,305,842 771,329,174 3,971,538 111,700,689 - 97,467,345 12,815,065 384,092,920 2,029,139,806 - 173,300,783 - 428,716,683 - 254,010,752 7,549,424,048 - 252,728,711 - 432,500,309 - 252,454,960 4,920,977,009 -

19 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2010

US Select US Short US Small and US Small Cap US Strategic US Technology US Value 130/30 Duration Micro Cap Growth Growth Fund Fund Fund Bond Fund (12) Fund Fund Fund USD USD USD USD USD USD USD

1,375,870,915 10,039,963 132,067,871 100,421,581 38,020,557 111,088,726 784,904,840 1,172,486,184 10,042,502 113,111,469 88,513,892 36,413,289 86,625,834 696,519,259 ------47,499,602 - 3,307,687 2,988,458 641,105 1,927,697 33,936,085 ------250,073 61,186 ------896,136 - 2,571,025 457,231 547,527 538,621 3,259,732 1,000,011 21,866 58,857 19,063 16,661 1,640 672,533 28,740 - - - 20,034 8,703 17,162 - 3,573 - 5,838 12,550 17,330 - 546---2774631,894 381,626 - - - 69,291 - 214,071 43,450 ------6,323,883 ------1,432,044,909 10,065,402 138,255,513 103,953,357 39,328,002 113,583,180 823,006,317

------1,523,392 61,661 2,747,434 94,683 ------614,681 - 48,892 209,755 41,395 605,216 2,774,294 1,186,397 3,286 146,413 113,161 43,813 144,158 679,969 42,517------235,914 4,449 37,229 34,840 24,266 53,822 150,626 ------3,602,901 69,396 2,979,968 452,439 109,474 803,196 3,604,889 1,428,442,008 9,996,006 135,275,545 103,500,918 39,218,528 112,779,984 819,401,428

1,353,126,168 - 145,918,535 46,434,212 59,733,564 52,580,080 571,693,123 1,145,061,297 - 75,427,767 29,100,734 93,548,217 34,742,734 634,397,311 988,756,085 - 79,442,002 47,282,308 623,683,872 140,291,566 855,159,915 - - 211,101,103 67,473,188 584,352,217 65,053,721 1,776,712,510 - - 408,669,979 65,415,360 183,686,288 89,973,113 1,193,279,302

(12) This Sub-Fund was launched on 15 December 2010.

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21 This page has been left blank intentionally

22 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets For the Period from 1 July 2010 to 31 December 2010

JPMorgan Funds Africa Aggregate America Combined Equity Bond Equity Fund Fund Fund USD USD USD USD

Net Assets at the Beginning of the Period * 45,527,984,819 175,314,359 9,722,718 373,415,446

Income Dividend Income, Net 304,942,891 3,553,205 - 2,772,620 Interest Income, Net 158,260,617 5,419 168,298 32,681 Securities Lending Income 4,678,174 - 351 1,273 Bank Interest 355,873 5,710 1,095 - Interest on Swap Transactions 7,728,526 - - -

Total Income 475,966,081 3,564,334 169,744 2,806,574

Expenses Management and Advisory Fees 349,004,889 2,617,473 42,563 2,941,415 Custodian, Corporate, Administration and Domiciliary Agency Fees 28,742,531 520,940 48,203 143,710 Registrar and Transfer Agency Fees 19,577,310 245,638 19,489 167,823 Taxe d’abonnement 12,286,766 103,859 2,655 104,238 Overdraft Interest 270,558 1,009 4,482 - Interest on Swap Transactions 5,542,645 - - - Sundry Fees** 23,033,652 30,778 1,957 95,453 438,458,351 3,519,697 119,349 3,452,639 Less: Fee Waiver (1) 7,565,592 302,197 61,664 17,719

Total Expenses before Performance Fees 430,892,759 3,217,500 57,685 3,434,920 Performance Fees 921,580 27,193 - -

Total Expenses 431,814,339 3,244,693 57,685 3,434,920

Net Investment Income/(Loss) 44,151,742 319,641 112,059 (628,346)

Net Realised Gain/(Loss) on Sale of Investments 1,356,929,464 5,607,246 86,809 5,266,527 Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 203,703,432 (150,248) (20,267) 827,089 Net Realised Gain/(Loss) on Financial Futures Contracts 14,754,464 - (70,239) - Net Realised Gain/(Loss) on Foreign Exchange (11,818,636) (1,539,521) 2,577 81,679 Net Realised Gain/(Loss) on TBAs 31,580 - 13,376 - Net Realised Gain/(Loss) on Derivatives Instruments 78,992,151 - - -

Net Realised Gain/(Loss) for the Period 1,642,592,455 3,917,477 12,256 6,175,295

Net Change in Unrealised Gain/(Loss) on Investments 7,564,124,469 87,981,330 493,205 67,997,092 Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 23,826,003 (581) (92,947) 161,864 Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts 10,707,791 - 31,113 - Net Change in Unrealised Gain/(Loss) on Foreign Exchange 1,722,335 (127,808) 4,812 135 Net Change in Unrealised Gain/(Loss) on TBAs (50,935) - (12,154) - Net Change in Unrealised Gain/(Loss) on Derivatives Instruments 92,114,892 - - -

Net Change in Unrealised Gain/(Loss) for the Period 7,692,444,555 87,852,941 424,029 68,159,091

Increase/(Decrease) in Net Assets as a Result of Operations 9,379,188,752 92,090,059 548,344 73,706,040

Movements in Share Capital Subscriptions 21,687,466,950 460,258,943 508,413 45,707,019 Redemptions (17,192,401,673) (120,370,710) (434,844) (53,208,866) Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 4,495,065,277 339,888,233 73,569 (7,501,847)

Dividend Distribution (145,328,573) (4,362) - -

Net Assets at the End of the Period 59,256,910,275 607,288,289 10,344,631 439,619,639

(1) Please refer to Note 7a).

* The opening balance was combined using the foreign exchange rates as at 31 December 2010. The same net assets when combined using the foreign exchange rate rulingas at 30 June 2010 reflected a 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.

23 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

America Asia Pacific Asia Pacific ex-Japan Brazil Corporate Eastern Europe Emerging Europe, Large Cap Bond Behavioural Finance Alpha Plus Bond Portfolio Equity Middle East and Fund Fund Equity Fund Fund Fund I (2) Fund Africa Equity Fund USD USD USD USD EUR EUR USD

84,456,730 9,675,813 3,228,209 288,795,857 - 941,639,605 619,492,702

946,188 - 60,902 3,666,457 - 6,545,635 6,827,510 1,408 430,469 - 8,302 3,340,698 22,669 2,263 1,101 270 - - 2,314 - - - - 125 - - 2,629 7,872 ------

948,697 430,739 61,027 3,674,759 3,343,012 6,570,933 6,837,645

824,878 70,564 29,345 3,192,324 628,330 8,320,247 5,964,866 72,777 72,098 57,985 315,128 65,312 761,454 631,883 71,261 23,961 17,794 190,964 64,343 413,912 323,617 32,141 6,598 1,082 108,864 64,060 264,935 203,506 - 140 - - 143 799 255 ------11,740 1,801 1,132 3,764,438 152,963 342,475 284,070 1,012,797 175,162 107,338 7,571,718 975,151 10,103,822 7,408,197 17,593 85,420 69,333 36,202 267,428 51,944 32,279

995,204 89,742 38,005 7,535,516 707,723 10,051,878 7,375,918 ------

995,204 89,742 38,005 7,535,516 707,723 10,051,878 7,375,918

(46,507) 340,997 23,022 (3,860,757) 2,635,289 (3,480,945) (538,273)

2,456,962 240,563 178,338 18,960,588 494,519 13,299,744 11,949,635 5,961 (63,109) 68 107,821 (13,840,317) 5,299 61,998 - 19,026 - - (950) - - 13,864 (49,288) 4,725 (796,900) 1,364,099 (549,200) (430,353) ------925,270 - - -

2,476,787 147,192 183,131 19,196,779 (11,982,649) 12,755,843 11,581,280

21,484,455 473,684 852,353 60,871,021 222,865 171,135,803 197,246,568 - 503,688 - - 6,604,614 ------6,285 498 37,134 36,958 (138,294) 17,701 ------(188,177) - - -

21,484,455 983,657 852,851 60,719,978 6,864,437 170,997,509 197,264,269

23,914,735 1,471,846 1,059,004 76,056,000 (2,482,923) 180,272,407 208,307,276

66,719,832 24,168,950 1,003,769 415,059,071 265,444,031 360,648,725 307,168,859 (32,616,136) (2,610,402) - (191,849,344) (4,025,370) (248,148,700) (165,546,879) 34,103,696 21,558,548 1,003,769 223,209,727 261,418,661 112,500,025 141,621,980

- - - (155) - - (830,535)

142,475,161 32,706,207 5,290,982 588,061,429 258,935,738 1,234,412,037 968,591,423

(2) This Sub-Fund was launched on 1 July 2010. 24 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets Alpha Plus Bond Corporate Bond Corporate Bond Currency Alpha Debt Fund Diversified Fund Fund Fund (3) Portfolio Fund II (4) Fund Equity Fund (5) USD USD USD USD EUR EUR USD

220,474,010 125,177,410 - - 3,772,465 167,809,729 -

2,235,463 -----87,109 5,722 6,328,359 854,798 283 4,360 8,421,198 131 - 16,667 1,438 - - 25,478 - 7,070 - - - 266 6,085 ------

2,248,255 6,345,026 856,236 283 4,626 8,452,761 87,240

1,642,889 915,410 130,462 4,869 28,582 1,446,485 5,512 237,181 118,953 65,881 - 56,042 144,594 - 103,121 100,229 28,417 7,421 13,512 145,407 4,159 52,990 41,384 10,599 1,261 941 65,830 2,274 - 6,322---4,929 243 -----59,731 - 274,449 59,994 5,551 230 356 113,831 43,140 2,310,630 1,242,292 240,910 13,781 99,433 1,980,807 55,328 61,717 25,453 59,585 8,690 63,230 42,190 3,639

2,248,913 1,216,839 181,325 5,091 36,203 1,938,617 51,689 - - 82,535 ----

2,248,913 1,216,839 263,860 5,091 36,203 1,938,617 51,689

(658) 5,128,187 592,376 (4,808) (31,577) 6,514,144 35,551

14,776,710 7,126,125 473,559 - (783) 12,033,061 - 8,307 (81,792) 158,278 17,129 113,196 12,388,974 424,739 (898,258) (129,956) 32,013 - - (356,553) - 268,590 (72,692) (68,734) (7,464) (343) (4,700,487) 249,690 ------2,432,629 (21,764) - - (36,426) 88,597 -

16,587,978 6,819,921 595,116 9,665 75,644 19,453,592 674,429

33,591,023 (2,031) 313,626 93 929 (17,621,140) 905,956 43 (76,162) 274,219 124,515 (47,139) 7,062,858 - 476,292 (25,595) - - - 76,351 - 124,806 (8,690) (3,567) (813) - (133,522) 3,454 ------(664,562) - 7,646 - 3,545 (206,849) -

33,527,602 (112,478) 591,924 123,795 (42,665) (10,822,302) 909,410

50,114,922 11,835,630 1,779,416 128,652 1,402 15,145,434 1,619,390

104,675,140 229,790,497 64,430,800 10,258,144 - 297,661,180 36,973,300 (107,918,921) (133,697,566) (695,224) (294,228) - (219,446,584) - (3,243,781) 96,092,931 63,735,576 9,963,916 - 78,214,596 36,973,300

(19,242) ----(3,920,883) -

267,325,909 233,105,971 65,514,992 10,092,568 3,773,867 257,248,876 38,592,690

(3) This Sub-Fund was launched on 14 July 2010. (4) This Sub-Fund was launched on 24 November 2010. (5) This Sub-Fund was launched on 10 December 2010.

25 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Middle Equity Fund Infrastructure Investment Grade Local Currency Small Cap Value East Equity Equity Fund Bond Fund (6) Debt Fund Fund Fund Fund USD USD USD EUR USD USD USD

6,562,754,178 66,178,907 - 474,595,650 212,062,695 150,174,353 316,270,641

68,837,324 919,082 - - 3,066,477 2,049,688 1,480,937 63,574 800 70,218 17,912,041 5,639 644 2,191 - - - 5,213--- 19,251 577 - 40,685 2,562 357 3,877 ------

68,920,149 920,459 70,218 17,957,939 3,074,678 2,050,689 1,487,005

45,581,282 831,365 14,104 1,828,420 3,065,192 581,007 3,178,077 3,459,915 125,664 - 333,204 331,473 170,011 775,590 2,340,671 97,300 6,857 192,871 225,165 59,672 230,195 1,681,680 32,906 2,253 106,363 129,220 33,293 108,495 - 397 - 881 445 - 2,131 ------2,308,265 248,395 614 157,573 333,372 175,055 173,879 55,371,813 1,336,027 23,828 2,619,312 4,084,867 1,019,038 4,468,367 1,992 63,517 3,455 79,900 32,162 58,665 400,557

55,369,821 1,272,510 20,373 2,539,412 4,052,705 960,373 4,067,810 - 116,986 - 20,112---

55,369,821 1,389,496 20,373 2,559,524 4,052,705 960,373 4,067,810

13,550,328 (469,037) 49,845 15,398,415 (978,027) 1,090,316 (2,580,805)

18,871,236 2,838,909 (566) 14,658,521 17,409,863 5,818,063 3,472,539 1,073,112 1,404 80,994 4,840,177 252,047 (200) (8,382) - - - (130,520) - - - 595,434 (97,650) (57,674) (2,238,423) 110,188 99,008 (132,268) ------732,430 - - -

20,539,782 2,742,663 22,754 17,862,185 17,772,098 5,916,871 3,331,889

1,684,486,634 22,306,137 (199,129) (16,188,382) 69,240,909 35,633,846 74,743,429 - - 296,932 658,210 22 - - - - (1,171) 121,940 - - - 483,733 20,049 - (432,665) 135,624 17,145 23,133 ------(433,529) - - -

1,684,970,367 22,326,186 96,632 (16,274,426) 69,376,555 35,650,991 74,766,562

1,719,060,477 24,599,812 169,231 16,986,174 86,170,626 42,658,178 75,517,646

2,547,602,267 105,540,626 17,854,188 509,470,678 534,196,661 34,333,701 290,740,245 (1,322,793,249) (20,635,362) - (326,197,101) (233,425,485) (15,023,199) (237,841,818) 1,224,809,018 84,905,264 17,854,188 183,273,577 300,771,176 19,310,502 52,898,427

(13,896,033) - - (1,931,236) (3,390) - (2,391,297)

9,492,727,640 175,683,983 18,023,419 672,924,165 599,001,107 212,143,033 442,295,417

(6) This Sub-Fund was launched on 29 November 2010. 26 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

233,269,722 6,987,080 26,690,639 64,665,022 166,809,115 18,941,263 594,371,470

------3,347,986 4,640,307 131,309 687,442 818,967 492,563 346,067 612 8,067 431 2,623 3,950 1,898 842 547,715 ------

4,648,374 131,740 690,065 822,917 494,461 346,909 3,896,313

448,673 28,731 144,421 98,792 374,276 59,710 4,393,674 95,826 32,489 35,976 45,871 65,249 40,471 283,028 117,137 14,502 33,542 33,956 140,678 20,382 208,953 65,507 1,771 7,128 9,479 7,063 4,922 136,262 ----1,051-38,809 ------24,218 671 2,645 4,905 14,704 3,649 91,539 751,361 78,164 223,712 193,003 603,021 129,134 5,152,265 86,338 42,247 50,787 56,930 120,983 49,871 19,436

665,023 35,917 172,925 136,073 482,038 79,263 5,132,829 ------

665,023 35,917 172,925 136,073 482,038 79,263 5,132,829

3,983,351 95,823 517,140 686,844 12,423 267,646 (1,236,516)

69,263 (40,694) 265,404 (951,581) - (135,890) 14,309,098 (217,201) ----(1,159) (17,154) 235,239 (7,267) (24,787) (4,759) - (5,593) (2,366,572) 193,018 55----29,295 ------

280,319 (47,906) 240,617 (956,340) - (142,642) 11,954,667

(6,559,155) (51,797) (479,607) 373,449 - (54,060) 66,700,223 273,968 ----(2,494) - (150,888) 6,658 25,455 (12,703) - 22,533 598,395 (22,542) (83) 89---(93) ------

(6,458,617) (45,222) (454,063) 360,746 - (34,021) 67,298,525

(2,194,947) 2,695 303,694 91,250 12,423 90,983 78,016,676

272,593,248 86,775 9,631,516 18,062,731 80,638,712 4,312,739 77,425,123 (273,935,527) (80,473) (11,359,979) (44,847,823) (117,845,566) (3,597,051) (188,475,720) (1,342,279) 6,302 (1,728,463) (26,785,092) (37,206,854) 715,688 (111,050,597)

- - - (54,160) - (1,535) (6,974,263)

229,732,496 6,996,077 25,265,870 37,917,020 129,614,684 19,746,399 554,363,286

(7) This Sub-Fund was renamed from Euro Liquid Reserve Fund on 2 August 2010. 27 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

7,845,016 4,257,676 24,314,585 73,546,292 152,058,601 258,699,413 108,048,777

306,061 33,460 - 310,731 1,667,858 1,740,898 620,077 237 145 413,536 543,946 1,424 599 2,288 32,267 2,630 964 25,969 - 130,340 69,360 - - - 1,089 1,108 - - --317----

338,565 36,235 414,817 881,735 1,670,390 1,871,837 691,725

348,622 42,376 109,580 615,242 1,309,151 1,709,251 599,815 77,474 124,235 48,905 81,444 269,611 177,508 105,365 23,939 15,904 29,832 48,308 100,310 98,893 51,753 16,902 1,211 5,414 18,793 44,523 64,093 18,555 -299---4,309 1,260 ------3,931 444 2,079 7,041 17,132 29,182 20,079 470,868 184,469 195,810 770,828 1,740,727 2,083,236 796,827 30,675 132,420 63,610 8,576 82,731 38,038 37,455

440,193 52,049 132,200 762,252 1,657,996 2,045,198 759,372 - 6,428-----

440,193 58,477 132,200 762,252 1,657,996 2,045,198 759,372

(101,628) (22,242) 282,617 119,483 12,394 (173,361) (67,647)

1,107,303 376,238 (424,098) 3,167,363 3,332,128 23,860,476 4,086,569 69 (4,975) 116,604 (225,435) 1,216 11,320 1,119 (6,188) 10,413 (52,022) 284,092 - 93,007 84,749 (101) 6,016 4,071 (18,671) 70,375 (281,894) (98,702) ------

1,101,083 387,692 (355,445) 3,207,349 3,403,719 23,682,909 4,073,735

4,567,559 487,846 346,238 2,606,624 17,612,756 21,033,635 4,616,086 - - 117,319 627,099 - - - (1,350) (820) (7,399) (331,286) - (46,013) - - (711) (7,272) (2,324) 3,811 152,705 42,975 ------39,344 (336) ----

4,566,209 525,659 448,550 2,900,113 17,616,567 21,140,327 4,659,061

5,565,664 891,109 375,722 6,226,945 21,032,680 44,649,875 8,665,149

63,314,615 683,159 10,563,802 4,597,011 106,826,836 20,633,619 3,710,881 (7,379,362) (629,585) (15,318,560) (8,913,618) (70,057,132) (40,187,538) (41,276,417) 55,935,253 53,574 (4,754,758) (4,316,607) 36,769,704 (19,553,919) (37,565,536)

(28,935) (5,903) - (424,208) (895,163) (651,357) (325,276)

69,316,998 5,196,456 19,935,549 75,032,422 208,965,822 283,144,012 78,823,114

28 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

Europe Dynamic Europe Equity Europe Focus Europe Europe Europe Select Europe Small Cap Fund Fund High Yield Micro Cap 130/30 Small Cap Fund Bond Fund Fund Fund Fund EUR EUR EUR EUR EUR EUR EUR

9,562,343 444,504,471 8,022,819 47,009,799 53,206,480 4,177,598 221,762,214

46,038 3,550,698 93,779 - 230,073 31,149 1,218,017 219 576 141 1,924,618 1,037 - 3,679 3,512 250,994 - 17,326 19,058 2,031 126,170 ------88,472 - - -

49,769 3,802,268 93,920 2,030,416 250,168 33,180 1,347,866

82,083 3,271,357 154,485 269,736 458,883 38,741 2,018,370 101,098 233,833 84,599 52,558 115,375 115,091 145,353 19,921 195,946 21,804 51,516 32,828 14,602 140,843 3,196 110,168 3,928 14,456 17,612 1,099 67,352 168 22,659 - - 417 ------979 64,405 1,542 5,142 5,525 381 42,270 207,445 3,898,368 266,358 393,408 630,640 169,914 2,414,188 104,734 17,583 81,628 30,115 54,695 122,485 8,110

102,711 3,880,785 184,730 363,293 575,945 47,429 2,406,078 - - 2,288----

102,711 3,880,785 187,018 363,293 575,945 47,429 2,406,078

(52,942) (78,517) (93,098) 1,667,123 (325,777) (14,249) (1,058,212)

773,110 17,898,810 203,707 (3,484,516) 2,493,594 156,024 13,938,664 (1,617) 583 - 397,904 (17,146) (173) (13,152) - 85,052 34,820 - - 3,132 - (10,162) (32,586) (11,240) (43,265) 20,514 (1,385) 6,200 ------46,507 - (210,000) -

761,331 17,951,859 227,287 (3,083,370) 2,496,962 (52,402) 13,931,712

2,023,929 57,296,638 2,156,553 5,919,813 12,405,079 558,020 46,682,180 - - - 22,234--- - 376,141 2,949---- (318) (21,124) 2,032 (6,636) (652) (314) (6,711) ------182,448 - 115,049 -

2,023,611 57,651,655 2,161,534 6,117,859 12,404,427 672,755 46,675,469

2,732,000 75,524,997 2,295,723 4,701,612 14,575,612 606,104 59,548,969

9,558,376 15,961,495 9,777,121 34,398,545 26,244,770 241,492 53,037,922 (4,896,259) (72,244,093) (4,309,822) (28,026,183) (7,349,346) (224,652) (37,321,042) 4,662,117 (56,282,598) 5,467,299 6,372,362 18,895,424 16,840 15,716,880

(1,331) (3,205,622) (204) (1,136,707) (96,040) (1,886) (1,007,220)

16,955,129 460,541,248 15,785,637 56,947,066 86,581,476 4,798,656 296,020,843

29 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

398,966,096 3,021,541 1,390,344,294 3,060,119 94,831,796 286,786,355 -

1,537,180 12,181 14,192,546 23,714 341,045 - 18,958 1,771 20 4,475 143 595 507 72,968 110,288 1,317 1,101,593 1,808 98,324 61,761 43 ------422 ------

1,649,239 13,518 15,298,614 25,665 439,964 62,268 92,391

2,854,054 35,790 12,158,376 34,939 816,553 2,954,588 64,512 214,598 55,789 365,929 66,124 101,522 133,091 - 158,446 14,576 478,354 13,829 86,145 180,366 11,584 105,049 1,078 340,937 938 27,273 102,835 3,214 8,726 - 58,232 - 748 2,207 1,536 ------45,764 263 137,058 329 16,093 154,656 3,384 3,386,637 107,496 13,538,886 116,159 1,048,334 3,527,743 84,230 24,316 64,614 151 74,185 26,059 22,315 5,988

3,362,321 42,882 13,538,735 41,974 1,022,275 3,505,428 78,242 ------2,211

3,362,321 42,882 13,538,735 41,974 1,022,275 3,505,428 80,453

(1,713,082) (29,364) 1,759,879 (16,309) (582,311) (3,443,160) 11,938

33,036,328 280,192 37,775 213,816 6,867,481 3,198,571 7,648 5,931 61 (26,682) 13 835 - (1,461,380) 702,211 - 1,935,619 - - - (5,533) (199,801) (1,006) (495,334) (2,644) (37,416) - 641,954 ------(65,055) ------

33,544,669 279,247 1,451,378 211,185 6,830,900 3,198,571 (882,366)

54,539,064 725,914 166,065,368 646,721 11,389,129 56,400,194 (33,428) 3,483-----160,237 (174,397) - 74,607 - - - 18,662 (17,265) - (83,250) - (7,364) - 354 ------35,849 ------18,767

54,350,885 725,914 166,056,725 646,721 11,381,765 56,400,194 200,441

86,182,472 975,797 169,267,982 841,597 17,630,354 56,155,605 (669,987)

83,932,416 1,325,032 93,273,816 449,773 25,473,393 325,794,939 31,150,922 (123,280,262) (142,051) (301,347,137) (330,289) (18,601,510) (109,580,553) (247,400) (39,347,846) 1,182,981 (208,073,321) 119,484 6,871,883 216,214,386 30,903,522

(1,996) - (23,537,584) - (34,721) (1,051,221) -

445,798,726 5,180,319 1,328,001,371 4,021,200 119,299,312 558,105,125 30,233,535

(8) This Sub-Fund was launched on 7 October 2010. 30 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

27,249,553 53,019,318 2,837,744,071 246,698,799 23,864,650 - 1,135,055,214

- 633,926 1,063,451 39 - - 8,094,895 543,878 2,148 29,368,304 9,167,374 859,152 244,999 723 954 - - 9,521 - - 247,526 525 241 32,401 3,299 306 - 235 57,162 ------

602,519 636,315 30,464,156 9,180,233 859,458 244,999 8,343,379

138,212 424,553 13,445,606 1,575,730 104,843 54,737 6,466,877 65,625 50,999 494,058 166,890 53,837 11,985 389,092 40,971 65,395 669,273 148,376 23,247 11,601 333,600 7,243 22,391 502,928 98,975 6,640 5,410 225,304 - - 21,431 - - 100 1,438 57,072 ------2,809 14,202 737,460 140,672 4,822 2,039 294,228 311,932 577,540 15,870,756 2,130,643 193,389 85,872 7,710,539 85,952 34,778 30,195 201,578 62,435 19,256 48,526

225,980 542,762 15,840,561 1,929,065 130,954 66,616 7,662,013 ------

225,980 542,762 15,840,561 1,929,065 130,954 66,616 7,662,013

376,539 93,553 14,623,595 7,251,168 728,504 178,383 681,366

(3,303,820) 2,225,686 134,875,336 5,413,028 226,326 (122,148) 41,839,386 1,040 (5,458) 135,992,785 7,672,436 661,981 199,531 1,286,286 (150,272) - - (1,642,605) (117,993) 29,046 - 19,900 (181,885) 2,281,530 (942,225) 982 57,394 327,033 45,718 ------

(3,387,434) 2,038,343 273,149,651 10,500,634 771,296 163,823 43,452,705

4,981,799 5,970,899 (48,019,025) (2,925,898) 626,501 (473,921) 228,618,428 97,135 - (9,205,674) 3,124,580 180,421 176,274 283,834 63,558 - - 2,204,496 78,529 252,355 - 13,941 (53,892) (436,061) 104,964 1,257 (6,095) (16,085) (45,704) ------(243)------

5,110,486 5,917,007 (57,660,760) 2,508,142 886,708 (51,387) 228,886,177

2,099,591 8,048,903 230,112,486 20,259,944 2,386,508 290,819 273,020,248

15,137,178 63,439,821 602,842,455 353,887,682 1,086,597 24,078,385 126,856,800 (19,213,512) (8,121,570) (1,431,986,685) (131,257,141) (518,755) (309,376) (266,380,942) (4,076,334) 55,318,251 (829,144,230) 222,630,541 567,842 23,769,009 (139,524,142)

(256,138) - (10,081,452) (5,522,094) - - (699,288)

25,016,672 116,386,472 2,228,630,875 484,067,190 26,819,000 24,059,828 1,267,852,032

(9) This Sub-Fund was launched on 16 September 2010. 31 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

253,598,220 1,027,930,229 280,367,183 42,158,840 36,196,348 3,233,437 1,912,587,338

2,324,852 10,075,077 - - 177,952 33,520 7,919,759 515 1,448 3,902,504 456,408 241 99 124,337 80,311 325,096 10,064 1,843 3,347 - - - 86,241 2,249 1,552 - - 5,425 ------

2,405,678 10,487,862 3,914,817 459,803 181,540 33,619 8,049,521

988,860 10,072,415 454,935 63,822 281,290 25,779 19,148,227 139,596 372,763 115,626 59,894 60,107 26,650 462,958 100,715 497,468 105,358 28,364 50,621 13,512 855,777 57,913 350,923 70,960 10,637 9,693 877 674,210 (2)381392---330 ------81,628 345,231 56,755 13,172 6,687 1,006 646,156 1,368,710 11,639,181 804,026 175,889 408,398 67,824 21,787,658 54,356 19,650 103,312 78,995 57,797 34,486 340

1,314,354 11,619,531 700,714 96,894 350,601 33,338 21,787,318 ------

1,314,354 11,619,531 700,714 96,894 350,601 33,338 21,787,318

1,091,324 (1,131,669) 3,214,103 362,909 (169,061) 281 (13,737,797)

(1,611,482) 7,455,533 2,705,213 1,384,266 1,625,650 85,135 33,367,407 3,097,949 (5,443,968) 3,941,352 (1,083,370) 283,777 (9,386) 1,944,992 - 9,182,592 381,834 5,141 - - - 57,552 (1,093,785) 57,575 23,535 7,456 (6,026) (4,237,127) ------

1,544,019 10,100,372 7,085,974 329,572 1,916,883 69,723 31,075,272

50,660,533 165,701,204 (14,452,858) (2,991,948) 4,368,650 299,835 761,624,212 327,885 7,769,102 3,133,422 31,298 94,231 (1,662) - - 1,165,831 211,368 101,569 - - - (9,020) (197,965) (15,444) 7,049 (1,213) 60 313,764 ------

50,979,398 174,438,172 (11,123,512) (2,852,032) 4,461,668 298,233 761,937,976

53,614,741 183,406,875 (823,435) (2,159,551) 6,209,490 368,237 779,275,451

8,325,068 796,839,972 136,961,843 41,850,029 4,313,315 64,029 1,869,426,720 (22,947,517) (413,633,212) (156,362,461) (16,627,011) (9,433,934) (1,647) (1,061,229,646) (14,622,449) 383,206,760 (19,400,618) 25,223,018 (5,120,619) 62,382 808,197,074

(238,279) (592,351) - (208,222) (875) - -

292,352,233 1,593,951,513 260,143,130 65,014,085 37,284,344 3,664,056 3,500,059,863

32 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

Global Real Global Research Global Short Duration Gobal Socially Global Strategic Highbridge Highbridge Estate Securities Enhanced Index Bond Fund Responsible Fund Bond Fund Asia Pacific Europe STEEP Fund (USD) Equity Fund STEEP Fund (10) Fund USD EUR USD USD USD USD EUR

27,856,852 4,741,898 217,229,216 72,946,730 25,147,773 - 168,540,331

463,703 42,374 - 673,647 - - - 172 32 4,791,895 157 984,537 671 251,302 1,594 525 6,949 - 375 - - 668 - 1,193---1,018 ------1,033,414

466,137 42,931 4,800,037 673,804 984,912 671 1,285,734

251,555 - 791,662 696,206 195,007 11,116 645,715 91,328 54,377 148,107 50,504 63,470 - 148,847 35,228 13,745 109,078 42,434 25,296 3,350 67,738 8,547 255 90,799 22,262 9,680 1,881 25,985 - - 6,735 - 436 - 225 ------6,298 455 89,785 7,872 10,489 13,621 12,657 392,956 68,832 1,236,166 819,278 304,378 29,968 901,167 78,514 65,109 138,531 - 71,876 16,676 80,550

314,442 3,723 1,097,635 819,278 232,502 13,292 820,617 - 4,346 - - 353,169 - 23,272

314,442 8,069 1,097,635 819,278 585,671 13,292 843,889

151,695 34,862 3,702,402 (145,474) 399,241 (12,621) 441,845

1,643,091 (8,697) (295,432) 1,379,220 487,518 62,120 103,684 179,872 (14) (158,144) (48) 812,366 - (46,403) - 3,122 (481,270) - (637,360) - - 3,714 (482) (182,569) 22,161 (157,289) (20) 11,313 ----37,541 ------5,728,028

1,826,677 (6,071) (1,117,415) 1,401,333 542,776 62,100 5,796,622

4,976,190 566,907 8,920,764 13,183,151 617,604 - 1,376 (67,769) - (5,610,823) - 611,177 - (1,039) - - 812,135 - 868,768 - - 2,356 (30) 63,344 (4,432) 172 235 (1,064) ----(28,926) ------15,639,797

4,910,777 566,877 4,185,420 13,178,719 2,068,795 235 15,639,070

6,889,149 595,668 6,770,407 14,434,578 3,010,812 49,714 21,877,537

17,468,991 - 307,267,049 9,347,464 22,744,143 15,000,000 30,453,893 (6,678,794) - (84,659,017) (2,380,798) (291,923) - (102,016,309) 10,790,197 - 222,608,032 6,966,666 22,452,220 15,000,000 (71,562,416)

(482) - (673,072) (116,849) (15,476) - (15,100)

45,535,716 5,337,566 445,934,583 94,231,125 50,595,329 15,049,714 118,840,352

(10) This Sub-Fund was launched on 13 December 2010. 33 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

Highbridge Japan JF ASEAN JF Asia JF Asia Pacific JF China JF Greater US STEEP Dynamic Equity Alpha Plus ex-Japan Equity Fund China Fund Fund Fund Fund Fund Fund USD JPY USD USD USD USD USD

706,157,798 490,650,883 50,180,087 34,135,306 466,045,617 3,435,434,476 684,691,268

- 4,469,187 965,222 488,703 4,813,791 18,473,999 9,570,188 580,963 - 3,305 2,622 1,345 11,527 1,369 - 22,831------107 399 20,147 6,525 388 5,771,461 ------

6,352,424 4,492,018 968,634 491,724 4,835,283 18,492,051 9,571,945

4,434,338 3,712,336 807,269 682,494 3,062,964 31,609,139 6,639,584 278,044 3,276,819 191,837 116,676 293,486 1,076,360 411,184 266,807 1,539,747 77,655 54,083 196,947 1,042,473 269,498 161,535 126,396 34,682 26,067 99,605 915,621 207,141 1,000 - - 740 951 ------135,433 46,837 9,540 8,013 355,210 1,620,439 225,830 5,277,157 8,702,135 1,120,983 888,073 4,009,163 36,264,032 7,753,237 51,899 3,999,844 106,334 22,231 17,209 3,643 3,220

5,225,258 4,702,291 1,014,649 865,842 3,991,954 36,260,389 7,750,017 1,651 - - 208,279 - - -

5,226,909 4,702,291 1,014,649 1,074,121 3,991,954 36,260,389 7,750,017

1,125,515 (210,273) (46,015) (582,397) 843,329 (17,768,338) 1,821,928

63,146 (12,497,799) 6,280,284 11,202,849 33,300,102 209,138,648 49,422,120 338,496 - 118,274 2,092 100,669 (94,897) (15,236) - - - (658,978) - - - (29,484) 44 (118) (140,957) 464,934 854,216 107,871 ------69,035,584 - - (55,183) - - -

69,407,742 (12,497,755) 6,398,440 10,349,823 33,865,705 209,897,967 49,514,755

1 65,834,772 18,007,779 11,112,353 78,141,113 345,728,312 128,752,711 6,143---278,871 - - - - - (301,692) - - - (260) (545) (12,632) 19,245 177,918 1,054,855 161,941 ------67,340,690 ------

67,346,574 65,834,227 17,995,147 10,829,906 78,597,902 346,783,167 128,914,652

137,879,831 53,126,199 24,347,572 20,597,332 113,306,936 538,912,796 180,251,335

172,664,341 3,580,835 132,877,283 108,082,935 114,301,972 1,019,726,241 271,506,780 (267,554,608) (28,244,106) (28,504,292) (39,401,415) (186,486,974) (1,178,243,396) (232,039,286) (94,890,267) (24,663,271) 104,372,991 68,681,520 (72,185,002) (158,517,155) 39,467,494

(7) - - (4,603) (1,417,266) - (1,768,507)

749,147,355 519,113,811 178,900,650 123,409,555 505,750,285 3,815,830,117 902,641,590

34 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

JF Hong Kong JF India JF Japan JF Japan JF Japan JF Korea JF Pacific Fund Fund Alpha Plus Equity Small Cap Equity Balanced Fund Fund Fund Fund Fund USD USD USD USD USD USD USD

170,855,931 2,637,009,261 12,773,277 253,118,567 33,764,363 32,973,452 108,088,203

1,541,952 14,177,963 337,208 1,984,516 194,449 767,115 659,895 - 29,123 1,385 849 31 4,999 1,490,999 - - - 18,879 - - - 927372----551 ------

1,542,879 14,207,458 338,593 2,004,244 194,480 772,114 2,151,445

1,572,203 28,055,248 296,004 2,010,735 241,727 367,101 965,527 149,212 3,132,148 39,697 137,294 48,526 113,359 107,978 88,004 1,033,099 26,436 147,215 60,907 50,540 73,992 46,547 815,217 10,144 63,531 7,279 16,525 31,423 -----612643 ------147,155 815,580 3,588 36,538 3,377 4,868 68,930 2,003,121 33,851,292 375,869 2,395,313 361,816 553,005 1,248,493 48,215 4,431 932 9,469 61,453 90,036 39,668

1,954,906 33,846,861 374,937 2,385,844 300,363 462,969 1,208,825 ------

1,954,906 33,846,861 374,937 2,385,844 300,363 462,969 1,208,825

(412,027) (19,639,403) (36,344) (381,600) (105,883) 309,145 942,620

17,041,711 82,282,124 (574,470) 7,973,602 (1,454,981) 4,965,949 5,427,862 (2,562) 25,122 (1,447) 76,388 - 160,447 (460,255) - 1,254,327 (325,347) - - 1,782,560 14,732 (20,134) (199,359) 182,996 162,895 34,858 43,239 118,434 ------(2,362) -

17,019,015 83,362,214 (718,268) 8,212,885 (1,420,123) 6,949,833 5,100,773

15,165,088 484,405,689 4,232,551 33,281,754 2,089,464 10,084,330 13,170,266 -----135,968 (372,226) - 117,005 (193,399) - - 468,636 51,904 (1,456) 15,696 (1,719) (34,173) 1,501 43,655 1,692 ------

15,163,632 484,538,390 4,037,433 33,247,581 2,090,965 10,732,589 12,851,636

31,770,620 548,261,201 3,282,821 41,078,866 564,959 17,991,567 18,895,029

103,993,564 754,402,015 35,459,826 82,404,926 3,126,905 70,388,331 37,894,486 (136,297,112) (627,145,058) (8,817,441) (98,632,415) (7,741,492) (20,094,596) (35,910,566) (32,303,548) 127,256,957 26,642,385 (16,227,489) (4,614,587) 50,293,735 1,983,920

(988,843) (10,204,098) - (8,944) - (1,901) (1,988,613)

169,334,160 3,302,323,321 42,698,483 277,961,000 29,714,735 101,256,853 126,978,539

35 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

JF Pacific JF Pacific JF Singapore JF Taiwan Latin America Managed Russia Equity Technology Fund Fund Equity Reserves Fund Fund Fund Fund Fund USD USD USD USD USD USD USD

571,746,822 60,914,568 175,447,667 338,093,161 1,290,637,333 30,021,196 2,035,560,908

5,890,422 766,706 2,519,688 11,475,808 11,946,976 3,793 12,011,931 1,907 396 3,842 1,530 6,278 977,672 15,412 ------18,868 112 - 1,405 6,485 (51) ------

5,911,197 767,214 2,523,530 11,478,743 11,959,739 981,414 12,027,343

5,320,353 351,291 1,946,628 2,933,012 11,216,874 157,198 16,134,429 265,846 79,313 160,562 428,283 725,267 87,582 2,131,517 275,752 53,628 137,279 147,486 538,403 45,468 712,001 161,818 10,500 58,141 97,856 368,356 27,516 422,377 - 472 383 2,995 146 231 1,292 ------58,212 6,723 57,101 210,614 4,584,674 34,322 820,884 6,081,981 501,927 2,360,094 3,820,246 17,433,720 352,317 20,222,500 219 63,097 3,678 106,319 17,780 165,879 481,925

6,081,762 438,830 2,356,416 3,713,927 17,415,940 186,438 19,740,575 ------

6,081,762 438,830 2,356,416 3,713,927 17,415,940 186,438 19,740,575

(170,565) 328,384 167,114 7,764,816 (5,456,201) 794,976 (7,713,232)

20,271,385 2,934,701 22,731,026 20,556,172 116,531,539 (107,936) 31,398,841 (1,420,134) 2,621 (24,959) (882) (214) 1,536,423 745 1,554,845 ------1,513,963 87,958 207,602 161,533 (1,478,971) 262,276 (19,763) ------1,025,270 - -

21,920,059 3,025,280 22,913,669 20,716,823 116,077,624 1,690,763 31,379,823

111,596,063 6,886,658 23,494,003 115,377,622 236,442,331 (527,382) 682,892,925 (484,164) ----217,106 - 1,463,214 ------607,993 2,283 27,184 5,928 76,826 (3,533) 78,580 ------(745,230) - -

113,183,106 6,888,941 23,521,187 115,383,550 235,773,927 (313,809) 682,971,505

134,932,600 10,242,605 46,601,970 143,865,189 346,395,350 2,171,930 706,638,096

52,072,898 12,092,419 141,300,491 202,811,938 569,564,193 132,977,548 1,071,038,539 (88,535,879) (50,082,096) (146,697,571) (146,719,266) (387,673,761) (32,904,629) (931,457,102) (36,462,981) (37,989,677) (5,397,080) 56,092,672 181,890,432 100,072,919 139,581,437

(1,284,674) (15,300) (2,117,942) (760,180) (2,534,290) (51) -

668,931,767 33,152,196 214,534,615 537,290,842 1,816,388,825 132,265,994 2,881,780,441

36 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

Sterling Bond Systematic UK Equity US 130/30 US Aggregate US Dynamic US Growth Fund Alpha Fund Fund Bond Fund Alpha Plus Fund Fund Fund GBP EUR GBP USD USD USD USD

66,662,213 4,942,399 31,177,986 125,027,282 959,323,512 694,398,270 34,914,878

- 12,272 434,377 851,644 - 4,378,188 186,820 1,874,823 3,306 1,238 2,308 28,539,100 4,999 2,756 1,590 - 1,683 - 20,868 38,275 - 532676------396,768

1,876,945 16,254 437,298 853,952 28,559,968 4,421,462 586,344

314,526 37,951 223,327 821,557 4,057,624 4,687,830 658,160 45,325 103,889 27,179 195,445 226,038 161,534 63,693 34,817 13,762 32,022 66,228 330,496 215,079 36,198 17,351 1,272 7,624 30,864 260,211 133,488 23,483 - - 1,372 266 1,333 - 413 ------5,009,333 6,237 481 2,966 26,664 391,692 63,866 7,626 418,256 157,355 294,490 1,141,024 5,267,394 5,261,797 5,798,906 20,070 109,275 10,808 91,016 246,351 - 5,846

398,186 48,080 283,682 1,050,008 5,021,043 5,261,797 5,793,060 - 8,535 -----

398,186 56,615 283,682 1,050,008 5,021,043 5,261,797 5,793,060

1,478,759 (40,361) 153,616 (196,056) 23,538,925 (840,335) (5,206,716)

72,137 (22,215) 2,305,130 5,933,342 635,641 21,584,496 3,814,418 116,483 137,380 878 173,899 (7,433) (1,299,198) (315,571) (26,022) 39,185 77,044 ---- (5,669) 4,201 (1,464) 10,542 - 782,206 81,277 ------15,394 - (1,771,897) - - (391,093)

156,929 173,945 2,381,588 4,345,886 628,208 21,067,504 3,189,031

1,122,470 (36,970) 3,785,213 18,903,348 (6,843,901) 89,009,897 17,217,310 (40,199) 1,042 - 45,586 1,213 - - 41,016 (23,554) 66,593 ---- 278 (2,339) 1,144 42 - 483 (59) ------109,705 - 558,775 - - (1,329,897)

1,123,565 47,884 3,852,950 19,507,751 (6,842,688) 89,010,380 15,887,354

2,759,253 181,468 6,388,154 23,657,581 17,324,445 109,237,549 13,869,669

42,085,995 - 3,963,828 77,830,548 864,397,279 35,664,053 98,000,139 (38,136,547) - (9,725,793) (87,567,462) (659,862,605) (324,228,173) (44,799,027) 3,949,448 - (5,761,965) (9,736,914) 204,534,674 (288,564,120) 53,201,112

(2,407,934) - (395,280) (4,621) (17,262,676) (500,235) -

70,962,980 5,123,867 31,408,895 138,943,328 1,163,919,955 514,571,464 101,985,659

37 JPMorgan Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 July 2010 to 31 December 2010

US Select US Short US Small and US Small Cap US Strategic US Technology US Value 130/30 Duration Micro Cap Growth Growth Fund Fund Fund Bond Fund (11) Fund Fund Fund USD USD USD USD USD USD USD

1,353,126,168 - 145,918,535 46,434,212 59,733,564 52,580,080 571,693,123

9,408,734 - 968,208 80,651 350,900 121,569 6,504,265 16,033 2,707 1,163 691 534 740 11,031 - - 63,951 31,110 908 11,236 108,520 ------334 ------

9,424,767 2,707 1,033,322 112,452 352,342 133,545 6,624,150

6,854,737 1,533 773,374 437,071 286,562 688,741 3,546,102 365,303 - 66,809 60,671 93,842 79,606 178,163 351,940 3,199 72,539 53,873 40,867 162,928 242,138 259,852 1,250 27,188 19,237 10,245 24,539 164,673 5,408 - 136 - 141 - - 396,233 ------257,002 1,754 14,461 5,541 8,761 18,130 128,208 8,490,475 7,736 954,507 576,393 440,418 973,944 4,259,284 10,750 3,573 13,229 29,144 78,428 112,049 25,048

8,479,725 4,163 941,278 547,249 361,990 861,895 4,234,236 42,517------

8,522,242 4,163 941,278 547,249 361,990 861,895 4,234,236

902,525 (1,456) 92,044 (434,797) (9,648) (728,350) 2,389,914

38,818,618 - 4,187,952 3,725,776 6,084,418 2,428,123 (1,239,618) 1,840,915 - - 1,702 732,403 (64,062) 667,445 1,461,992 - - - 72,471 - - 129,507 - - (750) (39,763) 484,242 4,919 ------(709,272) ------

41,541,760 - 4,187,952 3,726,728 6,849,529 2,848,303 (567,254)

210,892,516 (2,538) 23,885,290 12,594,202 2,624,323 22,180,357 118,081,525 354,239 - - - 41,361 - 202,790 1,256,200 - - - 87,198 - - (5,655) - - - 122 1,721 (1,778) ------6,423,728 ------

218,921,028 (2,538) 23,885,290 12,594,202 2,753,004 22,182,078 118,282,537

261,365,313 (3,994) 28,165,286 15,886,133 9,592,885 24,302,031 120,105,197

192,860,017 10,000,000 54,144,623 61,182,006 22,101,183 83,418,150 310,003,149 (378,909,490) - (92,950,619) (20,001,190) (52,208,929) (47,515,498) (182,232,257) (186,049,473) 10,000,000 (38,805,996) 41,180,816 (30,107,746) 35,902,652 127,770,892

- - (2,280) (243) (175) (4,779) (167,784)

1,428,442,008 9,996,006 135,275,545 103,500,918 39,218,528 112,779,984 819,401,428

(11) This Sub-Fund was launched on 15 December 2010.

38 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2010 to 31 December 2010

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - Africa Equity Fund JPM Africa Equity A (acc) - USD 5,015,795.757 8,565,550.616 1,531,594.584 12,049,751.789 JPM Africa Equity A (acc) - EUR 3,189,055.915 4,121,008.649 2,270,011.533 5,040,053.031 JPM Africa Equity A (dist) - GBP 176,236.534 247,121.104 43,704.589 379,653.049 JPM Africa Equity A (inc) - EUR - 253.000 - 253.000 JPM Africa Equity B (acc) - USD 567,248.174 2,025,716.824 1,487,406.435 1,105,558.563 JPM Africa Equity C (acc) - USD 811,985.179 7,454,849.535 1,331,609.135 6,935,225.579 JPM Africa Equity D (acc) - USD 5,966,506.996 7,880,119.404 1,442,615.977 12,404,010.423 JPM Africa Equity D (acc) - EUR 61.192 166,419.464 3,890.601 162,590.055 JPM Africa Equity I (acc) - USD - 451,728.290 3,949.000 447,779.290

JPMorgan Funds - Aggregate Bond Fund JPM Aggregate Bond A (acc) - USD 515,201.301 45,331.191 37,833.439 522,699.053 JPM Aggregate Bond A (acc) - EUR (hedged) 511,692.958 3,159.373 3,190.021 511,662.310

JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 1,865,537.792 443,765.194 763,258.086 1,546,044.900 JPM America Equity A (acc) - EUR (hedged) 293,772.467 168,677.616 72,212.195 390,237.888 JPM America Equity A (dist) - USD 3,214,753.696 150,798.991 280,725.900 3,084,826.787 JF America Equity A (dist) - USD 573,582.270 181,167.652 157,632.254 597,117.668 JPM America Equity B (acc) - USD 217,877.373 35.090 14,451.314 203,461.149 JPM America Equity C (acc) - USD 6,724,698.274 364,494.315 291,165.874 6,798,026.715 JPM America Equity C (acc) - EUR (hedged) 928,262.558 1,086,755.552 636,426.035 1,378,592.075 JPM America Equity D (acc) - USD 2,020,176.344 433,938.461 551,421.084 1,902,693.721 JPM America Equity D (acc) - EUR 338,582.823 124,451.640 114,064.085 348,970.378 JPM America Equity D (acc) - EUR (hedged) 728,639.908 234,650.408 308,612.613 654,677.703 JPM America Equity X (acc) - USD 303,585.027 3,711.500 - 307,296.527

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 1,989,969.135 2,039,169.602 1,187,863.510 2,841,275.227 JPM America Large Cap A (acc) - EUR 352,927.417 15,967.985 329,802.421 39,092.981 JPM America Large Cap A (dist) - USD 3,352,867.721 1,002,279.647 669,120.021 3,686,027.347 JPM America Large Cap B (acc) - USD 174,178.979 53,478.712 2,154.756 225,502.935 JPM America Large Cap C (acc) - USD 2,229,600.816 2,478,311.475 720,723.047 3,987,189.244 JPM America Large Cap D (acc) - USD 1,506,718.445 289,095.951 325,449.043 1,470,365.353 JPM America Large Cap X (acc) - USD 5,451.282 1,275,643.186 43,678.000 1,237,416.468

JPMorgan Funds - Asia Pacific Bond Fund JPM Asia Pacific Bond A (acc) - USD 1,000,000.000 1,312,239.970 164,385.180 2,147,854.790 JPM Asia Pacific Bond C (acc) - USD - 95,819.383 8,069.816 87,749.567

JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity Fund JPM Asia Pacific ex-Japan Behavioural Finance Equity A (acc) - USD 150,000.000 26,315.064 - 176,315.064 JPM Asia Pacific ex-Japan Behavioural Finance Equity A (acc) - EUR 151,080.612 - - 151,080.612 JPM Asia Pacific ex-Japan Behavioural Finance Equity X (acc) - USD - 6,527.155 - 6,527.155

JPMorgan Funds - Brazil Alpha Plus Fund JPM Brazil Alpha Plus A (acc) - USD 13,839,648.677 23,567,838.013 12,026,231.165 25,381,255.525 JPM Brazil Alpha Plus A (acc) - SGD - 3,918.260 49.955 3,868.305 JPM Brazil Alpha Plus A (dist) - USD 15,462.999 536,845.127 4,925.557 547,382.569 JPM Brazil Alpha Plus B (acc) - USD 837,707.284 1,117,163.664 311,256.188 1,643,614.760 JPM Brazil Alpha Plus C (acc) - USD 2,821,030.557 695,627.151 1,074,762.718 2,441,894.990 JPM Brazil Alpha Plus D (acc) - USD 7,207,080.285 3,589,070.442 2,197,510.590 8,598,640.137 JPM Brazil Alpha Plus D (acc) - EUR - 72,807.911 6,947.675 65,860.236 JPM Brazil Alpha Plus I (acc) - USD 680.297 3,562,191.216 - 3,562,871.513 JPM Brazil Alpha Plus I (acc) - EUR 268,743.942 126,000.000 - 394,743.942

JPMorgan Funds - Corporate Bond Portfolio Fund I (1) JPM Corporate Bond Portfolio I A (inc) - EUR - 1,680,792.750 28,127.367 1,652,665.383 JPM Corporate Bond Portfolio I C (inc) - EUR - 200,010.205 - 200,010.205 JPM Corporate Bond Portfolio I D (inc) - EUR - 774,506.400 12,263.151 762,243.249

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 7,196,215.446 4,595,963.223 2,325,515.541 9,466,663.128 JPM Eastern Europe Equity A (dist) - EUR 10,330,900.900 2,035,317.419 1,501,977.548 10,864,240.771 JF Eastern Europe Equity A (dist) - EUR 5,694,000.629 2,829,094.642 2,809,705.328 5,713,389.943 JPM Eastern Europe Equity B (acc) - EUR 2,088,082.744 1,169,389.148 773,720.760 2,483,751.132 JPM Eastern Europe Equity C (acc) - EUR 1,713,371.654 1,846,480.723 352,886.328 3,206,966.049 JPM Eastern Europe Equity D (acc) - EUR 2,089,459.737 483,428.560 407,227.387 2,165,660.910 JPM Eastern Europe Equity I (acc) - EUR 1,796,727.879 596,899.001 666,503.946 1,727,122.934 JPM Eastern Europe Equity X (acc) - EUR 2,620,796.741 - - 2,620,796.741

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 4,230,049.115 3,401,841.221 752,395.954 6,879,494.382 JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 210,787.683 320,559.009 35,765.660 495,581.032 JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD - 550.690 49.955 500.735 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 7,849,670.573 2,025,335.674 1,920,206.991 7,954,799.256 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 754,939.382 349,420.017 274,590.702 829,768.697 JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,813,484.930 2,049,042.852 813,614.732 3,048,913.050 JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,925,463.268 417,624.544 305,960.465 2,037,127.347 JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR - 20,296.196 4,104.695 16,191.501 JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 5,000,000.000 2,934,629.473 - 7,934,629.473

(1) This Sub-Fund was launched on 1 July 2010.

39 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2010 to 31 December 2010

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - Emerging Markets Alpha Plus Fund JPM Emerging Markets Alpha Plus A (acc) - USD 5,721,276.292 2,701,657.928 2,306,675.228 6,116,258.992 JPM Emerging Markets Alpha Plus A (acc) - EUR 1,037,540.471 357,063.547 196,503.808 1,198,100.210 JPM Emerging Markets Alpha Plus A (dist) - USD 1,175,572.295 78,977.956 278,963.873 975,586.378 JPM Emerging Markets Alpha Plus A (dist) - GBP 943,861.375 487,693.077 36,534.594 1,395,019.858 JPM Emerging Markets Alpha Plus C (acc) - USD 5,587,722.051 872,152.191 3,021,123.346 3,438,750.896 JPM Emerging Markets Alpha Plus D (acc) - USD 1,177,255.842 560,582.274 238,004.483 1,499,833.633 JPM Emerging Markets Alpha Plus D (acc) - EUR 61.192 15,221.169 - 15,282.361 JPM Emerging Markets Alpha Plus I (acc) - USD 4,530,000.000 3,000,000.000 3,000,000.000 4,530,000.000 JPM Emerging Markets Alpha Plus X (acc) - USD - 13,512.000 - 13,512.000

JPMorgan Funds - Emerging Markets Bond Fund JPM Emerging Markets Bond A (acc) - USD 231,313.724 316,116.445 295,095.163 252,335.006 JPM Emerging Markets Bond B (acc) - USD 18,998.952 38,334.914 23,640.906 33,692.960 JPM Emerging Markets Bond C (acc) - USD 64,911.166 103,494.175 86,426.267 81,979.074 JPM Emerging Markets Bond D (acc) - USD 27,487.357 32,908.222 22,203.152 38,192.427 JPM Emerging Markets Bond I (acc) - USD 285,700.000 54,900.000 - 340,600.000 JPM Emerging Markets Bond X (acc) - USD 70.000 216,842.539 90.893 216,821.646

JPMorgan Funds - Emerging Markets Corporate Bond Fund (2) JPM Emerging Markets Corporate Bond A (acc) - USD - 263,691.266 1,521.649 262,169.617 JPM Emerging Markets Corporate Bond A (acc) - EUR (hedged) - 173,361.368 289.467 173,071.901 JPM Emerging Markets Corporate Bond B (acc) - USD - 64,360.000 904.000 63,456.000 JPM Emerging Markets Corporate Bond C (acc) - USD - 73,664.659 1,720.000 71,944.659 JPM Emerging Markets Corporate Bond D (acc) - EUR (hedged) - 39,940.339 2,193.970 37,746.369

JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II (3) JPM Emerging Markets Corporate Bond Portfolio II A (inc) - USD - 10,826.763 500.000 10,326.763 JPM Emerging Markets Corporate Bond Portfolio II A (inc) - EUR (hedged) - 65,793.662 992.712 64,800.950 JPM Emerging Markets Corporate Bond Portfolio II D (inc) - USD - 600.090 500.000 100.090 JPM Emerging Markets Corporate Bond Portfolio II D (inc) - EUR (hedged) - 26,813.720 992.712 25,821.008

JPMorgan Funds - Emerging Markets Currency Alpha Fund JPM Emerging Markets Currency Alpha A (acc) - EUR 376,903.400 - - 376,903.400

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A (acc) - EUR 1,428,528.320 6,447,473.910 5,291,141.937 2,584,860.293 JPM Emerging Markets Debt A (acc) - USD (hedged) 140,399.903 5,287,326.799 2,714,034.931 2,713,691.771 JPM Emerging Markets Debt A (inc) - EUR 6,501,548.088 3,415,341.753 3,015,585.416 6,901,304.425 JPM Emerging Markets Debt A (mth) - EUR 673,648.932 863,305.470 771,593.920 765,360.482 JPM Emerging Markets Debt A (mth) - USD (hedged) 543,722.117 2,430,222.166 1,208,438.492 1,765,505.791 JPM Emerging Markets Debt B (acc) - EUR 699,783.375 1,170,585.251 1,122,065.812 748,302.814 JPM Emerging Markets Debt C (acc) - EUR 3,693,654.707 5,552,665.414 5,172,391.034 4,073,929.087 JPM Emerging Markets Debt D (acc) - EUR 2,612,294.633 2,292,681.045 1,063,297.928 3,841,677.750 JPM Emerging Markets Debt I (inc) - EUR 856,161.782 - - 856,161.782

JPMorgan Funds - Emerging Markets Diversified Equity Fund (4) JPM Emerging Markets Diversified Equity C (acc) - EUR - 125,445.000 - 125,445.000 JPM Emerging Markets Diversified Equity X (acc) - EUR - 244,288.000 - 244,288.000

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 20,121,372.787 12,482,929.137 3,433,760.570 29,170,541.354 JPM Emerging Markets Equity A (acc) - EUR 48,460,214.624 19,521,134.734 8,023,268.745 59,958,080.613 JPM Emerging Markets Equity A (acc) - SGD 1,999.843 154,167.180 728.780 155,438.243 JPM Emerging Markets Equity A (dist) - USD 83,592,027.985 18,550,090.243 11,379,451.946 90,762,666.282 JPM Emerging Markets Equity A (dist) - GBP 1,695,180.515 497,255.757 199,327.431 1,993,108.841 JPM Emerging Markets Equity B (acc) - USD 2,159,975.057 1,141,348.913 389,685.699 2,911,638.271 JPM Emerging Markets Equity C (acc) - USD 54,752,485.863 20,944,731.101 26,422,238.872 49,274,978.092 JPM Emerging Markets Equity D (acc) - USD 3,876,441.179 1,002,007.338 660,289.666 4,218,158.851 JPM Emerging Markets Equity D (acc) - EUR 2,395,472.001 2,491,163.848 536,682.376 4,349,953.473 JPM Emerging Markets Equity I (acc) - USD 8,494,658.792 32,826,391.753 1,872,864.558 39,448,185.987 JPM Emerging Markets Equity I (acc) - EUR 1,942,978.492 - - 1,942,978.492 JPM Emerging Markets Equity I (inc) - EUR 2,270,062.755 200,477.300 141,884.000 2,328,656.055 JPM Emerging Markets Equity X (acc) - USD 42,148,385.507 3,410,025.061 1,039,065.240 44,519,345.328 JPM Emerging Markets Equity X (dist) - USD 983,000.423 13,946.583 38,898.863 958,048.143 JPM Emerging Markets Equity X (inc) - EUR 45,085,625.651 4,983,035.757 15,688.833 50,052,972.575

JPMorgan Funds - Emerging Markets Infrastructure Equity Fund JPM Emerging Markets Infrastructure Equity A (acc) - USD 2,896,504.861 5,303,711.651 811,202.848 7,389,013.664 JPM Emerging Markets Infrastructure Equity A (acc) - EUR 1,220,150.169 1,282,374.940 370,147.095 2,132,378.014 JPM Emerging Markets Infrastructure Equity B (acc) - USD 866,178.160 1,023,942.815 311,399.304 1,578,721.671 JPM Emerging Markets Infrastructure Equity C (acc) - USD 277,649.426 672,935.749 73,667.829 876,917.346 JPM Emerging Markets Infrastructure Equity D (acc) - USD 2,052,417.760 1,108,861.966 296,350.731 2,864,928.995 JPM Emerging Markets Infrastructure Equity D (acc) - EUR 61.192 32,044.385 266.699 31,838.878

JPMorgan Funds - Emerging Markets Investment Grade Bond Fund (5) JPM Emerging Markets Investment Grade Bond A (acc) - USD - 45,000.000 - 45,000.000 JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) - 44,513.959 - 44,513.959 JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) - 44,513.959 - 44,513.959 JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) - 44,513.959 - 44,513.959

(2) This Sub-Fund was launched on 14 July 2010. (3) This Sub-Fund was launched on 24 November 2010. (4) This Sub-Fund was launched on 10 December 2010. (5) This Sub-Fund was launched on 29 November 2010.

40 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2010 to 31 December 2010

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPM Emerging Markets Local Currency Debt A (acc) - USD 5,525,387.886 8,590,350.980 6,336,948.804 7,778,790.062 JPM Emerging Markets Local Currency Debt A (acc) - EUR 7,461,578.810 9,463,393.685 9,806,430.069 7,118,542.426 JPM Emerging Markets Local Currency Debt A (dist) - GBP - 1,203.185 - 1,203.185 JPM Emerging Markets Local Currency Debt A (inc) - EUR - 2,000.000 - 2,000.000 JPM Emerging Markets Local Currency Debt A (mth) - USD 4,997,324.264 4,730,540.306 5,084,622.787 4,643,241.783 JPM Emerging Markets Local Currency Debt B (acc) - USD 493,573.091 1,584,779.605 126,988.683 1,951,364.013 JPM Emerging Markets Local Currency Debt C (acc) - USD 744,031.123 3,203,058.120 1,272,645.405 2,674,443.838 JPM Emerging Markets Local Currency Debt C (acc) - EUR - 62,742.619 3,640.000 59,102.619 JPM Emerging Markets Local Currency Debt D (acc) - USD 2,150.000 15,732.288 1,035.269 16,847.019 JPM Emerging Markets Local Currency Debt D (acc) - EUR 3,033,679.382 4,855,498.349 1,220,328.737 6,668,848.994 JPM Emerging Markets Local Currency Debt D (inc) - EUR 40,079.625 1,069,850.643 102,107.148 1,007,823.120 JPM Emerging Markets Local Currency Debt I (acc) - EUR* - 199,695.224 199,695.224 - JPM Emerging Markets Local Currency Debt X (acc) - USD 14,338,603.643 1,713,263.507 137,614.679 15,914,252.471 JPM Emerging Markets Local Currency Debt X (acc) - EUR - 356,548.325 1,113.753 355,434.572

JPMorgan Funds - Emerging Markets Small Cap Fund JPM Emerging Markets Small Cap A (acc) - USD 5,737,780.715 15,107,672.254 4,461,569.741 16,383,883.228 JPM Emerging Markets Small Cap A (acc) - EUR 10,215,213.142 14,630,303.731 9,569,469.536 15,276,047.337 JPM Emerging Markets Small Cap A (dist) - GBP 92,271.040 360,459.541 48,663.321 404,067.260 JPM Emerging Markets Small Cap B (acc) - USD 1,155,092.556 7,511,894.477 2,105,132.865 6,561,854.168 JPM Emerging Markets Small Cap C (acc) - USD 1,435,527.708 4,704,960.015 2,241,078.828 3,899,408.895 JPM Emerging Markets Small Cap D (acc) - USD 3,691,571.467 2,725,182.773 1,038,751.105 5,378,003.135 JPM Emerging Markets Small Cap D (acc) - EUR 61.192 8,231.547 1,032.642 7,260.097

JPMorgan Funds - Emerging Markets Value Fund JPM Emerging Markets Value A (acc) - USD 79,985.198 63,145.389 23,751.556 119,379.031 JPM Emerging Markets Value B (acc) - USD 4,470.605 4,116.085 4,100.114 4,486.576 JPM Emerging Markets Value C (acc) - USD 310,141.872 27,480.000 26,213.955 311,407.917 JPM Emerging Markets Value I (acc) - USD 836,527.000 - 34,483.000 802,044.000 JPM Emerging Markets Value X (acc) - USD 176,301.373 29,453.000 5,145.000 200,609.373

JPMorgan Funds - Emerging Middle East Equity Fund JPM Emerging Middle East Equity A (acc) - USD 2,164,487.820 3,188,622.573 3,001,601.827 2,351,508.566 JPM Emerging Middle East Equity A (acc) - EUR 148,212.987 1,055,413.749 621,146.438 582,480.298 JPM Emerging Middle East Equity A (acc) - SGD - 547.055 49.955 497.100 JPM Emerging Middle East Equity A (dist) - USD 10,266,481.844 2,369,549.415 2,966,740.814 9,669,290.445 JPM Emerging Middle East Equity B (acc) - USD 248,533.471 308,487.852 279,948.973 277,072.350 JPM Emerging Middle East Equity C (acc) - USD 3,611,239.752 13,773,025.219 9,225,703.540 8,158,561.431 JPM Emerging Middle East Equity D (acc) - USD 1,939,619.749 573,792.684 296,396.267 2,217,016.166 JPM Emerging Middle East Equity D (acc) - EUR - 21,734.788 6,500.897 15,233.891 JPM Emerging Middle East Equity I (acc) - USD - 109,350.000 4,166.000 105,184.000

JPMorgan Funds - EU Government Bond Fund JPM EU Government Bond A (acc) - EUR 2,085,757.635 4,682,496.327 5,115,970.251 1,652,283.711 JPM EU Government Bond B (acc) - EUR 2,220,667.857 2,879,375.593 3,264,788.568 1,835,254.882 JPM EU Government Bond C (acc) - EUR 15,245,760.961 13,162,606.332 14,725,559.907 13,682,807.386 JPM EU Government Bond D (acc) - EUR 822,392.356 2,884,635.220 532,991.651 3,174,035.925

JPMorgan Funds - Euro Aggregate Bond Fund JPM Euro Aggregate Bond A (acc) - EUR 678,223.860 8,356.890 7,733.760 678,846.990

JPMorgan Funds - Euro Corporate Bond Fund JPM Euro Corporate Bond A (acc) - EUR 899,637.231 82,706.927 493,715.355 488,628.803 JPM Euro Corporate Bond C (acc) - EUR 239,507.466 8,884.182 211.125 248,180.523 JPM Euro Corporate Bond D (acc) - EUR 1,137,331.255 710,921.390 448,753.611 1,399,499.034

JPMorgan Funds - Euro Government Short Duration Bond Fund JPM Euro Government Short Duration Bond A (acc) - EUR 984,312.896 117,553.294 239,308.981 862,557.209 JPM Euro Government Short Duration Bond A (inc) - EUR 139,859.917 56,478.268 28,073.772 168,264.413 JPM Euro Government Short Duration Bond B (acc) - EUR* 3,448.716 0.001 3,448.717 - JPM Euro Government Short Duration Bond C (acc) - EUR 3,420,154.809 341,622.664 3,549,705.967 212,071.506 JPM Euro Government Short Duration Bond D (acc) - EUR 1,788,730.650 605,142.709 532,394.111 1,861,479.248 JPM Euro Government Short Duration Bond X (acc) - EUR - 66,104.000 2,500.000 63,604.000

JPMorgan Funds - Euro Money Market Fund (6) JPM Euro Money Market A (acc) - EUR 508,370.018 149,991.199 269,195.386 389,165.831 JPM Euro Money Market D (acc) - EUR 1,033,526.264 594,249.611 819,028.639 808,747.236

JPMorgan Funds - Euro Short Duration Bond Fund JPM Euro Short Duration Bond A (acc) - EUR 1,862,889.693 219,712.101 250,920.468 1,831,681.326 JPM Euro Short Duration Bond C (dist) - GBP (hedged) 6,773.508 - - 6,773.508 JPM Euro Short Duration Bond D (acc) - EUR 50.000 20,662.293 10,391.209 10,321.084

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 3,166,560.906 238,322.529 770,581.622 2,634,301.813 JPM Euroland Equity A (dist) - EUR 13,534,833.737 1,750,627.404 3,922,351.168 11,363,109.973 JF Euroland Equity A (dist) - USD 6,628,271.648 504,592.929 1,183,244.870 5,949,619.707 JPM Euroland Equity A (inc) - EUR 13,504.151 - 2,324.723 11,179.428 JPM Euroland Equity B (acc) - EUR 935,668.329 44,958.216 555,596.007 425,030.538 JPM Euroland Equity C (acc) - EUR 6,956,640.840 652,411.141 3,126,663.514 4,482,388.467 JPM Euroland Equity D (acc) - EUR 4,533,603.724 188,560.944 765,933.010 3,956,231.658 JPM Euroland Equity I (acc) - EUR 53,145.999 - - 53,145.999 JPM Euroland Equity X (acc) - EUR 747,426.000 605,165.000 21,425.000 1,331,166.000

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

41 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2010 to 31 December 2010

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - Euroland Select Equity Fund JPM Euroland Select Equity A (acc) - EUR 179,661.301 8,050,728.069 166,864.253 8,063,525.117 JPM Euroland Select Equity A (dist) - EUR 263,008.514 458.705 194,547.581 68,919.638 JPM Euroland Select Equity C (acc) - EUR 1,405.561 607,128.406 354,295.020 254,238.947 JPM Euroland Select Equity D (acc) - EUR 207,048.990 652,877.983 26,961.106 832,965.867 JPM Euroland Select Equity X (acc) - EUR 551,871.818 52,340.333 128,016.000 476,196.151

JPMorgan Funds - Europe 130/30 Fund JPM Europe 130/30 A (acc) - EUR 324,209.712 52,326.848 14,556.210 361,980.350 JPM Europe 130/30 A (acc) - USD 1,856.215 - 214.995 1,641.220 JPM Europe 130/30 A (dist) - EUR 42,425.745 4,914.635 479.251 46,861.130 JPM Europe 130/30 A (dist) - GBP 40,495.488 3,850.662 40,000.000 4,346.150 JPM Europe 130/30 D (acc) - EUR 211,414.853 35,218.507 32,387.770 214,245.590 JPM Europe 130/30 D (acc) - USD 348.675 - - 348.675 JPM Europe 130/30 X (acc) - EUR 31,003.156 - 950.996 30,052.160

JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR 488,925.273 424,333.692 738,490.178 174,768.787 JPM Europe Aggregate Plus Bond A (inc) - EUR 2,012,248.309 464,896.962 590,857.815 1,886,287.456 JPM Europe Aggregate Plus Bond C (acc) - EUR 211,728.227 3,663.987 169,505.000 45,887.214 JPM Europe Aggregate Plus Bond D (acc) - EUR 1,024,614.841 518,230.668 529,655.949 1,013,189.560

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 2,264,004.194 17,856.942 248,003.971 2,033,857.165 JPM Europe Balanced (EUR) A (dist) - EUR 3,581,235.224 195,698.223 334,636.923 3,442,296.524 JPM Europe Balanced (EUR) B (acc) - EUR 1,051.302 252.721 736.824 567.199 JPM Europe Balanced (EUR) D (acc) - EUR 2,255,622.269 263,681.883 323,240.315 2,196,063.837

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 1,196,497.209 794,838.941 635,800.124 1,355,536.026 JPM Europe Convergence Equity A (dist) - EUR 3,091,699.012 1,046,657.159 491,388.687 3,646,967.484 JPM Europe Convergence Equity B (acc) - EUR 370,124.810 222,569.849 453,006.569 139,688.090 JPM Europe Convergence Equity C (acc) - EUR 2,816,644.402 4,031,623.301 3,012,776.178 3,835,491.525 JPM Europe Convergence Equity D (acc) - EUR 970,778.233 128,384.673 172,862.148 926,300.758 JPM Europe Convergence Equity I (acc) - EUR 1,703,529.071 1,046,616.754 22,342.844 2,727,802.981

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 4,766,700.403 341,792.791 1,243,685.494 3,864,807.700 JPM Europe Dynamic A (dist) - EUR 6,814,937.228 761,520.669 1,559,838.019 6,016,619.878 JPM Europe Dynamic A (dist) - GBP 40,382.370 457.652 11,694.839 29,145.183 JF Europe Dynamic A (dist) - EUR 350,048.407 172,818.965 111,428.603 411,438.769 JPM Europe Dynamic B (acc) - EUR 397,118.413 27,422.612 51,131.624 373,409.401 JPM Europe Dynamic C (acc) - EUR 6,674,273.344 271,051.637 155,865.491 6,789,459.490 JPM Europe Dynamic D (acc) - USD 4,566.115 - 887.318 3,678.797 JPM Europe Dynamic D (acc) - EUR 1,488,189.228 69,819.483 302,940.947 1,255,067.764 JPM Europe Dynamic I (acc) - EUR 1,300,000.000 - - 1,300,000.000

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A (acc) - USD 353.856 - - 353.856 JPM Europe Dynamic Mega Cap A (acc) - EUR 7,091,036.608 254,471.605 2,602,830.761 4,742,677.452 JPM Europe Dynamic Mega Cap A (dist) - EUR 3,036,027.680 123,261.178 1,164,924.182 1,994,364.676 JPM Europe Dynamic Mega Cap A (inc) - EUR 2,495.386 32.673 - 2,528.059 JPM Europe Dynamic Mega Cap B (acc) - EUR 32,960.781 - - 32,960.781 JPM Europe Dynamic Mega Cap C (acc) - EUR 1,178,779.415 26,867.656 817,612.833 388,034.238 JPM Europe Dynamic Mega Cap D (acc) - USD 353.857 2,352.941 - 2,706.798 JPM Europe Dynamic Mega Cap D (acc) - EUR 856,278.613 16,513.849 185,593.443 687,199.019 JPM Europe Dynamic Mega Cap X (acc) - EUR 1,133,038.232 17,100.000 158,701.000 991,437.232

JPMorgan Funds - Europe Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 602,476.962 412,835.451 253,309.302 762,003.111 JPM Europe Dynamic Small Cap A (dist) - EUR 27,433.519 70,720.595 36,436.962 61,717.152 JPM Europe Dynamic Small Cap D (acc) - EUR 76,999.381 140,984.720 51,213.502 166,770.599

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - USD 4,242,039.673 204,912.575 669,968.311 3,776,983.937 JPM Europe Equity A (acc) - EUR 5,843,819.456 238,949.473 2,477,290.536 3,605,478.393 JPM Europe Equity A (dist) - EUR 7,316,966.414 234,028.050 800,193.316 6,750,801.148 JF Europe Equity A (dist) - USD 901,705.647 61,746.395 119,332.654 844,119.388 JPM Europe Equity B (acc) - EUR 694,364.684 82,955.357 28,759.164 748,560.877 JPM Europe Equity C (acc) - EUR 7,244,717.385 98,221.941 764,744.921 6,578,194.405 JPM Europe Equity D (acc) - USD 58,921.338 17,389.366 6,188.662 70,122.042 JPM Europe Equity D (acc) - EUR 3,892,351.890 106,838.217 631,978.319 3,367,211.788 JPM Europe Equity X (acc) - EUR 1,387,984.928 - - 1,387,984.928

JPMorgan Funds - Europe Focus Fund JPM Europe Focus A (acc) - USD 348.675 - - 348.675 JPM Europe Focus A (acc) - EUR 363,249.338 513,512.238 208,465.892 668,295.684 JPM Europe Focus A (dist) - EUR 15,214.031 7,557.386 3,293.913 19,477.504 JPM Europe Focus B (acc) - EUR 31,031.000 4,092.000 23,402.000 11,721.000 JPM Europe Focus C (acc) - EUR 62,094.843 62,576.000 123,863.990 806.853 JPM Europe Focus D (acc) - USD 348.675 - - 348.675 JPM Europe Focus D (acc) - EUR 517,941.696 615,744.994 111,779.123 1,021,907.567 JPM Europe Focus X (acc) - EUR 42,160.417 - - 42,160.417

42 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2010 to 31 December 2010

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 455,325.603 1,013,963.591 893,315.422 575,973.772 JPM Europe High Yield Bond A (inc) - EUR 7,333,984.521 902,200.235 1,266,094.633 6,970,090.123 JPM Europe High Yield Bond C (acc) - EUR 385,386.093 590,204.399 427,600.099 547,990.393 JPM Europe High Yield Bond D (acc) - EUR 2,621,581.247 1,650,912.041 1,125,165.244 3,147,328.044

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR 179,540.169 2,219,407.657 122,988.117 2,275,959.709 JPM Europe Micro Cap A (dist) - EUR 5,183,064.490 59,387.195 525,310.850 4,717,140.835 JPM Europe Micro Cap D (acc) - EUR 476,331.915 55,992.288 97,649.709 434,674.494

JPMorgan Funds - Europe Select 130/30 Fund JPM Europe Select 130/30 A (acc) - USD 348.675 - - 348.675 JPM Europe Select 130/30 A (acc) - EUR 372,729.719 18,646.284 28,691.476 362,684.527 JPM Europe Select 130/30 A (dist) - EUR 25,278.324 184.599 184.599 25,278.324 JPM Europe Select 130/30 A (dist) - GBP 1,758.207 10,836.945 177.638 12,417.514 JPM Europe Select 130/30 D (acc) - USD 348.675 - - 348.675 JPM Europe Select 130/30 D (acc) - EUR 204,238.626 5,701.645 3,063.338 206,876.933 JPM Europe Select 130/30 X (acc) - EUR 42,719.357 - - 42,719.357

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 1,558,477.725 1,922,416.276 734,562.072 2,746,331.929 JPM Europe Small Cap A (dist) - EUR 5,455,692.422 327,720.642 561,889.722 5,221,523.342 JF Europe Small Cap A (dist) - EUR 2,089,394.931 263,268.037 425,524.347 1,927,138.621 JPM Europe Small Cap A (dist) - GBP 54,555.098 13,819.749 20,176.607 48,198.240 JPM Europe Small Cap B (acc) - EUR 201,105.874 159,106.137 39,392.019 320,819.992 JPM Europe Small Cap C (acc) - EUR 412,665.020 720,388.411 128,940.946 1,004,112.485 JPM Europe Small Cap D (acc) - EUR 1,679,468.370 237,213.030 268,812.312 1,647,869.088

JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 4,801,294.954 1,164,844.358 1,915,388.115 4,050,751.197 JPM Europe Strategic Growth A (dist) - EUR 30,122,022.826 3,148,634.942 4,053,888.795 29,216,768.973 JPM Europe Strategic Growth A (dist) - GBP 41,866.243 2,883.559 15,008.512 29,741.290 JPM Europe Strategic Growth B (acc) - EUR 420,457.954 99,491.036 46,240.057 473,708.933 JPM Europe Strategic Growth C (acc) - EUR 11,378,929.300 3,454,109.547 5,720,916.128 9,112,122.719 JPM Europe Strategic Growth D (acc) - EUR 2,771,167.244 376,494.270 534,531.461 2,613,130.053 JPM Europe Strategic Growth X (acc) - EUR* 1,774.423 - 1,774.423 -

JPMorgan Funds - Europe Strategic Growth Small Cap Fund JPM Europe Strategic Growth Small Cap A (acc) - EUR 192,202.493 77,362.888 11,371.225 258,194.156 JPM Europe Strategic Growth Small Cap D (acc) - EUR 189,462.270 55,054.630 5,243.195 239,273.705

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 8,052,274.020 734,475.420 2,461,380.761 6,325,368.679 JPM Europe Strategic Value A (dist) - EUR 118,550,336.461 5,163,694.370 20,621,098.791 103,092,932.040 JPM Europe Strategic Value A (dist) - GBP 21,881.704 1,768.619 1,609.373 22,040.950 JPM Europe Strategic Value B (acc) - EUR 532,544.519 45,044.998 452,193.699 125,395.818 JPM Europe Strategic Value C (acc) - EUR 4,845,105.559 2,587,619.969 2,903,531.253 4,529,194.275 JPM Europe Strategic Value D (acc) - EUR 6,835,308.860 51,827.346 1,398,698.477 5,488,437.729

JPMorgan Funds - Europe Strategic Value Small Cap Fund JPM Europe Strategic Value Small Cap A (acc) - EUR 199,653.312 24,223.060 16,517.695 207,358.677 JPM Europe Strategic Value Small Cap D (acc) - EUR 198,876.254 27,893.511 22,224.737 204,545.028

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 830,531.434 330,260.361 89,677.372 1,071,114.423 JPM Europe Technology A (dist) - EUR 8,331,659.591 1,611,827.110 1,194,300.810 8,749,185.891 JF Europe Technology A (dist) - EUR 1,800,278.206 234,747.419 812,079.379 1,222,946.246 JPM Europe Technology A (dist) - GBP 140,778.485 51,015.460 4,510.878 187,283.067 JPM Europe Technology B (acc) - EUR 101,963.434 255,544.463 117,429.576 240,078.321 JPM Europe Technology D (acc) - EUR 1,675,386.535 550,231.612 425,012.184 1,800,605.963 JPM Europe Technology X (acc) - EUR 19,540.984 - 856.000 18,684.984

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 6,209,578.901 5,140,211.275 2,998,043.731 8,351,746.445 JPM Germany Equity A (dist) - EUR 9,645,346.737 12,458,708.189 1,364,762.714 20,739,292.212 JF Germany Equity A (dist) - EUR 670,560.959 52,735.809 60,769.818 662,526.950 JPM Germany Equity B (acc) - EUR 761,549.316 627,947.281 343,563.215 1,045,933.382 JPM Germany Equity C (acc) - EUR 3,639,357.650 8,396,166.551 1,600,524.035 10,435,000.166 JPM Germany Equity D (acc) - EUR 29,545,544.804 18,904,292.200 6,898,887.242 41,550,949.762 JPM Germany Equity I (acc) - EUR 1,620,590.256 972,533.633 2,065,944.233 527,179.656 JPM Germany Equity X (acc) - EUR 295,392.406 237,860.000 - 533,252.406

JPMorgan Funds - Global Absolute Return Bond Fund (7) JPM Global Absolute Return Bond A (acc) - USD - 62,500.000 50.025 62,449.975 JPM Global Absolute Return Bond A (acc) - EUR (hedged) - 62,892.931 - 62,892.931 JPM Global Absolute Return Bond A (acc) - SEK (hedged) - 63,100.430 - 63,100.430 JPM Global Absolute Return Bond D (acc) - USD - 50.000 - 50.000 JPM Global Absolute Return Bond D (acc) - EUR (hedged) - 62,892.931 - 62,892.931 JPM Global Absolute Return Bond X (acc) - EUR (hedged) - 60,362.000 2,500.000 57,862.000

(7) This Sub-Fund was launched on 7 October 2010.

43 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2010 to 31 December 2010

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 343,132.845 958,479.324 1,035,826.712 265,785.457 JPM Global Aggregate Bond A (inc) - USD 1,260,263.368 48,498.896 136,262.865 1,172,499.399 JPM Global Aggregate Bond C (acc) - USD 7,928.197 186,505.000 186,505.000 7,928.197 JPM Global Aggregate Bond D (acc) - USD 658,721.386 124,160.345 272,044.080 510,837.651

JPMorgan Funds - Global Consumer Trends Fund JPM Global Consumer Trends A (acc) - USD 91,418.548 408,928.141 7,753.676 492,593.013 JPM Global Consumer Trends A (acc) - EUR 2,038,506.854 3,029,890.767 404,266.299 4,664,131.322 JPM Global Consumer Trends C (acc) - EUR 1,488,680.208 913,971.580 63,807.627 2,338,844.161 JPM Global Consumer Trends D (acc) - EUR 246,131.950 213,922.205 157,885.768 302,168.387

JPMorgan Funds - Global Convertibles Fund (EUR) JPM Global Convertibles (EUR) A (acc) - EUR 28,116,224.365 15,003,357.885 7,788,186.705 35,331,395.545 JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 2,163,053.698 1,111,354.941 263,914.576 3,010,494.063 JPM Global Convertibles (EUR) A (dist) - EUR 62,364,349.048 11,362,515.833 12,018,652.879 61,708,212.002 JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 1,746,537.550 437,881.442 716,664.964 1,467,754.028 JF Global Convertibles (EUR) A (dist) - USD 2,019,518.193 1,060,011.321 1,459,536.585 1,619,992.929 JPM Global Convertibles (EUR) B (acc) - EUR 3,483,505.056 1,763,155.346 2,512,093.234 2,734,567.168 JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 688,484.039 205,000.000 82,875.000 810,609.039 JPM Global Convertibles (EUR) C (acc) - EUR 61,127,371.872 7,579,347.764 39,484,991.175 29,221,728.461 JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 339,206.282 52,465.865 101,356.865 290,315.282 JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 10,207,235.638 3,166,007.894 4,175,482.504 9,197,761.028 JPM Global Convertibles (EUR) D (acc) - EUR 14,739,725.200 1,263,393.995 3,950,690.192 12,052,429.003 JPM Global Convertibles (EUR) I (acc) - EUR 66,910,230.298 8,761,594.322 56,475,052.157 19,196,772.463 JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 1,019,625.506 - - 1,019,625.506 JPM Global Convertibles (EUR) I (inc) - EUR 250,090.196 - - 250,090.196 JPM Global Convertibles (EUR) X (acc) - EUR 8,793,326.891 182,415.980 397,447.589 8,578,295.282 JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1,788,476.035 - 0.710 1,788,475.325

JPMorgan Funds - Global Corporate Bond Fund JPM Global Corporate Bond A (acc) - USD 1,966,579.779 4,077,968.738 1,518,127.801 4,526,420.716 JPM Global Corporate Bond A (acc) - EUR (hedged) 4,016,123.879 3,429,019.591 3,418,492.481 4,026,650.989 JPM Global Corporate Bond A (acc) - SEK (hedged) 2,486,732.131 3,571,357.244 737,702.688 5,320,386.687 JPM Global Corporate Bond A (dist) - GBP (hedged) 7,457,182.869 2,157,669.993 902,305.720 8,712,547.142 JPM Global Corporate Bond A (mth) - USD - 10,645.717 1,715.578 8,930.139 JPM Global Corporate Bond C (acc) - EUR (hedged) - 903,386.310 44,328.233 859,058.077 JPM Global Corporate Bond D (acc) - USD 661,186.302 539,278.958 341,515.834 858,949.426 JPM Global Corporate Bond D (acc) - EUR (hedged) 4,529,683.002 5,322,720.741 2,954,380.414 6,898,023.329 JPM Global Corporate Bond D (inc) - EUR (hedged) 36,004.036 966,141.500 32,792.457 969,353.079 JPM Global Corporate Bond I (acc) - USD - 100,000.000 - 100,000.000

JPMorgan Funds - Global Credit Bond Fund JPM Global Credit Bond A (acc) - USD 1,250,000.000 - - 1,250,000.000 JPM Global Credit Bond A (acc) - EUR (hedged) 1,242,028.003 31,090.102 31,417.828 1,241,700.277 JPM Global Credit Bond D (acc) - EUR (hedged) - 7,947.817 100.971 7,846.846

JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund (8) JPM Global Duration-Hedged Corporate Bond A (acc) - EUR - 69,289.400 - 69,289.400 JPM Global Duration-Hedged Corporate Bond A (acc) - SEK (hedged) - 53,706.017 - 53,706.017 JPM Global Duration-Hedged Corporate Bond C (acc) - EUR - 40,215.002 - 40,215.002 JPM Global Duration-Hedged Corporate Bond D (acc) - EUR - 77,347.460 3,082.976 74,264.484

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 7,271,951.747 1,599,412.607 2,027,450.260 6,843,914.094 JPM Global Dynamic A (acc) - EUR 1,094,373.077 128,966.014 102,162.394 1,121,176.697 JPM Global Dynamic A (acc) - EUR (hedged) 3,292,326.573 228,081.176 2,768,729.491 751,678.258 JPM Global Dynamic A (acc) - SGD 498.563 - - 498.563 JPM Global Dynamic A (acc) - CHF (hedged) 2,021.733 4,915.770 - 6,937.503 JPM Global Dynamic A (dist) - USD 34,441,060.615 1,606,534.684 10,045,960.170 26,001,635.129 JPM Global Dynamic A (dist) - GBP 657,023.536 49,355.286 113,006.931 593,371.891 JF Global Dynamic A (dist) - USD 630,249.857 50,495.447 40,864.978 639,880.326 JPM Global Dynamic A (inc) - EUR 974,790.933 10,630.140 105,693.000 879,728.073 JPM Global Dynamic B (acc) - USD 1,221,325.842 29,101.638 388,016.390 862,411.090 JPM Global Dynamic C (acc) - USD 15,501,972.044 761,210.635 4,774,813.417 11,488,369.262 JPM Global Dynamic C (acc) - EUR 4,836,061.129 153,779.221 224,696.898 4,765,143.452 JPM Global Dynamic C (acc) - EUR (hedged) 1,109,115.271 308,190.000 267,000.000 1,150,305.271 JPM Global Dynamic D (acc) - USD 4,552,351.073 89,132.042 316,975.105 4,324,508.010 JPM Global Dynamic D (acc) - EUR 246,298.029 22,995.018 34,004.689 235,288.358 JPM Global Dynamic D (acc) - EUR (hedged) 226,550.030 41,890.631 72,285.874 196,154.787 JPM Global Dynamic I (acc) - USD 152,038.895 5,566,508.931 4,654.585 5,713,893.241 JPM Global Dynamic I (inc) - EUR 4,269,575.737 48,975.442 - 4,318,551.179 JPM Global Dynamic X (acc) - USD 6,149,032.055 - 1,074,676.230 5,074,355.825 JPM Global Dynamic X (acc) - EUR 26,377,982.213 2,654,867.257 - 29,032,849.470

(8) This Sub-Fund was launched on 16 September 2010.

44 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2010 to 31 December 2010

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - Global Equity Fund (USD) JPM Global Equity (USD) A (acc) - USD 447,831.162 4,265.000 6,975.857 445,120.305 JPM Global Equity (USD) A (acc) - EUR (hedged) 219,637.526 26,441.221 60,232.968 185,845.779 JPM Global Equity (USD) A (dist) - USD 386,766.685 19,741.608 76,599.208 329,909.085 JF Global Equity (USD) A (dist) - USD 1,111,331.660 189,837.529 260,910.334 1,040,258.855 JPM Global Equity (USD) A (dist) - EUR (hedged) 3,192,726.459 25,284.986 174,971.967 3,043,039.478 JPM Global Equity (USD) C (acc) - USD 7,567,085.145 - 763,358.779 6,803,726.366 JPM Global Equity (USD) C (acc) - EUR (hedged) 5,837,707.130 35,763.958 - 5,873,471.088 JPM Global Equity (USD) D (acc) - USD 105,252.150 29,751.029 12,197.128 122,806.051 JPM Global Equity (USD) D (acc) - EUR (hedged) 234,732.226 17,856.610 39,211.422 213,377.414 JPM Global Equity (USD) X (acc) - USD 1,189.691 - - 1,189.691 JPM Global Equity (USD) X (acc) - EUR 5,468,725.894 - 13,525.775 5,455,200.119

JPMorgan Funds - Global Focus Fund JPM Global Focus A (acc) - EUR 28,453,947.521 14,187,713.441 8,998,648.093 33,643,012.869 JPM Global Focus A (acc) - EUR (hedged) 1,634,518.282 5,239,839.863 998,643.593 5,875,714.552 JPM Global Focus A (acc) - CHF (hedged) 1,589.286 14,918.131 - 16,507.417 JPM Global Focus A (dist) - EUR 12,314,649.850 8,252,460.593 2,017,860.419 18,549,250.024 JF Global Focus A (dist) - USD 1,842,078.240 492,530.133 953,266.490 1,381,341.883 JPM Global Focus B (acc) - EUR 1,394,562.444 2,587,595.115 583,906.745 3,398,250.814 JPM Global Focus C (acc) - USD 1,799,015.290 997,516.292 152,604.619 2,643,926.963 JPM Global Focus C (acc) - EUR 17,536,751.170 11,155,138.142 13,589,599.452 15,102,289.860 JPM Global Focus C (acc) - EUR (hedged) 489,378.430 2,793,240.825 1,173,829.871 2,108,789.384 JPM Global Focus D (acc) - EUR 5,169,105.748 2,116,376.770 950,925.998 6,334,556.520 JPM Global Focus D (acc) - EUR (hedged) 1,697,987.913 1,050,600.940 410,898.780 2,337,690.073 JPM Global Focus I (acc) - EUR - 747,375.996 230.897 747,145.099 JPM Global Focus I (acc) - EUR (hedged) - 99,647.503 - 99,647.503 JPM Global Focus X (acc) - EUR 936,103.590 - 50,000.000 886,103.590

JPMorgan Funds - Global Government Bond Fund JPM Global Government Bond A (acc) - EUR 3,515,676.298 1,287,402.895 1,430,806.280 3,372,272.913 JPM Global Government Bond A (acc) - USD (hedged) 245,264.439 470,128.606 93,538.680 621,854.365 JPM Global Government Bond B (acc) - EUR* 49,774.942 - 49,774.942 - JPM Global Government Bond C (acc) - EUR 21,525,097.106 9,681,112.422 11,938,425.908 19,267,783.620 JPM Global Government Bond D (acc) - EUR 270,627.378 1,172,191.691 905,669.208 537,149.861 JPM Global Government Bond X (acc) - EUR 776,526.030 173,777.000 219,974.633 730,328.397

JPMorgan Funds - Global Government Short Duration Bond Fund JPM Global Government Short Duration Bond A (acc) - EUR 258,606.367 285,268.135 169,738.760 374,135.742 JPM Global Government Short Duration Bond A (acc) - USD (hedged) 620,012.546 548,740.578 171,458.865 997,294.259 JPM Global Government Short Duration Bond C (acc) - USD (hedged) 713,925.896 490,297.162 378,687.422 825,535.636 JPM Global Government Short Duration Bond C (dist) - GBP (hedged) 1,771,928.554 186,752.838 530,213.888 1,428,467.504 JPM Global Government Short Duration Bond D (acc) - EUR 406,074.141 554,846.584 300,218.711 660,702.014 JPM Global Government Short Duration Bond D (acc) - USD (hedged) 152,316.564 23,677.000 89,983.564 86,010.000 JPM Global Government Short Duration Bond X (acc) - EUR - 210,916.093 - 210,916.093

JPMorgan Funds - Global Healthcare Fund JPM Global Healthcare A (acc) - USD 101,886.810 11,735.149 34,825.030 78,796.929 JPM Global Healthcare A (dist) - USD 125,880.084 8,733.048 22,830.528 111,782.604 JF Global Healthcare A (dist) - USD 33,809.380 15.978 4,984.404 28,840.954 JPM Global Healthcare A (dist) - GBP 1,360.143 117.503 173.182 1,304.464 JPM Global Healthcare B (acc) - USD 6,033.468 104.828 1,282.865 4,855.431 JPM Global Healthcare C (acc) - USD 74,460.645 11,511.111 20,399.253 65,572.503 JPM Global Healthcare D (acc) - USD 52,859.600 10,796.638 7,677.910 55,978.328

JPMorgan Funds - Global Infrastructure Trends Fund JPM Global Infrastructure Trends A (acc) - EUR 304,555.834 5,617.008 150.000 310,022.842

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - USD 26,451,139.044 49,249,903.331 28,232,765.085 47,468,277.290 JPM Global Natural Resources A (acc) - EUR 37,814,389.670 21,225,292.145 8,264,852.337 50,774,829.478 JPM Global Natural Resources A (acc) - SGD 16,104.229 61,836.687 14,541.893 63,399.023 JPM Global Natural Resources A (dist) - EUR 23,287,894.713 13,103,370.096 12,198,392.819 24,192,871.990 JPM Global Natural Resources B (acc) - EUR 1,626,273.337 1,575,343.400 703,049.652 2,498,567.085 JPM Global Natural Resources C (acc) - USD 5,551,376.057 3,811,070.645 2,259,266.526 7,103,180.176 JPM Global Natural Resources C (acc) - EUR 6,011,118.454 4,713,065.556 2,649,472.417 8,074,711.593 JPM Global Natural Resources D (acc) - USD 1,136,706.770 1,274,526.443 442,847.426 1,968,385.787 JPM Global Natural Resources D (acc) - EUR 14,691,065.674 9,699,127.266 3,330,167.598 21,060,025.342 JPM Global Natural Resources X (acc) - USD - 13,666.300 - 13,666.300 JPM Global Natural Resources X (acc) - EUR 5,089,717.594 3,576,918.318 4,534,156.178 4,132,479.734

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities (USD) A (acc) - USD 2,581,753.116 727,963.736 332,874.481 2,976,842.371 JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 262,588.910 39,636.750 45,785.833 256,439.827 JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 2,534.775 152.184 2,114.848 572.111 JPM Global Real Estate Securities (USD) C (acc) - USD - 23,035.000 9,527.000 13,508.000 JPM Global Real Estate Securities (USD) D (acc) - USD 612,494.551 381,875.778 159,478.173 834,892.156 JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 322,446.487 222,234.035 234,832.678 309,847.844 JPM Global Real Estate Securities (USD) X (acc) - USD 449,841.235 526,297.000 - 976,138.235

JPMorgan Funds - Global Research Enhanced Index Equity Fund JPM Global Research Enhanced Index Equity X (acc) - EUR 50,000.000 - - 50,000.000

45 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2010 to 31 December 2010

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - Global Short Duration Bond Fund JPM Global Short Duration Bond A (acc) - USD 13,439,931.538 11,553,708.728 4,988,122.274 20,005,517.992 JPM Global Short Duration Bond A (acc) - EUR (hedged) 3,066,640.347 2,356,794.552 664,771.521 4,758,663.378 JPM Global Short Duration Bond B (acc) - USD 35,000.000 195,199.775 11,222.911 218,976.864 JPM Global Short Duration Bond B (acc) - EUR (hedged) - 34,723.725 - 34,723.725 JPM Global Short Duration Bond C (acc) - USD 1,102,415.953 7,836,986.225 1,491,218.096 7,448,184.082 JPM Global Short Duration Bond C (dist) - GBP (hedged) 4,210,892.873 837,934.690 1,116,183.581 3,932,643.982 JPM Global Short Duration Bond D (acc) - EUR (hedged) - 65.712 - 65.712 JPM Global Short Duration Bond X (acc) - USD - 560,484.192 1,800.180 558,684.012

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 4,888,039.076 450,847.127 203,051.611 5,135,834.592 JPM Global Socially Responsible A (dist) - USD 5,832,777.733 800,481.625 36,767.499 6,596,491.859 JPM Global Socially Responsible D (acc) - USD 348,033.535 13,752.066 26,914.582 334,871.019

JPMorgan Funds - Global Strategic Bond Fund JPM Global Strategic Bond A (acc) - USD 83,500.000 - - 83,500.000 JPM Global Strategic Bond A (acc) - EUR (hedged) 83,731.671 62,908.779 - 146,640.450 JPM Global Strategic Bond A (acc) - SEK (hedged) - 69,158.701 2.937 69,155.764 JPM Global Strategic Bond D (inc) - EUR (hedged) 83,230.287 - - 83,230.287 JPM Global Strategic Bond X (acc) - EUR (hedged) - 87,030.000 3,000.000 84,030.000

JPMorgan Funds - Highbridge Asia Pacific STEEP Fund (9) JPM Highbridge Asia Pacific STEEP A (acc) - USD - 150,000.000 - 150,000.000

JPMorgan Funds - Highbridge Europe STEEP Fund JPM Highbridge Europe STEEP A (acc) - USD 10,465.475 10,935.621 454.848 20,946.248 JPM Highbridge Europe STEEP A (acc) - EUR 5,241,845.986 527,241.495 2,988,086.742 2,781,000.739 JPM Highbridge Europe STEEP A (dist) - GBP 32,412.185 35,366.076 4,578.612 63,199.649 JPM Highbridge Europe STEEP A (inc) - EUR 31,597.652 434.513 8,544.131 23,488.034 JPM Highbridge Europe STEEP B (acc) - EUR 1,052,332.119 209,906.592 1,052,995.006 209,243.705 JPM Highbridge Europe STEEP C (acc) - EUR 8,069,797.035 1,553,189.340 5,098,734.946 4,524,251.429 JPM Highbridge Europe STEEP D (acc) - EUR 842,565.567 110,058.918 371,020.215 581,604.270 JPM Highbridge Europe STEEP X (acc) - EUR 1,529,283.619 239,895.540 60,061.092 1,709,118.067

JPMorgan Funds - Highbridge US STEEP Fund JPM Highbridge US STEEP A (acc) - USD 25,099,447.501 5,059,871.734 8,072,347.486 22,086,971.749 JPM Highbridge US STEEP A (acc) - EUR 18,359,087.769 2,189,549.611 3,873,928.459 16,674,708.921 JPM Highbridge US STEEP A (acc) - EUR (hedged) 243,563.520 210,527.887 127,693.096 326,398.311 JPM Highbridge US STEEP A (dist) - GBP 1,892,977.323 1,154,636.821 770,227.375 2,277,386.769 JPM Highbridge US STEEP A (inc) - EUR 504.992 411.299 803.609 112.682 JPM Highbridge US STEEP B (acc) - USD 1,016,775.044 149,559.229 259,151.630 907,182.643 JPM Highbridge US STEEP C (acc) - USD 12,064,005.696 4,405,866.560 4,960,754.447 11,509,117.809 JPM Highbridge US STEEP D (acc) - USD 741,339.981 162,955.752 202,616.430 701,679.303 JPM Highbridge US STEEP D (acc) - EUR (hedged) 146,858.827 54,476.722 66,325.520 135,010.029 JPM Highbridge US STEEP X (acc) - USD 12,811,709.098 1,515,874.158 6,612,472.098 7,715,111.158

JPMorgan Funds - Japan Dynamic Fund JPM Japan Dynamic A (acc) - JPY 811,921.375 8,768.849 72,301.140 748,389.084 JPM Japan Dynamic A (dist) - JPY 463,514.941 - - 463,514.941

JPMorgan Funds - JF ASEAN Equity Fund JF ASEAN Equity A (acc) - USD 2,963,583.561 3,195,504.557 541,891.147 5,617,196.971 JF ASEAN Equity A (acc) - EUR 942,432.487 2,171,359.485 852,313.925 2,261,478.047 JF ASEAN Equity A (acc) - SGD - 2,122.111 49.856 2,072.255 JF ASEAN Equity B (acc) - USD - 18,138.000 4,500.000 13,638.000 JF ASEAN Equity B (acc) - EUR - 8,361.204 - 8,361.204 JF ASEAN Equity C (acc) - USD - 120,510.112 11,986.000 108,524.112 JF ASEAN Equity D (acc) - USD 76,046.603 854,235.911 106,277.248 824,005.266 JF ASEAN Equity D (acc) - EUR 135,918.564 1,274,204.646 309,488.492 1,100,634.718 JF ASEAN Equity X (acc) - USD - 100,019.000 - 100,019.000

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD 1,902,791.626 5,168,435.972 1,845,218.693 5,226,008.905 JF Asia Alpha Plus A (dist) - USD 16,536.229 443,756.761 - 460,292.990 JF Asia Alpha Plus X (acc) - USD 54,141.608 - - 54,141.608

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund JF Asia Pacific ex-Japan Equity A (acc) - USD 2,291,785.557 899,354.201 1,465,377.680 1,725,762.078 JF Asia Pacific ex-Japan Equity A (acc) - SGD - 550.690 49.955 500.735 JF Asia Pacific ex-Japan Equity A (dist) - USD 4,640,913.227 296,772.181 473,465.252 4,464,220.156 JF Asia Pacific ex-Japan Equity A (dist) - GBP 77,659.266 12,833.494 44,555.556 45,937.204 JF Asia Pacific ex-Japan Equity B (acc) - USD 10,346.636 17,395.000 2,192.757 25,548.879 JF Asia Pacific ex-Japan Equity C (acc) - USD 1,066,104.651 2,096,339.531 617,749.144 2,544,695.038 JF Asia Pacific ex-Japan Equity C (acc) - BRL (hedged) - 66,747.581 11,433.003 55,314.578 JF Asia Pacific ex-Japan Equity D (acc) - USD 2,100,714.927 398,230.798 440,553.027 2,058,392.698 JF Asia Pacific ex-Japan Equity D (acc) - EUR 180,477.711 22,350.443 46,877.715 155,950.439 JF Asia Pacific ex-Japan Equity I (acc) - USD 7,858,209.064 - 5,011,769.408 2,846,439.656 JF Asia Pacific ex-Japan Equity X (acc) - USD 2,738,359.066 503,526.000 959,703.000 2,282,182.066

(9) This Sub-Fund was launched on 13 December 2010.

46 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2010 to 31 December 2010

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - JF China Fund JF China A (acc) - USD 12,421,644.435 5,921,171.141 5,017,747.555 13,325,068.021 JF China A (acc) - SGD 498.563 - - 498.563 JF China A (dist) - USD 55,425,360.101 13,475,303.965 14,762,040.188 54,138,623.878 JF China A (dist) - HKD - 952,906.862 50,401.589 902,505.273 JF China B (acc) - USD 1,072,011.902 397,079.895 271,936.807 1,197,154.990 JF China C (acc) - USD 3,687,391.441 1,919,199.936 1,880,820.335 3,725,771.042 JF China D (acc) - USD 11,142,449.919 2,141,875.120 2,952,493.584 10,331,831.455 JF China D (acc) - EUR - 30,660.574 5,481.099 25,179.475 JF China I (acc) - USD 23,707,183.887 - 9,708,781.637 13,998,402.250 JF China X (acc) - USD - 272,785.301 237,108.877 35,676.424

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD 12,036,262.417 2,149,706.486 2,322,239.291 11,863,729.612 JF Greater China A (acc) - SGD 498.563 96,835.551 498.563 96,835.551 JF Greater China A (dist) - USD 12,882,622.537 3,602,702.009 3,554,967.378 12,930,357.168 JF Greater China A (dist) - HKD - 362,629.999 13,086.648 349,543.351 JF Greater China B (acc) - USD 252,095.134 472,254.656 63,649.262 660,700.528 JF Greater China C (acc) - USD 3,092,015.534 2,834,776.952 2,946,879.936 2,979,912.550 JF Greater China D (acc) - USD 3,510,441.172 214,092.238 460,591.069 3,263,942.341 JF Greater China D (acc) - EUR - 13,949.733 784.874 13,164.859 JF Greater China I (acc) - USD - 402,030.655 23.581 402,007.074

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (acc) - USD 367,574.540 2,103,065.061 2,201,731.585 268,908.016 JF Hong Kong A (dist) - USD 3,192,967.004 357,858.228 880,571.545 2,670,253.687 JF Hong Kong A (dist) - HKD - 805,215.056 8,379.007 796,836.049 JF Hong Kong B (acc) - USD 3,915.651 189,665.807 189,665.798 3,915.660 JF Hong Kong C (acc) - USD 540,529.482 1,656,290.054 1,810,257.536 386,562.000 JF Hong Kong D (acc) - USD 708,013.521 267,584.759 323,000.397 652,597.883

JPMorgan Funds - JF India Fund JF India A (acc) - USD 27,300,634.635 7,166,237.287 4,686,804.700 29,780,067.222 JF India A (acc) - SGD 498.563 7,200.000 - 7,698.563 JF India A (dist) - USD 16,765,934.498 2,699,206.180 2,981,723.081 16,483,417.597 JF India B (acc) - USD 622,818.993 129,507.516 218,412.244 533,914.265 JF India C (acc) - USD 3,806,672.699 5,156,802.001 2,306,438.986 6,657,035.714 JF India D (acc) - USD 13,515,740.853 3,011,782.326 3,284,621.708 13,242,901.471 JF India D (acc) - EUR - 66,794.526 10,310.708 56,483.818 JF India X (acc) - USD 410,052.746 374,829.021 - 784,881.767

JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD 856,425.510 3,386,790.425 796,120.325 3,447,095.610 JF Japan Alpha Plus A (dist) - USD 377,940.890 276,718.000 98,446.681 556,212.209

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A (acc) - USD 5,613,949.488 3,105,554.240 2,420,968.233 6,298,535.495 JF Japan Equity A (acc) - EUR 80,905.582 8,955.000 25,761.579 64,099.003 JF Japan Equity A (acc) - JPY 859,350.180 311,161.429 581,290.480 589,221.129 JF Japan Equity A (dist) - USD 9,429,076.580 1,340,414.322 3,306,186.266 7,463,304.636 JF Japan Equity A (dist) - GBP 568,918.338 8,897.017 280,707.499 297,107.856 JF Japan Equity B (acc) - USD 613,101.611 206,798.553 6,400.777 813,499.387 JF Japan Equity C (acc) - USD 416,571.587 1,928,616.295 18,369.175 2,326,818.707 JF Japan Equity D (acc) - USD 4,460,183.837 1,045,526.494 1,142,215.436 4,363,494.895 JF Japan Equity D (acc) - EUR 99,482.165 1,460,565.754 1,500,218.529 59,829.390 JF Japan Equity J (dist) - USD 1,500,149.425 108,873.229 272,946.202 1,336,076.452 JF Japan Equity X (acc) - USD 26,143.120 - - 26,143.120

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD 513,659.376 53,187.147 189,215.997 377,630.526 JF Japan Small Cap A (dist) - USD 4,055,987.991 136,983.077 685,106.592 3,507,864.476 JF Japan Small Cap B (acc) - USD 24,519.310 134.000 2,086.978 22,566.332 JF Japan Small Cap D (acc) - USD 1,017,149.190 419,868.382 519,318.356 917,699.216

JPMorgan Funds - JF Korea Equity Fund JF Korea Equity A (acc) - USD 1,930,859.148 2,998,166.875 594,639.383 4,334,386.640 JF Korea Equity A (acc) - EUR 115,108.183 530,095.543 163,918.428 481,285.298 JF Korea Equity A (dist) - USD 190,150.259 26,625.801 128,394.028 88,382.032 JF Korea Equity B (acc) - USD 450,000.000 81,695.330 2,134.000 529,561.330 JF Korea Equity C (acc) - USD 324,287.488 119,149.296 343,436.784 100,000.000 JF Korea Equity D (acc) - USD 382,758.482 1,040,610.927 233,208.754 1,190,160.655 JF Korea Equity X (acc) - USD 497,702.000 134,838.000 497,702.000 134,838.000

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD 303,084.610 424,152.394 368,463.402 358,773.602 JF Pacific Balanced A (dist) - USD 3,184,542.924 346,775.736 353,851.816 3,177,466.844 JF Pacific Balanced B (acc) - USD 505,300.000 1,626,966.668 1,593,668.668 538,598.000 JF Pacific Balanced D (acc) - USD 1,232,886.994 252,887.049 178,022.185 1,307,751.858

47 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2010 to 31 December 2010

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD 4,742,082.669 731,628.808 501,541.513 4,972,169.964 JF Pacific Equity A (acc) - EUR 924,656.688 298,825.338 448,740.114 774,741.912 JF Pacific Equity A (dist) - USD 7,720,512.495 290,234.530 681,537.444 7,329,209.581 JF Pacific Equity A (dist) - GBP 58,986.919 4,808.381 11,874.451 51,920.849 JF Pacific Equity B (acc) - USD 1,676,976.494 128,373.444 537,410.833 1,267,939.105 JF Pacific Equity C (acc) - USD 675,988.916 168,701.490 115,051.176 729,639.230 JF Pacific Equity D (acc) - USD 4,986,897.880 1,325,822.659 1,965,422.411 4,347,298.128 JF Pacific Equity D (acc) - EUR 117,245.465 10,432.691 94,164.477 33,513.679

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD 667,971.886 114,679.799 267,783.028 514,868.657 JF Pacific Technology A (acc) - EUR 20,946.125 785.436 5,254.967 16,476.594 JF Pacific Technology A (dist) - USD 1,530,340.689 124,723.487 296,092.441 1,358,971.735 JF Pacific Technology A (dist) - GBP 23,614.164 537.298 12,818.057 11,333.405 JF Pacific Technology B (acc) - USD 795,214.984 548,598.862 1,222,333.937 121,479.909 JF Pacific Technology C (acc) - USD 2,664,638.210 14,159.054 2,650,000.001 28,797.263 JF Pacific Technology D (acc) - USD 516,537.177 342,570.930 369,210.860 489,897.247

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD 868,648.942 1,824,218.947 1,616,579.867 1,076,288.022 JF Singapore A (acc) - SGD 125,815.815 24,482.697 8,788.563 141,509.949 JF Singapore A (dist) - USD 3,428,850.649 1,377,373.148 1,136,085.053 3,670,138.744 JF Singapore B (acc) - USD 255,512.632 190,288.997 240,617.060 205,184.569 JF Singapore C (acc) - USD 26,108.133 1,786,641.757 1,804,633.745 8,116.145 JF Singapore D (acc) - USD 1,300,755.155 232,325.891 276,140.282 1,256,940.764 JF Singapore I (acc) - USD* 632,502.587 - 632,502.587 -

JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD 5,255,685.951 2,384,812.695 2,037,112.137 5,603,386.509 JF Taiwan A (acc) - EUR 10,166.984 27,855.421 5,192.392 32,830.013 JF Taiwan A (dist) - USD 19,761,188.404 3,136,831.779 5,017,047.680 17,880,972.503 JF Taiwan A (dist) - HKD - 47,039.509 - 47,039.509 JF Taiwan B (acc) - USD* 39,588.364 - 39,588.364 - JF Taiwan C (acc) - USD 154,273.628 939,474.049 191,111.356 902,636.321 JF Taiwan D (acc) - USD 1,091,192.284 3,198,566.112 3,122,468.526 1,167,289.870 JF Taiwan I (acc) - USD 4,817,548.910 4,781,506.410 711,348.899 8,887,706.421 JF Taiwan X (acc) - USD - 129,125.000 - 129,125.000

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 8,039,948.696 2,707,679.418 1,688,201.951 9,059,426.163 JPM Latin America Equity A (acc) - SGD - 550.690 49.955 500.735 JPM Latin America Equity A (dist) - USD 5,608,253.490 1,227,651.238 926,316.750 5,909,587.978 JF Latin America Equity A (dist) - USD 8,233,060.601 3,494,734.528 4,257,236.930 7,470,558.199 JPM Latin America Equity B (acc) - USD 2,745,684.656 1,614,711.798 768,379.671 3,592,016.783 JPM Latin America Equity C (acc) - USD 2,170,586.391 1,770,860.067 346,376.371 3,595,070.087 JPM Latin America Equity D (acc) - USD 4,453,156.114 2,025,985.209 921,532.561 5,557,608.762 JPM Latin America Equity D (acc) - EUR - 28,415.763 343.754 28,072.009 JPM Latin America Equity I (acc) - USD 5,077,455.106 - 1,111,458.822 3,965,996.284 JPM Latin America Equity X (acc) - USD 2,362,034.245 1,113,165.059 4,144.160 3,471,055.144

JPMorgan Funds - Managed Reserves Fund JPM Managed Reserves Fund A (acc) - USD 250.000 2,626.500 34.549 2,841.951 JPM Managed Reserves Fund A (acc) - EUR (hedged) 1,724.143 691.683 462.469 1,953.357 JPM Managed Reserves Fund A (dist) - GBP (hedged) 251.862 82.428 - 334.290 JPM Managed Reserves Fund C (acc) - USD - 2,151.984 52.260 2,099.724 JPM Managed Reserves Fund C (acc) - EUR (hedged) - 2,241.095 457.906 1,783.189 JPM Managed Reserves Fund C (dist) - GBP (hedged) - 2,226.682 205.653 2,021.029 JPM Managed Reserves Fund I (acc) - USD 500.000 3,097.282 1,997.669 1,599.613 JPM Managed Reserves Fund I (acc) - SGD (hedged) 251.717 - - 251.717

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 43,246,446.765 12,182,591.827 15,418,603.708 40,010,434.884 JPM Russia A (dist) - USD 22,668,321.825 35,109,232.565 26,088,444.995 31,689,109.395 JPM Russia B (acc) - USD 2,738,127.299 2,685,094.053 526,213.325 4,897,008.027 JPM Russia C (acc) - USD 18,617,599.055 12,924,763.827 6,028,013.215 25,514,349.667 JPM Russia D (acc) - USD 13,634,117.959 2,777,513.402 3,412,067.731 12,999,563.630 JPM Russia I (acc) - USD 153,487,599.652 33,221,871.936 30,712,478.877 155,996,992.711

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 1,454,946.277 2,197,109.031 3,372,112.858 279,942.450 JPM Sterling Bond A (dist) - GBP 61,442,468.623 24,340,063.286 2,042,303.673 83,740,228.236 JPM Sterling Bond D (acc) - GBP 486,918.536 110,805.849 139,822.513 457,901.872

JPMorgan Funds - Systematic Alpha Fund JPM Systematic Alpha A (acc) - EUR 500,000.000 - - 500,000.000

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 266,643.914 1,752.974 63,013.901 205,382.987 JPM UK Equity A (dist) - GBP 3,502,086.248 151,571.907 455,747.800 3,197,910.355 JPM UK Equity C (acc) - GBP 505,583.322 192,030.081 492,158.539 205,454.864 JPM UK Equity D (acc) - GBP 323,713.192 25,817.893 36,089.125 313,441.960 JPM UK Equity X (acc) - GBP - 4,250.000 - 4,250.000

48 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2010 to 31 December 2010

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - US 130/30 Fund JPM US 130/30 A (acc) - USD 7,854,536.306 3,528,891.970 3,431,391.340 7,952,036.936 JPM US 130/30 A (acc) - EUR (hedged) 12,229.227 9,403.423 13,579.019 8,053.631 JPM US 130/30 A (dist) - USD - 55,705.279 11,397.000 44,308.279 JPM US 130/30 A (dist) - GBP 111,889.083 273,962.711 43,924.596 341,927.198 JPM US 130/30 C (acc) - USD 4,252,394.734 2,076,891.783 3,469,687.077 2,859,599.440 JPM US 130/30 D (acc) - USD 224,061.973 15,164.859 96,942.154 142,284.678 JPM US 130/30 D (acc) - EUR (hedged) 320,123.838 104,724.971 130,819.591 294,029.218 JPM US 130/30 X (acc) - USD 2,398,189.188 2,302,802.899 2,494,906.799 2,206,085.288

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 26,907,106.016 20,963,527.511 12,757,589.799 35,113,043.728 JPM US Aggregate Bond A (inc) - USD 17,948,731.358 24,519,308.199 21,285,537.874 21,182,501.683 JPM US Aggregate Bond A (mth) - USD 570,093.668 2,439,646.911 1,262,856.433 1,746,884.146 JPM US Aggregate Bond B (acc) - USD 10,766,503.163 2,373,535.855 3,718,205.770 9,421,833.248 JPM US Aggregate Bond C (acc) - USD 9,723,205.894 7,792,880.892 7,537,792.993 9,978,293.793 JPM US Aggregate Bond D (acc) - USD 1,357,901.210 826,004.325 839,121.959 1,344,783.576 JPM US Aggregate Bond D (acc) - EUR (hedged) - 1,402.721 - 1,402.721 JPM US Aggregate Bond X (acc) - USD 4,457,381.531 5,980,366.716 2,499,464.893 7,938,283.354

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A (acc) - USD 9,684,141.743 297,053.862 1,921,925.474 8,059,270.131 JPM US Dynamic A (acc) - EUR 2,353,588.065 75,158.442 596,066.704 1,832,679.803 JPM US Dynamic A (dist) - USD 32,900,982.574 1,301,790.811 8,975,356.638 25,227,416.747 JPM US Dynamic B (acc) - USD 353,698.012 117,500.000 80,427.307 390,770.705 JPM US Dynamic C (acc) - USD 9,384,577.423 1,306,371.442 6,125,674.330 4,565,274.535 JPM US Dynamic D (acc) - USD 1,598,965.713 75,528.852 467,910.048 1,206,584.517 JPM US Dynamic D (acc) - EUR 37,813.643 - 208.871 37,604.772 JPM US Dynamic I (inc) - EUR 18,308,677.100 90,871.397 18,390,043.876 9,504.621 JPM US Dynamic X (acc) - USD 1,122,159.552 4,314.860 113,305.889 1,013,168.523

JPMorgan Funds - US Growth Alpha Plus Fund JPM US Growth Alpha Plus A (acc) - USD 245,440.081 7,855,048.942 1,409,935.000 6,690,554.023 JPM US Growth Alpha Plus A (dist) - USD 2,362,655.162 244,990.000 2,078,930.000 528,715.162 JPM US Growth Alpha Plus C (acc) - EUR 444,252.928 1,491,591.790 515,358.643 1,420,486.075 JPM US Growth Alpha Plus D (acc) - USD 247,531.031 42,021.404 137,687.045 151,865.390

JPMorgan Funds - US Select 130/30 Fund JPM US Select 130/30 A (acc) - USD 64,071,638.399 6,285,680.022 12,089,031.769 58,268,286.652 JPM US Select 130/30 A (acc) - EUR (hedged) 2,780,023.494 836,125.445 911,811.691 2,704,337.248 JPM US Select 130/30 A (dist) - USD 6,084,076.658 188,350.000 1,550,168.048 4,722,258.610 JPM US Select 130/30 A (dist) - GBP 3,596,999.859 820,776.240 398,532.498 4,019,243.601 JPM US Select 130/30 B (acc) - USD 3,653,898.022 137,320.563 1,661,966.145 2,129,252.440 JPM US Select 130/30 C (acc) - USD 35,267,894.916 2,840,542.609 12,393,946.160 25,714,491.365 JPM US Select 130/30 D (acc) - USD 309,861.240 106,379.118 107,768.887 308,471.471 JPM US Select 130/30 D (acc) - EUR (hedged) 991,220.838 231,878.092 235,684.746 987,414.184 JPM US Select 130/30 I (acc) - USD - 590,370.600 - 590,370.600 JPM US Select 130/30 X (acc) - USD 49,174,438.133 3,200,816.046 13,180,783.329 39,194,470.850

JPMorgan Funds - US Short Duration Bond Fund (10) JPM US Short Duration Bond A (acc) - USD - 50,000.000 - 50,000.000 JPM US Short Duration Bond D (acc) - USD - 50,000.000 - 50,000.000

JPMorgan Funds - US Small and Micro Cap Fund JPM US Small and Micro Cap A (acc) - USD 6,798,478.197 3,884,500.604 3,623,128.204 7,059,850.597 JPM US Small and Micro Cap A (dist) - USD 578,657.380 24,282.148 176,124.408 426,815.120 JF US Small and Micro Cap A (dist) - USD 292,530.158 813,813.324 430,185.262 676,158.220 JPM US Small and Micro Cap D (acc) - USD 525,151.611 96,043.844 123,252.619 497,942.836 JPM US Small and Micro Cap X (acc) - USD 5,225,249.606 287,491.397 4,959,979.594 552,761.409

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 1,363,781.180 2,171,052.640 898,457.489 2,636,376.331 JPM US Small Cap Growth A (dist) - USD 299,961.410 177,440.499 36,270.466 441,131.443 JPM US Small Cap Growth A (dist) - GBP 20,160.073 4,785.679 16,759.000 8,186.752 JPM US Small Cap Growth B (acc) - USD 141,967.063 1,009,000.832 193,299.464 957,668.431 JPM US Small Cap Growth D (acc) - USD 1,104,790.976 382,346.928 441,496.451 1,045,641.453 JPM US Small Cap Growth X (acc) - USD 11,593.549 158,897.561 - 170,491.110

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 883,269.582 585,948.410 884,074.910 585,143.082 JPM US Strategic Growth A (acc) - EUR (hedged) 927,887.304 501,447.766 915,360.040 513,975.030 JPM US Strategic Growth A (dist) - USD 6,832,019.061 1,028,357.915 5,755,852.652 2,104,524.324 JPM US Strategic Growth A (dist) - GBP 24,905.001 5,379.354 15,429.502 14,854.853 JPM US Strategic Growth B (acc) - USD 204,879.833 - 52,518.397 152,361.436 JPM US Strategic Growth C (acc) - USD 686,167.311 514,196.917 309,881.904 890,482.324 JPM US Strategic Growth C (acc) - EUR (hedged) 12,665.420 14,798.745 5,516.660 21,947.505 JPM US Strategic Growth D (acc) - USD 439,739.307 256,522.048 286,493.565 409,767.790 JPM US Strategic Growth D (acc) - EUR (hedged) 74,172.147 39,575.213 45,539.330 68,208.030 JPM US Strategic Growth X (acc) - USD 34,224.434 1,770.400 - 35,994.834

(10) This Sub-Fund was launched on 15 December 2010.

49 JPMorgan Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 July 2010 to 31 December 2010

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD 509,902.577 486,555.493 152,236.142 844,221.928 JPM US Technology A (acc) - EUR 10,135.017 296,620.235 89,503.872 217,251.380 JPM US Technology A (dist) - USD 5,899,446.944 2,267,580.804 2,297,815.680 5,869,212.068 JF US Technology A (dist) - USD 4,823,379.045 10,459,909.809 7,490,876.940 7,792,411.914 JPM US Technology A (dist) - GBP 306,931.251 48,161.526 121,512.115 233,580.662 JPM US Technology C (acc) - USD 120,241.325 893,206.216 551,206.955 462,240.586 JPM US Technology D (acc) - USD 4,879,656.631 2,226,045.732 1,477,725.644 5,627,976.719 JPM US Technology D (acc) - EUR 19,479.906 17,045.760 8,476.196 28,049.470 JPM US Technology X (acc) - USD 20,793.725 - - 20,793.725

JPMorgan Funds - US Value Fund JPM US Value A (acc) - USD 3,540,067.338 2,130,957.843 1,071,749.339 4,599,275.842 JPM US Value A (acc) - EUR (hedged) 781,914.365 348,316.057 270,839.145 859,391.277 JPM US Value A (dist) - USD 17,913,867.444 6,865,788.143 8,004,552.094 16,775,103.493 JF US Value A (dist) - USD 544,398.871 333,979.882 500,377.714 378,001.039 JPM US Value A (dist) - GBP 18,306.958 7,628.119 1,836.675 24,098.402 JPM US Value B (acc) - USD 282,593.906 253,637.955 102,746.384 433,485.477 JPM US Value C (acc) - USD 15,659,401.523 14,353,443.979 3,033,542.810 26,979,302.692 JPM US Value C (acc) - EUR (hedged) 64.401 - - 64.401 JPM US Value D (acc) - USD 2,448,541.532 383,013.984 280,188.980 2,551,366.536 JPM US Value D (acc) - EUR (hedged) 622,146.258 460,490.946 155,594.112 927,043.092 JPM US Value X (acc) - USD 10,157,816.332 895,209.615 1,913,367.165 9,139,658.782

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

50 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - Africa Equity Fund JPM Africa Equity A (acc) - USD 11.90 8.96 7.29 9.18 - - JPM Africa Equity A (acc) - EUR 18.98 15.62 11.08 - - - JPM Africa Equity A (dist) - GBP 8.51 6.67 5.00 - - - JPM Africa Equity A (inc) - EUR 77.01 ----- JPM Africa Equity B (acc) - USD 14.82 11.11 9.00 - - - JPM Africa Equity C (acc) - USD 13.89 10.42 ---- JPM Africa Equity D (acc) - USD 11.70 8.84 7.23 9.17 - - JPM Africa Equity D (acc) - EUR 96.93 80.04 ---- JPM Africa Equity I (acc) - USD** 115.39 - 7.37 9.19 - -

JPMorgan Funds - Aggregate Bond Fund JPM Aggregate Bond A (acc) - USD 10.57 10.41 ---- JPM Aggregate Bond A (acc) - EUR (hedged) 7.03 6.95 ----

JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 11.01 9.19 8.14 10.68 13.02 10.35 JPM America Equity A (acc) - EUR (hedged) 6.79 5.69 5.09 6.87 11.28 - JPM America Equity A (dist) - USD 83.53 69.75 61.92 81.24 99.09 78.70 JF America Equity A (dist) - USD 44.82 37.42 33.23 43.59 53.17 42.23 JPM America Equity B (acc) - USD 12.57 10.46 9.19 11.97 14.50 11.43 JPM America Equity C (acc) - USD 12.87 10.69 9.37 12.16 14.67 11.53 JPM America Equity C (acc) - EUR (hedged) 6.57 5.48 4.85 6.50 - - JPM America Equity D (acc) - USD 10.20 8.55 7.63 10.09 12.39 9.92 JPM America Equity D (acc) - EUR 7.27 6.66 5.18 6.12 8.78 7.42 JPM America Equity D (acc) - EUR (hedged) 6.61 5.56 5.01 6.82 11.26 - JPM America Equity X (acc) - USD 12.48 10.33 8.99 11.59 13.88 10.83

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 11.58 9.61 8.84 10.91 12.68 10.63 JPM America Large Cap A (acc) - EUR 10.20 9.25 7.41--- JPM America Large Cap A (dist) - USD 10.28 8.53 7.87 9.72 11.29 9.47 JPM America Large Cap B (acc) - USD 11.23 9.29 8.49 10.40 11.99 10.00 JPM America Large Cap C (acc) - USD 10.63 8.78 7.99 9.77 - - JPM America Large Cap D (acc) - USD 9.17 7.63 7.08 8.80 10.30 8.71 JPM America Large Cap X (acc) - USD 10.30 8.47 7.66 9.29 - -

JPMorgan Funds - Asia Pacific Bond Fund JPM Asia Pacific Bond A (acc) - USD 10.83 9.68 ---- JPM Asia Pacific Bond C (acc) - USD 107.67 -----

JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity Fund JPM Asia Pacific ex-Japan Behavioural Finance Equity A (acc) - USD 14.12 10.72 ---- JPM Asia Pacific ex-Japan Behavioural Finance Equity A (acc) - EUR 10.54 8.75 ---- JPM Asia Pacific ex-Japan Behavioural Finance Equity X (acc) - USD 102.19 -----

JPMorgan Funds - Brazil Alpha Plus Fund JPM Brazil Alpha Plus A (acc) - USD 12.01 9.70 7.32 11.03 - - JPM Brazil Alpha Plus A (acc) - SGD** 14.82 ----- JPM Brazil Alpha Plus A (dist) - USD 11.71 9.46 ---- JPM Brazil Alpha Plus B (acc) - USD 13.85 11.14 8.34 12.49 - - JPM Brazil Alpha Plus C (acc) - USD 22.54 18.12 13.61 - - - JPM Brazil Alpha Plus D (acc) - USD 11.68 9.48 7.20 10.97 - - JPM Brazil Alpha Plus D (acc) - EUR 88.40 ----- JPM Brazil Alpha Plus I (acc) - USD 12.33 9.91 7.43 11.11 - - JPM Brazil Alpha Plus I (acc) - EUR 89.42 78.04 ----

JPMorgan Funds - Corporate Bond Portfolio Fund I (1) JPM Corporate Bond Portfolio I A (inc) - EUR 97.55 ----- JPM Corporate Bond Portfolio I C (inc) - EUR 97.70 ----- JPM Corporate Bond Portfolio I D (inc) - EUR 97.47 -----

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 21.30 17.91 11.22 23.45 22.69 16.87 JPM Eastern Europe Equity A (dist) - EUR 52.09 43.80 27.44 57.97 56.17 42.84 JF Eastern Europe Equity A (dist) - EUR 34.85 29.31 18.36 38.79 37.55 28.58 JPM Eastern Europe Equity B (acc) - EUR 10.32 8.65 5.38 11.15 10.72 9.66 JPM Eastern Europe Equity C (acc) - EUR 21.11 17.68 10.98 22.75 21.83 16.05 JPM Eastern Europe Equity D (acc) - EUR 36.23 30.61 19.37 40.86 39.92 29.96 JPM Eastern Europe Equity I (acc) - EUR 17.21 14.41 - 14.94 14.33 10.56 JPM Eastern Europe Equity X (acc) - EUR 25.25 21.05 12.96 26.62 25.31 18.49

(1) This Sub-Fund was launched on 1 July 2010.

51 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 22.82 17.23 13.39 25.17 22.14 15.67 JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 18.29 15.09 10.22--- JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 15.32----- JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 64.87 49.08 38.51 73.66 64.84 46.84 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 14.34 10.79 8.33 15.52 13.57 9.57 JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 24.62 18.52 14.27 26.60 23.20 16.27 JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 47.91 36.36 28.54 54.19 48.15 34.42 JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 92.12----- JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD* - - 9.42 17.55 15.30 10.73 JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 12.20 9.13 - - - 9.77

JPMorgan Funds - Emerging Markets Alpha Plus Fund JPM Emerging Markets Alpha Plus A (acc) - USD 16.56 13.39 12.20 14.09 14.17 - JPM Emerging Markets Alpha Plus A (acc) - EUR 8.69 7.68 ---- JPM Emerging Markets Alpha Plus A (dist) - USD 16.06 12.98 11.83 14.08 14.17 - JPM Emerging Markets Alpha Plus A (dist) - GBP 7.91 6.65 ---- JPM Emerging Markets Alpha Plus C (acc) - USD 11.61 9.34---- JPM Emerging Markets Alpha Plus D (acc) - USD 16.03 13.03 11.99 13.93 14.15 - JPM Emerging Markets Alpha Plus D (acc) - EUR 90.39 80.26 ---- JPM Emerging Markets Alpha Plus I (acc) - USD 11.49 9.24---- JPM Emerging Markets Alpha Plus X (acc) - USD** 103.66 -----

JPMorgan Funds - Emerging Markets Bond Fund JPM Emerging Markets Bond A (acc) - USD 300.12 278.95 ---- JPM Emerging Markets Bond B (acc) - USD 316.89 293.91 ---- JPM Emerging Markets Bond C (acc) - USD 397.22 367.67 ---- JPM Emerging Markets Bond D (acc) - USD 103.47 96.52 ---- JPM Emerging Markets Bond I (acc) - USD 107.91 99.86 ---- JPM Emerging Markets Bond X (acc) - USD 338.66 312.59 ----

JPMorgan Funds - Emerging Markets Corporate Bond Fund (2) JPM Emerging Markets Corporate Bond A (acc) - USD 107.41 ----- JPM Emerging Markets Corporate Bond A (acc) - EUR (hedged) 84.36 ----- JPM Emerging Markets Corporate Bond B (acc) - USD 100.13 ----- JPM Emerging Markets Corporate Bond C (acc) - USD 102.09 ----- JPM Emerging Markets Corporate Bond D (acc) - EUR (hedged) 81.09 -----

JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II (3) JPM Emerging Markets Corporate Bond Portfolio II A (inc) - USD 99.90 ----- JPM Emerging Markets Corporate Bond Portfolio II A (inc) - EUR (hedged) 74.58 ----- JPM Emerging Markets Corporate Bond Portfolio II D (inc) - USD 99.84 ----- JPM Emerging Markets Corporate Bond Portfolio II D (inc) - EUR (hedged) 74.54 -----

JPMorgan Funds - Emerging Markets Currency Alpha Fund JPM Emerging Markets Currency Alpha A (acc) - EUR 10.01 10.01 9.94 - - -

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A (acc) - EUR 10.84 9.97 8.35 9.88 10.29 11.59 JPM Emerging Markets Debt A (acc) - USD (hedged) 14.57 13.34---- JPM Emerging Markets Debt A (inc) - EUR 9.08 8.75 7.33 9.06 10.21 10.10 JPM Emerging Markets Debt A (mth) - EUR 10.73 10.11 8.88 - - - JPM Emerging Markets Debt A (mth) - USD (hedged) 15.07 14.10 ---- JPM Emerging Markets Debt B (acc) - EUR 11.06 10.15 ---- JPM Emerging Markets Debt C (acc) - EUR 10.86 9.94 8.25 9.68 9.99 - JPM Emerging Markets Debt D (acc) - EUR 12.54 11.57 9.76 11.63 12.19 13.83 JPM Emerging Markets Debt I (inc) - EUR 9.68 9.40 7.81 9.65 9.97 - JPM Emerging Markets Debt X (acc) - EUR* - - - 9.51 9.77 -

JPMorgan Funds - Emerging Markets Diversified Equity Fund (4) JPM Emerging Markets Diversified Equity C (acc) - EUR 77.90 ----- JPM Emerging Markets Diversified Equity X (acc) - EUR 77.94 -----

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 23.98 19.23 15.76 21.69 21.35 14.59 JPM Emerging Markets Equity A (acc) - EUR 14.28 12.51 8.93 10.96 12.60 9.11 JPM Emerging Markets Equity A (acc) - SGD 15.33 13.41 ---- JPM Emerging Markets Equity A (dist) - USD 33.56 26.92 22.24 31.22 30.84 21.53 JPM Emerging Markets Equity A (dist) - GBP 36.10 30.11 22.57 26.05 25.56 19.12 JPM Emerging Markets Equity B (acc) - USD 25.98 20.76 16.88 23.06 22.56 15.36 JPM Emerging Markets Equity C (acc) - USD 25.50 20.37 16.56 22.60 22.06 14.95 JPM Emerging Markets Equity D (acc) - USD 37.39 30.14 24.94 34.67 34.47 23.79 JPM Emerging Markets Equity D (acc) - EUR 10.15 8.94 6.44 7.99 9.28 6.78 JPM Emerging Markets Equity I (acc) - USD 17.10 13.65 11.09 15.13 14.76 - JPM Emerging Markets Equity I (acc) - EUR 14.29 12.46 8.82--- JPM Emerging Markets Equity I (inc) - EUR 11.85 10.43 7.51 9.38 10.85 7.81 JPM Emerging Markets Equity X (acc) - USD 29.37 23.35 18.80 25.44 24.61 16.54 JPM Emerging Markets Equity X (dist) - USD 20.66 16.68 13.53--- JPM Emerging Markets Equity X (inc) - EUR 12.85 11.36 8.16 10.20 11.75 8.53

(2) This Sub-Fund was launched on 14 July 2010. (3) This Sub-Fund was launched on 24 November 2010. (4) This Sub-Fund was launched on 10 December 2010.

52 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - Emerging Markets Infrastructure Equity Fund JPM Emerging Markets Infrastructure Equity A (acc) - USD 9.02 6.92 5.88 9.61 - - JPM Emerging Markets Infrastructure Equity A (acc) - EUR 16.91 14.22 10.53 - - - JPM Emerging Markets Infrastructure Equity B (acc) - USD 11.76 9.00 7.60 - - - JPM Emerging Markets Infrastructure Equity C (acc) - USD 14.51 11.11 ---- JPM Emerging Markets Infrastructure Equity D (acc) - USD 8.85 6.81 5.83 9.60 - - JPM Emerging Markets Infrastructure Equity D (acc) - EUR 95.54 80.60 ----

JPMorgan Funds - Emerging Markets Investment Grade Bond Fund (5) JPM Emerging Markets Investment Grade Bond A (acc) - USD 99.16 ----- JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 75.82 ----- JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) 75.82 ----- JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 75.80 -----

JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPM Emerging Markets Local Currency Debt A (acc) - EUR 13.22 12.77 9.81 9.47 - - JPM Emerging Markets Local Currency Debt A (acc) - USD 17.70 15.66 13.80 14.94 - - JPM Emerging Markets Local Currency Debt A (dist) - GBP 87.13 ----- JPM Emerging Markets Local Currency Debt A (inc) - EUR 99.50 ----- JPM Emerging Markets Local Currency Debt A (mth) - USD 16.11 14.75 ---- JPM Emerging Markets Local Currency Debt B (acc) - USD 15.94 14.14 - 15.04 - - JPM Emerging Markets Local Currency Debt C (acc) - EUR 101.41 ----- JPM Emerging Markets Local Currency Debt C (acc) - USD 15.23 13.50 ---- JPM Emerging Markets Local Currency Debt D (acc) - EUR 13.02 12.62 9.74 9.45 - - JPM Emerging Markets Local Currency Debt D (acc) - USD 17.31 15.44 13.61 14.91 - - JPM Emerging Markets Local Currency Debt D (inc) - EUR 10.57 10.50 ---- JPM Emerging Markets Local Currency Debt X (acc) - EUR** 101.15 - 10.03 - - - JPM Emerging Markets Local Currency Debt X (acc) - USD 19.07 16.85 14.59 - - -

JPMorgan Funds - Emerging Markets Small Cap Fund JPM Emerging Markets Small Cap A (acc) - USD 11.80 9.16 6.52 8.20 - - JPM Emerging Markets Small Cap A (acc) - EUR 8.83 7.48 4.64 5.21 - - JPM Emerging Markets Small Cap A (dist) - GBP 6.96 5.62 3.94 4.12 - - JPM Emerging Markets Small Cap B (acc) - USD 13.20 10.20 7.22 9.02 - - JPM Emerging Markets Small Cap C (acc) - USD 18.28 14.12---- JPM Emerging Markets Small Cap D (acc) - USD 11.48 8.94 6.43 8.17 - - JPM Emerging Markets Small Cap D (acc) - EUR 94.69 80.59 ----

JPMorgan Funds - Emerging Markets Value Fund JPM Emerging Markets Value A (acc) - USD 239.19 185.96 ---- JPM Emerging Markets Value B (acc) - USD 303.24 234.82---- JPM Emerging Markets Value C (acc) - USD 322.41 249.66 ---- JPM Emerging Markets Value I (acc) - USD 13.33 10.32 ---- JPM Emerging Markets Value X (acc) - USD 354.59 273.33----

JPMorgan Funds - Emerging Middle East Equity Fund JPM Emerging Middle East Equity A (acc) - USD 18.52 15.19 12.88 19.69 17.46 11.88 JPM Emerging Middle East Equity A (acc) - EUR 13.28 11.82 8.72--- JPM Emerging Middle East Equity A (acc) - SGD 14.71 ----- JPM Emerging Middle East Equity A (dist) - USD 25.28 20.95 18.03 28.96 25.97 18.26 JPM Emerging Middle East Equity B (acc) - USD 19.36 15.82 13.31 20.19 17.79 12.07 JPM Emerging Middle East Equity C (acc) - USD 9.09 7.42 6.24 9.46 - - JPM Emerging Middle East Equity D (acc) - USD 23.63 19.49 16.69 25.77 23.08 15.87 JPM Emerging Middle East Equity D (acc) - EUR 88.15 ----- JPM Emerging Middle East Equity I (acc) - USD 97.78 -----

JPMorgan Funds - EU Government Bond Fund JPM EU Government Bond A (acc) - EUR 10.99 11.17 10.57 - - - JPM EU Government Bond B (acc) - EUR 11.44 11.60 10.95 9.81 - - JPM EU Government Bond C (acc) - EUR 11.39 11.56 10.91 9.76 - - JPM EU Government Bond D (acc) - EUR 10.93 11.13 10.55 - - - JPM EU Government Bond X (acc) - EUR* - - 10.56 - - -

JPMorgan Funds - Euro Aggregate Bond Fund JPM Euro Aggregate Bond A (acc) - EUR 10.31 10.30 ----

JPMorgan Funds - Euro Corporate Bond Fund JPM Euro Corporate Bond A (acc) - EUR 11.97 11.84 10.68 - - - JPM Euro Corporate Bond C (acc) - EUR 11.20 11.05 ---- JPM Euro Corporate Bond D (acc) - EUR 11.89 11.78 10.66 - - -

JPMorgan Funds - Euro Government Short Duration Bond Fund JPM Euro Government Short Duration Bond A (acc) - EUR 10.21 10.22 10.10 - - - JPM Euro Government Short Duration Bond A (inc) - EUR 9.79 10.10 10.10 - - - JPM Euro Government Short Duration Bond B (acc) - EUR* - 10.04 ---- JPM Euro Government Short Duration Bond C (acc) - EUR 10.22 10.22 10.09 - - - JPM Euro Government Short Duration Bond D (acc) - EUR 10.18 10.19 10.10 - - - JPM Euro Government Short Duration Bond X (acc) - EUR** 99.81 -----

(5) This Sub-Fund was launched on 29 November 2010.

53 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - Euro Money Market Fund (6) JPM Euro Money Market A (acc) - EUR 107.37 107.35 107.27 104.79 100.98 10.02 JPM Euro Money Market D (acc) - EUR 108.60 108.60 108.57 106.15 102.39 -

JPMorgan Funds - Euro Short Duration Bond Fund JPM Euro Short Duration Bond A (acc) - EUR 10.18 10.12 ---- JPM Euro Short Duration Bond C (dist) - GBP (hedged) 8.96 9.09 ---- JPM Euro Short Duration Bond D (acc) - EUR 100.28 99.91 ----

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 10.51 9.15 8.06 12.11 16.66 13.04 JPM Euroland Equity A (dist) - EUR 34.01 30.10 27.14 42.16 59.30 47.29 JF Euroland Equity A (dist) - USD 8.10 6.58 6.82 11.87 14.29 10.77 JPM Euroland Equity A (inc) - EUR 6.03 5.33 4.83 7.49 - - JPM Euroland Equity B (acc) - EUR 8.60 7.45 6.52 9.72 - - JPM Euroland Equity C (acc) - EUR 13.04 11.29 9.84 14.63 19.92 15.42 JPM Euroland Equity D (acc) - EUR 8.06 7.04 6.25 9.46 13.11 10.34 JPM Euroland Equity I (acc) - EUR 8.48 7.33 6.39 9.50 12.92 - JPM Euroland Equity X (acc) - EUR 7.12 6.14 5.32 7.85 - -

JPMorgan Funds - Euroland Select Equity Fund JPM Euroland Select Equity A (acc) - EUR 7.02 6.22 5.40 7.51 - - JPM Euroland Select Equity A (dist) - EUR 6.89 6.21 5.71 8.13 - - JPM Euroland Select Equity C (acc) - EUR 10.96 9.66 ---- JPM Euroland Select Equity D (acc) - EUR 6.84 6.08 5.32 7.46 - - JPM Euroland Select Equity X (acc) - EUR 7.89 6.93 5.91 8.07 - -

JPMorgan Funds - Europe 130/30 Fund JPM Europe 130/30 A (acc) - EUR 7.95 6.60 5.23 7.72 10.09 - JPM Europe 130/30 A (acc) - USD 11.65 8.85 8.07 13.34 - - JPM Europe 130/30 A (dist) - EUR 7.47 6.26 5.08 7.61 - - JPM Europe 130/30 A (dist) - GBP 6.43 5.12 4.32 6.02 - - JPM Europe 130/30 D (acc) - EUR 7.70 6.41 5.13 7.65 10.09 - JPM Europe 130/30 D (acc) - USD 11.34 8.64 7.95 13.28 - - JPM Europe 130/30 X (acc) - EUR 8.95 7.38 5.75 8.34 - -

JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR 8.57 8.42 7.26 8.76 10.13 10.01 JPM Europe Aggregate Plus Bond A (inc) - EUR 4.87 4.79 4.13 4.98 6.02 6.23 JPM Europe Aggregate Plus Bond B (acc) - EUR* ----10.24 10.09 JPM Europe Aggregate Plus Bond C (acc) - EUR 8.49 8.32 7.14 8.57 9.86 - JPM Europe Aggregate Plus Bond D (acc) - EUR 8.74 8.60 7.44 9.01 10.46 10.38 JPM Europe Aggregate Plus Bond X (acc) - EUR* - - - 8.62 9.88 -

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 12.03 11.03 9.75 10.97 12.58 11.37 JPM Europe Balanced (EUR) A (dist) - EUR 7.31 6.81 6.18 7.25 8.46 7.88 JPM Europe Balanced (EUR) B (acc) - EUR 10.14 9.26 8.11 9.05 - - JPM Europe Balanced (EUR) D (acc) - EUR 11.57 10.63 9.44 10.69 12.32 11.18

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 15.30 13.42 10.19 16.71 20.45 13.40 JPM Europe Convergence Equity A (dist) - EUR 22.05 19.62 15.37 25.40 31.39 20.77 JPM Europe Convergence Equity B (acc) - EUR 8.80 7.70 5.80 - - - JPM Europe Convergence Equity C (acc) - EUR 13.49 11.78 8.87 14.43 17.50 11.45 JPM Europe Convergence Equity D (acc) - EUR 26.79 23.62 18.11 30.01 37.09 24.54 JPM Europe Convergence Equity I (acc) - EUR 11.00 9.61 ----

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 13.14 11.12 9.52 13.68 17.91 13.89 JPM Europe Dynamic A (dist) - EUR 12.20 10.41 9.17 13.38 17.74 14.02 JF Europe Dynamic A (dist) - EUR 13.93 11.90 10.42 15.22 20.19 15.94 JPM Europe Dynamic A (dist) - GBP 15.94 12.94 11.79 16.02 18.08 14.68 JPM Europe Dynamic B (acc) - EUR 15.98 13.47 11.45 16.32 21.24 16.41 JPM Europe Dynamic C (acc) - EUR 16.32 13.74 11.66 16.61 21.53 16.55 JPM Europe Dynamic D (acc) - EUR 12.47 10.60 9.17 13.30 17.59 13.78 JPM Europe Dynamic D (acc) - USD 18.59 14.47 14.38 23.40 26.48 19.62 JPM Europe Dynamic I (acc) - EUR 15.59 13.13 11.14 - 13.24 - JPM Europe Dynamic X (acc) - EUR* - - 11.96 16.88 21.71 16.55

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A (acc) - EUR 9.49 8.60 7.80 10.84 14.01 11.17 JPM Europe Dynamic Mega Cap A (acc) - USD 9.74 8.08 8.40 13.10 - - JPM Europe Dynamic Mega Cap A (dist) - EUR 7.43 6.86 6.40 9.07 11.91 9.51 JPM Europe Dynamic Mega Cap A (inc) - EUR 7.70 7.07 6.56 9.32 12.20 9.74 JPM Europe Dynamic Mega Cap B (acc) - EUR 8.48 7.66 6.89 9.52 12.23 9.71 JPM Europe Dynamic Mega Cap C (acc) - EUR 9.27 8.36 7.51 10.35 13.26 10.48 JPM Europe Dynamic Mega Cap D (acc) - EUR 8.29 7.55 6.92 9.72 12.69 10.21 JPM Europe Dynamic Mega Cap D (acc) - USD 9.11 7.59 7.98 12.57 - - JPM Europe Dynamic Mega Cap I (acc) - EUR* - - 7.03 9.70 12.41 - JPM Europe Dynamic Mega Cap X (acc) - EUR 9.47 8.50 7.57 10.35 13.14 10.30

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

54 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - Europe Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 18.71 14.30 11.45 17.73 24.82 17.45 JPM Europe Dynamic Small Cap A (dist) - EUR 11.44 8.77 7.04 10.90 15.27 10.76 JPM Europe Dynamic Small Cap D (acc) - EUR 11.95 9.18 7.42 11.61 16.42 11.65 JPM Europe Dynamic Small Cap X (acc) - EUR* - - 7.48 11.38 15.72 10.87

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - EUR 10.43 8.85 7.50 11.25 15.52 12.71 JPM Europe Equity A (acc) - USD 13.38 10.39 10.11 17.00 20.08 12.18 JPM Europe Equity A (dist) - EUR 32.93 28.32 24.82 38.17 53.65 44.85 JF Europe Equity A (dist) - USD 36.06 28.36 28.34 48.75 58.63 46.30 JPM Europe Equity B (acc) - EUR 12.46 10.53 8.86 13.19 18.08 14.72 JPM Europe Equity C (acc) - EUR 12.78 10.79 9.05 13.43 18.32 14.85 JPM Europe Equity D (acc) - EUR 8.35 7.11 6.07 9.18 12.75 10.53 JPM Europe Equity D (acc) - USD 10.90 8.49 8.33 14.11 16.79 13.11 JPM Europe Equity I (acc) - EUR* ----12.34 10.00 JPM Europe Equity I (inc) - EUR* - - - 7.33 10.16 - JPM Europe Equity X (acc) - EUR 13.07 11.00 9.16 13.51 18.30 14.73

JPMorgan Funds - Europe Focus Fund JPM Europe Focus A (acc) - EUR 9.22 7.83 6.37 8.81 12.39 9.56 JPM Europe Focus A (acc) - USD 11.39 8.87 8.28 12.84 - - JPM Europe Focus A (dist) - EUR 8.17 6.95 5.80 8.19 11.61 - JPM Europe Focus B (acc) - EUR 9.47 8.05 6.50 8.92 - - JPM Europe Focus C (acc) - EUR 11.99 10.18 - 8.05 10.48 - JPM Europe Focus D (acc) - EUR 8.79 7.51 6.16 8.61 12.23 9.53 JPM Europe Focus D (acc) - USD 11.07 8.65 8.16 12.77 - - JPM Europe Focus X (acc) - EUR 8.40 7.07 5.65 7.67 10.60 -

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 12.50 11.43 8.68 10.22 11.38 10.56 JPM Europe High Yield Bond A (inc) - EUR 2.52 2.46 2.01 2.53 - - JPM Europe High Yield Bond C (acc) - EUR 11.75 10.72 8.09 9.48 - - JPM Europe High Yield Bond D (acc) - EUR 8.17 7.50 5.72 6.78 7.58 7.08 JPM Europe High Yield Bond X (acc) - EUR* - - - 9.11 - -

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR 11.69 9.12 7.52 10.64 17.45 11.56 JPM Europe Micro Cap A (dist) - EUR 11.71 9.16 7.56 10.69 17.55 11.66 JPM Europe Micro Cap D (acc) - EUR 10.92 8.57 7.14 10.19 16.90 11.29

JPMorgan Funds - Europe Select 130/30 Fund JPM Europe Select 130/30 A (acc) - EUR 7.30 6.37 5.29 7.33 10.06 - JPM Europe Select 130/30 A (acc) - USD 10.98 8.77 8.35 12.98 - - JPM Europe Select 130/30 A (dist) - EUR 9.99 8.78 7.44--- JPM Europe Select 130/30 A (dist) - GBP 5.87 4.90 4.33 5.69 - - JPM Europe Select 130/30 D (acc) - EUR 7.05 6.19 5.18 7.26 10.06 - JPM Europe Select 130/30 D (acc) - USD 10.66 8.56 8.23 12.92 - - JPM Europe Select 130/30 X (acc) - EUR 8.14 7.04 5.74 7.82 - -

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 13.59 10.71 8.33 13.13 18.98 14.34 JPM Europe Small Cap A (dist) - EUR 37.98 30.07 23.66 37.64 54.43 41.42 JF Europe Small Cap A (dist) - EUR 11.29 8.94 7.04 11.09 16.04 12.21 JPM Europe Small Cap A (dist) - GBP 16.18 12.18 10.00 14.71 18.20 14.24 JPM Europe Small Cap B (acc) - EUR 14.84 11.65 8.99 14.06 20.21 15.20 JPM Europe Small Cap C (acc) - EUR 15.17 11.90 9.16 14.31 20.50 15.34 JPM Europe Small Cap D (acc) - EUR 10.76 8.51 6.69 10.65 15.55 11.87 JPM Europe Small Cap I (acc) - EUR* - - - 9.33 13.36 - JPM Europe Small Cap X (acc) - EUR* - - 10.35 16.02 22.76 16.89

JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 13.05 10.52 8.44 13.02 16.87 13.18 JPM Europe Strategic Growth A (dist) - EUR 8.16 6.58 5.33 8.21 10.72 8.48 JPM Europe Strategic Growth A (dist) - GBP 12.88 9.91 8.37 12.13 13.45 10.94 JPM Europe Strategic Growth B (acc) - EUR 15.73 12.64 10.07 15.41 19.83 15.40 JPM Europe Strategic Growth C (acc) - EUR 13.62 10.93 8.69 13.27 17.03 13.18 JPM Europe Strategic Growth D (acc) - EUR 8.64 6.99 5.65 8.78 11.46 9.02 JPM Europe Strategic Growth I (acc) - EUR* - - 6.92 10.56 13.55 - JPM Europe Strategic Growth I (inc) - EUR* - - - 10.78 13.97 10.81 JPM Europe Strategic Growth X (acc) - EUR* - 12.60 9.94 15.06 19.17 14.71

JPMorgan Funds - Europe Strategic Growth Small Cap Fund JPM Europe Strategic Growth Small Cap A (acc) - EUR 10.56 8.01 6.26 9.77 - - JPM Europe Strategic Growth Small Cap D (acc) - EUR 10.25 7.82 6.17 9.73 - -

55 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 9.66 8.57 7.57 10.84 15.67 12.75 JPM Europe Strategic Value A (dist) - EUR 11.15 10.09 9.18 13.54 19.92 16.47 JPM Europe Strategic Value A (dist) - GBP 14.64 12.60 11.90 16.37 20.48 17.32 JPM Europe Strategic Value B (acc) - EUR 11.68 10.32 9.05 12.86 18.46 14.93 JPM Europe Strategic Value C (acc) - EUR 11.89 10.50 9.19 13.03 18.64 15.02 JPM Europe Strategic Value D (acc) - EUR 11.16 9.94 8.85 12.76 18.59 15.24 JPM Europe Strategic Value I (acc) - EUR* - - - 8.68 12.42 - JPM Europe Strategic Value I (inc) - EUR* - - - 8.99 13.20 10.65 JPM Europe Strategic Value X (acc) - EUR* - - 8.97 12.62 17.92 14.33

JPMorgan Funds - Europe Strategic Value Small Cap Fund JPM Europe Strategic Value Small Cap A (acc) - EUR 9.90 7.77 6.01 9.08 - - JPM Europe Strategic Value Small Cap D (acc) - EUR 9.62 7.58 5.92 9.04 - -

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 14.64 12.38 9.16 11.19 15.62 11.99 JPM Europe Technology A (dist) - EUR 9.53 8.05 6.02 7.46 10.42 8.09 JF Europe Technology A (dist) - EUR 5.14 4.37 3.26 4.05 5.66 4.41 JPM Europe Technology A (dist) - GBP 7.81 6.31 4.92 5.68 6.75 5.39 JPM Europe Technology B (acc) - EUR 11.84 9.97 7.32 8.88 - - JPM Europe Technology C (acc) - EUR* - - - 9.85 - - JPM Europe Technology D (acc) - EUR 5.14 4.37 3.26 4.03 5.68 4.40 JPM Europe Technology X (acc) - EUR 10.43 8.74 6.37 7.64 - -

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 15.78 13.30 10.71 14.99 18.59 12.95 JPM Germany Equity A (dist) - EUR 8.27 7.06 5.78 8.33 10.48 7.43 JF Germany Equity A (dist) - EUR 20.93 17.88 14.64 21.11 26.54 18.82 JPM Germany Equity B (acc) - EUR 8.91 7.48 5.97 8.30 - - JPM Germany Equity C (acc) - EUR 9.75 8.18 6.53 9.05 - - JPM Germany Equity D (acc) - EUR 2.87 2.43 1.98 2.79 3.50 2.46 JPM Germany Equity I (acc) - EUR 10.76 9.02 7.19 9.97 - - JPM Germany Equity X (acc) - EUR 9.34 7.81 6.18 8.50 - -

JPMorgan Funds - Global Absolute Return Bond Fund (7) JPM Global Absolute Return Bond A (acc) - USD 99.90 ----- JPM Global Absolute Return Bond A (acc) - EUR (hedged) 71.70 ----- JPM Global Absolute Return Bond A (acc) - SEK (hedged) 665.83 ----- JPM Global Absolute Return Bond D (acc) - USD 99.85 ----- JPM Global Absolute Return Bond D (acc) - EUR (hedged) 71.62 ----- JPM Global Absolute Return Bond X (acc) - EUR (hedged) 72.87 -----

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 11.27 10.47 9.71 10.29 10.22 9.83 JPM Global Aggregate Bond A (inc) - USD 12.66 11.96 11.09 12.05 - - JPM Global Aggregate Bond B (acc) - USD* -----9.68 JPM Global Aggregate Bond C (acc) - USD 11.39 10.56 7.73 10.27 10.15 9.71 JPM Global Aggregate Bond D (acc) - USD 13.86 12.90 12.01 12.78 12.75 12.31 JPM Global Aggregate Bond X (acc) - USD* ----10.31 9.81

JPMorgan Funds - Global Consumer Trends Fund JPM Global Consumer Trends A (acc) - EUR 13.60 14.67 8.87 9.09 - - JPM Global Consumer Trends A (acc) - USD 17.86 12.20 ---- JPM Global Consumer Trends C (acc) - EUR 18.12 16.18 11.65 - - - JPM Global Consumer Trends D (acc) - EUR 13.33 12.01 8.79 9.08 - -

JPMorgan Funds - Global Convertibles Fund (EUR) JPM Global Convertibles (EUR) A (acc) - EUR 12.17 11.11 10.13 11.64 12.66 11.28 JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 21.69 19.85 18.17 - - - JPM Global Convertibles (EUR) A (dist) - EUR 10.71 9.86 9.04 10.45 11.37 10.13 JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 12.16 11.28 10.31 - - - JF Global Convertibles (EUR) A (dist) - USD 16.31 13.74 14.48 18.77 17.52 14.80 JPM Global Convertibles (EUR) B (acc) - EUR 12.70 11.56 10.48 11.95 12.93 11.48 JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 20.54 18.74 17.04 - - - JPM Global Convertibles (EUR) C (acc) - EUR 12.94 11.77 10.66 12.16 13.13 11.61 JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 21.89 19.97 18.18 - - - JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 12.11 11.27 10.28 - - - JPM Global Convertibles (EUR) D (acc) - EUR 10.61 9.71 8.90 10.27 11.23 10.06 JPM Global Convertibles (EUR) I (acc) - EUR 10.34 9.40 8.51 9.70 10.47 - JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 17.06 15.55 ---- JPM Global Convertibles (EUR) I (inc) - EUR 9.97 9.06 8.24 9.53 10.55 - JPM Global Convertibles (EUR) X (acc) - EUR 13.51 12.24 11.00 12.44 13.32 11.69 JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 17.97 16.33 ----

(7) This Sub-Fund was launched on 7 October 2010.

56 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - Global Corporate Bond Fund JPM Global Corporate Bond A (acc) - USD 12.52 12.15 10.71 - - - JPM Global Corporate Bond A (acc) - EUR (hedged) 9.86 9.60 8.46 - - - JPM Global Corporate Bond A (acc) - SEK (hedged) 80.79 78.53 ---- JPM Global Corporate Bond A (dist) - GBP (hedged) 7.74 7.96 7.04--- JPM Global Corporate Bond A (mth) - USD 98.68 ----- JPM Global Corporate Bond C (acc) - EUR (hedged)** 72.30 ----- JPM Global Corporate Bond D (acc) - USD 12.45 12.11 10.69 - - - JPM Global Corporate Bond D (acc) - EUR (hedged) 9.80 9.56 8.45 - - - JPM Global Corporate Bond D (inc) - EUR (hedged) 7.54 7.46 ---- JPM Global Corporate Bond I (acc) - USD 99.34 -----

JPMorgan Funds - Global Credit Bond Fund JPM Global Credit Bond A (acc) - USD 10.76 10.18 ---- JPM Global Credit Bond A (acc) - EUR (hedged) 7.59 7.20---- JPM Global Credit Bond D (acc) - EUR (hedged) 71.06 -----

JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund (8) JPM Global Duration-Hedged Corporate Bond A (acc) - EUR 100.62 ----- JPM Global Duration-Hedged Corporate Bond A (acc) - SEK (hedged) 930.36 ----- JPM Global Duration-Hedged Corporate Bond C (acc) - EUR 100.92 ----- JPM Global Duration-Hedged Corporate Bond D (acc) - EUR 100.50 -----

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 12.30 9.82 9.01 13.33 15.38 12.18 JPM Global Dynamic A (acc) - CHF (hedged) 120.92 ----- JPM Global Dynamic A (acc) - EUR 6.87 5.99 4.79 6.32 8.52 - JPM Global Dynamic A (acc) - EUR (hedged) 5.37 4.48 4.03 5.87 8.52 - JPM Global Dynamic A (acc) - SGD 14.57 12.69 ---- JPM Global Dynamic A (dist) - USD 14.47 11.55 10.68 15.93 18.51 14.76 JF Global Dynamic A (dist) - USD 13.41 10.73 9.92 14.79 17.19 13.71 JPM Global Dynamic A (dist) - GBP 13.25 11.04 9.25 11.45 13.24 11.48 JPM Global Dynamic A (inc) - EUR 7.03 6.16 4.97 6.61 8.99 7.55 JPM Global Dynamic B (acc) - USD 14.76 11.74 10.70 15.70 18.01 14.21 JPM Global Dynamic C (acc) - USD 15.09 12.00 10.92 16.00 18.29 14.35 JPM Global Dynamic C (acc) - EUR 6.12 5.31 4.21 5.50 9.91 - JPM Global Dynamic C (acc) - EUR (hedged) 6.21 5.16 4.59 6.61 9.91 - JPM Global Dynamic D (acc) - USD 13.81 11.08 10.27 15.34 17.88 14.31 JPM Global Dynamic D (acc) - EUR 6.67 5.85 4.73 6.30 8.57 7.25 JPM Global Dynamic D (acc) - EUR (hedged) 5.27 4.42 4.01 5.88 8.57 7.25 JPM Global Dynamic I (acc) - USD 8.42 6.69 6.09 8.92 10.19 - JPM Global Dynamic I (inc) - EUR 11.44 10.04 8.05 - - - JPM Global Dynamic X (acc) - USD 14.38 11.38 10.27 14.92 16.91 13.16 JPM Global Dynamic X (acc) - EUR 7.11 6.15 4.83 6.26 11.20 -

JPMorgan Funds - Global Equity Fund (USD) JPM Global Equity (USD) A (acc) - USD 11.12 9.31 8.61 12.11 13.64 11.77 JPM Global Equity (USD) A (acc) - EUR (hedged) 6.17 5.38 4.82--- JPM Global Equity (USD) A (dist) - USD 21.69 18.24 16.96 23.85 27.07 23.51 JF Global Equity (USD) A (dist) - USD 37.48 31.52 29.31 41.62 47.24 41.04 JPM Global Equity (USD) A (dist) - EUR (hedged) 5.89 5.16 4.81 - - - JPM Global Equity (USD) B (acc) - USD* -----10.30 JPM Global Equity (USD) C (acc) - USD 13.06 10.88 9.96 13.84 15.42 13.16 JPM Global Equity (USD) C (acc) - EUR (hedged) 6.34 5.49 4.86 - - - JPM Global Equity (USD) D (acc) - USD 9.65 8.12 7.56 10.71 12.16 10.57 JPM Global Equity (USD) D (acc) - EUR (hedged) 6.06 5.30 4.78--- JPM Global Equity (USD) X (acc) - USD 10.09 8.38 7.62 10.52 11.65 9.87 JPM Global Equity (USD) X (acc) - EUR 10.14 9.20 7.28---

JPMorgan Funds - Global Focus Fund JPM Global Focus A (acc) - EUR 16.15 14.13 10.53 11.95 16.84 13.25 JPM Global Focus A (acc) - EUR (hedged) 8.99 7.59 6.36 7.83 - - JPM Global Focus A (acc) - CHF (hedged) 147.18 ----- JPM Global Focus A (dist) - EUR 21.76 19.07 14.28 16.20 22.95 18.14 JF Global Focus A (dist) - USD 14.85 11.90 10.24 13.03 15.78 - JPM Global Focus B (acc) - EUR 16.31 14.21 10.51 - - - JPM Global Focus C (acc) - EUR 12.72 11.07 8.18 9.20 12.84 10.02 JPM Global Focus C (acc) - EUR (hedged) 19.10 16.05 13.33--- JPM Global Focus C (acc) - USD 14.49 11.54 ---- JPM Global Focus D (acc) - EUR 20.74 18.23 13.73 15.73 22.39 17.80 JPM Global Focus D (acc) - EUR (hedged) 8.49 7.20 6.10 7.59 22.39 17.80 JPM Global Focus I (acc) - EUR 108.63 ----- JPM Global Focus I (acc) - EUR (hedged) 112.06 ----- JPM Global Focus X (acc) - EUR 19.15 16.60 12.17 13.57 18.78 14.53

(8) This Sub-Fund was launched on 16 September 2010.

57 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - Global Government Bond Fund JPM Global Government Bond A (acc) - EUR 10.52 10.53 9.91 - - - JPM Global Government Bond A (acc) - USD (hedged) 13.28 13.29 8.88 - - - JPM Global Government Bond B (acc) - EUR* - 10.09 ---- JPM Global Government Bond C (acc) - EUR 10.64 10.64 9.98 - - - JPM Global Government Bond D (acc) - EUR 10.48 10.50 9.90 - - - JPM Global Government Bond X (acc) - EUR 10.69 10.67 9.98 - - -

JPMorgan Funds - Global Government Short Duration Bond Fund JPM Global Government Short Duration Bond A (acc) - EUR 10.23 10.21 10.03 - - - JPM Global Government Short Duration Bond A (acc) - USD (hedged) 12.90 12.88 12.65 - - - JPM Global Government Short Duration Bond C (acc) - USD (hedged) 12.95 12.91 12.66 - - - JPM Global Government Short Duration Bond C (dist) - GBP (hedged) 9.04 9.12---- JPM Global Government Short Duration Bond D (acc) - EUR 10.19 10.18 10.02 - - - JPM Global Government Short Duration Bond D (acc) - USD (hedged) 12.84 12.84 12.65 - - - JPM Global Government Short Duration Bond X (acc) - EUR 99.71 -----

JPMorgan Funds - Global Healthcare Fund JPM Global Healthcare A (acc) - USD 107.28 91.18 ---- JPM Global Healthcare A (dist) - USD 101.58 86.33 ---- JF Global Healthcare A (dist) - USD 109.26 92.87 ---- JPM Global Healthcare A (dist) - GBP 70.01 61.95 ---- JPM Global Healthcare B (acc) - USD 110.75 93.77 ---- JPM Global Healthcare C (acc) - USD 118.66 100.42 ---- JPM Global Healthcare D (acc) - USD 104.75 89.48 ----

JPMorgan Funds - Global Infrastructure Trends Fund JPM Global Infrastructure Trends A (acc) - EUR 11.82 10.62 ----

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - EUR 26.39 19.30 13.27 23.03 23.52 16.78 JPM Global Natural Resources A (acc) - SGD 26.89 19.63 ---- JPM Global Natural Resources A (acc) - USD 21.66 14.50 11.44 22.26 19.45 - JPM Global Natural Resources A (dist) - EUR 22.73 16.63 11.43 19.84 20.26 14.46 JPM Global Natural Resources B (acc) - EUR 16.47 12.00 8.18 14.10 14.31 10.17 JPM Global Natural Resources C (acc) - EUR 23.99 17.47 11.91 20.49 20.73 14.65 JPM Global Natural Resources C (acc) - USD 17.46 11.64 9.11 17.56 11.26 - JPM Global Natural Resources D (acc) - EUR 17.78 13.07 9.07 15.90 16.41 11.82 JPM Global Natural Resources D (acc) - USD 14.82 9.97 7.95 15.61 10.20 - JPM Global Natural Resources X (acc) - EUR 28.20 20.41 13.78 23.50 23.58 16.53 JPM Global Natural Resources X (acc) - USD 163.49 -----

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities (USD) A (acc) - USD 8.36 6.75 5.40 8.94 11.64 - JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 5.55 4.70 3.83--- JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 5.19 4.55 3.83--- JPM Global Real Estate Securities (USD) C (acc) - USD** 105.06 - 5.58 9.13 - - JPM Global Real Estate Securities (USD) D (acc) - USD 8.10 6.56 5.29 8.82 11.57 - JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 5.46 4.64 3.81 - - - JPM Global Real Estate Securities (USD) X (acc) - USD 8.48 6.78 5.33 8.67 11.09 - JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged)* - - 3.89 - - -

JPMorgan Funds - Global Research Enhanced Index Equity Fund JPM Global Research Enhanced Index Equity X (acc) - EUR 106.75 94.84 ----

JPMorgan Funds - Global Short Duration Bond Fund JPM Global Short Duration Bond A (acc) - USD 10.27 10.17 ---- JPM Global Short Duration Bond A (acc) - EUR (hedged) 7.20 7.13---- JPM Global Short Duration Bond B (acc) - USD 101.13 100.04 ---- JPM Global Short Duration Bond B (acc) - EUR (hedged) 74.84 ----- JPM Global Short Duration Bond C (acc) - USD 10.12 10.01 ---- JPM Global Short Duration Bond C (dist) - GBP (hedged) 6.18 6.21 ---- JPM Global Short Duration Bond D (acc) - EUR (hedged) 76.14 ----- JPM Global Short Duration Bond X (acc) - USD 100.02 -----

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 10.11 8.45 8.00 12.02 14.03 11.47 JPM Global Socially Responsible A (dist) - USD 6.09 5.10 4.89 7.38 8.62 7.05 JPM Global Socially Responsible D (acc) - USD 6.41 5.38 5.15 7.81 9.21 7.61

JPMorgan Funds - Global Strategic Bond Fund JPM Global Strategic Bond A (acc) - USD 105.15 100.40 ---- JPM Global Strategic Bond A (acc) - EUR (hedged) 85.87 81.92 ---- JPM Global Strategic Bond A (acc) - SEK (hedged) 689.57 ----- JPM Global Strategic Bond D (inc) - EUR (hedged) 85.49 81.89 ---- JPM Global Strategic Bond X (acc) - EUR (hedged) 73.77 -----

JPMorgan Funds - Highbridge Asia Pacific STEEP Fund (9) JPM Highbridge Asia Pacific STEEP A (acc) - USD 100.33 -----

(9) This Sub-Fund was launched on 13 December 2010.

58 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - Highbridge Europe STEEP Fund JPM Highbridge Europe STEEP A (acc) - EUR 11.45 9.72 8.42 9.46 - - JPM Highbridge Europe STEEP A (acc) - USD 15.36 11.94 11.83 14.91 - - JPM Highbridge Europe STEEP A (dist) - GBP 10.58 8.55 ---- JPM Highbridge Europe STEEP A (inc) - EUR 10.91 9.67 8.42 9.45 - - JPM Highbridge Europe STEEP B (acc) - EUR 11.08 9.37 8.02 8.86 - - JPM Highbridge Europe STEEP C (acc) - EUR 12.03 10.17 8.73 9.75 - - JPM Highbridge Europe STEEP D (acc) - EUR 11.23 9.57 8.35 9.43 - - JPM Highbridge Europe STEEP X (acc) - EUR 13.13 11.05 9.41 - - -

JPMorgan Funds - Highbridge US STEEP Fund JPM Highbridge US STEEP A (acc) - USD 10.63 8.75 7.57 9.41 - - JPM Highbridge US STEEP A (acc) - EUR 7.94 7.14 5.38 5.95 - - JPM Highbridge US STEEP A (acc) - EUR (hedged) 11.63 9.59 8.38--- JPM Highbridge US STEEP A (dist) - GBP 10.53 9.01 7.06 - - - JPM Highbridge US STEEP A (inc) - EUR 7.86 7.07 5.38 5.95 - - JPM Highbridge US STEEP B (acc) - USD 10.68 8.76 7.54 9.38 - - JPM Highbridge US STEEP C (acc) - USD 16.37 13.42 11.52 - - - JPM Highbridge US STEEP D (acc) - USD 10.47 8.65 7.53 9.38 - - JPM Highbridge US STEEP D (acc) - EUR* - - 9.83 5.94 - - JPM Highbridge US STEEP D (acc) - EUR (hedged) 9.15 7.57 ---- JPM Highbridge US STEEP X (acc) - USD 11.34 9.26 7.88 9.59 - -

JPMorgan Funds - Japan Dynamic Fund JPM Japan Dynamic A (acc) - JPY 425 382 408 621 970 905 JPM Japan Dynamic A (dist) - JPY 433 389 416 632 988 921 JPM Japan Dynamic X (acc) - JPY* -----927

JPMorgan Funds - JF ASEAN Equity Fund JF ASEAN Equity A (acc) - USD 16.06 12.24---- JF ASEAN Equity A (acc) - EUR 12.07 9.98 ---- JF ASEAN Equity A (acc) - SGD 15.77 ----- JF ASEAN Equity B (acc) - USD 98.50 ----- JF ASEAN Equity B (acc) - EUR 74.03 ----- JF ASEAN Equity C (acc) - USD 107.20 ----- JF ASEAN Equity D (acc) - USD 14.72 11.26 ---- JF ASEAN Equity D (acc) - EUR 11.06 9.18 ---- JF ASEAN Equity X (acc) - USD 101.98 -----

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD 22.66 17.60 14.66 17.62 18.66 12.00 JF Asia Alpha Plus A (dist) - USD 9.40 7.31 6.15 7.38 - - JF Asia Alpha Plus X (acc) - USD 12.41 9.57 7.83 9.27 - -

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund JF Asia Pacific ex-Japan Equity A (acc) - USD 20.82 16.53 14.06 16.75 18.32 12.48 JF Asia Pacific ex-Japan Equity A (acc) - SGD 15.05 ----- JF Asia Pacific ex-Japan Equity A (dist) - USD 53.20 42.52 36.78 44.77 50.37 35.13 JF Asia Pacific ex-Japan Equity A (dist) - GBP 20.70 17.61 13.81 13.98 15.72 11.92 JF Asia Pacific ex-Japan Equity B (acc) - USD 12.05 9.53 - - - 10.51 JF Asia Pacific ex-Japan Equity C (acc) - USD 26.05 20.59 17.36 20.49 22.21 14.92 JF Asia Pacific ex-Japan Equity C (acc) - BRL (hedged) 123.78 ----- JF Asia Pacific ex-Japan Equity D (acc) - USD 23.34 18.60 15.94 19.13 21.08 14.47 JF Asia Pacific ex-Japan Equity D (acc) - EUR 10.50 9.14 6.82 7.31 9.41 6.83 JF Asia Pacific ex-Japan Equity I (acc) - USD 18.30 14.46 12.18 14.36 15.55 10.50 JF Asia Pacific ex-Japan Equity X (acc) - USD 24.12 19.00 15.88 18.61 20.00 13.40

JPMorgan Funds - JF China Fund JF China A (acc) - USD 30.82 26.60 24.73 27.17 27.28 14.96 JF China A (acc) - SGD 13.20 12.42---- JF China A (dist) - USD 49.95 43.11 40.25 45.08 45.51 25.16 JF China A (dist) - HKD 11.69 ----- JF China B (acc) - USD 23.04 19.81 18.27 19.93 19.90 10.87 JF China C (acc) - USD 31.24 26.84 24.72 26.93 26.79 14.56 JF China D (acc) - USD 37.66 32.66 30.66 33.99 34.45 19.08 JF China D (acc) - EUR 84.55 ----- JF China I (acc) - USD 11.38 9.77 8.99 9.78 12.05 - JF China X (acc) - USD** 114.40 - - 11.15 11.01 -

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD 23.26 18.42 16.34 18.40 18.92 11.97 JF Greater China A (acc) - SGD 14.99 12.94 ---- JF Greater China A (dist) - USD 29.30 23.32 21.39 25.64 26.80 17.50 JF Greater China A (dist) - HKD 12.46 ----- JF Greater China B (acc) - USD 20.62 16.27 14.33 16.01 16.37 10.30 JF Greater China C (acc) - USD 24.93 19.65 17.27 19.28 19.66 12.32 JF Greater China D (acc) - USD 34.99 27.84 24.94 28.37 29.46 18.81 JF Greater China D (acc) - EUR 91.27 ----- JF Greater China I (acc) - USD** 105.16 ----- JF Greater China X (acc) - USD* - - 11.35 19.75 19.98 12.42

59 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (acc) - USD 19.16 16.16 14.65 16.44 16.33 11.52 JF Hong Kong A (dist) - USD 50.76 43.11 39.60 44.76 44.79 31.96 JF Hong Kong A (dist) - HKD 11.70 ----- JF Hong Kong B (acc) - USD 17.54 14.73 13.26 14.77 14.57 10.25 JF Hong Kong C (acc) - USD 20.43 17.16 15.42 17.17 16.91 11.79 JF Hong Kong D (acc) - USD 29.86 25.33 23.19 26.27 26.36 18.78

JPMorgan Funds - JF India Fund JF India A (acc) - USD 29.12 24.15 18.63 19.31 24.64 15.58 JF India A (acc) - SGD 16.50 14.92 ---- JF India A (dist) - USD 86.26 72.09 55.61 57.65 76.86 48.95 JF India B (acc) - USD 38.73 32.00 24.50 25.21 31.98 20.13 JF India C (acc) - USD 30.82 25.45 19.46 19.98 25.25 15.80 JF India D (acc) - USD 56.91 47.40 36.86 38.51 49.54 31.57 JF India D (acc) - EUR 88.74 ----- JF India X (acc) - USD 34.20 28.11 21.30 21.68 27.17 16.87

JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD 10.26 9.51 8.35 9.61 12.12 11.71 JF Japan Alpha Plus A (dist) - USD 13.20 12.25 10.76 12.39 15.62 15.10 JF Japan Alpha Plus D (acc) - USD* - - - 11.91 15.17 14.82

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A (acc) - USD 7.90 6.68 6.76 9.85 12.26 12.25 JF Japan Equity A (acc) - EUR 4.94 4.56 4.01 5.22 7.60 8.03 JF Japan Equity A (acc) - JPY 481 443 487 781 1,134 1,049 JF Japan Equity A (dist) - USD 19.99 16.89 17.12 24.96 31.07 31.05 JF Japan Equity A (dist) - GBP 6.53 5.75 5.31 6.42 7.94 8.63 JF Japan Equity B (acc) - USD 9.08 7.64 7.68 11.11 13.72 13.63 JF Japan Equity C (acc) - USD 9.23 7.76 7.79 11.24 13.86 13.71 JF Japan Equity D (acc) - USD 6.51 5.52 5.63 8.27 10.37 10.44 JF Japan Equity D (acc) - EUR 4.00 3.71 3.29 4.31 6.32 6.73 JF Japan Equity I (acc) - USD* - - - 8.21 10.11 - JF Japan Equity J (dist) - USD 10.70 9.04 9.17 13.37 16.64 16.63 JF Japan Equity X (acc) - USD 9.29 7.78 7.74 11.09 13.56 13.32

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD 6.69 6.52 6.26 8.54 11.27 12.75 JF Japan Small Cap A (dist) - USD 6.39 6.23 5.98 8.16 10.76 12.17 JF Japan Small Cap B (acc) - USD 6.20 6.01 5.73 7.77 10.20 11.49 JF Japan Small Cap C (acc) - USD* - - 4.34 5.87 7.67 8.59 JF Japan Small Cap D (acc) - USD 5.04 4.93 4.78 6.59 8.78 10.03 JF Japan Small Cap X (acc) - USD* - - 7.48 10.04 13.02 14.47

JPMorgan Funds - JF Korea Equity Fund JF Korea Equity A (acc) - USD 11.36 8.09 6.41 8.67 - - JF Korea Equity A (acc) - EUR 8.54 6.60 4.55 5.49 - - JF Korea Equity A (dist) - USD 11.85 8.44 6.69 9.05 - - JF Korea Equity B (acc) - USD 13.80 9.79 - 9.14 - - JF Korea Equity C (acc) - USD 103.49 8.84 - 10.34 - - JF Korea Equity D (acc) - USD 11.00 7.87 6.30 8.60 - - JF Korea Equity X (acc) - USD 109.44 9.10 - 9.58 - -

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD 15.69 13.40 12.08 13.38 14.10 11.48 JF Pacific Balanced A (dist) - USD 27.54 24.10 22.38 25.64 27.03 22.45 JF Pacific Balanced B (acc) - USD 11.25 9.58 8.57 9.42 - - JF Pacific Balanced D (acc) - USD 21.25 18.20 16.48 18.33 19.40 15.86

JPMorgan Funds - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD 14.25 11.45 10.46 13.36 14.76 12.22 JF Pacific Equity A (acc) - EUR 9.47 8.32 6.62 7.53 9.72 8.50 JF Pacific Equity A (dist) - USD 67.29 54.25 50.14 64.47 71.83 59.82 JF Pacific Equity A (dist) - GBP 13.85 11.60 9.74 10.39 11.51 10.42 JF Pacific Equity B (acc) - USD 15.07 12.07 10.94 13.86 15.21 12.43 JF Pacific Equity C (acc) - USD 14.89 11.92 10.80 13.66 14.95 12.25 JF Pacific Equity D (acc) - USD 14.65 11.82 10.88 13.99 15.59 12.99 JF Pacific Equity D (acc) - EUR 7.28 6.42 5.15 5.93 7.72 6.80 JF Pacific Equity I (acc) - USD* - - 8.83 11.16 12.21 -

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD 17.05 13.91 12.17 15.08 16.33 12.15 JF Pacific Technology A (acc) - EUR 13.47 12.01 9.15 - - - JF Pacific Technology A (dist) - USD 11.09 9.06 8.11 10.26 11.52 8.72 JF Pacific Technology A (dist) - GBP 13.39 11.37 9.17 9.59 10.67 8.88 JF Pacific Technology B (acc) - USD 9.75 7.93 6.88 8.47 - 8.52 JF Pacific Technology C (acc) - USD 11.37 9.24 8.02 9.85 - - JF Pacific Technology D (acc) - USD 14.80 12.14 10.73 13.43 14.68 11.03

60 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD 25.83 20.84 15.79 22.98 27.70 15.57 JF Singapore A (acc) - SGD 16.25 14.29 ---- JF Singapore A (dist) - USD 33.89 27.85 21.51 31.65 38.49 21.83 JF Singapore B (acc) - USD 18.17 14.61 10.99 15.86 19.01 10.65 JF Singapore C (acc) - USD 26.33 21.16 15.90 22.91 27.33 15.28 JF Singapore D (acc) - USD 45.04 36.52 27.95 41.07 50.02 28.40 JF Singapore I (acc) - USD* - 13.89 10.44 15.04 17.96 10.34 JF Singapore X (acc) - USD* - - - 15.79 18.71 -

JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD 17.03 12.20 11.11 14.46 17.16 12.75 JF Taiwan A (acc) - EUR 16.05 12.56 9.96 - - - JF Taiwan A (dist) - USD 14.96 10.75 10.67 14.78 18.40 14.57 JF Taiwan A (dist) - HKD 13.10 ----- JF Taiwan B (acc) - USD* - 7.62 6.90 8.93 12.95 9.59 JF Taiwan C (acc) - USD 19.72 14.07 12.71 16.44 19.35 14.24 JF Taiwan D (acc) - USD 15.13 10.89 10.01 13.17 15.78 11.84 JF Taiwan I (acc) - USD 13.90 9.92 8.95 11.54 13.58 - JF Taiwan X (acc) - USD** 112.20 - - 11.32 13.21 9.66

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 34.90 27.48 20.16 32.95 28.71 17.18 JPM Latin America Equity A (acc) - SGD 15.35 ----- JPM Latin America Equity A (dist) - USD 65.39 51.68 38.31 62.93 55.03 33.32 JF Latin America Equity A (dist) - USD 47.29 37.39 27.71 45.52 39.82 24.11 JPM Latin America Equity B (acc) - USD 21.07 16.52 12.04 19.52 16.90 10.07 JPM Latin America Equity C (acc) - USD 39.23 30.76 22.39 36.30 31.36 18.58 JPM Latin America Equity D (acc) - USD 52.66 41.67 30.88 50.97 44.86 27.11 JPM Latin America Equity D (acc) - EUR 91.27 ----- JPM Latin America Equity I (acc) - USD 22.83 17.89 13.01 21.08 18.21 10.80 JPM Latin America Equity X (acc) - USD 45.28 35.34 25.49 40.95 35.06 20.62

JPMorgan Funds - Managed Reserves Fund JPM Managed Reserves Fund A (acc) - USD 10,009.15 9,996.16 ---- JPM Managed Reserves Fund A (acc) - EUR (hedged) 8,257.15 8,241.13 ---- JPM Managed Reserves Fund A (dist) - GBP (hedged) 6,838.58 6,823.04 ---- JPM Managed Reserves Fund C (acc) - USD 10,015.03 ----- JPM Managed Reserves Fund C (acc) - EUR (hedged) 7,726.51 ----- JPM Managed Reserves Fund C (dist) - GBP (hedged) 6,473.72 ----- JPM Managed Reserves Fund I (acc) - USD 10,021.03 9,999.26 ---- JPM Managed Reserves Fund I (acc) - SGD (hedged) 14,051.14 14,027.80 ----

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 16.47 12.44 8.63 23.55 18.40 12.89 JPM Russia A (dist) - USD 16.18 12.22 8.48 23.17 18.11 12.99 JPM Russia B (acc) - USD 11.02 8.29 5.71 15.44 12.00 8.37 JPM Russia C (acc) - USD 7.61 5.73 3.94 10.67 - - JPM Russia D (acc) - USD 12.62 9.58 6.72 18.50 14.61 10.34 JPM Russia I (acc) - USD 8.32 6.26 4.31 11.64 - -

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 10.30 9.95 8.41 9.08 10.24 10.54 JPM Sterling Bond A (dist) - GBP 0.76 0.77 0.72 0.84 1.00 1.07 JPM Sterling Bond D (acc) - GBP 10.24 9.93 8.45 9.17 10.40 10.77 JPM Sterling Bond X (acc) - GBP* ----10.4510.64

JPMorgan Funds - Systematic Alpha Fund JPM Systematic Alpha A (acc) - EUR 10.25 9.88 ----

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 11.33 9.23 7.84 11.76 13.59 12.63 JPM UK Equity A (dist) - GBP 7.38 6.12 5.36 8.33 9.96 9.61 JPM UK Equity C (acc) - GBP 12.77 10.36 8.72 12.96 14.84 13.67 JPM UK Equity D (acc) - GBP 7.77 6.35 5.44 8.21 9.55 8.94 JPM UK Equity X (acc) - GBP** 102.53 - 10.19 - - -

JPMorgan Funds - US 130/30 Fund JPM US 130/30 A (acc) - USD 9.20 7.77 6.81 8.81 - - JPM US 130/30 A (acc) - EUR (hedged) 6.48 5.49 4.86 6.48 - - JPM US 130/30 A (dist) - USD 114.16 ----- JPM US 130/30 A (dist) - GBP 7.48 6.57 ---- JPM US 130/30 C (acc) - USD 11.27 9.48 ---- JPM US 130/30 D (acc) - USD 8.93 7.58 6.70 8.74 - - JPM US 130/30 D (acc) - EUR (hedged) 6.28 5.35 4.78 6.42 - - JPM US 130/30 X (acc) - USD 9.37 7.85 6.76 8.59 - -

61 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 13.72 13.49 12.11 11.41 10.63 10.13 JPM US Aggregate Bond A (inc) - USD 12.32 12.90 12.09 11.94 11.53 11.37 JPM US Aggregate Bond A (mth) - USD 10.37 10.37 ---- JPM US Aggregate Bond B (acc) - USD 13.70 13.45 12.03 11.30 10.48 9.96 JPM US Aggregate Bond C (acc) - USD 13.80 13.55 12.09 11.34 10.50 9.96 JPM US Aggregate Bond D (acc) - USD 15.43 15.20 13.67 12.92 12.05 11.52 JPM US Aggregate Bond D (acc) - EUR (hedged) 70.06 ----- JPM US Aggregate Bond X (acc) - USD 14.55 14.25 12.65 11.81 10.88 10.27

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A (acc) - USD 9.65 8.10 7.56 11.19 14.04 11.74 JPM US Dynamic A (acc) - EUR 6.01 5.52 4.49 5.92 8.68 7.68 JPM US Dynamic A (dist) - USD 13.29 11.16 10.41 15.41 19.34 16.18 JPM US Dynamic B (acc) - USD 10.96 9.18 8.50 12.49 15.58 12.98 JPM US Dynamic C (acc) - USD 11.96 10.00 9.25 13.56 16.86 13.97 JPM US Dynamic D (acc) - USD 12.38 10.45 9.85 14.72 18.67 15.77 JPM US Dynamic D (acc) - EUR 5.61 5.17 4.25 5.66 8.39 7.50 JPM US Dynamic I (acc) - USD* - - 6.60 9.67 12.01 9.95 JPM US Dynamic I (inc) - EUR 5.19 4.77 3.89 5.14 10.09 - JPM US Dynamic X (acc) - USD 12.42 10.34 9.48 13.78 16.98 13.96

JPMorgan Funds - US Growth Alpha Plus Fund JPM US Growth Alpha Plus A (acc) - USD 11.27 9.54 8.30 - - - JPM US Growth Alpha Plus A (dist) - USD 12.73 10.77 ---- JPM US Growth Alpha Plus C (acc) - EUR 9.56 8.80 ---- JPM US Growth Alpha Plus D (acc) - USD 11.08 9.41 8.25---

JPMorgan Funds - US Select 130/30 Fund JPM US Select 130/30 A (acc) - USD 9.65 7.99 6.99 8.88 - - JPM US Select 130/30 A (acc) - EUR (hedged) 6.82 5.67 5.01 6.55 - - JPM US Select 130/30 A (dist) - USD 9.81 8.13 7.10 9.03 - - JPM US Select 130/30 A (dist) - GBP 6.56 5.65 4.48 4.73 - - JPM US Select 130/30 B (acc) - USD 10.59 8.74 7.59 9.59 - - JPM US Select 130/30 C (acc) - USD 9.51 7.84 6.80 8.58 - - JPM US Select 130/30 D (acc) - USD 9.34 7.78 6.87 8.81 - - JPM US Select 130/30 D (acc) - EUR (hedged) 6.57 5.49 4.89 6.48 - - JPM US Select 130/30 I (acc) - USD 109.02 ----- JPM US Select 130/30 I (inc) - USD* - - - 9.73 - - JPM US Select 130/30 X (acc) - USD 10.50 8.62 7.41 9.27 - -

JPMorgan Funds - US Short Duration Bond Fund (10) JPM US Short Duration Bond A (acc) - USD 99.97 ----- JPM US Short Duration Bond D (acc) - USD 99.95 -----

JPMorgan Funds - US Small and Micro Cap Fund JPM US Small and Micro Cap A (acc) - USD 9.92 7.71 6.71 9.00 12.84 11.64 JPM US Small and Micro Cap A (dist) - USD 100.86 78.38 68.22 91.47 130.55 118.35 JF US Small and Micro Cap A (dist) - USD 13.67 11.50 10.01 13.42 19.15 17.37 JPM US Small and Micro Cap D (acc) - USD 14.78 10.68 9.39 12.71 18.33 16.78 JPM US Small and Micro Cap X (acc) - USD 9.72 7.50 6.41 8.45 13.82 12.29

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 14.33 10.80 8.95 11.75 13.85 11.89 JPM US Small Cap Growth A (dist) - USD 98.66 74.32 61.60 80.90 95.41 81.93 JPM US Small Cap Growth A (dist) - GBP 9.65 7.56 5.71 6.22 7.30 6.81 JPM US Small Cap Growth B (acc) - USD 10.44 7.84 6.45 8.40 - - JPM US Small Cap Growth D (acc) - USD 9.54 7.21 6.02 7.97 9.47 8.19 JPM US Small Cap Growth X (acc) - USD 12.31 9.20 7.49 9.66 - -

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 11.55 9.38 8.35 12.16 13.56 11.35 JPM US Strategic Growth A (acc) - EUR (hedged) 6.70 5.47 4.92 7.36 11.08 - JPM US Strategic Growth A (dist) - USD 6.19 5.03 4.47 6.52 7.27 6.08 JPM US Strategic Growth A (dist) - GBP 5.71 4.83 3.92 4.74 5.25 4.77 JPM US Strategic Growth B (acc) - USD 10.97 8.88 7.84 11.33 12.54 10.43 JPM US Strategic Growth C (acc) - USD 10.54 8.51 7.50 10.80 11.91 9.87 JPM US Strategic Growth C (acc) - EUR (hedged) 8.69 7.05 4.14 6.11 - - JPM US Strategic Growth D (acc) - USD 5.76 4.70 4.21 6.18 6.94 5.86 JPM US Strategic Growth D (acc) - EUR (hedged) 6.51 5.34 4.84 7.28 11.06 - JPM US Strategic Growth X (acc) - USD 11.58 9.32 8.15 11.66 12.77 10.50

(10) This Sub-Fund was launched on 15 December 2010.

62 JPMorgan Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD 13.65 10.21 8.32 11.04 12.61 10.80 JPM US Technology A (acc) - EUR 96.39 78.80 ---- JF US Technology A (dist) - USD 2.00 1.49 1.22 1.62 1.85 1.58 JPM US Technology A (dist) - USD 6.90 5.16 4.21 5.58 6.38 5.46 JPM US Technology A (dist) - GBP 1.81 1.42 1.06 1.18 2.68 1.24 JPM US Technology B (acc) - USD* - - 7.95 - - - JPM US Technology C (acc) - USD 12.14 9.03 7.30 9.60 - - JPM US Technology D (acc) - USD 1.83 1.38 1.13 1.52 1.75 1.52 JPM US Technology D (acc) - EUR 9.72 7.99 ---- JPM US Technology X (acc) - USD 10.54 7.82 6.27 8.18 - -

JPMorgan Funds - US Value Fund JPM US Value A (acc) - USD 11.23 9.45 8.12 11.31 13.54 11.29 JPM US Value A (acc) - EUR (hedged) 6.77 5.72 4.95 7.11 11.48 - JPM US Value A (dist) - USD 14.02 11.82 10.20 14.22 17.03 14.19 JF US Value A (dist) - USD 12.27 10.35 8.93 12.49 14.96 12.46 JPM US Value A (dist) - GBP 12.89 11.30 8.84 10.25 12.20 11.05 JPM US Value B (acc) - USD 12.68 10.63 9.06 12.53 14.90 12.33 JPM US Value C (acc) - USD 13.18 11.04 9.38 12.94 15.32 12.63 JPM US Value C (acc) - EUR (hedged) 9.74 8.19 7.03--- JPM US Value D (acc) - USD 13.22 11.17 9.67 13.57 16.37 13.75 JPM US Value D (acc) - EUR (hedged) 6.56 5.57 4.85 7.02 11.42 - JPM US Value X (acc) - USD 12.76 10.65 8.99 12.30 14.47 11.85

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

63 JPMorgan Funds Notes to the Unaudited Financial Statements As at 31 December 2010

1. Organisation JPMorgan 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 was changedto FlemingInternational Fund on 3 July 1984, to FlemingFlagshipFund on 19 October 1988, to FlemingFunds on 2 June 2000, to JPMorganFleming Funds on 19 November 2001 and then to JPMorgan Funds on 12 September 2005. It is organized under the Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment as amended, Part I, as a Société Anonyme qualifyingas a “Société d’Investissement à Capital Variable” (SICAV). As at 31 December 2010, it comprises 108 Sub-Funds, each relatingto a separat e investment portfolio consisting 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 of Incorporation were also modified so the SICAV complies with UCITS III regulations. 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 and X Classes of Shares, which may differ in the minimum subscription amount, minimum holdingamount, currency and/or eligibility requirements, the fees and expenses, and the dividend policy applicable to them. In addition, each Sub-Fund may contain Classes of 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 Policies The Financial Statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investments. a) Investment Valuation Transferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the latest available 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 or market 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. Those securities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeable sales 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 or their 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 31 December 2010. In accordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. b) Swing Pricing Adjustment A Sub-Fund may suffer dilution of the Net Asset Value per Share due to investors buyingor sellingShares in a Sub-Fund at a price that does not reflect the dealing 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 SwingPricingmechanism may be adopted to protect the interests of Shareholders of the Fund. If on any Valuation Day, t he aggregate net transactions in Shares of a Sub-Fund exceed a pre-determined threshold, as determined and reviewed for each Sub-Fund on a periodic basis by 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 the Net Asset Value per Share. The Swing Pricing mechanism may be applied across all Sub-Funds with the exception of JPMorgan Funds – Highbridge Asia Pacific STEEP Fund, JPMorgan Funds – Highbridge Europe STEEP Fund, JPMorgan Funds – Highbridge US STEEP Fund and the money market Sub-Funds. The extent of the price adjustment will be set by the Management Company to reflect dealing and other costs. Such adjustment may vary from Sub-Fund to Sub-Fund and will not exceed 2% of the original Net Asset Value per Share. The official Net Asset Value per Share as at period end, disclosed in the Statistical Information section of this report may therefore include a SwingP ricing adjustment, which would not be recognised in the Combined Statement of Net Assets and in the Combined Statement of Operations and Changes in Net Assets. As at period end, a Swing Pricing adjustment has been applied to JPMorgan Funds – Corporate Bond Portfolio Fund I. c) Realised and Unrealised Gains and Losses on Investments Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Realised gains and losses on sales of investments are calculated on the average book cost. The associated foreign exchange movement between the date of purchase and date of sale of investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings of investments are calculated on the total book cost and include the associated unrealised gains and losses on foreign exchange. d) Income Recognition Interest income is accrued daily. Bank interest income is recognised on an accrual basis. Dividend income is accrued on the ex-dividend date. This income is shown net of any withholdingtaxes and adjusted accordinglywhen tax reclaims apply. e) Conversion of Foreign Currencies The books and records of each Sub-Fund are denominated in the base currency of the correspondingSub-Fund. Amounts denominated in other currencies ar e translated into the base currency on the followingbasis: (i) investment valuations and other assets and liabilities initially expressed in other cu rrencies are converted each business day into the base currency usingcurrency exchangerates prevailingon each such business day; (ii) purchases and sales of for eign investments, income and expenses are converted into the base currency usingcurrency exchangerates prevailingon the respective dates of such trans actions. Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains and losses from the sale and holdingof foreign currencies and foreign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions and forward foreign exchange contracts; 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 and Changes in Net Assets. The reference currency of the Combined Statements is USD. The principal exchange rates applied as at 31 December 2010 are as follows: 1 USD = 0.74657511 EUR 1 USD = 81.24000000 JPY 1 USD = 0.64197214 GBP

64 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2010 f) Forward Foreign Exchange Contracts Unrealised gains or losses on outstanding Forward Foreign Exchange Contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in “Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under Net Change in Unrealised Net Gain/(Loss) on Forward Foreign Exchange Contracts in the Combined Statement of Net Assets. g) Financial Futures Contracts on Securities and Indices Regulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains and losses 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 margin payments are made or received, depending upon whether losses or gains are incurred. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract. h) Option Contracts Options purchased are recorded as investments; options written or sold are recorded as liabilities. When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is accounted for as a realised gain or loss. When securities are acquired or delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, the difference 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 is accounted for as a realised gain for options written or as a realised loss for options purchased. The 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 of the contract. As of 31 December 2010, the SICAV had written options contracts outstanding as listed on its Schedule of Investments. i) Total Return Swaps The SICAV may enter into swap contracts in which the SICAV and the counterparty agree to exchange payments where one or both parties pay the returns generated by a security, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice versa are calculated by reference to a specific security, on a basket of securities, index, or instruments and an agreed upon notional amount. Any such underlying security or instrument 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 plus a spread. The total performance will include interests, dividends, gains and losses on the underlying securities during the contract period accordingto the type 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 the underlying. These underlying securities are listed on a primary exchange. The value of the underlyingsecurities shall be taken into account for the calculation of the investment and borrowingpowers applicable to individua l issuers. The relevant 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 are included 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 of Operations and Changes in Net Assets. JPMorgan Funds - Europe 130/30 Fund, JPMorgan Funds - Europe Select 130/30 Fund, JPMorgan Funds - Highbridge Asia Pacific STEEP Fund, JPMorgan Funds - Highbridge Europe STEEP Fund, JPMorgan Funds - Highbridge US STEEP Fund, JPMorgan Funds - Systematic Alpha Fund, JPMorgan Funds - US 130/30 Fund and JPMorgan Funds - US Select 130/30 Fund have each entered into Total Return Swaps (long/short, together “the Swaps”) on a basket of securities with selected counterparties. j) Interest Rate Swaps An 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 interest payments (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 rate swaps are recorded under “Net Interest on Swap Transactions” in the Combined Statement of Operations and Changes in Net Assets. The changes in unrealised gains or losses are included 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 gains or losses are recorded under “Net Realised Gain/(Loss) on Derivatives Instruments” in the Combined Statement of Operations and Changes in Net Assets. k) Credit Default Swaps A Credit Default Swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic coupon 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 underlyingsecuritie s shall be 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 gains or losses are included 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 gains or losses are recorded under “Net Realised Gain/(Loss) on Derivatives Instruments” in the Combined 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 in the 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 the maturity 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 month and simultaneously contract to repurchase similar, but not identical, securities at an agreed-upon price on a fixed date. The Sub-Funds account for such Dollar Rolls as purchases and sales and receive compensation as consideration for enteringinto the commitment to repurchase. The Sub-Funds must maintain liquid securities havinga value not less than the repurchase price (includingaccrued interest) for such Dollar Rolls. The market value of t he securities 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 outstandingas of 31 December 2010, which are included in Amounts Receivable on Sale of TBAs and Amounts Payable on Purchase of TBAs in the Combined Statement of Net Assets.

65 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2010 m) Consolidation of Mauritian Subsidiary All income, expenses, receivables, payables and investments of Flagship Indian Investment Company (Mauritius) Limited (the “Subsidiary”), a wholly-owned subsidiary of JPMorgan Funds, are consolidated into the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets of JPMorgan Funds - JF India Fund. Securities owned by the Subsidiary are individually disclosed in the Schedule of Investments of JPMorgan Funds - JF India Fund. Intercompany balances are eliminated on consolidation. The use of the Mauritius Subsidiary and the tax treatment it is afforded, is based on the law and practice currently in force in the relevant countries, as understood by the Board of Directors. It is subject to any future changes and such changes may adversely affect the returns of the Sub-Fund. This includes any circumstances where the India/Mauritius Double Taxation Treaty may not be applied or ceases to be applied, resultingfrom, inter alia, any future ruling by the Indian tax authorities. Should the treaty not be applied, or cease to be applied, interest on securities listed on an Indian stock exchange would be subject to tax at a maximum rate of 20%. Capital gains on disposal of such investments would be subject to tax at rates of 0 to 30% in respect of listed securities depending on the length of time the relevant investment has been held. 3. Value of Financial Instruments and Associated Risks The SICAV entered into forward foreign exchange contracts, financial futures contracts, options and swaps which, to varying degrees, represent a market risk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’s participation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, indices, and security values underlying these instruments. Investment in fixed income securities is subject to interest rate, sector, security and credit risks. High yield bonds are lower-rated securities and will usually offer higher yields to compensate for the reduced creditworthiness or increased risk of default that these securities carry. Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value of the contracts may not directly correlate with changes in the value of the underlying currencies, indices, or securities, or that the counterparty to a contract defaults on its obligation to perform under the terms of the contract. In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developingbut there is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors who should therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. In some markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary to make payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds. 4. Distribution Policy During the period from 1 July 2010 to 31 December 2010, the SICAV paid dividends as follows: Class Currency Dividend Amount per Share Payment Date JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 21-Jul-10 JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.16 21-Jul-10 JPM US Aggregate Bond A (mth) - USD USD 0.02 21-Jul-10 JPM Emerging Markets Local Currency Debt D (inc) - EUR EUR 0.13 20-Aug-10 JPM Global Corporate Bond D (inc) - EUR (hedged) EUR 0.02 20-Aug-10 JPM Global Strategic Bond D (inc) - EUR (hedged) EUR 0.14 20-Aug-10 JPM US Aggregate Bond A (mth) - USD USD 0.03 20-Aug-10 JPM Emerging Markets Debt A (mth) - EUR EUR 0.03 21-Sep-10 JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.07 21-Sep-10 JPM US Aggregate Bond A (mth) - USD USD 0.03 21-Sep-10 JF Asia Alpha Plus A (dist) - USD USD 0.01 30-Sep-10 JF Asia Pacific ex-Japan Equity A (dist) - GBP GBP 0.58 30-Sep-10 JF Asia Pacific ex-Japan Equity A (dist) - USD USD 0.31 30-Sep-10 JF Euroland Equity A (dist) - USD USD 0.11 30-Sep-10 JF Europe Dynamic A (dist) - EUR EUR 0.12 30-Sep-10 JF Europe Equity A (dist) - USD USD 0.42 30-Sep-10 JF Europe Small Cap A (dist) - EUR EUR 0.05 30-Sep-10 JF Europe Technology A (dist) - EUR EUR 0.02 30-Sep-10 JF Germany Equity A (dist) - EUR EUR 0.25 30-Sep-10 JF Global Convertibles (EUR) A (dist) - USD USD 0.11 30-Sep-10 JF Global Dynamic A (dist) - USD USD 0.03 30-Sep-10 JF Global Equity (USD) A (dist) - USD USD 0.13 30-Sep-10 JF Global Focus A (dist) - USD USD 0.02 30-Sep-10 JF Global Healthcare A (dist) - USD USD 0.02 30-Sep-10 JF Greater China A (dist) - USD USD 0.14 30-Sep-10 JF Hong Kong A (dist) - USD USD 0.31 30-Sep-10 JF India A (dist) - USD USD 0.60 30-Sep-10 JF Japan Equity A (dist) - GBP GBP 0.01 30-Sep-10 JF Korea Equity A (dist) - USD USD 0.01 30-Sep-10 JF Latin America Equity A (dist) - USD USD 0.17 30-Sep-10 JF Pacific Balanced A (dist) - USD USD 0.63 30-Sep-10 JF Pacific Equity A (dist) - GBP GBP 0.03 30-Sep-10 JF Pacific Equity A (dist) - USD USD 0.17 30-Sep-10 JF Pacific Technology A (dist) - GBP GBP 0.01 30-Sep-10 JF Pacific Technology A (dist) - USD USD 0.01 30-Sep-10 JF Singapore A (dist) - USD USD 0.58 30-Sep-10 JF Taiwan A (dist) - USD USD 0.04 30-Sep-10 JF US Small and Micro Cap A (dist) - USD USD 0.01 30-Sep-10 JF US Value A (dist) - USD USD 0.01 30-Sep-10 JPM Africa Equity A (dist) - GBP GBP 0.01 30-Sep-10 JPM Brazil Alpha Plus A (dist) - USD USD 0.01 30-Sep-10

66 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2010

Class Currency Dividend Amount per Share Payment Date JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.11 30-Sep-10 JPM Emerging Markets Alpha Plus A (dist) - GBP GBP 0.01 30-Sep-10 JPM Emerging Markets Debt A (inc) - EUR EUR 0.43 30-Sep-10 JPM Emerging Markets Debt I (inc) - EUR EUR 0.58 30-Sep-10 JPM Emerging Markets Equity A (dist) - GBP GBP 0.02 30-Sep-10 JPM Emerging Markets Equity A (dist) - USD USD 0.01 30-Sep-10 JPM Emerging Markets Equity I (inc) - EUR EUR 0.10 30-Sep-10 JPM Emerging Markets Equity X (dist) - USD USD 0.29 30-Sep-10 JPM Emerging Markets Equity X (inc) - EUR EUR 0.21 30-Sep-10 JPM Emerging Markets Small Cap A (dist) - GBP GBP 0.01 30-Sep-10 JPM Emerging Middle East Equity A (dist) - USD USD 0.24 30-Sep-10 JPM Euro Government Short Duration Bond A (inc) - EUR EUR 0.31 30-Sep-10 JPM Euro Short Duration Bond Fund C (dist) - GBP (hedged) GBP 0.19 30-Sep-10 JPM Euroland Equity A (dist) - EUR EUR 0.56 30-Sep-10 JPM Euroland Equity A (inc) - EUR EUR 0.09 30-Sep-10 JPM Euroland Select Equity A (dist) - EUR EUR 0.11 30-Sep-10 JPM Europe 130/30 A (dist) - EUR EUR 0.07 30-Sep-10 JPM Europe 130/30 A (dist) - GBP GBP 0.05 30-Sep-10 JPM Europe Balanced (EUR) A (dist) - EUR EUR 0.12 30-Sep-10 JPM Europe Convergence Equity A (dist) - EUR EUR 0.30 30-Sep-10 JPM Europe Dynamic A (dist) - EUR EUR 0.10 30-Sep-10 JPM Europe Dynamic A (dist) - GBP GBP 0.12 30-Sep-10 JPM Europe Dynamic Mega Cap A (dist) - EUR EUR 0.14 30-Sep-10 JPM Europe Dynamic Mega Cap A (inc) - EUR EUR 0.10 30-Sep-10 JPM Europe Dynamic Small Cap A (dist) - EUR EUR 0.03 30-Sep-10 JPM Europe Equity A (dist) - EUR EUR 0.41 30-Sep-10 JPM Europe Focus A (dist) - EUR EUR 0.01 30-Sep-10 JPM Europe High Yield Bond A (inc) - EUR EUR 0.16 30-Sep-10 JPM Europe Micro Cap A (dist) - EUR EUR 0.02 30-Sep-10 JPM Europe Select 130/30 A (dist) - EUR EUR 0.07 30-Sep-10 JPM Europe Select 130/30 A (dist) - GBP GBP 0.03 30-Sep-10 JPM Europe Small Cap A (dist) - EUR EUR 0.17 30-Sep-10 JPM Europe Small Cap A (dist) - GBP GBP 0.06 30-Sep-10 JPM Europe Strategic Growth A (dist) - GBP GBP 0.04 30-Sep-10 JPM Europe Strategic Value A (dist) - EUR EUR 0.21 30-Sep-10 JPM Europe Strategic Value A (dist) - GBP GBP 0.26 30-Sep-10 JPM Europe Technology A (dist) - GBP GBP 0.03 30-Sep-10 JPM Germany Equity A (dist) - EUR EUR 0.09 30-Sep-10 JPM Global Aggregate Bond A (inc) - USD USD 0.21 30-Sep-10 JPM Global Convertibles (EUR) A (dist) - EUR EUR 0.09 30-Sep-10 JPM Global Convertibles (EUR) A (dist) - GBP (hedged) GBP 0.20 30-Sep-10 JPM Global Convertibles (EUR) C (dist) - GBP (hedged) GBP 0.28 30-Sep-10 JPM Global Corporate Bond Fund A (dist) - GBP (hedged) GBP 0.46 30-Sep-10 JPM Global Dynamic A (dist) - GBP GBP 0.04 30-Sep-10 JPM Global Dynamic A (inc) - EUR EUR 0.02 30-Sep-10 JPM Global Dynamic I (inc) - EUR EUR 0.11 30-Sep-10 JPM Global Equity (USD) A (dist) - EUR (hedged) EUR 0.02 30-Sep-10 JPM Global Equity (USD) A (dist) - USD USD 0.07 30-Sep-10 JPM Global Focus A (dist) - EUR EUR 0.04 30-Sep-10 JPM Global Government Short Duration Bond C (dist) - GBP (hedged) GBP 0.11 30-Sep-10 JPM Global Healthcare A (dist) - GBP GBP 0.11 30-Sep-10 JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) EUR 0.17 30-Sep-10 JPM Global Short Duration Bond Fund C (dist) - GBP (hedged) GBP 0.11 30-Sep-10 JPM Global Socially Responsible A (dist) - USD USD 0.02 30-Sep-10 JPM Highbridge Europe STEEP A (dist) - GBP GBP 0.01 30-Sep-10 JPM Highbridge Europe STEEP A (inc) - EUR EUR 0.45 30-Sep-10 JPM Highbridge US STEEP A (inc) - EUR EUR 0.01 30-Sep-10 JPM Latin America Equity A (dist) - USD USD 0.23 30-Sep-10 JPM Managed Reserves Fund A (dist) - GBP (hedged) GBP 0.10 30-Sep-10 JPM Sterling Bond A (dist) - GBP GBP 0.04 30-Sep-10 JPM UK Equity A (dist) - GBP GBP 0.12 30-Sep-10 JPM US 130/30 A (dist) - GBP GBP 0.01 30-Sep-10 JPM US Aggregate Bond A (inc) - USD USD 0.80 30-Sep-10 JPM US Dynamic I (inc) - EUR EUR 0.03 30-Sep-10 JPM US Small Cap Growth A (dist) - GBP GBP 0.01 30-Sep-10 JPM US Strategic Growth A (dist) - GBP GBP 0.01 30-Sep-10 JPM US Technology A (dist) - GBP GBP 0.01 30-Sep-10 JPM US Value A (dist) - GBP GBP 0.02 30-Sep-10 JPM US Value A (dist) - USD USD 0.01 30-Sep-10 JPM Emerging Markets Debt A (mth) - EUR EUR 0.04 21-Oct-10 67 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2010

Class Currency Dividend Amount per Share Payment Date JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 21-Oct-10 JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.06 21-Oct-10 JPM Global Corporate Bond A (mth) - USD USD 0.26 21-Oct-10 JPM Emerging Markets Local Currency Debt D (inc) - EUR EUR 0.13 22-Nov-10 JPM Global Corporate Bond A (mth) - USD USD 0.17 22-Nov-10 JPM Global Corporate Bond D (inc) - EUR (hedged) EUR 0.08 22-Nov-10 JPM Emerging Markets Debt A (mth) - EUR EUR 0.04 21-Dec-10 JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 21-Dec-10 JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.07 21-Dec-10 JPM Global Corporate Bond A (mth) - USD USD 0.34 21-Dec-10 It is intended that all those Classes of Shares with the suffix “(dist)” will distribute at least 85% of the net investment income attributable to such Classes of Shares, computed broadly in accordance with the definition of net taxable income under United Kingdom corporation tax principles (subject to the application of any de minimis threshold) so that these Classes of Shares of the SICAV continue to qualify as “distributing” for the purposes of United Kingdom tax legislation relating to offshore Sub-Funds. Classes of Shares with the suffix “(inc)” may pay dividends but will not qualify as “distributing” for the purposes of United Kingdom tax legislation relating to offshore Funds. 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 net investment 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 the purposes of United Kingdom tax legislation relating to offshore funds. Those Classes of Shares with the suffix “(acc)” will not normally pay dividends. 5. Taxation Under current law and practice in the Grand Duchy of Luxembourg, the SICAV is not liable to any income tax, nor are dividends distributed by the SICAV liable to any withholdingtax. However, the SICAV, with the exception of those Share Classes identified in the Appendix, is liable to an asset based tax of 0.05% per annum, such tax beingpayable quarterly and calculated on the total net assets of each Sub-Fund at the end of the relevant quarter. For the Sub-Funds’ Sh are Classes identified in the Appendix, the rate is 0.01% per annum. No tax is payable on the portion of assets invested in other undertakings for collective investment subject to such tax. No stamp duty or other tax is payable on the issue of shares in the SICAV in the Grand Duchy of Luxembourg. No tax is payable on realised or unrealised capital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term, are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. The regular income of the SICAV from some of its securities, as well as interest earned on its cash deposits in certain countries, may be subject to withholding taxes at varying rates, which normally cannot be recovered. Following recent case law precedent within Europe, the SICAV has instigated proceedings to reclaim tax withheld by certain Member States of the European Union on 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 and potential benefits of doingso. The likelihood of successfully reclaimingsuch amounts togetherwith the estimated time to complete procee dings varies across Member 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 of determiningthe relevant expense cap or TER and no amount has been recorded in the SICAV for any possible amounts to be received under this action. 6. Statement of Changes in Investments A list, specifyingfor each investment within each Sub-Fund the total purchases and sales which occurred duringthe period under review, may be obtain ed free of charge upon request at the registered office of the SICAV. Additional information on investments within each Sub-Fund’s portfolio is available to shareholders at the registered office of the SICAV. 7. Fees and Expenses a) All Sub-Funds - Share Classes A, B, C, D and J The fees and expenses charged to these Classes of shares are set at a fixed percentage of the total net assets of each Class of shares. This fixed percentage covers all fees and expenses connected with the management of these Classes of shares, including Investment Management Fees, Shareholder Servicing Fees and Other Operating and Administrative Expenses, which include but are not limited to Custody, Registrar and Transfer Agent Fees; it does not cover taxes paid on investments, 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 the operations of these Classes of shares and the fixed percentage. To the extent that the actual operating costs are less than the fixed percentage, the excess is paid to the Investment Manager and included within “Investment Management Fees”. To the extent that actual operating costs exceed the fixed percentage, the amount borne by the Investment Manager will be separately disclosed as a “Fee Waiver’’ in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets. This fixed annual rate of fees and expenses is categorised as a Total Expense Ratio. The fixed annual rates of fees for each Class of shares are shown in the Appendix. b) All Sub-Funds - Share Class I The maximum total fees and expenses to be borne by shareholders on these Classes of shares of any Sub-Fund will not exceed a capped percentage of the total net assets attributable to that Class. These capped fees and expenses comprise Investment Management Fees plus other Operating and Administrative Expenses 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 in the Appendix. c) All Sub-Funds - Share Class X The Annual Management Fee that would normally be payable in respect of the X Share Classes are administratively levied and collected by the Global Distributor directly from the shareholder or through the relevant J.P.Morgan Chase & Co entity. The maximum Operatingand Administrative Expenses to be borne by the Class X shareholders of any Sub-Fund will not exceed a capped percentageof the total net assets attributable to that Class, as set out in the Appendix. Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, the Investment Manager or any other member of JPMorgan Chase & Co. The avoidance of a double-charge of the Annual Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the net assets on which the Annual Management and Advisory Fee is calculated; or b) investing in UCITS or UCIs via classes that do not accrue an Annual Management and Advisory Fee or other equivalent fees payable to the relevant Investment Manager’s group; or c) the Annual Management and Advisory 68 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2010

Fee being netted off by a rebate to the SICAV or Sub-Fund of the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or UCIs; or d) charging only the difference between the Annual Management and Advisory Fee of the SICAV or Sub-Fund and the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or UCIs. 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 the Management Company. d) Performance Fees Pursuant to the Investment Management Agreement, as set out in the Appendix to the Prospectus, the Investment Manager is entitled to receive from the net assets of certain Sub-Funds or Classes, an annual performance-based incentive fee (the “Performance Fee”) if the performance of the Sub-Fund exceeds the 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 in Appendix III for each Sub-Fund. On each Valuation Day, an accrual for the previous Valuation Day’s Performance Fee is made, when appropriate, and the final Performance Fee is payable annually. Pursuant to the provisions of the relevant Investment Management Agreement, the Investment Manager may be entitled to receive the performance Fee from the Management Company. 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 and expenses (includingthe Annual Managementand Advisory Fee, and the Operatingand Administrative Expenses to be borne by the relevant Class at the rat e set 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 calculating the Performance Fee, the “Share Class Return” is computed on each Valuation Day, as the difference between the net asset value (adjusted by addingback any accrued Performance Fee) on such day and the Adjusted net asset value on the previous Valuation Day, expressed as a return based on the previous Valuation Day’s Adjusted net asset value for that Class. High Water Mark Method If the Share Class Return exceeds the Benchmark Return and the cumulative Share Class Return exceeds the High Water Mark Return (as set out in the Appendix to the Prospectus), the Performance Fee accrual is increased by the Performance Fee Rate multiplied by the Excess Return multiplied by the previous Valuation Day’s Adjusted net asset value for that Class. If the Share Class Return does not exceed the Benchmark Return, the Performance Fee accrual is reduced (but not below zero) by the Performance Fee Rate multiplied by the negative Excess Return multiplied by the previous Valuation Day’s Adjusted net asset value for that Class. Followinga period of negativeExcess Return whereby the Performance Fee accrual has been reduced to zero, no n ew Performance Fee is accrued until such time as the cumulative Share Class Return exceeds the greater of the High Water Mark Return and the cumulative Benchmark Return since the beginningofthe Company accountingperiod. The Performance Fee accrued on any Valuation Day is reflected in the Net Asset Value per Share on the basis of which subscriptions and redemptions may be accepted. Claw-Back mechanism The purpose of the Claw-Back Mechanism is to ensure that the Management Company will only become entitled to a Performance Fee when it outperforms the cumulative Benchmark Return (as defined in Appendix V of the prospectus) accrued since the last Valuation Day of the last period in which a Performance Fee was paid. As at 31 December 2010, the Performance Fee rate and the benchmarks are as follows: Sub-Fund Applicable Share Performance Fee Performance Benchmark Classes Rate Claw-Back Mechanism method

Africa Equity Fund All 10% Morgan Stanley Capital International (MSCI) Emerging and Frontier Markets Africa Index (Total Return Net) Brazil Alpha Plus Fund All 10% Morgan Stanley Capital International (MSCI) Brazil 10/40 (Total Return Net) Emerging Markets Alpha Plus Fund All 10% Morgan Stanley Capital International (MSCI) Emerging Markets Investable Markets Index (Total Return Net) Emerging Markets Infrastructure Equity Fund All 10% Morgan Stanley Capital International (MSCI) Emerging Markets (Total Return Net), limited to seven sectors: Energy, Materials (excluding Fertilizers & Agricultural Chemicals, Metal & Glass Containers, Paper Packaging, and Gold), Capital Goods (excluding Trading Companies & Distributors), Transportation, Real Estate (excluding Residential REITs and Retail REITs), Telecommunication Services and Utilities. Emerging Markets Small Cap Fund All 10% Morgan Stanley Capital International (MSCI) Emerging Markets Small Cap Index (Total Return Net) Europe 130/30 Fund All 10% Morgan Stanley Capital International (MSCI) Europe (Total Return Net) Europe Dynamic Small Cap Fund All 10% HSBC Smaller Pan-European (Total Return Net) Europe Focus Fund All 10% Morgan Stanley Capital International (MSCI) Europe (Total Return Net) Europe Micro Cap Fund All 10% HSBC Smaller Pan-European Index (Total Return Net) Europe Select 130/30 Fund All 10% Morgan Stanley Capital International (MSCI) Europe (Total Return Net) Europe Strategic Growth Small Cap Fund All 10% Morgan Stanley Capital International (MSCI) Europe Small Cap Growth Index (Total Return Net) Europe Strategic Value Small Cap Fund All 10% Morgan Stanley Capital International (MSCI) Europe Small Cap Value Index (Total Return Net) Global Absolute Return Bond Fund All, except hedged 20% British Bankers’ Association (BBA) LIBOR USD Overnight Index Global Absolute Return Bond Fund EUR hedged 20% European Overnight Index Average (EONIA) Global Absolute Return Bond Fund SEK hedged 20% British Bankers’ Association (BBA) LIBOR SEK Spot Next Index Highbridge Europe STEEP Fund All 20% Morgan Stanley Capital International (MSCI) Europe (Total Return Net) Highbridge US STEEP Fund All, except EUR hedged 20% Standard & Poor’s (S&P) Rating Group 500 Index (Total Return Net) Highbridge US STEEP Fund EUR hedged 20% Standard & Poor’s (S&P) Rating Group 500 Index (Total Return Net) hedged into EUR Japan Dynamic Fund All 10% Tokyo Stock Price Index (TOPIX) (Total Return Net) JF Asia Alpha Plus Fund All 10% Morgan Stanley Capital International (MSCI) All Countries Asia Ex Japan Index (Total Return Net) JF Japan Alpha Plus Fund All 10% Tokyo Stock Price Index (TOPIX) (Total Return Net) US 130/30 Fund All, except EUR hedged 10% Standard & Poor’s (S&P) Rating Group 500 Index (Total Return Net) US 130/30 Fund EUR hedged 10% Standard & Poor’s (S&P) Rating Group 500 Index, (Total Return Net) hedged into EUR

69 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2010

Sub-Fund Applicable Share Performance Fee Performance Benchmark Classes Rate US Growth Alpha Plus Fund All, except EUR hedged 10% Russell 1000 Growth Index (Total Return Net) US Growth Alpha Plus Fund EUR hedged 10% Russell 1000 Growth Index (Total Return Net) hedged into EUR US Select 130/30 Fund All, except EUR hedged 10% Standard & Poor’s (S&P) Rating Group 500 Index (Total Return Net) US Select 130/30 Fund EUR hedged 10% Standard & Poor’s (S&P) Rating Group 500 Index, (Total Return Net) hedged into EUR US Small and Micro Cap Fund All 10% Russell 2000 (Total Return Net)

High Water Mark method

Emerging Markets Currency Alpha Fund All, except USD hedged 10% 7 day EUR LIBID, in EUR Emerging Markets Currency Alpha Fund USD hedged 10% 7 day USD LIBID, in USD Emerging Markets Local Currency Debt Fund All 10% JPMorgan Government Bond Index -–Emerging Markets Global Index (Total Return Gross) Global Strategic Bond Fund All, except hedged 20% British Bankers’ Association (BBA) LIBOR USD Overnight Index Global Strategic Bond Fund EUR hedged 20% European Overnight Index Average (EONIA) Highbridge Asia Pacific STEEP Fund All, except EUR hedged 20% Morgan Stanley Capital International (MSCI) Systematic Alpha Fund All 10% LIBOR one-month Euro deposits 8. Transactions with Connected Parties All 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 financial futures 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 Arrangements The Investment Managers of the Fund may enter into soft commission arrangements with brokers in respect of services used to support investment decision-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 Fund and commission is paid on these transactions. 10. Securities Lending The 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 certain definitions of the LuxembourgLaw, (ii) CSSF Circular 08/356 relatingto the rules applicable to undertakingsfor collective investments when they u se certain techniques and instruments relatingto transferable securities and money market instruments (“CSSF Circular 08/356”) and (iii) any other applicab le laws, regulations, circulars or CSSF positions. A significant proportion of the income generated from the securities lending program is credited to participating Sub-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 role as securities lendingagentfor the Fund. Borrowers of securities lent by participatingSub-Funds are approved by the ManagementCompany after appropriate assessment of such borrowers’ status and financial standing. During the period, 70% of any incremental income earned from securities lending was accrued to the applicable Sub-Fund, with the remainingincome payable to the relevant parties which arrangethe transaction. The income earned fr om the securities lending program is detailed in the Combined Statement of Operations and Changes in Net Assets. As at 31 December 2010, the SICAV valuation of securities on loan is USD 632,452,138, as detailed below and received collateral as security with a market value of USD 659,870,922. Market Value (USD) Market Value (USD) JPMorgan Funds - Aggregate Bond Fund 156,759 JPMorgan Funds - Europe Small Cap Fund 25,838,077 JPMorgan Funds - Asia Pacific Bond Fund 444,428 JPMorgan Funds - Europe Strategic Growth Fund 26,220,946 JPMorgan Funds - Corporate Bond Portfolio Fund I 23,090,160 JPMorgan Funds - Europe Strategic Growth Small Cap Fund 293,435 JPMorgan Funds - Emerging Markets Bond Fund 27,626,783 JPMorgan Funds - Europe Strategic Value Fund 62,644,994 JPMorgan Funds - Emerging Markets Corporate Bond Fund 8,432,458 JPMorgan Funds - Europe Strategic Value Small Cap Fund 349,609 JPMorgan Funds - Emerging Markets Debt Fund 43,127,180 JPMorgan Funds - Europe Technology Fund 26,631,802 JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 143,462 JPMorgan Funds - Germany Equity Fund 22,779,528 JPMorgan Funds - Emerging Markets Local Currency Debt Fund 21,606,155 JPMorgan Funds - Global Aggregate Bond Fund 766,845 JPMorgan Funds - EU Government Bond Fund 16,789,844 JPMorgan Funds - Global Corporate Bond Fund 21,198,814 JPMorgan Funds - Euro Aggregate Bond Fund 396,287 JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund 1,007,433 JPMorgan Funds - Euro Corporate Bond Fund 2,633,778 JPMorgan Funds - Global Dynamic Fund 27,905,991 JPMorgan Funds - Euro Government Short Duration Bond Fund 3,734,263 JPMorgan Funds - Global Equity Fund (USD) 1,975,429 JPMorgan Funds - Euro Money Market Fund 1,331,857 JPMorgan Funds - Global Focus Fund 94,127,286 JPMorgan Funds - Euro Short Duration Bond Fund 2,446,194 JPMorgan Funds - Global Government Bond Fund 19,016,821 JPMorgan Funds - Euroland Equity Fund 19,617,635 JPMorgan Funds - Global Government Short Duration Bond Fund 2,845,628 JPMorgan Funds - Euroland Select Equity Fund 2,504,000 JPMorgan Funds - Global Healthcare Fund 420,528 JPMorgan Funds - Europe 130/30 Fund 335,756 JPMorgan Funds - Global Real Estate Securities Fund (USD) 326,949

70 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2010

Market Value (USD) Market Value (USD) JPMorgan Funds - Europe Aggregate Plus Bond Fund 1,258,428 JPMorgan Funds - Global Research Enhanced Index Equity Fund 79,378 JPMorgan Funds - Europe Balanced Fund (EUR) 8,050,920 JPMorgan Funds - Global Short Duration Bond Fund 18,523,504 JPMorgan Funds - Europe Dynamic Fund 25,798,382 JPMorgan Funds - Global Strategic Bond Fund 971,825 JPMorgan Funds - Europe Dynamic Small Cap Fund 1,370,945 JPMorgan Funds - Japan Dynamic Fund 3,820,521 JPMorgan Funds - Europe Equity Fund 20,938,559 JPMorgan Funds - JF Japan Equity Fund 16,251,978 JPMorgan Funds - Europe High Yield Bond Fund 18,755,756 JPMorgan Funds - Sterling Bond Fund 907,122 JPMorgan Funds - Europe Micro Cap Fund 6,482,706 JPMorgan Funds - UK Equity Fund 281,839 JPMorgan Funds - Europe Select 130/30 Fund 193,161 11. Information for Swiss Registered Shareholders J.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 undertaken duringthe financial period and all information accordingto the SFA Directive in relation to the transparency of managementfees, may be obtained, on simple request 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 of third parties. 12. Information for German Registered Shareholders A list, specifyingfor each investment within each Sub-Fund the total purchases and sales which occurred duringthe period under review, may be obtain ed free of 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 of the SICAV and at the office of the German paying and information agent. 13. Authorization of Sub-Funds in Hong Kong The following Sub-Funds are authorized in Hong Kong and available to Hong Kong Residents: JPMorgan Funds - America Equity Fund JPMorgan Funds - Global Natural Resources Fund JPMorgan Funds - Eastern Europe Equity Fund JPMorgan Funds - Global Real Estate Securities Fund (USD) JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPMorgan Funds - JF China Fund JPMorgan Funds - Emerging Markets Bond Fund JPMorgan Funds - JF Greater China Fund JPMorgan Funds - Emerging Markets Debt Fund JPMorgan Funds - JF Hong Kong Fund JPMorgan Funds - Emerging Markets Equity Fund JPMorgan Funds - JF India Fund JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPMorgan Funds - JF Japan Equity Fund JPMorgan Funds - Emerging Middle East Equity Fund JPMorgan Funds - JF Japan Small Cap Fund JPMorgan Funds - Euroland Equity Fund JPMorgan Funds - JF Korea Equity Fund JPMorgan Funds - Euroland Select Equity Fund JPMorgan Funds - JF Pacific Balanced Fund JPMorgan Funds - Europe Dynamic Fund JPMorgan Funds - JF Pacific Technology Fund JPMorgan Funds - Europe Dynamic Mega Cap Fund JPMorgan Funds - JF Singapore Fund JPMorgan Funds - Europe Equity Fund JPMorgan Funds - JF Taiwan Fund JPMorgan Funds - Europe Small Cap Fund JPMorgan Funds - Latin America Equity Fund JPMorgan Funds - Europe Technology Fund JPMorgan Funds - Russia Fund JPMorgan Funds - Germany Equity Fund JPMorgan Funds - US Aggregate Bond Fund JPMorgan Funds - Global Consumer Trends Fund JPMorgan Funds - US Dynamic Fund JPMorgan Funds - Global Convertibles Fund (EUR) JPMorgan Funds - US Small Cap Growth Fund JPMorgan Funds - Global Dynamic Fund JPMorgan Funds - US Strategic Growth Fund JPMorgan Funds - Global Equity Fund (USD) JPMorgan Funds - US Technology Fund JPMorgan Funds - Global Focus Fund JPMorgan Funds - US Value Fund JPMorgan Funds - Global Government Bond Fund 14. Significant Events During the period, the following new Sub-Funds were launched: - JPMorgan Funds - Corporate Bond Portfolio Fund I on 1 July 2010; - JPMorgan Funds - Emerging Markets Corporate Bond Fund on 14 July 2010; - JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund on 16 September 2010; - JPMorgan Funds - Global Absolute Return Bond Fund on 7 October 2010; - JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II on 24 November 2010; - JPMorgan Funds - Emerging Markets Investment Grade Bond Fund on 29 November 2010; - JPMorgan Funds - Emerging Markets Diversified Equity Fund on 10 December 2010; - JPMorgan Funds - Highbridge Asia Pacific STEEP Fund on 13 December 2010; - JPMorgan Funds - US Short Duration Bond Fund on 15 December 2010. JPMorgan Funds - Euro Liquid Reserve Fund changed its name to JPMorgan Funds - Euro Money Market Fund on 2 August 2010. With effect from 1 July 2010, the following Sub-Funds changed their benchmark indexes as follows: - JPMorgan Funds - Asia Pacific Bond Fund changed from JPMorgan Asia Credit Index (Total Return Gross) with currency exposure weighted to 25% AUD, 25% SGD, 25% KRW and 25% CNY to HSBC Asian Local Bond Index (Total Return Gross); - JPMorgan Funds - EU Government Bond Fund changed from J.P. Morgan EMU Bond Index, in EUR (Total Return Gross) to J.P. Morgan EMU Government Bond Investment Grade Index in EUR (Total Return Gross); - JPMorgan Funds - Euro Government Short Duration Bond Fund changed from J.P. Morgan EMU Government Bond Index 1-3 years, in EUR (Total Return Gross) to J.P. Morgan EMU Government Bond Investment Grade Index 1-3 years in EUR (Total Return Gross).

71 JPMorgan Funds Notes to the Unaudited Financial Statements (continued) As at 31 December 2010

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 Bond Index 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 (Total Return Gross) to J.P. Morgan Government Bond Index – Emerging Markets Global Index, Diversified (Total Return Gross); With effect from 30 September 2010, JPMorgan Funds - Emerging Markets Alpha Plus Fund changed from Morgan Stanley Capital International (MSCI) Emerging Markets Index (Total Return Net) to Morgan Stanley Capital International (MSCI) Emerging Markets Investable Market Index (Total Return Net). 15. Subsequent Events 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 LuxembourgStock Exchang e. Those Share Classes where a listing still exists are currently as follows: JPMorgan Funds - Africa Equity Fund I (acc) USD; JPMorgan Funds - Global Convertibles Fund C (acc) EUR; JPMorgan Funds - Emerging Middle East Equity Fund I (acc) USD; JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund C (acc) USD (BRL hedged).

