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Audited Annual Report JPMorgan Investment Funds Société d’Investissement à Capital Variable, Luxembourg (R.C.S. No B 49 663) 31 December 2010 JPMorgan Investment Funds Audited Annual Report As at 31 December 2010

Contents

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

Financial Statements and Statistical Information CombinedStatementofNetAssets 7-11 CombinedStatementofOperationsandChangesinNetAssets 13-17 StatementofChangesintheNumberofShares 18-21 StatisticalInformation 22-26 Notes to the Financial Statements 27-34 Schedule of Investments JPMorganInvestmentFunds-BlueandGreenFund 35 JPMorganInvestmentFunds-EmergingMarketsCorporateBondPortfolioFundI 40 JPMorganInvestmentFunds-EuroLiquidMarketFund 43 JPMorganInvestmentFunds-EuropeBondFund 45 JPMorganInvestmentFunds-EuropeRecoveryFund 48 JPMorganInvestmentFunds-EuropeSelectEquityFund 50 JPMorganInvestmentFunds-EuropeStrategicDividendFund 53 JPMorganInvestmentFunds-GlobalBalancedFund(EUR) 57 JPMorganInvestmentFunds-GlobalBalancedFund(USD) 61 JPMorganInvestmentFunds-GlobalBondFund(EUR) 68 JPMorganInvestmentFunds-GlobalBondFund(USD) 73 JPMorganInvestmentFunds-GlobalCapitalAppreciationFund 78 JPMorganInvestmentFunds-GlobalCapitalPreservationFund(EUR) 84 JPMorganInvestmentFunds-GlobalCapitalPreservationFund(USD) 90 JPMorganInvestmentFunds-GlobalConvertiblesFund(USD) 95 JPMorganInvestmentFunds-GlobalDividendFund 99 JPMorganInvestmentFunds-GlobalEnhancedBondFund 102 JPMorganInvestmentFunds-GlobalFinancialsFund 107 JPMorganInvestmentFunds-GlobalHighYieldBondFund 110 JPMorganInvestmentFunds-GlobalIncomeFund 115 JPMorganInvestmentFunds-GlobalSelect130/30Fund 123 JPMorganInvestmentFunds-GlobalSelectEquityFund 127 JPMorganInvestmentFunds-GlobalTotalReturnFund 131 JPMorganInvestmentFunds-HighbridgeStatisticalMarketNeutralFund 133 JPMorganInvestmentFunds- IncomeOpportunityFund 137 JPMorganInvestmentFunds-Japan50EquityFund 151 JPMorganInvestmentFunds-JapanBehaviouralFinanceEquityFund 153 JPMorganInvestmentFunds-JapanFocusFund 155 JPMorganInvestmentFunds-JapanSelectEquityFund 157 JPMorganInvestmentFunds-JapanStrategicValueFund 159 JPMorganInvestmentFunds-JFAsiaex-JapanFund 161 JPMorganInvestmentFunds-USBondFund 162 JPMorganInvestmentFunds-USEquityFund 166 JPMorganInvestmentFunds-USSelectEquityFund 169 Appendix: Unaudited Additional Disclosures FundTotalExpenseRatios 172 SummaryofInvestmentObjectivesoftheSub-Funds 177 PerformanceandVolatility 179 InterestRateReceived/(Charged)onBankAccounts 184 Sub-FundShareClassesSubjecttoTaxed’AbonnementRateof0.01% 184 Sub-FundShareClassesExemptfromTaxed’Abonnement 184 PortfolioTurnoverRatio 185 HistoricalStatementsofChangesintheNumberofShares 186

For additional information please consult www.jpmorganassetmanagement.com

No subscriptions can be received solelyon the basis of this report. Subscriptions are onlyvalid if made on the basis of the current prospectus, the current simplified prospectus, supplemented bythe 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 paying agent. 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 Companyat its registered office, or from www.jpmorganassetmanagement.com. JPMorgan Investment 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 Director 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 Investment 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

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 JF Asset Management Limited 21st Floor, Chater House 8 Connaught Road Central, Hong Kong Highbridge Capital Management LLC 9 West 57th Street New York, NY 10019 United States of America JPMorgan Asset Management (Singapore) Limited 168 Robinson Road 17th Floor, Capital Tower Singapore 068912

Custodian, Corporate and Administrative 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 BP 1443 L-1014 Luxembourg Grand Duchy of Luxembourg

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

22 JPMorgan Investment Funds Board of Directors’ Report As at 31 December 2010

The Board of Directors is pleased to present the Audited Annual Report for the year ended 31 December 2010. Structure and Size of the Fund The Fund is a variable capital investment companywith multiple Sub-Funds, organised as a “société anonyme”,under the laws of the Grand Duchyof Luxembourg, organised as an “umbrella” with a number of Sub-Funds, each of which has its own investment policy and restrictions. At the year end the Fund had issued shares in 34 Sub-Funds. During the year, the total net assets of the Fund increased from USD 17.1 billion to USD 18.3 billion at year end. The Fund qualifies as an Undertaking for Collective Investments in Transferable Securities under the amended EC Directive 85/611 of 20 December 1985 and maytherefore be offered for sale in European Union Member States, subject to registration in countries other than the Grand Duchyof Luxembourg. In addition, applications to register the Fund and its Sub-Funds may be made in other countries. The Board of Directors of JPMorgan Investment Funds has decided to liquidate JPMorgan Investment Funds - US Market Neutral Fund on 15 December 2010. The Fund and the Sub-Funds are currently registered for offer and distribution in the Grand Duchy of Luxembourg and in the following jurisdictions: Austria, Bahrain, Belgium, Chile, Cyprus, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Jersey, Macau, The Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan and United Kingdom.

Single Swing Pricing From 2 April 2009 onwards, a Swing Pricing Adjustment, as described in note 2 b), may be applied to the NAV per Share of the relevant Sub-Funds.

Responsibility of the Directors The responsibilityof the Directors of the Fund is governed byLuxembourg law. With respect to the annual accounts of the Fund, the duties of the Directo rs are governed bygeneral corporate law and the law of 19 December 2002 on, inter alia, the accounting and annual accounts of undertakings and bythe law of 20 December 2002 relating to undertakings for collective investments.

ALFI Code of Conduct Following its introduction the Board of Directors has adopted the ALFI Code of Conduct (the “Code”) which sets out principles of good governance. The Board of Directors considers that the Fund has been in compliance with the Code in all material aspects throughout the financial year ended 31 December 2010.

Annual General Meeting The next Annual General Meeting of the Company will be held on 29 April 2011.

The Board of Directors Luxembourg, 4 April 2011

33 JPMorgan Investment Funds Investment Managers’ Report For the year ended 31 December 2010

Market review of 2010 2010 was a good year for global markets, particularly equities, with the MSCI World Index up 20.1% in euro terms (Source: FactSet, total return index). Equities made headwayon strong corporate earnings growth and an improved economic outlook. Across the globe governments and central banks worked to sustain the global economic recoveryand steer markets clear of a double-dip recession; the equitymarket responded positivelyto these actions. B onds performed well in euro terms despite sovereign debt concerns as quantitative easing and worries over deflation held down yields. The JPMorgan Global Bond Index was up 13.8% in euro terms over the review period (Source: J.P. Morgan).

The yearbegan with a continuation of the market rallyfrom 2009, boosted byhopes that the pace of the global economic recoverywould accelerate. However, bythe end of April it had become apparent that various headwinds were restraining global growth. In the US, there was a notable lack of employment growth despite strong corporate earnings growth. In China, as exports picked up fears grew that the economy may overheat, having already been pumped full of moneyfrom the banks who had been encouraged to lend bythe government. It was therefore no shock that the Chinese government raised interest rates and the banking reserve requirement throughout the year to quell inflationary pressures.

In May,fears over the sustainabilityof the global economic recoveryworsened when the Greek economywas bailed out bythe European Union (EU) and the International MonetaryFund after buckling under a mountain of public debt. The Greek crisis led to real concerns about the financial status of other h ighly indebted peripheral eurozone countries - mainlyIreland, Italy,Portugal and Spain. Peripheral credit ratings were downgraded and bond spreads wid ened as traders sought to reduce their risk. Towards the end of the year bond yields reached new highs and risk appetite fell across most markets as a second sovereign bailout, this time for Ireland, escalated concerns over the stabilityof the euro. Gold prices rose significantlyas keyinvestors sought a safe haven for their assets.

The sovereign debt crisis remains with us but keymeasures were taken bythe EU to reduce the likelihood of further crises, including stricter lending regulations and higher liquiditythresholds for banks. US regulators also passed the Dodd Frank financial regulation reform bill while the Basel III banking reforms were announced during the year. These reforms stipulated that banks must tighten the amount of cash they can lend and boost their capital reserves. Meanwhile, governments tightened fiscal policies. The new UK coalition government, elected in May2010, echoed the Thatcher yearswith se vere spending cutbacks and tax increases in the emergency June budget.

With the US economic recoverystill looking fragile, Ben Bernanke, chairman of the US Federal Reserve (Fed), talked of the need for a second round of quantitative easing (QE2) to avoid the onset of a deflationaryenvironment and sustain asset prices. In September and October there was a significant rallyin markets as investors eagerlyanticipated an announcement. Bond yieldsfell as investors changed allocation priorities towards equities. In Novemb er, the Fed announced a larger-than-expected QE2 package of USD 600 billion, which was well received by the market.

The year drew to a positive close, with stronger macroeconomic data from around the world further easing concerns about the strength of the recovery. In the US, the third quarter saw a clear improvement in corporate earnings momentum while economic growth was much stronger than anticipated. In Europe, despite sovereign debt concerns, core Europe performed well with Germanyexpected to record Gross Domestic Product growth of 3.6% in 2010 (Source: JPMorgan Securities). Furthermore, the emerging markets, a consensus trade in 2010, continued to thrive and provide an engine for global economic growth.

Outlook for 2011 Leading economic indicators, coupled with additional policystimulus suggest a widespread pickup in the global economyover the next few months. We believe that emerging markets will lead the waywith further strong growth in 2011, but sub-trend growth will persist in the US and Europe. The issue for investors is whether the improvement in the real economy is already priced into equity markets.

The emerging markets are likelyto be the main beneficiaries of QE2, as the newlycreated liquidityfinds its wayinto faster growing markets offering h igher returns. The keyto emerging market equityoutperformance will be the deliveryof stronger growth in both corporate earnings and dividends than the developed nations, but there are concerns over the impact of QE2 on emerging market inflation. China, in particular, is at risk, with consumer price inflation reaching +5.5% year on year in late 2010.

Meanwhile, growth in the developed markets is likelyto remain relativelysubdued as countries struggle to reduce budget deficits and cope with a low r ate of job creation. The sovereign debt crisis will act as a headwind in 2011, particularlyin Europe where the inherent difficulties of adopting a single currencyand maintaining common interest rates without closer fiscal ties become more evident. If the EU and the European Central Bank fail to deliver strong policy support volatility is likely to stay high in the region.

Despite the economic uncertainty, European and US stocks continue to look attractive. In Europe, earnings momentum data remains resilient (albeit slowing). Exports will be boosted bya weaker euro and valuations are cheap versus trend on a price-to-earnings basis. In the US, QE2 showed the Fed's commitment to support economic growth and guard against the threat of deflation, which means we can expect a combination of slow, but ongoing, growth coupled with low inflation - a favourable backdrop for equities.

The Investment Managers 4 April 2011

The information stated in this report is historical and not necessarily indicative of future performance. 4 Audit Report

To the Shareholders of JPMorgan Investment Funds

Following our appointment bythe General Meeting of the Shareholders dated 30 April 2010, we have audited the accompanyingfinancial statements of JPMorgan Investment Funds and of each of its Sub-Funds , which comprise the Combined Statement of Net Assets and the Schedule of Investments as at 31 December 2010 and the Combined Statement of Operations and Changes in Net Assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

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

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

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

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

Opinion In our opinion, the financial statements give a true and fair view of the financial position of JPMorgan Investment Funds and of each of its Sub-Funds as of 31 December 2010, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

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

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

John Parkhouse

PricewaterhouseCoopers S.à r.l., 400 Route d’Esch, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n° 00123693) R.C.S. Luxembourg B 65 477 - Capital social EUR 516 950 - TVA LU17564447 5 This page has been left blank intentionally

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

JPMorgan Emerging Markets Euro Investment Funds Blue and Corporate Bond Liquid Market Combined Green Fund Portfolio Fund 1 (3) Fund USD EUR USD EUR

Assets Investments in Securities at Market Value 16,931,595,208 62,522,564 107,277,832 64,831,887 Acquisition Cost: 15,888,171,381 58,549,511 103,062,851 64,831,887 Investment in TBAs at Market Value (1) 72,164,639 - - - Cash at Bank 741,686,650 11,139,779 1,102,403 164,966 Time Deposits and Cash Equivalents 795,317,671 - - 16,100,000 Amounts Receivable on Sale of Investments 31,375,022 8,985,610 1,802,000 - Amounts Receivable on Sale of TBAs (1) 114,332,645 - - - Amounts Receivable on Subscriptions 64,659,694 - - 64,261 Interest and Dividends Receivable, Net 80,277,808 373,454 2,072,409 86,153 Tax Reclaims Receivable 506,464 - - - Fee Waiver (2) 139,403 - 34,905 83 Other Receivables 152,365 376 - - Unrealised Net Gain on Forward Foreign Exchange Contracts 51,351,216 - 1,092,670 - Unrealised Net Gain on Financial Futures Contracts 16,793,061 325,135 - - Derivatives Instruments at Market Value 77,376,755 2,364,060 - -

Total Assets 18,977,728,601 85,710,978 113,382,219 81,247,350

Liabilities Bank Overdraft 920,501 - - - Open Short Positions on TBAs (1) 56,395,403 - - - Amounts Payable on Purchase of Investments 341,875,350 547,518 - - Amounts Payable on Purchase of TBAs (1) 112,274,131 - - - Amounts Payable on Redemptions 41,015,394 - - 130,296 Management and Advisory Fees Payable 17,406,609 54,108 179,890 32,045 Performance Fees 36,425,891 - - - Other Payables 3,275,251 474 - 15,185 Unrealised Net Loss on Forward Foreign Exchange Contracts 31,328,751 890,213 - - Unrealised Net Loss on Financial Futures Contracts 1,284,170 - - - Derivatives Instruments at Market Value 58,414,568 - - -

Total Liabilities 700,616,019 1,492,313 179,890 177,526

Total Net Assets 18,277,112,582 84,218,665 113,202,329 81,069,824

Historical Total Net Assets 31 December 2009 17,111,214,731 83,253,730 - 199,851,284 31 December 2008 12,451,274,404 75,942,811 - 440,144,814 31 December 2007 21,371,859,183 81,191,009 - 322,262,690 31 December 2006 22,125,854,907 76,938,387 - 153,661,453

(1) Please refer to Note 2i). (2) Please refer to Note 3a). (3) This Sub-Fund was launched on 31 May 2010. The accompanying notes form an integral part of these Financial Statements. 7 JPMorgan Investment Funds Combined Statement of Net Assets (continued) As at 31 December 2010

Europe Europe Europe Strategic Europe Recovery Select Dividend Global Balanced Global Balanced Global Bond Global Bond Bond Fund Fund Equity Fund Fund Fund (EUR) Fund (USD) Fund (EUR) Fund (USD) EUR EUR EUR EUR EUR USD EUR USD

35,437,248 264,569,110 228,383,031 379,719,814 131,202,959 288,143,099 65,951,104 57,058,526 36,681,194 224,182,024 205,831,626 337,224,538 119,558,325 256,970,248 65,185,140 57,712,619 ------2,436,360 2,243,955 569,815 462,709 382,755 - 13,376,767 11,844,288 2,177,255 2,533,901 ----7,500,000 - - - - 2,782,760 - 177,087 - 1,647 ------266,877 218,453 117,710 7,936 201,668 1,563,223 276,937 1,673,829 16,393 - 680,436 94,813 298,496 949,046 1,166,948 1,436,680 646,425 598,451 - 70,921 36,616 100,631 5,880 5,746 - - 5,105 - 366 - 3,046 - 5,110 8,773 - 1,701 - 1,226 ------492,796 1,595,866 - 1,042,354 483,296 - 2,606 - - - 328,493 5,273 - - 181-----428225

36,813,101 267,989,950 229,795,728 384,106,893 153,861,030 304,152,916 71,983,248 62,662,284

- - - 687,223------5,094,682 - - 19,548 130,305 ------2,727,594 2,478,784 34,049 294,924 196,078 865,531 34,925 171,872 14,647 53,790 23,543 315,949 104,634 537,585 191,886 271,719 41,344 20,661 ------11,406 32,644 37,247 35,729 28,171 126,939 16,102 16,154 5,072 - - - 677,195 - - 931,210 - - 18,811 19,258 - - 73,758 7,806 ------

74,070 5,738,199 356,770 2,145,326 951,725 700,835 2,873,445 3,508,405

36,739,031 262,251,751 229,438,958 381,961,567 152,909,305 303,452,081 69,109,803 59,153,879

67,991,833 221,102,757 235,863,162 240,930,029 151,154,147 501,258,891 73,496,303 60,110,609 72,856,344 162,279,387 87,650,033 73,662,946 131,322,731 437,621,915 110,901,698 71,738,748 482,277,975 561,915,412 329,258,620 151,500,345 222,514,608 599,095,598 867,821,768 398,540,721 1,374,429,888 904,017,775 54,144,868 123,435,246 228,685,720 621,625,034 1,105,591,580 686,299,732

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

Global Capital Global Capital Global Capital Global Global Global Global Appreciation Preservation Preservation Convertibles Dividend Enhanced Bond Global High Yield Bond Fund Fund (EUR) Fund (USD) Fund (USD) Fund Fund Financials Fund Fund EUR EUR USD USD USD EUR USD USD

89,068,125 1,290,440,027 54,530,048 513,514,190 51,649,394 22,103,260 184,748,585 1,010,453,425 73,538,352 1,219,957,888 51,798,418 481,180,663 48,480,573 22,954,051 178,120,738 972,870,710 -----6,714,626 - - 13,425,604 138,610,268 17,229,933 342,371 756,209 1,213,988 722,510 180,571,190 13,000,000 379,500,000 ------594,931 5,219,710 219,912 ----1,000,850 -----1,131,074 - - 170,494 3,396,897 68,134 785,482 52,760 4,722 490,920 8,823,315 337,509 7,165,468 207,270 2,389,092 94,869 247,308 111,985 19,310,079 5,755 - 938 - 2,202 - 8,913 - 5,080 - 7,713 - 408 7,836 - - - 5,174 - - 395 - 345 214 ----35,131 469,836 504,086 9,825,853 - 10,879,789 528,210 - - 78,438 - - 692,335 50,670,918 1,813,087 - - 178 - 3,527,108

117,299,833 1,885,888,251 74,605,245 517,031,135 52,591,368 31,971,266 186,587,344 1,233,512,034

------800,658 212,450,576 400,130 ----2,497,194 -----7,867,199 - - 46,757 1,994,954 169,219 489,923 - 13,494 286,159 2,152,931 101,049 1,865,407 85,525 609,020 63,317 18,608 243,325 771,045 - 73,736 ------21,603 274,600 20,318 74,752 15,577 11,868 187,151 192,734 3,364,483 8,979,442 121,376 4,254,438 ---- 470,217------

4,804,767 225,638,715 796,568 5,428,133 78,894 7,911,169 716,635 5,613,904

112,495,066 1,660,249,536 73,808,677 511,603,002 52,512,474 24,060,097 185,870,709 1,227,898,130

113,079,859 1,957,647,449 74,449,543 533,842,291 37,054,753 20,893,798 127,331,667 450,507,539 141,277,213 1,861,444,396 67,565,801 150,459,822 2,053,246 31,694,955 115,313,948 145,157,681 233,001,215 2,659,485,093 56,022,839 204,045,393 2,994,964 172,270,768 173,591,902 226,958,050 202,172,141 2,419,356,627 68,884,360 66,255,273 - 285,501,505 233,863,457 320,391,383

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

Global Global Select Global Highbridge Statistical Income Japan Behavioural Income 130/30 Global Select Total Return Market Neutral Opportunity Japan Finance Equity Fund Fund Equity Fund Fund Fund Fund (4) 50 Equity Fund Fund EUR USD USD EUR EUR USD JPY USD

148,276,390 23,242,090 241,008,081 56,729,077 777,576,558 4,587,770,024 25,125,817,651 5,068,516 139,160,078 20,135,702 221,850,265 51,981,863 781,434,513 4,450,522,186 26,481,220,135 4,292,911 -----42,845,745 - - 5,435,740 87,499 1,656,780 20,901,035 7,421,364 131,802,041 384,229,085 55,674 ----159,000,000 25,000,000 - - - 1,008 - - - 561,217 171,947,033 114,379 -----108,086,157 - - 2,184,179 402,294 165,799 5,404 4,486,285 18,244,238 40,208,992 - 1,676,575 24,756 167,804 70,193 156,596 30,842,430 8,094,998 3,228 3,681 962 15,959 39,690 ---- - 17,001 - - - 32,494 - - 40 1,300 - - 3,530 119,749 - - 1,326,721 194,184 501,765 - - 30,333,993 - - - - 19,453 - - 491,411 - - - 70,234------

158,903,326 24,041,328 243,535,641 77,745,399 948,644,333 4,976,129,499 25,730,297,759 5,241,797

------56,395,403 - - 3,894,488 - 169,345 - - 438,334 169,688,923 101,106 -----95,604,152 - - 40,893 - 102,510 127,748 8,460,029 17,574,562 5,999,757 - 180,780 30,288 175,588 121,294 1,279,007 3,264,594 15,527,576 6,603 -----35,898,664 - - 23,629 27,871 40,428 13,510 156,932 792,799 4,162,549 118 - - - 2,061,146 3,449,623 ------341,633 - - 1,441,000 - ----4,439,860 52,287,139 - -

4,139,790 58,159 487,871 2,665,331 17,785,451 262,255,647 196,819,805 107,827

154,763,536 23,983,169 243,047,770 75,080,068 930,858,882 4,713,873,852 25,533,477,954 5,133,970

41,364,167 26,303,236 251,774,985 115,823,178 2,437,426,403 1,680,639,104 13,989,659,304 5,261,171 11,800,343 22,697,497 115,122,494 98,861,072 2,842,761,494 120,730,895 31,690,006,989 43,080,245 - 84,167,009 190,919,912 259,445,423 2,536,907,979 16,807,790 61,783,248,670 100,132,088 - 63,990,887 162,557,131 1,139,373,384 125,743,758 - 73,365,835,305 -

(4) This Sub-Fund changed its currency to USD on 4 January 2010. Historical Net Asset Values are expressed in EUR. 10 JPMorgan Investment Funds Combined Statement of Net Assets (continued) As at 31 December 2010

Japan Japan JF Asia US Select Japan Select Equity Strategic Value ex-Japan US Bond US Equity Focus Fund Fund Fund Fund Fund Equity Fund Fund JPY JPY JPY USD USD USD USD

9,885,102,701 43,771,101,596 9,735,685,301 1,546,333,723 36,341,083 139,837,316 2,150,498,919 10,317,911,015 51,903,355,281 9,429,297,026 1,229,789,886 48,555,476 122,738,556 1,876,600,719 ----14,817,651 - - 87,028,152 428,842,882 479,278,353 59,591,908 4,263,756 4,879,454 18,908,151 ------3,407,554 6,733,764 129,928,356 - 44,568 ------4,155,550 - - 612,306,617 122,041,244 - 800,615 135,724 217,683 6,526,807 1,886,040 21,864,486 4,344,511 1,946,437 311,506 88,742 1,542,049 -----61,438 57,798 ----2,445 ------9014,136 -----138,127 1,831,646 -----26,660 165,065 ------

10,589,731,064 44,350,583,972 10,349,236,521 1,608,672,683 60,072,283 145,249,510 2,179,544,571

------598,435,102 12,040,518 545,476,252 1,998,099 19,041,538 789,465 1,552,790 ------38,965,578 22,232 619,666 10,406 30,503 2,386,037 7,224,854 34,699,426 6,319,177 1,414,539 44,733 164,010 2,757,358 34,808,218 ------1,325,041 3,705,890 1,314,940 457,264 - 25,928 258,247 ------350,000 597,000 - - 9,750 ------180,459 - -

642,143,215 90,008,412 553,132,601 4,489,568 19,286,886 1,009,906 6,954,432

9,947,587,849 44,260,575,560 9,796,103,920 1,604,183,115 40,785,397 144,239,604 2,172,590,139

7,855,615,201 50,076,159,171 6,255,065,891 1,595,870,962 45,776,146 94,195,327 1,475,480,977 6,075,321,703 68,599,425,040 1,205,579,034 548,315,938 65,585,585 21,975,125 548,195,408 - 150,431,662,753 1,040,793,061 1,570,642,348 921,294,102 36,931,277 475,836,471 - 248,133,837,845 - 735,397,687 1,491,870,100 4,006,885 216,925,341

11 This page has been left blank intentionally

12 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets For the Year Ended 31 December 2010

JPMorgan Investment Emerging Markets Euro Funds Blue and Corporate Bond Liquid Market Combined Green Fund Portfolio Fund 1 (2) Fund USD EUR USD EUR

Net Assets at the Beginning of the Year * 16,651,260,956 83,253,730 - 199,851,284

Income Dividend Income, Net 137,082,725 317,540 - - Interest Income, Net 310,420,656 1,551,226 3,780,256 677,274 Securities Lending Income 2,940,438 8,027 14,031 3,324 Bank Interest 522,364 13,889 - - Net Interest on Swap Transactions 16,757,652 - - -

Total Income 467,723,835 1,890,682 3,794,287 680,598

Expenses Management and Advisory Fees 203,525,886 616,256 728,953 527,825 Custodian, Corporate, Administrative and Domiciliary Agency Fees 12,636,650 69,926 64,383 112,926 Registrar and Transfer Agency Fees 3,662,748 25 3,439 53,702 Taxe d’Abonnement 7,810,620 8,353 28,937 10,357 Overdraft Interest 144,237 - 102 371 Net Interest on Swap Transactions 14,494,538 20,222 - - Sundry Fees** 7,060,294 13,036 13,562 32,145 249,334,973 727,818 839,376 737,326 Less: Fee Waiver (1) 2,319,315 - 12,926 111,023 Total Expenses before Performance Fees 247,015,658 727,818 826,450 626,303

Performance Fees 36,425,891 - - -

Total Expenses 283,441,549 727,818 826,450 626,303

Net Investment Income/(Loss) 184,282,286 1,162,864 2,967,837 54,295

Net Realised Gain/(Loss) on Sale of Investments 577,941,153 6,472,832 396,587 - Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts (374,875,389) (4,580,483) 5,050,870 - Net Realised Gain/(Loss) on Financial Futures Contracts (46,681,200) (2,088,129) - - Net Realised Gain/(Loss) on Foreign Exchange 13,721,787 (774,478) 294,752 - Net Realised Gain/(Loss) on TBAs 596,991 - - - Net Realised Gain/(Loss) on Derivatives Instruments (10,429,569) 1,879,786 - -

Net Realised Gain/(Loss) for the Year 160,273,773 909,528 5,742,209 -

Net Change in Unrealised Gain/(Loss) on Investments 538,422,189 92,651 4,214,981 - Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 77,901,205 (835,066) 1,092,670 - Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts (24,311,048) (798,261) - - Net Change in Unrealised Gain/(Loss) on Foreign Exchange 1,760,948 98,055 - - Net Change in Unrealised Gain/(Loss) on TBAs (17,165) - - - Net Change in Unrealised Gain/(Loss) on Derivatives Instruments 60,200,196 335,164 - -

Net Change in Unrealised Gain/(Loss) for the Year 653,956,325 (1,107,457) 5,307,651 -

Increase/(Decrease) in Net Assets as a Result of Operations 998,512,384 964,935 14,017,697 54,295

Movements in Share Capital Subscriptions 13,748,633,409 - 100,361,957 103,429,125 Redemptions (13,108,081,783) - (1,177,325) (222,264,880)

Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 640,551,626 - 99,184,632 (118,835,755)

Dividend Distribution (13,212,384) - - -

Total Net Assets at the End of the Year 18,277,112,582 84,218,665 113,202,329 81,069,824

* The opening balance was combined using the foreign exchange rate as at 31 December 2010. The same net assets when combined using the foreign exchange ruling as at 31 December 2009 reflected a figure of USD 17,111,214,731. ** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees, registration, publication, mailing and printing fees, as well as legal and marketing expenses.

(1) Please refer to Note 3a). (2) This Sub-Fund was launched on 31 May 2010.

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

13 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 31 December 2010

Europe Europe Europe Strategic Europe Recovery Select Dividend Global Balanced Global Balanced Global Bond Global Bond Bond Fund Fund Equity Fund Fund Fund (EUR) Fund (USD) Fund (EUR) Fund (USD) EUR EUR EUR EUR EUR USD EUR USD

67,991,833 221,102,757 235,863,162 240,930,029 151,154,147 501,258,891 73,496,303 60,110,609

- 3,783,249 6,287,459 15,798,637 1,839,341 3,188,093 - - 1,996,156 3,846 1,951 23,639 1,242,857 3,880,714 2,147,133 1,687,262 8,924 290,620 364,639 895,989 - - 5,055 2,877 540 161 - - 1,221 1,948 1,345 1,247 110,232-----261,094 136,561

2,115,852 4,077,876 6,654,049 16,718,265 3,083,419 7,070,755 2,414,627 1,827,947

408,619 3,207,925 1,495,147 5,891,533 2,028,033 3,267,745 520,682 273,960 115,900 269,387 249,405 316,997 157,233 269,036 134,167 144,285 37,163 33,334 58,784 100,689 47,561 54,797 34,458 17,568 27,441 101,403 70,539 200,762 69,033 117,173 37,477 18,594 - 7,561 1,088 75,205 835 264 - 139 109,736 -----259,920 135,946 16,680 34,071 99,632 57,215 21,901 69,719 20,292 16,369 715,539 3,653,681 1,974,595 6,642,401 2,324,596 3,778,734 1,006,996 606,861 76,386 5,115 47,187 12 28,181 13,727 78,438 96,802 639,153 3,648,566 1,927,408 6,642,389 2,296,415 3,765,007 928,558 510,059

------

639,153 3,648,566 1,927,408 6,642,389 2,296,415 3,765,007 928,558 510,059

1,476,699 429,310 4,726,641 10,075,876 787,004 3,305,748 1,486,069 1,317,888

443,526 30,851,930 15,830,978 6,959,383 6,390,351 18,041,063 1,679,953 (297,150) (307,455) 16,264 (1,823,179) 293,040 (3,408,941) 4,489,604 (7,196,714) 299,264 384,747 361,879 (928,258) 954,761 422,745 (1,297,001) 493,842 394,773 13,509 (136,872) 162,862 166,891 629,736 (316,153) 291,446 (48,264) ------(270,551) (10,726) 469-----2,781 2,191

534,796 31,093,201 13,242,403 8,374,075 4,033,891 20,917,513 (4,999,243) 340,088

1,001,660 17,716,762 2,737,495 23,889,934 8,150,073 2,630,922 6,968,775 2,974,041 105,351 - 1,009,885 1,656,720 193,153 (568,383) 1,191,386 (886,059) 73,867 - 43,746 (504,794) 304,616 10,802 132,694 41,680 (10,395) (7,490) (7,941) (18,550) (78,093) 115,391 8,952 (248) ------(21,447) (14,049) (885) -----(2,095) (1,200)

1,169,598 17,709,272 3,783,185 25,023,310 8,569,749 2,188,732 8,278,265 2,114,165

3,181,093 49,231,783 21,752,229 43,473,261 13,390,644 26,411,993 4,765,091 3,772,141

56,465,096 60,870,590 126,120,704 494,231,812 111,459,449 101,283,051 33,096,476 15,331,249 (90,898,991) (68,818,888) (154,296,515) (396,604,175) (123,094,647) (325,501,854) (42,248,067) (20,060,120)

(34,433,895) (7,948,298) (28,175,811) 97,627,637 (11,635,198) (224,218,803) (9,151,591) (4,728,871)

- (134,491) (622) (69,360) (288) - - -

36,739,031 262,251,751 229,438,958 381,961,567 152,909,305 303,452,081 69,109,803 59,153,879

14 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 31 December 2010

Global Global Global Capital Capital Capital Global Global Global Global Global Appreciation Preservation Preservation Convertibles Dividend Enhanced Bond Financials High Yield Bond Fund Fund (EUR) Fund (USD) Fund (USD) Fund Fund Fund Fund EUR EUR USD USD USD EUR USD USD

113,079,859 1,957,647,449 74,449,543 533,842,291 37,054,753 20,893,798 127,331,667 450,507,539

1,136,671 7,334,879 269,955 408,497 1,624,438 - 3,162,155 - 733,076 32,777,365 1,370,138 14,427,346 520 862,738 4,421 55,601,156 - 131,088 6,205 - 64,293 1,001 - 186,960 17,837 308,876 7,861 912 231 587 1,058 16,872 -----108,728 - 3,367,000

1,887,584 40,552,208 1,654,159 14,836,755 1,689,482 973,054 3,167,634 59,171,988

1,186,720 25,817,529 1,046,179 6,499,086 569,611 209,349 2,793,452 6,289,433 198,814 857,610 135,543 334,402 142,370 108,939 198,282 429,016 46,898 317,524 45,445 102,682 20,776 26,816 88,635 198,867 38,893 886,004 37,595 227,994 22,715 11,703 87,918 369,307 - 4,213 175 11,732 - 395 - 364 - 460,056 15,532 - - 108,239 - - 15,458 601,849 12,748 74,919 15,725 6,191 161,463 368,269 1,486,783 28,944,785 1,293,217 7,250,815 771,197 471,632 3,329,750 7,655,256 123,418 8,464 78,839 109 47,967 105,287 1,415 15,596 1,363,365 28,936,321 1,214,378 7,250,706 723,230 366,345 3,328,335 7,639,660

- 73,736 ------

1,363,365 29,010,057 1,214,378 7,250,706 723,230 366,345 3,328,335 7,639,660

524,219 11,542,151 439,781 7,586,049 966,252 606,709 (160,701) 51,532,328

7,144,753 139,009,053 1,998,003 25,211,245 (634,216) (497,677) (1,867,468) 12,936,822 (8,651,807) (122,741,095) 554,524 20,110,654 (503,037) (1,460,157) 2,270,836 (34,312,570) 816,265 (24,768,198) (1,211,132) - (20,691) (210,670) - - 386,120 3,964,957 (258,793) 154,902 149,736 (605,018) 107,467 2,170,774 -----881,751 - - 450,336 49,601,825 2,072,905 (1,339,805) - 1,080 - 6,223,653

145,667 45,066,542 3,155,507 44,136,996 (1,008,208) (1,890,691) 510,835 (12,981,321)

7,562,141 2,635,512 (490,821) (18,023,593) 1,579,868 3,004,426 2,253,039 31,520,165 (1,363,103) (6,380,760) (975,670) (10,625,128) 74,685 371,760 496,449 7,645,471 293,796 (17,808,511) (483,563) - - 49,401 - - (34,356) 887,860 56,410 29,501 1,803 252,724 12,664 15,693 -----35,550 - - 278,227 7,614,168 187,094 (122,014) - (873) - (975,461)

6,736,705 (13,051,731) (1,706,550) (28,741,234) 1,656,356 3,712,988 2,762,152 38,205,868

7,406,591 43,556,962 1,888,738 22,981,811 1,614,400 2,429,006 3,112,286 76,756,875

91,784,518 1,042,712,914 65,664,841 473,538,720 88,651,680 14,543,386 136,103,673 1,521,381,689 (99,769,438) (1,382,656,745) (68,194,445) (518,759,820) (74,777,416) (13,806,093) (80,384,285) (817,248,984)

(7,984,920) (339,943,831) (2,529,604) (45,221,100) 13,874,264 737,293 55,719,388 704,132,705

(6,464) (1,011,044) - - (30,943) - (292,632) (3,498,989)

112,495,066 1,660,249,536 73,808,677 511,603,002 52,512,474 24,060,097 185,870,709 1,227,898,130

15 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 31 December 2010

Highbridge Global Global Select Global Statistical Income Japan Behavioural Income 130/30 Global Select Total Return Market Neutral Opportunity Japan Finance Equity Fund Fund Equity Fund Fund Fund Fund 50 Equity Fund Fund EUR USD USD EUR EUR USD (3) JPY USD

41,364,167 26,303,236 251,774,985 115,823,178 2,437,426,403 2,414,574,184* 13,989,659,304 5,261,171

1,341,059 452,069 4,211,332 1,749,335 - 1,453,978 448,410,053 79,009 4,347,160 224 1,505 43,451 7,744,467 154,932,365 - 83 - 10,542 170,247 - - 141,424 - 1,430 242 114 213 3,806 13,829 287 224 223 ----764,812 11,316,933 - -

5,688,461 462,949 4,383,297 1,796,592 8,523,108 167,844,987 448,410,277 80,745

1,293,081 373,850 1,892,732 1,644,764 26,328,931 30,131,560 168,145,792 58,531 142,531 272,076 269,477 123,829 861,102 1,428,576 23,116,371 105,535 39,623 24,191 55,294 27,118 438,174 522,112 2,678,134 1,233 52,359 12,054 96,622 42,337 697,724 1,889,433 9,057,901 1,956 1,630 395 144 - 326 4,212 ------3,235,371 8,351,368 - - 12,662 7,119 39,402 15,114 1,119,034 2,463,954 7,556,449 727 1,541,886 689,685 2,353,671 1,853,162 32,680,662 44,791,215 210,554,647 167,982 70,590 223,718 16,779 14 2,074 261,103 913,183 92,997 1,471,296 465,967 2,336,892 1,853,148 32,678,588 44,530,112 209,641,464 74,985

-----35,898,664 - -

1,471,296 465,967 2,336,892 1,853,148 32,678,588 80,428,776 209,641,464 74,985

4,217,165 (3,018) 2,046,405 (56,556) (24,155,480) 87,416,211 238,768,813 5,760

3,423,547 2,339,817 4,247,805 15,632,982 (60,488) 70,190,087 (839,929,631) 12,519 (6,507,077) 237,091 3,399,963 (6,000,635) 25,590,139 (164,817,054) (725,884) 11,565 (11,614) (20,049) 571,889 (2,731,871) - (13,648,864) 40,127,975 83,682 476,301 (6,881) (203,416) 72,847 (79,704) 4,841,720 (5,002,832) 100,376 -----(709,929) - - - (585,000) - - (58,785,749) (6,307,181) - -

(2,618,843) 1,964,978 8,016,241 6,973,323 (33,335,802) (110,451,221) (805,530,372) 208,142

6,382,857 (227,782) 10,815,257 (1,696,089) 297,821 13,933,697 924,150,397 591,648 2,533,914 139,150 521,679 224,587 (5,668,928) 82,372,252 - - (1,116) - (65,909) 443,234 - 78,286 (2,542,000) - (94,976) 1,168 2,922 (17,111) (6,607) (58,417) (24,342) 1,686 -----(83,763) - - - 149,899 - - 21,448,956 20,743,747 - -

8,820,679 62,435 11,273,949 (1,045,379) 16,071,242 116,985,802 921,584,055 593,334

10,419,001 2,024,395 21,336,595 5,871,388 (41,420,040) 93,950,792 354,822,496 807,236

144,219,839 10,220,172 114,668,572 58,297,831 673,518,643 4,049,417,138 29,536,054,956 5,178,581 (37,228,925) (14,564,475) (144,732,168) (104,911,710) (2,138,338,376) (1,842,171,641) (18,346,409,290) (6,112,302)

106,990,914 (4,344,303) (30,063,596) (46,613,879) (1,464,819,733) 2,207,245,497 11,189,645,666 (933,721)

(4,010,546) (159) (214) (619) (327,748) (1,896,621) (649,512) (716)

154,763,536 23,983,169 243,047,770 75,080,068 930,858,882 4,713,873,852 25,533,477,954 5,133,970

(3) This Sub-Fund changed its currency to USD on 4 January 2010. * The opening balance was translated in USD using the foreign exchange rate as at 31 December 2009. 16 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Year Ended 31 December 2010

Japan JF Asia US Market US Select Japan Japan Strategic Value ex-Japan US Bond US Neutral Equity Focus Fund Select Equity Fund Fund Fund Fund Equity Fund Fund (3) Fund JPY JPY JPY USD USD USD USD USD

7,855,615,201 50,076,159,171 6,255,065,891 1,595,870,962 45,776,146 94,195,327 12,219,465 1,475,480,977

165,533,676 910,733,963 155,862,358 22,133,632 - 1,782,266 - 24,604,813 - - 28,379 32,638 2,137,438 - 11,694 18,198 - - 2,103,463 - 5,633 11,654 - 10,576 - - 2,850 5,556 124 141 159 53 ----43,122 - 226,600 -

165,533,676 910,733,963 157,997,050 22,171,826 2,186,317 1,794,061 238,453 24,633,640

81,427,293 479,507,884 59,776,040 14,981,207 501,533 1,729,514 126,050 27,215,068 13,358,502 35,745,517 15,196,460 1,490,526 254,197 137,229 289,863 614,721 461,734 13,793,542 588,543 178,787 33,697 39,171 4,791 365,371 2,659,571 19,590,452 2,618,406 452,771 26,751 58,196 2,972 922,390 - 1,584 - 1,431 1,178 - - 1,356 ----150,036 - 224,614 - 1,355,514 8,168,812 1,097,625 231,154 9,218 33,979 3,377 548,487 99,262,614 556,807,791 79,277,074 17,335,876 976,610 1,998,089 651,667 29,667,393 1,620,546 - 4,356,055 18 217,221 8,594 267,764 - 97,642,068 556,807,791 74,921,019 17,335,858 759,389 1,989,495 383,903 29,667,393

34,808,218 ------

132,450,286 556,807,791 74,921,019 17,335,858 759,389 1,989,495 383,903 29,667,393

33,083,390 353,926,172 83,076,031 4,835,968 1,426,928 (195,434) (145,450) (5,033,753)

(286,665,978) (6,985,257,671) (130,090,645) 164,498,630 (31,039,385) 2,640,909 10,224 98,239,067 - - (5,069,567) 5,984 1,605 (1,265,827) (243,666) (26,886,524) (717,760) 73,495,875 10,495,822 - 304,940 484,238 - 2,731,048 - - 3,544,230 (780,527) 2,792 (33,787) (2,464) 1,448,100 ----498,973 ------(642,787) - (679,020) -

(287,383,738) (6,911,761,796) (121,120,160) 163,724,087 (30,873,862) 1,825,533 (914,926) 75,531,691

838,430,972 6,890,450,257 424,296,367 113,167,532 34,040,237 10,216,230 201 112,018,183 -----463,766 64,929 7,409,527 (350,000) 4,198,000 - - 56,385 (33,040) - (127,960) - (12,395) (596,172) 303,238 456 (38) (94) (15,438) ----61,758 ------569,545 - (96,460) -

838,080,972 6,894,635,862 423,700,195 113,470,770 34,728,381 10,646,918 (31,424) 119,284,312

583,780,624 336,800,238 385,656,066 282,030,825 5,281,447 12,277,017 (1,091,800) 189,782,250

6,796,163,981 35,296,791,163 7,282,614,543 547,443,236 70,969,067 98,824,234 1,687,625 1,343,818,904 (5,287,971,068) (41,447,346,744) (4,126,236,452) (821,161,908) (81,241,263) (61,056,561) (12,815,290) (836,491,992)

1,508,192,913 (6,150,555,581) 3,156,378,091 (273,718,672) (10,272,196) 37,767,673 (11,127,665) 507,326,912

(889) (1,828,268) (996,128) - - (413) - -

9,947,587,849 44,260,575,560 9,796,103,920 1,604,183,115 40,785,397 144,239,604 - 2,172,590,139

(3) This Sub-Fund was liquidated on 15 December 2010.

17 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 31 December 2010

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

JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green 3,449.615 - - 3,449.615

JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I (1) JPM Emerging Markets Corporate Bond Portfolio I - A (div) - USD - 97,296.841 500.000 96,796.841 JPM Emerging Markets Corporate Bond Portfolio I - A (div) - EUR (hedged) - 206,335.742 2,006.076 204,329.666 JPM Emerging Markets Corporate Bond Portfolio I - B (div) - USD - 25,003.001 - 25,003.001 JPM Emerging Markets Corporate Bond Portfolio I - B (div) - EUR (hedged) - 24,518.818 - 24,518.818 JPM Emerging Markets Corporate Bond Portfolio I - C (div) - USD - 136,700.000 - 136,700.000 JPM Emerging Markets Corporate Bond Portfolio I - D (div) - USD - 57,128.940 3,512.975 53,615.965 JPM Emerging Markets Corporate Bond Portfolio I - D (div) - EUR (hedged) - 455,372.255 4,931.390 450,440.865

JPMorgan Investment Funds - Euro Liquid Market Fund JPM Euro Liquid Market A (acc) - EUR 149,671.651 57,458.903 140,356.319 66,774.235 JPM Euro Liquid Market C (acc) - EUR 325,510.990 305,779.926 575,712.386 55,578.530 JPM Euro Liquid Market D (acc) - EUR 146,033.808 130,229.764 197,619.026 78,644.546

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR 331,426.264 278,114.370 427,760.353 181,780.281 JPM Europe Bond A (inc) - EUR 84,833.393 2,148.105 24,951.215 62,030.283 JPM Europe Bond B (acc) - EUR 1,717.396 18,725.703 19,209.025 1,234.074 JPM Europe Bond C (acc) - EUR 82,887.016 60,580.268 140,439.958 3,027.326 JPM Europe Bond D (acc) - EUR 47,271.496 48,401.823 48,769.090 46,904.229 JPM Europe Bond X (acc) - EUR 299.985 - 159.267 140.718

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 901,054.841 175,053.680 243,404.131 832,704.390 JPM Europe Recovery A (dist) - EUR 262,526.879 50,551.663 54,862.837 258,215.705 JPM Europe Recovery B (acc) - EUR 3,642.463 984.411 3,642.464 984.410 JPM Europe Recovery C (acc) - EUR 122,874.958 55,527.226 90,990.995 87,411.189 JPM Europe Recovery D (acc) - EUR 23,957.363 6,586.577 13,425.073 17,118.867 JPM Europe Recovery X (acc) - EUR 142,702.264 86,268.000 12,886.000 216,084.264

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 81,906.853 17,796.828 63,866.118 35,837.563 JPM Europe Select Equity A (acc) - USD 167.709 3,246.308 467.508 2,946.509 JPM Europe Select Equity A (dist) - EUR 213.427 8,331.265 6,690.413 1,854.279 JPM Europe Select Equity B (acc) - EUR 145,058.058 69,681.076 166,150.898 48,588.236 JPM Europe Select Equity C (acc) - EUR 881,404.287 547,041.232 694,454.700 733,990.819 JPM Europe Select Equity D (acc) - EUR 83,682.839 39,820.364 54,894.654 68,608.549 JPM Europe Select Equity D (acc) - USD 34.860 2,064.836 2,064.836 34.860 JPM Europe Select Equity I (acc) - EUR - 493,728.349 163,600.001 330,128.348 JPM Europe Select Equity X (acc) - EUR 320,005.082 91,306.846 25,111.648 386,200.280 JPM Europe Select Equity X (acc) - EUR (hedged) 844,138.363 67,683.688 252,284.453 659,537.598

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 1,130,477.610 3,089,108.649 1,983,757.332 2,235,828.927 JPM Europe Strategic Dividend A (dist) - EUR 26,925.104 44,272.739 21,784.060 49,413.783 JPM Europe Strategic Dividend A (inc) - EUR 14,127.651 67,081.265 5,359.651 75,849.265 JPM Europe Strategic Dividend B (acc) - EUR - 52,700.000 - 52,700.000 JPM Europe Strategic Dividend C (acc) - EUR 1,109,029.715 799,923.400 1,087,888.722 821,064.393 JPM Europe Strategic Dividend D (acc) - EUR 285,026.346 310,810.020 444,041.287 151,795.079 JPM Europe Strategic Dividend X (acc) - EUR 2,080.138 420,763.883 420,763.884 2,080.137

JPMorgan Investment Funds - Global Balanced Fund (EUR) JPM Global Balanced (EUR) A (acc) - EUR 78,707.381 54,929.034 55,110.245 78,526.170 JPM Global Balanced (EUR) A (dist) - EUR 173.187 40.000 31.000 182.187 JPM Global Balanced (EUR) B (acc) - EUR 9,154.924 1,800.823 6,389.928 4,565.819 JPM Global Balanced (EUR) C (acc) - EUR 26,777.906 20,099.086 43,552.566 3,324.426 JPM Global Balanced (EUR) D (acc) - EUR 201,500.292 184,727.371 68,162.350 318,065.313

JPMorgan Investment Funds - Global Balanced Fund (USD) JF Global Balanced (USD) A (acc) - USD 129,627.307 18,072.557 95,285.410 52,414.454 JPM Global Balanced (USD) A (acc) - USD 1,027,862.423 474,610.137 670,738.010 831,734.550 JPM Global Balanced (USD) A (dist) - USD 50.000 324.027 - 374.027 JPM Global Balanced (USD) B (acc) - USD 461,454.525 3,545.441 392,007.596 72,992.370 JPM Global Balanced (USD) C (acc) - USD 403,204.181 22,977.221 271,247.096 154,934.306 JPM Global Balanced (USD) D (acc) - USD 175,506.970 92,902.702 65,007.908 203,401.764 JPM Global Balanced (USD) X (acc) - USD 736,606.116 - 390,010.804 346,595.312

JPMorgan Investment Funds - Global Bond Fund (EUR) JPM Global Bond (EUR) A (acc) - EUR 392,179.802 182,682.791 264,535.257 310,327.336 JPM Global Bond (EUR) A (inc) - EUR 32,747.000 4,601.913 12,064.000 25,284.913 JPM Global Bond (EUR) B (acc) - EUR 14,699.981 1,519.746 3,793.107 12,426.620 JPM Global Bond (EUR) C (acc) - EUR 117,629.314 19,360.981 19,667.879 117,322.416 JPM Global Bond (EUR) D (acc) - EUR 43,219.999 85,234.530 74,329.282 54,125.247 JPM Global Bond (EUR) X (acc) - EUR 1,241.025 - 140.717 1,100.308

(1) This Sub-Fund was launched on 31 May 2010.

18 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 31 December 2010

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

JPMorgan Investment Funds - Global Bond Fund (USD) JF Global Bond (USD) A (acc) - USD 2,646.809 6,499.904 5,926.065 3,220.648 JPM Global Bond (USD) A (acc) - USD 212,186.758 83,350.587 122,330.009 173,207.336 JPM Global Bond (USD) C (acc) - USD 3,458.674 71.587 - 3,530.261 JPM Global Bond (USD) D (acc) - USD 48,516.740 40,839.525 39,426.935 49,929.330 JPM Global Bond (USD) X (acc) - USD 236,378.854 - - 236,378.854

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 248,788.129 333,233.395 376,476.720 205,544.804 JPM Global Capital Appreciation A (dist) - EUR 1,326.278 95.904 6.007 1,416.175 JPM Global Capital Appreciation A (inc) - EUR 7,090.965 129.856 597.046 6,623.775 JPM Global Capital Appreciation B (acc) - EUR 8,150.331 5,637.999 12,470.982 1,317.348 JPM Global Capital Appreciation C (acc) - EUR 80,776.490 339,107.807 281,969.351 137,914.946 JPM Global Capital Appreciation D (acc) - EUR 472,503.724 148,784.052 249,106.932 372,180.844 JPM Global Capital Appreciation X (acc) - EUR 261,184.709 - - 261,184.709

JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) JPM Global Capital Preservation (EUR) A (acc) - EUR 753,788.748 536,037.995 622,026.619 667,800.124 JPM Global Capital Preservation (EUR) A (acc) - USD 51,748.678 18,717.312 30,701.401 39,764.589 JPM Global Capital Preservation (EUR) A (dist) - EUR 363,155.336 530,682.941 423,869.979 469,968.298 JPM Global Capital Preservation (EUR) A (inc) - EUR 93,690.115 2,153.911 21,900.000 73,944.026 JPM Global Capital Preservation (EUR) B (acc) - EUR 29,308.795 19,618.416 25,111.453 23,815.758 JPM Global Capital Preservation (EUR) C (acc) - EUR 191,341.288 135,191.442 224,730.357 101,802.373 JPM Global Capital Preservation (EUR) D (acc) - EUR 5,833,712.517 1,213,857.028 2,508,434.257 4,539,135.288 JPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) 629,273.012 433,342.262 499,218.267 563,397.007 JPM Global Capital Preservation (EUR) I (acc) - EUR 342,485.692 283,736.000 434,006.000 192,215.692 JPM Global Capital Preservation (EUR) I (inc) - EUR 103,595.103 124,293.964 7,000.001 220,889.066 JPM Global Capital Preservation (EUR) X (acc) - EUR 324,263.949 84,991.110 7,796.737 401,458.322

JPMorgan Investment Funds - Global Capital Preservation Fund (USD) JPM Global Capital Preservation (USD) A (acc) - USD 456,584.883 449,596.960 445,996.181 460,185.662 JPM Global Capital Preservation (USD) D (acc) - USD 189,760.015 115,053.802 142,816.858 161,996.959

JPMorgan Investment Funds - Global Convertibles Fund (USD) JF Global Convertibles (USD) A (acc) - USD 2,425.698 1,612.928 3,494.671 543.955 JPM Global Convertibles (USD) A (acc) - USD 2,935,327.386 2,433,597.219 2,634,526.228 2,734,398.377 JPM Global Convertibles (USD) B (acc) - USD 320,072.511 640,115.804 543,145.726 417,042.589 JPM Global Convertibles (USD) C (acc) - USD 228,700.495 384,545.546 350,309.685 262,936.356 JPM Global Convertibles (USD) D (acc) - USD 378,602.303 160,676.400 223,346.712 315,931.991 JPM Global Convertibles (USD) I (acc) - USD 148,834.905 63,190.243 145,018.148 67,007.000 JPM Global Convertibles (USD) X (acc) - USD* 195,296.000 18,870.000 214,166.000 -

JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - USD 113,331.681 630,650.297 358,990.970 384,991.008 JPM Global Dividend A (acc) - EUR - 10,232.085 959.298 9,272.787 JPM Global Dividend A (acc) - EUR (hedged) 13,863.096 152,802.563 57,536.147 109,129.512 JPM Global Dividend A (inc) - USD 1,161.116 12,449.054 822.585 12,787.585 JPM Global Dividend A (inc) - EUR (hedged) 2,662.099 10,739.013 5,443.625 7,957.487 JPM Global Dividend C (acc) - EUR 181,010.969 59,048.083 204,738.872 35,320.180 JPM Global Dividend D (acc) - USD 11,586.250 11,363.602 6,438.174 16,511.678 JPM Global Dividend D (acc) - EUR (hedged) 15,640.572 20,593.911 8,873.778 27,360.705 JPM Global Dividend X (acc) - USD* - 155,894.367 155,894.367 -

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 149,072.020 44,386.600 63,432.484 130,026.136 JPM Global Enhanced Bond A (inc) - EUR 41.718 10.821 3.000 49.539 JPM Global Enhanced Bond B (acc) - EUR 4,319.054 5,136.721 1,124.341 8,331.434 JPM Global Enhanced Bond C (acc) - EUR 22,947.121 - 745.383 22,201.738 JPM Global Enhanced Bond D (acc) - EUR 19,404.323 80,726.413 54,896.162 45,234.574 JPM Global Enhanced Bond X (acc) - EUR 2,242.717 - 2,044.967 197.750

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 848,079.803 458,896.279 567,601.046 739,375.036 JPM Global Financials A (acc) - EUR 362,164.761 425,524.595 192,191.728 595,497.628 JPM Global Financials A (dist) - USD 188,087.896 609,102.535 94,591.122 702,599.309 JPM Global Financials B (acc) - USD 412,565.384 293,051.972 367,196.764 338,420.592 JPM Global Financials C (acc) - USD 11,810.617 248,042.087 26,520.752 233,331.952 JPM Global Financials D (acc) - USD 75,430.963 35,857.184 44,700.813 66,587.334 JPM Global Financials X (acc) - USD 10,719.673 215.564 750.000 10,185.237

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - USD 777,810.222 3,850,389.765 1,345,589.421 3,282,610.566 JPM Global High Yield Bond A (acc) - EUR (hedged) 642,374.157 1,447,770.532 1,126,831.458 963,313.231 JPM Global High Yield Bond A (inc) - EUR (hedged) 65,167.139 42,170.547 47,572.760 59,764.926 JPM Global High Yield Bond A (mth) - USD 180,599.299 871,558.816 484,771.314 567,386.801 JPM Global High Yield Bond B (acc) - EUR (hedged) 54,221.862 237,679.217 137,200.575 154,700.504 JPM Global High Yield Bond C (acc) - USD 193,934.780 969,559.756 394,834.838 768,659.698 JPM Global High Yield Bond C (acc) - EUR (hedged) 479,981.346 1,341,285.041 853,414.357 967,852.030 JPM Global High Yield Bond D (acc) - USD - 823.395 - 823.395 JPM Global High Yield Bond D (acc) - EUR (hedged) 156,321.512 213,342.629 87,350.576 282,313.565 JPM Global High Yield Bond I (acc) - USD 360,000.000 2,120,040.843 1,043,054.359 1,436,986.484 JPM Global High Yield Bond I (inc) - EUR (hedged) 173,754.250 141,712.467 220,073.250 95,393.467 JPM Global High Yield Bond X (acc) - EUR (hedged) 36,133.150 77,448.800 59,216.333 54,365.617

19 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 31 December 2010

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

JPMorgan Investment Funds - Global Income Fund JPM Global Income A (div) - EUR 148,419.625 113,007.586 125,891.555 135,535.656 JPM Global Income C (div) - EUR - 166,662.454 65,770.647 100,891.807 JPM Global Income D (div) - EUR 195,050.578 945,912.004 119,597.551 1,021,365.031

JPMorgan Investment Funds - Global Select 130/30 Fund JPM Global Select 130/30 A (acc) - USD 130,051.383 56,934.569 77,128.431 109,857.521 JPM Global Select 130/30 A (acc) - EUR* 642.508 - 642.508 - JPM Global Select 130/30 A (dist) - USD 530.394 1.532 - 531.926 JPM Global Select 130/30 C (acc) - USD 36,278.750 6,363.599 13,434.809 29,207.540 JPM Global Select 130/30 D (acc) - USD 39,758.076 18,779.723 25,154.917 33,382.882

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 399,254.727 216,892.267 168,275.359 447,871.635 JPM Global Select Equity A (dist) - USD 930.918 8,341.777 - 9,272.695 JPM Global Select Equity B (acc) - USD 6,520.808 362.000 6,522.808 360.000 JPM Global Select Equity C (acc) - USD 475,915.617 509,269.001 280,427.074 704,757.544 JPM Global Select Equity D (acc) - USD 72,852.701 31,337.893 39,362.437 64,828.157 JPM Global Select Equity X (acc) - USD 865,977.872 53,710.601 576,846.952 342,841.521

JPMorgan Investment Funds - Global Total Return Fund JPM Global Total Return A (acc) - EUR 497,735.861 402,075.166 582,548.767 317,262.260 JPM Global Total Return A (dist) - EUR 712.913 6.039 - 718.952 JPM Global Total Return A (inc) - EUR 89.650 9.027 0.705 97.972 JPM Global Total Return C (acc) - EUR 171,328.188 75,948.088 219,695.952 27,580.324 JPM Global Total Return D (acc) - EUR 443,787.645 62,489.316 165,011.838 341,265.123

JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund JPM Highbridge Statistical Market Neutral A (acc) - EUR 5,814,589.629 1,297,336.999 4,859,982.903 2,251,943.725 JPM Highbridge Statistical Market Neutral A (acc) - SEK (hedged) 187,792.602 212,251.134 168,650.137 231,393.599 JPM Highbridge Statistical Market Neutral A (acc) - USD 163,287.483 55,787.694 105,272.099 113,803.078 JPM Highbridge Statistical Market Neutral A (acc) - USD (hedged) 382,366.069 81,280.858 319,266.534 144,380.393 JPM Highbridge Statistical Market Neutral A (dist) - GBP 41,114.671 3,587.340 33,581.624 11,120.387 JPM Highbridge Statistical Market Neutral A (dist) - GBP (hedged) 427,969.137 61,294.236 411,370.683 77,892.690 JPM Highbridge Statistical Market Neutral A (inc) - EUR 82,493.024 3,387.993 29,227.787 56,653.230 JPM Highbridge Statistical Market Neutral B (acc) - EUR 906,281.584 218,590.242 830,540.103 294,331.723 JPM Highbridge Statistical Market Neutral B (acc) - USD* 1,906.214 - 1,906.214 - JPM Highbridge Statistical Market Neutral C (acc) - EUR 4,621,483.619 1,939,910.869 5,269,925.052 1,291,469.436 JPM Highbridge Statistical Market Neutral C (acc) - SEK (hedged)* - 19,917.817 19,917.817 - JPM Highbridge Statistical Market Neutral C (dist) - GBP (hedged) 1,213,931.558 1,201,291.161 955,263.003 1,459,959.716 JPM Highbridge Statistical Market Neutral C (dist) - USD (hedged) 136,664.498 12,514.189 108,337.029 40,841.658 JPM Highbridge Statistical Market Neutral D (acc) - EUR 7,831,983.678 715,120.891 6,028,535.645 2,518,568.924 JPM Highbridge Statistical Market Neutral D (acc) - USD 40,753.146 20,598.175 40,959.808 20,391.513 JPM Highbridge Statistical Market Neutral D (acc) - USD (hedged) 50,937.127 11,602.292 53,839.557 8,699.862 JPM Highbridge Statistical Market Neutral I (acc) - EUR 587,873.838 68,566.103 459,372.279 197,067.662 JPM Highbridge Statistical Market Neutral I (dist) - EUR - 295,105.705 148,935.207 146,170.498 JPM Highbridge Statistical Market Neutral X (acc) - EUR 64,246.127 129,061.254 89,341.660 103,965.721 JPM Highbridge Statistical Market Neutral X (acc) - USD (hedged)* 13,087.207 34,433.970 47,521.177 -

JPMorgan Investment Funds - Income Opportunity Fund (2) JPM Income Opportunity A (acc) - USD 4,236,097.565 3,807,948.063 2,318,583.528 5,725,462.100 JPM Income Opportunity A (acc) - EUR (hedged) 2,477,663.429 5,241,589.882 2,666,370.263 5,052,883.048 JPM Income Opportunity A (acc) - SEK (hedged) 35,948.460 522,427.356 53,187.550 505,188.266 JPM Income Opportunity A (dist) - EUR (hedged) 266,079.968 458,552.589 75,008.559 649,623.998 JPM Income Opportunity A (dist) - GBP (hedged) 1,453,198.893 1,343,339.075 269,564.690 2,526,973.278 JPM Income Opportunity B (acc) - USD 736,294.982 781,535.414 520,507.981 997,322.415 JPM Income Opportunity B (acc) - EUR (hedged) 389,458.985 1,474,552.169 872,652.438 991,358.716 JPM Income Opportunity C (acc) - USD 1,310,487.213 1,530,051.980 1,272,407.889 1,568,131.304 JPM Income Opportunity C (acc) - USD (hedged to BRL) - 125,490.809 57,809.483 67,681.326 JPM Income Opportunity C (acc) - EUR (hedged) 1,914,852.706 6,206,558.027 1,736,940.154 6,384,470.579 JPM Income Opportunity C (acc) - SEK (hedged) - 99,197.377 4,171.001 95,026.376 JPM Income Opportunity C (dist) - GBP (hedged) 383,045.018 621,652.494 133,505.962 871,191.550 JPM Income Opportunity D (acc) - EUR (hedged) 623,506.518 3,041,490.201 646,743.514 3,018,253.205 JPM Income Opportunity D (inc) - EUR (hedged) - 68.985 - 68.985 JPM Income Opportunity X (acc) - USD 1,234,001.877 110,031.619 1,058,518.724 285,514.772 JPM Income Opportunity X (acc) - EUR (hedged) 22,330.000 208,243.273 30,217.379 200,355.894 JPM Income Opportunity X (acc) - GBP (hedged) 23,695.001 5,169.999 - 28,865.000

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - JPY 296,215.887 1,656,701.688 1,208,144.954 744,772.621 JPM Japan 50 Equity A (acc) - EUR 52,156.903 249,243.333 67,404.433 233,995.803 JPM Japan 50 Equity A (dist) - JPY 4,144.027 57,677.916 56,802.336 5,019.607 JPM Japan 50 Equity C (acc) - JPY 219,232.262 863,952.324 542,551.559 540,633.027 JPM Japan 50 Equity D (acc) - JPY 4,671.573 59,455.657 54,775.801 9,351.429 JPM Japan 50 Equity X (acc) - JPY 935,188.149 259,763.972 47,967.970 1,146,984.151

JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund JPM Japan Behavioural Finance Equity A (acc) - USD 20,484.803 - - 20,484.803 JPM Japan Behavioural Finance Equity A (acc) - EUR 21,596.599 77,848.293 82,990.044 16,454.848 JPM Japan Behavioural Finance Equity A (dist) - USD 17,905.103 - - 17,905.103 JPM Japan Behavioural Finance Equity D (acc) - EUR 337.997 4,478.519 1,157.976 3,658.540 JPM Japan Behavioural Finance Equity X (acc) - USD 24,004.393 - 12,469.212 11,535.181

(2) This Sub-Fund changed its currency to USD on 4 January 2010.

20 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Year Ended 31 December 2010

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

JPMorgan Investment Funds - Japan Focus Fund JPM Japan Focus A (acc) - JPY 233,602.957 854,699.036 448,906.275 639,395.718 JPM Japan Focus A (dist) - JPY 8.888 - - 8.888 JPM Japan Focus D (acc) - JPY 27,762.521 14,512.778 36,154.353 6,120.946 JPM Japan Focus I (acc) - JPY 573,560.388 61,055.236 283,271.925 351,343.699 JPM Japan Focus X (acc) - JPY 260,808.757 - - 260,808.757

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 2,893,166.755 1,882,711.508 2,873,822.846 1,902,055.417 JPM Japan Select Equity A (dist) - JPY 36,886.412 64,448.098 93,956.519 7,377.991 JPM Japan Select Equity B (acc) - JPY 153,238.804 495,538.751 491,282.498 157,495.057 JPM Japan Select Equity C (acc) - JPY 1,806,306.742 1,748,637.285 1,468,488.600 2,086,455.427 JPM Japan Select Equity D (acc) - JPY 145,641.969 200,529.163 225,042.189 121,128.943 JPM Japan Select Equity I (acc) - JPY 302,140.000 - - 302,140.000 JPM Japan Select Equity X (acc) - JPY 1,292,507.635 309,578.511 459,291.435 1,142,794.711

JPMorgan Investment Funds - Japan Strategic Value Fund JPM Japan Strategic Value A (acc) - JPY 281,873.842 735,855.363 412,154.296 605,574.909 JPM Japan Strategic Value A (acc) - EUR 22,014.211 1,479.396 - 23,493.607 JPM Japan Strategic Value A (dist) - GBP 62,358.574 19,078.493 25,969.493 55,467.574 JPM Japan Strategic Value C (acc) - JPY 108,149.600 70,138.204 65,293.896 112,993.908 JPM Japan Strategic Value D (acc) - JPY 24,090.318 6,449.860 4,918.370 25,621.808 JPM Japan Strategic Value D (acc) - EUR 22,014.211 1,906.133 360.030 23,560.314 JPM Japan Strategic Value X (acc) - JPY 228,139.000 136,618.421 50,198.000 314,559.421

JPMorgan Investment Funds - JF Asia ex-Japan Fund JF Asia ex-Japan A (acc) - USD 1,226,426.524 547,735.962 591,999.462 1,182,163.024 JF Asia ex-Japan A (dist) - USD 179,363.561 64,336.188 79,646.807 164,052.942 JF Asia ex-Japan B (acc) - USD 173,447.124 102,616.045 112,950.141 163,113.028 JF Asia ex-Japan C (acc) - USD 790,014.329 598,637.440 597,490.453 791,161.316 JF Asia ex-Japan D (acc) - USD 262,512.205 144,209.745 189,850.383 216,871.567 JF Asia ex-Japan I (acc) - USD 5,315,048.328 610,501.169 2,042,513.889 3,883,035.608 JF Asia ex-Japan X (acc) - USD 256,141.060 106,163.739 176,342.894 185,961.905

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD 194,447.810 321,239.230 353,669.672 162,017.368 JPM US Bond A (inc) - USD 1,542.000 21.226 481.000 1,082.226 JPM US Bond B (acc) - USD 5,922.047 20,435.305 21,718.309 4,639.043 JPM US Bond C (acc) - USD 5,400.198 61,894.321 56,280.265 11,014.254 JPM US Bond D (acc) - USD 124,600.615 45,819.497 85,280.451 85,139.661

JPMorgan Investment Funds - US Equity Fund JPM US Equity A (acc) - USD 928,634.873 609,645.983 507,101.689 1,031,179.167 JPM US Equity A (acc) - EUR (hedged) 111,521.804 94,869.522 114,642.998 91,748.328 JPM US Equity A (dist) - GBP 2,470.405 25,390.273 4,195.504 23,665.174 JPM US Equity C (acc) - USD 72,976.004 326,538.353 118,252.427 281,261.930 JPM US Equity D (acc) - USD 10,775.941 22,811.253 6,904.011 26,683.183 JPM US Equity D (acc) - EUR (hedged) 30,028.997 27,760.408 22,406.599 35,382.806 JPM US Equity X (acc) - USD 1,396.370 120,346.811 - 121,743.181

JPMorgan Investment Funds - US Market Neutral Fund (3) JPM US Market Neutral A (acc) - USD 32,867.065 12,120.220 44,987.285 - JPM US Market Neutral A (acc) - EUR (hedged) 10,765.218 917.957 11,683.175 - JPM US Market Neutral A (dist) - USD 15,361.153 - 15,361.153 - JPM US Market Neutral A (dist) - GBP 15,097.352 - 15,097.352 - JPM US Market Neutral D (acc) - USD 13,765.559 4,985.936 18,751.495 - JPM US Market Neutral D (acc) - EUR (hedged) 15,379.635 1,943.735 17,323.370 - JPM US Market Neutral X (acc) - USD 33,377.094 - 33,377.094 -

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - USD 4,287,012.741 5,395,573.381 2,070,179.466 7,612,406.656 JPM US Select Equity A (acc) - EUR 303,148.027 1,559,729.541 539,098.080 1,323,779.488 JPM US Select Equity A (acc) - EUR (hedged) 1,469,260.818 918,499.804 1,896,944.505 490,816.117 JPM US Select Equity A (dist) - USD 1,064,409.884 278,108.502 720,601.283 621,917.103 JPM US Select Equity B (acc) - USD 544,175.749 388,748.658 198,381.620 734,542.787 JPM US Select Equity C (acc) - USD 2,343,303.460 858,318.575 757,858.524 2,443,763.511 JPM US Select Equity C (acc) - EUR (hedged) 148,590.709 327,104.481 112,297.125 363,398.065 JPM US Select Equity D (acc) - USD 345,454.907 486,366.400 245,146.370 586,674.937 JPM US Select Equity D (acc) - EUR (hedged) 540,595.604 436,206.973 463,994.244 512,808.333 JPM US Select Equity I (acc) - USD 808,968.114 - 308,523.554 500,444.560 JPM US Select Equity X (acc) - USD 119,987.057 33,538.854 40,366.386 113,159.525

(3) This Sub-Fund was liquidated on 15 December 2010.

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

21 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 31 December 2009 31 December 2008 31 December 2007 31 December 2006

JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green Fund 24,413.93 24,134.21 22,014.87 23,536.25 22,303.47

JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I (1) JPM Emerging Markets Corporate Bond Portfolio I - A (div) - USD 105.47---- JPM Emerging Markets Corporate Bond Portfolio I - A (div) - EUR (hedged) 114.96---- JPM Emerging Markets Corporate Bond Portfolio I - B (div) - USD 105.82---- JPM Emerging Markets Corporate Bond Portfolio I - B (div) - EUR (hedged) 115.87---- JPM Emerging Markets Corporate Bond Portfolio I - C (div) - USD 105.92---- JPM Emerging Markets Corporate Bond Portfolio I - D (div) - USD 105.16---- JPM Emerging Markets Corporate Bond Portfolio I - D (div) - EUR (hedged) 114.63----

JPMorgan Investment Funds - Euro Liquid Market Fund JPM Euro Liquid Market A (acc) - EUR 1,006.48 1,006.28 1,000.71 963.63 931.39 JPM Euro Liquid Market C (acc) - EUR 106.24 105.87 104.87 100.58 - JPM Euro Liquid Market D (acc) - EUR 101.19 101.18 100.71 - - JPM Euro Liquid Market X (acc) - EUR* - - - 116.92 112.33

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR 140.49 134.82 123.94 148.36 151.41 JPM Europe Bond A (inc) - EUR 85.83 82.36 75.72 94.15 99.10 JPM Europe Bond B (acc) - EUR 143.28 137.10 125.66 149.95 152.63 JPM Europe Bond C (acc) - EUR 138.09 131.98 120.85 144.07 146.34 JPM Europe Bond D (acc) - EUR 112.14 107.99 99.62 119.69 122.63 JPM Europe Bond X (acc) - EUR 148.40 141.27 128.85 152.97 154.69

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 221.91 179.27 142.33 245.28 247.05 JPM Europe Recovery A (dist) - EUR 92.19 75.01 61.09 111.16 111.96 JPM Europe Recovery B (acc) - EUR 98.97 111.71 87.99 150.51 150.96 JPM Europe Recovery C (acc) - EUR 175.27 140.32 110.38 188.50 188.07 JPM Europe Recovery D (acc) - EUR 206.40 168.41 135.06 235.10 239.17 JPM Europe Recovery X (acc) - EUR 160.63 127.51 - 264.29 261.48

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 808.95 730.52 521.40 976.84 1,004.83 JPM Europe Select Equity A (acc) - USD 112.31 108.78 76.43 148.73 - JPM Europe Select Equity A (dist) - EUR 56.27 51.29 58.41 110.63 113.81 JPM Europe Select Equity B (acc) - EUR 75.28 67.47 47.79 88.87 - JPM Europe Select Equity C (acc) - EUR 79.47 71.01 50.15 92.97 - JPM Europe Select Equity D (acc) - EUR 74.80 68.05 48.94 92.38 - JPM Europe Select Equity D (acc) - USD 109.79 107.15 75.85 148.71 - JPM Europe Select Equity I (acc) - EUR 103.93---- JPM Europe Select Equity X (acc) - EUR 108.49 96.27 67.52 124.30 125.61 JPM Europe Select Equity X (acc) - EUR (hedged) 86.08 79.52 57.97 98.70 -

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 125.68 112.89 80.41 140.42 145.88 JPM Europe Strategic Dividend A (dist) - EUR 85.93 79.08 59.70 106.43 111.37 JPM Europe Strategic Dividend A (inc) - EUR 74.85 68.88 51.99 92.42 - JPM Europe Strategic Dividend B (acc) - EUR** 108.16---- JPM Europe Strategic Dividend C (acc) - EUR 84.69 75.28 53.06 91.69 - JPM Europe Strategic Dividend D (acc) - EUR 103.00 93.21 66.90 117.71 123.20 JPM Europe Strategic Dividend X (acc) - EUR 85.42 74.61 52.21 89.59 -

JPMorgan Investment Funds - Global Balanced Fund (EUR) JPM Global Balanced (EUR) A (acc) - EUR 1,284.41 1,157.38 1,005.92 1,232.33 1,200.87 JPM Global Balanced (EUR) A (dist) - EUR 96.78 88.60 84.79 108.43 106.68 JPM Global Balanced (EUR) B (acc) - EUR 1,486.77 1,331.71 1,150.52 1,400.98 1,357.69 JPM Global Balanced (EUR) C (acc) - EUR 993.36 888.43 766.40 931.83 901.22 JPM Global Balanced (EUR) D (acc) - EUR 131.86 119.42 104.31 128.44 125.78

JPMorgan Investment Funds - Global Balanced Fund (USD) JF Global Balanced (USD) A (acc) - USD 170.85 157.48 134.47 165.13 151.18 JPM Global Balanced (USD) A (acc) - USD 178.95 164.86 140.70 172.70 158.03 JPM Global Balanced (USD) A (dist) - USD 112.52 104.55 91.32 116.85 107.99 JPM Global Balanced (USD) B (acc) - USD 190.01 174.00 147.61 180.08 163.89 JPM Global Balanced (USD) C (acc) - USD 168.12 153.72 130.21 158.62 144.06 JPM Global Balanced (USD) D (acc) - USD 151.32 140.10 120.17 148.24 136.33 JPM Global Balanced (USD) X (acc) - USD 216.42 196.31 165.00 199.38 179.65 JPM Global Balanced (USD) X (inc) - USD* -----

JPMorgan Investment Funds - Global Bond Fund (EUR) JPM Global Bond (EUR) A (acc) - EUR 110.96 104.34 104.79 131.08 130.12 JPM Global Bond (EUR) A (inc) - EUR 83.16 78.19 78.53 102.20 103.35 JPM Global Bond (EUR) B (acc) - EUR 201.84 189.23 189.48 236.29 233.97 JPM Global Bond (EUR) C (acc) - EUR 207.90 194.61 194.58 242.25 239.37 JPM Global Bond (EUR) D (acc) - EUR 100.77 95.13 95.93 120.47 120.07 JPM Global Bond (EUR) X (acc) - EUR 200.02 186.40 185.53 229.97 226.22

(1) This Sub-Fund was launched on 31 May 2010.

22 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 31 December 2009 31 December 2008 31 December 2007 31 December 2006

JPMorgan Investment Funds - Global Bond Fund (USD) JF Global Bond (USD) A (acc) - USD 93.36 88.26 87.87 113.11 112.38 JPM Global Bond (USD) A (acc) - USD 128.83 121.55 120.78 155.15 153.84 JPM Global Bond (USD) B (acc) - USD* - - 124.84 159.89 158.14 JPM Global Bond (USD) C (acc) - USD 129.73 121.85 120.53 154.16 152.15 JPM Global Bond (USD) D (acc) - USD 98.89 93.68 93.45 120.54 119.99 JPM Global Bond (USD) X (acc) - USD 131.75 123.19 121.31 154.43 151.73

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 128.69 118.00 104.02 124.65 120.57 JPM Global Capital Appreciation A (dist) - EUR 105.16 97.19 90.15 109.83 106.36 JPM Global Capital Appreciation A (inc) - EUR 108.05 99.84 89.92 109.54 106.36 JPM Global Capital Appreciation B (acc) - EUR 126.83 115.71 101.50 121.02 116.55 JPM Global Capital Appreciation C (acc) - EUR 106.91 97.35 85.23 101.42 97.48 JPM Global Capital Appreciation D (acc) - EUR 105.58 97.49 86.54 104.44 101.72 JPM Global Capital Appreciation X (acc) - EUR 118.58 107.27 93.30 110.29 104.88

JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) JPM Global Capital Preservation (EUR) A (acc) - EUR 1,108.03 1,084.13 982.37 1,078.28 1,021.61 JPM Global Capital Preservation (EUR) A (acc) - USD 149.45 156.84 138.23 159.51 103.20 JPM Global Capital Preservation (EUR) A (dist) - EUR 105.87 105.29 97.02 108.91 102.94 JPM Global Capital Preservation (EUR) A (inc) - EUR 106.23 105.52 96.08 107.88 103.19 JPM Global Capital Preservation (EUR) B (acc) - EUR 1,238.08 1,205.33 1,086.75 1,186.95 1,120.59 JPM Global Capital Preservation (EUR) C (acc) - EUR 1,006.28 977.66 879.72 958.82 902.82 JPM Global Capital Preservation (EUR) D (acc) - EUR 125.32 123.17 112.11 123.61 117.54 JPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) 981.15 963.33 881.29 - - JPM Global Capital Preservation (EUR) I (acc) - EUR 105.04 102.10 91.83 - - JPM Global Capital Preservation (EUR) I (inc) - EUR 107.15 106.38 96.84 108.54 102.75 JPM Global Capital Preservation (EUR) X (acc) - EUR 129.70 125.19 111.92 121.18 113.16

JPMorgan Investment Funds - Global Capital Preservation Fund (USD) JPM Global Capital Preservation (USD) A (acc) - USD 119.31 115.79 106.87 115.19 107.01 JPM Global Capital Preservation (USD) B (acc) - USD* ----105.85 JPM Global Capital Preservation (USD) C (acc) - USD* ----106.40 JPM Global Capital Preservation (USD) D (acc) - USD 116.70 113.74 105.45 114.18 106.51 JPM Global Capital Preservation (USD) X (acc) - USD* - - 108.97 115.87 106.28

JPMorgan Investment Funds - Global Convertibles Fund (USD) JF Global Convertibles (USD) A (acc) - USD 114.25 108.14 - - - JPM Global Convertibles (USD) A (acc) - USD 139.07 131.30 101.71 137.72 126.68 JPM Global Convertibles (USD) B (acc) - USD 107.56 100.89 77.64 - - JPM Global Convertibles (USD) C (acc) - USD** 139.25 130.55 - - - JPM Global Convertibles (USD) D (acc) - USD 133.88 127.03 98.89 134.58 124.42 JPM Global Convertibles (USD) I (acc) - USD 111.72 104.65 80.45 108.12 - JPM Global Convertibles (USD) X (acc) - USD* - 114.46 - 119.47 108.26

JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - USD 82.98 76.82 62.53 100.09 - JPM Global Dividend A (acc) - EUR 78.56---- JPM Global Dividend A (acc) - EUR (hedged) 57.24 52.66 45.03 68.35 - JPM Global Dividend A (inc) - USD 111.09 103.11 - - - JPM Global Dividend A (inc) - EUR (hedged) 107.03 100.88 - - - JPM Global Dividend C (acc) - EUR 111.48 95.18 - - - JPM Global Dividend D (acc) - USD 81.08 75.63 62.02 100.03 - JPM Global Dividend D (acc) - EUR (hedged) 55.93 51.84 44.66 68.30 -

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 116.24 104.30 95.22 125.09 129.50 JPM Global Enhanced Bond A (inc) - EUR 85.35 77.05 71.38 97.83 103.57 JPM Global Enhanced Bond B (acc) - EUR 117.61 105.16 95.68 125.25 129.28 JPM Global Enhanced Bond C (acc) - EUR 130.23 116.27 105.63 138.06 142.18 JPM Global Enhanced Bond D (acc) - EUR 111.50 100.35 91.90 121.09 125.74 JPM Global Enhanced Bond X (acc) - EUR 137.27 121.89 110.18 143.35 146.91 JPM Global Enhanced Bond X (inc) - EUR* ----94.25

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 99.05 96.33 69.22 157.72 167.74 JPM Global Financials A (acc) - EUR 47.71 43.26 31.96 69.27 82.11 JPM Global Financials A (dist) - USD 56.36 55.21 44.45 102.89 109.34 JPM Global Financials B (acc) - USD 6.15 5.93 4.23 9.55 - JPM Global Financials C (acc) - USD 105.31 101.56 72.36 163.47 172.29 JPM Global Financials D (acc) - USD 100.28 98.51 71.50 164.58 176.78 JPM Global Financials X (acc) - USD 162.32 155.15 109.61 245.50 256.60

23 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 31 December 2009 31 December 2008 31 December 2007 31 December 2006

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - USD 114.52 100.43 66.67 - - JPM Global High Yield Bond A (acc) - EUR (hedged) 156.44 137.96 91.70 145.19 143.42 JPM Global High Yield Bond A (inc) - EUR (hedged) 83.00 78.42 59.60 101.43 104.05 JPM Global High Yield Bond A (mth) - USD 101.97 95.01 67.12 - - JPM Global High Yield Bond B (acc) - EUR (hedged) 162.67 142.94 94.68 149.39 147.06 JPM Global High Yield Bond C (acc) - USD 116.22 101.26 66.79 - - JPM Global High Yield Bond C (acc) - EUR (hedged) 168.67 147.78 97.59 153.51 150.63 JPM Global High Yield Bond D (acc) - USD 104.33---- JPM Global High Yield Bond D (acc) - EUR (hedged) 149.62 132.47 88.40 140.54 139.38 JPM Global High Yield Bond I (acc) - USD 118.62 103.29 - - - JPM Global High Yield Bond I (inc) - EUR (hedged) 67.56 63.63 43.72 - - JPM Global High Yield Bond X (acc) - EUR (hedged) 112.14 97.76 64.24 100.53 -

JPMorgan Investment Funds - Global Income Fund JPM Global Income A (div) - EUR 136.55 127.67 101.68 - - JPM Global Income C (div) - EUR 110.59---- JPM Global Income D (div) - EUR 122.48 114.92 - - -

JPMorgan Investment Funds - Global Select 130/30 Fund JPM Global Select 130/30 A (acc) - USD 143.47 131.20 97.03 166.53 151.43 JPM Global Select 130/30 A (acc) - EUR* - 96.81 73.53 - - JPM Global Select 130/30 A (dist) - USD 101.34 92.99 70.92 122.68 111.94 JPM Global Select 130/30 C (acc) - USD 153.74 139.34 102.25 173.74 156.54 JPM Global Select 130/30 D (acc) - USD 110.18 101.77 75.93 131.73 120.98 JPM Global Select 130/30 X (acc) - USD* -----

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 156.60 142.40 101.20 182.13 161.48 JPM Global Select Equity A (dist) - USD 106.98 97.51 70.45 127.44 112.99 JPM Global Select Equity B (acc) - USD 167.35 151.08 106.57 190.34 167.73 JPM Global Select Equity C (acc) - USD 156.72 140.95 99.05 176.31 154.58 JPM Global Select Equity D (acc) - USD 148.49 136.04 97.41 176.63 157.78 JPM Global Select Equity X (acc) - USD 151.05 134.94 94.24 166.62 145.16

JPMorgan Investment Funds - Global Total Return Fund JPM Global Total Return A (acc) - EUR 112.68 105.88 90.33 109.75 115.36 JPM Global Total Return A (dist) - EUR 91.92 87.12 77.29 93.90 98.72 JPM Global Total Return A (inc) - EUR 93.09 88.23 76.51 93.92 98.72 JPM Global Total Return B (acc) - EUR* - - 88.19 106.45 111.21 JPM Global Total Return C (acc) - EUR 116.16 108.29 91.61 110.37 114.88 JPM Global Total Return D (acc) - EUR 105.64 100.27 86.40 106.04 112.57 JPM Global Total Return I (acc) - EUR* ----99.94 JPM Global Total Return X (acc) - EUR* -----

JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund JPM Highbridge Statistical Market Neutral A (acc) - EUR 107.21 110.40 113.66 100.82 101.26 JPM Highbridge Statistical Market Neutral A (acc) - SEK (hedged) 920.48 946.19 980.43 - - JPM Highbridge Statistical Market Neutral A (acc) - USD 143.53 158.52 158.71 148.02 133.43 JPM Highbridge Statistical Market Neutral A (acc) - USD (hedged) 153.05 157.32 162.87 - - JPM Highbridge Statistical Market Neutral A (dist) - GBP 86.07 91.52 104.61 72.56 - JPM Highbridge Statistical Market Neutral A (dist) - GBP (hedged) 77.65 79.83 83.10 - - JPM Highbridge Statistical Market Neutral A (inc) - EUR 99.34 102.29 107.62 96.63 - JPM Highbridge Statistical Market Neutral B (acc) - EUR 107.46 109.83 112.24 98.91 - JPM Highbridge Statistical Market Neutral B (acc) - USD* - 146.80 145.87 - - JPM Highbridge Statistical Market Neutral C (acc) - EUR 108.85 111.08 113.35 100.00 - JPM Highbridge Statistical Market Neutral C (acc) - SEK (hedged)* ----- JPM Highbridge Statistical Market Neutral C (dist) - GBP (hedged) 78.69 80.38 83.21 - - JPM Highbridge Statistical Market Neutral C (dist) - USD (hedged) 128.90 131.76 - - - JPM Highbridge Statistical Market Neutral D (acc) - EUR 104.24 108.15 112.18 99.90 101.13 JPM Highbridge Statistical Market Neutral D (acc) - USD 139.57 155.32 156.68 146.73 133.30 JPM Highbridge Statistical Market Neutral D (acc) - USD (hedged) 140.25 145.25 151.48 - - JPM Highbridge Statistical Market Neutral I (acc) - EUR 110.63 112.81 114.98 101.41 100.88 JPM Highbridge Statistical Market Neutral I (dist) - EUR 97.19---- JPM Highbridge Statistical Market Neutral X (acc) - EUR 114.64 115.98 117.30 102.52 101.18 JPM Highbridge Statistical Market Neutral X (acc) - USD (hedged)* - 139.42 - - -

24 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 31 December 2009 31 December 2008 31 December 2007 31 December 2006

JPMorgan Investment Funds - Income Opportunity Fund (2) JPM Income Opportunity A (acc) - USD 166.12 158.85 136.98 - - JPM Income Opportunity A (acc) - EUR (hedged) 125.11 119.80 102.86 101.77 - JPM Income Opportunity A (acc) - SEK (hedged) 1,220.31 1,168.16 - - - JPM Income Opportunity A (inc) - EUR (hedged) 120.51---- JPM Income Opportunity A (dist) - GBP (hedged) 90.40 86.94 76.02 - - JPM Income Opportunity B (acc) - USD 158.65 151.24 - - - JPM Income Opportunity B (acc) - EUR (hedged) 113.80 108.61 - - - JPM Income Opportunity C (acc) - USD 159.71 152.10 - - - JPM Income Opportunity C (acc) - USD (hedged to BRL) 113.01---- JPM Income Opportunity C (acc) - EUR (hedged) 123.90 118.22 101.08 - - JPM Income Opportunity C (acc) - SEK (hedged) 747.97---- JPM Income Opportunity C (dist) - GBP (hedged) 106.17 101.84 - - - JPM Income Opportunity D (acc) - EUR (hedged) 124.42 119.44 102.60 101.66 - JPM Income Opportunity D (inc) - EUR (hedged)** 73.44 ---- JPM Income Opportunity X (acc) - USD 160.05 151.70 - - - JPM Income Opportunity X (acc) - EUR (hedged) 106.81 101.28 - - - JPM Income Opportunity X (acc) - GBP (hedged) 96.50 91.34 - - -

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - JPY 8,714 8,405 7,366 13,055 10,294 JPM Japan 50 Equity A (acc) - EUR 51.41 40.79 37.06 50.38 - JPM Japan 50 Equity A (dist) - JPY 5,797 5,739 5,030 8,914 - JPM Japan 50 Equity C (acc) - JPY 11,856 11,327 - - - JPM Japan 50 Equity D (acc) - JPY 6,234 6,074 5,377 9,625 11,227 JPM Japan 50 Equity I (acc) - JPY* - - 5,302 9,300 10,629 JPM Japan 50 Equity X (acc) - JPY 9,799 9,284 7,992 13,914 15,784

JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund JPM Japan Behavioural Finance Equity A (acc) - USD 74.07 62.77 61.76 91.05 - JPM Japan Behavioural Finance Equity A (acc) - EUR 55.32 43.91 43.67 61.97 - JPM Japan Behavioural Finance Equity A (dist) - USD 69.21 58.68 58.30 85.99 - JPM Japan Behavioural Finance Equity C (acc) - USD* - - 60.46 88.27 - JPM Japan Behavioural Finance Equity D (acc) - USD* - - - 90.54 - JPM Japan Behavioural Finance Equity D (acc) - EUR 53.99 43.19 43.28 61.63 - JPM Japan Behavioural Finance Equity I (inc) - EUR* - - - 61.21 - JPM Japan Behavioural Finance Equity X (acc) - USD 77.46 64.49 62.35 90.31 -

JPMorgan Investment Funds - Japan Focus Fund JPM Japan Focus A (acc) - JPY 7,344 6,752 5,995 - - JPM Japan Focus A (dist) - JPY 11,633 10,838 - - - JPM Japan Focus D (acc) - JPY 7,166 6,646 5,959 - - JPM Japan Focus I (acc) - JPY 6,753 6,136 5,394 - - JPM Japan Focus X (acc) - JPY 10,871 9,871 6,031 - -

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 6,814 6,795 6,155 11,006 12,755 JPM Japan Select Equity A (dist) - JPY 5,427 5,462 4,948 8,847 10,254 JPM Japan Select Equity B (acc) - JPY 6,818 6,748 6,068 10,767 12,398 JPM Japan Select Equity C (acc) - JPY 7,844 7,748 6,952 12,311 14,124 JPM Japan Select Equity D (acc) - JPY 8,339 8,379 7,648 13,778 16,088 JPM Japan Select Equity I (acc) - JPY 6,127 6,046 5,421 9,592 11,001 JPM Japan Select Equity X (acc) - JPY 9,590 9,392 8,357 14,678 16,708

JPMorgan Investment Funds - Japan Strategic Value Fund JPM Japan Strategic Value A (acc) - JPY 6,635 6,329 5,791 9,533 - JPM Japan Strategic Value A (acc) - EUR 60.97 47.84 45.38 57.30 - JPM Japan Strategic Value A (dist) - GBP 51.84 42.56 44.28 42.26 - JPM Japan Strategic Value C (acc) - JPY 11,628 10,988 - - - JPM Japan Strategic Value D (acc) - JPY 6,483 6,231 5,745 9,527 - JPM Japan Strategic Value D (acc) - EUR 59.58 47.10 45.01 57.26 - JPM Japan Strategic Value X (acc) - JPY 11,526 10,804 - - -

JPMorgan Investment Funds - JF Asia ex-Japan Fund JF Asia ex-Japan A (acc) - USD 328.49 273.18 161.69 367.34 252.31 JF Asia ex-Japan A (dist) - USD 135.69 112.84 71.49 164.02 115.53 JF Asia ex-Japan B (acc) - USD 363.66 300.18 176.36 397.64 271.42 JF Asia ex-Japan C (acc) - USD 343.70 283.28 166.17 374.09 254.67 JF Asia ex-Japan D (acc) - USD 277.14 232.21 138.48 316.97 219.20 JF Asia ex-Japan I (acc) - USD 179.92 148.10 86.80 195.26 132.87 JF Asia ex-Japan X (acc) - USD 557.31 455.34 264.94 591.60 399.63

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD 169.49 153.60 126.67 157.91 164.46 JPM US Bond A (inc) - USD 102.07 92.51 76.29 97.87 104.87 JPM US Bond B (acc) - USD 175.99 158.95 130.63 162.26 168.48 JPM US Bond C (acc) - USD 169.76 153.07 125.62 155.78 161.37 JPM US Bond D (acc) - USD 123.66 112.35 92.89 116.08 121.20 JPM US Bond X (acc) - USD* - - - 159.82 164.77

(2) This Sub-Fund changed its currency to USD on 4 January 2010.

25 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

31 December 2010 31 December 2009 31 December 2008 31 December 2007 31 December 2006

JPMorgan Investment Funds - US Equity Fund JPM US Equity A (acc) - USD 88.95 80.70 63.00 102.55 100.23 JPM US Equity A (acc) - EUR (hedged) 64.81 59.39 46.99 77.04 76.27 JPM US Equity A (dist) - GBP 77.89 68.14 - - - JPM US Equity C (acc) - USD 91.15 81.85 63.22 101.82 - JPM US Equity D (acc) - USD 87.19 79.50 62.37 102.03 100.22 JPM US Equity D (acc) - EUR (hedged) 63.51 58.49 46.51 76.66 76.27 JPM US Equity X (acc) - USD 87.94 78.41 60.14 96.18 -

JPMorgan Investment Funds - US Market Neutral Fund (3) JPM US Market Neutral A (acc) - USD - 86.97 86.25 87.45 - JPM US Market Neutral A (acc) - EUR (hedged) - 66.45 65.38 65.55 - JPM US Market Neutral A (dist) - USD - 85.63 84.99 87.45 - JPM US Market Neutral A (dist) - GBP - 52.93 58.07 43.90 - JPM US Market Neutral D (acc) - USD - 85.33 85.25 87.10 - JPM US Market Neutral D (acc) - EUR (hedged) - 65.20 64.63 65.29 - JPM US Market Neutral X (acc) - USD - 93.16 90.85 90.51 -

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - USD 161.31 145.55 109.20 174.40 159.14 JPM US Select Equity A (acc) - EUR 75.15 63.21 48.76 - - JPM US Select Equity A (acc) - EUR (hedged) 74.48 67.83 51.70 83.17 - JPM US Select Equity A (dist) - USD 113.13 102.07 76.59 122.31 111.61 JPM US Select Equity B (acc) - USD 150.57 134.84 100.42 159.16 144.23 JPM US Select Equity C (acc) - USD 148.43 132.53 98.40 155.50 140.13 JPM US Select Equity C (acc) - EUR (hedged) 73.56 66.29 50.00 - - JPM US Select Equity D (acc) - USD 114.46 103.79 78.27 125.63 115.21 JPM US Select Equity D (acc) - EUR (hedged) 73.07 66.88 51.24 82.84 - JPM US Select Equity I (acc) - USD 98.17 87.54 64.95 102.57 - JPM US Select Equity X (acc) - USD 145.43 128.85 94.98 149.05 133.61

(3) This Sub-Fund was liquidated on 15 December 2010.

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

26 JPMorgan Investment Funds Notes to the Financial Statements As at 31 December 2010

1. Organisation JPMorgan Investment Funds (the “SICAV”) is a variable capital investment companywith multiple Sub-Funds organised as a société anonymeunder the la ws of the Grand Duchyof Luxembourg. The SICAV was incorporated in Luxembourg on 22 December 1994 for an unlimited period as J.P. Morgan Investment Funds. Its name was changed into JPMorgan Fleming Investment Funds on 19 November 2001 and into JPMorgan Investment Funds on 12 September 2005. The SICAV has been authorised under Part I of the law of 20 December 2002 concerning undertakings for collective investment in transferable securities. The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg under number B 49 663. The SICAV is designed as an Equity, Total Return, Balanced, Convertibles, Bond and Money Market Funds and has issued shares in 34 Sub-Funds, details of which are shown in the Appendix. 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 reasonablyfor eseeable sales price determined with prudence and in good faith by the Board of Directors. Shares or Units in UCITS or other UCIS are valued at the latest available price or net asset value, as reported or provided bysuch undertakings or their a gents. Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis. For the JPMorgan Investment Funds - Euro Liquid Market Fund: • Except as noted below, all investments are valued at amortised cost, which approximates market value. Under this method, the cost of investments is adjusted to income for the amortisation of premiums and discounts over the life of the investments. • Where the amortised cost basis does not reflect a prudent approach to the valuation of the security, the latest available price prevailing on the valuation day is used. The financial statements are presented on the basis of the net asset values of the Sub-Funds calculated on 31 December 2010, except for JPMorgan Investment Funds – Blue and Green Fund calculated on 27 December 2010 (due to a weeklyNet Asset Value calculation frequency).In accordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. If the SICAV had calculated the net asset values solelywith a view to financial reporting, the market prices used to value the investment portfolio would have been the closing prices on 31 December 2010. In that perspective, the Net Asset Value of JPMorgan Investment Funds – Blue and Green Fund would have been different by-0.57%. b) Swing Pricing A Sub-Fund maysuffer dilution of the Net Asset Value per Share due to investors buyingor selling Shares 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 Swing Pricing mechanism maybe adopted to protect the interests of Shareholders of the Fund. If on anyValuation 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 bythe Management Company,the Net Asset Value per Share maybe adjusted upwards or downwards to reflect net inflows and net outflows respectively. The net inflows and net outflows will be determined bythe Management Companybased on the latest available information at the time of calculation of th e Net Asset Value per Share. The Swing Pricing mechanism maybe applied across all Sub-Funds with the exception of JPMorgan Investment Funds – Blue and Green Fund, JPMorgan Investment Funds – Highbridge Statistical Market Neutral Fund and the moneymarket Sub-Funds, as defined bythe Prospectus. The extent of the price adjustment will be set bythe Management Companyto reflect dealing and other costs. Such adjustment mayvaryfrom 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 year-end, disclosed in the Statistical Information section of this report maytherefore include a Swing Pricing 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 year end, a Swing Pricing adjustment had been applied to JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I. From 30 July2010 onwards, the net asset values of JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I had been adjusted downwards bya swing factor determined bythe Management Companyunder its established procedures, irrespective of redemption flows. As at 31 December 2010, the swing factor is 200 basis points which, in addition to the matters above, also reflect the need to maintain an equivalent portfolio construction for the remaining life of the Fund. The decision to swing downwards was due to the specific nature of the product and the fact that after the initial subscription phase, which finished on 14 July 2010, no further subscriptions are expected to be received into the Fund. No other Sub-Funds were swung as at 31 December 2010. 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 withholding taxes, except where the withholding tax has been received or is receivable.

27 JPMorgan Investment Funds Notes to the Financial Statements (continued) As at 31 December 2010

e) Conversion of Foreign Currencies The books and records of each Sub-Fund are denominated in the base currencyof the corresponding Sub-Fund. Amounts denominated in other currencies are translated into the base currencyon the following basis: (i) investment valuations and other assets and liabilities initiallyexpressed in othe r currencies are converted each business dayinto the base currencyusing currencyexchange rates prevailing on each such business day;(ii) purchases and sales of foreign investments, income and expenses are converted into the base currencyusing currencyexchange rates prevailing on the respective dates of su ch transactions. Net realised and unrealised gains or losses on foreign exchange represent: (i) foreign exchange gains and losses from the sale and holding of foreign currencies and foreign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions; 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 SICAV as reflected in 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 f) Forward Foreign Exchange Contracts Unrealised gains or losses on outstanding forward foreign exchange contracts are valued on the basis of currencyexchange rates prevailing at the rel evant valuation date. 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 Forward Foreign Exchange Contracts”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised 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 Unrealised Gain/(Loss) on Forward Foreign Exchanges 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 dailybasis to reflect the market value of the contracts at the end of each business day’strading. 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 in Net Realised gains or losses on Financial Futures Contracts in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under Unrealised Net Gain/(Loss) on Financial Futures Contracts in the Combined Statement of Net Assets. 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 bythe 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 interest rate swaps (“swaptions”) as well as Option Straddle Contracts on Interest Rate Swaps. 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 counterpartyhas alreadyperformed its obligation bypayingthe premium at the inception of the contract. As of 31 December 2010, the SICAV had written options contracts outstanding as listed on its Portfolio of Investments. The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. i) To Be Announced Securities (“TBAs”) TBAs are related to mortgage backed securities issued bygovernment sponsored agencies. These agencies usuallypool mortgage loans and sell interes ts 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. Certain Sub-Funds mayenter into Dollar Rolls, principallyusing To Be Announced (“TBA”) Securities, in which the Sub-Funds sell mortgage-backed se curities for deliveryin the current month and simultaneouslycontract 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 entering into the commitment to repurchase. The Sub-Funds must maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such Dollar Rolls. The market value of the securities that the Sub-Funds are required to purchase may decline below the agreed upon repurchase price of those securities. Certain Sub-Funds had TBAs outstanding as 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. 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 changes in such amounts are recorded under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments” and the Realised under “Net Realised Gain/(Loss) on Derivatives Instruments” in the Combined Statement of Operations and Changes in Net Assets.

28 JPMorgan Investment Funds Notes to the Financial Statements (continued) As at 31 December 2010

k) Inflation Rate Swaps An inflation 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 on inflation indexes) 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 changes in such amounts are recorded under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments” and the Realised under “Net Realised Gain/(Loss) on Derivatives Instruments” in the Combined Statement of Operations and Changes in Net Assets. l) Total Return Swaps The SICAV mayenter into swap contracts in which the SICAV and the counterpartyagree to exchange paymentswhere one or both parties paythe 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, 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 bythe Investment Manager against a reference rat e plus a spread. The total performance will include interests, dividends, gains and losses on the underlying securities during the contract period according to 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 underlying securities shall be taken into account for the calculation of the investment and borrowing powers applicable to individual 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. The JPMorgan Investment Funds - Global Select 130/30 and the JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund have each entered into Total Return Swaps (long/short, together “the Swaps”) on a basket of securities with selected prime brokers. The Swaps are comprised of positionsina diversified selection of stocks which is continuously monitored and amended by the Investment Manager. m) 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 periodic payment for the specified life of the agreement. The other partymakes no paymentsunless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. The value of the underlying securities 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 such amounts are recorded under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments” and the Realised under “Net Realised Gain/(Loss) on Derivatives Instruments” in the Combined Statement of Operations and Changes in Net Assets. n) Price Lock Swaps The SICAV mayenter into swap contracts in which the SICAV and the counterpartyagree to exchange paymentswhere one or both parties paythe price difference generated on a security, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice versa are calculated bythe price difference (current asset price and locked price) of a specific security,index, or other instruments and an agreed upon notional amount. Any such underlyingsecurityor instrument must be a transferable securityand anysuch index must be an index of a regulated market. The value of the underlying securities shall be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers. The relevant indices include, but are not limited to, currencies, interest rates, and other asset prices. The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in such amounts are recorded under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments” and the Realised under “Net Realised Gain/(Loss) on Derivatives Instruments” in the Combined Statement of Operations and Changes in Net Assets. o) Variance Swap A variance swap is an instrument which allows the SICAV to trade future realized (or historical) volatility against current implied volatility. The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in such amounts are recorded under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments” and the Realised under “Net Realised Gain/(Loss) on Derivatives Instruments” in the Combined Statement of Operations and Changes in Net Assets. 3. Fees and Expenses a) All Sub-Funds - Share Classes A, B, C and D 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 investment, brokerage’s expense, extraordinarycosts or performance fee, if any.No other costs are charged to these Classes of shares, and the Management Companyabsorbs anydifference that mayarise between the actual costs of the operations of these Classes of shares and the fixed percentag e. To the extent that the actual operating costs are less than the fixed percentage, the excess is paid to the Management Companyand included within “Investment Management Fees”. To the extent that actual operating costs exceed the fixed percentage, the amount borne bythe Management Companywill be separatelydisclosed 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.

29 JPMorgan Investment Funds Notes to the Financial Statements (continued) As at 31 December 2010

b) All Sub-Funds - Share Class I The maximum total fees and expenses to be borne byClass I shareholders of anySub-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, limited to Custody, Fiduciary, Accounting, Transfer Agency Fees, Taxes and Sundry Expenses; 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 Class X shares of each Sub-Fund are charged a pro-rata share of the Custodyand Accounting Fees allocable to that Sub-Fund. The Management Company pays all other Operating and Administrative Expenses allocable to such Class to the exclusion of performance fees, if any. The maximum Operating and Administrative Expenses to be borne bythe Class X shareholders of anySub-Fund will not exceed a capped percentage of the total net assets attributable to that Class, as set out in the Appendix. The Annual Management Fee that would normallybe payablein respect of the X Share Class are administrativelylevied and collected bythe Global Distributor directly from the shareholder or through the relevant J.P.Morgan Chase & Co entity. Sub-Funds mayinvest in UCITS and other UCIs managed bythe Management Company,the Investment Manager or anyother member of JPMorgan Chase & Co. The avoidance of a double-charge of the Annual Management and AdvisoryFee on such assets is achieved byeither a) excluding the assets from the net assets on which the Annual Management and AdvisoryFee is calculated; or b) investing in UCITS or UCIs via classes that do not accrue an Annual Management and AdvisoryFee or other equivalent fees payableto the relevant Investment Manager’s group; or c) the Annual Management and Advisory Fee being netted off bya rebate to the SICAV or Sub-Fund of the Annual Management and AdvisoryFee (or equivalent) charged to the underlyingUCITS or UCIs; or d) charging onlythe difference between the Annual Management and AdvisoryFee of the SICAV or Sub-Fund and the Annual Management and AdvisoryFee (or equivalent) charged to the underlyingUCITS or UCIs. The Management Companymaydecide from time to time, in order to protect the interests of the SICAV’s shareholders, to reduce the fees payableto 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 (including the Annual Management and AdvisoryFee, and the Operating and Administrative Expenses to be borne bythe relevant Class at the rat e set out in the Appendix to the Prospectus), is adjusted for anydividend distributions and for subscriptions and redemptions dealt with on that Valuat ion Day, if any,and anyPerformance Fee accrued through that dayin respect of such Class is added back (the “Adjusted net asset value”). For purposes of calcula ting the Performance Fee, the “Share Class Return” is computed on each Valuation Day, as the difference between the net asset value (adjusted by adding back anyaccrued Performance Fee) on such dayand 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 bythe Performance Fee Rate multiplied bythe Excess Return multiplied bythe 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) bythe Performance Fee Rate multiplied bythe negative Excess Return multiplied bythe previous Valuation Day’ s Adjusted net asset value for that Class. Following a period of negative Excess Return wherebythe 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 beginning of the SICAV accounting year. 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 Companywill onlybecome 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 Dayof the last yearin which a Performanc e Fee was paid. As at 31 December 2010, the Performance Fee rate and the benchmarks are as follows: Sub-Fund or Share Class Performance Benchmark Fee Rate Claw-Back Mechanism method JPMorgan Investment Funds - Global Select 130/30 Fund 10% Morgan Stanley Capital International (MSCI) World Index (Total Return Net) JPMorgan Investment Funds – Japan Focus Fund 10% Tokyo Stock Price Index (TOPIX) (Total Return Net) High Water Mark Return method JPMorgan Investment Funds - Global Total Return Fund 10% LIBOR one-month Euro deposits (Total Return Gross) JPMorgan Investment Funds - Global Capital Appreciation Fund 10% LIBOR one-month Euro deposits (Total Return Gross) JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) 10% LIBOR one-month Euro deposits (Total Return Gross) JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) (SEK hedged) 10% LIBOR one-month Euro deposits (Total Return Gross) hedged into SEK JPMorgan Investment Funds - Global Capital Preservation Fund (USD) 10% LIBOR one-month US Dollar deposits (Total Return Gross) JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund 20% European Overnight Index Average (EONIA) (Total Return Gross) JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund (GBP hedged) 20% British Bankers’ Association (BBA) LIBOR GBP Overnight Index (Total Return Gross) JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund (SEK hedged) 20% British Bankers’ Association (BBA) LIBOR SEK Spot Next Index (Total Return Gross)

30 JPMorgan Investment Funds Notes to the Financial Statements (continued) As at 31 December 2010

Sub-Fund or Share Class Performance Benchmark Fee Rate

High Water Mark Return method JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund (USD hedged) 20% British Bankers’ Association (BBA) LIBOR USD Overnight Index (Total Return Gross) JPMorgan Investment Funds - Income Opportunity Fund 20% British Bankers’ Association (BBA) LIBOR USD Overnight Index JPMorgan Investment Funds - Income Opportunity Fund (SEK hedged) 20% British Bankers’ Association (BBA) LIBOR SEK Spot Next Index JPMorgan Investment Funds - Income Opportunity Fund (GBP hedged) 20% British Bankers’ Association (BBA) LIBOR GBP Overnight Index JPMorgan Investment Funds - Income Opportunity Fund (EUR hedged) 20% European Overnight Index Average (EONIA) JPMorgan Investment Funds - Income Opportunity Fund (USD hedged to BRL) 20% British Bankers’ Association (BBA) LIBOR Overnight Index hedged to BRL JPMorgan Investment Funds - US Market Neutral Fund 20% LIBOR one-month US Dollar deposits (Total Return Gross) JPMorgan Investment Funds - US Market Neutral Fund (EUR hedged) 20% LIBOR one-month Euro deposits (Total Return Gross) 4. Distribution Policy It is intended that all those Share Classes with the suffix “(dist)” will paydividends if appropriate so that these Share Classes of the Fund continue to qualifyas “distributing Share Classes” for the purposes of United Kingdom tax legislation relating to offshore funds (the requirement for this is that an annual distribution of at least 85% of the net investment income attributable to such Classes of Shares needs to be paid, computed broadlyin accordance with t he definition of net taxable income under United Kingdom corporation tax principles (subject to the application of anyde minimis threshold)) for the ye ar ending 31 December 2010. In subsequent yearsthese Share Classes maypaydividends and mayalso seek to meet the conditions to qualifyas “reporting Share Classes” for the purposes of the United Kingdom tax legislation relating to offshore funds. Classes of Shares with the suffix “(mth)” will normallydistribute all, or substantiallyall, of the net investment income on a monthlybasis, based on the net investment income earned over the course of the prior month for Shares in issue at the dividend record date. Share Classes with the suffix “(inc)”, “(div)” or “(mth)” maypaydividends but will not qualifyas “distributing” for the purposes of United Kingdom t ax legislation relating to offshore funds. Those Classes of Shares with the suffix “(acc)” will not normally pay dividends. During the year ended 31 December 2010, the SICAV paid dividends as follows: Dividend Amount per Class name Currency Share Payment Date JPM Global High Yield Bond A (mth) - USD USD 0.54 28 January 2010 JPM Global High Yield Bond A (mth) - USD USD 0.45 25 February 2010 JPM Global Income A (div) - EUR EUR 1.38 25 February 2010 JPM Global Income D (div) - EUR EUR 1.24 25 February 2010 JPM Global Capital Preservation (EUR) A (dist) - EUR EUR 1.69 19 March 2010 JPM Global Balanced (EUR) A (dist) - EUR EUR 1.41 19 March 2010 JPM Japan Select Equity A (dist) - JPY JPY 50 19 March 2010 JPM Global Balanced (USD) A (dist) - USD USD 0.9 19 March 2010 JPM Europe Select Equity A (dist) - EUR EUR 0.46 19 March 2010 JPM Global Select Equity A (dist) - USD USD 0.23 19 March 2010 JPM Global Select 130/30 A (dist) - USD USD 0.3 19 March 2010 JPM Global Capital Appreciation A (dist) - EUR EUR 0.77 19 March 2010 JPM Global Financials A (dist) - USD USD 0.38 19 March 2010 JPM Europe Recovery A (dist) - EUR EUR 0.54 19 March 2010 JPM Global Total Return A (dist) - EUR EUR 0.77 19 March 2010 JPM Japan 50 Equity A (dist) - JPY JPY 150 19 March 2010 JPM Europe Strategic Dividend A (dist) - EUR EUR 1.87 19 March 2010 JPM US Equity A (dist) - GBP GBP 0.11 19 March 2010 JPM Japan Behavioural Finance Equity A (dist) - USD USD 0.04 19 March 2010 JPM Japan Strategic Value A (dist) - GBP GBP 0.12 19 March 2010 JPM Japan Focus A (dist) - JPY JPY 100 19 March 2010 JPM Income Opportunity A (dist) - GBP (hedged) GBP 0.55 19 March 2010 JPM Income Opportunity C (dist) - GBP (hedged) GBP 0.79 19 March 2010 JPM Highbridge Statistical Market Neutral C (dist) - GBP (hedged) GBP 0.2 19 March 2010 JPM Highbridge Statistical Market Neutral C (dist) - USD (hedged) USD 0.47 19 March 2010 JPM Europe Strategic Dividend A (inc) - EUR EUR 1.62 19 March 2010 JPM Global Capital Appreciation A (inc) - EUR EUR 0.77 19 March 2010 JPM Global Capital Preservation (EUR) A (inc) - EUR EUR 1.58 19 March 2010 JPM Global Capital Preservation (EUR) I (inc) - EUR EUR 2.33 19 March 2010 JPM Global Dividend A (inc) - EUR (hedged) EUR 2.38 19 March 2010 JPM Global Dividend A (inc) - USD USD 0.25 19 March 2010 JPM Global Enhanced Bond A (inc) - EUR EUR 0.5 19 March 2010 JPM Global High Yield Bond A (inc) - EUR (hedged) EUR 5.29 19 March 2010 JPM Global High Yield Bond I (inc) - EUR (hedged) EUR 4.52 19 March 2010 JPM Global Total Return A (inc) - EUR EUR 0.78 19 March 2010 JPM Income Opportunity A (inc) - EUR (hedged) EUR 0.09 19 March 2010 JPM US Bond A (inc) - USD USD 0.01 19 March 2010 JPM Global High Yield Bond A (mth) - USD USD 0.43 30 March 2010 JPM Global High Yield Bond A (mth) - USD USD 0.54 29 April 2010 JPM Global Income A (div) - EUR EUR 1.4 25 May 2010 JPM Global Income C (div) - EUR EUR 0.94 25 May 2010 JPM Global Income D (div) - EUR EUR 1.26 25 May 2010 JPM Global High Yield Bond A (mth) - USD USD 0.4 25 May 2010 JPM Global High Yield Bond A (mth) - USD USD 0.46 22 June 2010 JPM Global High Yield Bond A (mth) - USD USD 0.7 21 July 2010 JPM Global Income A (div) - EUR EUR 1.48 20 August 2010 JPM Global Income C (div) - EUR EUR 1.2 20 August 2010 JPM Global Income D (div) - EUR EUR 1.33 20 August 2010 JPM Global High Yield Bond A (mth) - USD USD 0.55 20 August 2010 31 JPMorgan Investment Funds Notes to the Financial Statements (continued) As at 31 December 2010

Dividend Amount per Class name Currency Share Payment Date

JPM Global High Yield Bond A (mth) - USD USD 0.38 21 September 2010 JPM Global High Yield Bond A (mth) - USD USD 0.6 21 October 2010 JPM Global Income A (div) - EUR EUR 1.55 22 November 2010 JPM Global Income C (div) - EUR EUR 1.26 22 November 2010 JPM Global Income D (div) - EUR EUR 1.39 22 November 2010 JPM Global High Yield Bond A (mth) - USD USD 0.43 22 November 2010 JPM Global High Yield Bond A (mth) - USD USD 0.43 21 December 2010 5. Taxation Under current law and practice in the Grand Duchyof Luxembourg, the SICAV is not liable to anyincome tax, nor are dividends distributed bythe SICAV lia ble to any withholding tax. 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 being payable quarterly and calculated on the total net assets of each Sub-Fund at the end of the relevant quarter. For those Sub-Funds’ share Classes identified in the Appendix, the rate is 0.01% per annum. No tax is payable on the portion of assets invested in other undertakings for collective investment alreadysubject to the Taxe d’abonnement. All share Classes (except share Class A (acc)) of Euro Liquid Market Fund are exempted from the Taxe d’abonnement. No stamp dutyor other tax is payableon the issue of shares in the SICAV in the Grand Duchyof Luxembourg. No tax is payableon realised or unrealised capital appreciation of the assets of the SICAV in the Grand Duchyof Luxembourg. Although the SICAV’s realised capital gains, whether short or long-t erm, 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 cash deposits in certain countries, maybe 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 witheld bycertain Member States of the Europe an 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 doing so. The likelihood of successfullyreclaiming such amounts together with the estimated time to complete proceedings var ies across Member States. Anycosts associated with this decision have been charged to the relevant Sub-Funds and have been included within total costs for the pu rposes of determining the relevant expense cap or TER and no amount has been recorded in the SICAV for anypossible amounts to be received under this action. 6. Statement of Changes in Investments A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the year under review, may be obtained 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. Value of Financial Instruments and Associated Risks The SICAV entered into forward foreign exchange, 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. 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 maynot directlycorrelate with changes in the value of the underlyingcurrencies, indices, or securities, or that the counterpartyto a contract defaults on its obligation to perform under the terms of the contract. 8. Securities Lending The SICAV maylend portions of its securities portfolio to third parties for the purpose of generating additional capital or income or for reducing cos ts or risk, to the maximum extent allowed byand within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February2008 relating to certain definitions of the Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to undertakings for collective investments when theyu se certain techniques and instruments relating to transferable securities and moneymarket instruments (“CSSF Circular 08/356”) and (iii) anyother 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 Companyfor oversight of the program and JPMorgan Chase Bank, N.A. for its role as securities lending agent for the Fund. Borrowers of securities lent byparticipating Sub-Funds are approved bythe Management Companyafter appropriate assessment of such borrowers’ status and financial standing.The income earned from 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 333,742,547, as detailed below and received collateral as security with a market value of USD 343,791,602. The table below provides the USD valuation of securities on loan at a Sub-Fund level as at 31 December 2010: USD JPMorgan Investment Funds - Blue and Green Fund 593,186 JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I 20,212,973 JPMorgan Investment Funds - Europe Bond Fund 584,114 JPMorgan Investment Funds - Europe Recovery Fund 20,613,487 JPMorgan Investment Funds - Europe Select Equity Fund 8,396,075 JPMorgan Investment Funds - Europe Strategic Dividend Fund 15,101,445 JPMorgan Investment Funds - Global Bond Fund (EUR) 749,295 JPMorgan Investment Funds - Global Bond Fund (USD) 88,965 JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) 39,053,411 JPMorgan Investment Funds - Global Capital Preservation Fund (USD) 3,000,990 JPMorgan Investment Funds - Global Dividend Fund 215,741 JPMorgan Investment Funds - Global Enhanced Bond Fund 602,836 JPMorgan Investment Funds - Global High Yield Bond Fund 90,241,937 JPMorgan Investment Funds - Global Select 130/30 Fund 453,650 JPMorgan Investment Funds - Global Select Equity Fund 8,532,595 JPMorgan Investment Funds - Income Opportunity Fund 120,777,525

32 JPMorgan Investment Funds Notes to the Financial Statements (continued) As at 31 December 2010

USD JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund 87,370 JPMorgan Investment Funds - Japan Strategic Value Fund 3,098,782 JPMorgan Investment Funds - US Bond Fund 410,467 JPMorgan Investment Funds - US Equity Fund 927,703 9. 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 activityand for certain forward foreign exchange contracts, f inancial futures contracts and swaps contracts. The Investment Managers, Custodian, Corporate, Administrative and DomiciliaryAgent, Management Company and Global Distributor and other related Agents of the SICAV are considered as connected parties. 10. Soft Commission Arrangements The Investment Managers of the SICAV mayenter into soft commission arrangements with brokers in respect of services used to support investment decision-making for the benefit of the SICAV. 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 SICAV and commission is paid on these transactions. 11. Information for German Registered Shareholders A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the year under review, may be obtained 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 Bank 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. 12. Information for Swiss Registered Shareholders J.P. Morgan (Suisse) S.A. was authorised bythe Swiss Financial Market Authority(FINMA) as Swiss representative of the SICAV and acts also as payinga gent. The prospectus, the simplified 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 during the financial year 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-1211 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. 13. Authorization of Sub-Funds in Hong Kong Certain share classes of the following Sub-Funds are authorized in Hong Kong and are available to Hong Kong residents: • JPMorgan Investment Funds - Europe Select Equity Fund • JPMorgan Investment Funds - Global Balanced Fund (USD) • JPMorgan Investment Funds - Global Bond Fund (USD) • JPMorgan Investment Funds - Global Capital Preservation Fund (USD) • JPMorgan Investment Funds - Global Convertibles Fund (USD) • JPMorgan Investment Funds - Global Dividend Fund • JPMorgan Investment Funds - Global Enhanced Bond Fund • JPMorgan Investment Funds - Global Financials Fund • JPMorgan Investments Fund - Global High Yield Bond Fund • JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund • JPMorgan Investment Funds - Japan 50 Equity Fund • JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund • JPMorgan Investment Funds - JF Asia ex-Japan Fund • JPMorgan Investment Funds - US Bond Fund • JPMorgan Investment Funds - US Equity Fund 14. Significant Events With effect from 4 January2010, the base currencyof the JPMorgan Investment Funds - Income OpportunityFund Sub-Fund changed from Euro to US Dollars. Effective 4 January 2010, the JPMorgan Investment Funds – Global High Yield Bond Fund changed its benchmarks as follows: • Benchmark - the Merrill Lynch High Yield, US BB-B Rated Constrained Index was replaced by the Merrill Lynch US High Yield Master II Constrained Index (Total Return Gross) • Benchmark for EUR Hedged Share Classes - the Merrill Lynch High Yield, US BB-B Rated Constrained Index (Total Return Gross) hedged into EUR was replaced by the Merrill Lynch US High Yield Master II Constrained Index (Total Return Gross) hedged into EUR. 33 JPMorgan Investment Funds Notes to the Financial Statements (continued) As at 31 December 2010

Effective 4 January 2010, the JPMorgan Investment Funds – Income Opportunity Fund changed its benchmarks as follows: • Benchmark - the European Overnight Index Average (EONIA) (Total Return Gross) was replaced bythe British Bankers’ Association (BBA) LIBOR USD Overnight Index. Effective 1 April 2010, the JPMorgan Investment Funds - Global Income Fund changed its benchmark as follows: • Benchmark - 10% Global PropertyResearch (Total Return Gross) hedged into EUR Index was replaced by10% FTSE EPRA/NAREIT Developed Index (Total Return Gross) hedged into EUR. During the year, the following Sub-Fund was launched: • JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I on 31 May 2010. During the year, the Sub-Fund JPMorgan Investment Funds - US Market Neutral Fund has been liquidated on 15 December 2010. 15. Subsequent Event With effect from 3 January2011 the majorityof the share classes of the Sub-Funds were de-listed from the official list of the Luxembourg Stock Exchang e. The Sub-Fund where a listing still exists is currently as follows: JPMorgan Investment Funds - Income Opportunity Fund C (acc) USD (hedged to BRL). 16. Directors Fees The only remuneration paid to Directors is an annual fee. This is waived by Mr Berndt May and Ms Andrea L. Hazen. The total Directors’ fees for the year amount to EUR 170,500, of which the Chairman is due EUR 36,500.

