jpmorgan funds - asset management · jpmorgan asset management advisory company s.à r.l. european...

JPMorgan FundsUnaudited Semi-Annual Report31 December 2010

(TW

ver

)

TW

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

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

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

TW

JPMorgan FundsUnaudited Semi-Annual Report

As at 31 December 2010

Contents

Board of Directors 1

Management and Administration 2

Unaudited Financial Statements and Statistical Information

Combined Statement of Net Assets 5

Combined Statement of Operations and Changes in Net Assets 10

Statement of Changes in the Number of Shares 15

Statistical Information 20

Notes to the Unaudited Financial Statements 26

Schedules of Investment

JPMorgan Funds - America Equity Fund 32

JPMorgan Funds - Brazil Alpha Plus Fund 35

JPMorgan Funds - Eastern Europe Equity Fund 36

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 38

JPMorgan Funds - Emerging Markets Debt Fund 40

JPMorgan Funds - Emerging Markets Equity Fund 45

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 47

JPMorgan Funds - Emerging Markets Small Cap Fund 50

JPMorgan Funds - Emerging Middle East Equity Fund 53

JPMorgan Funds - Euro Money Market Fund 54

JPMorgan Funds - Euroland Equity Fund 56

JPMorgan Funds - Europe Dynamic Fund 59

JPMorgan Funds - Europe Dynamic Mega Cap Fund 62

JPMorgan Funds - Europe Equity Fund 63

JPMorgan Funds - Europe Focus Fund 67

JPMorgan Funds - Europe Small Cap Fund 70

JPMorgan Funds - Europe Strategic Growth Fund 73

JPMorgan Funds - Europe Strategic Value Fund 78

JPMorgan Funds - Europe Technology Fund 81

JPMorgan Funds - Global Convertibles Fund (EUR) 83

JPMorgan Funds - Global Corporate Bond Fund 87

JPMorgan Funds - Global Equity Fund (USD) 91

JPMorgan Funds - Global Focus Fund 94

JPMorgan Funds - Global Natural Resources Fund 98

JPMorgan Funds - JF China Fund 101

JPMorgan Funds - JF Greater China Fund 102

JPMorgan Funds - JF Pacific Balanced Fund 103

JPMorgan Funds - Latin America Equity Fund 107

JPMorgan Funds - Russia Fund 109

JPMorgan Funds - US Aggregate Bond Fund 110

JPMorgan Funds - US Dynamic Fund 125

JPMorgan Funds - US Small and Micro Cap Fund 127

JPMorgan Funds - US Strategic Growth Fund 129

JPMorgan Funds - US Technology Fund 131

JPMorgan Funds - US Value Fund 132

Appendix: Unaudited Additional Disclosures

Fund Total Expense Ratios 135

Summary of Investment Objectives of the Sub-Funds 141

Performance and Volatility 143

Interest Rate Received/(Charged) on Bank Accounts 149

Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 149

Portfolio Turnover Rate 149

Historical Statements of Changes in the Number of Shares 150

JPMorgan FundsBoard of Directors


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

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

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

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

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

Deputy ChairmanPierre JaansEconomist3, rue de KahlerL-8356 GarnichGrand Duchy of Luxembourg

Andrea L. HazenManaging DirectorFJPMorgan Asset Management (UK) Limited20 Finsbury StreetLondon EC2Y 9AQUnited Kingdom

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

1

JPMorgan FundsManagement and Administration


Management Company, Registrar and Transfer Agent,Global Distributor and Domiciliary AgentJPMorgan Asset Management (Europe) S.à r.l.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Advisory Company (liquidated on 21 October 2010)JPMorgan Asset Management Advisory Company S.à r.l.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

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

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

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

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

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

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

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

Custodian, Corporate, Administrative Agent & Paying AgentJ.P. Morgan Bank Luxembourg S.A.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

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

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

2

This page has been left blank intentionally

3

This page has been left blank intentionally

4

JPMorgan FundsCombined Statement of Net Assets


JPMorgan FundsCombined

USD

AmericaEquity

FundUSD

BrazilAlpha Plus

FundUSD

Eastern EuropeEquity

FundEUR

AssetsInvestments in Securities at Market Value 57,861,850,313 430,070,184 567,388,307 1,201,048,747Acquisition Cost: 46,741,703,913 376,422,366 492,753,744 977,165,906Investment in TBAs at Market Value (1) 26,715,449 - - -Cash at Bank 1,149,347,737 5,855,300 14,018,231 34,086,760Time Deposits and Cash Equivalents 94,744,964 - - -Amounts Receivable on Sale of Investments 127,311,346 229,859 - 375,022Amount Receivable on Sale of TBAs (1) 19,055,426 - - -Amounts Receivable on Subscriptions 304,241,141 3,977,422 8,567,584 2,504,739Interest and Dividends Receivable, Net 121,942,507 290,148 1,133,990 569,307Tax Reclaims Receivable 1,986,655 19,038 - -Fee Waiver (2) 1,626,543 1,165 53,597 -Other Receivables 351,603 40 1,488 -Unrealised Net Gain on Forward Foreign Exchange Contracts 49,662,693 183,148 - -Unrealised Net Gain on Financial Futures Contracts 5,437,227 - - -Derivatives Instruments at Market Value 42,837,200 - - -Total Assets 59,807,110,804 440,626,304 591,163,197 1,238,584,575

LiabilitiesBank Overdraft 59,335,893 - - -Open Short Positions on TBAs (2) 9,904,267 - - -Amounts Payable on Purchase of Investments 180,787,229 167,608 260,656 577,948Amount Payable on Purchase of TBAs (1) 35,901,530 - - -Amounts Payable on Redemptions 149,399,883 221,782 1,955,638 1,684,989Management and Advisory Fees Payable 63,993,907 513,317 697,410 1,573,505Performance Fees 921,580 - - -Other Payables 19,331,130 103,958 188,064 336,096Unrealised Net Loss on Forward Foreign Exchange Contracts 27,957,158 - - -Unrealised Net Loss on Financial Futures Contracts 898,352 - - -Derivatives Instruments at Market Value 1,769,600 - - -Total Liabilities 550,200,529 1,006,665 3,101,768 4,172,538

Total Net Assets 59,256,910,275 439,619,639 588,061,429 1,234,412,037Historical Total Net Assets30 June 2010 44,088,150,386 373,415,446 288,795,857 941,639,60530 June 2009 34,590,007,431 337,907,417 57,567,211 517,438,76430 June 2008 57,591,091,920 549,614,355 54,611,582 1,583,655,70530 June 2007 89,568,991,703 753,695,199 - 1,411,797,49330 June 2006 63,483,121,497 827,863,368 - 1,303,458,118

(1) Please refer to Note 2l).

(2) Please refer to Note 7a).

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

5

JPMorgan FundsCombined Statement of Net Assets (continued)


Emerging Europe,Middle East and

Africa Equity FundUSD

Emerging MarketsDebt Fund

EUR

Emerging MarketsEquity Fund

USD

Emerging MarketsLocal Currency

Debt FundEUR

Emerging MarketsSmall Cap

FundUSD

Emerging MiddleEast Equity

FundUSD

Euro MoneyMarket

Fund (3)EUR

EurolandEquity

FundEUR

969,237,641 241,241,709 9,445,165,974 605,248,353 595,373,397 441,141,603 117,713,645 554,709,643783,034,990 238,021,625 6,488,584,600 592,397,464 516,250,427 363,243,131 117,713,645 510,577,155

- - - - - - - -- 5,721,809 52,836,383 54,171,683 2,896,940 - 111,420 172,602- - - - - - 11,700,000 -

142,289 - - - 626,450 1,439,562 - 97,383- - - - - - - -

2,882,991 732,808 14,472,116 1,385,007 3,408,992 2,451,176 1,079,728 402,191278,786 4,717,050 9,463,485 12,488,772 295,374 986 172,153 14,283

- - - - - - - 199,23440,651 26,243 - 47,202 5,467 114,514 9,505 -10,001 2,934 - 6,288 17,633 6,484 - -

- 6,169,336 - 507,781 22 - - -- - - - - - - -- 951 - 1,095,705 - - - -

972,592,359 258,612,840 9,521,937,958 674,950,791 602,624,275 445,154,325 130,786,451 555,595,336

358,079 - - - - 2,472 - -- - - - - - - -

762,691 - - - 2,234,693 - - 54,555- - - - - - - -

1,408,642 898,905 18,618,064 1,449,281 422,633 2,022,690 1,070,355 351,7331,107,657 245,435 8,787,234 353,468 706,795 572,256 57,106 728,721

- - - 20,112 - - - -363,867 105,667 1,805,020 203,765 259,047 261,490 44,306 97,041

- - - - - - - -- 113,957 - - - - - -- - - - - - - -

4,000,936 1,363,964 29,210,318 2,026,626 3,623,168 2,858,908 1,171,767 1,232,050

968,591,423 257,248,876 9,492,727,640 672,924,165 599,001,107 442,295,417 129,614,684 554,363,286

619,492,702 167,809,729 6,562,754,178 474,595,650 212,062,695 316,270,641 166,809,115 594,371,470412,101,960 143,731,454 4,671,128,410 86,488,839 23,557,296 308,246,494 343,070,452 413,671,939

1,093,563,689 204,005,222 6,604,690,449 5,351,918 7,233,814 709,594,180 461,380,473 1,424,908,906599,428,235 251,870,653 6,821,647,444 - - 341,530,509 99,718,976 4,685,250,845589,240,340 186,643,180 3,782,245,657 - - 265,944,060 10,021,587 3,202,176,183

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

6



Europe DynamicFund

EUR

Europe DynamicMega Cap

FundEUR

Europe EquityFund

EUR

Europe FocusFund

EUR

EuropeSmall Cap

FundEUR

Europe StrategicGrowth

FundEUR

Europe StrategicValue Fund

EUR

EuropeTechnology

FundEUR

282,270,706 78,779,540 460,127,097 15,478,673 295,303,740 435,287,780 1,325,228,235 118,876,015258,556,789 75,328,096 417,807,414 13,436,845 224,689,718 332,424,333 1,204,190,992 100,924,641

- - - - - - - -578,063 43,443 625,229 292,472 762,441 9,286,507 - 532,194

- - - - - - - -10,219 106,947 15,157 179,343 - 1,561,147 5,846,520 -

- - - - - - - -1,162,723 8,607 153,960 12,239 466,136 460,586 496,557 173,139503,996 97,918 859,309 6,782 273,152 202,465 1,828,364 51,268

97,507 77,096 126,923 10,504 72,355 13,573 448,942 6,877- 4,119 - - - - - 1,421- - 653 283 - - - 89- - - - - 3,483 - -- - - - - - - -- - - - - - - -

284,623,214 79,117,670 461,908,328 15,980,296 296,877,824 446,815,541 1,333,848,618 119,641,003

- - - - - - 2,023,611 -- - - - - - - -

842,753 - 159,050 - - - - -- - - - - - - -

225,991 172,393 502,471 157,722 403,797 224,436 1,659,925 146,607299,064 93,320 562,417 29,960 377,057 531,994 1,941,706 154,482

- - - 2,288 - - - -65,381 28,843 94,615 2,307 76,127 85,988 222,005 40,602

- - - - - - - -46,013 - 48,527 2,382 - 174,397 - -

- - - - - - - -

1,479,202 294,556 1,367,080 194,659 856,981 1,016,815 5,847,247 341,691

283,144,012 78,823,114 460,541,248 15,785,637 296,020,843 445,798,726 1,328,001,371 119,299,312

258,699,413 108,048,777 444,504,471 8,022,819 221,762,214 398,966,096 1,390,344,294 94,831,796260,364,388 314,110,906 529,429,713 5,484,434 227,604,156 471,164,520 1,479,917,716 70,223,758631,881,565 572,249,219 1,877,322,935 28,400,275 469,101,616 1,129,640,211 2,794,249,735 113,646,005

1,465,060,727 1,202,156,717 6,724,760,335 120,306,237 1,383,590,469 2,862,619,054 9,169,138,960 203,196,3351,376,855,052 249,542,128 6,201,107,870 11,481,518 1,315,922,955 2,173,253,875 6,726,029,589 192,588,759

7



GlobalConvertibles

Fund (EUR)EUR

Global CorporateBond Fund

USD

GlobalEquity

Fund (USD)USD

GlobalFocusFundEUR

Global NaturalResources

FundEUR

JF ChinaFund

USD

JF GreaterChinaFundUSD

JF PacificBalanced

FundUSD

2,232,027,022 463,736,360 286,462,158 1,444,193,011 3,433,371,819 3,802,738,048 893,091,532 124,235,1252,019,824,296 469,077,393 249,458,610 1,229,446,298 2,395,478,545 3,075,341,243 704,567,516 110,308,984

- - - - - - - -- 7,889,841 4,721,391 128,091,141 58,613,729 37,948,437 11,190,986 2,364,198- - - - - - - -- 421,424 - 13,457 2,281,768 13,398,309 - 346,956- - - - - - - -

9,647,851 1,579,309 965,467 8,712,418 91,627,835 5,907,653 8,926,159 85,94210,515,486 7,783,358 252,706 1,123,976 579,948 468 130 770,396

- - 18,870 57,102 - - - 16,110- 55,976 19,186 151 - - - 24,939

7,126 6,041 - 1,381 136,827 3,234 370 750- 3,997,160 168,941 15,541,731 - - - -- 1,566,260 - 339,220 - - - -- - - - - - - -

2,252,197,485 487,035,729 292,608,719 1,598,073,588 3,586,611,926 3,859,996,149 913,209,177 127,844,416

2,295,003 - - - - - - -- - - - - - - -- 194 - - 56,792,925 29,836,507 8,313,453 291,505- - - - - - - -

2,712,763 2,507,380 10,422 1,646,344 24,092,665 5,716,533 775,774 111,6372,159,236 325,008 168,440 1,980,652 4,311,719 5,057,533 1,174,977 165,756

- - - - - - - -419,808 135,957 77,624 495,079 1,354,754 3,555,459 303,383 66,431

15,979,800 - - - - - - 230,548- - - - - - - -- - - - - - - -

23,566,610 2,968,539 256,486 4,122,075 86,552,063 44,166,032 10,567,587 865,877

2,228,630,875 484,067,190 292,352,233 1,593,951,513 3,500,059,863 3,815,830,117 902,641,590 126,978,539

2,837,744,071 246,698,799 253,598,220 1,027,930,229 1,912,587,338 3,435,434,476 684,691,268 108,088,2031,939,507,561 21,216,813 233,869,436 331,436,544 1,018,336,433 3,277,872,788 568,509,936 132,125,2041,742,308,863 - 162,885,287 335,896,837 1,871,228,153 2,680,483,250 622,728,380 151,733,6011,697,301,712 - 270,564,769 551,822,932 1,778,456,610 3,221,787,004 684,910,511 182,226,858

1,149,704,455 - 251,794,930 107,907,690 943,442,736 1,156,132,290 476,255,116 207,569,440

8



Latin AmericaEquity

FundUSD

RussiaFund

USD

US AggregateBondFundUSD

US DynamicFund

USD

US Small andMicro Cap

FundUSD

US StrategicGrowth

FundUSD

US TechnologyFund

USD

US ValueFund

USD

1,811,625,312 2,863,185,765 1,186,926,417 509,063,029 132,067,871 38,020,557 111,088,726 784,904,8401,370,613,495 2,286,509,489 1,151,149,510 465,004,815 113,111,469 36,413,289 86,625,834 696,519,259

- - - - - - - -- - - 4,599,108 3,307,687 641,105 1,927,697 33,936,085- - - - - - - -- 68,405,344 336,357 11,299,608 250,073 - - -- - - - - - - -

8,903,727 6,022,446 2,956,066 403,750 2,571,025 547,527 538,621 3,259,7322,131,240 2,841,116 7,914,997 241,087 58,857 16,661 1,640 672,533

- 26,262 - 19,607 - 20,034 8,703 17,16226,547 221,641 136,306 - - 12,550 17,330 -

635 - - - - 277 463 1,894- - 1,213 - - 69,291 - 214,071- - - - - - - -- - - - - - - -

1,822,687,461 2,940,702,574 1,198,271,356 525,626,189 138,255,513 39,328,002 113,583,180 823,006,317

1,170,310 47,238,634 4,778,952 - - - - -- - - - - - - -- - 3,151 9,838,608 2,747,434 - - -- - - - - - - -

2,635,206 7,792,502 28,506,875 416,427 48,892 41,395 605,216 2,774,2942,039,211 2,936,650 737,839 706,153 146,413 43,813 144,158 679,969

- - - - - - - -453,909 954,347 324,584 93,537 37,229 24,266 53,822 150,626

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

6,298,636 58,922,133 34,351,401 11,054,725 2,979,968 109,474 803,196 3,604,889

1,816,388,825 2,881,780,441 1,163,919,955 514,571,464 135,275,545 39,218,528 112,779,984 819,401,428

1,290,637,333 2,035,560,908 959,323,512 694,398,270 75,427,767 93,548,217 34,742,734 634,397,311921,144,836 771,414,461 620,305,842 771,329,174 79,442,002 623,683,872 140,291,566 855,159,915

2,091,554,855 1,630,707,987 384,092,920 2,029,139,806 211,101,103 584,352,217 65,053,721 1,776,712,5101,748,314,623 299,387,847 254,010,752 7,549,424,048 408,669,979 183,686,288 89,973,113 1,193,279,302

767,332,573 117,766,371 252,454,960 4,920,977,009 - - - -

9

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets

For the Period from 1 July 2010 to 31 December 2010

JPMorgan FundsCombined

USD

AmericaEquity

FundUSD

BrazilAlpha Plus

FundUSD

Eastern EuropeEquity

FundEUR

Net Assets at the Beginning of the Period * 45,527,984,819 373,415,446 288,795,857 941,639,605

IncomeDividend Income, Net 304,942,891 2,772,620 3,666,457 6,545,635Interest Income, Net 158,260,617 32,681 8,302 22,669Securities Lending Income 4,678,174 1,273 - -Bank Interest 355,873 - - 2,629Interest on Swap Transactions 7,728,526 - - -

Total Income 475,966,081 2,806,574 3,674,759 6,570,933

ExpensesManagement and Advisory Fees 349,004,889 2,941,415 3,192,324 8,320,247Custodian, Corporate, Administration and Domiciliary Agency Fees 28,742,531 143,710 315,128 761,454Registrar and Transfer Agency Fees 19,577,310 167,823 190,964 413,912Taxe d’abonnement 12,286,766 104,238 108,864 264,935Overdraft Interest 270,558 - - 799Interest on Swap Transactions 5,542,645 - - -Sundry Fees** 23,033,652 95,453 3,764,438 342,475

Less: Fee Waiver (1) 7,565,592 17,719 36,202 51,944

Total Expenses before Performance Fees 430,892,759 3,434,920 7,535,516 10,051,878

Performance Fees 921,580 - - -

Total Expenses 431,814,339 3,434,920 7,535,516 10,051,878

Net Investment Income/(Loss) 44,151,742 (628,346) (3,860,757) (3,480,945)

Net Realised Gain/(Loss) on Sale of Investments 1,356,929,464 5,266,527 18,960,588 13,299,744Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 203,703,432 827,089 107,821 5,299Net Realised Gain/(Loss) on Financial Futures Contracts 14,754,464 - - -Net Realised Gain/(Loss) on Foreign Exchange (11,818,636) 81,679 (796,900) (549,200)Net Realised Gain/(Loss) on TBAs 31,580 - - -Net Realised Gain/(Loss) on Derivatives Instruments 78,992,151 - 925,270 -

Net Realised Gain/(Loss) for the Period 1,642,592,455 6,175,295 19,196,779 12,755,843

Net Change in Unrealised Gain/(Loss) on Investments 7,564,124,469 67,997,092 60,871,021 171,135,803Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 23,826,003 161,864 - -Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts 10,707,791 - - -Net Change in Unrealised Gain/(Loss) on Foreign Exchange 1,722,335 135 37,134 (138,294)Net Change in Unrealised Gain/(Loss) on TBAs (50,935) - - -Net Change in Unrealised Gain/(Loss) on Derivatives Instruments 92,114,892 - (188,177) -

Net Change in Unrealised Gain/(Loss) for the Period 7,692,444,555 68,159,091 60,719,978 170,997,509

Increase/(Decrease) in Net Assets as a Result of Operations 9,379,188,752 73,706,040 76,056,000 180,272,407

Movements in Share CapitalSubscriptions 21,687,466,950 45,707,019 415,059,071 360,648,725Redemptions (17,192,401,673) (53,208,866) (191,849,344) (248,148,700)Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 4,495,065,277 (7,501,847) 223,209,727 112,500,025

Dividend Distribution (145,328,573) - (155) -

Net Assets at the End of the Period 59,256,910,275 439,619,639 588,061,429 1,234,412,037

(1) Please refer to Note 7a).

* The opening balance was combined using the foreign exchange rates as at 31 December 2010. The same net assets when combined using the foreign exchange rate ruling as at 30 June 2010reflected a figure of USD 44,088,150,386.

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

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

10

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


Emerging Europe,Middle East and

Africa Equity FundUSD

Emerging MarketsDebt Fund

EUR

Emerging MarketsEquity Fund

USD

Emerging MarketsLocal Currency

Debt FundEUR

Emerging MarketsSmall Cap

FundUSD

Emerging MiddleEast Equity

FundUSD

Euro MoneyMarket

Fund (2)EUR

EurolandEquity

FundEUR

619,492,702 167,809,729 6,562,754,178 474,595,650 212,062,695 316,270,641 166,809,115 594,371,470

6,827,510 - 68,837,324 - 3,066,477 1,480,937 - 3,347,9862,263 8,421,198 63,574 17,912,041 5,639 2,191 492,563 612

- 25,478 - 5,213 - - 1,898 547,7157,872 6,085 19,251 40,685 2,562 3,877 - -

- - - - - - - -

6,837,645 8,452,761 68,920,149 17,957,939 3,074,678 1,487,005 494,461 3,896,313

5,964,866 1,446,485 45,581,282 1,828,420 3,065,192 3,178,077 374,276 4,393,674631,883 144,594 3,459,915 333,204 331,473 775,590 65,249 283,028323,617 145,407 2,340,671 192,871 225,165 230,195 140,678 208,953

203,506 65,830 1,681,680 106,363 129,220 108,495 7,063 136,262255 4,929 - 881 445 2,131 1,051 38,809

- 59,731 - - - - - -284,070 113,831 2,308,265 157,573 333,372 173,879 14,704 91,539

32,279 42,190 1,992 79,900 32,162 400,557 120,983 19,436

7,375,918 1,938,617 55,369,821 2,539,412 4,052,705 4,067,810 482,038 5,132,829

- - - 20,112 - - - -

7,375,918 1,938,617 55,369,821 2,559,524 4,052,705 4,067,810 482,038 5,132,829

(538,273) 6,514,144 13,550,328 15,398,415 (978,027) (2,580,805) 12,423 (1,236,516)

11,949,635 12,033,061 18,871,236 14,658,521 17,409,863 3,472,539 - 14,309,09861,998 12,388,974 1,073,112 4,840,177 252,047 (8,382) - (17,154)

- (356,553) - (130,520) - - - (2,366,572)(430,353) (4,700,487) 595,434 (2,238,423) 110,188 (132,268) - 29,295

- - - - - - - -- 88,597 - 732,430 - - - -

11,581,280 19,453,592 20,539,782 17,862,185 17,772,098 3,331,889 - 11,954,667

197,246,568 (17,621,140) 1,684,486,634 (16,188,382) 69,240,909 74,743,429 - 66,700,223- 7,062,858 - 658,210 22 - - -- 76,351 - 121,940 - - - 598,395

17,701 (133,522) 483,733 (432,665) 135,624 23,133 - (93)- - - - - - - -- (206,849) - (433,529) - - - -

197,264,269 (10,822,302) 1,684,970,367 (16,274,426) 69,376,555 74,766,562 - 67,298,525

208,307,276 15,145,434 1,719,060,477 16,986,174 86,170,626 75,517,646 12,423 78,016,676

307,168,859 297,661,180 2,547,602,267 509,470,678 534,196,661 290,740,245 80,638,712 77,425,123(165,546,879) (219,446,584) (1,322,793,249) (326,197,101) (233,425,485) (237,841,818) (117,845,566) (188,475,720)

141,621,980 78,214,596 1,224,809,018 183,273,577 300,771,176 52,898,427 (37,206,854) (111,050,597)

(830,535) (3,920,883) (13,896,033) (1,931,236) (3,390) (2,391,297) - (6,974,263)

968,591,423 257,248,876 9,492,727,640 672,924,165 599,001,107 442,295,417 129,614,684 554,363,286


11



Europe DynamicFund

EUR

Europe DynamicMega Cap

FundEUR

Europe EquityFund

EUR

Europe FocusFund

EUR

EuropeSmall Cap

FundEUR

Europe StrategicGrowth

FundEUR

Europe StrategicValue Fund

EUR

EuropeTechnology

FundEUR

258,699,413 108,048,777 444,504,471 8,022,819 221,762,214 398,966,096 1,390,344,294 94,831,796

1,740,898 620,077 3,550,698 93,779 1,218,017 1,537,180 14,192,546 341,045599 2,288 576 141 3,679 1,771 4,475 595

130,340 69,360 250,994 - 126,170 110,288 1,101,593 98,324- - - - - - - -- - - - - - - -

1,871,837 691,725 3,802,268 93,920 1,347,866 1,649,239 15,298,614 439,964

1,709,251 599,815 3,271,357 154,485 2,018,370 2,854,054 12,158,376 816,553177,508 105,365 233,833 84,599 145,353 214,598 365,929 101,52298,893 51,753 195,946 21,804 140,843 158,446 478,354 86,14564,093 18,555 110,168 3,928 67,352 105,049 340,937 27,273

4,309 1,260 22,659 - - 8,726 58,232 748- - - - - - - -

29,182 20,079 64,405 1,542 42,270 45,764 137,058 16,093

38,038 37,455 17,583 81,628 8,110 24,316 151 26,059

2,045,198 759,372 3,880,785 184,730 2,406,078 3,362,321 13,538,735 1,022,275

- - - 2,288 - - - -

2,045,198 759,372 3,880,785 187,018 2,406,078 3,362,321 13,538,735 1,022,275

(173,361) (67,647) (78,517) (93,098) (1,058,212) (1,713,082) 1,759,879 (582,311)

23,860,476 4,086,569 17,898,810 203,707 13,938,664 33,036,328 37,775 6,867,48111,320 1,119 583 - (13,152) 5,931 (26,682) 835

93,007 84,749 85,052 34,820 - 702,211 1,935,619 -(281,894) (98,702) (32,586) (11,240) 6,200 (199,801) (495,334) (37,416)

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

23,682,909 4,073,735 17,951,859 227,287 13,931,712 33,544,669 1,451,378 6,830,900

21,033,635 4,616,086 57,296,638 2,156,553 46,682,180 54,539,064 166,065,368 11,389,129- - - - - 3,483 - -

(46,013) - 376,141 2,949 - (174,397) 74,607 -152,705 42,975 (21,124) 2,032 (6,711) (17,265) (83,250) (7,364)

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

21,140,327 4,659,061 57,651,655 2,161,534 46,675,469 54,350,885 166,056,725 11,381,765

44,649,875 8,665,149 75,524,997 2,295,723 59,548,969 86,182,472 169,267,982 17,630,354

20,633,619 3,710,881 15,961,495 9,777,121 53,037,922 83,932,416 93,273,816 25,473,393(40,187,538) (41,276,417) (72,244,093) (4,309,822) (37,321,042) (123,280,262) (301,347,137) (18,601,510)

(19,553,919) (37,565,536) (56,282,598) 5,467,299 15,716,880 (39,347,846) (208,073,321) 6,871,883

(651,357) (325,276) (3,205,622) (204) (1,007,220) (1,996) (23,537,584) (34,721)

283,144,012 78,823,114 460,541,248 15,785,637 296,020,843 445,798,726 1,328,001,371 119,299,312

12



GlobalConvertibles

Fund (EUR)EUR

Global CorporateBond Fund

USD

GlobalEquity

Fund (USD)USD

GlobalFocusFundEUR

Global NaturalResources

FundEUR

JF ChinaFund

USD

JF GreaterChinaFundUSD

JF PacificBalanced

FundUSD

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

1,063,451 39 2,324,852 10,075,077 7,919,759 18,473,999 9,570,188 659,89529,368,304 9,167,374 515 1,448 124,337 11,527 1,369 1,490,999

- 9,521 80,311 325,096 - - - -32,401 3,299 - 86,241 5,425 6,525 388 551

- - - - - - - -

30,464,156 9,180,233 2,405,678 10,487,862 8,049,521 18,492,051 9,571,945 2,151,445

13,445,606 1,575,730 988,860 10,072,415 19,148,227 31,609,139 6,639,584 965,527494,058 166,890 139,596 372,763 462,958 1,076,360 411,184 107,978669,273 148,376 100,715 497,468 855,777 1,042,473 269,498 73,992502,928 98,975 57,913 350,923 674,210 915,621 207,141 31,423

21,431 - (2) 381 330 - - 643- - - - - - - -

737,460 140,672 81,628 345,231 646,156 1,620,439 225,830 68,930

30,195 201,578 54,356 19,650 340 3,643 3,220 39,668

15,840,561 1,929,065 1,314,354 11,619,531 21,787,318 36,260,389 7,750,017 1,208,825

- - - - - - - -

15,840,561 1,929,065 1,314,354 11,619,531 21,787,318 36,260,389 7,750,017 1,208,825

14,623,595 7,251,168 1,091,324 (1,131,669) (13,737,797) (17,768,338) 1,821,928 942,620

134,875,336 5,413,028 (1,611,482) 7,455,533 33,367,407 209,138,648 49,422,120 5,427,862135,992,785 7,672,436 3,097,949 (5,443,968) 1,944,992 (94,897) (15,236) (460,255)

- (1,642,605) - 9,182,592 - - - 14,7322,281,530 (942,225) 57,552 (1,093,785) (4,237,127) 854,216 107,871 118,434

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

273,149,651 10,500,634 1,544,019 10,100,372 31,075,272 209,897,967 49,514,755 5,100,773

(48,019,025) (2,925,898) 50,660,533 165,701,204 761,624,212 345,728,312 128,752,711 13,170,266(9,205,674) 3,124,580 327,885 7,769,102 - - - (372,226)

- 2,204,496 - 1,165,831 - - - 51,904(436,061) 104,964 (9,020) (197,965) 313,764 1,054,855 161,941 1,692

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

(57,660,760) 2,508,142 50,979,398 174,438,172 761,937,976 346,783,167 128,914,652 12,851,636

230,112,486 20,259,944 53,614,741 183,406,875 779,275,451 538,912,796 180,251,335 18,895,029

602,842,455 353,887,682 8,325,068 796,839,972 1,869,426,720 1,019,726,241 271,506,780 37,894,486(1,431,986,685) (131,257,141) (22,947,517) (413,633,212) (1,061,229,646) (1,178,243,396) (232,039,286) (35,910,566)

(829,144,230) 222,630,541 (14,622,449) 383,206,760 808,197,074 (158,517,155) 39,467,494 1,983,920

(10,081,452) (5,522,094) (238,279) (592,351) - - (1,768,507) (1,988,613)

2,228,630,875 484,067,190 292,352,233 1,593,951,513 3,500,059,863 3,815,830,117 902,641,590 126,978,539

13



Latin AmericaEquity

FundUSD

RussiaFundUSD

US AggregateBondFundUSD

US DynamicFund

USD

US Small andMicro Cap

FundUSD

US StrategicGrowth

FundUSD

US TechnologyFund

USD

US ValueFund

USD

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

11,946,976 12,011,931 - 4,378,188 968,208 350,900 121,569 6,504,2656,278 15,412 28,539,100 4,999 1,163 534 740 11,031