72 JPMorgan Funds - Africa Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing AUSTRALIA 1,307,830 Centamin Egypt 3,579,372 0.59 Shares 2,706,643 Gryphon Minerals 4,945,633 0.81 3,712,598 International Ferro Metals 1,677,103 0.28 SOUTH AFRICA 403,580 Mantra Resources AUD 3,212,645 0.53 775,686 ABSA Group 16,301,407 2.68 1,139,158 Rialto Energy 861,007 0.14 2,746,959 African Bank Investments 16,052,540 2.64 124,165 Rialto Energy 88,476 0.02 277,700 African Rainbow Minerals 8,818,723 1.45 118,256 Rialto Energy 84,265 0.01 22,052 Anglo Platinum 2,302,411 0.38 17,089,300 Sundance Resources Australia 9,959,240 1.64 171,410 AngloGold Ashanti ADR 8,447,085 1.39 199,201 Capitec Bank Holdings 5,140,467 0.85 24,407,741 4.02 1,293,164 Clicks Group 8,431,918 1.39 2,413,637 FirstRand 7,109,696 1.17 UNITED KINGDOM 851,382 Foschini Group 11,527,813 1.90 3,864,941 Afren 8,892,158 1.46 116,678 Impala Platinum Holdings 4,096,831 0.68 12,670,946 Mwana Africa 2,072,441 0.34 570,725 Imperial Holdings 10,929,830 1.80 1,287,124 PZ Cussons 8,059,911 1.33 485,286 Massmart Holdings 10,751,269 1.77 342,180 MMI Holdings 854,876 0.14 19,024,510 3.13 1,398,086 MTN Group 28,282,532 4.66 MOROCCO 272,344 Naspers - N Shares 15,879,355 2.61 107,630 Attijariwafa Bank 5,214,667 0.86 1,355,824 Raubex Group 4,763,880 0.78 7,131 Banque Centrale Populaire 356,273 0.06 186,806 Sasol 9,733,938 1.61 2,217 Brasseries Maroc 570,537 0.09 1,151,809 Shoprite Holdings 17,360,239 2.86 183,026 Douja Promotion Groupe Addoha 2,284,950 0.38 1,219,624 Standard Bank Group 19,794,545 3.26 6,346 Lafarge Ciments 1,628,942 0.27 1,447,143 Truworths International 15,600,269 2.57 129,807 Maroc Telecom 2,376,053 0.39

222,179,624 36.59 12,431,422 2.05 NIGERIA FRANCE 113,421,221 Access Bank 7,107,929 1.17 200,849 CFAO 8,751,454 1.44 8,656,101 Dangote Cement 7,084,463 1.17 Dangote Sugar Refinery 4,426,831 42,162,279 0.73 8,751,454 1.44 98,499,892 Diamond Bank 4,813,320 0.79 21,836,361 First City Monument Bank 1,090,024 0.18 JERSEY 94,268,721 Guaranty Trust Bank 11,043,969 1.82 1,082,286 Heritage Oil 7,556,100 1.24 45,574 Guaranty Trust Bank Registered Shares GDR 255,215 0.04 5,741,942 Guinness Nigeria 7,475,091 1.23 7,556,100 1.24 2,323,050 Nestle Foods Nigeria 5,733,269 0.94 BERMUDA Nigerian Breweries 8,870,881 17,617,863 1.46 233,023 African Minerals 1,538,127 0.26 Oando 4,345,513 9,981,429 0.72 1,926,319 Petra Diamonds 4,088,354 0.67 25,342,658 UAC of Nigeria 6,304,434 1.04 36,949,513 Unilever 6,542,359 1.08 5,626,481 0.93 26,030,923 United Bank for Africa 1,568,015 0.26 112,292,843 Zenith Bank 11,089,057 1.82 IRELAND 10,873,149 Kenmare Resources 5,529,965 0.91 87,750,370 14.45 5,529,965 0.91 EGYPT 1,676,606 Commercial International Bank 13,487,659 2.22 BRITISH VIRGIN ISLANDS 127,238 Eastern Tobacco 2,684,284 0.45 1,350,400 Gem Diamonds 5,295,607 0.87 1,165,645 Egyptian Financial Group-Hermes Holding 6,747,467 1.11 290,748 ElSwedy Electric 2,684,829 0.44 5,295,607 0.87 566,109 Ghabbour Auto 4,141,095 0.68 SWITZERLAND 10,571,941 Juhayna Food Industries 10,955,332 1.80 9,242 Orascom Development 0.08 Holding550,992 1,223,802 National Societe Generale Bank 10,367,898 1.71 208,877 Orascom Construction Industries 10,062,765 1.66 550,992 0.08 255,851 Six of October Development & Investment 4,635,027 0.77 3,895,839 Talaat Moustafa Group 5,782,178 0.95 Total Shares 570,075,228 93.87 538,200 Telecom Egypt 1,667,127 0.27 Total Transferable Securities Admitted to an 570,075,228 93.87 73,215,661 12.06 Official Exchange Listing CANADA Transferable Securities Dealt in on Another Regulated Market 375,000 Africa Oil 744,063 0.12 1,764,419 Anvil Mining10,378,935 1.71 Investment Funds 2,656,773 Banro 10,210,166 1.68 6,190,156 Eastern Platinum 10,886,586 1.79 LUXEMBOURG 1,107,561 Equinox Minerals 6,742,592 1.11 16,600,562 JPMorgan Liquidity Funds - US Dollar Liquidity Fund 74,902 First Quantum Minerals 8,088,801 1.33 (JPM US Dollar Liquidity X (dist)) 16,600,562 2.73 1,406,111 Nevsun Resources 10,272,121 1.69 1,330,039 Platinum Group Metals 3,538,685 0.59 16,600,562 2.73 717,500 SEMAFO 7,772,497 1.28 Total Investment Funds 16,600,562 2.73 68,634,446 11.30 Total Transferable Securities Dealt in on Another 16,600,562 2.73 KENYA Regulated Market 99,200 Athi River 0.04 Mining227,410 586,675,790 96.60 1,375,110 British American Tobacco Kenya 4,685,939 0.77 Total Investments 2,743,885 East African Breweries 6,919,214 1.14 26,653,671 Equity Bank 8,669,874 1.43 Cash 19,963,226 3.29 17,538,802 Kenya Commercial Bank 4,781,334 0.79 65,883,553 Safaricom 3,837,084 0.63 Other Assets/(Liabilities) 649,273 0.11

29,120,855 4.80 Total Net Assets 607,288,289 100.00

73 JPMorgan Funds - Africa Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 30.02 Materials 23.46 Consumer Staples 13.88 Consumer Discretionary 12.36 Telecommunication Services 5.95 Energy 5.32 Industrials 2.88 Investment Companies 2.73 Total Shares 96.60 Cash and Other Assets/(Liabilities) 3.40 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares and Rights Financials 33.30 Materials 17.66 Consumer Staples 17.23 Consumer Discretionary 10.26 Telecommunication Services 6.18 Energy 5.74 Investment Companies 3.05 Industrials 3.83 Total Shares and Rights 97.25 Cash and Other Assets/(Liabilities) 2.75 Total 100.00

74 JPMorgan Funds - Africa Equity Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

04-Jan-11 GBP 266,135 USD 410,417 87 04-Jan-11 USD 70,075 GBP 45,417 (668)

Total (581)

75 JPMorgan Funds - Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing NETHERLANDS 60,000 ING Bank 03.03.14/3.375% 83,969 0.81 Bonds 180,000 LeasePlan 22.05.14/3.250% 251,053 2.43 25,000 Netherlands (Kingdom of) 15.01.42/3.750% 35,011 0.34 JAPAN 15,000 Shell International Finance 28.06.15/3.100% 15,370 0.15 20,000,000 Japan (Government of) 20.12.11/1.400% 249,055 2.41 57,000,000 Japan (Government of) 20.03.15/1.300% 729,211 7.05 385,403 3.73 36,100,000 Japan (Government of) 20.03.20/1.300% 455,024 4.40 20,500,000 Japan (Government of) 20.06.25/1.900% 264,050 2.55 ITALY 11,500,000 Japan (Government of) 20.09.35/2.500% 156,366 1.51 90,000 Italy (Republic of) 01.08.14/4.250% 123,764 1.20 80,000 Italy (Republic of) 01.08.18/4.500% 107,827 1.04 1,853,706 17.92 30,000 Italy (Republic of) 01.09.20/4.000% 38,142 0.37 50,000 Italy (Republic of) 01.02.37/4.000% 55,355 0.53 UNITED KINGDOM 50,000 Abbey National Treasury 325,088 3.14 Services/London 30.06.14/3.125% 66,965 0.65 50,000 Abbey National Treasury MEXICO Services/London 08.06.15/3.375% 66,779 0.65 1,500,000 Mexico (United Mexican States) 19.12.13/8.000% 128,941 1.25 50,000 Barclays Bank 23.01.18/6.000% 67,461 0.65 230,000 Mexico (United Mexican States) 05.12.24/10.000% 23,165 0.22 50,000 Barclays Bank 07.10.19/4.000% 67,417 0.65 20,000 BAT International Finance 12.12.19/6.375% 35,041 0.34 152,106 1.47 40,000 British Telecommunications 07.12.16/8.750% 74,902 0.72 SOUTH AFRICA 60,000 HSBC Bank 30.11.16/3.750% 82,094 0.79 1,050,000 South Africa (Republic of) 28.02.31/7.000% 138,300 1.34 60,000 Lloyds TSB Bank 17.11.11/3.750% 82,315 0.80 80,000 Nationwide Building Society 14.09.15/2.875% 105,524 1.02 138,300 1.34 50,000 Standard Chartered Bank 26.09.17/5.875% 70,258 0.68 20,000 UBS/London 03.09.13/6.250% 29,269 0.28 INTERNATIONAL AGENCIES 30,000 UBS/London 06.10.14/3.000% 40,972 0.40 90,000 European Investment Bank 15.04.19/4.250% 129,749 1.25 17,000 UK Treasury 07.09.34/4.500% 27,648 0.27 50,000 UK Treasury 07.12.38/4.750% 85,277 0.82 129,749 1.25 15,000 UK Treasury 07.12.40/4.250% 23,507 0.23 SPAIN 50,000 Fund for Ordered Bank 925,429 8.95 Restructuring 19.11.14/3.000% 62,693 0.61 UNITED STATES OF AMERICA 20,000 Spain (Kingdom of) 30.04.20/4.000% 24,188 0.23 15,000 Altria Group 10.11.38/9.950% 20,977 0.20 20,000 Spain (Kingdom of) 31.10.20/4.850% 25,630 0.25 10,000 AT&T 15.02.39/6.550% 10,788 0.10 15,000 Spain (Kingdom of) 30.07.41/4.700% 16,614 0.16 40,000 Capital One Financial 23.05.14/7.375% 45,419 0.44 10,000 CBS 15.10.40/5.900% 9,570 0.09 129,125 1.25 65,000 Citibank 28.12.12/1.750% 66,237 0.64 SOUTH KOREA 20,000 Citigroup 21.11.17/6.125% 21,896 0.21 120,000,000 Korea (Republic of) 10.06.12/4.000% 108,119 1.05 10,000 Citigroup 22.05.19/8.500% 12,353 0.12 10,000 ConocoPhillips 01.02.39/6.500% 11,783 0.11 108,119 1.05 35,000 Crédit Suisse/New York 15.02.18/6.000% 37,449 0.36 10,000 Darden Restaurants 15.10.37/6.800% 10,704 0.10 DENMARK 15,000 Entergy Arkansas 15.02.21/3.750% 14,380 0.14 120,000 Denmark (Kingdom of) 15.11.19/4.000% 23,196 0.22 10,000 Enterprise Products Operating 15.04.38/7.550% 11,922 0.12 60,000 Kommunekredit 02.10.12/4.375% 84,311 0.82 20,000 General Electric 06.12.17/5.250% 21,612 0.21 15,000 General Electric Capital 14.01.38/5.875% 15,362 0.15 107,507 1.04 5,000 Goldman Sachs Group 01.08.15/3.700% 5,083 0.05 QATAR 5,000 Goldman Sachs Group 18.01.18/5.950% 5,413 0.05 100,000 Qatar (State of) 20.01.15/4.000% 103,410 1.00 15,000 Goldman Sachs Group 01.04.18/6.150% 16,425 0.16 5,000 International Paper 15.11.39/7.300% 5,628 0.06 103,410 1.00 15,000 Kraft Foods 10.02.20/5.375% 16,114 0.16 10,000 Kraft Foods 11.08.37/7.000% 11,609 0.11 TURKEY 35,000 MetLife 01.06.16/6.750% 40,226 0.39 145,000 Turkey (Republic of) 17.06.15/10.000% 101,308 0.98 25,000 Morgan Stanley 14.11.13/5.375% 40,602 0.39 15,000 Pacific Gas & Electric 15.01.40/5.400% 14,840 0.14 101,308 0.98 35,000 Philip Morris International 16.05.18/5.650% 39,645 0.38 ISRAEL 15,000 Plains All American Pipeline 15.01.20/5.750% 16,026 0.16 300,000 Israel (State of) 28.02.19/6.000% 97,046 0.94 5,000 Teco Finance 15.03.20/5.150% 5,200 0.05 30,000 Verizon Communications 01.04.19/6.350% 34,596 0.34 97,046 0.94 15,000 Watson Pharmaceuticals 15.08.19/6.125% 16,532 0.16 JERSEY 578,391 5.59 50,000 WPP 04.04.17/6.000% 83,694 0.81 GERMANY 83,694 0.81 50,000 Deutsche Pfandbriefbank 15.09.14/3.125% 68,336 0.66 85,000 Germany (Federal Republic of) 11.10.13/4.000% 122,998 1.19 FINLAND 20,000 Germany (Federal Republic of) 04.07.18/4.250% 29,732 0.29 50,000 OP Mortgage Bank 19.11.14/3.125% 68,734 0.66 50,000 Germany (Federal Republic of) 04.09.20/2.250% 63,408 0.61 50,000 KfW - Kreditanstalt fuer 68,734 0.66 Wiederaufbau 04.07.17/4.125% 72,077 0.70 AUSTRALIA 35,000 Metro 05.03.15/7.625% 55,188 0.53 50,000 ANZ Banking Group 10.09.19/5.125% 67,869 0.65 25,000 Muenchener Rueckversicherungs 21.06.23/6.750%* 35,020 0.34 67,869 0.65 446,759 4.32 BRAZIL FRANCE 8,900 Brazil (Republic of) 01.01.13/10.000% 54,118 0.52 30,000 France (Government of) 25.04.35/4.750% 45,703 0.44 67,000 France (Government of) 25.04.60/4.000% 91,964 0.89 54,118 0.52 38,000 PPR 03.04.14/8.625% 59,770 0.58 11,000 PPR 08.04.15/3.750% 15,019 0.15 LUXEMBOURG 60,000 RCI Banque 27.01.15/4.375% 82,289 0.79 25,000 Hannover Finance Luxembourg 26.02.24/5.750%* 33,621 0.33 70,000 Société Financement de 15,000 Tyco International Finance 15.01.19/8.500% 19,040 0.18 l’Economie Francaise 07.04.14/3.000% 97,115 0.94 52,661 0.51 391,860 3.79

76 JPMorgan Funds - Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

RUSSIA 44,611 Structured Asset Securities 40,275 Russian Foreign Bond - Eurobond 31.03.30/7.500%* 46,520 0.45 2005-WF4 A4 25.11.35/0.621%* 40,547 0.39 15,000 UnitedHealth Group 15.10.40/5.700% 14,780 0.14 46,520 0.45 30,000 US Treasury (i) 13.01.11/0.000% 29,982 0.29 POLAND 30,000 US Treasury (i) 10.02.11/0.000% 29,967 0.29 90,000 Poland (Government of) 25.04.14/5.750% 30,993 0.30 100,000 US Treasury 31.03.12/1.000% 100,766 0.97 10,000 US Treasury 15.09.13/0.750% 9,959 0.10 30,993 0.30 50,000 US Treasury 31.12.14/2.625% 52,082 0.50 20,000 US Treasury 30.09.15/1.250% 19,378 0.19 SWEDEN 215,000 US Treasury 31.10.15/1.250% 207,777 2.01 170,000 Sweden (Kingdom of) 12.03.19/4.250% 27,295 0.26 30,000 US Treasury 15.05.17/8.750% 41,138 0.40 5,000 US Treasury 30.06.17/2.500% 4,973 0.05 27,295 0.26 15,000 US Treasury 15.05.20/3.500% 15,333 0.15 BERMUDA 30,000 US Treasury 15.08.23/6.250% 37,589 0.36 10,000 Weatherford International 75,000 US Treasury 15.02.31/5.375% 87,152 0.84 Bermuda 15.09.40/6.750% 10,414 0.10 5,000 US Treasury 15.02.40/4.625% 5,209 0.05 50,000 US Treasury 15.08.40/3.875% 45,789 0.44 10,414 0.10 6,680 Wachovia Auto Owner Trust 2008-A A3A 20.09.12/4.810% 6,748 0.07 ISLE OF MAN 150,000 Wachovia Bank Commercial 10,000 AngloGold Ashanti Holdings 15.04.20/5.375% 10,389 0.10 Mortgage Trust 2005-C21 A4 15.10.44/5.204%* 161,879 1.57 20,741 Wells Fargo Mortgage Backed 10,389 0.10 Securities Trust 2005-2 2A1 25.04.20/4.750% 21,311 0.21 5,000 Williams Partners 15.04.40/6.300% 5,160 0.05 Total Bonds 6,425,993 62.12 15,000 Xcel Energy 15.05.20/4.700% 15,539 0.15

Total Transferable Securities Admitted to an Official 6,425,993 62.12 2,331,445 22.54 Exchange Listing PHILIPPINES Transferable Securities Dealt in on Another Regulated Market 4,500,000 Philippines (Republic of) 03.03.13/8.750% 113,948 1.10

Bonds 113,948 1.10 UNITED STATES OF AMERICA IRELAND 50,000 ACE Securities 2005-HE4 M1 25.07.35/0.761%* 48,805 0.47 51,596 Fleet Street Finance 3 A1 25.10.16/1.219%* 57,014 0.55 113,084 Aegis Asset Backed Securities 40,986 Titan Europe/Ireland 2007-2X A1 23.04.17/1.195%* 46,014 0.45 Trust 2004-3 A1 25.09.34/0.621%* 102,169 0.99 30,000 Anheuser-Busch InBev Worldwide 103,028 1.00 144A 15.11.19/6.875% 35,774 0.35 65,478 Asset Backed Funding CANADA Certificates 2005-OPT1 A2C 25.07.35/0.621%* 62,081 0.60 43,000 Canada (Government of) 01.06.33/5.750% 57,439 0.55 35,000 Bank of America 01.05.18/5.650% 35,970 0.35 5,000 Canada (Government of) 01.06.37/5.000% 6,196 0.06 25,000 Bear Stearns Commercial 15,000 Petro-Canada 15.05.38/6.800% 16,945 0.16 Mortgage Securities 2006-PW14 AM 11.12.38/5.243% 25,157 0.24 80,580 0.77 Burlington Northern Santa Fe 20,587 20,000 01.05.40/5.750% 0.20 BELGIUM 100,000 Capital One Multi-Asset Execution 15,000 Delhaize Group 144A 01.10.40/5.700% 14,324 0.14 Trust 2006-A4 A4 16.12.13/0.300%* 99,982 0.97 10,000 Cisco Systems 15.01.40/5.500% 10,408 0.10 14,324 0.14 95,000 Citibank Omni Master Trust 2009-A8 A8 16.05.16/2.360%* 96,216 0.93 40,000 Comcast 15.01.14/5.300% 43,496 0.42 Total Bonds 2,643,325 25.55 45,000 Comcast 01.03.20/5.150% 47,145 0.46 Investment Funds 35,914 Countrywide Home Loan Mortgage Pass Through Trust LUXEMBOURG 2005-21 A2 25.10.35/5.500% 33,411 0.32 4,936 JPMorgan Investment Funds - Global High Yield Bond 45,371 Credit-Based Asset Servicing and Fund (JPM Global High Yield Bond X (acc) - EUR Securitization 2005-CB4 AF4 25.08.35/5.028%* 45,187 0.44 (hedged)) 740,450 7.16 9,762 Delta Air Lines 2009-1A Pass 13 JPMorgan Liquidity Funds - US Dollar Liquidity Fund Through Trust 17.12.19/7.750% 10,811 0.10 (JPM US Dollar Liquidity X (acc)) 180,018 1.74 5,000 DirecTV Holdings/DirecTV Financing 15.05.16/7.625% 5,541 0.05 920,468 8.90 146,814 Fannie Mae 2010-116 BI 25.08.20/5.000% 14,983 0.14 50,000 Federal Home Loan Banks 26.09.11/0.231%* 50,005 0.48 Total Investment Funds 920,468 8.90 69,062 Ford Credit Auto Owner Trust 2009-A A3B 15.05.13/2.760%* 69,867 0.68 Total Transferable Securities Dealt in on Another 3,563,793 34.45 60,000 Freddie Mac 27.03.19/3.750% 62,070 0.60 Regulated Market Freddie Mac 24,349 20,000 15.07.32/6.250% 0.24 Total Investments 9,989,786 96.57 30,000 Health Care REIT 15.01.21/4.950% 29,020 0.28 64,050 Indymac Index Mortgage Loan 357,051 3.45 Trust 2004-AR8 2A2A 25.11.34/0.661%* 43,917 0.42 Cash 32,902 JP Morgan Mortgage Trust 2005-S2 1A1 25.08.20/4.500% 33,673 0.33 Other Assets/(Liabilities) (2,206) (0.02) 30,000 LG&E and KU Energy 144A 15.11.15/2.125% 28,737 0.28 17,461 Morgan Stanley ABS Capital I Total Net Assets 10,344,631 100.00 2004-SD2 A 25.04.34/0.711%* 14,778 0.14 35,000 Morgan Stanley Capital I 2005-HQ7 A4 14.11.42/5.191%* 37,607 0.36 * Variable coupon rates are those quoted as at 31 December 2010. 30,000 NBC Universal 144A 01.04.21/4.375% 29,042 0.28 (i) Security partially or totally held as collateral against futures positions by the broker. 10,000 Oncor Electric Delivery 144A 30.09.40/5.250% 9,517 0.09 25,000 Plains All American Pipeline 15.09.15/3.950% 25,771 0.25 30,000 Prudential Financial 15.06.19/7.375% 35,251 0.34 50,167 Residential Asset Mortgage Products 2004-RS11 M1 25.11.34/0.881%* 42,774 0.41 87,638 Residential Asset Securitization Trust 2004-A6 A1 25.08.19/5.000% 87,080 0.84 17,337 Residential Funding Mortgage Securities I 2006-S12 2A2 25.12.36/6.000% 17,206 0.17

77 JPMorgan Funds - Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 28.13 Japan 17.92 United Kingdom 8.95 Germany 4.32 France 3.79 Netherlands 3.73 Italy 3.14 Mexico 1.47 South Africa 1.34 International Agencies 1.25 Spain 1.25 Philippines 1.10 South Korea 1.05 Denmark 1.04 Qatar 1.00 Ireland 1.00 Turkey 0.98 Israel 0.94 Jersey 0.81 Canada 0.77 Finland 0.66 Australia 0.65 Brazil 0.52 Luxembourg 0.51 Russia 0.45 Poland 0.30 Sweden 0.26 Belgium 0.14 Bermuda 0.10 Isle of Man 0.10 Total Fixed Income Securities 87.67 Investment Funds Luxembourg 8.90 Total Investment Funds 8.90 Cash and Other Assets/(Liabilities) 3.43 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities United States of America 31.79 Japan 17.46 United Kingdom 10.59 International Agencies 4.68 Italy 3.66 Germany 3.43 France 2.47 Netherlands 1.93 Mexico 1.64 Australia 1.28 Spain 1.25 Luxembourg 1.08 Qatar 1.06 Denmark 1.03 Canada 1.01 Greece 0.95 Israel 0.91 Jersey 0.72 Finland 0.65 Ireland 0.53 Brazil 0.49 Russia 0.48 Poland 0.28 Sweden 0.25 Portugal 0.18 Isle of Man 0.10 Total Fixed Income Securities 89.90 Investment Funds Luxembourg 7.91 Total Investment Funds 7.91 Cash and Other Assets/(Liabilities) 2.19 Total 100.00

78 JPMorgan Funds - Aggregate Bond Fund Schedule of Investments - Outstanding To be Announced Securities (Expressed in USD) As at 31 December 2010

Unrealised Maturity Nominal Market Gain/ Date Name of Securities Coupon Value Value (Loss)

To be Announced Securities - Long Positions

UNITED STATES OF AMERICA

25-Jan-26 Fannie Mae 4.00% 150,000 154,102 (1,348) 15-Jan-39 Freddie Mac 5.00% 120,000 125,419 (919) 15-Jan-39 Freddie Mac 6.00% 60,000 64,828 178 15-Jan-39 Ginnie Mae 5.00% 80,000 84,775 350 15-Jan-39 Ginnie Mae 6.00% 30,000 32,948 94 25-Jan-39 Fannie Mae 6.50% 40,000 44,419 194 15-Jul-39 Fannie Mae 5.00% 50,000 52,977 131 15-Jan-41 Freddie Mac 4.50% 40,000 40,806 50 15-Jan-41 Freddie Mac 5.50% 100,000 106,422 320 15-Jan-41 Freddie Mac 6.50% 20,000 22,147 100 15-Jan-41 Ginnie Mae 4.00% 135,000 135,570 865 15-Jan-41 Ginnie Mae 4.50% 90,000 93,108 387 25-Jan-41 Fannie Mae 4.00% 495,000 489,740 (3,322) 25-Jan-41 Fannie Mae 5.50% 150,000 160,242 (289) 25-Jan-41 Fannie Mae 6.00% 55,000 59,692 52

1,667,195 (3,157) Total

Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 1 Australia 3 Year Bond Future AUD 103,748 85 Mar-11 1 Canada 10 Year Bond Future CAD 122,467 (80) Mar-11 (3) Euro-Bobl Future EUR (477,300) 844 Mar-11 (1) Euro-Schatz Future EUR (146,007) (7) Mar-11 2 Long Gilt Future GBP 372,181 (2,819) Mar-11 (2) US 2 Year Note Future USD (437,516) 1,359 Mar-11 (10) US 5 Year Note Future USD (1,175,273) 22,343 Mar-11 2 US 10 Year Note Future USD 240,359 (16,820)

Total 4,905

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

11-Jan-11 EUR 3,651,439 USD 4,846,055 44,865 11-Jan-11 USD 87,507 EUR 66,152 (1,100) 31-Jan-11 AUD 10,053 JPY 830,324 (27) 31-Jan-11 AUD 95,944 USD 95,440 1,876 31-Jan-11 MXN 1,371,169 USD 110,667 (35) 31-Jan-11 NOK 141,067 EUR 17,939 130 31-Jan-11 NOK 115,747 JPY 1,617,450 (93) 31-Jan-11 NOK 309,829 USD 51,830 1,231 31-Jan-11 NZD 13,683 AUD 10,213 242 31-Jan-11 SEK 62,030 CAD 9,232 (1) 31-Jan-11 SEK 890,222 USD 130,544 2,149 31-Jan-11 USD 30,915 CAD 31,418 (554) 31-Jan-11 USD 168,889 CHF 160,887 (3,684) 31-Jan-11 USD 22,634 DKK 128,202 (400) 31-Jan-11 USD 3,631,327 EUR 2,761,351 (67,485) 31-Jan-11 USD 413,484 GBP 267,311 (2,815) 31-Jan-11 USD 1,893,479 JPY 158,396,483 (56,880) 31-Jan-11 USD 49,709 NZD 66,985 (2,187) 31-Jan-11 USD 30,106 PLN 91,598 (723) 31-Jan-11 USD 140,705 ZAR 962,440 (3,892)

Total (89,383)

79 JPMorgan Funds - America Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 95,900 Thermo Fisher Scientific 5,315,258 1.21 172,900 Time Warner 5,550,954 1.26 Shares 56,800 Time Warner Cable 3,735,168 0.85 69,200 Union Pacific 6,381,970 UNITED STATES OF AMERICA 1.45 149,100 United Technologies 11,678,258 34,600 3M 2,983,558 0.68 2.65 106,450 UnitedHealth Group 3,824,216 145,400 Abbott Laboratories 6,937,761 1.58 0.87 118,600 US Bancorp 3,199,235 41,200 Aflac 2,308,230 0.53 0.73 157,200 Verizon Communications 5,627,760 41,000 Air Products & Chemicals 3,718,905 0.85 1.28 89,500 WABCO Holdings 5,420,568 91,800 Alcoa 1,402,245 0.32 1.23 252,300 Wal-Mart Stores 13,627,984 80,600 American Express 3,437,187 0.78 3.10 139,000 Walt Disney 5,174,275 20,600 Anadarko Petroleum 1,583,934 0.36 1.18 37,000 WellPoint 2,098,085 44,700 Analog Devices 1,689,436 0.38 0.48 224,973 Wells Fargo & Co. 6,950,541 51,500 Apache 6,157,855 1.40 1.58 104,700 Xcel Energy 2,465,162 49,700 Apache Preference Shares 3,290,637 0.75 0.56 29,000 Xilinx 842,885 17,500 Apollo Group - A Shares 689,675 0.16 0.19 43,400 Apple 13,974,800 3.18 414,606,298 94.32 33,300 Ball 2,261,736 0.51 529,700 Bank of America 7,042,361 1.60 SWITZERLAND 88,600 Bank of New York Mellon 2,675,277 0.61 13,900 ACE 863,885 0.20 62,000 BB&T 1,629,360 0.37 164,400 Tyco Electronics 5,763,042 1.31 39,800 Biogen Idec 2,665,207 0.61 85,600 Tyco International 3,541,700 0.80 26,100 Cameron International 1,315,831 0.30 77,700 CBS - B Shares 1,481,739 0.34 10,168,627 2.31 90,100 Celanese - A Shares 3,696,803 0.84 IRELAND 85,700 Celgene 5,046,444 1.15 71,900 Covidien 3,259,227 0.74 134,636 Chevron 12,257,935 2.79 92,800 XL Group 2,036,032 0.46 502,500 Cisco Systems 10,107,787 2.30 550,500 Citigroup 2,612,123 0.59 5,295,259 1.20 29,780 Citigroup Preference Shares 4,058,121 0.92 149,400 CMS Energy 2,807,973 0.64 133,900 Coca-Cola 8,769,780 2.00 Total Shares 430,070,184 97.83 213,500 Comcast Special - A Shares 4,388,493 1.00 Total Transferable Securities Admitted to an 430,070,184 97.83 28,200 Comerica 1,197,513 0.27 Official Exchange Listing 82,700 ConocoPhillips 5,639,726 1.28 24,600 CR Bard 2,269,350 0.52 Total Investments 430,070,184 97.83 71,600 CSX 4,601,374 1.05 117,100 CVS Caremark 4,080,349 0.93 Cash 5,855,300 1.33 62,000 Dow Chemical 2,112,650 0.48 71,000 EI du Pont de Nemours & Co. 3,524,795 0.80 Other Assets/(Liabilities) 3,694,155 0.84 325,400 El Paso 4,459,607 1.01 120,100 EMC/Massachusetts 2,737,679 0.62 Total Net Assets 439,619,639 100.00 36,200 EOG Resources 3,318,635 0.75 146,500 Exxon Mobil 10,708,418 2.44 27,200 Freeport-McMoRan Copper & Gold 3,245,640 0.74 122,200 Gannett 1,827,501 0.41 114,100 General Mills 4,053,403 0.92 52,450 General Motors Preference Shares 2,822,788 0.64 28,700 Goldman Sachs Group 4,807,824 1.09 8,450 Google - A Shares 5,040,298 1.15 170,400 Hewlett-Packard 7,152,540 1.63 163,800 Home Depot 5,683,041 1.29 143,600 Honeywell International 7,603,620 1.73 46,800 International Business Machines 6,838,416 1.56 58,300 Intersil - A Shares 898,112 0.20 104,779 JM Smucker 6,871,407 1.56 162,200 Johnson Controls 6,204,150 1.41 24,000 Juniper Networks 887,880 0.20 53,300 Lennar - A Shares 993,512 0.23 41,200 Lincoln National 1,134,442 0.26 259,609 Merck & Co. 9,356,308 2.13 57,700 MetLife 2,562,457 0.58 680,600 Microsoft 18,903,665 4.30 90,150 Morgan Stanley 2,456,137 0.56 50,100 NextEra Energy 2,598,937 0.59 91,100 NV Energy 1,284,055 0.29 40,100 Occidental Petroleum 3,915,765 0.89 153,900 Oracle 4,765,514 1.08 86,800 Paccar 4,953,242 1.13 27,400 Parker Hannifin 2,356,537 0.54 45,800 PepsiCo 2,986,618 0.68 329,800 Pfizer 5,773,149 1.31 53,400 PG&E 2,550,117 0.58 26,700 PNC Financial Services Group 1,625,362 0.37 170,823 Procter & Gamble 10,938,651 2.49 44,900 Prudential Financial 2,617,446 0.60 176,900 Qualcomm 8,730,900 1.99 31,400 Sempra Energy 1,645,674 0.37 259,200 Sprint Nextel 1,087,344 0.25 9,940 Stanley Black & Decker Preference Shares 1,077,993 0.25 131,300 Staples 2,992,983 0.68 68,100 State Street 3,149,966 0.72 142,100 TD Ameritrade 0.61 Holding2,679,296

80 JPMorgan Funds - America Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Information Technology 21.30 Consumer Discretionary 14.32 Financials 13.43 Energy 10.96 Industrials 9.74 Health Care 9.39 Consumer Staples 8.58 Materials 4.54 Utilities 4.04 Telecommunication Services 1.53 Total Shares 97.83 Cash and Other Assets/(Liabilities) 2.17 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities Panama 0.61 Mexico 0.26 Total Fixed Income Securities 0.87 Shares Information Technology 22.06 Financials 13.85 Consumer Discretionary 12.95 Health Care 10.21 Consumer Staples 9.96 Energy 9.45 Industrials 9.36 Utilities 3.91 Materials 3.12 Telecommunication Services 1.03 Total Shares 95.90 Cash and Other Assets/(Liabilities) 3.23 Total 100.00

81 JPMorgan Funds - America Equity Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

14-Jan-11 EUR 17,032,329 USD 22,611,091 202,972 14-Jan-11 USD 1,190,920 EUR 903,933 (19,859) 17-Feb-11 EUR 2,735 USD 3,627 35

Total 183,148

82 JPMorgan Funds - America Large Cap Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 13,100 Williams-Sonoma 470,159 0.33 17,800 Wyndham Worldwide 532,309 0.37 Shares 14,050 Zimmer Holdings 755,750 0.53 UNITED STATES OF AMERICA 138,303,028 97.07 26,180 Abbott Laboratories 1,249,179 0.88 55,260 Altria Group 1,354,146 0.95 IRELAND 13,100 Ameriprise Financial 751,809 0.53 17,200 Cooper Industries 1,005,942 0.71 66,290 AmerisourceBergen 2,265,461 1.59 7,300 Apache 872,861 0.61 1,005,942 0.71 14,410 Apple 4,640,020 3.26 SWITZERLAND 70,910 AT&T 2,082,981 1.46 14,760 Noble 519,331 0.36 199,310 Bank of America 2,649,826 1.86 16,080 BB&T 422,582 0.30 519,331 0.36 13,100 Broadcom - A Shares 569,522 0.40 36,750 Capital One Financial 1,560,038 1.09 43,166 CenturyLink 1,999,665 1.40 Total Shares 139,828,301 98.14 32,700 Chesapeake Energy 846,439 0.59 Total Transferable Securities Admitted to an 139,828,301 98.14 41,880 Chevron 3,812,965 2.68 Official Exchange Listing 62,000 Cisco Systems 1,247,130 0.87 503,350 Citigroup 2,388,396 1.68 Total Investments 139,828,301 98.14 14,800 Cliffs Natural Resources 1,155,732 0.81 34,850 ConocoPhillips 2,376,596 1.67 Cash 2,200,394 1.54 8,000 CSX 514,120 0.36 12,550 Cummins 1,372,468 0.96 Other Assets/(Liabilities) 446,466 0.32 40,190 CVS Caremark 1,400,420 0.98 23,630 Darden Restaurants 1,097,732 0.77 Total Net Assets 142,475,161 100.00 32,900 Delta Air Lines 414,046 0.29 31,300 DirecTV - A Shares 1,247,775 0.88 28,060 Dow Chemical 956,144 0.67 41,960 Edison International 1,623,642 1.14 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 27,520 EI du Pont de Nemours & Co. 1,366,230 0.96 Net Assets 79,830 EMC/Massachusetts 1,819,725 1.28 Shares 89,950 Exxon Mobil 6,574,895 4.62 Information Technology 17.38 91,400 Ford Motor 1,519,525 1.07 Energy 14.77 172,090 General Electric 3,136,340 2.20 Health Care 13.21 16,300 General Motors 598,536 0.42 Financials 13.11 8,350 Goldman Sachs Group 1,398,792 0.98 Consumer Discretionary 12.47 44,040 Hewlett-Packard 1,848,579 1.30 Industrials 9.95 28,200 International Business Machines 4,120,584 2.89 Consumer Staples 7.82 27,200 International Paper 740,248 0.52 Telecommunication Services 3.53 22,730 Johnson & Johnson 1,403,691 0.98 Materials 2.96 36,650 Johnson Controls 1,401,862 0.98 Utilities 2.94 48,800 Keycorp 430,660 0.30 Total Shares 98.14 17,650 Kraft Foods - A Shares 554,828 0.39 Cash and Other Assets/(Liabilities) 1.86 31,200 Kroger 697,164 0.49 12,700 Lincoln National 349,694 0.25 Total 100.00 23,700 Macy’s 596,648 0.42 34,800 Marriott International - A Shares 1,447,506 1.02 7,510 Mastercard - A Shares 1,682,878 1.18 22,670 Medco Health Solutions 1,374,935 0.97 32,300 Medtronic 1,197,523 0.84 Allocation of Portfolio as at 30 June 2010 % of 95,075 Merck & Co. 3,426,503 2.40 Net Assets 13,220 MetLife 587,100 0.41 Shares 180,500 Microsoft 5,013,388 3.52 Information Technology 16.53 30,960 Morgan Stanley 843,505 0.59 Financials 14.08 79,400 Mylan 1,668,591 1.17 Health Care 14.03 44,930 National Oilwell Varco 3,007,390 2.11 Energy 12.98 8,600 NetApp 471,409 0.33 Consumer Discretionary 11.18 79,990 News - A Shares 1,153,856 0.81 Industrials 9.33 21,600 NextEra Energy 1,120,500 0.79 Consumer Staples 9.28 15,310 Norfolk Southern 960,243 0.67 Utilities 3.54 31,110 Occidental Petroleum 3,037,892 2.13 Telecommunication Services 3.23 100,220 Oracle 3,103,312 2.18 Materials 2.45 47,800 Oshkosh 1,678,258 1.18 Total Shares 96.63 19,300 Parker Hannifin 1,659,897 1.17 Cash and Other Assets/(Liabilities) 3.37 190,760 Pfizer 3,339,254 2.34 38,860 Philip Morris International 2,268,064 1.59 Total 100.00 17,830 PNC Financial Services Group 1,085,401 0.76 12,600 Principal Financial Group 411,894 0.29 60,700 Procter & Gamble 3,886,925 2.73 8,000 Prudential Financial 466,360 0.33 38,980 Qualcomm 1,923,858 1.35 31,500 Starbucks 1,008,473 0.71 12,700 Target 760,159 0.53 40,130 Time Warner 1,288,374 0.90 18,098 Time Warner Cable 1,190,124 0.84 43,910 United Technologies 3,439,251 2.41 22,510 Unum 543,504 0.38 59,930 US Bancorp 1,616,612 1.13 26,490 Verizon Communications 948,342 0.67 25,050 Walgreen 978,453 0.69 32,770 Wal-Mart Stores 1,770,072 1.24 37,850 WellPoint 2,146,284 1.51 102,520 Wells Fargo & Co. 3,167,355 2.23 58,450 Williams 1,441,669 1.01

83 JPMorgan Funds - Asia Pacific Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing CANADA 200,000 Sino-Forest 17.08.11/9.125% 206,750 0.63 Bonds 206,750 0.63 SOUTH KOREA 30,000,000 Export-Import Bank of Korea 29.10.13/5.100% 647,097 1.98 AUSTRALIA 3,000,000,000 Export-Import Bank of Korea 04.11.13/6.600% 329,213 1.01 200,000 Leighton Finance International 16.05.11/7.875% 203,902 0.62 1,500,000,000 Korea (Republic of) 10.09.12/5.250% 1,381,415 4.22 1,000,000,000 Korea (Republic of) 10.03.15/4.500% 915,505 2.80 203,902 0.62 780,000,000 Korea (Republic of) 732,923 10.09.15/5.250% 2.24 SINGAPORE 500,000,000 Korea (Republic of) 483,815 10.09.18/5.750% 1.48 250,000 United Overseas Bank 30.09.16/4.950%* 199,579 0.61 600,000,000 Korea (Republic of) 10.06.20/2.750% 596,413 1.82 Korea (Republic of) 811,522 875,000,000 10.06.20/5.000% 2.48 199,579 0.61 200,000 Shinhan Bank 02.03.35/5.663%* 198,956 0.61 500,000 Shinhan Card 28.10.13/2.700% 388,916 1.19 Total Bonds 20,933,235 64.00 6,485,775 19.83 Convertible Bonds INDONESIA SINGAPORE 6,500,000,000 Indonesia (Republic of) 15.06.15/9.500% 797,847 2.44 500,000 CapitaLand 05.03.18/3.125% 404,532 1.24 500,000 Indonesia (Republic of) 13.03.20/5.875% 551,250 1.68 500,000 Ruby Assets 01.02.17/1.600% 393,825 1.20 9,400,000,000 Indonesia (Republic of) 15.06.21/12.800% 1,409,577 4.31 500,000 Yanlord Land Group 13.07.14/5.850% 408,793 1.25 3,100,000,000 Indonesia (Republic of) 15.09.25/11.000% 405,030 1.24 5,000,000,000 Indonesia (Republic of) 15.08.30/10.500% 618,252 1.89 1,207,150 3.69

3,781,956 11.56 INDIA 200,000 JSW Steel 28.06.12/0.000% 276,500 0.84 HONG KONG 200,000 Ranbaxy Laboratories 18.03.11/0.000% 251,000 0.77 200,000 Chinatrust Commercial Bank 400,000 Reliance Communications 01.03.12/0.000% 470,500 1.44 Hong Kong 17.03.15/5.625%* 192,667 0.59 400,000 Chong Hing Bank 04.11.20/6.000% 402,604 1.23 998,000 3.05 100,000 CITIC Bank International 24.06.20/6.875% 104,613 0.32 200,000 Dah Sing Bank 11.02.20/6.625% 211,320 0.64 CAYMAN ISLANDS 6,600,000 Hong Kong (Government of) 22.06.15/3.500% 920,408 2.81 1,500,000 China High Speed Transmission Equipment 4,000,000 Hong Kong (Government of) 493,130 09.12.19/2.160% 1.51 Group 14.05.11/0.000% 245,443 0.75 250,000 Wharf Finance 267,041 06.11.17/6.125% 0.82 1,000,000 Country Garden Holdings 22.02.13/2.500% 170,742 0.52

2,591,783 7.92 416,185 1.27 THAILAND SOUTH KOREA 35,500,000 Thailand (Government of) 1,201,807 22.05.15/3.625% 3.67 400,000 LG Uplus 29.09.12/5.000%* 414,500 1.27 26,000,000 Thailand (Government of) 31.03.21/5.850% 1,022,878 3.13 200,000 True Move 16.12.13/10.750% 213,243 0.65 414,500 1.27 2,437,928 7.45 BRITISH VIRGIN ISLANDS 3,000,000 Joyous King Group 22.10.14/3.300% 400,902 1.23 CAYMAN ISLANDS 300,000 China Forestry Holdings 17.11.15/7.750% 303,000 0.92 400,902 1.23 450,000 China Overseas Finance Cayman I 10.11.20/5.500% 440,890 1.35 HONG KONG 300,000 ENN Energy Holdings 05.08.12/7.375% 313,588 0.96 1,000,000 Gainlead International 22.02.12/0.000% 151,002 0.46 300,000 Hutchison Whampoa International 09/16 11.09.15/4.625% 316,206 0.97 151,002 0.46 200,000 Parkson Retail Group 14.11.11/7.875% 208,646 0.64 2,000,000 Shui On Development Holding 23.12.13/6.875% 311,500 0.95 MALAYSIA 100,000 Paka Capital 12.03.13/0.000% 102,803 0.31 1,893,830 5.79 102,803 0.31 INDIA 200,000 Export-Import Bank of India 21.04.15/4.400% 199,731 0.62 AUSTRALIA CFS Retail Property Trust 98,797 50,000,000 India (Government of) 09.07.17/7.990% 1,126,717 3.44 100,000 21.08.14/5.075% 0.31

1,326,448 4.06 98,797 0.31 BRITISH VIRGIN ISLANDS Total Convertible Bonds 3,789,339 11.59 300,000 Citic Resources Finance 15.05.14/6.750% 311,734 0.95 200,000 Road King Infrastructure Total Transferable Securities Admitted to an 24,722,574 75.59 Finance 2007 14.05.12/2.536%* 191,845 0.59 Official Exchange Listing 200,000 Star Energy Geothermal Wayang Windu 12.02.15/11.500% 227,672 0.70 Transferable Securities Dealt in on Another Regulated Market

731,251 2.24 Bonds MALAYSIA MALAYSIA 200,000 AMBB Capital 27.01.16/6.770%* 204,076 0.62 1,500,000 Malaysia (Government of) 31.05.13/3.210% 491,430 1.50 200,000 Public Bank 22.08.36/6.840%* 208,375 0.64 3,100,000 Malaysia (Government of) 30.04.14/5.094% 1,072,107 3.28 2,900,000 Malaysia (Government of) 29.11.19/4.378% 976,531 2.99 412,451 1.26 2,540,068 7.77 NETHERLANDS 300,000 Majapahit Holding 29.06.37/7.875% 341,809 1.05 SINGAPORE 800,000 Singapore (Government of) 01.09.20/3.250% 654,774 2.00 341,809 1.05 800,000 Singapore (Government of) 01.03.27/3.500% 651,106 1.99 PHILIPPINES 300,000 International Container 1,305,880 3.99 Terminal Services 17.03.20/7.375% 319,773 0.98 PHILIPPINES 24,300,000 Philippines (Republic of) 27.01.16/7.000% 611,965 1.87 319,773 0.98 9,000,000 Philippines (Republic of) 18.02.20/7.750% 235,140 0.72

847,105 2.59

84 JPMorgan Funds - Asia Pacific Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

HONG KONG 200,000 Bank of China Hong Kong 11.02.20/5.550% 208,597 0.64 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 2,000,000 China Resources Power Net Assets Holdings 12.11.13/2.900% 311,598 0.95 Fixed Income Securities 1,500,000 China Resources Power South Korea 21.10 Holdings 12.11.15/3.750% 236,542 0.73 Indonesia 11.56 Hong Kong 10.89 756,737 2.32 Malaysia 9.86 UNITED ARAB EMIRATES Singapore 8.29 350,000 Axis Bank/Dubai 02.05.16/4.750% 351,504 1.07 Thailand 7.45 Cayman Islands 7.39 351,504 1.07 India 7.11 Philippines 3.57 CHINA British Virgin Islands 3.47 2,000,000 Bank of China 30.09.13/2.900% 304,432 0.93 United Arab Emirates 1.07 Netherlands 1.05 304,432 0.93 China 0.93 UNITED STATES OF AMERICA Australia 0.93 300,000 US Treasury 31.08.15/1.250% 291,375 0.89 United States of America 0.89 Canada 0.63 291,375 0.89 Total Fixed Income Securities 96.19 CAYMAN ISLANDS Cash and Other Assets/(Liabilities) 3.81 Country Garden Holdings 110,086 100,000 22.04.17/11.250% 0.33 Total 100.00 110,086 0.33

Total Bonds 6,507,187 19.89 Convertible Bonds Allocation of Portfolio as at 30 June 2010 % of Net Assets MALAYSIA Fixed Income Securities 500,000 Berjaya Land 15.08.11/8.000% 170,592 0.52 Malaysia 15.01 Cayman Islands 11.05 170,592 0.52 Indonesia 10.92 Hong Kong 9.97 Total Convertible Bonds 170,592 0.52 South Korea 9.02 Thailand 8.48 Certificates of Deposit Netherlands 6.51 HONG KONG Philippines 5.39 400,000 China Development Bank 11.11.13/2.700% 60,606 0.19 British Virgin Islands 5.33 India 4.58 60,606 0.19 Australia 2.95 Canada 2.13 Total Certificates of Deposit 60,606 0.19 United Kingdom 2.09 Bermuda 1.69 Total Transferable Securities Dealt in on Another 6,738,385 20.60 Singapore 0.98 Regulated Market Total Fixed Income Securities 96.10 Total Investments 31,460,959 96.19 Cash and Other Assets/(Liabilities) 3.90 Total Cash 873,770 2.67 100.00

Other Assets/(Liabilities) 371,478 1.14

Total Net Assets 32,706,207 100.00

* Variable coupon rates are those quoted as at 31 December 2010.

85 JPMorgan Funds - Asia Pacific Bond Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

12-Jan-11 SGD 4,615,581 USD 3,563,752 40,341 12-Jan-11 USD 96,829 AUD 100,000 (4,863) 12-Jan-11 USD 1,721,790 SGD 2,222,443 (13,612) 19-Jan-11 CNY 24,687,690 USD 3,711,532 26,357 19-Jan-11 INR 65,987,000 USD 1,436,374 33,459 19-Jan-11 KRW 1,008,615,000 USD 880,041 18,705 19-Jan-11 MYR 1,546,450 USD 500,000 4,822 19-Jan-11 PHP 34,367,000 USD 800,000 (11,571) 19-Jan-11 THB 24,052,000 USD 800,000 673 19-Jan-11 TWD 69,995,000 USD 2,330,305 90,544 19-Jan-11 USD 1,003,661 CNY 6,692,000 (9,555) 19-Jan-11 USD 241,520 IDR 2,186,000,000 (2,678) 19-Jan-11 USD 500,000 INR 23,110,000 (14,766) 19-Jan-11 USD 493,721 PHP 21,230,000 6,674 19-Jan-11 USD 946,805 TWD 27,855,000 (16,589)

Total 147,941

86 JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 95,180 China Construction Bank - H Shares * 85,285 1.61 12,900 China International Marine Containers - B Shares 29,864 0.56 Shares 2,000 China Life Insurance - H Shares * 8,150 0.15 24,000 China Minsheng Banking - H Shares * 20,548 AUSTRALIA 0.39 42,000 China Petroleum & Chemical - H Shares * 40,119 10,077 Alumina 25,542 0.48 0.76 40,000 China Shipping Container Lines - H Shares * 17,651 4,139 ANZ Banking Group 98,465 1.86 0.34 32,000 China Southern Airlines - H Shares * 19,513 5,316 BHP Billiton 245,679 4.64 0.37 18,000 Dongfeng Motor Group - H Shares * 30,937 7,003 Boart Longyear Group 32,436 0.61 0.58 7,000 Great Wall Motor - H Shares* 21,613 2,017 Bradken 18,540 0.35 0.41 103,690 Industrial & Commercial Bank of China - H Shares * 77,103 239 Cochlear 19,641 0.38 1.46 4,100 Inner Mongolia Yitai Coal - B Shares 29,254 1,201 Commonwealth Bank of Australia 62,271 1.18 0.55 16,000 PICC Property & Casualty - H Shares * 23,177 5,462 Fortescue Metals Group 36,418 0.69 0.44 4,000 Weichai Power - H Shares * 24,803 15,460 Goodman Fielder 21,206 0.40 0.47 10,000 Yanzhou Coal Mining - H Shares * 30,425 34,670 Goodman Group 23,028 0.44 0.58 7,626 Incitec Pivot 30,858 0.58 607,804 11.49 2,382 IOOF Holdings 18,901 0.36 1,721 Kingsgate Consolidated 19,052 0.36 INDIA 13,853 Mount Gibson Iron 30,107 0.57 699 Axis Bank 21,072 0.40 3,692 National Australia Bank 89,334 1.69 770 Bajaj Auto 26,452 0.50 1,322 Newcrest Mining54,549 1.03 1,439 Bank of Baroda 30,052 0.57 978 Rio Tinto 85,394 1.61 1,672 Canara Bank 24,723 0.47 4,004 Suncorp-Metway 35,154 0.66 2,458 GAIL India 28,170 0.53 3,259 Tabcorp Holdings 23,554 0.45 7,997 Hindalco Industries 44,045 0.83 13,959 Telstra 39,716 0.75 173 Infosys Technologies 13,305 0.25 801 Wesfarmers 26,165 0.49 2,057 Mahindra & Mahindra 35,798 0.67 4,919 Westpac Banking111,387 2.11 1,110 Oil & Natural Gas 32,057 0.60 2,695 Rural Electrification 17,976 0.34 1,147,397 21.69 9,472 Shree Renuka Sugars 20,606 0.39 4,567 Sintex Industries 18,604 SOUTH KOREA 0.35 1,301 Tata Motors 37,929 1,720 Busan Bank 22,043 0.42 0.72 301 Titan Industries 24,176 250 Daelim Industrial 26,244 0.50 0.46 5,439 United Phosphorus 21,089 750 Daewoo Shipbuilding & Marine Engineering 24,322 0.46 0.40 3,538 Yes Bank 24,736 760 Dongbu Insurance 30,439 0.58 0.47 444 GS Holdings 25,828 0.49 420,790 7.95 790 Hanwha Chemical 21,869 0.41 104 Honam Petrochemical 24,964 0.47 HONG KONG 121 Hyundai Heavy Industries 47,815 0.90 12,000 BOC Hong Kong Holdings 40,910 0.77 160 Hyundai Mipo Dockyard 31,988 0.60 14,000 Cathay Pacific Airways 38,813 0.73 156 Hyundai Mobis 39,602 0.75 3,000 Cheung Kong Holdings 46,333 0.88 384 Hyundai Motor 59,311 1.12 6,500 China Mobile 64,493 1.22 285 Hyundai Steel 31,697 0.60 37,000 CNOOC 87,632 1.66 1,760 Industrial Bank of Korea 29,459 0.56 19,000 Galaxy Entertainment Group 21,547 0.41 1,000 KIA Motors 45,066 0.85 4,500 HongKong Electric Holdings 28,468 0.54 1,980 Korea Exchange Bank 20,874 0.39 15,124 New World Development 28,407 0.54 430 LG 33,409 0.63 51,000 PCCW 22,603 0.42 123 LG Chem 42,848 0.81 9,000 Wheelock & Co. 36,588 0.69 145 POSCO 62,922 1.19 186 Samsung Electronics 157,283 2.97 415,794 7.86 770 Samsung Heavy Industries 28,265 0.53 MALAYSIA 150 SK Telecom 23,168 0.44 23,400 AirAsia 19,385 0.37 307 S-Oil 25,303 0.48 12,900 Alliance Financial Group 12,900 0.24 17,100 AMMB Holdings 39,174 854,719 16.15 0.74 22,900 Axiata Group 35,398 0.67 TAIWAN 10,900 CIMB Group Holdings 30,260 0.57 20,598 Advanced Semiconductor Engineering 23,870 0.45 6,700 Hong Leong Financial Group 19,585 0.37 3,000 Asustek Computer 28,538 0.54 11,100 KPJ Healthcare 13,458 0.25 6,000 Catcher Technology 22,182 0.42 3,300 Kuala Lumpur 0.45 Kepong23,823 20,000 Compal Electronics 26,540 0.50 10,215 Malayan Banking28,358 0.54 15,000 Coretronic 24,588 0.46 13,000 RHB Capital 36,897 0.70 6,000 Delta Electronics 29,285 0.55 7,000 Farglory Land Development 18,842 0.36 259,238 4.90 9,000 Formosa Chemicals & Fibre 30,340 0.57 CAYMAN ISLANDS 12,000 Formosa Plastics 40,103 0.75 14,000 Agile Property Holdings 20,748 0.39 1,750 HTC 54,010 1.02 15,000 Belle International Holdings 25,472 0.48 16,000 Lite-On Technology 22,028 0.42 46,000 Bosideng International Holdings 18,405 0.35 35,000 Macronix International 24,468 0.46 26,000 China Resources Cement Holdings 19,802 0.38 20,320 Pou Chen 20,097 0.38 4,500 Kingboard Chemical Holdings 26,905 0.52 6,000 Powertech Technology 20,031 0.38 39,000 Lonking Holdings 21,424 0.40 14,000 Quanta Computer 29,422 0.56 118,000 Renhe Commercial Holdings 20,721 0.39 2,200 Simplo Technology 16,041 0.30 33,500 Soho China 25,040 0.47 41,520 Taishin Financial Holdings 24,610 0.47 28,000 Xinyi Glass Holdings 23,072 0.44 21,000 Taiwan Semiconductor Manufacturing51,1940.97 10,000 TSRC 23,177 0.44 201,589 3.82 11,000 Unimicron Technology 21,475 0.41 30,000 Wan Hai Lines 26,428 0.50 SINGAPORE 18,000 Wintek 30,973 0.59 13,000 Cosco 21,773 0.41 11,000 Wistron 22,438 0.42 5,000 Fraser and Neave 25,045 0.47 6,000 SembCorp Industries 24,057 0.45 630,680 11.92 5,000 SembCorp Marine 20,985 0.40 19,000 Singapore Telecommunications 45,397 0.86 CHINA 7,000 UOL Group 26,072 0.49 63,000 Agricultural Bank of China - H Shares * 31,569 0.60 15,000 Yangzijiang Shipbuilding Holdings 22,488 0.43 132,000 Bank of China - H Shares * 69,540 1.31 28,550 Bank of Communications - H Shares * 28,741 0.54 185,817 3.51 14,500 BBMG - H Shares * 19,512 0.37

87 JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

INDONESIA 6,000 Astra International 36,435 0.69 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 25,500 Bank Mandiri 18,389 0.34 Net Assets 24,500 Bank Negara Indonesia Persero 28,514 0.54 Shares 59,215 Bank Negara Indonesia Persero 25,473 0.48 Financials 34.11 3,500 Indo Tambangraya Megah 19,773 0.37 Materials 19.69 56 Indofood CBP Sukses Makmur 29 0.00 Industrials 11.40 39,500 Jasa Marga 15,122 0.29 Information Technology 11.07 24,500 Semen Gresik Persero 25,717 0.49 Consumer Discretionary 10.57 Telecommunication Services 3.69 169,452 3.20 Energy 3.50 Consumer Staples BERMUDA 2.03 Utilities 6,000 China Yurun Food Group 19,741 0.37 1.07 Health Care 22,000 First Pacific 19,840 0.37 0.63 400 Jardine Matheson Holdings 17,792 0.34 Total Shares 97.76 11,500 NWS Holdings 17,517 0.33 Cash and Other Assets/(Liabilities) 2.24 2,500 Orient Overseas International 24,419 0.47 Total 6,500 Yue Yuen Industrial Holdings 23,519 0.44 100.00

122,828 2.32 THAILAND 26,700 Charoen Pokphand Foods (Foreign) 21,991 0.42 Allocation of Portfolio as at 30 June 2010 % of 66,416 Home Product Center (Foreign) 19,560 0.37 Net Assets 36,100 Krung Thai Bank (Foreign) 20,843 0.39 Shares and Rights 2,000 Siam Cement (Foreign) Registered Shares 24,160 0.46 Financials 31.77 15,400 Thanachart Capital (Foreign) 18,513 0.35 Materials 17.32 13,200 Tisco Financial Group (Foreign) 17,681 0.33 Consumer Discretionary 12.23 Information Technology 11.07 122,748 2.32 Industrials 9.01 Energy 5.15 PHILIPPINES Consumer Staples 3.53 309,000 Megaworld 17,606 0.33 Telecommunication Services 3.45 11,700 Union Bank Of Philippines 15,981 0.30 Utilities 1.72 Health Care 0.35 33,587 0.63 Total Shares and Rights 95.60 Total Shares 5,172,443 97.76 Cash and Other Assets/(Liabilities) 4.40 Total 100.00 Total Transferable Securities Admitted to an Official 5,172,443 97.76 Exchange Listing Total Investments 5,172,443 97.76

Cash 117,157 2.21

Other Assets/(Liabilities) 1,382 0.03

Total Net Assets 5,290,982 100.00

* Hong Kong Registered Shares.

88 JPMorgan Funds - Brazil Alpha Plus Fund Schedule of Investments (Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Transferable Securities Dealt in on Another Regulated Market

Shares and Rights Investment Funds BRAZIL LUXEMBOURG 1,212,816 AES Tiete 15,161,112 2.57 14,526,257 JPMorgan Liquidity Funds - US Dollar Liquidity Fund 1,981,341 All America Latina Logistica 18,191,608 3.09 (JPM US Dollar Liquidity X (dist)) 14,526,257 2.47 1,273,400 Banco ABC Brasil Preference Shares 11,197,336 1.90 509,849 Banco Bradesco ADR 10,242,866 1.74 14,526,257 2.47 116,305 Banco Bradesco Preference Shares 2,284,800 0.39 1,927 Banco Bradesco Rights 31.01.2011 9,951 0.00 Total Investment Funds 14,526,257 2.47 477,950 Banco do Estado do Rio Grande do Sul Preference Shares 5,028,327 0.85 Total Transferable Securities Dealt in on Another 14,526,257 2.47 1,515,650 BR Malls Participacoes 15,498,582 2.64 Regulated Market 2,373,300 Brasil Brokers Participaçoes 13,277,053 2.26 Total Investments 567,388,307 96.48 4,825 Brasil Insurance Participacoes e Administracao 5,459,525 0.93 507,199 BRF - Brasil Foods 8,420,755 1.43 Cash 14,018,231 2.38 1,056,568 BRF - Brasil Foods ADR 17,898,262 3.04 1,103,577 Cía Siderúrgica Nacional ADR 18,197,985 3.09 Other Assets/(Liabilities) 6,654,891 1.14 4,000 Companhia de Bebidas das Americas 103,473 0.02 1,174,865 Companhia de Bebidas das Americas Preference Total Net Assets 588,061,429 100.00 Shares ADR 36,732,154 6.25 357,743 Companhia de Concessoes Rodoviarias 9,996,995 1.70 412,264 Companhia de Transmissao de Energia Eletrica Paulista Preference Shares 13,917,477 2.37 1,508,268 Duratex 16,099,388 2.74 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 560,147 EDP - Energias do Brasil 13,104,372 2.23 Net Assets 438,760 Estacio Participaçoes 6,980,813 1.19 Shares and Rights 629,000 Fibria Celulose ADR 10,155,205 1.73 Financials 21.83 517,619 Gafisa 3,718,196 0.63 Industrials 18.47 1,382,304 Gerdau Preference Shares 18,852,247 3.21 Consumer Staples 16.11 933,033 Gol Linhas Aereas Inteligentes ADR 14,354,713 2.44 Materials 11.41 206,020 Itau Unibanco 0.65 Holding3,817,229Energy 8.15 101,416 Itau Unibanco Holding Preference Shares 2,414,390 0.41 Consumer Discretionary 7.42 581,280 Itau Unibanco Holding Preference Shares ADR 14,040,818 2.39 Utilities 7.17 882,918 Itausa - Investimentos Itau Preference Shares 6,979,914 1.19 Investment Companies 2.47 648,801 Localiza Rent A CAR 10,262,107 1.75 Information Technology 2.26 473,801 Lojas Renner 16,069,026 2.73 Telecommunication Services 1.19 109,000 LPS Brasil Consultoria de Imoveis 2,518,513 0.43 Total Shares and Rights 96.48 122,820 M Dias Branco 2,907,689 0.49 Cash and Other Assets/(Liabilities) 3.52 4,354 Marcopolo Preference Shares 17,990 0.00 463,700 Mills Estruturas e Servicos de Engenharia 5,569,145 0.95 Total 100.00 1,927,600 MMX Mineracao e Metalicos 13,266,389 2.25 1,497,852 MRV Engenharia e Participacoes 14,505,229 2.48 281,200 Multiplus 5,717,085 0.97 451,313 Natura Cosmeticos 13,055,889 2.22 512,800 Odontoprev 7,606,353 1.29 Allocation of Portfolio as at 30 June 2010 % of 3,240,700 OGX Petroleo e Gas Participacoes 38,824,035 6.60 Net Assets 2,871,308 PDG Realty Empreendimentos e Participacoes 17,722,097 3.01 Shares Consumer Staples 1,785,475 Randon Participacoes Preference Shares 13,018,977 2.21 23.54 Industrials 287,208 Souza Cruz 15,616,233 2.66 18.33 Financials 421,322 Sul America 5,034,817 0.86 16.67 Energy 130,876 Totvs 13,285,312 2.26 7.67 585,600 Usinas Siderurgicas de Minas Gerais Preference Consumer Discretionary 7.13 Shares 6,620,822 1.13 Materials 5.77 211,300 Vivo Participacoes Preference Shares ADR 7,013,047 1.19 Utilities 5.31 948,742 Weg12,525,222 2.13 Information Technology 2.66 Investment Companies 1.14 533,291,523 90.69 Health Care 0.76 Total Shares 88.98 UNITED KINGDOM Cash and Other Assets/(Liabilities) 11.02 792,650 JPMorgan Brazil Investment Trust 1,431,068 0.24 158,530 JPMorgan Brazil Investment Trust - Subscription Total 100.00 shares 95,609 0.02 744,005 Wellstream Holdings 9,112,192 1.55

10,638,869 1.81 BERMUDA 467,400 Wilson Sons BDR 8,931,658 1.51

8,931,658 1.51

Total Shares and Rights 552,862,050 94.01

Total Transferable Securities Admitted to an 552,862,050 94.01 Official Exchange Listing

89 JPMorgan Funds - Corporate Bond Portfolio Fund I Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing ITALY 3,600,000 Telecom Italia 29.12.15/5.625% 4,237,730 1.64 Bonds 4,237,730 1.64 UNITED STATES OF AMERICA 500,000 ACCO Brands 15.03.15/10.625% 422,748 0.16 SWITZERLAND 2,500,000 AES 15.10.15/7.750% 1,977,806 0.76 3,500,000 Weatherford International 15.02.16/5.500% 2,765,221 1.07 2,500,000 Alliant Techsystems 01.04.16/6.750% 1,919,411 0.74 3,500,000 Altria Group 11.09.15/4.125% 2,726,347 1.05 2,765,221 1.07 4,500,000 American Express Credit 3,640,396 02.12.15/5.300% 1.41 NETHERLANDS 3,500,000 Camden Property Trust 2,747,803 15.06.15/5.000% 1.06 2,000,000 Koninklijke KPN 18.03.16/5.750% 2,514,059 0.97 7,000,000 Citigroup 19.05.15/4.750% 5,467,578 2.11 Community Health Systems 1,962,044 2,500,000 15.07.15/8.875% 0.76 2,514,059 0.97 2,000,000 Crown Americas 15.11.15/7.750% 1,546,408 0.60 3,500,000 DCP Midstream Operating 01.10.15/3.250% 2,575,268 1.00 Total Bonds 166,852,510 64.44 2,000,000 Ford Motor Credit 15.05.15/12.000% 1,875,798 0.72 7,000,000 Goldman Sachs Group 15.01.16/5.350% 5,631,853 2.18 Total Transferable Securities Admitted to an 166,852,510 64.44 2,500,000 Goodyear Tire & Rubber 15.05.16/10.500% 2,125,031 0.82 Official Exchange Listing 3,500,000 Health Care REIT 15.05.15/5.875% 2,843,980 1.10 2,500,000 Host Hotels & Resorts 01.06.16/6.750% 1,921,053 0.74 Transferable Securities Dealt in on Another Regulated Market 7,000,000 HSBC Finance 19.01.16/5.500% 5,643,021 2.18 2,500,000 Inergy Finance 01.03.16/8.250% 1,932,204 0.75 Bonds 4,500,000 International Paper 01.04.15/5.300% 3,617,937 1.40 UNITED STATES OF AMERICA 2,000,000 Iron Mountain 01.01.16/6.625% 1,504,546 0.58 2,000,000 Ally Financial 12.02.15/8.300% 1,611,933 0.62 2,000,000 JC Penney 15.10.15/6.875% 1,579,006 0.61 7,000,000 Bank of America 01.09.15/3.700% 5,183,308 2.00 5,500,000 Kraft Foods 09.02.16/4.125% 4,298,894 1.66 3,000,000 Biomet 15.10.17/10.375%* 2,447,399 0.94 3,500,000 MetLife 15.06.15/5.000% 2,817,688 1.09 605,000 Bumble Bee Foods 15.12.15/7.750% 518,811 0.20 4,100,000 Morgan Stanley 30.11.15/5.125% 4,803,982 1.86 3,000,000 Clear Channel Worldwide 3,000,000 Nextel Communications 2,243,248 01.08.15/7.375% 0.87 Holdings 15.12.17/9.250% 2,452,499 0.95 3,010,000 Owens-Brockway Glass Container 2,402,274 15.05.16/7.375% 0.93 2,000,000 CNH America 15.01.16/7.250% 1,619,216 0.63 2,000,000 Plains Exploration & Production 1,565,852 15.06.15/7.750% 0.60 7,000,000 Comcast 15.03.16/5.900% 5,842,587 2.26 5,500,000 PNC Funding 4,305,579 21.09.15/4.250% 1.66 3,300,000 DISH DBS 01.02.16/7.125% 2,535,884 0.98 3,000,000 Qwest Communications 2,000,000 Fresenius US Finance II 144A 15.07.15/9.000% 1,717,123 0.66 International 01.10.15/8.000% 2,418,903 0.93 2,000,000 Frontier Communications 15.04.15/7.875% 1,634,245 0.63 5,000,000 Simon Property Group 01.12.15/5.750% 4,147,561 1.60 2,500,000 Georgia-Pacific 15.06.15/7.700% 2,115,264 0.82 2,000,000 Supervalu 01.05.16/8.000% 1,431,458 0.55 3,500,000 HCA 15.11.16/9.250% 2,787,463 1.08 3,500,000 Teco Finance 15.03.16/4.000% 2,660,429 1.03 2,550,000 Huntsman International 30.06.16/5.500% 1,857,912 0.72 5,500,000 Xerox 15.03.16/6.400% 4,672,120 1.80 2,500,000 Intelsat 15.06.16/9.250% 2,003,759 0.77 2,000,000 L-3 Communications 1,534,496 91,428,226 35.31 15.10.15/6.375% 0.59 1,600,000 Lamar Media 15.08.15/6.625% 1,213,506 0.47 UNITED KINGDOM 591,000 Lamar Media 15.08.15/6.625% 453,332 0.17 4,150,000 British Telecommunications 07.07.15/6.500% 4,673,844 1.80 2,500,000 Lyondell Chemical 01.05.18/11.000% 2,103,666 0.81 2,500,000 Hammerson 19.06.15/4.875% 2,601,421 1.00 5,000,000 NBC Universal 144A 01.04.16/2.875% 3,625,596 1.40 2,500,000 Hutchison Ports UK Finance 07.12.15/6.750% 3,267,898 1.26 3,500,000 NRG Energy 01.02.16/7.375% 2,672,561 1.03 3,500,000 Lloyds TSB Bank 07.09.15/3.750% 3,417,062 1.32 2,500,000 PetroHawk Energy 01.06.15/7.875% 1,952,761 0.75 3,250,000 RBS 15.07.15/4.875% 3,274,375 1.26 4,500,000 Plains All American Pipeline 15.09.15/3.950% 3,463,181 1.34 7,000,000 Standard Chartered 144A 27.04.15/3.850% 5,326,893 2.06 5,000,000 Prudential Financial 17.09.15/4.750% 3,953,048 1.53 4,550,000 UBS/London 15.07.15/3.500% 4,601,226 1.78 1,000,000 Sealy Mattress 144A 15.04.16/10.875% 847,363 0.33 2,500,000 Service International 01.04.16/6.750% 1,908,433 0.74 27,162,719 10.48 3,000,000 Simmons Bedding 144A 15.07.15/11.250% 2,430,102 0.94 3,000,000 Sungard Data Systems 2,340,860 CANADA 15.08.15/10.250% 0.90 2,500,000 Tenet Healthcare 2,059,857 4,860,000 Teck Resources 01.10.15/5.375% 3,934,109 1.52 01.05.15/9.000% 0.79 1,000,000 Vertellus Specialties 793,236 4,000,000 Xstrata Canada Financial 27.05.15/6.250% 4,453,350 1.72 01.10.15/9.375% 0.31

8,387,459 3.24 65,679,401 25.36 SPAIN FRANCE 5,500,000 BNP Paribas 144A 4,267,601 4,000,000 BBVA Senior Finance 06.08.15/3.875% 3,838,276 1.48 24.06.15/4.800% 1.65 4,000,000 Telefonica Emisiones 01.04.16/5.496% 4,253,564 1.65 4,267,601 1.65 8,091,840 3.13 CANADA Quebecor Media 2,329,314 FRANCE 3,000,000 15.03.16/7.750% 0.90 2,000,000 Videotron Ltee 1,534,212 3,500,000 Société Générale 17.12.15/3.875% 4,043,182 1.56 15.12.15/6.375% 0.59 3,000,000 Veolia Environnement 12.02.16/4.000% 3,118,701 1.21 3,863,526 1.49 7,161,883 2.77 UNITED KINGDOM Ineos Finance 144A 1,592,071 IRELAND 2,000,000 15.05.15/9.000% 0.62 5,000,000 GE Capital UK Funding 18.01.16/4.625% 5,999,390 2.32 1,592,071 0.62 5,999,390 2.32 IRELAND Ardagh Packaging Finance 144A 1,545,410 CAYMAN ISLANDS 2,000,000 15.10.17/7.375% 0.60 5,500,000 Vale Overseas 11.01.16/6.250% 4,562,920 1.76 1,545,410 0.60 4,562,920 1.76 Total Bonds 76,948,009 29.72 AUSTRALIA 3,850,000 Commonwealth Bank of Australia 14.12.15/3.875% 4,541,063 1.75

4,541,063 1.75

90 JPMorgan Funds - Corporate Bond Portfolio Fund I Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Investment Funds LUXEMBOURG 309 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (acc)) 4,281,452 1.65

4,281,452 1.65

Total Investment Funds 4,281,452 1.65

Total Transferable Securities Dealt in on Another 81,229,461 31.37 Regulated Market Total Investments 248,081,971 95.81

Cash 478,396 0.18

Other Assets/(Liabilities) 10,375,371 4.01

Total Net Assets 258,935,738 100.00

* Variable coupon rates are those quoted as at 31 December 2010.

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 60.67 United Kingdom 11.10 Canada 4.73 France 4.42 Spain 3.13 Ireland 2.92 Cayman Islands 1.76 Australia 1.75 Italy 1.64 Switzerland 1.07 Netherlands 0.97 Total Fixed Income Securities 94.16 Investment Funds Luxembourg 1.65 Total Investment Funds 1.65 Cash and Other Assets/(Liabilities) 4.19 Total 100.00

Allocation of Portfolio as at 30 June 2010

Not applicable: Sub-Fund was launched on 1 July 2010

91 JPMorgan Funds - Corporate Bond Portfolio Fund I Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

05-Jan-11 EUR 33,556,842 GBP 28,108,822 868,202 05-Jan-11 EUR 204,046,244 USD 265,294,502 5,983,971 05-Jan-11 GBP 27,890,560 EUR 32,513,561 (78,744) 05-Jan-11 GBP 218,262 USD 344,285 (3,210) 05-Jan-11 USD 265,638,787 EUR 200,267,669 (1,948,363) 07-Feb-11 EUR 29,541,365 GBP 25,381,941 32,092 07-Feb-11 EUR 184,603,309 USD 244,919,884 1,754,492 07-Feb-11 GBP 202,500 EUR 235,888 (459) 07-Feb-11 USD 213,813 EUR 162,992 (3,367)

Total 6,604,614

92 JPMorgan Funds - Eastern Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing CAYMAN ISLANDS 586,854 Eurasia Drilling Registered Shares GDR 14,138,474 1.15 Shares 14,138,474 1.15 RUSSIA 763,090 Chelyabinsk Zinc Plant 2,515,523 0.20 MALAYSIA 531,265 Chelyabinsk Zinc Plant GDR 1,737,236 0.14 4,166,010 Steppe Cement 2,591,979 0.21 1,742,674 Cherkizovo Group Registered Shares GDR 24,903,777 2.01 3,040,925 Comstar United Telesystems GDR 15,142,760 1.23 2,591,979 0.21 2,079,300 DIXY Group 20,226,029 1.64 JERSEY 454,900 Gazprom OAO ADR 8,568,538 0.70 904,876 KazakhGold Group Registered Shares GDR 2,501,591 0.20 905,400 Lukoil ADR 38,258,719 3.10 Magnit OJSC Registered Shares GDR 100,602,196 4,583,388 8.15 2,501,591 0.20 3,681,321 Magnitogorsk Iron & Steel Works Registered Shares GDR 40,126,386 3.25 CYPRUS 3,388,937 MMC Norilsk Nickel ADR 59,937,975 4.86 3,381,000 Urals Energy 501,317 0.04 4,669,205 Mobile Telesystems ADR 72,315,249 5.86 902,552 XXI Century Investments Public 105 0.00 2,528,986 Mostotrest 14,977,236 1.21 914,179 Novolipetsk Steel Registered Shares GDR 32,453,032 2.63 501,422 0.04 1,991,160 Pharmacy Chain 36.6 5,009,997 0.41 45,422,190 Sberbank of Russia 115,830,743 9.38 Total Shares 1,164,592,662 94.35 1,545,827 Sistema JSFC Registered Shares GDR 28,701,869 2.32 704,516 SOLLERS 11,123,164 0.91 Total Transferable Securities Admitted to an 1,164,592,662 94.35 1,363,555 Tatneft ADR 33,899,274 2.74 Official Exchange Listing

626,329,703 50.74 Transferable Securities Dealt in on Another Regulated Market TURKEY Investment Funds 1,623,100 Arcelik 6,173,657 0.50 1,468,900 TAV Havalimanlari 0.43 Holding5,289,725UNITED KINGDOM 1,227,259 Tofas Turk Otomobil Fabrikasi 4,750,857 0.38 2,431,283 JPMorgan Russian Securities 20,470,639 1.66 1,263,390 Tupras Turkiye Petrol Rafinerileri 24,027,284 1.94 12,987,741 Turk Ekonomi Bankasi 13,931,050 1.13 20,470,639 1.66 6,080,921 Turk Hava Yollari 15,800,774 1.28 LUXEMBOURG 2,168,678 Turkcell Iletisim Hizmet 11,108,214 0.90 15,985,446 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM 12,454,357 Turkiye Garanti Bankasi 47,731,894 3.87 Euro Liquidity X (dist)) 15,985,446 1.29 4,829,842 Turkiye Halk Bankasi 30,443,519 2.47 9,027,938 Turkiye Is Bankasi - C Shares 24,067,663 1.95 15,985,446 1.29 5,536,649 Turkiye Vakiflar Bankasi Tao - D Shares 10,449,584 0.85 9,561,421 Yapi ve Kredi Bankasi 22,516,830 1.82 Total Investment Funds 36,456,085 2.95

216,291,051 17.52 Total Transferable Securities Dealt in on Another 36,456,085 2.95 Regulated Market POLAND 748,062 Bank Pekao 34,270,360 2.77 Total Investments 1,201,048,747 97.30 1,061,437 Powszechna Kasa Oszczednosci Bank Polski 11,689,124 0.95 327,562 Powszechny Zaklad Ubezpieczen 29,336,557 2.38 Cash 34,086,760 2.76 2,513,000 Telekomunikacja Polska 10,389,809 0.84 Other Assets/(Liabilities) (723,470) (0.06) 85,685,850 6.94 Total Net Assets 1,234,412,037 100.00 IRELAND 9,736,648 Dragon Oil 60,918,482 4.94

60,918,482 4.94 KAZAKHSTAN 388,000 Halyk Savings Bank of Kazakhstan Registered Shares GDR 2,940,162 0.24 1,424,050 KazMunaiGas Exploration Production GDR 21,039,942 1.70 1,627,363 Zhaikmunai Registered Shares GDR 14,761,627 1.20

38,741,731 3.14 UNITED STATES OF AMERICA 1,740,600 BMB Munai 1,104,565 0.09 1,982,082 CTC Media 34,567,499 2.80

35,672,064 2.89 CZECH REPUBLIC 326,708 CEZ 10,247,645 0.83 69,400 Komercni Banka 12,290,434 0.99 720,874 Telefonica O2 Czech Republic 11,057,466 0.90

33,595,545 2.72 LUXEMBOURG 669,100 Kernel Holding12,513,809 1.01 339,700 Oriflame Cosmetics SDR 13,396,069 1.09

25,909,878 2.10 NETHERLANDS 2,712,200 Amtel Vredestein Registered Shares GDR 0 0.00 630,933 X5 Retail Group Registered Shares GDR 21,714,892 1.76

21,714,892 1.76

93 JPMorgan Funds - Eastern Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 30.46 Energy 17.60 Consumer Staples 15.66 Telecommunication Services 12.05 Materials 11.49 Consumer Discretionary 4.59 Industrials 2.92 Investment Companies 1.29 Utilities 0.83 Health Care 0.41 Total Shares 97.30 Cash and Other Assets/(Liabilities) 2.70 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 29.62 Energy 18.56 Telecommunication Services 15.50 Consumer Staples 15.32 Materials 8.92 Consumer Discretionary 3.89 Investment Companies 2.99 Industrials 1.42 Utilities 1.16 Health Care 0.55 Total Shares 97.93 Cash and Other Assets/(Liabilities) 2.07 Total 100.00

94 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing KAZAKHSTAN 210,700 Halyk Savings Bank of Kazakhstan Registered Shares Shares GDR 2,138,605 0.22 304,200 KazMunaiGas Exploration Production GDR 6,020,118 0.62 SOUTH AFRICA 923,455 Zhaikmunai Registered Shares GDR 11,219,978 1.16 976,847 ABSA Group 20,528,900 2.12 3,153,241 African Bank Investments 18,426,750 1.90 19,378,701 2.00 302,700 African Rainbow Minerals 9,612,630 0.99 86,318 Anglo Platinum 9,012,313 0.93 NIGERIA 592,453 AngloGold Ashanti 29,182,675 3.01 9,500,000 Dangote Cement 7,775,140 0.80 693,700 Clicks Group 4,523,186 0.47 2,016,774 Nestle Foods Nigeria 4,977,382 0.51 4,164,562 FirstRand 12,267,283 1.27 46,681,100 Zenith Bank 4,609,816 0.48 1,424,790 Foschini Group 19,291,826 1.99 694,568 Impala Platinum Holdings 24,387,867 2.52 17,362,338 1.79 801,867 Imperial Holdings 15,356,380 1.59 QATAR 1,199,951 Massmart Holdings 26,584,315 2.75 189,805 Commercial Bank of Qatar 4,785,263 0.49 702,978 MMI Holdings 1,756,265 0.18 405,000 Doha Bank 7,235,321 0.75 1,998,903 MTN Group 40,436,739 4.17 131,254 Industries Qatar 4,978,078 0.51 438,000 Mvelaphanda Resources 3,284,777 0.34 258,431 Naspers - N Shares 15,068,140 1.56 16,998,662 1.75 2,436,897 Raubex Group 8,562,384 0.88 1,236,765 Shoprite Holdings 18,640,709 1.92 UNITED KINGDOM 1,415,737 Standard Bank Group 22,977,466 2.37 3,712,200 Old Mutual 7,269,325 0.75 254,900 Tiger Brands 7,453,050 0.77 1,478,623 PZ Cussons 9,259,069 0.96 1,786,041 Truworths International 19,253,605 1.99 16,528,394 1.71 326,607,260 33.72 CZECH REPUBLIC RUSSIA 19,100 Komercni Banka 4,530,724 0.47 513,061 Cherkizovo Group Registered Shares GDR 9,820,748 1.01 425,332 Telefonica O2 Czech Republic 8,738,780 0.90 726,672 Comstar United Telesystems GDR 4,846,902 0.50 986,147 DIXY Group 12,848,772 1.33 13,269,504 1.37 187,648 Magnit 24,971,030 2.58 NETHERLANDS 431,735 Magnit Registered Shares GDR 12,693,009 1.31 216,800 X5 Retail Group Registered Shares GDR 9,994,480 1.03 1,337,484 Magnitogorsk Iron & Steel Works Registered Shares GDR 19,527,266 2.02 9,994,480 1.03 863,105 MMC Norilsk Nickel ADR 20,446,957 2.11 1,317,837 Mobile Telesystems ADR 27,338,529 2.82 EGYPT 1,380,192 Mostotrest 10,948,415 1.13 797,156 Commercial International Bank 6,412,818 0.66 147,126 Novolipetsk Steel Registered Shares GDR 6,995,841 0.72 77,050 Eastern Tobacco 1,625,490 0.17 19,257,335 Sberbank of Russia 65,777,665 6.79 1,052,364 Talaat Moustafa Group 1,561,912 0.16 617,195 Sistema JSFC Registered Shares GDR 15,349,640 1.59 171,656 Sollers OJSC 3,630,136 0.37 9,600,220 0.99 624,280 Tatneft ADR 20,788,524 2.15 CANADA 76,600 First Quantum Minerals 8,272,171 0.85 255,983,434 26.43 TURKEY 8,272,171 0.85 1,485,400 Arcelik 7,567,756 0.78 CAYMAN ISLANDS 506,805 Ford Otomotiv Sanayi 4,311,598 0.45 210,891 Eurasia Drilling Registered Shares GDR 6,805,453 0.70 796,700 TAV Havalimanlari 0.40 Holding3,842,927 681,108 Tofas Turk Otomobil Fabrikasi 3,531,655 0.36 6,805,453 0.70 462,005 Tupras Turkiye Petrol Rafine 11,769,023 1.22 7,486,937 Turk Ekonomi Bankasi 10,756,746 1.11 UNITED ARAB EMIRATES 2,025,068 Turk Hava Yollari 7,048,149 0.73 6,431,000 DP World 4,041,884 0.42 1,147,959 Turkcell Iletisim Hizmet 7,875,934 0.81 4,491,274 Turkiye Garanti Bankasi 23,055,970 2.38 4,041,884 0.42 1,718,082 Turkiye Halk Bankasi 14,505,487 1.50 OMAN 3,141,512 Turkiye Is Bankasi - C Shares 11,217,875 1.16 1,533,524 Bank Muscat 3,831,918 0.40 2,922,000 Turkiye Vakiflar Bankasi Tao - D Shares 7,386,840 0.76 1,865,270 Yapi ve Kredi Bankasi 5,883,734 0.60 3,831,918 0.40 118,753,694 12.26 MALAYSIA 1,454,965 Steppe Cement 1,212,523 0.13 POLAND 256,317 Bank Pekao 15,728,416 1.62 1,212,523 0.13 427,525 Powszechna Kasa Oszczednosci Bank Polski 6,306,316 0.65 137,023 Powszechny Zaklad Ubezpieczen 16,437,493 1.70 JERSEY 1,114,200 Telekomunikacja Polska 6,170,278 0.64 271,283 KazakhGold Group Registered Shares GDR 1,004,561 0.11

44,642,503 4.61 1,004,561 0.11 IRELAND BRITISH VIRGIN ISLANDS 3,249,797 Dragon Oil 27,234,683 2.81 732,804 Orsu Metals 266,200 0.03

27,234,683 2.81 266,200 0.03 UNITED STATES OF AMERICA CYPRUS 958,780 CTC Media 22,397,101 2.31 1,212,000 Urals Energy 240,711 0.02 378,822 XXI Century Investments Public 59 0.00 22,397,101 2.31 240,770 0.02 LUXEMBOURG 417,200 Kernel Holding10,451,275 1.08 Total Shares 944,863,526 97.55 189,049 Oriflame Cosmetics SDR 9,985,797 1.03 Total Transferable Securities Admitted to an 944,863,526 97.55 20,437,072 2.11 Official Exchange Listing

95 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 24,374,115 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 24,374,115 2.52

24,374,115 2.52

Total Investment Funds 24,374,115 2.52

Total Transferable Securities Dealt in on Another 24,374,115 2.52 Regulated Market Total Investments 969,237,641 100.07

Bank Overdraft (358,079) (0.04)

Other Assets/(Liabilities) (288,139) (0.03)

Total Net Assets 968,591,423 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 32.08 Materials 15.07 Consumer Staples 13.70 Consumer Discretionary 13.03 Telecommunication Services 11.43 Energy 8.68 Industrials 3.56 Investment Companies 2.52 Total Shares 100.07 Bank Overdraft and Other Assets/(Liabilities) (0.07) Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 31.05 Telecommunication Services 15.25 Consumer Staples 14.26 Materials 12.61 Energy 12.04 Consumer Discretionary 11.11 Investment Companies 1.95 Industrials 1.38 Health Care 0.06 Total Shares 99.71 Bank Overdraft and Other Assets/(Liabilities) 0.29 Total 100.00

96 JPMorgan Funds - Emerging Markets Alpha Plus Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing UNITED KINGDOM 248,657 Standard Chartered 6,683,431 2.50 Shares 6,683,431 2.50 BRAZIL 135,800 Banco Bradesco ADR 2,728,901 1.02 CHINA 646,000 BM&F Bovespa 5,107,572 1.91 1,260,849 China Merchants Bank - H Shares * 3,185,740 1.19 133,000 Companhia de Bebidas das Americas Preference 527,000 Weichai Power - H Shares * 3,267,860 1.22 Shares ADR 4,182,185 1.57 191,500 Itau Unibanco Holding Preference Shares ADR 4,572,062 1.71 6,453,600 2.41 443,500 OGX Petroleo e Gas Participacoes 5,332,518 1.99 IRELAND 47,400 Souza Cruz 2,574,859 0.96 703,057 Dragon Oil 5,891,917 2.20 37,373 Totvs 3,796,240 1.42 241,900 Vale ADR 8,299,589 3.11 5,891,917 2.20 178,200 Weg2,337,849 0.87 MEXICO 38,931,775 14.56 250,900 Cemex ADR Participation Certificates 2,690,902 1.01 1,421,440 Compartamos 3,046,804 1.14 SOUTH AFRICA 582,447 African Bank Investments 3,403,674 1.27 5,737,706 2.15 608,200 Clicks Group 3,965,694 1.48 142,725 Impala Platinum Holdings 5,011,400 1.87 PERU 75,500 Kumba Iron Ore 4,832,333 1.81 86,220 Companhia de Minas Buenaventura ADR 4,168,306 1.56 92,005 Naspers - N Shares 5,364,466 2.01 108,100 Sasol 5,632,789 2.11 4,168,306 1.56 EGYPT 28,210,356 10.55 2,963,300 Juhayna Food Industries 3,070,764 1.15 SOUTH KOREA 10,600 Hyundai Heavy Industries 4,188,761 1.57 3,070,764 1.15 23,750 Hyundai Motor 3,668,326 1.37 THAILAND 233,120 Industrial Bank of Korea 3,902,029 1.46 549,300 PTT Exploration & Production (Foreign) 3,066,392 1.15 33,100 LG Electronics 3,474,721 1.30 47,920 POSCO ADR 5,146,608 1.92 3,066,392 1.15 16,100 Samsung Electronics GDR 144A 6,818,350 2.55 CANADA 27,198,795 10.17 85,266 Pacific Rubiales Energy 2,861,568 1.07 HONG KONG 2,861,568 1.07 1,054,000 AIA Group 2,972,939 1.11 674,400 China Taiping Insurance Holdings 2,071,413 0.78 AUSTRALIA 32,205 CNOOC ADR 7,590,880 2.84 1,002,800 Centamin Egypt 2,744,542 1.03 766,000 Hang Lung Properties 3,589,501 1.34 204,900 Hong Kong Exchanges & Clearing 4,655,201 1.74 2,744,542 1.03 LUXEMBOURG 20,879,934 7.81 46,300 Oriflame Cosmetics SDR 2,445,622 0.92 TAIWAN 1,220,000 Delta Electronics 5,954,538 2.23 2,445,622 0.92 1,333,527 Acer 4,124,806 1.54 BERMUDA 250,500 MediaTek 3,586,246 1.34 5,104,000 Peace Mark Holdings 66 0.00 542,900 Taiwan Semiconductor Manufacturing ADR 6,761,820 2.53 66 0.00 20,427,410 7.64 INDIA Total Shares 240,284,668 89.89 1,227,504 Ambuja Cements 3,922,852 1.47 385,030 Housing Development Finance 6,259,805 2.34 Total Transferable Securities Admitted to an 240,284,668 89.89 1,580,682 Lanco Infratech 2,244,735 0.84 Official Exchange Listing 788,700 United Phosphorus 3,058,054 1.14 Transferable Securities Dealt in on Another Regulated Market 15,485,446 5.79 Investment Funds RUSSIA 134,650 Magnit OJSC Registered Shares GDR 3,958,710 1.48 LUXEMBOURG 171,700 MMC Norilsk Nickel ADR 4,067,573 1.52 7,706,428 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 7,706,428 2.88 2,140,900 Sberbank of Russia 7,312,715 2.74 7,706,428 2.88 15,338,998 5.74 TURKEY Total Investment Funds 7,706,428 2.88 307,100 Akfen Holding2,453,984 0.92 970,986 KOC Holding4,733,764 1.77 Total Transferable Securities Dealt in on Another 7,706,428 2.88 946,407 Turkiye Garanti Bankasi 4,858,384 1.82 Regulated Market Total Investments 247,991,096 92.77 12,046,132 4.51 CAYMAN ISLANDS Cash 20,059,389 7.50 232,500 ASM Pacific Technology 2,952,948 1.11 5,343,000 China Vanadium Titano - Magnetite Mining 2,539,834 0.95 Other Assets/(Liabilities) (724,576) (0.27) 74,700 Perfect World ADR 1,746,112 0.65 4,101,000 Towngas China 1,959,992 0.73 Total Net Assets 267,325,909 100.00 980,000 United Laboratories International Holdings 2,023,517 0.76

11,222,403 4.20 * Hong Kong Registered Shares. INDONESIA 550,000 Astra International 3,339,876 1.25 22,473,000 Bank Tabungan Negara 4,079,629 1.53

7,419,505 2.78

97 JPMorgan Funds - Emerging Markets Alpha Plus Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 28.29 Materials 17.39 Energy 11.36 Information Technology 11.14 Consumer Discretionary 7.33 Consumer Staples 6.08 Industrials 5.97 Investment Companies 2.88 Utilities 1.57 Health Care 0.76 Total Shares 92.77 Cash and Other Assets/(Liabilities) 7.23 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 23.85 Energy 12.13 Information Technology 12.05 Materials 10.10 Consumer Staples 9.78 Consumer Discretionary 7.55 Industrials 3.68 Investment Companies 3.06 Telecommunication Services 1.93 Utilities 0.95 Total Shares 85.08 Cash and Other Assets/(Liabilities) 14.92 Total 100.00

98 JPMorgan Funds - Emerging Markets Alpha Plus Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Jan-11 (433) SGX CNX Nifty Index Future USD (5,338,024) (141,156)

Total (141,156)

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

04-Jan-11 GBP 2,910 USD 4,490 43

Total 43

Schedule of Investments - Outstanding Financial Option Contracts (Expressed in USD)

Unrealised Expiration Number of Market Gain/ Date Contracts Security Description Currency Value (Loss)

13-Jan-11 864 KOSPI2 Index, Put Option, Strike Price 242.5 USD 30,690 (253,652) 13-Jan-11 (864) KOSPI2 Index, Put Option, Strike Price 242.5 USD (2,075) 38,360 19-Jan-11 1,067 TWSE, Call Option, Strike Price 8900 USD 197,728 39,597 22-Jan-11 (1,617) iShares MSCI, Put Option, Strike Price 72 USD (71,956) 204,550 22-Jan-11 (1,913) Petroleo Brasileiro, Put Option, Strike Price 32 USD (10,522) 104,258 19-Mar-11 1,890 iShares MSCI, Call Option, Strike Price 49 USD 264,600 3,684

Total 408,465 136,797

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

Unrealised Termination Notional Market Gain/ Date Counterparty Sub-Fund Pays Sub-Fund Receives Currency Amount Value (Loss)

20-Jan-11 UBS Russian Depository Index USD LIBOR 1 Month - 19bps USD 3,829 (189,016) (189,016) 09-Feb-11 Morgan Stanley MSN China HRE Index USD LIBOR 3 Month - 18 bps USD 366,769 (730,114) (730,114)

Total (919,130) (919,130)

99 JPMorgan Funds - Emerging Markets Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 765,000 Colombia (Republic of) 21.05.24/8.125% 970,517 0.42 1,810,000 Colombia (Republic of) 28.01.33/10.375% 2,723,869 1.17 Bonds 730,000 Ecopetrol 23.07.19/7.625% 845,095 0.36 BRAZIL 2,220,000 Banco Nacional de 8,903,696 3.82 Desenvolvimento Economico e PANAMA Social 10.06.19/6.500% 2,438,719 1.05 2,360,000 Panama (Republic of) 15.03.15/7.250% 2,736,557 1.17 362,000 Brazil (Republic of) 01.01.14/10.000% 2,165,086 0.93 865,000 Panama (Republic of) 30.09.27/8.875% 1,193,700 0.51 2,524,999 Brazil (Republic of) 15.01.18/8.000% 2,966,874 1.27 2,670,000 Panama (Republic of) 01.04.29/9.375% 3,790,065 1.62 3,605,000 Brazil (Republic of) 05.01.22/12.500% 2,560,585 1.10 995,000 Brazil (Republic of) 15.04.24/8.875% 1,376,831 0.59 7,720,322 3.30 600,000 Brazil (Republic of) 04.02.25/8.750% 825,000 0.36 3,192,000 Brazil (Republic of) 20.01.34/8.250% 4,249,669 1.82 SOUTH AFRICA 750,000 Brazil (Republic of) 20.01.37/7.125% 893,475 0.38 1,300,000 South Africa (Republic of) 02.06.14/6.500% 1,463,402 0.63 950,000 South Africa (Republic of) 09.03.20/5.500% 1,010,797 0.44 17,476,239 7.50 1,110,000 South Africa (Republic of) 30.05.22/5.875% 1,195,580 0.51 18,501,000 South Africa (Republic of) 21.12.26/10.500% 3,337,085 1.43 TURKEY 810,000 Turkey (Republic of) 06.08.14/11.000% 573,640 0.25 7,006,864 3.01 1,350,000 Turkey (Republic of) 15.03.15/7.250% 1,556,685 0.67 600,000 Turkey (Republic of) 26.09.16/7.000% 693,240 0.30 INDONESIA 3,485,000 Turkey (Republic of) 14.07.17/7.500% 4,139,832 1.77 1,300,000 Indonesia (Republic of) 04.05.14/10.375% 1,621,750 0.70 1,941,000 Turkey (Republic of) 07.11.19/7.500% 2,324,347 1.00 1,200,000 Indonesia (Republic of) 17.01.18/6.875% 1,398,000 0.60 2,275,000 Turkey (Republic of) 15.01.20/10.500% 1,661,096 0.71 1,000,000 Indonesia (Republic of) 04.03.19/11.625% 1,487,500 0.64 266,000 Turkey (Republic of) 15.01.30/11.875% 458,371 0.20 1,642,000 Indonesia (Republic of) 12.10.35/8.500% 2,179,755 0.93 3,344,000 Turkey (Republic of) 05.03.38/7.250% 3,945,920 1.69 6,687,005 2.87 15,353,131 6.59 UKRAINE RUSSIA 560,000 Biz Finance for Ukreximbank 27.04.15/8.375% 576,800 0.25 490,000 Russian (Republic of) 24.07.18/11.000% 688,695 0.30 255,000 NAK Naftogaz Ukraine 30.09.14/9.500% 278,905 0.12 900,000 Russian (Republic of) 29.04.20/5.000% 901,710 0.39 1,331,000 Ukraine (Government of) 23.09.15/6.875% 1,352,429 0.58 230,000 Russian (Republic of) 24.06.28/12.750% 400,200 0.17 3,897,000 Ukraine (Government of) 21.11.16/6.580% 3,894,662 1.67 11,407,721 Russian (Republic of) 31.03.30/7.500%* 13,176,488 5.65 480,000 Ukraine (Government of) 23.09.20/7.750% 486,288 0.21

15,167,093 6.51 6,589,084 2.83 VENEZUELA MEXICO 1,166,400 Petroleos de Venezuela 12.04.17/5.250% 660,430 0.28 690,000 Mexico (United Mexican States) 15.01.17/5.625% 762,484 0.33 2,933,600 Petroleos de Venezuela 12.04.27/5.375% 1,371,458 0.59 1,734,000 Mexico (United Mexican States) 19.03.19/5.950% 1,937,745 0.83 5,571,000 Venezuela (Republic of) 26.02.16/5.750% 3,942,040 1.69 10,770,000 Mexico (United Mexican States) 05.12.24/10.000% 1,084,704 0.47 341,000 Venezuela (Republic of) 01.12.18/7.000% 227,652 0.10 1,220,000 Mexico (United Mexican States) 15.08.31/8.300% 1,631,750 0.70 3,690,000 Venezuela (Republic of) 13.10.19/7.750% 2,486,322 1.07 2,730,000 Mexico (United Mexican States) 22.11.35/4.500% 1,111,739 0.47 3,188,000 Venezuela (Republic of) 09.12.20/6.000% 1,849,040 0.79 2,616,000 Venezuela (Republic of) 23.08.22/12.750% 2,276,182 0.98 6,528,422 2.80 550,000 Venezuela (Republic of) 13.10.24/8.250% 352,055 0.15 PERU 1,302,000 Venezuela (Republic of) 31.03.38/7.000% 734,068 0.31 950,000 Peru (Republic of) 03.05.16/8.375% 1,170,875 0.50 2,210,000 Peru (Republic of) 21.07.25/7.350% 2,679,846 1.15 13,899,247 5.96 1,930,000 Peru (Republic of) 21.11.33/8.750% 2,615,150 1.12 NETHERLANDS 730,000 Kazakhstan Temir Zholy 6,465,871 2.77 Finance 761,160 06.10.20/6.375% 0.33 URUGUAY 3,173,000 KazMunayGas National 3,491,918 02.07.13/8.375% 1.50 700,000 Uruguay (Republic of) 17.05.17/9.250% 907,620 0.39 2,788,000 KazMunayGas National 3,473,674 23.01.15/11.750% 1.49 2,480,000 Uruguay (Republic of) 18.11.22/8.000% 3,072,720 1.32 2,360,000 KazMunayGas National 2,340,412 09.04.21/6.375% 1.00 930,000 Uruguay (Republic of) 21.03.36/7.625% 1,129,485 0.48 1,445,000 Majapahit Holding 1,678,408 20.01.20/7.750% 0.72 6,950,000 Uruguay (Republic of) 26.06.37/3.700% 440,109 0.19

11,745,572 5.04 5,549,934 2.38 ARGENTINA HUNGARY 255,000 Argentina (Republic of) 256,721 12.09.13/7.000% 0.11 94,000,000 Hungary (Government of) 12.02.15/8.000% 455,883 0.20 985,000 Argentina (Republic of) 896,646 17.04.17/7.000% 0.38 250,000,000 Hungary (Government of) 12.02.16/5.500% 1,090,550 0.47 1,780,000 Argentina (Republic of) 1,847,284 02.06.17/8.750% 0.79 222,000,000 Hungary (Government of) 24.02.17/6.750% 1,013,223 0.43 1,144,072 Argentina (Republic of) 1,063,872 31.12.33/8.280% 0.46 2,813,000 Hungary (Government of) 29.01.20/6.250% 2,755,615 1.18 17,550,227 Argentina (Republic of) 15.12.35/0.000%* 2,632,534 1.13 8,102,931 Argentina (Republic of) 31.12.38/2.500%* 3,626,062 1.56 5,315,271 2.28 1,071,000 Cordoba (Province of) 17.08.17/12.375% 1,122,302 0.48 LITHUANIA 11,445,421 4.91 1,330,000 Lithuania (Republic of) 15.01.15/6.750% 1,441,388 0.62 3,769,000 Lithuania (Republic of) 14.09.17/5.125% 3,725,280 1.60 PHILIPPINES 187,000 Philippines (Republic of) 17.03.15/8.875% 231,412 0.10 5,166,668 2.22 750,000 Philippines (Republic of) 15.01.19/9.875% 1,045,592 0.45 484,000 Philippines (Republic of) 17.06.19/8.375% 624,360 0.27 LUXEMBOURG 500,000 Philippines (Republic of) 16.03.25/10.625% 776,433 0.33 1,324,622 Gazprom International 01.02.20/7.201% 1,412,741 0.61 900,000 Philippines (Republic of) 02.02.30/9.500% 1,300,500 0.56 1,350,000 RSHB Capital for OJSC Russian 2,840,000 Philippines (Republic of) 14.01.31/7.750% 3,514,500 1.51 Agricultural Bank 14.01.14/7.125% 1,439,437 0.62 434,000 Power Sector Assets & 1,400,000 RSHB Capital for OJSC Russian Liabilities Management 27.05.19/7.250% 504,038 0.22 Agricultural Bank 11.06.14/9.000% 1,575,630 0.67 970,000 Power Sector Assets & Liabilities Management 02.12.24/7.390% 1,130,300 0.48 4,427,808 1.90 EL SALVADOR 9,127,135 3.92 1,550,000 El Salvador (Republic of) 24.01.23/7.750% 1,741,813 0.75 COLOMBIA 1,785,000 El Salvador (Republic of) 10.04.32/8.250% 1,990,275 0.85 500,000 Colombia (Republic of) 27.01.17/7.375% 590,050 0.25 1,100,000 Colombia (Republic of) 25.02.20/11.750% 1,661,825 0.71 3,732,088 1.60 3,401,000,000 Colombia (Republic of) 14.04.21/7.750% 2,112,340 0.91

100 JPMorgan Funds - Emerging Markets Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

CROATIA UNITED ARAB EMIRATES 999,000 Croatia (Republic of) 05.11.19/6.750% 1,032,766 0.45 460,000 Dubai Electricity & Water 2,040,000 Croatia (Republic of) 14.07.20/6.625% 2,104,872 0.90 Authority 22.04.15/8.500% 490,919 0.21 510,000 Dubai Electricity & Water 3,137,638 1.35 Authority 21.10.20/7.375% 477,809 0.21 DOMINICAN REPUBLIC 968,728 0.42 71,141 Dominican Republic 27.09.11/9.500% 73,630 0.03 1,847,131 Dominican Republic 23.01.18/9.040% 2,131,897 0.92 CAYMAN ISLANDS 677,646 Dominican Republic 144A 23.01.18/9.040% 772,516 0.33 350,000 IPIC GMTN 15.11.20/5.000% 344,566 0.15 580,000 Nile Finance 05.08.15/5.250% 595,916 0.25 2,978,043 1.28 940,482 0.40 QATAR 2,490,000 Qatar (State of) 20.01.20/5.250% 2,651,103 1.14 GHANA 590,000 Ghana (Republic of) 04.10.17/8.500% 669,650 0.29 2,651,103 1.14 669,650 0.29 CHILE 1,350,000 Corporacion Nacional del Cobre SERBIA de Chile 15.10.14/4.750% 1,450,026 0.62 668,457 Republic of Serbia 01.11.24/6.750%* 658,029 0.28 900,000 Corporacion Nacional del Cobre de Chile 15.01.19/7.500% 1,098,278 0.47 658,029 0.28 ECUADOR 2,548,304 1.09 575,000 Ecuador (Republic of) 15.12.15/9.375% 524,218 0.22 MALAYSIA 1,450,000 Petronas Capital 12.08.19/5.250% 1,557,928 0.67 524,218 0.22 750,000 Petronas Capital 22.05.22/7.875% 963,844 0.41 IVORY COAST 700,000 Cote D’Ivoire 31.12.32/2.500%* 311,500 0.13 2,521,772 1.08 SRI LANKA 311,500 0.13 2,433,000 Sri Lanka (Republic of) 04.10.20/6.250% 2,478,619 1.06 KAZAKHSTAN 350,000 Development Bank of 2,478,619 1.06 Kazakhstan 23.03.26/6.000% 310,508 0.13 EGYPT 1,900,000 Egypt (Republic of) 29.04.20/5.750% 1,980,845 0.85 310,508 0.13

1,980,845 0.85 Total Bonds 204,357,124 87.67 INTERNATIONAL AGENCIES Total Transferable Securities Admitted to an 204,357,124 87.67 1,830,000 Eurasian Development Bank 29.09.14/7.375% 1,980,104 0.85 Official Exchange Listing

1,980,104 0.85 Transferable Securities Dealt in on Another Regulated Market BAHRAIN Bonds 1,780,000 Bahrain (Kingdom of) 31.03.20/5.500% 1,814,055 0.78 PERU 1,814,055 0.78 4,765,000 Peru (Republic of) 12.08.20/7.840% 1,938,743 0.83 1,880,000 Peru (Republic of) 695,569 UNITED STATES OF AMERICA 12.08.31/6.950% 0.30 1,040,000 Citigroup Funding 27.07.20/11.000% 956,592 0.41 660,000 Pemex Project Funding Master 2,634,312 1.13 Trust 01.03.18/5.750% 705,763 0.30 UNITED STATES OF AMERICA 2,271,000 Pemex Project Funding Master 1,662,355 0.71 Trust 15.06.35/6.625% 2,305,674 0.99 210,000 US Treasury (i) 211,083 UNITED KINGDOM 31.08.11/1.000% 0.09 730,000 Barclays Bank 20.01.13/0.000%* 839,792 0.36 753,000 CSFB International (EXIM 2,516,757 1.08 Ukraine) 07.09.11/7.650% 761,848 0.33 MEXICO 750,000 Mexico (United Mexican States) 17.02.14/5.875% 835,350 0.36 1,601,640 0.69 800,000 Petroleos Mexicanos 05.03.20/6.000% 851,710 0.36 URUGUAY 21,500,000 Uruguay (Republic of) 05.04.27/4.250% 1,564,466 0.67 1,687,060 0.72 IRAQ 1,564,466 0.67 1,124,000 Iraq (Republic of) 15.01.28/5.800% 1,032,394 0.44 IRELAND 1,460,000 SCF Capital 27.10.17/5.375% 1,427,223 0.61 1,032,394 0.44 CAYMAN ISLANDS 1,427,223 0.61 897,444 IIRSA Norte Finance 30.05.24/8.750% 1,002,894 0.43 POLAND 1,250,000 Poland (Government of) 16.07.15/3.875% 1,273,375 0.55 1,002,894 0.43 TRINIDAD & TOBAGO 1,273,375 0.55 773,000 National Gas Co. of Trinidad & Tobago 737,866 BELARUS 15.01.36/6.050% 0.32 998,000 Belarus (Republic of) 03.08.15/8.750% 1,024,447 0.44 737,866 0.32 1,024,447 0.44 VENEZUELA 1,013,333 Petroleos de Venezuela 624,553 BELIZE 28.10.14/4.900% 0.27 1,156,100 Belize (Government of) 20.02.29/6.000%* 1,023,149 0.44 624,553 0.27 1,023,149 0.44

101 JPMorgan Funds - Emerging Markets Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

BRAZIL 470,000 Centrais Eletricas Brasileiras Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 144A 30.07.19/6.875% 531,533 0.23 Net Assets Fixed Income Securities 531,533 0.23 Brazil 7.73 Turkey 6.59 Total Bonds 10,767,369 4.62 Russia 6.51 Venezuela 6.23 Total Transferable Securities Dealt in on Another 10,767,369 4.62 Netherlands 5.04 Regulated Market Argentina 4.91 Philippines 3.92 Other Transferable Securities Peru 3.90 Colombia 3.82 Bonds Mexico 3.52 UNITED KINGDOM Panama 3.30 440,000 Deutsche Bank/London 22.12.13/0.000%* 598,105 0.26 Uruguay 3.05 300,000 Deutsche Bank/London 20.07.18/0.000%* 502,701 0.21 South Africa 3.01 440,000 Deutsche Bank/London 23.09.19/0.000%* 630,269 0.27 Indonesia 2.87 Ukraine 2.83 1,731,075 0.74 Hungary 2.28 Lithuania UNITED STATES OF AMERICA 2.22 United States of America 650,000 Citigroup Funding 13.03.13/0.000%* 652,600 0.28 2.07 Luxembourg 1.90 El Salvador 652,600 0.28 1.60 United Kingdom 1.43 Croatia 1.35 Total Bonds 2,383,675 1.02 Dominican Republic 1.28 Qatar 1.14 2,383,675 1.02 Total Other Transferable Securities Chile 1.09 Malaysia 1.08 Total Investments 217,508,168 93.31 Sri Lanka 1.06 Egypt 0.85 Cash 11,345,846 4.87 International Agencies 0.85 Cayman Islands 0.83 Other Assets/(Liabilities) 4,251,957 1.82 Bahrain 0.78 Ireland 0.61 Total Net Assets 233,105,971 100.00 Poland 0.55 Iraq 0.44 Belarus 0.44 * Variable coupon rates are those quoted as at 31 December 2010. Belize 0.44 (i) Security partially or totally held as collateral against futures positions by the broker. United Arab Emirates 0.42 Trinidad & Tobago 0.32 Ghana 0.29 Serbia 0.28 Ecuador 0.22 Ivory Coast 0.13 Kazakhstan 0.13 Total Fixed Income Securities 93.31 Cash and Other Assets/(Liabilities) 6.69 Total 100.00

102 JPMorgan Funds - Emerging Markets Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities Brazil 9.11 Turkey 7.64 Mexico 7.57 Russia 7.11 Netherlands 5.62 Argentina 4.61 Colombia 4.48 Philippines 4.35 Venezuela 4.17 Peru 3.58 Uruguay 3.55 Indonesia 3.54 Panama 3.45 Luxembourg 3.36 South Africa 2.92 United Kingdom 2.63 Dominican Republic 1.91 United States of America 1.82 Ukraine 1.81 International Agencies 1.46 Cayman Islands 1.33 Malaysia 1.22 Iraq 1.12 Bahrain 0.91 Chile 0.89 El Salvador 0.80 Egypt 0.78 Gabonese Republic 0.67 Israel 0.59 United Arab Emirates 0.51 Croatia 0.40 Belize 0.28 Costa Rica 0.26 Kazakhstan 0.24 Trinidad & Tobago 0.23 Ecuador 0.21 Poland 0.21 Serbia 0.11 Total Fixed Income Securities 95.45 Cash and Other Assets/(Liabilities) 4.55 Total 100.00

103 JPMorgan Funds - Emerging Markets Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 42 US 2 Year Note Future USD 9,187,828 (12,141) Mar-11 (3) US 5 Year Note Future USD (352,582) 480 Mar-11 (50) US 10 Year Note Future USD (6,008,984) (37,906) Mar-11 31 US Long Bond Future USD 3,768,922 42,922

Total (6,645)

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

16-Mar-11 USD 2,238,590 ZAR 15,500,000 (76,162)

Total (76,162)

104 JPMorgan Funds - Emerging Markets Corporate Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing HONG KONG 1,050,000 Bangkok Bank Hong Kong 18.10.20/4.800% 1,010,306 1.54 Bonds 1,010,306 1.54 CAYMAN ISLANDS 900,000 Alliance Global Group 18.08.17/6.500% 885,318 1.35 ARGENTINA 820,000 Central China Real Estate 20.10.15/12.250% 893,743 1.37 900,000 Transportadora de Gas del Sur 14.05.17/7.875% 919,575 1.41 1,050,000 China Forestry Holdings 17.11.15/7.750% 1,060,500 1.62 1,400,000 China Overseas Finance Cayman II 10.11.20/5.500% 1,371,658 2.09 919,575 1.41 700,000 DP World Sukuk 701,073 02.07.17/6.250% 1.07 EL SALVADOR 500,000 Hutchison Whampoa 720,000 Telemovil Finance 01.10.17/8.000% 742,131 1.13 International 09/16 11.09.15/4.625% 527,010 0.80 1,050,000 Minerva Overseas II 15.11.19/10.875% 1,115,070 1.70 742,131 1.13 200,000 Shimao Property Holdings 03.08.17/9.650% 206,078 0.32 4,000,000 Shui On Development 23.12.13/6.875% 623,001 0.95 CYPRUS 540,000 Vale Overseas 10.11.39/6.875% 589,965 0.90 700,000 Alfa MTN Issuance 18.03.15/8.000% 727,764 1.11

7,973,416 12.17 727,764 1.11 LUXEMBOURG UNITED ARAB EMIRATES 1,010,000 Alrosa Finance 03.11.20/7.750% 1,054,187 1.61 750,000 Dubai Electricity & Water 610,000 Evraz Group 10.11.15/8.250% 651,056 0.99 Authority 21.10.20/7.375% 702,660 1.07 500,000 Gaz Capital 29.11.15/5.092% 512,525 0.78 400,000 Gaz Capital 16.08.37/7.288% 418,016 0.64 702,660 1.07 318,837 Gazprom International 01.02.20/7.201% 340,047 0.52 INDONESIA MHP 843,740 800,000 29.04.15/10.250% 1.29 550,000 Berau Capital Resources 08.07.15/12.500% 640,838 0.98 600,000 UBS Luxembourg 23.05.16/8.250% 657,630 1.00 850,000 Unicredit Luxembourg 13.10.15/5.188% 876,477 1.34 640,838 0.98 650,000 VTB Capital 29.05.18/6.875% 689,026 1.05 750,000 Willow No. 2 07.10.15/9.625% 777,371 1.19 UNITED KINGDOM 600,000 UK SPV Credit Finance 23.09.15/9.375% 586,092 0.89 6,820,075 10.41 586,092 0.89 NETHERLANDS 350,000 DTEK Finance 364,287 28.04.15/9.500% 0.56 Total Bonds 37,735,149 57.60 870,000 Kazakhstan Temir Zholy Finance 06.10.20/6.375% 907,136 1.38 1,150,000 Lukoil International Finance 09.11.20/6.125% 1,151,978 1.76 Total Transferable Securities Admitted to an Official 37,735,149 57.60 700,000 Metinvest 20.05.15/10.250% 746,375 1.14 Exchange Listing 600,000 Myriad International Holding 28.07.17/6.375% 627,375 0.96 Transferable Securities Dealt in on Another Regulated Market 3,797,151 5.80 Bonds BERMUDA 700,000 CBQ Finance 18.11.19/7.500% 781,084 1.19 CAYMAN ISLANDS 810,000 Noble Group 05.08.15/4.875% 826,759 1.26 1,000,000 AES Andres Dominicana/Itabo 1,550,000 Qtel International Finance 16.02.21/4.750% 1,478,793 2.26 Dominicana 12.11.20/9.500% 1,041,267 1.59 1,000,000 Banco Bradesco Cayman Islands 16.01.21/5.900% 1,000,315 1.52 3,086,636 4.71 1,000,000 Country Garden Holdings 22.04.17/11.250% 1,100,860 1.68 1,000,000 Odebrecht Drilling Norbe VIII/IX 30.06.21/6.350% 1,046,900 1.60 BRITISH VIRGIN ISLANDS Gerdau Trade 763,040 760,000 30.01.21/5.750% 1.16 4,189,342 6.39 500,000 Sinochem Overseas Capital 12.11.40/6.300% 515,584 0.79 700,000 Star Energy Geothermal Wayang MEXICO Windu 12.02.15/11.500% 796,852 1.22 900,000 Alestra 11.08.14/11.750% 1,037,138 1.58 1,000,000 America Movil 30.03.20/5.000% 1,045,450 1.60 2,075,476 3.17 1,100,000 Axtel 22.09.19/9.000% 1,056,825 1.61 KAZAKHSTAN 3,139,413 4.79 800,000 BTA Bank 01.07.18/10.750%* 868,000 1.32 1,060,000 KazMunayGas National 09.04.21/6.375% 1,051,202 1.61 ARGENTINA 825,000 Empresa Distribuidora Y 1,919,202 2.93 Comercializadora Norte 25.10.22/9.750% 901,492 1.37 1,200,000 Pan American Energy 07.05.21/7.875% 1,283,250 1.96 IRELAND Alfa Bond Issuance 305,415 300,000 25.09.17/7.875% 0.47 2,184,742 3.33 1,000,000 SCF Capital 27.10.17/5.375% 977,550 1.49 400,000 VIP Finance Ireland 30.04.18/9.125% 455,072 0.69 LUXEMBOURG 1,000,000 CSN Resources 21.07.20/6.500% 1,050,625 1.60 1,738,037 2.65 580,000 Steel Capital 25.10.17/6.700% 573,579 0.88 450,000 VTB Capital 13.10.20/6.551% 442,823 0.68 SINGAPORE Sigma Capital 641,371 600,000 30.04.15/9.000% 0.98 2,067,027 3.16 750,000 STATS ChipPAC 12.08.15/7.500% 812,038 1.24 BRAZIL 1,453,409 2.22 740,000 Banco Cruzeiro do Sul 22.09.20/8.875% 739,075 1.13 1,250,000 JBS Finance II 29.01.18/8.250% 1,262,500 1.93 BRAZIL Telemar Norte Leste 1,279,575 1,320,000 23.10.20/5.500% 1.95 2,001,575 3.06 1,279,575 1.95 CHILE 247,000,000 Banco Santander Chile 22.09.20/6.500% 500,783 0.77 SWEDEN 1,440,000 Celulosa Arauco y Constitucion 21.01.21/5.000% 1,429,642 2.18 900,000 TVN Finance 15.11.18/7.875% 1,196,464 1.83 1,930,425 2.95 1,196,464 1.83 PERU UNITED STATES OF AMERICA 1,390,000 Banco de Credito del Peru 16.09.20/5.375% 1,374,453 2.10 1,050,000 Southern Copper 16.04.20/5.375% 1,066,342 1.63 1,374,453 2.10 1,066,342 1.63

105 JPMorgan Funds - Emerging Markets Corporate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

THAILAND 1,100,000 True Move 01.08.14/10.375% 1,177,000 1.80 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 1,177,000 1.80 Fixed Income Securities Cayman Islands CANADA 18.56 Luxembourg 1,000,000 Sino-Forest 21.10.17/6.250% 1,008,985 1.54 13.57 Netherlands 7.15 1,008,985 1.54 Bermuda 5.72 Brazil 5.01 NETHERLANDS Mexico 4.79 900,000 WPE International Cooperatief 30.09.20/10.375% 889,200 1.35 Argentina 4.74 British Virgin Islands 3.17 889,200 1.35 Chile 2.95 BERMUDA Kazakhstan 2.93 650,000 Digicel Group 15.01.15/8.875% 663,236 1.01 Ireland 2.65 United States of America 2.62 663,236 1.01 Singapore 2.22 Peru 2.10 UNITED STATES OF AMERICA Sweden 1.83 680,000 Reliance Holdings USA 19.10.20/4.500% 649,975 0.99 Thailand 1.80 Hong Kong 1.54 649,975 0.99 Canada 1.54 El Salvador 1.13 Total Bonds 21,275,373 32.47 Cyprus 1.11 United Arab Emirates 1.07 Investment Funds Indonesia 0.98 LUXEMBOURG United Kingdom 0.89 276 JPMorgan Liquidity Funds - US Dollar Liquidity Fund Total Fixed Income Securities 90.07 (JPM US Dollar Liquidity X (acc)) 3,883,277 5.93 Investment Funds Luxembourg 5.93 3,883,277 5.93 Total Investment Funds 5.93 Cash and Other Assets/(Liabilities) Total Investment Funds 3,883,277 5.93 4.00 Total 100.00 Total Transferable Securities Dealt in on Another 25,158,650 38.40 Regulated Market Total Investments 62,893,799 96.00

Cash 1,782,546 2.72 Allocation of Portfolio as at 30 June 2010

Other Assets/(Liabilities) 838,647 1.28 Not applicable: Sub-Fund was launched on 14 July 2010

Total Net Assets 65,514,992 100.00

* Variable coupon rates are those quoted as at 31 December 2010.

106 JPMorgan Funds - Emerging Markets Corporate Bond Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

14-Jan-11 EUR 17,469,160 USD 23,114,320 284,859 14-Jan-11 USD 1,139,426 EUR 860,020 (12,533) 17-Feb-11 EUR 155,175 USD 205,946 1,893

Total 274,219

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

Protection Unrealised Termination Buyer/ Market Gain/ Date Counterparty Referenced Obligation Seller Currency Nominal Value (Loss)

20-Dec-15 UBS Brazil (Republic of) 12.250% 06/03/2030 Seller USD 1,150,000 4,667 3,359 20-Dec-15 Deutsche Bank Korea (Republic of) 4.875% 22/09/2014 Buyer USD 1,000,000 (2,446) 4,287

Total 2,221 7,646

107 JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 64 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (acc)) 896,110 8.88

896,110 8.88

Total Investment Funds 896,110 8.88

Total Transferable Securities Dealt in on Another 896,110 8.88 Regulated Market Total Investments 896,110 8.88

Cash 8,773,547 86.93

Other Assets/(Liabilities) 422,911 4.19

Total Net Assets 10,092,568 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Investment Funds Luxembourg 8.88 Total Investment Funds 8.88 Cash and Other Assets/(Liabilities) 91.12 Total 100.00

Allocation of Portfolio as at 30 June 2010

Not applicable: Sub-Fund was launched on 24 November 2010

108 JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

21-Jan-11 EUR 6,857,120 USD 9,058,442 126,476 21-Jan-11 USD 123,391 EUR 93,582 (1,960)

Total 124,516

109 JPMorgan Funds - Emerging Markets Currency Alpha Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 348,279 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist)) 348,280 9.23

348,280 9.23

Total Investment Funds 348,280 9.23

Total Transferable Securities Dealt in on Another 348,280 9.23 Regulated Market Total Investments 348,280 9.23

Cash 3,443,606 91.25

Other Assets/(Liabilities) (18,019) (0.48)

Total Net Assets 3,773,867 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Investment Funds Luxembourg 9.23 Total Investment Funds 9.23 Cash and Other Assets/(Liabilities) 90.77 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Investment Funds Luxembourg 9.21 Total Investment Funds 9.21 Cash and Other Assets/(Liabilities) 90.79 Total 100.00

110 JPMorgan Funds - Emerging Markets Currency Alpha Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

16-Mar-11 AUD 102,260 CAD 101,194 1,432 16-Mar-11 BRL 2,001,304 USD 1,164,612 15,945 16-Mar-11 CAD 204,747 EUR 152,489 494 16-Mar-11 CLP 324,423,803 USD 672,129 12,797 16-Mar-11 CNY 9,002,133 USD 1,348,658 14,736 16-Mar-11 COP 509,290,000 USD 268,471 504 16-Mar-11 CZK 1,047,570 USD 54,958 762 16-Mar-11 EUR 76,016 AUD 103,338 (1,839) 16-Mar-11 EUR 340,894 CZK 8,553,233 (404) 16-Mar-11 EUR 386,709 ILS 1,874,995 (7,719) 16-Mar-11 EUR 82,987 JPY 9,169,637 (1,360) 16-Mar-11 EUR 160,000 MXN 2,668,459 (196) 16-Mar-11 EUR 81,978 NOK 651,682 (1,179) 16-Mar-11 EUR 76,541 NZD 134,629 (1,081) 16-Mar-11 EUR 115,666 PLN 466,182 (1,173) 16-Mar-11 EUR 78,512 SEK 716,659 (1,124) 16-Mar-11 EUR 229,021 THB 9,197,671 536 16-Mar-11 EUR 463,000 TRY 932,184 17,414 16-Mar-11 EUR 1,641,463 USD 2,174,345 17,819 16-Mar-11 HUF 64,233,900 EUR 229,374 (294) 16-Mar-11 IDR 1,403,914,112 USD 154,366 1,413 16-Mar-11 ILS 2,068,057 USD 572,397 7,615 16-Mar-11 INR 40,021,219 USD 880,274 2,381 16-Mar-11 JPY 17,101,754 MXN 2,553,453 4,020 16-Mar-11 JPY 12,836,733 USD 152,633 4,104 16-Mar-11 KRW 240,530,000 USD 210,728 2,345 16-Mar-11 MXN 4,345,182 EUR 261,841 (986) 16-Mar-11 MXN 2,569,831 JPY 17,217,867 (4,105) 16-Mar-11 MXN 6,346,085 USD 510,770 (430) 16-Mar-11 MYR 836,000 USD 263,923 5,992 16-Mar-11 NOK 1,267,867 EUR 158,495 3,288 16-Mar-11 NZD 134,629 CAD 101,039 2,128 16-Mar-11 PHP 16,410,000 USD 371,317 4,012 16-Mar-11 PLN 943,718 USD 311,641 3,813 16-Mar-11 RUB 8,035,431 USD 256,819 3,701 16-Mar-11 SEK 705,405 NOK 616,774 (316) 16-Mar-11 SGD 8,839 EUR 5,076 78 16-Mar-11 TRY 1,540,338 EUR 766,459 (30,174) 16-Mar-11 TRY 310,580 USD 204,000 (3,875) 16-Mar-11 TWD 22,510,330 USD 744,559 30,602 16-Mar-11 USD 202,946 BRL 360,000 (7,758) 16-Mar-11 USD 769,744 CLP 372,002,451 (15,388) 16-Mar-11 USD 1,339,833 CNY 9,002,133 (21,325) 16-Mar-11 USD 841,084 COP 1,578,319,939 5,214 16-Mar-11 USD 62,126 CZK 1,178,997 (654) 16-Mar-11 USD 2,785,978 EUR 2,106,997 (26,631) 16-Mar-11 USD 48,263 HUF 10,243,922 (494) 16-Mar-11 USD 155,139 IDR 1,403,914,112 (836) 16-Mar-11 USD 103,838 ILS 372,528 (827) 16-Mar-11 USD 361,355 INR 16,820,000 (7,425) 16-Mar-11 USD 42,493 JPY 3,550,983 (934) 16-Mar-11 USD 367,133 KRW 418,696,328 (3,848) 16-Mar-11 USD 45,414 MXN 567,663 (166) 16-Mar-11 USD 418,505 MYR 1,320,594 (8,273) 16-Mar-11 USD 739,360 PHP 32,173,788 608 16-Mar-11 USD 156,086 PLN 479,075 (3,517) 16-Mar-11 USD 144,639 THB 4,366,048 (453) 16-Mar-11 USD 204,000 TRY 312,589 2,914 16-Mar-11 USD 1,282,362 TWD 38,496,910 (45,596) 16-Mar-11 USD 204,000 ZAR 1,415,352 (5,501) 16-Mar-11 ZAR 2,846,154 EUR 305,946 11,444 16-Mar-11 ZAR 2,747,601 USD 403,786 4,881 15-Jun-11 CNY 4,190,000 USD 626,064 10,557 15-Jun-11 USD 427,647 CNY 2,840,000 (4,691) 21-Sep-11 CNY 6,500,000 USD 991,971 4,822 21-Sep-11 USD 996,575 CNY 6,500,000 (1,380) 21-Dec-11 CNY 1,350,000 USD 207,326 810

Total (12,771)

111 JPMorgan Funds - Emerging Markets Currency Alpha Fund Schedule of Investments - Outstanding Currency Option Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Put Contract Call Contract Market Gain/ Date Description Currency Size Currency Size Value (Loss)

07-Jan-11 One Touch USD/TRY Strike Price 1.4 TRY 70,000 USD 50,000 - (3,266) 28-Jan-11 Vanilla AUD/USD Strike Price 0.92 AUD 845,000 USD 777,400 165 (6,771)

Total 165 (10,037)

112 JPMorgan Funds - Emerging Markets Debt Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing KAZAKHSTAN 510,000 Development Bank of Bonds Kazakhstan 23.03.26/6.000% 337,791 0.13 3,746,000 KazMunaiGaz Finance 02.07.13/8.375% 3,077,764 1.20 BRAZIL 1,372,000 KazMunaiGaz Finance 02.07.18/9.125% 1,203,062 0.47 1,139,000 Banco Nacional de 2,138,000 KazMunayGas National 23.01.15/11.750% 1,988,738 0.77 Desenvolvimento Economico e 3,510,000 KazMunayGas National 2,598,729 Social 10.06.19/6.500% 934,127 0.36 09.04.21/6.375% 1.01 259,000 Brazil (Republic of) 01.01.12/10.000% 1,198,868 0.47 9,206,084 3.58 100,000 Brazil (Republic of) 01.01.14/10.000% 446,519 0.17 106,000 Brazil (Republic of) 01.01.17/10.000% 460,105 0.18 COLOMBIA 1,258,333 Brazil (Republic of) 15.01.18/8.000% 1,103,842 0.43 510,000 Colombia (Republic of) 25.02.20/11.750% 575,223 0.22 5,865,000 Brazil (Republic of) 05.01.22/12.500% 3,110,108 1.21 4,818,000,000 Colombia (Republic of) 14.04.21/7.750% 2,234,072 0.87 1,702,000 Brazil (Republic of) 06.03.30/12.250% 2,293,561 0.89 3,980,000 Colombia (Republic of) 21.05.24/8.125% 3,769,627 1.47 5,071,000 Brazil (Republic of) 20.01.34/8.250% 5,040,334 1.96 968,000 Colombia (Republic of) 28.01.33/10.375% 1,087,568 0.42 850,000 Brazil (Republic of) 20.01.37/7.125% 755,986 0.29 1,140,000 Ecopetrol 23.07.19/7.625% 985,284 0.38 430,000 Gerdau Holdings 20.01.20/7.000% 352,168 0.14 1,060,000 Telemar Norte Leste 23.10.20/5.500% 767,134 0.30 8,651,774 3.36

16,462,752 6.40 PANAMA 3,990,000 Panama (Republic of) 15.03.15/7.250% 3,454,132 1.34 VENEZUELA 1,785,000 Panama (Republic of) 30.09.27/8.875% 1,839,038 0.72 2,026,400 Petroleos de Venezuela 12.04.17/5.250% 856,599 0.33 2,840,000 Panama (Republic of) 01.04.29/9.375% 3,009,728 1.17 4,698,600 Petroleos de Venezuela 12.04.27/5.375% 1,639,924 0.64 9,860,000 Venezuela (Republic of) 26.02.16/5.750% 5,208,807 2.02 8,302,898 3.23 2,837,000 Venezuela (Republic of) 01.12.18/7.000% 1,413,999 0.55 URUGUAY 2,225,000 Venezuela (Republic of) 13.10.19/7.750% 1,119,269 0.44 1,710,000 Uruguay (Republic of) 17.05.17/9.250% 1,655,296 0.64 2,815,500 Venezuela (Republic of) 09.12.20/6.000% 1,219,150 0.47 3,530,000 Uruguay (Republic of) 18.11.22/8.000% 3,265,273 1.27 4,098,000 Venezuela (Republic of) 23.08.22/12.750% 2,662,040 1.03 35,300,000 Uruguay (Republic of) 05.04.27/4.250% 1,917,679 0.74 2,256,500 Venezuela (Republic of) 31.03.38/7.000% 949,804 0.37 770,000 Uruguay (Republic of) 21.03.36/7.625% 698,171 0.27 11,700,000 Uruguay (Republic of) 553,139 15,069,592 5.85 26.06.37/3.700% 0.22 TURKEY 8,089,558 3.14 2,575,000 Turkey (Republic of) 06.08.14/11.000% 1,361,461 0.53 INDONESIA 2,660,000 Turkey (Republic of) 14.07.17/7.500% 2,359,038 0.92 900,000 Indonesia (Republic of) 04.05.14/10.375% 838,217 0.33 3,400,000 Turkey (Republic of) 03.04.18/6.750% 2,905,148 1.13 3,060,000 Indonesia (Republic of) 04.03.19/11.625% 3,398,223 1.32 1,200,000 Turkey (Republic of) 11.03.19/7.000% 1,040,263 0.40 2,813,000 Indonesia (Republic of) 12.10.35/8.500% 2,787,904 1.08 1,142,000 Turkey (Republic of) 07.11.19/7.500% 1,020,975 0.40 750,000 Indonesia (Republic of) 17.02.37/6.625% 617,440 0.24 2,190,000 Turkey (Republic of) 15.01.20/10.500% 1,193,798 0.46 652,000 Turkey (Republic of) 15.01.30/11.875% 838,797 0.33 7,641,784 2.97 4,375,000 Turkey (Republic of) 05.03.38/7.250% 3,854,194 1.50 UKRAINE 14,573,674 5.67 960,000 Biz Finance for Ukreximbank 27.04.15/8.375% 738,213 0.28 370,000 NAK Naftogaz Ukraine 30.09.14/9.500% 302,128 0.12 ARGENTINA 1,497,000 Ukraine (Government of) 23.09.15/6.875% 1,135,617 0.44 625,000 Argentina (Republic of) 12.09.13/7.000% 469,759 0.18 5,813,000 Ukraine (Government of) 21.11.16/6.580% 4,337,237 1.69 1,460,000 Argentina (Republic of) 17.04.17/7.000% 992,227 0.38 860,000 Ukraine (Government of) 23.09.20/7.750% 650,465 0.25 1,345,000 Argentina (Republic of) 02.06.17/8.750% 1,042,100 0.40 1,251,256 Argentina (Republic of) 31.12.33/8.280% 868,672 0.34 7,163,660 2.78 26,353,434 Argentina (Republic of) 15.12.35/0.000%* 2,951,223 1.15 10,681,055 Argentina (Republic of) 31.12.38/2.500%* 3,568,459 1.39 PERU 1,599,000 Cordoba (Province of) 17.08.17/12.375% 1,250,957 0.49 1,250,000 Peru (Republic of) 03.05.16/8.375% 1,150,192 0.45 1,490,000 Peru (Republic of) 21.07.25/7.350% 1,348,892 0.52 11,143,397 4.33 3,940,000 Peru (Republic of) 21.11.33/8.750% 3,985,741 1.55 762,000 Peru (Republic of) 14.03.37/6.550% 622,281 0.24 PHILIPPINES 287,000 Philippines (Republic of) 17.03.15/8.875% 265,155 0.10 7,107,106 2.76 2,600,000 Philippines (Republic of) 15.01.19/9.875% 2,706,126 1.05 523,000 Philippines (Republic of) 17.06.19/8.375% 503,692 0.20 SOUTH AFRICA 600,000 Philippines (Republic of) 16.03.25/10.625% 695,599 0.27 2,670,000 South Africa (Republic of) 27.05.19/6.875% 2,329,529 0.91 3,700,000 Philippines (Republic of) 02.02.30/9.500% 3,991,564 1.55 30,033,000 South Africa (Republic of) 21.12.26/10.500% 4,044,309 1.57 870,000 Philippines (Republic of) 14.01.31/7.750% 803,781 0.31 1,080,000 Philippines (Republic of) 15.01.32/6.375% 850,648 0.33 6,373,838 2.48 521,000 Power Sector Assets & Liabilities Management 27.05.19/7.250% 451,736 0.18 LITHUANIA 710,000 Power Sector Assets & 1,420,000 Lithuania (Republic of) 15.01.15/6.750% 1,148,923 0.45 Liabilities Management 02.12.24/7.390% 617,666 0.24 5,481,000 Lithuania (Republic of) 14.09.17/5.125% 4,044,511 1.57 1,100,000 Lithuania (Republic of) 11.02.20/7.375% 912,061 0.35 10,885,967 4.23 6,105,495 2.37 RUSSIA 1,200,000 Russian (Republic of) 29.04.20/5.000% 897,592 0.35 HUNGARY 1,250,000 Russian (Republic of) 24.06.28/12.750% 1,623,801 0.63 370,000,000 Hungary (Government of) 12.02.16/5.500% 1,204,983 0.47 8,576,200 Russian (Republic of) 31.03.30/7.500%* 7,395,528 2.87 382,000,000 Hungary (Government of) 24.02.17/6.750% 1,301,634 0.51 4,704,000 Hungary (Government of) 29.01.20/6.250% 3,440,247 1.34 9,916,921 3.85 5,946,864 2.32 LUXEMBOURG 2,080,000 Alrosa Finance 03.11.20/7.750% 1,620,815 0.63 MEXICO 98,550 Gazprom International 01.02.20/7.201% 78,469 0.03 16,120,000 Mexico (United Mexican States) 05.12.24/10.000% 1,212,087 0.47 975,000 MHP 29.04.15/10.250% 767,709 0.30 2,850,000 Mexico (United Mexican States) 15.08.31/8.300% 2,845,851 1.11 2,950,000 RSHB Capital for OJSC Russian 4,580,000 Mexico (United Mexican States) 22.11.35/4.500% 1,392,449 0.54 Agricultural Bank 14.01.14/7.125% 2,348,305 0.91 4,380,000 RSHB Capital for OJSC Russian 5,450,387 2.12 Agricultural Bank 11.06.14/9.000% 3,680,220 1.43 990,000 Willow No 2 for Yasar Holdings 07.10.15/9.625% 766,082 0.30

9,261,600 3.60

113 JPMorgan Funds - Emerging Markets Debt Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

EL SALVADOR BELARUS 1,000,000 El Salvador (Republic of) 01.12.19/7.375% 828,698 0.32 1,603,000 Belarus (Republic of) 03.08.15/8.750% 1,228,474 0.48 1,530,000 El Salvador (Republic of) 24.01.23/7.750% 1,283,615 0.50 1,690,000 El Salvador (Republic of) 10.04.32/8.250% 1,406,809 0.55 1,228,474 0.48 820,000 Telemovil Finance 01.10.17/8.000% 631,009 0.25 BELIZE 1,829,400 Belize (Government of) 20.02.29/6.000%* 1,208,719 0.47 4,150,131 1.62 UNITED STATES OF AMERICA 1,208,719 0.47 1,800,000 Citigroup Funding 27.07.20/11.000% 1,236,060 0.48 GHANA 3,168,000 Pemex Project Funding Master 960,000 Ghana (Republic of) 813,468 Trust 01.03.18/5.750% 2,529,145 0.98 04.10.17/8.500% 0.32

3,765,205 1.46 813,468 0.32 IRELAND SERBIA 958,563 Republic of Serbia 704,476 910,000 Alfa Bond Issuance for Alfa Bank 25.09.17/7.875% 691,646 0.27 01.11.24/6.750%* 0.27 244,000 MTS International Funding 22.06.20/8.625% 206,984 0.08 704,476 0.27 2,440,000 SCF Capital 27.10.17/5.375% 1,780,747 0.69 880,000 VIP Finance Ireland for Vimpel CYPRUS Communications 30.04.18/9.125% 747,440 0.29 820,000 Alfa MTN Issuance 18.03.15/8.000% 636,473 0.25

3,426,817 1.33 636,473 0.25 UNITED KINGDOM ECUADOR 1,210,000 Barclays Bank 20.01.13/0.000%* 1,039,221 0.40 911,000 Ecuador (Republic of) 15.12.15/9.375% 620,063 0.24 190,000 CSFB International (EXIM Ukraine) 07.09.11/7.650% 143,516 0.06 620,063 0.24 1,000,000 Deutsche Bank/London 20.07.18/0.000%* 1,251,014 0.49 970,000 UK SPV Credit Finance for UNITED ARAB EMIRATES Commercial Bank Privatbank 23.09.15/9.375% 707,391 0.27 730,000 Dubai Electricity & Water Authority 22.04.15/8.500% 581,633 0.23 3,141,142 1.22 581,633 0.23 CROATIA 4,012,000 Croatia (Republic of) 14.07.20/6.625% 3,090,509 1.20 IVORY COAST 1,200,000 Ivory Coast (Republic of) 31.12.32/2.500%* 398,671 0.15 3,090,509 1.20 398,671 0.15 SRI LANKA 3,781,000 Sri Lanka (Republic of) 04.10.20/6.250% 2,875,728 1.12 Total Bonds 211,401,183 82.18 2,875,728 1.12 Total Transferable Securities Admitted to an 211,401,183 82.18 Official Exchange Listing INTERNATIONAL AGENCIES 3,550,000 Eurasian Development Bank 29.09.14/7.375% 2,867,733 1.11 Transferable Securities Dealt in on Another Regulated Market 2,867,733 1.11 Bonds QATAR PERU 3,300,000 Qatar (State of) 20.01.20/5.250% 2,623,099 1.02 1,810,000 Banco de Credito del Peru 16.09.20/5.375% 1,336,187 0.52 7,305,000 Peru (Republic of) 12.08.20/7.840% 2,218,968 0.86 2,623,099 1.02 1,840,000 Peru (Republic of) 12.08.31/6.950% 505,964 0.20 EGYPT 3,060,000 Arab Republic of Egypt 29.04.20/5.750% 2,381,726 0.93 4,061,119 1.58 MEXICO 2,381,726 0.93 3,500,000 Mexico (United Mexican States) 17.02.14/5.875% 2,910,374 1.13 NETHERLANDS 322,000 DTEK Finance 28.04.15/9.500% 250,210 0.10 2,910,374 1.13 1,150,000 Kazakhstan Temir Zholy Finance 06.10.20/6.375% 895,209 0.35 BRAZIL 730,000 Lukoil International Finance 05.11.19/7.250% 589,275 0.23 892,000 Banco Cruzeiro do Sul 22.09.20/8.875% 665,113 0.26 620,000 Majapahit Holding 20.01.20/7.750% 537,644 0.21 2,010,000 JBS Finance II 29.01.18/8.250% 1,515,622 0.59 2,272,338 0.89 2,180,735 0.85 CAYMAN ISLANDS CAYMAN ISLANDS 1,120,000 Country Garden Holdings 10.09.14/11.750% 924,722 0.36 1,200,000 AES Andres Dominicana/Itabo IPIC GMTN 396,891 540,000 15.11.20/5.000% 0.15 Dominicana 12.11.20/9.500% 932,861 0.36 Nile Finance 759,392 990,000 05.08.15/5.250% 0.30 459,183 IIRSA Norte Finance 30.05.24/8.750% 383,095 0.15 1,100,000 Odebrecht Drilling Norbe VIII/IX 30.06.21/6.350% 859,748 0.33 2,081,005 0.81 MALAYSIA 2,175,704 0.84 Petronas Capital 1,844,933 2,300,000 12.08.19/5.250% 0.72 UNITED STATES OF AMERICA 2,499,000 Pemex Project Funding Master 1,844,933 0.72 Trust 15.06.35/6.625% 1,894,177 0.74 BERMUDA 350,000 US Treasury (i) 31.08.11/1.000% 262,649 0.10 1,840,000 Qtel International Finance 16.02.21/4.750% 1,310,591 0.51 510,000 Qtel International Finance 144A 16.02.21/4.750% 362,882 0.14 2,156,826 0.84 LUXEMBOURG 1,673,473 0.65 1,670,000 CSN Resources 21.07.20/6.500% 1,309,899 0.51 DOMINICAN REPUBLIC 832,000 Steel Capital for Severstal 25.10.17/6.700% 614,274 0.24 1,952,796 Dominican Republic 144A 23.01.18/9.040% 1,662,016 0.65 1,924,173 0.75 1,662,016 0.65 KAZAKHSTAN 2,370,000 BTA Bank 01.07.18/10.750%* 1,919,781 0.75

1,919,781 0.75

114 JPMorgan Funds - Emerging Markets Debt Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

NETHERLANDS 2,280,000 WPE International Cooperatief 30.09.20/10.375% 1,681,765 0.65 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 1,681,765 0.65 Fixed Income Securities Brazil IRAQ 7.25 Venezuela 2,000,000 Iraq (Republic of) 15.01.28/5.800% 1,371,458 0.53 6.15 Turkey 5.67 1,371,458 0.53 Argentina 4.62 Luxembourg 4.35 TRINIDAD & TOBAGO Peru 4.34 1,480,000 National Gas Co. of Trinidad & Kazakhstan 4.33 Tobago 15.01.36/6.050% 1,054,710 0.41 Philippines 4.23 Russia 3.85 1,054,710 0.41 Colombia 3.36 THAILAND Mexico 3.25 1,027,000 True Move 01.08.14/10.375% 820,404 0.32 Panama 3.23 Uruguay 3.14 820,404 0.32 United States of America 3.12 Indonesia 2.97 GERMANY Ukraine 2.78 970,000 Rearden G Holdings EINS 30.03.20/7.875% 765,094 0.30 South Africa 2.48 Lithuania 2.37 765,094 0.30 Hungary 2.32 VENEZUELA United Kingdom 1.83 1,660,000 Petroleos de Venezuela 28.10.14/4.900% 763,833 0.30 Cayman Islands 1.65 El Salvador 1.62 763,833 0.30 Netherlands 1.54 Ireland 1.33 ARGENTINA Croatia 1.20 920,000 Empresa Distribuidora Y Sri Lanka 1.12 Comercializadora Norte 25.10.22/9.750% 750,532 0.29 International Agencies 1.11 Qatar 1.02 750,532 0.29 Egypt 1.01 CHILE Bermuda 0.92 985,000 Celulosa Arauco y Constitucion 21.01.21/5.000% 730,087 0.28 Malaysia 0.72 Dominican Republic 0.65 730,087 0.28 Iraq 0.53 Belarus 0.48 BERMUDA Belize 0.47 830,000 Digicel Group 15.04.18/10.500% 681,725 0.27 Trinidad & Tobago 0.41 Thailand 0.32 681,725 0.27 Ghana 0.32 EGYPT Germany 0.30 290,000 Arab Republic of Egypt 144A 29.04.20/5.750% 225,708 0.08 Chile 0.28 Serbia 0.27 225,708 0.08 Cyprus 0.25 Ecuador 0.24 Total Bonds 26,174,028 10.17 United Arab Emirates 0.23 Ivory Coast 0.15 Total Transferable Securities Dealt in on Another 26,174,028 10.17 Total Fixed Income Securities Regulated Market 93.78 Cash and Other Assets/(Liabilities) 6.22 Other Transferable Securities Total 100.00 Bonds UNITED STATES OF AMERICA 2,100,000 Citigroup Funding 12.03.12/0.000%* 1,419,023 0.55 840,000 Citigroup Funding 13.03.13/0.000%* 629,632 0.25 255,000 Lehman Brothers Holdings (Defaulted) 03.01.12/10.000% 44,501 0.02

2,093,156 0.82 UNITED KINGDOM 760,000 Deutsche Bank/London 22.12.13/0.000%* 771,280 0.30 750,000 Deutsche Bank/London 23.09.19/0.000%* 802,062 0.31

1,573,342 0.61

Total Bonds 3,666,498 1.43

Total Other Transferable Securities 3,666,498 1.43

Total Investments 241,241,709 93.78

Cash 5,721,809 2.22

Other Assets/(Liabilities) 10,285,358 4.00

Total Net Assets 257,248,876 100.00

* Variable coupon rates are those quoted as at 31 December 2010. (i) Security partially or totally held as collateral against futures positions by the broker.

115 JPMorgan Funds - Emerging Markets Debt Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities Brazil 16.21 Mexico 10.67 Russia 10.30 Turkey 9.97 Philippines 6.16 Venezuela 5.50 Argentina 4.31 Peru 3.85 Colombia 3.80 Indonesia 3.35 United Kingdom 2.59 United States of America 2.55 Luxembourg 2.42 Cayman Islands 2.13 Panama 1.88 Netherlands 1.57 South Africa 1.48 International Agencies 1.39 Ireland 0.98 Uruguay 0.72 Isle of Man 0.64 Israel 0.63 Cyprus 0.56 United Arab Emirates 0.54 Dominican Republic 0.50 Thailand 0.50 Ukraine 0.46 Bermuda 0.42 Costa Rica 0.30 Gabonese Republic 0.29 Belize 0.25 Egypt 0.25 Kazakhstan 0.21 Ecuador 0.17 Total Fixed Income Securities 97.55 Cash and Other Assets/(Liabilities) 2.45 Total 100.00

116 JPMorgan Funds - Emerging Markets Debt Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 39 US 2 Year Note Future USD 6,369,446 3,529 Mar-11 37 US 5 Year Note Future USD 3,246,491 (31,581) Mar-11 (130) US 10 Year Note Future USD (11,664,011) (53,800) Mar-11 47 US Long Bond Future USD 4,266,058 84,048

2,196 Total Bond Futures

Interest Rate Futures

Mar-11 (341) 90 Day Euro$ Future USD (63,411,631) (116,153)

(116,153) Total Interest Rate Futures Total (113,957)

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

24-Jan-11 EUR 11,085,897 USD 14,663,037 139,070 24-Jan-11 USD 80,434,243 EUR 60,922,168 (873,231) 16-Mar-11 BRL 5,790,000 USD 3,355,549 56,441 16-Mar-11 KRW 4,022,500,000 USD 3,510,035 49,722 16-Mar-11 MXN 87,489,324 USD 7,046,038 (9,204) 16-Mar-11 TWD 116,282,214 USD 3,854,233 152,074 16-Mar-11 USD 4,910,289 EUR 3,746,585 (79,937) 16-Mar-11 USD 3,705,638 MXN 46,848,758 (45,381) 16-Mar-11 USD 3,835,165 TWD 116,282,214 (166,312) 16-Mar-11 USD 5,142,718 ZAR 35,483,000 (116,693) 16-Mar-11 ZAR 11,333,000 USD 1,691,644 607 31-Mar-11 EUR 304,000,000 USD 397,668,455 7,027,847 15-Jun-11 CNY 22,340,000 USD 3,385,361 20,914 21-Dec-11 CNY 22,400,000 USD 3,440,068 13,419

Total 6,169,336

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

Protection Unrealised Termination Buyer/ Market Gain/ Date Counterparty Referenced Obligation Seller Currency Nominal Value (Loss)

20-Dec-15 UBS Brazil (Republic of) 12.250% 06/03/2030 Buyer USD 6,100,000 18,481 13,301 20-Dec-15 Deutsche Bank Korea (Republic of) 4.875% 22/09/2014 Buyer USD 9,600,000 (17,530) 33,015

Total 951 46,316

117 JPMorgan Funds - Emerging Markets Diversified Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing HONG KONG 91,500 China Mobile 907,867 2.35 Shares 367,000 CNOOC 869,212 2.25 228,000 SJM Holdings 361,076 0.94 SOUTH KOREA 10,900 Dongkuk Steel Mill 341,330 0.89 2,138,155 5.54 6,200 GS Holdings 360,664 0.93 13,700 Hana Financial Group 529,164 1.37 THAILAND 10,000 Hankook Tire 282,835 0.74 19,000 Banpu - NVDR 500,133 1.30 11,200 Hanwha Chemical 310,035 0.80 598,200 Charoen Pokphand Foods - NVDR 492,694 1.27 1,900 Honam Petrochemical 456,079 1.18 105,800 Kasikornbank - NVDR 442,740 1.15 4,300 Hyundai Engineering & Construction 276,973 0.72 38,000 PTT (Foreign) 405,291 1.05 4,100 Hyundai Motor 633,269 1.64 17,400 Kangwon Land 433,185 1.12 1,840,858 4.77 16,400 KT ADR 341,202 0.88 TURKEY 6,000 LG 466,176 1.21 51,100 Arcelik 260,342 0.67 24,200 LG Display ADR 427,735 1.11 25,000 KOC Holding121,880 0.31 3,500 POSCO ADR 375,900 0.97 15,700 Tupras Turkiye Petrol Rafinerileri 399,939 1.04 1,700 Samsung Electronics 1,437,531 3.73 87,400 Turk Hava Yollari 304,191 0.79 40,200 Turkiye Halk Bankasi 339,402 0.88 6,672,078 17.29 72,100 Turkiye Is Bankasi - C Shares 257,458 0.67 BRAZIL 19,100 Banco do Brasil 361,006 0.94 1,683,212 4.36 25,800 Banco do Estado do Rio Grande do Sul Preference CHINA Shares 274,493 0.71 1,207,000 Bank of China - H Shares * 635,868 20,000 Companhia de Bebidas das Americas Preference 1.65 Shares ADR 628,900 1.63 186,000 China Merchants Bank - H Shares * 469,959 1.22 18,800 Companhia Energtica de Minas Gerais Preference 229,500 China Railway Construction - H Shares * 276,796 0.71 Shares ADR 310,388 0.80 15,000 EDP - Energias do Brasil 351,321 0.91 1,382,623 3.58 36,000 Gerdau Preference Shares ADR 498,780 1.29 MEXICO 33,500 Itau Unibanco Holding Preference Shares ADR 799,813 2.07 204,800 Compartamos 438,981 1.14 9,800 Natura Cosmeticos 280,763 0.73 79,000 Grupo Financiero Banorte - O Shares 368,230 0.95 43,100 OGX Petroleo e Gas Participacoes 518,222 1.34 56,000 Kimberly-Clark de Mexico - A Shares 339,711 0.88 12,300 Petroleo Brasileiro ADR 459,344 1.19 6,300 Souza Cruz 342,228 0.89 1,146,922 2.97 17,100 Vale ADR 586,701 1.52 1,800 Vivo Participacoes Preference Shares 57,820 0.15 POLAND 10,100 Vivo Participacoes Preference Shares ADR 332,240 0.86 10,800 KGHM Polska Miedz 622,667 1.61 65,200 Telekomunikacja Polska 361,068 0.94 5,802,019 15.03 983,735 2.55 TAIWAN 31,000 Asustek Computer 294,896 0.76 CAYMAN ISLANDS 14,900 Chunghwa Telecom ADR 376,076 0.97 258,000 Chaoda Modern Agriculture Holdings 193,838 0.50 164,000 Coretronic 268,832 0.70 272,500 Kingboard Laminates Holdings 278,000 0.72 91,900 Hon Hai Precision Industry Registered Shares GDR 743,012 1.92 1,800 New Oriental Education & Technology Group ADR 190,188 0.50 24,000 HTC 740,710 1.92 393,000 Soho China 293,748 0.76 558,000 Macronix International 390,093 1.01 83,000 Powertech Technology 277,094 0.72 955,774 2.48 117,000 Teco Electric and Machinery 78,381 0.20 BERMUDA 63,000 Tripod Technology 257,772 0.67 606,000 China Gas Holdings 264,288 0.69 118,000 TSRC 273,491 0.71 8,000 Jardine Matheson Holdings 355,840 0.92 125,000 U-Ming Marine Transport 272,131 0.71 208,000 Wistron 424,279 1.10 620,128 1.61

4,396,767 11.39 EGYPT 62,800 Commercial International Bank 505,202 1.31 RUSSIA 10,000 Lukoil OAO ADR 566,000 1.47 505,202 1.31 28,700 MMC Norilsk Nickel ADR 679,903 1.76 19,100 Mobile Telesystems OJSC ADR 396,230 1.03 CANADA 55,500 Rosneft Oil Registered Shares GDR 397,380 1.03 10,700 Pacific Rubiales Energy 359,097 0.94 200,700 Sberbank of Russian 685,535 1.77 14,300 Tatneft ADR 476,190 1.23 359,097 0.94 KAZAKHSTAN 3,201,238 8.29 11,600 KazMunaiGas Exploration Production GDR 229,564 0.59 SOUTH AFRICA 28,600 Adcock Ingram Holdings 257,805 0.67 229,564 0.59 75,100 African Bank Investments 438,866 1.14 22,900 Imperial Holdings 438,553 1.13 Total Shares 37,148,089 96.26 6,500 Kumba Iron Ore 416,029 1.08 Total Transferable Securities Admitted to an Official 37,148,089 96.26 49,400 Pick n Pay Stores 359,594 0.93 Exchange Listing 101,300 RMB Holdings 589,068 1.53 37,900 Shoprite Holdings 571,235 1.48

3,071,150 7.96 INDIA 12,600 Bank of Baroda 263,137 0.68 36,500 Housing Development Finance 593,416 1.54 10,700 Infosys Technologies ADR 814,859 2.11 12,300 Reliance Capital 183,537 0.48 9,300 United Spirits 304,618 0.79

2,159,567 5.60

118 JPMorgan Funds - Emerging Markets Diversified Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 1,100,000 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 1,100,000 2.85

1,100,000 2.85

Total Investment Funds 1,100,000 2.85

Total Transferable Securities Dealt in on Another 1,100,000 2.85 Regulated Market Total Investments 38,248,089 99.11

Cash 730,880 1.89

Other Assets/(Liabilities) (386,279) (1.00)

Total Net Assets 38,592,690 100.00

* Hong Kong Registered Shares.

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 26.46 Information Technology 16.47 Materials 13.99 Energy 12.13 Consumer Staples 8.22 Telecommunication Services 7.18 Consumer Discretionary 5.31 Industrials 3.43 Investment Companies 2.85 Utilities 2.40 Health Care 0.67 Total Shares 99.11 Cash and Other Assets/(Liabilities) 0.89 Total 100.00

Allocation of Portfolio as at 30 June 2010

Not applicable: Sub-Fund was launched on 10 December 2010

119 JPMorgan Funds - Emerging Markets Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing RUSSIA 217,000 Magnit OJSC 28,877,012 0.30 Shares 5,057,400 Magnit OJSC Registered Shares GDR 148,687,560 1.57 58,196,345 Sberbank of Russia 198,782,421 2.09 BRAZIL 8,626,061 All America Latina Logistica 78,015,149 0.82 376,346,993 3.96 10,255,646 Cielo 83,184,753 0.88 5,802,300 Companhia de Bebidas das Americas Preference TURKEY Shares ADR 182,453,324 1.92 13,377,752 KOC Holding65,219,402 0.69 8,783,064 Itau Unibanco Holding Preference Shares 210,020,597 2.21 47,203,169 Turkiye Garanti Bankasi 242,317,627 2.55 350,000 Itau Unibanco Holding Preference Shares ADR 8,356,250 0.09 13,875,900 OGX Petroleo e Gas Participacoes 166,839,886 1.76 307,537,029 3.24 9,797,732 Petroleo Brasileiro Preference Share ADR 328,175,033 3.46 BERMUDA 13,356,006 Vale Preference Shares ADR 400,813,740 4.22 12,204,258 Esprit Holdings 58,288,595 0.62 3,553,100 Weg46,613,986 0.49 36,786,000 Li & 2.26 Fung214,736,045 1,504,472,718 15.85 273,024,640 2.88 INDIA INDONESIA 3,662,458 ACC 88,090,654 0.93 20,914,500 Astra International 127,003,354 1.34 7,796,747 Ambuja Cements 24,916,810 0.26 70,060,533 Bank Rakyat Indonesia 81,538,319 0.86 18,578,819 Bharti Airtel 148,289,847 1.56 30,268,000 Unilever Indonesia 55,536,841 0.58 25,149,765 Housing Development Finance 408,884,053 4.31 1,396,684 Infosys Technologies 107,418,009 1.13 264,078,514 2.78 2,362,652 Infosys Technologies ADR 179,927,763 1.90 4,999,854 Jindal Steel & Power 79,599,040 0.84 LUXEMBOURG 4,446,732 Reliance Capital 66,352,919 0.70 1,557,882 Oriflame Cosmetics SDR 82,289,211 0.87 2,867,067 United Spirits 93,909,829 0.99 2,597,545 Tenaris ADR 127,396,594 1.34

1,197,388,924 12.62 209,685,805 2.21 SOUTH KOREA CAYMAN ISLANDS 873,916 Hyundai Mobis 221,852,561 2.34 1,040,815 New Oriental Education & Technology Group ADR 109,972,513 1.16 945,791 Hyundai Motor 146,082,921 1.54 3,946,600 Tencent Holdings 86,389,470 0.91 1,611,796 KT&G 92,898,698 0.98 221,488 POSCO 96,114,118 1.01 196,361,983 2.07 676,919 Samsung Electronics GDR 144A 286,675,197 3.02 CHILE 218,553 Shinsegae 119,537,003 1.26 1,396,582 Banco Santander Chile ADR 130,377,913 1.37 963,160,498 10.15 130,377,913 1.37 SOUTH AFRICA UNITED STATES OF AMERICA 22,046,441 African Bank Investments 128,833,874 1.36 2,516,645 NII Holdings 111,713,872 1.18 24,182,877 FirstRand 71,233,950 0.75 5,359,269 Impala Platinum Holdings 188,176,160 1.98 111,713,872 1.18 6,362,612 Massmart Holdings 140,960,492 1.48 4,082,069 MMI Holdings 10,198,321 0.11 HUNGARY 8,861,762 MTN Group 179,268,708 1.89 3,362,746 OTP Bank 81,283,017 0.86 1,749,100 Naspers - N Shares 101,983,445 1.07 9,100,139 RMB Holdings 52,918,082 0.56 81,283,017 0.86 EGYPT 873,573,032 9.20 1,542,072 Orascom Construction Industries 74,290,172 0.78 CHINA 35,212,000 Anhui Conch Cement - H Shares * 164,551,582 1.74 74,290,172 0.78 119,388,280 China Construction Bank - H Shares * 106,976,543 1.13 MALAYSIA 92,808,062 China Merchants Bank - H Shares * 234,494,647 2.47 2,597,400 British American Tobacco Malaysia 38,171,594 0.40 18,909,000 Ping An Insurance Group Co. of China - H Shares * 210,968,986 2.22 18,110,000 Tsingtao Brewery - H Shares * 94,824,073 1.00 38,171,594 0.40 17,411,000 Wumart Stores - H Shares * 42,782,172 0.45 Total Shares 9,169,614,950 96.60 854,598,003 9.01 HONG KONG Total Transferable Securities Admitted to an 9,169,614,950 96.60 35,417,600 AIA Group 99,899,767 1.05 Official Exchange Listing 14,700,000 China Mobile 145,853,971 1.54 25,816,000 China Resources Enterprise 105,281,960 1.11 Transferable Securities Dealt in on Another Regulated Market 93,465,000 CNOOC 221,364,790 2.33 21,725,000 Hang Lung Properties 101,804,058 1.07 Investment Funds LUXEMBOURG 674,204,546 7.10 275,551,024 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 275,551,024 2.90 TAIWAN 25,593,651 Acer 79,165,127 0.83 275,551,024 2.90 45,346,285 Hon Hai Precision Industry 182,427,583 1.92 41,510,006 Taiwan Semiconductor Manufacturing101,193,5471.07 Total Investment Funds 275,551,024 2.90 15,420,788 Taiwan Semiconductor Manufacturing ADR 192,065,914 2.02 Total Transferable Securities Dealt in on Another 275,551,024 2.90 554,852,171 5.84 Regulated Market MEXICO Total Investments 9,445,165,974 99.50 1,591,862 America Movil ADR - L Shares 90,107,348 0.94 3,508,654 Cemex ADR Participation Certificates 37,630,314 0.40 Cash 52,836,383 0.56 38,703,032 Grupo Financiero Banorte - O Shares 180,400,392 1.90 61,820,600 Wal-Mart de Mexico - V Shares 176,355,472 1.86 Other Assets/(Liabilities) (5,274,717) (0.06)

484,493,526 5.10 Total Net Assets 9,492,727,640 100.00

* Hong Kong Registered Shares.

120 JPMorgan Funds - Emerging Markets Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 29.46 Information Technology 12.80 Consumer Discretionary 11.91 Materials 11.38 Consumer Staples 10.92 Energy 7.55 Telecommunication Services 7.11 Industrials 5.47 Investment Companies 2.90 Total Shares 99.50 Cash and Other Assets/(Liabilities) 0.50 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 28.80 Information Technology 12.83 Materials 11.62 Consumer Staples 11.28 Consumer Discretionary 10.97 Energy 7.96 Telecommunication Services 7.86 Industrials 5.68 Investment Companies 1.08 Total Shares 98.08 Cash and Other Assets/(Liabilities) 1.92 Total 100.00

121 JPMorgan Funds - Emerging Markets Infrastructure Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing SOUTH KOREA 29,000 GS Holdings 1,686,979 0.96 Shares 36,700 Hanwha Chemical 1,015,918 0.58 6,400 Honam Petrochemical 1,536,267 0.88 BRAZIL 8,244 Hyundai Heavy Industries 3,257,750 1.85 148,539 AES Tiete 1,904,461 1.09 59,000 KT ADR 1,227,495 0.70 172,080 All America Latina Logistica 1,556,313 0.89 10,226 LG 794,519 0.45 160,200 BR Malls Participacoes 1,651,372 0.94 2,770 LG Chem 964,961 0.55 76,546 Cia de Saneamento de Minas Gerais-COPASA 1,318,924 0.75 1,670 POSCO 724,692 0.41 100,000 Companhia de Concessoes Rodoviarias 2,809,547 1.60 5,800 Samsung Engineering 994,089 0.57 123 Companhia de Transmissao de Energia Eletrica Paulista 4,572 0.00 72,445 Companhia de Transmissao de Energia Eletrica 12,202,670 6.95 Paulista Preference Shares 2,407,129 1.37 TURKEY 56,237 Companhia Energetica de Minas Gerais Preference 126,100 Akfen Holding1,007,644 0.57 Shares 906,366 0.52 1,067,400 Is Gayrimenkul Yatirim Ortakligi 1,223,411 0.70 75,670 Gerdau Preference Shares ADR 1,048,408 0.60 473,677 KOC Holding2,309,277 1.31 188,300 Mills Estruturas e Servicos de Engenharia 2,332,073 1.33 312,566 TAV Havalimanlari 0.86 Holding1,507,680 368,100 OGX Petroleo e Gas Participacoes 4,425,930 2.52 53,258 Tupras Turkiye Petrol Rafinerileri 1,356,684 0.78 31,700 Petroleo Brasileiro ADR 1,183,837 0.67 586,794 Turk Hava Yollari 2,042,308 1.16 62,400 Petroleo Brasileiro Preference Share ADR 2,090,088 1.19 240,200 Randon Participacoes Preference Shares 1,770,450 1.01 9,447,004 5.38 50,310 Ultrapar Participações ADR 3,239,461 1.84 77,868 Vale ADR 2,671,651 1.52 HONG KONG 48,200 Vivo Participacoes Preference Shares ADR 1,585,539 0.90 157,000 Beijing Enterprises Holdings 971,012 0.55 144,599 Weg1,897,030 1.08 38,000 China Mobile ADR 1,879,100 1.07 632,000 China Resources Power Holdings 1,147,228 0.65 34,803,151 19.82 1,773,000 CNOOC 4,199,217 2.39 1,920,000 Guangdong Investment 992,963 0.56 INDIA 75,024 ACC 1,804,502 1.03 9,189,520 5.22 571,233 Ambuja Cements 1,825,544 1.04 194,147 Bharti Airtel 1,549,616 0.88 CAYMAN ISLANDS 140,000 Cairn India 1,042,760 0.59 524,000 ENN Energy Holdings 1,577,440 0.90 220,370 Coal India 1,547,247 0.88 97,900 Eurasia Drilling Registered Shares GDR 3,159,233 1.79 332,600 Crompton Greaves 2,307,522 1.31 2,900,000 Towngas China 1,385,998 0.79 971,900 Gujarat NRE Coke 1,419,867 0.81 843,000 Yingde Gases Group 754,276 0.43 103,709 Jindal Steel & Power 1,651,076 0.94 1,487,804 Lanco Infratech 2,112,838 1.20 6,876,947 3.91 428,750 Mundra Port and Special Economic Zone 1,377,628 0.78 CANADA 360,800 Sintex Industries 1,469,747 0.84 147,478 Pacific Rubiales Energy 4,949,432 2.82 37,600 Ultra Tech Cement 906,869 0.52 4,949,432 2.82 19,015,216 10.82 TAIWAN SOUTH AFRICA 749,840 Asia Cement 830,368 0.47 184,928 Aeci 2,295,122 1.30 67,800 Chunghwa Telecom ADR 1,711,272 0.98 83,400 African Rainbow Minerals 2,648,475 1.50 608,000 CTCI 680,597 0.39 365,200 Aveng2,369,396 1.35 1,964,000 Teco Electric and Machinery 1,315,735 0.75 130,500 Bidvest Group 3,088,435 1.76 54,000 Kumba Iron Ore 3,456,238 1.97 4,537,972 2.59 336,370 Raubex Group 1,181,884 0.67 MEXICO 15,039,550 8.55 145,966 Cemex ADR Participation Certificates 1,565,485 0.89 41,967 Grupo Aeroportuario del Sureste ADR 2,353,090 1.34 RUSSIA 7,209,300 IDGC Holding1,265,940 0.72 3,918,575 2.23 313,400 Magnitogorsk Iron & Steel Works Registered Shares GDR 4,575,640 2.60 IRELAND 133,000 MMC Norilsk Nickel ADR 3,150,770 1.79 370,224 Dragon Oil 3,102,635 1.77 68,200 Mobile Telesystems ADR 1,414,809 0.80 278,316 Mostotrest 2,207,750 1.26 3,102,635 1.77 72,800 Rosneft Oil Registered Shares GDR 521,248 0.30 POLAND 43,150 Tatneft ADR 1,436,895 0.82 46,900 KGHM Polska Miedz 2,703,990 1.54

14,573,052 8.29 2,703,990 1.54 CHINA INDONESIA 292,000 Anhui Conch Cement - H Shares * 1,364,565 0.78 2,859,500 Perusahaan Gas Negara 1,405,228 0.80 2,070,000 Anhui Expressway - H Shares * 1,809,529 1.03 35,200 Telekomunikasi Indonesia ADR 1,251,536 0.71 908,000 China Railway Construction - H Shares * 1,095,123 0.62 1,205,000 China Railway Group - H Shares * 868,897 0.50 2,656,764 1.51 288,600 Dongfang Electric - H Shares * 1,425,717 0.81 806,000 Harbin Power Equipment - H Shares * 1,263,992 0.72 BERMUDA 2,526,000 PetroChina - H Shares * 3,285,415 1.87 5,714,000 China Gas Holdings 2,491,986 1.42 3,168,000 Shanghai Electric Group - H Shares * 2,084,666 1.19 1,074,000 Zhejiang Expressway - H Shares * 1,059,064 0.60 2,491,986 1.42 THAILAND 14,256,968 8.12 425,000 PTT Exploration & Production (Foreign) 2,372,504 1.35

2,372,504 1.35

122 JPMorgan Funds - Emerging Markets Infrastructure Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

ARGENTINA 79,660 Telecom Argentina ADR 1,973,975 1.12

1,973,975 1.12 PANAMA 27,600 Copa Holdings - A Shares 1,626,468 0.93

1,626,468 0.93 UNITED STATES OF AMERICA 34,400 NII Holdings 1,527,016 0.87

1,527,016 0.87 LUXEMBOURG 25,914 Tenaris ADR 1,270,952 0.72

1,270,952 0.72

Total Shares 168,536,347 95.93

Total Transferable Securities Admitted to an 168,536,347 95.93 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 1,101,118 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 1,101,118 0.63

1,101,118 0.63

Total Investment Funds 1,101,118 0.63

Total Transferable Securities Dealt in on Another 1,101,118 0.63 Regulated Market Total Investments 169,637,465 96.56

Cash 6,275,938 3.57

Other Assets/(Liabilities) (229,420) (0.13)

Total Net Assets 175,683,983 100.00

* Hong Kong Registered Shares.

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Industrials 24.86 Materials 23.57 Energy 18.86 Utilities 10.76 Financials 8.09 Telecommunication Services 8.03 Consumer Discretionary 1.76 Investment Companies 0.63 Total Shares 96.56 Cash and Other Assets/(Liabilities) 3.44 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Industrials 31.33 Materials 26.63 Energy 16.05 Utilities 14.78 Financials 4.84 Telecommunication Services 4.44 Consumer Discretionary 1.39 Total Shares 99.46 Cash and Other Assets/(Liabilities) 0.54 Total 100.00

123 JPMorgan Funds - Emerging Markets Investment Grade Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing NETHERLANDS 210,000 Lukoil International Finance 09.11.20/6.125% 210,361 1.17 Bonds 170,000 Myriad International Holding 28.07.17/6.375% 177,756 0.98

BRAZIL 388,117 2.15 670,833 Brazil (Republic of) 15.01.18/8.000% 788,229 4.37 300,000 Brazil (Republic of) 15.01.19/5.875% 334,500 1.86 MALAYSIA 500,000 Brazil (Republic of) 20.01.34/8.250% 665,675 3.69 350,000 Petronas Capital 12.08.19/5.250% 376,052 2.09 180,000 Telemar Norte Leste 23.10.20/5.500% 174,487 0.97 376,052 2.09 1,962,891 10.89 QATAR RUSSIA 350,000 Qatar (State of) 20.01.20/5.250% 372,645 2.07 200,000 Russian (Republic of) 24.06.28/12.750% 348,000 1.93 1,261,950 Russian (Republic of) 31.03.30/7.500%* 1,457,615 8.09 372,645 2.07 BAHRAIN 1,805,615 10.02 350,000 Bahrain (Kingdom of) 31.03.20/5.500% 356,696 1.98 MEXICO 450,000 Mexico (United Mexican States) 03.03.15/6.625% 519,750 2.88 356,696 1.98 450,000 Mexico (United Mexican States) 502,875 19.03.19/5.950% 2.79 LITHUANIA 450,000 Mexico (United Mexican States) 601,875 15.08.31/8.300% 3.34 350,000 Lithuania (Republic of) 14.09.17/5.125% 345,940 1.92

1,624,500 9.01 345,940 1.92 PERU BRITISH VIRGIN ISLANDS 885,000 Peru (Republic of) 1,073,151 21.07.25/7.350% 5.95 230,000 Gerdau Trade 30.01.21/5.750% 230,920 1.28 50,000 Sinochem Overseas Capital 12.11.20/4.500% 49,520 0.28 1,073,151 5.95 UNITED STATES OF AMERICA 280,440 1.56 600,000 Pemex Project Funding Master CROATIA Trust 01.03.18/5.750% 641,603 3.56 250,000 Croatia (Republic of) 14.07.20/6.625% 257,950 1.43 170,000 Southern Copper 16.04.20/5.375% 172,646 0.96 257,950 1.43 814,249 4.52 ISRAEL KAZAKHSTAN 210,000 Israel Electric 15.01.19/7.250% 230,582 1.28 170,000 Kazatomprom 20.05.15/6.250% 180,623 1.00 470,000 KazMunayGas National 23.01.15/11.750% 585,591 3.25 230,582 1.28 766,214 4.25 IRELAND 220,000 SCF Capital 27.10.17/5.375% 215,061 1.19 LUXEMBOURG 127,535 Gazprom International 01.02.20/7.201% 136,019 0.75 215,061 1.19 350,000 RSHB Capital for OJSC Russian Agricultural Bank 11.06.14/9.000% 393,907 2.19 INDIA 170,000 VTB Capital 29.05.18/6.875% 180,207 1.00 170,000 ICICI Bank 25.03.15/5.500% 177,197 0.98

710,133 3.94 177,197 0.98 PANAMA ISLE OF MAN 150,000 Panama (Republic of) 15.03.15/7.250% 173,934 0.96 170,000 AngloGold Ashanti Holdings 15.04.20/5.375% 176,612 0.98 350,000 Panama (Republic of) 01.04.29/9.375% 496,825 2.76 176,612 0.98 670,759 3.72 UNITED ARAB EMIRATES BERMUDA 156,893 Dolphin Energy 15.06.19/5.888% 169,201 0.94 160,000 CBQ Finance 18.11.19/7.500% 178,534 0.99 230,000 Noble Group 05.08.15/4.875% 234,759 1.30 169,201 0.94 250,000 Qtel International Finance 16.02.21/4.750% 238,515 1.33 CHINA 651,808 3.62 150,000 Export-Import Bank of China 29.07.14/5.250% 161,182 0.89 SOUTH AFRICA 161,182 0.89 450,000 South Africa (Republic of) 09.03.20/5.500% 478,799 2.66 HUNGARY 478,799 2.66 150,000 Hungary (Government of) 29.01.20/6.250% 146,940 0.82 CHILE 146,940 0.82 350,000 Corporacion Nacional del Cobre de Chile 15.01.19/7.500% 427,108 2.37 BULGARIA 110,000 Bulgaria (National Republic of) 15.01.15/8.250% 128,975 0.72 427,108 2.37 128,975 0.72 POLAND 400,000 Poland (Government of) 16.07.15/3.875% 407,480 2.26 HONG KONG 60,000 Bangkok Bank/Hong Kong 18.10.20/4.800% 57,732 0.32 407,480 2.26 57,732 0.32 CAYMAN ISLANDS 180,000 China Overseas Finance Cayman II 10.11.20/5.500% 176,356 0.98 Total Bonds 15,639,207 86.77 170,000 Hutchison Whampoa International 09/16 11.09.15/4.625% 179,183 0.99 Total Transferable Securities Admitted to an Official 15,639,207 86.77 50,000 Vale Overseas 15.09.20/4.625% 49,639 0.27 Exchange Listing

405,178 2.24

124 JPMorgan Funds - Emerging Markets Investment Grade Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Dealt in on Another Regulated Market Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Bonds Net Assets Fixed Income Securities CHILE Brazil 10.89 180,000 Celulosa Arauco y Constitucion 21.01.21/5.000% 178,705 0.99 Mexico 10.35 220,000 Inversiones CMPC 05.11.19/6.125% 234,365 1.30 Russia 10.02 Peru 413,070 2.29 6.94 Luxembourg 5.29 CAYMAN ISLANDS United States of America 5.18 180,000 Banco Bradesco/Cayman Islands 16.01.21/5.900% 180,057 1.00 Chile 4.66 180,000 Odebrecht Drilling Norbe VIII/IX 30.06.21/6.350% 188,442 1.04 Cayman Islands 4.28 Kazakhstan 4.25 368,499 2.04 Panama 3.72 Bermuda LUXEMBOURG 3.62 South Africa 220,000 TNK-BP Finance 18.07.16/7.500% 243,903 1.35 2.66 Poland 2.26 Netherlands 243,903 1.35 2.15 Malaysia 2.09 MEXICO Qatar 2.07 230,000 America Movil 30.03.20/5.000% 240,454 1.34 Bahrain 1.98 Lithuania 1.92 240,454 1.34 British Virgin Islands 1.56 Croatia PERU 1.43 Israel 180,000 Banco de Credito del Peru 16.09.20/5.375% 177,987 0.99 1.28 Ireland 1.19 177,987 0.99 India 0.98 Isle of Man 0.98 UNITED STATES OF AMERICA United Arab Emirates 0.94 60,000 Reliance Holdings USA 19.10.20/4.500% 57,351 0.32 China 0.89 60,000 US Treasury (i) 31.08.11/1.000% 60,309 0.34 Hungary 0.82 Bulgaria 0.72 117,660 0.66 Hong Kong 0.32 Total Fixed Income Securities 95.44 Total Bonds 1,561,573 8.67 Cash and Other Assets/(Liabilities) 4.56 Total Transferable Securities Dealt in on Another 1,561,573 8.67 Total 100.00 Regulated Market Total Investments 17,200,780 95.44

Cash 223,145 1.24 Allocation of Portfolio as at 30 June 2010 Other Assets/(Liabilities) 599,494 3.32 Not applicable: Sub-Fund was launched on 29 November 2010 Total Net Assets 18,023,419 100.00

* Variable coupon rates are those quoted as at 31 December 2010. (i) Security partially or totally held as collateral against futures positions by the broker.

125 JPMorgan Funds - Emerging Markets Investment Grade Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 1 US 2 Year Note Future USD 218,758 195 Mar-11 (2) US 10 Year Note Future USD (240,359) (1,359)

Total (1,164)

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

06-Jan-11 EUR 10,244,796 USD 13,424,446 297,945 06-Jan-11 USD 13,578,084 EUR 10,244,796 (144,307) 07-Feb-11 EUR 10,114,901 USD 13,405,279 143,294

Total 296,932

126 JPMorgan Funds - Emerging Markets Local Currency Debt Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing SOUTH KOREA 130,000,000 Export-Import Bank of Korea 29.10.13/5.100% 2,093,461 0.31 Bonds 4,000,000,000 Korea (Republic of) 10.06.20/2.750% 2,968,447 0.44

BRAZIL 5,061,908 0.75 7,440,000 Brazil (Republic of) 01.01.13/10.000% 33,775,005 5.02 2,545,000 Brazil (Republic of) 01.01.14/10.000% 11,363,912 1.69 LUXEMBOURG 26,000,000 Brazil (Republic of) 05.01.16/12.500% 13,582,877 2.01 100,000,000 RSHB Capital for OJSC 26,750,000 Brazil (Republic of) 05.01.22/12.500% 14,185,062 2.11 Russian Agricultural Bank 25.03.13/7.500% 2,447,998 0.36

72,906,856 10.83 2,447,998 0.36 SOUTH AFRICA NETHERLANDS 100,500,000 South Africa (Republic of) 15.09.15/13.500% 14,058,253 2.09 29,500,000 Signum Finance 08.09.15/5.500% 2,321,221 0.35 306,130,000 South Africa (Republic of) 31.03.21/6.750% 31,177,069 4.63 38,144,860 South Africa (Republic of) 21.12.26/10.500% 5,136,670 0.76 2,321,221 0.35 167,500,000 South Africa (Republic of) 28.02.31/7.000% 16,471,055 2.45 BAHAMAS 2,865,000 Credit Suisse/Nassau 22.03.13/0.000%* 2,202,207 0.33 66,843,047 9.93 MEXICO 2,202,207 0.33 354,600,000 Mexico (United Mexican PHILIPPINES States) 24,034,285 18.12.14/9.500% 3.57 81,000,000 Philippines (Republic of) 15.01.21/4.950% 1,465,530 0.22 50,000,000 Mexico (United Mexican States) 14.12.17/7.750% 3,204,284 0.48 1,465,530 0.22 76,000,000 Mexico (United Mexican States) 11.06.20/8.000% 4,911,556 0.73 UNITED KINGDOM 295,630,000 Mexico (United Mexican 1,110,000 Barclays Bank 22.12.11/0.000%* 815,936 0.12 States) 05.12.24/10.000% 22,228,873 3.30 90,000,000 Mexico (United Mexican 815,936 0.12 States) 20.11.36/10.000% 6,718,090 1.00 EGYPT 61,097,088 9.08 2,590,000 Egypt (Republic of) 18.07.12/8.750% 334,475 0.05

HUNGARY 334,475 0.05 759,760,000 Hungary (Government of) 12.06.12/7.250% 2,732,670 0.41 5,144,300,000 Hungary (Government of) 12.02.15/8.000% 18,626,250 2.77 IRELAND 8,900,000,000 Hungary (Government of) 12.02.16/5.500% 28,984,724 4.31 8,073,615 Red Arrow International 1,430,000,000 Hungary (Government of) 12.11.20/7.500% 4,997,438 0.74 Leasing 30.06.12/8.375% 200,556 0.03 1,850,000,000 Hungary (Government of) 24.11.23/6.000% 5,682,523 0.84 200,556 0.03 61,023,605 9.07 Total Bonds 491,139,429 72.98 POLAND 10,000,000 Poland (Government of) 25.04.13/5.250% 2,546,302 0.38 Total Transferable Securities Admitted to an 491,139,429 72.98 36,630,000 Poland (Government of) 24.10.13/5.000% 9,261,548 1.37 Official Exchange Listing 49,800,000 Poland (Government of) 25.04.14/5.750% 12,803,557 1.90 40,100,000 Poland (Government of) 25.04.15/5.500% 10,172,315 1.51 Transferable Securities Dealt in on Another Regulated Market 49,915,000 Poland (Government of) 24.10.15/6.250% 13,033,399 1.94 20,000,000 Poland (Government of) 24.08.16/3.000% 6,048,261 0.90 Bonds MALAYSIA 53,865,382 8.00 10,250,000 Malaysia (Government of) 28.09.11/3.833% 2,521,942 0.38 TURKEY 15,000,000 Malaysia (Government of) 27.02.15/3.741% 3,716,641 0.55 5,059,000 Turkey (Republic of) 07.03.12/16.000% 2,691,270 0.40 21,000,000 Malaysia (Government of) 07.02.18/4.240% 5,274,710 0.78 21,300,000 Turkey (Republic of) 28.08.13/16.000% 12,404,143 1.84 124,000,000 Malaysia (Government of) 29.11.19/4.378% 31,173,315 4.63 9,500,000 Turkey (Republic of) 11.02.15/4.500% 5,506,352 0.82 32,000,000 Turkey (Republic of) 17.06.15/10.000% 16,691,581 2.48 42,686,608 6.34 24,100,000 Turkey (Republic of) 13,137,232 15.01.20/10.500% 1.95 UNITED STATES OF AMERICA 40,000,000 US Treasury 10.03.11/0.000% 29,854,444 4.44 50,430,578 7.49 INDONESIA 29,854,444 4.44 50,000,000,000 Indonesia (Republic of) 4,581,957 15.06.15/9.500% 0.68 PERU 16,000,000,000 Indonesia (Republic of) 1,622,187 15.11.20/11.000% 0.24 30,300,000 Peru (Republic of) 12.08.20/7.840% 9,203,932 1.37 43,000,000,000 Indonesia (Republic of) 3,667,121 15.07.21/8.250% 0.54 25,000,000 Peru (Republic of) 12.08.31/6.950% 6,874,515 1.02 13,000,000,000 Indonesia (Republic of) 15.06.22/12.900% 1,457,454 0.22 188,000,000,000 Indonesia (Republic of) 15.07.22/10.250% 18,002,174 2.68 16,078,447 2.39 50,000,000,000 Indonesia (Republic of) 15.08.30/10.500% 4,615,727 0.69 89,100,000,000 Indonesia (Republic of) 15.07.38/10.500% 8,020,435 1.19 CHILE 91,000 Banco Santander Chile 01.01.15/3.000% 3,159,989 0.47 41,967,055 6.24 2,048,000,000 Banco Santander Chile 22.09.20/6.500% 3,099,957 0.46

COLOMBIA 6,259,946 0.93 6,539,000,000 Colombia (Republic of) 22.10.15/12.000% 3,400,007 0.50 49,750,000,000 Colombia (Republic of) 14.04.21/7.750% 23,068,721 3.43 PHILIPPINES 18,207,000,000 Colombia (Republic of) 28.06.27/9.850% 9,796,789 1.46 130,000,000 Philippines (Republic of) 18.02.20/7.750% 2,535,716 0.38

36,265,517 5.39 2,535,716 0.38 THAILAND Total Bonds 97,415,161 14.48 900,000,000 Thailand (Government of) 13.06.19/3.875% 23,021,239 3.42 Total Transferable Securities Dealt in on 97,415,161 14.48 23,021,239 3.42 Another Regulated Market URUGUAY 70,000,000 Uruguay (Republic of) 14.09.18/5.000% 4,231,370 0.63 98,100,000 Uruguay (Republic of) 26.06.37/3.700% 4,637,861 0.69

8,869,231 1.32

127 JPMorgan Funds - Emerging Markets Local Currency Debt Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Other Transferable Securities Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Bonds Net Assets Fixed Income Securities UNITED KINGDOM Brazil 10.83 660,000 Deutsche Bank/London 22.12.13/0.000%* 669,796 0.10 South Africa 9.93 116,400,000,000 Deutsche Bank/London 22.07.31/9.500% 10,292,012 1.53 Mexico 9.08 Hungary 10,961,808 1.63 9.07 Poland 8.00 UNITED STATES OF AMERICA Turkey 7.49 2,060,000 Citigroup Funding 12.03.12/0.000%* 1,391,994 0.21 Malaysia 6.34 5,790,000 Citigroup Funding 13.03.13/0.000%* 4,339,961 0.64 Indonesia 6.24 Colombia 5.39 5,731,955 0.85 United States of America 5.29 Thailand 3.42 Total Bonds 16,693,763 2.48 Peru 2.39 United Kingdom 1.75 Total Other Transferable Securities 16,693,763 2.48 Uruguay 1.32 Chile 0.93 Total Investments 605,248,353 89.94 South Korea 0.75 Philippines 0.60 Cash 54,171,683 8.05 Luxembourg 0.36 Netherlands 0.35 Other Assets/(Liabilities) 13,504,129 2.01 Bahamas 0.33 Egypt 0.05 Total Net Assets 672,924,165 100.00 Ireland 0.03 Total Fixed Income Securities 89.94 Cash and Other Assets/(Liabilities) 10.06 * Variable coupon rates are those quoted as at 31 December 2010. Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities Brazil 21.30 Mexico 13.71 Poland 10.49 South Africa 9.74 Turkey 7.37 Malaysia 6.77 Indonesia 5.58 Hungary 3.45 Colombia 2.73 Israel 2.08 United States of America 1.33 Uruguay 1.12 United Kingdom 0.89 Luxembourg 0.55 Bahamas 0.49 Egypt 0.08 Ireland 0.06 Total Fixed Income Securities 87.74 Cash and Other Assets/(Liabilities) 12.26 Total 100.00

128 JPMorgan Funds - Emerging Markets Local Currency Debt Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

16-Mar-11 BRL 17,920,000 USD 10,326,037 219,008 16-Mar-11 CLP 2,913,094,421 USD 6,004,103 138,155 16-Mar-11 EUR 18,100,744 HUF 5,084,680,000 (32,973) 16-Mar-11 EUR 3,170,000 MXN 52,868,848 (3,888) 16-Mar-11 EUR 9,308,000 TRY 18,741,553 349,493 16-Mar-11 EUR 91,361,639 USD 121,562,820 587,337 16-Mar-11 HUF 3,500,000,000 USD 16,352,001 271,714 16-Mar-11 INR 92,400,000 USD 1,971,831 50,692 16-Mar-11 JPY 337,973,143 MXN 50,462,582 79,442 16-Mar-11 MXN 201,143,608 EUR 12,108,177 (32,876) 16-Mar-11 MXN 50,662,394 JPY 339,438,042 (80,922) 16-Mar-11 MXN 50,089,371 USD 4,038,000 (8,259) 16-Mar-11 MYR 99,353,965 USD 31,559,630 567,437 16-Mar-11 PLN 58,111,350 EUR 14,368,232 196,211 16-Mar-11 RUB 1,524,623,800 USD 48,772,354 669,345 16-Mar-11 THB 1,692,827,400 EUR 42,429,942 (377,435) 16-Mar-11 THB 455,000,000 USD 15,062,306 55,480 16-Mar-11 TRY 27,838,770 EUR 13,817,449 (510,451) 16-Mar-11 TRY 27,147,653 USD 17,890,243 (382,494) 16-Mar-11 TWD 246,160,000 USD 8,159,098 321,928 16-Mar-11 USD 1,985,896 BRL 3,520,000 (74,705) 16-Mar-11 USD 5,959,089 CLP 2,913,094,421 (171,768) 16-Mar-11 USD 70,758,059 EUR 53,521,846 (684,856) 16-Mar-11 USD 1,990,950 INR 92,400,000 (36,415) 16-Mar-11 USD 4,038,000 TRY 6,187,427 57,681 16-Mar-11 USD 8,137,653 TWD 246,164,000 (338,047) 16-Mar-11 USD 4,038,000 ZAR 28,015,644 (108,891) 16-Mar-11 ZAR 27,052,177 USD 4,038,000 1,449 15-Apr-11 EUR 7,000,000 HUF 1,946,000,000 79,464 15-Apr-11 HUF 1,946,000,000 EUR 6,977,344 (56,808) 15-Jun-11 CNY 28,170,000 USD 4,275,956 21,046 21-Sep-11 CNY 104,765,000 USD 15,993,855 73,552 21-Sep-11 USD 16,068,807 CNY 104,765,000 (17,529) 15-Nov-11 PHP 1,758,000,000 USD 40,441,684 (159,192) 15-Nov-11 USD 40,000,000 PHP 1,758,000,000 (171,020) 21-Dec-11 CNY 28,170,000 USD 4,326,192 16,876

Total 507,781

Schedule of Investments - Outstanding Swaptions (Expressed in EUR)

Unrealised Maturity Long/ Notional Market Gain/ Date Counterparty Short Description Currency Amount Value (Loss)

01-Dec-16 JPMorgan Chase LongInterest Rate Swap 01/12/2016 Put USDStrike 54,000,0001.800% 828,762 604,791

Total 828,762 604,791

Schedule of Investments - Outstanding Currency Option Contracts (Expressed in EUR)

Unrealised Expiration Put Contract Call Contract Market Gain/ Date Description Currency Size Currency Size Value (Loss)

06-Jan-11 Vanilla USD/PHP Strike Price 41.6 USD 47,550,000 PHP 1,978,080,000 - (266,248) 07-Jan-11 One Touch USD/TRY Strike Price 1.40 TRY 1,218,000 USD 870,000 - (56,833) 14-Jan-11 Vanilla AUD/USD Strike Price 0.88 AUD 24,550,000 USD 21,604,000 - (96,832) 17-Jan-11 Vanilla EUR/USD Strike Price 1.3 EUR 23,850,000 USD 31,005,000 104,566 (134,650) 24-Jan-11 Vanilla EUR/USD Strike Price 1.275 EUR 40,000,000 USD 51,000,000 117,964 (224,836) 01-Feb-11 Knock Out AUD/USD Strike Price 0.90 AUD 53,110,215 USD 47,799,193 5,861 (107,154) 11-Feb-11 Vanilla USD/CNY Strike Price 6.45 USD 82,901,811 CNY 534,716,683 38,552 (151,767)

Total 266,943 (1,038,320)

129 JPMorgan Funds - Emerging Markets Small Cap Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing BRAZIL 1,618,400 Brasil Brokers Participaçoes 9,298,518 1.55 Shares and Warrants 370,121 LPS Brasil Consultoria de Imoveis 8,699,949 1.45 497,200 Lupatech 5,800,118 0.97 CAYMAN ISLANDS 502,700 Sul America 6,301,528 1.04 152,800 3SBio ADR 2,278,248 0.38 365,219 Tegma Gestao Logistica 5,534,454 0.93 8,102,000 Chaoda Modern Agriculture Holdings 6,087,106 1.02 82,977 Totvs 8,428,561 1.41 18,501,000 China Vanadium Titano - Magnetite Mining 8,794,586 1.47 7,060,000 Chinasoft International 1,762,025 0.30 44,063,128 7.35 528,100 CNInsure ADR 9,075,398 1.52 602,395 E-House China Holdings ADR 9,047,973 1.51 INDIA 37,699,500 Fantasia Holdings Group 6,498,994 1.08 20,939 Agre Developers 0 0.00 678,000 Fu Ji Food & Catering Services 0 0.00 203,069 Aurobindo Pharma 5,950,492 0.99 12,184,000 Hopefluent Group Holdings 6,857,624 1.14 358,417 Birla 2,881,604 0.48 254,000 IFM Investments ADS 1,191,260 0.20 1,331,492 Indiabulls Real Estate 4,111,501 0.69 823,700 JA Solar Holdings ADR 5,613,516 0.94 533,023 Pantaloon Retail India 5,119,276 0.86 11,358,000 Kingdee International Software Group 6,363,496 1.06 348,500 Piramal Healthcare 3,651,203 0.61 232,814 Longtop Financial Technologies ADR 8,382,468 1.40 2,091,800 Polaris Software Lab 8,144,524 1.36 308,400 Perfect World ADR 7,208,850 1.20 881,699 United Breweries 9,911,350 1.65 1,859,000 Ruinian International 1,287,866 0.22 62,100 United Spirits 2,034,065 0.34 5,356,000 Samson Holding1,143,811 0.19 664,532 Simcere Pharmaceutical Group ADR 7,725,184 1.29 41,804,015 6.98 98,053 Sina 6,789,680 1.13 SOUTH AFRICA 22,592,000 Sino Biopharmaceutical 8,399,593 1.40 415,770 African Bank Investments 2,429,656 0.40 1,807,000 Stella International Holdings 3,596,286 0.60 985,589 Distribution and Warehousing Network 1,237,107 0.21 8,417,000 Tao Heung Holdings 3,004,873 0.50 103,295 Massmart Holdings 2,288,449 0.38 5,124,000 Truly International Holdings 8,259,732 1.38 2,620,668 Raubex Group 9,208,089 1.54 3,480,000 United Laboratories International Holdings 7,185,550 1.20 576,900 Spar 8,501,038 1.42 138,423 VanceInfo Technologies ADR 4,752,754 0.79 WuXi PharmaTech Cayman ADR 8,237,544 499,851 1.38 23,664,339 3.95 9,521,000 Yingde Gases Group 8,518,938 1.42 TURKEY 148,063,355 24.72 6,505,700 Anadolu Sigorta 5,734,208 0.96 73,458 BIM Birlesik Magazalar 2,531,767 0.43 TAIWAN 1,787,619 Reysas Logistics 4,461,400 0.74 1,701,000 Catcher Technology 6,288,652 1.05 4,256,900 Turk Ekonomi Bankasi 6,116,038 1.02 2,494,150 Chicony Electronics 5,566,802 0.93 E Ink Holdings 6,592,352 3,251,000 1.10 18,843,413 3.15 630,536 International Games System 3,439,877 0.57 399,000 Largan Precision 9,932,218 1.66 UNITED KINGDOM 1,976,000 Powertech Technology 6,596,837 1.10 1,640,213 International Personal Finance 9,800,826 1.64 4,824,870 Radiant Opto-Electronics 9,643,118 1.61 546,629 Wellstream Holdings 6,722,466 1.12 2,641,830 Realtek Semiconductor 6,304,316 1.05 727,000 Richtek Technology 6,092,632 1.02 16,523,292 2.76 1,137,357 Simplo Technology 8,292,618 1.38 UNITED STATES OF AMERICA St Shine Optical 5,218,597 392,000 0.87 517,069 AsiaInfo-Linkage 8,679,003 1.45 Taiwan Hon Chuan Enterprise 3,750,429 1,652,400 0.63 251,376 CTC Media 5,872,143 0.98 1,747,000 Tripod Technology 7,148,044 1.19 637,977 Young Fast Optoelectronics 6,090,825 1.02 14,551,146 2.43 5,116,000 Yungtay Engineering 7,697,259 1.29 MALAYSIA 98,654,576 16.47 947,242 Steppe Cement 789,403 0.13 5,053,000 Top Glove 8,215,253 1.37 SOUTH KOREA 435,400 Daegu Bank 6,065,121 1.01 9,004,656 1.50 442,520 Grand Korea Leisure 8,136,879 1.36 62,320 GS Home 1.01 CHINAShopping6,075,433 580,009 Infraware 4,232,378 0.71 479,443 China Security & Surveillance Technology 2,505,090 0.42 414,025 Insun ENT 1,444,149 0.24 2,448,000 Wumart Stores - H Shares * 6,015,206 1.00 397,622 Korean Reinsurance 4,174,095 0.70 44,200 MegaStudy 6,945,163 1.16 8,520,296 1.42 236,628 Melfas 6,112,524 1.02 ISLE OF MAN 2,147,210 ON Media 7,652,336 1.28 1,626,054 Lamprell 8,183,814 1.37 757,332 Youngone 7,139,992 1.19 8,183,814 1.37 57,978,070 9.68 EGYPT BERMUDA 37,697 Eastern Tobacco 795,277 0.13 3,270,000 Cafe de Coral Holdings 8,110,741 1.35 6,800,900 Juhayna Food Industries 7,047,534 1.18 15,048,000 China Gas Holdings 6,562,725 1.10 133,444,346 China LotSynergy Holdings 5,708,179 0.95 7,842,811 1.31 2,580,000 Clear Media 1,702,718 0.29 6,932,000 IT 5,234,828 0.87 MEXICO 13,862,000 Kingway Brewery Holdings 3,486,410 0.58 3,427,436 Compartamos 7,346,583 1.23 12,682,000 Pacific Basin 1.41 Shipping8,443,137 374,000 Peace Mark Holdings 5 0.00 7,346,583 1.23 5,852,000 Trinity 6,165,864 1.03 UNITED ARAB EMIRATES 6,726,700 Arabtec Holding3,598,684 0.60 45,414,607 7.58 13,060,200 Drake & Scull International 3,680,182 0.61

7,278,866 1.21

130 JPMorgan Funds - Emerging Markets Small Cap Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

RUSSIA 728,311 Mostotrest 5,777,349 0.96 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 27,572 Veropharm 1,373,855 0.23 Net Assets Shares and Warrants 7,151,204 1.19 Information Technology 22.20 Financials KAZAKHSTAN 18.66 Consumer Discretionary 372,700 Zhaikmunai Registered Shares GDR 4,528,305 0.75 13.43 Industrials 12.93 4,528,305 0.75 Consumer Staples 9.56 Health Care 8.57 KENYA Materials 5.50 1,576,035 East African Breweries 3,974,264 0.66 Energy 5.15 Investment Companies 2.29 3,974,264 0.66 Utilities 1.10 POLAND Total Shares and Warrants 99.39 420,673 Eurocash 3,710,381 0.62 Cash and Other Assets/(Liabilities) 0.61 Total 3,710,381 0.62 100.00 NIGERIA 6,302,939 Nigerian Breweries 3,173,632 0.53

3,173,632 0.53 Allocation of Portfolio as at 30 June 2010 % of Net Assets GERMANY Shares and Warrants 145,244 KHD Humboldt Wedag International 1,347,919 0.23 Information Technology 20.94 Consumer Discretionary 18.55 1,347,919 0.23 Financials 13.81 PHILIPPINES Consumer Staples 11.36 1,246,800 Megaworld - Warrants 15.06.15 40,736 0.01 Health Care 9.29 Industrials 7.98 40,736 0.01 Materials 6.50 Energy 5.91 Total Shares and Warrants 581,663,408 97.10 Investment Companies 2.99 Utilities 1.48 Total Shares and Warrants 98.81 Total Transferable Securities Admitted to an 581,663,408 97.10 Cash and Other Assets/(Liabilities) Official Exchange Listing 1.19 Total 100.00 Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 13,709,989 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 13,709,989 2.29

13,709,989 2.29

Total Investment Funds 13,709,989 2.29

Total Transferable Securities Dealt in on Another 13,709,989 2.29 Regulated Market Total Investments 595,373,397 99.39

Cash 2,896,940 0.48

Other Assets/(Liabilities) 730,770 0.13

Total Net Assets 599,001,107 100.00

* Hong Kong Registered Shares.

131 JPMorgan Funds - Emerging Markets Small Cap Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

04-Jan-11 GBP 50,890 USD 78,750 22

Total 22

132 JPMorgan Funds - Emerging Markets Value Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing TURKEY 559,500 KOC Holding2,727,682 1.29 Shares 76,249 Tupras Turkiye Petrol Rafinerileri 1,942,352 0.91 528,000 Turk Hava Yollari 1,837,678 0.87 SOUTH KOREA 445,387 Turkiye Halk Bankasi 3,760,330 1.77 2,090 Amorepacific 2,123,204 1.00 124,300 Daishin Securities 1,836,774 0.87 10,268,042 4.84 72,000 Hana Financial Group 2,781,007 1.31 10,900 Hyundai Heavy Industries 4,307,311 2.03 THAILAND 18,800 Hyundai Mobis 4,772,573 2.25 161,500 Banpu (Foreign) Registered Shares 4,251,131 2.01 12,400 Hyundai Motor 1,915,252 0.90 1,902,300 CP ALL (Foreign) 2,492,614 1.17 45,440 Korea Gas 1,960,716 0.93 1,374,400 Tisco Financial Group (Foreign) 1,840,918 0.87 124,300 KT ADR 2,586,062 1.22 47,600 LG Electronics 4,996,880 2.35 8,584,663 4.05 14,700 POSCO ADR 1,578,780 0.74 INDIA 5,100 Samsung Electronics GDR 144A 2,159,850 1.02 41,978 Grasim Industries 2,295,761 1.08 123,160 Punjab National Bank 3,712,223 1.75 31,018,409 14.62 704,700 Reliance Communications 2,295,811 1.08 BRAZIL 87,183 Banco do Brasil 1,647,834 0.78 8,303,795 3.91 5,100,000 Banco Nacional Preference Shares 0 0.00 MEXICO 370,900 BM&F Bovespa 2,932,506 1.38 1,234,800 Compartamos 2,646,749 1.25 172,300 Cielo 1,397,546 0.66 27,000 Grupo Aeroportuario del Sureste ADR 1,513,890 0.71 160,500 Companhia de Bebidas das Americas Preference 324,427 Kimberly-Clark de Mexico - A Shares 1,968,064 0.93 Shares ADR 5,046,922 2.38 61,600 Companhia de Transmissao de Energia Eletrica Paulista Preference Shares 2,046,783 0.97 6,128,703 2.89 100,540 Companhia Energética de Minas Gerais Preference BERMUDA Shares ADR 1,659,915 0.78 84,800 Jardine Matheson Holdings 3,771,904 1.78 154,970 Itau Unibanco Holding Preference Shares ADR 3,699,909 1.74 510,000 Yue Yuen Industrial Holdings 1,845,306 0.87 273,800 Itausa - Investimentos Itau Preference Shares 2,168,909 1.02 308,900 OGX Petroleo e Gas Participacoes 3,714,126 1.75 5,617,210 2.65 72,528 Souza Cruz 3,939,860 1.86 183,396 Sul America 2,298,936 1.08 INDONESIA 367,000 Astra International 2,228,608 1.05 30,553,246 14.40 716,500 Gudang Garam 3,199,872 1.51 TAIWAN 5,428,480 2.56 268,000 Asustek Computer 2,549,425 1.20 190,000 AU Optronics ADR 1,971,250 0.93 MALAYSIA 73,000 HTC 2,252,994 1.06 733,500 Kuala Lumpur 2.50 Kepong5,295,103 201,508 MediaTek 2,884,859 1.36 1,454,000 Pegatron 2,094,069 0.99 5,295,103 2.50 350,568 Taiwan Semiconductor Manufacturing ADR 4,366,324 2.06 POLAND 584,000 Tripod Technology 2,389,501 1.13 19,500 Powszechny Zaklad Ubezpieczen 2,339,250 1.10 1,606,497 Wistron 3,276,934 1.54 480,600 Telekomunikacja Polska 2,661,493 1.26

21,785,356 10.27 5,000,743 2.36 RUSSIA EGYPT 5 Gazprom Neft 21 0.00 478,900 Commercial International Bank 3,852,569 1.82 160,200 Magnitogorsk Iron & Steel Works Registered Shares GDR 2,338,920 1.10 3,852,569 1.82 231,500 Rosneft Oil Registered Shares GDR 1,657,540 0.78 1,974,000 Sberbank of Russia 6,742,631 3.18 CAYMAN ISLANDS 78,800 Sistema JSFC Registered Shares GDR 1,959,756 0.92 79,900 Focus Media Holding ADR 1,757,400 0.83 71,700 Tatneft Registered Shares ADR 2,387,610 1.13 4,014,000 Towngas China 1,918,412 0.90

15,086,478 7.11 3,675,812 1.73 HONG KONG IRELAND 742,400 AIA Group 2,094,032 0.99 275,000 Dragon Oil 2,304,617 1.09 496,000 China Resources Enterprise 2,022,771 0.95 3,452,000 Guangdong Investment 1,785,265 0.84 2,304,617 1.09 173,800 Hong Kong Exchanges & Clearing 3,948,628 1.86 UNITED KINGDOM 2,504,000 Shun Tak Holdings 1,565,584 0.74 61,201 Standard Chartered 1,644,967 0.77 1,816,000 SJM Holdings 2,875,939 1.36 1,644,967 0.77 14,292,219 6.74 NIGERIA SOUTH AFRICA 1,980,000 Dangote Cement 1,620,503 0.76 354,600 African Bank Investments 2,072,193 0.98 169,300 Foschini Group 2,292,342 1.08 1,620,503 0.76 208,800 Imperial Holdings 3,998,683 1.88 30,900 Kumba Iron Ore 1,977,736 0.94 KAZAKHSTAN 131,475 Shoprite Holdings 1,981,611 0.93 96,700 Halyk Savings Bank of Kazakhstan Registered Shares GDR 981,505 0.46 12,322,565 5.81 981,505 0.46 CHINA 6,925,600 Bank of China - H Shares * 3,648,523 1.72 Total Shares 205,525,377 96.88 4,405,190 China Construction Bank - H Shares * 3,947,222 1.86 3,202,000 PetroChina - H Shares * 4,164,647 1.96 Total Transferable Securities Admitted to an 205,525,377 96.88 Official Exchange Listing 11,760,392 5.54

133 JPMorgan Funds - Emerging Markets Value Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 5,900,686 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 5,900,686 2.78

5,900,686 2.78

Total Investment Funds 5,900,686 2.78

Total Transferable Securities Dealt in on Another 5,900,686 2.78 Regulated Market Total Investments 211,426,063 99.66

Cash 523,579 0.25

Other Assets/(Liabilities) 193,391 0.09

Total Net Assets 212,143,033 100.00

* Hong Kong Registered Shares.

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 36.04 Information Technology 11.29 Consumer Staples 10.18 Consumer Discretionary 9.51 Energy 7.62 Materials 7.56 Industrials 6.62 Telecommunication Services 4.48 Utilities 3.58 Investment Companies 2.78 Total Shares 99.66 Cash and Other Assets/(Liabilities) 0.34 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 38.70 Materials 11.48 Consumer Discretionary 11.33 Information Technology 10.28 Consumer Staples 7.96 Industrials 6.39 Telecommunication Services 5.54 Energy 3.99 Utilities 3.10 Investment Companies 1.83 Total Shares 100.60 Cash and Other Assets/(Liabilities) (0.60) Total 100.00

134 JPMorgan Funds - Emerging Middle East Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing AUSTRALIA 1,899,153 Centamin Egypt 5,186,478 1.17 Shares 5,186,478 1.17 TURKEY 1,054,150 Arcelik 5,293,514 1.20 JERSEY 304,290 BIM Birlesik Magazalar 10,518,630 2.38 159,400 Petrofac 3,961,193 0.90 593,971 Ford Otomotiv Sanayi 5,025,378 1.13 2,217,841 KOC Holding10,822,572 2.45 3,961,193 0.90 1,579,297 TAV Havalimanlari Holding7,706,619 1.74 UNITED KINGDOM 909,364 Tekfen Holding3,863,024 0.87 183,600 Hikma Pharmaceuticals 2,295,486 0.52 390,991 Tofas Turk Otomobil Fabrikasi 2,039,011 0.46 Tupras Turkiye Petrol Rafine 14,072,458 553,374 3.18 2,295,486 0.52 2,373,067 Turk Ekonomi Bankasi 3,480,131 0.79 2,898,883 Turk Hava Yollari 10,146,932 2.29 JORDAN 732,035 Turk Telekomunikasyon 3,156,910 0.71 56,883 Dar Al Dawa Development & Investment 304,687 0.07 857,060 Turkcell Iletisim Hizmet 5,952,957 1.34 7,372,358 Turkiye Garanti Bankasi 37,971,469 8.59 304,687 0.07 1,905,972 Turkiye Halk Bankasi 16,125,754 3.65 4,125,564 Turkiye Is Bankasi - C Shares 14,759,802 3.34 Total Shares 441,141,603 99.74 664,715 Turkiye Vakiflar Bankasi Tao - D Shares 1,686,104 0.38 3,896,590 Yapi ve Kredi Bankasi 12,370,725 2.80 Total Transferable Securities Admitted to an 441,141,603 99.74 Official Exchange Listing 164,991,990 37.30 Total Investments 441,141,603 99.74 EGYPT 2,473,488 Commercial International Bank 19,896,559 4.50 Bank Overdraft (2,472) 0.00 132,083 Eastern Tobacco 2,786,257 0.63 1,408,958 Egyptian Financial Group-Hermes 8,155,209 1.84 Other Assets/(Liabilities) 1,156,286 0.26 348,779 ElSwedy Electric 3,220,423 0.73 562,023 Ghabbour Auto 4,110,852 0.93 Total Net Assets 442,295,417 100.00 6,324,800 Juhayna Food Industries 6,553,604 1.48 983,412 National Societe Generale Bank 8,330,626 1.88 315,289 Orascom Construction Industries 15,187,914 3.44 124,900 Six of October Development & Investment 2,262,508 0.51 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 4,616,234 Talaat Moustafa Group 6,850,794 1.55 Net Assets Shares 77,354,746 17.49 Financials 56.64 Telecommunication Services 12.20 QATAR Industrials 11.65 399,153 Commercial Bank of Qatar 10,063,233 2.27 Energy 5.73 260,000 Doha Bank 4,644,897 1.05 Consumer Staples 4.86 225,544 Industries Qatar 8,554,220 1.93 Consumer Discretionary 3.72 157,289 Qatar Electricity & Water 5,516,260 1.25 Materials 3.10 348,255 Qatar National Bank 17,679,594 4.00 Utilities 1.25 189,808 Qatar Telecom Q-Tel 9,270,942 2.10 Health Care 0.59 55,729,146 12.60 Total Shares 99.74 Bank Overdraft and Other Assets/(Liabilities) 0.26 KUWAIT 993,245 Kuwait Projects 0.35 Holding1,525,925Total 100.00 5,100,000 Mobile Telecommunications 27,355,073 6.18 5,247,250 National Bank of Kuwait 26,653,764 6.03

55,534,762 12.56 Allocation of Portfolio as at 30 June 2010 % of UNITED ARAB EMIRATES Net Assets 4,372,511 Aldar Properties 2,708,266 0.61 Shares 2,229,768 Aramex 1,259,670 0.28 Financials 61.17 1,943,700 Depa 1,360,590 0.31 Telecommunication Services 12.43 14,427,612 DP World 9,067,754 2.05 Industrials 9.86 12,640,920 Drake & Scull International 3,562,034 0.81 Energy 5.50 11,890,721 Emaar Properties 11,411,596 2.58 Consumer Staples 5.21 3,055,200 Emirates 2,283,290 0.51 Consumer Discretionary 2.54 3,140,019 National Bank of Abu Dhabi 9,895,377 2.24 Materials 1.44 1,252,086 Union National Bank 1,063,574 0.24 Utilities 1.30 Health Care 0.97 42,612,151 9.63 Total Shares 100.42 OMAN Cash and Other Assets/(Liabilities) (0.42) 4,834,202 Bank Muscat 12,079,541 2.73 1,346,300 Omani Qatari Telecommunications 2,776,597 0.63 Total 100.00

14,856,138 3.36 MOROCCO 82,478 Attijariwafa Bank 3,922,201 0.88 6,060 Brasseries Maroc 1,624,568 0.37 301,420 Maroc Telecom 5,467,794 1.24

11,014,563 2.49 ISLE OF MAN 1,466,546 Lamprell 7,300,263 1.65

7,300,263 1.65

135 JPMorgan Funds - EU Government Bond Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing DENMARK 9,250,000 Denmark (Kingdom of) 17.03.14/3.125% 9,670,241 4.21 Bonds 9,670,241 4.21 ITALY 1,830,000 Italy (Republic of) 01.03.12/3.000% 1,841,641 0.80 AUSTRIA 1,500,000 Italy (Republic of) 15.04.12/4.000% 1,527,971 0.66 2,300,000 Austria (Republic of) 15.07.14/4.300% 2,497,310 1.09 2,268,000 Italy (Republic of) 01.07.12/2.500% 2,264,953 0.98 500,000 Austria (Republic of) 15.09.21/3.500% 500,748 0.22 3,030,000 Italy (Republic of) 15.12.12/2.000% 2,981,768 1.30 1,570,000 Austria (Republic of) 15.03.26/4.850% 1,771,389 0.77 1,850,000 Italy (Republic of) 01.06.13/2.000% 1,805,792 0.79 2,650,000 Italy (Republic of) 01.08.13/4.250% 2,725,031 1.19 4,769,447 2.08 8,600,000 Italy (Republic of) 8,829,229 01.08.14/4.250% 3.84 IRELAND 5,655,000 Italy (Republic of) 5,690,395 01.08.18/4.500% 2.48 850,000 Ireland (Republic of) 05.03.12/3.900% 837,909 0.36 3,552,000 Italy (Republic of) 3,552,185 01.03.19/4.500% 1.55 1,294,000 Ireland (Republic of) 15.01.14/4.000% 1,184,032 0.51 3,368,000 Italy (Republic of) 3,270,820 01.03.20/4.250% 1.42 1,576,000 Ireland (Republic of) 18.10.19/5.900% 1,302,107 0.57 6,530,000 Italy (Republic of) 6,198,289 01.09.20/4.000% 2.70 1,105,000 Ireland (Republic of) 13.03.25/5.400% 798,420 0.35 5,520,000 Italy (Republic of) 01.03.25/5.000% 5,508,966 2.40 Italy (Republic of) 6,366,837 6,350,000 01.11.29/5.250% 2.77 4,122,468 1.79 2,409,000 Italy (Republic of) 01.02.37/4.000% 1,991,136 0.87 200,000 Italy (Republic of) 01.09.40/5.000% 188,457 0.08 PORTUGAL 2,390,000 Portugal (Republic of) 15.10.14/3.600% 2,251,614 0.98 54,743,470 23.83 600,000 Portugal (Republic of) 15.10.16/4.200% 548,078 0.24 600,000 Portugal (Republic of) 16.10.17/4.350% 538,642 0.23 FRANCE 550,000 Portugal (Republic of) 15.06.20/4.800% 482,087 0.21 480,000 France (Government of) 12.07.12/4.500% 506,539 0.22 France (Government of) 3,351,278 3,250,000 12.01.14/2.500% 1.46 3,820,421 1.66 8,190,000 France (Government of) 12.07.14/3.000% 8,559,344 3.72 4,590,000 France (Government of) 25.04.15/3.500% 4,865,942 2.12 FINLAND 4,468,000 France (Government of) 25.04.17/3.750% 4,747,759 2.07 1,175,000 Finland (Government of) 15.09.14/3.125% 1,243,083 0.54 5,168,000 France (Government of) 25.04.18/4.000% 5,535,334 2.41 1,000,000 Finland (Government of) 15.04.16/1.750% 979,562 0.43 400,000 France (Government of) 25.04.20/3.500% 406,712 0.18 1,050,000 Finland (Government of) 15.04.20/3.375% 1,068,625 0.46 1,484,000 France (Government of) 25.10.23/4.250% 1,591,774 0.69 4,190,000 France (Government of) 25.04.29/5.500% 5,116,535 2.23 3,291,270 1.43 2,954,000 France (Government of) 25.04.35/4.750% 3,359,787 1.46 SLOVENIA France (Government of) 614,775 600,000 25.10.38/4.000% 0.27 1,200,000 Slovenia Government Bond 17.03.15/2.750% 1,182,600 0.51 France (Government of) 1,198,950 1,170,000 25.04.60/4.000% 0.52 1,245,000 Slovenia Government Bond 26.01.20/4.125% 1,236,098 0.54

39,854,729 17.35 2,418,698 1.05 SPAIN POLAND 3,854,000 Spain (Kingdom of) 31.01.13/6.150% 4,043,908 1.76 1,100,000 Poland (Government of) 05.02.13/4.500% 1,142,840 0.50 2,500,000 Spain (Kingdom of) 31.01.14/4.250% 2,524,520 1.10 3,970,000 Spain (Kingdom of) 31.01.16/3.150% 3,718,094 1.62 1,142,840 0.50 1,650,000 Spain (Kingdom of) 30.04.16/3.250% 1,536,251 0.67 1,150,000 Spain (Kingdom of) 1,085,413 31.01.17/3.800% 0.47 Total Bonds 222,267,129 96.75 600,000 Spain (Kingdom of) 30.07.18/4.100% 559,916 0.24 4,600,000 Spain (Kingdom of) 31.10.20/4.850% 4,400,935 1.92 Total Transferable Securities Admitted to an 222,267,129 96.75 3,853,000 Spain (Kingdom of) 30.07.41/4.700% 3,185,980 1.39 Official Exchange Listing

21,055,017 9.17 Transferable Securities Dealt in on Another Regulated Market BELGIUM Bonds 5,686 Belgium (Kingdom of) 28.03.12/2.000% 5,713 0.00 8,050,000 Belgium (Kingdom of) 28.03.13/4.000% 8,363,930 3.64 FRANCE 4,800,000 Belgium (Kingdom of) 28.03.14/4.000% 5,002,260 2.18 352,000 French Treasury Bill (i) 10.03.11/0.000% 351,193 0.16 2,920,000 Belgium (Kingdom of) 28.03.18/4.000% 2,984,212 1.30 2,090,000 Belgium (Kingdom of) 28.09.20/3.750% 2,055,238 0.89 351,193 0.16 1,710,000 Belgium (Kingdom of) 28.03.41/4.250% 1,665,885 0.73 Total Bonds 351,193 0.16 20,077,238 8.74 Investment Funds GERMANY 6,250,000 Germany (Federal Republic of) 04.01.17/3.750% 6,771,569 2.95 LUXEMBOURG 1,664,585 Germany (Federal Republic of) 04.01.30/6.250% 2,301,124 1.00 118 JPMorgan Liquidity Funds - Euro Government Liquidity Fund (JPM Euro Government Liquidity Fund 3,085,000 Germany (Federal Republic of) 3,951,226 04.01.31/5.500% 1.72 X (acc)) 1,200,314 0.52 3,770,000 Germany (Federal Republic of) 04.07.40/4.750% 4,679,558 2.04 1,200,314 0.52 17,703,477 7.71 SWEDEN Total Investment Funds 1,200,314 0.52 71,195,000 Sweden (Kingdom of) 01.04.12/1.000% 8,758,555 3.81 5,000,000 Sweden (Kingdom of) 07.05.14/3.125% 5,234,560 2.28 Total Transferable Securities Dealt in on Another 1,551,507 0.68 Regulated Market 13,993,115 6.09 Total Investments 223,818,636 97.43 UNITED KINGDOM 4,050,000 UK Treasury 16.08.13/2.500% 13,143,232 5.72 Cash 414,220 0.18

13,143,232 5.72 Other Assets/(Liabilities) 5,499,640 2.39

NETHERLANDS Total Net Assets 229,732,496 100.00 2,200,000 Netherlands (Kingdom of) 15.07.13/4.250% 2,375,575 1.03 3,250,000 Netherlands (Kingdom of) 15.01.15/2.750% 3,378,674 1.47 2,229,000 Netherlands (Kingdom of) 15.07.18/4.000% 2,407,658 1.05 2,150,000 Netherlands (Kingdom of) 15.07.20/3.500% 2,213,214 0.96 850,000 Netherlands (Kingdom of) 15.01.28/5.500% 1,063,802 0.46 978,000 Netherlands (Kingdom of) 15.01.42/3.750% 1,022,543 0.45

12,461,466 5.42

136 JPMorgan Funds - EU Government Bond Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Fixed Income Securities Italy 23.83 France 17.51 Spain 9.17 Belgium 8.74 Germany 7.71 Sweden 6.09 United Kingdom 5.72 Netherlands 5.42 Denmark 4.21 Austria 2.08 Ireland 1.79 Portugal 1.66 Finland 1.43 Slovenia 1.05 Poland 0.50 Total Fixed Income Securities 96.91 Investment Funds Luxembourg 0.52 Total Investment Funds 0.52 Cash and Other Assets/(Liabilities) 2.57 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities Italy 24.92 France 16.85 Germany 11.12 Belgium 10.84 Spain 8.94 United Kingdom 7.95 Netherlands 3.60 Greece 3.28 Sweden 2.46 Austria 2.02 Ireland 1.82 Portugal 1.24 Finland 1.01 Slovenia 0.82 Poland 0.42 Total Fixed Income Securities 97.29 Investment Funds Luxembourg 0.00 Total Investment Funds 0.00 Cash and Other Assets/(Liabilities) 2.71 Total 100.00

137 JPMorgan Funds - EU Government Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 48 Euro-Bobl Future EUR 5,701,440 (2,670) Mar-11 7 Euro-BTP Future EUR 761,390 (18,700) Mar-11 36 Euro-Bund Future EUR 4,511,160 18,610 Mar-11 (33) Euro-Schatz Future EUR (3,597,165) (495) Mar-11 22 Long Gilt Future GBP 3,056,474 (18,723) Mar-11 (132) Short Gilt Future GBP (16,770,758) 46,040

24,062 Total Bond Futures

Interest Rate Futures

Mar-11 3 90 Day Sterling Future GBP 432,592 240

240 Total Interest Rate Futures Total 24,302

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

28-Jan-11 EUR 13,627,821 GBP 11,577,280 167,094 28-Jan-11 EUR 8,408,391 SEK 76,060,097 (56,350) 28-Jan-11 GBP 250,000 EUR 294,679 (4,008)

Total 106,736

138 JPMorgan Funds - Euro Aggregate Bond Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing BELGIUM 60,000 Anheuser-Busch InBev 27.02.14/6.570% 67,099 0.96 Bonds 230,000 Belgium (Kingdom of) 28.03.14/4.000% 239,692 3.43

UNITED KINGDOM 306,791 4.39 50,000 Abbey National Treasury Services/London 30.06.14/3.125% 49,995 0.71 SPAIN 50,000 Abbey National Treasury 50,000 Fund for Ordered Bank Services/London 08.06.15/3.375% 49,855 0.71 Restructuring 19.11.14/3.000% 46,805 0.67 70,000 Bank of Scotland 25.01.13/3.250% 71,065 1.02 70,000 Spain (Kingdom of) 31.10.19/4.300% 65,037 0.93 50,000 Barclays Bank 07.10.19/4.000% 50,332 0.72 60,000 Spain (Kingdom of) 30.04.20/4.000% 54,175 0.77 50,000 BAT International Finance 29.06.17/5.375% 55,053 0.79 60,000 Spain (Kingdom of) 31.10.20/4.850% 57,404 0.82 100,000 British Telecommunications 11.07.14/6.125% 110,567 1.58 50,000 Spain (Kingdom of) 30.07.41/4.700% 41,344 0.59 50,000 HSBC Holdings 30.04.14/4.500% 52,911 0.76 60,000 Lloyds TSB Bank 17.11.11/3.750% 61,454 0.88 264,765 3.78 50,000 Lloyds TSB Bank 15.04.14/6.250% 53,517 0.76 50,000 National Grid Electricity INTERNATIONAL AGENCIES Transmission 28.01.14/6.625% 56,279 0.80 130,000 European Investment Bank 15.04.19/4.250% 139,919 2.00 70,000 Nationwide Building Society 14.09.15/2.875% 68,934 0.98 50,000 International Bank for Reconstruction & Development 20.05.19/3.875% 52,788 0.75 11,000 OTE 05.08.13/5.000% 10,477 0.15 50,000 Standard Chartered Bank 26.09.17/5.875% 52,453 0.75 192,707 2.75 50,000 UBS/London 03.09.13/6.250% 54,629 0.78 100,000 UBS/London 06.10.14/3.000% 101,962 1.46 AUSTRIA 50,000 Vodafone Group 15.01.16/6.250% 57,047 0.82 50,000 Asfinag 16.10.17/4.500% 54,277 0.78 110,000 Austria (Republic of) 15.03.19/4.350% 119,122 1.70 956,530 13.67 173,399 2.48 ITALY 280,000 Italy (Republic of) 01.08.14/4.250% 287,463 4.11 LUXEMBOURG 260,000 Italy (Republic of) 01.08.18/4.500% 261,627 3.74 50,000 Enel Finance International 14.09.16/4.000% 50,613 0.72 20,000 Italy (Republic of) 01.03.20/4.250% 19,423 0.28 30,000 Hannover Finance Luxembourg 26.02.24/5.750%* 30,120 0.43 75,000 Italy (Republic of) 01.09.20/4.000% 71,190 1.01 50,000 Holcim Finance Luxembourg 26.03.14/9.000% 59,330 0.85 210,000 Italy (Republic of) 01.02.37/4.000% 173,574 2.48 140,063 2.00 813,277 11.62 FINLAND FRANCE 50,000 Finland (Government of) 15.09.14/3.125% 52,897 0.76 80,000 Caisse Refinancement de 50,000 OP Mortgage Bank 19.11.14/3.125% 51,315 0.73 l’Habitat 08.04.19/5.000% 88,062 1.26 50,000 Casino Guichard Perrachon 30.01.15/5.500% 54,290 0.78 104,212 1.49 60,000 Compagnie de Financement Foncier 16.05.18/4.500% 63,481 0.91 SWEDEN 50,000 Crédit Agricole Covered Bonds 21.07.14/3.500% 51,805 0.74 100,000 Swedbank 02.12.11/3.625% 102,335 1.46 97,500 France (Government of) 12.07.12/4.500% 102,891 1.47 141,000 France (Government of) 25.04.60/4.000% 144,489 2.07 102,335 1.46 63,000 PPR 03.04.14/8.625% 73,980 1.06 ISRAEL 10,000 PPR 08.04.15/3.750% 10,193 0.14 70,000 Israel (State of) 18.03.20/4.625% 71,134 1.02 55,000 RCI Banque 27.01.15/4.375% 56,315 0.80 130,000 Société Financement de 71,134 1.02 l’Economie Francaise 07.04.14/3.000% 134,649 1.93 DENMARK 780,155 11.16 60,000 Kommunekredit 02.10.12/4.375% 62,945 0.90

GERMANY 62,945 0.90 70,000 Deutsche Pfandbriefbank 15.09.14/3.125% 71,425 1.02 45,000 Germany (Federal Republic of) 04.07.16/4.000% 49,388 0.71 JERSEY 70,000 Germany (Federal Republic of) 04.07.18/4.250% 77,691 1.11 50,000 WPP 12.05.16/6.625% 56,347 0.81 240,000 Germany (Federal Republic of) 04.01.31/5.500% 307,389 4.40 130,000 KfW - Kreditanstalt fuer 56,347 0.81 Wiederaufbau 139,908 04.07.17/4.125% 2.00 POLAND 50,000 Metro 58,860 05.03.15/7.625% 0.84 50,000 Poland (Government of) 03.02.14/5.875% 54,077 0.77 25,000 Muenchener Rueckversicherungs 21.06.23/6.750%* 26,145 0.37 54,077 0.77 730,806 10.45 CANADA NETHERLANDS 50,000 Xstrata Finance Canada 13.06.17/5.250% 53,020 0.76 25,000 E.ON International Finance 19.01.16/5.500% 27,941 0.40 ING Bank 62,689 60,000 03.03.14/3.375% 0.90 53,020 0.76 70,000 ING Bank 30.09.14/3.000% 71,432 1.02 170,000 LeasePlan 22.05.14/3.250% 177,017 2.53 CAYMAN ISLANDS 160,000 Netherlands (Kingdom of) 15.07.18/4.000% 172,824 2.47 50,000 Hutchison Whampoa Finance 09 14.11.16/4.750% 52,358 0.75

511,903 7.32 52,358 0.75 UNITED STATES OF AMERICA AUSTRALIA 50,000 AT&T 02.04.15/6.125% 56,677 0.81 50,000 ANZ Banking Group 10.09.19/5.125% 50,670 0.72 50,000 Bank of America 07.08.17/4.625% 47,903 0.69 50,000 Citigroup 04.09.19/7.375% 56,063 0.80 50,670 0.72 Goldman Sachs Group 49,262 50,000 23.10.19/5.125% 0.70 IRELAND Morgan Stanley 50,899 50,000 29.10.14/4.500% 0.73 35,000 GE Capital European Funding 17.09.15/2.875% 34,770 0.50 SES Global Americas Holdings 53,308 50,000 09.07.14/4.875% 0.76 20,000 Ireland (Republic of) 18.10.18/4.500% 15,503 0.22 50,000 Zurich Finance USA 15.06.25/4.500%* 49,670 0.71 50,273 0.72 363,782 5.20

139 JPMorgan Funds - Euro Aggregate Bond Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

MEXICO 40,000 Mexico (United Mexican States) 14.07.17/4.250% 40,220 0.57 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 40,220 0.57 Fixed Income Securities United Kingdom LITHUANIA 13.67 Italy 30,000 Lithuania (Republic of) 22.06.14/9.375% 35,142 0.50 11.62 France 11.44 35,142 0.50 Germany 10.45 Netherlands 7.32 CROATIA United States of America 5.20 30,000 Croatia (Republic of) 15.04.14/5.000% 30,633 0.44 Spain 4.50 Belgium 4.39 30,633 0.44 International Agencies 2.75 PORTUGAL Austria 2.48 29,000 Portugal (Republic of) 15.06.20/4.800% 25,419 0.36 Ireland 2.33 Luxembourg 2.00 25,419 0.36 Finland 1.49 Sweden 1.46 Israel Total Bonds 6,022,963 86.09 1.02 Denmark 0.90 Jersey 0.81 Total Transferable Securities Admitted to an Official 6,022,963 86.09 Exchange Listing Poland 0.77 Canada 0.76 Transferable Securities Dealt in on Another Regulated Market Cayman Islands 0.75 Australia 0.72 Bonds Mexico 0.57 Lithuania 0.50 IRELAND Croatia 0.44 42,997 Fleet Street Finance 3 A1 25.10.16/1.219%* 35,471 0.51 Portugal 0.36 46,408 Talisman Finance 3 B 22.01.15/1.255%* 43,160 0.61 40,986 Titan Europe/Ireland 2007-2X A1 23.04.17/1.195%* 34,353 0.49 Total Fixed Income Securities 88.70 Investment Funds 112,984 1.61 Luxembourg 7.48 Total Investment Funds 7.48 SPAIN Cash and Other Assets/(Liabilities) 3.82 51,467 BBVA Autos Fondo de Titulizacion de Activos 2 A 20.11.19/1.151%* 50,084 0.72 Total 100.00 50,084 0.72 FRANCE 20,000 French Treasury Bill (i) 10.03.11/0.000% 19,950 0.28 Allocation of Portfolio as at 30 June 2010 % of 19,950 0.28 Net Assets Fixed Income Securities Total Bonds 183,018 2.61 France 14.13 Italy 13.03 Investment Funds United Kingdom 11.18 Germany LUXEMBOURG 7.88 4,669 JPMorgan Investment Funds - Global High Yield Bond Belgium 4.36 Fund (JPM Global High Yield Bond X (acc) - EUR Netherlands 5.66 (hedged)) 522,972 7.48 United States of America 4.48 0** JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Spain 3.53 Euro Liquidity X (acc)) 138 0.00 International Agencies 2.83 Greece 2.73 523,110 7.48 Ireland 2.59 Austria 2.53 Total Investment Funds 523,110 7.48 Luxembourg 2.46 Finland 1.51 Total Transferable Securities Dealt in on Another 706,128 10.09 Sweden 1.48 Regulated Market Israel 1.03 Total Investments 6,729,091 96.18 Denmark 0.91 Jersey 0.82 Cash 126,491 1.81 Poland 0.79 Australia 0.76 Canada Other Assets/(Liabilities) 140,495 2.01 0.74 Hungary 0.67 Lithuania Total Net Assets 6,996,077 100.00 0.50 Croatia 0.44 Portugal 0.25 Total Fixed Income Securities * Variable coupon rates are those quoted as at 31 December 2010. 87.29 **Fractional Shares rounded to 0. Investment Funds (i) Security partially or totally held as collateral against futures positions by the broker. Luxembourg 9.63 Total Investment Funds 9.63 Cash and Other Assets/(Liabilities) 3.08 Total 100.00

140 JPMorgan Funds - Euro Aggregate Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 (2) Euro-Bobl Future EUR (237,560) 420 Mar-11 (1) Euro-Bund Future EUR (125,310) (170) Mar-11 12 Euro-Schatz Future EUR 1,308,060 (180)

Total 70

141 JPMorgan Funds - Euro Corporate Bond Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 240,000 SES Global Americas Holdings 09.07.14/4.875% 255,879 1.01 110,000 Verizon Wireless Capital 18.12.15/8.750% 139,104 0.55 Bonds 285,000 Zurich Finance USA 15.06.25/4.500%* 283,120 1.12 UNITED KINGDOM 2,467,699 9.76 235,000 Anglo American Capital 17.04.15/5.875% 261,217 1.03 70,000 Aviva 29.09.15/5.700%* 59,691 0.24 GERMANY 150,000 Aviva 22.05.38/6.875%* 149,239 0.59 150,000 Bertelsmann 26.09.16/4.750% 159,049 0.63 250,000 Barclays Bank 27.05.14/5.250% 267,004 1.06 200,000 Deutsche Bank 31.08.17/5.125% 218,669 0.87 110,000 Barclays Bank 23.01.18/6.000% 110,801 0.44 115,000 Merck Financial Services 24.03.20/4.500% 118,076 0.47 300,000 BAT International Finance 29.06.17/5.375% 330,318 1.31 250,000 Metro 05.03.15/7.625% 294,299 1.16 300,000 British Telecommunications 11.07.14/6.125% 331,700 1.31 250,000 Muenchener Rueckversicherungs 21.06.23/6.750%* 261,452 1.03 285,000 Crédit Suisse/London 05.08.19/4.750% 293,682 1.16 100,000 Unitymedia Hessen 01.12.17/8.125% 106,376 0.42 100,000 FCE Bank 17.01.14/9.375% 111,625 0.44 125,000 Hammerson 19.06.15/4.875% 130,071 0.52 1,157,921 4.58 160,000 HSBC Bank 30.11.16/3.750% 163,438 0.65 IRELAND 305,000 HSBC Holdings 30.04.14/4.500% 322,759 1.28 100,000 Ardagh Packaging Finance 15.10.17/7.375% 101,000 0.40 350,000 Imperial Tobacco Finance 15.09.14/7.250% 401,898 1.59 415,000 GE Capital European Funding 28.09.12/4.750% 434,080 1.72 225,000 Legal & General Group 08.06.25/4.000%* 203,069 0.80 300,000 GE Capital European Funding 22.02.27/4.625% 284,841 1.13 170,000 Lloyds TSB Bank 17.06.16/6.375% 182,838 0.72 150,000 Smurfit Kappa Acquisitions 155,438 350,000 National Grid Electricity 15.11.17/7.250% 0.61 Transmission 28.01.14/6.625% 393,953 1.56 250,000 Nationwide Building Society 20.01.15/3.750% 246,087 0.97 975,359 3.86 50,000 OTE 05.08.13/5.000% 47,623 0.19 ITALY 145,000 RBS 15.07.15/4.875% 146,087 0.58 300,000 Atlantia 06.05.16/5.625% 322,635 1.28 180,000 RBS 30.09.19/5.375% 172,496 0.68 250,000 Intesa Sanpaolo 19.12.13/5.375% 264,961 1.05 100,000 Scottish & Southern Energy 29.07.13/6.125% 109,583 0.43 50,000 Intesa Sanpaolo 14.10.19/8.375%* 48,129 0.19 150,000 Standard Chartered Bank 26.09.17/5.875% 157,358 0.62 195,000 Telecom Italia 01.02.12/6.250% 203,613 0.80 150,000 Standard Chartered Bank 28.03.18/1.314%* 140,748 0.56 50,000 Telecom Italia 10.02.22/5.250% 48,318 0.19 605,000 UBS/London 19.05.14/5.625% 656,053 2.60 220,000 Vodafone Group 15.01.16/6.250% 251,006 0.99 887,656 3.51

5,640,344 22.32 JERSEY 255,000 BAA Funding 30.09.14/4.600%* 262,636 1.04 NETHERLANDS 125,000 HSBC Capital Funding 24.03.14/5.369%* 117,455 0.47 100,000 ABN Amro Bank 06.10.17/3.625% 96,540 0.38 260,000 MetLife of Connecticut 250,000 Allianz Finance II 17.02.17/4.375%* 221,406 0.88 Institutional Funding 21.06.12/5.650% 269,078 1.06 175,000 BMW Finance 06.08.18/5.000% 194,120 0.77 210,000 WPP 12.05.16/6.625% 236,658 0.94 55,000 Conti-Gummi Finance 15.01.16/6.500% 56,459 0.22 200,000 CRH Finance 28.05.14/7.375% 222,295 0.88 885,827 3.51 455,000 Daimler International Finance 16.01.14/7.875% 526,278 2.08 AUSTRALIA 360,000 E.ON International Finance 19.01.16/5.500% 402,345 1.59 140,000 ANZ Banking Group 10.03.17/3.750% 142,011 0.56 100,000 EDP Finance 13.06.16/4.625% 95,138 0.38 75,000 ANZ Banking Group 10.09.19/5.125% 76,004 0.30 50,000 Enel Investment Holding 29.09.23/5.250% 51,952 0.20 200,000 Commonwealth Bank of Australia 25.02.20/4.375% 203,319 0.81 115,000 HeidelbergCement Finance 31.01.17/8.000% 123,050 0.49 230,000 National Australia Bank 10.02.20/4.625% 219,893 0.87 275,000 Koninklijke KPN 04.02.14/6.250% 304,946 1.21 150,000 Westpac Banking 05.09.13/5.875% 164,037 0.65 100,000 Linde Finance 08.12.15/6.750% 118,008 0.47 225,000 Nomura Europe Finance 09.12.14/5.125% 236,593 0.93 805,264 3.19 675,000 Rabobank Nederland 21.04.17/3.375% 672,053 2.66 100,000 Schlumberger Finance 01.12.15/2.750% 100,351 0.40 LUXEMBOURG 175,000 Shell International Finance 09.02.16/4.500% 189,070 0.75 225,000 Enel Finance International 14.09.16/4.000% 227,756 0.90 185,000 Hannover Finance Luxembourg 26.02.24/5.750%* 185,742 0.74 3,610,604 14.29 175,000 Holcim Finance Luxembourg 26.03.14/9.000% 207,656 0.82 100,000 Wind Acquisition Finance 15.02.18/7.375% 100,750 0.40 FRANCE 100,000 Arkema 25.10.17/4.000% 98,358 0.39 721,904 2.86 100,000 Autoroutes du Sud de la France 04.07.22/5.625% 110,005 0.44 100,000 Banque Fédérative du Crédit SPAIN Mutuel 26.01.18/3.750% 97,840 0.39 150,000 Gas Natural Capital Markets 09.07.14/5.250% 152,465 0.60 200,000 BNP Paribas 12.04.16/4.730%* 175,400 0.69 250,000 Santander Issuances Unipersonal 29.05.19/4.750%* 219,701 0.87 250,000 Casino Guichard Perrachon 12.11.18/4.481% 252,439 1.00 305,000 Telefonica Emisiones 02.02.16/4.375% 309,947 1.23 200,000 Cie de St-Gobain 08.10.18/4.000% 197,343 0.78 100,000 Crédit Agricole 31.03.18/8.200%* 102,542 0.41 682,113 2.70 120,000 GDF Suez 18.01.21/6.375% 143,427 0.57 50,000 Klepierre 13.04.17/4.000% 49,836 0.20 CAYMAN ISLANDS 250,000 Hutchison Whampoa Finance 09 261,791 150,000 Pernod-Ricard 15.01.15/7.000% 165,690 0.66 14.11.16/4.750% 1.03 100,000 UPCB Finance 105,500 205,000 PPR 03.04.14/8.625% 240,729 0.95 15.01.20/7.625% 0.42 285,000 RCI Banque 27.01.15/4.375% 291,815 1.15 150,000 Société des Autoroutes 367,291 1.45 Paris-Rhin-Rhone 12.01.15/7.500% 169,763 0.67 SWEDEN 250,000 Société Générale 21.09.17/3.125% 240,661 0.95 130,000 Nordea Bank 29.03.21/4.000% 120,748 0.48 50,000 Société Générale 04.09.19/9.375%* 52,687 0.21 175,000 Volvo Treasury 31.05.17/5.000% 184,516 0.73 100,000 Suez Environnement 24.06.22/4.125% 99,560 0.39 205,000 Unibail-Rodamco 11.03.15/3.375% 208,339 0.82 305,264 1.21 350,000 Veolia Environnement 12.02.16/4.000% 363,848 1.44 BELGIUM 3,060,282 12.11 250,000 Anheuser-Busch InBev 27.02.14/6.570% 279,581 1.11 UNITED STATES OF AMERICA 279,581 1.11 100,000 AT&T 02.04.15/6.125% 113,354 0.45 200,000 Bank of America 26.09.14/5.125% 204,959 0.81 DENMARK 200,000 Bank of America 07.08.17/4.625% 191,613 0.76 205,000 Carlsberg Breweries 13.10.17/3.375% 198,678 0.79 300,000 Citigroup 04.09.19/7.375% 336,375 1.33 260,000 Credit Suisse Group Finance US 14.09.20/3.625%* 243,056 0.95 198,678 0.79 250,000 Goldman Sachs Group 23.10.19/5.125% 246,308 0.98 CANADA 100,000 JPMorgan Chase & Co 01.04.14/6.125% 109,192 0.43 180,000 Xstrata Finance Canada 13.06.17/5.250% 190,871 0.76 250,000 Morgan Stanley 10.08.20/5.375% 241,766 0.96 85,000 Roche Holdings 04.03.21/6.500% 102,973 0.41 190,871 0.76

142 JPMorgan Funds - Euro Corporate Bond Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

MEXICO 170,000 America Movil SAB de 28.06.22/4.750% 172,045 0.68 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 172,045 0.68 Fixed Income Securities United Kingdom BRAZIL 22.32 Netherlands 150,000 Vale 24.03.18/4.375% 150,875 0.60 14.29 France 12.38 150,875 0.60 United States of America 10.40 Germany 4.58 LIBERIA Ireland 3.86 100,000 Royal Caribbean Cruises 27.01.14/5.625% 100,750 0.40 Italy 3.51 Jersey 3.51 100,750 0.40 Australia 3.19 Luxembourg 2.86 Total Bonds 22,660,328 89.69 Spain 2.70 Cayman Islands 1.45 Total Transferable Securities Admitted to an Official 22,660,328 89.69 Sweden 1.21 Exchange Listing Belgium 1.11 Denmark 0.79 Transferable Securities Dealt in on Another Regulated Market Canada 0.76 Mexico 0.68 Bonds Brazil 0.60 UNITED STATES OF AMERICA Liberia 0.40 100,000 Lyondell Chemical 01.11.17/8.000% 108,500 0.43 Total Fixed Income Securities 90.60 50,000 Reynolds Group Issuer 15.10.16/7.750% 52,500 0.21 Investment Funds Luxembourg 2.65 161,000 0.64 Total Investment Funds 2.65 FRANCE Cash and Other Assets/(Liabilities) 6.75 70,000 French Treasury Bill (i) 10.03.11/0.000% 69,825 0.27 Total 100.00 69,825 0.27

Total Bonds 230,825 0.91 Investment Funds Allocation of Portfolio as at 30 June 2010 % of Net Assets LUXEMBOURG Fixed Income Securities 48 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM United Kingdom 21.33 Euro Liquidity X (acc)) 669,571 2.65 United States of America 14.78 Netherlands 669,571 2.65 12.84 France 11.78 Luxembourg 4.64 Total Investment Funds 669,571 2.65 Spain 4.40 Italy 4.23 Total Transferable Securities Dealt in on Another 900,396 3.56 Regulated Market Germany 3.83 Jersey 2.94 Total Investments 23,560,724 93.25 Australia 2.93 Belgium 1.49 Cash 961,013 3.80 Ireland 1.46 Denmark 1.23 Other Assets/(Liabilities) 744,133 2.95 Cayman Islands 1.16 Sweden 0.98 Total Net Assets 25,265,870 100.00 Canada 0.76 Brazil 0.58 Mexico 0.45 * Variable coupon rates are those quoted as at 31 December 2010. Bermuda 0.43 (i) Security partially or totally held as collateral against futures positions by the broker. Liberia 0.35 Total Fixed Income Securities 92.59 Investment Funds Luxembourg 3.08 Total Investment Funds 3.08 Cash and Other Assets/(Liabilities) 4.33 Total 100.00

143 JPMorgan Funds - Euro Corporate Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 (25) Euro-Bobl Future EUR (2,969,500) 5,630 Mar-11 2 Euro-Bund Future EUR 250,620 (1,700) Mar-11 42 Euro-Schatz Future EUR 4,578,210 1,545

Total 5,475

144 JPMorgan Funds - Euro Government Short Duration Bond Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Investment Funds LUXEMBOURG Bonds 147 JPMorgan Liquidity Funds - Euro Government GERMANY Liquidity Fund (JPM Euro Government Liquidity Fund 697,000 Germany (Federal Republic of) 16.03.12/1.000% 700,324 1.85 X (acc)) 1,494,914 3.94 3,065,000 Germany (Federal Republic of) 15.06.12/0.500% 3,057,460 8.06 810,000 Germany (Federal Republic of) 14.09.12/0.750% 809,845 2.14 1,494,914 3.94 1,154,000 Germany (Federal Republic of) 04.01.13/4.500% 1,237,631 3.26 710,000 Germany (Federal Republic of) 12.04.13/3.500% 751,214 1.98 Total Investment Funds 1,494,914 3.94 1,100,000 Germany (Federal Republic of) 04.07.13/3.750% 1,174,637 3.10 Total Transferable Securities Dealt in on Another 400,000 Germany (Federal Republic of) 11.10.13/4.000% 432,129 1.14 1,536,809 4.05 Regulated Market 675,000 Germany (Federal Republic of) 04.07.15/3.250% 718,027 1.89 Total Investments 35,790,402 94.39 8,881,267 23.42 1,637,456 4.32 ITALY Cash 980,000 Italy (Republic of) 01.03.12/3.000% 986,234 2.60 1,070,000 Italy (Republic of) 15.04.12/4.000% 1,089,952 2.88 Other Assets/(Liabilities) 489,162 1.29 1,247,000 Italy (Republic of) 01.07.12/2.500% 1,245,325 3.28 Total Net Assets 1,229,000 Italy (Republic of) 15.12.12/2.000% 1,209,437 3.19 37,917,020 100.00 820,000 Italy (Republic of) 01.02.13/4.750% 850,541 2.24 550,000 Italy (Republic of) 15.04.13/4.250% 565,594 1.49 880,000 Italy (Republic of) 01.06.13/2.000% 858,971 2.27 (i) Security held as collateral against futures positions by the broker. 1,350,000 Italy (Republic of) 01.08.13/4.250% 1,388,223 3.66 150,000 Italy (Republic of) 01.11.13/2.250% 145,918 0.39

8,340,195 22.00 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets FRANCE Fixed Income Securities 1,492,000 France (Government of) 12.01.12/3.750% 1,539,575 4.06 Germany 23.42 2,570,000 France (Government of) 25.10.12/4.750% 2,743,528 7.23 Italy 22.00 1,670,000 France (Government of) 25.04.13/4.000% 1,777,852 4.69 France 21.65 1,000,000 France (Government of) 12.07.13/4.500% 1,080,964 2.85 Spain 7.93 600,000 France (Government of) 25.10.13/4.000% 643,644 1.70 Netherlands 6.42 370,000 France (Government of) 12.01.14/2.500% 381,530 1.01 Belgium 6.21 Finland 1.37 8,167,093 21.54 Slovenia 0.96 SPAIN Ireland 0.49 1,450,000 Spain (Government of) 30.07.13/4.200% 1,465,749 3.87 Total Fixed Income Securities 90.45 1,600,000 Spain (Government of) 31.10.13/2.500% 1,540,369 4.06 Investment Funds Luxembourg 3.94 3,006,118 7.93 Total Investment Funds 3.94 NETHERLANDS Cash and Other Assets/(Liabilities) 5.61 585,000 Netherlands (Government of) 15.01.12/2.500% 595,978 1.57 Total 100.00 1,170,000 Netherlands (Government of) 15.01.13/1.750% 1,189,952 3.14 600,000 Netherlands (Government of) 15.07.13/4.250% 647,884 1.71

2,433,814 6.42 BELGIUM Allocation of Portfolio as at 30 June 2010 % of 417,000 Belgium (Kingdom of) 28.03.12/2.000% 419,012 1.11 Net Assets 700,000 Belgium (Kingdom of) 28.09.12/5.000% 735,836 1.94 Fixed Income Securities 600,000 Belgium (Kingdom of) 28.03.13/4.000% 623,399 1.64 Italy 25.19 550,000 Belgium (Kingdom of) 28.09.13/4.250% 576,592 1.52 France 21.89 Germany 19.41 2,354,839 6.21 Spain 10.42 Belgium 10.00 FINLAND Greece 3.89 490,000 Finland (Government of) 15.09.12/4.250% 518,335 1.37 Ireland 2.34 Netherlands 1.73 518,335 1.37 Slovenia 1.01 SLOVENIA Finland 0.82 370,000 Slovenia Government Bond 17.03.15/2.750% 364,635 0.96 Total Fixed Income Securities 96.70 Investment Funds 364,635 0.96 Luxembourg 2.26 IRELAND Total Investment Funds 2.26 190,000 Ireland (Republic of) 05.03.12/3.900% 187,297 0.49 Cash and Other Assets/(Liabilities) 1.04 Total 187,297 0.49 100.00

Total Bonds 34,253,593 90.34

Total Transferable Securities Admitted to an Official 34,253,593 90.34 Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Bonds FRANCE 42,000 French Treasury Bill (i) 10.03.11/0.000% 41,895 0.11

41,895 0.11

Total Bonds 41,895 0.11

145 JPMorgan Funds - Euro Government Short Duration Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 (14) Euro-Bobl Future EUR (1,662,920) (5,420) Mar-11 (5) Euro-Schatz Future EUR (545,025) -

Total (5,420)

146 JPMorgan Funds - Euro Money Market Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing UNITED KINGDOM 2,000,000 Barclays Bank 03.06.11/0.000% 1,990,823 1.53 Bonds 1,000,000 BNZ International Funding 25.01.11/0.000% 999,512 0.77 2,000,000 Cancara Asset Securitisation 10.01.11/0.000% 1,999,681 1.54 UNITED KINGDOM 2,000,000 RBS 10.01.11/0.000% 1,999,724 1.55 1,225,000 Crédit Suisse/London 04.04.11/5.125% 1,236,948 0.96 1,000,000 Rhein Main Securitisation 22.02.11/0.000% 998,546 0.77 1,000,000 HSBC Bank 04.02.11/1.297%* 1,000,266 0.77 2,000,000 HSBC Bank 2,000,000 04.05.11/1.047%* 1.54 7,988,286 6.16 4,237,214 3.27 IRELAND 1,000,000 GE Capital European Funding 14.01.11/0.000% 999,762 0.77 FRANCE 2,000,000 Matchpoint Finance 17.01.11/0.000% 1,999,278 1.54 1,000,000 BNP Paribas 24.03.11/1.071%* 1,000,000 0.77 1,000,000 Matchpoint Finance 11.05.11/0.000% 995,759 0.77 2,750,000 Société Financement de 3,000,000 Regency Assets 2,999,494 l’Economie Francaise 10.02.11/2.250% 2,754,555 2.13 11.01.11/0.000% 2.32

3,754,555 2.90 6,994,293 5.40 NETHERLANDS UNITED STATES OF AMERICA 1,000,000 General Electric Capital 999,458 1,500,000 Rabobank Nederland 18.03.11/0.954%* 1,500,000 1.16 26.01.11/0.000% 0.77 3,000,000 Paccar 16.02.11/0.000% 2,996,744 2.31 1,500,000 1.16 2,000,000 Sheffield Receivables 18.01.11/0.000% 1,999,334 1.55 BELGIUM 5,995,536 4.63 1,500,000 Belgium Treasury Bill 17.02.11/0.000% 1,498,531 1.16 AUSTRALIA 1,498,531 1.16 3,000,000 Bank of Western Australia 16.02.11/0.000% 2,997,696 2.31 2,000,000 Bank of Western Australia 24.06.11/0.000% 1,992,197 1.54 CANADA 1,000,000 Macquarie Group 10.01.11/0.000% 999,860 0.77 1,000,000 RBC 25.07.11/5.750% 1,025,590 0.79 5,989,753 4.62 1,025,590 0.79 DENMARK SWEDEN 2,000,000 Danske Bank 21.01.11/0.000% 1,999,380 1.54 1,000,000 Nordea Hypotek 20.04.11/4.250% 1,009,341 0.77 2,000,000 Nykredit Bank 04.01.11/0.000% 1,999,959 1.55

1,009,341 0.77 3,999,339 3.09 CHANNEL ISLANDS Total Bonds 13,025,231 10.05 1,500,000 Argento Variable Funding 06.01.11/0.000% 1,499,896 1.16 Total Transferable Securities Admitted to an 13,025,231 10.05 Official Exchange Listing 1,499,896 1.16 SWITZERLAND Transferable Securities Dealt in on Another Regulated Market 1,500,000 Mont Blanc Capital 18.01.11/0.000% 1,499,414 1.16

Bonds 1,499,414 1.16 FRANCE SPAIN 2,000,000 BNP Paribas 2,000,000 15.03.11/1.045% 1.54 1,500,000 Instituto de Credito Oficial 21.02.11/0.000% 1,497,862 1.16

2,000,000 1.54 1,497,862 1.16 Total Bonds 2,000,000 1.54 GERMANY 1,000,000 Landeskreditbank Commercial Papers Baden-Wuerttemberg - Foerderbank 24.01.11/0.000% 999,534 0.77 FRANCE 2,000,000 ACOSS 17.01.11/0.000% 1,999,379 1.54 999,534 0.77 1,000,000 ACOSS 23.02.11/0.000% 998,968 0.77 1,000,000 Caisse Fédérale du Crédit Mutuel 04.01.11/0.000% 999,974 0.77 FINLAND 2,000,000 Natixis 10.01.11/0.000% 1,999,639 1.55 1,000,000 Pohjola Bank 23.02.11/0.000% 998,728 0.77 3,000,000 Société Générale 01.02.11/0.000% 2,998,190 2.31 1,000,000 Unedic 06.01.11/0.000% 999,938 0.77 998,728 0.77 2,000,000 Unedic 07.03.11/0.000% 1,997,122 1.54 Total Commercial Papers 68,238,454 52.65 11,993,210 9.25 Certificates of Deposit NETHERLANDS 2,000,000 Bank Nederlandse Gemeenten 20.01.11/0.000% 1,999,274 1.53 JAPAN 2,000,000 Bank Nederlandse Gemeenten 24.01.11/0.000% 1,999,069 1.54 1,000,000 Bank of Tokyo-Mitsubishi 21.04.11/0.000% 996,865 0.77 2,000,000 Energie Beheer Nederland 10.01.11/0.000% 1,999,689 1.55 2,000,000 Bank of Tokyo-Mitsubishi 29.04.11/0.000% 1,992,377 1.54 2,000,000 Toyota Motor Finance 17.01.11/0.000% 1,999,456 1.54 2,000,000 Mitsubishi Trust & Banking 31.01.11/0.000% 1,998,534 1.54 2,300,000 Unilever Finance International 01.03.11/0.000% 2,297,129 1.77 2,000,000 Mizuho Corporate Bank 23.02.11/0.830% 2,000,028 1.54 1,000,000 Sumitomo Trust & Banking 25.01.11/0.950% 1,000,000 0.77 10,294,617 7.93 1,000,000 Sumitomo Trust & Banking 09.03.11/0.800% 1,000,000 0.77 SWEDEN 8,987,804 6.93 1,000,000 Nordea Bank 19.01.11/0.000% 999,645 0.77 2,000,000 Nordea Bank 09.06.11/0.000% 1,992,877 1.54 FRANCE 2,000,000 Stadshypotek 17.02.11/0.000% 1,997,842 1.54 2,000,000 BPCE 21.01.11/0.000% 1,999,191 1.54 1,500,000 Svenska Handelsbanken 24.01.11/0.000% 1,499,349 1.16 1,000,000 BPCE 22.02.11/0.000% 998,739 0.77 2,000,000 Svenska Handelsbanken 07.02.11/0.000% 1,998,273 1.54 1,000,000 Crédit Agricole 15.02.11/0.000% 998,928 0.77 3,000,000 Crédit Agricole 21.03.11/0.000% 2,994,653 2.31 8,487,986 6.55 2,000,000 HSBC France 09.06.11/0.000% 1,992,704 1.54 8,984,215 6.93

147 JPMorgan Funds - Euro Money Market Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

UNITED KINGDOM 1,000,000 Barclays Bank 24.01.11/0.000% 999,576 0.77 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 2,000,000 Barclays Bank 14.02.11/0.000% 1,997,679 1.54 Net Assets 1,000,000 HSBC Bank 07.03.11/0.850% 1,000,000 0.77 Fixed Income Securities 2,000,000 Lloyds TSB Bank 18.02.11/0.000% 1,998,035 1.54 France 20.62 2,000,000 RBS 06.01.11/0.000% 1,999,867 1.55 United Kingdom 15.60 Netherlands 13.71 7,995,157 6.17 Sweden 7.71 Japan NETHERLANDS 6.93 Ireland 1,500,000 ING Bank 05.01.11/0.000% 1,499,925 1.16 5.40 United States of America 2,500,000 Rabobank Nederland 06.09.11/0.000% 2,483,423 1.92 4.63 Australia 2,000,000 Rabobank Nederland 17.11.11/0.763% 2,000,000 1.54 4.62 Denmark 3.09 5,983,348 4.62 Belgium 2.70 Channel Islands 1.16 BELGIUM Switzerland 1.16 2,000,000 ENI Coordination Center 19.01.11/0.000% 1,999,431 1.54 Spain 1.16 Canada 0.79 1,999,431 1.54 Germany 0.77 SWEDEN Finland 0.77 500,000 Svenska Handelsbanken 14.03.11/0.850% 500,005 0.39 Total Fixed Income Securities 90.82 Cash Equivalents, Cash and Other Assets/(Liabilities) 9.18 500,005 0.39 Total 100.00 Total Certificates of Deposit 34,449,960 26.58

Total Transferable Securities Dealt in on Another 104,688,414 80.77 Regulated Market Allocation of Portfolio as at 30 June 2010 % of Total Investments 117,713,645 90.82 Net Assets Fixed Income Securities Cash Equivalents United Kingdom 15.17 France 14.20 Time Deposits Ireland 11.09 Sweden 7.79 FRANCE Netherlands 6.59 9,500,000 Société Générale 04.01.11/0.450% 9,500,000 7.33 Belgium 4.67 Denmark 3.89 9,500,000 7.33 Germany 3.69 UNITED KINGDOM International Agencies 3.00 2,200,000 Citibank/London 04.01.11/0.300% 2,200,000 1.69 Japan 3.00 Spain 2.39 2,200,000 1.69 Switzerland 1.20 Finland 1.20 Total Time Deposits 11,700,000 9.02 Australia 1.20 Channel Islands 0.60 Total Cash Equivalents 11,700,000 9.02 Total Fixed Income Securities 79.68 Cash Equivalents, Cash and Other Assets/(Liabilities) 20.32 Total Investments plus Total Cash Equivalents 129,413,645 99.84 Total 100.00 Cash 111,420 0.09

Other Assets/(Liabilities) 89,619 0.07

Total Net Assets 129,614,684 100.00

* Variable coupon rates are those quoted as at 31 December 2010.