34 JPMorgan Investment Funds - Blue and Green 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 BERMUDA 63,523 Aquarius Platinum 255,640 0.30 Shares 89,100 Esprit Holdings 328,417 0.39

UNITED STATES OF AMERICA 584,057 0.69 27,089 Abbott Laboratories 979,504 1.16 7,066 Celgene 317,619 0.38 DENMARK 6,988 Chevron 479,882 0.57 6,543 Carlsberg - B Shares 494,938 0.59 3,048 Citigroup Preference Shares 314,462 0.37 13,968 Coca-Cola 693,967 0.82 494,938 0.59 8,117 Deere & Co. 512,800 0.61 SWITZERLAND 12,694 EI du Pont de Nemours & Co. 477,865 0.57 11,037 Nestlé Registered Shares 491,482 0.58 6,738 Freeport-McMoRan Copper & Gold 602,960 0.72 General Motors Preference Shares 379,342 9,767 0.45 491,482 0.58 21,448 Hewlett-Packard 678,356 0.81 3,791 International Business Machines 418,251 0.50 TAIWAN 14,578 McDonald’s 846,066 1.00 137,760 HON HAI 0.49Precision Industry414,321 21,663 Microsoft 460,861 0.55 124 MediaTek 1,320 0.00 9,639 Mosaic 522,636 0.62 259 Taiwan Semiconductor Manufacturing 471 0.00 7,082 Newmont Mining 321,919 0.38 17,622 Norfolk Southern 834,247 0.99 416,112 0.49 18,533 Time Warner 454,009 0.54 SOUTH AFRICA Union Pacific 646,148 9,299 0.77 13,418 Impala Platinum Holdings 353,115 0.42 11,133 United Technologies 668,936 0.79 630 Wells Fargo & Co Preference Shares 480,629 0.57 353,115 0.42 12,297 Yum! Brands 460,489 0.55 SINGAPORE 11,550,948 13.72 81,000 Wilmar International 265,674 0.32

JAPAN 265,674 0.32 74,000 Asahi Glass 660,280 0.78 6,200 Daikin Industries 165,593 0.20 Total Shares 29,670,327 35.23 17,800 Honda Motor 538,124 0.64 68,100 ITOCHU 518,912 0.62 Bonds 98,000 Marubeni 521,058 0.62 INTERNATIONAL AGENCIES 31,700 Mitsubishi 646,846 0.77 2,000,000 European Investment Bank 15.10.17/4.750% 2,204,460 2.62 47,000 Mitsubishi Electric 365,895 0.43 3,800,000 European Investment Bank 15.04.19/4.250% 4,065,474 4.82 53,000 Mitsui & Co. 648,449 0.77 5,800 Nidec 447,805 0.53 6,269,934 7.44 47,000 Sumitomo 502,162 0.60 7,500 Tokyo Electron 359,202 0.42 NETHERLANDS 1,500,000 Netherlands (Kingdom of) 15.07.15/3.250% 1,579,543 1.88 5,374,326 6.38 1,000,000 SNS Bank 10.03.14/3.500% 1,044,485 1.24 UNITED KINGDOM 2,624,028 3.12 25,859 BG Group 404,718 0.48 44,207 British American Tobacco 1,304,759 1.55 UNITED KINGDOM 30,624 Intercontinental Hotels Group 453,635 0.54 2,000,000 UK Treasury 07.09.39/4.250% 2,334,058 2.77 9,818 Reckitt Benckiser Group 419,045 0.50 20,760 Standard Chartered 430,137 0.51 2,334,058 2.77 18,694 Unilever 435,966 0.52 UNITED STATES OF AMERICA 240,286 Vodafone Group 484,204 0.57 1,000,000 Verizon Wireless Capital 01.02.14/5.55% 833,718 0.99 49,109 Xstrata 861,550 1.02 833,718 0.99 4,794,014 5.69 CAYMAN ISLANDS FRANCE 700,000 Hutchison Whampoa 8,267 Sanofi-Aventis 403,099 0.48 International 28.10.15/6.000%* 525,108 0.63 21,949 Total 876,698 1.04 525,108 0.63 1,279,797 1.52 FRANCE HONG KONG 76,000 Sanofi-Aventis 17.05.13/3.500% 78,688 0.09 165,000 Hang Lung Properties 587,221 0.70 26,000 Sun Hung Kai Properties 327,196 0.39 78,688 0.09

914,417 1.09 Total Bonds 12,665,534 15.04 JERSEY Convertible Bonds 93,365 WPP 868,764 1.03 NETHERLANDS 868,764 1.03 1,150,000 Portugal Telecom International Finance 28.08.14/4.125% 1,170,125 1.39 LUXEMBOURG 29,244 ArcelorMittal 828,482 0.98 1,170,125 1.39 828,482 0.98 GERMANY 1,000,000 KfW - Kreditanstalt fuer GERMANY Wiederaufbau 27.06.13/3.250% 1,038,100 1.23 18,998 Fresenius Medical Care & Co. KGaA 825,558 0.98 1,038,100 1.23 825,558 0.98 UNITED STATES OF AMERICA CANADA 830,000 Swiss Re America Holding 21.11.21/3.250%* 611,385 0.73 44,427 Kinross Gold 628,643 0.75 611,385 0.73 628,643 0.75

35 JPMorgan Investment Funds - Blue and Green 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

SINGAPORE 750,000 CapitaLand 03.09.16/2.875% 448,179 0.53 Allocation of Portfolio as at 31 December 2010 % of Net Assets 448,179 0.53 Fixed Income Securities United States of America 14.57 Total Convertible Bonds 3,267,789 3.88 International Agencies 7.44 Japan 5.66 Total Transferable Securities Admitted to an Official 45,603,650 54.15 Netherlands 5.15 Exchange Listing United Kingdom 3.39 Germany 1.23 Transferable Securities Dealt in on Another Regulated Market Cayman Islands 0.63 Singapore 0.53 Bonds Netherlands Antilles 0.32 JAPAN France 0.09 530,000,000 Japan (Government of) 20.09.30/1.800% 4,769,273 5.66 Total Fixed Income Securities 39.01 Shares 4,769,273 5.66 Industrials 8.48 UNITED STATES OF AMERICA Materials 5.76 4,500,000 US Treasury 28.02.15/2.375% 3,505,870 4.17 Consumer Discretionary 5.14 Consumer Staples 4.88 3,505,870 4.17 Health Care 3.00 Information Technology 2.77 NETHERLANDS Financials 2.54 564,543 Holland Euro-Denominated Energy 2.09 Mortgage Backed Series 11 A 18/09/40/1.144%* 539,759 0.64 Telecommunication Services 0.57 Total Shares 539,759 0.64 35.23 Cash and Other Assets/(Liabilities) 25.76 UNITED KINGDOM 550,515 Granite Master Issuer Total 100.00 2006-1X A6 20.12.54/0.913%* 512,530 0.61 9,628 Prominent CMBS Funding 1 A1 20.12.32/1.254%* 8,593 0.01

521,123 0.62 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Total Bonds 9,336,025 11.09 Net Assets Fixed Income Securities Convertible Bonds United States of America 23.82 UNITED STATES OF AMERICA Netherlands 7.77 1,090,000 Boston Properties 15.05.36/3.750% 916,654 1.09 International Agencies 7.72 406,000 Gilead Sciences 01.05.11/0.500% 317,513 0.37 Australia 4.75 860,000 Gilead Sciences 01.05.13/0.625% 724,866 0.86 Germany 4.25 934,000 Health Care REIT 01.12.29/3.000% 773,038 0.92 Cayman Islands 3.19 1,049,000 Liberty Media 30.03.23/3.125% 901,114 1.07 Ireland 2.62 500,000 Life Technologies 15.02.24/1.500% 461,344 0.55 Jersey 1.55 666,000 Life Technologies 15.06.25/3.250% 606,916 0.72 Panama 1.21 520,000 Rayonier TRS Holdings 15.10.12/3.750% 438,785 0.52 France 1.08 725,000 Symantec 15.06.13/1.000% 623,480 0.74 Netherlands Antilles 1.03 332,000 Tech Data 15.12.26/2.75% 262,481 0.31 United Kingdom 0.97 1,531,000 Vornado Realty 15.04.25/3.875% 1,287,520 1.53 Malaysia 0.67 Hungary 0.60 7,313,711 8.68 Singapore 0.54 Spain 0.33 NETHERLANDS ANTILLES Canada 0.24 319,000 Teva Pharmaceutical Finance 01.02.26/1.750% 269,178 0.32 Total Fixed Income Securities 62.34 269,178 0.32 Shares Information Technology 3.60 Investment Companies Total Convertible Bonds 7,582,889 9.00 3.43 Consumer Staples 2.91 Industrials 2.54 Total Transferable Securities Dealt in on Another 16,918,914 20.09 Regulated Market Financials 2.44 Materials 2.26 62,522,564 74.24 Total Investments Energy 1.71 Health Care 1.49 Cash 11,139,779 13.23 Consumer Discretionary 1.00 Telecommunication Services 0.52 Other Assets(Liabilities) 10,556,322 12.53 Total Shares 21.90 Cash Equivalents, Cash and Other Assets/(Liabilities) 15.76 Total Net Assets 84,218,665 100.00 Total 100.00

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

36 JPMorgan Investment Funds - Blue and Green 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 (10) Euro-Bund Future EUR (1,246,650) 14,940 Mar-11 (450) Euro-Schatz Future EUR (48,963,375) 88,525 Mar-11 109 Long Gilt Future GBP 15,121,755 (271,487) Mar-11 629 US 5 Year Note Future USD 55,928,305 (1,022,075) Mar-11 (381) US 10 Year Note Future USD (34,568,358) 1,189,860

(237) Total Bond Futures

Equity Futures

Mar-11 (703) DJ Euro Stoxx 50 Index Future EUR (19,835,145) 316,155 Mar-11 123 Nasdaq 100 E-Mini Futures USD 4,129,844 (13,101) Mar-11 (418) SP 500 Emini Future USD (19,836,292) (184,302) Dec-11 311 DJ Euro Stoxx 50 Index Dividend Future EUR 3,616,930 179,900 Dec-12 112 DJ Euro Stoxx 50 Index Dividend Future EUR 1,266,720 26,720

325,372 Total Equity Futures Total 325,135

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 AUD 7,438,076 EUR 5,541,068 104,251 24-Jan-11 EUR 5,528,366 AUD 7,468,485 (140,033) 24-Jan-11 EUR 947,724 CAD 1,283,065 (18,958) 24-Jan-11 EUR 379,208 CHF 490,298 (8,270) 24-Jan-11 EUR 8,716,179 GBP 7,408,741 35,871 24-Jan-11 EUR 1,358,310 HKD 14,178,825 (27,275) 24-Jan-11 EUR 9,969,437 JPY 1,113,239,702 (248,483) 24-Jan-11 EUR 778,863 SGD 1,360,066 (15,592) 24-Jan-11 EUR 30,092,623 USD 40,367,731 (593,401) 24-Jan-11 USD 2,400,000 EUR 1,804,302 20,087 25-Jan-11 NZD 202,515 EUR 113,341 1,590

Total (890,213)

Schedule of Investments - Outstanding Future Option Contracts (Expressed in EUR)

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

21-Jan-11 1,500 US 5 Year Note Future, Call Option, Strike Price 121.5 USD 8,909 (240,410)

Total 8,909 (240,410)

37 JPMorgan Investment Funds - Blue and Green Fund Schedule of Investments - Outstanding Financial Option Contracts (Expressed in EUR) As at 31 December 2010

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

14-Jan-11 62 Nikkei 225 Index, Call Option, Strike Price 10,000 JPY 212,307 30,274 14-Jan-11 (125) Nikkei 225 Index, Call Option, Strike Price 10,750 JPY (20,999) 56,988 19-Jan-11 (585) VIX Index, Call Option, Strike Price 27.5 USD (23,348) 59,026 19-Jan-11 1,169 VIX Index, Call Option, Strike Price 35 USD 17,773 (64,404) 19-Jan-11 1,549 VIX Index, Put Option, Strike Price 22.5 USD 394,477 79,448 21-Jan-11 286 Dax Index, Call Option, Strike Price 7,050 EUR 124,553 (22,737) 21-Jan-11 (286) Dax Index, Call Option, Strike Price 7,200 EUR (51,051) 31,889 21-Jan-11 (286) Dax Index, Call Option, Strike Price 7,300 EUR (24,524) 28,386 21-Jan-11 (600) DJ Euro Stoxx 50, Put Option, Strike Price 2,600 EUR (64,800) (2,400) 21-Jan-11 600 DJ Euro Stoxx 50, Put Option, Strike Price 2,800 EUR 304,500 4,500 21-Jan-11 (110) Nestlé, Call Option, Strike Price 56 CHF (8,341) (869) 21-Jan-11 (240) Vodafone, Call Option, Strike Price 180 GBP (1,406) 4,570 22-Jan-11 5,004 Financial Select Sector SPDR, Call Option, Strike Price 15 USD 389,912 158,658 22-Jan-11 (5,004) Financial Select Sector SPDR, Call Option, Strike Price 17 USD (20,922) 8,719 10-Feb-11 117 Nikkei 225 Index, Call Option, Strike Price 10,500 JPY 174,075 (19,151) 10-Feb-11 (176) Nikkei 225 Index, Call Option, Strike Price 11,250 JPY (27,597) 8,186 18-Feb-11 930 DJ Euro Stoxx 50, Call Option, Strike Price 3,000 EUR 199,020 (93,000) 25-Feb-11 200 H-Shares Index, Put Option, Strike Price 21,000 HKD 159,260 (34,041) 25-Feb-11 (100) H-Shares Index, Put Option, Strike Price 22,000 HKD (185,640) 9,614 30-Mar-11 124 H-Shares Index, Put Option, Strike Price 10,800 HKD 67,847 (3,635) 30-Mar-11 (62) H-Shares Index, Put Option, Strike Price 11,400 HKD (67,241) (6,664) 18-Jun-11 591 S&P 500 Index, Call Option, Strike Price 1,375 USD 669,420 130,291

Total 2,217,275 363,648

Schedule of Investments - Outstanding Inflation Rate Swaps (Expressed in EUR)

Unrealised Termination Market Gain/ Date Counterparty Description Currency Nominal Value (Loss)

08-Nov-21 RBS Receive floating USD USCPI 1month USD 5,500,000 27,989 27,989 Pay fixed rate 1.610% 08-Nov-21 RBS Receive fixed rate 1.960% EUR 3,700,000 55,054 55,054 Pay floating rate EUR EUHICP 1 month

Total 83,043 83,043

Schedule of Investments - Outstanding Variance Swaps (Expressed in EUR)

Unrealised Termination Variance Market Gain/ Date Counterparty Description Currency Amount Value (Loss)

29-Dec-11 BNP Paribas Hang Sang China Enterprises Index,Volatility Strike 33.95 HKD 1,427 (32,976) (32,976) 16-Dec-11 BNP Paribas S&P 500 Index,Volatility Strike 29.45 USD (244) 66,074 66,074 08-Dec-11 BNP Paribas KOSPI 200 Index,Volatility Strike 25.60 KRW 394,364 (47,026) (47,026) 16-Dec-11 BNP Paribas S&P 500 Index,Volatility Strike 29.80 USD (245) 68,884 68,884

Total 54,956 54,956

38 JPMorgan Investment Funds - Blue and Green 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 Counterparty Description Currency Size Currency Size Value (Loss)

25-Feb-11 BNP Paribas Vanilla AUD/JPY Strike Price 76 AUD 12,341,903 JPY 937,984,628 42,390 (14,007) 25-Feb-11 BNP Paribas Vanilla AUD/JPY Strike Price 79 AUD (6,170,951) JPY (487,505,129) (42,513) 13,884

Total (123) (123)

39 JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I 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 SINGAPORE 2,000,000 Sigma Capital 30.04.15/9.000% 2,137,904 1.89 Bonds 2,137,904 1.89 LUXEMBOURG 2,600,000 Evraz Group 10.11.15/8.250% 2,774,994 2.45 HONGKONG 3,200,000 MHP 29.04.15/10.250% 3,374,960 2.98 2,000,000 Bangkok Bank Hongkong 18.10.15/3.250% 1,939,616 1.71 3,000,000 SB Capital for Sberbank 07.07.15/5.499% 3,060,150 2.70 2,400,000 UBS Luxembourg for Vimpel 1,939,616 1.71 Communications 23.05.16/8.250% 2,630,520 2.32 SOUTH KOREA 900,000 VTB Capital for VTB Bank 04.03.15/6.465% 933,795 0.83 900,000 Hyundai Motor Manufacturing 15.04.15/4.500% 922,570 0.82 2,500,000 Willow No 2 for Yasar Holdings 07.10.15/9.625% 2,591,235 2.29 900,000 Woori Bank 14.04.15/7.630% 1,007,870 0.89 15,365,654 13.57 1,930,440 1.71 CAYMAN ISLANDS CHILE 1,300,000 Central China Real Estate 20.10.15/12.250% 1,416,909 1.25 1,800,000 Telefonica Moviles Chile 09.11.15/2.875% 1,738,463 1.53 1,950,000 Kaisa Group Holdings 28.04.15/13.500% 2,033,021 1.80 2,900,000 Kuwait Projects 17.10.16/8.875% 3,154,725 2.79 1,738,463 1.53 900,000 Vale Overseas 11.01.16/6.250% 1,000,113 0.88 AUSTRALIA 7,604,768 6.72 1,000,000 PTTEP Australia International Finance Proprietary 19.07.15/4.152% 997,567 0.88 BRAZIL Banco do Nordeste do Brasil 1,760,094 1,800,000 09.11.15/3.625% 1.55 997,567 0.88 2,000,000 BES Investimento do Brasil 25.03.15/5.625% 1,947,708 1.72 2,700,000 JBS 04.08.16/10.500% 2,994,975 2.65 BAHRAIN 900,000 Bahrain Mumtalakat Holding 30.06.15/5.000% 909,876 0.80 6,702,777 5.92 909,876 0.80 MEXICO 3,000,000 Desarrolladora Homex 28.09.15/7.500% 3,112,218 2.75 Total Bonds 81,249,938 71.77 2,800,000 Urbi Desarrollos Urbanos 19.04.16/8.500% 2,944,306 2.60 Total Transferable Securities Admitted to an 81,249,938 71.77 6,056,524 5.35 Official Exchange Listing UNITED ARAB EMIRATES 2,000,000 Abu Dhabi National Energy 27.10.16/5.875% 2,112,312 1.87 Transferable Securities Dealt in on Another Regulated Market 2,950,000 Dubai Electricity & Water Authority 22.04.15/8.500% 3,148,287 2.78 Bonds CAYMAN ISLANDS 5,260,599 4.65 3,000,000 Country Garden Holdings 22.04.17/11.250% 3,302,580 2.92 NETHERLANDS 3,000,000 Marfrig Overseas 16.11.16/9.625% 3,173,001 2.80 1,000,000 DTEK Finance 28.04.15/9.500% 1,040,819 0.92 1,700,000 TGI International 03.10.17/9.500% 1,912,633 1.69 1,000,000 Listrindo Capital 29.01.15/9.250% 1,117,645 0.99 2,900,000 Metinvest 20.05.15/10.250% 3,092,125 2.73 8,388,214 7.41 MEXICO 5,250,589 4.64 2,650,000 Corporacion GEO 25.09.14/8.875% 3,001,732 2.65 ARGENTINA 3,000,000 Financiera Independencia 30.03.15/10.000% 3,179,370 2.81 3,000,000 City of Buenos Aires 06.04.15/12.500% 3,345,000 2.95 6,181,102 5.46 3,345,000 2.95 THAILAND BERMUDA 3,000,000 True Move 01.08.14/10.375% 3,210,000 2.84 1,500,000 China Oriental Group 18.08.15/8.000% 1,583,325 1.40 1,700,000 Noble Group 05.08.15/4.875% 1,735,173 1.53 3,210,000 2.84 BERMUDA 3,318,498 2.93 3,060,000 Digicel Group 15.01.15/8.875% 3,122,311 2.76 BRITISH VIRGIN ISLANDS 2,900,000 Star Energy Geothermal Wayang 3,122,311 2.76 Windu 12.02.15/11.500% 3,301,244 2.92 BARBADOS 2,800,000 Columbus International 20.11.14/11.500% 3,108,944 2.75 3,301,244 2.92 UNITED KINGDOM 3,108,944 2.75 3,100,000 Biz Finance for Ukreximbank 27.04.15/8.375% 3,193,000 2.82 Total Bonds 24,010,571 21.22 3,193,000 2.82 Investment Funds KAZAKHSTAN LUXEMBOURG 3,000,000 Kazatomprom 20.05.15/6.250% 3,187,464 2.82 143 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (acc)) 2,017,323 1.78 3,187,464 2.82 CYPRUS 2,017,323 1.78 3,000,000 Alfa MTN Issuance 18.03.15/8.000% 3,118,989 2.76 Total Investment Funds 2,017,323 1.78 3,118,989 2.76 Total Transferable Securities Dealt in on Another 26,027,894 23.00 TURKEY Regulated Market 3,000,000 Akbank 22.07.15/5.125% 3,047,232 2.69 Total Investments 107,277,832 94.77 3,047,232 2.69 Cash 1,102,403 0.97 UKRAINE 2,600,000 NAK Naftogaz Ukraine 30.09.14/9.500% 2,843,734 2.51 Other Assets/(Liabilities) 4,822,094 4.26

2,843,734 2.51 Total Net Assets 113,202,329 100.00

40 JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I 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 % of Net Assets Fixed Income Securities Cayman Islands 14.13 Luxembourg 13.57 Mexico 10.81 Brazil 5.92 Bermuda 5.69 United Arab Emirates 4.65 Netherlands 4.64 Argentina 2.95 British Virgin Islands 2.92 Thailand 2.84 United Kingdom 2.82 Kazakhstan 2.82 Cyprus 2.76 Barbados 2.75 Turkey 2.69 Ukraine 2.51 Singapore 1.89 Hongkong 1.71 South Korea 1.71 Chile 1.53 Australia 0.88 Bahrain 0.80 Total Fixed Income Securities 92.99 Investment Funds Luxembourg 1.78 Total Investment Funds 1.78 Cash and Other Assets/(Liabilities) 5.23 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Investment Funds Luxembourg 9.99 Total Investment Funds 9.99 Cash and Other Assets/(Liabilities) 90.01 Total 100.00

41 JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I 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 59,182,072 USD 78,179,140 1,092,670

Total 1,092,670

42 JPMorgan Investment Funds - Euro Liquid 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 1,500,000 Regency Assets 11.01.11/0.000% 1,499,747 1.85

Bonds 3,499,148 4.32 FRANCE DENMARK 1,000,000 BNP Paribas 24.03.11/1.071%* 1,000,000 1.24 1,000,000 Danske Bank 21.01.11/0.000% 999,690 1.23 1,750,000 Société Financement de 1,000,000 Nykredit Bank 04.01.11/0.000% 999,980 1.24 l’Economie Francaise 10.02.11/2.250% 1,752,899 2.16 1,999,670 2.47 2,752,899 3.40 JERSEY UNITED KINGDOM 1,000,000 Argento Variable Funding 06.01.11/0.000% 999,931 1.24 725,000 Crédit Suisse/London 04.04.11/5.125% 732,071 0.90 1,000,000 Rhein Main Securitisation 22.02.11/0.000% 998,545 1.23 1,000,000 HSBC Bank 04.02.11/1.297%* 1,000,266 1.24 1,998,476 2.47 1,732,337 2.14 UNITED KINGDOM NETHERLANDS 1,000,000 Barclays Bank 03.06.11/0.000% 995,412 1.23 1,500,000 Rabobank Nederland 18.03.11/0.954%* 1,500,000 1.85 1,000,000 Cancara Asset Securitisation 10.01.11/0.000% 999,841 1.23

1,500,000 1.85 1,995,253 2.46 BELGIUM UNITED STATES OF AMERICA 900,000 Belgium Treasury Bill 17.02.11/0.000% 899,119 1.10 1,000,000 Sheffield Receivables 18.01.11/0.000% 999,667 1.23

899,119 1.10 999,667 1.23 SWEDEN SWITZERLAND 500,000 Nordea Hypotek 20.04.11/4.250% 504,671 0.62 1,000,000 Mont Blanc Capital 18.01.11/0.000% 999,609 1.23

504,671 0.62 999,609 1.23

Total Bonds 7,389,026 9.11 SPAIN 1,000,000 Instituto de Credito Oficial 21.02.11/0.000% 998,575 1.23 Total Transferable Securities Admitted to an Official 7,389,026 9.11 Exchange Listing 998,575 1.23

Transferable Securities Dealt in on Another Regulated Market Total Commercial Paper 35,969,051 44.37

Bonds Certificates of Deposit FRANCE FRANCE 2,000,000 BNP Paribas 15.03.11/1.045% 2,000,000 2.47 1,000,000 BPCE 21.01.11/0.000% 999,595 1.23 1,000,000 BPCE 09.02.11/0.000% 998,985 1.23 2,000,000 2.47 1,000,000 Crédit Agricole 21.03.11/0.000% 998,218 1.23 2,000,000 Crédit Agricole 15.02.11/0.000% 1,997,855 2.47 Total Bonds 2,000,000 2.47 1,000,000 HSBC France 09.06.11/0.000% 996,352 1.23 Commercial Paper 5,991,005 7.39 NETHERLANDS JAPAN 1,000,000 Bank Nederlandse Gemeenten 20.01.11/0.000% 999,637 1.23 1,000,000 Bank of Tokyo-Mitsubishi 21.04.11/0.000% 996,865 1.23 1,000,000 Energie Beheer Nederland 10.01.11/0.000% 999,845 1.23 1,000,000 Bank of Tokyo-Mitsubishi 29.04.11/0.000% 996,188 1.23 2,000,000 Paccar 16.02.11/0.000% 1,997,829 2.47 1,000,000 Mitsubishi Trust & Banking 31.01.11/0.000% 999,267 1.23 1,000,000 RBS Holdings 10.01.11/0.000% 999,862 1.24 1,000,000 Mizuho Corporate Bank 23.02.11/0.830% 1,000,014 1.24 1,000,000 Toyota Motor Finance 1,000,000 Sumitomo Trust & Banking 18.02.11/0.890% 1,000,000 1.23 Netherlands 17.01.11/0.000% 999,728 1.23 1,500,000 Unilever Finance International 01.03.11/0.000% 1,498,127 1.85 4,992,334 6.16

7,495,028 9.25 UNITED KINGDOM 1,000,000 Barclays Bank 24.01.11/0.000% 999,575 1.23 FRANCE 1,000,000 Barclays Bank 14.02.11/0.000% 998,839 1.23 1,000,000 Banque Fédérative du Crédit 1,000,000 HSBC Bank 07.03.11/0.850% 1,000,000 1.24 Mutuel 01.02.11/0.000% 999,300 1.23 1,000,000 Lloyds TSB Bank 18.02.11/0.000% 999,017 1.23 1,000,000 Natixis 10.01.11/0.000% 999,819 1.23 2,000,000 Société Générale 01.02.11/0.000% 1,998,793 2.47 3,997,431 4.93 1,000,000 Unedic 06.01.11/0.000% 999,938 1.23 1,500,000 Unedic 07.03.11/0.000% 1,497,842 1.85 NETHERLANDS 1,000,000 ING Bank 05.01.11/0.000% 999,950 1.23 6,495,692 8.01 1,000,000 Rabobank Nederland 06.09.11/0.000% 993,369 1.23 1,000,000 Rabobank Nederland 17.11.11/0.763% 1,000,000 1.23 SWEDEN 1,000,000 Nordea Bank 19.01.11/0.000% 999,645 1.23 2,993,319 3.69 1,000,000 Nordea Bank 09.06.11/0.000% 996,439 1.23 2,000,000 Svenska Handelsbanken 24.01.11/0.000% 1,999,133 2.47 BELGIUM 1,000,000 Svenska Handelsbanken 07.02.11/0.000% 999,137 1.23 1,000,000 ENICC 19.01.11/0.000% 999,716 1.23

4,994,354 6.16 999,716 1.23 AUSTRALIA SWEDEN 2,000,000 Bank of Western Australia 16.02.11/0.000% 1,998,464 2.46 500,000 Svenska Handelsbanken 14.03.11/0.850% 500,005 0.62 1,000,000 Bank of Western Australia 24.06.11/0.000% 996,098 1.23 1,000,000 ING Bank Australia 09.02.11/0.000% 999,087 1.23 500,005 0.62 500,000 Macquarie Group 10.01.11/0.000% 499,930 0.62 Total Certificates of Deposit 19,473,810 24.02 4,493,579 5.54 Total Transferable Securities Dealt in on Another 57,442,861 70.86 IRELAND Regulated Market 1,000,000 GE Capital European Funding 14.01.11/0.000% 999,762 1.24 Total Investments 64,831,887 79.97 1,000,000 Matchpoint Finance 17.01.11/0.000% 999,639 1.23

43 JPMorgan Investment Funds - Euro Liquid 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

Cash Equivalents

Time Deposits UNITED KINGDOM 8,000,000 Citibank/London 04.01.11/0.300% 8,000,000 9.87 2,100,000 Crédit Agricole/London 04.01.11/0.200% 2,100,000 2.59

10,100,000 12.46 FRANCE 6,000,000 Société Générale 04.01.11/0.450% 6,000,000 7.40

6,000,000 7.40

Total Time Deposits 16,100,000 19.86

Total Cash Equivalents 16,100,000 19.86

Total Investments plus Total Cash Equivalents 80,931,887 99.83

Cash 164,966 0.20

Other Assets/(Liabilities) (27,029) (0.03)

Total Net Assets 81,069,824 100.00

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

Allocation of Portfolio as at 31 December 2010 % of Net Assets Fixed Income Securities France 21.27 Netherlands 14.79 United Kingdom 9.53 Sweden 7.40 Japan 6.16 Australia 5.54 Ireland 4.32 Denmark 2.47 Jersey 2.47 Belgium 2.33 United States of America 1.23 Switzerland 1.23 Spain 1.23 Total Fixed Income Securities 79.97 Cash equivalents,Cash and Other Assets/(Liabilities) 20.03 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Fixed Income Securities France 13.77 United Kingdom 11.07 Sweden 7.34 Ireland 5.96 Netherlands 5.51 International Agencies 4.59 Belgium 4.22 Jersey 4.13 Denmark 3.67 Germany 3.44 Japan 2.75 Finland 1.83 Spain 1.83 United States of America 0.92 Australia 0.92 Total Fixed Income Securities 71.95 Cash Equivalents, Cash and Other Assets/(Liabilities) 28.05 Total 100.00

44 JPMorgan Investment Funds - Europe 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 SOUTH AFRICA 6,150,000 South Africa (Republic of) 28.02.31/7.000% 604,758 1.65 Bonds 604,758 1.65 ITALY 1,755,000 Italy (Republic of) 15.12.13/3.750% 1,777,765 4.84 FINLAND 1,800,000 Italy (Republic of) 01.08.14/4.250% 1,847,978 5.03 390,000 Finland (Government of) 15.09.14/3.125% 412,598 1.12 2,411,000 Italy (Republic of) 01.08.17/5.250% 2,555,808 6.96 150,000 Finland (Government of) 15.04.20/3.375% 152,661 0.42 520,000 Italy (Republic of) 01.09.20/4.000% 493,585 1.34 2,143,000 Italy (Republic of) 01.02.37/4.000% 1,771,276 4.82 565,259 1.54 150,000 Telecom Italia 144,955 10.02.22/5.250% 0.39 PORTUGAL 110,000 Portugal (Republic of) 15.10.15/3.350% 99,552 0.27 8,591,367 23.38 330,000 Portugal (Republic of) 14.06.19/4.750% 293,109 0.80 FRANCE 180,000 Portugal (Republic of) 15.06.20/4.800% 157,774 0.43 1,255,000 France (Government of) 25.10.32/5.750% 1,606,729 4.37 251,000 France (Government of) 25.04.35/4.750% 285,480 0.78 550,435 1.50 968,000 France (Government of) 991,952 25.04.60/4.000% 2.70 SWEDEN 588,000 Ixis Corporate & Investment Bank 572,097 24.07.18/4.375%* 1.56 460,000 Svenska Handelsbanken 20.08.12/3.000% 470,205 1.28 162,000 PPR 03.04.14/8.625% 190,235 0.52 PPR 111,106 109,000 08.04.15/3.750% 0.30 470,205 1.28 3,757,599 10.23 LUXEMBOURG 380,000 Holcim Finance Luxembourg 26.03.14/9.000% 450,911 1.23 SPAIN Spain (Kingdom of) 1,620,742 1,605,000 31.01.14/4.250% 4.41 450,911 1.23 7,000 Spain (Kingdom of) 30.07.18/4.100% 6,532 0.02 255,000 Spain (Kingdom of) 30.04.20/4.000% 230,244 0.63 ISRAEL 505,000 Spain (Kingdom of) 31.10.20/4.850% 483,146 1.31 1,750,000 Israel (State of) 28.02.19/6.000% 422,639 1.15 760,000 Spain (Kingdom of) 30.07.41/4.700% 628,431 1.71 422,639 1.15 2,969,095 8.08 BRAZIL BELGIUM 83,000 Brazil (Republic of) 01.01.13/10.000% 376,791 1.03 1,020,000 Belgium (Kingdom of) 28.03.14/4.000% 1,062,980 2.89 1,230,000 Belgium (Kingdom of) 28.03.18/4.000% 1,257,048 3.42 376,791 1.03 SINGAPORE 2,320,028 6.31 450,000 DBS Bank/Singapore 16.05.17/5.125%* 347,717 0.95 NETHERLANDS 550,000 LeasePlan 22.05.14/3.250% 572,702 1.56 347,717 0.95 881,000 Netherlands (Kingdom of) 15.07.18/4.000% 951,613 2.59 RUSSIA 130,000 Netherlands (Kingdom of) 15.01.42/3.750% 135,921 0.37 384,850 Russian (Republic of) 31.03.30/7.500%* 331,868 0.90

1,660,236 4.52 331,868 0.90 UNITED STATES OF AMERICA GERMANY 1,000,000 American International Group 26.04.11/1.179%* 993,596 2.71 251,000 Germany (Federal Republic of) 04.01.31/5.500% 321,477 0.88 200,000 Bank of America 07.08.17/4.625% 191,613 0.52 250,000 HSBC Finance 30.05.17/4.875% 261,238 0.71 321,477 0.88 1,446,447 3.94 CANADA 270,000 Xstrata Finance Canada 13.06.17/5.250% 286,306 0.78 GREECE 650,000 Greece (Republic of) 20.03.12/4.300% 595,932 1.62 286,306 0.78 518,000 Greece (Republic of) 19.07.19/6.000% 338,168 0.92 720,000 Greece (Republic of) 19.06.20/6.250% 478,058 1.30 JERSEY 220,000 WPP 12.05.16/6.625% 247,928 0.67 1,412,158 3.84 247,928 0.67 UNITED KINGDOM 425,000 Imperial Tobacco Finance 15.09.14/7.250% 488,019 1.33 AUSTRALIA 75,000 OTE 05.08.13/5.000% 71,434 0.19 250,000 National Australia Bank 10.02.20/4.625% 239,014 0.64 160,000 RBS 30.09.19/5.375% 153,330 0.42 440,000 UBS/London 19.05.14/5.625% 477,129 1.30 239,014 0.64

1,189,912 3.24 Total Bonds 31,731,706 86.37 AUSTRIA Total Transferable Securities Admitted to an Official 31,731,706 86.37 740,000 Austria (Republic of) 15.03.19/4.350% 801,367 2.18 Exchange Listing 275,000 Austria (Republic of) 15.03.26/4.850% 310,275 0.85 Transferable Securities Dealt in on Another Regulated Market 1,111,642 3.03 Bonds IRELAND 260,000 GE Capital European Funding 17.09.15/2.875% 258,289 0.70 UNITED KINGDOM 672,000 Ireland (Republic of) 18.10.19/5.900% 555,213 1.51 1,100,000 Aire Valley Mortgages 2006-1X 2B2 20.09.66/1.254%* 734,250 2.00 813,502 2.21 1,137,364 Granite Master Issuer 2006-2 A5 20.12.54/0.913%* 1,059,455 2.88

MEXICO 1,793,705 4.88 9,800,000 Mexico (United Mexican States) 19.12.13/8.000% 628,927 1.71 UNITED STATES OF AMERICA 628,927 1.71 111,145 Asset Backed Funding Certificates 2005-HE2 M1 25.06.35/0.733%* 81,816 0.22 SOUTH KOREA 13,783 Banc of America Mortgage 915,000,000 Korea (Republic of) 10.06.12/4.000% 615,485 1.68 Securities 2005-3 1A31 25.04.35/5.500% 10,269 0.03 240,871 Credit Suisse First Boston 615,485 1.68 Mortgage Securities Corp 2004-3 2A1 25.04.19/5.000% 184,578 0.50 99,576 Equity One ABS 2004-3 AF4 25.07.34/5.100%* 73,697 0.20

45 JPMorgan Investment Funds - Europe 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

34,024 First Union National Bank-Bank of America Commercial Mortgage Allocation of Portfolio as at 31 December 2010 % of Trust 2001-C1 A2 15.03.33/6.136% 25,384 0.07 Net Assets 142,481 Morgan Stanley ABS Capital I Fixed Income Securities 2004-SD2 A 25.04.34/0.703%* 90,029 0.25 Italy 23.38 285,000 Morgan Stanley Capital I France 10.70 2005-HQ7 A4 228,622 14.11.42/5.191%* 0.62 United Kingdom 8.12 Park Place Securities 130,000 Spain 8.10 2005-WHQ3 M1 25.06.35/0.681%* 90,305 0.25 United States of America 405,516 Residential Asset Mortgage 7.70 Products 2004-RS11 M1 25.11.34/0.881%* 258,133 0.70 Belgium 6.31 225,000 Wachovia Bank Commercial Netherlands 4.52 Mortgage Trust 2005-C21 A4 15.10.44/5.204%* 181,282 0.49 Greece 3.84 207,411 Wells Fargo Mortgage Backed Austria 3.03 Securities Trust 2005-2 2A1 25.04.20/4.750% 159,101 0.43 Ireland 2.21 Mexico 1.71 1,383,216 3.76 South Korea 1.68 South Africa 1.65 FRANCE Finland 1.54 172,000 French Treasury Bill (i) 171,830 10.03.11/0.000% 0.47 Portugal 1.50 Sweden 1.28 171,830 0.47 Luxembourg 1.23 SPAIN Israel 1.15 2,595 Fondo de Titulizacion de Activos Brazil 1.03 Santander Auto 1 A 25.11.21/1.094%* 2,556 0.02 Singapore 0.95 Russia 0.90 2,556 0.02 Germany 0.88 Canada 0.78 Total Bonds 3,351,307 9.13 Jersey 0.67 Australia 0.64 Investment Funds Total Fixed Income Securities 95.50 LUXEMBOURG Investment Funds 26 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Luxembourg 0.96 Euro Liquidity X (acc)) 354,235 0.96 Total Investment Funds 0.96 Cash and Other Assets/(Liabilities) 354,235 0.96 3.54 Total 100.00 Total Investment Funds 354,235 0.96

Total Transferable Securities Dealt in on Another 3,705,542 10.09 Regulated Market Total Investments 35,437,248 96.46 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Cash 569,815 1.55 Fixed Income Securities Italy 23.37 Other Assets/(Liabilities) 731,968 1.99 United Kingdom 10.77 France 9.43 Total Net Assets 36,739,031 100.00 Spain 8.73 United States of America 7.39 Belgium 6.96 * Variable coupon rates are those quoted as at 31 December 2010. Netherlands 6.06 (i) Security held as collateral against futures positions by the broker. Greece 4.13 Austria 3.39 Ireland 2.17 Germany 1.92 Finland 1.69 South Korea 1.56 Israel 1.33 Singapore 1.28 Portugal 1.25 Mexico 1.12 Canada 0.87 Sweden 0.84 Luxembourg 0.81 Russia 0.65 Brazil 0.64 Australia 0.46 Jersey 0.45 Total Fixed Income Securities 97.27 Investment Funds Luxembourg 0.01 Total Investment Funds 0.01 Cash and Other Assets/(Liabilities) 2.72 Total 100.00

46 JPMorgan Investment Funds - Europe 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 12 Euro-Bobl Future EUR 1,425,360 (2,170) Mar-11 19 Euro-Bund Future EUR 2,380,890 (10,260) Mar-11 29 Euro-Schatz Future EUR 3,161,145 (145) Mar-11 7 Long Gilt Future GBP 972,718 (7,164) Mar-11 (29) US 2 Year Note Future USD (4,736,086) 12,517 Mar-11 (5) US 5 Year Note Future USD (438,700) 9,303 Mar-11 (5) US 10 Year Note Future USD (448,587) 525

Total 2,606

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

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

10-Feb-11 EUR 26,579 GBP 22,506 414 10-Feb-11 EUR 141,392 MXN 2,327,375 1,308 10-Feb-11 EUR 2,549,044 USD 3,389,668 18,388 10-Feb-11 EUR 611,153 ZAR 5,663,467 (23,219) 10-Feb-11 ILS 692,880 EUR 143,632 2,148 10-Feb-11 MXN 6,348,117 EUR 383,502 (1,410) 10-Feb-11 USD 205,407 EUR 156,053 (2,701)

Total (5,072)

Schedule of Investments - Outstanding Interest Rate Swaps (Expressed in EUR)

Unrealised Termination Market Gain/ Date Counterparty Description Currency Nominal Value (Loss)

05-Feb-11 Credit Suisse Receive fixed rate 3.384% CAD 20,915,000 171,453 171,453 Pay floating rate CAD CDOR 3 months 05-Feb-11 Bank of Montreal Receive floating rate CAD CDOR 3 months CAD 20,915,000 (170,875) (170,875) Pay fixed rate 3.377% 05-Feb-14 Credit Suisse Receive floating rate CAD CDOR 3 months CAD 8,910,000 (413,102) (413,102) Pay fixed rate 3.781% 05-Feb-14 Bank of Montreal Receive fixed rate 3.780% CAD 8,910,000 412,705 412,705 Pay floating rate CAD CDOR 3 months

Total 181 181

47 JPMorgan Investment Funds - Europe Recovery 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 37,054 Swiss Life Holding Registered Shares 4,011,903 1.53 64,588 Swiss Reinsurance Registered Shares 2,603,331 0.99 Shares and Rights UNITED KINGDOM 19,153,808 7.30 370,000 Amec 4,961,219 1.89 ITALY 112,000 Anglo American 4,355,536 1.66 462,521 Bulgari 3,753,358 1.43 190,000 Antofagasta 3,568,482 1.36 263,890 Exor 6,475,861 2.47 785,000 Ashtead Group 1,577,505 0.61 427,760 Fiat 6,578,949 2.51 985,000 BowLeven 4,335,702 1.65 950,000 BP 5,148,888 1.97 16,808,168 6.41 886,000 British Airways 2,812,896 1.07 LUXEMBOURG 187,500 British Land 1,146,950 0.44 231,559 Acergy4,232,002 1.61 660,000 Carphone Warehouse Group 3,033,703 1.16 88,420 ArcelorMittal 2,512,896 0.97 153,000 Computacenter 693,037 0.26 276,125 Tenaris 5,095,887 1.94 187,000 Cookson Group 1,427,689 0.54 95,000 Daily Mail & General Trust - A Shares 634,704 0.24 11,840,785 4.52 508,000 Electrocomponents 1,572,048 0.60 1,030,700 Elementis 1,702,072 0.64 FINLAND 1,853,000 GKN 4,781,785 1.82 95,922 Metso 4,008,101 1.53 195,000 IMI 2,144,142 0.82 148,181 Nokian Renkaat 4,066,827 1.55 290,000 Jupiter Fund Management 1,011,758 0.39 255,000 Millennium & Copthorne Hotels 1,754,091 0.67 8,074,928 3.08 311,271 Minerva 287,782 0.11 AUSTRIA 280,000 Mitchells & Butlers 1,138,379 0.43 114,612 Erste Group Bank 4,046,950 1.54 860,000 Premier Farnell 2,867,368 1.09 320,000 Renishaw 4,607,103 1.76 4,046,950 1.54 175,000 Schroders 3,797,581 1.45 150,000 Tate & Lyle 904,477 0.34 SPAIN 134,000 Templeton Emerging Markets Investment Trust 1,053,438 0.40 1,179,312 Iberia Lineas Aereas de España 3,770,850 1.44 400,000 TT Electronics 795,451 0.30 345,000 Unite Group 781,967 0.30 3,770,850 1.44 68,000 Victrex 1,171,964 0.45 DENMARK 150,000 WH Smith 847,434 0.32 51,618 Danisco 3,533,080 1.35 120,000 Whitbread 2,502,182 0.95 155,000 Xstrata 2,714,651 1.04 3,533,080 1.35 385,000 Yule Catto & Co. 906,657 0.35 513,333 Yule Catto & Co. - Rights 17.01.11 516,384 0.20 BELGIUM 90,471 Umicore 3,520,227 1.34 71,555,025 27.28 3,520,227 1.34 GERMANY 83,608 BASF 5,007,701 1.90 JERSEY 92,187 Daimler Registered Shares 4,688,631 1.79 150,000 United Business Media 1,205,387 0.46 61,570 Fraport Frankfurt Airport Services Worldwide 2,900,255 1.11 90,000 Wolseley2,143,531 0.82 40,588 Fuchs Petrolub Preference Shares 4,479,900 1.71 164,775 GEA Group 3,566,143 1.36 3,348,918 1.28 530,451 Infineon Technologies 3,715,544 1.42 90,731 Lanxess 5,323,641 2.03 Total Shares and Rights 259,069,110 98.79 45,488 Linde 5,183,358 1.97 56,091 MAN 5,005,841 1.91 Total Transferable Securities Admitted to an 259,069,110 98.79 405,321 TUI 4,244,724 1.62 Official Exchange Listing Transferable Securities Dealt in on Another Regulated Market 44,115,738 16.82 FRANCE Investment Funds 412,596 Air France-KLM 5,616,463 2.14 LUXEMBOURG 66,516 Arkema 3,580,889 1.37 5,500,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM 121,906 Cie Générale de Géophysique-Veritas 2,775,495 1.06 Euro Liquidity X (dist)) 5,500,000 2.09 125,101 Compagnie de Saint-Gobain 4,815,763 1.83 27,888 Imerys 1,394,888 0.53 5,500,000 2.09 29,866 PPR 3,557,041 1.36 37,040 Technip 2,566,131 0.98 Total Investment Funds 5,500,000 2.09 53,613 Valeo 2,275,872 0.87 Total Transferable Securities Dealt in on Another 5,500,000 2.09 26,582,542 10.14 Regulated Market SWEDEN Other Transferable Securities 264,408 Boliden 4,033,238 1.54 254,808 Hexagon - B Shares 4,099,660 1.56 Shares 100,000 Sandvik 1,461,896 0.56 AUSTRIA 650,000 Skandinaviska Enskilda Banken - A Shares 4,063,376 1.55 951,684 Immofinanz* 0 0.00 498,189 Trelleborg - B Shares 3,946,696 1.51 421,982 Volvo - B Shares 5,572,021 2.12 0 0.00

23,176,887 8.84 Total Shares 0 0.00 NETHERLANDS 175,220 Aalberts Industries 2,757,087 1.05 Total Other Transferable Securities 0 0.00 88,419 ASML Holding 2,553,099 0.97 149,674 Royal Dutch Shell - A Shares 3,707,425 1.41 Total Investments 264,569,110 100.88 328,000 Royal Dutch Shell - B Shares 8,096,156 3.09 313,744 STMicroelectronics 2,427,437 0.93 Cash 462,709 0.18

19,541,204 7.45 Other Assets/(Liabilities) (2,780,068) (1.06) SWITZERLAND Total Net Assets 103,090 Adecco Registered Shares 5,056,825 1.92 262,251,751 100.00 67,909 Holcim Registered Shares 3,844,841 1.47 925,279 OC Oerlikon Registered Shares 3,636,908 1.39 * This Security is submitted to a fair valuation. 48 JPMorgan Investment Funds - Europe Recovery 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 % of Net Assets Shares and Rights Consumer Discretionary 20.68 Materials 20.65 Industrials 20.54 Energy 15.37 Financials 12.53 Information Technology 7.33 Investment Companies 2.09 Consumer Staples 1.69 Total Shares and Rights 100.88 Cash and Other Assets/(Liabilities) (0.88) Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Shares Consumer Discretionary 24.67 Materials 17.44 Industrials 12.44 Energy 11.53 Financials 9.77 Information Technology 9.32 Consumer Staples 3.29 Telecommunication Services 2.39 Health Care 2.13 Utilities 0.88 Investment Companies 0.13 Total Shares 93.99 Cash and Other Assets/(Liabilities) 6.01 Total 100.00

49 JPMorgan Investment Funds - Europe 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 12,032 Kuehne & Nagel International Registered Shares 1,251,677 0.55 76,357 Nestlé Registered Shares 3,348,184 1.46 Shares 75,847 Novartis Registered Shares 3,337,965 1.45 51,091 Roche Holding - Genussschein 5,605,335 UNITED KINGDOM 2.44 268,160 UBS Registered Shares 3,296,263 1,326,874 Afren 2,279,122 0.99 1.44 13,002 Zurich Financial Services 2,521,460 179,548 Amlin 849,622 0.37 1.10 119,803 AstraZeneca 4,071,039 1.78 23,373,173 10.19 792,844 Barclays 2,422,173 1.06 28,641 BHP Billiton 850,514 0.37 NETHERLANDS 760,723 BP 4,123,029 1.80 345,768 Aegon 1,586,384 0.69 306,914 Brammer 901,229 0.39 274,790 ING Groep - CVA 2,000,746 0.87 885,386 BT Group 1,862,638 0.81 309,821 Koninklijke KPN 3,390,991 1.48 106,706 Burberry Group 1,394,802 0.61 44,570 Koninklijke Philips Electronics 1,021,767 0.45 397,443 Cairn Energy1,946,334 0.85 174,506 Royal Dutch Shell - A Shares 4,346,975 1.89 244,086 Compass Group 1,652,050 0.72 88,189 Royal Dutch Shell - B Shares 2,176,805 0.95 455,952 Electrocomponents 1,410,981 0.61 297,750 Vimetco Registered Shares GDR 655,764 0.29 314,122 GKN 810,612 0.35 356,406 HSBC Holdings 2,700,744 1.18 15,179,432 6.62 154,469 IMI 1,698,479 0.74 SPAIN 101,740 Intercontinental Hotels Group 1,471,870 0.64 172,304 BBVA 1,302,532 0.57 300,446 Invensys 1,240,023 0.54 300,862 BSCH 2,385,836 1.04 1,669,332 ITV 1,360,874 0.59 87,713 Gestevision Telecinco 721,615 0.31 258,652 J Sainsbury1,137,012 0.50 47,890 Inditex 2,684,234 1.17 478,566 Kingfisher 1,469,832 0.64 297,577 Telefonica 5,050,626 2.20 3,097,640 Lloyds Banking Group 2,371,080 1.03 286,410 Man Group 986,576 0.43 12,144,843 5.29 437,811 National Grid 2,823,225 1.23 43,568 Next 1,004,726 0.44 SWEDEN 228,000 Persimmon 1,104,616 0.48 62,158 Electrolux - B Shares 1,322,700 0.58 148,215 Petropavlovsk 1,973,581 0.86 38,898 Intrum Justitia 448,961 0.19 608,142 Premier Farnell 2,027,636 0.88 97,177 Tele2 - B Shares 1,512,088 0.66 272,864 Prudential 2,119,728 0.92 415,630 Telefonaktiebolaget LM Ericsson - B Shares 3,620,186 1.58 106,437 Reckitt Benckiser Group 4,371,904 1.91 359,587 Redrow 566,213 0.25 6,903,935 3.01 676,120 Rentokil Initial 763,092 0.33 FINLAND 62,448 Rio Tinto 3,261,511 1.42 33,158 Cargotec - B Shares 1,297,804 0.56 393,104 Salamander Energy1,230,208 0.54 30,013 Metso 1,254,093 0.55 565,544 SIG 841,848 0.37 162,628 Nokia 1,258,334 0.55 28,213 Standard Chartered 566,137 0.25 202,193 Stora Enso - R Shares 1,555,370 0.68 2,198,274 Taylor Wimpey 803,751 0.35 86,355 Tullow Oil 1,271,389 0.55 5,365,601 2.34 80,261 Valiant Petroleum 475,561 0.21 1,802,016 Vodafone Group 3,476,661 1.52 ITALY 156,511 Xstrata 2,741,114 1.19 297,934 Enel 1,121,721 0.49 45,687 ENI 746,069 0.33 70,433,536 30.70 671,333 Snam Rete Gas 2,504,911 1.09 637,744 UniCredit 992,649 0.43 FRANCE 54,198 Atos Origin 2,159,519 0.94 5,365,350 2.34 103,276 AXA 1,287,335 0.56 63,561 BNP Paribas 3,030,906 1.32 BELGIUM 144,559 GDF Suez 3,880,686 1.70 11,360 D’Ieteren 532,330 0.23 16,729 Iliad 1,359,482 0.60 78,409 KBC Groep 2,008,839 0.88 46,235 L’Oréal 3,840,973 1.67 20,113 Mobistar 970,050 0.42 35,679 PPR 4,249,369 1.85 94,779 Nyrstar 1,061,999 0.46 134,917 Rhodia 3,335,485 1.46 61,403 Sanofi-Aventis 2,940,436 1.28 4,573,218 1.99 21,800 Schneider Electric 2,447,050 1.07 JERSEY 55,896 Société Générale 2,253,727 0.98 444,335 Beazley594,762 0.26 62,412 Total 2,475,728 1.07 429,459 Highland Gold Mining 943,932 0.41 31,072 Vinci 1,266,961 0.55 77,470 Shire 1,393,738 0.61 57,734 Wolseley1,375,051 0.60 34,527,657 15.05 GERMANY 4,307,483 1.88 35,502 Adidas 1,745,190 0.76 NORWAY 44,432 Allianz Registered Shares 3,944,673 1.72 91,288 DnB NOR 957,499 0.41 58,038 Bayer Registered Shares 3,190,929 1.39 1,232,209 Marine Harvest 972,581 0.42 40,115 Bayerische Motoren Werke 2,364,378 1.03 631,289 Norske Skogindustrier 1,121,423 0.49 19,858 Beiersdorf 827,532 0.36 154,293 Orkla 1,120,544 0.49 25,314 Brenntag 1,929,560 0.84 14,946 Continental 883,608 0.39 4,172,047 1.81 43,181 Deutsche Bank Registered Shares 1,683,087 0.73 123,289 Deutsche Telekom Registered Shares 1,186,657 0.52 DENMARK 78,805 E.ON 1,799,118 0.78 51,632 Carlsberg - B Shares 3,873,417 1.69 34,324 Hamburger Hafen und Logistik 1,190,700 0.52 67,155 Henkel & Co. Preference Shares 3,108,437 1.35 3,873,417 1.69 184,220 Infineon Technologies 1,290,369 0.56 GUERNSEY 13,498 MAN 1,204,629 0.53 652,260 Resolution 1,779,533 0.77 27,599 Siemens Registered Shares 2,567,949 1.12 17,321 Volkswagen Preference Shares 2,107,966 0.92 1,779,533 0.77 31,024,782 13.52 IRELAND 46,253 Paddy Power 1,417,308 0.62 SWITZERLAND 193,916 Clariant Registered Shares 2,941,717 1.28 1,417,308 0.62 35,487 Crédit Suisse Group Registered Shares 1,070,572 0.47

50 JPMorgan Investment Funds - Europe 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

AUSTRIA 35,452 Erste Group Bank 1,251,810 0.55

1,251,810 0.55 LUXEMBOURG 33,072 ArcelorMittal 939,906 0.41

939,906 0.41

Total Shares 226,633,031 98.78

Total Transferable Securities Admitted to an 226,633,031 98.78 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Investment Funds LUXEMBOURG 1,750,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (dist)) 1,750,000 0.76

1,750,000 0.76

Total Investment Funds 1,750,000 0.76

Total Transferable Securities Dealt in on Another 1,750,000 0.76 Regulated Market Total Investments 228,383,031 99.54

Cash 382,755 0.17

Other Assets/(Liabilities) 673,172 0.29

Total Net Assets 229,438,958 100.00

Allocation of Portfolio as at 31 December 2010 % of Net Assets Shares Financials 20.03 Consumer Discretionary 14.29 Materials 11.26 Consumer Staples 9.85 Energy 9.18 Telecommunication Services 7.61 Health Care 7.56 Industrials 7.54 Information Technology 6.17 Utilities 5.29 Investment Companies 0.76 Total Shares 99.54 Cash and Other Assets/(Liabilities) 0.46 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Shares Financials 22.33 Consumer Discretionary 11.60 Consumer Staples 10.91 Health Care 10.15 Telecommunication Services 8.62 Materials 7.77 Utilities 7.58 Energy 7.55 Information Technology 6.40 Industrials 5.45 Investment Companies 1.70 Total Shares 100.06 Cash and Other Assets/(Liabilities) (0.06) Total 100.00

51 JPMorgan Investment Funds - Europe 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 52 DJ Euro Stoxx 50 Index Future EUR 1,452,880 (25,440) Mar-11 10 FTSE 100 Index Future GBP 685,350 6,629

Total (18,811)

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

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

11-Jan-11 CHF 383,549 EUR 291,648 15,428 11-Jan-11 EUR 7,296,052 CHF 9,520,029 (325,843) 11-Jan-11 EUR 21,278,591 GBP 18,020,868 322,451 11-Jan-11 EUR 809,024 NOK 6,481,092 (20,537) 11-Jan-11 EUR 2,785,847 SEK 25,431,392 (46,133) 11-Jan-11 GBP 1,625,622 EUR 1,933,814 (43,408) 24-Jan-11 CHF 5,371,827 EUR 4,105,609 195,727 24-Jan-11 CHF 1,832,871 GBP 1,158,214 120,927 24-Jan-11 EUR 2,195,787 DKK 16,363,906 812 24-Jan-11 EUR 9,587,684 GBP 8,122,035 143,941 24-Jan-11 EUR 1,020,079 NOK 8,197,556 (28,413) 24-Jan-11 GBP 3,164,225 EUR 3,734,677 (55,534) 24-Jan-11 NOK 4,188,190 EUR 512,412 23,270 24-Jan-11 SEK 41,184,864 EUR 4,394,017 190,108

Total 492,796

52 JPMorgan Investment Funds - Europe Strategic Dividend 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 271,478 N Brown Group 940,192 0.25 420,243 National Grid 2,709,938 0.71 Shares 44,052 Next 1,015,888 0.27 225,251 Northumbrian Water Group 864,970 UNITED KINGDOM 0.23 118,110 Pennon Group 877,011 456,289 Aberdeen Asset Management 1,076,131 0.28 0.23 278,775 Premier Farnell 929,477 60,948 Admiral Group 1,075,941 0.28 0.24 171,641 Primary Health Properties 661,202 227,557 Amlin 1,076,800 0.28 0.17 321,888 Prudential 2,500,567 222,498 Ashmore Group 867,595 0.23 0.65 569,593 PV Crystalox Solar 344,449 133,813 AstraZeneca 4,547,114 1.19 0.09 49,630 Rathbone Brothers 629,112 119,843 Atkins (WS) 976,288 0.26 0.16 71,722 Reckitt Benckiser Group 2,945,984 437,769 Aviva 2,006,869 0.53 0.77 256,298 Restaurant Group 820,259 152,221 Babcock International Group 1,011,692 0.26 0.21 300,501 Rexam 1,165,814 292,869 Balfour Beatty1,064,341 0.28 0.31 90,644 RM 180,784 437,900 BBA Aviation 1,129,010 0.30 0.05 100,174 RPC Group 369,293 197,135 BHP Billiton 5,854,057 1.53 0.10 784,505 RSA Insurance Group 1,143,152 278,593 Bodycote 905,868 0.24 0.30 264,232 Sage Group 841,964 29,257 Braemar Shipping Services 181,008 0.05 0.22 71,969 Severn Trent 1,237,021 183,317 British American Tobacco 5,253,986 1.38 0.32 98,090 Smiths Group 1,421,347 205,226 British Land 1,255,381 0.33 0.37 80,909 Smiths News 112,205 135,677 British Sky Broadcasting Group 1,162,081 0.30 0.03 654,402 Sportingbet 469,936 158,116 Britvic 871,956 0.23 0.12 328,822 Stagecoach Group 810,306 1,100,107 BT Group 2,314,359 0.61 0.21 135,002 Tate & Lyle 814,041 124,268 Bunzl 1,039,072 0.27 0.21 797,404 Tesco 3,947,657 227,318 Capital Shopping Centres Group 1,107,128 0.29 1.03 164,914 Tullett Prebon 731,468 204,896 Carillion 918,338 0.24 0.19 41,742 Umeco 216,140 667,522 Centrica 2,582,710 0.68 0.06 262,507 Unilever 6,004,856 312,936 Chesnara 865,234 0.23 1.57 168,952 United Utilities Group 1,166,115 450,154 Cineworld Group 1,130,765 0.30 0.31 34,168 Vitec Group 233,048 34,564 Clarkson 455,419 0.12 0.06 4,360,441 Vodafone Group 8,412,675 91,887 Close Brothers Group 908,836 0.24 2.20 140,339 WH Smith 792,854 283,237 Collins Stewart 261,040 0.07 0.21 358,820 William Hill 713,142 611,401 Communisis 247,080 0.06 0.19 433,419 WM Morrison Supermarkets 1,349,316 247,953 Compass Group 1,678,223 0.44 0.35 111,864 WSP Group 463,124 196,893 Computacenter 891,857 0.23 0.12 50,000 Costain Group 123,853 0.03 151,692,802 39.71 29,910 Cranswick 297,921 0.08 126,412 Daily Mail & General Trust - A Shares 844,570 0.22 SPAIN 179,464 Dairy Crest Group 882,200 0.23 83,918 Abertis Infraestructuras 1,130,375 0.30 164,006 Davis Service Group 834,059 0.22 32,065 ACS Actividades de Construccion y Servicios 1,124,920 0.29 261,986 Diageo 3,619,527 0.95 97,507 Almirall 666,948 0.17 266,342 Diploma 854,882 0.22 121,558 Antena 3 de Television 843,005 0.22 72,089 Domino Printing Sciences 545,348 0.14 318,436 Banco de Sabadell 939,227 0.25 471,013 DS Smith 1,111,405 0.29 411,166 BBVA 3,108,209 0.81 288,575 Electrocomponents 893,019 0.23 595,376 BSCH 4,721,332 1.24 568,893 Elementis 939,456 0.25 256,511 Criteria Caixacorp 1,022,196 0.27 194,459 Fenner 808,013 0.21 143,522 Duro Felguera 754,208 0.20 654,932 Fiberweb 708,331 0.19 67,587 Enagas 1,008,229 0.26 284,461 Filtrona 806,517 0.21 38,338 Endesa 740,690 0.19 214,494 Firstgroup 993,285 0.26 141,677 Ferrovial 1,053,652 0.28 5,075 Galliford Try17,662 0.00 41,068 Fomento de Construcciones y Contratas 807,602 0.21 374,650 GlaxoSmithKline 5,404,803 1.42 103,403 Gestevision Telecinco 850,696 0.22 151,783 Greene King 846,034 0.22 54,892 Grupo Catalana Occidente 706,735 0.19 186,051 Greggs 1,011,512 0.26 488,629 Iberdrola 2,817,435 0.74 158,125 Halma 661,636 0.17 375,521 Mapfre 782,022 0.20 175,113 Hargreaves Lansdown 1,194,383 0.31 31,552 Red Eléctrica 1,110,473 0.29 617,723 Hays 930,295 0.24 108,379 Repsol YPF 2,261,057 0.59 105,232 Hill & Smith Holdings 339,600 0.09 360,038 Telefonica 6,110,745 1.60 1,406,594 HSBC Holdings 10,658,772 2.80 72,698 Zardoya Otis 765,873 0.20 342,390 Huntsworth 280,716 0.07 189,450 ICAP 1,176,503 0.31 33,325,629 8.72 146,650 IG Group Holdings 866,369 0.23 FRANCE 103,245 IMI 1,135,241 0.30 77,369 ABC Arbitrage 560,538 94,175 Inmarsat 738,164 0.19 0.15 216,850 AXA 2,703,035 229,025 Intermediate Capital Group 884,523 0.23 0.71 92,107 BNP Paribas 4,392,122 317,425 International Power 1,620,183 0.42 1.15 15,577 Casino Guichard Perrachon 1,136,576 218,825 Investec 1,344,929 0.35 0.30 154,608 Crédit Agricole 1,474,342 391,755 ITE Group 1,151,270 0.30 0.39 2,240 Esso Francaise 224,526 289,289 J Sainsbury1,271,689 0.33 0.06 11,493 Foncière Des Régions 828,645 108,559 Jardine Lloyd Thompson Group 793,466 0.21 0.22 203,392 France Télécom 3,171,390 292,299 Kcom Group 198,857 0.05 0.83 10,857 Gecina 897,385 458,223 Kesa Electricals 845,690 0.22 0.23 22,960 GL Events 584,217 57,131 Kier Group 912,885 0.24 0.15 12,088 ICADE 923,644 523,798 Ladbrokes 750,467 0.20 0.24 46,019 M6-Métropole Télévision 828,687 448,200 Laird 907,461 0.24 0.22 28,271 Mercialys 793,002 165,314 Land Securities Group 1,292,883 0.34 0.21 26,410 Rallye 848,223 1,222,064 Legal & General Group 1,381,394 0.36 0.22 11,594 Rubis 1,008,388 543,648 Logica 832,015 0.22 0.26 58,702 SCOR 1,116,512 71,035 Majestic Wine 322,383 0.08 0.29 45,522 Sequana 530,559 305,254 Marks & Spencer Group 1,310,631 0.34 0.14 13,145 Société de la Tour Eiffel 765,105 654,604 Marston’s 872,410 0.23 0.20 Societé Immobilière de Location pour l’Industrie et le 367,009 McBride 800,268 8,348 0.21 Commerce 771,940 0.20 261,028 Melrose 943,464 0.25 5,573 Societe Internationale de Plantations d’Heveas 463,116 0.12 305,874 Morgan Crucible 866,161 0.23 81,321 Société Télévision Française 1 1,069,371 0.28 37,921 Morgan Sindall Group 314,211 0.08 60,697 Vinci 2,474,920 0.64

53 JPMorgan Investment Funds - Europe Strategic Dividend 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

144,889 Vivendi 2,926,396 0.77 89,684 Pohjola Bank 806,259 0.21 85,971 Sampo - A Shares 1,725,868 0.45 30,492,639 7.98 54,736 Sanoma 887,544 0.23 224,667 Sponda 870,585 0.23 NETHERLANDS 115,271 Technopolis 468,000 0.12 21,745 Accell Group 820,330 0.21 51,219 Tieto 724,237 0.19 49,719 Beter Bed Holding 1,062,122 0.28 110,117 UPM-Kymmene 1,455,196 0.38 20,632 Corio 989,098 0.26 25,532 Wartsila 1,459,792 0.38 34,944 CSM 914,135 0.24 25,716 Eurocommercial Properties - CVA 887,781 0.23 15,611,423 4.09 24,533 Fugro - CVA 1,511,233 0.40 30,644 Koninklijke Boskalis Westminster 1,091,233 0.29 ITALY 32,323 Koninklijke DSM 1,382,374 0.35 26,884 Aeroporto di Venezia Marco Polo - SAVE 203,243 0.05 213,026 Koninklijke KPN 2,331,570 0.61 117,851 Ascopiave 186,087 0.05 18,034 Macintosh Retail Group 327,858 0.08 72,235 Atlantia 1,102,667 0.29 489,293 Royal Dutch Shell - B Shares 12,077,416 3.16 51,615 Autostrada Torino-Milano 522,344 0.14 71,416 SBM Offshore 1,203,181 0.32 86,611 Banca Generali 780,582 0.20 65,017 TNT 1,283,111 0.34 113,881 Benetton Group 557,448 0.15 10,856 Wereldhave 794,713 0.21 772,389 Enel 2,908,045 0.76 76,360 Wolters Kluwer 1,258,604 0.33 114,315 Finmeccanica 968,248 0.25 13,873 Industria Macchine Automatiche 201,783 0.05 27,934,759 7.31 97,550 MARR 839,662 0.22 207,642 Mediolanum 644,209 0.17 GERMANY 138,529 Recordati 978,015 0.26 45,365 Allianz Registered Shares 4,027,505 1.05 341,036 Snam Rete Gas 1,272,491 0.33 8,289 Axel Springer 1,011,672 0.26 2,039,639 Telecom Italia 1,982,019 0.52 84,606 BASF 5,067,476 1.33 367,537 Terna Rete Elettrica Nazionale 1,165,092 0.31 13,831 Bilfinger Berger 869,071 0.23 40,287 Zignago Vetro 193,982 0.05 14,888 Brenntag 1,134,838 0.30 25,107 Cewe Color Holding 835,310 0.22 14,505,917 3.80 23,171 Comdirect Bank 168,013 0.04 17,518 Delticom 1,169,064 0.31 NORWAY 170,928 Drillisch 1,049,669 0.28 6,675 Bonheur 151,049 0.04 11,274 Fielmann 800,059 0.21 10,628 Ekornes 216,010 0.06 87,907 Freenet 693,806 0.18 27,396 Fred Olsen 0.23 Energy903,878 27,783 Hannover Rueckversicherung Registered Shares 1,113,473 0.29 63,421 Gjensidige Forsikring 474,598 0.12 14,200 Indus Holding 311,158 0.08 300,564 Grieg Seafood 725,365 0.19 23,625 Muenchener Rueckversicherungs Registered Shares 2,691,478 0.70 31,008 Leroy Seafood Group 785,052 0.21 11,780 Pfeiffer Vacuum 0.27Technology1,028,5711,255,917 Marine Harvest 991,293 0.26 53,341 SpareBank 1 367,923 0.10 21,971,163 5.75 18,726 Sparebank 1 Nord-Norge 288,895 0.08 146,844 Statoil Fuel & Retail 1,001,585 0.26 SWITZERLAND 104,866 Telenor 1,273,445 0.33 2,027 Banque Cantonale Vaudoise Registered Shares 799,168 0.21 6,880 EMS-Chemie Holding Registered Shares 915,096 0.24 7,179,093 1.88 2,971 Helvetia Holding Registered Shares 854,729 0.22 82,605 Mobilezone Holding - Bearer Shares 695,996 0.18 AUSTRIA 154,670 Novartis Registered Shares 6,806,901 1.78 25,626 EVN 321,030 0.08 16,664 Orior 721,030 0.19 19,389 Flughafen Wien 994,947 0.26 51,378 Roche Holding - Genussschein 5,636,822 1.48 37,447 Oesterreichische Post 925,128 0.24 20,756 Swiss Prime Site Registered Shares 1,158,123 0.30 37,648 OMV 1,179,982 0.31 4,568 Swisscom Registered Shares 1,504,052 0.40 25,744 Semperit Holding 1,024,354 0.27 28,236 Vontobel Holding Registered Shares 801,869 0.21 120,559 Telekom Austria 1,272,802 0.34

19,893,786 5.21 5,718,243 1.50 SWEDEN BELGIUM 34,342 AF - B Shares 534,558 0.14 30,928 Arseus 350,724 0.09 30,051 Axfood 841,141 0.22 42,519 Belgacom 1,071,904 0.28 20,948 Bilia - A Shares 302,738 0.08 16,224 Compagnie Maritime Belge 373,963 0.10 118,377 Byggmax Group 756,497 0.20 26,082 Elia System Operator 749,727 0.20 28,845 Cardo 1,343,766 0.35 11,081 EVS Broadcast Equipement 528,730 0.14 103,300 Duni 837,048 0.22 18,171 Mobistar 876,387 0.22 161,653 HIQ International 688,704 0.18 10,969 Solvay876,972 0.23 52,218 Intrum Justitia 602,701 0.16 20,855 Warehouses De Pauw 766,630 0.20 103,033 KNOW IT 840,623 0.22 39,761 Mekonomen 989,811 0.26 5,595,037 1.46 57,001 NCC - B Shares 937,100 0.25 PORTUGAL 156,853 Peab - B Shares 1,004,565 0.26 519,089 Banco BPI Registered Shares 719,717 0.19 112,899 Securitas - B Shares 989,965 0.26 432,016 EDP - Energias de Portugal 1,075,936 0.28 84,620 Skanska - B Shares 1,257,321 0.33 346,743 Mota-Engil SGPS 600,386 0.16 113,280 Svenska Cellulosa - B Shares 1,340,601 0.35 323,749 Portucel Empresa Produtora de Pasta e Papel 739,119 0.19 73,837 Svenska Handelsbanken - A Shares 1,770,249 0.46 133,030 Portugal Telecom SGPS Registered Shares 1,115,457 0.29 78,504 Tele2 - B Shares 1,221,534 0.33 130,458 REN - Redes Energeticas Nacionais 336,908 0.09 320,171 TeliaSonera 1,903,431 0.50 844,147 Sonae 657,591 0.17 42,693 Wihlborgs Fastigheter 928,464 0.24 5,245,114 1.37 19,090,817 5.01 JERSEY FINLAND 668,699 Beazley895,083 0.24 36,404 Ahlstrom 541,327 0.14 164,283 Experian 1,526,500 0.40 63,737 Elisa 1,036,682 0.27 163,702 Informa 775,019 0.20 16,052 Fiskars - A Shares 278,663 0.07 780,018 Regus 782,840 0.20 80,008 Fortum 1,802,980 0.47 111,775 United Business Media 898,214 0.24 91,041 Huhtamaki 942,730 0.25 45,480 Lassila & Tikanoja 670,148 0.18 4,877,656 1.28 58,243 Orion - B Shares 954,603 0.25 64,141 PKC Group 986,809 0.27

54 JPMorgan Investment Funds - Europe Strategic Dividend 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

BERMUDA 177,117 Catlin Group 761,289 0.20 Allocation of Portfolio as at 31 December 2010 % of 179,201 Hiscox 791,712 0.21 Net Assets 106,584 Lancashire Holdings 684,208 0.18 Shares 64,759 SeaDrill 1,635,819 0.43 Financials 24.40 49,722 Stolt-Nielsen 903,951 0.23 Industrials 13.39 Consumer Discretionary 11.18 4,776,979 1.25 Telecommunication Services 10.05 Consumer Staples 9.82 GREECE Utilities 52,585 Hellenic Exchanges Holding Clearing Settlement and 7.46 Registry261,347 0.07 Materials 6.98 140,753 Hellenic Petroleum 819,886 0.21 Health Care 6.77 88,170 Intralot-Integrated Lottery Systems & Services 219,543 0.06 Energy 6.01 48,076 Metka 452,395 0.11 Information Technology 3.35 85,619 Motor Oil Hellas Corinth Refineries 637,005 0.17 Total Shares 99.41 81,963 OPAP 1,060,601 0.28 Bank Overdraft and Other Assets/(Liabilities) 0.59 77,472 Public Power 832,049 0.22 Total 29,878 Thessaloniki Water Supply & Sewage 119,213 0.03 100.00

4,402,039 1.15 IRELAND 35,352 DCC 835,545 0.22 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of 43,145 Irish Continental Group 674,788 0.18 Net Assets 716,756 Total Produce 272,367 0.07 Shares 247,214 United Drug 509,879 0.13 Financials 21.53 Consumer Staples 10.72 2,292,579 0.60 Industrials 10.30 LUXEMBOURG Consumer Discretionary 9.47 6,547 RTL Group 499,700 0.13 Health Care 9.06 60,968 SES 1,089,041 0.29 Energy 8.90 Utilities 7.56 1,588,741 0.42 Telecommunication Services 7.42 Materials 5.50 GUERNSEY Information Technology 2.37 546,386 Resolution 1,490,682 0.39 Total Shares 92.83 Cash and Other Assets/(Liabilities) 7.17 1,490,682 0.39 DENMARK Total 100.00 124,703 TDC 809,556 0.21

809,556 0.21 FAROE ISLANDS 113,134 Bakkafrost 719,876 0.19

719,876 0.19 GABONESE REPUBLIC 1,640 Total Gabon 505,284 0.13

505,284 0.13

Total Shares 379,719,814 99.41

Total Transferable Securities Admitted to an 379,719,814 99.41 Official Exchange Listing Total Investments 379,719,814 99.41

Bank Overdraft (687,223) (0.18)

Other Assets/(Liabilities) 2,928,976 0.77

Total Net Assets 381,961,567 100.00

55 JPMorgan Investment Funds - Europe Strategic Dividend 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 (5,320) Mar-11 (34) FTSE 100 Index Future GBP (2,330,189) (13,938)

Total (19,258)

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

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

23-Feb-11 CHF 34,671,198 EUR 26,599,733 1,174,431 23-Feb-11 DKK 44,449,321 EUR 5,965,419 (3,152) 23-Feb-11 EUR 72,572,870 GBP 61,587,152 972,621 23-Feb-11 EUR 4,714,720 NOK 37,433,462 (66,444) 23-Feb-11 GBP 23,247,554 EUR 27,518,330 (491,091) 23-Feb-11 SEK 4,650,575 EUR 507,644 9,501

Total 1,595,866

56 JPMorgan Investment Funds - Global 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 73,000 Kubota 516,891 0.34 124,000 Marubeni 650,671 0.43 Shares 107,000 Mitsubishi Electric 839,249 0.55 56,600 Mitsui & Co. 698,028 UNITED STATES OF AMERICA 0.46 3,100 Nintendo 678,304 17,049 Abbott Laboratories 607,334 0.40 0.44 152,900 Nissan Motor 1,086,854 8,549 Adobe Systems 194,665 0.13 0.71 31,700 Shiseido 516,793 7,395 Aflac 309,310 0.20 0.34 4,279 Amazon.com 578,573 0.38 6,139,372 4.02 9,583 American Express 305,101 0.20 4,277 Apache 381,799 0.25 GERMANY 3,365 Apple 808,936 0.53 22,955 Bayer 1,262,066 0.83 36,457 Bank of America 361,862 0.24 22,571 Daimler Registered Shares 1,147,961 0.75 10,661 BB&T 209,169 0.14 19,560 Lanxess 1,147,683 0.75 6,058 Biogen Idec 302,866 0.20 15,921 Siemens Registered Shares 1,481,369 0.97 7,814 Broadcom - A Shares 253,622 0.16 8,689 Volkswagen Preference Shares 1,057,451 0.69 6,523 Celgene 286,765 0.19 19,450 Cisco Systems 292,088 0.19 6,096,530 3.99 196,266 Citigroup 695,272 0.45 CANADA 9,227 Coca-Cola 451,172 0.30 9,358 First Quantum Minerals 754,479 0.49 4,220 Concho Resources/Midland 274,743 0.18 43,344 Kinross Gold 611,099 0.40 3,308 DaVita 171,235 0.11 7,733 Toronto-Dominion Bank 427,831 0.28 13,574 EI du Pont de Nemours & Co. 503,103 0.33 4,448 EOG Resources 304,431 0.20 1,793,409 1.17 13,172 General Motors 361,100 0.24 1,995 Goldman Sachs Group 249,507 0.16 JERSEY 6,865 International Business Machines 748,900 0.49 105,942 Experian 984,402 0.64 7,564 Juniper Networks 208,914 0.14 38,913 Shire 700,071 0.46 7,602 Kohl’s 306,447 0.21 20,291 Kroger 338,499 0.22 1,684,473 1.10 12,430 Lowe’s 231,766 0.15 SWITZERLAND 1,145 Mastercard - A Shares 191,554 0.12 9,006 ACE 417,875 0.28 15,486 Merck & Co. 416,675 0.27 6,164 Zurich Financial Services 1,195,376 0.78 8,370 MetLife 277,511 0.18 31,509 Microsoft 653,375 0.43 1,613,251 1.06 7,441 Occidental Petroleum 542,472 0.35 5,869 Sempra Energy229,642 0.15 HONG KONG 86,081 Sprint Nextel 269,596 0.18 250,000 China Overseas Land & Investment 343,845 0.23 7,556 State Street 260,930 0.17 70,000 Hutchison Whampoa 538,866 0.35 14,972 Sysco 328,122 0.21 53,000 Sun Hung Kai Properties 654,376 0.43 21,889 Time Warner 524,653 0.34 6,458 Union Pacific 444,652 0.29 1,537,087 1.01 9,221 United Technologies 539,203 0.35 SPAIN 12,850 Walt Disney357,118 0.23 69,928 Telefonica 1,186,853 0.78 23,694 Wells Fargo & Co. 546,512 0.36 13,761 Xilinx 298,603 0.19 1,186,853 0.78 15,617,797 10.21 LUXEMBOURG 40,491 ArcelorMittal 1,150,754 0.75 UNITED KINGDOM 72,190 BG Group 1,089,286 0.71 1,150,754 0.75 31,210 British American Tobacco 894,499 0.58 584,840 BT Group 1,230,362 0.80 AUSTRALIA 122,502 Cairn Energy599,910 0.39 20,889 Macquarie Group 590,158 0.39 307,455 Centrica 1,189,575 0.78 39,445 QBE Insurance Group 546,036 0.35 101,091 GlaxoSmithKline 1,458,366 0.96 200,811 HSBC Holdings 1,521,689 1.00 1,136,194 0.74 60,932 Intercontinental Hotels Group 881,502 0.58 ITALY 166,720 International Power 850,963 0.56 239,122 Snam Rete Gas 892,224 0.58 1,345,063 Lloyds Banking Group 1,029,575 0.67 27,513 Reckitt Benckiser Group 1,130,098 0.74 892,224 0.58 618,600 Vodafone Group 1,193,476 0.78 CHINA 13,069,301 8.55 243,500 China Merchants Bank - H Shares * 459,325 0.30 113,600 ZTE - H Shares * 338,236 0.22 NETHERLANDS 114,749 ING Groep - CVA 835,487 0.55 797,561 0.52 82,489 Koninklijke KPN 902,842 0.59 44,291 Koninklijke Philips Electronics 1,015,371 0.66 TAIWAN 104,928 Royal Dutch Shell - A Shares 2,599,067 1.70 65,515 HON HAI Precision Industry Registered Shares GDR 395,452 0.26 73,261 Unilever - CVA 1,713,208 1.12 36,497 Taiwan Semiconductor Manufacturing ADR 339,371 0.22

7,065,975 4.62 734,823 0.48 FRANCE SOUTH KOREA 36,088 GDF Suez 968,782 0.63 959 Samsung Electronics 605,426 0.40 16,622 Pernod-Ricard 1,170,687 0.77 5,640 PPR 671,724 0.44 605,426 0.40 27,458 Sanofi-Aventis 1,314,895 0.86 INDIA 9,362 Schneider Electric 1,050,885 0.69 9,578 Infosys Technologies ADR 544,561 0.36 23,109 Sodexo 1,195,775 0.78 544,561 0.36 6,372,748 4.17 ISRAEL JAPAN 11,236 Teva Pharmaceutical Industries ADR 434,148 0.28 157 Japan Tobacco 433,919 0.28 141,800 JX Holdings 718,663 0.47 434,148 0.28

57 JPMorgan Investment Funds - Global 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

SINGAPORE Investment Funds 206,000 Singapore Telecommunications 367,464 0.24 LUXEMBOURG JPMorgan Funds - Emerging Markets Equity Fund 367,464 0.24 273,811 (JPM Emerging Markets Equity X (dist) - USD) 4,209,012 2.75 CAYMAN ISLANDS 252,000 China Resources Land 343,691 0.22 4,209,012 2.75

343,691 0.22 Total Investment Funds 4,209,012 2.75 IRELAND Total Transferable Securities Dealt in on Another 34,708,786 22.70 9,619 Covidien 325,529 0.21 Regulated Market

325,529 0.21 Total Investments 131,202,959 85.81 ISLE OF MAN 241,000 Genting Singapore 306,969 0.20 Cash Equivalents

306,969 0.20 Time Deposits FINLAND FRANCE 130,298 Ruukki Group 216,946 0.14 7,500,000 Credit Lyonnais 04.01.11/0.200% 7,500,000 4.90

216,946 0.14 7,500,000 4.90

BERMUDA Total Time Deposits 7,500,000 4.90 12,707 Marvell Technology Group 173,844 0.11 Total Cash Equivalents 7,500,000 4.90 173,844 0.11 Total Investments plus Total Cash Equivalents 138,702,959 90.71 Total Shares 70,206,930 45.91 Bonds Cash 13,376,767 8.75 GERMANY Other Assets/(Liabilities) 829,579 0.54 5,500,000 Germany (Federal Republic of) 04.01.12/5.000% 5,747,712 3.76 5,000,000 Germany (Federal Republic of) 11.10.13/4.000% 5,401,610 3.53 Total Net Assets 152,909,305 100.00 1,000,000 Germany (Federal Republic of) 04.01.24/6.250% 1,319,130 0.86 1,000,000 Germany (Federal Republic of) 04.01.28/5.625% 1,274,730 0.84 660,000 Germany (Federal Republic of) 04.07.34/4.750% 789,784 0.52 * Hong Kong Registered Shares. 14,532,966 9.51 UNITED KINGDOM 3,550,000 Lloyds TSB Bank 17.11.11/3.750% 3,636,041 2.38 540,000 UK Treasury 07.12.15/8.000% 797,448 0.52 1,430,000 UK Treasury 07.06.32/4.250% 1,686,496 1.10

6,119,985 4.00 FRANCE 2,000,000 France (Government of) 25.04.15/3.500% 2,120,236 1.39 332,000 France (Government of) 25.07.32/3.150% 488,566 0.32 700,000 France (Government of) 25.04.35/4.750% 796,158 0.52

3,404,960 2.23 NETHERLANDS 1,700,000 Netherlands (Kingdom of) 15.07.17/4.500% 1,895,106 1.24

1,895,106 1.24 JAPAN 35,000,000 Development Bank of Japan 20.09.22/1.700% 334,226 0.22

334,226 0.22

Total Bonds 26,287,243 17.20

Total Transferable Securities Admitted to an 96,494,173 63.11 Official Exchange Listing

Transferable Securities Dealt in on Another Regulated Market

Bonds UNITED STATES OF AMERICA 2,000,000 US Treasury 15.11.18/9.000% 2,150,836 1.41 5,000,000 US Treasury 15.02.12/4.875% 3,920,686 2.57 7,000,000 US Treasury 15.08.13/4.250% 5,687,386 3.72 7,400,000 US Treasury 15.02.15/4.000% 6,046,045 3.95 4,500,000 US Treasury 15.11.16/7.500% 4,312,346 2.82 5,800,000 US Treasury 15.02.19/8.875% 6,220,510 4.07 2,300,000 US Treasury 15.08.29/6.125% 2,161,965 1.41

30,499,774 19.95

Total Bonds 30,499,774 19.95

58 JPMorgan Investment Funds - Global 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

Allocation of Portfolio as at 31 December 2010 % of Net Assets Fixed Income Securities United States of America 19.95 Germany 9.51 United Kingdom 4.00 France 2.23 Netherlands 1.24 Japan 0.22 Total Fixed Income Securities 37.15 Shares Financials 8.07 Industrials 5.62 Consumer Discretionary 5.36 Consumer Staples 4.56 Information Technology 4.49 Energy 4.25 Health Care 3.94 Materials 3.55 Telecommunication Services 3.37 Investment Companies 2.75 Utilities 2.70 Total Shares 48.66 Cash Equivalent, Cash and Other Assets/(Liabilities) 14.19 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 17.13 Germany 5.13 United Kingdom 4.28 Japan 3.36 Netherlands 1.32 France 0.90 Total Fixed Income Securities 32.12 Shares Financials 11.86 Consumer Discretionary 6.80 Industrials 5.68 Energy 5.11 Consumer Staples 5.02 Health Care 4.78 Information Technology 4.71 Materials 4.49 Telecommunication Services 4.16 Utilities 3.04 Investment Companies 2.50 Total Shares 58.15 Cash Equivalent, Cash and Other Assets/(Liabilities) 9.73 Total 100.00

59 JPMorgan Investment Funds - Global 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 9 Canada 10 Year Bond Future CAD 822,879 (539) Mar-11 (12) Euro-Bund Future EUR (1,503,720) (3,480) Mar-11 (56) Euro-Schatz Future EUR (6,104,280) (45) Mar-11 13 Japan 10 Year Bond Future JPY 16,798,216 (2,389) Mar-11 16 Long Gilt Future GBP 2,222,890 (16,839) Mar-11 (55) US 2 Year Note Future USD (8,982,553) 17,469 Mar-11 31 US 5 Year Note Future USD 2,720,033 (48,909) Mar-11 (34) US 10 Year Note Future USD (3,050,588) 79,919

25,187 Total Bond Futures

Equity Futures

Jan-11 (38) CAC 40 10 Euro Future EUR (1,447,705) 35,435 Jan-11 14 Hang Seng Index Future HKD 1,547,685 9,096 Mar-11 25 Dax Index Future EUR 4,329,375 (72,188) Mar-11 (286) DJ Euro Stoxx 50 Index Future EUR (7,990,840) 172,769 Mar-11 (5) FTSE 100 Index Future GBP (342,675) (2,457) Mar-11 150 SP 500 Emini Future USD 7,001,941 60,924 Mar-11 74 Topix Index Future JPY 6,093,171 99,727

303,306 Total Equity Futures Total 328,493

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 2,793,106 EUR 2,015,092 104,857 14-Jan-11 AUD 1,103,099 USD 1,091,233 22,562 14-Jan-11 CAD 1,004,925 AUD 1,029,209 (29,456) 14-Jan-11 CAD 494,870 EUR 355,180 14,995 14-Jan-11 CAD 962,402 JPY 78,599,348 (2,485) 14-Jan-11 CHF 2,067,304 EUR 1,566,108 89,061 14-Jan-11 EUR 965,048 AUD 1,339,916 (51,939) 14-Jan-11 EUR 809,922 CAD 1,097,323 (10,901) 14-Jan-11 EUR 7,881,414 GBP 6,736,796 47,550 14-Jan-11 EUR 985,916 HKD 10,515,471 (24,160) 14-Jan-11 EUR 2,256,470 JPY 255,061,395 (87,726) 14-Jan-11 EUR 822,422 NOK 6,508,953 (10,563) 14-Jan-11 EUR 35,227,333 USD 48,373,696 (887,089) 14-Jan-11 GBP 853,387 EUR 1,006,005 (13,646) 14-Jan-11 GBP 1,372,887 USD 2,142,323 (2,940) 14-Jan-11 JPY 82,585,661 CAD 988,780 19,390 14-Jan-11 JPY 133,390,119 EUR 1,210,450 15,500 14-Jan-11 JPY 95,665,382 USD 1,186,907 (6,878) 14-Jan-11 NOK 26,899,945 EUR 3,348,482 94,049 14-Jan-11 SEK 38,980,565 EUR 4,207,668 132,652 14-Jan-11 SEK 10,763,116 USD 1,577,527 20,690 14-Jan-11 USD 1,124,424 CAD 1,126,422 (3,127) 14-Jan-11 USD 1,229,237 CHF 1,192,950 (37,411) 14-Jan-11 USD 13,601,198 EUR 10,208,683 (54,417) 14-Jan-11 USD 1,945,843 HKD 15,132,514 (861) 14-Jan-11 USD 681,045 SGD 897,743 (14,902)

Total (677,195)

60 JPMorgan Investment Funds - Global Balanced 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 117,586 Bank of America 1,563,306 0.52 1,175 Bank of Hawaii 56,112 0.02 Shares 39,898 BB&T 1,048,519 0.35 625 BE Aerospace 23,087 UNITED STATES OF AMERICA 0.01 2,325 Big Lots 70,854 725 1st Source 14,714 0.00 0.02 225 Biglari Holdings 93,474 75 1st United Bancorp 513 0.00 0.03 1,900 BioCryst Pharmaceuticals 9,709 47,967 Abbott Laboratories 2,288,745 0.76 0.00 22,673 Biogen Idec 1,518,297 5,825 ACCO Brands 50,153 0.02 0.50 2,225 BioMarin Pharmaceuticals 60,042 1,075 Acorda Therapeutics 29,482 0.01 0.02 700 BioMed Realty Trust 13,104 900 Acuity Brands 52,776 0.02 0.00 1,600 Black Box 61,936 925 Acura Pharmaceuticals 3,039 0.00 0.02 1,100 Blyth 38,797 1,975 Acxiom 34,790 0.01 0.01 475 Boise 3,736 29,795 Adobe Systems 908,747 0.31 0.00 275 BOK Financial 14,781 1,850 Advance America Cash Advance Centers 10,397 0.00 0.00 2,000 Booz Allen Hamilton Holding 38,840 550 Aecom Technology15,469 0.01 0.01 1,025 Borders Group 1,017 500 Aeroflex Holding 8,012 0.00 0.00 575 BorgWarner 41,725 1,825 Aeropostale 45,251 0.01 0.01 6,500 Brandywine Realty Trust 75,692 2,750 Affiliated Managers Group 270,710 0.09 0.02 1,500 Bravo Brio Restaurant Group 28,665 950 Affymax 6,303 0.00 0.01 7,200 Brightpoint 64,332 4,225 Affymetrix 21,400 0.01 0.02 3,500 Brinker International 73,360 27,956 Aflac 1,566,235 0.52 0.02 27,171 Broadcom - A Shares 1,181,259 600 AGCO 30,435 0.01 0.39 2,150 Broadridge Financial Solutions 47,364 925 AGL Resources 33,425 0.01 0.02 4,575 Brocade Communications Systems 24,087 450 Airgas 28,170 0.01 0.01 2,125 Buckeye Technologies 45,666 450 AK Steel Holding 7,252 0.00 0.02 900 Bucyrus International 80,500 1,625 Albemarle 90,984 0.03 0.03 225 Cabot 8,570 825 Alere 30,232 0.01 0.00 3,075 Cache 14,176 425 Alexander & Baldwin 17,104 0.01 0.00 2,544 Cadence Pharmaceuticals 19,067 500 Alexandria Real Estate Equities 36,767 0.01 0.01 17,675 Cal Dive International 102,161 1,125 Alexion Pharmaceuticals 90,585 0.03 0.03 450 Camden Property Trust 24,424 1,675 Alliance Data Systems 119,578 0.04 0.01 3,300 CapitalSource 23,413 2,500 Alliance HealthCare Services 10,662 0.00 0.01 200 Capitol Federal Financial 2,357 1,450 Alliant Energy53,483 0.02 0.00 3,775 Career Education 78,784 975 Alpha Natural Resources 58,227 0.02 0.03 1,775 Carlisle 71,825 15,334 Amazon.com 2,777,141 0.93 0.02 225 Carpenter Technology9,184 375 AMB Property11,940 0.00 0.00 475 Cascade 21,662 675 American Capital 0.01 Agency19,551 0.01 1,500 Cathay General Bancorp 25,417 900 American Dental Partners 12,199 0.00 0.01 250 CB Richard Ellis Group - A Shares 5,164 7,050 American Eagle Outfitters 102,895 0.03 0.00 475 Celadon Group 7,054 5,075 American Equity Investment Life Holding 64,376 0.02 0.00 22,084 Celgene 1,300,416 33,805 American Express 1,441,614 0.48 0.43 7,450 CenterPoint Energy117,524 5,325 American Financial Group 172,423 0.06 0.04 3,625 Central Garden and Pet - A Shares 36,123 4,550 American Greetings - A Shares 102,534 0.03 0.01 2,800 Charming Shoppes 9,926 1,975 American Medical Systems Holdings 37,179 0.01 0.00 3,675 Checkpoint Systems 76,219 2,975 American Reprographics 22,684 0.01 0.03 1,500 Cheesecake Factory46,155 150 AMERIGROUP 6,667 0.00 0.02 2,700 Chelsea Therapeutics International 20,493 675 Ametek 26,568 0.01 0.01 7,850 Chimera Investment 32,381 1,800 Amkor Technology13,221 0.00 0.01 350 Choice Hotels International 13,454 2,550 Amylin Pharmaceuticals 37,523 0.01 0.00 2,075 Ciber 9,950 3,025 Anadys Pharmaceuticals 4,462 0.00 0.00 7,000 Cirrus Logic 111,965 525 Ancestry.com 15,188 0.01 0.04 69,184 Cisco Systems 1,391,636 425 Anixter International 25,372 0.01 0.46 696,681 Citigroup 3,305,751 500 Ansys 26,195 0.01 1.09 1,825 City Holding 68,593 3,475 Anworth Mortgage Asset 24,447 0.01 0.02 300 City National 18,610 15,620 Apache 1,867,683 0.63 0.01 125 Clayton Williams Energy 10,345 7,117 Apartment Investment & Management - A Shares 184,793 0.06 0.00 225 Clearwater Paper 17,881 9,862 Apple 3,175,564 1.06 0.01 8,200 CMS Energy154,119 1,325 Applied Industrial Technologies 43,606 0.01 0.05 7,050 CNO Financial Group 47,905 950 Applied Micro Circuits 9,989 0.00 0.02 30,757 Coca-Cola 2,014,430 975 Aqua America 22,108 0.01 0.66 2,125 Coherent 97,442 2,500 Arctic Cat 37,625 0.01 0.03 1,075 Collective Brands 22,441 1,060 Ardea Biosciences 27,857 0.01 0.01 362 Colonial Properties Trust 6,594 5,175 Ariad Pharmaceuticals 26,832 0.01 0.00 2,918 CommonWealth REIT 75,138 2,950 Arqule 17,066 0.01 0.02 1,375 CommScope 42,941 1,274 Arris Group 14,186 0.00 0.01 1,325 Community Health Systems 49,820 1,275 Arrow Electronics 43,535 0.01 0.02 950 Complete Production Services 27,597 250 Arthur J Gallagher & Co. 7,271 0.00 0.01 268 CompuCredit Holdings 1,840 2,600 Ashford Hospitality Trust 24,973 0.01 0.00 6,075 Compuware 70,865 3,075 Ashland 157,455 0.05 0.02 475 Comtech Telecommunications 13,271 6,825 Aspen Technology88,896 0.03 0.00 16,859 Concho Resources/Midland 1,470,189 2,275 Associated Banc-Corp 34,887 0.01 0.49 3,881 Conn’s 17,542 150 Associated Estates 0.00 Realty2,284 0.01 3,675 Consolidated Communications Holdings 71,038 1,075 Astoria Financial 15,055 0.00 0.02 925 Consolidated Graphics 44,825 5,300 Atmel 65,057 0.02 0.01 5,325 Constellation Brands - A Shares 117,762 600 ATMI 12,123 0.00 0.04 3,975 Convergys 52,569 1,250 Atmos Energy39,319 0.01 0.02 1,275 Con-way46,914 225 Atwood Oceanics 8,377 0.00 0.02 2,625 Cooper 147,052 1,725 Autoliv 136,361 0.04 0.05 150 CoreLogic 2,767 5,125 AVANIR Pharmaceuticals - A Shares 20,372 0.01 0.00 3,325 Corn Products International 152,867 1,525 Aviat Networks 7,602 0.00 0.05 650 Covanta Holding 11,248 1,050 Avnet 34,697 0.01 0.00 675 Coventry Health Care 17,806 425 AVX 6,615 0.00 0.01 850 Crane 35,088 1,500 B&G Foods - A Shares 20,647 0.01 0.01 675 Credit Acceptance 41,752 1,025 Ball 69,618 0.02 0.01 10,100 Cross Country Healthcare 87,819 1,700 Bancfirst 71,119 0.02 0.03 1,625 Crown Holdings 54,608 0.02

61 JPMorgan Investment Funds - Global Balanced 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

900 CSG Systems International 17,199 0.01 675 Gartner 22,781 0.01 370 CSS Industries 7,657 0.00 1,025 GATX 36,721 0.01 2,400 Cubic 115,548 0.04 49,015 General Motors 1,799,831 0.60 1,000 Cullen/Frost Bankers 61,805 0.02 1,275 GenMark Diagnostics 5,508 0.00 800 Cymer 36,064 0.01 3,750 Gibraltar Industries 53,119 0.02 3,350 Cypress Semiconductor 61,623 0.02 625 Gladstone Capital 7,272 0.00 425 Cytec Industries 22,593 0.01 1,275 Global Cash Access Holdings 4,023 0.00 2,650 Cytokinetics 5,552 0.00 1,125 Global Geophysical Services 11,222 0.00 12,475 DaVita 864,954 0.29 1,625 Global Payments 75,538 0.02 3,200 DCT Industrial Trust 17,008 0.01 9,035 Goldman Sachs Group 1,513,543 0.50 2,500 Del Monte Foods 46,962 0.02 475 Goodyear Tire & Rubber 5,636 0.00 500 Delphi Financial Group - A Shares 14,512 0.00 3,800 Greatbatch 94,107 0.03 1,975 Deluxe 46,017 0.02 425 Greif - A Shares 26,643 0.01 2,900 Developers Diversified 0.01 Realty40,4981,925 GSI Technology15,737 0.01 700 DeVry33,477 0.01 325 Gulf Island Fabrication 9,378 0.00 1,275 Dex One 9,486 0.00 1,400 Harleysville Group 51,737 0.02 2,000 DiamondRock Hospitality24,190 0.01 1,925 Harsco 54,612 0.02 1,900 Digital Realty Trust 98,876 0.03 275 Haverty Furniture 3,766 0.00 4,025 Dillard’s - A Shares 152,366 0.06 7,750 Hawaiian Holdings 61,845 0.02 150 DineEquity7,429 0.00 1,125 Haynes International 47,464 0.02 1,700 Dole Food 22,856 0.01 1,650 HCC Insurance Holdings 47,891 0.02 3,294 Dollar Financial 93,615 0.03 325 Health Care REIT 15,545 0.01 1,525 Domtar 115,229 0.04 5,300 Health Management Associates - A Shares 50,853 0.02 5,250 Douglas Emmett 88,594 0.03 4,725 Health Net 129,725 0.04 3,700 DPL 95,996 0.03 1,800 Heartland Express 29,142 0.01 8,000 DR Horton 96,120 0.03 700 Heartland Financial USA 12,201 0.00 775 DreamWorks Animation - A Shares 22,591 0.01 700 Heartland Payment Systems 10,850 0.00 2,200 Dresser-Rand Group 93,940 0.03 1,175 Hecla Mining 13,236 0.00 1,825 Drew Industries 42,842 0.01 1,100 Helmerich & Payne 53,663 0.02 631 DSP Group 5,288 0.00 2,650 Hercules Offshore 9,182 0.00 875 DST Systems 38,999 0.01 650 Hill-Rom Holdings 25,808 0.01 1,825 Duke Realty22,621 0.01 400 Holly16,346 0.01 6,750 Dynavax Technologies 21,060 0.01 5,556 Hologic 105,203 0.03 2,250 East West Bancorp 44,392 0.01 700 Home Properties 39,179 0.01 700 EastGroup Properties 29,918 0.01 9,675 Horizon Lines - A Shares 42,812 0.01 675 Eastman Chemical 56,683 0.02 8,100 Hospitality Properties Trust 187,312 0.06 275 EchoStar - A Shares 6,803 0.00 600 HUB Group - A Shares 21,255 0.01 1,800 Education Realty Trust 14,103 0.00 2,100 Hubbell - B Shares 126,063 0.04 48,927 EI du Pont de Nemours & Co. 2,428,981 0.81 4,350 Human Genome Sciences 105,118 0.03 1,825 El Paso Electric 50,808 0.02 8,775 Huntington Bancshares 60,504 0.02 500 Electro Rent 8,190 0.00 3,050 IAC/InterActive 89,075 0.03 1,000 Electronics for Imaging 14,450 0.00 8,600 Idenix Pharmaceuticals 43,215 0.01 3,900 EMCOR Group 114,543 0.04 2,550 Imation 26,737 0.01 1,925 Emdeon - A Shares 26,045 0.01 1,825 Immucor 36,628 0.01 2,500 Emeritus 49,725 0.02 1,525 Immunomedics 5,520 0.00 2,025 Emulex 23,379 0.01 2,925 Incyte 49,067 0.02 1,550 Endo Pharmaceuticals Holdings 55,498 0.02 1,850 Ingram Micro - A Shares 35,548 0.01 3,950 Energen 191,101 0.06 725 Innophos Holdings 26,122 0.01 1,325 Energizer Holdings 96,652 0.03 600 Inphi 12,171 0.00 1,935 Energy Partners 28,503 0.01 2,675 Insteel Industries 33,678 0.01 700 Entercom Communications - A Shares 8,067 0.00 1,000 Insulet 15,515 0.01 14,416 EOG Resources 1,321,587 0.45 1,275 Integrated Device 0.00 Technology8,536 925 EPIQ Systems 12,820 0.00 925 Integrys Energy Group 45,135 0.01 972 Equifax 34,773 0.01 1,375 Inter Parfums 26,235 0.01 275 Erie Indemnity - A Shares 17,960 0.01 2,350 InterDigital 98,735 0.03 5,850 EXCO Resources 113,314 0.04 22,764 International Business Machines 3,326,276 1.10 325 Factset Research Systems 30,677 0.01 8,000 Interpublic Group of Companies 84,840 0.03 700 Fair Isaac 16,583 0.01 1,125 Intersil - A Shares 17,331 0.01 2,275 Fairchild Semiconductor International 36,093 0.01 1,000 IntraLinks Holdings 19,055 0.01 600 Federal Realty Investment Trust 47,190 0.02 1,825 Invacare 55,526 0.02 2,950 Federated Investors - B Shares 77,172 0.03 1,225 ION Geophysical 10,327 0.00 3,725 FelCor Lodging Trust 26,690 0.01 1,000 Ironwood Pharmaceuticals 10,370 0.00 1,375 Fidelity National Financial - A Shares 18,941 0.01 400 ITT Educational Services 25,772 0.01 650 Financial Institutions 12,545 0.00 300 J Crew Group 12,945 0.00 6,775 Finish Line - A Shares 117,140 0.04 4,225 Jabil Circuit 84,479 0.03 150 First American Financial 2,242 0.00 7,325 Jakks Pacific 134,963 0.04 10,900 First Commonwealth Financial 79,679 0.03 1,500 Janus Capital Group 19,297 0.01 1,850 First Financial Bancorp 35,020 0.01 3,675 Jarden 113,227 0.04 1,791 First Horizon National 21,143 0.01 175 JB Hunt Transport Services 7,160 0.00 675 First Interstate Bancsystem 10,358 0.00 658 JDA Software Group 18,733 0.01 475 First Merchants 4,170 0.00 2,175 JDS Uniphase 31,722 0.01 1,100 First Republic Bank/San Francisco 31,878 0.01 775 John Wiley & Sons - A Shares 35,367 0.01 400 FleetCor Technologies 12,352 0.00 600 Jones Lang LaSalle 50,922 0.02 2,500 FNB 24,887 0.01 2,225 Journal Communications - A Shares 10,969 0.00 2,150 Foot Locker 42,430 0.01 25,796 Juniper Networks 954,323 0.31 3,125 Forest City Enterprises - A Shares 51,984 0.02 1,200 KBR 36,570 0.01 1,300 Forest Oil 49,270 0.02 4,850 Key Energy Services 63,511 0.02 500 Fossil 35,295 0.01 1,625 Kinetic Concepts 67,649 0.02 275 Fresh Market 11,417 0.00 850 Kirby37,404 0.01 7,300 Frontier Communications 70,919 0.02 5,025 Knoll 84,269 0.03 2,325 Fulton Financial 24,238 0.01 25,411 Kohl’s 1,372,067 0.46 15,800 Furniture Brands International 80,185 0.03 71,265 Kroger 1,592,416 0.52 700 G&K Services - A Shares 21,728 0.01 475 Laclede Group 17,653 0.01 3,500 GameStop - A Shares 79,852 0.03 2,450 Lattice Semiconductor 14,810 0.00 7,150 Gannett 106,928 0.04 2,825 La-Z-Boy25,199 0.01 1,500 Gardner Denver 103,627 0.03 1,075 Lee Enterprises 2,602 0.00

62 JPMorgan Investment Funds - Global Balanced 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

6,025 Leggett & Platt 138,726 0.05 875 OGE Energy40,023 0.01 975 Lennox International 46,785 0.02 2,875 Oil States International 185,107 0.06 4,944 Lexington Realty Trust 39,577 0.01 575 Old Republic International 7,860 0.00 2,400 Lexmark International - A Shares 83,652 0.03 4,475 Omnicare 113,553 0.04 1,425 Liberty Media - Starz - A Shares 94,620 0.03 3,300 Omnicell 48,378 0.02 1,650 Liberty Property Trust 52,767 0.02 5,825 ON Semiconductor 57,405 0.02 3,200 Lifetime Brands 44,528 0.01 1,025 Oneok 57,098 0.02 1,375 Lincare Holdings 36,829 0.01 3,200 Oplink Communications 59,616 0.02 8,325 Liz Claiborne 60,648 0.02 600 Oppenheimer Holdings - A Shares 15,939 0.01 1,050 LKQ 24,192 0.01 300 Optimer Pharmaceuticals 3,446 0.00 45,098 Lowe’s 1,126,323 0.37 3,325 Orexigen Therapeutics 26,933 0.01 700 LPL Investment Holdings 25,596 0.01 2,350 Oshkosh 82,509 0.03 25,700 LSI 153,943 0.05 1,375 Oxford Industries 35,592 0.01 2,925 LTC Properties 83,187 0.03 2,500 Pacer International 17,138 0.01 525 Mack-Cali Realty17,451 0.01 625 Pacific Biosciences of Californiaa 10,275 0.00 1,925 Magellan Health Services 92,381 0.03 750 Packaging Corporation of America 19,474 0.01 4,225 Manhattan Associates 131,229 0.04 100 Panera Bread - A Shares 10,132 0.00 900 MAP Pharmaceuticals 14,949 0.00 700 Pantry14,347 0.00 3,075 MarineMax 29,028 0.01 1,575 Patterson 48,282 0.02 1,975 Marlin Business Services 24,826 0.01 1,550 Patterson-UTI Energy33,348 0.01 5,425 Marshall & 0.01 900 PebblebrookIlsley37,351 Hotel Trustd 18,351 0.01 4,154 Mastercard - A Shares 930,849 0.31 2,300 Pennsylvania Real Estate Investment Trust 33,730 0.01 800 MBIA 9,956 0.00 850 Pentair 31,174 0.01 3,075 McClatchy - A Shares 14,514 0.00 375 Perficient 4,781 0.00 1,275 McMoRan Exploration 22,128 0.01 600 PerkinElmer 15,528 0.01 575 MDC Holdings 16,600 0.01 1,975 Perry Ellis International 54,599 0.02 1,700 MDU Resources Group 34,315 0.01 5,000 Petroquest Energy36,950 0.01 1,275 Meadowbrook Insurance Group 13,050 0.00 1,175 PetSmart 47,123 0.02 1,125 Medidata Solutions 26,685 0.01 175 Pharmaceutical Product Development 4,810 0.00 1,225 Medivation 18,804 0.01 800 Pharmasset 34,884 0.01 975 Mednax 66,227 0.02 3,700 PharMerica 42,717 0.01 2,075 MedQuist 18,322 0.01 1,925 PHH 44,920 0.01 50,808 Merck & Co. 1,831,120 0.60 1,125 Phillips-Van Heusen 71,348 0.02 450 Meredith 15,635 0.01 1,700 Photronics 10,039 0.00 25 Meru Networks 383 0.00 950 Piedmont Natural Gas 26,923 0.01 1,115 Metalico 6,450 0.00 900 Pinnacle West Capital 37,355 0.01 2,450 Methode Electronics 32,144 0.01 1,650 Pioneer Drilling 14,495 0.00 29,892 MetLife 1,327,504 0.44 375 Piper Jaffray Companies 13,219 0.00 10,400 MetroPCS Communications 131,404 0.04 650 Plantronics 24,677 0.01 850 Mettler Toledo International 129,179 0.04 1,575 PMC - Sierra 13,427 0.00 6,750 MFA Financial 55,114 0.02 5,125 PolyOne 64,601 0.02 2,425 MGIC Investment 24,965 0.01 375 Portfolio Recovery Associates 28,474 0.01 4,550 MGP Ingredients 50,551 0.02 1,000 Portland General Electric 21,765 0.01 4,900 Micrel 65,048 0.02 1,800 Power-One 18,477 0.01 100,419 Microsoft 2,789,138 0.92 4,075 Powerwave Technologies 10,412 0.00 900 MicroStrategy - A Shares 77,373 0.03 2,500 Prestige Brands Holdings 29,700 0.01 125 Mid-America Apartment Communities 7,991 0.00 3,075 PRIMEDIA 12,792 0.00 1,175 Midas 9,864 0.00 650 ProAssurance 39,800 0.01 2,200 Minerals Technologies 145,882 0.05 3,250 Protective Life 87,360 0.03 7,375 Monotype Imaging Holdings 83,043 0.03 1,825 Providence Service 29,282 0.01 8,050 MPG Office Trust 21,856 0.01 725 PS Business Parks 40,538 0.01 375 MSC Industrial Direct - A Shares 24,420 0.01 3,925 Pulse Electronics 20,744 0.01 1,825 Mueller Industries 60,517 0.02 2,125 Pzena Investment Management - A Shares 15,714 0.01 1,175 Myers Industries 11,674 0.00 45 QAD - A Shares 410 0.00 100 NACCO Industries - A Shares 11,170 0.00 180 QAD - B Shares 1,809 0.00 600 Nalco Holding 19,119 0.01 2,875 QLogic 48,573 0.02 1,282 Nara Bancorp 12,621 0.00 1,675 Quanex Building Products 32,093 0.01 50 Nash Finch 2,146 0.00 3,425 Quantum 12,792 0.00 900 National Beverage 12,200 0.00 425 Quest Software 11,843 0.00 2,500 Nationwide Health Properties 91,288 0.03 1,050 Radian Group 8,500 0.00 600 Navigators Group 30,612 0.01 3,050 RadioShack 57,233 0.02 3,150 Navistar International 182,621 0.07 575 Radisys 5,132 0.00 2,325 NCR 35,607 0.01 650 Rambus 13,250 0.00 1,375 Neenah Paper 26,868 0.01 3,525 Ramco-Gershenson Properties Trust 43,640 0.01 400 Netspend Holdings 4,980 0.00 2,875 Raymond James Financial 94,674 0.03 975 NeuStar - A Shares 25,496 0.01 1,375 Red Robin Gourmet Burgers 29,425 0.01 700 New Jersey Resources 30,625 0.01 250 Regal Entertainment Group - A Shares 2,951 0.00 2,250 New York Times - A Shares 22,016 0.01 875 Regal-Beloit 59,316 0.02 750 Newport 13,268 0.00 775 Regency Centers 32,914 0.01 863 NGP Capital Resources 8,112 0.00 1,175 Regeneron Pharmaceuticals 39,204 0.01 1,175 Nicor 58,821 0.02 925 Reinsurance Group of America 49,751 0.02 800 Noranda Aluminum Holding 11,344 0.00 1,475 Reliance Steel & Aluminum 75,409 0.02 1,450 Nordson 134,807 0.04 175 Rent-A-Center 5,684 0.00 925 Northeast Utilities 29,614 0.01 600 Republic Airways Holdings 4,416 0.00 3,675 NorthWestern 106,832 0.04 6,100 Retail Ventures 96,136 0.03 1,500 Novatel Wireless 14,385 0.00 4,425 RF Micro Devices 32,944 0.01 1,050 Novellus Systems 34,015 0.01 1,275 Rock-Tenn - A Shares 69,532 0.02 1,000 Nuance Communications 18,375 0.01 1,675 Rovi 104,126 0.03 175 NVR 120,825 0.04 500 Rowan Companies 17,353 0.01 26,708 Occidental Petroleum 2,608,036 0.86 275 Royal Gold 14,972 0.00 550 Oceaneering International 40,431 0.01 425 RPM International 9,437 0.00 1,225 OceanFirst Financial 16,090 0.01 1,325 Ruby Tuesday 17,530 0.01 3,100 O’Charleys 22,584 0.01 775 Rudolph Technologies 6,510 0.00 2,025 Ocwen Financial 19,653 0.01 1,450 Ryder System 75,422 0.02 8,300 Office Depot 45,609 0.02 1,275 Saba Software 7,688 0.00 900 OfficeMax 16,124 0.01 2,450 Sauer-Danfoss 67,865 0.02