- - 20,868 38,275 63,951 908 11,236 108,5206,485 - - - - - - 334

- - - - - - - -

11,959,739 12,027,343 28,559,968 4,421,462 1,033,322 352,342 133,545 6,624,150

11,216,874 16,134,429 4,057,624 4,687,830 773,374 286,562 688,741 3,546,102725,267 2,131,517 226,038 161,534 66,809 93,842 79,606 178,163538,403 712,001 330,496 215,079 72,539 40,867 162,928 242,138368,356 422,377 260,211 133,488 27,188 10,245 24,539 164,673

146 1,292 1,333 - 136 141 - -- - - - - - - -

4,584,674 820,884 391,692 63,866 14,461 8,761 18,130 128,208

17,780 481,925 246,351 - 13,229 78,428 112,049 25,048

17,415,940 19,740,575 5,021,043 5,261,797 941,278 361,990 861,895 4,234,236

- - - - - - - -

17,415,940 19,740,575 5,021,043 5,261,797 941,278 361,990 861,895 4,234,236

(5,456,201) (7,713,232) 23,538,925 (840,335) 92,044 (9,648) (728,350) 2,389,914

116,531,539 31,398,841 635,641 21,584,496 4,187,952 6,084,418 2,428,123 (1,239,618)(214) 745 (7,433) (1,299,198) - 732,403 (64,062) 667,445

- - - - - 72,471 - -(1,478,971) (19,763) - 782,206 - (39,763) 484,242 4,919

- - - - - - - -1,025,270 - - - - - - -

116,077,624 31,379,823 628,208 21,067,504 4,187,952 6,849,529 2,848,303 (567,254)

236,442,331 682,892,925 (6,843,901) 89,009,897 23,885,290 2,624,323 22,180,357 118,081,525- - 1,213 - - 41,361 - 202,790- - - - - 87,198 - -

76,826 78,580 - 483 - 122 1,721 (1,778)- - - - - - - -

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

235,773,927 682,971,505 (6,842,688) 89,010,380 23,885,290 2,753,004 22,182,078 118,282,537

346,395,350 706,638,096 17,324,445 109,237,549 28,165,286 9,592,885 24,302,031 120,105,197

569,564,193 1,071,038,539 864,397,279 35,664,053 54,144,623 22,101,183 83,418,150 310,003,149(387,673,761) (931,457,102) (659,862,605) (324,228,173) (92,950,619) (52,208,929) (47,515,498) (182,232,257)

181,890,432 139,581,437 204,534,674 (288,564,120) (38,805,996) (30,107,746) 35,902,652 127,770,892

(2,534,290) - (17,262,676) (500,235) (2,280) (175) (4,779) (167,784)

1,816,388,825 2,881,780,441 1,163,919,955 514,571,464 135,275,545 39,218,528 112,779,984 819,401,428

14

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


Shares Outstandingat the Beginning

of the Period

Shares Subscribed Shares Redeemed Shares Outstandingat the End

of the Period

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

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

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

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

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

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

15




of the Period


of the Period

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

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

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

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

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

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

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

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


16




of the Period


of the Period

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

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

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

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

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

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

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

17




of the Period


of the Period

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

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

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

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

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

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

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

18




of the Period


of the Period

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

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

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

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

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

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

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

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

19

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

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

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

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

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

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

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

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

20




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

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

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

JPMorgan Funds - Euro Money Market Fund (1)JPM Euro Money Market A (acc) - EUR 107.37 107.35 107.27 104.79 100.98 10.02JPM Euro Money Market D (acc) - EUR 108.60 108.60 108.57 106.15 102.39 -

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

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

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


21




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

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

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

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

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

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

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

22




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

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

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

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

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

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

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

23




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

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

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

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

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

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

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

24




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

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

25

1. OrganisationJPMorgan Funds (the “SICAV”) is an investment company incorporated on 14 April 1969 under the name Multi Trust Fund S.A.. The name of the SICAV waschanged to Fleming International Fund on 3 July 1984, to Fleming Flagship Fund on 19 October 1988, to Fleming Funds on 2 June 2000, to JPMorgan FlemingFunds on 19 November 2001 and then to JPMorgan Funds on 12 September 2005.It is organized under the Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment as amended, Part I, as a Société Anonymequalifying as a “Société d’Investissement à Capital Variable” (SICAV). As at 31 December 2010, it comprises 108 Sub-Funds, each relating to a separateinvestment portfolio consisting of securities, cash and other instruments.On 12 September 2005, JPMorgan Asset Management (Europe) S.à r.l. was appointed by the SICAV to act as Management Company. The Articles ofIncorporation were also modified so the SICAV complies with UCITS III regulations.The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg, under number B 8478.Each Sub-Fund may contain A, B, C, D, I, J and X Classes of Shares, which may differ in the minimum subscription amount, minimum holding amount, currencyand/or eligibility requirements, the fees and expenses, and the dividend policy applicable to them. In addition, each Sub-Fund may contain Classes of Sharesnamed either “JPM” or “JF”.Within each Sub-Fund, individual Classes of Shares may have a currency of denomination that differs from the currency of denomination of the Sub-Fund.The currency of denomination for each Class of Share is indicated by a suffix on the name of the Share Class.

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

a) Investment ValuationTransferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the latestavailable price prevailing at the time of calculating the net asset value.If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange ormarket will be applied.Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Thosesecurities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeablesales price determined with prudence and in good faith by the Board of Directors.Securities issued by any open-ended investment funds are valued at the latest available price or net asset value, as reported or provided by such funds ortheir agents.Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis.The Financial Statements are presented on the basis of the net asset value calculated on 31 December 2010. In accordance with the prospectus, the net assetvalues were calculated using the latest exchange rates known at the time of calculation.

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

c) Realised and Unrealised Gains and Losses on InvestmentsInvestment transactions are accounted for on the trade date (the date the order to buy or sell is executed).Realised gains and losses on sales of investments are calculated on the average book cost. The associated foreign exchange movement between the date ofpurchase and date of sale of investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings of investments arecalculated on the total book cost and include the associated unrealised gains and losses on foreign exchange.

d) Income RecognitionInterest income is accrued daily. Bank interest income is recognised on an accrual basis. Dividend income is accrued on the ex-dividend date. This income isshown net of any withholding taxes and adjusted accordingly when tax reclaims apply.

e) Conversion of Foreign CurrenciesThe books and records of each Sub-Fund are denominated in the base currency of the corresponding Sub-Fund. Amounts denominated in other currencies aretranslated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies areconverted each business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales of foreigninvestments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of such transactions.Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains and losses from the sale and holding of foreigncurrencies and foreign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions and forward foreign exchangecontracts; and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received.The resulting gains and losses on translation are included in Net Realised Gain/(Loss) on Foreign Exchange in the Combined Statement of Operations andChanges in Net Assets.The reference currency of the Combined Statements is USD. The principal exchange rates applied as at 31 December 2010 are as follows:1 USD = 0.74657511 EUR1 USD = 81.24000000 JPY1 USD = 0.64197214 GBP

26

JPMorgan FundsNotes to the Unaudited Financial Statements


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

g) Financial Futures Contracts on Securities and IndicesRegulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contractsand can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains andlosses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation marginpayments are made or received, depending upon whether losses or gains are incurred. When a contract is closed, the SICAV records a realised gain or lossequal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract.

h) Option ContractsOptions purchased are recorded as investments; options written or sold are recorded as liabilities. When the exercise of an option results in a cashsettlement, the difference between the premium and the settlement proceeds is accounted for as a realised gain or loss. When securities are acquired ordelivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, thedifference between the premium and the cost to close the position is accounted for as a realised gain or loss. When an option expires, the premium isaccounted for as a realised gain for options written or as a realised loss for options purchased.The SICAV writes options on securities, futures and currencies. These options are settled in cash and subject the SICAV to unlimited risk of loss. The SICAV,however, is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception ofthe contract. As of 31 December 2010, the SICAV had written options contracts outstanding as listed on its Schedule of Investments.

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

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

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

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

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

l) To Be Announced Securities (“TBA”)TBAs are related to mortgage backed securities issued by government sponsored agencies. These agencies usually pool mortgage loans and sell interests inthe pools created. TBAs relate to future pools of these agencies that are bought and sold for future settlement for which either the interest rate or thematurity date is not yet fixed. TBAs are separately disclosed in the Schedule of Investments.The Sub-Funds may enter into Dollar Rolls, principally using TBAs, in which the Sub-Funds sell mortgage-backed securities for delivery in the current monthand simultaneously contract to repurchase similar, but not identical, securities at an agreed-upon price on a fixed date. The Sub-Funds account for suchDollar Rolls as purchases and sales and receive compensation as consideration for entering into the commitment to repurchase. The Sub-Funds mustmaintain liquid securities having a value not less than the repurchase price (including accrued interest) for such Dollar Rolls. The market value of thesecurities that the Sub-Funds are required to purchase may decline below the agreed upon repurchase price of those securities.The Sub-Funds had TBA Dollar Rolls outstanding as of 31 December 2010, which are included in Amounts Receivable on Sale of TBAs and Amounts Payable onPurchase of TBAs in the Combined Statement of Net Assets.

3. Value of Financial Instruments and Associated RisksThe SICAV entered into forward foreign exchange contracts, financial futures contracts, options and swaps which, to varying degrees, represent a marketrisk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’sparticipation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates,indices, and security values underlying these instruments.

27

JPMorgan FundsNotes to the Unaudited Financial Statements (continued)


Investment in fixed income securities is subject to interest rate, sector, security and credit risks. High yield bonds are lower-rated securities and will usuallyoffer higher yields to compensate for the reduced creditworthiness or increased risk of default that these securities carry.Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value of the contracts may notdirectly correlate with changes in the value of the underlying currencies, indices, or securities, or that the counterparty to a contract defaults on itsobligation to perform under the terms of the contract.In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developing butthere is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors whoshould therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. Insome markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary tomake payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds.

4. Distribution PolicyDuring the period from 1 July 2010 to 31 December 2010, the SICAV paid dividends as follows:Class Currency Dividend Amount per Share Payment DateJPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 21-Jul-10

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.16 21-Jul-10

JPM US Aggregate Bond A (mth) - USD USD 0.02 21-Jul-10

JPM Emerging Markets Local Currency Debt D (inc) - EUR EUR 0.13 20-Aug-10

JPM Global Corporate Bond D (inc) - EUR (hedged) EUR 0.02 20-Aug-10

JPM US Aggregate Bond A (mth) - USD USD 0.03 20-Aug-10

JPM Emerging Markets Debt A (mth) - EUR EUR 0.03 21-Sep-10

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.07 21-Sep-10

JPM US Aggregate Bond A (mth) - USD USD 0.03 21-Sep-10

JF Euroland Equity A (dist) - USD USD 0.11 30-Sep-10

JF Europe Dynamic A (dist) - EUR EUR 0.12 30-Sep-10

JF Europe Equity A (dist) - USD USD 0.42 30-Sep-10

JF Europe Small Cap A (dist) - EUR EUR 0.05 30-Sep-10

JF Europe Technology A (dist) - EUR EUR 0.02 30-Sep-10

JF Global Convertibles (EUR) A (dist) - USD USD 0.11 30-Sep-10

JF Global Equity (USD) A (dist) - USD USD 0.13 30-Sep-10

JF Global Focus A (dist) - USD USD 0.02 30-Sep-10

JF Greater China A (dist) - USD USD 0.14 30-Sep-10

JF Latin America Equity A (dist) - USD USD 0.17 30-Sep-10

JF Pacific Balanced A (dist) - USD USD 0.63 30-Sep-10

JF US Small and Micro Cap A (dist) - USD USD 0.01 30-Sep-10

JF US Value A (dist) - USD USD 0.01 30-Sep-10

JPM Brazil Alpha Plus A (dist) - USD USD 0.01 30-Sep-10

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.11 30-Sep-10

JPM Emerging Markets Debt A (inc) - EUR EUR 0.43 30-Sep-10

JPM Emerging Markets Debt I (inc) - EUR EUR 0.58 30-Sep-10

JPM Emerging Markets Equity A (dist) - GBP GBP 0.02 30-Sep-10

JPM Emerging Markets Equity A (dist) - USD USD 0.01 30-Sep-10

JPM Emerging Markets Equity I (inc) - EUR EUR 0.10 30-Sep-10

JPM Emerging Markets Equity X (dist) - USD USD 0.29 30-Sep-10

JPM Emerging Markets Equity X (inc) - EUR EUR 0.21 30-Sep-10

JPM Emerging Middle East Equity A (dist) - USD USD 0.24 30-Sep-10

JPM Euroland Equity A (dist) - EUR EUR 0.56 30-Sep-10

JPM Euroland Equity A (inc) - EUR EUR 0.09 30-Sep-10

JPM Europe Dynamic A (dist) - EUR EUR 0.10 30-Sep-10

JPM Europe Dynamic A (dist) - GBP GBP 0.12 30-Sep-10

JPM Europe Dynamic Mega Cap A (dist) - EUR EUR 0.14 30-Sep-10

JPM Europe Dynamic Mega Cap A (inc) - EUR EUR 0.10 30-Sep-10

JPM Europe Equity A (dist) - EUR EUR 0.41 30-Sep-10

JPM Europe Focus A (dist) - EUR EUR 0.01 30-Sep-10

JPM Europe Small Cap A (dist) - EUR EUR 0.17 30-Sep-10

JPM Europe Small Cap A (dist) - GBP GBP 0.06 30-Sep-10

JPM Europe Strategic Growth A (dist) - GBP GBP 0.04 30-Sep-10

JPM Europe Strategic Value A (dist) - EUR EUR 0.21 30-Sep-10

JPM Europe Strategic Value A (dist) - GBP GBP 0.26 30-Sep-10

JPM Europe Technology A (dist) - GBP GBP 0.03 30-Sep-10

JPM Global Convertibles (EUR) A (dist) - EUR EUR 0.09 30-Sep-10

JPM Global Convertibles (EUR) A (dist) - GBP (hedged) GBP 0.20 30-Sep-10

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) GBP 0.28 30-Sep-10

JPM Global Corporate Bond Fund A (dist) - GBP (hedged) GBP 0.46 30-Sep-10

JPM Global Equity (USD) A (dist) - EUR (hedged) EUR 0.02 30-Sep-10

JPM Global Equity (USD) A (dist) - USD USD 0.07 30-Sep-10

JPM Global Focus A (dist) - EUR EUR 0.04 30-Sep-10

JPM Latin America Equity A (dist) - USD USD 0.23 30-Sep-10

JPM US Aggregate Bond A (inc) - USD USD 0.80 30-Sep-10

JPM US Dynamic I (inc) - EUR EUR 0.03 30-Sep-10

JPM US Strategic Growth A (dist) - GBP GBP 0.01 30-Sep-10

28



Class Currency Dividend Amount per Share Payment DateJPM US Technology A (dist) - GBP GBP 0.01 30-Sep-10

JPM US Value A (dist) - GBP GBP 0.02 30-Sep-10

JPM US Value A (dist) - USD USD 0.01 30-Sep-10

JPM Emerging Markets Debt A (mth) - EUR EUR 0.04 21-Oct-10

JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 21-Oct-10

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.06 21-Oct-10

JPM Global Corporate Bond A (mth) - USD USD 0.26 21-Oct-10

JPM Emerging Markets Local Currency Debt D (inc) - EUR EUR 0.13 22-Nov-10

JPM Global Corporate Bond A (mth) - USD USD 0.17 22-Nov-10

JPM Global Corporate Bond D (inc) - EUR (hedged) EUR 0.08 22-Nov-10

JPM Emerging Markets Debt A (mth) - EUR EUR 0.04 21-Dec-10

JPM Emerging Markets Debt A (mth) - USD (hedged) USD 0.06 21-Dec-10

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.07 21-Dec-10

JPM Global Corporate Bond A (mth) - USD USD 0.34 21-Dec-10

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

5. TaxationUnder current law and practice in the Grand Duchy of Luxembourg, the SICAV is not liable to any income tax, nor are dividends distributed by the SICAV liableto any withholding tax. However, the SICAV, with the exception of those Share Classes identified in the Appendix, is liable to an asset based tax of 0.05% perannum, such tax being payable quarterly and calculated on the total net assets of each Sub-Fund at the end of the relevant quarter. For the Sub-Funds’ ShareClasses 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 collectiveinvestment subject to such tax.No stamp duty or other tax is payable on the issue of shares in the SICAV in the Grand Duchy of Luxembourg. No tax is payable on realised or unrealisedcapital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term,are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. Theregular income of the SICAV from some of its securities, as well as interest earned on its cash deposits in certain countries, may be subject to withholdingtaxes at varying rates, which normally cannot be recovered.Following recent case law precedent within Europe, the SICAV has instigated proceedings to reclaim tax withheld by certain Member States of the EuropeanUnion on dividend payments it has received. The decision to initiate proceedings against any particular Member State is the result of an analysis of the likelycosts and potential benefits of doing so. The likelihood of successfully reclaiming such amounts together with the estimated time to complete proceedingsvaries across Member States. Any costs associated with this decision have been charged to the relevant Sub-Funds and have been included within total costsfor the purposes of determining the relevant expense cap or TER and no amount has been recorded in the SICAV for any possible amounts to be receivedunder this action.

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

7. Fees and Expenses

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

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

c) All Sub-Funds - Share Class XThe Annual Management Fee that would normally be payable in respect of the X Share Classes are administratively levied and collected by the GlobalDistributor directly from the shareholder or through the relevant J.P.Morgan Chase & Co entity.

29



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

d) Performance FeesPursuant to the Investment Management Agreement, as set out in the Appendix to the Prospectus, the Investment Manager is entitled to receive from thenet assets of certain Sub-Funds or Classes, an annual performance-based incentive fee (the “Performance Fee”) if the performance of the Sub-Fund exceedsthe return from the benchmark, subject to the operation of a Claw-Back Mechanism or of a High Water Mark as defined in Appendix V and as specified inAppendix III for each Sub-Fund. On each Valuation Day, an accrual for the previous Valuation Day’s Performance Fee is made, when appropriate, and thefinal Performance Fee is payable annually. Pursuant to the provisions of the relevant Investment Management Agreement, the Investment Manager may beentitled to receive the performance Fee from the Management Company.On each Valuation Day, the net asset value of each Class of each Sub-Fund for which a Performance Fee applies, which includes an accrual for all fees andexpenses (including the Annual Management and Advisory Fee, and the Operating and Administrative Expenses to be borne by the relevant Class at the rateset out in the Appendix to the Prospectus), is adjusted for any dividend distributions and for subscriptions and redemptions dealt with on that Valuation Day,if any, and any Performance Fee accrued through that day in respect of such Class is added back (the “Adjusted net asset value”). For purposes of calculatingthe Performance Fee, the “Share Class Return” is computed on each Valuation Day, as the difference between the net asset value (adjusted by adding backany accrued Performance Fee) on such day and the Adjusted net asset value on the previous Valuation Day, expressed as a return based on the previousValuation Day’s Adjusted net asset value for that Class.

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

Claw-Back mechanismThe purpose of the Claw-Back Mechanism is to ensure that the Management Company will only become entitled to a Performance Fee when it outperformsthe cumulative Benchmark Return (as defined in Appendix V of the prospectus) accrued since the last Valuation Day of the last period in which a PerformanceFee was paid.As at 31 December 2010, the Performance Fee rate and the benchmarks are as follows:

Sub-Fund Applicable ShareClasses

Performance FeeRate

Performance Benchmark

Claw-Back Mechanism method

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

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

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

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

High Water Mark method

Emerging Markets Local Currency Debt Fund All 10% JPMorgan Government Bond Index -–Emerging Markets Global Index (Total Return Gross)

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

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

30



10. Securities LendingThe SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional capital or income or for reducing costs or risk,to the maximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certaindefinitions of the Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to undertakings for collective investments when they use certaintechniques and instruments relating to transferable securities and money market instruments (“CSSF Circular 08/356”) and (iii) any other applicable laws,regulations, circulars or CSSF positions. A significant proportion of the income generated from the securities lending program is credited to participatingSub-Funds, with a portion of the income shared between the Management Company for oversight of the program and JPMorgan Chase Bank, N.A. for its roleas securities lending agent for the Fund. Borrowers of securities lent by participating Sub-Funds are approved by the Management Company afterappropriate assessment of such borrowers’ status and financial standing. During the period, 70% of any incremental income earned from securities lendingwas accrued to the applicable Sub-Fund, with the remaining income payable to the relevant parties which arrange the transaction. The income earned fromthe securities lending program is detailed in the Combined Statement of Operations and Changes in Net Assets.As at 31 December 2010, the SICAV valuation of securities on loan is USD 632,452,138, as detailed below and received collateral as security with a marketvalue of USD 659,870,922.

Market Value (USD) Market Value (USD)JPMorgan Funds - Emerging Markets Debt Fund 43,127,180 JPMorgan Funds - Europe Strategic Growth Fund 26,220,946

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 21,606,155 JPMorgan Funds - Europe Strategic Value Fund 62,644,994

JPMorgan Funds - Euro Money Market Fund 1,331,857 JPMorgan Funds - Europe Technology Fund 26,631,802

JPMorgan Funds - Euroland Equity Fund 19,617,635 JPMorgan Funds - Global Corporate Bond Fund 21,198,814

JPMorgan Funds - Europe Dynamic Fund 25,798,382 JPMorgan Funds - Global Equity Fund (USD) 1,975,429

JPMorgan Funds - Europe Equity Fund 20,938,559 JPMorgan Funds - Global Focus Fund 94,127,286

JPMorgan Funds - Europe Small Cap Fund 25,838,077

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

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

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

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

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

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

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

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

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

JPMorgan Funds - Euroland Equity Fund JPMorgan Funds - Russia Fund

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

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

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

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

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

JPMorgan Funds - Global Convertibles Fund (EUR)

14. Significant EventsJPMorgan Funds - Euro Liquid Reserve Fund changed its name to JPMorgan Funds - Euro Money Market Fund on 2 August 2010.

With effect from 2 August 2010, the following Sub-Funds changed their benchmark indexes as follow:- JPMorgan Funds - Emerging Markets Debt Fund changed from J.P. Morgan Emerging Markets Bond Index Plus, hedged into EUR (Total Return Gross) to J.P.Morgan Emerging Markets Bond Index Global Diversified, hedged into EUR (Total Return Gross);

and for its USD hedged Share class, from JPM Emerging Market Bond Index Plus (Total Return Gross) Hedged into USD to J.P. Morgan Emerging Markets BondIndex Global Diversified, hedged into USD (Total Return Gross);

- JPMorgan Funds - Emerging Markets Local Currency Debt Fund changed from J.P. Morgan Government Bond Index – Emerging Markets Global Index (TotalReturn Gross) to J.P. Morgan Government Bond Index – Emerging Markets Global Index, Diversified (Total Return Gross);

15. Subsequent EventsWith effect from 3 January 2011 the majority of the Share Classes of the Sub-Funds were de-listed from the official list of the Luxembourg Stock Exchange.Those Share Classes where a listing still exists are currently as follows:JPMorgan Funds - Global Convertibles Fund C (acc) EUR;JPMorgan Funds - Emerging Middle East Equity Fund I (acc) USD.

31



Transferable Securities Admitted to an Official Exchange Listing

Shares

UNITED STATES OF AMERICA34,600 3M 2,983,558 0.68

145,400 Abbott Laboratories 6,937,761 1.5841,200 Aflac 2,308,230 0.5341,000 Air Products & Chemicals 3,718,905 0.8591,800 Alcoa 1,402,245 0.3280,600 American Express 3,437,187 0.7820,600 Anadarko Petroleum 1,583,934 0.3644,700 Analog Devices 1,689,436 0.3851,500 Apache 6,157,855 1.4049,700 Apache Preference Shares 3,290,637 0.7517,500 Apollo Group - A Shares 689,675 0.16

43,400 Apple 13,974,800 3.1833,300 Ball 2,261,736 0.51

529,700 Bank of America 7,042,361 1.6088,600 Bank of New York Mellon 2,675,277 0.6162,000 BB&T 1,629,360 0.3739,800 Biogen Idec 2,665,207 0.6126,100 Cameron International 1,315,831 0.3077,700 CBS - B Shares 1,481,739 0.3490,100 Celanese - A Shares 3,696,803 0.8485,700 Celgene 5,046,444 1.15

134,636 Chevron 12,257,935 2.79502,500 Cisco Systems 10,107,787 2.30550,500 Citigroup 2,612,123 0.59

29,780 Citigroup Preference Shares 4,058,121 0.92149,400 CMS Energy 2,807,973 0.64133,900 Coca-Cola 8,769,780 2.00213,500 Comcast Special - A Shares 4,388,493 1.0028,200 Comerica 1,197,513 0.2782,700 ConocoPhillips 5,639,726 1.2824,600 CR Bard 2,269,350 0.5271,600 CSX 4,601,374 1.05117,100 CVS Caremark 4,080,349 0.9362,000 Dow Chemical 2,112,650 0.4871,000 EI du Pont de Nemours & Co. 3,524,795 0.80

325,400 El Paso 4,459,607 1.01120,100 EMC/Massachusetts 2,737,679 0.6236,200 EOG Resources 3,318,635 0.75

146,500 Exxon Mobil 10,708,418 2.4427,200 Freeport-McMoRan Copper & Gold 3,245,640 0.74

122,200 Gannett 1,827,501 0.41114,100 General Mills 4,053,403 0.9252,450 General Motors Preference Shares 2,822,788 0.6428,700 Goldman Sachs Group 4,807,824 1.098,450 Google - A Shares 5,040,298 1.15

170,400 Hewlett-Packard 7,152,540 1.63163,800 Home Depot 5,683,041 1.29143,600 Honeywell International 7,603,620 1.7346,800 International Business Machines 6,838,416 1.5658,300 Intersil - A Shares 898,112 0.20

104,779 JM Smucker 6,871,407 1.56162,200 Johnson Controls 6,204,150 1.4124,000 Juniper Networks 887,880 0.2053,300 Lennar - A Shares 993,512 0.2341,200 Lincoln National 1,134,442 0.26

259,609 Merck & Co. 9,356,308 2.1357,700 MetLife 2,562,457 0.58

680,600 Microsoft 18,903,665 4.3090,150 Morgan Stanley 2,456,137 0.5650,100 NextEra Energy 2,598,937 0.5991,100 NV Energy 1,284,055 0.2940,100 Occidental Petroleum 3,915,765 0.89

153,900 Oracle 4,765,514 1.0886,800 Paccar 4,953,242 1.1327,400 Parker Hannifin 2,356,537 0.5445,800 PepsiCo 2,986,618 0.68

329,800 Pfizer 5,773,149 1.3153,400 PG&E 2,550,117 0.5826,700 PNC Financial Services Group 1,625,362 0.37

170,823 Procter & Gamble 10,938,651 2.4944,900 Prudential Financial 2,617,446 0.60

176,900 Qualcomm 8,730,900 1.9931,400 Sempra Energy 1,645,674 0.37

259,200 Sprint Nextel 1,087,344 0.259,940 Stanley Black & Decker Preference Shares 1,077,993 0.25

131,300 Staples 2,992,983 0.6868,100 State Street 3,149,966 0.72

142,100 TD Ameritrade Holding 2,679,296 0.61

95,900 Thermo Fisher Scientific 5,315,258 1.21172,900 Time Warner 5,550,954 1.2656,800 Time Warner Cable 3,735,168 0.8569,200 Union Pacific 6,381,970 1.45

149,100 United Technologies 11,678,258 2.65106,450 UnitedHealth Group 3,824,216 0.87118,600 US Bancorp 3,199,235 0.73157,200 Verizon Communications 5,627,760 1.2889,500 WABCO Holdings 5,420,568 1.23

252,300 Wal-Mart Stores 13,627,984 3.10139,000 Walt Disney 5,174,275 1.1837,000 WellPoint 2,098,085 0.48

224,973 Wells Fargo & Co. 6,950,541 1.58104,700 Xcel Energy 2,465,162 0.5629,000 Xilinx 842,885 0.19

414,606,298 94.32

SWITZERLAND13,900 ACE 863,885 0.20

164,400 Tyco Electronics 5,763,042 1.3185,600 Tyco International 3,541,700 0.80

10,168,627 2.31

IRELAND71,900 Covidien 3,259,227 0.7492,800 XL Group 2,036,032 0.46

5,295,259 1.20

Total Shares 430,070,184 97.83

Total Transferable Securities Admitted to anOfficial Exchange Listing

430,070,184 97.83

Total Investments 430,070,184 97.83

Cash 5,855,300 1.33

Other Assets/(Liabilities) 3,694,155 0.84

Total Net Assets 439,619,639 100.00

32

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


Quantity/Nominal

Value

Name of Securities MarketValue

%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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

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

Total 100.00

Allocation of Portfolio as at 30 June 2010 % ofNet Assets

Fixed Income SecuritiesPanama 0.61Mexico 0.26Total Fixed Income Securities 0.87SharesInformation Technology 22.06Financials 13.85Consumer Discretionary 12.95Health Care 10.21Consumer Staples 9.96Energy 9.45Industrials 9.36Utilities 3.91Materials 3.12Telecommunication Services 1.03Total Shares 95.90Cash and Other Assets/(Liabilities) 3.23

Total 100.00

33

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

34

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


SettlementDate Currency

AmountPurchased Currency

AmountSold

UnrealisedGain/(Loss)

14-Jan-11 EUR 17,032,329 USD 22,611,091 202,97214-Jan-11 USD 1,190,920 EUR 903,933 (19,859)17-Feb-11 EUR 2,735 USD 3,627 35

Total 183,148


Shares and Rights

BRAZIL1,212,816 AES Tiete 15,161,112 2.571,981,341 All America Latina Logistica 18,191,608 3.091,273,400 Banco ABC Brasil Preference Shares 11,197,336 1.90

509,849 Banco Bradesco ADR 10,242,866 1.74116,305 Banco Bradesco Preference Shares 2,284,800 0.39

1,927 Banco Bradesco Rights 31.01.2011 9,951 0.00477,950 Banco do Estado do Rio Grande do Sul Preference

Shares 5,028,327 0.851,515,650 BR Malls Participacoes 15,498,582 2.642,373,300 Brasil Brokers Participaçoes 13,277,053 2.26

4,825 Brasil Insurance Participacoes e Administracao 5,459,525 0.93507,199 BRF - Brasil Foods 8,420,755 1.43

1,056,568 BRF - Brasil Foods ADR 17,898,262 3.041,103,577 Cía Siderúrgica Nacional ADR 18,197,985 3.09

4,000 Companhia de Bebidas das Americas 103,473 0.021,174,865 Companhia de Bebidas das Americas Preference

Shares ADR 36,732,154 6.25357,743 Companhia de Concessoes Rodoviarias 9,996,995 1.70412,264 Companhia de Transmissao de Energia Eletrica

Paulista Preference Shares 13,917,477 2.371,508,268 Duratex 16,099,388 2.74

560,147 EDP - Energias do Brasil 13,104,372 2.23438,760 Estacio Participaçoes 6,980,813 1.19629,000 Fibria Celulose ADR 10,155,205 1.73517,619 Gafisa 3,718,196 0.63

1,382,304 Gerdau Preference Shares 18,852,247 3.21933,033 Gol Linhas Aereas Inteligentes ADR 14,354,713 2.44206,020 Itau Unibanco Holding 3,817,229 0.65101,416 Itau Unibanco Holding Preference Shares 2,414,390 0.41581,280 Itau Unibanco Holding Preference Shares ADR 14,040,818 2.39882,918 Itausa - Investimentos Itau Preference Shares 6,979,914 1.19648,801 Localiza Rent A CAR 10,262,107 1.75473,801 Lojas Renner 16,069,026 2.73109,000 LPS Brasil Consultoria de Imoveis 2,518,513 0.43122,820 M Dias Branco 2,907,689 0.49

4,354 Marcopolo Preference Shares 17,990 0.00463,700 Mills Estruturas e Servicos de Engenharia 5,569,145 0.95