148 JPMorgan Funds - Euro Short Duration Bond Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing UNITED STATES OF AMERICA 110,000 Citigroup 26.11.15/4.000% 108,663 0.55 Bonds 80,000 Goldman Sachs Group 08.12.11/3.500% 81,808 0.41 125,000 Goldman Sachs Group 15.02.13/5.375% 131,382 0.67 UNITED KINGDOM 175,000 Kraft Foods 20.03.12/5.750% 183,221 0.93 170,000 Abbey National Treasury 150,000 Merrill Lynch & Co. 159,450 Services/London 18.03.13/2.500% 170,430 0.86 21.05.13/6.750% 0.81 150,000 Abbey National Treasury 140,000 Morgan Stanley 01.03.13/3.750% 141,719 0.72 Services/London 30.06.14/3.125% 149,984 0.76 150,000 SES Global Americas Holdings 09.07.14/4.875% 159,924 0.81 85,000 Abbey National Treasury 100,000 Cellco Partnership/Verizon Services/London 20.10.15/3.375% 80,983 0.41 Wireless Capital 19.12.11/7.625% 105,740 0.53 135,000 Anglo American Capital 30.09.13/4.250% 141,784 0.72 100,000 Wells Fargo & Co. 17.05.11/4.000% 100,817 0.51 100,000 Bank of Scotland 05.12.11/3.375% 102,065 0.52 100,000 Zurich Finance USA 17.09.14/4.500% 105,290 0.53 200,000 Bank of Scotland 25.01.13/3.250% 203,042 1.03 100,000 Bank of Scotland 23.10.13/4.500% 104,592 0.53 1,278,014 6.47 170,000 Barclays Bank 31.03.13/4.875% 175,412 0.89 BELGIUM 150,000 British Telecommunications 11.07.14/6.125% 165,850 0.84 150,000 Anheuser-Busch InBev 27.02.14/6.570% 167,748 0.85 150,000 HSBC Bank 09.11.11/3.875% 153,043 0.78 440,000 Belgium (Kingdom of) 28.03.12/2.000% 442,123 2.24 100,000 Imperial Tobacco Finance 15.09.14/7.250% 114,828 0.58 75,000 Belgium (Kingdom of) 28.09.12/5.000% 78,839 0.40 200,000 Lloyds TSB Bank 26.11.12/3.250% 201,487 1.02 160,000 Belgium (Kingdom of) 28.03.13/4.000% 166,240 0.84 150,000 National Grid Electricity Transmission 28.01.14/6.625% 168,837 0.85 854,950 4.33 60,000 Nationwide Building Society 20.01.15/3.750% 59,061 0.30 200,000 Nationwide Building Society 14.09.15/2.875% 196,955 1.00 GERMANY 30,000 OTE 05.08.13/5.000% 28,574 0.14 166,000 Deutsche Pfandbriefbank 15.09.14/3.125% 169,378 0.86 125,000 RBS 21.05.14/5.750% 130,315 0.66 130,000 Germany (Federal Republic of) 11.10.13/4.000% 140,442 0.71 225,000 Tesco 12.09.12/5.625% 240,037 1.22 120,000 Germany (Federal Republic of) 10.10.14/2.500% 124,591 0.63 210,000 UBS/London 06.07.12/4.625% 218,130 1.10 200,000 IKB Deutsche Industriebank 13.03.12/2.625% 203,539 1.03 203,000 UBS/London 21.01.13/2.375% 205,315 1.04 127,000 Merck Financial Services 24.03.15/3.375% 129,493 0.66 150,000 Yorkshire Building Society 26.10.12/2.250% 151,679 0.77 767,443 3.89 3,162,403 16.02 DENMARK FRANCE 250,000 Kommunekredit 02.10.12/4.375% 262,270 1.33 150,000 BNP Paribas Home Loan Covered 300,000 Spar Nord Bank 10.07.12/2.500% 304,084 1.54 Bonds 01.10.12/2.250% 151,753 0.77 200,000 Caisse d’Amortissement de la 566,354 2.87 Dette Sociale 25.04.12/2.625% 204,221 1.03 AUSTRALIA 150,000 Casino Guichard Perrachon 30.01.15/5.500% 162,869 0.82 105,000 ANZ Banking Group 112,785 120,000 Compagnie de Financement 20.05.13/5.250% 0.57 Foncier 16.01.12/3.625% 122,808 0.62 80,000 Commonwealth Bank of Australia 05.04.11/3.625% 80,493 0.41 1,340,000 France (Government of) 12.07.13/4.500% 1,448,492 7.34 100,000 Commonwealth Bank of Australia 29.07.11/5.875% 102,621 0.52 150,000 HSBC France 19.06.13/5.750% 163,162 0.83 80,000 National Australia Bank 23.01.15/3.500% 81,848 0.41 128,000 PPR 03.04.14/8.625% 150,309 0.76 85,000 Westpac Banking 05.09.13/5.875% 92,955 0.47 82,000 PPR 08.04.15/3.750% 83,584 0.42 155,000 RCI Banque 27.01.15/4.375% 158,707 0.80 470,702 2.38 200,000 Societe Financement de AUSTRIA l’Economie Francaise 20.05.12/2.125% 202,893 1.03 70,000 Austria (Republic of) 15.07.12/5.000% 74,312 0.38 200,000 Société Générale 13.02.12/5.625% 206,530 1.05 130,000 Austria (Republic of) 20.10.13/3.800% 138,583 0.70 175,000 Oesterreichische Kontrollbank 21.02.12/4.125% 180,931 0.91 3,055,328 15.47 ITALY 393,826 1.99 200,000 Intesa Sanpaolo 04.12.12/2.625% 199,636 1.01 JERSEY 950,000 Italy (Republic of) 01.03.12/3.000% 956,043 4.84 25,000 MetLife of Connecticut 1,225,000 Italy (Republic of) 15.12.12/2.000% 1,205,500 6.11 Institutional Funding 21.06.12/5.650% 25,873 0.13 225,000 Telecom Italia 01.02.12/6.250% 234,938 1.19 200,000 WPP 05.12.13/4.375% 209,258 1.06

2,596,117 13.15 235,131 1.19 NETHERLANDS SWEDEN 235,000 Daimler International Finance 16.01.14/7.875% 271,814 1.38 115,000 Swedbank 02.12.11/3.625% 117,686 0.60 150,000 Fortis Bank Nederland 19.05.14/3.375% 156,748 0.79 100,000 Swedbank 02.02.12/3.125% 102,171 0.51 180,000 ING Bank 03.03.14/3.375% 188,068 0.95 150,000 ING Bank 30.09.14/3.000% 153,068 0.78 219,857 1.11 80,000 ING Bank 03.03.15/3.375% 80,417 0.41 380,000 LeasePlan 22.05.14/3.250% 395,685 2.00 IRELAND 100,000 GE Capital European Funding 104,598 200,000 Metro Finance 29.05.12/4.750% 208,423 1.05 28.09.12/4.750% 0.53 100,000 GE Capital European Funding 99,342 225,000 Netherlands (Kingdom of) 15.01.12/2.500% 229,222 1.16 17.09.15/2.875% 0.50 370,000 Netherlands (Kingdom of) 15.01.13/1.750% 376,310 1.91 203,940 1.03 2,059,755 10.43 FINLAND Nordea Bank Finland 97,846 SPAIN 100,000 16.11.15/2.250% 0.50 100,000 OP Mortgage Bank 102,631 200,000 BBVA 31.05.12/3.875% 202,146 1.02 19.11.14/3.125% 0.52 100,000 BSCH 14.11.12/4.500% 102,080 0.52 100,000 BSCH 06.05.13/4.250% 101,468 0.51 200,477 1.02 150,000 Fund for Ordered Bank LUXEMBOURG Restructuring 19.11.14/3.000% 140,414 0.71 142,000 Dexia LDG Banque 09.11.12/2.625% 144,351 0.73 100,000 Gas Natural Capital Markets 02.11.12/3.125% 100,752 0.51 50,000 John Deere Bank 23.06.11/6.000% 50,936 0.26 150,000 Instituto de Credito Oficial 23.05.12/4.375% 151,613 0.77 702,000 Spain (Kingdom of) 30.04.13/2.300% 681,261 3.45 195,287 0.99 50,000 Telefonica Emisiones 12.06.13/5.580% 53,359 0.27 CANADA 1,533,093 7.76 180,000 Xstrata Finance Canada 14.06.12/4.875% 187,503 0.95 187,503 0.95

149 JPMorgan Funds - Euro Short Duration Bond Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

POLAND 120,000 Poland (Government of) 03.02.14/5.875% 129,785 0.66 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 129,785 0.66 Fixed Income Securities United Kingdom LITHUANIA 17.06 France 110,000 Lithuania (Republic of) 22.06.14/9.375% 128,854 0.65 15.82 Italy 13.15 128,854 0.65 Netherlands 10.43 Spain 8.27 INTERNATIONAL AGENCIES United States of America 6.47 125,000 European Union 09.12.11/3.250% 127,626 0.65 Belgium 4.33 Germany 3.89 127,626 0.65 Denmark 2.87 CROATIA Australia 2.38 110,000 Croatia (Republic of) 15.04.14/5.000% 112,321 0.57 Ireland 2.07 Austria 1.99 112,321 0.57 Jersey 1.19 Sweden 1.11 Finland Total Bonds 18,478,766 93.58 1.02 Luxembourg 0.99 Canada 0.95 Total Transferable Securities Admitted to an Official 18,478,766 93.58 Exchange Listing Poland 0.66 Lithuania 0.65 Transferable Securities Dealt in on Another Regulated Market International Agencies 0.65 Croatia 0.57 Bonds Total Fixed Income Securities 96.52 IRELAND Investment Funds 128,515 Talisman Finance 3 B 22.01.15/1.255% 119,519 0.61 Investment Companies 1.27 102,466 Titan Europe/Ireland 2007-2X A1 23.04.17/1.195%* 85,883 0.43 Total Investment Funds 1.27 Bank Overdraft and Other Assets/(Liabilities) 2.21 205,402 1.04 Total 100.00 UNITED KINGDOM 220,206 Granite Master Issuer 2006-4 A7 20.12.54/0.923%* 205,122 1.04

205,122 1.04 SPAIN Allocation of Portfolio as at 30 June 2010 % of 102,934 BBVA Autos Fondo de Net Assets Titulizacion de Activos 2 A 20.11.19/1.151%* 100,168 0.51 Fixed Income Securities United Kingdom 16.30 100,168 0.51 France 15.31 Italy 12.81 FRANCE Spain 11.69 70,000 French Treasury Bill (i) 10.03.11/0.000% 69,826 0.35 Netherlands 6.44 United States of America 5.71 69,826 0.35 Germany 4.23 Belgium 3.39 Total Bonds 580,518 2.94 Denmark 3.02 Ireland Investment Funds 3.01 Luxembourg 2.68 LUXEMBOURG Australia 2.52 18 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Austria 2.19 Euro Liquidity X (acc)) 251,212 1.27 Greece 2.04 Sweden 1.17 251,212 1.27 Canada 0.99 Hungary 0.71 Total Investment Funds 251,212 1.27 Poland 0.70 Jersey 0.69 Total Transferable Securities Dealt in on Another 831,730 4.21 International Agencies Regulated Market 0.68 Lithuania 0.68 Total Investments 19,310,496 97.79 Croatia 0.59 Finland 0.55 Bank Overdraft (2,093) (0.01) Total Fixed Income Securities 98.10 Investment Funds Other Assets/(Liabilities) 437,996 2.22 Luxembourg 0.01 Total Investment Funds 0.01 Total Net Assets 19,746,399 100.00 Cash and Other Assets/(Liabilities) 1.89 Total 100.00 * Variable coupon rates are those quoted as at 31 December 2010. (i) Security held as collateral against futures positions by the broker.

150 JPMorgan Funds - Euro Short Duration Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 (29) Euro-Bobl Future EUR (3,444,620) 1,890 Mar-11 41 Euro-Schatz Future EUR 4,469,205 (735)

Total 1,155

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

06-Jan-11 EUR 70,471 GBP 60,769 (199) 06-Jan-11 GBP 60,769 EUR 72,555 (1,885) 03-Feb-11 GBP 60,552 EUR 70,204 195

Total (1,889)

151 JPMorgan Funds - Euroland Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 7,980 Gildemeister 132,308 0.02 33,711 Grammer 611,518 0.11 Shares 164,973 Hannover Rueckversicherung Registered Shares 6,611,705 1.20 11,793 Henkel & Co. KGaA Non Voting Preference Shares 545,868 FRANCE 0.10 18,390 Indus Holding402,971 55,446 ABC Arbitrage 401,706 0.07 0.07 58,246 Jungheinrich Preference Shares 1,698,308 91,119 Air France-KLM 1,240,813 0.22 0.31 48,418 Kabel Deutschland Holding1,680,952 38,702 Alten 943,942 0.17 0.30 25,507 KUKA 423,161 126,509 Arkema 6,723,953 1.21 0.08 95,645 Lanxess 5,611,970 29,007 Assystem 390,144 0.07 1.01 4,142 Leoni 136,199 18,117 Atos Origin 734,508 0.13 0.02 78,334 LPKF Laser & Electronics 960,767 365,826 BNP Paribas 17,789,204 3.21 0.17 63,180 Muenchener Rueckversicherungs Registered Shares 7,197,781 109,194 Bureau Veritas 6,090,295 1.10 1.30 2,037 Pfeiffer Vacuum Technology 177,861 47,595 Cap Gemini 1,698,309 0.30 0.03 196,925 ProSiebenSat.1 Media Preference Shares 4,440,659 52,278 Casino Guichard Perrachon 3,840,080 0.69 0.80 106,847 RWE 5,345,555 70,896 Christian Dior 7,592,962 1.37 0.96 110,227 Siemens Registered Shares 10,256,071 497,601 Crédit Agricole 4,808,070 0.87 1.85 24,027 Sixt 912,305 11,925 Etam Developpement 435,501 0.08 0.16 6,905 Stroer Out-of-Home Media 182,724 4,932 Euler Hermès 346,424 0.06 0.03 66,987 Suss Microtec 610,151 3,087 Eurofins Scientific 165,818 0.03 0.11 3,272 Wacker Chemie 429,614 292,192 France Télécom 4,606,407 0.83 0.08 2,172 Hermes International 339,809 0.06 161,442,613 29.12 41,408 ICADE 3,140,383 0.57 57,719 IPSOS 2,051,766 0.37 SPAIN 38,253 Lectra 160,471 0.03 996,665 BBVA 7,572,661 1.37 5,400 LeGuide.com 150,714 0.03 2,144,006 BSCH 17,133,824 3.09 6,640 LVL Medical Groupe 94,919 0.02 31,836 Codere 276,018 0.05 51,085 LVMH Moet Hennessy Louis Vuitton 6,320,492 1.14 466,887 Criteria Caixacorp 1,871,050 0.33 11,232 Manitou BF 196,139 0.04 215,889 Duro Felguera 1,134,497 0.20 8,012 NRJ Group 65,859 0.01 206,275 Endesa 3,994,000 0.72 6,334 Parrot 152,523 0.03 87,535 Inditex 4,946,165 0.89 142,592 Peugeot 4,083,835 0.74 20,231 Pescanova 498,795 0.09 29,063 Plastic Omnium 1,517,234 0.27 15,295 Prosegur Compañia de Seguridad Registered Shares 641,013 0.12 13,519 PPR 1,623,294 0.29 314,212 Repsol YPF 6,600,023 1.19 96,943 Publicis Groupe 3,773,991 0.68 1,082,050 Telefonica 18,386,735 3.32 39,840 Rallye 1,279,561 0.23 100,026 Viscofan 2,820,733 0.51 146,039 Renault 6,366,935 1.15 86,394 Rexel 1,401,527 0.25 65,875,514 11.88 47,411 Rhodia 1,181,601 0.21 ITALY 23,994 Rubis 2,083,999 0.38 82,330 Autostrada Torino-Milano 830,710 0.15 264,272 Sanofi-Aventis 12,865,422 2.32 190,780 Banca Generali 1,728,467 0.31 349,243 SCOR 6,733,405 1.21 75,178 Brembo 579,059 0.10 30,669 SEB 2,382,828 0.43 23,585 Carraro 91,451 0.02 75,271 Sequana 878,413 0.16 176,809 Danieli & Co. 4,223,083 0.76 12,824 Société BIC 841,383 0.15 196,491 De’Longhi 1,130,314 0.20 194,200 Société Générale 7,981,620 1.44 92,080 DiaSorin 2,917,094 0.53 6,092 Sodexho 320,348 0.06 3,686,207 Enel 13,878,569 2.50 13,385 SOITEC 108,211 0.02 280,217 ENI 4,582,949 0.82 8,587 Sopra Group 493,452 0.09 153,721 Esprinet 855,073 0.15 557,083 Total 22,369,668 4.04 158,995 Gruppo Coin 1,230,224 0.22 14,460 UBISOFT Entertainment 116,273 0.02 124,390 Indesit 1,008,492 0.18 106,400 Valeo 4,493,538 0.82 22,874 Interpump Group 129,638 0.02 27,477 Vallourec 2,195,824 0.40 2,054,140 Intesa Sanpaolo 4,182,743 0.75 7,056 Virbac 898,123 0.16 156,015 Iren 195,955 0.04 36,003 Vivendi 739,862 0.13 425,779 Maire Tecnimont 1,411,990 0.25 81,088 Zodiac Aerospace 4,554,308 0.82 34,965 Marcolin 150,393 0.03 133,100 MARR 1,146,656 161,765,866 29.18 0.21 219,376 Prysmian 2,802,528 0.51 GERMANY 194,036 Recordati 1,367,469 0.25 102,287 Aareal Bank 2,327,796 0.42 437,626 Snam Rete Gas 1,640,550 0.30 193,191 Allianz Registered Shares 17,151,497 3.09 81,821 Sorin 140,118 0.03 3,245 Amadeus Fire 93,067 0.02 1,622,716 UniCredit 2,543,607 0.46 46,466 Axel Springer 5,671,175 1.02 21,160 Yoox 203,718 0.04 341,300 BASF 20,442,163 3.69 46,062 Bayer Registered Shares 2,532,489 0.46 48,970,850 8.83 134,454 Bayerische Motoren Werke 7,924,719 1.43 NETHERLANDS 39,198 Bechtle 1,146,346 0.21 124,823 Aegon 574,747 0.11 47,885 Bertrandt 2,658,815 0.48 22,776 AMG Advanced Metallurgical Group 205,485 0.04 17,952 Brenntag1,368,391 0.25 24,724 Arcadis 428,158 0.08 43,038 Cancom IT Systeme 400,038 0.07 6,647 Fugro - CVA 410,286 0.07 27,362 CENTROTEC Sustainable 437,108 0.08 56,637 Heijmans - CVA 850,688 0.15 3,403 CTS Eventim 157,057 0.03 37,858 Imtech 1,053,020 0.19 257,955 Daimler Registered Shares 13,119,591 2.37 1,276,277 ING Groep - CVA 9,258,751 1.67 18,624 Delticom 1,242,873 0.23 404,376 Koninklijke Ahold 4,017,880 0.72 3,223 Demag Cranes 116,544 0.02 26,822 Koninklijke DSM 1,141,410 0.21 381,801 Deutsche Bank Registered Shares 14,881,648 2.68 97,065 Koninklijke KPN 1,068,443 0.19 340,311 Deutsche Lufthansa Registered Shares 5,581,951 1.01 110,621 Koninklijke Philips Electronics 2,541,794 0.46 188,124 Deutsche Post Registered Shares 2,384,001 0.43 6,783 Koninklijke Ten Cate 189,805 0.03 383,440 Deutsche Telekom Registered Shares 3,690,610 0.67 78,967 Mediq 1,104,946 0.20 24,939 Deutz 157,889 0.03 78,986 Nutreco 4,457,970 0.80 30,526 Draegerwerk & Co. KGaA Preference Shares 1,889,407 0.33 338,644 Royal Dutch Shell - A Shares 8,480,492 1.53 95,756 Drillisch 588,038 0.11 210,544 Unilever - CVA 4,969,365 0.90 145,834 E.ON 3,329,390 0.60 5,422 Unit 4 130,277 0.02 31,456 Fuchs Petrolub Preference Shares 3,471,956 0.63 4,737 Gerry Weber International 174,511 0.03 40,883,517 7.37 3,617 GFK 135,095 0.02

152 JPMorgan Funds - Euroland Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

BELGIUM 93,700 Elementis 149,074 0.03 132,363 Anheuser-Busch InBev 5,723,045 1.03 39,182 Fenner 159,873 0.03 186 Banque Nationale de Belgique 648,290 0.12 3,500 Go-Ahead Group 53,284 0.01 2,349 Barco 112,799 0.02 4,071 Hunting34,277 0.01 48,591 Bekaert 4,186,115 0.76 17,200 Hyder Consulting76,957 0.01 78,051 Belgacom 1,987,374 0.36 11,870 Imagination Technologies Group 49,909 0.01 5,284 Colruyt 204,055 0.04 4,900 Immunodiagnostic Systems Holdings 52,560 0.01 24,806 Compagnie d’Entreprises CFE 1,336,795 0.24 40,500 International Personal Finance 178,335 0.03 84,080 D’ieteren 3,905,516 0.70 40,490 ITE Group 118,343 0.02 8,459 Kinepolis Group 427,814 0.08 3,000 Kier Group 47,380 0.01 28,396 Melexis 379,371 0.07 5,238 Micro Focus International 23,594 0.00 12,130 Mobistar 580,754 0.10 42,877 Nautical Petroleum 197,323 0.04 57,804 Nyrstar 645,382 0.12 30,974 Premier Farnell 103,273 0.02 90,367 Recticel 715,707 0.13 10,570 Renishaw 154,162 0.03 7,875 Sipef 559,164 0.10 9,300 Restaurant Group 29,776 0.01 4,288 Tessenderlo Chemie 116,612 0.02 6,400 RPC Group 23,429 0.00 63,794 Umicore 2,523,212 0.45 7,800 Salamander Energy 24,402 0.00 57,570 Senior 101,026 0.02 24,052,005 4.34 9,000 Shaftesbury 45,519 0.01 FINLAND 52,500 Spirent Communications 90,054 0.02 57,180 Cargotec - B Shares 2,210,293 0.40 3,300 SuperGroup 49,165 0.01 19,226 Fortum 435,469 0.08 2,980 Victrex 51,324 0.01 71,885 Kone - B Shares 3,018,451 0.54 11,400 WH Smith 64,202 0.01 118,750 Metso 4,970,281 0.89 27,800 Yule Catto & Co. 99,184 0.01 6,124 PKC Group 94,095 0.02 376,111 Stora Enso - R Shares 2,916,741 0.53 2,971,984 0.54 205,851 UPM-Kymmene 2,741,935 0.49 SWEDEN 52,109 Wartsila 2,994,965 0.54 10,961 Betsson 142,910 0.03 40,454 YIT 751,029 0.14 11,193 Bilia - A Shares 161,821 0.03 15,009 Haldex 174,803 0.03 20,133,259 3.63 9,089 Hexpol 152,776 0.03 GREECE 4,943 Hoganas - B Shares 146,501 0.03 27,331 Coca Cola 0.10Hellenic 5,831 Indutrade Bottling534,594 151,562 0.03 54,303 Folli - Follie 988,586 0.18 12,640 Loomis - B Shares 142,464 0.02 11,441 Frigoglass 117,156 0.02 5,542 Mekonomen 137,110 0.02 168,272 Mytilineos Holdings Registered Shares 729,459 0.13 36,694 Proffice - B Shares 144,801 0.02 180,051 OPAP 2,330,760 0.42 18,950 Rezidor Hotel Group 86,382 0.02 339,095 Public Power 3,692,745 0.66 7,760 Wihlborgs Fastigheter 167,581 0.03

8,393,300 1.51 1,608,711 0.29 PORTUGAL SWITZERLAND 1,149,178 EDP - Energias de Portugal 2,877,542 0.52 1,049 Bucher Industries Registered Shares 145,222 0.03 342,956 Portucel Empresa Produtora de Pasta e Papel 788,113 0.15 2,792 Charles Voegele Holding - Bearer Shares 121,060 0.02 232,311 Portugal Telecom SGPS Registered Shares 2,005,076 0.36 5,325 Gategroup Holding 218,216 0.04 114,914 Semapa-Sociedade de Investimento e Gestao 970,047 0.17 392 Kaba Holding Registered - B Shares 125,321 0.02 492,710 Sonae.com SGPS 667,129 0.12 3,096 U-Blox Holding124,210 0.02

7,307,907 1.32 734,029 0.13 AUSTRIA LUXEMBOURG 15,600 Flughafen Wien 802,230 0.14 10,200 AZ Electronic Materials 35,858 0.01 25,270 Immofinanz 0 0.00 7,306 RTL Group 556,863 0.10 64,653 OMV 2,029,619 0.37 1,964 Palfinger 56,141 0.01 592,721 0.11 24,967 RHI 729,099 0.13 DENMARK 3,004 Schoeller-Bleckmann Oilfield Equipment 193,322 0.03 1,342 Rockwool International - B Shares 126,564 0.02 7,036 Voestalpine 254,721 0.05 3,387 Royal UNIBREW 150,171 0.03

4,065,132 0.73 276,735 0.05 IRELAND JERSEY 93,074 C&C Group 315,055 0.06 22,000 Highland Gold Mining 47,491 0.01 137,848 Glanbia 490,877 0.09 29,500 Kentz 108,506 0.02 61,662 Kerry Group - A Shares 1,569,144 0.28 48,660 Smurfit Kappa Group 349,987 0.06 155,997 0.03 222,741 United Drug477,779 0.09 NORWAY 3,202,842 0.58 19,597 Atea 145,145 0.03 UNITED KINGDOM 145,145 0.03 21,800 Abcam 81,071 0.01 18,000 Anglo Pacific Group 73,529 0.01 ISLE OF MAN 26,100 Lamprell 97,638 58,800 Ashtead Group 118,627 0.02 0.02 4,330 Aveva Group 80,412 0.01 97,638 0.02 21,400 BTG 57,897 0.01 30,900 Cape 145,526 0.03 8,135 Computacenter 36,672 0.01 Total Shares 552,675,765 99.69 87,400 Cove Energy 99,540 0.02 Total Transferable Securities Admitted to an 552,675,765 99.69 14,500 Domino’s Pizza UK & IRL 93,776 0.02 Official Exchange Listing 50,375 DS Smith 120,598 0.02 28,300 Electrocomponents 87,911 0.02

153 JPMorgan Funds - Euroland Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 2,033,878 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist)) 2,033,878 0.37

2,033,878 0.37

Total Investment Funds 2,033,878 0.37

Total Transferable Securities Dealt in on Another 2,033,878 0.37 Regulated Market Total Investments 554,709,643 100.06

Cash 172,602 0.03

Other Assets/(Liabilities) (518,959) (0.09)

Total Net Assets 554,363,286 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 25.70 Consumer Discretionary 16.85 Industrials 13.62 Materials 9.57 Energy 9.04 Utilities 6.76 Telecommunication Services 6.06 Consumer Staples 5.69 Health Care 4.02 Information Technology 2.38 Investment Companies 0.37 Total Shares 100.06 Cash and Other Assets/(Liabilities) (0.06) Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 25.35 Consumer Discretionary 12.31 Industrials 12.00 Materials 9.00 Energy 8.61 Consumer Staples 7.79 Utilities 7.20 Telecommunication Services 5.88 Health Care 5.15 Information Technology 4.65 Investment Companies 1.84 Total Shares 99.78 Cash and Other Assets/(Liabilities) 0.22 Total 100.00

154 JPMorgan Funds - Euroland Select Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing FINLAND 16,795 Cargotec - B Shares 649,211 0.94 Shares 19,143 Metso 801,230 1.15 117,374 Nokia 908,768 1.31 FRANCE 3,055 Sampo - A Shares 61,604 0.09 204,767 Alcatel-Lucent 449,054 0.65 116,754 Stora Enso - R Shares 905,427 1.31 15,058 Arkema 800,333 1.15 11,944 Wartsila 686,481 0.99 23,623 Atos Origin 957,735 1.38 24,411 AXA 307,701 0.44 4,012,721 5.79 32,772 BNP Paribas 1,593,620 2.30 12,471 Cap Gemini 444,996 0.64 BELGIUM 6,248 Compagnie de Saint-Gobain 245,890 0.35 5,700 D’ieteren 264,765 0.39 62,250 GDF Suez 1,710,941 2.47 38,634 KBC Groep 992,990 1.43 3,411 Iliad 279,139 0.40 8,776 Mobistar 420,173 0.60 10,342 Imerys 523,409 0.76 73,666 Nyrstar 822,481 1.19 15,022 Lafarge 713,770 1.03 4,028 Omega Pharma 144,223 0.21 23,151 Lagardère 728,446 1.05 23,025 L’Oréal 1,950,563 2.81 2,644,632 3.82 2,498 Plastic Omnium 130,408 0.19 IRELAND 9,744 PPR 1,170,011 1.69 16,157 DCC 379,003 0.55 4,509 Renault 196,581 0.28 12,825 Paddy Power 392,637 0.57 35,907 Rhodia 894,892 1.29 Sanofi-Aventis 2,173,868 44,654 3.14 771,640 1.12 13,257 Schneider Electric 1,522,235 2.20 27,782 Société Générale 1,141,840 1.65 AUSTRIA 536 Technip 37,984 0.05 11,258 Erste Group Bank 399,378 0.58 51,761 Total 2,078,463 3.00 27,156 Vinci 1,120,728 1.62 399,378 0.58 LUXEMBOURG 21,172,607 30.54 7,518 ArcelorMittal 214,789 0.31 GERMANY 16,956 Adidas 833,515 1.20 214,789 0.31 24,073 Allianz Registered Shares 2,137,201 3.08 9,665 BASF 578,885 0.84 Total Shares 68,905,035 99.41 36,795 Bayer Registered Shares 2,022,989 2.91 23,790 Bayerische Motoren Werke 1,402,183 2.02 Total Transferable Securities Admitted to an Official 68,905,035 99.41 Exchange Listing 6,331 Beiersdorf 263,829 0.38 7,279 Brenntag554,842 0.80 12,666 Continental 748,814 1.08 Transferable Securities Dealt in on Another Regulated Market 22,778 Deutsche Bank Registered Shares 887,830 1.28 Investment Funds 40,307 Deutsche Telekom Registered Shares 387,955 0.56 76,895 E.ON 1,755,513 2.53 LUXEMBOURG 10,672 Gerresheimer 346,173 0.50 300,797 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM 12,896 Hamburger Hafen und Logistik 447,362 0.65 Euro Liquidity X (dist)) 300,797 0.43 37,125 Henkel & Co. KGaA Non Voting Preference Shares 1,718,423 2.49 117,862 Infineon Technologies 825,564 1.19 300,797 0.43 20,322 Lanxess 1,192,393 1.72 12,484 MAN 1,114,135 1.60 Total Investment Funds 300,797 0.43 18,116 RWE 906,343 1.31 5,974 SAP 227,460 0.33 Total Transferable Securities Dealt in on Another 300,797 0.43 20,402 Siemens Registered Shares 1,898,304 2.74 Regulated Market 12,045 Stada Arzneimittel 305,401 0.44 Total Investments 69,205,832 99.84

20,555,114 29.65 Cash 209,507 0.30 SPAIN 47,218 Almirall 323,915 0.47 Other Assets/(Liabilities) (98,341) (0.14) 32,051 Antena 3 de Television 222,754 0.32 152,566 BBVA 1,159,197 1.67 Total Net Assets 69,316,998 100.00 228,757 BSCH 1,828,112 2.64 174,388 Iberdrola 1,007,614 1.45 16,252 Inditex 918,319 1.32 174,087 Telefonica 2,958,173 4.27

8,418,084 12.14 NETHERLANDS 266,704 Aegon 1,228,039 1.77 14,104 CSM 366,528 0.53 197,107 ING Groep - CVA 1,429,913 2.06 47,701 Koninklijke Ahold 473,957 0.68 170,462 Koninklijke KPN 1,876,361 2.71 27,384 Koninklijke Philips Electronics 629,216 0.91

6,004,014 8.66 ITALY 176,486 Enel 664,470 0.96 91,948 ENI 1,503,810 2.17 401,190 Snam Rete Gas 1,503,961 2.17 776,015 Telecom Italia 751,765 1.08 183,764 UniCredit 288,050 0.42

4,712,056 6.80

155 JPMorgan Funds - Euroland Select Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 19.41 Materials 14.16 Industrials 11.89 Utilities 10.89 Consumer Discretionary 10.66 Telecommunication Services 9.22 Consumer Staples 6.89 Information Technology 6.81 Energy 5.22 Health Care 4.26 Investment Companies 0.43 Total Shares 99.84 Cash and Other Assets/(Liabilities) 0.16 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 21.73 Consumer Discretionary 10.55 Materials 10.39 Utilities 10.34 Telecommunication Services 9.88 Consumer Staples 9.11 Industrials 8.71 Information Technology 7.69 Energy 5.92 Health Care 4.35 Total Shares 98.67 Cash and Other Assets/(Liabilities) 1.33 Total 100.00

156 JPMorgan Funds - Euroland Select Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-11 10 DJ Euro Stoxx 50 Index Future EUR 281,250 (4,650)

Total (4,650)

157 JPMorgan Funds - Europe 130/30 Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 1,447 Jungheinrich Preference Shares 42,191 0.81 1,021 Kabel Deutschland 0.68 Holding35,447 Shares and Rights 42 KSB 24,906 0.48 593 Lanxess 34,794 UNITED KINGDOM 0.67 643 LPKF Laser & Electronics 7,886 1,116 Aero Inventory 0 0.00 0.15 1,824 ProSiebenSat.1 Media Preference Shares 41,131 3,439 Anglo-Eastern Plantations 29,095 0.56 0.79 176 Siemens Registered Shares 16,376 2,241 AstraZeneca 76,152 1.47 0.32 5,831 Sky Deutschland 9,819 4,532 Aviva 20,776 0.40 0.19 1,349 Barclays 4,121 0.08 607,635 11.69 3,127 BHP Billiton 92,858 1.79 15,062 BP 81,634 1.57 SWITZERLAND 954 British American Tobacco 27,342 0.53 88 Emmi Registered Shares 14,822 0.29 2,942 British Polythene Industries 8,246 0.16 3,622 GAM Holding44,943 0.87 148 Carnival 5,141 0.10 5,338 Micronas Semiconductor Holding Registered Shares 46,899 0.90 10,773 Centrica 41,682 0.80 1,828 Nestlé Registered Shares 80,156 1.54 1,232 Clarkson 16,233 0.31 2,141 Novartis Registered Shares 94,224 1.81 6,968 Computacenter 31,563 0.61 189 Roche Holding - Genussschein 20,736 0.40 5,850 CPP Group 20,689 0.40 31 Vetropack Holding - Bearer Shares 43,801 0.84 21,489 Debenhams 17,706 0.34 462 VZ Holding43,919 0.85 17,093 DS Smith 40,333 0.78 298 Walter Meier Registered Shares 45,326 0.87 4,853 Electrocomponents 15,018 0.29 327 Zurich Financial Services 63,415 1.22 772 Eurasian Natural Resources 9,427 0.18 43,703 Fiberweb 47,266 0.91 498,241 9.59 2,912 Flybe Group 10,752 0.21 SPAIN 1,478 GlaxoSmithKline 21,322 0.41 6,106 BBVA 46,158 0.89 17,858 HSBC Holdings 135,323 2.60 8,586 BSCH 68,087 1.31 894 Hyder Consulting3,964 0.07 5,021 Codere 43,507 0.84 1,097 JD Sports Fashion 11,341 0.21 1,843 Endesa 35,607 0.68 539 Kier Group 8,613 0.16 509 Pescanova 12,560 0.24 36,868 Legal & General Group 41,675 0.80 1,595 Repsol YPF 33,276 0.64 15,807 Lloyds Banking Group 12,099 0.23 3,157 Telefonica 53,582 1.03 94,793 RBS Group 43,280 0.83 753 Rio Tinto 39,327 0.76 292,777 5.63 23,385 Senior 40,847 0.79 4,594 Songbird Estates 7,573 0.15 SWEDEN 17,033 Sports Direct International 31,733 0.61 2,220 AddTech - B Shares 48,279 0.93 327 SuperGroup 4,936 0.09 1,518 Bilia - A Shares 21,938 0.42 21,644 TT Electronics 43,042 0.83 1,908 Duni 15,461 0.30 8,157 Tullett Prebon 36,180 0.70 451 Hexpol 7,686 0.15 434 Unilever 9,928 0.19 1,576 Hoganas - B Shares 46,298 0.89 58,389 Vodafone Group 112,651 2.17 1,033 Kinnevik Investment - B Shares 15,769 0.30 10,788 Volex Group 47,047 0.91 4,495 Swedbank - A Shares 46,975 0.90 4,260 Yule Catto & Co. 10,032 0.19 2,291 Tele2 - B Shares 35,648 0.69 5,680 Yule Catto & Co. - Rights 17.01.11 5,714 0.11 238,054 4.58 1,262,661 24.30 ITALY FRANCE 1,305 Cairo Communication 3,564 0.07 1,463 BNP Paribas 69,763 1.34 7,510 De’Longhi 43,708 0.84 51 Bongrain 3,073 0.06 1,312 DiaSorin 42,253 0.81 68 Bureau Veritas 3,853 0.07 13,336 Enel 50,210 0.97 498 Cegid Group 11,255 0.21 2,816 Indesit 22,613 0.44 3,853 Crédit Agricole 36,742 0.71 1,382 Prysmian 17,517 0.33 489 Delachaux 29,027 0.56 666 Recordati 4,702 0.09 452 Entrepose Contracting51,867 1.00 10,067 Sogefi 24,501 0.47 1,142 Etam Developpement 41,957 0.81 98 Financiere de L’Odet 30,277 0.58 209,068 4.02 513 ICADE 39,198 0.75 NETHERLANDS 1,381 Kaufman & Broad 31,508 0.61 3,368 ING Groep - CVA 24,522 0.47 633 Norbert Dentressangle 41,848 0.81 3,313 Koninklijke Ahold 32,789 0.64 171 Peugeot 4,857 0.09 1,975 Mediq 27,610 0.53 503 Plastic Omnium 26,664 0.51 3,459 Royal Dutch Shell - B Shares 85,380 1.64 195 Publicis Groupe 7,603 0.15 334 Rallye 10,727 0.21 170,301 3.28 1,069 Renault 46,464 0.89 1,465 Sanofi-Aventis 70,155 1.35 BELGIUM 2,926 Sequana 34,103 0.66 843 Anheuser-Busch InBev 36,083 0.69 494 Société Générale 19,918 0.38 3 Banque Nationale de Belgique 10,508 0.20 2,501 Total 99,208 1.91 1,320 Econocom Group 13,259 0.26 343 Valeo 14,560 0.28 47 Kinepolis Group 2,377 0.05 328 Vallourec 25,882 0.50 249 Mobistar 12,009 0.23 308 Virbac 39,963 0.77 1,480 Recticel 11,744 0.22 611 Zodiac Aerospace 34,286 0.66 1,624 Roularta Media Group 41,980 0.81 441 Sipef 31,245 0.60 824,758 15.87 159,205 3.06 GERMANY 753 Allianz Registered Shares 66,851 1.29 NORWAY 1,008 BASF 60,374 1.16 12,756 Grieg Seafood 30,785 0.59 1,397 Bechtle 40,855 0.78 15,818 Marine Harvest 12,485 0.24 853 Bertrandt 47,363 0.91 1,672 Sparebank 1 Nord-Norge 25,795 0.50 896 Daimler Registered Shares 45,571 0.88 1,875 Statoil Fuel & Retail 12,789 0.25 1,651 Deutsche Bank Registered Shares 64,352 1.24 1,604 Telenor 19,478 0.37 492 Draegerwerk & Co. KGaA Preference Shares 30,452 0.58 1,792 Indus Holding39,267 0.76 101,332 1.95

158 JPMorgan Funds - Europe 130/30 Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

JERSEY 28,394 Beazley 38,007 0.73 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 1,133 Kentz 4,243 0.08 Net Assets 2,503 Petrofac 46,253 0.89 Shares and Rights 215 Shire 3,868 0.08 Financials 21.88 Consumer Discretionary 13.30 92,371 1.78 Industrials 12.88 Health Care PORTUGAL 8.30 Materials 4,503 EDP - Energias de Portugal 11,215 0.21 8.26 Energy 4,915 Semapa-Sociedade de Investimento e Gestao 40,991 0.79 8.20 Consumer Staples 22,029 Sonae.com SGPS 29,893 0.58 7.30 Information Technology 6.21 82,099 1.58 Telecommunication Services 5.07 Utilities 3.47 DENMARK Total Shares and Rights 94.87 514 Royal UNIBREW 22,822 0.44 Cash and Other Assets/(Liabilities) 5.13 2,592 Spar Nord Bank 21,123 0.41 1,096 Thrane & Thrane 34,881 0.67 Total 100.00

78,826 1.52 FINLAND 1,450 Ahlstrom 21,562 0.42 Allocation of Portfolio as at 30 June 2010 % of 92 Metso 3,844 0.07 Net Assets 1,949 PKC Group 29,985 0.58 Shares 1,624 UPM-Kymmene 21,461 0.41 Financials 22.24 Consumer Discretionary 14.00 76,852 1.48 Industrials 11.86 BERMUDA Materials 10.64 3,995 Lancashire Holdings 25,646 0.49 Energy 8.36 608 SeaDrill 15,358 0.30 Health Care 7.85 Consumer Staples 7.23 41,004 0.79 Telecommunication Services 5.26 Information Technology 4.46 GREECE Utilities 3.51 3,734 Public Power 40,103 0.77 Total Shares 95.41 40,103 0.77 Cash and Other Assets/(Liabilities) 4.59 ISLE OF MAN Total 100.00 10,383 Lamprell 39,014 0.75

39,014 0.75 IRELAND 9,974 Glanbia 36,091 0.69 327 Smurfit Kappa Group 2,369 0.05

38,460 0.74 LUXEMBOURG 1,615 Tenaris 29,805 0.57

29,805 0.57 NETHERLANDS ANTILLES 613 Hunter Douglas 24,005 0.46

24,005 0.46 AUSTRIA 689 OMV 21,595 0.42

21,595 0.42 SINGAPORE 158 XP Power 1,940 0.04

1,940 0.04

Total Shares and Rights 4,930,106 94.87

Total Transferable Securities Admitted to an Official 4,930,106 94.87 Exchange Listing Total Investments 4,930,106 94.87

Cash 154,721 2.98

Other Assets/(Liabilities) 111,629 2.15

Total Net Assets 5,196,456 100.00

159 JPMorgan Funds - Europe 130/30 Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-11 2 DJ Euro Stoxx 50 Index Future EUR 55,880 (1,160) Mar-11 1 FTSE 100 Index Future GBP 68,535 340

Total (820)

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

Economic Exposure (in Unrealised contract Gain/ currency) Currency Sub-Fund Receives Sub-Fund Pays Counterparty (Loss)

52,725 CHF Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 41,984 - CHF Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value (210,361) DKK Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value (28,533) - DKK Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value (71,943) EUR Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value (106,307) - EUR Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value 141,288 GBP Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 165,369 - GBP Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value 127,757 NOK Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 16,348 - NOK Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value 273,198 SEK Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 30,382 - SEK Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value

Total 119,243

Geographic Distribution based on Economic Exposure of Swap Portfolio % of Basket (expressed in Sub-Fund Currency) Market Value

United Kingdom 94.90% Germany 56.97% Switzerland 38.59% France 35.02% Sweden 19.73% Jersey 12.07% Norway 8.66% Bermuda 5.37% Greece 5.22% Ireland 5.09% Isle of Man 5.07% Luxembourg 3.86% Netherlands Antilles 3.14% Austria 2.79% Singapore 0.25% Netherlands (0.36%) British Virgin Islands (9.28%) Spain (9.31%) Liechtenstein (11.12%) Denmark (18.38%) Portugal (23.09%) Belgium (29.86%) Italy (37.48%) Finland (57.85%)

Total 100.00%

160 JPMorgan Funds - Europe Aggregate Plus Bond Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 100,000 Morgan Stanley 10.08.20/5.375% 96,706 0.49 90,000 Zurich Finance USA 15.06.25/4.500%* 89,406 0.45 Bonds 990,606 4.97 UNITED KINGDOM 130,000 Abbey National Treasury SPAIN Services/London 18.03.13/2.500% 130,329 0.65 150,000 Fund for Ordered Bank 200,000 Abbey National Treasury Restructuring 19.11.14/3.000% 140,414 0.70 Services/London 30.06.14/3.125% 199,979 1.00 455,000 Spain (Kingdom of) 31.01.14/4.250% 459,463 2.31 100,000 Abbey National Treasury 230,000 Spain (Kingdom of) 31.10.20/4.850% 220,047 1.10 Services/London 08.06.15/3.375% 99,711 0.50 156,000 Spain (Kingdom of) 30.07.41/4.700% 128,994 0.65 50,000 Anglo American Capital 17.04.15/5.875% 55,578 0.28 80,000 AWG 21.08.23/6.875%* 109,077 0.55 948,918 4.76 100,000 Barclays Bank 07.10.19/4.000% 100,664 0.50 70,000 BAT International Finance 29.06.17/5.375% 77,074 0.39 GERMANY 100,000 British Telecommunications 11.07.14/6.125% 110,567 0.55 42,000 Deutsche Pfandbriefbank 15.09.14/3.125% 42,855 0.21 90,000 British Telecommunications 07.12.16/8.750% 125,820 0.63 260,000 Germany (Federal Republic of) 04.07.34/4.750% 311,127 1.56 70,000 HSBC Bank 30.11.16/3.750% 71,504 0.36 50,000 Merck Financial Services 24.03.20/4.500% 51,337 0.26 50,000 Legal & General Group 08.06.25/4.000%* 45,127 0.23 120,000 Lloyds TSB Bank 15.04.14/6.250% 128,441 0.64 405,319 2.03 250,000 Lloyds TSB Bank 17.03.15/3.375% 250,383 1.26 SWEDEN 150,000 National Grid Electricity 150,000 Svenska Handelsbanken 20.08.12/3.000% 153,328 0.77 Transmission 168,837 28.01.14/6.625% 0.85 1,100,000 Sweden (Kingdom of) 12.03.19/4.250% 131,857 0.66 215,000 Nationwide Building Society 211,726 14.09.15/2.875% 1.06 110,000 Vattenfall Treasury 19.05.14/4.250% 116,808 0.59 200,000 Skipton Building Society 05.04.12/2.000% 234,855 1.18 200,000 Standard Chartered Bank 28.03.18/1.314%* 187,664 0.94 401,993 2.02 199,000 UBS/London 21.01.13/2.375% 201,269 1.01 110,000 UBS/London 19.05.14/5.625% 119,282 0.60 DENMARK 50,000 UBS/London 06.10.14/3.000% 50,981 0.26 1,800,000 Denmark (Kingdom of) 15.11.15/4.000% 262,909 1.32 220,000 UK Treasury 07.09.15/4.750% 284,849 1.43 50,000 Dong Energy 07.05.14/4.875% 53,712 0.27 140,000 UK Treasury 07.06.32/4.250% 165,111 0.83 235,000 UK Treasury 07.09.34/4.500% 285,332 1.43 316,621 1.59 152,000 UK Treasury 07.12.40/4.250% 177,841 0.89 SOUTH AFRICA 210,000 UK Treasury 07.12.42/4.500% 258,106 1.29 3,100,000 South Africa (Republic of) 28.02.31/7.000% 304,837 1.53 90,000 UK Treasury 07.12.49/4.250% 106,982 0.54 85,000 Vodafone Group 15.01.16/6.250% 96,979 0.49 304,837 1.53 4,054,068 20.34 ISRAEL 1,100,000 Israel (State of) 28.02.19/6.000% 265,659 1.33 ITALY 700,000 Italy (Republic of) 15.12.13/3.750% 709,080 3.56 265,659 1.33 420,000 Italy (Republic of) 01.08.17/5.250% 445,226 2.23 100,000 Italy (Republic of) 01.03.20/4.250% 97,115 0.49 POLAND 280,000 Italy (Republic of) 01.09.20/4.000% 265,777 1.33 750,000 Poland (Government of) 25.04.13/5.250% 190,973 0.96 510,000 Italy (Republic of) 01.02.37/4.000% 421,536 2.11 250,000 Poland (Government of) 25.10.19/5.500% 60,953 0.30 50,000 Telecom Italia 15.12.17/7.375% 63,249 0.32 251,926 1.26 2,001,983 10.04 SOUTH KOREA FRANCE 373,000,000 Korea (Republic of) 10.06.12/4.000% 250,903 1.26 100,000 BNP Paribas Home Loan Covered Bonds 12.01.17/3.375% 101,191 0.51 250,903 1.26 200,000 Caisse d’Amortissement de la MEXICO Dette Sociale 25.04.15/3.625% 211,054 1.06 3,600,000 Mexico (United Mexican States) 231,034 80,000 Caisse Refinancement de 19.12.13/8.000% 1.16 l’Habitat 08.04.19/5.000% 88,062 0.44 100,000 Casino Guichard Perrachon 12.11.18/4.481% 100,976 0.51 231,034 1.16 50,000 Crédit Agricole Covered Bonds 21.07.14/3.500% 51,805 0.26 LUXEMBOURG 125,000 France (Government of) 25.04.35/4.750% 142,171 0.71 83,000 Dexia LDG Banque 09.11.12/2.625% 84,374 0.42 31,000 France (Government of) 25.04.41/4.500% 34,410 0.17 130,000 Enel Finance International 14.09.16/4.000% 131,593 0.66 322,000 France (Government of) 25.04.60/4.000% 329,968 1.65 100,000 LVMH 12.05.14/4.375% 106,554 0.53 215,967 1.08 200,000 PPR 03.04.14/8.625% 234,858 1.18 30,000 Total Capital 27.02.14/3.500% 31,295 0.16 BELGIUM 75,000 Anheuser-Busch InBev 27.02.14/6.570% 83,874 0.42 1,432,344 7.18 37,000 Anheuser-Busch InBev 26.04.18/4.000% 37,593 0.19 95,000 Belgium (Kingdom of) 28.09.20/3.750% 93,420 0.47 NETHERLANDS 75,000 BMW Finance 06.08.18/5.000% 83,194 0.42 214,887 1.08 110,000 Daimler International Finance 16.01.14/7.875% 127,232 0.64 200,000 Fortis Bank Nederland 17.04.12/3.000% 204,734 1.03 IRELAND 100,000 ING Bank 30.09.14/3.000% 102,046 0.51 215,000 GE Capital European Funding 17.09.15/2.875% 213,585 1.07 100,000 ING Bank 03.03.15/3.375% 100,522 0.50 450,000 LeasePlan 22.05.14/3.250% 468,574 2.35 213,585 1.07 20,000 Siemens AUSTRALIA Financieringsmaatschappij 20.02.17/5.125% 22,138 0.11 100,000 ANZ Banking Group 10.09.19/5.125% 101,339 0.51 100,000 National Australia Bank 08.11.17/3.625% 111,940 0.56 1,108,440 5.56 UNITED STATES OF AMERICA 213,279 1.07 100,000 Bank of America 07.08.17/4.625% 95,806 0.48 INTERNATIONAL AGENCIES 75,000 Cellco Partnership/Verizon 190,000 European Investment Bank 15.04.19/4.250% 204,497 1.03 Wireless Capital 18.12.15/8.750% 94,844 0.48 100,000 Citigroup 04.09.19/7.375% 112,125 0.56 204,497 1.03 170,000 Countrywide Financial 17.02.11/5.125% 198,234 0.99 50,000 Goldman Sachs Group 30.01.17/4.500% 49,568 0.25 TURKEY 100,000 Goldman Sachs Group 23.10.19/5.125% 98,523 0.49 390,000 Turkey (Republic of) 17.06.15/10.000% 203,429 1.02 100,000 HSBC Finance 30.05.17/4.875% 104,495 0.52 50,000 Morgan Stanley 29.10.14/4.500% 50,899 0.26 203,429 1.02

161 JPMorgan Funds - Europe Aggregate Plus Bond Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

FINLAND IRELAND 100,000 Nordea Bank Finland 16.11.15/2.250% 97,846 0.49 500,000 Magellan Mortgages 2 B 18.07.36/2.087%* 319,352 1.60 100,000 OP Mortgage Bank 19.11.14/3.125% 102,631 0.52 146,364 Talisman Finance 3 B 22.01.15/1.255% 136,118 0.69

200,477 1.01 455,470 2.29 CAYMAN ISLANDS PHILIPPINES 80,000 Allstate Life Funding 17.01.11/6.375% 93,161 0.47 15,000,000 Philippines (Republic of) 03.03.13/8.750% 283,569 1.42 100,000 Hutchison Whampoa Finance 09 14.11.16/4.750% 104,716 0.52 283,569 1.42 197,877 0.99 FRANCE JERSEY 145,000 French Treasury Bill (i) 10.03.11/0.000% 144,635 0.73 130,000 WPP 04.04.17/6.000% 162,457 0.81 144,635 0.73 162,457 0.81 Total Bonds 2,351,599 11.80 INDONESIA 1,660,000,000 Indonesia (Republic of) 15.03.13/12.500% 156,179 0.78 Investment Funds

156,179 0.78 LUXEMBOURG 13,483 JPMorgan Investment Funds - Global High Yield SINGAPORE Bond Fund (JPM Global High Yield Bond X (acc) - 170,000 DBS Bank/Singapore 16.05.17/5.125%* 131,360 0.66 EUR (hedged)) 1,510,148 7.57 0** JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM 131,360 0.66 Euro Liquidity X (acc)) 1,702 0.01

RUSSIA 1,511,850 7.58 143,200 Russian Foreign Bond - Eurobond 31.03.30/7.500%* 123,486 0.62 Total Investment Funds 1,511,850 7.58 123,486 0.62 Total Transferable Securities Dealt in on Another 3,863,449 19.38 CANADA Regulated Market 110,000 Xstrata Finance Canada 13.06.17/5.250% 116,643 0.59 Total Investments 19,279,759 96.71

116,643 0.59 Cash 312,375 1.57 PORTUGAL 70,000 Portugal (Republic of) 15.10.15/3.350% 63,352 0.32 Other Assets/(Liabilities) 343,415 1.72 39,000 Portugal (Republic of) 15.06.20/4.800% 34,184 0.17 Total Net Assets 19,935,549 100.00 97,536 0.49

Total Bonds 15,416,310 77.33 (i) Security partially or totally held as collateral against futures positions by the broker. * Variable coupon rates are those quoted as at 31 December 2010. Total Transferable Securities Admitted to an 15,416,310 77.33 **Fractional Shares rounded to 0. Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Bonds UNITED STATES OF AMERICA 61,733 American Home Mortgage Assets 2006-2 1A1 25.09.46/1.288%* 26,749 0.13 28,580 Asset Backed Funding Certificates 2005-HE2 M1 25.06.35/0.741%* 21,038 0.12 4,001 Banc of America Mortgage Securities 2005-3 1A31 25.04.35/5.500% 2,981 0.01 67,220 Credit Suisse First Boston Mortgage Securities 2004-3 2A1 25.04.19/5.000% 51,510 0.26 28,450 Equity One ABS 2004-3 AF4 25.07.34/5.100%* 21,056 0.11 9,136 First Union National Bank-Bank of America Commercial Mortgage Trust 2001-C1 A2 15.03.33/6.136% 6,816 0.03 116,803 JP Morgan Mortgage Trust 2005-S2 1A1 25.08.20/4.500% 89,246 0.45 200,000 MBNA Credit Card Master Trust 17.02.16/5.450% 231,540 1.16 51,684 Morgan Stanley ABS Capital I 2004-SD2 A 25.04.34/0.711%* 32,657 0.16 100,000 Morgan Stanley Capital I 2005-HQ7 A4 14.11.42/5.191%* 80,218 0.40 40,000 Park Place Securities 2005-WHQ3 M1 25.06.35/0.681%* 27,786 0.14 146,320 Residential Asset Mortgage Products 2004-RS11 M1 25.11.34/0.881%* 93,141 0.47 80,000 Wachovia Bank Commercial Mortgage Trust 2005-C21 A4 15.10.44/5.204%* 64,456 0.32 75,557 Wells Fargo Mortgage Backed Securities Trust 2005-2 2A1 25.04.20/4.750% 57,958 0.29

807,152 4.05 UNITED KINGDOM 600,000 Aire Valley Mortgages 2006-1X 2B2 20.09.66/1.254%* 400,500 2.01 307,037 Business Mortgage Finance 6 A2 15.08.40/1.240%* 260,273 1.30

660,773 3.31

162 JPMorgan Funds - Europe Aggregate Plus Bond Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Fixed Income Securities United Kingdom 23.65 Italy 10.04 United States of America 9.02 France 7.91 Netherlands 5.56 Spain 4.76 Ireland 3.36 Germany 2.03 Sweden 2.02 Denmark 1.59 South Africa 1.53 Philippines 1.42 Israel 1.33 Poland 1.26 South Korea 1.26 Mexico 1.16 Luxembourg 1.08 Belgium 1.08 Australia 1.07 International Agencies 1.03 Turkey 1.02 Finland 1.01 Cayman Islands 0.99 Jersey 0.81 Indonesia 0.78 Singapore 0.66 Russia 0.62 Canada 0.59 Portugal 0.49 Total Fixed Income Securities 89.13 Investment Funds Luxembourg 7.58 Total Investment Funds 7.58 Cash and Other Assets/(Liabilities) 3.29 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities United Kingdom 21.77 Italy 11.94 United States of America 11.35 Netherlands 5.87 France 5.71 Spain 5.10 Germany 3.76 Ireland 3.21 Belgium 2.47 International Agencies 2.19 Greece 1.71 Sweden 1.65 Luxembourg 1.65 Australia 1.52 Denmark 1.33 Israel 1.09 South Korea 1.03 Poland 0.99 Indonesia 0.97 Mexico 0.94 Singapore 0.59 Russia 0.56 Jersey 0.47 Canada 0.47 Finland 0.43 Cayman Islands 0.41 Austria 0.27 Portugal 0.15 Total Fixed Income Securities 89.60 Investment Funds Luxembourg 8.22 Total Investment Funds 8.22 Cash and Other Assets/(Liabilities) 2.18 Total 100.00

163 JPMorgan Funds - Europe Aggregate Plus Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 1 Euro Buxl 30 Year Bond Future EUR 107,900 (2,760) Mar-11 (5) Euro-Bobl Future EUR (593,900) 1,050 Mar-11 9 Euro-Bund Future EUR 1,127,790 (7,650) Mar-11 20 Euro-Schatz Future EUR 2,180,100 (300) Mar-11 8 Long Gilt Future GBP 1,111,678 (8,187) Mar-11 (18) US 2 Year Note Future USD (2,939,640) 7,769 Mar-11 (5) US 5 Year Note Future USD (438,700) 9,303 Mar-11 5 US 10 Year Note Future USD 448,587 (15,019)

Total (15,794)

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

06-Jan-11 AUD 95,199 CAD 94,897 1,336 06-Jan-11 AUD 391,120 EUR 287,111 10,056 06-Jan-11 AUD 57,655 NZD 75,366 122 06-Jan-11 AUD 45,916 USD 44,815 1,429 06-Jan-11 CAD 116,098 AUD 118,263 (2,999) 06-Jan-11 CAD 370,609 EUR 277,513 (251) 06-Jan-11 CHF 15,865 CAD 16,337 479 06-Jan-11 CHF 81,583 EUR 62,161 3,151 06-Jan-11 CHF 15,869 NZD 21,601 184 06-Jan-11 DKK 1,949,778 EUR 261,578 (28) 06-Jan-11 EUR 57,454 CAD 76,987 (142) 06-Jan-11 EUR 243,706 CHF 315,962 (9,239) 06-Jan-11 EUR 261,708 DKK 1,949,778 158 06-Jan-11 EUR 2,841,816 GBP 2,381,300 72,546 06-Jan-11 EUR 563,248 JPY 61,078,472 1,940 06-Jan-11 EUR 327,886 NOK 2,569,030 (1,000) 06-Jan-11 EUR 110,182 NZD 193,997 (2,261) 06-Jan-11 EUR 1,287,378 USD 1,674,918 36,926 06-Jan-11 EUR 305,503 ZAR 2,841,461 (14,442) 06-Jan-11 GBP 48,175 AUD 78,794 (3,843) 06-Jan-11 GBP 25,880 CHF 40,461 (2,295) 06-Jan-11 GBP 76,485 EUR 90,202 (1,256) 06-Jan-11 GBP 17,147 NZD 36,283 (1,089) 06-Jan-11 JPY 37,034,007 EUR 337,982 2,358 06-Jan-11 JPY 3,548,790 MXN 534,384 369 06-Jan-11 JPY 4,352,419 NOK 322,148 (1,243) 06-Jan-11 JPY 8,183,032 NZD 131,414 (968) 06-Jan-11 JPY 7,960,224 USD 95,018 2,216 06-Jan-11 MXN 5,528,741 EUR 338,024 (4,428) 06-Jan-11 NOK 157,132 AUD 26,395 62 06-Jan-11 NOK 2,558,279 EUR 315,495 12,016 06-Jan-11 NOK 175,768 GBP 18,893 531 06-Jan-11 NZD 150,951 AUD 117,244 (1,587) 06-Jan-11 NZD 129,928 CAD 97,880 2,082 06-Jan-11 NZD 119,585 EUR 69,485 (172) 06-Jan-11 NZD 58,196 GBP 27,963 1,213 06-Jan-11 USD 82,759 AUD 85,939 (3,509) 06-Jan-11 USD 148,439 CAD 149,677 (1,156) 06-Jan-11 USD 282,062 EUR 213,830 (3,250) 06-Jan-11 USD 77,883 GBP 50,010 (12) 06-Jan-11 USD 40,146 MXN 497,593 (52) 07-Jan-11 EUR 242,221 PLN 981,118 (4,693) 07-Jan-11 EUR 144,438 SEK 1,309,549 (1,409) 07-Jan-11 SEK 1,309,549 NOK 1,139,402 (14) 03-Feb-11 EUR 19,967 CHF 24,953 (15) 03-Feb-11 EUR 261,541 DKK 1,949,778 20 03-Feb-11 EUR 157,176 JPY 16,981,118 1,074 03-Feb-11 EUR 23,960 MXN 387,998 595 03-Feb-11 EUR 69,330 NZD 119,585 181 03-Feb-11 GBP 15,284 EUR 17,885 (116) 03-Feb-11 NOK 2,101,573 EUR 268,543 102 03-Feb-11 SEK 876,380 EUR 97,163 349 03-Feb-11 USD 26,095 CHF 25,055 (583) 03-Feb-11 USD 28,756 EUR 21,909 (441)

Total 89,002

164 JPMorgan Funds - Europe Aggregate Plus Bond Fund Schedule of Investments - Outstanding Interest Rate Swaps (Expressed in EUR) As at 31 December 2010

Unrealised Termination Notional Market Gain/ Date Counterparty Description Currency Amount Value (Loss)

05-Feb-11 Bank of Montreal Receive floating rate CAD CDOR 3 months CAD 13,355,000 (109,110) (109,110) Pay fixed rate 3.377% 05-Feb-11 Credit Suisse Receive fixed rate 3.384% CAD 13,355,000 109,479 109,479 Pay floating rate CAD CDOR 3 months 05-Feb-14 Bank of Montreal Receive fixed rate 3.780% CAD 5,697,000 263,881 263,881 Pay floating rate CAD CDOR 3 months 05-Feb-14 Credit Suisse Receive floating rate CAD CDOR 3 months CAD 5,697,000 (264,135) (264,135) Pay fixed rate 3.781%

Total 115 115

165 JPMorgan Funds - Europe Balanced Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 7,470 Renault 324,683 0.43 6,191 Rexel 100,341 0.13 Shares 802 Rubis 69,754 0.09 15,119 Sanofi-Aventis 724,011 UNITED KINGDOM 0.96 810 SEB 62,868 18,042 Ashmore Group 70,352 0.09 0.08 2,404 Sequana 28,019 1,066 Associated British Foods 14,666 0.02 0.04 1,040 Société BIC 67,122 28,486 AstraZeneca 967,986 1.29 0.09 2,863 Société Générale 115,436 9,001 Atkins (WS) 73,326 0.10 0.15 21,590 Total 856,421 79,952 Aviva 366,525 0.49 1.14 6,599 Valeo 280,127 60,345 Barclays 184,357 0.24 0.37 570 Vallourec 44,979 29,303 BHP Billiton 870,172 1.16 0.06 277 Virbac 35,941 21,958 Bodycote 71,398 0.09 0.05 4,279 Zodiac Aerospace 240,116 5,123 BowLeven 22,550 0.03 0.32 125,927 BP 682,509 0.91 5,889,595 7.85 55,049 British Airways 174,771 0.23 22,685 British American Tobacco 650,167 0.87 GERMANY 25,867 BT Group 54,418 0.07 7,476 Allianz Registered Shares 663,719 0.88 5,389 Cape 25,899 0.03 1,690 Axel Springer 206,264 0.28 636 Carnival 22,093 0.03 15,682 BASF 939,273 1.25 63,075 Centrica 244,044 0.33 4,355 Bayerische Motoren Werke 256,684 0.34 6,670 Computacenter 30,213 0.04 1,955 Bechtle 57,174 0.08 1,351 Croda International 25,358 0.03 1,399 Bertrandt 77,679 0.10 6,519 Dairy Crest Group 32,046 0.04 627 Brenntag47,793 0.06 96,616 Debenhams 79,606 0.11 10,039 Daimler Registered Shares 510,584 0.68 9,509 Devro 27,856 0.04 632 Delticom 42,176 0.06 8,230 Domino’s Pizza UK & IRL 53,119 0.07 13,212 Deutsche Bank Registered Shares 514,971 0.69 22,384 Drax Group 95,847 0.13 27,809 Deutsche Lufthansa Registered Shares 456,137 0.61 18,761 DS Smith 44,269 0.06 6,530 Deutsche Post Registered Shares 82,751 0.11 33,447 Electrocomponents 103,505 0.14 1,258 Draegerwerk & Co. KGaA Preference Shares 77,864 0.11 9,816 Filtrona 27,831 0.04 1,072 Fresenius Preference Shares 68,394 0.09 34,868 GKN 89,979 0.12 1,317 Fuchs Petrolub Preference Shares 145,364 0.19 22,157 GlaxoSmithKline 319,643 0.43 2,761 Grammer 50,085 0.07 167,815 HSBC Holdings 1,271,655 1.69 5,098 Hannover Rueckversicherung Registered Shares 204,315 0.27 4,557 Hunting38,819 0.05 3,873 Henkel & Co. KGaA Non Voting Preference Shares 179,271 0.24 19,467 IMI 214,051 0.29 1,564 Jungheinrich Preference Shares 45,602 0.06 35,262 Inchcape 145,782 0.19 3,761 Kabel Deutschland 0.17 Holding130,572 10,158 Interserve 27,111 0.04 995 KUKA 16,507 0.02 11,839 ITE Group 34,792 0.05 4,746 Lanxess 278,472 0.37 48,863 ITV 39,834 0.05 1,297 LPKF Laser & Electronics 15,908 0.02 683 Kazakhmys 12,852 0.02 1,110 Muenchener Rueckversicherungs Registered Shares 126,457 0.17 59,827 Kesa Electricals 110,416 0.15 11,113 ProSiebenSat.1 Media Preference Shares 250,598 0.33 2,576 Kier Group 41,161 0.05 507 Sixt 19,251 0.03 505,384 Legal & General Group 571,275 0.76 1,881 Tognum 36,971 0.05 8,322 Next 191,914 0.26 6,961 Northumbrian Water Group 26,730 0.03 5,500,836 7.33 19,375 Pace 41,346 0.06 SWITZERLAND 3,203 PZ Cussons 14,974 0.02 4,688 ABB Registered Shares 78,210 0.10 473,838 RBS Group 216,340 0.29 139 Barry Callebaut Registered Shares 86,098 0.12 5,287 Reckitt Benckiser Group 217,164 0.29 137 Burckhardt Compression 0.04 Holding28,652 2,134 Renishaw 30,724 0.04 10,611 Compagnie Financiere Richemont - Bearer A Shares 467,406 0.63 11,571 Rio Tinto 604,326 0.80 6,689 Crédit Suisse Group Registered Shares 201,794 0.27 13,185 Rolls-Royce Group 95,833 0.13 107 Forbo Holding Registered Shares 50,495 0.07 944,320 Rolls-Royce Group - C Shares 1,098 0.00 199 Galenica Registered Shares 90,167 0.12 8,940 Sainsbury (J) 39,299 0.05 26,010 GAM Holding322,738 0.43 5,690 Scottish & Southern Energy 81,324 0.11 1,534 Gategroup Holding 62,537 0.08 23,853 Senior 41,665 0.06 447 Georg Fischer Registered Shares 188,491 0.25 4,213 SuperGroup 63,595 0.08 333 Kaba Holding Registered - B Shares 106,797 0.14 14,868 Tesco 73,606 0.10 64 Kuoni Reisen Holding Registered - B Shares 23,164 0.03 7,215 Travis Perkins 88,353 0.12 4,090 Micronas Semiconductor Holding Registered Shares 35,934 0.05 27,996 Trinity Mirror 22,628 0.03 17,416 Nestlé Registered Shares 763,676 1.02 11,630 Tullett Prebon 51,584 0.07 12,910 Novartis Registered Shares 568,159 0.76 17,740 Unilever 405,803 0.54 2,887 Roche Holding - Genussschein 316,741 0.42 684,777 Vodafone Group 1,321,152 1.76 176 Schindler Participation Certificates 15,611 0.02 13,269 Weir Group 274,518 0.36 2,209 Sulzer Registered Shares 251,109 0.33 4,527 WM Morrison Supermarkets 14,093 0.02 175 Valora Holding Registered Shares 45,443 0.06 4,730 Xstrata 82,841 0.11 1,481 Zurich Financial Services 287,208 0.38 11,933,163 15.90 3,990,430 5.32 FRANCE NETHERLANDS 1,204 Alten 29,444 0.04 897 Arcadis 15,597 0.02 6,287 Arkema 338,461 0.46 1,733 Heijmans - CVA 26,064 0.04 20,326 BNP Paribas 969,245 1.29 3,826 Imtech 107,807 0.14 5,634 Bureau Veritas 319,222 0.43 24,564 ING Groep - CVA 178,850 0.24 2,388 Carrefour 73,664 0.10 62,393 Koninklijke Ahold 617,504 0.82 5,365 Casino Guichard Perrachon 391,457 0.52 2,291 Mediq 32,028 0.04 1,895 Christian Dior 202,149 0.27 3,295 Nutreco 186,876 0.25 24,712 Crédit Agricole 235,654 0.32 25,701 Royal Dutch Shell - A Shares 636,614 0.85 1,436 Eiffage 47,392 0.06 28,638 Royal Dutch Shell - B Shares 706,883 0.94 1,559 ICADE 119,123 0.16 945 Ten Cate 26,432 0.04 4,720 Peugeot 134,072 0.18 708 Plastic Omnium 37,531 0.05 2,534,655 3.38 1,319 Rallye 42,363 0.06

166 JPMorgan Funds - Europe Balanced Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

SPAIN DENMARK 27,687 BBVA 209,300 0.28 2,281 Carlsberg - B Shares 171,120 0.23 63,217 BSCH 501,311 0.67 632 Danisco 43,258 0.06 4,218 Duro Felguera 22,166 0.03 9,048 Danske Bank 173,503 0.23 11,002 Endesa 212,559 0.28 4,264 Novo Nordisk - B Shares 360,209 0.48 3,578 Inditex 200,547 0.26 2,257 Pandora 101,667 0.13 733 Prosegur Compañia de Seguridad Registered Shares 30,738 0.04 789 Royal UNIBREW 35,033 0.05 20,408 Repsol YPF 425,762 0.57 27,372 Telefonica 464,571 0.62 884,790 1.18 1,849 Viscofan 52,428 0.07 NORWAY 2,119,382 2.82 6,701 Cermaq 76,998 0.10 SWEDEN 4,168 DnB NOR 43,717 0.06 572 Axfood 16,011 0.02 1,174 Leroy Seafood Group 29,723 0.04 2,761 Bilia - A Shares 39,902 0.06 65,559 Marine Harvest 51,746 0.07 1,806 Elekta - B Shares 52,180 0.07 27,086 Norske Skogindustrier 48,116 0.06 1,462 Hoganas - B Shares 42,949 0.06 29,960 Telenor 363,821 0.49 4,377 Holmen - B Shares 107,913 0.14 4,826 Industrivarden - A Shares 64,584 0.09 614,121 0.82 18,425 Kinnevik Investment - B Shares 281,257 0.37 JERSEY 8,561 NCC - B Shares 140,743 0.19 17,599 Beazley 23,557 0.03 17,514 Scania -B Shares 302,074 0.40 19,131 Petrofac 353,524 0.47 33,158 Skandinaviska Enskilda Banken - A Shares 207,282 0.28 25,423 United Business Media 204,297 0.27 25,257 Swedbank - A Shares 263,948 0.35 20,748 Tele2 - B Shares 322,842 0.43 581,378 0.77 13,701 Volvo - B Shares 180,914 0.24 BERMUDA 2,022,599 2.70 14,400 Lancashire Holdings 92,440 0.12 10,579 SeaDrill 267,227 0.35 ITALY 585 Signet Jewelers 18,879 0.03 3,982 Astaldi 19,701 0.03 7,783 Credito Emiliano 35,841 0.05 378,546 0.50 6,452 Danieli & Co. 154,009 0.21 9,009 Davide Campari-Milano 44,122 0.05 AUSTRIA 3,450 DiaSorin 111,107 0.14 654 Flughafen Wien 33,560 0.04 218,759 Enel 823,628 1.10 4,598 OMV 144,113 0.20 9,533 ENI 155,674 0.21 449 RHI 13,175 0.02 3,771 Esprinet 20,580 0.03 724 Voestalpine 26,044 0.03 4,515 Finmeccanica 38,242 0.05 9,015 Gruppo Coin 69,461 0.09 216,892 0.29 10,504 Indesit 84,347 0.11 IRELAND 84,994 Intesa Sanpaolo 172,113 0.23 12,122 Glanbia 43,863 0.06 24,524 Iren 30,741 0.04 3,040 Kerry Group - A Shares 75,947 0.10 20,981 Maire Tecnimont 69,290 0.09 4,196 Smurfit Kappa Group 30,400 0.04 3,270 MARR 28,146 0.04 3,859 Prysmian 48,913 0.07 150,210 0.20 10,496 Recordati 74,102 0.10 7,382 Snam Rete Gas 27,544 0.04 LUXEMBOURG 1,561 Yoox 15,017 0.02 423 RTL Group 32,285 0.04 5,575 Tenaris 102,887 0.14 2,022,578 2.70 135,172 0.18 FINLAND 1,116 Cargotec - B Shares 43,680 0.06 LIBERIA 5,959 Huhtamaki 61,705 0.08 980 Royal Caribbean Cruises 34,642 0.05 7,444 Kone - B Shares 310,378 0.41 7,536 Metso 314,892 0.42 34,642 0.05 12,743 Orion - B Shares 208,858 0.28 27,092 Stora Enso - R Shares 208,405 0.28 Total Shares 41,429,186 55.22 4,891 UPM-Kymmene 64,635 0.09 Bonds 2,661 Wartsila 152,143 0.20 GERMANY 1,364,696 1.82 4,000,000 Germany (Federal Republic of) 04.01.12/5.000% 4,180,154 5.57 2,010,000 Germany (Federal Republic of) 20.06.16/6.000% 2,408,551 3.21 BELGIUM 5,000,000 Germany (Federal Republic of) 04.07.16/4.000% 5,487,597 7.31 3,563 AGFA-Gevaert 11,473 0.02 3,053,000 Germany (Federal Republic of) 04.01.28/5.625% 3,891,752 5.19 11,243 Anheuser-Busch InBev 481,228 0.64 1,330,000 Germany (Federal Republic of) 04.07.34/4.750% 1,591,535 2.12 1,206 Bekaert 103,927 0.13 Colruyt 213,362 5,610 0.28 17,559,589 23.40 657 Compagnie d’Entreprises CFE 35,412 0.05 2,370 D’Ieteren 111,058 0.15 FRANCE 1,305 Nyrstar 14,623 0.02 700,000 France (Government of) 25.04.15/3.500% 742,083 0.99 2,592 Recticel 20,567 0.03 3,670,000 France (Government of) 25.04.19/4.250% 3,972,459 5.30 1,641 Umicore 63,851 0.09 744,000 France (Government of) 25.04.29/5.500% 908,521 1.21 1,210,000 France (Government of) 25.04.35/4.750% 1,376,216 1.83 1,055,501 1.41 6,999,279 9.33

167 JPMorgan Funds - Europe Balanced Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

UNITED KINGDOM 2,000,000 UK Treasury 07.12.15/8.000% 2,953,509 3.93 1,560,000 UK Treasury 07.06.32/4.250% 1,839,814 2.45

4,793,323 6.38 SWEDEN 3,600,000 Sweden (Kingdom of) 15.03.11/5.250% 404,065 0.54 2,000,000 Sweden (Kingdom of) 12.07.16/3.000% 224,213 0.30

628,278 0.84

Total Bonds 29,980,469 39.95

Total Transferable Securities Admitted to an Official 71,409,655 95.17 Exchange Listing Total Investments 71,409,655 95.17

Cash 2,935,494 3.91

Other Assets/(Liabilities) 687,273 0.92

Total Net Assets 75,032,422 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Fixed Income Securities Germany 23.40 France 9.33 United Kingdom 6.38 Sweden 0.84 Total Fixed Income Securities 39.95 Shares Financials 11.81 Consumer Discretionary 7.59 Consumer Staples 6.92 Industrials 6.20 Energy 6.00 Health Care 5.34 Materials 5.29 Telecommunication Services 3.37 Utilities 2.02 Information Technology 0.68 Total Shares 55.22 Cash and Other Assets/(Liabilities) 4.83 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities Germany 25.85 France 10.93 United Kingdom 2.64 Sweden 0.83 Total Fixed Income Securities 40.25 Shares Financials 11.60 Consumer Staples 7.73 Industrials 6.32 Materials 6.27 Health Care 6.18 Consumer Discretionary 5.80 Energy 5.61 Telecommunication Services 3.00 Utilities 2.21 Information Technology 1.85 Total Shares 56.57 Cash and Other Assets/(Liabilities) 3.18 Total 100.00

168 JPMorgan Funds - Europe Balanced Fund (EUR) Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 79 Euro-Bobl Future EUR 9,383,620 (14,300) Mar-11 (8) Euro-Bund Future EUR (1,002,480) 6,790 Mar-11 (104) Euro-Schatz Future EUR (11,336,520) 870 Mar-11 23 Long Gilt Future GBP 3,195,405 (24,207)

(30,847) Total Bond Futures

Equity Futures

Jan-11 (21) CAC 40 10 Euro Future EUR (800,048) 19,583 Mar-11 23 Dax Index Future EUR 3,983,025 (66,413) Mar-11 (178) DJ Euro Stoxx 50 Index Future EUR (4,973,320) 119,040 Mar-11 20 FTSE 100 Index Future GBP 1,370,699 9,478

81,688 Total Equity Futures Total 50,841

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

24-Jan-11 CHF 828,936 EUR 634,686 29,060 24-Jan-11 EUR 4,397,066 CHF 5,680,570 (151,486) 24-Jan-11 EUR 526,335 DKK 3,922,562 181 24-Jan-11 EUR 14,513,431 GBP 12,330,320 176,584 24-Jan-11 EUR 838,705 NOK 6,655,996 (12,617) 24-Jan-11 EUR 2,047,846 SEK 18,740,122 (38,043) 24-Jan-11 GBP 1,059,006 EUR 1,264,849 (33,510) 24-Jan-11 SEK 1,345,353 EUR 146,881 2,865 23-Mar-11 EUR 4,902,760 GBP 4,105,113 130,587 23-Mar-11 EUR 569,114 SEK 5,199,702 (8,537) 23-Mar-11 GBP 101,440 EUR 119,440 (1,517)

Total 93,567

169 JPMorgan Funds - Europe Convergence Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Transferable Securities Dealt in on Another Regulated Market

Shares Investment Funds POLAND LUXEMBOURG 145,475 Bank Handlowy w Warszawie 3,415,571 1.63 5,000,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM 2,333,658 Bank Millennium 2,869,534 1.37 Euro Liquidity X (dist)) 5,000,000 2.39 238,287 Bank Pekao 10,916,450 5.22 647,491 Cyfrowy Polsat 2,689,226 1.29 5,000,000 2.39 818,694 Eurocash 5,390,996 2.58 1,163,700 Getin Holding3,368,593 1.61 Total Investment Funds 5,000,000 2.39 52,940 Grupa Kety 1,706,370 0.81 9,745 ING Bank Slaski 2,185,593 1.05 Total Transferable Securities Dealt in on Another 5,000,000 2.39 Regulated Market 250,902 KGHM Polska Miedz 10,799,656 5.17 137,161 NG2 2,346,010 1.13 Total Investments 197,913,532 94.71 375,547 Polski Koncem Naftowy Orlen 4,346,533 2.08 1,137,838 Powszechna Kasa Oszczednosci Bank Polski 12,530,493 6.00 Cash 1,398,130 0.67 92,741 Powszechny Zaklad Ubezpieczen 8,305,913 3.97 1,642,288 Telekomunikacja Polska 6,789,916 3.25 Other Assets/(Liabilities) 9,654,160 4.62 3,637,967 Trakcja Polska 3,708,715 1.78 Total Net Assets 208,965,822 100.00 81,369,569 38.94 TURKEY 618,100 Arcelik 2,351,018 1.13 124,777 BIM Birlesik Magazalar 3,210,648 1.54 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 278,000 Ford Otomotiv Sanayi 1,765,695 0.84 Net Assets 453,351 KOC Holding1,650,068 0.79 Shares 771,800 Reysas Tasimacilik ve Lojistik Ticaret 1,438,052 0.69 Financials 50.75 819,200 TAV Havalimanlari 1.41 Holding2,950,059Telecommunication Services 9.68 633,444 Tofas Turk Otomobil Fabrikasi 2,452,133 1.17 Consumer Discretionary 6.31 307,144 Tupras Turkiye Petrol Rafinerileri 5,841,297 2.80 Materials 5.98 2,637,000 Turk Ekonomi Bankasi 2,828,527 1.35 Industrials 5.71 1,473,199 Turk Hava Yollari 3,827,987 1.83 Energy 4.88 547,911 Turkcell Iletisim Hizmet 2,806,462 1.34 Consumer Staples 4.12 4,338,777 Turkiye Garanti Bankasi 16,628,562 7.96 Health Care 3.39 1,050,564 Turkiye Halk Bankasi 6,621,928 3.17 Investment Companies 2.39 3,262,017 Turkiye Is Bankasi - C Shares 8,696,241 4.16 Utilities 1.50 2,278,300 Turkiye Vakiflar Bankasi Tao - D Shares 4,299,945 2.06 Total Shares 94.71 2,443,333 Yapi ve Kredi Bankasi 5,753,968 2.75 Cash and Other Assets/(Liabilities) 5.29

73,122,590 34.99 Total 100.00 CZECH REPUBLIC 99,937 CEZ 3,134,661 1.50 37,903 Komercni Banka 6,712,454 3.22 342,571 Telefonica O2 Czech Republic 5,254,687 2.51 Allocation of Portfolio as at 30 June 2010 % of Net Assets 15,101,802 7.23 Shares SLOVENIA Financials 44.96 87,298 Krka dd Novo mesto 5,495,409 2.63 Telecommunication Services 10.09 9,968 Mercator Poslovni Sistem 1,571,954 0.75 Health Care 9.00 Consumer Staples 7.23 7,067,363 3.38 Consumer Discretionary 6.57 Energy 5.19 HUNGARY Materials 4.82 242,811 OTP Bank 4,381,750 2.10 Utilities 4.45 10,423 Richter Gedeon 1,593,498 0.76 Industrials 3.70 Investment Companies 2.89 5,975,248 2.86 Total Shares 98.90 CROATIA Cash and Other Assets/(Liabilities) 1.10 137,447 Hrvatski Telekom 5,383,836 2.58 Total 100.00 5,383,836 2.58 UNITED KINGDOM 631,500 International Personal Finance 2,817,146 1.35

2,817,146 1.35 JERSEY 479,884 Atrium European Real Estate 2,075,978 0.99

2,075,978 0.99

Total Shares 192,913,532 92.32

Total Transferable Securities Admitted to an 192,913,532 92.32 Official Exchange Listing

170 JPMorgan Funds - Europe Dynamic Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing SWITZERLAND 271,902 Clariant Registered Shares 4,124,770 1.46 Shares 114,127 Compagnie Financiere Richemont - Bearer A Shares 5,027,204 1.77 5,578 Forbo Holding Registered Shares 2,632,331 0.93 UNITED KINGDOM 6,519 Georg Fischer Registered Shares 2,748,930 0.97 151,901 Antofagasta 2,852,926 1.01 35,090 Novartis Registered Shares 1,544,282 0.55 351,598 ARM Holdings 1,732,865 0.61 17,044 Swatch Group - Bearer Shares 5,685,558 2.01 68,399 AstraZeneca 2,324,274 0.82 17,123 Swiss Life Holding Registered Shares 1,853,938 0.65 1,122,137 Blinkx 1,092,919 0.39 91,810 UBS Registered Shares 1,128,542 0.40 621,720 BowLeven 2,736,642 0.97 1,101,330 BP 5,969,079 2.11 24,745,555 8.74 1,556,217 British Airways 4,940,719 1.74 1,541,300 BT Group 3,242,523 1.15 SWEDEN 198,901 Burberry Group 2,599,924 0.92 107,047 Atlas Copco - A Shares 2,023,958 0.71 536,263 Carphone Warehouse Group 2,464,944 0.87 489,470 Nordea Bank 3,993,475 1.41 635,472 Centrica 2,458,706 0.87 315,172 Swedbank - A Shares 3,293,696 1.17 75,903 Croda International 1,424,688 0.50 242,219 Tele2 - B Shares 3,768,963 1.33 51,594 Dialog Semiconductor 878,388 0.31 274,265 Volvo - B Shares 3,621,506 1.28 1,161,400 GKN 2,997,067 1.06 161,845 IMI 1,779,583 0.63 16,701,598 5.90 4,148,369 ITV 3,381,837 1.19 SPAIN 1,088,071 Legal & General Group 1,229,931 0.43 185,367 Antena 3 de Television 1,285,520 0.45 1,568,359 Old Mutual 2,248,878 0.79 507,453 BSCH 4,024,102 1.42 56,908 Premier Oil 1,287,874 0.45 59,039 Repsol YPF 1,231,701 0.44 157,046 Rio Tinto 8,202,142 2.90 257,971 Telefonica 4,378,413 1.55 56,131 Sainsbury (J) 246,747 0.09 Senior 2,705,991 1,549,170 0.96 10,919,736 3.86 3,378,087 Vodafone Group 6,517,403 2.30 234,327 Weir Group 4,847,922 1.71 NORWAY 184,454 Xstrata 3,230,505 1.14 3,396,491 Marine Harvest 2,680,845 0.94 376,837 Morpol 1,034,878 0.37 73,394,477 25.92 618,651 Statoil Fuel & Retail 4,219,658 1.49 64,489 Yara International 2,784,490 0.98 GERMANY Aixtron 5,372,662 195,334 1.90 10,719,871 3.78 53,456 Allianz Registered Shares 4,745,824 1.68 31,170 Asian Bamboo - Bearer Shares 1,226,306 0.43 NETHERLANDS 14,320 Axel Springer 1,747,756 0.62 97,021 ASML Holding2,801,481 0.99 85,637 BASF 5,129,228 1.81 76,679 Draka Holding1,473,770 0.52 39,999 Bayerische Motoren Werke 2,357,541 0.83 508,682 STMicroelectronics 3,935,673 1.39 111,084 Daimler Registered Shares 5,649,732 2.00 35,406 Demag Cranes 1,280,281 0.45 8,210,924 2.90 62,117 Deutsche Bank Registered Shares 2,421,165 0.86 FINLAND Deutsche Lufthansa Registered Shares 3,836,184 233,878 1.35 86,188 Nokia 666,880 0.24 Henkel & Co. KGaA 4,764,273 122,751 1.68 66,280 Sampo - A Shares 1,330,571 0.46 Infineon Technologies 3,238,145 462,295 1.14 204,292 Stora Enso - R Shares 1,571,516 0.56 Lanxess 3,825,317 65,195 1.35 223,610 UPM-Kymmene 2,955,006 1.04 64,593 Leoni 2,123,979 0.75 88,445 MTU Aero Engines Holding Registered Shares 4,453,206 1.57 6,523,973 2.30 108,965 ProSiebenSat.1 Media Preference Shares 2,457,161 0.87 12,278 Volkswagen Preference Shares 1,494,233 0.53 JERSEY 143,205 Wolseley 3,410,715 1.21 56,122,993 19.82 288,931 WPP 2,662,875 0.94

FRANCE 6,073,590 2.15 269,211 Air France-KLM 3,664,635 1.30 35,760 Arkema 1,925,140 0.68 LIBERIA 54,965 Atos Origin 2,190,080 0.77 116,591 Royal Caribbean Cruises 4,121,351 1.46 311,573 AXA 3,883,757 1.37 103,857 BNP Paribas 4,952,421 1.75 4,121,351 1.46 23,593 Christian Dior 2,516,783 0.89 BELGIUM 78,797 France Télécom 1,228,642 0.43 33,699 Bekaert 2,904,011 1.03 56,992 IPSOS 2,023,074 0.71 24,040 D’Ieteren 1,126,514 0.39 26,663 LVMH 3,284,882 1.16 71,485 Rhodia 1,767,288 0.62 4,030,525 1.42 161,306 Safran 4,279,448 1.51 34,912 Sanofi-Aventis 1,671,848 0.59 ITALY 26,829 SEB 2,082,333 0.74 53,723 Tod’s 3,956,968 1.40 29,723 Société Générale 1,198,431 0.43 16,038 Sopra Group 932,289 0.33 3,956,968 1.40 51,514 Valeo 2,186,769 0.77 AUSTRIA 38,064 Zodiac Aerospace 2,135,961 0.76 35,687 Andritz 2,457,228 0.87

41,923,781 14.81 2,457,228 0.87

171 JPMorgan Funds - Europe Dynamic Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

GUERNSEY 913,984 Chariot Oil & Gas 1,982,325 0.69 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 1,982,325 0.69 Shares Consumer Discretionary DENMARK 26.50 Industrials 40,190 Pandora 1,810,373 0.64 16.29 Materials 15.41 1,810,373 0.64 Financials 14.60 Information Technology 8.07 BERMUDA Telecommunication Services 6.76 272,077 Lancashire Holdings 1,746,579 0.62 Energy 4.66 Consumer Staples 3.08 1,746,579 0.62 Health Care 1.96 UNITED STATES OF AMERICA Investment Companies 1.49 23,354 Autoliv SDR 1,385,154 0.49 Utilities 0.87 Total Shares 99.69 1,385,154 0.49 Cash and Other Assets/(Liabilities) 0.31 AUSTRALIA Total 100.00 590,785 Centamin Egypt 1,207,143 0.43

1,207,143 0.43

Total Shares 278,034,144 98.20 Allocation of Portfolio as at 30 June 2010 % of Net Assets Total Transferable Securities Admitted to an 278,034,144 98.20 Shares Official Exchange Listing Industrials 17.64 Materials 15.44 Transferable Securities Dealt in on Another Regulated Market Consumer Discretionary 12.94 Energy 12.24 Investment Funds Financials 12.01 LUXEMBOURG Information Technology 7.98 4,236,562 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Health Care 7.65 Euro Liquidity X (dist)) 4,236,562 1.49 Consumer Staples 6.44 Telecommunication Services 5.11 4,236,562 1.49 Utilities 2.64 Total Shares 100.09 Total Investment Funds 4,236,562 1.49 Cash and Other Assets/(Liabilities) (0.09)

Total Transferable Securities Dealt in on Another 4,236,562 1.49 Total 100.00 Regulated Market Total Investments 282,270,706 99.69

Cash 578,063 0.20

Other Assets/(Liabilities) 295,243 0.11

Total Net Assets 283,144,012 100.00

172 JPMorgan Funds - Europe Dynamic Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-11 92 DJ Euro Stoxx 50 Index Future EUR 2,570,480 (50,610) Mar-11 19 FTSE 100 Index Future GBP 1,302,164 4,597

Total (46,013)

173 JPMorgan Funds - Europe Dynamic Mega Cap Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing FINLAND 109,526 Nokia 847,457 1.07 Shares 58,033 Stora Enso - R Shares 446,419 0.57

UNITED KINGDOM 1,293,876 1.64 44,154 Anglo American 1,717,092 2.18 45,786 Antofagasta 859,929 1.09 LIBERIA 75,461 AstraZeneca 2,564,248 3.25 34,871 Royal Caribbean Cruises 1,232,648 1.56 593,222 BP 3,215,193 4.08 510,519 British Airways 1,620,809 2.06 1,232,648 1.56 385,883 BT Group 811,805 1.03 DENMARK 207,507 HSBC Holdings 1,572,429 1.99 12,469 Pandora 561,671 0.71 358,634 Legal & General Group 405,392 0.51 Rio Tinto 3,569,498 68,345 4.53 561,671 0.71 1,412,387 Vodafone Group 2,724,943 3.46 59,668 Xstrata 1,045,018 1.33 UNITED STATES OF AMERICA 6,578 Autoliv SDR 390,149 0.50 20,106,356 25.51 390,149 0.50 GERMANY 22,969 Allianz Registered Shares 2,039,188 2.59 Total Shares 78,779,540 99.94 56,361 BASF 3,375,742 4.28 17,696 Bayer Registered Shares 972,926 1.23 Total Transferable Securities Admitted to an Official 78,779,540 99.94 12,374 Bayerische Motoren Werke 729,324 0.93 Exchange Listing 44,516 Daimler Registered Shares 2,264,084 2.87 27,487 Deutsche Bank Registered Shares 1,071,375 1.36 Total Investments 78,779,540 99.94 57,083 Deutsche Lufthansa Registered Shares 936,304 1.18 60,727 E.ON 1,386,397 1.76 Cash 43,443 0.06 35,872 Henkel & Co. KGaA 1,392,282 1.77 168,082 Infineon Technologies 1,177,330 1.49 Other Assets/(Liabilities) 131 0.00 15,846 Lanxess 929,764 1.18 16,177 Siemens Registered Shares 1,505,189 1.91 Total Net Assets 78,823,114 100.00 2,893 Volkswagen Preference Shares 352,078 0.45

18,131,983 23.00 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of FRANCE Net Assets 57,847 Air France-KLM 787,442 1.00 Shares 80,557 AXA 1,004,143 1.28 Financials 17.78 67,472 BNP Paribas 3,217,402 4.08 Materials 17.34 24,906 France Télécom 388,347 0.49 Consumer Discretionary 13.52 7,991 LVMH 984,491 1.25 Energy 12.50 46,044 Safran 1,221,547 1.55 Telecommunication Services 8.98 34,445 Sanofi-Aventis 1,649,485 2.09 Health Care 8.88 9,797 Société Générale 395,015 0.50 Industrials 8.51 62,118 Total 2,464,066 3.13 Consumer Staples 5.98 Information Technology 4.69 12,111,938 15.37 Utilities 1.76 SWITZERLAND Total Shares 99.94 32,428 Compagnie Financiere Richemont - Bearer A Shares 1,428,428 1.81 Cash and Other Assets/(Liabilities) 0.06 58,744 Nestlé Registered Shares 2,575,870 3.27 63,334 Novartis Registered Shares 2,787,278 3.54 Total 100.00 4,795 Swatch Group - Bearer Shares 1,599,522 2.03 29,786 UBS Registered Shares 366,134 0.46

8,757,232 11.11 Allocation of Portfolio as at 30 June 2010 % of SPAIN Net Assets 154,336 BSCH 1,223,884 1.56 Shares 185,938 Telefonica 3,155,833 4.00 Health Care 21.61 Financials 17.18 4,379,717 5.56 Energy 13.29 NETHERLANDS Telecommunication Services 9.56 21,446 ASML Holding619,253 0.79 Consumer Staples 8.70 99,932 Royal Dutch Shell - A Shares 2,475,316 3.13 Materials 7.96 136,287 STMicroelectronics 1,054,453 1.34 Utilities 7.66 Information Technology 4.79 4,149,022 5.26 Industrials 4.47 Consumer Discretionary 3.09 ITALY Total Shares 104,202 ENI 1,701,619 2.16 98.31 Cash and Other Assets/(Liabilities) 550,400 Intesa Sanpaolo 1,114,560 1.41 1.69 Total 100.00 2,816,179 3.57 NORWAY 945,062 Marine Harvest 745,936 0.94 182,336 Statoil Fuel & Retail 1,243,667 1.58 17,348 Yara International 749,048 0.95

2,738,651 3.47 SWEDEN 33,835 Atlas Copco - A Shares 639,725 0.81 59,674 Swedbank - A Shares 623,621 0.79 64,128 Volvo - B Shares 846,772 1.08

2,110,118 2.68

174 JPMorgan Funds - Europe Dynamic Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 2,093 Société BIC 135,082 0.80 13,269 UBISOFT Entertainment 106,179 0.63 Shares 2,848 Valeo 120,898 0.71 2,354 Wendel 161,991 UNITED KINGDOM 0.95 14,000 Abcam 52,507 0.30 1,456,823 8.59 48,625 Aberdeen Asset Management 114,679 0.68 17,100 Anglo Pacific Group 71,392 0.42 ITALY 46,568 Ashtead Group 93,581 0.55 16,924 Brembo 130,653 0.77 3,887 Betfair Group 43,870 0.26 19,796 Bulgari 160,645 0.95 37,053 Cape 178,071 1.05 18,181 Davide Campari-Milano 89,041 0.53 29,408 Carphone Warehouse Group 135,174 0.80 7,579 Exor 185,989 1.09 14,099 Computacenter 63,864 0.38 17,927 Gruppo Coin 138,128 0.81 12,885 Cookson Group 98,373 0.58 23,510 Interpump Group 133,419 0.79 119,608 Cove Energy 134,576 0.79 22,750 Marcolin 98,280 0.58 7,104 Croda International 133,341 0.79 14,867 Prelios 6,553 0.04 14,326 Domino’s Pizza UK & IRL 92,465 0.54 12,170 Recordati 85,920 0.51 66,860 DS Smith 157,763 0.93 77,830 Sorin 133,323 0.79 22,432 Electrocomponents 69,418 0.41 17,602 Yoox 169,331 0.99 69,962 Elementis 115,533 0.68 8,329 Euromoney Institutional Investor 67,512 0.40 1,331,282 7.85 51,364 Fenner 213,427 1.26 SWITZERLAND 66,856 GKN 172,526 1.02 197 Barry Callebaut Registered Shares 122,024 0.72 10,202 Hochschild Mining75,932 0.45 723 Bucher Industries Registered Shares 100,766 0.59 14,267 Imagination Technologies Group 59,680 0.35 1,627 Dufry Group Registered Shares 164,306 0.97 11,148 IMI 122,579 0.72 329 Flughafen Zuerich Registered Shares 101,004 0.60 45,974 International Personal Finance 205,092 1.21 316 Galenica Registered Shares 143,180 0.84 23,671 John Wood Group 153,744 0.90 7,364 GAM Holding91,374 0.54 22,834 Melrose 82,532 0.49 4,285 Gategroup Holding 174,687 1.03 39,176 Nautical Petroleum 181,326 1.07 420 Georg Fischer Registered Shares 177,105 1.05 35,360 Premier Farnell 117,895 0.70 39,223 OC Oerlikon Registered Shares 154,170 0.91 5,327 Premier Oil 120,554 0.71 11,465 Renishaw 165,064 0.97 1,228,616 7.25 2,733 Rotork 58,100 0.34 82,109 Senior 143,423 0.85 FINLAND 7,996 Spectris 121,815 0.72 14,396 Kemira 168,073 0.99 5,764 Spirax-Sarco Engineering 129,841 0.77 4,818 Kesko - B Shares 168,461 0.99 3,554 Victrex 61,252 0.36 5,515 Konecranes 169,862 1.00 9,110 Weir Group 188,474 1.11 6,136 Nokian Renkaat 168,403 0.99 3,847 Outotec 177,866 1.06 3,995,375 23.56 852,665 5.03 GERMANY 6,027 Amadeus Fire 172,854 1.02 NETHERLANDS 1,440 Axel Springer 175,752 1.04 10,016 Aalberts Industries 157,602 0.93 3,191 Bertrandt 177,180 1.04 4,024 Ten Cate 112,551 0.66 3,685 CTS Eventim 170,072 1.00 6,045 Unit 4 146,969 0.87 2,539 Delticom 169,440 1.00 6,731 ElringKlinger 175,612 1.04 417,122 2.46 2,416 Fielmann 171,451 1.01 AUSTRIA 1,614 Fuchs Petrolub Preference Shares 178,145 1.05 2,480 Andritz 170,760 1.01 4,600 Gerry Weber International 169,464 1.00 26,532 Immofinanz 0 0.00 3,282 Hugo Boss Preference Shares 184,629 1.09 1,164 Palfinger 33,049 0.19 5,769 Jungheinrich Preference Shares 168,210 0.99 2,652 Schoeller-Bleckmann Oilfield Equipment 171,412 1.01 1,914 Pfeiffer Vacuum Technology 167,121 0.99 2,902 Rheinmetall 173,960 1.03 375,221 2.21 1,594 Software 174,344 1.03 6,478 Stroer Out-of-Home Media 171,424 1.01 SPAIN 8,567 Tognum 168,384 0.99 1,679 Duro Felguera 8,823 0.05 4,036 Prosegur Compañia de Seguridad Registered Shares 169,250 1.00 2,768,042 16.33 5,900 Viscofan 167,295 0.99 SWEDEN 345,368 2.04 12,942 Betsson 168,297 0.99 11,927 Bilia - A Shares 172,368 1.02 DENMARK 5,788 Elekta - B Shares 167,231 0.99 10,534 DSV 174,160 1.03 20,605 Fabege 180,734 1.07 3,801 Royal UNIBREW 168,770 0.99 15,513 Haldex 182,075 1.08 2,298 Hexpol 39,161 0.23 342,930 2.02 5,781 Hoganas - B Shares 169,829 1.00 BELGIUM 7,351 Indutrade 190,365 1.12 3,463 Barco 166,934 0.98 15,834 Loomis - B Shares 177,686 1.04 3,390 D’Ieteren 158,855 0.94 6,778 Mekonomen 168,732 1.00 3,582 Modern Times Group - B Shares 177,622 1.05 325,789 1.92 43,152 Proffice - B Shares 171,588 1.01 8,359 Wihlborgs Fastigheter 181,787 1.07 JERSEY 22,000 Highland Gold Mining 48,355 0.28 2,147,475 12.67 29,715 Kentz 111,273 0.66 6,852 Petrofac 126,619 0.75 FRANCE 3,017 Arkema 162,420 0.96 286,247 1.69 7,860 Cie Générale de Géophysique-Veritas 178,953 1.06 4,903 Ingenico 132,712 0.78 LUXEMBOURG 3,773 Orpea 130,668 0.77 9,620 Acergy 175,816 1.04 1,940 Rubis 168,732 1.00 28,271 AZ Electronic Materials 101,657 0.60 2,051 SEB 159,188 0.93 277,473 1.64

175 JPMorgan Funds - Europe Dynamic Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

IRELAND 5,565 Paddy Power 170,526 1.00

170,526 1.00 GREECE 10,871 Frigoglass 110,341 0.65

110,341 0.65 ISLE OF MAN 28,096 Lamprell 105,570 0.62

105,570 0.62 PAPUA NEW GUINEA 8,884 New Britain Palm Oil 90,143 0.53

90,143 0.53

Total Shares 16,627,008 98.06

Total Transferable Securities Admitted to an Official 16,627,008 98.06 Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 500,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist)) 500,000 2.95

500,000 2.95

Total Investment Funds 500,000 2.95

Total Transferable Securities Dealt in on Another 500,000 2.95 Regulated Market Total Investments 17,127,008 101.01

Cash 196,047 1.16

Other Assets/(Liabilities) (367,926) (2.17)

Total Net Assets 16,955,129 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Industrials 28.11 Consumer Discretionary 27.46 Energy 9.66 Information Technology 8.16 Materials 6.69 Financials 6.65 Consumer Staples 5.55 Health Care 4.78 Investment Companies 2.95 Utilities 1.00 Total Shares 101.01 Cash and Other Assets/(Liabilities) (1.01) Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Industrials 30.31 Consumer Discretionary 20.91 Materials 13.34 Information Technology 10.05 Consumer Staples 9.98 Health Care 7.24 Energy 3.67 Financials 2.00 Total Shares 97.50 Cash and Other Assets/(Liabilities) 2.50 Total 100.00

176 JPMorgan Funds - Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 104,051 Volex Group 453,769 0.10 134,947 Weir Group 2,791,878 0.61 Shares and Rights 23,300 WH Smith 131,635 0.03 31,941 Xstrata 559,411 UNITED KINGDOM 0.12 171,339 Yule Catto & Co. 403,495 44,400 Abcam 166,521 0.04 0.09 228,452 Yule Catto & Co. - Rights 229,810 71,277 Aero Inventory 8 0.00 17.01.11 0.05 11,889 Amec 159,416 0.03 127,739,994 27.74 36,600 Anglo Pacific Group 152,803 0.03 91,175 Ashmore Group 355,522 0.08 FRANCE 119,900 Ashtead Group 240,946 0.05 21,646 Air France-KLM 294,656 0.06 294,972 AstraZeneca 10,023,475 2.18 17,213 Alten 420,944 0.09 208,890 Atkins (WS) 1,701,700 0.37 46,999 Arkema 2,530,191 0.55 8,840 Aveva Group 165,514 0.04 20,056 Assystem 268,650 0.06 484,068 Aviva 2,219,118 0.48 196,712 BNP Paribas 9,380,212 2.04 759,329 Barclays 2,319,783 0.50 57,273 Bureau Veritas 3,245,088 0.70 320,302 BHP Billiton 9,511,584 2.07 7,658 Casino Guichard Perrachon 558,766 0.12 52,745 Bodycote 171,505 0.04 249,916 Crédit Agricole 2,383,199 0.52 1,503,209 BP 8,147,216 1.77 4,250 Delachaux 252,280 0.05 344,017 British Airways 1,092,194 0.24 3,166 Entrepose Contracting363,299 0.08 175,856 British American Tobacco 5,040,149 1.09 11,444 Etam Developpement 420,453 0.09 43,600 BTG 117,583 0.02 6,298 Eurofins Scientific 338,549 0.07 62,890 Cape 302,240 0.07 791 Financiere de L’Odet 244,379 0.05 72,046 Carnival 2,502,663 0.54 14,282 France Télécom 222,692 0.05 369,477 Centrica 1,429,544 0.31 2,437 Hermes International 382,243 0.08 93,288 Chesnara 257,931 0.06 14,740 ICADE 1,126,283 0.25 214,711 Computacenter 972,566 0.21 27,579 IPSOS 978,986 0.21 179,000 Cove Energy 201,401 0.04 78,026 Lectra 328,880 0.07 44,983 Cranswick 448,057 0.10 11,018 LeGuide.com 316,657 0.07 217,058 Dairy Crest Group 1,067,002 0.23 13,559 LVL Medical Groupe 193,555 0.04 437,354 Debenhams 360,355 0.08 22,917 Manitou BF 399,386 0.09 278,285 Devro 815,221 0.18 16,346 NRJ Group 133,629 0.03 55,644 Domino Printing Sciences 420,943 0.09 12,919 Parrot 312,640 0.07 82,056 Domino’s Pizza UK & IRL 529,615 0.11 37,794 Peugeot 1,073,539 0.23 1,110,927 DS Smith 2,621,349 0.57 30,810 Plastic Omnium 1,633,238 0.36 46,128 easyJet 236,356 0.05 42,464 Rallye 1,363,838 0.30 427,604 Electrocomponents 1,323,256 0.29 67,820 Renault 2,947,796 0.64 390,237 Elementis 644,428 0.14 65,475 Rexel 1,061,186 0.23 79,793 Fenner 331,555 0.07 17,049 Rubis 1,482,837 0.32 366,217 Fiberweb 396,076 0.09 112,527 Sanofi-Aventis 5,388,637 1.17 137,456 Filtrona 389,722 0.08 8,190 SCOR 155,774 0.03 99,964 Flybe Group 369,101 0.08 42,804 SEB 3,322,232 0.72 256,544 GlaxoSmithKline 3,700,973 0.80 44,446 Sequana 518,018 0.11 7,100 Go-Ahead Group 109,156 0.02 16,780 Société BIC 1,082,981 0.24 118,969 Hargreaves Lansdown 811,445 0.18 57,617 Société Générale 2,323,117 0.51 1,750,727 HSBC Holdings 13,266,514 2.88 27,288 SOITEC 220,610 0.05 12,958 Hunting110,383 0.02 8,096 Sopra Group 470,621 0.10 93,191 Hyder Consulting413,182 0.09 333,989 Total 13,248,509 2.88 24,120 Imagination Technologies Group 100,896 0.02 29,486 UBISOFT Entertainment 235,947 0.05 125,143 IMI 1,376,022 0.30 57,572 Valeo 2,443,931 0.53 10,000 Immunodiagnostic Systems Holdings 107,746 0.02 10,434 Vallourec 823,347 0.18 182,811 Inchcape 755,787 0.16 7,687 Virbac 997,388 0.22 82,500 International Personal Finance 368,036 0.08 41,980 Zodiac Aerospace 2,355,708 0.51 303,531 Interserve 810,108 0.18 41,215 Investec 253,313 0.06 68,244,871 14.82 644,034 ITE Group 1,892,655 0.41 GERMANY 969,544 ITV 790,393 0.17 48,406 Aareal Bank 1,101,600 0.24 161,943 Kesa Electricals 298,880 0.06 76,532 Allianz Registered Shares 6,794,511 1.48 92,437 Kier Group 1,477,032 0.32 6,622 Amadeus Fire 189,919 0.04 5,574,514 Legal & General Group 6,301,306 1.37 21,126 Axel Springer 2,578,428 0.56 753,432 Lloyds Banking Group 576,712 0.13 180,850 BASF 10,832,011 2.35 10,690 Micro Focus International 48,248 0.01 46,117 Bayerische Motoren Werke 2,718,136 0.59 87,438 Nautical Petroleum 404,707 0.09 57,188 Bechtle 1,672,463 0.36 67,288 Next 1,551,735 0.34 26,382 Bertrandt 1,464,861 0.32 57,111 Northumbrian Water Group 219,308 0.05 14,311 Brenntag1,090,856 0.24 37,315 Old Mutual 53,506 0.01 40,734 Cancom IT Systeme 378,623 0.08 92,071 Pace 196,479 0.04 14,287 CENTROTEC Sustainable 228,235 0.05 113,344 Persimmon 549,130 0.12 6,943 CTS Eventim 320,437 0.07 63,156 Premier Farnell 210,572 0.05 114,278 Daimler Registered Shares 5,812,179 1.26 5,774,082 RBS Group 2,636,274 0.57 19,710 Delticom 1,315,347 0.29 66,020 Renishaw 950,503 0.21 6,574 Demag Cranes 237,716 0.05 19,000 Restaurant Group 60,808 0.01 163,203 Deutsche Bank Registered Shares 6,361,245 1.38 113,884 Rio Tinto 5,947,892 1.29 233,854 Deutsche Lufthansa Registered Shares 3,835,790 0.83 13,100 RPC Group 48,293 0.01 50,886 Deutz 322,159 0.07 15,800 Salamander Energy 49,446 0.01 19,078 Draegerwerk & Co. KGaA Preference Shares 1,180,833 0.26 60,382 Scottish & Southern Energy 863,012 0.19 21,774 Fuchs Petrolub Preference Shares 2,403,305 0.52 338,408 Senior 591,109 0.13 9,665 Gerry Weber International 356,059 0.08 18,400 Shaftesbury 95,628 0.02 7,383 GFK 275,755 0.06 107,000 Spirent Communications 183,790 0.04 16,281 Gildemeister 269,939 0.06 309,061 Sports Direct International 575,790 0.13 24,287 Grammer 440,566 0.10 55,087 SuperGroup 831,536 0.18 11,605 Hannover Rueckversicherung Registered Shares 465,099 0.10 236,086 TT Electronics 469,487 0.10 17,715 Indus Holding388,180 0.08 355,847 Tullett Prebon 1,578,343 0.34 50,425 Jungheinrich Preference Shares 1,470,267 0.32 101,797 Unilever 2,328,610 0.51 16,237 Kabel Deutschland 0.12 Holding563,708 6,090 Victrex 104,960 0.02 45,472 Lanxess 2,668,070 0.58 6,165,845 Vodafone Group 11,895,873 2.58 8,450 Leoni 277,857 0.06

177 JPMorgan Funds - Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

62,164 LPKF Laser & Electronics 762,442 0.17 61,729 Danieli & Co. 1,473,471 0.32 19,120 Muenchener Rueckversicherungs Registered Shares 2,178,246 0.47 151,288 De’Longhi 880,496 0.19 4,154 Pfeiffer Vacuum Technology 362,707 0.08 66,552 DiaSorin 2,143,307 0.46 85,948 ProSiebenSat.1 Media Preference Shares 1,938,127 0.42 2,099,697 Enel 7,905,359 1.72 30,411 RWE 1,521,462 0.33 87,133 ENI 1,422,882 0.31 5,790 Siemens Registered Shares 538,731 0.12 75,002 Esprinet 409,323 0.09 8,413 Sixt 319,442 0.07 111,311 Gruppo Coin 857,651 0.19 14,089 Stroer Out-of-Home Media 372,830 0.08 91,334 Indesit 733,412 0.16 15,403 Tognum 302,746 0.06 46,655 Interpump Group 264,767 0.06 221,784 Intesa Sanpaolo 449,113 0.10 66,310,887 14.40 144,854 Maire Tecnimont 478,380 0.10 71,320 Marcolin 308,102 0.07 SWITZERLAND 83,790 MARR 721,222 0.16 51,317 ABB Registered Shares 856,125 0.19 122,812 Prysmian 1,556,642 0.34 3,503 Barry Callebaut Registered Shares 2,169,796 0.47 112,710 Sogefi 274,308 0.06 4,881 Bossard Holding - Bearer Shares 424,343 0.09 167,203 Sorin 286,419 0.06 2,139 Bucher Industries Registered Shares 298,118 0.07 43,161 Yoox 415,209 0.09 5,693 Charles Voegele Holding - Bearer Shares 244,620 0.05 78,368 Compagnie Financiere Richemont - Bearer A Shares 3,452,049 0.75 21,585,062 4.69 55,369 Crédit Suisse Group Registered Shares 1,670,372 0.36 2,736 Emmi Registered Shares 460,829 0.10 NETHERLANDS 3,025 Forbo Holding Registered Shares 1,427,537 0.31 8,610 Accell Group 324,812 0.07 538,668 GAM Holding6,683,916 1.45 46,456 AMG Advanced Metallurgical Group 419,219 0.09 36,643 Gategroup Holding 1,493,827 0.32 58,405 Heijmans - CVA 878,411 0.19 5,374 Georg Fischer Registered Shares 2,266,106 0.49 24,295 Imtech 684,572 0.15 2,908 Kaba Holding Registered - B Shares 932,633 0.20 230,160 ING Groep - CVA 1,675,795 0.36 872 LEM Holding Registered Shares 403,829 0.09 302,834 Koninklijke Ahold 2,997,148 0.65 111,528 Micronas Semiconductor Holding Registered Shares 979,866 0.21 105,898 Mediq 1,480,454 0.32 139,730 Nestlé Registered Shares 6,127,032 1.33 40,993 Nutreco 2,324,918 0.50 85,885 Novartis Registered Shares 3,779,729 0.82 294,890 Royal Dutch Shell - B Shares 7,278,889 1.59 782 Phoenix Mecano - Bearer Shares 410,040 0.09 13,861 Ten Cate 387,692 0.08 19,164 Roche Holding - Genussschein 2,102,535 0.46 11,060 Unit 4 268,896 0.06 1,840 Swatch Group - Bearer Shares 613,789 0.13 6,313 U-Blox Holding253,698 0.06 18,720,806 4.06 962 Valora Holding Registered Shares 249,805 0.06 BELGIUM 274 Vetropack Holding - Bearer Shares 387,145 0.08 42,226 Anheuser-Busch InBev 1,807,378 0.39 371 Zehnder Group - Bearer Shares 678,638 0.15 31 Banque Nationale de Belgique 108,578 0.02 21,512 Zurich Financial Services 4,171,792 0.91 4,794 Barco 231,095 0.05 17,955 Bekaert 1,547,272 0.34 42,538,169 9.24 26,301 Belgacom 663,048 0.15 SPAIN 17,856 Compagnie d’Entreprises CFE 962,438 0.21 528,485 BBVA 3,995,082 0.87 63,370 D’ieteren 2,969,518 0.64 975,785 BSCH 7,737,975 1.68 26,493 Melexis 354,741 0.08 27,580 Codere 238,981 0.05 88,680 Recticel 703,676 0.15 51,645 Duro Felguera 271,395 0.06 7,944 Sipef 562,832 0.12 25,746 Endesa 497,413 0.11 8,744 Tessenderlo Chemie 237,312 0.05 22,722 Inditex 1,273,568 0.28 23,283 Umicore 905,942 0.20 20,473 Pescanova 505,171 0.11 7,147 Prosegur Compañia de Seguridad Registered Shares 299,709 0.06 11,053,830 2.40 137,142 Repsol YPF 2,861,125 0.62 NORWAY 328,289 Telefonica 5,571,885 1.21 39,968 Atea 296,790 0.05 28,081 Viscofan 796,237 0.17 157,100 Cermaq 1,805,173 0.39 285,054 Grieg Seafood 687,934 0.15 24,048,541 5.22 51,912 Leroy Seafood Group 1,314,294 0.29 SWEDEN 1,586,548 Marine Harvest 1,252,260 0.27 15,286 Axfood 427,862 0.10 128,862 Morpol 353,883 0.08 22,366 Betsson 290,846 0.06 154,029 Norske Skogindustrier 273,617 0.06 88,836 Bilia - A Shares 1,283,848 0.28 46,270 SpareBank 1 SMN 319,150 0.07 76,198 Duni 617,439 0.13 47,480 SpareBank 1 SR Bank 348,772 0.08 47,422 Fastighets Balder - B Shares 232,407 0.05 208,796 Statoil Fuel & Retail 1,424,144 0.31 30,624 Haldex 359,432 0.08 166,415 Telenor 2,020,868 0.44 52,216 Hexpol 889,841 0.20 62,295 Veidekke 420,711 0.09 42,090 Hoganas - B Shares 1,236,484 0.27 8,637 Holmen - B Shares 212,941 0.05 10,517,596 2.28 173,540 Industrivarden - A Shares 2,322,419 0.50 FINLAND 11,897 Indutrade 308,090 0.07 42,711 Huhtamaki 442,272 0.10 154,176 Kinnevik Investment - B Shares 2,353,494 0.51 50,648 Kone - B Shares 2,111,768 0.46 25,775 Loomis - B Shares 289,242 0.06 78,354 Metso 3,274,022 0.71 11,309 Mekonomen 281,526 0.06 70,255 Orion - B Shares 1,151,479 0.25 100,256 NCC - B Shares 1,648,215 0.36 12,497 PKC Group 192,266 0.04 74,867 Proffice - B Shares 297,698 0.06 103,589 Stora Enso - R Shares 796,858 0.17 38,651 Rezidor Hotel Group 175,646 0.04 59,184 UPM-Kymmene 782,117 0.17 86,266 Scania -B Shares 1,487,881 0.32 8,122 Wartsila 464,375 0.10 239,823 Skandinaviska Enskilda Banken - A Shares 1,499,217 0.33 216,016 Swedbank - A Shares 2,257,469 0.49 9,215,157 2.00 75,469 Tele2 - B Shares 1,174,309 0.25 255,622 Volvo - B Shares 3,375,336 0.73 DENMARK 15,834 Wihlborgs Fastigheter 344,349 0.07 10,539 Carlsberg - B Shares 790,633 0.17 29,831 Danske Bank 572,033 0.12 23,365,991 5.07 33,196 Novo Nordisk - B Shares 2,804,292 0.61 31,419 Pandora 1,415,280 0.31 ITALY 2,736 Rockwool International - B Shares 255,994 0.05 43,513 Brembo 335,920 0.07 6,910 Royal UNIBREW 306,814 0.07 48,121 Carraro 185,747 0.04 104,958 Credito Emiliano 483,332 0.10 6,145,046 1.33

178 JPMorgan Funds - Europe Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

JERSEY Transferable Securities Dealt in on Another Regulated Market 28,361 Charter International 278,039 0.06 44,900 Highland Gold Mining 98,688 0.02 Investment Funds 60,200 Kentz 225,429 0.05 LUXEMBOURG 149,896 Petrofac 2,769,946 0.60 5,950,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM 37,285 Shire 670,783 0.15 Euro Liquidity X (dist)) 5,950,000 1.29 216,630 United Business Media 1,740,820 0.38 5,950,000 1.29 5,783,705 1.26 BERMUDA Total Investment Funds 5,950,000 1.29 488,292 Lancashire Holdings 3,134,556 0.68 72,780 SeaDrill 1,838,431 0.40 Total Transferable Securities Dealt in on Another 5,950,000 1.29 Regulated Market 4,972,987 1.08 Total Investments 460,127,097 99.91 GREECE 44,075 Folli - Follie 810,539 0.18 Cash 625,229 0.14 23,336 Frigoglass 236,860 0.05 65,125 Mytilineos Holdings Registered Shares 287,853 0.06 Other Assets/(Liabilities) (211,078) (0.05) 66,111 OPAP 855,476 0.19 212,255 Public Power 2,279,619 0.49 Total Net Assets 460,541,248 100.00

4,470,347 0.97 PORTUGAL Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 242,301 EDP - Energias de Portugal 603,451 0.13 Net Assets 300,375 Portucel Empresa Produtora de Pasta e Papel 685,756 0.15 Shares and Rights 125,332 Semapa-Sociedade de Investimento e Gestao 1,045,269 0.23 Financials 22.80 Consumer Discretionary 15.80 2,334,476 0.51 Industrials 12.37 AUSTRIA Materials 10.35 51,567 Immofinanz 0 0.00 Energy 9.38 32,238 OMV 1,010,420 0.22 Consumer Staples 8.31 5,182 Palfinger 147,130 0.03 Health Care 8.02 9,805 RHI 287,703 0.06 Telecommunication Services 4.68 6,125 Schoeller-Bleckmann Oilfield Equipment 395,889 0.09 Utilities 3.65 Information Technology 3.26 1,841,142 0.40 Investment Companies 1.29 LUXEMBOURG Total Shares and Rights 99.91 20,900 AZ Electronic Materials 75,152 0.02 Cash and Other Assets/(Liabilities) 0.09 4,982 RTL Group 380,251 0.08 Total 100.00 71,663 Tenaris 1,322,541 0.29

1,777,944 0.39 IRELAND 128,394 Glanbia 464,594 0.10 Allocation of Portfolio as at 30 June 2010 % of 17,888 Kerry Group - A Shares 446,887 0.10 Net Assets 12,893 Paddy Power 395,074 0.09 Shares 643,246 Total Produce 244,433 0.05 Financials 22.95 Consumer Discretionary 11.71 1,550,988 0.34 Materials 11.21 Industrials 10.89 PAPUA NEW GUINEA Health Care 10.28 New Britain Palm Oil 658,913 64,939 0.14 Consumer Staples 8.98 Energy 8.71 658,913 0.14 Telecommunication Services 4.83 CAYMAN ISLANDS Information Technology 4.37 72,286 Phoenix Group Holdings 515,314 0.11 Utilities 3.62 Investment Companies 2.27 515,314 0.11 Total Shares 99.82 FAROE ISLANDS Cash and Other Assets/(Liabilities) 0.18 64,649 Bakkafrost 411,364 0.09 Total 100.00 411,364 0.09 ISLE OF MAN 53,100 Lamprell 199,521 0.04

199,521 0.04 LIBERIA 4,935 Royal Caribbean Cruises 174,446 0.04

174,446 0.04

Total Shares and Rights 454,177,097 98.62

Total Transferable Securities Admitted to an 454,177,097 98.62 Official Exchange Listing

179 JPMorgan Funds - Europe Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-11 95 DJ Euro Stoxx 50 Index Future EUR 2,654,300 (62,700) Mar-11 25 FTSE 100 Index Future GBP 1,713,374 14,173

Total (48,527)

180 JPMorgan Funds - Europe Focus Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing GERMANY 4,388 Bayer Registered Shares 241,252 1.53 Shares 3,743 E.ON 85,453 0.54 5,508 Kabel Deutschland 1.21 Holding191,224 UNITED KINGDOM 976 Muenchener Rueckversicherungs Registered Shares 111,191 0.71 115,811 Afren 198,924 1.26 2,347 RWE Non Voting Preference Shares 111,811 0.71 25,552 Amlin 120,912 0.77 1,612 Volkswagen Preference Shares 196,180 1.24 30,695 Axis-Shield 94,596 0.60 6,555 Betfair Group 73,982 0.47 937,111 5.94 14,860 BG Group 224,225 1.42 58,044 BP 314,592 1.99 SWITZERLAND 84,524 Brammer 248,198 1.57 242 Barry Callebaut Registered Shares 149,897 0.95 126,617 Cable & Wireless Communications 71,636 0.45 12,594 Clariant Registered Shares 191,052 1.21 122,311 Cable & Wireless Worldwide 93,381 0.59 1,517 Roche Holding - Bearer Shares 172,749 1.10 23,145 Computacenter 104,839 0.67 10,928 UBS Registered Shares 134,329 0.85 28,260 Domino’s Pizza UK & IRL 182,399 1.16 866 Zurich Financial Services 167,942 1.06 35,723 Ferrexpo 173,030 1.10 35,806 Filtrona 101,519 0.64 815,969 5.17 54,320 GKN 140,176 0.89 SWEDEN 155,948 Howden Joinery Group 185,167 1.17 27,867 Byggmax Group 178,086 1.13 33,467 HSBC Holdings 253,603 1.61 7,217 Electrolux - B Shares 153,575 0.97 6,386 Imperial Tobacco Group 146,526 0.93 13,951 Intrum Justitia 161,023 1.02 22,777 Inchcape 94,166 0.60 9,379 Loomis - B Shares 105,249 0.67 9,405 Intercontinental Hotels Group 136,062 0.86 9,030 Tele2 - B Shares 140,508 0.90 46,114 International Personal Finance 205,716 1.30 International Power 175,991 34,480 1.11 738,441 4.69 45,268 Kingfisher 139,033 0.88 225,421 Lloyds Banking Group 172,548 1.09 FINLAND 41,902 Man Group 144,337 0.91 4,563 Cargotec - B Shares 178,596 1.13 10,055 Pearson 118,337 0.75 5,797 Nokian Renkaat 159,099 1.01 23,633 Persimmon 114,497 0.72 50,870 Ruukki Group 84,699 0.54 13,689 Petropavlovsk 182,278 1.15 476,703 Premier Foods 107,050 0.68 422,394 2.68 12,384 Provident Financial 125,440 0.80 ITALY Prudential 129,702 16,696 0.82 66,164 Intesa Sanpaolo Preference Shares 117,805 0.74 Redrow 112,414 71,391 0.71 46,495 Snam Rete Gas 173,484 1.10 Rentokil Initial 104,426 92,524 0.66 82,891 UniCredit 129,020 0.82 46,131 Restaurant Group 147,638 0.94 53,543 Robert Walters 203,458 1.29 420,309 2.66 33,930 Salamander Energy 106,183 0.67 91,063 Southern Cross Healthcare 19,592 0.12 JERSEY 197,938 Taylor Wimpey 72,372 0.46 13,099 Shire 235,660 1.49 5,706 Travis Perkins 69,874 0.44 20,107 United Business Media 161,578 1.03 15,066 Valiant Petroleum 89,269 0.57 20,278 WH Smith 114,562 0.73 397,238 2.52 SPAIN 5,612,650 35.55 18,148 Almirall 124,132 0.78 FRANCE 19,523 BSCH 154,817 0.98 11,030 Alcatel-Lucent 24,040 0.15 4,907 Telefonica 83,284 0.53 5,400 Atos Origin 215,163 1.36 3,719 BNP Paribas 177,341 1.12 362,233 2.29 5,276 CFAO 171,628 1.09 IRELAND 2,570 Lafarge 120,494 0.76 40,781 C&C Group 138,003 0.87 12,583 PagesJaunes Groupe 85,690 0.54 4,942 Paddy Power 151,435 0.96 12,091 Rhodia 298,920 1.90 5,309 Sanofi-Aventis 254,235 1.62 289,438 1.83 1,347,511 8.54 DENMARK 3,211 Carlsberg - B Shares 240,888 1.53 NETHERLANDS 1,013 Pandora 45,631 0.29 11,734 BinckBank 136,466 0.86 4,946 CSM 129,387 0.82 286,519 1.82 17,760 ING Groep - CVA 129,311 0.82 11,823 Koninklijke KPN 129,403 0.82 NORWAY 5,495 Koninklijke Philips Electronics 125,973 0.80 201,457 Marine Harvest 159,010 1.01 2,994 Koninklijke Vopak 105,786 0.67 126,509 Sevan Marine 105,441 0.67 4,024 Unilever - CVA 94,101 0.59 6,175 Unit 4 150,130 0.95 264,451 1.68 59,328 Vimetco Registered Shares GDR 130,664 0.83 GREECE 15,675 Wavin 177,715 1.13 28,643 Ellaktor 95,095 0.60 8,511 Folli - Follie 156,517 0.99 1,308,936 8.29 BELGIUM 251,612 1.59 46,483 Ageas 80,090 0.51 PORTUGAL 13,353 Arseus 151,423 0.96 15,896 Jeronimo Martins SGPS 182,009 1.15 4,570 D’Ieteren 214,150 1.35 6,786 KBC Ancora 89,100 0.56 182,009 1.15 14,895 Nyrstar 166,899 1.06 4,227 Telenet Group 0.78 LUXEMBOURGHolding123,914 7,648 ThromboGenics 175,789 1.11 2,193 RTL Group 167,381 1.06

1,001,365 6.33 167,381 1.06

181 JPMorgan Funds - Europe Focus Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

CANADA 25,741 Lundin Mining SDR 139,355 0.88

139,355 0.88 ISLE OF MAN 36,900 Lamprell 138,650 0.88

138,650 0.88 BRITISH VIRGIN ISLANDS 37,817 Gem Diamonds 110,717 0.70

110,717 0.70 CAYMAN ISLANDS 83,672 Gartmore Group 89,424 0.57

89,424 0.57 GUERNSEY 58,561 Burford Capital 80,021 0.51

80,021 0.51 AUSTRIA 5,506 Intercell 64,035 0.41

64,035 0.41 AUSTRALIA 150,938 International Ferro Metals 50,904 0.32

50,904 0.32

Total Shares 15,478,673 98.06

Total Transferable Securities Admitted to an Official 15,478,673 98.06 Exchange Listing Total Investments 15,478,673 98.06

Cash 292,472 1.85

Other Assets/(Liabilities) 14,492 0.09

Total Net Assets 15,785,637 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Consumer Discretionary 25.22 Financials 17.95 Materials 12.38 Consumer Staples 8.53 Health Care 8.19 Energy 7.46 Industrials 6.87 Telecommunication Services 4.07 Information Technology 3.93 Utilities 3.46 Total Shares 98.06 Cash and Other Assets/(Liabilities) 1.94 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Consumer Discretionary 21.18 Financials 19.64 Materials 10.90 Consumer Staples 9.76 Health Care 9.09 Energy 7.13 Telecommunication Services 6.85 Industrials 6.36 Information Technology 4.10 Utilities 3.49 Total Shares 98.50 Cash and Other Assets/(Liabilities) 1.50 Total 100.00

182 JPMorgan Funds - Europe Focus Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-11 7 DJ Euro Stoxx 50 Index Future EUR 195,580 (2,990) Mar-11 1 FTSE 100 Index Future GBP 68,535 608

Total (2,382)

183 JPMorgan Funds - Europe High Yield Bond Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 250,000 Pernod-Ricard 15.01.15/7.000% 276,150 0.48 250,000 Remy Cointreau 15.12.16/5.180% 259,532 0.46 Shares 250,000 Renault 24.05.13/4.375% 256,600 0.45 250,000 Rhodia 263,747 UNITED STATES OF AMERICA 15.05.18/7.000% 0.46 250,000 SPCM 265,000 758 Quad/Graphics 23,344 0.04 15.06.17/8.250% 0.47 250,000 Wendel 04.11.14/4.875% 251,875 0.44 23,344 0.04 750,000 Wendel 09.08.17/4.375% 664,688 1.17 4,106,437 7.21 Total Shares 23,344 0.04 IRELAND Bonds 250,000 Ardagh Glass Finance 01.07.16/9.250% 273,750 0.48 NETHERLANDS 750,000 Ardagh Glass Finance 15.06.17/7.125% 712,500 1.25 200,000 Clondalkin Industries 15.03.14/8.000% 196,000 0.34 200,000 Ardagh Packaging Finance 15.10.17/7.375% 202,000 0.36 500,000 Conti-Gummi Finance 15.07.15/8.500% 546,250 0.96 250,000 15.10.20/9.250% 257,500 0.45 500,000 Conti-Gummi Finance 15.09.17/7.500% 520,870 0.92 300,000 Nara Cable Funding 01.12.18/8.875% 285,750 0.50 250,000 Conti-Gummi Finance 15.10.18/7.125% 256,563 0.45 200,000 Ono Finance II 16.05.14/8.000% 173,000 0.30 500,000 Fresenius Finance 31.01.16/5.500% 518,750 0.91 600,000 Smurfit Kappa Acquisitions 15.11.17/7.250% 630,000 1.11 750,000 GMAC International Finance 21.04.15/7.500% 780,000 1.37 500,000 Smurfit Kappa Acquisitions 15.11.19/7.750% 530,000 0.93 250,000 HeidelbergCement Finance 31.10.14/7.500% 269,375 0.47 750,000 HeidelbergCement Finance 31.01.17/8.000% 802,500 1.41 3,064,500 5.38 500,000 HeidelbergCement Finance 518,750 03.04.20/7.500% 0.91 GERMANY 250,000 Hertz Holdings Netherlands 271,250 31.07.15/8.500% 0.48 90,000 Gerresheimer Holdings 01.03.15/7.875% 93,375 0.17 500,000 ING Groep 492,500 18.04.13/8.000% 0.86 750,000 Grohe Holding 01.10.14/8.625% 780,000 1.37 500,000 ING Verzekeringen 455,000 07.05.27/6.375%* 0.80 350,000 TUI 10.12.12/5.125% 349,126 0.61 250,000 New World Resources 251,250 15.05.15/7.375% 0.44 250,000 Unitymedia 01.12.19/9.625% 275,625 0.48 New World Resources 258,775 250,000 01.05.18/7.875% 0.46 1,150,000 Unitymedia Hessen & 500,000 NXP/NXP Funding 15.10.15/8.625% 517,500 0.91 Co/Unitymedia NRW 01.12.17/8.125% 1,223,313 2.15 250,000 OI European Group 31.03.17/6.875% 261,250 0.46 250,000 OI European Group 15.09.20/6.750% 252,500 0.44 2,721,439 4.78 250,000 UPC Holding 15.04.18/9.750% 270,625 0.48 500,000 UPC Holding 15.08.20/8.375% 519,062 0.91 SOUTH AFRICA 750,000 Ziggo Bond 15.05.18/8.000% 776,250 1.36 750,000 Consol Glass 15.04.14/7.625% 757,500 1.33 500,000 Ziggo Finance 15.11.17/6.125% 497,500 0.87 250,000 Edcon Proprietary 15.06.14/4.276%* 212,500 0.37 500,000 Foodcorp 15.06.12/8.875% 512,500 0.90 9,232,520 16.21 153,040 New Reclamation Group 01.02.13/8.125% 125,110 0.22 750,000 Peermont Global 30.04.14/7.750% 652,500 1.15 UNITED KINGDOM 753,000 CEVA Group 01.12.14/8.500% 704,055 1.23 2,260,110 3.97 250,000 EC Finance 01.08.17/9.750% 271,250 0.48 750,000 FCE Bank 16.01.12/7.125% 772,500 1.36 SWEDEN 600,000 FCE Bank 15.01.13/7.125% 628,500 1.10 750,000 Stena 01.02.17/6.125% 716,250 1.26 250,000 FCE Bank 15.07.13/7.250% 265,000 0.46 250,000 TVN Finance II 15.11.17/10.750% 276,250 0.48 250,000 FCE Bank 17.01.14/9.375% 279,062 0.49 250,000 TVN Finance III 15.11.18/7.875% 248,125 0.44 500,000 Ineos Finance 15.05.15/9.250% 533,750 0.94 1,000,000 Ineos Group Holdings 15.02.16/7.875% 900,000 1.58 1,240,625 2.18 350,000 ISS Financing 15.06.14/11.000% 385,875 0.68 CANADA 750,000 Kerling 01.02.17/10.625% 813,750 1.43 250,000 Bombardier 15.11.16/7.250% 265,000 0.47 250,000 Rexam 29.06.67/6.750%* 243,747 0.43 500,000 Bombardier 15.05.21/6.125% 486,250 0.85 250,000 Nova Chemicals 01.11.19/8.625% 204,375 0.36 5,797,489 10.18 UNITED STATES OF AMERICA 955,625 1.68 550,000 AGCO 15.04.14/6.875% 561,000 0.98 ITALY 500,000 Chesapeake Energy 15.01.17/6.250% 505,625 0.89 500,000 Lottomatica 31.03.66/8.250%* 488,750 0.86 500,000 Constellation Brands 01.09.16/7.250% 397,551 0.70 500,000 Seat Pagine Gialle 31.01.17/10.500% 421,250 0.74 750,000 Fiat Finance North America 12.06.17/5.625% 754,687 1.33 250,000 Goodyear Tire & Rubber 15.08.20/8.250% 194,110 0.34 910,000 1.60 250,000 Iron Mountain 15.10.18/6.750% 250,625 0.44 500,000 Kronos International 15.04.13/6.500% 505,000 0.89 JERSEY 250,000 Levi Strauss & Co. 15.05.18/7.750% 255,625 0.45 750,000 UBS/Jersey 15.04.15/4.280%* 637,616 1.12 500,000 MGM Resorts International 01.06.16/7.500% 347,157 0.61 250,000 UBS/Jersey 21.12.17/7.152%* 249,108 0.44 250,000 Plains Exploration & Production 15.06.15/7.750% 195,509 0.34 250,000 Reynolds Group Issuer 15.12.16/8.000% 251,562 0.44 886,724 1.56 250,000 Travelport 01.09.16/10.875% 257,500 0.45 LIBERIA 500,000 TRW Automotive 15.03.14/6.375% 520,000 0.91 850,000 Royal Caribbean Cruises 27.01.14/5.625% 856,375 1.50

4,995,951 8.77 856,375 1.50 LUXEMBOURG BELGIUM 350,000 Cirsa Funding Luxembourg 15.05.18/8.750% 360,500 0.64 750,000 KBC Bank 14.05.13/8.000% 697,500 1.22 900,000 Codere Finance Luxembourg 15.06.15/8.250% 900,000 1.58 500,000 Fiat Finance & Trade 15.09.14/7.625% 533,950 0.94 697,500 1.22 1,000,000 Lighthouse International 30.04.14/8.000% 375,000 0.66 350,000 Sunrise Communications DENMARK Holdings 31.12.18/8.500% 368,375 0.64 450,000 ISS Holding 15.05.16/8.875% 468,000 0.82 500,000 Wind Acquisition Finance 15.07.17/11.750% 557,500 0.98 1,400,000 Wind Acquisition Finance 15.02.18/7.375% 1,410,500 2.48 468,000 0.82 FINLAND 4,505,825 7.92 350,000 M-real 01.04.13/8.750% 371,000 0.65 FRANCE 250,000 Alcatel-Lucent 07.04.14/6.375% 242,500 0.43 371,000 0.65 500,000 BPCE 30.07.14/5.250%* 395,000 0.69 CAYMAN ISLANDS 250,000 BPCE 30.10.17/6.117%* 196,585 0.34 350,000 UPCB Finance 15.01.20/7.625% 369,250 0.65 250,000 Crown European Holdings 15.08.18/7.125% 261,875 0.46 300,000 Europcar Groupe 15.04.18/9.375% 301,500 0.53 369,250 0.65 500,000 GIE PSA Trésorerie 19.09.33/6.000% 471,385 0.83

184 JPMorgan Funds - Europe High Yield Bond Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

BERMUDA 350,000 Central European Media Enterprises 15.09.16/11.625% 358,750 0.63 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 358,750 0.63 Fixed Interest Securities Netherlands AUSTRIA 16.38 United States of America 250,000 Wienerberger 09.02.17/6.500%* 218,750 0.38 16.36 United Kingdom 10.90 218,750 0.38 Luxembourg 8.61 France 7.21 GREECE Ireland 5.38 167,000 Fage Dairy Industry 15.01.15/7.500% 159,068 0.28 Germany 4.78 South Africa 3.97 159,068 0.28 Sweden 2.18 Canada 2.05 Total Bonds 44,175,938 77.57 Italy 1.60 Jersey 1.56 Total Transferable Securities Admitted to an Official 44,199,282 77.61 Liberia 1.50 Exchange Listing Belgium 1.22 Bermuda 0.97 Transferable Securities Dealt in on Another Regulated Market Denmark 0.82 Finland 0.65 Bonds Cayman Islands 0.65 UNITED STATES OF AMERICA Austria 0.38 500,000 Biomet 15.10.17/10.375% 408,750 0.72 Greece 0.28 250,000 Cequel Communications Holdings Total Fixed Income Securities 87.45 I and Cequel Capital 144A 15.11.17/8.625% 195,976 0.35 Shares 500,000 Clear Channel Worldwide Holdings 15.12.17/9.250% 408,750 0.72 Industrials 0.04 750,000 HCA 599,127 15.11.16/9.250% 1.05 Total Shares 250,000 Jarden 15.01.20/7.500% 257,500 0.45 0.04 Investment Funds 400,000 Lyondell Chemical 01.11.17/8.000% 434,000 0.76 Luxembourg 250,000 MetroPCS Wireless 01.09.18/7.875% 194,576 0.34 4.94 250,000 Momentive Performance Materials 15.01.21/9.500% 262,500 0.46 Total Investment Funds 4.94 100,000 Nalco 15.01.19/6.875% 103,609 0.18 Cash and Other Assets/(Liabilities) 7.57 250,000 PAETEC Holding 30.06.17/8.875% 200,175 0.35 Total 100.00 250,000 PetroHawk Energy 01.06.15/7.875% 195,276 0.34 650,000 Reynolds Group Issuer 15.10.16/7.750% 682,500 1.20 500,000 Reynolds Group Issuer 144A 15.05.18/8.500% 378,887 0.67

4,321,626 7.59 Allocation of Portfolio as at 30 June 2010 % of UNITED KINGDOM Net Assets 500,000 Virgin Media Finance 15.10.19/8.375% 409,683 0.72 Fixed Income Securities United States of America 19.84 409,683 0.72 United Kingdom 10.77 France 10.37 LUXEMBOURG Netherlands 9.74 500,000 Intelsat Jackson Holdings 395,685 15.06.16/9.500% 0.69 Luxembourg 9.02 Germany 7.66 395,685 0.69 Ireland 4.21 CANADA South Africa 4.14 250,000 Quebecor Media 15.03.16/7.750% 194,110 0.34 Italy 2.00 500,000 Quebecor Printing 144A 01.08.27/6.500% 18,664 0.03 Sweden 1.99 Liberia 1.67 212,774 0.37 Finland 1.31 Jersey 1.26 BERMUDA Bermuda 1.23 250,000 Digicel Group 144A 01.09.17/8.250% 192,243 0.34 Canada 1.16 Australia 1.11 192,243 0.34 Japan 1.11 NETHERLANDS Denmark 1.03 80,000 NXP/NXP Funding 15.07.13/10.000% 89,900 0.17 Belgium 0.96 Cayman Islands 0.74 89,900 0.17 Latvia 0.51 Austria 0.44 Total Bonds 5,621,911 9.88 Greece 0.33 Total Fixed Income Securities Investment Funds 92.60 Shares and Warrants LUXEMBOURG Industrials 0.07 203 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Telecommunication Services 0.00 Euro Liquidity X (acc)) 2,815,473 4.94 Total Shares and Warrants 0.07 Investment Funds 2,815,473 4.94 Luxembourg 2.36 Total Investment Funds Total Investment Funds 2,815,473 4.94 2.36 Cash and Other Assets/(Liabilities) 4.97 Total Transferable Securities Dealt in on Another 8,437,384 14.82 Regulated Market Total 100.00 Total Investments 52,636,666 92.43

Cash 2,174,153 3.82

Other Assets/(Liabilities) 2,136,247 3.75

Total Net Assets 56,947,066 100.00

* Variable coupon rates are those quoted as at 31 December 2010.

185 JPMorgan Funds - Europe High Yield Bond Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

18-Jan-11 EUR 5,182,391 USD 6,932,951 6,481

Total 6,481

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

Protection Unrealised Termination Buyer/ Market Gain/ Date Counterparty Referenced Obligation Seller Currency Nominal Value (Loss)

20-Dec-15 Credit Suisse iTraxx Europe Crossover Series 14 Seller EUR 2,000,000 52,774 57,146 20-Dec-15 Deutsche Bank iTraxx Europe Crossover Series 14 Seller EUR 1,000,000 26,387 28,983 20-Dec-15 JPMorgan Chase iTraxx Europe Crossover Series 14 Seller EUR 1,000,000 26,387 (123)

Total 105,548 86,006

186 JPMorgan Funds - Europe Micro Cap Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing FRANCE 21,457 Eurofins Scientific 1,153,421 1.34 Shares and Rights 21,497 IPSOS 763,090 0.88 33,219 Lectra 140,018 0.16 UNITED KINGDOM 185,481 Lectra 781,802 0.90 162,292 Abcam 608,673 0.70 38,954 LeGuide.com 1,119,538 1.29 148,908 Anglo Pacific Group 621,684 0.72 48,661 LVL Medical Groupe 694,636 0.80 451,803 Ashtead Group 907,925 1.05 65,469 Manitou BF 1,140,961 1.33 31,172 Aveva Group 583,644 0.67 61,589 NRJ Group 503,490 0.58 156,712 BTG 422,630 0.49 43,235 Parrot 1,046,287 1.21 220,037 Cape 1,057,465 1.22 12,754 Rubis 1,109,279 1.28 60,810 Computacenter 275,448 0.32 93,367 SOITEC 754,826 0.87 625,363 Cove Energy 703,624 0.81 100,868 UBISOFT Entertainment 807,146 0.93 108,589 Domino’s Pizza UK & IRL 700,868 0.81 397,034 DS Smith 936,844 1.08 10,014,494 11.57 209,065 Electrocomponents 646,969 0.75 672,443 Elementis 1,110,455 1.28 ITALY 292,224 Fenner 1,214,245 1.40 150,398 Brembo 1,161,073 1.34 28,612 Go-Ahead Group 439,883 0.51 133,841 Carraro 516,626 0.60 34,616 Hunting294,878 0.34 154,378 Interpump Group 876,095 1.01 122,731 Hyder Consulting544,154 0.63 238,413 Marcolin 1,029,944 1.19 74,830 Imagination Technologies Group 313,021 0.36 512,108 Sorin 877,241 1.01 38,828 Immunodiagnostic Systems Holdings 418,358 0.48 142,814 Yoox 1,373,871 1.59 288,742 International Personal Finance 1,288,089 1.49 312,468 ITE Group 918,265 1.06 5,834,850 6.74 20,696 Kier Group 330,697 0.38 SWITZERLAND 31,702 Micro Focus International 143,083 0.17 6,731 Bucher Industries Registered Shares 938,116 1.09 309,995 Nautical Petroleum 1,434,812 1.66 20,575 Charles Voegele Holding - Bearer Shares 884,077 1.02 220,380 Premier Farnell 734,780 0.85 36,693 Gategroup Holding 1,495,865 1.73 55,710 Renishaw 802,068 0.93 2,726 Kaba Holding Registered - B Shares 874,263 1.01 62,774 Restaurant Group 200,903 0.23 32,395 U-Blox Holding1,301,847 1.50 69,500 RPC Group 256,213 0.29 Salamander Energy 146,168 46,707 0.17 5,494,168 6.35 421,851 Senior 736,862 0.85 57,600 Shaftesbury 299,358 0.35 NETHERLANDS 377,681 Spirent Communications 648,728 0.75 158,845 AMG Advanced Metallurgical Group 1,433,417 1.66 26,911 SuperGroup 406,221 0.46 45,039 Ten Cate 1,259,741 1.45 20,483 Victrex 353,020 0.41 36,897 Unit 4 897,058 1.04 82,788 WH Smith 467,716 0.54 211,648 Yule Catto & Co. 498,421 0.58 3,590,216 4.15 Yule Catto & Co. - Rights 283,874 282,197 17.01.11 0.33 AUSTRIA 159,373 Immofinanz 0 0.00 21,750,046 25.12 18,082 Palfinger 513,393 0.59 GERMANY 33,750 RHI 990,309 1.15 40,663 Aareal Bank 925,388 1.07 20,936 Schoeller-Bleckmann Oilfield Equipment 1,353,198 1.56 20,897 Amadeus Fire 599,326 0.69 29,532 Bechtle 863,663 1.00 2,856,900 3.30 27,695 Bertrandt 1,537,765 1.78 BELGIUM CTS Eventim 1,119,383 24,254 1.29 17,980 Barco 866,726 1.00 Delticom 1,502,405 22,513 1.74 79,814 Melexis 1,068,709 1.23 Demag Cranes 797,147 22,045 0.92 29,890 Tessenderlo Chemie 811,215 0.93 177,751 Deutz 1,125,342 1.30 32,098 Gerry Weber International 1,182,490 1.37 2,746,650 3.16 20,037 GFK 748,382 0.86 56,872 Gildemeister 942,938 1.09 DENMARK 42,837 Jungheinrich Preference Shares 1,249,020 1.44 9,359 Rockwool International - B Shares 875,675 1.01 29,516 Leoni 970,560 1.12 24,137 Royal UNIBREW 1,071,718 1.24 36,574 LPKF Laser & Electronics 448,580 0.52 14,203 Pfeiffer Vacuum Technology 1,240,135 1.43 1,947,393 2.25 46,935 Stroer Out-of-Home Media 1,242,017 1.43 JERSEY 228,257 Kentz 854,746 0.99 16,494,541 19.05 188,762 Highland Gold Mining 414,891 0.48 SWEDEN 74,606 Betsson 970,170 1.12 1,269,637 1.47 76,088 Bilia - A Shares 1,099,615 1.27 NORWAY 106,977 Haldex 1,255,583 1.45 136,440 Atea 1,013,160 1.17 54,447 Hexpol 927,860 1.07 30,656 Hoganas - B Shares 900,586 1.04 1,013,160 1.17 34,935 Indutrade 904,692 1.04 88,174 Loomis - B Shares 989,470 1.14 GREECE 39,503 Mekonomen 983,388 1.14 86,130 Frigoglass 874,220 1.01 208,231 Proffice - B Shares 828,001 0.96 133,091 Rezidor Hotel Group 604,820 0.70 874,220 1.01 55,311 Wihlborgs Fastigheter 1,202,873 1.39 ISLE OF MAN 175,332 Lamprell 658,803 0.76 10,667,058 12.32 658,803 0.76

187 JPMorgan Funds - Europe Micro Cap Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

FINLAND 37,265 PKC Group 573,322 0.66

573,322 0.66 LUXEMBOURG 87,900 AZ Electronic Materials 316,072 0.37

316,072 0.37 SPAIN 13,782 Duro Felguera 72,424 0.08

72,424 0.08

Total Shares and Rights 86,173,954 99.53

Total Transferable Securities Admitted to an Official 86,173,954 99.53 Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 740,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist)) 740,000 0.85

740,000 0.85

Total Investment Funds 740,000 0.85

Total Transferable Securities Dealt in on Another 740,000 0.85 Regulated Market Total Investments 86,913,954 100.38

Cash 303,680 0.35

Other Assets/(Liabilities) (636,158) (0.73)

Total Net Assets 86,581,476 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares and Rights Industrials 30.18 Consumer Discretionary 21.94 Information Technology 15.77 Financials 10.76 Materials 7.62 Health Care 6.01 Energy 4.73 Utilities 1.28 Consumer Staples 1.24 Investment Companies 0.85 Total Shares and Rights 100.38 Cash and Other Assets/(Liabilities) (0.38) Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Industrials 27.74 Consumer Discretionary 24.48 Information Technology 17.48 Materials 8.72 Consumer Staples 6.13 Health Care 5.55 Financials 3.38 Investment Companies 2.73 Energy 1.80 Utilities 1.13 Telecommunication Services 0.27 Total Shares 99.41 Cash and Other Assets/(Liabilities) 0.59 Total 100.00

188 JPMorgan Funds - Europe Select 130/30 Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 500 L’Oréal 41,537 0.87 1,415 Peugeot 40,193 0.84 Shares 548 PPR 65,267 1.36 2,194 Rhodia 54,241 UNITED KINGDOM 1.13 1,192 Sanofi-Aventis 57,082 26,462 Afren 45,453 0.95 1.19 676 Schneider Electric 75,881 3,741 Amlin 17,702 0.37 1.58 105 Société Générale 4,234 1,410 AstraZeneca 47,913 1.00 0.09 115 Sopra Group 6,685 13,110 Barclays 40,052 0.83 0.14 962 Total 38,160 1,623 BHP Billiton 48,196 1.00 0.80 11,989 BP 64,979 1.35 622,298 12.97 1,878 Burberry Group 24,548 0.51 24,008 Cable & Wireless Communications 13,583 0.28 SWITZERLAND 10,146 Cable & Wireless Worldwide 7,746 0.16 877 Clariant Registered Shares 13,304 0.28 3,755 Cairn Energy 18,389 0.38 359 Crédit Suisse Group Registered Shares 10,830 0.22 8,949 Centrica 34,625 0.72 395 Kuehne & Nagel International Registered Shares 41,091 0.85 2,295 Computacenter 10,396 0.22 1,661 Nestlé Registered Shares 72,833 1.52 1,904 De La Rue 18,201 0.38 1,360 Novartis Registered Shares 59,852 1.25 29,418 Dixons Retail 7,814 0.16 834 Roche Holding - Genussschein 91,500 1.91 6,159 Domino’s Pizza UK & IRL 39,752 0.83 5,497 UBS Registered Shares 67,570 1.41 18,222 Electrocomponents 56,390 1.18 311 Zurich Financial Services 60,312 1.26 4,504 GlaxoSmithKline 64,976 1.35 1,160 Halfords Group 6,177 0.13 417,292 8.70 21,236 Howden Joinery Group 25,215 0.53 NETHERLANDS 10,239 HSBC Holdings 77,588 1.62 858 ASML Holding24,775 0.52 2,180 Intercontinental Hotels Group 31,538 0.66 5,276 ING Groep - CVA 38,415 0.80 4,929 International Personal Finance 21,988 0.46 3,601 Koninklijke Ahold 35,639 0.74 3,596 International Power 18,355 0.38 6,004 Koninklijke KPN 65,714 1.37 5,062 Invensys 20,892 0.44 921 Koninklijke Philips Electronics 21,114 0.44 40,890 ITV 33,334 0.69 1,365 Mediq 19,083 0.40 6,522 Logica 9,981 0.21 2,374 Royal Dutch Shell - A Shares 59,137 1.23 2,350 Man Group 8,095 0.17 1,015 Royal Dutch Shell - B Shares 25,054 0.52 8,980 Meggitt 38,504 0.80 13,250 Vimetco Registered Shares GDR 29,182 0.61 3,615 Michael Page International 23,311 0.49 4,882 Misys 19,530 0.41 318,113 6.63 6,347 National Grid 40,929 0.86 4,142 Persimmon 20,067 0.42 FINLAND 4,828 Petropavlovsk 64,288 1.34 1,149 Cargotec - B Shares 44,972 0.94 12,231 Premier Farnell 40,780 0.85 827 Metso 34,556 0.72 6,561 Prudential 50,969 1.06 2,504 Nokia 19,375 0.40 30,625 Punch Taverns 26,587 0.55 3,631 Ruukki Group 6,046 0.13 1,324 Reckitt Benckiser Group 54,383 1.13 3,729 Stora Enso - R Shares 28,685 0.60 15,191 Rentokil Initial 17,145 0.36 751 Wartsila 42,938 0.89 1,352 Rio Tinto 70,612 1.47 10,848 Robert Walters 41,221 0.86 176,572 3.68 7,566 Salamander Energy 23,678 0.49 SPAIN 1,846 Standard Chartered 37,043 0.77 3,489 Almirall 23,865 0.50 11,330 Taylor Wimpey 4,143 0.09 2,438 BBVA 18,430 0.38 3,550 Tullow Oil 52,266 1.09 2,096 BSCH 16,621 0.35 960 Valiant Petroleum 5,688 0.12 643 Inditex 36,040 0.75 3,974 Xstrata 69,600 1.45 4,296 Telefonica 72,914 1.52 1,514,622 31.57 167,870 3.50 GERMANY NORWAY 434 Adidas 21,334 0.44 2,706 DnB NOR 28,383 0.59 192 Allianz Registered Shares 17,046 0.36 25,390 Marine Harvest 20,040 0.42 519 BASF 31,085 0.65 34,699 Norske Skogindustrier 61,639 1.28 551 Bayer Registered Shares 30,294 0.63 2,366 Orkla 17,183 0.36 306 Bayerische Motoren Werke 18,036 0.38 15,136 Sevan Marine 12,615 0.26 623 Brenntag47,488 0.99 897 Continental 53,031 1.10 139,860 2.91 240 Deutsche Bank Registered Shares 9,355 0.19 3,793 Deutsche Telekom Registered Shares 36,508 0.76 SWEDEN 1,348 E.ON 30,775 0.64 1,421 Intrum Justitia 16,401 0.34 665 Hamburger Hafen und Logistik 23,069 0.48 2,830 Loomis - B Shares 31,758 0.66 651 Henkel & Co. KGaA Non Voting Preference Shares 30,133 0.63 1,851 Nordea Bank 15,102 0.31 3,310 Infineon Technologies 23,185 0.48 1,991 Tele2 - B Shares 30,980 0.65 984 Kabel Deutschland 0.71 Holding34,1623,942 Telefonaktiebolaget LM Ericsson - B Shares 34,335 0.71 1,549 Leoni 50,935 1.06 548 MAN 48,906 1.02 128,576 2.67 435 SAP 16,563 0.35 ITALY 980 Siemens Registered Shares 91,184 1.90 6,402 Enel 24,104 0.50 549 Stada Arzneimittel Registered Shares 13,920 0.29 492 ENI 8,034 0.17 436 Volkswagen Preference Shares 53,061 1.11 14,634 Snam Rete Gas 54,603 1.14 35,945 Telecom Italia 34,930 0.73 680,070 14.17 FRANCE 121,671 2.54 6,918 Alcatel-Lucent 15,078 0.31 JERSEY 357 Atos Origin 14,225 0.29 16,692 Beazley 22,343 0.47 4,401 AXA 54,858 1.14 16,181 Highland Gold Mining 35,565 0.74 875 BNP Paribas 41,724 0.87 827 Petrofac 15,282 0.32 292 Casino Guichard Perrachon 21,306 0.44 2,529 Shire 45,498 0.94 2,461 GDF Suez 66,066 1.38 317 Iliad 25,761 0.54 118,688 2.47

189 JPMorgan Funds - Europe Select 130/30 Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

BELGIUM 440 D’Ieteren 20,618 0.43 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 1,041 KBC Groep 26,670 0.56 Net Assets 3,947 Nyrstar 44,226 0.92 Shares Financials 16.98 91,514 1.91 Industrials 14.38 Materials GUERNSEY 13.41 Consumer Discretionary 24,255 Resolution 66,174 1.38 12.51 Health Care 9.02 66,174 1.38 Energy 8.64 Information Technology 7.05 AUSTRIA Consumer Staples 6.95 1,226 Erste Group Bank 43,290 0.90 Utilities 5.62 768 Intercell 8,932 0.19 Telecommunication Services 5.47 Total Shares 100.03 52,222 1.09 Cash and Other Assets/(Liabilities) (0.03) ISLE OF MAN Total 12,219 Lamprell 45,912 0.96 100.00

45,912 0.96 IRELAND 13,565 Kenmare Resources 5,151 0.11 Allocation of Portfolio as at 30 June 2010 % of 1,289 Paddy Power 39,498 0.82 Net Assets Shares 44,649 0.93 Financials 17.79 Consumer Discretionary 14.91 DENMARK Materials 11.71 538 Carlsberg - B Shares 40,361 0.84 Consumer Staples 11.14 Health Care 9.42 40,361 0.84 Industrials 9.34 BRITISH VIRGIN ISLANDS Energy 8.12 7,545 Gem Diamonds 22,090 0.46 Telecommunication Services 7.64 Information Technology 7.10 22,090 0.46 Utilities 5.85 AUSTRALIA Total Shares 103.02 52,043 International Ferro Metals 17,552 0.36 Cash and Other Assets/(Liabilities) (3.02) Total 100.00 17,552 0.36 CYPRUS 5,432 Bank of Cyprus Public 14,015 0.29

14,015 0.29

Total Shares 4,800,122 100.03

Total Transferable Securities Admitted to an Official 4,800,122 100.03 Exchange Listing Total Investments 4,800,122 100.03

Cash 20,190 0.42

Other Assets/(Liabilities) (21,656) (0.45)

Total Net Assets 4,798,656 100.00

190 JPMorgan Funds - Europe Select 130/30 Fund Schedule of Investments - Outstanding Total Return Swaps (Expressed in EUR) (Please refer to note 2i) As at 31 December 2010 Economic Exposure (in Unrealised contract Counterparty Gain/ currency) Currency Sub-Fund Receives Sub-Fund Pays (Loss)

(504,448) DKK Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value (68,110) - DKK Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value (125,863) EUR Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value (187,991) - EUR Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value 90,732 CHF Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 72,460 - CHF Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value 122,330 GBP Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 147,667 - GBP Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value 6,792 SEK Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 726 - SEK Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value (49,627) NOK Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value (6,520) - NOK Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value

Total (41,768)

Geographic Distribution based on Economic Exposure of Swap Portfolio % of Basket (expressed in Sub-Fund Currency) Market Value

United Kingdom 613.65% Switzerland 449.07% Spain 385.25% Ireland 220.21% Germany 111.05% Jersey 103.38% Sweden 4.66% Norway (39.39%) Luxembourg(53.68%) Finland (62.64%) Portugal (93.57%) Belgium (109.65%) France (158.35%) Italy (216.82%) Austria (292.52%) Netherlands (341.71%) Denmark (418.94%)

Total 100.00

191 JPMorgan Funds - Europe Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 131,321 Drillisch 806,442 0.27 42,041 ElringKlinger 1,096,850 0.37 Shares and Rights 20,997 Fuchs Petrolub Preference Shares 2,317,544 0.78 39,958 Gerresheimer 1,296,138 UNITED KINGDOM 0.44 30,580 Gerry Weber International 1,126,567 147,650 Abcam 553,759 0.19 0.38 24,346 GFK 909,323 338,300 Anglo Pacific Group 1,412,387 0.48 0.31 70,147 Gildemeister 1,163,037 93,097 Atkins (WS) 758,405 0.26 0.39 19,685 Grammer 357,086 55,475 Aveva Group 1,038,677 0.35 0.12 13,359 H&R Wasag280,539 28,137 Betfair Group 317,564 0.11 0.10 21,925 Hugo Boss Preference Shares 1,233,391 174,800 BowLeven 769,422 0.26 0.42 30,950 Indus Holding678,192 417,869 Cape 2,008,216 0.68 0.23 41,280 Jungheinrich Preference Shares 1,203,622 283,262 Carillion 1,269,572 0.43 0.41 5,118 Lanxess 300,299 305,500 Carphone Warehouse Group 1,404,237 0.47 0.10 27,915 Leoni 917,915 99,000 Close Brothers Group 979,190 0.33 0.31 63,085 LPKF Laser & Electronics 773,738 150,547 Computacenter 681,925 0.23 0.26 5,064 Pfeiffer Vacuum Technology 442,163 162,154 Cookson Group 1,237,997 0.42 0.15 147,839 ProSiebenSat.1 Media Preference Shares 3,333,769 1,275,935 Cove Energy 1,435,611 0.48 1.13 98,875 QSC 328,166 102,679 Croda International 1,927,270 0.65 0.11 4,353 Rational 708,233 182,000 Daily Mail & General Trust - A Shares 1,215,958 0.41 0.24 8,359 Rheinmetall 501,080 1,255,877 Debenhams 1,034,771 0.35 0.17 39,546 SGL Carbon 1,070,313 243,900 Devro 714,492 0.25 0.36 11,791 Sixt 447,704 115,887 Domino’s Pizza UK & IRL 747,971 0.25 0.15 15,376 Software 1,681,750 745,510 DS Smith 1,759,109 0.59 0.57 30,589 Stroer Out-of-Home Media 809,461 132,349 Dunelm Group 790,348 0.27 0.27 49,393 Suss Microtec 449,896 293,000 Electrocomponents 906,713 0.31 0.15 43,385 Symrise 886,356 790,900 Elementis 1,306,072 0.44 0.30 35,542 Tognum 698,578 133,400 Euromoney Institutional Investor 1,081,299 0.37 0.24 60,493 TUI 633,513 445,053 Fenner 1,849,277 0.62 0.21 8,897 Vossloh 848,952 283,458 Ferrexpo 1,372,970 0.46 0.29 25,807 Wincor Nixdorf 1,566,485 653,070 GKN 1,685,289 0.57 0.53 97,906 Hargreaves Services 927,380 0.31 43,229,716 14.60 153,300 Hochschild Mining1,140,984 0.39 999,281 Howden Joinery Group 1,186,508 0.40 SWEDEN 217,000 Imagination Technologies Group 907,732 0.31 66,152 AarhusKarlshamn 1,388,902 0.47 52,112 IMI 573,003 0.19 102,928 Bilia - A Shares 1,487,504 0.50 256,700 Intermediate Capital Group 991,407 0.34 107,280 Boliden 1,636,432 0.55 352,312 International Personal Finance 1,571,677 0.53 27,457 Cardo 1,279,105 0.43 498,415 ITE Group 1,464,717 0.49 19,585 CDON Group 67,951 0.02 220,100 John Menzies 1,203,667 0.41 52,426 Elekta - B Shares 1,514,726 0.51 219,611 John Wood Group 1,426,378 0.48 48,016 Fabege 421,166 0.14 245,100 Jupiter Fund Management 855,110 0.29 84,100 Haldex 987,077 0.33 829,500 Kcom Group 564,325 0.19 34,509 Hexagon - B Shares 555,223 0.19 52,167 Kier Group 833,566 0.28 23,527 Hexpol 400,936 0.14 382,200 Laird 773,832 0.26 31,025 Hoganas - B Shares 911,426 0.31 576,100 Marston’s 767,785 0.26 34,293 Indutrade 888,067 0.30 428,484 Melrose 1,548,720 0.52 148,036 Intrum Justitia 1,708,634 0.58 188,733 Micro Focus International 851,822 0.29 28,511 JM 501,749 0.17 163,590 Millennium & Copthorne Hotels 1,125,301 0.38 53,037 Kinnevik Investment - B Shares 809,609 0.27 338,867 Nautical Petroleum 1,568,446 0.53 156,063 Loomis - B Shares 1,751,307 0.59 437,666 Paragon Group of Companies 913,109 0.31 19,040 Lundin Petroleum 177,876 0.06 363,773 Premier Farnell 1,212,873 0.41 47,030 Mekonomen 1,170,765 0.40 84,340 Premier Oil 1,908,683 0.64 19,585 Modern Times Group - B Shares 971,172 0.33 101,750 Renishaw 1,464,915 0.49 113,233 NCC - B Shares 1,861,558 0.63 173,991 Restaurant Group 556,843 0.19 203,474 New Wave Group - B Shares 914,471 0.31 47,909 Rotork 1,018,476 0.34 3,287,391 PA Resources 2,755,339 0.93 157,800 RPC Group 581,733 0.20 162,845 Peab 1,042,940 0.35 93,014 Salamander Energy 291,085 0.10 135,511 Trelleborg - B Shares 1,073,530 0.37 1,124,400 Senior 1,964,030 0.66 27,337 Wihlborgs Fastigheter 594,510 0.20 241,655 Soco International 1,033,910 0.35 105,862 Spectris 1,612,756 0.54 26,871,975 9.08 57,853 Spirax-Sarco Engineering 1,303,205 0.44 SWITZERLAND 180,541 St James’s Place 557,649 0.19 2,275 Barry Callebaut Registered Shares 1,409,160 478,699 Stagecoach Group 1,179,644 0.40 0.48 6,804 Bucher Industries Registered Shares 948,290 69,550 SuperGroup 1,049,855 0.35 0.32 5,216 Burckhardt Compression Holding1,090,867 549,300 Trinity Mirror 443,968 0.15 0.37 192,751 Clariant Registered Shares 2,924,044 184,050 Tullett Prebon 816,345 0.28 0.99 14,140 Dufry Group Registered Shares 1,427,956 252,100 Unite Group 571,402 0.19 0.48 3,507 Flughafen Zuerich Registered Shares 1,076,662 63,000 Victrex 1,085,791 0.37 0.36 3,732 Forbo Holding Registered Shares 1,761,179 78,537 Weir Group 1,624,829 0.55 0.59 7,383 Galenica Registered Shares 3,345,241 206,800 WH Smith 1,168,330 0.39 1.13 123,736 GAM Holding1,535,345 323,900 Yule Catto & Co. 762,769 0.26 0.52 64,300 Gategroup Holding 2,621,320 431,866 Yule Catto & Co. - Rights 17.01.11 434,433 0.15 0.88 1,531 Georg Fischer Registered Shares 645,592 0.22 722 Gurit Holding - Bearer Shares 332,918 74,097,494 25.03 0.11 7,877 Huber & Suhner Registered Shares 408,457 0.14 GERMANY 4,138 Kaba Holding Registered - B Shares 1,327,109 0.45 48,195 Aareal Bank 1,096,798 0.37 1,237 Kuoni Reisen Holding Registered - B Shares 447,720 0.15 7,262 Axel Springer 886,327 0.30 7,961 Panalpina Welttransport Holding Registered Shares 773,048 0.26 60,636 Bechtle 1,773,300 0.60 2,007 Partners Group Holding Registered Shares 284,701 0.10 43,891 Bertrandt 2,437,048 0.82 20,005 Sulzer Registered Shares 2,274,076 0.77 25,708 Bilfinger Berger 1,615,362 0.55 8,274 U-Blox 332,504 0.11 26,184 Brenntag1,995,875 0.67 38,408 Vontobel Holding Registered Shares 1,090,742 0.37 51,458 Cancom IT Systeme 478,302 0.16 192 Zehnder Group - Bearer Shares 351,209 0.12 13,473 Delticom 899,121 0.30 64,051 Demag Cranes 2,316,084 0.78 26,408,140 8.92 136,534 Deutz 864,397 0.29

192 JPMorgan Funds - Europe Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

FRANCE 16,615 Melexis 222,475 0.08 30,854 Alten 754,535 0.25 100,678 Nyrstar 1,128,097 0.38 27,162 Arkema 1,462,266 0.49 149,354 Recticel 1,185,124 0.40 24,869 Beneteau 392,433 0.13 8,814 Sipef 624,472 0.21 4,708 Euler Hermès 332,973 0.11 29,709 Faurecia 640,526 0.22 11,154,584 3.77 33,312 GL Events 847,624 0.29 15,576 Ingenico 421,603 0.14 DENMARK 90,412 Christian Hansen Holding1,380,186 20,011 IPSOS 710,340 0.24 0.47 23,919 FLSmidth & Co. - B Shares 1,705,358 26,828 Mersen 918,859 0.31 0.57 111,573 GN Store Nord 759,938 19,740 Neopost 1,292,871 0.44 0.26 63,897 Jyske Bank Registered Shares 2,214,840 25,687 Nexity 876,312 0.30 0.75 8,574 Rockwool International - B Shares 802,227 24,579 Plastic Omnium 1,302,933 0.44 0.27 18,176 Royal UNIBREW 807,041 16,541 Remy Cointreau 873,034 0.29 0.27 77,368 Rexel 1,253,942 0.42 76,302 Rhodia 1,886,376 0.64 7,669,590 2.59 6,096 Rubis 530,200 0.18 NORWAY 17,415 SEB 1,351,665 0.46 229,413 Atea 1,703,547 0.58 7,435 Société BIC 479,855 0.16 39,227 Kongsberg Gruppen 666,696 0.22 5,593 Societe Internationale de Plantations d’Heveas 464,778 0.16 32,675 Leroy Seafood Group 827,257 0.28 8,787 Sopra Group 510,788 0.17 442,618 Norske Skogindustrier 786,267 0.27 20,004 Valeo 849,170 0.29 243,428 Opera Software 908,484 0.31 2,450 Virbac 317,888 0.11 32,549 Schibsted 716,344 0.24 47,230 Wendel 3,250,132 1.10 182,646 SpareBank 1 SMN 1,259,812 0.42 23,587 Zodiac Aerospace 1,323,585 0.45 73,395 Statoil Fuel & Retail 500,608 0.17

23,044,688 7.79 7,369,015 2.49 ITALY AUSTRIA 47,746 Brembo 368,599 0.12 22,454 Andritz 1,546,070 0.52 530,561 Cam Finanziaria 193,787 0.07 126,371 Conwert Immobilien Invest 1,364,175 0.46 33,336 Danieli & Co. 795,730 0.27 4,061 Kapsch TrafficCom 288,311 0.10 460,099 Davide Campari-Milano 2,253,335 0.76 9,091 Mayr-Melnhof Karton 793,144 0.26 41,392 Exor 1,015,760 0.34 32,343 Palfinger 918,299 0.31 277,047 Gruppo Coin 2,134,647 0.72 27,756 RHI 814,430 0.28 79,893 Interpump Group 453,393 0.15 16,469 Schoeller-Bleckmann Oilfield Equipment 1,064,474 0.36 257,120 Maire Tecnimont 849,139 0.29 85,367 MARR 734,796 0.25 6,788,903 2.29 112,510 Pirelli & Co. 684,623 0.23 NETHERLANDS 918,642 Prelios 404,891 0.14 39,126 Aalberts Industries 615,648 0.21 496,298 Recordati 3,503,864 1.18 39,514 AMG Advanced Metallurgical Group 356,574 0.12 9,485 Sabaf 240,919 0.08 97,752 Mediq 1,366,573 0.46 121,407 Sogefi 295,474 0.10 22,057 Nutreco 1,250,963 0.42 526,601 Sorin 902,068 0.31 84,656 Ten Cate 2,367,828 0.80 9,218 Tod’s 678,952 0.23 12,885 TKH Group - Dutch Certificates 251,934 0.09 109,650 Yoox 1,054,833 0.36 30,767 USG People 467,351 0.16 16,564,810 5.60 6,676,871 2.26 FINLAND JERSEY 46,491 Amer Sports - A Shares 486,528 0.17 134,373 Charter International 1,317,337 0.45 40,432 Cargotec - B Shares 1,582,509 0.54 533,000 Highland Gold Mining 1,171,511 0.40 44,082 Cramo - B Shares 838,219 0.28 159,733 Kentz 598,147 0.20 48,378 Fiskars 839,842 0.28 46,328 Petrofac 856,101 0.29 147,516 Kemira 1,722,249 0.58 182,594 United Business Media 1,467,310 0.49 24,712 Kesko - B Shares 864,055 0.29 37,350 Vallar 483,441 0.16 30,844 Konecranes 949,995 0.32 35,704 Nokian Renkaat 979,896 0.33 5,893,847 1.99 28,076 Outotec 1,298,094 0.44 33,919 PKC Group 521,844 0.18 LUXEMBOURG 164,426 Pohjola Bank 1,478,190 0.50 93,816 Acergy 1,714,593 0.58 181,502 Sponda 703,320 0.24 184,704 YIT 3,439,189 1.16 1,714,593 0.58 IRELAND 15,703,930 5.31 367,081 Aer Lingus 401,954 0.13 SPAIN 29,866 Paddy Power 915,169 0.31 149,248 Antena 3 de Television 1,035,035 0.35 175,925 CIE Automotive 825,528 0.28 1,317,123 0.44 208,023 Duro Felguera 1,093,161 0.37 CYPRUS 63,038 Gestevision Telecinco 518,614 0.18 165,694 ProSafe 984,737 0.33 272,788 Iberia Lineas Aereas de España 872,240 0.29 125,900 Obrascon Huarte Lain 2,850,061 0.96 984,737 0.33 11,486 Pescanova 283,417 0.10 73,394 Prosegur Compañia de Seguridad Registered Shares 3,077,777 1.04 ISLE OF MAN 83,093 Viscofan 2,356,102 0.79 217,700 Lamprell 817,999 0.28

12,911,935 4.36 817,999 0.28 BELGIUM BERMUDA 105,339 AGFA-Gevaert 0 0.00 122,100 Lancashire Holdings 783,812 0.26 16,401 Barco 790,610 0.27 30,875 Bekaert 2,660,653 0.90 783,812 0.26 19,502 Compagnie d’Entreprises CFE 1,051,158 0.35 GREECE 44,530 D’Ieteren 2,086,676 0.70 43,402 Frigoglass 440,530 0.15 7,978 EVS Broadcast Equipement 380,670 0.13 20,262 Kinepolis Group 1,024,649 0.35 440,530 0.15

193 JPMorgan Funds - Europe Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

PORTUGAL 180,611 Portucel Empresa Produtora de Pasta e Papel 412,335 0.14

412,335 0.14

Total Shares and Rights 290,856,627 98.26

Total Transferable Securities Admitted to an 290,856,627 98.26 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 4,447,113 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist)) 4,447,113 1.50

4,447,113 1.50

Total Investment Funds 4,447,113 1.50

Total Transferable Securities Dealt in on Another 4,447,113 1.50 Regulated Market Total Investments 295,303,740 99.76

Cash 762,441 0.26

Other Assets/(Liabilities) (45,338) (0.02)

Total Net Assets 296,020,843 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares and Rights Industrials 29.93 Consumer Discretionary 19.62 Materials 12.60 Information Technology 9.59 Financials 9.21 Energy 7.01 Consumer Staples 5.66 Health Care 3.89 Investment Companies 1.50 Telecommunication Services 0.57 Utilities 0.18 Total Shares and Rights 99.76 Cash and Other Assets/(Liabilities) 0.24 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Industrials 31.80 Consumer Discretionary 20.16 Information Technology 9.68 Materials 9.17 Consumer Staples 7.64 Financials 7.12 Health Care 4.73 Energy 3.35 Investment Companies 2.79 Telecommunication Services 0.71 Total Shares 97.15 Cash and Other Assets/(Liabilities) 2.85 Total 100.00

194 JPMorgan Funds - Europe Strategic Growth Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 51,275 LSL Property Services 157,870 0.04 66,244 Majestic Wine 300,640 0.07 Shares and Rights 347,599 Mecom Group 795,336 0.18 329,746 Melrose 1,191,840 UNITED KINGDOM 0.27 186,849 Michael Page International 1,204,896 261,400 Abcam 980,376 0.22 0.27 163,611 Millennium & Copthorne Hotels 1,125,446 367,092 Aberdeen Asset Management 865,765 0.19 0.25 147,734 Mondi 884,800 71,063 Admiral Group 1,254,506 0.28 0.20 374,919 Morgan Crucible 1,061,680 89,444 Aggreko 1,548,828 0.35 0.24 139,326 Northumbrian Water Group 535,016 110,205 Amec 1,477,706 0.33 0.12 36,934 Oxford Instruments 301,738 107,176 Antofagasta 2,012,924 0.45 0.07 348,858 Pace 744,461 430,371 ARM Holdings 2,121,101 0.48 0.17 333,671 Premier Farnell 1,112,509 181,226 Ashmore Group 706,661 0.16 0.25 39,309 Premier Oil 889,595 371,481 Ashtead Group 746,514 0.17 0.20 119,627 Pursuit Dynamics 680,988 75,373 ASOS 1,393,703 0.31 0.15 174,695 PZ Cussons 816,702 849,736 Aurelian Oil & Gas 679,382 0.15 0.18 1,562,586 RBS Group 713,430 107,715 Avanti Communications Group 844,920 0.19 0.16 89,352 Renishaw 1,286,418 59,749 Aveva Group 1,118,701 0.25 0.29 231,594 Restaurant Group 741,196 322,387 Avocet Mining881,992 0.20 0.17 104,620 Rightmove 947,784 59,868 Betfair Group 675,690 0.15 0.21 158,277 Rio Tinto 8,266,434 1,010,961 Blinkx 984,638 0.22 1.85 160,824 Robert Walters 611,116 326,945 Bodycote 1,063,088 0.24 0.14 360,309 Rolls-Royce Group 2,618,861 235,129 BowLeven 1,034,974 0.23 0.59 23,059,776 Rolls-Royce Group - C Shares 26,817 390,176 British Airways 1,238,741 0.28 0.01 70,708 Schroders 1,534,396 274,284 British Sky Broadcasting Group 2,349,257 0.53 0.34 602,657 Senior 1,052,683 263,413 BTG 710,387 0.16 0.24 192,667 Shaftesbury 1,001,325 162,049 Burberry Group 2,118,215 0.48 0.22 111,299 Smiths Group 1,612,748 559,450 Capital & Counties Properties 988,272 0.22 0.36 81,943 Spectris 1,248,362 81,266 Carclo 228,236 0.05 0.28 47,888 Spirax-Sarco Engineering 1,078,732 35,927 Carnival 1,247,997 0.28 0.24 408,382 Sports Direct International 760,828 177,074 Carphone Warehouse Group 813,924 0.18 0.17 382,991 Standard Chartered 7,685,301 212,861 CPP Group 752,783 0.17 1.72 55,273 SuperGroup 834,344 53,648 Croda International 1,006,965 0.23 0.19 148,404 Telecity Group 815,464 54,129 Derwent London 983,260 0.22 0.18 71,091 Telecom Plus 373,689 324,386 Devro 950,271 0.21 0.08 438,965 TT Electronics 872,938 38,198 Dialight 228,329 0.05 0.20 184,080 Tullow Oil 2,710,177 254,454 Diploma 816,725 0.18 0.61 40,086 Umeco 207,565 133,244 Domino Printing Sciences 1,007,981 0.23 0.05 67,276 Victrex 1,159,486 181,398 Domino’s Pizza UK & IRL 1,170,800 0.26 0.26 221,317 Volex Group 965,169 526,941 DS Smith 1,243,373 0.28 0.22 67,746 Weir Group 1,401,577 259,123 E2V Technologies 272,717 0.06 0.31 64,800 Whitbread 1,351,178 205,534 easyJet 1,053,139 0.24 0.30 236,809 Wolfson Microelectronics 807,595 356,980 Electrocomponents 1,104,704 0.25 0.18 232,736 Yule Catto & Co. 548,082 757,989 Elementis 1,251,724 0.28 0.12 310,314 Yule Catto & Co. Rights 312,158 178,722 Essar Energy 1,210,685 0.27 17.01.11 0.07 105,892 Euromoney Institutional Investor 858,328 0.19 137,194,283 30.77 377,149 Faroe Petroleum 780,711 0.17 330,303 Fenner 1,372,470 0.31 SWITZERLAND 318,978 Filtrona 904,382 0.20 87,151 ABB Registered Shares 1,453,946 0.33 145,408 Flybe Group 536,895 0.12 41,580 Adecco Registered Shares 2,039,604 0.46 75,631 Fresnillo 1,469,717 0.33 17,577 AFG Arbonia-Forster Holding Registered Shares 407,002 0.09 111,039 Galliford 386,427 0.09 49,651 Aryzta 1,712,109 0.38 56,578 Genus 565,195 0.13 46,619 Ascom Holding Registered Shares 546,737 0.12 530,417 GKN 1,368,775 0.31 1,644 Barry Callebaut Registered Shares 1,018,311 0.23 237,156 Great Portland Estates 992,598 0.22 580 Belimo Holding Registered Shares 786,770 0.18 154,985 Halma 648,497 0.15 24,570 Bobst Group Registered Shares 840,852 0.19 212,007 Hargreaves Lansdown 1,446,024 0.32 10,049 Bossard Holding - Bearer Shares 873,636 0.20 593,359 Hays 893,603 0.20 10,315 Bucher Industries Registered Shares 1,437,627 0.32 103,193 Hikma Pharmaceuticals 970,259 0.22 5,489 Burckhardt Compression 0.26Holding1,147,962 126,177 Hochschild Mining939,112 0.21 9,461 Charles Voegele Holding - Bearer Shares 406,525 0.09 166,948 Homeserve 863,193 0.19 84,391 Clariant Registered Shares 1,280,217 0.29 106,383 Hunting906,227 0.20 112,158 Compagnie Financiere Richemont - Bearer A Shares 4,940,472 1.11 59,297 Hyder Consulting262,906 0.06 23,599 Dufry Group Registered Shares 2,383,192 0.53 147,887 IG Group Holdings 873,677 0.20 2,581 Emmi Registered Shares 434,722 0.10 216,572 Imagination Technologies Group 905,941 0.20 3,791 Flughafen Zuerich Registered Shares 1,163,851 0.26 106,954 IMI 1,176,023 0.26 2,651 Forbo Holding Registered Shares 1,251,041 0.28 13,465 Immunodiagnostic Systems Holdings 145,081 0.03 2,181 Galenica Registered Shares 988,212 0.22 110,785 Intercontinental Hotels Group 1,602,724 0.36 85,182 GAM Holding1,056,958 0.24 266,556 Intermediate Capital Group 1,029,472 0.23 26,513 Gategroup Holding 1,080,856 0.24 207,256 International Personal Finance 924,577 0.21 3,458 Georg Fischer Registered Shares 1,458,168 0.33 59,540 Intertek Group 1,235,267 0.28 3,732 Kaba Holding Registered - B Shares 1,196,900 0.27 1,413,014 IQE 735,355 0.16 14,860 Komax Holding Registered Shares 1,201,485 0.27 373,668 ITE Group 1,098,117 0.25 20,060 Kuehne & Nagel International Registered Shares 2,086,821 0.47 1,863,335 ITV 1,519,030 0.34 1,934 LEM Holding Registered Shares 895,649 0.20 210,138 Jazztel 744,099 0.17 95,309 Logitech International Registered Shares 1,358,864 0.30 9,950 JD Sports Fashion 102,868 0.02 335 Metall Zug Registered Shares 956,456 0.21 147,608 John Wood Group 958,717 0.21 49,610 Meyer Burger Technology 1,156,680 0.26 61,914 Johnson Matthey 1,471,726 0.33 182,622 Micronas Semiconductor Holding Registered Shares 1,604,485 0.36 202,458 Jupiter Fund Management 706,340 0.16 66,370 Mobilezone Holding - Bearer Shares 559,206 0.13 437,014 Kesa Electricals 806,547 0.18 281,628 OC Oerlikon Registered Shares 1,106,969 0.25 82,095 Kofax 285,460 0.06 14,256 Panalpina Welttransport Holding Registered Shares 1,384,320 0.31 288,018 Laird 583,144 0.13 7,371 Partners Group Holding Registered Shares 1,045,606 0.23 6,340,064 Lloyds Banking Group 4,852,984 1.09 1,110 Phoenix Mecano - Bearer Shares 582,026 0.13 214,627 London Mining782,491 0.18 6,566 Rieter Holding Registered Shares 1,779,253 0.40

195 JPMorgan Funds - Europe Strategic Growth Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

22,599 Schindler Holding Participation Certificates 2,004,505 0.45 24,601 Outremer Telecom 192,380 0.04 1,856 Schweiter Technologies - Bearer Shares 1,110,253 0.25 24,583 Peugeot 698,280 0.16 13,738 Sulzer Registered Shares 1,561,672 0.35 15,977 Plastic Omnium 846,941 0.19 12,136 Swatch Group - Bearer Shares 4,048,342 0.91 5,071 PPR 603,956 0.14 38,561 Temenos Group Registered Shares 1,199,271 0.27 39,940 Renault 1,735,992 0.39 28,317 U-Blox Holding1,137,965 0.25 73,778 Rexel 1,195,757 0.27 4,491 VZ Holding426,928 0.10 54,706 Rhodia 1,352,469 0.30 2,581 Walter Meier Registered Shares 392,572 0.09 8,198 Rubis 713,021 0.16 16,503 Winterthur Technologie Registered Shares 823,386 0.18 52,644 Safran 1,396,645 0.31 615 Zehnder Group - Bearer Shares 1,124,966 0.25 6,779 Schneider Electric 760,943 0.17 12,089 SEB 938,288 0.21 59,453,350 13.34 16,265 SeLoger.com 571,308 0.13 33,412 Société Générale 1,347,172 0.30 GERMANY 37,467 Trigano 878,976 0.20 28,147 Aareal Bank 640,555 0.14 30,859 Valeo 1,309,965 0.29 41,299 Adidas 2,030,156 0.46 3,373 Virbac 437,647 0.10 124,056 ADVA Optical 0.16 Networking728,829 11,644 Zodiac Aerospace 653,403 0.14 75,095 Bayerische Motoren Werke 4,426,099 0.99 7,939 Brenntag605,150 0.13 40,410,247 9.07 26,695 CENTROTEC Sustainable 426,453 0.10 20,477 Continental 1,210,600 0.27 SWEDEN 93,632 Daimler Registered Shares 4,762,123 1.07 18,716 AddTech - B Shares 407,025 0.09 18,382 Delticom 1,226,723 0.28 199,594 Atlas Copco - A Shares 3,773,762 0.84 74,464 Deutsche Lufthansa Registered Shares 1,221,396 0.27 58,408 Bilia - A Shares 844,106 0.19 102,189 Deutz 646,959 0.15 129,665 Byggmax Group 828,634 0.19 27,162 Duerr 644,079 0.14 14,410 CDON Group 49,996 0.01 40,114 Elmos Semiconductor 382,086 0.09 21,535 Elekta - B Shares 622,203 0.14 42,893 ElringKlinger 1,119,078 0.25 82,503 Fabege 723,665 0.16 252,422 Evotec 733,412 0.16 113,613 Fastighets Balder - B Shares 556,798 0.12 63,087 GEA Group 1,365,360 0.31 67,767 Haldex 795,377 0.18 37,899 Gildemeister 628,365 0.14 100,407 Hexagon - B Shares 1,615,470 0.36 35,903 Grammer 651,280 0.15 36,023 Hexpol 613,887 0.14 13,077 Hamburger Hafen und Logistik 453,641 0.10 25,782 Holmen - B Shares 635,643 0.14 15,282 Homag Group 255,018 0.06 57,372 Lindab International 563,779 0.13 110,124 Jenoptik 592,963 0.13 26,700 Mekonomen 664,670 0.15 23,080 Jungheinrich Preference Shares 672,955 0.15 14,410 Modern Times Group - B Shares 714,556 0.16 31,828 K+S 1,802,897 0.40 96,599 Nobia 646,912 0.15 24,377 Kabel Deutschland 0.19 Holding846,309131,968 Rezidor Hotel Group 599,717 0.13 37,706 KUKA 625,543 0.14 77,908 Scania -B Shares 1,343,725 0.30 23,140 Lanxess 1,357,740 0.30 97,385 SKF - B Shares 2,077,199 0.46 41,588 Leoni 1,367,517 0.31 130,147 Swedbank - A Shares 1,360,097 0.31 47,184 LPKF Laser & Electronics 578,712 0.13 87,507 Tele2 - B Shares 1,361,622 0.31 22,604 MAN 2,017,294 0.45 145,046 Trelleborg - B Shares 1,149,067 0.26 6,771 Muehlbauer Holding & Co. KGaA 265,948 0.06 263,843 Volvo - B Shares 3,483,890 0.78 7,412 Pfeiffer Vacuum Technology 647,179 0.15 36,756 ProSiebenSat.1 Media Preference Shares 828,848 0.19 25,431,800 5.70 16,895 PSI Gesellschaft Fuer Produkte und Systeme der Informationstechnologie 300,731 0.07 ITALY Alerion Cleanpower 132,090 80,677 Suss Microtec 734,846 0.16 245,978 0.03 Amplifon 515,972 22,305 Symrise 455,691 0.10 137,501 0.12 Banca Generali 603,153 36,250 TAG Immobilien 229,825 0.05 66,924 0.14 Brembo 541,095 32,924 Tognum 647,121 0.15 70,090 0.12 Bulgari 631,582 30,874 Volkswagen Preference Shares 3,757,366 0.84 77,829 0.14 Cam Finanziaria 609,275 4,274 Wacker Chemie 561,176 0.13 1,668,103 0.14 Credito Emiliano 639,745 45,352 Wacker Neuson 587,308 0.13 138,924 0.14 57,947 Datalogic 347,972 0.08 43,035,331 9.65 156,043 De’Longhi 908,170 0.20 18,995 DiaSorin 611,734 0.13 FRANCE 42,000 Exor 1,030,680 0.23 52,559 Air France-KLM 715,459 0.16 119,635 Fiat 1,839,986 0.41 24,068 Alten 588,583 0.13 87,851 Gruppo Coin 676,892 0.15 25,107 Arkema 1,351,635 0.30 358,712 IMMSI 295,310 0.07 38,120 Assystem 510,617 0.11 124,579 Interpump Group 706,986 0.16 3,579 Bollore 568,077 0.13 154,990 Pirelli & Co. 943,114 0.21 18,669 CFAO 607,303 0.14 84,926 Recordati 599,578 0.13 15,392 Christian Dior 1,641,942 0.37 13,619 Sabaf 345,923 0.08 19,508 Dassault Systèmes 1,102,104 0.25 51,814 Safilo Group 687,572 0.15 157,474 Derichebourg823,668 0.19 60,141 Saipem 2,211,986 0.50 14,321 Etam Developpement 526,154 0.12 250,364 Sogefi 609,323 0.14 14,385 Eurazeo 796,785 0.18 416,931 Sorin 714,203 0.16 13,833 Eurofins Scientific 743,593 0.17 10,663 Tod’s 785,383 0.18 54,620 Faurecia 1,177,607 0.26 146,205 Yoox 1,406,492 0.32 9,802 Hermes International 1,537,444 0.34 22,766 Imerys 1,138,698 0.26 18,394,216 4.13 24,767 Ingenico 670,381 0.15 15,399 IPSOS 546,626 0.12 DENMARK Coloplast - B Shares 921,526 13,702 Kaufman & Broad 312,611 0.07 9,051 0.21 Danisco 642,235 23,340 Klepierre 627,963 0.14 9,383 0.14 Danske Bank 1,832,286 43,358 Legrand 1,324,478 0.30 95,552 0.41 GN Store Nord 629,423 44,388 LVMH 5,468,602 1.23 92,411 0.14 Novo Nordisk - B Shares 6,620,025 34,837 Manitou BF 607,122 0.13 78,365 1.48 Novozymes - B Shares 1,175,252 8,994 Mercialys 252,282 0.06 11,272 0.27 Pandora 1,335,054 19,114 Mersen 654,655 0.15 29,638 0.30 Rockwool International - B Shares 556,899 11,913 Naturex 482,715 0.11 5,952 0.13 23,501 Royal UNIBREW 1,043,479 0.24

14,756,179 3.32

196 JPMorgan Funds - Europe Strategic Growth Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

BELGIUM NORWAY 9,877 Ackermans & van Haaren 615,238 0.14 539,396 Electromagnetic GeoServices 825,247 0.19 126,806 Anheuser-Busch InBev 5,427,614 1.22 40,219 Kongsberg Gruppen 683,556 0.15 13,485 Barco 650,044 0.15 712,279 Marine Harvest 562,201 0.13 13,533 Bekaert 1,166,206 0.26 169,810 Opera Software 633,738 0.14 12,670 D’ieteren 593,716 0.13 18,752 Schibsted 412,697 0.09 326,179 Deceuninck 595,277 0.13 142,603 Telenor 1,731,706 0.39 16,809 KBC Groep 430,647 0.10 147,055 Wilh Wilhelmsen 793,570 0.18 15,181 Kinepolis Group 767,703 0.17 45,558 Yara International 1,967,092 0.44 53,478 Melexis 716,070 0.16 9,154 Sipef 648,561 0.14 7,609,807 1.71 13,374 Telenet Group 0.09 Holding392,059 AUSTRIA 34,527 Umicore 1,343,446 0.30 11,902 Andritz 819,512 0.18 39,114 Austria Technologie & Systemtechnik 668,654 0.15 13,346,581 2.99 33,662 Austriamicrosystems - Bearer Shares 1,205,226 0.27 FINLAND 9,548 Kapsch TrafficCom 677,860 0.15 24,266 Cargotec - B Shares 949,771 0.21 25,151 Palfinger 714,100 0.16 33,659 Cramo - B Shares 640,026 0.14 10,764 Schoeller-Bleckmann Oilfield Equipment 695,731 0.16 48,793 Finnair 245,673 0.05 30,368 Zumtobel 631,503 0.14 30,073 Kesko - B Shares 1,051,502 0.24 22,095 Kone - B Shares 921,251 0.21 5,412,586 1.21 19,048 Konecranes 586,678 0.13 IRELAND 34,081 Metso 1,424,075 0.32 521,659 Aer Lingus 571,217 0.13 3,884 M-real - A Shares 11,011 0.00 3,018,846 Kenmare Resources 1,146,256 0.25 42,977 Nokian Renkaat 1,179,504 0.26 201,230 Ryanair Holdings 751,292 0.17 14,968 Outotec 692,045 0.16 97,219 Smurfit Kappa Group 704,352 0.16 51,191 PKC Group 787,573 0.18 165,838 Sponda 642,622 0.14 3,173,117 0.71 149,303 Stora Enso - R Shares 1,148,513 0.26 97,633 Talvivaara Mining677,842 0.15 PORTUGAL 93,154 UPM-Kymmene 1,231,030 0.28 78,741 Galp Energia SGPS - B Shares 1,129,737 0.25 95,933 Jeronimo Martins SGPS 1,098,433 0.25 12,189,116 2.73 181,884 Portucel Empresa Produtora de Pasta e Papel 415,241 0.09 323,820 Sonae.com SGPS 439,424 0.10 JERSEY 218,000 Experian 2,025,632 0.45 3,082,835 0.69 406,075 Highland Gold Mining 892,535 0.20 121,124 Kentz 453,569 0.10 GREECE 91,360 Petrofac 1,688,252 0.38 124,526 Alpha Bank 476,312 0.11 135,373 Shire 2,435,453 0.55 50,579 Coca Cola 0.22Hellenic Bottling979,209 101,744 United Business Media 817,606 0.18 56,321 Frigoglass 571,658 0.13 94,580 Wolseley 2,252,613 0.51 48,297 Hellenic Petroleum 281,330 0.06 111,191 WPP 1,024,770 0.23 128,391 Mytilineos Holdings Registered Shares 567,488 0.13

11,590,430 2.60 2,875,997 0.65 NETHERLANDS UNITED STATES OF AMERICA 59,295 Aalberts Industries 933,007 0.21 21,532 Autoliv SDR 1,277,089 0.29 89,822 BE Semiconductor Industries 452,209 0.10 42,645 Virgin Media 866,400 0.19 31,266 EADS 545,201 0.12 17,844 Eurocommercial Properties - CVA 616,019 0.14 2,143,489 0.48 21,018 Fugro - CVA 1,294,709 0.29 BERMUDA 129,442 ING Groep - CVA 942,467 0.21 6,424 HAL Trust 605,462 0.14 12,173 Koninklijke DSM 520,609 0.12 39,213 Signet Jewelers 1,265,466 0.28 26,880 Koninklijke Ten Cate 751,834 0.17 Koninklijke Vopak 924,404 26,163 0.21 1,870,928 0.42 8,831 Nutreco 500,850 0.11 40,622 Randstad Holding1,606,600 0.36 LUXEMBOURG 34,014 TKH Group - Dutch Certificates 665,059 0.15 517,393 Northland Resources 1,169,158 0.26 26,752 Unit 4 Agresso 650,408 0.15 41,965 USG People 637,448 0.14 1,169,158 0.26 AUSTRALIA 11,040,824 2.48 437,076 Centamin Egypt 893,071 0.20 SPAIN 36,252 Abengoa 667,127 0.15 893,071 0.20 Antena 3 de Television 661,044 95,320 0.15 PAPUA NEW GUINEA CIE Automotive 642,047 136,824 0.14 84,975 New Britain Palm Oil 862,212 0.19 38,451 Codere 333,178 0.07 213,202 Iberia Lineas Aereas de España 681,713 0.15 862,212 0.19 50,560 Inditex 2,833,888 0.64 188,430 Papeles y Cartones de Europa 642,546 0.15 ISLE OF MAN 24,688 Prosegur Compañia de Seguridad Registered Shares 1,035,291 0.23 151,415 Lamprell 568,936 0.13 31,066 Repsol YPF 648,114 0.15 40,003 Viscofan 1,134,285 0.25 568,936 0.13 SINGAPORE 9,279,233 2.08 45,116 XP Power 554,054 0.12

554,054 0.12

Total Shares and Rights 426,337,780 95.63

Total Transferable Securities Admitted to an 426,337,780 95.63 Official Exchange Listing

197 JPMorgan Funds - Europe Strategic Growth Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 8,950,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist)) 8,950,000 2.01

8,950,000 2.01

Total Investment Funds 8,950,000 2.01

Total Transferable Securities Dealt in on Another 8,950,000 2.01 Regulated Market Total Investments 435,287,780 97.64

Cash 9,286,507 2.08

Other Assets/(Liabilities) 1,224,439 0.28

Total Net Assets 445,798,726 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares and Rights Consumer Discretionary 25.90 Industrials 22.80 Financials 11.58 Materials 11.22 Information Technology 8.62 Energy 4.75 Consumer Staples 4.47 Health Care 4.34 Investment Companies 2.01 Telecommunication Services 1.55 Utilities 0.40 Total Shares and Rights 97.64 Cash and Other Assets/(Liabilities) 2.36 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares and Rights Consumer Discretionary 19.56 Industrials 17.79 Materials 16.02 Consumer Staples 14.16 Financials 9.02 Information Technology 7.67 Energy 3.87 Health Care 2.34 Investment Companies 2.24 Utilities 0.40 Telecommunication Services 0.21 Total Shares and Rights 93.28 Cash and Other Assets/(Liabilities) 6.72 Total 100.00

198 JPMorgan Funds - Europe Strategic Growth Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-11 346 DJ Euro Stoxx 50 Index Future EUR 9,667,240 (228,360) Mar-11 95 FTSE 100 Index Future GBP 6,510,822 53,963

Total (174,397)

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

04-Jan-11 EUR 1,253,261 GBP 1,074,672 3,483

Total 3,483

199 JPMorgan Funds - Europe Strategic Growth Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 11,425 QSC 37,919 0.73 118 Rational 19,199 0.37 Shares and Rights 548 Rheinmetall 32,850 0.63 969 SGL Carbon 26,226 UNITED KINGDOM 0.51 1,120 Sixt 42,526 5,199 Abcam 19,499 0.38 0.82 865 Stroer Out-of-Home Media 22,890 6,331 Aberdeen Asset Management 14,931 0.29 0.44 3,878 Suss Microtec 35,323 17,367 Ashtead Group 34,900 0.67 0.68 1,279 Symrise 26,130 15,777 Aurelian Oil & Gas 12,614 0.24 0.50 1,529 Tognum 30,052 1,886 Aveva Group 35,312 0.68 0.58 2,259 TUI 23,657 7,526 Avocet Mining20,590 0.40 0.46 447 Betfair Group 5,045 0.10 812,832 15.69 5,730 BowLeven 25,222 0.49 1,000 BowLeven 4,402 0.08 FRANCE 11,146 Capital & Counties Properties 19,689 0.38 728 Alten 17,803 0.34 4,863 Carphone Warehouse Group 22,353 0.43 780 Arkema 41,991 0.81 8,336 Cookson Group 63,643 1.23 367 CFAO 11,939 0.23 41,268 Cove Energy 46,432 0.90 178 Euler Hermès 12,589 0.24 3,564 Croda International 66,896 1.29 900 Faurecia 19,404 0.37 3,589 Devro 10,514 0.21 814 GL Events 20,712 0.40 8,260 Diploma 26,512 0.51 783 Ingenico 21,194 0.41 2,734 Domino Printing Sciences 20,683 0.40 482 IPSOS 17,110 0.33 5,819 Domino’s Pizza UK & IRL 37,558 0.73 711 Mersen 24,352 0.47 4,497 Dunelm Group 26,855 0.52 232 Plastic Omnium 12,298 0.24 4,174 easyJet 21,387 0.41 264 Remy Cointreau 13,934 0.27 8,145 Electrocomponents 25,205 0.49 1,887 Rexel 30,584 0.59 25,871 Elementis 42,723 0.83 1,278 Rhodia 31,595 0.61 2,262 Euromoney Institutional Investor 18,335 0.35 115 Rubis 10,002 0.19 14,273 Fenner 59,307 1.14 453 SEB 35,160 0.68 36,308 GKN 93,695 1.81 350 Société BIC 22,589 0.44 3,500 Hargreaves Lansdown 23,872 0.46 617 Valeo 26,192 0.51 4,759 Hochschild Mining35,420 0.69 140 Virbac 18,165 0.35 2,258 Hunting19,235 0.37 240 Wendel 16,516 0.32 3,589 Imagination Technologies Group 15,013 0.29 6,611 IMI 72,692 1.40 404,129 7.80 8,452 International Personal Finance 37,705 0.73 SWITZERLAND 6,764 Jazztel 23,951 0.46 211 Bucher Industries Registered Shares 29,408 0.57 9,610 John Wood Group 62,417 1.21 1,895 Clariant Registered Shares 28,747 0.55 7,989 Jupiter Fund Management 27,872 0.54 298 Dufry Group Registered Shares 30,094 0.58 9,378 Melrose 33,896 0.65 76 Flughafen Zuerich Registered Shares 23,332 0.45 6,765 Michael Page International 43,624 0.84 828 GAM Holding10,274 0.20 4,886 Millennium & Copthorne Hotels 33,610 0.65 499 Gategroup Holding 20,343 0.39 2,900 Misys 11,601 0.23 95 Georg Fischer Registered Shares 40,060 0.77 4,319 Morgan Crucible 12,230 0.24 50 Kaba Holding Registered - B Shares 16,036 0.31 10,380 Premier Farnell 34,608 0.67 230 Komax Holding Registered Shares 18,596 0.36 3,350 Premier Oil 75,813 1.46 19 LEM Holding Registered Shares 8,799 0.17 2,925 Renishaw 42,112 0.81 911 Mobilezone Holding - Bearer Shares 7,676 0.15 1,925 Rotork 40,923 0.79 2,677 OC Oerlikon Registered Shares 10,522 0.20 2,675 Salamander Energy 8,371 0.16 250 Panalpina Welttransport Holding Registered Shares 24,276 0.47 9,610 Senior 16,786 0.32 108 Partners Group Holding Registered Shares 15,320 0.30 5,200 Soco International 22,248 0.43 17 Phoenix Mecano - Bearer Shares 8,914 0.17 1,658 Spectris 25,259 0.49 24 Schweiter Technologies - Bearer Shares 14,357 0.28 1,804 Spirax-Sarco Engineering 40,637 0.78 186 Sulzer Registered Shares 21,144 0.41 14,473 Spirent Communications 24,860 0.48 534 Temenos Group Registered Shares 16,608 0.32 2,450 SuperGroup 36,983 0.71 854 Tornos Registered Shares 8,836 0.17 2,236 Victrex 38,537 0.74 337 U-Blox Holding13,543 0.26 2,583 Volex Group 11,265 0.22 4,667 Weir Group 96,554 1.86 366,885 7.08 4,284 Wolfson Microelectronics 14,610 0.28 4,019 Yule Catto & Co. 9,465 0.18 SWEDEN 5,358 Yule Catto & Co. - Rights 17.01.11 5,390 0.10 2,451 Castellum 24,959 0.48 564 CDON Group 1,957 0.04 1,771,861 34.20 1,112 Elekta - B Shares 32,129 0.62 3,700 Fabege 32,454 0.63 GERMANY 3,511 Haldex 41,208 0.80 339 Aareal Bank 7,715 0.15 1,220 Hexagon - B Shares 19,629 0.38 1,348 ADVA Optical 0.15 Networking7,919 743 Hoganas - B Shares 21,827 0.42 235 Axel Springer 28,682 0.55 6,052 Lundin Petroleum 56,539 1.09 565 CENTROTEC Sustainable 9,026 0.17 564 Modern Times Group - B Shares 27,967 0.54 367 Delticom 24,492 0.47 2,224 Nordic Mines 11,073 0.21 200 Demag Cranes 7,232 0.14 3,801 Trelleborg - B Shares 30,112 0.58 6,512 Deutz 41,227 0.80 845 Wihlborgs Fastigheter 18,377 0.35 324 Douglas Holding 13,601 0.26 520 Duerr 12,330 0.24 318,231 6.14 1,183 ElringKlinger 30,864 0.60 311 Fuchs Petrolub Preference Shares 34,327 0.67 FINLAND 1,758 Gildemeister 29,148 0.56 779 Cargotec - B Shares 30,490 0.59 546 Grammer 9,904 0.19 1,330 Cramo - B Shares 25,290 0.49 724 Hugo Boss Preference Shares 40,729 0.79 799 Kesko - B Shares 27,937 0.53 462 Indus Holding10,124 0.20 1,058 Konecranes 32,586 0.63 1,140 Jungheinrich Preference Shares 33,239 0.64 411 Nokian Renkaat 11,280 0.22 2,239 KUKA 37,145 0.72 817 Outotec 37,774 0.73 1,043 Leoni 34,296 0.66 6,552 Sponda 25,389 0.49 2,330 LPKF Laser & Electronics 28,577 0.55 827 YIT 15,399 0.30 404 Pfeiffer Vacuum Technology 35,275 0.68 1,356 ProSiebenSat.1 Media Preference Shares 30,578 0.59 206,145 3.98 541 PSI 9,630 0.19

200 JPMorgan Funds - Europe Strategic Growth Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

ITALY GREECE 2,820 Brembo 21,770 0.42 1,714 Frigoglass 17,397 0.34 19,896 Cam Finanziaria 7,267 0.14 3,836 Davide Campari-Milano 18,787 0.36 17,397 0.34 449 Exor 11,018 0.21 3,618 Gruppo Coin 27,877 0.54 Total Shares and Rights 5,026,027 97.02 8,442 IMMSI 6,950 0.13 1,778 Interpump Group 10,090 0.19 Total Transferable Securities Admitted to an Official 5,026,027 97.02 1,777 Pirelli & Co. 10,813 0.21 Exchange Listing 1,777 Prelios 783 0.02 Total Investments 5,026,027 97.02 4,328 Sogefi 10,533 0.20 9,916 Sorin 16,986 0.33 Cash 153,421 2.96 237 Tod’s 17,456 0.34 1,872 Yoox 18,009 0.35 Other Assets/(Liabilities) 871 0.02

178,339 3.44 Total Net Assets 5,180,319 100.00 NORWAY 1,943 Kongsberg Gruppen 33,023 0.64 10,628 Norske Skogindustrier 18,880 0.36 8,166 Opera Software 30,476 0.59 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 2,123 Petroleum Geo-Services 24,666 0.48 Net Assets 1,438 Schibsted 31,648 0.61 Shares and Rights Industrials 28.35 138,693 2.68 Consumer Discretionary 23.46 Information Technology AUSTRIA 12.17 Energy 675 Andritz 46,477 0.90 11.19 Materials 692 Austria Technologie & Systemtechnik 11,830 0.23 8.97 Financials 977 Palfinger 27,739 0.54 6.07 Consumer Staples 476 Schoeller-Bleckmann Oilfield Equipment 30,766 0.58 3.75 Health Care 879 Wolford 21,582 0.42 1.68 Telecommunication Services 1.19 Utilities 138,394 2.67 0.19 Total Shares and Rights 97.02 SPAIN Cash and Other Assets/(Liabilities) 2.98 4,679 Antena 3 de Television 32,449 0.63 9,638 Iberia Lineas Aereas de España 30,818 0.59 Total 100.00 784 Prosegur Compañia de Seguridad Registered Shares 32,877 0.63 1,364 Viscofan 38,676 0.75

134,820 2.60 Allocation of Portfolio as at 30 June 2010 % of BELGIUM Net Assets 703 Barco 33,888 0.65 Shares 331 Bekaert 28,524 0.56 Industrials 29.04 650 D’Ieteren 30,459 0.58 Consumer Discretionary 22.48 669 Melexis 8,958 0.17 Information Technology 16.10 1,558 Nyrstar 17,457 0.34 Materials 10.13 Consumer Staples 9.35 119,286 2.30 Health Care 4.73 DENMARK Energy 3.35 5,926 GN Store Nord 40,363 0.78 Financials 1.73 276 Rockwool International - B Shares 25,824 0.50 Total Shares 96.91 892 Royal UNIBREW 39,606 0.76 Cash and Other Assets/(Liabilities) 3.09

105,793 2.04 Total 100.00 LUXEMBOURG 3,960 Acergy 72,374 1.39 5,000 AZ Electronic Materials 17,979 0.35

90,353 1.74 NETHERLANDS 1,738 Aalberts Industries 27,347 0.53 1,220 Koninklijke Ten Cate 34,123 0.66 394 Nutreco 22,346 0.43

83,816 1.62 JERSEY 8,562 Kentz 32,062 0.62 1,425 Petrofac 26,333 0.51 1,123 Vallar 14,536 0.28

72,931 1.41 IRELAND 11,017 Aer Lingus 12,064 0.24 1,159 Paddy Power 35,515 0.68

47,579 0.92 ISLE OF MAN 4,935 Lamprell 18,543 0.37

18,543 0.37

201 JPMorgan Funds - Europe Strategic Value Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 15,708 Societe Internationale de Plantations d’Heveas 1,305,335 0.10 28,198 Sopra Group 1,639,150 0.12 Shares 64,280 Teleperformance 1,620,499 0.12 358,849 Vinci 14,632,068 UNITED KINGDOM 1.10 898,581 Vivendi 18,149,090 873,682 AstraZeneca 29,688,682 2.24 1.37 198,984 Atkins (WS) 1,621,002 0.12 213,540,314 16.08 2,602,836 Aviva 11,932,206 0.90 2,281,006 Barclays 6,968,572 0.52 GERMANY 126,344 BHP Billiton 3,751,870 0.28 113,601 Aareal Bank 2,585,275 0.19 641,634 BowLeven 2,824,298 0.21 258,458 Allianz Registered Shares 22,945,901 1.73 10,701,008 BP 57,998,202 4.37 63,874 Asian Bamboo - Bearer Shares 2,512,963 0.19 6,423,465 BT Group 13,513,419 1.02 66,673 Aurubis 2,937,612 0.22 579,789 Cape 2,786,379 0.21 22,208 Axel Springer 2,710,486 0.20 752,861 Chaucer Holdings 459,654 0.03 600,692 BASF 35,978,447 2.71 448,577 Computacenter 2,031,897 0.15 79,844 Bauer 2,812,505 0.21 385,814 Cookson Group 2,945,575 0.22 87,833 Bechtle 2,568,676 0.19 400,310 Daily Mail & General Trust - A Shares 2,674,507 0.20 55,357 Bertrandt 3,073,697 0.23 2,660,035 Debenhams 2,191,717 0.17 38,597 Bilfinger Berger 2,425,242 0.18 1,115,795 DS Smith 2,632,836 0.20 74,436 Demag Cranes 2,691,606 0.20 708,774 Faroe Petroleum 1,467,186 0.11 681,336 Deutsche Bank Registered Shares 26,556,774 2.00 602,205 Ferrexpo 2,916,867 0.22 773,370 Deutsche Post Registered Shares 9,800,531 0.74 917,000 GlaxoSmithKline 13,228,891 1.00 1,933,294 Deutsche Telekom Registered Shares 18,607,955 1.40 2,105,330 Howden Joinery Group 2,499,788 0.19 416,120 Drillisch 2,555,393 0.19 664,198 Intermediate Capital Group 2,565,215 0.19 68,190 Gerry Weber International 2,512,120 0.19 448,566 Investec 2,756,949 0.21 42,062 GFK 1,571,016 0.12 396,998 John Menzies 2,171,073 0.16 96,046 Hannover Rueckversicherung Registered Shares 3,849,284 0.29 299,799 Kazakhmys 5,641,129 0.42 101,163 Indus Holding2,216,734 0.17 108,180 Kier Group 1,728,586 0.13 405,844 IVG Immobilien 2,634,130 0.20 1,346,475 Laird 2,726,179 0.21 5,856 MTU Aero Engines Holding 294,850 0.02 5,281,282 Legal & General Group 5,969,843 0.45 121,782 ProSiebenSat.1 Media Preference Shares 2,746,184 0.21 7,141,486 Lloyds Banking Group 5,466,430 0.41 49,991 Rheinmetall 2,996,711 0.23 1,773,654 Logica 2,714,452 0.21 70,333 Sixt 2,670,544 0.20 1,266,281 Marston’s 1,687,610 0.13 30,087 SMA Solar Technology 2,086,082 0.16 541,764 National Express Group 1,582,028 0.12 39,382 Solar Millennium 797,092 0.06 209,088 Northgate 683,271 0.05 332,260 TUI 3,479,593 0.26 4,544,100 Old Mutual 6,515,808 0.49 39,150 Volkswagen Preference Shares 4,764,555 0.36 1,031,625 Pace 2,201,483 0.17 27,278 Vossloh 2,602,867 0.20 2,033,701 Prudential 15,798,683 1.19 44,108 VTG 655,335 0.05 5,696,644 Quintain Estates & Development 2,782,439 0.21 19,561,829 RBS Group 8,931,349 0.67 176,640,160 13.30 1,138,757 Rexam 4,417,885 0.33 SPAIN 152,784 Rio Tinto 7,979,547 0.60 133,200 Abengoa 2,451,213 0.19 3,030,888 RSA Insurance Group 4,416,501 0.33 307,824 Banco Español de Crédito 1,903,276 0.14 1,311,094 Sportingbet 941,517 0.07 3,144,752 BBVA 23,772,753 1.79 1,049,279 Sports Direct International 1,954,838 0.15 5,241,324 BSCH 41,563,699 3.13 1,054,089 Stagecoach Group 2,597,560 0.20 6,745 Construcciones y Auxiliar de Ferrocarriles 2,629,538 0.20 424,518 Tullett Prebon 1,882,930 0.14 980,000 Criteria Caixacorp 3,905,300 0.30 153,271 Valiant Petroleum 908,158 0.07 2,463,218 Iberdrola 14,202,915 1.07 30,917,501 Vodafone Group 59,649,677 4.49 61,523 Pescanova 1,518,080 0.11 240,796 Repsol YPF 5,023,607 320,804,688 24.16 0.38 2,561,388 Telefonica 43,473,158 3.27 FRANCE 132,737 ABC Arbitrage 961,680 0.07 140,443,539 10.58 105,204 Alten 2,572,764 0.19 NETHERLANDS 484,744 Altran Technologies 1,582,931 0.12 70,713 Accell Group 2,667,648 0.20 36,192 April Group 763,832 0.06 174,058 Heijmans - CVA 2,617,832 0.20 54,559 Assystem 730,818 0.06 3,060,566 ING Groep - CVA 22,283,981 1.68 79,032 Atos Origin 3,149,030 0.24 603,497 Koninklijke KPN 6,605,275 0.50 1,255,697 AXA 15,652,263 1.18 191,271 Mediq 2,673,969 0.20 588,663 BNP Paribas 28,070,395 2.11 3,445,186 Royal Dutch Shell - B Shares 85,038,913 6.40 64,941 Casino Guichard Perrachon 4,738,420 0.36 80,062 Ten Cate 2,239,334 0.17 13,340 Ciments Français 969,151 0.07 246,103 Compagnie de Saint-Gobain 9,473,735 0.71 124,126,952 9.35 796,539 Crédit Agricole 7,595,796 0.57 16,199 Delachaux 961,573 0.07 ITALY 416,174 Derichebourg2,176,798 0.16 547,893 Astaldi 2,710,701 0.20 66,998 Eiffage 2,211,101 0.17 218,007 Autostrada Torino-Milano 2,206,231 0.17 2,425 Entrepose Contracting278,269 0.02 3,932,856 Beni Stabili 2,483,599 0.19 1,269,473 France Télécom 19,794,258 1.49 70,126 Brembo 541,373 0.04 24,390 GL Events 620,604 0.05 908,676 Cementir Holding1,917,306 0.14 695,645 Havas 2,700,842 0.20 1,667,345 CIR-Compagnie Industriali Riunite 2,316,776 0.18 221,047 Lafarge 10,363,789 0.78 690,264 Cofide 453,849 0.03 146,395 Lagardère 4,529,095 0.34 124,402 Danieli & Co. 2,969,476 0.22 54,857 Plastic Omnium 2,907,970 0.22 616,047 De’Longhi 3,585,394 0.27 86,107 Rallye 2,765,542 0.21 5,435,376 Enel 20,464,191 1.54 137,187 Renault 5,962,833 0.45 1,646,624 ENI 26,889,370 2.03 122,230 Rhodia 3,021,831 0.23 2,189,911 Iren 2,745,053 0.21 46,243 Sa des Ciments Vicat 2,883,713 0.22 823,711 Maire Tecnimont 2,720,306 0.20 272,140 Sanofi-Aventis 13,032,104 0.98 200,802 Prysmian 2,545,165 0.19 221,030 SCOR 4,203,991 0.32 813,373 Snam Rete Gas 3,034,898 0.23 258,857 Sequana 3,016,978 0.23 12,105,567 Telecom Italia 11,763,585 0.88 6,573 Société de la Tour Eiffel 382,581 0.03 449,392 Société Générale 18,119,485 1.36 89,347,273 6.72

202 JPMorgan Funds - Europe Strategic Value Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

SWITZERLAND BERMUDA 75,790 Aryzta 2,613,457 0.20 587,877 Catlin Group 2,526,828 0.19 48,015 Baloise Holding Registered Shares 3,500,694 0.27 373,270 Hiscox 1,649,110 0.12 4,209 Banque Cantonale Vaudoise Registered Shares 1,659,446 0.12 313,642 Lancashire Holdings 2,013,403 0.15 2,936 Bossard Holding - Bearer Shares 255,249 0.02 183,821 SeaDrill 4,643,338 0.35 4,910 Daetwyler Holding - Bearer Shares 304,032 0.02 69,272 Stolt-Nielsen 1,259,372 0.09 5,067 Emmi Registered Shares 853,443 0.06 5,972 Forbo Holding Registered Shares 2,818,264 0.21 12,092,051 0.90 321,115 GAM Holding3,984,468 0.30 GREECE 8,577 Kaba Holding Registered - B Shares 2,750,753 0.21 149,282 Folli - Follie 2,745,296 0.21 24,729 Lonza Group Registered Shares 1,484,230 0.11 216,517 Motor Oil Hellas Corinth Refineries 1,610,886 0.12 799,404 Novartis Registered Shares 35,181,119 2.65 297,505 National Bank of Greece 1,822,218 0.14 64,652 Orior 2,797,408 0.21 152,938 OPAP 1,979,018 0.15 4,991 Pargesa Holding - Bearer Shares 318,138 0.02 265,673 Public Power 2,853,328 0.21 43,061 Swiss Life Holding Registered Shares 4,662,292 0.35 263,222 Swiss Reinsurance Registered Shares 10,609,618 0.80 11,010,746 0.83 21,320 Swisscom Registered Shares 7,019,788 0.53 8,451 Valora Holding Registered Shares 2,194,490 0.17 DENMARK 232 Vetropack Holding - Bearer Shares 327,801 0.03 79,133 Jyske Bank Registered Shares 2,742,960 0.21 42,195 Vontobel Holding Registered Shares 1,198,289 0.09 131,383 Sydbank 2,665,655 0.20 905 Zehnder Group - Bearer Shares 1,655,438 0.12 404,627 TDC 2,626,786 0.20

86,188,417 6.49 8,035,401 0.61 SWEDEN JERSEY 132,378 Bilia - A Shares 1,913,112 0.14 1,769,626 Beazley 2,368,722 0.18 70,519 Intrum Justitia 813,932 0.06 213,697 Highland Gold Mining 469,697 0.04 169,557 NCC - B Shares 2,787,529 0.21 523,441 Informa 2,478,142 0.18 2,308,143 Nordea Bank 18,831,616 1.42 99,362 Saab - B Shares 1,362,925 0.10 5,316,561 0.40 507,591 Svenska Cellulosa - B Shares 6,007,034 0.46 CAYMAN ISLANDS 467,672 Svenska Handelsbanken - A Shares 11,212,482 0.84 4,741,319 Polarcus 3,675,542 0.28 161,955 Tele2 - B Shares 2,520,043 0.19 TeliaSonera 11,801,378 1,985,078 0.89 3,675,542 0.28 57,250,051 4.31 PORTUGAL 453,334 Portucel Empresa Produtora de Pasta e Papel 1,034,962 0.08 BELGIUM 234,343 Semapa-Sociedade de Investimento e Gestao 1,954,421 0.15 24,801 Ackermans & van Haaren 1,544,854 0.12 AGFA-Gevaert 0 185,600 0.00 2,989,383 0.23 57,319 Compagnie d’Entreprises CFE 3,089,494 0.23 1,151,879 Dexia 3,012,164 0.23 FAROE ISLANDS 61,130 D’Ieteren 2,864,552 0.22 366,997 Bakkafrost 2,335,216 0.18 150,000 Econocom Group 1,506,750 0.11 133,270 KBC Groep 3,414,377 0.26 2,335,216 0.18 Kinepolis Group 541,706 10,712 0.04 CYPRUS Mobistar 2,907,256 60,279 0.22 783,755 Bank of Cyprus Public 2,022,088 0.15 139,449 Recticel 1,106,528 0.08 9,554 Sipef 676,901 0.05 2,022,088 0.15 20,664,582 1.56 IRELAND 267,283 Glanbia 967,164 0.07 FINLAND 1,707,915 Independent News & Media 855,665 0.06 220,068 Fortum 4,959,232 0.37 270,186 Huhtamaki 2,797,776 0.21 1,822,829 0.13 138,748 Orion - B Shares 2,274,080 0.17 355,392 Pohjola Bank 3,194,974 0.24 Total Shares 1,325,228,235 99.79 239,776 Sampo - A Shares 4,813,503 0.37 Total Transferable Securities Admitted to an 1,325,228,235 99.79 18,039,565 1.36 Official Exchange Listing AUSTRIA Total Investments 1,325,228,235 99.79 199,579 CA Immobilien Anlagen 2,361,020 0.18 242,285 Conwert Immobilien Invest 2,615,467 0.20 Bank Overdraft (2,023,611) (0.15) 179,448 Erste Group Bank 6,336,309 0.48 978,926 Immofinanz 3,128,158 0.23 Other Assets/(Liabilities) 4,796,747 0.36 55,867 RHI 1,639,277 0.12 127,335 Sparkassen Immobilien 672,838 0.05 Total Net Assets 1,328,001,371 100.00 16,753,069 1.26 NORWAY 170,812 Atea 1,268,395 0.10 124,823 Gjensidige Forsikring 934,087 0.07 2,155,254 Kongsberg Automotive 1,343,803 0.10 3,479,322 Marine Harvest 2,746,223 0.20 956,012 Morpol 2,625,420 0.20 470,899 Statoil Fuel & Retail 3,211,880 0.24

12,129,808 0.91

203 JPMorgan Funds - Europe Strategic Value Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 31.50 Telecommunication Services 15.27 Energy 14.58 Materials 8.51 Industrials 8.20 Consumer Discretionary 7.26 Health Care 7.24 Utilities 3.63 Consumer Staples 1.87 Information Technology 1.73 Total Shares 99.79 Bank Overdraft and Other Assets/(Liabilities) 0.21 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 28.14 Energy 19.26 Industrials 10.71 Materials 10.11 Telecommunication Services 9.95 Health Care 8.37 Consumer Discretionary 5.11 Utilities 4.73 Consumer Staples 2.73 Information Technology 1.76 Total Shares 100.87 Bank Overdraft and Other Assets/(Liabilities) (0.87) Total 100.00

204 JPMorgan Funds - Europe Strategic Value Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing SWEDEN 2,459 AarhusKarlshamn 51,628 1.28 Shares and Rights 1,923 Bilia - A Shares 27,791 0.69 9,031 Billerud 58,468 1.45 UNITED KINGDOM 2,358 Boliden 35,969 0.89 12,989 Aberdeen Asset Management 30,634 0.76 671 Cardo 31,259 0.78 6,831 Aero Inventory 1 0.00 1,375 Industrial & Financial Systems - B Shares 16,368 0.41 6,960 Anglo Pacific Group 29,058 0.72 700 Indutrade 18,128 0.45 402 Atkins WS 3,275 0.08 3,452 Intrum Justitia 39,843 0.99 1,040 Babcock International Group 6,912 0.17 1,468 Kinnevik Investment - B Shares 22,409 0.56 11,113 BowLeven 48,916 1.22 3,856 Loomis - B Shares 43,271 1.08 6,948 Brammer 20,402 0.51 852 Mekonomen 21,210 0.53 10,503 Cape 50,476 1.26 2,606 NCC - B Shares 42,843 1.07 7,294 Carillion 32,692 0.81 2,915 New Wave Group - B Shares 13,101 0.33 3,587 Close Brothers Group 35,478 0.88 83,732 PA Resources 70,180 1.74 3,831 Computacenter 17,353 0.43 3,647 Peab 23,357 0.58 6,220 Daily Mail & General Trust - A Shares 41,556 1.03 12,802 Debenhams 10,548 0.26 515,825 12.83 18,714 DS Smith 44,158 1.10 1,860 Euromoney Institutional Investor 15,077 0.37 SWITZERLAND 2,739 Ferrexpo 13,267 0.33 164 Bossard Holding - Bearer Shares 14,258 0.35 3,098 Firstgroup 14,346 0.36 213 Burckhardt Compression 1.11 Holding44,547 4,000 Greene King22,296 0.55 3,100 Clariant Registered Shares 47,027 1.17 2,003 Hargreaves Services 18,973 0.47 138 Daetwyler Holding - Bearer Shares 8,545 0.21 8,783 Healthcare Locums 13,227 0.33 89 Forbo Holding Registered Shares 42,000 1.04 12,635 Howden Joinery Group 15,002 0.37 108 Galenica Registered Shares 48,935 1.22 8,790 Intermediate Capital Group 33,948 0.85 1,009 GAM Holding12,520 0.31 14,117 International Personal Finance 62,977 1.57 1,289 Gategroup Holding 52,549 1.31 6,976 ITE Group 20,501 0.51 54 Kaba Holding Registered - B Shares 17,318 0.43 6,594 John Menzies 36,061 0.90 276 Sulzer Registered Shares 31,374 0.78 18,015 Kcom Group 12,256 0.31 537 Vontobel Holding Registered Shares 15,250 0.38 1,002 Kier Group 16,011 0.40 53 Walter Meier Registered - A Shares 8,061 0.20 8,158 Laird 16,517 0.41 5 Zehnder Group - Bearer Shares 9,146 0.23 17,151 Logica 26,248 0.65 17,285 Lookers 12,212 0.30 351,530 8.74 12,071 Marston’s 16,087 0.40 SPAIN 13,531 Meggitt 58,018 1.44 8,701 Cie Automotive 40,829 1.01 5,316 Melrose 19,214 0.48 5,034 Duro Felguera 26,454 0.66 1,660 Micro Focus International 7,492 0.19 662 Miquel y Costas & Miquel 14,736 0.37 3,617 Mitchells & Butlers 14,705 0.37 1,458 Obrascon Huarte Lain 33,005 0.82 9,887 Nautical Petroleum 45,762 1.14 450 Pescanova 11,104 0.28 10,491 Paragon Group of Companies 21,888 0.54 1,362 Viscofan 38,620 0.96 4,895 Restaurant Group 15,666 0.39 Senior 48,867 27,976 1.22 164,748 4.10 1,921 Spectris 29,266 0.73 2,599 St James’s Place 8,028 0.20 DENMARK 6,056 Stagecoach Group 14,924 0.37 2,423 DSV 40,060 1.00 7,065 Tate & Lyle 42,601 1.06 592 FLSmidth & Co. - B Shares 42,208 1.05 3,100 Travis Perkins 37,962 0.94 1,014 Jyske Bank Registered Shares 35,148 0.87 14,732 Trinity Mirror 11,907 0.30 1,043 Royal UNIBREW 46,311 1.15 2,854 Tullett Prebon 12,659 0.31 6,994 Unite Group 15,852 0.39 163,727 4.07 WH Smith 21,028 3,722 0.52 FINLAND Yule Catto & Co. 23,999 10,191 0.60 1,266 Fiskars 21,978 0.55 Yule Catto & Co. - Rights 13,669 13,588 17.01.11 0.34 3,438 Kemira 40,139 1.00 1,339 PKC Group 20,600 0.51 1,199,972 29.84 4,079 Pohjola Bank 36,670 0.91 GERMANY 1,944 YIT 36,197 0.90 1,611 Aareal Bank 36,662 0.91 338 Axel Springer 41,253 1.03 155,584 3.87 511 Bechtle 14,944 0.37 FRANCE Bertrandt 40,700 733 1.01 733 Plastic Omnium 38,856 0.97 Bilfinger Berger 40,026 637 0.99 644 Rhodia 15,921 0.40 Brenntag43,829 575 1.09 140 SEB 10,866 0.27 Cancom IT Systeme 16,777 1,805 0.42 172 Societe Internationale de Plantations d’Heveas 14,293 0.36 Demag Cranes 35,581 984 0.88 224 Sopra Group 13,021 0.32 Deutsche Beteiligungs 7,027 333 0.17 356 Wendel 24,498 0.61 Drillisch 32,179 5,240 0.80 383 Zodiac Aerospace 21,492 0.53 290 Fuchs Petrolub Preference Shares 32,009 0.80 931 Gerresheimer 30,199 0.75 138,947 3.46 1,021 Gerry Weber International 37,614 0.94 562 GFK 20,991 0.52 ITALY 324 Indus Holding7,100 0.18 674 Danieli & Co. 16,088 0.40 1,758 ProSiebenSat.1 Media Preference Shares 39,643 0.99 2,425 Gruppo Coin 18,685 0.46 388 Software 42,438 1.06 9,905 Immobiliare Grande Distribuzione 14,446 0.36 422 Vossloh 40,267 1.00 3,402 Maire Tecnimont 11,235 0.28 320 Wincor Nixdorf 19,424 0.48 27,062 Prelios 11,927 0.30 6,899 Recordati 48,707 1.21 578,663 14.39 121,088 3.01

205 JPMorgan Funds - Europe Strategic Value Small Cap Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

JERSEY 875 Charter International 8,578 0.21 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 8,907 Highland Gold Mining 19,577 0.49 Net Assets 7,794 Informa 36,899 0.92 Shares and Rights 5,326 United Business Media 42,799 1.06 Industrials 28.41 Consumer Discretionary 18.13 107,853 2.68 Materials 13.62 Financials NORWAY 13.21 Information Technology 6,138 Atea 45,579 1.13 7.54 Consumer Staples 500 Leroy Seafood Group 12,659 0.31 6.15 Energy 3,448 SpareBank 1 SMN 23,783 0.60 6.10 Health Care 3,688 Statoil Fuel & Retail 25,155 0.63 3.26 Telecommunication Services 1.11 107,176 2.67 Total Shares and Rights 97.53 Cash and Other Assets/(Liabilities) 2.47 BELGIUM 437 AGFA-Gevaert 0 0.00 Total 100.00 442 Compagnie d’Entreprises CFE 23,824 0.60 670 D’Ieteren 31,396 0.78 295 Kinepolis Group 14,918 0.37 362 Nyrstar 4,056 0.10 1,736 Recticel 13,775 0.34 Allocation of Portfolio as at 30 June 2010 % of 200 Sipef 14,170 0.35 Net Assets Shares 102,139 2.54 Industrials 34.19 Consumer Discretionary 18.30 AUSTRIA Financials 13.21 2,947 Conwert Immobilien Invest 31,813 0.79 Materials 8.13 329 Flughafen Wien 16,883 0.41 Information Technology 6.55 4,753 Immofinanz 0 0.00 Consumer Staples 5.73 139 Mayr-Melnhof Karton 12,127 0.31 Health Care 4.04 722 RHI 21,185 0.53 Energy 3.43 Telecommunication Services 1.48 82,008 2.04 Utilities 0.38 NETHERLANDS Total Shares 95.44 376 Koninklijke Ten Cate 10,517 0.26 Cash and Other Assets/(Liabilities) 4.56 2,403 Mediq 33,594 0.83 Total 100.00 44,111 1.09 BERMUDA 3,497 Lancashire Holdings 22,449 0.56 7,084 Northern Offshore 13,446 0.33

35,895 0.89 CYPRUS 3,994 ProSafe 23,737 0.59

23,737 0.59 LIECHTENSTEIN 167 Verwaltungs- und Privat-Bank - Bearer Shares 15,361 0.38

15,361 0.38 CANADA 8,465 Entertainment One 13,684 0.34

13,684 0.34

Total Shares and Rights 3,922,048 97.53

Total Transferable Securities Admitted to an Official 3,922,048 97.53 Exchange Listing Total Investments 3,922,048 97.53

Cash 98,729 2.46

Other Assets/(Liabilities) 423 0.01

Total Net Assets 4,021,200 100.00

206 JPMorgan Funds - Europe Technology Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing BELGIUM 16,288 Barco 785,163 0.66 Shares 16,765 EVS Broadcast Equipement 799,942 0.67 10,445 Kinepolis Group 528,204 0.44 GERMANY 85,302 Melexis 1,142,194 0.96 52,937 ADVA Optical 0.26 Networking311,005 143,944 Aixtron 3,959,180 3.32 3,255,503 2.73 69,750 Bechtle 2,039,839 1.71 172,402 Cancom IT Systeme 1,602,477 1.34 SWITZERLAND 289,131 Drillisch 1,775,553 1.49 60,046 Ascom Holding Registered Shares 704,206 0.59 59,100 Elmos Semiconductor 562,928 0.47 22,919 Huber & Suhner Registered Shares 1,188,451 1.00 1,003,130 Infineon Technologies 7,026,424 5.89 34,891 LPKF Laser & Electronics 427,938 0.36 1,892,657 1.59 18,871 Nemetschek 596,701 0.50 ITALY 45,325 ProSiebenSat.1 Media Preference Shares 1,022,079 0.86 151,938 Yoox 1,461,644 1.23 200,206 SAP 7,622,843 6.39 Software 1,865,937 17,060 1.56 1,461,644 1.23 122,327 Vtion Wireless Technology 1,225,716 1.03 32,977 Wincor Nixdorf 2,001,704 1.68 NORWAY 379,248 Opera Software 1,415,370 1.19 32,040,324 26.86 1,415,370 1.19 UNITED KINGDOM 1,009,785 ARM Holdings 4,976,766 4.17 UNITED STATES OF AMERICA 208,860 Avanti Communications Group 1,638,304 1.37 58,190 Virgin Media 1,182,221 0.99 623,104 Blinkx 606,880 0.51 543,173 BT Group 1,142,705 0.96 1,182,221 0.99 1,029,889 DDD Group 203,609 0.17 DENMARK Dialight 1,294,872 216,624 1.08 22,493 Thrane & Thrane 715,851 0.60 82,482 Dialog Semiconductor 1,404,256 1.18 188,229 Diploma 604,161 0.51 715,851 0.60 718,396 E2V Technologies 756,084 0.63 367,158 Electrocomponents 1,136,201 0.95 Total Shares 116,026,015 97.26 126,640 Imagination Technologies Group 529,747 0.44 702,220 Iomart Group 739,059 0.62 Total Transferable Securities Admitted to an 116,026,015 97.26 189,176 Micro Focus International 853,821 0.71 Official Exchange Listing 672,903 Nanoco Group 806,022 0.68 477,698 Pace 1,019,405 0.85 Transferable Securities Dealt in on Another Regulated Market 77,082 Renishaw 1,109,765 0.93 478,608 Sage Group 1,525,063 1.28 Investment Funds 117,626 Spectris 1,791,975 1.50 LUXEMBOURG 962,936 Spirent Communications 1,653,999 1.39 2,850,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Telecity Group 1,247,236 226,981 1.04 Euro Liquidity X (dist)) 2,850,000 2.39 855,332 TT Electronics 1,700,937 1.43 2,850,000 2.39 26,740,867 22.40 NETHERLANDS Total Investment Funds 2,850,000 2.39 333,385 ASML Holding9,626,492 8.07 234,482 BE Semiconductor Industries 1,180,500 0.99 Total Transferable Securities Dealt in on Another 2,850,000 2.39 Regulated Market 750,715 STMicroelectronics 5,808,282 4.87 Total Investments 118,876,015 99.65 16,615,274 13.93 FRANCE Cash 532,194 0.45 91,231 Assystem 1,222,039 1.03 66,164 Atos Origin 2,636,305 2.21 Other Assets/(Liabilities) (108,897) (0.10) 43,865 Cap Gemini 1,531,546 1.29 20,959 Dassault Systèmes 1,184,079 0.99 Total Net Assets 119,299,312 100.00 23,057 Ingenico 624,095 0.52 27,620 IPSOS 980,441 0.82 39,267 Parrot 950,261 0.80 18,107 Sopra Group 1,052,560 0.88 26,401 Sword Group 598,379 0.50

10,779,705 9.04 FINLAND 1,253,429 Nokia 9,698,407 8.13

9,698,407 8.13 SWEDEN 666,778 Telefonaktiebolaget LM Ericsson - B Shares 5,807,715 4.87

5,807,715 4.87 AUSTRIA 51,610 Austriamicrosystems - Bearer Shares 1,847,831 1.55 36,237 Kapsch TrafficCom 2,572,646 2.15

4,420,477 3.70

207 JPMorgan Funds - Europe Technology Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Information Technology 83.89 Consumer Discretionary 4.71 Telecommunication Services 4.48 Industrials 4.18 Investment Companies 2.39 Total Shares 99.65 Cash and Other Assets/(Liabilities) 0.35 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Information Technology 89.41 Consumer Discretionary 4.27 Industrials 2.87 Investment Companies 1.79 Telecommunication Services 1.01 Total Shares 99.35 Cash and Other Assets/(Liabilities) 0.65 Total 100.00

208 JPMorgan Funds - Germany Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Transferable Securities Dealt in on Another Regulated Market

Shares Investment Funds GERMANY LUXEMBOURG 120,925 Adidas 5,944,371 1.07 16,750,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM 143,075 Aixtron 3,935,278 0.71 Euro Liquidity X (dist)) 16,750,000 3.00 306,525 Allianz Registered Shares 27,213,290 4.88 52,190 Amadeus Fire 1,496,809 0.27 16,750,000 3.00 39,327 Axel Springer 4,799,860 0.86 719,692 BASF 43,105,952 7.71 Total Investment Funds 16,750,000 3.00 646,254 Bayer Registered Shares 35,531,045 6.37 274,969 Bayerische Motoren Werke 16,206,673 2.90 Total Transferable Securities Dealt in on Another 16,750,000 3.00 Regulated Market 53,522 Bilfinger Berger 3,363,055 0.60 49,779 Brenntag3,794,404 0.68 Total Investments 555,085,776 99.46 16,779 Cewe Color 0.10 Holding558,237 82,215 Continental 4,860,551 0.87 Cash 4,773,538 0.86 705,119 Daimler Registered Shares 35,862,352 6.43 50,805 Delticom 3,390,472 0.61 Other Assets/(Liabilities) (1,754,189) (0.32) 32,705 Demag Cranes 1,182,613 0.21 503,072 Deutsche Bank Registered Shares 19,608,489 3.51 Total Net Assets 558,105,125 100.00 35,653 Deutsche Boerse 1,856,630 0.33 547,183 Deutsche Lufthansa Registered Shares 8,975,169 1.61 606,685 Deutsche Post Registered Shares 7,688,216 1.38 1,771,622 Deutsche Telekom Registered Shares 17,051,862 3.06 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 77,837 Douglas Holding 3,267,403 0.58 Net Assets Draegerwerk & Co. KGaA Preference Shares 562,316 9,085 0.10 Shares 1,400,140 E.ON 31,965,196 5.73 Materials 24.08 62,172 ElringKlinger 1,622,068 0.29 Consumer Discretionary 18.07 291,649 Freenet 2,301,840 0.41 Industrials 17.45 163,556 Fresenius Medical Care & Co. KGaA 7,092,197 1.27 Financials 11.07 67,832 Fresenius Preference Shares 4,327,682 0.78 Information Technology 8.75 28,900 Fuchs Petrolub Preference Shares 3,189,838 0.57 Utilities 7.23 51,462 Hannover Rueckversicherung Registered Shares 2,062,468 0.37 Telecommunication Services 3.47 165,783 HeidelbergCement 7,737,093 1.39 Consumer Staples 3.13 169,302 Henkel & Co. KGaA Non Voting Preference Shares 7,836,566 1.40 Investment Companies 3.00 1,320,233 Infineon Technologies 9,247,572 1.65 Health Care 2.64 91,374 K+S 5,175,880 0.93 Energy 0.57 128,091 Kabel Deutschland 0.80 Holding4,446,999 Total Shares 124,439 Kloeckner & Co. 2,616,641 0.47 99.46 29,904 KROMI Logistik 238,783 0.04 Cash and Other Assets/(Liabilities) 0.54 Lanxess 7,348,164 125,235 1.32 Total 100.00 166,331 Linde 18,953,418 3.40 110,658 MAN 9,875,673 1.77 178,328 Metro 9,656,461 1.73 14,722 Muehlbauer Holding & Co. KGaA 578,243 0.10 96,878 Muenchener Rueckversicherungs Registered Shares 11,036,826 1.98 Allocation of Portfolio as at 30 June 2010 % of 19,045 Nemetschek 602,203 0.11 Net Assets 36,742 Rheinmetall 2,202,499 0.39 Shares 167,869 RWE 8,398,486 1.50 Materials 20.30 643,450 SAP 24,499,359 4.39 Industrials 16.45 568,389 Siemens Registered Shares 52,885,755 9.48 Consumer Discretionary 15.12 579,952 Sky Deutschland 976,639 0.17 Financials 13.72 38,299 Software 4,188,953 0.75 Information Technology 10.36 13,566 Surteco 355,599 0.06 Utilities 9.31 160,522 Symrise 3,279,464 0.59 Telecommunication Services 4.87 303,211 ThyssenKrupp 9,434,410 1.69 Health Care 3.95 110,871 Tognum 2,179,170 0.39 Investment Companies 2.86 146,264 Tom Tailor 0.42 ConsumerHolding2,335,836 Staples 1.97 132,009 Volkswagen Preference Shares 16,065,495 2.88 Energy 0.51 Total Shares 99.42 524,968,523 94.06 Bank Overdraft and Other Assets/(Liabilities) 0.58 NETHERLANDS Total 209,719 EADS 3,736,946 0.68 100.00 186,627 Qiagen 2,739,684 0.49

6,476,630 1.17 UNITED KINGDOM 375,036 Dialog Semiconductor 6,384,988 1.14

6,384,988 1.14 LUXEMBOURG 83,445 SAF-Holland 505,635 0.09

505,635 0.09

Total Shares 538,335,776 96.46

Total Transferable Securities Admitted to an 538,335,776 96.46 Official Exchange Listing

209 JPMorgan Funds - Global Absolute Return Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Bonds Net Assets Fixed Income Securities UNITED KINGDOM United Kingdom 5.68 395,000 UK Treasury 16.08.13/2.500% 1,717,002 5.68 Australia 2.65 United States of America 1,717,002 5.68 2.53 Guernsey 1.22 AUSTRALIA South Korea 0.99 470,000 Australia (Commonwealth of) 20.08.15/4.000% 801,867 2.65 Philippines 0.97 Netherlands 0.47 801,867 2.65 Ireland 0.42 France GUERNSEY 0.25 500,000 Credit Suisse Guernsey 15.05.17/0.976%* 370,125 1.22 Total Fixed Income Securities 15.18 Investment Funds 370,125 1.22 Luxembourg 3.14 Total Investment Funds SOUTH KOREA 3.14 Cash and Other Assets/(Liabilities) 330,000,000 Korea (Republic of) 10.12.11/4.750% 299,240 0.99 81.68 Total 100.00 299,240 0.99 NETHERLANDS 60,000 ABN Amro Bank 31.05.18/1.278%* 69,780 0.23 60,000 Allianz Finance II 17.02.17/4.375%* 71,175 0.24 Allocation of Portfolio as at 30 June 2010 140,955 0.47 Not applicable: Sub-Fund was launched on 7 October 2010 IRELAND 125,000 UT2 Funding 30.06.16/5.321% 125,354 0.42

125,354 0.42 FRANCE 50,000 Société Générale 16.06.18/8.875%* 75,491 0.25

75,491 0.25

Total Bonds 3,530,034 11.68

Total Transferable Securities Admitted to an Official 3,530,034 11.68 Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Bonds UNITED STATES OF AMERICA 6,599,411 Government National Mortgage Association 2008-19 IO 16.07.22/5.000% 695,412 2.30 70,000 US Treasury (i) 10.02.11/0.000% 69,970 0.23

765,382 2.53 PHILIPPINES 11,550,000 Philippines (Republic of) 03.03.13/8.750% 292,466 0.97

292,466 0.97

Total Bonds 1,057,848 3.50 Investment Funds LUXEMBOURG 950,396 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 950,396 3.14

950,396 3.14

Total Investment Funds 950,396 3.14

Total Transferable Securities Dealt in on Another 2,008,244 6.64 Regulated Market Total Investments 5,538,278 18.32

Cash 24,433,736 80.82

Other Assets/(Liabilities) 261,521 0.86

Total Net Assets 30,233,535 100.00

* Variable coupon rates are those quoted as at 31 December 2010. (i) Security held as collateral against futures positions by the broker.