63 JPMorgan Investment Funds - Global Balanced 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

1,125 Saul Centers 53,848 0.02 475 Unit 21,950 0.01 1,375 Savient Pharmaceuticals 15,434 0.01 5,295 United Continental Holdings 128,748 0.04 975 SCANA 39,736 0.01 33,216 United Technologies 2,601,643 0.86 300 Schnitzer Steel Industries - A Shares 19,794 0.01 775 United Therapeutics 48,562 0.02 1,075 Scholastic 32,008 0.01 675 Unitrin 16,673 0.01 600 SciQuest 7,665 0.00 2,775 USA Mobility49,770 0.02 175 Scotts Miracle-Gro - A Shares 8,874 0.00 6,350 Vaalco Energy45,498 0.01 300 SEACOR Holdings 30,846 0.01 1,391 Valley National Bancorp 20,016 0.01 1,925 Sealed Air 49,290 0.02 250 Valmont Industries 22,320 0.01 800 Seattle Genetics 12,332 0.00 4,675 Valspar 161,638 0.05 1,125 SEI Investments 26,781 0.01 500 Vectren 12,803 0.00 21,900 Sempra Energy1,147,779 0.38 125 Veeco Instruments 5,377 0.00 800 Semtech 18,316 0.01 3,750 VeriFone Systems 144,638 0.05 7,350 Service Corp. International 60,454 0.02 2,250 Viropharma 39,488 0.01 4,000 SFN Group 39,660 0.01 11,557 Vishay Intertechnology 172,373 0.06 900 Shaw Group 30,843 0.01 1,029 Vishay Precision Group 19,587 0.01 800 Sierra Bancorp 8,504 0.00 625 W&T Offshore 11,209 0.00 1,700 Simmons First National - A Shares 49,734 0.02 325 Waddell & Reed Financial - A Shares 11,409 0.00 8,275 Sinclair Broadcast Group - A Shares 68,145 0.02 55,437 Walt Disney2,063,642 0.68 900 Sirona Dental Systems 37,715 0.01 750 Walter Energy95,989 0.03 1,325 Snap-On 75,465 0.02 625 Washington Federal 10,622 0.00 850 Solera Holdings 44,034 0.01 2,825 Websense 57,913 0.02 1,225 Sonoco Products 41,662 0.01 75,569 Wells Fargo & Co. 2,334,704 0.77 3,200 Southern Union 77,184 0.03 3,075 WESCO International 162,975 0.05 1 Southside Bancshares 22 0.00 1,050 West Bancorporation 8,300 0.00 4,400 Southwest Bancorp 54,516 0.02 1,125 Westar Energy28,434 0.01 700 Southwest Gas 25,967 0.01 600 Whiting Petroleum 69,744 0.02 7,000 Spartech 63,000 0.02 2,850 Williams-Sonoma 102,287 0.03 327,470 Sprint Nextel 1,373,737 0.46 1,500 World Acceptance 80,933 0.03 1,350 Stancorp Financial Group 61,250 0.02 700 World Fuel Services 25,487 0.01 1,100 Standard Pacific 5,011 0.00 4,600 Worthington Industries 85,399 0.03 475 Standard Parking 9,263 0.00 3,350 Wyndham Worldwide 100,182 0.03 825 Standard Register 2,850 0.00 725 Xenoport 6,268 0.00 1,325 Standex International 40,717 0.01 52,581 Xilinx 1,528,267 0.51 27,379 State Street 1,266,416 0.42 750 Zebra Technologies - A Shares 28,583 0.01 1,275 Steel Dynamics 23,428 0.01 1,850 Zions Bancorporation 45,112 0.01 575 Steelcase - A Shares 6,124 0.00 1,225 Stone Energy27,428 0.01 99,012,249 32.63 5,875 Strategic Hotels & Resorts 31,108 0.01 UNITED KINGDOM 2,300 Suffolk Bancorp 58,202 0.02 63,054 BG Group 1,274,394 0.42 3,400 Sunrise Senior Living 18,734 0.01 25,265 British American Tobacco 969,911 0.32 5,275 Sunstone Hotel Investors 54,623 0.02 499,261 BT Group 1,406,857 0.46 1,975 Superior Industries International 42,443 0.01 105,013 Cairn Energy688,830 0.23 2,400 Susquehanna Bancshares 23,940 0.01 273,476 Centrica 1,417,281 0.46 275 SVB Financial Group 14,795 0.00 91,511 GlaxoSmithKline 1,768,292 0.58 1,125 Swift Energy43,751 0.01 166,097 HSBC Holdings 1,685,880 0.55 800 Swift Transporation 9,828 0.00 53,014 Intercontinental Hotels Group 1,027,294 0.34 3,250 Synopsys 87,880 0.03 148,802 International Power 1,017,321 0.34 7,925 Synovus Financial 20,803 0.01 1,150,720 Lloyds Banking Group 1,179,808 0.39 56,264 Sysco 1,651,630 0.54 23,232 Reckitt Benckiser Group 1,278,177 0.43 1,375 TAL International Group 42,659 0.01 514,433 Vodafone Group 1,329,410 0.44 300 Targa Resources 8,100 0.00 2,150 Taubman Centers 108,908 0.04 15,043,455 4.96 7,125 TCF Financial 106,483 0.04 1,150 Tech Data 50,646 0.02 JAPAN 2,575 TECO Energy45,822 0.02 196 Japan Tobacco 725,591 0.24 850 Teleflex 46,096 0.02 184,500 JX Holdings 1,252,483 0.41 3,000 Tellabs 20,325 0.01 86,000 Kubota 815,645 0.27 2,275 Temple-Inland 48,082 0.02 124,000 Marubeni 871,541 0.29 12,675 Tenet Healthcare 86,127 0.03 130,000 Mitsubishi Electric 1,365,768 0.45 2,225 Tengion 6,174 0.00 71,900 Mitsui & Co. 1,187,713 0.39 7,075 Teradyne 100,076 0.03 3,800 Nintendo 1,113,712 0.37 1,450 Tesoro 26,644 0.01 189,100 Nissan Motor 1,800,454 0.59 1,450 Theravance 36,671 0.01 44,000 Shiseido 960,807 0.32 2,150 Thomas & Betts 104,146 0.03 850 Thor Industries 28,900 0.01 10,093,714 3.33 2,600 Thoratec 74,620 0.02 NETHERLANDS 1,275 TIBCO Software 25,137 0.01 450 Core Laboratories 40,349 0.01 1,950 Timberland - A Shares 48,341 0.02 95,752 ING Groep - CVA 933,825 0.31 80,900 Time Warner 2,597,295 0.86 72,996 Koninklijke KPN 1,070,142 0.35 2,250 Timken 108,473 0.04 39,109 Koninklijke Philips Electronics 1,200,916 0.40 5,400 TomoTherapy19,629 0.01 91,192 Royal Dutch Shell - A Shares 3,025,584 1.00 1,550 Toro 96,216 0.03 64,343 Unilever - CVA 2,015,418 0.66 500 TransDigm Group 35,895 0.01 1,700 Tredegar 33,363 0.01 8,286,234 2.73 1,600 Trimas 32,624 0.01 1,175 Trimble Navigation 47,206 0.02 FRANCE 2,875 TRW Automotive Holdings 150,549 0.05 31,303 GDF Suez 1,125,579 0.37 2,550 tw telecom 43,886 0.01 14,906 Pernod-Ricard 1,406,194 0.47 4,000 UGI 127,420 0.04 4,997 PPR 797,164 0.26 475 UMB Financial 19,929 0.01 22,807 Sanofi-Aventis 1,462,907 0.48 1,916 Unifi 32,562 0.01 9,338 Schneider Electric 1,403,999 0.46 23,002 Union Pacific 2,121,359 0.70 19,992 Sodexho 1,385,642 0.46 700 Unisource Energy25,281 0.01 705 Unisys 18,090 0.01 7,581,485 2.50

64 JPMorgan Investment Funds - Global Balanced 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

GERMANY LUXEMBOURG 19,891 Bayer Registered Shares 1,464,832 0.48 33,758 ArcelorMittal 1,285,071 0.42 19,174 Daimler Registered Shares 1,306,218 0.43 18,447 Lanxess 1,449,791 0.48 1,285,071 0.42 11,660 Siemens Registered Shares 1,453,176 0.48 INDIA 7,616 Volkswagen Preference Shares 1,241,492 0.41 16,022 Infosys Technologies ADR 1,220,155 0.40 6,915,509 2.28 1,220,155 0.40 CANADA ITALY 1,050 Cardiome Pharma 6,757 0.00 218,297 Snam Rete Gas 1,091,010 0.35 14,982 First Quantum Minerals 1,617,933 0.54 67,644 Kinross Gold 1,277,434 0.42 1,091,010 0.35 12,062 Toronto-Dominion Bank 893,862 0.29 0** Valeant Pharmaceuticals International 5 0.00 ISRAEL 19,335 Teva Pharmaceutical Industries ADR 1,000,683 0.33 3,795,991 1.25 1,000,683 0.33 SWITZERLAND 31,854 ACE 1,979,726 0.65 CAYMAN ISLANDS 5,279 Zurich Financial Services 1,371,261 0.45 428,000 China Resources Land 781,876 0.25 2,450 Herbalife 167,078 0.06 3,350,987 1.10 948,954 0.31 HONG KONG 428,000 China Overseas Land & Investment 788,483 0.26 SINGAPORE 100,000 Hutchison Whampoa 1,031,120 0.34 309,000 Singapore Telecommunications 738,299 0.25 62,000 Sun Hung Kai Properties 1,025,344 0.34 738,299 0.25 2,844,947 0.94 ISLE OF MAN AUSTRALIA 332,000 Genting Singapore 566,425 0.19 29,410 Macquarie Group 1,112,942 0.37 58,894 QBE Insurance Group 1,092,010 0.36 566,425 0.19 FINLAND 2,204,952 0.73 196,329 Ruukki Group 437,850 0.14 JERSEY 91,306 Experian 1,136,397 0.37 437,850 0.14 34,729 Shire 836,886 0.28 PANAMA 1,325 Copa Holdings - A Shares 78,082 0.03 1,973,283 0.65 CHINA 78,082 0.03 416,000 China Merchants Bank - H Shares * 1,051,092 0.34 PUERTO RICO 181,000 ZTE - H Shares * 721,848 0.24 1,025 First Bancorp 474 0.00 7,900 Popular 24,530 0.01 1,772,940 0.58 1,325 Triple-S Management - B Shares 25,732 0.01 TAIWAN 110,900 Hon Hai Precision Industry Registered Shares GDR 896,627 0.29 50,736 0.02 60,555 Taiwan Semiconductor Manufacturing ADR 754,213 0.25 BRITISH VIRGIN ISLANDS 850 UTi Worldwide 17,689 0.01 1,650,840 0.54 IRELAND 17,689 0.01 35,723 Covidien 1,619,324 0.53 Total Shares 177,959,003 58.64 1,619,324 0.53 Bonds BERMUDA 1,875 Aircastle 19,528 0.01 UNITED STATES OF AMERICA 15,000,000 Goldman Sachs Group 15,546,960 1,150 Allied World Assurance Co Holdings 68,488 0.02 15.06.12/3.250% 5.12 625 Arch Capital Group 55,250 0.02 15,546,960 5.12 250 Argo Group International Holdings 9,466 0.00 775 Aspen Insurance Holdings 22,223 0.01 NETHERLANDS 2,525 Axis Capital Holdings 90,395 0.03 6,550,000 Netherlands (Kingdom of) 15.07.17/4.500% 9,780,307 3.22 1,325 Endurance Specialty Holdings 61,142 0.02 2,450 Frontline 62,720 0.02 9,780,307 3.22 2,625 Global Crossing 33,718 0.01 GERMANY 1,250 Helen of 0.01 Troy37,538 1,500,000 Germany (Federal Republic of) 04.01.28/5.625% 2,561,157 0.84 875 Lazard - A Shares 34,532 0.01 1,865,000 Germany (Federal Republic of) 04.07.34/4.750% 2,989,303 0.99 47,241 Marvell Technology Group 865,691 0.29 1,825 Platinum Underwriters Holdings 82,435 0.02 5,550,460 1.83 850 RenaissanceRe Holdings 54,523 0.02 2,800 Signet Jewelers 120,400 0.04 FRANCE 3,000,000 France (Government of) 25.04.15/3.500% 4,259,925 1.41 1,618,049 0.53 4,259,925 1.41 SOUTH KOREA 1,694 Samsung Electronics 1,432,458 0.47 Total Bonds 35,137,652 11.58 1,432,458 0.47 Total Transferable Securities Admitted to an 213,096,655 70.22 SPAIN Official Exchange Listing 58,399 Telefonica 1,327,632 0.44

1,327,632 0.44

65 JPMorgan Investment Funds - Global Balanced 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

Transferable Securities Dealt in on Another Regulated Market Allocation of Portfolio as at 31 December 2010 % of Bonds Net Assets Fixed Income Securities UNITED STATES OF AMERICA United States of America 26.00 3,500,000 US Treasury 30.04.11/0.875% 3,508,203 1.16 Netherlands 3.22 100,000 US Treasury (i) 30.11.11/0.750% 100,406 0.03 Germany 1.83 15,000,000 US Treasury 15.11.16/7.500% 19,253,906 6.34 France 1.41 9,500,000 US Treasury 15.05.17/8.750% 13,026,875 4.29 8,850,000 US Treasury 15.02.19/8.875% 12,713,578 4.19 Total Fixed Income Securities 32.46 3,000,000 US Treasury 15.05.30/6.250% 3,839,063 1.27 Shares 9,400,000 US Treasury 15.02.31/5.375% 10,923,094 3.60 Financials 11.91 Information Technology 8.65 63,365,125 20.88 Consumer Discretionary 7.92 Industrials 6.38 Total Bonds 63,365,125 20.88 Health Care 5.71 Energy 4.88 Investment Funds Consumer Staples 4.45 Investment Companies LUXEMBOURG 3.86 567,323 JPMorgan Funds - Emerging Markets Equity Fund Materials 3.76 (JPM Emerging Markets Equity X (dist) - USD) 11,681,188 3.86 Telecommunication Services 2.53 0** JPMorgan Funds - Emerging Markets Value Fund Utilities 2.45 (JPM Emerging Markets Value X (acc) - USD) 131 0.00 Total Shares 62.50 Cash and Other Assets/(Liabilities) 5.04 11,681,319 3.86 Total 100.00 Total Investment Funds 11,681,319 3.86

Total Transferable Securities Dealt in on Another 75,046,444 24.74 Regulated Market Total Investments 288,143,099 94.96 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Fixed Income Securities Cash 11,844,288 3.90 United States of America 36.79 Netherlands 3.18 Other Assets/(Liabilities) 3,464,694 1.14 Germany 1.83 France 1.36 Total Net Assets 303,452,081 100.00 Total Fixed Income Securities 43.16 Shares Financials * Hong Kong Registered Shares. 10.58 Consumer Discretionary ** Fractional shares rounded to 0. 7.78 (i) Security partially or totally held as collateral against futures positions by the broker. Information Technology 6.90 Industrials 5.65 Health Care 4.90 Energy 3.97 Consumer Staples 3.45 Materials 3.29 Investment Companies 3.24 Telecommunication Services 2.45 Utilities 1.75 Total Shares 53.96 Cash and Other Assets/(Liabilities) 2.88 Total 100.00

66 JPMorgan Investment Funds - Global Balanced Fund (USD) 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 (21) Euro-Bobl Future EUR (3,341,097) 5,907 Mar-11 (82) Euro-Bund Future EUR (13,763,411) 93,239 Mar-11 9 Japan 10 Year Bond Future JPY 15,577,179 (2,216) Mar-11 46 Long Gilt Future GBP 8,560,169 (64,847) Mar-11 (117) US 2 Year Note Future USD (25,594,664) 66,727 Mar-11 247 US 5 Year Note Future USD 29,029,254 (560,605)

(461,795) Total Bond Futures

Equity Futures

Jan-11 (69) CAC 40 10 Euro Future EUR (3,521,049) 86,183 Jan-11 34 Hang Seng Index Future HKD 5,034,542 29,615 Mar-11 46 Dax Index Future EUR 10,670,125 (177,912) Mar-11 (716) DJ Euro Stoxx 50 Index Future EUR (26,795,750) 611,552 Mar-11 (42) FTSE 100 Index Future GBP (3,855,565) (27,641) Mar-11 (166) Russell 2000 Mini Future USD (13,066,690) (219,715) Mar-11 4 S&P Midcap 400 Emini Future USD 363,820 9,620 Mar-11 29 SP 500 Emini Future USD 1,813,225 21,098 Mar-11 62 Topix Index Future JPY 6,838,011 134,268

467,068 Total Equity Futures Total 5,273

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

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

28-Feb-11 AUD 2,470,367 CAD 2,443,066 51,864 28-Feb-11 AUD 7,812,184 USD 7,582,974 314,688 28-Feb-11 CAD 1,728,268 AUD 1,778,284 (67,729) 28-Feb-11 CAD 602,574 USD 590,007 13,175 28-Feb-11 EUR 4,710,039 USD 6,255,309 52,807 28-Feb-11 GBP 1,141,107 USD 1,781,533 (4,797) 28-Feb-11 JPY 129,702,022 AUD 1,638,026 (58,491) 28-Feb-11 JPY 154,404,958 EUR 1,401,150 25,160 28-Feb-11 NOK 39,907,837 USD 6,608,599 216,621 28-Feb-11 SEK 13,916,155 NOK 12,123,702 (1,235) 28-Feb-11 SEK 50,168,099 USD 7,274,218 196,175 28-Feb-11 USD 1,581,561 CAD 1,599,745 (19,800) 28-Feb-11 USD 720,710 CHF 710,649 (41,789) 28-Feb-11 USD 39,364,482 EUR 29,118,194 366,731 28-Feb-11 USD 9,509,206 GBP 5,975,492 205,193 28-Feb-11 USD 5,218,466 HKD 40,493,621 6,658 28-Feb-11 USD 9,163,131 JPY 761,263,868 (212,877)

Total 1,042,354

67 JPMorgan Investment Funds - Global Bond 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 SOUTH KOREA 1,706,000,000 Korea (Republic of) 10.06.12/4.000% 1,147,559 1.66 Bonds 1,147,559 1.66 JAPAN 250,000,000 Japan (Government of) 20.03.13/0.600% 2,318,472 3.36 SOUTH AFRICA 790,000,000 Japan (Government of) 20.09.14/1.500% 7,580,375 10.97 135,000 South Africa (Republic of) 09.03.20/5.500% 107,238 0.15 519,600,000 Japan (Government of) 20.03.20/1.300% 4,889,564 7.08 10,400,000 South Africa (Republic of) 28.02.31/7.000% 1,022,680 1.48 297,000,000 Japan (Government of) 20.06.25/1.900% 2,856,027 4.13 144,500,000 Japan (Government of) 20.12.28/1.900% 1,349,015 1.95 1,129,918 1.63 79,000,000 Japan (Government of) 801,947 20.09.35/2.500% 1.16 ISRAEL 67,000,000 Japan (Government of) 645,451 20.09.39/2.200% 0.93 3,400,000 Israel (State of) 28.02.19/6.000% 821,127 1.19

20,440,851 29.58 821,127 1.19 ITALY MEXICO 1,540,000 Italy (Republic of) 1,534,045 01.02.17/4.000% 2.22 12,000,000 Mexico (United Mexican State) 19.12.13/8.000% 770,114 1.11 1,110,000 Italy (Republic of) 01.03.20/4.250% 1,077,972 1.56 Italy (Republic of) 640,711 675,000 01.09.20/4.000% 0.93 770,114 1.11 1,170,000 Italy (Republic of) 01.02.37/4.000% 967,052 1.40 CANADA 4,219,780 6.11 300,000 Suncor Energy 01.06.18/6.100% 255,378 0.37 250,000 Xstrata Canada Financial 27.05.20/7.375% 328,860 0.48 UNITED KINGDOM British Telecommunications 223,279 275,000 15.01.18/5.950% 0.32 584,238 0.85 200,000 Imperial Tobacco Finance 17.02.22/9.000% 301,084 0.44 300,000 Legal & General Group 08.06.25/4.000%* 270,759 0.39 DENMARK 225,000 RBS 29.04.24/7.500% 272,566 0.39 3,900,000 Denmark (Kingdom of) 15.11.17/4.000% 569,788 0.82 275,000 UK Treasury 07.03.14/2.250% 326,556 0.47 670,000 UK Treasury 07.09.15/4.750% 867,495 1.26 569,788 0.82 365,000 UK Treasury 07.06.32/4.250% 430,469 0.62 CAYMAN ISLANDS UK Treasury 212,482 175,000 07.09.34/4.500% 0.31 430,000 Allstate Life Funding 17.01.11/6.375% 500,739 0.72 680,000 UK Treasury 07.12.42/4.500% 835,772 1.21 500,739 0.72 3,740,462 5.41 BERMUDA UNITED STATES OF AMERICA 200,000 Holcim GB Finance 24.04.17/8.750% 283,752 0.41 260,000 Anheuser-Busch InBev 125,000 Tyco International 15.12.19/7.000% 109,417 0.16 Worldwide 15.01.20/5.375% 209,303 0.30 135,000 Weatherford International 745,000 Bank of America 15.06.12/3.125% 575,853 0.83 Bermuda 15.09.40/6.750% 104,616 0.15 80,000 CBS 15.10.40/5.900% 57,158 0.08 745,000 Citigroup 09.12.11/2.875% 568,295 0.82 497,785 0.72 135,000 Citigroup 22.05.19/8.500% 124,507 0.18 350,000 Citigroup Funding 10.12.12/2.250% 268,752 0.39 BRAZIL 350,000 General Electric Capital 28.09.12/2.000% 267,203 0.39 93,500 Brazil (Republic of) 01.01.13/10.000% 424,457 0.61 350,000 HSBC Finance 30.05.17/4.875% 365,733 0.53 75,000 International Paper 15.11.39/7.300% 63,025 0.09 424,457 0.61 245,000 Kraft Foods 10.02.20/5.375% 196,492 0.29 SWEDEN 150,000 Pacific Gas & Electric 15.01.40/5.400% 110,793 0.16 3,525,000 Sweden (Kingdom of) 12.08.17/3.750% 409,389 0.59 260,000 Plains All American Pipeline 15.01.20/5.750% 207,390 0.30 240,000 Tennessee Valley Authority 15.09.39/5.250% 188,081 0.27 409,389 0.59 300,000 UBS/Stamford 20.12.17/5.875% 246,310 0.36 135,000 Watson Pharmaceuticals 15.08.19/6.125% 111,270 0.16 RUSSIA 155,000 Williams Partners 01.02.17/7.250% 134,163 0.20 447,500 Russian (Republic of) 31.03.30/7.500%* 385,893 0.56

3,694,328 5.35 385,893 0.56 FRANCE JERSEY 345,000 France (Government of) 25.10.32/5.750% 441,690 0.64 235,000 WPP 04.04.17/6.000% 293,673 0.42 405,000 France (Government of) 25.04.35/4.750% 460,634 0.66 329,000 France (Government of) 25.04.60/4.000% 337,141 0.49 293,673 0.42 405,000 PPR 03.04.14/8.625% 475,587 0.69 AUSTRALIA 121,000 PPR 08.04.15/3.750% 123,338 0.18 250,000 National Australia Bank 08.11.17/3.625% 279,850 0.41

1,838,390 2.66 279,850 0.41 SPAIN INTERNATIONAL AGENCIES 615,000 Spain (Kingdom of) 31.01.14/4.250% 621,032 0.90 165,000 Eurasian Development Bank 431,000 Spain (Kingdom of) 31.10.19/4.300% 400,440 0.58 144A 29.09.14/7.375% 133,023 0.20 370,000 Spain (Kingdom of) 30.04.20/4.000% 334,079 0.48 468,000 Spain (Kingdom of) 31.10.20/4.850% 447,747 0.65 133,023 0.20

1,803,298 2.61 Total Bonds 48,237,600 69.81 NETHERLANDS Total Transferable Securities Admitted to an 48,237,600 69.81 800,000 LeasePlan 22.05.14/3.250% 833,021 1.21 Official Exchange Listing 820,000 Netherlands (Kingdom of) 15.07.18/4.000% 885,724 1.28 Transferable Securities Dealt in on Another Regulated Market 1,718,745 2.49 GERMANY Bonds 150,000 Germany (Federal Republic of) 04.01.14/4.250% 163,454 0.24 UNITED STATES OF AMERICA 1,258,245 Germany (Federal Republic of) 04.07.34/4.750% 1,505,670 2.18 190,000 ACE Securities 2005-HE4 M1 25.07.35/0.761%* 138,460 0.20 424,066 Aegis Asset Backed Securities 1,669,124 2.42 Trust 2004-3 A1 25.09.34/0.621%* 286,038 0.41 BELGIUM 144,182 Ally Auto Receivables Trust 2010-1 A2 107,676 1,140,000 Belgium (Kingdom of) 28.03.18/4.000% 1,165,069 1.69 15.04.12/0.750% 0.16 127,023 Asset Backed Funding Certificates 2005-HE2 M1 25.06.35/0.741%* 93,504 0.14 1,165,069 1.69

68 JPMorgan Investment Funds - Global Bond 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

15,561 Banc of America Mortgage Other Transferable Securities Securities 2005-3 1A31 25.04.35/5.500% 11,594 0.02 70,000 Bank of America 01.05.18/5.650% 53,708 0.08 Bonds 130,000 Burlington Northern Santa Fe 01.05.40/5.750% 99,904 0.14 800,000 Capital One Multi-Asset UNITED STATES OF AMERICA Execution Trust 2006-A4 A4 16.12.13/0.300%* 597,151 0.86 2,350,000 Lehman Brothers Holdings (Defaulted) 410,103 1,100,000 Citibank Omni Master Trust 03.04.09/0.000%* 0.59 2009-A8 A8 16.05.16/2.360%* 831,742 1.20 1,832,578 Countrywide Alternative Loan 410,103 0.59 Trust 2005-J14 A3 25.12.35/5.500% 1,148,910 1.66 268,880 Crédit Suisse First Boston Total Bonds 410,103 0.59 Mortgage Securities 2004-3 2A1 25.04.19/5.000% 206,041 0.30 985,143 Fannie Mae REMICS 2006-78 BC 25.01.34/6.500% 756,899 1.10 Total Other Transferable Securities 410,103 0.59 1,436,580 Fannie Mae REMICS 2010-116 BI 25.08.20/5.000% 109,454 0.16 440,000 Federal Home Loan Banks 11.07.11/0.162%* 328,406 0.48 Total Investments 65,951,104 95.43 38,750 First Union National Bank 2001-C1 A2 15.03.33/6.136% 28,910 0.04 Cash 2,177,255 3.15 600,829 Harborview Mortgage Loan Trust 2005-9 2A1A 370,530 20.06.35/0.601%* 0.54 981,444 1.42 273,220 Indymac Index Mortgage Loan Other Assets/(Liabilities) Trust 2005-16IP A1 25.07.45/0.581%* 140,880 0.20 Total Net Assets 1,667,776 Indymac Index Mortgage Loan 69,109,803 100.00 Trust 2005-AR8 2A1A 25.04.35/0.491%* 745,798 1.08 337,247 JP Morgan Mortgage Trust 2005-S2 1A1 25.08.20/4.500% 257,681 0.37 * Variable coupon rates are those quoted as at 31 December 2010. 700,000 LB-UBS Commercial Mortgage (i) Security held as collateral against futures positions by the broker. Trust 2006-C4 A4 15.06.38/5.881%* 564,174 0.82 169,022 Morgan Stanley ABS Capital I 2004-SD2 A 25.04.34/0.711%* 106,799 0.15 340,000 Morgan Stanley Capital I 2005-HQ7 A4 14.11.42/5.191%* 272,743 0.39 270,000 NBC Universal 144A 01.04.21/4.375% 195,140 0.28 150,000 Oncor Electric Delivery 144A 30.09.40/5.250% 106,580 0.15 145,000 Park Place Securities 2005-WHQ3 M1 25.06.35/0.681%* 100,725 0.15 200,000 Prudential Financial 15.06.19/7.375% 175,451 0.25 480,766 Residential Asset Mortgage Products 2004-RS11 M1 25.11.34/0.881%* 306,033 0.44 170,484 Residential Funding Mortgage Securities I 2006-S12 2A2 25.12.36/6.000% 126,311 0.18 258,746 Structured Asset Securities 2005-WF4 A4 25.11.35/0.621%* 175,574 0.26 183,000 US Treasury (i) 10.02.11/0.000% 136,595 0.20 480,000 US Treasury 15.01.13/1.375% 363,564 0.53 485,000 US Treasury 15.05.13/1.375% 367,011 0.53 335,000 US Treasury 31.07.14/2.625% 261,318 0.38 1,785,000 US Treasury 31.12.14/2.625% 1,388,128 2.01 1,330,000 US Treasury 31.10.15/1.250% 959,588 1.39 1,075,000 US Treasury (i) 15.02.19/8.875% 1,152,940 1.67 300,000 US Treasury 15.08.19/3.625% 233,491 0.34 720,000 US Treasury 15.05.20/3.500% 549,461 0.80 275,000 US Treasury 15.08.20/2.625% 194,241 0.28 913,000 US Treasury (i) 15.02.36/4.500% 701,752 1.02 65,000 US Treasury 15.08.40/3.875% 44,441 0.06 68,475 Wachovia Auto Owner Trust 2008-A A3A 20.09.12/4.810% 51,639 0.07 235,000 Wachovia Bank Commercial Mortgage Trust 2005-C21 A4 15.10.44/5.204%* 189,339 0.27 265,000 Wells Fargo Home Equity Trust 2004-2 AI6 25.05.34/5.000%* 203,380 0.30 237,041 Wells Fargo Mortgage Backed Securities Trust 2005-2 2A1 25.04.20/4.750% 181,830 0.26 145,000 Xcel Energy 15.05.20/4.700% 112,165 0.16

15,533,699 22.48 FRANCE 1,390,000 Dexia Credit Local 23.09.11/2.375% 1,047,982 1.51

1,047,982 1.51 CANADA 187,000 Canada (Government of) 01.06.33/5.750% 186,488 0.27 140,000 Canada (Government of) 01.06.37/5.000% 129,521 0.18

316,009 0.45

Total Bonds 16,897,690 24.44 Investment Funds LUXEMBOURG 29 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Euro Liquidity X (acc)) 405,711 0.59

405,711 0.59

Total Investment Funds 405,711 0.59

Total Transferable Securities Dealt in on Another 17,303,401 25.03 Regulated Market

69 JPMorgan Investment Funds - Global Bond 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

Allocation of Portfolio as at 31 December 2010 % of Net Assets Fixed Income Securities Japan 29.58 United States of America 28.42 Italy 6.11 United Kingdom 5.41 France 4.17 Spain 2.61 Netherlands 2.49 Germany 2.42 Belgium 1.69 South Korea 1.66 South Africa 1.63 Canada 1.30 Israel 1.19 Mexico 1.11 Denmark 0.82 Cayman Islands 0.72 Bermuda 0.72 Brazil 0.61 Sweden 0.59 Russia 0.56 Jersey 0.42 Australia 0.41 International Agencies 0.20 Total Fixed Income Securities 94.84 Investment Funds Luxembourg 0.59 Total Investment Funds 0.59 Cash and Other Assets/(Liabilities) 4.57 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Fixed Income Securities Japan 27.82 United States of America 25.83 United Kingdom 8.05 Italy 5.56 Canada 4.42 Spain 3.50 France 2.77 Germany 2.20 Netherlands 2.11 Belgium 1.89 Denmark 1.70 South Korea 1.50 Sweden 1.26 Mexico 1.20 Israel 1.07 Luxembourg 1.03 Cayman Islands 0.70 International Agencies 0.68 Russia 0.55 Brazil 0.53 Greece 0.49 Jersey 0.38 Australia 0.37 Ireland 0.21 Bermuda 0.16 South Africa 0.15 Total Fixed Income Securities 96.13 Investment Funds Luxembourg 2.85 Total Investment Funds 2.85 Cash and Other Assets/(Liabilities) 1.02 Total 100.00

70 JPMorgan Investment Funds - Global Bond Fund (EUR) Schedule of Investments - Outstanding To be Announced Securities (Expressed in EUR) 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-41 Ginnie Mae 4.000% 895,000 671,004 4,281 25-Jan-41 Fannie Mae 4.000% 2,390,000 1,765,356 (25,728)

2,436,360 (21,447) Total

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

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

Bond Futures

Mar-11 1 Australia 3 Year Bond Future AUD 77,455 63 Mar-11 3 Australia 10 Year Bond Future AUD 235,521 2,369 Mar-11 8 Canada 10 Year Bond Future CAD 731,507 (419) Mar-11 (9) Euro-Bobl Future EUR (1,069,020) 1,890 Mar-11 (12) Euro-Bund Future EUR (1,503,720) 10,190 Mar-11 37 Euro-Schatz Future EUR 4,033,185 (315) Mar-11 11 Long Gilt Future GBP 1,528,557 (11,257) Mar-11 (69) US 2 Year Note Future USD (11,268,618) 30,201 Mar-11 (14) US 5 Year Note Future USD (1,228,361) 73,993 Mar-11 24 US 10 Year Note Future USD 2,153,216 (125,425) Mar-11 13 US Long Bond Future USD 1,179,822 (55,048)

Total (73,758)

JPMorgan Investment Funds - Global Bond 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)

07-Jan-11 AUD 386,537 CAD 385,273 5,419 07-Jan-11 AUD 1,071,618 EUR 786,718 27,377 07-Jan-11 AUD 200,279 NZD 261,783 429 07-Jan-11 CAD 270,469 AUD 276,822 (7,957) 07-Jan-11 CAD 849,448 EUR 635,754 (270) 07-Jan-11 CHF 240,016 EUR 184,404 7,746 07-Jan-11 EUR 186,843 AUD 256,604 (8,096) 07-Jan-11 EUR 222,565 CAD 298,236 (549) 07-Jan-11 EUR 740,855 CHF 973,128 (38,200) 07-Jan-11 EUR 587,505 DKK 4,377,765 257 07-Jan-11 EUR 5,700,560 GBP 4,770,113 153,324 07-Jan-11 EUR 23,894,466 JPY 2,615,233,071 (139,613) 07-Jan-11 EUR 212,846 NOK 1,686,485 (3,050) 07-Jan-11 EUR 173,611 NZD 305,262 (3,309) 07-Jan-11 EUR 530,219 SEK 4,797,291 (4,064) 07-Jan-11 EUR 26,882,602 USD 35,237,277 575,328 07-Jan-11 EUR 1,028,762 ZAR 9,532,028 (44,371) 07-Jan-11 GBP 110,842 AUD 181,312 (8,842) 07-Jan-11 GBP 84,795 CHF 131,852 (6,947) 07-Jan-11 JPY 231,029,394 EUR 2,093,800 29,368 07-Jan-11 JPY 27,769,807 NZD 445,510 (2,997) 07-Jan-11 JPY 37,241,859 USD 444,546 10,367 07-Jan-11 MXN 17,458,758 EUR 1,070,905 (17,494) 07-Jan-11 NOK 8,508,336 EUR 1,054,374 34,823 07-Jan-11 NOK 875,140 JPY 12,247,581 (524) 07-Jan-11 NOK 338,148 NZD 75,172 (279) 07-Jan-11 NOK 721,657 USD 120,536 2,394 07-Jan-11 NZD 386,092 AUD 299,900 (4,065) 07-Jan-11 NZD 384,670 CAD 289,769 6,161 07-Jan-11 SEK 4,797,291 NOK 4,173,989 (51) 07-Jan-11 USD 121,441 AUD 121,717 (1,802) 07-Jan-11 USD 427,658 CAD 431,107 (3,238) 07-Jan-11 USD 2,393,333 EUR 1,809,095 (22,292)

71 JPMorgan Investment Funds - Global Bond 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)

07-Jan-11 USD 93,409 JPY 7,796,569 (1,914) 07-Jan-11 USD 112,090 MXN 1,387,031 (6) 07-Jan-11 USD 149,426 NOK 922,284 (6,509) 07-Jan-11 USD 93,736 NZD 125,766 (2,908) 04-Feb-11 GBP 123,000 EUR 144,278 (1,277) 04-Feb-11 JPY 61,359,860 EUR 564,300 (230) 04-Feb-11 NZD 106,562 JPY 6,664,842 345 04-Feb-11 SEK 3,596,576 EUR 398,736 1,430 04-Feb-11 USD 153,290 CHF 147,179 (3,424) 04-Feb-11 USD 2,527,400 EUR 1,924,029 (37,194)

Total 483,296

Schedule of Investments - Outstanding Interest Rate Swaps (Expressed in EUR)

Unrealised Termination Market Gain/ Date Counterparty Description Currency Nominal Value (Loss)

05-Feb-11 Bank of Montreal Receive floating rate CAD CDOR 3 months CAD 49,500,000 (404,414) (404,414) Pay fixed rate 3.377% 05-Feb-11 Credit Suisse Receive fixed rate 3.384% CAD 49,500,000 405,781 405,781 Pay floating rate CAD CDOR 3 months 05-Feb-14 Bank of Montreal Receive fixed rate 3.780% CAD 21,070,000 975,947 975,947 Pay floating rate CAD CDOR 3 months 05-Feb-14 Credit Suisse Receive floating rate CAD CDOR 3 months CAD 21,070,000 (976,886) (976,886) Pay fixed rate 3.781%

Total 428 428

72 JPMorgan Investment Funds - Global Bond 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 SOUTH AFRICA 100,000 South Africa (Republic of) 09.03.20/5.500% 106,400 0.18 Bonds 6,900,000 South Africa (Republic of) 28.02.31/7.000% 908,829 1.54

JAPAN 1,015,229 1.72 590,000,000 Japan (Government of) 20.09.14/1.500% 7,583,018 12.82 132,000,000 Japan (Government of) 20.03.20/1.300% 1,663,801 2.81 BELGIUM 187,000,000 Japan (Government of) 20.06.25/1.900% 2,408,652 4.07 710,000 Belgium (Kingdom of) 28.03.18/4.000% 971,923 1.64 105,000,000 Japan (Government of) 20.12.28/1.900% 1,313,000 2.22 77,000,000 Japan (Government of) 20.09.35/2.500% 1,046,973 1.77 971,923 1.64 SOUTH KOREA 14,015,444 23.69 1,023,000,000 Korea (Republic of) 10.06.12/4.000% 921,718 1.56 ITALY 625,000 Italy (Republic of) 15.12.13/3.750% 848,015 1.44 921,718 1.56 482,000 Italy (Republic of) 626,986 01.03.20/4.250% 1.06 AUSTRIA 690,000 Italy (Republic of) 877,272 01.09.20/4.000% 1.48 355,000 Austria (Republic of) 15.03.19/4.350% 514,937 0.87 740,000 Italy (Republic of) 819,261 01.02.37/4.000% 1.38 108,000 Austria (Republic of) 15.03.26/4.850% 163,217 0.28

3,171,534 5.36 678,154 1.15 UNITED STATES OF AMERICA ISRAEL 165,000 Anheuser-Busch InBev 2,050,000 Israel (State of) 28.02.19/6.000% 663,150 1.12 Worldwide 15.01.20/5.375% 177,915 0.30 365,000 Bank of America 15.06.12/3.125% 377,898 0.64 663,150 1.12 50,000 CBS 15.10.40/5.900% 47,851 0.08 365,000 Citigroup 09.12.11/2.875% 372,938 0.63 DENMARK 80,000 Citigroup 22.05.19/8.500% 98,827 0.17 2,600,000 Denmark (Kingdom of) 15.11.17/4.000% 508,802 0.86 350,000 Citigroup Funding 10.12.12/2.250% 359,980 0.61 350,000 General Electric Capital 28.09.12/2.000% 357,905 0.61 508,802 0.86 200,000 HSBC Finance 30.05.17/4.875% 279,932 0.47 CANADA 45,000 International Paper 15.11.39/7.300% 50,651 0.08 180,000 Suncor Energy 01.06.18/6.100% 205,240 0.36 160,000 Kraft Foods 10.02.20/5.375% 171,880 0.29 150,000 Xstrata Canada Financial 27.05.20/7.375% 264,295 0.44 80,000 Morgan Stanley 26.01.20/5.500% 80,639 0.13 95,000 Pacific Gas & Electric 15.01.40/5.400% 93,988 0.16 469,535 0.80 155,000 Plains All American Pipeline 15.01.20/5.750% 165,604 0.28 135,000 Tennessee Valley Authority 15.09.39/5.250% 141,708 0.24 BERMUDA 85,000 Watson Pharmaceuticals 15.08.19/6.125% 93,840 0.16 130,000 Holcim GB Finance 24.04.17/8.750% 247,047 0.42 100,000 Williams Partners 01.02.17/7.250% 115,939 0.20 75,000 Tyco International 15.12.19/7.000% 87,935 0.15 85,000 Weatherford International 2,987,495 5.05 Bermuda 15.09.40/6.750% 88,228 0.15

UNITED KINGDOM 423,210 0.72 185,000 British Telecommunications 15.01.18/5.950% 201,193 0.34 100,000 Imperial Tobacco Finance 17.02.22/9.000% 201,644 0.34 POLAND 150,000 Legal & General Group 08.06.25/4.000%* 181,334 0.31 1,200,000 Poland (Government of) 25.04.14/5.750% 413,246 0.70 100,000 RBS 29.04.24/7.500% 162,262 0.27 330,000 UK Treasury 07.09.15/4.750% 572,312 0.97 413,246 0.70 145,000 UK Treasury 07.06.32/4.250% 229,057 0.39 SWEDEN 155,000 UK Treasury 07.09.34/4.500% 252,082 0.42 2,530,000 Sweden (Kingdom of) 12.08.17/3.750% 393,572 0.67 510,000 UK Treasury 07.12.42/4.500% 839,606 1.42 393,572 0.67 2,639,490 4.46 BRAZIL FRANCE 55,500 Brazil (Republic of) 01.01.13/10.000% 337,475 0.57 249,000 France (Government of) 25.04.35/4.750% 379,339 0.64 709,000 France (Government of) 25.04.60/4.000% 973,169 1.64 337,475 0.57 247,000 PPR 03.04.14/8.625% 388,506 0.66 72,000 PPR 08.04.15/3.750% 98,304 0.17 CAYMAN ISLANDS 180,000 Allstate Life Funding 17.01.11/6.375% 280,765 0.47 1,839,318 3.11 280,765 0.47 GERMANY 390,000 Germany (Federal Republic of) 04.01.14/4.250% 569,241 0.96 RUSSIA 805,000 Germany (Federal Republic of) 04.01.20/3.250% 1,109,177 1.88 241,650 Russian (Republic of) 31.03.30/7.500%* 279,118 0.47 70,000 Germany (Federal Republic of) 04.01.31/5.500% 120,088 0.20 279,118 0.47 1,798,506 3.04 JERSEY NETHERLANDS 145,000 WPP 04.04.17/6.000% 242,711 0.41 500,000 LeasePlan 22.05.14/3.250% 697,369 1.18 710,000 Netherlands (Kingdom of) 15.07.18/4.000% 1,027,234 1.74 242,711 0.41 AUSTRALIA 1,724,603 2.92 160,000 National Australia Bank 08.11.17/3.625% 239,901 0.41 SPAIN 395,000 Spain (Kingdom of) 31.01.14/4.250% 534,272 0.90 239,901 0.41 50,000 Spain (Kingdom of) 30.07.19/4.600% 63,765 0.11 FINLAND 205,000 Spain (Kingdom of) 30.04.20/4.000% 247,930 0.42 160,000 Finland (Government of) 15.09.14/3.125% 226,730 0.38 435,000 Spain (Kingdom of) 31.10.20/4.850% 557,446 0.94 226,730 0.38 1,403,413 2.37 SWITZERLAND MEXICO 180,000 UBS/Stamford 20.12.17/5.875% 197,952 0.33 7,900,000 Mexico (United Mexican States) 19.12.13/8.000% 679,090 1.15 4,500,000 Mexico (United Mexican States) 05.12.24/10.000% 453,219 0.76 197,952 0.33 1,132,309 1.91

73 JPMorgan Investment Funds - Global Bond 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

INTERNATIONAL AGENCIES 127,409 Wells Fargo Mortgage Backed 100,000 Eurasian Development Bank Securities Trust 2005-2 2A1 25.04.20/4.750% 130,909 0.22 144A 29.09.14/7.375% 107,986 0.18 95,000 Xcel Energy 15.05.20/4.700% 98,432 0.17

107,986 0.18 14,947,060 25.27

Total Bonds 39,083,289 66.07 CANADA 900,000 Canada (Government of) 01.06.12/3.750% 929,438 1.57 144,000 Canada (Government of) 01.06.33/5.750% 192,353 0.32 Total Transferable Securities Admitted to an 39,083,289 66.07 Official Exchange Listing 90,000 Canada (Government of) 01.06.37/5.000% 111,527 0.19

Transferable Securities Dealt in on Another Regulated Market 1,233,318 2.08 UNITED KINGDOM Bonds 209,560 Themeleion Mortgage UNITED STATES OF AMERICA Finance 2 A 12.01.40/1.132%* 226,986 0.39 120,000 ACE Securities 2005-HE4 M1 25.07.35/0.761%* 117,133 0.20 282,711 Aegis Asset Backed Securities 226,986 0.39 Trust 2004-3 A1 25.09.34/0.621%* 255,422 0.43 84,813 Ally Auto Receivables Trust Total Bonds 16,407,364 27.74 2010-1 A2 15.04.12/0.750% 84,839 0.14 69,862 Asset Backed Funding Investment Funds Certificates 2005-HE2 M1 25.06.35/0.741%* 68,884 0.12 LUXEMBOURG 8,892 Banc of America Mortgage 78 JPMorgan Liquidity Funds - US Dollar Liquidity Fund Securities 2005-3 1A31 25.04.35/5.500% 8,874 0.02 (JPM US Dollar Liquidity X (acc)) 1,100,373 1.86 45,000 Bank of America 01.05.18/5.650% 46,247 0.08 85,000 Burlington Northern Santa Fe 01.05.40/5.750% 87,495 0.15 1,100,373 1.86 470,000 Capital One Multi-Asset Execution Trust 2006-A4 A4 16.12.13/0.300%* 469,914 0.79 Total Investment Funds 1,100,373 1.86 675,000 Citibank Omni Master Trust 2009-A8 A8 16.05.16/2.360%* 683,638 1.16 Total Transferable Securities Dealt in on Another 17,507,737 29.60 916,289 Countrywide Alternative Loan Regulated Market Trust 2005-J14 A3 25.12.35/5.500% 769,454 1.30 151,245 Credit Suisse First Boston Other Transferable Securities Mortgage Securities Corp 2004-3 2A1 25.04.19/5.000% 155,240 0.26 Bonds 884,049 Fannie Mae REMICS 2010-116 BI 25.08.20/5.000% 90,220 0.15 265,000 Federal Home Loan Banks 11.07.11/0.162%* 264,930 0.45 UNITED STATES OF AMERICA 21,108 First Union National Bank-Bank 2,000,000 Lehman Brothers Holdings of America Commercial (Defaulted) 03.04.09/0.000% 467,500 0.79 Mortgage Trust 2001-C1 A2 15.03.33/6.136% 21,093 0.03 320,000 Greenwich Capital Commercial 467,500 0.79 Funding 2005-GG3 A4 10.08.42/4.799%* 337,346 0.57 1,216,150 Harborview Mortgage Loan Total Bonds 467,500 0.79 Trust 2005-11 2A1A 19.08.45/0.571%* 871,171 1.47 751,664 Indymac Index Mortgage Loan Trust 2004-AR14 2A1A 25.01.35/0.621%* 489,265 0.83 Total Other Transferable Securities 467,500 0.79 208,929 JP Morgan Mortgage Trust 2005-S2 1A1 25.08.20/4.500% 213,825 0.36 Total Investments 57,058,526 96.46 108,258 Morgan Stanley ABS Capital I 2004-SD2 A 25.04.34/0.711%* 91,624 0.15 Cash 2,533,901 4.28 220,000 Morgan Stanley Capital I 2005-HQ7 A4 14.11.42/5.191%* 236,387 0.40 Other Assets/(Liabilities) (438,548) (0.74) 170,000 NBC Universal 144A 01.04.21/4.375% 164,572 0.28 95,000 Oncor Electric Delivery 144A 30.09.40/5.250% 90,414 0.15 Total Net Assets 59,153,879 100.00 80,000 Park Place Securities 2005-WHQ3 M1 25.06.35/0.681%* 74,436 0.13 150,000 Prudential Financial 15.06.19/7.375% 176,256 0.30 309,363 Residential Asset Mortgage * Variable coupon rates are those quoted as at 31 December 2010. Products 2004-RS11 M1 25.11.34/0.881%* 263,772 0.45 (i) Security partially or totally held as collateral against futures positions by the broker. 101,135 Residential Funding Mortgage Securities I 2006-S12 2A2 25.12.36/6.000% 100,366 0.17 160,601 Structured Asset Securities 2005-WF4 A4 25.11.35/0.621%* 145,969 0.25 160,000 US Treasury (i) 10.02.11/0.000% 159,967 0.27 640,000 US Treasury 15.02.12/1.375% 647,300 1.09 540,000 US Treasury 15.01.13/1.375% 547,847 0.93 805,000 US Treasury 15.05.13/1.375% 815,943 1.38 75,000 US Treasury 15.09.13/0.750% 74,695 0.13 185,000 US Treasury (i) 15.02.14/4.000% 201,361 0.34 390,000 US Treasury 31.12.14/2.625% 406,240 0.69 1,365,000 US Treasury 31.10.15/1.250% 1,319,145 2.23 285,000 US Treasury 30.09.16/3.000% 295,153 0.50 730,000 US Treasury 15.08.19/3.625% 761,025 1.29 185,000 US Treasury 15.05.20/3.500% 189,105 0.32 125,000 US Treasury 15.08.20/2.625% 118,262 0.20 550,000 US Treasury 15.02.31/5.375% 639,117 1.08 795,000 US Treasury (i) 15.02.36/4.500% 818,477 1.38 40,000 US Treasury 15.08.40/3.875% 36,631 0.06 41,753 Wachovia Auto Owner Trust 2008-A A3A 20.09.12/4.810% 42,176 0.07 150,000 Wachovia Bank Commercial Mortgage Trust 2005-C21 A4 15.10.44/5.204%* 161,879 0.27 1,118,455 WaMu Mortgage Pass Through Certificates 2005-AR9 A1A 25.07.45/0.581%* 955,551 1.61 145,000 Wells Fargo Home Equity Trust 2004-2 AI6 25.05.34/5.000%* 149,059 0.25

74 JPMorgan Investment Funds - Global Bond 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 % of Net Assets Fixed Income Securities United States of America 31.11 Japan 23.69 Italy 5.36 United Kingdom 4.85 France 3.11 Germany 3.04 Netherlands 2.92 Canada 2.88 Spain 2.37 Mexico 1.91 South Africa 1.72 Belgium 1.64 South Korea 1.56 Austria 1.15 Israel 1.12 Denmark 0.86 Bermuda 0.72 Poland 0.70 Sweden 0.67 Brazil 0.57 Cayman Islands 0.47 Russia 0.47 Jersey 0.41 Australia 0.41 Finland 0.38 Switzerland 0.33 International Agencies 0.18 Total Fixed Income Securities 94.60 Investment Funds Luxembourg 1.86 Total Investment Funds 1.86 Cash and Other Assets/(Liabilities) 3.54 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 26.39 Japan 21.35 United Kingdom 5.62 Italy 5.02 Canada 3.78 Spain 3.48 France 3.10 Germany 2.33 International Agencies 1.68 Denmark 1.58 Netherlands 1.57 Belgium 1.51 Greece 1.38 South Korea 1.37 Mexico 1.20 Sweden 1.17 Austria 1.03 Israel 0.98 Luxembourg 0.90 Ireland 0.59 Poland 0.58 Brazil 0.48 Russia 0.45 Cayman Islands 0.45 Finland 0.34 Australia 0.33 Jersey 0.32 Switzerland 0.31 South Africa 0.17 Bermuda 0.15 Portugal 0.13 Total Fixed Income Securities 89.74 Investment Funds Luxembourg 8.66 Total Investment Funds 8.66 Cash and Other Assets/(Liabilities) 1.60 Total 100.00

75 JPMorgan Investment Funds - Global Bond Fund (USD) 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-41 Ginnie Mae 4.000% 870,000 873,670 5,573 25-Jan-41 Fannie Mae 4.000% 1,385,000 1,370,285 (19,622)

2,243,955 (14,049) 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 10 Year Bond Future AUD 105,156 1,058 Mar-11 4 Canada 10 Year Bond Future CAD 489,909 (281) Mar-11 10 Euro-Bobl Future EUR 1,590,999 (2,424) Mar-11 (12) Euro-Bund Future EUR (2,014,158) 13,649 Mar-11 21 Euro-Schatz Future EUR 3,066,142 (422) Mar-11 2 Japan 10 Year Bond Future JPY 3,461,595 (492) Mar-11 6 Long Gilt Future GBP 1,116,777 (9,113) Mar-11 (50) US 2 Year Note Future USD (10,937,500) 30,797 Mar-11 (22) US 5 Year Note Future USD (2,585,516) 72,391 Mar-11 21 US 10 Year Note Future USD 2,523,609 (124,438) Mar-11 (2) US Long Bond Future USD (243,125) 11,469

Total (7,806)

JPMorgan Investment Funds - Global Bond 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)

06-Jan-11 AUD 229,476 CAD 228,748 4,313 06-Jan-11 AUD 125,550 NZD 164,116 358 06-Jan-11 AUD 729,069 USD 694,948 47,020 06-Jan-11 CAD 258,378 AUD 263,266 (9,010) 06-Jan-11 CHF 127,319 USD 129,380 7,145 06-Jan-11 DKK 2,898,361 USD 515,567 5,206 06-Jan-11 EUR 109,818 CAD 147,307 (518) 06-Jan-11 EUR 145,792 NOK 1,155,127 (2,795) 06-Jan-11 EUR 61,284 NZD 109,304 (2,773) 06-Jan-11 EUR 433,442 USD 571,678 8,895 06-Jan-11 GBP 72,103 AUD 117,931 (7,704) 06-Jan-11 GBP 53,319 CHF 82,910 (5,851) 06-Jan-11 JPY 9,052,988 AUD 112,251 (2,799) 06-Jan-11 JPY 45,599,987 EUR 411,394 10,270 06-Jan-11 JPY 14,182,210 NZD 227,757 (2,247) 06-Jan-11 JPY 1,228,459,075 USD 15,056,505 65,164 06-Jan-11 MXN 4,058,955 USD 322,970 5,077 06-Jan-11 NOK 566,413 JPY 7,927,514 (457) 06-Jan-11 NOK 212,003 NZD 47,128 (235) 06-Jan-11 NOK 5,253,244 USD 843,267 57,539 06-Jan-11 NZD 325,574 AUD 250,190 (1,853) 06-Jan-11 NZD 304,489 CAD 229,383 6,535 06-Jan-11 NZD 216,020 USD 166,216 1,494 06-Jan-11 USD 780,882 CAD 799,046 (19,822) 06-Jan-11 USD 585,732 CHF 585,498 (42,100) 06-Jan-11 USD 505,010 DKK 2,898,361 (15,763) 06-Jan-11 USD 13,233,109 EUR 10,174,571 (395,219) 06-Jan-11 USD 3,912,877 GBP 2,521,871 (15,386) 06-Jan-11 USD 15,417,179 JPY 1,289,366,746 (454,232) 06-Jan-11 USD 825,335 NOK 4,876,533 (10,874) 06-Jan-11 USD 220,639 NZD 297,778 (10,545) 06-Jan-11 USD 882,562 ZAR 6,324,238 (71,260) 07-Jan-11 SEK 2,928,826 NOK 2,548,290 (42)

76 JPMorgan Investment Funds - Global Bond 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)

07-Jan-11 USD 381,526 PLN 1,189,180 (19,340) 07-Jan-11 USD 424,755 SEK 2,928,826 (12,159) 03-Feb-11 NOK 495,447 EUR 63,037 397 03-Feb-11 NOK 4,375,085 USD 741,392 7,750 03-Feb-11 SEK 484,208 CHF 67,433 (166) 03-Feb-11 SEK 1,784,984 USD 262,454 3,583 03-Feb-11 USD 58,926 CHF 56,578 (1,764) 03-Feb-11 USD 515,504 DKK 2,898,361 (5,231) 03-Feb-11 USD 14,563,248 JPY 1,186,783,575 (50,335) 03-Feb-11 USD 165,841 NZD 216,020 (1,476)

Total (931,210)

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 19,460,000 (212,956) (212,956) Pay fixed rate 3.377% 05-Feb-11 Credit Suisse Receive fixed rate 3.384% CAD 19,460,000 213,676 213,676 Pay floating rate CAD CDOR 3 months 05-Feb-14 Bank of Montreal Receive fixed rate 3.780% CAD 8,290,000 514,331 514,331 Pay floating rate CAD CDOR 3 months 05-Feb-14 Credit Suisse Receive floating rate CAD CDOR 3 months CAD 8,290,000 (514,826) (514,826) Pay fixed rate 3.781%

Total 225 225

77 JPMorgan Investment Funds - Global Capital Appreciation 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 7,060 Medtronic 195,416 0.17 18,444 Merck & Co. 496,265 0.44 Shares 16,780 MGM Resorts International 183,967 0.16 26,853 Microsoft 556,827 UNITED STATES OF AMERICA 0.49 15,102 Mylan 236,939 7,034 Abbott Laboratories 250,571 0.22 0.21 3,701 National Oilwell Varco 184,946 8,405 Actuant - A Shares 168,012 0.15 0.16 4,394 NetApp 179,818 5,294 Aflac 221,431 0.20 0.16 2,915 Newfield Exploration 156,147 16,905 Altria Group 309,274 0.28 0.14 6,051 Newmont Mining 277,060 9,075 American Express 288,927 0.26 0.25 17,609 News - B Shares 213,432 4,910 American Financial Group 118,695 0.11 0.19 5,511 NII Holdings 182,637 5,038 Ameriprise Financial 215,858 0.19 0.17 5,843 Norfolk Southern 273,600 7,760 AmerisourceBergen 197,990 0.18 0.24 3,750 Northrop Grumman 180,480 5,975 Anadarko Petroleum 342,990 0.30 0.16 18,208 Nvidia 206,012 9,437 Analog Devices 266,282 0.24 0.18 3,628 Occidental Petroleum 264,492 4,392 AOL 77,629 0.07 0.24 2,474 Parker Hannifin 158,854 3,980 Apple 956,781 0.85 0.14 43,327 Pfizer 566,232 5,824 Assurant 166,813 0.15 0.50 5,044 Philip Morris International 219,787 15,963 AT&T 350,079 0.31 0.20 26,293 Pier 1 Imports 208,566 3,471 Atlas Air Worldwide Holdings 145,777 0.13 0.19 3,046 Pioneer Natural Resources 197,184 3,011 Autoliv 177,699 0.16 0.18 7,184 PNC Financial Services Group 326,497 38,768 Bank of America 384,800 0.34 0.29 7,430 Principal Financial Group 181,333 7,730 BE Aerospace 213,182 0.19 0.16 5,049 Progress Energy164,028 12,821 Brinker International 200,626 0.18 0.15 6,746 Prudential Financial 293,597 4,871 Cameron International 183,338 0.16 0.26 6,503 QEP Resources 174,245 7,150 Capital One Financial 226,599 0.20 0.15 8,485 Qualcomm 312,649 5,070 Casey’s General Stores 161,947 0.14 0.28 3,916 Red Hat 133,856 10,676 CBS - B Shares 151,996 0.14 0.12 9,420 Reynolds American 229,127 5,613 CenturyLink 194,126 0.17 0.20 47 Rovi 2,181 1,181 Cephalon 54,503 0.05 0.00 7,321 Rowan 189,686 11,488 Chevron 780,862 0.69 0.17 13,209 RPC 174,992 3,140 Cimarex Energy208,872 0.19 0.16 6,647 SanDisk 247,206 34,298 Cisco Systems 515,065 0.46 0.22 5,742 Sotheby’s 193,293 222,424 Citigroup 787,937 0.70 0.17 4,796 Starwood Hotels & Resorts Worldwide 217,574 9,709 Coca-Cola Enterprises 180,814 0.16 0.19 7,459 State Street 257,580 3,914 Cognizant Technology Solutions - A Shares 214,336 0.19 0.23 12,116 TIBCO Software 178,332 14,943 Comcast - A Shares 243,704 0.22 0.16 1,077 Tiffany & Co. 50,543 7,340 Complete Production Services 159,190 0.14 0.04 3,627 Time Warner Cable 178,067 3,254 Concho Resources 211,852 0.19 0.16 3,828 Travelers 158,899 5,442 Cooper 227,601 0.20 0.14 4,661 United Technologies 272,554 13,625 Corning 196,677 0.17 0.24 15,350 US Bancorp 309,132 4,915 CSX 235,815 0.21 0.27 6,709 Veeco Instruments 215,452 2,631 Cummins 214,809 0.19 0.19 3,145 VF 203,405 5,822 Danaher 203,745 0.18 0.18 6,824 Viacom - B Shares 200,270 2,752 Deere & Co. 170,725 0.15 0.18 4,976 Watson Pharmaceuticals 190,094 12,395 Discover Financial Services 169,159 0.15 0.17 5,417 WellPoint 229,326 8,726 Dow Chemical 221,985 0.20 0.20 33,330 Wells Fargo & Co. 768,771 20,013 El Paso 204,769 0.18 0.68 2,535 Whiting Petroleum 219,992 12,439 EMC/Massachusetts 211,689 0.19 0.20 8,167 Williams-Sonoma 218,831 5,330 Emerson Electric 227,792 0.20 0.19 27,179 Xerox 233,044 6,696 Endo Pharmaceuticals Holdings 178,992 0.16 0.21 4,797 Zimmer Holdings 192,639 9,600 Express 134,599 0.12 0.17 7,911 Exxon Mobil 431,710 0.38 1,775 F5 Networks 173,577 0.15 31,917,454 28.37 4,640 Family Dollar Stores 173,344 0.15 UNITED KINGDOM 16,240 Ford Motor 201,568 0.18 38,817 ARM Holdings 191,311 0.17 7,975 Forest Laboratories 190,377 0.17 38,895 Ashmore Group 151,665 0.13 4,279 Fossil 225,506 0.20 5,292 AstraZeneca 179,828 0.16 2,298 Freeport-McMoRan Copper & Gold 204,718 0.18 47,540 Aviva 217,938 0.19 8,608 GameStop - A Shares 146,621 0.13 123,670 Barclays 377,817 0.34 3,857 Gardner Denver 198,933 0.18 23,222 BG Group 350,400 0.31 8,595 General Motors 235,625 0.21 51,598 BP 279,655 0.25 5,809 Gilead Sciences 156,626 0.14 8,641 British American Tobacco 247,657 0.22 2,294 Goldman Sachs Group 286,902 0.26 46,070 BT Group 96,920 0.09 3,341 Goodrich 218,551 0.19 17,085 Burberry Group 223,326 0.20 1,193 Google - A Shares 531,268 0.47 47,840 Centrica 185,098 0.17 6,602 Guess? 235,527 0.21 29,408 Cookson Group 224,521 0.20 7,312 Halliburton 221,961 0.20 105,342 EnQuest 171,019 0.15 13,749 Hartford Financial Services Group 270,679 0.24 85,623 GKN 220,956 0.20 5,330 Hess 302,283 0.27 17,386 GlaxoSmithKline 250,815 0.22 18,167 Hewlett-Packard 569,308 0.51 14,313 IMI 157,380 0.14 4,539 Humana 184,871 0.17 43,988 Inchcape 181,857 0.16 22,452 Intel 351,418 0.31 11,854 Intercontinental Hotels Group 171,492 0.15 5,076 International Business Machines 553,739 0.49 48,676 International Personal Finance 217,145 0.19 20,567 Interpublic Group of Companies 162,838 0.14 42,957 International Power 219,259 0.19 3,365 JM Smucker 164,752 0.15 35,573 J Sainsbury156,376 0.14 5,291 Kansas City Southern 189,922 0.17 362,770 Lloyds Banking Group 277,681 0.25 5,541 Lam Research 214,885 0.19 23,314 Prudential 181,113 0.16 5,270 Legg Mason 141,896 0.13 6,918 Renishaw 99,600 0.10 13,175 Lennar - A Shares 183,345 0.16 9,576 Rio Tinto 500,132 0.44 6,320 Lincoln National 129,920 0.12 19,179 Standard Chartered 384,856 0.34 7,963 Ltd Brands 184,146 0.16 16,645 Travis Perkins 203,831 0.18 1,490 Lubrizol 119,466 0.11 15,919 Unilever 364,148 0.32 9,897 Macy’s 186,014 0.17 358,520 Vodafone Group 691,699 0.61 4,210 Mead Johnson Nutrition 192,388 0.17 8,357 Weir Group 172,895 0.16

78 JPMorgan Investment Funds - Global Capital Appreciation 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

29,344 Xstrata 513,927 0.46 NETHERLANDS 28,620 Aegon 131,309 0.12 7,862,317 6.99 15,163 AerCap Holdings 159,900 0.14 6,984 ASML Holding 201,663 0.18 JAPAN 32,911 ING Groep - CVA 239,625 0.21 7,500 Aisin Seiki 198,119 0.18 15,530 Koninklijke KPN 169,976 0.15 26,000 Asahi Glass 226,867 0.20 8,071 Koninklijke Philips Electronics 185,028 0.17 12,800 Honda Motor 378,471 0.34 3,225 Nutreco 182,906 0.16 65,000 Isuzu Motors 220,715 0.20 28,691 Royal Dutch Shell - A Shares 710,676 0.63 28,400 ITOCHU 214,663 0.19 49,500 JX Holdings 250,873 0.22 1,981,083 1.76 11,900 Komatsu 268,802 0.24 59,000 Marubeni 309,593 0.28 AUSTRALIA 17,900 Mitsubishi 361,646 0.32 19,390 BHP Billiton 669,012 0.59 32,000 Mitsubishi Electric 250,990 0.22 10,893 Flight Centre 205,926 0.19 15,600 Mitsui & Co. 192,389 0.17 28,065 Iluka Resources 196,224 0.17 3,700 Murata Manufacturing 193,302 0.17 8,431 Macquarie Group 238,194 0.21 7,600 Nippon Telegraph & Telephone 257,193 0.23 38,800 Nissan Motor 275,801 0.24 1,309,356 1.16 3,550 ORIX 260,989 0.23 HONG KONG 1,900 SMC 243,225 0.22 108,000 AIA Group 227,427 0.20 16,800 Sumitomo 177,469 0.16 71,000 Cathay Pacific Airways 146,955 0.13 22,300 Sumitomo Electric Industries 231,163 0.20 121,000 CNOOC 213,953 0.20 2,870 Yamada Denki 146,247 0.13 55,000 Hang Lung Properties 192,416 0.17 15,000 Sun Hung Kai Properties 185,201 0.17 4,658,517 4.14 31,000 Wharf Holdings 178,348 0.16 FRANCE 19,862 AXA 247,580 0.22 1,144,300 1.03 7,224 BNP Paribas 344,476 0.31 CHINA 14,511 France Télécom 226,263 0.20 325,280 China Construction Bank - H Shares ** 217,599 0.19 3,434 Pernod-Ricard 241,857 0.21 140,059 China Merchants Bank - H Shares ** 264,199 0.24 1,813 PPR 215,928 0.19 126,000 Dongfeng Motor Group - H Shares ** 161,680 0.15 4,780 Renault 207,763 0.18 30,000 Weichai Power - H Shares ** 138,883 0.12 11,405 Rhodia 281,960 0.25 80,000 Yanzhou Coal Mining - H Shares ** 181,719 0.16 9,160 Sanofi-Aventis 438,650 0.39 1,865 Schneider Electric 209,346 0.20 964,080 0.86 7,343 Société Générale 296,070 0.26 2,643 Technip 183,107 0.16 BERMUDA 8,472 Total 336,063 0.30 11,660 Assured Guaranty153,993 0.14 4,047 Valeo 171,795 0.15 4,924 Axis Capital Holdings 131,606 0.12 9,909 Invesco 175,587 0.15 3,400,858 3.02 23,000 Orient Overseas International 167,723 0.15 2,644 PartnerRe 159,130 0.14 SWITZERLAND 4,502 ACE 208,891 0.19 788,039 0.70 4,181 Compagnie Financiere Richemont - Bearer A Shares 184,170 0.16 13,861 Crédit Suisse Group Registered Shares 418,159 0.37 JERSEY 11,210 GAM Holding 139,096 0.12 39,094 Informa 185,084 0.16 17,813 Nestlé Registered Shares 781,084 0.69 9,552 Petrofac 176,513 0.16 15,165 Novartis Registered Shares 667,399 0.60 9,518 Shire 171,235 0.15 669 Swatch Group - Bearer Shares 223,166 0.20 22,866 WPP 210,740 0.19 36,437 UBS Registered Shares 447,889 0.40 1,584 Zurich Financial Services 307,183 0.27 743,572 0.66 INDIA 3,377,037 3.00 5,359 ICICI Bank ADR 202,365 0.18 CANADA 8,808 Tata Motors ADR 192,705 0.17 6,155 BCE 163,702 0.15 51,024 Yes Bank 266,329 0.24 3,361 First Quantum Minerals 270,977 0.24 8,899 Imax 199,745 0.18 661,399 0.59 4,846 Loblaw 146,054 0.13 SWEDEN 38,728 Lundin Mining 209,049 0.19 12,563 Atlas Copco - A Shares 237,531 0.21 2,363 Niko Resources 183,461 0.16 9,002 Tele2 - B Shares 140,072 0.12 13,767 Quadra FNX Mining 172,211 0.15 19,410 Volvo - B Shares 256,297 0.23 4,520 Research In Motion 194,460 0.17 21,724 SEMAFO 175,692 0.16 633,900 0.56 14,434 Talisman Energy239,138 0.21 5,328 Teck Cominco - B Shares 243,134 0.21 CAYMAN ISLANDS 4,171 TELUS 142,561 0.13 2,863 Baidu China ADR 208,305 0.19 1,250 TELUS Non Voting 40,587 0.04 643 ENN Energy Holdings 1,445 0.00 3,700 Herbalife 188,377 0.17 2,380,771 2.12 98,000 United Laboratories International Holdings 151,071 0.13

GERMANY 549,198 0.49 4,691 BASF 280,967 0.25 4,686 Bayer Registered Shares 257,636 0.23 SPAIN 3,038 Bayerische Motoren Werke 179,060 0.16 1,922 Inditex 107,728 0.10 2,530 Continental 149,574 0.13 22,526 Telefonica 382,323 0.34 11,840 Deutsche Post Registered Shares 150,042 0.13 7,537 E.ON 172,070 0.15 490,051 0.44 3,301 Lanxess 193,686 0.17 IRELAND 1,739 Linde 198,159 0.18 5,130 Accenture - A Shares 185,292 0.16 3,381 Siemens Registered Shares 314,585 0.28 7,849 Covidien 265,628 0.24 1,920 Volkswagen Preference Shares 233,664 0.21 450,920 0.40 2,129,443 1.89

79 JPMorgan Investment Funds - Global Capital Appreciation 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

TAIWAN UNITED STATES OF AMERICA 26,880 Hon Hai Precision Industry Registered Shares GDR 162,249 0.14 995,000 Roche Holdings 04.03.15/5.500% 1,274,027 1.13 24,055 Taiwan Semiconductor Manufacturing ADR 223,678 0.20 2,000,000 Verizon Wireless Capital 01.02.14/5.550% 1,640,635 1.46

385,927 0.34 2,914,662 2.59 SINGAPORE Total Bonds 13,661,298 12.14 19,000 Singapore Airlines 169,794 0.15 142,000 Yangzijiang Shipbuilding Holdings 158,934 0.14 Convertible Bonds

328,728 0.29 GERMANY 2,400,000 KfW - Kreditanstalt fuer BRAZIL Wiederaufbau 27.06.13/3.250% 2,492,400 2.22 10,095 Companhia de Bebidas das Americas Preference Shares ADR 236,991 0.21 2,492,400 2.22

236,991 0.21 Total Convertible Bonds 2,492,400 2.22 MEXICO Total Transferable Securities Admitted to an 84,725,967 75.32 134,088 Compartamos 214,575 0.19 Official Exchange Listing

214,575 0.19 Transferable Securities Dealt in on Another Regulated Market LUXEMBOURG 10,709 Acergy195,719 0.17 Bonds NETHERLANDS 195,719 0.17 725,840 Holland Euro-Denominated ISLE OF MAN Mortgage Backed Series 11 A 18.09.40/1.144%* 694,109 0.62 150,000 Genting Singapore 191,060 0.17 694,109 0.62 191,060 0.17 UNITED KINGDOM SOUTH KOREA 404,005 Paragon Mortgages 9X AB 15.05.41/1.410%* 354,452 0.31 1,647 Hyundai Motor 189,920 0.17 9,628 Prominent CMBS Funding 1 A1 20.12.32/1.254%* 8,597 0.01

189,920 0.17 363,049 0.32

LIBERIA Total Bonds 1,057,158 0.94 5,390 Royal Caribbean Cruises 189,573 0.17 Investment Funds 189,573 0.17 LUXEMBOURG DENMARK 3,285,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM 2,496 Carlsberg - B Shares 187,249 0.17 Euro Liquidity X (dist)) 3,285,000 2.92

187,249 0.17 3,285,000 2.92

FINLAND Total Investment Funds 3,285,000 2.92 4,321 Metso 180,553 0.16 Total Transferable Securities Dealt in on Another 4,342,158 3.86 180,553 0.16 Regulated Market BELGIUM Total Investments 89,068,125 79.18 2,079 Bekaert 179,158 0.16

179,158 0.16 Cash Equivalents ISRAEL Time Deposits 4,587 Teva Pharmaceutical Industries ADR 177,237 0.16 FRANCE 5,200,000 Crédit Lyonnais 5,200,000 177,237 0.16 04.01.11/0.200% 4.62 NORWAY 5,200,000 4.62 13,326 Telenor 161,825 0.14 NETHERLANDS 5,200,000 ING Bank 5,200,000 161,825 0.14 04.01.11/0.350% 4.62 ITALY 5,200,000 4.62 195,348 Telecom Italia 159,404 0.14 UNITED KINGDOM 2,600,000 Bank of Scotland 2,600,000 159,404 0.14 04.01.11/0.100% 2.31 INDONESIA 2,600,000 2.31 175,000 Bank Rakyat Indonesia 152,055 0.14 Total Time Deposits 13,000,000 11.55 152,055 0.14 Total Cash Equivalents 13,000,000 11.55 Total Shares 68,572,269 60.96 Bonds Total Investments plus Total Cash Equivalents 102,068,125 90.73

AUSTRALIA Cash 13,425,604 11.93 4,800,000 Australia (Commonwealth of) 20.08.20/4.000% 5,931,972 5.27 Other Assets/(Liabilities) (2,998,663) (2.66) 5,931,972 5.27 FRANCE Total Net Assets 112,495,066 100.00 113,000 Sanofi-Aventis 17.05.13/3.500% 117,256 0.10 4,500,000 Société Financement de l’Economie Francaise 16.01.14/3.250% 4,697,408 4.18 * Variable coupon rates are those quoted as at 31 December 2010. ** Hong Kong Registered Shares. 4,814,664 4.28

80 JPMorgan Investment Funds - Global Capital Appreciation 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 % of Net Assets Fixed Income Securities Australia 5.27 France 4.28 United States of America 2.59 Germany 2.22 Netherlands 0.62 United Kingdom 0.32 Total Fixed Income Securities 15.30 Shares Financials 12.02 Consumer Discretionary 9.89 Information Technology 8.13 Industrials 6.88 Energy 6.84 Health Care 5.54 Materials 4.59 Consumer Staples 3.24 Telecommunication Services 2.99 Investment Companies 2.92 Utilities 0.84 Total Shares 63.88 Cash Equivalents, Cash and Other Assets/(Liabilities) 20.82 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Fixed Income Securities France 11.70 Australia 5.71 Netherlands 3.67 United States of America 3.37 Germany 2.90 United Kingdom 0.71 Spain 0.46 Total Fixed Income Securities 28.52 Shares Financials 13.24 Consumer Discretionary 9.36 Industrials 8.67 Information Technology 7.62 Energy 6.70 Health Care 5.64 Materials 4.94 Consumer Staples 3.77 Telecommunication Services 3.14 Investment Companies 3.09 Utilities 0.85 Total Shares 67.02 Cash and Other Assets/(Liabilities) 4.46 Total 100.00

81 JPMorgan Investment Funds - Global Capital Appreciation 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-11 131 Euro-Bund Future EUR 16,415,610 (111,350) Mar-11 5 Japan 10 Year Bond Future JPY 6,460,852 (919) Mar-11 (85) US 2 Year Note Future USD (13,882,127) 36,196 Mar-11 223 US 5 Year Note Future USD 19,566,687 (414,265)

(490,338) Total Bond Futures

Equity Futures

Jan-11 29 AMX Index Future EUR 2,057,840 15,950 Jan-11 60 CAC 40 10 Euro Future EUR 2,285,850 (57,150) Jan-11 51 Hang Seng Index Future HKD 5,637,996 33,155 Jan-11 123 OMX Index Future SEK 1,585,097 4,795 Mar-11 12 Dax Index Future EUR 2,078,100 (34,650) Mar-11 (313) DJ Euro Stoxx 50 Index Future EUR (8,745,220) 206,581 Mar-11 166 Nasdaq 100 E-Mini Futures USD 5,481,179 (9,837) Mar-11 48 Nikkei 225 Index Future JPY 4,503,712 28,764 Mar-11 (18) S&P 60 Index Future CAD (2,054,335) (22,408) Mar-11 (463) SP 500 Emini Future USD (21,612,659) (252,335) Mar-11 (28) SPI 200 Future AUD (2,516,281) 22,343 Mar-11 (39) Swiss Market Index Future CHF (1,985,012) 35,279 Mar-11 31 Topix Index Future JPY 2,552,544 49,634

20,121 Total Equity Futures Total (470,217)

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 AUD 9,370,000 CHF 9,113,543 (195,332) 24-Jan-11 AUD 500,000 EUR 370,340 8,639 24-Jan-11 CAD 435,135 EUR 305,358 20,064 24-Jan-11 CHF 8,786,238 AUD 9,232,500 37,471 24-Jan-11 CHF 1,073,628 EUR 806,965 52,712 24-Jan-11 EUR 7,253,646 AUD 10,298,402 (552,121) 24-Jan-11 EUR 2,375,734 CAD 3,377,406 (150,110) 24-Jan-11 EUR 3,812,984 CHF 5,072,596 (248,751) 24-Jan-11 EUR 9,986,118 GBP 8,717,414 (149,891) 24-Jan-11 EUR 5,411,767 HKD 57,864,285 (146,880) 24-Jan-11 EUR 5,553,117 JPY 622,913,074 (172,512) 24-Jan-11 EUR 547,158 SEK 5,084,408 (18,768) 24-Jan-11 EUR 234,111 SGD 423,500 (12,770) 24-Jan-11 EUR 43,914,553 USD 60,900,971 (1,551,636) 24-Jan-11 GBP 614,050 EUR 701,663 12,313 24-Jan-11 HKD 29,511,579 EUR 2,780,688 54,298 24-Jan-11 HKD 6,998,175 GBP 565,000 15,326 24-Jan-11 JPY 363,016,200 NOK 26,970,000 (112,808) 24-Jan-11 JPY 375,488,051 SEK 31,654,700 (71,987) 24-Jan-11 NOK 34,621,529 EUR 4,237,252 190,945 24-Jan-11 NOK 27,190,000 JPY 381,894,698 (32,579) 24-Jan-11 NZD 5,993,000 USD 4,746,516 (75,203) 24-Jan-11 SEK 31,213,000 JPY 387,103,626 (83,944) 24-Jan-11 SGD 375,228 EUR 215,934 2,807 24-Jan-11 USD 5,035,979 EUR 3,835,192 (75,535) 24-Jan-11 USD 6,550,000 NOK 37,869,480 46,344 25-Jan-11 USD 4,438,652 NZD 5,993,400 (154,575)

Total (3,364,483)

82 JPMorgan Investment Funds - Global Capital Appreciation Fund Schedule of Investments - Outstanding Financial Option Contracts (Expressed in EUR) As at 31 December 2010

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

14-Jan-11 85 Nikkei 225 Index, Call Option, Strike Price 10,000 JPY 193,400 (56,562) 14-Jan-11 (171) Nikkei 225 Index, Call Option, Strike Price 10,750 JPY (6,160) 100,698 21-Jan-11 395 Dax Index, Call Option, Strike Price 7050 EUR 123,832 (79,592) 21-Jan-11 (395) Dax Index, Call Option, Strike Price 7200 EUR (45,030) 69,520 21-Jan-11 (395) Dax Index, Call Option, Strike Price 7300 EUR (20,540) 52,535 10-Feb-11 157 Nikkei 225 Index, Call Option, Strike Price 10,500 JPY 148,665 (111,037) 10-Feb-11 (235) Nikkei 225 Index, Call Option, Strike Price 11,250 JPY (17,039) 30,821 25-Feb-11 241 H-Shares Index, Put Option, Strike Price 21,000 HKD 145,827 (83,224) 25-Feb-11 (121) H-Shares Index, Put Option, Strike Price 22,000 HKD (170,837) 62,017

Total 352,118 (14,824)

Schedule of Investments - Outstanding Inflation Rate Swaps (Expressed in EUR)

Unrealised Termination Market Gain/ Date Counterparty Description Currency Nominal Value (Loss)

19-Aug-14 UBS Receive floating USD USCPI 1month USD 15,900,000 218,660 218,660 Pay fixed rate 1.435% 19-Aug-14 UBS Receive fixed rate 1.930% EUR 10,750,000 121,557 121,557 Pay floating rate EUR EUHICP 1 month

Total 340,217 340,217

83 JPMorgan Investment Funds - Global Capital Preservation 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 BERMUDA 1,304,910 Aquarius Platinum 5,328,055 0.32 Shares 1,993,800 Esprit Holdings 7,109,308 0.43

UNITED STATES OF AMERICA 12,437,363 0.75 576,091 Abbott Laboratories 20,521,992 1.23 168,538 Celgene 7,409,280 0.45 SWITZERLAND 153,074 Chevron 10,404,735 0.63 265,085 Nestlé Registered Shares 11,623,733 0.70 71,105 Citigroup Preference Shares 7,233,923 0.44 290,616 Coca-Cola 14,210,232 0.85 11,623,733 0.70 177,797 Deere & Co. 11,029,932 0.66 DENMARK 278,051 EI du Pont de Nemours & Co. 10,305,605 0.62 143,943 Carlsberg - B Shares 10,798,560 0.65 132,694 Freeport-McMoRan Copper & Gold 11,821,055 0.71 General Motors Preference Shares 8,680,616 216,045 0.52 10,798,560 0.65 517,719 Hewlett-Packard 16,224,014 0.98 88,745 International Business Machines 9,681,153 0.58 TAIWAN 319,968 McDonald’s 18,249,249 1.10 3,129,280 Hon Hai Precision0.57 Industry9,398,677 522,924 Microsoft 10,843,417 0.65 793 MediaTek 8,476 0.01 211,141 Mosaic 11,909,144 0.72 924 Taiwan Semiconductor Manufacturing 1,682 0.00 155,481 Newmont Mining 7,119,079 0.43 350,204 Norfolk Southern 16,398,369 0.99 9,408,835 0.58 394,135 Time Warner 9,446,941 0.57 SOUTH AFRICA Union Pacific 13,431,409 195,074 0.81 264,880 Impala Platinum Holdings 6,943,552 0.42 243,848 United Technologies 14,259,133 0.86 962 Wells Fargo & Co. Preference Shares 722,504 0.04 6,943,552 0.42 269,358 Yum! Brands 9,859,736 0.59 SINGAPORE 239,761,518 14.43 1,722,000 Wilmar International 5,656,570 0.34

JAPAN 5,656,570 0.34 1,464,000 Asahi Glass 12,774,375 0.77 146,500 Daikin Industries 3,878,012 0.23 NETHERLANDS 381,600 Honda Motor 11,283,154 0.68 1,647,542 Vimetco Registered Shares GDR 3,628,541 0.22 1,429,900 ITOCHU 10,807,996 0.65 2,055,000 Marubeni 10,783,296 0.65 3,628,541 0.22 624,900 Mitsubishi 12,625,268 0.76 980,000 Mitsubishi Electric 7,686,581 0.46 Total Shares 620,024,305 37.35 1,045,500 Mitsui & Co. 12,893,777 0.78 Bonds 121,200 Nidec 9,144,277 0.55 986,800 Sumitomo 10,424,176 0.63 JAPAN 155,600 Tokyo Electron 7,349,813 0.44 11,520,000,000 Japan (Government of) 20.09.30/1.800% 104,330,206 6.28

109,650,725 6.60 104,330,206 6.28 UNITED KINGDOM INTERNATIONAL AGENCIES 615,325 BG Group 9,284,729 0.55 90,000,000 European Investment Bank 15.04.19/4.250% 96,867,225 5.83 873,285 British American Tobacco 25,028,922 1.51 651,284 Intercontinental Hotels Group 9,422,109 0.57 96,867,225 5.83 194,238 Reckitt Benckiser Group 7,978,334 0.48 UNITED KINGDOM 356,034 Standard Chartered 7,144,367 0.43 46,000,000 UK Treasury 07.09.39/4.250% 54,102,654 3.26 449,001 Unilever 10,270,912 0.62 5,775,615 Vodafone Group 11,142,995 0.67 54,102,654 3.26 1,171,677 Xstrata 20,520,607 1.23 AUSTRALIA 100,792,975 6.06 35,000,000 Australia (Commonwealth of) 20.08.20/4.000% 43,253,963 2.61

FRANCE 43,253,963 2.61 198,566 Sanofi-Aventis 9,508,829 0.57 411,483 Total 16,322,502 0.99 UNITED STATES OF AMERICA 22,400,000 Verizon Wireless Capital 01.02.14/5.550% 18,375,108 1.11 25,831,331 1.56 18,375,108 1.11 HONG KONG 3,592,000 Hang Lung Properties 12,566,523 0.76 CAYMAN ISLANDS 551,000 Sun Hung Kai Properties 6,803,039 0.41 15,000,000 Hutchison Whampoa International 10 28.10.15/6.000%* 11,070,470 0.67 19,369,562 1.17 11,070,470 0.67 JERSEY 1,918,787 WPP 17,684,116 1.07 FRANCE 1,603,000 Sanofi-Aventis 17.05.13/3.500% 1,663,379 0.10 17,684,116 1.07 1,663,379 0.10 LUXEMBOURG 577,511 ArcelorMittal 16,412,863 0.99 Total Bonds 329,663,005 19.86 16,412,863 0.99 Convertible Bonds GERMANY NETHERLANDS 374,220 Fresenius Medical Care & Co. KGaA 16,227,115 0.98 25,150,000 Portugal Telecom International Finance 28.08.14/4.125% 25,401,500 1.53 16,227,115 0.98 25,401,500 1.53 CANADA 978,589 Kinross Gold 13,796,946 0.83 GERMANY 19,700,000 KfW - Kreditanstalt fuer 13,796,946 0.83 Wiederaufbau 27.06.13/3.250% 20,458,450 1.23 20,458,450 1.23

84 JPMorgan Investment Funds - Global Capital Preservation 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 STATES OF AMERICA Cash Equivalents 18,650,000 Swiss Re America Holding 21.11.21/3.250%* 13,488,610 0.81 Time Deposits 13,488,610 0.81 NETHERLANDS SINGAPORE 83,500,000 ING Bank 03.01.11/0.350% 83,500,000 5.03 18,250,000 CapitaLand 03.09.16/2.875% 10,972,499 0.66 83,500,000 ING Bank 04.01.11/0.350% 83,500,000 5.03 9,000,000 Rabobank Nederland 03.01.11/0.100% 9,000,000 0.54 10,972,499 0.66 36,500,000 Rabobank Nederland 04.01.11/0.120% 36,500,000 2.19

Total Convertible Bonds 70,321,059 4.23 212,500,000 12.79 FRANCE Total Transferable Securities Admitted to an 1,020,008,369 61.44 Official Exchange Listing 83,500,000 Crédit Lyonnais 03.01.11/0.200% 83,500,000 5.03 83,500,000 Crédit Lyonnais 04.01.11/0.150% 83,500,000 5.03 Transferable Securities Dealt in on Another Regulated Market 167,000,000 10.06 Bonds Total Time Deposits 379,500,000 22.85 UNITED STATES OF AMERICA 87,000,000 US Treasury 28.02.15/2.375% 66,860,001 4.03 Total Cash Equivalents 379,500,000 22.85 66,860,001 4.03 Total Investments plus Total Cash Equivalents 1,669,940,027 100.58 UNITED KINGDOM 2,337,636 Granite Master Issuer 2005-2 A5 20.12.54/1.093%* 2,176,220 0.13 Cash 138,610,268 8.35 8,404,692 Granite Master Issuer 2006-1X A6 7,828,970 20.12.54/0.913%* 0.47 Other Assets/(Liabilities) (148,300,759) (8.93) 8,429,190 Paragon Mortgages 11X A2B 15.10.41/1.105%* 7,081,312 0.43 1,616,019 Paragon Mortgages 9X AB 15.05.41/1.410%* 1,417,810 0.08 Total Net Assets 1,660,249,536 100.00 370,664 Prominent CMBS Funding 1 A1 20.12.32/1.254%* 330,995 0.02

18,835,307 1.13 * Variable coupon rates are those quoted as at 31 December 2010. NETHERLANDS 16,613,681 Holland Euro-Denominated Mortgage Backed Series 11 A 18.09.40/1.144%* 15,887,381 0.96

15,887,381 0.96

Total Bonds 101,582,689 6.12 Convertible Bonds UNITED STATES OF AMERICA 26,100,000 Boston Properties 15.05.36/3.750% 21,629,027 1.30 8,602,000 Gilead Sciences 01.05.11/0.500% 6,630,755 0.40 20,550,000 Gilead Sciences 01.05.13/0.625% 16,991,396 1.02 21,823,000 Health Care REIT 01.12.29/3.000% 17,514,447 1.05 26,348,000 Liberty Media 30.03.23/3.125% 22,154,195 1.33 9,150,000 Life Technologies 15.02.24/1.500% 8,291,323 0.50 16,050,000 Life Technologies 15.06.25/3.250% 14,364,059 0.87 12,510,000 Rayonier TRS Holdings 15.10.12/3.750% 10,413,715 0.63 14,350,000 Symantec 15.06.13/1.000% 12,226,614 0.74 6,786,000 Tech Data 15.12.26/2.750% 5,306,906 0.32 32,563,000 Vornado Realty 15.04.25/3.875% 27,167,236 1.64

162,689,673 9.80 NETHERLANDS ANTILLES 7,595,000 Teva Pharmaceutical Finance 01.02.26/1.750% 6,159,296 0.37

6,159,296 0.37

Total Convertible Bonds 168,848,969 10.17

Total Transferable Securities Dealt in on Another 270,431,658 16.29 Regulated Market Total Investments 1,290,440,027 77.73

85 JPMorgan Investment Funds - Global Capital Preservation 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

Allocation of Portfolio as at 31 December 2010 % of Net Assets Fixed Income Securities United States of America 15.75 Japan 6.28 International Agencies 5.83 United Kingdom 4.39 Australia 2.61 Netherlands 2.49 Germany 1.23 Cayman Islands 0.67 Singapore 0.66 Netherlands Antilles 0.37 France 0.10 Total Fixed Income Securities 40.38 Shares Industrials 9.02 Materials 6.27 Consumer Discretionary 5.53 Consumer Staples 5.15 Health Care 3.23 Information Technology 3.23 Energy 2.17 Financials 2.08 Telecommunication Services 0.67 Total Shares 37.35 Cash Equivalents, Cash and Other Assets/(Liabilities) 22.27 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 24.66 International Agencies 8.37 Australia 6.77 Netherlands 6.09 Germany 4.13 Cayman Islands 3.19 Jersey 1.61 United Kingdom 1.41 Panama 1.26 France 1.07 Netherlands Antilles 1.07 Malaysia 0.59 Hungary 0.58 Singapore 0.56 Spain 0.33 Canada 0.20 Total Fixed Income Securities 61.89 Shares Information Technology 3.37 Consumer Staples 3.00 Industrials 2.94 Investment Companies 2.36 Materials 2.29 Financials 2.02 Energy 1.76 Health Care 1.49 Consumer Discretionary 1.02 Telecommunication Services 0.53 Total Shares 20.78 Cash Equivalents, Cash and Other Assets/(Liabilities) 17.33 Total 100.00

86 JPMorgan Investment Funds - Global Capital Preservation 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 (332) Euro Buxl 30 Year Bond Future EUR (35,822,800) (31,680) Mar-11 (172) Euro-Bund Future EUR (21,553,320) 146,200 Mar-11 (9,681) Euro-Schatz Future EUR (1,055,277,405) (7,485) Mar-11 2,456 Long Gilt Future GBP 341,213,634 (2,976,382) Mar-11 (10,124) US 10 Year Note Future USD (908,357,306) 22,618,441 Mar-11 13,729 US 5 Year Note Future USD 1,204,623,505 (16,832,494)

2,916,600 Total Bond Futures

Equity Futures

Mar-11 (11,549) DJ Euro Stoxx 50 Index Future EUR (322,679,060) 8,522,130 Mar-11 2,456 Nasdaq 100 E-Mini Futures USD 81,095,034 (146,941) Mar-11 (9,000) SP 500 Emini Future USD (420,116,479) (4,569,040) Dec-11 5,907 DJ Euro Stoxx 50 Index Dividend Futures EUR 68,757,480 3,605,460 Dec-12 2,178 DJ Euro Stoxx 50 Index Dividend Future EUR 24,611,400 551,580

7,963,189 Total Equity Futures Total 10,879,789

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 EUR 89,182 SEK 800,000 106 14-Jan-11 SEK 528,802,057 EUR 58,007,201 872,658 24-Jan-11 AUD 156,727,671 EUR 116,907,101 1,886,039 24-Jan-11 CAD 11,013,667 EUR 8,228,790 7,946 24-Jan-11 EUR 160,695,123 AUD 217,070,187 (3,835,168) 24-Jan-11 EUR 21,661,193 CAD 29,366,946 (301,315) 24-Jan-11 EUR 9,551,807 CHF 12,361,433 (346,254) 24-Jan-11 EUR 182,673,867 GBP 155,232,010 2,180,778 24-Jan-11 EUR 39,497,397 HKD 413,458,751 (220,909) 24-Jan-11 EUR 217,050,124 JPY 24,210,399,667 (5,484,572) 24-Jan-11 EUR 16,532,030 SGD 28,915,678 (324,465) 24-Jan-11 EUR 594,228,690 USD 800,213,311 (3,178,050) 24-Jan-11 HKD 91,842,610 USD 11,825,017 (5,352) 24-Jan-11 NOK 27,722,518 EUR 3,496,696 49,096 24-Jan-11 SEK 31,341,319 EUR 3,426,114 62,365 24-Jan-11 USD 47,000,000 EUR 35,559,375 (471,085) 25-Jan-11 NZD 7,302,897 EUR 4,093,346 132,727 17-Feb-11 SEK 22,000,000 EUR 2,450,828 (3,987)

Total (8,979,442)

Schedule of Investments - Outstanding Future Option Contracts (Expressed in EUR)

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

21-Jan-11 30,000 US 5 Year Note Future, Call Option, Strike Price 121.5 USD 174,979 (4,721,939)

Total 174,979 (4,721,939)

87 JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) Schedule of Investments - Outstanding Financial Option Contracts (Expressed in EUR) As at 31 December 2010

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

14-Jan-11 1,371 Nikkei 225 Index, Call Option, Strike Price 10,000 JPY 3,119,422 (912,304) 14-Jan-11 (2,742) Nikkei 225 Index, Call Option, Strike Price 10,750 JPY (98,777) 1,614,706 19-Jan-11 (12,852) VIX Index, Call Option, Strike Price 27.5 USD (383,799) 1,393,483 19-Jan-11 25,705 VIX Index, Call Option, Strike Price 35 USD 287,861 (1,486,755) 19-Jan-11 30,000 VIX Index, Put Option, Strike Price 20 USD 3,471,574 - 19-Jan-11 35,931 VIX Index, Put Option, Strike Price 22.5 USD 8,852,313 1,693,773 21-Jan-11 5,910 Dax Index, Call Option, Strike Price 7,050 EUR 1,852,785 (1,190,865) 21-Jan-11 (5,910) Dax Index, Call Option, Strike Price 7,200 EUR (673,740) 1,040,160 21-Jan-11 (5,910) Dax Index, Call Option, Strike Price 7,300 EUR (307,320) 786,030 21-Jan-11 (24,000) DJ Euro Stoxx 50, Put Option, Strike Price 2,600 EUR (2,928,000) (173,232) 21-Jan-11 24,000 DJ Euro Stoxx 50, Put Option, Strike Price 2,800 EUR 14,640,000 2,184,924 21-Jan-11 (2,650) Nestlé, Call Option, Strike Price 56 CHF (53,035) 129,406 21-Jan-11 (5,775) Vodafone, Call Option, Strike Price 180 GBP (16,790) 125,924 10-Feb-11 2,334 Nikkei 225 Index, Call Option, Strike Price 10,500 JPY 2,210,092 (1,650,705) 10-Feb-11 (3,501) Nikkei 225 Index, Call Option, Strike Price 11,250 JPY (253,847) 459,139 18-Feb-11 18,372 DJ Euro Stoxx 50, Call Option, Strike Price 3,000 EUR 2,939,520 (2,829,288) 25-Feb-11 4,215 H-Shares Index, Put Option, Strike Price 21,000 HKD 2,550,453 (1,450,573) 25-Feb-11 (2,108) H-Shares Index, Put Option, Strike Price 22,000 HKD (2,976,235) 1,064,276 30-Mar-11 2,447 H-Shares Index, Put Option, Strike Price 10,800 HKD 1,022,357 (364,288) 30-Mar-11 (1,223) H-Shares Index, Put Option, Strike Price 11,400 HKD (1,004,320) 170,323 18-Jun-11 13,386 S&P 500 Index, Call Option, Strike Price 1,375 USD 15,789,973 3,797,589

Total 48,040,487 4,401,723

Schedule of Investments - Outstanding Inflation Rate Swaps (Expressed in EUR)

Unrealised Termination Market Gain/ Date Counterparty Description Currency Nominal Value (Loss)

17-Aug-14 RBS Receive floating rate USD USCPI 1 month USD 116,700,000 543,054 543,054 Pay fixed rate 1.610% 17-Aug-14 RBS Receive fixed rate 1.960% EUR 79,400,000 1,135,716 1,135,716 Pay floating rate EUR EUHICP 1 month

Total 1,678,770 1,678,770

Schedule of Investments - Outstanding Variance Swaps (Expressed in EUR)

Termination Variance Unrealised Date Counterparty Description Currency Amount Market Value Gain/(Loss)

08-Dec-11 BNP Paribas KOSPI 200 Index,Volatility Strike 25.30 KRW 13,162 (1,635) (1,635) 08-Dec-11 BNP Paribas KOSPI 200 Index,Volatility Strike 25.6 KRW 8,671,736 (1,109,791) (1,109,791) 16-Dec-11 BNP Paribas S&P 500 Index,Volatility Strike 29 USD (9) 1,952 1,952 16-Dec-11 BNP Paribas S&P 500 Index,Volatility Strike 29.45 USD (5,383) 1,304,403 1,304,403 29-Dec-11 BNP Paribas Hang Sang China Enterprises Index,Volatility Strike 33.95 HKD 31,447 (707,186) (707,186) 16-Feb-11 BNP Paribas S&P 500 Index,Volatility Strike 29.80 USD (5,380) 1,357,022 1,357,022

Total 844,765 844,765

88 JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) Schedule of Investments - Outstanding Currency Option Contracts (Expressed in EUR) As at 31 December 2010

Unrealised Expiration Put Contract Call Contract Market Gain/ Date Counterparty Description Currency Size Currency Size Value (Loss)

25-Feb-11 BNP Paribas Vanilla AUD/JPY Strike Price 76 AUD 245,022,113 JPY 18,621,680,588 768,994 (348,272) 25-Feb-11 BNP Paribas Vanilla AUD/JPY Strike Price 79 AUD (122,511,057) JPY (9,678,373,503) (837,077) 280,189

Total (68,083) (68,083)

89 JPMorgan Investment Funds - Global Capital Preservation 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 CANADA 29,259 Kinross Gold 552,546 0.75 Shares 552,546 0.75 UNITED STATES OF AMERICA 18,222 Abbott Laboratories 869,463 1.18 SWITZERLAND 4,804 Celgene 282,884 0.38 8,479 Nestlé Registered Shares 498,003 0.68 4,522 Chevron 411,706 0.56 1,886 Citigroup Preference Shares 257,005 0.34 498,003 0.68 9,800 Coca-Cola 641,851 0.87 DENMARK 5,253 Deere & Co. 436,498 0.59 4,337 Carlsberg - B Shares 435,804 0.59 8,214 EI du Pont de Nemours & Co. 407,784 0.55 Freeport-McMoRan Copper & Gold 765,828 6,418 1.04 435,804 0.59 6,744 General Motors Preference Shares 362,953 0.49 16,283 Hewlett-Packard 683,479 0.93 TAIWAN 2,922 International Business Machines 426,963 0.58 82,880 HON HAI Precision0.45 Industry333,425 9,837 McDonald’s 751,498 1.02 70 MediaTek 1,002 0.00 16,447 Microsoft 456,815 0.62 6,238 Mosaic 471,281 0.64 334,427 0.45 4,640 Newmont Mining 284,571 0.39 SOUTH AFRICA Norfolk Southern 838,692 13,372 1.14 8,955 Impala Platinum Holdings 314,430 0.43 12,467 Time Warner 400,253 0.54 6,872 Union Pacific 633,770 0.86 314,430 0.43 7,204 United Technologies 564,253 0.76 7,958 Yum! Brands 390,181 0.53 SINGAPORE 41,000 Wilmar International 180,397 0.24 10,337,728 14.01 180,397 0.24 JAPAN 49,000 Asahi Glass 572,692 0.78 Total Shares 26,884,572 36.43 3,900 Daikin Industries 138,281 0.19 12,200 Honda Motor 483,179 0.65 Bonds 50,500 ITOCHU 511,278 0.69 JAPAN 73,000 Marubeni 513,085 0.69 350,000,000 Japan (Government of) 20.09.30/1.800% 4,245,727 5.75 21,100 Mitsubishi 571,004 0.77 35,000 Mitsubishi Electric 367,707 0.50 4,245,727 5.75 35,300 Mitsui & Co. 583,119 0.79 4,300 Nidec 434,552 0.59 UNITED STATES OF AMERICA 34,800 Sumitomo 492,400 0.67 3,000,000 Goldman Sachs Group 15.06.12/3.250% 3,109,392 4.21 5,500 Tokyo Electron 347,981 0.47 600,000 Verizon Wireless Capital 01.02.14/5.550% 659,264 0.90

5,015,278 6.79 3,768,656 5.11 UNITED KINGDOM INTERNATIONAL AGENCIES 17,462 BG Group 352,927 0.48 3,500,000 Inter-American Development 29,300 British American Tobacco 1,124,813 1.52 Bank 15.08.17/2.375% 3,402,952 4.61 20,601 Intercontinental Hotels Group 399,202 0.54 6,473 Reckitt Benckiser Group 356,131 0.48 3,402,952 4.61 10,380 Standard Chartered 278,995 0.38 UNITED KINGDOM 14,362 Unilever 440,051 0.60 700,000 RBS 11.04.16/0.489%* 578,345 0.79 191,018 Vodafone Group 493,633 0.67 1,500,000 UK Treasury 07.09.39/4.250% 2,363,080 3.20 40,064 Xstrata 939,860 1.27 2,941,425 3.99 4,385,612 5.94 AUSTRALIA FRANCE 1,000,000 Australia (Commonwealth of) 20.08.20/4.000% 1,655,329 2.24 6,351 Sanofi-Aventis 407,372 0.55 14,203 Total 754,643 1.02 1,655,329 2.24 1,162,015 1.57 FRANCE 48,000 Sanofi-Aventis 17.05.13/3.500% 66,715 0.09 JERSEY 1,000,000 Société Financement de 66,148 WPP 816,582 1.11 l’Economie Francaise 22.09.14/2.875% 1,035,100 1.40

816,582 1.11 1,101,815 1.49 HONG KONG CAYMAN ISLANDS 105,000 Hang Lung Properties 492,033 0.67 500,000 Hutchison Whampoa 19,000 Sun Hung Kai Properties 314,218 0.43 International 02.12.49/6.000%* 494,278 0.67

806,251 1.10 494,278 0.67 GERMANY 12,820 Fresenius Medical Care & Co. 744,610 1.01 Total Bonds 17,610,182 23.86 Convertible Bonds 744,610 1.01 NETHERLANDS LUXEMBOURG 800,000 Portugal Telecom International 19,462 ArcelorMittal 740,863 1.00 Finance 28.08.14/4.125% 1,082,276 1.47

740,863 1.00 1,082,276 1.47 BERMUDA SINGAPORE 45,198 Aquarius Platinum 247,192 0.33 500,000 CapitaLand 03.09.16/2.875% 402,661 0.54 65,500 Esprit Holdings 312,834 0.43 500,000 CapitaLand 05.03.18/3.125% 404,532 0.55

560,026 0.76 807,193 1.09

90 JPMorgan Investment Funds - Global Capital Preservation 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

GERMANY 500,000 KfW - Kreditanstalt für Allocation of Portfolio as at 31 December 2010 % of Wiederaufbau 27.06.13/3.250% 695,509 0.94 Net Assets Fixed Income Securities 695,509 0.94 United States of America 14.88 UNITED STATES OF AMERICA Japan 5.75 580,000 Swiss Re America Holding 21.11.21/3.250%* 561,879 0.76 International Agencies 4.61 United Kingdom 3.99 561,879 0.76 Australia 2.24 France 1.49 Total Convertible Bonds 3,146,857 4.26 Netherlands 1.47 Singapore 1.09 Germany Total Transferable Securities Admitted to an Official 47,641,611 64.55 0.94 Exchange Listing Cayman Islands 0.67 Netherlands Antilles 0.32 Transferable Securities Dealt in on Another Regulated Market Total Fixed Income Securities 37.45 Shares Convertible Bonds Industrials 9.02 UNITED STATES OF AMERICA Materials 6.40 740,000 Boston Properties 15.05.36/3.750% 821,400 1.11 Consumer Discretionary 5.31 284,000 Gilead Sciences 01.05.11/0.500% 293,230 0.40 Consumer Staples 4.98 580,000 Gilead Sciences 01.05.13/0.625% 642,350 0.87 Health Care 3.12 708,000 Health Care REIT 01.12.29/3.000% 761,100 1.03 Information Technology 3.05 742,000 Liberty Media 30.03.23/3.125% 835,678 1.13 Energy 2.06 300,000 Life Technologies 15.02.24/1.500% 364,125 0.49 Financials 1.82 490,000 Life Technologies 15.06.25/3.250% 587,388 0.80 Telecommunication Services 0.67 350,000 Rayonier TRS Holdings 15.10.12/3.750% 390,250 0.53 Investment Companies 0.00 485,000 Symantec 15.06.13/1.000% 553,506 0.75 Total Shares 36.43 225,000 Tech Data 15.12.26/2.750% 235,688 0.32 Cash and Other Assets/(Liabilities) 26.12 1,047,000 Vornado Realty 15.04.25/3.875% 1,170,023 1.58 Total 100.00 6,654,738 9.01 NETHERLANDS ANTILLES 215,000 Teva Pharmaceutical Finance 01.02.26/1.750% 233,544 0.32 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of 233,544 0.32 Net Assets Fixed Income Securities Total Convertible Bonds 6,888,282 9.33 United States of America 30.99 Investment Funds Australia 5.69 Germany 4.31 LUXEMBOURG International Agencies 4.18 0** JPMorgan Liquidity Funds - US Dollar Liquidity Fund Cayman Islands 2.77 (JPM US Dollar Liquidity X (acc)) 155 0.00 Netherlands 1.96 France 1.92 155 0.00 United Kingdom 1.85 Jersey 1.58 Total Investment Funds 155 0.00 Panama 1.19 Singapore 0.95 Total Transferable Securities Dealt in on Another 6,888,437 9.33 Regulated Market Netherlands Antilles 0.94 Malaysia 0.75 Total Investments 54,530,048 73.88 Hungary 0.64 Canada 0.15 Cash 17,229,933 23.34 Total Fixed Income Securities 59.87 Shares Other Assets/(Liabilities) 2,048,696 2.78 Information Technology 3.16 Consumer Staples 2.87 Total Net Assets 73,808,677 100.00 Industrials 2.49 Investment Companies 2.43 Materials 2.27 * Variable coupon rates are those quoted as at 31 December 2010. Financials 1.98 **Fractional Shares rounded to 0. Energy 1.53 Health Care 1.45 Consumer Discretionary 0.89 Telecommunication Services 0.54 Total Shares 19.61 Cash Equivalents, Cash and Other Assets/(Liabilities) 20.52 Total 100.00

91 JPMorgan Investment Funds - Global Capital Preservation Fund (USD) 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 (13) Euro Buxl 30 Year Bond Future EUR (1,878,846) (1,741) Mar-11 (13) Euro-Bund Future EUR (2,182,004) 14,801 Mar-11 (302) Euro-Schatz Future EUR (44,094,036) (295) Mar-11 83 Long Gilt Future GBP 15,445,522 (134,733) Mar-11 449 US 5 Year Note Future USD 52,769,777 (735,160) Mar-11 (344) US 10 Year Note Future USD (41,341,813) 1,025,731

168,603 Total Bond Futures

Equity Futures

Mar-11 (394) DJ Euro Stoxx 50 Index Future EUR (14,745,147) 388,079 Mar-11 84 Nasdaq 100 Index Future USD 3,715,110 (6,734) Mar-11 (284) SP 500 Emini Future USD (17,757,100) (193,120) Dec-11 194 DJ Euro Stoxx 50 Index Future EUR 3,024,692 149,670 Dec-12 75 DJ Euro Stoxx 50 Index Dividend Future EUR 1,135,184 21,712

359,607 Total Equity Futures Total 528,210

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 AUD 4,470,472 USD 4,428,704 110,031 24-Jan-11 EUR 3,360,051 USD 4,449,625 51,089 24-Jan-11 USD 6,223,623 AUD 6,252,384 (124,232) 24-Jan-11 USD 871,738 CAD 878,738 (8,537) 24-Jan-11 USD 546,185 CHF 524,830 (16,720) 24-Jan-11 USD 11,361,372 EUR 8,486,883 (6,623) 24-Jan-11 USD 8,186,006 GBP 5,187,090 107,357 24-Jan-11 USD 1,509,016 HKD 11,727,835 (63) 24-Jan-11 USD 9,238,988 JPY 768,367,101 (221,208) 24-Jan-11 USD 825,112 SGD 1,072,649 (12,470)

Total (121,376)

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

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

21-Jan-11 1,000 US 5 Year Note Future, Call Option, Strike Price 121.5 USD 7,812 (210,847)

Total 7,812 (210,847)

92 JPMorgan Investment Funds - Global Capital Preservation Fund (USD) Schedule of Investments - Outstanding Financial Option Contracts (Expressed in USD) As at 31 December 2010

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

14-Jan-11 41 Nikkei 225 Index, Call Option, Strike Price 10,000 JPY 124,953 (36,544) 14-Jan-11 (81) Nikkei 225 Index, Call Option, Strike Price 10,750 JPY (3,908) 63,891 19-Jan-11 (362) VIX Index, Call Option, Strike Price 27.5 USD (14,480) 52,570 19-Jan-11 725 VIX Index, Call Option, Strike Price 35 USD 10,875 (56,166) 19-Jan-11 1,200 VIX Index, Put Option, Strike Price 20 USD 186,000 - 19-Jan-11 958 VIX Index, Put Option, Strike Price 22.5 USD 316,140 59,088 21-Jan-11 207 Dax Index, Call Option, Strike Price 7050 EUR 86,923 (55,869) 21-Jan-11 (207) Dax Index, Call Option, Strike Price 7200 EUR (31,608) 48,799 21-Jan-11 (207) Dax Index, Call Option, Strike Price 7300 EUR (14,418) 36,876 21-Jan-11 (400) DJ Euro Stoxx 50, Put Option, Strike Price 2,600 EUR (65,365) (9,644) 21-Jan-11 400 DJ Euro Stoxx 50, Put Option, Strike Price 2,800 EUR 326,826 58,936 21-Jan-11 (80) Nestlé, Call Option, Strike Price 56 CHF (2,145) 5,233 21-Jan-11 (191) Vodafone, Call Option, Strike Price 180 GBP (744) 5,578 10-Feb-11 77 Nikkei 225 Index, Call Option, Strike Price 10,500 JPY 97,662 (72,943) 10-Feb-11 (116) Nikkei 225 Index, Call Option, Strike Price 11,250 JPY (11,266) 20,381 18-Feb-11 612 DJ Euro Stoxx 50, Call Option, Strike Price 3,000 EUR 131,159 (126,240) 30-Mar-11 81 H-Shares Index, Put Option, Strike Price 10,800 HKD 45,329 (16,152) 30-Mar-11 (41) H-Shares Index, Put Option, Strike Price 11,400 HKD (45,098) 7,648 25-Feb-11 131 H-Shares Index, Put Option, Strike Price 21,000 HKD 106,174 (60,413) 25-Feb-11 (65) H-Shares Index, Put Option, Strike Price 22,000 HKD (122,924) 44,242 18-Jun-11 380 S&P 500 Index, Call Option, Strike Price 1,375 USD 600,400 144,400

Total 1,720,485 113,671

Schedule of Investments - Outstanding Inflation Rate Swaps (Expressed in USD)

Unrealised Termination Market Gain/ Date Counterparty Description Currency Nominal Value (Loss)

17-Aug-14 RBS Receive floating rate USD USCPI 1 month USD 2,800,000 17,452 17,452 Pay fixed rate 1.610% 17-Aug-14 RBS Receive fixed rate 1.960% EUR 1,900,000 36,402 36,402 Pay floating rate EUR EUHICP 1 month

Total 53,854 53,854

Schedule of Investments - Outstanding Variance Swaps (Expressed in USD)

Unrealised Termination Variance Market Gain/ Date Counterparty Description Currency Amount Value (Loss)

08-Dec-11 BNP Paribas KOSPI 200 Index,Volatility Strike 25.60 KRW 254,952 (43,812) (43,812) 16-Dec-11 BNP Paribas S&P 500 Index,Volatility Strike 29.45 USD (163) 52,982 52,982 16-Dec-11 BNP Paribas S&P 500 Index,Volatility Strike 29.80 USD (158) 53,517 53,517 29-Dec-11 BNP Paribas Hang Sang China Enterprises Index,Volatility Strike 33.95 HKD 951 (28,730) (28,730)