1,927,600 MMX Mineracao e Metalicos 13,266,389 2.251,497,852 MRV Engenharia e Participacoes 14,505,229 2.48

281,200 Multiplus 5,717,085 0.97451,313 Natura Cosmeticos 13,055,889 2.22512,800 Odontoprev 7,606,353 1.29

3,240,700 OGX Petroleo e Gas Participacoes 38,824,035 6.602,871,308 PDG Realty Empreendimentos e Participacoes 17,722,097 3.011,785,475 Randon Participacoes Preference Shares 13,018,977 2.21

287,208 Souza Cruz 15,616,233 2.66421,322 Sul America 5,034,817 0.86130,876 Totvs 13,285,312 2.26585,600 Usinas Siderurgicas de Minas Gerais Preference

Shares 6,620,822 1.13211,300 Vivo Participacoes Preference Shares ADR 7,013,047 1.19

948,742 Weg 12,525,222 2.13

533,291,523 90.69

UNITED KINGDOM792,650 JPMorgan Brazil Investment Trust 1,431,068 0.24158,530 JPMorgan Brazil Investment Trust - Subscription

shares 95,609 0.02744,005 Wellstream Holdings 9,112,192 1.55

10,638,869 1.81

BERMUDA467,400 Wilson Sons BDR 8,931,658 1.51

8,931,658 1.51

Total Shares and Rights 552,862,050 94.01


552,862,050 94.01

Transferable Securities Dealt in on Another Regulated Market

Investment Funds

LUXEMBOURG14,526,257 JPMorgan Liquidity Funds - US Dollar Liquidity Fund

(JPM US Dollar Liquidity X (dist)) 14,526,257 2.47

14,526,257 2.47

Total Investment Funds 14,526,257 2.47

Total Transferable Securities Dealt in on AnotherRegulated Market

14,526,257 2.47


Cash 14,018,231 2.38




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

Total 100.00


SharesConsumer Staples 23.54Industrials 18.33Financials 16.67Energy 7.67Consumer Discretionary 7.13Materials 5.77Utilities 5.31Information Technology 2.66Investment Companies 1.14Health Care 0.76Total Shares 88.98Cash and Other Assets/(Liabilities) 11.02

Total 100.00

35

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


Quantity/Nominal

Value

Name of Securities Maturity/Coupon

MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

RUSSIA763,090 Chelyabinsk Zinc Plant 2,515,523 0.20531,265 Chelyabinsk Zinc Plant GDR 1,737,236 0.14

1,742,674 Cherkizovo Group Registered Shares GDR 24,903,777 2.013,040,925 Comstar United Telesystems GDR 15,142,760 1.232,079,300 DIXY Group 20,226,029 1.64

454,900 Gazprom OAO ADR 8,568,538 0.70905,400 Lukoil ADR 38,258,719 3.10

4,583,388 Magnit OJSC Registered Shares GDR 100,602,196 8.153,681,321 Magnitogorsk Iron & Steel Works Registered Shares

GDR 40,126,386 3.253,388,937 MMC Norilsk Nickel ADR 59,937,975 4.864,669,205 Mobile Telesystems ADR 72,315,249 5.862,528,986 Mostotrest 14,977,236 1.21

914,179 Novolipetsk Steel Registered Shares GDR 32,453,032 2.631,991,160 Pharmacy Chain 36.6 5,009,997 0.41

45,422,190 Sberbank of Russia 115,830,743 9.381,545,827 Sistema JSFC Registered Shares GDR 28,701,869 2.32

704,516 SOLLERS 11,123,164 0.911,363,555 Tatneft ADR 33,899,274 2.74

626,329,703 50.74

TURKEY1,623,100 Arcelik 6,173,657 0.50

1,468,900 TAV Havalimanlari Holding 5,289,725 0.431,227,259 Tofas Turk Otomobil Fabrikasi 4,750,857 0.381,263,390 Tupras Turkiye Petrol Rafinerileri 24,027,284 1.94

12,987,741 Turk Ekonomi Bankasi 13,931,050 1.136,080,921 Turk Hava Yollari 15,800,774 1.282,168,678 Turkcell Iletisim Hizmet 11,108,214 0.90

12,454,357 Turkiye Garanti Bankasi 47,731,894 3.874,829,842 Turkiye Halk Bankasi 30,443,519 2.479,027,938 Turkiye Is Bankasi - C Shares 24,067,663 1.955,536,649 Turkiye Vakiflar Bankasi Tao - D Shares 10,449,584 0.859,561,421 Yapi ve Kredi Bankasi 22,516,830 1.82

216,291,051 17.52

POLAND748,062 Bank Pekao 34,270,360 2.77

1,061,437 Powszechna Kasa Oszczednosci Bank Polski 11,689,124 0.95327,562 Powszechny Zaklad Ubezpieczen 29,336,557 2.38

2,513,000 Telekomunikacja Polska 10,389,809 0.84

85,685,850 6.94

IRELAND9,736,648 Dragon Oil 60,918,482 4.94

60,918,482 4.94

KAZAKHSTAN388,000 Halyk Savings Bank of Kazakhstan Registered Shares

GDR 2,940,162 0.241,424,050 KazMunaiGas Exploration Production GDR 21,039,942 1.701,627,363 Zhaikmunai Registered Shares GDR 14,761,627 1.20

38,741,731 3.14

UNITED STATES OF AMERICA1,740,600 BMB Munai 1,104,565 0.091,982,082 CTC Media 34,567,499 2.80

35,672,064 2.89

CZECH REPUBLIC326,708 CEZ 10,247,645 0.8369,400 Komercni Banka 12,290,434 0.99

720,874 Telefonica O2 Czech Republic 11,057,466 0.90

33,595,545 2.72

LUXEMBOURG669,100 Kernel Holding 12,513,809 1.01339,700 Oriflame Cosmetics SDR 13,396,069 1.09

25,909,878 2.10

NETHERLANDS2,712,200 Amtel Vredestein Registered Shares GDR 0 0.00

630,933 X5 Retail Group Registered Shares GDR 21,714,892 1.76

21,714,892 1.76

CAYMAN ISLANDS586,854 Eurasia Drilling Registered Shares GDR 14,138,474 1.15

14,138,474 1.15

MALAYSIA4,166,010 Steppe Cement 2,591,979 0.21

2,591,979 0.21

JERSEY904,876 KazakhGold Group Registered Shares GDR 2,501,591 0.20

2,501,591 0.20

CYPRUS3,381,000 Urals Energy 501,317 0.04

902,552 XXI Century Investments Public 105 0.00

501,422 0.04

Total Shares 1,164,592,662 94.35


1,164,592,662 94.35


Investment Funds

UNITED KINGDOM2,431,283 JPMorgan Russian Securities 20,470,639 1.66

20,470,639 1.66

LUXEMBOURG15,985,446 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM

Euro Liquidity X (dist)) 15,985,446 1.29

15,985,446 1.29



36,456,085 2.95

Total Investments 1,201,048,747 97.30

Cash 34,086,760 2.76

Other Assets/(Liabilities) (723,470) (0.06)

Total Net Assets 1,234,412,037 100.00

36

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


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

Total 100.00


SharesFinancials 29.62Energy 18.56Telecommunication Services 15.50Consumer Staples 15.32Materials 8.92Consumer Discretionary 3.89Investment Companies 2.99Industrials 1.42Utilities 1.16Health Care 0.55Total Shares 97.93Cash and Other Assets/(Liabilities) 2.07

Total 100.00

37

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

SOUTH AFRICA976,847 ABSA Group 20,528,900 2.12

3,153,241 African Bank Investments 18,426,750 1.90302,700 African Rainbow Minerals 9,612,630 0.99

86,318 Anglo Platinum 9,012,313 0.93592,453 AngloGold Ashanti 29,182,675 3.01693,700 Clicks Group 4,523,186 0.47

4,164,562 FirstRand 12,267,283 1.271,424,790 Foschini Group 19,291,826 1.99

694,568 Impala Platinum Holdings 24,387,867 2.52801,867 Imperial Holdings 15,356,380 1.59

1,199,951 Massmart Holdings 26,584,315 2.75702,978 MMI Holdings 1,756,265 0.18

1,998,903 MTN Group 40,436,739 4.17438,000 Mvelaphanda Resources 3,284,777 0.34258,431 Naspers - N Shares 15,068,140 1.56

2,436,897 Raubex Group 8,562,384 0.881,236,765 Shoprite Holdings 18,640,709 1.921,415,737 Standard Bank Group 22,977,466 2.37254,900 Tiger Brands 7,453,050 0.77

1,786,041 Truworths International 19,253,605 1.99

326,607,260 33.72

RUSSIA513,061 Cherkizovo Group Registered Shares GDR 9,820,748 1.01726,672 Comstar United Telesystems GDR 4,846,902 0.50986,147 DIXY Group 12,848,772 1.33187,648 Magnit 24,971,030 2.58431,735 Magnit Registered Shares GDR 12,693,009 1.31

1,337,484 Magnitogorsk Iron & Steel Works Registered SharesGDR 19,527,266 2.02

863,105 MMC Norilsk Nickel ADR 20,446,957 2.111,317,837 Mobile Telesystems ADR 27,338,529 2.821,380,192 Mostotrest 10,948,415 1.13

147,126 Novolipetsk Steel Registered Shares GDR 6,995,841 0.7219,257,335 Sberbank of Russia 65,777,665 6.79

617,195 Sistema JSFC Registered Shares GDR 15,349,640 1.59171,656 Sollers OJSC 3,630,136 0.37

624,280 Tatneft ADR 20,788,524 2.15

255,983,434 26.43

TURKEY1,485,400 Arcelik 7,567,756 0.78

506,805 Ford Otomotiv Sanayi 4,311,598 0.45796,700 TAV Havalimanlari Holding 3,842,927 0.40681,108 Tofas Turk Otomobil Fabrikasi 3,531,655 0.36

462,005 Tupras Turkiye Petrol Rafine 11,769,023 1.227,486,937 Turk Ekonomi Bankasi 10,756,746 1.112,025,068 Turk Hava Yollari 7,048,149 0.731,147,959 Turkcell Iletisim Hizmet 7,875,934 0.814,491,274 Turkiye Garanti Bankasi 23,055,970 2.381,718,082 Turkiye Halk Bankasi 14,505,487 1.503,141,512 Turkiye Is Bankasi - C Shares 11,217,875 1.16

2,922,000 Turkiye Vakiflar Bankasi Tao - D Shares 7,386,840 0.761,865,270 Yapi ve Kredi Bankasi 5,883,734 0.60

118,753,694 12.26

POLAND256,317 Bank Pekao 15,728,416 1.62427,525 Powszechna Kasa Oszczednosci Bank Polski 6,306,316 0.65137,023 Powszechny Zaklad Ubezpieczen 16,437,493 1.70

1,114,200 Telekomunikacja Polska 6,170,278 0.64

44,642,503 4.61


27,234,683 2.81

UNITED STATES OF AMERICA958,780 CTC Media 22,397,101 2.31

22,397,101 2.31

LUXEMBOURG417,200 Kernel Holding 10,451,275 1.08189,049 Oriflame Cosmetics SDR 9,985,797 1.03

20,437,072 2.11

KAZAKHSTAN210,700 Halyk Savings Bank of Kazakhstan Registered Shares

GDR 2,138,605 0.22304,200 KazMunaiGas Exploration Production GDR 6,020,118 0.62923,455 Zhaikmunai Registered Shares GDR 11,219,978 1.16

19,378,701 2.00

NIGERIA9,500,000 Dangote Cement 7,775,140 0.802,016,774 Nestle Foods Nigeria 4,977,382 0.51

46,681,100 Zenith Bank 4,609,816 0.48

17,362,338 1.79

QATAR189,805 Commercial Bank of Qatar 4,785,263 0.49

405,000 Doha Bank 7,235,321 0.75131,254 Industries Qatar 4,978,078 0.51

16,998,662 1.75

UNITED KINGDOM3,712,200 Old Mutual 7,269,325 0.751,478,623 PZ Cussons 9,259,069 0.96

16,528,394 1.71

CZECH REPUBLIC19,100 Komercni Banka 4,530,724 0.47

425,332 Telefonica O2 Czech Republic 8,738,780 0.90

13,269,504 1.37

NETHERLANDS216,800 X5 Retail Group Registered Shares GDR 9,994,480 1.03

9,994,480 1.03

EGYPT797,156 Commercial International Bank 6,412,818 0.6677,050 Eastern Tobacco 1,625,490 0.17

1,052,364 Talaat Moustafa Group 1,561,912 0.16

9,600,220 0.99

CANADA76,600 First Quantum Minerals 8,272,171 0.85

8,272,171 0.85


6,805,453 0.70

UNITED ARAB EMIRATES6,431,000 DP World 4,041,884 0.42

4,041,884 0.42

OMAN1,533,524 Bank Muscat 3,831,918 0.40

3,831,918 0.40


1,212,523 0.13


1,004,561 0.11

BRITISH VIRGIN ISLANDS732,804 Orsu Metals 266,200 0.03

266,200 0.03



240,770 0.02

Total Shares 944,863,526 97.55


944,863,526 97.55

38

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Investment Funds



24,374,115 2.52



24,374,115 2.52


Bank Overdraft (358,079) (0.04)




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

Total 100.00


SharesFinancials 31.05Telecommunication Services 15.25Consumer Staples 14.26Materials 12.61Energy 12.04Consumer Discretionary 11.11Investment Companies 1.95Industrials 1.38Health Care 0.06Total Shares 99.71Bank Overdraft and Other Assets/(Liabilities) 0.29

Total 100.00

39

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

BRAZIL1,139,000 Banco Nacional de

Desenvolvimento Economico eSocial 10.06.19/6.500% 934,127 0.36

259,000 Brazil (Republic of) 01.01.12/10.000% 1,198,868 0.47100,000 Brazil (Republic of) 01.01.14/10.000% 446,519 0.17106,000 Brazil (Republic of) 01.01.17/10.000% 460,105 0.18

1,258,333 Brazil (Republic of) 15.01.18/8.000% 1,103,842 0.435,865,000 Brazil (Republic of) 05.01.22/12.500% 3,110,108 1.211,702,000 Brazil (Republic of) 06.03.30/12.250% 2,293,561 0.895,071,000 Brazil (Republic of) 20.01.34/8.250% 5,040,334 1.96

850,000 Brazil (Republic of) 20.01.37/7.125% 755,986 0.29430,000 Gerdau Holdings 20.01.20/7.000% 352,168 0.14

1,060,000 Telemar Norte Leste 23.10.20/5.500% 767,134 0.30

16,462,752 6.40

VENEZUELA2,026,400 Petroleos de Venezuela 12.04.17/5.250% 856,599 0.334,698,600 Petroleos de Venezuela 12.04.27/5.375% 1,639,924 0.649,860,000 Venezuela (Republic of) 26.02.16/5.750% 5,208,807 2.022,837,000 Venezuela (Republic of) 01.12.18/7.000% 1,413,999 0.552,225,000 Venezuela (Republic of) 13.10.19/7.750% 1,119,269 0.442,815,500 Venezuela (Republic of) 09.12.20/6.000% 1,219,150 0.47

4,098,000 Venezuela (Republic of) 23.08.22/12.750% 2,662,040 1.032,256,500 Venezuela (Republic of) 31.03.38/7.000% 949,804 0.37

15,069,592 5.85

TURKEY2,575,000 Turkey (Republic of) 06.08.14/11.000% 1,361,461 0.532,660,000 Turkey (Republic of) 14.07.17/7.500% 2,359,038 0.923,400,000 Turkey (Republic of) 03.04.18/6.750% 2,905,148 1.131,200,000 Turkey (Republic of) 11.03.19/7.000% 1,040,263 0.401,142,000 Turkey (Republic of) 07.11.19/7.500% 1,020,975 0.402,190,000 Turkey (Republic of) 15.01.20/10.500% 1,193,798 0.46

652,000 Turkey (Republic of) 15.01.30/11.875% 838,797 0.334,375,000 Turkey (Republic of) 05.03.38/7.250% 3,854,194 1.50

14,573,674 5.67

ARGENTINA625,000 Argentina (Republic of) 12.09.13/7.000% 469,759 0.18

1,460,000 Argentina (Republic of) 17.04.17/7.000% 992,227 0.381,345,000 Argentina (Republic of) 02.06.17/8.750% 1,042,100 0.401,251,256 Argentina (Republic of) 31.12.33/8.280% 868,672 0.34

26,353,434 Argentina (Republic of) 15.12.35/0.000%* 2,951,223 1.1510,681,055 Argentina (Republic of) 31.12.38/2.500%* 3,568,459 1.391,599,000 Cordoba (Province of) 17.08.17/12.375% 1,250,957 0.49

11,143,397 4.33

PHILIPPINES287,000 Philippines (Republic of) 17.03.15/8.875% 265,155 0.10

2,600,000 Philippines (Republic of) 15.01.19/9.875% 2,706,126 1.05523,000 Philippines (Republic of) 17.06.19/8.375% 503,692 0.20600,000 Philippines (Republic of) 16.03.25/10.625% 695,599 0.27

3,700,000 Philippines (Republic of) 02.02.30/9.500% 3,991,564 1.55870,000 Philippines (Republic of) 14.01.31/7.750% 803,781 0.31

1,080,000 Philippines (Republic of) 15.01.32/6.375% 850,648 0.33521,000 Power Sector Assets &

Liabilities Management 27.05.19/7.250% 451,736 0.18710,000 Power Sector Assets &

Liabilities Management 02.12.24/7.390% 617,666 0.24

10,885,967 4.23

RUSSIA1,200,000 Russian (Republic of) 29.04.20/5.000% 897,592 0.351,250,000 Russian (Republic of) 24.06.28/12.750% 1,623,801 0.638,576,200 Russian (Republic of) 31.03.30/7.500%* 7,395,528 2.87

9,916,921 3.85

LUXEMBOURG2,080,000 Alrosa Finance 03.11.20/7.750% 1,620,815 0.63

98,550 Gazprom International 01.02.20/7.201% 78,469 0.03975,000 MHP 29.04.15/10.250% 767,709 0.30

2,950,000 RSHB Capital for OJSC RussianAgricultural Bank 14.01.14/7.125% 2,348,305 0.91

4,380,000 RSHB Capital for OJSC RussianAgricultural Bank 11.06.14/9.000% 3,680,220 1.43

990,000 Willow No 2 for Yasar Holdings 07.10.15/9.625% 766,082 0.30

9,261,600 3.60

KAZAKHSTAN510,000 Development Bank of

Kazakhstan 23.03.26/6.000% 337,791 0.133,746,000 KazMunaiGaz Finance 02.07.13/8.375% 3,077,764 1.201,372,000 KazMunaiGaz Finance 02.07.18/9.125% 1,203,062 0.472,138,000 KazMunayGas National 23.01.15/11.750% 1,988,738 0.773,510,000 KazMunayGas National 09.04.21/6.375% 2,598,729 1.01

9,206,084 3.58

COLOMBIA510,000 Colombia (Republic of) 25.02.20/11.750% 575,223 0.22

4,818,000,000 Colombia (Republic of) 14.04.21/7.750% 2,234,072 0.873,980,000 Colombia (Republic of) 21.05.24/8.125% 3,769,627 1.47

968,000 Colombia (Republic of) 28.01.33/10.375% 1,087,568 0.421,140,000 Ecopetrol 23.07.19/7.625% 985,284 0.38

8,651,774 3.36

PANAMA3,990,000 Panama (Republic of) 15.03.15/7.250% 3,454,132 1.341,785,000 Panama (Republic of) 30.09.27/8.875% 1,839,038 0.72

2,840,000 Panama (Republic of) 01.04.29/9.375% 3,009,728 1.17

8,302,898 3.23

URUGUAY1,710,000 Uruguay (Republic of) 17.05.17/9.250% 1,655,296 0.643,530,000 Uruguay (Republic of) 18.11.22/8.000% 3,265,273 1.27

35,300,000 Uruguay (Republic of) 05.04.27/4.250% 1,917,679 0.74770,000 Uruguay (Republic of) 21.03.36/7.625% 698,171 0.27

11,700,000 Uruguay (Republic of) 26.06.37/3.700% 553,139 0.22

8,089,558 3.14

INDONESIA900,000 Indonesia (Republic of) 04.05.14/10.375% 838,217 0.33

3,060,000 Indonesia (Republic of) 04.03.19/11.625% 3,398,223 1.322,813,000 Indonesia (Republic of) 12.10.35/8.500% 2,787,904 1.08

750,000 Indonesia (Republic of) 17.02.37/6.625% 617,440 0.24

7,641,784 2.97

UKRAINE960,000 Biz Finance for Ukreximbank 27.04.15/8.375% 738,213 0.28370,000 NAK Naftogaz Ukraine 30.09.14/9.500% 302,128 0.12

1,497,000 Ukraine (Government of) 23.09.15/6.875% 1,135,617 0.445,813,000 Ukraine (Government of) 21.11.16/6.580% 4,337,237 1.69

860,000 Ukraine (Government of) 23.09.20/7.750% 650,465 0.25

7,163,660 2.78

PERU1,250,000 Peru (Republic of) 03.05.16/8.375% 1,150,192 0.451,490,000 Peru (Republic of) 21.07.25/7.350% 1,348,892 0.523,940,000 Peru (Republic of) 21.11.33/8.750% 3,985,741 1.55

762,000 Peru (Republic of) 14.03.37/6.550% 622,281 0.24

7,107,106 2.76

SOUTH AFRICA2,670,000 South Africa (Republic of) 27.05.19/6.875% 2,329,529 0.91

30,033,000 South Africa (Republic of) 21.12.26/10.500% 4,044,309 1.57

6,373,838 2.48

LITHUANIA1,420,000 Lithuania (Republic of) 15.01.15/6.750% 1,148,923 0.455,481,000 Lithuania (Republic of) 14.09.17/5.125% 4,044,511 1.571,100,000 Lithuania (Republic of) 11.02.20/7.375% 912,061 0.35

6,105,495 2.37

HUNGARY370,000,000 Hungary (Government of) 12.02.16/5.500% 1,204,983 0.47382,000,000 Hungary (Government of) 24.02.17/6.750% 1,301,634 0.51

4,704,000 Hungary (Government of) 29.01.20/6.250% 3,440,247 1.34

5,946,864 2.32

MEXICO16,120,000 Mexico (United Mexican States) 05.12.24/10.000% 1,212,087 0.472,850,000 Mexico (United Mexican States) 15.08.31/8.300% 2,845,851 1.114,580,000 Mexico (United Mexican States) 22.11.35/4.500% 1,392,449 0.54

5,450,387 2.12

40

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


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

EL SALVADOR1,000,000 El Salvador (Republic of) 01.12.19/7.375% 828,698 0.321,530,000 El Salvador (Republic of) 24.01.23/7.750% 1,283,615 0.501,690,000 El Salvador (Republic of) 10.04.32/8.250% 1,406,809 0.55

820,000 Telemovil Finance 01.10.17/8.000% 631,009 0.25

4,150,131 1.62

UNITED STATES OF AMERICA1,800,000 Citigroup Funding 27.07.20/11.000% 1,236,060 0.483,168,000 Pemex Project Funding Master

Trust 01.03.18/5.750% 2,529,145 0.98

3,765,205 1.46

IRELAND910,000 Alfa Bond Issuance for Alfa Bank 25.09.17/7.875% 691,646 0.27244,000 MTS International Funding 22.06.20/8.625% 206,984 0.08

2,440,000 SCF Capital 27.10.17/5.375% 1,780,747 0.69880,000 VIP Finance Ireland for Vimpel

Communications 30.04.18/9.125% 747,440 0.29

3,426,817 1.33

UNITED KINGDOM1,210,000 Barclays Bank 20.01.13/0.000%* 1,039,221 0.40

190,000 CSFB International (EXIMUkraine) 07.09.11/7.650% 143,516 0.06

1,000,000 Deutsche Bank/London 20.07.18/0.000%* 1,251,014 0.49970,000 UK SPV Credit Finance for

Commercial Bank Privatbank 23.09.15/9.375% 707,391 0.27

3,141,142 1.22

CROATIA4,012,000 Croatia (Republic of) 14.07.20/6.625% 3,090,509 1.20

3,090,509 1.20

SRI LANKA3,781,000 Sri Lanka (Republic of) 04.10.20/6.250% 2,875,728 1.12

2,875,728 1.12

INTERNATIONAL AGENCIES3,550,000 Eurasian Development Bank 29.09.14/7.375% 2,867,733 1.11

2,867,733 1.11

QATAR3,300,000 Qatar (State of) 20.01.20/5.250% 2,623,099 1.02

2,623,099 1.02

EGYPT3,060,000 Arab Republic of Egypt 29.04.20/5.750% 2,381,726 0.93

2,381,726 0.93

NETHERLANDS322,000 DTEK Finance 28.04.15/9.500% 250,210 0.10

1,150,000 Kazakhstan Temir Zholy Finance 06.10.20/6.375% 895,209 0.35730,000 Lukoil International Finance 05.11.19/7.250% 589,275 0.23620,000 Majapahit Holding 20.01.20/7.750% 537,644 0.21

2,272,338 0.89

CAYMAN ISLANDS1,120,000 Country Garden Holdings 10.09.14/11.750% 924,722 0.36540,000 IPIC GMTN 15.11.20/5.000% 396,891 0.15990,000 Nile Finance 05.08.15/5.250% 759,392 0.30

2,081,005 0.81

MALAYSIA2,300,000 Petronas Capital 12.08.19/5.250% 1,844,933 0.72

1,844,933 0.72

BERMUDA1,840,000 Qtel International Finance 16.02.21/4.750% 1,310,591 0.51

510,000 Qtel International Finance 144A 16.02.21/4.750% 362,882 0.14

1,673,473 0.65

DOMINICAN REPUBLIC1,952,796 Dominican Republic 144A 23.01.18/9.040% 1,662,016 0.65

1,662,016 0.65

BELARUS1,603,000 Belarus (Republic of) 03.08.15/8.750% 1,228,474 0.48

1,228,474 0.48

BELIZE1,829,400 Belize (Government of) 20.02.29/6.000%* 1,208,719 0.47

1,208,719 0.47

GHANA960,000 Ghana (Republic of) 04.10.17/8.500% 813,468 0.32

813,468 0.32

SERBIA958,563 Republic of Serbia 01.11.24/6.750%* 704,476 0.27

704,476 0.27

CYPRUS820,000 Alfa MTN Issuance 18.03.15/8.000% 636,473 0.25

636,473 0.25

ECUADOR911,000 Ecuador (Republic of) 15.12.15/9.375% 620,063 0.24

620,063 0.24

UNITED ARAB EMIRATES730,000 Dubai Electricity & Water

Authority 22.04.15/8.500% 581,633 0.23

581,633 0.23

IVORY COAST1,200,000 Ivory Coast (Republic of) 31.12.32/2.500%* 398,671 0.15

398,671 0.15

Total Bonds 211,401,183 82.18


211,401,183 82.18


Bonds

PERU1,810,000 Banco de Credito del Peru 16.09.20/5.375% 1,336,187 0.527,305,000 Peru (Republic of) 12.08.20/7.840% 2,218,968 0.861,840,000 Peru (Republic of) 12.08.31/6.950% 505,964 0.20

4,061,119 1.58

MEXICO3,500,000 Mexico (United Mexican States) 17.02.14/5.875% 2,910,374 1.13

2,910,374 1.13

BRAZIL892,000 Banco Cruzeiro do Sul 22.09.20/8.875% 665,113 0.26

2,010,000 JBS Finance II 29.01.18/8.250% 1,515,622 0.59

2,180,735 0.85

CAYMAN ISLANDS1,200,000 AES Andres Dominicana/Itabo

Dominicana 12.11.20/9.500% 932,861 0.36459,183 IIRSA Norte Finance 30.05.24/8.750% 383,095 0.15

1,100,000 Odebrecht Drilling Norbe VIII/IX 30.06.21/6.350% 859,748 0.33

2,175,704 0.84

UNITED STATES OF AMERICA2,499,000 Pemex Project Funding Master

Trust 15.06.35/6.625% 1,894,177 0.74350,000 US Treasury (i) 31.08.11/1.000% 262,649 0.10

2,156,826 0.84

LUXEMBOURG1,670,000 CSN Resources 21.07.20/6.500% 1,309,899 0.51

832,000 Steel Capital for Severstal 25.10.17/6.700% 614,274 0.24

1,924,173 0.75

KAZAKHSTAN2,370,000 BTA Bank 01.07.18/10.750%* 1,919,781 0.75

1,919,781 0.75

41

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


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

NETHERLANDS2,280,000 WPE International Cooperatief 30.09.20/10.375% 1,681,765 0.65

1,681,765 0.65

IRAQ2,000,000 Iraq (Republic of) 15.01.28/5.800% 1,371,458 0.53

1,371,458 0.53

TRINIDAD & TOBAGO1,480,000 National Gas Co. of Trinidad &

Tobago 15.01.36/6.050% 1,054,710 0.41

1,054,710 0.41

THAILAND1,027,000 True Move 01.08.14/10.375% 820,404 0.32

820,404 0.32

GERMANY970,000 Rearden G Holdings EINS 30.03.20/7.875% 765,094 0.30

765,094 0.30

VENEZUELA1,660,000 Petroleos de Venezuela 28.10.14/4.900% 763,833 0.30

763,833 0.30

ARGENTINA920,000 Empresa Distribuidora Y

Comercializadora Norte 25.10.22/9.750% 750,532 0.29

750,532 0.29

CHILE985,000 Celulosa Arauco y Constitucion 21.01.21/5.000% 730,087 0.28

730,087 0.28

BERMUDA830,000 Digicel Group 15.04.18/10.500% 681,725 0.27

681,725 0.27

EGYPT290,000 Arab Republic of Egypt 144A 29.04.20/5.750% 225,708 0.08

225,708 0.08

Total Bonds 26,174,028 10.17


26,174,028 10.17

Other Transferable Securities

Bonds

UNITED STATES OF AMERICA2,100,000 Citigroup Funding 12.03.12/0.000%* 1,419,023 0.55

840,000 Citigroup Funding 13.03.13/0.000%* 629,632 0.25255,000 Lehman Brothers Holdings

(Defaulted) 03.01.12/10.000% 44,501 0.02

2,093,156 0.82

UNITED KINGDOM760,000 Deutsche Bank/London 22.12.13/0.000%* 771,280 0.30750,000 Deutsche Bank/London 23.09.19/0.000%* 802,062 0.31

1,573,342 0.61

Total Bonds 3,666,498 1.43

Total Other Transferable Securities 3,666,498 1.43


Cash 5,721,809 2.22



* 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.