210 JPMorgan Funds - Global Absolute Return Bond Fund Schedule of Investments - Outstanding To be Announced Securities (Expressed in USD) As at 31 December 2010

Unrealised Maturity Nominal Market Gain/ Date Name of Securities Coupon Value Value (Loss)

To be Announced Securities - Long Positions

UNITED STATES OF AMERICA 25-Jan-24 Fannie Mae 5.00% 4,100,000 4,344,078 16,016 25-Jan-26 Fannie Mae 4.00% 2,600,000 2,671,094 4,969 25-Jan-41 Fannie Mae 4.00% 3,540,000 3,502,388 (19,073)

10,517,560 1,912 Total To be Announced Securities - Long Positions

To be Announced Securities - Short Positions

UNITED STATES OF AMERICA

25-Jan-24 Fannie Mae 4.50% (6,400,000) (6,691,001) 31,655 25-Jan-41 Fannie Mae 4.50% (1,400,000) (1,431,719) 2,016 25-Jan-41 Fannie Mae 5.00% (1,700,000) (1,781,547) 265

(9,904,267) 33,936 Total To be Announced Securities - Short Positions

Total 613,293 35,848

Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 (6) Australia 3 Year Bond Future AUD (622,486) (508) Mar-11 (2) Australia 10 Year Bond Future AUD (210,312) (2,193) Mar-11 (5) Euro-Bund Future EUR (839,232) 5,612 Mar-11 3 Japan Mini 10 Year Bond Future JPY 518,981 (899) Mar-11 4 Long Gilt Future GBP 744,363 (5,639) Mar-11 (14) Short Gilt Future GBP (2,382,502) 6,059 Mar-11 (9) US 10 Year Note Future USD (1,081,617) 10,962

13,394 Total Bond Futures

Interest Rate Futures

Mar-11 27 3 Month Bank Accept Future CAD 6,666,293 (7,497) Jun-11 (27) 3 Month Bank Accept Future CAD (6,653,610) 12,765

5,268 Total Interest Rate Futures Total 18,662

211 JPMorgan Funds - Global Absolute Return Bond Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

11-Jan-11 EUR 13,407,924 USD 17,898,886 60,358 11-Jan-11 SEK 41,965,241 USD 6,156,447 103,006 11-Jan-11 USD 242,614 EUR 181,450 (430) 10-Feb-11 AUD 40,000 USD 39,749 774 10-Feb-11 CAD 2,024 JPY 166,675 (26) 10-Feb-11 EUR 12,627 GBP 10,631 358 10-Feb-11 EUR 46,845 USD 61,873 873 10-Feb-11 GBP 1,763 AUD 2,804 (94) 10-Feb-11 GBP 1,388 CAD 2,216 (58) 10-Feb-11 GBP 17,854 EUR 21,023 (355) 10-Feb-11 GBP 2,121 USD 3,286 17 10-Feb-11 JPY 424,650 USD 5,063 166 10-Feb-11 SEK 92,037 USD 13,514 200 10-Feb-11 USD 852,461 AUD 873,468 (32,424) 10-Feb-11 USD 43,357 CAD 43,741 (446) 10-Feb-11 USD 347,785 EUR 262,182 (3,393) 10-Feb-11 USD 1,920,386 GBP 1,222,922 16,002 10-Feb-11 USD 14,781 JPY 1,224,003 (292) 16-Mar-11 AUD 105,453 CAD 104,372 1,960 16-Mar-11 AUD 43,690 NZD 57,300 (162) 16-Mar-11 AUD 206,218 USD 196,083 11,978 16-Mar-11 BRL 220,000 USD 126,813 3,558 16-Mar-11 CAD 407,461 USD 402,800 4,909 16-Mar-11 CHF 31,903 NZD 43,702 495 16-Mar-11 CLP 36,230,000 USD 74,673 2,301 16-Mar-11 EUR 54,359 CAD 73,010 (259) 16-Mar-11 EUR 40,000 MXN 667,115 (66) 16-Mar-11 EUR 63,681 NOK 506,162 (1,214) 16-Mar-11 EUR 114,000 TRY 229,519 5,744 16-Mar-11 EUR 726,130 USD 957,813 14,603 16-Mar-11 GBP 71,067 USD 112,035 (1,395) 16-Mar-11 HUF 55,252,346 USD 262,587 1,296 16-Mar-11 INR 1,140,000 USD 24,328 838 16-Mar-11 JPY 4,197,913 MXN 626,788 1,321 16-Mar-11 JPY 2,369,925 USD 28,708 486 16-Mar-11 MXN 621,751 EUR 37,489 (218) 16-Mar-11 MXN 623,823 JPY 4,179,617 (1,334) 16-Mar-11 MXN 4,008,106 USD 322,719 (487) 16-Mar-11 NOK 211,015 EUR 26,720 276 16-Mar-11 NOK 105,409 NZD 23,482 (119) 16-Mar-11 NOK 2,234,409 USD 366,418 15,404 16-Mar-11 NZD 76,626 CAD 57,501 1,629 16-Mar-11 NZD 210,537 USD 159,901 2,659 16-Mar-11 PLN 784,161 USD 259,537 3,657 16-Mar-11 SEK 171,530 JPY 2,116,681 (549) 16-Mar-11 SEK 1,213,910 NOK 1,056,999 21 16-Mar-11 SEK 628,957 USD 90,945 2,651 16-Mar-11 TRY 78,668 EUR 38,000 (531) 16-Mar-11 TRY 225,549 USD 149,962 (5,581) 16-Mar-11 TWD 3,050,000 USD 101,094 5,342 16-Mar-11 USD 199,480 AUD 202,696 (5,027) 16-Mar-11 USD 22,567 BRL 40,000 (1,137) 16-Mar-11 USD 122,357 CAD 123,986 (1,704) 16-Mar-11 USD 319,231 CHF 313,988 (17,736) 16-Mar-11 USD 74,111 CLP 36,230,000 (2,863) 16-Mar-11 USD 2,903,661 EUR 2,180,436 (16,327) 16-Mar-11 USD 145,840 GBP 93,449 356 16-Mar-11 USD 24,564 INR 1,140,000 (602) 16-Mar-11 USD 196,445 JPY 16,428,839 (5,934) 16-Mar-11 USD 197,641 NZD 267,234 (8,696) 16-Mar-11 USD 50,000 TRY 76,615 956 16-Mar-11 USD 100,926 TWD 3,053,000 (5,615) 16-Mar-11 USD 50,000 ZAR 346,900 (1,806) 16-Mar-11 ZAR 2,420,751 USD 349,302 12,211 15-Jun-11 CNY 330,000 USD 50,091 330 21-Sep-11 CNY 506,552 USD 78,085 (277) 21-Sep-11 USD 78,203 CNY 506,552 395 21-Dec-11 CNY 330,000 USD 50,680 264

Total 160,237

212 JPMorgan Funds - Global Absolute Return Bond Fund Schedule of Investments - Outstanding Credit Default Swaps (Expressed in USD) As at 31 December 2010

Protection Unrealised Termination Buyer/ Market Gain/ Date Counterparty Referenced Obligation Seller Currency Nominal Value (Loss)

20-Dec-15 Credit Suisse CDX.NA.HY Version 15 Seller USD 1,500,000 46,204 19,642

Total 46,204 19,642

Schedule of Investments - Outstanding Currency Option Contracts (Expressed in USD)

Unrealised Expiration Put Contract Call Contract Market Gain/ Date Description Currency Size Currency Size Value (Loss)

07-Jan-11 One Touch USD/TRY Strike Price 1.4 TRY 14,000 USD 10,000 - (875)

Total - (875)

213 JPMorgan Funds - Global Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing FRANCE 50,000 Crédit Agricole Covered Bonds 21.07.14/3.500% 69,391 0.28 Bonds 89,000 France (Government of) 25.04.35/4.750% 135,587 0.54 77,000 France (Government of) 25.04.60/4.000% 105,690 0.42 UNITED KINGDOM 173,000 PPR 03.04.14/8.625% 272,112 1.09 100,000 Abbey National Treasury 32,000 PPR 43,691 Services/London 18.03.13/2.500% 134,284 0.54 08.04.15/3.750% 0.18 100,000 Abbey National Treasury 150,000 Société Financement de l’Economie Francaise 208,103 Services/London 30.06.14/3.125% 133,931 0.54 07.04.14/3.000% 0.83 100,000 Abbey National Treasury Services/London 08.06.15/3.375% 133,557 0.53 834,574 3.34 105,000 Abbey National Treasury ITALY Services/London 20.10.15/3.375% 133,995 0.54 70,000 Italy (Republic of) 15.12.13/3.750% 94,978 0.38 50,000 Anglo American Capital 01.05.18/6.875% 87,747 0.35 290,000 Italy (Republic of) 01.09.20/4.000% 368,709 1.47 70,000 AWG 21.08.23/6.875%* 127,840 0.51 175,000 Italy (Republic of) 01.02.37/4.000% 193,744 0.78 50,000 Barclays Bank 07.10.19/4.000% 67,417 0.27 50,000 BMW UK Capital 02.10.17/5.000% 83,347 0.33 657,431 2.63 100,000 British Telecommunications 07.12.16/8.750% 187,255 0.75 50,000 Imperial Tobacco Finance 17.02.22/9.000% 100,822 0.40 INTERNATIONAL AGENCIES 50,000 Legal & General Group 08.06.25/4.000%* 60,445 0.24 100,000 Eurasian Development Bank 144A 29.09.14/7.375% 107,986 0.43 200,000 Lloyds TSB Bank 17.03.15/3.375% 268,300 1.07 150,000 European Investment Bank 15.04.16/3.500% 209,500 0.84 130,000 Nationwide Building Society 14.09.15/2.875% 171,477 0.69 110,000 European Investment Bank 15.04.19/4.250% 158,582 0.63 250,000 Network Rail Infrastructure Finance 17.06.13/3.500% 263,638 1.05 476,068 1.90 OTE 53,582 42,000 05.08.13/5.000% 0.21 SWEDEN 100,000 Standard Chartered Bank 125,683 28.03.18/1.314%* 0.50 170,000 Swedbank 02.12.11/3.625% 233,024 0.93 50,000 UBS/London 68,286 06.10.14/3.000% 0.27 740,000 Sweden (Kingdom of) 08.10.12/5.500% 117,346 0.47 50,000 UK Treasury 86,714 07.09.15/4.750% 0.35 70,000 Vattenfall Treasury 19.05.14/4.250% 99,565 0.40 80,000 UK Treasury 07.06.32/4.250% 126,376 0.51 65,000 UK Treasury 07.09.34/4.500% 105,712 0.42 449,935 1.80 105,000 UK Treasury 07.12.46/4.250% 166,476 0.66 189,000 West Bromwich Building Society 05.04.12/2.000% 297,317 1.19 MEXICO 5,200,000 Mexico (United Mexican States) 19.12.13/8.000% 446,996 1.79 2,984,201 11.92 446,996 1.79 JAPAN 49,600,000 Japan (Government of) 20.12.12/1.000% 620,416 2.48 GERMANY 40,200,000 Japan (Government of) 20.03.20/1.300% 506,703 2.02 42,000 Deutsche Pfandbriefbank 15.09.14/3.125% 57,402 0.23 32,000,000 Japan (Government of) 20.09.25/2.100% 421,732 1.69 125,000 Germany (Federal Republic of) 04.07.42/3.250% 162,788 0.65 41,000,000 Japan (Government of) 20.09.35/2.500% 557,479 2.23 100,000 KfW - Kreditanstalt fuer Wiederaufbau 04.07.17/4.125% 144,153 0.58 2,106,330 8.42 40,000 Merck Financial Services 24.03.20/4.500% 55,011 0.22 UNITED STATES OF AMERICA 419,354 1.68 85,000 Altria Group 10.11.18/9.700% 111,485 0.45 25,000 American Express Credit 25.08.14/5.125% 26,834 0.11 SPAIN 30,000 Anheuser-Busch InBev Worldwide 15.01.20/5.375% 32,348 0.13 160,000 Spain (Kingdom of) 31.01.14/4.250% 216,414 0.87 55,000 Capital One Financial 23.05.14/7.375% 62,452 0.25 8,000 Spain (Kingdom of) 30.07.19/4.600% 10,202 0.04 25,000 CBS 15.10.40/5.900% 23,925 0.10 50,000 Spain (Kingdom of) 30.04.20/4.000% 60,471 0.24 40,000 Citigroup 22.05.19/8.500% 49,414 0.20 59,000 Spain (Kingdom of) 31.10.20/4.850% 75,608 0.30 50,000 Citigroup 04.09.19/7.375% 75,093 0.30 200,000 Citigroup Funding 10.12.12/2.250% 205,703 0.82 362,695 1.45 25,000 ConocoPhillips 01.02.39/6.500% 29,458 0.12 SOUTH AFRICA 25,000 Darden Restaurants 15.10.37/6.800% 26,761 0.11 2,430,000 South Africa (Republic of) 28.02.31/7.000% 320,066 1.28 40,000 Entergy Arkansas 15.02.21/3.750% 38,348 0.15 55,000 Enterprise Products Operating 15.04.38/7.550% 65,569 0.26 320,066 1.28 30,000 General Electric Capital 14.01.38/5.875% 30,724 0.12 15,000 Goldman Sachs Group 01.08.15/3.700% 15,250 0.06 ISRAEL 55,000 Goldman Sachs Group 01.04.18/6.150% 60,224 0.24 900,000 Israel (State of) 28.02.19/6.000% 291,139 1.16 20,000 International Paper 15.11.39/7.300% 22,512 0.09 100,000 Kraft Foods 10.02.20/5.375% 107,425 0.43 291,139 1.16 90,000 MetLife 01.06.16/6.750% 103,438 0.41 TURKEY 50,000 Morgan Stanley 02.10.17/5.500% 68,234 0.27 410,000 Turkey (Republic of) 17.06.15/10.000% 286,456 1.15 35,000 Nevada Power 15.03.19/7.125% 41,119 0.16 65,000 Philip Morris International 17.03.14/6.875% 74,689 0.30 286,456 1.15 25,000 Plains All American Pipeline 01.05.18/6.500% 27,913 0.11 40,000 Plains All American Pipeline 15.01.20/5.750% 42,737 0.17 SOUTH KOREA 60,000 Tennessee Valley Authority 15.09.39/5.250% 62,981 0.25 296,000,000 Korea (Republic of) 10.06.12/4.000% 266,695 1.07 40,000 Verizon Communications 01.11.18/8.750% 52,182 0.21 80,000 Verizon Wireless Capital 01.02.14/5.550% 87,902 0.35 266,695 1.07 40,000 Watson Pharmaceuticals 15.08.19/6.125% 44,160 0.18 BRAZIL 45,000 Williams Partners 01.02.17/7.250% 52,172 0.21 23,500 Brazil (Republic of) 01.01.13/10.000% 142,895 0.57 100,000 Brazil (Republic of) 17.01.17/6.000% 113,000 0.45 1,641,052 6.56 NETHERLANDS 255,895 1.02 150,000 Fortis Bank Nederland 17.04.12/3.000% 205,673 0.82 INDONESIA 100,000 ING Bank 30.09.14/3.000% 136,685 0.55 1,570,000,000 Indonesia (Republic of) 15.03.13/12.500% 197,851 0.79 100,000 ING Bank 03.03.15/3.375% 134,644 0.54 250,000 LeasePlan 22.05.14/3.250% 348,684 1.39 197,851 0.79 40,000 Shell International Finance 28.06.15/3.100% 40,987 0.16 DENMARK 866,673 3.46 340,000 Denmark (Kingdom of) 15.11.19/4.000% 65,723 0.26 50,000 Dong Energy 07.05.14/4.875% 71,944 0.29

137,667 0.55

214 JPMorgan Funds - Global Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

AUSTRIA 123,739 Credit-Based Asset Servicing 90,000 Austria (Republic of) 15.03.19/4.350% 130,548 0.52 and Securitization 2005-CB4 AF4 25.08.35/5.028%* 123,237 0.49 130,548 0.52 40,000 DCP Midstream 144A 15.03.19/9.750% 50,651 0.20 50,000 DirecTV Holdings 15.05.16/7.625% 55,408 0.22 CAYMAN ISLANDS 28,450 Equity One ABS 2004-3 AF4 25.07.34/5.100%* 28,204 0.11 80,000 Allstate Life Funding 124,784 17.01.11/6.375% 0.50 150,000 Fannie Mae 20.11.14/2.625% 155,340 0.62 138,763 Fannie Mae Pool No: 889183 01.09.21/5.500% 149,365 0.60 124,784 0.50 55,925 Fannie Mae REMICS 2006-78 BC 25.01.34/6.500% 57,554 0.23 LUXEMBOURG 414,398 Fannie Mae REMICS 2010-116 BI 25.08.20/5.000% 42,291 0.17 83,000 Dexia LDG Banque 09.11.12/2.625% 113,015 0.45 115,000 Federal Home Loan Banks 11.07.11/0.162%* 114,969 0.46 10,081 First Union National Bank-Bank 113,015 0.45 of America Commercial Mortgage Trust 2001-C1 A2 15.03.33/6.136% 10,074 0.04 POLAND 80,000 Health Care REIT 15.01.21/4.950% 77,386 0.31 300,000 Poland (Government of) 25.04.14/5.750% 103,312 0.41 90,481 JP Morgan Mortgage Trust 2005-S2 1A1 25.08.20/4.500% 92,602 0.37 103,312 0.41 240,000 LB-UBS Commercial Mortgage Trust 2005-C1 A4 15.02.30/4.742% 251,041 1.00 BELGIUM 235,000 LB-UBS Commercial Mortgage 71,003 Belgium (Kingdom of) 28.03.18/4.000% 97,196 0.39 Trust 2006-C4 A4 15.06.38/5.881%* 253,693 1.01 80,000 LG&E and KU Energy 144A 15.11.15/2.125% 76,632 0.31 97,196 0.39 360,000 MBNA Credit Card Master Trust 17.02.16/5.450% 558,245 2.23 JERSEY 100,000 Metropolitan Life Global 50,000 WPP 04.04.17/6.000% 83,694 0.33 Funding I 144A 10.04.13/5.125% 107,333 0.43 46,097 Morgan Stanley ABS Capital I 83,694 0.33 2004-SD2 A 25.04.34/0.711%* 39,014 0.16 95,000 Morgan Stanley Capital I BERMUDA 2005-HQ7 A4 14.11.42/5.191%* 102,076 0.41 35,000 Tyco International /Tyco 85,000 NBC Universal 144A 01.04.21/4.375% 82,286 0.33 International Finance 15.12.19/7.000% 41,036 0.16 5,000 News America 01.03.39/7.850% 6,174 0.02 40,000 Weatherford International 35,000 Oncor Electric Delivery 144A 30.09.40/5.250% 33,310 0.13 Bermuda 15.09.40/6.750% 41,519 0.17 25,000 Oracle 08.07.39/6.125% 27,798 0.11 45,000 Park Place Securities 82,555 0.33 2005-WHQ3 M1 25.06.35/0.681%* 41,870 0.17 CANADA 35,000 Plains All American Pipeline 15.09.15/3.950% 36,073 0.14 40,000 Suncor Energy 01.06.18/6.100% 45,609 0.18 45,000 Prudential Financial 15.06.19/7.375% 52,877 0.21 25,000 Suncor Energy 01.06.39/6.850% 28,502 0.12 45,000 Prudential Financial 15.11.40/6.200% 47,175 0.19 129,598 Residential Asset Mortgage Products 2004-RS11 M1 110,499 74,111 0.30 25.11.34/0.881%* 0.44 115,861 Residential Asset Securitization ISLE OF MAN Trust 2004-A6 A1 25.08.19/5.000% 115,123 0.46 35,000 AngloGold Ashanti Holdings 15.04.20/5.375% 36,361 0.15 43,343 Residential Funding Mortgage Securities I 2006-S12 2A2 25.12.36/6.000% 43,014 0.17 36,361 0.15 71,378 Structured Asset Securities 2005-WF4 A4 25.11.35/0.621%* 64,875 0.26 Total Bonds 13,846,654 55.35 100,000 UBS/Stamford 25.04.18/5.750% 108,122 0.43 50,000 UnitedHealth Group 15.10.40/5.700% 49,326 0.20 70,000 US Treasury (i) 69,930 Total Transferable Securities Admitted to an 13,846,654 55.35 10.02.11/0.000% 0.28 Official Exchange Listing 35,000 US Treasury 15.05.13/1.375% 35,476 0.14 30,000 US Treasury 15.09.13/0.750% 29,878 0.12 Transferable Securities Dealt in on Another Regulated Market 95,000 US Treasury 30.09.15/1.250% 92,046 0.37 240,000 US Treasury 30.11.15/1.375% 232,875 0.93 Bonds 10,000 US Treasury 15.08.19/3.625% 10,425 0.04 80,000 US Treasury 15.11.20/2.625% 75,288 0.30 UNITED STATES OF AMERICA 125,000 US Treasury (i) 15.11.21/8.000% 176,445 0.71 60,000 ACE Securities 2005-HE4 M1 25.07.35/0.761%* 58,566 0.23 115,000 US Treasury 133,634 226,169 Aegis Asset Backed Securities 15.02.31/5.375% 0.53 Trust 2004-3 A1 25.09.34/0.621%* 204,338 0.82 62,000 US Treasury (i) 15.02.36/4.500% 63,831 0.26 38,166 Ally Auto Receivables Trust 5,000 US Treasury (i) 15.05.40/4.375% 4,995 0.02 2010-1 A2 15.04.12/0.750% 38,178 0.15 160,000 US Treasury 15.08.40/3.875% 146,525 0.59 61,270 American Home Mortgage 65,000 Wachovia Bank Commercial Assets 2006-2 1A1 25.09.46/1.288%* 35,561 0.14 Mortgage Trust 2005-C21 A4 15.10.44/5.204%* 70,148 0.28 40,000 Anheuser-Busch InBev 75,000 Wells Fargo Home Equity Trust Worldwide 144A 15.01.14/7.200% 45,543 0.18 2004-2 AI6 25.05.34/5.000%* 77,099 0.31 50,000 Anheuser-Busch InBev 69,631 Wells Fargo Mortgage Backed Worldwide 144A 15.11.19/6.875% 59,623 0.24 Securities Trust 2005-2 2A1 25.04.20/4.750% 71,543 0.29 31,756 Asset Backed Funding 45,000 Xcel Energy 15.05.20/4.700% 46,626 0.19 Certificates 2005-HE2 M1 25.06.35/0.741%* 31,311 0.13 40,616 Banc of America Mortgage 5,960,681 23.83 Securities 2004-5 3A2 25.06.19/4.750% 42,196 0.17 UNITED KINGDOM 4,001 Banc of America Mortgage Securities 2005-3 1A31 25.04.35/5.500% 3,993 0.02 350,000 Aire Valley Mortgages 2006-1X 2B2 20.09.66/1.254%* 312,929 1.25 50,000 Bank of America 01.05.18/5.650% 51,385 0.21 185,000 Barclays Bank 198,937 25,000 Bear Stearns Commercial 10.07.14/5.200% 0.80 Mortgage Securities 2006-PW12 AM 11.09.38/5.761%* 25,929 0.10 511,866 2.05 220,000 Capital One Multi-Asset CANADA Execution Trust 2006-A4 A4 16.12.13/0.300%* 219,960 0.88 83,000 Canada (Government of) 01.06.33/5.750% 110,870 0.44 30,000 Cisco Systems 15.01.40/5.500% 31,224 0.12 150,000 Canada (Government of) 01.06.37/5.000% 185,879 0.75 335,000 Citibank Omni Master Trust 55,000 Xstrata Finance Canada 144A 15.11.16/5.800% 60,238 0.24 2009-A8 A8 16.05.16/2.360%* 339,287 1.36 25,000 Xstrata Finance Canada 144A 15.11.37/6.900% 27,086 0.11 115,000 Comcast 01.03.20/5.150% 120,482 0.48 83,800 Countrywide Home Loan Mortgage Pass Through Trust 384,073 1.54 2005-21 A2 25.10.35/5.500% 77,959 0.31 PHILIPPINES 72,822 Credit Suisse First Boston 13,300,000 Philippines (Republic of) 03.03.13/8.750% 336,779 1.35 Mortgage Securities Corp 2004-3 2A1 74,745 25.04.19/5.000% 0.30 336,779 1.35

215 JPMorgan Funds - Global Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

FRANCE 260,000 Dexia Credit Local 23.09.11/2.375% 262,566 1.05 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 262,566 1.05 Fixed Income Securities United States of America SWEDEN 30.39 United Kingdom 100,000 Svenska Handelsbanken 144A 10.06.14/4.875% 106,666 0.42 13.97 Japan 8.42 106,666 0.42 France 4.39 Netherlands 3.46 MEXICO Italy 2.63 100,000 America Movil 30.03.20/5.000% 104,545 0.41 Sweden 2.22 Mexico 2.20 104,545 0.41 International Agencies 1.90 BELGIUM Canada 1.84 45,000 Delhaize Group 144A 01.10.40/5.700% 42,971 0.17 Germany 1.68 Spain 1.45 42,971 0.17 Philippines 1.35 South Africa 1.28 Israel Total Bonds 7,710,147 30.82 1.16 Turkey 1.15 Investment Funds South Korea 1.07 Brazil 1.02 LUXEMBOURG Indonesia 0.79 11,787 JPMorgan Investment Funds - Global High Yield Bond Fund (JPM Global High Yield Bond X (acc) - Belgium 0.56 EUR (hedged)) 1,768,212 7.07 Denmark 0.55 36 JPMorgan Liquidity Funds - US Dollar Liquidity Fund Austria 0.52 (JPM US Dollar Liquidity X (acc)) 502,118 2.01 Cayman Islands 0.50 Luxembourg 0.45 2,270,330 9.08 Poland 0.41 Jersey 0.33 Total Investment Funds 2,270,330 9.08 Bermuda 0.33 Isle of Man 0.15 Total Transferable Securities Dealt in on Another 9,980,477 39.90 Total Fixed Income Securities 86.17 Regulated Market Investment Funds Luxembourg 9.08 Other Transferable Securities Total Investment Funds 9.08 Bonds Cash and Other Assets/(Liabilities) 4.75 UNITED STATES OF AMERICA Total 100.00 140,000 Lehman Brothers Holdings Capital Trust VII (Defaulted) 31.05.12/5.857%* 42 0.00

42 0.00 Allocation of Portfolio as at 30 June 2010 % of Total Bonds 42 0.00 Net Assets Fixed Income Securities Total Other Transferable Securities 42 0.00 United States of America 25.81 United Kingdom 14.42 Total Investments 23,827,173 95.25 Japan 8.72 France 4.45 Netherlands Cash 862,830 3.45 2.87 Italy 2.52 Spain 2.29 Other Assets/(Liabilities) 326,669 1.30 International Agencies 2.16 Mexico Total Net Assets 25,016,672 100.00 2.10 Sweden 1.90 Luxembourg 1.76 Germany 1.61 * Variable coupon rates are those quoted as at 31 December 2010. Indonesia 1.52 (i) Security partially or totally held as collateral against futures positions by the broker. Canada 1.44 Denmark 1.26 Australia 1.06 Greece 1.02 Israel 0.97 Ireland 0.93 South Korea 0.89 Brazil 0.87 Belgium 0.62 Austria 0.45 Cayman Islands 0.45 Poland 0.33 Bermuda 0.16 Portugal 0.06 Total Fixed Income Securities 82.64 Investment Funds Luxembourg 9.78 Total Investment Funds 9.78 Cash and Other Assets/(Liabilities) 7.58 Total 100.00

216 JPMorgan Funds - Global Aggregate Bond Fund Schedule of Investments - Outstanding To be Announced Securities (Expressed in USD) As at 31 December 2010

Unrealised Maturity Nominal Market Gain/ Date Name of Securities Coupon Value Value (Loss)

To be Announced Securities - Long Positions

UNITED STATES OF AMERICA

25-Jan-26 Fannie Mae 4.00% 310,000 318,477 (2,779) 15-Jan-39 Freddie Mac 5.00% 210,000 219,483 (1,608) 15-Jan-39 Freddie Mac 6.00% 100,000 108,047 281 15-Jan-39 Ginnie Mae 5.00% 185,000 196,042 809 15-Jan-39 Ginnie Mae 6.00% 60,000 65,897 206 25-Jan-39 Fannie Mae 6.50% 100,000 111,047 484 15-Jan-41 Freddie Mac 6.45% 155,000 158,124 (1,232) 15-Jan-41 Freddie Mac 4.50% 170,000 180,917 554 15-Jan-41 Freddie Mac 6.50% 40,000 44,294 200 15-Jan-41 Ginnie Mae 4.00% 400,000 401,688 2,563 15-Jan-41 Ginnie Mae 4.50% 200,000 206,906 859 25-Jan-41 Fannie Mae 4.00% 1,115,000 1,103,152 (11,582) 25-Jan-41 Fannie Mae 5.00% 90,000 94,317 (339) 25-Jan-41 Fannie Mae 5.50% 350,000 373,899 (854) 25-Jan-41 Fannie Mae 6.00% 155,000 168,224 490

3,750,514 (11,948) Total

Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 5 Australia 3 Year Bond Future AUD 518,738 423 Mar-11 (7) Euro-Bobl Future EUR (1,113,699) (763) Mar-11 1 Euro-Bund Future EUR 167,846 (188) Mar-11 7 Euro-Schatz Future EUR 1,022,047 (141) Mar-11 1 Japan 10 Year Bond Future JPY 1,730,798 (246) Mar-11 2 Long Gilt Future GBP 372,259 (2,742) Mar-11 (24) US 2 Year Note Future USD (5,250,000) 14,625 Mar-11 (24) US 5 Year Note Future USD (2,820,563) 58,532 Mar-11 8 US 10 Year Note Future USD 961,375 (31,750)

Total 37,750

217 JPMorgan Funds - Global Aggregate Bond Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

14-Jan-11 AUD 119,888 CAD 119,409 2,241 14-Jan-11 AUD 17,331 NOK 102,517 46 14-Jan-11 AUD 32,444 SEK 219,633 227 14-Jan-11 AUD 26,006 SGD 33,471 303 14-Jan-11 AUD 350,325 USD 345,367 10,787 14-Jan-11 CAD 1,064,163 USD 1,053,358 12,876 14-Jan-11 DKK 248,159 USD 44,036 552 14-Jan-11 EUR 50,147 CAD 67,277 (239) 14-Jan-11 EUR 122,578 NOK 971,590 (2,360) 14-Jan-11 EUR 1,233,346 USD 1,629,599 22,414 14-Jan-11 GBP 102,399 USD 159,764 (269) 14-Jan-11 JPY 307,116,616 USD 3,670,223 110,554 14-Jan-11 MXN 5,670,437 USD 454,053 4,072 14-Jan-11 NOK 231,345 GBP 24,859 937 14-Jan-11 NOK 3,933,662 USD 654,607 19,691 14-Jan-11 SEK 1,798,944 NOK 1,565,286 (18) 14-Jan-11 SEK 1,557,345 USD 225,841 6,425 14-Jan-11 SGD 85,151 USD 65,051 1,440 14-Jan-11 THB 2,206,036 USD 73,354 86 14-Jan-11 USD 74,897 AUD 75,484 (1,843) 14-Jan-11 USD 466,702 CAD 470,792 (5,006) 14-Jan-11 USD 3,576,843 EUR 2,698,022 (37,038) 14-Jan-11 USD 1,125,937 GBP 714,853 12,495 14-Jan-11 USD 1,300,903 JPY 108,174,500 (30,786) 14-Jan-11 USD 222,860 MXN 2,762,183 (302) 14-Jan-11 USD 34,283 PLN 105,024 (1,104) 14-Jan-11 USD 27,302 SEK 186,987 (586) 14-Jan-11 USD 324,488 ZAR 2,238,648 (12,737) 14-Jan-11 ZAR 530,658 USD 78,371 1,566 10-Feb-11 KRW 350,000,000 USD 313,915 (2,312)

Total 112,112

Schedule of Investments - Outstanding Interest Rate Swaps (Expressed in USD)

Unrealised Termination Notional Market Gain/ Date Counterparty Description Currency Amount Value (Loss)

05-Feb-11 Bank of Montreal Receive floating rate CAD CDOR 3 months CAD 8,175,000 (89,462) (89,273) Pay fixed rate 3.377% 05-Feb-11 Credit Suisse Receive fixed rate 3.384% CAD 8,175,000 89,764 89,575 Pay floating rate CAD CDOR 3 months 05-Feb-14 Bank of Montreal Receive fixed rate 3.780% CAD 3,485,000 216,218 216,218 Pay floating rate CAD CDOR 3 months 05-Feb-14 Credit Suisse Receive floating rate CAD CDOR 3 months CAD 3,485,000 (216,425) (216,425) Pay fixed rate 3.781%

Total 95 95

218 JPMorgan Funds - Global Consumer Trends Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing BERMUDA 24,451,000 China Hongxing Sports 2,244,932 1.93 Shares 1,889,000 Oriental Watch Holdings 790,131 0.68 1,009,500 Ports Design 2,094,302 1.80 UNITED STATES OF AMERICA 24,744 3M 1,592,949 1.37 5,129,365 4.41 74,308 Abbott Laboratories 2,647,061 2.27 22,334 Abercrombie & Fitch - A Shares 967,259 0.83 INDIA 36,806 American Express 1,171,818 1.01 44,232 IRB Infrastructure Developers 165,611 0.14 35,543 Chevron 2,415,926 2.08 221,137 Mundra Port and Special Economic Zone 530,473 0.46 207,582 Cisco Systems 3,117,333 2.68 58,227 Reliance Capital 648,660 0.56 20,057 Colgate-Palmolive 1,200,171 1.03 279,475 Yes Bank 1,458,770 1.25 109,811 Express 1,539,625 1.32 29,883 Exxon Mobil 1,630,742 1.40 2,803,514 2.41 75,711 Guess? 2,700,997 2.32 CHINA 106,717 Hewlett-Packard 3,344,243 2.87 483,385 China Security & Surveillance Technology 1,885,615 1.62 75,928 Medtronic 2,101,632 1.81 Merck & Co. 2,521,549 93,715 2.17 1,885,615 1.62 61,621 MetLife 2,043,069 1.76 91,467 Pfizer 1,195,364 1.03 GREECE 37,756 Prudential Financial 1,643,201 1.41 97,510 Folli - Follie 1,793,209 1.54 96,594 Time Warner 2,315,242 1.99 38,403 Veeco Instruments 1,233,271 1.06 1,793,209 1.54 25,632 VF 1,657,770 1.42 SOUTH AFRICA Walt Disney 1,257,999 45,266 1.08 107,002 MTN Group 1,616,032 1.39 29,142 Yum! Brands 1,066,731 0.92 40,712 Zimmer Holdings 1,634,924 1.40 1,616,032 1.39 40,998,876 35.23 ISRAEL 40,107 Teva Pharmaceutical Industries ADR 1,549,694 1.33 UNITED KINGDOM 44,099 British American Tobacco 1,263,906 1.09 1,549,694 1.33 86,835 Diageo 1,199,689 1.03 793,803 Enterprise Inns 1,091,158 0.94 INDONESIA 721,670 Game Group 585,383 0.50 38,723 Telekomunikasi Indonesia ADR 1,027,882 0.88 163,653 GlaxoSmithKline 2,360,903 2.03 82,947 Imperial Tobacco Group 1,903,203 1.63 1,027,882 0.88 1,428,128 Southern Cross Healthcare 307,253 0.26 AUSTRALIA 103,290 Unilever 2,362,762 2.03 157,993 Billabong International 982,780 0.84 1,176,284 Vodafone Group 2,269,425 1.95 982,780 0.84 13,343,682 11.46 SINGAPORE CAYMAN ISLANDS 40,681 Avago Technologies 861,637 0.74 116,000 Beauty China Holdings 7 0.00 1,840,000 China Dongxiang Group 598,213 0.51 861,637 0.74 560,000 China Resources Land 763,758 0.65 151,885 Giant Interactive ADR 814,733 0.70 GUERNSEY 113,000 Hengan International Group 729,606 0.63 294,779 Resolution 804,233 0.70 819,500 Li Ning1,301,071 1.12 50,017 Longtop Financial Technologies ADR 1,344,479 1.16 804,233 0.70 380,000 New World Department Store China 232,671 0.20 CANADA 77,543 Perfect World ADR 1,353,218 1.15 6,572 First Quantum Minerals 529,861 0.46 10,530,000 Renhe Commercial Holdings 1,380,512 1.19 144,174 Shanda Games ADR 684,031 0.59 529,861 0.46 1,001,000 Vinda International Holdings 825,860 0.71 426,463 VisionChina Media ADR 1,402,493 1.21 JAPAN 1,504,000 Want Want China Holdings 989,504 0.85 40,000 Capcom 479,705 0.41

12,420,156 10.67 479,705 0.41 FRANCE BRAZIL 7,247 Atos Origin 288,757 0.25 51,478 Restoque Comercio e Confeccoes de Roupas 389,805 0.33 9,043 LVMH 1,114,098 0.95 20,021 PPR 2,384,501 2.05 389,805 0.33 59,966 Sanofi-Aventis 2,871,622 2.47 89,140 Total 3,535,961 3.04 Total Shares 112,021,907 96.25 Total Transferable Securities Admitted to an 10,194,939 8.76 112,021,907 96.25 Official Exchange Listing SWITZERLAND Total Investments 112,021,907 96.25 29,762 Compagnie Financiere Richemont - Bearer A Shares 1,310,993 1.13 76,728 Nestlé Registered Shares 3,364,452 2.89 3,940,101 3.39 17,279 Roche Holding - Genussschein 1,895,727 1.63 Cash 4,505 Swatch Group - Bearer Shares 1,502,783 1.29 424,464 0.36 39,437 Tyco International 1,218,191 1.04 Other Assets/(Liabilities) Total Net Assets 9,292,146 7.98 116,386,472 100.00 NETHERLANDS 157,134 Koninklijke KPN 1,719,832 1.48 74,901 Royal Dutch Shell - A Shares 1,865,797 1.60 141,553 Wolters Kluwer 2,333,147 2.01

5,918,776 5.09

219 JPMorgan Funds - Global Consumer Trends Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Consumer Discretionary 27.96 Health Care 17.03 Information Technology 13.23 Consumer Staples 11.26 Financials 9.48 Energy 8.12 Telecommunication Services 5.70 Industrials 3.01 Materials 0.46 Total Shares 96.25 Cash and Other Assets/(Liabilities) 3.75 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Consumer Discretionary 31.02 Health Care 17.10 Consumer Staples 12.61 Information Technology 8.81 Energy 7.69 Industrials 6.29 Telecommunication Services 5.02 Financials 2.17 Materials 0.90 Total Shares 91.61 Cash and Other Assets/(Liabilities) 8.39 Total 100.00

220 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 4,000,000 Pennon Group 20.08.14/4.625% 6,013,330 0.27 14,000,000 Petropavlovsk 18.02.15/4.000% 11,802,979 0.53 Preferred Shares 18,600,000 TUI Travel 05.10.14/6.000% 22,189,838 1.00 34,800,000 Vedanta Resources Jersey 32,146,061 UNITED STATES OF AMERICA 13.07.16/5.500% 1.44 235,200 Apache 11,626,110 0.52 91,569,545 4.11 20,584 Bank of America 14,691,178 0.66 128,629 Citigroup 13,086,173 0.59 NETHERLANDS 199,180 Ford Motor Capital Trust II 7,700,576 0.35 12,150,000 Celesio Finance 29.10.14/3.750% 13,911,750 0.63 339,649 General Motors 13,646,984 0.61 18,350,000 Portugal Telecom 8,944 Wells Fargo & Co. 6,717,332 0.30 International Finance 28.08.14/4.125% 18,533,500 0.83 17,500,000 Q-Cells International Finance 26.05.14/5.750% 12,075,000 0.54 67,468,353 3.03 7,750,000 Salzgitter Finance 06.10.16/1.125% 7,595,000 0.34 8,550,000 Salzgitter Finance 08.11.17/2.000% 9,343,184 0.42 Total Preferred Shares 67,468,353 3.03 12,250,000 Wereldhave 16.09.14/4.375% 13,383,125 0.60

74,841,559 3.36 Shares CAYMAN ISLANDS BERMUDA 5,600,000 BES Finance 19.05.15/3.000% 4,688,040 0.21 108,810 Seadrill 2,749,393 0.12 31,200,000 China Overseas Finance Investment Cayman 14.05.14/0.000% 28,999,964 1.30 2,749,393 0.12 25,750,000 EFG Ora Funding III 29.10.14/1.700% 16,425,925 0.74 36,000,000 Hengdeli Holdings 20.10.15/2.500% 4,024,020 0.18 Total Shares 2,749,393 0.12 29,000,000 Intime Department Store Group 27.10.13/1.750% 3,043,116 0.14 66,100,000 Soho China 7,443,781 Convertible Bonds 02.07.14/3.750% 0.33 12,200,000 Subsea 7 06.06.11/2.800% 9,756,266 0.44 JAPAN 4,938,000,000 Aeon 22.11.12/0.000% 53,394,809 2.40 74,381,112 3.34 2,063,000,000 Asahi Breweries 26.05.28/0.000% 19,428,620 0.87 PORTUGAL 4,160,000,000 Asahi Glass 14.11.12/0.000% 40,135,888 1.80 25,250,000 Parpublica - Participaçes 3,863,000,000 Hitachi 49,912,995 12.12.14/0.100% 2.24 Publicas 18.12.14/3.250% 22,997,700 1.03 1,715,000,000 Nidec 18.09.15/0.000% 17,089,210 0.77 41,100,000 Parpublica - Participaçes 1,492,000,000 Nippon Meat Packers 03.03.14/0.000% 14,232,126 0.64 Publicas 28.09.17/5.250% 42,507,675 1.91 2,119,000,000 ORIX 31.03.14/1.000% 24,828,172 1.11 444,000,000 Sawai Pharmaceutical 17.09.15/0.000% 4,200,277 0.19 65,505,375 2.94 1,468,000,000 Softbank 31.03.13/1.500% 18,708,479 0.84 1,584,000,000 Takashimaya 14.11.14/0.000% 15,954,893 0.72 JERSEY 2,460,000,000 Unicharm 24.09.13/0.000% 24,171,169 1.08 10,700,000 Dana Gas Sukuk 31.10.12/7.500% 7,521,410 0.34 860,000,000 Unicharm 24.09.15/0.000% 8,592,855 0.38 27,900,000 International Power Finance Jersey III 05.06.15/4.750% 30,166,875 1.35 290,649,493 13.04 14,200,000 WPP 19.05.14/5.750% 24,333,834 1.09 FRANCE 62,022,119 2.78 122,078,500 Air France-KLM 01.04.15/4.970% 19,862,172 0.89 917,379,400 Alcatel-Lucent 01.01.15/5.000% 30,594,603 1.37 UNITED STATES OF AMERICA 120,941,623 Altran Technologies 01.01.15/6.720% 5,974,516 0.27 12,040,000 Chesapeake Energy 15.11.35/2.750% 8,898,877 0.40 20,556,900 Cap Gemini 01.01.14/3.500% 8,874,414 0.40 29,551,000 Chesapeake Energy 15.12.38/2.250% 17,318,702 0.78 25,182,206 Club Mediterranee 01.11.15/6.110% 4,767,495 0.22 4,472,000 DR Horton 15.05.14/2.000% 3,801,926 0.17 48,613,200 Eurazeo 10.06.14/6.250% 29,026,942 1.30 23,319,000 Mylan 15.03.12/1.250% 18,540,995 0.83 29,479,100 Misarte 01.01.16/3.250% 45,443,507 2.04 10,920,000 Swiss Re America Holding 21.11.21/3.250%* 7,897,888 0.35 20,309,600 Nexans 01.01.16/4.000% 13,792,249 0.62 16,372,200 Orpea 01.01.16/3.875% 7,459,174 0.34 56,458,388 2.53 64,884,400 Peugeot 01.01.16/4.450% 21,674,634 0.97 INDIA 29,474,600 Publicis Groupe 30.07.14/3.125% 12,109,639 0.54 7,400,000 JSW Steel 28.06.12/0.000% 7,637,837 0.34 91,763,800 SOITEC 09.09.14/6.250% 9,130,498 0.41 14,100,000 Reliance Communications 01.03.12/0.000% 12,382,042 0.56 15,525,000 Technip 01.01.16/0.500% 14,292,315 0.64 2,197,000 Suzlon Energy 12.06.12/7.500% 1,967,451 0.09 5,202,000 Suzlon Energy 11.10.12/7.500% 4,752,658 0.21 223,002,158 10.01 5,600,000 Tata Motors 12.07.12/0.000% 5,806,115 0.26 SINGAPORE 1,900,000 Tata Steel 05.09.12/1.000% 1,730,561 0.08 76,000,000 CapitaLand 03.09.16/2.875% 45,693,696 2.05 17,295,000 Tata Steel 21.11.14/4.500% 15,843,044 0.71 16,700,000 Keppel Land 29.11.15/1.875% 9,608,591 0.43 33,000,000 Olam International 15.10.16/6.000% 34,521,334 1.55 50,119,708 2.25 26,000,000 Yanlord Land Group 13.07.14/5.850% 15,870,132 0.71 GERMANY 31,700,000 KfW - Kreditanstalt fuer 105,693,753 4.74 Wiederaufbau 30.07.14/1.500% 36,359,900 1.63 53,214,600 Q-Cells 21.10.15/6.750% 1,790,671 0.08 LUXEMBOURG 8,650,000 Steinhoff Finance Holding 22.05.16/5.000% 9,969,125 0.45 10,700,000 Acergy 11.10.13/2.250% 9,894,375 0.44 19,275,000 Actelion Finance 22.11.11/0.000% 16,672,367 0.75 48,119,696 2.16 10,500,000 Ageasfinlux 07.08.49/2.400%* 5,134,280 0.23 243,808 ArcelorMittal 01.04.14/7.250% 7,940,827 0.36 MALAYSIA 14,650,000 Controlinveste International 6,400,000 Cherating Capital 05.07.12/2.000%* 6,237,784 0.28 Finance 28.01.15/3.000% 13,122,005 0.59 5,400,000 Rafflesia Capital 04.10.11/1.250%* 5,801,429 0.26 34,250,000 Espirito Santo Financial Group 15.11.25/5.050%* 25,314,175 1.14 18,000,000 YTL Finance Labuan 18.03.15/1.875% 14,605,312 0.66 10,900,000 Intralot Luxembourg 20.12.13/2.250% 10,117,380 0.45 6,800,000 TMK Bonds 11.02.15/5.250% 5,570,167 0.25 26,644,525 1.20

93,765,576 4.21 ISLE OF MAN 28,600,000 AngloGold Ashanti Holdings UNITED KINGDOM Finance 22.05.14/3.500% 26,609,990 1.19 3,500,000 Aberdeen Asset Management 17.12.14/3.500% 4,969,824 0.22 4,300,000 British Airways 13.08.14/5.800% 7,893,764 0.36 26,609,990 1.19 5,100,000 Misys 22.11.15/2.500% 6,553,749 0.29

221 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

SPAIN 21,780,000 Gilead Sciences 01.05.13/0.625% 18,008,399 0.81 10,800,000 Abengoa 03.02.17/4.500% 9,477,000 0.42 3,670,000 Health Care REIT 01.12.26/4.750% 3,048,173 0.14 9,550,000 Fomento de Construcciones y 20,477,000 Health Care REIT 01.12.29/3.000% 16,434,190 0.74 Contratas 30.10.14/6.500% 8,650,390 0.39 14,408,000 Intel 15.12.35/2.950% 10,770,100 0.48 1,850,000 Pescanova 05.03.15/6.750% 2,005,400 0.09 43,747,000 Intel 01.08.39/3.250% 39,314,982 1.76 4,350,000 Sol Melia 18.12.14/5.000% 4,660,155 0.21 23,283,000 International Game Technology 01.05.14/3.250% 20,055,069 0.90 6,658,000 Lennar 144A 01.12.20/2.000% 4,945,844 0.22 24,792,945 1.11 3,098,000 Lennar 144A 15.12.20/2.750% 2,523,941 0.11 BERMUDA 26,687,000 Liberty Media 30.03.23/3.125% 22,439,236 1.01 7,750,000 Noble Group 13.06.14/0.000% 10,238,251 0.46 24,539,000 Life Technologies 15.02.24/1.500% 22,236,151 1.00 97,690,000 Yue Yuen Industrial Holdings 17.11.11/0.000% 11,212,366 0.50 14,781,000 Micron Technology 01.06.14/1.875% 10,373,019 0.47 50,038,000 Microsoft 144A 15.06.13/0.000% 40,252,302 1.81 21,450,617 0.96 1,000 Nasdaq OMX Group 15.08.13/2.500% 743 0.00 8,144,000 NetApp 01.06.13/1.750% 10,845,392 0.49 SOUTH KOREA 21,111,000 Newmont Mining 15.07.14/1.250% 22,597,258 1.01 2,600,000 LG Uplus 29.09.12/5.000%* 2,011,460 0.09 4,733,000 Peabody Energy 15.12.41/4.750% 4,602,436 0.21 19,300,000 SK Telecom 07.04.14/1.750% 17,524,824 0.78 10,794,000 ProLogis 15.03.15/3.250% 8,965,116 0.40 15,471,000 RadioShack 144A 01.08.13/2.500% 12,459,847 0.56 19,536,284 0.87 16,836,000 Rayonier TRS Holdings 15.10.12/3.750% 14,014,812 0.63 BRITISH VIRGIN ISLANDS 9,964,000 SanDisk 15.05.13/1.000% 7,215,708 0.32 28,800,000 Glory River Holdings 29.07.15/1.000% 3,063,068 0.14 12,699,000 Stanley Black & Decker 17.05.12/0.000%* 10,973,977 0.49 5,630,000 PB Issuer No 2 12.04.16/1.750% 4,241,089 0.19 39,527,000 Symantec 15.06.13/1.000% 33,678,144 1.51 113,100,000 Sherson 04.06.14/0.000% 12,030,553 0.54 1,000 Tech Data 15.12.26/2.750% 782 0.00 32,511,000 Teva Pharmaceutical Finance 01.02.26/0.250% 28,489,147 1.28 19,334,710 0.87 21,186,000 Vornado Realty 15.04.25/3.875% 17,675,431 0.79 31,919,000 Xilinx 15.03.37/3.125% 24,961,853 1.12 CANADA 12,000,000 First Quantum Minerals 19.06.14/6.000% 18,040,988 0.81 562,861,818 25.26 18,040,988 0.81 BERMUDA 12,000,000 Frontline/Bermuda 14.04.15/4.500% 8,466,162 0.38 SWITZERLAND 4,500,000 SeaDrill 08.11.12/3.625% 4,149,091 0.18 14,040,000 Swiss Prime Site 20.01.15/1.875% 11,843,574 0.53 17,100,000 Seadrill 27.10.17/3.375% 14,196,275 0.64

11,843,574 0.53 26,811,528 1.20 BELGIUM CANADA 11,750,000 Fortis Bank 19.12.49/3.024%* 5,904,375 0.27 6,035,000 Goldcorp 01.08.14/2.000% 5,502,441 0.25 3,450,000 Nyrstar 10.07.14/7.000% 5,659,725 0.25 27,100,000 PetroBakken Energy 08.02.16/3.125% 19,195,286 0.86

11,564,100 0.52 24,697,727 1.11 TAIWAN LUXEMBOURG 12,600,000 Acer 10.08.15/0.000% 10,603,331 0.48 21,517,000 ArcelorMittal 15.05.14/5.000% 23,152,322 1.04

10,603,331 0.48 23,152,322 1.04 AUSTRALIA NORWAY 8,800,000 CFS Retail Property Trust 21.08.14/5.075% 6,490,834 0.29 7,500,000 Marine Harvest 23.02.15/4.500% 9,178,125 0.41 3,100,000 Commonwealth Property 7,900,000 Renewable Energy 04.06.14/6.500% 6,843,375 0.31 Office Fund 11.12.16/5.250% 2,220,203 0.10 16,021,500 0.72 8,711,037 0.39 SOUTH KOREA AUSTRIA 7,200,000 KCC 06.05.14/3.500% 11,738,400 0.53 5,000,000 Immofinanz 19.11.17/1.250% 5,037,500 0.23 11,738,400 0.53 5,037,500 0.23 BAHAMAS ITALY 9,200,000 Petrominerales 25.08.16/2.625% 7,749,052 0.35 3,150,000 Beni Stabili 23.04.15/3.875% 3,090,150 0.14 7,749,052 0.35 3,090,150 0.14 NETHERLANDS ANTILLES Total Convertible Bonds 1,443,388,233 64.77 8,468,000 Teva Pharmaceutical Finance 01.02.26/1.750% 6,867,270 0.31

Total Transferable Securities Admitted to an 1,513,605,979 67.92 6,867,270 0.31 Official Exchange Listing MEXICO Transferable Securities Dealt in on Another Regulated Market 8,000,000 Cemex SAB de 144A 15.03.15/4.875% 6,562,395 0.29

Convertible Bonds 6,562,395 0.29 UNITED STATES OF AMERICA SWEDEN 32,473,000 Alcatel-Lucent USA 15.06.25/2.875% 22,970,748 1.03 52,000,000 SAS 01.04.15/7.500% 5,256,144 0.23 13,728,000 Beckman Coulter 15.12.36/2.500% 11,811,953 0.53 13,459,000 Best Buy 15.01.22/2.250% 10,713,845 0.48 5,256,144 0.23 18,888,000 Boston Properties 15.05.36/3.750% 15,652,455 0.70 FINLAND 30,643,000 Cephalon 01.05.14/2.500% 26,137,316 1.17 1,800,000 Talvivaara Mining 16.12.15/4.000% 1,877,130 0.08 5,530,000 Corporate Office Properties 144A 15.04.30/4.250% 4,226,614 0.19 1,877,130 0.08 11,345,000 EMC/Massachusetts 01.12.11/1.750% 12,269,489 0.55 24,182,000 EMC/Massachusetts 01.12.13/1.750% 27,306,190 1.23 Total Convertible Bonds 693,595,286 31.12 32,291,000 Gilead Sciences 01.05.11/0.500% 24,891,156 1.12

222 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Investment Funds Allocation of Portfolio as at 30 June 2010 % of LUXEMBOURG Net Assets 24,825,757 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist)) 24,825,757 1.11 Fixed Income Securities United States of America 32.14 24,825,757 1.11 Japan 9.11 France 8.27 Cayman Islands Total Investment Funds 24,825,757 1.11 6.13 Netherlands 5.22 Luxembourg 4.97 Total Transferable Securities Dealt in on Another 718,421,043 32.23 Regulated Market United Kingdom 3.53 Singapore 3.39 2,232,027,022 100.15 Total Investments Jersey 2.32 Germany 2.31 Bank Overdraft (2,295,003) (0.10) South Korea 2.31 Malaysia 1.94 Other Assets/(Liabilities) (1,101,144) (0.05) India 1.93 Bermuda 1.50 Total Net Assets 2,228,630,875 100.00 Isle of Man 1.46 Canada 1.45 Panama 1.35 * Variable coupon rates are those quoted as at 31 December 2010. Belgium 1.31 Portugal 1.31 Spain 1.16 Aruba 0.99 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Hungary 0.67 Net Assets Australia 0.57 Fixed Income Securities British Virgin Islands 0.47 United States of America 27.79 Norway 0.38 Japan 13.04 Switzerland 0.36 France 10.01 Netherlands Antilles 0.28 Luxembourg 5.25 Mexico 0.23 Singapore 4.74 Austria 0.20 United Kingdom 4.11 Italy 0.17 Netherlands 3.36 Sweden 0.17 Cayman Islands 3.34 Total Fixed Income Securities 97.60 Portugal 2.94 Shares Jersey 2.78 Financials 1.94 India 2.25 Consumer Discretionary 0.22 Bermuda 2.16 Total Shares Germany 2.16 2.16 Canada 1.92 Bank Overdraft and Other Assets/(Liabilities) 0.24 South Korea 1.40 Total 100.00 Malaysia 1.20 Isle of Man 1.19 Spain 1.11 British Virgin Islands 0.87 Norway 0.72 Switzerland 0.53 Belgium 0.52 Taiwan 0.48 Australia 0.39 Bahamas 0.35 Netherlands Antilles 0.31 Mexico 0.29 Sweden 0.23 Austria 0.23 Italy 0.14 Finland 0.08 Total Fixed Income Securities 95.89 Shares Financials 1.55 Investment Companies 1.11 Consumer Discretionary 0.96 Energy 0.64 Total Shares 4.26 Bank Overdraft and Other Assets/(Liabilities) (0.15) Total 100.00

223 JPMorgan Funds - Global Convertibles Fund (EUR) Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

04-Jan-11 GBP 50 EUR 59 (1) 13-Jan-11 EUR 43,592,263 GBP 36,918,165 661,655 13-Jan-11 GBP 165,663,862 EUR 197,622,602 (4,978,949) 14-Jan-11 CHF 137,942,490 EUR 106,292,460 4,149,932 14-Jan-11 EUR 65,413 CHF 83,493 (1,435) 24-Jan-11 AUD 7,983,654 EUR 5,966,944 84,338 24-Jan-11 EUR 14,139,040 AUD 19,106,791 (343,124) 24-Jan-11 EUR 19,911,664 CHF 25,762,507 (716,922) 24-Jan-11 EUR 74,013,838 GBP 62,888,596 891,311 24-Jan-11 EUR 39,098,039 HKD 409,278,272 (218,675) 24-Jan-11 EUR 280,090,223 JPY 31,307,084,646 (7,675,063) 24-Jan-11 EUR 59,236,673 SGD 103,664,178 (1,194,719) 24-Jan-11 EUR 1,148,150,076 USD 1,545,543,991 (5,690,261) 24-Jan-11 GBP 5,253,919 EUR 6,192,958 (84,062) 24-Jan-11 USD 93,267,154 EUR 70,493,286 (863,819) 17-Feb-11 CHF 1,808 EUR 1,455 (6)

Total (15,979,800)

224 JPMorgan Funds - Global Corporate Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 850,000 Barclays Bank 21.05.21/10.000% 1,623,824 0.34 2,350,000 BAT International Finance 12.12.19/6.375% 4,117,359 0.85 Bonds 585,000 British Telecommunications 11.07.14/6.125% 866,375 0.18 2,315,000 British Telecommunications 4,334,959 UNITED STATES OF AMERICA 07.12.16/8.750% 0.90 925,000 CRH Finance UK 1,606,710 650,000 Ahold Finance USA 14.03.17/6.500% 1,139,079 0.24 24.04.15/8.250% 0.33 350,000 Hammerson 537,681 4,255,000 Altria Group 10.11.18/9.700% 5,580,798 1.15 23.02.26/6.000% 0.11 2,945,000 HSBC Holdings 4,379,632 2,605,000 American Express Credit 25.08.14/5.125% 2,796,131 0.58 20.12.27/5.750% 0.91 1,895,000 Imperial Tobacco Finance 3,821,146 550,000 American Express Credit 01.10.14/5.375% 898,002 0.18 17.02.22/9.000% 0.79 5,000,000 Anheuser-Busch InBev 3,580,000 Legal & General Group 08.06.25/4.000%* 4,327,837 0.89 Worldwide 15.01.15/4.125% 5,259,940 1.09 1,100,000 Lloyds TSB Bank 15.04.24/7.500% 1,809,945 0.37 2,895,000 AT&T 15.01.38/6.300% 3,042,150 0.63 700,000 National Grid Gas 13.05.38/6.000% 1,205,263 0.25 400,000 Bank of America 15.09.21/6.125% 603,285 0.12 2,150,000 Nationwide Building Society 20.01.15/3.750% 2,834,740 0.59 5,200,000 Capital One Bank USA 13.06.13/6.500% 5,667,584 1.17 200,000 Nationwide Building Society 22.12.16/1.242%* 244,436 0.05 910,000 CBS 15.10.40/5.900% 870,879 0.18 651,000 OTE 05.08.13/5.000% 830,525 0.17 9,865,000 Citigroup 15.10.14/5.500% 10,613,004 2.19 170,000 Prudential 29.05.39/11.375%* 346,649 0.07 3,410,000 Citigroup 21.11.17/6.125% 3,733,193 0.77 1,500,000 RBS 29.04.24/7.500% 2,433,927 0.50 400,000 Community Health Systems 15.07.15/8.875% 420,490 0.09 1,205,000 Standard Chartered 144A 18.11.14/5.500% 1,303,350 0.27 2,327,000 ConocoPhillips 01.02.14/4.750% 2,520,385 0.52 2,800,000 Standard Chartered Bank 26.09.17/5.875% 3,934,422 0.81 845,000 ConocoPhillips 01.02.39/6.500% 995,690 0.20 1,100,000 UBS/London 11.04.18/6.625% 1,910,584 0.40 1,000,000 Constellation Brands 01.09.16/7.250% 1,055,772 0.22 1,950,000 Vodafone Group 05.12.17/5.375% 3,261,504 0.67 500,000 Cooper 15.02.15/7.125% 517,500 0.11 400,000 Corrections Corp. of Amercia 01.06.17/7.750% 429,020 0.09 52,986,841 10.95 110,000 Countrywide Financial 17.02.11/5.125% 171,810 0.03 NETHERLANDS 3,945,000 Crédit Suisse/New York 15.02.18/6.000% 4,242,023 0.88 774,000 Aegon 16.12.39/6.625% 1,182,486 0.24 730,000 Darden Restaurants 15.10.37/6.800% 781,421 0.16 500,000 Conti-Gummi Finance 15.01.16/6.500% 687,491 0.14 400,000 Denbury Resources 01.03.16/9.750% 446,107 0.09 4,055,000 Daimler International Finance 16.01.14/7.875% 6,282,342 1.30 1,045,000 Duke Realty 15.03.20/6.750% 1,141,432 0.24 500,000 EDP Finance 12.06.12/4.250% 683,479 0.14 500,000 El Paso 01.06.18/7.250% 535,037 0.11 200,000 EDP Finance 04.01.24/8.625% 331,195 0.07 1,845,000 Entergy Arkansas 15.02.21/3.750% 1,768,785 0.36 930,000 HeidelbergCement Finance 31.01.17/8.000% 1,332,887 0.28 480,000 Enterprise Products Operating 15.04.38/7.550% 572,241 0.12 450,000 ING Bank 29.05.23/6.875%* 710,454 0.15 1,000,000 Frontier Communications 15.03.15/6.625% 1,045,957 0.22 1,125,000 Nomura Europe Finance 23.03.17/5.500% 1,811,271 0.37 6,620,000 General Electric 06.12.17/5.250% 7,153,433 1.48 4,200,000 Rabobank Nederland 21.04.17/3.375% 5,601,128 1.16 5,700,000 General Electric Capital 13.05.14/5.900% 6,293,883 1.30 4,575,000 Shell International Finance 28.06.15/3.100% 4,687,893 0.97 1,920,000 General Electric Capital 14.01.38/5.875% 1,966,307 0.41 400,000 Glatfelter 01.05.16/7.125% 416,500 0.09 23,310,626 4.82 5,000,000 Goldman Sachs Group 15.11.14/5.500% 5,425,110 1.12 4,360,000 Goldman Sachs Group 01.08.15/3.700% 4,432,533 0.91 FRANCE 650,000 Goldman Sachs Group 23.10.19/5.125% 857,786 0.18 1,400,000 Arkema 25.10.17/4.000% 1,844,431 0.38 400,000 Hanesbrands 15.12.16/8.000% 428,191 0.09 200,000 Autoroutes du Sud de la France 04.07.22/5.625% 294,691 0.06 1,000,000 Health Care REIT 15.04.20/6.125% 1,047,646 0.22 2,100,000 Casino Guichard Perrachon 12.11.18/4.481% 2,840,290 0.59 750,000 Health Management Associates 15.04.16/6.125% 768,487 0.16 1,000,000 Cie de St-Gobain 15.12.16/5.625% 1,653,416 0.34 1,000,000 Host Hotels & Resorts 01.06.16/6.750% 1,029,262 0.21 800,000 Pernod-Ricard 15.01.15/7.000% 1,183,645 0.25 2,525,000 HSBC Finance 27.11.12/6.375% 2,736,600 0.56 2,503,000 PPR 03.04.14/8.625% 3,936,967 0.81 2,850,000 International Paper 15.06.18/7.950% 3,374,443 0.70 2,680,000 RCI Banque 27.01.15/4.375% 3,675,567 0.76 400,000 Jarden 01.05.16/8.000% 435,791 0.09 1,250,000 Société Générale 17.12.15/3.875% 1,934,157 0.40 525,000 Kraft Foods 11.08.17/6.500% 609,847 0.13 2,620,000 Veolia Environnement 12.02.16/4.000% 3,648,214 0.75 1,750,000 Kraft Foods 10.02.20/5.375% 1,879,937 0.39 660,000 Kraft Foods 11.08.37/7.000% 768,167 0.16 21,011,378 4.34 620,000 Kraft Foods 26.01.39/6.875% 714,610 0.15 CANADA 1,565,000 Kroger 15.08.17/6.400% 1,777,303 0.37 1,070,000 Canadian Pacific Railway 15.05.19/7.250% 1,269,442 0.26 1,729,000 Mack-Cali Realty 15.08.19/7.750% 2,006,373 0.41 275,000 Nexen 10.03.35/5.875% 253,427 0.05 6,100,000 MetLife 01.06.16/6.750% 7,010,821 1.45 1,300,000 Nexen 15.05.37/6.400% 1,257,872 0.26 460,000 Nevada Power 15.03.19/7.125% 540,422 0.11 250,000 Rogers Communications 15.06.13/6.250% 276,367 0.06 970,000 Nisource Finance 15.01.19/6.800% 1,119,141 0.23 2,775,000 Rogers Communications 01.03.14/6.375% 3,104,531 0.64 5,000,000 Occidental Petroleum 13.12.13/1.450% 5,014,215 1.03 2,530,000 Suncor Energy 15.06.38/6.500% 2,785,037 0.58 1,000,000 Owens Corning 01.12.16/6.500% 1,057,277 0.22 135,000 Thomson Reuters 15.07.13/5.950% 149,738 0.03 1,155,000 Pacific Gas & Electric 15.01.40/5.400% 1,142,692 0.24 575,000 Xstrata Canada Financial 27.05.20/7.375% 1,013,130 0.21 2,140,000 Philip Morris International 16.05.18/5.650% 2,423,980 0.50 3,300,000 Plains All American Pipeline 15.01.20/5.750% 3,525,769 0.73 10,109,544 2.09 850,000 Service Corp. International 01.04.15/6.750% 875,500 0.18 2,400,000 SES Global Americas Holdings 09.07.14/4.875% 3,427,366 0.71 SPAIN 850,000 Sprint Capital 01.05.19/6.900% 834,297 0.17 600,000 BBVA Subordinated Capital 03.04.17/1.112%* 724,992 0.15 1,000,000 Supervalu 01.05.16/8.000% 958,683 0.20 550,000 Gas Natural Capital Markets 09.07.14/5.250% 748,802 0.15 550,000 Time Warner 15.03.40/6.200% 581,264 0.12 1,050,000 Santander Issuances Unipersonal 31.01.18/5.750%* 1,546,366 0.32 850,000 Time Warner Cable 01.07.18/6.750% 980,493 0.20 1,500,000 Santander Issuances UBS/Stamford 3,013,263 2,740,000 20.12.17/5.875% 0.62 Unipersonal 27.07.19/7.300%* 2,284,507 0.47 Vail Resorts 407,000 400,000 15.02.14/6.750% 0.08 1,600,000 Telefonica Emisiones 27.04.20/5.134% 1,542,448 0.32 1,385,000 Ventas Realty 30.11.15/3.125% 1,332,486 0.27 4,690,000 Verizon Communications 01.04.19/6.350% 5,408,503 1.12 6,847,115 1.41 395,000 Verizon Wireless Capital 15.11.13/7.375% 457,418 0.09 4,200,000 Wachovia Bank 15.03.16/5.600% 4,543,711 0.94 JERSEY 1,500,000 Wal-Mart Stores 25.10.40/5.000% 1,448,189 0.30 820,000 BAA Funding 03.12.26/6.750% 1,382,232 0.28 1,230,000 Watson Pharmaceuticals 15.08.19/6.125% 1,357,920 0.28 1,200,000 UBS/Jersey 21.06.21/5.250%* 1,881,799 0.39 1,265,000 WellPoint 15.08.40/5.800% 1,268,851 0.26 1,925,000 WPP 04.04.17/6.000% 3,222,202 0.67 2,700,000 Williams Partners 01.02.17/7.250% 3,130,348 0.65 1,000,000 Windstream 01.08.16/8.625% 1,048,317 0.22 6,486,233 1.34 2,110,000 Zurich Finance USA 15.06.25/4.500%* 2,807,598 0.58 GERMANY 570,000 Merck Financial Services 24.03.20/4.500% 783,905 0.16 156,685,448 32.37 2,345,000 Metro 05.03.15/7.625% 3,697,591 0.76 UNITED KINGDOM 715,000 Muenchener Rueckversicherungs 21.06.23/6.750%* 1,001,579 0.21 940,000 Aviva 20.05.58/6.875%* 1,383,862 0.29 950,000 BAA 01.03.17/7.125% 1,466,941 0.30 5,483,075 1.13 3,265,000 Barclays Bank 23.01.18/6.000% 4,405,170 0.91

225 JPMorgan Funds - Global Corporate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

AUSTRALIA 400,000 Chesapeake Energy 15.08.17/6.500% 401,523 0.08 565,000 ANZ Banking Group 10.09.19/5.125% 766,923 0.16 1,200,000 Cisco Systems 15.01.40/5.500% 1,248,970 0.26 1,275,000 Commonwealth Bank of 1,500,000 Comcast 15.01.14/5.300% 1,631,113 0.34 Australia 25.02.20/4.375% 1,736,140 0.36 2,015,000 Comcast 15.05.38/6.400% 2,135,445 0.44 1,350,000 National Australia Bank 08.11.17/3.625% 2,024,163 0.41 972,374 Continental Airlines 2009-2 10.11.19/7.250% 1,084,197 0.22 640,000 Westpac Banking 27.02.15/4.200% 671,025 0.14 1,500,000 Crédit Suisse/New York 15.05.13/5.000% 1,612,087 0.33 500,000 Crown Americas 15.05.17/7.625% 535,612 0.11 5,198,251 1.07 875,993 CVS Pass Through Trust 144A 10.01.32/7.507% 993,400 0.21 LUXEMBOURG 3,050,000 DCP Midstream 144A 15.03.20/5.350% 3,144,715 0.65 800,000 Enel Finance International 14.09.40/5.750% 1,214,514 0.25 1,226,963 Delta Air Lines 2007-1 A Pass 880,000 Hannover Finance Luxembourg 26.02.24/5.750%* 1,183,447 0.25 Through Trust 10.08.22/6.821% 1,300,581 0.27 1,300,000 Tyco International Finance 15.10.14/4.125% 1,375,066 0.28 1,000,000 Delta Air Lines 2010-2 A Pass Through Trust 23.05.19/4.950% 1,006,250 0.21 645,000 Tyco International Finance 15.01.19/8.500% 818,715 0.17 883,467 Delta Air Lines 2009-1 A Pass 300,000 Wind Acquisition Finance 404,849 15.02.18/7.375% 0.08 Through Trust 17.12.19/7.750% 978,440 0.20 605,000 DirecTV Holdings/DirecTV 4,996,591 1.03 Financing 15.05.16/7.625% 670,435 0.14 CAYMAN ISLANDS 3,275,000 Discover Bank/Greenwood 18.11.19/8.700% 3,841,647 0.79 300,000 UPCB Finance 15.01.20/7.625% 423,936 0.09 710,000 Discovery Communications 01.06.40/6.350% 763,263 0.16 3,975,000 Vale Overseas 15.09.19/5.625% 4,232,604 0.88 400,000 DISH DBS 01.02.16/7.125% 411,720 0.09 600,000 DISH DBS 01.09.19/7.875% 628,157 0.13 4,656,540 0.97 1,400,000 Enterprise Products Operating 01.09.40/6.450% 1,497,852 0.31 1,000,000 Fidelity National Information IRELAND Services 144A 15.07.20/7.875% 1,061,250 0.22 2,000,000 GE Capital UK Funding 28.09.17/4.125% 3,126,840 0.65 500,000 First Data 144A 15.08.20/8.875% 527,500 0.11 300,000 Smurfit Kappa Acquisitions 15.11.17/7.250% 416,402 0.08 1,000,000 Ford Motor Credit 01.10.14/8.700% 1,124,547 0.23 250,000 GCI 15.11.19/8.625% 271,875 0.06 3,543,242 0.73 199,000 Georgia-Pacific 144A 15.01.15/7.000% 205,874 0.04 BERMUDA 600,000 HCA 15.11.16/9.250% 640,057 0.13 975,000 Holcim GB Finance 24.04.17/8.750% 1,852,851 0.38 400,000 HCA 15.11.16/9.625%* 428,638 0.09 1,460,000 Weatherford International 1,700,000 HCP 30.01.17/6.000% 1,774,783 0.37 Bermuda 15.09.40/6.750% 1,515,451 0.32 895,000 Health Care REIT 15.09.17/4.700% 893,172 0.18 1,330,000 Health Care REIT 15.01.21/4.950% 1,286,546 0.27 3,368,302 0.70 400,000 JDA Software Group 15.12.14/8.000% 433,000 0.09 3,105,000 LG&E and KU Energy 144A 15.11.15/2.125% 2,974,264 0.61 SWEDEN 1,189,000 Metropolitan Life Global Funding 760,000 Nordea Bank 29.03.21/4.000% 945,531 0.20 I 144A 10.04.13/5.125% 1,276,183 0.26 1,485,000 Volvo Treasury 31.05.17/5.000% 2,097,239 0.43 200,000 Metropolitan Life Global Funding I 144A 18.09.13/5.200% 216,469 0.04 3,042,770 0.63 675,000 Midamerican Energy Holdings 15.09.37/6.500% 757,160 0.16 ITALY 6,930,000 Morgan Stanley 13.05.14/6.000% 7,469,854 1.54 1,000,000 Intesa Sanpaolo 28.01.22/5.250% 1,478,124 0.30 3,000,000 Morgan Stanley 02.11.15/3.450% 2,925,696 0.60 1,150,000 Telecom Italia 10.02.22/5.250% 1,488,557 0.31 625,000 Morgan Stanley 01.04.18/6.625% 680,574 0.14 1,000,000 Mylan 144A 15.07.20/7.875% 1,077,500 0.22 2,966,681 0.61 1,900,000 NBC Universal 144A 01.04.14/2.100% 1,895,106 0.39 1,440,000 NBC Universal 144A 01.04.21/4.375% 1,394,025 0.29 DENMARK 1,000,000 NBC Universal 144A 01.04.41/5.950% 990,332 0.20 1,545,000 Carlsberg Breweries 28.11.16/7.250% 2,810,465 0.58 725,000 Nevada Power 15.09.40/5.375% 691,386 0.14 2,375,000 News America 15.11.37/6.650% 2,608,232 0.54 2,810,465 0.58 900,000 NRG Energy 01.02.16/7.375% 920,510 0.19 ISLE OF MAN 1,105,000 Oncor Electric Delivery 144A 30.09.40/5.250% 1,051,655 0.22 2,670,000 AngloGold Ashanti Holdings 15.04.20/5.375% 2,773,855 0.57 930,000 Oracle 144A 15.07.20/3.875% 926,517 0.19 600,000 Oracle 144A 15.07.40/5.375% 607,606 0.13 2,773,855 0.57 3,620,000 Prudential Financial 15.06.19/7.375% 4,253,641 0.88 660,000 Prudential Financial 15.11.40/6.200% 691,896 0.14 NORWAY 500,000 Qwest Communications 800,000 DnB NOR Bank 29.01.18/6.170%* 1,310,325 0.27 International 15.02.14/7.500% 508,124 0.10 500,000 Qwest Communications 1,310,325 0.27 International 144A 01.04.18/7.125% 519,608 0.11 300,000 Reynolds Group Issuer 15.10.16/7.750% 421,927 0.09 LIBERIA 1,000,000 Reynolds Group Issuer 144A 15.04.19/7.125% 1,022,500 0.21 300,000 Royal Caribbean Cruises 27.01.14/5.625% 404,849 0.08 3,375,000 Rockies Express Pipeline 144A 15.04.15/3.900% 3,333,612 0.69 150,000 Service Corp. International 15.06.17/7.000% 153,750 0.03 404,849 0.08 425,000 Tenet Healthcare 01.05.18/10.000% 474,204 0.10 1,605,000 UnitedHealth Group 15.10.40/5.700% 1,583,369 0.33 317,992,131 65.69 Total Bonds 400,000 US Treasury (i) 13.01.11/0.000% 399,764 0.08 1,478,000 US Treasury (i) 10.02.11/0.000% 1,477,145 0.31 Total Transferable Securities Admitted to an 317,992,131 65.69 Official Exchange Listing 60,000 US Treasury (i) 15.02.12/1.375% 60,684 0.01 800,000 US Treasury 15.09.13/0.750% 796,750 0.17 Transferable Securities Dealt in on Another Regulated Market 205,000 US Treasury (i) 15.08.20/2.625% 193,949 0.04 415,000 US Treasury (i) 15.05.40/4.375% 414,546 0.09 Bonds 845,000 Williams Partners 15.04.40/6.300% 872,069 0.18 885,000 Xcel Energy 15.05.20/4.700% 916,974 0.19 UNITED STATES OF AMERICA 950,000 Amkor Technology 01.05.18/7.375% 987,123 0.20 98,025,484 20.25 2,400,000 Anheuser-Busch InBev Worldwide 144A 15.11.19/6.875% 2,861,918 0.59 MEXICO 2,325,000 Bank of America 01.08.16/6.500% 2,512,028 0.52 3,500,000 America Movil 30.03.15/3.625% 3,612,903 0.75 1,750,000 Bank of America 15.06.17/6.100% 1,813,661 0.37 3,495,000 America Movil 30.03.20/5.000% 3,653,848 0.75 3,630,000 Bank of America 01.05.18/5.650% 3,730,573 0.77 2,150,000 Grupo Bimbo 144A 30.06.20/4.875% 2,167,323 0.45 900,000 Biomet 15.10.17/10.375%* 983,451 0.20 1,000,000 Burlington Northern Santa Fe 01.05.17/5.650% 1,110,910 0.23 9,434,074 1.95 1,350,000 Burlington Northern Santa Fe 1,389,633 01.05.40/5.750% 0.29 CANADA 2,000,000 Capital One Bank USA 2,449,818 15.07.19/8.800% 0.51 1,200,000 Agrium 15.01.41/6.125% 1,249,511 0.26 1,000,000 Case New Holland 144A 1,096,139 01.12.17/7.875% 0.23 5,000,000 Cenovus Energy 15.09.14/4.500% 5,348,810 1.10

226 JPMorgan Funds - Global Corporate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

605,000 TransCanada Pipelines 01.06.40/6.100% 661,607 0.14 400,000 Videotron Ltee 15.12.15/6.375% 411,000 0.08 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 1,000,000 Xstrata Finance Canada 144A 15.11.16/5.800% 1,095,227 0.23 Net Assets 85,000 Xstrata Finance Canada 144A 15.11.37/6.900% 92,092 0.02 Fixed Income Securities United States of America 52.62 8,858,247 1.83 United Kingdom 11.77 Netherlands 5.75 SWEDEN France 4.34 2,000,000 Nordea Bank 144A 04.10.13/1.750% 1,988,310 0.41 Canada 3.92 5,295,000 Svenska Handelsbanken 144A 10.06.14/4.875% 5,647,986 1.17 Sweden 2.21 Mexico 1.95 7,636,296 1.58 Cayman Islands 1.62 NETHERLANDS Spain 1.41 4,550,000 ING Bank 144A 18.10.13/2.000% 4,499,154 0.93 Jersey 1.34 Germany 1.13 4,499,154 0.93 Luxembourg 1.11 Australia 1.07 UNITED KINGDOM Ireland 0.95 3,300,000 Anglo American Capital 144A 08.04.14/9.375% 3,964,597 0.82 Bermuda 0.70 Italy 0.61 3,964,597 0.82 Denmark 0.58 CAYMAN ISLANDS Isle of Man 0.57 3,000,000 Hutchison Whampoa British Virgin Islands 0.44 International 144A 11.09.15/4.625% 3,165,066 0.65 Netherlands Antilles 0.42 Belgium 0.37 3,165,066 0.65 Norway 0.27 BRITISH VIRGIN ISLANDS Liberia 0.08 2,305,000 Gold Fields Orogen Holding 144A 07.10.20/4.875% 2,129,055 0.44 Total Fixed Income Securities 95.23 Investment Funds 2,129,055 0.44 Luxembourg 0.57 Total Investment Funds NETHERLANDS ANTILLES 0.57 2,000,000 Teva Pharmaceutical Finance II 15.06.15/3.000% 2,028,634 0.42 Cash and Other Assets/(Liabilities) 4.20 Total 100.00 2,028,634 0.42 BELGIUM 1,885,000 Delhaize Group 144A 01.10.40/5.700% 1,799,990 0.37

1,799,990 0.37 Allocation of Portfolio as at 30 June 2010 % of Net Assets IRELAND Fixed Income Securities 1,000,000 Ardagh Packaging Finance 144A 15.10.17/7.375% 1,035,000 0.22 United States of America 50.76 United Kingdom 12.67 1,035,000 0.22 France 4.58 LUXEMBOURG Netherlands 4.52 400,000 Intelsat Jackson Holdings 144A 15.10.20/7.250% 404,021 0.08 Luxembourg 4.40 Canada 4.19 404,021 0.08 Spain 2.50 Australia 1.96 Total Bonds 142,979,618 29.54 Germany 1.94 Italy 1.41 Investment Funds Sweden 1.24 LUXEMBOURG Cayman Islands 1.21 196 JPMorgan Liquidity Funds - US Dollar Liquidity Fund Mexico 1.07 (JPM US Dollar Liquidity X (acc)) 2,764,611 0.57 Bermuda 0.83 Denmark 0.51 2,764,611 0.57 Isle of Man 0.48 Jersey 0.30 Total Investment Funds 2,764,611 0.57 Ireland 0.15 Liberia 0.14 Total Transferable Securities Dealt in on Another 145,744,229 30.11 Belgium 0.13 Regulated Market Total Fixed Income Securities 94.99 Total Investments 463,736,360 95.80 Investment Funds Luxembourg 2.45 Cash 7,889,841 1.63 Total Investment Funds 2.45 Cash and Other Assets/(Liabilities) 2.56 Other Assets/(Liabilities) 12,440,989 2.57 Total 100.00 Total Net Assets 484,067,190 100.00

* Variable coupon rates are those quoted as at 31 December 2010. (i) Security partially or totally held as collateral against futures positions by the broker.

227 JPMorgan Funds - Global Corporate Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 87 Canada 10 Year Bond Future CAD 10,654,645 (7,556) Mar-11 110 Euro-Bobl Future EUR 17,500,985 (17,855) Mar-11 83 Euro-Bund Future EUR 13,931,257 (75,960) Mar-11 315 Euro-Schatz Future EUR 45,992,124 31,551 Mar-11 10 Japan 10 Year Bond Future JPY 17,307,976 (2,462) Mar-11 (151) Long Gilt Future GBP (28,099,685) 87,068 Mar-11 8 Short Gilt Future GBP 1,361,430 (4,299) Mar-11 8 US 2 Year Note Future USD 1,750,063 (4,188) Mar-11 (436) US 5 Year Note Future USD (51,241,922) 753,367 Mar-11 (278) US 10 Year Note Future USD (33,409,953) 915,063 Mar-11 91 US Long Bond Future USD 11,063,609 (108,469)

Total 1,566,260

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

03-Jan-11 SEK 3,092,300 USD 451,827 9,517 03-Jan-11 USD 451,570 SEK 3,089,947 (9,423) 14-Jan-11 EUR 185,799,398 USD 245,423,659 3,446,548 14-Jan-11 GBP 69,666,461 USD 109,849,018 (1,337,721) 14-Jan-11 SEK 443,647,400 USD 64,058,840 2,107,967 14-Jan-11 USD 13,223,686 EUR 9,995,859 (165,333) 14-Jan-11 USD 4,013,887 GBP 2,572,481 7,035 14-Jan-11 USD 2,371,806 SEK 16,285,856 (57,111) 17-Feb-11 EUR 2,189,449 USD 2,895,843 36,668 17-Feb-11 GBP 263,372 USD 413,578 (3,465) 17-Feb-11 SEK 401,564 USD 59,339 480 17-Feb-11 USD 78,592,736 EUR 59,432,271 (1,009,855) 17-Feb-11 USD 10,788 EUR 8,124 (93) 17-Feb-11 USD 72,441,401 GBP 45,897,361 971,946

Total 3,997,160

228 JPMorgan Funds - Global Credit Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing CANADA 100,000 Canadian Pacific Railway 15.05.19/7.250% 118,639 0.44 Bonds 10,000 Nexen 10.03.35/5.875% 9,216 0.03 100,000 Nexen 15.05.37/6.400% 96,759 0.36 UNITED STATES OF AMERICA 50,000 Suncor Energy 15.06.38/6.500% 55,040 0.21 300,000 ACCO Brands 15.03.15/10.625% 339,750 1.27 150,000 Altria Group 196,738 10.11.18/9.700% 0.73 279,654 1.04 125,000 Anadarko Petroleum 15.09.17/6.375% 135,557 0.51 110,000 CBS 15.10.40/5.900% 105,271 0.39 GUERNSEY 70,000 Citigroup 21.11.17/6.125% 76,634 0.29 250,000 Credit Suisse/Guernsey 15.05.17/0.976%* 185,063 0.69 205,000 Citigroup 09.08.20/5.375% 211,855 0.79 350,000 Community Health Systems 15.07.15/8.875% 367,928 1.37 185,063 0.69 300,000 ConocoPhillips 324,932 01.02.14/4.750% 1.21 CAYMAN ISLANDS 400,000 Constellation Brands 422,309 01.09.16/7.250% 1.58 150,000 Vale Overseas 21.11.36/6.875% 163,405 0.61 170,000 Crédit Suisse/New York 15.02.18/6.000% 181,895 0.68 Denbury Resources 557,634 500,000 01.03.16/9.750% 2.08 163,405 0.61 60,000 Duke Realty 15.03.20/6.750% 65,537 0.24 250,000 Frontier Communications 15.03.15/6.625% 261,489 0.98 IRELAND 450,000 General Electric 06.12.17/5.250% 486,261 1.81 150,000 UT2 Funding 30.06.16/5.321% 150,424 0.56 90,000 Goldman Sachs Group 01.08.15/3.700% 91,497 0.34 100,000 Goldman Sachs Group 01.04.18/6.150% 109,499 0.41 150,424 0.56 65,000 Goldman Sachs Group 15.02.19/7.500% 75,917 0.28 BRITISH VIRGIN ISLANDS Hanesbrands 428,191 400,000 15.12.16/8.000% 1.60 130,000 Gerdau Trade 30.01.21/5.750% 130,520 0.49 60,000 Health Care REIT 15.04.20/6.125% 62,859 0.23 400,000 Health Management Associates 15.04.16/6.125% 409,860 1.53 130,520 0.49 400,000 Host Hotels & Resorts 01.06.16/6.750% 411,705 1.54 200,000 International Paper 15.06.18/7.950% 236,803 0.88 ITALY 400,000 Iron Mountain 15.07.18/8.750% 422,000 1.57 100,000 Intesa Sanpaolo 14.10.19/8.375%* 128,933 0.48 100,000 Kraft Foods 11.08.37/7.000% 116,085 0.43 125,000 Mack-Cali Realty 15.08.19/7.750% 144,544 0.54 128,933 0.48 300,000 MGM Resorts International 01.06.16/7.500% 275,027 1.03 BERMUDA 400,000 Petrohawk Energy 01.08.14/10.500% 454,245 1.69 105,000 Weatherford International 150,000 Plains All American Pipeline 01.05.18/6.500% 167,478 0.62 Bermuda 15.09.40/6.750% 109,345 0.41 300,000 Sealy Mattress 15.06.14/8.250% 306,556 1.14 500,000 Service Corporation International 01.04.15/6.750% 515,000 1.92 109,345 0.41 400,000 Sprint Capital 15.03.32/8.750% 404,094 1.51 500,000 Supervalu 01.05.16/8.000% 479,342 1.79 JERSEY 400,000 Terex 15.11.17/8.000% 406,000 1.51 60,000 WPP 04.04.17/6.000% 100,432 0.37 200,000 UBS/Stamford 20.12.17/5.875% 219,946 0.82 125,000 Ventas Realty/Ventas Capital 30.11.15/3.125% 120,261 0.45 100,432 0.37 140,000 Verizon Communications 01.04.19/6.350% 161,448 0.60 UNITED ARAB EMIRATES 100,000 Dubai Electricity & Water 9,752,147 36.36 Authority 21.10.20/7.375% 93,688 0.35 UNITED KINGDOM 93,688 0.35 100,000 BAA 01.03.17/7.125% 154,415 0.58 150,000 Barclays Bank 23.01.18/6.000% 202,381 0.75 ISLE OF MAN 75,000 British Telecommunications 15.12.30/9.875% 99,333 0.37 80,000 AngloGold Ashanti Holdings 15.04.20/5.375% 83,112 0.31 65,000 CRH Finance UK 24.04.15/8.250% 112,904 0.42 150,000 Imperial Tobacco Finance 24.06.19/7.750% 278,583 1.04 83,112 0.31 100,000 Nationwide Building Society 22.12.16/1.242%* 122,218 0.46 50,000 Prudential 19.12.31/6.125% 72,627 0.27 Total Bonds 14,471,986 53.96 40,000 RBS 30.09.19/5.375% 51,344 0.19 200,000 Standard Chartered Bank 28.03.18/1.314%* 251,366 0.94 Total Transferable Securities Admitted to an Official 14,471,986 53.96 Exchange Listing 1,345,171 5.02 Transferable Securities Dealt in on Another Regulated Market NETHERLANDS 100,000 ABN Amro Bank 31.05.18/1.278%* 116,300 0.43 Bonds 50,000 Aegon 16.12.39/6.625% 76,388 0.29 105,000 Allianz Finance II 17.02.17/4.375%* 124,556 0.46 UNITED STATES OF AMERICA 50,000 Conti-Gummi Finance 15.01.16/6.500% 68,749 0.26 235,000 Arch Western Finance 01.07.13/6.750% 239,112 0.89 100,000 ELM for Swiss Reinsurance 25.05.19/6.302%* 134,744 0.50 165,000 Bank of America 01.05.18/5.650% 169,571 0.63 125,000 HeidelbergCement Finance 31.01.17/8.000% 179,151 0.67 165,000 Bank of America 01.06.19/7.625% 188,198 0.70 500,000 Biomet 15.10.17/10.375%* 546,361 2.04 699,888 2.61 300,000 Caesars Entertainment Operating 01.06.17/11.250% 336,829 1.26 300,000 Cequel Communications Holdings LUXEMBOURG I and Cequel Capital 144A 15.11.17/8.625% 314,620 1.17 200,000 Alrosa Finance 03.11.20/7.750% 208,750 0.78 97,237 Continental Airlines 2009-2 Class 115,000 Hannover Finance Luxembourg 26.02.24/5.750%* 154,655 0.58 A Pass Through Trust 10.11.19/7.250% 108,420 0.41 110,000 Tyco International Finance 15.01.19/8.500% 139,626 0.52 200,000 DCP Midstream 144A 15.03.20/5.350% 206,211 0.77 250,000 Delta Air Lines 2010-1 Class A 503,031 1.88 Pass Through Trust 02.07.18/6.200% 268,437 1.00 97,620 Delta Air Lines 2009-1 Class A FRANCE Pass Through Trust 17.12.19/7.750% 108,114 0.40 50,000 BNP Paribas 12.04.16/4.730%* 58,735 0.22 250,000 Discover Bank/Greenwood 18.11.19/8.700% 293,255 1.09 50,000 Pernod-Ricard 15.01.15/7.000% 73,978 0.27 500,000 DISH DBS 01.09.19/7.875% 523,464 1.95 150,000 RCI Banque 27.01.15/4.375% 205,722 0.77 300,000 First Data 24.09.15/9.875% 279,238 1.04 50,000 Société Générale 16.06.18/8.875%* 75,491 0.28 500,000 HCA 15.11.16/9.250% 533,381 1.99 100,000 Health Care REIT 15.01.21/4.950% 96,733 0.36 413,926 1.54 400,000 MetroPCS Wireless 01.09.18/7.875% 415,557 1.55 SPAIN 250,000 Morgan Stanley 13.05.14/6.000% 269,475 1.01 200,000 BBVA Subordinated Capital 03.04.17/1.230%* 241,664 0.90 100,000 Morgan Stanley 23.09.19/5.625% 101,610 0.38 95,000 Telefonica Emisiones 27.04.20/5.134% 91,583 0.34 215,000 NBC Universal 144A 01.04.21/4.375% 208,136 0.78 300,000 NRG Energy 01.02.16/7.375% 306,837 1.14 333,247 1.24 400,000 PAETEC Holding 30.06.17/8.875% 429,000 1.60 130,000 Prudential Financial 15.11.40/6.200% 136,283 0.51

229 JPMorgan Funds - Global Credit Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

100,000 Qwest Communications International 15.02.14/7.500% 101,625 0.38 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 400,000 Qwest Communications Net Assets International 15.02.14/7.500% 407,000 1.52 Fixed Income Securities 215,000 Rockies Express Pipeline 144A 15.04.15/3.900% 212,363 0.79 United States of America 64.40 300,000 Sungard Data Systems 15.08.15/10.250% 313,547 1.17 United Kingdom 5.02 60,000 UnitedHealth Group 15.10.40/5.700% 58,982 0.22 Luxembourg 5.02 55,000 US Treasury (i) 13.01.11/0.000% 54,967 0.20 Canada 2.94 105,000 US Treasury (i) 10.02.11/0.000% 104,897 0.39 Netherlands 2.61 200,000 US Treasury 15.11.20/2.625% 188,219 0.70 France 1.54 300,000 Wind Acquisition Finance 15.07.17/11.750% 0 0.00 Spain 1.24 British Virgin Islands 1.18 7,520,442 28.04 Guernsey 0.69 LUXEMBOURG Cayman Islands 0.61 500,000 Intelsat Jackson Holdings 144A 15.10.20/7.250% 505,027 1.88 Ireland 0.56 300,000 Wind Acquisition Finance 144A 15.07.17/11.750% 336,849 1.26 Mexico 0.51 Italy 0.48 841,876 3.14 Bermuda 0.41 Jersey 0.37 CANADA Argentina 0.37 50,000 Sino-Forest 21.10.17/6.250% 50,449 0.19 United Arab Emirates 0.35 400,000 Videotron Ltee 15.01.14/6.875% 404,556 1.51 Chile 0.32 50,000 Xstrata Finance Canada 144A 15.11.37/6.900% 54,172 0.20 Isle of Man 0.31 Total Fixed Income Securities 88.93 509,177 1.90 Investment Funds BRITISH VIRGIN ISLANDS Investment Companies 0.75 200,000 Gold Fields Orogen Holding 144A 07.10.20/4.875% 184,734 0.69 Total Investment Funds 0.75 Cash and Other Assets/(Liabilities) 10.32 184,734 0.69 Total 100.00 MEXICO 130,000 America Movil 30.03.20/5.000% 135,909 0.51

135,909 0.51 ARGENTINA Allocation of Portfolio as at 30 June 2010 % of 90,000 Empresa Distribuidora Y Net Assets Comercializadora Norte 25.10.22/9.750% 98,345 0.37 Fixed Income Securities United States of America 72.83 98,345 0.37 United Kingdom 7.12 Luxembourg 6.46 CHILE Canada 4.69 90,000 Celulosa Arauco y Constitucion 21.01.21/5.000% 89,353 0.32 Netherlands 1.12 France 0.98 89,353 0.32 Cayman Islands 0.66 Germany 0.64 Total Bonds 9,379,836 34.97 Spain 0.64 Investment Funds Mexico 0.57 Italy 0.48 LUXEMBOURG Jersey 0.45 14 JPMorgan Liquidity Funds - US Dollar Liquidity Fund Australia 0.37 (JPM US Dollar Liquidity X (acc)) 200,042 0.75 Isle of Man 0.34 200,042 0.75 Total Fixed Income Securities 97.35 Investment Funds Total Investment Funds 200,042 0.75 Luxembourg 0.11 Total Investment Funds 0.11 Total Transferable Securities Dealt in on Another 9,579,878 35.72 Cash and Other Assets/(Liabilities) 2.54 Regulated Market Total 100.00 Total Investments 24,051,864 89.68

Cash 2,132,287 7.95

Other Assets/(Liabilities) 634,849 2.37

Total Net Assets 26,819,000 100.00

* Variable coupon rates are those quoted as at 31 December 2010. (i) Security held as collateral against futures positions by the broker.

230 JPMorgan Funds - Global Credit Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 10 Euro-Bobl Future EUR 1,590,999 (2,424) Mar-11 6 Euro-Bund Future EUR 1,007,079 (6,831) Mar-11 15 Euro-Schatz Future EUR 2,190,101 (603) Mar-11 3 Long Gilt Future GBP 558,272 (4,229) Mar-11 (3) Short Gilt Future GBP (510,536) 1,776 Mar-11 4 US 2 Year Note Future USD 875,031 (2,094) Mar-11 (21) US 5 Year Note Future USD (2,468,074) 52,551 Mar-11 (20) US 10 Year Note Future USD (2,403,594) 67,928 Mar-11 11 US Long Bond Future USD 1,337,359 (61,591)

Total 44,483

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

24-Jan-11 EUR 532,504 USD 713,984 (706) 24-Jan-11 GBP 81,556 USD 128,623 (1,603) 24-Jan-11 USD 3,026,212 EUR 2,225,907 44,659 24-Jan-11 USD 1,187,850 GBP 742,140 32,001 28-Jan-11 EUR 10,004,080 USD 13,309,988 90,346 28-Jan-11 USD 78,433 EUR 59,215 (885)

Total 163,812

231 JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing CANADA 200,000 Rogers Communications 01.03.14/6.375% 167,046 0.69 Bonds 210,000 Suncor Energy 01.06.18/6.100% 178,765 0.74 100,000 Xstrata Canada Financial 27.05.20/7.375% 131,544 0.55 UNITED STATES OF AMERICA 50,000 Ahold Finance USA 65,416 14.03.17/6.500% 0.27 477,355 1.98 150,000 Altria Group 10.11.18/9.700% 146,880 0.61 150,000 American Express Credit 01.10.14/5.375% 182,844 0.76 SPAIN 270,000 Capital One Bank USA 13.06.13/6.500% 219,701 0.91 150,000 BBVA Subordinated Capital 03.04.17/1.230%* 135,315 0.56 605,000 Citigroup 15.10.14/5.500% 485,860 2.02 50,000 Gas Natural Capital Markets 09.07.14/5.250% 50,822 0.21 105,000 Citigroup 09.08.20/5.375% 81,012 0.34 150,000 Santander Issuances Unipersonal 23.03.17/1.272%* 134,510 0.56 280,000 ConocoPhillips 01.02.14/4.750% 226,413 0.94 100,000 Telefonica Emisiones 02.02.16/4.375% 101,622 0.43 150,000 Constellation Brands 01.09.16/7.250% 118,232 0.49 230,000 Crédit Suisse/New York 15.02.18/6.000% 183,727 0.76 422,269 1.76 105,000 Entergy Arkansas 75,152 15.02.21/3.750% 0.31 AUSTRALIA 100,000 General Electric 80,673 06.12.17/5.250% 0.34 100,000 ANZ Banking Group 10.09.19/5.125% 101,339 0.42 350,000 Goldman Sachs Group 265,648 01.08.15/3.700% 1.10 100,000 National Australia Bank 08.11.17/3.625% 111,940 0.46 140,000 Goldman Sachs Group 112,693 15.06.20/6.000% 0.47 150,000 Westpac Banking 27.02.15/4.200% 117,415 0.49 100,000 Health Care REIT 15.04.20/6.125% 78,215 0.32 Health Management Associates 114,747 150,000 15.04.16/6.125% 0.48 330,694 1.37 150,000 Host Hotels & Resorts 01.06.16/6.750% 115,263 0.48 200,000 HSBC Finance 15.01.14/0.539%* 142,866 0.59 IRELAND 130,000 International Paper 15.06.18/7.950% 114,914 0.48 250,000 GE Capital European Funding 03.04.14/1.032%* 244,009 1.02 235,000 Kraft Foods 10.02.20/5.375% 188,472 0.78 40,000 GE Capital UK Funding 28.09.17/4.125% 46,688 0.19 110,000 Kroger 15.08.17/6.400% 93,264 0.39 100,000 Mack-Cali Realty 15.08.19/7.750% 86,330 0.36 290,697 1.21 370,000 MetLife 01.06.16/6.750% 317,479 1.32 JERSEY Occidental Petroleum 224,609 300,000 13.12.13/1.450% 0.93 100,000 BAA Funding 03.12.26/6.750% 125,846 0.52 Owens Corning 31,573 40,000 01.12.16/6.500% 0.13 110,000 WPP 04.04.17/6.000% 137,464 0.57 170,000 Philip Morris International 16.05.18/5.650% 143,760 0.60 220,000 Plains All American Pipeline 15.01.20/5.750% 175,483 0.73 263,310 1.09 150,000 SES Global Americas Holdings 09.07.14/4.875% 159,924 0.66 150,000 Sprint Capital 01.05.19/6.900% 109,901 0.46 CAYMAN ISLANDS 80,000 Ventas 30.11.15/3.125% 57,461 0.24 150,000 Hutchison Whampoa Finance 09 14.11.16/4.750% 157,074 0.65 230,000 Verizon Communications 15.04.18/6.100% 194,550 0.81 130,000 Vale Overseas 15.09.19/5.625% 103,345 0.43 250,000 Wachovia Bank 15.03.16/5.600% 201,918 0.84 150,000 Wal-Mart Stores 25.10.20/3.250% 105,312 0.44 260,419 1.08 70,000 Watson Pharmaceuticals 15.08.19/6.125% 57,598 0.24 LUXEMBOURG 160,000 Williams Partners 01.02.17/7.250% 138,491 0.58 150,000 Enel Finance International 14.09.16/4.000% 151,838 0.63 150,000 Windstream 01.08.16/8.625% 117,397 0.49 130,000 Telecom Italia Capital 18.06.14/6.175% 103,192 0.43 125,000 Zurich Finance USA 15.06.25/4.500%* 124,176 0.52 255,030 1.06 5,337,954 22.19 GERMANY UNITED KINGDOM 45,000 Merck Financial Services 24.03.20/4.500% 46,204 0.19 130,000 Anglian Water Services Financing 30.10.15/5.250% 162,669 0.68 125,000 Metro 05.03.15/7.625% 147,150 0.61 50,000 Aviva 20.05.58/6.875%* 54,955 0.23 300,000 Barclays Bank 30.05.17/1.228%* 281,671 1.17 193,354 0.80 100,000 BAT International Finance 29.06.22/6.000% 125,114 0.52 75,000 BMW UK Capital 02.10.17/5.000% 93,337 0.39 BERMUDA 250,000 British Telecommunications 11.07.14/6.125% 276,416 1.15 150,000 Weatherford International 15.09.20/5.125% 111,051 0.46 75,000 CRH Finance UK 24.04.15/8.250% 97,259 0.40 100,000 Hammerson 19.06.15/4.875% 104,057 0.43 111,051 0.46 100,000 HSBC Bank 30.11.16/3.750% 102,149 0.42 ITALY 185,000 HSBC Holdings 10.06.19/6.000% 197,309 0.82 100,000 Atlantia 06.05.16/5.625% 107,545 0.45 75,000 Imperial Tobacco Finance 17.02.22/9.000% 112,907 0.47 150,000 Legal & General Group 08.06.25/4.000%* 135,379 0.56 107,545 0.45 100,000 Lloyds TSB Bank 15.04.14/6.375% 122,808 0.51 200,000 National Grid Electricity SWITZERLAND Transmission 28.01.14/6.625% 225,116 0.94 120,000 Tyco International Finance 15.12.19/7.000% 105,040 0.44 200,000 Nationwide Building Society 20.01.15/3.750% 196,869 0.82 43,000 OTE 05.08.13/5.000% 40,956 0.17 105,040 0.44 200,000 RBS 29.04.14/6.375% 245,174 1.02 DENMARK 200,000 Standard Chartered Bank 28.03.18/1.314%* 187,664 0.78 75,000 Carlsberg Breweries 28.11.16/7.250% 101,856 0.42 200,000 UBS AG/London 11.04.18/6.625% 259,345 1.08 50,000 Vodafone Group 05.12.17/5.375% 62,435 0.26 101,856 0.42 3,083,589 12.82 SWEDEN 75,000 Volvo Treasury 31.05.17/5.000% 79,078 0.33 FRANCE 100,000 Arkema 25.10.17/4.000% 98,358 0.41 79,078 0.33 150,000 Casino Guichard Perrachon 12.11.18/4.481% 151,464 0.63 100,000 Cie de St-Gobain 15.12.16/5.625% 123,440 0.51 ISLE OF MAN 150,000 PPR 03.04.14/8.625% 176,143 0.73 100,000 AngloGold Ashanti Holdings 15.04.20/5.375% 77,561 0.32 155,000 RCI Banque 27.01.15/4.375% 158,707 0.66 150,000 Veolia Environnement 12.02.16/4.000% 155,935 0.65 77,561 0.32 NORWAY 864,047 3.59 50,000 DnB NOR Bank 29.01.18/6.170%* 61,141 0.25 NETHERLANDS 220,000 Daimler International Finance 16.01.14/7.875% 254,464 1.06 61,141 0.25 50,000 EDP Finance 13.06.16/4.625% 47,569 0.20 180,000 Shell International Finance 21.03.14/4.000% 142,888 0.59 Total Bonds 13,058,129 54.27 250,000 Shell International Finance 28.06.15/3.100% 191,218 0.80 Total Transferable Securities Admitted to an Official 13,058,129 54.27 Exchange Listing 636,139 2.65

232 JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Dealt in on Another Regulated Market Cash Equivalents

Bonds Time Deposits UNITED STATES OF AMERICA NETHERLANDS 150,000 Amkor Technology 01.05.18/7.375% 116,362 0.48 2,000,000 ING Bank 04.01.11/0.350% 2,000,000 8.32 280,000 Anheuser-Busch InBev Worldwide 144A 15.01.19/7.750% 258,624 1.08 2,000,000 8.32 160,000 AT&T 15.08.15/2.500% 118,521 0.49 350,000 Bank of America 15.05.14/7.375% 290,660 1.21 Total Time Deposits 2,000,000 8.32 220,000 Bank of America 01.05.18/5.650% 168,797 0.70 200,000 Biomet 15.10.17/10.375%* 163,160 0.68 Total Cash Equivalents 2,000,000 8.32 100,000 Burlington Northern Santa Fe 01.05.17/5.650% 82,938 0.34 100,000 Burlington Northern Santa Fe 01.09.20/3.600% 71,205 0.30 Total Investments plus Total Cash Equivalents 22,427,418 93.22 150,000 Case New Holland 144A 01.12.17/7.875% 122,753 0.51 150,000 Cisco Systems 117,071 15.01.20/4.450% 0.49 Cash 792,645 3.29 80,000 Comcast 01.03.20/5.150% 62,573 0.26 350,000 Crédit Suisse/New York 15.05.13/5.000% 280,827 1.17 Other Assets/(Liabilities) 839,765 3.49 240,000 DCP Midstream 144A 15.03.20/5.350% 184,742 0.77 81,256 Delta Air Lines 2007-1A 10.08.22/6.821% 64,303 0.27 Total Net Assets 24,059,828 100.00 250,000 Discover Bank/Greenwood 18.11.19/8.700% 218,937 0.91 220,000 Discovery Communications 01.06.15/3.700% 169,521 0.70 150,000 DISH DBS 01.09.19/7.875% 117,242 0.49 150,000 Fidelity National Information * Variable coupon rates are those quoted as at 31 December 2010. Services 144A 15.07.20/7.875% 118,845 0.49 (i) Security held as collateral against futures positions by the broker. 500,000 General Electric Capital 20.12.13/0.424%* 363,484 1.51 140,000 LG&E and KU Energy 144A 15.11.15/2.125% 100,120 0.42 840,000 Morgan Stanley 13.05.14/6.000% 675,977 2.81 150,000 Mylan 144A 15.07.20/7.875% 120,665 0.50 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 340,000 NBC Universal 144A 01.04.14/2.100% 252,837 1.05 Net Assets 110,000 NBC Universal 144A 01.04.21/4.375% 79,501 0.33 Fixed Income Securities United States of America 150,000 NRG Energy 01.02.16/7.375% 114,538 0.48 44.57 United Kingdom 190,000 Oracle 15.07.20/3.875% 141,318 0.59 13.94 France 270,000 Prudential Financial 15.06.19/7.375% 236,859 0.98 4.41 150,000 Qwest Communications Netherlands 4.24 International 144A 01.04.18/7.125% 116,466 0.48 Canada 2.81 150,000 Rockies Express Pipeline 144A 15.04.15/3.900% 110,613 0.46 Sweden 2.46 150,000 Tenet Healthcare 01.05.18/10.000% 131,024 0.54 Ireland 1.85 100,000 UnitedHealth Group 15.10.20/3.875% 71,170 0.30 Spain 1.76 165,000 US Treasury (i) 13.01.11/0.000% 123,139 0.51 Australia 1.37 25,000 US Treasury (i) 09.06.11/0.000% 18,650 0.08 Mexico 1.12 Jersey 1.09 5,383,442 22.38 Cayman Islands 1.08 Luxembourg 1.06 SWEDEN Germany 0.80 400,000 Nordea Bank 144A 04.10.13/1.750% 296,885 1.24 Bermuda 0.46 270,000 Svenska Handelsbanken 144A 10.06.14/4.875% 215,013 0.89 Italy 0.45 Switzerland 0.44 511,898 2.13 Denmark 0.42 NETHERLANDS Isle of Man 0.32 350,000 ING Bank 144A 18.10.13/2.000% 258,381 1.07 Norway 0.25 160,000 Rabobank Nederland 144A 15.01.20/4.750% 123,855 0.52 Total Fixed Income Securities 84.90 Cash Equivalents, Cash and Other Assets/(Liabilities) 15.10 382,236 1.59 Total 100.00 MEXICO 250,000 America Movil 30.03.20/5.000% 195,127 0.81 100,000 Grupo Bimbo 144A 30.06.20/4.875% 75,259 0.31

270,386 1.12 Allocation of Portfolio as at 30 June 2010 UNITED KINGDOM Not applicable: Sub-Fund was launched on 16 September 2010 300,000 Anglo American Capital 144A 08.04.14/9.375% 269,079 1.12

269,079 1.12 CANADA 250,000 Cenovus Energy 15.09.14/4.500% 199,664 0.83

199,664 0.83 FRANCE 150,000 BNP Paribas 11.03.15/3.250% 113,229 0.47 85,000 French Treasury Bill (i) 10.03.11/0.000% 84,814 0.35

198,043 0.82 IRELAND 200,000 Ardagh Packaging Finance 144A 15.10.17/7.375% 154,541 0.64

154,541 0.64

Total Bonds 7,369,289 30.63

Total Transferable Securities Dealt in on Another 7,369,289 30.63 Regulated Market Total Investments 20,427,418 84.90

233 JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 (19) Euro-Bobl Future EUR (2,256,820) 260 Mar-11 (4) Euro-Bund Future EUR (501,240) 3,400 Mar-11 (11) Euro-Schatz Future EUR (1,199,055) (10) Mar-11 (12) Long Gilt Future GBP (1,667,168) 10,094 Mar-11 (3) Short Gilt Future GBP (381,154) 1,000 Mar-11 (15) US 2 Year Note Future USD (2,449,787) 2,887 Mar-11 (53) US 5 Year Note Future USD (4,650,378) 75,143 Mar-11 (64) US 10 Year Note Future USD (5,742,282) 159,581

Total 252,355

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

20-Jan-11 EUR 2,643,481 GBP 2,244,511 33,614 20-Jan-11 EUR 13,853,089 USD 18,446,594 81,523 20-Jan-11 GBP 100,000 EUR 117,813 (1,536) 20-Jan-11 SEK 50,053,025 EUR 5,509,326 62,673

Total 176,274

234 JPMorgan Funds - Global Dynamic Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 243,573 Merck & Co. 8,778,371 0.69 227,130 MGM Resorts International 3,335,404 0.26 Shares 363,872 Microsoft 10,106,545 0.80 173,043 Mylan 3,636,499 UNITED STATES OF AMERICA 0.29 50,693 National Oilwell Varco 3,393,136 86,137 Abbott Laboratories 4,110,027 0.32 0.27 60,223 NetApp 3,301,124 119,739 Actuant - A Shares 3,206,012 0.25 0.26 41,646 Newfield Exploration 2,988,101 71,733 Aflac 4,018,841 0.32 0.24 81,487 Newmont Mining4,997,598 192,270 Altria Group 4,711,576 0.37 0.39 251,350 News - B Shares 4,080,667 123,850 American Express 5,281,583 0.42 0.32 74,579 NII Holdings 3,310,562 73,860 American Financial Group 2,391,587 0.19 0.26 66,250 Norfolk Southern 4,155,200 72,259 Ameriprise Financial 4,146,944 0.33 0.33 50,723 Northrop Grumman 3,269,858 123,962 AmerisourceBergen 4,236,401 0.33 0.26 246,431 Nvidia 3,734,662 72,759 Anadarko Petroleum 5,594,440 0.44 0.29 48,796 Occidental Petroleum 4,764,929 121,168 Analog Devices 4,579,545 0.36 0.38 33,582 Parker Hannifin 2,888,220 62,640 AOL 1,483,002 0.12 0.23 578,564 Pfizer 10,127,763 53,085 Apple 17,093,370 1.35 0.80 69,047 Philip Morris International 4,029,928 79,398 Assurant 3,046,104 0.24 0.32 377,568 Pier 1 Imports 4,011,660 218,565 AT&T 6,420,347 0.51 0.32 43,655 Pioneer Natural Resources 3,785,325 53,109 Atlas Air Worldwide Holdings 2,987,647 0.24 0.30 98,077 PNC Financial Services Group 5,970,437 41,092 Autoliv 3,248,323 0.26 0.47 101,410 Principal Financial Group 3,315,093 524,612 Bank of America 6,974,717 0.55 0.26 71,714 Progress Energy 3,120,635 113,393 BE Aerospace 4,188,737 0.33 0.25 90,589 Prudential Financial 5,280,886 173,503 Brinker International 3,636,623 0.29 0.42 92,829 QEP Resources 3,331,633 70,723 Cameron International 3,565,500 0.28 0.26 118,776 Qualcomm 5,862,189 97,476 Capital One Financial 4,137,856 0.33 0.46 53,459 Red Hat 2,447,620 76,147 Casey’s General Stores 3,257,949 0.26 0.19 126,252 Reynolds American 4,113,290 180,915 CBS Non Voting - B Shares 3,450,049 0.27 0.32 107,887 Rowan 3,744,218 80,102 CenturyLink 3,710,725 0.29 0.29 180,264 RPC 3,198,785 19,642 Cephalon 1,214,170 0.10 0.25 90,887 SanDisk 4,527,536 148,997 Chevron 13,565,432 1.07 0.36 77,813 Sotheby’s 3,508,588 44,819 Cimarex Energy 3,993,373 0.31 0.28 65,761 Starwood Hotels & Resorts Worldwide 3,995,967 472,356 Cisco Systems 9,501,441 0.75 0.32 101,692 State Street 4,703,763 3,015,265 Citigroup 14,307,432 1.13 0.37 164,175 TIBCO Software 3,236,710 133,025 Coca-Cola Enterprises 3,318,309 0.26 0.26 14,115 Tiffany & Co. 887,269 55,316 Cognizant Technology Solutions - A Shares 4,057,429 0.32 0.07 49,441 Time Warner Cable 3,251,240 198,110 Comcast - A Shares 4,327,713 0.34 0.26 54,873 Travelers 3,050,939 99,350 Complete Production Services 2,886,118 0.23 0.24 59,492 United Technologies 4,659,711 44,070 Concho Resources/Midland TX 3,843,124 0.30 0.37 209,195 US Bancorp 5,643,035 73,265 Cooper 4,104,305 0.32 0.45 91,900 Veeco Instruments 3,953,079 190,723 Corning3,687,629 0.29 0.31 47,556 VF 4,119,776 66,712 CSX 4,287,247 0.34 0.32 97,432 Viacom - B Shares 3,830,052 36,030 Cummins 3,940,241 0.31 0.30 70,329 Watson Pharmaceuticals 3,598,735 92,156 Danaher 4,319,813 0.34 0.28 74,456 WellPoint 4,222,027 43,167 Deere & Co. 3,586,962 0.28 0.33 491,712 Wells Fargo & Co. 15,191,442 167,857 Discover Financial Services 3,068,426 0.24 1.20 36,155 Whiting Petroleum 4,202,657 112,393 Dow Chemical 3,829,791 0.30 0.33 103,907 Williams-Sonoma 3,729,222 289,196 El Paso 3,963,431 0.31 0.29 336,143 Xerox 3,860,602 173,590 EMC/Massachusetts 3,956,984 0.31 0.30 65,525 Zimmer Holdings 3,524,590 66,948 Emerson Electric 3,832,438 0.30 0.28 80,414 Endo Pharmaceuticals Holdings 2,879,223 0.23 130,400 Express 2,448,912 0.19 583,452,290 46.02 107,128 Exxon Mobil 7,830,521 0.62 UNITED KINGDOM 24,222 F5 Networks 3,172,719 0.25 533,068 ARM Holdings 3,519,066 0.28 63,610 Family Dollar Stores 3,183,044 0.25 562,370 Ashmore Group 2,937,241 0.23 223,120 Ford Motor 3,709,370 0.29 75,526 AstraZeneca 3,437,641 0.27 111,928 Forest Laboratories 3,578,898 0.28 649,428 Aviva 3,987,782 0.31 54,735 Fossil 3,863,744 0.30 1,672,403 Barclays 6,843,603 0.54 31,144 Freeport-McMoRan Copper & Gold 3,716,258 0.29 317,227 BG Group 6,411,525 0.51 132,289 GameStop - A Shares 3,018,174 0.24 724,822 BP 5,261,962 0.42 57,063 Gardner Denver 3,942,197 0.31 122,556 British American Tobacco 4,704,866 0.37 116,312 General Motors 4,270,977 0.34 623,269 BT Group 1,756,297 0.14 79,510 Gilead Sciences 2,871,504 0.23 239,792 Burberry Group 4,198,410 0.33 31,085 Goldman Sachs Group 5,207,359 0.41 677,090 Centrica 3,508,997 0.28 44,467 Goodrich 3,896,199 0.31 402,500 Cookson Group 4,116,086 0.32 15,666 Google - A Shares 9,344,534 0.74 1,643,515 EnQuest 3,573,904 0.28 92,472 Guess? 4,418,775 0.35 1,171,898 GKN 4,050,708 0.32 100,215 Halliburton 4,074,742 0.32 235,205 GlaxoSmithKline 4,544,929 0.36 189,053 Hartford Financial Services Group 4,985,328 0.39 207,516 IMI 3,056,307 0.24 66,036 Hess 5,016,425 0.40 751,355 Inchcape 4,160,721 0.33 239,722 Hewlett-Packard 10,062,331 0.79 178,774 Intercontinental Hotels Group 3,464,245 0.27 62,391 Humana 3,403,741 0.27 666,807 International Personal Finance 3,984,397 0.31 311,605 Intel 6,532,799 0.52 601,331 International Power 4,111,147 0.32 66,000 International Business Machines 9,643,920 0.76 4,955,691 Lloyds Banking Group 5,080,962 0.40 293,566 Interpublic Group of Companies 3,113,267 0.25 333,003 Prudential 3,465,041 0.27 47,418 JM Smucker 3,109,672 0.25 96,583 Renishaw 1,862,538 0.15 72,477 Kansas City Southern 3,484,694 0.27 129,429 Rio Tinto 9,054,375 0.72 75,799 Lam Research 3,937,379 0.31 568,096 J Sainsbury 3,345,009 0.26 71,580 Legg Mason 2,581,533 0.20 263,190 Standard Chartered 7,074,051 0.56 178,237 Lennar - A Shares 3,322,338 0.26 225,571 Travis Perkins 3,699,947 0.29 85,679 Lincoln National 2,359,171 0.19 217,432 Unilever 6,662,108 0.53 106,847 Ltd Brands 3,309,586 0.26 4,664,313 Vodafone Group 12,053,631 0.95 20,360 Lubrizol 2,186,562 0.17 114,052 Weir Group 3,160,550 0.25 151,861 Macy’s 3,823,101 0.30 400,609 Xstrata 9,397,871 0.74 61,520 Mead Johnson Nutrition 3,765,639 0.30 95,500 Medtronic 3,540,663 0.28 146,485,917 11.55

235 JPMorgan Funds - Global Dynamic Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

JAPAN 450,443 ING Groep - CVA 4,392,961 0.35 106,900 Aisin Seiki 3,782,423 0.30 243,145 Koninklijke KPN 3,564,574 0.29 352,000 Asahi Glass 4,114,032 0.32 112,822 Koninklijke Philips Electronics 3,464,413 0.27 186,600 Honda Motor 7,390,270 0.58 44,294 Nutreco 3,364,878 0.26 946,000 Isuzu Motors 4,302,646 0.34 386,501 Royal Dutch Shell - A Shares 12,823,398 1.01 413,600 ITOCHU 4,187,420 0.33 680,100 JX Holdings 4,616,878 0.36 37,524,065 2.96 161,700 Komatsu 4,892,400 0.39 708,000 Marubeni 4,976,219 0.39 AUSTRALIA 264,716 BHP Billiton 12,233,831 228,500 Mitsubishi 6,183,619 0.49 0.97 150,742 Flight Centre 3,817,014 446,000 Mitsubishi Electric 4,685,635 0.37 0.30 383,715 Iluka Resources 3,593,544 214,700 Mitsui & Co. 3,546,620 0.28 0.28 118,221 Macquarie Group 4,473,753 50,100 Murata Manufacturing3,505,890 0.28 0.35 115,600 Nippon Telegraph & Telephone 5,239,993 0.41 487,900 Nissan Motor 4,645,380 0.37 24,118,142 1.90 48,750 ORIX 4,800,591 0.37 HONG KONG 26,100 SMC 4,475,295 0.35 1,474,400 AIA Group 4,158,729 0.33 253,000 Sumitomo 3,579,807 0.28 953,000 Cathay Pacific Airways 2,642,080 0.21 330,600 Sumitomo Electric Industries 4,590,310 0.37 1,454,000 CNOOC 3,443,689 0.27 42,060 Yamada Denki 2,870,786 0.23 757,000 Hang Lung Properties 3,547,327 0.28 203,000 Sun Hung Kai Properties 3,357,174 0.26 86,386,214 6.81 441,000 Wharf Holdings 3,398,374 0.27 FRANCE 20,547,373 1.62 271,084 AXA 4,526,084 0.36 98,682 BNP Paribas 6,302,984 0.50 CHINA 196,234 France Télécom 4,098,420 0.32 38,754 Baidu China ADR 3,776,771 0.29 44,646 Pernod-Ricard 4,211,790 0.33 4,849,240 China Construction Bank - H Shares * 4,345,108 0.34 24,520 PPR 3,911,639 0.31 1,354,296 China Merchants Bank - H Shares * 3,421,849 0.27 64,620 Renault 3,762,124 0.30 1,710,000 Dongfeng Motor Group - H Shares * 2,939,059 0.23 154,119 Rhodia 5,103,581 0.40 424,000 Weichai Power - H Shares * 2,629,170 0.21 130,983 Sanofi-Aventis 8,401,631 0.66 1,086,000 Yanzhou Coal Mining - H Shares * 3,304,203 0.27 25,441 Schneider Electric 3,825,137 0.30 100,310 Société Générale 5,417,404 0.43 20,416,160 1.61 35,809 Technip 3,322,971 0.26 BERMUDA 114,566 Total 6,087,193 0.48 162,246 Assured Guaranty 2,870,132 0.23 55,178 Valeo 3,137,402 0.25 76,280 Axis Capital Holdings 2,730,824 0.21 133,824 Invesco 3,176,313 62,108,360 4.90 0.25 313,500 Orient Overseas International 3,062,161 0.24 SWITZERLAND 37,712 PartnerRe 3,040,153 0.24 63,869 ACE 3,969,458 0.31 57,050 Compagnie Financiere Richemont - Bearer A Shares 3,366,048 0.27 14,879,583 1.17 189,766 Crédit Suisse Group Registered Shares 7,668,166 0.60 JERSEY 193,621 GAM Holding3,218,020 0.25 487,270 Informa 3,089,972 0.24 211,667 Nestlé Registered Shares 12,431,975 0.98 136,023 Petrofac 3,366,821 0.27 205,551 Novartis Registered Shares 12,116,841 0.96 131,917 Shire 3,178,886 0.25 8,605 Swatch Group - Bearer Shares 3,844,846 0.30 327,690 WPP 4,045,258 0.32 498,848 UBS Registered Shares 8,213,394 0.65 20,962 Zurich Financial Services 5,445,040 0.43 13,680,937 1.08 60,273,788 4.75 SWEDEN 170,034 Atlas Copco - A Shares 4,306,151 CANADA 0.34 157,538 Tele2 - B Shares 3,283,413 0.26 88,205 BCE 3,142,286 0.25 266,614 Volvo - B Shares 4,715,505 0.37 45,878 First Quantum Minerals 4,954,447 0.39 120,800 Imax 3,631,852 0.29 12,305,069 0.97 68,116 Loblaw 2,749,828 0.22 530,055 Lundin Mining3,832,395 0.30 INDIA 35,271 Niko Resources 3,667,951 0.29 73,058 ICICI Bank ADR 3,695,274 0.29 188,704 Quadra FNX 0.25 119,570Mining3,161,771Tata Motors ADR 3,503,999 0.28 64,637 Research In Motion 3,724,773 0.29 695,609 Yes Bank 4,863,352 0.38 294,112 SEMAFO 3,186,041 0.25 187,837 Talisman Energy 4,168,404 0.33 12,062,625 0.95 73,020 Teck Cominco - B Shares 4,463,228 0.35 SINGAPORE 70,070 TELUS 3,207,884 0.25 2,056,000 Genting Singapore 3,507,738 0.27 18,210 TELUS Non 0.06 Voting791,977 251,000 Singapore Airlines 3,004,474 0.24 1,939,000 Yangzijiang Shipbuilding Holdings 2,906,910 0.23 44,682,837 3.52 GERMANY 9,419,122 0.74 57,735 BASF 4,631,869 0.37 SPAIN 64,006 Bayer Registered Shares 4,713,591 0.37 26,855 Inditex 2,016,171 0.16 41,453 Bayerische Motoren Werke 3,272,597 0.26 309,333 Telefonica 7,032,319 0.56 34,680 Continental 2,746,250 0.21 165,688 Deutsche Post Registered Shares 2,812,418 0.22 9,048,490 0.72 107,935 E.ON 3,300,614 0.26 45,048 Lanxess 3,540,423 0.28 IRELAND 24,075 Linde 3,674,575 0.29 69,470 Accenture - A Shares 3,360,959 0.27 44,551 Siemens Registered Shares 5,552,352 0.44 106,410 Covidien 4,823,565 0.38 26,220 Volkswagen Preference Shares 4,274,150 0.34 8,184,524 0.65 38,518,839 3.04 TAIWAN NETHERLANDS 378,468 HON HAI Precision Industry Registered Shares GDR 3,059,914 0.24 478,362 Aegon 2,939,724 0.23 305,434 Taiwan Semiconductor Manufacturing ADR 3,804,180 0.30 231,796 AerCap Holdings 3,274,118 0.26 95,665 ASML Holding3,699,999 0.29 6,864,094 0.54

236 JPMorgan Funds - Global Dynamic Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

CAYMAN ISLANDS Transferable Securities Dealt in on Another Regulated Market 51,590 Herbalife 3,518,180 0.28 1,336,000 United Laboratories International Holdings 2,758,591 0.22 Investment Funds

6,276,771 0.50 LUXEMBOURG 12,450,000 JPMorgan Liquidity Funds - US Dollar Liquidity Fund BRAZIL (JPM US Dollar Liquidity X (dist)) 12,450,000 0.98 136,785 Companhia de Bebidas das Americas Preference Shares ADR 4,301,204 0.34 12,450,000 0.98

4,301,204 0.34 Total Investment Funds 12,450,000 0.98 MEXICO Total Transferable Securities Dealt in on Another 12,450,000 0.98 1,815,848 Compartamos SAB de 3,892,204 0.31 Regulated Market 3,892,204 0.31 Total Investments 1,270,994,212 100.25

BELGIUM Cash 442,676 0.03 32,967 Bekaert 3,805,285 0.30 Other Assets/(Liabilities) (3,584,856) (0.28) 3,805,285 0.30 SOUTH KOREA Total Net Assets 1,267,852,032 100.00 23,393 Hyundai Motor 3,613,185 0.28

3,613,185 0.28 * Hong Kong Registered Shares. LUXEMBOURG 146,148 Acergy 3,577,697 0.28

3,577,697 0.28 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets LIBERIA Shares 73,660 Royal Caribbean Cruises 3,470,123 0.27 Financials 19.68 Consumer Discretionary 16.42 3,470,123 0.27 Information Technology 13.05 Industrials DENMARK 11.19 Energy 33,702 Carlsberg - B Shares 3,386,550 0.27 11.05 Health Care 8.97 Materials 3,386,550 0.27 7.38 Consumer Staples 5.08 FINLAND Telecommunication Services 5.03 58,972 Metso 3,300,599 0.26 Utilities 1.42 Investment Companies 0.98 3,300,599 0.26 Total Shares 100.25 ISRAEL Cash and Other Assets/(Liabilities) (0.25) 62,879 Teva Pharmaceutical Industries ADR 3,254,303 0.26 Total 100.00 3,254,303 0.26 NORWAY 187,027 Telenor 3,042,119 0.24 Allocation of Portfolio as at 30 June 2010 % of 3,042,119 0.24 Net Assets Shares ITALY Financials 20.76 2,783,093 Telecom Italia Preference Shares 3,041,896 0.24 Consumer Discretionary 14.60 Industrials 13.29 3,041,896 0.24 Information Technology 12.02 INDONESIA Energy 10.17 2,254,500 Bank Rakyat Indonesia 2,623,847 0.22 Health Care 9.02 Materials 7.75 2,623,847 0.22 Consumer Staples 5.78 Telecommunication Services 4.96 Total Shares 1,258,544,212 99.27 Utilities 1.32 Investment Companies 0.10 Total Transferable Securities Admitted to an 1,258,544,212 99.27 Total Shares Official Exchange Listing 99.77 Cash and Other Assets/(Liabilities) 0.23 Total 100.00

237 JPMorgan Funds - Global Dynamic Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

04-Jan-11 GBP 199 USD 308 3 06-Jan-11 AUD 14,346 USD 14,603 (3) 06-Jan-11 CAD 28,571 USD 28,619 11 06-Jan-11 CHF 8,774 EUR 6,705 427 06-Jan-11 CHF 7,656 GBP 5,009 407 06-Jan-11 CHF 3,262 NOK 19,947 77 06-Jan-11 CHF 762,087 USD 764,243 52,947 06-Jan-11 EUR 7,800 CHF 10,263 (558) 06-Jan-11 EUR 85,439 USD 114,046 396 06-Jan-11 GBP 69,531 USD 107,598 708 06-Jan-11 HKD 160,708 USD 20,650 26 06-Jan-11 JPY 4,748,501 USD 58,273 178 06-Jan-11 NOK 26,931 USD 4,565 53 06-Jan-11 SGD 8,753 USD 6,828 7 06-Jan-11 USD 13,664 AUD 14,346 (936) 06-Jan-11 USD 27,917 CAD 28,571 (714) 06-Jan-11 USD 823,799 CHF 771,516 (3,500) 06-Jan-11 USD 112,462 EUR 86,534 (3,446) 06-Jan-11 USD 100,067 GBP 64,522 (437) 06-Jan-11 USD 20,690 HKD 160,708 15 06-Jan-11 USD 56,638 JPY 4,748,501 (1,813) 06-Jan-11 USD 1,120 NOK 6,984 (78) 06-Jan-11 USD 6,606 SGD 8,753 (228) 07-Jan-11 SEK 58,091 USD 8,533 132 07-Jan-11 USD 8,218 SEK 58,091 (448) 14-Jan-11 EUR 10,314,151 USD 13,654,068 161,288 14-Jan-11 JPY 8,663,261 EUR 78,701 1,232 14-Jan-11 USD 323,816 AUD 328,848 (10,503) 14-Jan-11 USD 539,971 CAD 545,306 (6,395) 14-Jan-11 USD 735,551 CHF 721,630 (38,343) 14-Jan-11 USD 2,107,925 GBP 1,330,984 34,808 14-Jan-11 USD 427,897 HKD 3,326,003 (37) 14-Jan-11 USD 1,201,250 JPY 100,258,018 (32,982) 14-Jan-11 USD 50,365 NOK 302,639 (1,513) 14-Jan-11 USD 212,429 SEK 1,460,577 (5,405) 14-Jan-11 USD 80,785 SGD 105,589 (1,664) 03-Feb-11 CHF 767,181 USD 819,829 3,105 03-Feb-11 USD 14,552 AUD 14,346 6 03-Feb-11 USD 28,602 CAD 28,571 (13) 03-Feb-11 USD 114,037 EUR 85,439 (409) 03-Feb-11 USD 107,574 GBP 69,531 (708) 03-Feb-11 USD 58,285 JPY 4,748,501 (186) 03-Feb-11 USD 4,558 NOK 26,931 (53) 03-Feb-11 USD 8,526 SEK 58,091 (132) 07-Feb-11 USD 20,657 HKD 160,708 (24) 07-Feb-11 USD 6,828 SGD 8,753 (7)

Total 145,291

238 JPMorgan Funds - Global Equity Fund (USD) Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing JAPAN 75,800 Honda Motor 3,002,049 1.03 Shares 97,000 Komatsu 2,934,835 1.00 220,000 Kubota 2,086,534 0.71 UNITED STATES OF AMERICA 165,800 Mitsubishi 4,486,845 1.53 91,280 Abbott Laboratories 4,355,425 1.49 25,670 Abercrombie & Fitch - A Shares 1,489,117 0.51 12,510,263 4.27 51,923 American Express 2,214,256 0.76 39,901 Anadarko Petroleum 3,067,988 1.05 CAYMAN ISLANDS 94,207 Analog Devices 3,560,554 1.22 9,202 Baidu China ADR 896,781 0.31 11,193 Apple 3,604,146 1.23 623,500 Li Ning1,325,913 0.45 62,494 Chevron 5,689,766 1.95 305,275 Melco Crown Entertainment ADR 1,921,706 0.66 281,044 Cisco Systems 5,653,200 1.93 9,622,000 Renhe Commercial Holdings 1,689,677 0.58 963,234 Citigroup 4,570,545 1.56 2,261,000 Want Want China Holdings 1,992,493 0.68 141,643 Comcast - A Shares 3,094,191 1.06 92,219 Dow Chemical 3,142,362 1.07 7,826,570 2.68 53,867 Emerson Electric 3,083,616 1.05 NETHERLANDS 106,400 Express 1,998,192 0.68 207,675 Koninklijke KPN 3,044,574 1.04 12,978 Goldman Sachs Group 2,174,075 0.74 134,661 Royal Dutch Shell - B Shares 4,452,186 1.52 4,315 Google - A Shares 2,573,833 0.88 Guess? 3,186,495 66,684 1.09 7,496,760 2.56 94,821 Hartford Financial Services Group 2,500,430 0.86 165,056 Hewlett-Packard 6,928,226 2.37 CHINA 14,894 International Business Machines 2,176,311 0.74 350,000 China Life Insurance - H Shares * 1,426,233 0.49 91,381 Medtronic 3,387,951 1.16 957,383 China Merchants Bank - H Shares * 2,418,984 0.83 137,768 Merck & Co. 4,965,159 1.70 45,194 Newmont Mining2,771,748 0.95 3,845,217 1.32 161,326 News - B Shares 2,619,128 0.90 ISRAEL Norfolk Southern 4,641,656 74,006 1.59 72,375 Teva Pharmaceutical Industries ADR 3,745,768 1.28 52,036 Occidental Petroleum 5,081,315 1.74 134,946 Pfizer 2,362,230 0.81 3,745,768 1.28 32,282 PNC Financial Services Group 1,965,167 0.67 58,822 Prudential Financial 3,429,028 1.17 CANADA 59,147 United Technologies 4,632,689 1.59 13,733 First Quantum Minerals 1,483,051 0.51 111,378 Veeco Instruments 4,790,925 1.64 17,418 Niko Resources 1,811,357 0.62 16,093 VF 1,394,137 0.48 65,560 Walt Disney 2,440,471 0.83 3,294,408 1.13 130,965 Wells Fargo & Co. 4,046,164 1.38 TAIWAN 39,706 Yum! Brands 1,946,785 0.67 263,498 Taiwan Semiconductor Manufacturing ADR 3,281,868 1.12 37,001 Zimmer Holdings 1,990,284 0.68 3,281,868 1.12 117,527,565 40.20 SINGAPORE UNITED KINGDOM 112,479 Avago Technologies 3,191,029 1.09 701,910 Barclays 2,872,270 0.98 166,331 BG Group 3,361,742 1.15 3,191,029 1.09 142,522 BHP Billiton 5,668,936 1.94 87,690 British American Tobacco 3,366,377 1.15 SPAIN 117,270 Diageo 2,170,137 0.74 128,035 Telefonica 2,910,724 1.00 89,101 GlaxoSmithKline 1,721,723 0.59 189,833 Prudential 1,975,295 0.67 2,910,724 1.00 170,305 Standard Chartered 4,577,477 1.57 BERMUDA 96,362 Unilever 2,952,528 1.01 36 Esprit Holdings 172 0.00 2,181,478 Vodafone Group 5,637,428 1.93 975,500 Ports Design 2,710,733 0.93 224,612 Xstrata 5,269,164 1.80 2,710,905 0.93 39,573,077 13.53 HONG KONG FRANCE 10,697 CNOOC ADR 2,521,336 0.86 48,006 Atos Origin 2,562,099 0.88 42,689 BNP Paribas 2,726,618 0.93 2,521,336 0.86 92,138 France Télécom 1,924,337 0.66 45,672 Lafarge 2,868,207 0.98 AUSTRALIA 13,953 PPR 2,225,901 0.76 62,347 Macquarie Group 2,359,353 0.81 67,110 Sanofi-Aventis 4,304,631 1.47 97,892 Total 5,201,260 1.78 2,359,353 0.81 AUSTRIA 21,813,053 7.46 59,448 RHI 2,336,473 0.80 SWITZERLAND 103,204 ABB Registered Shares 2,306,210 0.79 2,336,473 0.80 38,063 ACE 2,365,615 0.81 IRELAND 73,419 Nestlé Registered Shares 4,312,166 1.47 47,676 Accenture - A Shares 2,306,565 0.79 19,956 Roche Holding - Genussschein 2,932,629 1.00 11,098 Zurich Financial Services 2,882,791 0.99 2,306,565 0.79

14,799,411 5.06 SWEDEN 80,362 SKF - B Shares 2,295,954 0.79 GERMANY 54,349 Bayer Registered Shares 4,002,421 1.37 2,295,954 0.79 50,726 Kloeckner & Co. 1,428,712 0.49 19,562 Linde 2,985,754 1.02 INDONESIA 26,064 Rheinmetall 2,092,765 0.72 1,883,000 Bank Rakyat Indonesia 2,191,486 0.75 27,724 Siemens Registered Shares 3,455,218 1.18 2,191,486 0.75 13,964,870 4.78

239 JPMorgan Funds - Global Equity Fund (USD) Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

MEXICO 35,444 America Movil ADR - L Shares 2,006,308 0.69

2,006,308 0.69 DENMARK 19,233 Carlsberg - B Shares 1,932,631 0.66

1,932,631 0.66 GREECE 60,726 Folli - Follie 1,495,832 0.51

1,495,832 0.51

Total Shares 277,937,426 95.07

Total Transferable Securities Admitted to an 277,937,426 95.07 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 8,524,732 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 8,524,732 2.92

8,524,732 2.92

Total Investment Funds 8,524,732 2.92

Total Transferable Securities Dealt in on Another 8,524,732 2.92 Regulated Market Total Investments 286,462,158 97.99

Cash 4,721,391 1.61

Other Assets/(Liabilities) 1,168,684 0.40

Total Net Assets 292,352,233 100.00

* Hong Kong Registered Shares.

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 16.55 Information Technology 14.20 Industrials 12.24 Energy 10.67 Consumer Discretionary 10.56 Health Care 10.18 Materials 9.64 Consumer Staples 5.71 Telecommunication Services 5.32 Investment Companies 2.92 Total Shares 97.99 Cash and Other Assets/(Liabilities) 2.01 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 20.41 Information Technology 13.82 Consumer Discretionary 13.24 Industrials 9.64 Energy 9.29 Health Care 8.71 Materials 8.41 Consumer Staples 8.21 Telecommunication Services 3.64 Utilities 2.66 Investment Companies 1.60 Total Shares 99.63 Bank Overdraft and Other Assets/(Liabilities) 0.37 Total 100.00

240 JPMorgan Funds - Global Equity Fund (USD) Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

28-Jan-11 EUR 488,311 CAD 653,750 (756) 28-Jan-11 EUR 419,637 GBP 356,885 6,285 28-Jan-11 EUR 274,214 SEK 2,510,019 (6,867) 28-Jan-11 EUR 45,180,084 USD 60,108,411 409,721 28-Jan-11 HKD 3,073,049 EUR 297,756 (3,401) 28-Jan-11 USD 459,651 AUD 467,737 (14,972) 28-Jan-11 USD 226,485 CAD 228,311 (2,207) 28-Jan-11 USD 3,498,891 CHF 3,354,884 (99,553) 28-Jan-11 USD 517,846 DKK 2,931,093 (8,781) 28-Jan-11 USD 844,840 EUR 638,038 (9,804) 28-Jan-11 USD 11,588,457 GBP 7,422,270 29,006 28-Jan-11 USD 2,972,064 HKD 23,104,700 (1,044) 28-Jan-11 USD 3,347,245 JPY 280,722,367 (109,202) 28-Jan-11 USD 803,856 SGD 1,054,410 (19,484)

Total 168,941

241 JPMorgan Funds - Global Focus Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing GERMANY 289,620 Bayer Registered Shares 15,923,308 1.00 Shares 382,032 Continental 22,585,732 1.41 118,813 Hamburger Hafen und Logistik Registered Shares 4,121,623 0.26 UNITED STATES OF AMERICA 371,920 Lanxess 21,822,406 1.37 485,888 Abbott Laboratories 17,308,706 1.09 415,391 Aflac 17,374,506 1.09 64,453,069 4.04 160,525 Amazon.com 21,704,941 1.36 438,718 American Express 13,967,770 0.88 HONG KONG 262,381 Celgene 11,534,813 0.72 5,305,400 AIA Group 11,172,156 0.70 838,576 Cisco Systems 12,593,196 0.79 9,878,000 China Overseas Land & Investment 13,585,990 0.85 7,484,525 Citigroup 26,513,922 1.66 2,751,000 Hutchison Whampoa 21,177,436 1.33 534,035 General Motors 14,640,163 0.92 124,748 International Business Machines 13,608,704 0.85 45,935,582 2.88 1,173,949 Kroger 19,584,076 1.23 JERSEY 1,500,588 Lowe’s 27,979,534 1.76 2,038,555 Experian 18,942,031 1.19 431,638 MetLife 14,311,131 0.90 754,386 Shire 13,571,919 0.85 1,196,316 Microsoft 24,806,957 1.56 Sprint Nextel 11,275,479 3,600,224 0.71 32,513,950 2.04 1,202,056 Staples 20,456,805 1.28 485,029 Sysco 10,629,756 0.67 BERMUDA 320,611 Union Pacific 22,074,994 1.38 1,349,993 Cosan - A Shares 13,681,851 0.86 353,119 United States Steel 15,568,661 0.97 14,153,000 Huabao International Holdings 17,236,418 1.08 928,751 Walt Disney 25,811,159 1.62 30,918,269 1.94 341,745,273 21.44 AUSTRIA JAPAN 536,714 Erste Group Bank 18,951,371 1.19 5,200 Japan Tobacco 14,371,847 0.90 236,357 Intercell 2,748,832 0.18 4,385,700 JX Holdings 22,227,368 1.39 119,931 Schoeller-Bleckmann Oilfield Equipment 7,751,740 0.48 2,385 KDDI 10,290,289 0.65 2,279,000 Kubota 16,136,917 1.01 29,451,943 1.85 1,955,000 Marubeni 10,258,562 0.65 CHINA Mitsubishi 22,585,673 1,117,900 1.42 10,596,000 Angang Steel - H Shares * 12,069,962 0.76 Mitsubishi Electric 24,706,867 3,150,000 1.55 5,300,800 ZTE - H Shares * 15,782,739 0.99 73,100 Nintendo 15,994,857 1.00 6,804,000 Nippon Sheet Glass 13,724,686 0.86 27,852,701 1.75 1,961,200 Nissan Motor 13,940,739 0.88 239,870 ORIX 17,634,759 1.11 FINLAND 521,600 Shiseido 8,503,443 0.53 844,700 Nokian Renkaat 23,182,792 1.46 40,214 Yahoo! Japan 11,650,269 0.73 2,583,033 Ruukki Group 4,300,750 0.27 402,400 Yakult Honsha 8,653,214 0.54 27,483,542 1.73 210,679,490 13.22 INDONESIA UNITED KINGDOM 26,192,000 Perusahaan Gas Negara 9,609,482 0.60 1,604,253 Afren 2,755,565 0.17 14,644,000 Telekomunikasi Indonesia 9,649,517 0.61 1,365,373 Associated British Foods 18,784,229 1.18 926,576 British American Tobacco 26,556,277 1.67 19,258,999 1.21 6,575,456 Cable & Wireless Communications 3,720,198 0.23 DENMARK 6,575,456 Cable & Wireless Worldwide 5,020,164 0.31 243,277 Carlsberg - B Shares 18,250,567 1.14 4,356,179 Centrica 16,854,499 1.06 1,873,237 Cookson Group 14,301,605 0.90 18,250,567 1.14 5,392,613 GKN 13,915,983 0.87 1,721,722 Homeserve 8,902,045 0.56 SWITZERLAND 1,378,495 Intercontinental Hotels Group 19,942,652 1.25 357,890 ACE 16,605,968 1.04 6,823,595 Man Group 23,504,749 1.47 954,520 Petropavlovsk 12,710,067 0.80 16,605,968 1.04 22,632,076 Taylor Wimpey 8,274,929 0.52 INDIA 798,000 Tullow Oil 11,748,811 0.74 3,168,716 Yes Bank 16,539,687 1.04

186,991,773 11.73 16,539,687 1.04 FRANCE NORWAY 231,010 Pernod-Ricard 16,270,034 1.02 2,220,443 Orkla 16,125,837 1.01 1,532,430 Rhodia 37,885,501 2.38 366,456 Sodexho 18,962,266 1.19 16,125,837 1.01 73,117,801 4.59 BELGIUM 598,479 KBC Groep 15,333,032 0.96 NETHERLANDS 496,986 AerCap Holdings 5,240,903 0.33 15,333,032 0.96 1,153,350 Koninklijke KPN 12,623,416 0.79 911,574 Koninklijke Philips Electronics 20,897,834 1.31 TAIWAN 1,324,218 Royal Dutch Shell - A Shares 32,800,880 2.06 4,988,728 Hon Hai Precision Industry 14,983,460 0.94 675,096 Vimetco Registered Shares GDR 1,486,829 0.09 14,983,460 0.94 73,049,862 4.58 ISRAEL CANADA 373,163 Teva Pharmaceutical Industries ADR 14,418,643 0.90 312,948 First Quantum Minerals 25,231,112 1.58 600,336 InterOil 32,375,432 2.04 14,418,643 0.90 1,031,146 Kinross Gold 14,537,937 0.91 GUERNSEY 4,435,170 Resolution 12,100,285 0.76 72,144,481 4.53 12,100,285 0.76

242 JPMorgan Funds - Global Focus Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

AUSTRALIA 403,273 Macquarie Group 11,393,314 0.71 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 11,393,314 0.71 Shares Financials ITALY 16.54 Consumer Discretionary 2,945,585 Snam Rete Gas 10,990,714 0.69 13.38 Industrials 12.34 10,990,714 0.69 Materials 10.85 Consumer Staples 10.75 SOUTH AFRICA Energy 7.21 2,119,363 African Bank Investments 9,246,352 0.58 Information Technology 7.17 Health Care 3.74 9,246,352 0.58 Telecommunication Services 3.30 ISLE OF MAN Investment Companies 2.97 1,406,380 Lamprell 5,284,416 0.33 Utilities 2.35 Total Shares 90.60 5,284,416 0.33 Cash and Other Assets/(Liabilities) 9.40 Total Total Shares 1,396,869,010 87.63 100.00

Total Transferable Securities Admitted to an 1,396,869,010 87.63 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market Allocation of Portfolio as at 30 June 2010 % of Net Assets Investment Funds Shares Financials 16.59 LUXEMBOURG Industrials 12.84 47,324,001 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Consumer Discretionary 11.87 Euro Liquidity X (dist)) 47,324,001 2.97 Consumer Staples 11.18 Materials 10.13 47,324,001 2.97 Information Technology 10.03 Energy 6.85 Total Investment Funds 47,324,001 2.97 Telecommunication Services 6.59 Health Care 4.70 Total Transferable Securities Dealt in on Another 47,324,001 2.97 Regulated Market Investment Companies 3.02 Utilities 2.67 1,444,193,011 90.60 Total Investments Total Shares 96.47 Cash and Other Assets/(Liabilities) 3.53 Cash 128,091,141 8.04 Total 100.00 Other Assets/(Liabilities) 21,667,361 1.36

Total Net Assets 1,593,951,513 100.00

* Hong Kong Registered Shares.

243 JPMorgan Funds - Global Focus Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-11 1,138 DJ Euro Stoxx 50 Index Future EUR 31,795,720 (807,780) Mar-11 442 FTSE 100 Index Future GBP 30,292,454 111,328 Mar-11 1,840 SP 500 Emini Future USD 85,890,480 772,836 Mar-11 271 Topix Index Future JPY 22,314,179 262,836

Total 339,220

JPMorgan Funds - Global Focus Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) (continued) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

06-Jan-11 AUD 82,085 EUR 62,596 (229) 06-Jan-11 CAD 124,559 EUR 93,469 (284) 06-Jan-11 CHF 70,521 AUD 73,127 895 06-Jan-11 CHF 108,191 CAD 111,323 3,329 06-Jan-11 CHF 534,679 EUR 412,386 15,655 06-Jan-11 CHF 214,398 GBP 139,384 9,545 06-Jan-11 CHF 18,179 HKD 143,501 770 06-Jan-11 CHF 202,660 JPY 17,279,409 3,444 06-Jan-11 CHF 10,536 SGD 14,045 247 06-Jan-11 CHF 879,594 USD 897,143 34,379 06-Jan-11 DKK 2,785 EUR 374 - 06-Jan-11 EUR 6,565 AUD 8,958 (241) 06-Jan-11 EUR 9,951 CAD 13,236 49 06-Jan-11 EUR 1,630,248 CHF 2,037,416 (816) 06-Jan-11 EUR 374 DKK 2,785 - 06-Jan-11 EUR 18,900 GBP 15,830 491 06-Jan-11 EUR 2,037 HKD 20,548 63 06-Jan-11 EUR 19,358 JPY 2,108,143 (16) 06-Jan-11 EUR 1,228 NOK 9,950 (46) 06-Jan-11 EUR 1,135 SGD 1,952 (3) 06-Jan-11 EUR 88,526 USD 115,126 2,575 06-Jan-11 GBP 155,214 EUR 179,977 525 06-Jan-11 HKD 164,050 EUR 15,914 (158) 06-Jan-11 JPY 19,387,552 EUR 179,170 (999) 06-Jan-11 NOK 8,224 CHF 1,342 (22) 06-Jan-11 NOK 1,726 EUR 221 - 06-Jan-11 SGD 15,998 EUR 9,347 (22) 06-Jan-11 USD 1,012,269 EUR 758,304 (2,569) 07-Jan-11 CHF 21,567 SEK 151,423 402 07-Jan-11 EUR 2,140 SEK 19,636 (47) 07-Jan-11 SEK 171,059 EUR 18,990 61 11-Jan-11 EUR 4,739,021 AUD 6,375,941 (102,258) 11-Jan-11 EUR 6,047,015 CAD 8,086,985 (2,626) 11-Jan-11 EUR 4,416,319 CHF 5,762,769 (197,450) 11-Jan-11 EUR 13,192,912 GBP 11,181,099 190,615 11-Jan-11 EUR 1,490,459 HKD 15,424,915 8,834 11-Jan-11 EUR 12,811,308 JPY 1,411,137,031 (157,628) 11-Jan-11 EUR 385,822 NOK 3,089,820 (9,666) 11-Jan-11 EUR 1,830,615 SEK 16,632,848 (21,580) 11-Jan-11 EUR 979,063 SGD 1,678,197 732 11-Jan-11 EUR 54,073,362 USD 71,752,631 504,634 11-Jan-11 GBP 413,519 EUR 493,815 (12,942) 11-Jan-11 JPY 70,299,126 EUR 634,843 11,235 11-Jan-11 USD 2,422,779 EUR 1,828,256 (19,469) 12-Jan-11 AUD 66,827,136 EUR 46,761,888 3,973,319 12-Jan-11 CAD 57,666,014 EUR 41,037,906 2,099,466 12-Jan-11 CHF 73,171,038 EUR 54,272,328 4,310,218 12-Jan-11 DKK 11,722,565 EUR 1,572,746 (249) 12-Jan-11 EUR 19,156,888 DKK 142,723,930 11,505 12-Jan-11 EUR 86,577,806 GBP 75,564,337 (1,293,713) 12-Jan-11 EUR 45,851,713 HKD 497,300,700 (1,916,385) 12-Jan-11 EUR 62,454,815 JPY 7,042,233,532 (2,266,928) 12-Jan-11 EUR 10,323,882 NOK 83,663,618 (384,213) 12-Jan-11 EUR 36,331,867 USD 48,731,928 (50,119) 12-Jan-11 GBP 6,288,221 EUR 7,182,598 129,787 12-Jan-11 HKD 51,546,001 EUR 5,032,789 (81,550) 12-Jan-11 JPY 1,332,299,813 EUR 11,608,443 636,077 12-Jan-11 SEK 213,554,410 EUR 23,047,534 732,537 12-Jan-11 SGD 21,320,291 EUR 11,841,736 587,244 12-Jan-11 TRY 24,664,035 EUR 12,244,846 (360,489) 12-Jan-11 USD 390,656,530 EUR 282,502,721 9,151,248 03-Feb-11 CHF 11,658 AUD 12,154 136 03-Feb-11 CHF 2,035,245 EUR 1,629,389 439 03-Feb-11 CHF 10,237 JPY 883,982 72 03-Feb-11 CHF 10,332 SEK 74,637 (30)

244 JPMorgan Funds - Global Focus Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) (continued) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

03-Feb-11 CHF 10,453 USD 11,001 158 03-Feb-11 EUR 62,379 AUD 82,085 247 03-Feb-11 EUR 93,416 CAD 124,559 282 03-Feb-11 EUR 17,325 CHF 21,635 - 03-Feb-11 EUR 179,954 GBP 155,214 (500) 03-Feb-11 EUR 179,217 JPY 19,387,552 993 03-Feb-11 EUR 18,973 SEK 171,059 (60) 03-Feb-11 EUR 758,357 USD 1,012,269 2,650 07-Feb-11 EUR 15,919 HKD 164,050 158 07-Feb-11 EUR 9,348 SGD 15,998 22

Total 15,541,731

245 JPMorgan Funds - Global Government Bond Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing AUSTRALIA 4,000,000 Australia (Commonwealth of) 20.08.15/4.000% 5,094,925 1.96 Bonds 5,094,925 1.96 JAPAN 156,000,000 Japan (Government of) 20.12.11/1.400% 1,450,318 0.56 NETHERLANDS 650,000,000 Japan (Government of) 20.12.12/0.900% 6,058,337 2.33 167,000 Netherlands (Kingdom of) 15.07.14/3.750% 180,040 0.07 90,000,000 Japan (Government of) 20.12.12/0.900% 838,847 0.32 1,509,000 Netherlands (Kingdom of) 15.07.18/4.000% 1,629,949 0.63 675,000,000 Japan (Government of) 20.06.13/0.500% 6,248,778 2.40 1,500,000 Netherlands (Kingdom of) 15.07.20/3.500% 1,544,103 0.59 250,000,000 Japan (Government of) 20.09.14/0.700% 2,332,009 0.90 270,000 Netherlands (Kingdom of) 15.01.42/3.750% 282,297 0.11 1,003,000,000 Japan (Government of) 20.12.16/1.700% 9,842,952 3.78 837,000,000 Japan (Government of) 20.03.20/1.300% 7,876,377 3.03 3,636,389 1.40 970,000,000 Japan (Government of) 8,947,118 20.06.20/1.100% 3.44 SWEDEN 500,000,000 Japan (Government of) 4,471,961 20.09.20/0.800% 1.72 9,990,000 Sweden (Kingdom of) 12.03.19/4.250% 1,197,501 0.46 1,125,000,000 Japan (Government of) 20.06.25/1.900% 10,818,285 4.16 Japan (Government of) 2,939,359 314,850,000 20.12.28/1.900% 1.13 1,197,501 0.46 455,000,000 Japan (Government of) 20.09.35/2.500% 4,618,808 1.77 212,000,000 Japan (Government of) 20.03.39/2.300% 2,084,158 0.80 THAILAND 65,000,000 Japan (Government of) 20.03.49/2.200% 624,878 0.24 630,000 UK Treasury 07.12.40/4.250% 737,104 0.28

69,152,185 26.58 737,104 0.28 GERMANY Total Bonds 174,300,793 67.00 6,910,000 Germany (Federal Republic of) 12.04.13/3.500% 7,311,108 2.81 1,290,000 Germany (Federal Republic of) 11.04.14/2.250% 1,331,693 0.51 Total Transferable Securities Admitted to an 174,300,793 67.00 2,325,000 Germany (Federal Republic of) 10.10.14/2.500% 2,413,943 0.93 Official Exchange Listing 8,160,000 Germany (Federal Republic of) 27.02.15/2.500% 8,441,422 3.25 1,900,000 Germany (Federal Republic of) 04.01.17/3.750% 2,058,557 0.79 Transferable Securities Dealt in on Another Regulated Market 2,500,000 Germany (Federal Republic of) 04.01.31/5.500% 3,201,966 1.23 1,570,000 Germany (Federal Republic of) 04.07.39/4.250% 1,799,894 0.69 Bonds

26,558,583 10.21 UNITED STATES OF AMERICA 11,350,000 US Treasury 28.02.15/2.375% 8,722,540 3.35 UNITED KINGDOM 19,240,000 US Treasury 30.04.15/2.500% 14,830,938 5.70 3,080,000 UK Treasury 16.08.13/2.500% 9,995,346 3.84 10,000,000 US Treasury 31.08.15/1.250% 7,251,111 2.79 1,360,000 UK Treasury 07.03.14/2.250% 1,614,965 0.62 9,500,000 US Treasury 31.03.16/2.375% 7,173,362 2.76 1,900,000 UK Treasury 07.03.18/5.000% 2,510,889 0.96 14,700,000 US Treasury 30.11.16/2.750% 11,185,573 4.30 2,057,000 UK Treasury 07.09.34/4.500% 2,497,568 0.96 7,137,000 US Treasury 15.11.18/3.750% 5,653,833 2.17 690,000 UK Treasury 07.12.38/4.750% 878,582 0.34 13,000,000 US Treasury 15.02.20/3.625% 10,051,234 3.87 510,000 UK Treasury 07.12.46/4.250% 603,678 0.23 1,000,000 US Treasury 15.11.20/2.625% 702,597 0.27 450,000 UK Treasury 07.12.55/4.250% 539,593 0.21 3,113,000 US Treasury 15.02.31/5.375% 2,700,663 1.04 360,000 UK Treasury 22.01.60/4.000% 409,706 0.16 7,000,000 US Treasury 15.05.38/4.500% 5,356,676 2.06

19,050,327 7.32 73,628,527 28.31 FRANCE CANADA 2,350,000 France (Government of) 12.01.13/3.750% 2,476,495 0.95 1,860,000 Canada (Government of) 01.06.14/3.000% 1,432,352 0.55 3,100,000 France (Government of) 12.01.14/2.500% 3,196,604 1.23 1,100,000 Canada (Government of) 01.06.15/2.500% 828,631 0.32 2,750,000 France (Government of) 25.04.17/3.750% 2,922,189 1.12 1,100,000 Canada (Government of) 01.06.20/3.500% 846,625 0.32 3,700,000 France (Government of) 25.04.20/3.500% 3,762,088 1.45 1,205,000 Canada (Government of) 01.06.37/5.000% 1,114,806 0.43 398,000 France (Government of) 25.10.23/4.250% 426,904 0.17 1,500,000 France (Government of) 25.04.35/4.750% 1,706,053 0.65 4,222,414 1.62 694,000 France (Government of) 25.04.41/4.500% 770,344 0.30 FRANCE 551,000 France (Government of) 25.04.60/4.000% 564,634 0.22 813,000 French Treasury Bill (i) 10.03.11/0.000% 811,087 0.31 15,825,311 6.09 811,087 0.31 ITALY 1,620,000 Italy (Republic of) 15.12.13/3.750% 1,641,014 0.63 Total Bonds 78,662,028 30.24 3,500,000 Italy (Republic of) 01.08.18/4.500% 3,521,907 1.35 375,000 Italy (Republic of) 01.03.19/4.500% 375,020 0.14 Investment Funds 1,550,000 Italy (Republic of) 01.09.20/4.000% 1,471,263 0.57 LUXEMBOURG 3,932,000 Italy (Republic of) 01.03.25/5.000% 3,924,140 1.51 482 JPMorgan Liquidity Funds - Euro Government 1,446,000 Italy (Republic of) 01.02.37/4.000% 1,195,178 0.46 Liquidity Fund (JPM Euro Government Liquidity Fund X (acc)) 4,900,260 1.88 12,128,522 4.66 4,900,260 1.88 DENMARK 7,750,000 Denmark (Kingdom of) 14.05.12/2.250% 5,904,859 2.27 Total Investment Funds 4,900,260 1.88 12,840,000 Denmark (Kingdom of) 15.11.19/4.000% 1,853,011 0.71 Total Transferable Securities Dealt in on Another 83,562,288 32.12 7,757,870 2.98 Regulated Market BELGIUM Total Investments 257,863,081 99.12 6,780,000 Belgium (Kingdom of) 03.09.13/4.250% 5,307,275 2.04 1,750,000 Belgium (Kingdom of) 28.09.20/3.750% 1,720,893 0.66 Cash 1,125,679 0.43 100,000 Belgium (Kingdom of) 28.03.41/4.250% 97,420 0.04 Other Assets/(Liabilities) 1,154,370 0.45 7,125,588 2.74 SPAIN Total Net Assets 260,143,130 100.00 2,800,000 Spain (Kingdom of) 30.04.16/3.250% 2,606,972 1.00 2,850,000 Spain (Kingdom of) 31.10.20/4.850% 2,726,666 1.05 850,000 Spain (Kingdom of) 30.07.41/4.700% 702,850 0.27 (i) Security held as collateral against futures positions by the broker.

6,036,488 2.32

246 JPMorgan Funds - Global Government Bond Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 28.31 Japan 26.58 Germany 10.21 United Kingdom 7.32 France 6.40 Italy 4.66 Denmark 2.98 Belgium 2.74 Spain 2.32 Australia 1.96 Canada 1.62 Netherlands 1.40 Sweden 0.46 Thailand 0.28 Total Fixed Income Securities 97.24 Investment Funds Luxembourg 1.88 Total Investment Funds 1.88 Cash and Other Assets/(Liabilities) 0.88 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities Japan 28.83 United States of America 21.12 Germany 10.94 United Kingdom 10.60 Italy 7.37 France 3.46 Belgium 3.34 Spain 2.95 Denmark 2.82 Canada 1.20 Netherlands 0.61 Sweden 0.30 Australia 0.12 Total Fixed Income Securities 93.66 Investment Funds Luxembourg 5.49 Total Investment Funds 5.49 Cash and Other Assets/(Liabilities) 0.85 Total 100.00

247 JPMorgan Funds - Global Government Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 (38) Australia 3 Year Bond Future AUD (2,943,305) (2,401) Mar-11 (7) Australia 10 Year Bond Future AUD (549,549) (5,731) Mar-11 (3) Euro-Bobl Future EUR (356,340) 630 Mar-11 28 Euro-BTP Future EUR 3,045,560 (74,660) Mar-11 (71) Euro-Bund Future EUR (8,897,010) 54,410 Mar-11 2 Euro-Schatz Future EUR 218,010 830 Mar-11 44 Long Gilt Future GBP 6,112,948 (41,877) Mar-11 (73) Short Gilt Future GBP (9,274,738) 28,864 Mar-11 (101) US 2 Year Note Future USD (16,495,233) 43,004 Mar-11 (74) US 5 Year Note Future USD (6,492,981) 72,879 Mar-11 (159) US 10 Year Note Future USD (14,265,983) 218,111

294,059 Total Bond Futures

Interest Rate Futures

Mar-11 185 3 Month Bank Accept Future CAD 34,100,902 1,987 Jun-11 (185) 3 Month Bank Accept Future CAD (34,036,024) (2,852)

(865) Total Interest Rate Futures Total 293,194

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

07-Jan-11 AUD 6,187,647 EUR 4,516,295 184,387 07-Jan-11 CAD 2,069,036 EUR 1,552,084 (4,209) 07-Jan-11 EUR 5,017,919 AUD 6,743,029 (104,680) 07-Jan-11 EUR 393,118 GBP 333,777 4,964 07-Jan-11 EUR 1,499,691 JPY 164,602,337 (13,010) 07-Jan-11 EUR 237,394,166 USD 311,212,893 5,050,366 07-Jan-11 GBP 7,125,209 EUR 8,473,499 (187,485) 07-Jan-11 JPY 2,117,623,996 EUR 19,148,890 312,145 07-Jan-11 JPY 32,929,869 USD 392,702 9,445 07-Jan-11 SEK 9,281,995 EUR 1,029,398 4,356 07-Jan-11 USD 5,785,062 AUD 6,024,474 (257,739) 07-Jan-11 USD 7,305,529 CAD 7,454,693 (122,835) 07-Jan-11 USD 2,140,151 DKK 12,166,672 (34,295) 07-Jan-11 USD 30,395,689 EUR 23,118,017 (425,352) 07-Jan-11 USD 36,780,174 GBP 23,534,168 90,923 07-Jan-11 USD 113,417,709 JPY 9,494,402,300 (2,579,037) 07-Jan-11 USD 1,329,479 SEK 9,281,995 (41,198) 14-Jan-11 EUR 283,357 USD 378,044 1,120 14-Jan-11 USD 8,518,173 EUR 6,431,713 (72,288) 04-Feb-11 EUR 1,028,430 SEK 9,281,995 (4,313) 04-Feb-11 EUR 406,772 USD 539,851 3,746 04-Feb-11 JPY 34,598,575 EUR 320,540 (2,482) 04-Feb-11 USD 671,522 EUR 511,242 (9,916) 17-Feb-11 USD 85,363 EUR 64,284 (551)

Total 1,802,062

248 JPMorgan Funds - Global Government Short Duration Bond Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing SWEDEN 1,100,000 Sweden (Kingdom of) 08.10.12/5.500% 130,227 0.20 Bonds 130,227 0.20 JAPAN 295,000,000 Japan (Government of) 20.12.12/0.900% 2,749,553 4.23 Total Bonds 35,862,845 55.16 180,000,000 Japan (Government of) 20.12.12/1.000% 1,680,922 2.59 130,000,000 Japan (Government of) 20.03.13/0.600% 1,205,606 1.86 Total Transferable Securities Admitted to an Official 35,862,845 55.16 135,000,000 Japan (Government of) 20.06.13/0.500% 1,249,756 1.92 Exchange Listing 30,000,000 Japan (Government of) 20.09.13/1.000% 281,536 0.43 417,000,000 Japan (Government of) 20.06.15/0.400% 3,838,268 5.90 Transferable Securities Dealt in on Another Regulated Market

11,005,641 16.93 Bonds GERMANY UNITED STATES OF AMERICA 160,000 Germany (Federal Republic of) 16.03.12/1.000% 160,763 0.25 464,000 US Treasury 15.02.12/1.375% 350,362 0.54 1,460,000 Germany (Federal Republic of) 15.06.12/0.500% 1,456,408 2.24 800,000 US Treasury 29.02.12/0.875% 600,806 0.92 1,089,000 Germany (Federal Republic of) 12.10.12/4.250% 1,155,360 1.78 750,000 US Treasury 31.07.12/0.625% 561,244 0.86 1,350,000 Germany (Federal Republic of) 04.01.13/4.500% 1,447,836 2.23 3,700,000 US Treasury 31.10.12/0.375% 2,752,401 4.23 2,000,000 Germany (Federal Republic of) 12.04.13/3.500% 2,116,095 3.25 2,750,000 US Treasury 30.11.12/0.500% 2,049,232 3.15 250,000 Germany (Federal Republic of) 04.07.13/3.750% 266,963 0.41 5,160,000 US Treasury 15.12.12/1.125% 3,889,647 5.98 890,000 Germany (Federal Republic of) 11.10.13/4.000% 961,487 1.48 1,850,000 US Treasury 15.01.13/1.375% 1,401,234 2.16 3,000,000 US Treasury 15.03.13/1.375% 2,271,222 3.49 7,564,912 11.64 1,000,000 US Treasury 15.07.13/1.000% 749,841 1.15 UNITED KINGDOM 2,400,000 US Treasury 15.09.13/0.750% 1,784,501 2.75 765,000 UK Treasury 16.08.13/2.500% 2,482,610 3.82 140,000 US Treasury 15.10.13/0.500% 103,279 0.16 910,000 UK Treasury 22.01.15/2.750% 1,088,196 1.67 800,000 US Treasury 15.11.13/0.500% 589,048 0.91 880,000 US Treasury 30.04.15/2.500% 678,338 1.04 3,570,806 5.49 1,000,000 US Treasury 31.07.15/1.750% 743,192 1.14 3,350,000 US Treasury 31.08.15/1.250% 2,429,122 3.74 FRANCE 750,000 US Treasury 31.10.15/1.250% 541,121 0.84 60,000 France (Government of) 25.04.12/5.000% 63,317 0.10 420,000 France (Government of) 12.07.12/4.500% 443,222 0.68 21,494,590 33.06 1,000,000 France (Government of) 25.10.12/4.750% 1,067,520 1.64 300,000 France (Government of) 25.04.13/4.000% 319,375 0.49 CANADA 700,000 France (Government of) 12.07.13/4.500% 756,675 1.16 380,000 Canada (Government of) 01.06.12/3.750% 292,978 0.45 500,000 France (Government of) 25.10.13/4.000% 536,370 0.83 140,000 Canada (Government of) 01.09.12/2.000% 105,345 0.16 1,200,000 Canada (Government of) 01.06.13/3.500% 932,807 1.44 3,186,479 4.90 1,331,130 2.05 ITALY 165,000 Italy (Republic of) 01.03.12/3.000% 166,049 0.25 FRANCE 1,150,000 Italy (Republic of) 05.10.12/2.125% 859,978 1.32 100,000 French Treasury Bill (i) 10.03.11/0.000% 99,784 0.15 280,000 Italy (Republic of) 15.04.13/4.250% 287,939 0.44 770,000 Italy (Republic of) 01.06.13/2.000% 751,600 1.16 99,784 0.15 500,000 Italy (Republic of) 15.06.13/4.375% 389,022 0.60 650,000 Italy (Republic of) 01.08.13/4.250% 668,404 1.03 Total Bonds 22,925,504 35.26 Investment Funds 3,122,992 4.80 LUXEMBOURG DENMARK 247 JPMorgan Liquidity Funds - Euro Government 2,010,000 Denmark (Kingdom of) 14.05.12/2.250% 1,531,454 2.36 Liquidity Fund (JPM Euro Government Liquidity Fund 3,500,000 Denmark (Kingdom of) 15.11.12/4.000% 495,709 0.76 X (acc)) 2,510,300 3.87

2,027,163 3.12 2,510,300 3.87 SPAIN 582,000 Spain (Kingdom of) 05.03.12/2.750% 432,573 0.67 Total Investment Funds 2,510,300 3.87 500,000 Spain (Kingdom of) 17.09.12/2.000% 365,430 0.56 Total Transferable Securities Dealt in on Another 25,435,804 39.13 400,000 Spain (Kingdom of) 31.10.12/3.900% 403,313 0.62 Regulated Market 600,000 Spain (Kingdom of) 31.10.13/2.500% 577,638 0.89 Total Investments 61,298,649 94.29 1,778,954 2.74 Cash 2,770,338 4.26 QATAR 1,030,000 Qatar (State of) 09.04.14/5.150% 832,028 1.28 Other Assets/(Liabilities) 945,098 1.45 190,000 Qatar (State of) 20.01.15/4.000% 146,686 0.23 Total Net Assets 65,014,085 100.00 978,714 1.51 NETHERLANDS 220,000 Netherlands (Kingdom of) 15.07.12/5.000% 234,205 0.36 (i) Security partially or totally held as collateral against futures positions by the broker. 600,000 Netherlands (Kingdom of) 15.07.13/4.250% 647,884 1.00

882,089 1.36 BELGIUM 1,070,000 Belgium (Kingdom of) 03.09.13/4.250% 837,579 1.28

837,579 1.28 AUSTRALIA 130,000 Australia (Commonwealth of) 15.04.12/5.750% 99,737 0.16 450,000 Australia (Commonwealth of) 15.05.13/6.500% 352,151 0.54

451,888 0.70 SOUTH KOREA 400,000 Korea (Republic of) 16.04.14/5.750% 325,401 0.49

325,401 0.49

249 JPMorgan Funds - Global Government Short Duration Bond Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 33.06 Japan 16.93 Germany 11.64 United Kingdom 5.49 France 5.05 Italy 4.80 Denmark 3.12 Spain 2.74 Canada 2.05 Qatar 1.51 Netherlands 1.36 Belgium 1.28 Australia 0.70 South Korea 0.49 Sweden 0.20 Total Fixed Income Securities 90.42 Investment Funds Luxembourg 3.87 Total Investment Funds 3.87 Cash and Other Assets/(Liabilities) 5.71 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities Japan 24.75 United States of America 19.57 Germany 13.79 United Kingdom 10.06 Italy 6.19 France 5.21 Denmark 4.45 Belgium 3.29 Canada 2.31 Spain 1.85 Qatar 0.86 Australia 0.74 Netherlands 0.57 Sweden 0.16 Total Fixed Income Securities 93.80 Investment Funds Luxembourg 3.91 Total Investment Funds 3.91 Cash and Other Assets/(Liabilities) 2.29 Total 100.00

250 JPMorgan Funds - Global Government Short Duration Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 (17) Short Gilt Future GBP (2,159,870) 5,815 Mar-11 (38) US 2 Year Note Future USD (6,206,127) 16,180 Mar-11 (76) US 5 Year Note Future USD (6,668,467) 79,194

101,189 Total Bond Futures

Interest Rate Futures

Mar-11 45 3 Month Bank Accept Future CAD 8,294,814 491 Jun-11 (45) 3 Month Bank Accept Future CAD (8,279,033) (701)

(210) Total Interest Rate Futures Total 100,979

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

06-Jan-11 EUR 15,769,958 GBP 13,587,957 (31,796) 06-Jan-11 GBP 13,587,957 EUR 16,221,199 (419,446) 07-Jan-11 AUD 82,529 USD 81,800 1,627 07-Jan-11 EUR 445,884 AUD 602,838 (12,085) 07-Jan-11 EUR 1,434,148 CAD 1,918,615 (1,196) 07-Jan-11 EUR 481,223 DKK 3,586,138 166 07-Jan-11 EUR 3,659,334 GBP 3,066,208 93,595 07-Jan-11 EUR 10,871,518 JPY 1,191,355,973 (77,083) 07-Jan-11 EUR 112,949 SEK 1,034,991 (2,320) 07-Jan-11 EUR 28,142,924 USD 36,818,441 655,193 07-Jan-11 SEK 1,034,991 EUR 114,783 486 07-Jan-11 USD 264,420 EUR 198,818 (1,408) 14-Jan-11 EUR 649,530 USD 859,408 7,921 14-Jan-11 USD 25,488,404 EUR 19,242,191 (213,276) 03-Feb-11 GBP 12,896,320 EUR 14,951,943 41,515 04-Feb-11 EUR 114,675 SEK 1,034,991 (481)

Total 41,412

251 JPMorgan Funds - Global Healthcare Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing CANADA 13,415 Imris 77,807 0.21 Shares and Rights 12,328 Valeant Pharmaceuticals International 344,675 0.93 119,270 YM Biosciences 271,936 0.73 UNITED STATES OF AMERICA 58,812 Abbott Laboratories 2,806,215 7.53 694,418 1.87 13,120 Acorda Therapeutics 359,816 0.97 25,821 Aegerion Pharmaceuticals 381,634 1.02 ISRAEL 13,257 Alexion Pharmaceuticals 1,067,454 2.86 12,802 Teva Pharmaceutical Industries ADR 662,568 1.78 253,898 Anadys Pharmaceuticals 374,500 1.00 85,713 Ariad Pharmaceuticals 444,422 1.19 662,568 1.78 20,696 Biogen Idec 1,385,908 3.72 SWEDEN 77,223 Bionovo 87,262 0.23 59,842 Swedish Orphan Biovitrum 363,366 0.97 46,909 Bristol-Myers Squibb 1,238,632 3.32 Celgene 2,841,555 48,256 7.62 363,366 0.97 10,054 CR Bard 927,482 2.49 134,854 Cytokinetics 282,519 0.76 RUSSIA 5,073 DaVita 351,736 0.94 9,799 Pharmstandard Registered Shares GDR 281,525 0.76 101,038 Dynavax Technologies 315,239 0.85 11,216 Emeritus 223,086 0.60 281,525 0.76 34,782 Endologix 251,996 0.68 NORWAY Escrow Lev Pharmaceuticals 0 190,148 0.00 9,995 Algeta 232,679 0.62 32,998 Halozyme Therapeutics 259,859 0.70 9,554 Healthspring256,859 0.69 232,679 0.62 6,569 Humana 358,372 0.96 71,029 Idenix Pharmaceuticals 356,921 0.95 INDIA 26,582 Incyte 445,913 1.20 6,259 Dr Reddy’s Laboratories ADR 231,051 0.62 32,145 Inspire Pharmaceuticals 268,893 0.72 18,287 Insulet 283,723 0.76 231,051 0.62 176,960 Lexicon Pharmaceuticals 264,555 0.71 BELGIUM 15,620 McKesson 1,101,835 2.96 6,566 ThromboGenics 202,149 0.54 40,884 Merck & Co. 1,473,459 3.95 38,292 NPS Pharmaceuticals 302,698 0.81 202,149 0.54 18,928 Omnicell 277,485 0.74 36,099 Pharmacyclics 222,189 0.60 SPAIN 9,302 Pharmasset 405,614 1.09 18,939 Almirall 173,516 0.47 8,655 Regeneron Pharmaceuticals 288,774 0.77 8,302 United Therapeutics 520,203 1.40 173,516 0.47 31,185 UnitedHealth Group 1,120,321 3.00 BERMUDA 16,565 Viropharma 290,716 0.78 26,800 XOMA 142,710 0.38

21,837,845 58.57 142,710 0.38 UNITED KINGDOM AUSTRIA 100,167 GlaxoSmithKline 1,935,554 5.19 8,202 Intercell 127,769 0.34 17,918 Hikma Pharmaceuticals 225,659 0.60 1,079,275 Oxford Biomedica 92,970 0.25 127,769 0.34 239,838 Oxford Biomedica - Rights 06.01.11 1,980 0.01 248,890 Southern Cross Healthcare 71,724 0.19 Total Shares and Rights 36,240,244 97.20 173,863 Vectura Group 189,579 0.51 Total Transferable Securities Admitted to an Official 36,240,244 97.20 2,517,466 6.75 Exchange Listing SWITZERLAND Transferable Securities Dealt in on Another Regulated Market 26,685 Novartis Registered Shares 1,573,030 4.22 5,500 Roche Holding - Genussschein 808,251 2.17 Investment Funds 2,381,281 6.39 LUXEMBOURG 1,050,000 JPMorgan Liquidity Funds - US Dollar Liquidity Fund GERMANY (JPM US Dollar Liquidity X (dist)) 1,050,000 2.82 21,918 Bayer Registered Shares 1,614,106 4.33 5,230 Gerresheimer 227,235 0.61 1,050,000 2.82 29,353 Wilex 171,618 0.46 Total Investment Funds 1,050,000 2.82 2,012,959 5.40 FRANCE Total Transferable Securities Dealt in on Another 1,050,000 2.82 Regulated Market 21,394 Sanofi-Aventis 1,372,273 3.68 Total Investments 37,290,244 100.02 1,372,273 3.68 IRELAND Cash 424 0.00 28,100 Covidien 1,273,773 3.42 Other Assets/(Liabilities) (6,324) (0.02) 1,273,773 3.42 Total Net Assets 37,284,344 100.00 JAPAN 24,900 Astellas Pharma 948,615 2.54

948,615 2.54 JERSEY 32,546 Shire 784,281 2.10

784,281 2.10

252 JPMorgan Funds - Global Healthcare Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares and Rights Health Care 91.52 Materials 4.94 Investment Companies 2.82 Information Technology 0.74 Total Shares and Rights 100.02 Cash and Other Assets/(Liabilities) (0.02) Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Health Care 94.31 Materials 3.84 Information Technology 0.72 Investment Companies 0.28 Total Shares 99.15 Cash and Other Assets/(Liabilities) 0.85 Total 100.00

253 JPMorgan Funds - Global Healthcare Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

07-Jan-11 AUD 467,991 USD 463,686 12,525 07-Jan-11 CHF 1,765,970 USD 1,803,261 90,425 07-Jan-11 DKK 1,452,509 USD 273,679 (12,695) 07-Jan-11 EUR 520,887 USD 684,355 13,347 07-Jan-11 GBP 340,617 USD 532,208 (1,641) 07-Jan-11 JPY 9,339,645 CAD 113,746 987 07-Jan-11 JPY 137,853,581 USD 1,706,318 (9,397) 07-Jan-11 SEK 2,278,783 USD 334,748 5,194 07-Jan-11 USD 268,284 CAD 271,417 (3,692) 07-Jan-11 USD 1,018,117 EUR 737,570 30,180 07-Jan-11 USD 691,114 GBP 428,941 22,967 07-Jan-11 USD 183,249 JPY 15,340,965 (5,592) 07-Jan-11 USD 155,191 NOK 907,801 (470) 07-Jan-11 USD 342,788 SEK 2,278,783 2,845 08-Mar-11 AUD 96,214 JPY 7,927,163 (469) 08-Mar-11 EUR 108,940 CAD 144,093 1,684 08-Mar-11 GBP 60,843 JPY 7,686,349 53 08-Mar-11 USD 334,022 SEK 2,278,783 (5,202)

Total 141,049

254 JPMorgan Funds - Global Infrastructure Trends Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing SOUTH AFRICA 5,895 MTN Group 89,031 2.43 Shares 89,031 2.43 UNITED STATES OF AMERICA 1,800 Analog Devices 50,790 1.39 GERMANY 1,811 Chevron 123,097 3.36 2,177 E.ON 49,701 1.36 6,160 Cisco Systems 92,507 2.52 955 SAP 36,362 0.99 2,400 CSX 115,149 3.14 2,400 Dow Chemical 61,055 1.67 86,063 2.35 7,233 El Paso 74,007 2.02 BERMUDA 3,771 Hewlett-Packard 118,174 3.23 12,000 Cheung Kong Infrastructure Holdings 41,146 1.12 332 International Business Machines 36,218 0.99 34,000 Kunlun Energy 39,154 1.07 3,700 Microsoft 76,724 2.09 NextEra Energy 60,804 1,570 1.66 80,300 2.19 4,579 NV Energy 48,185 1.32 800 Occidental Petroleum 58,322 1.59 CAYMAN ISLANDS 1,469 PG&E 52,374 1.43 26,000 Agile Property Holdings 28,768 0.79 1,174 United Technologies 68,650 1.87 41,000 International Mining Machinery Holdings 24,868 0.67 1,585 Veeco Instruments 50,901 1.39 200,000 Renhe Commercial Holdings 26,220 0.72

1,086,957 29.67 79,856 2.18 FRANCE HONG KONG 1,200 Alstom 42,981 1.17 9,000 Beijing Enterprises Holdings 41,557 1.13 1,700 EDF 52,271 1.43 11,500 MTR 31,341 0.86 2,041 France Télécom 31,824 0.87 1,499 GDF Suez 40,241 1.10 72,898 1.99 1,600 Lafarge 75,016 2.05 CHINA Schneider Electric 35,134 313 0.96 106,000 Dalian Port PDA - H Shares * 32,782 0.89 Total 140,899 3,552 3.84 34,000 Jiangsu Expressway - H Shares * 28,786 0.79

418,366 11.42 61,568 1.68 UNITED KINGDOM SWEDEN 3,116 BG Group 47,018 1.29 3,380 Atlas Copco - B Shares 57,092 1.56 10,604 Centrica 41,028 1.12 83,067 Vodafone Group 160,263 4.37 57,092 1.56 248,309 6.78 CANADA 231 First Quantum Minerals 18,624 0.51 JAPAN 494 Niko Resources 38,354 1.05 8,000 Kubota 56,646 1.55 2,800 Mitsubishi 56,570 1.54 56,978 1.56 4,300 Mitsui & Co. 53,030 1.45 TAIWAN 166,246 4.54 31,000 Taiwan Mobile 55,388 1.51

SWITZERLAND 55,388 1.51 3,300 ABB Registered Shares 55,054 1.50 32 SGS Registered Shares 40,244 1.10 MEXICO 2,000 Tyco International 61,779 1.69 1,300 America Movil ADR - L Shares 54,938 1.50

157,077 4.29 54,938 1.50 INDIA PORTUGAL 6,275 Bharti Airtel 37,392 1.02 21,751 EDP - Energias de Portugal 54,171 1.48 11,088 Infrastructure Development Finance 33,883 0.92 7,374 IRB Infrastructure Developers 27,609 0.76 54,171 1.48 2,340 Reliance Infrastructure 33,071 0.90 SPAIN 8,229 Iberdrola 47,448 1.29 131,955 3.60 NETHERLANDS 47,448 1.29 6,116 Koninklijke KPN 66,940 1.83 ITALY 2,500 Royal Dutch Shell - A Shares 62,275 1.70 42,000 Telecom Italia 40,813 1.11

129,215 3.53 40,813 1.11 AUSTRALIA JERSEY 2,468 BHP Billiton 85,153 2.32 4,100 Charter International 40,195 1.09 1,130 Newcrest Mining34,810 0.95 40,195 1.09 119,963 3.27 MALAYSIA BRAZIL 15,600 Tenaga Nasional 31,838 0.87 4,400 Companhia Energética de Minas Gerais Preference Shares ADR 54,234 1.48 31,838 0.87 4,200 Weg41,137 1.12

95,371 2.60

255 JPMorgan Funds - Global Infrastructure Trends Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

SOUTH KOREA 649 Hyundai Engineering & Construction 31,210 0.85

31,210 0.85 AUSTRIA 735 RHI 21,567 0.59

21,567 0.59

Total Shares 3,514,813 95.93

Total Transferable Securities Admitted to an Official 3,514,813 95.93 Exchange Listing Total Investments 3,514,813 95.93

Cash 150,636 4.11

Other Assets/(Liabilities) (1,393) (0.04)

Total Net Assets 3,664,056 100.00

* Hong Kong Registered Shares.