Total 33,957 33,957

93 JPMorgan Investment Funds - Global Capital Preservation Fund (USD) Schedule of Investments - Outstanding Currency Option Contracts (Expressed in USD) As at 31 December 2010

Unrealised Expiration Put Contract Call Contract Market Gain/ Date Counterparty Description Currency Size Currency Size Value (Loss)

25-Feb-11 BNP Paribas Vanilla AUD/JPY Strike Price 76 AUD 8,118,491 JPY 617,005,316 34,129 (15,457) 25-Feb-11 BNP Paribas Vanilla AUD/JPY Strike Price 79 AUD (4,059,245) JPY (320,680,355) (37,150) 12,435

Total (3,021) (3,022)

94 JPMorgan Investment Funds - Global Convertibles 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 1,700,000 Subsea 7 06.06.11/2.800% 1,820,955 0.36

Shares 20,968,158 4.10 UNITED STATES OF AMERICA LUXEMBOURG 39,200 Apache Preference Shares 2,595,432 0.51 1,700,000 Acergy 11.10.13/2.250% 2,105,620 0.41 3,187 Bank of America Preference Shares 3,046,740 0.59 3,165,000 Actelion Finance 22.11.11/0.000% 3,666,934 0.72 23,159 Citigroup Preference Shares 3,155,877 0.62 2,250,000 Ageasfinlux 07.08.49/2.400%* 1,473,667 0.29 26,420 Ford Motor Capital Trust II Preference Shares 1,368,160 0.26 40,202 ArcelorMittal 01.04.14/7.250% 1,753,848 0.34 56,046 General Motors Preference Shares 3,016,320 0.59 1,450,000 Controlinveste International 2,272 Wells Fargo & Co Preference Shares 2,285,598 0.45 Finance 28.01.15/3.000% 1,739,631 0.34 5,550,000 Espirito Santo Financial Group 15.11.25/5.050%* 5,494,430 1.07 15,468,127 3.02 1,800,000 Intralot Luxembourg 20.12.13/2.250% 2,237,899 0.44 1,100,000 TMK Bonds 11.02.15/5.250% 1,206,920 0.24 BERMUDA 17,550 SeaDrill 593,980 0.12 19,678,949 3.85 593,980 0.12 NETHERLANDS 2,200,000 Celesio Finance 29.10.14/3.750% 3,374,074 0.66 Total Shares 16,062,107 3.14 500,000 MTU Aero Engines Finance 01.02.12/2.750% 772,695 0.15 3,400,000 Portugal Telecom International Convertible Bonds Finance 28.08.14/4.125% 4,599,671 0.90 JAPAN 2,200,000 Q-Cells International Finance 26.05.14/5.750% 2,033,285 0.40 889,000,000 Aeon 22.11.12/0.000% 12,875,858 2.52 1,500,000 Salzgitter Finance 08.11.17/2.000% 2,195,566 0.43 339,000,000 Asahi Breweries 26.05.28/0.000% 4,276,307 0.83 2,350,000 Wereldhave 16.09.14/4.375% 3,438,870 0.67 620,000,000 Asahi Glass 14.11.12/0.000% 8,012,309 1.57 682,000,000 Hitachi 12.12.14/0.100% 11,803,200 2.31 16,414,161 3.21 305,000,000 Nidec 18.09.15/0.000% 4,070,841 0.80 JERSEY 246,000,000 Nippon Meat Packers 03.03.14/0.000% 3,143,131 0.61 1,300,000 Dana Gas Sukuk 31.10.12/7.500% 1,224,011 0.24 352,000,000 ORIX 31.03.14/1.000% 5,524,372 1.08 5,300,000 International Power Finance 61,000,000 Sawai Pharmaceutical 17.09.15/0.000% 772,950 0.15 Jersey III 05.06.15/4.750% 7,675,885 1.50 206,000,000 Softbank 31.03.13/1.500% 3,516,464 0.69 2,700,000 WPP 19.05.14/5.750% 6,197,442 1.21 166,000,000 Takashimaya 14.11.14/0.000% 2,239,615 0.43 410,000,000 Unicharm 24.09.13/0.000% 5,396,012 1.05 15,097,338 2.95 110,000,000 Unicharm 24.09.15/0.000% 1,472,171 0.29 UNITED STATES OF AMERICA 1,701,000 Chesapeake Energy 1,683,990 63,103,230 12.33 15.11.35/2.750% 0.33 5,237,000 Chesapeake Energy 15.12.38/2.250% 4,111,045 0.80 FRANCE 612,000 DR Horton 15.05.14/2.000% 696,915 0.14 23,834,300 Air France-KLM 01.04.15/4.970% 5,194,173 1.02 3,119,000 Mylan 15.03.12/1.250% 3,321,735 0.65 167,415,000 Alcatel-Lucent 01.01.15/5.000% 7,478,538 1.46 2,000,000 Swiss Re America Holding 21.11.21/3.250%* 1,937,514 0.38 19,846,000 Altran Technologies 01.01.15/6.720% 1,313,187 0.26 1,882,500 Artemis Conseil 31.07.11/2.000% 3,791,728 0.74 11,751,199 2.30 2,907,200 Cap Gemini 01.01.14/3.500% 1,681,061 0.33 GERMANY 3,347,277 Club Mediterranee 01.11.15/6.110% 848,818 0.16 6,400,000 KfW - Kreditanstalt für 8,353,000 Eurazeo 6,680,609 10.06.14/6.250% 1.31 Wiederaufbau 30.07.14/1.500% 9,832,634 1.92 1,615,000 Iliad 2,033,852 01.01.12/2.200% 0.40 7,095,300 Q-Cells 21.10.15/6.750% 319,803 0.07 5,350,300 Misarte 11,047,455 01.01.16/3.250% 2.16 1,400,000 Steinhoff Finance Holding 22.05.16/5.000% 2,161,203 0.42 3,384,000 Nexans 01.01.16/4.000% 3,078,156 0.60 2,652,700 Orpea 01.01.16/3.875% 1,618,819 0.32 12,313,640 2.41 11,362,200 Peugeot 01.01.16/4.450% 5,083,940 0.99 6,323,000 Publicis Groupe 30.07.14/3.125% 3,479,629 0.68 INDIA 11,321,900 SOITEC 09.09.14/6.250% 1,508,929 0.29 1,200,000 JSW Steel 28.06.12/0.000% 1,659,000 0.33 2,587,500 Technip 01.01.16/0.500% 3,190,640 0.62 2,700,000 Reliance Communications 01.03.12/0.000% 3,175,875 0.62 262,000 Suzlon Energy 12.06.12/7.500% 314,269 0.06 58,029,534 11.34 560,000 Suzlon Energy 11.10.12/7.500% 685,300 0.13 900,000 Tata Motors 12.07.12/0.000% 1,249,875 0.24 UNITED KINGDOM 500,000 Tata Steel 05.09.12/1.000% 610,000 0.12 600,000 Aberdeen Asset Management 1,141,171 17.12.14/3.500% 0.22 2,866,000 Tata Steel 21.11.14/4.500% 3,516,582 0.69 800,000 British Airways 13.08.14/5.800% 1,967,126 0.39 800,000 Misys 22.11.15/2.500% 1,377,007 0.27 11,210,901 2.19 900,000 Pennon Group 20.08.14/4.625% 1,812,275 0.36 2,500,000 Petropavlovsk 18.02.15/4.000% 2,823,125 0.55 PORTUGAL 3,400,000 TUI Travel 05.10.14/6.000% 5,433,086 1.06 7,450,000 Parpublica - Participaçes 5,800,000 Vedanta Resources Jersey 13.07.16/5.500% 7,176,340 1.40 Publicas 28.09.17/5.250% 10,320,680 2.02 1,400,000 Vedanta Resources Jersey II 30.03.17/4.000% 1,436,400 0.28 10,320,680 2.02 23,166,530 4.53 MALAYSIA SINGAPORE 900,000 Cherating Capital 05.07.12/2.000%* 1,174,950 0.23 13,250,000 CapitaLand 03.09.16/2.875% 10,670,507 2.09 1,100,000 Rafflesia Capital 04.10.11/1.250%* 1,582,925 0.31 2,700,000 Keppel Land 29.11.15/1.875% 2,080,815 0.41 3,000,000 YTL Finance Labuan 18.03.15/1.875% 3,260,514 0.64 4,400,000 Olam International 15.10.16/6.000% 6,165,280 1.20 4,250,000 Yanlord Land Group 13.07.14/5.850% 3,474,743 0.68 6,018,389 1.18 ISLE OF MAN 22,391,345 4.38 4,700,000 AngloGold Ashanti Holdings CAYMAN ISLANDS Finance 22.05.14/3.500% 5,857,375 1.14 5,200,000 BES Finance 26.02.11/1.250% 5,115,760 1.00 950,000 BES Finance 19.05.15/3.000% 1,065,255 0.21 5,857,375 1.14 5,200,000 China Overseas Finance SPAIN Investment Cayman 14.05.14/0.000% 6,474,000 1.26 1,800,000 Abengoa 03.02.17/4.500% 2,115,661 0.41 4,300,000 EFG Ora Funding III 29.10.14/1.700% 3,674,071 0.72 1,600,000 Fomento de Construcciones y 6,000,000 Hengdeli Holdings 20.10.15/2.500% 898,329 0.17 Contratas 30.10.14/6.500% 1,941,238 0.38 4,000,000 Intime Department Store Group 27.10.13/1.750% 562,221 0.11 200,000 Pescanova 05.03.15/6.750% 290,393 0.06 9,000,000 Soho China 02.07.14/3.750% 1,357,567 0.27 750,000 Sol Melia 18.12.14/5.000% 1,076,215 0.21

5,423,507 1.06

95 JPMorgan Investment Funds - Global Convertibles 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

BERMUDA 1,399,000 Peabody Energy 15.12.41/4.750% 1,822,197 0.36 1,276,000 Noble Group 13.06.14/0.000% 2,257,882 0.44 1,065,000 ProLogis 15.03.15/3.250% 1,184,812 0.23 16,100,000 Yue Yuen Industrial Holdings 17.11.11/0.000% 2,475,139 0.49 2,550,000 RadioShack 144A 01.08.13/2.500% 2,750,812 0.54 2,764,000 Rayonier TRS Holdings 15.10.12/3.750% 3,081,860 0.60 4,733,021 0.93 902,000 SanDisk 15.08.17/1.500% 1,031,663 0.20 SOUTH KOREA 2,102,000 Stanley Black & Decker 17.05.12/0.000%* 2,433,065 0.47 300,000 LG Uplus 29.09.12/5.000%* 310,875 0.06 6,528,000 Symantec 15.06.13/1.000% 7,450,080 1.46 3,400,000 SK Telecom 07.04.14/1.750% 4,135,250 0.81 4,620,000 Teva Pharmaceutical Finance 01.02.26/0.250% 5,422,725 1.06 3,285,000 Vornado Realty 15.04.25/3.875% 3,670,987 0.72 4,446,125 0.87 5,289,000 Xilinx 15.03.37/3.125% 5,540,227 1.08 BRITISH VIRGIN ISLANDS 123,091,590 24.06 4,800,000 Glory River Holdings 29.07.15/1.000% 683,804 0.13 570,000 PB Issuer No 2 12.04.16/1.750% 575,136 0.11 BERMUDA 22,150,000 Sherson 04.06.14/0.000% 3,155,900 0.62 2,400,000 Frontline/Bermuda 14.04.15/4.500% 2,268,000 0.44 800,000 SeaDrill 08.11.12/3.625% 988,000 0.19 4,414,840 0.86 2,600,000 Seadrill 27.10.17/3.375% 2,891,200 0.57 CANADA 6,147,200 1.20 2,000,000 First Quantum Minerals 19.06.14/6.000% 4,027,500 0.79 CANADA 4,027,500 0.79 987,000 Goldcorp 01.08.14/2.000% 1,205,374 0.23 5,000,000 PetroBakken Energy 08.02.16/3.125% 4,743,750 0.93 AUSTRALIA 2,300,000 CFS Retail Property Trust 21.08.14/5.075% 2,272,334 0.44 5,949,124 1.16 1,700,000 Commonwealth Property Office Fund 11.12.16/5.250% 1,630,822 0.32 LUXEMBOURG 4,100,000 ArcelorMittal 15.05.14/5.000% 5,909,125 1.16 3,903,156 0.76 5,909,125 1.16 SWITZERLAND 3,010,000 Swiss Prime Site 20.01.15/1.875% 3,401,016 0.66 NORWAY 1,400,000 Marine Harvest 23.02.15/4.500% 2,294,813 0.45 3,401,016 0.66 1,300,000 Renewable Energy 04.06.14/6.500% 1,508,388 0.29

BELGIUM 3,803,201 0.74 2,250,000 Fortis Bank 19.12.49/3.024%* 1,514,416 0.30 600,000 Nyrstar 10.07.14/7.000% 1,318,421 0.25 SOUTH KOREA 1,100,000 KCC 06.05.14/3.500% 2,402,125 0.47 2,832,837 0.55 2,402,125 0.47 TAIWAN 2,100,000 Acer 10.08.15/0.000% 2,367,105 0.46 BAHAMAS 200,000 Acer 10.08.17/0.000% 235,671 0.05 1,500,000 Petrominerales 25.08.16/2.625% 1,692,305 0.33

2,602,776 0.51 1,692,305 0.33 AUSTRIA MEXICO 800,000 Immofinanz 19.11.17/1.250% 1,079,597 0.21 1,300,000 Cemex SAB de 144A 15.03.15/4.875% 1,428,375 0.28

1,079,597 0.21 1,428,375 0.28 ITALY SWEDEN 550,000 Beni Stabili 23.04.15/3.875% 722,700 0.14 9,000,000 SAS 01.04.15/7.500% 1,218,521 0.24

722,700 0.14 1,218,521 0.24 NETHERLANDS ANTILLES Total Convertible Bonds 333,908,504 65.27 1,043,000 Teva Pharmaceutical Finance 01.02.26/1.750% 1,132,959 0.22 Total Transferable Securities Admitted to an 349,970,611 68.41 1,132,959 0.22 Official Exchange Listing FINLAND Transferable Securities Dealt in on Another Regulated Market 300,000 Talvivaara Mining 16.12.15/4.000% 419,054 0.08

Convertible Bonds 419,054 0.08 UNITED STATES OF AMERICA 6,966,000 Alcatel-Lucent USA 15.06.25/2.875% 6,600,285 1.29 Total Convertible Bonds 153,193,579 29.94 3,055,000 Beckman Coulter 15.12.36/2.500% 3,520,888 0.69 Investment Funds 2,218,000 Best Buy 15.01.22/2.250% 2,364,943 0.46 1,973,000 Boston Properties 15.05.36/3.750% 2,190,030 0.43 LUXEMBOURG 4,841,000 Cephalon 01.05.14/2.500% 5,530,843 1.08 10,350,000 JPMorgan Liquidity Funds - US Dollar Liquidity Fund 940,000 Corporate Office (JPM US Dollar Liquidity X (dist)) 10,350,000 2.02 Properties 144A 15.04.30/4.250% 962,325 0.19 1,827,000 EMC/Massachusetts 01.12.11/1.750% 2,646,592 0.52 10,350,000 2.02 3,631,000 EMC/Massachusetts 01.12.13/1.750% 5,491,888 1.07 5,398,000 Gilead Sciences 01.05.11/0.500% 5,573,435 1.09 Total Investment Funds 10,350,000 2.02 3,622,000 Gilead Sciences 01.05.13/0.625% 4,011,365 0.78 Total Transferable Securities Dealt in on Another 163,543,579 31.96 452,000 Health Care REIT 01.12.26/4.750% 502,850 0.10 Regulated Market 3,141,000 Health Care REIT 01.12.29/3.000% 3,376,575 0.66 2,394,000 Intel 15.12.35/2.950% 2,396,992 0.47 Total Investments 513,514,190 100.37 7,656,000 Intel 01.08.39/3.250% 9,215,910 1.80 3,703,000 International Game Technology 01.05.14/3.250% 4,272,336 0.84 Cash 342,371 0.07 894,000 Lennar 144A 01.12.20/2.000% 889,530 0.17 438,000 Lennar 144A 15.12.20/2.750% 477,968 0.09 Other Assets/(Liabilities) (2,253,559) (0.44) 4,433,000 Liberty Media 30.03.23/3.125% 4,992,666 0.98 4,034,000 Life Technologies 15.02.24/1.500% 4,896,267 0.96 Total Net Assets 511,603,002 100.00 2,091,000 Micron Technology 01.06.14/1.875% 1,965,540 0.38 8,342,000 Microsoft 144A 15.06.13/0.000% 8,988,505 1.76 1,446,000 NetApp 01.06.13/1.750% 2,579,302 0.50 * Variable coupon rates are those quoted as at 31 December 2010. 3,666,000 Newmont Mining 15.07.14/1.250% 5,256,127 1.03

96 JPMorgan Investment Funds - Global Convertibles 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 % of Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Net Assets Fixed Income Securities Fixed Income Securities United States of America 26.36 United States of America 32.96 Japan 12.33 Japan 8.68 France 11.34 France 8.28 Luxembourg 5.01 Cayman Islands 5.47 United Kingdom 4.53 Luxembourg 4.67 Singapore 4.38 Netherlands 4.67 Cayman Islands 4.10 United Kingdom 3.62 Netherlands 3.21 Germany 3.53 Jersey 2.95 Singapore 3.08 Germany 2.41 South Korea 2.29 India 2.19 Jersey 2.18 Bermuda 2.13 Malaysia 1.92 Portugal 2.02 India 1.82 Canada 1.95 Isle of Man 1.36 South Korea 1.34 Bermuda 1.31 Malaysia 1.18 Belgium 1.21 Isle of Man 1.14 Canada 1.17 Spain 1.06 Panama 1.14 British Virgin Islands 0.86 Spain 1.00 Australia 0.76 Aruba 0.86 Norway 0.74 Hungary 0.68 Switzerland 0.66 Australia 0.53 Belgium 0.55 Norway 0.51 Taiwan 0.51 Switzerland 0.45 Bahamas 0.33 British Virgin Islands 0.43 Mexico 0.28 China 0.36 Sweden 0.24 Netherlands Antilles 0.27 Netherlands Antilles 0.22 Austria 0.20 Austria 0.21 Mexico 0.18 Italy 0.14 Italy 0.13 Finland 0.08 Sweden 0.13 Total Fixed Income Securities 95.21 Total Fixed Income Securities 95.09 Shares Shares Investment Companies 2.02 Financials 1.64 Financials 1.66 Consumer Discretionary 0.22 Consumer Discretionary 0.85 Total Shares 1.86 Energy 0.63 Bank Overdraft and Other Assets/(Liabilities) 3.05 Total Shares 5.16 Cash and Other Assets/(Liabilities) (0.37) Total 100.00 Total 100.00

97 JPMorgan Investment Funds - Global Convertibles 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)

24-Jan-11 USD 1,811,048 AUD 1,841,484 (58,555) 24-Jan-11 USD 5,388,545 CHF 5,289,638 (284,849) 24-Jan-11 USD 133,410,954 EUR 101,005,317 (1,883,468) 24-Jan-11 USD 16,349,402 GBP 10,324,134 270,048 24-Jan-11 USD 7,329,835 HKD 56,969,674 (738) 24-Jan-11 USD 59,755,042 JPY 5,014,882,106 (1,988,588) 24-Jan-11 USD 14,967,375 SGD 19,562,778 (308,288)

Total (4,254,438)

98 JPMorgan Investment Funds - Global Dividend 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 CHINA 851,340 China Construction Bank - H Shares * 762,834 1.45 Shares 542,000 Zhejiang Expressway - H Shares * 534,462 1.02

UNITED STATES OF AMERICA 1,297,296 2.47 21,304 Abbott Laboratories 1,016,520 1.93 19,112 Bristol-Myers Squibb 504,652 0.96 SWITZERLAND 7,864 Chevron 715,978 1.36 4,355 Zurich Financial Services 1,131,245 2.15 17,957 Coca-Cola 1,176,094 2.24 10,071 ConocoPhillips 686,792 1.31 1,131,245 2.15 20,464 EI du Pont de Nemours & Co. 1,015,935 1.94 HONG KONG 54,105 Frontier Communications 525,630 1.00 99,000 Hutchison Whampoa 1,020,809 1.95 4,912 International Business Machines 717,741 1.37 McDonald’s 965,556 12,639 1.84 1,020,809 1.95 38,156 Merck & Co. 1,375,142 2.62 21,993 Microsoft 610,856 1.16 TAIWAN 13,357 Paychex 411,863 0.78 62,897 Taiwan Semiconductor Manufacturing ADR 783,382 1.49 50,319 Pfizer 880,834 1.68 13,115 Philip Morris International 765,457 1.46 783,382 1.49 26,149 Sysco 767,604 1.46 ITALY Time Warner 1,221,403 38,044 2.33 35,242 ENI 770,856 1.47 24,083 Verizon Communications 862,171 1.64 7,217 VF 625,209 1.19 770,856 1.47 43,422 Xcel Energy1,022,371 1.95 PANAMA 15,867,808 30.22 14,871 Carnival 680,794 1.30

UNITED KINGDOM 680,794 1.30 26,641 British American Tobacco 1,022,735 1.95 148,601 Centrica 770,120 1.46 INDONESIA 60,497 GlaxoSmithKline 1,169,000 2.23 18,948 Telekomunikasi Indonesia ADR 673,696 1.28 99,689 HSBC Holdings 1,011,841 1.93 90,333 International Power 617,584 1.18 673,696 1.28 87,864 National Grid 758,921 1.44 BRAZIL 291,501 Vodafone Group 753,304 1.43 17,037 Vale Preference Shares ADR 511,280 0.97

6,103,505 11.62 511,280 0.97 FRANCE NORWAY 11,614 BNP Paribas 741,806 1.41 447,448 Marine Harvest 473,054 0.90 10,027 Compagnie de Saint-Gobain 517,014 0.98 30,332 GDF Suez 1,090,664 2.08 473,054 0.90 4,736 PPR 755,527 1.44 5,335 Schneider Electric 802,135 1.53 AUSTRIA 9,753 Sodexho 675,979 1.29 13,177 Oesterreichische Post 436,042 0.83 14,584 Total 774,886 1.48 3,296 Unibail-Rodamco 653,726 1.24 436,042 0.83 SOUTH AFRICA 6,011,737 11.45 54,662 African Bank Investments 319,431 0.61 NETHERLANDS 57,383 Koninklijke KPN 841,251 1.61 319,431 0.61 26,920 Koninklijke Philips Electronics 826,629 1.57 47,117 Royal Dutch Shell - A Shares 1,572,103 2.99 Total Shares 50,899,394 96.93 28,356 Unilever - CVA 888,196 1.69 Total Transferable Securities Admitted to an Official 50,899,394 96.93 Exchange Listing 4,128,179 7.86 GERMANY Transferable Securities Dealt in on Another Regulated Market 7,298 Allianz Registered Shares 867,852 1.65 13,879 BASF 1,113,462 2.12 Investment Funds 14,245 Daimler Registered Shares 970,432 1.85 LUXEMBOURG 6,188 Siemens Registered Shares 771,205 1.47 750,000 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 750,000 1.43 3,722,951 7.09 AUSTRALIA 750,000 1.43 13,998 Macquarie Group 529,716 1.01 61,358 QBE Insurance Group 1,137,697 2.17 Total Investment Funds 750,000 1.43 201,771 Tatts Group 528,886 1.00 Total Transferable Securities Dealt in on Another 750,000 1.43 Regulated Market 2,196,299 4.18 51,649,394 98.36 JAPAN Total Investments 17,400 Canon 902,234 1.72 55,100 Sumitomo 779,634 1.48 Cash 756,209 1.44

1,681,868 3.20 Other Assets/(Liabilities) 106,871 0.20

SPAIN Total Net Assets 52,512,474 100.00 75,219 BSCH 798,964 1.53 33,513 Telefonica 761,878 1.45 * Hong Kong Registered Shares. 1,560,842 2.98 SINGAPORE 66,000 Singapore Airlines 790,021 1.50 309,000 Singapore Telecommunications 738,299 1.41

1,528,320 2.91

99 JPMorgan Investment Funds - Global Dividend 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 % of Net Assets Shares Financials 17.10 Consumer Discretionary 10.95 Industrials 9.90 Telecommunication Services 9.82 Consumer Staples 9.70 Health Care 9.42 Energy 8.61 Utilities 8.11 Information Technology 7.31 Materials 6.01 Investment Companies 1.43 Total Shares 98.36 Cash and Other Assets/(Liabilities) 1.64 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Shares Financials 16.81 Consumer Discretionary 12.92 Health Care 11.52 Consumer Staples 10.64 Energy 8.68 Industrials 8.63 Information Technology 8.06 Utilities 7.94 Telecommunication Services 7.05 Materials 4.38 Total Shares 96.63 Cash and Other Assets/(Liabilities) 3.37 Total 100.00

100 JPMorgan Investment Funds - Global Dividend 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 33,219 AUD 45,037 (1,309) 11-Jan-11 EUR 188,666 GBP 160,618 2,526 11-Jan-11 EUR 138,732 JPY 15,406,781 (3,835) 11-Jan-11 EUR 41,209 SGD 71,427 (576) 11-Jan-11 EUR 5,112,090 USD 6,781,899 65,491 11-Jan-11 GBP 38,246 EUR 45,498 (1,369) 11-Jan-11 USD 394,243 AUD 401,417 (14,018) 11-Jan-11 USD 232,171 CHF 227,708 (12,020) 11-Jan-11 USD 59,505 EUR 44,930 (677) 11-Jan-11 USD 1,536,907 GBP 980,339 9,910 11-Jan-11 USD 205,151 HKD 1,592,492 261 11-Jan-11 USD 145,269 JPY 12,034,063 (2,872) 11-Jan-11 USD 68,625 NOK 414,271 (2,400) 11-Jan-11 USD 242,712 SGD 316,902 (4,742) 10-Feb-11 EUR 52,122 USD 69,054 761

Total 35,131

101 JPMorgan Investment Funds - Global Enhanced 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 FRANCE 150,000 BNP Paribas Home Loan Covered Bonds Bonds 12.01.17/3.375% 151,787 0.63 200,000 Caisse d’Amortissement de la UNITED STATES OF AMERICA Dette Sociale 25.04.15/3.625% 211,054 0.88 175,000 Altria Group 10.11.18/9.700% 171,360 0.71 100,000 Caisse Refinancement de 50,000 American Express Credit 25.08.14/5.125% 40,068 0.17 l’Habitat 08.04.19/5.000% 110,078 0.46 60,000 AT&T 15.05.36/6.800% 49,218 0.20 100,000 Casino Guichard Perrachon 12.11.18/4.481% 100,976 0.42 215,000 Bank of America 15.06.12/3.125% 166,186 0.69 50,000 Crédit Agricole Covered Bonds 21.07.14/3.500% 51,805 0.21 175,000 Capital One Financial 23.05.14/7.375% 148,351 0.62 54,000 PPR 03.04.14/8.625% 63,412 0.26 35,000 CBS 15.10.40/5.900% 25,007 0.10 36,000 PPR 08.04.15/3.750% 36,696 0.15 75,000 Citigroup 22.05.19/8.500% 69,171 0.29 150,000 RCI Banque 27.01.15/4.375% 153,587 0.64 75,000 Citigroup 04.09.19/7.375% 84,094 0.35 35,000 ConocoPhillips 01.02.39/6.500% 30,790 0.13 879,395 3.65 140,000 Crédit Suisse/New York 15.02.18/6.000% 112,390 0.47 GERMANY 50,000 Darden Restaurants 15.10.37/6.800% 39,958 0.17 46,000 Deutsche Pfandbriefbank 46,936 90,000 Entergy Arkansas 15.02.21/3.750% 64,416 0.27 15.09.14/3.125% 0.19 150,000 Germany (Federal Republic of) 162,993 50,000 Enterprise Products Operating 15.04.38/7.550% 44,502 0.18 04.01.37/4.000% 0.68 160,000 KfW - Kreditanstalt fuer 165,000 General Electric 06.12.17/5.250% 133,111 0.55 Wiederaufbau 21.01.19/3.875% 168,067 0.70 120,000 General Electric Capital 14.01.38/5.875% 91,750 0.38 60,000 Merck Financial Services 24.03.20/4.500% 61,605 0.26 60,000 Goldman Sachs Group 18.01.18/5.950% 48,498 0.20 100,000 Goldman Sachs Group 81,749 01.04.18/6.150% 0.34 439,601 1.83 110,000 International Paper 15.06.18/7.950% 97,235 0.40 30,000 International Paper 15.11.39/7.300% 25,210 0.11 SWEDEN 60,000 Kraft Foods 10.02.20/5.375% 48,121 0.20 250,000 Swedbank 02.12.11/3.625% 255,838 1.06 60,000 Kraft Foods 11.08.37/7.000% 52,136 0.22 90,000 Vattenfall Treasury 19.05.14/4.250% 95,570 0.40 100,000 Kroger 15.08.17/6.400% 84,785 0.35 300,000 Merrill Lynch & Co. 12.12.14/5.750% 363,756 1.51 351,408 1.46 MetLife 45,703 50,000 15.02.19/7.717% 0.19 SOUTH KOREA 100,000 Morgan Stanley 75,254 26.01.20/5.500% 0.31 503,000,000 Korea (Republic of) 10.06.12/4.000% 338,348 1.41 55,000 Nevada Power 15.03.19/7.125% 48,240 0.20 80,000 Occidental Petroleum 01.02.21/4.100% 60,255 0.25 338,348 1.41 60,000 Pacific Gas & Electric 15.01.40/5.400% 44,317 0.18 145,000 Philip Morris International 17.03.14/6.875% 124,391 0.52 SOUTH AFRICA 70,000 Philip Morris International 16.05.18/5.650% 59,195 0.25 3,100,000 South Africa (Republic of) 28.02.31/7.000% 304,837 1.27 165,000 Plains All American Pipeline 01.05.18/6.500% 137,539 0.57 150,000 SES Global Americas Holdings 09.07.14/4.875% 159,924 0.66 304,837 1.27 70,000 Tennessee Valley Authority 15.09.39/5.250% 54,857 0.23 FINLAND 20,000 Time Warner Entertainment 15.07.33/8.375% 18,561 0.08 200,000 Nordea Bank Finland 16.11.15/2.250% 195,692 0.81 30,000 Verizon Communications 01.11.18/8.750% 29,218 0.12 100,000 OP Mortgage Bank 19.11.14/3.125% 102,631 0.43 80,000 Verizon Communications 01.04.19/6.350% 68,876 0.29 160,000 Verizon Wireless Capital 01.02.14/5.550% 131,251 0.55 298,323 1.24 45,000 Watson Pharmaceuticals 15.08.19/6.125% 37,090 0.15 235,000 Williams Partners 01.02.17/7.250% 203,409 0.85 CANADA 95,000 Canadian Natural Resources 01.12.14/4.900% 77,157 0.32 3,369,942 14.01 55,000 Canadian Pacific Railway 15.05.19/7.250% 48,715 0.19 5,000 Nexen 10.03.35/5.875% 3,440 0.02 UNITED KINGDOM 110,000 Suncor Energy 01.06.18/6.100% 93,639 0.39 100,000 Abbey National Treasury Services 18.03.13/2.500% 100,253 0.42 50,000 Suncor Energy 15.06.38/6.500% 41,092 0.17 199,000 Abbey National Treasury Services 30.06.14/3.125% 198,979 0.83 100,000 Abbey National Treasury Services 08.06.15/3.375% 99,711 0.41 264,043 1.09 200,000 AWG 21.08.23/6.875%* 272,691 1.13 50,000 Barclays Bank 07.10.19/4.000% 50,332 0.21 MEXICO 200,000 Barclays Bank 31.12.49/4.875%* 156,900 0.65 3,800,000 Mexico (United Mexican States) 19.12.13/8.000% 243,870 1.01 100,000 BAT International Finance 12.12.19/6.375% 130,805 0.54 75,000 BMW UK Capital 02.10.17/5.000% 93,337 0.39 243,870 1.01 175,000 British Telecommunications 07.12.16/8.750% 244,650 1.02 ISRAEL 50,000 HSBC Holdings 10.06.19/6.000% 53,327 0.22 1,000,000 Israel (State of) 28.02.19/6.000% 241,508 1.00 100,000 Imperial Tobacco Finance 17.02.22/9.000% 150,542 0.63 50,000 Legal & General Group 08.06.25/4.000%* 45,126 0.19 241,508 1.00 200,000 Lloyds TSB Bank 17.03.15/3.375% 200,306 0.83 235,000 Nationwide Building Society 14.09.15/2.875% 231,422 0.96 CAYMAN ISLANDS 350,000 Network Rail Infrastructure 110,000 Allstate Life Funding 17.01.11/6.375% 128,096 0.53 Finance 17.06.13/3.500% 275,555 1.15 120,000 Vale Overseas 15.09.19/5.625% 95,395 0.40 34,000 OTE 05.08.13/5.000% 32,384 0.13 100,000 Standard Chartered 144A 18.11.14/5.500% 80,751 0.34 223,491 0.93 200,000 Standard Chartered Bank 28.03.18/1.314%* 187,664 0.78 BRAZIL UBS/London 110,243 109,000 21.01.13/2.375% 0.46 27,500 Brazil (Republic of) 01.01.13/10.000% 124,840 0.52 UBS/London 101,962 100,000 06.10.14/3.000% 0.42 100,000 Brazil (Republic of) 17.01.17/6.000% 84,363 0.35 125,000 UK Treasury 07.09.39/4.250% 147,018 0.61 189,000 West Bromwich Building Society 05.04.12/2.000% 221,970 0.92 209,203 0.87 3,185,928 13.24 LUXEMBOURG 83,000 Dexia LDG Banque 09.11.12/2.625% 84,374 0.35 JAPAN 150,000 Telecom Italia Capital 18.06.14/6.175% 119,048 0.50 55,000,000 Japan (Government of) 20.09.14/1.500% 527,748 2.20 54,800,000 Japan (Government of) 20.03.20/1.300% 515,682 2.14 203,422 0.85 5,000,000 Japan (Government of) 20.09.35/2.500% 50,756 0.21 SPAIN 1,094,186 4.55 150,000 Fund for Ordered Bank Restructuring 19.11.14/3.000% 140,414 0.58 NETHERLANDS 75,000 Telefonica Emisiones 27.04.20/5.134% 53,979 0.23 250,000 Fortis Bank Nederland 17.04.12/3.000% 255,918 1.06 100,000 ING Bank 30.09.14/3.000% 102,046 0.42 194,393 0.81 450,000 LeasePlan 22.05.14/3.250% 468,574 1.95 235,000 Shell International Finance 28.06.15/3.100% 179,774 0.75

1,006,312 4.18

102 JPMorgan Investment Funds - Global Enhanced 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

DENMARK 100,000 LG&E and KU Energy 144A 15.11.15/2.125% 71,514 0.30 80,000 Carlsberg Breweries 13.10.17/3.375% 77,533 0.32 570,000 MBNA Credit Card Master Trust 17.02.16/5.450% 659,889 2.74 50,000 DONG Energy 07.05.14/4.875% 53,712 0.23 230,000 Metropolitan Life Global Funding I 144A 10.04.13/5.125% 184,303 0.77 131,245 0.55 190,000 Morgan Stanley 13.05.14/6.000% 152,900 0.64 53,081 Morgan Stanley ABS Capital I RUSSIA 2004-SD2 A 25.04.34/0.711%* 33,540 0.14 125,300 Russian (Republic of) 31.03.30/7.500%* 108,050 0.45 110,000 Morgan Stanley Capital I 2005-HQ7 A4 14.11.42/5.191%* 88,240 0.37 108,050 0.45 90,000 NBC Universal 144A 01.04.21/4.375% 65,047 0.27 INTERNATIONAL AGENCIES 528,180 New Century Home Equity Loan 100,000 Eurasian Development Trust 2005-4 A2B 25.09.35/0.531%* 380,650 1.58 Bank 144A 29.09.14/7.375% 80,620 0.34 80,000 News America 15.11.37/6.650% 65,591 0.27 10,000 News America 01.03.39/7.850% 9,218 0.04 80,620 0.34 50,000 Oncor Electric Delivery 144A 30.09.40/5.250% 35,527 0.15 35,000 Oracle 08.07.39/6.125% 29,054 0.12 BERMUDA 40,000 Park Place Securities 40,000 Tyco International Finance 15.12.19/7.000% 35,013 0.14 2005-WHQ3 M1 25.06.35/0.681%* 27,786 0.12 45,000 Weatherford International 180,000 Prudential Financial 15.06.19/7.375% 157,906 0.66 Bermuda 15.09.40/6.750% 34,872 0.14 150,501 Residential Asset Mortgage Products 2004-RS11 M1 25.11.34/0.881%* 95,802 0.40 69,885 0.28 50,567 Residential Funding Mortgage Securities I 2006-S12 2A2 37,465 ISLE OF MAN 25.12.36/6.000% 0.16 95,000 Roche Holdings 144A 82,299 80,000 AngloGold Ashanti Holdings 15.04.20/5.375% 62,049 0.26 01.03.19/6.000% 0.34 71,378 Structured Asset Securities 2005-WF4 A4 25.11.35/0.621%* 48,434 0.20 62,049 0.26 100,000 UBS/Stamford 25.04.18/5.750% 80,721 0.34 65,000 UnitedHealth Group 15.10.40/5.700% 47,873 0.20 Total Bonds 13,300,059 55.28 61,000 US Treasury (i) 10.02.11/0.000% 45,533 0.19 35,000 US Treasury 31.07.11/4.875% 26,832 0.11 Total Transferable Securities Admitted to an Official 13,300,059 55.28 Exchange Listing 105,000 US Treasury (i) 31.01.12/4.750% 82,089 0.34 35,000 US Treasury 15.09.13/0.750% 26,024 0.11 Transferable Securities Dealt in on Another Regulated Market 20,000 US Treasury 31.03.14/1.750% 15,211 0.06 489,000 US Treasury 31.10.15/1.250% 352,811 1.47 Bonds 130,000 US Treasury (i) 15.02.17/4.625% 109,111 0.45 15,000 US Treasury 28.02.17/3.000% 11,531 0.05 UNITED STATES OF AMERICA 10,000 US Treasury 15.08.20/2.625% 7,063 0.03 60,000 ACE Securities 2005-HE4 M1 25.07.35/0.761%* 43,724 0.18 55,000 US Treasury 15.11.20/2.625% 38,643 0.16 42,406 Ally Auto Receivables Trust 75,000 US Treasury 15.02.31/5.375% 65,066 0.27 2010-1 A2 15.04.12/0.750% 31,669 0.13 40,000 US Treasury 15.08.40/3.875% 27,348 0.11 75,000 Anheuser-Busch InBev 325,000 Wachovia Bank Commercial Worldwide 144A 15.01.14/7.200% 63,752 0.26 Mortgage Trust 2005-C21 A4 15.10.44/5.204%* 261,852 1.09 135,000 Anheuser-Busch InBev 75,000 Wells Fargo Home Equity Trust Worldwide 144A 15.01.19/7.750% 124,694 0.52 2004-2 AI6 25.05.34/5.000%* 57,560 0.24 34,931 Asset Backed Funding 66,668 Wells Fargo Mortgage Backed Certificates 2005-HE2 M1 25.06.35/0.741%* 25,714 0.11 Securities Trust 2005-2 2A1 25.04.20/4.750% 51,140 0.21 47,869 Banc of America Mortgage 50,000 Xcel Energy 38,677 Securities 2004-5 3A2 25.06.19/4.750% 37,128 0.15 15.05.20/4.700% 0.16 4,446 Banc of America Mortgage Securities 2005-3 1A31 25.04.35/5.500% 3,312 0.01 7,010,311 29.14 25,000 Bear Stearns Commercial CANADA Mortgage Securities 25,000 Agrium 15.01.41/6.125% 19,434 0.08 2006-PW12 AM 19,358 11.09.38/5.761%* 0.08 127,000 Canada (Government of) 01.06.33/5.750% 126,653 0.53 100,000 Burlington Northern Santa Fe 76,849 01.05.40/5.750% 0.32 116,000 Canada (Government of) 01.06.37/5.000% 107,317 0.45 235,000 Capital One Multi-Asset Execution 40,000 Xstrata Finance Canada 144A 15.11.16/5.800% 32,707 0.13 Trust 2006-A4 A4 16.12.13/0.300%* 175,413 0.73 35,000 Xstrata Finance Canada 144A 15.11.37/6.900% 28,310 0.12 55,000 Cisco Systems 15.01.40/5.500% 42,737 0.18 380,000 Citibank Omni Master Trust 2009-A8 A8 16.05.16/2.360%* 287,329 1.19 314,421 1.31 50,000 Comcast 15.11.17/6.300% 42,445 0.18 FRANCE 180,000 Comcast 01.03.20/5.150% 140,790 0.59 360,000 Dexia Credit Local 23.09.11/2.375% 271,420 1.13 72,822 Credit Suisse First Boston Mortgage Securities Corp 271,420 1.13 2004-3 2A1 25.04.19/5.000% 55,803 0.23 100,000 Crédit Suisse/New York 15.05.13/5.000% 80,236 0.33 MEXICO 45,000 DCP Midstream 144A 15.03.19/9.750% 42,542 0.18 200,000 America Movil 30.03.20/5.000% 156,101 0.65 75,000 DirecTV Holdings/DirecTV 100,000 Grupo Bimbo 144A 30.06.20/4.875% 75,259 0.31 Financing 15.05.16/7.625% 62,049 0.26 5,000 Discovery Communications 01.06.40/6.350% 4,013 0.02 231,360 0.96 115,000 Fannie Mae 22.02.13/1.750% 87,582 0.36 SWEDEN 300,653 Fannie Mae Pool No: 889183 01.09.21/5.500% 241,610 1.00 115,000 Svenska Handelsbanken 144A 10.06.14/4.875% 91,580 0.38 174,473 Fannie Mae Pool No: AC6082 01.11.24/4.500% 136,985 0.57 218,682 Fannie Mae REMICS 2006-78 BC 25.01.34/6.500% 168,016 0.70 91,580 0.38 497,278 Fannie Mae REMICS 2010-116 BI 25.08.20/5.000% 37,888 0.16 130,000 Federal Home Loan Banks 11.07.11/0.162%* 97,029 0.40 CAYMAN ISLANDS 10,711 First Union National Bank-Bank 100,000 Hutchison Whampoa of America Commercial Mortgage International 144A 11.09.15/4.625% 78,765 0.33 TrustBank 2001-C1 A2 15.03.33/6.136% 7,991 0.03 290,000 Freddie Mac 18.10.16/5.125% 245,172 1.02 78,765 0.33 160,000 Greenwich Capital Commercial Funding 2005-GG3 A4 10.08.42/4.799%* 125,927 0.52 BELGIUM 707,812 Harborview Mortgage Loan Trust 75,000 Delhaize Group 144A 01.10.40/5.700% 53,468 0.22 2005-11 2A1A 19.08.45/0.571%* 378,537 1.57 95,000 Health Care REIT 15.01.21/4.950% 68,607 0.29 53,468 0.22 417,591 Indymac Index Mortgage Loan Trust 2004-AR14 2A1A 25.01.35/0.621%* 202,930 0.84 Total Bonds 8,051,325 33.47 103,642 JP Morgan Mortgage Trust 2005-S2 1A1 25.08.20/4.500% 79,190 0.33 260,000 LB-UBS Commercial Mortgage Trust 2005-C1 A4 15.02.30/4.742% 203,040 0.84 103 JPMorgan Investment Funds - Global Enhanced 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

Investment Funds Allocation of Portfolio as at 31 December 2010 % of LUXEMBOURG Net Assets 45 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM Fixed Income Securities Euro Liquidity X (acc)) 620,876 2.58 United States of America 43.69 United Kingdom 620,876 2.58 13.24 France 4.78 Japan 4.55 Total Investment Funds 620,876 2.58 Netherlands 4.18 Canada 2.40 Total Transferable Securities Dealt in on Another 8,672,201 36.05 Regulated Market Mexico 1.97 Sweden 1.84 Other Transferable Securities Germany 1.83 South Korea 1.41 Bonds South Africa 1.27 Cayman Islands 1.26 UNITED STATES OF AMERICA Finland 1.24 750,000 Lehman Brothers Holdings Israel 1.00 (Defaulted) 03.04.09/0.000%* 130,884 0.54 Brazil 520,000 Lehman Brothers Holdings 0.87 Capital Trust VII (Defaulted) 31.12.49/5.857%* 116 0.00 Luxembourg 0.85 Spain 0.81 131,000 0.54 Denmark 0.55 Russia 0.45 Total Bonds 131,000 0.54 International Agencies 0.34 Bermuda 0.28 Isle of Man 0.26 Total Other Transferable Securities 131,000 0.54 Belgium 0.22 Total Fixed Income Securities Total Investments 22,103,260 91.87 89.29 Investment Funds Luxembourg Cash 1,213,988 5.05 2.58 Total Investment Funds 2.58 Other Assets/(Liabilities) 742,849 3.08 Cash and Other Assets/(Liabilities) 8.13 Total Total Net Assets 24,060,097 100.00 100.00

* 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. Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 45.70 United Kingdom 13.05 France 5.73 Japan 4.96 Netherlands 4.80 Germany 3.27 Canada 2.67 Sweden 1.91 Mexico 1.57 South Korea 1.42 Luxembourg 1.29 Italy 1.27 Cayman Islands 1.16 Israel 1.01 Spain 1.00 Brazil 0.89 International Agencies 0.85 Denmark 0.70 Australia 0.69 Russia 0.50 Finland 0.44 Ireland 0.34 Bermuda 0.17 Total Fixed Income Securities 95.39 Investment Funds Luxembourg 1.40 Total Investment Funds 1.40 Cash and Other Assets/(Liabilities) 3.21 Total 100.00

104 JPMorgan Investment Funds - Global Enhanced Bond Fund Schedule of Investments - Outstanding To be Announced Securities (Expressed in EUR) 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 4.000% 720,000 552,232 (4,906) 15-Jan-39 Freddie Mac 5.000% 550,000 429,158 285 15-Jan-39 Freddie Mac 6.000% 305,000 246,029 640 15-Jan-39 Ginnie Mae 5.000% 540,000 427,214 1,764 15-Jan-39 Ginnie Mae 6.000% 160,000 131,192 411 25-Jan-39 Fannie Mae 5.000% 340,000 266,012 (657) 25-Jan-39 Fannie Mae 6.500% 295,000 244,569 1,067 15-Jan-41 Freddie Mac 4.500% 600,000 456,974 (2,310) 15-Jan-41 Freddie Mac 5.500% 460,000 365,479 1,261 15-Jan-41 Freddie Mac 6.500% 120,000 99,206 448 15-Jan-41 Ginnie Mae 4.000% 485,000 363,616 2,320 15-Jan-41 Ginnie Mae 4.500% 480,000 370,731 1,540 25-Jan-41 Fannie Mae 4.000% 2,190,000 1,617,627 (14,882) 25-Jan-41 Fannie Mae 4.500% 20,000 15,270 (149) 25-Jan-41 Fannie Mae 5.500% 1,035,000 825,467 (1,335) 25-Jan-41 Fannie Mae 6.000% 375,000 303,850 1,138

6,714,626 (13,365) Total

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

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

Bond Futures

Mar-11 2 Australia 10 Year Bond Future AUD 157,014 1,579 Mar-11 5 Canada 10 Year Bond Future CAD 457,192 (262) Mar-11 (8) Euro-Bobl Future EUR (950,240) 750 Mar-11 4 Euro-Bund Future EUR 501,240 (3,400) Mar-11 18 Euro-Schatz Future EUR 1,962,090 (270) Mar-11 (2) Long Gilt Future GBP (277,919) 2,047 Mar-11 (27) US 2 Year Note Future USD (4,409,459) 11,490 Mar-11 (30) US 5 Year Note Future USD (2,632,202) 52,698 Mar-11 (6) US 10 Year Note Future USD (538,304) 18,087 Mar-11 1 US Long Bond Future USD 90,756 (4,281)

Total 78,438

JPMorgan Investment Funds - Global Enhanced 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)

06-Jan-11 AUD 123,819 CAD 123,427 1,737 06-Jan-11 AUD 468,341 EUR 344,161 11,677 06-Jan-11 AUD 29,921 NZD 38,890 192 06-Jan-11 CAD 170,083 AUD 173,074 (4,255) 06-Jan-11 CAD 55,550 EUR 41,611 (53) 06-Jan-11 CHF 41,426 NZD 56,380 485 06-Jan-11 EUR 45,124 AUD 61,964 (1,955) 06-Jan-11 EUR 75,416 CAD 101,156 (261) 06-Jan-11 EUR 271,773 CHF 352,541 (10,455) 06-Jan-11 EUR 2,784,236 GBP 2,331,565 72,804 06-Jan-11 EUR 1,854,059 JPY 201,041,883 6,497 06-Jan-11 EUR 395,844 NOK 3,102,571 (1,346) 06-Jan-11 EUR 58,586 NZD 102,732 (959) 06-Jan-11 EUR 13,365,179 USD 17,354,294 408,897 06-Jan-11 EUR 305,093 ZAR 2,841,120 (14,813) 06-Jan-11 GBP 41,346 AUD 67,624 (3,298) 06-Jan-11 GBP 115,000 EUR 135,586 (1,850) 06-Jan-11 GBP 58,573 USD 92,060 (614) 06-Jan-11 JPY 176,469,202 EUR 1,625,964 (4,223)

105 JPMorgan Investment Funds - Global Enhanced 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)

06-Jan-11 JPY 3,284,542 GBP 25,165 919 06-Jan-11 JPY 11,064,024 NZD 177,472 (1,187) 06-Jan-11 JPY 12,895,691 USD 153,931 3,590 06-Jan-11 MXN 6,597,728 EUR 403,878 (5,780) 06-Jan-11 NOK 3,102,571 EUR 383,800 13,391 06-Jan-11 NZD 139,546 AUD 108,385 (1,467) 06-Jan-11 NZD 129,706 CAD 97,712 2,078 06-Jan-11 NZD 149,896 EUR 87,097 (215) 06-Jan-11 USD 34,339 AUD 34,413 (510) 06-Jan-11 USD 174,060 CAD 175,482 (1,334) 06-Jan-11 USD 951,125 EUR 718,883 (8,796) 06-Jan-11 USD 31,882 JPY 2,671,576 (749) 06-Jan-11 USD 57,388 MXN 711,300 (74) 06-Jan-11 USD 32,554 NZD 43,674 (1,010) 07-Jan-11 EUR 281,620 SEK 2,538,135 (1,057) 07-Jan-11 SEK 975,037 EUR 106,215 2,376 07-Jan-11 SEK 1,563,098 NOK 1,360,008 (17) 03-Feb-11 AUD 27,915 EUR 21,351 (221) 03-Feb-11 EUR 1,302,714 JPY 140,767,614 8,681 03-Feb-11 EUR 86,903 NZD 149,896 227 03-Feb-11 EUR 117,881 USD 154,568 2,489 03-Feb-11 NOK 2,348,116 EUR 300,262 (101) 03-Feb-11 NOK 264,435 USD 44,111 872 03-Feb-11 NZD 32,935 CAD 25,326 108 03-Feb-11 SEK 2,538,135 EUR 281,398 1,011 03-Feb-11 USD 44,020 CHF 42,266 (984) 03-Feb-11 USD 72,903 EUR 55,036 (611)

Total 469,836

Schedule of Investments - Outstanding Interest Rate Swaps (Expressed in EUR)

Unrealised Termination Market Gain/ Date Counterparty Description Currency Nominal Value (Loss)

05-Feb-11 Bank of Montreal Receive floating rate CAD CDOR 3 months CAD 20,620,000 (168,465) (168,465) Pay fixed rate 3.377% 05-Feb-11 Credit Suisse Receive fixed rate 3.384% CAD 20,620,000 169,034 169,034 Pay floating rate CAD CDOR 3 months 05-Feb-14 Bank of Montreal Receive fixed rate 3.780% CAD 8,780,000 406,683 406,683 Pay floating rate CAD CDOR 3 months 05-Feb-14 Credit Suisse Receive floating rate CAD CDOR 3 months CAD 8,780,000 (407,074) (407,074) Pay fixed rate 3.781%

Total 178 178

106 JPMorgan Investment Funds - Global Financials 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 576,800 AIA Group 1,626,937 0.88 Shares 273,000 Henderson Land Development 1,868,444 1.00 122,000 Sun Hung Kai Properties 2,017,612 1.09 UNITED STATES OF AMERICA 36,959 Aflac 2,070,628 1.11 5,512,993 2.97 42,930 American Express 1,830,750 0.98 518,808 Bank of America 6,897,552 3.71 SPAIN 67,884 BB&T 1,783,991 0.96 174,819 BBVA 1,770,142 0.95 23,275 Capital One Financial 988,024 0.53 295,638 BSCH 3,140,219 1.69 67,260 Charles Schwab 1,149,137 0.62 1,411,066 Citigroup 6,695,508 3.60 4,910,361 2.64 30,162 Goldman Sachs Group 5,052,738 2.72 CANADA 77,535 Hartford Financial Services Group 2,044,598 1.10 51,833 Manulife Financial 884,833 0.47 159,493 Huntington Bancshares 1,099,704 0.59 69,495 RBC 3,620,997 1.95 8,977 Mastercard - A Shares 2,011,611 1.08 MetLife 4,715,365 106,178 2.54 4,505,830 2.42 133,127 Morgan Stanley3,627,045 1.95 35,896 PNC Financial Services Group 2,185,169 1.18 GERMANY 35,133 Principal Financial Group 1,148,498 0.62 25,597 Allianz Registered Shares 3,043,902 1.64 69,382 Prudential Financial 4,044,624 2.18 75,018 State Street 3,469,958 1.87 3,043,902 1.64 138,081 US Bancorp 3,724,735 2.00 AUSTRIA Wells Fargo & Co. 7,293,043 236,059 3.93 61,400 Erste Group Bank 2,903,973 1.56

61,832,678 33.27 2,903,973 1.56 UNITED KINGDOM SOUTH AFRICA 139,470 Amlin 884,000 0.48 496,087 African Bank Investments 2,899,008 1.56 864,452 Barclays 3,537,405 1.90 701,433 HSBC Holdings 7,119,526 3.83 2,899,008 1.56 2,686,014 Lloyds Banking Group 2,753,911 1.48 354,457 Prudential 3,688,280 1.98 BELGIUM 2,147,363 RBS Group 1,313,226 0.71 30,526 Ageas - STRIP VVPR 61 0.00 82,043 KBC Groep 2,815,446 1.51 19,296,348 10.38 2,815,507 1.51 SWITZERLAND 77,351 ACE 4,807,365 2.59 GUERNSEY 76,659 Crédit Suisse Group Registered Shares 3,097,678 1.67 692,845 Resolution 2,531,908 1.36 272,634 UBS Registered Shares 4,488,843 2.41 15,150 Zurich Financial Services 3,935,329 2.12 2,531,908 1.36 SOUTH KOREA 16,329,215 8.79 11,147 Samsung Fire & Marine Insurance 2,231,030 1.20 FRANCE 213,815 AXA 3,569,907 1.92 2,231,030 1.20 57,945 BNP Paribas 3,701,044 1.99 BERMUDA 87,026 Société Générale 4,699,980 2.53 30,138 RenaissanceRe Holdings 1,933,202 1.04

11,970,931 6.44 1,933,202 1.04 AUSTRALIA MEXICO 98,329 ANZ Banking Group 2,339,197 1.26 347,197 Grupo Financiero Banorte - O Shares 1,618,335 0.86 110,098 Macquarie Group 4,166,360 2.24 73,711 National Australia Bank 1,783,561 0.96 1,618,335 0.86 128,064 Westpac Banking 2,899,919 1.56 Total Shares 182,048,585 97.94 11,189,037 6.02 INDIA Total Transferable Securities Admitted to an 182,048,585 97.94 Official Exchange Listing 108,951 Housing Development Finance 1,771,322 0.95 181,638 Reliance Capital 2,710,353 1.46 Transferable Securities Dealt in on Another Regulated Market 422,707 Yes Bank 2,955,357 1.59 Investment Funds 7,437,032 4.00 LUXEMBOURG CHINA 2,700,000 JPMorgan Liquidity Funds - US Dollar Liquidity Fund China Construction Bank - H Shares * 3,662,514 4,087,450 1.97 (JPM US Dollar Liquidity X (dist)) 2,700,000 1.46 1,330,050 China Merchants Bank - H Shares * 3,360,587 1.81 2,700,000 1.46 7,023,101 3.78 JAPAN Total Investment Funds 2,700,000 1.46 516 Advance Residence Investment 1,154,712 0.62 323 Japan Retail Fund Investment 619,839 0.33 Total Transferable Securities Dealt in on Another 2,700,000 1.46 Regulated Market 137 Kenedix Realty Investment 646,720 0.35 318,500 Mitsubishi UFJ Financial Group 1,723,052 0.93 Total Investments 184,748,585 99.40 79 Nomura Real Estate Residential Fund 460,444 0.25 43,200 Sumitomo Mitsui Financial Group 1,539,173 0.83 Cash 722,510 0.39

6,143,940 3.31 Other Assets/(Liabilities) 399,614 0.21 NETHERLANDS 377,518 Aegon 2,319,998 1.25 Total Net Assets 185,870,709 100.00 369,161 ING Groep - CVA 3,600,256 1.94

5,920,254 3.19 * Hong Kong Registered Shares.

107 JPMorgan Investment Funds - Global Financials 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 % of Net Assets Shares Financials 96.86 Investment Companies 1.46 Industrials 1.08 Total Shares 99.40 Cash and Other Assets/(Liabilities) 0.60 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Shares and Warrants Financials 93.42 Investment Companies 1.47 Industrials 0.95 Total Shares and Warrants 95.84 Cash and Other Assets/(Liabilities) 4.16 Total 100.00

108 JPMorgan Investment Funds - Global Financials 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)

17-Feb-11 AUD 4,706,496 USD 4,657,341 106,777 17-Feb-11 CAD 11,133,678 USD 11,007,836 139,740 17-Feb-11 DKK 3,124,864 USD 562,212 (808) 17-Feb-11 EUR 801,886 USD 1,060,458 13,575 17-Feb-11 HKD 8,129,302 USD 1,046,001 224 17-Feb-11 JPY 820,978,316 USD 9,848,151 262,323 17-Feb-11 NOK 4,259,825 USD 718,900 10,018 17-Feb-11 SEK 21,735,408 USD 3,179,104 58,737 17-Feb-11 SGD 3,978,729 USD 3,057,997 48,808 17-Feb-11 USD 4,421,038 CHF 4,275,720 (166,104) 17-Feb-11 USD 5,370,140 EUR 4,016,366 (9,312) 17-Feb-11 USD 3,453,949 GBP 2,192,036 40,602 17-Feb-11 USD 2,699,757 HKD 20,981,286 (494)

Total 504,086

109 JPMorgan Investment Funds - Global High Yield 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 2,405,000 MarkWest Energy Partners 15.04.18/8.750% 2,615,437 0.21 1,695,000 Masco 03.10.16/6.125% 1,729,220 0.14 Shares 410,000 Masco 15.03.20/7.125% 427,617 0.04 1,990,000 MGM Resorts International 1,985,025 UNITED STATES OF AMERICA 01.04.13/6.750% 0.16 1,695,000 MGM Resorts International 1,584,825 71,806 Dex One 534,237 0.04 27.02.14/5.875% 0.13 80,000 MGM Resorts International 01.04.16/6.875% 70,600 0.01 MGM Resorts International 6,472,800 534,237 0.04 6,960,000 01.06.16/7.500% 0.53 770,000 Owens-Brockway Glass Container 15.05.16/7.375% 821,975 0.07 Total Shares 534,237 0.04 765,000 PetroHawk Energy 01.08.14/10.500% 875,925 0.07 Bonds 1,025,000 Plains Exploration & Production 15.06.15/7.750% 1,073,687 0.09 1,615,000 Plains Exploration & Production 15.03.17/7.000% 1,663,450 0.14 UNITED STATES OF AMERICA 2,945,000 RailAmerica 01.07.17/9.250% 3,250,544 0.26 3,145,000 ACCO Brands 15.03.15/10.625% 3,553,850 0.29 2,355,000 Rite Aid 01.03.17/7.500% 2,231,363 0.18 2,115,000 ACCO Brands 15.08.15/7.625% 2,125,575 0.17 1,265,000 Rite Aid 15.06.17/9.500% 1,081,575 0.09 470,000 AES 15.10.17/8.000% 500,550 0.04 2,480,000 Rental Services 01.12.14/9.500% 2,610,200 0.21 5,290,000 Alcatel-Lucent USA 15.03.29/6.450% 4,205,550 0.34 1,136,000 Scotts Miracle-Gro 15.01.18/7.250% 1,198,480 0.10 3,815,000 American Axle & Manufacturing 01.03.17/7.875% 3,910,375 0.32 7,826,000 Sealy Mattress 15.06.14/8.250% 7,992,240 0.65 2,180,000 Anadarko Petroleum 15.09.17/6.375% 2,361,609 0.19 995,000 Service Corp. International 01.10.14/7.375% 1,072,112 0.09 369,000 Arch Coal 01.10.20/7.250% 392,062 0.03 2,860,000 Service Corp. International 01.04.15/6.750% 2,945,800 0.24 1,660,000 Ashtead Capital 144A 15.08.16/9.000% 1,738,850 0.14 1,565,000 Service Corp. International 15.05.19/7.000% 1,572,825 0.13 1,580,000 Atlas Energy Operating 01.08.17/12.125% 2,006,600 0.16 550,000 Sheraton Holding 15.11.15/7.375% 621,500 0.05 3,026,000 Atlas Energy Operating 01.02.18/10.750% 3,710,632 0.30 3,165,000 Spirit Aerosystems 01.10.17/7.500% 3,307,425 0.27 1,850,000 B&G Foods 15.01.18/7.625% 1,951,750 0.16 3,320,000 Sprint Capital 01.05.19/6.900% 3,295,100 0.27 1,520,000 Baldor Electric 15.02.17/8.625% 1,711,900 0.14 14,025,000 Sprint Capital 15.03.32/8.750% 14,235,375 1.16 1,750,000 Boyd Gaming 01.02.16/7.125% 1,566,250 0.13 7,295,000 Supervalu 01.05.16/8.000% 7,021,437 0.57 2,095,000 Chesapeake Energy 15.08.18/6.875% 2,136,900 0.17 3,845,000 Terex 15.11.17/8.000% 3,902,675 0.32 1,375,000 Chesapeake Energy 15.12.18/7.250% 1,430,000 0.12 485,000 Triumph Group 15.11.17/8.000% 506,825 0.04 1,350,000 Chesapeake Energy 15.08.20/6.625% 1,336,500 0.11 2,380,000 United Rentals North America 15.12.19/9.250% 2,659,650 0.22 3,495,000 Chiquita Brands International 01.12.15/8.875% 3,567,266 0.29 1,955,000 United Rentals North America 15.09.20/8.375% 1,998,987 0.16 3,620,000 Cincinnati Bell 15.10.20/8.375% 3,484,250 0.28 3,300,000 Vail Resorts 15.02.14/6.750% 3,357,750 0.27 1,077,314 CIT Group 01.05.15/7.000% 1,080,007 0.09 820,000 Whiting Petroleum 01.10.18/6.500% 832,300 0.07 15,981,192 CIT Group 01.05.16/7.000% 16,041,121 1.31 4,785,000 Windstream 01.08.16/8.625% 5,060,137 0.41 4,062,069 CIT Group 01.05.17/7.000% 4,072,224 0.33 1,771,000 Clean Harbors 15.08.16/7.625% 1,890,542 0.15 246,576,524 20.08 4,450,000 Community Health Systems 15.07.15/8.875% 4,683,625 0.38 1,960,000 Constellation Brands 15.12.14/8.375% 2,151,100 0.18 IRELAND 3,620,000 Constellation Brands 01.09.16/7.250% 3,855,300 0.31 3,845,000 Ardagh Packaging Finance 144A 15.10.20/9.125% 4,018,025 0.33 2,693,000 Cooper 15.02.15/7.125% 2,787,255 0.23 2,520,000 Corrections Corp. of Amercia 01.06.17/7.750% 2,683,800 0.22 4,018,025 0.33 1,411,000 Crown Americas 15.11.15/7.750% 1,474,495 0.12 LIBERIA 2,135,000 Crown Castle International 15.01.15/9.000% 2,364,512 0.19 345,000 Royal Caribbean Cruises 01.12.13/6.875% 370,013 0.03 380,000 DaVita 01.11.18/6.375% 377,150 0.03 2,340,000 Royal Caribbean Cruises 15.06.16/7.250% 2,533,050 0.20 380,000 DaVita 01.11.20/6.625% 375,250 0.03 595,000 Denbury Resources 01.04.13/7.500% 603,925 0.05 2,903,063 0.23 340,000 Denbury Resources 15.12.15/7.500% 353,600 0.03 1,025,000 Denbury Resources 01.03.16/9.750% 1,148,000 0.09 LUXEMBOURG 348,000 Dole Food 15.03.14/13.875% 427,170 0.04 2,300,000 Wind Acquisition Finance 144A 15.02.18/7.250% 2,346,000 0.19 1,305,000 Dynegy Holdings 01.06.19/7.750% 877,612 0.07 1,590,000 Dynegy Holdings 15.10.26/7.625% 946,050 0.08 2,346,000 0.19 530,000 El Paso 15.06.17/7.000% 560,041 0.05 CANADA 1,285,000 El Paso 01.06.18/7.250% 1,376,781 0.11 1,290,000 Nova Chemicals 01.11.19/8.625% 1,412,550 0.12 1,940,000 Encore Acquisition 01.05.16/9.500% 2,163,100 0.18 5,243,000 Energy Future Intermediate 1,412,550 0.12 Holding 01.12.20/10.000% 5,444,426 0.44 1,050,000 Esterline Technologies 1,065,750 01.03.17/6.625% 0.09 Total Bonds 257,256,162 20.95 485,000 Forest Oil 15.02.14/8.500% 532,287 0.04 525,000 Forest Oil 15.06.19/7.250% 535,500 0.04 Total Transferable Securities Admitted to an 257,790,399 20.99 1,795,000 Frontier Communications 15.03.15/6.625% 1,884,750 0.15 Official Exchange Listing 1,796,000 General Cable 01.04.17/7.125% 1,861,105 0.15 1,544,000 Glatfelter 01.05.16/7.125% 1,607,690 0.13 Transferable Securities Dealt in on Another Regulated Market 410,000 Goodyear Tire & Rubber 15.05.16/10.500% 469,450 0.04 3,260,000 Goodyear Tire & Rubber 15.08.20/8.250% 3,390,400 0.28 Bonds 1,210,000 Goodyear Tire & Rubber 15.08.20/8.750% 1,279,575 0.11 UNITED STATES OF AMERICA 1,525,000 Graphic Packaging International 01.10.18/7.875% 1,605,062 0.13 1,025,000 Accellent 01.02.17/8.375% 1,050,625 0.09 2,715,000 Hanesbrands 15.12.16/8.000% 2,925,413 0.24 3,275,000 Accellent 144A 01.11.17/10.000% 3,086,687 0.25 4,289,000 Health Management Associates 15.04.16/6.125% 4,353,335 0.35 2,965,000 Aeroflex 15.02.15/11.750% 3,276,325 0.27 1,465,000 Healthsouth 01.10.18/7.250% 1,497,962 0.12 3,470,000 AES 15.04.16/9.750% 3,890,737 0.32 1,465,000 Healthsouth 15.09.22/7.750% 1,514,444 0.12 16,320,000 Ally Financial 01.12.14/6.750% 17,197,200 1.40 500,000 Hertz 01.01.14/7.875% 679,771 0.06 3,105,000 Ally Financial 144A 01.12.17/6.250% 3,077,831 0.25 1,910,000 Hertz 01.01.14/8.875% 1,962,525 0.16 2,465,000 AMC Entertainment 1,635,000 Host Hotels & Resorts 1,667,700 15.03.15/6.375% 0.14 Holdings 144A 01.12.20/9.750% 2,575,925 0.21 2,540,000 Host Hotels & Resorts 2,603,500 01.06.16/6.750% 0.21 1,560,000 American Tire Distributors 144A 01.06.17/9.750% 1,692,600 0.14 1,105,000 Huntsman International 1,135,387 01.01.15/7.375% 0.09 1,170,000 Amkor Technology 01.06.16/9.250% 1,243,125 0.10 230,000 Inergy & Inergy Finance 234,600 15.12.14/6.875% 0.02 2,280,000 Amkor Technology 01.05.18/7.375% 2,376,900 0.19 1,273,000 Inergy & Inergy Finance 1,368,475 01.03.15/8.750% 0.11 2,350,000 Amsted Industries 144A 15.03.18/8.125% 2,505,687 0.20 2,180,000 Inergy & Inergy Finance 2,283,550 01.03.16/8.250% 0.19 2,865,000 Arch Coal 01.08.16/8.750% 3,155,081 0.26 4,920,000 Iron Mountain 5,190,600 15.07.18/8.750% 0.42 1,405,000 Ashland 01.06.17/9.125% 1,622,775 0.13 2,410,000 Iron Mountain 2,596,775 15.08.21/8.375% 0.21 2,085,000 Aspect Software 144A 15.05.17/10.625% 2,150,156 0.18 2,025,000 Jarden 2,214,844 01.05.16/8.000% 0.18 2,950,000 Associated Materials 144A 01.11.17/9.125% 3,090,125 0.25 2,470,000 Jarden 2,615,112 01.05.17/7.500% 0.21 1,110,000 Atkore International 144A 01.01.18/9.875% 1,159,950 0.09 1,590,000 JC Penney 1,745,046 01.04.17/7.950% 0.14 2,745,000 Avaya 01.11.15/9.750% 2,806,762 0.23 775,000 Lear 833,125 15.03.18/7.875% 0.07 1,895,084 Avaya 01.11.15/10.125%* 1,951,937 0.16 590,000 Lear 643,800 15.03.20/8.125% 0.05 2,140,000 Avis Budget Car Rental 15.05.16/7.750% 2,193,500 0.18 2,120,000 Manitowoc 2,332,000 15.02.18/9.500% 0.19 1,735,000 Avis Budget Car Rental 15.03.18/9.625% 1,878,138 0.15 2,290,000 Manitowoc 2,444,575 01.11.20/8.500% 0.20 3,220,000 Avis Budget Car Rental 144A 15.01.19/8.250% 3,268,300 0.27

110 JPMorgan Investment Funds - Global High Yield 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

3,505,000 Bank of America 31.12.49/8.000%* 3,525,466 0.29 9,765,000 HCA 15.11.16/9.250% 10,448,550 0.85 2,425,000 Bausch & Lomb 01.11.15/9.875% 2,612,937 0.21 16,943,000 HCA 15.11.16/9.625%* 18,086,652 1.47 1,180,000 BE Aerospace 01.10.20/6.875% 1,224,250 0.10 250,000 HCA 15.02.17/9.875% 276,563 0.02 965,000 Belden 15.06.19/9.250% 1,061,500 0.09 3,850,000 HCA Holdings 144A 15.05.21/7.750% 3,811,500 0.31 3,160,000 Berry Plastics 144A 15.01.21/9.750% 3,163,950 0.26 2,850,000 Hertz 144A 15.10.18/7.500% 2,971,125 0.24 14,200,000 Biomet 15.10.17/10.375%* 15,549,000 1.27 490,000 Hertz 144A 15.01.21/7.375% 497,350 0.04 2,645,000 Bon-Ton Department Stores 15.03.14/10.250% 2,711,125 0.22 3,150,000 Hexion US Finance 144A 15.11.20/9.000% 3,346,875 0.27 3,045,000 BreitBurn Energy Partners 144A 15.10.20/8.625% 3,075,450 0.25 2,285,000 Hillman Group 01.06.18/10.875% 2,519,213 0.21 2,060,000 Brigham Exploration 144A 01.10.18/8.750% 2,235,100 0.18 1,045,000 Host Hotels & Resorts 15.05.17/9.000% 1,162,563 0.09 2,490,000 Building Materials 2,135,000 Huntsman International 30.06.16/5.500% 2,081,625 0.17 of America 144A 15.08.18/6.875% 2,477,550 0.20 1,645,000 Huntsman International 15.03.20/8.625% 1,795,106 0.15 2,000,000 Bumble Bee Acquisition 144A 15.12.17/9.000% 2,095,000 0.17 755,000 Huntsman International 144A 15.03.21/8.625% 820,119 0.07 1,817,000 Bumble Bee Foods 15.12.15/7.750% 2,087,061 0.17 1,965,000 Inergy & Inergy Finance 144A 01.10.18/7.000% 1,989,563 0.16 3,875,000 BWAY Holding 144A 15.06.18/10.000% 4,199,531 0.34 3,530,000 Interactive Data 144A 01.08.18/10.250% 3,883,000 0.32 9,685,000 Caesars Entertainment 1,890,000 Interline Brands 144A 15.11.18/7.000% 1,927,800 0.16 Operating 01.06.17/11.250% 10,944,050 0.89 1,580,000 International Lease Finance 15.12.20/8.250% 1,625,425 0.13 3,588,000 Caesars Entertainment 2,985,000 International Lease Operating 15.12.18/10.000% 3,274,050 0.27 Finance 144A 15.09.15/8.625% 3,208,875 0.26 2,405,000 Calpine 144A 31.07.20/7.875% 2,453,100 0.20 7,980,000 International Lease 3,130,000 Calpine 144A 15.02.21/7.500% 3,106,525 0.25 Finance 144A 15.03.17/8.750% 8,558,550 0.70 1,870,000 Case New Holland 01.09.13/7.750% 2,024,275 0.17 930,000 International Lease 1,790,000 Case New Holland 144A 01.12.17/7.875% 1,971,237 0.16 Finance 144A 01.09.18/7.125% 990,450 0.08 580,000 CCH II Capital 30.11.16/13.500% 693,100 0.06 2,000,000 ITC Deltacom 01.04.16/10.500% 2,185,000 0.18 4,575,000 CCO Holdings Capital 144A 30.10.17/7.250% 4,666,500 0.38 1,265,000 Jarden 15.01.20/7.500% 1,325,088 0.11 1,910,000 CCO Holdings Capital 144A 30.04.18/7.875% 1,986,400 0.16 1,400,000 JDA Software Group 15.12.14/8.000% 1,515,500 0.12 3,475,000 Central Garden and Pet 01.03.18/8.250% 3,535,812 0.29 2,530,000 Libbey Glass 144A 15.02.15/10.000% 2,732,400 0.22 6,810,000 Cequel Communications 3,110,000 Linn Energy 01.07.18/9.875% 3,421,000 0.28 Holdings I and Cequel 1,160,000 Linn Energy 15.05.17/11.750% 1,334,000 0.11 Capital 144A 15.11.17/8.625% 7,167,525 0.58 1,465,000 Linn Energy 144A 01.02.21/7.750% 1,508,950 0.12 700,000 Chemtura 144A 01.09.18/7.875% 745,500 0.06 7,505,000 Lyondell Chemical 01.05.18/11.000% 8,527,556 0.69 110,000 Chesapeake Energy 15.08.17/6.500% 111,100 0.01 1,985,000 Lyondell Chemical 144A 01.11.17/8.000% 2,203,350 0.18 2,840,000 Citigroup Capital XXI 21.12.57/8.300%* 2,967,800 0.24 1,460,000 Mantech International 15.04.18/7.250% 1,533,000 0.12 8,995,000 Clear Channel Worldwide 2,095,000 Marina District Finance 144A 15.10.15/9.500% 2,068,813 0.17 Holdings 15.12.17/9.250% 9,849,525 0.80 4,140,000 Marina District Finance 144A 15.08.18/9.875% 4,098,600 0.33 1,490,000 Clearwater Paper 15.06.16/10.625% 1,709,775 0.14 5,155,000 MetroPCS Wireless 01.09.18/7.875% 5,374,088 0.44 1,425,000 Clearwater Paper 144A 01.11.18/7.125% 1,478,437 0.12 2,495,000 MGM Resorts International 15.11.17/11.125% 2,881,725 0.23 6,250,000 Clearwire Communications 144A 01.12.15/12.000% 6,781,250 0.55 5,590,000 MGM Resorts International 144A 15.03.20/9.000% 6,183,938 0.50 970,000 Clearwire Communications 144A 01.12.17/12.000% 1,011,225 0.08 1,435,000 Michael Foods 144A 15.07.18/9.750% 1,574,913 0.13 2,525,000 Cloud Peak Energy Resources 15.12.17/8.250% 2,714,375 0.22 870,000 Michaels Stores 01.11.16/0.000%* 865,650 0.07 2,330,000 Consol Energy 144A 01.04.17/8.000% 2,493,100 0.20 3,355,000 Michaels Stores 144A 01.11.18/7.750% 3,363,388 0.27 150,000 Consol Energy 144A 01.04.20/8.250% 162,375 0.01 2,335,000 Mueller Water Products 01.09.20/8.750% 2,591,850 0.21 725,000 Cott Beverages 01.09.18/8.125% 784,812 0.06 1,290,000 Mylan 144A 15.07.17/7.625% 1,373,850 0.11 1,675,000 Cricket Communications 15.07.15/10.000% 1,802,719 0.15 3,110,000 Mylan 144A 15.07.20/7.875% 3,351,025 0.27 3,090,000 Crosstex Energy 15.02.18/8.875% 3,314,025 0.27 715,000 Nalco 144A 15.01.19/6.625% 736,450 0.06 745,000 Crown Americas 15.05.17/7.625% 800,875 0.07 2,928,945 Neiman-Marcus Group 15.10.15/9.000%* 3,082,715 0.25 2,320,000 DineEquity 144A 30.10.18/9.500% 2,470,800 0.20 1,335,000 NewPage 31.12.14/11.375% 1,248,225 0.10 10,215,000 DISH DBS 31.05.15/7.750% 10,904,512 0.89 2,680,000 Nextar Broadcasting 144A 15.04.17/8.875% 2,860,900 0.23 8,695,000 DISH DBS 01.02.16/7.125% 9,021,063 0.74 750,000 NFR Energy 144A 15.02.17/9.750% 745,313 0.06 5,055,000 DISH DBS 01.09.19/7.875% 5,307,750 0.43 5,499,936 Noranda Aluminium Acquisition 15.05.15/5.193%* 4,998,067 0.41 3,390,000 Diversey 15.11.19/8.250% 3,695,100 0.30 5,720,000 NRG Energy 01.02.16/7.375% 5,877,300 0.48 4,759,000 DJO Finance 15.11.14/10.875% 5,217,054 0.42 1,770,000 NRG Energy 144A 01.09.20/8.250% 1,818,675 0.15 1,875,000 Dole Food 144A 01.10.16/8.000% 1,987,500 0.16 2,635,000 Oshkosh 01.03.17/8.250% 2,878,738 0.23 2,265,000 Dunkin Finance 144A 01.12.18/9.625% 2,298,975 0.19 1,535,000 Packaging Dynamics 5,405,000 Easton-Bell Sports 01.12.16/9.750% 5,959,012 0.49 Finance 144A 01.05.16/10.000% 1,582,969 0.13 1,535,000 Energy Future Holdings 144A 15.01.20/10.000% 1,590,134 0.13 3,695,000 PAETEC Escrow 144A 01.12.18/9.875% 3,815,088 0.31 135,000 Esterline Technologies 144A 01.08.20/7.000% 139,725 0.01 1,925,000 PAETEC Holding 15.07.15/9.500% 2,002,000 0.16 2,135,000 EXCO Resources 15.09.18/7.500% 2,102,975 0.17 3,090,000 PAETEC Holding 30.06.17/8.875% 3,314,025 0.27 2,390,000 Fidelity National Information 1,540,000 Parker Drilling 01.04.18/9.125% 1,617,000 0.13 Services 144A 15.07.17/7.625% 2,527,425 0.21 2,900,000 Petco Animal Supplies 144A 01.12.18/9.250% 3,070,375 0.25 405,000 Fidelity National Information 3,095,000 PetroHawk Energy 01.06.15/7.875% 3,238,144 0.26 Services 144A 15.07.20/7.875% 429,806 0.04 2,725,000 Petrohawk Energy 15.08.18/7.250% 2,765,875 0.23 7,400,000 First Data 24.09.15/9.875% 7,104,000 0.58 1,515,000 Pinafore 144A 01.10.18/9.000% 1,643,775 0.13 330,508 First Data 24.09.15/10.550%* 315,635 0.03 965,000 Pinnacle Foods Finance 01.04.15/9.250% 1,009,631 0.08 7,640,000 First Data 144A 15.08.20/8.875% 8,060,200 0.66 1,490,000 PolyOne 15.09.20/7.375% 1,545,875 0.13 2,470,000 First Data 144A 15.01.21/8.250% 2,358,850 0.19 2,140,000 Polypore International 144A 15.11.17/7.500% 2,193,500 0.18 2,946,000 First Data 144A 15.01.21/12.625% 2,769,240 0.23 2,057,000 Pride International 15.08.20/6.875% 2,144,423 0.17 1,475,000 First Data 144A 1,423,375 15.01.22/8.750%* 0.12 2,180,000 Qwest Communications 7,535,000 Ford Motor Credit 01.10.14/8.700% 8,476,137 0.69 International 15.02.14/7.500% 2,218,150 0.18 5,090,000 Ford Motor Credit 15.04.15/7.000% 5,444,391 0.44 1,925,000 Qwest Communications 2,710,000 Ford Motor Credit 15.12.16/8.000% 3,023,333 0.25 International 15.02.14/7.500% 1,958,688 0.16 870,000 Ford Motor Credit 15.08.17/6.625% 912,628 0.07 1,435,000 Qwest Communications 2,725,000 Freescale Semiconductor 144A 15.03.18/10.125% 3,079,250 0.25 International 144A 01.04.18/7.125% 1,492,400 0.12 3,945,000 Freescale Semiconductor 144A 15.04.18/9.250% 4,359,225 0.36 2,730,000 Radiation Therapy 910,000 Frontier Communications 15.04.20/8.500% 998,725 0.08 Services 144A 15.04.17/9.875% 2,743,650 0.22 1,585,000 FTI Consulting 144A 01.10.20/6.750% 1,581,037 0.13 1,185,000 Rain CII Carbon 144A 01.12.18/8.000% 1,220,550 0.10 4,210,000 GCI 15.11.19/8.625% 4,578,375 0.37 6,360,000 RBS Global/Rexnord 01.05.18/8.500% 6,789,300 0.55 3,500,000 Geo Group 15.10.17/7.750% 3,701,250 0.30 5,265,000 Reichhold Industries 144A 15.08.14/9.000% 4,672,688 0.38 1,875,000 Georgia-Pacific 144A 01.05.16/8.250% 2,123,437 0.17 4,430,000 Reynolds Group Issuer 144A 15.05.18/8.500% 4,496,450 0.37 1,900,000 Georgia-Pacific 144A 15.01.17/7.125% 2,033,000 0.17 4,035,000 Reynolds Group Issuer 144A 15.04.19/9.000% 4,186,313 0.34 2,055,000 Giraffe Acquisition 144A 01.12.18/9.125% 2,152,613 0.18 2,545,000 Rite Aid 144A 15.08.20/8.000% 2,662,706 0.22 1,225,000 Glatfelter 01.05.16/7.125% 1,275,531 0.10 2,335,000 Sally Holdings 15.11.14/9.250% 2,463,425 0.20 3,425,000 Graham Packaging 15.10.14/9.875% 3,562,000 0.29 1,105,000 SBA Telecommunications 15.08.16/8.000% 1,201,688 0.10 460,000 Graham Packaging 01.10.18/8.250% 485,300 0.04 415,000 SBA Telecommunications 15.08.19/8.250% 455,463 0.04 3,275,000 Graham Packaging 144A 01.01.17/8.250% 3,422,375 0.28 617,000 Sealy Mattress 144A 15.04.16/10.875% 700,295 0.06 2,175,000 GWR Operating Partnership 01.04.17/10.875% 2,305,500 0.19 3,085,000 Sequa 144A 01.12.15/11.750% 3,316,375 0.27 2,515,000 GXS Worldwide 15.06.15/9.750% 2,496,137 0.20 623,000 Sequa 144A 01.12.15/13.500%* 676,734 0.06 1,595,000 Hanesbrands 15.12.14/3.831%* 1,593,006 0.13 1,705,000 Service Corp. International 15.06.17/7.000% 1,747,625 0.14

111 JPMorgan Investment Funds - Global High Yield 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

3,990,000 ServiceMaster 144A 15.07.15/10.750%* 4,329,150 0.35 BERMUDA 7,465,000 Simmons Bedding 144A 15.07.15/11.250% 8,042,194 0.65 2,185,000 Aircastle 01.08.18/9.750% 2,398,038 0.19 2,310,000 Sinclair Television Group 144A 01.11.17/9.250% 2,517,900 0.21 1,805,000 Digicel 144A 01.09.17/8.250% 1,859,150 0.15 1,505,000 Sinclair Television Group 144A 15.10.18/8.375% 1,568,963 0.13 2,395,000 Digicel Group 144A 15.04.18/10.500% 2,646,475 0.22 1,310,000 Solo Cup 15.02.14/8.500% 1,185,550 0.10 775,000 Intelsat Subsidiary Holding 15.01.15/8.875% 798,250 0.07 2,825,000 Solo Cup Operating 01.11.13/10.500% 2,966,250 0.24 175,000 Intelsat Subsidiary Holding 144A 15.01.15/8.875% 179,375 0.01 4,539,014 Spectrum Brands Holdings 28.08.19/12.000%* 5,089,369 0.41 2,410,000 Spectrum Brands Holdings 144A 15.06.18/9.500% 2,651,000 0.22 7,881,288 0.64 2,690,000 SSI Investments II 01.06.18/11.125% 2,932,100 0.24 IRELAND 11,765,000 Sungard Data Systems 15.08.15/10.250% 12,397,369 1.01 905,000 Ardagh Packaging Finance 144A 15.10.17/7.375% 936,675 0.07 2,650,000 Sungard Data Systems 144A 15.11.18/7.375% 2,676,500 0.22 2,300,000 AWAS Aviation Capital 144A 15.10.16/7.000% 2,291,375 0.19 1,892,626 Surgical Care Affiliates 144A 15.07.15/8.875%* 1,921,015 0.16 1,015,000 Syniverse Holdings 144A 15.01.19/9.125% 1,053,063 0.09 3,228,050 0.26 4,739,000 Tenet Healthcare 01.02.15/9.250% 5,070,730 0.41 Tenet Healthcare 930,150 795,000 01.05.18/10.000% 0.08 Total Bonds 747,183,974 60.85 1,785,000 Tenet Healthcare 01.07.19/8.875% 2,025,975 0.16 1,095,000 Travelport 1,007,400 01.09.14/4.921%* 0.08 Total Transferable Securities Dealt in on Another 747,183,974 60.85 975,000 Travelport 01.03.16/9.000% 949,406 0.08 Regulated Market 1,195,000 Travelport 01.09.16/11.875% 1,180,063 0.10 755,000 Travelport 144A 01.03.16/9.000% 733,294 0.06 Other Transferable Securities 1,330,000 Triumph Group 15.07.18/8.625% 1,459,675 0.12 1,220,000 TRW Automotive 144A 15.03.14/7.000% 1,311,500 0.11 Bonds 1,121,000 TRW Automotive 144A 15.03.17/7.250% 1,213,483 0.10 UNITED STATES OF AMERICA 3,447,535 UCI Holdco 15.12.13/9.250%* 3,456,154 0.28 2,237,101 iPCS 01.05.14/3.537%* 2,158,802 0.18 1,470,000 United Surgical Partners Quebecor Printing 80,250 International 01.05.17/8.875% 1,525,125 0.12 1,605,000 01.08.27/6.500% 0.01 3,440,000 United Surgical Partners 3,200,000 Steinway Musical Instruments 144A 3,240,000 International 01.05.17/9.250%* 3,577,600 0.29 01.03.14/7.000% 0.26 4,940,000 US Oncology 15.08.17/9.125% 6,100,900 0.50 455,000 Valeant Pharmaceuticals 5,479,052 0.45 International 144A 01.10.17/6.750% 452,725 0.04 5,770,000 Valeant Pharmaceuticals Total Bonds 5,479,052 0.45 International 144A 01.12.18/6.875% 5,712,300 0.47 2,610,000 Vertellus Specialties 144A 01.10.15/9.375% 2,773,125 0.23 Total Other Transferable Securities 5,479,052 0.45 5,580,000 Visant 144A 01.10.17/10.000% 5,942,700 0.48 4,235,000 Windstream 01.09.18/8.125% 4,467,925 0.36 Total Investments 1,010,453,425 82.29 2,465,000 WMG Acquisition 15.06.16/9.500% 2,656,038 0.22 510,000 Wynn Las Vegas Capital 01.11.17/7.875% 552,075 0.04 Cash 180,571,190 14.71 445,000 Wynn Las Vegas Capital 01.05.20/7.875% 478,375 0.04 835,000 Wynn Las Vegas Capital 15.08.20/7.750% 908,063 0.07 Other Assets/(Liabilities) 36,873,515 3.00 4,154,000 Yankee Acquisition 15.02.17/9.750% 4,351,315 0.35 2,935,000 Zayo Group 15.03.17/10.250% 3,228,500 0.26 Total Net Assets 1,227,898,130 100.00

661,705,304 53.89 LUXEMBOURG * Variable coupon rates are those quoted as at 31 December 2010. 5,160,000 Intelsat Jackson Holdings 15.06.16/9.500% 5,469,600 0.45 8,924,000 Intelsat Jackson Holdings 15.06.16/11.250% 9,615,610 0.78 3,365,000 Intelsat Jackson Holdings 144A 15.10.20/7.250% 3,415,475 0.28 4,403,000 MagnaChip Semiconductor Finance 15.04.18/10.500% 4,689,195 0.38 3,910,000 Wind Acquisition Finance 144A 15.07.17/11.750% 4,428,075 0.36

27,617,955 2.25 CANADA 2,525,000 Novelis 144A 15.12.17/8.375% 2,651,250 0.21 3,235,000 Novelis 144A 15.12.20/8.750% 3,404,838 0.28 2,725,000 OPTI Canada 15.12.14/8.250% 1,951,781 0.16 1,055,000 OPTI Canada 144A 15.12.12/9.000% 1,062,913 0.09 1,030,000 OPTI Canada 144A 15.08.13/9.750% 1,035,150 0.08 7,495,000 Quebecor Media 15.03.16/7.750% 7,794,800 0.64 861,000 Quebecor Media 15.03.16/7.750% 895,440 0.07 224,000 Sun Media 15.02.13/7.625% 225,680 0.02 2,130,000 Trinidad Drilling 144A 15.01.19/7.875% 2,161,950 0.17 1,400,000 Videotron Ltee 15.12.15/6.375% 1,438,500 0.12

22,622,302 1.84 UNITED KINGDOM 8,520,000 Ineos Finance 144A 15.05.15/9.000% 9,084,450 0.74 3,040,000 Ineos Group Holdings 144A 15.02.16/8.500% 2,922,200 0.24 505,000 Virgin Media Finance 15.08.16/9.500% 573,175 0.05 1,740,000 Virgin Media Finance 15.10.19/8.375% 1,909,650 0.15

14,489,475 1.18 NETHERLANDS 2,900,000 NXP Funding 15.10.15/9.500% 3,117,500 0.25 278,000 NXP Funding 144A 15.07.13/10.000% 312,750 0.03 5,495,000 NXP Funding 144A 01.08.18/9.750% 6,209,350 0.51

9,639,600 0.79

112 JPMorgan Investment Funds - Global High Yield 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 % of Net Assets Fixed Income Securities United States of America 74.42 Luxembourg 2.44 Canada 1.96 United Kingdom 1.18 Netherlands 0.79 Bermuda 0.64 Ireland 0.59 Liberia 0.23 Total Fixed Income Securities 82.25 Shares Consumer Discretionary 0.04 Total Shares 0.04 Cash and Other Assets/(Liabilities) 17.71 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 81.81 Luxembourg 3.26 Canada 1.64 United Kingdom 1.13 Netherlands 0.70 Bermuda 0.54 Australia 0.43 Liberia 0.43 Mexico 0.21 Cayman Islands 0.12 Total Fixed Income Securities 90.27 Shares and Warrants Consumer Discretionary 0.22 Consumer Staples 0.06 Industrials 0.03 Total Shares and Warrants 0.31 Cash and Other Assets/(Liabilities) 9.42 Total 100.00

113 JPMorgan Investment Funds - Global High Yield 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)

28-Jan-11 EUR 413,816,462 USD 544,222,010 10,079,722 28-Jan-11 USD 20,679,214 EUR 15,581,431 (191,908) 31-Jan-11 USD 2,951,899 EUR 2,250,000 (61,961)

Total 9,825,853

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-Jun-15 Credit Suisse CDX.NA.HY_S14.V1 Seller USD 10,000,000 446,861 621,861 20-Dec-15 Barclays Bank CDX.NA.HY_S15.V1 Seller USD 25,000,000 770,062 815,201 20-Dec-15 Barclays Bank CDX.NA.HY_S15.V1 Seller USD 10,000,000 308,025 216,358 20-Dec-15 Deutsche Bank CDX.NA.HY_S15.V1 Seller USD 40,000,000 1,232,099 432,099 20-Dec-15 Morgan Stanley CDX.NA.HY_S15.V1 Seller USD 25,000,000 770,061 761,381

Total 3,527,108 2,846,900

114 JPMorgan Investment Funds - Global Income 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 GERMANY 10,834 Allianz Registered Shares 961,842 0.62 Shares 20,621 BASF 1,235,095 0.80 21,258 Daimler Registered Shares 1,081,182 0.70 UNITED STATES OF AMERICA 9,214 Siemens Registered Shares 857,317 0.55 31,619 Abbott Laboratories 1,126,358 0.72 13,075 AMB Property Preference Shares 234,422 0.15 4,135,436 2.67 12,800 Brandywine Realty Trust 111,281 0.07 34,457 Bristol-Myers Squibb 679,262 0.44 AUSTRALIA 10,736 Chevron 729,747 0.47 213,780 CFS Retail Property Trust 287,162 0.19 6,000 Citigroup Capital XIII Preference Shares 120,116 0.08 481,031 Commonwealth Property Office Fund 304,339 0.20 26,522 Coca-Cola 1,296,845 0.84 679,028 Dexus Property Group 411,546 0.27 15,849 ConocoPhillips 806,915 0.52 21,399 Macquarie Group 604,567 0.39 3,400 Duke Realty31,463 0.02 85,689 QBE Insurance Group 1,186,190 0.77 30,375 EI du Pont de Nemours & Co. 1,125,811 0.73 294,044 Tatts Group 575,426 0.37 79,698 Frontier Communications 578,048 0.37 32,129 Westfield Group 235,382 0.15 7,797 General Motors Preference Shares 313,281 0.20 2,510 Westfield Group 18,389 0.01 12,900 HCP Preference Shares 237,014 0.15 39,725 Westfield Retail Trust 77,437 0.05 5,600 Health Care REIT 199,969 0.13 7,300 Highwoods Properties 175,980 0.11 3,700,438 2.40 7,773 International Business Machines 847,953 0.55 JAPAN 13,700 Kilroy Realty Preference Shares 258,157 0.17 129 Advance Residence Investment 215,520 0.14 2,600 Liberty Property Trust 62,076 0.04 23,600 Canon 913,599 0.59 7,564 M/I HOMES Preference Shares 90,438 0.06 368 Japan Retail Fund Investment 527,227 0.34 2,500 Mack-Cali Realty62,040 0.04 111 Kenedix Realty Investment 391,194 0.25 18,660 McDonald’s 1,064,266 0.69 42 Nomura Real Estate Residential Fund 182,756 0.12 58,469 Merck & Co. 1,573,200 1.02 70 Orix JREIT 340,940 0.22 32,207 Microsoft 667,848 0.43 43 Premier Investment 162,608 0.11 3,800 National Retail Properties 76,045 0.05 74,700 Sumitomo 789,102 0.51 19,280 Paychex 443,838 0.30 Pfizer 844,284 64,603 0.55 3,522,946 2.28 19,271 Philip Morris International 839,712 0.54 13,000 PS Business Parks Preference Shares 236,959 0.15 SINGAPORE 12,500 Public Storage Preference Shares - M Shares 230,832 0.15 71,000 Ascendas Real Estate Investment Trust 85,882 0.06 11,275 Public Storage Preference Shares - I Shares 211,830 0.14 142,061 Ascott Residence Trust 101,446 0.07 13,325 Regency Centers Preference Shares 244,276 0.16 313,160 Cambridge Industrial Trust 97,210 0.06 41,443 Sysco 908,253 0.59 97,000 Singapore Airlines 866,842 0.56 13,000 Taubman Centers Preference Shares 248,460 0.16 488,000 Singapore Telecommunications 870,497 0.56 56,250 Time Warner 1,348,245 0.87 3,325 US Concrete 19,238 0.01 2,021,877 1.31 34,398 Verizon Communications 919,369 0.60 SPAIN VF 732,195 11,321 0.47 127,262 BSCH 1,009,188 0.65 Vornado Realty Trust Preference Shares 236,371 13,700 0.15 53,041 Telefonica 900,238 0.58 57,982 Xcel Energy1,019,214 0.66 1,909,426 1.23 20,951,611 13.55 CHINA UNITED KINGDOM 1,277,040 China Construction Bank - H Shares ** 854,289 0.55 39,220 British American Tobacco 1,124,071 0.73 784,000 Zhejiang Expressway - H Shares ** 577,175 0.37 85,570 British Land 523,437 0.33 191,457 Centrica 740,767 0.48 1,431,464 0.92 97,468 GlaxoSmithKline 1,406,100 0.91 146,770 HSBC Holdings 1,112,182 0.72 SWITZERLAND 132,589 International Power 676,753 0.44 6,170 Zurich Financial Services 1,196,540 0.77 128,485 National Grid 828,536 0.53 434,725 Vodafone Group 838,723 0.54 1,196,540 0.77 HONG KONG 7,250,569 4.68 147,000 Hutchison Whampoa 1,131,619 0.73 FRANCE 16,343 BNP Paribas 779,316 0.50 1,131,619 0.73 17,479 Compagnie de Saint-Gobain 672,854 0.43 INDONESIA 47,167 GDF Suez 1,266,198 0.82 32,498 Telekomunikasi Indonesia ADR 862,642 0.56 7,080 PPR 843,228 0.55 7,901 Schneider Electric 886,887 0.57 862,642 0.56 14,098 Sodexho 729,501 0.47 21,383 Total 848,210 0.55 TAIWAN 1,830 Unibail-Rodamco 270,977 0.18 92,236 Taiwan Semiconductor Manufacturing ADR 857,665 0.55

6,297,171 4.07 857,665 0.55 NETHERLANDS ITALY 4,493 Corio 215,394 0.14 52,214 ENI 852,655 0.55 9,927 Eurocommercial Properties - CVA 342,705 0.22 83,999 Koninklijke KPN 919,369 0.60 852,655 0.55 37,827 Koninklijke Philips Electronics 867,184 0.56 PANAMA 18,691 Nieuwe Steen Investment Funds 279,711 0.18 21,268 Carnival 726,902 0.47 69,564 Royal Dutch Shell - A Shares 1,732,851 1.12 39,085 Unilever - CVA 914,003 0.59 726,902 0.47 5,652 Vastned Retail 292,717 0.19 1,803 Wereldhave 131,989 0.09 BRAZIL 24,630 Vale Preference Shares ADR 551,828 0.36 5,695,923 3.69 551,828 0.36

115 JPMorgan Investment Funds - Global Income 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

NORWAY 60,000 MarkWest Energy Partners 01.11.20/6.750% 44,739 0.03 669,197 Marine Harvest 528,196 0.34 35,000 Meritage Homes 15.03.15/6.250% 26,261 0.02 25,000 MGM Resorts International 15.11.13/13.000% 22,169 0.01 528,196 0.34 15,000 MGM Resorts International 27.02.14/5.875% 10,427 0.01 AUSTRIA 110,000 MGM Resorts International 15.07.15/6.625% 74,769 0.05 19,050 Oesterreichische Post 470,630 0.30 567,000 MGM Resorts International 01.06.16/7.500% 388,070 0.25 23,000 MGM Resorts International 15.01.17/7.625% 15,754 0.01 470,630 0.30 75,000 Newfield Exploration 01.09.14/6.625% 57,387 0.04 450,000 Nextel Communications 01.08.15/7.375% 336,487 0.22 BELGIUM 50,000 Patriot Coal 30.04.18/8.250% 38,163 0.02 3,801 Befimmo Sicafi 232,431 0.15 156,000 Penn Virginia 15.06.16/10.375% 130,442 0.08 940 Cofinimmo 91,011 0.06 150,000 PEP Boys-Manny Moe & Jack 15.12.14/7.500% 113,541 0.07 50,000 Pioneer Natural Resources 15.03.17/6.650% 39,614 0.03 323,442 0.21 35,000 Pioneer Natural Resources 15.01.20/7.500% 28,696 0.02 SOUTH AFRICA 35,000 Plains Exploration & Production 01.04.20/7.625% 27,572 0.02 72,634 African Bank Investments 316,887 0.20 50,000 QEP Resources 01.03.21/6.875% 39,382 0.03 125,000 Qwest 15.06.15/7.625% 106,844 0.07 316,887 0.20 139,000 RailAmerica 01.07.17/9.250% 114,099 0.07 125,000 Range Resources 15.05.16/7.500% 97,288 0.06 CANADA 10,000 Range Resources 01.08.20/6.750% 7,727 0.00 17,917 RioCan Real Estate Investment Trust 293,626 0.19 500,000 Rite Aid 01.03.17/7.500% 354,035 0.23 15,000 Rite Aid 15.10.19/10.250% 11,695 0.01 293,626 0.19 200,000 RSC Equipment Rental 01.12.14/9.500% 157,154 0.10 250,000 Scotts Miracle-Gro 15.01.18/7.250% 196,909 0.13 Total Shares 65,029,493 42.03 250,000 Sealy Mattress 15.06.14/8.250% 190,723 0.12 50,000 Select Medical 37,795 Bonds 01.02.15/7.625% 0.02 50,000 Senior Housing Properties Trust 15.04.20/6.750% 39,615 0.03 UNITED STATES OF AMERICA 280,000 Service Corp. International 01.04.15/6.750% 215,312 0.14 140,000 ACCO Brands 15.03.15/10.625% 118,108 0.08 35,000 Service Corp. International 01.10.18/7.625% 27,909 0.02 38,000 AK Steel 15.05.20/7.625% 28,799 0.02 35,000 Service Corp. International 15.05.19/7.000% 26,261 0.02 105,000 Alon Refining Krotz Springs 15.10.14/13.500% 75,647 0.05 150,000 Service Corp. International 15.11.21/8.000% 120,084 0.08 50,000 Anadarko Petroleum 15.09.17/6.375% 40,481 0.03 50,000 Smithfield Foods 15.05.13/7.750% 39,571 0.03 175,000 Bill Barrett 15.07.16/9.875% 144,042 0.09 100,000 Smithfield Foods 01.07.17/7.750% 77,474 0.05 35,000 Cablevision Systems 15.04.20/8.000% 28,090 0.02 500,000 Sprint Capital 01.05.19/6.900% 366,391 0.24 135,000 Capital One V 15.08.39/10.250% 108,506 0.07 500,000 Sprint Capital 15.03.32/8.750% 377,108 0.24 125,000 Carriage Services 15.01.15/7.875% 94,372 0.06 230,000 Sprint Nextel 01.12.16/6.000% 166,964 0.11 70,000 CF Industries 01.05.18/6.875% 56,013 0.04 20,000 Sprint Nextel 15.08.17/8.375% 15,951 0.01 35,000 CF Industries 01.05.20/7.125% 28,605 0.02 30,000 Standard Pacific 01.04.14/6.250% 23,517 0.02 100,000 Chesapeake Energy 15.02.15/9.500% 83,885 0.05 100,000 Standard Pacific 15.09.16/10.750% 85,438 0.06 50,000 Chesapeake Energy 15.08.18/6.875% 37,880 0.02 30,000 Suburban Propane Partners 15.03.20/7.375% 24,021 0.02 10,000 Chiquita Brands International 01.11.14/7.500% 7,499 0.00 405,000 Supervalu 01.05.16/8.000% 289,870 0.19 65,000 Chiquita Brands International 01.12.15/8.875% 49,573 0.03 79,000 Swift Energy 01.06.17/7.125% 59,750 0.04 150,000 Cincinnati Bell 15.03.18/8.750% 105,447 0.07 100,000 Swift Energy 15.01.20/8.875% 80,732 0.05 110,000 Cinemark USA 15.06.19/8.625% 88,745 0.06 49,000 Triumph Group 15.11.17/8.000% 38,228 0.02 250,000 CIT Group 01.05.15/7.000% 186,765 0.12 100,000 Tyson Foods 01.04.16/7.350% 82,263 0.05 350,000 CIT Group 01.05.16/7.000% 260,266 0.17 15,000 United Rentals North America 15.06.16/10.875% 12,798 0.01 340,000 CIT Group 01.05.17/7.000% 252,784 0.16 85,000 United Rentals North America 15.12.19/9.250% 69,957 0.05 250,000 Community Health Systems 15.07.15/8.875% 196,204 0.13 275,000 Wachovia Capital Trust III 15.03.11/5.800%* 178,875 0.12 307,000 Comstock Resources 15.10.17/8.375% 233,350 0.15 150,000 Wendy’s/Arby’s Restaurants 15.07.16/10.000% 121,736 0.08 250,000 Constellation Brands 01.09.16/7.250% 197,053 0.13 75,000 Windstream 01.08.13/8.125% 61,659 0.04 100,000 Constellation Brands 15.05.17/7.250% 79,402 0.05 250,000 Windstream 01.08.16/8.625% 195,662 0.13 250,000 Corrections Corp. of Amercia 01.06.17/7.750% 200,185 0.13 150,000 WMG Acquisition 15.04.14/7.375% 107,461 0.07 50,000 DaVita 01.11.18/6.375% 36,793 0.02 50,000 DaVita 01.11.20/6.625% 37,004 0.02 11,615,118 7.51 250,000 Denbury Resources 01.03.16/9.750% 208,158 0.13 129,000 Denbury Resources 15.02.20/8.250% 105,070 0.07 KAZAKHSTAN 1,700,000 KazMunayGas National 1,581,316 54,000 Edison Mission Energy 15.06.16/7.750% 34,951 0.02 23.01.15/11.750% 1.02 350,000 Edison Mission Energy 15.05.19/7.200% 201,720 0.13 1,581,316 1.02 125,000 El Paso 15.06.14/6.875% 99,451 0.06 30,000 El Paso Pipeline Partners MEXICO Operating 01.04.20/6.500% 23,502 0.02 1,470,000 Mexico (United Mexican States) 15.09.16/11.375% 1,561,145 1.01 125,000 Ferrellgas Partners 15.06.20/8.625% 101,254 0.07 15,000 Mexico (United Mexican States) 08.04.33/7.500% 13,858 0.01 309,000 Ford Holdings 01.03.30/9.300% 269,688 0.17 15,000 Ford Motor 01.08.26/7.500% 11,246 0.01 1,575,003 1.02 150,000 Ford Motor 15.06.43/7.750% 110,770 0.07 135,000 Ford Motor 15.02.47/9.980% 118,570 0.08 DOMINICAN REPUBLIC 47,000 Ford Motor Credit 10.08.11/9.875% 36,701 0.02 1,595,746 Dominican Republic 144A 23.01.18/9.040% 1,358,133 0.88 125,000 Forest Oil 15.06.19/7.250% 95,014 0.06 50,000 Frontier Communications 15.03.19/7.125% 38,337 0.02 1,358,133 0.88 25,000 Frontier Oil 15.11.18/6.875% 19,212 0.01 VENEZUELA 150,000 FTI Consulting 01.10.16/7.750% 116,010 0.07 2,040,000 Venezuela (Republic of) 23.08.22/12.750% 1,325,174 0.86 75,000 Glatfelter 01.05.16/7.125% 58,303 0.04 175,000 Graphic Packaging International 15.06.17/9.500% 142,941 0.09 1,325,174 0.86 125,000 Harland Clarke Holdings 15.05.15/9.500% 89,906 0.06 250,000 Health Management Associates 15.04.16/6.125% 191,245 0.12 ARGENTINA Argentina (Republic of) 319,436 100,000 Hexcel 01.02.15/6.750% 76,524 0.05 425,000 12.09.13/7.000% 0.21 Argentina (Republic of) 17,840 350,000 Host Hotels & Resorts 01.06.16/6.750% 268,947 0.17 25,697 31.12.33/8.280% 0.01 Cordoba (Province of) 852,747 150,000 Inergy & Inergy Finance 01.03.16/8.250% 115,932 0.07 1,090,000 17.08.17/12.375% 0.55 250,000 Iron Mountain 15.07.18/8.750% 196,909 0.13 47,000 Iron Mountain 15.08.21/8.375% 37,481 0.02 1,190,023 0.77 250,000 Jarden 01.05.17/7.500% 197,413 0.13 RUSSIA 150,000 K Hovnanian Enterprises 15.10.16/10.625% 113,915 0.07 840,000 Russian (Republic of) 24.06.28/12.750% 1,091,194 0.71 75,000 Key Energy Services 01.12.14/8.375% 59,084 0.04 175,000 Mac-Gray 15.08.15/7.625% 129,017 0.08 1,091,194 0.71

116 JPMorgan Investment Funds - Global Income 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

PERU GERMANY 1,150,000 Peru (Republic of) 06.02.15/9.875% 1,087,153 0.70 250,000 Steinhoff Finance Holding 22.05.16/5.000% 288,125 0.18 3,104,200 Q-Cells 21.10.15/6.750% 104,456 0.07 1,087,153 0.70 392,581 0.25 EL SALVADOR 1,240,000 El Salvador (Republic of) 24.01.23/7.750% 1,040,315 0.67 AUSTRALIA 200,000 CFS Retail Property Trust 21.08.14/5.075% 147,519 0.09 1,040,315 0.67 267,000 Western Areas 02.07.14/6.375% 215,697 0.14 GHANA 363,216 0.23 1,130,000 Ghana (Republic of) 04.10.17/8.500% 957,520 0.62 INDIA 957,520 0.62 200,000 Jaiprakash Power Ventures 13.02.15/5.000% 151,181 0.10 180,000 Suzlon Energy 12.06.12/0.000% 139,087 0.09 BRAZIL 945,000 Brazil (Republic of) 17.08.40/11.000% 948,916 0.61 290,268 0.19 948,916 0.61 JERSEY 250,000 International Power Finance UNITED ARAB EMIRATES Jersey III 05.06.15/4.750% 270,313 0.17 1,120,000 Dubai Electricity & Water Authority 22.04.15/8.500% 892,368 0.58 270,313 0.17 892,368 0.58 BERMUDA 400,000 Petroplus Finance 16.10.15/4.000% 259,662 0.17 INTERNATIONAL AGENCIES 910,000 Eurasian Development Bank 29.09.14/7.375% 735,109 0.47 259,662 0.17 735,109 0.47 ITALY 150,000 Beni Stabili 23.04.15/3.875% 147,150 0.10 LUXEMBOURG 865,000 RSHB Capital for OJSC Russian Agricultural Bank 11.06.14/9.000% 726,802 0.47 147,150 0.10 NORWAY 726,802 0.47 200,000 Petroleum Geo-Services 03.12.12/2.700% 143,342 0.09 SRI LANKA 670,000 Sri Lanka (Republic of) 22.01.15/7.400% 555,228 0.36 143,342 0.09 NETHERLANDS 555,228 0.36 200,000 Q-Cells International Finance 26.05.14/5.750% 138,000 0.09 IRELAND 450,000 Ardagh Packaging Finance 144A 15.10.20/9.125% 351,077 0.22 138,000 0.09 LUXEMBOURG 351,077 0.22 150,000 Espirito Santo Financial Group 15.11.25/5.050%* 110,865 0.07 URUGUAY 315,000 Uruguay (Republic of) 21.03.36/7.625% 285,615 0.18 110,865 0.07

285,615 0.18 Total Convertible Bonds 5,283,115 3.41

UNITED KINGDOM Total Transferable Securities Admitted to an 98,026,372 63.35 250,000 Barclays Bank 144A 15.12.16/5.926%* 167,979 0.11 Official Exchange Listing

167,979 0.11 Transferable Securities Dealt in on Another Regulated Market

GERMANY Shares 200,000 Unitymedia Hessen & Co. 144A 01.12.17/8.125% 156,781 0.10 UNITED STATES OF AMERICA 156,781 0.10 3,000 CoBank ACB 144A Preference Shares 100,158 0.06 1,500 CoBank ACB Preference Shares 60,158 0.04 BERMUDA 100,000 Seadrill 05.10.15/6.500% 72,940 0.05 160,316 0.10

72,940 0.05 Total Shares 160,316 0.10 Total Bonds 27,713,764 17.91 Bonds Convertible Bonds UNITED STATES OF AMERICA 120,000 ABI Escrow 144A 15.10.18/10.250% 98,212 0.06 UNITED KINGDOM 200,000 Accellent 01.02.17/8.375% 153,048 0.10 300,000 Cable & Wireless Worldwide 24.11.14/5.750% 361,180 0.23 250,000 ACE Cash Express 144A 01.10.14/10.250% 165,180 0.11 500,000 Salamander Energy 30.03.15/5.000% 394,733 0.26 145,000 Advanced Micro Devices 15.12.17/8.125% 114,976 0.07 200,000 SVG Capital 05.06.16/8.250% 222,238 0.14 75,000 Affinion 144A 15.12.18/7.875% 54,873 0.04 400,000 TUI Travel 05.10.14/6.000% 477,201 0.31 150,000 Allbritton Communications 15.05.18/8.000% 111,828 0.07 250,000 Alliance One International 15.07.16/10.000% 192,243 0.12 1,455,352 0.94 750,000 Ally Financial 01.12.14/6.750% 590,028 0.38 FRANCE 435,000 Ally Financial 01.11.31/8.000% 346,916 0.22 7,134,500 Altran Technologies 01.01.15/6.720% 352,444 0.23 85,000 Alta Mesa Holdings 15.10.18/9.625% 61,952 0.04 2,173,169 Club Mediterranee 01.11.15/6.110% 411,424 0.27 250,000 AMC Entertainment 01.06.19/8.750% 199,562 0.13 234,000 Misarte 01.01.16/3.250% 360,723 0.23 105,000 American Achievement 144A 15.04.16/10.875% 79,735 0.05 125,000 American International Group 15.05.58/8.175%* 98,921 0.06 1,124,591 0.73 125,000 American Petroleum Tankers/AP Tankers 144A 01.05.15/10.250% 96,588 0.06 SPAIN 18,000 AMGH Merger 144A 01.11.18/9.250% 14,177 0.01 350,000 Abengoa 03.02.17/4.500% 307,125 0.20 300,000 Amkor Technology 01.05.18/7.375% 232,725 0.15 250,000 Fomento de Construcciones y 50,000 Antero Resources Finance 01.12.17/9.375% 39,242 0.03 Contratas 226,450 30.10.14/6.500% 0.15 250,000 Appleton Papers 144A 15.06.15/10.500% 185,711 0.12 Pescanova 54,200 50,000 05.03.15/6.750% 0.03 250,000 Arch Coal 01.08.16/8.750% 204,595 0.13 261,913 Asset Backed Funding 587,775 0.38 Certificates 2005-OPT1 A2C 25.07.35/0.621%* 185,392 0.12 50,000 Atkore International 144A 01.01.18/9.875% 38,729 0.03