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

Total 100.00

42



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Fixed Income SecuritiesBrazil 16.21Mexico 10.67Russia 10.30Turkey 9.97Philippines 6.16Venezuela 5.50Argentina 4.31Peru 3.85Colombia 3.80Indonesia 3.35United Kingdom 2.59United States of America 2.55Luxembourg 2.42Cayman Islands 2.13Panama 1.88Netherlands 1.57South Africa 1.48International Agencies 1.39Ireland 0.98Uruguay 0.72Isle of Man 0.64Israel 0.63Cyprus 0.56United Arab Emirates 0.54Dominican Republic 0.50Thailand 0.50Ukraine 0.46Bermuda 0.42Costa Rica 0.30Gabonese Republic 0.29Belize 0.25Egypt 0.25Kazakhstan 0.21Ecuador 0.17Total Fixed Income Securities 97.55Cash and Other Assets/(Liabilities) 2.45

Total 100.00

43



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

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


ExpirationDate

Number ofContracts Security Description Currency

NotionalValue


Bond Futures

Mar-11 39 US 2 Year Note Future USD 6,369,446 3,529Mar-11 37 US 5 Year Note Future USD 3,246,491 (31,581)Mar-11 (130) US 10 Year Note Future USD (11,664,011) (53,800)Mar-11 47 US Long Bond Future USD 4,266,058 84,048

Total Bond Futures2,196

Interest Rate Futures

Mar-11 (341) 90 Day Euro$ Future USD (63,411,631) (116,153)

Total Interest Rate Futures(116,153)

Total (113,957)

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



AmountSold


24-Jan-11 EUR 11,085,897 USD 14,663,037 139,07024-Jan-11 USD 80,434,243 EUR 60,922,168 (873,231)16-Mar-11 BRL 5,790,000 USD 3,355,549 56,44116-Mar-11 KRW 4,022,500,000 USD 3,510,035 49,72216-Mar-11 MXN 87,489,324 USD 7,046,038 (9,204)16-Mar-11 TWD 116,282,214 USD 3,854,233 152,07416-Mar-11 USD 4,910,289 EUR 3,746,585 (79,937)16-Mar-11 USD 3,705,638 MXN 46,848,758 (45,381)16-Mar-11 USD 3,835,165 TWD 116,282,214 (166,312)16-Mar-11 USD 5,142,718 ZAR 35,483,000 (116,693)16-Mar-11 ZAR 11,333,000 USD 1,691,644 60731-Mar-11 EUR 304,000,000 USD 397,668,455 7,027,84715-Jun-11 CNY 22,340,000 USD 3,385,361 20,91421-Dec-11 CNY 22,400,000 USD 3,440,068 13,419

Total 6,169,336

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

TerminationDate Counterparty Referenced Obligation

ProtectionBuyer/Seller Currency Nominal

MarketValue


20-Dec-15 UBS Brazil (Republic of) 12.250% 06/03/2030 Buyer USD 6,100,000 18,481 13,30120-Dec-15 Deutsche Bank Korea (Republic of) 4.875% 22/09/2014 Buyer USD 9,600,000 (17,530) 33,015

Total 951 46,316

44


Shares

BRAZIL8,626,061 All America Latina Logistica 78,015,149 0.82

10,255,646 Cielo 83,184,753 0.885,802,300 Companhia de Bebidas das Americas Preference

Shares ADR 182,453,324 1.928,783,064 Itau Unibanco Holding Preference Shares 210,020,597 2.21

350,000 Itau Unibanco Holding Preference Shares ADR 8,356,250 0.0913,875,900 OGX Petroleo e Gas Participacoes 166,839,886 1.76

9,797,732 Petroleo Brasileiro Preference Share ADR 328,175,033 3.4613,356,006 Vale Preference Shares ADR 400,813,740 4.22

3,553,100 Weg 46,613,986 0.49

1,504,472,718 15.85

INDIA3,662,458 ACC 88,090,654 0.937,796,747 Ambuja Cements 24,916,810 0.26

18,578,819 Bharti Airtel 148,289,847 1.5625,149,765 Housing Development Finance 408,884,053 4.311,396,684 Infosys Technologies 107,418,009 1.132,362,652 Infosys Technologies ADR 179,927,763 1.90

4,999,854 Jindal Steel & Power 79,599,040 0.844,446,732 Reliance Capital 66,352,919 0.702,867,067 United Spirits 93,909,829 0.99

1,197,388,924 12.62

SOUTH KOREA873,916 Hyundai Mobis 221,852,561 2.34945,791 Hyundai Motor 146,082,921 1.54

1,611,796 KT&G 92,898,698 0.98221,488 POSCO 96,114,118 1.01676,919 Samsung Electronics GDR 144A 286,675,197 3.02218,553 Shinsegae 119,537,003 1.26

963,160,498 10.15

SOUTH AFRICA22,046,441 African Bank Investments 128,833,874 1.3624,182,877 FirstRand 71,233,950 0.755,359,269 Impala Platinum Holdings 188,176,160 1.986,362,612 Massmart Holdings 140,960,492 1.48

4,082,069 MMI Holdings 10,198,321 0.118,861,762 MTN Group 179,268,708 1.891,749,100 Naspers - N Shares 101,983,445 1.079,100,139 RMB Holdings 52,918,082 0.56

873,573,032 9.20

CHINA35,212,000 Anhui Conch Cement - H Shares * 164,551,582 1.74

119,388,280 China Construction Bank - H Shares * 106,976,543 1.1392,808,062 China Merchants Bank - H Shares * 234,494,647 2.4718,909,000 Ping An Insurance Group Co. of China - H Shares * 210,968,986 2.2218,110,000 Tsingtao Brewery - H Shares * 94,824,073 1.0017,411,000 Wumart Stores - H Shares * 42,782,172 0.45

854,598,003 9.01

HONG KONG35,417,600 AIA Group 99,899,767 1.0514,700,000 China Mobile 145,853,971 1.5425,816,000 China Resources Enterprise 105,281,960 1.1193,465,000 CNOOC 221,364,790 2.3321,725,000 Hang Lung Properties 101,804,058 1.07

674,204,546 7.10

TAIWAN25,593,651 Acer 79,165,127 0.83

45,346,285 Hon Hai Precision Industry 182,427,583 1.9241,510,006 Taiwan Semiconductor Manufacturing 101,193,547 1.0715,420,788 Taiwan Semiconductor Manufacturing ADR 192,065,914 2.02

554,852,171 5.84

MEXICO1,591,862 America Movil ADR - L Shares 90,107,348 0.94

3,508,654 Cemex ADR Participation Certificates 37,630,314 0.4038,703,032 Grupo Financiero Banorte - O Shares 180,400,392 1.9061,820,600 Wal-Mart de Mexico - V Shares 176,355,472 1.86

484,493,526 5.10

RUSSIA217,000 Magnit OJSC 28,877,012 0.30

5,057,400 Magnit OJSC Registered Shares GDR 148,687,560 1.5758,196,345 Sberbank of Russia 198,782,421 2.09

376,346,993 3.96

TURKEY13,377,752 KOC Holding 65,219,402 0.69

47,203,169 Turkiye Garanti Bankasi 242,317,627 2.55

307,537,029 3.24

BERMUDA12,204,258 Esprit Holdings 58,288,595 0.62

36,786,000 Li & Fung 214,736,045 2.26

273,024,640 2.88

INDONESIA20,914,500 Astra International 127,003,354 1.3470,060,533 Bank Rakyat Indonesia 81,538,319 0.8630,268,000 Unilever Indonesia 55,536,841 0.58

264,078,514 2.78

LUXEMBOURG1,557,882 Oriflame Cosmetics SDR 82,289,211 0.872,597,545 Tenaris ADR 127,396,594 1.34

209,685,805 2.21

CAYMAN ISLANDS1,040,815 New Oriental Education & Technology Group ADR 109,972,513 1.16

3,946,600 Tencent Holdings 86,389,470 0.91

196,361,983 2.07

CHILE1,396,582 Banco Santander Chile ADR 130,377,913 1.37

130,377,913 1.37

UNITED STATES OF AMERICA2,516,645 NII Holdings 111,713,872 1.18

111,713,872 1.18

HUNGARY3,362,746 OTP Bank 81,283,017 0.86

81,283,017 0.86

EGYPT1,542,072 Orascom Construction Industries 74,290,172 0.78

74,290,172 0.78

MALAYSIA2,597,400 British American Tobacco Malaysia 38,171,594 0.40

38,171,594 0.40

Total Shares 9,169,614,950 96.60


9,169,614,950 96.60


Investment Funds



275,551,024 2.90



275,551,024 2.90


Cash 52,836,383 0.56

Other Assets/(Liabilities) (5,274,717) (0.06)

Total Net Assets 9,492,727,640 100.00

* Hong Kong Registered Shares.

45

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


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

Total 100.00


SharesFinancials 28.80Information Technology 12.83Materials 11.62Consumer Staples 11.28Consumer Discretionary 10.97Energy 7.96Telecommunication Services 7.86Industrials 5.68Investment Companies 1.08Total Shares 98.08Cash and Other Assets/(Liabilities) 1.92

Total 100.00

46

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

BRAZIL7,440,000 Brazil (Republic of) 01.01.13/10.000% 33,775,005 5.022,545,000 Brazil (Republic of) 01.01.14/10.000% 11,363,912 1.69

26,000,000 Brazil (Republic of) 05.01.16/12.500% 13,582,877 2.0126,750,000 Brazil (Republic of) 05.01.22/12.500% 14,185,062 2.11

72,906,856 10.83

SOUTH AFRICA100,500,000 South Africa (Republic of) 15.09.15/13.500% 14,058,253 2.09306,130,000 South Africa (Republic of) 31.03.21/6.750% 31,177,069 4.63

38,144,860 South Africa (Republic of) 21.12.26/10.500% 5,136,670 0.76167,500,000 South Africa (Republic of) 28.02.31/7.000% 16,471,055 2.45

66,843,047 9.93

MEXICO354,600,000 Mexico (United Mexican

States) 18.12.14/9.500% 24,034,285 3.5750,000,000 Mexico (United Mexican




States) 20.11.36/10.000% 6,718,090 1.00

61,097,088 9.08

HUNGARY759,760,000 Hungary (Government of) 12.06.12/7.250% 2,732,670 0.41

5,144,300,000 Hungary (Government of) 12.02.15/8.000% 18,626,250 2.778,900,000,000 Hungary (Government of) 12.02.16/5.500% 28,984,724 4.311,430,000,000 Hungary (Government of) 12.11.20/7.500% 4,997,438 0.741,850,000,000 Hungary (Government of) 24.11.23/6.000% 5,682,523 0.84

61,023,605 9.07

POLAND10,000,000 Poland (Government of) 25.04.13/5.250% 2,546,302 0.3836,630,000 Poland (Government of) 24.10.13/5.000% 9,261,548 1.3749,800,000 Poland (Government of) 25.04.14/5.750% 12,803,557 1.9040,100,000 Poland (Government of) 25.04.15/5.500% 10,172,315 1.5149,915,000 Poland (Government of) 24.10.15/6.250% 13,033,399 1.9420,000,000 Poland (Government of) 24.08.16/3.000% 6,048,261 0.90

53,865,382 8.00

TURKEY5,059,000 Turkey (Republic of) 07.03.12/16.000% 2,691,270 0.40

21,300,000 Turkey (Republic of) 28.08.13/16.000% 12,404,143 1.849,500,000 Turkey (Republic of) 11.02.15/4.500% 5,506,352 0.82

32,000,000 Turkey (Republic of) 17.06.15/10.000% 16,691,581 2.4824,100,000 Turkey (Republic of) 15.01.20/10.500% 13,137,232 1.95

50,430,578 7.49

INDONESIA50,000,000,000 Indonesia (Republic of) 15.06.15/9.500% 4,581,957 0.6816,000,000,000 Indonesia (Republic of) 15.11.20/11.000% 1,622,187 0.2443,000,000,000 Indonesia (Republic of) 15.07.21/8.250% 3,667,121 0.5413,000,000,000 Indonesia (Republic of) 15.06.22/12.900% 1,457,454 0.22

188,000,000,000 Indonesia (Republic of) 15.07.22/10.250% 18,002,174 2.6850,000,000,000 Indonesia (Republic of) 15.08.30/10.500% 4,615,727 0.6989,100,000,000 Indonesia (Republic of) 15.07.38/10.500% 8,020,435 1.19

41,967,055 6.24

COLOMBIA6,539,000,000 Colombia (Republic of) 22.10.15/12.000% 3,400,007 0.50

49,750,000,000 Colombia (Republic of) 14.04.21/7.750% 23,068,721 3.4318,207,000,000 Colombia (Republic of) 28.06.27/9.850% 9,796,789 1.46

36,265,517 5.39

THAILAND900,000,000 Thailand (Government of) 13.06.19/3.875% 23,021,239 3.42

23,021,239 3.42

URUGUAY70,000,000 Uruguay (Republic of) 14.09.18/5.000% 4,231,370 0.6398,100,000 Uruguay (Republic of) 26.06.37/3.700% 4,637,861 0.69

8,869,231 1.32

SOUTH KOREA130,000,000 Export-Import Bank of Korea 29.10.13/5.100% 2,093,461 0.31

4,000,000,000 Korea (Republic of) 10.06.20/2.750% 2,968,447 0.44

5,061,908 0.75

LUXEMBOURG100,000,000 RSHB Capital for OJSC

Russian Agricultural Bank 25.03.13/7.500% 2,447,998 0.36

2,447,998 0.36

NETHERLANDS29,500,000 Signum Finance 08.09.15/5.500% 2,321,221 0.35

2,321,221 0.35

BAHAMAS2,865,000 Credit Suisse/Nassau 22.03.13/0.000%* 2,202,207 0.33

2,202,207 0.33

PHILIPPINES81,000,000 Philippines (Republic of) 15.01.21/4.950% 1,465,530 0.22

1,465,530 0.22

UNITED KINGDOM1,110,000 Barclays Bank 22.12.11/0.000%* 815,936 0.12

815,936 0.12

EGYPT2,590,000 Egypt (Republic of) 18.07.12/8.750% 334,475 0.05

334,475 0.05

IRELAND8,073,615 Red Arrow International

Leasing 30.06.12/8.375% 200,556 0.03

200,556 0.03

Total Bonds 491,139,429 72.98


491,139,429 72.98


Bonds

MALAYSIA10,250,000 Malaysia (Government of) 28.09.11/3.833% 2,521,942 0.3815,000,000 Malaysia (Government of) 27.02.15/3.741% 3,716,641 0.5521,000,000 Malaysia (Government of) 07.02.18/4.240% 5,274,710 0.78

124,000,000 Malaysia (Government of) 29.11.19/4.378% 31,173,315 4.63

42,686,608 6.34

UNITED STATES OF AMERICA40,000,000 US Treasury 10.03.11/0.000% 29,854,444 4.44

29,854,444 4.44

PERU30,300,000 Peru (Republic of) 12.08.20/7.840% 9,203,932 1.3725,000,000 Peru (Republic of) 12.08.31/6.950% 6,874,515 1.02

16,078,447 2.39

CHILE91,000 Banco Santander Chile 01.01.15/3.000% 3,159,989 0.47

2,048,000,000 Banco Santander Chile 22.09.20/6.500% 3,099,957 0.46

6,259,946 0.93

PHILIPPINES130,000,000 Philippines (Republic of) 18.02.20/7.750% 2,535,716 0.38

2,535,716 0.38

Total Bonds 97,415,161 14.48

Total Transferable Securities Dealt in onAnother Regulated Market

97,415,161 14.48

47

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


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Bonds

UNITED KINGDOM660,000 Deutsche Bank/London 22.12.13/0.000%* 669,796 0.10

116,400,000,000 Deutsche Bank/London 22.07.31/9.500% 10,292,012 1.53

10,961,808 1.63

UNITED STATES OF AMERICA2,060,000 Citigroup Funding 12.03.12/0.000%* 1,391,994 0.215,790,000 Citigroup Funding 13.03.13/0.000%* 4,339,961 0.64

5,731,955 0.85

Total Bonds 16,693,763 2.48



Cash 54,171,683 8.05



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


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

Total 100.00


Fixed Income SecuritiesBrazil 21.30Mexico 13.71Poland 10.49South Africa 9.74Turkey 7.37Malaysia 6.77Indonesia 5.58Hungary 3.45Colombia 2.73Israel 2.08United States of America 1.33Uruguay 1.12United Kingdom 0.89Luxembourg 0.55Bahamas 0.49Egypt 0.08Ireland 0.06Total Fixed Income Securities 87.74Cash and Other Assets/(Liabilities) 12.26

Total 100.00

48

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


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

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




AmountSold


16-Mar-11 BRL 17,920,000 USD 10,326,037 219,00816-Mar-11 CLP 2,913,094,421 USD 6,004,103 138,15516-Mar-11 EUR 18,100,744 HUF 5,084,680,000 (32,973)16-Mar-11 EUR 3,170,000 MXN 52,868,848 (3,888)16-Mar-11 EUR 9,308,000 TRY 18,741,553 349,49316-Mar-11 EUR 91,361,639 USD 121,562,820 587,33716-Mar-11 HUF 3,500,000,000 USD 16,352,001 271,71416-Mar-11 INR 92,400,000 USD 1,971,831 50,69216-Mar-11 JPY 337,973,143 MXN 50,462,582 79,44216-Mar-11 MXN 201,143,608 EUR 12,108,177 (32,876)16-Mar-11 MXN 50,662,394 JPY 339,438,042 (80,922)16-Mar-11 MXN 50,089,371 USD 4,038,000 (8,259)16-Mar-11 MYR 99,353,965 USD 31,559,630 567,43716-Mar-11 PLN 58,111,350 EUR 14,368,232 196,21116-Mar-11 RUB 1,524,623,800 USD 48,772,354 669,34516-Mar-11 THB 1,692,827,400 EUR 42,429,942 (377,435)16-Mar-11 THB 455,000,000 USD 15,062,306 55,48016-Mar-11 TRY 27,838,770 EUR 13,817,449 (510,451)16-Mar-11 TRY 27,147,653 USD 17,890,243 (382,494)16-Mar-11 TWD 246,160,000 USD 8,159,098 321,92816-Mar-11 USD 1,985,896 BRL 3,520,000 (74,705)16-Mar-11 USD 5,959,089 CLP 2,913,094,421 (171,768)16-Mar-11 USD 70,758,059 EUR 53,521,846 (684,856)16-Mar-11 USD 1,990,950 INR 92,400,000 (36,415)16-Mar-11 USD 4,038,000 TRY 6,187,427 57,68116-Mar-11 USD 8,137,653 TWD 246,164,000 (338,047)16-Mar-11 USD 4,038,000 ZAR 28,015,644 (108,891)16-Mar-11 ZAR 27,052,177 USD 4,038,000 1,44915-Apr-11 EUR 7,000,000 HUF 1,946,000,000 79,46415-Apr-11 HUF 1,946,000,000 EUR 6,977,344 (56,808)15-Jun-11 CNY 28,170,000 USD 4,275,956 21,04621-Sep-11 CNY 104,765,000 USD 15,993,855 73,55221-Sep-11 USD 16,068,807 CNY 104,765,000 (17,529)15-Nov-11 PHP 1,758,000,000 USD 40,441,684 (159,192)15-Nov-11 USD 40,000,000 PHP 1,758,000,000 (171,020)21-Dec-11 CNY 28,170,000 USD 4,326,192 16,876

Total 507,781

Schedule of Investments - Outstanding Swaptions (Expressed in EUR)

MaturityDate Counterparty

Long/Short Description Currency

NotionalAmount

MarketValue


01-Dec-16 JPMorgan Chase Long Interest Rate Swap 01/12/2016 Put Strike 1.800% USD 54,000,000 828,762 604,791

Total 828,762 604,791

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

ExpirationDate Description

PutCurrency

ContractSize

CallCurrency

ContractSize

MarketValue


06-Jan-11 Vanilla USD/PHP Strike Price 41.6 USD 47,550,000 PHP 1,978,080,000 - (266,248)07-Jan-11 One Touch USD/TRY Strike Price 1.40 TRY 1,218,000 USD 870,000 - (56,833)14-Jan-11 Vanilla AUD/USD Strike Price 0.88 AUD 24,550,000 USD 21,604,000 - (96,832)17-Jan-11 Vanilla EUR/USD Strike Price 1.3 EUR 23,850,000 USD 31,005,000 104,566 (134,650)24-Jan-11 Vanilla EUR/USD Strike Price 1.275 EUR 40,000,000 USD 51,000,000 117,964 (224,836)01-Feb-11 Knock Out AUD/USD Strike Price 0.90 AUD 53,110,215 USD 47,799,193 5,861 (107,154)11-Feb-11 Vanilla USD/CNY Strike Price 6.45 USD 82,901,811 CNY 534,716,683 38,552 (151,767)

Total 266,943 (1,038,320)

49


Shares and Warrants

CAYMAN ISLANDS152,800 3SBio ADR 2,278,248 0.38

8,102,000 Chaoda Modern Agriculture Holdings 6,087,106 1.0218,501,000 China Vanadium Titano - Magnetite Mining 8,794,586 1.477,060,000 Chinasoft International 1,762,025 0.30

528,100 CNInsure ADR 9,075,398 1.52602,395 E-House China Holdings ADR 9,047,973 1.51

37,699,500 Fantasia Holdings Group 6,498,994 1.08678,000 Fu Ji Food & Catering Services 0 0.00

12,184,000 Hopefluent Group Holdings 6,857,624 1.14254,000 IFM Investments ADS 1,191,260 0.20823,700 JA Solar Holdings ADR 5,613,516 0.94

11,358,000 Kingdee International Software Group 6,363,496 1.06232,814 Longtop Financial Technologies ADR 8,382,468 1.40

308,400 Perfect World ADR 7,208,850 1.201,859,000 Ruinian International 1,287,866 0.225,356,000 Samson Holding 1,143,811 0.19

664,532 Simcere Pharmaceutical Group ADR 7,725,184 1.2998,053 Sina 6,789,680 1.13

22,592,000 Sino Biopharmaceutical 8,399,593 1.401,807,000 Stella International Holdings 3,596,286 0.608,417,000 Tao Heung Holdings 3,004,873 0.505,124,000 Truly International Holdings 8,259,732 1.38

3,480,000 United Laboratories International Holdings 7,185,550 1.20138,423 VanceInfo Technologies ADR 4,752,754 0.79499,851 WuXi PharmaTech Cayman ADR 8,237,544 1.38

9,521,000 Yingde Gases Group 8,518,938 1.42

148,063,355 24.72

TAIWAN1,701,000 Catcher Technology 6,288,652 1.052,494,150 Chicony Electronics 5,566,802 0.933,251,000 E Ink Holdings 6,592,352 1.10

630,536 International Games System 3,439,877 0.57399,000 Largan Precision 9,932,218 1.66

1,976,000 Powertech Technology 6,596,837 1.104,824,870 Radiant Opto-Electronics 9,643,118 1.612,641,830 Realtek Semiconductor 6,304,316 1.05

727,000 Richtek Technology 6,092,632 1.021,137,357 Simplo Technology 8,292,618 1.38392,000 St Shine Optical 5,218,597 0.87

1,652,400 Taiwan Hon Chuan Enterprise 3,750,429 0.631,747,000 Tripod Technology 7,148,044 1.19

637,977 Young Fast Optoelectronics 6,090,825 1.025,116,000 Yungtay Engineering 7,697,259 1.29

98,654,576 16.47

SOUTH KOREA435,400 Daegu Bank 6,065,121 1.01442,520 Grand Korea Leisure 8,136,879 1.36

62,320 GS Home Shopping 6,075,433 1.01580,009 Infraware 4,232,378 0.71414,025 Insun ENT 1,444,149 0.24397,622 Korean Reinsurance 4,174,095 0.7044,200 MegaStudy 6,945,163 1.16

236,628 Melfas 6,112,524 1.022,147,210 ON Media 7,652,336 1.28

757,332 Youngone 7,139,992 1.19

57,978,070 9.68

BERMUDA3,270,000 Cafe de Coral Holdings 8,110,741 1.35

15,048,000 China Gas Holdings 6,562,725 1.10133,444,346 China LotSynergy Holdings 5,708,179 0.95

2,580,000 Clear Media 1,702,718 0.296,932,000 IT 5,234,828 0.87

13,862,000 Kingway Brewery Holdings 3,486,410 0.5812,682,000 Pacific Basin Shipping 8,443,137 1.41

374,000 Peace Mark Holdings 5 0.005,852,000 Trinity 6,165,864 1.03

45,414,607 7.58

BRAZIL1,618,400 Brasil Brokers Participaçoes 9,298,518 1.55

370,121 LPS Brasil Consultoria de Imoveis 8,699,949 1.45497,200 Lupatech 5,800,118 0.97502,700 Sul America 6,301,528 1.04365,219 Tegma Gestao Logistica 5,534,454 0.9382,977 Totvs 8,428,561 1.41

44,063,128 7.35

INDIA20,939 Agre Developers 0 0.00

203,069 Aurobindo Pharma 5,950,492 0.99358,417 Birla 2,881,604 0.48

1,331,492 Indiabulls Real Estate 4,111,501 0.69533,023 Pantaloon Retail India 5,119,276 0.86348,500 Piramal Healthcare 3,651,203 0.61

2,091,800 Polaris Software Lab 8,144,524 1.36881,699 United Breweries 9,911,350 1.65

62,100 United Spirits 2,034,065 0.34

41,804,015 6.98

SOUTH AFRICA415,770 African Bank Investments 2,429,656 0.40985,589 Distribution and Warehousing Network 1,237,107 0.21103,295 Massmart Holdings 2,288,449 0.38

2,620,668 Raubex Group 9,208,089 1.54576,900 Spar 8,501,038 1.42

23,664,339 3.95

TURKEY6,505,700 Anadolu Sigorta 5,734,208 0.96

73,458 BIM Birlesik Magazalar 2,531,767 0.431,787,619 Reysas Logistics 4,461,400 0.74

4,256,900 Turk Ekonomi Bankasi 6,116,038 1.02

18,843,413 3.15

UNITED KINGDOM1,640,213 International Personal Finance 9,800,826 1.64

546,629 Wellstream Holdings 6,722,466 1.12

16,523,292 2.76

UNITED STATES OF AMERICA517,069 AsiaInfo-Linkage 8,679,003 1.45251,376 CTC Media 5,872,143 0.98

14,551,146 2.43

MALAYSIA947,242 Steppe Cement 789,403 0.13

5,053,000 Top Glove 8,215,253 1.37

9,004,656 1.50

CHINA479,443 China Security & Surveillance Technology 2,505,090 0.42

2,448,000 Wumart Stores - H Shares * 6,015,206 1.00

8,520,296 1.42

ISLE OF MAN1,626,054 Lamprell 8,183,814 1.37

8,183,814 1.37

EGYPT37,697 Eastern Tobacco 795,277 0.13

6,800,900 Juhayna Food Industries 7,047,534 1.18

7,842,811 1.31

MEXICO3,427,436 Compartamos 7,346,583 1.23

7,346,583 1.23

UNITED ARAB EMIRATES6,726,700 Arabtec Holding 3,598,684 0.60

13,060,200 Drake & Scull International 3,680,182 0.61

7,278,866 1.21

50

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


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

RUSSIA728,311 Mostotrest 5,777,349 0.9627,572 Veropharm 1,373,855 0.23

7,151,204 1.19

KAZAKHSTAN372,700 Zhaikmunai Registered Shares GDR 4,528,305 0.75

4,528,305 0.75

KENYA1,576,035 East African Breweries 3,974,264 0.66

3,974,264 0.66

POLAND420,673 Eurocash 3,710,381 0.62

3,710,381 0.62

NIGERIA6,302,939 Nigerian Breweries 3,173,632 0.53

3,173,632 0.53

GERMANY145,244 KHD Humboldt Wedag International 1,347,919 0.23

1,347,919 0.23

PHILIPPINES1,246,800 Megaworld - Warrants 15.06.15 40,736 0.01

40,736 0.01

Total Shares and Warrants 581,663,408 97.10


581,663,408 97.10


Investment Funds



13,709,989 2.29



13,709,989 2.29


Cash 2,896,940 0.48

Other Assets/(Liabilities) 730,770 0.13




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

Total 100.00


Shares and WarrantsInformation Technology 20.94Consumer Discretionary 18.55Financials 13.81Consumer Staples 11.36Health Care 9.29Industrials 7.98Materials 6.50Energy 5.91Investment Companies 2.99Utilities 1.48Total Shares and Warrants 98.81Cash and Other Assets/(Liabilities) 1.19

Total 100.00

51

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


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Emerging Markets Small Cap FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)




AmountSold


04-Jan-11 GBP 50,890 USD 78,750 22

Total 22

52


Shares

TURKEY1,054,150 Arcelik 5,293,514 1.20304,290 BIM Birlesik Magazalar 10,518,630 2.38593,971 Ford Otomotiv Sanayi 5,025,378 1.13

2,217,841 KOC Holding 10,822,572 2.451,579,297 TAV Havalimanlari Holding 7,706,619 1.74909,364 Tekfen Holding 3,863,024 0.87390,991 Tofas Turk Otomobil Fabrikasi 2,039,011 0.46553,374 Tupras Turkiye Petrol Rafine 14,072,458 3.18

2,373,067 Turk Ekonomi Bankasi 3,480,131 0.792,898,883 Turk Hava Yollari 10,146,932 2.29

732,035 Turk Telekomunikasyon 3,156,910 0.71857,060 Turkcell Iletisim Hizmet 5,952,957 1.34

7,372,358 Turkiye Garanti Bankasi 37,971,469 8.591,905,972 Turkiye Halk Bankasi 16,125,754 3.654,125,564 Turkiye Is Bankasi - C Shares 14,759,802 3.34

664,715 Turkiye Vakiflar Bankasi Tao - D Shares 1,686,104 0.383,896,590 Yapi ve Kredi Bankasi 12,370,725 2.80

164,991,990 37.30

EGYPT2,473,488 Commercial International Bank 19,896,559 4.50

132,083 Eastern Tobacco 2,786,257 0.631,408,958 Egyptian Financial Group-Hermes 8,155,209 1.84

348,779 ElSwedy Electric 3,220,423 0.73562,023 Ghabbour Auto 4,110,852 0.93

6,324,800 Juhayna Food Industries 6,553,604 1.48983,412 National Societe Generale Bank 8,330,626 1.88315,289 Orascom Construction Industries 15,187,914 3.44124,900 Six of October Development & Investment 2,262,508 0.51

4,616,234 Talaat Moustafa Group 6,850,794 1.55

77,354,746 17.49

QATAR399,153 Commercial Bank of Qatar 10,063,233 2.27

260,000 Doha Bank 4,644,897 1.05225,544 Industries Qatar 8,554,220 1.93157,289 Qatar Electricity & Water 5,516,260 1.25348,255 Qatar National Bank 17,679,594 4.00189,808 Qatar Telecom Q-Tel 9,270,942 2.10

55,729,146 12.60

KUWAIT993,245 Kuwait Projects Holding 1,525,925 0.35

5,100,000 Mobile Telecommunications 27,355,073 6.185,247,250 National Bank of Kuwait 26,653,764 6.03

55,534,762 12.56

UNITED ARAB EMIRATES4,372,511 Aldar Properties 2,708,266 0.61

2,229,768 Aramex 1,259,670 0.281,943,700 Depa 1,360,590 0.31

14,427,612 DP World 9,067,754 2.0512,640,920 Drake & Scull International 3,562,034 0.8111,890,721 Emaar Properties 11,411,596 2.583,055,200 Emirates 2,283,290 0.513,140,019 National Bank of Abu Dhabi 9,895,377 2.241,252,086 Union National Bank 1,063,574 0.24

42,612,151 9.63

OMAN4,834,202 Bank Muscat 12,079,541 2.731,346,300 Omani Qatari Telecommunications 2,776,597 0.63

14,856,138 3.36

MOROCCO82,478 Attijariwafa Bank 3,922,201 0.886,060 Brasseries Maroc 1,624,568 0.37

301,420 Maroc Telecom 5,467,794 1.24

11,014,563 2.49


7,300,263 1.65

AUSTRALIA1,899,153 Centamin Egypt 5,186,478 1.17

5,186,478 1.17

JERSEY159,400 Petrofac 3,961,193 0.90

3,961,193 0.90

UNITED KINGDOM183,600 Hikma Pharmaceuticals 2,295,486 0.52

2,295,486 0.52

JORDAN56,883 Dar Al Dawa Development & Investment 304,687 0.07

304,687 0.07

Total Shares 441,141,603 99.74


441,141,603 99.74


Bank Overdraft (2,472) 0.00




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

Total 100.00


SharesFinancials 61.17Telecommunication Services 12.43Industrials 9.86Energy 5.50Consumer Staples 5.21Consumer Discretionary 2.54Materials 1.44Utilities 1.30Health Care 0.97Total Shares 100.42Cash and Other Assets/(Liabilities) (0.42)