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Industrials 25.15 Utilities 18.59 Telecommunication Services 14.64 Energy 13.90 Information Technology 12.60 Materials 7.50 Financials 3.55 Total Shares 95.93 Cash and Other Assets/(Liabilities) 4.07 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Utilities 22.70 Industrials 21.73 Telecommunication Services 18.56 Information Technology 11.91 Energy 8.00 Materials 6.48 Financials 2.25 Total Shares 91.63 Cash and Other Assets/(Liabilities) 8.37 Total 100.00

256 JPMorgan Funds - Global Infrastructure Trends Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

16-Mar-11 EUR 87,603 AUD 118,673 (1,806)

Total (1,806)

257 JPMorgan Funds - Global Natural Resources Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 1,750,000 Redox Diamonds 131 0.00 520,000 Rio Alto 0.03 Mining951,193 Shares and Warrants 5,020,000 Rio Alto 0.26 Mining9,182,672 8,078,400 Romarco Minerals 13,749,700 CANADA 0.39 1,400,000 Rubicon Minerals 5,964,970 3,966,204 African Aura 0.23 Mining8,152,519 0.17 9,329,200 Rusoro Mining2,756,944 1,280,000 Alamos Gold 18,218,857 0.52 0.08 3,822,947 Scorpio Mining2,845,823 9,090,400 Alange Energy 3,604,503 0.10 0.08 13,750,000 Sea Dragon Energy 3,368,996 3,740,000 Anvil Mining16,424,652 0.47 0.10 5,665,000 SEMAFO 45,815,464 4,690,000 AQM Copper 3,350,909 0.10 1.31 1,728,000 Silver Wheaton 49,165,057 1,900,000 AQM Copper - Warrants 17.03.14 0 0.00 1.40 800,000 Stornoway Diamond 365,095 3,191,700 Augusta Resource CAD 9,061,922 0.26 0.01 4,005,100 Stornoway Diamond 1,812,822 412,100 Augusta Resource USD 1,167,583 0.03 0.05 762,526 Teck Cominco - B Shares 34,796,485 2,755,000 Aura Minerals 7,966,317 0.23 0.99 2,001,295 Teranga Gold AUD 4,304,250 3,450,000 B2Gold 6,878,643 0.20 0.12 2,036,557 Teranga Gold CAD 4,471,890 6,900,000 Baja Mining5,549,375 0.16 0.13 1,575,000 Thompson Creek Metals 17,339,130 1,240,000 Bankers Petroleum 7,055,168 0.20 0.50 2,600,000 Tsar Emerald 194 125,000 Banro - Warrants 17.09.11 153,981 0.00 0.00 4,923,500 Victoria Gold 3,959,760 5,600,000 Banro CAD 16,067,188 0.46 0.11 426,000 Victoria Gold - Warrants 167,323 675,600 Banro USD 1,936,843 0.06 13.03.12 0.00 2,690,000 Western Coal 24,824,352 1,085,000 Barrick Gold CAD 42,754,274 1.22 0.71 195,545 Western Coal - Warrants 1,343,731 65,100 Barrick Gold USD 2,565,702 0.07 28.06.12 0.04 2,300,000 Yamana Gold 21,896,369 4,254,900 Calvalley Petroleums - A Shares 16,011,935 0.46 0.63 3,125,000 Canacol Energy 3,635,523 0.10 1,264,282,654 36.12 1,160,000 Canadian Natural Resources 38,181,044 1.09 9,400,000 Canadian Overseas 6,012,851 0.17 AUSTRALIA 1,925,000 Centerra Gold 28,875,638 0.83 17,250,000 Adamus Resources 10,651,540 0.30 1,040,000 Detour Gold 22,595,213 0.65 9,580,000 Aditya Birla Minerals 9,737,764 0.28 1,917,000 Diamonds North Resources 207,958 0.01 10,750,000 Allied Gold AUD 5,575,850 0.16 2,000,000 Duluth Metals 4,361,692 0.12 8,700,620 Allied Gold GBP 4,452,052 0.13 20,135,069 Eastern Platinum 26,437,277 0.76 275,000 Altus Renewables 21 0.00 1,630,000 Eldorado Gold 22,603,031 0.65 6,053,700 Alumina 11,455,661 0.33 6,056,000 Equinox Minerals 27,524,449 0.79 1,639,000 Aquila Resources 12,269,168 0.35 3,315,000 European Goldfields 34,195,147 0.98 5,155,033 Arafura Resources 5,778,610 0.17 1,866,000 Exeter Resource 8,550,750 0.24 12,200,000 Aurora Oil and Gas 20,814,985 0.59 147,600 Extorre Gold Mines 724,949 0.02 881,365 Aurora Oil and Gas 1,071,706 0.03 1,732,400 Extorre Gold Mines 8,508,821 0.24 1,710,897 Aurora Oil and Gas 2,919,041 0.08 302,500 First Quantum Minerals 24,388,753 0.70 6,483,000 Avoca Resources 17,318,141 0.49 6,044,900 Global Alumina 6,479,629 0.19 9,848,500 Azumah Resources 5,351,507 0.15 83,700 Gold Wheaton Gold Corp - 13,250,000 Bathurst Resources 7,401,217 0.21 Warrants 08.07.13 17,377 0.00 15,652 Berkeley Resources - Warrants 15.05.13 11,300 0.00 440,000 Goldcorp 14,943,323 0.43 719,505 Berkeley Resources AUD 920,002 0.03 4,550,000 Great Basin Gold 9,956,891 0.28 2,310,687 Berkeley Resources GBP 3,036,525 0.09 2,900,000 Greystar Resources 8,645,952 0.25 845,000 BHP Billiton 29,154,963 0.83 820,000 Hana Mining2,907,895 0.08 4,000,000 Blackthorn Resources 1,854,342 0.05 600,000 Harry Winston Diamond 5,238,520 0.15 11,546,300 Cape Lambert Resources 4,387,456 0.13 2,256,000 HudBay Minerals 30,220,379 0.86 4,979,412 Carrick Gold 2,147,553 0.06 990,000 IAMGold CAD 13,157,909 0.38 7,389,515 CGA Mining17,138,157 0.49 316,000 IAMGold USD 4,200,515 0.12 5,026,000 Diamonex AUD 390 0.00 409,600 Inmet Mining23,701,655 0.68 619,000 Diamonex GBP 72 0.00 7,096,100 Ithaca Energy CAD 14,174,817 0.40 1,111,111 Discovery Metals 1,199,073 0.03 2,100,000 Ithaca Energy GBP 4,145,591 0.12 14,100,000 Exco Resources 6,081,139 0.17 565,000 Keegan Resources 3,671,172 0.10 6,444,000 Fortescue Metals Group 32,077,223 0.92 6,130,000 Kinross Gold 86,425,739 2.47 26,793,000 Gindalbie Metals 28,252,330 0.81 214,500 Kinross Gold - Warrants 17.09.14 751,836 0.02 2,800,000 Gryphon Minerals 3,819,640 0.11 68,100 Kirkland Lake - Warrants 04.03.11 293,210 0.01 1,855,000 Iluka Resources 12,969,752 0.37 1,631,594 Kirkland Lake Gold 19,231,670 0.55 709,273 Independence Group 4,312,244 0.12 1,800,000 Lake Shore Gold 5,689,652 0.16 3,300,000 Integra Mining 1,786,894 0.05 8,750,000 Lucara Diamond 6,251,697 0.18 20,000,000 Integra Mining 10,829,659 0.31 6,720,000 Lundin Mining36,273,720 1.04 15,331,200 International Ferro Metals 5,170,487 0.15 1,260,441 Lundin Mining SDR 6,823,712 0.19 12,000,000 International Petroleum 1,641,548 0.05 1,730,000 Mercator Minerals 5,157,757 0.15 9,501,000 Jabiru Metals 4,855,808 0.14 1,040,000 Mirasol Resources 4,540,050 0.13 15,800,000 Kagara Zinc 9,696,155 0.28 70,000 Mirasol Resources - Warrants 06.12.11 253,210 0.01 630,300 Kingsgate Consolidated 5,209,266 0.15 2,249,600 Mountain Province Diamonds 10,964,939 0.31 23,950,000 Lynas 37,585,947 1.07 5,827,800 Nevsun Resources 31,784,739 0.91 2,624,483 Mantra Resources AUD 15,597,337 0.45 473,600 Nexen 8,073,228 0.23 655,346 Mantra Resources CAD 3,868,425 0.11 338,000 Niko Resources 26,241,939 0.75 19,000,000 Mawson West 7,107,389 0.20 2,750,000 Northern Star - Warrants 14.08.12 0 0.00 1,290,000 Medusa Mining6,367,498 0.18 500,000 Northern Star - Warrants 18.12.12 0 0.00 760,106 Mineral Deposits AUD 3,234,909 0.09 1,000,000 Northern Star 0.00 317,730Mining24,315Mineral Deposits CAD 1,359,693 0.04 5,500,000 Northern Star 0.00 5,419,329Mining133,731Mirabela Nickel AUD 9,390,318 0.27 5,150,000 OceanaGold 14,403,067 0.41 2,173,118 Mirabela Nickel CAD 3,780,008 0.11 341,714 Orezone Gold 1,026,443 0.03 8,248,100 Mount Gibson Iron 13,382,946 0.37 2,107,900 Orezone Gold 6,331,725 0.18 8,563,300 Murchison Metals 8,297,577 0.24 2,500,000 Osisko Mining26,605,950 0.76 2,150,000 New Hope 7,957,330 0.23 3,364,000 Pacific Rubiales Energy 84,286,422 2.41 1,330,300 Newcrest Mining40,980,730 1.17 730,000 Pan American Silver 22,531,284 0.64 19,380,742 Nyota Minerals 6,536,206 0.19 155,480 Pan American Silver - Warrants 07.12.14 727,593 0.02 690,000 Ophir Energy 1,203,643 0.03 1,189,800 Parex Resources 7,495,016 0.22 11,100,000 PanAust 7,507,804 0.21 436,500 Petrobank Energy & Resources 8,103,731 0.23 4,725,000 Perseus Mining12,107,344 0.35 6,340,000 Platinum Group Metals 12,593,321 0.36 7,314,827 Pluton Resources 5,739,764 0.16 850,400 Potash One 2,872,549 0.08 1,024,022 Railto Energy 544,763 0.02 467,000 Primero Mining1,577,470 0.05 1,072,953 Railto Energy 570,793 0.02 360,000 Primero Mining - Warrants 20.07.15 386,492 0.01 27,077,539 Red 5 4,167,102 0.12 1,160,700 Rainy River Resources 11,010,974 0.31 4,036,010 Rex Minerals 8,956,432 0.26 275,000 Rainy River Resources - Warrants 25.02.12 1,148,030 0.03 258 JPMorgan Funds - Global Natural Resources Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

9,825,000 Rialto Energy 5,544,073 0.16 CHINA 670,000 Rio Tinto 43,675,256 1.25 9,620,000 China Coal Energy - H Shares* 11,207,665 0.32 2,681,292 Robust Resources 3,566,006 0.10 13,814,000 China Petroleum & Chemical - H Shares * 9,851,337 0.28 5,645,000 Saracen Mineral Holdings 3,571,479 0.10 7,951,000 China Shenhua Energy - H Shares * 24,876,280 0.71 3,916,666 St Barbara 6,087,091 0.17 57,680,000 Sinopec Shanghai Petrochemical - H Shares* 22,298,230 0.64 20,000,000 Stirling Minerals 4,559,857 0.13 4,300,000 Straits Resources 7,320,090 0.21 68,233,512 1.95 35,573,200 Sundance Resources/Australia 15,477,412 0.44 SOUTH AFRICA 7,464,641 Swan Gold 0.00 277,000 AngloGoldMining567 Ashanti 10,186,488 0.29 9,259,358 Sylvania Resources 5,518,640 0.16 580,000 Impala Platinum Holdings 15,204,094 0.44 3,650,800 Terramin Australia 1,345,643 0.04 68,927,240 Merafe Resources 12,926,074 0.37 690,000 Western Areas 3,135,813 0.09 22,100,000 Metorex 12,993,445 0.37 5,338,018 Windimurra Vanadium 406 0.00 51,310,101 1.47 607,395,532 17.35 HONG KONG UNITED KINGDOM 24,970,000 CNOOC 44,152,122 1.26 10,050,000 Afren 17,262,508 0.49 26,200,000 IRC 3,535,549 0.10 1,937,435 Anglo American 75,344,358 2.15 1,555,221 Archipelago Metals 181 0.00 47,687,671 1.36 10,583,184 Archipelago Resources 7,446,103 0.21 5,454,000 Avocet Mining14,921,143 0.43 BRAZIL 1,085,000 BHP Billiton 32,219,806 0.92 608,000 Petroleo Brasileiro ADR 16,951,555 0.48 6,749,200 Borders & Southern Petroleum 4,905,572 0.14 1,360,000 Vale Preference Shares ADR 30,470,418 0.87 4,098,550 Botswana Diamonds 0 0.00 890,000 BowLeven 3,917,538 0.11 47,421,973 1.35 6,500,000 BowLeven 28,611,232 0.82 JERSEY 4,072,400 Cadogan Petroleum 1,030,071 0.03 4,470,000 Highland Gold Mining 9,824,866 0.28 5,626,400 Caledon Resources 6,445,018 0.18 1,634,849 KazakhGold Group Registered Shares GDR 4,519,651 0.13 5,555,368 Cluff Gold 7,074,313 0.20 3,358,000 Minera IRL 3,661,081 0.10 4,074,763 Cove Energy 4,584,697 0.13 422,000 Randgold Resources ADR 25,873,867 0.74 3,406,666 Equatorial Palm Oil 1,000,341 0.03 1,495,000 Equatorial Palm Oil - Warrants 26.02.12 134,741 0.00 43,879,465 1.25 695,000 Equatorial Palm Oil - Warrants 26.02.13 62,639 0.00 4,649,058 Ferrexpo 22,518,388 0.64 IRELAND 13,864,676 Firestone Diamonds 5,199,921 0.15 13,200,000 Circle Oil 5,334,406 0.16 2,015,000 Hummingbird Resources 3,901,635 0.11 35,332,103 Kenmare Resources 13,415,597 0.38 146,649 Jordan Energy and Mining 1,642,267 0.04 169,764 Maple Energy 135,236 0.00 10,383,687 Jubilee Platinum GBP 3,713,249 0.11 7,141,356 Ormonde Mining726,685 0.02 500,000 Jubilee Platinum ZAR 184,153 0.01 31,100,000 Petroceltic International 4,701,767 0.14 6,369,411 Kalahari Minerals 18,444,035 0.53 15,067,440 Petroneft Resources 12,353,383 0.35 2,300,000 Kazakhmys 43,277,651 1.24 1,486,970 Providence Resources 4,279,911 0.12 15,890,350 Mwana Africa 1,940,350 0.06 1,149,900 Norseman Gold AUD 930,700 0.03 40,946,985 1.17 7,379,050 Norseman Gold GBP 5,878,254 0.16 RUSSIA 23,484,717 Pan African Resources 2,988,996 0.09 221,000 Lukoil OAO ADR 9,338,609 0.27 3,169,600 Petropavlovsk 42,205,327 1.21 1,285,000 MMC Norilsk Nickel ADR 22,726,978 0.65 376,000 R.E.A. Holdings 3,415,043 0.10 40,324 Polyus Gold 1,888,792 0.05 3,238,200 Rambler Metals 0.04and Mining1,318,041 54,660 REA Holdings Preference Shares 70,559 0.00 33,954,379 0.97 1,578,500 Rio Tinto 82,441,326 2.36 1,298,775 Rockhopper Exploration 5,554,487 0.15 BAHAMAS 4,619,200 Target Resources 537 0.00 1,344,111 Petrominerales 32,913,012 0.94 1,785,000 Valiant Petroleum 10,576,445 0.30 500,000 Vedanta Resources 14,653,045 0.42 32,913,012 0.94 1,128,000 Volga Gas 1,059,276 0.03 CAYMAN ISLANDS 4,872,000 Xstrata 85,327,609 2.44 1,050,000 Frontier Mining91,582 0.00 2,205,400 ZincOx Resources 1,237,491 0.04 2,250,000 Leaf Clean Energy 1,949,378 0.06 8,200,000 Mongolian Mining 7,131,511 0.20 563,439,046 16.10 3,000,000 Real Gold 0.11 Mining3,915,795 UNITED STATES OF AMERICA 11,460,000 Tethys Petroleum 13,760,878 0.40 1,050,000 Arcelor Mittal Registered Shares/New York 29,776,588 0.85 1,219,985 Coeur d’Alene Mines 25,042,733 0.72 26,849,144 0.77 319,100 ConocoPhillips 16,246,239 0.46 INDONESIA 646,000 Freeport-McMoRan Copper & Gold 57,548,958 1.64 41,000,000 International Nickel Indonesia 16,576,394 0.47 1,000,000 Mantle Diamonds 116 0.00 3,325,000 PT Astra Agro Lestari 7,250,263 0.21 750,000 Mitra Energy 2,519,691 0.07 426,000 Newmont Mining19,505,454 0.56 23,826,657 0.68 119,401 Resaca Exploitation 142,627 0.01 476,000 Southern Copper 17,297,623 0.49 NORWAY 325,800 Southwestern Energy 9,000,880 0.26 19,500,000 DNO International 22,568,940 0.64 335,000 United States Steel 14,769,813 0.42 250,000 Walter Industries 23,887,604 0.68 22,568,940 0.64 ISLE OF MAN 215,738,326 6.16 5,530,000 Exillon Energy 21,100,303 0.60 BERMUDA 3,969,802 African Minerals 19,563,019 0.56 21,100,303 0.60 4,200,000 Aquarius Platinum 17,148,947 0.49 KAZAKHSTAN 290,001,000 G-Resources Group 16,851,328 0.48 2,257,285 Zhaikmunai Registered Shares GDR 20,475,578 0.59 7,950,000 Gulf Keystone Petroleum 15,647,794 0.45 15,917,693 Petra Diamonds 25,221,677 0.72 20,475,578 0.59

94,432,765 2.70

259 JPMorgan Funds - Global Natural Resources Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

MALAYSIA Transferable Securities Dealt in on Another Regulated Market 14,292,346 IOI 20,242,205 0.58 Investment Funds 20,242,205 0.58 LUXEMBOURG LUXEMBOURG 104,692,761 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM 565,200 Evraz Group Registered Shares GDR 15,131,638 0.43 Euro Liquidity X (dist)) 104,692,761 2.99

15,131,638 0.43 104,692,761 2.99 BRITISH VIRGIN ISLANDS Total Investment Funds 104,692,761 2.99 1,430,000 Gem Diamonds 4,186,613 0.12 973,389 Ratel Gold 1,496,528 0.04 Total Transferable Securities Dealt in on Another 104,692,761 2.99 2,900,000 Ratel Gold - Warrants 20.12.11 2,646,941 0.08 Regulated Market 15,159,572 Titanium Resources Group 1,807,042 0.05 Total Investments 3,433,371,819 98.09 10,137,124 0.29 Cash 58,613,729 1.67 PERU 3,385,667 Minsur 10,130,258 0.29 Other Assets/(Liabilities) 8,074,315 0.24

10,130,258 0.29 Total Net Assets 3,500,059,863 100.00 SWEDEN 1,075,700 Lundin Petroleum 10,049,419 0.29 * Hong Kong Registered Shares. 10,049,419 0.29 NETHERLANDS 689,100 New World Resources - A Shares 7,677,239 0.22 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 7,677,239 0.22 Fixed Income Securities FALKLAND ISLANDS Ireland 0.02 9,662,757 Argos Resources 4,972,464 0.14 Total Fixed Income Securities 0.02 1,900,000 Falkland Oil & Gas 2,292,446 0.07 Shares and Warrants Materials 76.11 7,264,910 0.21 Energy 17.81 PAPUA NEW GUINEA Investment Companies 2.99 704,200 New Britain Palm Oil 7,145,272 0.20 Consumer Staples 1.12 Industrials 0.04 7,145,272 0.20 Health Care 0.00 Total Shares and Warrants 98.07 SINGAPORE Cash and Other Assets/(Liabilities) 1.91 4,000,000 Straits Asia Resources 5,817,771 0.17 Total 100.00 5,817,771 0.17 SOUTH KOREA 50,700 POSCO ADR 4,065,236 0.12

4,065,236 0.12 Allocation of Portfolio as at 30 June 2010 % of Net Assets GUERNSEY Fixed Income Securities 6,723,791 Mariana Resources 3,811,941 0.11 Ireland 0.04 Total Fixed Income Securities 0.04 3,811,941 0.11 Shares and Warrants NEW ZEALAND Materials 73.22 30,168 Allied Medical 2 0.00 Energy 20.34 Investment Companies 2.99 2 0.00 Industrials 1.51 Consumer Staples 1.34 Total Shares and Warrants 3,327,929,058 95.08 Total Shares and Warrants 99.40 Cash and Other Assets/(Liabilities) 0.56 Convertible Bonds Total IRELAND 100.00 1,500,000 Providence Resources 29.07.12/12.000% 750,000 0.02

750,000 0.02

Total Convertible Bonds 750,000 0.02

Total Transferable Securities Admitted to an 3,328,679,058 95.10 Official Exchange Listing

260 JPMorgan Funds - Global Real Estate Securities Fund (USD) Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing UNITED KINGDOM 90,334 British Land 740,152 1.62 Shares and Warrants 53,771 Helical Bar 238,630 0.52 85,975 Land Securities Group 900,634 1.98 UNITED STATES OF AMERICA 139,706 London & Stamford Property 286,170 0.63 8,200 Alexandria Real Estate Equities 602,987 1.32 141,111 Segro 631,950 1.39 6,100 AMB Property 194,224 0.43 9,840 Apartment Investment & Management - A Shares 255,496 0.56 2,797,536 6.14 10,700 Boston Properties 927,637 2.04 46,300 Brandywine Realty Trust 539,163 1.18 FRANCE 6,400 BRE Properties 279,616 0.61 2,060 Gecina 228,067 0.50 14,500 Camden Property Trust 786,987 1.73 11,425 Klepierre 411,733 0.90 14,300 Developers Diversified Realty 199,700 0.44 7,828 Unibail-Rodamco 1,552,598 3.41 13,900 Digital Realty Trust 723,356 1.59 12,100 Douglas Emmett 204,187 0.45 2,192,398 4.81 41,400 Duke Realty 513,153 1.13 SINGAPORE 9,000 DuPont Fabros Technology 189,450 0.42 241,000 CapitaCommercial Trust 283,208 0.62 24,700 Equity Residential 1,293,539 2.84 326,000 CapitaLand 945,647 2.08 8,200 Excel Trust 98,605 0.22 139,000 CapitaMall Trust 212,185 0.47 21,700 HCP 799,754 1.76 17,000 City Developments 167,385 0.37 7,100 Health Care REIT 339,593 0.75 78,000 Keppel Land 292,949 0.64 30,300 Host Hotels & Resorts 542,824 1.19 Kimco Realty 563,192 30,700 1.24 1,901,374 4.18 12,700 LaSalle Hotel Properties 340,995 0.75 3,900 Liberty Property Trust 124,722 0.27 CANADA 8,900 Macerich 421,905 0.93 11,608 Artis Real Estate Investment Trust 154,711 0.34 10,200 Mack-Cali Realty 339,048 0.74 28,250 Brookfield Properties 495,274 1.09 10,900 Nationwide Health Properties 398,014 0.87 6,200 Canadian Apartment Properties REIT 107,113 0.23 10,700 Omega Healthcare Investors 243,639 0.54 9,200 Cominar Real Estate Investment Trust 193,699 0.43 6,000 Plum Creek Timber 225,090 0.49 18,908 First Capital Realty 288,291 0.63 41,000 ProLogis 594,295 1.31 19,399 RioCan Real Estate Investment Trust 425,829 0.94 8,100 Public Storage 824,621 1.81 15,300 Regency Centers 649,791 1.43 1,664,917 3.66 22,927 Simon Property Group 2,288,688 5.03 BERMUDA Strategic Hotels & Resorts 111,725 21,100 0.24 139,000 HongKong Land Holdings 1,004,970 2.21 4,000 Taubman Centers 202,620 0.43 10,915 Vornado Realty Trust 915,277 2.01 1,004,970 2.21 16,733,893 36.75 NETHERLANDS 14,870 Nieuwe Steen Investment Funds 298,067 0.65 HONG KONG 6,130 Vastned Offices/Industrial 103,826 0.23 7,000 Cheung Kong Holdings 108,110 0.24 2,600 Vastned Retail 180,362 0.40 422,000 China Overseas Land & Investment 777,430 1.71 2,284 Wereldhave 223,956 0.49 208,000 Hang Lung Properties 974,695 2.14 26,000 Henderson Land Development 177,947 0.39 806,211 1.77 2,200 Henderson Land Development - Warrants 01.06.11 504 0.00 CAYMAN ISLANDS 91,000 Link REIT 283,018 0.62 92,000 Agile Property Holdings 136,347 0.30 460,000 Sino Land 861,046 1.89 200,000 China Resources Land 365,363 0.80 139,000 Sun Hung Kai Properties 2,298,755 5.05 115,000 Wharf Holdings 886,197 1.94 501,710 1.10 FINLAND 6,367,702 13.98 61,180 Sponda 317,547 0.70 JAPAN 22,060 Technopolis 119,966 0.26 66 Advance Residence Investment 147,696 0.33 29 Frontier Real Estate Investment 275,757 0.61 437,513 0.96 33 Japan Real Estate Investment 343,039 0.75 BELGIUM 85 Japan Retail Fund Investment 163,115 0.36 2,502 Cofinimmo 324,473 0.71 70 Kenedix Realty Investment 330,441 0.73 67,000 Mitsubishi Estate 1,244,085 2.73 324,473 0.71 62,000 Mitsui Fudosan 1,235,955 2.71 34 Nippon Building Fund 349,249 0.77 SWEDEN 38 Nomura Real Estate Office Fund 274,101 0.60 16,615 Castellum 226,626 0.50 78 Nomura Real Estate Residential Fund 454,616 1.00 35 Orix JREIT 228,336 0.50 226,626 0.50 17,000 Sumitomo Realty & Development 405,958 0.89 NORWAY 40 Tokyu REIT 287,789 0.63 91,860 Norwegian Property 162,649 0.36

5,740,137 12.61 162,649 0.36 AUSTRALIA 458,766 BGP Holdings 0 0.00 Total Shares and Warrants 44,660,973 98.08 249,234 CFS Retail Property Trust 448,428 0.99 465,108 Commonwealth Property Office Fund 394,153 0.87 Total Transferable Securities Admitted to an Official 44,660,973 98.08 539,987 Dexus Property Group 438,370 0.96 Exchange Listing 501,360 Goodman Group 333,010 0.73 Total Investments 44,660,973 98.08 72,167 GPT Group 215,979 0.47 194,330 Mirvac Group 243,316 0.53 Cash 689,523 1.51 81,346 Stockland 297,274 0.65 113,711 Westfield Group 1,115,850 2.45 Other Assets/(Liabilities) 185,220 0.41 119,678 Westfield Retail Trust 312,484 0.69 Total Net Assets 45,535,716 100.00 3,798,864 8.34

261 JPMorgan Funds - Global Real Estate Securities Fund (USD) Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 97.22 Materials 0.49 Consumer Discretionary 0.37 Total Shares 98.08 Cash and Other Assets/(Liabilities) 1.92 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares and Warrants Financials 97.61 Total Shares and Warrants 97.61 Cash and Other Assets/(Liabilities) 2.39 Total 100.00

262 JPMorgan Funds - Global Real Estate Securities Fund (USD) Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

12-Jan-11 AUD 19,966 EUR 14,797 484 12-Jan-11 CAD 20,098 EUR 14,828 275 12-Jan-11 EUR 14,340 AUD 18,608 285 12-Jan-11 EUR 30,627 HKD 312,151 862 12-Jan-11 EUR 54,610 JPY 6,065,247 (1,518) 12-Jan-11 EUR 17,688 SGD 30,786 (347) 12-Jan-11 EUR 2,831,810 USD 3,781,850 11,224 12-Jan-11 JPY 2,753,067 EUR 24,615 920 12-Jan-11 SGD 51,280 EUR 29,709 248 12-Jan-11 USD 359,920 AUD 363,083 (9,304) 12-Jan-11 USD 186,842 CAD 187,278 (807) 12-Jan-11 USD 37,079 CHF 36,230 (1,774) 12-Jan-11 USD 217,748 GBP 138,058 2,708 12-Jan-11 USD 519,708 HKD 4,034,061 682 12-Jan-11 USD 384,410 JPY 31,756,049 (6,515) 12-Jan-11 USD 12,267 NOK 73,211 (284) 12-Jan-11 USD 41,326 SEK 281,659 (684) 12-Jan-11 USD 210,367 SGD 273,919 (3,524) 14-Jan-11 AUD 974,527 USD 973,361 17,382 14-Jan-11 CAD 180,853 JPY 14,783,461 (788) 14-Jan-11 CAD 666,136 USD 660,306 7,126 14-Jan-11 CHF 393,961 USD 410,275 12,218 14-Jan-11 EUR 168,361 HKD 1,856,180 (13,310) 14-Jan-11 EUR 221,123 JPY 24,685,570 (7,709) 14-Jan-11 EUR 1,556,467 USD 2,122,849 (38,029) 14-Jan-11 GBP 139,802 USD 221,818 (4,065) 14-Jan-11 HKD 8,357,377 USD 1,075,696 (410) 14-Jan-11 JPY 28,247,374 EUR 255,612 5,360 14-Jan-11 JPY 31,496,371 USD 379,650 8,088 14-Jan-11 SEK 1,502,630 USD 223,539 568 14-Jan-11 SGD 572,467 USD 444,166 2,847 14-Jan-11 USD 831,654 AUD 838,977 (21,284) 14-Jan-11 USD 2,692,881 EUR 1,968,303 56,425 14-Jan-11 USD 760,593 GBP 479,822 13,231 14-Jan-11 USD 2,590,643 HKD 20,091,130 5,656 14-Jan-11 USD 1,350,989 JPY 111,228,340 (18,294) 14-Jan-11 USD 183,900 SGD 242,070 (5,121)

Total 12,822

263 JPMorgan Funds - Global Research Enhanced Index Equity Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 75 Digital Realty Trust 2,914 0.05 424 DirecTV - A Shares 12,619 0.24 Shares 91 Discovery Communications - A Shares 2,825 0.05 261 DISH Network - A Shares 3,766 UNITED STATES OF AMERICA 0.07 781 Dow Chemical 19,868 396 3M 25,493 0.48 0.37 41 DST Systems 1,364 808 Abbott Laboratories 28,783 0.54 0.03 97 Duke Energy 1,288 261 Adobe Systems 5,943 0.11 0.02 84 Duke Realty 777 149 Advance Auto Parts 7,396 0.14 0.01 122 DuPont Fabros Technology 1,917 200 AES 1,818 0.03 0.04 224 Edison International 6,471 18 Aetna 409 0.01 0.12 624 EI du Pont de Nemours & Co. 23,128 319 Aflac 13,343 0.25 0.43 207 El Paso 2,118 110 Air Products & Chemicals 7,449 0.14 0.04 1,009 EMC/Massachusetts 17,171 293 Alcoa 3,341 0.06 0.32 117 Emerson Electric 5,000 124 Alexion Pharmaceuticals 7,454 0.14 0.09 42 Energizer Holdings 2,287 46 Allergan 2,370 0.04 0.04 151 EOG Resources 10,335 26 Alliance Data Systems 1,386 0.03 0.19 410 Expedia 7,683 30 Alpha Natural Resources 1,338 0.03 0.14 1,648 Exxon Mobil 89,933 199 Amazon.com 26,907 0.50 1.69 112 Family Dollar Stores 4,184 74 Ameren 1,555 0.03 0.08 320 Fifth Third Bancorp 3,525 465 American Electric Power 12,496 0.23 0.07 89 Ford Motor 1,105 429 American Express 13,658 0.26 0.02 82 Franklin Resources 6,770 367 American Tower - A Shares 14,060 0.26 0.13 277 Freeport-McMoRan Copper & Gold 24,677 138 American Water Works 2,625 0.05 0.46 485 Frontier Communications 3,518 147 Anadarko Petroleum 8,438 0.16 0.06 468 GameStop - A Shares 7,972 80 Analog Devices 2,257 0.04 0.15 536 Gannett 5,984 232 Apache 20,710 0.39 0.11 2,920 General Electric 39,731 109 Apartment Investment & Management - A Shares 2,113 0.04 0.74 630 General Mills 16,709 30 Apollo Group - A Shares 883 0.02 0.31 350 General Motors 9,595 320 Apple 76,927 1.44 0.18 13 Genuine Parts 497 606 Applied Materials 6,381 0.12 0.01 146 Gilead Sciences 3,937 386 Archer-Daniels-Midland 8,586 0.16 0.07 33 Global Payments 1,145 88 Arrow Electronics 2,243 0.04 0.02 176 Goldman Sachs Group 22,012 1,529 AT&T 33,532 0.63 0.41 47 Goodrich 3,075 54 AutoZone 11,032 0.21 0.06 45 Google - A Shares 20,039 93 Avnet 2,294 0.04 0.38 271 Halliburton 8,226 220 Avon Products 4,759 0.09 0.15 174 Hasbro 6,226 417 Baker Hughes 17,635 0.33 0.12 261 HCP 7,181 3,538 Bank of America 35,117 0.66 0.13 103 Health Care REIT 3,678 239 Baxter International 9,014 0.17 0.07 555 Hewlett-Packard 17,392 417 BB&T 8,182 0.15 0.33 171 Home Depot 4,429 78 Bed Bath & Beyond 2,858 0.05 0.08 575 Honeywell International 22,730 257 Berkshire Hathaway - B Shares 15,234 0.29 0.43 140 Humana 5,702 352 Biogen Idec 17,598 0.33 0.11 1,192 Huntington Bancshares 6,136 55 BMC Software 1,935 0.04 0.11 124 Incyte 1,553 215 Boston Scientific 1,228 0.02 0.03 951 Intel 14,885 54 Bristol-Myers Squibb 1,065 0.02 0.28 29 IntercontinentalExchange 2,580 197 Broadcom - A Shares 6,394 0.12 0.05 398 International Business Machines 43,418 78 CA 1,417 0.03 0.81 475 Intersil - A Shares 5,463 71 Cameron International 2,672 0.05 0.10 571 Johnson & Johnson 26,326 458 Campbell Soup 11,829 0.22 0.49 466 Johnson Controls 13,307 331 Capital One Financial 10,490 0.20 0.25 280 Juniper Networks 7,734 268 Cardinal Health 7,670 0.14 0.14 87 Kimberly-Clark 4,092 889 CBS - B Shares 12,657 0.24 0.08 208 Kohl’s 8,385 415 Celgene 18,244 0.34 0.16 71 Kraft Foods - A Shares 1,666 133 CenturyLink 4,600 0.08 0.03 468 Kroger 7,807 790 Chevron 53,698 1.01 0.15 31 Lam Research 1,202 144 Cigna 3,904 0.07 0.02 481 Lennar - A Shares 6,694 38 Cimarex Energy 2,528 0.05 0.12 113 Lincoln National 2,323 2,015 Cisco Systems 30,260 0.57 0.04 28 Lorillard 1,711 82 CIT Group 2,841 0.05 0.03 389 Lowe’s 7,253 11,945 Citigroup 42,315 0.79 0.14 571 Macy’s 10,732 48 Citrix Systems 2,426 0.05 0.20 497 Marshall & Ilsley 2,555 51 CME Group 12,195 0.23 0.05 83 Mastercard - A Shares 13,886 235 Coach 9,741 0.18 0.26 147 Mattel 2,808 696 Coca-Cola 34,032 0.64 0.05 158 McDonald’s 9,011 273 Coca-Cola Enterprises 5,084 0.10 0.17 139 McKesson 7,320 352 Cognizant Technology Solutions - A Shares 19,276 0.36 0.14 143 Medco Health Solutions 6,475 356 Colgate-Palmolive 21,302 0.40 0.12 252 Medtronic 6,975 123 Comcast - A Shares 2,006 0.04 0.13 1,374 Merck & Co. 36,970 98 Comerica 3,107 0.06 0.69 544 MetLife 18,037 81 Computer Sciences 2,999 0.06 0.34 302 Micron Technology 1,778 474 ConAgra Foods 7,985 0.15 0.03 2,780 Microsoft 57,646 458 ConocoPhillips 23,318 0.44 1.08 375 Morgan Stanley 7,628 936 Corning13,511 0.25 0.14 180 Mylan 2,824 100 CR Bard 6,887 0.13 0.05 176 Newell Rubbermaid 2,366 180 Crown Castle International 5,815 0.11 0.04 60 Newmont Mining2,747 416 CSX 19,959 0.37 0.05 321 NextEra Energy 12,432 75 Cummins 6,123 0.11 0.23 197 Nike - B Shares 12,541 378 CVS Caremark 9,833 0.18 0.23 162 Noble Energy 10,380 70 Darden Restaurants 2,428 0.04 0.19 375 Norfolk Southern 17,559 101 DaVita 5,228 0.10 0.33 263 Northrop Grumman 12,658 64 Deere & Co. 3,970 0.07 0.24 215 Novellus Systems 5,200 174 Delta Air Lines 1,635 0.03 0.10 578 NV Energy 6,082 201 Devon Energy 11,733 0.22 0.11

264 JPMorgan Funds - Global Research Enhanced Index Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

526 Nvidia 5,951 0.11 300 Capcom 3,598 0.07 4 NVR 2,062 0.04 1 Central Japan Railway 6,249 0.12 110 NYSE Euronext 2,449 0.05 300 Chugai Pharmaceutical 4,111 0.08 334 Occidental Petroleum 24,350 0.46 1,000 Chuo Mitsui Trust Holdings 3,102 0.06 133 Omega Healthcare Investors 2,261 0.04 100 Circle K Sunkus 1,199 0.02 62 Oneok 2,578 0.05 500 Citizen Holdings 2,569 0.05 1,525 Oracle 35,254 0.66 300 Coca-Cola West 4,060 0.08 399 Paccar 16,999 0.32 4 Dai-ichi Life Insurance 4,858 0.09 257 Parker Hannifin 16,502 0.31 100 Daiichi Sankyo 1,633 0.03 108 Peabody Energy 5,160 0.10 100 Daikin Industries 2,647 0.05 1 Pentair 27 0.00 100 Daito Trust Construction 5,119 0.10 559 PepsiCo 27,214 0.51 100 Denso 2,575 0.05 2,835 Pfizer 37,050 0.69 1,000 DIC 1,677 0.03 314 PG&E 11,195 0.21 100 East Japan Railway 4,857 0.09 257 Philip Morris International 11,199 0.21 200 Electric Power Development 4,681 0.09 184 Plum Creek Timber 5,153 0.10 100 Elpida Memory 868 0.02 263 PPG Industries 16,496 0.31 100 Fanuc 11,460 0.21 1,070 Procter & Gamble 51,153 0.96 300 FUJIFILM Holdings 8,092 0.15 268 Prudential Financial 11,664 0.22 1,000 Fujitsu 5,197 0.10 394 Public Service Enterprise Group 9,285 0.17 1,000 Hitachi 3,979 0.08 669 Qualcomm 24,651 0.46 1,000 Hitachi Cable 2,063 0.04 480 Qwest Communications International 2,736 0.05 200 Hitachi Capital 2,310 0.04 31 Raytheon 1,069 0.02 2,000 Hokuhoku Financial Group 3,042 0.06 44 Red Hat 1,504 0.03 600 Honda Motor 17,741 0.33 1,018 Regions Financial 5,278 0.10 600 ITOCHU 4,535 0.08 66 Republic Services 1,471 0.03 200 Izumi 2,199 0.04 33 Ross Stores 1,568 0.03 2 Japan Tobacco 5,528 0.10 165 Rowan 4,275 0.08 300 JFE Holdings 7,801 0.15 137 SanDisk 5,095 0.10 1,000 Joyo Bank 3,285 0.06 1 SCANA 30 0.00 100 JS Group 1,640 0.03 119 Sempra Energy 4,656 0.09 1,600 JX Holdings 8,109 0.15 69 Simon Property Group 5,142 0.10 200 Kansai Electric Power 3,685 0.07 370 Southern 10,578 0.20 1,000 Kawasaki Kisen Kaisha 3,285 0.06 174 Southwest Airlines 1,687 0.03 1 KDDI 4,315 0.08 3,890 Sprint Nextel 12,183 0.23 200 Komatsu 4,518 0.08 39 St Jude Medical 1,249 0.02 200 Kyushu Electric Power 3,347 0.06 313 Staples 5,327 0.10 1,000 Marubeni 5,247 0.10 513 State Street 17,715 0.33 2,000 Maruha Nichiro Holdings 2,490 0.05 119 Stryker 4,786 0.09 200 Marui Group 1,215 0.02 74 SunTrust Banks 1,624 0.03 400 Medipal Holdings 3,290 0.06 36 SVB Financial Group 1,446 0.03 1,000 Minebea 4,710 0.09 248 Symantec 3,087 0.06 200 Mitsubishi 4,041 0.08 55 Synopsys 1,110 0.02 500 Mitsubishi Chemical Holdings 2,534 0.05 269 Sysco 5,895 0.11 1,000 Mitsubishi Electric 7,843 0.15 227 Target 10,144 0.19 1,000 Mitsubishi Materials 2,385 0.04 171 TD Ameritrade 0.05 100Holding2,407Mitsubishi Tanabe Pharma 1,261 0.02 82 Thermo Fisher Scientific 3,393 0.06 3,500 Mitsubishi UFJ Financial Group 14,136 0.26 820 Time Warner 19,654 0.37 600 Mitsui & Co. 7,400 0.14 379 TJX 12,593 0.24 1,000 Mitsui OSK Lines 5,096 0.10 283 Union Pacific 19,485 0.37 7,300 Mizuho Financial Group 10,298 0.19 489 United Technologies 28,595 0.54 100 MS&AD Insurance Group Holdings 1,872 0.04 342 UnitedHealth Group 9,173 0.17 100 Murata Manufacturing5,224 0.10 66 URS 2,053 0.04 1,000 NEC 2,247 0.04 131 US Bancorp 2,638 0.05 1,000 Nippon Express 3,363 0.06 1,116 Verizon Communications 29,828 0.56 1,000 Nippon Sheet Glass 2,017 0.04 38 VF 2,458 0.05 3,000 Nippon Steel 8,036 0.15 89 Viacom - B Shares 2,612 0.05 200 Nippon Telegraph & Telephone 6,768 0.12 2 Visa - A Shares 104 0.00 20 Nippon Television Network 2,349 0.04 307 Walgreen 8,953 0.17 1,000 Nippon Yusen 3,313 0.06 464 Wal-Mart Stores 18,711 0.35 2,000 Nishi-Nippon City Bank 4,549 0.09 879 Walt Disney 24,429 0.46 1,200 Nissan Motor 8,530 0.16 55 Waste Management 1,508 0.03 1,000 Nisshin Steel 1,668 0.03 51 Watson Pharmaceuticals 1,948 0.04 50 Nitori Holdings 3,265 0.06 174 WellPoint 7,366 0.14 200 Nitto Denko 7,039 0.13 1,875 Wells Fargo & Co. 43,248 0.81 200 NOK 3,113 0.06 69 Western Union 955 0.02 900 Nomura Holdings 4,264 0.08 17 Whirlpool 1,130 0.02 300 Nomura Real Estate Holdings 4,076 0.08 99 Williams 1,823 0.03 200 Nomura Research Institute 3,324 0.06 13 WW Grainger 1,341 0.03 4 NTT DoCoMo 5,220 0.10 446 Xcel Energy 7,840 0.15 100 Olympus 2,262 0.04 367 Xilinx 7,964 0.15 200 Omron 3,962 0.07 327 Yahoo! 4,071 0.08 40 ORIX 2,941 0.06 129 Zions Bancorporation 2,348 0.04 1,000 Osaka Gas 2,899 0.05 800 Panasonic 8,484 0.16 2,497,541 46.79 500 Sapporo Hokuyo Holdings 1,748 0.03 300 Seiko Epson 4,083 0.08 JAPAN 100 Seven & I Holdings 1,995 0.04 100 Aeon Credit Service 1,056 0.02 100 Shin-Etsu Chemical 4,043 0.08 100 Aisin Seiki 2,642 0.05 300 Shiseido 4,891 0.09 1,000 Amada 6,079 0.11 300 Softbank 7,757 0.14 100 Asahi Breweries 1,446 0.03 300 Sony 8,072 0.15 1,000 Asahi Kasei 4,875 0.09 1 Sony Financial Holdings 3,023 0.06 200 Astellas Pharma 5,688 0.11 100 Square Enix Holdings 1,325 0.02 100 Bridgestone 1,442 0.03 700 Sumitomo 7,395 0.14 300 Canon 11,614 0.22 1,000 Sumitomo Chemical 3,676 0.07

265 JPMorgan Funds - Global Research Enhanced Index Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

200 Sumitomo Electric Industries 2,073 0.04 183 Compagnie de Saint-Gobain 7,045 0.13 100 Sumitomo Forestry 657 0.01 70 Compagnie Générale des Etablissements Michelin 1,000 Sumitomo Heavy Industries 4,788 0.09 Registered - B Shares 3,763 0.07 600 Sumitomo Mitsui Financial Group 15,960 0.30 224 Crédit Agricole 2,136 0.04 300 Sumitomo Rubber Industries 2,336 0.04 577 France Télécom 8,997 0.17 200 Sundrug4,354 0.08 634 GDF Suez 17,020 0.32 100 Suzuken 2,281 0.04 46 Iliad 3,738 0.07 50 T&D Holdings 947 0.02 82 Imerys 4,101 0.08 100 Takeda Pharmaceutical 3,674 0.07 150 Lafarge 7,033 0.13 100 TDK 5,183 0.10 193 L’Oréal 16,033 0.30 1,000 Teijin 3,193 0.06 74 Pernod-Ricard 5,212 0.10 100 Terumo 4,200 0.08 74 PPR 8,813 0.17 1,000 Toda 2,775 0.05 173 Renault 7,519 0.14 100 Tohoku Electric Power 1,665 0.03 235 Rhodia 5,810 0.11 400 Tokio Marine Holdings 8,929 0.17 383 Sanofi-Aventis 18,341 0.34 500 Tokyo Electric Power 9,121 0.17 143 Schneider Electric 16,052 0.30 100 Tokyo Electron 4,724 0.09 280 Société Générale 11,290 0.21 2,000 Tokyo Gas 6,626 0.12 708 Total 28,085 0.53 1,000 Tokyu Land 3,754 0.07 292 Vinci 11,906 0.22 2,000 Toshiba 8,115 0.15 100 Toyota Industries 2,317 0.04 225,769 4.23 900 Toyota Motor 26,673 0.50 GERMANY 1,000 Ube Industries 2,242 0.04 160 Adidas 7,865 0.15 1 West Japan Railway 2,789 0.05 202 Allianz Registered Shares 17,934 0.34 6 Yahoo! Japan 1,738 0.03 243 BASF 14,554 0.27 100 Yakult Honsha 2,150 0.04 336 Bayer Registered Shares 18,473 0.35 50 Yamada Denki 2,548 0.05 175 Bayerische Motoren Werke 10,315 0.19 200 Yamaha Motor 2,432 0.05 81 Beiersdorf 3,375 0.06 97 Brenntag7,394 0.14 553,759 10.37 101 Daimler Registered Shares 5,137 0.10 UNITED KINGDOM 373 Deutsche Bank Registered Shares 14,539 0.27 2,850 Afren 4,895 0.09 1,044 Deutsche Telekom Registered Shares 10,049 0.19 1,306 Amlin 6,180 0.12 880 E.ON 20,090 0.38 347 Anglo American 13,494 0.25 230 Hamburger Hafen und Logistik 7,979 0.15 513 AstraZeneca 17,432 0.33 353 Henkel & Co. KGaA Non Voting Preference Shares 16,339 0.30 54 Aviva 248 0.00 1,221 Infineon Technologies 8,552 0.16 4,854 Barclays 14,829 0.28 67 Lanxess 3,931 0.07 1,109 BG Group 16,734 0.31 89 MAN 7,943 0.15 783 BHP Billiton 23,252 0.44 24 Porsche Automobil Holding Preference Shares 1,429 0.03 5,483 BP 29,717 0.56 51 RWE 2,552 0.05 516 British American Tobacco 14,789 0.28 76 SAP 2,894 0.05 2,513 BT Group 5,287 0.10 370 Siemens Registered Shares 34,427 0.64 496 Burberry Group 6,483 0.12 75 Volkswagen Preference Shares 9,128 0.17 1,019 Cairn Energy 4,990 0.09 1,508 Compass Group 10,207 0.19 224,899 4.21 1,761 Domino’s Pizza UK & IRL 11,366 0.21 AUSTRALIA 1,837 GlaxoSmithKline 26,501 0.50 297 AGL Energy 3,449 0.07 859 Halfords Group 4,574 0.09 441 Amcor 2,266 0.04 400 HSBC Holdings 3,061 0.06 589 AMP 2,377 0.04 4,355 HSBC Holdings 33,001 0.62 849 ANZ Banking Group 15,079 0.28 734 IMI 8,071 0.15 275 AXA Asia Pacific Holdings 1,321 0.02 499 Imperial Tobacco Group 11,449 0.21 998 BHP Billiton 34,434 0.65 373 Intercontinental Hotels Group 5,396 0.10 648 BlueScope Steel 1,113 0.02 757 Invensys 3,124 0.06 284 Brambles 1,536 0.03 12,485 ITV 10,178 0.19 128 Caltex Australia 1,398 0.03 940 J Sainsbury 4,132 0.08 1,006 CFS Retail Property Trust 1,351 0.03 2,479 Kingfisher 7,614 0.14 276 Coca-Cola Amatil 2,279 0.04 12,989 Lloyds Banking Group 9,942 0.19 387 Commonwealth Bank of Australia 14,981 0.28 3,037 Man Group 10,461 0.20 87 Computershare 717 0.01 2,293 National Grid 14,786 0.28 158 CSL 4,365 0.08 59 Next 1,361 0.02 3,990 Dexus Property Group 2,418 0.05 786 Persimmon 3,808 0.07 1,419 Fairfax Media 1,504 0.03 595 Petropavlovsk 7,923 0.15 711 Fortescue Metals Group 3,539 0.07 853 Premier Farnell 2,844 0.05 498 Foster’s Group 2,153 0.04 2,036 Prudential 15,817 0.30 406 GPT Group 907 0.02 370 Reckitt Benckiser Group 15,198 0.28 262 Lend Lease 1,726 0.03 311 Reed Elsevier 1,957 0.04 94 Macquarie Group 2,656 0.05 2,463 Rentokil Initial 2,780 0.05 1,673 Mirvac Group 1,564 0.03 441 Rio Tinto 23,032 0.43 664 National Australia Bank 11,995 0.22 705 Sage Group 2,246 0.04 193 Newcrest Mining5,945 0.11 935 Salamander Energy 2,926 0.05 612 OneSteel 1,209 0.02 304 Standard Chartered 6,100 0.11 178 Orica 3,388 0.06 14,088 Taylor Wimpey 5,151 0.10 245 Origin Energy 3,128 0.06 816 Tesco 4,040 0.08 1,024 OZ Minerals 1,348 0.03 14,663 Vodafone Group 28,290 0.53 413 QBE Insurance Group 5,717 0.11 714 Xstrata 12,505 0.23 118 Rio Tinto 7,692 0.14 124 Santos 1,243 0.02 468,171 8.77 176 Sonic Healthcare 1,561 0.03 FRANCE 1,323 Stockland 3,610 0.07 98 Arkema 5,276 0.10 456 Suncorp-Metway 2,989 0.06 154 Atos Origin 6,136 0.11 348 Tabcorp Holdings 1,878 0.04 415 BNP Paribas 19,789 0.37 237 Tatts Group 464 0.01 160 Casino Guichard Perrachon 11,674 0.22 791 Telstra 1,680 0.03

266 JPMorgan Funds - Global Research Enhanced Index Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

412 Toll Holdings 1,796 0.03 SINGAPORE 351 Wesfarmers 8,560 0.16 1,000 CapitaLand 2,166 0.04 732 Westfield Group 5,363 0.10 1,000 Genting Singapore 1,274 0.02 929 Westfield Retail Trust 1,811 0.03 1,000 Keppel 6,605 0.13 992 Westpac Banking16,770 0.31 1,000 Oversea-Chinese Banking5,780 0.11 177 Woodside Petroleum 5,737 0.11 1,000 SembCorp Industries 2,993 0.06 340 Woolworths 6,986 0.13 1,000 SembCorp Marine 3,133 0.06 1,000 Singapore Exchange 4,914 0.09 204,003 3.82 3,000 Singapore Telecommunications 5,351 0.10 1,000 Wilmar International 3,285 0.06 SWITZERLAND 372 ACE 17,261 0.32 35,501 0.67 752 Clariant Registered Shares 11,408 0.21 394 Crédit Suisse Group Registered Shares 11,886 0.22 FINLAND 18 Garmin 416 0.01 267 Metso 11,157 0.21 966 Nestlé Registered Shares 42,358 0.79 1,557 Nokia 12,047 0.23 659 Novartis Registered Shares 29,002 0.55 945 Stora Enso - R Shares 7,269 0.14 272 Roche Holding - Genussschein 29,842 0.56 51 Wartsila 2,916 0.05 582 Tyco International 17,978 0.34 1,689 UBS Registered Shares 20,761 0.39 33,389 0.63 102 Zurich Financial Services 19,781 0.37 IRELAND 453 Covidien 15,331 0.29 200,693 3.76 118 Paddy Power 3,616 0.07 NETHERLANDS 604 XL Group 9,893 0.18 634 Aegon 2,909 0.05 118 CSM 3,087 0.06 28,840 0.54 1,069 ING Groep - CVA 7,783 0.15 BERMUDA 1,405 Koninklijke Ahold 13,905 0.26 1,000 Esprit Holdings 3,566 0.07 102 Koninklijke DSM 4,362 0.08 109 Genpact 1,239 0.02 1,390 Koninklijke KPN 15,214 0.29 380 Invesco 6,734 0.13 639 Koninklijke Philips Electronics 14,649 0.27 331 Marvell Technology Group 4,528 0.09 208 Mediq 2,908 0.05 1,000 Noble Group 1,268 0.02 1,707 Royal Dutch Shell - A Shares 42,522 0.80 20 PartnerRe 1,204 0.02 460 Royal Dutch Shell - B Shares 11,354 0.21 129 RenaissanceRe Holdings 6,178 0.12 814 Unilever - CVA 19,035 0.36 1,000 Yue Yuen Industrial Holdings 2,701 0.05

137,728 2.58 27,418 0.52 SPAIN BELGIUM 2,080 BBVA 15,724 0.29 100 D’Ieteren 4,686 0.09 1,559 BSCH 12,363 0.23 278 KBC Groep 7,122 0.13 497 Gestevision Telecinco 4,089 0.08 141 Mobistar 6,800 0.13 1,265 Iberdrola 7,294 0.14 657 Nyrstar 7,362 0.14 187 Inditex 10,481 0.20 1,760 Telefonica 29,872 0.56 25,970 0.49 79,823 1.50 JERSEY 3,093 Beazley 4,140 0.08 HONG KONG 331 Experian 3,076 0.06 2,000 AIA Group 4,212 0.08 175 Petrofac 3,234 0.06 400 Bank of East Asia 1,258 0.02 316 Shire 5,685 0.11 1,500 BOC Hong Kong Holdings 3,818 0.07 250 Wolseley 5,954 0.11 2,000 Cathay Pacific Airways 4,140 0.08 301 WPP 2,774 0.05 500 CLP Holdings 3,039 0.06 2,000 Hang Lung Properties 6,997 0.13 24,863 0.47 200 Hang Seng Bank 2,462 0.05 1,000 Hong Kong & China Gas 1,770 0.03 NORWAY 200 Hong Kong Exchanges & Clearing 3,392 0.06 659 DnB NOR 6,912 0.13 500 HongKong Electric Holdings 2,362 0.05 2,817 Norske Skogindustrier 5,004 0.10 1,000 Hutchison Whampoa 7,698 0.14 895 Orkla 6,500 0.12 1,500 Link REIT 3,483 0.07 1,000 MTR 2,725 0.05 18,416 0.35 1,000 New World Development 1,402 0.03 DENMARK 2,000 Sino Land 2,795 0.05 165 Carlsberg - B Shares 12,378 0.23 1,000 Sun Hung Kai Properties 12,347 0.23 19 Novo Nordisk - B Shares 1,605 0.03

63,900 1.20 13,983 0.26 ITALY PANAMA 3,041 Enel 11,449 0.21 409 Carnival 13,979 0.26 917 ENI 14,975 0.28 219 Fiat 3,368 0.06 13,979 0.26 3,211 Snam Rete Gas 11,981 0.23 2,024 Telecom Italia 1,967 0.04 LIBERIA 3,943 UniCredit 6,137 0.11 350 Royal Caribbean Cruises 12,310 0.23

49,877 0.93 12,310 0.23 SWEDEN LUXEMBOURG 463 Electrolux - B Shares 9,852 0.18 430 ArcelorMittal 12,221 0.23 844 Intrum Justitia 9,741 0.18 981 Nordea Bank 8,004 0.15 12,221 0.23 396 Tele2 - B Shares 6,162 0.12 NETHERLANDS ANTILLES 1,724 Telefonaktiebolaget LM Ericsson - B Shares 15,016 0.28 184 Schlumberger 11,424 0.21

48,775 0.91 11,424 0.21

267 JPMorgan Funds - Global Research Enhanced Index Equity Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

ISRAEL 258 Teva Pharmaceutical Industries ADR 9,969 0.19 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 9,969 0.19 Shares Financials GUERNSEY 17.88 Consumer Discretionary 3,133 Resolution 8,548 0.16 12.44 Information Technology 11.64 8,548 0.16 Industrials 9.68 Consumer Staples 8.97 AUSTRIA Energy 8.97 231 Erste Group Bank 8,157 0.14 Health Care 8.58 Materials 7.87 8,157 0.14 Investment Companies 5.18 CAYMAN ISLANDS Telecommunication Services 4.31 200 ASM Pacific Technology 1,896 0.04 Utilities 4.17 1,600 Sands China 2,645 0.05 Total Shares 99.69 Cash and Other Assets/(Liabilities) 0.31 4,541 0.09 Total 100.00 Total Shares 5,044,467 94.51

Total Transferable Securities Admitted to an Official 5,044,467 94.51 Exchange Listing Allocation of Portfolio as at 30 June 2010 % of Transferable Securities Dealt in on Another Regulated Market Net Assets Shares Investment Funds Financials 17.88 Information Technology 11.87 UNITED STATES OF AMERICA Consumer Discretionary 11.25 12,000 iShares MSCI Canada Index Fund 276,785 5.18 Consumer Staples 9.90 Health Care 9.29 276,785 5.18 Industrials 8.99 Energy 8.33 Total Investment Funds 276,785 5.18 Materials 6.83 Investment Companies 5.19 Total Transferable Securities Dealt in on Another 276,785 5.18 Regulated Market Utilities 4.74 Telecommunication Services 4.45 Total Investments 5,321,252 99.69 Total Shares 98.72 Cash and Other Assets/(Liabilities) 1.28 Cash 16,830 0.32 Total 100.00 Other Assets/(Liabilities) (516) (0.01)

Total Net Assets 5,337,566 100.00

268 JPMorgan Funds - Global Short Duration Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 75,000 HCP 15.12.13/5.650% 80,507 0.02 250,000 HSBC Finance 14.01.11/5.250% 250,285 0.06 Bonds 100,000 HSBC Finance 15.10.11/6.375% 104,017 0.02 855,000 HSBC Finance 915,563 JAPAN 15.05.12/7.000% 0.21 40,000 HSBC Finance 42,129 260,000,000 Japan (Government of) 15.07.11/0.300% 3,203,133 0.72 15.07.13/4.750% 0.01 20,000 Kinder Morgan Energy Partners 20,226 1,081,500,000 Japan (Government of) 20.12.11/1.400% 13,467,644 3.02 15.03.11/6.750% 0.00 430,000 Kinder Morgan Energy Partners 459,879 2,149,500,000 Japan (Government of) 20.09.12/1.100% 26,877,376 6.03 15.03.12/7.125% 0.10 175,000 Kraft Foods 245,415 2,301,500,000 Japan (Government of) 20.06.14/0.900% 28,942,807 6.49 20.03.12/5.750% 0.05 1,000,000 Kraft Foods 11.02.13/6.000% 1,090,475 0.24 Nationwide Health Properties 106,763 72,490,960 16.26 100,000 01.02.13/6.250% 0.02 625,000 New Cingular Wireless Services 01.05.12/8.125% 681,509 0.15 UNITED KINGDOM 475,000 Nisource Finance 15.07.14/5.400% 520,253 0.12 2,160,000 Abbey National Treasury 510,000 Novartis Capital 24.04.15/2.900% 522,515 0.12 Services/London 18.03.13/2.500% 2,900,538 0.65 2,155,000 Occidental Petroleum 13.12.13/1.450% 2,161,127 0.48 1,290,000 Abbey National Treasury 320,000 Philip Morris International 16.05.13/4.875% 346,029 0.08 Services/London 20.10.15/3.375% 1,646,225 0.37 480,000 Philip Morris International 17.03.14/6.875% 551,553 0.12 150,000 Abbey National Treasury 255,000 Plains All American Pipeline 01.09.12/4.250% 266,110 0.06 Services/London 144A 10.11.14/3.875% 147,548 0.03 215,000 Prudential Financial 15.07.13/4.500% 227,028 0.05 915,000 Anglo American Capital 30.09.13/4.250% 1,287,187 0.29 1,300,000 SES Global Americas Holdings 09.07.14/4.875% 1,856,490 0.42 430,000 Bank of Scotland 05.12.11/3.375% 587,859 0.13 25,000 Time Warner Entertainment 01.10.12/8.875% 28,101 0.01 1,800,000 Bank of Scotland 25.01.13/3.250% 2,447,681 0.55 1,365,000 UBS/London 06.07.12/4.625% 1,899,131 0.43 200,000 Bank of Scotland 23.10.13/4.500% 280,192 0.06 1,096,000 UBS/London 21.01.13/2.375% 1,484,776 0.33 1,030,000 Barclays Bank 27.10.11/4.250% 1,415,227 0.32 480,000 UBS/London 06.10.14/3.000% 655,548 0.15 1,500,000 British Telecommunications 15.02.11/7.875% 2,007,429 0.45 305,000 UBS/Stamford 23.02.12/1.384%* 307,683 0.07 470,000 British Telecommunications 15.01.13/5.150% 498,197 0.11 810,000 Ventas Realty/Ventas Capital 30.11.15/3.125% 779,288 0.17 1,900,000 British Telecommunications 11.07.14/6.125% 2,813,869 0.63 15,000 Verizon Wireless Capital 15.11.13/7.375% 17,370 0.00 450,000 Deutsche Bank/London 20.05.13/4.875% 481,891 0.11 1,000,000 Watson Pharmaceuticals 15.08.14/5.000% 1,073,346 0.24 200,000 HSBC Bank 09.11.11/3.875% 273,324 0.06 635,000 Xerox 15.08.11/6.875% 657,500 0.15 1,000,000 Imperial Tobacco Finance 13.06.12/6.875% 1,660,475 0.37 150,000 Zurich Finance USA 14.04.12/4.875% 208,291 0.05 50,000 Lloyds TSB Bank 19.04.11/4.375% 67,601 0.02 270,000 Lloyds TSB Bank 26.11.12/3.250% 364,340 0.08 34,007,496 7.62 750,000 Lloyds TSB Bank 17.03.15/3.375% 1,006,125 0.23 50,000 National Grid 02.06.11/5.250% 79,018 0.02 NETHERLANDS 300,000 Nationwide Building Society 20.01.15/3.750% 395,545 0.09 50,000 Bank Nederlandse Gemeenten 18.01.11/3.375% 50,058 0.01 1,960,000 Nationwide Building Society 14.09.15/2.875% 2,585,345 0.58 2,000,000 Fortis Bank Nederland 17.04.12/3.000% 2,742,312 0.61 1,000,000 Permanent Financing 10.03.11/3.962%* 1,340,346 0.30 1,700,000 Fortis Bank Nederland 19.05.14/3.375% 2,379,506 0.53 1,010,000 RBS 14.11.11/3.750% 1,383,336 0.31 2,150,000 ING Bank 03.03.14/3.375% 3,008,891 0.68 100,000 RBS 23.04.12/2.650% 102,215 0.02 200,000 ING Bank 30.09.14/3.000% 273,370 0.06 610,000 RBS 21.05.14/5.750% 851,804 0.19 360,000 ING Bank 03.03.15/3.375% 484,718 0.11 1,140,000 RBS 144A 25.08.14/4.875% 1,168,850 0.26 100,000 Koninklijke Philips Electronics 11.03.13/4.625% 106,531 0.02 355,000 SABMiller 144A 01.07.11/6.200% 364,247 0.08 1,500,000 LeasePlan 10.02.12/3.125% 2,052,592 0.46 930,000 SABMiller 144A 15.08.13/5.500% 1,011,222 0.23 3,500,000 LeasePlan 22.05.14/3.250% 4,881,580 1.10 400,000 Skipton Building Society 05.04.12/2.000% 629,153 0.14 2,500,000 Metro Finance 29.05.12/4.750% 3,489,656 0.78 250,000 Standard Chartered 11.03.11/4.875% 337,081 0.08 1,020,000 Netherlands (Government of) 15.07.12/5.000% 1,454,455 0.33 1,435,000 Standard Chartered 144A 27.04.15/3.850% 1,462,697 0.33 1,200,000 Netherlands (Government of) 15.07.13/4.250% 1,735,617 0.39 2,500,000 Tesco 12.09.12/5.625% 3,572,424 0.80 365,000 Shell International Finance 28.06.15/3.100% 373,945 0.09 294,000 West Bromwich Building Society 05.04.12/2.000% 462,493 0.10 1,700,000 SNS Bank 30.01.12/2.875% 2,319,627 0.52 4,500,000 Yorkshire Building Society 26.10.12/2.250% 6,095,003 1.37 25,352,858 5.69 41,726,487 9.36 FRANCE UNITED STATES OF AMERICA 175,000 BNP Paribas 17.12.12/5.250% 246,246 0.06 210,000 Allstate Life Global Funding 200,000 BNP Paribas Home Loan Trusts 30.04.13/5.375% 227,965 0.05 Covered Bonds 01.10.12/2.250% 271,021 0.06 910,000 Altria Group 10.11.13/8.500% 1,074,486 0.24 100,000 Caisse d’Amortissement de la 500,000 American Express Credit 24.09.12/6.625% 827,133 0.19 Dette Sociale 25.04.12/2.625% 136,772 0.03 30,000 AT&T 15.11.13/6.700% 34,041 0.01 430,000 Compagnie de Financement 100,000 Bank of America 30.04.12/2.100% 101,986 0.02 Foncier 16.01.12/3.625% 589,443 0.13 175,000 Capital One Financial 15.09.11/5.700% 180,889 0.04 2,200,000 Compagnie de Financement Foncier 3,618,796 115,000 Capital One Financial 21.02.12/4.800% 119,252 0.03 28.12.12/4.625% 0.81 6,700,000 France (Government of) 9,700,911 420,000 Capital One Financial 15.11.13/6.250% 459,403 0.10 12.07.13/4.500% 2.17 1,400,000 HSBC France 2,039,774 215,000 Capital One Financial 23.05.14/7.375% 244,129 0.05 19.06.13/5.750% 0.46 415,000 Cellco Partnership/Verizon 1,496,000 PPR 03.04.14/8.625% 2,353,057 0.53 Wireless Capital 01.02.14/5.550% 455,991 0.10 125,000 PPR 08.04.15/3.750% 170,666 0.04 300,000 Citibank 28.12.12/1.750% 305,711 0.07 2,175,000 RCI Banque 27.01.15/4.375% 2,982,970 0.67 800,000 Citigroup 15.12.15/4.587% 830,366 0.19 1,450,000 Société Générale 13.02.12/5.625% 2,005,611 0.45 230,000 Citigroup 11.04.13/5.500% 245,703 0.06 390,000 Citigroup 19.08.13/6.500% 427,174 0.10 24,115,267 5.41 100,000 Citigroup Funding 15.11.12/1.875% 102,108 0.02 GERMANY 1,035,000 CR Bard 15.01.16/2.875% 1,040,820 0.23 317,000 Deutsche Pfandbriefbank 15.09.14/3.125% 433,247 0.09 250,000 Daimler Finance North America 15.01.12/7.300% 265,425 0.06 10,230,000 Germany (Federal Republic of) 16.03.12/1.000% 13,767,928 3.09 755,000 DCP Midstream Operating 01.10.15/3.250% 744,094 0.17 1,650,000 Germany (Federal Republic of) 12.04.13/3.500% 2,338,383 0.52 335,000 Enterprise Products Operating 01.02.13/6.375% 364,611 0.08 1,179,000 IKB Deutsche Industriebank 13.03.12/2.625% 1,607,160 0.36 220,000 Enterprise Products Operating 31.01.14/9.750% 266,202 0.06 750,000 KfW - Kreditanstalt fuer 770,000 Enterprise Products Operating 15.10.14/5.600% 849,228 0.19 Wiederaufbau 14.01.13/1.875% 764,422 0.17 255,000 Fannie Mae 15.05.14/2.500% 264,116 0.06 100,000 Landwirtschaftliche 3,750,000 Fannie Mae 26.10.15/1.625% 3,650,250 0.82 Rentenbank 15.07.11/5.250% 102,529 0.02 250,000 Freddie Mac 28.07.14/3.000% 262,913 0.06 25,000 Landwirtschaftliche 880,000 General Electric 01.02.13/5.000% 939,997 0.21 Rentenbank 24.09.12/1.875% 25,452 0.01 75,000 General Electric Capital 21.12.12/2.125% 76,993 0.02 805,000 General Electric Capital 09.11.15/2.250% 771,659 0.17 19,039,121 4.26 125,000 Goldman Sachs Group 15.06.12/3.250% 129,558 0.03 ITALY 225,000 Goldman Sachs Group 15.10.13/5.250% 243,049 0.05 1,070,000 Italy (Republic of) 15.09.11/3.750% 1,450,553 0.32 245,000 Goldman Sachs Group 15.01.14/5.150% 262,191 0.06 90,000 Italy (Republic of) 01.03.12/3.000% 121,317 0.03 670,000 Goldman Sachs Group 01.08.15/3.700% 681,146 0.15 1,740,000 Italy (Republic of) 15.04.12/4.000% 2,374,102 0.53

269 JPMorgan Funds - Global Short Duration Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

250,000 Italy (Republic of) 05.10.12/2.125% 250,413 0.06 NORWAY 6,120,000 Italy (Republic of) 15.12.12/2.000% 8,066,947 1.81 1,650,000 Kommunalbanken 10.12.12/4.875% 2,736,177 0.61 2,295,000 Telecom Italia 01.02.12/6.250% 3,209,818 0.72 2,736,177 0.61 15,473,150 3.47 AUSTRALIA DENMARK 120,000 ANZ Banking Group 20.05.13/5.250% 172,651 0.04 200,000 Danske Bank 144A 10.05.12/2.500% 204,543 0.05 170,000 Commonwealth Bank of 100,000 Denmark (Kingdom of) 15.11.11/2.750% 101,870 0.02 Australia 29.07.11/5.875% 233,674 0.05 2,040,000 Denmark (Kingdom of) 15.11.11/6.000% 383,090 0.08 400,000 National Australia Bank 23.01.15/3.500% 548,160 0.12 3,250,000 FIH Erhvervsbank 21.03.13/2.125% 4,407,778 0.99 500,000 Suncorp-Metway 16.01.14/4.000% 822,489 0.19 1,650,000 Kommunekredit 02.10.12/4.375% 2,318,564 0.52 200,000 Westpac Banking 19.11.12/2.250% 203,936 0.05 1,750,000 Spar Nord Bank 10.07.12/2.500% 2,375,949 0.53 220,000 Westpac Banking 27.02.15/4.200% 230,665 0.05

9,791,794 2.19 2,211,575 0.50 INTERNATIONAL AGENCIES FINLAND 855,000 African Development Bank 11.02.13/1.625% 867,371 0.19 1,150,000 Nordea Bank Finland 16.11.15/2.250% 1,507,184 0.34 1,800,000 Asian Development Bank 15.07.13/1.625% 1,823,798 0.41 250,000 OP Mortgage Bank 19.11.14/3.125% 343,672 0.08 430,000 Council of Europe Development Bank 10.02.15/2.750% 441,964 0.10 1,850,856 0.42 1,665,000 European Investment Bank 15.03.13/1.625% 1,687,394 0.38 BRAZIL 200,000 European Union 09.12.11/3.250% 273,518 0.06 250,000 Brazil (Republic of) 01.01.12/10.000% 1,550,023 0.35 225,000 Inter-American Development Bank 229,020 22.10.12/1.750% 0.05 1,550,023 0.35 1,570,000 International Bank for Reconstruction & Development 15.07.13/1.750% 1,598,149 0.36 IRELAND 1,000,000 GE Capital European Funding 17.09.15/2.875% 1,330,636 0.30 6,921,214 1.55 MEXICO 1,330,636 0.30 800,000 America Movil 01.03.14/5.500% 868,846 0.19 POLAND 63,100,000 Mexico (United Mexican States) 19.12.13/8.000% 5,424,126 1.22 2,230,000 Poland (Government of) 25.04.14/5.750% 767,949 0.17

6,292,972 1.41 767,949 0.17 AUSTRIA NEW ZEALAND 250,000 Asfinag 22.10.12/2.000% 254,550 0.06 250,000 Westpac Securities NZ 144A 28.01.13/2.625% 253,066 0.06 50,000 Austria (Republic of) 27.05.11/3.625% 50,640 0.01 250,000 Austria (Republic of) 15.07.12/5.000% 355,490 0.08 253,066 0.06 1,000,000 Austria (Republic of) 20.10.13/3.800% 1,427,888 0.32 QATAR 100,000 OeBB Infrastruktur 17.10.11/3.875% 136,743 0.03 200,000 Qatar (State of) 20.01.15/4.000% 206,820 0.05 2,360,000 Oesterreichische Kontrollbank 21.02.12/4.125% 3,268,238 0.73 206,820 0.05 5,493,549 1.23 GREECE SWEDEN 50,000 Greece (Republic of) 25.06.13/4.625% 41,718 0.01 660,000 Swedbank 02.12.11/3.625% 904,682 0.20 2,000,000 Swedbank 02.02.12/3.125% 2,737,052 0.62 41,718 0.01 3,750,000 Sweden (Kingdom of) 08.10.12/5.500% 594,658 0.13

4,236,392 0.95 Total Bonds 297,207,392 66.65 SPAIN Total Transferable Securities Admitted to an 297,207,392 66.65 2,350,000 Telefonica Emisiones 02.02.11/3.750% 3,150,798 0.70 Official Exchange Listing 750,000 Telefonica Emisiones 27.04.15/3.729% 742,966 0.17 Transferable Securities Dealt in on Another Regulated Market 3,893,764 0.87 Bonds ISRAEL 11,450,000 Israel (State of) 31.03.14/7.500% 3,795,143 0.85 UNITED STATES OF AMERICA 1,010,000 Ace INA Holdings 23.11.15/2.600% 989,423 0.22 3,795,143 0.85 210,000 ACE Securities 2005-HE4 M1 25.07.35/0.761%* 204,982 0.05 565,422 Aegis Asset Backed Securities SOUTH KOREA Trust 2004-3 A1 25.09.34/0.621%* 510,845 0.11 4,125,000,000 Korea (Republic of) 10.06.12/4.000% 3,716,604 0.83 545,000 Allegheny Energy Supply 144A 15.04.12/8.250% 584,607 0.13 485,000 American Express Credit 3,716,604 0.83 Account Master Trust 2008-1 A 15.08.13/0.710%* 485,074 0.11 200,000 American Express Travel CANADA Related Services 144A 21.11.11/5.250% 206,468 0.05 455,000 Bank of Nova Scotia 471,176 22.01.15/3.400% 0.11 395,000 American Honda Finance 144A 27.03.12/5.100% 412,389 0.09 385,000 Rogers Communications 430,719 01.03.14/6.375% 0.10 505,000 American Honda Finance 144A 16.03.15/3.500% 519,873 0.12 2,000,000 Xstrata Finance Canada 2,790,567 14.06.12/4.875% 0.62 590,000 American Honda Finance 144A 21.09.15/2.500% 580,563 0.13 475,000 Anheuser-Busch InBev 3,692,462 0.83 Worldwide 144A 15.01.14/7.200% 540,822 0.12 BELGIUM 395,000 Anheuser-Busch InBev 880,000 Belgium (Kingdom of) 28.09.12/5.000% 1,239,059 0.28 Worldwide 144A 15.11.14/5.375% 434,022 0.10 200,000 Belgium (Kingdom of) 03.09.13/4.250% 209,700 0.05 485,000 Appalachian Power 24.05.15/3.400% 495,660 0.11 1,400,000 Belgium (Kingdom of) 28.09.13/4.250% 1,965,895 0.44 16,678 Asset Backed Funding Certificates 2005-HE2 M1 25.06.35/0.741%* 16,444 0.00 436,522 Asset Backed Funding 3,414,654 0.77 Certificates 2005-OPT1 A2C 25.07.35/0.621%* 413,871 0.09 LUXEMBOURG 1,285,000 BA Credit Card Trust 2008-A5 384,000 Dexia LDG Banque 09.11.12/2.625% 522,865 0.12 A5 16.12.13/1.460%* 1,292,023 0.29 515,000 Telecom Italia Capital 18.07.11/6.200% 527,004 0.12 1,127,237 Banc of America Large Loan 1,580,000 Tyco International Finance 15.11.13/6.000% 1,754,816 0.39 2005-MIB1 A2 15.03.22/0.470%* 1,104,427 0.25 9,960 Banc of America Mortgage Securities 2005-3 1A31 9,939 2,804,685 0.63 25.04.35/5.500% 0.00 955,000 Bank of America 15.05.14/7.375% 1,062,301 0.24

270 JPMorgan Funds - Global Short Duration Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

425,000 Bank of America 01.04.15/4.500% 433,516 0.10 355,000 National Rural Utilities 530,000 Berkshire Hathaway 11.02.13/2.125% 540,375 0.12 Cooperative Finance 01.03.12/7.250% 381,186 0.09 900,000 Capital One Multi-Asset 30,000 National Rural Utilities Execution Trust 2008-A6 A6 17.03.14/1.360%* 902,974 0.20 Cooperative Finance 16.09.12/2.625% 30,807 0.01 150,000 Cisco Systems 17.11.14/2.900% 155,238 0.03 650,000 NBC Universal 144A 01.04.14/2.100% 647,443 0.15 635,000 Citigroup 13.12.13/6.000% 693,628 0.15 510,000 NBC Universal 144A 30.04.15/3.650% 520,764 0.12 15,000 Comcast 15.01.14/5.300% 16,311 0.00 250,000 Nevada Power 01.06.11/8.250% 257,634 0.06 1,287,469 Continental Airlines 1998-1 15.09.17/6.648% 1,342,186 0.30 100,000 New York Life Global Funding 22,645 Credit Suisse First Boston 144A 14.12.12/2.250% 102,391 0.02 Mortgage Securities 2004-3 2A1 25.04.19/5.000% 23,243 0.01 200,000 New York Life Global Funding 2,380,183 Credit Suisse First Boston 144A 09.05.13/4.650% 214,504 0.05 Mortgage Securities 2005-C2 55,000 Park Place Securities AAB 15.04.37/4.681% 2,448,803 0.55 2005-WHQ3 M1 25.06.35/0.681%* 51,175 0.01 475,000 Credit Suisse/New York 01.05.14/5.500% 520,146 0.12 1,240,000 Plains All American Pipeline 15.09.15/3.950% 1,278,235 0.29 445,000 Credit Suisse/New York 23.03.15/3.500% 454,394 0.10 285,000 Pricoa Global Funding I 144A 26.06.12/0.433%* 282,940 0.06 405,375 Credit-Based Asset Servicing 200,000 Pricoa Global Funding I 144A 27.09.13/5.300% 218,652 0.05 and Securitization 2005-CB4 781,120 Residential Asset Mortgage AF4 25.08.35/5.028%* 403,728 0.09 Products 2004-RS11 M1 25.11.34/0.881%* 666,007 0.15 755,000 CVS Caremark 18.05.15/3.250% 767,285 0.17 206,998 Residential Funding Mortgage 250,000 Daimler Finance North America 15.03.11/5.875% 252,584 0.06 Securities I 2006-S12 2A2 25.12.36/6.000% 205,423 0.05 475,000 Daimler Finance North America 08.09.11/5.750% 490,949 0.11 293,121 Structured Asset Securities 910,000 Discovery Communications 01.06.15/3.700% 939,224 0.21 2005-WF4 A4 25.11.35/0.621%* 266,416 0.06 590,000 Dominion Resources 01.09.15/2.250% 579,743 0.13 455,000 UBS/Stamford 08.01.13/2.750% 460,128 0.10 14,225 Equity One ABS 2004-3 AF4 25.07.34/5.100%* 14,102 0.00 100,000 US Treasury (i) 13.01.11/0.000% 99,942 0.02 3,505,000 Fannie Mae 18.12.13/0.750% 3,461,012 0.78 476,000 US Treasury (i) 10.02.11/0.000% 475,793 0.11 303,610 Fannie Mae Pool No: 254803 01.07.18/5.000% 321,684 0.07 10,000 US Treasury (i) 28.02.11/0.875% 10,013 0.00 413,001 Fannie Mae Pool No: 254865 01.09.18/4.500% 436,137 0.10 90,000 US Treasury (i) 09.06.11/0.000% 89,930 0.02 1,135,363 Fannie Mae Pool No: 710643 01.05.23/5.000% 1,212,633 0.27 10,000 US Treasury (i) 30.09.11/1.000% 10,053 0.00 354,511 Fannie Mae Pool No: 735646 01.07.20/4.500% 370,631 0.08 80,000 US Treasury (i) 30.11.11/0.750% 80,325 0.02 1,908,658 Fannie Mae Pool No: 745440 01.07.20/4.500% 1,995,442 0.45 278,768 USAA Auto Owner Trust 2010-1 A2 15.06.12/0.630% 278,852 0.06 1,177,680 Fannie Mae Pool No: 803899 01.12.19/5.000% 1,247,789 0.28 405,000 Wachovia Bank Commercial Mortgage Trust 2005-C21 A4 437,074 380,792 Fannie Mae Pool No: 888148 01.02.37/5.415%* 401,793 0.09 15.10.44/5.204%* 0.10 Wells Fargo Mortgage Backed 1,603,636 Fannie Mae Pool No: 889183 01.09.21/5.500% 1,726,163 0.39 117,257 Securities Trust 2005-2 2A1 25.04.20/4.750% 120,478 0.03 753,595 Fannie Mae Pool No: 889197 01.11.21/4.500% 794,870 0.18 675,000 Williams Partners 15.02.15/3.800% 695,393 0.16 2,144,355 Fannie Mae Pool No: 889568 01.03.20/5.500% 2,311,844 0.52 5,919,914 Fannie Mae Pool No: AE0019 01.07.20/5.000% 6,272,334 1.41 86,620,115 19.43 787,039 Fannie Mae REMICS 2005-105 B 25.05.31/5.000% 820,898 0.18 20,477 First Union National Bank-Bank CANADA of America Commercial 1,300,000 Bank of Nova Scotia 07.10.15/2.050% 1,261,543 0.28 Mortgage Trust 2001-C1 A2 15.03.33/6.136% 20,463 0.01 4,320,000 Canada (Government of) 01.06.12/3.750% 4,461,302 1.00 521,418 Ford Credit Auto Owner Trust 5,600,000 Canada (Government of) 01.06.13/3.500% 5,830,757 1.31 2009-A A3B 15.05.13/2.760%* 527,498 0.12 1,400,000 Canadian Imperial Bank of 2,380,000 Freddie Mac 27.07.12/1.125% 2,399,159 0.54 Commerce 13.09.13/1.450% 1,396,366 0.31 5,129,670 Freddie Mac Gold Pool No: 750,000 CDP Financial 144A 25.11.14/3.000% 760,118 0.17 C90706 01.09.23/5.000% 5,448,775 1.22 450,000 Xstrata Finance Canada 144A 16.11.11/5.500% 465,871 0.11 911,000 Freddie Mac REMICS 3096 LC 15.11.31/5.000% 986,059 0.22 1,623,182 Freddie Mac REMICS 3626 MA 15.02.30/5.000% 1,720,708 0.39 14,175,957 3.18 510,000 General Electric Capital 01.11.12/0.417%* 507,527 0.11 790,000 General Electric Capital 20.12.13/0.424%* 769,252 0.17 UNITED KINGDOM 1,592,240 GMAC Commercial Mortgage 770,000 Anglo American Capital 144A 08.04.14/9.375% 925,073 0.21 2001-C2 A2 15.04.34/6.700% 1,602,980 0.36 200,000 Barclays Bank 23.01.13/2.500% 203,127 0.05 1,500,000 GMAC Commercial Mortgage 435,000 Barclays Bank 10.07.14/5.200% 467,772 0.10 Securities 2002-C3 A2 10.07.39/4.930% 1,574,393 0.35 215,000 BAT International Finance 144A 15.11.13/8.125% 242,903 0.06 25,000 Goldman Sachs Group 01.08.12/3.625% 25,867 0.01 605,567 Granite Master Issuer 2006-4 A7 20.12.54/0.923%* 755,564 0.17 3,900,000 Greenwich Capital Commercial 1,245,000 Nationwide Building Society Funding 2004-GG1 A7 10.06.36/5.317%* 4,200,659 0.94 144A 25.02.15/4.650% 1,253,650 0.28 1,100,000 Greenwich Capital Commercial 420,000 WPP Finance UK 15.09.14/8.000% 485,429 0.11 Funding 2004-GG1 A7 10.08.42/4.799%* 1,159,628 0.26 1,930,000 Harley-Davidson Motorcycle 4,333,518 0.98 Trust 2010-1 A2 15.11.13/0.830% 1,930,220 0.43 407,618 Honda Auto Receivables Owner SWEDEN Trust 2007-2 A4 21.11.13/5.570% 408,855 0.09 200,000 Nordea Bank 144A 13.11.12/2.500% 204,231 0.05 302,619 Honda Auto Receivables Owner 1,785,000 Nordea Bank 144A 04.10.13/1.750% 1,774,567 0.40 Trust 2010-1 A2 21.02.12/0.620% 302,780 0.07 1,780,000 Svenska Handelsbanken 144A 10.06.14/4.875% 1,898,662 0.42 2,610,000 Honda Auto Receivables Owner Trust 2010-3 A2 21.01.13/0.530% 2,609,698 0.58 3,877,460 0.87 485,269 JP Morgan Mortgage Trust 2005-S2 1A1 25.08.20/4.500% 496,642 0.11 AUSTRALIA 965,000 LG&E and KU Energy 144A 15.11.15/2.125% 924,369 0.21 600,000 Macquarie Group 144A 01.08.14/7.300% 655,679 0.15 1,515,000 Mercedes-Benz Auto 1,590,000 WEA Finance/WT Finance Aust Receivables Trust 2010-1 A2 15.08.12/0.700% 1,516,355 0.34 144A 15.11.14/5.125% 1,684,123 0.37 745,000 MetLife 06.02.14/2.375% 746,784 0.17 810,000 Woolworths 144A 22.09.15/2.550% 798,870 0.18 125,000 Metropolitan Life Global Funding I 144A 11.01.13/2.500% 126,939 0.03 3,138,672 0.70 Metropolitan Life Global 200,000 NETHERLANDS Funding I 144A 10.04.13/5.125% 214,665 0.05 150,000 ING Bank 144A 151,598 600,000 Metropolitan Life Global 14.01.13/2.650% 0.03 Funding I 144A 29.09.15/2.500% 588,206 0.13 1,495,000 Rabobank Nederland 13.10.15/2.125% 1,445,082 0.32 220,000 Monumental Global Funding III 415,000 Rabobank Nederland 144A 11.03.15/3.200% 423,119 0.10 144A 15.01.14/0.489%* 211,470 0.05 2,120,000 Morgan Stanley 13.05.14/6.000% 2,285,150 0.51 2,019,799 0.45 690,000 Morgan Stanley 24.07.15/4.000% 692,653 0.15 NEW ZEALAND 276,413 Morgan Stanley ABS Capital I 625,000 ANZ National International 2004-SD2 A 25.04.34/0.711%* 233,941 0.05 144A 19.07.13/6.200% 687,338 0.15 2,211,753 Morgan Stanley Capital I 2005-IQ9 AAB 15.07.56/4.510% 2,291,470 0.51 687,338 0.15

271 JPMorgan Funds - Global Short Duration Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

IRELAND 553,315 Titan Europe/Ireland 2007-2X A1 23.04.17/1.195%* 621,194 0.14 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 621,194 0.14 Fixed Income Securities United States of America MEXICO 27.05 Japan 590,000 America Movil 30.03.15/3.625% 609,032 0.14 16.36 United Kingdom 10.34 609,032 0.14 Netherlands 6.14 France 5.46 JAPAN Germany 4.26 450,000 Bank of Tokyo-Mitsubishi 144A 22.01.13/2.600% 459,409 0.10 Canada 4.01 Italy 3.47 459,409 0.10 Denmark 2.19 CAYMAN ISLANDS Sweden 1.82 225,000 Monumental Global Funding144A 22.04.13/5.500% 240,126 0.05 International Agencies 1.55 Mexico 1.55 240,126 0.05 Austria 1.23 Australia 1.20 FRANCE Spain 0.87 230,000 BNP Paribas 11.03.15/3.250% 232,553 0.05 Israel 0.85 South Korea 0.83 232,553 0.05 Belgium 0.77 CHILE Luxembourg 0.63 150,000 Banco Santander Chile 144A 13.11.12/2.875% 151,448 0.03 Norway 0.61 Ireland 0.44 151,448 0.03 Finland 0.42 Brazil 0.35 Total Bonds 117,166,621 26.27 New Zealand 0.21 Poland 0.17 Investment Funds Cayman Islands 0.05 Qatar 0.05 LUXEMBOURG Chile 979 JPMorgan Liquidity Funds - US Dollar Liquidity Fund 0.03 (JPM US Dollar Liquidity X (acc)) 13,771,158 3.09 Greece 0.01 Total Fixed Income Securities 92.92 13,771,158 3.09 Investment Funds Luxembourg 3.09 Total Investment Funds 13,771,158 3.09 Total Investment Funds 3.09 Cash and Other Assets/(Liabilities) 3.99 Total Transferable Securities Dealt in on Another 130,937,779 29.36 Regulated Market Total 100.00 Total Investments 428,145,171 96.01

Cash 17,775,927 3.99 Allocation of Portfolio as at 30 June 2010 % of 13,485 0.00 Other Assets/(Liabilities) Net Assets Fixed Income Securities Total Net Assets 445,934,583 100.00 United States of America 23.66 Japan 17.00 United Kingdom 12.17 * Variable coupon rates are those quoted as at 31 December 2010. Canada 3.21 (i) Security held as collateral against futures positions by the broker. International Agencies 3.16 Italy 3.10 Spain 2.67 Germany 2.54 France 2.06 Netherlands 2.01 Denmark 1.74 Mexico 1.59 Luxembourg 1.39 Sweden 1.31 Australia 1.09 Israel 0.79 Belgium 0.70 South Korea 0.67 Austria 0.56 Greece 0.56 Cayman Islands 0.53 New Zealand 0.44 Ireland 0.27 Brazil 0.26 Poland 0.17 Finland 0.15 Qatar 0.09 Chile 0.07 Jersey 0.01 Total Fixed Income Securities 83.97 Investment Funds Luxembourg 3.45 Total Investment Funds 3.45 Cash Equivalents, Cash and Other Assets/(Liabilities) 12.58 Total 100.00

272 JPMorgan Funds - Global Short Duration Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 38 Australia 3 Year Bond Future AUD 3,942,410 3,216 Mar-11 (116) Euro-Bobl Future EUR (18,455,584) 32,629 Mar-11 253 Euro-Schatz Future EUR 36,939,706 3,248 Mar-11 86 US 2 Year Note Future USD 18,813,172 (45,641) Mar-11 (455) US 5 Year Note Future USD (53,474,941) 590,318

Total 583,770

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

06-Jan-11 EUR 3,053,443 USD 4,062,193 27,742 06-Jan-11 EUR 35,967,708 USD 46,775,708 1,401,236 06-Jan-11 GBP 25,118,505 USD 38,976,401 150,135 06-Jan-11 JPY 5,765,959,579 USD 70,739,291 236,570 06-Jan-11 USD 10,245,455 CAD 10,514,163 (290,532) 06-Jan-11 USD 154,963,139 EUR 119,068,041 (4,522,543) 06-Jan-11 USD 48,028,541 EUR 35,967,708 (148,404) 06-Jan-11 USD 11,525,355 GBP 7,432,697 (52,391) 06-Jan-11 USD 38,892,054 GBP 25,118,505 (234,481) 06-Jan-11 USD 3,652,098 ILS 13,468,152 (145,308) 06-Jan-11 USD 68,851,147 JPY 5,765,959,579 (2,124,714) 06-Jan-11 USD 1,283,223 MXN 16,203,319 (26,337) 07-Jan-11 SEK 3,915,429 USD 575,168 8,924 07-Jan-11 USD 735,716 PLN 2,293,155 (37,294) 07-Jan-11 USD 553,485 SEK 3,915,429 (30,607) 03-Feb-11 EUR 36,793,565 USD 49,106,209 178,769 03-Feb-11 GBP 402,593 USD 619,297 7,670 03-Feb-11 GBP 24,308,344 USD 37,604,570 251,373 03-Feb-11 USD 16,864 EUR 12,825 (315) 03-Feb-11 USD 65,224 GBP 42,388 (787) 03-Feb-11 USD 72,603,303 JPY 5,918,953,168 (280,336) 03-Feb-11 USD 574,652 SEK 3,915,429 (8,909)

Total (5,640,539)

273 JPMorgan Funds - Global Socially Responsible Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing SPAIN 94,520 BBVA 957,069 1.02 Shares 7,910 Inditex 593,853 0.62 53,000 Telefonica 1,204,892 1.28 UNITED STATES OF AMERICA 23,500 Abbott Laboratories 1,121,302 1.19 2,755,814 2.92 8,400 Abercrombie & Fitch - A Shares 487,284 0.52 36,100 American Express 1,539,484 1.64 CHINA 12,419 Anadarko Petroleum 954,897 1.01 386,136 China Merchants Bank - H Shares * 975,635 1.03 27,060 Analog Devices 1,022,733 1.09 83,500 Ping An Insurance Group Co. of China - H Shares * 931,615 0.99 10,200 Apple 3,284,400 3.49 26,514 Chevron 2,413,967 2.56 1,907,250 2.02 123,400 Cisco Systems 2,482,191 2.63 GERMANY 278,500 Citigroup 1,321,482 1.40 7,110 Linde 1,085,202 1.15 101,900 El Paso 1,396,540 1.48 28,700 Symrise 785,374 0.84 17,500 Emerson Electric 1,001,788 1.07 General Mills 1,569,494 44,180 1.67 1,870,576 1.99 38,180 Hartford Financial Services Group 1,006,807 1.07 58,989 Hewlett-Packard 2,476,063 2.63 IRELAND 45,613 Medtronic 1,691,102 1.79 28,120 Accenture - A Shares 1,360,446 1.45 42,600 Merck & Co. 1,535,304 1.63 70,800 Mylan 1,487,862 1.58 1,360,446 1.45 23,150 Norfolk Southern 1,451,968 1.54 HONG KONG Occidental Petroleum 1,210,860 12,400 1.28 5,265 CNOOC ADR 1,240,987 1.32 15,604 Procter & Gamble 999,202 1.06 29,100 Prudential Financial 1,696,385 1.80 1,240,987 1.32 20,500 Veeco Instruments 881,807 0.93 22,616 Wells Fargo & Co. 698,721 0.74 BRAZIL 23,050 Yum! Brands 1,130,142 1.20 31,430 Vale ADR 1,078,363 1.15 14,600 Zimmer Holdings 785,334 0.83 1,078,363 1.15 35,647,119 37.83 MEXICO UNITED KINGDOM 15,396 America Movil ADR - L Shares 871,491 0.92 186,500 Barclays 763,173 0.81 85,400 BG Group 1,726,033 1.83 871,491 0.92 63,700 Burberry Group 1,115,295 1.18 TAIWAN 76,400 GlaxoSmithKline 1,476,298 1.57 56,119 Taiwan Semiconductor Manufacturing ADR 698,962 0.74 139,242 Man Group 642,450 0.68 166,400 Marks & Spencer Group 956,971 1.02 698,962 0.74 100,700 Prudential 1,047,827 1.11 62,100 Reed Elsevier 523,326 0.56 CAYMAN ISLANDS 20,540 Rio Tinto 1,436,903 1.53 287,000 Li Ning610,324 0.65 45,347 Standard Chartered 1,218,842 1.30 218,400 Tesco 1,448,239 1.54 610,324 0.65 31,500 Unilever 965,159 1.02 SWEDEN 1,191,310 Vodafone Group 3,078,612 3.27 17,300 SKF - B Shares 494,264 0.52 88,912 Xstrata 2,085,783 2.21 494,264 0.52 18,484,911 19.63 FRANCE Total Shares 91,916,355 97.55 27,040 BNP Paribas 1,727,090 1.83 Total Transferable Securities Admitted to an Official 72,000 France Télécom 1,503,747 1.60 91,916,355 97.55 Exchange Listing 11,282 Lafarge 708,511 0.75 8,860 PPR 1,413,422 1.50 Transferable Securities Dealt in on Another Regulated Market 50,600 Total 2,688,511 2.85 Investment Funds 8,041,281 8.53 LUXEMBOURG NETHERLANDS 2,200,000 JPMorgan Liquidity Funds - US Dollar Liquidity Fund 148,784 ING Groep - CVA 1,451,021 1.54 (JPM US Dollar Liquidity X (dist)) 2,200,000 2.33 112,700 Koninklijke KPN 1,652,214 1.75 67,052 Reed Elsevier 832,205 0.88 2,200,000 2.33 40,500 Royal Dutch Shell - B Shares 1,339,018 1.43 41,100 Wolters Kluwer 907,385 0.96 Total Investment Funds 2,200,000 2.33 6,181,843 6.56 Total Transferable Securities Dealt in on Another 2,200,000 2.33 Regulated Market SWITZERLAND 78,800 ABB Registered Shares 1,760,875 1.87 Total Investments 94,116,355 99.88 7,000 ACE 435,050 0.46 15,900 Roche Holding - Genussschein 2,336,581 2.48 Cash 138,071 0.15 4,580 Zurich Financial Services 1,189,690 1.26 Other Assets/(Liabilities) (23,301) (0.03) 5,722,196 6.07 JAPAN Total Net Assets 94,231,125 100.00 39,200 Honda Motor 1,552,511 1.65 133,000 Kubota 1,261,404 1.34 66,300 Mitsubishi 1,794,197 1.90 * Hong Kong Registered Shares. 24,200 Sumitomo 342,416 0.36

4,950,528 5.25

274 JPMorgan Funds - Global Socially Responsible Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 18.68 Information Technology 12.96 Energy 12.28 Health Care 11.07 Consumer Discretionary 10.74 Telecommunication Services 8.82 Industrials 8.60 Materials 7.63 Consumer Staples 5.29 Investment Companies 2.33 Utilities 1.48 Total Shares 99.88 Cash and Other Assets/(Liabilities) 0.12 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 22.61 Information Technology 15.10 Consumer Discretionary 11.12 Energy 10.64 Health Care 9.17 Industrials 8.57 Consumer Staples 7.93 Materials 6.22 Telecommunication Services 5.64 Utilities 1.16 Investment Companies 0.48 Total Shares 98.64 Cash and Other Assets/(Liabilities) 1.36 Total 100.00

275 JPMorgan Funds - Global Strategic Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing FRANCE 50,000 BNP Paribas 12.04.16/4.730%* 58,735 0.11 Bonds 50,000 Pernod-Ricard 15.01.15/7.000% 73,978 0.15 125,000 PPR 03.04.14/8.625% 196,612 0.39 UNITED STATES OF AMERICA 90,000 Société Générale 16.06.18/8.875%* 135,883 0.27 250,000 ACCO Brands 15.03.15/10.625% 283,125 0.56 150,000 Altria Group 196,738 10.11.18/9.700% 0.39 465,208 0.92 150,000 Anadarko Petroleum 15.09.17/6.375% 162,669 0.32 145,000 CBS 15.10.40/5.900% 138,766 0.27 INDONESIA 250,000 CIT Group 01.05.16/7.000% 249,009 0.49 3,350,000,000 Indonesia (Republic of) 15.09.19/11.500% 464,097 0.92 250,000 Community Health Systems 15.07.15/8.875% 262,806 0.52 100,000 Constellation Brands 01.09.16/7.250% 105,577 0.21 464,097 0.92 285,000 Duke Realty 311,300 15.03.20/6.750% 0.62 SWITZERLAND 65,000 Health Care REIT 68,097 15.04.20/6.125% 0.13 390,000 Tyco International Finance 15.12.19/7.000% 457,262 0.90 250,000 Health Management Associates 15.04.16/6.125% 256,162 0.51 Host Hotels & Resorts 360,242 350,000 01.06.16/6.750% 0.71 457,262 0.90 400,000 International Paper 15.06.18/7.950% 473,606 0.94 250,000 Jarden 01.05.16/8.000% 272,369 0.54 CANADA 460,000 Kraft Foods 10.02.20/5.375% 494,155 0.98 175,000 Nexen 15.05.37/6.400% 169,329 0.34 300,000 Mack-Cali Realty 15.08.19/7.750% 346,905 0.69 75,000 Suncor Energy 15.06.38/6.500% 82,560 0.16 150,000 MGM Resorts International 01.06.16/7.500% 137,513 0.27 100,000 Xstrata Canada Financial 27.05.20/7.375% 176,197 0.35 200,000 Nisource Finance 15.01.19/6.800% 230,751 0.46 300,000 Petrohawk Energy 01.08.14/10.500% 340,684 0.67 428,086 0.85 275,000 Plains All American Pipeline 15.01.20/5.750% 293,814 0.58 IRELAND Service Corp. International 325,327 300,000 01.10.14/7.375% 0.64 150,000 Ardagh Packaging Finance 15.10.17/7.375% 202,927 0.40 Sprint Capital 252,559 250,000 15.03.32/8.750% 0.50 200,000 UT2 Funding 30.06.16/5.321%* 200,566 0.40 250,000 Supervalu 01.05.16/8.000% 239,671 0.47 350,000 Terex 15.11.17/8.000% 355,250 0.70 403,493 0.80 410,000 UBS/Stamford 20.12.17/5.875% 450,890 0.89 190,000 Ventas Realty/Ventas Capital 30.11.15/3.125% 182,796 0.36 ISLE OF MAN 250,000 Windstream 01.08.16/8.625% 262,079 0.52 380,000 AngloGold Ashanti Holdings 15.04.20/5.375% 394,781 0.78

7,052,860 13.94 394,781 0.78 NETHERLANDS BERMUDA 175,000 ABN Amro Bank 31.05.18/1.278%* 203,526 0.40 255,000 Weatherford International 15.09.40/6.750% 265,551 0.52 50,000 Aegon 16.12.39/6.625% 76,388 0.15 190,000 Allianz Finance II 17.02.17/4.375%* 225,388 0.45 265,551 0.52 70,000 Conti-Gummi Finance 15.01.16/6.500% 96,249 0.19 GUERNSEY 150,000 Daimler International Finance 16.01.14/7.875% 232,392 0.46 350,000 Crédit Suisse Guernsey 15.05.17/0.976%* 259,087 0.51 150,000 ELM for Swiss Reinsurance 25.05.19/6.302%* 202,116 0.40 100,000 HeidelbergCement Finance 31.01.17/8.000% 143,321 0.28 259,087 0.51 200,000 Kazakhstan Temir Zholy Finance 06.10.20/6.375% 208,537 0.41 SPAIN 1,387,917 2.74 200,000 BBVA Subordinated Capital 03.04.17/1.112%* 241,664 0.48

UNITED KINGDOM 241,664 0.48 125,000 BAA 01.03.17/7.125% 193,018 0.38 150,000 British Telecommunications 15.01.18/5.950% 163,130 0.32 LUXEMBOURG 100,000 CRH Finance UK 24.04.15/8.250% 173,698 0.34 220,000 Alrosa Finance 03.11.20/7.750% 229,625 0.45 100,000 FCE Bank 16.11.15/5.125% 152,039 0.30 100,000 Prudential 19.12.31/6.125% 145,255 0.29 229,625 0.45 200,000 Standard Chartered Bank 26.09.17/5.875% 281,030 0.56 BRITISH VIRGIN ISLANDS 150,000 Gerdau Trade 30.01.21/5.750% 150,600 0.30 1,108,170 2.19 SOUTH KOREA 150,600 0.30 510,000,000 Korea (Republic of) 10.06.12/4.000% 459,507 0.91 UNITED ARAB EMIRATES 430,000,000 Korea (Republic of) 10.09.13/5.750% 406,492 0.80 100,000 Dubai Electricity & Water Authority 21.10.20/7.375% 93,688 0.20 865,999 1.71 MEXICO 93,688 0.20 9,700,000 Mexico (United Mexican States) 19.12.13/8.000% 833,820 1.65 Total Bonds 17,910,435 35.40 833,820 1.65 Total Transferable Securities Admitted to an 17,910,435 35.40 TURKEY Official Exchange Listing 1,110,000 Turkey (Republic of) 17.06.15/10.000% 775,527 1.53 Transferable Securities Dealt in on Another Regulated Market 775,527 1.53 Bonds ISRAEL 2,350,000 Israel (State of) 28.02.19/6.000% 760,197 1.50 UNITED STATES OF AMERICA 250,000 AES 15.04.16/9.750% 280,313 0.55 760,197 1.50 250,000 Ally Financial 01.12.14/6.750% 263,437 0.52 250,000 Amkor Technology 01.05.18/7.375% 259,769 0.51 BRAZIL 125,000 Avaya 01.11.15/9.750% 123,856 0.24 Brazil (Republic of) 659,749 108,500 01.01.13/10.000% 1.30 125,000 Avaya 01.11.15/10.125%* 128,750 0.25 600,000 Avis Budget Car Rental/Avis 659,749 1.30 Budget Finance 144A 15.01.19/8.250% 602,008 1.19 SOUTH AFRICA 350,000 Biomet 15.10.17/10.375%* 382,453 0.76 4,300,000 South Africa (Republic of) 15.01.20/7.250% 613,054 1.21 350,000 Caesars Entertainment Operating 01.06.17/11.250% 392,967 0.78 250,000 Case New Holland 144A 01.12.17/7.875% 274,035 0.54 613,054 1.21 250,000 CCH II/CCH II Capital 30.11.16/13.500% 298,201 0.59

276 JPMorgan Funds - Global Strategic Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

350,000 Cequel Communications CANADA Holdings I and Cequel Capital 350,000 Quebecor Media 15.03.16/7.750% 364,000 0.72 144A 15.11.17/8.625% 367,057 0.73 60,000 Sino-Forest 21.10.17/6.250% 60,539 0.12 143,056 Citigroup Mortgage Loan Trust 2007-WFH2 A2 25.03.37/0.411%* 132,463 0.26 424,539 0.84 250,000 Clear Channel Worldwide Holdings 15.12.17/9.250% 273,750 0.54 121,547 Continental Airlines 2009-2 MEXICO Class A Pass Through Trust 10.11.19/7.250% 135,525 0.27 400,000 America Movil 30.03.20/5.000% 418,180 0.82 491,583 Credit-Based Asset Servicing and Securitization 6A B 05.11.34/1.386%* 442,425 0.87 418,180 0.82 77,784 Credit-Based Asset Servicing and Securitization 6AW A 05.11.28/0.966%* 70,006 0.14 BRITISH VIRGIN ISLANDS 450,000 Gold Fields Orogen Holding 455,000 DCP Midstream 144A 15.03.20/5.350% 469,130 0.93 144A 07.10.20/4.875% 415,651 0.82 122,026 Delta Air Lines 2009-1 Class A Pass Through Trust 17.12.19/7.750% 135,144 0.27 250,000 Delta Air Lines 2010-1 Class A 415,651 0.82 Pass Through Trust 02.07.18/6.200% 268,438 0.53 UNITED KINGDOM 250,000 Discover Bank/Greenwood 18.11.19/8.700% 293,256 0.58 250,000 Ineos Finance 144A 15.05.15/9.000% 266,563 0.53 350,000 DISH DBS 01.02.16/7.125% 360,255 0.71 250,000 Easton-Bell Sports 01.12.16/9.750% 275,625 0.54 266,563 0.53 250,000 Fidelity National Information Services 144A 15.07.20/7.875% 265,313 0.52 ARGENTINA 125,000 First Data 24.09.15/9.875% 116,349 0.23 130,000 Empresa Distribuidora Y 7,594 First Data 24.09.15/10.550%* 7,090 0.01 Comercializadora Norte 25.10.22/9.750% 142,053 0.28 250,000 First Data 144A 15.08.20/8.875% 263,750 0.52 30,000 First Data 144A 15.01.21/8.250% 28,650 0.06 142,053 0.28 62,000 First Data 144A 15.01.21/12.625% 57,334 0.11 CHILE 31,000 First Data 144A 15.01.22/8.750%* 29,704 0.06 100,000 Celulosa Arauco y Constitucion 21.01.21/5.000% 99,281 0.20 250,000 Ford Motor Credit 01.10.14/8.700% 281,137 0.56 250,000 Freescale Semiconductor 144A 15.04.18/9.250% 276,250 0.55 99,281 0.20 250,000 Frontier Communications 15.04.20/8.500% 273,958 0.54 250,000 GCI 15.11.19/8.625% 271,875 0.54 Total Bonds 20,241,881 40.01 250,000 Geo Group 15.10.17/7.750% 264,375 0.52 500,000 HCA 15.11.16/9.625%* 535,798 1.06 Investment Funds 455,000 Health Care REIT 15.01.21/4.950% 440,134 0.87 LUXEMBOURG 350,000 International Lease Finance 144A 15.03.17/8.750% 372,659 0.74 329 JPMorgan Liquidity Funds - US Dollar Liquidity Fund 250,000 Lyondell Chemical 01.05.18/11.000% 281,776 0.56 (JPM US Dollar Liquidity X (acc)) 4,630,959 9.15 350,000 Marina District Finance 144A 15.08.18/9.875% 346,500 0.68 147,641 MASTR Alternative Loans Trust 4,630,959 9.15 2005-3 1A1 25.04.35/5.500% 141,474 0.28 350,000 MetroPCS Wireless 01.09.18/7.875% 363,612 0.72 Total Investment Funds 4,630,959 9.15 150,000 MGM Resorts International 144A 15.03.20/9.000% 164,901 0.33 130,000 Morgan Stanley ABS Capital I Total Transferable Securities Dealt in on Another 24,872,840 49.16 2004-NC7 M3 25.07.34/0.911%* 108,719 0.22 Regulated Market 250,000 Mylan 144A 15.07.20/7.875% 269,375 0.53 42,783,275 84.56 465,000 NBC Universal 144A 01.04.21/4.375% 450,154 0.89 Total Investments 250,000 NRG Energy 01.02.16/7.375% 255,697 0.51 264,742 Option One Mortgage Loan Cash 6,284,473 12.42 Trust 2002-1 A 25.02.32/0.841%* 216,549 0.43 250,000 PAETEC Holding 15.07.15/9.500% 257,771 0.51 Other Assets/(Liabilities) 1,527,581 3.02 185,000 Plains All American Pipeline 15.09.15/3.950% 190,704 0.38 315,000 Prudential Financial 15.11.40/6.200% 330,223 0.65 Total Net Assets 50,595,329 100.00 250,000 Qwest Communications International 15.02.14/7.500% 254,062 0.50 250,000 RBS Global/Rexnord 01.05.18/8.500% 266,875 0.53 * Variable coupon rates are those quoted as at 31 December 2010. 250,000 Reliance Holdings USA 19.10.20/4.500% 238,961 0.47 (i) Security partially or totally held as collateral against futures positions by the broker. 158,862 Residential Asset Mortgage Products 2004-RS11 M1 25.11.34/0.881%* 135,451 0.27 150,025 Residential Asset Securitization Trust 2004-A6 A1 25.08.19/5.000% 149,070 0.29 400,000 Rockies Express Pipeline 144A 15.04.15/3.900% 395,095 0.78 250,000 Simmons Bedding 144A 15.07.15/11.250% 271,250 0.54 250,000 Spectrum Brands Holdings 144A 15.06.18/9.500% 275,000 0.54 300,000 SunGard Data Systems 15.08.15/10.250% 313,546 0.62 250,000 Tenet Healthcare 01.05.18/10.000% 292,500 0.58 250,000 United Surgical Partners International 01.05.17/9.250%* 260,242 0.51 220,000 UnitedHealth Group 15.10.40/5.700% 216,791 0.43 250,000 US Oncology 15.08.17/9.125% 310,379 0.61 450,000 US Treasury (i) 10.02.11/0.000% 449,795 0.89 250,000 Valeant Pharmaceuticals International 144A 01.12.18/6.875% 247,500 0.49 250,000 Visant 144A 01.10.17/10.000% 266,250 0.53

17,433,461 34.46 LUXEMBOURG 250,000 Intelsat Jackson Holdings 15.06.16/11.250% 269,375 0.53 250,000 Wind Acquisition Finance 15.07.17/11.750% 0 0.00 250,000 Wind Acquisition Finance 144A 15.07.17/11.750% 280,707 0.56

550,082 1.09 IRELAND 200,000 Ardagh Packaging Finance 144A 15.10.17/7.375% 207,000 0.41 257,980 Fleet Street Finance 3 A1 25.10.16/1.219%* 285,071 0.56

492,071 0.97

277 JPMorgan Funds - Global Strategic Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 48.40 Netherlands 2.74 United Kingdom 2.72 Mexico 2.47 Ireland 1.77 South Korea 1.71 Canada 1.69 Luxembourg 1.54 Turkey 1.53 Israel 1.50 Brazil 1.30 South Africa 1.21 British Virgin Islands 1.12 France 0.92 Indonesia 0.92 Switzerland 0.90 Isle of Man 0.78 Bermuda 0.52 Guernsey 0.51 Spain 0.48 Argentina 0.28 Chile 0.20 United Arab Emirates 0.20 Total Fixed Income Securities 75.41 Investment Funds Luxembourg 9.15 Total Investment Funds 9.15 Cash and Other Assets/(Liabilities) 15.44 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities United States of America 59.40 United Kingdom 4.34 Luxembourg 3.44 Indonesia 3.13 Canada 2.68 Mexico 2.35 Brazil 2.00 Israel 1.99 Netherlands 1.63 France 1.42 Turkey 1.40 South Korea 1.34 Ireland 1.02 Spain 1.00 Bermuda 0.96 Isle of Man 0.60 Germany 0.49 Total Fixed Income Securities 89.19 Investment Funds Luxembourg 7.46 Total Investment Funds 7.46 Cash and Other Assets/(Liabilities) 3.35 Total 100.00

278 JPMorgan Funds - Global Strategic Bond Fund Schedule of Investments - Outstanding To be Announced Securities (Expressed in USD) As at 31 December 2010

Unrealised Maturity Nominal Market Gain/ Date Name of Securities Coupon Value Value (Loss)

To be Announced Securities - Long Positions

UNITED STATES OF AMERICA

15-Jan-39 Freddie Mac 6.00% 3,350,000 3,619,570 (6,191) 15-Jan-41 Ginnie Mae 4.00% 2,500,000 2,510,547 9,766 25-Jan-41 Fannie Mae 4.00% 4,700,000 4,650,063 (17,048)

10,780,180 (13,473) Total

Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 (11) Euro-Bobl Future EUR (1,750,099) (737) Mar-11 3 Euro-Bund Future EUR 503,539 (3,416) Mar-11 5 Euro-Schatz Future EUR 730,034 (100) Mar-11 (3) Long Gilt Future GBP (558,272) 4,229 Mar-11 (22) US 2 Year Note Future USD (4,812,672) 2,594 Mar-11 (160) US 5 Year Note Future USD (18,804,375) 333,407 Mar-11 (114) US 10 Year Note Future USD (13,700,484) 264,962 Mar-11 (10) US Long Bond Future USD (1,215,781) 34,516

Total 635,455

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

06-Jan-11 EUR 1,378,831 USD 1,847,188 (313) 06-Jan-11 GBP 70,000 USD 109,252 (214) 06-Jan-11 HUF 100,137,188 USD 487,872 (6,025) 06-Jan-11 JPY 134,801,377 USD 1,654,279 5,054 06-Jan-11 MXN 6,088,955 USD 489,623 2,489 06-Jan-11 MYR 2,029,887 USD 652,277 10,993 06-Jan-11 PHP 28,482,757 USD 659,842 (6,729) 06-Jan-11 PLN 1,428,141 USD 487,394 (5,944) 06-Jan-11 USD 6,458,977 EUR 4,777,131 60,249 06-Jan-11 USD 3,496,142 GBP 2,200,550 68,394 06-Jan-11 USD 1,605,780 JPY 134,801,377 (53,552) 06-Jan-11 USD 647,471 MYR 2,029,887 (15,799) 06-Jan-11 USD 642,661 PHP 28,482,757 (10,452) 11-Jan-11 SEK 47,892,015 USD 6,965,124 178,352 11-Jan-11 USD 31,426 SEK 220,500 (1,463) 14-Jan-11 EUR 26,348,043 USD 34,880,536 411,521 14-Jan-11 USD 291,652 EUR 218,130 (524) 10-Feb-11 SEK 267,047 USD 39,210 581 07-Mar-11 MXN 392,311 USD 31,526 39 07-Mar-11 MYR 2,029,887 USD 646,152 14,553 07-Mar-11 PHP 28,482,757 USD 643,605 10,259 07-Mar-11 TRY 180,822 USD 115,270 620 07-Mar-11 USD 1,655,130 JPY 134,801,377 (5,248)

Total 656,841

279 JPMorgan Funds - Highbridge Asia Pacific STEEP Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Dealt in on Another Regulated Market

Bonds UNITED STATES OF AMERICA 1,500,000 US Treasury 20.01.11/0.000% 1,499,865 9.97 1,500,000 US Treasury 27.01.11/0.000% 1,499,830 9.97 1,500,000 US Treasury 17.02.11/0.000% 1,499,690 9.96 1,500,000 US Treasury 24.02.11/0.000% 1,499,663 9.97 1,500,000 US Treasury 03.03.11/0.000% 1,499,607 9.96 2,000,000 US Treasury 10.03.11/0.000% 1,999,429 13.29 1,500,000 US Treasury 24.03.11/0.000% 1,499,406 9.96 1,500,000 US Treasury 31.03.11/0.000% 1,499,387 9.96

12,496,877 83.04

Total Bonds 12,496,877 83.04

Total Transferable Securities Dealt in on Another 12,496,877 83.04 Regulated Market Total Investments 12,496,877 83.04

Cash 2,538,293 16.87

Other Assets/(Liabilities) 14,544 0.09

Total Net Assets 15,049,714 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 83.04 Total Fixed Income Securities 83.04 Cash and Other Assets/(Liabilities) 16.96 Total 100.00

Allocation of Portfolio as at 30 June 2010

Not applicable: Sub-Fund was launched on 13 December 2010

280 JPMorgan Funds - Highbridge Asia Pacific STEEP Fund Schedule of Investments - Outstanding Total Return Swaps (Expressed in USD) (Please refer to note 2i) As at 31 December 2010 Economic Exposure (in Unrealised contract Counterparty Gain/ currency) Currency Sub-Fund Receives Sub-Fund Pays (Loss)

2,260,657 AUD Positive performance of the underlying basket Negative performance of the underlying basket plus Morgan Stanley interest funding value 28,124 - AUD Negative performance of the underlying basket plus Positive performance of the underlying basket Morgan Stanley interest funding value 3,114,550 HKD Positive performance of the underlying basket Negative performance of the underlying basket plus Morgan Stanley interest funding value 5,032 - HKD Negative performance of the underlying basket plus Positive performance of the underlying basket Morgan Stanley interest funding value 937,412,200 JPY Positive performance of the underlying basket Negative performance of the underlying basket plus Morgan Stanley interest funding value (21,916) - JPY Negative performance of the underlying basket plus Positive performance of the underlying basket Morgan Stanley interest funding value 879,760 SGD Positive performance of the underlying basket Negative performance of the underlying basket plus Morgan Stanley interest funding value 15,926 - SGD Negative performance of the underlying basket plus Positive performance of the underlying basket Morgan Stanley interest funding value

Total 27,166

Geographic Distribution based on Economic Exposure of Swap Portfolio % of Basket (expressed in Sub-Fund Currency) Market Value

Japan 77.29% Australia 15.44% Singapore 4.58% Bermuda 1.61% Hong Kong 0.57% China 0.48% Cayman Islands 0.03%

Total 100.00

281 JPMorgan Funds - Highbridge Europe STEEP Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing AUSTRALIA 1,000,000 Bank of Western Australia 16.02.11/0.000% 997,330 0.84 Bonds 1,000,000 Bank of Western Australia 24.06.11/0.000% 995,872 0.84 1,500,000 ING Bank Australia 24.01.11/0.000% 1,497,843 1.26 NETHERLANDS 10,000,000 Dutch Treasury Bill 9,983,215 31.01.11/0.000% 8.40 3,491,045 2.94 9,000,000 Dutch Treasury Bill 31.03.11/0.000% 8,981,856 7.56 2,000,000 Rabobank Nederland 18.03.11/0.954%* 1,997,954 1.68 BELGIUM 1,000,000 ENI Coordination Center 24.01.11/0.000% 999,470 0.84 20,963,025 17.64 999,470 0.84 BELGIUM 14,000,000 Belgium Treasury Bill 20.01.11/0.000% 13,976,066 11.76 IRELAND 2,000,000 Belgium Treasury Bill 17.02.11/0.000% 1,996,014 1.68 1,000,000 GE Capital European Funding 14.01.11/0.000% 998,011 0.84

15,972,080 13.44 998,011 0.84 UNITED KINGDOM GERMANY 2,000,000 HSBC Bank 04.02.11/1.297%* 2,000,514 1.68 1,000,000 Landeskreditbank 3,000,000 HSBC Bank 04.05.11/1.047%* 3,000,531 2.53 Baden-Wuerttemberg Foerderbank 24.01.11/0.000% 997,915 0.84 5,001,045 4.21 997,915 0.84 GERMANY 3,000,000 German Treasury Bill 26.01.11/0.000% 2,996,457 2.52 FINLAND 1,000,000 German Treasury Bill 20.04.11/0.000% 997,589 0.84 1,000,000 Pohjola Bank 28.02.11/0.000% 997,780 0.84 1,000,000 German Treasury Bill 11.05.11/0.000% 996,009 0.84 997,780 0.84 4,990,055 4.20 SPAIN FRANCE 1,000,000 Instituto de Credito Oficial 21.02.11/0.000% 997,266 0.84 2,000,000 BNP Paribas 24.03.11/1.071%* 1,998,948 1.68 997,266 0.84 1,998,948 1.68 Total Commercial Papers 21,952,876 18.48 Total Bonds 48,925,153 41.17 Certificates of Deposit

Total Transferable Securities Admitted to an 48,925,153 41.17 UNITED KINGDOM Official Exchange Listing 1,000,000 Barclays Bank 24.01.11/0.000% 996,887 0.84 1,000,000 Barclays Bank 14.02.11/1.000% 994,860 0.84 Transferable Securities Dealt in on Another Regulated Market 2,000,000 RBS 06.01.11/0.000% 1,998,091 1.68

Bonds 3,989,838 3.36 FRANCE JAPAN 2,000,000 BNP Paribas 15.03.11/1.045% 1,999,400 1.68 1,000,000 Mizuho 23.02.11/0.830% 1,000,017 0.84 7,000,000 French Treasury Bill 20.01.11/0.000% 6,994,621 5.89 1,000,000 Sumitomo Trust & Banking 25.01.11/0.950% 1,000,000 0.84 2,000,000 French Treasury Bill 03.02.11/0.000% 1,996,747 1.68 1,000,000 Sumitomo Trust & Banking 18.02.11/0.890% 1,000,000 0.84 2,000,000 French Treasury Bill 17.03.11/0.000% 1,997,274 1.68 4,000,000 French Treasury Bill 21.04.11/0.000% 3,985,122 3.35 3,000,017 2.52

16,973,164 14.28 NETHERLANDS 1,000,000 ING Bank 05.01.11/0.000% 998,477 0.84 1,000,000 Rabobank Nederland 1,000,000 Total Bonds 16,973,164 14.28 17.11.11/0.763% 0.84 Commercial Papers 1,998,477 1.68 NETHERLANDS JAPAN 1,000,000 Bank Nederlandse Gemeenten 20.01.11/0.000% 998,036 0.84 1,000,000 Bank of Tokyo-Mitsubishi 31.01.11/0.000% 997,538 0.84 1,000,000 Bank Nederlandse Gemeenten 24.01.11/0.000% 997,916 0.84 1,000,000 Energie Beheer Nederland 10.01.11/0.000% 998,801 0.84 997,538 0.84 1,000,000 Paccar Financial Europe 16.02.11/0.000% 997,731 0.84 GERMANY 1,500,000 Unilever 24.02.11/0.000% 1,496,940 1.26 1,000,000 Deutsche Bank 28.02.11/0.000% 996,730 0.84 5,489,424 4.62 996,730 0.84 SWEDEN 1,000,000 Nordea Bank 19.01.11/0.000% 997,960 0.84 Total Certificates of Deposit 10,982,600 9.24 2,000,000 Stadshypotek 17.02.11/0.000% 1,995,589 1.68 500,000 Svenska Handelsbanken 24.01.11/0.000% 498,988 0.42 Total Transferable Securities Dealt in on Another 49,908,640 42.00 1,000,000 Svenska Handelsbanken 07.02.11/0.000% 997,804 0.84 Regulated Market Total Investments 98,833,793 83.17 4,490,341 3.78 FRANCE 1,000,000 ACOSS 17.01.11/0.000% 998,026 0.84 1,000,000 ACOSS 23.02.11/0.000% 998,138 0.84 500,000 Caisse Fédérale du Crédit Mutuel 04.01.11/0.000% 499,166 0.42 1,000,000 Unedic 07.02.11/0.000% 996,294 0.84

3,491,624 2.94

282 JPMorgan Funds - Highbridge Europe STEEP Fund Schedule of Investments (Market Value Expressed in EUR) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Cash Equivalents

Time Deposits UNITED KINGDOM 2,000,000 Bank of Scotland 04.01.11/0.400% 2,000,000 1.68 6,000,000 KBC Bank/London 04.01.11/0.400% 6,000,000 5.05

8,000,000 6.73 NETHERLANDS 2,000,000 ING Bank 04.01.11/0.400% 2,000,000 1.68

2,000,000 1.68

Total Time Deposits 10,000,000 8.41

Total Cash Equivalents 10,000,000 8.41

Total Investments plus Total Cash Equivalents 108,833,793 91.58

Cash 4,701,838 3.96

Other Assets/(Liabilities) 5,304,721 4.46

Total Net Assets 118,840,352 100.00

* Variable coupon rates are those quoted as at 31 December 2010.

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Fixed Income Securities Netherlands 23.94 France 18.90 Belgium 14.28 United Kingdom 7.57 Germany 5.88 Sweden 3.78 Japan 3.36 Australia 2.94 Ireland 0.84 Finland 0.84 Spain 0.84 Total Fixed Income Securities 83.17 Cash Equivalents, Cash and Other Assets/(Liabilities) 16.83 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities France 23.72 Netherlands 17.43 Belgium 16.65 Germany 15.12 United Kingdom 5.34 Ireland 5.33 Spain 5.33 Sweden 4.15 Japan 1.78 Finland 1.18 Denmark 0.59 Total Fixed Income Securities 96.62 Cash Equivalents, Cash and Other Assets/(Liabilities) 3.38 Total 100.00

283 JPMorgan Funds - Highbridge Europe STEEP Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

13-Jan-11 EUR 916 CHF 1,196 (42) 13-Jan-11 EUR 1,149,614 GBP 973,492 17,580 13-Jan-11 EUR 175,953 NOK 1,403,288 (3,643) 13-Jan-11 EUR 171,826 SEK 1,571,524 (3,163) 13-Jan-11 GBP 103,341 EUR 123,482 (3,311)

Total 7,421

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

Economic Exposure (in Unrealised contract Counterparty Gain/ currency) Currency Sub-Fund Receives Sub-Fund Pays (Loss)

5,894,282 CHF Positive performance of the underlying basket Negative performance of the underlying basket plus Morgan Stanley interest funding value 74,868 - CHF Negative performance of the underlying basket plus Positive performance of the underlying basket Morgan Stanley interest funding value 25,221,514 DKK Positive performance of the underlying basket Negative performance of the underlying basket plus Morgan Stanley interest funding value 225,702 - DKK Negative performance of the underlying basket plus Positive performance of the underlying basket Morgan Stanley interest funding value 75,827,682 EUR Positive performance of the underlying basket Negative performance of the underlying basket plus Morgan Stanley interest funding value 3,533,455 - EUR Negative performance of the underlying basket plus Positive performance of the underlying basket Morgan Stanley interest funding value 14,345,721 GBP Positive performance of the underlying basket Negative performance of the underlying basket plus Morgan Stanley interest funding value 1,000,375 - GBP Negative performance of the underlying basket plus Positive performance of the underlying basket Morgan Stanley interest funding value 31,680,338 NOK Positive performance of the underlying basket Negative performance of the underlying basket plus Morgan Stanley interest funding value 344,724 - NOK Negative performance of the underlying basket plus Positive performance of the underlying basket Morgan Stanley interest funding value 70,658,965 SEK Positive performance of the underlying basket Negative performance of the underlying basket plus Morgan Stanley interest funding value 345,981 - SEK Negative performance of the underlying basket plus Positive performance of the underlying basket Morgan Stanley interest funding value

Total 5,525,105

Geographic Distribution based on Economic Exposure of Swap Portfolio % of Basket (expressed in Sub-Fund Currency) Market Value

France 15.28% United Kingdom 14.77% Germany 12.68% Italy 8.30% Finland 7.64% Spain 7.20% Sweden 7.00% Austria 5.86% Belgium 5.07% Switzerland 4.20% Netherlands 3.79% Denmark 3.01% Norway 2.68% Portugal 1.23% Cyprus 0.92% Ireland 0.33% Jersey 0.04% United States of America 0.00%

Total 100.00%

284 JPMorgan Funds - Highbridge US STEEP Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Dealt in on Another Regulated Market BELGIUM 4,000,000 Fortis Bank 23.02.11/0.000% 3,989,499 0.53 Bonds 3,989,499 0.53 UNITED STATES OF AMERICA 25,000,000 US Treasury 06.01.11/0.000% 24,975,417 3.33 Total Certificates of Deposit 18,980,108 2.53 11,300,000 US Treasury 13.01.11/0.000% 11,288,946 1.51 37,000,000 US Treasury 20.01.11/0.000% 36,987,140 4.94 Total Transferable Securities Dealt in on Another 502,005,741 67.01 53,000,000 US Treasury 27.01.11/0.000% 52,982,517 7.07 Regulated Market 56,000,000 US Treasury 03.02.11/0.000% 55,982,376 7.47 18,900,000 US Treasury 10.02.11/0.000% 18,882,371 2.52 Total Investments 502,005,741 67.01 57,000,000 US Treasury 17.02.11/0.000% 56,980,261 7.61 10,100,000 US Treasury 24.02.11/0.000% 10,096,149 1.35 Cash Equivalent 14,000,000 US Treasury 03.03.11/0.000% 13,994,267 1.87 36,000,000 US Treasury 10.03.11/0.000% 35,987,625 4.80 Time Deposits

318,157,069 42.47 NETHERLANDS 38,000,000 ING Bank 04.01.11/0.200% 38,000,000 5.07 Total Bonds 318,157,069 42.47 38,000,000 5.07 Commercial Papers FRANCE NETHERLANDS 25,000,000 BNP Paribas 03.01.11/0.190% 25,000,000 3.34 5,000,000 Bank Nederlandse Gemeenten 04.04.11/0.000% 4,991,369 0.67 20,000,000 Energie Beheer Nederland 20.01.11/0.000% 19,993,002 2.67 25,000,000 3.34 10,000,000 Nederlandse Waterschapsbank 14.03.11/0.000% 9,989,195 1.33 15,000,000 Netherlands (Kingdom of) 03.01.11/0.000% 14,998,192 2.00 Total Time Deposits 63,000,000 8.41 10,000,000 Rabobank Nederland 24.02.11/0.000% 9,993,005 1.33 5,000,000 Schlumberger Finance 18.01.11/0.000% 4,996,253 0.67 Total Cash Equivalents 63,000,000 8.41

64,961,016 8.67 Total Investments plus Total Cash Equivalents 565,005,741 75.42 FRANCE 10,000,000 ACOSS 28.02.11/0.000% 9,989,511 1.33 Cash 149,456,226 19.95 5,000,000 Banque Fédérative du Crédit Mutuel 22.02.11/0.000% 4,995,559 0.67 Other Assets/(Liabilities) 34,685,388 4.63 10,000,000 Caisse d’Amortissement de la Dette Sociale 29.03.11/0.000% 9,988,347 1.33 Total Net Assets 749,147,355 100.00 10,000,000 Caisse des Dépôts et Consignations 18.01.11/0.000% 9,994,750 1.34 5,000,000 Caisse des Dépôts et Consignations 24.02.11/0.000% 4,991,740 0.67 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 39,959,907 5.34 Net Assets Fixed Income Securities AUSTRALIA United States of America 42.47 5,000,000 Treasury Corporation of Victor 10.01.11/0.000% 4,996,543 0.67 Netherlands 8.67 6,000,000 Western Australian Treasury 12.01.11/0.000% 5,996,475 0.80 France 6.67 5,000,000 Western Australian Treasury 20.04.11/0.000% 4,991,969 0.66 Australia 2.13 Germany 2.00 15,984,987 2.13 Denmark 1.34 United Kingdom GERMANY 1.33 10,000,000 Landeskreditbank Finland 1.20 Baden-Wuerttemberg Japan 0.67 Foerderbank 26.01.11/0.000% 9,992,450 1.33 Belgium 0.53 5,000,000 Landeskreditbank Total Fixed Income Securities 67.01 Baden-Wuerttemberg Cash Equivalents, Cash and Other Assets/(Liabilities) 32.99 Foerderbank 02.02.11/0.000% 4,996,319 0.67 Total 100.00 14,988,769 2.00 DENMARK 10,000,000 Nykredit Bank 05.01.11/0.000% 9,995,627 1.34 Allocation of Portfolio as at 30 June 2010 % of 9,995,627 1.34 Net Assets UNITED KINGDOM Fixed Income Securities 10,000,000 Clydesdale Bank 24.01.11/0.000% 9,990,479 1.33 United States of America 100.91 Sweden 1.42 9,990,479 1.33 Germany 0.99 FINLAND Total Fixed Income Securities 103.32 9,000,000 Pohjola Bank 09.03.11/0.000% 8,987,779 1.20 Cash and Other Assets/(Liabilities) (3.32) Total 100.00 8,987,779 1.20

Total Commercial Papers 164,868,564 22.01 Certificates of Deposit FRANCE 5,000,000 BRED Banque Populaire 27.01.11/0.000% 4,995,659 0.67 5,000,000 Société Nationale des Chemins de Fer Français 21.03.11/0.000% 4,994,950 0.66

9,990,609 1.33 JAPAN 5,000,000 Sumitomo Trust & Banking 25.01.11/0.330% 5,000,000 0.67

5,000,000 0.67

285 JPMorgan Funds - Highbridge US STEEP Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

13-Jan-11 EUR 5,481,580 USD 7,256,020 86,306 13-Jan-11 USD 555,991 EUR 424,031 (11,979) 14-Feb-11 USD 7,567 EUR 5,746 (129)

Total 74,198

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

Economic Exposure (in Unrealised contract Counterparty Gain/ currency) Currency Sub-Fund Receives Sub-Fund Pays (Loss)

707,868,603 USD Positive performance of the underlying basket Negative performance of the underlying basket plus Morgan Stanley interest funding value 26,493,689 - USD Negative performance of the underlying basket plus Positive performance of the underlying basket Morgan Stanley interest funding value

Total 26,493,689

Geographic Distribution based on Economic Exposure of Swap Portfolio % of Basket (expressed in Sub-Fund Currency) Market Value

United States of America 100.00%

Total 100.00%

286 JPMorgan Funds - Japan Dynamic Fund Schedule of Investments (Market Value Expressed in JPY) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 5,200 Topcon 2,602,600 0.50 2,900 Toyo Seikan Kaisha 4,479,050 0.86 Shares 3,800 Toyota Motor 12,255,000 2.36 2,700 Unipres 4,374,000 JAPAN 0.84 3,000 Yamaguchi Financial Group 2,467,500 9,000 Amada 5,953,500 1.15 0.48 7,800 Yamaha Motor 10,319,400 2,800 Aoyama Trading4,106,200 0.79 1.99 22,000 Zeon 14,971,000 26,000 Aozora Bank 4,381,000 0.84 2.88 4,400 Asahi Breweries 6,925,600 1.33 505,725,791 97.42 2,100 Canon 8,846,250 1.70 2,100 Circle K Sunkus 2,739,450 0.53 5,500 Daifuku 3,132,250 0.60 Total Shares 505,725,791 97.42 5,000 Daihatsu Motor 6,235,000 1.20 Total Transferable Securities Admitted to an 505,725,791 97.42 18,000 Daiwa Securities Group 7,515,000 1.44 Official Exchange Listing 1,000 Dena 2,913,500 0.56 400 Fanuc 4,988,000 0.96 Total Investments 505,725,791 97.42 1,500 FUJIFILM Holdings 4,402,500 0.85 7,000 Fukuyama Transporting3,031,000 0.58 Cash 13,885,213 2.67 2,900 Futaba/Chiba 4,593,601 0.88 6,000 Gunma Bank 2,676,000 0.52 Other Assets/(Liabilities) (497,193) (0.09) 9,000 Gunze 3,078,000 0.59 6,000 Hachijuni Bank 2,727,000 0.52 Total Net Assets 519,113,811 100.00 18,000 Hitachi 7,794,000 1.50 3,800 Honda Motor 12,226,500 2.36 400 Idemitsu Kosan 3,450,000 0.66 19,000 Isuzu Motors 7,020,500 1.35 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 9,500 ITOCHU 7,813,750 1.51 Net Assets 1,000 Japan Petroleum Exploration 3,095,000 0.60 Shares 4,700 JS Group 8,389,500 1.62 Industrials 23.34 19,300 JX Holdings 10,643,950 2.05 Consumer Discretionary 23.17 10,000 Kansai Paint 7,875,000 1.52 Financials 17.85 132 Kenedix 3,266,340 0.63 Materials 14.15 3,100 Koa 3,194,550 0.62 Information Technology 7.63 1,900 Komatsu 4,670,200 0.90 Telecommunication Services 6.14 3,200 Komori 3,083,200 0.60 Energy 3.31 3,000 Konishi 2,944,500 0.57 Consumer Staples 1.33 700 Kyocera 5,810,000 1.12 Health Care 0.50 4,700 Mitsubishi 10,332,950 1.99 Total Shares 97.42 13,500 Mitsubishi Chemical Holdings 7,445,250 1.43 Cash and Other Assets/(Liabilities) 2.58 10,000 Mitsubishi Electric 8,535,000 1.65 53,400 Mitsubishi UFJ Financial Group 23,469,300 4.52 Total 100.00 7,400 Mitsui & Co. 9,930,800 1.91 4,000 MS&AD Insurance Group Holdings 8,148,000 1.57 57,900 Mizuho Financial Group 8,887,650 1.71 400 Murata Manufacturing2,274,000 0.44 2,300 Nafco 3,209,650 0.62 Allocation of Portfolio as at 30 June 2010 % of 4,000 Nagase & Co. 4,208,000 0.81 Net Assets 5,000 NGK Insulators 6,620,000 1.28 Shares 6,000 Nippo 3,393,000 0.65 Consumer Discretionary 26.59 8,000 Nippon Paint 4,980,000 0.96 Industrials 21.67 2,600 Nippon Paper Group 5,538,000 1.07 Information Technology 11.93 37,000 Nippon Sheet Glass 8,121,500 1.56 Telecommunication Services 11.13 4,900 Nippon Telegraph & Telephone 18,044,250 3.48 Materials 8.83 17,000 Nippon Yusen 6,128,500 1.18 Financials 7.72 5,700 Nissan Motor 4,408,950 0.85 Consumer Staples 1.13 1,800 Nitto Denko 6,894,000 1.33 Energy 0.96 5,000 NSK 3,670,000 0.71 Total Shares 89.96 1,700 Omron 3,664,350 0.71 Cash and Other Assets/(Liabilities) 10.04 1,200 Oriental Land 9,030,000 1.74 1,290 ORIX 10,320,000 1.99 Total 100.00 2,300 Rinnai 11,419,500 2.20 3,500 Sanrio 6,653,500 1.28 370 SBI Holdings 4,567,650 0.88 4,000 Sega Sammy Holdings 6,186,000 1.19 7,000 Seino Holdings 3,913,000 0.75 2,000 Shimano 8,250,000 1.59 3,900 Skymark Airlines 4,613,700 0.89 4,900 Softbank 13,786,150 2.66 4,400 Sony 12,883,200 2.48 5,600 Sumitomo 6,437,200 1.24 7,000 Sumitomo Metal 1.91 Mining9,943,500 4,300 Sumitomo Mitsui Financial Group 12,446,350 2.40 17,000 Tokyo Tatemono 6,383,500 1.23

287 JPMorgan Funds - JF ASEAN Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 3,500,000 Charoen Pokphand Indonesia Tbk 714,962 0.40 153,000 Gudang Garam 682,990 0.38 Shares 2,231,000 Harum Energy 2,229,013 1.25 6,842,500 Indika Energy 3,589,589 SINGAPORE 2.01 782,500 Indo Tambangraya Megah 4,418,603 1,616,000 Cache Logistics Trust 1,206,578 0.68 2.47 3,146,000 Medco Energi Internasional 1,177,605 1,197,000 CapitaLand 3,496,009 1.96 0.66 3,601,500 Perusahaan Gas Negara 1,769,077 422,000 CapitaMall Trust 633,442 0.36 0.99 1,200,000 Perusahaan Perkebunan London Sumatra Indonesia 1,713,236 418,000 CapitaMalls Asia 627,438 0.35 0.96 348,000 Tambang Batubara Bukit Asam 890,048 102,000 City Developments 1,008,843 0.56 0.49 1,200,000 United Tractors 3,162,641 348,695 DBS Group Holdings 3,919,471 2.19 1.77 800 Ezra Holdings 1,126 0.00 31,400,487 17.55 284,000 Fraser and Neave 1,433,108 0.80 2,970,000 Genting Singapore 5,034,094 2.81 BERMUDA 664,000 Indofood Agri Resources 1,449,973 0.81 2,072,000 Noble Group 3,495,927 1.96 780,000 Keppel 6,794,973 3.80 495,424 Keppel Land 1,860,098 1.04 3,495,927 1.96 1,243,000 Mapletree Industrial Trust 1,036,557 0.58 PHILIPPINES 2,501,000 Neptune Orient Lines 4,316,752 2.41 1,700,000 Alliance Global Group 483,975 0.27 917,151 Oversea-Chinese Banking7,111,104 3.98 600,000 Banco de Oro Unibank 798,640 0.45 900,000 Overseas Union Enterprise 2,296,951 1.28 1,820,000 Manila Water 795,889 0.44 21,000 SembCorp Marine 87,561 0.05 12,700,000 Megaworld 719,928 0.40 345,000 Singapore Airlines 4,156,272 2.32 185,000 Singapore Exchange 1,223,431 0.68 2,798,432 1.56 1,093,000 Singapore Telecommunications 2,607,226 1.46 500,000 Straits Asia Resources 971,608 0.54 MAURITIUS 443,394 United Overseas Bank 6,339,114 3.54 2,176,000 Golden Agri-Resources 1,354,620 0.76 200,000 Venture 1,448,297 0.81 192,000 Wilmar International 839,283 0.47 1,354,620 0.76 1,177,000 Yangzijiang Shipbuilding Holdings 1,766,733 0.99 4,000,000 Yongnam Holdings 923,125 0.52 Total Shares 171,861,096 96.07

62,589,167 34.99 Total Transferable Securities Admitted to an 171,861,096 96.07 Official Exchange Listing THAILAND 1,199,000 Amata (Foreign) 574,645 0.32 Total Investments 171,861,096 96.07 1,945,000 Bangchak Petroleum (Foreign) 1,193,449 0.67 55,500 Banpu - NVDR 1,456,070 0.81 Cash 7,424,450 4.15 44,900 Banpu (Foreign) Registered Shares 1,177,973 0.66 1,493,000 Charoen Pokphand Foods (Foreign) 1,225,597 0.68 Other Assets/(Liabilities) (384,896) (0.22) 359,000 Electricity Generating Public (Foreign) Registered Shares 1,268,109 0.71 Total Net Assets 178,900,650 100.00 6,610,000 Esso Thailand - NVDR 1,748,416 0.98 403,000 Kasikornbank - NVDR 1,680,838 0.94 5,060,800 Krung Thai Bank (Foreign) 2,912,268 1.63 314,300 PTT (Foreign) 3,341,066 1.87 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 2,580,000 PTT Aromatics & Refining (Foreign) 3,283,831 1.83 Net Assets 192,000 PTT Exploration & Production (Foreign) 1,068,259 0.60 Shares 442,900 Siam Cement - NVDR 5,001,905 2.80 Financials 40.78 440,000 Siam Commercial Bank (Foreign) 1,506,799 0.84 Consumer Discretionary 11.08 919,200 Somboon Advance Technology (Foreign) 887,950 0.50 Industrials 11.01 531,600 Sri Trang Agro-Industry (Foreign) 632,542 0.35 Materials 10.75 1,813,610 Thai Airways International (Foreign) 2,939,973 1.64 Energy 8.77 1,489,500 Thai Oil (Foreign) 3,871,959 2.16 Consumer Staples 8.04 1,635,000 Thai Vegetable Oil (Foreign) 1,748,881 0.98 Utilities 2.92 1,600,000 TPI Polene (Foreign) 655,390 0.37 Telecommunication Services 1.46 Information Technology 0.81 38,175,920 21.34 Health Care 0.45 MALAYSIA Total Shares 96.07 1,370,000 CIMB Group Holdings 3,774,331 2.11 Cash and Other Assets/(Liabilities) 3.93 1,474,000 Gamuda 1,823,678 1.02 Total 1,321,900 Genting4,780,018 2.67 100.00 2,336,500 Genting Malaysia 2,583,903 1.45 1,226,100 IJM 2,475,263 1.38 1,200,800 IOI 2,260,627 1.26 334,600 Kuala Lumpur 1.34 Kepong2,397,053 252,500 Lafarge Malayan Cement 638,313 0.36 Allocation of Portfolio as at 30 June 2010 % of Net Assets 1,000,000 Latexx Partners 812,389 0.45 Shares 1,057,600 Mah Sing Group 629,381 0.35 Financials 41.33 442,870 Malayan Banking1,220,101 0.68 Materials 11.58 797,000 Malaysian Resources 513,068 0.29 Consumer Staples 10.43 900,000 MMC 812,875 0.46 Industrials 8.89 984,700 Petronas Chemicals Group 1,761,187 0.98 Telecommunication Services 6.44 451,000 Public Bank 1,901,411 1.06 Consumer Discretionary 4.66 800,000 Sunrise 810,767 0.45 Utilities 3.53 512,000 Tenaga Nasional 1,388,967 0.78 Information Technology 2.41 1,852,900 UEM Land Holdings 1,463,211 0.82 Energy 2.21 32,046,543 17.91 Total Shares 91.48 Cash and Other Assets/(Liabilities) 8.52 INDONESIA 3,020,000 Aneka Tambang819,465 0.46 Total 100.00 533,000 Astra International 3,235,203 1.81 2,352,000 Bank Danamon Indonesia 1,498,965 0.83 2,658,000 Bank Mandiri 1,915,902 1.07 6,408,440 Bank Negara Indonesia Persero 2,755,494 1.54 711,500 Bank Rakyat Indonesia 827,694 0.46

288 JPMorgan Funds - JF Asia Alpha Plus Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing BERMUDA 54,000 Jardine Matheson Holdings 2,401,920 1.95 Shares 2,401,920 1.95 SOUTH KOREA 55,443 Duksan Hi-Metal 1,004,635 0.82 UNITED KINGDOM 7,300 Hyundai Heavy Industries 2,884,713 2.34 87,697 Standard Chartered 2,388,424 1.94 9,800 Hyundai Mipo Dockyard 1,959,249 1.59 66,593 KB Financial Group 3,559,171 2.88 2,388,424 1.94 8,647 POSCO 3,752,342 3.04 SINGAPORE 49,815 Samsung C&T 3,501,812 2.84 920,000 Neptune Orient Lines 1,573,202 1.27 8,070 Samsung Electronics GDR 144A 3,417,645 2.77 Samsung Engineering 2,014,230 11,752 1.63 1,573,202 1.27 24,146 Samsung Techwin 2,222,625 1.80 110,570 STX Offshore &1.99 Shipbuilding2,461,919 Total Shares 115,162,215 93.32 26,778,341 21.70 Total Transferable Securities Admitted to an 115,162,215 93.32 CHINA Official Exchange Listing 2,064,000 Aluminum Corporation of China - H Shares * 1,885,271 1.52 Total Investments 115,162,215 93.32 614,000 Anhui Conch Cement - H Shares * 2,869,325 2.33 5,783,000 China Citic Bank - H Shares * 3,749,639 3.04 Cash 8,021,171 6.50 4,499,350 China Construction Bank - H Shares * 4,031,593 3.27 2,292,000 China Petroleum & Chemical - H Shares * 2,189,358 1.77 Other Assets/(Liabilities) 226,169 0.18 1,598,000 China Shipping Development - H Shares * 2,131,873 1.73 2,406,000 Guangzhou Automobile Group - H Shares * 3,318,151 2.69 Total Net Assets 123,409,555 100.00 264,500 Ping An Insurance Group Co. of China - H Shares * 2,951,044 2.39 2,628,000 Zijin Mining Group - H Shares * 2,419,027 1.96 * Hong Kong Registered Shares. 25,545,281 20.70 INDIA 53,450 Aurobindo Pharma 1,566,235 1.27 57,188 Bharat Heavy Electricals 2,983,937 2.42 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 41,852 Grasim Industries 2,288,870 1.85 Net Assets 50,000 HDFC Bank 2,619,507 2.12 Shares 44,600 Hero Honda Motors 1,981,965 1.61 Financials 28.91 592,803 Infrastructure Development Finance 2,426,429 1.97 Industrials 19.81 945,971 Mundra Port and Special Economic Zone 3,039,526 2.46 Materials 17.75 291,571 Sesa Goa 2,143,991 1.74 Information Technology 8.99 Consumer Discretionary 8.54 19,050,460 15.44 Energy 4.24 Health Care 2.66 THAILAND Consumer Staples 2.42 3,620,800 Charoen Pokphand Foods (Foreign) 2,982,190 2.42 Total Shares 5,028,900 Krung Thai Bank (Foreign) 2,903,541 2.34 93.32 Cash and Other Assets/(Liabilities) 1,169,200 Thai Oil (Foreign) 3,049,453 2.47 6.68 Total 100.00 8,935,184 7.23 CAYMAN ISLANDS 3,000,000 Beauty China Holdings 234 0.00 1,110,000 China Resources Land 2,027,763 1.64 411,000 China Shineway Pharmaceutical Group 1,180,427 0.96 Allocation of Portfolio as at 30 June 2010 % of 2,830,000 Hidili Industry International Development 2,401,082 1.95 Net Assets 59,269 Perfect World ADR 1,385,413 1.12 Shares and Rights 553,200 Sands China 1,224,810 0.99 Financials 54.03 Information Technology 14.31 8,219,729 6.66 Industrials 11.44 Consumer Discretionary 5.61 HONG KONG Materials 4.36 67,700 Hong Kong Exchanges & Clearing 1,538,102 1.25 Energy 3.77 265,000 Hutchison Whampoa 2,732,468 2.21 Telecommunication Services 2.33 1,007,000 Techtronic Industries 1,321,403 1.07 Consumer Staples 0.51 Total Shares and Rights 96.36 5,591,973 4.53 Cash and Other Assets/(Liabilities) 3.64 MALAYSIA 738,400 Genting2,690,575 2.18 Total 100.00 795,500 Petronas Chemicals Group 1,433,720 1.16 688,000 Top Glove 1,118,562 0.91

5,242,857 4.25 AUSTRALIA 1,171,414 Asciano 1,901,943 1.54 755,159 Lynas 1,587,395 1.29

3,489,338 2.83 TAIWAN 760,404 HON HAI Precision Industry 3,059,097 2.48

3,059,097 2.48 INDONESIA 5,476,528 Bank Negara Indonesia 2,355,840 1.91 1,471,500 Kalbe Farma 530,569 0.43

2,886,409 2.34

289 JPMorgan Funds - JF Asia Alpha Plus Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-11 (30) KOSPI 200 Index Future KRW (3,664,147) (182,360)

Total (182,360)

290 JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing HONG KONG 1,593,400 AIA Group 4,494,384 0.89 Shares 545,000 Cheung Kong Holdings 8,417,137 1.66 2,375,000 CNOOC 5,625,008 1.11 AUSTRALIA 347,300 Hong Kong Exchanges & Clearing 7,890,440 1.56 2,500,000 Alumina 6,336,738 1.25 342,000 Hutchison Whampoa 3,526,431 0.70 1,351,059 AMP 7,302,898 1.44 5,034,000 Poly Hong Kong Investments 4,912,183 0.97 446,342 ANZ Banking Group 10,618,249 2.10 3,823,077 Asciano 6,207,263 1.23 34,865,583 6.89 906,253 AUSENCO NPV 2,869,038 0.57 658,660 BHP Billiton 30,439,924 6.02 CAYMAN ISLANDS 1,428,264 Brambles 10,344,507 2.04 2,870,000 Agile Property Holdings 4,253,438 0.84 292,919 CSL 10,838,730 2.14 2,480,000 China Resources Land 4,530,496 0.90 346,711 Foster’s Group 2,008,197 0.40 11,171,000 Glorious Property Holdings 3,829,967 0.76 241,773 Newcrest Mining9,976,183 1.97 5,444,000 Hidili Industry International Development 4,618,901 0.91 300,305 QBE Insurance Group 5,568,243 1.10 1,130,500 Li Ning2,404,081 0.48 111,520 Rio Tinto 9,737,330 1.93 1,055,000 Lifestyle International Holdings 2,611,339 0.52 435,220 Westpac Banking9,855,251 1.95 4,138,000 New World Department Store China 3,393,723 0.67 202,171 Perfect World ADR 4,725,747 0.93 122,102,551 24.14 30,367,692 6.01 SOUTH KOREA 51,386 Daelim Industrial 5,394,321 1.07 THAILAND 32,069 GS Engineering & Construction 3,309,310 0.65 1,200,000 Kasikornbank - NVDR 5,021,631 0.99 90,348 GS Holdings 5,255,694 1.04 20,220,400 Land & Houses Public - NVDR 4,323,330 0.86 162,020 Hyundai Development 4,907,487 0.97 794,400 PTT (Foreign) 8,472,719 1.67 47,978 Hyundai Engineering & Construction 3,090,374 0.61 2,363,300 Siam Commercial Bank (Foreign) 8,120,157 1.61 13,417 Hyundai Heavy Industries 5,301,945 1.05 286,600 KB Financial Group 15,317,800 3.03 25,937,837 5.13 24,503 Korea Kumho Petrochemical 1,972,595 0.39 SINGAPORE 8,365 POSCO 3,629,969 0.72 1,808,000 CapitaLand 5,244,569 1.04 19,691 Samsung Electronics 16,650,839 3.29 875,000 Keppel 7,740,884 1.53 10,676 Shinsegae 5,839,211 1.15 4,505,000 Mapletree Industrial Trust 3,816,604 0.75 338,000 Singapore Exchange 2,224,830 0.44 70,669,545 13.97 CHINA 19,026,887 3.76 5,367,000 Agricultural Bank of China - H Shares * 2,689,334 0.53 NEW ZEALAND 5,978,000 Aluminum Corporation of China - H Shares * 5,460,344 1.08 565,312 Fletcher Building3,360,223 0.67 1,484,000 Anhui Conch Cement - H Shares * 6,934,981 1.37 China BlueChemical - H Shares* 7,587,398 10,560,000 1.50 3,360,223 0.67 15,854,790 China Construction Bank - H Shares * 14,206,509 2.81 1,480,000 China National Building Material - H Shares * 3,377,700 0.67 MALAYSIA 5,486,000 China Petroleum & Chemical - H Shares * 5,240,322 1.04 1,449,700 Petronas Chemicals Group 2,612,776 0.52 12,374,745 Industrial & Commercial Bank of China - H Shares * 9,201,738 1.82 800,500 Ping An Insurance Group Co. of China - H Shares * 8,931,232 1.76 2,612,776 0.52 INDONESIA 63,629,558 12.58 840,500 Bank Negara Indonesia 361,558 0.07 INDIA 11,646 Agre Developers 0 0.00 361,558 0.07 1,800,000 Ambuja Cements 5,752,432 1.14 207,179 Bharat Heavy Electricals 10,810,120 2.14 Total Shares 499,904,703 98.84 476,513 Bharti Airtel 3,803,366 0.75 450,000 Housing Development Finance 7,316,085 1.45 Total Transferable Securities Admitted to an 499,904,703 98.84 Official Exchange Listing 190,605 ICICI Bank 4,857,945 0.96 440,671 Infrastructure Development Finance 1,803,731 0.36 953,025 Mundra Port and Special Economic Zone 3,062,191 0.60 Transferable Securities Dealt in on Another Regulated Market 121,994 Pantaloon Retail India 1,171,658 0.23 Investment Funds 162,015 Tata Motors 4,723,309 0.93 1,305,913 Unitech 1,933,388 0.38 HONG KONG 1,583,600 iShares FTSE/Xinhua A50 CHINA Index ETF 2,593,461 0.52 45,234,225 8.94 2,593,461 0.52 TAIWAN 5,721,428 Advanced Semiconductor Engineering 6,630,339 1.31 3,829,000 Chimei Innolux 5,297,802 1.05 Total Investment Funds 2,593,461 0.52 548,000 Delta Electronics 2,674,661 0.53 Total Transferable Securities Dealt in on Another 502,498,164 99.36 3,291,905 Hon Hai Precision Industry 13,243,296 2.62 Regulated Market 709,272 Hon Hai Precision Industry Registered Shares GDR 5,734,464 1.13 141,000 MediaTek 2,018,605 0.40 Total Investments 502,498,164 99.36 1,731,000 Taiwan Fertilizer 6,488,652 1.28 634,000 Unimicron Technology 1,237,763 0.25 Cash 3,340,440 0.66

43,325,582 8.57 Other Assets/(Liabilities) (88,319) (0.02)

BERMUDA Total Net Assets 505,750,285 100.00 495,882 Aquarius Platinum 2,693,018 0.53 21,285,000 GOME Electrical Appliances Holdings 7,694,594 1.52 67,038,000 G-Resources Group 5,217,737 1.03 164,500 Jardine Strategic Holdings 4,571,455 0.90 * Hong Kong Registered Shares. 1,776,839 Kerry Properties 9,303,540 1.84 6,672,000 Pacific Basin 0.88 Shipping4,441,934 6,137,000 Sihuan Pharmaceutical Holdings 4,488,408 0.89

38,410,686 7.59

291 JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 38.18 Materials 23.55 Information Technology 10.98 Industrials 10.80 Consumer Discretionary 7.33 Energy 3.82 Health Care 3.03 Telecommunication Services 0.75 Investment Companies 0.52 Consumer Staples 0.40 Total Shares 99.36 Cash and Other Assets/(Liabilities) 0.64 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares and Rights Financials 36.81 Industrials 12.70 Materials 11.35 Consumer Discretionary 10.52 Information Technology 8.38 Energy 5.89 Telecommunication Services 5.18 Consumer Staples 1.17 Utilities 1.12 Health Care 0.71 Investment Companies 0.53 Total Shares and Rights 94.36 Cash and Other Assets/(Liabilities) 5.64 Total 100.00

292 JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

05-Jan-11 BRL 11,631,516 USD 6,704,263 295,256 05-Jan-11 USD 6,822,211 BRL 11,631,516 (177,308) 07-Feb-11 BRL 11,380,731 USD 6,632,923 160,923

Total 278,871

293 JPMorgan Funds - JF China Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing TAIWAN 23,513,567 Advanced Semiconductor Engineering 27,248,953 0.71 Shares and Warrants 11,291,000 Formosa Chemicals & Fibre 38,062,815 1.00

CHINA 65,311,768 1.71 114,526,000 Agricultural Bank of China - H Shares * 57,387,499 1.50 23,803,500 Bank of China - H Shares * 12,540,085 0.33 SINGAPORE 34,440,361 Bank of Communications - H Shares * 34,670,315 0.91 15,861,000 Yanlord Land Group 20,868,107 0.55 32,161,000 BBMG - H Shares * 43,277,979 1.13 236,560,000 China Citic Bank - H Shares * 153,383,129 4.02 20,868,107 0.55 5,850,000 China Coal Energy - H Shares* 9,128,983 0.24 381,725,540 China Construction Bank - H Shares * 342,040,934 8.96 Total Shares and Warrants 3,777,745,328 99.01 44,160,000 China Life Insurance - H Shares * 179,949,827 4.72 21,468,000 China National Building Material - H Shares * 48,994,908 1.28 Total Transferable Securities Admitted to an 3,777,745,328 99.01 82,846,000 China Oilfield Services - H Shares * 178,841,888 4.68 Official Exchange Listing 18,997,800 China Pacific Insurance Group - H Shares * 78,759,325 2.06 171,254,000 China Petroleum & Chemical - H Shares * 163,584,793 4.29 Transferable Securities Dealt in on Another Regulated Market 66,997,000 China Shipping Container Lines - H Shares * 29,563,457 0.78 23,207,000 China Suntien Green Energy - H Shares * 6,553,288 0.17 Investment Funds 32,440,333 China Vanke - B Shares 40,023,002 1.05 HONG KONG 21,976,000 Chongqing Rural Commercial Bank - H Shares * 14,743,775 0.39 978,311 JF China New Generation Fund 10,595,104 0.28 17,732,000 Guangzhou Automobile Group - H Shares * 24,454,470 0.64 498,532 JF China Pioneer A-Share Fund 14,397,616 0.37 3,346,911 Hualan Biological Engineering - A Shares 24,531,336 0.64 166,955,485 Industrial & Commercial Bank of China - H Shares * 124,146,441 3.25 24,992,720 0.65 5,558,763 Inner Mongolia Yitai Coal - B Shares 39,661,774 1.04 12,131,000 Jiangxi Copper - H Shares * 39,835,301 1.04 Total Investment Funds 24,992,720 0.65 3,569,985 Kangmei Pharmaceutical - A Shares 10,661,273 0.28 5,094,991 Kangmei Pharmaceutical - Total Transferable Securities Dealt in on Another 24,992,720 0.65 Warrants 09.09.13 15,199,377 0.40 Regulated Market 15,234,446 Kangmei Pharmaceutical - 3,802,738,048 99.66 Warrants 05.05.14 45,560,134 1.19 Total Investments 9,217,500 Ping An Insurance Group Co. of China - H Shares * 102,840,268 2.70 37,948,437 0.99 5,994,609 Shanghai Pharmaceuticals Holding - A Shares 19,832,165 0.52 Cash 7,362,821 Shanghai Pharmaceuticals Holding - Warrants 05.05.14 24,398,916 0.64 Other Assets/(Liabilities) (24,856,368) (0.65) 7,108,000 Tsingtao Brewery - H Shares * 37,217,532 0.98 54,376,000 Yanzhou Coal Mining - H Shares * 165,441,381 4.34 Total Net Assets 3,815,830,117 100.00 62,928,000 Zijin Mining Group 57,924,102 1.52

2,125,147,657 55.69 * Hong Kong Registered Shares. CAYMAN ISLANDS 8,264,000 Agile Property Holdings 12,247,531 0.32 4,785,000 Anta Sports Products 7,608,625 0.20 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 40,481,000 Ausnutria Dairy 13,540,364 0.35 Net Assets 13,328 AutoNavi Holdings ADR 213,048 0.01 Shares and Warrants 58,432,000 Belle International Holdings 99,227,130 2.60 Financials 37.27 43,366,000 China Resources Cement Holdings 33,027,585 0.87 Materials 14.30 46,650,000 China Resources Land 85,220,826 2.23 Energy 13.43 14,019,500 China Rongsheng Heavy Industry Group 11,957,814 0.31 Consumer Discretionary 10.34 2,955,000 China Shineway Pharmaceutical Group 8,487,010 0.22 Information Technology 6.69 1,344,877 Focus Media Holding ADR 29,580,570 0.78 Consumer Staples 5.44 146,114,000 Glorious Property Holdings 50,095,047 1.31 Industrials 4.76 4,249,000 Greatview Aseptic Packaging 2,880,734 0.08 Health Care 3.62 26,607,000 Intime Department Store Group 39,158,647 1.03 Telecommunication Services 2.78 40,294,000 KWG Property 0.81 Holding30,869,379Investment Companies 0.65 68,737,000 Lee & Man 1.37 PaperUtilities Manufacturing52,305,947 0.38 19,560,000 Li Ning41,595,605 1.09 Total Shares and Warrants 12,321,000 Lonking Holdings 6,768,300 0.18 99.66 Cash and Other Assets/(Liabilities) 33,741,000 Maoye International Holdings 15,257,698 0.40 0.34 275,946 New Oriental Education & Technology Group ADR 29,156,454 0.76 Total 100.00 76,479,000 Parkson Retail Group 118,263,959 3.10 23,712,000 Springland International Holdings 18,943,732 0.50 10,412,400 Tencent Holdings 227,923,204 5.97

934,329,209 24.49 Allocation of Portfolio as at 30 June 2010 % of HONG KONG Net Assets 16,261,000 China Agri-Industries Holdings 18,430,151 0.48 Shares, Warrants and Rights 10,695,000 China Mobile 106,116,205 2.78 Financials 38.70 8,076,000 China Resources Power Holdings 14,659,835 0.38 Energy 12.24 69,045,000 CNOOC 163,527,865 4.29 Materials 10.92 89,262,000 Franshion Properties China 26,813,854 0.70 Consumer Discretionary 9.36 42,551,000 Guotai Junan International Holdings 23,182,962 0.61 Information Technology 6.98 33,087,000 Poly Hong Kong Investments 32,286,333 0.85 Consumer Staples 6.39 Industrials 4.13 385,017,205 10.09 Telecommunication Services 3.85 Utilities 1.61 BERMUDA Health Care 1.49 36,040,000 China Yurun Food Group 118,578,559 3.11 Investment Companies 0.55 50,928,000 COSCO Pacific 88,842,763 2.33 Total Shares, Warrants and Rights 96.22 30,392,000 Euro-Asia Agricultural Holdings 391 0.00 Cash and Other Assets/(Liabilities) 3.78 10,592,000 Nine Dragons Paper Holdings 15,030,009 0.39 1,552,000 Orient Overseas International 15,159,409 0.40 Total 100.00 12,935,000 Sihuan Pharmaceutical Holdings 9,460,251 0.25

247,071,382 6.48

294 JPMorgan Funds - JF Greater China Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 3,208,000 Sany Heavy Equipment International Holdings 4,729,603 0.52 7,425,000 Springland International Holdings 5,931,900 0.66 Shares and Warrants 940,500 Tencent Holdings 20,587,163 2.28 2,222,000 Tingyi Cayman Island Holding 5,725,728 TAIWAN 0.63 8,491,000 Want Want China Holdings 7,482,645 3,639,097 Acer 11,256,291 1.25 0.83 15,750,201 Advanced Semiconductor Engineering 18,252,292 2.02 130,395,339 14.45 388,000 Asustek Computer 3,690,959 0.41 3,956,500 Cathay Financial 0.78 BERMUDAHolding7,025,180 3,486,000 China Petrochemical Development 3,453,706 0.38 3,296,000 China Resources Gas Group 4,783,018 0.53 4,792,000 Coretronic 7,855,131 0.87 3,071,000 China Yurun Food Group 10,104,183 1.12 2,118,000 Delta Electronics 10,337,468 1.15 4,986,000 COSCO Pacific 8,697,966 0.97 7,837,000 Evergreen Marine 8,154,298 0.91 241,200 Jardine Matheson Holdings 10,728,576 1.19 5,301,000 Formosa Chemicals & Fibre 17,870,072 1.98 2,241,500 Kerry Properties 11,736,508 1.30 8,091,718 Fubon Financial 1.23 Holding11,098,5221,316,000 Li & 0.85 Fung7,682,070 5,317,720 Hon Hai Precision Industry 21,393,126 2.37 1,149,000 Orient Overseas International 11,223,042 1.23 2,746,232 Huaku Development 8,339,047 0.92 8,025,000 Sihuan Pharmaceutical Holdings 5,869,232 0.65 2,463,000 Kinsus Interconnect Technology 8,362,115 0.93 247,000 Largan Precision 6,148,516 0.68 70,824,595 7.84 627,054 MediaTek 8,977,124 0.99 SINGAPORE 2,434,000 Nan Ya Plastics 6,067,253 0.67 268,000 MediaTek - Warrants 18.02.11 3,848,480 0.43 8,403,000 Polaris Securities 5,485,232 0.61 2,793,000 Powertech Technology 9,324,375 1.03 3,848,480 0.43 2,203,000 President Chain Store 10,147,633 1.12 20,766,235 Taishin Financial Holdings 12,308,688 1.36 6,981,241 Taiwan Cement 7,862,729 0.87 Total Shares and Warrants 893,091,532 98.94 11,058,610 Taiwan Semiconductor Manufacturing26,958,8012.99 Total Transferable Securities Admitted to an 893,091,532 98.94 2,172,000 TSRC 5,034,092 0.56 Official Exchange Listing 5,146,000 Unimicron Technology 10,046,574 1.11 2,005,000 Wintek 3,450,017 0.38 Total Investments 893,091,532 98.94 10,118,000 Yuanta Financial 0.84 Holding7,559,425 Cash 11,190,986 1.24 256,458,666 28.41 Other Assets/(Liabilities) (1,640,928) (0.18) CHINA 23,617,000 Agricultural Bank of China - H Shares * 11,834,174 1.31 Total Net Assets 902,641,590 100.00 51,034,700 Bank of China - H Shares * 26,885,940 2.98 5,097,500 BBMG - H Shares * 6,859,535 0.76 2,613,000 Beijing Jingkelong - H Shares * 3,465,803 0.38 5,020,000 China Communications Construction - H Shares * 4,381,868 0.49 * Hong Kong Registered Shares. 39,397,780 China Construction Bank - H Shares * 35,301,944 3.91 2,897,000 China Life Insurance - H Shares * 11,805,132 1.31 3,325,000 China Merchants Bank - H Shares * 8,401,153 0.93 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 2,852,661 China Merchants Property Development - B Shares 5,409,454 0.60 Net Assets 4,442,000 China National Building Material - H Shares * 10,137,665 1.12 Shares and Warrants 6,664,000 China Oilfield Services - H Shares * 14,385,756 1.59 Financials 37.73 13,820,000 China Petroleum & Chemical - H Shares * 13,201,104 1.46 Information Technology 16.63 13,355,000 China Suntien Green Energy - H Shares * 3,771,240 0.42 Materials 11.43 7,334,241 China Vanke - B Shares 9,048,561 1.00 Consumer Discretionary 8.34 1,249,800 Dongfang Electric - H Shares * 6,174,154 0.68 Energy 8.20 17,547,665 Industrial & Commercial Bank of China - H Shares * 13,048,270 1.45 Industrials 6.76 2,422,000 Jiangxi Copper - H Shares * 7,953,268 0.88 Consumer Staples 3.88 1,736,000 Lianhua Supermarket Holdings - H Shares * 8,280,120 0.92 Telecommunication Services 3.54 1,936,500 Ping An Insurance Group Co. of China - H Shares * 21,605,661 2.39 Health Care 1.90 4,112,000 Yanzhou Coal Mining - H Shares * 12,510,942 1.39 Utilities 0.53 13,688,000 Zijin Mining Group - H Shares * 12,599,560 1.40 Total Shares and Warrants 98.94 247,061,304 27.37 Cash and Other Assets/(Liabilities) 1.06 HONG KONG Total 100.00 1,835,600 AIA Group 5,177,539 0.57 4,110,500 BOC Hong Kong Holdings 14,013,489 1.55 1,861,000 Cheung Kong Holdings 28,741,821 3.18 2,829,205 China Mobile 28,071,482 3.11 2,153,000 China Taiping Insurance Holdings 6,612,918 0.73 Allocation of Portfolio as at 30 June 2010 % of 17,993,000 CNOOC 42,615,061 4.73 Net Assets 3,747,000 Hang Lung Properties 17,558,564 1.95 Shares and Warrants 671,000 Hutchison Whampoa 6,918,816 0.77 Financials 40.63 6,411,000 Poly Hong Kong Investments 6,255,861 0.69 Information Technology 20.89 2,425,000 Wharf Holdings 18,687,203 2.07 Energy 7.79 707,000 Wing Hang Bank 9,850,394 1.09 Materials 7.73 Consumer Discretionary 7.62 184,503,148 20.44 Telecommunication Services 5.00 Consumer Staples 3.90 CAYMAN ISLANDS Industrials 3.00 6,178,000 Agile Property Holdings 9,156,007 1.02 Utilities 1.46 3,615,000 Anta Sports Products 5,748,209 0.64 Total Shares and Warrants 98.02 2,809,000 China Shineway Pharmaceutical Group 8,067,685 0.89 Cash and Other Assets/(Liabilities) 1.98 7,875,000 China Vanadium Titano - Magnetite Mining 3,743,439 0.42 4,557,000 Greatview Aseptic Packaging 3,089,551 0.34 Total 100.00 11,480,000 Hengdeli Holdings 6,933,990 0.77 7,043,000 Hidili Industry International Development 5,975,555 0.66 9,025,000 International Mining Machinery Holdings 7,332,065 0.81 7,034,000 Intime Department Store Group 10,352,235 1.15 15,394,000 Maoye International Holdings 6,961,175 0.77 3,353,000 Microport Scientific 3,213,628 0.36 3,045,792 Parkson Retail Group 4,709,887 0.52 4,812,400 Sands China 10,654,874 1.18

295 JPMorgan Funds - JF Hong Kong Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 131,000 Orient Overseas International 1,279,563 0.76 1,043,000 Pacific Basin 0.41 Shipping694,385 Shares 876,000 Public Financial Holdings 640,679 0.38 944,000 Sihuan Pharmaceutical Holdings 690,412 HONG KONG 0.41 231,800 AIA Group 653,821 0.38 17,953,279 10.60 92,000 Beijing Enterprises Holdings 569,001 0.34 1,225,500 BOC Hong Kong Holdings 4,177,966 2.47 UNITED KINGDOM 435,000 Cheung Kong Holdings 6,718,266 3.97 1,145,576 HSBC Holdings 11,742,261 6.93 728,500 China Mobile 7,228,205 4.27 730,560 China Overseas Land & Investment 1,345,875 0.79 11,742,261 6.93 197,000 Chong Hing Bank 536,655 0.32 4,310,000 CNOOC 10,207,909 6.03 Total Shares 168,502,764 99.51 313,400 Dah Sing Banking Group 533,414 0.32 259,850 Dah Sing Financial Holdings 1,708,242 1.01 Total Transferable Securities Admitted to an 168,502,764 99.51 1,541,000 Guotai Junan International Holdings 839,579 0.49 Official Exchange Listing 524,000 Hang Lung Properties 2,455,481 1.45 Total Investments 168,502,764 99.51 93,900 Hong Kong Exchanges & Clearing 2,133,350 1.26 525,000 Hutchison Whampoa 5,413,381 3.20 Cash 362,216 0.21 601,199 New World Development 1,129,216 0.67 1,129,000 Poly Hong Kong Investments 1,101,680 0.65 Other Assets/(Liabilities) 469,180 0.28 1,294,000 Shun Tak Holdings 809,052 0.48 776,000 Sino Land 1,452,548 0.86 Total Net Assets 169,334,160 100.00 207,000 Sun Hung Kai Properties 3,423,325 2.02 870,500 Techtronic Industries 1,142,286 0.67 420,000 Wharf Holdings 3,236,547 1.91 156,000 Wing Hang Bank 2,173,496 1.28 * Hong Kong Registered Shares.

58,989,295 34.84 CHINA Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 2,063,000 Agricultural Bank of China - H Shares * 1,033,743 0.61 Net Assets 8,415,100 Bank of China - H Shares * 4,433,216 2.62 Shares 799,500 BBMG - H Shares * 1,075,860 0.64 Financials 58.84 553,000 Beijing Jingkelong - H Shares * 733,482 0.43 Consumer Discretionary 10.31 14,904,910 China Construction Bank - H Shares * 13,355,379 7.89 Energy 8.67 1,108,000 China Life Insurance - H Shares * 4,515,046 2.67 Materials 6.53 702,000 China National Building Material - H Shares * 1,602,125 0.95 Telecommunication Services 4.60 207,200 China Pacific Insurance Group - H Shares * 858,991 0.51 Consumer Staples 3.16 3,956,000 China Petroleum & Chemical - H Shares * 3,778,840 2.23 Health Care 2.59 535,000 China Shenhua Energy - H Shares * 2,242,043 1.32 Industrials 2.21 300,000 China Shipping Development - H Shares * 400,226 0.23 Information Technology 1.92 2,486,000 China Suntien Green Energy - H Shares * 702,007 0.41 Utilities 0.68 1,090,000 China Telecom - H Shares * 567,920 0.33 Total Shares 99.51 362,000 Dongfeng Motor Group - H Shares * 622,187 0.37 Cash and Other Assets/(Liabilities) 0.49 9,372,140 Industrial & Commercial Bank of China - H Shares * 6,969,030 4.12 435,000 Jiangxi Copper - H Shares * 1,428,436 0.84 Total 100.00 370,000 Lianhua Supermarket Holdings - H Shares * 1,764,772 1.04 422,000 Ping An Insurance Group Co. of China - H Shares * 4,708,282 2.78 294,000 Yanzhou Coal Mining - H Shares * 894,508 0.53 1,316,000 Zijin Mining Group - H Shares * 1,211,355 0.72 Allocation of Portfolio as at 30 June 2010 % of 52,897,448 31.24 Net Assets Shares CAYMAN ISLANDS Financials 57.47 1,044,000 Agile Property Holdings 1,547,244 0.91 Consumer Discretionary 8.96 805,000 Anta Sports Products 1,280,030 0.76 Energy 8.86 1,020,000 China Resources Land 1,863,349 1.10 Telecommunication Services 6.42 495,000 China Shineway Pharmaceutical Group 1,421,682 0.84 Materials 5.20 1,973,000 China Vanadium Titano - Magnetite Mining 937,880 0.55 Consumer Staples 3.23 1,297,000 Glorious Property Holdings 444,675 0.26 Information Technology 2.67 728,000 Greatview Aseptic Packaging 493,569 0.29 Industrials 1.91 1,060,000 Hengdeli Holdings 640,247 0.38 Utilities 0.91 1,384,000 Hidili Industry International Development 1,174,239 0.69 Total Shares 95.63 1,803,000 Intime Department Store Group 2,653,551 1.57 Cash and Other Assets/(Liabilities) 4.37 387,000 Lifestyle International Holdings 957,904 0.57 1,391,000 Microport Scientific 1,333,181 0.79 Total 100.00 1,480,000 Pacific Textile Holdings 964,377 0.57 1,673,500 Parkson Retail Group 2,587,831 1.53 1,355,000 Ruinian International 938,708 0.55 996,400 Sands China 2,206,075 1.30 1,205,000 Springland International Holdings 962,685 0.57 148,500 Tencent Holdings 3,250,605 1.92 490,000 Tingyi Cayman Island Holding 1,262,649 0.75

26,920,481 15.90 BERMUDA 392,000 China Resources Gas Group 568,854 0.34 483,000 China Yurun Food Group 1,589,163 0.94 784,000 COSCO Pacific 1,367,671 0.81 4,748,000 Hong Kong Resources Holdings 568,067 0.33 240,000 HongKong Land Holdings 1,735,200 1.02 54,754 Jardine Matheson Holdings 2,435,458 1.44 337,000 Kerry Properties 1,764,534 1.04 492,000 Li & 1.69 Fung2,872,020 1,048,000 Midland Holdings 858,829 0.51 583,274 NWS Holdings 888,444 0.52

296 JPMorgan Funds - JF India Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Shares Net Assets Shares INDIA Financials 30.29 1,830,662 ACC 44,031,689 1.33 Information Technology 16.35 15,484,556 Ambuja Cements 49,485,476 1.50 Consumer Discretionary 10.82 1,665,843 Axis Bank 50,218,377 1.52 Materials 9.97 1,335,138 Bajaj Auto 45,866,910 1.39 Energy 9.39 1,986,865 Bharat Heavy Electricals 103,670,008 3.14 Industrials 9.17 1,330,914 Bharat Petroleum 19,564,867 0.59 Consumer Staples 4.05 3,916,450 Bharti Airtel 31,259,779 0.95 Health Care 3.28 1,100,000 Cairn India 8,193,112 0.25 Utilities 3.03 787,277 Cummins India 13,778,448 0.42 Telecommunication Services 0.95 1,155,777 Divi’s Laboratories 16,666,555 0.50 1,084,490 Dr. Reddy’s Laboratories 40,418,262 1.22 Total Shares 97.30 4,610,869 Exide Industries 17,210,199 0.52 Cash and Other Assets/(Liabilities) 2.70 633,102 Glenmark Pharmaceuticals 5,171,430 0.16 Total 100.00 603,207 Godrej Properties 8,295,361 0.25 634,823 Grasim Industries 34,718,226 1.05 4,463,821 HDFC Bank 233,860,196 7.08 930,935 Hero Honda Motors 41,369,511 1.25 Hindalco Industries 80,487,087 14,613,664 2.44 Allocation of Portfolio as at 30 June 2010 % of 1,923,082 Hindustan Petroleum 16,849,278 0.51 Net Assets 14,786,065 Housing Development Finance 240,391,359 7.28 Shares 3,083,468 ICICI Bank 78,588,266 2.38 Financials 32.07 2,488,300 ICICI Bank ADR 125,858,214 3.81 Information Technology 15.49 5,591,490 IndusInd Bank 32,981,225 1.00 Energy 11.06 3,780,000 Infosys Technologies 290,717,209 8.80 Industrials 10.81 440,000 Infosys Technologies ADR 33,508,200 1.02 Consumer Discretionary 9.73 22,587,209 Infrastructure Development Finance 92,452,732 2.80 Materials 7.94 34,228,067 ITC 133,708,769 4.05 Health Care 3.71 3,868,239 Jindal Steel & Power 61,583,420 1.87 Consumer Staples 3.30 1,301,560 JSW Steel 34,160,310 1.03 Utilities 2.86 7,017,486 Kotak Mahindra Bank 70,928,163 2.15 Total Shares 3,199,897 Larsen & Toubro 141,517,529 4.29 96.97 Cash and Other Assets/(Liabilities) 2,734,215 Mahindra & Mahindra 47,583,535 1.44 3.03 2,254,296 Maruti Suzuki India 73,009,475 2.21 Total 100.00 7,319,015 Mundra Port and Special Economic Zone 23,516,929 0.71 3,802,398 NHPC 2,400,149 0.07 9,750,000 NTPC 43,838,477 1.33 523,833 Oberoi Realty 2,982,328 0.09 391,108 Oil & Natural Gas 11,295,250 0.34 1,717,035 Power Finance 11,920,174 0.36 10,750,419 Reliance Industries 254,257,086 7.70 3,988,884 Rural Electrification 26,605,941 0.81 530,500 Shriram Transport Finance 9,286,568 0.28 5,646,586 Sterlite Industries India 23,557,433 0.71 4,261,355 Sun Pharmaceuticals Industries 46,082,483 1.40 5,882,000 Tata Consultancy Services 153,183,249 4.64 4,898,349 Tata Motors 142,804,154 4.32 400,000 Tata Motors - A Shares 7,030,303 0.21 1,763,622 Tata Power 53,857,226 1.63 51,428 Ultra Tech Cement 1,240,385 0.04 2,401,973 Union Bank of India 18,779,837 0.57 5,700,000 Wipro 62,557,867 1.89

3,213,299,016 97.30

Total Shares 3,213,299,016 97.30

Total Transferable Securities Admitted to an 3,213,299,016 97.30 Official Exchange Listing Total Investments 3,213,299,016 97.30

Cash 93,046,266 2.82

Other Assets/(Liabilities) (4,021,961) (0.12)

Total Net Assets 3,302,323,321 100.00

297 JPMorgan Funds - JF India Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Jan-11 1,465 Grasim Industries Index Future INR 9,670,835 117,005

Total 117,005

298 JPMorgan Funds - JF Japan Alpha Plus Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Shares Net Assets Shares JAPAN Consumer Discretionary 27.97 30,300 Aeon Credit Service 428,541 1.00 Industrials 25.91 17,600 Aeon Mall 472,930 1.11 Materials 12.05 53,000 Amada 431,555 1.01 Financials 11.00 113,000 Aozora Bank 234,373 0.55 Telecommunication Services 8.09 59,200 Credit Saison 972,457 2.28 Information Technology 5.70 13,000 Daido Metal 100,332 0.23 Consumer Staples 4.68 184,650 Daiei 730,736 1.71 Energy 4.30 16,900 Dena 606,083 1.42 37,100 Don Quijote 1,130,719 2.65 Total Shares 99.70 428 Dr Ci:Labo 1,667,430 3.91 Cash and Other Assets/(Liabilities) 0.30 27,900 FUJIFILM Holdings 1,007,958 2.36 Total 100.00 74,000 Fujitsu General 444,966 1.04 55,300 Futaba Industrial 401,612 0.94 433,000 Hitachi 2,307,841 5.40 53,000 Honda Motor 2,099,058 4.92 Honeys 406,703 34,310 0.95 Allocation of Portfolio as at 30 June 2010 % of 211,300 ITOCHU 2,139,269 5.01 Net Assets 10,400 Iwatsuka Confectionery 328,360 0.77 Shares 41,000 JS Group 900,849 2.11 Consumer Discretionary 33.11 270,700 JX Holdings 1,837,654 4.30 Information Technology 25.24 193,000 Kawasaki Kisen Kaisha 849,305 1.99 Industrials 12.82 167,000 Kayaba Industry 1,280,662 3.00 Materials 3.86 1,619 Kenedix 493,133 1.15 Financials 1.13 62,500 Mitsubishi 1,691,362 3.96 Consumer Staples 0.78 129,200 Mitsui & Co. 2,134,249 5.00 Total Shares 435,000 Mitsui Chemicals 1,555,484 3.64 76.94 Cash and Other Assets/(Liabilities) 429,000 Mitsui Matsushima 908,272 2.13 23.06 82,000 Nihon Nohyaku 433,518 1.02 Total 100.00 108,000 Nippon Paint 827,548 1.94 12,000 Nippon Seiki 143,353 0.34 76,200 Nippon Telegraph & Telephone 3,454,044 8.09 21,290 ORIX 2,096,504 4.91 139,000 Press Kogyo 668,138 1.56 999 Rakuten 834,345 1.95 13,096 SBI Holdings 1,990,031 4.66 24,000 Showa Aircraft Industry 182,570 0.43 103,700 Skymark Airlines 1,510,058 3.54 56,400 Sony 2,032,733 4.76 20,900 Unipres 416,765 0.98 50,000 Zeon 418,821 0.98

42,570,321 99.70

Total Shares 42,570,321 99.70

Total Transferable Securities Admitted to an Official 42,570,321 99.70 Exchange Listing Total Investments 42,570,321 99.70

Cash 709,629 1.66

Other Assets/(Liabilities) (581,467) (1.36)

Total Net Assets 42,698,483 100.00

299 JPMorgan Funds - JF Japan Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Shares Net Assets Shares JAPAN Consumer Discretionary 26.14 79,000 Aeon Mall 2,122,809 0.76 Financials 20.23 100,900 Canon 5,231,921 1.88 Industrials 16.50 479,000 Chiba Bank 3,113,146 1.12 Information Technology 9.90 145,000 Daikin Industries 5,141,217 1.85 Materials 8.43 143,600 East Japan Railway 9,341,777 3.36 Telecommunication Services 7.10 145,600 FamilyMart 5,484,195 1.97 Consumer Staples 6.28 11,000 Fast Retailing1,749,385 0.63 Energy 2.40 69,700 FUJIFILM Holdings 2,518,088 0.91 Health Care 2.31 749,000 Fujitsu 5,213,682 1.87 170,900 Honda Motor 6,768,473 2.44 Total Shares 99.29 155,200 Hoya 3,768,242 1.36 Cash and Other Assets/(Liabilities) 0.71 362,000 ITOCHU 3,665,005 1.32 Total 100.00 97,500 Japan Petroleum Exploration 3,714,457 1.34 1,144 Japan Tobacco 4,235,081 1.52 76,000 JFE Holdings 2,646,997 0.95 131,100 JS Group 2,880,521 1.04 JSR 3,981,653 213,300 1.43 Allocation of Portfolio as at 30 June 2010 % of 433,800 JX Holdings 2,944,863 1.06 Net Assets 154,000 Kansai Paint 1,492,799 0.54 Shares 186,000 Kayaba Industry 1,426,366 0.51 Consumer Discretionary 26.15 666 KDDI 3,848,929 1.39 Industrials 20.31 536,000 Kubota 5,083,555 1.83 Information Technology 15.24 35,500 Kyocera 3,626,908 1.30 Financials 14.63 45,900 Mandom 1,243,266 0.45 Materials 6.85 554,000 Marubeni 3,893,821 1.40 Consumer Staples 5.74 169,100 Mitsubishi 4,576,149 1.64 Telecommunication Services 3.86 213,000 Mitsubishi Estate 3,955,078 1.42 Health Care 3.31 2,434,200 Mitsubishi UFJ Financial Group 13,168,770 4.74 Energy 0.94 393,600 Mitsui & Co. 6,501,861 2.34 Total Shares 343,000 Mitsui Fudosan 6,837,623 2.46 97.03 Cash and Other Assets/(Liabilities) 733,000 Mitsui OSK Lines 5,003,059 1.80 2.97 78,000 Nikon 1,582,275 0.57 Total 100.00 14,100 Nintendo 4,132,459 1.49 196,500 Nippon Telegraph & Telephone 8,907,081 3.20 205,300 Nissan Motor 1,954,697 0.70 75,900 NOK 1,582,184 0.57 3,997 NTT DoCoMo 6,986,386 2.51 254,100 Omron 6,741,907 2.43 74,490 ORIX 7,335,303 2.64 355,800 Panasonic 5,054,077 1.82 11,442 Rakuten 9,556,126 3.44 46,800 Sankyo 2,642,725 0.95 178,900 Shin-Etsu Chemical 9,689,316 3.48 324,600 Shionogi & Co. 6,414,886 2.31 216,000 Shiseido 4,716,691 1.70 88,800 Sony 3,200,473 1.15 188,300 Sumitomo 2,664,338 0.96 557,000 Sumitomo Chemical 2,742,491 0.99 183,100 Sumitomo Electric Industries 2,542,304 0.91 258,200 Sumitomo Mitsui Financial Group 9,199,408 3.31 156,000 Sumitomo Realty & Development 3,725,259 1.34 624,000 Sumitomo Trust 1.41& Banking3,924,963 95,800 Suzuki Motor 2,357,265 0.85 95,500 Tokio Marine Holdings 2,855,361 1.03 218,000 Toyo Suisan Kaisha 4,846,233 1.74 304,400 Toyota Motor 12,083,826 4.35 60,600 Unicharm 2,411,245 0.87 7,590 Yahoo! Japan 2,945,283 1.06 38,020 Yamada Denki 2,595,038 0.93 333,200 Yamaha Motor 5,426,189 1.95

275,995,485 99.29

Total Shares 275,995,485 99.29

Total Transferable Securities Admitted to an 275,995,485 99.29 Official Exchange Listing Total Investments 275,995,485 99.29

Cash 5,087,161 1.83

Other Assets/(Liabilities) (3,121,646) (1.12)

Total Net Assets 277,961,000 100.00

300 JPMorgan Funds - JF Japan Small Cap Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Shares Net Assets Shares JAPAN Consumer Discretionary 36.11 33,000 Aeon Delight 647,895 2.18 Information Technology 16.12 15,500 Ain Pharmaciez 544,522 1.83 Industrials 15.72 36,000 Arnest One 461,743 1.55 Materials 13.81 16,000 Asahi Diamond Industrial 303,693 1.02 Financials 8.71 40,200 Asahi Intecc 710,081 2.39 Consumer Staples 5.07 62,000 Bank of Kyoto 587,642 1.98 Health Care 4.22 79,000 Chugoku Marine Paints 669,030 2.25 9,000 Daido Metal 69,461 0.23 Total Shares 99.76 140,000 Daiei 554,037 1.87 Cash and Other Assets/(Liabilities) 0.24 11,900 Dai-ichi Seiko 642,313 2.16 Total 100.00 11,900 Dena 426,768 1.44 2,300 Disco 139,433 0.47 19,000 Don Quijote 579,074 1.95 168 Dr Ci:Labo 654,505 2.20 Eagle Industry 325,111 31,000 1.09 Allocation of Portfolio as at 30 June 2010 % of 42,400 FCC 987,455 3.32 Net Assets 12,600 Foster Electric 373,471 1.26 Shares 51,000 Fujitsu General 306,666 1.03 Consumer Discretionary 39.46 6,680 Growell Holdings 169,056 0.57 Industrials 25.34 23,820 Honeys 282,357 0.95 Information Technology 22.93 53,000 Ichikoh Industries 142,873 0.48 Consumer Staples 4.31 1,100 Iwatsuka Confectionery 34,730 0.12 Health Care 3.38 30,300 JS Group 665,750 2.24 Financials 3.36 26,000 Kanamoto 139,217 0.47 Total Shares 14,000 Kato Works 30,933 0.11 98.78 Cash and Other Assets/(Liabilities) 117,000 Kayaba Industry 897,230 3.02 1.22 568 Kenedix 173,008 0.58 Total 100.00 74 M3 371,867 1.25 7,300 Makita 298,551 1.01 24,000 Miraial 675,480 2.27 415,000 Mitsui Matsushima 878,631 2.96 28,700 Musashi Seimitsu Industry 712,554 2.40 200 Next 223,904 0.75 46,000 Nihon Nohyaku 243,193 0.82 89,000 Nippon Paint 681,961 2.30 5,000 Nippon Seiki 59,730 0.20 85,800 Nishio Rent All 574,535 1.93 43,700 Nissin Kogyo 814,937 2.74 256 Osaka Securities Exchange 1,291,974 4.35 90,500 Outsourcing366,501 1.23 779 PGM Holdings 540,333 1.82 19,100 Pigeon 648,540 2.18 313,000 Press Kogyo 1,504,511 5.06 167 Prestige International 299,815 1.01 64,000 Sakai Chemical Industry 316,297 1.06 2,908 SBI Holdings 441,891 1.49 884 Septeni Holdings 548,420 1.85 34,400 Ship Healthcare Holdings 451,172 1.52 156,000 Showa Aircraft Industry 1,186,706 3.99 54,800 Skymark Airlines 797,986 2.69 6,200 Tokyu Livable 74,371 0.25 75,100 Trancom 1,399,112 4.71 7,500 Unipres 149,557 0.50 16,100 Ushio 306,978 1.03 1,297 UT Holdings 671,330 2.26 59,400 Worldintec 107,482 0.36 114,300 Yokogawa Electric 908,885 3.06 69,000 Zeon 577,973 1.95

29,643,231 99.76

Total Shares 29,643,231 99.76

Total Transferable Securities Admitted to an Official 29,643,231 99.76 Exchange Listing Total Investments 29,643,231 99.76

Cash 212,064 0.71

Other Assets/(Liabilities) (140,560) (0.47)

Total Net Assets 29,714,735 100.00

301 JPMorgan Funds - JF Korea Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Shares Net Assets Shares SOUTH KOREA Industrials 16.08 15,220 Busan Bank 193,626 0.19 Financials 15.09 5,406 CJ O 1.09 Shopping1,102,777 Information Technology 15.09 13,500 Daelim Industrial 1,406,810 1.39 Consumer Discretionary 11.14 59,690 Daishin Securities Prefrence Shares 563,911 0.56 Materials 8.53 58,000 Dongsuh 1,944,113 1.92 Consumer Staples 5.53 11,000 GS Engineering & Construction 1,126,820 1.11 Utilities 3.43 92,000 Halla Climate Control 1,624,320 1.61 Telecommunication Services 3.11 22,000 Hana Financial Group 843,533 0.83 Energy 1.25 9,218 Hanil Cement 487,026 0.48 Health Care 1.19 55,550 Hanjin Heavy Industries & Construction 1,859,533 1.84 35,290 Hanjin Shipping1,201,631 1.19 Total Shares 80.44 3,354 Hite Brewery 356,935 0.35 Cash and Other Assets/(Liabilities) 19.56 130,000 Hynix Semiconductor 2,764,060 2.73 Total 100.00 5,300 Hyundai Department Store 653,148 0.65 103,500 Hyundai Development 3,112,007 3.07 27,500 Hyundai Engineering & Construction 1,758,374 1.73 7,600 Hyundai Heavy Industries 2,981,282 2.94 Hyundai Home Shopping Network 454,666 5,000 0.45 Allocation of Portfolio as at 30 June 2010 % of 11,500 Hyundai Mipo Dockyard 2,282,291 2.25 Net Assets 10,500 Hyundai Mobis 2,646,024 2.61 Shares 100,000 Hyundai Securities 1,316,430 1.30 Industrials 19.37 105,000 KB Financial Group 5,570,822 5.50 Consumer Discretionary 12.86 2,150 KCC 750,155 0.74 Financials 12.01 130,000 Korea Electric Power 3,471,614 3.43 Information Technology 9.06 206,000 Korea Exchange Bank 2,155,803 2.13 Consumer Staples 4.62 23,300 Korea Kumho Petrochemical 1,862,020 1.84 Energy 4.57 29,000 KT&G 1,659,233 1.64 Telecommunication Services 3.10 42,000 LG Display 1,478,428 1.46 Materials 2.35 5,300 LG Electronics 552,303 0.55 Utilities 2.01 300,000 LG Uplus 1,902,297 1.88 Health Care 0.76 1,100 Lotte Chilsung Beverage 935,041 0.92 Total Shares 5,700 OCI 1,663,414 1.64 70.71 Cash and Other Assets/(Liabilities) 2,083 Orion 712,491 0.70 29.29 9,000 POSCO 3,876,941 3.83 Total 100.00 325 Samsung Electro-Mechanics 35,737 0.04 6,500 Samsung Electronics 5,456,215 5.39 8,400 Samsung Electronics GDR 144A 3,530,520 3.49 2,600 Samsung Engineering 442,365 0.44 6,300 Samsung Fire & Marine Insurance 1,251,693 1.23 22,000 Samsung Techwin 2,010,266 1.98 34,500 Shinhan Financial Group 1,616,687 1.60 3,100 Shinsegae 1,683,128 1.66 4,500 SK Energy 771,605 0.76 8,100 SK Telecom 1,241,936 1.23 10,060 S-Oil Prefrence Shares 494,564 0.49 70,000 STX 1,767,114 1.75 50,000 STX Offshore 1.09& Shipbuilding1,105,137 155,000 STX Pan Ocean 1,567,215 1.55 7,875 Yuhan 1,207,437 1.19

81,451,498 80.44

Total Shares 81,451,498 80.44

Total Transferable Securities Admitted to an 81,451,498 80.44 Official Exchange Listing Total Investments 81,451,498 80.44

Cash 19,147,761 18.91

Other Assets/(Liabilities) 657,594 0.65

Total Net Assets 101,256,853 100.00

302 JPMorgan Funds - JF Korea Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-11 164 KOSPI 200 Index Future KRW 19,884,066 677,773

Total 677,773

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

15-Jun-11 KRW 2,500,000,000 USD 2,173,724 25,818 15-Sep-11 KRW 1,700,000,000 USD 1,429,653 63,199 31-Oct-11 KRW 250,000,000 USD 220,790 (1,379)

Total 87,638

303 JPMorgan Funds - JF Pacific Balanced Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 6,416 Korea Kumho Petrochemical 516,515 0.41 1,094 Lotte Shopping461,571 0.36 Shares and Warrants 1,200 POSCO 520,737 0.41 1,910 Samsung Electronics 1,615,109 JAPAN 1.27 6,200 Asahi Breweries 120,123 0.09 6,210,825 4.89 12,300 East Japan Railway 800,166 0.63 17,000 FUJIFILM Holdings 614,168 0.48 CAYMAN ISLANDS 117,000 Fujitsu 814,420 0.64 144,000 China Resources Land 263,061 0.21 31,500 Hitachi Construction Machinery 754,348 0.60 1,157,000 China Sky Chemical Fibre 228,112 0.18 19,000 Honda Motor 752,493 0.60 1,332,000 Daphne International Holdings 1,244,932 0.98 110,000 Isuzu Motors 500,308 0.39 1,581,000 Glorious Property Holdings 542,044 0.42 86 Japan Tobacco 318,371 0.25 640,000 Hidili Industry International Development 543,001 0.43 58,100 JSR 1,084,548 0.85 31,000 Li Ning65,923 0.05 88,000 JX Holdings 597,390 0.47 84,500 Lifestyle International Holdings 209,155 0.16 28,000 Kubota 265,559 0.21 605,000 Parkson Retail Group 935,547 0.74 3,600 Kyocera 367,799 0.29 290,000 Sands China 642,073 0.51 6,200 Lawson 306,413 0.24 29,200 Tencent Holdings 639,176 0.50 38,400 Mitsubishi 1,039,173 0.82 50,000 Mitsubishi Estate 928,422 0.73 5,313,024 4.18 83,200 Mitsubishi UFJ Financial Group 450,103 0.35 HONG KONG 62,100 Mitsui & Co. 1,025,827 0.81 69,000 Cheung Kong Holdings 1,065,656 0.84 48,000 Mitsui Fudosan 956,869 0.75 158,400 China Taiping Insurance Holdings 486,524 0.38 3,700 Murata Manufacturing258,918 0.20 171,000 CNOOC 405,001 0.32 19,000 NGK Insulators 309,650 0.25 22,300 Hong Kong Exchanges & Clearing 506,642 0.40 2,700 Nintendo 791,322 0.62 352,000 Poly Hong Kong Investments 343,482 0.27 18,000 Nippon Electric Glass 259,675 0.20 112,000 Wharf Holdings 863,079 0.68 16,400 Nippon Paper Group 429,985 0.34 193,000 Nippon Sheet Glass 521,461 0.41 3,670,384 2.89 19,600 Nippon Telegraph & Telephone 888,442 0.70 10,600 Nitto Denko 499,729 0.40 BERMUDA 28,500 Omron 756,176 0.60 20,800 Jardine Matheson Holdings 925,184 0.73 4,800 Oriental Land 444,609 0.35 41,163 Jardine Strategic Holdings 1,143,920 0.90 9,760 ORIX 961,103 0.76 211,000 Kerry Properties 1,104,797 0.87 150 Rakuten 125,277 0.10 156,000 Ports Design 433,495 0.34 5,100 Sankyo 287,989 0.23 5,200 Shin-Etsu Chemical 281,635 0.22 3,607,396 2.84 19,500 Shionogi & Co. 385,367 0.30 SINGAPORE 26,000 Shiseido 567,750 0.45 1,153,000 Mapletree Industrial Trust 976,813 0.77 3,700 Softbank 128,138 0.10 521,000 Neptune Orient Lines 890,911 0.70 4,400 Sumitomo Mitsui Financial Group 156,768 0.12 39,000 Singapore Airlines 466,831 0.37 19,200 Suzuki Motor 472,437 0.37 118,000 Singapore Exchange 776,716 0.61 28,000 Tokio Marine Holdings 837,174 0.66 29,000 United Overseas Bank 412,798 0.33 46,000 Tokyo Gas 204,124 0.16 38,700 Tokyo Steel 0.33Manufacturing422,299 3,524,069 2.78 13,000 Toyo Suisan Kaisha 288,996 0.23 34,200 Toyota Motor 1,357,644 1.07 TAIWAN 7,900 Unicharm 314,337 0.25 320,000 Cathay Financial 0.45 Holding568,194 3,630 Yamada Denki 247,764 0.20 312,000 Chimei Innolux 431,683 0.34 18,800 Yamato Kogyo 568,698 0.45 919 Compal Electronics 1,220 0.00 167,000 Formosa Chemicals & Fibre 562,970 0.44 24,463,967 19.27 250,000 Fubon Financial 0.27 Holding342,898 132,112 Hon Hai Precision Industry 531,485 0.42 AUSTRALIA 644,056 Taiwan Cement 725,378 0.57 95,000 AMP 513,505 0.40 13,700 ANZ Banking Group 325,916 0.26 3,163,828 2.49 410,000 Asciano 665,688 0.52 50,000 BHP Billiton 2,310,746 1.82 INDIA 118,438 Brambles 857,813 0.68 105,177 Ambuja Cements 336,124 0.27 9,837 Newcrest Mining405,900 0.32 11,500 Bharat Heavy Electricals 600,043 0.47 54,600 QBE Insurance Group 1,012,391 0.80 177,500 Hindalco Industries - Warrants 21.09.12 980,705 0.77 3,600 Rio Tinto 314,333 0.25 210,000 Infrastructure Development Finance 859,561 0.68 63,000 Westpac Banking1,426,591 1.12 2,776,433 2.19 7,832,883 6.17 THAILAND CHINA 34,100 Banpu - NVDR 897,607 0.71 615,000 China Communications Construction - H Shares ** 536,822 0.42 1,223,500 Krung Thai Bank (Foreign) 706,413 0.55 869,910 China Construction Bank - H Shares ** 779,473 0.61 6,279,000 Quality Houses (Foreign) 440,888 0.35 534,000 China National Building Material - H Shares ** 1,218,711 0.96 1,452,000 China Petroleum & Chemical - H Shares ** 1,386,976 1.09 2,044,908 1.61 112,900 China Vanke - B Shares 139,289 0.11 INDONESIA 1,538,240 Industrial & Commercial Bank of China - H Shares ** 1,143,820 0.90 320,500 Bank Negara Indonesia 137,870 0.11 48,500 Ping An Insurance Group Co. of China - H Shares ** 541,118 0.43 114,000 Indo Tambangraya Megah 644,019 0.51 336,000 Yanzhou Coal Mining - H Shares ** 1,022,295 0.81 544,000 Zijin Mining Group - H Shares ** 500,742 0.39 781,889 0.62 7,269,246 5.72 MALAYSIA 199,500 Petronas Chemicals Group 359,556 0.28 SOUTH KOREA 7,400 Daelim Industrial 776,826 0.61 359,556 0.28 3,135 GS Engineering & Construction 323,511 0.26 6,173 Hyundai Engineering & Construction 397,617 0.31 SWITZERLAND 495 Hyundai Heavy Industries 195,607 0.15 47,000 UBS - Warrants 18.06.13 312,621 0.25 17,700 KB Financial Group 946,005 0.75 17,000 Korea Electric Power 457,327 0.36 312,621 0.25

304 JPMorgan Funds - JF Pacific Balanced Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

NETHERLANDS SOUTH KOREA 50,000 JP Morgan Structured Products - 1,000,000 Hynix Semiconductor 14.05.15/2.650% 990,000 0.78 Warrants 25.08.14 204,000 0.16 1,000,000 LG Uplus 29.09.12/5.000%* 1,036,250 0.82

204,000 0.16 2,026,250 1.60

Total Shares and Warrants 71,535,029 56.34 CAYMAN ISLANDS 500,000 China Overseas Finance Bonds Investment Cayman 14.05.14/0.000% 622,500 0.49 6,000,000 Country Garden Holdings 22.02.13/2.500% 1,024,455 0.80 NETHERLANDS 600,000 Indosat Palapa 29.07.20/7.375% 661,944 0.52 1,646,955 1.29 2,000,000 Lippo Karawaci Finance 09.03.11/8.875% 2,026,250 1.60 1,750,000 Majapahit Holding 28.06.17/7.250% 1,990,373 1.57 SINGAPORE 1,000,000 Majapahit Holding 20.01.20/7.750% 1,161,528 0.91 750,000 CapitaLand 05.03.18/3.125% 606,797 0.48 750,000 Yanlord Land Group 13.07.14/5.850% 613,190 0.48 5,840,095 4.60 1,219,987 0.96 SOUTH KOREA 50,000,000 Export-Import Bank of Korea 29.10.13/5.100% 1,078,495 0.85 THAILAND 7,000,000,000 Export-Import Bank of Korea 04.11.13/6.600% 768,163 0.60 600,000 Thoresen Thai Agencies 24.09.12/2.500% 673,440 0.53 1,400,000,000 Korea (Republic of) 10.06.20/2.750% 1,391,629 1.10 2,000,000 Shinhan Bank 20.09.36/6.819%* 2,023,330 1.59 673,440 0.53 JAPAN 5,261,617 4.14 50,000,000 Toshiba 21.07.11/0.000% 612,470 0.48 PHILIPPINES 1,000,000 Development Bank of Philippines 15.09.16/8.375%* 1,116,038 0.88 612,470 0.48 600,000 International Container Terminal Services 17.03.20/7.375% 639,547 0.50 Total Convertible Bonds 9,198,477 7.24 1,500,000 Philippines (Republic of) 20.01.20/6.500% 1,740,000 1.37 800,000 Philippines (Republic of) 23.10.34/6.375% 860,318 0.68 Total Transferable Securities Admitted to an 113,139,765 89.10 Official Exchange Listing 4,355,903 3.43 Transferable Securities Dealt in on Another Regulated Market MALAYSIA 1,000,000 AMBB Capital 27.01.16/6.770%* 1,020,378 0.80 Bonds 1,500,000 Petronas Capital 12.08.19/5.250% 1,611,650 1.27 1,000,000 Public Bank 22.08.36/6.840%* 1,041,877 0.82 HONG KONG 1,700,000 Bangkok Bank/Hong Kong 15.03.29/9.025% 2,138,168 1.69 3,673,905 2.89 3,000,000 China Resources Power Holdings 12.11.15/3.750% 473,085 0.36 CAYMAN ISLANDS 2,611,253 2.05 400,000 China Forestry Holdings 17.11.15/7.750% 404,000 0.32 600,000 China Overseas Finance AUSTRALIA Cayman II 10.11.20/5.500% 587,854 0.46 2,000,000 Envestra Victoria 20.05.11/5.530%* 2,015,211 1.59 2,000,000 Parkson Retail Group 14.11.11/7.875% 2,086,462 1.65 3,200,000 Shui On Development Holding 23.12.13/6.875% 498,400 0.39 2,015,211 1.59 THAILAND 3,576,716 2.82 1,000,000 True Move 01.08.14/10.375% 1,070,000 0.84 INDONESIA 1,800,000 Indonesia (Republic of) 13.03.20/5.875% 1,984,500 1.56 1,070,000 0.84 MALAYSIA 1,984,500 1.56 3,000,000 Bank Pembangunan Malaysia 25.04.11/5.000% 986,176 0.78 HONG KONG 1,000,000 Bank of East Asia 16.07.20/6.125% 1,036,693 0.82 986,176 0.78 800,000 CITIC Bank International 24.06.20/6.875% 836,907 0.66 NETHERLANDS 347,000 Paiton Energy Funding 15.02.14/9.340% 366,953 0.29 1,873,600 1.48 BRITISH VIRGIN ISLANDS 366,953 0.29 1,500,000 Star Energy Geothermal CAYMAN ISLANDS Wayang Windu 12.02.15/11.500% 1,707,540 1.34 300,000 Country Garden Holdings 22.04.17/11.250% 330,258 0.26

1,707,540 1.34 330,258 0.26 AUSTRALIA 1,500,000 Leighton Finance International 16.05.11/7.875% 1,529,264 1.20 Total Bonds 7,379,851 5.81 Certificates of Deposit 1,529,264 1.20 CHINA INDIA 800,000 China Development Bank 11.11.13/2.700% 121,212 0.10 60,000,000 India (Government of) 09.07.17/7.990% 1,352,060 1.07 121,212 0.10 1,352,060 1.07 THAILAND Total Certificates of Deposit 121,212 0.10 31,800,000 Thailand (Government of) 31.03.21/5.850% 1,251,059 0.99 Investment Funds 1,251,059 0.99 SINGAPORE 16,000 ABF Pan Asia Bond Index Fund 1,952,000 1.54 Total Bonds 32,406,259 25.52 1,952,000 1.54 Convertible Bonds INDIA Total Investment Funds 1,952,000 1.54 1,000,000 Ranbaxy Laboratories 18.03.11/0.000% 1,255,000 0.99 1,500,000 Reliance Communications 01.03.12/0.000% 1,764,375 1.39 Total Transferable Securities Dealt in on Another 9,453,063 7.45 Regulated Market 3,019,375 2.38

305 JPMorgan Funds - JF Pacific Balanced Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Other Transferable Securities Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Bonds Net Assets Fixed Income Securities INTERNATIONAL AGENCIES South Korea 5.74 5,000,000 Asian Development Bank 25.04.11/4.265% 1,642,297 1.29 Netherlands 4.89 Cayman Islands 1,642,297 1.29 4.37 Malaysia 3.67 Hong Kong 3.53 Total Bonds 1,642,297 1.29 India 3.45 Philippines 3.43 1,642,297 1.29 Total Other Transferable Securities Australia 2.79 Thailand 2.36 Total Investments 124,235,125 97.84 Indonesia 1.56 British Virgin Islands 1.34 Cash 2,364,198 1.86 International Agencies 1.29 Singapore 0.96 Other Assets/(Liabilities) 379,216 0.30 Japan 0.48 China 0.10 Total Net Assets 126,978,539 100.00 Total Fixed Income Securities 39.96 Shares and Warrants Financials 18.63 * Variable coupon rates are those quoted as at 31 December 2010. Materials 12.12 ** Hong Kong Registered Shares. Consumer Discretionary 8.14 Industrials 7.97 Information Technology 4.71 Energy 1.88 Investment Companies 1.54 Consumer Staples 1.27 Telecommunication Services 0.80 Utilities 0.52 Health Care 0.30 Total Shares and Warrants 57.88 Cash and Other Assets/(Liabilities) 2.16 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities South Korea 8.04 Cayman Islands 5.65 Netherlands 5.13 Australia 5.09 Indonesia 4.24 Malaysia 4.00 British Virgin Islands 3.49 Philippines 2.82 India 2.70 Hong Kong 2.59 Thailand 1.78 Singapore 1.57 International Agencies 1.44 United Kingdom 1.00 Total Fixed Income Securities 49.54 Shares Financials 14.80 Consumer Discretionary 9.29 Materials 5.82 Industrials 5.28 Information Technology 4.89 Investment Companies 1.74 Telecommunication Services 1.48 Energy 0.99 Utilities 0.81 Consumer Staples 0.70 Health Care 0.41 Total Shares 46.21 Cash and Other Assets/(Liabilities) 4.25 Total 100.00

306 JPMorgan Funds - JF Pacific Balanced Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

04-Jan-11 JPY 380,249,000 USD 4,628,716 51,848 04-Jan-11 USD 4,547,797 JPY 380,249,000 (132,767) 12-Jan-11 USD 1,936,570 AUD 2,000,000 (97,256) 14-Apr-11 USD 4,633,454 JPY 380,249,000 (52,373)

Total (230,548)

307 JPMorgan Funds - JF Pacific Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing BERMUDA 420,757 Jardine Matheson Holdings 18,715,271 2.80 Shares and Warrants 109,500 Jardine Strategic Holdings 3,043,005 0.46 1,536,500 Kerry Properties 8,045,124 1.20 JAPAN 1,479,000 Ports Design 4,109,866 0.61 80,400 Canon 4,168,944 0.62 293,100 Daikin Industries 10,392,350 1.55 33,913,266 5.07 189,000 East Japan Railway 12,295,236 1.84 20,400 Fast Retailing3,244,313 0.48 HONG KONG 139,000 Honda Motor 5,505,078 0.82 646,000 Cheung Kong Holdings 9,977,011 1.49 1,980 Japan Tobacco 7,329,948 1.10 189,000 China Mobile 1,875,265 0.28 1,450 KDDI 8,379,801 1.25 937,400 China Taiping Insurance Holdings 2,879,215 0.43 840,000 Kubota 7,966,765 1.19 2,000,000 CNOOC 4,736,849 0.71 1,217,000 Marubeni 8,553,754 1.28 147,800 Hong Kong Exchanges & Clearing 3,357,924 0.50 381,400 Mitsubishi 10,321,368 1.54 2,872,000 Poly Hong Kong Investments 2,802,501 0.42 1,688,400 Mitsubishi UFJ Financial Group 9,134,069 1.37 823,000 Wharf Holdings 6,342,090 0.95 534,300 Mitsui & Co. 8,826,078 1.32 612,000 Mitsui Fudosan 12,200,074 1.82 31,970,855 4.78 1,597,000 Mitsui OSK Lines 10,900,252 1.63 CAYMAN ISLANDS 4,008,000 Mizuho Financial Group 7,572,969 1.13 856,000 China Resources Land 1,563,752 0.23 22,200 Nintendo 6,506,425 0.97 7,026,000 Daphne International Holdings 6,566,735 0.98 269,000 Nippon Electric Glass 3,880,699 0.58 10,109,000 Glorious Property Holdings 3,465,861 0.52 191,200 Nippon Telegraph & Telephone 8,666,839 1.30 3,194,000 Hidili Industry International Development 2,709,914 0.41 337,000 Omron 8,941,451 1.34 241,000 Li Ning512,502 0.08 85,000 ORIX 8,370,261 1.25 675,000 Lifestyle International Holdings 1,670,762 0.25 647,500 Panasonic 9,197,624 1.37 4,038,500 Parkson Retail Group 6,244,969 0.93 19,500 Rakuten 16,286,004 2.44 192,000 Tencent Holdings 4,202,802 0.63 260,000 Shin-Etsu Chemical 14,081,733 2.11 452,000 Wynn Macau 1,014,123 0.15 307,000 Shionogi & Co. 6,067,067 0.91 Shiseido 6,653,592 304,700 0.99 27,951,420 4.18 1,144,000 Sumitomo Chemical 5,632,693 0.84 315,700 Sumitomo Mitsui Financial Group 11,248,075 1.68 TAIWAN 440,000 Sumitomo Realty & Development 10,507,139 1.57 1,367,595 Advanced Semiconductor Engineering 1,584,852 0.24 213,000 Suzuki Motor 5,241,100 0.79 1,686,000 Cathay Financial 0.45 Holding2,993,670 419,000 Toyo Suisan Kaisha 9,314,550 1.39 2,005,000 Chimei Innolux 2,774,117 0.42 328,200 Toyota Motor 13,028,619 1.95 968,196 Compal Electronics 1,284,782 0.19 167,000 Unicharm 6,644,849 1.00 874,000 Formosa Chemicals & Fibre 2,946,320 0.44 2,114,000 Fubon Financial 0.43 Holding2,899,542 277,059,719 41.42 1,260,082 HON HAI Precision Industry 5,069,295 0.76 3,225,768 Taiwan Cement 3,633,070 0.54 AUSTRALIA 607,275 Taiwan Semiconductor Manufacturing1,480,4220.22 809,983 AMP 4,378,213 0.66 ANZ Banking Group 5,159,940 216,900 0.77 24,666,070 3.69 400,000 BHP Billiton 18,485,971 2.76 761,175 Brambles 5,512,973 0.82 SINGAPORE 33,000 Commonwealth Bank of Australia 1,711,026 0.26 829,000 CapitaLand 2,404,728 0.36 77,000 National Australia Bank 1,863,144 0.28 5,426,000 Mapletree Industrial Trust 4,596,869 0.69 62,900 Newcrest Mining2,595,418 0.39 1,622,000 Neptune Orient Lines 2,773,624 0.41 375,300 QBE Insurance Group 6,958,797 1.04 306,000 Singapore Airlines 3,662,825 0.55 59,900 Rio Tinto 5,230,148 0.78 582,000 Singapore Exchange 3,830,921 0.57 644,500 Westpac Banking14,594,249 2.18 181,000 United Overseas Bank 2,576,427 0.39 41,982 Woodside Petroleum 1,822,672 0.27 19,845,394 2.97 68,312,551 10.21 THAILAND CHINA 179,400 Banpu - NVDR 4,722,309 0.71 3,690,000 China Communications Construction - H Shares * 3,220,935 0.48 6,916,400 Krung Thai Bank (Foreign) 3,993,329 0.60 11,363,400 China Construction Bank - H Shares * 10,182,048 1.52 245,700 PTT (Foreign) 2,620,527 0.39 744,000 China Life Insurance - H Shares * 3,031,763 0.46 38,864,000 Quality Houses (Foreign) 2,728,887 0.41 4,020,000 China National Building Material - H Shares * 9,174,564 1.37 240,100 Siam Cement - NVDR 2,720,601 0.40 8,000,000 China Petroleum & Chemical - H Shares * 7,641,739 1.14 1,664,019 China Vanke - B Shares 2,052,970 0.31 16,785,653 2.51 17,457,770 Industrial & Commercial Bank of China - H Shares * 12,981,425 1.94 GERMANY Ping An Insurance Group Co. of China - H Shares * 3,291,335 295,000 0.49 1,601,500 Hindalco Industries - Warrants 21.09.12 8,848,448 1.32 1,796,000 Yanzhou Coal Mining - H Shares * 5,464,409 0.82 3,986,000 Zijin Mining Group - H Shares * 3,669,042 0.55 8,848,448 1.32 60,710,230 9.08 INDONESIA 1,524,500 Bank Negara Indonesia 655,795 0.10 SOUTH KOREA 1,401,500 Bank Rakyat Indonesia 1,631,103 0.24 51,300 Daelim Industrial 5,385,293 0.81 570,000 Indo Tambangraya Megah 3,220,097 0.48 25,913 GS Engineering & Construction 2,674,051 0.40 43,177 Hyundai Engineering & Construction 2,781,130 0.42 5,506,995 0.82 5,206 Hyundai Heavy Industries 2,057,235 0.31 200,900 KB Financial Group 10,737,425 1.61 SWITZERLAND 66,500 Korea Electric Power 1,788,957 0.27 68,000 Bharat Heavy Electricals - 33,838 Korea Kumho Petrochemical 2,724,103 0.40 Warrants 10.06.13 3,543,106 0.53 32,400 LG Display 1,148,911 0.17 235,000 UBS - Warrants 18.06.13 1,563,103 0.23 485,518 LG Uplus 3,101,363 0.46 7,100 Lotte Shopping2,995,574 0.45 5,106,209 0.76 6,800 POSCO 2,950,842 0.44 NETHERLANDS 20,052 Samsung Electronics 16,956,103 2.53 1,050,000 JP Morgan Structured Products - 11,806 Samsung Engineering 2,023,486 0.30 Warrants 25.08.14 4,284,000 0.64

57,324,473 8.57 4,284,000 0.64

308 JPMorgan Funds - JF Pacific Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

MALAYSIA 938,500 Petronas Chemicals Group 1,691,447 0.25

1,691,447 0.25

Total Shares and Warrants 643,976,730 96.27

Total Transferable Securities Admitted to an 643,976,730 96.27 Official Exchange Listing Total Investments 643,976,730 96.27

Cash 27,071,280 4.05

Other Assets/(Liabilities) (2,116,243) (0.32)

Total Net Assets 668,931,767 100.00

* Hong Kong Registered Shares.

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares and Warrants Financials 33.07 Industrials 16.75 Materials 13.29 Consumer Discretionary 12.68 Information Technology 7.70 Consumer Staples 4.48 Telecommunication Services 3.29 Energy 2.51 Mining 1.32 Health Care 0.91 Utilities 0.27 Total Shares and Warrants 96.27 Cash and Other Assets/(Liabilities) 3.73 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares and Warrants Financials 31.59 Consumer Discretionary 16.88 Information Technology 11.20 Industrials 10.51 Materials 8.11 Telecommunication Services 5.72 Consumer Staples 3.26 Energy 2.82 Health Care 1.49 Mining 0.73 Utilities 0.58 Total Shares and Warrants 92.89 Cash and Other Assets/(Liabilities) 7.11 Total 100.00

309 JPMorgan Funds - JF Pacific Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Jan-11 174 H-Shares Index Future HKD 14,171,875 213,454 Mar-11 28 SPI 200 Future AUD 3,370,432 (31,353) Mar-11 45 Topix Index Future JPY 4,963,072 67,024

Total 249,125

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

04-Jan-11 JPY 2,033,890,000 USD 24,809,588 225,986 04-Jan-11 USD 24,325,423 JPY 2,033,890,000 (710,150)

Total (484,164)

310 JPMorgan Funds - JF Pacific Technology Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Shares Net Assets Shares JAPAN Information Technology 78.80 40,200 Canon 2,084,472 6.29 Consumer Discretionary 7.94 18,300 FUJIFILM Holdings 661,134 1.99 Industrials 6.48 151,000 Fujitsu 1,051,089 3.17 Materials 1.49 127,000 Hitachi 676,896 2.04 Telecommunication Services 1.16 20,600 Ibiden 649,392 1.96 2,600 Keyence 753,533 2.27 Total Shares 95.87 7,900 Kyocera 807,115 2.43 Cash and Other Assets/(Liabilities) 4.13 10,300 Murata Manufacturing720,772 2.17 Total 100.00 109,000 NEC 328,047 0.99 5,100 Nintendo 1,494,719 4.51 44,000 Nippon Electric Glass 634,761 1.92 33,700 Omron 894,145 2.70 Sony 475,746 13,200 1.44 Allocation of Portfolio as at 30 June 2010 % of 10,000 Tokyo Electron 632,693 1.91 Net Assets 211,000 Toshiba 1,146,683 3.46 Shares 1,601 Yahoo! Japan 621,264 1.87 Information Technology 74.49 Consumer Discretionary 6.90 13,632,461 41.12 Telecommunication Services 6.02 TAIWAN Industrials 5.45 163,000 Acer 504,184 1.52 Financials 1.65 466,949 Advanced Semiconductor Engineering 541,129 1.63 Materials 0.96 467,000 AU Optronics 485,908 1.47 Total Shares 95.47 70,000 Catcher Technology 258,792 0.78 Cash and Other Assets/(Liabilities) 4.53 141,000 Chicony Electronics 314,704 0.95 542,178 Compal Electronics 719,463 2.17 Total 100.00 141,000 Delta Electronics 688,188 2.08 459,588 Hon Hai Precision Industry 1,848,917 5.58 28,000 HTC 864,162 2.61 81,000 Orise Technology 176,619 0.53 181,050 Powertech Technology 604,432 1.82 89,790 Silitech Technology 278,967 0.84 269,000 Synnex Technology International 726,840 2.19 799,940 Taiwan Semiconductor Manufacturing1,950,1025.88

9,962,407 30.05 SOUTH KOREA 14,592 Duksan Hi-Metal 264,409 0.80 35,540 Hynix Semiconductor 761,223 2.29 9,300 KT 383,258 1.16 6 LG Uplus 38 0.00 8,026 Melfas 207,326 0.62 1,678 OCI 493,296 1.49 7,455 Samsung C&T 524,059 1.58 2,333 Samsung Electronics 1,972,800 5.95 2,910 Samsung Electronics GDR 144A 1,232,385 3.72 5,837 Samsung Techwin 537,293 1.62

6,376,087 19.23 CAYMAN ISLANDS 44,900 Tencent Holdings 982,843 2.96

982,843 2.96 INDIA 8,735 Infosys Technologies 671,803 2.03

671,803 2.03 HONG KONG 246,000 Lenovo Group 157,763 0.48

157,763 0.48

Total Shares 31,783,364 95.87

Total Transferable Securities Admitted to an Official 31,783,364 95.87 Exchange Listing Total Investments 31,783,364 95.87

Cash 1,168,909 3.53

Other Assets/(Liabilities) 199,923 0.60

Total Net Assets 33,152,196 100.00

311 JPMorgan Funds - JF Singapore Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Shares Net Assets Shares SINGAPORE Financials 56.90 1,394,000 Allgreen Properties 1,289,834 0.60 Consumer Discretionary 14.27 1,500,000 Amtek Engineering 1,270,789 0.59 Industrials 12.07 4,788,000 Cache Logistics Trust 3,598,384 1.68 Consumer Staples 6.57 3,300,000 CapitaLand 9,572,499 4.46 Telecommunication Services 5.06 1,553,700 CapitaMall Trust 2,371,737 1.11 Materials 1.51 927,000 CapitaMalls Asia 1,400,597 0.65 Information Technology 1.18 650,000 City Developments 6,400,016 2.98 1,100,435 DBS Group Holdings 12,321,573 5.74 Total Shares 97.56 1,350,000 Fraser and Neave 6,762,122 3.15 Cash and Other Assets/(Liabilities) 2.44 8,290,000 Genting Singapore 14,143,554 6.59 Total 100.00 1,400,000 Global Logistic Properties 2,355,743 1.10 800,000 Guocoland 1,614,742 0.75 600,000 Hotel Properties 1,307,098 0.61 1,200,000 Indofood Agri Resources 2,628,250 1.23 Jardine Cycle & Carriage 1,433,201 50,000 0.67 Allocation of Portfolio as at 30 June 2010 % of 2,198,000 Keppel 19,445,100 9.07 Net Assets 1,388,815 Keppel Land 5,216,054 2.43 Shares 1,300,000 M1/Singapore 2,395,565 1.12 Financials 60.57 4,250,000 Neptune Orient Lines 7,267,510 3.39 Industrials 12.04 2,320,499 Oversea-Chinese Banking17,964,978 8.37 Consumer Discretionary 9.31 2,001,000 Overseas Union Enterprise 5,148,196 2.40 Consumer Staples 6.16 560,700 SATS 1,258,696 0.59 Telecommunication Services 5.76 48,000 SembCorp Marine 201,452 0.09 Materials 0.34 850,000 Singapore Airlines 10,174,514 4.74 Information Technology 0.28 860,000 Singapore Exchange 5,660,811 2.64 Total Shares 2,942,000 Singapore Telecommunications 7,029,375 3.27 94.46 Cash and Other Assets/(Liabilities) 700,000 StarHub 1,440,228 0.67 5.54 1,000,000 Straits Asia Resources 1,948,153 0.91 Total 100.00 2,000,000 Super Group 2,194,113 1.02 1,374,429 United Overseas Bank 19,564,176 9.12 350,000 Venture 2,536,113 1.18 1,000,000 Wilmar International 4,399,938 2.05 2,890,000 Yangzijiang Shipbuilding Holdings 4,332,631 2.02 6,000,000 Yongnam Holdings 1,393,769 0.65

188,041,511 87.64 BERMUDA 5,200,000 FibreChem Technologies 406 0.00 6,108,545 Noble Group 10,374,081 4.84

10,374,487 4.84 MALAYSIA 600,000 Genting2,186,275 1.02 3,208,700 UEM Land Holdings 2,553,328 1.19

4,739,603 2.21 MAURITIUS 5,979,000 Golden Agri-Resources 3,723,161 1.74

3,723,161 1.74 THAILAND 1,074,400 Sri Trang Agro-Industry (Foreign) 1,282,666 0.60

1,282,666 0.60 CAYMAN ISLANDS 1,400,000 Mewah International 1,142,344 0.53

1,142,344 0.53

Total Shares 209,303,772 97.56

Total Transferable Securities Admitted to an 209,303,772 97.56 Official Exchange Listing Total Investments 209,303,772 97.56

Cash 4,071,997 1.90

Other Assets/(Liabilities) 1,158,846 0.54

Total Net Assets 214,534,615 100.00

312 JPMorgan Funds - JF Taiwan Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 3,235,000 Yageo 1,595,578 0.30 1,727,000 Yang Ming Marine Transport 1,675,448 0.31 Shares and Warrants 8,909,000 Yuanta Financial 1.24 Holding6,656,149 4,477,000 Yulon Motor 9,485,495 TAIWAN 1.77 1,198,000 Yungtay Engineering 1,802,446 3,193,154 Acer 9,876,920 1.84 0.34 10,975,248 Advanced Semiconductor Engineering 12,718,785 2.37 520,827,491 96.94 2,477,000 Ambassador Hotel 4,085,839 0.76 763,000 Asustek Computer 7,258,252 1.35 CAYMAN ISLANDS 3,414,000 AU Optronics 3,552,223 0.66 36,000 Gourmet Master 361,915 0.07 1,688,000 Catcher Technology 6,240,590 1.16 332,000 MStar Semiconductor 3,198,113 0.59 7,854,414 Cathay Financial 2.60 Holding13,946,335259,000 TPK Holding5,962,910 1.11 6,528,000 Chang Hwa Commercial Bank 5,806,773 1.08 1,435,500 Cheng Shin Rubber Industry 3,203,955 0.60 9,522,938 1.77 1,958,000 Cheng Uei Precision Industry 4,464,200 0.83 SINGAPORE 3,319,658 Chimei Innolux 4,593,076 0.85 270,000 MediaTek - Warrants 18.02.11 3,877,200 0.72 5,959,090 China Airlines 5,280,271 0.98 2,667,000 China Petrochemical Development 2,642,293 0.49 3,877,200 0.72 762,472 China Steel 875,751 0.16 10,732,169 Chinatrust Financial 1.47Holding7,889,405 4,192,000 Chipbond Technology 7,321,077 1.36 Total Shares and Warrants 534,227,629 99.43 963,735 Chroma ATE 2,890,048 0.54 Total Transferable Securities Admitted to an 534,227,629 99.43 6,202,000 Chunghwa Telecom 15,789,617 2.94 Official Exchange Listing 1,762,000 Coretronic 2,888,302 0.54 2,144,125 Delta Electronics 10,464,978 1.95 Total Investments 534,227,629 99.43 4,538,000 Eva Airways 5,733,808 1.07 5,938,000 Evergreen Marine 6,178,413 1.15 Cash 5,653,112 1.05 3,373,700 Far Eastern Department Stores 5,645,984 1.05 5,988,974 Far Eastern New Century 10,146,014 1.89 Other Assets/(Liabilities) (2,589,899) (0.48) 364,000 Far EasTone Telecommunications 527,984 0.10 1,477,000 Faraday Technology 2,891,160 0.54 Total Net Assets 537,290,842 100.00 13,241,675 First Financial 2.27 Holding12,187,611 780,000 First Steamship 1,821,204 0.34 1,638,000 FLEXium Interconnect 3,068,615 0.57 6,007,770 Formosa Chemicals & Fibre 20,252,647 3.77 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 260,200 Formosa International Hotels 4,602,268 0.86 Net Assets 6,182,820 Formosa Plastics 20,662,435 3.85 Shares and Warrants 7,569,362 Fubon Financial 1.93 Holding10,382,064Information Technology 41.00 5,329,115 Hon Hai Precision Industry 21,438,968 3.99 Financials 16.57 615,200 HTC 18,986,872 3.53 Materials 16.07 1,028,852 Huaku Development 3,124,152 0.58 Consumer Discretionary 10.12 227,000 J Touch 843,121 0.16 Industrials 9.75 2,438,000 Kinsus Interconnect Technology 8,277,238 1.54 Telecommunication Services 4.37 228,340 Largan Precision 5,684,017 1.06 Consumer Staples 1.20 386,000 Lite-On Technology 531,420 0.10 Health Care 0.35 2,201,000 Macronix International 1,538,699 0.29 Total Shares and Warrants 99.43 352,000 Mag Layers Scientific-Technics 996,397 0.19 Cash and Other Assets/(Liabilities) 0.57 489,425 MediaTek 7,006,779 1.30 12,081,000 Mega Financial Holding 9,316,194 1.73 Total 100.00 7,306,730 Nan Ya Plastics 18,213,551 3.39 677,000 Nan Ya Printed Circuit Board 2,531,927 0.47 1,037,570 Novatek Microelectronics 3,348,206 0.62 1,266,000 Oriental Union Chemical 1,634,354 0.30 242,000 Pacific Hospital Supply 1,017,156 0.19 Allocation of Portfolio as at 30 June 2010 % of 5,987,000 Polaris Securities 3,908,138 0.73 Net Assets 535,000 Pou Chen 529,126 0.10 Shares and Warrants 703,270 Powertech Technology 2,347,853 0.44 Information Technology 46.78 1,978,000 President Chain Store 9,111,220 1.69 Financials 15.44 5,775,280 Prince Housing & Development 4,859,796 0.90 Materials 13.53 4,553,000 Qisda 3,112,662 0.58 Consumer Discretionary 8.73 1,598,000 Quanta Computer 3,358,295 0.63 Industrials 6.08 1,059,700 Realtek Semiconductor 2,528,809 0.47 Telecommunication Services 4.84 2,075,000 Ruentex Development 3,648,782 0.68 Consumer Staples 1.71 1,703,000 Shinkong Synthetic Fibers 942,216 0.17 Energy 1.34 924,000 Simplo Technology 6,737,005 1.25 Total Shares and Warrants 98.45 124,000 Skymedi 1,011,529 0.19 Cash and Other Assets/(Liabilities) 1.55 64,000 St Shine Optical 852,016 0.16 1,962,628 Synnex Technology International 5,303,035 0.99 Total 100.00 12,350,359 Taishin Financial Holdings 7,320,379 1.36 6,152,755 Taiwan Cement 6,929,634 1.29 1,571,000 Taiwan Fertilizer 5,888,892 1.10 3,966,020 Taiwan Glass Industrial 4,960,076 0.92 1,378,000 Taiwan Mobile 3,297,838 0.61 17,306,759 Taiwan Semiconductor Manufacturing42,190,6077.85 781,000 Teco Electric and Machinery 523,212 0.10 333,000 Tong Hsing Electronic Industries 1,471,050 0.27 1,848,000 TSRC 4,283,150 0.80 240,693 TXC 460,822 0.08 3,764,000 Unimicron Technology 7,348,485 1.37 4,357,415 Uni-President Enterprises 6,462,490 1.20 10,843,000 United Microelectronics 6,054,892 1.13 8,862,000 Walsin Lihwa 5,617,617 1.04 2,389,000 Wintek 4,110,769 0.76 2,100,110 WPG Holdings 4,064,032 0.76

313 JPMorgan Funds - Latin America Equity Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing CANADA 1,260,563 Pacific Rubiales Energy 41,930,518 2.31 Shares 698,300 Yamana Gold 8,878,885 0.49

BRAZIL 50,809,403 2.80 283,000 AES Tiete 3,537,713 0.20 1,184,471 AES Tiete Preference Shares 16,592,575 0.91 UNITED STATES OF AMERICA 3,274,753 All America Latina Logistica 30,067,022 1.66 273,500 First Cash Financial Services 8,575,592 0.47 788,400 Banco ABC Brasil Preference Shares 6,932,605 0.38 768,683 NII Holdings 34,198,707 1.88 1,761,135 Banco Bradesco ADR 35,381,202 1.95 2,283,100 Banco do Estado do Rio Grande do Sul Preference 42,774,299 2.35 Shares 24,019,614 1.32 PANAMA 1,685,400 BM&F Bovespa 13,374,661 0.74 271,802 Copa Holdings - A Shares 15,976,522 0.88 3,354,124 BR Malls Participacoes 34,298,265 1.89 448,400 Intergroup Financial Services 15,940,620 0.88 1,253,681 Bradespar Preference Shares 32,868,098 1.81 2,462,100 Brasil Brokers Participaçoes 13,773,831 0.76 31,917,142 1.76 15,300 Brasil Insurance Participacoes e Administracao 17,312,067 0.95 2,447,528 BRF - Brasil Foods 40,635,004 2.24 ARGENTINA 521,695 BRF - Brasil Foods ADR 8,837,513 0.49 556,084 Telecom Argentina ADR 13,815,907 0.76 686,800 Cia Hering11,107,021 0.61 2,192,271 Cía Siderúrgica Nacional ADR 36,150,549 1.99 13,815,907 0.76 321,555 Companhia de Bebidas das Americas ADR 8,537,285 0.47 BERMUDA 2,099,220 Companhia de Bebidas das Americas Preference Shares ADR 65,632,113 3.61 31,400 Credicorp 3,784,642 0.21 897,800 Companhia de Concessoes Rodoviarias 25,088,687 1.38 466,800 Wilson Sons BDR 8,920,193 0.49 696,632 Companhia de Transmissao de Energia Eletrica Paulista Preference Shares 23,517,357 1.29 12,704,835 0.70 3,044,993 Duratex 32,502,528 1.79 883,143 Estacio Participaçoes 14,051,090 0.77 Total Shares 1,769,820,980 97.44 1,377,800 Fibria Celulose 22,290,258 1.23 Total Transferable Securities Admitted to an 1,747,895 Gafisa 12,555,598 1,769,820,980 97.44 0.69 Official Exchange Listing 3,774,947 Gerdau Preference Shares ADR 52,528,388 2.89 2,069,553 Gol Linhas Aereas Inteligentes ADR 31,840,073 1.75 Transferable Securities Dealt in on Another Regulated Market 5,015,983 Investimentos Itau Preference Shares 39,653,889 2.18 Itau Unibanco Holding Preference Shares 54,434,560 2,286,513 3.00 Investment Funds 1,190,069 Localiza Rent A CAR 18,823,360 1.04 814,434 Lojas Renner 27,621,641 1.52 LUXEMBOURG 223,628 M Dias Branco 5,294,257 0.29 41,804,332 JPMorgan Liquidity Funds - US Dollar Liquidity Fund 707,200 Mills Estruturas e Servicos de Engenharia 8,493,636 0.47 (JPM US Dollar Liquidity X (dist)) 41,804,332 2.30 3,707,600 MMX Mineracao e Metalicos 25,516,946 1.40 3,344,121 MRV Engenharia e Participacoes 32,384,536 1.79 41,804,332 2.30 832,700 Multiplus 16,929,646 0.93 950,969 Natura Cosmeticos 27,510,277 1.51 Total Investment Funds 41,804,332 2.30 1,218,800 Odontoprev 18,078,439 1.00 Total Transferable Securities Dealt in on Another 6,455,100 OGX Petroleo e Gas Participacoes 77,332,992 41,804,332 2.30 4.26 Regulated Market 4,714,648 PDG Realty Empreendimentos e Participacoes 29,099,437 1.60 2,696,615 Randon Participacoes Preference Shares 19,662,649 1.08 Total Investments 1,811,625,312 99.74 514,700 Souza Cruz 27,985,554 1.54 1,264,339 Sul America 15,108,908 0.83 Bank Overdraft (1,170,310) (0.06) 303,030 Totvs 30,760,782 1.69 1,137,300 Usinas Siderurgicas de Minas Gerais Preference Other Assets/(Liabilities) 5,933,823 0.32 Shares 12,858,369 0.71 744,384 Vale ADR 25,439,323 1.40 Total Net Assets 1,816,388,825 100.00 718,100 Vivo Participacoes Preference Shares ADR 23,833,739 1.31 1,381,837 Weg18,242,910 1.01

1,168,496,967 64.33 MEXICO 18,900,126 America Movil - L Shares 53,802,804 2.96 1,029,773 America Movil ADR - L Shares 58,599,233 3.23 2,747,845 Cemex ADR Participation Certificates 29,580,551 1.63 14,216,948 Compartamos 30,499,987 1.67 284,473 Fomento Economico Mexicano ADR 15,919,109 0.88 348,278 Grupo Aeroportuario del Sureste ADR 19,581,931 1.08 6,529,499 Grupo Financiero Banorte - O Shares 31,080,283 1.71 8,299,959 Grupo Mexico - B Shares 33,515,226 1.85 986,000 Grupo Televisa ADR 25,566,980 1.41 7,530,570 Mexichem 26,706,697 1.47 3,540,500 Urbi Desarrollos Urbanos 8,321,159 0.46

333,173,960 18.35 UNITED KINGDOM 1,209,961 Antofagasta 30,536,086 1.68 585,762 JPMorgan Brazil Investment Trust 353,271 0.02 2,928,810 JPMorgan Brazil Investment Trust 5,287,738 0.29 2,206,551 Wellstream Holdings 27,024,707 1.49

63,201,802 3.48 LUXEMBOURG 661,132 Tenaris ADR 32,395,468 1.78 486,406 Ternium ADR 20,531,197 1.13

52,926,665 2.91

314 JPMorgan Funds - Latin America Equity Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 23.88 Materials 18.33 Industrials 15.03 Consumer Staples 11.03 Telecommunication Services 10.14 Energy 8.06 Consumer Discretionary 6.88 Utilities 2.40 Investment Companies 2.30 Information Technology 1.69 Total Shares 99.74 Bank Overdraft and Other Assets/(Liabilities) 0.26 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 21.72 Materials 14.50 Industrials 14.03 Consumer Staples 11.80 Telecommunication Services 9.75 Energy 9.72 Consumer Discretionary 5.77 Utilities 2.82 Investment Companies 2.74 Information Technology 1.75 Health Care 0.51 Total Shares 95.11 Cash and Other Assets/(Liabilities) 4.89 Total 100.00

315 JPMorgan Funds - Managed Reserves Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing NETHERLANDS 1,000,000 Rabobank Nederland 18.09.12/3.000% 1,031,368 0.78 Bonds 1,031,368 0.78 UNITED STATES OF AMERICA 120,000 Abbott Laboratories 15.03.11/3.750% 120,848 0.09 JAPAN 100,000 Alabama Power 01.02.11/5.100% 100,355 0.08 300,000 Japan Finance Organization for 350,000 AT&T 01.02.12/5.875% 368,405 0.28 Municipalities 14.03.11/5.875% 303,191 0.23 500,000 BB&T 28.07.11/3.100% 506,006 0.38 900,000 BB&T 27.07.12/3.850% 935,843 0.71 303,191 0.23 1,100,000 Boeing Capital 15.02.12/6.500% 1,167,518 0.88 120,000 Cellco Partnership/Verizon Total Bonds 30,851,261 23.33 Wireless Capital 20.05.11/3.750% 121,435 0.09 1,025,000 Chubb 15.11.11/6.000% 1,070,067 0.81 Total Transferable Securities Admitted to an 30,851,261 23.33 800,000 Citigroup 18.01.11/6.500% 801,778 0.61 Official Exchange Listing 500,000 Citigroup 14.02.11/5.125% 502,241 0.38 100,000 Coca-Cola 15.03.11/5.750% 100,976 0.08 Transferable Securities Dealt in on Another Regulated Market 700,000 Countrywide Financial 22.03.11/4.000% 705,207 0.53 1,400,000 Credit Suisse USA 15.11.11/6.125% 1,461,174 1.10 Bonds 575,000 DPL 01.09.11/6.875% 596,726 0.45 UNITED STATES OF AMERICA 1,000,000 Fannie Mae 20.04.12/1.875% 1,017,850 0.77 1,000,000 Ally Auto Receivables Trust 280,000 General Electric Capital 28.04.11/5.500% 284,131 0.21 2010-4 A2 15.02.13/0.710% 999,570 0.76 600,000 General Electric Capital 09.12.11/3.000% 613,612 0.46 1,288,000 American Express Credit 200,000 General Electric Capital 15.02.12/5.875% 210,399 0.16 Account Master Trust 2007-1 A 15.09.14/0.280%* 1,285,652 0.97 250,000 General Electric Capital 03.03.12/4.375% 259,673 0.20 165,000 American Honda Finance 144A 27.03.12/5.100% 172,264 0.13 250,000 General Electric Capital 15.06.12/4.250% 260,430 0.20 1,500,000 American Honda Finance 144A 13.04.12/0.509%* 1,499,325 1.13 250,000 General Electric Capital 13.08.12/3.500% 258,410 0.20 1,000,000 American Honda Finance 144A 07.11.12/0.656%* 999,621 0.76 250,000 General Electric Capital 19.10.12/5.250% 267,133 0.20 1,000,000 AmeriCredit Automobile 400,000 Goldman Sachs Group 15.07.11/1.625% 402,566 0.30 Receivables Trust 2010-3 A2 09.12.13/0.770% 1,000,398 0.76 1,150,000 Hewlett-Packard 01.03.12/5.250% 1,206,901 0.91 250,000 AT&T Mobility 15.12.11/6.500% 263,572 0.20 680,000 Honeywell International 01.11.11/6.125% 709,196 0.54 1,000,000 BA Credit Card Trust 2006-A12 A12 998,709 320,000 International Business Machines 22.03.11/4.950% 323,130 0.24 15.03.14/0.280%* 0.76 1,000,000 BA Credit Card Trust 2006-A15 100,000 John Deere Capital 25.07.11/5.650% 102,773 0.08 A15 15.04.14/0.260%* 998,403 0.75 120,000 John Deere Capital 17.10.11/5.400% 124,278 0.09 500,000 BA Credit Card Trust 2006-A6 A6 15.11.13/0.290%* 499,652 0.38 212,000 Kellogg 01.04.11/6.600% 215,240 0.16 1,175,000 BA Credit Card Trust 2008-A5 A5 16.12.13/1.460%* 1,181,422 0.89 300,000 Kohl’s 01.03.11/6.300% 302,256 0.23 320,000 Bank of America 22.06.12/0.683%* 322,193 0.24 200,000 Merck & Co. 201,332 30.06.11/1.875% 0.15 504,909 Bank of America Auto Trust 1,050,000 New Cingular Wireless Services 01.05.12/8.125% 1,144,936 0.87 2009-1A A3 15.07.13/2.670% 510,388 0.39 1,040,000 NextEra Energy Capital Holdings 01.09.11/5.625% 1,071,661 0.81 582,527 Bank of America Auto Trust 740,000 Northrop Grumman Systems 15.02.11/7.125% 745,341 0.56 2009-2A A3 15.09.13/2.130% 587,547 0.44 800,000 Occidental Petroleum 15.01.12/6.750% 847,000 0.64 100,000 Bank of America Auto Trust 500,000 PNC Funding 22.06.11/1.875% 503,932 0.38 2010-2 A2 15.10.12/0.910% 100,201 0.08 250,000 Southern 15.01.12/5.300% 261,207 0.20 200,000 Burlington Northern Santa Fe 15.07.11/6.750% 206,232 0.16 300,000 Sovereign Bank/Wyomissing 17.01.12/2.750% 307,083 0.23 1,130,000 Capital One Multi-Asset 395,000 Target 15.01.11/6.350% 395,671 0.30 Execution Trust 2006-A6 A6 18.02.14/5.300% 1,145,766 0.87 904,000 Toyota Motor Credit 18.05.11/5.450% 919,518 0.70 1,300,000 Capital One Multi-Asset 250,000 Verizon New Jersey 17.01.12/5.875% 261,173 0.20 Execution Trust 2008-A5 A5 18.02.14/4.850% 1,316,433 1.00 275,000 Wachovia 15.10.11/5.300% 284,556 0.22 125,000 Cisco Systems 22.02.11/5.250% 125,805 0.09 110,000 Wal-Mart Stores 15.02.11/4.125% 110,482 0.08 1,500,000 Citibank 15.11.12/0.286%* 1,502,016 1.14 425,000 Walt Disney 15.07.11/5.700% 436,492 0.33 500,000 Citibank Credit Card Issuance 460,000 Wisconsin Energy 01.04.11/6.500% 465,667 0.35 Trust 2001-A7 A7 15.08.13/0.421%* 499,784 0.38 1,000,000 Citibank Credit Card Issuance Trust 2004-A7 A7 998,573 23,072,608 17.44 25.11.13/0.374%* 0.75 700,000 Citibank Omni Master Trust UNITED KINGDOM 2009-A8 A8 16.05.16/2.360%* 708,958 0.54 100,000 ANZ National Int’l/London 144A 08.08.11/5.500% 102,775 0.08 1,300,000 Coca-Cola 15.05.12/0.336%* 1,301,221 0.98 1,200,000 RBS 02.12.11/0.941%* 1,206,292 0.91 250,000 Comcast 15.03.11/5.500% 252,461 0.19 300,000 SABMiller 144A 01.07.11/6.200% 307,814 0.23 107,000 Comcast Cable Communications 30.01.11/6.750% 107,456 0.08 170,000 Vodafone Group 15.06.11/5.500% 173,319 0.13 400,000 Crédit Suisse USA 16.08.11/0.484%* 400,490 0.30 1,000,000 Daimler Finance North America 08.09.11/5.750% 1,030,535 0.78 1,790,200 1.35 635,000 Dallas Independent School District 15.02.14/5.500% 670,662 0.51 SPAIN 2,000,000 Fannie Mae 23.08.12/0.281%* 2,000,588 1.51 1,235,000 Telefonica Emisiones 20.06.11/5.984% 1,263,172 0.96 1,500,000 Fannie Mae 13.09.12/0.420%* 1,500,937 1.13 1,000,000 Federal Farm Credit Bank 28.08.12/0.261%* 999,941 0.76 1,263,172 0.96 1,500,000 Federal Home Loan Banks 03.10.11/0.400% 1,500,048 1.13 INTERNATIONAL AGENCIES 500,000 Federal Home Loan Banks 07.11.11/0.350% 499,733 0.38 500,000 African Development Bank 25.02.11/2.750% 501,938 0.38 1,000,000 Federal Home Loan Banks 16.11.11/0.370% 999,913 0.76 300,000 Inter-American Development Bank 23.06.11/1.500% 302,007 0.23 1,250,000 Federal Home Loan Banks 28.11.11/0.400% 1,249,017 0.94 400,000 International Bank for 133,912 Ford Credit Auto Owner Trust Reconstruction & Development 15.11.11/3.125% 409,300 0.31 2008-B A3A 15.05.12/4.280% 134,981 0.10 400,000 Ford Credit Auto Owner Trust 1,213,245 0.92 2010-B A2 15.12.12/0.650% 400,284 0.30 735,000 General Electric Capital 27.07.12/0.458%* 733,207 0.55 GERMANY 500,000 Harley-Davidson Motorcycle 100,000 KfW - Kreditanstalt fuer Trust 2010-1 A2 15.11.13/0.830% 499,844 0.38 Wiederaufbau 20.01.11/4.625% 100,165 0.08 320,000 Hewlett-Packard 01.03.12/0.406%* 320,404 0.24 1,000,000 KfW - Kreditanstalt fuer 82,161 Honda Auto Receivables Owner Wiederaufbau 14.10.11/3.250% 1,021,854 0.77 Trust 2007-3 A-4 16.12.13/0.510%* 82,178 0.06 2,400,000 Honda Auto Receivables Owner 1,122,019 0.85 Trust 2010-3 A2 21.01.13/0.530% 2,399,722 1.81 CANADA 939,380 Household Automotive Trust 2006-3 A4 17.09.13/5.340% 947,512 0.72 750,000 Devon Financing 30.09.11/6.875% 784,223 0.59 800,000 Jackson National Life Global 100,000 Export Development Canada 101,790 15.07.11/3.750% 0.08 Funding 144A 30.05.12/6.125% 853,870 0.65 TELUS 169,445 165,000 01.06.11/8.000% 0.13 1,000,000 MassMutual Global Funding II 144A 16.07.12/3.625% 1,037,289 0.78 1,055,458 0.80 425,000 Mercantile-Safe Deposit & Trust 15.11.11/5.700% 442,244 0.33

316 JPMorgan Funds - Managed Reserves Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

725,000 MetLife Institutional Funding II CANADA 144A 27.03.12/0.703%* 724,801 0.55 1,400,000 Bank of Nova Scotia 05.03.12/0.543% 1,401,152 1.06 500,000 Metropolitan Life Global Funding 500,000 Bank of Nova Scotia 18.10.12/0.589% 500,000 0.38 I 144A 15.03.12/0.552%* 500,560 0.38 1,500,000 National Bank of Canada 16.08.11/0.440% 1,500,000 1.13 1,083,000 Metropolitan Life Global Funding 1,500,000 Bank of Montreal 28.10.11/0.400% 1,500,000 1.13 I 144A 17.09.12/2.875% 1,111,329 0.84 400,000 Canadian Imperial Bank of 400,000 Midamerican Funding 01.03.11/6.750% 403,998 0.30 Commerce 03.08.11/0.465% 400,000 0.30 1,500,000 New York Life Global Funding 600,000 Canadian Imperial Bank of 144A 04.04.12/0.353%* 1,500,889 1.13 Commerce 02.12.11/0.520% 600,000 0.46 400,000 New York Life Global Funding 790,000 Canadian Imperial Bank of 144A 16.10.12/5.250% 429,568 0.33 Commerce 04.05.12/0.000% 790,000 0.60 200,000 NextEra Energy Capital Holdings 17.06.11/1.182%* 200,746 0.15 1,400,000 Nissan Auto Receivables Owner 6,691,152 5.06 Trust 2010-A A2 15.03.13/0.550% 1,399,125 1.06 700,000 Paccar 14.09.12/1.476%* 712,799 0.54 JAPAN 750,000 PNC Funding 31.01.12/0.428%* 750,298 0.57 300,000 Bank of Tokyo Mitsubishi 12.07.11/0.980% 300,000 0.23 100,000 Pricoa Global Funding I 144A 24.05.11/5.625% 101,886 0.08 1,000,000 Bank of Tokyo Mitsubishi 17.08.11/0.570% 1,000,000 0.76 900,000 Pricoa Global Funding I 144A 30.01.12/0.388%* 895,084 0.68 500,000 Bank of Tokyo Mitsubishi 16.09.11/0.580% 500,000 0.38 300,000 Pricoa Global Funding I 144A 25.06.12/4.625% 314,706 0.24 1,000,000 Bank of Tokyo Mitsubishi 22.11.11/0.550% 1,000,000 0.76 700,000 Pricoa Global Funding I 144A 26.06.12/0.433%* 694,940 0.53 1,500,000 Norinchukin Bank 29.04.11/0.410% 1,500,000 1.13 225,000 Principal Life Global Funding I 750,000 Norinchukin Bank 06.06.11/0.480% 750,000 0.56 144A 15.02.12/6.250% 237,537 0.18 350,000 Staples 01.04.11/7.750% 355,623 0.27 5,050,000 3.82 1,250,000 Sumitomo Mitsui UNITED KINGDOM Banking/NewYork 25.10.12/0.000%* 1,250,000 0.94 1,400,000 Barclays Bank 24.06.11/0.580% 1,400,000 1.05 200,000 SunTrust Bank/Atlanta 16.11.11/3.000% 204,450 0.15 1,000,000 HSBC Bank 16.08.11/0.590% 1,000,050 0.76 500,000 Toyota Auto Receivables Owner 1,000,000 HSBC Bank 1,000,050 Trust 2010-B A2 15.08.12/0.740% 500,412 0.38 19.08.11/0.570% 0.76 1,000,000 Toyota Auto Receivables Owner Trust 2010-C A2 17.12.12/0.510% 1,000,150 0.76 3,400,100 2.57 500,000 Toyota Motor Credit 09.01.12/3.789%* 518,951 0.39 AUSTRALIA 500,000 US Central Federal Credit Union 19.10.11/1.250% 503,460 0.38 500,000 National Australia Bank 19.10.11/0.309% 499,947 0.38 1,100,000 US Treasury 30.04.12/1.000% 1,108,766 0.84 1,200,000 National Australia Bank 19.10.11/0.390% 1,200,000 0.91 1,000,000 US Treasury 30.06.12/0.625% 1,002,656 0.76 1,000,000 Westpac Banking 01.12.11/0.570% 1,000,303 0.75 1,000,000 Volkswagen Auto Lease Trust 2010-A A2 22.01.13/0.770% 1,000,625 0.76 2,700,250 2.04 16,965 Wachovia Auto Loan Owner Trust 2007-1 A3B 20.04.12/0.281%* 16,961 0.01 FRANCE 1,500,000 Caisse des Dépôts et 55,727,341 42.14 Consignations 02.09.11/0.580% 1,500,151 1.13 1,000,000 Crédit Agricole 03.05.11/0.370% 1,000,000 0.76 AUSTRALIA 1,000,000 ANZ Banking Group 144A 15.12.11/3.200% 1,023,739 0.77 2,500,151 1.89 225,000 National Australia Bank 144A 15.06.11/5.550% 229,571 0.17 500,000 National Australia Bank 144A 13.01.12/2.550% 509,415 0.39 NETHERLANDS 600,000 Rabobank Nederland 08.08.11/0.444% 600,000 0.45 1,762,725 1.33 500,000 Rabobank Nederland 17.08.11/0.500% 500,000 0.38

FRANCE 1,100,000 0.83 200,000 BNP Paribas 21.07.11/0.789%* 200,324 0.15 1,100,000 Dexia Credit Local 144A 23.09.11/2.375% 1,110,248 0.84 Total Certificates of Deposit 28,291,653 21.39 1,310,572 0.99 Investment Funds NEW ZEALAND LUXEMBOURG 650,000 ANZ National International 144A 05.08.11/0.466%* 650,507 0.49 128,038 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 128,038 0.10 650,507 0.49 128,038 0.10 Total Bonds 59,451,145 44.95 Total Investment Funds 128,038 0.10 Commercial Papers Total Transferable Securities Dealt in on Another 89,464,592 67.64 FRANCE Regulated Market 1,100,000 BPCE 28.03.11/0.000% 1,097,136 0.83 Total Investments 120,315,853 90.97 1,097,136 0.83 Cash 10,913,591 8.25 NETHERLANDS 500,000 Shell International Finance 01.07.11/0.000% 496,620 0.37 Other Assets/(Liabilities) 1,036,550 0.78 496,620 0.37 Total Net Assets 132,265,994 100.00 Total Commercial Papers 1,593,756 1.20 Certificates of Deposit * Variable coupon rates are those quoted as at 31 December 2010. UNITED STATES OF AMERICA 1,300,000 BNP Paribas/New York 08.06.11/0.510% 1,300,000 0.98 1,050,000 BNP Paribas/New York 16.09.11/0.590% 1,050,000 0.79 300,000 Deutsche Bank/New York 19.01.11/0.520% 300,000 0.23 1,000,000 Deutsche Bank/New York 08.08.11/0.410% 1,000,000 0.76 500,000 Deutsche Bank/New York 05.07.11/0.400% 500,000 0.38 250,000 UBS/Stamford 21.01.11/0.760% 250,000 0.19 1,050,000 UBS/Stamford 20.06.11/0.570% 1,050,000 0.79 1,400,000 Westpac Banking/New York 27.10.11/0.000% 1,400,000 1.06

6,850,000 5.18

317 JPMorgan Funds - Managed Reserves Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 64.76 Canada 5.86 Japan 4.05 United Kingdom 3.92 France 3.71 Australia 3.37 Netherlands 1.98 Spain 0.96 International Agencies 0.92 Germany 0.85 New Zealand 0.49 Total Fixed Income Securities 90.87 Investment Funds Luxembourg 0.10 Total Investment Funds 0.10 Cash and Other Assets/(Liabilities) 9.03 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Fixed Income Securities United States of America 53.08 Japan 2.70 International Agencies 2.36 Canada 2.03 Germany 2.01 France 1.00 Netherlands 0.47 United Kingdom 0.35 Total Fixed Income Securities 64.00 Cash and Other Assets/(Liabilities) 36.00 Total 100.00

318 JPMorgan Funds - Managed Reserves Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

14-Jan-11 EUR 32,609,119 USD 43,198,093 480,403 14-Jan-11 GBP 15,174,187 USD 23,949,551 (314,495) 14-Jan-11 SGD 3,531,850 USD 2,699,624 58,234 14-Jan-11 USD 3,580,809 EUR 2,702,584 (39,185) 17-Feb-11 GBP 189,955 USD 292,265 3,524

Total 188,481

319 JPMorgan Funds - Russia Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing ISLE OF MAN 5,817,707 Kazakhstan Kagazy Registered Shares GDR 1,454,427 0.05 Shares 1,454,427 0.05 RUSSIA 2,550,103 Bank St. 0.49 BRITISHPetersburg14,195,993 VIRGIN ISLANDS 7,527,242 Bank St. Petersburg Preference Shares 43,529,227 1.51 2,220,370 Orsu Metals 806,578 0.03 387,360 Chelyabinsk Zinc Plant 1,710,385 0.06 440,002 Chelyabinsk Zinc Plant GDR 1,927,209 0.07 806,578 0.03 1,809,267 Cherkizovo Group Registered Shares GDR 34,355,234 1.19 CYPRUS 5,783,196 Comstar United Telesystems GDR 38,573,917 1.34 2,699,423 Urals Energy 536,124 0.02 1,950,296 DIXY Group 25,410,926 0.88 577,093 XXI Century Investments Public 90 0.00 2,230,100 Gazprom OAO ADR 56,265,424 1.95 IDGC Holding65,885,849 375,207,890 2.29 536,214 0.02 16,932,000 Lenenergo 14,380,960 0.50 1,469,650 Lukoil OAO ADR 83,182,190 2.89 Total Shares 2,805,915,614 97.37 1,119,885 Magnit OJSC 149,027,339 5.17 4,469,066 Magnit OJSC Registered Shares GDR 131,390,540 4.56 Total Transferable Securities Admitted to an 2,805,915,614 97.37 8,535,234 Magnitogorsk Iron & Steel Works Registered Shares Official Exchange Listing GDR 124,614,416 4.32 8,080,583 MMC Norilsk Nickel ADR 191,429,011 6.64 Transferable Securities Dealt in on Another Regulated Market 8,991,927 Mobile Telesystems ADR 186,537,526 6.47 12,978,090 Mostotrest 102,949,091 3.57 Investment Funds 2,541,746 Novolipetsk Steel Registered Shares GDR 120,860,022 4.19 78,520 Open Investments 3,345,949 0.12 LUXEMBOURG 2,246,038 Pharmacy Chain 36.6 7,569,634 0.26 57,270,151 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 57,270,151 4,110,089 RBC Information Systems 7,331,612 0.26 1.99 730,787 RBC Information Systems ADR 5,221,516 0.18 57,270,151 1.99 12,301,800 Rosneft Oil Registered Shares GDR 88,080,888 3.06 80,490,450 Sberbank of Russia 274,932,842 9.54 4,301,860 Sistema JSFC Registered Shares GDR 106,987,259 3.71 Total Investment Funds 57,270,151 1.99 5,914,387 Sistema-Hals Registered Shares GDR 9,847,454 0.34 Total Transferable Securities Dealt in on Another 57,270,151 1.99 10,145,823 Sitronics Registered Shares GDR 9,638,532 0.33 Regulated Market 703,194 Sollers 14,870,963 0.52 4,243,250 Surgutneftegaz ADR 44,851,152 1.56 Total Investments 2,863,185,765 99.36 4,056,207 Tatneft ADR 135,071,693 4.69 216,958 Veropharm 10,810,561 0.38 Bank Overdraft (47,238,634) (1.64) 6,100,000 World Trade Center Moscow 2,563,180 0.09 Other Assets/(Liabilities) 65,833,310 2.28 2,107,348,494 73.13 Total Net Assets 2,881,780,441 100.00 IRELAND 18,806,358 Dragon Oil 157,605,291 5.47