117 JPMorgan Investment Funds - Global Income 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

250,000 Avaya 01.11.15/9.750% 184,935 0.12 170,840 Countrywide Home Loan 250,000 Avaya 01.11.15/10.125%* 192,243 0.12 Mortgage Pass Through Trust 425,000 Avis Budget Car Rental 15.03.18/9.625% 339,393 0.22 2005-20 A7 25.12.27/5.250% 111,118 0.07 45,000 Avis Budget Car Rental 144A 15.01.19/8.250% 33,708 0.02 221,618 Countrywide Home Loan Mortgage Pass Through Trust 100,000 Ball 15.05.21/5.750% 72,956 0.05 2006-15 A1 25.10.36/6.250% 163,688 0.11 96,748 Bank of America Alternative Covanta Holding 105,987 Loan Trust 2004-12 2CB1 25.01.35/6.000% 72,853 0.05 140,000 01.12.20/7.250% 0.07 113,589 Bank of America Alternative 15,000 Cricket Communications 15.05.16/7.750% 11,554 0.01 Loan Trust 2006-4 2A1 25.05.21/6.000% 79,860 0.05 150,000 Cricket Communications 144A 15.10.20/7.750% 106,037 0.07 566,544 Bank of America Alternative 40,000 Crosstex Energy 15.02.18/8.875% 32,028 0.02 Loan Trust 2006-5 CB7 25.06.46/6.000% 316,766 0.20 60,000 CSC Holdings 15.02.19/8.625% 50,842 0.03 255,461 Bank of America Mortgage 175,000 Da-Lite Screen 01.04.15/12.500% 143,716 0.09 Securities 2007-3 1A1 25.09.37/6.000% 175,672 0.11 10,000 Dave & Buster’s 01.06.18/11.000% 8,231 0.01 380,000 Bank of America 30.01.18/8.000%* 285,355 0.18 180,000 Delta Air Lines 144A 15.09.14/9.500% 146,804 0.09 100,000 BE Aerospace 01.10.20/6.875% 78,212 0.05 45,000 Delta Air Lines 2002-1G2 02.07.12/6.417% 34,787 0.02 20,000 Berry Plastics 15.11.15/8.250% 15,841 0.01 192,457 Delta Air Lines 2007-1 C 10.08.14/8.954% 148,713 0.10 15,000 Berry Plastics 01.03.16/10.250% 11,045 0.01 200,000 DigitalGlobe 01.05.14/10.500% 171,152 0.11 170,000 Berry Plastics 15.05.18/9.500% 126,335 0.08 50,000 DineEquity 144A 30.10.18/9.500% 39,755 0.03 100,000 Berry Plastics 144A 15.01.21/9.750% 74,751 0.05 750,000 DISH DBS 31.05.15/7.750% 596,246 0.39 100,000 Biomet 15.10.17/10.000% 81,766 0.05 250,000 DISH DBS 01.02.16/7.125% 192,112 0.12 700,000 Biomet 15.10.17/10.375%* 571,060 0.37 330,000 DISH DBS 01.09.19/7.875% 257,931 0.17 125,000 Block Communications 144A 15.12.15/8.250% 94,488 0.06 250,000 DJO Finance 15.11.14/10.875% 204,128 0.13 75,000 Boise Paper Holdings 01.04.20/8.000% 60,193 0.04 87,000 DuPont Fabros Technology 15.12.17/8.500% 69,654 0.05 35,000 Bresnan Broadband 200,000 Eastman Kodak 144A 01.03.18/9.750% 153,048 0.10 Holdings 144A 15.12.18/8.000% 27,045 0.02 250,000 Easton-Bell Sports 01.12.16/9.750% 205,775 0.13 40,000 Brigham Exploration 144A 01.10.18/8.750% 32,401 0.02 35,000 Equinix 01.03.18/8.125% 27,512 0.02 75,000 Brightstar 144A 01.12.16/9.500% 57,253 0.04 325,098 Equity One ABS 2003-2 M1 25.09.33/5.050%* 223,963 0.14 910,000 Caesars Entertainment 60,000 Exterran Holdings 144A 01.12.18/7.250% 44,795 0.03 Operating 01.06.17/11.250% 762,787 0.49 50,000 Fidelity National Information 30,000 Calfrac Holdings 144A 01.12.20/7.500% 22,733 0.01 Services 144A 15.07.17/7.625% 39,475 0.03 91,000 California Steel Industries 15.03.14/6.125% 67,684 0.04 300,000 Fidelity National Information 200,000 Calpine 144A 15.02.21/7.500% 148,195 0.10 Services 144A 15.07.20/7.875% 237,691 0.15 300,000 Calpine Construction 36,000 First Data 24.09.15/9.875% 25,017 0.02 Finance 144A 01.06.16/8.000% 239,091 0.14 500,000 First Data 144A 15.08.20/8.875% 393,818 0.25 50,000 Capella Healthcare 144A 01.07.17/9.250% 39,475 0.03 70,000 First Industrial 01.06.14/6.420% 51,873 0.03 25,000 Carrizo Oil & Gas 144A 15.10.18/8.625% 19,364 0.01 75,000 Fisher Communications 15.09.14/8.625% 56,833 0.04 250,000 Case New Holland 144A 01.12.17/7.875% 204,588 0.13 80,000 Forbes Energy Services 15.02.15/11.000% 58,830 0.04 145,000 Casella Waste Systems 15.07.14/11.000% 120,297 0.08 250,000 Ford Motor Credit 01.10.14/8.700% 209,890 0.14 215,768 Catalent Pharma Solutions 15.04.15/9.500%* 163,503 0.11 250,000 Ford Motor Credit 15.04.15/7.000% 201,034 0.13 50,000 CB Richard Ellis Services 144A 15.10.20/6.625% 37,515 0.02 600,000 Ford Motor Credit 15.12.16/8.000% 500,114 0.32 125,000 CCH II 30.11.16/13.500% 111,315 0.07 100,000 Ford Motor Credit 15.01.20/8.125% 86,485 0.06 600,000 CCO Holdings 144A 30.10.17/7.250% 456,904 0.30 75,000 Foresight Energy 144A 15.08.17/9.625% 59,913 0.04 50,000 Celanese US Holdings 144A 15.10.18/6.625% 38,612 0.02 20,000 Frac Tech Services 144A 15.11.18/7.125% 15,193 0.01 100,000 Cenveo 01.02.18/8.875% 72,604 0.05 190,000 Freescale Semiconductor 144A 15.03.18/10.125% 160,290 0.10 150,000 Cenveo 144A 15.08.16/10.500% 110,586 0.07 580,000 Freescale Semiconductor 144A 15.04.18/9.250% 478,480 0.31 517,000 Cequel Communications 20,000 Freescale Semiconductor 144A 01.08.20/10.750% 14,986 0.01 Holdings I and Cequel 25,000 Frontier Communications 15.04.15/7.875% 20,428 0.01 Capital 144A 15.11.17/8.625% 404,790 0.26 25,000 Frontier Communications 15.04.17/8.250% 20,532 0.01 60,000 Chemtura 144A 01.09.18/7.875% 47,706 0.03 350,000 Frontier Communications 15.04.20/8.500% 286,343 0.19 250,000 Chukchansi Economic 20,000 Frontier Communications 15.04.22/8.750% 16,235 0.01 Development Authority 144A 15.11.13/8.000% 124,585 0.08 90,000 Gannett 15.11.17/9.375% 74,919 0.05 15,000 Citadel Broadcasting 144A 15.12.18/7.750% 11,647 0.01 25,000 Gannett 144A 01.09.15/6.375% 18,898 0.01 95,000 Citgo Petroleum 144A 01.07.17/11.500% 80,145 0.05 75,000 Gannett 144A 01.09.18/7.125% 55,581 0.04 370,478 Citigroup Mortgage Loan Trust GCI 202,975 2007-WFH2 A2 25.03.37/0.411%* 256,108 0.17 250,000 15.11.19/8.625% 0.13 79,681 Citimortgage Alternative Loan 50,000 Genesis Energy 144A 15.12.18/7.875% 37,049 0.02 Trust 2006-A1 2A1 25.03.21/5.250% 59,430 0.04 80,000 GenOn Energy 144A 15.10.20/9.875% 60,025 0.04 100,000 CKE Restaurants 144A 15.07.18/11.375% 83,056 0.05 15,000 Genworth Financial 15.02.21/7.200% 11,503 0.01 850,000 Clear Channel Worldwide 225,000 Genworth Financial 15.11.66/6.150%* 133,544 0.09 Holdings 15.12.17/9.250% 694,875 0.45 250,000 Geo Group 15.10.17/7.750% 197,376 0.13 500,000 Clearwire Communications 144A 01.12.15/12.000% 405,399 0.26 40,000 Global Geophysical Services 01.05.17/10.500% 29,788 0.02 336,000 Clearwire Communications 144A 01.12.15/12.000% 272,388 0.18 250,000 Graham Packaging 144A 01.01.17/8.250% 195,043 0.13 85,000 Cloud Peak Energy 185,000 Harland Clarke Holdings 15.05.15/6.000%* 115,327 0.07 Resources/Cloud Peak Energy 850,000 HCA 15.11.16/9.250% 676,955 0.44 Finance 15.12.17/8.250% 68,218 0.04 750,000 HCA 15.11.16/9.625%* 600,020 0.39 30,000 CNG Holdings 144A 15.02.15/12.250% 24,581 0.02 30,000 Hilcorp Energy I 144A 15.04.21/7.625% 23,237 0.02 133,000 Colt Defense 144A 15.11.17/8.750% 73,354 0.05 50,000 Holly 15.06.17/9.875% 40,875 0.03 249,000 Commercial Barge Line 15.07.17/12.500% 215,641 0.14 50,000 Holly Energy Partners 144A 15.03.18/8.250% 39,195 0.03 60,000 Consol Energy 144A 01.04.17/8.000% 47,930 0.03 250,000 HSN 01.08.16/11.250% 213,215 0.14 50,000 Consol Energy 144A 01.04.20/8.250% 40,067 0.03 295,000 HUB International Holdings 144A 15.06.15/10.250% 221,891 0.14 100,000 Constar International 15.02.12/3.661%* 54,873 0.04 240,000 Huntsman International 30.06.16/5.500% 174,862 0.11 30,151 Continental Airlines 2003-ERJ1 02.07.18/7.875% 22,059 0.01 100,000 ILFC E-Capital Trust II 144A 21.12.65/6.250%* 58,606 0.04 86,759 Continental Airlines 2004-ERJ1 01.09.19/9.558% 65,096 0.04 85,000 Inergy & Inergy Finance 144A 01.10.18/7.000% 64,252 0.04 126,909 Continental Airlines 2005-ERJ1 01.04.21/9.798% 96,169 0.06 150,000 Ingles Markets 15.05.17/8.875% 120,945 0.08 188,655 Continental Airlines 146,000 Intcomex 144A 15.12.14/13.250% 117,175 0.08 2006-ERJ1 144A 01.11.19/9.318% 141,549 0.09 50,000 Interactive Data 144A 01.08.18/10.250% 40,502 0.03 25,000 Continental Resources 144A 01.04.21/7.125% 19,598 0.01 150,000 International Lease Finance 15.12.20/8.250% 115,336 0.07 156,143 Countrywide Alternative Loan 50,000 International Lease Trust 2005-28CB 1A5 25.08.35/5.500% 114,521 0.07 Finance 144A 15.09.15/8.625% 39,940 0.03 269,641 Countrywide Alternative Loan 555,000 International Lease Trust 2005-50CB 4A1 25.11.20/5.000% 177,942 0.11 Finance 144A 15.03.17/8.750% 441,174 0.29 194,096 Countrywide Alternative Loan 50,000 International Wire Group 144A 15.04.15/9.750% 39,195 0.03 Trust 2005-70CB A5 25.12.35/5.500% 135,222 0.09 150,000 Isle of Capri Casinos 01.03.14/7.000% 109,524 0.07 621,837 Countrywide Alternative Loan 225,000 Jarden 15.01.20/7.500% 175,958 0.11 Trust 2005-J11 5A1 25.11.20/5.500% 411,690 0.27 325,000 JB Poindexter & Co. 15.03.14/8.750% 244,457 0.16 55,722 Countrywide Alternative Loan Kemet 144A 84,662 Trust 2005-J6 2A1 25.07.25/5.500% 40,056 0.03 105,000 01.05.18/10.500% 0.05 250,000 Knowledge Learning 144A 01.02.15/7.750% 183,844 0.12 45,000 Landry’s Holdings 144A 01.06.14/11.500% 33,092 0.02

118 JPMorgan Investment Funds - Global Income 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

125,000 LBI Media 144A 01.08.17/8.500% 76,291 0.05 581,783 Renaissance Home Equity Loan 120,000 Lennar 01.06.18/6.950% 84,886 0.05 Trust 2003-4 M2F 25.03.34/5.744%* 283,280 0.18 149,000 Level 3 Financing 01.11.14/9.250% 109,486 0.07 100,000 Rent-A-Center 144A 15.11.20/6.625% 74,816 0.05 135,000 Level 3 Financing 01.02.18/10.000% 96,600 0.06 209,029 Residential Asset Mortgage 450,000 Liberty Mutual Group 144A 15.06.58/10.750%* 409,870 0.26 Products 2004-RS11 M1 25.11.34/0.881%* 133,058 0.09 75,000 Liberty Tire Recycling 144A 01.10.16/11.000% 60,333 0.04 384,717 Residential Asset Securitization Trust 2004-A6 A1 285,392 50,000 LifePoint Hospitals 144A 01.10.20/6.625% 37,235 0.02 25.08.19/5.000% 0.18 Residential Funding Mortgage 200,000 Lyondell Chemical 01.05.18/11.000% 168,293 0.11 260,060 Securities I 2006-S12 2A2 25.12.36/6.000% 192,678 0.12 125,000 Lyondell Chemical 144A 01.11.17/8.000% 103,150 0.07 100,000 Reynolds Group Issuer 144A 15.10.16/7.750% 78,461 0.05 100,000 Mandalay Resort Group 15.07.13/7.625% 71,513 0.05 250,000 Reynolds Group Issuer 144A 15.05.18/8.500% 188,245 0.12 250,000 Marina District Finance 144A 15.08.18/9.875% 184,777 0.12 100,000 Reynolds Group Issuer 144A 15.04.19/7.125% 76,337 0.05 255,286 MASTR Alternative Loans Trust Rite Aid 144A 156,221 2005-5 3A1 25.08.35/5.750% 173,096 0.11 200,000 15.08.20/8.000% 0.10 488,350 MASTR Alternative Loans Trust 300,000 Roseton Danskammer Pass Through Trust Series B 210,534 2005-3 1A1 25.04.35/5.500% 349,363 0.23 08.11.16/7.670% 0.14 1,133,212 MASTR Alternative Loans Trust 25,000 Sabra Health Care 144A 01.11.18/8.125% 19,364 0.01 2006-3 3A1 25.03.16/5.500% 773,672 0.50 95,000 Salem Communications 15.12.16/9.625% 75,535 0.05 245,000 McClatchy 15.02.17/11.500% 206,461 0.13 150,000 San Pasqual Casino 144A 15.09.13/8.000% 112,686 0.07 160,000 McJunkin Red Man 144A 15.12.16/9.500% 113,181 0.07 240,000 Sears Holdings 144A 15.10.18/6.625% 167,603 0.11 300,000 Media General 15.02.17/11.750% 236,571 0.15 25,000 Seminole Indian Tribe of Florida 144A 19,364 71,000 Mediacom 15.08.19/9.125% 53,929 0.03 01.10.17/7.750% 0.01 Seneca Gaming 144A 37,609 105,000 Meritage Homes 15.04.20/7.150% 78,586 0.05 50,000 01.12.18/8.250% 0.02 Service Corp. International 14,540 315,000 MetroPCS Wireless 01.09.18/7.875% 244,317 0.16 19,000 15.06.17/7.000% 0.01 ServiceMaster 144A 200,642 100,000 MGM Resorts International 144A 01.11.16/10.000% 76,590 0.05 250,000 15.07.15/10.750%* 0.13 Shingle Springs Tribal Gaming 350,000 MGM Resorts International 144A 15.03.20/9.000% 287,258 0.19 300,000 Authority 144A 15.06.15/9.375% 155,661 0.10 150,000 Michael Foods 144A 15.07.18/9.750% 122,905 0.08 111,000 Sinclair Television Group 144A 01.11.17/9.250% 90,328 0.06 100,000 Michaels Stores 01.11.16/11.375% 81,750 0.05 100,000 Sinclair Television Group 144A 15.10.18/8.375% 77,830 0.05 45,000 Michaels Stores 144A 01.11.18/7.750% 33,680 0.02 235,000 Sirius XM Radio 144A 01.09.15/9.750% 197,814 0.13 25,000 Midwest Gaming Borrower 144A 15.04.16/11.625% 19,364 0.01 75,000 Sitel 144A 01.04.18/11.500% 46,474 0.03 60,000 Mobile Mini 144A 01.12.20/7.875% 46,586 0.03 5,000 Smithfield Foods 144A 15.07.14/10.000% 4,321 0.00 215,000 Morgan Stanley ABS Capital I Sotheby’s 248,610 2004-NC7 M3 25.07.34/0.911%* 134,238 0.09 300,000 15.06.15/7.750% 0.16 Spectrum Brands 315,887 30,000 Multiplan 144A 01.09.18/9.875% 23,741 0.02 377,360 28.08.19/12.000%* 0.20 Spectrum Brands 144A 410,616 260,000 Murray Energy 144A 15.10.15/10.250% 203,815 0.13 500,000 15.06.18/9.500% 0.27 SquareTwo Financial 144A 25,738 50,000 Mylan 144A 15.07.17/7.625% 39,755 0.03 35,000 01.04.17/11.625% 0.02 Standard Pacific 144A 15,006 300,000 Mylan 144A 15.07.20/7.875% 241,330 0.16 20,000 15.05.18/8.375% 0.01 Steel Dynamics 144A 160,360 55,000 Nalco 144A 15.01.19/6.625% 42,293 0.03 200,000 15.03.20/7.625% 0.10 100,000 Nationwide Mutual 50,000 Stream Global Services 01.10.14/11.250% 38,248 0.02 Insurance 144A 15.08.39/9.375% 86,213 0.06 250,000 Sungard Data Systems 15.08.15/10.250% 195,072 0.13 25,000 NB Capital Trust II 15.12.26/7.830% 18,538 0.01 250,000 Sungard Data Systems 144A 15.11.18/7.375% 188,510 0.12 50,000 NB Capital Trust IV 15.04.27/8.250% 37,449 0.02 150,000 Targa Resources Partners 15.07.17/11.250% 128,784 0.08 137,000 Nebraska Book 15.03.12/8.625% 90,543 0.06 200,000 Tenet Healthcare 01.02.15/9.250% 159,767 0.10 350,000 NewPage 31.12.14/11.375% 244,317 0.16 10,000 Terremark Worldwide 15.06.17/12.000% 8,548 0.01 100,000 Nexstar Broadcasting 144A 15.04.17/8.875% 79,697 0.05 200,000 Texas Competitive Electric Holdings 82,870 100,000 NFR Energy 144A 15.02.17/9.750% 74,098 0.05 01.11.15/10.250% 0.05 Titan International 144A 39,568 60,000 NFR Energy 144A 15.02.17/9.750% 44,459 0.03 50,000 01.10.17/7.875% 0.03 Tops Holding 84,792 135,000 Nielsen Finance 01.05.16/11.500% 116,689 0.08 110,000 15.10.15/10.125% 0.05 Toys R Us Property Co II 241,890 50,000 Nielsen Finance 144A 15.10.18/7.750% 38,702 0.03 300,000 01.12.17/8.500% 0.16 TPC Group 144A 19,598 50,000 NII Capital 15.08.16/10.000% 41,528 0.03 25,000 01.10.17/8.250% 0.01 Trimas 61,382 135,000 NII Capital 15.12.19/8.875% 109,103 0.07 75,000 15.12.17/9.750% 0.04 Triumph Group 28,678 50,268 Noranda Aluminium Acquisition 15.05.15/5.193%* 34,104 0.02 35,000 15.07.18/8.625% 0.02 20,000 Northern Tier Energy and 80,000 Tutor Perini 144A 01.11.18/7.625% 60,317 0.04 Norther Tier Finance 144A 01.12.17/10.500% 15,342 0.01 160,000 TW Telecom Holdings 01.03.18/8.000% 127,515 0.08 166,499 Northwest Airlines 2007-1 A 01.11.19/7.027% 130,519 0.08 328,725 UCI Holdco 15.12.13/9.250%* 246,031 0.16 70,737 Northwest Airlines 2007-1 B 01.11.17/8.028% 54,659 0.04 250,000 United Surgical Partners International 194,290 225,000 NRG Energy 01.02.16/7.375% 171,807 0.11 01.05.17/9.250%* 0.13 Universal City Development 75,000 NRG Energy 15.01.17/7.375% 57,273 0.04 270,000 Partners 15.11.16/10.875% 221,229 0.14 50,000 Omega Healthcare Univision Communications 144A 39,382 Investors 144A 15.10.22/6.750% 37,095 0.02 50,000 01.11.20/7.875% 0.03 US Oncology 231,721 15,000 Omnova Solutions 144A 01.11.18/7.875% 11,339 0.01 250,000 15.08.17/9.125% 0.15 USI Holdings 144A 189,443 200,000 OnCure Holdings 144A 15.05.17/11.750% 141,849 0.09 250,000 15.05.15/9.750% 0.12 Valeant Pharmaceuticals 320,000 PAETEC Holding 30.06.17/8.875% 256,225 0.17 35,000 International 144A 01.10.17/6.750% 25,999 0.02 65,000 Park Place Securities Valeant Pharmaceuticals 2005-WHQ3 M1 25.06.35/0.681%* 45,152 0.03 400,000 International 144A 01.12.18/6.875% 298,630 0.19 20,000 Parker Drilling 01.04.18/9.125% 15,678 0.01 50,000 Valeant Pharmaceuticals 300,000 Peninsula Gaming 15.08.17/10.750% 242,483 0.16 International 144A 01.10.20/7.000% 36,722 0.02 75,000 Penn Virginia Resource Partners 15.04.18/8.250% 57,953 0.04 100,000 Vanguard Health Holding Co II 01.02.18/8.000% 76,711 0.05 250,000 Petrohawk Energy 15.08.18/7.250% 188,133 0.12 50,000 Vanguard Health 175,000 PH Glatfelter 01.05.16/7.125% 136,040 0.09 Holding Co II 144A 01.02.18/8.000% 38,169 0.02 65,000 PHI 144A 15.10.18/8.625% 49,983 0.03 200,000 Verso Paper Holdings/Verso 25,000 Pinnacle Entertainment 15.05.20/8.750% 19,225 0.01 Paper 01.07.14/11.500% 165,366 0.11 180,000 Pioneer Drilling 15.03.18/9.875% 142,782 0.09 250,000 Visant 144A 01.10.17/10.000% 198,776 0.13 75,000 Plastipak Holdings 144A 15.12.15/8.500% 57,953 0.04 213,864 Wells Fargo Mortgage Backed 125,000 PolyOne 15.09.20/7.375% 96,493 0.06 Securities Trust 2007-5 2A3 25.05.22/5.500% 158,287 0.10 25,000 Pride International 15.08.20/6.875% 19,779 0.01 120,000 Western Refining 144A 15.06.17/11.250% 97,204 0.06 40,000 ProQuest 144A 15.10.18/9.000% 30,908 0.02 275,000 Windstream 01.09.18/8.125% 214,904 0.14 75,000 Quality Distribution 144A 01.11.18/9.875% 55,853 0.04 121,000 WMG Acquisition 15.06.16/9.500% 97,314 0.06 150,000 Quiksilver 15.04.15/6.875% 109,558 0.07 225,000 WMG Holdings 15.12.14/9.500%* 161,680 0.10 110,000 Qwest Communications 150,000 Wynn Las Vegas Capital 01.11.17/7.875% 120,412 0.08 International 144A 01.04.18/7.125% 85,344 0.06 175,000 Wynn Las Vegas Capital 01.05.20/7.875% 140,776 0.09 90,000 Radiation Therapy Services 144A 15.04.17/9.875% 67,528 0.04 35,000 Wynn Las Vegas Capital 15.08.20/7.750% 28,257 0.02 60,000 Rain CII Carbon 144A 01.12.18/8.000% 46,138 0.03 50,000 XM Satellite Radio 144A 01.08.13/13.000% 44,337 0.03 200,000 RBS Global 01.05.18/8.500% 159,394 0.10 250,000 Zayo Group 15.03.17/10.250% 205,308 0.13 45,000 Real Mex Restaurants 01.01.13/14.000% 35,108 0.02 41,536,133 26.84

119 JPMorgan Investment Funds - Global Income 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 MEXICO 100,000 Aircastle 01.08.18/9.750% 81,937 0.05 500,000 Cemex SAB de 144A 15.03.15/4.875% 410,150 0.27 55,000 Global Crossing 15.09.15/12.000% 46,458 0.03 115,000 Intelsat Intermediate Holding 01.02.15/9.500%* 88,861 0.06 410,150 0.27 805,000 Intelsat Jackson Holdings 15.06.16/11.250% 647,570 0.42 SWEDEN 100,000 Intelsat Jackson Holdings 144A 01.11.19/8.500% 81,563 0.05 4,000,000 SAS 01.04.15/7.500% 404,319 0.26 310,000 Intelsat Jackson Holdings 144A 15.10.20/7.250% 233,765 0.15 404,319 0.26 1,180,154 0.76 CANADA CANADA 500,000 PetroBakken Energy 08.02.16/3.125% 354,157 0.23 35,000 Cascades 15.01.20/7.875% 27,437 0.02 65,000 Essar Steel Algoma 144A 49,073 15.03.15/9.375% 0.03 354,157 0.23 70,000 Garda World Security 144A 15.03.17/9.750% 56,310 0.03 125,000 Gibson Energy 27.05.14/11.750% 103,587 0.07 CAYMAN ISLANDS 115,000 Gibson Energy 15.01.18/10.000% 87,573 0.06 260,000 Suntech Power Holdings 15.03.13/3.000% 171,544 0.11 100,000 Novelis 144A 15.12.17/8.375% 78,390 0.05 75,000 Novelis 144A 15.12.20/8.750% 58,793 0.04 171,544 0.11 55,000 Precision Drilling 144A 15.11.20/6.625% 41,883 0.03 500,000 Quebecor Media 15.03.16/7.750% 388,219 0.25 Total Convertible Bonds 1,855,069 1.20 62,000 Telesat Canada 01.11.15/11.000% 52,067 0.03 Investment Funds 35,000 Trinidad Drilling 144A 15.01.19/7.875% 26,875 0.02 LUXEMBOURG 970,207 0.63 1,770,481 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US LUXEMBOURG Dollar Liquidity Agency (dist)) 1,321,797 0.85 155,000 Intelsat Luxembourg 04.02.17/11.250% 126,712 0.08 310,781 Intelsat Luxembourg 04.02.17/11.500%* 257,544 0.16 1,321,797 0.85 250,000 MagnaChip Semiconductor Finance 15.04.18/10.500% 197,842 0.13 Total Investment Funds 1,321,797 0.85 400,000 Wind Acquisition Finance 144A 15.07.17/11.750% 335,311 0.22 Total Transferable Securities Dealt in on Another 49,884,315 32.22 917,409 0.59 Regulated Market NETHERLANDS 150,000 NXP 15.10.14/7.875% 117,026 0.07 Other Transferable Securities 600,000 NXP 144A 01.08.18/9.750% 506,178 0.33 Bonds 623,204 0.40 UNITED STATES OF AMERICA IRELAND 56,561 FGI Holding 144A 01.10.15/11.250%* 40,644 0.03 200,000 Ardagh Packaging Finance 144A 15.10.17/7.375% 154,541 0.10 450,000 Seminole Hard Rock Entertainment 144A 15.03.14/2.802%* 309,082 0.20 300,000 Elan Finance 15.10.16/8.750% 226,212 0.15 20,000 Western Refining 144A 15.06.14/10.750%* 15,977 0.01 380,753 0.25 365,703 0.24 UNITED KINGDOM 250,000 Ineos Finance 144A 15.05.15/9.000% 199,009 0.13 Total Bonds 365,703 0.24 200,000 Virgin Media Finance 15.10.19/8.375% 163,873 0.10 Total Other Transferable Securities 365,703 0.24 362,882 0.23 MARSHALL ISLANDS Total Investments 148,276,390 95.81 109,000 General Maritime 15.11.17/12.000% 78,935 0.05 150,000 Navios Maritime Holdings 01.11.17/8.875% 121,785 0.08 Cash 5,435,740 3.51

200,720 0.13 Other Assets/(Liabilities) 1,051,406 0.68

CAYMAN ISLANDS Total Net Assets 154,763,536 100.00 50,000 MCE Finance 144A 15.05.18/10.250% 43,184 0.03 130,000 Seagate HDD Cayman 144A 15.12.18/7.750% 98,753 0.07 50,000 Seagate HDD Cayman 144A 01.05.20/6.875% 35,836 0.02 * Variable coupon rates are those quoted as at 31 December 2010. 177,773 0.12 ** Hong Kong Registered Shares. MEXICO 100,000 Kansas City Southern de Mexico 01.02.18/8.000% 81,190 0.05 44,000 Kansas City Southern de Mexico 144A 15.12.20/6.625% 33,148 0.02

114,338 0.07 BAHAMAS 110,000 Ultrapetrol Bahamas 24.11.14/9.000% 83,560 0.05

83,560 0.05

Total Bonds 46,547,133 30.07 Convertible Bonds UNITED STATES OF AMERICA 357,000 Advanced Micro Devices 01.05.15/6.000% 269,859 0.17 200,000 Stewart Enterprises 15.07.14/3.125% 144,649 0.09 125,000 Stewart Enterprises 15.07.16/3.375% 87,373 0.06 15,000 US Concrete 144A 31.08.15/9.500% 13,018 0.01

514,899 0.33

120 JPMorgan Investment Funds - Global Income 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 % of Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Net Assets Fixed Income Securities Fixed Income Securities United States of America 34.92 United States of America 43.07 Mexico 1.36 Netherlands 1.26 United Kingdom 1.28 Brazil 1.14 Luxembourg 1.13 Bermuda 1.12 Kazakhstan 1.02 United Kingdom 1.05 Bermuda 0.98 Israel 1.04 Dominican Republic 0.88 Canada 1.04 Canada 0.86 Mexico 0.83 Venezuela 0.86 Luxembourg 0.76 Argentina 0.77 Dominican Republic 0.76 France 0.73 Venezuela 0.64 Russia 0.71 Turkey 0.58 Peru 0.70 International Agencies 0.56 El Salvador 0.67 United Arab Emirates 0.54 Ghana 0.62 Argentina 0.48 Brazil 0.61 Peru 0.47 United Arab Emirates 0.58 India 0.37 Netherlands 0.49 Australia 0.34 International Agencies 0.47 Spain 0.32 Ireland 0.47 Cayman Islands 0.27 Spain 0.38 Ireland 0.27 Sri Lanka 0.36 Marshall Islands 0.19 Germany 0.35 Germany 0.18 Sweden 0.26 Uruguay 0.18 Australia 0.23 Norway 0.17 Cayman Islands 0.23 Austria 0.15 India 0.19 Bahamas 0.14 Uruguay 0.18 Sweden 0.11 Jersey 0.17 Total Fixed Income Securities 58.03 Marshall Islands 0.13 Shares Italy 0.10 Financials 13.82 Norway 0.09 Consumer Discretionary 3.71 Bahamas 0.05 Health Care 3.38 Total Fixed Income Securities 52.83 Consumer Staples 3.12 Shares Energy 2.55 Financials 11.89 Industrials 2.53 Consumer Discretionary 4.38 Information Technology 2.37 Telecommunication Services 3.81 Utilities 2.33 Health Care 3.64 Telecommunication Services 2.06 Consumer Staples 3.63 Materials 1.26 Industrials 3.63 Investment Companies 0.80 Energy 3.21 Total Shares 37.93 Utilities 2.93 Cash and Other Assets/(Liabilities) 4.04 Information Technology 2.68 Materials 2.33 Total 100.00 Investment Companies 0.85 Total Shares 42.98 Cash and Other Assets/(Liabilities) 4.19 Total 100.00

121 JPMorgan Investment Funds - Global Income 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)

14-Jan-11 EUR 580,000 GBP 485,994 14,864 14-Jan-11 EUR 124,186,417 USD 164,360,914 1,479,246 14-Jan-11 USD 4,213,610 AUD 4,300,041 (117,943) 14-Jan-11 USD 536,980 CHF 529,567 (23,099) 14-Jan-11 USD 1,470,208 EUR 1,115,413 (17,797) 14-Jan-11 USD 11,278,150 GBP 7,150,669 104,809 14-Jan-11 USD 910,318 HKD 7,073,063 206 14-Jan-11 USD 3,504,050 JPY 293,025,404 (77,088) 14-Jan-11 USD 2,106,022 SGD 2,759,650 (36,477)

Total 1,326,721

122 JPMorgan Investment Funds - Global 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 22,000 Toshiba 119,559 0.50 14,000 Toto 101,674 0.42 Shares 229 Yahoo! Japan 88,863 0.37 UNITED STATES OF AMERICA 1,672,189 6.97 6,236 Abbott Laboratories 297,551 1.24 3,900 Adobe Systems 118,950 0.50 FRANCE 3,560 Aflac 199,449 0.83 2,068 GDF Suez 74,360 0.31 755 Air Products & Chemicals 68,482 0.29 2,730 Pernod-Ricard 257,541 1.07 1,902 Amazon.com 344,471 1.44 1,336 PPR 213,130 0.89 4,139 American Express 176,508 0.74 3,041 Sanofi-Aventis 195,059 0.82 2,982 Analog Devices 112,705 0.47 1,676 Schneider Electric 251,992 1.05 1,960 Apache 234,357 0.98 2,712 Sodexho 187,968 0.78 1,236 Apple 397,992 1.66 14,377 Bank of America 191,142 0.80 1,180,050 4.92 7,442 BB&T 195,576 0.81 GERMANY 2,827 Biogen Idec 189,310 0.79 2,406 Bayer Registered Shares 177,185 0.74 4,272 Broadcom - A Shares 185,725 0.77 3,670 Daimler Registered Shares 250,017 1.04 2,799 Celgene 164,819 0.69 2,151 Lanxess 169,052 0.70 10,717 Cisco Systems 215,573 0.90 2,483 Siemens Registered Shares 309,454 1.29 85,845 Citigroup 407,335 1.70 1,410 Volkswagen Preference Shares 229,846 0.96 3,846 Coca-Cola 251,894 1.05 1,130 Colgate-Palmolive 90,570 0.38 1,135,554 4.73 2,050 Concho Resources 178,770 0.74 1,772 Darden Restaurants 82,318 0.34 NETHERLANDS 1,589 DaVita 110,173 0.46 18,873 ING Groep - CVA 184,060 0.77 6,251 EI du Pont de Nemours & Co. 310,331 1.29 6,588 Koninklijke KPN 96,582 0.40 5,482 EMC/Massachusetts 124,962 0.52 5,004 Koninklijke Philips Electronics 153,657 0.64 1,876 EOG Resources 171,982 0.72 10,495 Unilever - CVA 328,735 1.37 2,455 General Mills 87,214 0.36 5,498 General Motors 201,887 0.84 763,034 3.18 1,105 Goldman Sachs Group 185,110 0.77 CANADA 2,778 International Business Machines 405,921 1.69 2,610 First Quantum Minerals 281,859 1.18 3,451 Juniper Networks 127,670 0.53 11,224 Kinross Gold 211,961 0.88 3,562 Kohl’s 192,330 0.80 2,715 Toronto-Dominion Bank 201,197 0.84 9,167 Kroger 204,837 0.85 3,408 Lincoln National 93,839 0.39 695,017 2.90 5,879 Lowe’s 146,828 0.61 535 Mastercard - A Shares 119,886 0.50 HONG KONG 6,211 Merck & Co. 223,844 0.93 23,000 AIA Group 64,874 0.27 3,895 MetLife 172,977 0.72 66,000 China Overseas Land & Investment 121,589 0.51 12,226 Microsoft 339,577 1.42 20,000 Hutchison Whampoa 206,224 0.86 3,402 Occidental Petroleum 332,205 1.39 13,000 Sun Hung Kai Properties 214,991 0.89 248 Oracle 7,679 0.03 2,387 Paccar 136,214 0.57 607,678 2.53 41,803 Sprint Nextel 175,364 0.73 INDIA 3,490 State Street 161,430 0.67 7,156 Housing Development Finance 116,342 0.49 8,818 Sysco 258,852 1.08 2,427 Infosys Technologies ADR 184,828 0.77 10,198 Time Warner 327,407 1.37 15,505 Yes Bank 108,403 0.45 2,840 Union Pacific 261,919 1.09 4,767 United Technologies 373,375 1.56 409,573 1.71 6,864 Walt Disney255,512 1.07 9,156 Wells Fargo & Co. 282,875 1.18 CHINA 6,792 Xilinx 197,410 0.82 64,500 China Merchants Bank - H Shares * 162,970 0.68 7,500 Ping An Insurance Group Co. of China - H Shares * 83,678 0.35 10,093,107 42.08 38,400 ZTE - H Shares * 153,144 0.64

UNITED KINGDOM 399,792 1.67 2,241 BG Group 45,293 0.19 2,835 BHP Billiton 112,765 0.47 JERSEY 15,107 BP 109,672 0.46 16,855 Experian 209,778 0.87 63,831 BT Group 179,868 0.75 6,712 Shire 161,743 0.68 18,484 Cairn Energy121,245 0.50 52,874 Centrica 274,018 1.14 371,521 1.55 16,158 GlaxoSmithKline 312,225 1.30 SWITZERLAND 33,851 HSBC Holdings 343,587 1.43 4,035 ACE 250,775 1.05 12,309 Intercontinental Hotels Group 238,521 0.99 418 Zurich Financial Services 108,579 0.45 29,308 International Power 200,371 0.84 221,755 Lloyds Banking Group 227,361 0.95 359,354 1.50 16,495 Man Group 76,106 0.32 4,383 Reckitt Benckiser Group 241,144 1.01 AUSTRALIA 23,461 Salamander Energy98,343 0.41 3,256 Macquarie Group 123,215 0.51 96,370 Vodafone Group 249,042 1.04 11,368 QBE Insurance Group 210,785 0.88

2,829,561 11.80 334,000 1.39 JAPAN IRELAND 19,900 Citizen Holdings 136,929 0.57 4,495 Covidien 203,758 0.85 53 Japan Retail Fund Investment 101,707 0.42 2,810 Paddy Power 115,334 0.48 39 Japan Tobacco 144,378 0.60 35,900 JX Holdings 243,708 1.01 319,092 1.33 9,000 Kubota 85,358 0.36 ISLE OF MAN 6,200 Mitsui & Co. 102,418 0.43 94,000 Genting Singapore 160,373 0.67 700 Nintendo 205,158 0.86 23,371 Lamprell 117,625 0.49 10,100 Nissan Motor 96,164 0.40 8,200 Shiseido 179,060 0.75 277,998 1.16 2,200 Suzuken 67,213 0.28

123 JPMorgan Investment Funds - Global 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

TAIWAN 17,303 Hon Hai Precision Industry Registered Shares GDR 139,895 0.58 Allocation of Portfolio as at 31 December 2010 % of 9,735 Taiwan Semiconductor Manufacturing ADR 121,249 0.51 Net Assets Shares 261,144 1.09 Financials 22.14 Consumer Discretionary 14.35 SPAIN Information Technology 14.27 10,932 Telefonica 248,526 1.04 Consumer Staples 8.98 Health Care 248,526 1.04 8.65 Industrials 7.93 FINLAND Energy 6.89 2,956 Nokian Renkaat 108,666 0.45 Materials 6.86 11,815 Stora Enso - R Shares 121,738 0.51 Telecommunication Services 3.96 Utilities 2.88 230,404 0.96 Total Shares 96.91 SOUTH KOREA Cash and Other Assets/(Liabilities) 3.09 268 Samsung Electronics 226,623 0.95 Total 100.00 226,623 0.95 BERMUDA 56,000 Huabao International Holdings 91,351 0.38 2,912 Invesco 69,116 0.29 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets 160,467 0.67 Shares ISRAEL Financials 22.73 2,848 Teva Pharmaceutical Industries ADR 147,398 0.61 Consumer Discretionary 15.80 Information Technology 12.65 147,398 0.61 Industrials 9.13 Health Care 9.10 ITALY Materials 8.16 28,428 Snam Rete Gas 142,078 0.59 Consumer Staples 7.83 Energy 6.51 142,078 0.59 Telecommunication Services 4.77 CAYMAN ISLANDS Utilities 2.56 68,000 China Resources Land 124,223 0.52 Total Shares 99.24 Cash and Other Assets/(Liabilities) 0.76 124,223 0.52 Total 100.00 DENMARK 1,087 Carlsberg - B Shares 109,227 0.46

109,227 0.46 MEXICO 18,415 Grupo Financiero Banorte - O Shares 85,835 0.36

85,835 0.36 GUERNSEY 16,048 Resolution 58,645 0.24

58,645 0.24

Total Shares 23,242,090 96.91

Total Transferable Securities Admitted to an Official 23,242,090 96.91 Exchange Listing Total Investments 23,242,090 96.91

Cash 87,499 0.36

Other Assets/(Liabilities) 653,580 2.73

Total Net Assets 23,983,169 100.00

* Hong Kong Registered Shares.

124 JPMorgan Investment Funds - Global Select 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)

07-Jan-11 AUD 699,394 USD 692,959 18,719 07-Jan-11 CAD 763,664 USD 757,220 8,018 07-Jan-11 CHF 620,795 USD 633,904 31,787 07-Jan-11 DKK 881,747 USD 166,137 (7,706) 07-Jan-11 EUR 113,594 HKD 1,232,805 (6,451) 07-Jan-11 EUR 120,339 SGD 212,105 (4,431) 07-Jan-11 EUR 589,190 USD 780,548 8,642 07-Jan-11 GBP 145,900 USD 229,641 (2,377) 07-Jan-11 HKD 1,044,038 EUR 100,886 (813) 07-Jan-11 HKD 984,074 GBP 79,622 2,580 07-Jan-11 HKD 2,094,809 USD 270,124 (620) 07-Jan-11 JPY 13,210,158 EUR 118,204 4,283 07-Jan-11 JPY 10,795,581 HKD 1,005,082 3,582 07-Jan-11 JPY 63,462,234 USD 784,158 (2,963) 07-Jan-11 NOK 518,027 USD 88,558 268 07-Jan-11 SEK 2,556,353 USD 384,541 (3,192) 07-Jan-11 SGD 141,451 USD 109,834 616 07-Jan-11 USD 145,622 AUD 147,101 (4,063) 07-Jan-11 USD 254,451 CAD 255,849 (1,926) 07-Jan-11 USD 2,439,711 EUR 1,737,716 112,128 07-Jan-11 USD 1,639,360 GBP 1,018,804 52,404 07-Jan-11 USD 675,558 HKD 5,234,002 2,186 07-Jan-11 USD 527,274 JPY 43,920,575 (13,370) 07-Jan-11 USD 376,023 SEK 2,556,353 (5,327) 07-Jan-11 USD 162,349 SGD 211,876 (3,092) 08-Mar-11 SEK 2,556,353 USD 375,242 5,302

Total 194,184

125 JPMorgan Investment Funds - Global Select 130/30 Fund Schedule of Investments - Outstanding Total Return Swaps (Expressed in USD) (Please refer to note 2l) As at 31 December 2010 Economic Exposure Unrealised (in contract Gain/ currency) Currency Sub-Fund Receives Sub-Fund Pays Counterparty (Loss)

162,437 AUD Performance of the underlying basket AUD-1M-LIBOR + 0.25% UBS 4,128 (183,946) AUD AUD-1D-LIBID Performance of the underlying basket UBS 147,500 CHF Performance of the underlying basket CHF-1M-LIBOR + 0.25% UBS 76,315 (162,998) CHF CHF-1D-LIBID Performance of the underlying basket UBS (775,801) DKK DKK-1D-LIBID Performance of the underlying basket UBS (139,505) 1,432,714 EUR Performance of the underlying basket EUR-1M-LIBOR + 0.25% UBS 836,078 (871,855) EUR EUR-1D-LIBID Performance of the underlying basket UBS 486,018 GBP Performance of the underlying basket GBP-1M-LIBOR + 0.25% UBS 427,781 (223,077) GBP GBP-1D-LIBID Performance of the underlying basket UBS (2,267,910) HKD HKD-1D-ON-BANKS Performance of the underlying basket UBS (225,478) 103,416,670 JPY Performance of the underlying basket JPY-1M-LIBOR + 0.40% UBS 164,585 (89,800,300) JPY JPY-1D-LIBID Performance of the underlying basket UBS (644,905) SEK SEK-1D-LIBID Performance of the underlying basket UBS (96,295) 310,590 SGD Performance of the underlying basket SGD-1D-ON-BANKS + 0.40% UBS 246,419 451,130 USD Performance of the underlying basket USD-1M-LIBOR + 0.25% UBS (1,223,794) (1,720,459) USD USD-1D-FUNDS-FED Performance of the underlying basket UBS

Total 70,234

Net Geographic Distribution based on Economic Exposure of Swap % of Total Portfolio (expressed in Sub-Fund Currency) Net Assets

United Kingdom 3.33% Netherlands 1.26% Germany 1.01% Singapore 1.01% Luxembourg 0.79% Japan 0.70% Jersey 0.36% Guernsey 0.36% Bermuda 0.18% Switzerland (0.07%) France (0.08%) Australia (0.09%) Cayman Islands (0.22%) Italy (0.24%) Belgium (0.28%) Ireland (0.31%) Spain (0.31%) Hong Kong (0.35%) China (0.36%) Sweden (0.40%) Austria (0.48%) Denmark (0.58%) Finland (0.88%) United States of America (5.45%)

126 JPMorgan Investment Funds - Global Select 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 506,239 Vodafone Group 1,308,235 0.54

Shares 26,978,784 11.10 UNITED STATES OF AMERICA JAPAN 13,259 3M 1,143,324 0.47 22,700 Astellas Pharma 864,802 0.36 63,147 Abbott Laboratories 3,013,059 1.24 61,100 Elpida Memory710,351 0.29 43,478 Adobe Systems 1,326,079 0.55 26,200 FUJIFILM Holdings 946,541 0.39 28,234 Aetna 859,302 0.35 42,600 Izumi 627,411 0.26 16,411 Aflac 919,426 0.38 254 Japan Tobacco 940,307 0.39 14,354 Amazon.com 2,599,653 1.07 224 KDDI 1,294,535 0.53 23,006 Apache 2,750,827 1.13 52,000 Komatsu 1,573,314 0.65 18,036 Apple 5,807,592 2.39 201,000 Minebea 1,268,002 0.52 149,736 Bank of America 1,990,740 0.82 76,000 Mitsui Fudosan 1,515,042 0.62 14,701 Biogen Idec 984,452 0.41 15,600 Olympus 472,570 0.19 19,405 Campbell Soup 671,316 0.28 51,000 Shiseido 1,113,663 0.46 85,345 CBS - B Shares 1,627,529 0.67 33,600 Softbank 1,163,634 0.48 28,865 Celgene 1,699,716 0.70 334 Sony Financial Holdings 1,352,610 0.56 163,431 Cisco Systems 3,287,415 1.35 183,000 Sumitomo Heavy Industries 1,173,597 0.48 422,238 Citigroup 2,003,519 0.82 54,100 Toyota Motor 2,147,618 0.88 8,568 Citrix Systems 579,968 0.24 64,200 Yakult Honsha 1,849,188 0.76 36,401 Coca-Cola 2,384,083 0.98 24,418 Cognizant Technology Solutions - A Shares 1,791,060 0.74 19,013,185 7.82 12,718 Colgate-Palmolive 1,019,348 0.42 FRANCE 17,940 Deere & Co. 1,490,724 0.61 40,751 AXA 680,389 0.28 29,582 Edison International 1,144,675 0.47 12,640 BNP Paribas 807,338 0.33 87,315 EI du Pont de Nemours & Co. 4,334,753 1.78 36,650 Compagnie Générale des Etablissements Michelin 12,110 EOG Resources 1,110,184 0.46 Registered -BShares 2,638,878 1.09 19,993 Exxon Mobil 1,461,388 0.60 31,665 GDF Suez 1,138,595 0.47 22,102 Freeport-McMoRan Copper & Gold 2,637,321 1.09 15,813 Lafarge 993,058 0.41 16,610 Gannett 248,403 0.10 11,885 L’Oréal 1,322,501 0.54 23,010 General Mills 817,430 0.34 5,199 PPR 829,389 0.34 8,892 Goldman Sachs Group 1,489,588 0.61 19,035 Sanofi-Aventis 1,220,960 0.50 62,229 Halliburton 2,530,231 1.04 18,197 Schneider Electric 2,735,978 1.13 47,747 Honeywell International 2,528,204 1.04 27,146 Société Générale 1,466,064 0.60 86,191 Intersil - A Shares 1,327,772 0.55 7,065 Unibail-Rodamco 1,401,265 0.58 37,460 Johnson Controls 1,432,845 0.59 Kohl’s 1,408,082 26,078 0.58 15,234,415 6.27 28,863 Kroger 644,944 0.27 4,243 Mastercard - A Shares 950,793 0.39 NETHERLANDS 13,939 Medco Health Solutions 845,400 0.35 91,304 Koninklijke KPN 1,338,542 0.55 70,064 Merck & Co. 2,525,107 1.04 33,005 Koninklijke Philips Electronics 1,013,481 0.42 32,954 MetLife 1,463,487 0.60 107,068 Royal Dutch Shell - A Shares 3,552,321 1.46 153,778 Microsoft 4,271,184 1.76 487,395 Vimetco Registered Shares GDR 1,437,815 0.59 37,857 Morgan Stanley1,031,414 0.42 21,769 NextEra Energy1,129,267 0.47 7,342,159 3.02 70,809 Norfolk Southern 4,441,140 1.83 SWITZERLAND Oracle 1,822,043 58,842 0.75 20,045 ACE 1,245,797 0.51 Paccar 1,455,614 25,508 0.60 34,470 Crédit Suisse Group Registered Shares 1,392,882 0.57 Procter & Gamble 3,198,228 49,945 1.32 5,051 Roche Holding - Genussschein 742,268 0.31 Prudential Financial 785,642 13,477 0.32 91,539 UBS Registered Shares 1,507,164 0.62 Sempra Energy1,241,593 23,690 0.51 4,086 Zurich Financial Services 1,061,370 0.44 245,714 Sprint Nextel 1,030,770 0.42 66,431 Staples 1,514,295 0.62 5,949,481 2.45 23,047 State Street 1,066,039 0.44 27,409 Sysco 804,591 0.33 GERMANY 15,068 Thermo Fisher Scientific 835,144 0.34 11,416 Allianz Registered Shares 1,357,549 0.56 117,703 Time Warner 3,778,855 1.55 21,584 Bayer Registered Shares 1,589,510 0.65 33,285 United Technologies 2,607,048 1.07 37,784 Hamburger Hafen und Logistik Registered Shares 1,755,653 0.73 68,766 Verizon Communications 2,461,823 1.01 9,814 Siemens Registered Shares 1,223,110 0.50 22,715 Wal-Mart Stores 1,226,951 0.51 15,259 Walt Disney568,016 0.23 5,925,822 2.44 19,642 WellPoint 1,113,800 0.46 FINLAND 44,432 Wells Fargo & Co. 1,372,727 0.56 61,358 Metso 3,434,141 1.41 200 Xcel Energy4,709 0.00 458,976 Ruukki Group 1,023,601 0.42

104,610,632 43.04 4,457,742 1.83 UNITED KINGDOM AUSTRIA 1,352,651 Afren 3,112,075 1.28 29,189 Erste Group Bank 1,380,522 0.57 380,313 Barclays 1,556,270 0.64 27,529 Intercell 428,841 0.17 189,687 BP 1,377,063 0.57 27,186 Schoeller-Bleckmann Oilfield Equipment 2,353,637 0.97 269,676 Cable & Wireless Worldwide 275,779 0.11 253,583 Centrica 1,314,186 0.54 4,163,000 1.71 878,547 GKN 3,036,730 1.25 62,055 Hikma Pharmaceuticals 781,521 0.32 HONG KONG 166,090 HSBC Holdings 1,685,809 0.69 7,108,000 IRC 1,284,782 0.53 190,928 Intercontinental Hotels Group 3,699,762 1.52 166,000 Sun Hung Kai Properties 2,745,275 1.13 182,268 Invensys 1,007,628 0.41 324,524 Kingfisher 1,335,055 0.55 4,030,057 1.66 934,509 Lloyds Banking Group 958,132 0.40 CHINA 194,599 National Grid 1,680,838 0.69 1,206,000 Angang Steel - H Shares * 1,840,084 0.76 18,703 Reckitt Benckiser Group 1,029,001 0.42 692,150 China Merchants Bank - H Shares * 1,748,829 0.72 356,616 Salamander Energy1,494,853 0.62 67,232 Tullow Oil 1,325,847 0.55 3,588,913 1.48

127 JPMorgan Investment Funds - Global Select 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

INDIA SINGAPORE 13,097 Infosys Technologies 1,007,281 0.40 313,000 Singapore Telecommunications 747,857 0.31 52,087 Reliance Capital 777,228 0.32 228,695 Yes Bank 1,598,922 0.66 747,857 0.31 INDONESIA 3,383,431 1.38 1,086,000 XL Axiata 638,005 0.26 SPAIN 86,330 BSCH 916,983 0.38 638,005 0.26 91,470 Telefonica 2,079,462 0.86 GREECE 108,474 Sidenor Steel Products Manufacturing 365,418 0.15 2,996,445 1.24 ITALY 365,418 0.15 407,134 Enel 2,053,189 0.84 ISRAEL 174,681 Snam Rete Gas 873,025 0.36 6,596 Teva Pharmaceutical Industries ADR 341,376 0.14 2,926,214 1.20 341,376 0.14 TAIWAN 132,550 HON HAI Precision Industry Registered Shares GDR 1,071,667 0.44 Total Shares 236,658,081 97.37 139,916 Taiwan Semiconductor Manufacturing ADR 1,742,654 0.72 Total Transferable Securities Admitted to an 236,658,081 97.37 2,814,321 1.16 Official Exchange Listing JERSEY Transferable Securities Dealt in on Another Regulated Market 272,417 Black Earth Farming SDR 1,079,052 0.44 34,181 Shire 823,681 0.34 Investment Funds 73,538 United Business Media 791,541 0.33 LUXEMBOURG 2,694,274 1.11 4,350,000 JPMorgan Liquidity Funds - US Dollar Liquidity Fund (JPM US Dollar Liquidity X (dist)) 4,350,000 1.79 SWEDEN 82,133 Electrolux - B Shares 2,341,038 0.96 4,350,000 1.79

2,341,038 0.96 Total Investment Funds 4,350,000 1.79 NETHERLANDS ANTILLES Total Transferable Securities Dealt in on Another 4,350,000 1.79 24,588 Schlumberger 2,044,861 0.84 Regulated Market 2,044,861 0.84 Total Investments 241,008,081 99.16

DENMARK Cash 1,656,780 0.68 19,965 Carlsberg - B Shares 2,006,186 0.83 Other Assets/(Liabilities) 382,909 0.16 2,006,186 0.83 CAYMAN ISLANDS Total Net Assets 243,047,770 100.00 806,000 Belle International Holdings 1,368,720 0.57 1,299,000 China Dongxiang Group 565,684 0.23 * Hong Kong Registered Shares. 1,934,404 0.80 AUSTRALIA 29,132 Macquarie Group 1,102,422 0.46 827,207 Sylvania Resources 660,377 0.27

1,762,799 0.73 CANADA 13,891 First Quantum Minerals 1,500,114 0.62

1,500,114 0.62 IRELAND 18,640 Covidien 844,951 0.34 26,272 XL Group 576,408 0.24

1,421,359 0.58 BELGIUM 39,705 KBC Groep 1,362,545 0.56

1,362,545 0.56 ISLE OF MAN 264,316 Lamprell 1,330,284 0.54

1,330,284 0.54 LUXEMBOURG 10,779 Millicom International Cellular SDR 1,036,040 0.43

1,036,040 0.43 BERMUDA 61,598 Genpact 938,138 0.39

938,138 0.39 NORWAY 697,590 Sevan Marine 778,782 0.32

778,782 0.32

128 JPMorgan Investment Funds - Global Select 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 % of Net Assets Shares Financials 17.83 Consumer Discretionary 14.46 Industrials 12.32 Information Technology 11.46 Energy 10.38 Consumer Staples 7.78 Health Care 7.03 Materials 6.26 Telecommunication Services 5.50 Utilities 4.35 Investment Companies 1.79 Total Shares 99.16 Cash and Other Assets/(Liabilities) 0.84 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Shares Financials 18.70 Consumer Discretionary 13.32 Information Technology 12.88 Industrials 11.74 Energy 9.45 Consumer Staples 8.38 Health Care 8.10 Materials 6.23 Telecommunication Services 5.79 Utilities 4.20 Investment Companies 1.42 Total Shares 100.21 Cash and Other Assets/(Liabilities) (0.21) Total 100.00

129 JPMorgan Investment Funds - Global Select 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 17 DJ Euro Stoxx 50 Index Future EUR 636,212 (15,029) Mar-11 7 FTSE 100 Index Future GBP 642,594 4,443 Mar-11 32 SP 500 Emini Future USD 2,000,800 22,801 Mar-11 4 Topix Index Future JPY 441,162 7,238

Total 19,453

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

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

22-Feb-11 AUD 7,875,896 USD 7,727,585 240,077 22-Feb-11 CAD 11,155,660 USD 11,092,279 76,096 22-Feb-11 CHF 3,616,415 USD 3,741,028 138,995 22-Feb-11 JPY 384,375,451 USD 4,577,146 156,709 22-Feb-11 SEK 10,084,536 USD 1,472,026 29,959 22-Feb-11 SGD 1,489,712 SEK 7,728,776 12,128 22-Feb-11 USD 1,339,140 DKK 7,531,957 (14,005) 22-Feb-11 USD 12,340,396 EUR 9,319,063 (141,012) 22-Feb-11 USD 5,466,741 GBP 3,508,133 4,229 22-Feb-11 USD 3,206,709 HKD 24,926,714 (1,411)

Total 501,765

130 JPMorgan Investment Funds - Global Total Return 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 GREECE 28,700 Folli - Follie 527,793 0.70 Shares 527,793 0.70 UNITED STATES OF AMERICA 69,400 Abbott Laboratories 2,472,225 3.29 Total Shares 56,729,077 75.56 30,000 American Express 955,131 1.27 47,400 Analog Devices 1,337,477 1.78 Total Transferable Securities Admitted to an Official 56,729,077 75.56 4,000 Apple 961,589 1.28 Exchange Listing 100,000 Bank of America 992,572 1.32 51,200 Chevron 3,480,163 4.64 Total Investments 56,729,077 75.56 160,900 Cisco Systems 2,416,293 3.22 242,600 Citigroup 859,410 1.14 Cash 20,901,035 27.84 15,400 Colgate-Palmolive 921,505 1.23 40,700 Dow Chemical 1,035,390 1.38 Other Assets/(Liabilities) (2,550,044) (3.40) 61,900 Express 867,880 1.16 55,808 Guess? 1,990,956 2.65 Total Net Assets 75,080,068 100.00 94,900 Hewlett-Packard 2,973,928 3.96 8,688 International Business Machines 947,770 1.26 58,500 Medtronic 1,619,237 2.16 98,150 Merck & Co. 2,640,880 3.52 Allocation of Portfolio as at 31 December 2010 % of 53,300 Microsoft 1,105,235 1.47 Net Assets 65,500 Pfizer 856,006 1.14 Shares 21,200 Prudential Financial 922,658 1.23 Health Care 18.01 67,800 Time Warner 1,625,084 2.16 Information Technology 16.97 22,372 Veeco Instruments 718,453 0.96 Energy 11.81 56,736 Wells Fargo & Co. 1,308,641 1.75 Consumer Discretionary 10.18 26,100 Yum! Brands 955,379 1.27 Financials 7.42 28,300 Zimmer Holdings 1,136,479 1.51 Consumer Staples 4.92 Telecommunication Services 3.65 35,100,341 46.75 Materials 1.38 Industrials 1.22 UNITED KINGDOM Total Shares 64,000 Diageo 884,207 1.18 75.56 96,595 GlaxoSmithKline 1,393,506 1.86 Cash and Other Assets/(Liabilities) 24.44 82,210 Imperial Tobacco Group 1,886,293 2.51 Total 100.00 826,298 Vodafone Group 1,594,191 2.12

5,758,197 7.67 FRANCE 5,041 Atos Origin 200,859 0.27 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of 33,100 Sanofi-Aventis 1,585,076 2.11 Net Assets 62,400 Total 2,475,252 3.30 Shares Information Technology 13.69 4,261,187 5.68 Health Care 12.34 Consumer Discretionary 11.99 NETHERLANDS Energy 8.89 105,000 Koninklijke KPN 1,149,225 1.53 Industrials 7.50 78,800 Royal Dutch Shell - A Shares 1,962,922 2.61 Consumer Staples 5.64 60,000 Wolters Kluwer 988,950 1.32 Utilities 3.45 Financials 4,101,097 5.46 3.28 Telecommunication Services 3.08 SWITZERLAND Materials 0.99 16,580 Roche Holding - Genussschein 1,819,037 2.42 Total Shares 70.85 29,700 Tyco International 917,420 1.22 Cash and Other Assets/(Liabilities) 29.15 2,736,457 3.64 Total 100.00 CANADA 12,200 Niko Resources 947,194 1.26

947,194 1.26 CHINA 202,000 China Security & Surveillance Technology 787,973 1.05

787,973 1.05 BERMUDA 7,500,000 China Hongxing Sports 688,601 0.92 4 Esprit Holdings 14 0.00

688,615 0.92 CAYMAN ISLANDS 37,900 Perfect World ADR 661,400 0.88

661,400 0.88 SINGAPORE 29,600 Avago Technologies 626,938 0.84

626,938 0.84 INDIA 101,900 Yes Bank 531,885 0.71

531,885 0.71

131 JPMorgan Investment Funds - Global Total Return 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 (640) SP 500 Emini Future USD (29,874,950) (341,633)

Total (341,633)

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 CAD 290,000 USD 280,612 7,387 24-Jan-11 EUR 828,809 CAD 1,181,294 (54,639) 24-Jan-11 EUR 1,530,643 CHF 2,043,903 (105,955) 24-Jan-11 EUR 9,741,039 GBP 8,537,476 (185,750) 24-Jan-11 EUR 879,675 HKD 9,278,477 (11,649) 24-Jan-11 EUR 448,121 SGD 783,584 (8,672) 24-Jan-11 EUR 44,531,117 USD 62,327,781 (2,000,272) 24-Jan-11 GBP 2,039,567 EUR 2,405,400 (33,932) 24-Jan-11 HKD 9,278,477 EUR 878,253 13,071 24-Jan-11 USD 12,178,556 EUR 8,772,750 319,265

Total (2,061,146)

132 JPMorgan Investment Funds - Highbridge Statistical Market Neutral 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 8,000,000 Toyota Motor Finance Netherlands 17.01.11/0.000% 7,997,357 0.86 Bonds 27,987,811 3.01 NETHERLANDS 47,000,000 Dutch Treasury Bill 31.01.11/0.000% 46,958,119 5.05 UNITED KINGDOM 100,000,000 Dutch Treasury Bill 31.03.11/0.000% 99,861,935 10.73 9,000,000 Barclays Bank 03.06.11/0.000% 8,957,884 0.96 25,000,000 Rabobank Nederland 18.03.11/0.954%* 24,974,425 2.68 5,000,000 BNZ International Funding 25.01.11/0.000% 4,997,257 0.54 12,200,000 Unilever 24.02.11/0.000% 12,185,279 1.31 171,794,479 18.46 26,140,420 2.81 UNITED KINGDOM 20,000,000 HSBC Bank 04.02.11/1.297%* 20,005,140 2.15 DENMARK 20,000,000 HSBC Bank 04.05.11/1.047%* 20,003,540 2.15 15,000,000 Danske Bank 21.01.11/0.000% 14,994,747 1.61

40,008,680 4.30 14,994,747 1.61 BELGIUM FINLAND 30,000,000 Belgium Treasury Bill 17.02.11/0.000% 29,968,806 3.22 12,000,000 Pohjola Bank 28.02.11/0.000% 11,982,535 1.29

29,968,806 3.22 11,982,535 1.29 FRANCE BELGIUM 20,000,000 BNP Paribas 24.03.11/1.071%* 19,989,480 2.15 10,000,000 ENI Coordination Center 24.01.11/0.000% 9,996,026 1.07

19,989,480 2.15 9,996,026 1.07 GERMANY SPAIN 10,000,000 German Treasury Bill 20.04.11/0.000% 9,981,960 1.07 9,500,000 Instituto de Credito Oficial 21.02.11/0.000% 9,485,782 1.02 9,000,000 German Treasury Bill 11.05.11/0.000% 8,974,291 0.97 9,485,782 1.02 18,956,251 2.04 GERMANY 8,000,000 Landeskreditbank Total Bonds 280,717,696 30.17 Baden-Wuerttemberg Foerderbank 24.01.11/0.000% 7,995,787 0.86 Total Transferable Securities Admitted to an 280,717,696 30.17 Official Exchange Listing 7,995,787 0.86 Transferable Securities Dealt in on Another Regulated Market IRELAND 6,000,000 GE Capital European Funding 14.01.11/0.000% 5,998,203 0.64 Bonds 5,998,203 0.64 FRANCE 25,000,000 BNP Paribas 15.03.11/1.045% 24,992,500 2.68 Total Commercial Paper 262,428,894 28.19 30,000,000 French Treasury Bill 03.02.11/0.000% 29,980,709 3.22 20,000,000 French Treasury Bill 03.03.11/0.000% 19,980,212 2.15 Certificates of Deposit 20,000,000 French Treasury Bill 17.03.11/0.000% 19,977,515 2.15 30,000,000 French Treasury Bill 21.04.11/0.000% 29,926,712 3.21 UNITED KINGDOM 9,000,000 Barclays Bank 24.01.11/0.000% 8,995,717 0.97 124,857,648 13.41 10,000,000 Barclays Bank 14.02.11/1.000% 9,987,631 1.07 10,000,000 Lloyds TSB Bank 02.02.11/0.000% 9,992,310 1.07 Lloyds TSB Bank 4,994,846 Total Bonds 124,857,648 13.41 5,000,000 18.02.11/0.000% 0.54 10,000,000 RBS 06.01.11/0.000% 9,998,698 1.07 Commercial Paper 43,969,202 4.72 FRANCE 9,000,000 ACOSS 23.02.11/0.000% 8,990,269 0.97 JAPAN 7,000,000 Banque Fédérative du Crédit 4,000,000 Bank of Tokyo-Mitsubishi 29.04.11/0.000% 3,984,360 0.43 Mutuel 04.01.11/0.000% 6,999,270 0.75 10,000,000 Mizuho Corporate Bank 23.02.11/0.830% 10,000,147 1.07 14,000,000 Société Générale 01.02.11/0.000% 13,990,850 1.50 5,000,000 Sumitomo Trust & Banking 25.01.11/0.950% 5,000,000 0.54 10,000,000 Unedic 07.02.11/0.000% 9,992,469 1.07 18,984,507 2.04 39,972,858 4.29 NETHERLANDS SWEDEN 5,000,000 ING Bank 05.01.11/0.000% 4,999,376 0.54 10,000,000 Nordea Bank 19.01.11/0.000% 9,995,786 1.08 5,000,000 Rabobank Nederland 06.09.11/0.000% 4,966,896 0.53 10,000,000 Svenska Handelsbanken 24.01.11/0.000% 9,995,191 1.07 9,000,000 Rabobank Nederland 17.11.11/0.763% 9,000,000 0.97 10,000,000 Svenska Handelsbanken 07.02.11/0.000% 9,990,520 1.07 10,000,000 Svenska Handelsbanken 29.04.11/0.000% 9,965,638 1.07 18,966,272 2.04

39,947,135 4.29 FRANCE 8,000,000 Crédit Agricole 15.02.11/0.000% 7,991,204 0.86 AUSTRALIA 9,500,000 Crédit Agricole 21.03.11/0.000% 9,482,971 1.02 10,000,000 Bank of Western Australia 16.02.11/0.000% 9,991,850 1.07 10,000,000 Bank of Western Australia 24.06.11/0.000% 9,960,520 1.07 17,474,175 1.88 11,500,000 ING Bank Australia 24.01.11/0.000% 11,493,493 1.24 5,500,000 Macquarie Group 10.01.11/0.000% 5,498,934 0.59 GERMANY 9,000,000 Deutsche Bank 28.02.11/0.000% 8,990,664 0.96 36,944,797 3.97 8,990,664 0.96 UNITED STATES OF AMERICA 10,000,000 General Electric Company 17.01.11/0.000% 9,996,363 1.08 Total Certificates of Deposit 108,384,820 11.64 10,000,000 Paccar 16.02.11/0.000% 9,988,532 1.07 11,000,000 RBS Holdings 10.01.11/0.000% 10,997,898 1.18 Total Transferable Securities Dealt in on Another 495,671,362 53.24 Regulated Market 30,982,793 3.33 NETHERLANDS 10,000,000 Bank Nederlandse Gemeenten 20.01.11/0.000% 9,995,776 1.08 10,000,000 Bank Nederlandse Gemeenten 24.01.11/0.000% 9,994,678 1.07

133 JPMorgan Investment Funds - Highbridge Statistical Market Neutral 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 % of Bonds Net Assets Fixed Income Securities UNITED STATES OF AMERICA Netherlands 23.51 5,000,000 Lehman Brothers Holdings France (Defaulted) 05.04.11/0.000%* 1,187,500 0.12 21.73 United Kingdom 11.83 1,187,500 0.12 Belgium 4.29 Sweden 4.29 Australia Total Bonds 1,187,500 0.12 3.97 Germany 3.86 United States of America 3.45 1,187,500 0.12 Total Other Transferable Securities Japan 2.04 Denmark 1.61 777,576,558 83.53 Total Investments Finland 1.29 Spain 1.02 Cash Equivalents Ireland 0.64 Total Fixed Income Securities 83.53 Time Deposits Cash Equivalents, Cash and Other Assets/(Liabilities) 16.47 FRANCE Total 100.00 30,000,000 BNP Paribas 04.01.11/0.580% 30,000,000 3.22

30,000,000 3.22 NETHERLANDS 30,000,000 ING Bank 04.01.11/0.400% 30,000,000 3.22 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets 30,000,000 3.22 Fixed Income Securities France 23.36 UNITED KINGDOM Netherlands 15.96 32,000,000 Bank of Scotland 04.01.11/0.400% 32,000,000 3.44 Belgium 12.98 67,000,000 KBC Bank/London 04.01.11/0.400% 67,000,000 7.20 Germany 8.83 United Kingdom 7.26 99,000,000 10.64 Sweden 5.66 Ireland 5.11 Total Time Deposits 159,000,000 17.08 Spain 5.04 Finland 2.62 Total Cash Equivalents 159,000,000 17.08 Japan 2.55 Australia 0.98 Total Investments plus Total Cash Equivalents 936,576,558 100.61 Denmark 0.98 United States of America 0.08 7,421,364 0.80 Cash Total Fixed Income Securities 91.41 Cash Equivalents, Cash and Other Assets/(Liabilities) 8.59 Other Assets/(Liabilities) (13,139,040) (1.41) Total 100.00 Total Net Assets 930,858,882 100.00

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

134 JPMorgan Investment Funds - Highbridge Statistical Market Neutral 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)

03-Jan-11 EUR 6,757 SEK 95,468 (12) 03-Jan-11 SEK 60,839 EUR 6,769 8 04-Jan-11 EUR 3,772,889 GBP 3,216,270 32,532 04-Jan-11 GBP 3,216,708 EUR 3,780,826 (39,988) 13-Jan-11 CHF 1,414,614 EUR 1,095,622 36,965 13-Jan-11 EUR 1,107,385 CHF 1,415,381 (25,815) 13-Jan-11 EUR 1,636,263 GBP 1,382,467 28,649 13-Jan-11 EUR 1,123,474 GBP 951,156 17,414 13-Jan-11 EUR 89,094 NOK 697,006 (111) 13-Jan-11 EUR 759,696 SEK 6,820,886 192 13-Jan-11 EUR 7,171,614 USD 9,507,091 73,880 13-Jan-11 GBP 567,007 EUR 665,247 (5,898) 13-Jan-11 GBP 118,711,304 EUR 141,636,275 (3,591,809) 13-Jan-11 USD 16,269,055 EUR 12,307,641 (161,609) 14-Jan-11 EUR 2,580,639 SEK 23,470,380 (32,688) 14-Jan-11 SEK 235,145,469 EUR 25,802,787 379,661 28-Jan-11 EUR 1,370,583 USD 1,807,914 20,876 28-Jan-11 USD 30,416,960 EUR 22,856,655 (148,736) 14-Feb-11 GBP 3,305,707 EUR 3,876,027 (32,817) 17-Feb-11 SEK 1,729,509 EUR 192,673 (317)

Total (3,449,623)

135 JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund Schedule of Investments - Outstanding Total Return Swaps (Expressed in EUR) (Please refer to note 2l) As at 31 December 2010 Economic Exposure Unrealised (in contract Gain/ currency) Currency Sub-Fund Receives Sub-Fund Pays Counterparty (Loss)

7,308,666 CHF Performance of the underlying basket CHF-1M-LIBOR +0.45% Merrill Lynch 90,955 (8,497,889) CHF CHF-1M-LIBOR -0.35% Performance of the underlying basket Merrill Lynch 20,334,035 CHF Performance of the underlying basket CHF-1M-LIBOR +0.40% Morgan Stanley (4,741) (24,496,912) CHF CHF-1M-LIBOR - variable spread Performance of the underlying basket Morgan Stanley 11,150,250 DKK Performance of the underlying basket DKK-1M-CIBOR-DKNA13 +0.45% Merrill Lynch (56,203) (25,191,255) DKK DKK-1M-CIBOR-DKNA13 -0.35% Performance of the underlying basket Merrill Lynch 38,952,730 DKK Performance of the underlying basket DKK-1M-CIBOR-DKNA13 +0.40% Morgan Stanley 112,064 (35,821,533) DKK DKK-1M-CIBOR-DKNA13 - variable spread Performance of the underlying basket Morgan Stanley 43,698,870 EUR Performance of the underlying basket EUR-1M-EURIBOR + 0.45% Merrill Lynch (34,839) (42,288,366) EUR EUR-1M-EURIBOR - 0.35% Performance of the underlying basket Merrill Lynch 152,195,238 EUR Performance of the underlying basket EUR-1M-EURIBOR + 0.40% Morgan Stanley (1,281,523) (144,490,156) EUR EUR-1M-EURIBOR - variable spread Performance of the underlying basket Morgan Stanley 16,379,907 GBP Performance of the underlying basket GBP-1M-LIBOR +0.45% Merrill Lynch 137,572 (16,768,399) GBP GBP-1M-LIBOR -0.35% Performance of the underlying basket Merrill Lynch 55,743,712 GBP Performance of the underlying basket GBP-1M-LIBOR +0.40% Morgan Stanley 734,922 (57,667,853) GBP GBP-1M-LIBOR - variable spread Performance of the underlying basket Morgan Stanley 13,828,299 NOK Performance of the underlying basket NOK-1M-NIBOR-NIBR + 0.45% Merrill Lynch 72,100 (11,195,274) NOK NOK-1M-NIBOR-NIBR - 0.35% Performance of the underlying basket Merrill Lynch 41,028,225 NOK Performance of the underlying basket NOK-1M-NIBOR-NIBR + 0.40% Morgan Stanley (183,145) (37,177,579) NOK NOK-1M-NIBOR-NIBR - variable spread Performance of the underlying basket Morgan Stanley 47,292,511 SEK Performance of the underlying basket SEK-1M-STIBOR-SIDE +0.45% Merrill Lynch 136,151 (44,336,996) SEK SEK-1M-STIBOR-SIDE -0.35% Performance of the underlying basket Merrill Lynch 173,691,289 SEK Performance of the underlying basket SEK-1M-STIBOR-SIDE +0.40% Morgan Stanley 690,454 (171,927,043) SEK SEK-1M-STIBOR-SIDE - variable spread Performance of the underlying basket Morgan Stanley 132,761,984 USD Performance of the underlying basket USD-LIBOR + 0.30% Merrill Lynch 382,198 (133,215,216) USD USD-1M-LIBOR Performance of the underlying basket Merrill Lynch 613,544,755 USD Performance of the underlying basket USD-1M-LIBOR +0.35% Morgan Stanley (5,235,825) (611,220,441) USD USD-1M-LIBOR - variable spread Performance of the underlying basket Morgan Stanley

Total (4,439,860)

Net Geographic Distribution based on Economic Exposure of Swap Portfolio % of Total (expressed in Sub-Fund Currency) Net Assets

Austria 0.59% Germany 0.46% Spain 0.26% United States of America 0.15% Norway 0.09% Sweden 0.08% Portugal 0.07% Finland 0.04% France 0.03% Luxembourg 0.01% Italy 0.00% Belgium (0.03%) Ireland (0.07%) United Kingdom (0.08%) Guernsey (0.09%) Jersey (0.13%) Denmark (0.16%) Netherlands (0.38%) Switzerland (0.46%)

136 JPMorgan Investment Funds - Income Opportunity 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 2,200,000 Genworth Financial 15.06.20/7.700% 2,329,404 0.05 1,550,000 Glatfelter 01.05.16/7.125% 1,613,937 0.03 Shares 4,100,000 Goldman Sachs Group 01.08.15/3.700% 4,168,208 0.09 100,000 Goodyear Tire & Rubber 113,855 UNITED STATES OF AMERICA 15.05.16/10.500% 0.00 1,590,000 Goodyear Tire & Rubber 1,660,623 4,000 Ally Financial 144A Preference Shares 3,732,125 0.08 15.08.20/8.250% 0.04 315,000 Goodyear Tire & Rubber 334,072 1,109 Dex One 8,251 0.00 15.08.20/8.750% 0.01 625,000 Graphic Packaging International 654,146 40,000 General Motors Preference Shares 2,151,800 0.05 01.10.18/7.875% 0.01 840,000 Hanesbrands 899,201 33,775 iPATH S&P 500 VIX Short-Term Futures 1,290,205 0.03 15.12.16/8.000% 0.02 8,005,000 Harland Clarke Holdings 7,712,017 111,899 M/I HOMES Preference Shares 1,792,062 0.04 15.05.15/9.500% 0.16 2,940,000 Health Management Associates 3,012,471 4,957 Quad/Graphics 204,427 0.00 15.04.16/6.125% 0.06 935,000 Healthsouth 960,823 392,411 Smurfit-Stone Container 10,004,518 0.21 01.10.18/7.250% 0.02 935,000 Healthsouth 971,196 3,000 Strategic Hotels & Resorts Preference Shares 73,155 0.00 15.09.22/7.750% 0.02 1,885,000 Hertz 1,936,837 140,343 US Concrete 1,087,658 0.03 01.01.14/8.875% 0.04 3,045,000 Host Hotels & Resorts 3,111,896 157,500 WisdomTree Dreyfus Chinese Yuan Fund 4,004,438 0.09 15.03.15/6.375% 0.07 845,000 Huntsman International 01.01.15/7.375% 868,237 0.02 Inergy & Inergy Finance 366,577 24,348,639 0.53 360,000 15.12.14/6.875% 0.01 1,450,000 Inergy & Inergy Finance 01.03.15/8.750% 1,558,750 0.03 NETHERLANDS 915,000 Inergy & Inergy Finance 01.03.16/8.250% 947,241 0.02 62,261 LyondellBasell Industries - A Shares 2,111,893 0.04 1,245,000 Iron Mountain 01.01.16/6.625% 1,254,502 0.03 2,960,000 Iron Mountain 15.07.18/8.750% 3,122,800 0.07 2,111,893 0.04 475,000 Iron Mountain 15.08.21/8.375% 507,379 0.01 410,000 Jabil Circuit 15.07.16/7.750% 454,808 0.01 Total Shares 26,460,532 0.57 1,970,000 Jarden 01.05.16/8.000% 2,146,270 0.05 1,765,000 Jarden 01.05.17/7.500% 1,866,842 0.04 Bonds 1,445,000 JC Penney 01.04.17/7.950% 1,587,416 0.03 UNITED STATES OF AMERICA 8,403,000 K Hovnanian Enterprises 15.10.16/10.625% 8,547,700 0.18 2,125,000 ACCO Brands 15.03.15/10.625% 2,401,250 0.05 2,206,000 KAR Auction Services 01.05.14/8.750% 2,291,257 0.05 1,215,000 ACCO Brands 15.08.15/7.625% 1,216,050 0.03 3,000,000 Key Energy Services 01.12.14/8.375% 3,165,627 0.07 1,675,000 AES 15.10.17/8.000% 1,767,532 0.04 465,000 Lear 15.03.18/7.875% 504,813 0.01 2,645,000 Alcatel-Lucent USA 15.03.29/6.450% 2,081,514 0.04 420,000 Lear 15.03.20/8.125% 458,708 0.01 1,750,000 Alon Refining Krotz Springs 15.10.14/13.500% 1,688,750 0.04 1,565,000 Macy’s Retail Holdings 15.07.15/8.375% 1,838,875 0.04 1,800,000 American Axle & Manufacturing 01.03.17/7.875% 1,839,715 0.04 985,000 Manitowoc 15.02.18/9.500% 1,083,500 0.02 10,097,000 American General Finance 15.12.17/6.900% 8,168,079 0.17 1,305,000 Manitowoc 01.11.20/8.500% 1,387,670 0.03 11,130,000 Anadarko Petroleum 15.09.17/6.375% 12,070,018 0.26 1,740,000 MarkWest Energy Partners 15.04.18/8.750% 1,884,088 0.04 325,000 Arch Coal 01.10.20/7.250% 340,012 0.01 3,565,000 Masco 15.03.20/7.125% 3,676,221 0.08 1,620,000 Ashtead Capital 144A 15.08.16/9.000% 1,702,458 0.04 250,000 MGM Resorts International 01.04.13/6.750% 245,037 0.00 425,000 Atlas Energy Operating 01.08.17/12.125% 539,750 0.01 4,110,000 MGM Resorts International 27.02.14/5.875% 3,826,780 0.08 3,045,000 Atlas Energy Operating 01.02.18/10.750% 3,733,931 0.08 5,195,000 MGM Resorts International 15.07.15/6.625% 4,729,751 0.10 580,000 B&G Foods 15.01.18/7.625% 611,900 0.01 4,440,000 MGM Resorts International 01.06.16/7.500% 4,070,392 0.09 1,165,000 Baldor Electric 15.02.17/8.625% 1,300,992 0.03 1,095,000 MGM Resorts International 15.01.17/7.625% 1,004,654 0.02 1,175,000 Block Financial 30.10.14/5.125% 1,159,020 0.02 2,250,000 Nextel Communications 01.08.15/7.375% 2,253,539 0.05 895,000 Boyd Gaming 01.02.16/7.125% 800,182 0.02 515,000 Owens-Brockway Glass 4,500,000 Catalent Pharma Solutions 15.04.17/9.750% 6,027,525 0.13 Container 15.05.16/7.375% 550,541 0.01 1,330,000 Chesapeake Energy 15.08.18/6.875% 1,349,636 0.03 963,000 Peabody Energy 01.11.16/7.375% 1,072,069 0.02 810,000 Chesapeake Energy 15.08.20/6.625% 813,614 0.02 1,859,000 PEP Boys-Manny Moe & Jack 15.12.14/7.500% 1,884,808 0.04 3,000,000 Chiquita Brands International 01.11.14/7.500% 3,013,269 0.06 311,000 PetroHawk Energy 01.08.14/10.500% 353,176 0.01 4,640,000 Chiquita Brands International 01.12.15/8.875% 4,739,946 0.10 835,000 Plains Exploration & Production 15.06.15/7.750% 875,656 0.02 1,865,000 Cincinnati Bell 15.10.20/8.375% 1,794,096 0.04 1,010,000 Plains Exploration & Production 15.03.17/7.000% 1,034,582 0.02 151,817 CIT Group 01.05.14/7.000% 152,884 0.00 1,750,000 Quicksilver Resources 01.01.16/11.750% 2,032,691 0.04 1,221,817 CIT Group 01.05.15/7.000% 1,222,610 0.03 1,625,000 RailAmerica 01.07.17/9.250% 1,786,679 0.04 12,203,030 CIT Group 01.05.16/7.000% 12,154,657 0.26 335,000 Range Resources 15.05.16/7.500% 349,237 0.01 1,579,243 CIT Group 01.05.17/7.000% 1,572,700 0.03 7,380,000 Rite Aid 01.03.17/7.500% 6,999,362 0.15 779,000 Clean Harbors 15.08.16/7.625% 831,583 0.02 13,415,000 Rite Aid 15.06.17/9.500% 11,353,034 0.23 3,220,000 Community Health Systems 15.07.15/8.875% 3,384,941 0.07 16,375,000 RSC Equipment Rental 01.12.14/9.500% 17,234,687 0.37 465,000 Constellation Brands 15.12.14/8.375% 508,486 0.01 895,000 Scotts Miracle-Gro 15.01.18/7.250% 944,225 0.02 3,535,000 Constellation Brands 01.09.16/7.250% 3,732,154 0.08 2,680,000 Sealy Mattress 15.06.14/8.250% 2,738,569 0.06 1,345,000 Cooper 15.02.15/7.125% 1,392,075 0.03 8,650,000 Select Medical 01.02.15/7.625% 8,758,125 0.19 425,000 Corrections Corp. of America 15.03.13/6.250% 429,383 0.01 1,710,000 Service Corp. International 01.10.14/7.375% 1,854,365 0.04 1,645,000 Corrections Corp. of America 31.01.14/6.750% 1,669,614 0.04 2,945,000 Service Corp. International 01.04.15/6.750% 3,033,350 0.06 885,000 Corrections Corp. of America 01.06.17/7.750% 949,208 0.02 785,000 Service Corp. International 15.05.19/7.000% 788,925 0.02 1,595,000 Crown Americas 15.11.15/7.750% 1,651,890 0.04 3,160,000 Smithfield Foods 15.05.13/7.750% 3,349,783 0.07 2,225,000 Crown Castle International 15.01.15/9.000% 2,454,992 0.05 3,000,000 Smithfield Foods 01.07.17/7.750% 3,113,184 0.07 220,000 DaVita 01.11.18/6.375% 216,843 0.00 670,000 Solutia 01.11.17/8.750% 735,325 0.02 220,000 DaVita 01.11.20/6.625% 218,085 0.00 1,615,000 Spirit Aerosystems 01.10.17/7.500% 1,687,675 0.03 540,000 Denbury Resources 01.04.13/7.500% 546,333 0.01 2,020,000 Sprint Capital 01.05.19/6.900% 1,982,682 0.04 585,000 Denbury Resources 01.03.16/9.750% 652,431 0.01 7,670,000 Sprint Capital 15.03.32/8.750% 7,748,495 0.16 653,000 Dole Food 15.03.14/13.875% 799,800 0.02 865,000 Starwood Hotels & Resorts 1,810,000 Dynegy Holdings 15.10.26/7.625% 1,076,950 0.02 Worldwide 15.10.14/7.875% 985,867 0.02 3,610,000 Edison Mission Energy 15.06.16/7.750% 3,129,697 0.07 880,000 Starwood Hotels & Resorts Worldwide 959,167 2,250,000 Edison Mission Energy 15.05.17/7.000% 1,781,737 0.04 15.05.18/6.750% 0.02 4,590,000 Supervalu 4,400,355 4,870,000 Edison Mission Energy 15.05.19/7.200% 3,759,552 0.08 01.05.16/8.000% 0.09 1,885,000 Terex 1,913,275 770,000 El Paso 15.06.14/6.875% 820,570 0.02 15.11.17/8.000% 0.04 360,000 Triumph Group 376,200 930,000 Encore Acquisition 01.05.16/9.500% 1,028,856 0.02 15.11.17/8.000% 0.01 1,850,000 Energy Future Intermediate 2,250,000 United Rentals North America 15.06.16/10.875% 2,571,289 0.05 Holding 01.12.20/10.000% 1,910,573 0.04 1,385,000 United Rentals North America 15.12.19/9.250% 1,526,825 0.03 5,191,000 Ford Holdings 01.03.30/9.300% 6,068,487 0.13 465,000 United Rentals North America 15.09.20/8.375% 474,838 0.01 150,000 Ford Motor 01.08.26/7.500% 150,631 0.00 3,370,000 Vail Resorts 15.02.14/6.750% 3,428,975 0.07 750,000 Ford Motor 15.06.43/7.750% 741,857 0.02 3,691,000 Valassis Communications 01.03.15/8.250% 3,880,164 0.08 550,000 Ford Motor 15.02.47/9.980% 647,040 0.01 650,000 Verso Paper Holdings 01.08.14/9.125% 672,750 0.01 500,000 Ford Motor Credit 01.06.12/7.800% 533,258 0.01 2,019,000 Wachovia Capital Trust III 15.03.11/5.800%* 1,759,054 0.04 1,000,000 Ford Motor Credit 01.06.14/8.000% 1,104,421 0.02 215,000 Whiting Petroleum 01.10.18/6.500% 216,730 0.00 890,000 Forest Oil 15.02.14/8.500% 968,360 0.02 4,045,000 Windstream 01.08.16/8.625% 4,240,442 0.09 90,000 Forest Oil 15.06.19/7.250% 91,632 0.00 4,750,000 WMG Acquisition 15.04.14/7.375% 4,558,052 0.10 1,185,000 Frontier Communications 15.03.15/6.625% 1,239,459 0.03 1,655,000 General Cable 01.04.17/7.125% 1,714,994 0.04 319,821,310 6.78

137 JPMorgan Investment Funds - Income Opportunity 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

UNITED KINGDOM 2,470,251 Asset Backed Securities Corp 3,650,000 Barclays Bank 144A 15.12.16/5.926%* 3,285,000 0.07 Home Equity 2005-HE4 M1 25.05.35/0.681%* 2,457,882 0.05 8,000,000 Barclays Bank 144A 15.12.17/7.434%* 7,860,000 0.17 1,410,000 Associated Materials 144A 01.11.17/9.125% 1,476,975 0.03 585,000 Atkore International 144A 01.01.18/9.875% 606,937 0.01 11,145,000 0.24 16,550,000 Avaya 01.11.15/9.750% 16,398,468 0.35 865,781 Avaya 01.11.15/10.125%* 891,754 0.02 LIBERIA 1,395,000 Avis Budget Car Rental 15.05.16/7.750% 1,429,875 0.03 1,600,000 Royal Caribbean Cruises 15.06.13/7.000% 1,700,000 0.04 1,525,000 Avis Budget Car Rental 15.03.18/9.625% 1,631,212 0.03 256,000 Royal Caribbean Cruises 01.12.13/6.875% 274,560 0.00 820,000 Avis Budget Car Rental 144A 15.01.19/8.250% 822,744 0.02 2,212,000 Royal Caribbean Cruises 15.07.15/11.875% 2,748,410 0.06 6,234,844 Banc of America Alternative Royal Caribbean Cruises 2,658,620 2,456,000 15.06.16/7.250% 0.06 Loan Trust 2004-1 1A1 25.02.34/6.000% 6,539,853 0.14 3,153,984 Banc of America Alternative 7,381,590 0.16 Loan Trust 2004-12 2CB1 25.01.35/6.000% 3,181,207 0.07 LUXEMBOURG 3,460,798 Banc of America Alternative 5,650,000 Wind Acquisition Finance 144A 15.02.18/7.250% 5,763,000 0.12 Loan Trust 2005-2 2CB1 25.03.35/6.000% 3,233,868 0.07 4,134,628 Banc of America Alternative Loan Trust 2006-4 2A1 3,893,639 5,763,000 0.12 25.05.21/6.000% 0.08 2,200,000 Banc of America Commercial MARSHALL ISLANDS Mortgage 2005-3 A4 10.07.43/4.668% 2,306,923 0.05 23,000,000 Teekay Offshore Partners 29.11.13/7.260%* 3,937,921 0.08 2,565,660 Banc of America Funding 2006-1 2A1 25.01.36/5.500% 2,527,690 0.05 3,937,921 0.08 4,247,112 Banc of America Funding 2006-3 4A19 25.03.36/5.750% 4,094,747 0.09 IRELAND 14,457,843 Banc of America Large Loan 2,080,000 Ardagh Packaging Finance 144A 15.10.20/9.125% 2,173,600 0.04 2010-HLTN HLTN 15.11.15/2.010%* 12,881,972 0.27 1,229,650 Banc of America Mortgage 2,173,600 0.04 Securities 2005-10 1A13 25.11.35/5.500% 1,204,824 0.03 4,060,127 Banc of America Mortgage CANADA Securities 2005-11 2A1 25.12.20/5.250% 4,102,856 0.09 825,000 Nova Chemicals 01.11.19/8.625% 899,827 0.02 10,701,762 Banc of America Mortgage Securities 2007-3 1A1 25.09.37/6.000% 9,857,323 0.21 899,827 0.02 3,000,000 Bank of America 01.07.20/5.625% 3,043,152 0.06 1,480,000 Bank of America 31.12.49/8.000%* 1,488,642 0.03 Total Bonds 351,122,248 7.44 1,245,000 Bausch & Lomb 01.11.15/9.875% 1,333,622 0.03 755,000 BE Aerospace 01.10.20/6.875% 790,948 0.02 Total Transferable Securities Admitted to an 377,582,780 8.01 70,000 Belden 77,087 Official Exchange Listing 15.06.19/9.250% 0.00 441,000 Berry Plastics 01.03.16/10.250% 434,936 0.01 4,875,000 Berry Plastics 15.05.18/9.500% 4,852,604 0.10 Transferable Securities Dealt in on Another Regulated Market 3,080,000 Berry Plastics 144A 15.01.21/9.750% 3,083,850 0.07 Biomet 7,780,188 Shares 7,120,000 15.10.17/10.375%* 0.17 1,415,000 Bon-Ton Department Stores 15.03.14/10.250% 1,439,215 0.03 UNITED STATES OF AMERICA 1,640,000 BreitBurn Energy Partners 144A 15.10.20/8.625% 1,656,400 0.04 50,000 CoBank ACB 144A Preference Shares 2,235,940 0.05 1,305,000 Brigham Exploration 144A 01.10.18/8.750% 1,415,925 0.03 69,000 CoBank ACB Preference Shares 3,706,597 0.08 545,000 Buccaneer Merger Sub 144A 15.01.19/9.125% 562,031 0.01 1,500,000 Building Materials Corp of 5,942,537 0.13 America 144A 15.08.18/6.875% 1,492,500 0.03 995,000 Bumble Bee Acquisition 144A 15.12.17/9.000% 1,042,262 0.02 Total Shares 5,942,537 0.13 1,208,000 Bumble Bee Foods 15.12.15/7.750% 1,387,545 0.03 303,000 Burlington Coat Factory Bonds Investment Holdings 15.10.14/14.500%* 320,422 0.01 UNITED STATES OF AMERICA 5,500,000 Burlington Coat Factory Warehouse 5,679,498 7,739,000 ABI Escrow 144A 15.10.18/10.250% 8,483,879 0.18 15.04.14/11.125% 0.12 2,020,000 BWAY 144A 2,189,175 515,000 Accellent 01.02.17/8.375% 527,875 0.01 15.06.18/10.000% 0.05 13,905,000 Caesars Entertainment 1,640,000 Accellent 144A 01.11.17/10.000% 1,545,700 0.03 Operating 01.06.17/11.250% 15,612,033 0.33 5,755,000 ACE Cash Express 144A 5,093,175 01.10.14/10.250% 0.11 2,975,000 Caesars Entertainment 4,500,000 ACE Securities 2005-HE4 M1 25.07.35/0.761%* 4,392,477 0.09 Operating 15.12.18/10.000% 2,707,715 0.06 2,105,000 Aeroflex 15.02.15/11.750% 2,326,025 0.05 1,125,000 Calpine 144A 31.07.20/7.875% 1,147,500 0.02 2,245,000 AES 15.04.16/9.750% 2,517,206 0.05 1,160,000 Calpine 144A 15.02.21/7.500% 1,151,300 0.02 4,000,000 AES Eastern Energy 02.01.29/9.670% 4,290,000 0.09 800,000 Capital One Multi-Asset 5,000,000 Affinia Group 30.11.14/9.000% 5,076,325 0.11 Execution Trust 2006-A2 A 15.11.13/4.850% 801,479 0.02 1,664,000 AH Mortgage Advance Trust 1,925,000 Case New Holland 01.09.13/7.750% 2,090,860 0.04 2010-ADV2 A1 10.05.41/4.210% 1,674,310 0.04 1,220,000 Case New Holland 144A 01.12.17/7.875% 1,337,290 0.03 10,720,000 Ally Financial 01.12.14/6.750% 11,296,200 0.24 5,250,736 Catalent Pharma Solutions 15.04.15/9.500%* 5,329,497 0.11 1,575,000 Ally Financial 144A 01.12.17/6.250% 1,564,907 0.03 200,000 CCH II Capital 30.11.16/13.500% 238,560 0.01 1,265,000 AMC Entertainment 144A 01.12.20/9.750% 1,321,925 0.03 1,975,000 CCO Holdings Capital 144A 30.10.17/7.250% 2,014,500 0.04 1,500,000 American Airlines 15.10.12/10.500% 1,658,166 0.04 1,680,000 CCO Holdings Capital 144A 30.04.18/7.875% 1,747,200 0.04 868,795 American Airlines 01.08.16/13.000% 1,046,899 0.02 1,669,630 Centex Home Equity 2005-C AF6 25.06.35/4.638%* 1,647,423 0.03 979,525 American Airlines Pass Through 1,735,000 Central Garden and Pet 01.03.18/8.250% 1,784,607 0.04 Trust 09-1A 02.07.19/10.375% 1,160,737 0.02 750,000 Cenveo 01.02.18/8.875% 729,375 0.02 1,312,083 American Airlines Pass Through 917,000 Cenveo 144A 905,537 Trust 2001-01 23.05.19/7.377% 1,246,479 0.03 15.08.16/10.500% 0.02 6,555,938 American Home Mortgage 2,885,000 Cequel Communications Holdings I and Cequel Assets 2006-2 1A1 25.09.46/1.288%* 3,804,972 0.08 Capital 144A 15.11.17/8.625% 3,025,600 0.06 1,281,218 American Home Mortgage 440,000 Charter Communications Assets 2006-2 2A1 25.09.46/0.451%* 709,706 0.02 Operating Capital 144A 30.04.12/8.000% 464,200 0.01 1,305,000 American Tire Distributors 144A 01.06.17/9.750% 1,415,925 0.03 400,000 Chemtura 144A 01.09.18/7.875% 426,000 0.01 1,150,000 Amkor Technology 01.06.16/9.250% 1,221,875 0.03 1,240,000 Chesapeake Energy 15.08.17/6.500% 1,244,722 0.03 900,000 Amkor Technology 935,169 01.05.18/7.375% 0.02 6,350,000 Chukchansi Economic 1,170,000 Amsted Industries 144A 15.03.18/8.125% 1,247,512 0.03 Development Authority 144A 15.11.13/8.000% 4,238,625 0.09 4,150,000 Appleton Papers 144A 15.06.15/10.500% 4,129,250 0.09 1,500,000 Citgo Petroleum 144A 01.07.17/11.500% 1,695,000 0.04 3,300,000 Arch Coal 01.08.16/8.750% 3,617,397 0.08 1,468,495 Citicorp Mortgage Securities 301,000 Arch Western Finance 01.07.13/6.750% 306,267 0.01 2007-2 1A5 25.02.37/5.750% 1,465,352 0.03 1,215,000 Ashland 01.06.17/9.125% 1,403,325 0.03 1,500,000 Citicorp Residential Mortgage 1,090,000 Aspect Software 144A 15.05.17/10.625% 1,124,062 0.02 Securities 2006-1 A4 25.07.36/5.939%* 1,465,721 0.03 1,308,333 Asset Backed Funding 1,453,414 Citigroup Mortgage Loan Trust Certificates 2005-HE2 M1 25.06.35/0.741%* 1,290,009 0.03 2005-WF2 AF4 25.08.35/4.964%* 1,391,594 0.03 1,091,306 Asset Backed Funding 2,993,694 Citigroup Mortgage Loan Trust Certificates 2005-OPT1 A2C 25.07.35/0.621%* 1,034,679 0.02 2006-4 1A1 25.12.20/5.500% 2,752,817 0.06

138 JPMorgan Investment Funds - Income Opportunity 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

3,284,013 Citimortgage Alternative Loan 3,183,755 Crédit Suisse First Boston Trust 2006-A1 1A5 25.04.36/5.500% 2,806,302 0.06 Mortgage Securities 1,059,359 Citimortgage Alternative Loan 2003-AR24 2A4 25.10.33/2.807%* 2,820,506 0.06 Trust 2006-A1 1A6 25.04.36/6.000% 894,017 0.02 937,111 Crédit Suisse First Boston 440,161 Citimortgage Alternative Loan Mortgage Securities Trust 2006-A6 1A4 25.11.36/6.000% 347,480 0.01 2004-AR3 6M1 25.04.34/1.361%* 809,179 0.02 1,132,193 Citimortgage Alternative Loan 2,299,899 Credit-Based Asset Servicing Trust 2007-A1 1A7 25.01.37/6.000% 814,989 0.02 and Securitization 4,879,497 Citimortgage Alternative Loan 2005-CB4 AF4 25.08.35/5.028%* 2,290,556 0.05 Trust 2007-A6 1A5 25.06.37/6.000% 3,781,283 0.08 875,000 Cricket Communications 15.07.15/10.000% 935,896 0.02 4,705,000 Clear Channel Worldwide 2,305,000 Crosstex Energy 15.02.18/8.875% 2,472,112 0.05 Holdings 15.12.17/9.250% 5,151,975 0.11 3,000,000 Da-Lite Screen 01.04.15/12.500% 3,300,000 0.07 1,320,000 Clearwater Paper 15.06.16/10.625% 1,514,700 0.03 675,000 Dave & Buster’s 01.06.18/11.000% 744,187 0.02 120,000 Clearwater Paper 144A 01.11.18/7.125% 124,500 0.00 1,539,658 Delta Air Lines 2007-1 C 10.08.14/8.954% 1,593,546 0.03 14,021,000 Clearwire Communications 144A 01.12.15/12.000% 15,224,899 0.33 3,416,723 Delta Air Lines 2009-1 A 17.12.19/7.750% 3,784,020 0.08 6,850,000 Clearwire Communications 144A 01.12.15/12.000% 7,439,258 0.16 1,410,968 Deutsche ALT-A Securities 510,000 Clearwire Alternate Loan Trust 2005-1 2A1 25.02.20/5.618%* 1,406,800 0.03 Communications/Clearwire 1,150,000 DineEquity 144A 30.10.18/9.500% 1,224,750 0.03 Finance 144A 01.12.17/12.000% 531,675 0.01 7,600,000 Discover Bank 18.11.19/8.700% 8,914,967 0.19 1,640,000 Cloud Peak Energy 5,355,000 DISH DBS 31.05.15/7.750% 5,702,299 0.12 Resources/Cloud Peak Energy 3,945,000 DISH DBS 01.02.16/7.125% 4,060,588 0.09 Finance 1,763,000 15.12.17/8.250% 0.04 2,565,000 DISH DBS 01.09.19/7.875% 2,685,370 0.06 CNG Holdings 144A 5,893,575 5,370,000 15.02.15/12.250% 0.13 1,820,000 Diversey 15.11.19/8.250% 1,983,800 0.04 Colt Defense/Colt Finance 144A 2,548,687 3,450,000 15.11.17/8.750% 0.05 2,590,000 DJO Finance 15.11.14/10.875% 2,832,621 0.06 Comerica Bank 2,298,898 2,300,000 24.08.11/0.434%* 0.05 1,310,000 Dole Food 144A 01.10.16/8.000% 1,378,370 0.03 Consol Energy 144A 684,800 640,000 01.04.17/8.000% 0.01 1,145,000 Dunkin Finance 144A 01.12.18/9.625% 1,162,175 0.02 470,000 Consol Energy 144A 01.04.20/8.250% 504,472 0.01 7,800,000 Roseton/Danskammer Pass 4,394,270 Continental Airlines 2003-ERJ1 02.07.18/7.875% 4,306,385 0.09 Through Trust Series B 08.11.16/7.670% 7,332,000 0.16 3,394,083 Continental Airlines 2004-ERJ1 01.09.19/9.558% 3,411,054 0.07 2,585,000 Easton-Bell Sports 01.12.16/9.750% 2,849,962 0.06 6,484,120 Continental Airlines 2005-ERJ1 01.04.21/9.798% 6,581,382 0.14 1,695,000 Energy Future Holdings 144A 15.01.20/10.000% 1,755,881 0.04 2,626,864 Continental Airlines 55,000 Esterline Technologies 144A 01.08.20/7.000% 56,925 0.00 2006-ERJ1 144A 2,639,998 01.11.19/9.318% 0.06 1,230,000 EXCO Resources 15.09.18/7.500% 1,204,382 0.03 Cott Beverages 585,151 525,000 01.09.18/8.125% 0.01 2,892,699 Fannie Mae Interest Strip 366 18 01.10.35/4.000% 294,982 0.01 Countrywide Alternative Loan 2,016,494 3,867,955 Fannie Mae Interest Strip 377 2 01.10.36/5.000% 779,054 0.02 Trust 2004-5CB 2A1 25.05.19/5.000% 2,061,839 0.04 5,929,670 Fannie Mae Interest Strip 379 2 01.05.37/5.500% 1,124,124 0.02 2,249,902 Countrywide Alternative Loan Trust 2005-28CB 1A5 25.08.35/5.500% 2,210,313 0.05 15,194,995 Fannie Mae Interest Strip 390 C7 25.07.23/4.000% 1,847,849 0.04 7,446,483 Countrywide Alternative Loan 23,858,987 Fannie Mae Interest Strip 390 C8 25.07.23/4.500% 3,260,694 0.07 Trust 2005-28CB 1A6 25.08.35/5.500% 6,411,962 0.14 5,845,875 Fannie Mae REMICS 2003-22 IO 25.04.33/6.000% 1,205,853 0.03 1,659,063 Countrywide Alternative Loan 8,808,571 Fannie Mae REMICS 2003-80 DI 25.10.31/5.500% 1,080,547 0.02 Trust 2005-50CB 4A1 25.11.20/5.000% 1,466,501 0.03 3,256,067 Fannie Mae REMICS 2004-17 DS 25.11.32/6.889%* 370,172 0.01 11,441,622 Countrywide Alternative Loan 3,271,309 Fannie Mae REMICS 2004-41 SA 25.02.32/6.889%* 379,450 0.01 Trust 2005-70CB A5 25.12.35/5.500% 10,676,899 0.23 1,990,094 Fannie Mae REMICS 2004-61 NS 25.08.34/7.439%* 391,879 0.01 2,723,647 Countrywide Alternative Loan 4,692,571 Fannie Mae REMICS 2004-72 S 25.09.34/6.239%* 837,859 0.02 Trust 2005-J11 5A1 25.11.20/5.500% 2,415,300 0.05 4,381,120 Fannie Mae REMICS 2004-92 SQ 25.05.34/6.389%* 704,162 0.01 2,721,495 Countrywide Alternative Loan 2,583,878 Fannie Mae REMICS 2005-13 AS 25.03.35/5.839%* 355,535 0.01 Trust 2005-J3 3A1 25.09.34/6.500% 2,658,440 0.06 5,438,608 Fannie Mae REMICS 2005-5 SD 25.01.35/6.439%* 810,946 0.02 5,869,436 Countrywide Alternative Loan 12,821,725 Fannie Mae REMICS 2005-74 SE 25.09.35/5.839%* 1,744,977 0.04 Trust 2005-J6 2A1 25.07.25/5.500% 5,651,471 0.12 10,206,010 Fannie Mae REMICS 2005-79 NS 25.09.35/5.829%* 1,452,274 0.03 3,674,270 Countrywide Alternative Loan 3,035,219 Fannie Mae REMICS 2006-108 S 25.11.36/6.939%* 570,830 0.01 Trust 2006-19CB A15 25.08.36/6.000% 3,333,309 0.07 11,597,480 Fannie Mae REMICS 2006-111 SB 25.11.36/6.539%* 1,852,303 0.04 3,667,055 Countrywide Alternative Loan Fannie Mae REMICS 2006-113 PQ 1,323,195 Trust 2006-24CB A1 25.06.36/6.000% 3,219,009 0.07 8,805,746 25.07.36/6.389%* 0.03 7,832,398 Countrywide Alternative Loan 5,137,494 Fannie Mae REMICS 2006-20 IG 25.04.36/6.389%* 718,421 0.02 Trust 2006-24CB A23 25.06.36/6.000% 6,032,313 0.13 15,807,339 Fannie Mae REMICS 2006-43 SD 25.06.36/6.339%* 2,424,492 0.05 1,430,128 Countrywide Alternative Loan 7,844,758 Fannie Mae REMICS 2007-109 GI 25.12.37/5.809%* 1,037,145 0.02 Trust 2006-28CB A17 25.10.36/6.000% 1,011,834 0.02 7,486,708 Fannie Mae REMICS 2007-24 SD 25.03.37/6.489%* 1,231,418 0.03 5,946,955 Countrywide Alternative Loan 14,820,080 Fannie Mae REMICS 2007-26 S 25.04.37/5.839%* 1,892,349 0.04 Trust 2006-31CB A3 25.11.36/6.000% 4,966,977 0.11 9,454,861 Fannie Mae REMICS 2007-32 SH 25.04.37/5.859%* 1,383,563 0.03 1,612,167 Countrywide Alternative Loan 12,019,190 Fannie Mae REMICS 2007-55 S 25.06.37/6.499%* 1,874,057 0.04 Trust 2006-41CB 2A17 25.01.37/6.000% 1,400,621 0.03 8,757,117 Fannie Mae REMICS 2008-17 KS 25.11.37/6.089%* 1,234,934 0.03 1,082,062 Countrywide Alternative Loan 13,956,215 Fannie Mae REMICS 2008-61 S 25.07.38/5.839%* 1,820,277 0.04 Trust 2006-J3 2A1 25.12.20/4.750% 905,273 0.02 21,737,859 Fannie Mae REMICS 2008-71 SB 25.10.29/6.224%* 1,838,195 0.04 1,670,926 Countrywide Alternative Loan 9,164,287 Fannie Mae REMICS 2008-87 AS 25.07.33/7.389%* 1,632,112 0.03 Trust 2007-5CB 1A31 25.04.37/5.500% 1,135,787 0.02 29,631,476 Fannie Mae REMICS 2009-87 SG 25.11.39/5.989%* 4,253,975 0.09 556,410 Countrywide Alternative Loan 7,448,224 Fannie Mae REMICS 2009-87 SX 25.11.39/5.989%* 1,036,411 0.02 Trust 2008-2R 2A1 25.08.37/6.000% 450,719 0.01 15,360,616 Fannie Mae REMICS 2009-95 HI 25.12.38/6.000% 2,591,506 0.05 1,250,000 Countrywide Asset-Backed Fannie Mae REMICS 2010-139 SA 5,791,139 Certificates 2005-12 1A4 25.02.36/5.323%* 1,233,046 0.03 39,414,620 25.12.40/5.769%* 0.12 1,590,151 Countrywide Home Loan 925,000 Fidelity National Information Mortgage Pass Through Trust Services 144A 15.07.17/7.625% 978,187 0.02 2005-10 A1 25.05.35/5.500% 1,527,491 0.03 195,000 Fidelity National Information 2,989,697 Countrywide Home Loan Services 144A 15.07.20/7.875% 206,944 0.00 Mortgage Pass Through Trust 4,283,000 FireKeepers Development 2005-20 A7 25.12.27/5.250% 2,604,636 0.06 Authority 144A 01.05.15/13.875% 5,086,062 0.11 1,197,148 Countrywide Home Loan 5,452,000 First Data 24.09.15/9.875% 5,074,678 0.11 Mortgage Pass Through Trust 61,790 First Data 24.09.15/10.550%* 57,689 0.00 2005-21 A2 25.10.35/5.500% 1,113,704 0.02 3,825,000 First Data 144A 15.08.20/8.875% 4,035,375 0.09 6,242,228 Countrywide Home Loan 1,125,000 First Data 144A 15.01.21/8.250% 1,074,375 0.02 Mortgage Pass Through Trust 2,254,000 First Data 144A 15.01.21/12.625% 2,084,380 0.04 2006-15 A1 25.10.36/6.250% 6,175,577 0.13 1,128,000 First Data 144A 15.01.22/8.750%* 1,080,856 0.02 3,346,512 Countrywide Home Loan 1,634,674 First Horizon Alternative Mortgage Pass Through Trust Mortgage Securities 2006-20 1A36 25.02.37/5.750% 3,023,644 0.06 2006-FA7 A1 25.12.36/5.750% 1,228,527 0.03 13,373,412 Countrywide Home Loan 4,548,795 First Horizon Asset Securities Mortgage Pass Through Trust 2007-5 A4 25.11.37/6.250% 3,883,163 0.08 2007-16 A1 25.10.37/6.500% 12,328,314 0.26 1,219,000 Forbes Energy Services 15.02.15/11.000% 1,200,715 0.03 11,593,975 Countrywide Home Loan 5,085,000 Ford Motor Credit 01.10.14/8.700% 5,718,321 0.12 Mortgage Pass Through Trust Ford Motor Credit 2,321,146 2007-17 1A1 25.10.37/6.000% 10,371,158 0.22 2,155,000 15.04.15/7.000% 0.05 9,605,000 Ford Motor Credit 15.12.16/8.000% 10,723,618 0.23 555,000 Ford Motor Credit 15.08.17/6.625% 584,028 0.01 139 JPMorgan Investment Funds - Income Opportunity 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

2,335,693 Freddie Mac REMICS 2975 SJ 15.05.35/6.390%* 320,229 0.01 1,095,000 International Lease 27,934,254 Freddie Mac REMICS 3045 DI 15.10.35/6.470%* 3,988,995 0.08 Finance 144A 01.09.18/7.125% 1,166,175 0.02 15,861,458 Freddie Mac REMICS 3122 DS 15.03.36/6.440%* 2,595,009 0.06 7,750,000 Isle of Capri Casinos 01.03.14/7.000% 7,579,616 0.16 4,187,409 Freddie Mac REMICS 3171 ST 15.06.36/6.225%* 643,704 0.01 1,145,000 ITC Deltacom 01.04.16/10.500% 1,250,913 0.03 3,927,007 Freddie Mac REMICS 3218 AS 15.09.36/6.320%* 575,863 0.01 8,081,000 JB Poindexter & Co. 15.03.14/8.750% 8,141,608 0.17 4,002,574 Freddie Mac REMICS 3236 IS 15.11.36/6.390%* 601,171 0.01 946,000 JBS USA 01.05.14/11.625% 1,111,550 0.02 3,259,605 Freddie Mac REMICS 3370 SH 15.10.37/6.190%* 436,290 0.01 1,480,000 JDA Software Group 15.12.14/8.000% 1,602,100 0.03 8,271,194 Freddie Mac REMICS 3410 SD 15.02.38/6.747%* 1,449,221 0.03 2,276,000 Jefferson Smurfit 01.10.12/8.250% 91,040 0.00 7,678,015 Freddie Mac REMICS 3449 SL 15.03.37/6.220%* 983,981 0.02 2,734,469 JP Morgan Alternative Loan 17,004,497 Freddie Mac REMICS 3612 JI 15.05.24/4.500% 2,113,509 0.04 Trust 2006-A4 A1 25.09.36/5.950%* 2,738,921 0.06 14,431,800 Freddie Mac REMICS 3743 SA 15.10.40/5.140%* 1,678,516 0.04 3,015,000 Landry’s Restaurants 01.12.15/11.625% 3,175,862 0.07 17,533,691 Freddie Mac REMICS 3751 MI 15.02.34/4.000% 2,219,756 0.05 8,297,697 Lehman Mortgage Trust 2005-1 7A1 8,626,821 6,565,000 Freescale Semiconductor 144A 15.03.18/10.125% 7,418,450 0.16 25.11.20/5.500% 0.18 Lehman Mortgage Trust 4,230,000 Freescale Semiconductor 144A 15.04.18/9.250% 4,674,150 0.10 2,914,769 2006-4 3A1 25.08.21/5.000% 2,803,780 0.06 500,000 Frontier Communications 15.04.20/8.500% 547,917 0.01 10,241,000 Level 3 Financing 01.11.14/9.250% 10,079,592 0.21 1,015,000 FTI Consulting 144A 01.10.20/6.750% 1,012,463 0.02 5,150,000 Level 3 Financing 01.02.18/10.000% 4,936,028 0.11 2,725,000 GCI 15.11.19/8.625% 2,963,438 0.06 1,385,000 Libbey Glass 144A 15.02.15/10.000% 1,495,800 0.03 3,000,000 General Electric Capital 15.08.11/0.356%* 3,001,665 0.06 2,400,000 Liberty Mutual Group 144A 15.03.37/7.800% 2,388,000 0.05 2,800,000 General Nutrition Centers 15.03.14/5.750%* 2,786,000 0.06 12,200,000 Liberty Mutual Group 144A 15.06.58/10.750%* 14,884,000 0.32 181,000 GenOn Energy 15.12.14/6.750% 184,620 0.00 1,800,000 Liberty Tire Recycling 144A 01.10.16/11.000% 1,939,500 0.04 1,000,000 Genworth Financial 15.02.21/7.200% 1,027,220 0.02 1,900,000 Linn Energy 01.07.18/9.875% 2,090,618 0.04 1,650,000 Genworth Life Institutional Linn Energy 575,000 Funding Trust 03.05.13/5.875% 1,718,421 0.04 500,000 15.05.17/11.750% 0.01 Linn Energy 144A 484,100 2,140,000 Geo Group 15.10.17/7.750% 2,263,050 0.05 470,000 01.02.21/7.750% 0.01 Long Beach Mortgage Loan 348,000 Georgia-Pacific 144A 15.01.15/7.000% 360,021 0.01 1,200,000 Trust 2004-3 M1 25.07.34/0.831%* 1,009,171 0.02 1,330,000 Georgia-Pacific 144A 01.05.16/8.250% 1,486,661 0.03 8,050,000 Lyondell Chemical 01.05.18/11.000% 9,073,171 0.19 970,000 Georgia-Pacific 144A 15.01.17/7.125% 1,029,758 0.02 1,460,000 Lyondell Chemical 144A 01.11.17/8.000% 1,613,763 0.03 1,040,000 Giraffe Acquisition 144A 01.12.18/9.125% 1,089,400 0.02 875,000 Mantech International 15.04.18/7.250% 918,750 0.02 2,900,000 Global Geophysical Services 01.05.17/10.500% 2,892,750 0.06 970,000 Marina District Finance 144A 15.10.15/9.500% 957,875 0.02 5,931,102 Government National Mortgage Marina District Finance 144A 1,994,850 Association 2004-11 SB 20.02.34/6.939%* 1,014,088 0.02 2,015,000 15.08.18/9.875% 0.04 8,023,397 Government National Mortgage 1,025,000 Mashantucket Western Pequot Tribe 144A 462,508 Association 2009-78 SD 20.09.32/5.939%* 1,016,766 0.02 01.09.21/5.912%* 0.01 MASTR Alternative Loans Trust 2,200,000 Graham Packaging 15.10.14/9.875% 2,281,162 0.05 3,890,073 2005-5 3A1 25.08.35/5.750% 3,533,001 0.07 995,000 Graham Packaging 01.10.18/8.250% 1,049,725 0.02 3,025,000 McJunkin Red Man 144A 15.12.16/9.500% 2,866,188 0.06 1,245,000 Graham Packaging 144A 01.01.17/8.250% 1,301,025 0.03 1,770,000 MetroPCS Wireless 01.09.18/7.875% 1,838,839 0.04 1,982,732 Greenpoint Mortgage Funding Metropolitan Life Global Trust 2005-AR4 4A1A 25.10.45/0.571%* 1,215,300 0.03 2,800,000 Funding I 144A 09.11.11/5.125% 2,900,873 0.06 1,834,000 GSAA Trust 2005-15 M2 25.01.36/0.731%* 27,200 0.00 1,800,000 Metropolitan Life Global 1,380,000 GWR Operating Partnership 01.04.17/10.875% 1,462,800 0.03 Funding I 144A 10.04.13/5.125% 1,931,985 0.04 1,655,000 GXS Worldwide 15.06.15/9.750% 1,642,588 0.03 2,100,000 Metropolitan Life Global 2,025,000 Hanesbrands 15.12.14/3.831%* 2,022,469 0.04 Funding I 144A 18.09.13/5.200% 2,272,927 0.05 107,686 Harborview Mortgage Loan 2,650,000 MGM Resorts International 15.11.17/11.125% 3,060,750 0.07 Trust 2005-11 2A1A 19.08.45/0.571%* 77,139 0.00 515,000 MGM Resorts International 01.03.18/11.375% 555,448 0.01 382,236 Harborview Mortgage Loan 9,350,000 MGM Resorts International 144A 01.11.16/10.000% 9,591,997 0.20 Trust 2005-16 2A1A 19.01.36/0.501%* 230,545 0.00 1,680,000 MGM Resorts International 144A 15.03.20/9.000% 1,846,888 0.04 503,371 Harborview Mortgage Loan Michael Foods 144A 554,238 Trust 2005-8 1A2A 19.09.35/0.591%* 331,909 0.01 505,000 15.07.18/9.750% 0.01 107,957 Harborview Mortgage Loan 14,645,000 Michaels Stores 01.11.16/0.000%* 14,571,775 0.31 Trust 2005-9 2A1A 20.06.35/0.601%* 89,176 0.00 5,000,000 Michaels Stores 01.11.16/11.375% 5,475,000 0.12 6,278,000 Harland Clarke Holdings 15.05.15/6.000%* 5,242,130 0.11 1,720,000 Michaels Stores 144A 01.11.18/7.750% 1,724,300 0.04 2,400,000 Hartford Life Institutional 4,108,000 Midwest Generation 02.01.16/8.560% 4,149,080 0.09 Funding 15.08.13/0.606%* 2,369,506 0.05 2,672,000 Mirant North America 31.12.13/7.375% 2,722,340 0.06 2,593,000 HCA 15.03.14/5.750% 2,566,020 0.05 13,750,000 Morgan Stanley 24.07.15/4.000% 13,802,869 0.29 1,808,000 HCA 15.01.15/6.375% 1,767,607 0.04 2,086,878 Morgan Stanley ABS Capital I 5,555,000 HCA 15.11.16/9.250% 5,925,863 0.13 2004-OP1 M1 25.11.34/0.841%* 1,756,837 0.04 9,824,000 HCA 15.11.16/9.625%* 10,527,359 0.22 945,263 Morgan Stanley Capital I 2004-HQ3 A3 971,678 1,980,000 HCA Holding 144A 15.05.21/7.750% 1,994,060 0.04 13.01.41/4.490% 0.02 4,914,000 Helix Energy Solutions 4,000,000 Motors Liquidation 15.07.23/8.250%* 1,390,000 0.03 Group 144A 15.01.16/9.500% 5,073,705 0.11 2,110 Motors Liquidation 15.07.41/7.250% 16,774 0.00 1,530,000 Hertz 01.01.16/10.500% 1,621,800 0.03 166,826 Motors Liquidation 15.02.52/7.520% 1,309,584 0.03 1,820,000 Hertz 144A 15.10.18/7.500% 1,884,799 0.04 479,196 Motors Liquidation 06.03.32/5.250% 3,929,407 0.08 250,000 Hertz 144A 15.01.21/7.375% 256,250 0.01 704,913 Motors Liquidation 15.07.33/6.250% 5,653,402 0.12 920,000 Hexion US Finance 144A 15.11.20/9.000% 978,086 0.02 290,634 Motors Liquidation 15.05.48/7.375% 2,092,565 0.05 1,260,000 Hillman Group 01.06.18/10.875% 1,389,150 0.03 84,916 Motors Liquidation 15.04.41/7.250% 594,412 0.01 1,300,000 Home Equity Asset Trust 25,581 Motors Liquidation 01.10.51/7.375% 200,811 0.00 2005-2 M2 25.07.35/0.741%* 1,219,536 0.03 750,000 Mueller Water Products 01.09.20/8.750% 832,500 0.02 2,512,500 Homer City Funding 01.10.19/8.137% 2,386,875 0.05 3,750,000 Multiplan 144A 01.09.18/9.875% 3,975,000 0.08 1,588,140 Homer City Funding 01.10.26/8.734% 1,469,030 0.03 360,000 Mylan 144A 15.07.17/7.625% 383,400 0.01 115,000 Host Hotels & Resorts 15.05.17/9.000% 127,829 0.00 2,225,000 Mylan 144A 15.07.20/7.875% 2,397,438 0.05 1,150,000 HSN 01.08.16/11.250% 1,313,717 0.03 370,000 Nalco 144A 15.01.19/6.625% 381,100 0.01 11,600,000 HUB International 4,900,000 Nationwide Mutual Holdings 144A 15.06.15/10.250% 11,687,000 0.25 Insurance 144A 15.08.39/9.375% 5,658,432 0.12 1,590,000 Huntsman International 30.06.16/5.500% 1,551,703 0.03 845,000 NBC Acquisition 15.03.13/11.000%* 485,875 0.01 840,000 Huntsman International 15.03.20/8.625% 905,927 0.02 1,043,000 Nebraska Book 01.12.11/10.000% 1,043,000 0.02 435,000 Huntsman International 144A 15.03.21/8.625% 466,574 0.01 7,401,000 Nebraska Book 15.03.12/8.625% 6,551,683 0.14 5,643,000 ILFC E-Capital Trust II 144A 21.12.65/6.250%* 4,429,755 0.09 2,072,120 Neiman-Marcus Group 15.10.15/9.000%* 2,180,906 0.05 1,176,614 Impac CMB Trust 2005-5 A1 25.08.35/0.581%* 911,494 0.02 534,552 New Century Home Equity Loan 280,264 Indymac Index Mortgage Loan Trust 2003-5 AI7 25.11.33/5.150%* 539,185 0.01 Trust 2005-AR14 2A1A 25.07.35/0.561%* 191,293 0.00 3,275,000 New Enterprise Stone 1,260,000 Inergy & Inergy Finance 144A 01.10.18/7.000% 1,275,750 0.03 & Lime 144A 01.09.18/11.000% 3,127,625 0.07 2,100,000 Interactive Data 144A 01.08.18/10.250% 2,278,500 0.05 19,897,000 NewPage 31.12.14/11.375% 18,603,695 0.40 960,000 Interline Brands 144A 15.11.18/7.000% 979,200 0.02 1,565,000 Nexstar Broadcasting 144A 15.04.17/8.875% 1,670,638 0.04 800,000 International Lease Finance 15.12.20/8.250% 823,928 0.02 2,895,000 NFR Energy 144A 15.02.17/9.750% 2,873,288 0.06 3,240,000 International Lease 1,875,000 Nielsen Finance 01.08.16/0.000%* 1,940,625 0.04 Finance 144A 15.09.15/8.625% 3,466,661 0.07 455,000 NII Capital 15.08.16/10.000% 506,188 0.01 2,255,000 International Lease 272,811 Nissan Auto Receivables Owner Finance 144A 15.03.17/8.750% 2,400,986 0.05 Trust 2007-A A4 17.06.13/0.260%* 272,570 0.01 140 JPMorgan Investment Funds - Income Opportunity 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