Total 100.00

53

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

UNITED KINGDOM1,225,000 Crédit Suisse/London 04.04.11/5.125% 1,236,948 0.96

1,000,000 HSBC Bank 04.02.11/1.297%* 1,000,266 0.772,000,000 HSBC Bank 04.05.11/1.047%* 2,000,000 1.54

4,237,214 3.27

FRANCE1,000,000 BNP Paribas 24.03.11/1.071%* 1,000,000 0.772,750,000 Société Financement de

l’Economie Francaise 10.02.11/2.250% 2,754,555 2.13

3,754,555 2.90

NETHERLANDS1,500,000 Rabobank Nederland 18.03.11/0.954%* 1,500,000 1.16

1,500,000 1.16

BELGIUM1,500,000 Belgium Treasury Bill 17.02.11/0.000% 1,498,531 1.16

1,498,531 1.16

CANADA1,000,000 RBC 25.07.11/5.750% 1,025,590 0.79

1,025,590 0.79

SWEDEN1,000,000 Nordea Hypotek 20.04.11/4.250% 1,009,341 0.77

1,009,341 0.77

Total Bonds 13,025,231 10.05


13,025,231 10.05


Bonds

FRANCE2,000,000 BNP Paribas 15.03.11/1.045% 2,000,000 1.54

2,000,000 1.54

Total Bonds 2,000,000 1.54

Commercial Papers

FRANCE2,000,000 ACOSS 17.01.11/0.000% 1,999,379 1.541,000,000 ACOSS 23.02.11/0.000% 998,968 0.771,000,000 Caisse Fédérale du Crédit Mutuel 04.01.11/0.000% 999,974 0.772,000,000 Natixis 10.01.11/0.000% 1,999,639 1.553,000,000 Société Générale 01.02.11/0.000% 2,998,190 2.311,000,000 Unedic 06.01.11/0.000% 999,938 0.772,000,000 Unedic 07.03.11/0.000% 1,997,122 1.54

11,993,210 9.25

NETHERLANDS2,000,000 Bank Nederlandse Gemeenten 20.01.11/0.000% 1,999,274 1.532,000,000 Bank Nederlandse Gemeenten 24.01.11/0.000% 1,999,069 1.542,000,000 Energie Beheer Nederland 10.01.11/0.000% 1,999,689 1.552,000,000 Toyota Motor Finance 17.01.11/0.000% 1,999,456 1.542,300,000 Unilever Finance International 01.03.11/0.000% 2,297,129 1.77

10,294,617 7.93

SWEDEN1,000,000 Nordea Bank 19.01.11/0.000% 999,645 0.772,000,000 Nordea Bank 09.06.11/0.000% 1,992,877 1.542,000,000 Stadshypotek 17.02.11/0.000% 1,997,842 1.541,500,000 Svenska Handelsbanken 24.01.11/0.000% 1,499,349 1.162,000,000 Svenska Handelsbanken 07.02.11/0.000% 1,998,273 1.54

8,487,986 6.55

UNITED KINGDOM2,000,000 Barclays Bank 03.06.11/0.000% 1,990,823 1.531,000,000 BNZ International Funding 25.01.11/0.000% 999,512 0.772,000,000 Cancara Asset Securitisation 10.01.11/0.000% 1,999,681 1.542,000,000 RBS 10.01.11/0.000% 1,999,724 1.551,000,000 Rhein Main Securitisation 22.02.11/0.000% 998,546 0.77

7,988,286 6.16

IRELAND1,000,000 GE Capital European Funding 14.01.11/0.000% 999,762 0.772,000,000 Matchpoint Finance 17.01.11/0.000% 1,999,278 1.541,000,000 Matchpoint Finance 11.05.11/0.000% 995,759 0.773,000,000 Regency Assets 11.01.11/0.000% 2,999,494 2.32

6,994,293 5.40

UNITED STATES OF AMERICA1,000,000 General Electric Capital 26.01.11/0.000% 999,458 0.773,000,000 Paccar 16.02.11/0.000% 2,996,744 2.312,000,000 Sheffield Receivables 18.01.11/0.000% 1,999,334 1.55

5,995,536 4.63

AUSTRALIA3,000,000 Bank of Western Australia 16.02.11/0.000% 2,997,696 2.312,000,000 Bank of Western Australia 24.06.11/0.000% 1,992,197 1.541,000,000 Macquarie Group 10.01.11/0.000% 999,860 0.77

5,989,753 4.62

DENMARK2,000,000 Danske Bank 21.01.11/0.000% 1,999,380 1.542,000,000 Nykredit Bank 04.01.11/0.000% 1,999,959 1.55

3,999,339 3.09

CHANNEL ISLANDS1,500,000 Argento Variable Funding 06.01.11/0.000% 1,499,896 1.16

1,499,896 1.16

SWITZERLAND1,500,000 Mont Blanc Capital 18.01.11/0.000% 1,499,414 1.16

1,499,414 1.16

SPAIN1,500,000 Instituto de Credito Oficial 21.02.11/0.000% 1,497,862 1.16

1,497,862 1.16

GERMANY1,000,000 Landeskreditbank

Baden-Wuerttemberg -Foerderbank 24.01.11/0.000% 999,534 0.77

999,534 0.77

FINLAND1,000,000 Pohjola Bank 23.02.11/0.000% 998,728 0.77

998,728 0.77

Total Commercial Papers 68,238,454 52.65

Certificates of Deposit

JAPAN1,000,000 Bank of Tokyo-Mitsubishi 21.04.11/0.000% 996,865 0.772,000,000 Bank of Tokyo-Mitsubishi 29.04.11/0.000% 1,992,377 1.542,000,000 Mitsubishi Trust & Banking 31.01.11/0.000% 1,998,534 1.542,000,000 Mizuho Corporate Bank 23.02.11/0.830% 2,000,028 1.541,000,000 Sumitomo Trust & Banking 25.01.11/0.950% 1,000,000 0.771,000,000 Sumitomo Trust & Banking 09.03.11/0.800% 1,000,000 0.77

8,987,804 6.93

FRANCE2,000,000 BPCE 21.01.11/0.000% 1,999,191 1.541,000,000 BPCE 22.02.11/0.000% 998,739 0.771,000,000 Crédit Agricole 15.02.11/0.000% 998,928 0.773,000,000 Crédit Agricole 21.03.11/0.000% 2,994,653 2.312,000,000 HSBC France 09.06.11/0.000% 1,992,704 1.54

8,984,215 6.93

54

JPMorgan Funds - Euro Money Market FundSchedule of Investments (Market Value Expressed in EUR)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

UNITED KINGDOM1,000,000 Barclays Bank 24.01.11/0.000% 999,576 0.772,000,000 Barclays Bank 14.02.11/0.000% 1,997,679 1.541,000,000 HSBC Bank 07.03.11/0.850% 1,000,000 0.772,000,000 Lloyds TSB Bank 18.02.11/0.000% 1,998,035 1.542,000,000 RBS 06.01.11/0.000% 1,999,867 1.55

7,995,157 6.17

NETHERLANDS1,500,000 ING Bank 05.01.11/0.000% 1,499,925 1.162,500,000 Rabobank Nederland 06.09.11/0.000% 2,483,423 1.922,000,000 Rabobank Nederland 17.11.11/0.763% 2,000,000 1.54

5,983,348 4.62

BELGIUM2,000,000 ENI Coordination Center 19.01.11/0.000% 1,999,431 1.54

1,999,431 1.54

SWEDEN500,000 Svenska Handelsbanken 14.03.11/0.850% 500,005 0.39

500,005 0.39

Total Certificates of Deposit 34,449,960 26.58


104,688,414 80.77


Cash Equivalents

Time Deposits

FRANCE9,500,000 Société Générale 04.01.11/0.450% 9,500,000 7.33

9,500,000 7.33

UNITED KINGDOM2,200,000 Citibank/London 04.01.11/0.300% 2,200,000 1.69

2,200,000 1.69

Total Time Deposits 11,700,000 9.02

Total Cash Equivalents 11,700,000 9.02

Total Investments plus Total Cash Equivalents 129,413,645 99.84

Cash 111,420 0.09





Fixed Income SecuritiesFrance 20.62United Kingdom 15.60Netherlands 13.71Sweden 7.71Japan 6.93Ireland 5.40United States of America 4.63Australia 4.62Denmark 3.09Belgium 2.70Channel Islands 1.16Switzerland 1.16Spain 1.16Canada 0.79Germany 0.77Finland 0.77Total Fixed Income Securities 90.82Cash Equivalents, Cash and Other Assets/(Liabilities) 9.18

Total 100.00


Fixed Income SecuritiesUnited Kingdom 15.17France 14.20Ireland 11.09Sweden 7.79Netherlands 6.59Belgium 4.67Denmark 3.89Germany 3.69International Agencies 3.00Japan 3.00Spain 2.39Switzerland 1.20Finland 1.20Australia 1.20Channel Islands 0.60Total Fixed Income Securities 79.68Cash Equivalents, Cash and Other Assets/(Liabilities) 20.32

Total 100.00

55

JPMorgan Funds - Euro Money Market FundSchedule of Investments (Market Value Expressed in EUR) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

FRANCE55,446 ABC Arbitrage 401,706 0.0791,119 Air France-KLM 1,240,813 0.22

38,702 Alten 943,942 0.17126,509 Arkema 6,723,953 1.2129,007 Assystem 390,144 0.0718,117 Atos Origin 734,508 0.13

365,826 BNP Paribas 17,789,204 3.21109,194 Bureau Veritas 6,090,295 1.1047,595 Cap Gemini 1,698,309 0.3052,278 Casino Guichard Perrachon 3,840,080 0.6970,896 Christian Dior 7,592,962 1.37

497,601 Crédit Agricole 4,808,070 0.8711,925 Etam Developpement 435,501 0.084,932 Euler Hermès 346,424 0.063,087 Eurofins Scientific 165,818 0.03

292,192 France Télécom 4,606,407 0.832,172 Hermes International 339,809 0.06

41,408 ICADE 3,140,383 0.5757,719 IPSOS 2,051,766 0.3738,253 Lectra 160,471 0.035,400 LeGuide.com 150,714 0.036,640 LVL Medical Groupe 94,919 0.02

51,085 LVMH Moet Hennessy Louis Vuitton 6,320,492 1.1411,232 Manitou BF 196,139 0.048,012 NRJ Group 65,859 0.016,334 Parrot 152,523 0.03

142,592 Peugeot 4,083,835 0.7429,063 Plastic Omnium 1,517,234 0.2713,519 PPR 1,623,294 0.29

96,943 Publicis Groupe 3,773,991 0.6839,840 Rallye 1,279,561 0.23

146,039 Renault 6,366,935 1.1586,394 Rexel 1,401,527 0.2547,411 Rhodia 1,181,601 0.21

23,994 Rubis 2,083,999 0.38264,272 Sanofi-Aventis 12,865,422 2.32349,243 SCOR 6,733,405 1.2130,669 SEB 2,382,828 0.4375,271 Sequana 878,413 0.1612,824 Société BIC 841,383 0.15

194,200 Société Générale 7,981,620 1.446,092 Sodexho 320,348 0.06

13,385 SOITEC 108,211 0.028,587 Sopra Group 493,452 0.09

557,083 Total 22,369,668 4.0414,460 UBISOFT Entertainment 116,273 0.02

106,400 Valeo 4,493,538 0.8227,477 Vallourec 2,195,824 0.407,056 Virbac 898,123 0.16

36,003 Vivendi 739,862 0.1381,088 Zodiac Aerospace 4,554,308 0.82

161,765,866 29.18

GERMANY102,287 Aareal Bank 2,327,796 0.42193,191 Allianz Registered Shares 17,151,497 3.09

3,245 Amadeus Fire 93,067 0.0246,466 Axel Springer 5,671,175 1.02

341,300 BASF 20,442,163 3.6946,062 Bayer Registered Shares 2,532,489 0.46

134,454 Bayerische Motoren Werke 7,924,719 1.4339,198 Bechtle 1,146,346 0.2147,885 Bertrandt 2,658,815 0.4817,952 Brenntag 1,368,391 0.25

43,038 Cancom IT Systeme 400,038 0.0727,362 CENTROTEC Sustainable 437,108 0.083,403 CTS Eventim 157,057 0.03

257,955 Daimler Registered Shares 13,119,591 2.3718,624 Delticom 1,242,873 0.23

3,223 Demag Cranes 116,544 0.02381,801 Deutsche Bank Registered Shares 14,881,648 2.68340,311 Deutsche Lufthansa Registered Shares 5,581,951 1.01188,124 Deutsche Post Registered Shares 2,384,001 0.43

383,440 Deutsche Telekom Registered Shares 3,690,610 0.6724,939 Deutz 157,889 0.0330,526 Draegerwerk & Co. KGaA Preference Shares 1,889,407 0.3395,756 Drillisch 588,038 0.11

145,834 E.ON 3,329,390 0.6031,456 Fuchs Petrolub Preference Shares 3,471,956 0.634,737 Gerry Weber International 174,511 0.033,617 GFK 135,095 0.02

7,980 Gildemeister 132,308 0.0233,711 Grammer 611,518 0.11

164,973 Hannover Rueckversicherung Registered Shares 6,611,705 1.2011,793 Henkel & Co. KGaA Non Voting Preference Shares 545,868 0.10

18,390 Indus Holding 402,971 0.0758,246 Jungheinrich Preference Shares 1,698,308 0.3148,418 Kabel Deutschland Holding 1,680,952 0.3025,507 KUKA 423,161 0.0895,645 Lanxess 5,611,970 1.01

4,142 Leoni 136,199 0.0278,334 LPKF Laser & Electronics 960,767 0.1763,180 Muenchener Rueckversicherungs Registered Shares 7,197,781 1.30

2,037 Pfeiffer Vacuum Technology 177,861 0.03196,925 ProSiebenSat.1 Media Preference Shares 4,440,659 0.80106,847 RWE 5,345,555 0.96110,227 Siemens Registered Shares 10,256,071 1.8524,027 Sixt 912,305 0.166,905 Stroer Out-of-Home Media 182,724 0.03

66,987 Suss Microtec 610,151 0.113,272 Wacker Chemie 429,614 0.08

161,442,613 29.12

SPAIN996,665 BBVA 7,572,661 1.37

2,144,006 BSCH 17,133,824 3.0931,836 Codere 276,018 0.05

466,887 Criteria Caixacorp 1,871,050 0.33215,889 Duro Felguera 1,134,497 0.20206,275 Endesa 3,994,000 0.72

87,535 Inditex 4,946,165 0.8920,231 Pescanova 498,795 0.0915,295 Prosegur Compañia de Seguridad Registered Shares 641,013 0.12

314,212 Repsol YPF 6,600,023 1.191,082,050 Telefonica 18,386,735 3.32

100,026 Viscofan 2,820,733 0.51

65,875,514 11.88

ITALY82,330 Autostrada Torino-Milano 830,710 0.15

190,780 Banca Generali 1,728,467 0.3175,178 Brembo 579,059 0.1023,585 Carraro 91,451 0.02

176,809 Danieli & Co. 4,223,083 0.76196,491 De’Longhi 1,130,314 0.2092,080 DiaSorin 2,917,094 0.53

3,686,207 Enel 13,878,569 2.50280,217 ENI 4,582,949 0.82153,721 Esprinet 855,073 0.15

158,995 Gruppo Coin 1,230,224 0.22124,390 Indesit 1,008,492 0.18

22,874 Interpump Group 129,638 0.022,054,140 Intesa Sanpaolo 4,182,743 0.75

156,015 Iren 195,955 0.04425,779 Maire Tecnimont 1,411,990 0.2534,965 Marcolin 150,393 0.03

133,100 MARR 1,146,656 0.21219,376 Prysmian 2,802,528 0.51194,036 Recordati 1,367,469 0.25437,626 Snam Rete Gas 1,640,550 0.30

81,821 Sorin 140,118 0.031,622,716 UniCredit 2,543,607 0.46

21,160 Yoox 203,718 0.04

48,970,850 8.83

NETHERLANDS124,823 Aegon 574,747 0.11

22,776 AMG Advanced Metallurgical Group 205,485 0.0424,724 Arcadis 428,158 0.086,647 Fugro - CVA 410,286 0.07

56,637 Heijmans - CVA 850,688 0.1537,858 Imtech 1,053,020 0.19

1,276,277 ING Groep - CVA 9,258,751 1.67404,376 Koninklijke Ahold 4,017,880 0.72

26,822 Koninklijke DSM 1,141,410 0.2197,065 Koninklijke KPN 1,068,443 0.19110,621 Koninklijke Philips Electronics 2,541,794 0.46

6,783 Koninklijke Ten Cate 189,805 0.0378,967 Mediq 1,104,946 0.2078,986 Nutreco 4,457,970 0.80

338,644 Royal Dutch Shell - A Shares 8,480,492 1.53210,544 Unilever - CVA 4,969,365 0.90

5,422 Unit 4 130,277 0.02

40,883,517 7.37

56

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

BELGIUM132,363 Anheuser-Busch InBev 5,723,045 1.03

186 Banque Nationale de Belgique 648,290 0.122,349 Barco 112,799 0.02

48,591 Bekaert 4,186,115 0.7678,051 Belgacom 1,987,374 0.365,284 Colruyt 204,055 0.04

24,806 Compagnie d’Entreprises CFE 1,336,795 0.2484,080 D’ieteren 3,905,516 0.70

8,459 Kinepolis Group 427,814 0.0828,396 Melexis 379,371 0.0712,130 Mobistar 580,754 0.10

57,804 Nyrstar 645,382 0.1290,367 Recticel 715,707 0.13

7,875 Sipef 559,164 0.104,288 Tessenderlo Chemie 116,612 0.02

63,794 Umicore 2,523,212 0.45

24,052,005 4.34

FINLAND57,180 Cargotec - B Shares 2,210,293 0.4019,226 Fortum 435,469 0.0871,885 Kone - B Shares 3,018,451 0.54

118,750 Metso 4,970,281 0.896,124 PKC Group 94,095 0.02

376,111 Stora Enso - R Shares 2,916,741 0.53205,851 UPM-Kymmene 2,741,935 0.4952,109 Wartsila 2,994,965 0.54

40,454 YIT 751,029 0.14

20,133,259 3.63

GREECE27,331 Coca Cola Hellenic Bottling 534,594 0.10

54,303 Folli - Follie 988,586 0.1811,441 Frigoglass 117,156 0.02

168,272 Mytilineos Holdings Registered Shares 729,459 0.13180,051 OPAP 2,330,760 0.42339,095 Public Power 3,692,745 0.66

8,393,300 1.51

PORTUGAL1,149,178 EDP - Energias de Portugal 2,877,542 0.52342,956 Portucel Empresa Produtora de Pasta e Papel 788,113 0.15232,311 Portugal Telecom SGPS Registered Shares 2,005,076 0.36114,914 Semapa-Sociedade de Investimento e Gestao 970,047 0.17492,710 Sonae.com SGPS 667,129 0.12

7,307,907 1.32

AUSTRIA15,600 Flughafen Wien 802,230 0.1425,270 Immofinanz 0 0.0064,653 OMV 2,029,619 0.37

1,964 Palfinger 56,141 0.0124,967 RHI 729,099 0.133,004 Schoeller-Bleckmann Oilfield Equipment 193,322 0.037,036 Voestalpine 254,721 0.05

4,065,132 0.73

IRELAND93,074 C&C Group 315,055 0.06

137,848 Glanbia 490,877 0.0961,662 Kerry Group - A Shares 1,569,144 0.28

48,660 Smurfit Kappa Group 349,987 0.06222,741 United Drug 477,779 0.09

3,202,842 0.58

UNITED KINGDOM21,800 Abcam 81,071 0.0118,000 Anglo Pacific Group 73,529 0.0158,800 Ashtead Group 118,627 0.02

4,330 Aveva Group 80,412 0.0121,400 BTG 57,897 0.0130,900 Cape 145,526 0.03

8,135 Computacenter 36,672 0.0187,400 Cove Energy 99,540 0.0214,500 Domino’s Pizza UK & IRL 93,776 0.0250,375 DS Smith 120,598 0.0228,300 Electrocomponents 87,911 0.02

93,700 Elementis 149,074 0.0339,182 Fenner 159,873 0.033,500 Go-Ahead Group 53,284 0.014,071 Hunting 34,277 0.01

17,200 Hyder Consulting 76,957 0.0111,870 Imagination Technologies Group 49,909 0.014,900 Immunodiagnostic Systems Holdings 52,560 0.01

40,500 International Personal Finance 178,335 0.0340,490 ITE Group 118,343 0.02

3,000 Kier Group 47,380 0.015,238 Micro Focus International 23,594 0.00

42,877 Nautical Petroleum 197,323 0.0430,974 Premier Farnell 103,273 0.0210,570 Renishaw 154,162 0.039,300 Restaurant Group 29,776 0.016,400 RPC Group 23,429 0.007,800 Salamander Energy 24,402 0.00

57,570 Senior 101,026 0.029,000 Shaftesbury 45,519 0.01

52,500 Spirent Communications 90,054 0.023,300 SuperGroup 49,165 0.012,980 Victrex 51,324 0.01

11,400 WH Smith 64,202 0.0127,800 Yule Catto & Co. 99,184 0.01

2,971,984 0.54

SWEDEN10,961 Betsson 142,910 0.0311,193 Bilia - A Shares 161,821 0.03

15,009 Haldex 174,803 0.039,089 Hexpol 152,776 0.034,943 Hoganas - B Shares 146,501 0.035,831 Indutrade 151,562 0.03

12,640 Loomis - B Shares 142,464 0.025,542 Mekonomen 137,110 0.02

36,694 Proffice - B Shares 144,801 0.0218,950 Rezidor Hotel Group 86,382 0.027,760 Wihlborgs Fastigheter 167,581 0.03

1,608,711 0.29

SWITZERLAND1,049 Bucher Industries Registered Shares 145,222 0.032,792 Charles Voegele Holding - Bearer Shares 121,060 0.025,325 Gategroup Holding 218,216 0.04

392 Kaba Holding Registered - B Shares 125,321 0.023,096 U-Blox Holding 124,210 0.02

734,029 0.13

LUXEMBOURG10,200 AZ Electronic Materials 35,858 0.017,306 RTL Group 556,863 0.10

592,721 0.11

DENMARK1,342 Rockwool International - B Shares 126,564 0.023,387 Royal UNIBREW 150,171 0.03

276,735 0.05

JERSEY22,000 Highland Gold Mining 47,491 0.0129,500 Kentz 108,506 0.02

155,997 0.03

NORWAY19,597 Atea 145,145 0.03

145,145 0.03

ISLE OF MAN26,100 Lamprell 97,638 0.02

97,638 0.02

Total Shares 552,675,765 99.69


552,675,765 99.69

57

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Investment Funds



2,033,878 0.37



2,033,878 0.37


Cash 172,602 0.03




SharesFinancials 25.70Consumer Discretionary 16.85Industrials 13.62Materials 9.57Energy 9.04Utilities 6.76Telecommunication Services 6.06Consumer Staples 5.69Health Care 4.02Information Technology 2.38Investment Companies 0.37Total Shares 100.06Cash and Other Assets/(Liabilities) (0.06)

Total 100.00


SharesFinancials 25.35Consumer Discretionary 12.31Industrials 12.00Materials 9.00Energy 8.61Consumer Staples 7.79Utilities 7.20Telecommunication Services 5.88Health Care 5.15Information Technology 4.65Investment Companies 1.84Total Shares 99.78Cash and Other Assets/(Liabilities) 0.22

Total 100.00

58

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED KINGDOM151,901 Antofagasta 2,852,926 1.01351,598 ARM Holdings 1,732,865 0.6168,399 AstraZeneca 2,324,274 0.82

1,122,137 Blinkx 1,092,919 0.39621,720 BowLeven 2,736,642 0.97

1,101,330 BP 5,969,079 2.111,556,217 British Airways 4,940,719 1.741,541,300 BT Group 3,242,523 1.15

198,901 Burberry Group 2,599,924 0.92536,263 Carphone Warehouse Group 2,464,944 0.87635,472 Centrica 2,458,706 0.8775,903 Croda International 1,424,688 0.5051,594 Dialog Semiconductor 878,388 0.31

1,161,400 GKN 2,997,067 1.06161,845 IMI 1,779,583 0.63

4,148,369 ITV 3,381,837 1.191,088,071 Legal & General Group 1,229,931 0.431,568,359 Old Mutual 2,248,878 0.79

56,908 Premier Oil 1,287,874 0.45157,046 Rio Tinto 8,202,142 2.90

56,131 Sainsbury (J) 246,747 0.091,549,170 Senior 2,705,991 0.963,378,087 Vodafone Group 6,517,403 2.30

234,327 Weir Group 4,847,922 1.71184,454 Xstrata 3,230,505 1.14

73,394,477 25.92

GERMANY195,334 Aixtron 5,372,662 1.9053,456 Allianz Registered Shares 4,745,824 1.6831,170 Asian Bamboo - Bearer Shares 1,226,306 0.4314,320 Axel Springer 1,747,756 0.6285,637 BASF 5,129,228 1.8139,999 Bayerische Motoren Werke 2,357,541 0.83111,084 Daimler Registered Shares 5,649,732 2.0035,406 Demag Cranes 1,280,281 0.4562,117 Deutsche Bank Registered Shares 2,421,165 0.86

233,878 Deutsche Lufthansa Registered Shares 3,836,184 1.35122,751 Henkel & Co. KGaA 4,764,273 1.68

462,295 Infineon Technologies 3,238,145 1.1465,195 Lanxess 3,825,317 1.3564,593 Leoni 2,123,979 0.7588,445 MTU Aero Engines Holding Registered Shares 4,453,206 1.57

108,965 ProSiebenSat.1 Media Preference Shares 2,457,161 0.8712,278 Volkswagen Preference Shares 1,494,233 0.53

56,122,993 19.82

FRANCE269,211 Air France-KLM 3,664,635 1.3035,760 Arkema 1,925,140 0.6854,965 Atos Origin 2,190,080 0.77311,573 AXA 3,883,757 1.37103,857 BNP Paribas 4,952,421 1.7523,593 Christian Dior 2,516,783 0.8978,797 France Télécom 1,228,642 0.4356,992 IPSOS 2,023,074 0.7126,663 LVMH 3,284,882 1.1671,485 Rhodia 1,767,288 0.62

161,306 Safran 4,279,448 1.5134,912 Sanofi-Aventis 1,671,848 0.5926,829 SEB 2,082,333 0.7429,723 Société Générale 1,198,431 0.4316,038 Sopra Group 932,289 0.3351,514 Valeo 2,186,769 0.77

38,064 Zodiac Aerospace 2,135,961 0.76

41,923,781 14.81

SWITZERLAND271,902 Clariant Registered Shares 4,124,770 1.46114,127 Compagnie Financiere Richemont - Bearer A Shares 5,027,204 1.77

5,578 Forbo Holding Registered Shares 2,632,331 0.936,519 Georg Fischer Registered Shares 2,748,930 0.97

35,090 Novartis Registered Shares 1,544,282 0.5517,044 Swatch Group - Bearer Shares 5,685,558 2.0117,123 Swiss Life Holding Registered Shares 1,853,938 0.6591,810 UBS Registered Shares 1,128,542 0.40

24,745,555 8.74

SWEDEN107,047 Atlas Copco - A Shares 2,023,958 0.71489,470 Nordea Bank 3,993,475 1.41

315,172 Swedbank - A Shares 3,293,696 1.17242,219 Tele2 - B Shares 3,768,963 1.33274,265 Volvo - B Shares 3,621,506 1.28

16,701,598 5.90

SPAIN185,367 Antena 3 de Television 1,285,520 0.45507,453 BSCH 4,024,102 1.4259,039 Repsol YPF 1,231,701 0.44257,971 Telefonica 4,378,413 1.55

10,919,736 3.86

NORWAY3,396,491 Marine Harvest 2,680,845 0.94

376,837 Morpol 1,034,878 0.37618,651 Statoil Fuel & Retail 4,219,658 1.4964,489 Yara International 2,784,490 0.98

10,719,871 3.78

NETHERLANDS97,021 ASML Holding 2,801,481 0.9976,679 Draka Holding 1,473,770 0.52

508,682 STMicroelectronics 3,935,673 1.39

8,210,924 2.90

FINLAND86,188 Nokia 666,880 0.2466,280 Sampo - A Shares 1,330,571 0.46

204,292 Stora Enso - R Shares 1,571,516 0.56223,610 UPM-Kymmene 2,955,006 1.04

6,523,973 2.30

JERSEY143,205 Wolseley 3,410,715 1.21288,931 WPP 2,662,875 0.94

6,073,590 2.15

LIBERIA116,591 Royal Caribbean Cruises 4,121,351 1.46

4,121,351 1.46

BELGIUM33,699 Bekaert 2,904,011 1.0324,040 D’Ieteren 1,126,514 0.39

4,030,525 1.42

ITALY53,723 Tod’s 3,956,968 1.40

3,956,968 1.40

AUSTRIA35,687 Andritz 2,457,228 0.87

2,457,228 0.87

59

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

GUERNSEY913,984 Chariot Oil & Gas 1,982,325 0.69

1,982,325 0.69

DENMARK40,190 Pandora 1,810,373 0.64

1,810,373 0.64

BERMUDA272,077 Lancashire Holdings 1,746,579 0.62

1,746,579 0.62

UNITED STATES OF AMERICA23,354 Autoliv SDR 1,385,154 0.49

1,385,154 0.49

AUSTRALIA590,785 Centamin Egypt 1,207,143 0.43

1,207,143 0.43

Total Shares 278,034,144 98.20


278,034,144 98.20


Investment Funds



4,236,562 1.49



4,236,562 1.49


Cash 578,063 0.20




SharesConsumer Discretionary 26.50Industrials 16.29Materials 15.41Financials 14.60Information Technology 8.07Telecommunication Services 6.76Energy 4.66Consumer Staples 3.08Health Care 1.96Investment Companies 1.49Utilities 0.87Total Shares 99.69Cash and Other Assets/(Liabilities) 0.31

Total 100.00


SharesIndustrials 17.64Materials 15.44Consumer Discretionary 12.94Energy 12.24Financials 12.01Information Technology 7.98Health Care 7.65Consumer Staples 6.44Telecommunication Services 5.11Utilities 2.64Total Shares 100.09Cash and Other Assets/(Liabilities) (0.09)

Total 100.00

60

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Europe Dynamic FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)


ExpirationDate


NotionalValue


Equity Futures

Mar-11 92 DJ Euro Stoxx 50 Index Future EUR 2,570,480 (50,610)Mar-11 19 FTSE 100 Index Future GBP 1,302,164 4,597

Total (46,013)

61


Shares

UNITED KINGDOM44,154 Anglo American 1,717,092 2.1845,786 Antofagasta 859,929 1.0975,461 AstraZeneca 2,564,248 3.25

593,222 BP 3,215,193 4.08510,519 British Airways 1,620,809 2.06385,883 BT Group 811,805 1.03207,507 HSBC Holdings 1,572,429 1.99358,634 Legal & General Group 405,392 0.51

68,345 Rio Tinto 3,569,498 4.531,412,387 Vodafone Group 2,724,943 3.46

59,668 Xstrata 1,045,018 1.33

20,106,356 25.51

GERMANY22,969 Allianz Registered Shares 2,039,188 2.5956,361 BASF 3,375,742 4.2817,696 Bayer Registered Shares 972,926 1.2312,374 Bayerische Motoren Werke 729,324 0.9344,516 Daimler Registered Shares 2,264,084 2.8727,487 Deutsche Bank Registered Shares 1,071,375 1.3657,083 Deutsche Lufthansa Registered Shares 936,304 1.1860,727 E.ON 1,386,397 1.7635,872 Henkel & Co. KGaA 1,392,282 1.77

168,082 Infineon Technologies 1,177,330 1.4915,846 Lanxess 929,764 1.1816,177 Siemens Registered Shares 1,505,189 1.912,893 Volkswagen Preference Shares 352,078 0.45