157,605,291 5.47 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of KAZAKHSTAN Net Assets 3,349,340 Halyk Savings Bank of Kazakhstan Registered Shares Shares GDR 33,995,801 1.18 Energy 23.95 1,573,798 Kazkommertsbank Registered Shares GDR 9,128,028 0.32 Consumer Staples 19.52 4,132,269 KazMunaiGas Exploration Production GDR 81,777,603 2.84 Materials 15.55 1,596,355 Zhaikmunai Registered Shares GDR 19,395,713 0.67 Financials 13.59 Telecommunication Services 11.52 144,297,145 5.01 Consumer Discretionary 5.47 UNITED STATES OF AMERICA Industrials 3.57 1,087,208 BMB Munai 924,127 0.03 Utilities 2.79 6,108,799 CTC Media 142,701,545 4.95 Investment Companies 1.99 Information Technology 0.77 143,625,672 4.98 Health Care 0.64 Total Shares 99.36 LUXEMBOURG Bank Overdraft and Other Assets/(Liabilities) 0.64 1,249,061 Kernel Holding31,290,221 1.09 1,568,469 Oriflame Cosmetics SDR 82,848,429 2.87 Total 100.00 114,138,650 3.96 NETHERLANDS 1,588,843 Amtel Registered Shares GDR 0 0.00 2,348,350 X5 Retail Group Registered Shares GDR 108,258,935 3.76 Allocation of Portfolio as at 30 June 2010 % of Net Assets 108,258,935 3.76 Shares Energy 24.53 CAYMAN ISLANDS Consumer Staples 18.24 693,969 Eurasia Drilling Registered Shares GDR 22,394,380 0.77 Telecommunication Services 16.43 Financials 13.30 22,394,380 0.77 Materials 12.81 MALAYSIA Consumer Discretionary 5.10 4,022,759 Steppe Cement 3,352,445 0.12 Investment Companies 3.06 Utilities 1.38 3,352,445 0.12 Industrials 1.08 Information Technology 0.86 JERSEY Health Care 0.63 566,401 KazakhGold Group Registered Shares GDR 2,097,383 0.07 Total Shares 97.42 Cash and Other Assets/(Liabilities) 2.58 2,097,383 0.07 Total 100.00

320 JPMorgan Funds - Sterling Bond Fund Schedule of Investments (Market Value Expressed in GBP) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 530,000 Rabobank Capital FundingTrust IV 31.12.19/5.556%* 464,306 0.65 1,510,000 Wal-Mart Stores 28.09.35/5.250% 1,546,765 2.18 Bonds 700,000 Wells Fargo Bank 01.08.23/5.250% 637,662 0.90 UNITED KINGDOM 9,630,622 13.57 200,000 Affinity Sutton Capital Markets 17.09.38/5.981% 224,990 0.32 435,000 Anglo American Capital 01.05.18/6.875% 490,082 0.69 FRANCE 800,000 Annington Finance No 4 07.12.22/0.000% 455,155 0.64 300,000 Cie de St-Gobain 15.11.24/5.625% 297,980 0.42 508,000 Aviva 27.07.20/5.902%* 402,685 0.57 310,000 Compagnie de Financement Foncier 26.01.27/5.500% 319,143 0.45 650,000 Aviva 20.05.58/6.875%* 614,320 0.87 1,500,000 EDF 02.06.34/6.125% 1,661,999 2.34 750,000 Barclays Bank 21.05.21/10.000% 919,809 1.30 435,000 France Télécom 23.01.34/5.625% 451,836 0.64 715,000 Barclays Bank 17.08.21/5.750% 727,941 1.03 850,000 GDF Suez 30.10.28/7.000% 1,029,273 1.45 725,000 BAT International Finance 24.11.34/6.000% 771,487 1.09 150,000 Veolia Environnement 29.10.37/6.125% 164,152 0.23 325,000 BG Energy Capital 01.12.25/5.125% 324,774 0.46 695,000 British Telecommunications 23.06.37/6.375% 701,641 0.99 3,924,383 5.53 750,000 Broadgate Financing 05.07.33/4.821% 700,510 0.99 NETHERLANDS 303,827 Dignity Finance 31.12.23/6.310% 346,473 0.49 404,000 Aegon 16.12.39/6.625% 396,235 0.56 350,000 Eversholt Funding 02.12.25/6.359% 349,907 0.49 215,000 Deutsche Telekom International 490,000 Firstgroup 531,615 18.09.24/6.875% 0.75 Finance 15.06.30/7.625% 268,837 0.38 1,005,000 GlaxoSmithKline Capital 1,028,089 19.12.33/5.250% 1.45 950,000 E.ON International Finance 27.01.39/6.750% 1,165,015 1.64 375,000 Hammerson 369,832 23.02.26/6.000% 0.52 100,000 EDP Finance 04.01.24/8.625% 106,309 0.15 710,741 Harbour Funding 723,627 31.03.34/5.280% 1.02 505,000 Koninklijke KPN 17.09.29/5.750% 522,274 0.74 282,487 Haven Funding 384,288 30.09.37/8.125% 0.54 395,000 Linde Finance 24.04.23/5.875% 434,471 0.61 282,810 Housing Association Funding 368,417 07.06.27/8.250% 0.52 850,000 RWE Finance 06.07.39/6.125% 946,215 1.33 650,000 HSBC Bank 07.07.23/6.500% 680,829 0.96 HSBC Holdings 979,850 890,000 20.05.24/6.500% 1.38 3,839,356 5.41 970,000 HSBC Holdings 29.03.40/6.000% 957,884 1.35 350,000 Hutchison Whampoa Finance 24.11.26/5.625% 365,875 0.51 JERSEY 445,000 Imperial Tobacco Finance 17.02.22/9.000% 576,050 0.81 980,000 Annington Repackaging No 1 10.01.23/5.324% 974,576 1.37 455,000 Imperial Tobacco Finance 15.03.24/8.125% 563,037 0.79 1,215,000 BAA Funding 03.12.26/6.750% 1,314,799 1.85 360,000 Land Securities Capital Markets 27.02.26/5.391%* 368,268 0.52 265,000 UBS/Jersey 21.06.21/5.250%* 266,781 0.38 275,000 Land Securities Capital Markets 31.03.27/5.391%* 282,505 0.40 540,000 WPP 04.04.17/6.000% 580,272 0.82 450,000 Land Securities Capital Markets 07.02.36/5.125%* 437,617 0.62 320,000 LCR Finance 07.12.28/4.500% 327,506 0.46 3,136,428 4.42 450,000 LCR Finance 07.03.51/5.100% 516,355 0.73 GERMANY 540,000 Legal & General Finance 05.04.33/5.875% 534,758 0.75 800,000 KfW - Kreditanstalt fuer 1,015,000 Lloyds TSB Bank 15.04.24/7.500% 1,072,149 1.51 Wiederaufbau 07.06.21/5.550% 916,243 1.29 350,000 London & Quadrant HousingTrust 27.01.40/5.500% 366,595 0.52 1,350,000 KfW - Kreditanstalt fuer 425,000 National Express Group 17.06.20/6.625% 440,725 0.62 Wiederaufbau 07.06.32/5.750% 1,600,403 2.26 470,000 National Grid Electricity Transmission 13.01.31/7.375% 592,249 0.83 2,516,646 3.55 275,000 National Grid Gas 13.05.38/6.000% 303,971 0.43 400,000 Nats En Route 31.03.26/5.250% 418,873 0.59 MEXICO 800,000 Network Rail Infrastructure Finance 29.11.35/4.750% 834,070 1.17 565,000 America Movil SAB de 28.06.30/5.750% 586,300 0.83 600,000 Notting Hill Housing Trust Shops 07.07.42/5.250% 608,842 0.86 343,000 Mexico (United Mexican States) 06.02.24/6.750% 372,155 0.52 548,000 Places For People Homes 31.07.24/5.090% 557,141 0.79 250,000 Prudential 19.12.31/6.125% 233,124 0.33 958,455 1.35 385,000 Prudential 29.05.39/11.375%* 503,986 0.71 IRELAND 594,000 RBS 29.04.24/7.500% 618,755 0.87 825,000 GE Capital UK Funding 05.05.38/6.250% 871,567 1.23 205,000 Sanctuary Capital 23.03.39/6.697% 251,747 0.35 652,835 Sceptre Funding No. 1 09.02.27/5.253% 703,604 0.99 871,567 1.23 770,000 Southern Electric Power Distribution 07.06.32/5.500% 789,378 1.11 LUXEMBOURG 650,000 Southern Gas Networks 21.03.29/4.875% 614,278 0.86 885,000 Enel Finance International 14.09.40/5.750% 862,526 1.22 563,117 Telereal Securitisation 10.12.31/5.389% 574,560 0.81 600,000 Tesco 14.12.29/6.000% 657,249 0.93 862,526 1.22 250,000 Tesco 05.03.57/5.200% 252,775 0.36 INTERNATIONAL AGENCIES 700,000 Tesco Property Finance 3 13.04.40/5.744% 725,432 1.02 545,000 European Investment Bank 07.12.28/6.000% 654,417 0.92 750,000 Thames Water Utilities Finance 28.09.37/5.125% 727,413 1.02 415,000 Three Valleys Water Finance 13.07.26/5.875% 443,991 0.63 654,417 0.92 5,150,000 UK Treasury 07.12.30/4.750% 5,585,412 7.87 150,000 UK Treasury 07.12.46/4.250% 152,675 0.21 NORWAY 1,300,000 UK Treasury 07.12.49/4.250% 1,328,780 1.87 525,000 Statoil 11.03.31/6.875% 646,122 0.91 725,000 Vodafone Group 05.12.17/5.375% 778,462 1.10 275,000 Wales & West Utilities Finance 29.03.30/5.750% 291,638 0.41 646,122 0.91 465,000 Wessex Water Services Finance 10.03.28/5.375% 473,935 0.67 BELGIUM 283,056 White City Property Finance 17.04.35/5.120% 283,489 0.40 425,000 Anheuser-Busch InBev 30.07.24/9.750% 606,290 0.85

38,211,474 53.85 606,290 0.85 UNITED STATES OF AMERICA CAYMAN ISLANDS 300,000 Altria Group 06.02.39/10.200% 272,477 0.38 450,000 Yorkshire Water Services 650,000 AT&T 30.04.40/7.000% 804,796 1.13 Bradford Finance 19.08.39/6.375% 520,742 0.73 400,000 Bank of America 15.09.21/6.125% 387,292 0.55 350,000 Bank of America 31.07.28/7.000% 348,982 0.49 520,742 0.73 700,000 Citigroup 25.06.38/6.800% 727,371 1.03 335,000 Citigroup 01.09.39/7.375% 372,359 0.52 ITALY 310,000 Atlantia 329,859 435,000 Comcast 23.11.29/5.500% 440,545 0.62 09.06.22/6.250% 0.46 250,000 Commerzbank Capital Funding 50,000 Intesa Sanpaolo 28.01.22/5.250% 47,446 0.07 Trust II 12.04.18/5.905%* 155,000 0.22 150,000 Telecom Italia 19.05.23/5.875% 138,565 0.19 365,000 Credit Suisse Group Finance US 05.10.20/7.000% 402,383 0.57 985,000 General Electric Capital 18.12.40/5.375% 926,261 1.31 515,870 0.72 535,000 Goldman Sachs Group 07.08.25/7.125% 576,071 0.81 SPAIN 285,000 Metlife 09.12.24/5.375% 275,534 0.39 525,000 Telefónica Emisiones 02.02.26/5.375% 494,049 0.70 289,000 National Capital Trust I 17.12.18/5.620%* 252,643 0.36 500,000 Pfizer 03.06.38/6.500% 597,699 0.84 494,049 0.70 425,000 Procter & Gamble 19.01.33/5.250% 442,476 0.62

321 JPMorgan Funds - Sterling Bond Fund Schedule of Investments (Market Value Expressed in GBP) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

CANADA 375,000 Xstrata Canada Financial 27.05.20/7.375% 424,175 0.60 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 424,175 0.60 Fixed Income Securities United Kingdom DENMARK 53.85 United States of America 125,000 DONG Energy 09.04.40/5.750% 130,998 0.18 13.90 France 5.53 130,998 0.18 Netherlands 5.41 Jersey 4.42 BERMUDA Germany 3.55 100,000 Holcim GB Finance 24.04.17/8.750% 121,998 0.17 Mexico 1.35 Ireland 1.23 121,998 0.17 Luxembourg 1.22 AUSTRALIA International Agencies 0.92 110,000 National Australia Bank 09.12.21/5.125% 111,249 0.16 Norway 0.91 Belgium 0.85 111,249 0.16 Cayman Islands 0.73 Italy 0.72 Spain Total Bonds 68,177,367 96.07 0.70 Canada 0.60 Denmark 0.18 Total Transferable Securities Admitted to an Official 68,177,367 96.07 Exchange Listing Bermuda 0.17 Australia 0.16 Transferable Securities Dealt in on Another Regulated Market Total Fixed Income Securities 96.40 Investment Funds Bonds Luxembourg 1.50 UNITED STATES OF AMERICA Total Investment Funds 1.50 205,000 US Treasury (i) 10.02.11/0.000% 131,569 0.19 Cash and Other Assets/(Liabilities) 2.10 120,000 Wells Fargo & Co 02.11.35/4.625% 101,738 0.14 Total 100.00 233,307 0.33

Total Bonds 233,307 0.33 Investment Funds Allocation of Portfolio as at 30 June 2010 % of Net Assets LUXEMBOURG Fixed Income Securities 69 JPMorgan Liquidity Funds - Sterling Liquidity Fund United Kingdom 48.67 (JPM Sterling Liquidity X (acc)) 1,062,559 1.50 United States of America 15.07 France 1,062,559 1.50 7.83 Netherlands 5.93 Germany 3.94 Total Investment Funds 1,062,559 1.50 Jersey 3.02 Mexico 2.17 Total Transferable Securities Dealt in on Another 1,295,866 1.83 Regulated Market International Agencies 2.08 Luxembourg 2.06 Total Investments 69,473,233 97.90 Italy 1.41 Ireland 1.34 Cash 91,408 0.13 Spain 1.09 Belgium 0.85 Other Assets/(Liabilities) 1,398,339 1.97 Cayman Islands 0.69 Bermuda 0.52 Total Net Assets 70,962,980 100.00 Canada 0.43 Denmark 0.43 Norway 0.37 * Variable coupon rates are those quoted as at 31 December 2010. Australia 0.17 (i) Security partially or totally held as collateral against futures positions by the broker. Total Fixed Income Securities 98.07 Investment Funds Luxembourg 0.00 Total Investment Funds 0.00 Cash and Other Assets/(Liabilities) 1.93 Total 100.00

322 JPMorgan Funds - Sterling Bond Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in GBP) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 3 Long Gilt Future GBP 358,470 3,570 Mar-11 (3) US Long Bond Future USD (234,119) 10,623

Total 14,193

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

17-Feb-11 GBP 415,522 USD 656,639 (6,168) 17-Feb-11 USD 106,652 GBP 68,475 16

Total (6,152)

323 JPMorgan Funds - Systematic Alpha Fund Schedule of Investments (Market Value Expressed in EUR) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing GERMANY 462 Hochtief 29,242 0.57 Shares 29,242 0.57 UNITED STATES OF AMERICA 243 Airgas 11,357 0.22 SWITZERLAND 4,711 Airtran Holdings 25,974 0.51 401 Winterthur Technologie Registered - A Shares 20,007 0.39 1,791 Alberto-Culver 49,600 0.97 8,327 Allis-Chalmers Energy 43,890 0.86 20,007 0.39 1,740 Applied Signal Technology 49,227 0.96 CAYMAN ISLANDS 17,687 Art Technology Group 79,030 1.54 937 Subsea 7 18,168 0.35 1,607 Atlas Energy 52,783 1.03 Baldor Electric 72,706 1,543 1.42 18,168 0.35 10,718 BMP Sunstone 79,338 1.55 1,063 Bucyrus International 70,984 1.38 Total Shares 2,594,943 50.64 909 CNA Surety 16,121 0.31 2,312 CommScope 53,906 1.05 Total Transferable Securities Admitted to an Official 2,594,943 50.64 2,537 CPI International 36,641 0.71 Exchange Listing 4,895 Del Monte Foods 68,650 1.34 848 Dionex 74,765 1.46 Transferable Securities Dealt in on Another Regulated Market 331 Dollar Thrifty Automotive Group 11,664 0.23 14,356 Dynegy - A Shares 61,252 1.20 Investment Funds 5,454 EXCO Resources 78,871 1.54 UNITED STATES OF AMERICA 200 Genzyme 10,613 0.21 987 iShares MSCI Emerging Markets Index Fund 34,931 0.69 1,818 J Crew Group 58,566 1.14 1,320 Jo-Ann Stores 59,513 1.16 34,931 0.69 8,856 King Pharmaceuticals 93,059 1.82 5,742 L-1 Identity Solutions 51,035 1.00 3,096 Martek Biosciences 72,462 1.41 Total Investment Funds 34,931 0.69 2,045 McAfee 70,749 1.38 Total Transferable Securities Dealt in on Another 34,931 0.69 7,791 Mediacom Communications - A Shares 49,237 0.96 Regulated Market 4,004 Novell 17,771 0.35 2,889 Saks 23,219 0.45 Total Investments 2,629,874 51.33 474 St Jude Medical 15,180 0.30 2,276 Syniverse Holdings 52,446 1.02 Cash 2,468,260 48.17 1,300 T-3 Energy Services 38,531 0.75 12,775 Tenet Healthcare 64,807 1.26 Other Assets/(Liabilities) 25,733 0.50

1,613,947 31.49 Total Net Assets 5,123,867 100.00 AUSTRALIA 9,925 Andean Resources 48,710 0.95 71,247 Citadel Resource Group 28,427 0.56 5,006 Crane Group 35,743 0.70 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 2,544 Mantra Resources 15,017 0.29 Net Assets 2,367 Perpetual 56,574 1.10 Shares Information Technology 3,088 Riversdale Mining39,896 0.78 9.13 Health Care 16,789 Tower Australia Group 49,506 0.97 7.80 Consumer Discretionary 7.71 273,873 5.35 Energy 6.60 Materials 6.20 CANADA Industrials 5.10 35,528 Baffinland Iron Mines 38,408 0.75 Financials 4.77 8,235 Parkbridge Lifestyles Communities 44,852 0.88 Consumer Staples 2.31 4,564 Potash One 15,417 0.30 Telecommunication Services 1.02 594 Valeant Pharmaceuticals International 12,402 0.24 Investment Companies 0.69 3,537 Ventana Gold 35,181 0.69 Total Shares 51.33 6,444 Western Coal 59,468 1.16 Cash and Other Assets/(Liabilities) 48.67 205,728 4.02 Total 100.00 NETHERLANDS 2,321 Brit Insurance Holdings 28,153 0.55 2,041 Crucell 48,219 0.94 2,556 Draka Holding49,126 0.96 Allocation of Portfolio as at 30 June 2010 % of 4,980 Eurand 44,039 0.86 Net Assets Shares 169,537 3.31 Information Technology 13.49 UNITED KINGDOM Health Care 10.22 3,806 British Sky Broadcasting Group 32,599 0.64 Materials 6.75 10,131 Capital Shopping Centres Group 49,342 0.96 Industrials 6.60 4,035 De La Rue 38,572 0.75 Energy 5.03 4,859 Wellstream Holdings 44,613 0.87 Consumer Discretionary 4.79 Consumer Staples 4.66 165,126 3.22 Financials 0.62 Investment Companies 0.62 SWEDEN 544 Cardo 25,343 0.50 Total Shares 52.78 4,596 Q-Med 39,098 0.76 Cash and Other Assets/(Liabilities) 47.22 Total 100.00 64,441 1.26 SINGAPORE 3,559 Verigy 34,874 0.68

34,874 0.68

324 JPMorgan Funds - Systematic Alpha Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Bond Futures

Mar-11 (2) Canada 10 Year Bond Future CAD (182,862) 105 Mar-11 (1) Japan Mini 10 Year Bond Future JPY (129,153) 239 Mar-11 (1) Swiss 10 Year Bond Future CHF (109,793) 280 Mar-11 4 US 10 Year Note Future USD 358,893 (11,992)

Total (11,368)

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

14-Jan-11 AUD 148,253 EUR 109,969 2,553 14-Jan-11 BRL 204,309 USD 121,258 1,043 14-Jan-11 EUR 158,240 AUD 212,692 (3,192) 14-Jan-11 EUR 302,698 CAD 404,375 216 14-Jan-11 EUR 197,680 CHF 257,899 (8,804) 14-Jan-11 EUR 63,723 CZK 1,597,878 (46) 14-Jan-11 EUR 323,983 GBP 272,332 7,302 14-Jan-11 EUR 15,767 HKD 161,802 225 14-Jan-11 EUR 222,834 JPY 24,719,166 (4,353) 14-Jan-11 EUR 63,001 SEK 571,228 (603) 14-Jan-11 EUR 42,092 SGD 72,123 47 14-Jan-11 EUR 82,893 THB 3,299,780 882 14-Jan-11 EUR 2,148,709 USD 2,840,965 27,726 14-Jan-11 HUF 23,278,374 EUR 83,596 (34) 14-Jan-11 INR 4,810,000 USD 106,487 560 14-Jan-11 NOK 1,098,125 EUR 137,817 2,716 14-Jan-11 NZD 62,927 EUR 35,436 1,013 14-Jan-11 SEK 1,734,547 EUR 189,708 3,427 14-Jan-11 SGD 26,825 EUR 15,473 164 14-Jan-11 TRY 177,280 EUR 88,943 (3,545) 14-Jan-11 USD 66,500 ARS 266,098 (230) 14-Jan-11 USD 29,082 AUD 29,405 (606) 14-Jan-11 USD 94,194 COP 176,782,500 1,465 14-Jan-11 USD 245,224 EUR 187,038 (3,961) 14-Jan-11 USD 106,839 KRW 121,690,000 (1,208) 14-Jan-11 USD 110,072 TWD 3,320,000 (3,462) 14-Jan-11 ZAR 721,670 EUR 78,733 2,427

Total 21,722

325 JPMorgan Funds - Systematic Alpha Fund Schedule of Investments - Outstanding Total Return Swaps (Expressed in EUR) (Please refer to note 2i) As at 31 December 2010 Economic Exposure (in Unrealised contract Gain/ currency) Currency Sub-Fund Receives Sub-Fund Pays Counterparty (Loss)

37,812 AUD Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 3,385 - AUD Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value 27,374 CAD Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value (3,939) - CAD Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value 25,712 CHF Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 16,742 - CHF Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value 180,240 EUR Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 112,346 - EUR Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value 87,714 GBP Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 8,895 - GBP Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value - JPY Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 552 - JPY Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value 396,610 USD Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value (11,174) - USD Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value - ZAR Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value (1,709) - ZAR Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value

Total 125,098

Geographic Distribution based on Economic Exposure of Swap Portfolio % of Basket (expressed in Sub-Fund Currency) Market Value

United States of America 55.64% United Kingdom 25.09% Netherlands 18.69% Italy 11.83% Austria 5.80% Australia 4.46% France 3.62% Switzerland 3.17% Greece 2.99% Germany 2.31% Belgium 0.04% Gibraltar (2.29%) Finland (2.68%) Isle of Man (2.76%) Ireland (3.05%) Canada (6.87%) Jersey (7.38%) Spain (8.61%)

Total 100.00%

326 JPMorgan Funds - UK Equity Fund Schedule of Investments (Market Value Expressed in GBP) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 50,033 GlaxoSmithKline 620,659 1.98 2,641 Go-Ahead Group 34,914 0.11 Shares and Rights 14,951 Great Portland Estates 53,809 0.17 14,039 Greene King67,289 UNITED KINGDOM 0.21 12,569 Greggs 58,760 25,272 3i Group 83,347 0.27 0.19 13,554 Halma 48,767 617 A.G. Barr 6,818 0.02 0.16 18,482 Hammerson 77,199 14,015 Abcam 45,198 0.14 0.25 11,520 Hargreaves Lansdown 67,565 35,041 Aberdeen Asset Management 71,063 0.23 0.22 41,100 Hays 53,225 4,506 Admiral Group 68,401 0.22 0.17 6,485 Hikma Pharmaceuticals 52,431 46,136 Aegis Group 64,821 0.20 0.17 6,044 Hochschild Mining38,682 38,162 Afren 56,365 0.18 0.13 11,656 Homeserve 51,823 5,087 Aggreko 75,745 0.24 0.16 62,690 Howden Joinery Group 64,007 7,419 Amec 85,541 0.27 0.20 315,898 HSBC Holdings 2,058,391 15,411 Amlin 62,707 0.20 6.55 4,980 Hunting36,479 13,377 Anglo American 447,327 1.42 0.12 33,406 ICAP 178,388 5,163 Antofagasta 83,382 0.27 0.57 11,494 IG Group Holdings 58,390 25,147 ARM Holdings 106,573 0.34 0.18 12,318 Imagination Technologies Group 44,308 12,330 Ashmore Group 41,342 0.13 0.14 8,297 IMI 78,448 39,668 Ashtead Group 68,546 0.22 0.25 35,732 Inchcape 127,027 3,087 ASOS 49,083 0.16 0.40 6,353 Intercontinental Hotels Group 79,031 7,117 Associated British Foods 84,194 0.27 0.25 36,631 Intermediate Capital Group 121,652 28,069 AstraZeneca 820,176 2.61 0.39 35,149 International Personal Finance 134,832 13,595 Atkins (WS) 95,233 0.30 0.43 25,767 International Power 113,091 52,204 Aurelian Oil & Gas 35,890 0.11 0.36 3,796 Intertek Group 67,721 3,739 Aveva Group 60,198 0.19 0.22 26,775 Investec 141,506 37,366 Aviva 147,297 0.47 0.45 17,781 ITE Group 44,933 123,729 Barclays 325,036 1.03 0.14 100,436 ITV 70,406 77,484 Barratt Developments 68,728 0.22 0.22 8,607 Jardine Lloyd Thompson Group 54,095 28,949 BBA Aviation 64,180 0.20 0.17 5,783 JD Sports Fashion 51,411 10,758 Bellway 71,756 0.23 0.16 8,665 John Wood Group 48,394 11,544 Berkeley Group Holdings 102,799 0.33 0.15 4,167 Johnson Matthey 85,173 2,589 Betfair Group 25,126 0.08 0.27 14,467 Jupiter Fund Management 43,401 31,376 BG Group 407,104 1.30 0.14 5,616 Kazakhmys 90,867 21,625 BHP Billiton 552,194 1.76 0.29 55,743 Kesa Electricals 88,464 16,988 Big Yellow Group 59,492 0.19 0.28 3,582 Kier Group 49,217 19,259 Bodycote 53,848 0.17 0.16 72,248 Kingfisher 190,807 52,896 Booker Group 31,817 0.10 0.61 70,432 Laird 122,622 15,947 Bovis Homes Group 65,813 0.21 0.39 198,071 Legal & General Group 192,525 34,360 BowLeven 130,053 0.41 0.61 806,135 Lloyds Banking Group 530,598 172,087 BP 802,011 2.55 1.69 53,981 Logica 71,039 26,304 British Airways 71,810 0.23 0.23 60,608 Man Group 179,521 37,886 British American Tobacco 933,700 2.97 0.57 26,098 Marks & Spencer Group 96,354 15,381 British Land 80,904 0.26 0.31 54,538 Marston’s 62,501 17,280 British Sky Broadcasting Group 127,267 0.40 0.20 21,814 Meggitt 80,428 9,776 Britvic 46,358 0.15 0.26 43,132 Melrose 134,054 100,081 BT Group 181,047 0.58 0.43 12,992 Michael Page International 72,041 13,936 BTG 32,318 0.10 0.23 9,880 Millennium & Copthorne Hotels 58,440 9,665 Bunzl 69,491 0.22 0.19 13,789 Misys 47,434 8,611 Burberry Group 96,788 0.31 0.15 18,892 Mitchells & Butlers 66,046 21,235 Cairn Energy 89,421 0.28 0.21 25,187 Mondi 129,713 12,056 Cape 49,821 0.16 0.41 47,088 Morgan Crucible 114,659 76,143 Capital & Counties Properties 115,661 0.37 0.37 12,183 N Brown Group 36,281 18,503 Carillion 71,311 0.23 0.12 24,975 National Express Group 62,712 2,941 Carnival 87,848 0.28 0.20 4,013 Next 79,578 15,662 Carphone Warehouse Group 61,904 0.20 0.25 33,596 Northumbrian Water Group 110,934 51,314 Centrica 170,722 0.54 0.35 87,037 Old Mutual 107,317 2,078 Chemring Group 60,117 0.19 0.34 51,061 Pace 93,697 7,791 Close Brothers Group 66,262 0.21 0.30 29,025 Paragon Group of Companies 52,071 22,919 Computacenter 89,270 0.28 0.17 9,970 Pennon Group 63,658 21,392 Cookson Group 140,438 0.45 0.20 18,811 Persimmon 78,367 16,742 CPP Group 50,912 0.16 0.25 16,130 Premier Farnell 46,245 6,683 Cranswick 57,240 0.18 0.15 7,784 Premier Oil 151,477 4,749 Croda International 76,649 0.24 0.48 30,380 Prudential 202,938 11,688 Daily Mail & General Trust - A Shares 67,148 0.21 0.65 4,938 Pursuit Dynamics 24,172 3,589 Derwent London 56,060 0.18 0.08 12,792 PZ Cussons 51,424 18,383 Devro 46,307 0.15 0.16 38,670 Rank Group 48,840 10,403 Domino Printing Sciences 67,672 0.21 0.16 494,878 RBS Group 194,289 11,363 Domino’s Pizza UK & IRL 63,065 0.20 0.62 73,037 Redrow 98,892 62,594 DS Smith 127,003 0.40 0.32 20,199 Reed Elsevier 109,277 10,674 Dunelm Group 54,811 0.17 0.35 4,717 Renishaw 58,396 25,392 easyJet 111,877 0.36 0.19 18,547 Restaurant Group 51,041 16,193 Electrocomponents 43,090 0.14 0.16 23,831 Rexam 79,500 41,707 Elementis 59,224 0.19 0.25 6,173 Rightmove 48,088 11,414 Essar Energy 66,487 0.21 0.15 29,005 Rio Tinto 1,302,615 6,125 Eurasian Natural Resources 64,313 0.20 4.15 23,206 Rolls-Royce Group 145,038 15,820 Euromoney Institutional Investor 110,265 0.35 0.46 1,716,672 Rolls-Royce Group - C Shares 1,717 15,670 Fenner 55,989 0.18 0.01 2,702 Rotork 49,393 32,511 Ferrexpo 135,408 0.43 0.15 70,743 RSA Insurance Group 88,641 2,250 Fidessa Group 34,808 0.11 0.28 12,290 SABMiller 277,262 42,387 Filtrona 103,340 0.33 0.88 21,920 Sainsbury (J) 82,858 16,633 Firstgroup 66,233 0.21 0.27 12,445 Salamander Energy 33,490 16,761 Flybe Group 53,216 0.17 0.11 4,126 Schroders 76,991 5,584 Fresnillo 93,309 0.30 0.24 10,772 Scottish & Southern Energy 132,388 4,427 Genus 38,028 0.12 0.43 8,376 SDL 54,067 87,188 GKN 193,470 0.62 0.17 79,732 Senior 119,757 0.38

327 JPMorgan Funds - UK Equity Fund Schedule of Investments (Market Value Expressed in GBP) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

10,512 Serco Group 58,920 0.19 Transferable Securities Dealt in on Another Regulated Market 3,991 Severn Trent 58,987 0.19 11,992 Shaftesbury 53,592 0.17 Investment Funds 5,684 Smiths Group 70,823 0.23 UNITED KINGDOM 4,925 Spectris 64,518 0.21 407,324 JPM UK Smaller Companies Fund (JPM UK Smaller 3,295 Spirax-Sarco Engineering 63,824 0.20 Companies A - Net Accumulation) 915,663 2.92 29,586 Spirent Communications 43,698 0.14 16,850 Sportingbet 10,405 0.03 915,663 2.92 79,802 Sports Direct International 127,843 0.41 29,806 Stagecoach Group 63,159 0.20 Total Investment Funds 915,663 2.92 23,154 Standard Chartered 399,522 1.27 32,663 Standard Life 70,585 0.22 Total Transferable Securities Dealt in on Another 915,663 2.92 12,324 Sthree 45,081 0.14 Regulated Market 2,300 SuperGroup 29,854 0.10 Total Investments 30,531,104 97.21 41,201 TalkTalk Telecom Group 65,757 0.21 14,774 Tate & Lyle 76,603 0.24 860,656 2.74 10,550 Telecity Group 49,849 0.16 Cash 16,959 Travis Perkins 178,578 0.57 17,135 0.05 14,788 Tullett Prebon 56,401 0.18 Other Assets/(Liabilities) 11,024 Tullow Oil 139,564 0.45 Total Net Assets 3,055 Ultra Electronics Holdings 51,966 0.17 31,408,895 100.00 3,617 Vedanta Resources 91,148 0.29 4,117 Victrex 61,014 0.19 963,286 Vodafone Group 1,598,091 5.08 4,617 Weir Group 82,136 0.26 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 7,589 WH Smith 36,867 0.12 Net Assets 4,141 Whitbread 74,248 0.23 Shares and Rights 5,116 Wolseley 104,776 0.33 Financials 21.44 36,224 Xstrata 545,533 1.74 Energy 14.85 8,908 Yule Catto & Co. 18,039 0.06 Materials 13.58 11,877 Yule Catto & Co. - Rights 17.01.2011 10,274 0.03 Consumer Discretionary 12.21 Industrials 9.50 25,876,189 82.38 Telecommunication Services 6.03 Consumer Staples 5.90 NETHERLANDS Health Care 5.36 112,921 Royal Dutch Shell - B Shares 2,396,748 7.63 Information Technology 3.35 Investment Companies 2.92 2,396,748 7.63 Utilities 2.07 JERSEY Total Shares and Rights 97.21 41,632 Beazley 47,918 0.15 Cash and Other Assets/(Liabilities) 2.79 8,567 Charter International 72,220 0.22 11,964 Experian 95,592 0.30 Total 100.00 23,524 Henderson Group 31,781 0.10 13,181 Heritage Oil 59,077 0.19 28,213 Informa 114,855 0.37 5,272 Petrofac 83,772 0.27 7,276 Shire 112,560 0.36 Allocation of Portfolio as at 30 June 2010 % of 16,804 United Business Media 116,116 0.37 Net Assets 16,176 WPP 128,195 0.41 Shares Financials 17.63 862,086 2.74 Materials 15.33 Energy 14.26 BERMUDA Consumer Staples 10.79 6,411 Catlin Group 23,695 0.08 Industrials 9.43 15,515 Hiscox 58,941 0.19 Health Care 8.96 10,358 Lancashire Holdings 57,176 0.18 Telecommunication Services 6.71 Consumer Discretionary 6.57 139,812 0.45 Information Technology 2.66 ISLE OF MAN Investment Companies 2.38 13,547 Lamprell 43,770 0.14 Utilities 0.75 49,720 Shaft Sinkers Holdings 75,326 0.24 Total Shares 95.47 Cash and Other Assets/(Liabilities) 4.53 119,096 0.38 Total 100.00 GUERNSEY 32,532 Resolution 76,320 0.24

76,320 0.24 CAYMAN ISLANDS 10,733 Phoenix Group Holdings 65,793 0.21

65,793 0.21 AUSTRALIA 25,876 Centamin Egypt 45,464 0.14

45,464 0.14 FINLAND 5,684 Talvivaara Mining33,933 0.12

33,933 0.12

Total Shares and Rights 29,615,441 94.29

Total Transferable Securities Admitted to an Official 29,615,441 94.29 Exchange Listing

328 JPMorgan Funds - UK Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in GBP) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-11 12 FTSE 100 Index Future GBP 707,190 4,170

Total 4,170

329 JPMorgan Funds - US 130/30 Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 19,269 Parker Hannifin 1,657,230 1.19 96,545 Pfizer 1,690,020 1.22 Shares 7,573 PG&E 361,649 0.26 34,139 Philip Morris International 1,992,523 UNITED STATES OF AMERICA 1.43 10,691 PPG Industries 898,204 15,677 Advance Auto Parts 1,042,364 0.75 0.65 9,652 PPL 252,931 14,227 AES 173,214 0.12 0.18 2,294 priceline.com 922,291 3,002 Affiliated Managers Group 295,517 0.21 0.66 35,005 Procter & Gamble 2,241,545 40,901 AGCO 2,074,703 1.49 1.61 5,914 Progress Energy 257,348 3,891 Amazon.com 704,699 0.51 0.19 93,851 RF Micro Devices 698,721 5,404 Ameren 152,096 0.11 0.50 16,742 SanDisk 834,003 9,982 American Electric Power 359,302 0.26 0.60 5,506 Sempra Energy 288,569 5,047 American Tower - A Shares 258,987 0.19 0.21 14,953 Solutia 348,405 29,082 Ameriprise Financial 1,669,016 1.20 0.25 16,934 Southern 648,488 15,982 Apartment Investment & Management - A Shares 414,973 0.30 0.47 36,935 Sprint Nextel 154,942 23,052 Apple 7,422,744 5.34 0.11 16,800 Stillwater Mining360,024 58,928 Arch Coal 2,065,721 1.48 0.26 19,599 Time Warner Cable 1,288,830 19,154 Baker Hughes 1,084,978 0.78 0.93 16,731 Timken 806,602 10,586 Ball 719,001 0.52 0.58 22,897 Torchmark 1,375,308 122,924 Bank of America 1,634,275 1.18 0.99 88,811 United Continental Holdings 2,159,439 23,844 Biogen Idec 1,596,713 1.15 1.55 31,902 UnitedHealth Group 1,146,079 37,376 Broadcom - A Shares 1,624,922 1.17 0.83 24,312 Universal Health Services - B Shares 1,061,705 38,149 Capital One Financial 1,619,425 1.17 0.76 32,298 Unum Group 779,835 46,428 CBS Non Voting - B Shares 885,382 0.64 0.56 23,799 Valero Energy 549,638 8,681 CenterPoint Energy 136,943 0.10 0.40 35,030 Verizon Communications 1,254,074 3,814 CenturyLink 176,683 0.13 0.90 26,141 Viacom - B Shares 1,027,603 8,530 CF Industries Holdings 1,161,445 0.83 0.74 92,171 Vishay Intertechnology 1,374,730 28,402 Chevron 2,585,860 1.86 0.99 24,387 Wal-Mart Stores 1,317,264 750,348 Citigroup 3,560,401 2.56 0.95 35,743 Watson Pharmaceuticals 1,828,969 28,020 Coca-Cola 1,835,170 1.32 1.32 63,635 Wells Fargo & Co. 1,966,003 34,737 Complete Production Services 1,009,110 0.72 1.41 2,486 Wisconsin Energy 146,724 5,888 Consolidated Edison 291,338 0.21 0.10 46,177 Wyndham Worldwide 1,380,923 60,023 Constellation Brands - A Shares 1,327,409 0.95 0.99 9,511 Xcel Energy 223,937 25,979 CSX 1,669,540 1.20 0.16 75,113 Xerox 862,673 41,184 Dana 700,952 0.50 0.62 48,988 Dell 664,522 0.48 129,495,686 93.20 44,131 Discover Financial Services 806,715 0.58 12,257 Dominion Resources 524,661 0.38 SWITZERLAND 40,042 Dr Pepper Snapple Group 1,412,081 1.02 10,491 ACE 652,016 0.47 3,358 DTE Energy 152,336 0.11 42,361 Tyco Electronics 1,484,965 1.07 6,681 Eaton 675,416 0.49 6,739 Edison International 260,766 0.19 2,136,981 1.54 32,932 EI du Pont de Nemours & Co. 1,634,909 1.18 IRELAND 88,385 EMC/Massachusetts 2,014,736 1.45 28,574 Accenture - A Shares 1,382,410 0.99 14,267 Endo Pharmaceuticals Holdings 510,830 0.37 3,777 Entergy 267,128 0.19 1,382,410 0.99 13,557 Exelon 561,463 0.40 49,237 Exxon Mobil 3,598,978 2.59 CAYMAN ISLANDS 23,580 Family Dollar Stores 1,179,943 0.85 10,402 Herbalife 709,364 0.51 6,411 FirstEnergy 238,457 0.17 70,436 Foot Locker 1,390,054 1.00 709,364 0.51 127,276 Ford Motor 2,115,963 1.52 BERMUDA 44,422 Forest Laboratories 1,420,393 1.02 8,166 Everest Re Group 694,355 0.50 14,033 Freeport-McMoRan Copper & Gold 1,674,488 1.21 4,911 Goldman Sachs Group 822,691 0.59 694,355 0.50 3,016 Google - A Shares 1,798,999 1.29 22,412 Honeywell International 1,186,715 0.86 CANADA 2,322 Humana 126,677 0.09 12,000 Research In Motion 691,380 0.50 55,757 IAC/InterActive 1,628,383 1.17 19,836 International Business Machines 2,898,436 2.09 691,380 0.50 5,100 International Paper 138,796 0.10 34,134 Interpublic Group of Companies 361,991 0.26 Total Shares 135,110,176 97.24 19,944 Joy Global 1,728,048 1.24 50,039 KBR 1,524,939 1.10 Total Transferable Securities Admitted to an 135,110,176 97.24 35,758 Kroger 799,012 0.58 Official Exchange Listing 13,242 Lam Research 687,856 0.50 Total Investments 135,110,176 97.24 8,234 Legg Mason 296,959 0.21 28,046 Lincoln National 772,247 0.56 Cash 5,537,678 3.99 46,307 Ltd Brands 1,434,359 1.03 58,904 Macy’s 1,482,908 1.07 Other Assets/(Liabilities) (1,704,526) (1.23) 37,567 Merck & Co. 1,353,915 0.97 15,300 MetLife 679,473 0.49 Total Net Assets 138,943,328 100.00 75,124 Microsoft 2,086,569 1.50 20,332 Murphy Oil 1,521,444 1.10 1,320 Mylan 27,740 0.02 64,899 Nasdaq OMX Group 1,541,027 1.11 35,024 National Oilwell Varco 2,344,331 1.69 6,142 Navistar International 356,082 0.26 8,628 NextEra Energy 447,578 0.32 6,039 NiSource 106,679 0.08 3,547 Northeast Utilities 113,557 0.08 22,707 Novellus Systems 735,593 0.53 5,500 NRG Energy 106,343 0.08 23,918 Occidental Petroleum 2,335,593 1.68 2,161 Oneok 120,379 0.09 78,037 Oracle 2,416,416 1.74

330 JPMorgan Funds - US 130/30 Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Information Technology 21.55 Financials 14.09 Consumer Discretionary 13.83 Energy 10.82 Industrials 9.70 Health Care 8.26 Consumer Staples 6.91 Materials 6.48 Utilities 4.46 Telecommunication Services 1.14 Total Shares 97.24 Cash and Other Assets/(Liabilities) 2.76 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Information Technology 19.97 Financials 15.90 Industrials 10.60 Health Care 10.34 Consumer Staples 9.94 Energy 8.88 Consumer Discretionary 8.71 Utilities 4.67 Materials 4.45 Telecommunication Services 0.81 Total Shares 94.27 Cash and Other Assets/(Liabilities) 5.73 Total 100.00

331 JPMorgan Funds - US 130/30 Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

14-Jan-11 EUR 1,980,802 USD 2,622,443 30,755 14-Jan-11 USD 90,209 EUR 68,367 (1,365)

Total 29,390

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

Economic Exposure (in Unrealised contract Counterparty Gain/ currency) Currency Sub-Fund Receives Sub-Fund Pays (Loss)

1,389,618 USD Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 605,391 - USD Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value

Total 605,391

Geographic Distribution based on Economic Exposure of Swap Portfolio % of Basket (expressed in Sub-Fund Currency) Market Value

United States of America 128.22% Switzerland 21.93% Ireland (50.15%)

Total 100.00

332 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 446,000 Citigroup 09.08.20/5.375% 460,913 0.04 15,000 Citigroup 15.06.32/6.625% 14,906 0.00 Bonds 360,000 Cleveland Electric Illuminating 01.11.17/7.880% 434,434 0.04 325,000 CNA Financial 345,979 UNITED STATES OF AMERICA 15.12.14/5.850% 0.03 200,000 Coca-Cola 210,501 15,000 Abbey National Capital Trust I 30.06.30/8.963%* 15,862 0.00 15.03.14/3.625% 0.02 200,000 Coca-Cola 217,477 100,000 Ace INA Holdings 15.06.14/5.875% 112,008 0.01 15.03.19/4.875% 0.02 50,000 Coca-Cola Refreshments USA 53,998 75,000 AGL Capital 15.04.13/4.450% 78,968 0.01 01.02.12/8.500% 0.00 60,000 Columbus Southern Power 67,373 150,000 AGL Capital 15.08.19/5.250% 157,910 0.01 01.05.18/6.050% 0.01 300,000 Comcast Cable Communications 50,000 Alabama Power 15.05.38/6.125% 54,661 0.00 Holdings 15.03.13/8.375% 340,651 0.03 100,000 Allied Waste North America 109,114 01.06.17/6.875% 0.01 715,000 Comcast Cable Communications 325,000 Allstate Life Global FundingTrusts 30.04.13/5.375% 352,803 0.03 Holdings 15.11.22/9.455% 986,038 0.08 395,000 American Express Credit 02.05.13/5.875% 428,953 0.04 100,000 CommonWealth REIT 15.08.16/6.250% 104,830 0.01 100,000 American Express Credit 20.08.13/7.300% 112,408 0.01 150,000 CommonWealth REIT 15.01.18/6.650% 156,316 0.01 185,000 American General Finance 01.10.12/5.375% 176,230 0.02 450,000 CommonWealth REIT 15.09.20/5.875% 435,799 0.04 170,000 American General Finance 15.12.17/6.900% 137,523 0.01 35,000 Connecticut Light & Power 01.05.18/5.650% 38,947 0.00 100,000 American International Group 15.05.13/4.250% 103,375 0.01 275,000 ConocoPhillips 01.02.19/5.750% 313,195 0.03 100,000 American International Group 18.10.16/5.600% 102,399 0.01 400,000 ConocoPhillips 15.01.20/6.000% 464,754 0.04 200,000 American Water Capital 15.10.17/6.085% 223,916 0.02 55,000 Consolidated Edison Co. of New 125,000 American Water Capital 15.10.37/6.593% 132,466 0.01 York 01.07.12/5.625% 58,651 0.01 400,000 Anadarko Petroleum 15.03.14/7.625% 443,452 0.04 250,000 Countrywide Financial 15.05.16/6.250% 257,464 0.02 75,000 Anadarko Petroleum 15.06.14/5.750% 79,480 0.01 100,000 Countrywide Home Loans 22.03.11/4.000% 100,744 0.01 100,000 Anadarko Petroleum 15.03.19/8.700% 121,186 0.01 66,000 CRH America 30.09.11/5.625% 67,907 0.01 75,000 Anheuser-Busch 01.04.36/5.750% 77,379 0.01 50,000 CSFB USA 15.11.11/6.125% 52,185 0.00 25,000 Arizona Public Service 15.05.15/4.650% 26,243 0.00 175,000 CSFB USA 15.01.12/6.500% 184,794 0.02 250,000 Arrow Electronics 01.07.13/6.875% 274,605 0.02 150,000 CSFB USA 15.01.14/5.125% 163,045 0.01 350,000 Arrow Electronics 01.04.20/6.000% 356,293 0.03 75,000 CSFB USA 15.01.15/4.875% 80,793 0.01 450,000 Associates Corp of North America 01.11.18/6.950% 490,499 0.04 100,000 CSX 15.03.12/6.300% 106,202 0.01 500,000 AT&T 15.01.13/4.950% 533,604 0.05 300,000 CSX 01.02.19/7.375% 362,247 0.03 565,000 AT&T 15.09.14/5.100% 618,504 0.05 145,000 CVS Caremark 15.09.39/6.125% 153,898 0.01 60,000 AT&T 15.06.16/5.625% 67,173 0.01 100,000 Daimler Finance North America 15.01.12/7.300% 106,170 0.01 153,000 AT&T 15.05.36/6.800% 168,108 0.01 200,000 Dominion Resources 30.11.17/6.000% 223,347 0.02 700,000 AT&T 15.01.38/6.300% 735,580 0.06 150,000 Dominion Resources 15.01.19/8.875% 195,623 0.02 125,000 Atmos Energy 15.03.19/8.500% 155,592 0.01 40,000 Dow Chemical 01.02.11/6.125% 40,144 0.00 2,100,000 BA Covered Bond Issuer 144A 14.06.12/5.500% 2,220,156 0.19 360,000 Dow Chemical 01.10.12/6.000% 387,677 0.03 250,000 Bank of America 15.01.11/7.400% 250,457 0.02 65,000 Dow Chemical 01.11.29/7.375% 77,799 0.01 75,000 Bank of New York Mellon 27.08.13/5.125% 82,131 0.01 25,000 DTE Energy 01.06.11/7.050% 25,558 0.00 150,000 Bank of New York Mellon 15.01.15/3.100% 154,102 0.01 255,000 Duke Energy Carolinas 15.04.18/5.100% 279,378 0.02 675,000 Bank of New York Mellon 18.06.15/2.950% 685,588 0.06 185,000 Duke Energy Indiana 15.08.38/6.350% 211,108 0.02 75,000 Bank of New York Mellon 15.01.20/4.600% 78,258 0.01 231,000 EI du Pont de Nemours & Co. 15.01.16/1.950% 222,788 0.02 45,000 Baxter International 01.03.14/4.000% 47,767 0.00 265,000 EI du Pont de Nemours & Co. 15.07.18/6.000% 303,164 0.03 200,000 Baxter International 15.03.15/4.625% 217,515 0.02 125,000 EI du Pont de Nemours & Co 15.01.41/4.900% 120,498 0.01 500,000 BB&T 27.07.12/3.850% 519,912 0.04 200,000 Eli Lilly & Co 06.03.12/3.550% 206,412 0.02 250,000 BB&T 30.04.19/6.850% 287,668 0.02 360,000 Exelon Generation 01.10.20/4.000% 338,919 0.03 50,000 Becton Dickinson & Co. 15.05.19/5.000% 54,094 0.00 300,000 Fannie Mae 12.06.17/5.375% 344,100 0.03 265,000 BellSouth 15.09.14/5.200% 289,798 0.02 20,000 Florida Power 15.06.18/5.650% 22,525 0.00 75,000 BellSouth 15.11.34/6.000% 74,113 0.01 35,000 Florida Power & Light 01.10.33/5.950% 37,915 0.00 100,000 BellSouth Telecommunications 01.10.25/7.000% 107,716 0.01 600,000 General Electric 06.12.17/5.250% 648,347 0.06 857,000 Berkshire Hathaway Finance 15.05.18/5.400% 939,113 0.08 1,205,000 General Electric Capital 15.02.12/5.875% 1,267,653 0.11 200,000 BHP Billiton Finance USA 01.04.14/5.500% 221,055 0.02 1,060,000 General Electric Capital 15.06.12/6.000% 1,131,837 0.10 55,000 BHP Billiton Finance USA 29.03.17/5.400% 60,761 0.01 500,000 General Electric Capital 19.10.12/5.250% 534,266 0.05 215,000 BlackRock 10.12.14/3.500% 222,482 0.02 500,000 General Electric Capital 13.05.14/5.900% 552,095 0.05 105,000 BlackRock 15.09.17/6.250% 117,836 0.01 1,100,000 General Electric Capital 09.06.14/5.650% 1,203,165 0.10 359,000 BlackRock 10.12.19/5.000% 374,962 0.03 600,000 General Electric Capital 15.09.14/4.750% 639,334 0.05 60,000 Boeing 15.02.33/6.125% 65,612 0.01 300,000 General Electric Capital 09.11.15/2.250% 287,575 0.02 100,000 Branch Banking & Trust 15.01.13/4.875% 106,151 0.01 410,000 General Electric Capital 15.09.17/5.625% 447,509 0.04 100,000 Bunge Finance 15.05.13/5.875% 106,987 0.01 2,100,000 General Electric Capital 01.05.18/5.625% 2,288,704 0.20 161,000 Bunge NA Finance 01.04.17/5.900% 165,384 0.01 65,000 General Electric Capital 15.03.32/6.750% 72,697 0.01 100,000 Capital One Financial 15.09.11/5.700% 103,365 0.01 100,000 General Electric Capital 14.01.38/5.875% 102,412 0.01 220,000 Capital One Financial 15.11.13/6.250% 240,640 0.02 43,000 General Mills 15.02.12/6.000% 45,352 0.00 250,000 Capital One Financial 23.05.14/7.375% 283,870 0.02 35,000 Genworth Financial 15.06.14/5.750% 36,144 0.00 75,000 Carolina Power & Light 15.09.13/5.125% 82,495 0.01 10,000 Genworth Financial 15.06.34/6.500% 9,015 0.00 55,000 Carolina Power & Light 15.01.19/5.300% 60,902 0.01 50,000 Georgia Power 01.02.39/5.950% 54,984 0.00 150,000 Caterpillar Financial Services 15.08.13/4.900% 162,728 0.01 129,000 Georgia Power 01.09.40/4.750% 118,181 0.01 350,000 Caterpillar Financial Services 30.09.13/6.200% 393,107 0.03 375,000 GlaxoSmithKline Capital 15.04.14/4.375% 402,926 0.03 70,000 Caterpillar Financial Services 15.03.16/5.500% 78,190 0.01 300,000 Golden West Financial 01.10.12/4.750% 318,126 0.03 250,000 Caterpillar Financial Services 01.10.18/7.050% 301,706 0.03 110,000 Goldman Sachs Capital I 15.02.34/6.345% 104,592 0.01 135,000 CBS 15.05.19/8.875% 169,919 0.01 305,000 Goldman Sachs Group 15.01.11/6.875% 305,552 0.03 58,000 CBS 15.04.20/5.750% 61,363 0.01 775,000 Goldman Sachs Group 15.01.12/6.600% 818,447 0.07 250,000 CBS 30.07.30/7.875% 293,134 0.03 150,000 Goldman Sachs Group 01.04.13/5.250% 160,525 0.01 100,000 Cellco Partnership/Verizon 125,000 Goldman Sachs Group 15.07.13/4.750% 133,154 0.01 Wireless Capital 01.02.14/5.550% 109,877 0.01 150,000 Goldman Sachs Group 15.10.13/5.250% 162,033 0.01 75,000 CenterPoint Energy Houston 450,000 Goldman Sachs Group 15.01.14/5.150% 481,576 0.04 Electric 15.01.14/5.750% 82,734 0.01 300,000 Goldman Sachs Group 15.11.14/5.500% 325,507 0.03 265,000 CenterPoint Energy Houston 496,000 Goldman Sachs Group 504,251 Electric 01.03.14/7.000% 302,389 0.03 01.08.15/3.700% 0.04 150,000 Goldman Sachs Group 162,400 40,000 CenterPoint Energy Resources 01.11.17/6.125% 44,538 0.00 18.01.18/5.950% 0.01 400,000 Goldman Sachs Group 437,994 100,000 Charles Schwab 01.06.14/4.950% 108,263 0.01 01.04.18/6.150% 0.04 1,185,000 Goldman Sachs Group 1,384,023 500,000 Citigroup 27.08.12/5.625% 524,173 0.05 15.02.19/7.500% 0.12 120,000 Goldman Sachs Group 123,966 400,000 Citigroup 11.04.13/5.500% 427,309 0.04 15.03.20/5.375% 0.01 131,000 Goldman Sachs Group 141,243 125,000 Citigroup 12.08.14/6.375% 137,769 0.01 15.06.20/6.000% 0.01 300,000 Goldman Sachs Group 306,674 150,000 Citigroup 15.09.14/5.000% 154,740 0.01 01.10.37/6.750% 0.03 550,000 GTE 624,237 237,000 Citigroup 19.05.15/4.750% 247,954 0.02 15.04.18/6.840% 0.05 400,000 Halliburton 511,358 389,000 Citigroup 15.12.15/4.587% 403,766 0.03 15.09.39/7.450% 0.04 95,000 Hewlett-Packard 97,925 880,000 Citigroup 15.08.17/6.000% 956,555 0.08 15.08.12/2.950% 0.01 550,000 Hewlett-Packard 597,532 340,000 Citigroup 21.11.17/6.125% 372,225 0.03 02.06.14/4.750% 0.05 175,000 Hewlett-Packard 194,597 250,000 Citigroup 22.05.19/8.500% 308,835 0.03 01.03.17/5.400% 0.02

333 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

25,000 Historic TW 15.06.18/6.875% 29,212 0.00 25,000 Public Service Co of Colorado 01.08.18/5.800% 28,449 0.00 215,000 Historic TW 01.02.23/9.150% 276,243 0.02 93,000 Public Service Co of Colorado 15.11.20/3.200% 89,504 0.01 200,000 Home Depot 01.03.16/5.400% 223,497 0.02 135,000 Public Service Co of Colorado 01.08.38/6.500% 158,028 0.02 45,000 Hospira 15.05.15/6.400% 50,884 0.00 300,000 Public Service Electric & Gas 01.11.13/6.330% 336,561 0.03 1,208,000 HSBC Finance 15.10.11/6.375% 1,256,530 0.11 55,000 Public Service Electric & Gas 01.05.18/5.300% 61,364 0.01 200,000 HSBC Finance 15.07.13/4.750% 210,645 0.02 50,000 Public Service Electric & Gas 01.11.39/5.375% 50,443 0.00 500,000 HSBC Finance 15.01.14/5.250% 531,023 0.05 300,000 Public Services Oklahoma 15.11.37/6.625% 320,071 0.03 210,000 Indiana Michigan Power 15.03.19/7.000% 246,244 0.02 100,000 Rio Tinto Finance USA 01.05.14/8.950% 120,571 0.01 350,000 International Business Machines 15.10.18/7.625% 444,236 0.04 67,000 Rio Tinto Finance USA 02.11.20/3.500% 63,435 0.01 125,000 International Business Machines 01.08.27/6.220% 143,340 0.01 135,000 Ryder System 01.03.16/3.600% 133,468 0.01 100,000 International Business Machines 15.10.38/8.000% 136,179 0.01 40,000 Sempra Energy 15.11.13/8.900% 47,178 0.00 400,000 International Lease Finance 01.06.14/5.650% 395,779 0.03 100,000 Sempra Energy 01.06.16/6.500% 115,430 0.01 300,000 Jefferies Group 15.03.16/5.500% 306,842 0.03 310,000 Sempra Energy 15.02.19/9.800% 415,732 0.04 40,000 Jersey Central Power & Light 01.02.19/7.350% 47,215 0.00 115,000 Sempra Energy 15.10.39/6.000% 120,443 0.01 240,000 John Deere Capital 01.10.12/5.250% 257,789 0.02 140,000 Simon Property Group 15.05.14/6.750% 156,533 0.02 45,000 John Deere Capital 03.04.18/5.350% 49,705 0.00 165,000 Simon Property Group 15.08.14/5.625% 180,142 0.02 310,000 KCP&L Greater Missouri 13,000 Simon Property Group 01.02.15/4.200% 13,587 0.00 Operations 01.07.12/11.875% 351,574 0.03 120,000 Simon Property Group 01.05.16/6.100% 135,062 0.01 30,000 Kellogg 03.12.12/5.125% 32,217 0.00 200,000 Simon Property Group 30.05.18/6.125% 224,588 0.02 200,000 Kellogg 06.03.13/4.250% 212,001 0.02 150,000 Simon Property Group 01.02.20/5.650% 163,219 0.01 30,000 Kerr-McGee 01.07.24/6.950% 33,036 0.00 100,000 Simon Property Group 01.03.21/4.375% 99,208 0.01 165,000 KeyBank 01.11.17/5.700% 170,331 0.01 20,000 SLM 15.01.13/5.375% 20,224 0.00 60,000 Keycorp 14.05.13/6.500% 65,085 0.01 125,000 Southern 15.05.14/4.150% 131,434 0.01 15,000 Kimberly-Clark 01.11.18/7.500% 18,689 0.00 135,000 Southern California Edison 15.08.18/5.500% 151,992 0.01 80,000 Kohl’s 15.12.17/6.250% 91,651 0.01 75,000 Southwestern Public Service 01.12.18/8.750% 93,766 0.01 400,000 Kraft Foods 19.02.14/6.750% 453,552 0.04 250,000 Spectra Energy Capital 01.03.14/5.500% 271,694 0.02 500,000 Kraft Foods 11.08.17/6.500% 580,806 0.05 50,000 Spectra Energy Capital 15.08.14/5.668% 54,694 0.00 400,000 Kraft Foods 01.02.18/6.125% 455,766 0.04 300,000 Spectra Energy Capital 15.07.18/6.750% 330,259 0.03 200,000 Kraft Foods 11.08.37/7.000% 232,170 0.02 65,000 State Street 30.05.14/4.300% 69,291 0.01 175,000 Kraft Foods 01.02.38/6.875% 200,909 0.02 1,000,000 Tennessee Valley Authority 18.07.17/5.500% 1,149,062 0.10 15,000 Kroger 01.04.11/6.800% 15,215 0.00 178,000 Tennessee Valley Authority 15.09.60/4.625% 164,316 0.01 100,000 Kroger 01.04.31/7.500% 120,015 0.01 200,000 Time Warner 15.04.31/7.625% 241,433 0.02 250,000 Lowe’s 15.05.37/7.110% 299,674 0.03 200,000 Time Warner 15.03.40/6.200% 211,369 0.02 250,000 Marathon Oil 01.10.17/6.000% 282,674 0.02 200,000 Time Warner Cable 14.02.14/8.250% 231,769 0.02 200,000 Marshall & Ilsley 01.04.11/5.350% 201,640 0.02 450,000 Time Warner Cable 01.04.19/8.250% 556,057 0.05 50,000 Masco 15.03.17/5.850% 49,801 0.00 300,000 Time Warner Cable 15.11.40/5.875% 294,894 0.03 886,000 Merrill Lynch & Co. 25.04.13/6.150% 948,182 0.08 480,000 Time Warner Entertainment 15.03.23/8.375% 598,997 0.05 295,000 Merrill Lynch & Co. 15.07.14/5.450% 309,903 0.03 200,000 Time Warner Entertainment 15.07.33/8.375% 248,617 0.02 40,000 Merrill Lynch & Co. 15.01.15/5.000% 41,353 0.00 250,000 Tosco 15.02.30/8.125% 320,519 0.03 1,150,000 Merrill Lynch & Co. 28.08.17/6.400% 1,216,754 0.11 50,000 Travelers 15.05.18/5.800% 55,532 0.00 290,000 Merrill Lynch & Co. 25.04.18/6.875% 315,474 0.03 50,000 Travelers Property Casualty 15.03.13/5.000% 53,788 0.00 300,000 Monsanto 15.08.12/7.375% 330,343 0.03 250,000 UBS/Stamford 12.08.13/2.250% 252,240 0.02 450,000 Morgan Stanley 15.04.11/6.750% 457,380 0.04 250,000 UBS/Stamford 15.01.15/3.875% 257,568 0.02 600,000 Morgan Stanley 01.03.13/5.300% 639,439 0.05 100,000 UBS/Stamford 20.12.17/5.875% 109,973 0.01 75,000 Morgan Stanley 15.10.13/6.750% 81,709 0.01 365,000 UBS/Stamford 04.08.20/4.875% 370,294 0.03 350,000 Morgan Stanley 01.04.14/4.750% 358,228 0.03 75,000 Union Pacific 15.01.15/4.875% 80,841 0.01 320,000 National City 15.01.15/4.900% 342,044 0.03 300,000 Union Pacific 15.11.17/5.750% 336,600 0.03 80,000 Nevada Power 01.08.18/6.500% 92,138 0.01 100,000 United Parcel Service of America 01.04.20/8.375% 132,956 0.01 200,000 Nevada Power 15.03.19/7.125% 234,966 0.02 450,000 US Bancorp 14.06.13/2.000% 456,395 0.04 340,000 New Cingular Wireless Services 01.05.12/8.125% 370,741 0.03 242,000 US Bancorp 20.11.14/2.875% 246,409 0.02 200,000 Newell Rubbermaid 15.08.20/4.700% 197,503 0.02 40,000 Valero Energy 15.04.32/7.500% 41,889 0.01 40,000 NextEra Energy Capital Holdings 15.06.13/5.350% 43,183 0.00 150,000 Verizon Communications 15.02.16/5.550% 168,581 0.02 185,000 NextEra Energy Capital Holdings 01.03.19/6.000% 204,493 0.02 185,000 Verizon Communications 01.04.17/5.500% 204,703 0.02 80,000 Nisource Finance 01.03.13/6.150% 87,231 0.01 750,000 Verizon Communications 01.04.39/7.350% 914,841 0.08 262,500 Nisource Finance 15.03.16/10.750% 350,573 0.03 650,000 Verizon Florida 15.01.13/6.125% 702,657 0.06 40,000 Norfolk Southern 15.02.11/6.750% 40,230 0.00 100,000 Verizon Global Funding 01.12.30/7.750% 124,075 0.01 19,000 Norfolk Southern 17.05.25/5.590% 19,500 0.00 270,000 Verizon Maryland 01.03.12/6.125% 284,104 0.02 21,000 Norfolk Southern 15.02.31/7.250% 25,049 0.00 250,000 Verizon Maryland 01.05.23/7.150% 262,641 0.02 100,000 Northrop Grumman Systems 15.02.11/7.125% 100,600 0.01 250,000 Verizon New England 01.10.13/4.750% 266,073 0.02 200,000 Pacific Gas & Electric 30.11.17/5.625% 224,625 0.02 15,000 Verizon New York 01.04.32/7.375% 16,337 0.00 50,000 Parker Hannifin 15.05.18/5.500% 55,486 0.00 200,000 Verizon Virginia 15.03.13/4.625% 211,097 0.02 150,000 Peco Energy 01.03.18/5.350% 165,979 0.01 325,000 Viacom 30.04.16/6.250% 368,887 0.03 14,000 PepsiCo 01.11.18/7.900% 17,933 0.00 250,000 Virginia Electric and Power 30.11.12/5.100% 268,902 0.02 150,000 PG&E 01.04.14/5.750% 164,038 0.01 140,000 Virginia Electric and Power 15.09.17/5.950% 160,645 0.02 90,000 Pioneer Natural Resources 15.07.16/5.875% 92,898 0.01 250,000 Virginia Electric and Power 30.04.18/5.400% 277,960 0.02 300,000 Pitney Bowes 15.08.14/4.875% 313,870 0.03 1,385,000 Wachovia 01.05.13/5.500% 1,504,870 0.13 350,000 Pitney Bowes 15.03.15/5.000% 369,833 0.03 325,000 Wachovia 15.02.14/4.875% 341,560 0.03 100,000 Pitney Bowes 15.03.18/5.600% 103,654 0.01 525,000 Wachovia 01.02.18/5.750% 580,268 0.05 50,000 PNC Funding 15.11.15/5.250% 53,522 0.00 250,000 Wachovia Bank NA 15.08.15/5.000% 266,423 0.02 50,000 PNC Funding 01.02.17/5.625% 53,348 0.00 60,000 Wal-Mart Stores 01.09.35/5.250% 60,341 0.01 100,000 PNC Funding 10.06.19/6.700% 114,414 0.01 300,000 Washington Mutual Finance 15.05.11/6.875% 306,601 0.03 100,000 PNC Funding 08.02.20/5.125% 103,938 0.01 100,000 Waste Management 11.03.19/7.375% 120,687 0.01 200,000 Potomac Electric Power 15.11.37/6.500% 236,507 0.02 100,000 Waste Management 15.05.32/7.750% 122,359 0.01 80,000 PPG Industries 15.03.13/5.750% 86,783 0.01 34,000 WellPoint 15.06.17/5.875% 37,499 0.00 300,000 PPG Industries 15.08.19/7.400% 347,381 0.03 22,000 WellPoint 15.02.19/7.000% 25,806 0.00 60,000 PPG Industries 01.05.21/9.000% 78,393 0.01 100,000 Wells Fargo & Co. 01.08.11/6.375% 102,972 0.01 490,000 Praxair 31.03.14/4.375% 523,945 0.06 300,000 Wells Fargo Financial 18.04.12/6.125% 318,480 0.03 650,000 Principal Life Global Funding I 80,000 Wisconsin Electric Power 01.04.14/6.000% 89,690 0.01 144A 15.03.15/5.050% 688,249 0.06 25,000 Wyeth 01.02.24/6.450% 29,392 0.00 175,000 Principal Lifeome FundingTrusts 24.04.13/5.300% 188,491 0.02 100,000 Xerox 15.05.14/8.250% 117,204 0.01 110,000 Progress Energy 15.04.12/6.850% 117,940 0.01 200,000 Xerox 01.02.17/6.750% 230,618 0.02 75,000 Progress Energy 15.03.14/6.050% 83,219 0.01 500,000 XTO Energy 15.12.13/5.750% 561,723 0.05 110,000 Prudential Financial 20.09.14/5.100% 117,204 0.01 55,000 PSEG Power 01.12.15/5.500% 60,217 0.01 86,725,116 7.45 35,000 PSEG Power 15.04.31/8.625% 44,648 0.00

334 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

CANADA FRANCE 250,000 Alberta Energy 01.11.31/7.375% 285,211 0.02 110,000 France Télécom 01.03.31/8.500% 149,146 0.01 123,000 Bank of Nova Scotia 22.01.15/3.400% 127,373 0.01 150,000 Canadian Natural Resources 01.02.18/5.900% 170,530 0.02 149,146 0.01 10,000 Canadian Natural Resources 15.01.32/7.200% 11,737 0.00 BERMUDA 180,000 Devon Financing 30.09.11/6.875% 188,214 0.02 50,000 Ingersoll-Rand 15.11.27/6.391% 54,047 0.00 60,000 Devon Financing 30.09.31/7.875% 78,518 0.01 100,000 EnCana 117,753 15.05.19/6.500% 0.01 54,047 0.00 140,000 Manitoba (Province Of) 22.04.13/2.125% 143,150 0.01 250,000 Marathon Oil Canada 01.05.12/8.375% 272,682 0.02 Total Bonds 99,634,494 8.56 500,000 Ontario (Province Of) 05.02.15/2.950% 515,397 0.04 550,000 Ontario (Province Of) 16.06.15/2.700% 558,496 0.05 Total Transferable Securities Admitted to an 99,634,494 8.56 240,000 Potash Corp of Saskatchewan 31.05.11/7.750% 246,510 0.02 Official Exchange Listing 120,000 Potash Corp of Saskatchewan 15.05.19/6.500% 138,385 0.01 200,000 Suncor Energy 01.06.18/6.100% 228,044 0.02 Transferable Securities Dealt in on Another Regulated Market 100,000 Talisman Energy 01.06.19/7.750% 123,129 0.01 75,000 Thomson Reuters 15.07.13/5.950% 83,188 0.01 Bonds 440,000 Toronto-Dominion Bank 144A 29.07.15/2.200% 432,217 0.04 80,000 TransCanada Pipelines 15.06.13/4.000% 84,834 0.01 UNITED STATES OF AMERICA ABN Amro Mortgage 2003-7 A3 75,976 150,000 TransCanada Pipelines 15.08.18/6.500% 177,040 0.02 73,763 25.07.18/4.500% 0.01 Ace INA Holdings 178,292 330,000 TransCanada Pipelines 15.01.19/7.125% 403,102 0.03 182,000 23.11.15/2.600% 0.02 Aflac 109,506 140,000 TransCanada Pipelines 15.10.37/6.200% 152,102 0.01 108,000 15.08.40/6.450% 0.01 1,190,000 AH Mortgage Advance Trust 2010-ADV2 A1 10.05.41/4.210% 1,197,373 0.10 4,537,612 0.39 205,000 Ally Auto Receivables Trust UNITED KINGDOM 2010-1 A3 15.05.14/1.450% 206,089 0.02 110,000 AstraZeneca 01.06.14/5.400% 122,341 0.01 735,000 Ally Auto Receivables Trust 400,000 BP Capital Markets 10.03.12/3.125% 408,998 0.03 2010-3 A3 15.10.14/1.110% 732,988 0.06 350,000 BP Capital Markets 07.11.13/5.250% 378,175 0.03 313,000 Ally Auto Receivables Trust 300,000 BP Capital Markets 08.05.14/3.625% 308,971 0.03 2010-4 A3 17.11.14/0.910% 310,718 0.03 1,000,000 British Telecommunications 15.01.13/5.150% 1,059,993 0.09 1,400,000 American General Mortgage Loan Trust 2009-1 A4 25.09.48/5.750%* 1,455,971 0.13 45,000 British Telecommunications 15.12.30/9.875% 59,600 0.01 950,000 American General Mortgage Diageo Capital 227,671 200,000 23.10.17/5.750% 0.02 Loan Trust 2009-1 A5 25.09.48/5.750%* 998,182 0.09 50,000 Diageo Capital 15.07.20/4.828% 52,821 0.00 1,471,352 American General Mortgage 300,000 Vodafone Group 15.09.15/5.000% 326,194 0.03 Loan Trust 2009-1 A7 25.09.48/5.750%* 1,493,878 0.13 500,000 American Home Mortgage 2,944,764 0.25 Investment Trust 2005-3 2A4 25.09.35/2.159%* 225,710 0.02 NETHERLANDS 150,000 American Honda Finance 144A 18.03.13/2.375% 152,463 0.01 45,000 Deutsche Telekom International 715,000 American Municipal Power-Ohio 15.02.50/7.499% 723,423 0.06 Finance 22.07.13/5.250% 48,627 0.00 46,108 AmeriCredit Automobile 100,000 Deutsche Telekom International Receivables Trust 2008-AF A3 12.12.12/5.680% 46,673 0.00 Finance 15.06.30/8.750% 134,060 0.01 100,000 AmeriCredit Automobile 35,000 Shell International Finance 25.03.13/1.875% 35,408 0.00 Receivables Trust 2008-AF A4 14.10.14/6.960% 107,355 0.01 670,000 Shell International Finance 21.03.14/4.000% 712,402 0.06 85,738 AmeriCredit Automobile Receivables Trust 2010-1 A2 15.01.13/0.970% 85,778 0.01 184,000 Shell International Finance 28.06.15/3.100% 188,540 0.02 95,000 AmeriCredit Automobile 230,000 Shell International Finance 239,907 25.03.20/4.375% 0.02 Receivables Trust 2010-1 A3 17.03.14/1.660% 95,623 0.01 280,000 Shell International Finance 15.12.38/6.375% 327,621 0.03 445,000 AmeriCredit Automobile Receivables Trust 2010-3 A3 08.04.15/1.140% 443,813 0.04 1,686,565 0.14 550,000 AmeriCredit Automobile LUXEMBOURG Receivables Trust 2010-4 A2 08.05.14/0.960% 550,505 0.05 160,000 Telecom Italia Capital 15.11.13/5.250% 166,332 0.02 175,000 AmeriCredit Automobile Receivables Trust 2010-4 A3 08.04.15/1.270% 174,758 0.02 150,000 Telecom Italia Capital 18.06.14/6.175% 159,458 0.01 190,000 Amgen 01.02.19/5.700% 215,378 0.02 300,000 Telecom Italia Capital 30.09.14/4.950% 307,514 0.03 81,000 Amgen 15.03.20/4.500% 83,851 0.01 100,000 Telecom Italia Capital 04.06.18/6.999% 106,446 0.01 237,000 Amgen 15.03.40/5.750% 248,918 0.02 100,000 Tyco International Finance 15.01.19/8.500% 126,933 0.01 300,000 Amgen 01.10.41/4.950% 282,694 0.02 60,000 Anheuser-Busch InBev 866,683 0.08 Worldwide 144A 15.01.14/7.200% 68,314 0.01 AUSTRALIA 510,000 Anheuser-Busch InBev 762,000 Westpac Banking 19.11.19/4.875% 789,728 0.07 Worldwide 144A 15.01.19/7.750% 630,967 0.05 112,000 Aon 30.09.15/3.500% 112,525 0.01 789,728 0.07 97,000 Aon 30.09.40/6.250% 98,835 0.01 40,000 Arrow Electronics 01.11.15/3.375% 38,716 0.00 JAPAN 633,320 ASG Resecuritization Trust 130,000 Nomura Holdings 04.03.15/5.000% 136,038 0.01 2009-1 A60 26.06.37/5.414%* 642,820 0.06 404,000 Nomura Holdings 04.03.20/6.700% 429,221 0.04 612,982 ASG Resecuritization Trust 2009-2 A55 24.05.36/5.547%* 626,903 0.05 565,259 0.05 2,899,756 ASG Resecuritization Trust 2009-3 A65 26.03.37/5.385%* 2,917,515 0.25 MEXICO 1,935,395 ASG Resecuritization Trust 260,000 Mexico (United Mexican States) 16.01.13/6.375% 286,650 0.02 2009-4 A60 28.06.37/6.000% 1,969,264 0.17 165,000 Mexico (United Mexican States) 03.03.15/6.625% 190,575 0.02 1,000,000 Asset Backed Funding Certificates 2005-AQ1 A4 25.06.35/5.010%* 983,476 0.08 477,225 0.04 11,000 AT&T 15.11.31/8.000% 13,729 0.00 CAYMAN ISLANDS 385,000 AT&T 144A 01.09.40/5.350% 360,811 0.03 400,000 Transocean 15.11.20/6.500% 422,728 0.04 375,000 BAE Systems Holdings 144A 15.08.15/5.200% 402,874 0.03 567,680 Banc of America Alternative 422,728 0.04 Loan Trust 2003-7 1CB1 25.09.33/5.500% 585,116 0.05 552,384 Banc of America Alternative SPAIN Loan Trust 2003-7 2A4 25.09.18/5.000% 563,621 0.05 350,000 Telefonica Emisiones 04.02.13/5.855% 373,970 0.03 391,915 Banc of America Alternative 40,000 Telefonica Emisiones 15.07.19/5.877% 41,651 0.01 Loan Trust 2004-1 1A1 25.02.34/6.000% 411,087 0.04 9,565 Banc of America Commercial 415,621 0.04 Mortgage 2003-2 A2 11.03.41/4.342% 9,646 0.00 200,000 Banc of America Commercial Mortgage 2005-3 A4 10.07.43/4.668% 209,720 0.02

335 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

500,000 Banc of America Commercial 100,000 Berkshire Hathaway Finance 15.01.40/5.750% 104,110 0.01 Mortgage 2005-3 AM 10.07.43/4.727% 490,421 0.04 500,000 Blackstone Holdings Finance 449,938 Banc of America Commercial 144A 15.03.21/5.875% 483,927 0.04 Mortgage 2005-6 ASB 10.09.47/5.195%* 476,640 0.04 685,000 Branch Banking & Trust/Wilson 15.09.16/5.625% 746,555 0.06 300,000 Banc of America Commercial 175,000 Bunge 15.06.19/8.500% 202,277 0.02 Mortgage 2006-1 A4 10.09.45/5.372%* 321,189 0.03 100,000 Burlington Northern Santa Fe 15.07.11/6.750% 103,116 0.01 400,000 Banc of America Commercial 250,000 Burlington Northern Santa Fe 01.07.12/5.900% 267,174 0.02 Mortgage 2006-3 A4 426,241 10.07.44/5.889%* 0.04 150,000 Burlington Northern Santa Fe 01.02.14/7.000% 171,401 0.01 Banc of America Commercial 600,000 50,000 Burlington Northern Santa Fe 15.03.18/5.750% 56,267 0.00 Mortgage 2006-4 A4 10.07.46/5.634% 642,171 0.06 147,000 Burlington Northern Santa Fe 01.09.20/3.600% 140,203 0.01 200,000 Banc of America Commercial Mortgage 2006-5 A4 10.09.47/5.414% 208,818 0.02 100,000 Burlington Northern Santa Fe 01.08.28/6.700% 111,181 0.01 396,348 Banc of America Funding 2,860 Capital One Auto Finance Trust 2004-2 1CB1 20.09.34/5.750% 392,962 0.03 2007-C A3A 16.04.12/5.130% 2,865 0.00 192,736 Banc of America Funding 700,000 Capital One Bank USA 15.07.19/8.800% 857,436 0.07 2004-2 30PO 20.09.34/0.000% 106,543 0.01 300,000 Cargill 144A 06.03.19/7.350% 358,677 0.03 409,115 Banc of America Funding 160,000 CarMax Auto Owner Trust 2004-C 1A1 20.12.34/4.998%* 416,441 0.04 2010-1 A3 15.07.14/1.560% 161,258 0.01 942,443 Banc of America Funding 500,000 Centex Home Equity 2004-D 2005-6 2A7 25.10.35/5.500% 888,926 0.08 AF4 25.06.32/4.680%* 495,467 0.04 227,631 Banc of America Funding 496,682 Chase Funding Mortgage Loan 2005-7 30PO 25.11.35/0.000% 124,473 0.01 Asset-Backed Certificates 322,536 Banc of America Funding 2003-4 1A5 25.05.33/5.416%* 478,894 0.04 2005-E 4A1 20.03.35/2.845%* 310,774 0.03 368,568 Chase Funding Mortgage Loan 2,294,524 Banc of America Funding Asset-Backed Certificates 2010-R5 5A6 26.05.37/0.555%* 2,291,541 0.20 2003-6 1A6 25.11.34/4.585% 365,494 0.03 1,300,000 Banc of America Mortgage 558,324 Chase Funding Mortgage Loan Securities 2003-3 1A7 25.05.33/5.500% 1,330,766 0.11 Asset-Backed Certificates 2003-6 1A7 25.11.34/4.277%* 535,484 0.05 315,673 Banc of America Mortgage Securities 2003-6 2A1 25.08.18/0.711%* 309,817 0.03 477,520 Chase Mortgage Finance 2003-S2 A1 25.03.18/5.000% 487,943 0.04 39,495 Banc of America Mortgage Securities 2003-8 APO 25.11.33/0.000% 27,957 0.00 298,173 Chase Mortgage Finance 2003-S6 A1 25.06.18/5.000% 305,450 0.03 1,200,000 Banc of America Mortgage Securities 2004-3 1A26 25.04.34/5.500% 1,276,966 0.11 410,815 Chase Mortgage Finance 2007-A1 2A1 25.02.37/2.892%* 411,773 0.04 2,285,836 Banc of America Mortgage Securities 2004-3 3A1 25.04.19/5.000% 2,334,550 0.20 374,696 Chase Mortgage Finance 2007-A1 7A1 25.02.37/2.930%* 371,495 0.03 717,565 Banc of America Mortgage Securities 2004-5 2A2 25.06.34/5.500% 661,772 0.06 331,937 Chase Mortgage Finance 2007-A1 9A1 25.02.37/3.939%* 335,266 0.03 272,964 Banc of America Mortgage Securities 2004-5 4A1 25.06.19/4.750% 279,403 0.02 1,000,000 Chrysler Financial Auto Securitization Trust 2010-A A3 08.08.13/0.910% 997,570 0.09 848,568 Banc of America Mortgage Securities 2004-7 15IO 25.08.19/4.736%* 75,377 0.01 80,000 Cisco Systems 22.02.16/5.500% 90,857 0.01 261,505 Banc of America Mortgage 140,000 Cisco Systems 15.01.20/4.450% 146,357 0.01 Securities 2004-9 3A1 25.09.32/6.500% 273,744 0.02 400,000 Cisco Systems 15.02.39/5.900% 433,580 0.04 72,681 Banc of America Mortgage 203,217 Citicorp Mortgage Securities Securities 2004-9 XPO 25.11.34/0.000% 62,553 0.01 2003-10 A1 25.11.18/4.500% 208,892 0.02 275,045 Banc of America Mortgage 561,952 Citicorp Mortgage Securities Securities 2004-J 3A1 25.11.34/5.095%* 254,934 0.02 2004-1 3A1 25.01.34/4.750% 574,486 0.05 600,000 Bank of America 15.05.14/7.375% 667,414 0.06 1,237,092 Citicorp Mortgage Securities 650,000 Bank of America 14.10.16/5.625% 673,596 0.06 2004-4 A4 25.06.34/5.500% 1,293,237 0.11 350,000 Bank of America 15.03.17/5.300% 350,544 0.03 738,860 Citicorp Mortgage Securities 2004-5 2A5 25.08.34/4.500% 752,114 0.06 315,000 Bank of America 01.12.17/5.750% 325,253 0.03 9,217 Citicorp Mortgage Securities Bank of America 426,498 415,000 01.05.18/5.650% 0.04 2004-8 1A1 25.10.34/5.500% 9,201 0.00 400,000 Bank of America 01.07.20/5.625% 405,754 0.03 380,586 Citicorp Mortgage Securities 420,757 Bank of America Auto Trust 2004-8 2A2 25.10.34/4.750% 357,481 0.03 2009-1A A3 15.07.13/2.670% 425,323 0.04 517,838 Citicorp Mortgage Securities 215,000 Bank of America Auto Trust 2005-3 2A2 25.04.20/5.000% 479,665 0.04 2010-1A A3 15.03.14/1.390% 216,223 0.02 1,000,000 Citicorp Mortgage Securities 155,000 Bank of America Auto Trust 2006-4 1A2 25.08.36/6.000% 853,532 0.07 2010-1A A4 157,578 15.02.17/2.180% 0.01 500,000 Citigroup 13.12.13/6.000% 546,164 0.05 540,000 Bank of America Auto Trust 600,000 Citigroup Commercial Mortgage 2010-2 A2 541,085 15.10.12/0.910% 0.05 Trust 2005-C3 AM 15.05.43/4.830%* 613,721 0.05 465,000 Bank of America Auto Trust 75,817 Citigroup Commercial Mortgage 2010-2 A3 468,589 15.07.14/1.310% 0.04 Trust 2006-C4 A1 15.03.49/5.728%* 76,291 0.01 770,000 Bank of America Auto Trust 472,557 Citigroup Mortgage Loan Trust 2010-2 A4 776,964 15.06.17/1.940% 0.07 2003-1 2A5 25.10.33/5.250% 492,476 0.04 489,780 Bear Stearns Adjustable Rate 787,734 Citigroup Mortgage Loan Trust Mortgage Trust 2003-4 3A1 499,197 25.07.33/5.007%* 0.04 2003-1 3A4 25.09.33/5.250% 811,258 0.07 90,791 Bear Stearns Adjustable Rate 16,112 Citigroup Mortgage Loan Trust Mortgage Trust 2003-7 3A 88,599 25.10.33/2.818%* 0.01 2003-UP3 A3 25.09.33/7.000% 16,142 0.00 631,193 Bear Stearns Adjustable Rate 238,174 Citigroup Mortgage Loan Trust Mortgage Trust 2004-2 14A 647,929 25.05.34/5.145%* 0.06 2004-UST1 A3 25.08.34/2.550%* 239,880 0.02 469,823 Bear Stearns Adjustable Rate 1,012,248 Citigroup Mortgage Loan Trust Mortgage Trust 2005-5 A1 450,910 25.08.35/2.330%* 0.04 2008-AR4 1A1A 25.11.38/5.427%* 1,022,370 0.09 Bear Stearns Adjustable Rate 761,199 500,000 CME Group 01.08.13/5.400% 550,165 0.05 Mortgage Trust 2006-1 A1 25.02.36/2.520%* 680,629 0.06 298,000 CNA Financial 15.08.20/5.875% 295,738 0.03 549,492 Bear Stearns Alt-A Trust 2005-2 1A1 25.03.35/0.761%* 467,889 0.04 100,000 CNH Equipment Trust 2008-B A4A 17.11.14/5.600% 103,036 0.01 124,824 Bear Stearns Asset Backed Securities Trust 2006-SD1 A 25.04.36/0.631%* 85,502 0.01 333,863 CNH Equipment Trust 2009-A A3 15.11.12/5.280% 338,922 0.03 139,952 Bear Stearns Commercial Mortgage Securities 2005-PWR9 635,000 CNH Equipment Trust 2010-A A3 15.07.14/1.540% 640,163 0.06 AAB 11.09.42/4.804% 145,789 0.01 1,100,000 CNH Equipment Trust 2010-C A3 15.05.15/1.170% 1,097,356 0.09 360,000 Bear Stearns Commercial 400,000 Comcast 15.03.11/5.500% 403,937 0.03 Mortgage Securities 2006-PW11 275,000 Comcast 15.03.16/5.900% 307,444 0.03 A4 11.03.39/5.456%* 388,331 0.03 250,000 Comcast 15.01.17/6.500% 286,998 0.02 121,045 Bear Stearns Commercial 200,000 Comcast 15.11.35/6.500% 213,506 0.02 Mortgage Securities 2006-PW14 150,000 Comcast Cable Holdings 01.02.12/9.800% 163,570 0.01 A1 11.12.38/5.044% 122,853 0.01 100,000 Comcast Holdings 15.07.12/10.625% 113,228 0.01 300,000 Berkshire Hathaway Finance 15.04.12/4.000% 311,896 0.03 110,000 Comerica 16.09.15/3.000% 108,163 0.01 200,000 Berkshire Hathaway Finance 15.12.15/2.450% 198,911 0.02

336 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

60,000 Commercial Mortgage Pass 645,000 CW Capital Cobalt 2006-C1 A4 15.08.48/5.223% 669,693 0.06 Through Certificates 2004-LB4A 180,000 Daimler Finance North America 15.11.13/6.500% 203,210 0.02 A4 15.10.37/4.584% 61,014 0.01 683,000 Dell 10.09.15/2.300% 665,894 0.06 650,000 Commercial Mortgage Pass 255,000 Delta Air Lines 2010-2A 23.05.19/4.950% 257,909 0.02 Through Certificates 2005-LP5 400,000 DirecTV Holdings/DirecTV A4 690,125 10.05.43/4.982%* 0.06 Financing 15.02.21/4.600% 391,902 0.03 173,000 Consolidated Edison Co. of New 700,000 DirecTV Holdings/DirecTV York 182,345 15.06.40/5.700% 0.02 Financing 15.08.40/6.000% 699,621 0.06 Countrywide Alternative Loan 200,364 203,000 Dow Chemical 15.11.20/4.250% 193,677 0.02 Trust 2002-18 A2 25.02.33/5.250% 203,250 0.02 195,000 Duke Energy Carolinas 15.06.20/4.300% 200,165 0.02 700,257 Countrywide Alternative Loan Trust 2004-18CB 2A4 25.09.34/5.700% 701,454 0.06 160,000 Duke Energy Indiana 15.07.20/3.750% 155,679 0.01 109,615 Countrywide Alternative Loan 85,000 Duke Energy Ohio 01.04.19/5.450% 94,866 0.01 Trust 2004-28CB 3A1 25.01.35/6.000% 107,447 0.01 125,000 Electronic Data Systems 01.08.13/6.000% 139,229 0.01 1,035,928 Countrywide Alternative Loan 300,000 EOG Resources 01.02.21/4.100% 294,997 0.03 Trust 2004-2CB 1A9 25.03.34/5.750% 1,049,020 0.09 114,000 Exelon Generation 01.10.41/5.750% 107,665 0.01 2,694,133 Countrywide Alternative Loan 4,600,000 Fannie Mae 05.07.14/0.000% 4,298,452 0.37 Trust 2005-20CB 3A8 25.07.35/4.489%* 295,860 0.03 10,150,000 Fannie Mae 11.05.17/5.000% 11,417,735 0.98 51,166 Countrywide Alternative Loan 531,470 Fannie Mae Grantor Trust Trust 2005-26CB A10 25.07.35/12.578%* 51,069 0.00 2000-T6 A1 25.06.30/7.500% 603,261 0.05 590,961 Countrywide Alternative Loan 1,462,356 Fannie Mae Grantor Trust Trust 2005-28CB 1A4 25.08.35/5.500% 508,544 0.04 2001-T10 A2 25.12.41/7.500% 1,700,446 0.15 1,000,000 Countrywide Alternative Loan 453,675 Fannie Mae Grantor Trust Trust 2005-54CB 1A11 25.11.35/5.500% 846,720 0.07 2001-T7 A1 25.02.41/7.500% 514,571 0.04 101,304 Countrywide Alternative Loan 55,132 Fannie Mae Grantor Trust Trust 2005-5R A1 25.12.18/5.250% 104,208 0.01 2002-T16 A2 25.07.42/7.000% 63,394 0.01 659,805 Countrywide Alternative Loan 1,004,979 Fannie Mae Grantor Trust Trust 2005-J1 1A4 25.02.35/4.839%* 72,884 0.01 2004-T2 1A4 25.11.43/7.500% 1,158,793 0.10 434,000 Countrywide Alternative Loan 764,852 Fannie Mae Interest Strip 293 1 01.12.24/0.000% 648,994 0.06 Trust 2007-21CB 1A5 25.09.37/6.000% 104,621 0.01 526,932 Fannie Mae Interest Strip 339 18 01.07.18/4.500% 52,620 0.00 120,960 Countrywide Home Loan 1,072,036 Fannie Mae Interest Strip 383 32 01.01.38/6.000% 204,902 0.02 Mortgage Pass Through Trust 10,503 Fannie Mae Pool No: 190632 01.02.14/6.000% 11,423 0.00 2003-26 1A6 115,135 25.08.33/3.500% 0.01 22,211 Fannie Mae Pool No: 252409 01.03.29/6.500% 25,151 0.00 35,388 Countrywide Home Loan 226,268 Fannie Mae Pool No: 254305 250,279 Mortgage Pass Through Trust 01.05.22/6.500% 0.02 2003-J7 4A3 25.08.18/9.436%* 34,919 0.00 369,956 Fannie Mae Pool No: 254717 01.04.13/4.500% 390,525 0.03 1,045,184 Countrywide Home Loan 37,249 Fannie Mae Pool No: 254827 01.05.13/5.500% 38,554 0.00 Mortgage Pass Through Trust 533,958 Fannie Mae Pool No: 255052 01.11.23/4.000% 549,064 0.05 2004-5 1A4 25.06.34/5.500% 1,089,248 0.09 149,332 Fannie Mae Pool No: 255174 01.03.14/4.000% 153,917 0.01 152,583 Countrywide Home Loan 545,127 Fannie Mae Pool No: 255441 01.06.19/3.500% 548,108 0.05 Mortgage Pass Through Trust 1,090,090 Fannie Mae Pool No: 255843 01.09.35/5.500% 1,169,380 0.10 2004-7 2A1 25.06.34/2.426%* 142,059 0.01 598,406 Fannie Mae Pool No: 256648 01.01.22/7.500% 653,267 0.06 1,456,794 Countrywide Home Loan 829,536 Fannie Mae Pool No: 256803 01.07.27/6.000% 901,138 0.08 Mortgage Pass Through Trust 1,860,199 Fannie Mae Pool No: 256885 01.09.27/6.000% 2,020,763 0.17 2004-8 2A1 1,474,339 25.06.19/4.500% 0.13 425,054 Fannie Mae Pool No: 257055 01.12.27/6.500% 472,435 0.04 222,504 Countrywide Home Loan 1,480,637 Fannie Mae Pool No: 257172 1,570,058 Mortgage Pass Through Trust 01.04.38/5.500% 0.13 2004-J6 2A1 25.07.14/4.750% 226,661 0.02 866,346 Fannie Mae Pool No: 257209 01.05.38/5.500% 918,667 0.08 308,153 Countrywide Home Loan 1,224,700 Fannie Mae Pool No: 257510 01.12.38/7.000% 1,387,946 0.12 Mortgage Pass Through Trust 32,433 Fannie Mae Pool No: 357639 01.11.34/5.500% 34,607 0.00 2004-J8 1A2 25.11.19/4.750% 316,395 0.03 34,980 Fannie Mae Pool No: 535574 01.11.13/7.500% 36,957 0.00 867,521 Countrywide Home Loan 65,669 Fannie Mae Pool No: 545622 01.04.17/7.500% 70,391 0.01 Mortgage Pass Through Trust 870,564 Fannie Mae Pool No: 555182 01.01.18/6.000% 945,786 0.08 2005-22 2A1 25.11.35/3.100%* 676,582 0.06 60,413 Fannie Mae Pool No: 555791 01.12.22/6.500% 66,491 0.01 300,000 COX Enterprises 144A 15.07.27/7.375% 337,957 0.03 8,253 Fannie Mae Pool No: 583745 01.06.16/6.000% 8,966 0.00 521,286 Credit Suisse First Boston 32,552 Fannie Mae Pool No: 598559 01.08.31/6.500% 36,108 0.00 Mortgage Securities 2004-5 3A1 25.08.19/5.250% 541,051 0.05 31,424 Fannie Mae Pool No: 602589 01.09.31/7.000% 35,406 0.00 929,063 Credit Suisse First Boston 392,790 Fannie Mae Pool No: 622534 01.09.31/3.000% 359,165 0.03 Mortgage Securities 2004-8 1A4 25.12.34/5.500% 972,796 0.08 7,006 Fannie Mae Pool No: 627139 01.03.17/6.500% 7,725 0.00 775,887 Credit Suisse First Boston 9,924 Fannie Mae Pool No: 637095 01.03.17/7.500% 10,953 0.00 Mortgage Securities Corp Fannie Mae Pool No: 650236 216,005 2003-27 5A4 25.11.33/5.250% 785,573 0.07 205,675 01.12.32/5.000% 0.02 1,065,022 Credit Suisse First Boston 38,241 Fannie Mae Pool No: 665775 01.09.17/5.500% 41,230 0.00 Mortgage Securities Corp 7,485 Fannie Mae Pool No: 666358 01.08.17/6.000% 8,132 0.00 2004-4 2A4 25.09.34/5.500% 1,126,183 0.10 12,810 Fannie Mae Pool No: 668811 01.11.17/6.000% 13,917 0.00 300,000 Credit Suisse Mortgage Capital 12,402 Fannie Mae Pool No: 674349 01.03.33/6.000% 13,447 0.00 Certificates 2010-16 A3 25.06.50/4.250%* 274,500 0.02 182,441 Fannie Mae Pool No: 679263 01.11.24/4.500% 186,631 0.02 200,000 Crédit Suisse/New York 02.07.12/3.450% 207,446 0.02 1,155,929 Fannie Mae Pool No: 682076 01.11.17/6.000% 1,255,808 0.11 350,000 Crédit Suisse/New York 15.05.13/5.000% 376,154 0.03 29,189 Fannie Mae Pool No: 689977 01.03.27/8.000% 33,702 0.00 500,000 Crédit Suisse/New York 01.05.14/5.500% 547,523 0.05 21,832 Fannie Mae Pool No: 695533 01.06.27/8.000% 25,252 0.00 100,000 Crédit Suisse/New York 13.08.19/5.300% 105,227 0.01 123,112 Fannie Mae Pool No: 698023 01.04.19/3.500% 123,785 0.01 541,000 Crédit Suisse/New York 05.08.20/4.375% 529,647 0.05 72,540 Fannie Mae Pool No: 720393 01.07.18/4.500% 75,839 0.01 72,559 Credit-Based Asset Servicing 107,964 Fannie Mae Pool No: 722985 01.07.33/2.605%* 112,920 0.01 and Securitization 2006-CB1 125,817 Fannie Mae Pool No: 725171 01.01.19/4.000% 129,258 0.01 AF2 25.01.36/5.236%* 49,104 0.00 17,619 Fannie Mae Pool No: 725382 01.01.16/8.000% 18,078 0.00 109,980 CSFB Mortgage Securities 47,087 Fannie Mae Pool No: 725704 01.08.34/6.000% 51,053 0.00 2003-1 DB1 25.02.33/6.564% 95,596 0.01 256,006 Fannie Mae Pool No: 727226 01.06.18/4.000% 262,927 0.02 461,447 CSFB Mortgage Securities 141,549 Fannie Mae Pool No: 729347 01.07.18/4.000% 145,375 0.01 2003-21 AP 25.09.33/0.000% 328,173 0.03 29,857 Fannie Mae Pool No: 730332 01.09.18/4.000% 30,664 0.00 984,391 CSFB Mortgage Securities Fannie Mae Pool No: 730536 128,627 2003-23 2A5 25.10.18/5.000% 1,008,173 0.09 125,203 01.08.18/4.000% 0.01 367,791 CSFB Mortgage Securities 218,949 Fannie Mae Pool No: 735332 01.08.34/3.787%* 229,276 0.02 2003-27 AP 25.11.33/0.000% 257,702 0.02 151,955 Fannie Mae Pool No: 735911 01.08.20/6.500% 167,554 0.01 165,000 CSFB Mortgage Securities 153,456 Fannie Mae Pool No: 740822 01.09.18/5.500% 165,229 0.01 2003-C5 A4 15.12.36/4.900%* 175,183 0.02 58,023 Fannie Mae Pool No: 743097 01.10.18/3.500% 58,322 0.01 416,249 CSFB Mortgage Securities 947,095 Fannie Mae Pool No: 745148 01.01.36/5.000% 992,822 0.09 2004-3 AP 25.06.34/0.000% 266,008 0.02 608,381 Fannie Mae Pool No: 745406 01.03.21/6.000% 660,949 0.06 196,908 CSFB Mortgage Securities 1,346,434 Fannie Mae Pool No: 745418 01.04.36/5.500% 1,444,370 0.12 2005-10 AP 25.11.35/0.000% 93,459 0.01 772,274 Fannie Mae Pool No: 745445 01.01.36/2.585%* 806,203 0.07 204,600 CSFB Mortgage Securities 133,314 Fannie Mae Pool No: 745446 01.04.33/2.638%* 138,997 0.01 2005-4 3A24 25.06.35/18.138%* 215,094 0.02 102,861 Fannie Mae Pool No: 748306 01.11.33/6.500% 114,096 0.01 350,000 CSX 14.02.11/9.780% 352,288 0.03 69,108 Fannie Mae Pool No: 754922 01.09.33/5.500% 74,307 0.01 337 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

159,669 Fannie Mae Pool No: 755973 01.11.28/8.000% 184,554 0.02 2,639,149 Fannie Mae REMICS 1998-44 ZA 20.07.28/6.500% 3,046,383 0.26 66,724 Fannie Mae Pool No: 755994 01.10.28/8.000% 77,176 0.01 449,287 Fannie Mae REMICS 1998-58 PC 25.10.28/6.500% 494,891 0.04 232,207 Fannie Mae Pool No: 763029 01.05.33/4.500% 237,799 0.02 27,189 Fannie Mae REMICS 2001-44 PD 25.09.31/7.000% 30,694 0.00 76,032 Fannie Mae Pool No: 766610 01.01.34/2.806%* 79,270 0.01 13,977 Fannie Mae REMICS 2001-7 PF 25.03.31/7.000% 15,777 0.00 108,618 Fannie Mae Pool No: 768005 01.09.13/4.000% 111,326 0.01 71,742 Fannie Mae REMICS 2001-71 MB 25.12.16/6.000% 77,614 0.01 301,717 Fannie Mae Pool No: 771959 01.02.34/5.500% 322,766 0.03 405,255 Fannie Mae REMICS 2001-79 BA 25.03.45/7.000% 463,062 0.04 456,547 Fannie Mae Pool No: 775902 01.04.30/8.500% 530,915 0.05 129,374 Fannie Mae REMICS 2002-2 MG 25.02.17/6.000% 140,143 0.01 648,939 Fannie Mae Pool No: 777132 01.06.34/2.678%* 677,824 0.06 171,652 Fannie Mae REMICS 2002-3 OG 25.02.17/6.000% 185,388 0.02 141,340 Fannie Mae Pool No: 781309 01.07.34/2.746%* 147,915 0.01 1,584,346 Fannie Mae REMICS 2002-30 Z 25.05.32/6.000% 1,746,706 0.15 10,074 Fannie Mae Pool No: 782613 01.05.19/3.500% 10,126 0.00 218,825 Fannie Mae REMICS 2002-47 PE 25.08.17/5.500% 237,492 0.02 41,550 Fannie Mae Pool No: 787741 01.08.30/9.000% 48,368 0.00 265,479 Fannie Mae REMICS 2002-5 SE 25.02.32/15.091%* 336,987 0.03 272,926 Fannie Mae Pool No: 788150 01.03.32/6.000% 295,911 0.03 2,374,946 Fannie Mae REMICS 2002-50 ZA 25.05.31/6.000% 2,617,928 0.22 150,253 Fannie Mae Pool No: 789426 01.07.19/3.500% 151,028 0.01 555,794 Fannie Mae REMICS 2002-63 KC 25.10.17/5.000% 593,231 0.05 159,281 Fannie Mae Pool No: 790235 01.08.34/2.746%* 166,798 0.01 495,291 Fannie Mae REMICS 2002-78 VB 25.01.23/5.500% 503,590 0.04 105,927 Fannie Mae Pool No: 791961 01.09.34/2.062%* 109,548 0.01 335,748 Fannie Mae REMICS 2002-81 JO 25.04.32/0.000% 309,844 0.03 64,443 Fannie Mae Pool No: 796815 01.09.19/5.500% 69,367 0.01 500,000 Fannie Mae REMICS 2002-94 BK 25.01.18/5.500% 549,283 0.05 319,216 Fannie Mae Pool No: 801342 01.09.34/2.719%* 334,119 0.03 2,232,906 Fannie Mae REMICS 2003-105 AZ 25.10.33/5.500% 2,521,109 0.22 363,910 Fannie Mae Pool No: 810896 01.01.35/2.044%* 377,007 0.03 1,500,000 Fannie Mae REMICS 2003-106 WE 25.11.22/4.500% 1,604,410 0.14 257,316 Fannie Mae Pool No: 816597 01.02.35/2.607%* 267,808 0.02 192,699 Fannie Mae REMICS 2003-116 SB 25.11.33/7.339%* 33,836 0.00 119,500 Fannie Mae Pool No: 823660 01.05.35/2.477%* 125,180 0.01 544,919 Fannie Mae REMICS 2003-117 JB 25.06.33/3.500% 563,586 0.05 326,634 Fannie Mae Pool No: 843026 01.09.35/2.230%* 339,272 0.03 450,000 Fannie Mae REMICS 2003-128 NG 25.01.19/4.000% 476,758 0.04 369,216 Fannie Mae Pool No: 843028 01.09.35/2.228%* 383,455 0.03 400,000 Fannie Mae REMICS 2003-32 KC 25.05.18/5.000% 432,272 0.04 224,400 Fannie Mae Pool No: 847108 01.10.35/6.500% 249,116 0.02 906,649 Fannie Mae REMICS 2003-33 IA 25.05.33/6.500% 190,783 0.02 818,521 Fannie Mae Pool No: 849251 01.01.36/2.277%* 845,810 0.07 3,000,000 Fannie Mae REMICS 2003-35 BC 25.05.18/5.000% 3,233,143 0.28 1,458,069 Fannie Mae Pool No: 851432 01.10.35/5.362%* 1,545,402 0.13 1,009,316 Fannie Mae REMICS 2003-35 IU 25.05.33/6.000% 207,347 0.02 325,253 Fannie Mae Pool No: 852874 01.04.20/4.000% 334,045 0.03 200,000 Fannie Mae REMICS 2003-39 LW 25.05.23/5.500% 216,563 0.02 1,081,094 Fannie Mae Pool No: 870770 01.07.36/6.500% 1,199,169 0.10 193,573 Fannie Mae REMICS 2003-44 IU 25.06.33/7.000% 37,955 0.00 638,400 Fannie Mae Pool No: 872502 01.06.36/5.902%* 666,043 0.06 105,221 Fannie Mae REMICS 2003-52 SX 25.10.31/22.168%* 143,226 0.01 580,555 Fannie Mae Pool No: 884066 01.06.36/5.608%* 608,300 0.05 175,650 Fannie Mae REMICS 2003-60 NJ 25.07.21/5.000% 178,613 0.02 269,534 Fannie Mae Pool No: 886558 01.08.36/6.047%* 284,305 0.02 75,597 Fannie Mae REMICS 2003-68 QP 25.07.22/3.000% 77,089 0.01 1,458,906 Fannie Mae Pool No: 888366 01.04.37/7.000% 1,655,509 0.14 786,805 Fannie Mae REMICS 2003-73 GF 25.05.31/0.661%* 789,607 0.07 1,082,915 Fannie Mae Pool No: 888408 01.03.37/6.000% 1,161,642 0.10 205,770 Fannie Mae REMICS 2003-80 SY 25.06.23/7.389%* 22,963 0.00 1,561,229 Fannie Mae Pool No: 888594 01.08.22/6.000% 1,696,129 0.15 1,650,000 Fannie Mae REMICS 2003-81 LC 25.09.18/4.500% 1,777,621 0.15 730,294 Fannie Mae Pool No: 888605 01.07.35/2.480%* 763,467 0.07 174,902 Fannie Mae REMICS 2003-81 SP 25.09.33/11.485%* 170,007 0.01 1,587,062 Fannie Mae Pool No: 888829 01.06.37/5.832% 1,716,040 0.15 250,000 Fannie Mae REMICS 2003-83 PG 25.06.23/5.000% 267,654 0.02 1,975,908 Fannie Mae Pool No: 888890 01.10.37/6.500% 2,191,714 0.19 987,783 Fannie Mae REMICS 2003-91 BL 25.02.29/5.000% 991,783 0.09 1,805,479 Fannie Mae Pool No: 888892 01.11.37/7.500% 2,035,454 0.17 52,500 Fannie Mae REMICS 2004-10 SC 25.02.34/27.557%* 77,471 0.01 1,161,571 Fannie Mae Pool No: 889519 01.12.35/5.500% 1,239,433 0.11 42,744 Fannie Mae REMICS 2004-14 SD 25.03.34/8.684%* 40,775 0.00 1,884,733 Fannie Mae Pool No: 889573 01.03.23/6.500% 2,061,582 0.18 66,791 Fannie Mae REMICS 2004-25 SA 25.04.34/18.808%* 85,023 0.01 1,058,787 Fannie Mae Pool No: 889757 01.02.38/5.000% 1,109,906 0.10 1,516,600 Fannie Mae REMICS 2004-36 PB 25.05.32/5.500% 1,604,020 0.14 528,629 Fannie Mae Pool No: 890087 01.11.17/7.000% 572,607 0.05 763,970 Fannie Mae REMICS 2004-46 EP 25.03.34/0.000% 669,491 0.06 1,845,171 Fannie Mae Pool No: 890268 01.10.38/6.500% 2,056,334 0.18 676,002 Fannie Mae REMICS 2004-46 HS 25.05.30/5.739%* 43,008 0.00 446,311 Fannie Mae Pool No: 894672 01.10.36/8.000% 504,952 0.04 613,287 Fannie Mae REMICS 2004-46 SK 25.05.34/15.783%* 711,887 0.06 328,880 Fannie Mae Pool No: 896463 01.10.34/5.117%* 345,094 0.03 150,029 Fannie Mae REMICS 2004-61 SH 25.11.32/22.946%* 209,507 0.02 133,168 Fannie Mae Pool No: 900177 01.08.36/7.500% 150,457 0.01 300,003 Fannie Mae REMICS 2004-74 SW 25.11.31/14.979%* 371,111 0.03 333,596 Fannie Mae Pool No: 900197 01.10.36/5.861%* 353,140 0.03 400,000 Fannie Mae REMICS 2004-76 CL 25.10.19/4.000% 423,304 0.04 306,761 Fannie Mae Pool No: 905694 01.12.36/5.646%* 324,431 0.03 400,000 Fannie Mae REMICS 2004-81 AC 25.11.19/4.000% 422,353 0.04 163,402 Fannie Mae Pool No: 907742 01.12.36/7.000% 183,153 0.02 1,211,491 Fannie Mae REMICS 2004-92 BX 25.09.34/5.500% 1,327,734 0.11 358,530 Fannie Mae Pool No: 912374 01.02.37/7.000% 407,542 0.04 652,349 Fannie Mae REMICS 2005-109 PB 25.01.34/6.000% 687,802 0.06 2,339,583 Fannie Mae Pool No: 920843 01.03.36/3.293%* 2,447,546 0.21 1,000,000 Fannie Mae REMICS 2005-109 PC 25.12.35/6.000% 1,122,227 0.10 783,022 Fannie Mae Pool No: 920954 01.01.37/6.566%* 845,516 0.07 500,000 Fannie Mae REMICS 2005-110 MN 25.06.35/5.500% 552,067 0.05 121,824 Fannie Mae Pool No: 924857 01.09.37/8.500% 140,439 0.01 1,500,000 Fannie Mae REMICS 2005-118 ME 25.01.32/6.000% 1,552,501 0.13 491,558 Fannie Mae Pool No: 929560 01.06.38/7.000% 559,794 0.05 2,000,000 Fannie Mae REMICS 2005-118 PN 25.01.32/6.000% 2,192,935 0.19 2,739,074 Fannie Mae Pool No: 932355 01.12.39/6.000% 3,013,114 0.26 830,299 Fannie Mae REMICS 2005-123 FG 25.07.34/0.711%* 829,684 0.07 1,375,191 Fannie Mae Pool No: 933032 01.10.37/6.000% 1,487,015 0.13 705,000 Fannie Mae REMICS 2005-3 CE 25.08.34/5.500% 721,211 0.06 1,049,187 Fannie Mae Pool No: 945870 01.08.37/6.500% 1,163,778 0.10 131,880 Fannie Mae REMICS 2005-40 YA 25.09.20/5.000% 136,959 0.01 862,852 Fannie Mae Pool No: 946338 01.09.37/7.000% 979,120 0.08 497,593 Fannie Mae REMICS 2005-45 DC 25.06.35/23.354%* 761,268 0.07 473,567 Fannie Mae Pool No: 961192 01.01.38/7.000% 535,999 0.05 59,437 Fannie Mae REMICS 2005-47 AN 25.12.16/5.000% 59,973 0.01 724,059 Fannie Mae Pool No: 966946 01.01.38/5.282%* 768,193 0.07 661,574 Fannie Mae REMICS 2005-56 S 25.07.35/6.449%* 116,149 0.01 1,822,320 Fannie Mae Pool No: 976871 01.08.36/6.500% 2,021,352 0.17 447,792 Fannie Mae REMICS 2005-56 TP 25.08.33/17.368%* 569,104 0.05 2,393,204 Fannie Mae Pool No: 995149 01.10.38/6.500% 2,654,586 0.23 280,505 Fannie Mae REMICS 2005-57 DC 25.12.34/20.928%* 348,711 0.03 1,509,730 Fannie Mae Pool No: 995381 01.01.24/6.000% 1,640,180 0.14 782,730 Fannie Mae REMICS 2005-57 EG 25.03.35/0.561%* 784,271 0.07 2,666,158 Fannie Mae Pool No: 995456 01.02.24/6.500% 2,939,855 0.25 1,000,000 Fannie Mae REMICS 2005-67 EY 25.08.25/5.500% 1,098,755 0.09 330,391 Fannie Mae Pool No: 995505 01.01.38/8.000% 379,783 0.03 724,892 Fannie Mae REMICS 2005-74 CS 25.05.35/19.303%* 924,234 0.08 371,226 Fannie Mae Pool No: 995783 01.11.37/8.000% 420,002 0.04 724,892 Fannie Mae REMICS 2005-74 SK 25.05.35/19.413%* 986,431 0.08 1,607,278 Fannie Mae Pool No: AA0922 01.09.36/6.000% 1,742,641 0.15 334,998 Fannie Mae REMICS 2005-76 PZ 25.09.35/5.500% 346,568 0.03 1,027,070 Fannie Mae Pool No: AA1019 01.11.36/6.000% 1,121,339 0.10 1,220,208 Fannie Mae REMICS 2005-84 MB 25.10.35/5.750% 1,351,438 0.12 1,049,274 Fannie Mae Pool No: AC3407 01.10.39/5.500% 1,121,661 0.10 1,360,000 Fannie Mae REMICS 2005-84 XH 25.10.35/5.750% 1,498,058 0.13 805,258 Fannie Mae Pool No: AD0753 01.01.39/7.000% 911,151 0.08 584,533 Fannie Mae REMICS 2005-84 XM 25.10.35/5.750% 640,503 0.06 2,908,819 Fannie Mae Pool No: AD7790 01.08.40/5.000% 3,050,814 0.26 315,304 Fannie Mae REMICS 2005-86 GB 25.10.35/5.000% 319,078 0.03 1,288,337 Fannie Mae Pool No: AD8548 01.01.33/5.500% 1,353,260 0.12 469,863 Fannie Mae REMICS 2005-90 ES 25.10.35/16.223%* 550,966 0.05 2,473,410 Fannie Mae Pool No: AE0081 01.07.24/6.000% 2,687,128 0.23 299,381 Fannie Mae REMICS 2005-90 PO 25.09.35/0.000% 271,843 0.02 1,380,090 Fannie Mae Pool No: AE0346 01.05.37/6.000% 1,498,926 0.13 607,143 Fannie Mae REMICS 2006-11 PS 25.03.36/23.611%* 855,453 0.07 297,962 Fannie Mae REMICS 1992-145 ZB 25.08.22/8.000% 343,604 0.03 312,938 Fannie Mae REMICS 2006-110 1,113,356 Fannie Mae REMICS 1992-69 Z 25.05.22/8.000% 1,347,448 0.12 PO 25.11.36/0.000% 272,009 0.02 623,409 Fannie Mae REMICS 1993-136 ZB 25.07.23/6.792%* 735,786 0.06 97,458 Fannie Mae REMICS 2006-111 EO 25.11.36/0.000% 83,803 0.01 762,919 Fannie Mae REMICS 1993-141 Z 25.08.23/7.000% 872,303 0.07 776,700 Fannie Mae REMICS 2006-113 446,846 Fannie Mae REMICS 1993-203 PL 25.10.23/6.500% 494,146 0.04 PO 25.07.36/0.000% 693,414 0.06 53,786 Fannie Mae REMICS 1993-25 J 25.03.23/7.500% 60,683 0.01 1,000,000 Fannie Mae REMICS 2006-124 HB 1,088,405 692,946 Fannie Mae REMICS 1993-99 Z 25.07.23/7.000% 817,854 0.07 25.11.36/5.987%* 0.09 568,838 Fannie Mae REMICS 2006-16 FC 569,855 577,220 Fannie Mae REMICS 1994-63 PK 25.04.24/7.000% 648,440 0.06 25.03.36/0.561%* 0.05 31,040 Fannie Mae REMICS 2006-18 PA 31,131 493,001 Fannie Mae REMICS 1996-4 SA 25.02.24/8.219%* 106,319 0.01 25.01.26/5.500% 0.00 161,285 Fannie Mae REMICS 2006-22 AO 141,259 683,054 Fannie Mae REMICS 1996-48 Z 25.11.26/7.000% 767,154 0.07 25.04.36/0.000% 0.01 628,216 Fannie Mae REMICS 2006-27 OH 556,827 64,350 Fannie Mae REMICS 1997-39 PD 20.05.27/7.500% 73,212 0.01 25.04.36/0.000% 0.05 384,442 Fannie Mae REMICS 2006-33 LS 555,446 346,714 Fannie Mae REMICS 1997-50 SK 25.05.23/6.719%* 57,231 0.00 25.05.36/28.977%* 0.05 551,474 Fannie Mae REMICS 2006-36 PO 462,002 37,071 Fannie Mae REMICS 1998-36 ZB 18.07.28/6.000% 40,965 0.00 25.05.36/0.000% 0.04

338 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

172,670 Fannie Mae REMICS 2006-44 GO 25.06.36/0.000% 148,282 0.01 3,959,999 Fannie Mae REMICS 2010-133 A 25.05.38/5.500% 4,279,458 0.37 570,075 Fannie Mae REMICS 2006-44 P 25.12.33/0.000% 494,876 0.04 2,594,135 Fannie Mae REMICS 2010-23 KS 25.02.40/6.839%* 330,119 0.03 1,759,893 Fannie Mae REMICS 2006-53 US 25.06.36/6.319%* 258,598 0.02 3,050,000 Fannie Mae REMICS 2010-26 B 25.03.25/5.500% 3,318,174 0.29 1,000,000 Fannie Mae REMICS 2006-53 WE 25.06.36/6.000% 1,101,845 0.09 2,480,837 Fannie Mae REMICS 2010-35 SB 25.04.40/6.159%* 307,175 0.03 300,597 Fannie Mae REMICS 2006-58 AP 25.07.36/0.000% 267,378 0.02 1,904,988 Fannie Mae REMICS 2010-49 SC 25.03.40/12.139%* 2,116,356 0.18 558,272 Fannie Mae REMICS 2006-58 PO 25.07.36/0.000% 488,349 0.04 852,285 Fannie Mae REMICS 2010-61 WA 25.06.40/5.950% 922,917 0.08 273,930 Fannie Mae REMICS 2006-59 QO 25.01.33/0.000% 253,549 0.02 3,207,227 Fannie Mae REMICS 2010-64 EH 25.10.35/5.000% 3,438,291 0.30 958,294 Fannie Mae REMICS 2006-60 DO 25.04.35/0.000% 883,186 0.08 3,876,878 Fannie Mae REMICS 2010-68 SA 25.07.40/4.739%* 392,793 0.03 136,554 Fannie Mae REMICS 2006-62 PS 25.07.36/38.336%* 238,400 0.02 315,755 Fannie Mae REMICS G92-43 Z 25.07.22/7.500% 359,159 0.03 163,067 Fannie Mae REMICS 2006-65 QO 25.07.36/0.000% 138,531 0.01 512,469 Fannie Mae REMICS G92-61 Z 25.10.22/7.000% 573,186 0.05 1,000,000 Fannie Mae REMICS 2006-66 NV 25.02.24/6.500% 1,061,788 0.09 29,570 Fannie Mae REMICS G93-1 KA 25.01.23/7.900% 34,204 0.00 2,000,000 Fannie Mae REMICS 2006-7 TC 25.09.33/6.000% 2,030,461 0.17 97,650 Fannie Mae REMICS G93-17 SH 25.04.23/29.196%* 123,960 0.01 315,765 Fannie Mae REMICS 2006-72 TO 25.08.36/0.000% 276,452 0.02 356,437 Fannie Mae Whole Loan 1,000,000 Fannie Mae REMICS 2006-77 PC 25.08.36/6.500% 1,131,629 0.10 2001-W4 AF6 25.01.32/5.610%* 354,098 0.03 402,946 Fannie Mae REMICS 2006-79 DF 25.08.36/0.611%* 404,238 0.03 4,409,954 Fannie Mae Whole Loan 258,091 Fannie Mae REMICS 2006-79 DO 25.08.36/0.000% 221,384 0.02 2002-W10 IO 25.08.42/0.979%* 159,066 0.01 629,057 Fannie Mae REMICS 2006-85 MZ 25.09.36/6.500% 699,934 0.06 229,524 Fannie Mae Whole Loan 2002-W6 2A1 257,653 1,870,607 Fannie Mae REMICS 2006-94 GI 25.10.26/6.389%* 261,340 0.02 25.06.42/6.836%* 0.02 24,348 Fannie Mae Whole Loan 336,796 Fannie Mae REMICS 2006-95 SG 25.10.36/25.157%* 460,146 0.04 2003-W4 2A 25.10.42/6.500% 28,067 0.00 181,011 Fannie Mae REMICS 2007-1 SD 307,575 25.02.37/37.436%* 0.03 11,495,214 Fannie Mae Whole Loan 3,753,832 Fannie Mae REMICS 2007-101 A2 27.06.36/0.511%* 3,711,601 0.32 2003-W6 4T 25.09.42/0.550%* 197,698 0.02 1,264,561 Fannie Mae REMICS 2007-106 A7 25.10.37/6.033%* 1,327,313 0.11 326,228 Fannie Mae Whole Loan 1,505,887 Fannie Mae REMICS 2007-108 AN 25.11.37/8.709%* 1,873,412 0.16 2003-W8 3F1 25.05.42/0.661%* 324,539 0.03 717,758 Fannie Mae REMICS 2007-108 SA 25.12.37/6.099%* 87,010 0.01 213,783 Fannie Mae Whole Loan 5,414,423 Fannie Mae REMICS 2007-109 PI 25.12.37/6.089%* 611,827 0.05 2004-W1 2A2 25.12.33/7.000% 245,469 0.02 2,000,000 Fannie Mae REMICS 2007-114 A6 27.10.37/0.461%* 1,997,017 0.17 91,983 Fannie Mae Whole Loan 1,095,136 Fannie Mae REMICS 2007-116 HI 25.01.38/6.359%* 71,145 0.01 2004-W2 2A2 25.02.44/7.000% 108,800 0.01 89,987 Fannie Mae REMICS 2007-15 NO 25.03.22/0.000% 78,762 0.01 1,319,117 Fannie Mae Whole Loan 350,700 Fannie Mae REMICS 2007-16 FC 25.03.37/1.011%* 344,443 0.03 2005-W1 1A2 25.10.44/6.500% 1,520,869 0.13 374,295 Fannie Mae REMICS 2007-29 SG 25.04.37/21.798%* 517,404 0.04 665,630 Fannie Mae Whole Loan 518,740 Fannie Mae REMICS 2007-42 AO 25.05.37/0.000% 452,714 0.04 2005-W3 2AF 25.03.45/0.481%* 664,383 0.06 2,000,000 Fannie Mae REMICS 2007-42 B 25.05.37/6.000% 2,228,016 0.19 977,054 Fannie Mae Whole Loan 2006-W3 2A 1,067,024 2,311,139 Fannie Mae REMICS 2007-53 SH 25.06.37/5.839%* 320,118 0.03 25.09.46/6.000% 0.09 1,341,610 Fannie Mae Whole Loan 646,252 Fannie Mae REMICS 2007-54 FA 25.06.37/0.661%* 650,409 0.06 2007-W1 1AF1 25.11.46/0.521%* 1,329,504 0.11 2,760,917 Fannie Mae REMICS 2007-60 AX 454,308 25.07.37/6.889%* 0.04 190,400 Fannie Mae Whole Loan 3,981,621 Fannie Mae REMICS 2007-65 KI 25.07.37/6.359%* 471,832 0.04 2007-W7 1A4 25.07.37/37.616%* 297,848 0.03 889,591 Fannie Mae REMICS 2007-7 SG 25.08.36/6.239%* 132,185 0.01 3,150,120 Fannie Mae Whole Loan 5,938,674 Fannie Mae REMICS 2007-72 EK 25.07.37/6.139%* 888,281 0.08 2009-W1 A 25.12.49/6.000% 3,479,732 0.30 1,206,215 Fannie Mae REMICS 2007-76 AZ 25.08.37/5.500% 1,282,637 0.11 3,000,000 FDIC Structured Sale 1,226,898 Fannie Mae REMICS 2007-76 ZG 25.08.37/6.000% 1,308,916 0.11 Guaranteed Notes 2010-C1 A 06.12.20/2.980% 2,996,203 0.26 685,224 Fannie Mae REMICS 2007-83 PA 25.03.29/6.000% 690,541 0.06 1,115,000 Federal Farm Credit Bank 15.11.18/5.125% 1,253,952 0.11 1,000,000 Fannie Mae REMICS 2007-84 PD 25.08.32/6.000% 1,059,447 0.09 186,571 Federal Home Loan Banks 1,789,872 Fannie Mae REMICS 2007-84 PE 25.05.34/6.000% 1,953,708 0.17 00-0606 Y 28.12.12/5.270% 197,638 0.02 2,000,000 Fannie Mae REMICS 2007-84 PG 25.12.36/6.000% 2,198,831 0.19 616,503 Federal Home Loan Banks 362,318 Fannie Mae REMICS 2007-85 SL 25.09.37/15.498%* 418,633 0.04 00-1067 1 15.06.12/5.300% 646,493 0.06 1,424,609 Fannie Mae REMICS 2007-88 VI 25.09.37/6.279%* 205,361 0.02 33,826 FHLMC Structured Pass Through 3,360,150 Fannie Mae REMICS 2007-92 YS 25.06.37/5.519%* 423,580 0.04 Securities T-41 3A 25.07.32/7.299%* 39,445 0.00 310,429 Fannie Mae REMICS 2007-97 MS 25.12.31/14.189%* 337,492 0.03 727,427 FHLMC Structured Pass Through Securities T-42 A5 851,057 1,190,520 Fannie Mae REMICS 2007-98 VA 25.11.17/6.000% 1,293,703 0.11 25.02.42/7.500% 0.07 FHLMC Structured Pass Through 2,107,730 Fannie Mae REMICS 2008-1 BI 25.02.38/5.649%* 267,807 0.02 46,571 Securities T-54 2A 25.02.43/6.500% 53,585 0.00 456,673 Fannie Mae REMICS 2008-10 XI 52,315 25.03.38/5.969%* 0.00 62,926 FHLMC Structured Pass Through 1,253,558 Fannie Mae REMICS 2008-16 IS 25.03.38/5.939%* 144,270 0.01 Securities T-54 3A 25.02.43/7.000% 71,118 0.01 227,766 Fannie Mae REMICS 2008-18 SP 25.03.38/13.479%* 254,830 0.02 1,984,079 FHLMC Structured Pass Through 870,729 Fannie Mae REMICS 2008-19 IC 25.03.23/5.000% 95,897 0.01 Securities T-56 A5 25.05.43/5.231% 2,152,988 0.18 500,000 Fannie Mae REMICS 2008-24 DY 25.04.23/5.000% 540,541 0.05 1,456,821 FHLMC Structured Pass Through 1,505,889 Fannie Mae REMICS 2008-24 PF 25.02.38/0.911%* 1,522,420 0.13 Securities T-76 2A 25.10.37/4.781%* 1,462,233 0.13 561,308 Fannie Mae REMICS 2008-28 QS 25.04.38/19.918%* 735,474 0.06 171,299 FHLMC-GNMA 24 J 25.11.23/6.250% 183,586 0.02 1,028,156 Fannie Mae REMICS 2008-46 HI 25.06.38/6.675%* 84,140 0.01 729,556 FHLMC-GNMA 29 L 25.04.24/7.500% 784,823 0.07 397,709 Fannie Mae REMICS 2008-47 SI 25.06.23/6.239%* 42,103 0.00 100,000 Fifth Third Bancorp 15.01.17/5.450% 102,025 0.01 1,000,000 Fannie Mae REMICS 2008-53 CA 25.07.23/5.000% 1,081,654 0.09 500,000 Financing Fico 05.04.19/0.000% 386,055 0.03 843,547 Fannie Mae REMICS 2008-53 CI 25.07.38/6.939%* 124,360 0.01 700,000 Financing Fico 26.09.19/0.000% 452,074 0.04 2,114,546 Fannie Mae REMICS 2008-56 AC 25.07.38/5.000% 2,201,000 0.19 184,760 First Horizon Asset Securities 2,706,188 Fannie Mae REMICS 2008-76 GF 25.09.23/0.911%* 2,746,871 0.24 2003-7 2A1 25.09.18/4.500% 190,201 0.02 1,037,895 Fannie Mae REMICS 2008-80 SA 25.09.38/5.589%* 122,626 0.01 63,812 First Horizon Asset Securities 959,025 Fannie Mae REMICS 2008-81 SB 25.09.38/5.589%* 118,868 0.01 2004-AR7 2A1 25.02.35/2.811%* 62,826 0.01 951,422 Fannie Mae REMICS 2009-103 MB 25.12.39/4.000% 1,001,838 0.09 500,000 First Horizon Asset Securities 2,874,137 Fannie Mae REMICS 2009-112 ST 25.01.40/5.989%* 338,880 0.03 2004-AR7 2A2 25.02.35/2.811%* 461,465 0.04 768,893 Fannie Mae REMICS 2009-113 AO 25.01.40/0.000% 665,172 0.06 215,235 First Horizon Asset Securities 2005-AR1 2A2 208,666 2,411,765 Fannie Mae REMICS 2009-12 NU 25.12.23/5.500% 2,654,384 0.23 25.04.35/2.875%* 0.02 Ford Credit Auto Owner Trust 2,894,020 Fannie Mae REMICS 2009-17 QS 25.03.39/6.389%* 389,721 0.03 23,125 2007-B A3A 15.11.11/5.150% 23,174 0.00 615,274 Fannie Mae REMICS 2009-18 IO 25.03.24/5.000% 72,431 0.01 603,240 Ford Credit Auto Owner Trust 783,348 Fannie Mae REMICS 2009-52 PI 25.07.39/5.000% 171,319 0.01 2009-B A3 15.08.13/2.790% 611,282 0.05 1,000,000 Fannie Mae REMICS 2009-59 HB 25.08.39/5.000% 1,050,951 0.09 500,000 Ford Credit Auto Owner Trust 1,198,914 Fannie Mae REMICS 2009-6 GS 25.02.39/6.289%* 149,138 0.01 2009-B A4 15.07.14/4.500% 531,077 0.05 369,932 Fannie Mae REMICS 2009-63 P 25.03.37/5.000% 386,612 0.03 2,700,000 Freddie Mac 21.12.12/4.125% 2,878,605 0.25 3,000,000 Fannie Mae REMICS 2009-69 GL 25.09.39/5.000% 3,177,385 0.27 1,700,000 Freddie Mac 23.08.17/5.500% 1,963,245 0.17 823,821 Fannie Mae REMICS 2009-69 PO 25.09.39/0.000% 724,028 0.06 26,270,000 Freddie Mac 17.11.17/5.125% 29,746,835 2.56 611,951 Fannie Mae REMICS 2009-79 UA 25.03.38/7.000% 681,113 0.06 449,366 Freddie Mac Gold Pool No: 1,573,640 Fannie Mae REMICS 2009-84 WS 25.10.39/5.639%* 187,788 0.02 A61376 01.07.32/6.500% 497,603 0.04 1,718,233 Fannie Mae REMICS 2009-86 IP 25.10.39/5.500% 307,440 0.03 691,571 Freddie Mac Gold Pool No: 1,873,458 Fannie Mae REMICS 2009-86 OT 25.10.37/0.000% 1,518,115 0.13 A88871 01.01.31/7.000% 778,557 0.07 3,075,006 Fannie Mae REMICS 2009-86 UI 25.10.14/4.000% 221,371 0.02 4,872,645 Freddie Mac Gold Pool No: 861,926 Fannie Mae REMICS 2010-1 WA 25.02.40/6.129%* 946,094 0.08 A93511 01.08.40/5.000% 5,095,469 0.44 9,726,793 Fannie Mae REMICS 2010-111 AE 25.04.38/5.500% 10,475,331 0.90 73,693 Freddie Mac Gold Pool No: 2,000,000 Fannie Mae REMICS 2010-111 AM 25.10.40/5.500% 2,209,203 0.19 B10492 01.11.18/4.000% 75,501 0.01 3,968,446 Fannie Mae REMICS 2010-125 SA 25.11.40/4.179%* 351,523 0.03

339 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

660,221 Freddie Mac Gold Pool No: 1,899,891 Freddie Mac Non Gold Pool No: B11402 01.12.18/3.500% 662,800 0.06 1Q0739 01.03.37/6.232%* 2,015,230 0.17 131,405 Freddie Mac Gold Pool No: 3,969 Freddie Mac Non Gold Pool No: B14730 01.05.14/4.000% 134,588 0.01 555325 01.06.17/8.750% 4,441 0.00 602,018 Freddie Mac Gold Pool No: 780,876 Freddie Mac Non Gold Pool No: B90491 01.01.32/7.500% 693,859 0.06 782870 01.09.34/2.728%* 815,805 0.07 44,905 Freddie Mac Gold Pool No: 717,890 Freddie Mac Non Gold Pool No: C90600 01.12.22/6.000% 49,405 0.00 782980 01.01.35/2.621%* 743,240 0.06 328,155 Freddie Mac Gold Pool No: 359,605 Freddie Mac Non Gold Pool No: C90985 01.08.26/6.500% 363,571 0.03 847621 01.05.33/2.622%* 374,388 0.03 28,968 Freddie Mac Gold Pool No: 194,465 Freddie Mac Non Gold Pool No: E01403 01.04.18/6.000% 31,498 0.00 972200 01.03.36/4.334%* 203,414 0.02 598,336 Freddie Mac Gold Pool No: 1,000,000 Freddie Mac Reference REMIC E01418 01.07.18/4.000% 612,827 0.05 R004 VG 15.08.21/6.000% 1,097,455 0.09 150,061 Freddie Mac Gold Pool No: 1,983,311 Freddie Mac Reference REMIC E01424 01.08.18/4.000% 153,742 0.01 R006 ZA 15.04.36/6.000% 2,167,612 0.19 364,534 Freddie Mac Gold Pool No: 1,973,443 Freddie Mac Reference REMIC E01647 01.05.19/4.000% 373,363 0.03 R007 ZA 15.05.36/6.000% 2,152,726 0.18 37,061 Freddie Mac Gold Pool No: 319,113 Freddie Mac REMICS 1081 K 15.05.21/7.000% 358,769 0.03 G01448 01.08.32/7.000% 41,722 0.00 329,437 Freddie Mac REMICS 1142 IA 15.10.21/7.000% 378,827 0.03 1,437,888 Freddie Mac Gold Pool No: 140,247 Freddie Mac REMICS 1578 K 15.09.23/6.900% 164,584 0.01 G02186 01.05.36/5.000% 1,507,237 0.13 78,205 Freddie Mac REMICS 1609 LG 15.11.23/16.656%* 94,258 0.01 1,200,267 Freddie Mac Gold Pool No: 952,502 Freddie Mac REMICS 1621 J 15.11.23/6.400% 1,021,428 0.09 G02436 1,335,189 01.09.36/6.500% 0.11 35,391 Freddie Mac REMICS 1668 D 15.02.14/6.500% 35,551 0.00 Freddie Mac Gold Pool No: 860,862 236,087 Freddie Mac REMICS 1702 PX 15.09.23/6.500% 243,344 0.02 G04077 01.03.38/6.500% 953,270 0.08 212,694 Freddie Mac REMICS 1863 Z 15.07.26/6.500% 236,840 0.02 1,118,701 Freddie Mac Gold Pool No: G04952 01.01.38/7.500% 1,259,860 0.11 583,997 Freddie Mac REMICS 1927 ZA 15.01.27/6.500% 593,503 0.05 1,899 Freddie Mac Gold Pool No: 278,380 Freddie Mac REMICS 2033 J 15.06.23/5.600% 299,740 0.03 G10706 01.07.12/8.000% 1,949 0.00 67,138 Freddie Mac REMICS 2061 Z 15.06.28/6.500% 71,584 0.01 297,824 Freddie Mac Gold Pool No: 83,699 Freddie Mac REMICS 2075 PH 15.08.28/6.500% 96,288 0.01 G11564 01.08.17/6.500% 327,559 0.03 70,259 Freddie Mac REMICS 2102 TC 15.12.13/6.000% 73,980 0.01 1,093,817 Freddie Mac Gold Pool No: 463,697 Freddie Mac REMICS 2110 PG 15.01.29/6.000% 505,655 0.04 G12906 01.07.21/6.000% 1,189,355 0.10 2,073,622 Freddie Mac REMICS 2165 PE 15.06.29/6.000% 2,290,881 0.20 399,494 Freddie Mac Gold Pool No: 100,000 Freddie Mac REMICS 2169 TB 15.06.29/7.000% 117,636 0.01 G13012 01.03.22/6.000% 434,387 0.04 391,461 Freddie Mac REMICS 2172 QC 15.07.29/7.000% 442,083 0.04 4,306,158 Freddie Mac Gold Pool No: 67,539 Freddie Mac REMICS 2259 ZM 15.10.30/7.000% 76,384 0.01 G13991 01.02.23/5.500% 4,637,431 0.40 454,995 Freddie Mac REMICS 2283 K 15.12.23/6.500% 492,821 0.04 24,573 Freddie Mac Gold Pool No: 258,999 Freddie Mac REMICS 2344 ZD 15.08.31/6.500% 285,204 0.02 G30234 27,201 01.11.22/6.500% 0.00 116,716 Freddie Mac REMICS 2345 PQ 15.08.16/6.500% 124,950 0.01 Freddie Mac Gold Pool No: 494,478 81,592 Freddie Mac REMICS 2355 BP 15.09.16/6.000% 87,882 0.01 J15254 01.10.17/6.000% 537,668 0.05 75,173 Freddie Mac REMICS 2360 PG 15.09.16/6.000% 81,364 0.01 183,987 Freddie Mac Gold Pool No: P50201 01.01.34/5.500% 193,876 0.02 101,029 Freddie Mac REMICS 2363 PF 15.09.16/6.000% 109,080 0.01 40,225 Freddie Mac Gold Pool No: 77,184 Freddie Mac REMICS 2366 MD 15.10.16/6.000% 83,445 0.01 P60089 01.12.14/7.000% 43,292 0.00 182,655 Freddie Mac REMICS 2388 EZ 15.06.31/8.500% 210,538 0.02 26,807 Freddie Mac Gold Pool No: 296,497 Freddie Mac REMICS 2388 FB 15.01.29/0.860%* 299,160 0.03 P60090 01.03.16/7.000% 28,884 0.00 77,561 Freddie Mac REMICS 2410 NG 15.02.32/6.500% 85,825 0.01 279,257 Freddie Mac Gold Pool No: 77,443 Freddie Mac REMICS 2416 SH 17.02.32/15.479%* 100,014 0.01 P60151 01.05.19/6.000% 303,958 0.03 399,405 Freddie Mac REMICS 2423 TB 15.03.32/6.500% 440,082 0.04 1,040,579 Freddie Mac Gold Pool No: 81,078 Freddie Mac REMICS 2424 OG 15.03.17/6.000% 87,901 0.01 Z40024 01.04.36/5.500% 1,108,285 0.10 101,878 Freddie Mac REMICS 2425 OB 15.03.17/6.000% 108,098 0.01 183,957 Freddie Mac Non Gold Pool No: 73,803 Freddie Mac REMICS 2434 TC 15.04.32/7.000% 82,642 0.01 1A1082 01.07.36/6.610%* 193,440 0.02 157,140 Freddie Mac REMICS 2453 BD 15.05.17/6.000% 169,874 0.01 454,306 Freddie Mac Non Gold Pool No: 43,558 Freddie Mac REMICS 2466 PG 15.04.32/6.500% 46,303 0.00 1A1085 01.08.36/6.769%* 477,570 0.04 484,657 Freddie Mac REMICS 2483 HZ 15.08.32/4.500% 490,727 0.04 389,957 Freddie Mac Non Gold Pool No: 150,787 Freddie Mac REMICS 2484 LZ 15.07.32/6.500% 173,394 0.01 1A1096 01.10.36/6.669%* 413,713 0.04 166,148 Freddie Mac REMICS 2503 BH 15.09.17/5.500% 181,393 0.02 825,825 Freddie Mac Non Gold Pool No: 1A1097 01.10.36/6.513%* 876,409 0.08 2,578 Freddie Mac REMICS 2519 BT 15.09.31/8.500% 2,638 0.00 198,859 Freddie Mac Non Gold Pool No: 416,087 Freddie Mac REMICS 2537 TE 15.12.17/5.500% 453,555 0.04 1B1665 01.04.34/2.638%* 207,159 0.02 415,000 Freddie Mac REMICS 2544 HC 15.12.32/6.000% 457,291 0.04 340,509 Freddie Mac Non Gold Pool No: 2,139,118 Freddie Mac REMICS 2549 ZG 15.01.18/5.000% 2,220,469 0.19 1B3485 01.07.37/3.446%* 356,848 0.03 11,353 Freddie Mac REMICS 2565 MB 15.05.30/6.000% 11,462 0.00 1,599,440 Freddie Mac Non Gold Pool No: 2,000,000 Freddie Mac REMICS 2568 KG 15.02.23/5.500% 2,180,642 0.19 1G2557 01.06.36/6.020%* 1,710,643 0.15 554,700 Freddie Mac REMICS 2571 SY 15.12.32/17.975%* 737,703 0.06 227,290 Freddie Mac Non Gold Pool No: 200,000 Freddie Mac REMICS 2575 ME 15.02.33/6.000% 221,724 0.02 1J1399 01.12.36/6.105%* 239,573 0.02 377,000 Freddie Mac REMICS 2591 QO 15.03.18/4.500% 405,141 0.03 866,096 Freddie Mac Non Gold Pool No: 229,064 Freddie Mac REMICS 2591 QU 15.06.17/3.750% 232,969 0.02 1J1418 01.12.36/6.429%* 930,552 0.08 793,788 Freddie Mac REMICS 2594 DJ 15.10.30/4.250% 814,532 0.07 376,855 Freddie Mac Non Gold Pool No: 13,159 Freddie Mac REMICS 2597 DS 15.02.33/7.290%* 841 0.00 1J1516 01.02.37/6.410%* 404,130 0.03 49,258 Freddie Mac REMICS 2610 DS 15.03.33/6.840%* 2,621 0.00 219,883 Freddie Mac Non Gold Pool No: 45,718 Freddie Mac REMICS 2611 SH 15.10.21/7.390%* 2,034 0.00 1J1574 01.04.37/5.596%* 232,662 0.02 398,085 Freddie Mac REMICS 2628 WA 15.07.28/4.000% 404,436 0.03 268,821 Freddie Mac Non Gold Pool No: Freddie Mac REMICS 2631 SA 404,330 1J2945 01.11.37/6.481%* 289,537 0.02 352,184 15.06.33/14.373%* 0.03 1,139,767 Freddie Mac Non Gold Pool No: 280,975 Freddie Mac REMICS 2636 Z 15.06.18/4.500% 299,279 0.03 1K0046 01.10.36/6.023%* 1,190,879 0.10 3,905 Freddie Mac REMICS 2643 HI 15.12.16/4.500% 41 0.00 1,528,118 Freddie Mac Non Gold Pool No: 79,725 Freddie Mac REMICS 2646 AC 15.08.17/3.500% 81,877 0.01 1L1286 01.05.36/5.523%* 1,628,239 0.14 145,020 Freddie Mac REMICS 2650 PO 15.12.32/0.000% 130,195 0.01 659,124 Freddie Mac Non Gold Pool No: 405,745 Freddie Mac REMICS 2650 SO 15.12.32/0.000% 364,743 0.03 1N0189 01.08.36/6.578%* 695,130 0.06 83,259 Freddie Mac REMICS 2668 SB 15.10.15/6.968%* 85,010 0.01 819,653 Freddie Mac Non Gold Pool No: 223,386 Freddie Mac REMICS 2671 S 15.09.33/14.281%* 262,048 0.02 1N0206 01.08.36/6.707%* 861,069 0.07 200,000 Freddie Mac REMICS 2672 ME 15.11.22/5.000% 215,203 0.02 1,050,488 Freddie Mac Non Gold Pool No: 1,000,000 Freddie Mac REMICS 2677 LE 15.09.18/4.500% 1,079,697 0.09 1N0353 01.02.37/6.254%* 1,118,882 0.10 11,576 Freddie Mac REMICS 2683 VA 15.02.21/5.500% 11,622 0.00 282,727 Freddie Mac Non Gold Pool No: 1,500,000 Freddie Mac REMICS 2684 PO 15.01.33/0.000% 1,338,804 0.12 1N1463 01.05.37/5.860%* 299,000 0.03 47,994 Freddie Mac REMICS 2684 SN 15.10.33/26.948%* 51,237 0.00 343,416 Freddie Mac Non Gold Pool No: 58,050 Freddie Mac REMICS 2686 GB 15.05.20/5.000% 59,333 0.01 1Q0007 01.12.35/4.147%* 357,266 0.03 83,325 Freddie Mac REMICS 2694 BA 15.06.31/4.000% 86,187 0.01 969,162 Freddie Mac Non Gold Pool No: Freddie Mac REMICS 2695 DG 1,059,067 1Q0737 01.11.36/6.678%* 1,042,702 0.09 1,000,000 15.10.18/4.000% 0.09 340 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

134,039 Freddie Mac REMICS 2695 OB 15.10.33/0.000% 106,947 0.01 764,238 Freddie Mac REMICS 3369 VA 15.07.18/6.000% 831,472 0.07 47,296 Freddie Mac REMICS 2696 SM 15.12.26/13.679%* 48,414 0.00 1,582,972 Freddie Mac REMICS 3385 SN 15.11.37/5.740%* 171,074 0.01 1,000,000 Freddie Mac REMICS 2707 QE 15.11.18/4.500% 1,080,681 0.09 1,633,084 Freddie Mac REMICS 3387 SA 15.11.37/6.160%* 242,934 0.02 2,000,000 Freddie Mac REMICS 2709 PG 15.11.23/5.000% 2,099,205 0.18 2,544,079 Freddie Mac REMICS 3404 SC 15.01.38/5.740%* 278,646 0.02 500,000 Freddie Mac REMICS 2720 PC 15.12.23/5.000% 515,894 0.04 1,000,000 Freddie Mac REMICS 3418 GV 15.03.31/5.000% 1,029,914 0.09 34,246 Freddie Mac REMICS 2722 EG 15.12.33/0.000% 31,014 0.00 2,546,853 Freddie Mac REMICS 3422 AI 15.01.38/1.860%* 30,917 0.00 720,260 Freddie Mac REMICS 2725 OP 15.10.33/0.000% 635,693 0.05 788,917 Freddie Mac REMICS 3424 PI 15.04.38/6.540%* 114,377 0.01 402,905 Freddie Mac REMICS 2725 SC 15.11.33/8.689%* 380,897 0.03 1,512,276 Freddie Mac REMICS 3430 AI 15.09.12/1.417% 19,668 0.00 1,000,000 Freddie Mac REMICS 2733 SB 15.10.33/7.776%* 1,007,993 0.09 1,232,039 Freddie Mac REMICS 3437 AI 15.09.11/1.335% 7,965 0.00 77,366 Freddie Mac REMICS 2744 PD 15.08.33/5.500% 79,237 0.01 1,500,000 Freddie Mac REMICS 3453 B 15.05.38/5.500% 1,618,922 0.14 1,000,000 Freddie Mac REMICS 2750 TC 15.02.34/5.250% 1,103,776 0.09 2,189,908 Freddie Mac REMICS 3455 SE 15.06.38/5.940%* 256,240 0.02 319,887 Freddie Mac REMICS 2751 BA 15.10.18/4.000% 336,743 0.03 580,700 Freddie Mac REMICS 3461 LZ 15.06.38/6.000% 634,628 0.05 210,018 Freddie Mac REMICS 2755 PA 15.02.29/0.000% 204,865 0.02 1,161,400 Freddie Mac REMICS 3461 Z 15.06.38/6.000% 1,278,121 0.11 379,425 Freddie Mac REMICS 2759 GC 15.05.29/5.000% 388,661 0.03 635,884 Freddie Mac REMICS 3481 SJ 15.08.38/5.590%* 83,947 0.01 67,471 Freddie Mac REMICS 2762 LO 15.03.34/0.000% 63,905 0.01 1,000,000 Freddie Mac REMICS 3501 CB 15.01.39/5.500% 1,080,317 0.09 218,951 Freddie Mac REMICS 2764 UC 15.05.27/5.000% 221,289 0.02 518,928 Freddie Mac REMICS 3505 SA 15.01.39/5.740%* 45,967 0.00 11,088 Freddie Mac REMICS 2766 SX 15.03.34/15.728%* 11,243 0.00 1,760,931 Freddie Mac REMICS 3511 SA 15.02.39/5.740%* 156,689 0.01 23,044 Freddie Mac REMICS 2776 SK 15.04.34/8.685%* 22,435 0.00 1,733,983 Freddie Mac REMICS 3549 FA 15.07.39/1.460%* 1,776,933 0.15 1,000,000 Freddie Mac REMICS 2777 KO 15.02.33/0.000% 922,283 0.08 1,072,038 Freddie Mac REMICS 3564 JA 15.01.18/4.000% 1,132,199 0.10 509,334 Freddie Mac REMICS 2778 US 15.06.33/6.940%* 30,039 0.00 1,071,000 Freddie Mac REMICS 3578 VZ 15.08.36/5.500% 1,180,300 0.10 101,562 Freddie Mac REMICS 2780 JG 15.04.19/4.500% 107,157 0.01 400,000 Freddie Mac REMICS 3607 AO 15.04.36/0.000% 296,823 0.03 500,000 Freddie Mac REMICS 2783 AT 15.04.19/4.000% 521,312 0.04 300,000 Freddie Mac REMICS 3607 BO 15.04.36/0.000% 221,002 0.02 800,000 Freddie Mac REMICS 2809 UC 15.06.19/4.000% 843,696 0.07 680,307 Freddie Mac REMICS 3607 EO 15.02.33/0.000% 612,394 0.05 182,269 Freddie Mac REMICS 2812 AB 15.10.18/4.500% 190,203 0.02 364,692 Freddie Mac REMICS 3611 PO 15.07.34/0.000% 303,218 0.03 106,297 Freddie Mac REMICS 2827 SQ 15.01.19/7.500%* 109,497 0.01 300,000 Freddie Mac REMICS 3632 BS 15.02.40/16.632%* 378,756 0.03 806,604 Freddie Mac REMICS 2835 BO 15.12.28/0.000% 745,373 0.06 3,888,094 Freddie Mac REMICS 3659 VE 15.03.26/5.000% 4,137,838 0.36 293,311 Freddie Mac REMICS 2840 JO 15.06.23/0.000% 270,729 0.02 1,934,296 Freddie Mac REMICS 3666 VA 15.12.22/5.500% 2,128,785 0.18 1,000,000 Freddie Mac REMICS 2843 VB 15.08.23/5.500% 1,107,000 0.10 3,936,845 Freddie Mac REMICS 3680 MA 15.07.39/4.500% 4,151,537 0.36 727,849 Freddie Mac REMICS 2850 SN 15.09.18/6.890%* 66,351 0.01 1,964,465 Freddie Mac REMICS 3687 MA 15.02.37/4.500% 2,094,192 0.18 294,020 Freddie Mac REMICS 2895 F 15.06.31/0.610%* 294,298 0.03 1,707,964 Freddie Mac REMICS 3688 CU 15.11.21/6.820%* 1,851,211 0.16 211,461 Freddie Mac REMICS 2897 EO 15.10.31/0.000% 198,740 0.02 1,897,113 Freddie Mac REMICS 3688 GT 15.11.46/7.152%* 2,115,048 0.18 63,942 Freddie Mac REMICS 2921 MS 15.01.35/8.392%* 64,521 0.01 2,845,708 Freddie Mac REMICS 3688 NI 15.04.32/5.000% 451,522 0.04 41,686 Freddie Mac REMICS 2925 MW 15.01.35/0.000%* 41,463 0.00 2,869,365 Freddie Mac REMICS 3704 CT 15.12.36/7.000% 3,221,907 0.28 500,000 Freddie Mac REMICS 2931 QC 15.01.19/4.500% 531,297 0.05 1,944,978 Freddie Mac REMICS 3704 DT 15.11.36/7.500% 2,211,993 0.19 879,728 Freddie Mac REMICS 2934 EC 15.02.20/0.000% 794,389 0.07 1,925,347 Freddie Mac REMICS 3704 ET 15.12.36/7.500% 2,193,901 0.19 649,846 Freddie Mac REMICS 2945 ZB 15.03.35/5.500% 674,014 0.06 1,973,105 Freddie Mac REMICS 3714 IP 15.08.40/5.000% 289,257 0.02 1,000,000 Freddie Mac REMICS 2958 QD 15.04.20/4.500% 1,081,038 0.09 2,479,695 Freddie Mac REMICS 3739 LI 15.03.34/4.000% 319,042 0.03 215,067 Freddie Mac REMICS 2962 WJ 15.06.24/5.500% 227,772 0.02 2,493,738 Freddie Mac REMICS 3740 SC 15.10.40/5.740%* 357,459 0.03 800,000 Freddie Mac REMICS 2965 GD 15.04.20/4.500% 860,405 0.07 2,492,813 Freddie Mac REMICS 3759 HI 15.08.37/4.000% 423,938 0.04 443,312 Freddie Mac REMICS 2967 S 15.04.25/32.393%* 664,741 0.06 719,162 Freddie Mac Strips 233 11 15.09.35/5.000% 149,493 0.01 1,000,000 Freddie Mac REMICS 2971 GC 15.07.18/5.000% 1,070,604 0.09 1,820,453 Freddie Mac Strips 233 13 15.09.35/5.000% 380,894 0.03 453,200 Freddie Mac REMICS 2979 AS 15.03.34/23.319%* 593,080 0.05 5,710,348 Freddie Mac Strips 239 S30 15.08.36/7.440%* 923,817 0.08 555,124 Freddie Mac REMICS 2990 SL 15.06.34/23.539%* 763,146 0.07 377,682 Freddie Mac Strips 243 16 15.11.20/4.500% 41,906 0.00 305,747 Freddie Mac REMICS 2990 WP 15.06.35/16.356%* 364,429 0.03 1,000,000 GE Capital Credit Card Master 50,125 Freddie Mac REMICS 3000 JF 15.04.35/0.660%* 50,063 0.00 Note Trust 2009-2 A 15.07.15/3.690% 1,038,732 0.09 224,012 Freddie Mac REMICS 3013 FY 15.08.35/0.000%* 223,565 0.02 650,000 General Electric Capital 16.09.20/4.375% 638,518 0.05 896,776 Freddie Mac REMICS 3029 SP 15.09.35/27.636%* 1,132,560 0.10 155,205 Ginnie Mae I Pool No: 456388 15.03.28/7.500% 179,446 0.02 534,431 Freddie Mac REMICS 3047 OB 15.12.33/5.500% 571,468 0.05 41,353 Ginnie Mae I Pool No: 465505 15.06.28/7.500% 47,812 0.00 200,000 Freddie Mac REMICS 3047 OD 15.10.35/5.500% 219,421 0.02 114,552 Ginnie Mae I Pool No: 530795 15.01.23/6.500% 129,630 0.01 492,871 Freddie Mac REMICS 3049 XF 15.05.33/0.610%* 494,957 0.04 530,617 Ginnie Mae I Pool No: 569568 15.01.32/6.500% 596,696 0.05 259,654 Freddie Mac REMICS 3051 DP 15.10.25/26.883%* 347,745 0.03 11,080 Ginnie Mae I Pool No: 591882 15.07.32/6.500% 12,460 0.00 700,000 Freddie Mac REMICS 3064 OE 15.11.35/5.500% 752,225 0.06 17,965 Ginnie Mae I Pool No: 607645 15.02.33/6.500% 20,202 0.00 613,608 Freddie Mac REMICS 3064 SG 15.11.35/19.132%* 805,754 0.07 15,353 Ginnie Mae I Pool No: 607728 15.03.33/6.000% 16,848 0.00 354,295 Freddie Mac REMICS 3068 AO 15.01.35/0.000% 326,007 0.03 38,614 Ginnie Mae I Pool No: 611453 15.04.32/7.000% 42,795 0.00 1,000,000 Freddie Mac REMICS 3074 BH 15.11.35/5.000% 1,077,151 0.09 47,372 Ginnie Mae I Pool No: 621970 15.02.34/6.000% 51,983 0.00 998,435 Freddie Mac REMICS 3077 TO 15.04.35/0.000% 841,285 0.07 494,287 Ginnie Mae I Pool No: 781328 15.09.31/7.000% 564,866 0.05 918,018 Freddie Mac REMICS 3102 FB 15.01.36/0.560%* 911,232 0.08 14,197 Ginnie Mae I Pool No: 781570 15.01.16/8.000% 15,458 0.00 147,532 Freddie Mac REMICS 3117 EO 15.02.36/0.000% 127,675 0.01 13,838 Ginnie Mae I Pool No: 781614 15.06.33/7.000% 15,336 0.00 194,154 Freddie Mac REMICS 3117 OK 15.02.36/0.000% 168,266 0.01 149,122 Ginnie Mae I Pool No: 781648 15.08.33/6.000% 163,592 0.01 951,687 Freddie Mac REMICS 3122 OH 15.03.36/0.000% 800,937 0.07 976,474 Ginnie Mae I Pool No: 782507 15.10.24/9.500% 1,202,794 0.10 60,709 Freddie Mac REMICS 3134 PO 15.03.36/0.000% 52,538 0.00 739,957 Ginnie Mae I pool No: 782615 15.06.35/7.000% 820,081 0.07 292,748 Freddie Mac REMICS 3138 PO 15.04.36/0.000% 256,131 0.02 988,212 Ginnie Mae I Pool No: 783123 15.04.33/5.500% 1,073,583 0.09 1,000,000 Freddie Mac REMICS 3143 BC 15.02.36/5.500% 1,079,822 0.09 2,125,457 Ginnie Mae II Pool No: 748766 20.01.39/6.500% 2,388,815 0.21 634,835 Freddie Mac REMICS 3151 PO 15.05.36/0.000% 518,530 0.04 1,340,000 GMAC Commercial Mortgage 951,545 Freddie Mac REMICS 3152 MO 15.03.36/0.000% 804,452 0.07 Securities 2006-C1 A4 10.11.45/5.238%* 1,418,964 0.12 1,064,443 Freddie Mac REMICS 3153 EO 15.05.36/0.000% 927,379 0.08 535,107 GMAC Mortgage Corp Loan Trust 2003-AR1 A4 534,748 2,643 Freddie Mac REMICS 3158 LX 15.05.36/0.000%* 2,503 0.00 19.10.33/3.407%* 0.05 1,571,739 GMAC Mortgage Corp Loan 1,000,000 Freddie Mac REMICS 3162 OB 15.11.30/6.000% 1,045,417 0.09 Trust 2003-AR2 2A4 19.12.33/3.310%* 1,542,352 0.13 369,411 Freddie Mac REMICS 3169 BN 391,172 15.06.34/5.000% 0.03 753,955 GMAC Mortgage Corp Loan 300,317 Freddie Mac REMICS 3171 MO 15.06.36/0.000% 252,364 0.02 Trust 2004-J5 A7 25.01.35/6.500% 774,816 0.07 1,331,503 Freddie Mac REMICS 3181 AZ 15.07.36/6.500% 1,487,708 0.13 254,935 GMAC Mortgage Corp Loan 443,543 Freddie Mac REMICS 3194 SA 15.07.36/6.840%* 58,053 0.00 Trust 2004-J6 1A1 25.01.20/5.000% 261,096 0.02 3,300,000 Freddie Mac REMICS 3195 PD 15.07.36/6.500% 3,697,016 0.32 640,000 GMAC Mortgage Corp Loan 1,000,000 Freddie Mac REMICS 3200 AY 15.08.36/5.500% 1,076,794 0.09 Trust 2005-AR3 3A4 19.06.35/3.222%* 517,439 0.04 2,796,358 Freddie Mac REMICS 3202 HI 15.08.36/6.390%* 422,345 0.04 372,158 Government National Mortgage 2,000,000 Freddie Mac REMICS 3218 BE 15.09.35/6.000% 2,207,989 0.19 Association 1994-7 PQ 16.10.24/6.500% 429,494 0.04 892,653 Freddie Mac REMICS 3219 DI 15.04.36/6.000% 153,126 0.01 1,021,921 Government National Mortgage 1,289,642 Freddie Mac REMICS 3220 Z 15.09.36/6.000% 1,411,729 0.12 Association 1998-17 S 16.07.28/8.239%* 212,081 0.02 623,432 Freddie Mac REMICS 3232 ST 15.10.36/6.440%* 83,485 0.01 478,308 Government National Mortgage 344,227 Freddie Mac REMICS 3260 CS 15.01.37/5.880%* 35,030 0.00 Association 1999-10 ZC 20.04.29/6.500% 528,516 0.05 78,861 Freddie Mac REMICS 3263 TP 15.08.35/0.000%* 78,535 0.01 370,292 Government National Mortgage Association 1999-31 ZC 446,315 3,000,000 Freddie Mac REMICS 3266 D 15.01.22/5.000% 3,255,514 0.28 16.09.29/8.000% 0.04 238,035 Government National Mortgage 250,124 Freddie Mac REMICS 3275 FL 15.02.37/0.700%* 250,260 0.02 Association 2000-10 ZP 16.02.30/7.500% 267,311 0.02 1,000,000 Freddie Mac REMICS 3287 PM 1,079,410 15.10.35/6.000% 0.09 26,119 Government National Mortgage 1,239,198 Freddie Mac REMICS 3315 HZ 15.05.37/6.000% 1,341,839 0.12 Association 2000-6 Z 20.02.30/7.500% 29,754 0.00 1,000,000 Freddie Mac REMICS 3349 DP 15.09.36/6.000% 1,101,308 0.09

341 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

886,795 Government National Mortgage 830,031 Government National Mortgage Association 2001-21 PE 16.05.31/6.500% 1,005,575 0.09 Association 2007-42 SB 20.07.37/6.489%* 116,115 0.01 318,482 Government National Mortgage 413,726 Government National Mortgage Association 2001-22 PS 17.03.31/20.330%* 455,059 0.04 Association 2007-49 NO 20.12.35/0.000% 397,210 0.03 146,344 Government National Mortgage 1,101,572 Government National Mortgage Association 2001-51 SA 16.10.31/31.371%* 235,210 0.02 Association 2007-50 AI 20.08.37/6.514%* 155,307 0.01 1,500,000 Government National Mortgage 1,436,048 Government National Mortgage Association 2001-53 PB 20.11.31/6.500% 1,699,285 0.15 Association 2007-53 ES 20.09.37/6.289%* 161,201 0.01 899,362 Government National Mortgage 552,078 Government National Mortgage Association 2001-53 SR 20.10.31/7.889%* 109,583 0.01 Association 2007-53 SW 20.09.37/19.423%* 708,205 0.06 109,289 Government National Mortgage 1,092,848 Government National Mortgage Association 2001-8 Z 20.03.31/6.500% 120,788 0.01 Association 2007-57 QA 20.10.37/6.239%* 136,870 0.01 183,291 Government National Mortgage 1,000,000 Government National Mortgage Association 2002-40 UK 20.06.32/6.500% 211,576 0.02 Association 2007-6 LD 20.03.36/5.500% 1,093,409 0.09 340,963 Government National Mortgage 1,117,149 Government National Mortgage Association 2002-41 SY 16.06.32/7.239%* 53,876 0.00 Association 2007-67 SI 20.11.37/6.249%* 129,262 0.01 169,585 Government National Mortgage 1,000,000 Government National Mortgage Association 2002-45 QE 20.06.32/6.500% 190,697 0.02 Association 2007-70 TA 20.08.36/5.750% 1,084,259 0.09 51,077 Government National Mortgage 2,157,434 Government National Mortgage Association 2002-47 PG 16.07.32/6.500% 58,959 0.01 Association 2007-73 MI 20.11.37/5.739%* 248,619 0.02 3,167 Government National Mortgage 1,027,327 Government National Mortgage Association 2002-51 SG 20.04.31/31.371%* 5,254 0.00 Association 2007-74 SL 16.11.37/6.279%* 142,535 0.01 65,524 Government National Mortgage 1,064,489 Government National Mortgage Association 2002-54 GB 20.08.32/6.500% 72,122 0.01 Association 2007-76 SA 20.11.37/6.269%* 127,743 0.01 249,062 Government National Mortgage 2,792,873 Government National Mortgage Association 2002-69 PO 20.02.32/0.000% 239,835 0.02 Association 2007-76 SD 20.11.37/5.539%* 310,679 0.03 434,578 Government National Mortgage 1,594,133 Government National Mortgage Association 2002-69 SC 20.02.32/15.927%* 501,280 0.04 Association 2007-79 SY 20.12.37/6.289%* 196,932 0.02 414,962 Government National Mortgage 2,712,725 Government National Mortgage Association 2003-1 SX 16.06.31/6.839%* 27,748 0.00 Association 2007-81 SB 20.12.37/6.389%* 370,640 0.03 3,074,051 Government National Mortgage 833,089 Government National Mortgage Association 2003-10 PZ 20.02.33/5.500% 3,316,285 0.28 Association 2008-25 SB 20.03.38/6.639%* 117,016 0.01 231,832 Government National Mortgage 1,412,870 Government National Mortgage Association 2003-34 TO 16.02.32/0.000% 225,977 0.02 Association 2008-32 PI 16.10.37/5.500% 202,746 0.02 33,266 Government National Mortgage 561,816 Government National Mortgage Association 2003-4 NY 20.12.13/5.500% 35,520 0.00 Association 2008-40 SA 16.05.38/6.139%* 84,529 0.01 169,854 Government National Mortgage 400,585 Government National Mortgage Association 2003-60 NS 16.07.33/15.927%* 190,473 0.02 Association 2008-41 SA 20.05.38/6.079%* 50,931 0.00 288,281 Government National Mortgage 1,000,000 Government National Mortgage Association 2003-67 SD 20.08.33/16.037%* 361,198 0.03 Association 2008-50 KB 20.06.38/6.000% 1,095,987 0.09 6,944,802 Government National Mortgage 321,169 Government National Mortgage Association 2003-75 ZX 16.09.33/6.000% 7,599,226 0.65 Association 2008-60 PO 20.01.38/0.000% 295,940 0.03 214,161 Government National Mortgage 988,937 Government National Mortgage Association 2003-8 PO 16.01.32/0.000% 207,224 0.02 Association 2008-93 AS 20.12.38/5.439%* 102,495 0.01 2,841,533 Government National Mortgage 2,993,600 Government National Mortgage Association 2003-95 SP 20.05.32/6.939%* 271,858 0.02 Association 2008-95 DS 20.12.38/7.039%* 394,668 0.03 21,319 Government National Mortgage 2,200,107 Government National Mortgage Association 2003-98 PC 20.02.29/5.000% 21,363 0.00 Association 2009-10 SA 20.02.39/5.689%* 243,413 0.02 739,838 Government National Mortgage 1,138,017 Government National Mortgage Association 2004-15 SA 20.12.32/18.946%* 861,787 0.07 Association 2009-10 SL 16.03.34/6.239%* 134,996 0.01 1,704,273 Government National Mortgage 3,569,877 Government National Mortgage Association 2004-90 SI 20.10.34/5.839%* 199,569 0.02 Association 2009-102 SM 16.06.39/6.139%* 396,938 0.03 256,309 Government National Mortgage 569,629 Government National Mortgage Association 2004-94 TS 20.10.34/17.708%* 333,001 0.03 Association 2009-104 AB 16.08.39/7.000% 648,869 0.06 315,975 Government National Mortgage 2,302,989 Government National Mortgage Association 2005-35 FL 20.03.32/0.611%* 315,835 0.03 Association 2009-106 AS 16.11.39/6.139%* 303,155 0.03 295,704 Government National Mortgage 756,264 Government National Mortgage Association 2005-66 SP 16.08.35/19.965%* 379,264 0.03 Association 2009-14 NI 20.03.39/6.500% 118,947 0.01 1,012,589 Government National Mortgage 2,882,423 Government National Mortgage Association 2005-68 DP 17.06.35/15.806%* 1,237,280 0.11 Association 2009-22 SA 20.04.39/6.009%* 297,118 0.03 2,734,062 Government National Mortgage 3,508,676 Government National Mortgage Association 2005-68 KI 20.09.35/6.039%* 383,443 0.03 Association 2009-31 ST 20.03.39/6.089%* 404,074 0.03 374,565 Government National Mortgage 2,923,897 Government National Mortgage Association 2005-7 JM 18.05.34/16.147%* 449,042 0.04 Association 2009-31 TS 20.03.39/6.039%* 320,783 0.03 1,333,878 Government National Mortgage 715,281 Government National Mortgage Association 2005-72 AZ 20.09.35/5.500% 1,416,706 0.12 Association 2009-33 TI 20.05.39/6.000% 122,320 0.01 1,331,503 Government National Mortgage 2,552,290 Government National Mortgage Association 2006-33 Z 20.07.36/6.500% 1,542,314 0.13 Association 2009-42 SC 20.06.39/5.819%* 283,453 0.02 1,099,557 Government National Mortgage 1,178,751 Government National Mortgage Association 2006-38 SW 20.06.36/6.239%* 129,932 0.01 Association 2009-6 SA 16.02.39/5.839%* 121,541 0.01 1,324,330 Government National Mortgage 3,427,591 Government National Mortgage Association 2006-38 ZK 20.08.36/6.500% 1,492,103 0.13 Association 2009-64 SN 16.07.39/5.839%* 378,625 0.03 1,000,000 Government National Mortgage 803,751 Government National Mortgage Association 2006-40 VB 20.11.26/6.000% 1,059,929 0.09 Association 2009-79 OK 16.11.37/0.000% 720,823 0.06 1,260,276 Government National Mortgage 1,441,109 Government National Mortgage Association 2006-57 PZ 20.10.36/5.565% 1,354,061 0.12 Association 2010-129 AW 20.04.37/6.148%* 1,589,220 0.14 1,039,642 Government National Mortgage 1,441,755 Government National Mortgage Association 2006-59 SD 20.10.36/6.439%* 144,042 0.01 Association 2010-130 CP 16.10.40/7.000% 1,624,370 0.14 1,337,556 Government National Mortgage 857,904 Government National Mortgage Association 2006-65 SA 20.11.36/6.539%* 188,107 0.02 Association 2010-14 AO 20.12.32/0.000% 794,721 0.07 1,377,015 Government National Mortgage 865,025 Government National Mortgage Association 2007-17 JI 16.04.37/6.549%* 217,119 0.02 Association 2010-14 BO 20.11.35/0.000% 773,054 0.07 7,063,067 Government National Mortgage 299,987 Government National Mortgage Association 2007-26 SW 20.05.37/5.939%* 748,032 0.06 Association 2010-14 CO 20.08.35/0.000% 256,534 0.02 825,019 Government National Mortgage 538,350 Government National Mortgage Association 2007-27 MI 20.09.36/5.500% 104,554 0.01 Association 2010-14 EO 16.06.33/0.000% 518,057 0.04 884,470 Government National Mortgage 2,237,262 Government National Mortgage Association 2007-27 SA 20.05.37/5.939%* 95,654 0.01 Association 2010-14 QP 20.12.39/6.000% 2,433,787 0.21 637,116 Government National Mortgage 200,000 Greenwich Capital Commercial Association 2007-36 SE 16.06.37/6.209%* 74,773 0.01 Funding 2005-GG3 AJ 10.08.42/4.859%* 198,007 0.02 1,403,616 Government National Mortgage 22,863 GS Mortgage Securities II Association 2007-40 SB 20.07.37/6.489%* 195,764 0.02 2004-GG2 A3 10.08.38/4.602% 22,984 0.00 342 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

400,000 GS Mortgage Securities II 828,223 MASTR Alternative Loans Trust 2004-GG2 A6 10.08.38/5.396%* 429,057 0.04 2005-6 3A1 25.11.20/5.500% 757,294 0.07 650,000 GS Mortgage Securities II 161,339 MASTR Asset Securitization 2006-GG6 A4 10.04.38/5.553%* 696,623 0.06 Trust 2003-2 1A1 25.03.18/5.000% 164,037 0.01 247,321 GSMPS Mortgage Loan Trust 708,984 MASTR Asset Securitization 2004-4 1AF 25.06.34/0.661%* 210,334 0.02 Trust 2004-4 1A6 26.12.33/5.250% 719,434 0.06 96,932 GSMPS Mortgage Loan Trust 400,000 MASTR Asset Securitization 2005-RP1 1AF 25.01.35/0.611%* 82,823 0.01 Trust 2006-2 1A30 25.06.36/6.000% 333,091 0.03 422,348 GSMPS Mortgage Loan Trust 984,536 Mastr Reperforming Loan Trust 2005-RP2 1AF 25.03.35/0.611%* 357,204 0.03 2005-2 1A1F 25.05.35/0.611%* 809,005 0.07 1,757,452 GSMPS Mortgage Loan Trust 175,000 Medco Health Solutions 15.09.15/2.750% 173,570 0.01 2006-RP2 1AS2 25.04.36/0.518%* 267,058 0.02 105,000 Mercedes-Benz Auto 1,474,796 GSR Mortgage Loan Trust Receivables Trust 2010-1 A3 15.08.14/1.420% 105,903 0.01 2003-7F 1A4 25.06.33/5.250% 1,417,086 0.12 212,629 Merrill Lynch Mortgage 216,119 GSR Mortgage Loan Trust Investors 2003-A4 2A 25.07.33/2.866%* 215,976 0.02 2004-10F 2A1 25.08.19/5.000% 222,604 0.02 550,941 Merrill Lynch Mortgage 956,598 GSR Mortgage Loan Trust Investors 2004-A4 A2 25.08.34/2.787%* 546,533 0.05 2004-6F 3A4 25.05.34/6.500% 975,155 0.08 450,000 Merrill Lynch Mortgage Trust 500,000 GSR Mortgage Loan Trust 2005-LC1 AJ 12.01.44/5.331%* 425,201 0.04 2004-9 5A5 25.08.34/3.826%* 509,460 0.04 223,774 Merrill Lynch Mortgage Trust 1,200,000 GSR Mortgage Loan Trust 2005-MCP1 ASB 12.06.43/4.674%* 234,016 0.02 2007-1F 2A4 25.01.37/5.500% 1,107,880 0.10 400,000 Merrill Lynch/Countrywide 350,000 Harley-Davidson Motorcycle Commercial Mortgage Trust Trust 2010-1 A2 15.11.13/0.830% 350,040 0.03 2006-1 A4 12.02.39/5.415%* 430,775 0.04 360,000 Harley-Davidson Motorcycle 775,000 Metropolitan Life Global Trust 2010-1 A3 15.02.15/1.160% 359,100 0.03 Funding I 144A 11.01.13/2.500% 787,023 0.07 539,155 Honda Auto Receivables Owner 200,000 Metropolitan Life Global Trust 2009-2 A3 15.01.13/2.790% 545,282 0.05 Funding I 144A 10.04.13/5.125% 214,665 0.02 300,000 Honda Auto Receivables Owner 100,000 Metropolitan Life Global Trust 2009-2 A4 15.07.15/4.430% 316,122 0.03 Funding I 144A 18.09.13/5.200% 108,235 0.01 100,000 HSBC Bank USA/New York 01.04.14/4.625% 104,204 0.01 200,000 Metropolitan Life Global 252,608 HSBC Home Equity Loan Trust Funding I 144A 10.06.14/5.125% 217,304 0.02 2005-2 M2 20.01.35/0.751%* 230,314 0.02 390,000 Microsoft 25.09.15/1.625% 379,800 0.03 340,000 Hyundai Auto Receivables Trust 112,000 Microsoft 01.10.40/4.500% 105,100 0.01 2010-B A3 15.04.15/0.970% 339,707 0.03 125,000 Midamerican Energy 15.03.18/5.300% 136,792 0.01 375,000 Hyundai Auto Receivables Trust 200,000 Midamerican Funding 01.03.11/6.750% 201,999 0.02 2010-B A4 15.03.17/1.630% 367,720 0.03 300,000 Morgan Stanley 13.05.14/6.000% 323,370 0.03 161,086 Impac Secured Assets CMN 208,000 Morgan Stanley 24.07.15/4.000% 208,800 0.02 Owner Trust 2003-2 A1 164,703 25.08.33/5.500% 0.01 290,000 Morgan Stanley 28.12.17/5.950% 307,546 0.03 Impac Secured Assets CMN 6,159 500,000 Morgan Stanley 01.04.18/6.625% 544,459 0.05 Owner Trust 2004-3 1A4 25.11.34/1.061%* 5,804 0.00 200,000 Morgan Stanley 13.05.19/7.300% 223,970 0.02 10,686 Indymac Index Mortgage Loan Trust 2004-AR7 A1 25.09.34/1.141%* 7,014 0.00 200,000 Morgan Stanley 23.09.19/5.625% 203,220 0.02 2,655,200 Indymac Index Mortgage Loan 442,000 Morgan Stanley 24.07.20/5.500% 445,292 0.04 Trust 2005-AR11 A7 25.08.35/0.325%* 34,329 0.00 230,000 Morgan Stanley Capital I 650,000 Jackson National Life Global 2004-T13 A4 13.09.45/4.660% 242,664 0.02 Funding 144A 08.05.13/5.375% 696,777 0.06 11,113 Morgan Stanley Capital I 186,000 Jefferies Group 09.11.15/3.875% 182,737 0.02 2006-T23 A1 12.08.41/5.682% 11,183 0.00 350,000 Jefferies Group 15.07.19/8.500% 401,305 0.03 248,356 Morgan Stanley Mortgage Loan Trust 2004-3 1A 25.05.19/5.000% 253,612 0.02 220,000 Jefferies Group 15.01.36/6.250% 193,558 0.02 1,090,238 Morgan Stanley Mortgage Loan John Deere Owner Trust 2009-A 272,573 Trust 2004-3 4A 25.04.34/5.654%* 1,122,493 0.10 A3 15.10.13/2.590% 275,257 0.02 631,873 Morgan Stanley Re-Remic TR 20 17.07.56/3.000% 631,279 0.05 1,000,000 JP Morgan Chase Commercial Mortgage Securities 2006-LDP8 104,115 MortgageIT Trust 2005-1 1A1 25.02.35/0.581%* 78,423 0.01 A4 15.05.45/5.399% 1,061,925 0.09 50,000 National Rural Utilities 212,659 JP Morgan Mortgage Trust Cooperative Finance 16.09.12/2.625% 51,344 0.00 2004-A3 4A1 25.07.34/4.295%* 212,284 0.02 200,000 National Rural Utilities 244,758 JP Morgan Mortgage Trust Cooperative Finance 01.03.14/4.750% 216,026 0.02 2004-A4 1A1 25.09.34/4.543%* 230,496 0.02 100,000 National Rural Utilities 486,538 JP Morgan Mortgage Trust Cooperative Finance 01.11.18/10.375% 137,619 0.01 2006-A2 4A1 25.08.34/2.930%* 482,084 0.04 30,000 Nationwide Financial Services 01.07.12/5.900% 31,660 0.00 595,010 JP Morgan Reremic 2009-7 14A1 27.07.37/5.628%* 586,833 0.05 300,000 NBC Universal 144A 01.04.41/5.950% 297,100 0.03 230,616 JP Morgan Reremic 2009-7 17A1 27.07.37/6.449%* 232,656 0.02 1,020,000 NCUA Guaranteed Notes 443,496 JP Morgan Reremic 2009-7 18A1 27.11.36/5.565%* 446,352 0.04 2010-A1 A 07.12.20/0.611%* 1,021,071 0.09 548,733 JP Morgan Reremic 2009-8 A1 20.04.36/5.332%* 550,688 0.05 3,141,029 NCUA Guaranteed Notes 2010-C1 APT 29.10.20/2.650% 3,049,971 0.26 250,000 KeyBank 17.09.12/5.500% 263,623 0.02 2,000,000 NCUA Guaranteed Notes Kroger 108,559 114,000 15.07.40/5.400% 0.01 2010-R3 1A 08.12.20/0.825%* 1,997,500 0.17 112,000 LB-UBS Commercial Mortgage 700,000 NCUA Guaranteed Notes Trust 2003-C7 A4 117,947 15.09.35/4.931%* 0.01 2010-R3 3A 08.12.20/2.400% 698,273 0.06 LB-UBS Commercial Mortgage 852 45,000 Nevada Power 15.09.40/5.375% 42,914 0.00 Trust 2004-C2 A2 15.03.29/3.246% 853 0.00 400,000 New York Life Global Funding LB-UBS Commercial Mortgage 22,552,325 144A 09.05.13/4.650% 429,008 0.04 Trust 2006-C1 XCL 15.02.41/0.088%* 222,504 0.02 200,000 New York Life Global Funding Long Beach Mortgage Loan 197,679 144A 15.09.13/5.375% 219,653 0.02 Trust 2006-WL2 2A3 25.01.36/0.461%* 162,839 0.01 350,000 New York Life Global Funding Manufacturers & Traders Trust 346,820 310,000 04.12.17/6.625% 0.03 144A 04.05.15/3.000% 354,902 0.03 MassMutual Global Funding II 600,000 175,000 New York St Dorm Auth St Pers 15.03.40/5.600% 170,632 0.01 144A 16.07.12/3.625% 622,373 0.05 100,000 News America 18.05.18/7.250% 120,169 0.01 144,000 MassMutual Global Funding II 144A 28.09.15/2.300% 140,707 0.01 200,000 News America 30.11.28/7.625% 231,516 0.02 409,593 Mastr Adjustable Rate 250,000 News America 15.12.34/6.200% 259,399 0.02 Mortgages Trust 2004-13 3A6 21.11.34/2.899%* 410,902 0.04 300,000 News America Holdings 26.04.23/8.875% 389,294 0.03 70,912 Mastr Adjustable Rate 15,000 News America Holdings 20.01.24/7.750% 17,619 0.00 Mortgages Trust 2004-3 4A2 25.04.34/2.395%* 65,162 0.01 170,000 News America Holdings 30.10.25/7.700% 194,109 0.02 176,082 MASTR Alternative Loans Trust 60,000 Niagara Mohawk Power 144A 15.08.19/4.881% 63,526 0.01 2004-10 1A1 25.09.19/4.500% 178,616 0.02 375,000 Nissan Auto Receivables Owner 282,236 MASTR Alternative Loans Trust Trust 2010-A A3 15.07.14/0.870% 373,828 0.03 2004-4 10A1 25.05.24/5.000% 289,947 0.02 300,000 Nissan Auto Receivables Owner 177,743 MASTR Alternative Loans Trust Trust 2010-A A4 15.09.16/1.310% 297,609 0.03 2004-6 7A1 25.07.34/6.000% 181,998 0.02 18,390 Nomura Asset Acceptance 2003-A1 A1 25.05.33/5.500% 18,814 0.00

343 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

10,198 Nomura Asset Acceptance 1,000,000 Structured Asset Securities 2003-A1 A2 25.05.33/6.000% 10,750 0.00 2004-5H A4 25.12.33/5.540% 997,362 0.09 3,331 Nomura Asset Acceptance 419,647 Structured Asset Securities 2003-A1 A5 25.04.33/7.000% 3,499 0.00 2005-6 4A1 25.05.35/5.000% 411,263 0.04 113,000 Northern Trust 15.08.13/5.500% 124,737 0.01 41,842 Structured Asset Securities 40,000 Oncor Electric Delivery 01.09.13/5.950% 44,037 0.00 2005-6 5A8 25.05.35/13.379%* 41,215 0.00 200,000 Oncor Electric Delivery 01.09.18/6.800% 233,531 0.02 256,075 Structured Asset Securities 100,000 Oracle 15.01.16/5.250% 111,889 0.01 2007-OSI A2 25.06.37/0.351%* 231,013 0.02 250,000 Oracle 15.04.18/5.750% 283,277 0.02 100,000 SunTrust Bank/Atlanta 15.03.18/7.250% 110,206 0.01 100,000 Oracle 08.07.19/5.000% 108,090 0.01 225,000 SunTrust Banks 05.11.12/5.250% 236,113 0.02 235,000 Oracle 15.04.38/6.500% 272,953 0.02 150,000 SunTrust Banks 11.09.17/6.000% 157,213 0.01 97,000 Oracle 144A 15.07.40/5.375% 98,230 0.01 150,000 Target Corp 15.01.38/7.000% 184,505 0.02 40,000 PACCAR 15.02.12/6.375% 42,389 0.00 30,000 TCI Communications 15.02.26/7.875% 35,324 0.00 200,000 Pacific Life Global Funding 144A 15.04.13/5.150% 213,684 0.02 174,000 Time Warner Entertainment 01.05.12/10.150% 193,185 0.02 100,000 Pacificorp 15.07.18/5.650% 114,159 0.01 765,000 Toyota Auto Receivables Owner 15,000 Pacificorp 15.01.19/5.500% 16,866 0.00 Trust 2010-C A3 15.04.14/0.770% 763,141 0.07 45,000 Pacificorp 15.08.34/5.900% 47,892 0.00 385,000 Toyota Motor Credit 17.06.15/3.200% 398,338 0.03 50,000 PC Financial Partnership 15.11.14/5.000% 53,990 0.00 250,000 UBS/Stamford 25.04.18/5.750% 270,305 0.02 250,000 PNC Bank 01.04.18/6.875% 287,868 0.02 168,719 Union Pacific Railroad Co 2003 Pass Through Trust 02.01.24/4.698% 177,577 0.02 400,000 PNC Funding 11.08.20/4.375% 393,543 0.03 100,000 United Parcel Service of Port Authority of New York and 650,000 America 01.04.30/8.375%* 127,406 0.01 New Jersey 01.11.40/5.647% 622,648 0.05 2,000,000 US Treasury 15.01.11/3.500% 2,516,694 0.22 650,000 Pricoa Global Funding I 144A 11.06.14/5.450% 712,258 0.06 31,950,000 US Treasury 15.04.11/2.375% 35,534,146 3.05 600,000 Principal Life Global Funding I 144A 15.02.12/6.250% 633,431 0.05 12,500,000 US Treasury 31.07.14/2.625% 13,060,547 1.12 175,000 Principal Life Income Funding 12,000,000 US Treasury 31.12.14/2.625% 12,499,688 1.07 Trusts 14.12.12/5.300% 188,714 0.02 2,000,000 US Treasury 15.05.15/4.125% 2,200,000 0.19 332,524 Procter & Gamble - Esop 01.01.21/9.360% 418,966 0.04 200,000 US Treasury 31.03.16/2.375% 202,281 0.02 100,000 Protective Life Secured Trusts 01.04.11/4.000% 100,690 0.01 5,825,000 US Treasury 30.04.16/2.625% 5,955,152 0.51 60,000 PSE&G Transition Funding 2,000,000 US Treasury 30.09.16/3.000% 2,071,250 0.18 2001-1 A6 15.06.15/6.610% 65,088 0.01 2,500,000 US Treasury 31.10.16/3.125% 2,603,516 0.22 30,000 PSEG Power 15.04.11/7.750% 30,564 0.00 7,000,000 US Treasury 15.11.16/7.500% 8,985,156 0.77 350,000 PSEG Power 15.09.16/5.320% 382,380 0.03 7,900,000 US Treasury 31.12.16/3.250% 8,261,672 0.71 135,000 Public Service Electric & Gas 01.05.15/2.700% 136,003 0.01 5,000,000 US Treasury 28.02.17/3.000% 5,148,438 0.44 214,433 Residential Accredit Loans 7,600,000 US Treasury 31.03.17/3.250% 7,927,750 0.68 2001-QS19 A2 25.12.16/6.000% 218,441 0.02 1,440,000 US Treasury 30.04.17/3.125% 1,489,725 0.13 747,061 Residential Accredit Loans 660,000 US Treasury 15.05.17/4.500% 737,344 0.06 2003-QR19 CB4 25.10.33/5.750% 672,117 0.06 4,240,000 US Treasury 15.05.17/8.750% 5,814,100 0.50 477,828 Residential Accredit Loans 6,715,000 US Treasury 15.08.17/4.750% 7,601,590 0.65 2003-QS13 A5 25.07.33/0.911%* 383,685 0.03 18,890,000 US Treasury 15.08.17/8.875% 26,201,020 2.25 397,013 Residential Accredit Loans 2,900,000 US Treasury 15.11.17/4.250% 3,191,359 0.27 2003-QS14 A1 25.07.18/5.000% 403,296 0.03 6,765,000 US Treasury 30.11.17/2.250% 6,566,278 0.56 843,137 Residential Accredit Loans 2,000,000 US Treasury 15.02.18/3.500% 2,100,313 0.18 2003-QS19 A1 25.10.33/5.750% 880,293 0.08 5,000,000 US Treasury 15.05.18/3.875% 5,369,531 0.46 820,534 Residential Accredit Loans US Treasury 17,967,087 2004-QS3 CB 25.03.19/5.000% 844,263 0.07 12,507,000 15.02.19/8.875% 1.54 84,704 Residential Accredit Loans 9,191,000 US Treasury 15.05.19/3.125% 9,269,985 0.80 2004-QS8 A2 25.06.34/5.000% 84,334 0.01 6,091,000 US Treasury 15.08.19/8.125% 8,472,200 0.73 1,751 Residential Asset Securities 500,000 US Treasury 15.02.20/8.500% 714,375 0.06 2002-KS4 AIIB 25.07.32/0.761%* 963 0.00 3,700,000 US Treasury 15.08.20/8.750% 5,396,219 0.46 571,340 Residential Asset Securitization 100,000 US Treasury 15.02.21/7.875% 139,234 0.01 Trust 2003-A13 A3 25.01.34/5.500% 489,172 0.04 4,000,000 US Treasury 15.02.23/7.125% 5,358,750 0.46 669,958 Residential Funding Mortgage 200,000 US Treasury 15.02.26/6.000% 246,344 0.02 Securities I 2003-S4 A4 25.03.33/5.750% 706,154 0.06 300,000 US Treasury 15.02.27/6.625% 393,094 0.03 5,124 Residential Funding Mortgage 250,000 US Treasury 15.08.27/6.375% 320,508 0.03 Securities I 2003-S7 A17 25.05.33/4.000% 5,116 0.00 100,000 US Treasury 15.11.27/6.125% 125,125 0.01 193,198 Residential Funding Mortgage 750,000 US Treasury 15.08.28/5.500% 880,078 0.08 Securities I 2004-S6 2A6 25.06.34/0.000% 155,556 0.01 100,000 US Treasury 15.11.28/5.250% 114,141 0.01 303,478 Residential Funding Mortgage 250,000 US Treasury 15.02.31/5.375% 290,508 0.02 Securities I 2004-S6 3A5 25.06.19/4.500% 310,612 0.03 3,000,000 US Treasury (Strip Principal) 15.11.16/0.000% 2,598,496 0.22 165,475 Residential Funding Mortgage US Treasury (Strip Principal) 6,337,501 Securities I 2005-SA4 1A1 25.09.35/3.247%* 130,150 0.01 7,486,000 15.05.17/0.000% 0.54 921,654 Salomon Brothers Mortgage 1,400,000 US Treasury (Strip Principal) 15.05.20/0.000% 1,014,689 0.09 Securities VII 2003-HYB1 A 25.09.33/3.200%* 923,808 0.08 3,200,000 US Treasury (Strip) 15.02.14/0.000% 3,084,971 0.27 13,726 Salomon Brothers Mortgage 5,500,000 US Treasury (Strip) 15.05.14/0.000% 5,254,284 0.45 Securities VII 2003-UP2 PO1 25.12.18/0.000% 10,456 0.00 2,000,000 US Treasury (Strip) 15.08.14/0.000% 1,897,628 0.16 530,000 Santander Drive Auto 1,000,000 US Treasury (Strip) 15.11.14/0.000% 941,424 0.08 Receivables Trust 2010-3 A2 17.06.13/0.930% 530,000 0.05 800,000 US Treasury (Strip) 15.02.15/0.000% 745,354 0.06 325,000 Santander Drive Auto 3,000,000 US Treasury (Strip) 15.05.15/0.000% 2,769,749 0.24 Receivables Trust 2010-3 A3 16.06.14/1.200% 324,797 0.03 4,660,000 US Treasury (Strip) 15.11.15/0.000% 4,215,376 0.36 450,000 Southern California Edison 15.03.39/6.050% 495,969 0.04 2,535,000 US Treasury (Strip) 15.05.16/0.000% 2,242,915 0.19 250,000 SouthTrust Bank 15.05.25/7.690% 279,622 0.02 14,600,000 US Treasury (Strip) 15.08.16/0.000% 12,751,288 1.10 95,000 Staples 15.01.14/9.750% 114,527 0.01 12,850,000 US Treasury (Strip) 15.11.16/0.000% 11,107,680 0.95 725,949 Structured Adjustable Rate 3,305,000 US Treasury (Strip) 15.02.17/0.000% 2,822,619 0.24 Mortgage Loan Trust 2004-16 4,299,000 US Treasury (Strip) 15.08.17/0.000% 3,586,123 0.31 3A2 25.11.34/2.736%* 347,647 0.03 2,380,000 US Treasury (Strip) 15.11.17/0.000% 1,964,176 0.17 475,000 Structured Adjustable Rate 1,600,000 US Treasury (Strip) 15.08.18/0.000% 1,276,563 0.11 Mortgage Loan Trust 2004-6 US Treasury (Strip) 5,332,664 5A4 25.06.34/4.934%* 461,754 0.04 6,950,000 15.05.19/0.000% 0.46 400,000 Structured Asset Investment 8,850,000 US Treasury (Strip) 15.08.19/0.000% 6,692,086 0.57 Loan Trust 2005-5 A9 25.06.35/0.531%* 371,869 0.03 2,000,000 US Treasury (Strip) 15.02.20/0.000% 1,465,497 0.13 226,688 Structured Asset Securities 10,975,000 US Treasury (Strip) 15.05.20/0.000% 7,917,190 0.68 2002-23XS A7 25.11.32/6.580%* 228,088 0.02 5,100,000 US Treasury (Strip) 15.08.20/0.000% 3,622,800 0.31 740,705 Structured Asset Securities 350,000 US Treasury (Strip) 15.11.20/0.000% 245,536 0.02 2003-29 1A1 25.09.18/4.750% 754,335 0.06 1,500,000 US Treasury (Strip) 15.08.21/0.000% 1,007,506 0.09 281,819 Structured Asset Securities 200,000 US Treasury (Strip) 15.11.21/0.000% 132,089 0.01 2003-33H 1A1 25.10.33/5.500% 280,493 0.02 500,000 US Treasury (Strip) 15.02.22/0.000% 325,349 0.03 307,378 Structured Asset Securities 200,000 US Treasury (Strip) 15.05.24/0.000% 114,322 0.01 2004-20 1A3 25.11.34/5.250% 315,128 0.03 850,000 US Treasury (Strip) 15.11.24/0.000% 471,373 0.04 200,000 US Treasury (Strip) 15.02.25/0.000% 109,395 0.01 344 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

1,150,000 US Treasury (Strip) 15.08.25/0.000% 610,634 0.05 254,482 World Omni Auto Receivables 1,200,000 US Treasury (Strip) 15.05.26/0.000% 608,406 0.05 Trust 2009-A A3 15.05.13/3.330% 257,954 0.02 100,000 US Treasury (Strip) 15.02.27/0.000% 48,550 0.00 230,000 World Omni Auto Receivables 300,000 US Treasury (Strip) 15.05.27/0.000% 143,834 0.01 Trust 2010-A A4 15.05.15/2.210% 234,536 0.02 3,000,000 US Treasury (Strip) 15.11.27/0.000% 1,400,375 0.12 550,000 US Treasury (Strip) 15.02.28/0.000% 253,063 0.02 1,039,041,340 89.27 400,000 US Treasury (Strip) 15.05.28/0.000% 181,681 0.02 UNITED KINGDOM 750,000 US Treasury (Strip) 15.02.29/0.000% 327,980 0.03 220,000 Barclays Bank 23.01.13/2.500% 223,439 0.02 2,500,000 US Treasury (Strip) 15.11.29/0.000% 1,053,655 0.09 100,000 Barclays Bank 10.07.14/5.200% 107,534 0.01 650,000 US Treasury (Strip) 15.02.30/0.000% 270,753 0.02 382,000 Barclays Bank 07.04.15/3.900% 394,468 0.03 400,000 US Treasury (Strip) 15.05.30/0.000% 164,425 0.01 100,000 Barclays Bank 22.05.19/6.750% 112,902 0.01 1,125,000 US Treasury (Strip) 15.02.32/0.000% 424,159 0.04 250,000 Barclays Bank 08.01.20/5.125% 254,125 0.02 250,000 US Treasury (Strip) 15.11.32/0.000% 90,805 0.01 585,000 Barclays Bank 144A 21.09.15/2.500% 570,236 0.05 300,000 US Treasury (Strip) 15.02.33/0.000% 107,630 0.01 300,000 Barclays Bank 144A 04.12.17/6.050% 307,079 0.03 250,000 US Treasury (Strip) 15.02.35/0.000% 81,367 0.01 439,000 HSBC Bank 144A 28.06.15/3.500% 450,013 0.04 112,319 Vendee Mortgage Trust 1998-1 2E 15.03.28/7.000% 129,512 0.01 361,000 HSBC Bank 144A 12.08.20/4.125% 352,037 0.03 866,570 Vendee Mortgage Trust 1998-2 1G 15.06.28/6.750% 1,006,369 0.09 1,000,000 Wachovia Bank 15.11.17/6.000% 1,107,739 0.10 2,771,833 0.24 250,000 Wachovia Bank 15.01.38/6.600% 272,924 0.02 192,691 Wachovia Bank Commercial AUSTRALIA Mortgage Trust 2004-C15 A2 15.10.41/4.039% 193,713 0.02 350,000 FBG Finance 144A 15.06.15/5.125% 370,964 0.03 179,934 WaMu Mortgage Pass Through 350,000 Macquarie Group 144A 01.08.14/7.300% 382,480 0.03 Certificates 2003-AR7 A7 25.08.33/2.674%* 178,923 0.02 800,000 National Australia Bank 144A 08.01.13/2.500% 812,598 0.07 96,806 WaMu Mortgage Pass Through 195,000 National Australia Bank 144A 02.03.15/3.750% 201,321 0.02 Certificates 2003-AR8 A 25.08.33/2.717%* 97,975 0.01 675,000 National Australia Bank 144A 28.09.15/2.750% 664,197 0.06 1,238,391 WaMu Mortgage Pass Through Certificates 2003-AR9 1A6 25.09.33/2.711%* 1,199,359 0.10 2,431,560 0.21 1,000,000 WaMu Mortgage Pass Through Certificates 2003-S1 A5 25.04.33/5.500% 1,030,867 0.09 NETHERLANDS 244,172 WaMu Mortgage Pass Through 300,000 Deutsche Telekom International Certificates 2003-S10 A2 25.10.18/5.000% 253,741 0.02 Finance 08.07.19/6.000% 340,546 0.03 826,905 WaMu Mortgage Pass Through 170,000 Diageo Finance 01.04.13/5.500% 185,115 0.02 Certificates 2003-S10 A5 25.10.18/5.000% 839,827 0.07 150,000 Diageo Finance 28.10.15/5.300% 166,687 0.02 360,850 WaMu Mortgage Pass Through 100,000 Koninklijke Philips Electronics 01.06.26/7.200% 118,730 0.01 Certificates 2003-S11 2A5 25.11.33/16.333%* 399,252 0.03 158,000 Rabobank Nederland 13.10.15/2.125% 152,724 0.01 1,625,901 WaMu Mortgage Pass Through 700,000 Rabobank Nederland 144A 11.03.15/3.200% 713,694 0.06 Certificates 2003-S6 2A1 25.07.18/5.000% 1,668,408 0.14 100,000 Siemens 920,664 WaMu Mortgage Pass Through Financieringsmaatschappij 144A 17.10.16/5.750% 114,279 0.01 Certificates 2003-S8 A4 25.09.18/4.500% 941,554 0.08 166,000 Volkswagen International 794,169 WaMu Mortgage Pass Through Finance 144A 12.08.13/1.625% 165,330 0.01 Certificates 2003-S8 A5 25.09.18/4.500% 824,392 0.07 1,500,000 WaMu Mortgage Pass Through 1,957,105 0.17 Certificates 2004-CB1 3A2 25.06.34/5.500% 1,566,870 0.14 757,530 WaMu Mortgage Pass Through SWEDEN Certificates 2004-CB3 4A 25.10.19/6.000% 781,390 0.07 300,000 Nordea Bank 144A 04.10.13/1.750% 298,247 0.04 694,400 WaMu Mortgage Pass Through 1,463,000 Stadshypotek 144A 30.09.13/1.450% 1,454,174 0.12 Certificates 2004-RS2 A4 25.11.33/5.000% 723,832 0.06 571,414 WaMu Mortgage Pass Through 1,752,421 0.16 Certificates 2004-S2 2A4 25.06.34/5.500% 568,314 0.05 1,295,768 WaMu Mortgage Pass Through CAYMAN ISLANDS Certificates 2004-S3 1A5 25.07.34/5.000% 1,337,000 0.12 1,500,000 TIAA Seasoned Commercial 535,856 WaMu Mortgage Pass Through Mortgage Trust 2007-C4 A3 15.08.39/6.049%* 1,646,610 0.14 Certificates 2004-S3 3A2 25.07.34/6.000% 535,434 0.05 383,581 Washington Mutual Alternative 1,646,610 0.14 Mortgage Pass-Through CANADA Certificates 2003-MS2 1A1 25.02.33/5.750% 387,744 0.03 414,000 Bank of Nova Scotia 144A 29.10.15/1.650% 396,102 0.03 1,779,582 Washington Mutual Alternative Mortgage Pass-Through 150,000 ConocoPhillips Canada Funding Co. I 170,408 Certificates 2005-3 CX 25.05.35/5.500% 313,882 0.03 15.10.16/5.625% 0.02 484,771 Washington Mutual Alternative 40,000 Husky Energy 15.06.19/6.150% 44,044 0.00 Mortgage Pass-Through 130,000 Petro-Canada 15.05.18/6.050% 147,334 0.01 Certificates 2005-4 CB7 25.06.35/5.500% 417,080 0.04 200,000 Petro-Canada 15.05.38/6.800% 225,934 0.02 107,000 Waste Management 30.06.20/4.750% 109,663 0.01 270,000 Province of Quebec Canada 30.01.26/6.350% 322,749 0.03 200,000 WEA Finance 144A 15.04.18/7.125% 226,269 0.02 100,000 WEA Finance/WT Finance Aust 1,306,571 0.11 144A 02.09.19/6.750% 111,508 0.01 NORWAY 300,000 Wells Fargo Bank 09.02.15/4.750% 317,852 0.03 568,000 DnB NOR Boligkreditt 144A 14.10.15/2.100% 547,192 0.05 94,323 Wells Fargo Mortgage Backed 183,000 Statoil 180,201 Securities Trust 2002-1 APO 25.02.32/0.000% 76,860 0.01 17.08.17/3.125% 0.01 213,833 Wells Fargo Mortgage Backed Securities Trust 2003-11 1A4 25.10.18/4.750% 215,580 0.02 727,393 0.06 813,210 Wells Fargo Mortgage Backed FRANCE Securities Trust 2004-4 A9 25.05.34/5.500% 853,417 0.07 550,000 Total Capital 15.03.16/2.300% 535,790 0.05 1,814,531 Wells Fargo Mortgage Backed Securities Trust 2004-7 2A2 1,892,657 25.07.19/5.000% 0.16 535,790 0.05 135,809 Wells Fargo Mortgage Backed Securities Trust 2004-BB A4 25.01.35/2.748%* 134,595 0.01 ITALY 355,249 Wells Fargo Mortgage Backed 400,000 ENI 01.10.40/5.700% 378,958 0.03 Securities Trust 2004-EE 3A1 25.12.34/2.966%* 351,086 0.03 386,934 Wells Fargo Mortgage Backed 378,958 0.03 Securities Trust 2004-P 2A1 25.09.34/2.911%* 385,251 0.03 613,563 Wells Fargo Mortgage Backed LUXEMBOURG Securities Trust 2005-1 2A1 25.01.20/5.000% 621,526 0.06 150,000 Enel Finance International 144A 07.10.19/5.125% 149,532 0.01 347,991 Wells Fargo Mortgage Backed Securities Trust 2005-13 A1 25.11.20/5.000% 362,528 0.03 149,532 0.01 1,000,000 Wells Fargo Mortgage Backed Securities Trust 2007-9 1A8 25.07.37/5.500% 997,622 0.09 NEW ZEALAND 140,000 ANZ National Int’l/London 144A 21.12.12/2.375% 141,731 0.01

141,731 0.01

345 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

JAPAN 114,000 Bank of Tokyo Mitsubishi 144A 22.01.15/3.850% 119,145 0.01 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets 119,145 0.01 Fixed Income Securities United States of America INTERNATIONAL AGENCIES 96.86 Canada 20,000 Corporacion Andina de Fomento 21.05.13/5.200% 21,361 0.00 0.50 United Kingdom 0.49 21,361 0.00 Netherlands 0.31 Australia 0.28 Cayman Islands 0.18 Total Bonds 1,052,981,350 90.47 Sweden 0.16 Investment Funds Luxembourg 0.09 Norway 0.06 LUXEMBOURG France 0.06 32,680,023 JPMorgan Liquidity Funds - US Dollar Liquidity Fund Japan (JPM US Dollar Liquidity X (dist)) 32,680,023 2.81 0.06 Mexico 0.04 32,680,023 2.81 Spain 0.04 Italy 0.03 New Zealand 0.01 Total Investment Funds 32,680,023 2.81 Bermuda 0.00 International Agencies 0.00 Total Transferable Securities Dealt in on Another 1,085,661,373 93.28 Regulated Market Total Fixed Income Securities 99.17 Investment Funds Other Transferable Securities Luxembourg 2.81 Total Investment Funds 2.81 Bonds Bank Overdraft and Other Assets/(Liabilities) (1.98) UNITED STATES OF AMERICA Total 345,000 Greenwich Capital Commercial 100.00 Funding 2002-C1 A4 11.01.35/4.948% 361,280 0.03 180,000 Lehman Brothers Holdings (Defaulted) 10.11.09/3.950% 42,525 0.00 310,000 Lehman Brothers Holdings (Defaulted) 15.08.10/7.875% 73,238 0.01 Allocation of Portfolio as at 30 June 2010 % of 75,000 Lehman Brothers Holdings Net Assets (Defaulted) 18.01.12/6.625% 17,719 0.00 Fixed Income Securities 250,000 Lehman Brothers Holdings United States of America 87.18 (Defaulted) 17.05.13/5.750% 59,063 0.01 United Kingdom 0.50 75,000 Lehman Brothers Holdings Canada 0.35 (Defaulted) 28.12.17/6.750% 41 0.00 Netherlands 0.29 1,000,000 Lehman Mortgage Trust 2008-2 Australia 0.25 1A6 25.03.38/6.000% 801,734 0.07 Cayman Islands 0.17 250,000 Travelers Life & Annunity Global Luxembourg 0.11 Funding I 144A 15.08.14/5.125% 274,950 0.02 Japan 0.05 Mexico 0.05 1,630,550 0.14 Spain 0.04 France 0.03 Total Bonds 1,630,550 0.14 Germany 0.02 Bermuda 0.01 Total Other Transferable Securities 1,630,550 0.14 International Agencies 0.00 Total Fixed Income Securities 89.05 Total Investments 1,186,926,417 101.98 Cash and Other Assets/(Liabilities) 10.95 Bank Overdraft (4,778,952) (0.41) Total 100.00

Other Assets/(Liabilities) (18,227,510) (1.57)

Total Net Assets 1,163,919,955 100.00

* Variable coupon rates are those quoted as at 31 December 2010.

346 JPMorgan Funds - US Aggregate Bond Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

11-Jan-11 EUR 100,138 USD 132,891 1,240 11-Jan-11 USD 2,432 EUR 1,831 (21) 10-Feb-11 USD 513 EUR 387 (6)

Total 1,213

347 JPMorgan Funds - US Dynamic Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 365,700 Pfizer 6,401,579 1.24 19,600 PG&E 935,998 0.18 Shares 130,100 Philip Morris International 7,593,287 1.48 25,300 PPL 662,987 UNITED STATES OF AMERICA 0.13 8,500 priceline.com 3,417,382 38,500 Advance Auto Parts 2,559,865 0.50 0.66 129,400 Procter & Gamble 8,286,129 36,700 AES 446,822 0.09 1.61 15,000 Progress Energy 652,725 11,500 Affiliated Managers Group 1,132,060 0.22 0.13 27,000 Public Service Enterprise Group 852,255 109,400 AGCO 5,549,315 1.08 0.17 344,400 RF Micro Devices 2,564,058 13,200 Ameren 371,514 0.07 0.50 62,300 SanDisk 3,103,475 25,500 American Electric Power 917,872 0.18 0.60 13,300 Sempra Energy 697,053 19,400 American Tower - A Shares 995,511 0.20 0.13 43,100 Southern 1,650,515 55,800 AMERIGROUP 2,480,031 0.48 0.32 146,700 Sprint Nextel 615,407 155,400 Ameriprise Financial 8,918,406 1.73 0.12 76,100 Target 4,554,966 94,600 AmerisourceBergen 3,232,955 0.63 0.88 58,400 Time Warner Cable 3,840,384 109,300 Apartment Investment & Management - A Shares 2,837,974 0.56 0.75 168,977 Timken 8,146,381 81,200 Apple 26,146,400 5.08 1.58 86,800 Torchmark 5,213,642 152,800 Arch Coal 5,356,404 1.04 1.01 213,200 United Continental Holdings 5,183,958 280,800 AT&T 8,248,500 1.60 1.01 122,200 UnitedHealth Group 4,390,035 71,600 Baker Hughes 4,055,782 0.79 0.85 60,400 Universal Health Services - B Shares 2,637,668 62,400 Ball 4,238,208 0.82 0.51 120,100 Unum 2,899,815 457,600 Bank of America 6,083,792 1.18 0.56 162,400 Valero Energy 3,750,628 49,600 Biogen Idec 3,321,464 0.65 0.73 134,300 Verizon Communications 4,807,940 142,100 Capital One Financial 6,032,145 1.17 0.93 157,800 Viacom - B Shares 6,203,118 331,000 CBS - B Shares 6,312,170 1.23 1.21 342,700 Vishay Intertechnology 5,111,371 23,600 Centerpoint Energy 372,290 0.07 0.99 91,900 Wal-Mart Stores 4,963,979 14,000 CenturyLink 648,550 0.13 0.96 107,600 Watson Pharmaceuticals 5,505,892 43,900 CF Industries Holdings 5,977,424 1.16 1.07 236,600 Wells Fargo & Co. 7,309,757 182,800 Chevron 16,643,026 3.23 1.42 6,200 Wisconsin Energy 365,924 2,970,400 Citigroup 14,094,548 2.74 0.07 179,800 Wyndham Worldwide 5,376,919 105,600 Coca-Cola 6,916,272 1.34 1.04 23,800 Xcel Energy 560,371 171,800 Complete Production Services 4,990,790 0.97 0.10 279,400 Xerox 3,208,909 14,600 Consolidated Edison 722,408 0.14 0.62 127,700 Constellation Brands - A Shares 2,824,085 0.55 490,030,296 95.23 11,400 Constellation Energy Group 350,151 0.07 155,800 Dana Holding2,651,716 0.52 SWITZERLAND 257,100 Dell 3,487,561 0.68 58,600 ACE 3,641,990 0.72 164,300 Discover Financial Services 3,003,404 0.58 145,900 Tyco Electronics 5,114,525 0.99 30,900 Dominion Resources 1,322,675 0.26 150,900 Dr Pepper Snapple Group 5,321,488 1.03 8,756,515 1.71 9,000 DTE Energy 408,285 0.08 IRELAND 70,900 Duke Energy 1,260,956 0.25 106,400 Accenture - A Shares 5,147,632 1.00 61,600 Eaton 6,227,452 1.21 17,600 Edison International 681,032 0.13 5,147,632 1.00 146,457 EI du Pont de Nemours & Co. 7,270,858 1.41 438,300 EMC/Massachusetts 9,991,048 1.94 BERMUDA 73,800 Endo Pharmaceuticals Holdings 2,642,409 0.51 30,400 Everest Re Group 2,584,912 0.50 9,900 Entergy 700,178 0.14 34,200 Exelon 1,416,393 0.28 2,584,912 0.50 195,300 Exxon Mobil 14,275,453 2.78 CAYMAN ISLANDS 106,500 Family Dollar Stores 5,329,260 1.04 37,300 Herbalife 2,543,674 0.49 16,500 FirstEnergy 613,718 0.12 265,500 Foot Locker 5,239,643 1.02 2,543,674 0.49 479,400 Ford Motor 7,970,025 1.55 90,500 Forest Laboratories 2,893,737 0.57 Total Shares 509,063,029 98.93 61,600 Freeport-McMoRan Copper & Gold 7,350,420 1.43 11,400 Google - A Shares 6,799,929 1.32 Total Transferable Securities Admitted to an 509,063,029 98.93 52,200 Humana 2,847,771 0.55 Official Exchange Listing 254,500 IAC/InterActive 7,432,672 1.44 74,700 International Business Machines 10,915,164 2.13 Total Investments 509,063,029 98.93 119,300 International Paper 3,246,750 0.63 259,900 Interpublic Group of Companies 2,756,239 0.54 Cash 4,599,108 0.89 32,300 Joy Global 2,798,634 0.54 182,200 KBR 5,552,545 1.08 Other Assets/(Liabilities) 909,327 0.18 138,600 Kroger 3,097,017 0.60 55,600 Lam Research 2,888,142 0.56 Total Net Assets 514,571,464 100.00 33,900 Legg Mason 1,222,603 0.24 106,200 Lincoln National 2,924,217 0.57 88,500 Ltd Brands 2,741,288 0.53 224,300 Macy’s 5,646,752 1.10 70,100 Merck & Co. 2,526,404 0.49 56,800 MetLife 2,522,488 0.49 277,700 Microsoft 7,713,117 1.50 81,200 Murphy Oil 6,076,196 1.18 146,400 Mylan 3,076,596 0.61 342,800 Nasdaq OMX Group 8,139,786 1.58 100,300 National Oilwell Varco 6,713,581 1.30 48,200 Navistar International 2,794,395 0.54 22,000 NextEra Energy 1,141,250 0.22 14,600 NiSource 257,909 0.05 8,500 Northeast Utilities 272,127 0.05 14,800 NRG Energy 286,158 0.06 94,700 Occidental Petroleum 9,247,455 1.80 5,000 Oneok 278,525 0.05 257,300 Oracle 7,967,294 1.55 68,000 Parker Hannifin 5,848,340 1.14

348 JPMorgan Funds - US Dynamic Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Information Technology 19.66 Consumer Discretionary 15.51 Financials 15.27 Energy 12.78 Health Care 8.65 Industrials 7.64 Consumer Staples 6.61 Materials 6.49 Utilities 3.54 Telecommunication Services 2.78 Total Shares 98.93 Cash and Other Assets/(Liabilities) 1.07 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Information Technology 20.40 Financials 16.82 Consumer Discretionary 11.27 Energy 10.52 Consumer Staples 10.02 Health Care 9.77 Industrials 9.44 Materials 4.12 Utilities 4.06 Telecommunication Services 2.43 Total Shares 98.85 Cash and Other Assets/(Liabilities) 1.15 Total 100.00

349 JPMorgan Funds - US Growth Alpha Plus Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Shares Net Assets Shares UNITED STATES OF AMERICA Information Technology 34.19 250,110 Activision Blizzard 3,097,612 3.04 Consumer Discretionary 26.62 26,960 Amazon.com 4,882,726 4.79 Industrials 14.38 30,480 Apple 9,814,560 9.62 Health Care 12.66 39,350 Bed Bath & Beyond 1,931,495 1.89 Energy 7.10 44,400 Broadcom - A Shares 1,930,290 1.89 Financials 1.93 46,400 Capital One Financial 1,969,680 1.93 Materials 1.63 49,230 Celgene 2,898,909 2.84 61,844 Cognizant Technology Solutions - A Shares 4,536,257 4.45 Total Shares 98.51 36,300 Cummins 3,969,768 3.89 Cash and Other Assets/(Liabilities) 1.49 73,000 DirecTV - A Shares 2,910,145 2.85 Total 100.00 104,980 Express Scripts 5,620,629 5.51 12,900 F5 Networks 1,689,707 1.66 38,200 Fossil 2,696,538 2.64 13,930 Freeport-McMoRan Copper & Gold 1,662,197 1.63 Google - A Shares 4,229,079 7,090 4.15 Allocation of Portfolio as at 30 June 2010 % of 85,900 Juniper Networks 3,177,871 3.12 Net Assets 5,840 Mastercard - A Shares 1,308,656 1.28 Shares 37,570 McDonald’s 2,870,160 2.82 Information Technology 34.72 59,130 National Oilwell Varco 3,957,867 3.88 Consumer Discretionary 14.98 76,460 NetApp 4,191,155 4.11 Health Care 14.24 32,730 Nike - B Shares 2,790,887 2.74 Industrials 9.14 33,660 Occidental Petroleum 3,286,899 3.22 Financials 8.03 40,680 Parker Hannifin 3,498,683 3.43 Energy 4.31 6,750 priceline.com 2,713,804 2.66 Materials 0.88 84,350 Starwood Hotels & Resorts Worldwide 5,125,528 5.03 Total Shares 63,890 Union Pacific 5,892,255 5.78 86.30 Cash and Other Assets/(Liabilities) 11,940 Wynn Resorts 1,225,402 1.20 13.70 Total 100.00 93,878,759 92.05 ISRAEL 84,900 Teva Pharmaceutical Industries ADR 4,394,000 4.31

4,394,000 4.31 UNITED KINGDOM 108,100 ARM Holdings ADR 2,190,646 2.15

2,190,646 2.15

Total Shares 100,463,405 98.51

Total Transferable Securities Admitted to an 100,463,405 98.51 Official Exchange Listing Total Investments 100,463,405 98.51

Cash 2,849,525 2.79

Other Assets/(Liabilities) (1,327,271) (1.30)

Total Net Assets 101,985,659 100.00

350 JPMorgan Funds - US Growth Alpha Plus Fund Schedule of Investments - Outstanding Total Return Swaps (Expressed in USD) (Please refer to note 2i) As at 31 December 2010

Unrealised Termination Notional Market Gain/ Date Counterparty Sub-Fund Pays Sub-Fund Receives Currency Amount Value (Loss)

30-Aug-11 Credit Suisse Russell 1000 Growth Index USD LIBOR 1 Month -15bps USD 17,826,277 (1,202,989) (1,202,989)

Total (1,202,989) (1,202,989)

351 JPMorgan Funds - US Select 130/30 Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 374,050 Lowe’s 9,341,899 0.65 22,230 Mastercard - A Shares 4,981,410 0.35 Shares 33,120 McKesson 2,336,285 0.16 72,810 Medco Health Solutions 4,415,927 UNITED STATES OF AMERICA 0.31 704,808 Merck & Co. 25,401,280 148,610 3M 12,814,640 0.90 1.78 219,150 MetLife 9,732,452 474,225 Abbott Laboratories 22,627,646 1.58 0.68 1,384,243 Microsoft 38,447,349 93,060 Adobe Systems 2,838,330 0.20 2.69 350,373 Morgan Stanley 9,545,912 50,670 Aetna 1,542,141 0.11 0.67 149,040 NextEra Energy 7,731,450 35,820 Aflac 2,006,815 0.14 0.54 77,910 Noble Energy 6,686,236 163,620 Alcoa 2,499,295 0.17 0.47 328,056 Norfolk Southern 20,575,672 15,570 Alexion Pharmaceuticals 1,253,696 0.09 1.44 43,110 Novellus Systems 1,396,548 84,870 Amazon.com 15,370,806 1.08 0.10 317,703 NV Energy 4,478,024 87,120 American Electric Power 3,135,884 0.22 0.31 69,480 Nvidia 1,052,969 107,100 American Express 4,567,279 0.32 0.07 3,903 NVR 2,694,748 40,230 American Tower - A Shares 2,064,402 0.15 0.19 284,587 Occidental Petroleum 27,789,921 105,930 American Water Works 2,698,567 0.19 1.95 612,190 Oracle 18,956,463 65,700 Anadarko Petroleum 5,051,673 0.35 1.33 214,290 Paccar 12,228,459 146,610 Analog Devices 5,541,125 0.39 0.86 29,880 Parker Hannifin 2,569,829 155,440 Apache 18,585,961 1.30 0.18 177,030 PepsiCo 11,544,126 154,438 Apple 49,729,036 3.48 0.81 1,226,190 Pfizer 21,464,456 155,070 Applied Materials 2,187,262 0.15 1.50 125,280 PG&E 5,982,746 578,463 AT&T 16,992,351 1.19 0.42 109,805 Philip Morris International 6,408,769 15,210 Autozone 4,162,064 0.29 0.45 25,200 PPG Industries 2,117,178 98,280 Baker Hughes 5,567,071 0.39 0.15 488,975 Procter & Gamble 31,311,514 1,647,524 Bank of America 21,903,832 1.53 2.19 178,290 Prudential Financial 10,393,416 187,920 BB&T 4,938,538 0.35 0.73 123,898 Public Service Enterprise Group 3,910,840 69,990 Berkshire Hathaway - B Shares 5,557,206 0.39 0.27 307,988 Qualcomm 15,200,748 148,230 Biogen Idec 9,926,222 0.69 1.06 328,780 Regions Financial 2,283,377 178,560 Boston Scientific 1,365,984 0.10 0.16 42,480 Rowan Companies 1,474,268 121,770 Broadcom - A Shares 5,293,951 0.37 0.10 64,170 SanDisk 3,196,629 55,000 Cameron International 2,772,825 0.20 0.22 26,100 SCANA 1,063,706 109,890 Campbell Soup 3,801,645 0.26 0.07 86,732 Sempra Energy 4,545,624 31,050 Capital One Financial 1,318,072 0.09 0.32 8,370 Simon Property Group 835,535 305,110 Cardinal Health 11,696,392 0.82 0.06 140,540 Southern 5,381,979 129,240 CBS Non Voting - B Shares 2,464,607 0.17 0.38 2,017,930 Sprint Nextel 8,465,216 194,220 Celgene 11,436,645 0.80 0.59 397,701 Staples 9,065,594 319,570 Chevron 29,095,251 2.04 0.63 49,500 Starwood Hotels & Resorts Worldwide 3,007,868 1,743,296 Cisco Systems 35,066,399 2.46 0.21 87,030 State Street 4,025,573 4,647,610 Citigroup 22,052,909 1.54 0.28 26,910 SVB Financial Group 1,447,758 29,630 Citrix Systems 2,005,655 0.14 0.10 384,267 Sysco 11,280,158 16,290 CME Group 5,217,280 0.37 0.79 56,790 Target 3,399,165 337,870 Coca-Cola 22,128,796 1.55 0.24 248,856 TD Ameritrade Holding4,692,180 111,870 Cognizant Technology Solutions - A Shares 8,205,665 0.58 0.33 49,140 Thermo Fisher Scientific 2,723,585 63,810 Colgate-Palmolive 5,114,371 0.36 0.19 1,011,493 Time Warner 32,473,983 358,570 Comcast - A Shares 7,832,962 0.55 2.27 38,160 Union Pacific 3,519,306 35,730 Comerica 1,517,274 0.11 0.25 316,174 United Technologies 24,764,329 105,600 ConocoPhillips 7,201,392 0.50 1.73 149,040 UnitedHealth Group 5,354,262 177,033 Corning3,422,933 0.24 0.37 292,236 US Bancorp 7,883,066 171,365 CVS Caremark 5,971,213 0.42 0.55 475,107 Verizon Communications 17,008,831 54,720 Darden Restaurants 2,542,018 0.18 1.19 23,580 Visa - A Shares 1,650,128 17,640 DaVita 1,223,069 0.09 0.12 48,960 Walgreen 1,912,378 127,544 Devon Energy 9,972,028 0.70 0.13 35,120 Wal-Mart Stores 1,897,007 65,160 DirecTV - A Shares 2,597,603 0.18 0.13 338,676 Walt Disney 12,607,214 443,980 Dow Chemical 15,128,619 1.06 0.88 84,604 WellPoint 4,797,470 117,362 Edison International 4,541,323 0.32 0.34 861,225 Wells Fargo & Co. 26,607,546 513,100 EI du Pont de Nemours & Co. 25,472,850 1.78 1.86 26,410 Xcel Energy 621,823 399,340 EMC/Massachusetts 9,102,955 0.64 0.05 246,069 Xilinx 7,151,996 157,360 EOG Resources 14,425,978 1.01 0.50 188,550 Yum! Brands 9,244,607 645,612 Exxon Mobil 47,191,009 3.30 0.65 29,610 Zions Bancorporation 722,040 200,070 Freeport-McMoRan Copper & Gold 23,873,353 1.67 0.05 195,311 Frontier Communications 1,897,446 0.13 279,730 Gannett 4,183,362 0.29 1,309,616,613 91.68 754,127 General Electric 13,743,965 0.96 IRELAND 225,278 General Mills 8,003,001 0.56 244,480 Covidien 11,082,278 0.78 383,050 General Motors 14,065,596 0.98 169,920 XL Group 3,727,195 0.26 170,900 Goldman Sachs Group 28,629,168 2.00 17,093 Google - A Shares 10,195,718 0.71 14,809,473 1.04 61,560 Halliburton 2,503,030 0.18 SWITZERLAND 348,686 Hewlett-Packard 14,636,095 1.02 113,220 ACE 7,036,623 352,240 Honeywell International 18,651,108 1.31 0.50 163,620 Tyco International 6,769,778 458,000 Huntington Bancshares 3,157,910 0.22 0.47 101,518 International Business Machines 14,833,810 1.04 13,806,401 0.97 149,130 International Game Technology 2,612,012 0.18 150,120 Intersil - A Shares 2,312,599 0.16 NETHERLANDS ANTILLES 610,391 Johnson Controls 23,347,456 1.64 162,043 Schlumberger 13,476,306 0.94 334,090 Juniper Networks 12,359,660 0.87 86,200 Kellogg 4,398,355 0.31 13,476,306 0.94 63,183 Kohl’s 3,411,566 0.24 PANAMA 164,340 Kroger 3,672,177 0.26 282,880 Carnival 12,950,246 0.91 66,600 Lam Research 3,459,537 0.24 60,480 Lennar - A Shares 1,127,347 0.08 12,950,246 0.91

352 JPMorgan Funds - US Select 130/30 Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

BERMUDA 48,600 Genpact 740,178 0.05 161,820 Invesco 3,840,798 0.27 32,850 Marvell Technology Group 601,976 0.04 93,989 RenaissanceRe Holdings 6,028,924 0.42

11,211,876 0.78

Total Shares 1,375,870,915 96.32

Total Transferable Securities Admitted to an 1,375,870,915 96.32 Official Exchange Listing Total Investments 1,375,870,915 96.32

Cash 47,499,602 3.33

Other Assets/(Liabilities) 5,071,491 0.35

Total Net Assets 1,428,442,008 100.00

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Information Technology 19.04 Financials 13.98 Energy 13.43 Consumer Discretionary 12.85 Health Care 9.52 Industrials 8.39 Consumer Staples 8.09 Materials 4.83 Telecommunication Services 3.10 Utilities 3.09 Total Shares 96.32 Cash and Other Assets/(Liabilities) 3.68 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Information Technology 20.95 Financials 13.88 Consumer Discretionary 13.05 Energy 10.40 Health Care 10.19 Industrials 9.97 Consumer Staples 8.70 Materials 3.55 Utilities 3.32 Telecommunication Services 2.87 Total Shares 96.88 Cash and Other Assets/(Liabilities) 3.12 Total 100.00

353 JPMorgan Funds - US Select 130/30 Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) As at 31 December 2010

Unrealised Expiration Number of Notional Gain/ Date Contracts Security Description Currency Value (Loss)

Equity Futures

Mar-11 169 SP 500 Emini Future USD 10,566,725 43,450

Total 43,450

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

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

04-Jan-11 GBP 28,227 USD 43,594 155 04-Jan-11 USD 27,905 GBP 18,084 (247) 14-Jan-11 EUR 26,604,192 USD 35,228,792 406,366 14-Jan-11 USD 2,094,737 EUR 1,582,660 (25,167) 17-Feb-11 EUR 40,262 USD 53,408 519

Total 381,626

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

Economic Exposure (in Unrealised contract Gain/ currency) Currency Sub-Fund Receives Sub-Fund Pays Counterparty (Loss)

33,538,423 USD Positive performance of the underlying basket Negative performance of the underlying basket plus UBS interest funding value 6,323,883 - USD Negative performance of the underlying basket plus Positive performance of the underlying basket UBS interest funding value

Total 6,323,883

Geographic Distribution based on Economic Exposure of Swap Portfolio % of Basket (expressed in Sub-Fund Currency) Market Value

United States of America 110.19% Ireland 17.54% Bermuda 9.49% Switzerland 8.55% Netherlands Antilles 1.76% Panama 1.72% United Kingdom (4.96%) Netherlands (5.52%) Canada (10.51%) Luxembourg(28.26%)

Total 100.00

354 JPMorgan Funds - US Short Duration Bond Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing Investment Funds LUXEMBOURG Bonds 5,063,578 JPMorgan Liquidity Funds - US Dollar Liquidity Fund UNITED STATES OF AMERICA (JPM US Dollar Liquidity X (dist)) 5,063,578 50.66 30,000 American Express Credit 20.08.13/7.300% 33,723 0.34 30,000 AT&T 15.11.13/6.700% 34,041 0.34 5,063,578 50.66 24,000 Bank of New York Mellon 15.05.14/4.300% 25,561 0.26 15,000 Caterpillar 15.12.13/7.000% 17,335 0.17 Total Investment Funds 5,063,578 50.66 35,000 Crédit Suisse USA 15.08.13/5.500% 38,248 0.38 300,000 Freddie Mac 15.01.13/4.500% 322,470 3.23 Total Transferable Securities Dealt in on Another 9,171,942 91.76 100,000 General Electric Capital 04.06.14/5.500% 108,682 1.09 Regulated Market 55,000 Goldman Sachs Group 15.10.13/5.250% 59,412 0.59 Total Investments 10,039,963 100.44 60,000 Merrill Lynch & Co. 15.01.15/5.000% 62,029 0.62 35,000 Morgan Stanley 01.04.12/6.600% 37,164 0.37 Cash 0 0.00 55,000 SouthTrust 15.06.14/5.800% 59,259 0.59 35,000 Verizon Communications 15.04.13/5.250% 37,971 0.38 Other Assets/(Liabilities) (43,957) (0.44)

835,895 8.36 Total Net Assets 9,996,006 100.00 UNITED KINGDOM 30,000 Deutsche Bank/London 20.05.13/4.875% 32,126 0.32 (i) Security partially or totally held as collateral against futures positions by the broker. 32,126 0.32

Total Bonds 868,021 8.68 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Total Transferable Securities Admitted to an Official 868,021 8.68 Net Assets Exchange Listing Fixed Income Securities United States of America 49.46 Transferable Securities Dealt in on Another Regulated Market United Kingdom 0.32 Total Fixed Income Securities 49.78 Bonds Investment Funds UNITED STATES OF AMERICA Luxembourg 50.66 100,000 AmeriCredit Automobile Total Investment Funds 50.66 Receivables Trust 2010-2 A2 08.10.13/1.220% 100,320 1.00 Cash and Other Assets/(Liabilities) (0.44) 100,000 CarMax Auto Owner Trust 2010-3 A3 17.02.15/0.990% 99,310 0.99 Total 100.00 22,087 Chrysler Financial Auto Securitization Trust 2009-A A3 15.01.16/2.820% 22,443 0.22 65,000 Citigroup 13.12.13/6.000% 71,001 0.71 58,291 Fannie Mae Pool No: 256086 01.12.25/5.000% 61,873 0.62 49,090 Fannie Mae REMICS 2002-63 NB 25.10.32/5.500% 53,668 0.54 Allocation of Portfolio as at 30 June 2010 50,000 Fannie Mae REMICS 2003-92 PE 25.09.18/4.500% 53,833 0.54 49,777 Fannie Mae REMICS 2008-17 PA 25.10.37/4.500% 52,947 0.53 Not applicable: Sub-Fund was launched on 15 December 2010 150,000 Federal Farm Credit Bank 05.02.15/3.450% 156,560 1.57 305,000 Federal Home Loan Banks 09.12.11/4.750% 317,123 3.17 300,000 Federal Home Loan Banks 22.08.12/0.875% 301,125 3.01 100,000 Federal Home Loan Banks 12.09.14/5.250% 112,667 1.13 250,000 Freddie Mac 21.12.12/4.125% 266,538 2.67 15,000 Hyundai Auto Receivables Trust 2009-A A3 15.08.13/2.030% 15,172 0.15 87,761 Nissan Auto Receivables Owner Trust 2009-A A3 15.02.13/3.200% 88,973 0.89 100,000 Toyota Auto Receivables Owner Trust 2010-A A4 15.05.16/1.860% 101,365 1.01 300,000 US Treasury 15.11.12/1.375% 304,359 3.05 350,000 US Treasury 30.11.12/0.500% 349,344 3.50 300,000 US Treasury 15.12.12/1.125% 302,906 3.03 250,000 US Treasury 15.01.13/1.375% 253,633 2.54 500,000 US Treasury 15.12.13/0.750% 495,977 4.96 100,000 US Treasury 30.11.15/1.375% 97,031 0.97 300,000 US Treasury (i) 30.11.11/0.750% 301,219 3.01 127,241 World Omni Auto Receivables Trust 2009-A A3 15.05.13/3.330% 128,977 1.29

4,108,364 41.10

Total Bonds 4,108,364 41.10

355 JPMorgan Funds - US Small and Micro Cap Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 47,000 Toll Brothers 892,295 0.66 205,140 Umpqua Holdings 2,541,685 1.88 Shares 48,330 VCA Antech 1,128,022 0.83 60,020 Vocus 1,664,054 UNITED STATES OF AMERICA 1.23 46,810 Waste Connections 1,289,850 227,640 ACCO Brands 1,959,980 1.45 0.96 143,940 Western Alliance Bancorp 1,054,360 135,130 Altra Holdings 2,734,356 2.02 0.78 41,870 Williams-Sonoma 1,502,714 65,170 Approach Resources 1,475,775 1.09 1.11 100,910 Archipelago Learning 1,009,605 0.75 129,909,486 96.03 80,640 Associated Banc-Corp 1,236,614 0.91 19,470 Blackboard 803,430 0.59 CANADA 70,880 Brinker International 1,485,645 1.10 71,540 FirstService 2,158,362 1.60 61,760 Brunswick 1,156,147 0.85 222,410 Calamos Asset Management - A Shares 3,091,499 2.29 2,158,362 1.60 35,500 Catalyst Health Solutions 1,664,240 1.23 90,541 Cbeyond 1,387,541 1.03 Total Shares 132,067,848 97.63 152,540 Chico’s FAS 1,844,209 1.36 14,280 Cimarex Energy 1,272,348 0.94 Total Transferable Securities Admitted to an 132,067,848 97.63 117,125 Comfort Systems USA 1,564,204 1.16 Official Exchange Listing 24,130 CoStar Group 1,394,593 1.03 105,210 Coventry Health Care 2,775,440 2.05 Other Transferable Securities 17,910 Cracker Barrel Old Country Store 996,512 0.74 74,220 Cumberland Pharmaceuticals 444,207 0.33 Shares 88,298 Deltek 628,682 0.46 UNITED STATES OF AMERICA 69,029 DemandTec 729,637 0.54 225,900 Caliber Learning Network 23 0.00 89,710 Dice Holdings 1,297,207 0.96 42,400 Dick’s Sporting Goods 1,596,784 1.18 23 0.00 148,959 Douglas Dynamics 2,299,182 1.70 79,110 Drew Industries 1,857,107 1.37 Total Shares 23 0.00 55,224 eHealth 795,226 0.59 98,930 Einstein Noah Restaurant Group 1,382,547 1.02 Convertible Bonds 100,320 Epoch Holding1,586,059 1.17 UNITED STATES OF AMERICA 65,850 Exterran Holdings 1,586,985 1.17 16,303 Caliber Learnings - A Shares 31.12.49/0.000% 0 0.00 65,614 First Financial Bancorp 1,242,073 0.92 127,480 First Niagara Financial Group 1,804,479 1.34 0 0.00 36,950 First of Long Island 1,064,530 0.79 39,310 Forward Air 1,134,093 0.84 Total Convertible Bonds 0 0.00 45,130 Glacier Bancorp 696,356 0.51 17,440 Greenhill & Co. 1,441,416 1.07 Total Other Transferable Securities 23 0.00 39,720 Hansen Natural 2,083,711 1.54 64,970 Herman Miller 1,665,181 1.23 132,067,871 97.63 196,180 HFF - A Shares 1,897,061 1.40 Total Investments 22,920 HOT Topic 146,230 0.11 3,307,687 2.45 51,240 Iberiabank 3,075,937 2.27 Cash 52,050 Interline Brands 1,178,672 0.87 47,845 J&J Snack Foods 2,353,974 1.74 Other Assets/(Liabilities) (100,013) (0.08) 92,730 Jarden 2,857,011 2.11 258,860 JMP Group 1,975,102 1.46 Total Net Assets 135,275,545 100.00 128,360 KAR Auction Services 1,788,055 1.32 42,310 Kaydon 1,715,882 1.27 57,160 KBW 1,606,482 1.19 44,390 Knight Transportation 849,403 0.63 23,990 Micros Systems 1,056,400 0.78 108,640 Monarch Casino & Resort 1,401,999 1.04 130,170 Monotype Imaging Holdings 1,465,714 1.08 25,449 Morningstar 1,364,321 1.01 23,920 MWI Veterinary Supply 1,549,896 1.15 68,638 Myriad Genetics 1,568,721 1.16 50,140 NCI Building Systems 703,715 0.52 42,700 NetSuite 1,064,084 0.79 31,039 Northwest Natural Gas 1,459,609 1.08 56,360 NorthWestern 1,638,385 1.21 69,540 NTELOS Holdings 1,329,257 0.98 53,160 NutriSystem 1,138,687 0.84 85,360 Omnicell 1,251,378 0.93 89,990 optionsXpress Holdings 1,420,042 1.05 74,959 Papa John’s International 2,089,107 1.54 83,990 Patterson-UTI Energy 1,807,045 1.34 63,520 Penn National 1.64 Gaming2,221,294 79,110 PetMed Express 1,444,944 1.07 63,020 Pool 1,461,749 1.08 50,670 ProAssurance 3,102,524 2.29 74,320 PSS World Medical 1,686,321 1.25 58,583 RBC Bearings 2,276,535 1.68 102,160 Resolute Energy 1,507,371 1.11 18,044 RLI 951,370 0.70 82,563 Shuffle Master 946,585 0.70 70,910 Silgan Holdings 2,566,233 1.90 45,750 SolarWinds 890,524 0.66 148,819 Soundbite Communications 421,902 0.31 31,530 SuccessFactors 935,968 0.69 104,780 Team 2,562,395 1.89 35,850 Tidewater 1,921,022 1.42

356 JPMorgan Funds - US Small and Micro Cap Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Maturity/ Market of Quantity/ Name of Securities Maturity/ Market of Nominal Coupon Value Net Nominal Coupon Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 22.61 Consumer Discretionary 18.89 Industrials 18.75 Information Technology 9.08 Health Care 6.85 Consumer Staples 6.84 Energy 5.65 Materials 4.66 Utilities 2.29 Telecommunication Services 2.01 Total Shares 97.63 Cash and Other Assets/(Liabilities) 2.37 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 24.28 Consumer Discretionary 18.18 Industrials 14.64 Information Technology 11.63 Consumer Staples 6.61 Materials 5.98 Energy 5.67 Health Care 4.86 Utilities 2.81 Telecommunication Services 2.50 Total Shares 97.16 Cash and Other Assets/(Liabilities) 2.84 Total 100.00

357 JPMorgan Funds - US Small Cap Growth Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 12,200 Pharmasset 531,981 0.51 11,350 ProAssurance 694,961 0.67 Shares 37,700 Rackspace Hosting1,187,173 1.15 37,620 RealPage 1,094,742 UNITED STATES OF AMERICA 1.06 33,580 Riverbed Technology 1,199,310 14,200 Acorda Therapeutics 389,435 0.38 1.16 48,700 Rush Enterprises - A Shares 1,001,028 20,580 Acuity Brands 1,206,811 1.17 0.97 8,400 Signature Bank/New York 423,696 42,600 Aegerion Pharmaceuticals 629,628 0.61 0.41 31,770 Simpson Manufacturing988,682 10,960 Affiliated Managers Group 1,078,902 1.04 0.95 62,240 SolarWinds 1,211,502 24,840 American Public Education 920,074 0.89 1.17 23,800 Sotheby’s 1,073,142 30,310 Archipelago Learning 303,252 0.29 1.04 41,410 Sourcefire 1,083,700 115,400 Ariad Pharmaceuticals 598,349 0.58 1.05 17,080 STR Holdings 347,834 36,970 Aveo Pharmaceuticals 539,023 0.52 0.34 60,790 Sucampo Pharmaceuticals - A Shares 231,306 108,800 Avis Budget Group 1,659,744 1.60 0.22 45,830 Taleo - A Shares 1,274,303 34,630 Blackboard 1,429,007 1.38 1.23 25,450 Theravance 643,630 44,700 Bravo Brio Restaurant Group 854,217 0.83 0.62 21,670 Thoratec 621,929 43,490 BroadSoft 1,043,760 1.01 0.60 59,180 TIBCO Software 1,166,734 84,600 Bruker 1,414,089 1.37 1.13 45,900 Trex 1,126,616 9,500 CARBO Ceramics 986,717 0.95 1.09 70,900 TriQuint Semiconductor 842,647 25,490 Carlisle Companies 1,031,453 1.00 0.81 11,540 Under Armour - A Shares 635,566 37,190 Cavium Networks 1,414,894 1.37 0.61 20,700 Vail Resorts 1,081,679 32,080 Cbeyond 491,626 0.47 1.04 30,295 Varian Semiconductor Equipment Associates 1,118,794 11,330 City National 702,857 0.68 1.08 22,890 Vera Bradley 779,176 49,400 Commercial Metals 825,721 0.80 0.75 25,370 Viasat 1,133,151 37,600 Compellent Technologies 1,037,948 1.00 1.10 41,100 Viropharma 721,305 17,590 Concho Resources/Midland TX 1,533,936 1.48 0.70 52,430 Vital Images 739,525 16,500 Concur Technologies 872,520 0.84 0.72 20,650 Wabtec 1,101,781 42,500 CROCS 738,437 0.71 1.06 50,000 Cumberland Pharmaceuticals 299,250 0.29 97,816,266 94.51 18,600 Cymer 838,488 0.81 48,570 DealerTrack Holdings 993,499 0.96 ISRAEL 15,690 Deckers Outdoor 1,260,064 1.22 53,020 Mellanox Technologies 1,401,054 1.35 39,130 DigitalGlobe 1,226,921 1.19 44,500 Syneron Medical 462,800 0.45 77,950 Emeritus 1,550,425 1.50 38,130 EnerSys 1,227,023 1.18 1,863,854 1.80 123,620 Enzo Biochem 652,714 0.63 IRELAND 66,600 Financial Engines 1,317,348 1.27 26,620 Icon ADR 581,381 0.56 30,090 Forest Oil 1,140,411 1.10 35,830 Fortinet 1,145,127 1.11 581,381 0.56 32,910 Gaylord Entertainment 1,183,444 1.14 56,470 Generac Holdings 913,402 0.88 CANADA 29,550 General Cable 1,045,036 1.01 27,600 Imris 160,080 0.15 42,300 Gentex 1,243,832 1.20 29,380 Geo Group 730,828 0.71 160,080 0.15 93,000 Gleacher & Co. 222,735 0.22 39,800 Global Geophysical Services 397,005 0.39 Total Shares 100,421,581 97.02 33,820 Graco 1,345,867 1.30 5,900 Greenhill & Co. 487,635 0.47 Total Transferable Securities Admitted to an 100,421,581 97.02 92,660 Halozyme Therapeutics 729,698 0.71 Official Exchange Listing 44,570 Health Net 1,223,669 1.18 Total Investments 100,421,581 97.02 36,460 Healthspring980,227 0.95 29,125 Heico 1,504,452 1.45 Cash 2,988,458 2.89 50,590 Heidrick & Struggles International 1,470,398 1.42 26,400 hhgregg 560,076 0.54 Other Assets/(Liabilities) 90,879 0.09 19,980 Hittite Microwave 1,226,672 1.19 61,500 Idenix Pharmaceuticals 309,037 0.30 Total Net Assets 103,500,918 100.00 25,700 Incyte 431,117 0.42 34,290 Innospec 704,488 0.68 44,770 Inphi 908,159 0.88 72,360 Insulet 1,122,665 1.08 48,569 IntraLinks Holdings 925,482 0.89 18,780 Lennox International 901,158 0.87 28,800 LogMeIn 1,291,536 1.25 17,400 Lumber Liquidators Holdings 430,389 0.42 32,190 Marten Transport 690,315 0.67 26,770 Masimo 791,053 0.76 59,510 MedAssets 1,203,590 1.16 56,030 MELA Sciences 187,700 0.18 13,600 Middleby 1,161,508 1.12 51,870 Monolithic Power Systems 852,224 0.82 128,000 Morgans Hotel Group 1,114,880 1.08 10,020 Morningstar 537,172 0.52 19,030 MSCI - A Shares 748,450 0.72 65,490 National CineMedia 1,310,455 1.27 56,760 Nektar Therapeutics 739,015 0.71 35,370 NetSuite 881,420 0.85 67,550 Nuance Communications 1,241,231 1.20 42,500 NutriSystem 910,350 0.88 82,120 OfficeMax 1,471,180 1.42 40,410 Old Dominion Freight Line 1,293,120 1.25 98,920 Omnicell 1,450,167 1.40 16,800 Onyx Pharmaceuticals 620,928 0.60 74,283 PennantPark Investment 912,938 0.88

358 JPMorgan Funds - US Small Cap Growth Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Information Technology 33.81 Industrials 21.70 Health Care 17.30 Consumer Discretionary 11.46 Financials 5.64 Energy 3.92 Materials 2.72 Telecommunication Services 0.47 Total Shares 97.02 Cash and Other Assets/(Liabilities) 2.98 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Information Technology 30.02 Health Care 19.82 Industrials 19.39 Consumer Discretionary 14.68 Financials 5.65 Energy 4.08 Materials 3.14 Telecommunication Services 0.55 Total Shares 97.33 Cash and Other Assets/(Liabilities) 2.67 Total 100.00

359 JPMorgan Funds - US Strategic Growth Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing UNITED KINGDOM 16,000 ARM Holdings ADR 324,240 0.83 Shares 324,240 0.83 UNITED STATES OF AMERICA 8,800 Alexion Pharmaceuticals 708,576 1.81 ISRAEL 8,800 Allergan 607,244 1.55 1,400 Teva Pharmaceutical Industries ADR 72,457 0.18 10,500 Amazon.com 1,901,655 4.85 7,600 American Tower - A Shares 389,994 0.99 72,457 0.18 12,900 Amphenol - A Shares 677,766 1.73 9,800 Apple 3,155,600 8.05 Total Shares 38,020,557 96.95 9,400 BorgWarner 682,111 1.74 8,800 Broadcom - A Shares 382,580 0.98 Total Transferable Securities Admitted to an Official 38,020,557 96.95 4,100 Celgene 241,429 0.62 Exchange Listing 5,600 CH Robinson Worldwide 446,908 1.14 Total Investments 38,020,557 96.95 3,700 Coca-Cola 242,332 0.62 19,700 Cognizant Technology Solutions - A Shares 1,444,995 3.68 Cash 641,105 1.63 6,200 Concho Resources/Midland TX 540,671 1.38 8,200 Cummins 896,752 2.29 Other Assets/(Liabilities) 556,866 1.42 5,600 Dendreon 196,168 0.50 20,300 DirecTV - A Shares 809,260 2.06 Total Net Assets 39,218,528 100.00 5,100 Discovery Communications - A Shares 212,084 0.54 7,400 Dolby Laboratories - A Shares 491,323 1.25 12,200 Dollar Tree 685,457 1.75 8,000 Edwards Lifesciences 648,200 1.65 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 5,500 Estée Lauder Companies - A Shares 439,093 1.12 Net Assets 22,900 Express Scripts 1,226,066 3.13 Shares 4,500 F5 Networks 589,433 1.50 Information Technology 33.76 3,400 Factset Research Systems 320,926 0.82 Consumer Discretionary 24.84 3,100 Fossil 218,829 0.56 Health Care 12.80 5,550 Freeport-McMoRan Copper & Gold 662,254 1.69 Industrials 9.63 10,500 General Mills 373,013 0.95 Energy 5.15 8,000 Goodrich 700,960 1.79 Consumer Staples 5.12 1,200 Google - A Shares 715,782 1.83 Materials 4.72 7,300 Illumina 462,090 1.18 Financials 0.93 7,200 International Business Machines 1,052,064 2.68 400 Intuitive Surgical 103,082 0.26 Total Shares 96.95 5,000 Joy Global 433,225 1.10 Cash and Other Assets/(Liabilities) 3.05 5,500 Lam Research 285,697 0.73 Total 100.00 14,800 McDonald’s 1,130,646 2.88 4,100 National Oilwell Varco 274,433 0.70 14,300 NetApp 783,854 2.00 1,400 NetFlix 250,089 0.64 5,100 Nordstrom 216,087 0.55 Allocation of Portfolio as at 30 June 2010 % of 6,800 Occidental Petroleum 664,020 1.69 Net Assets 26,250 Oracle 812,831 2.07 Shares 14,100 O’Reilly Automotive 852,275 2.17 Information Technology 28.99 8,100 Paccar 462,226 1.18 Consumer Discretionary 16.56 9,600 Philip Morris International 560,304 1.43 Industrials 12.30 4,400 Praxair 417,890 1.06 Health Care 11.77 4,100 Precision Castparts 569,285 1.45 Energy 10.29 1,700 priceline.com 683,476 1.74 Consumer Staples 5.64 10,900 Red Hat 499,056 1.27 Financials 5.44 5,300 Salesforce.com 694,379 1.77 Materials 4.39 5,100 SanDisk 254,057 0.65 Telecommunication Services 0.47 4,400 Sherwin-Williams 370,040 0.94 Utilities 0.35 5,700 T Rowe Price Group 365,427 0.93 Total Shares 96.20 7,900 Union Pacific 728,577 1.86 Cash and Other Assets/(Liabilities) 3.80 2,900 Urban Outfitters 104,168 0.27 4,000 VMware - A Shares 355,440 0.91 Total 100.00 1,500 Whiting Petroleum 174,360 0.44 5,800 WW Grainger 801,154 2.04 4,000 Wynn Resorts 410,520 1.05

35,378,213 90.21 BRAZIL 12,500 Companhia de Bebidas das Americas Preference Shares ADR 393,063 1.00 11,700 Vale ADR 401,427 1.03

794,490 2.03 DENMARK 6,700 Novo Nordisk ADR 753,884 1.92

753,884 1.92 NETHERLANDS ANTILLES 4,400 Schlumberger 365,926 0.94

365,926 0.94 CHINA 3,400 Baidu China ADR 331,347 0.84

331,347 0.84

360 JPMorgan Funds - US Strategic Growth Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

14-Jan-11 EUR 6,286,745 USD 8,324,580 96,242 14-Jan-11 USD 2,884,165 EUR 2,173,356 (26,951)

Total 69,291

361 JPMorgan Funds - US Technology Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing CANADA 7,840 Research In Motion 451,702 0.40 Shares 451,702 0.40 UNITED STATES OF AMERICA 34,300 Adobe Systems 1,046,150 0.93 Total Shares 111,088,726 98.50 28,100 Agilent Technologies 1,165,447 1.03 51,430 Amazon.com 9,314,487 8.26 Total Transferable Securities Admitted to an 111,088,726 98.50 20,330 Amphenol - A Shares 1,068,138 0.95 Official Exchange Listing 23,600 Apple 7,599,200 6.74 62,000 Aruba Networks 1,294,870 1.15 Total Investments 111,088,726 98.50 41,900 Autodesk 1,609,379 1.43 70,520 Broadcom - A Shares 3,065,857 2.72 Cash 1,927,697 1.71 54,900 BroadSoft 1,317,600 1.17 46,300 CA 1,126,247 1.00 Other Assets/(Liabilities) (236,439) (0.21) 47,350 Cavium Networks 1,801,431 1.60 90,560 Ciena 1,904,930 1.69 Total Net Assets 112,779,984 100.00 60 Cisco Systems 1,207 0.00 24,850 Cognizant Technology Solutions - A Shares 1,822,747 1.61 123,250 Corning2,383,039 2.11 34,800 DirecTV - A Shares 1,387,302 1.23 Allocation of Portfolio as at 31 December 2010 (Unaudited) % of 137,650 EMC/Massachusetts 3,137,732 2.78 Net Assets 10,590 Equinix 859,061 0.76 Shares 18,750 F5 Networks 2,455,969 2.18 Information Technology 87.45 39,440 Fidelity National Information Services 1,086,769 0.96 Consumer Discretionary 11.05 2,790 Google - A Shares 1,664,193 1.47 Total Shares 98.50 14,920 Hewlett-Packard 626,267 0.55 Cash and Other Assets/(Liabilities) 1.50 102,250 Informatica 4,519,961 4.01 28,350 Inphi 575,080 0.51 Total 100.00 45,030 Intel 944,054 0.84 54,020 IntraLinks Holdings 1,029,351 0.91 90,600 JDS Uniphase 1,321,401 1.17 142,100 Juniper Networks 5,256,989 4.66 29,720 Kla-Tencor 1,154,919 1.02 Allocation of Portfolio as at 30 June 2010 % of 37,560 Lam Research 1,951,054 1.73 Net Assets 23,700 LogMeIn 1,062,826 0.94 Shares 25,300 Micros Systems 1,114,086 0.99 Information Technology 85.70 70,900 Motorola 634,201 0.56 Consumer Discretionary 7.74 83,550 NetApp 4,579,793 4.06 Industrials 2.24 7,200 OpenTable 513,432 0.45 Telecommunication Services 1.77 140,280 Oracle 4,343,770 3.85 Total Shares 97.45 3,100 priceline.com 1,246,339 1.11 Cash and Other Assets/(Liabilities) 2.55 86,750 Qualcomm 4,281,546 3.80 42,650 Rackspace Hosting1,343,049 1.19 Total 100.00 49,900 RealPage 1,452,090 1.29 17,210 Red Hat 787,960 0.70 18,320 Salesforce.com 2,400,195 2.13 116,650 Sanmina-SCI 1,340,892 1.19 43,000 SolarWinds 836,995 0.74 45,100 Sourcefire 1,180,267 1.05 63,980 Symantec 1,066,867 0.95 44,500 Taleo - A Shares 1,237,323 1.10 206,900 TIBCO Software 4,079,034 3.62 35,160 Varian Semiconductor Equipment Associates 1,298,459 1.15 17,610 VMware - A Shares 1,564,825 1.39 42,610 Xerox 489,376 0.43

101,344,156 89.86 BERMUDA 147,770 Marvell Technology Group 2,707,885 2.40

2,707,885 2.40 UNITED KINGDOM 121,000 ARM Holdings ADR 2,452,065 2.17

2,452,065 2.17 SWITZERLAND 47,840 Tyco Electronics 1,677,031 1.49

1,677,031 1.49 TAIWAN 103,286 Taiwan Semiconductor Manufacturing ADR 1,286,427 1.14

1,286,427 1.14 CAYMAN ISLANDS 12,000 Baidu ADR 1,169,460 1.04

1,169,460 1.04

362 JPMorgan Funds - US Value Fund Schedule of Investments (Market Value Expressed in USD) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Transferable Securities Admitted to an Official Exchange Listing 376,100 US Bancorp 10,145,297 1.24 355,710 Verizon Communications 12,734,418 1.56 Shares 57,145 Vornado Realty Trust 4,791,894 0.59 221,650 Walgreen 8,657,649 UNITED STATES OF AMERICA 1.06 190,000 Wal-Mart Stores 10,262,850 128,180 Albemarle 7,176,798 0.87 1.25 219,670 Walt Disney 8,177,216 219,830 Altria Group 5,386,934 0.66 1.00 7,660 Washington Post - B Shares 3,340,564 210,190 American Electric Power 7,565,789 0.92 0.41 1,009,928 Wells Fargo & Co. 31,201,726 86,000 Ameriprise Financial 4,935,540 0.60 3.81 283,220 Williams 6,985,621 315,210 AmerisourceBergen 10,772,302 1.31 0.85 234,010 WR Berkley 6,401,344 105,200 Aon 4,827,102 0.59 0.78 832,650 AT&T 24,459,094 2.98 753,046,745 91.90 26,080 AutoZone 7,136,531 0.87 685,478 Bank of America 9,113,430 1.11 MARSHALL ISLANDS 185,860 Bank of New York Mellon 5,612,043 0.68 365,210 Teekay 12,009,931 1.47 71,620 Baxter International 3,617,884 0.44 84,800 BB&T 2,228,544 0.27 12,009,931 1.47 123,700 Becton Dickinson & Co. 10,486,668 1.28 SWITZERLAND 139,300 Bed Bath & Beyond 6,837,541 0.84 232,690 Tyco Electronics 8,156,948 1.00 33 Berkshire Hathaway - A Shares 3,929,310 0.48 299,000 Bristol-Myers Squibb 7,895,095 0.96 8,156,948 1.00 87,000 Brown-Forman - B Shares 6,036,930 0.73 201,800 Capital One Financial 8,566,410 1.05 CANADA 227,000 CBS - B Shares 4,328,890 0.53 264,530 Brookfield Properties 4,635,888 0.57 89,710 CenturyLink 4,155,816 0.51 428,322 Charles Schwab 7,317,881 0.89 4,635,888 0.57 252,080 Chevron 22,950,624 2.80 IRELAND 201,540 Chubb 12,033,953 1.47 186,800 XL Group 4,098,392 0.49 87,520 Cincinnati Financial 2,778,760 0.34 2,552,870 Citigroup 12,113,368 1.48 4,098,392 0.49 203,460 Coca-Cola 13,325,613 1.63 183,971 ConocoPhillips 12,545,902 1.53 BERMUDA 167,040 CVS Caremark 5,820,509 0.71 194,920 OneBeacon Insurance Group - A Shares 2,956,936 0.36 292,340 Devon Energy 22,856,603 2.79 294,600 El Paso 4,037,493 0.49 2,956,936 0.36 80,400 Emerson Electric 4,602,498 0.56 296,430 Exxon Mobil 21,667,551 2.65 Total Shares 784,904,840 95.79 127,000 Fortune Brands 7,637,145 0.93 514,800 Gannett 7,698,834 0.94 Total Transferable Securities Admitted to an 784,904,840 95.79 589,340 Gap 13,109,868 1.60 Official Exchange Listing 208,300 Genuine Parts 10,674,334 1.30 Total Investments 784,904,840 95.79 171,650 Hewlett-Packard 7,205,009 0.88 178,830 Home Depot 6,204,507 0.76 Cash 33,936,085 4.14 66,500 Humana 3,627,908 0.44 218,530 Illinois Tool Works 11,697,911 1.43 Other Assets/(Liabilities) 560,503 0.07 45,180 International Business Machines 6,601,702 0.80 83,800 JM Smucker 5,495,604 0.67 Total Net Assets 819,401,428 100.00 260,570 Johnson & Johnson 16,091,500 1.97 210,380 Johnson Controls 8,047,035 0.98 376,230 Loews 14,635,347 1.79 73,420 M&T Bank 6,343,855 0.77 24,200 Martin Marietta Materials 2,257,013 0.27 19,800 Mastercard - A Shares 4,436,883 0.54 96,690 McDonald’s 7,386,633 0.90 555,502 Merck & Co. 20,020,292 2.44 184,070 MetLife 8,174,549 1.00 347,470 Microsoft 9,650,979 1.18 158,000 NextEra Energy 8,196,250 1.00 51,600 Nike - B Shares 4,399,932 0.54 248,340 Northeast Utilities 7,950,605 0.97 403,200 Old Republic International 5,511,744 0.67 212,580 Oneok 11,841,769 1.45 106,090 Owens-Illinois 3,243,702 0.40 572,380 Pfizer 10,019,512 1.23 157,900 PG&E 7,540,515 0.92 64,450 PPG Industries 5,414,767 0.66 198,000 Procter & Gamble 12,678,930 1.55 71,200 Prudential Financial 4,150,604 0.51 127,830 Qualcomm 6,309,050 0.77 109,000 Regency Centers 4,629,230 0.56 47,700 Rock-Tenn - A Shares 2,601,319 0.32 100,100 Sears Holdings 7,325,318 0.89 90,100 Sempra Energy 4,722,141 0.58 62,190 Sigma-Aldrich 4,138,744 0.51 82,100 Snap-On 4,676,005 0.57 227,100 Southern 8,696,794 1.06 187,030 SunTrust Banks 5,497,747 0.67 83,410 Sysco 2,448,500 0.30 73,470 T Rowe Price Group 4,710,162 0.58 276,270 Time Warner 8,869,648 1.08 93,600 Time Warner Cable 6,155,136 0.75 106,780 TJX 4,752,244 0.58 125,910 Transatlantic Holdings 6,503,252 0.79 90,210 UGI 2,873,639 0.35 179,500 United Technologies 14,059,337 1.71 175,790 UnitedHealth Group 6,315,256 0.77

363 JPMorgan Funds - US Value Fund Schedule of Investments (Market Value Expressed in USD) (continued) As at 31 December 2010

% % Quantity/ Name of Securities Market of Quantity/ Name of Securities Market of Nominal Value Net Nominal Value Net Value Assets Value Assets

Allocation of Portfolio as at 31 December 2010 (Unaudited) % of Net Assets Shares Financials 24.14 Consumer Discretionary 15.79 Health Care 10.84 Energy 9.77 Utilities 8.59 Consumer Staples 8.24 Industrials 5.71 Telecommunication Services 5.05 Information Technology 4.63 Materials 3.03 Total Shares 95.79 Cash and Other Assets/(Liabilities) 4.21 Total 100.00

Allocation of Portfolio as at 30 June 2010 % of Net Assets Shares Financials 26.79 Consumer Discretionary 15.65 Health Care 11.72 Energy 11.46 Utilities 7.85 Consumer Staples 7.54 Industrials 5.29 Telecommunication Services 5.23 Information Technology 4.82 Materials 2.74 Total Shares 99.09 Cash and Other Assets/(Liabilities) 0.91 Total 100.00

364 JPMorgan Funds - US Value Fund Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) As at 31 December 2010

Unrealised Settlement Amount Amount Gain/ Date Currency Purchased Currency Sold (Loss)

14-Jan-11 EUR 12,069,916 USD 15,951,431 215,696 14-Jan-11 USD 83,265 EUR 63,106 (1,262) 17-Feb-11 USD 37,352 EUR 28,159 (363)

Total 214,071

365 JPMorgan Funds Appendix - Unaudited Additional Disclosures

1. Fund Total Expense Ratios*** (continued) For the For the For the For the For the For the For the Capped period period year year year year year Expense ended ended ended ended ended ended ended Ratio Inception 31 Dec 10 31 Dec 10# 30 Jun 10 30 Jun 09 30 Jun 08 30 Jun 07 30 Jun 06 31 Dec 10 Date

JPMorgan Funds - Africa Equity Fund JPM Africa Equity A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 14-May-08 JPM Africa Equity A (acc) - EUR 1.90% 1.90% 1.90% 1.90% ----09-Dec-08 JPM Africa Equity A (dist) - GBP 1.90% 1.90% 1.90% 1.90% ----24-Jul-08 JPM Africa Equity A (inc) - EUR 1.90% 1.90% ------21-Dec-10 JPM Africa Equity B (acc) - USD 1.15% 1.15% 1.15% 1.15% ----11-Aug-08 JPM Africa Equity C (acc) - USD 0.95% 0.95% 0.95% -----24-Nov-09 JPM Africa Equity D (acc) - USD 2.65% 2.65% 2.65% 2.65% 2.65%---14-May-08 JPM Africa Equity D (acc) - EUR 2.65% 2.65% 2.65% -----11-Jun-10 JPM Africa Equity I (acc) - USD** 0.91% 1.18% - 0.91% 0.90% - - 0.91% 14-May-08

JPMorgan Funds - Aggregate Bond Fund JPM Aggregate Bond A (acc) - USD 1.00% - 1.00% -----09-Nov-09 JPM Aggregate Bond A (acc) - EUR (hedged) 1.00% - 1.00% -----09-Nov-09

JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Apr-05 JPM America Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - - 15-Mar-07 JPM America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 JF America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 JPM America Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.20% 1.20% - 26-Aug-04 JPM America Equity C (acc) - USD 0.85% - 0.85% 0.85% 0.83% 0.79% 0.79% - 26-Aug-04 JPM America Equity C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% - - - 28-Jan-08 JPM America Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM America Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 08-May-06 JPM America Equity D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - - 15-Mar-07 JPM America Equity X (acc) - USD 0.15% - 0.15% 0.15% 0.12% 0.10% 0.11% 0.15% 24-Nov-04

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM America Large Cap A (acc) - EUR 1.90% - 1.90% 1.90% ----09-Dec-08 JPM America Large Cap A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Apr-99 JPM America Large Cap B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.20% 1.20% - 21-Feb-06 JPM America Large Cap C (acc) - USD 0.85% - 0.85% 0.85% 0.46% - - - 20-Jun-08 JPM America Large Cap D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM America Large Cap X (acc) - USD 0.15% - 0.15% 0.14% 0.14% - - 0.15% 27-May-08

JPMorgan Funds - Asia Pacific Bond Fund JPM Asia Pacific Bond A (acc) - USD 1.00% - 1.00% -----17-Mar-10 JPM Asia Pacific Bond C (acc) - USD 0.55% ------27-Jul-10

JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity Fund JPM Asia Pacific ex-Japan Behavioural Finance Equity A (acc) - USD 1.90% - 1.90% -----09-Sep-09 JPM Asia Pacific ex-Japan Behavioural Finance Equity A (acc) - EUR 1.90% - 1.90% -----09-Sep-09 JPM Asia Pacific ex-Japan Behavioural Finance Equity X (acc) - USD 0.15% ------0.15% 02-Dec-10

JPMorgan Funds - Brazil Alpha Plus Fund JPM Brazil Alpha Plus A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 18-Oct-07 JPM Brazil Alpha Plus A (acc) - SGD** 1.90% ------09-Aug-10 JPM Brazil Alpha Plus A (dist) - USD 1.90% - 1.90% -----24-Nov-09 JPM Brazil Alpha Plus B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - - 28-Jan-08 JPM Brazil Alpha Plus C (acc) - USD 1.10% - 1.10% 1.10% ----19-Mar-08 JPM Brazil Alpha Plus D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 18-Oct-07 JPM Brazil Alpha Plus D (acc) - EUR 2.90% ------13-Jul-10 JPM Brazil Alpha Plus I (acc) - USD 1.06% - 1.05% 1.06% 1.06% - - 1.06% 18-Oct-07 JPM Brazil Alpha Plus I (acc) - EUR 1.06% - 1.06% ----1.06% 18-Jun-10

JPMorgan Funds - Corporate Bond Portfolio Fund I (1) JPM Corporate Bond Portfolio I A (inc) - EUR 0.90% ------01-Jul-10 JPM Corporate Bond Portfolio I C (inc) - EUR 0.50% ------21-Jul-10 JPM Corporate Bond Portfolio I D (inc) - EUR 1.25% ------01-Jul-10

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 31-Mar-05 JPM Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 04-Jul-94 JF Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 15-Jun-01 JPM Eastern Europe Equity B (acc) - EUR 1.20% - 1.20% 1.20% 1.20% 1.55% 1.55% - 20-Mar-06 JPM Eastern Europe Equity C (acc) - EUR 1.10% - 1.10% 1.10% 1.09% 1.06% 1.05% - 25-Feb-05 JPM Eastern Europe Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 JPM Eastern Europe Equity I (acc) - EUR 1.00% - 1.03% - 1.04% 1.02% 1.06% 1.06% 26-Jun-06 JPM Eastern Europe Equity X (acc) - EUR 0.14% - 0.14% 0.15% 0.19% 0.17% 0.16% 0.20% 09-Nov-04

(1) This Sub-Fund was launched on 1 July 2010.