3,999,255 Noranda Aluminium Acquisition 15.05.15/5.193%* 3,634,323 0.08 4,747,000 Sitel 144A 01.04.18/11.500% 3,940,010 0.08 235,000 North American Energy Alliance 70,000 Smithfield Foods 144A 15.07.14/10.000% 81,025 0.00 Finance 144A 01.06.16/10.875% 262,613 0.01 5,396,000 Smurfit-Stone Container 8,715,959 Northwest Airlines 2007-1 A 01.11.19/7.027% 9,151,757 0.19 Enterprises 15.03.17/8.000%* 256,310 0.01 2,815,000 NRG Energy 01.02.16/7.375% 2,879,151 0.06 830,000 Solo Cup 15.02.14/8.500% 747,185 0.02 1,015,000 NRG Energy 144A 01.09.20/8.250% 1,036,059 0.02 1,415,000 Solo Cup Operating 01.11.13/10.500% 1,478,001 0.03 3,000,000 OnCure Holdings 144A 15.05.17/11.750% 2,850,000 0.06 15,137,452 Spectrum Brands 28.08.19/12.000%* 16,972,868 0.36 850,000 Oshkosh 01.03.17/8.250% 914,609 0.02 3,155,000 Spectrum Brands 144A 15.06.18/9.500% 3,470,500 0.07 1,160,000 Packaging Dynamics 3,000,000 SquareTwo Financial 144A 01.04.17/11.625% 2,955,000 0.06 Finance 144A 01.05.16/10.000% 1,196,250 0.03 1,370,000 SSI Investments II 144A 01.06.18/11.125% 1,461,524 0.03 1,095,000 PAETEC Holding 15.07.15/9.500% 1,129,037 0.02 4,785,000 Stone and Webster 01.07.12/8.375% 179,438 0.00 1,690,000 PAETEC Holding 30.06.17/8.875% 1,812,525 0.04 3,300,000 Stratus Technologies 144A 29.03.15/12.000% 2,788,500 0.06 1,850,000 PAETEC Holding 144A 01.12.18/9.875% 1,910,125 0.04 200,000 Stream Global Services 01.10.14/11.250% 204,924 0.00 2,325,000 Park Place Securities 5,799,471 Structured Asset Securities 2005-WHQ3 M1 25.06.35/0.681%* 2,163,302 0.05 2005-WF4 A4 25.11.35/0.621%* 5,271,113 0.11 3,500,000 Park Place Securities 7,230,000 Sungard Data Systems 15.08.15/10.250% 7,556,471 0.16 2005-WHQ3 M2 25.06.35/0.711%* 2,690,578 0.06 910,000 Sungard Data Systems 144A 15.11.18/7.375% 919,100 0.02 1,075,000 Parker Drilling 01.04.18/9.125% 1,128,750 0.02 1,229,846 Surgical Care Affiliates 144A 15.07.15/8.875%* 1,248,294 0.03 2,000,000 PE Paper Escrow GmbH 144A 01.08.14/12.000% 2,313,290 0.05 1,625,000 Tenet Healthcare 01.02.15/9.250% 1,738,750 0.04 6,137,000 Peninsula Gaming 15.08.17/10.750% 6,644,192 0.14 1,465,000 Tenet Healthcare 01.05.18/10.000% 1,634,607 0.03 1,470,000 Petco Animal Supplies 144A 01.12.18/9.250% 1,556,363 0.03 870,000 Tenet Healthcare 01.07.19/8.875% 988,005 0.02 1,965,000 PetroHawk Energy 01.06.15/7.875% 2,055,881 0.04 5,500,000 Toys R US 15.04.13/7.875% 5,790,329 0.12 2,025,000 Petrohawk Energy 15.08.18/7.250% 2,041,155 0.04 75,000 Travelport 01.09.14/4.921%* 69,000 0.00 970,000 Pinafore 144A 01.10.18/9.000% 1,052,450 0.02 755,000 Travelport 01.09.14/9.875% 757,055 0.02 595,000 Pinnacle Foods Finance 01.04.15/9.250% 622,519 0.01 329,000 Travelport 01.03.16/9.000% 320,364 0.01 1,500,000 Plastipak Holdings 144A 15.12.15/8.500% 1,552,500 0.03 60,000 Travelport 01.09.16/11.875% 59,250 0.00 955,000 PolyOne 15.09.20/7.375% 987,455 0.02 866,000 Travelport 144A 01.03.16/9.000% 841,103 0.02 1,105,000 Polypore International 144A 15.11.17/7.500% 1,132,625 0.02 595,000 Triumph Group 15.07.18/8.625% 653,013 0.01 2,800,000 Pricoa Global Funding I 144A 25.06.12/4.625% 2,937,256 0.06 550,000 TRW Automotive 144A 15.03.14/7.000% 596,158 0.01 3,500,000 Pricoa Global Funding I 144A 26.06.12/0.433%* 3,474,699 0.07 1,000,000 TRW Automotive 144A 15.03.17/7.250% 1,086,200 0.02 1,030,000 Pride International 15.08.20/6.875% 1,091,496 0.02 533,251 UAL 2009-2B Pass Through 1,912,871 Prime Mortgage Trust Trust 144A 15.01.16/12.000% 591,908 0.01 2006-1 2A5 25.06.36/6.000% 1,786,891 0.04 1,452,337 UCI Holdco 15.12.13/9.250%* 1,455,968 0.03 745,000 Quebecor 15.01.15/9.750% 37,250 0.00 1,180,383 United Airlines Pass Through 1,840,000 Quebecor Printing 01.08.27/6.500% 92,000 0.00 Trust 2009-1 01.11.16/10.400% 1,363,343 0.03 1,755,000 Quebecor World Capital 15.11.13/6.125% 87,750 0.00 960,000 United Surgical Partners 3,410,000 Quiksilver 15.04.15/6.875% 3,336,044 0.07 International 01.05.17/8.875% 996,938 0.02 2,370,000 Qwest Communications 1,845,000 United Surgical Partners International 15.02.14/7.500% 2,411,475 0.05 International 01.05.17/9.250%* 1,920,586 0.04 2,245,000 Qwest Communications 4,250,000 Universal City Development International 15.02.14/7.500% 2,281,475 0.05 Partners 15.11.16/10.875% 4,664,375 0.10 1,100,000 Qwest Communications 3,355,000 US Oncology 15.08.17/9.125% 4,165,290 0.09 International 144A 01.04.18/7.125% 1,143,139 0.02 2,685,000 US Treasury (i) 13.01.11/0.000% 2,684,819 0.06 2,160,000 Radiation Therapy 40,360,000 US Treasury 15.08.26/6.750% 53,395,019 1.13 Services 144A 15.04.17/9.875% 2,170,800 0.05 2,792,000 USI Holdings 144A 15.05.15/9.750% 2,833,880 0.06 590,000 Rain CII Carbon 144A 01.12.18/8.000% 607,700 0.01 290,000 Valeant Pharmaceuticals 3,725,000 RBS Global/Rexnord 01.05.18/8.500% 3,976,438 0.09 International 144A 01.10.17/6.750% 288,550 0.01 2,065,000 Real Mex Restaurants 01.01.13/14.000% 2,157,925 0.05 2,820,000 Valeant Pharmaceuticals 2,670,000 Reichhold Industries 144A 15.08.14/9.000% 2,369,625 0.05 International 144A 01.12.18/6.875% 2,820,000 0.06 785,155 Renaissance Home Equity Loan 1,340,000 Vertellus Specialties 144A 01.10.15/9.375% 1,423,750 0.03 Trust 2005-4 A3 25.02.36/5.565% 745,055 0.02 1,994,000 Viasystems 144A 15.01.15/12.000% 2,238,265 0.05 2,045,150 Residential Accredit Loans 2,705,000 Visant 144A 01.10.17/10.000% 2,880,825 0.06 2003-QS20 CB 25.11.18/5.000% 2,097,328 0.04 1,648,248 Washington Mutual Alternative 333,689 Residential Accredit Loans Mortgage Pass-Through 2005-QO4 2A1 25.12.45/0.541%* 194,428 0.00 Certificates 2005-8 1A8 25.10.35/5.500% 1,554,746 0.03 1,045,976 Residential Accredit Loans 2,416,103 Washington Mutual Alternative 2006-QS18 3A3 25.12.21/5.750% 963,310 0.02 Mortgage Pass-Through 2,248,543 Residential Accredit Loans Certificates 2006-1 3A2 25.02.36/5.750% 2,078,832 0.04 2007-QS4 5A2 25.04.22/5.500% 1,872,276 0.04 15,047,966 Wells Fargo Alternative Loan 1,633,933 Residential Asset Securitization Trust 2007-PA3 3A6 25.07.37/6.500% 11,779,706 0.25 Trust 2004-A6 A1 25.08.19/5.000% 1,623,533 0.03 4,310,000 Wells Fargo Home Equity Trust 6,846,000 Residential Funding Mortgage 2004-2 AI6 25.05.34/5.000%* 4,430,635 0.09 Securities I 2006-S10 1A1 25.10.36/6.000% 6,114,769 0.13 6,847,120 Wells Fargo Mortgage Backed 2,410,000 Revlon Consumer Products 15.11.15/9.750% 2,567,301 0.05 Securities Trust 2006-1 A3 25.03.21/5.000% 6,856,637 0.15 3,345,000 Reynolds Group Issuer 144A 15.05.18/8.500% 3,373,703 0.07 1,634,889 Wells Fargo Mortgage Backed 1,180,000 Reynolds Group Issuer 144A 15.04.19/9.000% 1,224,250 0.03 Securities Trust 2006-11 A2 25.09.36/6.000% 1,543,088 0.03 1,515,000 Rite Aid 144A 15.08.20/8.000% 1,585,069 0.03 2,093,801 Wells Fargo Mortgage Backed 9,550,000 RR Donnelley & Sons Co. 15.06.20/7.625% 10,192,639 0.22 Securities Trust 2006-11 A8 25.09.36/6.000% 1,975,495 0.04 2,750,000 RSC Equipment Rental 15.11.19/10.250% 3,080,000 0.07 778,501 Wells Fargo Mortgage Backed Securities Trust 2007-11 A85 753,054 225,000 RSC Equipment Rental 144A 15.07.17/10.000% 248,702 0.01 25.08.37/6.000% 0.02 Wells Fargo Mortgage Backed 2,035,000 Sally Holdings 15.11.14/9.250% 2,146,925 0.05 898,271 Securities Trust 2007-11 A96 25.08.37/6.000% 849,550 0.02 1,705,000 Sanmina-SCI 01.03.13/6.750% 1,708,717 0.04 3,546,039 Wells Fargo Mortgage Backed 2,645,000 Sanmina-SCI 01.03.16/8.125% 2,673,942 0.06 Securities Trust 2007-3 3A1 25.04.22/5.500% 3,670,365 0.08 2,121,202 Saxon Asset Securities Trust 4,211,286 Wells Fargo Mortgage Backed 2002-3 AF6 25.05.31/5.407%* 2,091,702 0.04 Securities Trust 2007-5 2A3 25.05.22/5.500% 4,174,928 0.09 510,000 SBA Telecommunications 15.08.16/8.000% 557,938 0.01 4,000,000 Western Refining 144A 15.06.17/11.250% 4,340,000 0.09 150,000 SBA Telecommunications 15.08.19/8.250% 164,625 0.00 510,000 Windstream 01.09.18/8.125% 533,837 0.01 2,074,000 Sealy Mattress 144A 15.04.16/10.875% 2,353,990 0.05 1,555,000 WMG Acquisition 15.06.16/9.500% 1,675,116 0.04 1,853,000 Sequa 144A 01.12.15/11.750% 1,991,975 0.04 4,250,000 WMG Holdings 15.12.14/9.500%* 4,090,625 0.09 155,000 Service Corp. International 15.06.17/7.000% 158,875 0.00 20,000 Wynn Las Vegas Capital 01.11.17/7.875% 21,505 0.00 3,105,000 ServiceMaster 144A 15.07.15/10.750%* 3,337,875 0.07 935,000 Wynn Las Vegas Capital 01.05.20/7.875% 1,007,460 0.02 503,967 SG Mortgage Securities Trust 565,000 Wynn Las Vegas Capital 15.08.20/7.750% 610,992 0.01 2006-OPT2 A3A 25.10.36/0.311%* 495,697 0.01 9,000,000 XM Satellite Radio 144A 01.08.13/13.000% 10,689,615 0.23 4,715,000 Shingle Springs Tribal Gaming Yankee Acquisition 2,180,716 Authority 144A 15.06.15/9.375% 3,276,925 0.07 2,100,000 15.02.17/9.750% 0.05 Zayo Group/Zayo Capital 2,051,500 5,080,000 Simmons Bedding 144A 15.07.15/11.250% 5,511,800 0.12 1,865,000 15.03.17/10.250% 0.05 670,000 Sinclair Television Group 144A 01.11.17/9.250% 730,300 0.02 205,000 Sinclair Television Group 144A 15.10.18/8.375% 213,713 0.00 1,325,364,673 28.12 2,750,000 Sirius XM Radio 144A 01.04.15/8.750% 2,989,440 0.06 141 JPMorgan Investment Funds - Income Opportunity 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

LUXEMBOURG 25,000,000 Bank of America 18.01.11/0.000% 24,996,783 0.53 4,875,000 Intelsat Jackson Holdings 15.06.16/9.500% 5,167,500 0.11 25,000,000 Belmont Funding 14.01.11/0.000% 24,995,121 0.53 1,800,000 Intelsat Jackson Holdings 15.06.16/11.250% 1,939,500 0.04 50,000,000 Bryant Park Funding 04.01.11/0.000% 49,998,444 1.06 3,105,000 Intelsat Jackson Holdings 144A 15.10.20/7.250% 3,136,215 0.06 30,000,000 Erste Finance 04.01.11/0.000% 29,998,872 0.64 3,454,000 Intelsat Luxembourg 04.02.17/11.250% 3,782,130 0.08 25,016,000 Fairway Finance 08.03.11/0.000% 25,003,278 0.53 16,392,468 Intelsat Luxembourg 04.02.17/11.500%* 18,195,639 0.39 50,000,000 Gemini Securitization 10.01.11/0.000% 49,996,196 1.06 2,300,000 MagnaChip Semiconductor 15,000,000 General Electric Capital 28.02.11/0.000% 14,993,786 0.32 Finance 15.04.18/10.500% 2,438,000 0.05 50,000,000 Liberty Funding 14.01.11/0.000% 49,994,496 1.06 6,148,000 Wind Acquisition Finance 144A 15.07.17/11.750% 6,903,159 0.15 50,000,000 Market Street Funding 18.02.11/0.000% 49,980,706 1.06 712,520 Wind Acquisition Finance 144A 15.07.17/12.250%* 830,086 0.02 25,000,000 Metlife Short Term Funding 04.02.11/0.000% 24,993,368 0.53 20,000,000 Nordea North America 22.02.11/0.000% 19,989,048 0.42 42,392,229 0.90 15,000,000 Nordea North America 07.03.11/0.000% 14,991,704 0.32 CANADA 20,000,000 Regency Markets No.1 13.01.11/0.000% 19,998,132 0.42 3,000,000 Abitibi-Consolidated Co. of 45,500,000 Regency Markets No.1 18.01.11/0.000% 45,493,187 0.97 Canada 01.04.15/8.375%* 540,000 0.01 25,000,000 Salisbury 09.02.11/0.000% 24,992,634 0.53 2,000,000 Gateway Casinos & 15,000,000 Société Générale North America 02.02.11/0.000% 14,995,670 0.32 Entertainment 144A 15.11.17/8.875% 2,093,705 0.04 10,000,000 Société Générale North America 17.02.11/0.000% 9,995,599 0.21 2,250,000 Gibson Energy 15.01.18/10.000% 2,295,000 0.05 25,000,000 Société Générale North America 01.03.11/0.000% 24,984,331 0.53 1,320,000 Novelis 144A 15.12.17/8.375% 1,386,000 0.03 25,000,000 Starbird Funding 06.01.11/0.000% 24,998,862 0.53 1,675,000 Novelis 144A 15.12.20/8.750% 1,758,750 0.04 50,000,000 Starbird Funding 28.02.11/0.000% 49,976,801 1.06 1,365,000 OPTI Canada 15.12.14/8.250% 972,497 0.02 50,000,000 Straight Funding 14.01.11/0.000% 49,994,886 1.06 720,000 OPTI Canada 144A 15.12.12/9.000% 725,400 0.02 15,000,000 Toyota Motor Credit 08.03.11/0.000% 14,991,531 0.32 610,000 OPTI Canada 144A 15.08.13/9.750% 613,050 0.01 30,000,000 Versailles 28.01.11/0.000% 29,991,932 0.64 4,915,000 Quebecor Media 15.03.16/7.750% 5,111,600 0.10 255,000 Quebecor Media 15.03.16/7.750% 265,200 0.01 785,285,468 16.66 1,125,000 Telesat Canada/Telesat 01.11.15/11.000% 1,265,466 0.03 UNITED KINGDOM 4,425,000 Telesat Canada/Telesat 01.11.17/12.500% 5,232,563 0.11 20,000,000 Cancara Asset Securitisation 18.01.11/0.000% 19,997,150 0.42 1,100,000 Trinidad Drilling 144A 15.01.19/7.875% 1,131,353 0.02 45,000,000 Cancara Asset Securitisation 25.01.11/0.000% 44,990,993 0.96 1,230,000 Videotron Ltee 15.12.15/6.375% 1,263,825 0.03 10,000,000 Cancara Asset Securitisation 14.02.11/0.000% 9,996,294 0.21 15,000,000 Thames Asset Global 24,654,409 0.52 Securitization 13.01.11/0.000% 14,998,520 0.32 UNITED KINGDOM 35,000,000 Thames Asset Global 1,761,000 Credit Agricole/London 144A 31.05.17/6.637%* 1,518,863 0.03 Securitization 18.01.11/0.000% 34,995,281 0.74 4,975,000 Ineos Finance 144A 15.05.15/9.000% 5,304,594 0.11 1,560,000 Ineos Group Holdings 144A 15.02.16/8.500% 1,414,106 0.03 124,978,238 2.65 7,150,000 Lloyds TSB Bank 13.01.20/5.800% 7,021,808 0.15 JAPAN 500,000 Virgin Media Finance 15.08.16/9.500% 564,855 0.01 30,000,000 Mizuho Funding 02.03.11/0.000% 29,985,024 0.64 1,190,000 Virgin Media Finance 15.10.19/8.375% 1,306,025 0.03 25,000,000 Sumitomo Mitsui Banking 18.04.11/0.000% 24,975,112 0.53 35,000,000 Sumitomo Trust & Banking 25.01.11/0.000% 34,991,890 0.74 17,130,251 0.36 NETHERLANDS 89,952,026 1.91 1,649,000 NXP/NXP Funding 15.10.13/3.039%* 1,630,449 0.04 GERMANY 4,351,000 NXP/NXP Funding 15.10.14/7.875% 4,546,795 0.10 25,000,000 NRW Bank 01.02.11/0.000% 24,993,955 0.53 1,480,000 NXP/NXP Funding 15.10.15/9.500% 1,588,095 0.03 12,000,000 NRW Bank 04.02.11/0.000% 11,994,983 0.26 3,505,000 NXP/NXP Funding 144A 01.08.18/9.750% 3,960,650 0.08 4,000,000 NRW Bank 09.03.11/0.000% 3,996,902 0.09 20,000,000 NRW Bank 10.03.11/0.000% 19,984,858 0.42 11,725,989 0.25 20,000,000 NRW Bank 28.03.11/0.000% 19,985,105 0.42 IRELAND 560,000 Ardagh Packaging Finance 144A 15.10.17/7.375% 579,600 0.01 80,955,803 1.72 1,215,000 AWAS Aviation Capital 144A 15.10.16/7.000% 1,210,444 0.03 AUSTRALIA 2,800,000 Elan Finance 15.10.16/8.750% 2,828,000 0.06 20,000,000 Macquarie Bank 06.01.11/0.000% 19,998,867 0.42 3,500,000 Elan Finance 144A 15.10.16/8.750% 3,526,250 0.08 20,000,000 Westpac Banking 09.03.11/0.000% 19,988,667 0.42 25,000,000 Westpac Banking 18.03.11/0.000% 24,984,213 0.54 8,144,294 0.18 5,000,000 Westpac Banking 05.04.11/0.000% 4,995,887 0.11 MARSHALL ISLANDS 10,000,000 Westpac Banking 10.06.11/0.000% 9,984,433 0.21 7,977,000 General Maritime 15.11.17/12.000% 7,737,690 0.17 79,952,067 1.70 7,737,690 0.17 SWITZERLAND BERMUDA 25,000,000 Crédit Suisse 10.01.11/0.000% 24,998,270 0.53 1,030,000 Aircastle 01.08.18/9.750% 1,130,425 0.02 25,000,000 Mont Blanc Capital 14.01.11/0.000% 24,997,331 0.53 1,015,000 Digicel 144A 01.09.17/8.250% 1,045,450 0.02 25,000,000 Mont Blanc Capital 20.01.11/0.000% 24,996,289 0.53 1,150,000 Digicel Group 144A 15.04.18/10.500% 1,263,208 0.03 50,000 Intelsat Subsidiary Holding 15.01.15/8.875% 51,500 0.00 74,991,890 1.59 30,000 Intelsat Subsidiary Holding 144A 15.01.15/8.875% 30,750 0.00 JERSEY 10,000,000 Argento Variable Funding 04.01.11/0.000% 9,999,668 0.21 3,521,333 0.07 25,000,000 Argento Variable Funding 10.01.11/0.000% 24,997,847 0.53 NORWAY 25,000,000 Argento Variable Funding 19.01.11/0.000% 24,996,174 0.53 2,200,000 Sevan Marine 10.08.15/12.000% 2,326,500 0.04 59,993,689 1.27 2,326,500 0.04 FRANCE Total Bonds 1,442,997,368 30.61 5,000,000 BNP Paribas 07.02.11/0.000% 4,996,955 0.11 25,000,000 BNP Paribas 03.05.11/0.000% 24,966,016 0.53 Commercial Paper 30,000,000 BPCE 23.03.11/0.000% 29,973,745 0.63 UNITED STATES OF AMERICA 25,000,000 Antalis US Funding 12.01.11/0.000% 24,997,376 0.53 59,936,716 1.27 25,000,000 Aspen Funding 25.01.11/0.000% 24,995,081 0.53 INTERNATIONAL AGENCIES 25,000,000 Atlantis One Funding 04.05.11/0.000% 24,971,425 0.53 50,000,000 European Investment Bank 25.03.11/0.000% 49,953,605 1.06 20,000,000 Atlantis One Funding 09.05.11/0.000% 19,976,219 0.42 49,953,605 1.06

142 JPMorgan Investment Funds - Income Opportunity 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

BELGIUM 15,000,000 HSBC Bank 16.09.11/0.465% 15,000,000 0.32 25,000,000 ENI Coordination Center 07.02.11/0.000% 24,992,777 0.53 9,000,000 RBS 10.01.11/0.365% 9,000,013 0.19 10,000,000 Royal Park Investments 25.01.11/0.000% 9,997,895 0.21 124,000,882 2.63 34,990,672 0.74 AUSTRALIA IRELAND 25,000,000 ANZ Banking Group 12.05.11/0.310% 24,997,253 0.53 25,000,000 Scaldis Capital 10.01.11/0.000% 24,997,998 0.53 10,000,000 ANZ Banking Group 19.05.11/0.340% 10,000,000 0.21 25,000,000 Commonwealth Bank of 24,997,998 0.53 Australia 10.01.11/0.255% 25,000,035 0.53 10,000,000 Commonwealth Bank of CANADA Australia 18.02.11/0.273% 10,000,035 0.21 5,000,000 Toronto-Dominion Bank 4,998,084 28.02.11/0.000% 0.11 23,000,000 National Australia Bank 09.06.11/0.350% 23,000,000 0.49

4,998,084 0.11 92,997,323 1.97 Total Commercial Paper 1,470,986,256 31.21 SWEDEN 25,000,000 Svenska Handelsbanken 22.02.11/0.270% 25,000,000 0.54 Certificates of Deposit 20,000,000 Svenska Handelsbanken 08.03.11/0.320% 20,000,000 0.42 JAPAN 10,000,000 Svenska Handelsbanken 08.06.11/0.360% 10,000,000 0.21 15,000,000 Bank of Tokyo-Mitsubishi 14.01.11/0.280% 15,000,000 0.32 20,000,000 Svenska Handelsbanken 15.06.11/0.360% 20,000,000 0.42 29,000,000 Bank of Tokyo-Mitsubishi 22.02.11/0.400% 29,000,000 0.62 10,000,000 Mitsubishi Trust & Banking 11.02.11/0.330% 10,000,058 0.21 75,000,000 1.59 15,000,000 Mitsubishi Trust & Banking 01.06.11/0.405% 15,000,000 0.32 NETHERLANDS 20,000,000 Mizuho Corporate Bank 05.01.11/0.280% 20,000,000 0.42 20,000,000 ING Bank 03.02.11/0.300% 20,000,000 0.42 20,000,000 Mizuho Corporate Bank 24.01.11/0.280% 20,000,000 0.42 25,000,000 ING Bank 11.02.11/0.300% 25,000,000 0.53 10,000,000 Norinchukin Bank 19.01.11/0.330% 10,000,000 0.21 2,000,000 ING Bank 11.02.11/0.300% 2,000,000 0.04 20,000,000 Norinchukin Bank 28.01.11/0.330% 20,000,000 0.42 10,000,000 Rabobank Nederland 31.03.11/0.340% 10,000,000 0.21 25,000,000 Norinchukin Bank 29.03.11/0.350% 25,000,000 0.53 4,000,000 Rabobank Nederland 06.09.11/0.460% 4,000,275 0.09 12,800,000 Shizuoka Bank 25.01.11/0.330% 12,800,092 0.27 47,000,000 Shizuoka Bank 28.01.11/0.320% 47,000,000 1.01 61,000,275 1.29 25,000,000 Shizuoka Bank 01.02.11/0.270% 25,000,000 0.53 15,000,000 Sumitomo Mitsui Banking 21.01.11/0.285% 15,000,000 0.32 CANADA 20,000,000 Sumitomo Mitsui Banking 02.02.11/0.280% 20,000,000 0.42 7,000,000 Bank of Nova Scotia 11.01.11/0.250% 7,000,000 0.15 25,000,000 Sumitomo Mitsui Banking 16.03.11/0.370% 25,000,000 0.53 10,750,000 Bank of Nova Scotia 06.09.11/0.430% 10,750,000 0.23 10,000,000 National Bank of Canada 04.01.11/0.290% 10,000,000 0.21 308,800,150 6.55 10,000,000 National Bank of Canada 14.01.11/0.270% 10,000,000 0.21 10,000,000 Toronto-Dominion Bank 14.03.11/0.300% 10,000,000 0.21 UNITED STATES OF AMERICA 20,000,000 Bank of Nova Scotia/Houston 21.07.11/0.300%* 20,000,000 0.43 47,750,000 1.01 10,000,000 Bank of Tokyo Mitsubishi/New York 16.02.11/0.450% 10,000,000 0.21 DENMARK 15,000,000 Barclays Bank/New York 21.04.11/0.361%* 15,000,000 0.32 25,000,000 Danske Bank 14.01.11/0.285% 25,000,050 0.53 25,000,000 Barclays Bank/New York 03.05.11/0.361%* 25,000,000 0.53 20,000,000 Danske Bank 18.01.11/0.285% 20,000,052 0.42 10,000,000 BNP Paribas/New York 27.04.11/0.351%* 10,000,000 0.21 10,000,000 Crédit Industriel et 45,000,102 0.95 Commercial/New York 10,000,000 11.02.11/0.400% 0.21 GERMANY 20,000,000 Crédit Suisse/New York 15.04.11/0.300%* 20,000,000 0.43 25,000,000 Deutsche Bank 16.05.11/0.340% 25,000,000 0.53 20,000,000 DG Bank/New York 10.01.11/0.280% 20,000,000 0.43 4,000,000 Deutsche Bank 26.05.11/0.350% 4,000,000 0.09 11,000,000 DG Bank/New York 18.01.11/0.290% 11,000,000 0.23 10,000,000 DG Bank/New York 10,000,000 21.01.11/0.290% 0.21 29,000,000 0.62 35,000,000 DG Bank/New York 31.01.11/0.290% 35,000,000 0.74 10,000,000 Natixis/New York 17.10.11/0.390%* 10,000,000 0.21 FINLAND 20,000,000 RBC/New York 20.07.11/0.350%* 20,000,000 0.43 5,000,000 Nordea Bank/Finland 02.03.11/0.330% 5,000,000 0.11 2,000,000 Sumitomo Mitsui 20,000,000 Nordea Bank Finland 24.05.11/0.340% 20,000,000 0.42 Banking/NewYork 25.04.11/0.338%* 2,000,000 0.04 20,000,000 UBS/Stamford Branch 07.01.11/0.250% 20,000,000 0.42 25,000,000 0.53 25,000,000 UBS/Stamford Branch 12.01.11/0.260% 25,000,000 0.53 5,000,000 Westpac Banking/New York 21.04.11/0.290%* 5,000,000 0.11 Total Certificates of Deposit 1,231,548,357 26.13 25,000,000 Westpac Banking/New York 03.05.11/0.290%* 25,000,000 0.53 Investment Funds 293,000,000 6.22 UNITED STATES OF AMERICA FRANCE 349,981 Advent Claymore Global Convertible Securities & Income Fund 3,232,075 25,000,000 Banque Fédérative du Crédit 0.06 Mutuel 05.01.11/0.330% 25,000,035 0.53 137,000 Dreyfus High Yield Strategies Fund 608,280 0.01 25,000,000 Banque Fédérative du Crédit 305,100 ING Prime Rate Trust 1,740,595 0.04 Mutuel 10.02.11/0.390% 25,000,000 0.53 259,000 Invesco Van Kampen Senior Income Trust 1,208,235 0.03 15,000,000 BPCE 18.02.11/0.315% 15,000,102 0.32 399,500 Nuveen Multi-Strategy Income and Growth Fund 2 3,535,575 0.08 7,000,000 Caisse des Dépôts et 147,000 Nuveen Municipal Value Fund 1,347,255 0.03 Consignations 14.01.11/0.330% 7,000,000 0.15 50,700 SPDR Barclays Capital High Yield Bond 2,010,002 0.04 10,000,000 Crédit Agricole 14.01.11/0.300% 10,000,000 0.21 20,000,000 Crédit Agricole 03.02.11/0.290% 20,000,000 0.43 13,682,017 0.29 10,000,000 Crédit Agricole 14.02.11/0.320% 9,999,488 0.21 3,000,000 Crédit Agricole 17.02.11/0.280% 3,000,000 0.06 Total Investment Funds 13,682,017 0.29

Total Transferable Securities Dealt in on Another 4,165,156,535 88.36 Regulated Market 15,000,000 Crédit Agricole 15.03.11/0.340% 15,000,000 0.32 Other Transferable Securities 129,999,625 2.76 Bonds UNITED KINGDOM 10,000,000 Clydesdale Bank 18.02.11/0.375% 10,000,069 0.21 UNITED STATES OF AMERICA 1,250,000 Chukchansi Economic 20,000,000 Crédit Suisse/London 11.05.11/0.300%* 20,000,000 0.42 Development Authority 144A 15.11.12/3.943%* 812,500 0.02 5,000,000 HSBC Bank 16.08.11/0.580% 5,000,000 0.11 1,000,000 CNG Holdings 144A 15.08.15/13.750% 1,015,000 0.02 25,000,000 HSBC Bank 19.08.11/0.570% 25,000,800 0.54 4,585,000 Constar International 15.02.12/3.661%* 3,369,975 0.08 20,000,000 HSBC Bank 22.08.11/0.530% 20,000,000 0.42 5,455,639 FGI Holding 144A 01.10.15/11.250%* 5,251,053 0.11 20,000,000 HSBC Bank 23.08.11/0.510% 20,000,000 0.42 6,680,000 ILFC E-Capital Trust I 144A 21.12.65/5.900%* 5,105,257 0.11 143 JPMorgan Investment Funds - Income Opportunity 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

3,000,000 Intcomex 144A 15.12.14/13.250% 3,225,000 0.07 1,624,999 iPCS 01.05.14/3.537%* 1,568,124 0.03 Allocation of Portfolio as at 31 December 2010 % of 1,800,000 Landry’s Holdings 144A 01.06.14/11.500% 1,773,000 0.04 Net Assets 88,048 Lehman XS Trust 2005-5N 3A1A Fixed Income Securities (Defaulted) 25.11.35/0.561%* 68,308 0.00 United States of America 58.49 1,600,000 MetLife Capital Trust X 144A 08.04.38/9.250% 1,888,000 0.04 Japan 8.46 1,109,000 Nationwide Mutual United Kingdom 5.88 Insurance 144A 01.12.31/8.250% 1,132,820 0.02 France 4.23 1,030,000 Steinway Musical Australia 3.67 Instruments 144A 01.03.14/7.000% 1,042,875 0.02 Germany 2.34 6,000,000 USI Holdings 144A 15.11.14/4.161%* 5,280,000 0.11 Canada 1.70 1,500,000 Western Refining 144A 15.06.14/10.750%* 1,605,000 0.03 Sweden 1.59 Switzerland 1.59 33,136,912 0.70 Netherlands 1.54 FRANCE Jersey 1.27 6,940,000 CMA CGM 144A 16.05.12/5.500% 9,435,219 0.20 International Agencies 1.06 Luxembourg 1.02 9,435,219 0.20 Denmark 0.95 Ireland 0.75 CANADA Belgium 0.74 750,000 Abitibi Consolidated (Defaulted) 20.06.13/6.000% 138,750 0.00 Finland 0.53 129,000 Abitibi Consolidated (Defaulted) 01.04.28/7.500% 23,865 0.00 Marshall Islands 0.25 6,558,000 Abitibi Consolidated (Defaulted) 01.08.29/8.500% 1,213,230 0.03 Liberia 0.16 1,787,000 Abitibi Consolidated (Defaulted) 01.08.30/8.850% 330,595 0.01 Bermuda 0.07 Norway 0.05 1,706,440 0.04 Total Fixed Income Securities 96.34 Shares Total Bonds 44,278,571 0.94 Financials 0.32 Convertible Bonds Investment Companies 0.29 Materials 0.29 UNITED STATES OF AMERICA Consumer Discretionary 0.09 647,000 US Concrete 144A 752,138 31.08.15/9.500% 0.02 Industrials 0.00 752,138 0.02 Total Shares 0.99 Cash Equivalents, Cash and Other Assets/(Liabilities) 2.67 Total Convertible Bonds 752,138 0.02 Total 100.00

Total Other Transferable Securities 45,030,709 0.96

Total Investments 4,587,770,024 97.33 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Cash Equivalents Net Assets Fixed Income Securities Time Deposits United States of America 56.58 United Kingdom 9.48 FRANCE Japan 5.28 25,000,000 Crédit Agricole 04.01.11/0.250% 25,000,000 0.52 Germany 4.86 Canada 3.89 25,000,000 0.52 France 3.60 Luxembourg 1.88 Total Time Deposits 25,000,000 0.52 Netherlands 1.71 Spain 1.49 Total Cash Equivalents 25,000,000 0.52 Australia 0.05 Switzerland 1.42 Total Investments plus Total Cash Equivalents 4,612,770,024 97.85 Cayman Islands 1.39 New Zealand 1.28 Cash 131,802,041 2.80 Norway 1.28 Ireland 0.85 Other Assets/(Liabilities) (30,698,213) (0.65) Belgium 0.57 Liberia 0.19 Total Net Assets 4,713,873,852 100.00 Bermuda 0.07 Singapore 0.04 Total Fixed Income Securities 95.91 * Variable coupon rates are those quoted as at 31 December 2010. Shares and Warrants (i) Security held as collateral against futures positions by the broker. Investment Companies 0.51 Consumer Discretionary 0.38 Financials 0.30 Materials 0.04 Industrials 0.01 Total Shares and Warrants 1.24 Cash and Other Assets/(Liabilities) 2.85 Total 100.00

144 JPMorgan Investment Funds - Income Opportunity 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-41 Fannie Mae 4.000% 40,360,000 39,931,175 310,517 25-Jan-41 Fannie Mae 4.500% 2,850,000 2,914,570 (28,500)

42,845,745 282,017 Total To be Announced Securities - Long Positions

To be Announced Securities - Short Positions

UNITED STATES OF AMERICA

25-Jan-39 Fannie Mae 5.000% (53,814,000) (56,395,403) (365,780)

(56,395,403) (365,780) Total To be Announced Securities - Short Positions Total (13,549,658) (83,763)

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 (169) US 2 Year Note Future USD (36,970,070) 56,773 Mar-11 (176) US 5 Year Note Future USD (20,684,813) 28,187 Mar-11 (149) US 10 Year Note Future USD (17,906,773) 12,304 Mar-11 (454) US Long Bond Future USD (55,196,469) 486,720

583,984 Total Bond Futures

Interest Rate Futures

Mar-11 (269) 90 Day Euro$ Future USD (67,002,856) (42,069) Mar-11 808 Fed Fund 30 Day Future USD 336,070,717 (50,504)

(92,573) Total Interest Rate Futures Total 491,411

145 JPMorgan Investment Funds - Income Opportunity 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 12,828,773 USD 7,403,627 316,368 05-Jan-11 USD 7,528,300 BRL 12,828,773 (191,696) 13-Jan-11 EUR 2,055,526,908 USD 2,719,803,567 33,480,801 13-Jan-11 GBP 326,416,173 USD 514,102,022 (5,677,493) 13-Jan-11 SEK 681,276,987 USD 98,677,142 2,933,859 13-Jan-11 USD 47,278,821 EUR 35,594,108 (397,896) 13-Jan-11 USD 1,258,120 GBP 813,607 (9,151) 07-Feb-11 BRL 12,864,538 USD 7,496,725 182,896 14-Feb-11 EUR 5,275,446 USD 6,962,387 103,590 14-Feb-11 GBP 37,157 USD 57,260 601 14-Feb-11 SEK 8,941,290 USD 1,316,002 16,092 14-Feb-11 USD 4,770,869 EUR 3,592,664 (41,175) 18-Feb-11 USD 2,763,308 CAD 2,783,000 (23,105) 18-Feb-11 USD 3,787,260 NOK 23,200,000 (182,407) 25-Mar-11 USD 15,222,550 EUR 11,500,000 (177,291)

Total 30,333,993

Schedule of Investments - Outstanding Swaptions (Expressed in USD)

Unrealised Maturity Long/ Short Notional Market Gain/ Date Counterparty Description Currency Amount Value (Loss)

28-Feb-11 Deutsche Bank Long Interest Rate Swap 02/03/2021 Put Strike 3.340% USD 33,630,000 881,906 505,250 28-Feb-11 Citibank Short Interest Rate Swap 02/03/2021 Put Strike 3.831% USD (13,450,000) (106,547) (21,140) 14-Mar-11 Deutsche Bank Short Interest Rate Swap 16/03/2012 Put Strike 2.000% USD (189,375,500) (10) 497,100 17-May-11 Deutsche Bank Short Interest Rate Swap 19/05/2012 Put Strike 2.000% USD (261,335,000) (2,094) 631,643 26-Aug-11 Barclays Bank Short Interest Rate Swap 31/08/2021 Put Strike 3.395% USD (5,381,000) (265,893) (118,453)

Total 507,362 1,494,400

JPMorgan Investment Funds - Income Opportunity 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-Jun-13 UBS FSA Global Funding 6.110% 29/06/2015 Buyer USD 1,300,000 4,844 (7,975) 20-Jun-14 Credit Suisse Lincoln National 6.200% 15/12/2011 Buyer USD 1,500,000 (176,818) (236,589) 20-Jun-14 Deutsche Bank Lincoln National 6.200% 15/12/2011 Buyer USD 3,000,000 (353,636) (380,875) 20-Jun-14 Deutsche Bank Lincoln National 6.200% 15/12/2011 Buyer USD 3,000,000 (353,636) (288,700) 20-Sep-14 Deutsche Bank Lincoln National 6.200% 15/12/2011 Buyer USD 3,000,000 (369,590) (182,887) 20-Dec-14 Deutsche Bank Lincoln National 6.200% 15/12/2011 Buyer USD 4,000,000 95,260 (123,566) 20-Dec-14 Deutsche Bank Lincoln National 6.200% 15/12/2011 Buyer USD 3,000,000 71,445 (131,145) 20-Dec-14 Deutsche Bank Lincoln National 6.200% 15/12/2011 Buyer USD 3,000,000 71,445 (132,300) 20-Dec-14 Deutsche Bank Lincoln National 6.200% 15/12/2011 Buyer USD 2,500,000 59,538 (13,118) 20-Dec-14 Citibank Sherwin-Williams 7.375% 01/02/2027 Buyer USD 3,500,000 (73,564) 47,338 20-Dec-14 UBS Sherwin-Williams 7.375% 01/02/2027 Buyer USD 4,000,000 (84,073) 54,153 20-Mar-15 Credit Suisse Belgium (Kingdom of) 4.250% 28/09/2014 Buyer USD 4,250,000 176,561 220,940 20-Mar-15 RBS Germany (Federal Republic of) 6.000% 20/06/2016 Buyer USD 14,500,000 148,367 375 20-Mar-15 RBS Germany (Federal Republic of) 6.000% 20/06/2016 Buyer USD 14,500,000 148,367 23,105 20-Mar-15 RBS Germany (Federal Republic of) 6.000% 20/06/2016 Buyer USD 14,050,000 143,763 138,192 20-Mar-15 Credit Suisse Hartford Financial Services 4.750% 01/03/2014 Buyer USD 4,000,000 102,916 (9,091) 20-Mar-15 Deutsche Bank Hartford Financial Services 4.750% 01/03/2014 Buyer USD 4,000,000 102,916 (16,853) 20-Mar-15 UBS Hartford Financial Services 4.750% 01/03/2014 Buyer USD 4,000,000 102,916 7,776 20-Mar-15 UBS Hartford Financial Services 4.750% 01/03/2014 Buyer USD 3,000,000 77,187 (61,687) 20-Mar-15 Citibank Lincoln National 6.200% 15/12/2011 Buyer USD 7,100,000 193,022 (13,709) 20-Mar-15 Deutsche Bank Lincoln National 6.200% 15/12/2011 Buyer USD 14,300,000 388,763 (27,926) 20-Mar-15 UBS Lincoln National 6.200% 15/12/2011 Buyer USD 3,000,000 81,559 (46,025) 20-Mar-15 UBS Lincoln National 6.200% 15/12/2011 Buyer USD 4,000,000 108,745 (63,125) 20-Mar-15 Deutsche Bank Netherlands (Kingdom of) 3.250% 15/07/215 Buyer USD 5,800,000 69,879 15,876 20-Mar-15 RBS XL Group 5.250% 15/09/2014 Buyer USD 6,900,000 75,926 54,418 20-Jun-15 Barclays Bank Beazer Homes USA 6.500% 15/11/2013 Buyer USD 2,750,000 13,419 (164,567) 20-Jun-15 UBS Beazer Homes USA 6.500% 15/11/2013 Buyer USD 2,750,000 13,419 (231,790) 20-Jun-15 UBS Beazer Homes USA 6.500% 15/11/2013 Buyer USD 2,750,000 13,419 (208,873) 20-Jun-15 Deutsche Bank FSA Global Funding 6.110% 29/06/2015 Buyer USD 2,337,500 103,707 305 20-Jun-15 Barclays Bank Germany (Federal Republic of) 6.000% 20/06/2016 Buyer USD 13,250,000 157,647 32,790 20-Jun-15 UBS Germany (Federal Republic of) 6.000% 20/06/2016 Buyer USD 10,400,000 123,738 79,035 20-Jun-15 Citibank Italy (Republic of) 6.875% 27/09/2023 Buyer USD 4,300,000 225,499 166,743 20-Jun-15 RBS Lincoln National 6.200% 15/12/2011 Buyer USD 5,550,000 172,403 (233,749)

146 JPMorgan Investment Funds - Income Opportunity 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-Jun-15 Morgan StanleyHome Depot 5.875% 16/12/2036 Buyer USD 2,750,000 (64,716) (13,022) 20-Jun-15 Morgan StanleyLowe’s 5.400% 15/10/2016 Buyer USD 2,750,000 (62,596) (16,187) 20-Jun-15 Morgan StanleyLowe’s 5.400% 15/10/2016 Buyer USD 1,350,000 (30,729) (3,200) 20-Jun-15 Citibank Sherwin-Williams 7.375% 01/02/2027 Buyer USD 3,500,000 (72,849) 5,831 20-Jun-15 Citibank Sherwin-Williams 7.375% 01/02/2027 Buyer USD 2,750,000 (57,238) 3,338 20-Jun-15 Citibank Sherwin-Williams 7.375% 01/02/2027 Buyer USD 1,350,000 (28,099) 3,885 20-Jun-15 UBS Sherwin-Williams 7.375% 01/02/2027 Buyer USD 4,200,000 (87,419) 7,178 20-Jun-15 Credit Suisse Staples 7.375% 01/10/2012 Buyer USD 2,750,000 (30,983) 8,714 20-Jun-15 Morgan StanleyStaples 7.375% 01/10/2012 Buyer USD 2,800,000 (31,547) 4,553 20-Sep-15 Deutsche Bank Beazer Homes USA 6.500% 15/11/2013 Buyer USD 4,100,000 44,018 (384,774) 20-Sep-15 Morgan StanleyMacy’s Retail Holdings 7.450% 15/07/2017Buyer USD 2,850,000 42,762 (102,571) 20-Sep-15 Deutsche Bank Mexico (United Mexican States) 7.5% 08/04/2033 Buyer USD 5,650,000 16,676 (81,897) 20-Sep-15 Morgan StanleyMexico (United Mexican States) 7.5%Buyer USD 08/04/2033 4,250,000 12,544 (18,092) 20-Sep-15 Citibank XL Group 5.250% 15/09/2014 Buyer USD 6,700,000 103,271 (297,153) 20-Sep-15 Deutsche Bank XL Group 5.250% 15/09/2014 Buyer USD 5,350,000 82,463 (187,226) 20-Sep-15 UBS XL Group 5.250% 15/09/2014 Buyer USD 5,650,000 87,087 (120,523) 20-Sep-15 UBS XL Group 5.250% 15/09/2014 Buyer USD 5,650,000 87,087 (135,057) 20-Sep-15 UBS AutoZone 5.500% 15/11/2015 Buyer USD 7,100,000 (116,101) (29,275) 20-Sep-15 UBS AutoZone 5.500% 15/11/2015 Buyer USD 5,650,000 (92,391) (22,971) 20-Sep-15 UBS Eastman Chemical 7.600% 01/02/2027 Buyer USD 6,700,000 (71,623) 11,495 20-Sep-15 Citibank Home Depot 5.875% 16/12/2036 Buyer USD 7,100,000 (166,790) (73,023) 20-Sep-15 UBS Home Depot 5.875% 16/12/2036 Buyer USD 2,850,000 (66,951) (21,107) 20-Sep-15 UBS Home Depot 5.875% 16/12/2036 Buyer USD 5,650,000 (132,727) (55,018) 20-Sep-15 UBS Kohl’s 6.250% 15/12/2017 Buyer USD 2,850,000 (40,855) (31,098) 20-Sep-15 UBS Lowe’s 5.400% 15/10/2016 Buyer USD 2,850,000 (64,448) (28,397) 20-Sep-15 UBS Nordstrom 6.950% 15/03/2028 Buyer USD 12,750,000 (56,413) (234,541) 20-Sep-15 UBS Staples 9.75% 15/01/2014 Buyer USD 4,250,000 (43,170) (102,546) 20-Sep-15 Citibank TJX 6.950% 15/04/19 Buyer USD 4,250,000 (94,425) (29,967) 20-Sep-15 Morgan StanleyTJX 6.950% 15/04/19 Buyer USD 4,250,000 (94,425) (28,153) 20-Dec-15 Deutsche Bank Mexico (United Mexican States) 7.5% 08/04/2033 Buyer USD 5,800,000 25,482 44,279 20-Dec-15 Deutsche Bank XL Group 5.250% 15/09/2014 Buyer USD 5,550,000 100,614 (52,682) 20-Dec-15 UBS XL Group 5.250% 15/09/2014 Buyer USD 13,950,000 252,893 (23,722) 20-Dec-15 Barclays Bank CDXEM 14-1 Buyer USD 7,250,000 (1,000,778) (55,660) 20-Dec-15 Citibank CDXEM 14-1 Buyer USD 13,950,000 (1,925,635) 119,977 20-Dec-15 Deutsche Bank CDXEM 14-1 Buyer USD 25,000,000 (3,450,959) 67,097 20-Dec-15 Deutsche Bank CDXEM 14-1 Buyer USD 5,800,000 (800,622) (3,187) 20-Dec-15 UBS CDXEM 14-1 Buyer USD 16,350,000 (2,256,927) (5,169) 20-Dec-15 UBS Target 5.375% 01/05/2017 Buyer USD 8,350,000 (228,716) (57,277) 20-Mar-16 Morgan StanleyLtd Brands 6.9% 15/07/2017 Buyer USD 14,550,000 330,966 (29,822) 20-Mar-16 Morgan StanleyMexico (United Mexican States) 7.5%Buyer USD 08/04/2033 9,800,000 56,959 (21,816) 25-May-46 Citibank AXHAAA 06-2 Buyer USD 4,100,000 582,376 (499,699) 25-May-46 Citibank AXHAAA 06-2 Buyer USD 5,500,000 781,236 (475,963) 25-May-46 Deutsche Bank AXHAAA 06-2 Buyer USD 6,300,000 894,870 (418,619) 25-May-46 RBS AXHAAA 06-2 Buyer USD 2,200,000 312,494 (437,517) 25-May-46 RBS AXHAAA 06-2 Buyer USD 9,900,000 1,406,224 (1,535,493) 25-May-46 Deutsche Bank AXPEN3A 06-2 Buyer USD 3,000,000 426,129 78,843 25-May-46 Deutsche Bank AXPEN3A 06-2 Buyer USD 3,000,000 426,129 78,843 25-May-46 RBS AXPEN3A 06-2 Buyer USD 2,500,000 355,107 (106,029) 15-Mar-49 Deutsche Bank CMBX_NA_BBB-1 Buyer USD 6,700,000 5,423,399 (146,116) 15-Mar-49 Morgan StanleyCMNA 02-1 Buyer USD 7,250,000 781,298 (122,976) 15-Mar-49 Citibank CMNAA 02-1 Buyer USD 2,630,000 657,971 (716,039) 15-Mar-49 Deutsche Bank CMNAA 02-1 Buyer USD 2,670,000 667,978 (419,757) 15-Mar-49 Morgan StanleyCMNAA 02-1 Buyer USD 2,630,000 657,971 (702,857) 15-Mar-49 Morgan StanleyCMNAA 02-1 Buyer USD 2,630,000 657,971 (656,821) 15-Mar-49 Morgan StanleyCMNAA 02-1 Buyer USD 5,350,000 1,338,459 (774,301) 13-Dec-49 Barclays Bank CMNAA 03-1 Buyer USD 5,350,000 2,556,654 (478,589) 13-Dec-49 Morgan StanleyCMNAA 03-1 Buyer USD 2,670,000 1,275,937 (272,222) 15-Feb-51 Citibank CMNAJ 05-1 Buyer USD 4,000,000 831,122 (985,938) 15-Feb-51 Credit Suisse CMNBBB 05-1 Buyer USD 2,900,000 2,346,986 (118,014) 17-Feb-51 Citibank CMNBBB 04-1 Buyer USD 2,900,000 2,346,986 (113,583) 17-Feb-51 Citibank CMNBBB 04-1 Buyer USD 3,850,000 3,115,826 37,965 12-Oct-52 Citibank CMBX_NA_AAA-1 Buyer USD 7,300,000 176,984 (278,799) 12-Oct-52 Credit Suisse CMBX_NA_AAA-1 Buyer USD 5,000,000 121,222 (1,078,410) 12-Oct-52 Credit Suisse CMBX_NA_AAA-1 Buyer USD 3,000,000 72,733 (609,880) 12-Oct-52 Credit Suisse CMBX_NA_AAA-1 Buyer USD 2,500,000 60,611 (499,957) 12-Oct-52 Credit Suisse CMBX_NA_AAA-1 Buyer USD 2,000,000 48,489 (361,773) 12-Oct-52 Deutsche Bank CMBX_NA_AAA-1 Buyer USD 4,300,000 104,251 (723,141) 12-Oct-52 RBS CMBX_NA_AAA-1 Buyer USD 7,300,000 176,984 (278,799) 12-Oct-52 Citibank CMBX_NA_BBB-1 Buyer USD 2,700,000 1,916,145 (78,840) 12-Oct-52 Credit Suisse CMNAJSV1 Buyer USD 4,000,000 317,867 (862,040) 12-Oct-52 Morgan StanleyCMNAJSV1 Buyer USD 5,350,000 425,147 (253,733) 12-Oct-52 RBS CMNAJSV1 Buyer USD 3,500,000 278,133 (551,157)

20-Mar-11 Citibank MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,850,000 (78,494) 385,027 20-Mar-11 Credit Suisse MBIA Global Funding 0.484% 20/03/2015 Seller USD 600,000 (16,525) 87,058 20-Mar-11 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,750,000 (75,740) 545,684 20-Jun-11 Barclays Bank MetLife 5.000% 15/06/2015 Seller USD 6,000,000 18,082 8,943 20-Jun-11 HSBC Greece (Republic of) 5.900% 22/10/2022 Seller USD 6,620,000 (145,341) 130,817 20-Jun-11 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,850,000 (168,347) 546,924 20-Jun-11 Citibank Spain (Kingdom of) 5.500% 30/07/2017 Seller USD 2,650,000 (20,117) (18,098) 20-Dec-11 UBS Realogy 10.5% 15/04/2014 Seller USD 2,800,000 46,620 159,398 20-Jun-12 UBS K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 2,900,000 (154,671) 71,690 20-Jun-12 UBS K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 2,900,000 (154,677) 76,920 20-Sep-12 Deutsche Bank K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 1,400,000 (107,509) 85,768 20-Sep-12 Deutsche Bank K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 1,400,000 (107,509) 85,185 20-Sep-12 UBS K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 1,400,000 (107,509) 107,546 20-Sep-12 Credit Suisse MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,800,000 (706,758) 701,019

147 JPMorgan Investment Funds - Income Opportunity 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-Sep-12 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,750,000 (694,138) 630,828 20-Sep-12 Barclays Bank Rite Aid 7.7% 15/02/2027 Seller USD 1,400,000 (13,248) 11,641 20-Dec-12 Citibank Block Financial 5.125% 30/10/2014 Seller USD 2,900,000 95 14,128 20-Dec-12 Barclays Bank First Data 9.875% 24/09/2015 Seller USD 1,400,000 25,730 72,980 20-Dec-12 Barclays Bank First Data 9.875% 24/09/2015 Seller USD 550,000 10,108 19,962 20-Dec-12 Barclays Bank First Data 9.875% 24/09/2015 Seller USD 2,900,000 53,298 44,840 20-Dec-12 Barclays Bank First Data 9.875% 24/09/2015 Seller USD 2,900,000 53,298 41,215 20-Dec-12 Citibank First Data 9.875% 24/09/2015 Seller USD 1,400,000 25,730 72,980 20-Dec-12 UBS First Data 9.875% 24/09/2015 Seller USD 10,600,000 194,815 308,176 20-Dec-12 UBS First Data 9.875% 24/09/2015 Seller USD 2,900,000 53,298 87,937 20-Dec-12 Barclays Bank Freescale Semiconductor 8.875% 15/12/2014 Seller USD 2,800,000 117,568 153,735 20-Dec-12 Barclays Bank Freescale Semiconductor 8.875% 15/12/2014 Seller USD 2,800,000 117,568 139,346 20-Dec-12 Deutsche Bank Knight Ridder 5.750% 01/09/2017 Seller USD 2,800,000 47,191 102,802 20-Dec-12 Deutsche Bank Knight Ridder 5.750% 01/09/2017 Seller USD 1,400,000 23,595 49,845 20-Dec-12 Morgan StanleyKnight Ridder 5.750% 01/09/2017 Seller USD 1,450,000 24,438 31,285 20-Dec-12 Morgan StanleyKnight Ridder 5.750% 01/09/2017 Seller USD 1,450,000 24,438 25,445 20-Dec-12 UBS Knight Ridder 5.750% 01/09/2017 Seller USD 850,000 14,326 31,208 20-Dec-12 Barclays Bank Level 3 Communications 9% 15/10/2013 Seller USD 1,450,000 5,508 40,348 20-Dec-12 Barclays Bank Realogy 10.5% 15/04/2014 Seller USD 550,000 1,483 37,539 20-Dec-12 Citibank Realogy 10.5% 15/04/2014 Seller USD 2,850,000 7,686 173,144 20-Dec-12 Citibank Realogy 10.5% 15/04/2014 Seller USD 2,900,000 7,821 158,460 20-Dec-12 Citibank Realogy 10.5% 15/04/2014 Seller USD 2,900,000 7,821 184,238 20-Dec-12 Deutsche Bank Realogy 10.5% 15/04/2014 Seller USD 2,800,000 7,551 193,829 20-Dec-12 Morgan StanleyRealogy 10.5% 15/04/2014 Seller USD 2,800,000 7,551 179,829 20-Dec-12 Morgan StanleyRealogy 10.5% 15/04/2014 Seller USD 2,900,000 7,821 151,613 20-Dec-12 UBS Realogy 10.5% 15/04/2014 Seller USD 2,900,000 7,821 172,960 20-Dec-12 Citibank Caesars Entertainment Operating 5.625% 01/06/2015 Seller USD 2,900,000 (18,668) 61,082 20-Dec-12 Credit Suisse Caesars Entertainment Operating 5.625% 01/06/2015 Seller USD 1,450,000 (9,334) 32,354 20-Dec-12 Citibank Clear Channel Communications 6.875% 15/06/2018 Seller USD 1,400,000 (13,444) 96,612 20-Dec-12 Citibank Clear Channel Communications 6.875% 15/06/2018 Seller USD 2,900,000 (27,848) 94,596 20-Dec-12 Morgan StanleyClear Channel Communications 6.875% Seller15/06/2018 USD 1,400,000 (13,444) 93,112 20-Dec-12 Morgan StanleyClear Channel Communications 6.875% Seller15/06/2018 USD 2,800,000 (26,888) 147,723 20-Dec-12 Morgan StanleyClear Channel Communications 6.875% Seller15/06/2018 USD 2,800,000 (26,888) 122,057 20-Dec-12 Morgan StanleyClear Channel Communications 6.875% Seller15/06/2018 USD 1,450,000 (13,924) 51,326 20-Dec-12 Morgan StanleyClear Channel Communications 6.875% Seller15/06/2018 USD 2,900,000 (27,848) 94,596 20-Dec-12 Morgan StanleyClear Channel Communications 6.875% Seller15/06/2018 USD 2,900,000 (27,848) 38,208 20-Dec-12 Morgan StanleyClear Channel Communications 6.875% Seller15/06/2018 USD 4,350,000 (41,772) 45,228 20-Dec-12 Morgan StanleyClear Channel Communications 6.875% Seller15/06/2018 USD 2,900,000 (27,848) 21,694 20-Dec-12 UBS Clear Channel Communications 6.875% 15/06/2018 Seller USD 1,400,000 (13,444) 85,139 20-Dec-12 Barclays Bank K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 4,200,000 (414,411) 177,672 20-Dec-12 Morgan StanleyK Hovnanian Enterprises 8.625% Seller15/01/2017 USD 1,400,000 (138,137) 92,474 20-Dec-12 Morgan StanleyK Hovnanian Enterprises 8.625% Seller15/01/2017 USD 600,000 (59,202) 5,632 20-Dec-12 UBS K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 8,850,000 (873,224) 365,776 20-Dec-12 UBS K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 5,800,000 (572,282) 281,607 20-Dec-12 UBS K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 5,800,000 (572,282) 147,885 20-Dec-12 UBS K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 1,450,000 (143,071) 47,041 20-Dec-12 UBS K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 2,900,000 (286,141) 98,512 20-Dec-12 UBS K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 11,650,000 (1,149,498) 240,412 20-Dec-12 Credit Suisse MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,450,000 (423,122) 69,677 20-Dec-12 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,900,000 (846,243) 128,076 20-Dec-12 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,450,000 (423,122) 69,677 20-Dec-12 UBS MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,900,000 (846,243) 63,632 20-Dec-12 Barclays Bank MGM Resorts International Seller USD 1,450,000 (3,870) 13,450 20-Dec-12 Citibank MGM Resorts International Seller USD 1,450,000 (3,870) 13,651 20-Dec-12 UBS MGM Resorts International Seller USD 2,900,000 (7,740) 12,802 20-Dec-12 UBS MGM Resorts International Seller USD 4,350,000 (11,610) 29,474 20-Dec-12 UBS MGM Resorts International Seller USD 5,800,000 (15,480) 22,381 20-Dec-12 BNP Paribas Rite Aid 7.7% 15/02/2027 Seller USD 2,800,000 (47,845) 46,266 20-Dec-12 BNP Paribas Rite Aid 7.7% 15/02/2027 Seller USD 1,400,000 (23,923) (784) 20-Dec-12 BNP Paribas Rite Aid 7.7% 15/02/2027 Seller USD 1,400,000 (23,923) (784) 20-Dec-12 Deutsche Bank Rite Aid 7.7% 15/02/2027 Seller USD 2,800,000 (47,845) (1,567) 20-Dec-12 RBS Rite Aid 7.7% 15/02/2027 Seller USD 2,800,000 (47,845) (1,567) 20-Dec-12 UBS Rite Aid 7.7% 15/02/2027 Seller USD 2,800,000 (47,845) 21,766 20-Dec-12 UBS Rite Aid 7.7% 15/02/2027 Seller USD 1,400,000 (23,923) 17,494 20-Dec-12 UBS Rite Aid 7.7% 15/02/2027 Seller USD 2,800,000 (47,845) (1,567) 20-Mar-13 UBS Block Financial 5.125% 30/10/2014 Seller USD 1,450,000 (3,518) (11,069) 20-Mar-13 UBS Level 3 Communications 9% 15/10/2013 Seller USD 1,400,000 (117) 86,217 20-Mar-13 UBS Level 3 Communications 9% 15/10/2013 Seller USD 1,400,000 (117) 81,550 20-Mar-13 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 750,000 (245,055) 53,591 20-Jun-13 Barclays Bank Clear Channel Communications 6.875% 15/06/2018 Seller USD 2,800,000 (86,451) 272,883 20-Jun-13 Barclays Bank Clear Channel Communications 6.875% 15/06/2018 Seller USD 4,200,000 (129,676) 356,824 20-Jun-13 UBS Level 3 Communications 9% 15/10/2013 Seller USD 8,350,000 (132,592) 555,123 20-Jun-13 UBS Level 3 Communications 9% 15/10/2013 Seller USD 2,800,000 (44,462) 184,594 20-Jun-13 UBS Level 3 Communications 9% 15/10/2013 Seller USD 2,900,000 (46,050) 125,131 20-Jun-13 Citibank MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,750,000 (990,218) 553,984 20-Jun-13 Citibank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,350,000 (486,107) 178,956 20-Jun-13 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,650,000 (954,210) 236,818 20-Jun-13 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,350,000 (486,107) 120,456 20-Jun-13 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,350,000 (486,107) 147,456 20-Jun-13 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,700,000 (972,214) (36,964) 20-Jun-13 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,350,000 (486,107) 4,768 20-Jun-13 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,750,000 (990,218) 388,984 20-Jun-13 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,750,000 (990,218) 445,893 20-Jun-13 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,750,000 (990,218) 489,817 20-Jun-13 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,350,000 (486,107) 226,768 20-Jun-13 UBS MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,750,000 (990,218) (111,745) 20-Jun-13 UBS MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,350,000 (486,107) 202,393

148 JPMorgan Investment Funds - Income Opportunity 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-Jun-13 UBS MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,350,000 (486,107) 195,643 20-Jun-13 UBS MBIA Global Funding 0.484% 20/03/2015 Seller USD 6,800,000 (2,448,538) 984,517 20-Jun-13 UBS MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,750,000 (990,218) 378,289 20-Jun-13 Barclays Bank MGM Resorts International Seller USD 1,450,000 (22,954) 20,747 20-Sep-13 Credit Suisse MBIA Global Funding 0.484% 20/03/2015 Seller USD 4,150,000 (1,616,062) 736,181 20-Sep-13 Credit Suisse MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,750,000 (1,070,884) 500,817 20-Sep-13 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,350,000 (525,707) 244,543 20-Sep-13 UBS MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,850,000 (1,109,826) 479,049 20-Sep-13 UBS MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,400,000 (545,178) 233,184 20-Sep-13 UBS MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,800,000 (1,090,355) 331,423 20-Dec-13 UBS Freescale Semiconductor 8.875% 15/12/2014 Seller USD 1,450,000 47,137 93,456 20-Dec-13 UBS Freescale Semiconductor 8.875% 15/12/2014 Seller USD 10,200,000 331,586 537,003 20-Dec-13 Citibank Eastman Kodak 7.250% 15/11/2013 Seller USD 2,800,000 (35,750) 94,528 20-Dec-13 Citibank Eastman Kodak 7.250% 15/11/2013 Seller USD 2,850,000 (36,388) 55,049 20-Dec-13 Morgan StanleyEastman Kodak 7.250% 15/11/2013 Seller USD 4,350,000 (55,540) 127,522 20-Dec-13 UBS Eastman Kodak 7.250% 15/11/2013 Seller USD 2,800,000 (35,750) 101,528 20-Dec-13 Barclays Bank First Data 9.875% 24/09/2015 Seller USD 5,550,000 (72,590) 251,160 20-Dec-13 Deutsche Bank Knight Ridder 5.750% 01/09/2017 Seller USD 2,800,000 (10,132) 160,201 20-Dec-13 Deutsche Bank Knight Ridder 5.750% 01/09/2017 Seller USD 2,850,000 (10,313) 140,896 20-Dec-13 Morgan StanleyKnight Ridder 5.750% 01/09/2017 Seller USD 4,200,000 (15,198) 198,302 20-Dec-13 UBS Level 3 Communications 9% 15/10/2013 Seller USD 2,800,000 (125,665) 219,280 20-Dec-13 UBS Level 3 Communications 9% 15/10/2013 Seller USD 2,900,000 (130,153) 202,542 20-Dec-13 UBS Level 3 Communications 9% 15/10/2013 Seller USD 4,350,000 (195,229) 100,813 20-Dec-13 UBS Level 3 Communications 9% 15/10/2013 Seller USD 5,800,000 (260,305) 99,778 20-Dec-13 Citibank Realogy 10.5% 15/04/2014 Seller USD 2,900,000 (109,462) 246,593 20-Dec-13 Morgan StanleyRealogy 10.5% 15/04/2014 Seller USD 2,900,000 (109,462) 266,732 20-Dec-13 UBS Realogy 10.5% 15/04/2014 Seller USD 2,900,000 (109,462) 260,288 20-Dec-13 Barclays Bank Rite Aid 7.7% 15/02/2027 Seller USD 1,450,000 (94,028) (17,500) 20-Dec-13 Citibank Rite Aid 7.7% 15/02/2027 Seller USD 2,900,000 (188,056) (35,000) 20-Dec-13 Deutsche Bank Rite Aid 7.7% 15/02/2027 Seller USD 2,800,000 (181,571) 45,151 20-Dec-13 Deutsche Bank Rite Aid 7.7% 15/02/2027 Seller USD 5,750,000 (372,869) (59,015) 20-Dec-13 Deutsche Bank Rite Aid 7.7% 15/02/2027 Seller USD 5,800,000 (376,111) (70,000) 20-Dec-13 UBS Rite Aid 7.7% 15/02/2027 Seller USD 2,900,000 (188,056) (29,764) 20-Jun-14 Deutsche Bank MetLife 5.000% 15/06/2015 Seller USD 3,000,000 384,753 326,173 20-Jun-14 Deutsche Bank MetLife 5.000% 15/06/2015 Seller USD 3,000,000 384,753 270,245 20-Jun-14 Deutsche Bank Prudential Financial 4.500% 15/07/2013 Seller USD 2,000,000 268,479 598,479 20-Sep-14 Deutsche Bank MetLife 5.000% 15/06/2015 Seller USD 3,000,000 402,347 195,854 20-Dec-14 Deutsche Bank Berkshire Hathaway Finance 4.625% 15/10/2013 Seller USD 2,500,000 (7,518) 43,087 20-Dec-14 Deutsche Bank MetLife 5.000% 15/06/2015 Seller USD 4,000,000 (54,068) 138,550 20-Dec-14 Deutsche Bank MetLife 5.000% 15/06/2015 Seller USD 3,000,000 (40,551) 149,441 20-Dec-14 Deutsche Bank MetLife 5.000% 15/06/2015 Seller USD 3,000,000 (40,551) 165,057 20-Mar-15 Deutsche Bank PolyOne 8.875% 01/05/2012 Seller USD 2,750,000 292,822 265,024 20-Mar-15 Deutsche Bank PolyOne 8.875% 01/05/2012 Seller USD 2,750,000 292,822 259,211 20-Mar-15 Credit Suisse Berkshire Hathaway Finance 4.625% 15/10/2013 Seller USD 4,000,000 (17,830) 66,623 20-Mar-15 Deutsche Bank Berkshire Hathaway Finance 4.625% 15/10/2013 Seller USD 4,000,000 (17,830) 74,653 20-Mar-15 RBS Berkshire Hathaway Finance 4.625% 15/10/2013 Seller USD 6,900,000 (30,756) (9,248) 20-Mar-15 UBS Berkshire Hathaway Finance 4.625% 15/10/2013 Seller USD 4,000,000 (17,830) 49,785 20-Mar-15 Citibank Eastman Kodak 7.250% 15/11/2013 Seller USD 750,000 (53,391) 24,005 20-Mar-15 UBS Eastman Kodak 7.250% 15/11/2013 Seller USD 4,300,000 (306,106) 192,574 20-Mar-15 UBS Eastman Kodak 7.250% 15/11/2013 Seller USD 1,300,000 (92,544) 90,359 20-Mar-15 Credit Suisse MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,300,000 (673,596) 99,723 20-Mar-15 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,250,000 (647,689) 35,992 20-Mar-15 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,400,000 (725,412) 104,866 20-Mar-15 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,400,000 (725,412) 58,005 20-Mar-15 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,400,000 (725,412) (23,856) 20-Mar-15 UBS MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,250,000 (647,689) 42,068 20-Mar-15 Citibank MetLife 5.000% 15/06/2015 Seller USD 7,100,000 (117,252) 135,824 20-Mar-15 Deutsche Bank MetLife 5.000% 15/06/2015 Seller USD 14,300,000 (236,155) 304,933 20-Mar-15 UBS MetLife 5.000% 15/06/2015 Seller USD 4,000,000 (66,057) 156,934 20-Mar-15 UBS MetLife 5.000% 15/06/2015 Seller USD 7,100,000 (117,252) 138,576 20-Jun-15 UBS K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 2,750,000 (700,328) (125,119) 20-Jun-15 UBS K Hovnanian Enterprises 8.625% 15/01/2017 Seller USD 2,750,000 (700,328) (120,536) 20-Jun-15 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,350,000 (714,021) (111,771) 20-Jun-15 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,350,000 (714,021) 64,291 20-Jun-15 Deutsche Bank MBIA Global Funding 0.484% 20/03/2015 Seller USD 2,750,000 (1,454,487) 153,117 20-Jun-15 UBS MBIA Global Funding 0.484% 20/03/2015 Seller USD 1,350,000 (714,021) 95,416 20-Jun-15 RBS MetLife 5.000% 15/06/2015 Seller USD 5,550,000 (111,785) 416,801 20-Sep-15 Citibank Berkshire Hathaway Finance 4.625% 15/10/2013 Seller USD 6,700,000 (59,650) 267,036 20-Sep-15 UBS Berkshire Hathaway Finance 4.625% 15/10/2013 Seller USD 5,350,000 (47,631) 210,220 20-Sep-15 UBS Berkshire Hathaway Finance 4.625% 15/10/2013 Seller USD 5,650,000 (50,302) 139,565 20-Sep-15 UBS Berkshire Hathaway Finance 4.625% 15/10/2013 Seller USD 5,650,000 (50,302) 156,824 20-Dec-15 Deutsche Bank CDXEM 15-1 Seller USD 5,800,000 42,564 4,004 20-Dec-15 Morgan StanleyCDXEM 15-1 Seller USD 5,550,000 40,730 67,933 20-Dec-15 UBS CDXEM 15-1 Seller USD 14,150,000 103,842 (19,333) 20-Dec-15 Citibank MCDX 15-1 Seller USD 10,000,000 (446,224) - 20-Dec-15 UBS MCDX 15-1 Seller USD 10,000,000 (440,202) (52,863) 20-Dec-15 Deutsche Bank Berkshire Hathaway Finance 4.625% 15/10/2013 Seller USD 5,550,000 (61,420) 120,449 20-Dec-15 UBS Prudential Financial 4.500% 15/07/2013 Seller USD 13,950,000 (251,675) 461,876 20-Dec-15 Citibank SUPERVALU 7.5% 15/05/2012 Seller USD 2,800,000 (178,116) (45,894) 20-Dec-15 Deutsche Bank SUPERVALU 7.5% 15/05/2012 Seller USD 2,800,000 (178,116) (45,894) 20-Dec-15 UBS SUPERVALU 7.5% 15/05/2012 Seller USD 2,800,000 (178,116) (45,894) 20-Dec-15 BNP Paribas SUPERVALU 8% 01/05/2016 Seller USD 1,450,000 (92,239) 4,025 20-Dec-15 BNP Paribas SUPERVALU 8% 01/05/2016 Seller USD 1,450,000 (92,239) 7,449 20-Dec-15 BNP Paribas SUPERVALU 8% 01/05/2016 Seller USD 1,450,000 (92,239) 7,247 20-Dec-15 UBS SUPERVALU 8% 01/05/2016 Seller USD 2,800,000 (178,116) (73,505) 20-Dec-15 UBS SUPERVALU 8% 01/05/2016 Seller USD 2,800,000 (178,116) (35,783) 20-Dec-15 UBS SUPERVALU 8% 01/05/2016 Seller USD 7,250,000 (461,194) (74,528)

149 JPMorgan Investment Funds - Income Opportunity 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 UBS SUPERVALU 8% 01/05/2016 Seller USD 2,900,000 (184,478) (6,450) 20-Mar-16 Morgan StanleyJC Penney 6.375% 15/10/2036 Seller USD 14,550,000 (650,104) 17,461 25-Aug-37 Deutsche Bank AXHPENAAA 07-1 Seller USD 3,000,000 (1,295,780) (328,430) 25-Jan-38 Citibank ABX_HE_PEN_07_2 Seller USD 10,000,000 (5,230,700) 1,443,244 25-Jan-38 Citibank ABX_HE_PEN_07_2 Seller USD 14,000,000 (7,322,981) 1,770,813 25-Jan-38 Citibank ABX_HE_PEN_07_2 Seller USD 3,300,000 (1,726,130) 318,963 15-Mar-49 Deutsche Bank CMNBBB 02-1 Seller USD 5,550,000 (2,276,463) 526,094 15-Mar-49 Morgan StanleyCMNBBB 02-1 Seller USD 5,550,000 (2,276,463) 526,094 15-Mar-49 Citibank CMNAA 02-1 Seller USD 4,900,000 (2,009,850) 292,809 13-Dec-49 Barclays Bank CMBX_NA_A3 Seller USD 5,350,000 (3,206,150) 523,447 13-Dec-49 Morgan StanleyCMBX_NA_A3 Seller USD 2,670,000 (1,600,078) 267,909 17-Feb-51 Credit Suisse CMBX_NA_AAA_4 Seller USD 4,000,000 (166,405) 773,556 17-Feb-51 Morgan StanleyCMBX_NA_AAA_4 Seller USD 5,350,000 (222,566) 257,580 17-Feb-51 RBS CMBX_NA_AAA_4 Seller USD 3,500,000 (145,604) 527,328 17-Feb-51 Citibank CMNA 04-1 Seller USD 6,950,000 (1,868,333) 379,690 17-Feb-51 RBS CMNAJ 04-1 Seller USD 4,000,000 (1,075,298) 957,566 17-Feb-51 Morgan StanleyCMNAM 04-1 Seller USD 5,550,000 (570,154) 454,899 17-Feb-51 Morgan StanleyCMNAM 04-1 Seller USD 5,550,000 (570,154) 317,459

Total (52,191,088) 17,007,774

Schedule of Investments - Outstanding Interest Rate Swaps (Expressed in USD)

Unrealised Termination Market Gain/ Date Counterparty Description Currency Nominal Value (Loss)

27-Oct-15 Deutsche Bank Receive floating rate USD LIBOR 3 months USD 121,807,000 2,965,802 2,965,802 Pay fixed rate 1.585% 27-Oct-40 Deutsche Bank Receive fixed rate 3.382% USD 30,405,000 (4,042,016) (4,042,016) Pay floating rate USD LIBOR 3 months

Total (1,076,214) (1,076,214)

Schedule of Investments - Outstanding Option Straddle Contracts on Interest Rate Swaps (Expressed in USD)

Unrealised Maturity Notional Market Gain/ Date Counterparty Description Currency Amount Value (Loss)

26-Aug-11 Citibank Payfixed 2.873% Receive floating USD LIBOR 3 months 31/08/2021, Strike Price 2.873% USD 5,381,000 472,801 91,288

Total 472,801 91,288

Schedule of Investments - Outstanding Price Lock Swaps (Expressed in USD)

Unrealised Termination Market Gain/ Date Counterparty Referenced Obligation Currency Notional Value (Loss)

28-Jan-11 Citibank US Treasury Note 2% 31/12/15, Price Lock 100.027 USD 7,335,000 - -

Total - -

150 JPMorgan Investment Funds - Japan 50 Equity 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 Allocation of Portfolio as at 31 December 2010 % of Shares Net Assets Shares JAPAN Consumer Discretionary 19.99 107,700 Aisin Seiki 309,583,650 1.21 Industrials 19.96 867,000 Amada 573,520,500 2.24 Financials 17.21 203,200 Astellas Pharma 628,904,000 2.46 Materials 11.64 70,800 Benesse Holdings 265,323,001 1.04 Information Technology 10.63 212,000 Capcom 276,660,000 1.08 Consumer Staples 5.78 277,900 Chugai Pharmaceutical 414,348,900 1.62 Health Care 4.80 512,900 Citizen Holdings 286,711,100 1.12 Utilities 4.54 351,600 COMSYS Holdings 303,958,200 1.19 Telecommunication Services 3.85 4,635 Dai-ichi Life Insurance 612,515,250 2.40 1,720,000 DIC 313,900,000 1.23 Total Shares 98.40 48,300 Electric Power Development 123,020,100 0.48 Cash and Other Assets/(Liabilities) 1.60 418,300 Elpida Memory395,084,350 1.55 Total 100.00 224,400 FUJIFILM Holdings 658,614,000 2.58 378,000 Fukuoka Financial Group 133,812,000 0.53 1,238,000 Hokuhoku Financial Group 204,889,000 0.80 2,075 Japan Tobacco 624,056,250 2.44 240,000 JFE Holdings 679,080,000 2.66 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of 1,586,000 Kawasaki Kisen Kaisha 566,995,000 2.22 Net Assets 1,030 KDDI 483,585,000 1.89 Shares 1,018,000 Marubeni 581,278,000 2.28 Industrials 21.51 833,000 Minebea 426,912,500 1.67 Consumer Discretionary 21.43 395,000 Mitsubishi Electric 337,132,500 1.32 Financials 16.48 871,400 Mitsubishi UFJ Financial Group 382,980,300 1.50 Materials 10.90 364,700 Mitsui & Co. 489,427,400 1.92 Information Technology 7.41 65,000 Mitsui Fudosan 105,267,500 0.41 Consumer Staples 5.81 3,709,900 Mizuho Financial Group 569,469,650 2.23 Utilities 5.24 21,500 Nintendo 511,915,000 2.01 Health Care 4.99 1,891,000 Nippon Sheet Glass 415,074,500 1.63 Telecommunication Services 4.84 1,868,000 Nippon Steel 544,522,000 2.13 135,600 Nippon Telegraph & Telephone 499,347,000 1.96 Total Shares 98.61 1,409,000 Nippon Yusen 507,944,500 1.99 Cash and Other Assets/(Liabilities) 1.39 1,407,000 Nishi-Nippon City Bank 348,232,500 1.36 Total 100.00 861,400 Nissan Motor 666,292,900 2.61 40,400 Nitori 287,042,000 1.13 130,100 Nitto Denko 498,283,000 1.95 887,000 Nomura Holdings 457,248,500 1.79 263,000 Nomura Real Estate Holdings 388,845,500 1.52 145,000 Nomura Research Institute 262,232,500 1.03 912,000 Obayashi 340,632,000 1.33 19,420 ORIX 155,360,000 0.61 545,000 Ricoh 648,277,500 2.54 156,500 Seiko Epson 231,776,500 0.91 262,700 Shiseido 466,029,800 1.83 142,400 Sony416,947,200 1.63 864,000 Sumitomo Chemical 345,600,000 1.35 1,108,000 Sumitomo Heavy Industries 577,268,000 2.26 292,800 Sumitomo Mitsui Financial Group 847,509,600 3.32 497,500 Sumitomo Rubber Industries 421,631,250 1.65 162,300 Sundrug 384,488,700 1.51 74,200 Suzuken 184,164,400 0.72 521,500 Tokyo Electric Power 1,035,177,500 4.06 460,000 Tokyu Land 187,910,000 0.74 354,000 Toshiba 156,291,000 0.61 375,500 Toyota Motor 1,210,987,500 4.74 2,432,000 Ube Industries 593,408,000 2.32 456 West Japan 0.54 Railway138,396,000 10,046 Yahoo! Japan 316,700,150 1.24 60,100 Yamada Denki 333,254,500 1.31

25,125,817,651 98.40

Total Shares 25,125,817,651 98.40

Total Transferable Securities Admitted to an 25,125,817,651 98.40 Official Exchange Listing Total Investments 25,125,817,651 98.40

Cash 384,229,085 1.50

Other Assets/(Liabilities) 23,431,218 0.10

Total Net Assets 25,533,477,954 100.00

151 JPMorgan Investment Funds - Japan 50 Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in JPY) As at 31 December 2010

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

Equity Futures

Mar-11 38 Topix Index Future JPY 340,480,000 (1,441,000)

Total (1,441,000)

152 JPMorgan Investment Funds - 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 1,200 Nabtesco 25,591 0.50 1,200 Nafco 20,613 0.40 Shares 800 NEC Networks and System Integration 10,350 0.20 2,000 NGK Spark Plug 30,724 JAPAN 0.60 4,000 Nichias 20,753 5,000 Aichi Machine 0.40 Industry20,403 0.41 1,000 Nihon Parkerizing 14,445 4,000 Aichi Steel 27,425 0.54 0.28 3,000 Nippo 20,883 600 Aisin Seiki 21,230 0.41 0.41 2,000 Nippon Paint 15,325 9,000 All Nippon Airways 33,567 0.65 0.30 600 Nippon Paper Group 15,731 1,600 Alpine Electronics 22,728 0.44 0.31 8,000 Nippon Road 19,055 4,000 Amada 32,570 0.63 0.37 7,000 Nippon Sheet Glass 18,913 1,300 AOKI Holdings 23,579 0.46 0.37 2,000 Nippon Shokubai 20,704 13,000 Aozora Bank 26,963 0.52 0.40 3,000 Nippon Synthetic Chemical Industry 20,181 2,700 Canon 140,002 2.73 0.39 2,400 Nippon Telegraph & Telephone 108,789 5 Central Japan 0.81 Railway41,851 2.12 9,000 Nippon Yusen 39,937 1,400 Century Tokyo Leasing 22,799 0.44 0.78 6,800 Nissan Motor 64,744 1,200 Circle K Sunkus 19,269 0.38 1.26 300 Nitori Holdings 26,237 700 Cocokara Fine 14,881 0.29 0.51 700 Nitto Denko 33,001 6,000 Cosmo Oil 19,682 0.38 0.64 1,200 NOK 25,015 14 CyberAgent 30,485 0.60 0.49 2,000 NSK 18,070 3,000 Daicel Chemical Industries 21,935 0.43 0.35 36 NTT DoCoMo 62,925 2,000 Daihatsu Motor 30,699 0.60 1.22 100 Obic 20,606 1,200 Daiichikosho 23,279 0.45 0.40 700 Okinawa Electric Power 34,918 4,000 Dainippon Screen Manufacturing 28,385 0.55 0.68 2,000 Okuwa 21,024 4,000 Daiwa Industries 20,335 0.40 0.41 900 Omron 23,879 700 Dena 25,104 0.49 0.47 2,000 Onward Holdings 17,331 4 Dr Ci:Labo 15,584 0.30 0.34 650 ORIX 64,008 2,000 Eagle Industry20,975 0.41 1.25 6,000 Osaka Gas 23,301 2,200 EDION 19,755 0.38 0.45 1,100 Osaka Steel 19,599 500 Exedy16,208 0.32 0.38 7,200 Pioneer 29,734 600 FamilyMart 22,600 0.44 0.58 3,000 Press Kogyo 14,420 600 Fanuc 92,098 1.79 0.28 600 Ricoh Leasing 16,514 800 FCC 18,631 0.36 0.32 300 Rinnai 18,335 5,000 Fuji Heavy Industries 38,805 0.76 0.36 4,000 Sakai Chemical Industry19,769 900 Fuji Machine Manufacturing 17,797 0.35 0.39 3,000 Sakata INX 15,085 1,400 FUJIFILM Holdings 50,579 0.98 0.29 3,000 Sanyo Special Steel 18,131 6,000 Fujitsu 41,765 0.81 0.35 3,800 Sapporo Hokuyo Holdings 17,798 500 Fukuda Denshi 13,626 0.26 0.35 4,000 Seino Holdings 27,523 9,000 Fukuoka Financial Group 39,217 0.76 0.54 2,000 Sekisui Jushi 20,446 4,000 Fukuyama Transporting 21,320 0.42 0.40 3,000 Sekisui Plastics 13,534 700 Fuyo General Lease 22,911 0.45 0.26 900 Shimachu 21,065 15,000 Hitachi 79,948 1.56 0.41 1,300 Skymark Airlines 18,930 1,400 Hitachi Capital 21,662 0.42 0.37 200 SMC 34,293 3,000 Hokuetsu Kishu Paper 17,079 0.33 0.67 2,900 Softbank 100,433 3,300 Honda Motor 130,696 2.55 1.96 1,200 Sony43,250 300 Idemitsu Kosan 31,850 0.62 0.84 4,400 Sumitomo 62,258 2,100 Iida Home Max 22,760 0.44 1.21 1,400 Sumitomo Electric Industries 19,439 8,000 Isuzu Motors 36,386 0.71 0.38 2,000 Sumitomo Metal Mining 34,970 5,800 ITOCHU 58,721 1.14 0.68 3,700 Sumitomo Mitsui Financial Group 131,827 5,000 JFE Shoji Holdings 23,264 0.45 2.57 9,000 Sumitomo Osaka Cement 20,329 1,000 JGC 21,750 0.42 0.40 7,000 Sumitomo Trust & Banking 44,030 2,100 JSP 30,980 0.60 0.86 1,400 Tachi-S 22,963 9,500 JX Holdings 64,491 1.26 0.45 6,000 Taihei Kogyo 28,213 1,000 K’s Holdings 27,197 0.53 0.55 700 Takata 20,735 4 Kakaku.com 23,794 0.46 0.40 800 Takeda Pharmaceutical 39,365 700 Kansai Electric Power 17,276 0.34 0.77 800 Tamron 16,662 2,000 Kansai Paint 19,387 0.38 0.32 5,000 Toagosei 23,418 7,000 Kawasaki Kisen Kaisha 30,804 0.60 0.46 600 Tokyo Electric Power 14,660 3,000 Kayaba Industry 23,006 0.45 0.29 700 Torii Pharmaceutical 15,182 8 KDDI 46,233 0.90 0.30 4,000 Toyo Ink Manufacturing 19,646 800 Keihin 18,026 0.35 0.38 3,100 Toyota Motor 123,061 100 Keyence 28,982 0.57 2.40 1,300 Toyota Tsusho 22,859 1,300 Koa 16,490 0.32 0.45 2,000 Tsugami 14,180 6,000 Kobe Steel 15,177 0.30 0.28 11 TV Asahi 19,153 3,300 Kojima 19,335 0.38 0.37 1,200 Unipres 23,929 3,000 Komatsu 90,768 1.77 0.47 2,000 U-Shin 18,193 600 Kyocera 61,300 1.19 0.35 2,000 Yamaha Motor 32,570 1,000 Lintec 26,502 0.52 0.63 3,000 Yokohama Rubber 15,491 6,000 Marubeni 42,171 0.82 0.30 1,200 Yorozu 21,484 6,000 Marudai Food 19,609 0.38 0.42 4,000 Zeon 33,506 1,500 Marui Group 12,205 0.24 0.65 1,800 Meiko Network Japan 15,122 0.29 600 Melco Holdings 20,975 0.41 5,068,516 98.73 1,100 Ministop 19,078 0.37 2,000 Mitsuba 17,171 0.33 Total Shares 5,068,516 98.73 3,700 Mitsubishi 100,129 1.95 Total Transferable Securities Admitted to an Official 5,068,516 98.73 6,000 Mitsubishi Chemical Holdings 40,731 0.79 Exchange Listing 6,000 Mitsubishi Electric 63,035 1.23 4,000 Mitsubishi Gas Chemical 28,410 0.55 Total Investments 5,068,516 98.73 5,000 Mitsubishi Materials 15,971 0.31 33,200 Mitsubishi UFJ Financial Group 179,609 3.50 Cash 55,674 1.08 620 Mitsubishi UFJ Lease & Finance 24,593 0.48 5,400 Mitsui & Co. 89,202 1.74 Other Assets/(Liabilities) 9,780 0.19 5,000 Mitsui OSK Lines 34,127 0.66 52,700 Mizuho Financial Group 99,575 1.94 Total Net Assets 5,133,970 100.00 800 Musashi Seimitsu 0.39 Industry19,862

153 JPMorgan Investment Funds - 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

Allocation of Portfolio as at 31 December 2010 % of Net Assets Shares Consumer Discretionary 26.86 Industrials 24.42 Financials 14.30 Materials 12.12 Information Technology 8.51 Telecommunication Services 6.20 Energy 2.26 Utilities 1.76 Health Care 1.33 Consumer Staples 0.97 Total Shares 98.73 Cash and Other Assets/(Liabilities) 1.27 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Shares Industrials 23.33 Consumer Discretionary 22.04 Materials 13.06 Financials 11.11 Energy 0.88 Information Technology 10.05 Telecommunication Services 5.37 Utilities 2.98 Consumer Staples 3.73 Health Care 1.89 Total Shares 94.44 Cash and Other Assets/(Liabilities) 5.56 Total 100.00

154 JPMorgan Investment Funds - Japan Focus 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 Allocation of Portfolio as at 31 December 2010 % of Shares Net Assets Shares JAPAN Financials 32.93 101,000 77 Bank 43,531,000 0.43 Industrials 23.34 153,000 Asahi Glass 145,273,501 1.46 Materials 17.01 64,000 Astellas Pharma 198,080,000 1.99 Consumer Discretionary 6.02 428,000 Bank of Yokohama 180,402,000 1.81 Energy 5.34 33,400 Benesse Holding 125,166,500 1.26 Consumer Staples 5.14 95,900 Capcom 125,149,500 1.26 Telecommunication Services 5.13 58,000 Chiba Bank 30,624,000 0.30 Information Technology 2.47 512,000 Chuo Mitsui Trust Holdings 172,800,000 1.74 Health Care 1.99 1,399 Dai-ichi Life Insurance 184,877,850 1.86 106,000 Denki Kagaku Kogyo 40,969,000 0.41 Total Shares 99.37 970,000 DIC 177,025,000 1.77 Cash and Other Assets/(Liabilities) 0.63 127,800 Elpida Memory120,707,100 1.21 Total 100.00 142,000 Fujikura 58,220,000 0.59 499,000 Fukuoka Financial Group 176,646,000 1.77 415,000 Furukawa Electric 151,267,500 1.52 89,200 Hitachi Capital 112,124,400 1.13 1,116,000 Hokuhoku Financial Group 184,698,000 1.86 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of 17,400 Idemitsu Kosan 150,075,000 1.51 Net Assets 220 Inpex 104,610,000 1.05 Shares 331,000 ITOCHU 272,247,500 2.74 Financials 32.69 826 Japan Tobacco 248,419,500 2.50 Industrials 20.86 77,600 JFE Holdings 219,569,200 2.20 Materials 18.61 501,600 JX Holdings 276,632,400 2.78 Consumer Staples 9.50 528,000 Kawasaki Kisen Kaisha 188,760,000 1.90 Telecommunication Services 5.39 519 KDDI 243,670,500 2.45 Information Technology 4.39 1,020,000 Kobe Steel 209,610,000 2.11 Energy 3.08 446,000 Marubeni 254,666,000 2.56 Consumer Discretionary 2.50 425,000 Mazda Motor 98,812,500 0.99 Health Care 2.13 27,300 Mitsubishi 60,019,050 0.60 183,000 Mitsubishi Materials 47,488,500 0.48 Total Shares 99.15 952,300 Mitsubishi UFJ Financial Group 418,535,850 4.21 Cash and Other Assets/(Liabilities) 0.85 197,700 Mitsui & Co. 265,313,400 2.67 Total 100.00 250,000 Mitsui OSK Lines 138,625,000 1.39 1,904,000 Mizuho Financial Group 292,264,000 2.94 942,000 Nippon Sheet Glass 206,769,000 2.08 795,000 Nippon Steel 231,742,500 2.33 72,500 Nippon Telegraph & Telephone 266,981,250 2.68 519,000 Nippon Yusen 187,099,500 1.88 551,000 Nishi-Nippon City Bank 136,372,500 1.37 309,100 Nissan Motor 239,088,850 2.40 1,051,000 Nisshin Steel 190,756,500 1.92 350,300 Nomura Holdings 180,579,650 1.82 11,000 ORIX 88,000,000 0.88 258,700 Sapporo Hokuyo Holdings 98,435,350 0.99 1,627,000 Shinsei Bank 171,648,500 1.73 92,000 Shiseido 163,208,000 1.64 232,800 Sumitomo 267,603,600 2.69 362,000 Sumitomo Chemical 144,800,000 1.46 120,600 Sumitomo Electric Industries 136,036,800 1.37 911,000 Sumitomo Metal Industries 181,744,500 1.83 123,400 Sumitomo Mitsui Financial Group 357,181,300 3.59 39,900 Sumitomo Rubber Industries 33,815,250 0.34 303,000 Sumitomo Trust & Banking 154,833,000 1.56 25,300 T&D Holdings 52,155,950 0.52 1,622,000 Taiheiyo Cement 168,688,000 1.70 99,000 Tokio Marine Holdings 240,471,000 2.42 90,300 Tokyo Steel Manufacturing 80,050,950 0.80 28,200 Toyota Motor 90,945,000 0.92 42,400 Yakult Honsha 99,216,000 1.00

9,885,102,701 99.37

Total Shares 9,885,102,701 99.37

Total Transferable Securities Admitted to an 9,885,102,701 99.37 Official Exchange Listing Total Investments 9,885,102,701 99.37

Cash 87,028,152 0.87

Other Assets/(Liabilities) (24,543,004) (0.24)

Total Net Assets 9,947,587,849 100.00

155 JPMorgan Investment Funds - Japan Focus Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in JPY) As at 31 December 2010

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

Equity Futures

Mar-11 5 Topix Index Future JPY 44,800,000 (350,000)

Total (350,000)

156 JPMorgan Investment Funds - Japan Select Equity 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 169,000 Sumitomo Realty & Development 327,860,000 0.74 380,100 Sumitomo Rubber Industries 322,134,750 0.73 Shares 159,800 Sundrug 378,566,200 0.86 196,200 Suzuken 486,968,400 JAPAN 1.10 1,001,000 Taisei 190,690,500 122,300 Aisin Seiki 351,551,350 0.80 0.43 122,000 Taiyo Yuden 151,097,000 659,000 Amada 435,928,500 0.98 0.34 499,000 Takashimaya 347,553,500 890,000 Asahi Kasei 472,145,000 1.07 0.79 265,800 Tokio Marine Holdings 645,628,200 255,000 Astellas Pharma 789,225,000 1.78 1.46 597,000 Tokyo Electric Power 1,185,045,000 495,000 Bank of Yokohama 208,642,500 0.47 2.68 1,257,000 Tokyo Gas 453,148,500 130,300 Benesse Holding 488,299,250 1.10 1.02 1,293,000 Toshiba 570,859,500 56,800 Bridgestone 89,147,600 0.20 1.29 585,800 Toyota Motor 1,889,205,000 258,100 Capcom 336,820,500 0.76 4.27 2,568,000 Ube Industries 626,592,000 414,400 Chugai Pharmaceutical 617,870,400 1.40 1.41 526 West Japan Railway159,641,000 836,100 Citizen Holdings 467,379,900 1.06 0.36 11,459 Yahoo! Japan 361,244,975 28,200 Coca-Cola West 41,524,500 0.09 0.82 114,700 Yakult Honsha 268,398,000 227,200 COMSYS Holdings 196,414,400 0.44 0.60 52,780 Yamada Denki 292,665,100 5,025 Dai-ichi Life Insurance 664,053,750 1.50 0.66 46,000 Yamazaki Baking 45,057,000 131,700 Daikin Industries 379,361,850 0.86 0.10 425,000 Daiwa House 0.96 Industry424,150,000 43,771,101,596 98.89 132,000 Denki Kagaku Kogyo 51,018,000 0.12 1,563,000 DIC 285,247,500 0.64 112,100 East Japan 1.34 Railway592,448,500Total Shares 43,771,101,596 98.89 156,100 Electric Power Development 397,586,700 0.90 Total Transferable Securities Admitted to an 43,771,101,596 98.89 490,700 Elpida Memory463,466,150 1.05 Official Exchange Listing 285,100 FUJIFILM Holdings 836,768,500 1.89 550,000 Fujitsu 311,025,000 0.70 Total Investments 43,771,101,596 98.89 673,000 Fukuoka Financial Group 238,242,000 0.54 414,000 Hino Motors 182,367,000 0.41 Cash 428,842,882 0.97 118,000 Hitachi Cable 26,491,000 0.06 19,900 Hitachi Chemical 33,471,800 0.08 Other Assets/(Liabilities) 60,631,082 0.14 1,310,000 Hokuhoku Financial Group 216,805,000 0.49 166,800 Honda Motor 536,679,000 1.21 Total Net Assets 44,260,575,560 100.00 443,600 ITOCHU 364,861,000 0.82 222,600 Izumi 266,340,900 0.60 2,658 Japan Tobacco 799,393,500 1.81 355,300 JFE Holdings 1,005,321,350 2.27 Allocation of Portfolio as at 31 December 2010 % of 42,000 JGC 74,214,000 0.17 Net Assets 51,300 JSR 77,796,450 0.18 Shares 1,871,000 JX Holdings 1,031,856,500 2.33 Consumer Discretionary 21.43 1,942,000 Kawasaki Kisen Kaisha 694,265,000 1.57 Industrials 20.18 511 KDDI 239,914,500 0.54 Financials 17.14 193,000 Kinden 144,846,500 0.33 Information Technology 9.88 116,000 Kirin Holdings 132,008,000 0.30 Materials 9.67 776,000 Kubota 597,908,000 1.35 Consumer Staples 5.12 1,159,000 Marubeni 661,789,000 1.50 Utilities 4.60 499,000 Maruha Nichiro Holdings 67,614,500 0.15 Health Care 4.28 1,325,000 Minebea 679,062,500 1.53 Telecommunication Services 4.26 902,000 Mitsubishi Electric 769,857,000 1.74 Energy 2.33 1,774,560 Mitsubishi UFJ Financial Group 779,919,120 1.76 Total Shares 98.89 340,100 Mitsui & Co. 456,414,200 1.03 Cash and Other Assets/(Liabilities) 1.11 337,000 Mitsui Fudosan 545,771,500 1.23 5,610,500 Mizuho Financial Group 861,211,750 1.95 Total 100.00 154,000 NGK Spark Plug 192,192,000 0.44 72,100 Nidec 591,941,000 1.34 32,000 Nintendo 761,920,000 1.72 632,000 Nippon Express 231,312,001 0.52 1,728,000 Nippon Sheet Glass 379,296,000 0.86 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of 1,688,000 Nippon Steel 492,052,000 1.11 Net Assets 263,400 Nippon Telegraph & Telephone 969,970,500 2.19 Shares 1,225,000 Nippon Yusen 441,612,500 1.00 Industrials 20.33 2,092,000 Nishi-Nippon City Bank 517,770,000 1.17 Consumer Discretionary 20.00 1,402,300 Nissan Motor 1,084,679,050 2.45 Financials 17.07 41,300 Nitori Holdings 293,436,500 0.66 Information Technology 9.28 216,900 Nitto Denko 830,727,000 1.88 Materials 8.91 45,000 NOK 76,207,500 0.17 Utilities 5.45 189,500 Nomura Real Estate Holdings 280,175,750 0.63 Consumer Staples 5.38 21,800 Nomura Research Institute 39,425,300 0.09 Telecommunication Services 5.05 324,000 Obayashi 121,014,000 0.27 Health Care 4.58 127,800 Olympus 314,515,800 0.71 Energy 1.96 108,000 Onward Holdings 76,032,000 0.17 Total Shares 98.01 98,650 ORIX 789,200,000 1.78 Cash and Other Assets/(Liabilities) 1.99 62,700 Otsuka 347,671,500 0.79 246,900 Panasonic 284,922,600 0.64 Total 100.00 675,000 Ricoh 802,912,500 1.81 36,400 Sapporo Hokuyo Holdings 13,850,200 0.03 126,500 Seiko Epson 187,346,500 0.42 301,800 Shiseido 535,393,200 1.21 240,900 Softbank 677,772,150 1.53 134,900 Sony394,987,200 0.89 322 Sony Financial Holdings 105,938,000 0.24 105,200 Sumco 122,084,600 0.28 456,900 Sumitomo 525,206,550 1.19 1,011,000 Sumitomo Chemical 404,400,000 0.91 781,000 Sumitomo Heavy Industries 406,901,000 0.92 480,700 Sumitomo Mitsui Financial Group 1,391,386,150 3.15

157 JPMorgan Investment Funds - Japan Select Equity Fund Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in JPY) As at 31 December 2010

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

Equity Futures

Mar-11 29 Topix Index Future JPY 259,840,000 (597,000)

Total (597,000)

158 JPMorgan Investment Funds - Japan Strategic Value 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 24,400 MS&AD Insurance Group Holdings 49,702,800 0.51 12,900 Nafco 18,001,950 0.18 Shares 44,000 Nagase & Co. 46,288,000 0.47 19,400 NEC Capital Solutions 23,299,400 JAPAN 0.24 28,800 NEC Networks and System Integration 30,268,800 40,700 ADEKA 36,487,550 0.37 0.31 92,000 Nichias 38,778,000 142,000 Aichi Machine 0.48 Industry47,073,000 0.39 211,000 Nippon Light Metal 31,755,500 94,000 Aichi Steel 52,358,001 0.53 0.32 174,000 Nippon Sheet Glass 38,193,000 34,500 Aisan Industry25,254,000 0.26 0.39 48,000 Nippon Shokubai 40,368,000 47,100 Alpine Electronics 54,353,400 0.56 0.41 273,000 Nippon Steel 79,579,500 21,800 AOKI Holdings 32,122,300 0.33 0.81 76,000 Nippon Synthetic Chemical Industry 41,534,000 286,000 Aozora Bank 48,191,000 0.49 0.42 62,900 Nippon Telegraph & Telephone 231,629,250 32,400 Arc Land Sakamoto 32,302,800 0.33 2.36 178,000 Nippon Yusen 64,169,000 25,500 Arcs 32,130,000 0.33 0.66 214,800 Nissan Motor 166,147,800 184,000 Atsugi 19,412,000 0.20 1.70 72,000 Nissan Shatai 51,120,000 113,000 Bando Chemical Industries 36,386,000 0.37 0.52 22,100 Nitta 35,315,800 44,600 Bank of the Ryukyus 42,771,400 0.44 0.36 1,168 NTT DoCoMo 165,856,000 124,000 Bank of Yokohama 52,266,000 0.53 1.69 10,500 Okinawa Electric Power 42,551,250 970 BIC Camera 32,640,500 0.34 0.43 90,000 Okumura 27,855,000 38,900 Century Tokyo Leasing 51,464,700 0.52 0.28 31,000 Okuwa 26,474,000 129,000 Chiba Bank 68,112,000 0.70 0.27 15,200 ORIX 121,600,000 78,000 Chugoku Marine Paints 53,664,000 0.55 1.24 27,900 Osaka Steel 40,385,250 163,000 Chuo Mitsui Trust Holdings 55,012,500 0.56 0.41 68,000 Pacific Industrial 30,260,000 23,300 Cocokara Fine Holdings 40,239,100 0.41 0.31 18,600 Pack 26,960,700 206,000 Cosmo Oil 54,899,000 0.56 0.28 118,800 Panasonic 137,095,200 28,400 Daiichikosho 44,758,400 0.46 1.40 564 PGM Holdings 31,781,400 86,000 Dainichiseika Color & Chemicals Manufacturing 38,184,000 0.39 0.32 196,500 Pioneer 65,925,750 70,000 Daiwa Industries 28,910,000 0.30 0.67 88,000 Press Kogyo 34,364,000 76,900 DCM Holdings 39,257,450 0.40 0.35 76,000 Rengo 41,876,000 62,000 Eagle Industry52,824,000 0.54 0.43 53,000 Ricoh 63,043,500 20,300 East Japan 1.11 Railway107,285,500 0.64 17,500 Ricoh Leasing 39,130,000 45,500 EDION 33,192,250 0.34 0.40 103,000 Riken 37,389,000 106,000 Eighteenth Bank 24,062,000 0.25 0.38 26,500 Riso Kagaku 38,040,750 119,000 Fuji Electric Holdings 30,166,500 0.31 0.38 99,000 Sakai Chemical Industry39,748,500 108,000 Fuji Heavy Industries 68,094,000 0.70 0.41 91,000 Sakata INX 37,173,500 30,700 Fuji Machine Manufacturing 49,319,550 0.51 0.38 116,000 Sanden 37,700,000 56,200 FUJIFILM Holdings 164,947,000 1.68 0.38 336,000 Sankyo-Tateyama Holdings 34,440,000 237,000 Fujitsu 134,023,500 1.37 0.35 42,600 Sanoh Industrial 31,673,100 13,700 Fukuda Denshi 30,331,800 0.31 0.32 79,000 Sanyo Special Steel 38,789,000 137,000 Fukuoka Financial Group 48,498,000 0.50 0.40 70,300 Sapporo Hokuyo Holdings 26,749,150 77,000 Fukuyama Transporting 33,341,000 0.34 0.27 205,000 Sasebo Heavy Industries 34,132,500 133,000 Furukawa-Sky Aluminum 31,587,500 0.32 0.35 49,000 Sekisui Jushi 40,694,500 13,700 Fuyo General Lease 36,428,300 0.37 0.42 74,000 Sekisui Plastics 27,121,000 78,000 Gunma Bank 34,788,000 0.36 0.28 23,700 Shimachu 45,065,550 36,400 Heiwa 42,879,200 0.44 0.46 175,000 Sumikin Bussan 34,562,500 21,400 Heiwado 23,015,700 0.23 0.35 149,200 Sumitomo 171,505,400 396,000 Hitachi 171,468,000 1.75 1.75 57,600 Sumitomo Electric Industries 64,972,800 40,700 Hitachi Capital 51,159,900 0.52 0.66 50,000 Sumitomo Metal Mining 71,025,000 47,000 Hitachi Kokusai Electric 37,788,000 0.39 0.73 94,100 Sumitomo Mitsui Financial Group 272,372,450 87,300 Honda Motor 280,887,750 2.87 2.78 66,000 Sumitomo Seika Chemicals 23,331,000 15,100 IBJ Leasing 30,947,450 0.32 0.24 263,000 Sumitomo Trust & Banking 134,393,000 4,900 Idemitsu Kosan 42,262,500 0.43 1.37 88,000 Sumitomo Warehouse 37,752,000 45,200 Iida Home Max 39,798,600 0.41 0.39 34,500 Tachi-S 45,971,250 27,200 Imasen Electric Industrial 33,197,600 0.34 0.47 144,000 Taihei Kogyo 55,008,000 18,000 Inaba Denki Sangyo 41,553,000 0.42 0.56 49,900 Takeda Pharmaceutical 199,475,250 68,700 Inabata & Co. 33,903,450 0.35 2.04 124,000 Toagosei 47,182,000 204 Inpex 97,002,000 0.99 0.48 93,000 Toei 36,363,000 171,700 ITOCHU 141,223,250 1.44 0.37 13,900 Tokio Marine Holdings 33,763,100 33,800 JFE Holdings 95,637,100 0.98 0.34 133,000 Tokyo Tatemono 49,941,500 102,000 JFE Shoji Holdings 38,556,000 0.39 0.51 14,000 Tomoe Engineering 16,107,000 40,100 JSP 48,059,850 0.49 0.16 19,200 Torii Pharmaceutical 33,830,400 261,100 JX Holdings 143,996,650 1.47 0.34 112,000 Toyo Ink Manufacturing 44,688,000 26,100 Kato Sangyo 35,600,400 0.37 0.46 70,000 Toyo Kohan 35,140,000 163,000 Kawasaki Kisen Kaisha 58,272,500 0.59 0.36 89,100 Toyota Motor 287,347,500 364 KDDI 170,898,000 1.75 2.93 28,200 Toyota Tsusho 40,283,700 52,000 Kinden 39,026,000 0.40 0.41 18,400 Trusco Nakayama 25,162,000 46,400 Koa 47,815,200 0.49 0.26 26,600 Unipres 43,092,000 64,400 Kojima 30,654,400 0.31 0.44 60,700 U-Shin 44,857,300 20,400 K’s Holdings 45,073,800 0.46 0.46 9,260 Yamada Denki 51,346,700 34,900 Kuroda Electric 39,768,550 0.41 0.52 44,000 Yamaguchi Financial Group 36,190,000 43,600 Kyowa Exeo 36,449,600 0.37 0.37 32,500 Yorozu 47,271,250 17,000 Macnica 34,408,000 0.35 0.48 232,000 Marubeni 132,472,000 1.35 137,000 Marudai Food 36,373,500 0.37 9,735,685,301 99.38 28,200 Maspro Denkoh 20,501,400 0.21 19,200 Meiko Electronics 37,036,800 0.38 Total Shares 9,735,685,301 99.38 49,000 Mitsuba 34,177,500 0.35 Total Transferable Securities Admitted to an 9,735,685,301 99.38 97,500 Mitsubishi 214,353,750 2.19 Official Exchange Listing 132,500 Mitsubishi Chemical Holdings 73,073,750 0.74 102,000 Mitsubishi Gas Chemical 58,854,000 0.60 Total Investments 9,735,685,301 99.38 136,000 Mitsubishi Steel Manufacturing 33,592,000 0.34 812,400 Mitsubishi UFJ Financial Group 357,049,800 3.64 Cash 479,278,353 4.89 12,600 Mitsubishi UFJ Lease & Finance 40,603,500 0.41 139,300 Mitsui & Co. 186,940,600 1.91 Other Assets/(Liabilities) (418,859,734) (4.27) 173,000 Mitsui Chemicals 50,256,500 0.51 128,000 Mitsui OSK Lines 70,976,000 0.72 Total Net Assets 9,796,103,920 100.00 1,485,500 Mizuho Financial Group 228,024,250 2.33 159 JPMorgan Investment Funds - Japan Strategic Value Fund Schedule of Investments (Market Value Expressed in JPY) (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 % of Net Assets Shares Consumer Discretionary 27.62 Financials 20.38 Industrials 19.38 Materials 13.86 Telecommunication Services 5.80 Information Technology 4.62 Energy 3.45 Health Care 2.69 Consumer Staples 1.15 Utilities 0.43 Total Shares 99.38 Cash and Other Assets/(Liabilities) 0.62 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Shares Consumer Discretionary 24.62 Industrials 22.06 Financials 17.98 Materials 11.40 Telecommunication Services 6.53 Consumer Staples 4.16 Information Technology 3.54 Health Care 2.94 Energy 2.12 Utilities 0.52 Total Shares 95.87 Cash and Other Assets/(Liabilities) 4.13 Total 100.00

160 JPMorgan Investment Funds - JF Asia ex-Japan 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 INDONESIA 32,000,000 Bank Danamon Indonesia 20,403,163 1.27 Shares and Warrants 15,000,000 United Tractors 39,550,618 2.47