18,131,983 23.00

FRANCE57,847 Air France-KLM 787,442 1.0080,557 AXA 1,004,143 1.2867,472 BNP Paribas 3,217,402 4.0824,906 France Télécom 388,347 0.49

7,991 LVMH 984,491 1.2546,044 Safran 1,221,547 1.5534,445 Sanofi-Aventis 1,649,485 2.09

9,797 Société Générale 395,015 0.5062,118 Total 2,464,066 3.13

12,111,938 15.37

SWITZERLAND32,428 Compagnie Financiere Richemont - Bearer A Shares 1,428,428 1.8158,744 Nestlé Registered Shares 2,575,870 3.2763,334 Novartis Registered Shares 2,787,278 3.54

4,795 Swatch Group - Bearer Shares 1,599,522 2.0329,786 UBS Registered Shares 366,134 0.46

8,757,232 11.11

SPAIN154,336 BSCH 1,223,884 1.56185,938 Telefonica 3,155,833 4.00

4,379,717 5.56

NETHERLANDS21,446 ASML Holding 619,253 0.7999,932 Royal Dutch Shell - A Shares 2,475,316 3.13

136,287 STMicroelectronics 1,054,453 1.34

4,149,022 5.26

ITALY104,202 ENI 1,701,619 2.16550,400 Intesa Sanpaolo 1,114,560 1.41

2,816,179 3.57

NORWAY945,062 Marine Harvest 745,936 0.94182,336 Statoil Fuel & Retail 1,243,667 1.5817,348 Yara International 749,048 0.95

2,738,651 3.47

SWEDEN33,835 Atlas Copco - A Shares 639,725 0.8159,674 Swedbank - A Shares 623,621 0.7964,128 Volvo - B Shares 846,772 1.08

2,110,118 2.68

FINLAND109,526 Nokia 847,457 1.0758,033 Stora Enso - R Shares 446,419 0.57

1,293,876 1.64

LIBERIA34,871 Royal Caribbean Cruises 1,232,648 1.56

1,232,648 1.56

DENMARK12,469 Pandora 561,671 0.71

561,671 0.71

UNITED STATES OF AMERICA6,578 Autoliv SDR 390,149 0.50

390,149 0.50

Total Shares 78,779,540 99.94

Total Transferable Securities Admitted to an OfficialExchange Listing

78,779,540 99.94


Cash 43,443 0.06

Other Assets/(Liabilities) 131 0.00



SharesFinancials 17.78Materials 17.34Consumer Discretionary 13.52Energy 12.50Telecommunication Services 8.98Health Care 8.88Industrials 8.51Consumer Staples 5.98Information Technology 4.69Utilities 1.76Total Shares 99.94Cash and Other Assets/(Liabilities) 0.06

Total 100.00


SharesHealth Care 21.61Financials 17.18Energy 13.29Telecommunication Services 9.56Consumer Staples 8.70Materials 7.96Utilities 7.66Information Technology 4.79Industrials 4.47Consumer Discretionary 3.09Total Shares 98.31Cash and Other Assets/(Liabilities) 1.69

Total 100.00

62

JPMorgan Funds - Europe Dynamic Mega Cap FundSchedule of Investments (Market Value Expressed in EUR)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares and Rights

UNITED KINGDOM44,400 Abcam 166,521 0.04

71,277 Aero Inventory 8 0.0011,889 Amec 159,416 0.03

36,600 Anglo Pacific Group 152,803 0.0391,175 Ashmore Group 355,522 0.08

119,900 Ashtead Group 240,946 0.05294,972 AstraZeneca 10,023,475 2.18208,890 Atkins (WS) 1,701,700 0.37

8,840 Aveva Group 165,514 0.04484,068 Aviva 2,219,118 0.48759,329 Barclays 2,319,783 0.50320,302 BHP Billiton 9,511,584 2.07

52,745 Bodycote 171,505 0.041,503,209 BP 8,147,216 1.77

344,017 British Airways 1,092,194 0.24175,856 British American Tobacco 5,040,149 1.0943,600 BTG 117,583 0.0262,890 Cape 302,240 0.0772,046 Carnival 2,502,663 0.54

369,477 Centrica 1,429,544 0.3193,288 Chesnara 257,931 0.06214,711 Computacenter 972,566 0.21

179,000 Cove Energy 201,401 0.0444,983 Cranswick 448,057 0.10217,058 Dairy Crest Group 1,067,002 0.23437,354 Debenhams 360,355 0.08278,285 Devro 815,221 0.1855,644 Domino Printing Sciences 420,943 0.0982,056 Domino’s Pizza UK & IRL 529,615 0.11

1,110,927 DS Smith 2,621,349 0.5746,128 easyJet 236,356 0.05

427,604 Electrocomponents 1,323,256 0.29390,237 Elementis 644,428 0.14

79,793 Fenner 331,555 0.07366,217 Fiberweb 396,076 0.09137,456 Filtrona 389,722 0.0899,964 Flybe Group 369,101 0.08

256,544 GlaxoSmithKline 3,700,973 0.807,100 Go-Ahead Group 109,156 0.02

118,969 Hargreaves Lansdown 811,445 0.181,750,727 HSBC Holdings 13,266,514 2.88

12,958 Hunting 110,383 0.0293,191 Hyder Consulting 413,182 0.0924,120 Imagination Technologies Group 100,896 0.02

125,143 IMI 1,376,022 0.3010,000 Immunodiagnostic Systems Holdings 107,746 0.02182,811 Inchcape 755,787 0.1682,500 International Personal Finance 368,036 0.08

303,531 Interserve 810,108 0.1841,215 Investec 253,313 0.06

644,034 ITE Group 1,892,655 0.41969,544 ITV 790,393 0.17161,943 Kesa Electricals 298,880 0.0692,437 Kier Group 1,477,032 0.32

5,574,514 Legal & General Group 6,301,306 1.37753,432 Lloyds Banking Group 576,712 0.1310,690 Micro Focus International 48,248 0.0187,438 Nautical Petroleum 404,707 0.0967,288 Next 1,551,735 0.3457,111 Northumbrian Water Group 219,308 0.0537,315 Old Mutual 53,506 0.0192,071 Pace 196,479 0.04

113,344 Persimmon 549,130 0.1263,156 Premier Farnell 210,572 0.05

5,774,082 RBS Group 2,636,274 0.5766,020 Renishaw 950,503 0.2119,000 Restaurant Group 60,808 0.01

113,884 Rio Tinto 5,947,892 1.2913,100 RPC Group 48,293 0.0115,800 Salamander Energy 49,446 0.0160,382 Scottish & Southern Energy 863,012 0.19

338,408 Senior 591,109 0.1318,400 Shaftesbury 95,628 0.02

107,000 Spirent Communications 183,790 0.04309,061 Sports Direct International 575,790 0.13

55,087 SuperGroup 831,536 0.18236,086 TT Electronics 469,487 0.10355,847 Tullett Prebon 1,578,343 0.34101,797 Unilever 2,328,610 0.51

6,090 Victrex 104,960 0.026,165,845 Vodafone Group 11,895,873 2.58

104,051 Volex Group 453,769 0.10134,947 Weir Group 2,791,878 0.6123,300 WH Smith 131,635 0.0331,941 Xstrata 559,411 0.12

171,339 Yule Catto & Co. 403,495 0.09228,452 Yule Catto & Co. - Rights 17.01.11 229,810 0.05

127,739,994 27.74

FRANCE21,646 Air France-KLM 294,656 0.0617,213 Alten 420,944 0.09

46,999 Arkema 2,530,191 0.5520,056 Assystem 268,650 0.06196,712 BNP Paribas 9,380,212 2.0457,273 Bureau Veritas 3,245,088 0.707,658 Casino Guichard Perrachon 558,766 0.12

249,916 Crédit Agricole 2,383,199 0.524,250 Delachaux 252,280 0.053,166 Entrepose Contracting 363,299 0.08

11,444 Etam Developpement 420,453 0.096,298 Eurofins Scientific 338,549 0.07

791 Financiere de L’Odet 244,379 0.0514,282 France Télécom 222,692 0.052,437 Hermes International 382,243 0.08

14,740 ICADE 1,126,283 0.2527,579 IPSOS 978,986 0.2178,026 Lectra 328,880 0.0711,018 LeGuide.com 316,657 0.0713,559 LVL Medical Groupe 193,555 0.0422,917 Manitou BF 399,386 0.0916,346 NRJ Group 133,629 0.0312,919 Parrot 312,640 0.0737,794 Peugeot 1,073,539 0.2330,810 Plastic Omnium 1,633,238 0.3642,464 Rallye 1,363,838 0.3067,820 Renault 2,947,796 0.6465,475 Rexel 1,061,186 0.2317,049 Rubis 1,482,837 0.32112,527 Sanofi-Aventis 5,388,637 1.17

8,190 SCOR 155,774 0.0342,804 SEB 3,322,232 0.7244,446 Sequana 518,018 0.1116,780 Société BIC 1,082,981 0.2457,617 Société Générale 2,323,117 0.5127,288 SOITEC 220,610 0.058,096 Sopra Group 470,621 0.10

333,989 Total 13,248,509 2.8829,486 UBISOFT Entertainment 235,947 0.0557,572 Valeo 2,443,931 0.5310,434 Vallourec 823,347 0.18

7,687 Virbac 997,388 0.2241,980 Zodiac Aerospace 2,355,708 0.51

68,244,871 14.82

GERMANY48,406 Aareal Bank 1,101,600 0.2476,532 Allianz Registered Shares 6,794,511 1.486,622 Amadeus Fire 189,919 0.0421,126 Axel Springer 2,578,428 0.56

180,850 BASF 10,832,011 2.3546,117 Bayerische Motoren Werke 2,718,136 0.5957,188 Bechtle 1,672,463 0.3626,382 Bertrandt 1,464,861 0.3214,311 Brenntag 1,090,856 0.24

40,734 Cancom IT Systeme 378,623 0.0814,287 CENTROTEC Sustainable 228,235 0.056,943 CTS Eventim 320,437 0.07

114,278 Daimler Registered Shares 5,812,179 1.2619,710 Delticom 1,315,347 0.296,574 Demag Cranes 237,716 0.05

163,203 Deutsche Bank Registered Shares 6,361,245 1.38233,854 Deutsche Lufthansa Registered Shares 3,835,790 0.8350,886 Deutz 322,159 0.0719,078 Draegerwerk & Co. KGaA Preference Shares 1,180,833 0.2621,774 Fuchs Petrolub Preference Shares 2,403,305 0.529,665 Gerry Weber International 356,059 0.087,383 GFK 275,755 0.06

16,281 Gildemeister 269,939 0.0624,287 Grammer 440,566 0.1011,605 Hannover Rueckversicherung Registered Shares 465,099 0.1017,715 Indus Holding 388,180 0.08

50,425 Jungheinrich Preference Shares 1,470,267 0.3216,237 Kabel Deutschland Holding 563,708 0.1245,472 Lanxess 2,668,070 0.588,450 Leoni 277,857 0.06

63

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


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

62,164 LPKF Laser & Electronics 762,442 0.1719,120 Muenchener Rueckversicherungs Registered Shares 2,178,246 0.474,154 Pfeiffer Vacuum Technology 362,707 0.08

85,948 ProSiebenSat.1 Media Preference Shares 1,938,127 0.4230,411 RWE 1,521,462 0.335,790 Siemens Registered Shares 538,731 0.128,413 Sixt 319,442 0.07

14,089 Stroer Out-of-Home Media 372,830 0.0815,403 Tognum 302,746 0.06

66,310,887 14.40

SWITZERLAND51,317 ABB Registered Shares 856,125 0.193,503 Barry Callebaut Registered Shares 2,169,796 0.474,881 Bossard Holding - Bearer Shares 424,343 0.092,139 Bucher Industries Registered Shares 298,118 0.075,693 Charles Voegele Holding - Bearer Shares 244,620 0.05

78,368 Compagnie Financiere Richemont - Bearer A Shares 3,452,049 0.7555,369 Crédit Suisse Group Registered Shares 1,670,372 0.36

2,736 Emmi Registered Shares 460,829 0.103,025 Forbo Holding Registered Shares 1,427,537 0.31

538,668 GAM Holding 6,683,916 1.4536,643 Gategroup Holding 1,493,827 0.32

5,374 Georg Fischer Registered Shares 2,266,106 0.492,908 Kaba Holding Registered - B Shares 932,633 0.20

872 LEM Holding Registered Shares 403,829 0.09111,528 Micronas Semiconductor Holding Registered Shares 979,866 0.21

139,730 Nestlé Registered Shares 6,127,032 1.3385,885 Novartis Registered Shares 3,779,729 0.82

782 Phoenix Mecano - Bearer Shares 410,040 0.0919,164 Roche Holding - Genussschein 2,102,535 0.461,840 Swatch Group - Bearer Shares 613,789 0.136,313 U-Blox Holding 253,698 0.06

962 Valora Holding Registered Shares 249,805 0.06274 Vetropack Holding - Bearer Shares 387,145 0.08371 Zehnder Group - Bearer Shares 678,638 0.15

21,512 Zurich Financial Services 4,171,792 0.91

42,538,169 9.24

SPAIN528,485 BBVA 3,995,082 0.87975,785 BSCH 7,737,975 1.6827,580 Codere 238,981 0.0551,645 Duro Felguera 271,395 0.0625,746 Endesa 497,413 0.1122,722 Inditex 1,273,568 0.2820,473 Pescanova 505,171 0.11

7,147 Prosegur Compañia de Seguridad Registered Shares 299,709 0.06137,142 Repsol YPF 2,861,125 0.62

328,289 Telefonica 5,571,885 1.2128,081 Viscofan 796,237 0.17

24,048,541 5.22

SWEDEN15,286 Axfood 427,862 0.1022,366 Betsson 290,846 0.0688,836 Bilia - A Shares 1,283,848 0.2876,198 Duni 617,439 0.1347,422 Fastighets Balder - B Shares 232,407 0.0530,624 Haldex 359,432 0.0852,216 Hexpol 889,841 0.20

42,090 Hoganas - B Shares 1,236,484 0.278,637 Holmen - B Shares 212,941 0.05

173,540 Industrivarden - A Shares 2,322,419 0.5011,897 Indutrade 308,090 0.07

154,176 Kinnevik Investment - B Shares 2,353,494 0.5125,775 Loomis - B Shares 289,242 0.0611,309 Mekonomen 281,526 0.06

100,256 NCC - B Shares 1,648,215 0.3674,867 Proffice - B Shares 297,698 0.0638,651 Rezidor Hotel Group 175,646 0.0486,266 Scania -B Shares 1,487,881 0.32

239,823 Skandinaviska Enskilda Banken - A Shares 1,499,217 0.33216,016 Swedbank - A Shares 2,257,469 0.4975,469 Tele2 - B Shares 1,174,309 0.25

255,622 Volvo - B Shares 3,375,336 0.7315,834 Wihlborgs Fastigheter 344,349 0.07

23,365,991 5.07

ITALY43,513 Brembo 335,920 0.0748,121 Carraro 185,747 0.04

104,958 Credito Emiliano 483,332 0.10

61,729 Danieli & Co. 1,473,471 0.32151,288 De’Longhi 880,496 0.1966,552 DiaSorin 2,143,307 0.46

2,099,697 Enel 7,905,359 1.7287,133 ENI 1,422,882 0.3175,002 Esprinet 409,323 0.09111,311 Gruppo Coin 857,651 0.1991,334 Indesit 733,412 0.1646,655 Interpump Group 264,767 0.06

221,784 Intesa Sanpaolo 449,113 0.10144,854 Maire Tecnimont 478,380 0.10

71,320 Marcolin 308,102 0.0783,790 MARR 721,222 0.16122,812 Prysmian 1,556,642 0.34112,710 Sogefi 274,308 0.06

167,203 Sorin 286,419 0.0643,161 Yoox 415,209 0.09

21,585,062 4.69

NETHERLANDS8,610 Accell Group 324,812 0.07

46,456 AMG Advanced Metallurgical Group 419,219 0.0958,405 Heijmans - CVA 878,411 0.1924,295 Imtech 684,572 0.15

230,160 ING Groep - CVA 1,675,795 0.36302,834 Koninklijke Ahold 2,997,148 0.65105,898 Mediq 1,480,454 0.3240,993 Nutreco 2,324,918 0.50

294,890 Royal Dutch Shell - B Shares 7,278,889 1.5913,861 Ten Cate 387,692 0.0811,060 Unit 4 268,896 0.06

18,720,806 4.06

BELGIUM42,226 Anheuser-Busch InBev 1,807,378 0.39

31 Banque Nationale de Belgique 108,578 0.024,794 Barco 231,095 0.0517,955 Bekaert 1,547,272 0.3426,301 Belgacom 663,048 0.1517,856 Compagnie d’Entreprises CFE 962,438 0.2163,370 D’ieteren 2,969,518 0.6426,493 Melexis 354,741 0.0888,680 Recticel 703,676 0.15

7,944 Sipef 562,832 0.128,744 Tessenderlo Chemie 237,312 0.05

23,283 Umicore 905,942 0.20

11,053,830 2.40

NORWAY39,968 Atea 296,790 0.05157,100 Cermaq 1,805,173 0.39

285,054 Grieg Seafood 687,934 0.1551,912 Leroy Seafood Group 1,314,294 0.29

1,586,548 Marine Harvest 1,252,260 0.27128,862 Morpol 353,883 0.08154,029 Norske Skogindustrier 273,617 0.0646,270 SpareBank 1 SMN 319,150 0.0747,480 SpareBank 1 SR Bank 348,772 0.08

208,796 Statoil Fuel & Retail 1,424,144 0.31166,415 Telenor 2,020,868 0.4462,295 Veidekke 420,711 0.09

10,517,596 2.28

FINLAND42,711 Huhtamaki 442,272 0.10

50,648 Kone - B Shares 2,111,768 0.4678,354 Metso 3,274,022 0.7170,255 Orion - B Shares 1,151,479 0.2512,497 PKC Group 192,266 0.04

103,589 Stora Enso - R Shares 796,858 0.1759,184 UPM-Kymmene 782,117 0.17

8,122 Wartsila 464,375 0.10

9,215,157 2.00

DENMARK10,539 Carlsberg - B Shares 790,633 0.1729,831 Danske Bank 572,033 0.1233,196 Novo Nordisk - B Shares 2,804,292 0.6131,419 Pandora 1,415,280 0.312,736 Rockwool International - B Shares 255,994 0.056,910 Royal UNIBREW 306,814 0.07

6,145,046 1.33

64

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


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JERSEY28,361 Charter International 278,039 0.06

44,900 Highland Gold Mining 98,688 0.0260,200 Kentz 225,429 0.05

149,896 Petrofac 2,769,946 0.6037,285 Shire 670,783 0.15

216,630 United Business Media 1,740,820 0.38

5,783,705 1.26

BERMUDA488,292 Lancashire Holdings 3,134,556 0.68

72,780 SeaDrill 1,838,431 0.40

4,972,987 1.08

GREECE44,075 Folli - Follie 810,539 0.1823,336 Frigoglass 236,860 0.0565,125 Mytilineos Holdings Registered Shares 287,853 0.0666,111 OPAP 855,476 0.19

212,255 Public Power 2,279,619 0.49

4,470,347 0.97

PORTUGAL242,301 EDP - Energias de Portugal 603,451 0.13300,375 Portucel Empresa Produtora de Pasta e Papel 685,756 0.15125,332 Semapa-Sociedade de Investimento e Gestao 1,045,269 0.23

2,334,476 0.51

AUSTRIA51,567 Immofinanz 0 0.0032,238 OMV 1,010,420 0.22

5,182 Palfinger 147,130 0.039,805 RHI 287,703 0.066,125 Schoeller-Bleckmann Oilfield Equipment 395,889 0.09

1,841,142 0.40

LUXEMBOURG20,900 AZ Electronic Materials 75,152 0.02

4,982 RTL Group 380,251 0.0871,663 Tenaris 1,322,541 0.29

1,777,944 0.39

IRELAND128,394 Glanbia 464,594 0.10

17,888 Kerry Group - A Shares 446,887 0.1012,893 Paddy Power 395,074 0.09

643,246 Total Produce 244,433 0.05

1,550,988 0.34

PAPUA NEW GUINEA64,939 New Britain Palm Oil 658,913 0.14

658,913 0.14

CAYMAN ISLANDS72,286 Phoenix Group Holdings 515,314 0.11

515,314 0.11

FAROE ISLANDS64,649 Bakkafrost 411,364 0.09

411,364 0.09


199,521 0.04

LIBERIA4,935 Royal Caribbean Cruises 174,446 0.04

174,446 0.04



454,177,097 98.62


Investment Funds



5,950,000 1.29



5,950,000 1.29


Cash 625,229 0.14




Shares and RightsFinancials 22.80Consumer Discretionary 15.80Industrials 12.37Materials 10.35Energy 9.38Consumer Staples 8.31Health Care 8.02Telecommunication Services 4.68Utilities 3.65Information Technology 3.26Investment Companies 1.29Total Shares and Rights 99.91Cash and Other Assets/(Liabilities) 0.09

Total 100.00


SharesFinancials 22.95Consumer Discretionary 11.71Materials 11.21Industrials 10.89Health Care 10.28Consumer Staples 8.98Energy 8.71Telecommunication Services 4.83Information Technology 4.37Utilities 3.62Investment Companies 2.27Total Shares 99.82Cash and Other Assets/(Liabilities) 0.18

Total 100.00

65

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


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Europe Equity FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)


ExpirationDate


NotionalValue


Equity Futures


Total (48,527)

66


Shares

UNITED KINGDOM115,811 Afren 198,924 1.2625,552 Amlin 120,912 0.7730,695 Axis-Shield 94,596 0.60

6,555 Betfair Group 73,982 0.4714,860 BG Group 224,225 1.4258,044 BP 314,592 1.9984,524 Brammer 248,198 1.57126,617 Cable & Wireless Communications 71,636 0.45122,311 Cable & Wireless Worldwide 93,381 0.5923,145 Computacenter 104,839 0.6728,260 Domino’s Pizza UK & IRL 182,399 1.1635,723 Ferrexpo 173,030 1.1035,806 Filtrona 101,519 0.6454,320 GKN 140,176 0.89

155,948 Howden Joinery Group 185,167 1.1733,467 HSBC Holdings 253,603 1.616,386 Imperial Tobacco Group 146,526 0.93

22,777 Inchcape 94,166 0.609,405 Intercontinental Hotels Group 136,062 0.86

46,114 International Personal Finance 205,716 1.3034,480 International Power 175,991 1.1145,268 Kingfisher 139,033 0.88

225,421 Lloyds Banking Group 172,548 1.0941,902 Man Group 144,337 0.9110,055 Pearson 118,337 0.7523,633 Persimmon 114,497 0.7213,689 Petropavlovsk 182,278 1.15

476,703 Premier Foods 107,050 0.6812,384 Provident Financial 125,440 0.8016,696 Prudential 129,702 0.8271,391 Redrow 112,414 0.71

92,524 Rentokil Initial 104,426 0.6646,131 Restaurant Group 147,638 0.9453,543 Robert Walters 203,458 1.2933,930 Salamander Energy 106,183 0.6791,063 Southern Cross Healthcare 19,592 0.12

197,938 Taylor Wimpey 72,372 0.465,706 Travis Perkins 69,874 0.44

15,066 Valiant Petroleum 89,269 0.5720,278 WH Smith 114,562 0.73

5,612,650 35.55

FRANCE11,030 Alcatel-Lucent 24,040 0.155,400 Atos Origin 215,163 1.363,719 BNP Paribas 177,341 1.125,276 CFAO 171,628 1.092,570 Lafarge 120,494 0.76

12,583 PagesJaunes Groupe 85,690 0.5412,091 Rhodia 298,920 1.905,309 Sanofi-Aventis 254,235 1.62

1,347,511 8.54

NETHERLANDS11,734 BinckBank 136,466 0.864,946 CSM 129,387 0.8217,760 ING Groep - CVA 129,311 0.8211,823 Koninklijke KPN 129,403 0.825,495 Koninklijke Philips Electronics 125,973 0.802,994 Koninklijke Vopak 105,786 0.674,024 Unilever - CVA 94,101 0.596,175 Unit 4 150,130 0.95

59,328 Vimetco Registered Shares GDR 130,664 0.8315,675 Wavin 177,715 1.13

1,308,936 8.29

BELGIUM46,483 Ageas 80,090 0.5113,353 Arseus 151,423 0.964,570 D’Ieteren 214,150 1.356,786 KBC Ancora 89,100 0.56

14,895 Nyrstar 166,899 1.064,227 Telenet Group Holding 123,914 0.787,648 ThromboGenics 175,789 1.11

1,001,365 6.33

GERMANY4,388 Bayer Registered Shares 241,252 1.533,743 E.ON 85,453 0.545,508 Kabel Deutschland Holding 191,224 1.21

976 Muenchener Rueckversicherungs Registered Shares 111,191 0.712,347 RWE Non Voting Preference Shares 111,811 0.711,612 Volkswagen Preference Shares 196,180 1.24

937,111 5.94

SWITZERLAND242 Barry Callebaut Registered Shares 149,897 0.95

12,594 Clariant Registered Shares 191,052 1.211,517 Roche Holding - Bearer Shares 172,749 1.10

10,928 UBS Registered Shares 134,329 0.85866 Zurich Financial Services 167,942 1.06

815,969 5.17

SWEDEN27,867 Byggmax Group 178,086 1.13

7,217 Electrolux - B Shares 153,575 0.9713,951 Intrum Justitia 161,023 1.029,379 Loomis - B Shares 105,249 0.679,030 Tele2 - B Shares 140,508 0.90

738,441 4.69

FINLAND4,563 Cargotec - B Shares 178,596 1.135,797 Nokian Renkaat 159,099 1.01

50,870 Ruukki Group 84,699 0.54

422,394 2.68

ITALY66,164 Intesa Sanpaolo Preference Shares 117,805 0.7446,495 Snam Rete Gas 173,484 1.1082,891 UniCredit 129,020 0.82

420,309 2.66

JERSEY13,099 Shire 235,660 1.4920,107 United Business Media 161,578 1.03

397,238 2.52

SPAIN18,148 Almirall 124,132 0.7819,523 BSCH 154,817 0.984,907 Telefonica 83,284 0.53

362,233 2.29

IRELAND40,781 C&C Group 138,003 0.874,942 Paddy Power 151,435 0.96

289,438 1.83

DENMARK3,211 Carlsberg - B Shares 240,888 1.531,013 Pandora 45,631 0.29

286,519 1.82

NORWAY201,457 Marine Harvest 159,010 1.01126,509 Sevan Marine 105,441 0.67

264,451 1.68

GREECE28,643 Ellaktor 95,095 0.60

8,511 Folli - Follie 156,517 0.99

251,612 1.59

PORTUGAL15,896 Jeronimo Martins SGPS 182,009 1.15

182,009 1.15

LUXEMBOURG2,193 RTL Group 167,381 1.06

167,381 1.06

67

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

CANADA25,741 Lundin Mining SDR 139,355 0.88

139,355 0.88


138,650 0.88

BRITISH VIRGIN ISLANDS37,817 Gem Diamonds 110,717 0.70

110,717 0.70

CAYMAN ISLANDS83,672 Gartmore Group 89,424 0.57

89,424 0.57

GUERNSEY58,561 Burford Capital 80,021 0.51

80,021 0.51

AUSTRIA5,506 Intercell 64,035 0.41

64,035 0.41

AUSTRALIA150,938 International Ferro Metals 50,904 0.32

50,904 0.32

Total Shares 15,478,673 98.06


15,478,673 98.06


Cash 292,472 1.85




SharesConsumer Discretionary 25.22Financials 17.95Materials 12.38Consumer Staples 8.53Health Care 8.19Energy 7.46Industrials 6.87Telecommunication Services 4.07Information Technology 3.93Utilities 3.46Total Shares 98.06Cash and Other Assets/(Liabilities) 1.94

Total 100.00


SharesConsumer Discretionary 21.18Financials 19.64Materials 10.90Consumer Staples 9.76Health Care 9.09Energy 7.13Telecommunication Services 6.85Industrials 6.36Information Technology 4.10Utilities 3.49Total Shares 98.50Cash and Other Assets/(Liabilities) 1.50

Total 100.00

68

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Europe Focus FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)


ExpirationDate


NotionalValue


Equity Futures

Mar-11 7 DJ Euro Stoxx 50 Index Future EUR 195,580 (2,990)Mar-11 1 FTSE 100 Index Future GBP 68,535 608

Total (2,382)

69


Shares and Rights

UNITED KINGDOM147,650 Abcam 553,759 0.19338,300 Anglo Pacific Group 1,412,387 0.48

93,097 Atkins (WS) 758,405 0.2655,475 Aveva Group 1,038,677 0.3528,137 Betfair Group 317,564 0.11

174,800 BowLeven 769,422 0.26417,869 Cape 2,008,216 0.68283,262 Carillion 1,269,572 0.43305,500 Carphone Warehouse Group 1,404,237 0.4799,000 Close Brothers Group 979,190 0.33150,547 Computacenter 681,925 0.23162,154 Cookson Group 1,237,997 0.42

1,275,935 Cove Energy 1,435,611 0.48102,679 Croda International 1,927,270 0.65182,000 Daily Mail & General Trust - A Shares 1,215,958 0.41

1,255,877 Debenhams 1,034,771 0.35243,900 Devro 714,492 0.25115,887 Domino’s Pizza UK & IRL 747,971 0.25745,510 DS Smith 1,759,109 0.59132,349 Dunelm Group 790,348 0.27

293,000 Electrocomponents 906,713 0.31790,900 Elementis 1,306,072 0.44133,400 Euromoney Institutional Investor 1,081,299 0.37445,053 Fenner 1,849,277 0.62283,458 Ferrexpo 1,372,970 0.46653,070 GKN 1,685,289 0.5797,906 Hargreaves Services 927,380 0.31

153,300 Hochschild Mining 1,140,984 0.39999,281 Howden Joinery Group 1,186,508 0.40217,000 Imagination Technologies Group 907,732 0.31

52,112 IMI 573,003 0.19256,700 Intermediate Capital Group 991,407 0.34352,312 International Personal Finance 1,571,677 0.53

498,415 ITE Group 1,464,717 0.49220,100 John Menzies 1,203,667 0.41219,611 John Wood Group 1,426,378 0.48

245,100 Jupiter Fund Management 855,110 0.29829,500 Kcom Group 564,325 0.19

52,167 Kier Group 833,566 0.28382,200 Laird 773,832 0.26576,100 Marston’s 767,785 0.26428,484 Melrose 1,548,720 0.52188,733 Micro Focus International 851,822 0.29163,590 Millennium & Copthorne Hotels 1,125,301 0.38338,867 Nautical Petroleum 1,568,446 0.53437,666 Paragon Group of Companies 913,109 0.31363,773 Premier Farnell 1,212,873 0.4184,340 Premier Oil 1,908,683 0.64101,750 Renishaw 1,464,915 0.49173,991 Restaurant Group 556,843 0.1947,909 Rotork 1,018,476 0.34

157,800 RPC Group 581,733 0.2093,014 Salamander Energy 291,085 0.10

1,124,400 Senior 1,964,030 0.66241,655 Soco International 1,033,910 0.35105,862 Spectris 1,612,756 0.54

57,853 Spirax-Sarco Engineering 1,303,205 0.44180,541 St James’s Place 557,649 0.19

478,699 Stagecoach Group 1,179,644 0.4069,550 SuperGroup 1,049,855 0.35

549,300 Trinity Mirror 443,968 0.15184,050 Tullett Prebon 816,345 0.28252,100 Unite Group 571,402 0.1963,000 Victrex 1,085,791 0.3778,537 Weir Group 1,624,829 0.55

206,800 WH Smith 1,168,330 0.39323,900 Yule Catto & Co. 762,769 0.26431,866 Yule Catto & Co. - Rights 17.01.11 434,433 0.15