366 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

1. Fund Total Expense Ratios (continued) For the For the For the For the For the For the For the Capped period period year year year year year Expense ended ended ended ended ended ended ended Ratio Inception 31 Dec 10 31 Dec 10# 30 Jun 10 30 Jun 09 30 Jun 08 30 Jun 07 30 Jun 06 31 Dec 10 Date

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 31-Mar-05 JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 1.95% - 1.95% 1.95% ----09-Dec-08 JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 1.95% ------09-Aug-10 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 14-Apr-97 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.55% 1.55% - 03-Sep-04 JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.08% 1.08% - 01-Feb-05 JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 2.95% ------13-Jul-10 JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD* - - - 1.05% 1.06% 1.05% 0.01% 1.06% 26-Jun-06 JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 0.18% - 0.19% - - 0.12% 0.20% 0.20% 09-Feb-05

JPMorgan Funds - Emerging Markets Alpha Plus Fund JPM Emerging Markets Alpha Plus A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 30-Aug-06 JPM Emerging Markets Alpha Plus A (acc) - EUR 1.90% - 1.90% -----09-Oct-09 JPM Emerging Markets Alpha Plus A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 30-Aug-06 JPM Emerging Markets Alpha Plus A (dist) - GBP 1.90% - 1.90% -----02-Oct-09 JPM Emerging Markets Alpha Plus C (acc) - USD 0.95% - 0.95% -----04-Mar-10 JPM Emerging Markets Alpha Plus D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - - 30-Aug-06 JPM Emerging Markets Alpha Plus D (acc) - EUR 2.90% - 2.90% -----11-Jun-10 JPM Emerging Markets Alpha Plus I (acc) - USD 0.91% - 0.91% ----0.91% 04-Mar-10 JPM Emerging Markets Alpha Plus X (acc) - USD** 0.15% ------0.15% 19-Sep-08

JPMorgan Funds - Emerging Markets Bond Fund JPM Emerging Markets Bond A (acc) - USD 1.55% - 1.55% -----30-Oct-09 JPM Emerging Markets Bond B (acc) - USD 1.10% - 1.10% -----30-Oct-09 JPM Emerging Markets Bond C (acc) - USD 0.70% - 0.70% -----30-Oct-09 JPM Emerging Markets Bond D (acc) - USD 2.25% - 2.25% -----30-Oct-09 JPM Emerging Markets Bond I (acc) - USD 0.66% - 0.66% ----0.66% 30-Oct-09 JPM Emerging Markets Bond X (acc) - USD 0.15% - 0.15% ----0.15% 30-Oct-09

JPMorgan Funds - Emerging Markets Corporate Bond Fund (2) JPM Emerging Markets Corporate Bond A (acc) - USD 1.40% 1.99% ------14-Jul-10 JPM Emerging Markets Corporate Bond A (acc) - EUR (hedged) 1.40% 1.40% ------14-Jul-10 JPM Emerging Markets Corporate Bond B (acc) - USD 0.85% 1.42% ------21-Oct-10 JPM Emerging Markets Corporate Bond C (acc) - USD 0.70% 1.42% ------24-Sep-10 JPM Emerging Markets Corporate Bond D (acc) - EUR (hedged) 1.90% 1.90% ------27-Aug-10

JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II (3) JPM Emerging Markets Corporate Bond Portfolio II A (inc) - USD 1.40% ------24-Nov-10 JPM Emerging Markets Corporate Bond Portfolio II A (inc) - EUR (hedged) 1.40% ------24-Nov-10 JPM Emerging Markets Corporate Bond Portfolio II D (inc) - USD 1.90% ------24-Nov-10 JPM Emerging Markets Corporate Bond Portfolio II D (inc) - EUR (hedged) 1.90% ------24-Nov-10

JPMorgan Funds - Emerging Markets Currency Alpha Fund JPM Emerging Markets Currency Alpha A (acc) - EUR 1.90% - 1.90% 1.90% ----30-Apr-09

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A (acc) - EUR 1.55% - 1.55% 1.55% 1.55% 1.55% 1.55% - 31-Mar-05 JPM Emerging Markets Debt A (acc) - USD (hedged) 1.55% - 1.55% -----09-Apr-10 JPM Emerging Markets Debt A (inc) - EUR 1.55% - 1.55% 1.55% ----14-Mar-97 JPM Emerging Markets Debt A (mth) - EUR 1.55% - 1.55% 1.55% ----17-Sep-08 JPM Emerging Markets Debt A (mth) - USD (hedged) 1.55% - 1.55% -----22-Feb-10 JPM Emerging Markets Debt B (acc) - EUR 1.10% - 1.10% -----24-Sep-09 JPM Emerging Markets Debt C (acc) - EUR 0.70% - 0.70% 0.70% 0.70% 0.03% - - 21-Jun-06 JPM Emerging Markets Debt D (acc) - EUR 2.25% - 2.25% 2.25% 2.25% 2.25% 2.25% - 13-Oct-00 JPM Emerging Markets Debt I (inc) - EUR 0.66% - 0.66% 0.66% 0.66% 0.03% - 0.66% 14-Jun-07 JPM Emerging Markets Debt X (acc) - EUR* ----0.15% 0.02% - 0.15% 21-May-07

JPMorgan Funds - Emerging Markets Diversified Equity Fund (4) JPM Emerging Markets Diversified Equity C (acc) - EUR 0.95% ------10-Dec-10 JPM Emerging Markets Diversified Equity X (acc) - EUR 0.15% ------0.15% 10-Dec-10

(2) This Sub-Fund was launched on 14 July 2010. (3) This Sub-Fund was launched on 24 November 2010. (4) This Sub-Fund was launched on 10 December 2010.

367 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Emerging Markets Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Sep-05 JPM Emerging Markets Equity A (acc) - SGD 1.90% - 1.90% -----14-Dec-09 JPM Emerging Markets Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 JPM Emerging Markets Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Emerging Markets Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 22-Dec-04 JPM Emerging Markets Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.08% 1.07% 1.07% - 01-Feb-05 JPM Emerging Markets Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM Emerging Markets Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 08-May-06 JPM Emerging Markets Equity I (acc) - USD 1.06% - 1.01% 1.05% 1.03% 1.02% - 1.06% 27-Jun-06 JPM Emerging Markets Equity I (acc) - EUR 1.06% - 1.01% 1.05% - - - 1.06% 28-Apr-09 JPM Emerging Markets Equity I (inc) - EUR 1.06% - 1.01% 1.05% 1.03% 1.02% 0.09% 1.06% 30-May-06 JPM Emerging Markets Equity X (acc) - USD 0.20% - 0.16% 0.19% 0.18% 0.17% 0.18% 0.20% 23-Nov-04 JPM Emerging Markets Equity X (dist) - USD 0.20% - 0.17% 0.20% - - - 0.20% 10-Feb-09 JPM Emerging Markets Equity X (inc) - EUR 0.20% - 0.16% 0.19% 0.18% 0.17% 0.10% 0.20% 19-Dec-05

JPMorgan Funds - Emerging Markets Infrastructure Equity Fund JPM Emerging Markets Infrastructure Equity A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 28-Apr-08 JPM Emerging Markets Infrastructure Equity A (acc) - EUR 1.90% 2.43% 1.90% 1.90% ----09-Dec-08 JPM Emerging Markets Infrastructure Equity B (acc) - USD 1.15% 1.45% 1.15% 1.15% ----11-Aug-08 JPM Emerging Markets Infrastructure Equity C (acc) - USD 0.95% 1.48% 0.95% -----27-Jul-09 JPM Emerging Markets Infrastructure Equity D (acc) - USD 2.65% 2.65% 2.65% 2.65% 2.65% - - - 28-Apr-08 JPM Emerging Markets Infrastructure Equity D (acc) - EUR 2.65% 2.80% 2.65% -----11-Jun-10

JPMorgan Funds - Emerging Markets Investment Grade Bond Fund (5) JPM Emerging Markets Investment Grade Bond A (acc) - USD 1.20% ------29-Nov-10 JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 1.20% ------29-Nov-10 JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) 1.20% ------29-Nov-10 JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 1.60% ------29-Nov-10

JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPM Emerging Markets Local Currency Debt A (acc) - EUR 1.40% 1.40% 1.40% 1.40% 1.40% - - - 24-Jan-08 JPM Emerging Markets Local Currency Debt A (acc) - USD 1.40% 1.40% 1.40% 1.40% 1.40% - - - 24-Jan-08 JPM Emerging Markets Local Currency Debt A (dist) - GBP 1.40% 1.63% ------13-Aug-10 JPM Emerging Markets Local Currency Debt A (inc) - EUR 1.40% 1.40% ------27-Dec-10 JPM Emerging Markets Local Currency Debt A (mth) - USD 1.40% 1.40% 1.40% -----20-Nov-09 JPM Emerging Markets Local Currency Debt B (acc) - USD 0.85% 0.88% 0.85% - 0.85% - - - 14-Feb-08 JPM Emerging Markets Local Currency Debt C (acc) - EUR 0.70% 0.70% ------01-Oct-10 JPM Emerging Markets Local Currency Debt C (acc) - USD 0.70% 0.85% 0.70% -----09-Mar-10 JPM Emerging Markets Local Currency Debt D (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% - - - 24-Jan-08 JPM Emerging Markets Local Currency Debt D (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 24-Jan-08 JPM Emerging Markets Local Currency Debt D (inc) - EUR 1.90% 1.90% 1.90% -----19-Apr-10 JPM Emerging Markets Local Currency Debt I (acc) - EUR* ------0.66% 26-Oct-10 JPM Emerging Markets Local Currency Debt X (acc) - EUR** 0.15% 0.15% - 0.15% - - - 0.15% 01-Oct-08 JPM Emerging Markets Local Currency Debt X (acc) - USD 0.15% 0.15% 0.15% 0.15% - - - 0.15% 01-Jul-08

JPMorgan Funds - Emerging Markets Small Cap Fund JPM Emerging Markets Small Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 15-Nov-07 JPM Emerging Markets Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 15-Nov-07 JPM Emerging Markets Small Cap A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% - - - 15-Nov-07 JPM Emerging Markets Small Cap B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - - 03-Jun-08 JPM Emerging Markets Small Cap C (acc) - USD 1.10% - 1.10% - 1.10% - - - 07-Dec-07 JPM Emerging Markets Small Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 15-Nov-07 JPM Emerging Markets Small Cap D (acc) - EUR 2.90% - 2.90% -----11-Jun-10

JPMorgan Funds - Emerging Markets Value Fund JPM Emerging Markets Value A (acc) - USD 1.90% - 1.90% -----23-Oct-09 JPM Emerging Markets Value B (acc) - USD 1.15% - 1.15% -----23-Oct-09 JPM Emerging Markets Value C (acc) - USD 1.10% - 1.10% -----23-Oct-09 JPM Emerging Markets Value I (acc) - USD 1.06% - 1.06% ----1.06%26-Feb-10 JPM Emerging Markets Value X (acc) - USD 0.20% - 0.20% ----0.20% 23-Oct-09

JPMorgan Funds - Emerging Middle East Equity Fund JPM Emerging Middle East Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 31-Mar-05 JPM Emerging Middle East Equity A (acc) - EUR 1.95% - 1.95% 1.95% ----10-Dec-08 JPM Emerging Middle East Equity A (acc) - SGD 1.95% ------09-Aug-10 JPM Emerging Middle East Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 18-May-98 JPM Emerging Middle East Equity B (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.55% 1.55% - 19-Apr-05 JPM Emerging Middle East Equity C (acc) - USD 1.10% - 1.10% 1.10% 0.98% - - - 21-Jan-08 JPM Emerging Middle East Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 JPM Emerging Middle East Equity D (acc) - EUR 2.95% ------13-Jul-10 JPM Emerging Middle East Equity I (acc) - USD 1.06% ------1.06%08-Dec-10

(5) This Sub-Fund was launched on 29 November 2010.

368 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - EU Government Bond Fund JPM EU Government Bond A (acc) - EUR 0.70% - 0.70% 0.70% ----03-Oct-08 JPM EU Government Bond B (acc) - EUR 0.45% - 0.45% 0.45% 0.45% - - - 28-Apr-08 JPM EU Government Bond C (acc) - EUR 0.40% - 0.40% 0.40% 0.40% - - - 17-Apr-08 JPM EU Government Bond D (acc) - EUR 0.95% - 0.95% 0.95% ----03-Oct-08 JPM EU Government Bond X (acc) - EUR* - - - 0.10% - - - 0.10% 05-Nov-08

JPMorgan Funds - Euro Aggregate Bond Fund JPM Euro Aggregate Bond A (acc) - EUR 1.00% - 1.00% -----09-Nov-09

JPMorgan Funds - Euro Corporate Bond Fund JPM Euro Corporate Bond A (acc) - EUR 1.00% - 1.00% 1.00% ----27-Feb-09 JPM Euro Corporate Bond C (acc) - EUR 0.55% - 0.55% -----03-Jul-09 JPM Euro Corporate Bond D (acc) - EUR 1.40% - 1.40% 1.40% ----27-Feb-09

JPMorgan Funds - Euro Government Short Duration Bond Fund JPM Euro Government Short Duration Bond A (acc) - EUR 0.55% - 0.55% 0.55% ----20-Feb-09 JPM Euro Government Short Duration Bond A (inc) - EUR 0.55% - 0.55% 0.55% ----20-Feb-09 JPM Euro Government Short Duration Bond B (acc) - EUR* - - 0.40% -----15-Sep-09 JPM Euro Government Short Duration Bond C (acc) - EUR 0.35% - 0.35% 0.35% ----20-Feb-09 JPM Euro Government Short Duration Bond D (acc) - EUR 0.75% - 0.75% 0.75% ----20-Feb-09 JPM Euro Government Short Duration Bond X (acc) - EUR** 0.10% ------0.10% 18-Nov-09

JPMorgan Funds - Euro Money Market Fund (6) JPM Euro Money Market A (acc) - EUR 0.65% - 0.65% 0.65% 0.65% 0.65% 0.65% - 22-May-06 JPM Euro Money Market D (acc) - EUR 0.75% - 0.75% 0.75% 0.75% 0.75% - - 30-Aug-06

JPMorgan Funds - Euro Short Duration Bond Fund JPM Euro Short Duration Bond A (acc) - EUR 0.80% - 0.80% -----21-Jul-09 JPM Euro Short Duration Bond C (dist) - GBP (hedged) 0.45% - 0.45% -----28-Oct-09 JPM Euro Short Duration Bond D (acc) - EUR 1.10% - 1.10% -----25-Jun-10

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Euroland Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 30-Nov-88 JF Euroland Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 JPM Euroland Equity A (inc) - EUR 1.90% - 1.87% 1.90% 1.90% - - - 18-Oct-07 JPM Euroland Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% - - - 23-Jan-08 JPM Euroland Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.83% 0.83% 0.83% - 09-Sep-04 JPM Euroland Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM Euroland Equity I (acc) - EUR 0.81% - 0.80% 0.81% 0.78% 0.78% - 0.81% 28-Jun-06 JPM Euroland Equity X (acc) - EUR 0.15% - 0.14% 0.15% 0.15% - - 0.15% 03-Aug-07

JPMorgan Funds - Euroland Select Equity Fund JPM Euroland Select Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 24-Jul-07 JPM Euroland Select Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 02-Jan-08 JPM Euroland Select Equity C (acc) - EUR 0.85% - 0.85% -----16-Sep-09 JPM Euroland Select Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% - - - 24-Jul-07 JPM Euroland Select Equity X (acc) - EUR 0.15% - 0.14% 0.15% 0.15% - - 0.15% 30-Nov-07

JPMorgan Funds - Europe 130/30 Fund JPM Europe 130/30 A (acc) - EUR 1.90% 2.28% 1.90% 1.90% 1.90% - - - 25-Jun-07 JPM Europe 130/30 A (acc) - USD 1.90% 2.21% 1.90% 1.90% 1.90% 1.90% - - 20-Dec-07 JPM Europe 130/30 A (dist) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% - - - 20-Jul-07 JPM Europe 130/30 A (dist) - GBP 1.90% 1.95% 1.90% 1.90% 1.90% - - - 20-Jul-07 JPM Europe 130/30 D (acc) - EUR 2.90% 2.90% 2.90% 2.90% 2.90% - - - 25-Jun-07 JPM Europe 130/30 D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% 2.90% - - 20-Dec-07 JPM Europe 130/30 X (acc) - EUR 0.15% 1.00% 0.15% 0.15% 0.15% - - 0.15% 09-Aug-07

JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.10% 1.10% - 31-Mar-05 JPM Europe Aggregate Plus Bond A (inc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.10% 1.10% - 18-May-95 JPM Europe Aggregate Plus Bond B (acc) - EUR* -----0.80%0.80% - 29-Dec-04 JPM Europe Aggregate Plus Bond C (acc) - EUR 0.55% - 0.55% 0.55% 0.55% 0.30% - - 19-Jan-07 JPM Europe Aggregate Plus Bond D (acc) - EUR 1.40% - 1.40% 1.40% 1.40% 1.50% 1.50% - 13-Oct-00 JPM Europe Aggregate Plus Bond X (acc) - EUR* ----0.10% 0.02% - 0.10% 21-May-07

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 1.85% - 1.85% 1.85% 1.85% 1.85% 1.85% - 31-Mar-05 JPM Europe Balanced (EUR) A (dist) - EUR 1.85% - 1.85% 1.85% 1.85% 1.85% 1.85% - 31-Aug-95 JPM Europe Balanced (EUR) B (acc) - EUR 1.05% - 1.05% 1.05% 1.05% - - - 10-Dec-07 JPM Europe Balanced (EUR) D (acc) - EUR 2.35% - 2.35% 2.35% 2.35% 2.35% 2.35% - 13-Oct-00

(6) This Sub-Fund was renamed from Euro Liquid Reserve Fund on 2 August 2010. 369 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 31-Mar-05 JPM Europe Convergence Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 15-Sep-00 JPM Europe Convergence Equity B (acc) - EUR 1.20% - 1.20% 1.20%----05-Aug-08 JPM Europe Convergence Equity C (acc) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% 1.08% - 01-Apr-05 JPM Europe Convergence Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 JPM Europe Convergence Equity I (acc) - EUR 1.06% - 1.06% - - 0.12% - 1.06% 27-Jun-06

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 JF Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 27-May-04 JPM Europe Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 JPM Europe Dynamic B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 26-Aug-04 JPM Europe Dynamic C (acc) - EUR 1.00% - 1.00% 1.00% 0.98% 0.97% 0.98% - 26-Aug-04 JPM Europe Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 08-Dec-00 JPM Europe Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 01-Oct-04 JPM Europe Dynamic I (acc) - EUR 0.96% - 0.95% 0.96% - 0.91% - 0.96% 12-Jul-06 JPM Europe Dynamic X (acc) - EUR* - - - 0.15% 0.14% 0.13% 0.14% 0.15% 25-Oct-04

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.95% - 19-Sep-05 JPM Europe Dynamic Mega Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 26-Sep-07 JPM Europe Dynamic Mega Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.95% - 09-May-06 JPM Europe Dynamic Mega Cap A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-May-06 JPM Europe Dynamic Mega Cap B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 27-Mar-06 JPM Europe Dynamic Mega Cap C (acc) - EUR 1.00% - 1.00% 1.00% 0.99% 0.99% 1.00% - 11-Jan-06 JPM Europe Dynamic Mega Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 03-Feb-06 JPM Europe Dynamic Mega Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 26-Sep-07 JPM Europe Dynamic Mega Cap I (acc) - EUR* - - - 0.96% 0.94% 0.84% - 0.96% 07-Aug-06 JPM Europe Dynamic Mega Cap X (acc) - EUR 0.15% - 0.15% 0.15% 0.14% 0.14% 0.20% 0.15% 27-Jan-06

JPMorgan Funds - Europe Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 27-Jan-05 JPM Europe Dynamic Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 12-Jan-06 JPM Europe Dynamic Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 05-Dec-05 JPM Europe Dynamic Small Cap X (acc) - EUR* - - - 0.15% 0.15% 0.15% 0.15% 0.15% 17-Jan-06

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Europe Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Europe Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Dec-88 JF Europe Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 29-Dec-00 JPM Europe Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.30% 1.30% - 26-Aug-04 JPM Europe Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.82% 0.81% 0.82% - 26-Aug-04 JPM Europe Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM Europe Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 27-Jun-06 JPM Europe Equity I (acc) - EUR* -----0.78% - 0.81% 28-Jun-06 JPM Europe Equity I (inc) - EUR* ----0.77% 0.16% - 0.81% 16-Apr-07 JPM Europe Equity X (acc) - EUR 0.15% - 0.15% 0.15% 0.12% 0.12% 0.13% 0.15% 14-Sep-04

JPMorgan Funds - Europe Focus Fund JPM Europe Focus A (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Mar-06 JPM Europe Focus A (acc) - USD 1.90% 2.26% 1.90% 1.90% 1.90% - - - 20-Dec-07 JPM Europe Focus A (dist) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - - 17-Nov-06 JPM Europe Focus B (acc) - EUR 1.15% 1.84% 1.15% 1.15% 1.15% - - - 23-May-08 JPM Europe Focus C (acc) - EUR 1.00% 1.56% 1.00% - 0.95% 0.22% - - 12-Apr-07 JPM Europe Focus D (acc) - EUR 2.90% 2.90% 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Mar-06 JPM Europe Focus D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% - - - 20-Dec-07 JPM 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 High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 31-Mar-05 JPM Europe High Yield Bond A (inc) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 11-Sep-98 JPM Europe High Yield Bond C (acc) - EUR 0.60% - 0.60% 0.60% 0.60% - - - 07-Dec-07 JPM Europe High Yield Bond D (acc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% 1.65% - 13-Oct-00 JPM Europe High Yield Bond X (acc) - EUR* ----0.10% - - 0.10% 06-Jul-07

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 22-Nov-05 JPM Europe Micro Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Nov-05 JPM Europe Micro Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 05-Dec-05

370 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - Europe Select 130/30 Fund JPM Europe Select 130/30 A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - - 25-Jun-07 JPM Europe Select 130/30 A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 20-Dec-07 JPM Europe Select 130/30 A (dist) - EUR 1.90% - 1.90% 1.90% ----04-Jul-08 JPM Europe Select 130/30 A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% - - - 20-Jul-07 JPM Europe Select 130/30 D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - - 25-Jun-07 JPM Europe Select 130/30 D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 20-Dec-07 JPM Europe Select 130/30 X (acc) - EUR 0.15% - 0.15% 0.15% 0.15% - - 0.15% 09-Aug-07

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 JF Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Europe Small Cap A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Europe Small Cap B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 26-Aug-04 JPM Europe Small Cap C (acc) - EUR 1.00% - 1.00% 1.00% 0.98% 0.99% 1.00% - 26-Aug-04 JPM Europe Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM Europe Small Cap I (acc) - EUR* ----0.94% 0.95% - 0.96% 27-Jun-06 JPM Europe Small Cap X (acc) - EUR* - - - 0.15% 0.14% 0.15% 0.15% 0.15% 24-Nov-04

JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Europe Strategic Growth A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 14-Feb-00 JPM Europe Strategic Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Europe Strategic Growth B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.30% 1.30% - 26-Aug-04 JPM Europe Strategic Growth C (acc) - EUR 0.95% - 0.95% 0.95% 0.92% 0.93% 0.93% - 01-Mar-05 JPM Europe Strategic Growth D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM Europe Strategic Growth I (acc) - EUR* - - - 0.91% 0.88% 0.44% - 0.91% 29-Jun-06 JPM Europe Strategic Growth I (inc) - EUR* ----0.88% 0.49% 0.04% 0.91% 13-Jun-06 JPM Europe Strategic Growth X (acc) - EUR* - - 0.15% 0.15% 0.13% 0.14% 0.15% 0.15% 23-Nov-04

JPMorgan Funds - Europe Strategic Growth Small Cap Fund JPM Europe Strategic Growth Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 10-Jan-08 JPM Europe Strategic Growth Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - - 10-Jan-08

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Europe Strategic Value A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 14-Feb-00 JPM Europe Strategic Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Europe Strategic Value B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.30% 1.30% - 26-Aug-04 JPM Europe Strategic Value C (acc) - EUR 0.95% - 0.95% 0.95% 0.91% 0.91% 0.92% - 01-Sep-04 JPM Europe Strategic Value D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM Europe Strategic Value I (acc) - EUR* ----0.87% 0.87% - 0.91% 27-Jun-06 JPM Europe Strategic Value I (inc) - EUR* ----0.87% 0.87% 0.04% 0.91% 13-Jun-06 JPM Europe Strategic Value X (acc) - EUR* - - - 0.15% 0.12% 0.13% 0.14% 0.15% 23-Nov-04

JPMorgan Funds - Europe Strategic Value Small Cap Fund JPM Europe Strategic Value Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 10-Jan-08 JPM Europe Strategic Value Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - - 10-Jan-08

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Nov-99 JF Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 JPM Europe Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Europe Technology B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% - - - 23-May-08 JPM Europe Technology C (acc) - EUR* ----0.57% - - - 20-Jun-08 JPM Europe Technology D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM Europe Technology X (acc) - EUR 0.20% - 0.20% 0.20% 0.19% - - 0.20% 09-Aug-07

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Germany Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 JF Germany Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 JPM Germany Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% - - - 10-Dec-07 JPM Germany Equity C (acc) - EUR 0.95% - 0.95% 0.95% 0.93% - - - 18-Jan-08 JPM Germany Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM Germany Equity I (acc) - EUR 0.89% - 0.90% 0.91% 0.91% - - 0.91% 10-Apr-08 JPM Germany Equity X (acc) - EUR 0.15% - 0.14% 0.15% 0.14% - - 0.15% 30-Nov-07

371 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - Global Absolute Return Bond Fund (7) JPM Global Absolute Return Bond A (acc) - USD 1.20% ------07-Oct-10 JPM Global Absolute Return Bond A (acc) - EUR (hedged) 1.20% 1.20% ------07-Oct-10 JPM Global Absolute Return Bond A (acc) - SEK (hedged) 1.20% ------07-Oct-10 JPM Global Absolute Return Bond D (acc) - USD 1.70% ------13-Oct-10 JPM Global Absolute Return Bond D (acc) - EUR (hedged) 1.70% 1.70% ------07-Oct-10 JPM Global Absolute Return Bond X (acc) - EUR (hedged) 0.10% 0.41% -----0.10% 12-Nov-10

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.10% 1.10% - 01-Apr-05 JPM Global Aggregate Bond A (inc) - USD 1.00% - 1.00% 1.00% 1.00% 1.10% 1.10% - 01-Dec-88 JPM Global Aggregate Bond B (acc) - USD* -----0.80%0.80% - 29-Dec-04 JPM Global Aggregate Bond C (acc) - USD 0.55% - 0.55% 0.55% 0.55% 0.60% 0.59% - 13-Jan-05 JPM Global Aggregate Bond D (acc) - USD 1.40% - 1.40% 1.40% 1.40% 1.50% 1.50% - 13-Oct-00 JPM Global Aggregate Bond X (acc) - USD* -----0.10% 0.10% 0.10% 03-Feb-05

JPMorgan Funds - Global Consumer Trends Fund JPM Global Consumer Trends A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 21-Apr-08 JPM Global Consumer Trends A (acc) - USD 1.90% - 1.90% -----05-Oct-09 JPM Global Consumer Trends C (acc) - EUR 0.95% - 0.95% 0.95% ----02-Apr-09 JPM Global Consumer Trends D (acc) - EUR 2.65% - 2.65% 2.65% 2.65%---21-Apr-08

JPMorgan Funds - Global Convertibles Fund (EUR) JPM Global Convertibles (EUR) A (acc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% 1.65% - 31-Mar-05 JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 1.65% - 1.65% 1.65% ----12-Dec-08 JPM Global Convertibles (EUR) A (dist) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% 1.65% - 04-May-01 JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 1.65% - 1.65% 1.65% ----16-Dec-08 JF Global Convertibles (EUR) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Jun-03 JPM Global Convertibles (EUR) B (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.25% 1.25% - 04-May-01 JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 1.00% - 1.00% 1.00% ----11-Nov-08 JPM Global Convertibles (EUR) C (acc) - EUR 0.95% - 0.95% 0.95% 0.91% 0.90% 0.91% - 10-Sep-04 JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 0.95% - 0.95% 0.95% ----11-Dec-08 JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 0.95% - 0.95% 0.95% ----24-Nov-08 JPM Global Convertibles (EUR) D (acc) - EUR 2.15% - 2.15% 2.15% 2.15% 2.15% 2.15% - 04-May-01 JPM Global Convertibles (EUR) I (acc) - EUR 0.91% - 0.89% 0.91% 0.89% 0.30% - 0.91% 01-Mar-07 JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 0.91% - 0.91% ----0.91%03-Sep-09 JPM Global Convertibles (EUR) I (inc) - EUR 0.91% - 0.90% 0.90% 0.90% 0.43% - 0.91% 09-Jan-07 JPM Global Convertibles (EUR) X (acc) - EUR 0.15% - 0.14% 0.15% 0.12% 0.11% 0.11% 0.15% 23-Nov-04 JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 0.15% - 0.14% ----0.15% 24-Jul-09

JPMorgan Funds - Global Corporate Bond Fund JPM Global Corporate Bond A (acc) - USD 1.00% - 1.00% 1.00% ----27-Feb-09 JPM Global Corporate Bond A (acc) - EUR (hedged) 1.00% - 1.00% 1.00% ----27-Feb-09 JPM Global Corporate Bond A (acc) - SEK (hedged) 1.00% - 1.00% -----19-Aug-09 JPM Global Corporate Bond A (dist) - GBP (hedged) 1.00% - 1.00% 1.00% ----16-Apr-09 JPM Global Corporate Bond A (mth) - USD 1.00% ------03-Sep-10 JPM Global Corporate Bond C (acc) - EUR (hedged)** 0.55% ------15-Jul-09 JPM Global Corporate Bond D (acc) - USD 1.40% - 1.40% 1.40% ----27-Feb-09 JPM Global Corporate Bond D (acc) - EUR (hedged) 1.40% - 1.40% 1.40% ----27-Feb-09 JPM Global Corporate Bond D (inc) - EUR (hedged) 1.40% - 1.40% -----19-Apr-10 JPM Global Corporate Bond I (acc) - USD 0.51% ------0.51% 06-Sep-10

JPMorgan Funds - Global Credit Bond Fund JPM Global Credit Bond A (acc) - USD 1.00% - 1.00% -----20-Jan-10 JPM Global Credit Bond A (acc) - EUR (hedged) 1.00% - 1.00% -----20-Jan-10 JPM Global Credit Bond D (acc) - EUR (hedged) 1.40% ------18-Oct-10

JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund (8) JPM Global Duration-Hedged Corporate Bond A (acc) - EUR 1.00% ------16-Sep-10 JPM Global Duration-Hedged Corporate Bond A (acc) - SEK (hedged) 1.00% ------16-Sep-10 JPM Global Duration-Hedged Corporate Bond C (acc) - EUR 0.55% ------01-Oct-10 JPM Global Duration-Hedged Corporate Bond D (acc) - EUR 1.40% ------16-Sep-10

(7) This Sub-Fund was launched on 7 October 2010. (8) This Sub-Fund was launched on 16 September 2010.

372 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Global Dynamic A (acc) - CHF (hedged) 1.90% ------31-Aug-10 JPM Global Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - - 21-Nov-06 JPM Global Dynamic A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% - - - 30-Oct-07 JPM Global Dynamic A (acc) - SGD 1.90% - 1.90% -----14-Dec-09 JPM Global Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 JF Global Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 27-May-04 JPM Global Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 JPM Global Dynamic A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-May-06 JPM Global Dynamic B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 26-Aug-04 JPM Global Dynamic C (acc) - USD 1.00% - 1.00% 1.00% 0.96% 0.95% 0.96% - 26-Aug-04 JPM Global Dynamic C (acc) - EUR 1.00% - 1.00% 1.00% 0.97% 0.03% - - 20-Jun-07 JPM Global Dynamic C (acc) - EUR (hedged) 1.00% - 1.00% 1.00% 0.97% - - - 24-Jan-08 JPM Global Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 08-Dec-00 JPM Global Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 08-May-06 JPM Global Dynamic D (acc) - EUR (hedged) 2.90% - 2.90% 2.90% 2.90% - - - 30-Oct-07 JPM Global Dynamic I (acc) - USD 0.96% - 0.95% 0.95% 0.93% 0.14% - 0.96% 07-May-07 JPM Global Dynamic I (inc) - EUR 0.96% - 0.94% 0.96% - - - 0.96% 29-Jan-09 JPM Global Dynamic X (acc) - USD 0.15% - 0.14% 0.15% 0.12% 0.11% 0.12% 0.15% 23-Nov-04 JPM Global Dynamic X (acc) - EUR 0.15% - 0.14% 0.15% 0.12% 0.05% - 0.15% 19-Jan-07

JPMorgan Funds - Global Equity Fund (USD) JPM Global Equity (USD) A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Global Equity (USD) A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% ----18-Jul-08 JPM Global Equity (USD) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 JF Global Equity (USD) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 JPM Global Equity (USD) A (dist) - EUR (hedged) 1.90% - 1.90% 1.90% ----18-Jul-08 JPM Global Equity (USD) B (acc) - USD* ------22-Jun-06 JPM Global Equity (USD) C (acc) - USD 0.80% - 0.80% 0.80% 0.80% 0.78% 0.79% - 13-Sep-04 JPM Global Equity (USD) C (acc) - EUR (hedged) 0.80% - 0.80% 0.80% ----18-Jul-08 JPM Global Equity (USD) D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM Global Equity (USD) D (acc) - EUR (hedged) 2.65% - 2.65% 2.65%----18-Jul-08 JPM Global Equity (USD) X (acc) - USD 0.15% - 0.15% 0.15% 0.15% 0.14% 0.04% 0.15% 21-Mar-06 JPM Global Equity (USD) X (acc) - EUR 0.15% - 0.15% 0.15% - - - 0.15% 25-Jun-09

JPMorgan Funds - Global Focus Fund JPM Global Focus A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Global Focus A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% - - - 11-Jul-07 JPM Global Focus A (acc) - CHF (hedged) 1.90% ------31-Aug-10 JPM Global Focus A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 23-May-03 JF Global Focus A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 04-Dec-06 JPM Global Focus B (acc) - EUR 1.15% - 1.15% 1.15% ----01-Dec-04 JPM Global Focus C (acc) - EUR 1.00% - 1.00% 1.00% 0.99% 1.00% 0.44% - 20-Jan-06 JPM Global Focus C (acc) - EUR (hedged) 1.00% - 1.00% 1.00% ----17-Mar-09 JPM Global Focus C (acc) - USD 1.00% - 1.00% -----20-Apr-10 JPM Global Focus D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 23-May-03 JPM Global Focus D (acc) - EUR (hedged) 2.90% - 2.90% 2.90% 2.90% - - - 11-Jul-07 JPM Global Focus I (acc) - EUR 0.96% ------0.96% 07-Sep-10 JPM Global Focus I (acc) - EUR (hedged) 0.96% ------0.96% 28-Jul-10 JPM Global Focus X (acc) - EUR 0.15% - 0.14% 0.15% 0.15% 0.15% 0.15% 0.15% 24-Nov-04

JPMorgan Funds - Global Government Bond Fund JPM Global Government Bond A (acc) - EUR 0.70% - 0.70% 0.70% ----20-Feb-09 JPM Global Government Bond A (acc) - USD (hedged) 0.70% - 0.70% 0.70% ----20-Feb-09 JPM Global Government Bond B (acc) - EUR* --0.45%-----28-May-10 JPM Global Government Bond C (acc) - EUR 0.40% - 0.40% 0.40% ----26-Feb-09 JPM Global Government Bond D (acc) - EUR 0.95% - 0.95% 0.95% ----20-Feb-09 JPM Global Government Bond X (acc) - EUR 0.10% - 0.08% 0.04% - - - 0.10% 04-Mar-09

JPMorgan Funds - Global Government Short Duration Bond Fund JPM Global Government Short Duration Bond A (acc) - EUR 0.55% - 0.55% 0.55% ----20-Feb-09 JPM Global Government Short Duration Bond A (acc) - USD (hedged) 0.55% - 0.55% 0.55% ----20-Feb-09 JPM Global Government Short Duration Bond C (acc) - USD (hedged) 0.35% - 0.35% 0.35% ----20-Feb-09 JPM Global Government Short Duration Bond C (dist) - GBP (hedged) 0.35% - 0.35% -----28-Oct-09 JPM Global Government Short Duration Bond D (acc) - EUR 0.75% - 0.75% 0.75% ----20-Feb-09 JPM Global Government Short Duration Bond D (acc) - USD (hedged) 0.75% - 0.75% 0.75% ----20-Feb-09 JPM Global Government Short Duration Bond X (acc) - EUR 0.10% ------0.10% 06-Oct-10

373 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - Global Healthcare Fund JPM Global Healthcare A (acc) - USD 1.90% - 1.90% -----02-Oct-09 JPM Global Healthcare A (dist) - USD 1.90% - 1.90% -----02-Oct-09 JF Global Healthcare A (dist) - USD 1.90% - 1.90% -----16-Oct-09 JPM Global Healthcare A (dist) - GBP 1.90% - 1.90% -----16-Oct-09 JPM Global Healthcare B (acc) - USD 1.15% - 1.15% -----02-Oct-09 JPM Global Healthcare C (acc) - USD 1.05% - 1.05% -----02-Oct-09 JPM Global Healthcare D (acc) - USD 2.90% - 2.90% -----02-Oct-09

JPMorgan Funds - Global Infrastructure Trends Fund JPM Global Infrastructure Trends A (acc) - EUR 1.90% - 1.90% -----10-Dec-09

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 21-Dec-04 JPM Global Natural Resources A (acc) - SGD 1.90% - 1.90% -----14-Dec-09 JPM Global Natural Resources A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 12-Sep-06 JPM Global Natural Resources A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 14-Mar-05 JPM Global Natural Resources B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 22-Apr-05 JPM Global Natural Resources C (acc) - EUR 1.05% - 1.05% 1.05% 0.98% 0.97% 1.01% - 14-Mar-05 JPM Global Natural Resources C (acc) - USD 1.05% - 1.05% 1.05% 0.97% 0.23% - - 05-Apr-07 JPM Global Natural Resources D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 05-Dec-05 JPM Global Natural Resources D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - - 08-Jun-07 JPM Global Natural Resources X (acc) - EUR 0.20% - 0.13% 0.17% 0.13% 0.13% 0.14% 0.20% 19-Apr-05 JPM Global Natural Resources X (acc) - USD 0.20% -----0.20%0.20% 20-Oct-10

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities (USD) A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 01-Sep-06 JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% ----31-Jul-08 JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 1.90% - 1.90% 1.90% ----31-Jul-08 JPM Global Real Estate Securities (USD) C (acc) - USD** 0.80% - - 0.80% 0.79% - - - 20-Feb-08 JPM Global Real Estate Securities (USD) D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - - 01-Sep-06 JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% ----31-Jul-08 JPM Global Real Estate Securities (USD) X (acc) - USD 0.15% - 0.15% 0.15% 0.15% 0.10% - 0.15% 06-Nov-06 JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged)* - - - 0.15% - - - 0.15% 31-Jul-08

JPMorgan Funds - Global Research Enhanced Index Equity Fund JPM Global Research Enhanced Index Equity X (acc) - EUR 0.15% 0.32% 0.15% ----0.15% 15-Jun-10

JPMorgan Funds - Global Short Duration Bond Fund JPM Global Short Duration Bond A (acc) - USD 0.80% - 0.80% -----21-Jul-09 JPM Global Short Duration Bond A (acc) - EUR (hedged) 0.80% - 0.80% -----21-Jul-09 JPM Global Short Duration Bond B (acc) - USD 0.50% - 0.50% -----07-May-10 JPM Global Short Duration Bond B (acc) - EUR (hedged) 0.50% ------07-Dec-10 JPM Global Short Duration Bond C (acc) - USD 0.45% - 0.45% -----07-May-10 JPM Global Short Duration Bond C (dist) - GBP (hedged) 0.45% - 0.45% -----28-Oct-09 JPM Global Short Duration Bond D (acc) - EUR (hedged) 1.10% ------28-Dec-10 JPM Global Short Duration Bond X (acc) - USD 0.10% ------0.10% 30-Sep-10

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Global Socially Responsible A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 JPM Global Socially Responsible D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPMorgan Funds - Global Strategic Bond Fund JPM Global Strategic Bond A (acc) - USD 1.20% 3.41% 1.20% -----03-Jun-10 JPM Global Strategic Bond A (acc) - EUR (hedged) 1.20% 1.21% 1.20% -----03-Jun-10 JPM Global Strategic Bond A (acc) - SEK (hedged) 1.20% 1.23% ------29-Sep-10 JPM Global Strategic Bond D (inc) - EUR (hedged) 1.70% 3.77% 1.70% -----03-Jun-10 JPM Global Strategic Bond X (acc) - EUR (hedged) 0.10% 0.83% -----0.10% 15-Nov-10

JPMorgan Funds - Highbridge Asia Pacific STEEP Fund (9) JPM Highbridge Asia Pacific STEEP A (acc) - USD 1.90% ------13-Dec-10

JPMorgan Funds - Highbridge Europe STEEP Fund JPM Highbridge Europe STEEP A (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% - - - 07-Feb-08 JPM Highbridge Europe STEEP A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 07-Feb-08 JPM Highbridge Europe STEEP A (dist) - GBP 1.90% 1.90% 1.90% -----06-Aug-09 JPM Highbridge Europe STEEP A (inc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% - - - 07-Feb-08 JPM Highbridge Europe STEEP B (acc) - EUR 1.15% 1.23% 1.15% 1.15% 1.15% - - - 30-Apr-08 JPM Highbridge Europe STEEP C (acc) - EUR 1.00% 1.04% 1.00% 1.00% 1.00% - - - 20-Mar-08 JPM Highbridge Europe STEEP D (acc) - EUR 2.65% 2.65% 2.65% 2.65% 2.65%---07-Feb-08 JPM Highbridge Europe STEEP X (acc) - EUR 0.15% 0.24% 0.15% 0.15% - - - 0.15% 01-Jul-08

(9) This Sub-Fund was launched on 13 December 2010.

374 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - Highbridge US STEEP Fund JPM Highbridge US STEEP A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 16-May-08 JPM Highbridge US STEEP A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 16-May-08 JPM Highbridge US STEEP A (acc) - EUR (hedged) 1.90% 1.90% 1.90% 1.90% ----27-Apr-09 JPM Highbridge US STEEP A (dist) - GBP 1.90% - 1.90% 1.90% ----13-Feb-09 JPM Highbridge US STEEP A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 16-May-08 JPM Highbridge US STEEP B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - - 05-Jun-08 JPM Highbridge US STEEP C (acc) - USD 1.00% - 1.00% 1.00% ----29-Jan-09 JPM Highbridge US STEEP D (acc) - USD 2.65% - 2.65% 2.65% 2.65%---16-May-08 JPM Highbridge US STEEP D (acc) - EUR* - - - 2.65% 2.65% - - - 16-May-08 JPM Highbridge US STEEP D (acc) - EUR (hedged) 2.65% 2.75% 2.65% -----27-Jul-09 JPM Highbridge US STEEP X (acc) - USD 0.15% - 0.14% 0.15% 0.15% - - 0.15% 27-May-08

JPMorgan Funds - Japan Dynamic Fund JPM Japan Dynamic A (acc) - JPY 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Feb-06 JPM Japan Dynamic A (dist) - JPY 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Feb-06 JPM Japan Dynamic X (acc) - JPY* -----0.07% 0.06% 0.15% 08-Feb-06

JPMorgan Funds - JF ASEAN Equity Fund JF ASEAN Equity A (acc) - USD 1.90% - 1.90% -----04-Sep-09 JF ASEAN Equity A (acc) - EUR 1.90% - 1.90% -----04-Sep-09 JF ASEAN Equity A (acc) - SGD 1.90% ------10-Aug-10 JF ASEAN Equity B (acc) - USD 1.15% ------09-Nov-10 JF ASEAN Equity B (acc) - EUR 1.15% ------09-Nov-10 JF ASEAN Equity C (acc) - USD 0.95% ------29-Jan-10 JF ASEAN Equity D (acc) - USD 2.65% - 2.65% -----12-Nov-09 JF ASEAN Equity D (acc) - EUR 2.65% - 2.65% -----12-Nov-09 JF ASEAN Equity X (acc) - USD 0.15% -----0.15% 0.15% 19-Nov-10

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD 1.90% 2.36% 1.90% 1.90% 1.90% 1.90% 1.90% - 09-Nov-05 JF Asia Alpha Plus A (dist) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 19-Oct-07 JF Asia Alpha Plus X (acc) - USD 0.20% 0.86% 0.20% 0.20% 0.20% - - 0.20% 21-Jan-08

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund JF Asia Pacific ex-Japan Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JF Asia Pacific ex-Japan Equity A (acc) - SGD 1.90% ------10-Aug-10 JF Asia Pacific ex-Japan Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 12-Sep-89 JF Asia Pacific ex-Japan Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JF Asia Pacific ex-Japan Equity B (acc) - USD 1.15% - 1.15% - - 1.25% 1.25% - 28-Dec-04 JF Asia Pacific ex-Japan Equity C (acc) - USD 1.00% - 1.00% 1.00% 0.75% 0.99% 0.99% - 26-Aug-04 JF Asia Pacific ex-Japan Equity C (acc) - BRL (hedged) 1.00% ------02-Sep-10 JF Asia Pacific ex-Japan Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JF Asia Pacific ex-Japan Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 08-May-06 JF Asia Pacific ex-Japan Equity I (acc) - USD 0.96% - 0.95% 0.96% 0.72% 0.95% 0.01% 0.96% 26-Jun-06 JF Asia Pacific ex-Japan Equity X (acc) - USD 0.20% - 0.19% 0.20% 0.15% 0.20% 0.20% 0.20% 16-Dec-04

JPMorgan Funds - JF China Fund JF China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JF China A (acc) - SGD 1.90% - 1.90% -----14-Dec-09 JF China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 JF China A (dist) - HKD 1.90% ------20-Sep-10 JF China B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 21-Feb-06 JF China C (acc) - USD 1.00% - 1.00% 1.00% 0.94% 0.94% 0.97% - 01-Feb-05 JF China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JF China D (acc) - EUR 2.90% ------13-Jul-10 JF China I (acc) - USD 0.96% - 0.87% 0.92% 0.82% 0.30% - 0.96% 26-Feb-07 JF China X (acc) - USD** 0.20% - - - 0.17% 0.02% - 0.20% 18-May-07

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JF Greater China A (acc) - SGD 1.90% - 1.90% -----14-Dec-09 JF Greater China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01 JF Greater China A (dist) - HKD 1.90% ------20-Sep-10 JF Greater China B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 10-Feb-06 JF Greater China C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 0.98% 1.00% - 01-Feb-05 JF Greater China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 25-May-01 JF Greater China D (acc) - EUR 2.90% ------13-Jul-10 JF Greater China I (acc) - USD** 0.96% ------0.96% 28-Jun-06 JF Greater China X (acc) - USD* - - - 0.20% 0.20% 0.19% - 0.20% 09-Dec-04

375 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JF Hong Kong A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01 JF Hong Kong A (dist) - HKD 1.90% ------20-Sep-10 JF Hong Kong B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 10-Feb-06 JF Hong Kong C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.00% 1.00% - 20-Jan-05 JF Hong Kong D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 25-May-01

JPMorgan Funds - JF India Fund JF India A (acc) - USD 2.10% - 2.10% 2.10% 2.10% 2.10% 2.10% - 01-Apr-05 JF India A (acc) - SGD 2.10% - 2.10% -----14-Dec-09 JF India A (dist) - USD 2.10% - 2.10% 2.10% 2.10% 2.10% 2.10% - 31-Aug-95 JF India B (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.70% 1.70% - 03-Sep-04 JF India C (acc) - USD 1.20% - 1.20% 1.20% 1.08% 1.09% 1.10% - 05-Jan-05 JF India D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JF India D (acc) - EUR 2.90% ------13-Jul-10 JF India X (acc) - USD 0.40% - 0.31% 0.31% 0.29% 0.30% 0.34% 0.40% 09-Dec-04

JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JF Japan Alpha Plus A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Aug-04 JF Japan Alpha Plus D (acc) - USD* ----2.90% 2.90% 2.90% - 18-Aug-04

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JF Japan Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 12-Jun-06 JF Japan Equity A (acc) - JPY 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 11-Jan-06 JF Japan Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 JF Japan Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JF Japan Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.25% 1.25% - 26-Aug-04 JF Japan Equity C (acc) - USD 0.95% - 0.95% 0.95% 0.93% 0.89% 0.91% - 26-Aug-04 JF Japan Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JF Japan Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 08-May-06 JF Japan Equity I (acc) - USD* ----0.88% 0.85% - 0.91% 27-Jun-06 JF Japan Equity J (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 02-Apr-02 JF Japan Equity X (acc) - USD 0.15% - 0.15% 0.15% 0.14% 0.11% 0.13% 0.15% 24-Nov-04

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JF Japan Small Cap A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 JF Japan Small Cap B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 14-Sep-05 JF Japan Small Cap C (acc) - USD* - - - 1.00% 0.98% 0.95% 0.50% - 01-Feb-05 JF Japan Small Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JF Japan Small Cap X (acc) - USD* - - - 0.20% 0.19% 0.15% 0.18% 0.20% 16-Dec-04

JPMorgan Funds - JF Korea Equity Fund JF Korea Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 28-Sep-07 JF Korea Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 28-Sep-07 JF Korea Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% - - - 19-May-08 JF Korea Equity B (acc) - USD 1.15% - 1.15% - 1.15% - - - 05-Jun-08 JF Korea Equity C (acc) - USD** 1.00% - 1.00% - 0.93% - - - 19-Mar-08 JF Korea Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 28-Sep-07 JF Korea Equity X (acc) - USD 0.20% - 0.19% - 0.01% - - 0.20% 18-Jun-08

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JF Pacific Balanced A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 JF Pacific Balanced B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - - 10-Sep-07 JF Pacific Balanced D (acc) - USD 2.35% - 2.35% 2.35% 2.35% 2.35% 2.35% - 22-Jun-01

JPMorgan Funds - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JF Pacific Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 12-Sep-05 JF Pacific Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 JF Pacific Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JF Pacific Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.25% 1.25% - 28-Dec-04 JF Pacific Equity C (acc) - USD 1.00% - 1.00% 1.00% 0.96% 0.94% 0.94% - 01-Apr-05 JF Pacific Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JF Pacific Equity D (acc) - EUR 2.65% - 2.94% 2.65% 2.65% 2.65% 2.65% - 08-May-06 JF Pacific Equity I (acc) - USD* - - - 0.94% 0.92% 0.90% - 0.96% 28-Jun-06

376 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JF Pacific Technology A (acc) - EUR 1.90% - 1.90% 1.90% ----09-Dec-08 JF Pacific Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 JF Pacific Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JF Pacific Technology B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 08-May-06 JF Pacific Technology C (acc) - USD 1.05% - 1.05% 1.05% 0.57% - - - 20-Jun-08 JF Pacific Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JF Singapore A (acc) - SGD 1.90% - 1.90% -----14-Dec-09 JF Singapore A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01 JF Singapore B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 13-Feb-06 JF Singapore C (acc) - USD 1.00% - 1.00% 1.00% 0.95% 0.97% 0.92% - 20-Jan-05 JF Singapore D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 25-May-01 JF Singapore I (acc) - USD* - - 0.95% 0.95% 0.92% 0.92% - 0.96% 29-Jun-06 JF Singapore X (acc) - USD* ----0.20% 0.20% 0.20% - 24-May-06

JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JF Taiwan A (acc) - EUR 1.90% - 1.90% 1.90% ----09-Dec-08 JF Taiwan A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01 JF Taiwan A (dist) - HKD 1.90% ------20-Sep-10 JF Taiwan B (acc) - USD* - - 1.30% 1.30% 1.30% 1.65% 1.65% - 22-Dec-04 JF Taiwan C (acc) - USD 1.15% - 1.15% 1.15% 1.09% 1.06% 1.15% - 03-Nov-04 JF Taiwan D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 25-May-01 JF Taiwan I (acc) - USD 1.11% - 1.02% 1.02% 1.02% 1.01% - 1.11% 29-Jun-06 JF Taiwan X (acc) - USD** 0.35% - - - 0.28% 0.27% 0.13% 0.35% 03-Feb-06

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM Latin America Equity A (acc) - SGD 1.90% ------09-Aug-10 JPM Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-May-92 JF Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM Latin America Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 08-Mar-06 JPM Latin America Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.07% 1.05% 1.05% - 13-Jan-05 JPM Latin America Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM Latin America Equity D (acc) - EUR 2.90% ------13-Jul-10 JPM Latin America Equity I (acc) - USD 1.01% - 1.01% 1.05% 1.02% 1.01% 0.01% 1.06% 26-Jun-06 JPM Latin America Equity X (acc) - USD 0.20% - 0.16% 0.19% 0.17% 0.15% 0.16% 0.20% 09-Nov-04

JPMorgan Funds - Managed Reserves Fund JPM Managed Reserves Fund A (acc) - USD 0.60% - 0.60% -----10-Jun-10 JPM Managed Reserves Fund A (acc) - EUR (hedged) 0.60% - 0.60% -----10-Jun-10 JPM Managed Reserves Fund A (dist) - GBP (hedged) 0.60% - 0.60% -----10-Jun-10 JPM Managed Reserves Fund C (acc) - USD 0.30% ------19-Aug-10 JPM Managed Reserves Fund C (acc) - EUR (hedged) 0.30% ------11-Aug-10 JPM Managed Reserves Fund C (dist) - GBP (hedged) 0.30% ------08-Sep-10 JPM Managed Reserves Fund I (acc) - USD 0.26% - 0.26% ----0.26% 16-Jun-10 JPM Managed Reserves Fund I (acc) - SGD (hedged) 0.26% - 0.26% ----0.26% 10-Jun-10

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 22-Nov-05 JPM Russia A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 17-Nov-05 JPM Russia B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 04-May-06 JPM Russia C (acc) - USD 1.10% - 1.10% 1.10% 1.10% - - - 13-Nov-07 JPM Russia D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 27-Jan-06 JPM Russia I (acc) - USD 1.06% - 1.01% 1.00% 1.06% 0.35% - 1.06% 25-Aug-06

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 1.15% - 1.15% 1.15% 1.15% 1.15% 1.15% - 31-Mar-05 JPM Sterling Bond A (dist) - GBP 1.15% - 1.15% 1.15% 1.15% 1.15% 1.15% - 13-Mar-92 JPM Sterling Bond D (acc) - GBP 1.70% - 1.70% 1.70% 1.70% 1.70% 1.70% - 13-Oct-00 JPM Sterling Bond X (acc) - GBP* -----0.10% 0.10% 0.10% 14-Dec-04

JPMorgan Funds - Systematic Alpha Fund JPM Systematic Alpha A (acc) - EUR 1.90% 2.24% 1.90% -----01-Jul-09

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM UK Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Mar-92 JPM UK Equity C (acc) - GBP 0.95% - 0.95% 0.95% 0.93% 0.91% 0.92% - 17-Dec-04 JPM UK Equity D (acc) - GBP 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM UK Equity X (acc) - GBP** 0.15% - - 0.15% - - - 0.15% 13-Feb-09

377 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - US 130/30 Fund JPM US 130/30 A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 02-Aug-07 JPM US 130/30 A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% - - - 02-Aug-07 JPM US 130/30 A (dist) - USD 1.90% ------12-Jul-10 JPM US 130/30 A (dist) - GBP 1.90% - 1.90% -----25-May-10 JPM US 130/30 C (acc) - USD 1.00% - 1.00% -----17-Sep-09 JPM US 130/30 D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 02-Aug-07 JPM US 130/30 D (acc) - EUR (hedged) 2.90% - 2.90% 2.90% 2.90% - - - 02-Aug-07 JPM US 130/30 X (acc) - USD 0.15% - 0.09% 0.15% 0.12% - - 0.15% 03-Oct-07

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 31-Mar-05 JPM US Aggregate Bond A (inc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 15-Sep-00 JPM US Aggregate Bond A (mth) - USD 1.10% - 1.10% -----06-Apr-10 JPM US Aggregate Bond B (acc) - USD 0.75% - 0.75% 0.75% 0.75% 0.80% 0.80% - 08-Dec-05 JPM US Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.60% 0.60% 0.60% 0.58% - 13-Jul-05 JPM US Aggregate Bond D (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.35% 1.35% - 13-Oct-00 JPM US Aggregate Bond D (acc) - EUR (hedged) 1.35% ------02-Nov-10 JPM US Aggregate Bond X (acc) - USD 0.10% - 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 30-Mar-05

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM US Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Mar-06 JPM US Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Jul-03 JPM US Dynamic B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 01-Sep-04 JPM US Dynamic C (acc) - USD 1.00% - 1.00% 1.00% 0.94% 0.93% 0.94% - 26-Aug-04 JPM US Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 18-Jul-03 JPM US Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 08-May-06 JPM US Dynamic I (acc) - USD* - - - 0.94% 0.90% 0.89% 0.11% 0.96% 17-May-06 JPM US Dynamic I (inc) - EUR 0.96% - 0.92% 0.94% 0.90% 0.01% - 0.96% 25-Jun-07 JPM US Dynamic X (acc) - USD 0.15% - 0.12% 0.14% 0.10% 0.09% 0.11% 0.15% 25-Oct-04

JPMorgan Funds - US Growth Alpha Plus Fund JPM US Growth Alpha Plus A (acc) - USD 1.90% - 1.90% 1.90% ----04-Sep-08 JPM US Growth Alpha Plus A (dist) - USD 1.90% - 1.90% -----20-Aug-09 JPM US Growth Alpha Plus C (acc) - EUR 0.95% - 0.95% -----07-Aug-09 JPM US Growth Alpha Plus D (acc) - USD 2.65% - 2.65% 2.65% ----04-Sep-08

JPMorgan Funds - US Select 130/30 Fund JPM US Select 130/30 A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 05-Jul-07 JPM US Select 130/30 A (acc) - EUR (hedged) 1.90% 1.90% 1.90% 1.90% 1.90% - - - 05-Jul-07 JPM US Select 130/30 A (dist) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 09-Aug-07 JPM US Select 130/30 A (dist) - GBP 1.90% 1.90% 1.90% 1.90% 1.90% - - - 01-Apr-08 JPM US Select 130/30 B (acc) - USD 1.15% 1.15% 1.15% 1.15% 1.15% - - - 05-Feb-08 JPM US Select 130/30 C (acc) - USD 1.00% 1.00% 1.00% 1.00% 1.00% - - - 01-Nov-07 JPM US Select 130/30 D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% - - - 05-Jul-07 JPM US Select 130/30 D (acc) - EUR (hedged) 2.90% 2.90% 2.90% 2.90% 2.90% - - - 05-Jul-07 JPM US Select 130/30 I (acc) - USD 0.90% 1.25% -----0.96%06-Oct-10 JPM US Select 130/30 I (inc) - USD* - - - 0.96% 0.94% - - 0.96% 05-Mar-08 JPM US Select 130/30 X (acc) - USD 0.15% 0.15% 0.14% 0.15% 0.14% - - 0.15% 07-Aug-07

JPMorgan Funds - US Short Duration Bond Fund (10) JPM US Short Duration Bond A (acc) - USD 0.80% ------15-Dec-10 JPM US Short Duration Bond D (acc) - USD 1.10% ------15-Dec-10

JPMorgan Funds - US Small and Micro Cap Fund JPM US Small and Micro Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM US Small and Micro Cap A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 JF US Small and Micro Cap A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Jun-03 JPM US Small and Micro Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM US Small and Micro Cap X (acc) - USD 0.15% - 0.15% 0.15% 0.14% 0.11% 0.13% 0.15% 09-Dec-04

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM US Small Cap Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 11-Sep-84 JPM US Small Cap Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM US Small Cap Growth B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - - 23-May-05 JPM US Small Cap Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 JPM US Small Cap Growth X (acc) - USD 0.15% - 0.15% 0.15% 0.14% - - 0.15% 27-May-08

(10) This Sub-Fund was launched on 15 December 2010.

378 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM US Strategic Growth A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - - 15-Mar-07 JPM US Strategic Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Oct-00 JPM US Strategic Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Oct-00 JPM US Strategic Growth B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.20% 1.20% - 22-Sep-05 JPM US Strategic Growth C (acc) - USD 0.85% - 0.85% 0.85% 0.83% 0.82% 0.27% - 08-Mar-06 JPM US Strategic Growth C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% - - - 06-Dec-07 JPM US Strategic Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 20-Oct-00 JPM US Strategic Growth D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - - 15-Mar-07 JPM US Strategic Growth X (acc) - USD 0.15% - 0.15% 0.15% 0.13% 0.13% 0.13% 0.15% 22-Sep-05

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM US Technology A (acc) - EUR 1.90% - 1.90% -----11-Jun-10 JPM US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 05-Dec-97 JF US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM US Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 JPM US Technology B (acc) - USD* - - 1.15% 1.15% ----10-Jul-08 JPM US Technology C (acc) - USD 1.05% - 1.05% 1.05% 0.57% - - - 20-Jun-08 JPM US Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 JPM US Technology D (acc) - EUR 2.90% - 2.90% -----11-Dec-09 JPM US Technology X (acc) - USD 0.20% - 0.20% 0.20% 0.19% - - 0.20% 08-Oct-07

JPMorgan Funds - US Value Fund JPM US Value A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 JPM US Value A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - - 13-Nov-06 JPM US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Oct-00 JF US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 27-May-04 JPM US Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Oct-00 JPM US Value B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.20% 1.20% - 11-Oct-04 JPM US Value C (acc) - USD 0.85% - 0.85% 0.85% 0.82% 0.79% 0.79% - 01-Sep-04 JPM US Value C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% ----07-Jan-09 JPM US Value D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 20-Oct-00 JPM US Value D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - - 13-Nov-06 JPM US Value X (acc) - USD 0.15% - 0.14% 0.15% 0.12% 0.11% 0.12% 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 period. ** Share Class reactivated during the period. *** 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 advisory fees, 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. All those TER are annualised figures.

379 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds

JPMorgan Funds – Africa Equity Fund Seeks to provide long-term capital growth by investing primarily in a portfolio of African companies.

JPMorgan Funds – Aggregate Bond Fund Seeks to achieve a return in excess of global bond markets by investing primarily in investment grade global fixed and floating rate debt securities, using derivative strategies where appropriate.

JPMorgan Funds – America Equity Fund Seeks to provide long-term capital growth by investing primarily in US companies.

JPMorgan Funds – America Large Cap Fund Seeks to provide long-term capital growth by investing primarily in large capitalisation Blue Chip US companies.

JPMorgan Funds – Asia Pacific Bond Fund Seeks to achieve a return in excess of Asia Pacific bond markets by investingprimarily in Asia Pacific currencies and fixed and floatingrate debt secu rities, using derivative strategies where appropriate.

JPMorgan Funds – Asia Pacific ex-Japan Behavioural Finance Equity Fund Seeks to provide long-term capital growth by investing primarily in companies in the Asia Pacific Basin (excluding Japan).

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 – Corporate Bond Portfolio Fund I Seeks to achieve a return profile comparable to that achieved by holding, from purchase to maturity, a five-year corporate bond, but with increased diversification by investingprimarily in a portfolio of corporate fixed and floatingrate debt securities, with maturity dates within six months of the termination of the Principal Investment Period.

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 East and Africa.

JPMorgan Funds – Emerging Markets Alpha Plus Fund Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio of emerging markets companies.

JPMorgan Funds – Emerging Markets Bond Fund Seeks to achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market bond and other debt securities.

JPMorgan Funds – Emerging Markets Corporate Bond Fund Seeks to achieve a return in excess of corporate bond markets of emergingmarketcountries by investingprimarily in emergingmarketcorporate fixed a nd floating rate debt securities, using derivatives where appropriate.

JPMorgan Funds – Emerging Markets Corporate Bond Portfolio Fund II Seeks to achieve a return profile comparable to that achieved by holding, from purchase to maturity, a five-year below investment grade emerging market corporate bond, but with increased diversification by investing primarily in a portfolio of below investment grade emerging market corporate fixed and floating rate debt securities, with maturity dates within twelve months of the termination of the Principal Investment Period.

JPMorgan Funds – Emerging Markets Currency Alpha Fund Seeks to achieve a return in excess of its cash benchmark through exposure to emerging market currencies through the use of financial derivative instruments.

JPMorgan Funds – Emerging Markets Debt Fund Seeks to achieve a return in excess of the bond markets of emergingcountriesby investingprimarily in emergingmarketfixed and floatingrate debt securities, using derivative strategies where appropriate.

380 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued)

JPMorgan Funds – Emerging Markets Diversified Equity Fund Seeks to provide long-term capital growth by investing primarily in a diversified portfolio of emerging markets companies.

JPMorgan Funds – Emerging Markets Equity Fund Seeks to provide long-term capital growth by investing primarily in emerging markets companies.

JPMorgan Funds – Emerging Markets Infrastructure Equity Fund Seeks to provide long-term capital growth by investing primarily in emerging markets companies related to infrastructure opportunities.

JPMorgan Funds – Emerging Markets Investment Grade Bond Fund Seeks to achieve a return in excess of investment grade bond markets of emerging countries by investing primarily in USD denominated investment grade emerging market bonds and other debt securities, using derivatives where appropriate.

JPMorgan Funds – Emerging Markets Local Currency Debt Fund Seeks to achieve a return in excess of the bond markets of emerging countries through exposure primarily to local currency emerging market fixed and floating rate debt instruments.

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 Markets Value Fund Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of emerging market 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 – EU Government Bond Fund Seeks to achieve an investment return in line with the benchmark by investingprimarily in a portfolio of EU-domiciled fixed and floatingrate governm ent debt securities.

JPMorgan Funds – Euro Aggregate Bond Fund Seeks to achieve a return in excess of EUR-denominated bond markets by investingprimarily in investment gradeEUR-denominated fixed and floatingra te debt securities, using derivatives where appropriate.

JPMorgan Funds – Euro Corporate Bond Fund Seeks to achieve a return in excess of EUR-denominated corporate bond markets by investingprimarily in EUR-denominated corporate fixed and floatin g rate debt securities, using derivatives where appropriate.

JPMorgan Funds – Euro Government Short Duration Bond Fund Seeks to achieve a return in line with the Benchmark by investingprimarily in EUR-denominated short-term fixed and floatingrate governmentdebt securities issued by countries for which their domestic currency is the EUR.

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 and floating rate debt securities.

JPMorgan Funds – Euro Short Duration Bond Fund Seeks to achieve a return in excess of EUR-denominated short duration bond markets by investingin investment gradeEUR-denominated short-term fixe d and floating rate debt securities, using derivatives where appropriate.

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 – Euroland Select Equity Fund Seeks to achieve a return in excess of Euro-zone equity markets by investingprimarily in companies of countries which are part of the Euro-zone (the “Euroland Countries”).

381 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued)

JPMorgan Funds – Europe 130/30 Fund Seeks to provide long term capital growth, through exposure to European companies by direct investments in securities of such companies and through the use of financial derivative instruments.

JPMorgan Funds – Europe Aggregate Plus Bond Fund Seeks to achieve a return in excess of the European bond markets by investingprimarily in European and non-European fixed and floatingrate debt securities denominated in European currencies, using derivative strategies where appropriate.

JPMorgan Funds – Europe Balanced Fund (EUR) Seeks to provide long-term capital growth and income by investing primarily in European companies and sovereign issuers.

JPMorgan Funds – Europe Convergence Equity Fund Seeks to provide long-term capital growth by investing primarily in companies of those countries that joined the EU after 1 January 2004 or are applyingor likely to apply for membership of the European Union (the “Converging European 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 Dynamic Small Cap Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of small 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 European companies.

JPMorgan Funds – Europe High Yield Bond Fund Seeks to achieve a return in excess of European bond markets by investingprimarily in below investment gradeEuropean and non-European bonds denominated in European currencies and other debt securities, using derivative strategies where appropriate.

JPMorgan Funds – Europe Micro Cap Fund Seeks to provide long-term capital growth by investing primarily in micro capitalisation European companies.

JPMorgan Funds – Europe Select 130/30 Fund Seeks to provide long term capital growth, through exposure to European companies by direct investments in securities of such companies and through the use of financial derivative instruments.

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 Growth Small Cap Fund Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation 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 Strategic Value Small Cap Fund Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of small capitalisation European companies.

382 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued)

JPMorgan Funds – Europe Technology Fund Seeks to provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies.

JPMorgan Funds – Germany Equity Fund Seeks to provide long-term capital growth by investing primarily in German companies.

JPMorgan Funds – Global Absolute Return Bond Fund Seeks to achieve a return in excess of cash with low volatility, by investingin a diversified portfolio of fixed and floatingrate debt securities and u sing financial derivative instruments.

JPMorgan Funds – Global Aggregate Bond Fund Seeks to achieve a return in excess of globalbond markets by investingprimarily in globalfixed and floatingrate debt securities, usingderivative s trategies where appropriate.

JPMorgan Funds – Global Consumer Trends Fund Seeks to provide long-term capital growth by investing primarily in companies benefiting from consumer driven opportunities, globally.

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, using derivatives where appropriate.

JPMorgan Funds – Global Credit 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. These securities will be either investment grade, or a combination of investment grade and below investment grade, with active allocation between these security types. Derivatives will be used where appropriate.

JPMorgan Funds – Global Duration-Hedged Corporate Bond Fund Seeks to achieve a return in excess of the benchmark by investing primarily, directly or through the use of financial derivative instruments, in global corporate fixed rate debt securities; financial derivative instruments will also be used to manage interest rate risk.

JPMorgan Funds – Global Dynamic Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally.

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 in earnings recovery situations.

JPMorgan Funds – Global Government Bond Fund Seeks to achieve an investment return in line with the benchmark by investingprimarily in a portfolio of globalfixed and floatingrate governmentdeb t securities.

JPMorgan Funds – Global Government Short Duration Bond Fund Seeks to achieve a return in line with the Benchmark by investing primarily in global government short-term fixed and floating rate debt securities.

JPMorgan Funds – Global Healthcare Fund Seeks to achieve a return by investing primarily in pharmaceutical, biotechnology, healthcare services, medical technology and life sciences companies (“Healthcare Companies”), globally.

JPMorgan Funds – Global Infrastructure Trends Fund Seeks to provide long-term capital growth by investing primarily in companies benefiting from infrastructure opportunities, globally.

383 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued)

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 of exploration.

JPMorgan Funds – Global Real Estate Securities Fund (USD) Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Real Estate Investment Trusts (“REITs”) and in companies that own, develop, operate or finance real estate, where real estate assets or activities account for more than 50% of their total market capitalisation (“Real Estate Companies”).

JPMorgan Funds – Global Research Enhanced Index Equity Fund Seeks to achieve a long-term return in excess of the benchmark by investing primarily in a portfolio of companies, globally; the risk characteristics of the portfolio of securities held by the Sub-Fund will resemble the risk characteristics of the portfolio of securities held in the benchmark.

JPMorgan Funds – Global Short Duration Bond Fund Seeks to achieve a return in excess of global short duration bond markets by investing primarily in investment grade global short-term fixed and floatingrate debt securities, using derivatives where appropriate.

JPMorgan Funds – Global Socially Responsible Fund Seeks to provide long-term capital growth by investing primarily in companies, globally, that the Investment Manager believes to be socially responsible.

JPMorgan Funds – Global Strategic Bond Fund Seeks to achieve a return in excess of the benchmark by exploitinginvestment opportunities in, amongstothers, the fixed income and currency markets , using derivatives where appropriate.

JPMorgan Funds – Highbridge Asia Pacific STEEP Fund Seeks to provide long term capital growth by having exposure primarily to Japanese and other Asia Pacific companies, through the use of financial derivative instruments.

JPMorgan Funds – Highbridge Europe STEEP Fund Seeks to provide long term capital growth by investing primarily in European companies, using financial derivative instruments where appropriate.

JPMorgan Funds – Highbridge US STEEP Fund Seeks to provide long term capital growth by investing primarily in US companies, using financial derivative instruments where appropriate.

JPMorgan Funds – Japan Dynamic Fund Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of Japanese companies.

JPMorgan Funds – JF ASEAN Equity Fund Seeks to provide long-term capital growth by investing primarily in companies of countries which are members of the Association of South East Asian Nations (ASEAN).

JPMorgan Funds – JF Asia Alpha Plus Fund Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio of companies in Asia (excluding Japan).

JPMorgan Funds – JF Asia Pacific ex-Japan Equity Fund Seeks to provide long-term capital growth by investing primarily in companies in the Asia Pacific Basin (excluding Japan).

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 Hong Kong Fund Seeks to provide long-term capital growth by investing primarily in Hong Kong companies.

JPMorgan Funds – JF India Fund Seeks to provide long-term capital growth by investing primarily in Indian companies.

384 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued)

JPMorgan Funds – JF Japan Alpha Plus Fund Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio of Japanese companies.

JPMorgan Funds – JF Japan Equity Fund Seeks to provide long-term capital growth by investing primarily in Japanese companies.

JPMorgan Funds – JF Japan Small Cap Fund Seeks to provide long-term capital growth by investing primarily in small capitalisation Japanese companies.

JPMorgan Funds – JF Korea Equity Fund Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Korean companies, using derivative strategies where appropriate.

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 (including Japan).

JPMorgan Funds – JF Pacific Equity Fund Seeks to provide long-term capital growth by investing primarily in companies in the Pacific Basin (including Japan).

JPMorgan Funds – JF Pacific Technology Fund Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related companies in the Pacific Basin (including Japan).

JPMorgan Funds – JF Singapore Fund Seeks to provide long-term capital growth by investing primarily in Singaporean companies.

JPMorgan Funds – JF Taiwan Fund Seeks to provide long-term capital growth by investing primarily in Taiwanese companies.

JPMorgan Funds – Latin America Equity Fund Seeks to provide long-term capital growth by investing primarily in Latin American companies.

JPMorgan Funds – Managed Reserves Fund Seeks to achieve a return in excess of US money markets by investing primarily in USD denominated short-term fixed and floating rate debt securities.

JPMorgan Funds – Russia Fund Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies.

JPMorgan Funds – Sterling Bond Fund Seeks to achieve a return in excess of sterlingbond markets by investingprimarily in GBP denominated fixed and floatingrate debt securities, using derivative strategies where appropriate.

JPMorgan Funds – Systematic Alpha Fund Seeks to provide a total return in excess of its cash benchmark by exploitingbehavioural patterns in the financial markets, primarily throughthe use of financial derivative instruments.

JPMorgan Funds – UK Equity Fund Seeks to provide long-term capital growth by investing primarily in UK companies.

JPMorgan Funds – US 130/30 Fund Seeks to provide long-term capital growth through exposure to US companies by direct investments in securities of such companies and through the use of financial derivative instruments.

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.

385 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued)

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 Alpha Plus Fund Seeks to provide superior long term capital growth by investing primarily in a concentrated, growth style biased, portfolio of US companies.

JPMorgan Funds – US Select 130/30 Fund Seeks to provide long-term capital growth, through exposure to US companies by direct investment in securities of such companies and through the use of financial derivative instruments.

JPMorgan Funds – US Short Duration Bond Fund Seeks to achieve a return in excess of US short duration bond markets by investingprimarily in US fixed and floatingrate debt securities, including asset-backed and mortgage-backed securities.

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 Small Cap Growth Fund Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation US companies.

JPMorgan Funds – US Strategic Growth Fund Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of 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.

386 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility Performance Returns 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. 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 31 December 2010.

If D is equal to or less than 0.1 then volatility will be Low If D is greater than 0.1 but less or equal to 1.0 then volatility will be Medium If D is greater than 1.0 but less than or equal to 2.4 then volatility will be High If 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 - Africa Equity Fund JPM Africa Equity A (acc) - USD 12.37% 32.81% 22.43% 38.21% 131.97% - - - Medium JPM Africa Equity A (acc) - EUR 14.34% 21.51% 23.49% 48.05% 138.74% - - - Medium JPM Africa Equity A (dist) - GBP 13.77% 27.74% 18.99% 43.68% 116.33% - - - Medium JPM Africa Equity A (inc) - EUR* ------Medium JPM Africa Equity B (acc) - USD 12.61% 33.39% 23.09% 38.89% 134.49% - - - Medium JPM Africa Equity C (acc) - USD 12.56% 33.30% 23.14% 39.46% ----Medium JPM Africa Equity D (acc) - USD 12.18% 32.35% 21.75% 37.32% 128.96% - - - Medium JPM Africa Equity D (acc) - EUR 14.14% 21.10% ------Medium JPM Africa Equity I (acc) - USD*** 12.48% ------Medium

JPMorgan Funds - Aggregate Bond Fund JPM Aggregate Bond A (acc) - USD -1.49% 1.54% 3.53% 5.49% ----Medium JPM Aggregate Bond A (acc) - EUR (hedged) -1.68% 1.15% 3.08% 5.08% ----Medium

JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 9.01% 19.80% 6.07% 10.43% 43.17% -10.99% -6.14% - Medium JPM America Equity A (acc) - EUR (hedged) 9.16% 19.33% 5.43% 9.34% 39.71% -14.05% - - Medium JPM America Equity A (dist) - USD 9.00% 19.76% 6.10% 10.42% 42.96% -11.06% -6.26% 6.29% Medium JF America Equity A (dist) - USD 9.02% 19.78% 6.11% 10.42% 42.98% -11.05% -6.24% 6.30% Medium JPM America Equity B (acc) - USD 9.21% 20.17% 6.71% 11.24% 45.15% -8.98% -3.38% 10.26% Medium JPM America Equity C (acc) - EUR (hedged) 9.32% 19.89% 6.14% 10.42% 42.21% - - - Medium JPM America Equity C (acc) - USD 9.25% 20.39% 6.89% 11.53% 46.08% -8.14% -2.13% 12.21% Medium JPM America Equity D (acc) - EUR (hedged) 8.90% 18.88% 4.75% 8.54% 37.71% -16.01% - - Medium JPM America Equity D (acc) - USD 8.86% 19.30% 5.48% 9.56% 40.88% -13.04% -9.01% 2.41% Medium JPM America Equity D (acc) - EUR 10.65% 9.16% 6.44% 17.45% 46.87% -4.84% -10.69% - Medium JPM America Equity X (acc) - USD 9.47% 20.81% 7.49% 12.43% 48.22% -6.17% 0.65% 16.20% Medium

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 10.60% 20.37% 6.63% 9.76% 35.28% -8.82% -2.93% 11.52% Medium JPM America Large Cap A (acc) - EUR 12.46% 10.27% 7.48% 17.78% 41.08% - - - Medium JPM America Large Cap A (dist) - USD 10.54% 20.37% 6.53% 9.71% 35.17% -8.85% -3.10% 11.35% Medium JPM America Large Cap B (acc) - USD 10.75% 20.75% 7.16% 10.53% 37.12% -6.80% -0.27% - Medium JPM America Large Cap C (acc) - USD 10.84% 21.07% 7.37% 10.96% 38.05% - - - Medium JPM America Large Cap D (acc) - USD 10.35% 20.03% 6.01% 9.04% 33.28% -10.80% -5.85% 7.38% Medium JPM America Large Cap X (acc) - USD 10.99% 21.46% 7.97% 11.71% 40.14% - - - Medium

JPMorgan Funds - Asia Pacific Bond Fund JPM Asia Pacific Bond A (acc) - USD 0.74% 11.88% 8.73% -----Medium JPM Asia Pacific Bond C (acc) - USD 0.83% ------Medium

JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity Fund JPM Asia Pacific ex-Japan Behavioural Finance Equity A (acc) - USD 9.12% 31.72% ------Medium JPM Asia Pacific ex-Japan Behavioural Finance Equity A (acc) - EUR 11.06% 20.46% ------Medium JPM Asia Pacific ex-Japan Behavioural Finance Equity X (acc) - USD* ------Medium

JPMorgan Funds - Brazil Alpha Plus Fund JPM Brazil Alpha Plus A (acc) - USD 3.89% 23.81% 16.04% 12.45% 156.08% 17.17% - - High JPM Brazil Alpha Plus A (acc) - SGD 1.51% ------High JPM Brazil Alpha Plus A (dist) - USD 3.81% 23.89% 15.81% 12.05% ----High JPM Brazil Alpha Plus B (acc) - USD 3.98% 24.33% 16.68% 13.43% 160.34% - - - High JPM Brazil Alpha Plus C (acc) - USD 4.06% 24.39% 16.67% 13.44% ----High JPM Brazil Alpha Plus D (acc) - USD 3.64% 23.21% 15.42% 11.56% 151.72% 14.06% - - High JPM Brazil Alpha Plus D (acc) - EUR 5.84% ------High JPM Brazil Alpha Plus I (acc) - USD 4.05% 24.42% 16.54% 13.33% 160.13% 19.94% - - High JPM Brazil Alpha Plus I (acc) - EUR 6.58% 14.58% ------High

JPMorgan Funds - Corporate Bond Portfolio Fund I (1) JPM Corporate Bond Portfolio I A (inc) - EUR -2.43% ------Medium JPM Corporate Bond Portfolio I C (inc) - EUR -2.33% ------Medium JPM Corporate Bond Portfolio I D (inc) - EUR -2.51% ------Medium

(1) This Sub-Fund was launched on 1 July 2010.

387 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 8.29% 18.93% 13.00% 33.71% 187.84% -18.20% 5.97% 41.39% Medium JPM Eastern Europe Equity A (dist) - EUR 8.27% 18.93% 12.99% 33.67% 187.79% -18.23% 5.93% 37.80% Medium JF Eastern Europe Equity A (dist) - EUR 8.26% 18.90% 12.97% 33.68% 187.78% -18.23% 5.92% 38.05% Medium JPM Eastern Europe Equity B (acc) - EUR 8.40% 19.31% 13.53% 34.55% 192.35% -16.30% - - Medium JPM Eastern Europe Equity C (acc) - EUR 8.48% 19.40% 13.74% 34.80% 192.79% -16.06% 9.66% 48.00% Medium JPM Eastern Europe Equity D (acc) - EUR 8.02% 18.36% 12.17% 32.37% 182.39% -20.51% 1.97% 34.73% Medium JPM Eastern Europe Equity I (acc) - EUR 8.51% 19.43% 13.75% 34.87% 263.08% 4.24% 36.16% - Medium JPM Eastern Europe Equity X (acc) - EUR 8.74% 19.95% 14.46% 36.05% 198.11% -13.82% 13.59% 54.34% Medium

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 7.64% 32.44% 16.85% 26.78% 138.20% -12.67% 15.72% - High JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 9.52% 21.21% 17.85% 35.88% 148.51% - - - High JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 4.79% ------High JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 7.63% 32.40% 16.81% 26.72% 137.31% -13.10% 15.13% 54.05% High JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 7.82% 32.90% 17.44% 27.69% 141.82% -10.65% 18.81% - High JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 7.84% 32.94% 17.57% 27.83% 142.08% -10.44% 19.63% - High JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 7.37% 31.77% 15.95% 25.48% 133.48% -15.26% 11.16% 50.57% High JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 9.25% ------High JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD** ------High JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 8.06% 33.63% 18.33% -----High

JPMorgan Funds - Emerging Markets Alpha Plus Fund JPM Emerging Markets Alpha Plus A (acc) - USD 6.09% 23.67% 10.84% 11.44% 75.61% 4.02% 31.01% - Medium JPM Emerging Markets Alpha Plus A (acc) - EUR 7.95% 13.15% 11.84% 19.53% ----Medium JPM Emerging Markets Alpha Plus A (dist) - USD 6.08% 23.73% 10.91% 11.45% 75.33% 3.46% 30.22% - Medium JPM Emerging Markets Alpha Plus A (dist) - GBP 7.47% 19.10% 7.76% 15.79% ----Medium JPM Emerging Markets Alpha Plus C (acc) - USD 6.42% 24.30% 11.74% -----Medium JPM Emerging Markets Alpha Plus D (acc) - USD 5.81% 23.02% 10.02% 10.32% 72.00% 1.39% 27.12% - Medium JPM Emerging Markets Alpha Plus D (acc) - EUR 7.67% 12.62% ------Medium JPM Emerging Markets Alpha Plus I (acc) - USD 6.39% 24.35% 11.77% -----Medium JPM Emerging Markets Alpha Plus X (acc) - USD* ------Medium

JPMorgan Funds - Emerging Markets Bond Fund JPM Emerging Markets Bond A (acc) - USD -1.22% 7.59% 7.61% 12.78% ----Medium JPM Emerging Markets Bond B (acc) - USD -1.11% 7.82% 7.96% 13.27% ----Medium JPM Emerging Markets Bond C (acc) - USD -1.01% 8.04% 8.28% 13.72% ----Medium JPM Emerging Markets Bond D (acc) - USD -1.39% 7.20% 7.03% 11.98% ----Medium JPM Emerging Markets Bond I (acc) - USD -0.99% 8.06% 8.32% 13.77% ----Medium JPM Emerging Markets Bond X (acc) - USD -0.87% 8.34% 8.74% 14.35% ----Medium

JPMorgan Funds - Emerging Markets Corporate Bond Fund (2) JPM Emerging Markets Corporate Bond A (acc) - USD 1.89% ------Medium JPM Emerging Markets Corporate Bond A (acc) - EUR (hedged) 1.76% ------Medium JPM Emerging Markets Corporate Bond B (acc) - USD* ------Medium JPM Emerging Markets Corporate Bond C (acc) - USD 2.05% ------Medium JPM Emerging Markets Corporate Bond D (acc) - EUR (hedged) 1.62% ------Medium

JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II (3) JPM Emerging Markets Corporate Bond Portfolio II A (inc) - USD ------Medium JPM Emerging Markets Corporate Bond Portfolio II A (inc) - EUR (hedged) ------Medium JPM Emerging Markets Corporate Bond Portfolio II D (inc) - USD ------Medium JPM Emerging Markets Corporate Bond Portfolio II D (inc) - EUR (hedged) ------Medium

JPMorgan Funds - Emerging Markets Currency Alpha Fund JPM Emerging Markets Currency Alpha A (acc) - EUR 0.50% 0.00% 2.35% 2.67% ----Medium

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A (acc) - EUR -1.28% 8.73% 8.73% 13.75% 50.14% 6.59% 7.01% -6.98% Medium JPM Emerging Markets Debt A (acc) - USD (hedged) -1.02% 9.22% ------Medium JPM Emerging Markets Debt A (inc) - EUR -1.20% 8.69% 8.69% 13.76% 50.24% 6.22% 5.86% -21.20% Medium JPM Emerging Markets Debt A (mth) - EUR -1.27% 8.70% 8.56% 13.45% 48.22% - - - Medium JPM Emerging Markets Debt A (mth) - USD (hedged) -0.91% 9.29% ------Medium JPM Emerging Markets Debt B (acc) - EUR -1.16% 8.97% 9.07% -----Medium JPM Emerging Markets Debt C (acc) - EUR -1.00% 9.26% 9.48% 14.80% 52.96% 9.48% - - Medium JPM Emerging Markets Debt D (acc) - EUR -1.42% 8.38% 8.10% 12.97% 48.23% 4.41% 4.07% -10.11% Medium JPM Emerging Markets Debt I (inc) - EUR -1.02% 9.15% 9.38% 14.77% 52.83% 8.90% - - Medium JPM Emerging Markets Debt X (acc) - EUR** ------Medium

JPMorgan Funds - Emerging Markets Diversified Equity Fund (4) JPM Emerging Markets Diversified Equity C (acc) - EUR ------Medium JPM Emerging Markets Diversified Equity X (acc) - EUR ------Medium

(2) This Sub-Fund was launched on 14 July 2010. (3) This Sub-Fund was launched on 24 November 2010. (4) This Sub-Fund was launched on 10 December 2010.

388 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 4.76% 24.70% 14.30% 17.90% 100.50% -5.29% 29.62% 74.79% Medium JPM Emerging Markets Equity A (acc) - EUR 6.65% 14.15% 15.35% 26.48% 109.38% 3.93% 27.61% 30.55% Medium JPM Emerging Markets Equity A (acc) - SGD 2.06% 14.32% 4.71% 7.73% ----Medium JPM Emerging Markets Equity A (dist) - USD 4.78% 24.70% 14.30% 17.91% 100.06% -5.84% 28.81% 69.98% Medium JPM Emerging Markets Equity A (dist) - GBP 6.02% 19.96% 11.07% 22.44% 87.90% 20.26% 61.77% 90.10% Medium JPM Emerging Markets Equity B (acc) - USD 4.97% 25.14% 14.90% 18.74% 103.45% -3.13% 33.09% 80.17% Medium JPM Emerging Markets Equity C (acc) - USD 4.98% 25.18% 14.97% 18.83% 103.84% -2.97% 33.93% 82.11% Medium JPM Emerging Markets Equity D (acc) - USD 4.50% 24.05% 13.44% 16.70% 96.58% -8.09% 24.55% 66.25% Medium JPM Emerging Markets Equity D (acc) - EUR 6.28% 13.53% 14.43% 25.15% 105.05% 0.79% 22.58% - Medium JPM Emerging Markets Equity I (acc) - USD 5.04% 25.27% 15.07% 18.92% 104.06% -2.73% 34.22% - Medium JPM Emerging Markets Equity I (acc) - EUR 6.88% 14.69% 16.08% 27.59% ----Medium JPM Emerging Markets Equity I (inc) - EUR 6.85% 14.57% 16.02% 27.53% 111.73% 5.21% 30.03% - Medium JPM Emerging Markets Equity X (acc) - USD 5.23% 25.78% 15.77% 19.93% 107.56% -0.24% 38.87% 90.47% Medium JPM Emerging Markets Equity X (dist) - USD 5.25% 25.60% 15.62% 19.78% ----Medium JPM Emerging Markets Equity X (inc) - EUR 7.08% 14.96% 16.71% 28.54% 114.38% 7.25% 33.66% - Medium

JPMorgan Funds - Emerging Markets Infrastructure Equity Fund JPM Emerging Markets Infrastructure Equity A (acc) - USD 8.41% 30.35% 19.31% 21.40% 111.24% - - - Medium JPM Emerging Markets Infrastructure Equity A (acc) - EUR 10.16% 18.92% 19.93% 29.78% 119.33% - - - Medium JPM Emerging Markets Infrastructure Equity B (acc) - USD 8.49% 30.67% 19.76% 22.12% 114.21% - - - Medium JPM Emerging Markets Infrastructure Equity C (acc) - USD 8.53% 30.60% 19.62% 21.83% ----Medium JPM Emerging Markets Infrastructure Equity D (acc) - USD 8.19% 29.96% 18.63% 20.57% 108.24% - - - Medium JPM Emerging Markets Infrastructure Equity D (acc) - EUR 9.97% 18.54% ------Medium

JPMorgan Funds - Emerging Markets Investment Grade Bond Fund (5) JPM Emerging Markets Investment Grade Bond A (acc) - USD ------Medium JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) ------Medium JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) ------Medium JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) ------Medium

JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPM Emerging Markets Local Currency Debt A (acc) - USD -0.51% 12.45% 9.53% 14.86% 44.37% - - - Medium JPM Emerging Markets Local Currency Debt A (acc) - EUR 1.23% 2.96% 10.54% 23.21% 50.57% - - - Medium JPM Emerging Markets Local Currency Debt A (dist) - GBP 0.62% ------Medium JPM Emerging Markets Local Currency Debt A (mth) - USD -0.49% - - 14.41% ----Medium JPM Emerging Markets Local Currency Debt A (inc) - EUR* ------Medium JPM Emerging Markets Local Currency Debt B (acc) - USD -0.38% 12.73% 9.93% -----Medium JPM Emerging Markets Local Currency Debt C (acc) - USD -0.33% 12.81% 10.04% -----Medium JPM Emerging Markets Local Currency Debt C (acc) - EUR* ------Medium JPM Emerging Markets Local Currency Debt D (acc) - USD -0.69% 12.11% 9.07% 14.26% 42.82% - - - Medium JPM Emerging Markets Local Currency Debt D (acc) - EUR 1.09% 2.60% 10.06% 22.60% 49.14% - - - Medium JPM Emerging Markets Local Currency Debt D (inc) - EUR 1.04% 2.56% ------Medium JPM Emerging Markets Local Currency Debt I (acc) - EUR** ------Medium JPM Emerging Markets Local Currency Debt X (acc) - USD -0.21% 13.18% 10.55% 16.35% 48.06% - - - Medium JPM Emerging Markets Local Currency Debt X (acc) - EUR* ------Medium

JPMorgan Funds - Emerging Markets Small Cap Fund JPM Emerging Markets Small Cap A (acc) - USD 5.55% 28.82% 20.90% 27.98% 218.06% 17.06% - - Medium JPM Emerging Markets Small Cap A (acc) - EUR 7.42% 18.05% 21.96% 37.54% 231.95% 28.72% - - Medium JPM Emerging Markets Small Cap A (dist) - GBP 6.75% 24.02% 17.34% 33.02% 189.33% 44.86% - - Medium JPM Emerging Markets Small Cap B (acc) - USD 5.85% 29.41% 21.44% 28.91% 222.74% - - - Medium JPM Emerging Markets Small Cap C (acc) - USD 5.85% 29.46% 21.54% 28.91% ----Medium JPM Emerging Markets Small Cap D (acc) - USD 5.32% 28.41% 20.08% 26.85% 212.81% 14.12% - - Medium JPM Emerging Markets Small Cap D (acc) - EUR 7.15% 17.50% ------Medium

JPMorgan Funds - Emerging Markets Value Fund JPM Emerging Markets Value A (acc) - USD 5.93% 28.62% 20.50% 26.67% ----Medium JPM Emerging Markets Value B (acc) - USD 6.13% 29.14% 21.21% 27.65% ----Medium JPM Emerging Markets Value C (acc) - USD 6.14% 29.14% 21.23% 27.68% ----Medium JPM Emerging Markets Value I (acc) - USD 6.13% 29.17% 21.29% -----Medium JPM Emerging Markets Value X (acc) - USD 6.38% 29.73% 22.06% 28.84% ----Medium

JPMorgan Funds - Emerging Middle East Equity Fund JPM Emerging Middle East Equity A (acc) - USD 0.98% 21.92% 14.96% 25.47% 69.29% -15.93% 22.89% - High JPM Emerging Middle East Equity A (acc) - EUR 3.51% 12.35% 16.80% 35.51% 77.78% - - - High JPM Emerging Middle East Equity A (acc) - SGD -1.01% ------High JPM Emerging Middle East Equity A (dist) - USD 1.00% 21.81% 14.90% 25.41% 68.54% -16.17% 22.44% 24.53% High JPM Emerging Middle East Equity B (acc) - USD 1.20% 22.38% 15.65% 26.54% 71.78% -13.96% 26.21% - High JPM Emerging Middle East Equity C (acc) - USD 1.22% 22.51% 15.80% 26.60% 72.16% - - - High JPM Emerging Middle East Equity D (acc) - USD 0.72% 21.24% 14.10% 24.17% 65.82% -18.43% 17.97% 23.85% High JPM Emerging Middle East Equity D (acc) - EUR 3.20% ------High JPM Emerging Middle East Equity I (acc) - USD ------

(5) This Sub-Fund was launched on 29 November 2010. 389 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - EU Government Bond Fund JPM EU Government Bond A (acc) - EUR -3.51% -1.61% -1.17% 1.01% 5.07% - - - Medium JPM EU Government Bond B (acc) - EUR -3.38% -1.38% -0.87% 1.33% 5.63% - - - Medium JPM EU Government Bond C (acc) - EUR -3.47% -1.47% -0.87% 1.33% 5.66% - - - Medium JPM EU Government Bond D (acc) - EUR -3.62% -1.80% -1.35% 0.74% 4.49% - - - Medium JPM EU Government Bond X (acc) - EUR** ------Medium

JPMorgan Funds - Euro Aggregate Bond Fund JPM Euro Aggregate Bond A (acc) - EUR -2.00% 0.10% 0.19% 2.69% ----Medium

JPMorgan Funds - Euro Corporate Bond Fund JPM Euro Corporate Bond A (acc) - EUR -1.40% 1.10% 1.27% 4.18% ----Medium JPM Euro Corporate Bond C (acc) - EUR -1.32% 1.36% 1.63% 4.67% ----Medium JPM Euro Corporate Bond D (acc) - EUR -1.41% 0.93% 1.02% 3.84% ----Medium

JPMorgan Funds - Euro Government Short Duration Bond Fund JPM Euro Government Short Duration Bond A (acc) - EUR -0.39% -0.10% -0.78% 0.10% ----Low JPM Euro Government Short Duration Bond A (inc) - EUR -0.31% 0.00% -0.69% 0.20% ----Low JPM Euro Government Short Duration Bond B (acc) - EUR** ------Low JPM Euro Government Short Duration Bond C (acc) - EUR -0.29% 0.00% -0.68% 0.29% ----Low JPM Euro Government Short Duration Bond D (acc) - EUR -0.39% -0.10% -0.78% 0.00% ----Low JPM Euro Government Short Duration Bond X (acc) - EUR* Low

JPMorgan Funds - Euro Money Market Fund (6) JPM Euro Money Market A (acc) - EUR 0.02% 0.02% 0.02% 0.02% 0.60% 4.43% - - Low JPM Euro Money Market D (acc) - EUR 0.00% 0.00% 0.00% 0.01% 0.50% 4.21% 7.67% - Low

JPMorgan Funds - Euro Short Duration Bond Fund JPM Euro Short Duration Bond A (acc) - EUR 0.00% 0.59% -0.20% 0.89% ----Low JPM Euro Short Duration Bond C (dist) - GBP (hedged) 0.11% 0.66% 0.11% 1.33% ----Low JPM Euro Short Duration Bond D (acc) - EUR -0.05% 0.37% ------Low

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 4.89% 14.86% 6.48% 6.38% 36.49% -31.04% -30.03% -12.81% High JPM Euroland Equity A (dist) - EUR 5.00% 14.85% 6.47% 6.30% 35.97% -31.00% -29.31% -14.84% High JF Euroland Equity A (dist) - USD 2.53% 24.77% 4.85% -1.56% 29.68% -37.17% -28.16% -3.04% High JPM Euroland Equity A (inc) - EUR 4.87% 14.82% 6.43% 6.25% 35.71% -31.10% - - High JPM Euroland Equity B (acc) - EUR 5.13% 15.44% 7.10% 7.10% 38.71% - - - High JPM Euroland Equity C (acc) - EUR 5.25% 15.50% 7.33% 7.50% 39.47% -28.82% -26.99% -8.04% High JPM Euroland Equity D (acc) - EUR 4.81% 14.49% 5.91% 5.64% 34.56% -32.55% -32.10% -15.95% High JPM Euroland Equity I (acc) - EUR 5.34% 15.69% 7.48% 7.61% 39.70% -28.68% -26.77% - High JPM Euroland Equity X (acc) - EUR 5.33% 15.96% 7.88% 8.21% 41.27% -27.27% - - High

JPMorgan Funds - Euroland Select Equity Fund JPM Euroland Select Equity A (acc) - EUR 4.31% 12.86% 3.39% 3.85% 41.82% -25.64% - - High JPM Euroland Select Equity A (dist) - EUR 4.24% 12.72% 3.24% 3.70% 40.92% -24.30% - - High JPM Euroland Select Equity C (acc) - EUR 4.58% 13.46% 4.08% 4.78% ----High JPM Euroland Select Equity D (acc) - EUR 4.11% 12.50% 2.70% 3.01% 39.59% -27.31% - - High JPM Euroland Select Equity X (acc) - EUR 4.78% 13.85% 4.64% 5.62% 46.93% -21.57% - - High

JPMorgan Funds - Europe 130/30 Fund JPM Europe 130/30 A (acc) - USD 8.88% 31.64% 13.99% 15.00% 62.03% -22.07% - - Medium JPM Europe 130/30 A (acc) - EUR 10.72% 20.45% 15.05% 23.45% 71.34% -14.42% - - Medium JPM Europe 130/30 A (dist) - EUR 10.83% 20.45% 14.94% 23.20% 69.84% -14.99% - - Medium JPM Europe 130/30 A (dist) - GBP 10.29% 26.56% 10.77% 19.34% 49.89% -1.04% - - Medium JPM Europe 130/30 D (acc) - USD 8.83% 31.25% 13.51% 14.20% 59.27% -24.15% - - Medium JPM Europe 130/30 D (acc) - EUR 10.63% 20.12% 14.41% 22.42% 68.12% -16.67% - - Medium JPM Europe 130/30 X (acc) - EUR 11.04% 21.27% 16.38% 25.35% 76.88% -10.14% - - Medium

JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR -1.95% 1.78% 3.38% 8.62% 15.50% -14.64% -16.88% - Medium JPM Europe Aggregate Plus Bond A (inc) - EUR -2.01% 1.67% 3.40% 8.46% 15.40% -14.69% -16.18% -19.97% Medium JPM Europe Aggregate Plus Bond B (acc) - EUR** ------Medium JPM Europe Aggregate Plus Bond C (acc) - EUR -1.74% 2.04% 3.92% 9.27% 16.62% -13.46% - - Medium JPM Europe Aggregate Plus Bond D (acc) - EUR -1.91% 1.63% 3.19% 8.30% 14.70% -15.64% -18.09% -18.32% Medium JPM Europe Aggregate Plus Bond X (acc) - EUR** ------Medium

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 1.78% 9.07% 6.08% 9.36% 24.92% -0.17% -1.31% 8.38% Medium JPM Europe Balanced (EUR) A (dist) - EUR 1.81% 9.10% 6.14% 9.43% 24.39% -0.88% -1.95% 2.99% Medium JPM Europe Balanced (EUR) B (acc) - EUR 2.01% 9.50% 6.74% 10.22% 26.91% 2.42% - - Medium JPM Europe Balanced (EUR) D (acc) - EUR 1.67% 8.84% 5.66% 8.84% 23.61% -1.70% -3.26% 5.76% Medium

(6) This Sub-Fund was renamed from Euro Liquid Reserve Fund on 2 August 2010. 390 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR -0.71% 14.01% 4.15% 15.82% 59.21% -23.31% -12.62% 13.03% High JPM Europe Convergence Equity A (dist) - EUR -0.77% 13.91% 4.10% 15.80% 58.00% -23.79% -12.98% 10.06% High JPM Europe Convergence Equity B (acc) - EUR -0.56% 14.29% 4.64% 16.71% 61.47% - - - High JPM Europe Convergence Equity C (acc) - EUR -0.52% 14.52% 4.82% 16.80% 61.94% -21.34% -9.65% - High JPM Europe Convergence Equity D (acc) - EUR -0.96% 13.42% 3.40% 14.68% 56.03% -25.58% -16.05% 7.50% High JPM Europe Convergence Equity I (acc) - EUR -0.54% 14.46% 4.86% -----High

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 9.59% 18.17% 8.51% 15.26% 48.81% -20.60% -18.54% 5.06% High JPM Europe Dynamic A (dist) - EUR 9.61% 18.16% 8.47% 15.28% 48.00% -21.05% -18.65% 2.22% High JPM Europe Dynamic A (dist) - GBP 8.95% 24.11% 4.42% 11.53% 30.38% -8.08% 3.44% 27.56% High JF Europe Dynamic A (dist) - EUR 9.60% 18.07% 8.41% 15.26% 47.98% -21.01% -18.65% 2.23% High JPM Europe Dynamic B (acc) - EUR 9.75% 18.63% 9.15% 16.22% 51.04% -18.80% -16.29% 8.41% High JPM Europe Dynamic C (acc) - EUR 9.83% 18.78% 9.31% 16.41% 51.53% -18.40% -15.48% 9.97% High JPM Europe Dynamic D (acc) - USD 7.39% 28.47% 6.78% 6.35% 38.01% -29.82% -20.52% 13.35% High JPM Europe Dynamic D (acc) - EUR 9.29% 17.64% 7.78% 14.19% 46.02% -22.93% -21.67% - High JPM Europe Dynamic I (acc) - EUR 9.79% 18.74% 9.25% 16.34% - - 31.34% - High JPM Europe Dynamic X (acc) - EUR** ------High

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A (acc) - USD 4.06% 20.54% -1.32% -5.34% 21.75% -34.14% - - Medium JPM Europe Dynamic Mega Cap A (acc) - EUR 5.92% 10.35% -0.52% 1.50% 28.59% -27.89% -25.74% - Medium JPM Europe Dynamic Mega Cap A (dist) - EUR 5.84% 10.35% -0.66% 1.47% 28.05% -27.91% -25.32% - Medium JPM Europe Dynamic Mega Cap A (inc) - EUR 5.91% 10.33% -0.51% 1.43% 28.14% -27.94% -25.45% - Medium JPM Europe Dynamic Mega Cap B (acc) - EUR 6.00% 10.70% 0.00% 2.17% 30.46% -26.32% -23.74% - Medium JPM Europe Dynamic Mega Cap C (acc) - EUR 6.19% 10.89% 0.11% 2.43% 30.93% -25.84% -22.94% - Medium JPM Europe Dynamic Mega Cap D (acc) - USD 3.76% 20.03% -2.15% -6.28% 19.24% -36.16% - - Medium JPM Europe Dynamic Mega Cap D (acc) - EUR 5.61% 9.80% -1.31% 0.48% 25.99% -30.04% -28.66% - Medium JPM Europe Dynamic Mega Cap I (acc) - EUR** ------Medium JPM Europe Dynamic Mega Cap X (acc) - EUR 6.40% 11.41% 0.85% 3.27% 33.19% -23.94% -20.22% - Medium

JPMorgan Funds - Europe Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 14.79% 30.84% 28.06% 36.57% 83.25% -10.78% -11.83% - Medium JPM Europe Dynamic Small Cap A (dist) - EUR 14.74% 30.79% 28.01% 36.39% 83.09% -11.01% -12.03% - Medium JPM Europe Dynamic Small Cap D (acc) - EUR 14.46% 30.17% 27.13% 35.18% 79.70% -13.34% -15.31% - Medium JPM Europe Dynamic Small Cap X (acc) - EUR** ------Medium

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - USD 5.69% 28.78% 9.76% 6.95% 42.04% -30.92% -26.73% -1.18% Medium JPM Europe Equity A (acc) - EUR 7.64% 17.85% 10.72% 14.74% 49.86% -24.20% -27.87% -12.94% Medium JPM Europe Equity A (dist) - EUR 7.54% 17.73% 10.62% 14.61% 48.68% -24.73% -27.89% -15.64% Medium JF Europe Equity A (dist) - USD 5.69% 28.63% 9.62% 6.82% 41.23% -31.03% -26.34% -3.57% Medium JPM Europe Equity B (acc) - EUR 7.79% 18.33% 11.35% 15.58% 52.14% -22.51% -25.83% -9.91% Medium JPM Europe Equity C (acc) - EUR 7.85% 18.44% 11.62% 15.87% 53.05% -21.79% -24.78% -8.19% Medium JPM Europe Equity D (acc) - USD 5.52% 28.39% 9.11% 6.13% 39.92% -32.47% -28.90% - Medium JPM Europe Equity D (acc) - EUR 7.33% 17.44% 10.16% 13.92% 47.79% -25.91% -30.01% -16.16% Medium JPM Europe Equity I (acc) - EUR** ------Medium JPM Europe Equity I (inc) - EUR** ------Medium JPM Europe Equity X (acc) - EUR 8.02% 18.82% 12.19% 16.70% 55.04% -20.21% -22.71% -5.01% Medium

JPMorgan Funds - Europe Focus Fund JPM Europe Focus A (acc) - USD 5.95% 28.41% 9.00% 7.55% 61.10% -23.66% - - Medium JPM Europe Focus A (acc) - EUR 7.96% 17.75% 10.16% 15.54% 70.43% -16.11% -16.49% - Medium JPM Europe Focus A (dist) - EUR 8.07% 17.70% 10.24% 15.54% 69.37% -16.73% -16.99% - Medium JPM Europe Focus B (acc) - EUR 7.86% 17.64% 10.37% 15.91% 72.18% - - - Medium JPM Europe Focus C (acc) - EUR 7.92% 17.78% 10.20% 15.73% - 19.90% - - Medium JPM Europe Focus D (acc) - USD 5.93% 27.98% 8.42% 6.65% 58.14% -25.80% - - Medium JPM Europe Focus D (acc) - EUR 7.72% 17.04% 9.33% 14.45% 67.11% -18.61% -19.80% - Medium JPM Europe Focus X (acc) - EUR 8.53% 18.81% 11.55% 17.65% 76.84% -11.49% - - Medium

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 3.05% 9.36% 6.47% 13.74% 91.42% 15.63% 11.71% - Medium JPM Europe High Yield Bond A (inc) - EUR 2.86% 8.94% 6.35% 13.56% 88.74% 12.31% 7.80% 3.07% Medium JPM Europe High Yield Bond C (acc) - EUR 3.16% 9.61% 6.92% 14.41% 93.57% 17.38% - - Medium JPM Europe High Yield Bond D (acc) - EUR 2.90% 8.93% 5.97% 13.16% 89.12% 13.63% 9.22% 17.05% Medium JPM Europe High Yield Bond X (acc) - EUR** ------Medium

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR 15.40% 28.18% 22.54% 30.61% 87.64% -13.15% -17.33% - Medium JPM Europe Micro Cap A (dist) - EUR 15.37% 28.06% 22.31% 30.48% 87.54% -13.29% -17.44% - Medium JPM Europe Micro Cap D (acc) - EUR 15.07% 27.42% 21.47% 29.23% 83.84% -15.81% -20.58% - Medium

JPMorgan Funds - Europe Select 130/30 Fund JPM Europe Select 130/30 A (acc) - USD 3.58% 25.20% 6.71% 4.87% 48.98% -26.21% - - Medium JPM Europe Select 130/30 A (acc) - EUR 5.34% 14.60% 7.67% 12.48% 57.33% -18.89% - - Medium JPM Europe Select 130/30 A (dist) - EUR 5.38% 14.58% 7.59% 12.53% 56.66% - - - Medium JPM Europe Select 130/30 A (dist) - GBP 4.82% 20.41% 3.69% 9.06% 38.16% -6.13% - - Medium JPM Europe Select 130/30 D (acc) - USD 3.29% 24.53% 5.96% 3.90% 46.23% -28.36% - - Medium JPM Europe Select 130/30 D (acc) - EUR 5.07% 13.89% 6.82% 11.37% 54.27% -21.32% - - Medium JPM Europe Select 130/30 X (acc) - EUR 5.85% 15.63% 9.12% 14.65% 63.13% -14.50% - - Medium 391 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 13.25% 26.89% 22.10% 32.84% 86.93% -14.10% -20.29% 4.79% Medium JPM Europe Small Cap A (dist) - EUR 13.27% 26.87% 22.08% 32.79% 86.24% -14.45% -20.63% 3.12% Medium JF Europe Small Cap A (dist) - EUR 13.24% 26.85% 22.07% 32.79% 86.16% -14.45% -20.63% 3.08% Medium JPM Europe Small Cap A (dist) - GBP 12.67% 33.33% 17.60% 28.58% 63.90% -0.36% 1.41% 29.21% Medium JPM Europe Small Cap B (acc) - EUR 13.46% 27.38% 22.85% 33.81% 90.01% -12.03% -18.06% 8.19% Medium JPM Europe Small Cap C (acc) - EUR 13.46% 27.48% 22.93% 34.01% 90.58% -11.55% -17.19% 9.86% Medium JPM Europe Small Cap D (acc) - EUR 13.03% 26.44% 21.31% 31.54% 83.30% -16.52% -23.36% -0.19% Medium JPM Europe Small Cap I (acc) - EUR** ------Medium JPM Europe Small Cap X (acc) - EUR** ------Medium

JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 11.25% 24.05% 20.95% 29.98% 63.13% -16.02% -14.54% 5.80% Medium JPM Europe Strategic Growth A (dist) - EUR 11.32% 24.01% 20.89% 29.94% 62.57% -16.22% -14.64% 4.28% Medium JPM Europe Strategic Growth A (dist) - GBP 10.65% 30.37% 16.50% 25.80% 43.08% -2.59% 8.63% 29.85% Medium JPM Europe Strategic Growth B (acc) - EUR 11.40% 24.45% 21.56% 30.87% 65.40% -14.18% -12.07% 9.46% Medium JPM Europe Strategic Growth C (acc) - EUR 11.55% 24.61% 21.82% 31.09% 66.10% -13.63% -11.21% 10.99% Medium JPM Europe Strategic Growth D (acc) - EUR 11.05% 23.61% 20.33% 28.96% 60.59% -17.87% -17.00% 1.89% Medium JPM Europe Strategic Growth I (acc) - EUR** ------Medium JPM Europe Strategic Growth I (inc) - EUR** ------Medium JPM Europe Strategic Growth X (acc) - EUR** ------Medium

JPMorgan Funds - Europe Strategic Growth Small Cap Fund JPM Europe Strategic Growth Small Cap A (acc) - EUR 15.79% 31.84% 28.62% 40.61% 90.61% - - - Medium JPM Europe Strategic Growth Small Cap D (acc) - EUR 15.43% 31.07% 27.65% 39.27% 86.70% - - - Medium

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 3.09% 12.72% 2.11% 4.89% 40.61% -29.07% -34.51% -20.27% High JPM Europe Strategic Value A (dist) - EUR 3.05% 12.59% 1.97% 4.80% 39.98% -29.16% -34.08% -22.36% High JPM Europe Strategic Value A (dist) - GBP 2.52% 18.25% -1.72% 1.43% 23.44% -17.69% -16.46% -2.94% High JPM Europe Strategic Value B (acc) - EUR 3.36% 13.18% 2.73% 5.70% 42.96% -27.41% -32.60% -17.46% High JPM Europe Strategic Value C (acc) - EUR 3.39% 13.24% 2.85% 5.88% 43.43% -26.97% -31.90% -16.27% High JPM Europe Strategic Value D (acc) - EUR 2.95% 12.27% 1.55% 4.10% 38.63% -30.64% -36.45% -23.19% High JPM Europe Strategic Value I (acc) - EUR** ------High JPM Europe Strategic Value I (inc) - EUR** ------High JPM Europe Strategic Value X (acc) - EUR** ------High

JPMorgan Funds - Europe Strategic Value Small Cap Fund JPM Europe Strategic Value Small Cap A (acc) - EUR 14.19% 27.41% 22.83% 33.06% 88.93% - - - Medium JPM Europe Strategic Value Small Cap D (acc) - EUR 13.98% 26.91% 21.93% 31.78% 85.36% - - - Medium

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 11.16% 18.26% 13.31% 29.56% 99.73% 2.38% 7.89% 21.37% Medium JPM Europe Technology A (dist) - EUR 11.20% 18.39% 13.32% 29.66% 99.38% 1.99% 7.52% 19.41% Medium JF Europe Technology A (dist) - EUR 11.02% 18.08% 13.16% 29.32% 98.85% 1.74% 7.11% 18.51% Medium JPM Europe Technology A (dist) - GBP 10.62% 24.25% 9.04% 25.44% 75.17% 18.49% 36.92% 48.60% Medium JPM Europe Technology B (acc) - EUR 11.38% 18.76% 13.96% 30.54% 103.09% - - - Medium JPM Europe Technology C (acc) - EUR** ------Medium JPM Europe Technology D (acc) - EUR 11.02% 17.62% 12.47% 28.50% 96.18% -0.58% 3.84% 15.51% Medium JPM Europe Technology X (acc) - EUR 11.67% 19.34% 14.74% 31.86% 106.53% 7.75% - - Medium

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 11.21% 18.65% 16.20% 20.55% 48.31% -13.20% 3.20% 28.06% Medium JPM Germany Equity A (dist) - EUR 11.16% 18.41% 15.95% 20.29% 47.39% -13.86% 2.55% 23.76% Medium JF Germany Equity A (dist) - EUR 11.15% 18.46% 15.99% 20.34% 47.35% -13.87% 2.57% 23.69% Medium JPM Germany Equity B (acc) - EUR 11.38% 19.12% 16.93% 21.56% 50.76% -11.17% - - Medium JPM Germany Equity C (acc) - EUR 11.43% 19.19% 17.05% 21.72% 50.93% - - - Medium JPM Germany Equity D (acc) - EUR 10.81% 18.11% 15.26% 19.58% 45.69% -15.84% -0.69% 22.13% Medium JPM Germany Equity I (acc) - EUR 11.50% 19.29% 17.08% 21.86% 51.34% - - - Medium JPM Germany Equity X (acc) - EUR 11.59% 19.59% 17.63% 22.73% 53.37% -8.52% - - Medium

JPMorgan Funds - Global Absolute Return Bond Fund (7) JPM Global Absolute Return Bond A (acc) - USD ------Medium JPM Global Absolute Return Bond A (acc) - EUR (hedged) ------Medium JPM Global Absolute Return Bond A (acc) - SEK (hedged) ------Medium JPM Global Absolute Return Bond D (acc) - USD ------Medium JPM Global Absolute Return Bond D (acc) - EUR (hedged) ------Medium JPM Global Absolute Return Bond X (acc) - EUR (hedged) ------Medium

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD -0.70% 7.64% 7.33% 8.26% 19.39% 4.74% 9.84% 16.03% Medium JPM Global Aggregate Bond A (inc) - USD -0.71% 7.61% 7.34% 8.24% 19.39% 4.44% 9.29% -2.68% Medium JPM Global Aggregate Bond B (acc) - USD** ------Medium JPM Global Aggregate Bond C (acc) - USD -0.61% 7.86% 7.76% 8.89% 20.66% 6.25% 12.11% 18.72% Medium JPM Global Aggregate Bond D (acc) - USD -0.79% 7.44% 7.11% 7.86% 18.46% 3.51% 8.11% 13.70% Medium JPM Global Aggregate Bond X (acc) - USD** ------Medium

(7) This Sub-Fund was launched on 7 October 2010. 392 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Global Consumer Trends Fund JPM Global Consumer Trends A (acc) - EUR 7.00% 11.48% 9.94% 23.52% 83.54% - - - Medium JPM Global Consumer Trends A (acc) - USD 5.18% 21.75% 8.90% 15.15% ----Medium JPM Global Consumer Trends C (acc) - EUR 7.28% 11.99% 10.69% 24.79% ----Medium JPM Global Consumer Trends D (acc) - EUR 6.81% 10.99% 9.26% 22.63% 80.87% - - - Medium

JPMorgan Funds - Global Convertibles Fund (EUR) JPM Global Convertibles (EUR) A (acc) - EUR 3.49% 9.54% 2.96% 5.00% 35.52% -5.14% 1.42% 11.23% Medium JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 3.33% 9.27% 2.60% 4.53% 33.81% - - - Medium JPM Global Convertibles (EUR) A (dist) - EUR 3.48% 9.53% 2.96% 4.96% 35.46% -5.21% 1.30% 10.17% Medium JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 3.58% 9.57% 3.00% 5.28% 35.11% - - - Medium JF Global Convertibles (EUR) A (dist) - USD 1.62% 19.51% 1.80% -2.38% 29.15% -14.16% 1.97% 23.80% Medium JPM Global Convertibles (EUR) B (acc) - EUR 3.59% 9.86% 3.42% 5.66% 37.30% -3.27% 3.76% 29.86% Medium JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 3.48% 9.61% 3.11% 5.23% 35.58% - - - Medium JPM Global Convertibles (EUR) C (acc) - EUR 3.69% 9.94% 3.44% 5.72% 37.51% -3.07% 4.35% 15.33% Medium JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 3.45% 9.61% 3.11% 5.24% 35.71% - - - Medium JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 3.77% 9.94% 3.51% 5.99% 36.87% - - - Medium JPM Global Convertibles (EUR) D (acc) - EUR 3.41% 9.27% 2.51% 4.53% 34.13% -6.52% -0.56% 8.54% Medium JPM Global Convertibles (EUR) I (acc) - EUR 3.71% 10.00% 3.50% 5.83% 37.68% -2.91% - - Medium JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 3.52% 9.71% 3.21% 5.31% ----Medium JPM Global Convertibles (EUR) I (inc) - EUR 3.75% 10.04% 3.53% 5.84% 37.50% -3.06% 4.00% - Medium JPM Global Convertibles (EUR) X (acc) - EUR 3.92% 10.38% 4.08% 6.63% 39.71% -0.66% 7.82% 20.09% Medium JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 3.69% 10.04% 3.75% 6.08% ----Medium

JPMorgan Funds - Global Corporate Bond Fund JPM Global Corporate Bond A (acc) - USD -1.42% 3.05% 4.51% 7.47% ----Medium JPM Global Corporate Bond A (acc) - EUR (hedged) -1.60% 2.71% 4.01% 6.94% ----Medium JPM Global Corporate Bond A (acc) - SEK (hedged) -1.39% 2.88% 4.30% 7.08% ----Medium JPM Global Corporate Bond A (dist) - GBP (hedged) -1.40% 3.02% 4.73% 7.75% ----Medium JPM Global Corporate Bond A (mth) - USD -1.12% ------Medium JPM Global Corporate Bond C (acc) - EUR (hedged) -1.46% ------Medium JPM Global Corporate Bond D (acc) - USD -1.58% 2.81% 4.27% 7.05% ----Medium JPM Global Corporate Bond D (acc) - EUR (hedged) -1.61% 2.51% 3.81% 6.64% ----Medium JPM Global Corporate Bond D (inc) - EUR (hedged) -1.68% 2.41% ------Medium JPM Global Corporate Bond I (acc) - USD -1.30% ------Medium

JPMorgan Funds - Global Credit Bond Fund JPM Global Credit Bond A (acc) - USD 0.47% 5.70% 6.32% -----Medium JPM Global Credit Bond A (acc) - EUR (hedged) 0.53% 5.42% 5.86% -----Medium JPM Global Credit Bond D (acc) - EUR (hedged)* ------Medium

JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund (8) JPM Global Duration-Hedged Corporate Bond A (acc) - EUR 0.90% ------Low JPM Global Duration-Hedged Corporate Bond A (acc) - SEK (hedged) 1.11% ------Low JPM Global Duration-Hedged Corporate Bond C (acc) - EUR 0.92% ------Low JPM Global Duration-Hedged Corporate Bond D (acc) - EUR 0.80% ------Low

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 8.75% 25.25% 8.85% 12.23% 45.22% -20.44% -11.45% 7.69% High JPM Global Dynamic A (acc) - EUR 10.63% 14.69% 9.92% 20.32% 51.66% -12.71% -12.82% - High JPM Global Dynamic A (acc) - EUR (hedged) 8.48% 19.87% 5.71% 11.18% 40.83% -19.94% - - High JPM Global Dynamic A (acc) - CHF (hedged) 8.69% ------High JPM Global Dynamic A (acc) - SGD 5.81% 15.05% -0.14% 2.67% ----High JPM Global Dynamic A (dist) - USD 8.72% 25.28% 8.88% 12.26% 44.27% -21.66% -13.46% 4.55% High JPM Global Dynamic A (dist) - GBP 9.96% 20.02% 5.41% 16.13% 34.93% -0.38% 8.25% 14.72% High JF Global Dynamic A (dist) - USD 8.67% 25.26% 8.83% 12.19% 44.96% -20.57% -11.46% 6.77% High JPM Global Dynamic A (inc) - EUR 10.53% 14.45% 9.64% 20.31% 51.06% -13.11% -13.10% - High JPM Global Dynamic B (acc) - USD 8.93% 25.72% 9.41% 13.02% 47.31% -18.63% -9.11% 10.98% High JPM Global Dynamic C (acc) - USD 8.87% 25.75% 9.51% 13.20% 47.65% -18.30% -8.21% 12.70% High JPM Global Dynamic C (acc) - EUR 10.87% 15.25% 10.67% 21.67% 54.16% -10.26% - - High JPM Global Dynamic C (acc) - EUR (hedged) 8.76% 20.35% 6.52% 12.30% 41.46% - - - High JPM Global Dynamic D (acc) - USD 8.48% 24.64% 8.06% 11.10% 42.37% -22.76% -14.91% 2.45% High JPM Global Dynamic D (acc) - EUR 10.25% 14.02% 8.99% 19.11% 48.22% -15.36% -16.31% - High JPM Global Dynamic D (acc) - EUR (hedged) 8.44% 19.23% 4.98% 10.25% 36.18% -24.93% - - High JPM Global Dynamic I (acc) - USD 8.93% 25.86% 9.49% 13.17% 47.72% -18.17% - - High JPM Global Dynamic I (inc) - EUR 10.85% 15.04% 10.53% 21.45% ----High JPM Global Dynamic X (acc) - USD 9.19% 26.36% 10.28% 14.22% 50.26% -16.10% -5.02% 17.58% High JPM Global Dynamic X (acc) - EUR 11.09% 15.61% 11.09% 22.38% 56.61% -8.02% - - High

(8) This Sub-Fund was launched on 16 September 2010. 393 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Global Equity Fund (USD) JPM Global Equity (USD) A (acc) - USD 5.90% 19.44% 4.22% 5.70% 42.20% -19.83% -14.00% -1.00% High JPM Global Equity (USD) A (acc) - EUR (hedged) 6.20% 14.68% 1.82% 5.65% 38.65% - - - High JPM Global Equity (USD) A (dist) - USD 5.86% 19.30% 4.11% 5.68% 41.95% -19.93% -14.06% -2.05% High JF Global Equity (USD) A (dist) - USD 5.88% 19.32% 4.13% 5.68% 41.98% -19.90% -14.00% -2.02% High JPM Global Equity (USD) A (dist) - EUR (hedged) 6.13% 14.53% 1.72% 5.54% 37.53% - - - High JPM Global Equity (USD) B (acc) - USD** ------High JPM Global Equity (USD) C (acc) - USD 6.18% 20.04% 4.98% 6.87% 45.27% -17.13% -10.18% 4.56% High JPM Global Equity (USD) C (acc) - EUR (hedged) 6.55% 15.48% 2.76% 6.91% 41.83% - - - High JPM Global Equity (USD) D (acc) - USD 5.70% 18.84% 3.54% 4.89% 40.06% -21.67% -16.67% -4.83% High JPM Global Equity (USD) D (acc) - EUR (hedged) 6.13% 14.34% 1.34% 5.03% 36.49% - - - High JPM Global Equity (USD) X (acc) - USD 6.32% 20.41% 5.43% 7.57% 47.08% -15.56% -7.85% - High JPM Global Equity (USD) X (acc) - EUR 8.22% 10.22% 6.51% 15.36% ----High

JPMorgan Funds - Global Focus Fund JPM Global Focus A (acc) - EUR 8.53% 14.30% 10.16% 22.26% 93.41% 7.02% 6.53% 22.69% Medium JPM Global Focus A (acc) - EUR (hedged) 6.52% 18.45% 5.64% 12.38% 76.97% -4.56% - - Medium JPM Global Focus A (acc) - CHF (hedged) 5.38% ------Medium JPM Global Focus A (dist) - EUR 8.53% 14.32% 10.16% 22.33% 93.20% 6.89% 6.39% 21.81% Medium JF Global Focus A (dist) - USD 6.68% 24.96% 9.26% 14.03% 85.24% -2.55% 8.15% - Medium JPM Global Focus B (acc) - EUR 8.73% 14.78% 10.80% 23.19% ----Medium JPM Global Focus C (acc) - USD 6.94% 25.56% ------Medium JPM Global Focus C (acc) - EUR 8.81% 14.91% 10.90% 23.50% 96.90% 10.03% 10.51% - Medium JPM Global Focus C (acc) - EUR (hedged) 6.70% 19.00% 6.41% 13.42% ----Medium JPM Global Focus D (acc) - EUR 8.25% 13.77% 9.33% 21.07% 89.58% 3.86% 2.37% 16.71% Medium JPM Global Focus D (acc) - EUR (hedged) 6.26% 17.92% 4.81% 11.27% 73.27% -7.42% - - Medium JPM Global Focus I (acc) - EUR 8.78% ------Medium JPM Global Focus I (acc) - EUR (hedged) 6.72% ------Medium JPM Global Focus X (acc) - EUR 8.99% 15.36% 11.66% 24.43% 100.31% 12.78% 14.26% 33.92% Medium

JPMorgan Funds - Global Government Bond Fund JPM Global Government Bond A (acc) - EUR -2.14% -0.09% 3.04% 4.26% ----Medium JPM Global Government Bond A (acc) - USD (hedged) -2.14% -0.08% 3.11% 4.24% ----Medium JPM Global Government Bond B (acc) - EUR ------Medium JPM Global Government Bond C (acc) - EUR -2.12% 0.00% 3.30% 4.52% ----Medium JPM Global Government Bond D (acc) - EUR -2.15% -0.19% 2.95% 4.07% ----Medium JPM Global Government Bond X (acc) - EUR -1.93% 0.19% 3.59% 4.91% ----Medium

JPMorgan Funds - Global Government Short Duration Bond Fund JPM Global Government Short Duration Bond A (acc) - EUR -0.20% 0.20% 0.39% 0.99% ----Medium JPM Global Government Short Duration Bond A (acc) - USD (hedged) -0.31% 0.16% 0.47% 0.94% ----Medium JPM Global Government Short Duration Bond C (acc) - USD (hedged) -0.23% 0.31% 0.62% 1.17% ----Medium JPM Global Government Short Duration Bond C (dist) - GBP (hedged) -0.22% 0.33% 0.55% 1.22% ----Medium JPM Global Government Short Duration Bond D (acc) - EUR -0.29% 0.10% 0.30% 0.79% ----Medium JPM Global Government Short Duration Bond D (acc) - USD (hedged) -0.39% 0.00% 0.23% 0.71% ----Medium JPM Global Government Short Duration Bond X (acc) - EUR* ------Medium

JPMorgan Funds - Global Healthcare Fund JPM Global Healthcare A (acc) - USD 5.14% 17.66% 4.32% 5.90% ----Medium JPM Global Healthcare A (dist) - USD 5.13% 17.66% 4.32% 5.90% ----Medium JF Global Healthcare A (dist) - USD 5.14% 17.67% 4.32% 5.90% ----Medium JPM Global Healthcare A (dist) - GBP 6.41% 13.19% 1.39% 9.96% ----Medium JPM Global Healthcare B (acc) - USD 5.34% 18.11% 4.91% 6.70% ----Medium JPM Global Healthcare C (acc) - USD 5.36% 18.16% 4.99% 6.80% ----Medium JPM Global Healthcare D (acc) - USD 4.87% 17.07% 3.54% 4.85% ----Medium

JPMorgan Funds - Global Infrastructure Trends Fund JPM Global Infrastructure Trends A (acc) - EUR 7.45% 11.30% 9.85% 15.09% ----Medium

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - USD 20.60% 49.38% 33.05% 39.74% 203.79% -0.18% 45.17% - High JPM Global Natural Resources A (acc) - EUR 22.69% 36.74% 34.23% 49.86% 216.81% 9.41% 42.80% 80.14% High JPM Global Natural Resources A (acc) - SGD 17.47% 36.98% 21.84% 27.62% ----High JPM Global Natural Resources A (dist) - EUR 22.67% 36.68% 34.18% 49.84% 217.02% 9.44% 42.78% 80.12% High JPM Global Natural Resources B (acc) - EUR 22.91% 37.25% 35.00% 50.96% 221.68% 11.96% 46.66% - High JPM Global Natural Resources C (acc) - USD 20.83% 50.00% 33.90% 40.92% 209.03% 2.46% - - High JPM Global Natural Resources C (acc) - EUR 22.96% 37.32% 35.08% 51.07% 222.45% 12.31% 47.90% 88.34% High JPM Global Natural Resources D (acc) - USD 20.29% 48.65% 32.09% 38.38% 198.19% -3.07% - - High JPM Global Natural Resources D (acc) - EUR 22.37% 36.04% 33.18% 48.41% 210.84% 6.21% 37.19% 71.38% High JPM Global Natural Resources X (acc) - USD* ------High JPM Global Natural Resources X (acc) - EUR 23.47% 38.17% 36.23% 52.76% 228.67% 15.57% 53.51% 97.08% High

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities (USD) A (acc) - USD 5.42% 23.85% 15.15% 18.58% 59.24% -19.15% -26.54% - Medium JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 4.52% 18.09% 10.34% 14.43% 45.29% - - - Medium JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 4.64% 17.80% 10.29% 14.04% 43.98% - - - Medium JPM Global Real Estate Securities (USD) C (acc) - USD*** 5.06% ------Medium JPM Global Real Estate Securities (USD) D (acc) - USD 5.19% 23.48% 14.57% 17.56% 56.98% -20.82% -28.63% - Medium JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 4.40% 17.67% 9.86% 13.51% 43.31% - - - Medium JPM Global Real Estate Securities (USD) X (acc) - USD 5.87% 25.07% 16.80% 20.80% 65.30% -14.60% -21.12% - Medium JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged)** ------Medium 394 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Global Research Enhanced Index Equity Fund JPM Global Research Enhanced Index Equity X (acc) - EUR 9.90% 12.56% ------Medium

JPMorgan Funds - Global Short Duration Bond Fund JPM Global Short Duration Bond A (acc) - USD -0.10% 0.98% 0.79% 1.88% ----Medium JPM Global Short Duration Bond A (acc) - EUR (hedged) -0.14% 0.98% 0.56% 1.84% ----Medium JPM Global Short Duration Bond B (acc) - USD -0.08% 1.09% ------Medium JPM Global Short Duration Bond B (acc) - EUR (hedged)* ------Medium JPM Global Short Duration Bond C (acc) - USD -0.10% 1.10% ------Medium JPM Global Short Duration Bond C (dist) - GBP (hedged) 0.00% 1.29% 1.29% 2.61% ----Medium JPM Global Short Duration Bond D (acc) - EUR (hedged)* ------Medium JPM Global Short Duration Bond X (acc) - USD* ------Medium

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 4.01% 19.64% 2.74% 3.37% 30.79% -27.16% -21.14% -7.06% High JPM Global Socially Responsible A (dist) - USD 4.10% 19.80% 2.86% 3.38% 30.72% -27.20% -21.09% -7.47% High JPM Global Socially Responsible D (acc) - USD 3.72% 19.14% 2.07% 2.40% 28.20% -29.33% -24.23% -11.59% High

JPMorgan Funds - Global Strategic Bond Fund JPM Global Strategic Bond A (acc) - USD 1.99% 4.84% ------Medium JPM Global Strategic Bond A (acc) - EUR (hedged) 2.09% 4.96% ------Medium JPM Global Strategic Bond A (acc) - SEK (hedged) 2.23% ------Medium JPM Global Strategic Bond D (inc) - EUR (hedged) 1.96% 4.53% ------Medium JPM Global Strategic Bond X (acc) - EUR (hedged) Medium

JPMorgan Funds - Highbridge Asia Pacific STEEP Fund (9) JPM Highbridge Asia Pacific STEEP A (acc) - USD ------

JPMorgan Funds - Highbridge Europe STEEP Fund JPM Highbridge Europe STEEP A (acc) - USD 4.99% 28.64% 2.40% 1.52% 52.53% - - - Medium JPM Highbridge Europe STEEP A (acc) - EUR 6.81% 17.80% 2.97% 8.53% 59.03% - - - Medium JPM Highbridge Europe STEEP A (dist) - GBP 6.22% 23.86% -1.12% 4.03% ----Medium JPM Highbridge Europe STEEP A (inc) - EUR 6.86% 17.48% 2.43% 7.98% 57.56% - - - Medium JPM Highbridge Europe STEEP B (acc) - EUR 7.05% 18.25% 3.94% 9.70% 61.75% - - - Medium JPM Highbridge Europe STEEP C (acc) - EUR 7.03% 18.29% 3.71% 9.46% 61.04% - - - Medium JPM Highbridge Europe STEEP D (acc) - EUR 6.65% 17.35% 2.28% 7.57% 56.41% - - - Medium JPM Highbridge Europe STEEP X (acc) - EUR 7.27% 18.82% 4.12% 10.24% 66.41% - - - Medium

JPMorgan Funds - Highbridge US STEEP Fund JPM Highbridge US STEEP A (acc) - USD 10.04% 21.49% 7.59% 14.55% 59.85% - - - Medium JPM Highbridge US STEEP A (acc) - EUR 11.99% 11.20% 8.62% 22.91% 67.16% - - - Medium JPM Highbridge US STEEP A (acc) - EUR (hedged) 10.13% 21.27% 6.40% 13.35% ----Medium JPM Highbridge US STEEP A (dist) - GBP 11.31% 16.87% 4.57% 18.98% ----Medium JPM Highbridge US STEEP A (inc) - EUR 12.13% 11.32% 8.55% 22.97% 66.95% - - - Medium JPM Highbridge US STEEP B (acc) - USD 10.22% 21.92% 8.10% 14.96% 60.36% - - - Medium JPM Highbridge US STEEP C (acc) - USD 10.24% 21.98% 8.34% 15.36% ----Medium JPM Highbridge US STEEP D (acc) - USD 9.86% 21.04% 7.06% 13.80% 58.40% - - - Medium JPM Highbridge US STEEP D (acc) - EUR** ------Medium JPM Highbridge US STEEP D (acc) - EUR (hedged) 9.98% 20.87% 5.66% 12.41% ----Medium JPM Highbridge US STEEP X (acc) - USD 10.53% 22.46% 9.14% 16.43% 65.79% - - - Medium

JPMorgan Funds - Japan Dynamic Fund JPM Japan Dynamic A (acc) - JPY 10.97% 11.26% -5.35% 1.67% 9.82% -41.78% -54.00% - High JPM Japan Dynamic A (dist) - JPY 11.03% 11.31% -5.46% 1.64% 9.92% -41.79% -53.98% - High JPM Japan Dynamic X (acc) - JPY** ------High

JPMorgan Funds - JF ASEAN Equity Fund JF ASEAN Equity A (acc) - USD 8.00% 31.21% 33.72% 41.12% ----Medium JF ASEAN Equity A (acc) - EUR 10.63% 20.94% 35.92% 52.40% ----Medium JF ASEAN Equity A (acc) - SGD 5.84% ------Medium JF ASEAN Equity B (acc) - USD ------Medium JF ASEAN Equity B (acc) - EUR ------Medium JF ASEAN Equity C (acc) - USD 7.20% ------Medium JF ASEAN Equity D (acc) - USD 7.84% 30.73% 32.97% 40.06% ----Medium JF ASEAN Equity D (acc) - EUR 10.49% 20.48% 35.21% 51.30% ----Medium JF ASEAN Equity X (acc) - USD* ------Medium

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD 7.55% 28.75% 19.08% 24.30% 109.81% -0.13% 48.98% - Medium JF Asia Alpha Plus A (dist) - USD 7.55% 28.73% 19.11% 24.31% 109.73% 0.53% - - Medium JF Asia Alpha Plus X (acc) - USD 8.01% 29.68% 20.60% 26.37% 116.58% - - - Medium

(9) This Sub-Fund was launched on 13 December 2010.

395 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund JF Asia Pacific ex-Japan Equity A (acc) - USD 6.33% 25.95% 12.36% 14.71% 102.73% -0.43% 32.95% 73.64% Medium JF Asia Pacific ex-Japan Equity A (acc) - SGD 3.58% ------Medium JF Asia Pacific ex-Japan Equity A (dist) - USD 6.36% 25.85% 12.32% 14.68% 101.86% -1.54% 31.24% 66.52% Medium JF Asia Pacific ex-Japan Equity A (dist) - GBP 7.64% 20.84% 8.90% 18.88% 89.19% 25.01% 62.84% 77.61% Medium JF Asia Pacific ex-Japan Equity B (acc) - USD 6.64% 26.44% 13.04% 15.64% ----Medium JF Asia Pacific ex-Japan Equity C (acc) - USD 6.59% 26.52% 13.16% 15.78% 106.58% 2.32% 37.83% 82.55% Medium JF Asia Pacific ex-Japan Equity C (acc) - BRL (hedged) 10.35% ------Medium JF Asia Pacific ex-Japan Equity D (acc) - USD 6.19% 25.48% 11.78% 13.91% 99.83% -2.67% 29.02% 67.31% Medium JF Asia Pacific ex-Japan Equity D (acc) - EUR 8.02% 14.88% 12.78% 22.24% 108.33% 6.71% 26.81% - Medium JF Asia Pacific ex-Japan Equity I (acc) - USD 6.64% 26.56% 13.24% 15.90% 107.01% 2.58% 38.22% - Medium JF Asia Pacific ex-Japan Equity X (acc) - USD 6.82% 26.95% 13.83% 16.69% 109.74% 4.73% 42.22% 89.03% Medium

JPMorgan Funds - JF China Fund JF China A (acc) - USD 2.80% 15.86% 7.35% 4.58% 72.66% -19.07% 34.88% 169.43% High JF China A (acc) - SGD 0.15% 6.28% -1.71% -4.49% ----High JF China A (dist) - USD 2.80% 15.87% 7.35% 4.59% 72.51% -19.40% 34.41% 166.37% High JF China A (dist) - HKD 3.09% ------High JF China B (acc) - USD 3.00% 16.30% 7.97% 5.35% 75.21% -17.27% 38.46% - High JF China C (acc) - USD 3.03% 16.39% 8.10% 5.54% 75.70% -16.87% 39.84% 181.88% High JF China D (acc) - USD 2.53% 15.31% 6.56% 3.55% 69.33% -21.33% 29.86% 156.89% High JF China D (acc) - EUR 4.34% ------High JF China I (acc) - USD 3.08% 16.48% 8.28% 5.66% 76.16% -32.66% - - High JF China X (acc) - USD 3.29% ------High

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD 8.74% 26.28% 17.65% 15.84% 92.87% -2.47% 46.75% 114.14% Medium JF Greater China A (acc) - SGD 5.94% 15.84% 7.76% 5.86% ----Medium JF Greater China A (dist) - USD 8.76% 26.24% 17.57% 15.77% 91.07% -4.96% 42.94% 101.20% Medium JF Greater China A (dist) - HKD 8.92% ------Medium JF Greater China B (acc) - USD 8.93% 26.74% 18.30% 16.69% 95.64% -0.29% 50.73% - Medium JF Greater China C (acc) - USD 9.01% 26.87% 18.49% 16.88% 96.30% 0.20% 52.10% 123.94% Medium JF Greater China D (acc) - USD 8.50% 25.68% 16.79% 14.72% 89.14% -5.33% 41.15% 104.02% Medium JF Greater China D (acc) - EUR 10.40% ------Medium JF Greater China I (acc) - USD* ------Medium JF Greater China X (acc) - USD** ------Medium

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (acc) - USD 2.79% 18.56% 13.51% 11.79% 75.78% -12.71% 31.96% 82.08% Medium JF Hong Kong A (dist) - USD 2.77% 18.46% 13.44% 11.75% 75.25% -13.15% 31.27% 78.08% Medium JF Hong Kong A (dist) - HKD 2.99% ------Medium JF Hong Kong B (acc) - USD 3.12% 19.08% 14.19% 12.72% 78.43% -10.74% 35.44% - Medium JF Hong Kong C (acc) - USD 2.97% 19.06% 14.20% 12.75% 78.90% -10.51% 36.75% 90.50% Medium JF Hong Kong D (acc) - USD 2.51% 17.88% 12.59% 10.67% 72.30% -15.34% 26.74% 73.10% Medium

JPMorgan Funds - JF India Fund JF India A (acc) - USD 1.43% 20.58% 18.81% 25.46% 121.28% -15.42% 35.82% 102.60% High JF India A (acc) - SGD -1.20% 10.59% 8.77% 14.66% ----High JF India A (dist) - USD 1.41% 20.49% 18.71% 25.39% 121.19% -15.47% 35.13% 98.69% High JF India B (acc) - USD 1.60% 21.03% 19.46% 26.40% 124.65% -13.49% 39.52% 108.90% High JF India C (acc) - USD 1.62% 21.10% 19.60% 26.57% 125.29% -13.06% 41.05% 112.47% High JF India D (acc) - USD 1.21% 20.06% 18.07% 24.48% 117.80% -17.44% 31.55% 94.56% High JF India D (acc) - EUR ------High JF India X (acc) - USD 1.88% 21.66% 20.42% 27.71% 129.38% -10.70% 45.97% 121.50% High

JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD 7.43% 7.89% 1.48% 14.00% 29.55% -5.44% -11.09% -29.53% Medium JF Japan Alpha Plus A (dist) - USD 7.40% 7.76% 1.38% 13.89% 29.38% -5.58% -11.16% -29.62% Medium JF Japan Alpha Plus D (acc) - USD** ------Medium

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A (acc) - USD 12.06% 18.26% 3.13% 9.27% 7.92% -28.76% -36.19% -38.53% High JF Japan Equity A (acc) - EUR 14.09% 8.33% 4.22% 16.78% 14.09% -21.71% -37.15% - High JF Japan Equity A (acc) - JPY 9.07% 8.58% -9.76% -4.18% -2.83% -48.94% -56.43% - High JF Japan Equity A (dist) - USD 12.11% 18.35% 3.20% 9.29% 7.98% -28.75% -36.18% -38.53% High JF Japan Equity A (dist) - GBP 13.37% 13.74% 0.31% 11.79% 0.30% -8.99% -19.85% -32.34% High JF Japan Equity B (acc) - USD 12.38% 18.85% 3.77% 10.06% 9.66% -27.13% -34.25% -36.28% High JF Japan Equity C (acc) - USD 12.42% 18.94% 3.94% 10.27% 10.01% -26.75% -33.69% -35.50% High JF Japan Equity D (acc) - USD 11.86% 17.93% 2.52% 8.50% 6.37% -30.37% -38.06% -40.76% High JF Japan Equity D (acc) - EUR 13.96% 7.82% 3.63% 15.61% 12.36% -23.66% -39.02% - High JF Japan Equity I (acc) - USD** ------High JF Japan Equity J (dist) - USD 12.04% 18.36% 3.18% 9.18% 7.96% -28.77% -36.19% -38.57% High JF Japan Equity X (acc) - USD 12.61% 19.41% 4.50% 11.12% 11.79% -24.96% -31.59% -32.92% High

396 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD 7.73% 2.61% -5.24% 2.45% 3.56% -32.22% -44.16% -55.14% Medium JF Japan Small Cap A (dist) - USD 7.58% 2.57% -5.19% 2.40% 3.57% -32.17% -44.14% -55.09% Medium JF Japan Small Cap B (acc) - USD 8.01% 3.16% -4.62% 3.33% 5.08% -30.65% -42.65% - Medium JF Japan Small Cap C (acc) - USD** ------Medium JF Japan Small Cap D (acc) - USD 7.46% 2.23% -5.79% 1.61% 1.61% -34.03% -46.27% -57.25% Medium JF Japan Small Cap X (acc) - USD** ------Medium

JPMorgan Funds - JF Korea Equity Fund JF Korea Equity A (acc) - USD 14.98% 40.42% 28.94% 35.40% 125.84% 12.25% - - High JF Korea Equity A (acc) - EUR 17.79% 29.39% 30.98% 45.49% 139.89% 23.95% - - High JF Korea Equity A (dist) - USD 15.05% 40.52% 29.05% 35.39% 125.90% - - - High JF Korea Equity B (acc) - USD 15.10% 40.96% 29.58% 36.36% ----High JF Korea Equity C (acc) - USD* ------High JF Korea Equity D (acc) - USD 14.70% 39.77% 27.91% 33.98% 121.33% 9.02% - - High JF Korea Equity X (acc) - USD* ------High

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD 5.44% 17.09% 11.04% 16.14% 54.89% 5.51% 21.82% 38.06% Medium JF Pacific Balanced A (dist) - USD 5.48% 16.89% 10.86% 15.93% 53.89% 4.14% 20.21% 30.74% Medium JF Pacific Balanced B (acc) - USD 5.63% 17.43% 11.61% 16.94% 57.12% 7.86% - - Medium JF Pacific Balanced D (acc) - USD 5.30% 16.76% 10.62% 15.55% 53.54% 4.12% 19.65% 35.01% Medium

JPMorgan Funds - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD 9.95% 24.45% 11.42% 17.57% 55.57% -9.52% 6.50% 15.75% Medium JF Pacific Equity A (acc) - EUR 11.94% 13.82% 12.34% 25.60% 64.41% -0.63% 4.99% - Medium JF Pacific Equity A (dist) - USD 9.97% 24.35% 11.36% 17.57% 55.15% -9.87% 6.13% 14.30% Medium JF Pacific Equity A (dist) - GBP 11.24% 19.66% 8.27% 20.28% 44.24% 15.01% 32.99% 25.75% Medium JF Pacific Equity B (acc) - USD 10.24% 24.86% 12.04% 18.57% 57.97% -7.43% 10.40% 20.66% Medium JF Pacific Equity C (acc) - USD 10.21% 24.92% 12.12% 18.65% 58.24% -7.05% 10.46% 21.22% Medium JF Pacific Equity D (acc) - USD 9.74% 23.94% 10.73% 16.73% 53.24% -11.53% 3.39% 11.49% Medium JF Pacific Equity D (acc) - EUR 11.66% 13.40% 11.66% 24.44% 61.78% -3.45% 1.25% - Medium JF Pacific Equity I (acc) - USD** ------Medium

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD 12.69% 22.57% 8.46% 13.67% 70.50% -2.46% 21.09% 37.11% Medium JF Pacific Technology A (acc) - EUR 14.64% 12.16% 9.42% 21.35% 80.08% - - - Medium JF Pacific Technology A (dist) - USD 12.70% 22.52% 8.40% 13.61% 69.67% -3.45% 19.84% 33.15% Medium JF Pacific Technology A (dist) - GBP 14.05% 17.85% 5.35% 16.12% 57.97% 23.27% 49.52% 44.21% Medium JF Pacific Technology B (acc) - USD 12.85% 22.95% 9.06% 14.44% 73.18% -0.31% -1.42% - Medium JF Pacific Technology C (acc) - USD 12.91% 23.05% 9.12% 14.62% 73.32% - - - Medium JF Pacific Technology D (acc) - USD 12.38% 21.91% 7.56% 12.46% 67.04% -5.43% 16.44% 30.40% Medium

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD 6.82% 23.94% 23.23% 23.71% 125.00% -6.78% 23.00% 105.99% Medium JF Singapore A (acc) - SGD 4.03% 13.72% 12.85% 12.93% ----Medium JF Singapore A (dist) - USD 6.81% 23.77% 23.06% 23.50% 123.34% -7.70% 21.80% 98.86% Medium JF Singapore B (acc) - USD 7.01% 24.37% 23.86% 24.62% 128.27% -4.62% 26.36% - Medium JF Singapore C (acc) - USD 6.99% 24.43% 23.91% 24.61% 128.96% -4.12% 27.69% 114.91% Medium JF Singapore D (acc) - USD 6.55% 23.33% 22.32% 22.46% 120.57% -9.52% 18.18% 96.00% Medium JF Singapore I (acc) - USD** ------Medium JF Singapore X (acc) - USD** ------Medium

JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD 16.40% 39.59% 25.31% 19.51% 105.18% 6.64% 13.68% 32.30% Medium JF Taiwan A (acc) - EUR 18.45% 27.79% 26.38% 28.19% 114.00% - - - Medium JF Taiwan A (dist) - USD 16.42% 39.53% 25.21% 19.43% 100.25% 2.51% 9.65% 19.44% Medium JF Taiwan A (dist) - HKD 16.55% ------Medium JF Taiwan B (acc) - USD** ------Medium JF Taiwan C (acc) - USD 16.62% 40.16% 26.01% 20.39% 108.24% 9.07% 17.24% 37.61% Medium JF Taiwan D (acc) - USD 16.12% 38.93% 24.42% 18.39% 101.20% 3.49% 9.32% 25.87% Medium JF Taiwan I (acc) - USD 16.71% 40.12% 26.13% 20.56% 108.71% 9.54% 17.80% - Medium JF Taiwan X (acc) - USD* ------Medium

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 7.52% 27.00% 16.53% 18.39% 153.08% 7.95% 56.22% - High JPM Latin America Equity A (acc) - SGD 5.35% ------High JPM Latin America Equity A (dist) - USD 7.53% 26.97% 16.47% 18.34% 152.16% 7.40% 55.29% 127.77% High JF Latin America Equity A (dist) - USD 7.53% 26.93% 16.47% 18.32% 152.03% 7.39% 55.24% 127.74% High JPM Latin America Equity B (acc) - USD 7.72% 27.54% 17.19% 19.31% 156.95% 10.43% 60.47% - High JPM Latin America Equity C (acc) - USD 7.75% 27.54% 17.24% 19.35% 157.25% 10.60% 61.37% 142.77% High JPM Latin America Equity D (acc) - USD 7.25% 26.37% 15.63% 17.20% 148.16% 4.75% 50.07% 121.35% High JPM Latin America Equity D (acc) - EUR 9.87% ------High JPM Latin America Equity I (acc) - USD 7.79% 27.61% 17.32% 19.47% 157.67% 10.88% 61.80% - High JPM Latin America Equity X (acc) - USD 7.99% 28.13% 18.04% 20.46% 162.04% 13.68% 67.39% 153.67% High

397 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Managed Reserves Fund JPM Managed Reserves A (acc) - USD 0.05% 0.13% ------Medium JPM Managed Reserves A (acc) - EUR (hedged) 0.12% 0.19% ------Medium JPM Managed Reserves A (dist) - GBP (hedged) 0.12% 0.23% ------Medium JPM Managed Reserves C (acc) - USD 0.08% ------Medium JPM Managed Reserves C (acc) - EUR (hedged) 0.15% ------Medium JPM Managed Reserves C (dist) - GBP (hedged) 0.14% ------Medium JPM Managed Reserves I (acc) - USD 0.09% 0.22% ------Medium JPM Managed Reserves I (acc) - SGD (hedged) 0.07% 0.17% ------Medium

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 12.42% 32.40% 13.98% 26.01% 232.73% -26.87% 2.87% - High JPM Russia A (dist) - USD 12.44% 32.41% 14.02% 26.01% 232.24% -26.85% 2.92% - High JPM Russia B (acc) - USD 12.68% 32.93% 14.67% 26.96% 238.04% -25.14% 5.86% - High JPM Russia C (acc) - USD 12.57% 32.81% 14.61% 27.05% 238.22% -25.10% - - High JPM Russia D (acc) - USD 12.08% 31.73% 13.08% 24.70% 226.10% -29.06% -1.17% - High JPM Russia I (acc) - USD 12.58% 32.91% 14.60% 27.02% 238.21% -24.98% -28.95% - High

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP -2.37% 3.55% 6.13% 10.55% 28.25% -0.44% -5.06% -6.46% Medium JPM Sterling Bond A (dist) - GBP -2.06% 3.76% 6.38% 10.80% 27.19% -1.98% -6.43% -16.23% Medium JPM Sterling Bond D (acc) - GBP -2.52% 3.17% 5.61% 9.88% 26.54% -2.32% -7.36% -9.22% Medium JPM Sterling Bond X (acc) - GBP** ------Medium

JPMorgan Funds - Systematic Alpha Fund JPM Systematic Alpha A (acc) - EUR 1.38% 3.74% 2.50% 2.30% ----Medium

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 6.48% 22.75% 8.21% 14.91% 45.44% -12.37% -17.18% - Medium JPM UK Equity A (dist) - GBP 6.49% 22.55% 8.07% 14.85% 44.36% -13.09% -17.45% -9.43% Medium JPM UK Equity C (acc) - GBP 6.68% 23.26% 8.96% 15.99% 48.14% -10.01% -14.12% 0.16% Medium JPM UK Equity D (acc) - GBP 6.29% 22.36% 7.62% 14.10% 43.36% -14.24% -19.48% -7.50% Medium JPM UK Equity X (acc) - GBP** ------Medium

JPMorgan Funds - US 130/30 Fund JPM US 130/30 A (acc) - USD 8.24% 18.40% 4.66% 6.85% 48.87% -9.18% - - Medium JPM US 130/30 A (acc) - EUR (hedged) 8.36% 18.03% 4.01% 6.06% 45.29% -12.31% - - Medium JPM US 130/30 A (dist) - USD 8.27% ------Medium JPM US 130/30 A (dist) - GBP 9.68% 14.00% ------Medium JPM US 130/30 C (acc) - USD 8.47% 18.88% 5.43% 7.95% ----Medium JPM US 130/30 D (acc) - USD 7.98% 17.81% 3.96% 6.06% 46.39% -11.58% - - Medium JPM US 130/30 D (acc) - EUR (hedged) 7.90% 17.38% 3.12% 4.84% 43.05% -14.67% - - Medium JPM US 130/30 X (acc) - USD 8.70% 19.36% 6.00% 8.83% 54.11% -4.39% - - Medium

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD -0.72% 1.70% 5.46% 7.44% 17.16% 22.61% 29.43% 33.77% Medium JPM US Aggregate Bond A (inc) - USD -0.73% 1.71% 5.47% 7.45% 16.77% 21.26% 27.11% 20.05% Medium JPM US Aggregate Bond A (mth) - USD -0.76% 1.86% ------Medium JPM US Aggregate Bond B (acc) - USD -0.65% 1.86% 5.71% 7.79% 17.90% 23.87% 31.23% - Medium JPM US Aggregate Bond C (acc) - USD -0.65% 1.85% 5.75% 7.90% 18.25% 24.44% 32.06% - Medium JPM US Aggregate Bond D (acc) - USD -0.84% 1.51% 5.18% 7.15% 16.54% 21.69% 28.05% 31.99% Medium JPM US Aggregate Bond D (acc) - EUR (hedged)* ------Medium JPM US Aggregate Bond X (acc) - USD -0.55% 2.11% 6.20% 8.42% 19.46% 26.30% 34.60% 40.52% Medium

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A (acc) - USD 8.43% 19.14% 4.66% 6.16% 34.59% -25.60% -25.37% -14.21% Medium JPM US Dynamic A (acc) - EUR 10.28% 8.88% 5.44% 13.61% 40.42% -18.56% -26.71% - Medium JPM US Dynamic A (dist) - USD 8.40% 19.09% 4.65% 6.07% 34.65% -25.63% -25.42% -14.26% Medium JPM US Dynamic B (acc) - USD 8.51% 19.39% 5.18% 6.82% 36.49% -23.99% -23.46% -11.68% Medium JPM US Dynamic C (acc) - USD 8.63% 19.60% 5.28% 7.07% 37.00% -23.58% -22.59% -10.21% Medium JPM US Dynamic D (acc) - USD 8.12% 18.47% 3.86% 5.00% 31.98% -27.86% -28.36% -18.45% Medium JPM US Dynamic D (acc) - EUR 10.00% 8.51% 4.66% 12.65% 37.84% -20.87% -29.52% - Medium JPM US Dynamic I (acc) - USD** ------Medium JPM US Dynamic I (inc) - EUR 10.66% 9.43% 6.31% 14.98% 42.70% -16.33% - - Medium JPM US Dynamic X (acc) - USD 8.85% 20.12% 6.06% 8.00% 39.39% -21.54% -19.92% -6.26% Medium

JPMorgan Funds - US Growth Alpha Plus Fund JPM US Growth Alpha Plus A (acc) - USD 6.62% 18.13% 6.02% 8.78% 53.54% - - - High JPM US Growth Alpha Plus A (dist) - USD 6.62% 18.20% 5.82% 8.43% ----High JPM US Growth Alpha Plus C (acc) - EUR 8.76% 8.64% 7.54% 17.59% ----High JPM US Growth Alpha Plus D (acc) - USD 6.44% 17.75% 5.32% 7.89% 51.37% - - - High

398 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - US Select 130/30 Fund JPM US Select 130/30 A (acc) - USD 10.03% 20.78% 7.10% 11.43% 52.21% -4.83% - - Medium JPM US Select 130/30 A (acc) - EUR (hedged) 10.00% 20.28% 6.23% 10.36% 47.94% -7.96% - - Medium JPM US Select 130/30 A (dist) - USD 9.98% 20.66% 6.98% 11.35% 52.09% -4.94% - - Medium JPM US Select 130/30 A (dist) - GBP 11.19% 16.11% 3.96% 15.70% 42.92% - - - Medium JPM US Select 130/30 B (acc) - USD 10.20% 21.17% 7.62% 12.18% 53.92% - - - Medium JPM US Select 130/30 C (acc) - USD 10.20% 21.30% 7.70% 12.28% 54.63% -2.56% - - Medium JPM US Select 130/30 D (acc) - USD 9.62% 20.05% 6.14% 10.27% 49.20% -7.52% - - Medium JPM US Select 130/30 D (acc) - EUR (hedged) 9.68% 19.67% 5.46% 9.32% 45.03% -10.98% - - Medium JPM US Select 130/30 I (acc) - USD* ------Medium JPM US Select 130/30 I (inc) - USD** ------Medium JPM US Select 130/30 X (acc) - USD 10.41% 21.81% 8.36% 13.27% 57.19% - - - Medium

JPMorgan Funds - US Short Duration Bond Fund (10) JPM US Short Duration Bond A (acc) - USD ------Low JPM US Short Duration Bond D (acc) - USD ------Low

JPMorgan Funds - US Small and Micro Cap Fund JPM US Small and Micro Cap A (acc) - USD 16.84% 28.66% 18.94% 26.05% 85.07% -11.35% -19.02% -11.44% High JPM US Small and Micro Cap A (dist) - USD 16.84% 28.68% 19.02% 26.19% 85.30% -11.32% -19.02% -11.46% High JF US Small and Micro Cap A (dist) - USD 16.84% 28.61% 18.99% 26.09% 85.11% -11.38% -19.05% -11.60% High JPM US Small and Micro Cap D (acc) - USD 16.54% 28.00% 18.15% 24.95% 81.54% -13.97% -22.20% -15.77% High JPM US Small and Micro Cap X (acc) - USD 17.11% 29.60% 20.45% 28.23% 91.72% -2.80% -25.63% -17.14% High

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 18.23% 32.69% 21.65% 30.75% 83.01% 1.70% 11.43% 28.54% High JPM US Small Cap Growth A (dist) - USD 18.30% 32.75% 21.65% 30.83% 83.14% 1.63% 11.40% 28.43% High JPM US Small Cap Growth A (dist) - GBP 19.73% 27.78% 18.24% 35.86% 71.94% 29.72% 39.83% 41.73% High JPM US Small Cap Growth B (acc) - USD 18.50% 33.16% 22.39% 31.82% 85.77% 3.88% - - High JPM US Small Cap Growth D (acc) - USD 18.07% 32.32% 20.91% 29.80% 80.34% -0.63% 8.16% 23.74% High JPM US Small Cap Growth X (acc) - USD 18.71% 33.80% 23.22% 33.08% 89.68% - - - High

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 10.53% 23.13% 7.44% 11.92% 46.95% -14.70% -6.10% 3.07% High JPM US Strategic Growth A (acc) - EUR (hedged) 10.56% 22.49% 6.52% 10.56% 43.47% -17.59% - - High JPM US Strategic Growth A (dist) - USD 10.54% 23.06% 7.47% 11.93% 47.03% -14.74% -6.07% 3.17% High JPM US Strategic Growth A (dist) - GBP 11.74% 18.43% 4.38% 16.02% 37.98% 8.90% 17.83% 13.66% High JPM US Strategic Growth B (acc) - USD 10.70% 23.54% 8.08% 12.74% 49.25% -12.73% -3.18% - High JPM US Strategic Growth C (acc) - USD 10.83% 23.85% 8.32% 13.09% 50.14% -11.87% -1.86% - High JPM US Strategic Growth C (acc) - EUR (hedged) 10.84% 23.26% 7.28% - 122.82% 29.51% - - High JPM US Strategic Growth D (acc) - USD 10.34% 22.55% 6.86% 10.98% 44.72% -16.64% -8.86% -0.69% High JPM US Strategic Growth D (acc) - EUR (hedged) 10.34% 21.91% 5.85% 9.78% 41.21% -19.43% - - High JPM US Strategic Growth X (acc) - USD 11.03% 24.25% 8.94% 13.98% 52.37% -10.02% 0.87% 12.64% High

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD 11.16% 33.69% 22.42% 25.57% 105.57% 3.49% 16.57% 21.48% High JPM US Technology A (acc) - EUR 13.12% 22.32% ------High JF US Technology A (dist) - USD 11.11% 34.23% 22.70% 25.79% 106.19% 3.63% 16.28% 21.95% High JPM US Technology A (dist) - USD 11.11% 33.72% 22.34% 25.68% 105.36% 3.45% 16.55% 21.48% High JPM US Technology A (dist) - GBP 12.42% 28.17% 18.95% 30.94% 91.67% 31.21% 45.67% 32.37% High JPM US Technology B (acc) - USD** ------High JPM US Technology C (acc) - USD 11.48% 34.44% 23.37% 26.85% 109.31% - - - High JPM US Technology D (acc) - USD 10.91% 32.61% 21.19% 24.49% 101.10% 0.00% 11.59% 15.09% High JPM US Technology D (acc) - EUR 12.76% 21.65% 22.42% 33.33% ----High JPM US Technology X (acc) - USD 11.65% 34.78% 24.00% 27.76% 112.50% 8.66% - - High

JPMorgan Funds - US Value Fund JPM US Value A (acc) - USD 9.14% 18.84% 8.40% 13.09% 36.62% -13.95% -11.78% 4.57% Medium JPM US Value A (acc) - EUR (hedged) 9.19% 18.36% 7.63% 12.09% 33.27% -16.83% -15.90% - Medium JPM US Value A (dist) - USD 9.11% 18.70% 8.26% 12.96% 36.40% -14.14% -11.94% 4.30% Medium JF US Value A (dist) - USD 9.07% 18.65% 8.29% 12.97% 36.39% -14.09% -11.89% 4.39% Medium JPM US Value A (dist) - GBP 10.45% 14.25% 5.30% 17.47% 28.32% 9.80% 10.73% 15.07% Medium JPM US Value B (acc) - USD 9.40% 19.29% 8.93% 13.93% 38.73% -12.01% -9.17% 8.56% Medium JPM US Value C (acc) - USD 9.38% 19.38% 9.20% 14.21% 39.47% -11.25% -8.03% 10.29% Medium JPM US Value C (acc) - EUR (hedged) 9.56% 18.93% 8.46% 13.12% ----Medium JPM US Value D (acc) - USD 8.90% 18.35% 7.74% 12.22% 34.62% -15.90% -14.43% 0.69% Medium JPM US Value D (acc) - EUR (hedged) 8.97% 17.77% 7.01% 11.19% 31.20% -18.71% -18.31% - Medium JPM US Value X (acc) - USD 9.62% 19.81% 9.81% 15.06% 41.46% -9.31% -5.34% 14.23% Medium

(10) This Sub-Fund was launched on 15 December 2010. * No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the period end. ** Share Class inactive at the end of the period. *** Share Class reactivated during the period.

399 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

4. Interest Rate Received/(Charged) on Bank Accounts Basis for Bank Interest Rates The 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 the Fund’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 Name JF Asia Alpha Plus X (acc) - USD JPM Europe Equity X (acc) - EUR JF Asia Pacific ex-Japan Equity I (acc) - USD JPM Europe Focus X (acc) - EUR JF Asia Pacific ex-Japan Equity X (acc) - USD JPM Europe High Yield Bond X (acc) - EUR JF China I (acc) - USD JPM Europe Select 130/30 X (acc) - EUR JF China X (acc) - USD JPM Europe Small Cap I (acc) - EUR JF Greater China X (acc) - USD JPM Europe Small Cap X (acc) - EUR JF India X (acc) - USD JPM Europe Strategic Growth I (acc) - EUR JF Japan Equity X (acc) - USD JPM Europe Strategic Growth X (acc)- EUR JF Japan Small Cap (acc) X - USD JPM Europe Strategic Value X (acc) - EUR JF Korea Equity X (acc) - USD JPM Europe Technology X (acc) - EUR JF Pacific Equity I (acc) - USD JPM Germany Equity I (acc) - EUR JF Singapore I (acc) - USD JPM Germany Equity X (acc) - EUR JF Taiwan I (acc) - USD JPM Global Absolute Return Bond X (acc) - EUR (hedged) JPM Africa Equity I (acc) - USD JPM Global Aggregate Bond X (acc) - USD JPM America Equity X (acc) - USD JPM Global Convertibles (EUR) X (acc) - CHF (hedged) JPM America Large Cap X (acc) - USD JPM Global Convertibles (EUR) I (acc) - CHF (hedged) JPM Brazil Alpha Plus I (acc) - EUR JPM Global Convertibles (EUR) I (acc) - EUR JPM Brazil Alpha Plus I (acc) - USD JPM Global Convertibles (EUR) I (inc) - EUR JPM Eastern Europe Equity I (acc) - EUR JPM Global Convertibles (EUR) X (acc) - EUR JPM Eastern Europe Equity X (acc) - EUR JPM Global Dynamic I (acc) - USD JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD JPM Global Dynamic I (inc) - EUR JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD JPM Global Dynamic X (acc) - EUR JPM Emerging Markets Alpha Plus I (acc) - USD JPM Global Dynamic X (acc) - USD JPM Emerging Markets Bond I (acc) - USD JPM Global Equity (USD) X (acc) - EUR JPM Emerging Markets Bond X (acc) - USD JPM Global Equity (USD) X (acc) - USD JPM Emerging Markets Debt I (inc) - EUR JPM Global Focus X (acc) - EUR JPM Emerging Markets Diversified Equity X (acc) - EUR JPM Global Government Bond X (acc) - EUR JPM Emerging Markets Equity I (acc) - EUR JPM Global Natural Resources X (acc) - EUR JPM Emerging Markets Equity I (acc) - USD JPM Global Real Estate Securities (USD) X (acc) - USD JPM Emerging Markets Equity I (inc) - EUR JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) JPM Emerging Markets Equity X (acc) - USD JPM Global Research Enhanced Index Equity X (acc) - EUR JPM Emerging Markets Equity X (dist) - USD JPM Highbridge Europe STEEP X (acc) - EUR JPM Emerging Markets Equity X (inc) - EUR JPM Highbridge US STEEP X (acc) - USD JPM Emerging Markets Local Currency Debt X (acc) - EUR JPM Latin America Equity I (acc) - USD JPM Emerging Markets Local Currency Debt X (acc) - USD JPM Latin America Equity X (acc) - USD JPM Emerging Markets Value I (acc) - USD JPM Managed Reserves Fund I (acc) - SGD (hedged) JPM Emerging Markets Value X (acc) - USD JPM Managed Reserves Fund I (acc) - USD JPM EU Government Bond X (acc) - EUR JPM Russia I (acc) - USD JPM Euro Money Market A (acc) - EUR JPM UK Equity X (acc) - GBP JPM Euro Money Market D (acc) - EUR JPM US 130/30 X (acc) - USD JPM Euroland Equity I (acc) - EUR JPM US Aggregate Bond X (acc) - USD JPM Euroland Equity X (acc) - EUR JPM US Dynamic I (acc) - USD JPM Euroland Select Equity X (acc) - EUR JPM US Dynamic I (inc) - EUR JPM Europe 130/30 X (acc) - EUR JPM US Dynamic X (acc) - USD JPM Europe Convergence Equity I (acc) - EUR JPM US Select 130/30 X (acc) - USD JPM Europe Dynamic I (acc) - EUR JPM US Small and Micro Cap X (acc) - USD JPM Europe Dynamic X (acc) - EUR JPM US Small Cap Growth X (acc) - USD JPM Europe Dynamic Mega Cap I (acc) - EUR JPM US Strategic Growth X (acc) - USD JPM Europe Dynamic Mega Cap X (acc) - EUR JPM US Technology X (acc) - USD JPM Europe Dynamic Small Cap X (acc) - EUR JPM US Value X (acc) - USD

400 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

6. Portfolio Turnover Ratio The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buyingand sellinginvestments accordingto 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 - Africa Equity Fund 0.00 JPMorgan Funds - Global Convertibles Fund (EUR) 3.87 JPMorgan Funds - Aggregate Bond Fund 189.01 JPMorgan Funds - Global Corporate Bond Fund 192.00 JPMorgan Funds - America Equity Fund 37.66 JPMorgan Funds - Global Credit Bond Fund 219.06 JPMorgan Funds - America Large Cap Fund 0.00 JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund 53.13 JPMorgan Funds - Asia Pacific Bond Fund 129.79 JPMorgan Funds - Global Dynamic Fund 172.42 JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity Fund 174.77 JPMorgan Funds - Global Equity Fund (USD) 141.05 JPMorgan Funds - Brazil Alpha Plus Fund 0.00 JPMorgan Funds - Global Focus Fund 38.52 JPMorgan Funds - Corporate Bond Portfolio Fund I 86.43 JPMorgan Funds - Global Government Bond Fund 167.06 JPMorgan Funds - Eastern Europe Equity Fund 0.00 JPMorgan Funds - Global Government Short Duration Bond Fund 125.49 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 55.40 JPMorgan Funds - Global Healthcare Fund 196.10 JPMorgan Funds - Emerging Markets Alpha Plus Fund 234.63 JPMorgan Funds - Global Infrastructure Trends Fund 170.58 JPMorgan Funds - Emerging Markets Bond Fund 86.23 JPMorgan Funds - Global Natural Resources Fund 0.00 JPMorgan Funds - Emerging Markets Corporate Bond Fund 144.49 JPMorgan Funds - Global Real Estate Securities Fund (USD) 119.76 JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II 0.00 JPMorgan Funds - Global Research Enhanced Index Equity Fund 55.53 JPMorgan Funds - Emerging Markets Currency Alpha Fund 0.00 JPMorgan Funds - Global Short Duration Bond Fund 0.00 JPMorgan Funds - Emerging Markets Debt Fund 91.72 JPMorgan Funds - Global Socially Responsible Fund 132.51 JPMorgan Funds - Emerging Markets Diversified Equity Fund 1.11 JPMorgan Funds - Global Strategic Bond Fund 69.67 JPMorgan Funds - Emerging Markets Equity Fund 0.00 JPMorgan Funds - Highbridge Asia Pacific STEEP Fund 0.00 JPMorgan Funds - Emerging Markets Infrastructure Equity Fund 31.82 JPMorgan Funds - Highbridge Europe STEEP Fund 0.00 JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 2.69 JPMorgan Funds - Highbridge US STEEP Fund 0.00 JPMorgan Funds - Emerging Markets Local Currency Debt Fund 0.00 JPMorgan Funds - Japan Dynamic Fund 459.30 JPMorgan Funds - Emerging Markets Small Cap Fund 0.00 JPMorgan Funds - JF ASEAN Equity Fund 102.43 JPMorgan Funds - Emerging Markets Value Fund 148.33 JPMorgan Funds - JF Asia Alpha Plus Fund 214.50 JPMorgan Funds - Emerging Middle East Equity Fund 0.00 JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund 169.90 JPMorgan Funds - EU Government Bond Fund 91.60 JPMorgan Funds - JF China Fund 26.42 JPMorgan Funds - Euro Aggregate Bond Fund 113.89 JPMorgan Funds - JF Greater China Fund 88.40 JPMorgan Funds - Euro Corporate Bond Fund 119.67 JPMorgan Funds - JF Hong Kong Fund 25.29 JPMorgan Funds - Euro Government Short Duration Bond Fund 104.07 JPMorgan Funds - JF India Fund 0.00 JPMorgan Funds - Euro Money Market Fund 0.00* JPMorgan Funds - JF Japan Alpha Plus Fund 594.60 JPMorgan Funds - Euro Short Duration Bond Fund 124.03 JPMorgan Funds - JF Japan Equity Fund 156.56 JPMorgan Funds - Euroland Equity Fund 158.28 JPMorgan Funds - JF Japan Small Cap Fund 184.92 JPMorgan Funds - Euroland Select Equity Fund 112.54 JPMorgan Funds - JF Korea Equity Fund 103.22 JPMorgan Funds - Europe 130/30 Fund 180.77 JPMorgan Funds - JF Pacific Balanced Fund 154.52 JPMorgan Funds - Europe Aggregate Plus Bond Fund 0.00 JPMorgan Funds - JF Pacific Equity Fund 172.96 JPMorgan Funds - Europe Balanced Fund (EUR) 92.52 JPMorgan Funds - JF Pacific Technology Fund 74.88 JPMorgan Funds - Europe Convergence Equity Fund 80.14 JPMorgan Funds - JF Singapore Fund 15.34 JPMorgan Funds - Europe Dynamic Fund 876.23 JPMorgan Funds - JF Taiwan Fund 148.73 JPMorgan Funds - Europe Dynamic Mega Cap Fund 925.61 JPMorgan Funds - Latin America Equity Fund 90.27 JPMorgan Funds - Europe Dynamic Small Cap Fund 754.73 JPMorgan Funds - Managed Reserves Fund 0.00 JPMorgan Funds - Europe Equity Fund 207.41 JPMorgan Funds - Russia Fund 0.00 JPMorgan Funds - Europe Focus Fund 0.00 JPMorgan Funds - Sterling Bond Fund 82.68 JPMorgan Funds - Europe High Yield Bond Fund 0.00 JPMorgan Funds - Systematic Alpha Fund 253.48 JPMorgan Funds - Europe Micro Cap Fund 601.68 JPMorgan Funds - UK Equity Fund 130.78 JPMorgan Funds - Europe Select 130/30 Fund 140.92 JPMorgan Funds - US 130/30 Fund 958.10 JPMorgan Funds - Europe Small Cap Fund 298.10 JPMorgan Funds - US Aggregate Bond Fund 0.00 JPMorgan Funds - Europe Strategic Growth Fund 201.53 JPMorgan Funds - US Dynamic Fund 973.93 JPMorgan Funds - Europe Strategic Growth Small Cap Fund 337.83 JPMorgan Funds - US Growth Alpha Plus Fund 25.27 JPMorgan Funds - Europe Strategic Value Fund 178.79 JPMorgan Funds - US Select 130/30 Fund 94.41 JPMorgan Funds - Europe Strategic Value Small Cap Fund 380.59 JPMorgan Funds - US Short Duration Bond Fund 109.93 JPMorgan Funds - Europe Technology Fund 470.11 JPMorgan Funds - US Small and Micro Cap Fund 0.00 JPMorgan Funds - Germany Equity Fund 34.76 JPMorgan Funds - US Small Cap Growth Fund 63.07 JPMorgan Funds - Global Absolute Return Bond Fund 0.00 JPMorgan Funds - US Strategic Growth Fund 274.90 JPMorgan Funds - Global Aggregate Bond Fund 56.74 JPMorgan Funds - US Technology Fund 0.00 JPMorgan Funds - Global Consumer Trends Fund 96.54 JPMorgan Funds - US Value Fund 0.00

* 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.

401 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued) JPMorgan Funds - Africa Equity Fund JPM Africa Equity A (acc) - USD 381,701.751 5,940,585.328 1,306,491.322 5,015,795.757 JPM Africa Equity A (acc) - EUR 11,258.407 4,156,180.776 978,383.268 3,189,055.915 JPM Africa Equity A (dist) - GBP 14,223.707 187,838.340 25,825.513 176,236.534 JPM Africa Equity B (acc) - USD 67,532.000 1,576,316.795 1,076,600.621 567,248.174 JPM Africa Equity C (acc) - USD - 1,191,985.179 380,000.000 811,985.179 JPM Africa Equity D (acc) - USD 576,747.102 7,134,517.365 1,744,757.471 5,966,506.996 JPM Africa Equity D (acc) - EUR - 61.192 - 61.192 JPM Africa Equity I (acc) - USD* 150,000.000 1,800.000 151,800.000 -

JPMorgan Funds - Aggregate Bond Fund (1) JPM Aggregate Bond A (acc) - USD - 518,928.182 3,726.881 515,201.301 JPM Aggregate Bond A (acc) - EUR (hedged) - 516,149.941 4,456.983 511,692.958

JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 1,764,798.609 2,062,800.796 1,962,061.613 1,865,537.792 JPM America Equity A (acc) - EUR (hedged) 96,048.318 748,098.694 550,374.545 293,772.467 JPM America Equity A (dist) - USD 3,348,743.512 538,770.757 672,760.573 3,214,753.696 JF America Equity A (dist) - USD 483,247.076 294,678.797 204,343.603 573,582.270 JPM America Equity B (acc) - USD 218,090.640 472,116.019 472,329.286 217,877.373 JPM America Equity C (acc) - USD 8,281,473.908 2,230,853.596 3,787,629.230 6,724,698.274 JPM America Equity C (acc) - EUR (hedged) 469,357.959 4,149,684.884 3,690,780.285 928,262.558 JPM America Equity D (acc) - USD 1,453,001.188 2,414,873.763 1,847,698.607 2,020,176.344 JPM America Equity D (acc) - EUR 13,141.918 384,341.153 58,900.248 338,582.823 JPM America Equity D (acc) - EUR (hedged) 358,720.308 555,024.679 185,105.079 728,639.908 JPM America Equity X (acc) - USD 324,923.944 - 21,338.917 303,585.027

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 1,629,411.960 3,561,942.454 3,201,385.279 1,989,969.135 JPM America Large Cap A (acc) - EUR 25,305.658 355,875.449 28,253.690 352,927.417 JPM America Large Cap A (dist) - USD 2,579,632.886 2,263,054.348 1,489,819.513 3,352,867.721 JPM America Large Cap B (acc) - USD 114,763.524 351,884.239 292,468.784 174,178.979 JPM America Large Cap C (acc) - USD 2,977,822.322 747,825.780 1,496,047.286 2,229,600.816 JPM America Large Cap D (acc) - USD 1,144,524.983 1,425,706.347 1,063,512.885 1,506,718.445 JPM America Large Cap X (acc) - USD 500.000 4,951.282 - 5,451.282

JPMorgan Funds - Asia Pacific Bond Fund (2) JPM Asia Pacific Bond A (acc) - USD - 1,000,000.000 - 1,000,000.000

JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity Fund (3) JPM Asia Pacific ex-Japan Behavioural Finance Equity A (acc) - USD - 150,000.000 - 150,000.000 JPM Asia Pacific ex-Japan Behavioural Finance Equity A (acc) - EUR - 151,080.612 - 151,080.612

JPMorgan Funds - Brazil Alpha Plus Fund JPM Brazil Alpha Plus A (acc) - USD 2,976,759.734 21,482,526.100 10,619,637.157 13,839,648.677 JPM Brazil Alpha Plus A (dist) - USD - 18,713.009 3,250.010 15,462.999 JPM Brazil Alpha Plus B (acc) - USD 1,329,509.164 1,739,881.340 2,231,683.220 837,707.284 JPM Brazil Alpha Plus C (acc) - USD 587,774.712 3,178,098.115 944,842.270 2,821,030.557 JPM Brazil Alpha Plus D (acc) - USD 2,319,668.403 8,583,767.782 3,696,355.900 7,207,080.285 JPM Brazil Alpha Plus I (acc) - USD 680.298 2,600,000.001 2,600,000.002 680.297 JPM Brazil Alpha Plus I (acc) - EUR - 268,743.942 - 268,743.942

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 4,742,410.065 8,152,121.320 5,698,315.939 7,196,215.446 JPM Eastern Europe Equity A (dist) - EUR 10,545,081.550 4,793,219.996 5,007,400.646 10,330,900.900 JF Eastern Europe Equity A (dist) - EUR 5,002,403.860 5,783,763.226 5,092,166.457 5,694,000.629 JPM Eastern Europe Equity B (acc) - EUR 795,800.925 6,669,132.768 5,376,850.949 2,088,082.744 JPM Eastern Europe Equity C (acc) - EUR 671,636.419 4,863,179.895 3,821,444.660 1,713,371.654 JPM Eastern Europe Equity D (acc) - EUR 1,963,239.450 1,606,864.414 1,480,644.127 2,089,459.737 JPM Eastern Europe Equity I (acc) - EUR - 5,470,482.958 3,673,755.079 1,796,727.879 JPM 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 Fund JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 2,171,946.829 3,256,933.991 1,198,831.705 4,230,049.115 JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 38,754.997 210,004.291 37,971.605 210,787.683 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 7,911,890.135 4,260,349.308 4,322,568.870 7,849,670.573 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1,005,682.116 1,089,346.070 1,340,088.804 754,939.382 JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 910,418.427 2,234,672.006 1,331,605.503 1,813,484.930 JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,814,338.955 853,294.835 742,170.522 1,925,463.268 JPM 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

(1) This Sub-Fund was launched on 9 November 2009. (2) This Sub-Fund was launched on 17 March 2010. (3) This Sub-Fund was launched on 9 September 2009.

402 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued) JPMorgan Funds - Emerging Markets Alpha Plus Fund JPM Emerging Markets Alpha Plus A (acc) - USD 9,103,449.123 11,451,897.753 14,834,070.584 5,721,276.292 JPM Emerging Markets Alpha Plus A (acc) - EUR - 2,548,563.205 1,511,022.734 1,037,540.471 JPM Emerging Markets Alpha Plus A (dist) - USD 1,833,671.066 1,859,998.207 2,518,096.978 1,175,572.295 JPM Emerging Markets Alpha Plus A (dist) - GBP - 1,304,732.628 360,871.253 943,861.375 JPM Emerging Markets Alpha Plus C (acc) - USD - 6,052,971.775 465,249.724 5,587,722.051 JPM Emerging Markets Alpha Plus D (acc) - USD 333,276.457 1,401,434.653 557,455.268 1,177,255.842 JPM Emerging Markets Alpha Plus D (acc) - EUR - 61.192 - 61.192 JPM Emerging Markets Alpha Plus I (acc) - USD - 6,030,000.010 1,500,000.010 4,530,000.000

JPMorgan Funds - Emerging Markets Bond Fund (4) JPM Emerging Markets Bond A (acc) - USD - 481,730.181 250,416.457 231,313.724 JPM Emerging Markets Bond B (acc) - USD - 34,984.331 15,985.379 18,998.952 JPM Emerging Markets Bond C (acc) - USD - 214,981.993 150,070.827 64,911.166 JPM Emerging Markets Bond D (acc) - USD - 39,934.783 12,447.426 27,487.357 JPM Emerging Markets Bond I (acc) - USD - 285,700.000 - 285,700.000 JPM Emerging Markets Bond X (acc) - USD - 70.000 - 70.000

JPMorgan Funds - Emerging Markets Currency Alpha Fund JPM Emerging Markets Currency Alpha A (acc) - EUR 376,903.400 - - 376,903.400

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A (acc) - EUR 4,988,714.880 10,903,200.374 14,463,386.934 1,428,528.320 JPM Emerging Markets Debt A (acc) - USD (hedged) - 153,262.886 12,862.983 140,399.903 JPM Emerging Markets Debt A (inc) - EUR 7,333,747.288 4,735,806.184 5,568,005.384 6,501,548.088 JPM Emerging Markets Debt A (mth) - EUR 101,573.645 999,844.415 427,769.128 673,648.932 JPM Emerging Markets Debt A (mth) - USD (hedged) - 624,307.533 80,585.416 543,722.117 JPM Emerging Markets Debt B (acc) - EUR - 740,470.611 40,687.236 699,783.375 JPM Emerging Markets Debt C (acc) - EUR 2,607,132.369 5,542,338.568 4,455,816.230 3,693,654.707 JPM Emerging Markets Debt D (acc) - EUR 1,974,291.499 2,106,878.187 1,468,875.053 2,612,294.633 JPM Emerging Markets Debt I (inc) - EUR 856,072.874 88.908 - 856,161.782

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 20,530,509.051 13,945,521.082 14,354,657.346 20,121,372.787 JPM Emerging Markets Equity A (acc) - EUR 21,263,298.672 48,974,704.116 21,777,788.164 48,460,214.624 JPM Emerging Markets Equity A (acc) - SGD - 1,999.843 - 1,999.843 JPM Emerging Markets Equity A (dist) - USD 80,445,506.369 42,580,014.960 39,433,493.344 83,592,027.985 JPM Emerging Markets Equity A (dist) - GBP 526,672.325 1,373,797.788 205,289.598 1,695,180.515 JPM Emerging Markets Equity B (acc) - USD 3,582,653.275 2,361,552.981 3,784,231.199 2,159,975.057 JPM Emerging Markets Equity C (acc) - USD 38,618,365.170 44,141,117.652 28,006,996.959 54,752,485.863 JPM Emerging Markets Equity D (acc) - USD 3,218,848.127 2,072,056.839 1,414,463.787 3,876,441.179 JPM Emerging Markets Equity D (acc) - EUR 901,900.347 2,670,259.712 1,176,688.058 2,395,472.001 JPM Emerging Markets Equity I (acc) - USD 26,927,537.033 3,536,422.925 21,969,301.166 8,494,658.792 JPM Emerging Markets Equity I (acc) - EUR 668,537.860 1,274,440.632 - 1,942,978.492 JPM Emerging Markets Equity I (inc) - EUR 1,864,775.381 1,282,387.374 877,100.000 2,270,062.755 JPM Emerging Markets Equity X (acc) - USD 37,106,625.151 10,937,195.665 5,895,435.309 42,148,385.507 JPM Emerging Markets Equity X (dist) - USD 369,638.934 1,168,908.489 555,547.000 983,000.423 JPM 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 Infrastructure Equity Fund JPM Emerging Markets Infrastructure Equity A (acc) - USD 593,168.139 3,347,925.907 1,044,589.185 2,896,504.861 JPM Emerging Markets Infrastructure Equity A (acc) - EUR 149,426.463 1,589,910.909 519,187.203 1,220,150.169 JPM Emerging Markets Infrastructure Equity B (acc) - USD 51,343.000 1,044,117.175 229,282.015 866,178.160 JPM Emerging Markets Infrastructure Equity C (acc) - USD - 299,459.037 21,809.611 277,649.426 JPM Emerging Markets Infrastructure Equity D (acc) - USD 687,219.467 2,214,575.069 849,376.776 2,052,417.760 JPM Emerging Markets Infrastructure Equity D (acc) - EUR - 61.192 - 61.192

JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPM Emerging Markets Local Currency Debt A (acc) - USD 49,278.644 8,186,262.973 2,710,153.731 5,525,387.886 JPM Emerging Markets Local Currency Debt A (acc) - EUR 27,359.460 11,466,413.716 4,032,194.366 7,461,578.810 JPM Emerging Markets Local Currency Debt A (mth) - USD - 6,791,298.549 1,793,974.285 4,997,324.264 JPM Emerging Markets Local Currency Debt B (acc) - USD - 876,090.435 382,517.344 493,573.091 JPM Emerging Markets Local Currency Debt C (acc) - USD - 744,031.123 - 744,031.123 JPM Emerging Markets Local Currency Debt D (acc) - USD 150.000 2,896.512 896.512 2,150.000 JPM Emerging Markets Local Currency Debt D (acc) - EUR 76,627.326 3,424,989.447 467,937.391 3,033,679.382 JPM Emerging Markets Local Currency Debt D (inc) - EUR - 68,724.767 28,645.142 40,079.625 JPM Emerging Markets Local Currency Debt X (acc) - USD 6,930,440.333 7,408,163.310 - 14,338,603.643 JPM Emerging Markets Local Currency Debt X (acc) - EUR* 1,310,000.000 - 1,310,000.000 -

JPMorgan Funds - Emerging Markets Small Cap Fund JPM Emerging Markets Small Cap A (acc) - USD 1,064,536.483 11,465,061.013 6,791,816.781 5,737,780.715 JPM Emerging Markets Small Cap A (acc) - EUR 1,747,595.634 19,230,472.123 10,762,854.615 10,215,213.142 JPM Emerging Markets Small Cap A (dist) - GBP 9,151.093 105,634.450 22,514.503 92,271.040 JPM Emerging Markets Small Cap B (acc) - USD 416,443.890 2,197,825.153 1,459,176.487 1,155,092.556 JPM Emerging Markets Small Cap C (acc) - USD - 1,435,527.708 - 1,435,527.708 JPM Emerging Markets Small Cap D (acc) - USD 365,805.834 4,993,464.272 1,667,698.639 3,691,571.467 JPM Emerging Markets Small Cap D (acc) - EUR - 61.192 - 61.192

(4) This Sub-Fund was launched on 30 October 2009.

403 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued) JPMorgan Funds - Emerging Markets Value Fund (5) JPM Emerging Markets Value A (acc) - USD - 160,185.254 80,200.056 79,985.198 JPM Emerging Markets Value B (acc) - USD - 5,169.434 698.829 4,470.605 JPM Emerging Markets Value C (acc) - USD - 323,637.532 13,495.660 310,141.872 JPM Emerging Markets Value I (acc) - USD - 836,527.000 - 836,527.000 JPM Emerging Markets Value X (acc) - USD - 272,719.773 96,418.400 176,301.373

JPMorgan Funds - Emerging Middle East Equity Fund JPM Emerging Middle East Equity A (acc) - USD 1,939,680.755 3,107,002.929 2,882,195.864 2,164,487.820 JPM Emerging Middle East Equity A (acc) - EUR 15,360.183 280,872.804 148,020.000 148,212.987 JPM Emerging Middle East Equity A (dist) - USD 12,476,541.159 4,320,917.492 6,530,976.807 10,266,481.844 JPM Emerging Middle East Equity B (acc) - USD 327,244.962 303,397.696 382,109.187 248,533.471 JPM Emerging Middle East Equity C (acc) - USD 2,293,502.581 5,629,624.400 4,311,887.229 3,611,239.752 JPM Emerging Middle East Equity D (acc) - USD 2,362,143.516 604,609.157 1,027,132.924 1,939,619.749

JPMorgan Funds - EU Government Bond Fund JPM EU Government Bond A (acc) - EUR 3,614,962.298 3,083,344.898 4,612,549.561 2,085,757.635 JPM EU Government Bond B (acc) - EUR 7,459,637.188 9,298,652.928 14,537,622.259 2,220,667.857 JPM EU Government Bond C (acc) - EUR 17,312,051.735 21,605,084.542 23,671,375.316 15,245,760.961 JPM EU Government Bond D (acc) - EUR 501,936.409 1,759,947.711 1,439,491.764 822,392.356 JPM EU Government Bond X (acc) - EUR* 1,795,164.284 230,478.325 2,025,642.609 -

JPMorgan Funds - Euro Aggregate Bond Fund (6) JPM Euro Aggregate Bond A (acc) - EUR - 682,388.187 4,164.327 678,223.860

JPMorgan Funds - Euro Corporate Bond Fund JPM Euro Corporate Bond A (acc) - EUR 195,587.500 976,615.975 272,566.244 899,637.231 JPM Euro Corporate Bond C (acc) - EUR - 755,776.821 516,269.355 239,507.466 JPM Euro Corporate Bond D (acc) - EUR 195,587.500 1,300,503.880 358,760.125 1,137,331.255

JPMorgan Funds - Euro Government Short Duration Bond Fund JPM Euro Government Short Duration Bond A (acc) - EUR 157,418.400 8,177,104.116 7,350,209.620 984,312.896 JPM Euro Government Short Duration Bond A (inc) - EUR 78,709.200 244,349.371 183,198.654 139,859.917 JPM Euro Government Short Duration Bond B (acc) - EUR - 4,351,525.582 4,348,076.866 3,448.716 JPM Euro Government Short Duration Bond C (acc) - EUR 19,349.433 15,689,247.870 12,288,442.494 3,420,154.809 JPM Euro Government Short Duration Bond D (acc) - EUR 157,418.400 2,330,850.586 699,538.336 1,788,730.650

JPMorgan Funds - Euro Liquid Reserve Fund JPM Euro Liquid Reserve A (acc) - EUR 613,049.537 647,953.956 752,633.475 508,370.018 JPM Euro Liquid Reserve D (acc) - EUR 2,554,206.519 1,355,461.492 2,876,141.747 1,033,526.264

JPMorgan Funds - Euro Short Duration Bond Fund (7) JPM Euro Short Duration Bond A (acc) - EUR - 4,980,891.915 3,118,002.222 1,862,889.693 JPM Euro Short Duration Bond C (dist) - GBP (hedged) - 6,773.508 - 6,773.508 JPM Euro Short Duration Bond D (acc) - EUR - 50.000 - 50.000

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 5,493,127.764 1,097,070.217 3,423,637.075 3,166,560.906 JPM Euroland Equity A (dist) - EUR 7,039,242.499 14,012,189.007 7,516,597.769 13,534,833.737 JF Euroland Equity A (dist) - USD 7,578,961.357 1,579,362.675 2,530,052.384 6,628,271.648 JPM Euroland Equity A (inc) - EUR 79,098.478 160.210 65,754.537 13,504.151 JPM Euroland Equity B (acc) - EUR 731,048.996 372,073.608 167,454.275 935,668.329 JPM Euroland Equity C (acc) - EUR 9,858,777.530 1,606,471.959 4,508,608.649 6,956,640.840 JPM Euroland Equity D (acc) - EUR 5,936,313.288 1,140,684.753 2,543,394.317 4,533,603.724 JPM Euroland Equity I (acc) - EUR 53,145.999 - - 53,145.999 JPM Euroland Equity X (acc) - EUR 392,069.000 764,127.000 408,770.000 747,426.000

JPMorgan Funds - Euroland Select Equity Fund JPM Euroland Select Equity A (acc) - EUR 237,064.667 849,496.440 906,899.806 179,661.301 JPM Euroland Select Equity A (dist) - EUR 130,607.019 261,604.197 129,202.702 263,008.514 JPM Euroland Select Equity C (acc) - EUR - 491,720.349 490,314.788 1,405.561 JPM Euroland Select Equity D (acc) - EUR 202,178.165 52,757.010 47,886.185 207,048.990 JPM Euroland Select Equity X (acc) - EUR 729,794.000 2,306,083.818 2,484,006.000 551,871.818

JPMorgan Funds - Europe 130/30 Fund JPM Europe 130/30 A (acc) - EUR 393,963.041 92,638.895 162,392.224 324,209.712 JPM Europe 130/30 A (acc) - USD 348.677 4,282.611 2,775.073 1,856.215 JPM Europe 130/30 A (dist) - EUR 94,297.877 280.254 52,152.386 42,425.745 JPM Europe 130/30 A (dist) - GBP 486.330 40,009.158 - 40,495.488 JPM Europe 130/30 D (acc) - EUR 225,826.195 65,225.206 79,636.548 211,414.853 JPM Europe 130/30 D (acc) - USD 348.675 - - 348.675 JPM Europe 130/30 X (acc) - EUR 78,824.075 - 47,820.919 31,003.156

JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR 318,265.986 2,148,374.707 1,977,715.420 488,925.273 JPM Europe Aggregate Plus Bond A (inc) - EUR 2,246,205.631 544,376.029 778,333.351 2,012,248.309 JPM Europe Aggregate Plus Bond C (acc) - EUR 34,195.724 778,530.177 600,997.674 211,728.227 JPM Europe Aggregate Plus Bond D (acc) - EUR 884,903.155 819,333.772 679,622.086 1,024,614.841

(5) This Sub-Fund was launched on 23 October 2009. (6) This Sub-Fund was launched on 9 November 2009. (7) This Sub-Fund was launched on 21 July 2009.

404 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued) JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 2,726,597.138 2,433,836.522 2,896,429.466 2,264,004.194 JPM Europe Balanced (EUR) A (dist) - EUR 4,030,524.680 966,517.478 1,415,806.934 3,581,235.224 JPM Europe Balanced (EUR) B (acc) - EUR 1,100.303 348,196.290 348,245.291 1,051.302 JPM Europe Balanced (EUR) D (acc) - EUR 3,060,000.537 497,967.470 1,302,345.738 2,255,622.269

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 1,230,392.073 1,078,515.503 1,112,410.367 1,196,497.209 JPM Europe Convergence Equity A (dist) - EUR 3,998,304.598 1,033,611.567 1,940,217.153 3,091,699.012 JPM Europe Convergence Equity B (acc) - EUR 1,808,997.271 1,271,840.787 2,710,713.248 370,124.810 JPM Europe Convergence Equity C (acc) - EUR 1,722,898.014 2,131,126.896 1,037,380.508 2,816,644.402 JPM Europe Convergence Equity D (acc) - EUR 1,126,172.287 152,866.146 308,260.200 970,778.233 JPM Europe Convergence Equity I (acc) - EUR - 1,703,529.071 - 1,703,529.071

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 6,381,691.173 6,487,638.645 8,102,629.415 4,766,700.403 JPM Europe Dynamic A (dist) - EUR 10,403,551.244 2,004,722.824 5,593,336.840 6,814,937.228 JPM Europe Dynamic A (dist) - GBP 55,664.533 2,481.351 17,763.514 40,382.370 JF Europe Dynamic A (dist) - EUR 515,105.518 222,666.655 387,723.766 350,048.407 JPM Europe Dynamic B (acc) - EUR 358,282.132 342,767.773 303,931.492 397,118.413 JPM Europe Dynamic C (acc) - EUR 5,519,079.902 3,803,115.886 2,647,922.444 6,674,273.344 JPM Europe Dynamic D (acc) - USD 6,397.936 3,022.732 4,854.553 4,566.115 JPM Europe Dynamic D (acc) - EUR 1,495,086.417 713,379.238 720,276.427 1,488,189.228 JPM Europe Dynamic I (acc) - EUR 1,300,000.000 - - 1,300,000.000 JPM Europe Dynamic X (acc) - EUR* 111,591.534 70,193.436 181,784.970 -

JPMorgan Funds - Europe Dynamic Mega Cap Fund JPM Europe Dynamic Mega Cap A (acc) - USD 953.088 40,449.736 41,048.968 353.856 JPM Europe Dynamic Mega Cap A (acc) - EUR 26,698,106.325 2,729,913.031 22,336,982.748 7,091,036.608 JPM Europe Dynamic Mega Cap A (dist) - EUR 3,502,330.773 955,549.128 1,421,852.221 3,036,027.680 JPM Europe Dynamic Mega Cap A (inc) - EUR 2,322.768 172.618 - 2,495.386 JPM Europe Dynamic Mega Cap B (acc) - EUR 1,407,589.235 22,789.063 1,397,417.517 32,960.781 JPM Europe Dynamic Mega Cap C (acc) - EUR 5,847,894.484 397,499.883 5,066,614.952 1,178,779.415 JPM Europe Dynamic Mega Cap D (acc) - USD 353.857 - - 353.857 JPM Europe Dynamic Mega Cap D (acc) - EUR 1,035,056.819 178,823.195 357,601.401 856,278.613 JPM 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 Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 945,751.568 542,907.232 886,181.838 602,476.962 JPM Europe Dynamic Small Cap A (dist) - EUR 74,990.813 438.975 47,996.269 27,433.519 JPM Europe Dynamic Small Cap D (acc) - EUR 89,050.961 82,018.077 94,069.657 76,999.381 JPM Europe Dynamic Small Cap X (acc) - EUR* 163,146.807 - 163,146.807 -

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - USD 5,333,304.441 124,461.797 1,215,726.565 4,242,039.673 JPM Europe Equity A (acc) - EUR 14,424,920.445 7,174,574.654 15,755,675.643 5,843,819.456 JPM Europe Equity A (dist) - EUR 9,520,752.356 626,898.238 2,830,684.180 7,316,966.414 JF Europe Equity A (dist) - USD 943,126.654 161,362.490 202,783.497 901,705.647 JPM Europe Equity B (acc) - EUR 328,959.509 469,550.213 104,145.038 694,364.684 JPM Europe Equity C (acc) - EUR 9,983,910.291 491,924.488 3,231,117.394 7,244,717.385 JPM Europe Equity D (acc) - USD 55,536.603 5,743.215 2,358.480 58,921.338 JPM Europe Equity D (acc) - EUR 3,925,373.578 1,391,805.675 1,424,827.363 3,892,351.890 JPM Europe Equity X (acc) - EUR 1,111,232.186 415,910.340 139,157.598 1,387,984.928

JPMorgan Funds - Europe Focus Fund JPM Europe Focus A (acc) - USD 348.675 - - 348.675 JPM Europe Focus A (acc) - EUR 196,779.916 4,192,842.888 4,026,373.466 363,249.338 JPM Europe Focus A (dist) - EUR 23,095.054 10,834.691 18,715.714 15,214.031 JPM Europe Focus B (acc) - EUR 105,278.412 66,414.000 140,661.412 31,031.000 JPM Europe Focus C (acc) - EUR - 681,026.440 618,931.597 62,094.843 JPM Europe Focus D (acc) - USD 348.675 - - 348.675 JPM Europe Focus D (acc) - EUR 344,431.871 390,992.794 217,482.969 517,941.696 JPM Europe Focus X (acc) - EUR 227,648.416 - 185,487.999 42,160.417

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 1,392,057.776 2,599,288.466 3,536,020.639 455,325.603 JPM Europe High Yield Bond A (inc) - EUR 4,690,455.123 7,183,932.648 4,540,403.250 7,333,984.521 JPM Europe High Yield Bond C (acc) - EUR 110,856.272 1,083,114.086 808,584.265 385,386.093 JPM Europe High Yield Bond D (acc) - EUR 2,337,089.348 4,565,434.113 4,280,942.214 2,621,581.247

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR 206,083.969 154,239.319 180,783.119 179,540.169 JPM Europe Micro Cap A (dist) - EUR 5,953,172.843 426,574.187 1,196,682.540 5,183,064.490 JPM Europe Micro Cap D (acc) - EUR 628,298.805 99,413.015 251,379.905 476,331.915

405 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued) JPMorgan Funds - Europe Select 130/30 Fund JPM Europe Select 130/30 A (acc) - USD 348.675 - - 348.675 JPM Europe Select 130/30 A (acc) - EUR 463,223.020 73,463.217 163,956.518 372,729.719 JPM Europe Select 130/30 A (dist) - EUR 25,000.000 398.324 120.000 25,278.324 JPM Europe Select 130/30 A (dist) - GBP 589.330 1,168.877 - 1,758.207 JPM Europe Select 130/30 D (acc) - USD 348.675 - - 348.675 JPM Europe Select 130/30 D (acc) - EUR 196,640.294 27,950.636 20,352.304 204,238.626 JPM Europe Select 130/30 X (acc) - EUR 79,393.969 - 36,674.612 42,719.357

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 1,303,635.709 1,798,646.200 1,543,804.184 1,558,477.725 JPM Europe Small Cap A (dist) - EUR 7,620,670.669 1,360,217.710 3,525,195.957 5,455,692.422 JF Europe Small Cap A (dist) - EUR 2,313,209.386 596,405.403 820,219.858 2,089,394.931 JPM Europe Small Cap A (dist) - GBP 57,495.523 19,264.713 22,205.138 54,555.098 JPM Europe Small Cap B (acc) - EUR 136,534.841 351,212.325 286,641.292 201,105.874 JPM Europe Small Cap C (acc) - EUR 582,375.639 399,735.490 569,446.109 412,665.020 JPM Europe Small Cap D (acc) - EUR 1,851,211.887 682,967.407 854,710.924 1,679,468.370 JPM Europe Small Cap X (acc) - EUR* 47,838.490 - 47,838.490 -

JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 6,806,983.597 7,121,817.246 9,127,505.889 4,801,294.954 JPM Europe Strategic Growth A (dist) - EUR 34,855,637.696 7,701,199.773 12,434,814.643 30,122,022.826 JPM Europe Strategic Growth A (dist) - GBP 38,777.834 14,946.816 11,858.407 41,866.243 JPM Europe Strategic Growth B (acc) - EUR 441,457.745 358,105.876 379,105.667 420,457.954 JPM Europe Strategic Growth C (acc) - EUR 21,044,212.933 11,349,307.382 21,014,591.015 11,378,929.300 JPM Europe Strategic Growth D (acc) - EUR 4,225,929.435 253,394.701 1,708,156.892 2,771,167.244 JPM 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 Growth Small Cap Fund JPM Europe Strategic Growth Small Cap A (acc) - EUR 188,843.931 9,528.226 6,169.664 192,202.493 JPM Europe Strategic Growth Small Cap D (acc) - EUR 188,666.667 8,351.492 7,555.889 189,462.270

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 13,351,416.861 2,052,404.209 7,351,547.050 8,052,274.020 JPM Europe Strategic Value A (dist) - EUR 135,995,081.763 15,837,822.180 33,282,567.482 118,550,336.461 JPM Europe Strategic Value A (dist) - GBP 23,121.237 4,333.339 5,572.872 21,881.704 JPM Europe Strategic Value B (acc) - EUR 540,088.178 926,306.292 933,849.951 532,544.519 JPM Europe Strategic Value C (acc) - EUR 3,919,887.381 5,834,369.842 4,909,151.664 4,845,105.559 JPM Europe Strategic Value D (acc) - EUR 9,981,069.628 1,567,359.757 4,713,120.525 6,835,308.860 JPM Europe Strategic Value X (acc) - EUR* 49,406.782 - 49,406.782 -

JPMorgan Funds - Europe Strategic Value Small Cap Fund JPM Europe Strategic Value Small Cap A (acc) - EUR 187,979.922 21,467.051 9,793.661 199,653.312 JPM Europe Strategic Value Small Cap D (acc) - EUR 189,047.981 24,061.569 14,233.296 198,876.254

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 468,291.275 1,202,272.722 840,032.563 830,531.434 JPM Europe Technology A (dist) - EUR 8,898,147.503 1,864,415.553 2,430,903.465 8,331,659.591 JF Europe Technology A (dist) - EUR 1,504,120.174 986,201.464 690,043.432 1,800,278.206 JPM Europe Technology A (dist) - GBP 32,111.000 122,364.232 13,696.747 140,778.485 JPM Europe Technology B (acc) - EUR 163,791.964 635,183.552 697,012.082 101,963.434 JPM Europe Technology D (acc) - EUR 1,854,823.017 1,168,803.060 1,348,239.542 1,675,386.535 JPM Europe Technology X (acc) - EUR 8,549.213 16,779.506 5,787.735 19,540.984

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 5,241,077.045 6,146,407.235 5,177,905.379 6,209,578.901 JPM Germany Equity A (dist) - EUR 23,386,342.523 7,011,430.588 20,752,426.374 9,645,346.737 JF Germany Equity A (dist) - EUR 771,416.184 127,048.191 227,903.416 670,560.959 JPM Germany Equity B (acc) - EUR 19,971.118 814,249.947 72,671.749 761,549.316 JPM Germany Equity C (acc) - EUR 1,457,327.962 8,430,083.630 6,248,053.942 3,639,357.650 JPM Germany Equity D (acc) - EUR 24,724,236.270 18,395,389.957 13,574,081.423 29,545,544.804 JPM Germany Equity I (acc) - EUR 5,563,254.131 9,694,222.220 13,636,886.095 1,620,590.256 JPM Germany Equity X (acc) - EUR 2,848,958.406 329,448.000 2,883,014.000 295,392.406

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 185,297.753 1,057,821.800 899,986.708 343,132.845 JPM Global Aggregate Bond A (inc) - USD 1,384,440.352 379,109.416 503,286.400 1,260,263.368 JPM Global Aggregate Bond C (acc) - USD 288,976.861 453,095.805 734,144.469 7,928.197 JPM Global Aggregate Bond D (acc) - USD 528,976.388 849,843.260 720,098.262 658,721.386

JPMorgan Funds - Global Consumer Trends Fund JPM Global Consumer Trends A (acc) - USD - 91,704.328 285.780 91,418.548 JPM Global Consumer Trends A (acc) - EUR 315,206.124 3,700,357.362 1,977,056.632 2,038,506.854 JPM Global Consumer Trends C (acc) - EUR 117,828.049 1,679,032.495 308,180.336 1,488,680.208 JPM Global Consumer Trends D (acc) - EUR 207,770.560 240,095.751 201,734.361 246,131.950

406 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued) 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 28,116,224.365 JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 231,410.052 2,120,685.142 189,041.496 2,163,053.698 JPM Global Convertibles (EUR) A (dist) - EUR 68,293,642.713 49,773,415.293 55,702,708.958 62,364,349.048 JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 2,835,618.401 1,527,567.999 2,616,648.850 1,746,537.550 JF Global Convertibles (EUR) A (dist) - USD 1,449,965.436 7,547,903.908 6,978,351.151 2,019,518.193 JPM Global Convertibles (EUR) B (acc) - EUR 3,352,272.678 5,585,546.411 5,454,314.033 3,483,505.056 JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 766,843.906 604,691.777 683,051.644 688,484.039 JPM Global Convertibles (EUR) C (acc) - EUR 43,961,519.570 70,452,374.058 53,286,521.756 61,127,371.872 JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 289,366.282 56,840.000 7,000.000 339,206.282 JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 2,688,586.611 9,497,364.963 1,978,715.936 10,207,235.638 JPM Global Convertibles (EUR) D (acc) - EUR 16,965,275.124 32,304,117.218 34,529,667.142 14,739,725.200 JPM Global Convertibles (EUR) I (acc) - EUR 5,182,163.880 101,432,437.924 39,704,371.506 66,910,230.298 JPM Global Convertibles (EUR) I (acc) - CHF (hedged) - 1,019,625.506 - 1,019,625.506 JPM Global Convertibles (EUR) I (inc) - EUR 250,000.000 90.196 - 250,090.196 JPM Global Convertibles (EUR) X (acc) - EUR 13,604,012.371 4,492,190.019 9,302,875.499 8,793,326.891 JPM Global Convertibles (EUR) X (acc) - CHF (hedged) - 1,788,476.035 - 1,788,476.035

JPMorgan Funds - Global Corporate Bond Fund JPM Global Corporate Bond A (acc) - USD 50,000.000 3,544,254.472 1,627,674.693 1,966,579.779 JPM Global Corporate Bond A (acc) - EUR (hedged) 197,812.895 5,319,169.197 1,500,858.213 4,016,123.879 JPM Global Corporate Bond A (acc) - SEK (hedged) - 2,732,875.719 246,143.588 2,486,732.131 JPM Global Corporate Bond A (dist) - GBP (hedged) 1,326,450.136 10,668,946.315 4,538,213.582 7,457,182.869 JPM Global Corporate Bond C (acc) - EUR (hedged)* - 139,799.184 139,799.184 - JPM Global Corporate Bond D (acc) - USD 50,000.000 995,884.464 384,698.162 661,186.302 JPM Global Corporate Bond D (acc) - EUR (hedged) 197,812.895 5,409,453.001 1,077,582.894 4,529,683.002 JPM Global Corporate Bond D (inc) - EUR (hedged) - 36,004.036 - 36,004.036

JPMorgan Funds - Global Credit Bond Fund (8) JPM Global Credit Bond A (acc) - USD - 1,250,000.000 - 1,250,000.000 JPM Global Credit Bond A (acc) - EUR (hedged) - 1,242,028.003 - 1,242,028.003

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 9,467,802.450 2,209,486.684 4,405,337.387 7,271,951.747 JPM Global Dynamic A (acc) - EUR 1,165,201.741 766,263.226 837,091.890 1,094,373.077 JPM Global Dynamic A (acc) - EUR (hedged) 22,951.761 4,324,470.295 1,055,095.483 3,292,326.573 JPM Global Dynamic A (acc) - SGD - 498.563 - 498.563 JPM Global Dynamic A (dist) - USD 35,586,125.800 5,648,886.834 6,793,952.019 34,441,060.615 JPM Global Dynamic A (dist) - GBP 620,086.286 202,489.984 165,552.734 657,023.536 JF Global Dynamic A (dist) - USD 782,147.531 125,144.127 277,041.801 630,249.857 JPM Global Dynamic A (inc) - EUR 1,263,001.890 285,530.778 573,741.735 974,790.933 JPM Global Dynamic B (acc) - USD 1,890,962.103 187,175.143 856,811.404 1,221,325.842 JPM Global Dynamic C (acc) - USD 14,885,172.811 5,167,889.009 4,551,089.776 15,501,972.044 JPM Global Dynamic C (acc) - EUR 10,554,107.328 1,189,273.914 6,907,320.113 4,836,061.129 JPM Global Dynamic C (acc) - EUR (hedged) 1,832,355.622 775,284.065 1,498,524.416 1,109,115.271 JPM Global Dynamic D (acc) - USD 5,744,183.649 285,269.639 1,477,102.215 4,552,351.073 JPM Global Dynamic D (acc) - EUR 240,485.074 139,936.832 134,123.877 246,298.029 JPM Global Dynamic D (acc) - EUR (hedged) 228,388.507 78,285.654 80,124.131 226,550.030 JPM Global Dynamic I (acc) - USD 1,561,611.376 104,727.163 1,514,299.644 152,038.895 JPM Global Dynamic I (inc) - EUR 4,089,748.035 179,827.702 - 4,269,575.737 JPM Global Dynamic X (acc) - USD 11,809,231.771 3,641,100.984 9,301,300.700 6,149,032.055 JPM Global Dynamic X (acc) - EUR 26,377,982.213 - - 26,377,982.213

JPMorgan Funds - Global Equity Fund (USD) JPM Global Equity (USD) A (acc) - USD 502,970.752 373,986.254 429,125.844 447,831.162 JPM Global Equity (USD) A (acc) - EUR (hedged) 172,529.757 66,889.529 19,781.760 219,637.526 JPM Global Equity (USD) A (dist) - USD 407,961.263 64,809.738 86,004.316 386,766.685 JF Global Equity (USD) A (dist) - USD 937,707.692 538,155.014 364,531.046 1,111,331.660 JPM Global Equity (USD) A (dist) - EUR (hedged) 3,387,718.620 276,685.053 471,677.214 3,192,726.459 JPM Global Equity (USD) C (acc) - USD 7,567,085.145 - - 7,567,085.145 JPM Global Equity (USD) C (acc) - EUR (hedged) 5,822,804.407 101,679.378 86,776.655 5,837,707.130 JPM Global Equity (USD) D (acc) - USD 93,307.445 65,323.656 53,378.951 105,252.150 JPM Global Equity (USD) D (acc) - EUR (hedged) 238,848.062 100,027.870 104,143.706 234,732.226 JPM Global Equity (USD) X (acc) - USD 2,957.934 - 1,768.243 1,189.691 JPM Global Equity (USD) X (acc) - EUR 5,217,065.411 271,318.736 19,658.253 5,468,725.894

JPMorgan Funds - Global Focus Fund JPM Global Focus A (acc) - EUR 10,848,409.588 22,280,955.013 4,675,417.080 28,453,947.521 JPM Global Focus A (acc) - EUR (hedged) 2,494,653.445 14,183,525.924 15,043,661.087 1,634,518.282 JPM Global Focus A (dist) - EUR 2,973,729.190 12,441,356.972 3,100,436.312 12,314,649.850 JF Global Focus A (dist) - USD 565,617.131 1,609,904.344 333,443.235 1,842,078.240 JPM Global Focus B (acc) - EUR 140,985.074 1,812,275.607 558,698.237 1,394,562.444 JPM Global Focus C (acc) - USD - 1,799,015.290 - 1,799,015.290 JPM Global Focus C (acc) - EUR 9,463,133.999 19,713,244.603 11,639,627.432 17,536,751.170 JPM Global Focus C (acc) - EUR (hedged) 651,968.037 2,516,850.669 2,679,440.276 489,378.430 JPM Global Focus D (acc) - EUR 2,501,572.778 3,959,793.090 1,292,260.120 5,169,105.748 JPM Global Focus D (acc) - EUR (hedged) 481,183.558 2,588,557.614 1,371,753.259 1,697,987.913 JPM Global Focus X (acc) - EUR 2,457,095.336 871,080.659 2,392,072.405 936,103.590

(8) This Sub-Fund was launched on 20 January 2010.