SOUTH KOREA 59,953,781 3.74 32,000 Amorepacific 32,508,380 2.03 240,000 Hyundai Engineering & Construction 15,458,954 0.96 CAYMAN ISLANDS 138,000 Hyundai Heavy Industries 54,532,933 3.40 8,000,000 AMVIG Holdings 6,700,030 0.42 550,000 KB Financial Group 29,395,639 1.83 39,000,000 China Resources Cement Holdings 29,702,435 1.85 310,000 Lock & Lock 9,997,727 0.62 4,300,000 China Shineway Pharmaceutical Group 12,349,963 0.77 93,000 OCI 27,340,017 1.70 77,500 Samsung Electronics 65,534,511 4.09 48,752,428 3.04 230,000 Samsung Engineering 39,420,779 2.46 MALAYSIA 310,000 Samsung Techwin 28,535,322 1.78 16,000,000 Petronas Chemicals Group 28,836,601 1.79

302,724,262 18.87 28,836,601 1.79 CHINA 59,122,000 Agricultural Bank of China - H Shares * 29,625,271 1.85 Total Shares and Warrants 1,546,333,723 96.39 16,500,000 BBMG - H Shares * 22,203,497 1.38 56,200,000 China Construction Bank - H Shares * 50,357,386 3.14 Total Transferable Securities Admitted to an 1,546,333,723 96.39 37,000,000 China Eastern Airlines - H Shares * 18,778,222 1.16 Official Exchange Listing 12,000,000 China Merchants Bank - H Shares * 30,319,950 1.89 Total Investments 1,546,333,723 96.39 6,300,000 Jiangxi Copper - H Shares * 20,687,692 1.29 4,800,000 Ping An Insurance Group Co. of China - H Shares * 53,553,923 3.34 Cash 59,591,908 3.71 4,000,000 Weichai Power - H Shares * 24,803,489 1.55 9,000,000 Xinjiang Goldwind Science & Technology - H Shares* 18,699,103 1.17 Other Assets/(Liabilities) (1,742,516) (0.10) 7,200,000 Yanzhou Coal Mining - H Shares * 21,906,318 1.37 Total Net Assets 1,604,183,115 100.00 290,934,851 18.14 INDIA 8,000,000 Ambuja Cements 25,566,365 1.59 * Hong Kong Registered Shares. 420,000 Bharat Heavy Electricals 21,914,626 1.37 470,000 HDFC Bank 24,623,365 1.53 5,200,000 Hindalco Industries - Warrants 21.09.2012 28,730,520 1.79 6,900,000 Infrastructure Development Finance 28,242,704 1.76 Allocation of Portfolio as at 31 December 2010 % of 630,000 JSW Steel 16,534,770 1.03 Net Assets 520,000 Larsen & Toubro Registered Shares GDR 23,129,600 1.44 Shares and Warrants 1,080,000 Maruti Suzuki India 34,977,764 2.18 Financials 32.18 5,727,452 Mundra Port and Special Economic Zone 18,403,034 1.15 Industrials 19.30 1,000,000 Tata Motors 29,153,528 1.82 Materials 17.86 Information Technology 11.22 251,276,276 15.66 Consumer Staples 7.59 Consumer Discretionary 7.47 SINGAPORE Health Care 0.77 5,650,000 Fraser and Neave 28,300,734 1.76 Total Shares and Warrants 13,500,000 Global Logistic Properties 22,716,093 1.42 96.39 Cash and Other Assets/(Liabilities) 3.61 3,900,000 Keppel 34,502,225 2.15 27,000,000 Midas Holdings 19,260,655 1.20 Total 100.00 15,000,000 Neptune Orient Lines 25,650,035 1.60 17,300,000 Olam International 42,618,490 2.66 9,500,000 Overseas Union Enterprise 24,441,712 1.52 3,100,000 Wilmar International 13,639,806 0.85 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of 211,129,750 13.16 Net Assets TAIWAN Shares 8,500,000 Acer 26,291,817 1.64 Financials 32.74 33,500,000 Advanced Semiconductor Engineering 38,821,839 2.42 Industrials 17.28 15,000,000 Chimei Innolux 20,753,989 1.29 Materials 17.23 30,000,000 Taishin Financial Holdings 17,781,781 1.11 Consumer Discretionary 11.62 Information Technology 9.47 103,649,426 6.46 Consumer Staples 6.71 Total Shares BERMUDA 95.05 7,000,000 China Yurun Food Group 23,031,352 1.43 Cash and Other Assets/(Liabilities) 4.95 14,298,000 Genting Hong Kong 6,398,355 0.40 Total 100.00 3,900,000 Kerry Properties 20,420,424 1.27 13,857,000 Nine Dragons Paper Holdings 19,663,031 1.24 2,800,000 Orient Overseas International 27,349,449 1.70

96,862,611 6.04 HONG KONG 12,000,000 BOC Hong Kong Holdings 40,910,319 2.55 27,000,000 Poly Hong Kong Investments 26,346,631 1.64 2,700,000 Wharf Holdings 20,806,371 1.30

88,063,321 5.49 THAILAND 995,000 Banpu (Foreign) Registered Shares 26,191,181 1.63 3,350,000 Siam Cement - NVDR 37,959,235 2.37

64,150,416 4.00

161 JPMorgan Investment Funds - US 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 BERMUDA 75,000 Weatherford International Shares Bermuda 15.09.40/6.750% 77,849 0.19

UNITED STATES OF AMERICA 77,849 0.19 3,328 Dex One 24,760 0.06 Total Bonds 6,805,872 16.69 24,760 0.06 Total Transferable Securities Admitted to an Official 6,830,632 16.75 Total Shares 24,760 0.06 Exchange Listing

Bonds Transferable Securities Dealt in on Another Regulated Market UNITED STATES OF AMERICA 185,000 Altria Group 10.11.18/9.700% 242,643 0.59 Bonds 95,000 American Express Credit 25.08.14/5.125% 101,970 0.25 UNITED STATES OF AMERICA 95,000 Anheuser-Busch InBev Worldwide 15.01.20/5.375% 102,436 0.25 325,000 Ally Financial 01.12.14/6.750% 342,469 0.84 140,000 AT&T 15.05.38/6.400% 148,718 0.36 106,000 Arch Western Finance 01.07.13/6.750% 107,855 0.26 120,000 Capital One Financial 23.05.14/7.375% 136,258 0.34 61,482 Banc of America Mortgage 85,000 CBS 15.10.40/5.900% 81,346 0.20 Securities 2005-10 1A13 25.11.35/5.500% 60,241 0.15 125,000 Citigroup 21.11.17/6.125% 136,847 0.34 155,000 Bank of America 15.05.14/7.375% 172,415 0.42 60,000 Citigroup 09.08.20/5.375% 62,006 0.15 130,000 Bank of America 01.04.15/4.500% 132,605 0.33 80,000 Constellation Brands 01.09.16/7.250% 84,462 0.21 5,000 Bank of America 01.08.16/6.500% 5,402 0.01 225,000 Cooper 15.02.15/7.125% 232,875 0.57 65,000 Bank of America 01.05.18/5.650% 66,801 0.16 140,000 Crédit Suisse/New York 15.02.18/6.000% 150,541 0.37 70,000 Bear Stearns Commercial 50,000 Darden Restaurants 15.10.37/6.800% 53,522 0.13 Mortgage Securities 70,000 Entergy Arkansas 15.02.21/3.750% 67,108 0.17 2006-PW12 AM 11.09.38/5.761%* 72,600 0.18 100,000 Enterprise Products Operating 15.04.38/7.550% 119,217 0.29 55,000 Bear Stearns Commercial 205,000 General Electric 06.12.17/5.250% 221,519 0.54 Mortgage Securities 60,000 General Electric Capital 14.01.38/5.875% 61,447 0.15 2006-PW14 AM 11.12.38/5.243% 55,344 0.14 40,000 Goldman Sachs Group 18.01.18/5.950% 43,307 0.11 150,000 Biomet 15.10.17/10.375%* 163,908 0.40 95,000 Goldman Sachs Group 01.04.18/6.150% 104,024 0.26 100,000 Caesars Entertainment Operating 01.06.17/11.250% 112,276 0.28 50,000 Goldman Sachs Group 15.02.19/7.500% 58,398 0.14 200,000 Case New Holland 144A 01.12.17/7.875% 219,228 0.54 105,000 Host Hotels & Resorts 15.03.15/6.375% 107,307 0.26 205,000 CCO Holdings 144A 30.10.17/7.250% 209,100 0.51 100,000 Host Hotels & Resorts 01.06.16/6.750% 102,926 0.25 1,084,637 Citigroup Mortgage Loan Trust 2005-WF2 AF4 1,038,503 200,000 Iron Mountain 01.01.16/6.625% 201,526 0.50 25.08.35/4.964%* 2.55 Citimortgage Alternative Loan 110,000 Jarden 01.05.17/7.500% 116,347 0.29 646,966 Trust 2007-A1 1A7 25.01.37/6.000% 465,707 1.14 250,000 Kraft Foods 11.08.17/6.500% 290,403 0.71 200,000 Clear Channel Worldwide 110,000 MetLife 01.06.16/6.750% 126,425 0.31 Holdings 15.12.17/9.250% 219,000 0.54 265,000 MGM Resorts International 27.02.14/5.875% 246,739 0.60 1,170,548 Countrywide Asset-Backed 100,000 Nisource Finance 15.01.19/6.800% 115,375 0.28 Certificates 2003-5 MF1 25.01.34/5.413%* 771,809 1.89 60,000 Pacific Gas & Electric 15.01.40/5.400% 59,361 0.15 329,069 Countrywide Asset-Backed 50,000 Plains All American Pipeline 01.05.18/6.500% 55,826 0.14 Certificates 2005-4 AF3 25.10.35/4.456%* 326,621 0.80 400,000 Sealy Mattress 15.06.14/8.250% 408,742 1.00 125,000 Crédit Suisse/New York 01.05.14/5.500% 136,881 0.34 200,000 Service Corp. International 01.10.14/7.375% 216,885 0.53 100,000 Crédit Suisse/New York 15.05.13/5.000% 107,473 0.26 175,000 Sprint Capital 15.03.32/8.750% 176,791 0.43 65,000 DCP Midstream 144A 15.03.19/9.750% 82,308 0.20 100,000 UBS/Stamford 20.12.17/5.875% 109,973 0.27 220,000 DirecTV Holdings 15.06.15/6.375% 228,525 0.56 130,000 Vail Resorts 15.02.14/6.750% 132,275 0.32 250,000 Discover Bank 18.11.19/8.700% 293,256 0.72 50,000 Verizon Communications 01.04.19/6.350% 57,660 0.14 275,000 DISH 01.02.16/7.125% 283,057 0.69 345,000 Verizon Wireless Capital 15.11.13/7.375% 399,517 0.98 200,000 DJO Finance 15.11.14/10.875% 218,735 0.54 65,000 Watson Pharmaceuticals 15.08.19/6.125% 71,760 0.18 41,383 Fannie Mae Interest Strip 366 18 01.10.35/4.000% 4,220 0.01 50,000 WellPoint 15.08.40/5.800% 50,152 0.12 168,833 Fannie Mae Interest Strip 390 C7 25.07.23/4.000% 20,532 0.05 90,000 Williams Partners 01.02.17/7.250% 104,345 0.26 217,890 Fannie Mae Interest Strip 390 C8 25.07.23/4.500% 29,778 0.07 200,000 Windstream 01.08.16/8.625% 209,663 0.51 91,537 Fannie Mae Pool No: 254766 01.06.33/5.000% 96,480 0.24 193,362 Fannie Mae Pool No: 672379 01.12.17/5.000% 206,400 0.51 5,568,642 13.65 70,150 Fannie Mae Pool No: 709705 01.06.33/5.000% 73,537 0.18 CANADA 137,215 Fannie Mae Pool No: 713985 01.07.33/5.000% 143,797 0.35 Fannie Mae Pool No: 787565 163,166 135,000 Canadian Natural Resources 01.12.14/4.900% 146,863 0.36 139,373 01.03.35/7.500% 0.40 Fannie Mae Pool No: 889183 597,461 65,000 Canadian Pacific Railway 15.05.19/7.250% 77,116 0.19 555,051 01.09.21/5.500% 1.46 Fannie Mae Pool No: 889307 302,928 100,000 Suncor Energy 01.06.39/6.850% 114,008 0.28 289,062 01.07.37/5.000% 0.74 310,917 Fannie Mae Pool No: 919641 01.09.37/6.000% 337,102 0.83 337,987 0.83 191,186 Fannie Mae Pool No: 930796 01.02.35/5.000% 200,417 0.49 136,676 Fannie Mae Pool No: 952005 01.11.37/6.000% 148,186 0.36 UNITED KINGDOM 117,512 Fannie Mae Pool No: 965649 01.01.38/6.000% 127,408 0.31 50,000 British Telecommunications 15.12.30/9.875% 66,222 0.17 237,729 Fannie Mae Pool No: AA9363 01.08.39/4.500% 243,189 0.60 250,000 Standard Chartered 144A 18.11.14/5.500% 270,405 0.66 74,402 Fannie Mae REMICS 2003-22 IO 25.04.33/6.000% 15,347 0.04 189,343 Fannie Mae REMICS 2008-17 KS 25.11.37/6.089%* 26,701 0.07 336,627 0.83 228,820 Fannie Mae REMICS 2008-71 SB 25.10.29/6.224%* 19,349 0.05 MEXICO 194,867 Fannie Mae REMICS 2009-95 HI 25.12.38/6.000% 32,876 0.08 2,210,000 Mexico (United Mexican States) 05.12.24/10.000% 222,581 0.55 676,850 Fannie Mae REMICS 2010-116 BI 25.08.20/5.000% 69,075 0.17 175,000 Ford Motor Credit 01.10.14/8.700% 196,796 0.48 222,581 0.55 547,246 Freddie Mac Gold Pool No: G01589 01.09.33/5.000% 574,666 1.41 ISLE OF MAN 456,947 Freddie Mac Non Gold 155,000 AngloGold Ashanti Holdings 15.04.20/5.375% 161,029 0.39 Pool No: 1G1999 01.06.37/5.373%* 487,010 1.19 525,810 Freddie Mac Non Gold 161,029 0.39 Pool No: 1J0453 01.06.37/5.490%* 560,162 1.37 156,005 Freddie Mac REMICS 3612 JI 15.05.24/4.500% 19,390 0.05 CAYMAN ISLANDS 150,000 Freescale Semiconductor 144A 15.04.18/9.250% 165,750 0.41 95,000 Vale Overseas 15.09.19/5.625% 101,157 0.25 509,079 GE Capital Commercial Mortgage 2002-1A A3 10.12.35/6.269% 530,485 1.30 101,157 0.25 90,000 General Electric Capital 15.08.11/0.356%* 90,050 0.22 155,000 Georgia-Pacific 15.06.15/7.700% 175,664 0.43 277,157 Ginnie Mae I Pool No: 713334 15.05.39/4.500% 286,728 0.70 490,000 Greenwich Capital Commercial Funding 2005-GG3 A4 10.08.42/4.799%* 516,562 1.27

162 JPMorgan Investment Funds - US 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

1,931,898 GSAA Trust 2006-11 2A2 25.07.36/0.421%* 1,009,937 2.48 UNITED KINGDOM 135,000 Hanesbrands 15.12.14/3.831%* 134,831 0.33 120,000 Nationwide Building Society 144A 25.02.15/4.650% 122,425 0.30 273,000 HCA 15.11.16/9.625%* 292,546 0.72 85,000 Health Care REIT 15.09.17/4.700% 84,826 0.21 122,425 0.30 355,000 HSBC Finance 30.06.15/5.000% 376,483 0.92 BELGIUM 2,286,223 Indymac Index Mortgage Loan 95,000 Delhaize Group 144A 01.10.40/5.700% 90,716 0.23 Trust 2007-FLX3 A1 25.06.37/0.501%* 1,442,136 3.54 63,214 LB-UBS Commercial Mortgage 90,716 0.23 Trust 2001-C2 A2 15.11.27/6.653% 63,374 0.16 60,000 LG&E and KU Energy 144A 15.11.20/3.750% 56,812 0.14 150,000 Lyondell Chemical 01.05.18/11.000% 169,065 0.41 Total Bonds 26,061,725 63.90 100,000 Metropolitan Life Global Commercial Paper Funding I 144A 10.04.13/5.125% 107,332 0.26 135,000 Metropolitan Life Global FRANCE Funding I 144A 18.09.13/5.200% 146,117 0.36 2,000,000 BPCE 31.01.11/0.000% 1,999,500 4.90 60,000 Midamerican Energy Holdings 15.09.37/6.500% 67,303 0.17 165,000 Morgan Stanley 02.11.15/3.450% 160,913 0.39 1,999,500 4.90 100,000 Morgan Stanley 108,892 01.04.18/6.625% 0.27 JERSEY 691,375 Morgan Stanley Dean Witter 1,000,000 Argento Variable Funding 999,976 Capital I 2002-TOP7 A2 15.01.39/5.980% 722,988 1.77 04.01.11/0.000% 2.45 145,000 NBC Universal 144A 01.04.21/4.375% 140,371 0.34 999,976 2.45 139,737 Neiman-Marcus Group 15.10.15/9.000%* 147,073 0.36 60,000 News America 15.12.35/6.400% 63,931 0.16 35,000 News America 01.03.39/7.850% 43,215 0.11 Total Commercial Paper 2,999,476 7.35 155,000 NRG Energy 01.02.16/7.375% 158,532 0.39 Total Transferable Securities Dealt in on Another 29,061,201 71.25 85,000 Oncor Electric Delivery 144A 30.09.40/5.250% 80,896 0.20 Regulated Market 85,524 Option One Mortgage Loan Trust 2003-4 A2 69,793 25.07.33/0.901%* 0.17 Other Transferable Securities 45,000 Oracle 08.07.39/6.125% 50,036 0.12 20,000 Oracle 144A 15.07.20/3.875% 19,925 0.05 Bonds 200,000 PAETEC Holding 15.07.15/9.500% 206,217 0.51 225,000 Plains All American Pipeline 15.09.15/3.950% 231,899 0.57 UNITED STATES OF AMERICA 205,000 Prudential Financial 15.06.19/7.375% 240,883 0.59 83,662 CVS Pass Through Trust 144A 10.01.32/7.507% 94,875 0.23 54,573 Residential Accredit Loans 10,000,000 Links Finance 144A** 15.06.10/0.000% 0 0.00 2006-QS18 3A3 25.12.21/5.750% 50,260 0.12 350,000 Steinway Musical 130,000 Reynolds Group Issuer 144A 15.04.19/7.125% 132,925 0.33 Instruments 144A 01.03.14/7.000% 354,375 0.87 75,000 Sally Holdings 15.11.14/9.250% 79,125 0.19 250,000 Spectrum Brands 144A 15.06.18/9.500% 275,000 0.67 449,250 1.10 1,461,282 Structured Asset Securities 2006-OPT1 A4 25.04.36/0.421%* 1,320,893 3.24 Total Bonds 449,250 1.10 250,000 Sungard Data Systems 15.08.15/10.250% 261,289 0.64 285,000 TRW Automotive 144A 15.03.17/7.250% 309,567 0.76 Total Other Transferable Securities 449,250 1.10 90,000 UnitedHealth Group 15.10.40/5.700% 88,787 0.22 145,000 US Treasury (i) 13.01.11/0.000% 144,992 0.36 Total Investments 36,341,083 89.10 115,000 US Treasury 15.09.13/0.750% 114,533 0.28 375,000 US Treasury 30.06.15/1.875% 375,937 0.92 Cash 4,263,756 10.45 110,000 US Treasury 31.07.15/1.750% 109,502 0.27 853,000 US Treasury 31.10.15/1.250% 824,344 2.02 Other Assets/(Liabilities) 180,558 0.45 81,000 US Treasury 15.11.21/8.000% 114,337 0.28 2,000 US Treasury 15.02.37/4.750% 2,137 0.01 Total Net Assets 40,785,397 100.00 195,000 US Treasury 15.02.38/4.375% 195,914 0.48 30,000 US Treasury 15.05.38/4.500% 30,750 0.07 80,000 US Treasury 15.08.39/4.500% 81,700 0.20 * Variable coupon rates are those quoted as at 31 December 2010. 323,000 US Treasury 15.02.40/4.625% 336,475 0.82 ** This security is submitted to a fair valuation. 75,000 US Treasury 74,918 15.05.40/4.375% 0.18 (i) Security held as collateral against futures positions by the broker. 140,000 US Treasury 15.08.40/3.875% 128,209 0.31 455,000 Wachovia Bank Commercial Mortgage Trust 2005-C21 A4 15.10.44/5.204%* 491,034 1.20 62,814 Wells Fargo Mortgage Backed Securities Trust 2006-11 A8 25.09.36/6.000% 59,265 0.15 45,000 Williams Partners 15.04.40/6.300% 46,441 0.11

24,397,991 59.82 CAYMAN ISLANDS 448,028 Helios Finance 2007-S1 B1 20.10.14/0.961%* 442,056 1.08 100,000 Hutchison Whampoa International 144A 11.09.15/4.625% 105,502 0.26

547,558 1.34 MEXICO 280,000 America Movil 30.03.20/5.000% 292,726 0.72 100,000 Grupo Bimbo 144A 30.06.20/4.875% 100,806 0.24

393,532 0.96 NETHERLANDS 80,000 NXP/NXP Funding 144A 15.07.13/10.000% 90,000 0.22 150,000 NXP/NXP Funding 144A 01.08.18/9.750% 169,500 0.42

259,500 0.64 CANADA 125,000 Quebecor Media 15.03.16/7.750% 130,000 0.32 70,000 Xstrata Finance Canada 144A 15.11.16/5.800% 76,666 0.19 40,000 Xstrata Finance Canada 144A 15.11.37/6.900% 43,337 0.10

250,003 0.61

163 JPMorgan Investment Funds - US 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 % of Net Assets Fixed Income Securities United States of America 74.57 France 4.90 Jersey 2.45 Cayman Islands 1.59 Mexico 1.51 Canada 1.44 United Kingdom 1.13 Netherlands 0.64 Isle of Man 0.39 Belgium 0.23 Bermuda 0.19 Total Fixed Income Securities 89.04 Shares Consumer Discretionary 0.06 Total Shares 0.06 Cash and Other Assets/(Liabilities) 10.90 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Fixed Income Securities United States of America 73.58 Cayman Islands 4.62 Japan 3.16 Norway 3.16 Canada 1.80 United Kingdom 1.80 Luxembourg 1.06 Australia 0.50 Mexico 0.44 Spain 0.40 Netherlands 0.30 Sweden 0.25 Bermuda 0.12 Isle of Man 0.11 Total Fixed Income Securities 91.30 Shares Consumer Discretionary 0.10 Total Shares 0.10 Cash and Other Assets/(Liabilities) 8.60 Total 100.00

164 JPMorgan Investment Funds - US 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 3.500% 540,000 542,784 (5,653) 25-Jan-26 Fannie Mae 4.000% 680,000 698,594 (6,156) 15-Jan-39 Freddie Mac 6.000% 500,000 540,234 1,779 15-Jan-39 Ginnie Mae 5.000% 750,000 794,766 3,281 15-Jan-39 Ginnie Mae 6.000% 240,000 263,588 750 25-Jan-39 Fannie Mae 6.500% 260,000 288,722 1,259 15-Jan-41 Freddie Mac 4.500% 530,000 540,683 (1,139) 15-Jan-41 Freddie Mac 5.500% 960,000 1,021,650 3,128 15-Jan-41 Freddie Mac 6.500% 155,000 171,638 775 15-Jan-41 Ginnie Mae 4.000% 1,360,000 1,365,738 8,510 15-Jan-41 Ginnie Mae 4.500% 545,000 563,820 1,768 25-Jan-41 Fannie Mae 4.000% 6,810,000 6,737,644 (44,910) 25-Jan-41 Fannie Mae 5.500% 1,175,000 1,255,231 (2,175) 25-Jan-41 Fannie Mae 6.000% 30,000 32,559 55

14,817,651 (38,728) 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) Euro-Bund Future EUR (839,232) (7,434) Mar-11 4 Long Gilt Future GBP 744,518 11,527 Mar-11 (5) US 2 Year Note Future USD (1,093,750) 922 Mar-11 (35) US 5 Year Note Future USD (4,113,320) 57,860 Mar-11 6 US 10 Year Note Future USD 721,031 (22,750) Mar-11 11 US Long Bond Future USD 1,337,188 (53,883)

(13,758) Total Bond Futures

Interest Rate Futures

Mar-11 16 3 Month Bank Accept Future CAD 3,950,296 (5,612) Jun-11 (16) 3 Month Bank Accept Future CAD (3,943,080) 9,620

4,008 Total Interest Rate Futures Total (9,750)

Schedule of Investments - Outstanding Interest Rate Swaps (Expressed in USD)

Unrealised Termination Market Gain/ Date Counterparty Description Currency Nominal Value (Loss)

19-Oct-17 Deutsche Bank Receive floating rate USD LIBOR 3 months USD 1,119,000 (180,459) (180,459) Pay fixed rate 5.232%

Total (180,459) (180,459)

165 JPMorgan Investment Funds - US 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 5,610 Simon Property Group 560,018 0.39 36,000 SLM 450,180 0.31 Shares 5,600 Sotheby’s 252,504 0.18 23,600 SunTrust Banks 693,722 UNITED STATES OF AMERICA 0.48 26,100 Thomas & Betts 1,264,284 9,800 Alliance Data Systems 699,622 0.48 0.88 30,166 Time Warner 968,479 1,300 Alliant Energy47,950 0.03 0.67 24,500 Timken 1,181,145 31,850 American Electric Power 1,146,441 0.80 0.82 63,800 Tyson Foods - A Shares 1,107,249 25,500 AMERIGROUP 1,133,347 0.79 0.77 18,200 United Continental Holdings 442,533 53,300 Ameriprise Financial 3,058,887 2.12 0.31 5,000 United Parcel Service - B Shares 363,475 21,700 Amgen 1,198,491 0.83 0.25 49,600 UnitedHealth Group 1,781,880 4,900 Anadarko Petroleum 376,761 0.26 1.24 28,500 Universal Health Services - B Shares 1,244,595 6,100 Apache 729,377 0.51 0.86 38,850 Verizon Communications 1,390,830 90,100 Apollo Investment 1,000,560 0.70 0.96 46,900 Viacom - B Shares 1,843,639 16,200 Apple 5,216,400 3.62 1.28 68,650 Wal-Mart Stores 3,708,130 12,900 Assurant 494,908 0.34 2.57 78,600 Wells Fargo & Co. 2,428,347 27,400 AT&T 804,875 0.56 1.68 12,200 Whirlpool 1,085,739 11,600 Autoliv 916,980 0.64 0.75 4,800 Whiting Petroleum 557,952 7,800 Autozone 2,134,392 1.48 0.39 21,500 Williams-Sonoma 771,635 145,780 Bank of America 1,938,145 1.34 0.53 50,400 Windstream 704,844 19,900 Biogen Idec 1,332,603 0.92 0.49 40,700 Wyndham Worldwide 1,217,134 55,400 Capital One Financial 2,351,730 1.63 0.84 186,400 Xerox 2,140,804 59,400 CBS - B Shares 1,132,758 0.79 1.48 19,100 Xilinx 555,142 14,804 CenturyLink 685,795 0.47 0.38 16,500 Cephalon 1,019,947 0.71 134,101,025 92.97 54,380 Chevron 4,951,027 3.43 80,900 Chimera Investment 333,712 0.23 BERMUDA 20,500 Cigna 744,355 0.52 18,900 Allied World Assurance 1,125,590 0.78 605,600 Citigroup 2,873,572 1.99 11,800 Endurance Specialty Holdings 544,511 0.38 6,500 Cliffs Natural Resources 507,585 0.35 21,850 Marvell Technology Group 400,401 0.28 53,000 Constellation Brands - A Shares 1,172,095 0.81 17,600 Signet Jewelers 756,800 0.52 7,900 Cooper 442,558 0.31 8,600 CSX 552,679 0.38 2,827,302 1.96 24,000 Cummins 2,624,640 1.82 IRELAND 23,700 Darden Restaurants 1,100,983 0.76 34,900 Warner Chilcott - A Shares 780,190 0.54 3,500 Devon Energy273,648 0.19 53,100 XL Group 1,164,749 0.81 6,450 Digital Realty Trust 335,658 0.23 9,800 DTE Energy444,577 0.31 1,944,939 1.35 11,700 Eastman Chemical 982,507 0.68 29,900 Eaton 3,022,741 2.10 CAYMAN ISLANDS 11,500 Endo Pharmaceuticals Holdings 411,757 0.28 13,700 Herbalife 934,272 0.65 7,500 Energen 362,850 0.25 15,100 Energizer Holdings 1,101,469 0.76 934,272 0.65 12,000 Equity Residential Property 628,440 0.44 SWITZERLAND 86,090 Exxon Mobil 6,292,749 4.36 500 Allied World Assurance Co Holdings 29,778 0.02 14,300 Family Dollar Stores 715,572 0.50 12,123 Fidelity National Information Services 334,049 0.23 29,778 0.02 15,650 Forest Laboratories 500,409 0.35 17,650 Freeport-McMoRan Copper & Gold 2,106,086 1.46 Total Shares 139,837,316 96.95 6,685 Frontier Communications 64,945 0.05 61,300 Gannett 916,741 0.64 Total Transferable Securities Admitted to an 139,837,316 96.95 3,500 Genzyme 248,780 0.17 Official Exchange Listing 11,600 Harris 525,248 0.36 17,000 Helmerich & Payne 829,345 0.57 Total Investments 139,837,316 96.95 23,630 Hewlett-Packard 991,869 0.69 20,100 Humana 1,096,555 0.76 Cash 4,879,454 3.38 68,100 Huntington Bancshares 469,550 0.33 35,300 IAC/InterActive 1,030,936 0.72 Other Assets/(Liabilities) (477,166) (0.33) 32,270 International Business Machines 4,715,292 3.27 32,400 Intersil - A Shares 499,122 0.35 Total Net Assets 144,239,604 100.00 9,100 JM Smucker 596,778 0.41 3,700 Joy Global 320,587 0.22 25,100 Kimberly-Clark 1,581,300 1.10 25,300 Kinetic Concepts 1,053,239 0.73 26,850 Lexmark International - A Shares 935,857 0.65 48,400 Lincoln National 1,332,694 0.92 35,100 Lorillard 2,872,233 1.99 7,700 Lubrizol 826,941 0.57 47,550 Macy’s 1,197,071 0.83 7,900 MetLife 350,839 0.24 200,300 Microsoft 5,563,333 3.86 22,200 Molson Coors Brewing - B Shares 1,117,104 0.78 46,200 National Oilwell Varco 3,092,397 2.14 17,050 Norfolk Southern 1,069,376 0.74 12,300 Novellus Systems 398,459 0.27 40,000 Nvidia 606,200 0.42 3,700 Occidental Petroleum 361,305 0.25 31,900 Patterson-UTI Energy686,329 0.48 135,500 Pfizer 2,371,928 1.64 26,900 PNC Financial Services Group 1,637,538 1.14 26,200 PPG Industries 2,201,193 1.53 22,500 Protective Life 604,800 0.42 31,200 Prudential Financial 1,818,804 1.26 36,300 Qualcomm 1,791,587 1.24 52,800 RR Donnelley & Sons 901,560 0.63 9,500 SanDisk 473,243 0.33

166 JPMorgan Investment Funds - US 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 % of Net Assets Shares Information Technology 18.31 Financials 18.18 Consumer Discretionary 13.52 Energy 12.58 Health Care 11.30 Industrials 8.69 Consumer Staples 5.86 Materials 4.59 Telecommunication Services 2.53 Utilities 1.39 Total Shares 96.95 Cash and Other Assets/(Liabilities) 3.05 Total 100.00

Allocation of Portfolio as at 30 June 2010 (Unaudited) % of Net Assets Shares Information Technology 20.39 Financials 15.69 Health Care 13.36 Consumer Discretionary 12.65 Energy 11.65 Industrials 7.80 Consumer Staples 5.72 Utilities 3.59 Materials 3.40 Telecommunication Services 2.33 Total Shares 96.58 Cash and Other Assets/(Liabilities) 3.42 Total 100.00

167 JPMorgan Investment Funds - US 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 67 SP 500 Emini Future USD 4,189,175 26,660

Total 26,660

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

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

14-Jan-11 EUR 8,253,308 USD 10,916,658 138,288 14-Jan-11 USD 9,331 EUR 7,032 (88) 17-Feb-11 USD 7,550 EUR 5,692 (73)

Total 138,127

168 JPMorgan Investment Funds - US Select 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 598,144 Honeywell International 31,671,725 1.46 60,746 Humana 3,313,998 0.15 Shares 775,296 Huntington Bancshares 5,345,666 0.24 155,795 International Business Machines 22,764,765 UNITED STATES OF AMERICA 1.05 254,236 International Game Technology4,452,944 235,283 3M 20,288,453 0.93 0.20 375,326 Intersil - A Shares 5,781,897 867,007 Abbott Laboratories 41,369,239 1.90 0.27 846,787 Johnson Controls 32,389,603 223,928 Adobe Systems 6,829,804 0.31 1.49 440,981 Juniper Networks 16,314,092 8,070 Advance Auto Parts 536,574 0.02 0.75 141,408 Kellogg 7,215,343 39,760 Aetna 1,210,096 0.06 0.33 167,876 Kohl’s 9,064,465 127,000 Aflac 7,115,175 0.33 0.42 375,684 Kroger 8,394,659 225,434 Alcoa 3,443,504 0.16 0.39 62,532 Lam Research 3,248,225 4,240 Alexandria Real Estate Equities 311,788 0.01 0.15 126,627 Lennar - A Shares 2,360,327 54,992 Alexion Pharmaceuticals 4,427,956 0.20 0.11 660,080 Lowe’s 16,485,498 150,849 Amazon.com 27,320,262 1.26 0.76 39,142 Mastercard - A Shares 8,771,135 162,381 American Electric Power 5,844,904 0.27 0.40 84,723 McKesson 5,976,360 256,145 American Express 10,923,304 0.50 0.28 57,490 Medco Health Solutions 3,486,769 50,229 American Tower - A Shares 2,577,501 0.12 0.16 1,183,530 Merck & Co. 42,654,421 210,221 American Water Works 5,355,380 0.25 1.97 343,931 MetLife 15,273,976 63,966 Anadarko Petroleum 4,918,346 0.23 0.70 2,058,545 Microsoft 57,176,087 137,519 Analog Devices 5,197,531 0.24 2.63 593,788 Morgan Stanley16,177,754 238,915 Apache 28,567,067 1.31 0.74 259,164 NextEra Energy13,444,133 233,106 Apple 75,060,132 3.45 0.62 17,420 Nike - B Shares 1,485,403 121,760 Applied Materials 1,717,425 0.08 0.07 93,491 Noble Energy8,023,398 542,184 AT&T 15,926,655 0.73 0.37 316,860 Norfolk Southern 19,873,459 28,521 AutoZone 7,804,486 0.36 0.91 105,486 Novellus Systems 3,417,219 189,045 Baker Hughes 10,708,454 0.49 0.16 507,398 NV Energy7,151,775 2,608,483 Bank of America 34,679,782 1.60 0.33 277,442 Nvidia 4,204,634 79,340 Baxter International 4,007,860 0.18 0.19 5,275 NVR 3,642,018 275,554 BB&T 7,241,559 0.33 0.17 377,154 Occidental Petroleum 36,829,088 55,000 Berkshire Hathaway - B Shares 4,367,000 0.20 1.70 890,427 Oracle 27,572,072 232,328 Biogen Idec 15,557,845 0.72 1.27 490,222 Paccar 27,974,518 140,160 Boston Scientific 1,072,224 0.05 1.29 68,649 Parker Hannifin 5,904,157 114,586 Broadcom - A Shares 4,981,626 0.23 0.27 298,708 PepsiCo 19,478,749 130,398 Cameron International 6,574,015 0.30 0.90 1,154,582 Pfizer 20,210,958 245,036 Campbell Soup 8,477,020 0.39 0.93 184,987 PG&E 8,834,054 24,430 Capital One Financial 1,037,054 0.05 0.41 134,973 Philip Morris International 7,877,699 274,276 Cardinal Health 10,514,370 0.48 0.36 20,700 PPG Industries 1,739,111 267,182 CBS - B Shares 5,095,161 0.23 0.08 782,406 Procter & Gamble 50,101,368 408,763 Celgene 24,070,009 1.11 2.31 233,319 Prudential Financial 13,601,331 530,744 Chevron 48,321,587 2.22 0.63 212,908 Public Service Enterprise Group 6,720,441 2,319,847 Cisco Systems 46,663,722 2.15 0.31 504,917 Qualcomm 24,920,179 7,451,451 Citigroup 35,357,135 1.63 1.15 717,330 Regions Financial 4,981,857 61,276 Citrix Systems 4,147,772 0.19 0.23 33,380 Rowan 1,158,453 15,110 CME Group 4,839,355 0.22 0.05 111,699 SanDisk 5,564,286 111,569 Coach 6,194,311 0.29 0.26 20,100 SCANA 819,176 572,157 Coca-Cola 37,473,423 1.72 0.04 145,805 Sempra Energy7,641,640 240,696 Cognizant Technology Solutions - A Shares 17,655,052 0.81 0.34 7,400 Simon Property Group 738,705 135,114 Colgate-Palmolive 10,829,387 0.50 0.03 221,619 Southern 8,486,900 281,680 Comcast - A Shares 6,153,300 0.28 0.39 3,943,720 Sprint Nextel 16,543,905 96,358 Comerica 4,091,842 0.19 0.76 635,674 Staples 14,490,189 100,425 ConocoPhillips 6,848,483 0.32 0.67 38,930 Starwood Hotels & Resorts Worldwide 2,365,581 139,020 Corning 2,687,952 0.12 0.11 222,410 State Street 10,287,575 26,135 CR Bard 2,410,954 0.11 0.47 71,856 SVB Financial Group 3,865,853 195,515 CSX 12,564,771 0.58 0.18 478,230 Sysco 14,038,442 347,546 CVS Caremark 12,110,240 0.56 0.64 80,751 Target 4,833,351 42,990 Darden Restaurants 1,997,100 0.09 0.22 227,993 TD Ameritrade Holding 4,298,808 58,187 DaVita 4,034,396 0.19 0.20 38,630 Thermo Fisher Scientific 2,141,068 198,936 Devon Energy15,553,811 0.72 0.10 1,267,956 Time Warner 40,707,727 45,083 Dick’s Sporting Goods 1,697,826 0.08 1.88 144,474 Union Pacific 13,324,115 51,270 DirecTV - A Shares 2,043,879 0.09 0.62 541,528 United Technologies 42,415,181 611,856 Dow Chemical 20,848,993 0.96 1.95 275,133 UnitedHealth Group 9,884,153 58,054 Duke Realty719,579 0.03 0.45 291,244 US Bancorp 7,856,307 212,685 Edison International 8,229,846 0.38 0.36 1,008,263 Verizon Communications 36,095,815 762,889 EI du Pont de Nemours & Co. 37,873,624 1.74 1.66 12,715 VF 1,101,500 564,350 EMC/Massachusetts 12,864,358 0.59 0.05 18,530 Visa - A Shares 1,296,729 228,960 EOG Resources 20,989,908 0.97 0.06 3,500 VMware - A Shares 311,010 66,205 Expedia 1,661,746 0.08 0.01 38,480 Walgreen 1,503,029 862,829 Exxon Mobil 63,068,486 2.90 0.07 132,974 Wal-Mart Stores 7,182,591 56,953 Family Dollar Stores 2,849,928 0.13 0.33 586,789 Walt Disney21,843,220 289,323 Freeport-McMoRan Copper & Gold 34,523,467 1.59 1.01 116,404 WellPoint 6,600,689 529,618 Frontier Communications 5,145,239 0.24 0.30 1,242,997 Wells Fargo & Co. 38,402,392 158,693 GameStop - A Shares 3,620,581 0.17 1.77 41,798 Xcel Energy984,134 468,778 Gannett 7,010,575 0.32 0.05 437,881 Xilinx 12,727,011 702,673 General Electric 12,806,215 0.59 0.59 279,588 Yum! Brands 13,708,200 357,360 General Mills 12,695,214 0.58 0.63 129,581 Zions Bancorporation 3,159,833 509,094 General Motors 18,693,932 0.86 0.15 52,293 Georgia Gulf 1,257,124 0.06 50,025 Global Payments 2,325,412 0.11 2,038,180,769 93.81 226,071 Goldman Sachs Group 37,871,414 1.74 SWITZERLAND 17,629 Google - A Shares 10,515,434 0.48 190,603 ACE 11,845,976 0.55 94,505 Halliburton 3,842,573 0.18 305,867 Tyco International 12,655,247 0.58 232,860 HCP 8,582,055 0.40 8,400 Health Care REIT 401,772 0.02 24,501,223 1.13 435,796 Hewlett-Packard 18,292,537 0.84

169 JPMorgan Investment Funds - US Select 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

IRELAND 22,393 Cooper Industries 1,309,655 0.06 Allocation of Portfolio as at 31 December 2010 % of 360,133 Covidien 16,324,829 0.75 Net Assets 296,618 XL Group 6,507,799 0.30 Fixed Income Securities United States of America 0.16 24,142,283 1.11 Total Fixed Income Securities 0.16 BERMUDA Shares 299,832 Genpact 4,566,441 0.21 Information Technology 18.36 316,665 Invesco 7,516,044 0.35 Financials 14.45 199,562 Marvell Technology Group 3,656,974 0.17 Consumer Discretionary 13.85 102,901 RenaissanceRe Holdings 6,600,585 0.30 Energy 12.65 Health Care 9.99 22,340,044 1.03 Industrials 9.40 Consumer Staples 8.75 NETHERLANDS ANTILLES Materials 4.59 231,342 Schlumberger 19,239,557 0.89 Telecommunication Services 3.39 Utilities 3.39 19,239,557 0.89 Total Shares 98.82 PANAMA Cash and Other Assets/(Liabilities) 1.02 353,495 Carnival 16,183,001 0.74 Total 100.00 16,183,001 0.74 LIBERIA 51,584 Royal Caribbean Cruises 2,430,122 0.11 Allocation of Portfolio as at 30 June 2010 (Unaudited) % of 2,430,122 0.11 Net Assets Fixed Income Securities Total Shares 2,147,016,999 98.82 United States of America 0.07 Total Fixed Income Securities 0.07 Total Transferable Securities Admitted to an 2,147,016,999 98.82 Official Exchange Listing Shares Information Technology 20.08 Transferable Securities Dealt in on Another Regulated Market Financials 14.29 Consumer Discretionary 13.28 Bonds Health Care 10.87 Energy 10.52 UNITED STATES OF AMERICA Industrials 10.43 3,465,000 US Treasury (i) 30.06.11/1.125% 3,481,920 0.16 Consumer Staples 9.38 Materials 3.75 3,481,920 0.16 Utilities 3.70 Telecommunication Services 3.13 Total Bonds 3,481,920 0.16 Total Shares 99.43 Cash and Other Assets/(Liabilities) Total Transferable Securities Dealt in on Another 3,481,920 0.16 0.50 Regulated Market Total 100.00 Total Investments 2,150,498,919 98.98

Cash 18,908,151 0.87

Other Assets/(Liabilities) 3,183,069 0.15

Total Net Assets 2,172,590,139 100.00

(i) Security held as collateral against futures positions by the broker.

170 JPMorgan Investment Funds - US Select 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-11 272 SP 500 Emini Future USD 17,006,800 165,065

Total 165,065

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

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

14-Jan-11 EUR 100,653,927 USD 132,996,597 1,824,957 14-Jan-11 USD 248,019 EUR 188,612 (4,619) 17-Feb-11 EUR 877,724 USD 1,164,301 11,308

Total 1,831,646

171 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Fund Total Expense Ratios (continued) For the For the For the For the For the For the Capped Year Year year year year year Expense ended ended ended ended ended ended Ratio Inception 31 Dec 10 31 Dec 10# 31 Dec 09 31 Dec 08 31 Dec 07 31 Dec 06 31 Dec 10 Date

JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green A (acc) - EUR 0.85% - 0.85% 0.85% 0.85% 0.85% - 16-Sep-96

JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I (1) JPM Emerging Markets Corporate Bond Portfolio I - A (div) - USD 1.40%------31-May-10 JPM Emerging Markets Corporate Bond Portfolio I - A (div) - EUR (hedged) 1.40%------31-May-10 JPM Emerging Markets Corporate Bond Portfolio I - B (div) - USD 0.85%------15-Jun-10 JPM Emerging Markets Corporate Bond Portfolio I - B (div) - EUR (hedged) 0.85%------30-Jun-10 JPM Emerging Markets Corporate Bond Portfolio I - C (div) - USD 0.70%------30-Jun-10 JPM Emerging Markets Corporate Bond Portfolio I - D (div) - USD 1.90%------31-May-10 JPM Emerging Markets Corporate Bond Portfolio I - D (div) - EUR (hedged) 1.90%------31-May-10

JPMorgan Investment Funds - Euro Liquid Market Fund JPM Euro Liquid Market A (acc) - EUR 0.65% - 0.65% 0.65% 0.65% 0.65% - 16-Jan-95 JPM Euro Liquid Market C (acc) - EUR 0.26% - 0.25% 0.25% 0.25% - - 18-Dec-03 JPM Euro Liquid Market D (acc) - EUR 0.75% - 0.75% 0.75% - - - 10-Oct-08 JPM Euro Liquid Market X (acc) - EUR** ----0.05% 0.05% 0.05% 08-May-02

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR 0.90% - 0.90% 0.90% 1.00% 1.00% - 01-Jul-97 JPM Europe Bond A (inc) - EUR 0.90% - 0.90% 0.90% 1.00% 1.00% - 18-Oct-05 JPM Europe Bond B (acc) - EUR 0.60% - 0.60% 0.60% 0.60% 0.75% - 23-Sep-97 JPM Europe Bond C (acc) - EUR 0.50% - 0.50% 0.50% 0.54% 0.52% - 16-Jun-98 JPM Europe Bond D (acc) - EUR 1.25% - 1.25% 1.25% 1.40% 1.40% - 16-Jul-01 JPM Europe Bond X (acc) - EUR 0.10% - 0.10% 0.10% 0.09% 0.08% 0.10% 30-Apr-98

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-03 JPM Europe Recovery A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 JPM Europe Recovery B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% - 13-Oct-03 JPM Europe Recovery C (acc) - EUR 1.00% - 1.00% 1.00% 0.95% 0.96% - 06-Nov-03 JPM Europe Recovery D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 27-May-03 JPM Europe Recovery X (acc) - EUR 0.13% - 0.14% - 0.11% 0.12% 0.15% 27-May-03

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 29-Aug-97 JPM Europe Select Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 24-Oct-07 JPM Europe Select Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 JPM Europe Select Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% - - 13-Oct-03 JPM Europe Select Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.63% - - 07-Jan-98 JPM Europe Select Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% - - 19-Mar-07 JPM Europe Select Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% - - 20-Dec-07 JPM Europe Select Equity I (acc) - EUR 0.57%-----0.81% 13-Apr-10 JPM Europe Select Equity X (acc) - EUR 0.13% - 0.15% 0.15% 0.12% 0.15% 0.15% 21-May-01 JPM Europe Select Equity X (acc) - EUR (hedged) 0.13% - 0.15% 0.15% 0.02% - 0.15% 24-Oct-07

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-Feb-05 JPM Europe Strategic Dividend A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 JPM Europe Strategic Dividend A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 04-Apr-07 JPM Europe Strategic Dividend B (acc) - EUR*** 1.15% - 1.15% ----04-Apr-07 JPM Europe Strategic Dividend C (acc) - EUR 0.85% - 0.85% 0.85% 0.63% - - 20-Apr-07 JPM Europe Strategic Dividend D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 12-Dec-05 JPM Europe Strategic Dividend X (acc) - EUR 0.11% - 0.15% 0.15% 0.09% - 0.15% 21-May-07

JPMorgan Investment Funds - Global Balanced Fund (EUR) JPM Global Balanced (EUR) A (acc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 18-Jul-95 JPM Global Balanced (EUR) A (dist) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 15-May-06 JPM Global Balanced (EUR) B (acc) - EUR 1.05% - 1.05% 1.05% 1.05% 1.10% - 19-Jan-95 JPM Global Balanced (EUR) C (acc) - EUR 0.90% - 0.90% 0.90% 0.89% 0.89% - 21-Jan-98 JPM Global Balanced (EUR) D (acc) - EUR 2.15% - 2.15% 2.15% 2.15% 2.15% - 11-Jul-02

JPMorgan Investment Funds - Global Balanced Fund (USD) JF Global Balanced (USD) A (acc) - USD 1.70% - 1.70% 1.70% 1.70% 1.70% - 04-Apr-03 JPM Global Balanced (USD) A (acc) - USD 1.65% - 1.65% 1.65% 1.65% 1.65% - 01-Jul-97 JPM Global Balanced (USD) A (dist) - USD 1.65% - 1.65% 1.65% 1.65% 1.65% - 15-May-06 JPM Global Balanced (USD) B (acc) - USD 1.05% - 1.05% 1.05% 1.05% 1.10% - 01-Jul-97 JPM Global Balanced (USD) C (acc) - USD 0.90% - 0.90% 0.90% 0.89% 0.87% - 22-Jul-03 JPM Global Balanced (USD) D (acc) - USD 2.15% - 2.15% 2.15% 2.15% 2.15% - 01-Feb-02 JPM Global Balanced (USD) X (acc) - USD 0.09% - 0.10% 0.10% 0.10% 0.09% 0.10% 19-Dec-97 JPM Global Balanced (USD) X (inc) - USD** -----0.06% 0.10% 01-Sep-98

(1) This Sub-Fund was launched on 31 May 2010

172 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Fund Total Expense Ratios (continued) For the For the For the For the For the For the Capped Year Year year year year year Expense ended ended ended ended ended ended Ratio Inception 31 Dec 10 31 Dec 10# 31 Dec 09 31 Dec 08 31 Dec 07 31 Dec 06 31 Dec 10 Date

JPMorgan Investment Funds - Global Bond Fund (EUR) JPM Global Bond (EUR) A (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 08-Jan-99 JPM Global Bond (EUR) A (inc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 15-May-06 JPM Global Bond (EUR) B (acc) - EUR 0.70% - 0.70% 0.70% 0.70% 0.75% - 07-May-97 JPM Global Bond (EUR) C (acc) - EUR 0.55% - 0.55% 0.55% 0.53% 0.53% - 07-May-97 JPM Global Bond (EUR) D (acc) - EUR 1.40% - 1.40% 1.40% 1.40% 1.40% - 03-Apr-01 JPM Global Bond (EUR) X (acc) - EUR 0.10% - 0.10% 0.10% 0.08% 0.08% 0.10% 18-Jun-98

JPMorgan Investment Funds - Global Bond Fund (USD) JF Global Bond (USD) A (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.20% - 04-Apr-03 JPM Global Bond (USD) A (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.00% - 06-Nov-97 JPM Global Bond (USD) B (acc) - USD** - - - 0.70% 0.70% 0.75% - 15-May-09 JPM Global Bond (USD) C (acc) - USD 0.55% - 0.55% 0.55% 0.54% 0.53% - 26-May-98 JPM Global Bond (USD) D (acc) - USD 1.40% - 1.40% 1.40% 1.40% 1.40% - 13-Nov-01 JPM Global Bond (USD) X (acc) - USD 0.10% - 0.10% 0.10% 0.09% 0.09% 0.10% 03-Sep-98

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 1.45% - 1.45% 1.45% 1.45% 1.45% - 23-Oct-98 JPM Global Capital Appreciation A (dist) - EUR 1.45% - 1.45% 1.45% 1.45% 1.45% - 01-Jun-06 JPM Global Capital Appreciation A (inc) - EUR 1.45% - 1.45% 1.45% 1.45% 1.45% - 01-Jun-06 JPM Global Capital Appreciation B (acc) - EUR 0.95% - 0.95% 0.95% 0.95% 1.05% - 10-Dec-98 JPM Global Capital Appreciation C (acc) - EUR 0.75% - 0.75% 0.75% 0.75% 0.74% - 01-Dec-99 JPM Global Capital Appreciation D (acc) - EUR 2.15% - 2.15% 2.15% 2.15% 2.15% - 12-Dec-01 JPM Global Capital Appreciation X (acc) - EUR 0.10% - 0.10% 0.10% 0.08% 0.08% 0.10% 25-Apr-06

JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) JPM Global Capital Preservation (EUR) A (acc) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% - 15-Sep-95 JPM Global Capital Preservation (EUR) A (acc) - USD 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% - 31-Jul-06 JPM Global Capital Preservation (EUR) A (dist) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% - 01-Jun-06 JPM Global Capital Preservation (EUR) A (inc) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% - 01-Jun-06 JPM Global Capital Preservation (EUR) B (acc) - EUR 0.95% 0.95% 0.95% 0.95% 0.95% 1.05% - 30-Jun-95 JPM Global Capital Preservation (EUR) C (acc) - EUR 0.75% 0.75% 0.75% 0.75% 0.74% 0.72% - 16-May-97 JPM Global Capital Preservation (EUR) D (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 31-May-01 JPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) 1.90% 1.96% 1.90% 1.90% - - - 12-Aug-08 JPM Global Capital Preservation (EUR) I (acc) - EUR 0.71% 0.77% 0.71% 0.70% - - 0.71% 30-May-08 JPM Global Capital Preservation (EUR) I (inc) - EUR 0.71% 0.71% 0.71% 0.69% 0.69% 0.21% 0.71% 22-Sep-06 JPM Global Capital Preservation (EUR) X (acc) - EUR 0.10% 0.10% 0.10% 0.09% 0.09% 0.08% 0.10% 19-Nov-04

JPMorgan Investment Funds - Global Capital Preservation Fund (USD) JPM Global Capital Preservation (USD) A (acc) - USD 1.45% - 1.45% 1.45% 1.45% 1.45% - 28-Nov-05 JPM Global Capital Preservation (USD) B (acc) - USD** ----0.95% 1.05% - 30-Jan-06 JPM Global Capital Preservation (USD) C (acc) - USD** ----0.75% 0.74% 0.75% 05-Jan-06 JPM Global Capital Preservation (USD) D (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 28-Nov-05 JPM Global Capital Preservation (USD) X (acc) - USD** - - - 0.10% 0.10% 0.09% 0.10% 19-Nov-04

JPMorgan Investment Funds - Global Convertibles Fund (USD) JF Global Convertibles (USD) A (acc) - USD 1.90% - 1.90% ----17-Aug-09 JPM Global Convertibles (USD) A (acc) - USD 1.65% - 1.65% 1.65% 1.65% 1.65% - 15-Jun-04 JPM Global Convertibles (USD) B (acc) - USD 1.00% - 1.00% 1.00% - - - 23-May-08 JPM Global Convertibles (USD) C (acc) - USD 0.95% - 0.95% - - 0.26% - 09-Aug-05 JPM Global Convertibles (USD) D (acc) - USD 2.15% - 2.15% 2.15% 2.15% 2.15% - 28-Dec-04 JPM Global Convertibles (USD) I (acc) - USD 0.91% - 0.91% 0.89% 0.76% - 0.91% 01-Mar-07 JPM Global Convertibles (USD) X (acc) - USD** - - 0.11% - 0.14% 0.10% 0.15% 15-Jun-04

JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 28-Nov-07 JPM Global Dividend A (acc) - EUR 1.90%------04-Oct-10 JPM Global Dividend A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% - - 28-Nov-07 JPM Global Dividend A (inc) - USD 1.90% - 1.90% ----12-Oct-09 JPM Global Dividend A (inc) - EUR (hedged) 1.90% - 1.90% ----12-Feb-09 JPM Global Dividend C (acc) - EUR 0.80% - 0.80% ----02-Apr-09 JPM Global Dividend D (acc) - USD 2.65% - 2.65% 2.65% 2.65% - - 28-Nov-07 JPM Global Dividend D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% - - 28-Nov-07

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% - 12-Dec-00 JPM Global Enhanced Bond A (inc) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% - 15-May-06 JPM Global Enhanced Bond B (acc) - EUR 0.75% - 0.75% 0.75% 0.75% 0.80% - 02-Jan-01 JPM Global Enhanced Bond C (acc) - EUR 0.60% - 0.60% 0.60% 0.58% 0.59% - 30-May-00 JPM Global Enhanced Bond D (acc) - EUR 1.40% - 1.40% 1.40% 1.40% 1.40% - 30-May-01 JPM Global Enhanced Bond X (acc) - EUR 0.10% - 0.10% 0.10% 0.09% 0.09% 0.10% 30-May-00 JPM Global Enhanced Bond X (inc) - EUR** -----0.09% 0.10% 09-Sep-04

173 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Fund Total Expense Ratios (continued) For the For the For the For the For the For the Capped Year Year year year year year Expense ended ended ended ended ended ended Ratio Inception 31 Dec 10 31 Dec 10# 31 Dec 09 31 Dec 08 31 Dec 07 31 Dec 06 31 Dec 10 Date

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 11-Dec-00 JPM Global Financials A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Sep-06 JPM Global Financials A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 JPM Global Financials B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - 10-Dec-07 JPM Global Financials C (acc) - USD 1.05% - 1.05% 1.05% 0.99% 0.99% - 28-Dec-00 JPM Global Financials D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 12-Jul-01 JPM Global Financials X (acc) - USD 0.15% - 0.20% 0.19% 0.17% 0.14% 0.20% 07-Feb-02

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - USD 1.25% - 1.25% 1.25%---02-Sep-08 JPM Global High Yield Bond A (acc) - EUR (hedged) 1.25% - 1.25% 1.25% 1.25% 1.25% - 24-Mar-00 JPM Global High Yield Bond A (inc) - EUR (hedged) 1.25% - 1.25% 1.25% 1.25% 1.25% - 15-May-06 JPM Global High Yield Bond A (mth) - USD 1.25% - 1.25% 1.25%---17-Sep-08 JPM Global High Yield Bond B (acc) - EUR (hedged) 0.90% - 0.90% 0.90% 0.90% 0.90% - 24-Mar-00 JPM Global High Yield Bond C (acc) - USD 0.60% - 0.60% 0.60% - - - 18-Aug-08 JPM Global High Yield Bond C (acc) - EUR (hedged) 0.60% - 0.60% 0.60% 0.59% 0.57% - 24-Mar-00 JPM Global High Yield Bond D (acc) - USD 1.65%------17-Sep-10 JPM Global High Yield Bond D (acc) - EUR (hedged) 1.65% - 1.65% 1.65% 1.65% - - 18-Apr-01 JPM Global High Yield Bond I (acc) - USD 0.54% - 0.56% - - - 0.56% 19-Nov-09 JPM Global High Yield Bond I (inc) - EUR (hedged) 0.54% - 0.56% 0.54% - - 0.56% 09-Mar-07 JPM Global High Yield Bond X (acc) - EUR (hedged) 0.10% - 0.10% 0.09% 0.08% 0.05% 0.10% 24-Mar-00

JPMorgan Investment Funds - Global Income Fund JPM Global Income A (div) - EUR 1.45% - 1.45% 1.45%---11-Dec-08 JPM Global Income C (div) - EUR 0.75%------16-Feb-10 JPM Global Income D (div) - EUR 1.80% - 1.80% ----08-Jul-09

JPMorgan Investment Funds - Global Select 130/30 Fund JPM Global Select 130/30 A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 29-May-98 JPM Global Select 130/30 A (acc) - EUR** - - 1.90% 1.90% - - - 09-Dec-08 JPM Global Select 130/30 A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 JPM Global Select 130/30 C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.00% - 10-Jul-98 JPM Global Select 130/30 D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 06-Feb-01 JPM Global Select 130/30 X (acc) - USD** ----0.04% 0.05% 0.15% 03-Feb-00

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 05-Dec-97 JPM Global Select Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 JPM Global Select Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.30% - 05-Dec-97 JPM Global Select Equity C (acc) - USD 0.80% - 0.80% 0.80% 0.79% 0.77% - 26-Mar-98 JPM Global Select Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 15-Apr-02 JPM Global Select Equity X (acc) - USD 0.11% - 0.15% 0.14% 0.15% 0.13% 0.15% 22-Sep-99

JPMorgan Investment Funds - Global Total Return Fund JPM Global Total Return A (acc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 29-Apr-04 JPM Global Total Return A (dist) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 01-Jun-06 JPM Global Total Return A (inc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 01-Jun-06 JPM Global Total Return B (acc) - EUR** 1.00% - - 1.00% 1.00% 1.10% - 17-Mar-05 JPM Global Total Return C (acc) - EUR 0.80% - 0.80% 0.80% 0.73% 0.73% - 10-Nov-04 JPM Global Total Return D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 29-Apr-04 JPM Global Total Return I (acc) - EUR** -----0.06% 0.76% 30-Nov-06 JPM Global Total Return X (acc) - EUR** -----0.07% 0.15% 29-Apr-04

JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund JPM Highbridge Statistical Market Neutral A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 06-Nov-06 JPM Highbridge Statistical Market Neutral A (acc) - SEK (hedged) 1.90% - 1.90% 1.90% - - - 12-Aug-08 JPM Highbridge Statistical Market Neutral A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 06-Nov-06 JPM Highbridge Statistical Market Neutral A (acc) - USD (hedged) 1.90% - 1.90% 1.90% - - - 24-Jul-08 JPM Highbridge Statistical Market Neutral A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% - - 08-Feb-07 JPM Highbridge Statistical Market Neutral A (dist) - GBP (hedged) 1.90% - 1.90% 1.90% - - - 11-Jul-08 JPM Highbridge Statistical Market Neutral A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 23-Apr-07 JPM Highbridge Statistical Market Neutral B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% - - 08-Feb-07 JPM Highbridge Statistical Market Neutral B (acc) - USD** - - 1.15% 1.15% - - - 24-Apr-07 JPM Highbridge Statistical Market Neutral C (acc) - EUR 1.00% - 1.00% 1.00% 1.00% - - 18-Jan-07 JPM Highbridge Statistical Market Neutral C (dist) - GBP (hedged) 1.00% - 1.00% 1.00% - - - 23-Jun-08 JPM Highbridge Statistical Market Neutral C (dist) - USD (hedged) 1.00% - 1.00% ----01-Apr-09 JPM Highbridge Statistical Market Neutral D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 06-Nov-06 JPM Highbridge Statistical Market Neutral D (acc) - USD 2.65% - 2.65% 2.65%---06-Nov-08 JPM Highbridge Statistical Market Neutral D (acc) - USD (hedged) 2.65% - 2.65% 2.65%---18-Aug-08 JPM Highbridge Statistical Market Neutral I (acc) - EUR 0.92% - 0.96% 0.92% 0.90% 0.11% 0.96% 28-Nov-06 JPM Highbridge Statistical Market Neutral I (dist) - EUR 0.77%-----0.96% 16-Mar-10 JPM Highbridge Statistical Market Neutral X (acc) - EUR 0.22% - 0.15% 0.12% 0.10% 0.01% 0.15% 20-Nov-06 JPM Highbridge Statistical Market Neutral X (acc) - USD (hedged)** - - 0.11% - - - 0.15% 12-Mar-09

174 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Fund Total Expense Ratios (continued) For the For the For the For the For the For the Capped Year Year year year year year Expense ended ended ended ended ended ended Ratio Inception 31 Dec 10 31 Dec 10# 31 Dec 09 31 Dec 08 31 Dec 07 31 Dec 06 31 Dec 10 Date

JPMorgan Investment Funds - Income Opportunity Fund JPM Income Opportunity A (acc) - USD 1.20% 2.17% 1.20% 1.20% 1.20% - - 14-Oct-08 JPM Income Opportunity A (acc) - EUR (hedged) 1.20% 2.03% - 1.20% 1.20% - - 19-Jul-07 JPM Income Opportunity A (acc) - SEK (hedged) 1.20% 2.07% 1.20% - 1.45% - - 02-Jul-09 JPM Income Opportunity A (inc) - EUR (hedged) 1.20% 2.09% - - 1.20% - - 19-Jul-07 JPM Income Opportunity A (dist) - GBP (hedged) 1.20% 2.05% 1.20% 1.20%---06-Feb-08 JPM Income Opportunity B (acc) - USD 0.80% 1.79% 0.80%----18-Nov-09 JPM Income Opportunity B (acc) - EUR (hedged) 0.80% 1.78% 0.80%----26-Jun-09 JPM Income Opportunity C (acc) - USD 0.70% 1.91% 0.70%----22-Oct-09 JPM Income Opportunity C (acc) - USD (hedged to BRL) 0.70% 1.85% -----29-Apr-10 JPM Income Opportunity C (acc) - EUR (hedged) 0.70% 1.62% - 0.70% - - - 18-Jan-08 JPM Income Opportunity C (acc) - SEK (hedged) 0.70% 1.78% -----18-Mar-10 JPM Income Opportunity C (dist) - GBP (hedged) 0.70% 1.55% 0.70%----17-Feb-09 JPM Income Opportunity D (acc) - EUR (hedged) 1.45% 2.24% - 1.45% 1.45% - - 19-Jul-07 JPM Income Opportunity D (inc) - EUR (hedged)*** 1.45% - - - 1.45% - - 05-Oct-10 JPM Income Opportunity X (acc) - USD 0.09% 1.75% 0.10% - - - 0.10% 12-Mar-09 JPM Income Opportunity X (acc) - EUR (hedged) 0.09% 0.91% ----0.10% 17-Nov-09 JPM Income Opportunity X (acc) - GBP (hedged) 0.09% 1.11% 0.10% - - - 0.10% 09-Dec-09

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - JPY 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 JPM Japan 50 Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-Dec-04 JPM Japan 50 Equity A (dist) - JPY 1.90% - 1.90% 1.90% 1.90% - - 08-May-07 JPM Japan 50 Equity C (acc) - JPY 0.95% - 0.95%----02-Apr-09 JPM Japan 50 Equity D (acc) - JPY 2.90% - 2.90% 2.90% 2.90% 2.90% - 26-Jul-06 JPM Japan 50 Equity I (acc) - JPY** - - - 0.86% 0.86% 0.53% 0.91% 19-May-06 JPM Japan 50 Equity X (acc) - JPY 0.15% - 0.15% 0.12% 0.11% 0.10% 0.15% 20-Dec-04

JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund JPM Japan Behavioural Finance Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 03-Apr-07 JPM Japan Behavioural Finance Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 03-Apr-07 JPM Japan Behavioural Finance Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% - - 03-Apr-07 JPM Japan Behavioural Finance Equity C (acc) - USD** - - 0.95% 0.95% 0.20% - - 03-Apr-07 JPM Japan Behavioural Finance Equity D (acc) - USD** - - 2.65% - 2.65% - - 03-Apr-07 JPM Japan Behavioural Finance Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% - - 03-Apr-07 JPM Japan Behavioural Finance Equity I (inc) - EUR** - - 0.91% - 0.56% - 0.91% 31-May-07 JPM Japan Behavioural Finance Equity X (acc) - USD 0.13% - 0.15% 0.14% 0.06% - 0.15% 31-May-07

JPMorgan Investment Funds - Japan Focus Fund JPM Japan Focus A (acc) - JPY 1.90% 2.20% 1.90% 1.90% - - - 15-Feb-08 JPM Japan Focus A (dist) - JPY 1.90% 2.68% 1.90% ----24-Nov-09 JPM Japan Focus D (acc) - JPY 2.90% 3.00% 2.90% 2.50% - - - 15-Feb-08 JPM Japan Focus I (acc) - JPY 0.90% 0.98% 0.91% 0.91% - - 0.91% 02-Jul-08 JPM Japan Focus X (acc) - JPY 0.14% 1.00% 0.15% 0.15% - - 0.15% 16-Jun-08

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Apr-97 JPM Japan Select Equity A (dist) - JPY 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 JPM Japan Select Equity B (acc) - JPY 1.15% - 1.15% 1.15% 1.15% 1.25% - 04-Jul-97 JPM Japan Select Equity C (acc) - JPY 0.95% - 0.95% 0.95% 0.89% 0.88% - 03-Jun-99 JPM Japan Select Equity D (acc) - JPY 2.65% - 2.65% 2.65% 2.65% 2.65% - 22-Mar-02 JPM Japan Select Equity I (acc) - JPY 0.85% - 0.91% 0.86% 0.85% 0.09% 0.91% 17-Nov-06 JPM Japan Select Equity X (acc) - JPY 0.10% - 0.15% 0.11% 0.10% 0.09% 0.15% 26-May-98

JPMorgan Investment Funds - Japan Strategic Value Fund JPM Japan Strategic Value A (acc) - JPY 1.90% - 1.90% 1.90% 1.90% - - 30-Nov-07 JPM Japan Strategic Value A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 30-Nov-07 JPM Japan Strategic Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% - - 30-Nov-07 JPM Japan Strategic Value C (acc) - JPY 0.95% - 0.95%----02-Apr-09 JPM Japan Strategic Value D (acc) - JPY 2.65% - 2.65% 2.65% 2.65% - - 30-Nov-07 JPM Japan Strategic Value D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% - - 30-Nov-07 JPM Japan Strategic Value X (acc) - JPY 0.14% - 0.15% - - - 0.15% 30-Apr-09

JPMorgan Investment Funds - JF Asia ex-Japan Fund JF Asia ex-Japan A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 12-Dec-97 JF Asia ex-Japan A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 JF Asia ex-Japan B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.25% - 31-Dec-97 JF Asia ex-Japan C (acc) - USD 1.00% - 1.00% 1.00% 0.97% 0.95% - 14-Dec-00 JF Asia ex-Japan D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 12-Mar-02 JF Asia ex-Japan I (acc) - USD 0.96% - 0.96% 0.90% 0.92% 0.47% 0.96% 26-Jun-06 JF Asia ex-Japan X (acc) - USD 0.13% - 0.20% 0.17% 0.17% 0.17% 0.20% 29-Jun-98

175 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Fund Total Expense Ratios (continued) For the For the For the For the For the For the Capped Year Year year year year year Expense ended ended ended ended ended ended Ratio Inception 31 Dec 10 31 Dec 10# 31 Dec 09 31 Dec 08 31 Dec 07 31 Dec 06 31 Dec 10 Date

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 15-May-97 JPM US Bond A (inc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 15-May-06 JPM US Bond B (acc) - USD 0.75% - 0.75% 0.75% 0.75% 0.80% - 15-May-97 JPM US Bond C (acc) - USD 0.60% - 0.60% 0.60% 0.57% 0.57% - 12-Feb-98 JPM US Bond D (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.35% - 13-Nov-01 JPM US Bond X (acc) - USD** ----0.08% 0.07% 0.10% 06-Apr-98

JPMorgan Investment Funds - US Equity Fund JPM US Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-Dec-06 JPM US Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-Dec-06 JPM US Equity A (dist) - GBP 1.90% - 1.90% ----25-Aug-09 JPM US Equity C (acc) - USD 0.85% - 0.85% 0.85% 0.67% - - 22-Mar-07 JPM US Equity D (acc) - USD 2.40% - 2.40% 2.40% 2.40% 2.40% - 27-Dec-06 JPM US Equity D (acc) - EUR (hedged) 2.40% - 2.40% 2.40% 2.40% 2.40% - 27-Dec-06 JPM US Equity X (acc) - USD 0.15% - 0.15% 0.12% 0.12% - 0.15% 21-May-07

JPMorgan Investment Funds - US Market Neutral Fund (2) JPM US Market Neutral A (acc) - USD 1.87% - 1.90% 1.90% 1.90% - - 14-Jun-07 JPM US Market Neutral A (acc) - EUR (hedged) 1.85% - 1.90% 1.90% 1.90% - - 14-Jun-07 JPM US Market Neutral A (dist) - USD 1.82% - 1.90% 1.90% 1.90% - - 14-Jun-07 JPM US Market Neutral A (dist) - GBP 1.82% - 1.90% 1.90% 1.90% - - 14-Jun-07 JPM US Market Neutral D (acc) - USD 2.55% - 2.65% 2.65% 2.65% - - 14-Jun-07 JPM US Market Neutral D (acc) - EUR (hedged) 2.56% - 2.65% 2.65% 2.65% - - 14-Jun-07 JPM US Market Neutral X (acc) - USD 0.14% - 0.15% 0.15% 0.06% - 0.15% 14-Jun-07

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 17-Mar-97 JPM US Select Equity A (acc) - EUR 1.90% - 1.90% 1.90% - - - 10-Jun-08 JPM US Select Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% - - 15-Mar-07 JPM US Select Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 JPM US Select Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.20% - 29-Oct-97 JPM US Select Equity C (acc) - USD 0.85% - 0.85% 0.85% 0.80% 0.83% - 03-Feb-08 JPM US Select Equity C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% - - - 19-Sep-08 JPM US Select Equity D (acc) - USD 2.40% - 2.40% 2.40% 2.40% 2.40% - 01-Feb-02 JPM US Select Equity D (acc) - EUR (hedged) 2.40% - 2.40% 2.40% 2.40% - - 15-Mar-07 JPM US Select Equity I (acc) - USD 0.72% - 0.81% 0.77% 0.50% - 0.81% 15-May-07 JPM US Select Equity X (acc) - USD 0.08% - 0.15% 0.12% 0.12% 0.13% 0.15% 06-Apr-98

Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association. (2) This Sub-Fund was liquidated on 15 December 2010. The rate disclosed is calculated as at liquidation date and not annualised.

* The capped expense ratios and total expense ratios for some share classes mayhave changed over the previous five years.All details concerning these changes have been disclosed in previous years’ financial statements. ** Share Class inactive as at end of the year. *** Share Class reactivated during the year. # These figures include the Performance Fees.

176 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds Blue and Green Fund Seeks to achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using derivative strategies where appropriate. Emerging Markets Corporate Bond Portfolio Fund I 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 byinvesting primarilyin 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. Euro Liquid Market Fund Seeks to achieve a competitive level of total return in the reference currencyand a high degree of liquiditybyinvesting primarilyin EUR denominated short-term fixed and floating rate debt securities. Europe Bond Fund Seeks to achieve a return in excess of the European bond markets byinvesting primarilyin European fixed and floating rate debt securities, using deri vative strategies where appropriate. Europe Recovery Fund Seeks to provide long-term capital growth byinvesting primarilyin European companies that the Investment Manager believes to be in recoverysituat ions. Europe Select Equity Fund Seeks to achieve a return in excess of the European equity markets by investing primarily in European companies. Europe Strategic Dividend Fund Seeks to provide long term returns by investing primarily in high dividend-yielding equities of European companies. Global Balanced Fund (EUR) Seeks to provide long-term capital growth and income by investing primarily in companies and sovereign issuers, globally. Global Balanced Fund (USD) Seeks to provide long-term capital growth and income by investing primarily in companies and sovereign issuers, globally. Global Bond Fund (EUR) Seeks to achieve a return in excess of global government bond markets byinvesting primarilyin global fixed and floating rate debt securities, using derivative strategies where appropriate. Global Bond Fund (USD) Seeks to achieve a return in excess of global government bond markets byinvesting primarilyin global fixed and floating rate debt securities, using derivative strategies where appropriate. Global Capital Appreciation Fund Seeks to achieve capital appreciation in excess of its cash benchmark byinvesting primarilyin securities, globally,using derivative strategies w here appropriate. Global Capital Preservation Fund (EUR) Seeks to achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using derivative strategies where appropriate. Global Capital Preservation Fund (USD) Seeks to achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using derivative strategies where appropriate. Global Convertibles Fund (USD) Seeks to provide a return by investing primarily in a diversified portfolio of convertible securities and warrants, globally. Global Dividend Fund Seeks to provide long-term capital growth by investing primarily in companies, globally, that generate high and rising income. Global Enhanced Bond Fund Seeks to achieve a return in excess of global non-government bond markets byinvesting primarilyin global fixed and floating rate debt securities, us ing derivative strategies where appropriate. Global Financials Fund Seeks to achieve a high return byinvesting primarilyin companies from the financial, banking, insurance and propertysectors (“Financial Companie s”), globally. Global High Yield Bond Fund Seeks to achieve a return in excess of global bond markets byinvesting primarilyin below investment grade global fixed and floating rate debt securit ies, using derivative strategies where appropriate. Global Income Fund Seeks to provide regular income byinvesting primarilyin a portfolio of income generating securities, globally,and through the use of financial der ivative instruments. Global Select 130/30 Fund Seeks to provide long-term capital growth primarilythrough exposure to companies, globally,bydirect investment in securities of such companies a nd through the use of financial derivative instruments.

177 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds (continued) Global Select Equity Fund Seeks to achieve a return in excess of the global equity markets by investing primarily in companies, globally. Global Total Return Fund Seeks to achieve a total return in EUR in excess of its cash benchmark from a concentrated portfolio of securities, globally. Highbridge Statistical Market Neutral Fund Seeks to provide a total return in all market environments in excess of the return on short-term instruments, through a market neutral strategy. Derivatives will be used where appropriate to gain exposure primarily to European and US equity securities. Income Opportunity Fund Seeks to achieve a return in excess of the benchmark byexploiting investment opportunities in, amongst others, the fixed income and currencymarkets , using derivative strategies where appropriate. Japan 50 Equity Fund Seeks to achieve a return in excess of the Japanese equitymarket primarilyfrom a concentrated portfolio of medium to large sized Japanese companies. Japan Behavioural Finance Equity Fund Seeks to provide long-term capital growth by investing primarily in Japanese companies. Japan Focus Fund Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of Japanese companies. Japan Select Equity Fund Seeks to achieve a return in excess of the Japanese equity market by investing primarily in Japanese companies. Japan Strategic Value Fund Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of Japanese companies. JF Asia ex-Japan Fund Seeks to provide long-term capital growth by investing primarily in companies in Asia (excluding Japan). US Bond Fund Seeks to achieve a return in excess of US bond markets byinvesting primarilyin US fixed and floating rate debt securities, using derivative strategie s where appropriate. US Equity Fund Seeks to maximise long-term capital growth by investing primarily in an actively managed portfolio of medium to large capitalisation US companies. US Market Neutral Fund Prior to its liquidation, the Sub-Fund sought to achieve a total return over a full market cycle in excess of its cash benchmark, through a market neutral strategy. Exposure will primarily be to US companies mainly through the use of financial derivative instruments. US Select Equity Fund Seeks to achieve a return in excess of the US equity market by investing primarily in US companies.

178 JPMorgan Investment 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 year. The details below relate to the year from 1 January2010 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 than 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 Investment Funds - Blue and Green Fund JPM Blue and Green Fund 0.49% 3.27% -0.38% 1.16% 10.90% 3.73% 9.46% 12.41% Medium

JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I (1) JPM Emerging Markets Corporate Bond Portfolio I - A (div) - USD 2.05% 5.55% ------Medium JPM Emerging Markets Corporate Bond Portfolio I - A (div) - EUR (hedged) 2.51% 5.77% ------Medium JPM Emerging Markets Corporate Bond Portfolio I - B (div) - USD 2.18% 5.84% ------Medium JPM Emerging Markets Corporate Bond Portfolio I - B (div) - EUR (hedged) 2.63% 6.04% ------Medium JPM Emerging Markets Corporate Bond Portfolio I - C (div) - USD 2.22% 5.92%------Medium JPM Emerging Markets Corporate Bond Portfolio I - D (div) - USD 1.92% 5.29% ------Medium JPM Emerging Markets Corporate Bond Portfolio I - D (div) - EUR (hedged) 2.37% 5.50% ------Medium

JPMorgan Investment Funds - Euro Liquid Market Fund JPM Euro Liquid Market A (acc) - EUR 0.02% 0.02% 0.02% 0.02% 0.59% 4.45% 8.06% 10.56% Low JPM Euro Liquid Market C (acc) - EUR 0.13% 0.20% 0.27% 0.35% 1.33% 5.63% - - Low JPM Euro Liquid Market D (acc) - EUR 0.01% 0.01% 0.01% 0.01% 0.48% - - - Low JPM Euro Liquid Market X (acc) - EUR* ------Low

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR -3.84% -1.14% -0.63% 4.21% 13.36% -5.30% -7.21% -8.33% Medium JPM Europe Bond A (inc) - EUR -3.84% -1.15% -0.62% 4.22% 13.36% -5.20% -6.87% -8.00% Medium JPM Europe Bond B (acc) - EUR -3.77% -1.00% -0.41% 4.51% 14.03% -4.45% -6.12% -7.03% Medium JPM Europe Bond C (acc) - EUR -3.74% -0.94% -0.33% 4.63% 14.26% -4.15% -5.64% -6.33% Medium JPM Europe Bond D (acc) - EUR -3.92% -1.32% -0.88% 3.84% 12.57% -6.31% -8.55% -10.02% Medium JPM Europe Bond X (acc) - EUR -3.65% -0.75% -0.02% 5.05% 15.18% -2.98% -4.06% -4.35% Medium

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 12.73% 23.83% 16.26% 23.79% 55.91% -9.53% -10.18% 13.17% High JPM Europe Recovery A (dist) - EUR 12.73% 23.83% 16.27% 23.62% 54.00% -10.80% -11.43% - High JPM Europe Recovery B (acc) - EUR** - - -16.93% -11.41% 12.47% -34.25% -34.44% -17.07% High JPM Europe Recovery C (acc) - EUR 12.98% 24.39% 17.06% 24.91% 58.79% -7.02% -6.81% 18.50% High JPM Europe Recovery D (acc) - EUR 12.44% 23.21% 15.40% 22.56% 52.82% -12.21% -13.70% 7.65% High JPM Europe Recovery X (acc) - EUR 13.22% 24.92% 17.81% 25.97% - -39.22% -38.57% -21.23% High

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 4.93% 13.15% 6.52% 10.74% 55.15% -17.19% -19.49% -1.78% High JPM Europe Select Equity A (acc) - USD 3.12% 23.63% 5.61% 3.25% 46.94% -24.49% - - High JPM Europe Select Equity A (dist) - EUR 4.94% 13.15% 6.51% 10.60% 28.59% -31.20% -33.12% - High JPM Europe Select Equity B (acc) - EUR 5.14% 13.58% 7.13% 11.58% 57.52% -15.29% - - High JPM Europe Select Equity C (acc) - EUR 5.21% 13.75% 7.37% 11.91% 58.46% -14.53% - - High JPM Europe Select Equity D (acc) - EUR 4.73% 12.73% 5.93% 9.92% 52.84% -19.03% - - High JPM Europe Select Equity D (acc) - USD 2.92% 23.17% 5.00% 2.46% 44.75% -26.17% - - High JPM Europe Select Equity I (acc) - EUR 5.23% 13.78% ------High JPM Europe Select Equity X (acc) - EUR 5.40% 14.15% 7.94% 12.69% 60.67% -12.72% -13.63% 7.22% High JPM Europe Select Equity X (acc) - EUR (hedged) 4.23% 14.82% 4.34% 8.25% 48.49% -12.79% - - High

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 4.86% 13.54% 7.37% 11.33% 56.29% -10.50% -13.85% 5.28% Medium JPM Europe Strategic Dividend A (dist) - EUR 4.86% 13.54% 7.37% 11.02% 51.99% -12.97% -16.13% - Medium JPM Europe Strategic Dividend A (inc) - EUR 4.86% 13.53% 7.36% 11.02% 52.00% -12.97% - - Medium JPM Europe Strategic Dividend B (acc) - EUR** 5.06%------Medium JPM Europe Strategic Dividend C (acc) - EUR 5.14% 14.14% 8.23% 12.50% 59.61% -7.64% - - Medium JPM Europe Strategic Dividend D (acc) - EUR 4.67% 13.10% 6.77% 10.51% 53.96% -12.50% -16.39% 1.41% Medium JPM Europe Strategic Dividend X (acc) - EUR 5.34% 14.78% 9.95% 14.49% 63.61% -4.65% - - Medium

JPMorgan Investment Funds - Global Balanced Fund (EUR) JPM Global Balanced (EUR) A (acc) - EUR 3.27% 6.40% 6.35% 10.98% 27.68% 4.23% 6.96% 14.74% Medium JPM Global Balanced (EUR) A (dist) - EUR 3.27% 6.40% 6.34% 10.83% 24.32% 1.14% 3.74% - Medium JPM Global Balanced (EUR) B (acc) - EUR 3.42% 6.72% 6.83% 11.64% 29.23% 6.12% 9.51% 18.12% Medium JPM Global Balanced (EUR) C (acc) - EUR 3.46% 6.80% 6.95% 11.81% 29.61% 6.60% 10.22% 19.14% Medium JPM Global Balanced (EUR) D (acc) - EUR 3.14% 6.13% 5.95% 10.42% 26.42% 2.67% 4.84% 11.91% Medium

(1) This Sub-Fund was launched on 31 May 2010.

179 JPMorgan Investment 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 Investment Funds - Global Balanced Fund (USD) JF Global Balanced (USD) A (acc) - USD 2.66% 10.63% 6.10% 8.49% 27.06% 3.47% 13.01% 26.43% Medium JPM Global Balanced (USD) A (acc) - USD 2.67% 10.65% 6.14% 8.54% 27.18% 3.62% 13.24% 26.74% Medium JPM Global Balanced (USD) A (dist) - USD 2.67% 10.66% 6.15% 8.48% 26.20% 2.58% 11.98% - Medium JPM Global Balanced (USD) B (acc) - USD 2.83% 11.00% 6.62% 9.20% 28.73% 5.52% 15.94% 30.49% Medium JPM Global Balanced (USD) C (acc) - USD 2.87% 11.08% 6.74% 9.37% 29.11% 5.99% 16.70% 31.68% Medium JPM Global Balanced (USD) D (acc) - USD 2.54% 10.38% 5.74% 8.01% 25.92% 2.08% 10.99% 23.62% Medium JPM Global Balanced (USD) X (acc) - USD 3.07% 11.52% 7.38% 10.24% 31.16% 8.55% 20.47% 36.95% Medium JPM Global Balanced (USD) X (inc) - USD* ------Medium

JPMorgan Investment Funds - Global Bond Fund (EUR) JPM Global Bond (EUR) A (acc) - EUR -2.11% 0.37% 3.56% 6.34% 5.89% -15.35% -14.72% -14.13% Medium JPM Global Bond (EUR) A (inc) - EUR -2.11% 0.37% 3.56% 6.35% 5.89% -14.90% -13.99% - Medium JPM Global Bond (EUR) B (acc) - EUR -2.04% 0.52% 3.79% 6.66% 6.52% -14.58% -13.73% -12.91% Medium JPM Global Bond (EUR) C (acc) - EUR -2.00% 0.59% 3.91% 6.83% 6.84% -14.18% -13.15% -12.13% Medium JPM Global Bond (EUR) D (acc) - EUR -2.21% 0.17% 3.24% 5.92% 5.04% -16.36% -16.08% -15.83% Medium JPM Global Bond (EUR) X (acc) - EUR -1.89% 0.82% 4.26% 7.31% 7.81% -13.02% -11.58% -10.15% Medium

JPMorgan Investment Funds - Global Bond Fund (USD) JF Global Bond (USD) A (acc) - USD -2.11% 0.73% 3.37% 5.77% 6.24% -17.46% -16.93% -14.55% Medium JPM Global Bond (USD) A (acc) - USD -2.06% 0.83% 3.52% 5.99% 6.67% -16.96% -16.25% -13.69% Medium JPM Global Bond (USD) B (acc) - USD* ------Medium JPM Global Bond (USD) C (acc) - USD -1.95% 1.06% 3.88% 6.47% 7.63% -15.85% -14.73% -11.71% Medium JPM Global Bond (USD) D (acc) - USD -2.16% 0.62% 3.22% 5.56% 5.82% -17.96% -17.58% -15.39% Medium JPM Global Bond (USD) X (acc) - USD -1.83% 1.29% 4.23% 6.95% 8.60% -14.69% -13.17% -9.70% Medium

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 2.25% 9.49% 4.93% 9.06% 23.72% 3.24% 6.74% 14.10% Medium JPM Global Capital Appreciation A (dist) - EUR 2.25% 9.49% 4.92% 9.00% 22.08% 1.79% 5.11% - Medium JPM Global Capital Appreciation A (inc) - EUR 2.25% 9.49% 4.93% 8.99% 22.97% 2.52% 5.81% - Medium JPM Global Capital Appreciation B (acc) - EUR 2.38% 9.76% 5.32% 9.61% 24.96% 4.80% 8.82% 15.03% Medium JPM Global Capital Appreciation C (acc) - EUR 2.43% 9.87% 5.47% 9.82% 25.43% 5.41% 9.67% 18.15% Medium JPM Global Capital Appreciation D (acc) - EUR 2.07% 9.10% 4.37% 8.30% 22.00% 1.09% 3.79% 10.19% Medium JPM Global Capital Appreciation X (acc) - EUR 2.61% 10.24% 6.00% 10.55% 27.10% 7.52% 13.07% - Medium

JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) JPM Global Capital Preservation (EUR) A (acc) - EUR 1.17% 4.11% 0.81% 2.20% 12.79% 2.76% 8.46% 11.46% Medium JPM Global Capital Preservation (EUR) A (acc) - USD -0.57% 13.75% -0.06% -4.71% 8.12% -6.31% 10.15% - Medium JPM Global Capital Preservation (EUR) A (dist) - EUR 1.17% 4.11% 0.81% 2.16% 12.51% 2.46% 8.13% - Medium JPM Global Capital Preservation (EUR) A (inc) - EUR 1.17% 4.12% 0.81% 2.17% 12.68% 2.59% 8.18% - Medium JPM Global Capital Preservation (EUR) B (acc) - EUR 1.30% 4.38% 1.19% 2.72% 13.92% 4.31% 10.48% 13.98% Medium JPM Global Capital Preservation (EUR) C (acc) - EUR 1.36% 4.49% 1.35% 2.93% 14.39% 4.95% 11.46% 15.33% Medium JPM Global Capital Preservation (EUR) D (acc) - EUR 1.06% 3.88% 0.47% 1.74% 11.78% 1.38% 6.62% - Medium JPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) 1.31% 4.12% 0.66% 1.85% 11.33% - - - Medium JPM Global Capital Preservation (EUR) I (acc) - EUR 1.29% 4.41% 1.30% 2.88% 14.39% - - - Medium JPM Global Capital Preservation (EUR) I (inc) - EUR 1.38% 4.52% 1.39% 2.91% 14.23% 4.70% 11.13% - Medium JPM Global Capital Preservation (EUR) X (acc) - EUR 1.53% 4.83% 1.85% 3.60% 15.89% 7.03% 14.62% 19.39% Medium

JPMorgan Investment Funds - Global Capital Preservation Fund (USD) JPM Global Capital Preservation (USD) A (acc) - USD 1.09% 5.17% 1.94% 3.04% 11.64% 3.58% 11.49% 18.59% Medium JPM Global Capital Preservation (USD) B (acc) - USD* ------Medium JPM Global Capital Preservation (USD) C (acc) - USD* ------Medium JPM Global Capital Preservation (USD) D (acc) - USD 1.00% 4.96% 1.61% 2.60% 10.66% 2.20% 9.56% 16.04% Medium JPM Global Capital Preservation (USD) X (acc) - USD* ------Medium

JPMorgan Investment Funds - Global Convertibles Fund (USD) JF Global Convertibles (USD) A (acc) - USD 4.06% 9.46% 3.34% 5.65% ----Medium JPM Global Convertibles (USD) A (acc) - USD 4.12% 9.59% 3.54% 5.92% 36.74% 0.98% 9.78% 23.47% Medium JPM Global Convertibles (USD) B (acc) - USD 4.29% 9.95% 4.06% 6.61% 38.54% - - - Medium JPM Global Convertibles (USD) C (acc) - USD 4.30% 9.97% 4.09% 6.66% ----Medium JPM Global Convertibles (USD) D (acc) - USD 3.98% 9.32% 3.15% 5.39% 35.38% -0.52% 7.60% 20.42% Medium JPM Global Convertibles (USD) I (acc) - USD 4.32% 10.02% 4.17% 6.75% 38.87% 3.33% - - Medium JPM Global Convertibles (USD) X (acc) - USD* ------Medium

JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - USD 4.68% 22.53% 9.50% 8.02% 32.70% -17.09% - - High JPM Global Dividend A (acc) - EUR ------High JPM Global Dividend A (acc) - EUR (hedged) 5.12% 15.52% 7.15% 8.70% 27.12% -16.25% - - High JPM Global Dividend A (inc) - USD 4.68% 22.52% 9.51% 7.98% ----High JPM Global Dividend A (inc) - EUR (hedged) 5.11% 15.51% 7.14% 8.46% ----High JPM Global Dividend C (acc) - EUR 6.80% 12.77% 11.37% 17.13% ----High JPM Global Dividend D (acc) - USD 4.48% 22.07% 8.89% 7.20% 30.73% -18.95% - - High JPM Global Dividend D (acc) - EUR (hedged) 4.91% 15.08% 6.55% 7.89% 25.24% -18.11% - - High JPM Global Dividend X (acc) - USD* ------High

180 JPMorgan Investment 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 Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR -0.90% 2.59% 5.27% 11.44% 22.07% -7.08% -10.24% -9.12% Medium JPM Global Enhanced Bond A (inc) - EUR -0.90% 2.59% 5.26% 11.42% 21.67% -7.17% -10.08% - Medium JPM Global Enhanced Bond B (acc) - EUR -0.81% 2.78% 5.55% 11.84% 22.92% -6.10% -9.03% -7.85% Medium JPM Global Enhanced Bond C (acc) - EUR -0.77% 2.85% 5.67% 12.01% 23.29% -5.67% -8.40% -7.03% Medium JPM Global Enhanced Bond D (acc) - EUR -0.97% 2.44% 5.02% 11.12% 21.33% -7.92% -11.32% -10.72% Medium JPM Global Enhanced Bond X (acc) - EUR -0.64% 3.12% 6.07% 12.62% 24.59% -4.24% -6.56% -4.68% Medium JPM Global Enhanced Bond X (inc) - EUR* ------Medium

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 2.80% 16.79% -0.14% 2.82% 43.09% -37.20% -40.95% -27.67% High JPM Global Financials A (acc) - EUR 4.60% 6.90% 0.74% 10.29% 49.28% -31.12% -41.90% - High JPM Global Financials A (dist) - USD 2.80% 16.79% -0.14% 2.78% 34.86% -40.46% -43.97% - High JPM Global Financials B (acc) - USD 2.96% 17.30% 0.43% 3.65% 45.31% -35.64% - - High JPM Global Financials C (acc) - USD 3.02% 17.29% 0.50% 3.70% 45.54% -35.58% -38.87% -24.45% High JPM Global Financials D (acc) - USD 2.54% 16.20% -0.89% 1.80% 40.25% -39.07% -43.27% -31.21% High JPM Global Financials X (acc) - USD 3.25% 17.82% 1.18% 4.62% 48.09% -33.88% -36.74% -21.15% High

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - USD 3.67% 10.10% 10.47% 14.03% 71.77% - - - Medium JPM Global High Yield Bond A (acc) - EUR (hedged) 3.60% 9.77% 9.84% 13.40% 70.60% 7.75% 9.08% 16.14% Medium JPM Global High Yield Bond A (inc) - EUR (hedged) 3.59% 9.76% 9.83% 12.59% 60.54% 1.10% 2.32% - Medium JPM Global High Yield Bond A (mth) - USD 3.65% 9.95% 10.17% 13.54% 67.99% - - - Medium JPM Global High Yield Bond B (acc) - EUR (hedged) 3.70% 9.96% 10.13% 13.80% 71.81% 8.89% 10.61% - Medium JPM Global High Yield Bond C (acc) - USD 3.84% 10.46% 11.01% 14.77% 74.01% - - -17.30% Medium JPM Global High Yield Bond C (acc) - EUR (hedged) 3.77% 10.13% 10.37% 14.14% 72.84% 9.88% 11.98% - Medium JPM Global High Yield Bond D (acc) - USD 3.58%------Medium JPM Global High Yield Bond D (acc) - EUR (hedged) 3.50% 9.55% 9.51% 12.95% 69.25% 6.46% 7.35% - Medium JPM Global High Yield Bond I (acc) - USD 3.86% 10.50% 11.06% 14.84% ----Medium JPM Global High Yield Bond I (inc) - EUR (hedged) 3.78% 10.14% 10.41% 13.28% 68.76% - - - Medium JPM Global High Yield Bond X (acc) - EUR (hedged) 3.90% 10.41% 10.79% 14.71% 74.56% 11.55% - - Medium

JPMorgan Investment Funds - Global Income Fund JPM Global Income A (div) - EUR 3.35% 10.58% 7.86% 11.51% 44.28%---Medium JPM Global Income C (div) - EUR 3.54% 10.97% 8.43%-----Medium JPM Global Income D (div) - EUR 3.27% 10.39% 7.58% 11.12% ----Medium

JPMorgan Investment Funds - Global Select 130/30 Fund JPM Global Select 130/30 A (acc) - USD 6.95% 21.75% 6.86% 9.35% 47.86% -13.85% -5.26% 19.20% High JPM Global Select 130/30 A (acc) - EUR* ------High JPM Global Select 130/30 A (dist) - USD 6.96% 21.74% 6.86% 9.30% 45.73% -15.07% -6.58% - High JPM Global Select 130/30 C (acc) - USD 7.19% 22.30% 7.59% 10.33% 50.35% -11.51% -1.79% 24.67% High JPM Global Select 130/30 D (acc) - USD 6.68% 21.14% 6.07% 8.26% 45.11% -16.36% -8.93% 13.44% High JPM Global Select 130/30 X (acc) - USD* ------

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 6.31% 22.72% 7.88% 9.97% 54.74% -14.02% -3.02% 21.22% High JPM Global Select Equity A (dist) - USD 6.31% 22.72% 7.88% 9.94% 53.49% -14.69% -3.78% - High JPM Global Select Equity B (acc) - USD 6.51% 23.18% 8.49% 10.77% 57.03% -12.08% -0.23% 25.47% High JPM Global Select Equity C (acc) - USD 6.60% 23.40% 8.78% 11.19% 58.22% -11.11% 1.38% 28.15% High JPM Global Select Equity D (acc) - USD 6.11% 22.25% 7.27% 9.15% 52.44% -15.93% -5.89% 16.77% High JPM Global Select Equity I (acc) - USD* ------High JPM Global Select Equity X (acc) - USD 6.80% 23.79% 9.34% 11.94% 60.28% -9.34% 4.06% 32.38% High

JPMorgan Investment Funds - Global Total Return Fund JPM Global Total Return A (acc) - EUR 1.39% 4.07% 2.08% 6.42% 24.74% 2.67% -2.32% -0.83% Medium JPM Global Total Return A (dist) - EUR 1.40% 4.07% 2.09% 6.39% 23.55% 1.69% -3.26% - Medium JPM Global Total Return A (inc) - EUR 1.39% 4.08% 2.08% 6.39% 24.21% 2.19% -2.78% - Medium JPM Global Total Return B (acc) - EUR* ------Medium JPM Global Total Return C (acc) - EUR 1.61% 4.51% 2.68% 7.27% 26.80% 5.24% 1.11% 3.59% Medium JPM Global Total Return D (acc) - EUR 1.14% 3.55% 1.32% 5.36% 22.27% -0.37% -6.15% -5.68% Medium JPM Global Total Return I (acc) - EUR* ------Medium JPM Global Total Return X (acc) - EUR* ------Medium

181 JPMorgan Investment 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 Investment Funds - Highbridge Statistical Market Neutral Fund JPM Highbridge Statistical Market Neutral A (acc) - EUR 0.78% 0.23% -3.28% -2.89% -5.67% 6.34% 5.88% - Medium JPM Highbridge Statistical Market Neutral A (acc) - SEK (hedged) 0.96% 0.48% -3.07% -2.72% -6.11% - - - Medium JPM Highbridge Statistical Market Neutral A (acc) - USD -0.96% 9.52% -4.12% -9.46% -9.56% -3.03% 7.57% - Medium JPM Highbridge Statistical Market Neutral A (acc) - USD (hedged) 0.77% 0.26% -3.10% -2.71% -6.03% - - - Medium JPM Highbridge Statistical Market Neutral A (dist) - GBP 0.23% 5.36% -6.81% -5.95% -14.77% 24.99% - - Medium JPM Highbridge Statistical Market Neutral A (dist) - GBP (hedged) 0.77% 0.28% -3.14% -2.73% -5.70% - - - Medium JPM Highbridge Statistical Market Neutral A (inc) - EUR 0.78% 0.24% -3.28% -2.88% -5.56% 6.90% - - Medium JPM Highbridge Statistical Market Neutral B (acc) - EUR 0.96% 0.61% -2.73% -2.16% -4.26% 8.64% - - Medium JPM Highbridge Statistical Market Neutral B (acc) - USD* ------Medium JPM Highbridge Statistical Market Neutral C (acc) - EUR 1.00% 0.69% -2.62% -2.01% -3.97% 8.85% - - Medium JPM Highbridge Statistical Market Neutral C (acc) - SEK (hedged)* ------Medium JPM Highbridge Statistical Market Neutral C (dist) - GBP (hedged) 1.00% 0.73% -2.49% -1.85% -3.97% - - - Medium JPM Highbridge Statistical Market Neutral C (dist) - USD (hedged) 1.00% 0.72% -2.44% -1.81% ----Medium JPM Highbridge Statistical Market Neutral D (acc) - EUR 0.59% -0.14% -3.82% -3.62% -7.08% 4.34% 3.07% - Medium JPM Highbridge Statistical Market Neutral D (acc) - USD -1.15% 9.11% -4.66% -10.14% -10.92% -4.88% 4.70% - Medium JPM Highbridge Statistical Market Neutral D (acc) - USD (hedged) 0.59% -0.11% -3.65% -3.44% -7.41% - - - Medium JPM Highbridge Statistical Market Neutral I (acc) - EUR 1.03% 0.73% -2.56% -1.93% -3.78% 9.09% 9.66% - Medium JPM Highbridge Statistical Market Neutral I (dist) - EUR 1.02% 0.73% -2.58%-----Medium JPM Highbridge Statistical Market Neutral X (acc) - EUR 1.23% 1.14% -1.97% -1.15% -2.27% 11.82% 13.30% - Medium JPM Highbridge Statistical Market Neutral X (acc) - USD (hedged)* ------Medium

JPMorgan Investment Funds - Income Opportunity Fund (2) JPM Income Opportunity A (acc) - USD 1.52% 3.24% 3.14% 4.58% 21.63% - - - Medium JPM Income Opportunity A (acc) - EUR (hedged) 1.59% 3.27% 3.08% 4.43% 21.63% 22.93% - - Medium JPM Income Opportunity A (acc) - SEK (hedged) 1.76% 3.47% 3.10% 4.46%----Medium JPM Income Opportunity A (dist) - GBP (hedged) 1.62% 3.35% 3.22% 4.61% 21.19% - - - Medium JPM Income Opportunity A (inc) - EUR (hedged) 1.62% 3.28% 3.11% 4.44% - 19.91% - - Medium JPM Income Opportunity B (acc) - USD 1.62% 3.41% 3.38% 4.90% ----Medium JPM Income Opportunity B (acc) - EUR (hedged) 1.66% 3.43% 3.33% 4.78% ----Medium JPM Income Opportunity C (acc) - USD 1.63% 3.48% 3.47% 5.00% ----Medium JPM Income Opportunity C (acc) - USD (hedged to BRL) 5.60% 16.13% ------Medium JPM Income Opportunity C (acc) - EUR (hedged) 1.68% 3.46% 3.38% 4.80% 22.58%---Medium JPM Income Opportunity C (acc) - SEK (hedged) 1.81% 3.63% 3.49%-----Medium JPM Income Opportunity C (dist) - GBP (hedged) 1.71% 3.55% 3.53% 5.03% ----Medium JPM Income Opportunity D (acc) - EUR (hedged) 1.56% 3.18% 2.89% 4.17% 21.27% 22.39% - - Medium JPM Income Opportunity D (inc) - EUR (hedged)*** ------Medium JPM Income Opportunity X (acc) - USD 1.61% 3.50% 3.63% 5.50% ----Medium JPM Income Opportunity X (acc) - EUR (hedged) 1.90% 3.83% 3.91% 5.46% ----Medium JPM Income Opportunity X (acc) - GBP (hedged) 1.86% 3.86% 3.98% 5.65% ----Medium

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - JPY 9.89% 6.61% -7.72% 3.68% 18.30% -33.25% -42.20% - High JPM Japan 50 Equity A (acc) - EUR 15.01% 6.44% 6.46% 26.04% 38.72% 2.04% - - High JPM Japan 50 Equity A (dist) - JPY 9.90% 6.60% -7.72% 3.62% 18.23% -33.28% -42.23% - High JPM Japan 50 Equity C (acc) - JPY 10.14% 7.12% -7.06% 4.67% ----High JPM Japan 50 Equity D (acc) - JPY 9.60% 6.06% -8.42% 2.63% 15.94% -35.23% -44.48% - High JPM Japan 50 Equity I (acc) - JPY* ------High JPM Japan 50 Equity X (acc) - JPY 10.37% 7.56% -6.48% 5.54% 22.60% -29.58% -37.92% -30.83% High

JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund JPM Japan Behavioural Finance Equity A (acc) - USD 14.19% 20.27% 10.07% 18.01% 19.94% -18.64% - - High JPM Japan Behavioural Finance Equity A (acc) - EUR 16.19% 10.07% 11.04% 25.98% 26.68% -10.73% - - High JPM Japan Behavioural Finance Equity A (dist) - USD 14.18% 20.27% 10.06% 18.01% 19.49% 18.93% - - High JPM Japan Behavioural Finance Equity C (acc) - USD* ------High JPM Japan Behavioural Finance Equity D (acc) - USD* ------High JPM Japan Behavioural Finance Equity D (acc) - EUR 15.96% 9.65% 10.39% 25.01% 24.75% -12.40% - - High JPM Japan Behavioural Finance Equity I (inc) - EUR* ------High JPM Japan Behavioural Finance Equity X (acc) - USD 14.68% 21.33% 11.53% 20.11% 24.23% -14.23% - - High

JPMorgan Investment Funds - Japan Focus Fund JPM Japan Focus A (acc) - JPY 11.27% 10.04% -5.56% 8.77% 22.50% - - - High JPM Japan Focus A (dist) - JPY 11.25% 9.89% -5.63% 8.26% ----High JPM Japan Focus D (acc) - JPY 11.14% 9.72% -6.24% 7.82% 20.26% - - - High JPM Japan Focus I (acc) - JPY 11.73% 10.87% -4.77% 10.06% 25.19% - - - High JPM Japan Focus X (acc) - JPY 11.70% 10.82% -4.45% 10.13% 80.25% - - - High

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 8.52% 6.27% -9.23% 0.28% 10.71% -38.09% -46.58% -41.67% High JPM Japan Select Equity A (dist) - JPY 8.52% 6.25% -9.23% 0.27% 10.69% -38.09% -46.59% - High JPM Japan Select Equity B (acc) - JPY 8.74% 6.66% -8.72% 1.04% 12.36% -36.68% -45.01% -39.56% High JPM Japan Select Equity C (acc) - JPY 8.79% 6.78% -8.58% 1.24% 12.83% -36.28% -44.46% -38.74% High JPM Japan Select Equity D (acc) - JPY 8.31% 5.85% -9.75% -0.48% 9.04% -39.48% -48.17% -43.82% High JPM Japan Select Equity I (acc) - JPY 8.81% 6.82% -8.51% 1.34% 13.02% -36.12% -44.30% - High JPM Japan Select Equity X (acc) - JPY 9.03% 7.23% -7.98% 2.11% 14.75% -34.66% -42.60% -36.19% High

(2) This Sub-Fund changed its currency to USD on 4 January 2010.

182 JPMorgan Investment 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 Investment Funds - Japan Strategic Value Fund JPM Japan Strategic Value A (acc) - JPY 9.78% 9.43% -4.23% 4.83% 14.57% -30.40% - - High JPM Japan Strategic Value A (acc) - EUR 14.89% 9.25% 10.49% 27.45% 34.35% 6.40% - - High JPM Japan Strategic Value A (dist) - GBP 14.26% 14.84% 6.47% 22.09% 18.02% 23.71% - - High JPM Japan Strategic Value C (acc) - JPY 10.03% 9.95% -3.54% 5.82%----High JPM Japan Strategic Value D (acc) - JPY 9.57% 9.01% -4.77% 4.04% 12.85% -31.95% - - High JPM Japan Strategic Value D (acc) - EUR 14.67% 8.84% 9.87% 26.50% 32.37% 4.05% - - High JPM Japan Strategic Value X (acc) - JPY 10.24% 10.39% -2.96% 6.68% ----High

JPMorgan Investment Funds - JF Asia ex-Japan Fund JF Asia ex-Japan A (acc) - USD 6.26% 29.02% 18.94% 20.25% 103.16% -10.58% 30.19% 70.44% High JF Asia ex-Japan A (dist) - USD 6.26% 29.02% 18.94% 20.25% 95.35% -14.00% 24.55% - High JF Asia ex-Japan B (acc) - USD 6.46% 29.51% 19.61% 21.15% 106.20% -8.55% 33.98% 76.41% High JF Asia ex-Japan C (acc) - USD 6.50% 29.60% 19.75% 21.33% 106.84% -8.12% 34.96% 78.21% High JF Asia ex-Japan D (acc) - USD 6.06% 28.54% 18.27% 19.35% 100.13% -12.57% 26.43% 64.38% High JF Asia ex-Japan I (acc) - USD 6.53% 29.68% 19.86% 21.48% 107.28% -7.86% 35.41% - High JF Asia ex-Japan X (acc) - USD 6.74% 30.17% 20.54% 22.39% 110.35% -5.80% 39.46% 85.53% High

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD -0.34% 3.38% 7.79% 10.34% 33.80% 7.33% 3.06% 6.82% Medium JPM US Bond A (inc) - USD -0.34% 3.39% 7.79% 10.34% 33.80% 7.07% 2.77% - Medium JPM US Bond B (acc) - USD -0.25% 3.56% 8.07% 10.72% 34.72% 8.46% 4.46% 8.59% Medium JPM US Bond C (acc) - USD -0.21% 3.65% 8.19% 10.90% 35.13% 8.97% 5.20% 9.61% Medium JPM US Bond D (acc) - USD -0.40% 3.26% 7.59% 10.07% 33.13% 6.53% 2.03% 5.49% Medium JPM US Bond X (acc) - USD* ------Medium

JPMorgan Investment Funds - US Equity Fund JPM US Equity A (acc) - USD 10.14% 20.59% 5.79% 10.22% 41.19% -13.26% -11.25% - High JPM US Equity A (acc) - EUR (hedged) 10.20% 20.17% 5.04% 9.13% 37.92% -15.87% -15.03% - High JPM US Equity A (dist) - GBP 11.45% 16.01% 2.81% 14.47% ----High JPM US Equity C (acc) - USD 10.42% 21.23% 6.63% 11.37% 44.19% -10.48% - - High JPM US Equity D (acc) - USD 9.99% 20.29% 5.39% 9.67% 39.79% -14.55% -13.00% - High JPM US Equity D (acc) - EUR (hedged) 10.05% 19.85% 4.63% 8.58% 36.55% -17.15% -16.73% - High JPM US Equity X (acc) - USD 10.62% 21.65% 7.18% 12.16% 46.23% -8.56% - - High

JPMorgan Investment Funds - US Market Neutral Fund (3) JPM US Market Neutral A (acc) - USD 0.94% 0.44% -6.55% -7.84% -7.07% -8.35% - - Medium JPM US Market Neutral A (acc) - EUR (hedged) 0.24% -0.38% -7.60% -8.84% -7.35% -7.59% - - Medium JPM US Market Neutral A (dist) - USD 0.93% 0.45% -6.55% -7.85% -7.15% -8.21% - - Medium JPM US Market Neutral A (dist) - GBP 2.15% -3.37% -9.17% -4.28% -12.75% 16.96% - - Medium JPM US Market Neutral D (acc) - USD 0.79% 0.10% -7.04% -8.50% -8.41% -10.36% - - Medium JPM US Market Neutral D (acc) - EUR (hedged) 0.08% -0.72% -8.10% -9.49% -8.70% -9.62% - - Medium JPM US Market Neutral X (acc) - USD 1.31% 1.26% -5.38% -6.28% -3.90% -3.54% - - Medium

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - USD 9.59% 20.65% 7.08% 10.83% 47.72% -7.51% 1.36% 17.26% High JPM US Select Equity A (acc) - EUR 11.53% 10.43% 8.02% 18.89% 54.12%---High JPM US Select Equity A (acc) - EUR (hedged) 9.63% 20.19% 6.34% 9.80% 44.06% -10.45% - - High JPM US Select Equity A (dist) - USD 9.59% 20.65% 7.08% 10.84% 47.71% -7.51% 1.36% - High JPM US Select Equity B (acc) - USD 9.80% 21.10% 7.68% 11.66% 49.94% -5.40% 4.39% 21.61% High JPM US Select Equity C (acc) - USD 9.88% 21.29% 7.93% 12.00% 50.84% -4.55% 5.92% 23.84% High JPM US Select Equity C (acc) - EUR (hedged) 9.92% 20.83% 7.18% 10.97% 47.12%---High JPM US Select Equity D (acc) - USD 9.46% 20.35% 6.68% 10.28% 46.24% -8.89% -0.65% 14.36% High JPM US Select Equity D (acc) - EUR (hedged) 9.48% 19.89% 5.93% 9.26% 42.60% -11.79% - - High JPM US Select Equity I (acc) - USD 9.93% 21.38% 8.04% 12.14% 51.15% -4.29% - - High JPM US Select Equity X (acc) - USD 10.10% 21.76% 8.56% 12.87% 53.12% -2.43% 8.85% 28.16% High

(3) This Sub-Fund was liquidated on 15 December 2010. Performance has been calculated with the last available NAV date. * Share Class inactive as at end of the Year. ** Share Class inactivated and reactivated during the year. *** No data is applicable for these Share Classes because they were launched or reactivated less than 3 months before the year end.

183 JPMorgan Investment 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 Treasuryrates and consequentlymaychange on a dailybasis. 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 have been subject to an asset based tax of 0.01% per annum: Share Class Name

JPM Blue and Green Fund JPM Euro Liquid Market A (acc) - EUR JPM Europe Bond X (acc) - EUR JPM Europe Recovery X (acc) - EUR JPM Europe Select Equity X (acc) - EUR JPM Europe Select Equity I (acc) - EUR JPM Europe Select Equity X (acc) - EUR (hedged) JPM Europe Strategic Dividend X (acc) - EUR JPM Global Balanced (USD) X (acc) - USD JPM Global Bond (EUR) X (acc) - EUR JPM Global Bond (USD) X (acc) - USD JPM Global Capital Appreciation X (acc) - EUR JPM Global Capital Preservation (EUR) I (acc) - EUR JPM Global Capital Preservation (EUR) I (inc) - EUR JPM Global Capital Preservation (EUR) X (acc) - EUR JPM Global Convertibles (USD) I (acc) - USD JPM Global Convertibles (USD) X (acc) - USD JPM Global Enhanced Bond X (acc) - EUR JPM Global Dividend X (acc) - USD JPM Global Financials X (acc) - USD JPM Global High Yield Bond I (acc) - USD JPM Global High Yield Bond I (inc) - EUR (hedged) JPM Global High Yield Bond X (acc) - EUR (hedged) JPM Global Select Equity X (acc) - USD JPM Highbridge Statistical Market Neutral I (acc) - EUR JPM Highbridge Statistical Market Neutral I (dist) - EUR JPM Highbridge Statistical Market Neutral X (acc) - EUR JPM Highbridge Statistical Market Neutral X (acc) - USD (hedged) JPM Income Opportunity X (acc) - EUR JPM Income Opportunity X (acc) - GBP (hedged) JPM Income Opportunity X (acc) - USD (hedged) JPM Japan 50 Equity X (acc) - JPY JPM Japan Behavioural Finance Equity X (acc) - USD JPM Japan Focus I (acc) - JPY JPM Japan Focus X (acc) - JPY JPM Japan Select Equity I (acc) - JPY JPM Japan Select Equity X (acc) - JPY JPM Japan Strategic Value X (acc) - JPY JF Asia ex-Japan I (acc) - USD JF Asia ex-Japan X (acc) - USD JPM US Equity X (acc) - USD JPM US Market Neutral X (acc) - USD JPM US Select Equity I (acc) - USD JPM US Select Equity X (acc) - USD 6. Sub-Fund Share Classes Exempt from Taxe d’Abonnement The following Sub-Fund share classes have been exempt from an asset based tax: JPM Euro Liquid Market C (acc) - EUR JPM Euro Liquid Market D (acc) - EUR JPM Euro Liquid Market X (acc) - EUR

184 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

7. Portfolio Turnover Ratio The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred bya fund when buyingand selling investments according to its investment policy. The portfolio turnover rate 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 units) 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 JPMorgan Investment Funds - Blue and Green Fund 209.17 JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund 1 31.88 JPMorgan Investment Funds - Euro Liquid Market Fund 0.00* JPMorgan Investment Funds - Europe Bond Fund 0.00 JPMorgan Investment Funds - Europe Recovery Fund 1147.59 JPMorgan Investment Funds - Europe Select Equity Fund 152.27 JPMorgan Investment Funds - Europe Strategic Dividend Fund 0.00 JPMorgan Investment Funds - Global Balanced Fund (EUR) 0.00 JPMorgan Investment Funds - Global Balanced Fund (USD) 5.29 JPMorgan Investment Funds - Global Bond Fund (EUR) 116.92 JPMorgan Investment Funds - Global Bond Fund (USD) 122.30 JPMorgan Investment Funds - Global Capital Appreciation Fund 0.00 JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) 76.40 JPMorgan Investment Funds - Global Capital Preservation Fund (USD) 22.81 JPMorgan Investment Funds - Global Convertibles Fund (USD) 0.00 JPMorgan Investment Funds - Global Dividend Fund 84.32 JPMorgan Investment Funds - Global Enhanced Bond Fund 106.39 JPMorgan Investment Funds - Global Financials Fund 32.60 JPMorgan Investment Funds - Global High Yield Bond Fund 0.00 JPMorgan Investment Funds - Global Income Fund 89.31 JPMorgan Investment Funds - Global Select 130/30 Fund 114.13 JPMorgan Investment Funds - Global Select Equity Fund 100.66 JPMorgan Investment Funds - Global Total Return Fund 63.32 JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund 0.00 JPMorgan Investment Funds - Income Opportunity Fund 0.00 JPMorgan Investment Funds - Japan 50 Equity Fund 41.15 JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund 145.05 JPMorgan Investment Funds - Japan Focus Fund 100.86 JPMorgan Investment Funds - Japan Select Equity Fund 0.00 JPMorgan Investment Funds - Japan Strategic Value Fund 119.21 JPMorgan Investment Funds - JF Asia ex-Japan Fund 141.98 JPMorgan Investment Funds - US Bond Fund 0.00 JPMorgan Investment Funds - US Equity Fund 131.65 JPMorgan Investment Funds - US Market Neutral Fund** 0.00 JPMorgan Investment Funds - US Select Equity Fund 72.02

* 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. ** Sub - Fund liquidated during the year. Please refer to note 14.