74,097,494 25.03

GERMANY48,195 Aareal Bank 1,096,798 0.37

7,262 Axel Springer 886,327 0.3060,636 Bechtle 1,773,300 0.6043,891 Bertrandt 2,437,048 0.8225,708 Bilfinger Berger 1,615,362 0.5526,184 Brenntag 1,995,875 0.6751,458 Cancom IT Systeme 478,302 0.1613,473 Delticom 899,121 0.3064,051 Demag Cranes 2,316,084 0.78

136,534 Deutz 864,397 0.29

131,321 Drillisch 806,442 0.2742,041 ElringKlinger 1,096,850 0.3720,997 Fuchs Petrolub Preference Shares 2,317,544 0.7839,958 Gerresheimer 1,296,138 0.4430,580 Gerry Weber International 1,126,567 0.3824,346 GFK 909,323 0.3170,147 Gildemeister 1,163,037 0.3919,685 Grammer 357,086 0.1213,359 H&R Wasag 280,539 0.1021,925 Hugo Boss Preference Shares 1,233,391 0.42

30,950 Indus Holding 678,192 0.2341,280 Jungheinrich Preference Shares 1,203,622 0.41

5,118 Lanxess 300,299 0.1027,915 Leoni 917,915 0.31

63,085 LPKF Laser & Electronics 773,738 0.265,064 Pfeiffer Vacuum Technology 442,163 0.15

147,839 ProSiebenSat.1 Media Preference Shares 3,333,769 1.1398,875 QSC 328,166 0.11

4,353 Rational 708,233 0.248,359 Rheinmetall 501,080 0.17

39,546 SGL Carbon 1,070,313 0.3611,791 Sixt 447,704 0.1515,376 Software 1,681,750 0.57

30,589 Stroer Out-of-Home Media 809,461 0.2749,393 Suss Microtec 449,896 0.1543,385 Symrise 886,356 0.3035,542 Tognum 698,578 0.2460,493 TUI 633,513 0.21

8,897 Vossloh 848,952 0.2925,807 Wincor Nixdorf 1,566,485 0.53

43,229,716 14.60

SWEDEN66,152 AarhusKarlshamn 1,388,902 0.47

102,928 Bilia - A Shares 1,487,504 0.50107,280 Boliden 1,636,432 0.55

27,457 Cardo 1,279,105 0.4319,585 CDON Group 67,951 0.0252,426 Elekta - B Shares 1,514,726 0.5148,016 Fabege 421,166 0.1484,100 Haldex 987,077 0.3334,509 Hexagon - B Shares 555,223 0.1923,527 Hexpol 400,936 0.1431,025 Hoganas - B Shares 911,426 0.3134,293 Indutrade 888,067 0.30

148,036 Intrum Justitia 1,708,634 0.5828,511 JM 501,749 0.17

53,037 Kinnevik Investment - B Shares 809,609 0.27156,063 Loomis - B Shares 1,751,307 0.5919,040 Lundin Petroleum 177,876 0.0647,030 Mekonomen 1,170,765 0.4019,585 Modern Times Group - B Shares 971,172 0.33

113,233 NCC - B Shares 1,861,558 0.63203,474 New Wave Group - B Shares 914,471 0.31

3,287,391 PA Resources 2,755,339 0.93162,845 Peab 1,042,940 0.35135,511 Trelleborg - B Shares 1,073,530 0.3727,337 Wihlborgs Fastigheter 594,510 0.20

26,871,975 9.08

SWITZERLAND2,275 Barry Callebaut Registered Shares 1,409,160 0.48

6,804 Bucher Industries Registered Shares 948,290 0.325,216 Burckhardt Compression Holding 1,090,867 0.37

192,751 Clariant Registered Shares 2,924,044 0.9914,140 Dufry Group Registered Shares 1,427,956 0.483,507 Flughafen Zuerich Registered Shares 1,076,662 0.363,732 Forbo Holding Registered Shares 1,761,179 0.597,383 Galenica Registered Shares 3,345,241 1.13

123,736 GAM Holding 1,535,345 0.5264,300 Gategroup Holding 2,621,320 0.88

1,531 Georg Fischer Registered Shares 645,592 0.22722 Gurit Holding - Bearer Shares 332,918 0.11

7,877 Huber & Suhner Registered Shares 408,457 0.144,138 Kaba Holding Registered - B Shares 1,327,109 0.451,237 Kuoni Reisen Holding Registered - B Shares 447,720 0.157,961 Panalpina Welttransport Holding Registered Shares 773,048 0.262,007 Partners Group Holding Registered Shares 284,701 0.10

20,005 Sulzer Registered Shares 2,274,076 0.778,274 U-Blox 332,504 0.11

38,408 Vontobel Holding Registered Shares 1,090,742 0.37192 Zehnder Group - Bearer Shares 351,209 0.12

26,408,140 8.92

70

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (Market Value Expressed in EUR)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

FRANCE30,854 Alten 754,535 0.2527,162 Arkema 1,462,266 0.49

24,869 Beneteau 392,433 0.134,708 Euler Hermès 332,973 0.11

29,709 Faurecia 640,526 0.2233,312 GL Events 847,624 0.2915,576 Ingenico 421,603 0.1420,011 IPSOS 710,340 0.2426,828 Mersen 918,859 0.3119,740 Neopost 1,292,871 0.4425,687 Nexity 876,312 0.3024,579 Plastic Omnium 1,302,933 0.4416,541 Remy Cointreau 873,034 0.2977,368 Rexel 1,253,942 0.4276,302 Rhodia 1,886,376 0.646,096 Rubis 530,200 0.1817,415 SEB 1,351,665 0.467,435 Société BIC 479,855 0.165,593 Societe Internationale de Plantations d’Heveas 464,778 0.168,787 Sopra Group 510,788 0.17

20,004 Valeo 849,170 0.292,450 Virbac 317,888 0.11

47,230 Wendel 3,250,132 1.1023,587 Zodiac Aerospace 1,323,585 0.45

23,044,688 7.79

ITALY47,746 Brembo 368,599 0.12

530,561 Cam Finanziaria 193,787 0.0733,336 Danieli & Co. 795,730 0.27

460,099 Davide Campari-Milano 2,253,335 0.7641,392 Exor 1,015,760 0.34

277,047 Gruppo Coin 2,134,647 0.7279,893 Interpump Group 453,393 0.15

257,120 Maire Tecnimont 849,139 0.2985,367 MARR 734,796 0.25112,510 Pirelli & Co. 684,623 0.23

918,642 Prelios 404,891 0.14496,298 Recordati 3,503,864 1.18

9,485 Sabaf 240,919 0.08121,407 Sogefi 295,474 0.10526,601 Sorin 902,068 0.31

9,218 Tod’s 678,952 0.23109,650 Yoox 1,054,833 0.36

16,564,810 5.60

FINLAND46,491 Amer Sports - A Shares 486,528 0.1740,432 Cargotec - B Shares 1,582,509 0.5444,082 Cramo - B Shares 838,219 0.2848,378 Fiskars 839,842 0.28147,516 Kemira 1,722,249 0.5824,712 Kesko - B Shares 864,055 0.29

30,844 Konecranes 949,995 0.3235,704 Nokian Renkaat 979,896 0.3328,076 Outotec 1,298,094 0.4433,919 PKC Group 521,844 0.18

164,426 Pohjola Bank 1,478,190 0.50181,502 Sponda 703,320 0.24

184,704 YIT 3,439,189 1.16

15,703,930 5.31

SPAIN149,248 Antena 3 de Television 1,035,035 0.35175,925 CIE Automotive 825,528 0.28

208,023 Duro Felguera 1,093,161 0.3763,038 Gestevision Telecinco 518,614 0.18

272,788 Iberia Lineas Aereas de España 872,240 0.29125,900 Obrascon Huarte Lain 2,850,061 0.96

11,486 Pescanova 283,417 0.1073,394 Prosegur Compañia de Seguridad Registered Shares 3,077,777 1.0483,093 Viscofan 2,356,102 0.79

12,911,935 4.36

BELGIUM105,339 AGFA-Gevaert 0 0.00

16,401 Barco 790,610 0.2730,875 Bekaert 2,660,653 0.9019,502 Compagnie d’Entreprises CFE 1,051,158 0.3544,530 D’Ieteren 2,086,676 0.70

7,978 EVS Broadcast Equipement 380,670 0.1320,262 Kinepolis Group 1,024,649 0.35

16,615 Melexis 222,475 0.08100,678 Nyrstar 1,128,097 0.38149,354 Recticel 1,185,124 0.40

8,814 Sipef 624,472 0.21

11,154,584 3.77

DENMARK90,412 Christian Hansen Holding 1,380,186 0.4723,919 FLSmidth & Co. - B Shares 1,705,358 0.57111,573 GN Store Nord 759,938 0.2663,897 Jyske Bank Registered Shares 2,214,840 0.75

8,574 Rockwool International - B Shares 802,227 0.2718,176 Royal UNIBREW 807,041 0.27

7,669,590 2.59

NORWAY229,413 Atea 1,703,547 0.5839,227 Kongsberg Gruppen 666,696 0.2232,675 Leroy Seafood Group 827,257 0.28

442,618 Norske Skogindustrier 786,267 0.27243,428 Opera Software 908,484 0.31

32,549 Schibsted 716,344 0.24182,646 SpareBank 1 SMN 1,259,812 0.42

73,395 Statoil Fuel & Retail 500,608 0.17

7,369,015 2.49

AUSTRIA22,454 Andritz 1,546,070 0.52126,371 Conwert Immobilien Invest 1,364,175 0.46

4,061 Kapsch TrafficCom 288,311 0.109,091 Mayr-Melnhof Karton 793,144 0.26

32,343 Palfinger 918,299 0.3127,756 RHI 814,430 0.2816,469 Schoeller-Bleckmann Oilfield Equipment 1,064,474 0.36

6,788,903 2.29

NETHERLANDS39,126 Aalberts Industries 615,648 0.2139,514 AMG Advanced Metallurgical Group 356,574 0.1297,752 Mediq 1,366,573 0.4622,057 Nutreco 1,250,963 0.4284,656 Ten Cate 2,367,828 0.8012,885 TKH Group - Dutch Certificates 251,934 0.0930,767 USG People 467,351 0.16

6,676,871 2.26

JERSEY134,373 Charter International 1,317,337 0.45

533,000 Highland Gold Mining 1,171,511 0.40159,733 Kentz 598,147 0.2046,328 Petrofac 856,101 0.29

182,594 United Business Media 1,467,310 0.4937,350 Vallar 483,441 0.16

5,893,847 1.99

LUXEMBOURG93,816 Acergy 1,714,593 0.58

1,714,593 0.58

IRELAND367,081 Aer Lingus 401,954 0.1329,866 Paddy Power 915,169 0.31

1,317,123 0.44

CYPRUS165,694 ProSafe 984,737 0.33

984,737 0.33


817,999 0.28

BERMUDA122,100 Lancashire Holdings 783,812 0.26

783,812 0.26

GREECE43,402 Frigoglass 440,530 0.15

440,530 0.15

71

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (Market Value Expressed in EUR) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

PORTUGAL180,611 Portucel Empresa Produtora de Pasta e Papel 412,335 0.14

412,335 0.14



290,856,627 98.26


Investment Funds



4,447,113 1.50



4,447,113 1.50


Cash 762,441 0.26




Shares and RightsIndustrials 29.93Consumer Discretionary 19.62Materials 12.60Information Technology 9.59Financials 9.21Energy 7.01Consumer Staples 5.66Health Care 3.89Investment Companies 1.50Telecommunication Services 0.57Utilities 0.18Total Shares and Rights 99.76Cash and Other Assets/(Liabilities) 0.24

Total 100.00


SharesIndustrials 31.80Consumer Discretionary 20.16Information Technology 9.68Materials 9.17Consumer Staples 7.64Financials 7.12Health Care 4.73Energy 3.35Investment Companies 2.79Telecommunication Services 0.71Total Shares 97.15Cash and Other Assets/(Liabilities) 2.85

Total 100.00

72

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (Market Value Expressed in EUR) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Rights

UNITED KINGDOM261,400 Abcam 980,376 0.22367,092 Aberdeen Asset Management 865,765 0.19

71,063 Admiral Group 1,254,506 0.2889,444 Aggreko 1,548,828 0.35110,205 Amec 1,477,706 0.33107,176 Antofagasta 2,012,924 0.45430,371 ARM Holdings 2,121,101 0.48181,226 Ashmore Group 706,661 0.16371,481 Ashtead Group 746,514 0.1775,373 ASOS 1,393,703 0.31

849,736 Aurelian Oil & Gas 679,382 0.15107,715 Avanti Communications Group 844,920 0.1959,749 Aveva Group 1,118,701 0.25

322,387 Avocet Mining 881,992 0.2059,868 Betfair Group 675,690 0.15

1,010,961 Blinkx 984,638 0.22326,945 Bodycote 1,063,088 0.24235,129 BowLeven 1,034,974 0.23390,176 British Airways 1,238,741 0.28274,284 British Sky Broadcasting Group 2,349,257 0.53263,413 BTG 710,387 0.16162,049 Burberry Group 2,118,215 0.48559,450 Capital & Counties Properties 988,272 0.22

81,266 Carclo 228,236 0.0535,927 Carnival 1,247,997 0.28

177,074 Carphone Warehouse Group 813,924 0.18212,861 CPP Group 752,783 0.1753,648 Croda International 1,006,965 0.2354,129 Derwent London 983,260 0.22

324,386 Devro 950,271 0.2138,198 Dialight 228,329 0.05

254,454 Diploma 816,725 0.18133,244 Domino Printing Sciences 1,007,981 0.23181,398 Domino’s Pizza UK & IRL 1,170,800 0.26526,941 DS Smith 1,243,373 0.28259,123 E2V Technologies 272,717 0.06205,534 easyJet 1,053,139 0.24356,980 Electrocomponents 1,104,704 0.25757,989 Elementis 1,251,724 0.28178,722 Essar Energy 1,210,685 0.27105,892 Euromoney Institutional Investor 858,328 0.19377,149 Faroe Petroleum 780,711 0.17330,303 Fenner 1,372,470 0.31318,978 Filtrona 904,382 0.20145,408 Flybe Group 536,895 0.12

75,631 Fresnillo 1,469,717 0.33111,039 Galliford 386,427 0.0956,578 Genus 565,195 0.13

530,417 GKN 1,368,775 0.31237,156 Great Portland Estates 992,598 0.22154,985 Halma 648,497 0.15212,007 Hargreaves Lansdown 1,446,024 0.32593,359 Hays 893,603 0.20103,193 Hikma Pharmaceuticals 970,259 0.22126,177 Hochschild Mining 939,112 0.21

166,948 Homeserve 863,193 0.19106,383 Hunting 906,227 0.20

59,297 Hyder Consulting 262,906 0.06147,887 IG Group Holdings 873,677 0.20216,572 Imagination Technologies Group 905,941 0.20106,954 IMI 1,176,023 0.26

13,465 Immunodiagnostic Systems Holdings 145,081 0.03110,785 Intercontinental Hotels Group 1,602,724 0.36266,556 Intermediate Capital Group 1,029,472 0.23207,256 International Personal Finance 924,577 0.2159,540 Intertek Group 1,235,267 0.28

1,413,014 IQE 735,355 0.16373,668 ITE Group 1,098,117 0.25

1,863,335 ITV 1,519,030 0.34210,138 Jazztel 744,099 0.17

9,950 JD Sports Fashion 102,868 0.02147,608 John Wood Group 958,717 0.21

61,914 Johnson Matthey 1,471,726 0.33202,458 Jupiter Fund Management 706,340 0.16437,014 Kesa Electricals 806,547 0.1882,095 Kofax 285,460 0.06

288,018 Laird 583,144 0.136,340,064 Lloyds Banking Group 4,852,984 1.09

214,627 London Mining 782,491 0.18

51,275 LSL Property Services 157,870 0.0466,244 Majestic Wine 300,640 0.07

347,599 Mecom Group 795,336 0.18329,746 Melrose 1,191,840 0.27186,849 Michael Page International 1,204,896 0.27163,611 Millennium & Copthorne Hotels 1,125,446 0.25147,734 Mondi 884,800 0.20374,919 Morgan Crucible 1,061,680 0.24139,326 Northumbrian Water Group 535,016 0.1236,934 Oxford Instruments 301,738 0.07

348,858 Pace 744,461 0.17333,671 Premier Farnell 1,112,509 0.2539,309 Premier Oil 889,595 0.20119,627 Pursuit Dynamics 680,988 0.15174,695 PZ Cussons 816,702 0.18

1,562,586 RBS Group 713,430 0.1689,352 Renishaw 1,286,418 0.29

231,594 Restaurant Group 741,196 0.17104,620 Rightmove 947,784 0.21158,277 Rio Tinto 8,266,434 1.85160,824 Robert Walters 611,116 0.14360,309 Rolls-Royce Group 2,618,861 0.59

23,059,776 Rolls-Royce Group - C Shares 26,817 0.0170,708 Schroders 1,534,396 0.34

602,657 Senior 1,052,683 0.24192,667 Shaftesbury 1,001,325 0.22111,299 Smiths Group 1,612,748 0.3681,943 Spectris 1,248,362 0.2847,888 Spirax-Sarco Engineering 1,078,732 0.24

408,382 Sports Direct International 760,828 0.17382,991 Standard Chartered 7,685,301 1.72

55,273 SuperGroup 834,344 0.19148,404 Telecity Group 815,464 0.18

71,091 Telecom Plus 373,689 0.08438,965 TT Electronics 872,938 0.20184,080 Tullow Oil 2,710,177 0.6140,086 Umeco 207,565 0.0567,276 Victrex 1,159,486 0.26221,317 Volex Group 965,169 0.2267,746 Weir Group 1,401,577 0.3164,800 Whitbread 1,351,178 0.30

236,809 Wolfson Microelectronics 807,595 0.18232,736 Yule Catto & Co. 548,082 0.12310,314 Yule Catto & Co. Rights 17.01.11 312,158 0.07

137,194,283 30.77

SWITZERLAND87,151 ABB Registered Shares 1,453,946 0.33

41,580 Adecco Registered Shares 2,039,604 0.4617,577 AFG Arbonia-Forster Holding Registered Shares 407,002 0.0949,651 Aryzta 1,712,109 0.3846,619 Ascom Holding Registered Shares 546,737 0.12

1,644 Barry Callebaut Registered Shares 1,018,311 0.23580 Belimo Holding Registered Shares 786,770 0.18

24,570 Bobst Group Registered Shares 840,852 0.1910,049 Bossard Holding - Bearer Shares 873,636 0.2010,315 Bucher Industries Registered Shares 1,437,627 0.325,489 Burckhardt Compression Holding 1,147,962 0.269,461 Charles Voegele Holding - Bearer Shares 406,525 0.09

84,391 Clariant Registered Shares 1,280,217 0.29112,158 Compagnie Financiere Richemont - Bearer A Shares 4,940,472 1.1123,599 Dufry Group Registered Shares 2,383,192 0.53

2,581 Emmi Registered Shares 434,722 0.103,791 Flughafen Zuerich Registered Shares 1,163,851 0.262,651 Forbo Holding Registered Shares 1,251,041 0.282,181 Galenica Registered Shares 988,212 0.22

85,182 GAM Holding 1,056,958 0.2426,513 Gategroup Holding 1,080,856 0.243,458 Georg Fischer Registered Shares 1,458,168 0.333,732 Kaba Holding Registered - B Shares 1,196,900 0.27

14,860 Komax Holding Registered Shares 1,201,485 0.2720,060 Kuehne & Nagel International Registered Shares 2,086,821 0.47

1,934 LEM Holding Registered Shares 895,649 0.2095,309 Logitech International Registered Shares 1,358,864 0.30

335 Metall Zug Registered Shares 956,456 0.2149,610 Meyer Burger Technology 1,156,680 0.26

182,622 Micronas Semiconductor Holding Registered Shares 1,604,485 0.3666,370 Mobilezone Holding - Bearer Shares 559,206 0.13

281,628 OC Oerlikon Registered Shares 1,106,969 0.2514,256 Panalpina Welttransport Holding Registered Shares 1,384,320 0.31

7,371 Partners Group Holding Registered Shares 1,045,606 0.231,110 Phoenix Mecano - Bearer Shares 582,026 0.13

6,566 Rieter Holding Registered Shares 1,779,253 0.40

73

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments (Market Value Expressed in EUR)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

22,599 Schindler Holding Participation Certificates 2,004,505 0.451,856 Schweiter Technologies - Bearer Shares 1,110,253 0.25

13,738 Sulzer Registered Shares 1,561,672 0.3512,136 Swatch Group - Bearer Shares 4,048,342 0.9138,561 Temenos Group Registered Shares 1,199,271 0.2728,317 U-Blox Holding 1,137,965 0.254,491 VZ Holding 426,928 0.102,581 Walter Meier Registered Shares 392,572 0.09

16,503 Winterthur Technologie Registered Shares 823,386 0.18615 Zehnder Group - Bearer Shares 1,124,966 0.25

59,453,350 13.34

GERMANY28,147 Aareal Bank 640,555 0.1441,299 Adidas 2,030,156 0.46

124,056 ADVA Optical Networking 728,829 0.1675,095 Bayerische Motoren Werke 4,426,099 0.99

7,939 Brenntag 605,150 0.1326,695 CENTROTEC Sustainable 426,453 0.1020,477 Continental 1,210,600 0.2793,632 Daimler Registered Shares 4,762,123 1.0718,382 Delticom 1,226,723 0.28

74,464 Deutsche Lufthansa Registered Shares 1,221,396 0.27102,189 Deutz 646,959 0.15

27,162 Duerr 644,079 0.1440,114 Elmos Semiconductor 382,086 0.0942,893 ElringKlinger 1,119,078 0.25

252,422 Evotec 733,412 0.1663,087 GEA Group 1,365,360 0.3137,899 Gildemeister 628,365 0.1435,903 Grammer 651,280 0.1513,077 Hamburger Hafen und Logistik 453,641 0.1015,282 Homag Group 255,018 0.06

110,124 Jenoptik 592,963 0.1323,080 Jungheinrich Preference Shares 672,955 0.1531,828 K+S 1,802,897 0.4024,377 Kabel Deutschland Holding 846,309 0.1937,706 KUKA 625,543 0.1423,140 Lanxess 1,357,740 0.3041,588 Leoni 1,367,517 0.3147,184 LPKF Laser & Electronics 578,712 0.1322,604 MAN 2,017,294 0.45

6,771 Muehlbauer Holding & Co. KGaA 265,948 0.067,412 Pfeiffer Vacuum Technology 647,179 0.15

36,756 ProSiebenSat.1 Media Preference Shares 828,848 0.1916,895 PSI Gesellschaft Fuer Produkte und Systeme der

Informationstechnologie 300,731 0.0780,677 Suss Microtec 734,846 0.1622,305 Symrise 455,691 0.1036,250 TAG Immobilien 229,825 0.0532,924 Tognum 647,121 0.1530,874 Volkswagen Preference Shares 3,757,366 0.84

4,274 Wacker Chemie 561,176 0.1345,352 Wacker Neuson 587,308 0.13

43,035,331 9.65

FRANCE52,559 Air France-KLM 715,459 0.1624,068 Alten 588,583 0.1325,107 Arkema 1,351,635 0.3038,120 Assystem 510,617 0.113,579 Bollore 568,077 0.13

18,669 CFAO 607,303 0.1415,392 Christian Dior 1,641,942 0.3719,508 Dassault Systèmes 1,102,104 0.25

157,474 Derichebourg 823,668 0.1914,321 Etam Developpement 526,154 0.1214,385 Eurazeo 796,785 0.1813,833 Eurofins Scientific 743,593 0.1754,620 Faurecia 1,177,607 0.26

9,802 Hermes International 1,537,444 0.3422,766 Imerys 1,138,698 0.2624,767 Ingenico 670,381 0.1515,399 IPSOS 546,626 0.1213,702 Kaufman & Broad 312,611 0.0723,340 Klepierre 627,963 0.1443,358 Legrand 1,324,478 0.3044,388 LVMH 5,468,602 1.2334,837 Manitou BF 607,122 0.138,994 Mercialys 252,282 0.0619,114 Mersen 654,655 0.1511,913 Naturex 482,715 0.11

24,601 Outremer Telecom 192,380 0.0424,583 Peugeot 698,280 0.1615,977 Plastic Omnium 846,941 0.195,071 PPR 603,956 0.14

39,940 Renault 1,735,992 0.3973,778 Rexel 1,195,757 0.2754,706 Rhodia 1,352,469 0.30

8,198 Rubis 713,021 0.1652,644 Safran 1,396,645 0.31

6,779 Schneider Electric 760,943 0.1712,089 SEB 938,288 0.2116,265 SeLoger.com 571,308 0.1333,412 Société Générale 1,347,172 0.3037,467 Trigano 878,976 0.2030,859 Valeo 1,309,965 0.29

3,373 Virbac 437,647 0.1011,644 Zodiac Aerospace 653,403 0.14

40,410,247 9.07

SWEDEN18,716 AddTech - B Shares 407,025 0.09

199,594 Atlas Copco - A Shares 3,773,762 0.8458,408 Bilia - A Shares 844,106 0.19

129,665 Byggmax Group 828,634 0.1914,410 CDON Group 49,996 0.0121,535 Elekta - B Shares 622,203 0.1482,503 Fabege 723,665 0.16113,613 Fastighets Balder - B Shares 556,798 0.1267,767 Haldex 795,377 0.18

100,407 Hexagon - B Shares 1,615,470 0.3636,023 Hexpol 613,887 0.1425,782 Holmen - B Shares 635,643 0.1457,372 Lindab International 563,779 0.1326,700 Mekonomen 664,670 0.1514,410 Modern Times Group - B Shares 714,556 0.1696,599 Nobia 646,912 0.15131,968 Rezidor Hotel Group 599,717 0.1377,908 Scania -B Shares 1,343,725 0.3097,385 SKF - B Shares 2,077,199 0.46

130,147 Swedbank - A Shares 1,360,097 0.3187,507 Tele2 - B Shares 1,361,622 0.31

145,046 Trelleborg - B Shares 1,149,067 0.26263,843 Volvo - B Shares 3,483,890 0.78

25,431,800 5.70

ITALY245,978 Alerion Cleanpower 132,090 0.03137,501 Amplifon 515,972 0.1266,924 Banca Generali 603,153 0.1470,090 Brembo 541,095 0.1277,829 Bulgari 631,582 0.14

1,668,103 Cam Finanziaria 609,275 0.14138,924 Credito Emiliano 639,745 0.1457,947 Datalogic 347,972 0.08

156,043 De’Longhi 908,170 0.2018,995 DiaSorin 611,734 0.13

42,000 Exor 1,030,680 0.23119,635 Fiat 1,839,986 0.4187,851 Gruppo Coin 676,892 0.15

358,712 IMMSI 295,310 0.07124,579 Interpump Group 706,986 0.16154,990 Pirelli & Co. 943,114 0.2184,926 Recordati 599,578 0.1313,619 Sabaf 345,923 0.0851,814 Safilo Group 687,572 0.1560,141 Saipem 2,211,986 0.50

250,364 Sogefi 609,323 0.14416,931 Sorin 714,203 0.1610,663 Tod’s 785,383 0.18

146,205 Yoox 1,406,492 0.32

18,394,216 4.13

DENMARK9,051 Coloplast - B Shares 921,526 0.219,383 Danisco 642,235 0.14

95,552 Danske Bank 1,832,286 0.4192,411 GN Store Nord 629,423 0.1478,365 Novo Nordisk - B Shares 6,620,025 1.4811,272 Novozymes - B Shares 1,175,252 0.27

29,638 Pandora 1,335,054 0.305,952 Rockwool International - B Shares 556,899 0.13

23,501 Royal UNIBREW 1,043,479 0.24

14,756,179 3.32

74

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments (Market Value Expressed in EUR) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

BELGIUM9,877 Ackermans & van Haaren 615,238 0.14

126,806 Anheuser-Busch InBev 5,427,614 1.2213,485 Barco 650,044 0.1513,533 Bekaert 1,166,206 0.2612,670 D’ieteren 593,716 0.13

326,179 Deceuninck 595,277 0.1316,809 KBC Groep 430,647 0.1015,181 Kinepolis Group 767,703 0.17

53,478 Melexis 716,070 0.169,154 Sipef 648,561 0.14

13,374 Telenet Group Holding 392,059 0.0934,527 Umicore 1,343,446 0.30

13,346,581 2.99

FINLAND24,266 Cargotec - B Shares 949,771 0.2133,659 Cramo - B Shares 640,026 0.1448,793 Finnair 245,673 0.0530,073 Kesko - B Shares 1,051,502 0.2422,095 Kone - B Shares 921,251 0.2119,048 Konecranes 586,678 0.1334,081 Metso 1,424,075 0.323,884 M-real - A Shares 11,011 0.00

42,977 Nokian Renkaat 1,179,504 0.2614,968 Outotec 692,045 0.1651,191 PKC Group 787,573 0.18

165,838 Sponda 642,622 0.14149,303 Stora Enso - R Shares 1,148,513 0.26

97,633 Talvivaara Mining 677,842 0.1593,154 UPM-Kymmene 1,231,030 0.28

12,189,116 2.73

JERSEY218,000 Experian 2,025,632 0.45406,075 Highland Gold Mining 892,535 0.20

121,124 Kentz 453,569 0.1091,360 Petrofac 1,688,252 0.38

135,373 Shire 2,435,453 0.55101,744 United Business Media 817,606 0.1894,580 Wolseley 2,252,613 0.51111,191 WPP 1,024,770 0.23

11,590,430 2.60

NETHERLANDS59,295 Aalberts Industries 933,007 0.2189,822 BE Semiconductor Industries 452,209 0.1031,266 EADS 545,201 0.1217,844 Eurocommercial Properties - CVA 616,019 0.1421,018 Fugro - CVA 1,294,709 0.29

129,442 ING Groep - CVA 942,467 0.2112,173 Koninklijke DSM 520,609 0.12

26,880 Koninklijke Ten Cate 751,834 0.1726,163 Koninklijke Vopak 924,404 0.218,831 Nutreco 500,850 0.11

40,622 Randstad Holding 1,606,600 0.3634,014 TKH Group - Dutch Certificates 665,059 0.1526,752 Unit 4 Agresso 650,408 0.1541,965 USG People 637,448 0.14

11,040,824 2.48

SPAIN36,252 Abengoa 667,127 0.1595,320 Antena 3 de Television 661,044 0.15

136,824 CIE Automotive 642,047 0.1438,451 Codere 333,178 0.07

213,202 Iberia Lineas Aereas de España 681,713 0.1550,560 Inditex 2,833,888 0.64

188,430 Papeles y Cartones de Europa 642,546 0.1524,688 Prosegur Compañia de Seguridad Registered Shares 1,035,291 0.2331,066 Repsol YPF 648,114 0.1540,003 Viscofan 1,134,285 0.25

9,279,233 2.08

NORWAY539,396 Electromagnetic GeoServices 825,247 0.19

40,219 Kongsberg Gruppen 683,556 0.15712,279 Marine Harvest 562,201 0.13169,810 Opera Software 633,738 0.14

18,752 Schibsted 412,697 0.09142,603 Telenor 1,731,706 0.39147,055 Wilh Wilhelmsen 793,570 0.1845,558 Yara International 1,967,092 0.44

7,609,807 1.71

AUSTRIA11,902 Andritz 819,512 0.1839,114 Austria Technologie & Systemtechnik 668,654 0.1533,662 Austriamicrosystems - Bearer Shares 1,205,226 0.279,548 Kapsch TrafficCom 677,860 0.1525,151 Palfinger 714,100 0.16

10,764 Schoeller-Bleckmann Oilfield Equipment 695,731 0.1630,368 Zumtobel 631,503 0.14