407 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued) JPMorgan Funds - Global Government Bond Fund JPM Global Government Bond A (acc) - EUR 2,609,467.400 3,774,687.250 2,868,478.352 3,515,676.298 JPM Global Government Bond A (acc) - USD (hedged) 79,176.563 233,596.238 67,508.362 245,264.439 JPM Global Government Bond B (acc) - EUR - 50,470.573 695.631 49,774.942 JPM Global Government Bond C (acc) - EUR 3,773,914.052 21,590,186.705 3,839,003.651 21,525,097.106 JPM Global Government Bond D (acc) - EUR 157,418.400 336,580.759 223,371.781 270,627.378 JPM Global Government Bond X (acc) - EUR 593,100.000 232,838.030 49,412.000 776,526.030

JPMorgan Funds - Global Government Short Duration Bond Fund JPM Global Government Short Duration Bond A (acc) - EUR 78,709.200 261,122.903 81,225.736 258,606.367 JPM Global Government Short Duration Bond A (acc) - USD (hedged) 79,176.564 604,782.413 63,946.431 620,012.546 JPM Global Government Short Duration Bond C (acc) - USD (hedged) 79,176.564 635,523.925 774.593 713,925.896 JPM Global Government Short Duration Bond C (dist) - GBP (hedged) - 2,069,331.598 297,403.044 1,771,928.554 JPM Global Government Short Duration Bond D (acc) - EUR 78,709.200 458,384.978 131,020.037 406,074.141 JPM Global Government Short Duration Bond D (acc) - USD (hedged) 79,176.564 89,690.000 16,550.000 152,316.564

JPMorgan Funds - Global Healthcare Fund (9) JPM Global Healthcare A (acc) - USD - 176,010.052 74,123.242 101,886.810 JPM Global Healthcare A (dist) - USD - 158,004.748 32,124.664 125,880.084 JF Global Healthcare A (dist) - USD - 43,616.507 9,807.127 33,809.380 JPM Global Healthcare A (dist) - GBP - 11,162.483 9,802.340 1,360.143 JPM Global Healthcare B (acc) - USD - 8,140.055 2,106.587 6,033.468 JPM Global Healthcare C (acc) - USD - 120,702.596 46,241.951 74,460.645 JPM Global Healthcare D (acc) - USD - 68,599.831 15,740.231 52,859.600

JPMorgan Funds - Global Infrastructure Trends Fund (10) JPM Global Infrastructure Trends A (acc) - EUR - 304,555.834 - 304,555.834

JPMorgan Funds - Global Life Sciences Fund (11) JPM Global Life Sciences A (acc) - USD* 68,221.148 1,408.723 69,629.871 - JPM Global Life Sciences A (dist) - USD* 1,971,624.254 1,314.110 1,972,938.364 - JF Global Life Sciences A (dist) - USD* 1,475,121.780 - 1,475,121.780 - JPM Global Life Sciences A (dist) - GBP* 14,388.690 312.921 14,701.611 - JPM Global Life Sciences C (acc) - USD* 45,140.812 - 45,140.812 - JPM Global Life Sciences D (acc) - USD* 534,861.298 - 534,861.298 -

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - USD 11,683,682.499 41,464,469.805 26,697,013.260 26,451,139.044 JPM Global Natural Resources A (acc) - EUR 30,263,079.268 31,472,278.131 23,920,967.729 37,814,389.670 JPM Global Natural Resources A (acc) - SGD - 16,104.229 - 16,104.229 JPM Global Natural Resources A (dist) - EUR 19,136,358.154 25,820,424.315 21,668,887.756 23,287,894.713 JPM Global Natural Resources B (acc) - EUR 1,543,964.585 5,014,826.019 4,932,517.267 1,626,273.337 JPM Global Natural Resources C (acc) - USD 4,583,433.934 12,446,807.980 11,478,865.857 5,551,376.057 JPM Global Natural Resources C (acc) - EUR 3,283,166.605 11,110,766.457 8,382,814.608 6,011,118.454 JPM Global Natural Resources D (acc) - USD 498,485.559 1,114,529.587 476,308.376 1,136,706.770 JPM Global Natural Resources D (acc) - EUR 13,857,865.078 11,723,045.399 10,889,844.803 14,691,065.674 JPM Global Natural Resources X (acc) - EUR 6,765,126.759 4,526,357.250 6,201,766.415 5,089,717.594

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities (USD) A (acc) - USD 361,675.816 2,928,325.088 708,247.788 2,581,753.116 JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 269,087.533 78,741.277 85,239.900 262,588.910 JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 13,653.554 1,434.129 12,552.908 2,534.775 JPM Global Real Estate Securities (USD) C (acc) - USD* 36,435.502 - 36,435.502 - JPM Global Real Estate Securities (USD) D (acc) - USD 80,247.892 882,395.003 350,148.344 612,494.551 JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 212,315.309 320,403.441 210,272.263 322,446.487 JPM Global Real Estate Securities (USD) X (acc) - USD 1,383,126.613 - 933,285.378 449,841.235 JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged)* 200,212.382 53,283.000 253,495.382 -

JPMorgan Funds - Global Research Enhanced Index Equity Fund (12) JPM Global Research Enhanced Index Equity X (acc) - EUR - 50,000.000 - 50,000.000

JPMorgan Funds - Global Short Duration Bond Fund (13) JPM Global Short Duration Bond A (acc) - USD - 17,586,142.758 4,146,211.220 13,439,931.538 JPM Global Short Duration Bond A (acc) - EUR (hedged) - 4,297,537.252 1,230,896.905 3,066,640.347 JPM Global Short Duration Bond B (acc) - USD - 35,000.000 - 35,000.000 JPM Global Short Duration Bond C (acc) - USD - 1,102,415.953 - 1,102,415.953 JPM Global Short Duration Bond C (dist) - GBP (hedged) - 4,717,000.424 506,107.551 4,210,892.873

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 6,305,109.846 1,083,321.475 2,500,392.245 4,888,039.076 JPM Global Socially Responsible A (dist) - USD 6,395,630.810 558,505.480 1,121,358.557 5,832,777.733 JPM Global Socially Responsible D (acc) - USD 354,302.291 87,123.037 93,391.793 348,033.535

(9) This Sub-Fund was launched on 2 October 2009. (10) This Sub-Fund was launched on 10 December 2009. (11) This Sub-Fund was merged into Global Healthcare Fund on 16 October 2009. (12) This Sub-Fund was launched on 15 June 2010. (13) This Sub-Fund was launched on 21 July 2009.

408 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued) JPMorgan Funds - Global Strategic Bond Fund (14) JPM Global Strategic Bond A (acc) - USD - 83,500.000 - 83,500.000 JPM Global Strategic Bond A (acc) - EUR (hedged) - 83,731.671 - 83,731.671 JPM Global Strategic Bond D (inc) - EUR (hedged) - 83,230.287 - 83,230.287

JPMorgan Funds - Highbridge Europe STEEP Fund JPM Highbridge Europe STEEP A (acc) - USD 363,337.061 17,528.040 370,399.626 10,465.475 JPM Highbridge Europe STEEP A (acc) - EUR 3,793,284.937 16,584,612.605 15,136,051.556 5,241,845.986 JPM Highbridge Europe STEEP A (dist) - GBP - 74,126.125 41,713.940 32,412.185 JPM Highbridge Europe STEEP A (inc) - EUR 395,885.368 94,140.004 458,427.720 31,597.652 JPM Highbridge Europe STEEP B (acc) - EUR 835,770.805 1,922,846.975 1,706,285.661 1,052,332.119 JPM Highbridge Europe STEEP C (acc) - EUR 2,455,498.312 14,043,988.567 8,429,689.844 8,069,797.035 JPM Highbridge Europe STEEP D (acc) - EUR 685,697.626 1,230,689.286 1,073,821.345 842,565.567 JPM Highbridge Europe STEEP X (acc) - EUR 443,026.749 2,474,700.702 1,388,443.832 1,529,283.619

JPMorgan Funds - Highbridge US STEEP Fund JPM Highbridge US STEEP A (acc) - USD 25,123,583.712 20,122,390.178 20,146,526.389 25,099,447.501 JPM Highbridge US STEEP A (acc) - EUR 200,339.228 26,286,798.882 8,128,050.341 18,359,087.769 JPM Highbridge US STEEP A (acc) - EUR (hedged) 49,880.000 665,175.449 471,491.929 243,563.520 JPM Highbridge US STEEP A (dist) - GBP 499,151.567 1,682,342.024 288,516.268 1,892,977.323 JPM Highbridge US STEEP A (inc) - EUR 250.248 607.532 352.788 504.992 JPM Highbridge US STEEP B (acc) - USD 693,888.714 1,170,570.928 847,684.598 1,016,775.044 JPM Highbridge US STEEP C (acc) - USD 4,285,235.973 15,046,938.981 7,268,169.258 12,064,005.696 JPM Highbridge US STEEP D (acc) - USD 109,587.198 968,840.068 337,087.285 741,339.981 JPM Highbridge US STEEP D (acc) - EUR* 7,253.665 8,324.621 15,578.286 - JPM Highbridge US STEEP D (acc) - EUR (hedged) - 189,878.279 43,019.452 146,858.827 JPM Highbridge US STEEP X (acc) - USD 5,421,290.291 9,273,626.016 1,883,207.209 12,811,709.098

JPMorgan Funds - Japan Dynamic Fund JPM Japan Dynamic A (acc) - JPY 835,266.360 289,549.428 312,894.413 811,921.375 JPM Japan Dynamic A (dist) - JPY 479,445.313 76.332 16,006.704 463,514.941

JPMorgan Funds - JF ASEAN Equity Fund (15) JF ASEAN Equity A (acc) - USD - 3,137,679.812 174,096.251 2,963,583.561 JF ASEAN Equity A (acc) - EUR - 1,132,734.188 190,301.701 942,432.487 JF ASEAN Equity D (acc) - USD - 80,684.047 4,637.444 76,046.603 JF ASEAN Equity D (acc) - EUR - 146,795.052 10,876.488 135,918.564

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD 3,870,546.674 1,460,501.211 3,428,256.259 1,902,791.626 JF Asia Alpha Plus A (dist) - USD 35,438.663 10,908.767 29,811.201 16,536.229 JF Asia Alpha Plus X (acc) - USD 130,165.000 - 76,023.392 54,141.608

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund JF Asia Pacific ex-Japan Equity A (acc) - USD 2,009,689.224 3,899,919.728 3,617,823.395 2,291,785.557 JF Asia Pacific ex-Japan Equity A (dist) - USD 5,226,629.812 1,093,972.516 1,679,689.101 4,640,913.227 JF Asia Pacific ex-Japan Equity A (dist) - GBP 280,064.340 73,382.610 275,787.684 77,659.266 JF Asia Pacific ex-Japan Equity B (acc) - USD - 14,660.650 4,314.014 10,346.636 JF Asia Pacific ex-Japan Equity C (acc) - USD 609,297.034 1,346,308.952 889,501.335 1,066,104.651 JF Asia Pacific ex-Japan Equity D (acc) - USD 2,057,373.516 811,642.443 768,301.032 2,100,714.927 JF Asia Pacific ex-Japan Equity D (acc) - EUR 73,531.634 243,714.950 136,768.873 180,477.711 JF Asia Pacific ex-Japan Equity I (acc) - USD 3,917,499.703 5,551,696.740 1,610,987.379 7,858,209.064 JF Asia Pacific ex-Japan Equity X (acc) - USD 343,647.571 3,132,143.000 737,431.505 2,738,359.066

JPMorgan Funds - JF China Fund JF China A (acc) - USD 16,252,469.501 14,275,774.756 18,106,599.822 12,421,644.435 JF China A (acc) - SGD - 498.563 - 498.563 JF China A (dist) - USD 50,279,766.508 45,081,840.571 39,936,246.978 55,425,360.101 JF China B (acc) - USD 2,765,529.912 623,714.616 2,317,232.626 1,072,011.902 JF China C (acc) - USD 2,484,053.574 5,157,691.901 3,954,354.034 3,687,391.441 JF China D (acc) - USD 13,527,676.199 6,139,941.506 8,525,167.786 11,142,449.919 JF China I (acc) - USD 36,252,248.933 4,239,040.315 16,784,105.361 23,707,183.887 JF China X (acc) - USD* - 92,365.908 92,365.908 -

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD 9,742,760.492 6,164,238.237 3,870,736.312 12,036,262.417 JF Greater China A (acc) - SGD - 498.563 - 498.563 JF Greater China A (dist) - USD 12,138,773.232 9,225,100.884 8,481,251.579 12,882,622.537 JF Greater China B (acc) - USD 333,596.867 206,145.279 287,647.012 252,095.134 JF Greater China C (acc) - USD 3,007,450.070 734,875.016 650,309.552 3,092,015.534 JF Greater China D (acc) - USD 3,675,963.617 1,582,837.548 1,748,359.993 3,510,441.172 JF Greater China X (acc) - USD* 115,000.001 - 115,000.001 -

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (acc) - USD 370,203.748 360,147.484 362,776.692 367,574.540 JF Hong Kong A (dist) - USD 4,558,228.241 406,755.412 1,772,016.649 3,192,967.004 JF Hong Kong B (acc) - USD 5,013.367 2,654.699 3,752.415 3,915.651 JF Hong Kong C (acc) - USD 314,254.824 540,673.965 314,399.307 540,529.482 JF Hong Kong D (acc) - USD 930,470.904 300,335.113 522,792.496 708,013.521

(14) This Sub-Fund was launched on 3 June 2010. (15) This Sub-Fund was launched on 4 September 2009.

409 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued) JPMorgan Funds - JF India Fund JF India A (acc) - USD 24,412,269.597 13,525,539.399 10,637,174.361 27,300,634.635 JF India A (acc) - SGD - 1,998.573 1,500.010 498.563 JF India A (dist) - USD 18,347,857.624 4,363,665.833 5,945,588.959 16,765,934.498 JF India B (acc) - USD 528,881.574 605,307.250 511,369.831 622,818.993 JF India C (acc) - USD 3,087,505.561 3,030,249.278 2,311,082.140 3,806,672.699 JF India D (acc) - USD 14,295,029.877 3,762,312.940 4,541,601.964 13,515,740.853 JF India X (acc) - USD 443,814.000 217,074.392 250,835.646 410,052.746

JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD 154,192.893 967,019.057 264,786.440 856,425.510 JF Japan Alpha Plus A (dist) - USD 535,141.505 215,391.482 372,592.097 377,940.890

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A (acc) - USD 6,208,182.487 5,366,895.786 5,961,128.785 5,613,949.488 JF Japan Equity A (acc) - EUR 314,269.950 256,672.326 490,036.694 80,905.582 JF Japan Equity A (acc) - JPY 923,792.909 7,401,445.478 7,465,888.207 859,350.180 JF Japan Equity A (dist) - USD 13,949,428.695 2,031,858.654 6,552,210.769 9,429,076.580 JF Japan Equity A (dist) - GBP 99,632.465 540,933.397 71,647.524 568,918.338 JF Japan Equity B (acc) - USD 664,245.362 32,447.498 83,591.249 613,101.611 JF Japan Equity C (acc) - USD 2,296,974.095 9,216,084.948 11,096,487.456 416,571.587 JF Japan Equity D (acc) - USD 5,362,892.985 918,272.472 1,820,981.620 4,460,183.837 JF Japan Equity D (acc) - EUR 67,523.876 61,569.326 29,611.037 99,482.165 JF Japan Equity J (dist) - USD 1,552,474.469 441,987.296 494,312.340 1,500,149.425 JF Japan Equity X (acc) - USD 115,358.546 940.000 90,155.426 26,143.120

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD 531,418.701 1,232,116.849 1,249,876.174 513,659.376 JF Japan Small Cap A (dist) - USD 5,591,927.213 1,619,922.609 3,155,861.831 4,055,987.991 JF Japan Small Cap B (acc) - USD 116,153.212 800,443.207 892,077.109 24,519.310 JF Japan Small Cap C (acc) - USD* 1,599,335.577 262,356.650 1,861,692.227 - JF Japan Small Cap D (acc) - USD 946,852.254 649,382.862 579,085.926 1,017,149.190 JF Japan Small Cap X (acc) - USD* 540,101.451 - 540,101.451 -

JPMorgan Funds - JF Korea Equity Fund JF Korea Equity A (acc) - USD 1,100,501.652 1,365,386.449 535,028.953 1,930,859.148 JF Korea Equity A (acc) - EUR 227,596.632 214,286.924 326,775.373 115,108.183 JF Korea Equity A (dist) - USD 216,419.880 176,278.518 202,548.139 190,150.259 JF Korea Equity B (acc) - USD - 450,000.000 - 450,000.000 JF Korea Equity C (acc) - USD - 664,664.149 340,376.661 324,287.488 JF Korea Equity D (acc) - USD 248,029.773 479,728.017 344,999.308 382,758.482 JF Korea Equity X (acc) - USD - 497,702.000 - 497,702.000

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD 2,010,497.176 2,438,590.171 4,146,002.737 303,084.610 JF Pacific Balanced A (dist) - USD 3,619,487.255 556,982.021 991,926.352 3,184,542.924 JF Pacific Balanced B (acc) - USD 553,413.000 463,145.935 511,258.935 505,300.000 JF Pacific Balanced D (acc) - USD 1,340,857.448 379,123.756 487,094.210 1,232,886.994

JPMorgan Funds - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD 3,810,498.024 1,873,676.692 942,092.047 4,742,082.669 JF Pacific Equity A (acc) - EUR 514,241.967 1,026,582.164 616,167.443 924,656.688 JF Pacific Equity A (dist) - USD 8,431,910.098 969,150.073 1,680,547.676 7,720,512.495 JF Pacific Equity A (dist) - GBP 47,479.359 14,489.075 2,981.515 58,986.919 JF Pacific Equity B (acc) - USD 1,301,950.966 464,202.180 89,176.652 1,676,976.494 JF Pacific Equity C (acc) - USD 2,829,890.584 169,853.682 2,323,755.350 675,988.916 JF Pacific Equity D (acc) - USD 3,763,370.054 3,684,877.546 2,461,349.720 4,986,897.880 JF Pacific Equity D (acc) - EUR 7,263.825 548,002.988 438,021.348 117,245.465 JF Pacific Equity I (acc) - USD* 448,127.012 - 448,127.012 -

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD 320,170.878 1,182,689.209 834,888.201 667,971.886 JF Pacific Technology A (acc) - EUR 48,190.927 82,436.255 109,681.057 20,946.125 JF Pacific Technology A (dist) - USD 1,229,092.174 796,245.642 494,997.127 1,530,340.689 JF Pacific Technology A (dist) - GBP 10,483.497 15,945.602 2,814.935 23,614.164 JF Pacific Technology B (acc) - USD 1,274,185.468 1,003,819.884 1,482,790.368 795,214.984 JF Pacific Technology C (acc) - USD 14,638.210 2,719,000.000 69,000.000 2,664,638.210 JF Pacific Technology D (acc) - USD 324,972.876 715,193.704 523,629.403 516,537.177

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD 1,098,674.687 1,291,109.671 1,521,135.416 868,648.942 JF Singapore A (acc) - SGD - 125,815.815 - 125,815.815 JF Singapore A (dist) - USD 4,742,791.519 1,248,796.474 2,562,737.344 3,428,850.649 JF Singapore B (acc) - USD 407,437.593 21,026.140 172,951.101 255,512.632 JF Singapore C (acc) - USD 9,578.446 83,646.501 67,116.814 26,108.133 JF Singapore D (acc) - USD 1,634,860.821 322,983.664 657,089.330 1,300,755.155 JF Singapore I (acc) - USD 2,745,952.258 4,557,374.924 6,670,824.595 632,502.587

410 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued) JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD 6,499,323.028 2,502,436.054 3,746,073.131 5,255,685.951 JF Taiwan A (acc) - EUR 6,925.925 10,171.984 6,930.925 10,166.984 JF Taiwan A (dist) - USD 24,494,876.806 11,796,214.849 16,529,903.251 19,761,188.404 JF Taiwan B (acc) - USD 316,860.837 214,222.231 491,494.704 39,588.364 JF Taiwan C (acc) - USD 1,477,435.958 360,906.094 1,684,068.424 154,273.628 JF Taiwan D (acc) - USD 1,410,632.755 2,584,087.575 2,903,528.046 1,091,192.284 JF Taiwan I (acc) - USD 3,971,271.202 4,139,809.995 3,293,532.287 4,817,548.910

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 6,197,136.686 4,941,230.507 3,098,418.497 8,039,948.696 JPM Latin America Equity A (dist) - USD 6,060,837.343 2,221,217.440 2,673,801.293 5,608,253.490 JF Latin America Equity A (dist) - USD 7,682,762.698 7,956,777.929 7,406,480.026 8,233,060.601 JPM Latin America Equity B (acc) - USD 1,636,889.022 2,583,598.476 1,474,802.842 2,745,684.656 JPM Latin America Equity C (acc) - USD 898,210.529 3,481,626.326 2,209,250.464 2,170,586.391 JPM Latin America Equity D (acc) - USD 4,771,699.992 2,273,304.780 2,591,848.658 4,453,156.114 JPM Latin America Equity I (acc) - USD 7,691,209.506 2,150,822.065 4,764,576.465 5,077,455.106 JPM Latin America Equity X (acc) - USD 2,507,623.295 59,410.950 205,000.000 2,362,034.245

JPMorgan Funds - Managed Reserves Fund (16) JPM Managed Reserves Fund A (acc) - USD - 250.000 - 250.000 JPM Managed Reserves Fund A (acc) - EUR (hedged) - 1,724.143 - 1,724.143 JPM Managed Reserves Fund A (dist) - GBP (hedged) - 251.862 - 251.862 JPM Managed Reserves Fund I (acc) - USD - 500.000 - 500.000 JPM Managed Reserves Fund I (acc) - SGD (hedged) - 251.717 - 251.717

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 31,273,282.112 57,692,152.083 45,718,987.430 43,246,446.765 JPM Russia A (dist) - USD 11,756,906.046 56,397,333.864 45,485,918.085 22,668,321.825 JPM Russia B (acc) - USD 3,209,588.712 3,388,294.807 3,859,756.220 2,738,127.299 JPM Russia C (acc) - USD 241,613.316 22,801,845.825 4,425,860.086 18,617,599.055 JPM Russia D (acc) - USD 11,700,468.778 11,977,195.206 10,043,546.025 13,634,117.959 JPM Russia I (acc) - USD 70,530,513.329 137,358,480.408 54,401,394.085 153,487,599.652

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 2,269,819.351 6,891,202.213 7,706,075.287 1,454,946.277 JPM Sterling Bond A (dist) - GBP 63,685,352.938 10,163,512.959 12,406,397.274 61,442,468.623 JPM Sterling Bond D (acc) - GBP 536,445.469 221,690.558 271,217.491 486,918.536

JPMorgan Funds - Systematic Alpha Fund (17) JPM Systematic Alpha A (acc) - EUR - 500,000.000 - 500,000.000

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 365,805.143 1,297,340.439 1,396,501.668 266,643.914 JPM UK Equity A (dist) - GBP 5,004,339.628 643,785.424 2,146,038.804 3,502,086.248 JPM UK Equity C (acc) - GBP 456,218.777 1,107,066.412 1,057,701.867 505,583.322 JPM UK Equity D (acc) - GBP 333,407.083 47,701.064 57,394.955 323,713.192 JPM UK Equity X (acc) - GBP* 491,305.000 79,138.000 570,443.000 -

JPMorgan Funds - US 130/30 Fund JPM US 130/30 A (acc) - USD 264,869.198 8,634,802.331 1,045,135.223 7,854,536.306 JPM US 130/30 A (acc) - EUR (hedged) 47,264.348 181,209.826 216,244.947 12,229.227 JPM US 130/30 A (dist) - GBP - 111,889.083 - 111,889.083 JPM US 130/30 C (acc) - USD - 4,749,768.852 497,374.118 4,252,394.734 JPM US 130/30 D (acc) - USD 296,558.285 281,400.331 353,896.643 224,061.973 JPM US 130/30 D (acc) - EUR (hedged) 60,092.941 355,774.240 95,743.343 320,123.838 JPM US 130/30 X (acc) - USD 1,672,903.367 931,748.275 206,462.454 2,398,189.188

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 16,389,330.805 27,730,634.209 17,212,858.998 26,907,106.016 JPM US Aggregate Bond A (inc) - USD 11,721,580.688 26,943,801.328 20,716,650.658 17,948,731.358 JPM US Aggregate Bond A (mth) - USD - 647,565.122 77,471.454 570,093.668 JPM US Aggregate Bond B (acc) - USD 7,392,145.894 7,964,210.416 4,589,853.147 10,766,503.163 JPM US Aggregate Bond C (acc) - USD 4,778,544.990 11,952,485.819 7,007,824.915 9,723,205.894 JPM US Aggregate Bond D (acc) - USD 1,374,239.516 2,138,368.291 2,154,706.597 1,357,901.210 JPM 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 Fund JPM US Dynamic A (acc) - USD 18,325,058.711 4,314,423.483 12,955,340.451 9,684,141.743 JPM US Dynamic A (acc) - EUR 8,019,990.828 556,061.938 6,222,464.701 2,353,588.065 JPM US Dynamic A (dist) - USD 24,723,070.956 25,092,760.859 16,914,849.241 32,900,982.574 JPM US Dynamic B (acc) - USD 831,177.238 1,139,959.270 1,617,438.496 353,698.012 JPM US Dynamic C (acc) - USD 13,234,506.761 4,617,980.845 8,467,910.183 9,384,577.423 JPM US Dynamic D (acc) - USD 2,520,927.694 283,430.527 1,205,392.508 1,598,965.713 JPM US Dynamic D (acc) - EUR 34,196.197 6,132.274 2,514.828 37,813.643 JPM 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 18,308,677.100 JPM US Dynamic X (acc) - USD 1,979,440.807 5,183,262.816 6,040,544.071 1,122,159.552

(16) This Sub-Fund was launched on 10 June 2010. (17) This Sub-Fund was launched on 1 July 2009.

411 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued) JPMorgan Funds - US Growth Alpha Plus Fund JPM US Growth Alpha Plus A (acc) - USD 240,000.000 2,646,702.578 2,641,262.497 245,440.081 JPM US Growth Alpha Plus A (dist) - USD - 2,362,655.162 - 2,362,655.162 JPM US Growth Alpha Plus C (acc) - EUR - 787,778.893 343,525.965 444,252.928 JPM US Growth Alpha Plus D (acc) - USD 240,000.000 7,531.031 - 247,531.031

JPMorgan Funds - US Select 130/30 Fund JPM US Select 130/30 A (acc) - USD 64,492,796.448 33,328,390.313 33,749,548.362 64,071,638.399 JPM US Select 130/30 A (acc) - EUR (hedged) 2,458,959.172 1,144,028.288 822,963.966 2,780,023.494 JPM US Select 130/30 A (dist) - USD 10,813,857.846 870,253.678 5,600,034.866 6,084,076.658 JPM US Select 130/30 A (dist) - GBP 988,663.279 2,792,381.335 184,044.755 3,596,999.859 JPM US Select 130/30 B (acc) - USD 2,213,635.430 1,823,849.786 383,587.194 3,653,898.022 JPM US Select 130/30 C (acc) - USD 32,263,659.122 16,238,047.359 13,233,811.565 35,267,894.916 JPM US Select 130/30 D (acc) - USD 155,265.875 276,959.294 122,363.929 309,861.240 JPM US Select 130/30 D (acc) - EUR (hedged) 62,463.945 1,134,093.639 205,336.746 991,220.838 JPM US Select 130/30 X (acc) - USD 47,930,818.516 4,698,993.152 3,455,373.535 49,174,438.133

JPMorgan Funds - US Small and Micro Cap Fund (18) JPM US Small and Micro Cap A (acc) - USD 4,839,158.501 8,291,669.760 6,332,350.064 6,798,478.197 JPM US Small and Micro Cap A (dist) - USD 502,444.090 232,917.013 156,703.723 578,657.380 JF US Small and Micro Cap A (dist) - USD 75,645.841 530,895.728 314,011.411 292,530.158 JPM US Small and Micro Cap D (acc) - USD 571,458.892 246,233.020 292,540.301 525,151.611 JPM 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 Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 59,628.631 1,545,062.927 240,910.378 1,363,781.180 JPM US Small Cap Growth A (dist) - USD 363,242.105 106,662.840 169,943.535 299,961.410 JPM US Small Cap Growth A (dist) - GBP 150.903 20,091.314 82.144 20,160.073 JPM US Small Cap Growth B (acc) - USD 77,159.748 64,993.894 186.579 141,967.063 JPM US Small Cap Growth D (acc) - USD 930,383.432 378,898.655 204,491.111 1,104,790.976 JPM US Small Cap Growth X (acc) - USD 11,593.549 - - 11,593.549

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 1,292,640.413 1,694,872.887 2,104,243.718 883,269.582 JPM US Strategic Growth A (acc) - EUR (hedged) 405,682.795 1,048,328.749 526,124.240 927,887.304 JPM US Strategic Growth A (dist) - USD 7,404,640.085 4,829,684.677 5,402,305.701 6,832,019.061 JPM US Strategic Growth A (dist) - GBP 11,281.642 17,583.382 3,960.023 24,905.001 JPM US Strategic Growth B (acc) - USD 149,161.198 129,444.690 73,726.055 204,879.833 JPM US Strategic Growth C (acc) - USD 3,987,308.100 2,092,401.861 5,393,542.650 686,167.311 JPM US Strategic Growth C (acc) - EUR (hedged) 28,022.735 12,707.605 28,064.920 12,665.420 JPM US Strategic Growth D (acc) - USD 311,924.077 297,696.562 169,881.332 439,739.307 JPM US Strategic Growth D (acc) - EUR (hedged) 34,846.280 76,539.594 37,213.727 74,172.147 JPM US Strategic Growth X (acc) - USD 1,713,161.916 41,609.091 1,720,546.573 34,224.434

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD 315,112.227 729,748.953 534,958.603 509,902.577 JPM US Technology A (acc) - EUR - 10,135.017 - 10,135.017 JPM US Technology A (dist) - USD 5,345,409.457 3,483,367.873 2,929,330.386 5,899,446.944 JF US Technology A (dist) - USD 4,693,464.892 6,711,212.724 6,581,298.571 4,823,379.045 JPM US Technology A (dist) - GBP 82,391.873 364,049.763 139,510.385 306,931.251 JPM US Technology B (acc) - USD* 3,078.643 - 3,078.643 - JPM US Technology C (acc) - USD 24,583.054 109,020.210 13,361.939 120,241.325 JPM US Technology D (acc) - USD 3,059,752.813 3,627,157.662 1,807,253.844 4,879,656.631 JPM US Technology D (acc) - EUR - 192,447.181 172,967.275 19,479.906 JPM US Technology X (acc) - USD 16,365.548 4,428.177 - 20,793.725

JPMorgan Funds - US Value Fund JPM US Value A (acc) - USD 14,275,126.931 1,821,255.430 12,556,315.023 3,540,067.338 JPM US Value A (acc) - EUR (hedged) 2,635,634.237 3,854,887.777 5,708,607.649 781,914.365 JPM US Value A (dist) - USD 21,814,304.813 19,779,311.289 23,679,748.658 17,913,867.444 JF US Value A (dist) - USD 257,437.340 541,479.235 254,517.704 544,398.871 JPM US Value A (dist) - GBP 34,454.848 8,593.206 24,741.096 18,306.958 JPM US Value B (acc) - USD 257,807.980 410,745.854 385,959.928 282,593.906 JPM US Value C (acc) - USD 14,379,611.254 10,469,493.213 9,189,702.944 15,659,401.523 JPM US Value C (acc) - EUR (hedged) 137,213.686 1,317,184.854 1,454,334.139 64.401 JPM US Value D (acc) - USD 2,733,682.822 615,019.704 900,160.994 2,448,541.532 JPM US Value D (acc) - EUR (hedged) 490,087.972 495,884.087 363,825.801 622,146.258 JPM US Value X (acc) - USD 11,837,646.830 1,353,481.128 3,033,311.626 10,157,816.332

(18) This Sub-Fund was renamed from America Micro Cap Fund on 1 October 2009.

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

412 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2009 (continued) JPMorgan Funds - Africa Equity Fund JPM Africa Equity A (acc) - USD 168,633.643 251,465.544 38,397.436 381,701.751 JPM Africa Equity A (acc) - EUR - 11,258.407 - 11,258.407 JPM Africa Equity A (dist) - GBP - 14,223.707 - 14,223.707 JPM Africa Equity B (acc) - USD - 78,849.001 11,317.001 67,532.000 JPM Africa Equity D (acc) - USD 200,000.000 433,215.553 56,468.451 576,747.102 JPM Africa Equity I (acc) - USD 150,000.000 - - 150,000.000

JPMorgan Funds - America Equity Fund JF America Equity A (dist) - USD 429,075.063 272,901.258 218,729.245 483,247.076 JPM America Equity A (acc) - EUR (hedged) 153,697.288 370,674.213 428,323.183 96,048.318 JPM America Equity A (acc) - USD 1,706,364.440 798,588.299 740,154.130 1,764,798.609 JPM America Equity A (dist) - USD 4,149,055.870 633,457.866 1,433,770.224 3,348,743.512 JPM America Equity B (acc) - USD 319,096.502 376,052.975 477,058.837 218,090.640 JPM America Equity C (acc) - EUR (hedged) 771,006.987 3,110,632.255 3,412,281.283 469,357.959 JPM America Equity C (acc) - USD 10,661,899.040 5,310,831.653 7,691,256.785 8,281,473.908 JPM America Equity D (acc) - EUR 8,611.013 75,286.972 70,756.067 13,141.918 JPM America Equity D (acc) - EUR (hedged) 427,125.930 1,269,960.973 1,338,366.595 358,720.308 JPM America Equity D (acc) - USD 1,718,514.294 1,174,854.074 1,440,367.180 1,453,001.188 JPM America Equity X (acc) - USD 911,371.684 31,937.260 618,385.000 324,923.944

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 271,008.133 3,721,016.543 2,362,612.716 1,629,411.960 JPM America Large Cap A (acc) - EUR - 28,420.138 3,114.480 25,305.658 JPM America Large Cap A (dist) - USD 2,122,744.892 3,803,136.774 3,346,248.780 2,579,632.886 JPM America Large Cap B (acc) - USD 255,239.938 58,666.271 199,142.685 114,763.524 JPM America Large Cap C (acc) - USD 3,384.487 3,319,485.927 345,048.092 2,977,822.322 JPM America Large Cap D (acc) - USD 400,432.663 1,479,613.592 735,521.272 1,144,524.983 JPM America Large Cap X (acc) - USD 500.000 - - 500.000

JPMorgan Funds - America Micro Cap Fund JF America Micro Cap A (dist) - USD 66,639.431 535,407.300 526,400.890 75,645.841 JPM America Micro Cap A (acc) - USD 1,150,278.272 4,783,104.012 1,094,223.783 4,839,158.501 JPM America Micro Cap A (dist) - USD 636,586.323 255,609.468 389,751.701 502,444.090 JPM America Micro Cap D (acc) - USD 675,070.681 119,972.163 223,583.952 571,458.892 JPM America Micro Cap X (acc) - USD 163,318.535 415,088.379 181,103.770 397,303.144

JPMorgan Funds - Brazil Alpha Plus Fund JPM Brazil Alpha Plus A (acc) - USD 1,995,329.359 5,268,738.412 4,287,308.037 2,976,759.734 JPM Brazil Alpha Plus B (acc) - USD 922,307.963 818,237.132 411,035.931 1,329,509.164 JPM Brazil Alpha Plus C (acc) - USD - 670,047.452 82,272.740 587,774.712 JPM Brazil Alpha Plus D (acc) - USD 1,770,455.604 1,868,575.262 1,319,362.463 2,319,668.403 JPM Brazil Alpha Plus I (acc) - USD 150,000.000 - 149,319.702 680.298

JPMorgan Funds - Eastern Europe Equity Fund JF Eastern Europe Equity A (dist) - EUR 6,183,296.407 3,195,997.578 4,376,890.125 5,002,403.860 JPM Eastern Europe Equity A (acc) - EUR 6,235,078.311 3,979,591.614 5,472,259.860 4,742,410.065 JPM Eastern Europe Equity A (dist) - EUR 13,427,783.911 4,589,333.187 7,472,035.548 10,545,081.550 JPM Eastern Europe Equity B (acc) - EUR 1,183,038.828 2,508,113.435 2,895,351.338 795,800.925 JPM Eastern Europe Equity C (acc) - EUR 2,665,953.428 615,965.778 2,610,282.787 671,636.419 JPM Eastern Europe Equity D (acc) - EUR 2,505,395.244 566,899.265 1,109,055.059 1,963,239.450 JPM 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 Fund JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 5,982,557.721 1,205,317.140 5,015,928.032 2,171,946.829 JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR - 38,754.997 - 38,754.997 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 9,913,992.154 3,136,186.630 5,138,288.649 7,911,890.135 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 592,824.288 1,509,643.870 1,096,786.042 1,005,682.116 JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,870,617.003 2,668,949.227 3,629,147.803 910,418.427 JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2,115,832.188 488,153.443 789,646.676 1,814,338.955 JPM 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 Alpha Plus Fund JPM Emerging Markets Alpha Plus A (acc) - USD 13,740,854.240 4,827,048.779 9,464,453.896 9,103,449.123 JPM Emerging Markets Alpha Plus A (dist) - USD 4,566,361.629 785,885.311 3,518,575.874 1,833,671.066 JPM Emerging Markets Alpha Plus D (acc) - USD 165,429.986 248,065.999 80,219.528 333,276.457 JPM Emerging Markets Alpha Plus X (acc) - USD* - 2,177,400.001 2,177,400.001 -

JPMorgan Funds - Emerging Markets Currency Alpha Fund (1) JPM Emerging Markets Currency Alpha A (acc) - EUR - 376,903.401 - 376,903.401

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A (acc) - EUR 2,773,565.229 5,589,136.855 3,373,987.204 4,988,714.880 JPM Emerging Markets Debt A (inc) - EUR 10,297,357.901 5,675,034.589 8,638,645.202 7,333,747.288 JPM Emerging Markets Debt A (mth) - EUR - 147,317.683 45,744.038 101,573.645 JPM Emerging Markets Debt C (acc) - EUR 2,503,332.674 3,943,745.502 3,839,945.807 2,607,132.369 JPM Emerging Markets Debt D (acc) - EUR 3,165,056.536 312,665.180 1,503,430.217 1,974,291.499 JPM Emerging Markets Debt I (inc) - EUR 2,299,667.059 847,601.127 2,291,195.312 856,072.874 JPM Emerging Markets Debt X (acc) - EUR* 5,656.002 - 5,656.002 -

(1) This Sub-Fund was launched on 30 April 2009. 413 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2009 (continued) JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 21,967,724.347 13,733,754.857 15,170,970.153 20,530,509.051 JPM Emerging Markets Equity A (acc) - EUR 20,712,269.711 15,319,913.334 14,768,884.373 21,263,298.672 JPM Emerging Markets Equity A (dist) - USD 103,480,032.598 46,113,155.688 69,147,681.917 80,445,506.369 JPM Emerging Markets Equity A (dist) - GBP 578,128.563 117,072.734 168,528.972 526,672.325 JPM Emerging Markets Equity B (acc) - USD 3,197,230.295 3,841,360.538 3,455,937.558 3,582,653.275 JPM Emerging Markets Equity C (acc) - USD 38,918,157.492 21,611,569.648 21,911,361.970 38,618,365.170 JPM Emerging Markets Equity D (acc) - USD 3,956,990.633 1,876,982.371 2,615,124.877 3,218,848.127 JPM Emerging Markets Equity D (acc) - EUR 693,083.398 610,550.906 401,733.957 901,900.347 JPM Emerging Markets Equity I (acc) - USD 22,552,227.924 12,499,604.033 8,124,294.924 26,927,537.033 JPM Emerging Markets Equity I (acc) - EUR - 668,537.860 - 668,537.860 JPM Emerging Markets Equity I (inc) - EUR 994,933.579 1,402,510.802 532,669.000 1,864,775.381 JPM Emerging Markets Equity X (acc) - USD 33,836,703.202 10,407,204.829 7,137,282.880 37,106,625.151 JPM Emerging Markets Equity X (dist) - USD - 369,638.944 0.010 369,638.934 JPM 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 Markets Infrastructure Equity Fund JPM Emerging Markets Infrastructure Equity A (acc) - USD 250,000.000 413,817.787 70,649.648 593,168.139 JPM Emerging Markets Infrastructure Equity A (acc) - EUR - 174,752.340 25,325.877 149,426.463 JPM Emerging Markets Infrastructure Equity B (acc) - USD - 69,844.001 18,501.001 51,343.000 JPM Emerging Markets Infrastructure Equity D (acc) - USD 250,000.000 484,493.839 47,274.372 687,219.467

JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPM Emerging Markets Local Currency Debt A (acc) - USD 135,977.116 62,006.413 148,704.885 49,278.644 JPM Emerging Markets Local Currency Debt A (acc) - EUR 121,134.020 179,146.525 272,921.085 27,359.460 JPM Emerging Markets Local Currency Debt B (acc) - USD* 69,254.174 32,669.870 101,924.044 - JPM Emerging Markets Local Currency Debt D (acc) - USD 118,966.689 479.852 119,296.541 150.000 JPM Emerging Markets Local Currency Debt D (acc) - EUR 120,076.900 82,385.560 125,835.134 76,627.326 JPM Emerging Markets Local Currency Debt X (acc) - USD - 6,930,440.333 - 6,930,440.333 JPM Emerging Markets Local Currency Debt X (acc) - EUR - 3,820,000.001 2,510,000.001 1,310,000.000

JPMorgan Funds - Emerging Markets Small Cap Fund JPM Emerging Markets Small Cap A (acc) - USD 383,471.360 1,744,621.851 1,063,556.728 1,064,536.483 JPM Emerging Markets Small Cap A (acc) - EUR 202,880.817 1,927,343.736 382,628.919 1,747,595.634 JPM Emerging Markets Small Cap A (dist) - GBP 99,029.775 24,575.573 114,454.255 9,151.093 JPM Emerging Markets Small Cap B (acc) - USD 85,187.000 790,045.092 458,788.202 416,443.890 JPM Emerging Markets Small Cap D (acc) - USD 102,942.462 424,014.028 161,150.656 365,805.834

JPMorgan Funds - Emerging Middle East Equity Fund (2) JPM Emerging Middle East Equity A (acc) - USD 5,754,551.025 3,305,427.862 7,120,298.132 1,939,680.755 JPM Emerging Middle East Equity A (acc) - EUR - 15,360.183 - 15,360.183 JPM Emerging Middle East Equity A (dist) - USD 17,276,617.093 5,974,537.588 10,774,613.522 12,476,541.159 JPM Emerging Middle East Equity B (acc) - USD 486,118.011 157,555.550 316,428.599 327,244.962 JPM Emerging Middle East Equity C (acc) - USD 1,029,505.230 1,885,870.827 621,873.476 2,293,502.581 JPM Emerging Middle East Equity D (acc) - USD 2,966,782.633 500,082.254 1,104,721.371 2,362,143.516

JPMorgan Funds - EU Government Bond Fund JPM EU Government Bond A (acc) - EUR - 4,482,705.611 867,743.313 3,614,962.298 JPM EU Government Bond B (acc) - EUR 3,216,223.617 13,382,706.653 9,139,293.082 7,459,637.188 JPM EU Government Bond C (acc) - EUR 4,845,899.854 27,680,889.637 15,214,737.756 17,312,051.735 JPM EU Government Bond D (acc) - EUR - 1,623,996.542 1,122,060.133 501,936.409 JPM EU Government Bond X (acc) - EUR - 2,678,849.845 883,685.561 1,795,164.284 JPM EU Government Bond X (inc) - EUR* - 1,923,168.029 1,923,168.029 -

JPMorgan Funds - Euro Corporate Bond Fund (3) JPM Euro Corporate Bond A (acc) - EUR - 195,587.500 - 195,587.500 JPM Euro Corporate Bond D (acc) - EUR - 195,587.500 - 195,587.500

JPMorgan Funds - Euro Government Short Duration Bond Fund (4) JPM Euro Government Short Duration Bond A (acc) - EUR - 157,418.400 - 157,418.400 JPM Euro Government Short Duration Bond A (inc) - EUR - 78,709.200 - 78,709.200 JPM Euro Government Short Duration Bond C (acc) - EUR - 28,988.828 9,639.395 19,349.433 JPM Euro Government Short Duration Bond D (acc) - EUR - 157,418.400 - 157,418.400

JPMorgan Funds - Euro Liquid Reserve Fund JPM Euro Liquid Reserve A (acc) - EUR 856,855.416 801,903.189 1,045,709.068 613,049.537 JPM Euro Liquid Reserve D (acc) - EUR 3,500,485.796 2,394,441.536 3,340,720.813 2,554,206.519

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 12,163,931.685 2,425,049.377 9,095,853.298 5,493,127.764 JPM Euroland Equity A (dist) - EUR 18,367,301.302 2,153,904.694 13,481,963.497 7,039,242.499 JF Euroland Equity A (dist) - USD 10,263,314.132 1,310,567.193 3,994,919.968 7,578,961.357 JPM Euroland Equity A (inc) - EUR 1,356,949.000 9,612.404 1,287,462.926 79,098.478 JPM Euroland Equity B (acc) - EUR 179,917.899 815,239.153 264,108.056 731,048.996 JPM Euroland Equity C (acc) - EUR 15,998,331.296 7,677,843.259 13,817,397.025 9,858,777.530 JPM Euroland Equity D (acc) - EUR 8,842,456.439 736,333.521 3,642,476.672 5,936,313.288 JPM Euroland Equity I (acc) - EUR 9,365,124.002 2,538.000 9,314,516.002 53,146.000 JPM Euroland Equity X (acc) - EUR 942,911.000 890,165.000 1,441,007.000 392,069.000

(2) This Sub-Fund was renamed from Middle East Equity Fund on 15 June 2009. (3) This Sub-Fund was launched on 27 February 2009. (4) This Sub-Fund was launched on 20 February 2009. 414 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2009 (continued) JPMorgan Funds - Euroland Select Equity Fund JPM Euroland Select Equity A (acc) - EUR 182,046.683 64,962.992 9,945.008 237,064.667 JPM Euroland Select Equity A (dist) - EUR 1,639.124 129,537.563 569.668 130,607.019 JPM Euroland Select Equity D (acc) - EUR 179,546.448 200,801.244 178,169.527 202,178.165 JPM Euroland Select Equity X (acc) - EUR 270,460.000 545,659.000 86,325.000 729,794.000

JPMorgan Funds - Europe 130/30 Fund JPM Europe 130/30 A (acc) - USD 348.675 90.385 90.383 348.677 JPM Europe 130/30 A (acc) - EUR 392,794.638 321,884.742 320,716.339 393,963.041 JPM Europe 130/30 A (dist) - EUR 63,041.867 36,623.350 5,367.340 94,297.877 JPM Europe 130/30 A (dist) - GBP 486.330 - - 486.330 JPM Europe 130/30 D (acc) - USD 348.675 - - 348.675 JPM Europe 130/30 D (acc) - EUR 192,249.128 44,834.765 11,257.698 225,826.195 JPM Europe 130/30 X (acc) - EUR 81,588.552 13,869.302 16,633.779 78,824.075

JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR 609,475.816 26,947.806 318,157.636 318,265.986 JPM Europe Aggregate Plus Bond A (inc) - EUR 4,195,740.968 670,908.424 2,620,443.761 2,246,205.631 JPM Europe Aggregate Plus Bond C (acc) - EUR 499,986.886 20,272.549 486,063.711 34,195.724 JPM Europe Aggregate Plus Bond D (acc) - EUR 2,092,655.661 154,608.938 1,362,361.444 884,903.155 JPM Europe Aggregate Plus Bond X (acc) - EUR* 77,190.002 - 77,190.002 -

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 3,389,861.780 54,644.729 717,909.371 2,726,597.138 JPM Europe Balanced (EUR) A (dist) - EUR 4,843,222.339 403,853.141 1,216,550.800 4,030,524.680 JPM Europe Balanced (EUR) B (acc) - EUR 1,898.387 21,116.794 21,914.878 1,100.303 JPM Europe Balanced (EUR) D (acc) - EUR 4,680,001.047 178,876.423 1,798,876.933 3,060,000.537

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 3,660,592.730 1,381,992.750 3,812,193.407 1,230,392.073 JPM Europe Convergence Equity A (dist) - EUR 7,043,451.929 2,527,720.171 5,572,867.502 3,998,304.598 JPM Europe Convergence Equity B (acc) - EUR - 1,891,103.153 82,105.882 1,808,997.271 JPM Europe Convergence Equity C (acc) - EUR 854,939.948 2,658,332.275 1,790,374.209 1,722,898.014 JPM Europe Convergence Equity D (acc) - EUR 1,721,878.558 105,868.809 701,575.080 1,126,172.287

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 5,401,511.763 7,257,999.681 6,277,820.271 6,381,691.173 JPM Europe Dynamic A (dist) - EUR 25,900,834.981 2,945,099.405 18,442,383.142 10,403,551.244 JPM Europe Dynamic A (dist) - GBP 96,440.481 13,204.810 53,980.758 55,664.533 JF Europe Dynamic A (dist) - EUR 734,102.003 161,076.880 380,073.365 515,105.518 JPM Europe Dynamic B (acc) - EUR 902,173.491 296,838.926 840,730.285 358,282.132 JPM Europe Dynamic C (acc) - EUR 7,207,105.315 3,767,383.274 5,455,408.687 5,519,079.902 JPM Europe Dynamic D (acc) - USD 28,883.551 5,421.865 27,907.480 6,397.936 JPM Europe Dynamic D (acc) - EUR 1,866,379.979 1,126,053.674 1,497,347.236 1,495,086.417 JPM Europe Dynamic I (acc) - EUR - 1,300,000.010 0.010 1,300,000.000 JPM 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 Fund JPM Europe Dynamic Mega Cap A (acc) - USD 953.088 15,026.147 15,026.147 953.088 JPM Europe Dynamic Mega Cap A (acc) - EUR 36,813,610.387 11,090,920.352 21,206,424.414 26,698,106.325 JPM Europe Dynamic Mega Cap A (dist) - EUR 5,117,279.113 1,439,055.247 3,054,003.587 3,502,330.773 JPM Europe Dynamic Mega Cap A (inc) - EUR 25,129.269 51.681 22,858.182 2,322.768 JPM Europe Dynamic Mega Cap B (acc) - EUR 1,256,667.149 2,577,978.620 2,427,056.534 1,407,589.235 JPM Europe Dynamic Mega Cap C (acc) - EUR 7,425,972.693 6,481,848.511 8,059,926.720 5,847,894.484 JPM Europe Dynamic Mega Cap D (acc) - USD 353.857 - - 353.857 JPM Europe Dynamic Mega Cap D (acc) - EUR 1,326,997.053 139,353.039 431,293.273 1,035,056.819 JPM Europe Dynamic Mega Cap I (acc) - EUR 495,773.834 - 211,193.242 284,580.592 JPM 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 Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 1,146,886.679 443,308.787 644,443.898 945,751.568 JPM Europe Dynamic Small Cap A (dist) - EUR 210,332.831 8,292.977 143,634.995 74,990.813 JPM Europe Dynamic Small Cap D (acc) - EUR 67,922.499 64,794.295 43,665.833 89,050.961 JPM Europe Dynamic Small Cap X (acc) - EUR 502,177.873 - 339,031.066 163,146.807

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - USD 8,443,451.237 1,221,541.427 4,331,688.223 5,333,304.441 JPM Europe Equity A (acc) - EUR 21,769,956.559 10,862,509.702 18,207,545.816 14,424,920.445 JPM Europe Equity A (dist) - EUR 24,685,666.465 2,197,060.467 17,361,974.576 9,520,752.356 JF Europe Equity A (dist) - USD 1,172,172.513 133,175.560 362,221.419 943,126.654 JPM Europe Equity B (acc) - EUR 749,766.975 325,207.499 746,014.965 328,959.509 JPM Europe Equity C (acc) - EUR 17,888,230.577 5,425,460.636 13,329,780.922 9,983,910.291 JPM Europe Equity D (acc) - USD 92,581.988 2,347.271 39,392.656 55,536.603 JPM Europe Equity D (acc) - EUR 7,086,480.752 535,172.691 3,696,279.865 3,925,373.578 JPM 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

415 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2009 (continued) JPMorgan Funds - Europe Focus Fund JPM Europe Focus A (acc) - USD 348.675 - - 348.675 JPM Europe Focus A (acc) - EUR 250,068.724 15,266.030 68,554.838 196,779.916 JPM Europe Focus A (dist) - EUR 27,420.800 1,350.456 5,676.202 23,095.054 JPM Europe Focus B (acc) - EUR 105,278.412 - - 105,278.412 JPM Europe Focus C (acc) - EUR* 29,589.081 3,127.303 32,716.384 - JPM Europe Focus D (acc) - USD 348.675 - - 348.675 JPM Europe Focus D (acc) - EUR 448,225.472 91,054.805 194,848.406 344,431.871 JPM Europe Focus X (acc) - EUR 2,728,377.627 64,251.949 2,564,981.160 227,648.416

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 1,463,106.107 1,472,636.065 1,543,684.396 1,392,057.776 JPM Europe High Yield Bond A (inc) - EUR 7,911,964.749 1,432,160.852 4,653,670.478 4,690,455.123 JPM Europe High Yield Bond C (acc) - EUR 314,019.797 191,959.142 395,122.667 110,856.272 JPM Europe High Yield Bond D (acc) - EUR 2,588,072.174 1,178,400.462 1,429,383.288 2,337,089.348 JPM Europe High Yield Bond X (acc) - EUR* 38,107.373 - 38,107.373 -

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR 220,838.364 86,770.220 101,524.615 206,083.969 JPM Europe Micro Cap A (dist) - EUR 5,554,320.547 1,204,247.102 805,394.806 5,953,172.843 JPM Europe Micro Cap D (acc) - EUR 777,083.324 48,018.610 196,803.129 628,298.805

JPMorgan Funds - Europe Select 130/30 Fund JPM Europe Select 130/30 A (acc) - USD 348.675 - - 348.675 JPM Europe Select 130/30 A (acc) - EUR 457,259.475 62,757.382 56,793.837 463,223.020 JPM Europe Select 130/30 A (dist) - EUR - 25,000.000 - 25,000.000 JPM Europe Select 130/30 A (dist) - GBP 586.330 3.000 - 589.330 JPM Europe Select 130/30 D (acc) - USD 348.675 - - 348.675 JPM Europe Select 130/30 D (acc) - EUR 230,475.286 13,321.522 47,156.514 196,640.294 JPM Europe Select 130/30 X (acc) - EUR 87,739.918 9,073.999 17,419.948 79,393.969

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 1,982,246.849 608,317.825 1,286,928.965 1,303,635.709 JPM Europe Small Cap A (dist) - EUR 9,522,157.098 1,176,969.732 3,078,456.161 7,620,670.669 JF Europe Small Cap A (dist) - EUR 2,860,008.515 430,260.017 977,059.146 2,313,209.386 JPM Europe Small Cap A (dist) - GBP 51,346.636 12,532.857 6,383.970 57,495.523 JPM Europe Small Cap B (acc) - EUR 184,162.005 19,619.461 67,246.625 136,534.841 JPM Europe Small Cap C (acc) - EUR 777,947.699 37,880.243 233,452.303 582,375.639 JPM Europe Small Cap D (acc) - EUR 2,905,450.006 332,042.491 1,386,280.610 1,851,211.887 JPM 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 Fund JPM Europe Strategic Growth A (acc) - EUR 23,226,377.910 2,916,790.165 19,336,184.478 6,806,983.597 JPM Europe Strategic Growth A (dist) - EUR 51,012,143.382 7,169,820.889 23,326,326.575 34,855,637.696 JPM Europe Strategic Growth A (dist) - GBP 44,190.074 1,309.273 6,721.513 38,777.834 JPM Europe Strategic Growth B (acc) - EUR 998,166.061 121,655.376 678,363.692 441,457.745 JPM Europe Strategic Growth C (acc) - EUR 18,798,350.012 12,817,151.508 10,571,288.587 21,044,212.933 JPM Europe Strategic Growth D (acc) - EUR 7,710,446.418 185,477.850 3,669,994.833 4,225,929.435 JPM Europe Strategic Growth I (acc) - EUR 3,894,991.312 - 1,669,991.312 2,225,000.000 JPM 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 Growth Small Cap Fund JPM Europe Strategic Growth Small Cap A (acc) - EUR 188,843.931 - - 188,843.931 JPM Europe Strategic Growth Small Cap D (acc) - EUR 188,666.667 448.846 448.846 188,666.667

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 16,988,894.346 15,977,514.814 19,614,992.299 13,351,416.861 JPM Europe Strategic Value A (dist) - EUR 168,689,219.867 21,843,017.090 54,537,155.194 135,995,081.763 JPM Europe Strategic Value A (dist) - GBP 26,116.602 1,874.705 4,870.070 23,121.237 JPM Europe Strategic Value B (acc) - EUR 855,711.331 152,313.562 467,936.715 540,088.178 JPM Europe Strategic Value C (acc) - EUR 5,064,004.516 5,162,312.915 6,306,430.050 3,919,887.381 JPM Europe Strategic Value D (acc) - EUR 13,953,169.890 2,652,831.249 6,624,931.511 9,981,069.628 JPM 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

JPMorgan Funds - Europe Strategic Value Small Cap Fund JPM Europe Strategic Value Small Cap A (acc) - EUR 187,979.922 - - 187,979.922 JPM Europe Strategic Value Small Cap D (acc) - EUR 187,798.930 1,249.051 - 189,047.981

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 748,083.804 1,509,368.270 1,789,160.799 468,291.275 JPM Europe Technology A (dist) - EUR 11,709,308.045 3,458,664.818 6,269,825.360 8,898,147.503 JF Europe Technology A (dist) - EUR 1,738,352.163 416,242.361 650,474.350 1,504,120.174 JPM Europe Technology A (dist) - GBP 40,827.935 972.970 9,689.905 32,111.000 JPM Europe Technology B (acc) - EUR 170,042.513 223,404.629 229,655.178 163,791.964 JPM 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 1,854,823.017 JPM Europe Technology X (acc) - EUR 43,899.206 4,175.699 39,525.692 8,549.213

416 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2009 (continued) JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 4,173,077.981 5,003,244.121 3,935,245.057 5,241,077.045 JPM Germany Equity A (dist) - EUR 24,959,369.721 22,799,195.893 24,372,223.091 23,386,342.523 JF Germany Equity A (dist) - EUR 860,876.643 108,286.358 197,746.817 771,416.184 JPM Germany Equity B (acc) - EUR 87,838.702 466,521.202 534,388.786 19,971.118 JPM Germany Equity C (acc) - EUR 1,193,006.427 5,857,312.089 5,592,990.554 1,457,327.962 JPM Germany Equity D (acc) - EUR 42,384,207.159 4,720,698.735 22,380,669.624 24,724,236.270 JPM Germany Equity I (acc) - EUR 13,154,831.916 10,162,216.194 17,753,793.979 5,563,254.131 JPM Germany Equity X (acc) - EUR 102,339.406 3,238,914.000 492,295.000 2,848,958.406

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 321,668.014 49,439.602 185,809.863 185,297.753 JPM Global Aggregate Bond A (inc) - USD 2,068,322.239 734,210.280 1,418,092.167 1,384,440.352 JPM Global Aggregate Bond C (acc) - USD 28,997.000 259,979.861 - 288,976.861 JPM Global Aggregate Bond D (acc) - USD 953,272.946 170,722.687 595,019.245 528,976.388

JPMorgan Funds - Global Consumer Trends Fund JPM Global Consumer Trends A (acc) - EUR 200,000.000 118,529.219 3,323.095 315,206.124 JPM Global Consumer Trends C (acc) - EUR - 119,839.545 2,011.496 117,828.049 JPM Global Consumer Trends D (acc) - EUR 200,000.000 10,631.116 2,860.556 207,770.560

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 36,993,414.108 JPM Global Convertibles (EUR) A (acc) - CHF (hedged) - 232,010.053 600.001 231,410.052 JPM Global Convertibles (EUR) A (dist) - EUR 81,756,150.432 27,634,252.931 41,096,760.650 68,293,642.713 JPM Global Convertibles (EUR) A (dist) - GBP (hedged) - 3,166,507.553 330,889.152 2,835,618.401 JF Global Convertibles (EUR) A (dist) - USD 960,984.369 1,591,223.094 1,102,242.027 1,449,965.436 JPM Global Convertibles (EUR) B (acc) - EUR 2,301,312.436 3,192,494.604 2,141,534.362 3,352,272.678 JPM Global Convertibles (EUR) B (acc) - CHF (hedged) - 1,287,629.879 520,785.973 766,843.906 JPM Global Convertibles (EUR) C (acc) - EUR 13,382,756.489 57,088,643.628 26,509,880.547 43,961,519.570 JPM Global Convertibles (EUR) C (acc) - CHF (hedged) - 289,366.282 - 289,366.282 JPM Global Convertibles (EUR) C (dist) - GBP (hedged) - 2,937,575.611 248,989.000 2,688,586.611 JPM Global Convertibles (EUR) D (acc) - EUR 17,198,886.290 10,202,438.323 10,436,049.489 16,965,275.124 JPM Global Convertibles (EUR) I (acc) - EUR 3,900,806.819 4,873,667.061 3,592,310.000 5,182,163.880 JPM Global Convertibles (EUR) I (inc) - EUR 250,000.000 - - 250,000.000 JPM 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 Corporate Bond Fund (5) JPM Global Corporate Bond A (acc) - USD - 50,000.000 - 50,000.000 JPM Global Corporate Bond A (acc) - EUR (hedged) - 197,812.895 - 197,812.895 JPM Global Corporate Bond A (dist) - GBP (hedged) - 1,326,450.136 - 1,326,450.136 JPM Global Corporate Bond D (acc) - USD - 50,000.000 - 50,000.000 JPM Global Corporate Bond D (acc) - EUR (hedged) - 197,812.895 - 197,812.895

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 15,037,221.850 4,374,458.025 9,943,877.425 9,467,802.450 JPM Global Dynamic A (dist) - USD 43,282,995.879 7,971,015.552 15,667,885.631 35,586,125.800 JPM Global Dynamic A (dist) - GBP 660,420.998 120,900.125 161,234.837 620,086.286 JPM Global Dynamic A (acc) - EUR 1,184,112.700 972,506.561 991,417.520 1,165,201.741 JPM Global Dynamic A (acc) - EUR (hedged) 3,429,619.011 71,445.021 3,478,112.271 22,951.761 JF Global Dynamic A (dist) - USD 754,552.768 123,429.048 95,834.285 782,147.531 JPM Global Dynamic A (inc) - EUR 1,503,747.767 114,149.986 354,895.863 1,263,001.890 JPM Global Dynamic B (acc) - USD 4,996,127.735 422,248.995 3,527,414.627 1,890,962.103 JPM Global Dynamic C (acc) - EUR 4,442,368.277 12,878,833.704 6,767,094.653 10,554,107.328 JPM Global Dynamic C (acc) - EUR (hedged) 1,057,739.908 2,333,270.137 1,558,654.423 1,832,355.622 JPM Global Dynamic C (acc) - USD 14,237,495.899 6,283,194.508 5,635,517.596 14,885,172.811 JPM Global Dynamic D (acc) - EUR 432,405.837 149,164.596 341,085.359 240,485.074 JPM Global Dynamic D (acc) - EUR (hedged) 164,320.579 184,624.089 120,556.161 228,388.507 JPM Global Dynamic D (acc) - USD 5,525,707.843 3,478,257.210 3,259,781.404 5,744,183.649 JPM Global Dynamic I (acc) - USD 4,165,087.000 233,960.430 2,837,436.054 1,561,611.376 JPM Global Dynamic I (inc) - EUR - 4,089,748.045 0.010 4,089,748.035 JPM Global Dynamic X (acc) - USD 14,652,478.826 5,013,921.191 7,857,168.246 11,809,231.771 JPM Global Dynamic X (acc) - EUR 19,785,268.282 6,592,713.931 - 26,377,982.213

JPMorgan Funds - Global Equity Fund (EUR) (6) JPM Global Equity (EUR) A (acc) - EUR 81,875.234 - 81,875.234 - JPM Global Equity (EUR) A (dist) - EUR 536,461.686 - 536,461.686 - JPM Global Equity (EUR) C (acc) - EUR 2,847,479.655 - 2,847,479.655 - JPM Global Equity (EUR) D (acc) - EUR 328,268.765 - 328,268.765 -

JPMorgan Funds - Global Equity Fund (USD) JPM Global Equity (USD) A (acc) - USD 594,011.785 761,464.519 852,505.552 502,970.752 JPM Global Equity (USD) A (acc) - EUR (hedged) - 219,622.677 47,092.920 172,529.757 JPM Global Equity (USD) A (dist) - USD 507,344.604 60,268.392 159,651.733 407,961.263 JF Global Equity (USD) A (dist) - USD 892,705.859 263,172.707 218,170.874 937,707.692 JPM Global Equity (USD) A (dist) - EUR (hedged) - 3,824,661.060 436,942.440 3,387,718.620 JPM Global Equity (USD) C (acc) - USD 7,562,935.932 4,149.213 - 7,567,085.145 JPM Global Equity (USD) C (acc) - EUR (hedged) - 5,830,744.978 7,940.571 5,822,804.407 JPM Global Equity (USD) D (acc) - USD 160,986.960 51,108.309 118,787.824 93,307.445 JPM Global Equity (USD) D (acc) - EUR (hedged) - 386,841.979 147,993.917 238,848.062 JPM Global Equity (USD) X (acc) - USD 2,957.934 - - 2,957.934 JPM Global Equity (USD) X (acc) - EUR - 5,217,065.411 - 5,217,065.411

(5) This Sub-Fund was launched on 27 February 2009. (6) This Sub-Fund was merged into Global Equity Fund (USD) on 17 July 2008. 417 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2009 (continued) JPMorgan Funds - Global Focus Fund JPM Global Focus A (acc) - EUR 12,687,324.617 3,844,217.443 5,683,132.472 10,848,409.588 JPM Global Focus A (acc) - EUR (hedged) 192,297.870 3,178,916.689 876,561.114 2,494,653.445 JPM Global Focus A (dist) - EUR 2,798,285.864 1,228,279.415 1,052,836.089 2,973,729.190 JF Global Focus A (dist) - USD 886,608.785 97,910.765 418,902.419 565,617.131 JPM Global Focus B (acc) - EUR - 171,712.775 30,727.701 140,985.074 JPM Global Focus C (acc) - EUR 2,715,148.661 9,465,081.106 2,717,095.768 9,463,133.999 JPM Global Focus C (acc) - EUR (hedged) - 872,218.608 220,250.571 651,968.037 JPM Global Focus D (acc) - EUR 2,615,092.998 618,939.371 732,459.591 2,501,572.778 JPM Global Focus D (acc) - EUR (hedged) 145,244.120 3,440,924.455 3,104,985.017 481,183.558 JPM Global Focus X (acc) - EUR 4,634,316.485 16,183.000 2,193,404.149 2,457,095.336

JPMorgan Funds - Global Government Bond Fund (7) JPM Global Government Bond A (acc) - EUR - 2,609,467.400 - 2,609,467.400 JPM Global Government Bond A (acc) - USD (hedged) - 79,176.563 - 79,176.563 JPM Global Government Bond C (acc) - EUR - 4,131,472.730 357,558.678 3,773,914.052 JPM Global Government Bond D (acc) - EUR - 157,418.400 - 157,418.400 JPM Global Government Bond X (acc) - EUR - 644,745.010 51,645.010 593,100.000

JPMorgan Funds - Global Government Short Duration Bond Fund (8) JPM Global Government Short Duration Bond A (acc) - EUR - 78,709.200 - 78,709.200 JPM Global Government Short Duration Bond A (acc) - USD (hedged) - 79,176.564 - 79,176.564 JPM Global Government Short Duration Bond C (acc) - USD (hedged) - 79,176.564 - 79,176.564 JPM Global Government Short Duration Bond D (acc) - EUR - 78,709.200 - 78,709.200 JPM Global Government Short Duration Bond D (acc) - USD (hedged) - 79,176.564 - 79,176.564

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A (acc) - USD 123,974.228 548,330.078 604,083.158 68,221.148 JPM Global Life Sciences A (dist) - USD 2,671,616.214 1,157,989.276 1,857,981.236 1,971,624.254 JF Global Life Sciences A (dist) - USD 1,767,752.188 2,559,753.932 2,852,384.340 1,475,121.780 JPM Global Life Sciences A (dist) - GBP 15,640.791 115.960 1,368.061 14,388.690 JPM Global Life Sciences C (acc) - USD - 45,140.812 - 45,140.812 JPM Global Life Sciences D (acc) - USD 629,710.648 785,806.624 880,655.974 534,861.298

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - USD 8,792,266.759 12,320,499.365 9,429,083.625 11,683,682.499 JPM Global Natural Resources A (acc) - EUR 35,929,142.932 21,893,999.401 27,560,063.065 30,263,079.268 JPM Global Natural Resources A (dist) - EUR 19,646,787.596 10,616,233.241 11,126,662.683 19,136,358.154 JPM Global Natural Resources B (acc) - EUR 2,208,951.876 2,480,242.872 3,145,230.163 1,543,964.585 JPM Global Natural Resources C (acc) - USD 2,003,926.440 6,224,357.771 3,644,850.277 4,583,433.934 JPM Global Natural Resources C (acc) - EUR 6,924,779.044 4,645,926.462 8,287,538.901 3,283,166.605 JPM Global Natural Resources D (acc) - USD 284,450.033 511,051.111 297,015.585 498,485.559 JPM Global Natural Resources D (acc) - EUR 12,427,401.283 8,533,785.691 7,103,321.896 13,857,865.078 JPM Global Natural Resources X (acc) - EUR 5,718,572.641 2,708,427.574 1,661,873.456 6,765,126.759

JPMorgan Funds - Global Real Estate Securities Fund (EUR) (9) JPM Global Real Estate Securities (EUR) A (acc) - EUR 252,519.417 - 252,519.417 - JPM Global Real Estate Securities (EUR) A (inc) - EUR 6,927.717 - 6,927.717 - JPM Global Real Estate Securities (EUR) D (acc) - EUR 201,663.820 - 201,663.820 - JPM Global Real Estate Securities (EUR) X (acc) - EUR 180,642.099 - 180,642.099 -

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities (USD) A (acc) - USD 222,054.620 462,747.481 323,126.285 361,675.816 JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) - 389,288.745 120,201.212 269,087.533 JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) - 14,279.377 625.823 13,653.554 JPM Global Real Estate Securities (USD) C (acc) - USD 10,208.268 26,227.234 - 36,435.502 JPM Global Real Estate Securities (USD) D (acc) - USD 36,018.465 107,332.181 63,102.754 80,247.892 JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) - 553,432.418 341,117.109 212,315.309 JPM Global Real Estate Securities (USD) X (acc) - USD 1,181,531.621 201,594.992 - 1,383,126.613 JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) - 201,817.383 1,605.001 200,212.382

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 3,310,830.350 5,068,982.859 2,074,703.363 6,305,109.846 JPM Global Socially Responsible A (dist) - USD 4,308,105.218 4,725,322.218 2,637,796.626 6,395,630.810 JPM Global Socially Responsible D (acc) - USD 441,299.619 32,604.114 119,601.442 354,302.291

JPMorgan Funds - Highbridge Europe STEEP Fund JPM Highbridge Europe STEEP A (acc) - USD 344,375.601 18,984.444 22.984 363,337.061 JPM Highbridge Europe STEEP A (acc) - EUR 1,503,772.108 4,245,612.242 1,956,099.413 3,793,284.937 JPM Highbridge Europe STEEP A (inc) - EUR 341,973.900 53,911.468 - 395,885.368 JPM Highbridge Europe STEEP B (acc) - EUR 70,452.784 1,438,341.569 673,023.548 835,770.805 JPM Highbridge Europe STEEP C (acc) - EUR 2,453,270.066 4,288,475.757 4,286,247.511 2,455,498.312 JPM Highbridge Europe STEEP D (acc) - EUR 395,329.235 526,525.453 236,157.062 685,697.626 JPM Highbridge Europe STEEP X (acc) - EUR - 939,075.333 496,048.584 443,026.749

(7) This Sub-Fund was launched on 20 February 2009. (8) This Sub-Fund was launched on 20 February 2009. (9) This Sub-Fund was merged into Global Real Estate Securities Fund (USD) on 31 July 2008.

418 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2009 (continued) JPMorgan Funds - Highbridge US STEEP Fund JPM Highbridge US STEEP A (acc) - USD 3,890,545.976 31,680,145.614 10,447,107.878 25,123,583.712 JPM Highbridge US STEEP A (acc) - EUR 400,772.248 1,651,148.192 1,851,581.212 200,339.228 JPM Highbridge US STEEP A (acc) - EUR (hedged) - 49,880.000 - 49,880.000 JPM Highbridge US STEEP A (dist) - GBP - 507,833.444 8,681.877 499,151.567 JPM Highbridge US STEEP A (inc) - EUR 400,772.248 - 400,522.000 250.248 JPM Highbridge US STEEP B (acc) - USD 205,851.000 1,411,855.481 923,817.767 693,888.714 JPM Highbridge US STEEP C (acc) - USD - 6,147,820.188 1,862,584.215 4,285,235.973 JPM Highbridge US STEEP D (acc) - USD 400,000.000 113,847.659 404,260.461 109,587.198 JPM Highbridge US STEEP D (acc) - EUR 400,772.248 7,564.203 401,082.786 7,253.665 JPM Highbridge US STEEP X (acc) - USD 12,299.410 11,234,038.377 5,825,047.496 5,421,290.291

JPMorgan Funds - Japan Dynamic Fund JPM Japan Dynamic A (acc) - JPY 1,007,299.157 14,723.943 186,756.740 835,266.360 JPM Japan Dynamic A (dist) - JPY 483,374.780 4,591.895 8,521.362 479,445.313

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD 5,899,318.697 1,599,419.882 3,628,191.905 3,870,546.674 JF Asia Alpha Plus A (dist) - USD 29,000.000 7,438.663 1,000.000 35,438.663 JF Asia Alpha Plus X (acc) - USD 188,038.088 - 57,873.088 130,165.000

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund JF Asia Pacific ex-Japan Equity A (acc) - USD 1,258,037.019 2,303,874.367 1,552,222.162 2,009,689.224 JF Asia Pacific ex-Japan Equity A (dist) - USD 7,070,202.916 513,983.052 2,357,556.156 5,226,629.812 JF Asia Pacific ex-Japan Equity A (dist) - GBP 25,807.259 262,961.370 8,704.289 280,064.340 JF Asia Pacific ex-Japan Equity C (acc) - USD 598,862.643 1,285,777.663 1,275,343.272 609,297.034 JF Asia Pacific ex-Japan Equity D (acc) - USD 2,737,620.992 833,028.144 1,513,275.620 2,057,373.516 JF Asia Pacific ex-Japan Equity D (acc) - EUR 69,180.133 20,972.579 16,621.078 73,531.634 JF Asia Pacific ex-Japan Equity I (acc) - USD 4,550,247.899 5,029,160.953 5,661,909.149 3,917,499.703 JF Asia Pacific ex-Japan Equity X (acc) - USD 348,082.087 322,810.000 327,244.516 343,647.571

JPMorgan Funds - JF China Fund JF China A (acc) - USD 7,069,632.862 15,889,754.705 6,706,918.066 16,252,469.501 JF China A (dist) - USD 43,726,090.184 36,247,023.957 29,693,347.633 50,279,766.508 JF China B (acc) - USD 2,687,091.359 1,666,308.255 1,587,869.702 2,765,529.912 JF China C (acc) - USD 1,134,992.649 2,820,099.492 1,471,038.567 2,484,053.574 JF China D (acc) - USD 11,352,671.107 9,453,993.403 7,278,988.311 13,527,676.199 JF China I (acc) - USD 4,545,764.197 31,948,030.630 241,545.895 36,252,248.933 JF China X (acc) - USD* 1,213,854.060 106,772.489 1,320,626.549 -

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD 7,815,779.970 3,674,785.873 1,747,805.351 9,742,760.492 JF Greater China A (dist) - USD 10,591,296.440 5,976,200.977 4,428,724.185 12,138,773.232 JF Greater China B (acc) - USD 125,332.099 260,100.912 51,836.144 333,596.867 JF Greater China C (acc) - USD 4,196,022.970 1,037,031.776 2,225,604.676 3,007,450.070 JF Greater China D (acc) - USD 4,318,286.801 859,525.183 1,501,848.367 3,675,963.617 JF Greater China X (acc) - USD 99,028.111 128,745.127 112,773.237 115,000.001

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (dist) - USD 4,644,076.995 1,443,185.389 1,529,034.143 4,558,228.241 JF Hong Kong A (acc) - USD 648,147.137 712,745.936 990,689.325 370,203.748 JF Hong Kong B (acc) - USD 65,153.785 31,917.578 92,057.996 5,013.367 JF Hong Kong C (acc) - USD 422,843.747 277,989.744 386,578.667 314,254.824 JF Hong Kong D (acc) - USD 1,156,379.581 184,326.889 410,235.566 930,470.904

JPMorgan Funds - JF India Fund JF India A (acc) - USD 21,809,130.453 13,792,798.189 11,189,659.045 24,412,269.597 JF India A (dist) - USD 23,757,356.215 4,005,899.719 9,415,398.310 18,347,857.624 JF India B (acc) - USD 576,834.692 574,488.947 622,442.065 528,881.574 JF India C (acc) - USD 2,894,894.387 3,669,911.911 3,477,300.737 3,087,505.561 JF India D (acc) - USD 16,212,734.856 3,692,131.208 5,609,836.187 14,295,029.877 JF India X (acc) - USD 2,104,454.160 163,931.000 1,824,571.160 443,814.000

JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD 800,120.931 58,998.291 704,926.329 154,192.893 JF Japan Alpha Plus A (dist) - USD 1,231,143.688 2,724.603 698,726.786 535,141.505 JF Japan Alpha Plus D (acc) - USD* 6,842.288 - 6,842.288 -

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A (acc) - USD 9,249,339.698 7,119,892.692 10,161,049.903 6,208,182.487 JF Japan Equity A (acc) - EUR 394,613.097 75,035.401 155,378.548 314,269.950 JF Japan Equity A (acc) - JPY 1,999,924.570 27,295.715 1,103,427.376 923,792.909 JF Japan Equity A (dist) - USD 20,633,001.255 3,225,525.688 9,909,098.248 13,949,428.695 JF Japan Equity A (dist) - GBP 328,490.615 40,495.095 269,353.245 99,632.465 JF Japan Equity B (acc) - USD 1,198,286.940 109,261.511 643,303.089 664,245.362 JF Japan Equity C (acc) - USD 5,960,371.726 748,812.164 4,412,209.795 2,296,974.095 JF Japan Equity D (acc) - USD 6,392,323.560 2,394,780.554 3,424,211.129 5,362,892.985 JF Japan Equity D (acc) - EUR 72,610.949 13,498.694 18,585.767 67,523.876 JF Japan Equity I (acc) - USD* 1,049,502.141 - 1,049,502.141 - JF Japan Equity J (dist) - USD 1,908,530.434 243,719.606 599,775.571 1,552,474.469 JF Japan Equity X (acc) - USD 383,068.050 3,501.000 271,210.504 115,358.546

419 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2009 (continued) JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD 519,935.586 409,132.987 397,649.872 531,418.701 JF Japan Small Cap A (dist) - USD 13,895,672.815 2,930,831.260 11,234,576.862 5,591,927.213 JF Japan Small Cap B (acc) - USD 629,551.392 88,992.072 602,390.252 116,153.212 JF Japan Small Cap C (acc) - USD 813,656.750 2,283,753.126 1,498,074.299 1,599,335.577 JF Japan Small Cap D (acc) - USD 1,052,532.999 232,539.827 338,220.572 946,852.254 JF Japan Small Cap X (acc) - USD 540,101.451 - - 540,101.451

JPMorgan Funds - JF Korea Equity Fund JF Korea Equity A (acc) - USD 3,286,555.461 481,500.890 2,667,554.699 1,100,501.652 JF Korea Equity A (acc) - EUR 235,120.667 51,151.112 58,675.147 227,596.632 JF Korea Equity A (dist) - USD 214,396.750 220,382.117 218,358.987 216,419.880 JF Korea Equity B (acc) - USD* 260,000.000 - 260,000.000 - JF Korea Equity C (acc) - USD* 10,077.241 - 10,077.241 - JF Korea Equity D (acc) - USD 186,902.929 364,921.856 303,795.012 248,029.773 JF Korea Equity X (acc) - USD* 27,500.000 3,194.516 30,694.516 -

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD 396,430.440 1,804,085.790 190,019.054 2,010,497.176 JF Pacific Balanced A (dist) - USD 4,171,547.267 455,408.775 1,007,468.787 3,619,487.255 JF Pacific Balanced B (acc) - USD 505,300.000 82,352.000 34,239.000 553,413.000 JF Pacific Balanced D (acc) - USD 1,892,940.900 96,009.410 648,092.862 1,340,857.448

JPMorgan Funds - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD 3,787,838.172 1,528,864.906 1,506,205.054 3,810,498.024 JF Pacific Equity A (acc) - EUR 408,007.230 1,380,902.022 1,274,667.285 514,241.967 JF Pacific Equity A (dist) - USD 11,202,424.885 659,223.548 3,429,738.335 8,431,910.098 JF Pacific Equity A (dist) - GBP 44,464.857 4,678.788 1,664.286 47,479.359 JF Pacific Equity B (acc) - USD 982,738.892 332,593.351 13,381.277 1,301,950.966 JF Pacific Equity C (acc) - USD 3,749,169.105 1,755,330.083 2,674,608.604 2,829,890.584 JF Pacific Equity D (acc) - USD 3,094,748.820 2,345,805.795 1,677,184.561 3,763,370.054 JF Pacific Equity D (acc) - EUR 29,918.049 4,231.263 26,885.487 7,263.825 JF Pacific Equity I (acc) - USD 448,127.012 - - 448,127.012

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD 335,149.976 282,687.071 297,666.169 320,170.878 JF Pacific Technology A (acc) - EUR - 48,190.927 - 48,190.927 JF Pacific Technology A (dist) - USD 2,244,870.808 203,200.693 1,218,979.327 1,229,092.174 JF Pacific Technology A (dist) - GBP 6,442.886 4,367.136 326.525 10,483.497 JF Pacific Technology B (acc) - USD 1,284,302.992 92,078.218 102,195.742 1,274,185.468 JF Pacific Technology C (acc) - USD 14,638.211 158.522 158.523 14,638.210 JF Pacific Technology D (acc) - USD 345,782.847 133,234.740 154,044.711 324,972.876

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD 1,982,974.060 765,484.141 1,649,783.514 1,098,674.687 JF Singapore A (dist) - USD 6,215,695.020 2,657,430.154 4,130,333.655 4,742,791.519 JF Singapore B (acc) - USD 1,173,277.516 158,978.673 924,818.596 407,437.593 JF Singapore C (acc) - USD 17,489.424 15,251.685 23,162.663 9,578.446 JF Singapore D (acc) - USD 2,107,300.225 185,610.852 658,050.256 1,634,860.821 JF Singapore I (acc) - USD 16,964,975.969 2,218,205.193 16,437,228.904 2,745,952.258 JF Singapore X (acc) - USD* 26,647.112 - 26,647.112 -

JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD 15,212,949.807 7,177,535.571 15,891,162.350 6,499,323.028 JF Taiwan A (acc) - EUR - 7,075.926 150.001 6,925.925 JF Taiwan A (dist) - USD 34,464,177.309 13,383,301.202 23,352,601.705 24,494,876.806 JF Taiwan B (acc) - USD 600,129.018 603,402.362 886,670.543 316,860.837 JF Taiwan C (acc) - USD 3,533,624.282 1,850,192.668 3,906,380.992 1,477,435.958 JF Taiwan D (acc) - USD 2,645,993.987 454,398.347 1,689,759.579 1,410,632.755 JF Taiwan I (acc) - USD 21,736,443.804 2,889,665.397 20,654,837.999 3,971,271.202 JF Taiwan X (acc) - USD* 191,441.517 - 191,441.517 -

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 7,192,392.086 4,078,683.545 5,073,938.945 6,197,136.686 JPM Latin America Equity A (dist) - USD 8,400,599.024 2,259,637.976 4,599,399.657 6,060,837.343 JF Latin America Equity A (dist) - USD 7,881,414.218 5,375,299.432 5,573,950.952 7,682,762.698 JPM Latin America Equity B (acc) - USD 2,135,854.291 1,433,374.086 1,932,339.355 1,636,889.022 JPM Latin America Equity C (acc) - USD 2,047,344.533 1,013,884.268 2,163,018.272 898,210.529 JPM Latin America Equity D (acc) - USD 5,164,745.893 1,653,721.949 2,046,767.850 4,771,699.992 JPM Latin America Equity I (acc) - USD 22,332,506.051 2,633,579.685 17,274,876.230 7,691,209.506 JPM Latin America Equity X (acc) - USD 2,859,927.430 742,961.705 1,095,265.840 2,507,623.295

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 22,568,104.721 41,052,585.142 32,347,407.751 31,273,282.112 JPM Russia A (dist) - USD 10,605,121.146 29,196,705.165 28,044,920.265 11,756,906.046 JPM Russia B (acc) - USD 5,558,749.060 2,695,336.561 5,044,496.909 3,209,588.712 JPM Russia C (acc) - USD 11,571,837.379 10,851,096.373 22,181,320.436 241,613.316 JPM Russia D (acc) - USD 10,659,473.855 7,590,442.804 6,549,447.881 11,700,468.778 JPM Russia I (acc) - USD 38,399,060.279 96,787,601.210 64,656,148.160 70,530,513.329

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 758,920.442 2,301,596.762 790,697.853 2,269,819.351 JPM Sterling Bond A (dist) - GBP 116,087,641.514 19,295,373.527 71,697,662.103 63,685,352.938 JPM Sterling Bond D (acc) - GBP 779,695.488 83,309.425 326,559.444 536,445.469 420 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2009 (continued) JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 1,293,267.630 185,976.086 1,113,438.573 365,805.143 JPM UK Equity A (dist) - GBP 8,200,803.769 1,631,303.215 4,827,767.356 5,004,339.628 JPM UK Equity C (acc) - GBP 811,415.474 696,878.100 1,052,074.797 456,218.777 JPM UK Equity D (acc) - GBP 415,308.540 67,633.685 149,535.142 333,407.083 JPM UK Equity X (acc) - GBP - 491,305.000 - 491,305.000

JPMorgan Funds - US 130/30 Fund JPM US 130/30 A (acc) - USD 263,627.005 358,124.808 356,882.615 264,869.198 JPM US 130/30 A (acc) - EUR (hedged) 280,734.011 - 233,469.663 47,264.348 JPM US 130/30 D (acc) - USD 276,340.462 48,355.357 28,137.534 296,558.285 JPM US 130/30 D (acc) - EUR (hedged) 271,435.926 17,483.370 228,826.355 60,092.941 JPM US 130/30 X (acc) - USD 286,346.883 1,430,516.645 43,960.161 1,672,903.367

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 11,867,789.580 15,969,495.199 11,447,953.974 16,389,330.805 JPM US Aggregate Bond A (inc) - USD 5,741,946.295 16,616,449.171 10,636,814.778 11,721,580.688 JPM US Aggregate Bond B (acc) - USD 2,615,526.720 6,607,480.724 1,830,861.550 7,392,145.894 JPM US Aggregate Bond C (acc) - USD 3,447,616.159 7,118,756.075 5,787,827.244 4,778,544.990 JPM US Aggregate Bond D (acc) - USD 2,415,777.886 1,732,502.698 2,774,041.068 1,374,239.516 JPM 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 Fund JPM US Dynamic A (acc) - USD 37,580,925.126 9,636,085.182 28,891,951.597 18,325,058.711 JPM US Dynamic A (acc) - EUR 5,197,943.967 6,485,118.360 3,663,071.499 8,019,990.828 JPM US Dynamic A (dist) - USD 51,139,190.555 4,017,585.949 30,433,705.548 24,723,070.956 JPM US Dynamic B (acc) - USD 2,845,950.266 980,401.494 2,995,174.522 831,177.238 JPM US Dynamic C (acc) - USD 22,229,798.150 4,272,521.724 13,267,813.113 13,234,506.761 JPM US Dynamic D (acc) - USD 4,906,790.322 439,751.808 2,825,614.436 2,520,927.694 JPM US Dynamic D (acc) - EUR 67,379.174 5,846.346 39,029.323 34,196.197 JPM US Dynamic I (acc) - USD 6,879,345.358 - 542,000.000 6,337,345.358 JPM US Dynamic I (inc) - EUR 19,777,911.360 218,018.331 - 19,995,929.691 JPM US Dynamic X (acc) - USD 9,827,336.182 581,187.037 8,429,082.412 1,979,440.807

JPMorgan Funds - US Growth Alpha Plus Fund (10) JPM US Growth Alpha Plus A (acc) - USD - 240,000.000 - 240,000.000 JPM US Growth Alpha Plus D (acc) - USD - 240,000.000 - 240,000.000

JPMorgan Funds - US Select 130/30 Fund JPM US Select 130/30 A (acc) - USD 39,524,129.927 46,985,010.420 22,016,343.899 64,492,796.448 JPM US Select 130/30 A (acc) - EUR (hedged) 1,788,637.873 1,895,451.269 1,225,129.970 2,458,959.172 JPM US Select 130/30 A (dist) - USD 3,892,433.022 7,763,350.982 841,926.158 10,813,857.846 JPM US Select 130/30 A (dist) - GBP 89,168.852 1,020,575.463 121,081.036 988,663.279 JPM US Select 130/30 B (acc) - USD 789,499.356 1,983,748.130 559,612.056 2,213,635.430 JPM US Select 130/30 C (acc) - USD 23,306,378.567 38,658,439.090 29,701,158.535 32,263,659.122 JPM US Select 130/30 D (acc) - USD 143,538.936 130,734.008 119,007.069 155,265.875 JPM US Select 130/30 D (acc) - EUR (hedged) 45,422.421 61,692.775 44,651.251 62,463.945 JPM US Select 130/30 I (inc) - USD* 6,080,000.000 - 6,080,000.000 - JPM US Select 130/30 X (acc) - USD 33,974,376.976 32,105,874.803 18,149,433.263 47,930,818.516

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 51,580.698 26,814.127 18,766.194 59,628.631 JPM US Small Cap Growth A (dist) - USD 404,572.462 18,233.223 59,563.580 363,242.105 JPM US Small Cap Growth A (dist) - GBP 150.903 - - 150.903 JPM US Small Cap Growth B (acc) - USD 77,159.748 - - 77,159.748 JPM US Small Cap Growth D (acc) - USD 1,667,793.453 90,720.526 828,130.547 930,383.432 JPM US Small Cap Growth X (acc) - USD 500.010 11,093.549 0.010 11,593.549

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 8,145,880.742 1,590,224.270 8,443,464.599 1,292,640.413 JPM US Strategic Growth A (acc) - EUR (hedged) 2,469,765.321 240,152.400 2,304,234.926 405,682.795 JPM US Strategic Growth A (dist) - USD 42,711,399.169 6,214,933.612 41,521,692.696 7,404,640.085 JPM US Strategic Growth A (dist) - GBP 17,840.408 1,417.175 7,975.941 11,281.642 JPM US Strategic Growth B (acc) - USD 1,347,336.974 224,110.043 1,422,285.819 149,161.198 JPM US Strategic Growth C (acc) - USD 11,028,595.204 6,051,316.224 13,092,603.328 3,987,308.100 JPM US Strategic Growth C (acc) - EUR (hedged) 994,776.027 563,293.313 1,530,046.605 28,022.735 JPM US Strategic Growth D (acc) - USD 419,426.683 101,323.115 208,825.721 311,924.077 JPM US Strategic Growth D (acc) - EUR (hedged) 20,837.755 40,671.001 26,662.476 34,846.280 JPM 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 Fund JPM US Technology A (acc) - USD 1,204,205.747 684,980.712 1,574,074.232 315,112.227 JF US Technology A (dist) - USD 4,820,930.654 7,776,727.976 7,904,193.738 4,693,464.892 JPM US Technology A (dist) - USD 15,944,061.600 1,770,476.683 12,369,128.826 5,345,409.457 JPM US Technology A (dist) - GBP 30,999.391 55,752.904 4,360.422 82,391.873 JPM US Technology B (acc) - USD - 390,968.205 387,889.562 3,078.643 JPM US Technology C (acc) - USD 19,518.980 5,064.074 - 24,583.054 JPM US Technology D (acc) - USD 2,841,126.684 1,654,790.485 1,436,164.356 3,059,752.813 JPM US Technology X (acc) - USD 3,126,853.579 3,327.130 3,113,815.161 16,365.548

(10) This Sub-Fund was launched on 4 September 2008.

421 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2009 (continued) JPMorgan Funds - US Value Fund JPM US Value A (acc) - USD 13,580,870.347 16,934,184.657 16,239,928.073 14,275,126.931 JPM US Value A (acc) - EUR (hedged) 1,337,892.958 4,616,382.128 3,318,640.849 2,635,634.237 JPM US Value A (dist) - USD 26,968,840.325 25,217,272.552 30,371,808.064 21,814,304.813 JF US Value A (dist) - USD 151,231.707 497,520.507 391,314.874 257,437.340 JPM US Value A (dist) - GBP 50,063.299 17,561.047 33,169.498 34,454.848 JPM US Value B (acc) - USD 200,919.073 499,709.325 442,820.418 257,807.980 JPM US Value C (acc) - USD 11,849,443.656 13,836,140.070 11,305,972.472 14,379,611.254 JPM US Value C (acc) - EUR (hedged) - 2,510,927.020 2,373,713.334 137,213.686 JPM US Value D (acc) - USD 3,979,931.995 676,020.113 1,922,269.286 2,733,682.822 JPM US Value D (acc) - EUR (hedged) 351,599.275 336,616.143 198,127.446 490,087.972 JPM 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. 422 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 - Africa Equity Fund (1) JPM Africa Equity A (acc) - USD - 168,633.643 - 168,633.643 JPM Africa Equity D (acc) - USD - 200,000.000 - 200,000.000 JPM Africa Equity I (acc) - USD - 150,000.000 - 150,000.000

JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 2,191,194.046 1,861,941.178 2,346,770.784 1,706,364.440 JPM America Equity A (dist) - USD 5,556,809.994 6,155,489.821 7,563,243.945 4,149,055.870 JF America Equity A (dist) - USD 545,513.798 139,885.913 256,324.648 429,075.063 JPM America Equity A (acc) - EUR (hedged) 26,946.066 3,034,915.062 2,908,163.840 153,697.288 JPM America Equity B (acc) - USD 218,747.201 171,696.173 71,346.872 319,096.502 JPM America Equity C (acc) - EUR (hedged) - 1,228,367.361 457,360.374 771,006.987 JPM America Equity C (acc) - USD 7,078,336.652 8,687,126.741 5,103,564.353 10,661,899.040 JPM America Equity D (acc) - EUR (hedged) 26,490.066 697,535.845 296,899.981 427,125.930 JPM America Equity D (acc) - EUR 9,557.871 10,025.680 10,972.538 8,611.013 JPM America Equity D (acc) - USD 1,932,601.590 1,781,750.541 1,995,837.837 1,718,514.294 JPM America Equity X (acc) - USD 994,178.673 139,430.407 222,237.396 911,371.684

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 335,908.279 334,087.083 398,987.229 271,008.133 JPM America Large Cap A (dist) - USD 2,949,629.026 2,847,643.614 3,674,527.748 2,122,744.892 JPM America Large Cap B (acc) - USD 112,091.757 174,139.692 30,991.511 255,239.938 JPM America Large Cap C (acc) - USD - 3,384.487 - 3,384.487 JPM America Large Cap D (acc) - USD 459,732.645 304,762.460 364,062.442 400,432.663 JPM America Large Cap X (acc) - USD - 500.000 - 500.000

JPMorgan Funds - America Micro Cap Fund JPM America Micro Cap A (acc) - USD 3,708,190.884 467,846.387 3,025,758.999 1,150,278.272 JPM America Micro Cap A (dist) - USD 1,080,853.310 169,138.618 613,405.605 636,586.323 JF America Micro Cap A (dist) - USD 123,062.631 49,729.507 106,152.707 66,639.431 JPM America Micro Cap D (acc) - USD 1,080,076.610 218,263.773 623,269.702 675,070.681 JPM America Micro Cap X (acc) - USD 15,487.006 163,318.536 15,487.007 163,318.535

JPMorgan Funds - Brazil Alpha Plus Fund (2) JPM Brazil Alpha Plus A (acc) - USD - 2,621,694.968 626,365.610 1,995,329.358 JPM Brazil Alpha Plus B (acc) - USD - 931,314.964 9,007.001 922,307.963 JPM Brazil Alpha Plus C (acc) - USD - 841,929.640 841,929.640 - JPM Brazil Alpha Plus D (acc) - USD - 1,829,148.951 58,693.348 1,770,455.603 JPM Brazil Alpha Plus I (acc) - USD - 150,000.000 - 150,000.000

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 1,990,154.670 10,552,981.598 6,308,057.957 6,235,078.311 JPM Eastern Europe Equity A (dist) - EUR 14,158,698.977 6,188,365.601 6,919,280.667 13,427,783.911 JF Eastern Europe Equity A (dist) - EUR 4,941,761.225 8,867,801.932 7,626,266.750 6,183,296.407 JPM Eastern Europe Equity B (acc) - EUR 144,210.260 1,183,776.962 144,948.394 1,183,038.828 JPM Eastern Europe Equity C (acc) - EUR 665,006.999 3,750,400.703 1,749,454.274 2,665,953.428 JPM Eastern Europe Equity D (acc) - EUR 2,960,822.863 1,862,565.609 2,317,993.228 2,505,395.244 JPM Eastern Europe Equity I (acc) - EUR 11,758,308.150 12,199,652.761 12,364,906.925 11,593,053.986 JPM 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 Fund JPM Emerging Europe Middle East and Africa Equity A (acc)- USD 3,196,718.829 7,109,770.973 4,323,932.081 5,982,557.721 JPM Emerging Europe Middle East and Africa Equity A (dist) - USD 5,364,321.982 9,368,795.215 4,819,125.043 9,913,992.154 JPM Emerging Europe Middle East and Africa Equity B (acc) - USD 218,329.200 641,124.356 266,629.268 592,824.288 JPM Emerging Europe Middle East and Africa Equity C (acc) - USD 166,213.626 3,216,981.031 1,512,577.654 1,870,617.003 JPM Emerging Europe Middle East and Africa Equity D (acc) - USD 1,377,014.173 1,676,638.683 937,820.668 2,115,832.188 JPM 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 Alpha Plus Fund JPM Emerging Markets Alpha Plus A (acc) - USD 19,494,071.733 13,489,330.653 19,242,548.146 13,740,854.240 JPM Emerging Markets Alpha Plus A (dist) - USD 6,839,557.721 4,969,357.353 7,242,553.445 4,566,361.629 JPM Emerging Markets Alpha Plus D (acc) - USD 176,073.632 167,398.792 178,042.438 165,429.986

JPMorgan Funds - Emerging Markets Debt Fund JPM Emerging Markets Debt A (acc) - EUR 7,143,981.300 2,805,703.851 7,176,119.922 2,773,565.229 JPM Emerging Markets Debt A (inc) - EUR 10,669,542.531 10,662,758.199 11,034,942.829 10,297,357.901 JPM Emerging Markets Debt C (acc) - EUR 653,748.769 3,194,239.281 1,344,655.376 2,503,332.674 JPM Emerging Markets Debt D (acc) - EUR 4,948,144.105 3,079,792.680 4,862,880.249 3,165,056.536 JPM Emerging Markets Debt I (Inc) - EUR 250,000.001 2,187,667.059 138,000.001 2,299,667.059 JPM Emerging Markets Debt X (acc) - EUR 5,656.002 - - 5,656.002

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 32,964,443.994 20,471,139.646 31,467,859.293 21,967,724.347 JPM Emerging Markets Equity A (dist) - USD 109,167,399.640 60,256,627.857 65,943,994.899 103,480,032.598 JPM Emerging Markets Equity A (dist) - GBP 280,266.023 358,434.567 60,572.027 578,128.563 JPM Emerging Markets Equity A (acc) - EUR 29,008,138.308 16,437,227.226 24,733,095.823 20,712,269.711 JPM Emerging Markets Equity B (acc) - USD 3,238,645.574 1,400,882.274 1,442,297.553 3,197,230.295 JPM Emerging Markets Equity C (acc) - USD 25,223,090.798 42,309,004.985 28,613,938.291 38,918,157.492 JPM Emerging Markets Equity D (acc) - USD 4,225,337.866 3,037,218.901 3,305,566.134 3,956,990.633 JPM Emerging Markets Equity D (acc) - EUR 250,830.893 847,626.836 405,374.331 693,083.398 JPM Emerging Markets Equity I (acc) - USD 21,773,521.677 9,910,809.358 9,132,103.111 22,552,227.924 JPM Emerging Markets Equity I (inc) - EUR 1,637,800.000 672,433.579 1,315,300.000 994,933.579 JPM Emerging Markets Equity X (acc) - USD 33,891,049.355 11,950,842.109 12,005,188.262 33,836,703.202 JPM Emerging Markets Equity X (inc) - EUR 17,940,341.373 507,101.223 6,424,048.374 12,023,394.222 (1) This Sub-Fund was launched on 14 May 2008. (2) This Sub-Fund was launched on 18 October 2007. 423 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 - Emerging Markets Infrastructure Equity Fund (3) JPM Emerging Markets Infrastructure Equity A (acc) - USD - 250,000.000 - 250,000.000 JPM Emerging Markets Infrastructure Equity D (acc) - USD - 250,000.000 - 250,000.000

JPMorgan Funds - Emerging Markets Local Currency Debt Fund (4) JPM Emerging Markets Local Currency Debt A (acc) - EUR - 121,134.020 - 121,134.020 JPM Emerging Markets Local Currency Debt A (acc) - USD - 135,977.116 - 135,977.116 JPM Emerging Markets Local Currency Debt B (acc) - USD - 138,508.350 69,254.176 69,254.174 JPM Emerging Markets Local Currency Debt D (acc) - EUR - 120,076.900 - 120,076.900 JPM Emerging Markets Local Currency Debt D (acc) - USD - 118,966.689 - 118,966.689

JPMorgan Funds - Emerging Markets Small Cap Fund (5) JPM Emerging Markets Small Cap A (acc) - USD - 385,325.161 1,853.802 383,471.359 JPM Emerging Markets Small Cap A (dist) - GBP - 99,029.775 - 99,029.775 JPM Emerging Markets Small Cap A (acc) - EUR - 202,889.817 9.000 202,880.817 JPM Emerging Markets Small Cap B (acc) - USD - 85,187.000 - 85,187.000 JPM Emerging Markets Small Cap D (acc) - USD - 104,737.604 1,795.143 102,942.461

JPMorgan Funds - EU Government Bond Fund (6) JPM EU Government Bond B (acc) - EUR - 3,357,989.761 141,766.144 3,216,223.617 JPM EU Government Bond C (acc) - EUR - 8,237,567.436 3,391,667.583 4,845,899.853

JPMorgan Funds - Euro Liquid Reserve Fund JPM Euro Liquid Reserve A (acc) - EUR 108,599.181 1,196,850.631 448,594.396 856,855.416 JPM Euro Liquid Reserve D (acc) - EUR 866,611.558 6,648,565.370 4,014,691.132 3,500,485.796

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 42,972,831.964 18,763,585.885 49,572,486.164 12,163,931.685 JPM Euroland Equity A (dist) - EUR 45,084,048.473 13,721,796.983 40,438,544.154 18,367,301.302 JF Euroland Equity A (dist) - USD 25,155,026.703 4,740,470.229 19,632,182.800 10,263,314.132 JPM Euroland Equity A (inc) - EUR - 4,827,291.001 3,470,342.001 1,356,949.000 JPM Euroland Equity B (acc) - EUR - 199,700.740 19,782.841 179,917.899 JPM Euroland Equity C (acc) - EUR 21,047,520.302 15,759,168.635 20,808,357.641 15,998,331.296 JPM Euroland Equity D (acc) - EUR 26,818,488.143 6,613,671.456 24,589,703.160 8,842,456.439 JPM Euroland Equity I (acc) - EUR 19,998,524.767 7,630,293.472 18,263,694.237 9,365,124.002 JPM Euroland Equity X (acc) - EUR - 947,661.001 4,750.001 942,911.000

JPMorgan Funds - Euroland Select Equity Fund (7) JPM Euroland Select Equity A (acc) - EUR - 258,809.734 76,763.052 182,046.682 JPM Euroland Select Equity A (dis) - EUR - 1,639.125 - 1,639.125 JPM Euroland Select Equity D (acc) - EUR - 254,696.099 75,149.652 179,546.447 JPM Euroland Select Equity X (acc) - EUR - 270,460.000 - 270,460.000

JPMorgan Funds - Europe 130/30 Fund JPM Europe 130/30 A (acc) - EUR 371,996.101 372,296.578 351,498.041 392,794.638 JPM Europe 130/30 A (acc) - USD - 348.676 - 348.676 JPM Europe 130/30 A (dist) - EUR - 63,041.868 - 63,041.868 JPM Europe 130/30 A (dist) - GBP - 486.331 - 486.331 JPM Europe 130/30 D (acc) - EUR 371,996.101 16,196.282 195,943.255 192,249.128 JPM Europe 130/30 D (acc) - USD - 348.676 - 348.676 JPM Europe 130/30 X (acc) - EUR - 99,650.136 18,061.584 81,588.552

JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR 6,627,178.217 1,808,585.392 7,826,287.793 609,475.816 JPM Europe Aggregate Plus Bond A (inc) - EUR 10,615,345.591 5,476,642.362 11,896,246.985 4,195,740.968 JPM Europe Aggregate Plus Bond B (acc) - EUR 17,973.757 - 17,973.757 - JPM Europe Aggregate Plus Bond C (acc) - EUR 8,456.381 506,417.245 14,886.740 499,986.886 JPM Europe Aggregate Plus Bond D (acc) - EUR 4,063,727.126 3,430,622.990 5,401,694.455 2,092,655.661 JPM Europe Aggregate Plus Bond X (acc) - EUR 88,171.002 3,900.000 14,881.000 77,190.002

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 417,712.342 3,754,544.969 782,395.531 3,389,861.780 JPM Europe Balanced (EUR) A (dist) - EUR 6,894,461.212 996,060.234 3,047,299.107 4,843,222.339 JPM Europe Balanced (EUR) B (acc) - EUR - 3,282.675 1,384.288 1,898.387 JPM Europe Balanced (EUR) D (acc) - EUR 7,608,389.311 1,927,565.612 4,855,953.876 4,680,001.047

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 2,149,096.781 4,723,550.426 3,212,054.477 3,660,592.730 JPM Europe Convergence Equity A (dist) - EUR 11,167,050.299 1,675,694.206 5,799,292.576 7,043,451.929 JPM Europe Convergence Equity C (acc) - EUR 222,991.540 1,431,882.752 799,934.344 854,939.948 JPM Europe Convergence Equity D (acc) - EUR 2,870,158.020 573,461.672 1,721,741.134 1,721,878.558

(3) This Sub-Fund was launched on 28 April 2008. (4) This Sub-Fund was launched on 24 January 2008. (5) This Sub-Fund was launched on 15 November 2007. (6) This Sub-Fund was launched on 17 April 2008. (7) This Sub-Fund was launched on 24 July 2007.

424 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 Dynamic Fund JPM Europe Dynamic A (acc) - EUR 10,688,150.400 134,456.727 5,421,095.364 5,401,511.763 JPM Europe Dynamic A (dist) - EUR 42,017,150.420 557,085.132 16,673,400.571 25,900,834.981 JF Europe Dynamic A (dist) - EUR 1,730,901.036 71,365.920 1,068,164.953 734,102.003 JPM Europe Dynamic A (dist) - GBP 120,464.129 673.678 24,697.326 96,440.481 JPM Europe Dynamic B (acc) - EUR 1,631,360.921 119,174.258 848,361.688 902,173.491 JPM Europe Dynamic C (acc) - EUR 12,076,185.768 241,271.483 5,110,351.936 7,207,105.315 JPM Europe Dynamic D (acc) - EUR 3,440,024.289 9,165.451 1,582,809.761 1,866,379.979 JPM Europe Dynamic D (acc) - USD 35,610.148 - 6,726.597 28,883.551 JPM 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 Fund JPM Europe Dynamic Mega Cap A (acc) - EUR 63,662,036.480 35,092,381.990 61,940,808.083 36,813,610.387 JPM Europe Dynamic Mega Cap A (dist) - EUR 10,692,583.596 3,537,235.794 9,112,540.277 5,117,279.113 JPM Europe Dynamic Mega Cap A (inc) - EUR 76,161.785 21,729.497 72,762.013 25,129.269 JPM Europe Dynamic Mega Cap A (acc) - USD - 31,962.969 31,009.881 953.088 JPM Europe Dynamic Mega Cap B (acc) - EUR 1,300,628.206 1,078,207.587 1,122,168.644 1,256,667.149 JPM Europe Dynamic Mega Cap C (acc) - EUR 6,436,424.137 8,594,429.377 7,604,880.821 7,425,972.693 JPM Europe Dynamic Mega Cap D (acc) - EUR 2,191,730.452 1,126,256.266 1,990,989.665 1,326,997.053 JPM Europe Dynamic Mega Cap D (acc) - USD - 353.858 - 353.858 JPM Europe Dynamic Mega Cap I (acc) - EUR 495,773.834 - - 495,773.834 JPM Europe Dynamic Mega Cap X (acc) - EUR 3,535,355.286 1,497,782.590 3,119,684.329 1,913,453.547

JPMorgan Funds - Europe Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 5,797,932.988 1,495,472.803 6,146,519.112 1,146,886.679 JPM Europe Dynamic Small Cap A (dist) - EUR 267,520.678 64,348.969 121,536.816 210,332.831 JPM Europe Dynamic Small Cap D (acc) - EUR 97,517.650 48,715.938 78,311.089 67,922.499 JPM Europe Dynamic Small Cap X (acc) - EUR 2,042,466.663 1,855,667.761 3,395,956.551 502,177.873

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - EUR 56,934,402.918 17,763,955.447 52,928,401.806 21,769,956.559 JPM Europe Equity A (dist) - EUR 78,036,988.331 8,813,393.106 62,164,714.972 24,685,666.465 JPM Europe Equity A (acc) - USD 12,734,719.548 4,964,712.997 9,255,981.308 8,443,451.237 JF Europe Equity A (dist) - USD 1,960,279.228 302,743.213 1,090,849.928 1,172,172.513 JPM Europe Equity B (acc) - EUR 1,367,233.985 369,923.268 987,390.278 749,766.975 JPM Europe Equity C (acc) - EUR 31,649,396.900 5,802,498.860 19,563,665.183 17,888,230.577 JPM Europe Equity D (acc) - EUR 19,971,892.952 2,166,730.171 15,052,142.371 7,086,480.752 JPM Europe Equity D (acc) - USD 276,853.062 50,586.330 234,857.404 92,581.988 JPM 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 - - 10,000,000.000 JPM 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 Fund JPM Europe Focus A (acc) - EUR 5,622,397.142 4,343,446.474 9,715,774.892 250,068.724 JPM Europe Focus A (dis) - EUR 45,358.562 21,959.269 39,897.031 27,420.800 JPM Europe Focus A (acc) - USD - 348.676 - 348.676 JPM Europe Focus B (acc) - EUR - 105,278.413 - 105,278.413 JPM Europe Focus C (acc) - EUR 1,505,000.000 163,643.440 1,639,054.359 29,589.081 JPM Europe Focus D (acc) - EUR 731,409.410 394,420.403 677,604.341 448,225.472 JPM Europe Focus D (acc) - USD - 348.676 - 348.676 JPM Europe Focus X (acc) - EUR 2,397,165.000 457,809.435 126,596.808 2,728,377.627

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 1,472,615.427 3,904,047.086 3,913,556.406 1,463,106.107 JPM Europe High Yield Bond A (inc) - EUR 10,756,335.442 8,439,960.810 11,284,331.503 7,911,964.749 JPM Europe High Yield Bond D (acc) - EUR 9,428,085.301 7,709,834.024 14,549,847.151 2,588,072.174 JPM Europe High Yield Bond C (acc) - EUR - 1,191,208.857 877,189.060 314,019.797 JPM Europe High Yield Bond X (acc) - EUR - 372,374.395 334,267.022 38,107.373

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR 4,053,391.654 1,741.913 3,834,295.203 220,838.364 JPM Europe Micro Cap A (dist) - EUR 12,247,101.143 30,194.999 6,722,975.595 5,554,320.547 JPM Europe Micro Cap D (acc) - EUR 3,822,052.072 8,350.221 3,053,318.969 777,083.324

JPMorgan Funds - Europe Select 130/30 Fund JPM Europe Select 130/30 A (acc) - EUR 371,996.100 332,978.958 247,715.583 457,259.475 JPM Europe Select 130/30 A (dist) - GBP - 586.331 - 586.331 JPM Europe Select 130/30 A (acc) - USD - 348.676 - 348.676 JPM Europe Select 130/30 D (acc) - EUR 371,996.100 188,041.757 329,562.571 230,475.286 JPM Europe Select 130/30 D (acc) - USD - 348.676 - 348.676 JPM Europe Select 130/30 X (acc) - EUR - 107,335.143 19,595.225 87,739.918

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 5,087,078.651 1,557,693.592 4,662,525.394 1,982,246.849 JPM Europe Small Cap A (dist) - EUR 15,761,936.577 5,569,625.818 11,809,405.297 9,522,157.098 JF Europe Small Cap A (dist) - EUR 8,172,130.049 1,611,509.375 6,923,630.909 2,860,008.515 JPM Europe Small Cap A (dist) - GBP 42,515.278 20,973.777 12,142.419 51,346.636 JPM Europe Small Cap B (acc) - EUR 320,421.789 132,786.373 269,046.157 184,162.005 JPM Europe Small Cap C (acc) - EUR 2,072,883.841 815,730.486 2,110,666.628 777,947.699 JPM Europe Small Cap D (acc) - EUR 8,062,946.098 4,124,991.677 9,282,487.769 2,905,450.006 JPM Europe Small Cap I (acc) - EUR 6,039,332.774 224,008.790 5,600,213.485 663,128.079 JPM Europe Small Cap X (acc) - EUR 1,839,550.124 140,806.171 1,906,671.477 73,684.818

425 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 59,013,609.635 31,339,214.948 67,126,446.673 23,226,377.910 JPM Europe Strategic Growth A (dist) - EUR 101,494,122.779 43,645,293.096 94,127,272.493 51,012,143.382 JPM Europe Strategic Growth A (dist) - GBP 102,488.614 6,323.119 64,621.659 44,190.074 JPM Europe Strategic Growth B (acc) - EUR 1,451,568.877 1,023,090.077 1,476,492.893 998,166.061 JPM Europe Strategic Growth C (acc) - EUR 26,389,883.097 15,814,555.114 23,406,088.199 18,798,350.012 JPM Europe Strategic Growth D (acc) - EUR 18,439,700.275 5,545,235.699 16,274,489.556 7,710,446.418 JPM Europe Strategic Growth I (inc) - EUR 280,000.000 84,000.000 - 364,000.000 JPM Europe Strategic Growth I (acc) - EUR 960,953.311 8,014,622.623 5,080,584.622 3,894,991.312 JPM 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 Growth Small Cap Fund (8) JPM Europe Strategic Growth Small Cap A (acc) - EUR - 250,000.000 61,156.070 188,843.930 JPM Europe Strategic Growth Small Cap D (acc) - EUR - 250,000.000 61,333.334 188,666.666

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 57,131,296.717 15,277,143.351 55,419,545.722 16,988,894.346 JPM Europe Strategic Value A (dist) - EUR 328,831,753.444 32,843,686.709 192,986,220.286 168,689,219.867 JPM Europe Strategic Value A (dist) - GBP 46,512.465 2,396.714 22,792.577 26,116.602 JPM Europe Strategic Value B (acc) - EUR 1,141,494.355 760,700.521 1,046,483.545 855,711.331 JPM Europe Strategic Value C (acc) - EUR 28,575,829.232 4,405,145.503 27,916,970.219 5,064,004.516 JPM Europe Strategic Value D (acc) - EUR 49,338,136.002 4,444,527.117 39,829,493.229 13,953,169.890 JPM Europe Strategic Value I (acc) - EUR 9,441,809.443 6,105,585.890 12,859,228.095 2,688,167.238 JPM Europe Strategic Value I (inc) - EUR 294,000.000 - 98,000.000 196,000.000 JPM Europe Strategic Value X (acc) - EUR 7,308,747.656 139,060.593 3,908,553.550 3,539,254.699

JPMorgan Funds - Europe Strategic Value Small Cap Fund (9) JPM Europe Strategic Value Small Cap A (acc) - EUR - 250,000.000 62,020.079 187,979.921 JPM Europe Strategic Value Small Cap D (acc) - EUR - 250,000.000 62,201.071 187,798.929

JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 917,862.632 1,422,380.973 1,592,159.801 748,083.804 JPM Europe Technology A (dist) - EUR 15,076,000.250 7,254,999.109 10,621,691.314 11,709,308.045 JF Europe Technology A (dist) - EUR 3,092,449.304 1,214,406.140 2,568,503.281 1,738,352.163 JPM Europe Technology A (dist) - GBP 41,116.112 3,183.827 3,472.004 40,827.935 JPM Europe Technology B (acc) - EUR - 171,593.006 1,550.493 170,042.513 JPM Europe Technology C (acc) - EUR - 1,298.453 - 1,298.453 JPM Europe Technology D (acc) - EUR 2,444,720.330 1,375,932.619 1,659,233.594 2,161,419.355 JPM Europe Technology X (acc) - EUR - 54,491.963 10,592.757 43,899.206

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 13,284,231.227 11,823,755.506 20,934,908.752 4,173,077.981 JPM Germany Equity A (dist) - EUR 21,682,657.703 27,340,414.270 24,063,702.252 24,959,369.721 JF Germany Equity A (dist) - EUR 1,389,733.822 173,054.273 701,911.452 860,876.643 JPM Germany Equity B (acc) - EUR - 190,305.981 102,467.279 87,838.702 JPM Germany Equity C (acc) - EUR - 8,149,867.811 6,956,861.384 1,193,006.427 JPM Germany Equity D (acc) - EUR 69,517,709.875 58,353,084.378 85,486,587.094 42,384,207.159 JPM Germany Equity I (acc) - EUR - 13,154,831.917 - 13,154,831.917 JPM Germany Equity X (acc) - EUR - 144,199.407 41,860.001 102,339.406

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 425,136.684 1,665,554.286 1,769,022.956 321,668.014 JPM Global Aggregate Bond A (inc) - USD 2,306,034.591 2,127,593.446 2,365,305.798 2,068,322.239 JPM Global Aggregate Bond C (acc) - USD 59,184.700 1,444,098.243 1,474,285.943 28,997.000 JPM Global Aggregate Bond D (acc) - USD 1,185,061.672 2,373,419.101 2,605,207.827 953,272.946 JPM Global Aggregate Bond X (acc) - USD 124,073.985 - 124,073.985 -

JPMorgan Funds - Global Consumer Trends Fund (10) JPM Global Consumer Trends A (acc) - EUR - 200,000.000 - 200,000.000 JPM Global Consumer Trends D (acc) - EUR - 200,000.000 - 200,000.000

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 30,685,794.698 JPM Global Convertibles (EUR) A (dist) - EUR 71,209,071.433 75,790,634.882 65,243,555.883 81,756,150.432 JF Global Convertibles (EUR) A (dist) - USD 1,316,415.195 1,239,236.902 1,594,667.728 960,984.369 JPM Global Convertibles (EUR) B (acc) - EUR 921,800.158 2,233,331.022 853,818.744 2,301,312.436 JPM Global Convertibles (EUR) C (acc) - EUR 15,122,443.099 15,183,266.536 16,922,953.146 13,382,756.489 JPM Global Convertibles (EUR) D (acc) - EUR 21,577,849.173 22,723,792.405 27,102,755.288 17,198,886.290 JPM Global Convertibles (EUR) I (acc) - EUR 2,958,183.000 4,640,058.819 3,697,435.000 3,900,806.819 JPM Global Convertibles (EUR) I (inc) - EUR 445,121.951 4,892.161 200,014.112 250,000.000 JPM Global Convertibles (EUR) X (acc) - EUR 7,075,220.836 2,413,547.991 496,197.759 8,992,571.068

(8) This Sub-Fund was launched on 10 January 2008. (9) This Sub-Fund was launched on 10 January 2008. (10) This Sub-Fund was launched on 21 April 2008.

426 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 Dynamic Fund JPM Global Dynamic A (acc) - USD 24,734,189.407 11,658,097.163 21,355,064.720 15,037,221.850 JPM Global Dynamic A (dist) - USD 87,225,996.484 14,213,747.035 58,156,747.640 43,282,995.879 JPM Global Dynamic A (dist) - GBP 696,710.287 126,531.343 162,820.632 660,420.998 JPM Global Dynamic A (acc) - EUR 486,634.532 1,034,212.348 336,734.180 1,184,112.700 JPM Global Dynamic A (acc) - EUR (hedged) - 5,068,764.838 1,639,145.827 3,429,619.011 JPM Global Dynamic A (inc) - EUR 1,318,548.207 716,859.063 531,659.503 1,503,747.767 JF Global Dynamic A (dist) - USD 986,786.811 379,260.204 611,494.247 754,552.768 JPM Global Dynamic B (acc) - USD 6,591,232.975 1,366,041.412 2,961,146.652 4,996,127.735 JPM Global Dynamic C (acc) - USD 18,173,767.079 10,261,014.632 14,197,285.812 14,237,495.899 JPM Global Dynamic C (acc) - EUR 5,527,880.001 5,943,878.383 7,029,390.107 4,442,368.277 JPM Global Dynamic C (acc) - EUR (hedged) - 1,189,681.375 131,941.467 1,057,739.908 JPM Global Dynamic D (acc) - USD 17,195,849.561 6,893,170.774 18,563,312.492 5,525,707.843 JPM Global Dynamic D (acc) - EUR 117,107.159 455,505.921 140,207.243 432,405.837 JPM Global Dynamic D (acc) - EUR (hedged) - 230,289.113 65,968.534 164,320.579 JPM Global Dynamic I (acc) - USD 1,952,030.000 2,360,721.000 147,664.000 4,165,087.000 JPM Global Dynamic X (acc) - USD 15,714,116.158 6,838,672.909 7,900,310.241 14,652,478.826 JPM Global Dynamic X (acc) - EUR 17,330,026.813 3,131,664.676 676,423.207 19,785,268.282

JPMorgan Funds - Global Equity Fund (EUR) JPM Global Equity (EUR) A (acc) - EUR 969,919.453 1,014,459.959 1,902,504.178 81,875.234 JPM Global Equity (EUR) A (dist) - EUR 640,459.203 64,807.484 168,805.001 536,461.686 JPM Global Equity (EUR) C (acc) - EUR 7,449,840.519 7,619,951.399 12,222,312.263 2,847,479.655 JPM Global Equity (EUR) D (acc) - EUR 347,961.632 115,765.703 135,458.570 328,268.765

JPMorgan Funds - Global Equity Fund (USD) JPM Global Equity (USD) A (acc) - USD 495,167.946 259,900.948 161,057.109 594,011.785 JPM Global Equity (USD) A (dist) - USD 993,988.692 329,550.949 816,195.037 507,344.604 JF Global Equity (USD) A (dist) - USD 1,154,323.423 135,680.311 397,297.875 892,705.859 JPM Global Equity (USD) C (acc) - USD 8,546,952.921 1,144,655.578 2,128,672.567 7,562,935.932 JPM Global Equity (USD) D (acc) - USD 2,727,654.479 204,614.874 2,771,282.393 160,986.960 JPM Global Equity (USD) X (acc) - USD 1,492,766.925 376,932.185 1,866,741.176 2,957.934

JPMorgan Funds - Global Focus Fund JPM Global Focus A (acc) - EUR 8,422,853.847 27,035,798.249 22,771,327.479 12,687,324.617 JPM Global Focus A (acc) - EUR (hedged) - 282,062.719 89,764.850 192,297.869 JPM Global Focus A (dist) - EUR 7,363,973.928 3,823,720.501 8,389,408.565 2,798,285.864 JF Global Focus A (dist) - USD 808,944.047 1,288,384.815 1,210,720.077 886,608.785 JPM Global Focus C (acc) - EUR 10,362,304.599 4,158,308.432 11,805,464.370 2,715,148.661 JPM Global Focus D (acc) - EUR 3,245,375.975 1,564,825.743 2,195,108.720 2,615,092.998 JPM Global Focus D (acc) - EUR (hedged) - 229,483.215 84,239.095 145,244.120 JPM 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 Fund JPM Global Life Sciences A (acc) - USD 88,440.995 61,933.187 26,399.954 123,974.228 JPM Global Life Sciences A (dist) - USD 3,712,953.024 286,003.422 1,327,340.232 2,671,616.214 JPM Global Life Sciences A (dist) - GBP 17,408.642 259.060 2,026.911 15,640.791 JF Global Life Sciences A (dist) - USD 2,272,401.738 1,403,790.098 1,908,439.648 1,767,752.188 JPM Global Life Sciences D (acc) - USD 918,917.842 503,788.707 792,995.901 629,710.648

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - EUR 41,767,627.278 33,789,968.880 39,628,453.226 35,929,142.932 JPM Global Natural Resources A (dist) - EUR 13,647,983.718 27,249,774.909 21,250,971.031 19,646,787.596 JPM Global Natural Resources A (acc) - USD 1,581,451.050 11,491,360.377 4,280,544.668 8,792,266.759 JPM Global Natural Resources B (acc) - EUR 1,759,842.669 807,277.332 358,168.125 2,208,951.876 JPM Global Natural Resources C (acc) - EUR 5,481,915.183 11,266,390.209 9,823,526.348 6,924,779.044 JPM Global Natural Resources C (acc) - USD 224,985.925 4,366,231.723 2,587,291.208 2,003,926.440 JPM Global Natural Resources D (acc) - EUR 12,113,309.446 12,143,278.114 11,829,186.277 12,427,401.283 JPM Global Natural Resources D (acc) - USD 2,437.992 326,268.363 44,256.322 284,450.033 JPM Global Natural Resources X (acc) - EUR 6,653,023.256 1,154,580.088 2,089,030.703 5,718,572.641

JPMorgan Funds - Global Real Estate Securities Fund (EUR) JPM Global Real Estate Securities A (acc) - EUR 1,313,151.212 278,132.740 1,338,764.535 252,519.417 JPM Global Real Estate Securities A (inc) - EUR 162,782.172 9,069.699 164,924.154 6,927.717 JPM Global Real Estate Securities C (acc) - EUR 48,000.000 - 48,000.000 - JPM Global Real Estate Securities D (acc) - EUR 365,993.029 119,678.981 284,008.190 201,663.820 JPM Global Real Estate Securities X (acc) - EUR 144,301.002 38,102.224 1,761.127 180,642.099

JPMorgan Funds - Global Real Estate Securities Fund (USD) JPM Global Real Estate Securities A (acc) - USD 478,630.025 666,460.139 923,035.544 222,054.620 JPM Global Real Estate Securities C (acc) - USD - 10,208.269 - 10,208.269 JPM Global Real Estate Securities D (acc) - USD 251,368.884 125,723.765 341,074.184 36,018.465 JPM Global Real Estate Securities X (acc) - USD 1,181,531.621 - - 1,181,531.621

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 1,233,569.552 2,276,815.644 199,554.846 3,310,830.350 JPM Global Socially Responsible A (dist) - USD 3,887,419.330 2,325,776.351 1,905,090.463 4,308,105.218 JPM Global Socially Responsible D (acc) - USD 433,841.068 199,452.196 191,993.645 441,299.619

427 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 - Highbridge Europe STEEP Fund (11) JPM Highbridge Europe STEEP A (acc) - EUR - 1,791,201.747 287,429.640 1,503,772.107 JPM Highbridge Europe STEEP A (acc) - USD - 344,375.601 - 344,375.601 JPM Highbridge Europe STEEP A (inc) - EUR - 341,973.900 - 341,973.900 JPM Highbridge Europe STEEP B (acc) - EUR - 137,942.785 67,490.001 70,452.784 JPM Highbridge Europe STEEP C (acc) - EUR - 2,788,601.001 335,330.935 2,453,270.066 JPM Highbridge Europe STEEP D (acc) - EUR - 396,562.854 1,233.620 395,329.234

JPMorgan Funds - Highbridge US STEEP Fund (12) JPM Highbridge US STEEP A (acc) - USD - 3,957,453.076 66,907.101 3,890,545.975 JPM Highbridge US STEEP A (inc) - EUR - 400,772.248 - 400,772.248 JPM Highbridge US STEEP A (acc) - EUR - 400,772.248 - 400,772.248 JPM Highbridge US STEEP B (acc) - USD - 205,851.000 - 205,851.000 JPM Highbridge US STEEP D (acc) - EUR - 400,772.248 - 400,772.248 JPM Highbridge US STEEP D (acc) - USD - 400,000.000 - 400,000.000 JPM Highbridge US STEEP X (acc) - USD - 12,299.411 - 12,299.411

JPMorgan Funds - Japan Dynamic Fund (13) JPM Japan Dynamic A (acc) - JPY 5,411,056.343 1,974,445.112 6,378,202.298 1,007,299.157 JPM Japan Dynamic A (dist) - JPY 1,957,506.667 563,447.332 2,037,579.219 483,374.780

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD 6,032,052.467 7,315,645.765 7,448,379.535 5,899,318.697 JF Asia Alpha Plus A (dist) - USD - 1,341,200.001 1,312,200.001 29,000.000 JF Asia Alpha Plus X (acc) - USD - 188,038.089 - 188,038.089

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund (14) JF Asia Pacific ex-Japan Equity A (acc) - USD 3,964,356.350 1,170,847.321 3,877,166.652 1,258,037.019 JF Asia Pacific ex-Japan Equity A (dist) - USD 11,755,217.325 4,149,054.167 8,834,068.576 7,070,202.916 JF Asia Pacific ex-Japan Equity A (dist) - GBP 41,815.931 19,244.340 35,253.012 25,807.259 JF Asia Pacific ex-Japan Equity C (acc) - USD 351,056.824 545,734.833 297,929.014 598,862.643 JF Asia Pacific ex-Japan Equity D (acc) - USD 1,892,918.234 2,326,488.062 1,481,785.304 2,737,620.992 JF Asia Pacific ex-Japan Equity D (acc) - EUR 28,235.415 335,020.804 294,076.086 69,180.133 JF Asia Pacific ex-Japan Equity I (acc) - USD 8,820,227.823 3,326,177.257 7,596,157.181 4,550,247.899 JF Asia Pacific ex-Japan Equity X (acc) - USD 675,608.450 39,137.379 366,663.742 348,082.087

JPMorgan Funds - JF China Fund JF China A (acc) - USD 7,902,918.355 19,679,632.577 20,512,918.070 7,069,632.862 JF China A (dist) - USD 52,677,602.379 45,874,580.494 54,826,092.689 43,726,090.184 JF China B (acc) - USD 3,668,428.746 2,284,604.532 3,265,941.919 2,687,091.359 JF China C (acc) - USD 1,622,684.681 3,312,910.326 3,800,602.358 1,134,992.649 JF China D (acc) - USD 13,270,860.357 11,353,443.441 13,271,632.691 11,352,671.107 JF China I (acc) - USD 1,092,531.648 3,453,232.549 - 4,545,764.197 JF China X (acc) - USD 1,988,434.020 1,431,166.906 2,205,746.866 1,213,854.060

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD 2,070,027.410 14,463,196.276 8,717,443.716 7,815,779.970 JF Greater China A (dist) - USD 16,249,905.785 5,065,464.895 10,724,074.240 10,591,296.440 JF Greater China B (acc) - USD 91,170.918 46,179.139 12,017.958 125,332.099 JF Greater China C (acc) - USD 2,454,760.132 2,891,278.386 1,150,015.548 4,196,022.970 JF Greater China D (acc) - USD 5,395,962.087 2,671,373.513 3,749,048.799 4,318,286.801 JF Greater China X (acc) - USD 78,703.253 141,086.887 120,762.029 99,028.111

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (acc) - USD 654,358.069 2,988,062.717 2,994,273.649 648,147.137 JF Hong Kong A (dist) - USD 1,898,747.303 5,803,900.584 3,058,570.892 4,644,076.995 JF Hong Kong B (acc) - USD 2,086.452 113,425.886 50,358.553 65,153.785 JF Hong Kong C (acc) - USD 9,057.970 538,122.227 124,336.450 422,843.747 JF Hong Kong D (acc) - USD 466,442.543 2,091,249.704 1,401,312.666 1,156,379.581

JPMorgan Funds - JF India Fund JF India A (acc) - USD 18,175,863.193 29,979,430.234 26,346,162.974 21,809,130.453 JF India A (dist) - USD 31,577,360.078 16,085,059.724 23,905,063.587 23,757,356.215 JF India B (acc) - USD 3,334,335.510 2,162,097.130 4,919,597.948 576,834.692 JF India C (acc) - USD 4,380,103.562 2,386,828.223 3,872,037.398 2,894,894.387 JF India D (acc) - USD 19,754,087.276 8,816,860.251 12,358,212.671 16,212,734.856 JF India X (acc) - USD 1,933,309.331 312,635.540 141,490.711 2,104,454.160

JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD 1,168,316.439 245,789.813 613,985.321 800,120.931 JF Japan Alpha Plus A (dist) - USD 2,386,472.707 128,583.563 1,283,912.582 1,231,143.688 JF Japan Alpha Plus D (acc) - USD 8,084.351 5,128.770 6,370.833 6,842.288

(11) This Sub-Fund was launched on 7 February 2008. (12) This Sub-Fund was launched on 16 May 2008. (13) This Sub-Fund was renamed from JF Tokyo Alpha Plus Fund on 2 January 2008. (14) This Sub-Fund was renamed from JF Asia Equity Fund on 30 April 2008.

428 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 - JF Japan Equity Fund JF Japan Equity A (acc) - USD 27,629,484.424 8,370,471.810 26,750,616.536 9,249,339.698 JF Japan Equity A (dist) - USD 38,052,750.371 14,537,248.698 31,956,997.814 20,633,001.255 JF Japan Equity A (dist) - GBP 309,902.137 125,309.572 106,721.094 328,490.615 JF Japan Equity A (acc) - EUR 559,509.869 352,254.755 517,151.527 394,613.097 JF Japan Equity A (acc) - JPY 3,183,969.279 704,391.909 1,888,436.618 1,999,924.570 JF Japan Equity B (acc) - USD 1,961,007.027 1,030,100.486 1,792,820.573 1,198,286.940 JF Japan Equity C (acc) - USD 6,238,789.679 3,918,543.843 4,196,961.796 5,960,371.726 JF Japan Equity D (acc) - USD 12,825,840.456 3,568,009.150 10,001,526.046 6,392,323.560 JF Japan Equity D (acc) - EUR 386,748.454 24,758.017 338,895.522 72,610.949 JF Japan Equity I (acc) - USD 6,047,526.635 175,983.437 5,174,007.931 1,049,502.141 JF Japan Equity J (dist) - USD 3,604,049.932 324,103.485 2,019,622.983 1,908,530.434 JF Japan Equity X (acc) - USD 1,232,669.008 65,097.192 914,698.150 383,068.050

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD 3,332,087.303 1,056,319.940 3,868,471.657 519,935.586 JF Japan Small Cap A (dist) - USD 11,451,005.591 14,595,981.170 12,151,313.946 13,895,672.815 JF Japan Small Cap B (acc) - USD 400,669.936 692,077.872 463,196.416 629,551.392 JF Japan Small Cap C (acc) - USD 2,376,527.162 820,000.000 2,382,870.412 813,656.750 JF Japan Small Cap D (acc) - USD 2,029,923.613 246,423.382 1,223,813.996 1,052,532.999 JF Japan Small Cap X (acc) - USD 3,147,490.170 - 2,607,388.719 540,101.451

JPMorgan Funds - JF Korea Equity Fund (15) JF Korea Equity A (acc) - USD - 3,414,217.775 127,662.315 3,286,555.460 JF Korea Equity A (dis) - USD - 214,396.750 - 214,396.750 JF Korea Equity A (acc) - EUR - 236,128.976 1,008.310 235,120.666 JF Korea Equity B (acc) - USD - 260,000.000 - 260,000.000 JF Korea Equity C (acc) - USD - 895,252.539 885,175.298 10,077.241 JF Korea Equity D (acc) - USD - 230,217.652 43,314.724 186,902.928 JF Korea Equity X (acc) - USD - 27,500.000 - 27,500.000

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD 238,925.383 1,847,007.971 1,689,502.914 396,430.440 JF Pacific Balanced A (dist) - USD 5,341,840.387 3,168,239.650 4,338,532.770 4,171,547.267 JF Pacific Balanced B (acc) - USD - 505,300.000 - 505,300.000 JF Pacific Balanced D (acc) - USD 1,777,866.786 1,322,096.070 1,207,021.956 1,892,940.900

JPMorgan Funds - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD 1,584,582.371 5,786,331.003 3,583,075.202 3,787,838.172 JF Pacific Equity A (dist) - USD 14,502,667.016 1,662,160.218 4,962,402.349 11,202,424.885 JF Pacific Equity A (dist) - GBP 45,201.722 432.483 1,169.348 44,464.857 JF Pacific Equity A (acc) - EUR 472,520.055 552,585.773 617,098.598 408,007.230 JF Pacific Equity B (acc) - USD 15,679.473 984,317.287 17,257.868 982,738.892 JF Pacific Equity C (acc) - USD 3,721,261.158 5,186,384.605 5,158,476.658 3,749,169.105 JF Pacific Equity D (acc) - USD 2,837,051.351 7,018,780.029 6,761,082.560 3,094,748.820 JF Pacific Equity D (acc) - EUR 46,626.153 2,500.000 19,208.104 29,918.049 JF Pacific Equity I (acc) - USD 3,096,442.665 - 2,648,315.653 448,127.012

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD 218,152.054 2,802,441.637 2,685,443.715 335,149.976 JF Pacific Technology A (dist) - USD 2,728,818.978 2,529,796.545 3,013,744.715 2,244,870.808 JF Pacific Technology A (dist) - GBP 6,574.362 466.917 598.393 6,442.886 JF Pacific Technology B (acc) - USD - 1,302,293.964 17,990.972 1,284,302.992 JF Pacific Technology C (acc) - USD - 14,638.211 - 14,638.211 JF Pacific Technology D (acc) - USD 293,272.166 318,302.775 265,792.094 345,782.847

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD 4,871,014.952 5,559,621.748 8,447,662.640 1,982,974.060 JF Singapore A (dist) - USD 10,018,420.534 8,371,018.097 12,173,743.611 6,215,695.020 JF Singapore B (acc) - USD 1,012,393.668 1,066,141.992 905,258.144 1,173,277.516 JF Singapore C (acc) - USD 978,679.692 58,471.545 1,019,661.813 17,489.424 JF Singapore D (acc) - USD 3,443,146.659 1,798,572.911 3,134,419.345 2,107,300.225 JF Singapore I (acc) - USD 2,815,581.493 23,501,775.230 9,352,380.754 16,964,975.969 JF Singapore X (acc) - USD 26,647.112 - - 26,647.112

JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD 12,131,269.525 32,415,549.071 29,333,868.789 15,212,949.807 JF Taiwan A (dist) - USD 16,672,424.746 66,152,452.273 48,360,699.710 34,464,177.309 JF Taiwan B (acc) - USD 30,296.352 715,967.966 146,135.300 600,129.018 JF Taiwan C (acc) - USD 650,352.670 6,392,830.303 3,509,558.691 3,533,624.282 JF Taiwan D (acc) - USD 2,077,957.623 2,283,312.917 1,715,276.553 2,645,993.987 JF Taiwan I (acc) - USD 13,679,303.195 17,636,644.046 9,579,503.437 21,736,443.804 JF Taiwan X (acc) - USD 137,846.885 149,374.584 95,779.952 191,441.517

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 5,293,247.986 13,984,912.586 12,085,768.486 7,192,392.086 JPM Latin America Equity A (dist) - USD 8,876,389.837 7,813,652.470 8,289,443.283 8,400,599.024 JF Latin America Equity A (dist) - USD 6,398,082.075 17,011,320.421 15,527,988.278 7,881,414.218 JPM Latin America Equity B (acc) - USD 2,646,728.225 1,299,949.016 1,810,822.950 2,135,854.291 JPM Latin America Equity C (acc) - USD 1,752,290.374 3,421,620.669 3,126,566.510 2,047,344.533 JPM Latin America Equity D (acc) - USD 4,835,423.310 4,204,090.339 3,874,767.756 5,164,745.893 JPM Latin America Equity I (acc) - USD 24,322,260.984 7,456,035.600 9,445,790.533 22,332,506.051 JPM Latin America Equity X (acc) - USD 2,670,787.978 767,243.719 578,104.267 2,859,927.430

(15) This Sub-Fund was launched on 28 September 2007. 429 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 - Middle East Equity Fund JPM Middle East Equity A (acc) - USD 2,030,248.251 9,090,504.486 5,366,201.712 5,754,551.025 JPM Middle East Equity A (dist) - USD 8,616,103.551 21,928,923.871 13,268,410.329 17,276,617.093 JPM Middle East Equity B (acc) - USD 560,810.234 218,204.201 292,896.424 486,118.011 JPM Middle East Equity C (acc) - USD - 2,890,824.627 1,861,319.397 1,029,505.230 JPM Middle East Equity D (acc) - USD 3,135,784.213 2,229,235.795 2,398,237.375 2,966,782.633

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 5,742,019.484 36,972,376.257 20,146,291.020 22,568,104.721 JPM Russia A (dist) - USD 5,960,202.819 13,633,800.563 8,988,882.236 10,605,121.146 JPM Russia B (acc) - USD 962,540.079 6,997,054.551 2,400,845.570 5,558,749.060 JPM Russia C (acc) - USD - 15,374,598.547 3,802,761.168 11,571,837.379 JPM Russia D (acc) - USD 5,081,896.575 12,663,017.237 7,085,439.957 10,659,473.855 JPM Russia I (acc) - USD - 40,701,687.838 2,302,627.559 38,399,060.279

JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 599,456.246 986,788.238 827,324.042 758,920.442 JPM Sterling Bond A (dist) - GBP 153,538,499.591 3,297,790.095 40,748,648.172 116,087,641.514 JPM Sterling Bond D (acc) - GBP 1,231,058.596 252,692.018 704,055.126 779,695.488 JPM Sterling Bond X (acc) - GBP 96,462.929 - 96,462.929 -

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 3,986,802.894 858,817.530 3,552,352.794 1,293,267.630 JPM UK Equity A (dist) - GBP 28,776,130.087 7,419,110.647 27,994,436.965 8,200,803.769 JPM UK Equity C (acc) - GBP 2,297,109.382 1,197,596.484 2,683,290.392 811,415.474 JPM UK Equity D (acc) - GBP 5,647,377.766 116,532.778 5,348,602.004 415,308.540

JPMorgan Funds - US 130/30 Fund (16) JPM US 130/30 A (acc) - USD - 346,780.313 83,153.309 263,627.004 JPM US 130/30 A (acc) - EUR (hedged) - 290,260.582 9,526.572 280,734.010 JPM US 130/30 D (acc) - USD - 297,188.997 20,848.536 276,340.461 JPM US 130/30 D (acc) - EUR (hedged) - 276,073.062 4,637.136 271,435.926 JPM US 130/30 X (acc) - USD - 286,346.884 - 286,346.884

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 1,820,355.397 18,158,301.967 8,110,867.784 11,867,789.580 JPM US Aggregate Bond A (inc) - USD 6,898,969.081 12,482,885.594 13,639,908.380 5,741,946.295 JPM US Aggregate Bond B (acc) - USD 1,759,737.185 1,397,129.616 541,340.081 2,615,526.720 JPM US Aggregate Bond C (acc) - USD 2,016,264.732 5,817,728.723 4,386,377.296 3,447,616.159 JPM US Aggregate Bond D (acc) - USD 1,693,954.341 3,787,333.428 3,065,509.883 2,415,777.886 JPM 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 Fund JPM US Dynamic A (acc) - USD 143,261,125.337 23,041,184.357 128,721,384.568 37,580,925.126 JPM US Dynamic A (dist) - USD 149,804,709.411 25,745,966.951 124,411,485.807 51,139,190.555 JPM US Dynamic A (acc) - EUR 12,660,864.667 2,883,415.032 10,346,335.732 5,197,943.967 JPM US Dynamic B (acc) - USD 8,481,744.694 1,269,192.754 6,904,987.182 2,845,950.266 JPM US Dynamic C (acc) - USD 77,489,094.609 12,446,926.303 67,706,222.762 22,229,798.150 JPM US Dynamic D (acc) - USD 9,950,985.050 2,619,362.962 7,663,557.690 4,906,790.322 JPM US Dynamic D (acc) - EUR 93,162.319 54,410.715 80,193.860 67,379.174 JPM US Dynamic I (acc) - USD 9,774,094.418 12,038,792.332 14,933,541.392 6,879,345.358 JPM US Dynamic I (inc) - EUR 32,407,618.093 3,430,268.850 16,059,975.583 19,777,911.360 JPM US Dynamic X (acc) - USD 24,900,201.909 995,913.373 16,068,779.100 9,827,336.182

JPMorgan Funds - US Select 130/30 Fund (17) JPM US Select 130/30 A (acc) - USD - 46,765,329.035 7,241,199.109 39,524,129.926 JPM US Select 130/30 A (acc) - EUR (hedged) - 4,469,461.612 2,680,826.740 1,788,634.872 JPM US Select 130/30 A (dist) - USD - 4,215,998.869 323,565.847 3,892,433.022 JPM US Select 130/30 A (dist) - GBP - 91,798.853 2,630.001 89,168.852 JPM US Select 130/30 B (acc) - USD - 852,527.357 63,028.001 789,499.356 JPM US Select 130/30 C (acc) - USD - 27,390,700.378 4,084,321.811 23,306,378.567 JPM US Select 130/30 D (acc) - USD - 447,957.713 304,418.778 143,538.935 JPM US Select 130/30 D (acc) - EUR (hedged) - 613,240.921 567,818.501 45,422.420 JPM US Select 130/30 I (inc) - USD - 6,080,000.001 - 6,080,000.001 JPM US Select 130/30 X (acc) - USD - 37,804,091.812 3,829,714.836 33,974,376.976

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 247,401.752 1,283,552.332 1,479,373.386 51,580.698 JPM US Small Cap Growth A (dist) - USD 474,191.237 43,039.344 112,658.119 404,572.462 JPM US Small Cap Growth A (dist) - GBP 150.903 854.644 854.644 150.903 JPM US Small Cap Growth B (acc) - USD - 77,159.748 - 77,159.748 JPM US Small Cap Growth D (acc) - USD 1,986,086.238 735,491.786 1,053,784.571 1,667,793.453 JPM US Small Cap Growth X (acc) - USD - 500.010 - 500.010

(16) This Sub-Fund was launched on 2 August 2007. (17) This Sub-Fund was launched on 5 July 2007.

430 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 11,130,631.323 12,440,460.422 15,425,211.003 8,145,880.742 JPM US Strategic Growth A (acc) - EUR (hedged) 3,375,084.945 6,643,531.361 7,548,850.985 2,469,765.321 JPM US Strategic Growth A (dist) - USD 31,032,613.212 44,069,842.024 32,391,056.067 42,711,399.169 JPM US Strategic Growth A (dist) - GBP 3,954.670 23,752.794 9,867.056 17,840.408 JPM US Strategic Growth B (acc) - USD 1,735,426.034 1,308,202.457 1,696,291.517 1,347,336.974 JPM US Strategic Growth C (acc) - USD 2,972,578.845 11,672,890.866 3,616,874.507 11,028,595.204 JPM US Strategic Growth C (acc) - EUR (hedged) - 1,589,675.969 594,899.942 994,776.027 JPM US Strategic Growth D (acc) - USD 436,263.924 374,401.025 391,238.266 419,426.683 JPM US Strategic Growth D (acc) - EUR (hedged) 26,490.066 49,566.378 55,218.689 20,837.755 JPM US Strategic Growth X (acc) - USD 8,617,309.686 3,609,143.452 6,172,580.369 6,053,872.769

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD 388,244.856 5,843,079.353 5,027,118.462 1,204,205.747 JPM US Technology A (dist) - GBP 33,371.059 752.779 3,124.447 30,999.391 JF US Technology A (dist) - USD 3,935,202.391 9,475,198.647 8,589,470.384 4,820,930.654 JPM US Technology A (dist) - USD 7,506,545.980 16,106,213.843 7,668,698.223 15,944,061.600 JPM US Technology C (acc) - USD - 19,518.980 - 19,518.980 JPM US Technology D (acc) - USD 2,796,854.394 4,767,532.794 4,723,260.504 2,841,126.684 JPM 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 Fund JPM US Value A (acc) - USD 27,746,806.522 11,740,630.869 25,906,567.044 13,580,870.347 JPM US Value A (dist) - USD 54,218,371.671 13,252,368.723 40,501,900.069 26,968,840.325 JF US Value A (dist) - USD 178,063.555 152,033.116 178,864.964 151,231.707 JPM US Value A (dist) - GBP 58,596.671 7,496.456 16,029.828 50,063.299 JPM US Value A (acc) - EUR (hedged) 1,442,636.034 1,340,983.616 1,445,726.692 1,337,892.958 JPM US Value B (acc) - USD 505,584.866 194,330.536 498,996.329 200,919.073 JPM US Value C (acc) - USD 14,466,805.702 7,500,375.759 10,117,737.805 11,849,443.656 JPM US Value D (acc) - USD 6,939,158.126 2,080,807.362 5,040,033.493 3,979,931.995 JPM US Value D (acc) - EUR (hedged) 239,224.570 450,050.777 337,676.072 351,599.275 JPM US Value X (acc) - USD 7,707,216.974 385,886.385 1,068,787.686 7,024,315.673

431 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 Fund JPM America Equity A (acc) - USD 4,147,584.799 1,317,483.456 3,273,874.209 2,191,194.046 JPM America Equity A (acc) - EUR (hedged) - 26,946.066 - 26,946.066 JPM America Equity A (dist) - USD 6,972,770.257 1,786,563.160 3,202,523.423 5,556,809.994 JF America Equity A (dist) - USD 599,707.703 175,065.015 229,258.920 545,513.798 JPM America Equity B (acc) - USD 286,768.822 - 68,021.621 218,747.201 JPM America Equity C (acc) - USD 10,584,072.026 1,385,297.318 4,891,032.692 7,078,336.652 JPM America Equity D (acc) - USD 6,260,800.755 1,175,550.048 5,503,749.213 1,932,601.590 JPM America Equity D (acc) - EUR 501.365 22,733.143 13,676.637 9,557.871 JPM America Equity D (acc) - EUR (hedged) - 26,490.066 - 26,490.066 JPM America Equity X (acc) - USD 2,169,929.449 95,039.650 1,270,790.426 994,178.673

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 76,763.887 4,237,360.115 3,978,215.723 335,908.279 JPM America Large Cap A (dist) - USD 3,854,546.322 1,964,657.595 2,869,574.891 2,949,629.026 JPM America Large Cap B (acc) - USD 26,099.248 218,924.241 132,931.732 112,091.757 JPM America Large Cap D (acc) - USD 407,615.177 472,097.107 419,979.639 459,732.645

JPMorgan Funds - America Micro Cap Fund JPM America Micro Cap A (acc) - USD 5,622,770.721 1,234,931.140 3,149,510.977 3,708,190.884 JPM America Micro Cap A (dist) - USD 2,472,760.585 539,655.169 1,931,562.444 1,080,853.310 JF America Micro Cap A (dist) - USD 963,558.964 105,603.752 946,100.085 123,062.631 JPM America Micro Cap D (acc) - USD 1,860,096.713 368,783.926 1,148,804.029 1,080,076.610 JPM America Micro Cap X (acc) - USD 213,916.338 - 198,429.332 15,487.006

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 2,292,870.062 2,242,226.839 2,544,942.231 1,990,154.670 JPM Eastern Europe Equity A (dist) - EUR 17,236,854.500 4,110,222.598 7,188,378.121 14,158,698.977 JF Eastern Europe Equity A (dist) - EUR 5,011,854.514 7,632,581.480 7,702,674.769 4,941,761.225 JPM Eastern Europe Equity B (acc) - EUR 6,640.000 144,210.261 6,640.001 144,210.260 JPM Eastern Europe Equity C (acc) - EUR 9,142,193.731 410,509.582 8,887,696.314 665,006.999 JPM Eastern Europe Equity D (acc) - EUR 3,670,961.878 2,114,579.636 2,824,718.651 2,960,822.863 JPM Eastern Europe Equity I (acc) - EUR 4,697,055.454 14,058,348.504 6,997,095.808 11,758,308.150 JPM Eastern Europe Equity X (acc) - EUR 4,156,418.049 1,038,465.194 1,914,083.299 3,280,799.944

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund (1) JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 2,239,043.956 2,629,600.901 1,671,926.028 3,196,718.829 JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 6,604,909.375 1,638,790.257 2,879,377.650 5,364,321.982 JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 427,603.655 211,003.374 420,277.829 218,329.200 JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 8,638,068.671 755,353.205 9,227,208.250 166,213.626 JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,812,315.009 769,669.847 1,204,970.683 1,377,014.173 JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 3,439,165.440 12,429,510.038 8,828,642.479 7,040,032.999 JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 89,663.735 8,892.234 98,555.969 -

JPMorgan Funds - Emerging Markets Alpha Plus Fund (2) JPM Emerging Markets Alpha Plus A (acc) - USD - 21,671,097.867 2,177,026.134 19,494,071.733 JPM Emerging Markets Alpha Plus A (dist) - USD - 7,137,578.873 298,021.152 6,839,557.721 JPM Emerging Markets Alpha Plus D (acc) - USD - 380,904.002 204,830.370 176,073.632

JPMorgan Funds - Emerging Markets Debt Fund (3) JPM Emerging Markets Debt A (acc) - EUR 2,867,573.254 11,277,729.772 7,001,321.726 7,143,981.300 JPM Emerging Markets Debt A (dist) - EUR 8,661,114.189 15,152,456.055 13,144,027.713 10,669,542.531 JPM Emerging Markets Debt C (acc) - EUR - 653,748.769 - 653,748.769 JPM Emerging Markets Debt D (acc) - EUR 3,014,088.631 4,747,133.391 2,813,077.917 4,948,144.105 JPM Emerging Markets Debt I (inc) - EUR - 250,000.001 - 250,000.001 JPM Emerging Markets Debt X (acc) - EUR - 5,656.002 - 5,656.002

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 29,006,169.351 25,646,412.444 21,688,137.801 32,964,443.994 JPM Emerging Markets Equity A (acc) - EUR 12,537,814.432 29,008,382.658 12,538,058.782 29,008,138.308 JPM Emerging Markets Equity A (dist) - USD 94,935,520.919 72,349,157.725 58,117,279.004 109,167,399.640 JPM Emerging Markets Equity A (dist) - GBP 76,127.830 257,381.632 53,243.439 280,266.023 JPM Emerging Markets Equity B (acc) - USD 2,007,454.257 2,363,841.715 1,132,650.398 3,238,645.574 JPM Emerging Markets Equity C (acc) - USD 25,097,941.284 29,238,089.404 29,112,939.890 25,223,090.798 JPM Emerging Markets Equity D (acc) - USD 5,218,648.687 2,321,311.612 3,314,622.433 4,225,337.866 JPM Emerging Markets Equity D (acc) - EUR 11,685.069 363,037.291 123,891.467 250,830.893 JPM Emerging Markets Equity I (acc) - USD - 22,231,580.608 458,058.931 21,773,521.677 JPM Emerging Markets Equity I (inc) - EUR 1,400,000.000 659,800.000 422,000.000 1,637,800.000 JPM Emerging Markets Equity X (acc) - USD 30,831,353.603 12,379,921.462 9,320,225.710 33,891,049.355 JPM Emerging Markets Equity X (inc) - EUR 10,330,431.042 7,609,910.433 0.102 17,940,341.373

JPMorgan Funds - Euro Liquid Reserve Fund JPM Euro Liquid Reserve A (acc) - EUR 1,000,000.000 135,864.456 1,027,265.275 108,599.181 JPM Euro Liquid Reserve D (acc) - EUR - 2,028,445.658 1,161,834.100 866,611.558

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 32,699,773.224 43,471,389.838 33,198,331.098 42,972,831.964 JPM Euroland Equity A (dist) - EUR 46,944,388.203 45,372,753.515 47,233,093.245 45,084,048.473 JF Euroland Equity A (dist) - USD 13,761,111.249 26,434,909.240 15,040,993.786 25,155,026.703 JPM Euroland Equity C (acc) - EUR 21,099,132.574 16,019,021.833 16,070,634.105 21,047,520.302 JPM Euroland Equity D (acc) - EUR 11,055,092.934 26,981,112.892 11,217,717.683 26,818,488.143 JPM Euroland Equity I (acc) - EUR - 21,891,072.110 1,892,547.343 19,998,524.767 (1) Name changed from Emerging Europe Equity Fund on 2 October 2006. (2) This Sub-Fund was launched on 30 August 2006. (3) Name changed from FF Emerging Markets Debt Fund and currency changed from USD to EUR on 1 July 2006. 432 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 130/30 Fund (4) JPM Europe 130/30 A (acc) - EUR - 371,996.101 - 371,996.101 JPM Europe 130/30 D (acc) - EUR - 371,996.101 - 371,996.101

JPMorgan Funds - Europe Aggregate Plus Bond Fund JPM Europe Aggregate Plus Bond A (acc) - EUR 1,760,893.313 7,225,675.897 2,359,390.993 6,627,178.217 JPM Europe Aggregate Plus Bond A (inc) - EUR (5) 17,945,101.045 6,259,582.277 13,589,337.731 10,615,345.591 JPM Europe Aggregate Plus Bond B (acc) - EUR 35,343.151 6,628.307 23,997.701 17,973.757 JPM Europe Aggregate Plus Bond C (acc) - EUR - 8,456.381 - 8,456.381 JPM Europe Aggregate Plus Bond D (acc) - EUR 4,195,491.119 7,342,348.833 7,474,112.826 4,063,727.126 JPM Europe Aggregate Plus Bond X (acc) - EUR - 88,171.002 - 88,171.002

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 133,172.657 495,094.283 210,554.598 417,712.342 JPM Europe Balanced (EUR) A (dist) - EUR 4,719,412.475 4,177,506.086 2,002,457.349 6,894,461.212 JPM Europe Balanced (EUR) D (acc) - EUR 3,501,908.062 7,419,915.849 3,313,434.600 7,608,389.311

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 1,329,873.074 3,485,090.323 2,665,866.616 2,149,096.781 JPM Europe Convergence Equity A (dist) - EUR 12,259,766.088 9,315,491.510 10,408,207.299 11,167,050.299 JPM Europe Convergence Equity C (acc) - EUR 1,349,728.432 400,328.540 1,527,065.432 222,991.540 JPM Europe Convergence Equity D (acc) - EUR 3,291,065.758 1,609,654.014 2,030,561.752 2,870,158.020 JPM Europe Convergence Equity I (acc) - EUR - 1,454,693.511 1,454,693.511 -

JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 14,432,666.893 747,235.039 4,491,751.532 10,688,150.400 JPM Europe Dynamic A (dist) - EUR 49,003,541.127 1,395,478.591 8,381,869.298 42,017,150.420 JPM Europe Dynamic A (dist) - GBP 125,938.330 1,662.245 7,136.446 120,464.129 JF Europe Dynamic A (dist) - EUR 2,234,289.640 195,263.207 698,651.811 1,730,901.036 JPM Europe Dynamic B (acc) - EUR 2,088,181.497 12,659.681 469,480.257 1,631,360.921 JPM Europe Dynamic C (acc) - EUR 13,925,366.854 1,569,362.612 3,418,543.698 12,076,185.768 JPM Europe Dynamic D (acc) - EUR 5,325,729.956 6,637.965 1,892,343.632 3,440,024.289 JPM Europe Dynamic D (acc) - USD 48,164.660 - 12,554.512 35,610.148 JPM Europe Dynamic I (acc) - EUR - 1,071,473.018 - 1,071,473.018 JPM 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 Fund JPM Europe Dynamic Mega Cap A (acc) - EUR 18,194,469.431 85,030,986.636 39,563,419.587 63,662,036.480 JPM Europe Dynamic Mega Cap A (dist) - EUR 102,811.064 19,443,887.920 8,854,115.388 10,692,583.596 JPM Europe Dynamic Mega Cap A (inc) - EUR 387.177 91,698.847 15,924.239 76,161.785 JPM Europe Dynamic Mega Cap B (acc) - EUR 735,935.005 1,113,600.904 548,907.703 1,300,628.206 JPM Europe Dynamic Mega Cap C (acc) - EUR 2,369,114.164 5,872,377.716 1,805,067.743 6,436,424.137 JPM Europe Dynamic Mega Cap D (acc) - EUR 98,037.919 4,164,274.010 2,070,581.477 2,191,730.452 JPM Europe Dynamic Mega Cap I (acc) - EUR - 543,017.929 47,244.095 495,773.834 JPM 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 Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 10,366,647.272 17,194.453 4,585,908.737 5,797,932.988 JPM Europe Dynamic Small Cap A (dist) - EUR 285,049.848 42,080.270 59,609.440 267,520.678 JPM Europe Dynamic Small Cap D (acc) - EUR 220,214.537 245.298 122,942.185 97,517.650 JPM Europe Dynamic Small Cap X (acc) - EUR 2,161,351.764 3,517.255 122,402.356 2,042,466.663

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - USD 8,143,453.710 9,301,320.598 4,710,054.760 12,734,719.548 JPM Europe Equity A (acc) - EUR 48,739,057.051 47,137,921.929 38,942,576.062 56,934,402.918 JPM Europe Equity A (dist) - EUR 102,038,639.375 30,736,598.237 54,738,249.281 78,036,988.331 JF Europe Equity A (dist) - USD 1,788,500.248 1,444,453.732 1,272,674.752 1,960,279.228 JPM Europe Equity B (acc) - EUR 993,395.772 900,933.925 527,095.712 1,367,233.985 JPM Europe Equity C (acc) - EUR 25,099,800.559 25,266,439.636 18,716,843.295 31,649,396.900 JPM Europe Equity D (acc) - EUR 18,955,399.885 27,092,923.975 26,076,430.908 19,971,892.952 JPM Europe Equity D (acc) - USD 397.456 410,718.239 134,262.633 276,853.062 JPM Europe Equity I (acc) - EUR - 2,849,429.208 47,348.001 2,802,081.207 JPM Europe Equity I (inc) - EUR - 10,000,000.000 - 10,000,000.000 JPM Europe Equity X (acc) - EUR 17,253,104.209 6,944,843.118 3,372,512.821 20,825,434.506

JPMorgan Funds - Europe Focus Fund JPM Europe Focus A (acc) - EUR 1,117,241.241 6,085,539.318 1,580,383.417 5,622,397.142 JPM Europe Focus A (dist) - EUR - 76,470.471 31,111.909 45,358.562 JPM Europe Focus C (acc) - EUR - 1,505,000.000 - 1,505,000.000 JPM Europe Focus D (acc) - EUR 83,899.656 997,268.279 349,758.525 731,409.410 JPM Europe Focus X (acc) - EUR - 2,548,400.001 151,235.001 2,397,165.000

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 111,632.046 1,694,665.649 333,682.268 1,472,615.427 JPM Europe High Yield Bond A (dist) - EUR 6,732,461.119 12,874,766.081 8,850,891.758 10,756,335.442 JPM Europe High Yield Bond D (acc) - EUR 4,971,771.465 13,933,201.046 9,476,887.210 9,428,085.301

JPMorgan Funds - Europe Micro Cap Fund JPM Europe Micro Cap A (acc) - EUR 1,874,565.496 6,668,839.595 4,490,013.437 4,053,391.654 JPM Europe Micro Cap A (dist) - EUR 12,763,910.657 5,830,482.805 6,347,292.319 12,247,101.143 JPM Europe Micro Cap D (acc) - EUR 582,482.690 5,079,565.220 1,839,995.838 3,822,052.072

(4) This Sub-Fund was launched on 25 June 2007. (5) Share Class name changed from A (dist) on 1 July 2006.

433 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 Select 130/30 Fund (6) JPM Europe Select 130/30 A (acc) - EUR - 371,996.101 - 371,996.101 JPM Europe Select 130/30 D (acc) - EUR - 371,996.101 - 371,996.101

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 3,551,608.633 7,815,851.482 6,280,381.464 5,087,078.651 JPM Europe Small Cap A (dist) - EUR 20,094,871.537 17,252,011.080 21,584,946.040 15,761,936.577 JPM Europe Small Cap A (dist) - GBP 33,157.723 10,746.201 1,388.646 42,515.278 JF Europe Small Cap A (dist) - EUR 15,185,686.426 10,289,087.338 17,302,643.715 8,172,130.049 JPM Europe Small Cap B (acc) - EUR 115,307.885 245,051.368 39,937.464 320,421.789 JPM Europe Small Cap C (acc) - EUR 9,918,365.123 2,624,683.147 10,470,164.429 2,072,883.841 JPM Europe Small Cap D (acc) - EUR 6,380,666.197 11,895,535.516 10,213,255.615 8,062,946.098 JPM Europe Small Cap I (acc) - EUR - 11,661,953.547 5,622,620.773 6,039,332.774 JPM Europe Small Cap X (acc) - EUR 1,004,202.777 970,853.698 135,506.351 1,839,550.124

JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 24,441,746.380 57,002,067.225 22,430,203.970 59,013,609.635 JPM Europe Strategic Growth A (dist) - EUR 145,912,035.967 87,381,169.944 131,799,083.132 101,494,122.779 JPM Europe Strategic Growth A (dist) - GBP 30,265.616 76,625.984 4,402.986 102,488.614 JPM Europe Strategic Growth B (acc) - EUR 3,230,102.770 1,056,646.034 2,835,179.927 1,451,568.877 JPM Europe Strategic Growth C (acc) - EUR 29,274,155.862 15,482,491.198 18,366,763.963 26,389,883.097 JPM Europe Strategic Growth D (acc) - EUR 16,098,491.713 16,154,690.452 13,813,481.890 18,439,700.275 JPM Europe Strategic Growth I (inc) - EUR 400,165.000 10,300.000 130,465.000 280,000.000 JPM Europe Strategic Growth I (acc) - EUR - 3,322,862.971 2,361,909.660 960,953.311 JPM 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 Fund JPM Europe Strategic Value A (acc) - EUR 35,754,354.503 61,061,453.343 39,684,511.129 57,131,296.717 JPM Europe Strategic Value A (dist) - EUR 310,357,924.985 201,600,367.520 183,126,539.061 328,831,753.444 JPM Europe Strategic Value A (dist) - GBP 35,807.059 27,797.124 17,091.718 46,512.465 JPM Europe Strategic Value B (acc) - EUR 1,087,109.034 525,848.221 471,462.900 1,141,494.355 JPM Europe Strategic Value C (acc) - EUR 30,520,742.593 15,780,642.632 17,725,555.993 28,575,829.232 JPM Europe Strategic Value D (acc) - EUR 41,997,562.522 38,119,751.609 30,779,178.129 49,338,136.002 JPM Europe Strategic Value I (inc) - EUR 400,165.000 10,000.000 116,165.000 294,000.000 JPM Europe Strategic Value I (acc) - EUR - 11,282,687.512 1,840,878.069 9,441,809.443 JPM 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 Fund JPM Europe Technology A (acc) - EUR 1,202,234.138 2,356,378.065 2,640,749.571 917,862.632 JPM Europe Technology A (dist) - EUR 18,936,244.969 8,125,811.001 11,986,055.720 15,076,000.250 JPM Europe Technology A (dist) - GBP 50,864.596 6,028.134 15,776.618 41,116.112 JF Europe Technology A (dist) - EUR 2,900,668.851 2,436,040.396 2,244,259.943 3,092,449.304 JPM Europe Technology D (acc) - EUR 2,670,426.840 2,429,526.270 2,655,232.780 2,444,720.330

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 4,222,808.750 15,811,078.970 6,749,656.493 13,284,231.227 JPM Germany Equity A (dist) - EUR 9,142,237.127 20,947,544.857 8,407,124.281 21,682,657.703 JF Germany Equity A (dist) - EUR 1,397,549.385 476,934.920 484,750.483 1,389,733.822 JPM Germany Equity D (acc) - EUR 13,360,361.447 86,855,575.567 30,698,227.139 69,517,709.875

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 538,724.180 144,207.227 257,794.723 425,136.684 JPM Global Aggregate Bond A (dist) - USD 5,186,165.893 2,279,816.399 5,159,947.701 2,306,034.591 JPM Global Aggregate Bond B (acc) - USD 117,533.633 - 117,533.633 - JPM Global Aggregate Bond C (acc) - USD 126,326.183 66,770.528 133,912.011 59,184.700 JPM Global Aggregate Bond D (acc) - USD 1,043,146.288 1,913,201.576 1,771,286.192 1,185,061.672 JPM Global Aggregate Bond X (acc) - USD 156,505.219 - 32,431.234 124,073.985

JPMorgan Funds - Global Convertibles Fund (EUR) (7) JPM Global Convertibles (EUR) A (acc) - EUR 15,332,519.948 32,301,382.644 24,894,128.920 22,739,773.672 JPM Global Convertibles (EUR) A (dist) - EUR 47,995,864.261 59,712,595.490 36,499,388.318 71,209,071.433 JF Global Convertibles (EUR) A (dist) - USD 488,127.635 1,170,042.027 341,754.467 1,316,415.195 JPM Global Convertibles (EUR) B (acc) - EUR 458,789.881 469,296.697 6,286.420 921,800.158 JPM Global Convertibles (EUR) C (acc) - EUR 17,237,479.505 22,353,412.138 24,468,448.544 15,122,443.099 JPM Global Convertibles (EUR) D (acc) - EUR 19,221,079.641 18,366,733.635 16,009,964.103 21,577,849.173 JPM Global Convertibles (EUR) I (inc) - EUR - 445,121.951 - 445,121.951 JPM Global Convertibles (EUR) I (acc) - EUR - 3,051,941.001 93,758.001 2,958,183.000 JPM Global Convertibles (EUR) X (acc) - EUR 7,348,586.526 154,004.609 427,370.299 7,075,220.836

(6) This Sub-Fund was launched on 25 June 2007. (7) Name changed from Global Convertible Bond Fund (EUR) on 29 August 2006.

434 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 21,189,670.034 16,899,441.692 13,354,922.319 24,734,189.407 JPM Global Dynamic A (acc) - EUR - 491,084.533 4,450.001 486,634.532 JPM Global Dynamic A (dist) - USD 90,136,845.419 32,789,058.322 35,699,907.257 87,225,996.484 JF Global Dynamic A (dist) - USD 733,075.483 648,440.625 394,729.297 986,786.811 JPM Global Dynamic A (dist) - GBP 845,711.865 170,721.290 319,722.868 696,710.287 JPM Global Dynamic A (inc) - EUR 496.381 1,474,075.117 156,023.291 1,318,548.207 JPM Global Dynamic B (acc) - USD 6,639,962.487 1,609,199.049 1,657,928.561 6,591,232.975 JPM Global Dynamic C (acc) - USD 18,403,257.935 10,474,618.971 10,704,109.827 18,173,767.079 JPM Global Dynamic C (acc) - EUR - 5,527,880.001 - 5,527,880.001 JPM Global Dynamic D (acc) - EUR 643.365 154,957.802 38,494.008 117,107.159 JPM Global Dynamic D (acc) - USD 8,797,031.906 16,589,727.921 8,190,910.266 17,195,849.561 JPM Global Dynamic I (acc) - USD - 1,952,030.000 - 1,952,030.000 JPM Global Dynamic X (acc) - USD 17,012,943.314 4,240,683.880 5,539,511.036 15,714,116.158 JPM Global Dynamic X (acc) - EUR - 17,330,026.813 - 17,330,026.813

JPMorgan Funds - Global Equity Fund (EUR) (8) JPM Global Equity (EUR) A (acc) - EUR 827,656.526 1,532,833.372 1,390,570.445 969,919.453 JPM Global Equity (EUR) A (dist) - EUR 738,315.706 78,022.773 175,879.276 640,459.203 JPM Global Equity (EUR) C (acc) - EUR 7,066,323.535 3,215,062.741 2,831,545.757 7,449,840.519 JPM Global Equity (EUR) D (acc) - EUR 464,171.410 166,556.888 282,766.666 347,961.632

JPMorgan Funds - Global Equity Fund (USD) (9) JPM Global Equity (USD) A (acc) - USD 1,244,050.960 535,086.101 1,283,969.115 495,167.946 JPM Global Equity (USD) A (dist) - USD 1,398,753.173 143,741.661 548,506.142 993,988.692 JF Global Equity (USD) A (dist) - USD 1,237,430.880 205,195.619 288,303.076 1,154,323.423 JPM 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 - 8,546,952.921 JPM Global Equity (USD) D (acc) - USD 2,887,294.164 117,888.042 277,527.727 2,727,654.479 JPM Global Equity (USD) X (acc) - USD 1,048,640.488 578,043.574 133,917.137 1,492,766.925

JPMorgan Funds - Global Focus Fund (10) JPM Global Focus A (acc) - EUR 570,981.270 9,376,781.810 1,524,909.233 8,422,853.847 JPM Global Focus A (dist) - EUR 3,069,926.974 7,510,075.831 3,216,028.877 7,363,973.928 JF Global Focus A (dist) - USD - 884,914.336 75,970.289 808,944.047 JPM Global Focus C (acc) - EUR 721,984.765 10,847,201.865 1,206,882.031 10,362,304.599 JPM Global Focus D (acc) - EUR 1,227,485.556 3,351,632.202 1,333,741.783 3,245,375.975 JPM Global Focus X (acc) - EUR 1,072,576.185 727,160.882 426,399.209 1,373,337.858

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A (acc) - USD 203,952.653 563,957.582 679,469.240 88,440.995 JPM Global Life Sciences A (dist) - USD 4,395,062.472 1,974,930.735 2,657,040.183 3,712,953.024 JPM Global Life Sciences A (dist) - GBP 18,090.243 408.019 1,089.620 17,408.642 JF Global Life Sciences A (dist) - USD 4,087,861.939 3,191,109.794 5,006,569.995 2,272,401.738 JPM Global Life Sciences D (acc) - USD 1,077,146.537 753,419.178 911,647.873 918,917.842

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - EUR 34,264,546.125 38,741,505.247 31,238,424.094 41,767,627.278 JPM Global Natural Resources A (dist) - EUR 2,992,978.432 16,981,607.874 6,326,602.588 13,647,983.718 JPM Global Natural Resources A (acc) - USD - 1,706,403.250 124,952.200 1,581,451.050 JPM Global Natural Resources B (acc) - EUR 1,088,061.679 955,801.383 284,020.393 1,759,842.669 JPM Global Natural Resources C (acc) - EUR 7,754,952.338 12,043,364.935 14,316,402.090 5,481,915.183 JPM Global Natural Resources C (acc) - USD - 224,985.925 - 224,985.925 JPM Global Natural Resources D (acc) - EUR 9,714,749.024 11,566,855.923 9,168,295.501 12,113,309.446 JPM Global Natural Resources D (acc) - USD - 2,437.992 - 2,437.992 JPM Global Natural Resources X (acc) - EUR 5,178,017.275 1,682,000.970 206,994.989 6,653,023.256

JPMorgan Funds - Global Real Estate Securities Fund (EUR) (11) JPM Global Real Estate Securities A (acc) - EUR - 2,067,296.974 754,145.762 1,313,151.212 JPM Global Real Estate Securities A (inc) - EUR - 164,657.887 1,875.715 162,782.172 JPM Global Real Estate Securities C (acc) - EUR - 48,000.000 - 48,000.000 JPM Global Real Estate Securities D (acc) - EUR - 433,455.206 67,462.177 365,993.029 JPM Global Real Estate Securities X (acc) - EUR - 144,301.002 - 144,301.002

JPMorgan Funds - Global Real Estate Securities Fund (USD) (12) JPM Global Real Estate Securities A (acc) - USD - 955,818.762 477,188.737 478,630.025 JPM Global Real Estate Securities D (acc) - USD - 251,368.884 - 251,368.884 JPM Global Real Estate Securities X (acc) - USD - 1,181,531.621 - 1,181,531.621

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 959,167.721 563,482.928 289,081.097 1,233,569.552 JPM Global Socially Responsible A (dist) - USD 3,102,924.121 1,357,793.005 573,297.796 3,887,419.330 JPM Global Socially Responsible D (acc) - USD 282,505.275 361,510.993 210,175.200 433,841.068

JPMorgan Funds - JF Asia Alpha Plus Fund JF Asia Alpha Plus A (acc) - USD 3,872,828.584 3,993,645.384 1,834,421.501 6,032,052.467

(8) Name changed from International Equity Fund (EUR) on 29 August 2006. (9) Name changed from Global Equity Fund on 29 August 2006. (10) Name changed from Global Recovery Fund on 29 August 2006. (11) This Sub-Fund was launched on 1 September 2006. (12) This Sub-Fund was launched on 1 September 2006.

435 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 - JF Asia Equity Fund JF Asia Equity A (acc) - USD 4,124,227.609 1,507,809.314 1,667,680.573 3,964,356.350 JF Asia Equity A (dist) - USD 15,593,152.815 8,028,685.400 11,866,620.890 11,755,217.325 JF Asia Equity A (dist) - GBP 77,224.791 2,193.590 37,602.450 41,815.931 JF Asia Equity B (acc) - USD 11,745.049 - 11,745.049 - JF Asia Equity C (acc) - USD 4,261,228.045 364,271.702 4,274,442.923 351,056.824 JF Asia Equity D (acc) - USD 1,919,752.942 893,692.575 920,527.283 1,892,918.234 JF Asia Equity D (acc) - EUR 501.365 28,337.186 603.136 28,235.415 JF Asia Equity I (acc) - USD 3,697,232.303 9,017,447.881 3,894,452.361 8,820,227.823 JF Asia Equity X (acc) - USD 529,504.646 172,077.848 25,974.044 675,608.450

JPMorgan Funds - JF China Fund JF China A (acc) - USD 2,952,122.589 13,096,612.012 8,145,816.246 7,902,918.355 JF China A (dist) - USD 36,340,248.733 72,060,315.843 55,722,962.197 52,677,602.379 JF China B (acc) - USD 1,239,453.749 4,924,988.268 2,496,013.271 3,668,428.746 JF China C (acc) - USD 309,143.828 2,385,902.761 1,072,361.908 1,622,684.681 JF China D (acc) - USD 9,411,230.569 18,504,857.090 14,645,227.302 13,270,860.357 JF China I (acc) - USD - 1,616,926.699 524,395.051 1,092,531.648 JF China X (acc) - USD - 2,086,541.580 98,107.560 1,988,434.020

JPMorgan Funds - JF Greater China Fund JF Greater China A (acc) - USD 2,263,602.362 2,725,767.575 2,919,342.527 2,070,027.410 JF Greater China A (dist) - USD 17,545,691.601 7,665,939.482 8,961,725.298 16,249,905.785 JF Greater China B (acc) - USD 1,182,225.820 126,718.228 1,217,773.130 91,170.918 JF Greater China C (acc) - USD 2,372,097.036 2,179,374.203 2,096,711.107 2,454,760.132 JF Greater China D (acc) - USD 5,327,111.376 3,548,431.241 3,479,580.530 5,395,962.087 JF Greater China I (acc) - USD - 2,399,908.437 2,399,908.437 - JF Greater China X (acc) - USD 42,727.329 44,491.254 8,515.330 78,703.253

JPMorgan Funds - JF Hong Kong Fund JF Hong Kong A (acc) - USD 279,424.162 1,396,362.322 1,021,428.415 654,358.069 JF Hong Kong A (dist) - USD 1,800,970.915 1,553,572.031 1,455,795.643 1,898,747.303 JF Hong Kong B (acc) - USD 21,000.000 7,385.524 26,299.072 2,086.452 JF Hong Kong C (acc) - USD 12,827.370 125,706.000 129,475.400 9,057.970 JF Hong Kong D (acc) - USD 441,696.471 537,701.939 512,955.867 466,442.543

JPMorgan Funds - JF India Fund JF India A (acc) - USD 9,389,755.457 29,020,380.982 20,234,273.246 18,175,863.193 JF India A (dist) - USD 35,581,405.692 21,971,735.949 25,975,781.563 31,577,360.078 JF India B (acc) - USD 2,581,574.947 3,618,195.714 2,865,435.151 3,334,335.510 JF India C (acc) - USD 4,812,033.055 3,495,638.453 3,927,567.946 4,380,103.562 JF India D (acc) - USD 21,036,070.815 13,887,521.233 15,169,504.772 19,754,087.276 JF India X (acc) - USD 121,009.046 2,109,735.051 297,434.766 1,933,309.331

JPMorgan Funds - JF Japan Alpha Plus Fund JF Japan Alpha Plus A (acc) - USD 4,218,620.744 242,582.205 3,292,886.510 1,168,316.439 JF Japan Alpha Plus A (dist) - USD 8,725,512.821 62,780.000 6,401,820.114 2,386,472.707 JF Japan Alpha Plus D (acc) - USD 284,323.053 - 276,238.702 8,084.351

JPMorgan Funds - JF Japan Equity Fund JF Japan Equity A (acc) - USD 51,290,467.999 15,696,060.066 39,357,043.641 27,629,484.424 JF Japan Equity A (acc) - EUR 251,889.169 615,761.485 308,140.785 559,509.869 JF Japan Equity A (acc) - JPY 4,770,064.290 7,314,846.781 8,900,941.792 3,183,969.279 JF Japan Equity A (dist) - USD 77,182,810.005 29,028,417.787 68,158,477.421 38,052,750.371 JF Japan Equity A (dist) - GBP 327,056.610 59,919.543 77,074.016 309,902.137 JF Japan Equity B (acc) - USD 2,722,552.515 185,780.668 947,326.156 1,961,007.027 JF Japan Equity C (acc) - USD 25,534,724.866 3,111,997.308 22,407,932.495 6,238,789.679 JF Japan Equity D (acc) - USD 22,698,395.273 9,565,932.326 19,438,487.143 12,825,840.456 JF Japan Equity D (acc) - EUR 622.822 755,530.179 369,404.547 386,748.454 JF Japan Equity J (dist) - USD 5,940,851.011 1,876,024.770 4,212,825.849 3,604,049.932 JF Japan Equity I (acc) - USD 0.001 17,328,088.379 11,280,561.745 6,047,526.635 JF Japan Equity X (acc) - USD 3,870,721.921 505,313.050 3,143,365.963 1,232,669.008

JPMorgan Funds - JF Japan Small Cap Fund JF Japan Small Cap A (acc) - USD 2,079,520.415 3,966,092.521 2,713,525.633 3,332,087.303 JF Japan Small Cap A (dist) - USD 13,869,069.353 4,999,268.328 7,417,332.090 11,451,005.591 JF Japan Small Cap B (acc) - USD 440,676.261 70,567.723 110,574.048 400,669.936 JF Japan Small Cap C (acc) - USD 2,004,201.932 1,382,231.945 1,009,906.715 2,376,527.162 JF Japan Small Cap D (acc) - USD 2,994,034.019 1,478,953.367 2,443,063.773 2,029,923.613 JF Japan Small Cap X (acc) - USD 453,392.598 3,375,177.860 681,080.288 3,147,490.170

JPMorgan Funds - JF Pacific Balanced Fund JF Pacific Balanced A (acc) - USD 865,121.476 315,962.788 942,158.881 238,925.383 JF Pacific Balanced A (dist) - USD 7,373,649.267 1,385,520.266 3,417,329.146 5,341,840.387 JF Pacific Balanced D (acc) - USD 2,023,374.997 871,349.861 1,116,858.072 1,777,866.786

436 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 - JF Pacific Equity Fund JF Pacific Equity A (acc) - USD 3,143,520.529 1,072,975.165 2,631,913.323 1,584,582.371 JF Pacific Equity A (acc) - EUR 935,475.063 499,958.971 962,913.979 472,520.055 JF Pacific Equity A (dist) - USD 22,967,504.744 3,517,896.726 11,982,734.454 14,502,667.016 JF Pacific Equity A (dist) - GBP 51,287.492 657.369 6,743.139 45,201.722 JF Pacific Equity B (acc) - USD 33,277.857 802,370.355 819,968.739 15,679.473 JF Pacific Equity C (acc) - USD 7,858,622.361 926,533.247 5,063,894.450 3,721,261.158 JF Pacific Equity D (acc) - USD 3,230,650.787 22,108,116.084 22,501,715.520 2,837,051.351 JF Pacific Equity D (acc) - EUR 20,352.015 37,404.335 11,130.197 46,626.153 JF Pacific Equity I (acc) - USD - 4,428,717.558 1,332,274.893 3,096,442.665

JPMorgan Funds - JF Pacific Technology Fund JF Pacific Technology A (acc) - USD 613,682.762 300,711.866 696,242.574 218,152.054 JF Pacific Technology A (dist) - USD 4,419,660.550 3,546,972.657 5,237,814.229 2,728,818.978 JF Pacific Technology A (dist) - GBP 7,159.151 570.551 1,155.340 6,574.362 JF Pacific Technology B (acc) - USD 129,291.470 - 129,291.470 - JF Pacific Technology D (acc) - USD 407,642.516 197,792.245 312,162.595 293,272.166

JPMorgan Funds - JF Singapore Fund JF Singapore A (acc) - USD 995,597.359 8,241,425.543 4,366,007.950 4,871,014.952 JF Singapore A (dist) - USD 4,509,553.720 21,009,259.300 15,500,392.486 10,018,420.534 JF Singapore B (acc) - USD 20,259.189 1,068,517.985 76,383.506 1,012,393.668 JF Singapore C (acc) - USD 998,810.116 1,123,968.421 1,144,098.845 978,679.692 JF Singapore D (acc) - USD 1,210,955.038 4,840,686.645 2,608,495.024 3,443,146.659 JF Singapore I (acc) - USD - 4,507,865.883 1,692,284.390 2,815,581.493 JF Singapore X (acc) - USD 10,000.000 32,841.715 16,194.603 26,647.112

JPMorgan Funds - JF Taiwan Fund JF Taiwan A (acc) - USD 6,217,417.582 13,801,551.010 7,887,699.067 12,131,269.525 JF Taiwan A (dist) - USD 15,339,352.098 25,909,734.119 24,576,661.471 16,672,424.746 JF Taiwan B (acc) - USD 144,587.850 - 114,291.498 30,296.352 JF Taiwan C (acc) - USD 6,770,226.124 395,504.507 6,515,377.961 650,352.670 JF Taiwan D (acc) - USD 2,717,541.439 1,484,666.801 2,124,250.617 2,077,957.623 JF Taiwan I (acc) - USD 0.001 17,264,826.976 3,585,523.782 13,679,303.195 JF Taiwan X (acc) - USD 160,061.802 63,985.189 86,200.106 137,846.885

JPMorgan Funds - JF Tokyo Alpha Plus Fund JF Tokyo Alpha Plus A (acc) - JPY 27,057,754.714 2,346,833.620 23,993,531.991 5,411,056.343 JF Tokyo Alpha Plus A (dist) - JPY 2,931,910.313 861,548.509 1,835,952.155 1,957,506.667 JF Tokyo Alpha Plus X (acc) - JPY 17,562.002 - 17,562.002 -

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 1,918,114.362 8,165,835.489 4,790,701.865 5,293,247.986 JPM Latin America Equity A (dist) - USD 7,449,530.717 6,835,809.700 5,408,950.580 8,876,389.837 JF Latin America Equity A (dist) - USD 2,405,480.811 11,331,287.761 7,338,686.497 6,398,082.075 JPM Latin America Equity B (acc) - USD 3,457,728.199 1,143,607.565 1,954,607.539 2,646,728.225 JPM Latin America Equity C (acc) - USD 9,165,261.509 1,660,257.197 9,073,228.332 1,752,290.374 JPM Latin America Equity D (acc) - USD 3,735,483.153 3,896,341.999 2,796,401.842 4,835,423.310 JPM Latin America Equity I (acc) - USD 5,515,171.024 23,232,264.732 4,425,174.772 24,322,260.984 JPM 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 Fund JPM Middle East Equity A (acc) - USD 2,237,966.202 3,608,203.259 3,815,921.210 2,030,248.251 JPM Middle East Equity A (dist) - USD 8,373,495.442 9,517,236.409 9,274,628.300 8,616,103.551 JPM Middle East Equity B (acc) - USD 6,300.000 554,510.234 - 560,810.234 JPM Middle East Equity D (acc) - USD 5,440,163.096 1,795,073.895 4,099,452.778 3,135,784.213

JPMorgan Funds - Russia Fund JPM Russia A (acc) - USD 3,026,166.472 10,882,969.896 8,167,116.884 5,742,019.484 JPM Russia A (dist) - USD 5,526,749.246 6,713,674.964 6,280,221.391 5,960,202.819 JPM Russia B (acc) - USD 427,830.018 587,710.061 53,000.000 962,540.079 JPM Russia D (acc) - USD 326,660.741 7,747,791.764 2,992,555.930 5,081,896.575 JPM Russia I (acc) - USD - 1,020,000.001 1,020,000.001 - JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 1,566,744.935 567,241.430 1,534,530.119 599,456.246 JPM Sterling Bond A (dist) - GBP 191,322,396.058 26,664,527.073 64,448,423.540 153,538,499.591 JPM Sterling Bond B (dist) - GBP - 521,960.001 521,960.001 - JPM Sterling Bond D (acc) - GBP 1,977,875.893 768,375.516 1,515,192.813 1,231,058.596 JPM Sterling Bond X (acc) - GBP 1,012,311.148 - 915,848.219 96,462.929

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 5,405,756.359 2,369,435.887 3,788,389.352 3,986,802.894 JPM UK Equity A (dist) - GBP 34,593,528.388 13,584,157.928 19,401,556.229 28,776,130.087 JPM UK Equity C (acc) - GBP 1,398,464.352 1,734,389.385 835,744.355 2,297,109.382 JPM UK Equity D (acc) - GBP 1,415,776.418 5,671,697.967 1,440,096.619 5,647,377.766 JPM UK Equity I (acc) - GBP - 551,987.189 551,987.189 -

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 178,383.687 2,132,549.946 490,578.236 1,820,355.397 JPM US Aggregate Bond A (dist) - USD 2,854,395.715 11,182,304.287 7,137,730.921 6,898,969.081 JPM US Aggregate Bond B (acc) - USD 797,858.600 961,878.585 - 1,759,737.185 JPM US Aggregate Bond C (acc) - USD 2,240,709.753 65,789.474 290,234.495 2,016,264.732 JPM US Aggregate Bond D (acc) - USD 602,934.645 2,360,683.451 1,269,663.755 1,693,954.341 JPM US Aggregate Bond X (acc) - USD 17,615,619.613 902,124.303 9,781,796.682 8,735,947.234

437 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End 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 Fund JPM US Dynamic A (acc) - USD 98,179,196.738 112,544,953.949 67,463,025.350 143,261,125.337 JPM US Dynamic A (acc) - EUR 1,832,985.998 13,795,807.066 2,967,928.397 12,660,864.667 JPM US Dynamic A (dist) - USD 138,272,807.910 107,586,396.412 96,054,494.911 149,804,709.411 JPM US Dynamic B (acc) - USD 8,875,839.249 4,028,031.116 4,422,125.671 8,481,744.694 JPM US Dynamic C (acc) - USD 66,622,657.227 55,969,083.656 45,102,646.274 77,489,094.609 JPM US Dynamic D (acc) - USD 8,241,221.278 9,670,473.280 7,960,709.508 9,950,985.050 JPM US Dynamic D (acc) - EUR 501.365 131,094.112 38,433.158 93,162.319 JPM US Dynamic I (inc) - EUR - 64,815,236.185 32,407,618.092 32,407,618.093 JPM US Dynamic I (acc) - USD 2,500,000.000 9,500,471.576 2,226,377.158 9,774,094.418 JPM US Dynamic X (acc) - USD 22,339,544.970 48,421,902.343 45,861,245.404 24,900,201.909

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 337,233.538 1,225,111.846 1,314,943.632 247,401.752 JPM US Small Cap Growth A (dist) - USD 711,060.490 45,242.873 282,112.126 474,191.237 JPM US Small Cap Growth A (dist) - GBP 215.514 - 64.611 150.903 JPM US Small Cap Growth D (acc) - USD 384,172.501 1,915,183.855 313,270.118 1,986,086.238

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 5,554,669.177 10,396,529.332 4,820,567.186 11,130,631.323 JPM US Strategic Growth A (acc) - EUR (hedged) - 3,376,594.381 1,509.436 3,375,084.945 JPM US Strategic Growth A (dist) - USD 9,967,356.538 34,770,599.039 13,705,342.365 31,032,613.212 JPM US Strategic Growth A (dist) - GBP 28,393.835 635.779 25,074.944 3,954.670 JPM US Strategic Growth B (acc) - USD 1,143,551.797 941,487.880 349,613.643 1,735,426.034 JPM US Strategic Growth C (acc) - USD 641,058.058 4,435,630.259 2,104,109.472 2,972,578.845 JPM US Strategic Growth D (acc) - USD 432,730.237 311,179.912 307,646.225 436,263.924 JPM US Strategic Growth D (acc) - EUR (hedged) - 26,490.066 - 26,490.066 JPM 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 Fund JPM US Technology A (acc) - USD 178,419.945 1,180,352.223 970,527.312 388,244.856 JPM US Technology A (dist) - GBP 40,163.033 1,753.184 8,545.158 33,371.059 JPM US Technology A (dist) - USD 14,013,006.695 8,700,971.987 15,207,432.702 7,506,545.980 JF US Technology A (dist) - USD 3,959,547.876 6,928,855.541 6,953,201.026 3,935,202.391 JPM 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 Fund JPM US Value A (acc) - USD 17,525,395.184 40,906,758.343 30,685,347.005 27,746,806.522 JPM US Value A (acc) - EUR (hedged) - 3,585,219.422 2,142,583.388 1,442,636.034 JPM US Value A (dist) - USD 53,645,880.704 46,760,790.075 46,188,299.108 54,218,371.671 JPM US Value A (dist) - GBP 39,901.555 21,411.794 2,716.678 58,596.671 JF US Value A (dist) - USD 314,520.824 488,480.864 624,938.133 178,063.555 JPM US Value B (acc) - USD 224,746.041 535,566.173 254,727.348 505,584.866 JPM US Value C (acc) - USD 9,517,928.147 14,693,150.896 9,744,273.341 14,466,805.702 JPM US Value D (acc) - USD 5,017,070.643 4,228,404.432 2,306,316.949 6,939,158.126 JPM US Value D (acc) - EUR (hedged) - 268,507.456 29,282.885 239,224.571 JPM US Value X (acc) - USD 3,155,183.098 6,464,554.694 1,912,520.818 7,707,216.974

438 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

11. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2006 (continued) JPMorgan Funds - America Equity Fund JPM America Equity A (acc) - USD 4,340,982.362 5,969,094.971 6,162,492.534 4,147,584.799 JPM America Equity A (dist) - USD 15,516,407.677 2,389,260.541 10,932,897.961 6,972,770.257 JF America Equity A (dist) - USD 769,070.957 98,288.210 267,651.464 599,707.703 JPM America Equity B (acc) - USD 1,540,282.417 271,153.903 1,524,667.498 286,768.822 JPM America Equity C (acc) - USD 3,989,550.233 10,093,358.063 3,498,836.270 10,584,072.026 JPM America Equity D (acc) - USD 9,739,467.474 4,590,040.361 8,068,707.080 6,260,800.755 JPM America Equity D (acc) - EUR - 501.365 - 501.365 JPM America Equity X (acc) - USD 6,678,025.327 2,108,498.076 6,616,593.954 2,169,929.449

JPMorgan Funds - America Large Cap Fund JPM America Large Cap A (acc) - USD 54,439.787 144,105.223 121,781.123 76,763.887 JPM America Large Cap A (dist) - USD 6,162,259.122 1,241,000.213 3,548,713.013 3,854,546.322 JPM America Large Cap B (acc) - USD - 26,099.248 - 26,099.248 JPM America Large Cap D (acc) - USD 329,406.202 274,416.904 196,207.929 407,615.177

JPMorgan Funds - America Micro Cap Fund JPM America Micro Cap A (acc) - USD 1,731,905.361 6,777,944.837 2,887,079.477 5,622,770.721 JPM America Micro Cap A (dist) - USD 2,805,984.852 2,065,287.201 2,398,511.468 2,472,760.585 JF America Micro Cap A (dist) - USD 270,720.454 2,650,170.909 1,957,332.399 963,558.964 JPM America Micro Cap D (acc) - USD 1,118,594.978 1,849,708.854 1,108,207.119 1,860,096.713 JPM America Micro Cap X (acc) - USD 768,402.909 1,426,770.809 1,981,257.380 213,916.338

JPMorgan Funds - Eastern Europe Equity Fund JPM Eastern Europe Equity A (acc) - EUR 689,019.697 4,529,265.647 2,925,415.282 2,292,870.062 JPM Eastern Europe Equity A (dist) - EUR 29,482,834.241 21,134,461.964 33,380,441.705 17,236,854.500 JF Eastern Europe Equity A (dist) - EUR 2,037,569.098 11,367,435.696 8,393,150.280 5,011,854.514 JPM Eastern Europe Equity B (acc) - EUR - 6,640.000 - 6,640.000 JPM Eastern Europe Equity C (acc) - EUR 10,598,114.772 4,068,087.154 5,524,008.195 9,142,193.731 JPM Eastern Europe Equity D (acc) - EUR 1,456,253.176 5,121,625.039 2,906,916.337 3,670,961.878 JPM Eastern Europe Equity I (acc) - EUR - 4,697,055.454 - 4,697,055.454 JPM Eastern Europe Equity X (acc) - EUR 4,300,000.000 967,255.898 1,110,837.849 4,156,418.049

JPMorgan Funds - Emerging Europe Equity Fund JPM Emerging Europe Equity A (acc)- USD 894,548.178 4,594,117.218 3,249,621.440 2,239,043.956 JPM Emerging Europe Equity A (dist) - USD 7,262,913.307 6,649,107.023 7,307,110.955 6,604,909.375 JPM Emerging Europe Equity B (acc) - USD 103,079.328 502,991.273 178,466.946 427,603.655 JPM Emerging Europe Equity C (acc) - USD 5,478,532.023 5,990,350.028 2,830,813.380 8,638,068.671 JPM Emerging Europe Equity D (acc) - USD 1,028,886.077 2,530,062.412 1,746,633.480 1,812,315.009 JPM Emerging Europe Equity I (acc) - USD - 3,439,165.440 - 3,439,165.440 JPM Emerging Europe Equity X (acc) - USD 30,066.932 613,756.937 554,160.134 89,663.735

JPMorgan Funds - Emerging Markets Equity Fund JPM Emerging Markets Equity A (acc) - USD 1,956,647.164 50,467,633.274 23,418,111.087 29,006,169.351 JPM Emerging Markets Equity A (acc) - EUR - 12,981,076.859 443,262.427 12,537,814.432 JPM Emerging Markets Equity A (dist) - USD 88,259,146.173 80,536,130.588 73,859,755.842 94,935,520.919 JPM Emerging Markets Equity A (dist) - GBP 23,470.387 60,113.791 7,456.348 76,127.830 JPM Emerging Markets Equity B (acc) - USD 421,454.886 2,369,090.890 783,091.519 2,007,454.257 JPM Emerging Markets Equity C (acc) - USD 5,137,715.967 37,485,208.077 17,524,982.760 25,097,941.284 JPM Emerging Markets Equity D (acc) - USD 1,243,536.605 6,793,138.269 2,818,026.187 5,218,648.687 JPM Emerging Markets Equity D (acc) - EUR - 11,685.069 - 11,685.069 JPM Emerging Markets Equity I (inc) - EUR - 1,400,000.000 - 1,400,000.000 JPM Emerging Markets Equity X (acc) - USD 3,648,325.038 29,840,332.816 2,657,304.251 30,831,353.603 JPM Emerging Markets Equity X (inc) - EUR - 10,330,431.052 - 10,330,431.042

JPMorgan Funds - Euro Liquid Reserve Fund (1) JPM Euro Liquid Reserve A (acc) - EUR - 1,000,000.000 - 1,000,000.000

JPMorgan Funds - Euroland Equity Fund JPM Euroland Equity A (acc) - EUR 6,822,046.594 39,069,865.145 13,192,138.515 32,699,773.224 JPM Euroland Equity A (dist) - EUR 36,699,936.958 42,109,609.888 31,865,158.643 46,944,388.203 JF Euroland Equity A (dist) - USD 7,740,421.628 9,635,783.769 3,615,094.148 13,761,111.249 JPM Euroland Equity C (acc) - EUR 7,777,781.336 15,494,883.401 2,173,532.163 21,099,132.574 JPM Euroland Equity D (acc) - EUR 2,102,130.392 13,505,703.244 4,552,740.702 11,055,092.934

JPMorgan Funds - Europe Aggregate Plus Bond Fund (2) JPM Europe Aggregate Plus Bond A (acc) - EUR 6,001,826.078 2,454,628.346 6,695,561.111 1,760,893.313 JPM Europe Aggregate Plus Bond A (dist) - EUR 21,254,241.233 8,515,483.303 11,824,623.491 17,945,101.045 JPM Europe Aggregate Plus Bond B (acc) - EUR 74,930.000 - 39,586.849 35,343.151 JPM Europe Aggregate Plus Bond D (acc) - EUR 1,855,551.367 6,675,604.103 4,335,664.351 4,195,491.119

JPMorgan Funds - Europe Balanced Fund (EUR) JPM Europe Balanced (EUR) A (acc) - EUR 772.600 142,941.084 10,541.027 133,172.657 JPM Europe Balanced (EUR) A (dist) - EUR 3,436,353.471 2,538,181.455 1,255,122.451 4,719,412.475 JPM Europe Balanced (EUR) D (acc) - EUR 1,305,232.880 3,637,683.178 1,441,007.996 3,501,908.062

JPMorgan Funds - Europe Convergence Equity Fund JPM Europe Convergence Equity A (acc) - EUR 659,252.511 4,174,777.533 3,504,156.970 1,329,873.074 JPM Europe Convergence Equity A (dist) - EUR 15,007,783.551 10,973,725.018 13,721,742.481 12,259,766.088 JPM Europe Convergence Equity C (acc) - EUR 846,634.741 3,979,775.818 3,476,682.127 1,349,728.432 JPM Europe Convergence Equity D (acc) - EUR 3,097,384.672 3,560,940.382 3,367,259.296 3,291,065.758

(1) This Sub-Fund was launched on 22 May 2006. (2) Name changed from Europe Aggregate Bond Fund on 13 September 2005.

439 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

11. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2006 (continued) JPMorgan Funds - Europe Dynamic Fund JPM Europe Dynamic A (acc) - EUR 3,882,884.678 22,205,763.158 11,655,980.943 14,432,666.893 JPM Europe Dynamic A (dist) - EUR 64,623,849.353 31,362,229.543 46,982,537.769 49,003,541.127 JPM Europe Dynamic A (dist) - GBP 104,619.918 86,451.088 65,132.676 125,938.330 JF Europe Dynamic A (dist) - EUR 1,384,950.061 5,551,488.804 4,702,149.225 2,234,289.640 JPM Europe Dynamic B (acc) - EUR 680,691.849 1,782,318.962 374,829.314 2,088,181.497 JPM Europe Dynamic C (acc) - EUR 4,022,585.265 12,727,544.824 2,824,763.235 13,925,366.854 JPM Europe Dynamic D (acc) - EUR 4,794,274.029 6,443,612.964 5,912,157.037 5,325,729.956 JPM Europe Dynamic D (acc) - USD 80.580 58,461.670 10,377.590 48,164.660 JPM Europe Dynamic X (acc) - EUR 5,097,244.347 4,722,887.755 3,036,616.383 6,783,515.719

JPMorgan Funds - Europe Dynamic Mega Cap Fund (3) JPM Europe Dynamic Mega Cap A (acc) - EUR - 22,291,117.955 4,096,648.524 18,194,469.431 JPM Europe Dynamic Mega Cap A (dist) - EUR - 102,811.064 - 102,811.064 JPM Europe Dynamic Mega Cap A (inc) - EUR - 387.177 - 387.177 JPM Europe Dynamic Mega Cap B (acc) - EUR - 735,935.005 - 735,935.005 JPM Europe Dynamic Mega Cap C (acc) - EUR - 2,400,669.892 31,555.728 2,369,114.164 JPM Europe Dynamic Mega Cap D (acc) - EUR - 98,452.320 414.401 98,037.919 JPM Europe Dynamic Mega Cap X (acc) - EUR - 1,334,938.073 141,139.332 1,193,798.741

JPMorgan Funds - Europe Dynamic Small Cap Fund JPM Europe Dynamic Small Cap A (acc) - EUR 807,210.869 12,746,546.443 3,187,110.040 10,366,647.272 JPM Europe Dynamic Small Cap A (dist) - EUR - 325,466.658 40,416.810 285,049.848 JPM Europe Dynamic Small Cap D (acc) - EUR - 277,368.844 57,154.307 220,214.537 JPM Europe Dynamic Small Cap X (acc) - EUR - 2,336,683.956 175,332.192 2,161,351.764

JPMorgan Funds - Europe Equity Fund JPM Europe Equity A (acc) - USD 6,335,490.174 4,684,868.642 2,876,905.106 8,143,453.710 JPM Europe Equity A (acc) - EUR 10,023,859.503 60,541,077.098 21,825,879.550 48,739,057.051 JPM Europe Equity A (dist) - EUR 78,759,029.909 73,661,707.824 50,382,098.358 102,038,639.375 JF Europe Equity A (dist) - USD 1,734,451.617 885,759.932 831,711.301 1,788,500.248 JPM Europe Equity B (acc) - EUR 803,211.008 742,163.871 551,979.107 993,395.772 JPM Europe Equity C (acc) - EUR 10,119,341.749 23,219,736.794 8,239,277.984 25,099,800.559 JPM Europe Equity D (acc) - EUR 18,528,418.610 21,349,903.750 20,922,922.475 18,955,399.885 JPM Europe Equity D (acc) - USD - 397.456 - 397.456 JPM Europe Equity X (acc) - EUR 12,907,926.968 15,777,243.640 11,432,066.399 17,253,104.209

JPMorgan Funds - Europe Focus Fund (4) JPM Europe Focus A (acc) - EUR - 1,199,935.291 82,694.050 1,117,241.241 JPM Europe Focus D (acc) - EUR - 83,899.656 - 83,899.656

JPMorgan Funds - Europe High Yield Bond Fund JPM Europe High Yield Bond A (acc) - EUR 4,920.593 183,651.149 76,939.696 111,632.046 JPM Europe High Yield Bond A (dist) - EUR 11,484,145.994 5,288,730.341 10,040,415.216 6,732,461.119 JPM Europe High Yield Bond D (acc) - EUR 1,343,572.157 4,960,112.255 1,331,912.947 4,971,771.465

JPMorgan Funds - Europe Micro Cap Fund (5) JPM Europe Micro Cap A (acc) - EUR - 2,785,171.643 910,606.147 1,874,565.496 JPM Europe Micro Cap A (dist) - EUR - 15,363,797.132 2,599,886.475 12,763,910.657 JPM Europe Micro Cap D (acc) - EUR - 746,141.688 163,658.998 582,482.690

JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - EUR 440,378.675 7,979,259.005 4,868,029.047 3,551,608.633 JPM Europe Small Cap A (dist) - EUR 19,313,160.775 18,683,003.539 17,901,292.777 20,094,871.537 JPM Europe Small Cap A (dist) - GBP 29,805.873 49,199.047 45,847.197 33,157.723 JF Europe Small Cap A (dist) - EUR 919,132.690 24,030,246.621 9,763,692.885 15,185,686.426 JPM Europe Small Cap B (acc) - EUR 71,574.111 112,067.955 68,334.181 115,307.885 JPM Europe Small Cap C (acc) - EUR 8,650,117.852 3,986,792.134 2,718,544.863 9,918,365.123 JPM Europe Small Cap D (acc) - EUR 2,671,423.809 8,572,065.755 4,862,823.367 6,380,666.197 JPM Europe Small Cap X (acc) - EUR 365,368.672 1,168,225.313 529,391.208 1,004,202.777

JPMorgan Funds - Europe Strategic Growth Fund JPM Europe Strategic Growth A (acc) - EUR 2,632,613.080 29,922,865.896 8,113,732.596 24,441,746.380 JPM Europe Strategic Growth A (dist) - EUR 99,943,594.509 131,559,282.014 85,590,840.556 145,912,035.967 JPM Europe Strategic Growth A (dist) - GBP 22,117.047 10,100.558 1,951.989 30,265.616 JPM Europe Strategic Growth B (acc) - EUR 1,475,256.588 1,838,132.232 83,286.050 3,230,102.770 JPM Europe Strategic Growth C (acc) - EUR 7,638,370.954 28,593,502.970 6,957,718.062 29,274,155.862 JPM Europe Strategic Growth D (acc) - EUR 794,804.710 20,086,648.189 4,782,961.186 16,098,491.713 JPM Europe Strategic Growth I (inc) - EUR - 400,165.000 - 400,165.000 JPM Europe Strategic Growth X (acc) - EUR 432,141.670 2,460,523.374 980,102.811 1,912,562.233

JPMorgan Funds - Europe Strategic Value Fund JPM Europe Strategic Value A (acc) - EUR 13,143,124.506 44,881,537.254 22,270,307.257 35,754,354.503 JPM Europe Strategic Value A (dist) - EUR 248,722,993.194 211,168,259.968 149,533,328.177 310,357,924.985 JPM Europe Strategic Value A (dist) - GBP 21,591.808 20,546.757 6,331.506 35,807.059 JPM Europe Strategic Value B (acc) - EUR 329,338.546 941,712.573 183,942.085 1,087,109.034 JPM Europe Strategic Value C (acc) - EUR 15,537,743.099 27,246,193.376 12,263,193.882 30,520,742.593 JPM Europe Strategic Value D (acc) - EUR 33,118,234.443 30,012,111.894 21,132,783.815 41,997,562.522 JPM Europe Strategic Value I (inc) - EUR - 400,165.000 - 400,165.000 JPM Europe Strategic Value X (acc) - EUR 1,827,094.560 2,846,525.004 1,937,737.305 2,735,882.259

(3) This Sub-Fund was launched on 20 September 2005. (4) This Sub-Fund was launched on 13 March 2006. (5) This Sub-Fund was launched on 18 November 2005.

440 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

11. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2006 (continued) JPMorgan Funds - Europe Technology Fund JPM Europe Technology A (acc) - EUR 383,778.891 2,521,430.003 1,702,974.756 1,202,234.138 JPM Europe Technology A (dist) - EUR 23,713,581.827 9,883,805.709 14,661,142.567 18,936,244.969 JPM Europe Technology A (dist) - GBP 25,152.662 31,632.996 5,921.062 50,864.596 JF Europe Technology A (dist) - EUR 3,394,398.510 3,116,558.048 3,610,287.707 2,900,668.851 JPM Europe Technology D (acc) - EUR 1,517,151.223 2,629,258.882 1,475,983.265 2,670,426.840

JPMorgan Funds - FF Emerging Markets Debt Fund JPM FF Emerging Markets Debt A (acc) - USD 260,393.826 6,585,473.282 3,978,293.854 2,867,573.254 JPM FF Emerging Markets Debt A (dist) - USD 9,068,036.255 17,160,941.789 17,567,863.855 8,661,114.189 JPM FF Emerging Markets Debt D (acc) - USD 1,040,699.463 3,979,931.881 2,006,542.713 3,014,088.631

JPMorgan Funds - Germany Equity Fund JPM Germany Equity A (acc) - EUR 784,611.459 7,411,035.321 3,972,838.030 4,222,808.750 JPM Germany Equity A (dist) - EUR 2,695,252.997 11,022,495.934 4,575,511.804 9,142,237.127 JF Germany Equity A (dist) - EUR 1,672,991.982 267,934.965 543,377.562 1,397,549.385 JPM Germany Equity D (acc) - EUR 696,006.220 18,312,272.830 5,647,917.603 13,360,361.447

JPMorgan Funds - Global Aggregate Bond Fund JPM Global Aggregate Bond A (acc) - USD 502,651.755 519,678.118 483,605.693 538,724.180 JPM Global Aggregate Bond A (dist) - USD 26,404,491.160 14,121,209.402 35,339,534.669 5,186,165.893 JPM Global Aggregate Bond B (acc) - USD 218,058.058 67,533.633 168,058.058 117,533.633 JPM Global Aggregate Bond C (acc) - USD 900,000.000 144,424.696 918,098.513 126,326.183 JPM Global Aggregate Bond D (acc) - USD 310,648.700 2,767,911.340 2,035,413.752 1,043,146.288 JPM Global Aggregate Bond X (acc) - USD 510,888.792 27,862.209 382,245.782 156,505.219

JPMorgan Funds - Global Convertible Bond Fund (EUR) JPM Global Convertible Bond (EUR) A (acc) - EUR 3,572,356.508 26,655,191.007 14,895,027.567 15,332,519.948 JPM Global Convertible Bond (EUR) A (dist) - EUR 40,456,521.379 52,200,668.320 44,661,325.438 47,995,864.261 JF Global Convertible Bond (EUR) A (dist) - USD 676,240.269 88,434.463 276,547.097 488,127.635 JPM Global Convertible Bond (EUR) B (acc) - EUR 66,426.910 545,376.634 153,013.663 458,789.881 JPM Global Convertible Bond (EUR) C (acc) - EUR 3,004,025.826 19,436,898.911 5,203,445.232 17,237,479.505 JPM Global Convertible Bond (EUR) D (acc) - EUR 2,050,978.199 25,346,411.858 8,176,310.416 19,221,079.641 JPM Global Convertible Bond (EUR) X (acc) - EUR 1,366,823.569 6,465,499.731 483,736.774 7,348,586.526

JPMorgan Funds - Global Dynamic Fund JPM Global Dynamic A (acc) - USD 2,542,841.958 25,505,004.514 6,858,176.438 21,189,670.034 JPM Global Dynamic A (dist) - USD 51,452,288.945 74,751,773.172 36,067,216.698 90,136,845.419 JF Global Dynamic A (dist) - USD 246,008.589 673,781.230 186,714.336 733,075.483 JPM Global Dynamic A (dist) - GBP 498,193.024 467,367.569 119,848.728 845,711.865 JPM Global Dynamic A (inc) - EUR - 496.381 - 496.381 JPM Global Dynamic B (acc) - USD 624,397.496 7,194,398.256 1,178,833.265 6,639,962.487 JPM Global Dynamic C (acc) - USD 2,094,691.632 20,463,975.878 4,155,409.575 18,403,257.935 JPM Global Dynamic D (acc) - EUR - 643.365 - 643.365 JPM Global Dynamic D (acc) - USD 3,461,475.529 9,340,403.286 4,004,846.909 8,797,031.906 JPM Global Dynamic X (acc) - USD 25,168,404.013 19,970,305.944 28,125,766.643 17,012,943.314

JPMorgan Funds - Global Equity Fund JPM Global Equity A (acc) - USD 706,268.469 1,587,690.078 1,049,907.587 1,244,050.960 JPM Global Equity A (dist) - USD 1,294,831.828 1,358,975.414 1,255,054.069 1,398,753.173 JF Global Equity A (dist) - USD 1,403,959.102 182,464.803 348,993.025 1,237,430.880 JPM Global Equity B (acc) - USD - 24,404.580 - 24,404.580 JPM Global Equity C (acc) - USD 10,287,077.703 8,938.500 1,757,322.177 8,538,694.026 JPM Global Equity D (acc) - USD 42,204.780 2,914,496.515 69,407.131 2,887,294.164 JPM Global Equity X (acc) - USD - 1,048,640.488 - 1,048,640.488

JPMorgan Funds - Global Life Sciences Fund JPM Global Life Sciences A (acc) - USD 9,249.461 417,566.761 222,863.569 203,952.653 JPM Global Life Sciences A (dist) - USD 7,142,895.853 4,105,769.970 6,853,603.351 4,395,062.472 JPM Global Life Sciences A (dist) - GBP 19,110.857 821.792 1,842.406 18,090.243 JF Global Life Sciences A (dist) - USD 862,517.686 8,373,095.735 5,147,751.482 4,087,861.939 JPM Global Life Sciences B (acc) - USD - 27,247.540 27,247.540 - JPM Global Life Sciences D (acc) - USD 481,691.724 1,513,429.006 917,974.193 1,077,146.537

JPMorgan Funds - Global Natural Resources Fund JPM Global Natural Resources A (acc) - EUR 6,177,084.157 52,793,557.760 24,706,095.792 34,264,546.125 JPM Global Natural Resources A (dist) - EUR 177,419.656 3,673,445.738 857,886.962 2,992,978.432 JPM Global Natural Resources B (acc) - EUR - 1,088,061.679 - 1,088,061.679 JPM Global Natural Resources C (acc) - EUR 3,377,849.110 8,141,876.317 3,764,773.089 7,754,952.338 JPM Global Natural Resources D (acc) - EUR - 12,252,534.194 2,537,785.170 9,714,749.024 JPM Global Natural Resources X (acc) - EUR 180,191.280 5,095,975.349 98,149.354 5,178,017.275

JPMorgan Funds - Global Recovery Fund JPM Global Recovery A (acc) - EUR 171,958.268 770,445.672 371,422.670 570,981.270 JPM Global Recovery A (dist) - EUR 1,068,685.011 3,780,171.583 1,778,929.620 3,069,926.974 JPM Global Recovery C (acc) - EUR - 722,195.718 210.953 721,984.765 JPM Global Recovery D (acc) - EUR 206,384.911 1,685,549.828 664,449.183 1,227,485.556 JPM Global Recovery X (acc) - EUR 190,310.162 987,800.037 105,534.014 1,072,576.185

JPMorgan Funds - Global Socially Responsible Fund JPM Global Socially Responsible A (acc) - USD 1,000.000 1,194,787.933 236,620.212 959,167.721 JPM Global Socially Responsible A (dist) - USD 4,686,312.544 2,226,727.554 3,810,115.977 3,102,924.121 JPM Global Socially Responsible D (acc) - USD 289,770.768 301,027.816 308,293.309 282,505.275

441 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

11. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2006 (continued) JPMorgan Funds - International Equity Fund (EUR) JPM International Equity (EUR) A (acc) - EUR 3,224,355.142 671,930.293 3,068,628.909 827,656.526 JPM International Equity (EUR) A (dist) - EUR 849,062.045 136,112.045 246,858.384 738,315.706 JPM International Equity (EUR) C (acc) - EUR - 11,390,814.678 4,324,491.143 7,066,323.535 JPM International Equity (EUR) D (acc) - EUR 669,123.475 467,820.833 672,772.898 464,171.410

JPMorgan Funds - JF Asia Alpha Plus Fund (6) JF Asia Alpha Plus A (acc) - USD - 4,193,919.026 321,090.442 3,872,828.584

JPMorgan Funds - JF Asia Equity Fund (7) JF Asia Equity A (acc) - USD 1,375,218.839 5,622,636.166 2,873,627.396 4,124,227.609 JF Asia Equity A (dist) - USD 22,102,807.908 4,678,911.880 11,188,566.973 15,593,152.815 JF Asia Equity A (dist) - GBP 40,316.736 46,287.321 9,379.266 77,224.791 JF Asia Equity B (acc) - USD 13,114.268 11,745.050 13,114.269 11,745.049 JF Asia Equity C (acc) - USD 5,104,437.303 5,004,342.310 5,847,551.568 4,261,228.045 JF Asia Equity D (acc) - USD 1,128,828.408 1,553,779.146 762,854.612 1,919,752.942 JF Asia Equity D (acc) - EUR - 501.365 - 501.365 JF Asia Equity I (acc) - USD - 3,697,232.304 - 3,697,232.303 JF Asia Equity X (acc) - USD 377,661.025 367,843.372 215,999.751 529,504.646

JPMorgan Funds - JF China Fund (8) JF China A (acc) - USD 1,304,111.860 4,830,163.267 3,182,152.538 2,952,122.589 JF China A (dist) - USD 30,690,063.549 30,510,084.021 24,859,898.837 36,340,248.733 JF China B (acc) - USD - 1,239,453.749 - 1,239,453.749 JF China C (acc) - USD 52,183.468 393,872.181 136,911.821 309,143.828 JF China D (acc) - USD 3,754,807.797 10,004,967.398 4,348,544.626 9,411,230.569

JPMorgan Funds - JF Greater China Fund (9) JF Greater China A (acc) - USD 360,263.440 3,397,341.819 1,494,002.897 2,263,602.362 JF Greater China A (dist) - USD 22,662,699.546 7,094,964.566 12,211,972.511 17,545,691.601 JF Greater China B (acc) - USD - 1,182,225.820 - 1,182,225.820 JF Greater China C (acc) - USD 2,183,164.265 810,876.434 621,943.663 2,372,097.036 JF Greater China D (acc) - USD 3,172,797.584 4,543,109.050 2,388,795.258 5,327,111.376 JF Greater China X (acc) - USD 45,823.227 42,722.954 45,818.852 42,727.329

JPMorgan Funds - JF Hong Kong Fund (10) JF Hong Kong A (acc) - USD 157,208.701 236,887.343 114,671.882 279,424.162 JF Hong Kong A (dist) - USD 1,834,380.537 1,492,071.508 1,525,481.130 1,800,970.915 JF Hong Kong B (acc) - USD - 21,000.000 - 21,000.000 JF Hong Kong C (acc) - USD 6,882.503 9,057.971 3,113.104 12,827.370 JF Hong Kong D (acc) - USD 257,713.265 615,267.103 431,283.897 441,696.471 JF Hong Kong X (acc) - USD - 20,000.001 20,000.001 -

JPMorgan Funds - JF India Fund (11) JF India A (acc) - USD 5,579,873.393 19,666,720.696 15,856,838.632 9,389,755.457 JF India A (dist) - USD 24,056,967.754 41,949,285.011 30,424,847.073 35,581,405.692 JF India B (acc) - USD 131,921.327 3,140,467.008 690,813.388 2,581,574.947 JF India C (acc) - USD 773,208.619 5,203,729.626 1,164,905.190 4,812,033.055 JF India D (acc) - USD 7,512,683.719 25,718,673.352 12,195,286.256 21,036,070.815 JF India X (acc) - USD 206,202.173 125,730.621 210,923.748 121,009.046

JPMorgan Funds - JF Japan Alpha Plus Fund (12) JF Japan Alpha Plus A (acc) - USD 1,476,098.692 7,973,381.707 5,230,859.655 4,218,620.744 JF Japan Alpha Plus A (dist) - USD 17,587,881.560 5,322,756.631 14,185,125.370 8,725,512.821 JF Japan Alpha Plus D (acc) - USD 121,070.500 232,954.553 69,702.000 284,323.053

JPMorgan Funds - JF Japan Equity Fund (13) JF Japan Equity A (acc) - USD 6,643,490.773 60,622,328.242 15,975,351.016 51,290,467.999 JF Japan Equity A (acc) - EUR - 503,778.339 251,889.170 251,889.169 JF Japan Equity A (acc) - JPY - 6,241,922.934 1,471,858.644 4,770,064.290 JF Japan Equity A (dist) - USD 66,250,387.401 71,290,430.490 60,358,007.886 77,182,810.005 JF Japan Equity A (dist) - GBP 174,930.011 256,358.210 104,231.611 327,056.610 JF Japan Equity B (acc) - USD 756,227.854 2,486,404.038 520,079.377 2,722,552.515 JF Japan Equity C (acc) - USD 12,629,236.399 17,648,523.877 4,743,035.410 25,534,724.866 JF Japan Equity D (acc) - USD 8,950,611.897 26,552,992.441 12,805,209.065 22,698,395.273 JF Japan Equity D (acc) - EUR - 622.822 - 622.822 JF Japan Equity J (dist) - USD 3,557,921.459 7,099,499.360 4,716,569.808 5,940,851.011 JF Japan Equity X (acc) - USD 2,476,098.147 6,432,078.632 5,037,454.858 3,870,721.921

(6) This Sub-Fund was launched on 9 November 2005. (7) Name changed from Asia Equity Fund on 13 September 2005. (8) Name changed from China Fund on 13 September 2005. (9) Name changed from Greater China Fund on 13 September 2005. (10) Name changed from Hong Kong Fund on 13 September 2005. (11) Name changed from India Fund on 13 September 2005. (12) Name changed from Japan Alpha Plus Fund on 13 September 2005. (13) Name changed from Japan Equity Fund on 13 September 2005.

442 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

11. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2006 (continued) JPMorgan Funds - JF Japan Small Cap Fund (14) JF Japan Small Cap A (acc) - USD 118,218.926 5,440,400.281 3,479,098.792 2,079,520.415 JF Japan Small Cap A (dist) - USD 14,191,693.873 15,577,551.577 15,900,176.097 13,869,069.353 JF Japan Small Cap B (acc) - USD - 440,786.262 110.001 440,676.261 JF Japan Small Cap C (acc) - USD - 3,683,696.474 1,679,494.542 2,004,201.932 JF Japan Small Cap D (acc) - USD 980,764.707 5,930,017.044 3,916,747.732 2,994,034.019 JF Japan Small Cap X (acc) - USD 257,965.072 604,065.859 408,638.333 453,392.598

JPMorgan Funds - JF Pacific Balanced Fund (15) JF Pacific Balanced A (acc) - USD 65,825.070 1,142,356.329 343,059.923 865,121.476 JF Pacific Balanced A (dist) - USD 6,675,738.837 4,408,220.295 3,710,309.865 7,373,649.267 JF Pacific Balanced D (acc) - USD 892,513.389 2,462,208.405 1,331,346.797 2,023,374.997

JPMorgan Funds - JF Pacific Equity Fund (16) JF Pacific Equity A (acc) - USD 2,245,205.242 3,681,818.316 2,783,503.029 3,143,520.529 JF Pacific Equity A (acc) - EUR - 1,021,455.485 85,980.422 935,475.063 JF Pacific Equity A (dist) - USD 25,229,429.070 7,460,791.112 9,722,715.438 22,967,504.744 JF Pacific Equity A (dist) - GBP 75,059.051 10,063.966 33,835.525 51,287.492 JF Pacific Equity B (acc) - USD 31,146.453 33,277.857 31,146.453 33,277.857 JF Pacific Equity C (acc) - USD 4,039,295.789 6,534,580.193 2,715,253.621 7,858,622.361 JF Pacific Equity D (acc) - USD 1,094,886.662 6,139,616.445 4,003,852.320 3,230,650.787 JF Pacific Equity D (acc) - EUR - 20,352.015 - 20,352.015 JF Pacific Equity X (acc) - USD - 30,000.001 30,000.001 -

JPMorgan Funds - JF Pacific Technology Fund (17) JF Pacific Technology A (acc) - USD 29,563.363 889,590.542 305,471.143 613,682.762 JF Pacific Technology A (dist) - USD 3,055,332.061 7,313,078.567 5,948,750.078 4,419,660.550 JF Pacific Technology A (dist) - GBP 10,507.212 7,902.819 11,250.880 7,159.151 JF Pacific Technology B (acc) - USD - 129,291.470 - 129,291.470 JF Pacific Technology D (acc) - USD 414,299.637 403,779.546 410,436.667 407,642.516

JPMorgan Funds - JF Singapore Fund (18) JF Singapore A (acc) - USD 10,132.687 1,894,547.388 909,082.716 995,597.359 JF Singapore A (dist) - USD 1,408,287.600 9,554,637.453 6,453,371.333 4,509,553.720 JF Singapore B (acc) - USD - 84,934.887 64,675.698 20,259.189 JF Singapore C (acc) - USD 24,603.414 1,150,808.473 176,601.771 998,810.116 JF Singapore D (acc) - USD 359,138.031 1,879,369.965 1,027,552.958 1,210,955.038 JF Singapore X (acc) - USD - 10,000.000 - 10,000.000

JPMorgan Funds - JF Taiwan Fund (19) JF Taiwan A (acc) - USD 66,980.748 13,483,520.712 7,333,083.878 6,217,417.582 JF Taiwan A (dist) - USD 9,483,034.706 24,514,350.769 18,658,033.377 15,339,352.098 JF Taiwan B (acc) - USD - 144,587.850 - 144,587.850 JF Taiwan C (acc) - USD 12,164.293 8,203,458.018 1,445,396.187 6,770,226.124 JF Taiwan D (acc) - USD 121,449.959 4,858,464.801 2,262,373.321 2,717,541.439 JF Taiwan X (acc) - USD - 160,061.802 - 160,061.802

JPMorgan Funds - JF Tokyo Alpha Plus Fund (20) JF Tokyo Alpha Plus A (acc) - JPY - 31,286,566.138 4,228,811.424 27,057,754.714 JF Tokyo Alpha Plus A (dist) - JPY - 3,816,876.251 884,965.938 2,931,910.313 JF Tokyo Alpha Plus X (acc) - JPY - 17,562.002 - 17,562.002

JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity A (acc) - USD 227,505.630 6,812,211.753 5,121,603.021 1,918,114.362 JPM Latin America Equity A (dist) - USD 8,979,003.338 7,776,594.328 9,306,066.949 7,449,530.717 JF Latin America Equity A (dist) - USD 338,543.952 8,010,459.154 5,943,522.295 2,405,480.811 JPM Latin America Equity B (acc) - USD - 3,468,142.098 10,413.899 3,457,728.199 JPM Latin America Equity C (acc) - USD 3,056,907.667 11,180,827.461 5,072,473.619 9,165,261.509 JPM Latin America Equity D (acc) - USD 832,489.976 5,416,287.683 2,513,294.506 3,735,483.153 JPM Latin America Equity I (acc) - USD - 5,515,171.024 - 5,515,171.024 JPM Latin America Equity X (acc) - USD 3,800,000.000 972,223.124 1,755,967.892 3,016,255.232

JPMorgan Funds - Middle East Equity Fund (21) JPM Middle East Equity A (acc) - USD 1,087,014.222 6,985,085.569 5,834,133.589 2,237,966.202 JPM Middle East Equity A (dist) - USD 7,460,463.851 18,396,767.783 17,483,736.192 8,373,495.442 JPM Middle East Equity B (acc) - USD 552,847.784 160,565.635 707,113.419 6,300.000 JPM Middle East Equity D (acc) - USD 2,263,740.907 9,455,542.815 6,279,120.626 5,440,163.096

JPMorgan Funds - Russia Fund (22) JPM Russia A (acc) - USD - 4,519,268.292 1,493,101.820 3,026,166.472 JPM Russia A (dist) - USD - 11,792,213.242 6,265,463.996 5,526,749.246 JPM Russia B (acc) - USD - 427,830.018 - 427,830.018 JPM Russia D (acc) - USD - 388,964.537 62,303.796 326,660.741

(14) Name changed from Japan Small Cap Fund on 13 September 2005. (15) Name changed from Pacific Balanced Fund on 13 September 2005. (16) Name changed from Pacific Equity Fund on 13 September 2005. (17) Name changed from Pacific Technology Fund on 13 September 2005. (18) Name changed from Singapore Fund on 13 September 2005. (19) Name changed from Taiwan Fund on 13 September 2005. (20) This Sub-Fund was launched on 1 February 2006. (21) This Sub-Fund’s year end is 29 June 2006. (22) This Sub-Fund was launched on 18 November 2005.

443 JPMorgan Funds Appendix - Unaudited Additional Disclosures (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

11. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2006 (continued) JPMorgan Funds - Sterling Bond Fund JPM Sterling Bond A (acc) - GBP 632,324.029 2,115,021.633 1,180,600.727 1,566,744.935 JPM Sterling Bond A (dist) - GBP 138,289,710.830 92,175,360.711 39,142,675.483 191,322,396.058 JPM Sterling Bond D (acc) - GBP 760,132.969 2,709,408.496 1,491,665.572 1,977,875.893 JPM Sterling Bond X (acc) - GBP 527,188.986 1,455,901.048 970,778.886 1,012,311.148

JPMorgan Funds - UK Equity Fund JPM UK Equity A (acc) - GBP 1,625,849.212 5,684,934.225 1,905,027.078 5,405,756.359 JPM UK Equity A (dist) - GBP 31,781,691.373 17,476,089.036 14,664,252.021 34,593,528.388 JPM UK Equity C (acc) - GBP 157,056.877 1,704,429.401 463,021.926 1,398,464.352 JPM UK Equity D (acc) - GBP 294,027.053 1,730,812.486 609,063.121 1,415,776.418

JPMorgan Funds - US Aggregate Bond Fund JPM US Aggregate Bond A (acc) - USD 29,528.513 957,869.448 809,014.274 178,383.687 JPM US Aggregate Bond A (dist) - USD 3,785,263.420 1,201,188.069 2,132,055.774 2,854,395.715 JPM US Aggregate Bond B (acc) - USD - 797,858.610 - 797,858.600 JPM US Aggregate Bond C (acc) - USD - 2,347,283.183 106,573.430 2,240,709.753 JPM US Aggregate Bond D (acc) - USD 215,720.387 716,640.327 329,426.069 602,934.645 JPM US Aggregate Bond X (acc) - USD 14,774,634.252 5,651,342.562 2,810,357.201 17,615,619.613

JPMorgan Funds - US Dynamic Fund JPM US Dynamic A (acc) - USD 5,211,788.941 116,913,039.285 23,945,631.488 98,179,196.738 JPM US Dynamic A (acc) - EUR - 1,933,416.595 100,430.597 1,832,985.998 JPM US Dynamic A (dist) - USD 60,352,089.847 138,751,624.322 60,830,906.259 138,272,807.910 JPM US Dynamic B (acc) - USD 1,683,404.511 8,270,131.062 1,077,696.324 8,875,839.249 JPM US Dynamic C (acc) - USD 7,078,236.833 71,598,434.579 12,054,014.185 66,622,657.227 JPM US Dynamic D (acc) - USD 937,090.503 9,059,578.506 1,755,447.731 8,241,221.278 JPM US Dynamic D (acc) - EUR - 501.365 - 501.365 JPM US Dynamic I (acc) - USD - 2,500,000.000 - 2,500,000.000 JPM US Dynamic X (acc) - USD 13,039,404.597 25,594,201.386 16,294,061.013 22,339,544.970

JPMorgan Funds - US Small Cap Growth Fund JPM US Small Cap Growth A (acc) - USD 251,313.150 497,929.523 412,009.135 337,233.538 JPM US Small Cap Growth A (dist) - USD 813,082.468 226,020.738 328,042.716 711,060.490 JPM US Small Cap Growth A (dist) - GBP 5,655.612 64.598 5,504.696 215.514 JPM US Small Cap Growth D (acc) - USD 180,557.341 451,609.104 247,993.944 384,172.501

JPMorgan Funds - US Strategic Growth Fund JPM US Strategic Growth A (acc) - USD 1,000.000 8,098,050.264 2,544,381.087 5,554,669.177 JPM US Strategic Growth A (dist) - USD 2,883,813.821 11,359,970.788 4,276,428.071 9,967,356.538 JPM US Strategic Growth A (dist) - GBP 4,118.814 24,714.967 439.946 28,393.835 JPM US Strategic Growth B (acc) - USD - 1,272,771.456 129,219.659 1,143,551.797 JPM US Strategic Growth C (acc) - USD - 641,058.058 - 641,058.058 JPM US Strategic Growth D (acc) - USD 165,691.859 511,820.981 244,782.603 432,730.237 JPM US Strategic Growth X (acc) - USD - 4,516,098.582 805,085.135 3,711,013.447

JPMorgan Funds - US Technology Fund JPM US Technology A (acc) - USD 146,620.958 273,580.858 241,781.871 178,419.945 JPM US Technology A (dist) - GBP 40,939.962 2,913.377 3,690.306 40,163.033 JPM US Technology A (dist) - USD 17,939,619.505 10,061,424.252 13,988,037.062 14,013,006.695 JF US Technology A (dist) - USD 5,107,123.959 7,766,002.722 8,913,578.805 3,959,547.876 JPM US Technology D (acc) - USD 1,565,878.908 4,871,433.192 3,011,829.063 3,425,483.037

JPMorgan Funds - US Value Fund (23) JPM US Value A (acc) - USD 8,748,748.842 44,986,422.955 36,209,776.613 17,525,395.184 JPM US Value A (dist) - USD 78,867,878.915 47,812,693.696 73,034,691.907 53,645,880.704 JPM US Value A (dist) - GBP 72,341.322 1,940.618 34,380.385 39,901.555 JF US Value A (dist) - USD 195,805.902 457,492.691 338,777.769 314,520.824 JPM US Value B (acc) - USD 431,015.101 728,653.838 934,922.898 224,746.041 JPM US Value C (acc) - USD 4,477,160.250 13,229,935.378 8,189,167.481 9,517,928.147 JPM US Value D (acc) - USD 13,285,389.828 3,514,717.257 11,783,036.442 5,017,070.643 JPM US Value X (acc) - USD 5,608,351.387 3,244,229.790 5,697,398.079 3,155,183.098

(23) Name changed from US Strategic Value Fund on 1 June 2006.

444 Language Disclaimer Semi-Annual GB

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GB H102 02/11