185 JPMorgan Investment 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 31 December 2009 (continued) JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green Fund 3,449.615 - - 3,449.615

JPMorgan Investment Funds - Euro Liquid Market Fund JPM Euro Liquid Market A (acc) - EUR 337,042.849 119,282.235 306,653.433 149,671.651 JPM Euro Liquid Market C (acc) - EUR 904,953.771 512,537.783 1,091,980.564 325,510.990 JPM Euro Liquid Market D (acc) - EUR 79,083.020 361,311.221 294,360.433 146,033.808

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR 452,350.578 244,529.021 365,453.335 331,426.264 JPM Europe Bond A (inc) - EUR 110,081.452 3,687.113 28,935.172 84,833.393 JPM Europe Bond B (acc) - EUR 5,410.046 - 3,692.650 1,717.396 JPM Europe Bond C (acc) - EUR 19,348.792 141,062.046 77,523.822 82,887.016 JPM Europe Bond D (acc) - EUR 54,183.395 29,626.512 36,538.411 47,271.496 JPM Europe Bond X (acc) - EUR 299.985 - - 299.985

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 970,990.677 444,229.251 514,165.087 901,054.841 JPM Europe Recovery A (dist) - EUR 302,242.860 46,221.183 85,937.164 262,526.879 JPM Europe Recovery B (acc) - EUR 8,304.238 33,460.566 38,122.341 3,642.463 JPM Europe Recovery C (acc) - EUR 9,199.300 366,584.240 252,908.582 122,874.958 JPM Europe Recovery D (acc) - EUR 28,633.652 13,821.606 18,497.895 23,957.363 JPM Europe Recovery X (acc) - EUR - 254,223.189 111,520.925 142,702.264

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 16,656.442 94,735.747 29,485.336 81,906.853 JPM Europe Select Equity A (acc) - USD 34.860 2,913.800 2,780.951 167.709 JPM Europe Select Equity A (dist) - EUR 3,168.062 1,342.826 4,297.461 213.427 JPM Europe Select Equity B (acc) - EUR 41,812.041 155,279.516 52,033.499 145,058.058 JPM Europe Select Equity C (acc) - EUR 397,336.432 638,715.280 154,647.425 881,404.287 JPM Europe Select Equity D (acc) - EUR 21,435.173 109,103.030 46,855.364 83,682.839 JPM Europe Select Equity D (acc) - USD 34.860 - - 34.860 JPM Europe Select Equity X (acc) - EUR 101,630.344 327,488.105 109,113.367 320,005.082 JPM Europe Select Equity X (acc) - EUR (hedged) 844,138.363 - - 844,138.363

JPMorgan Investment Funds - Europe Select Mega Cap Fund (1) JPM Europe Select Mega Cap A (acc) - EUR 79,296.459 1,780.944 81,077.403 - JPM Europe Select Mega Cap A (dist) - EUR 66.913 - 66.913 - JPM Europe Select Mega Cap B (acc) - EUR 3,958.587 - 3,958.587 - JPM Europe Select Mega Cap C (acc) - EUR 3,582.551 - 3,582.551 - JPM Europe Select Mega Cap D (acc) - EUR 63,784.486 487.936 64,272.422 - JPM Europe Select Mega Cap X (acc) - EUR 26,158.461 373.021 26,531.482 -

JPMorgan Investment Funds - Europe Short Duration Fund (2) JPM Europe Short Duration A (acc) - EUR 43,248.540 - 43,248.540 - JPM Europe Short Duration B (acc) - EUR 698.381 - 698.381 - JPM Europe Short Duration D (acc) - EUR 43,977.048 - 43,977.048 -

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 792,396.145 969,922.377 631,840.912 1,130,477.610 JPM Europe Strategic Dividend A (dist) - EUR 4,213.117 25,256.980 2,544.993 26,925.104 JPM Europe Strategic Dividend A (inc) - EUR 2,977.000 12,045.093 894.442 14,127.651 JPM Europe Strategic Dividend C (acc) - EUR 46,281.320 1,347,795.816 285,047.421 1,109,029.715 JPM Europe Strategic Dividend D (acc) - EUR 97,637.891 227,165.575 39,777.120 285,026.346 JPM Europe Strategic Dividend X (acc) - EUR 10,520.000 3,966.000 12,405.862 2,080.138

JPMorgan Investment Funds - Global Balanced Fund (EUR) JPM Global Balanced (EUR) A (acc) - EUR 80,465.325 34,294.960 36,052.904 78,707.381 JPM Global Balanced (EUR) A (dist) - EUR 193.353 2,973.623 2,993.789 173.187 JPM Global Balanced (EUR) B (acc) - EUR 14,183.361 3,580.047 8,608.484 9,154.924 JPM Global Balanced (EUR) C (acc) - EUR 16,653.663 43,700.896 33,576.653 26,777.906 JPM Global Balanced (EUR) D (acc) - EUR 204,034.481 62,514.284 65,048.473 201,500.292

JPMorgan Investment Funds - Global Balanced Fund (USD) JF Global Balanced (USD) A (acc) - USD 11,040.731 124,666.642 6,080.066 129,627.307 JPM Global Balanced (USD) A (acc) - USD 798,641.815 580,422.323 351,201.715 1,027,862.423 JPM Global Balanced (USD) A (dist) - USD 50.000 - - 50.000 JPM Global Balanced (USD) B (acc) - USD 466,287.514 199.626 5,032.615 461,454.525 JPM Global Balanced (USD) C (acc) - USD 157,382.507 285,731.290 39,909.616 403,204.181 JPM Global Balanced (USD) D (acc) - USD 110,573.620 102,970.829 38,037.479 175,506.970 JPM Global Balanced (USD) X (acc) - USD 1,340,264.788 611,038.748 1,214,697.420 736,606.116

JPMorgan Investment Funds - Global Bond Fund (EUR) JPM Global Bond (EUR) A (acc) - EUR 472,540.605 151,301.691 231,662.494 392,179.802 JPM Global Bond (EUR) A (inc) - EUR 59,817.000 1,753.000 28,823.000 32,747.000 JPM Global Bond (EUR) B (acc) - EUR 27,087.334 3,231.878 15,619.231 14,699.981 JPM Global Bond (EUR) C (acc) - EUR 78,462.855 44,434.179 5,267.720 117,629.314 JPM Global Bond (EUR) D (acc) - EUR 72,246.077 8,794.961 37,821.039 43,219.999 JPM Global Bond (EUR) X (acc) - EUR 158,235.559 20,962.000 177,956.534 1,241.025

(1) This Sub-Fund merged into Europe Select Equity Fund on 12 June 2009. (2) This Sub-Fund was liquidated on 30 January 2009.

186 JPMorgan Investment 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 31 December 2009 (continued) JPMorgan Investment Funds - Global Bond Fund (USD) JF Global Bond (USD) A (acc) - USD 87,594.148 7,312.128 92,259.467 2,646.809 JPM Global Bond (USD) A (acc) - USD 242,922.924 17,102.368 47,838.534 212,186.758 JPM Global Bond (USD) B (acc) - USD* 599.999 0.001 600.000 - JPM Global Bond (USD) C (acc) - USD 4,058.676 713.206 1,313.208 3,458.674 JPM Global Bond (USD) D (acc) - USD 57,332.850 13,723.652 22,539.762 48,516.740 JPM Global Bond (USD) X (acc) - USD 237,256.664 - 877.810 236,378.854

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 257,254.745 240,111.053 248,577.669 248,788.129 JPM Global Capital Appreciation A (dist) - EUR 1,090.551 635.727 400.000 1,326.278 JPM Global Capital Appreciation A (inc) - EUR 12,029.440 2,465.853 7,404.328 7,090.965 JPM Global Capital Appreciation B (acc) - EUR 10,554.878 6,000.000 8,404.547 8,150.331 JPM Global Capital Appreciation C (acc) - EUR 227,375.399 262,382.375 408,981.284 80,776.490 JPM Global Capital Appreciation D (acc) - EUR 566,126.126 107,098.795 200,721.197 472,503.724 JPM Global Capital Appreciation X (acc) - EUR 470,455.401 - 209,270.692 261,184.709

JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) JPM Global Capital Preservation (EUR) A (acc) - EUR 779,000.924 211,954.501 237,166.677 753,788.748 JPM Global Capital Preservation (EUR) A (acc) - USD 92,529.997 10,375.371 51,156.690 51,748.678 JPM Global Capital Preservation (EUR) A (dist) - EUR 584,055.737 101,351.698 322,252.099 363,155.336 JPM Global Capital Preservation (EUR) A (inc) - EUR 108,892.993 3,268.601 18,471.479 93,690.115 JPM Global Capital Preservation (EUR) B (acc) - EUR 24,312.469 19,465.134 14,468.808 29,308.795 JPM Global Capital Preservation (EUR) C (acc) - EUR 126,988.318 123,914.274 59,561.304 191,341.288 JPM Global Capital Preservation (EUR) D (acc) - EUR 7,213,438.828 986,402.981 2,366,129.292 5,833,712.517 JPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) 199,813.212 432,757.400 3,297.600 629,273.012 JPM Global Capital Preservation (EUR) I (acc) - EUR 283,473.000 159,634.692 100,622.000 342,485.692 JPM Global Capital Preservation (EUR) I (inc) - EUR 102,378.095 1,217.008 - 103,595.103 JPM Global Capital Preservation (EUR) X (acc) - EUR 186,997.509 266,351.549 129,085.109 324,263.949

JPMorgan Investment Funds - Global Capital Preservation Fund (USD) JPM Global Capital Preservation (USD) A (acc) - USD 437,699.978 208,252.618 189,367.713 456,584.883 JPM Global Capital Preservation (USD) D (acc) - USD 190,691.876 107,272.997 108,204.858 189,760.015 JPM Global Capital Preservation (USD) X (acc) - USD* 6,263.113 - 6,263.113 -

JPMorgan Investment Funds - Global Convertibles Fund (USD) JF Global Convertibles (USD) A (acc) - USD - 2,425.699 0.001 2,425.698 JPM Global Convertibles (USD) A (acc) - USD 1,112,950.931 3,076,025.578 1,253,649.123 2,935,327.386 JPM Global Convertibles (USD) B (acc) - USD 40,000.000 351,276.184 71,203.673 320,072.511 JPM Global Convertibles (USD) C (acc) - USD - 314,629.446 85,928.951 228,700.495 JPM Global Convertibles (USD) D (acc) - USD 292,900.055 204,022.223 118,319.975 378,602.303 JPM Global Convertibles (USD) I (acc) - USD 64,597.000 500,759.374 416,521.469 148,834.905 JPM Global Convertibles (USD) X (acc) - USD - 212,445.001 17,149.001 195,296.000

JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - USD 7,500.000 113,421.991 7,590.310 113,331.681 JPM Global Dividend A (inc) - USD - 1,161.117 0.001 1,161.116 JPM Global Dividend A (acc) - EUR (hedged) 8,608.776 6,111.635 857.315 13,863.096 JPM Global Dividend A (inc) - EUR (hedged) - 2,662.100 0.001 2,662.099 JPM Global Dividend C (acc) - EUR - 187,104.464 6,093.495 181,010.969 JPM Global Dividend D (acc) - USD 8,189.892 4,333.634 937.276 11,586.250 JPM Global Dividend D (acc) - EUR (hedged) 8,569.067 15,594.109 8,522.604 15,640.572

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 204,106.306 31,270.345 86,304.631 149,072.020 JPM Global Enhanced Bond A (inc) - EUR 54.718 1.000 14.000 41.718 JPM Global Enhanced Bond B (acc) - EUR 4,319.054 9,508.000 9,508.000 4,319.054 JPM Global Enhanced Bond C (acc) - EUR 66,703.995 - 43,756.874 22,947.121 JPM Global Enhanced Bond D (acc) - EUR 49,707.567 3,764.764 34,068.008 19,404.323 JPM Global Enhanced Bond X (acc) - EUR 2,072.717 170.000 - 2,242.717

JPMorgan Investment Funds - Global ex-US Select Small Cap Fund (3) JPM Global ex-US Select Small Cap A (acc) - EUR 92,676.578 - 92,676.578 - JPM Global ex-US Select Small Cap A (dist) - EUR 659.168 - 659.168 - JPM Global ex-US Select Small Cap B (acc) - EUR 170.000 - 170.000 - JPM Global ex-US Select Small Cap C (acc) - EUR 6,167.953 - 6,167.953 - JPM Global ex-US Select Small Cap D (acc) - EUR 31,304.831 - 31,304.831 -

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 915,853.151 944,086.104 1,011,859.452 848,079.803 JPM Global Financials A (acc) - EUR 29,053.662 520,643.198 187,532.099 362,164.761 JPM Global Financials A (dist) - USD 7,859.140 180,228.756 - 188,087.896 JPM Global Financials B (acc) - USD 8,906.326 995,002.076 591,343.018 412,565.384 JPM Global Financials C (acc) - USD 610,657.762 182,551.146 781,398.291 11,810.617 JPM Global Financials D (acc) - USD 67,827.112 105,485.228 97,881.377 75,430.963 JPM Global Financials X (acc) - USD 10,938.618 731.055 950.000 10,719.673

(3) This Sub-Fund was liquidated on 9 February 2009. 187 JPMorgan Investment 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 31 December 2009 (continued) JPMorgan Investment Funds - Global Healthtech Fund (4) JPM Global Healthtech A (acc) - USD 103,860.385 95,849.136 199,709.521 - JPM Global Healthtech A (dist) - USD 50.000 2,417.972 2,467.972 - JPM Global Healthtech B (acc) - USD 8,590.893 2,523.938 11,114.831 - JPM Global Healthtech C (acc) - USD 400.603 44,703.435 45,104.038 - JPM Global Healthtech D (acc) - USD 33,387.742 4,733.299 38,121.041 -

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - USD 107,530.516 1,031,866.355 361,586.649 777,810.222 JPM Global High Yield Bond A (acc) - EUR (hedged) 395,886.052 1,015,940.154 769,452.049 642,374.157 JPM Global High Yield Bond A (inc) - EUR (hedged) 85,394.679 425,892.193 446,119.733 65,167.139 JPM Global High Yield Bond A (mth) - USD 1,359.720 280,755.181 101,515.602 180,599.299 JPM Global High Yield Bond B (acc) - EUR (hedged) 8,962.730 54,691.087 9,431.955 54,221.862 JPM Global High Yield Bond C (acc) - USD 2,150.000 223,086.571 31,301.791 193,934.780 JPM Global High Yield Bond C (acc) - EUR (hedged) 416,620.633 711,382.721 648,022.008 479,981.346 JPM Global High Yield Bond D (acc) - EUR (hedged) 86,047.587 118,452.833 48,178.908 156,321.512 JPM Global High Yield Bond I (acc) - USD - 360,000.001 0.001 360,000.000 JPM Global High Yield Bond I (inc) - EUR (hedged) 131,000.000 156,254.250 113,500.000 173,754.250 JPM Global High Yield Bond X (acc) - EUR (hedged) 36,505.870 25,061.247 25,433.967 36,133.150

JPMorgan Investment Funds - Global Income Fund JPM Global Income A (div) - EUR 116,054.160 38,963.535 6,598.070 148,419.625 JPM Global Income D (div) - EUR - 196,449.837 1,399.259 195,050.578

JPMorgan Investment Funds - Global Select 130/30 Fund JPM Global Select 130/30 A (acc) - USD 178,493.515 92,150.319 140,592.451 130,051.383 JPM Global Select 130/30 A (acc) - EUR 642.508 - - 642.508 JPM Global Select 130/30 A (dist) - USD 517.762 12.632 - 530.394 JPM Global Select 130/30 C (acc) - USD 566.138 56,302.318 20,589.706 36,278.750 JPM Global Select 130/30 D (acc) - USD 68,716.451 18,817.031 47,775.406 39,758.076

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 191,000.811 377,925.276 169,671.360 399,254.727 JPM Global Select Equity A (dist) - USD 528.464 539.046 136.592 930.918 JPM Global Select Equity B (acc) - USD 38,969.659 17,240.193 49,689.044 6,520.808 JPM Global Select Equity C (acc) - USD 502,428.557 410,731.634 437,244.574 475,915.617 JPM Global Select Equity D (acc) - USD 62,932.873 23,017.968 13,098.140 72,852.701 JPM Global Select Equity X (acc) - USD 378,884.834 523,136.351 36,043.313 865,977.872

JPMorgan Investment Funds - Global Short Duration Fund (5) JPM Global Short Duration A (acc) - USD 13,518.138 - 13,518.138 - JPM Global Short Duration C (acc) - USD 225,530.507 - 225,530.507 - JPM Global Short Duration D (acc) - USD 10,847.808 - 10,847.808 -

JPMorgan Investment Funds - Global Teletech Fund (6) JPM Global Teletech A (acc) - USD 162,385.964 - 162,385.964 - JPM Global Teletech A (dist) - USD 197.561 - 197.561 - JPM Global Teletech B (acc) - USD 1,584.053 - 1,584.053 - JPM Global Teletech C (acc) - USD 2,542.079 - 2,542.079 - JPM Global Teletech D (acc) - USD 28,567.742 - 28,567.742 -

JPMorgan Investment Funds - Global Total Return Fund JPM Global Total Return A (acc) - EUR 531,600.707 71,481.093 105,345.939 497,735.861 JPM Global Total Return A (dist) - EUR 87.551 625.362 - 712.913 JPM Global Total Return A (inc) - EUR 89.650 - - 89.650 JPM Global Total Return B (acc) - EUR* 675.680 - 675.680 - JPM Global Total Return C (acc) - EUR 9,373.040 171,078.185 9,123.037 171,328.188 JPM Global Total Return D (acc) - EUR 577,607.727 36,979.978 170,800.060 443,787.645

JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund JPM Highbridge Statistical Market Neutral A (acc) - EUR 8,399,271.396 5,096,003.886 7,680,685.653 5,814,589.629 JPM Highbridge Statistical Market Neutral A (acc) - SEK (hedged) 56,189.598 283,229.360 151,626.356 187,792.602 JPM Highbridge Statistical Market Neutral A (acc) - USD 257,862.521 82,446.597 177,021.635 163,287.483 JPM Highbridge Statistical Market Neutral A (acc) - USD (hedged) 294,917.477 828,993.308 741,544.716 382,366.069 JPM Highbridge Statistical Market Neutral A (dist) - GBP 84,925.765 187,276.457 231,087.551 41,114.671 JPM Highbridge Statistical Market Neutral A (dist) - GBP (hedged) 392,942.593 665,322.601 630,296.057 427,969.137 JPM Highbridge Statistical Market Neutral A (inc) - EUR 78,105.069 27,562.596 23,174.641 82,493.024 JPM Highbridge Statistical Market Neutral B (acc) - EUR 803,731.335 790,743.463 688,193.214 906,281.584 JPM Highbridge Statistical Market Neutral B (acc) - USD 1,906.214 - - 1,906.214 JPM Highbridge Statistical Market Neutral C (acc) - EUR 3,471,704.609 4,580,064.651 3,430,285.641 4,621,483.619 JPM Highbridge Statistical Market Neutral C (dist) - GBP (hedged) 410,225.603 1,143,614.350 339,908.395 1,213,931.558 JPM Highbridge Statistical Market Neutral C (dist) - USD (hedged) - 177,747.927 41,083.429 136,664.498 JPM Highbridge Statistical Market Neutral D (acc) - EUR 10,119,774.407 4,475,059.844 6,762,850.573 7,831,983.678 JPM Highbridge Statistical Market Neutral D (acc) - USD 46,631.915 45,643.924 51,522.693 40,753.146 JPM Highbridge Statistical Market Neutral D (acc) - USD (hedged) 45,469.095 59,966.811 54,498.779 50,937.127 JPM Highbridge Statistical Market Neutral I (acc) - EUR 793,769.216 191,516.000 397,411.378 587,873.838 JPM Highbridge Statistical Market Neutral X (acc) - EUR 94,625.507 11,566.468 41,945.848 64,246.127 JPM Highbridge Statistical Market Neutral X (acc) - USD (hedged) - 448,857.146 435,769.939 13,087.207

(4) This Sub-Fund merged into JPMorgan Funds - Global Healthcare Fund on 2 October 2009. (5) This Sub-Fund was liquidated on 30 January 2009. (6) This Sub-Fund was liquidated on 25 February 2009. 188 JPMorgan Investment 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 31 December 2009 (continued) JPMorgan Investment Funds - Income Opportunity Fund JPM Income Opportunity A (acc) - EUR 557,538.921 2,698,280.792 778,156.284 2,477,663.429 JPM Income Opportunity A (acc) - SEK (hedged) - 36,369.764 421.304 35,948.460 JPM Income Opportunity A (acc) - USD (hedged) 12,908.510 5,169,247.930 946,058.875 4,236,097.565 JPM Income Opportunity A (dist) - GBP (hedged) 434,396.219 1,072,740.636 53,937.962 1,453,198.893 JPM Income Opportunity A (inc) - EUR - 277,603.997 11,524.029 266,079.968 JPM Income Opportunity B (acc) - USD (hedged) - 770,527.198 34,232.216 736,294.982 JPM Income Opportunity B (acc) - EUR - 399,817.738 10,358.753 389,458.985 JPM Income Opportunity C (acc) - EUR 226,050.038 1,960,239.245 271,436.577 1,914,852.706 JPM Income Opportunity C (acc) - USD (hedged) - 1,311,014.894 527.681 1,310,487.213 JPM Income Opportunity C (dist) - GBP (hedged) - 389,787.170 6,742.152 383,045.018 JPM Income Opportunity D (acc) - EUR 45,525.132 654,877.436 76,896.050 623,506.518 JPM Income Opportunity X (acc) - USD (hedged) - 1,234,675.188 673.311 1,234,001.877 JPM Income Opportunity X (acc) - EUR - 48,125.001 25,795.001 22,330.000 JPM Income Opportunity X (acc) - GBP (hedged) - 25,795.001 2,100.000 23,695.001

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - EUR 275,551.609 116,484.905 339,879.611 52,156.903 JPM Japan 50 Equity A (acc) - JPY 218,496.308 621,653.374 543,933.795 296,215.887 JPM Japan 50 Equity A (dist) - JPY 2,108.030 2,177.651 141.654 4,144.027 JPM Japan 50 Equity C (acc) - JPY - 241,630.517 22,398.255 219,232.262 JPM Japan 50 Equity D (acc) - JPY 3,634.907 4,992.729 3,956.063 4,671.573 JPM Japan 50 Equity I (acc) - JPY* 4,002,103.435 94,513.649 4,096,617.084 - JPM Japan 50 Equity X (acc) - JPY 941,904.592 668,704.328 675,420.771 935,188.149

JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund JPM Japan Behavioural Finance Equity A (acc) - EUR 257,054.291 15,328.003 250,785.695 21,596.599 JPM Japan Behavioural Finance Equity A (acc) - USD 169,510.758 34,663.087 183,689.042 20,484.803 JPM Japan Behavioural Finance Equity A (dist) - USD 58,534.874 17,968.264 58,598.035 17,905.103 JPM Japan Behavioural Finance Equity C (acc) - USD* 39,570.190 - 39,570.190 - JPM Japan Behavioural Finance Equity D (acc) - EUR 345.561 287.778 295.342 337.997 JPM Japan Behavioural Finance Equity X (acc) - USD 174,966.493 - 150,962.100 24,004.393

JPMorgan Investment Funds - Japan Focus Fund JPM Japan Focus A (acc) - JPY 379,060.338 157,300.027 302,757.408 233,602.957 JPM Japan Focus A (dist) - JPY - 8.888 - 8.888 JPM Japan Focus D (acc) - JPY 27,111.060 2,370.333 1,718.872 27,762.521 JPM Japan Focus I (acc) - JPY 666,719.092 25,918.206 119,076.910 573,560.388 JPM Japan Focus X (acc) - JPY 7,525.000 265,876.153 12,592.396 260,808.757

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 5,663,927.019 2,346,145.854 5,116,906.118 2,893,166.755 JPM Japan Select Equity A (dist) - JPY 18,461.567 42,094.795 23,669.950 36,886.412 JPM Japan Select Equity B (acc) - JPY 217,039.531 34,467.052 98,267.779 153,238.804 JPM Japan Select Equity C (acc) - JPY 2,007,056.550 877,552.863 1,078,302.671 1,806,306.742 JPM Japan Select Equity D (acc) - JPY 280,901.515 20,097.132 155,356.678 145,641.969 JPM Japan Select Equity I (acc) - JPY 316,242.235 - 14,102.235 302,140.000 JPM Japan Select Equity X (acc) - JPY 1,736,552.945 516,967.800 961,013.110 1,292,507.635

JPMorgan Investment Funds - Japan Strategic Value Fund JPM Japan Strategic Value A (acc) - EUR 120,947.211 243,825.000 342,758.000 22,014.211 JPM Japan Strategic Value A (acc) - JPY 21,528.842 443,582.890 183,237.890 281,873.842 JPM Japan Strategic Value A (dist) - GBP 22,119.574 68,432.000 28,193.000 62,358.574 JPM Japan Strategic Value C (acc) - JPY - 134,817.999 26,668.399 108,149.600 JPM Japan Strategic Value D (acc) - EUR 22,014.211 1,437.422 1,437.422 22,014.211 JPM Japan Strategic Value D (acc) - JPY 21,922.312 2,778.171 610.165 24,090.318 JPM Japan Strategic Value X (acc) - JPY - 229,639.000 1,500.000 228,139.000

JPMorgan Investment Funds - JF Asia ex-Japan Fund JF Asia ex-Japan A (acc) - USD 936,215.019 1,024,816.613 734,605.108 1,226,426.524 JF Asia ex-Japan A (dist) - USD 58,805.816 163,826.068 43,268.323 179,363.561 JF Asia ex-Japan B (acc) - USD 52,265.654 219,251.126 98,069.656 173,447.124 JF Asia ex-Japan C (acc) - USD 615,225.128 640,927.998 466,138.797 790,014.329 JF Asia ex-Japan D (acc) - USD 214,100.841 152,120.730 103,709.366 262,512.205 JF Asia ex-Japan I (acc) - USD 2,599,067.020 2,945,664.375 229,683.067 5,315,048.328 JF Asia ex-Japan X (acc) - USD 98,255.743 250,162.260 92,276.943 256,141.060

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD 390,580.210 69,757.252 265,889.652 194,447.810 JPM US Bond A (inc) - USD 2,617.000 - 1,075.000 1,542.000 JPM US Bond B (acc) - USD 7,133.057 27.119 1,238.129 5,922.047 JPM US Bond C (acc) - USD 1,988.126 3,631.072 219.000 5,400.198 JPM US Bond D (acc) - USD 158,561.074 12,648.196 46,608.655 124,600.615

JPMorgan Investment Funds - US Disciplined Equity Fund (7) JPM US Disciplined Equity A (acc) - USD 19,705.527 - 19,705.527 - JPM US Disciplined Equity A (dist) - USD 50.000 - 50.000 - JPM US Disciplined Equity B (acc) - USD 2,945.633 - 2,945.633 - JPM US Disciplined Equity C (acc) - USD 285.610 - 285.610 - JPM US Disciplined Equity D (acc) - USD 81,240.420 - 81,240.420 - JPM US Disciplined Equity X (acc) - USD 1,237.084 - 1,237.084 -

(7) This Sub-Fund was liquidated on 25 February 2009.

189 JPMorgan Investment 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 31 December 2009 (continued) JPMorgan Investment Funds - US Dynamic Small Cap Fund (8) JPM US Dynamic Small Cap A (acc) - USD 158,527.481 2,330.825 160,858.306 - JPM US Dynamic Small Cap A (dist) - USD 11.653 - 11.653 - JPM US Dynamic Small Cap D (acc) - USD 12,154.873 168.725 12,323.598 - JPM US Dynamic Small Cap X (acc) - USD 2,259.000 835.000 3,094.000 -

JPMorgan Investment Funds - US Equity Fund JPM US Equity A (acc) - USD 154,664.749 988,133.638 214,163.514 928,634.873 JPM US Equity A (acc) - EUR (hedged) 116,895.546 85,880.540 91,254.282 111,521.804 JPM US Equity A (dist) - GBP - 2,470.405 - 2,470.405 JPM US Equity C (acc) - USD 43,918.465 114,062.512 85,004.973 72,976.004 JPM US Equity D (acc) - USD 5,665.643 11,217.590 6,107.292 10,775.941 JPM US Equity D (acc) - EUR (hedged) 4,888.678 35,790.411 10,650.092 30,028.997 JPM US Equity X (acc) - USD 18,421.539 6,827.370 23,852.539 1,396.370

JPMorgan Investment Funds - US Market Neutral Fund JPM US Market Neutral A (acc) - USD 37,831.457 19,795.979 24,760.371 32,867.065 JPM US Market Neutral A (acc) - EUR (hedged) 270,330.559 9,415.017 268,980.358 10,765.218 JPM US Market Neutral A (dist) - USD 33,330.000 - 17,968.847 15,361.153 JPM US Market Neutral A (dist) - GBP 33,495.437 50.000 18,448.085 15,097.352 JPM US Market Neutral D (acc) - USD 41,002.966 3,461.018 30,698.425 13,765.559 JPM US Market Neutral D (acc) - EUR (hedged) 46,332.074 11,030.533 41,982.972 15,379.635 JPM US Market Neutral X (acc) - USD 79,899.141 3,177.654 49,699.701 33,377.094

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - USD 2,445,478.291 5,423,872.291 3,582,337.841 4,287,012.741 JPM US Select Equity A (acc) - EUR 128,571.124 243,771.889 69,194.986 303,148.027 JPM US Select Equity A (acc) - EUR (hedged) 671,764.636 3,700,507.621 2,903,011.439 1,469,260.818 JPM US Select Equity A (dist) - USD 970,474.034 790,737.208 696,801.358 1,064,409.884 JPM US Select Equity B (acc) - USD 60,215.014 693,438.694 209,477.959 544,175.749 JPM US Select Equity C (acc) - USD 968,170.102 1,829,239.324 454,105.966 2,343,303.460 JPM US Select Equity C (acc) - EUR (hedged) 105,153.564 154,678.581 111,241.436 148,590.709 JPM US Select Equity D (acc) - USD 43,091.581 376,833.434 74,470.108 345,454.907 JPM US Select Equity D (acc) - EUR (hedged) 122,179.428 533,443.725 115,027.549 540,595.604 JPM US Select Equity I (acc) - USD 278,833.547 530,134.567 - 808,968.114 JPM US Select Equity X (acc) - USD 111,799.942 121,740.128 113,553.013 119,987.057

* Share Class inactive as at the end of the year.

(8) This Sub-Fund was liquidated on 30 April 2009.

190 JPMorgan Investment 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 31 December 2008 (continued) JPMorgan Investment Funds - Asset-Backed Fund (EUR) (1) JPM Asset-Backed (EUR) A (acc) - EUR 67,152.624 700.923 67,853.547 - JPM Asset-Backed (EUR) D (acc) - EUR 43,679.957 1,152.747 44,832.704 - JPM Asset-Backed (EUR) X (acc) - EUR 250.000 - 250.000 -

JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green Fund 3,449.615 - - 3,449.615

JPMorgan Investment Funds - Euro Liquid Market Fund JPM Euro Liquid Market A (acc) - EUR 312,923.669 492,514.589 468,395.409 337,042.849 JPM Euro Liquid Market C (acc) - EUR 33,600.000 1,888,990.041 1,017,636.270 904,953.771 JPM Euro Liquid Market D (acc) - EUR - 81,660.596 2,577.576 79,083.020 JPM Euro Liquid Market X (acc) - EUR* 148,311.853 - 148,311.853 -

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR 1,886,071.355 263,257.543 1,696,978.320 452,350.578 JPM Europe Bond A (inc) - EUR 203,356.151 10,673.558 103,948.257 110,081.452 JPM Europe Bond B (acc) - EUR 125,145.068 50,518.343 170,253.365 5,410.046 JPM Europe Bond C (acc) - EUR 598,613.929 9,589.000 588,854.137 19,348.792 JPM Europe Bond D (acc) - EUR 181,779.126 27,904.571 155,500.302 54,183.395 JPM Europe Bond X (acc) - EUR 369,646.068 27,761.824 397,107.907 299.985

JPMorgan Investment Funds - Europe Corporate Bond Fund (2) JPM Europe Corporate Bond A (acc) - EUR 90,765.143 7,765.797 98,530.940 - JPM Europe Corporate Bond C (acc) - EUR 6,000.006 - 6,000.006 - JPM Europe Corporate Bond D (acc) - EUR 12,154.410 6,900.259 19,054.669 -

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 1,867,609.469 127,553.645 1,024,172.437 970,990.677 JPM Europe Recovery A (dist) - EUR 582,249.708 4,986.864 284,993.712 302,242.860 JPM Europe Recovery B (acc) - EUR 26,330.550 28,406.408 46,432.720 8,304.238 JPM Europe Recovery C (acc) - EUR 75,143.706 - 65,944.406 9,199.300 JPM Europe Recovery D (acc) - EUR 52,599.259 9,455.888 33,421.495 28,633.652 JPM Europe Recovery X (acc) - EUR* 32,617.701 - 32,617.701 -

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 171,490.663 16,939.943 171,774.164 16,656.442 JPM Europe Select Equity A (acc) - USD 34.860 - - 34.860 JPM Europe Select Equity A (dist) - EUR 54,233.360 1,412.163 52,477.461 3,168.062 JPM Europe Select Equity B (acc) - EUR 89,273.612 71,372.782 118,834.353 41,812.041 JPM Europe Select Equity C (acc) - EUR 267,209.237 427,482.669 297,355.474 397,336.432 JPM Europe Select Equity D (acc) - EUR 41,364.284 30,010.470 49,939.581 21,435.173 JPM Europe Select Equity D (acc) - USD 34.860 - - 34.860 JPM Europe Select Equity X (acc) - EUR 286,597.337 22,051.896 207,018.889 101,630.344 JPM Europe Select Equity X (acc) - EUR (hedged) 846,138.363 - 2,000.000 844,138.363

JPMorgan Investment Funds - Europe Select Mega Cap Fund JPM Europe Select Mega Cap A (acc) - EUR 266,215.403 79,336.063 266,255.007 79,296.459 JPM Europe Select Mega Cap A (dist) - EUR 83.162 28.789 45.038 66.913 JPM Europe Select Mega Cap B (acc) - EUR 19,005.350 - 15,046.763 3,958.587 JPM Europe Select Mega Cap C (acc) - EUR 19,407.323 - 15,824.772 3,582.551 JPM Europe Select Mega Cap D (acc) - EUR 94,398.338 55,631.691 86,245.543 63,784.486 JPM Europe Select Mega Cap X (acc) - EUR 55,435.778 1,733.144 31,010.461 26,158.461

JPMorgan Investment Funds - Europe Short Duration Fund JPM Europe Short Duration A (acc) - EUR 781,894.308 29,927.993 768,573.761 43,248.540 JPM Europe Short Duration B (acc) - EUR 32,658.931 10,324.382 42,284.932 698.381 JPM Europe Short Duration C (acc) - EUR* 91,090.184 37,789.157 128,879.341 - JPM Europe Short Duration D (acc) - EUR 176,185.764 65,954.556 198,163.272 43,977.048 JPM Europe Short Duration X (acc) - EUR* 474,308.931 - 474,308.931 -

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 904,678.552 361,713.091 473,995.498 792,396.145 JPM Europe Strategic Dividend A (dist) - EUR 3,473.713 1,434.678 695.274 4,213.117 JPM Europe Strategic Dividend A (inc) - EUR 3,949.000 6,523.000 7,495.000 2,977.000 JPM Europe Strategic Dividend C (acc) - EUR 23,035.026 87,184.803 63,938.509 46,281.320 JPM Europe Strategic Dividend D (acc) - EUR 176,508.970 26,543.880 105,414.959 97,637.891 JPM Europe Strategic Dividend X (acc) - EUR 9,356.100 1,201.000 37.100 10,520.000

JPMorgan Investment Funds - Flexible Bond Fund (EUR) (3) JPM Flexible Bond (EUR) A (acc) - EUR 38,860.236 120.663 38,980.899 - JPM Flexible Bond (EUR) D (acc) - EUR 55,478.218 2,082.601 57,560.819 -

JPMorgan Investment Funds - Global Balanced Fund (EUR) JPM Global Balanced (EUR) A (acc) - EUR 94,862.372 20,022.585 34,419.632 80,465.325 JPM Global Balanced (EUR) A (dist) - EUR 8,995.315 159.143 8,961.105 193.353 JPM Global Balanced (EUR) B (acc) - EUR 21,456.707 320.526 7,593.872 14,183.361 JPM Global Balanced (EUR) C (acc) - EUR 27,752.761 647.517 11,746.615 16,653.663 JPM Global Balanced (EUR) D (acc) - EUR 379,303.929 41,816.405 217,085.853 204,034.481

(1) This Sub-Fund was liquidated on 31 July 2008. (2) This Sub-Fund was liquidated on 8 December 2008. (3) This Sub-Fund was liquidated on 31 July 2008.

191 JPMorgan Investment 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 31 December 2008 (continued) JPMorgan Investment Funds - Global Balanced Fund (USD) JF Global Balanced (USD) A (acc) - USD 14,111.205 3,853.125 6,923.599 11,040.731 JPM Global Balanced (USD) A (acc) - USD 1,088,347.041 176,149.105 465,854.331 798,641.815 JPM Global Balanced (USD) A (dist) - USD 50.000 - - 50.000 JPM Global Balanced (USD) B (acc) - USD 468,553.512 4,694.799 6,960.797 466,287.514 JPM Global Balanced (USD) C (acc) - USD 157,382.507 - - 157,382.507 JPM Global Balanced (USD) D (acc) - USD 115,868.691 69,401.263 74,696.334 110,573.620 JPM Global Balanced (USD) X (acc) - USD 1,415,826.141 - 75,561.353 1,340,264.788

JPMorgan Investment Funds - Global Bond Fund (EUR) JPM Global Bond (EUR) A (acc) - EUR 3,832,542.165 486,812.287 3,846,813.847 472,540.605 JPM Global Bond (EUR) A (inc) - EUR 356,782.394 2,091.268 299,056.662 59,817.000 JPM Global Bond (EUR) B (acc) - EUR 363,569.282 1,949.284 338,431.232 27,087.334 JPM Global Bond (EUR) C (acc) - EUR 364,486.796 15,965.183 301,989.124 78,462.855 JPM Global Bond (EUR) D (acc) - EUR 361,263.906 29,937.012 318,954.841 72,246.077 JPM Global Bond (EUR) X (acc) - EUR 483,896.744 8,672.217 334,333.402 158,235.559

JPMorgan Investment Funds - Global Bond Fund (USD) JF Global Bond (USD) A (acc) - USD 184,618.107 3,524.806 100,548.765 87,594.148 JPM Global Bond (USD) A (acc) - USD 1,194,838.421 58,828.465 1,010,743.962 242,922.924 JPM Global Bond (USD) B (acc) - USD 181,999.679 - 181,399.680 599.999 JPM Global Bond (USD) C (acc) - USD 413,983.108 62,282.001 472,206.433 4,058.676 JPM Global Bond (USD) D (acc) - USD 105,997.188 37,870.451 86,534.789 57,332.850 JPM Global Bond (USD) X (acc) - USD 560,673.314 - 323,416.650 237,256.664

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 453,978.284 162,842.636 359,566.175 257,254.745 JPM Global Capital Appreciation A (dist) - EUR 531.860 583.579 24.888 1,090.551 JPM Global Capital Appreciation A (inc) - EUR 4,642.986 8,828.864 1,442.410 12,029.440 JPM Global Capital Appreciation B (acc) - EUR 434.450 10,323.998 203.570 10,554.878 JPM Global Capital Appreciation C (acc) - EUR 275,088.670 649,934.188 697,647.459 227,375.399 JPM Global Capital Appreciation D (acc) - EUR 910,732.087 147,576.878 492,182.839 566,126.126 JPM Global Capital Appreciation X (acc) - EUR 478,505.401 - 8,050.000 470,455.401

JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) JPM Global Capital Preservation (EUR) A (acc) - EUR 1,021,476.576 701,787.790 944,263.442 779,000.924 JPM Global Capital Preservation (EUR) A (acc) - USD 92,674.229 218,299.222 218,443.454 92,529.997 JPM Global Capital Preservation (EUR) A (dist) - EUR 286,834.864 445,135.150 147,914.277 584,055.737 JPM Global Capital Preservation (EUR) A (inc) - EUR 20,519.145 113,153.235 24,779.387 108,892.993 JPM Global Capital Preservation (EUR) B (acc) - EUR 26,657.330 62,031.302 64,376.163 24,312.469 JPM Global Capital Preservation (EUR) C (acc) - EUR 203,310.337 300,720.968 377,042.987 126,988.318 JPM Global Capital Preservation (EUR) D (acc) - EUR 9,000,257.848 4,712,477.313 6,499,296.333 7,213,438.828 JPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) - 202,148.856 2,335.644 199,813.212 JPM Global Capital Preservation (EUR) I (acc) - EUR - 376,494.000 93,021.000 283,473.000 JPM Global Capital Preservation (EUR) I (inc) - EUR 523,616.234 418,236.010 839,474.149 102,378.095 JPM Global Capital Preservation (EUR) X (acc) - EUR 978,296.996 655,236.892 1,446,536.379 186,997.509

JPMorgan Investment Funds - Global Capital Preservation Fund (USD) JPM Global Capital Preservation (USD) A (acc) - USD 256,549.993 479,055.271 297,905.286 437,699.978 JPM Global Capital Preservation (USD) D (acc) - USD 223,365.250 208,530.159 241,203.533 190,691.876 JPM Global Capital Preservation (USD) X (acc) - USD 8,334.239 - 2,071.126 6,263.113

JPMorgan Investment Funds - Global Convertibles Fund (USD) JPM Global Convertibles (USD) A (acc) - USD 1,174,955.684 1,304,157.945 1,366,162.698 1,112,950.931 JPM Global Convertibles (USD) B (acc) - USD - 40,633.619 633.619 40,000.000 JPM Global Convertibles (USD) D (acc) - USD 168,854.472 373,446.087 249,400.504 292,900.055 JPM Global Convertibles (USD) I (acc) - USD 88,334.000 35,322.000 59,059.000 64,597.000 JPM Global Convertibles (USD) X (acc) - USD* 83,364.000 23,498.000 106,862.000 -

JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - USD 7,500.000 - - 7,500.000 JPM Global Dividend A (acc) - EUR (hedged) 7,442.598 1,166.178 - 8,608.776 JPM Global Dividend D (acc) - USD 7,500.000 910.561 220.669 8,189.892 JPM Global Dividend D (acc) - EUR (hedged) 7,442.598 1,813.048 686.579 8,569.067

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 962,963.395 177,724.254 936,581.343 204,106.306 JPM Global Enhanced Bond A (inc) - EUR 103.392 15.990 64.664 54.718 JPM Global Enhanced Bond B (acc) - EUR 4,319.054 - - 4,319.054 JPM Global Enhanced Bond C (acc) - EUR 178,091.773 4.291 111,392.069 66,703.995 JPM Global Enhanced Bond D (acc) - EUR 154,361.824 12,432.660 117,086.917 49,707.567 JPM Global Enhanced Bond X (acc) - EUR 55,673.842 16.591 53,617.716 2,072.717

JPMorgan Investment Funds - Global ex-US Bond Fund (4) JPM Global ex-US Bond A (acc) - USD 167,717.153 7,655.949 175,373.102 - JPM Global ex-US Bond B (acc) - USD 11,833.584 - 11,833.584 - JPM Global ex-US Bond D (acc) - USD 4,499.407 685.041 5,184.448 - JPM Global ex-US Bond X (acc) - USD 379,174.033 2,213.803 381,387.836 -

(4) This Sub-Fund was liquidated on 15 September 2008. 192 JPMorgan Investment 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 31 December 2008 (continued) JPMorgan Investment Funds - Global ex-US Select Small Cap Fund JPM Global ex-US Select Small Cap A (acc) - EUR 165,971.814 92,950.815 166,246.051 92,676.578 JPM Global ex-US Select Small Cap A (dist) - EUR 491.238 196.498 28.568 659.168 JPM Global ex-US Select Small Cap B (acc) - EUR 2,033.000 124.895 1,987.895 170.000 JPM Global ex-US Select Small Cap C (acc) - EUR 12,730.203 5,167.750 11,730.000 6,167.953 JPM Global ex-US Select Small Cap D (acc) - EUR 46,872.465 5,923.637 21,491.271 31,304.831

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 963,261.037 952,725.752 1,000,133.638 915,853.151 JPM Global Financials A (acc) - EUR 20,154.980 60,040.938 51,142.256 29,053.662 JPM Global Financials A (dist) - USD 330.357 10,638.494 3,109.711 7,859.140 JPM Global Financials B (acc) - USD 18,900.924 252,603.060 262,597.658 8,906.326 JPM Global Financials C (acc) - USD 18,804.000 1,197,420.787 605,567.025 610,657.762 JPM Global Financials D (acc) - USD 82,008.484 59,635.746 73,817.118 67,827.112 JPM Global Financials X (acc) - USD 11,518.658 2,579.960 3,160.000 10,938.618

JPMorgan Investment Funds - Global Healthtech Fund JPM Global Healthtech A (acc) - USD 315,876.920 112,379.259 324,395.794 103,860.385 JPM Global Healthtech A (dist) - USD 620.000 43.804 613.804 50.000 JPM Global Healthtech B (acc) - USD 947.700 16,208.000 8,564.807 8,590.893 JPM Global Healthtech C (acc) - USD 15,486.295 235,748.607 250,834.299 400.603 JPM Global Healthtech D (acc) - USD 50,186.429 9,880.853 26,679.540 33,387.742

JPMorgan Investment Funds - Global High Yield Bond Fund (5) JPM Global High Yield Bond A (acc) - EUR (hedged) 481,167.189 1,163,996.906 1,249,278.043 395,886.052 JPM Global High Yield Bond A (inc) - EUR (hedged) 6,901.390 211,640.467 133,147.178 85,394.679 JPM Global High Yield Bond B (acc) - EUR (hedged) 11,863.057 66,889.369 69,789.696 8,962.730 JPM Global High Yield Bond C (acc) - EUR (hedged) 790,179.664 459,341.332 832,900.363 416,620.633 JPM Global High Yield Bond D (acc) - EUR (hedged) 174,004.523 92,387.365 180,344.301 86,047.587 JPM Global High Yield Bond I (inc) - EUR (hedged) - 131,000.000 - 131,000.000 JPM Global High Yield Bond X (acc) - EUR (hedged) 88,242.703 6,262.791 57,999.624 36,505.870 JPM Global High Yield Bond A (acc) - USD - 189,148.053 81,617.537 107,530.516 JPM Global High Yield Bond A (mth) - USD - 2,020.434 660.714 1,359.720 JPM Global High Yield Bond C (acc) - USD - 160,960.898 158,810.898 2,150.000

JPMorgan Investment Funds - Global Income Fund (6) JPM Global Income A (div) - EUR - 116,054.160 - 116,054.160

JPMorgan Investment Funds - Global Select 130/30 Fund (7) JPM Global Select 130/30 A (acc) - USD 392,648.107 154,478.593 368,633.185 178,493.515 JPM Global Select 130/30 A (acc) - EUR - 642.508 - 642.508 JPM Global Select 130/30 A (dist) - USD 514.111 3.651 - 517.762 JPM Global Select 130/30 C (acc) - USD 1,117.113 - 550.975 566.138 JPM Global Select 130/30 D (acc) - USD 140,610.354 50,279.108 122,173.011 68,716.451

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 416,781.099 153,755.100 379,535.388 191,000.811 JPM Global Select Equity A (dist) - USD 430.000 756.359 657.895 528.464 JPM Global Select Equity B (acc) - USD 16,650.869 31,769.368 9,450.578 38,969.659 JPM Global Select Equity C (acc) - USD 19,393.217 1,779,048.356 1,296,013.016 502,428.557 JPM Global Select Equity D (acc) - USD 80,017.111 48,256.377 65,340.615 62,932.873 JPM Global Select Equity X (acc) - USD 565,545.592 1,340.003 188,000.761 378,884.834

JPMorgan Investment Funds - Global Short Duration Fund JPM Global Short Duration A (acc) - USD 368,623.811 7,602.041 362,707.714 13,518.138 JPM Global Short Duration B (acc) - USD* 92,944.753 - 92,944.753 - JPM Global Short Duration C (acc) - USD 322,811.321 1,200.000 98,480.814 225,530.507 JPM Global Short Duration D (acc) - USD 21,651.558 18,014.900 28,818.650 10,847.808 JPM Global Short Duration X (acc) - USD* 689,535.523 5,385.923 694,921.446 -

JPMorgan Investment Funds - Global Teletech Fund JPM Global Teletech A (acc) - USD 842,121.733 204,659.567 884,395.336 162,385.964 JPM Global Teletech A (dist) - USD 145.928 90.076 38.443 197.561 JPM Global Teletech B (acc) - USD 21,834.768 35.936 20,286.651 1,584.053 JPM Global Teletech C (acc) - USD - 270,128.334 267,586.255 2,542.079 JPM Global Teletech D (acc) - USD 43,707.109 8,877.567 24,016.934 28,567.742

JPMorgan Investment Funds - Global Total Return Fund (8) JPM Global Total Return A (acc) - EUR 1,215,250.957 23,332.763 706,983.013 531,600.707 JPM Global Total Return A (dist) - EUR 165.481 - 77.930 87.551 JPM Global Total Return A (inc) - EUR 89.650 - - 89.650 JPM Global Total Return B (acc) - EUR 675.680 393.713 393.713 675.680 JPM Global Total Return C (acc) - EUR 79,770.826 3,674.781 74,072.567 9,373.040 JPM Global Total Return D (acc) - EUR 1,104,973.496 20,572.475 547,938.244 577,607.727

(5) This Sub-Fund changed its currency to USD on 1 August 2008. (6) This Sub-Fund was launched on 11 December 2008. (7) This Sub-Fund changed its name from Global 50 Equity Fund on 26 March 2008. (8) This Sub-Fund changed its name from Global Total Return Fund (EUR) on 30 June 2008.

193 JPMorgan Investment 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 31 December 2008 (continued) JPMorgan Investment Funds - Global Total Return Fund (USD) (9) JPM Global Total Return (USD) A (acc) - USD 7,201.183 - 7,201.183 - JPM Global Total Return (USD) A (dist) - USD 50.943 - 50.943 - JPM Global Total Return (USD) B (acc) - USD 4,999.999 - 4,999.999 - JPM Global Total Return (USD) D (acc) - USD 4,420.338 - 4,420.338 -

JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund JPM Highbridge Statistical Market Neutral A (acc) - EUR 8,961,629.375 9,883,126.070 10,445,484.049 8,399,271.396 JPM Highbridge Statistical Market Neutral A (acc) - SEK (hedged) - 73,017.512 16,827.914 56,189.598 JPM Highbridge Statistical Market Neutral A (acc) - USD 290,093.538 509,052.492 541,283.509 257,862.521 JPM Highbridge Statistical Market Neutral A (acc) - USD (hedged) - 375,635.172 80,717.695 294,917.477 JPM Highbridge Statistical Market Neutral A (dist) - GBP 318,583.443 97,360.534 331,018.212 84,925.765 JPM Highbridge Statistical Market Neutral A (dist) - GBP (hedged) - 435,237.595 42,295.002 392,942.593 JPM Highbridge Statistical Market Neutral A (inc) - EUR 66,777.132 58,790.364 47,462.427 78,105.069 JPM Highbridge Statistical Market Neutral B (acc) - EUR 127,647.375 1,758,645.641 1,082,561.681 803,731.335 JPM Highbridge Statistical Market Neutral B (acc) - USD - 1,906.214 - 1,906.214 JPM Highbridge Statistical Market Neutral C (acc) - EUR 3,979,962.360 7,789,642.784 8,297,900.535 3,471,704.609 JPM Highbridge Statistical Market Neutral C (dist) - GBP (hedged) - 430,660.965 20,435.362 410,225.603 JPM Highbridge Statistical Market Neutral D (acc) - EUR 9,495,536.762 5,378,366.423 4,754,128.778 10,119,774.407 JPM Highbridge Statistical Market Neutral D (acc) - USD 13,146.401 117,624.742 84,139.228 46,631.915 JPM Highbridge Statistical Market Neutral D (acc) - USD (hedged) - 46,217.000 747.905 45,469.095 JPM Highbridge Statistical Market Neutral I (acc) - EUR 1,905,496.326 635,698.746 1,747,425.856 793,769.216 JPM Highbridge Statistical Market Neutral X (acc) - EUR 122,924.171 44,872.249 73,170.913 94,625.507

JPMorgan Investment Funds - Income Opportunity Fund (10) JPM Income Opportunity A (acc) - EUR 46,098.232 991,445.012 480,004.323 557,538.921 JPM Income Opportunity A (acc) - USD (hedged) - 23,945.584 11,037.074 12,908.510 JPM Income Opportunity A (dist) - GBP (hedged) - 547,411.312 113,015.093 434,396.219 JPM Income Opportunity A (inc) - EUR* 36,779.770 18,993.292 55,773.062 - JPM Income Opportunity C (acc) - EUR - 1,051,942.537 825,892.499 226,050.038 JPM Income Opportunity D (acc) - EUR 46,078.837 82,250.047 82,803.752 45,525.132 JPM Income Opportunity D (inc) - EUR* 36,287.100 - 36,287.100 -

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - EUR 14,020.477 365,446.441 103,915.309 275,551.609 JPM Japan 50 Equity A (acc) - JPY 295,838.031 1,341,687.750 1,419,029.473 218,496.308 JPM Japan 50 Equity A (dist) - JPY 5,543.400 2,418.654 5,854.024 2,108.030 JPM Japan 50 Equity D (acc) - JPY 6,891.078 6,833.598 10,089.769 3,634.907 JPM Japan 50 Equity I (acc) - JPY 3,904,448.663 477,751.772 380,097.000 4,002,103.435 JPM Japan 50 Equity X (acc) - JPY 1,536,200.706 656,629.823 1,250,925.937 941,904.592

JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund JPM Japan Behavioural Finance Equity A (acc) - EUR 609,959.032 165,868.475 518,773.216 257,054.291 JPM Japan Behavioural Finance Equity A (acc) - USD 51,209.878 263,680.357 145,379.477 169,510.758 JPM Japan Behavioural Finance Equity A (dist) - USD 13,903.611 57,183.858 12,552.595 58,534.874 JPM Japan Behavioural Finance Equity C (acc) - USD 56,000.000 79,757.277 96,187.087 39,570.190 JPM Japan Behavioural Finance Equity D (acc) - EUR 25,364.349 798.559 25,817.347 345.561 JPM Japan Behavioural Finance Equity D (acc) - USD* 25,000.000 - 25,000.000 - JPM Japan Behavioural Finance Equity I (inc) - EUR* 170,000.000 60,392.685 230,392.685 - JPM Japan Behavioural Finance Equity X (acc) - USD 154,496.360 56,200.574 35,730.441 174,966.493

JPMorgan Investment Funds - Japan Focus Fund (11) JPM Japan Focus A (acc) - JPY - 642,746.038 263,685.700 379,060.338 JPM Japan Focus D (acc) - JPY - 27,449.242 338.182 27,111.060 JPM Japan Focus I (acc) - JPY - 666,719.092 - 666,719.092 JPM Japan Focus X (acc) - JPY - 7,852.000 327.000 7,525.000

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 6,374,104.274 6,488,098.586 7,198,275.841 5,663,927.019 JPM Japan Select Equity A (dist) - JPY 32,966.386 10,815.140 25,319.959 18,461.567 JPM Japan Select Equity B (acc) - JPY 324,449.705 252,431.526 359,841.700 217,039.531 JPM Japan Select Equity C (acc) - JPY 1,592,991.575 2,338,763.883 1,924,698.908 2,007,056.550 JPM Japan Select Equity D (acc) - JPY 765,192.964 44,104.817 528,396.266 280,901.515 JPM Japan Select Equity I (acc) - JPY 787,429.714 - 471,187.479 316,242.235 JPM Japan Select Equity X (acc) - JPY 2,642,652.337 806,774.700 1,712,874.092 1,736,552.945

JPMorgan Investment Funds - Japan Strategic Value Fund JPM Japan Strategic Value A (acc) - EUR 22,014.211 98,933.000 - 120,947.211 JPM Japan Strategic Value A (acc) - JPY 21,528.842 - - 21,528.842 JPM Japan Strategic Value A (dist) - GBP 22,119.574 - - 22,119.574 JPM Japan Strategic Value D (acc) - EUR 22,014.211 - - 22,014.211 JPM Japan Strategic Value D (acc) - JPY 21,528.842 730.095 336.625 21,922.312

(9) This Sub-Fund was liquidated on 23 January 2008. (10) This Sub-Fund changed its name from Highbridge Income Opportunity Fund on 15 July 2008. (11) This Sub-Fund was launched on 15 February 2008. 194 JPMorgan Investment 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 31 December 2008 (continued) JPMorgan Investment Funds - JF Asia ex-Japan Fund (12) JF Asia ex-Japan A (acc) - USD 1,884,998.195 954,132.148 1,902,915.324 936,215.019 JF Asia ex-Japan A (dist) - USD 28,672.246 64,959.486 34,825.916 58,805.816 JF Asia ex-Japan B (acc) - USD 144,367.778 69,353.675 161,455.799 52,265.654 JF Asia ex-Japan C (acc) - USD 600,262.426 538,229.080 523,266.378 615,225.128 JF Asia ex-Japan D (acc) - USD 365,614.994 70,846.367 222,360.520 214,100.841 JF Asia ex-Japan I (acc) - USD 1,520,321.652 1,686,251.239 607,505.871 2,599,067.020 JF Asia ex-Japan X (acc) - USD 302,239.754 63,472.703 267,456.714 98,255.743

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD 1,467,364.334 66,358.319 1,143,142.443 390,580.210 JPM US Bond A (inc) - USD 5,794.760 210.000 3,387.760 2,617.000 JPM US Bond B (acc) - USD 135,487.710 774.586 129,129.239 7,133.057 JPM US Bond C (acc) - USD 471,590.355 32,033.858 501,636.087 1,988.126 JPM US Bond D (acc) - USD 613,481.238 97,235.961 552,156.125 158,561.074 JPM US Bond X (acc) - USD* 3,268,414.513 - 3,268,414.513 -

JPMorgan Investment Funds - US Disciplined Equity Fund JPM US Disciplined Equity A (acc) - USD 186,526.008 7,175.498 173,995.979 19,705.527 JPM US Disciplined Equity A (dist) - USD 50.000 - - 50.000 JPM US Disciplined Equity A (inc) - USD* 613,752.433 - 613,752.433 - JPM US Disciplined Equity B (acc) - USD 2,410.000 3,178.072 2,642.439 2,945.633 JPM US Disciplined Equity C (acc) - USD 137,527.515 9,459.236 146,701.141 285.610 JPM US Disciplined Equity D (acc) - USD 92,998.969 54,153.888 65,912.437 81,240.420 JPM US Disciplined Equity X (acc) - USD - 1,525.361 288.277 1,237.084

JPMorgan Investment Funds - US Dollar Enhanced Yield Fund (13) JPM US Dollar Enhanced Yield A (acc) - USD 176,134.341 19,111.964 195,246.305 - JPM US Dollar Enhanced Yield B (acc) - USD 5,283.718 635.073 5,918.791 - JPM US Dollar Enhanced Yield C (acc) - USD 19,723.782 - 19,723.782 - JPM US Dollar Enhanced Yield D (acc) - USD 103,706.361 8,372.351 112,078.712 - JPM US Dollar Enhanced Yield I (acc) - USD 2,919,939.155 1,422.586 2,921,361.741 - JPM US Dollar Enhanced Yield X (acc) - USD 282,640.931 - 282,640.931 -

JPMorgan Investment Funds - US Dynamic Small Cap Fund JPM US Dynamic Small Cap A (acc) - USD 177,973.633 48,786.245 68,232.397 158,527.481 JPM US Dynamic Small Cap A (dist) - USD 66.294 25.473 80.114 11.653 JPM US Dynamic Small Cap D (acc) - USD 18,146.268 5,241.544 11,232.939 12,154.873 JPM US Dynamic Small Cap X (acc) - USD 3,980.000 415.000 2,136.000 2,259.000

JPMorgan Investment Funds - US Equity Fund JPM US Equity A (acc) - USD 29,196.347 278,942.000 153,473.598 154,664.749 JPM US Equity A (acc) - EUR (hedged) 176,354.531 25,736.705 85,195.690 116,895.546 JPM US Equity C (acc) - USD 53,343.730 24,882.682 34,307.947 43,918.465 JPM US Equity D (acc) - USD 2,234.584 6,365.731 2,934.672 5,665.643 JPM US Equity D (acc) - EUR (hedged) 56,303.728 39,090.003 90,505.053 4,888.678 JPM US Equity X (acc) - USD 20,566.000 1,132.000 3,276.461 18,421.539

JPMorgan Investment Funds - US Market Neutral Fund JPM US Market Neutral A (acc) - USD 34,156.442 5,938.343 2,263.328 37,831.457 JPM US Market Neutral A (acc) - EUR (hedged) 83,457.274 416,237.275 229,363.990 270,330.559 JPM US Market Neutral A (dist) - USD 33,330.000 - - 33,330.000 JPM US Market Neutral A (dist) - GBP 33,319.437 1,726.000 1,550.000 33,495.437 JPM US Market Neutral D (acc) - USD 34,500.499 9,316.443 2,813.976 41,002.966 JPM US Market Neutral D (acc) - EUR (hedged) 34,290.305 28,815.626 16,773.857 46,332.074 JPM US Market Neutral X (acc) - USD 57,300.000 38,355.000 15,755.859 79,899.141

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - EUR - 155,335.144 26,764.020 128,571.124 JPM US Select Equity A (acc) - USD 966,840.875 2,840,557.726 1,361,920.310 2,445,478.291 JPM US Select Equity A (acc) - EUR (hedged) 377,857.697 1,087,626.963 793,720.024 671,764.636 JPM US Select Equity A (dist) - USD 580,591.000 1,351,782.377 961,899.343 970,474.034 JPM US Select Equity B (acc) - USD 41,266.375 106,437.263 87,488.624 60,215.014 JPM US Select Equity C (acc) - USD 246,358.343 1,406,189.815 684,378.056 968,170.102 JPM US Select Equity C (acc) - EUR (hedged) - 120,197.812 15,044.248 105,153.564 JPM US Select Equity D (acc) - USD 16,115.872 53,083.115 26,107.406 43,091.581 JPM US Select Equity D (acc) - EUR (hedged) 6,621.932 155,453.859 39,896.363 122,179.428 JPM US Select Equity I (acc) - USD 761,977.493 109,805.000 592,948.946 278,833.547 JPM US Select Equity X (acc) - USD 430,573.443 77,060.227 395,833.728 111,799.942

* Share Class inactive as at end of the year. (12) This Sub-Fund changed its name from JF Asia Diversified Fund on 31 March 2008. (13) This Sub-Fund was liquidated on 8 December 2008.

195 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

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

10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2007 (continued) JPMorgan Investment Funds - Asset-Backed Fund (EUR) JPM Asset-Backed (EUR) A (acc) - EUR 38,893.846 153,130.171 124,871.393 67,152.624 JPM Asset-Backed (EUR) D (acc) - EUR 39,142.010 14,254.472 9,716.525 43,679.957 JPM Asset-Backed (EUR) X (acc) - EUR 250.000 - - 250.000

JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green Fund 3,449.615 - - 3,449.615

JPMorgan Investment Funds - Euro Liquid Market Fund JPM Euro Liquid Market A (acc) - EUR 148,528.323 530,098.452 365,703.106 312,923.669 JPM Euro Liquid Market C (acc) - EUR - 45,650.000 12,050.000 33,600.000 JPM Euro Liquid Market X (acc) - EUR 136,411.228 11,900.625 - 148,311.853

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR 5,360,084.508 2,196,038.431 5,670,051.584 1,886,071.355 JPM Europe Bond A (inc) - EUR 277,401.171 67,555.378 141,600.398 203,356.151 JPM Europe Bond B (acc) - EUR 354,881.288 101,037.361 330,773.581 125,145.068 JPM Europe Bond C (acc) - EUR 1,362,420.355 138,167.648 901,974.074 598,613.929 JPM Europe Bond D (acc) - EUR 402,117.633 127,941.697 348,280.204 181,779.126 JPM Europe Bond X (acc) - EUR 1,503,230.293 101,622.871 1,235,207.096 369,646.068

JPMorgan Investment Funds - Europe Corporate Bond Fund JPM Europe Corporate Bond A (acc) - EUR 97,210.259 58,947.456 65,392.572 90,765.143 JPM Europe Corporate Bond C (acc) - EUR 25,639.973 6,000.006 25,639.973 6,000.006 JPM Europe Corporate Bond D (acc) - EUR 14,570.547 15,066.949 17,483.086 12,154.410 JPM Europe Corporate Bond X (acc) - EUR 2,861.334 - 2,861.334 -

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 3,043,691.965 202,906.731 1,378,989.227 1,867,609.469 JPM Europe Recovery A (dist) - EUR 806,048.341 105,464.557 329,263.190 582,249.708 JPM Europe Recovery B (acc) - EUR 22,489.512 12,828.754 8,987.716 26,330.550 JPM Europe Recovery C (acc) - EUR 75,491.285 66,945.611 67,293.190 75,143.706 JPM Europe Recovery D (acc) - EUR 121,959.646 4,558.615 73,919.002 52,599.259 JPM Europe Recovery X (acc) - EUR 57,666.992 288.076 25,337.367 32,617.701

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 43,180.695 382,771.340 254,461.372 171,490.663 JPM Europe Select Equity A (acc) - USD - 34.860 - 34.860 JPM Europe Select Equity A (dist) - EUR 1,492.063 90,169.441 37,428.144 54,233.360 JPM Europe Select Equity B (acc) - EUR - 111,617.617 22,344.005 89,273.612 JPM Europe Select Equity C (acc) - EUR - 648,148.712 380,939.475 267,209.237 JPM Europe Select Equity D (acc) - EUR - 553,733.560 (512,369.276) 41,364.284 JPM Europe Select Equity D (acc) - USD - 34.860 - 34.860 JPM Europe Select Equity X (acc) - EUR 84,277.551 1,291,369.812 1,089,050.026 286,597.337 JPM Europe Select Equity X (acc) - EUR (hedged) - 849,133.091 (2,994.728) 846,138.363

JPMorgan Investment Funds - Europe Select Mega Cap Fund (1) JPM Europe Select Mega Cap A (acc) - EUR 206,194.062 188,843.248 128,821.907 266,215.403 JPM Europe Select Mega Cap A (dist) - EUR 38.718 44.444 - 83.162 JPM Europe Select Mega Cap B (acc) - EUR 17,275.934 30,756.852 29,027.436 19,005.350 JPM Europe Select Mega Cap C (acc) - EUR 6,539.782 27,166.524 14,298.983 19,407.323 JPM Europe Select Mega Cap D (acc) - EUR 70,097.505 182,551.163 158,250.330 94,398.338 JPM Europe Select Mega Cap X (acc) - EUR 46,479.308 8,956.470 - 55,435.778

JPMorgan Investment Funds - Europe Short Duration Fund JPM Europe Short Duration A (acc) - EUR 786,944.006 1,676,961.251 1,682,010.949 781,894.308 JPM Europe Short Duration B (acc) - EUR 73,336.073 7,902.000 48,579.142 32,658.931 JPM Europe Short Duration C (acc) - EUR 90,071.422 108,583.619 107,564.857 91,090.184 JPM Europe Short Duration D (acc) - EUR 83,196.054 618,621.030 525,631.320 176,185.764 JPM Europe Short Duration X (acc) - EUR 543,740.933 17,657.427 87,089.429 474,308.931

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 766,313.455 770,385.274 632,020.177 904,678.552 JPM Europe Strategic Dividend A (dist) - EUR 38.718 3,960.782 525.787 3,473.713 JPM Europe Strategic Dividend A (inc) - EUR - 4,719.000 770.000 3,949.000 JPM Europe Strategic Dividend C (acc) - EUR - 157,552.747 134,517.721 23,035.026 JPM Europe Strategic Dividend D (acc) - EUR 94,470.289 214,960.185 132,921.504 176,508.970 JPM Europe Strategic Dividend X (acc) - EUR - 9,356.100 - 9,356.100

JPMorgan Investment Funds - Flexible Bond Fund (2) JPM Flexible Bond (EUR) A (acc) - EUR - 42,530.241 3,670.005 38,860.236 JPM Flexible Bond (EUR) D (acc) - EUR - 72,460.866 16,982.648 55,478.218

JPMorgan Investment Funds - Global 50 Equity Fund JPM Global 50 Equity A (acc) - USD 349,994.469 528,017.360 485,363.722 392,648.107 JPM Global 50 Equity A (dist) - USD 512.577 1.534 - 514.111 JPM Global 50 Equity C (acc) - USD 6,294.113 43,340.600 48,517.600 1,117.113 JPM Global 50 Equity D (acc) - USD 82,227.139 129,335.358 70,952.143 140,610.354 JPM Global 50 Equity X (acc) - USD - 2,897.190 2,897.190 -

(1) This Sub-Fund changed its name from Europe Select Large Cap on 1 November 2007. (2) This Sub-Fund was launched on 24 April 2007.

196 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

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

10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2007 (continued) JPMorgan Investment Funds - Global Balanced Fund (EUR) JPM Global Balanced (EUR) A (acc) - EUR 87,785.107 107,257.041 100,179.776 94,862.372 JPM Global Balanced (EUR) A (dist) - EUR 38.718 8,958.597 2.000 8,995.315 JPM Global Balanced (EUR) B (acc) - EUR 25,661.938 2,137.954 6,343.185 21,456.707 JPM Global Balanced (EUR) C (acc) - EUR 72,886.593 60,814.041 105,947.873 27,752.761 JPM Global Balanced (EUR) D (acc) - EUR 180,748.810 408,584.558 210,029.439 379,303.929

JPMorgan Investment Funds - Global Balanced Fund (USD) JF Global Balanced (USD) A (acc) - USD 11,606.090 9,404.932 6,899.817 14,111.205 JPM Global Balanced (USD) A (acc) - USD 1,317,559.795 255,402.776 484,615.530 1,088,347.041 JPM Global Balanced (USD) A (dist) - USD 50.000 120.805 120.805 50.000 JPM Global Balanced (USD) B (acc) - USD 588,121.004 - 119,567.492 468,553.512 JPM Global Balanced (USD) C (acc) - USD 157,177.507 205.000 - 157,382.507 JPM Global Balanced (USD) D (acc) - USD 60,497.178 88,633.844 33,262.331 115,868.691 JPM Global Balanced (USD) X (acc) - USD 1,582,928.290 31,160.374 198,262.523 1,415,826.141

JPMorgan Investment Funds - Global Bond Fund (EUR) JPM Global Bond (EUR) A (acc) - EUR 4,411,443.618 4,528,228.054 5,107,129.507 3,832,542.165 JPM Global Bond (EUR) A (inc) - EUR 53,756.718 349,273.726 46,248.050 356,782.394 JPM Global Bond (EUR) B (acc) - EUR 645,255.200 183,735.242 465,421.160 363,569.282 JPM Global Bond (EUR) C (acc) - EUR 932,426.220 765,779.840 1,333,719.264 364,486.796 JPM Global Bond (EUR) D (acc) - EUR 343,272.044 335,203.314 317,211.452 361,263.906 JPM Global Bond (EUR) X (acc) - EUR 489,023.040 467,950.859 473,077.155 483,896.744

JPMorgan Investment Funds - Global Bond Fund (USD) JF Global Bond (USD) A (acc) - USD 180,056.503 144,376.280 139,814.676 184,618.107 JPM Global Bond (USD) A (acc) - USD 2,196,852.675 1,145,825.379 2,147,839.633 1,194,838.421 JPM Global Bond (USD) B (acc) - USD 547,739.534 23,720.121 389,459.976 181,999.679 JPM Global Bond (USD) C (acc) - USD 269,157.912 509,649.293 364,824.097 413,983.108 JPM Global Bond (USD) D (acc) - USD 87,308.984 72,967.793 54,279.589 105,997.188 JPM Global Bond (USD) X (acc) - USD 1,252,658.022 151,843.918 843,828.626 560,673.314

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 386,080.496 484,315.036 416,417.248 453,978.284 JPM Global Capital Appreciation A (dist) - EUR 38.945 493.915 1.000 531.860 JPM Global Capital Appreciation A (inc) - EUR 38.945 4,606.041 2.000 4,642.986 JPM Global Capital Appreciation B (acc) - EUR 434.450 - - 434.450 JPM Global Capital Appreciation C (acc) - EUR 15,239.259 671,967.833 412,118.422 275,088.670 JPM Global Capital Appreciation D (acc) - EUR 681,618.872 689,149.301 460,036.086 910,732.087 JPM Global Capital Appreciation X (acc) - EUR 807,970.008 470,455.401 799,920.008 478,505.401

JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) JPM Global Capital Preservation (EUR) A (acc) - EUR 1,181,910.800 1,001,485.027 1,161,919.251 1,021,476.576 JPM Global Capital Preservation (EUR) A (acc) - USD 5,748.622 102,612.197 15,686.590 92,674.229 JPM Global Capital Preservation (EUR) A (dist) - EUR 110,548.522 218,178.342 41,892.000 286,834.864 JPM Global Capital Preservation (EUR) A (inc) - EUR 3,767.739 18,242.846 1,491.440 20,519.145 JPM Global Capital Preservation (EUR) B (acc) - EUR 34,009.313 1,662.985 9,014.968 26,657.330 JPM Global Capital Preservation (EUR) C (acc) - EUR 228,146.489 116,182.140 141,018.292 203,310.337 JPM Global Capital Preservation (EUR) D (acc) - EUR 7,946,544.931 4,872,064.264 3,818,351.347 9,000,257.848 JPM Global Capital Preservation (EUR) I (inc) - EUR 75,012.519 1,947,278.237 1,498,674.522 523,616.234 JPM Global Capital Preservation (EUR) X (acc) - EUR 120,854.322 980,636.764 123,194.090 978,296.996

JPMorgan Investment Funds - Global Capital Preservation Fund (USD) JPM Global Capital Preservation (USD) A (acc) - USD 272,296.841 146,568.381 162,315.229 256,549.993 JPM Global Capital Preservation (USD) B (acc) - USD 50,170.154 - 50,170.154 - JPM Global Capital Preservation (USD) C (acc) - USD 169,825.168 - 169,825.168 - JPM Global Capital Preservation (USD) D (acc) - USD 144,348.847 155,272.265 76,255.862 223,365.250 JPM Global Capital Preservation (USD) X (acc) - USD 9,320.803 - 986.564 8,334.239

JPMorgan Investment Funds - Global Convertibles Fund (USD) JPM Global Convertibles (USD) A (acc) - USD 435,496.043 1,243,457.768 503,998.127 1,174,955.684 JPM Global Convertibles (USD) D (acc) - USD 66,025.083 174,079.588 71,250.199 168,854.472 JPM Global Convertibles (USD) I (acc) - USD - 225,501.000 137,167.000 88,334.000 JPM Global Convertibles (USD) X (acc) - USD 26,513.000 56,851.000 - 83,364.000

JPMorgan Investment Funds - Global Dividend Fund (3) JPM Global Dividend A (acc) - EUR (hedged) - 7,442.598 - 7,442.598 JPM Global Dividend A (acc) - USD - 7,500.000 - 7,500.000 JPM Global Dividend D (acc) - EUR (hedged) - 7,442.598 - 7,442.598 JPM Global Dividend D (acc) - USD - 7,500.000 - 7,500.000

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 1,251,958.193 654,283.568 943,278.366 962,963.395 JPM Global Enhanced Bond A (inc) - EUR 38.718 83.674 19.000 103.392 JPM Global Enhanced Bond B (acc) - EUR 53,401.959 2,732.833 51,815.738 4,319.054 JPM Global Enhanced Bond C (acc) - EUR 315,546.627 4,840.839 142,295.693 178,091.773 JPM Global Enhanced Bond D (acc) - EUR 259,266.766 134,201.128 239,106.070 154,361.824 JPM Global Enhanced Bond X (acc) - EUR 72,997.527 11,116.317 28,440.002 55,673.842 JPM Global Enhanced Bond X (inc) - EUR 300,000.000 - 300,000.000 -

(3) This Sub-Fund was launched on 28 November 2007.

197 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

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

10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2007 (continued) JPMorgan Investment Funds - Global ex-US Bond Fund JPM Global ex-US Bond A (acc) - USD 239,783.900 94,041.178 166,107.925 167,717.153 JPM Global ex-US Bond B (acc) - USD 31,165.880 578.603 19,910.899 11,833.584 JPM Global ex-US Bond D (acc) - USD 5,290.266 3,216.071 4,006.930 4,499.407 JPM Global ex-US Bond X (acc) - USD 744,673.565 127,237.750 492,737.282 379,174.033

JPMorgan Investment Funds - Global ex-US Select Small Cap Fund JPM Global ex-US Select Small Cap A (acc) - EUR 171,808.937 166,562.201 172,399.324 165,971.814 JPM Global ex-US Select Small Cap A (dist) - EUR 38.718 1,337.292 884.772 491.238 JPM Global ex-US Select Small Cap B (acc) - EUR 787.454 2,088.000 842.454 2,033.000 JPM Global ex-US Select Small Cap C (acc) - EUR 18,817.909 5,704.000 11,791.706 12,730.203 JPM Global ex-US Select Small Cap D (acc) - EUR 24,925.232 48,273.153 26,325.920 46,872.465

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 1,272,455.761 1,052,898.925 1,362,093.649 963,261.037 JPM Global Financials A (acc) - EUR 1,596.401 20,350.919 1,792.340 20,154.980 JPM Global Financials A (dist) - USD 50.000 1,726.490 1,446.133 330.357 JPM Global Financials B (acc) - USD - 18,900.924 - 18,900.924 JPM Global Financials C (acc) - USD 19,268.704 9,300.000 9,764.704 18,804.000 JPM Global Financials D (acc) - USD 68,048.252 101,198.247 87,238.015 82,008.484 JPM Global Financials X (acc) - USD 19,073.446 3,211.816 10,766.604 11,518.658

JPMorgan Investment Funds - Global Healthtech Fund JPM Global Healthtech A (acc) - USD 399,982.562 411,030.638 495,136.280 315,876.920 JPM Global Healthtech A (dist) - USD 50.000 570.000 - 620.000 JPM Global Healthtech B (acc) - USD 23,904.121 5,121.905 28,078.326 947.700 JPM Global Healthtech C (acc) - USD 323.894 17,727.302 2,564.901 15,486.295 JPM Global Healthtech D (acc) - USD 66,631.945 24,332.686 40,778.202 50,186.429

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - EUR 1,208,051.670 1,512,251.305 2,239,135.786 481,167.189 JPM Global High Yield Bond A (inc) - EUR 2,992.718 29,302.672 25,394.000 6,901.390 JPM Global High Yield Bond B (acc) - EUR 2,394.762 16,028.096 6,559.801 11,863.057 JPM Global High Yield Bond C (acc) - EUR 790,358.033 759,154.974 759,333.343 790,179.664 JPM Global High Yield Bond D (acc) - EUR 196,705.103 526,988.135 549,688.715 174,004.523 JPM Global High Yield Bond I (inc) - EUR - 44,860.000 44,860.000 - JPM Global High Yield Bond X (acc) - EUR - 1,161,611.438 1,073,368.735 88,242.703

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 256,777.976 509,182.494 349,179.371 416,781.099 JPM Global Select Equity A (dist) - USD 302.407 1,030.000 902.407 430.000 JPM Global Select Equity B (acc) - USD 36,704.908 6,644.690 26,698.729 16,650.869 JPM Global Select Equity C (acc) - USD 87,160.324 55,511.544 123,278.651 19,393.217 JPM Global Select Equity D (acc) - USD 106,608.256 56,847.562 83,438.707 80,017.111 JPM Global Select Equity X (acc) - USD 582,847.334 58,077.621 75,379.363 565,545.592

JPMorgan Investment Funds - Global Short Duration Fund JPM Global Short Duration A (acc) - USD 401,477.117 224,977.224 257,830.530 368,623.811 JPM Global Short Duration B (acc) - USD 186,864.211 20,889.194 114,808.653 92,944.752 JPM Global Short Duration C (acc) - USD 146,858.165 220,839.708 44,886.552 322,811.321 JPM Global Short Duration D (acc) - USD 27,276.010 38,214.957 43,839.409 21,651.558 JPM Global Short Duration X (acc) - USD 809,203.857 2,814.660 122,482.994 689,535.523

JPMorgan Investment Funds - Global Teletech Fund JPM Global Teletech A (acc) - USD 271,744.635 1,038,742.386 468,365.288 842,121.733 JPM Global Teletech A (dist) - USD 50.000 295.928 200.000 145.928 JPM Global Teletech B (acc) - USD 18,096.154 3,738.614 - 21,834.768 JPM Global Teletech D (acc) - USD 29,355.372 55,251.370 40,899.633 43,707.109 JPM Global Teletech X (acc) - USD 134,191.043 - 134,191.043 -

JPMorgan Investment Funds - Global Total Return Fund (EUR) JPM Global Total Return (EUR) A (acc) - EUR 3,643,032.385 2,116,725.872 4,544,507.300 1,215,250.957 JPM Global Total Return (EUR) A (dist) - EUR 10,821.124 3,835.528 14,491.171 165.481 JPM Global Total Return (EUR) A (inc) - EUR 88.945 0.705 - 89.650 JPM Global Total Return (EUR) B (acc) - EUR 27,008.229 1,059.340 27,391.889 675.680 JPM Global Total Return (EUR) C (acc) - EUR 2,361,680.804 1,202,114.431 3,484,024.409 79,770.826 JPM Global Total Return (EUR) D (acc) - EUR 3,915,214.571 411,900.335 3,222,141.410 1,104,973.496 JPM Global Total Return (EUR) I (acc) - EUR 30,000.000 - 30,000.000 -

JPMorgan Investment Funds - Global Total Return Fund (USD) JPM Global Total Return (USD) A (acc) - USD 78,916.629 9,530.743 81,246.189 7,201.183 JPM Global Total Return (USD) A (dist) - USD 58.226 213.635 220.918 50.943 JPM Global Total Return (USD) B (acc) - USD 77,262.259 18,928.516 91,190.776 4,999.999 JPM Global Total Return (USD) D (acc) - USD 32,288.109 2,115.463 29,983.234 4,420.338

JPMorgan Investment Funds - Highbridge Income Opportunity Fund (4) JPM Highbridge Income Opportunity A (acc) - EUR - 51,553.302 5,455.070 46,098.232 JPM Highbridge Income Opportunity A (inc) - EUR - 36,779.770 - 36,779.770 JPM Highbridge Income Opportunity D (acc) - EUR - 46,078.837 - 46,078.837 JPM Highbridge Income Opportunity D (inc) - EUR - 36,287.100 - 36,287.100

(4) This Sub-Fund was launched on 19 July 2007.

198 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

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

10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2007 (continued) JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund JPM Highbridge Statistical Market Neutral A (acc) - EUR 767,424.034 42,483,599.412 34,289,394.071 8,961,629.375 JPM Highbridge Statistical Market Neutral A (acc) - USD 17,835.017 1,006,735.586 734,477.065 290,093.538 JPM Highbridge Statistical Market Neutral A (dist) - GBP - 5,441,028.622 5,122,445.179 318,583.443 JPM Highbridge Statistical Market Neutral A (inc) - EUR - 441,221.911 374,444.779 66,777.132 JPM Highbridge Statistical Market Neutral B (acc) - EUR - 1,131,067.988 1,003,420.613 127,647.375 JPM Highbridge Statistical Market Neutral B (acc) - USD - 88,209.350 88,209.350 - JPM Highbridge Statistical Market Neutral C (acc) - EUR - 19,731,129.460 15,751,167.100 3,979,962.360 JPM Highbridge Statistical Market Neutral D (acc) - EUR 62,695.925 18,969,950.469 9,537,109.632 9,495,536.762 JPM Highbridge Statistical Market Neutral D (acc) - USD 15,731.928 41,507.049 44,092.576 13,146.401 JPM Highbridge Statistical Market Neutral I (acc) - EUR 363,878.731 3,044,193.819 1,502,576.224 1,905,496.326 JPM Highbridge Statistical Market Neutral X (acc) - EUR 15,686.000 1,159,685.749 1,052,447.578 122,924.171

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - EUR - 16,296.680 2,276.203 14,020.477 JPM Japan 50 Equity A (acc) - JPY 746,698.309 982,852.087 1,433,712.365 295,838.031 JPM Japan 50 Equity A (dist) - JPY 55.337 10,995.980 5,507.917 5,543.400 JPM Japan 50 Equity D (acc) - JPY 1,264.061 7,706.432 2,079.415 6,891.078 JPM Japan 50 Equity I (acc) - JPY 3,893,656.453 10,792.210 - 3,904,448.663 JPM Japan 50 Equity X (acc) - JPY 1,312,039.960 270,041.355 45,880.609 1,536,200.706

JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund (5) JPM Japan Behavioural Finance Equity A (acc) - EUR - 721,593.750 111,634.718 609,959.032 JPM Japan Behavioural Finance Equity A (acc) - USD - 52,194.147 984.269 51,209.878 JPM Japan Behavioural Finance Equity A (dist) - USD - 13,903.611 - 13,903.611 JPM Japan Behavioural Finance Equity C (acc) - USD - 56,000.000 - 56,000.000 JPM Japan Behavioural Finance Equity D (acc) - EUR - 25,364.349 - 25,364.349 JPM Japan Behavioural Finance Equity D (acc) - USD - 25,000.000 - 25,000.000 JPM Japan Behavioural Finance Equity I (inc) - EUR - 170,000.000 - 170,000.000 JPM Japan Behavioural Finance Equity X (acc) - USD - 154,738.139 241.779 154,496.360

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 9,754,393.845 10,787,786.596 14,168,076.167 6,374,104.274 JPM Japan Select Equity A (dist) - JPY 13,368.457 34,268.565 14,670.636 32,966.386 JPM Japan Select Equity B (acc) - JPY 457,824.060 768,609.480 901,983.835 324,449.705 JPM Japan Select Equity C (acc) - JPY 2,720,684.661 1,716,885.885 2,844,578.971 1,592,991.575 JPM Japan Select Equity D (acc) - JPY 1,258,328.826 1,184,458.148 1,677,594.010 765,192.964 JPM Japan Select Equity I (acc) - JPY 302,140.000 1,031,299.350 546,009.636 787,429.714 JPM Japan Select Equity X (acc) - JPY 3,345,904.047 121,563.656 824,815.366 2,642,652.337

JPMorgan Investment Funds - Japan Strategic Value Fund (6) JPM Japan Strategic Value A (acc) - EUR - 22,014.211 - 22,014.211 JPM Japan Strategic Value A (acc) - JPY - 21,528.842 - 21,528.842 JPM Japan Strategic Value A (dist) - GBP - 22,119.574 - 22,119.574 JPM Japan Strategic Value D (acc) - EUR - 22,014.211 - 22,014.211 JPM Japan Strategic Value D (acc) - JPY - 21,528.842 - 21,528.842

JPMorgan Investment Funds - JF Asia Diversified Fund JF Asia Diversified A (acc) - USD 1,442,883.229 2,234,676.038 1,792,561.072 1,884,998.195 JF Asia Diversified A (dist) - USD 7,877.719 23,300.378 2,505.851 28,672.246 JF Asia Diversified B (acc) - USD 193,182.620 51,850.455 100,665.297 144,367.778 JF Asia Diversified C (acc) - USD 455,510.332 318,213.572 173,461.478 600,262.426 JF Asia Diversified D (acc) - USD 167,254.521 422,065.764 223,705.291 365,614.994 JF Asia Diversified I (acc) - USD 649,062.117 1,182,984.759 311,725.224 1,520,321.652 JF Asia Diversified X (acc) - USD 197,907.808 186,082.785 81,750.839 302,239.754

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD 2,086,020.538 2,556,709.689 3,175,365.893 1,467,364.334 JPM US Bond A (inc) - USD 542.000 7,409.423 2,156.663 5,794.760 JPM US Bond B (acc) - USD 462,859.543 84,366.192 411,738.025 135,487.710 JPM US Bond C (acc) - USD 1,918,927.938 1,084,070.201 2,531,407.784 471,590.355 JPM US Bond D (acc) - USD 456,027.776 499,838.914 342,385.452 613,481.238 JPM US Bond I (acc) - USD - 34,000.000 34,000.000 - JPM US Bond X (acc) - USD 4,283,824.370 629,004.075 1,644,413.932 3,268,414.513

JPMorgan Investment Funds - US Disciplined Equity Fund JPM US Disciplined Equity A (acc) - USD 829,679.328 124,696.410 767,849.730 186,526.008 JPM US Disciplined Equity A (dist) - USD 50.000 - - 50.000 JPM US Disciplined Equity A (inc) - USD 613,817.433 0.971 65.971 613,752.433 JPM US Disciplined Equity B (acc) - USD 2,410.000 - - 2,410.000 JPM US Disciplined Equity C (acc) - USD 167,417.656 96,430.325 126,320.466 137,527.515 JPM US Disciplined Equity D (acc) - USD 135,652.241 46,603.225 89,256.497 92,998.969

JPMorgan Investment Funds - US Dollar Enhanced Yield Fund JPM US Dollar Enhanced Yield A (acc) - USD 2,502,966.702 1,909,816.707 4,236,649.068 176,134.341 JPM US Dollar Enhanced Yield B (acc) - USD 621,260.654 183,989.946 799,966.882 5,283.718 JPM US Dollar Enhanced Yield C (acc) - USD 12,832,824.765 2,154,234.306 14,967,335.289 19,723.782 JPM US Dollar Enhanced Yield D (acc) - USD 95,192.523 98,543.060 90,029.222 103,706.361 JPM US Dollar Enhanced Yield I (acc) - USD 1,000.000 13,894,713.503 10,975,774.348 2,919,939.155 JPM US Dollar Enhanced Yield X (acc) - USD 5,681,843.580 3,556,983.983 8,956,186.632 282,640.931

(5) This Sub-Fund was launched on 3 April 2007. (6) This Sub-Fund was launched on 30 November 2007.

199 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

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

10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2007 (continued) JPMorgan Investment Funds - US Dynamic Small Cap Fund JPM US Dynamic Small Cap A (acc) - USD 392,121.761 125,100.777 339,248.905 177,973.633 JPM US Dynamic Small Cap A (dist) - USD 50.000 16.294 - 66.294 JPM US Dynamic Small Cap D (acc) - USD 10,706.410 23,799.832 16,359.974 18,146.268 JPM US Dynamic Small Cap X (acc) - USD 85,497.640 175,290.000 256,807.640 3,980.000

JPMorgan Investment Funds - US Equity Fund JPM US Equity A (acc) - USD 9,000.000 31,402.691 11,206.344 29,196.347 JPM US Equity A (acc) - EUR (hedged) 14,943.524 230,198.130 68,787.123 176,354.531 JPM US Equity C (acc) - USD - 69,310.149 15,966.419 53,343.730 JPM US Equity D (acc) - USD 1,000.000 2,529.401 1,294.817 2,234.584 JPM US Equity D (acc) - EUR (hedged) 14,943.524 87,803.418 46,443.214 56,303.728 JPM US Equity X (acc) - USD - 22,514.000 1,948.000 20,566.000

JPMorgan Investment Funds - US Market Neutral Fund (7) JPM US Market Neutral A (acc) - USD - 34,156.442 - 34,156.442 JPM US Market Neutral A (acc) - EUR (hedged) - 97,472.430 14,015.156 83,457.274 JPM US Market Neutral A (dist) - USD - 33,330.000 - 33,330.000 JPM US Market Neutral A (dist) - GBP - 33,319.437 - 33,319.437 JPM US Market Neutral C (acc) - EUR (hedged) - 68,296.681 68,296.681 - JPM US Market Neutral D (acc) - USD - 34,500.499 - 34,500.499 JPM US Market Neutral D (acc) - EUR (hedged) - 34,462.644 172.339 34,290.305 JPM US Market Neutral X (acc) - USD - 57,300.000 - 57,300.000

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - USD 853,016.590 1,297,392.862 1,183,568.577 966,840.875 JPM US Select Equity A (acc) - EUR (hedged) - 526,852.792 148,995.095 377,857.697 JPM US Select Equity A (dist) - USD 110,200.000 479,991.000 9,600.000 580,591.000 JPM US Select Equity B (acc) - USD 33,335.000 8,206.375 275.000 41,266.375 JPM US Select Equity C (acc) - USD 359,342.951 216,458.980 329,443.588 246,358.343 JPM US Select Equity D (acc) - USD 10,313.388 16,854.482 11,051.998 16,115.872 JPM US Select Equity D (acc) - EUR (hedged) - 10,136.143 3,514.211 6,621.932 JPM US Select Equity I (acc) - USD - 850,977.493 89,000.000 761,977.493 JPM US Select Equity X (acc) - USD 93,719.443 337,319.000 465.000 430,573.443

(7) This Sub-Fund was launched on 14 June 2007.

200 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

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

11. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2006 (continued) JPMorgan Investment Funds - Asset-Backed Fund (EUR) (1) JPM Asset-Backed (EUR) A (acc) - EUR - 39,142.010 248.164 38,893.846 JPM Asset-Backed (EUR) D (acc) - EUR - 39,142.010 - 39,142.010 JPM Asset-Backed (EUR) X (acc) - EUR - 250.000 - 250.000

JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green 3,449.615 - - 3,449.615

JPMorgan Investment Funds - Euro Liquid Market Fund (2) JPM Euro Liquid Market A (acc) - EUR 162,912.458 203,645.496 218,029.631 148,528.323 JPM Euro Liquid Market X (acc) - EUR 136,411.228 - - 136,411.228

JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR 6,171,541.286 4,465,784.514 5,277,241.292 5,360,084.508 JPM Europe Bond A (inc) - EUR 93,097.000 205,981.082 21,676.911 277,401.171 JPM Europe Bond B (acc) - EUR 685,067.194 180,882.671 511,068.577 354,881.288 JPM Europe Bond C (acc) - EUR 2,687,832.397 1,095,389.163 2,420,801.205 1,362,420.355 JPM Europe Bond D (acc) - EUR 1,019,953.699 574,814.194 1,192,650.260 402,117.633 JPM Europe Bond X (acc) - EUR 1,834,121.934 330,313.552 661,205.193 1,503,230.293

JPMorgan Investment Funds - Europe Corporate Bond Fund JPM Europe Corporate Bond A (acc) - EUR 125,287.866 61,211.013 89,288.620 97,210.259 JPM Europe Corporate Bond C (acc) - EUR 32,997.044 2,642.929 10,000.000 25,639.973 JPM Europe Corporate Bond D (acc) - EUR 12,475.336 18,404.940 16,309.729 14,570.547 JPM Europe Corporate Bond X (acc) - EUR 19,850.310 - 16,988.976 2,861.334

JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 1,092,064.893 2,658,233.341 706,606.269 3,043,691.965 JPM Europe Recovery A (dist) - EUR - 830,702.284 24,653.943 806,048.341 JPM Europe Recovery B (acc) - EUR 815.001 21,674.511 - 22,489.512 JPM Europe Recovery C (acc) - EUR 31,333.725 57,509.560 13,352.000 75,491.285 JPM Europe Recovery D (acc) - EUR 31,476.199 185,278.020 94,794.573 121,959.646 JPM Europe Recovery X (acc) - EUR 24,416.705 49,783.354 16,533.067 57,666.992

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 7,753.585 45,156.121 9,729.011 43,180.695 JPM Europe Select Equity A (dist) - EUR - 1,492.063 - 1,492.063 JPM Europe Select Equity X (acc) - EUR 37,595.245 61,874.431 15,192.125 84,277.551

JPMorgan Investment Funds - Europe Select Large Cap Fund JPM Europe Select Large Cap A (acc) - EUR 217,644.801 126,401.516 137,852.255 206,194.062 JPM Europe Select Large Cap A (dist) - EUR - 38.718 - 38.718 JPM Europe Select Large Cap B (acc) - EUR 11,489.108 6,439.843 653.017 17,275.934 JPM Europe Select Large Cap C (acc) - EUR 6,819.782 - 280.000 6,539.782 JPM Europe Select Large Cap D (acc) - EUR 47,287.250 76,750.070 53,939.815 70,097.505 JPM Europe Select Large Cap X (acc) - EUR 73,649.153 - 27,169.845 46,479.308

JPMorgan Investment Funds - Europe Short Duration Fund JPM Europe Short Duration A (acc) - EUR 1,592,039.633 1,205,310.268 2,010,405.895 786,944.006 JPM Europe Short Duration B (acc) - EUR 434,927.702 67,582.937 429,174.566 73,336.073 JPM Europe Short Duration C (acc) - EUR 259,491.064 362,116.168 531,535.810 90,071.422 JPM Europe Short Duration D (acc) - EUR 67,257.635 154,771.559 138,833.140 83,196.054 JPM Europe Short Duration X (acc) - EUR 490,393.854 467,832.965 414,485.886 543,740.933

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 461,757.639 370,384.880 65,829.064 766,313.455 JPM Europe Strategic Dividend A (dist) - EUR - 38.718 - 38.718 JPM Europe Strategic Dividend D (acc) - EUR 7,729.400 105,468.552 18,727.663 94,470.289

JPMorgan Investment Funds - Global 50 Equity Fund JPM Global 50 Equity A (acc) - USD 243,072.736 302,489.638 195,567.905 349,994.469 JPM Global 50 Equity A (dist) - USD - 512.577 - 512.577 JPM Global 50 Equity C (acc) - USD 3,954.385 5,177.000 2,837.272 6,294.113 JPM Global 50 Equity D (acc) - USD 24,507.107 75,460.944 17,740.912 82,227.139 JPM Global 50 Equity X (acc) - USD 129,466.598 - 129,466.598 -

JPMorgan Investment Funds - Global Balanced Fund (EUR) (3) JPM Global Balanced (EUR) A (acc) - EUR 80,216.257 56,082.563 48,513.713 87,785.107 JPM Global Balanced (EUR) A (dist) - EUR - 38.718 - 38.718 JPM Global Balanced (EUR) B (acc) - EUR 40,870.171 476.280 15,684.513 25,661.938 JPM Global Balanced (EUR) C (acc) - EUR 68,135.760 12,948.091 8,197.258 72,886.593 JPM Global Balanced (EUR) D (acc) - EUR 60,811.313 183,584.494 63,646.997 180,748.810

(1) This Sub-Fund was launched on 20 November 2006. (2) This Sub-Fund changed its name from Euro Fondo de Dinero on 29 August 2006. (3) This Sub-Fund changed its name from EUR Global Balanced Fund on 2 October 2006.

201 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

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

11. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2006 (continued) JPMorgan Investment Funds - Global Balanced Fund (USD) (4) JPM Global Balanced (USD) A (acc) - USD 1,441,280.582 238,433.137 362,153.924 1,317,559.795 JF Global Balanced (USD) A (acc) - USD 11,040.095 4,295.910 3,729.915 11,606.090 JPM Global Balanced (USD) A (dist) - USD - 50.000 - 50.000 JPM Global Balanced (USD) B (acc) - USD 573,601.974 42,075.435 27,556.405 588,121.004 JPM Global Balanced (USD) C (acc) - USD 786,552.733 5,588.990 634,964.216 157,177.507 JPM Global Balanced (USD) D (acc) - USD 26,132.909 45,460.182 11,095.913 60,497.178 JPM Global Balanced (USD) X (acc) - USD 1,751,332.196 260,206.355 428,610.261 1,582,928.290 JPM Global Balanced (USD) X (inc) - USD (5) 194,231.456 - 194,231.456 -

JPMorgan Investment Funds - Global Bond Fund (EUR) (6) JPM Global Bond (EUR) A (acc) - EUR 3,798,459.253 4,792,947.939 4,179,963.574 4,411,443.618 JPM Global Bond (EUR) A (inc) - EUR - 55,306.718 1,550.000 53,756.718 JPM Global Bond (EUR) B (acc) - EUR 567,428.116 424,187.939 346,360.855 645,255.200 JPM Global Bond (EUR) C (acc) - EUR 354,191.024 850,065.814 271,830.618 932,426.220 JPM Global Bond (EUR) D (acc) - EUR 215,385.237 397,872.329 269,985.522 343,272.044 JPM Global Bond (EUR) X (acc) - EUR 279,112.678 418,069.884 208,159.522 489,023.040

JPMorgan Investment Funds - Global Bond Fund (USD) (7) JPM Global Bond (USD) A (acc) - USD 2,559,519.377 1,059,373.110 1,422,039.812 2,196,852.675 JF Global Bond (USD) A (acc) - USD 3,641.901 358,681.521 182,266.919 180,056.503 JPM Global Bond (USD) B (acc) - USD 165,052.397 590,595.051 207,907.914 547,739.534 JPM Global Bond (USD) C (acc) - USD 330,844.079 143,156.726 204,842.893 269,157.912 JPM Global Bond (USD) D (acc) - USD 61,618.642 61,559.780 35,869.438 87,308.984 JPM Global Bond (USD) X (acc) - USD 2,455,932.681 431,189.888 1,634,464.547 1,252,658.022

JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR 549,572.326 567,404.392 730,896.222 386,080.496 JPM Global Capital Appreciation A (dist) - EUR - 38.945 - 38.945 JPM Global Capital Appreciation A (inc) - EUR - 38.945 - 38.945 JPM Global Capital Appreciation B (acc) - EUR 24,207.099 - 23,772.649 434.450 JPM Global Capital Appreciation C (acc) - EUR 9,826.458 41,039.090 35,626.289 15,239.259 JPM Global Capital Appreciation D (acc) - EUR 177,409.518 839,330.091 335,120.737 681,618.872 JPM Global Capital Appreciation X (acc) - EUR - 808,394.138 424.130 807,970.008

JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) (8) JPM Global Capital Preservation (EUR) A (acc) - EUR 914,128.538 1,354,259.663 1,086,477.401 1,181,910.800 JPM Global Capital Preservation (EUR) A (acc) - USD - 6,279.559 530.937 5,748.622 JPM Global Capital Preservation (EUR) A (dist) - EUR - 126,983.523 16,435.001 110,548.522 JPM Global Capital Preservation (EUR) A (inc) - EUR - 4,369.740 602.001 3,767.739 JPM Global Capital Preservation (EUR) B (acc) - EUR 73,582.194 30,135.422 69,708.303 34,009.313 JPM Global Capital Preservation (EUR) C (acc) - EUR 431,450.337 465,705.522 669,009.370 228,146.489 JPM Global Capital Preservation (EUR) D (acc) - EUR 4,414,937.094 7,818,136.179 4,286,528.342 7,946,544.931 JPM Global Capital Preservation (EUR) I (inc) - EUR - 75,012.519 - 75,012.519 JPM Global Capital Preservation (EUR) X (acc) - EUR 441,957.530 107,190.930 428,294.138 120,854.322

JPMorgan Investment Funds - Global Capital Preservation Fund (USD) JPM Global Capital Preservation (USD) A (acc) - USD 82,840.820 495,797.805 306,341.784 272,296.841 JPM Global Capital Preservation (USD) B (acc) - USD - 100,090.283 49,920.129 50,170.154 JPM Global Capital Preservation (USD) C (acc) - USD - 322,547.834 152,722.666 169,825.168 JPM Global Capital Preservation (USD) D (acc) - USD 785.000 230,316.016 86,752.169 144,348.847 JPM Global Capital Preservation (USD) X (acc) - USD - 27,463.299 18,142.496 9,320.803

JPMorgan Investment Funds - Global Convertibles Fund (USD) (9) JPM Global Convertibles (USD) A (acc) - USD 209,568.396 592,137.940 366,210.293 435,496.043 JPM Global Convertibles (USD) C (acc) - USD 106,103.089 - 106,103.089 - JPM Global Convertibles (USD) D (acc) - USD 5,275.974 89,997.290 29,248.181 66,025.083 JPM Global Convertibles (USD) X (acc) - USD 3,681.490 28,825.001 5,993.491 26,513.000

JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 1,449,578.140 594,547.876 792,167.823 1,251,958.193 JPM Global Enhanced Bond A (inc) - EUR - 38.718 - 38.718 JPM Global Enhanced Bond B (acc) - EUR 70,970.442 654.597 18,223.080 53,401.959 JPM Global Enhanced Bond C (acc) - EUR 305,534.518 151,709.638 141,697.529 315,546.627 JPM Global Enhanced Bond D (acc) - EUR 207,868.735 183,151.311 131,753.280 259,266.766 JPM Global Enhanced Bond X (acc) - EUR 91,287.799 5,181.429 23,471.701 72,997.527 JPM Global Enhanced Bond X (inc) - EUR 300,000.000 - - 300,000.000

JPMorgan Investment Funds - Global ex-US Bond Fund JPM Global ex-US Bond A (acc) - USD 307,842.859 125,126.444 193,185.403 239,783.900 JPM Global ex-US Bond B (acc) - USD 14,273.374 55,618.758 38,726.252 31,165.880 JPM Global ex-US Bond C (acc) - USD 17,685.774 26,555.925 44,241.699 - JPM Global ex-US Bond D (acc) - USD 3,924.789 8,057.179 6,691.702 5,290.266 JPM Global ex-US Bond X (acc) - USD 755,508.816 328,787.277 339,622.528 744,673.565

(4) This Sub-Fund changed its name from USD Global Balanced Fund on 2 October 2006. (5) This Share Class changed its name from JPM Global Balanced (USD) X (dist) - USD on 1 June 2006. (6) This Sub-Fund changed its name from EUR Global Bond Fund on 29 August 2006. (7) This Sub-Fund changed its name from USD Global Bond Fund on 29 August 2006. (8) This Sub-Fund changed its name from Global Capital Preservation Fund on 29 August 2006. (9) This Sub-Fund changed its name from Global Convertible Bond Fund (USD) on 29 August 2006.

202 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

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

11. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2006 (continued) JPMorgan Investment Funds - Global ex-US Select Small Cap Fund JPM Global ex-US Select Small Cap A (acc) - EUR 246,381.625 171,646.931 246,219.619 171,808.937 JPM Global ex-US Select Small Cap A (dist) - EUR - 38.718 - 38.718 JPM Global ex-US Select Small Cap B (acc) - EUR 5,365.424 1,871.411 6,449.381 787.454 JPM Global ex-US Select Small Cap C (acc) - EUR 20,798.868 8,592.041 10,573.000 18,817.909 JPM Global ex-US Select Small Cap D (acc) - EUR 4,724.652 48,637.439 28,436.859 24,925.232

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 972,010.727 1,382,005.530 1,081,560.496 1,272,455.761 JPM Global Financials A (acc) - EUR - 1,890.401 294.000 1,596.401 JPM Global Financials A (dist) - USD - 169,705.064 169,655.064 50.000 JPM Global Financials C (acc) - USD 32,037.824 22,730.000 35,499.120 19,268.704 JPM Global Financials D (acc) - USD 44,596.018 131,089.848 107,637.614 68,048.252 JPM Global Financials X (acc) - USD 14,251.394 8,521.992 3,699.940 19,073.446

JPMorgan Investment Funds - Global Healthtech Fund JPM Global Healthtech A (acc) - USD 529,347.904 800,782.646 930,147.988 399,982.562 JPM Global Healthtech A (dist) - USD - 50.000 - 50.000 JPM Global Healthtech B (acc) - USD - 55,987.267 32,083.146 23,904.121 JPM Global Healthtech C (acc) - USD 7,954.141 46,598.514 54,228.761 323.894 JPM Global Healthtech D (acc) - USD 173,568.728 112,893.377 219,830.160 66,631.945 JPM Global Healthtech X (acc) - USD 37,263.642 - 37,263.642 -

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - EUR 745,904.687 1,312,858.601 850,711.618 1,208,051.670 JPM Global High Yield Bond A (inc) - EUR - 2,993.718 1.000 2,992.718 JPM Global High Yield Bond B (acc) - EUR 2,394.762 6,604.784 6,604.784 2,394.762 JPM Global High Yield Bond C (acc) - EUR 629,370.964 764,123.454 603,136.385 790,358.033 JPM Global High Yield Bond D (acc) - EUR 114,784.746 162,246.465 80,326.108 196,705.103 JPM Global High Yield Bond X (acc) - EUR 92,567.052 23,000.001 115,567.053 -

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 192,232.473 231,773.819 167,228.316 256,777.976 JPM Global Select Equity A (dist) - USD - 754.609 452.202 302.407 JPM Global Select Equity B (acc) - USD 5,413.808 45,588.574 14,297.474 36,704.908 JPM Global Select Equity C (acc) - USD 12,585.561 121,674.264 47,099.501 87,160.324 JPM Global Select Equity D (acc) - USD 7,359.300 105,466.847 6,217.891 106,608.256 JPM Global Select Equity X (acc) - USD 791,975.361 52,801.396 261,929.423 582,847.334

JPMorgan Investment Funds - Global Short Duration Fund JPM Global Short Duration A (acc) - USD 687,016.001 273,105.336 558,644.220 401,477.117 JPM Global Short Duration B (acc) - USD 108,053.984 242,328.991 163,518.764 186,864.211 JPM Global Short Duration C (acc) - USD 399,736.842 90,576.918 343,455.595 146,858.165 JPM Global Short Duration D (acc) - USD 23,594.658 22,601.574 18,920.222 27,276.010 JPM Global Short Duration X (acc) - USD 1,465,050.863 64,619.340 720,466.346 809,203.857

JPMorgan Investment Funds - Global Teletech Fund JPM Global Teletech A (acc) - USD 325,504.728 178,197.812 231,957.905 271,744.635 JPM Global Teletech A (dist) - USD - 43,566.438 43,516.438 50.000 JPM Global Teletech B (acc) - USD 18,096.154 - - 18,096.154 JPM Global Teletech D (acc) - USD 22,155.999 39,385.117 32,185.744 29,355.372 JPM Global Teletech X (acc) - USD 134,191.043 - - 134,191.043

JPMorgan Investment Funds - Global Total Return Fund (EUR) JPM Global Total Return (EUR) A (acc) - EUR 1,855,866.985 8,205,799.346 6,418,633.946 3,643,032.385 JPM Global Total Return (EUR) A (dist) - EUR - 12,104.510 1,283.386 10,821.124 JPM Global Total Return (EUR) A (inc) - EUR - 88.945 - 88.945 JPM Global Total Return (EUR) B (acc) - EUR 26,482.360 42,338.035 41,812.166 27,008.229 JPM Global Total Return (EUR) C (acc) - EUR 983,384.311 2,683,306.136 1,305,009.643 2,361,680.804 JPM Global Total Return (EUR) D (acc) - EUR 1,047,498.228 4,961,391.154 2,093,674.811 3,915,214.571 JPM Global Total Return (EUR) I (acc) - EUR - 60,000.000 30,000.000 30,000.000 JPM Global Total Return (EUR) X (acc) - EUR 1,179.142 1,805.001 2,984.143 -

JPMorgan Investment Funds - Global Total Return Fund (USD) JPM Global Total Return (USD) A (acc) - USD 55,840.747 161,791.853 138,715.971 78,916.629 JPM Global Total Return (USD) A (dist) - USD - 60.005 1.779 58.226 JPM Global Total Return (USD) B (acc) - USD - 77,262.260 - 77,262.259 JPM Global Total Return (USD) D (acc) - USD 555.416 74,672.523 42,939.830 32,288.109

JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund (10) JPM Highbridge Statistical Market Neutral A (acc) - EUR - 771,603.216 4,179.182 767,424.034 JPM Highbridge Statistical Market Neutral A (acc) - USD - 33,584.272 15,749.255 17,835.017 JPM Highbridge Statistical Market Neutral D (acc) - EUR - 62,695.925 - 62,695.925 JPM Highbridge Statistical Market Neutral D (acc) - USD - 15,731.928 - 15,731.928 JPM Highbridge Statistical Market Neutral I (acc) - EUR - 363,878.731 - 363,878.731 JPM Highbridge Statistical Market Neutral X (acc) - EUR - 15,686.000 - 15,686.000

JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - JPY 110,334.872 856,112.373 219,748.936 746,698.309 JPM Japan 50 Equity A (dist) - JPY - 6,428.898 6,373.561 55.337 JPM Japan 50 Equity D (acc) - JPY - 1,264.061 - 1,264.061 JPM Japan 50 Equity I (acc) - JPY - 3,897,256.278 3,599.825 3,893,656.453 JPM Japan 50 Equity X (acc) - JPY 698,207.593 665,312.657 51,480.290 1,312,039.960 (10) This Sub-Fund was launched on 6 November 2006.

203 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

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

11. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2006 (continued) JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - JPY 6,540,252.070 8,888,432.434 5,674,290.659 9,754,393.845 JPM Japan Select Equity A (dist) - JPY - 13,368.457 - 13,368.457 JPM Japan Select Equity B (acc) - JPY 182,573.576 415,377.165 140,126.681 457,824.060 JPM Japan Select Equity C (acc) - JPY 1,878,600.576 2,627,192.711 1,785,108.626 2,720,684.661 JPM Japan Select Equity D (acc) - JPY 543,257.231 1,390,107.028 675,035.433 1,258,328.826 JPM Japan Select Equity I (acc) - JPY - 302,140.000 - 302,140.000 JPM Japan Select Equity X (acc) - JPY 883,468.588 3,278,776.046 816,340.587 3,345,904.047

JPMorgan Investment Funds - JF Asia Diversified Fund JF Asia Diversified A (acc) - USD 1,548,854.342 1,063,438.125 1,169,409.238 1,442,883.229 JF Asia Diversified A (dist) - USD - 21,050.202 13,172.483 7,877.719 JF Asia Diversified B (acc) - USD 55,970.735 212,760.664 75,548.779 193,182.620 JF Asia Diversified C (acc) - USD 497,357.901 615,645.616 657,493.185 455,510.332 JF Asia Diversified D (acc) - USD 65,683.117 214,503.453 112,932.049 167,254.521 JF Asia Diversified I (acc) - USD - 649,062.117 - 649,062.117 JF Asia Diversified X (acc) - USD 609,243.433 103,514.406 514,850.031 197,907.808

JPMorgan Investment Funds - Latin America Select Equity Fund (11) JPM Latin America Select Equity A (acc) - USD 86,417.022 55,537.986 141,955.008 - JPM Latin America Select Equity C (acc) - USD 6,527.905 3,424.814 9,952.719 - JPM Latin America Select Equity D (acc) - USD 20,098.205 17,615.972 37,714.177 -

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - USD 1,559,906.278 2,038,229.225 1,512,114.965 2,086,020.538 JPM US Bond A (inc) - USD - 886.000 344.000 542.000 JPM US Bond B (acc) - USD 456,157.734 116,642.960 109,941.151 462,859.543 JPM US Bond C (acc) - USD 636,937.548 1,672,121.731 390,131.341 1,918,927.938 JPM US Bond D (acc) - USD 239,850.113 370,618.710 154,441.047 456,027.776 JPM US Bond X (acc) - USD 2,905,114.894 1,924,463.732 545,754.256 4,283,824.370

JPMorgan Investment Funds - US Disciplined Equity Fund JPM US Disciplined Equity A (acc) - USD 362,980.010 893,950.514 427,251.196 829,679.328 JPM US Disciplined Equity A (dist) - USD - 50.000 - 50.000 JPM US Disciplined Equity A (inc) - USD 613,752.433 14,891.000 14,826.000 613,817.433 JPM US Disciplined Equity B (acc) - USD 4,610.189 - 2,200.189 2,410.000 JPM US Disciplined Equity C (acc) - USD 486,049.558 241,630.226 560,262.128 167,417.656 JPM US Disciplined Equity D (acc) - USD 31,901.085 130,371.198 26,620.042 135,652.241 JPM US Disciplined Equity X (acc) - USD 714,835.410 - 714,835.410 -

JPMorgan Investment Funds - US Dollar Enhanced Yield Fund JPM US Dollar Enhanced Yield A (acc) - USD 1,276,544.616 3,046,848.294 1,820,426.208 2,502,966.702 JPM US Dollar Enhanced Yield B (acc) - USD 247,748.893 968,044.079 594,532.318 621,260.654 JPM US Dollar Enhanced Yield C (acc) - USD 5,390,920.382 8,728,815.988 1,286,911.605 12,832,824.765 JPM US Dollar Enhanced Yield D (acc) - USD 100,150.748 84,169.982 89,128.207 95,192.523 JPM US Dollar Enhanced Yield I (acc) - USD - 1,000.000 - 1,000.000 JPM US Dollar Enhanced Yield X (acc) - USD 9,300,385.456 2,595,689.901 6,214,231.777 5,681,843.580

JPMorgan Investment Funds - US Dynamic Small Cap Fund (12) JPM US Dynamic Small Cap A (acc) - USD 23,421.368 507,881.486 139,181.093 392,121.761 JPM US Dynamic Small Cap A (dist) - USD - 61.970 11.970 50.000 JPM US Dynamic Small Cap D (acc) - USD 7,884.776 11,718.777 8,897.143 10,706.410 JPM US Dynamic Small Cap X (acc) - USD 85,497.640 - 85,497.640

JPMorgan Investment Funds - US Equity Fund (13) JPM US Equity A (acc) - USD - 9,000.000 - 9,000.000 JPM US Equity A (acc) - EUR (hedged) - 14,943.524 - 14,943.524 JPM US Equity D (acc) - USD - 1,000.000 - 1,000.000 JPM US Equity D (acc) - EUR (hedged) - 14,943.524 - 14,943.524

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - USD 237,566.164 896,373.990 280,923.564 853,016.590 JPM US Select Equity A (dist) - USD - 351,735.000 241,535.000 110,200.000 JPM US Select Equity B (acc) - USD 43,460.000 5,552.541 15,677.541 33,335.000 JPM US Select Equity C (acc) - USD 355,998.232 34,031.340 30,686.621 359,342.951 JPM US Select Equity D (acc) - USD 7,413.292 11,881.236 8,981.140 10,313.388 JPM US Select Equity X (acc) - USD 144,389.084 96,560.565 147,230.206 93,719.443

(11) This Sub-Fund merged into JPMorgan Funds - Latin America Equity Fund on 24 March 2006. (12) This Sub-Fund changed its name from US Small Cap Core Fund on 1 June 2006. (13) This Sub-Fund was launched on 27 December 2006.

204 Language Disclaimer Semi-Annual GB

For further information concerning JPMorgan Investment Funds, please contact the Global Distributor:

JPMorgan Asset Management (Europe) S.à r.l. Postal Address: L-2888 Luxembourg Tel No: (352) 34 101 Fax No: (352) 3410 8000 E-mail: [email protected]

Internet: www.jpmorganassetmanagement.com

GB H62 04/11