5,412,586 1.21

IRELAND521,659 Aer Lingus 571,217 0.13

3,018,846 Kenmare Resources 1,146,256 0.25201,230 Ryanair Holdings 751,292 0.17

97,219 Smurfit Kappa Group 704,352 0.16

3,173,117 0.71

PORTUGAL78,741 Galp Energia SGPS - B Shares 1,129,737 0.2595,933 Jeronimo Martins SGPS 1,098,433 0.25

181,884 Portucel Empresa Produtora de Pasta e Papel 415,241 0.09323,820 Sonae.com SGPS 439,424 0.10

3,082,835 0.69

GREECE124,526 Alpha Bank 476,312 0.1150,579 Coca Cola Hellenic Bottling 979,209 0.2256,321 Frigoglass 571,658 0.1348,297 Hellenic Petroleum 281,330 0.06128,391 Mytilineos Holdings Registered Shares 567,488 0.13

2,875,997 0.65

UNITED STATES OF AMERICA21,532 Autoliv SDR 1,277,089 0.29

42,645 Virgin Media 866,400 0.19

2,143,489 0.48

BERMUDA6,424 HAL Trust 605,462 0.14

39,213 Signet Jewelers 1,265,466 0.28

1,870,928 0.42

LUXEMBOURG517,393 Northland Resources 1,169,158 0.26

1,169,158 0.26

AUSTRALIA437,076 Centamin Egypt 893,071 0.20

893,071 0.20

PAPUA NEW GUINEA84,975 New Britain Palm Oil 862,212 0.19

862,212 0.19


568,936 0.13

SINGAPORE45,116 XP Power 554,054 0.12

554,054 0.12



426,337,780 95.63

75



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Investment Funds



8,950,000 2.01



8,950,000 2.01


Cash 9,286,507 2.08




Shares and RightsConsumer Discretionary 25.90Industrials 22.80Financials 11.58Materials 11.22Information Technology 8.62Energy 4.75Consumer Staples 4.47Health Care 4.34Investment Companies 2.01Telecommunication Services 1.55Utilities 0.40Total Shares and Rights 97.64Cash and Other Assets/(Liabilities) 2.36

Total 100.00


Shares and RightsConsumer Discretionary 19.56Industrials 17.79Materials 16.02Consumer Staples 14.16Financials 9.02Information Technology 7.67Energy 3.87Health Care 2.34Investment Companies 2.24Utilities 0.40Telecommunication Services 0.21Total Shares and Rights 93.28Cash and Other Assets/(Liabilities) 6.72

Total 100.00

76



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)


ExpirationDate


NotionalValue


Equity Futures


Total (174,397)

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



AmountSold


04-Jan-11 EUR 1,253,261 GBP 1,074,672 3,483

Total 3,483

77


Shares

UNITED KINGDOM873,682 AstraZeneca 29,688,682 2.24198,984 Atkins (WS) 1,621,002 0.12

2,602,836 Aviva 11,932,206 0.902,281,006 Barclays 6,968,572 0.52

126,344 BHP Billiton 3,751,870 0.28641,634 BowLeven 2,824,298 0.21

10,701,008 BP 57,998,202 4.376,423,465 BT Group 13,513,419 1.02

579,789 Cape 2,786,379 0.21752,861 Chaucer Holdings 459,654 0.03448,577 Computacenter 2,031,897 0.15385,814 Cookson Group 2,945,575 0.22400,310 Daily Mail & General Trust - A Shares 2,674,507 0.20

2,660,035 Debenhams 2,191,717 0.171,115,795 DS Smith 2,632,836 0.20708,774 Faroe Petroleum 1,467,186 0.11602,205 Ferrexpo 2,916,867 0.22917,000 GlaxoSmithKline 13,228,891 1.00

2,105,330 Howden Joinery Group 2,499,788 0.19664,198 Intermediate Capital Group 2,565,215 0.19448,566 Investec 2,756,949 0.21396,998 John Menzies 2,171,073 0.16299,799 Kazakhmys 5,641,129 0.42108,180 Kier Group 1,728,586 0.13

1,346,475 Laird 2,726,179 0.215,281,282 Legal & General Group 5,969,843 0.457,141,486 Lloyds Banking Group 5,466,430 0.411,773,654 Logica 2,714,452 0.211,266,281 Marston’s 1,687,610 0.13

541,764 National Express Group 1,582,028 0.12209,088 Northgate 683,271 0.05

4,544,100 Old Mutual 6,515,808 0.491,031,625 Pace 2,201,483 0.172,033,701 Prudential 15,798,683 1.19

5,696,644 Quintain Estates & Development 2,782,439 0.2119,561,829 RBS Group 8,931,349 0.67

1,138,757 Rexam 4,417,885 0.33152,784 Rio Tinto 7,979,547 0.60

3,030,888 RSA Insurance Group 4,416,501 0.331,311,094 Sportingbet 941,517 0.071,049,279 Sports Direct International 1,954,838 0.151,054,089 Stagecoach Group 2,597,560 0.20

424,518 Tullett Prebon 1,882,930 0.14153,271 Valiant Petroleum 908,158 0.07

30,917,501 Vodafone Group 59,649,677 4.49

320,804,688 24.16

FRANCE132,737 ABC Arbitrage 961,680 0.07

105,204 Alten 2,572,764 0.19484,744 Altran Technologies 1,582,931 0.12

36,192 April Group 763,832 0.0654,559 Assystem 730,818 0.0679,032 Atos Origin 3,149,030 0.24

1,255,697 AXA 15,652,263 1.18588,663 BNP Paribas 28,070,395 2.11

64,941 Casino Guichard Perrachon 4,738,420 0.3613,340 Ciments Français 969,151 0.07

246,103 Compagnie de Saint-Gobain 9,473,735 0.71796,539 Crédit Agricole 7,595,796 0.57

16,199 Delachaux 961,573 0.07416,174 Derichebourg 2,176,798 0.1666,998 Eiffage 2,211,101 0.17

2,425 Entrepose Contracting 278,269 0.021,269,473 France Télécom 19,794,258 1.49

24,390 GL Events 620,604 0.05695,645 Havas 2,700,842 0.20221,047 Lafarge 10,363,789 0.78146,395 Lagardère 4,529,095 0.3454,857 Plastic Omnium 2,907,970 0.2286,107 Rallye 2,765,542 0.21137,187 Renault 5,962,833 0.45122,230 Rhodia 3,021,831 0.2346,243 Sa des Ciments Vicat 2,883,713 0.22

272,140 Sanofi-Aventis 13,032,104 0.98221,030 SCOR 4,203,991 0.32258,857 Sequana 3,016,978 0.23

6,573 Société de la Tour Eiffel 382,581 0.03449,392 Société Générale 18,119,485 1.36

15,708 Societe Internationale de Plantations d’Heveas 1,305,335 0.1028,198 Sopra Group 1,639,150 0.1264,280 Teleperformance 1,620,499 0.12

358,849 Vinci 14,632,068 1.10898,581 Vivendi 18,149,090 1.37

213,540,314 16.08

GERMANY113,601 Aareal Bank 2,585,275 0.19

258,458 Allianz Registered Shares 22,945,901 1.7363,874 Asian Bamboo - Bearer Shares 2,512,963 0.1966,673 Aurubis 2,937,612 0.2222,208 Axel Springer 2,710,486 0.20

600,692 BASF 35,978,447 2.7179,844 Bauer 2,812,505 0.2187,833 Bechtle 2,568,676 0.1955,357 Bertrandt 3,073,697 0.2338,597 Bilfinger Berger 2,425,242 0.1874,436 Demag Cranes 2,691,606 0.20

681,336 Deutsche Bank Registered Shares 26,556,774 2.00773,370 Deutsche Post Registered Shares 9,800,531 0.74

1,933,294 Deutsche Telekom Registered Shares 18,607,955 1.40416,120 Drillisch 2,555,393 0.1968,190 Gerry Weber International 2,512,120 0.1942,062 GFK 1,571,016 0.1296,046 Hannover Rueckversicherung Registered Shares 3,849,284 0.29101,163 Indus Holding 2,216,734 0.17

405,844 IVG Immobilien 2,634,130 0.205,856 MTU Aero Engines Holding 294,850 0.02

121,782 ProSiebenSat.1 Media Preference Shares 2,746,184 0.2149,991 Rheinmetall 2,996,711 0.2370,333 Sixt 2,670,544 0.2030,087 SMA Solar Technology 2,086,082 0.1639,382 Solar Millennium 797,092 0.06

332,260 TUI 3,479,593 0.2639,150 Volkswagen Preference Shares 4,764,555 0.3627,278 Vossloh 2,602,867 0.2044,108 VTG 655,335 0.05

176,640,160 13.30

SPAIN133,200 Abengoa 2,451,213 0.19307,824 Banco Español de Crédito 1,903,276 0.14

3,144,752 BBVA 23,772,753 1.795,241,324 BSCH 41,563,699 3.13

6,745 Construcciones y Auxiliar de Ferrocarriles 2,629,538 0.20980,000 Criteria Caixacorp 3,905,300 0.30

2,463,218 Iberdrola 14,202,915 1.0761,523 Pescanova 1,518,080 0.11

240,796 Repsol YPF 5,023,607 0.382,561,388 Telefonica 43,473,158 3.27

140,443,539 10.58

NETHERLANDS70,713 Accell Group 2,667,648 0.20

174,058 Heijmans - CVA 2,617,832 0.203,060,566 ING Groep - CVA 22,283,981 1.68

603,497 Koninklijke KPN 6,605,275 0.50191,271 Mediq 2,673,969 0.20

3,445,186 Royal Dutch Shell - B Shares 85,038,913 6.4080,062 Ten Cate 2,239,334 0.17

124,126,952 9.35

ITALY547,893 Astaldi 2,710,701 0.20218,007 Autostrada Torino-Milano 2,206,231 0.17

3,932,856 Beni Stabili 2,483,599 0.1970,126 Brembo 541,373 0.04

908,676 Cementir Holding 1,917,306 0.141,667,345 CIR-Compagnie Industriali Riunite 2,316,776 0.18

690,264 Cofide 453,849 0.03124,402 Danieli & Co. 2,969,476 0.22616,047 De’Longhi 3,585,394 0.27

5,435,376 Enel 20,464,191 1.541,646,624 ENI 26,889,370 2.032,189,911 Iren 2,745,053 0.21

823,711 Maire Tecnimont 2,720,306 0.20200,802 Prysmian 2,545,165 0.19813,373 Snam Rete Gas 3,034,898 0.23

12,105,567 Telecom Italia 11,763,585 0.88

89,347,273 6.72

78

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

SWITZERLAND75,790 Aryzta 2,613,457 0.2048,015 Baloise Holding Registered Shares 3,500,694 0.274,209 Banque Cantonale Vaudoise Registered Shares 1,659,446 0.122,936 Bossard Holding - Bearer Shares 255,249 0.024,910 Daetwyler Holding - Bearer Shares 304,032 0.025,067 Emmi Registered Shares 853,443 0.065,972 Forbo Holding Registered Shares 2,818,264 0.21

321,115 GAM Holding 3,984,468 0.308,577 Kaba Holding Registered - B Shares 2,750,753 0.21

24,729 Lonza Group Registered Shares 1,484,230 0.11799,404 Novartis Registered Shares 35,181,119 2.65

64,652 Orior 2,797,408 0.214,991 Pargesa Holding - Bearer Shares 318,138 0.02

43,061 Swiss Life Holding Registered Shares 4,662,292 0.35263,222 Swiss Reinsurance Registered Shares 10,609,618 0.80

21,320 Swisscom Registered Shares 7,019,788 0.538,451 Valora Holding Registered Shares 2,194,490 0.17

232 Vetropack Holding - Bearer Shares 327,801 0.0342,195 Vontobel Holding Registered Shares 1,198,289 0.09

905 Zehnder Group - Bearer Shares 1,655,438 0.12

86,188,417 6.49

SWEDEN132,378 Bilia - A Shares 1,913,112 0.1470,519 Intrum Justitia 813,932 0.06

169,557 NCC - B Shares 2,787,529 0.212,308,143 Nordea Bank 18,831,616 1.42

99,362 Saab - B Shares 1,362,925 0.10507,591 Svenska Cellulosa - B Shares 6,007,034 0.46467,672 Svenska Handelsbanken - A Shares 11,212,482 0.84161,955 Tele2 - B Shares 2,520,043 0.19

1,985,078 TeliaSonera 11,801,378 0.89

57,250,051 4.31

BELGIUM24,801 Ackermans & van Haaren 1,544,854 0.12

185,600 AGFA-Gevaert 0 0.0057,319 Compagnie d’Entreprises CFE 3,089,494 0.23

1,151,879 Dexia 3,012,164 0.2361,130 D’Ieteren 2,864,552 0.22

150,000 Econocom Group 1,506,750 0.11133,270 KBC Groep 3,414,377 0.26

10,712 Kinepolis Group 541,706 0.0460,279 Mobistar 2,907,256 0.22

139,449 Recticel 1,106,528 0.089,554 Sipef 676,901 0.05

20,664,582 1.56

FINLAND220,068 Fortum 4,959,232 0.37270,186 Huhtamaki 2,797,776 0.21138,748 Orion - B Shares 2,274,080 0.17355,392 Pohjola Bank 3,194,974 0.24239,776 Sampo - A Shares 4,813,503 0.37

18,039,565 1.36

AUSTRIA199,579 CA Immobilien Anlagen 2,361,020 0.18242,285 Conwert Immobilien Invest 2,615,467 0.20179,448 Erste Group Bank 6,336,309 0.48978,926 Immofinanz 3,128,158 0.23

55,867 RHI 1,639,277 0.12127,335 Sparkassen Immobilien 672,838 0.05

16,753,069 1.26

NORWAY170,812 Atea 1,268,395 0.10124,823 Gjensidige Forsikring 934,087 0.07

2,155,254 Kongsberg Automotive 1,343,803 0.103,479,322 Marine Harvest 2,746,223 0.20

956,012 Morpol 2,625,420 0.20470,899 Statoil Fuel & Retail 3,211,880 0.24

12,129,808 0.91

BERMUDA587,877 Catlin Group 2,526,828 0.19373,270 Hiscox 1,649,110 0.12313,642 Lancashire Holdings 2,013,403 0.15183,821 SeaDrill 4,643,338 0.3569,272 Stolt-Nielsen 1,259,372 0.09

12,092,051 0.90

GREECE149,282 Folli - Follie 2,745,296 0.21216,517 Motor Oil Hellas Corinth Refineries 1,610,886 0.12

297,505 National Bank of Greece 1,822,218 0.14152,938 OPAP 1,979,018 0.15265,673 Public Power 2,853,328 0.21

11,010,746 0.83

DENMARK79,133 Jyske Bank Registered Shares 2,742,960 0.21

131,383 Sydbank 2,665,655 0.20404,627 TDC 2,626,786 0.20

8,035,401 0.61

JERSEY1,769,626 Beazley 2,368,722 0.18

213,697 Highland Gold Mining 469,697 0.04523,441 Informa 2,478,142 0.18

5,316,561 0.40

CAYMAN ISLANDS4,741,319 Polarcus 3,675,542 0.28

3,675,542 0.28

PORTUGAL453,334 Portucel Empresa Produtora de Pasta e Papel 1,034,962 0.08234,343 Semapa-Sociedade de Investimento e Gestao 1,954,421 0.15

2,989,383 0.23

FAROE ISLANDS366,997 Bakkafrost 2,335,216 0.18

2,335,216 0.18

CYPRUS783,755 Bank of Cyprus Public 2,022,088 0.15

2,022,088 0.15

IRELAND267,283 Glanbia 967,164 0.07

1,707,915 Independent News & Media 855,665 0.06

1,822,829 0.13

Total Shares 1,325,228,235 99.79


1,325,228,235 99.79


Bank Overdraft (2,023,611) (0.15)


Total Net Assets 1,328,001,371 100.00

79

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 31.50Telecommunication Services 15.27Energy 14.58Materials 8.51Industrials 8.20Consumer Discretionary 7.26Health Care 7.24Utilities 3.63Consumer Staples 1.87Information Technology 1.73Total Shares 99.79Bank Overdraft and Other Assets/(Liabilities) 0.21

Total 100.00


SharesFinancials 28.14Energy 19.26Industrials 10.71Materials 10.11Telecommunication Services 9.95Health Care 8.37Consumer Discretionary 5.11Utilities 4.73Consumer Staples 2.73Information Technology 1.76Total Shares 100.87Bank Overdraft and Other Assets/(Liabilities) (0.87)

Total 100.00

80

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

GERMANY52,937 ADVA Optical Networking 311,005 0.26

143,944 Aixtron 3,959,180 3.3269,750 Bechtle 2,039,839 1.71

172,402 Cancom IT Systeme 1,602,477 1.34289,131 Drillisch 1,775,553 1.4959,100 Elmos Semiconductor 562,928 0.47

1,003,130 Infineon Technologies 7,026,424 5.8934,891 LPKF Laser & Electronics 427,938 0.3618,871 Nemetschek 596,701 0.5045,325 ProSiebenSat.1 Media Preference Shares 1,022,079 0.86

200,206 SAP 7,622,843 6.3917,060 Software 1,865,937 1.56

122,327 Vtion Wireless Technology 1,225,716 1.0332,977 Wincor Nixdorf 2,001,704 1.68

32,040,324 26.86

UNITED KINGDOM1,009,785 ARM Holdings 4,976,766 4.17

208,860 Avanti Communications Group 1,638,304 1.37623,104 Blinkx 606,880 0.51543,173 BT Group 1,142,705 0.96

1,029,889 DDD Group 203,609 0.17216,624 Dialight 1,294,872 1.0882,482 Dialog Semiconductor 1,404,256 1.18

188,229 Diploma 604,161 0.51718,396 E2V Technologies 756,084 0.63367,158 Electrocomponents 1,136,201 0.95126,640 Imagination Technologies Group 529,747 0.44702,220 Iomart Group 739,059 0.62189,176 Micro Focus International 853,821 0.71672,903 Nanoco Group 806,022 0.68477,698 Pace 1,019,405 0.85

77,082 Renishaw 1,109,765 0.93478,608 Sage Group 1,525,063 1.28117,626 Spectris 1,791,975 1.50

962,936 Spirent Communications 1,653,999 1.39226,981 Telecity Group 1,247,236 1.04855,332 TT Electronics 1,700,937 1.43

26,740,867 22.40

NETHERLANDS333,385 ASML Holding 9,626,492 8.07234,482 BE Semiconductor Industries 1,180,500 0.99750,715 STMicroelectronics 5,808,282 4.87

16,615,274 13.93

FRANCE91,231 Assystem 1,222,039 1.03

66,164 Atos Origin 2,636,305 2.2143,865 Cap Gemini 1,531,546 1.2920,959 Dassault Systèmes 1,184,079 0.9923,057 Ingenico 624,095 0.5227,620 IPSOS 980,441 0.8239,267 Parrot 950,261 0.8018,107 Sopra Group 1,052,560 0.8826,401 Sword Group 598,379 0.50

10,779,705 9.04

FINLAND1,253,429 Nokia 9,698,407 8.13

9,698,407 8.13

SWEDEN666,778 Telefonaktiebolaget LM Ericsson - B Shares 5,807,715 4.87

5,807,715 4.87

AUSTRIA51,610 Austriamicrosystems - Bearer Shares 1,847,831 1.5536,237 Kapsch TrafficCom 2,572,646 2.15

4,420,477 3.70

BELGIUM16,288 Barco 785,163 0.6616,765 EVS Broadcast Equipement 799,942 0.6710,445 Kinepolis Group 528,204 0.4485,302 Melexis 1,142,194 0.96

3,255,503 2.73

SWITZERLAND60,046 Ascom Holding Registered Shares 704,206 0.5922,919 Huber & Suhner Registered Shares 1,188,451 1.00

1,892,657 1.59

ITALY151,938 Yoox 1,461,644 1.23

1,461,644 1.23

NORWAY379,248 Opera Software 1,415,370 1.19

1,415,370 1.19

UNITED STATES OF AMERICA58,190 Virgin Media 1,182,221 0.99

1,182,221 0.99

DENMARK22,493 Thrane & Thrane 715,851 0.60

715,851 0.60

Total Shares 116,026,015 97.26


116,026,015 97.26


Investment Funds



2,850,000 2.39



2,850,000 2.39


Cash 532,194 0.45



81

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesInformation Technology 83.89Consumer Discretionary 4.71Telecommunication Services 4.48Industrials 4.18Investment Companies 2.39Total Shares 99.65Cash and Other Assets/(Liabilities) 0.35

Total 100.00


SharesInformation Technology 89.41Consumer Discretionary 4.27Industrials 2.87Investment Companies 1.79Telecommunication Services 1.01Total Shares 99.35Cash and Other Assets/(Liabilities) 0.65

Total 100.00

82

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Preferred Shares

UNITED STATES OF AMERICA235,200 Apache 11,626,110 0.5220,584 Bank of America 14,691,178 0.66

128,629 Citigroup 13,086,173 0.59199,180 Ford Motor Capital Trust II 7,700,576 0.35339,649 General Motors 13,646,984 0.61

8,944 Wells Fargo & Co. 6,717,332 0.30

67,468,353 3.03

Total Preferred Shares 67,468,353 3.03

Shares

BERMUDA108,810 Seadrill 2,749,393 0.12

2,749,393 0.12

Total Shares 2,749,393 0.12

Convertible Bonds

JAPAN4,938,000,000 Aeon 22.11.12/0.000% 53,394,809 2.402,063,000,000 Asahi Breweries 26.05.28/0.000% 19,428,620 0.874,160,000,000 Asahi Glass 14.11.12/0.000% 40,135,888 1.803,863,000,000 Hitachi 12.12.14/0.100% 49,912,995 2.241,715,000,000 Nidec 18.09.15/0.000% 17,089,210 0.771,492,000,000 Nippon Meat Packers 03.03.14/0.000% 14,232,126 0.642,119,000,000 ORIX 31.03.14/1.000% 24,828,172 1.11444,000,000 Sawai Pharmaceutical 17.09.15/0.000% 4,200,277 0.19

1,468,000,000 Softbank 31.03.13/1.500% 18,708,479 0.841,584,000,000 Takashimaya 14.11.14/0.000% 15,954,893 0.722,460,000,000 Unicharm 24.09.13/0.000% 24,171,169 1.08

860,000,000 Unicharm 24.09.15/0.000% 8,592,855 0.38

290,649,493 13.04

FRANCE122,078,500 Air France-KLM 01.04.15/4.970% 19,862,172 0.89917,379,400 Alcatel-Lucent 01.01.15/5.000% 30,594,603 1.37120,941,623 Altran Technologies 01.01.15/6.720% 5,974,516 0.2720,556,900 Cap Gemini 01.01.14/3.500% 8,874,414 0.4025,182,206 Club Mediterranee 01.11.15/6.110% 4,767,495 0.2248,613,200 Eurazeo 10.06.14/6.250% 29,026,942 1.3029,479,100 Misarte 01.01.16/3.250% 45,443,507 2.0420,309,600 Nexans 01.01.16/4.000% 13,792,249 0.6216,372,200 Orpea 01.01.16/3.875% 7,459,174 0.34

64,884,400 Peugeot 01.01.16/4.450% 21,674,634 0.9729,474,600 Publicis Groupe 30.07.14/3.125% 12,109,639 0.5491,763,800 SOITEC 09.09.14/6.250% 9,130,498 0.4115,525,000 Technip 01.01.16/0.500% 14,292,315 0.64

223,002,158 10.01

SINGAPORE76,000,000 CapitaLand 03.09.16/2.875% 45,693,696 2.0516,700,000 Keppel Land 29.11.15/1.875% 9,608,591 0.4333,000,000 Olam International 15.10.16/6.000% 34,521,334 1.5526,000,000 Yanlord Land Group 13.07.14/5.850% 15,870,132 0.71

105,693,753 4.74

LUXEMBOURG10,700,000 Acergy 11.10.13/2.250% 9,894,375 0.4419,275,000 Actelion Finance 22.11.11/0.000% 16,672,367 0.7510,500,000 Ageasfinlux 07.08.49/2.400%* 5,134,280 0.23

243,808 ArcelorMittal 01.04.14/7.250% 7,940,827 0.3614,650,000 Controlinveste International

Finance 28.01.15/3.000% 13,122,005 0.5934,250,000 Espirito Santo Financial Group 15.11.25/5.050%* 25,314,175 1.1410,900,000 Intralot Luxembourg 20.12.13/2.250% 10,117,380 0.456,800,000 TMK Bonds 11.02.15/5.250% 5,570,167 0.25

93,765,576 4.21

UNITED KINGDOM3,500,000 Aberdeen Asset Management 17.12.14/3.500% 4,969,824 0.224,300,000 British Airways 13.08.14/5.800% 7,893,764 0.365,100,000 Misys 22.11.15/2.500% 6,553,749 0.29

4,000,000 Pennon Group 20.08.14/4.625% 6,013,330 0.2714,000,000 Petropavlovsk 18.02.15/4.000% 11,802,979 0.5318,600,000 TUI Travel 05.10.14/6.000% 22,189,838 1.0034,800,000 Vedanta Resources Jersey 13.07.16/5.500% 32,146,061 1.44

91,569,545 4.11

NETHERLANDS12,150,000 Celesio Finance 29.10.14/3.750% 13,911,750 0.6318,350,000 Portugal Telecom

International Finance 28.08.14/4.125% 18,533,500 0.8317,500,000 Q-Cells International Finance 26.05.14/5.750% 12,075,000 0.547,750,000 Salzgitter Finance 06.10.16/1.125% 7,595,000 0.348,550,000 Salzgitter Finance 08.11.17/2.000% 9,343,184 0.42

12,250,000 Wereldhave 16.09.14/4.375% 13,383,125 0.60

74,841,559 3.36

CAYMAN ISLANDS5,600,000 BES Finance 19.05.15/3.000% 4,688,040 0.21

31,200,000 China Overseas FinanceInvestment Cayman 14.05.14/0.000% 28,999,964 1.30

25,750,000 EFG Ora Funding III 29.10.14/1.700% 16,425,925 0.7436,000,000 Hengdeli Holdings 20.10.15/2.500% 4,024,020 0.1829,000,000 Intime Department Store Group 27.10.13/1.750% 3,043,116 0.1466,100,000 Soho China 02.07.14/3.750% 7,443,781 0.3312,200,000 Subsea 7 06.06.11/2.800% 9,756,266 0.44

74,381,112 3.34

PORTUGAL25,250,000 Parpublica - Participaçes

Publicas 18.12.14/3.250% 22,997,700 1.0341,100,000 Parpublica - Participaçes

Publicas 28.09.17/5.250% 42,507,675 1.91

65,505,375 2.94

JERSEY10,700,000 Dana Gas Sukuk 31.10.12/7.500% 7,521,410 0.3427,900,000 International Power Finance

Jersey III 05.06.15/4.750% 30,166,875 1.3514,200,000 WPP 19.05.14/5.750% 24,333,834 1.09

62,022,119 2.78

UNITED STATES OF AMERICA12,040,000 Chesapeake Energy 15.11.35/2.750% 8,898,877 0.4029,551,000 Chesapeake Energy 15.12.38/2.250% 17,318,702 0.784,472,000 DR Horton 15.05.14/2.000% 3,801,926 0.17

23,319,000 Mylan 15.03.12/1.250% 18,540,995 0.8310,920,000 Swiss Re America Holding 21.11.21/3.250%* 7,897,888 0.35

56,458,388 2.53

INDIA7,400,000 JSW Steel 28.06.12/0.000% 7,637,837 0.34

14,100,000 Reliance Communications 01.03.12/0.000% 12,382,042 0.562,197,000 Suzlon Energy 12.06.12/7.500% 1,967,451 0.095,202,000 Suzlon Energy 11.10.12/7.500% 4,752,658 0.215,600,000 Tata Motors 12.07.12/0.000% 5,806,115 0.261,900,000 Tata Steel 05.09.12/1.000% 1,730,561 0.08

17,295,000 Tata Steel 21.11.14/4.500% 15,843,044 0.71

50,119,708 2.25

GERMANY31,700,000 KfW - Kreditanstalt fuer

Wiederaufbau 30.07.14/1.500% 36,359,900 1.6353,214,600 Q-Cells 21.10.15/6.750% 1,790,671 0.088,650,000 Steinhoff Finance Holding 22.05.16/5.000% 9,969,125 0.45

48,119,696 2.16

MALAYSIA6,400,000 Cherating Capital 05.07.12/2.000%* 6,237,784 0.285,400,000 Rafflesia Capital 04.10.11/1.250%* 5,801,429 0.26

18,000,000 YTL Finance Labuan 18.03.15/1.875% 14,605,312 0.66

26,644,525 1.20

ISLE OF MAN28,600,000 AngloGold Ashanti Holdings

Finance 22.05.14/3.500% 26,609,990 1.19

26,609,990 1.19

83

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments (Market Value Expressed in EUR)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

SPAIN10,800,000 Abengoa 03.02.17/4.500% 9,477,000 0.42

9,550,000 Fomento de Construcciones yContratas 30.10.14/6.500% 8,650,390 0.39

1,850,000 Pescanova 05.03.15/6.750% 2,005,400 0.094,350,000 Sol Melia 18.12.14/5.000% 4,660,155 0.21

24,792,945 1.11

BERMUDA7,750,000 Noble Group 13.06.14/0.000% 10,238,251 0.46

97,690,000 Yue Yuen Industrial Holdings 17.11.11/0.000% 11,212,366 0.50

21,450,617 0.96

SOUTH KOREA2,600,000 LG Uplus 29.09.12/5.000%* 2,011,460 0.09

19,300,000 SK Telecom 07.04.14/1.750% 17,524,824 0.78

19,536,284 0.87

BRITISH VIRGIN ISLANDS28,800,000 Glory River Holdings 29.07.15/1.000% 3,063,068 0.14

5,630,000 PB Issuer No 2 12.04.16/1.750% 4,241,089 0.19113,100,000 Sherson 04.06.14/0.000% 12,030,553 0.54

19,334,710 0.87

CANADA12,000,000 First Quantum Minerals 19.06.14/6.000% 18,040,988 0.81

18,040,988 0.81

SWITZERLAND14,040,000 Swiss Prime Site 20.01.15/1.875% 11,843,574 0.53

11,843,574 0.53

BELGIUM11,750,000 Fortis Bank 19.12.49/3.024%* 5,904,375 0.273,450,000 Nyrstar 10.07.14/7.000% 5,659,725 0.25

11,564,100 0.52

TAIWAN12,600,000 Acer 10.08.15/0.000% 10,603,331 0.48

10,603,331 0.48

AUSTRALIA8,800,000 CFS Retail Property Trust 21.08.14/5.075% 6,490,834 0.293,100,000 Commonwealth Property

Office Fund 11.12.16/5.250% 2,220,203 0.10

8,711,037 0.39

AUSTRIA5,000,000 Immofinanz 19.11.17/1.250% 5,037,500 0.23

5,037,500 0.23

ITALY3,150,000 Beni Stabili 23.04.15/3.875% 3,090,150 0.14

3,090,150 0.14

Total Convertible Bonds 1,443,388,233 64.77


1,513,605,979 67.92


Convertible Bonds

UNITED STATES OF AMERICA32,473,000 Alcatel-Lucent USA 15.06.25/2.875% 22,970,748 1.0313,728,000 Beckman Coulter 15.12.36/2.500% 11,811,953 0.5313,459,000 Best Buy 15.01.22/2.250% 10,713,845 0.4818,888,000 Boston Properties 15.05.36/3.750% 15,652,455 0.7030,643,000 Cephalon 01.05.14/2.500% 26,137,316 1.17

5,530,000 Corporate Office Properties144A 15.04.30/4.250% 4,226,614 0.19

11,345,000 EMC/Massachusetts 01.12.11/1.750% 12,269,489 0.5524,182,000 EMC/Massachusetts 01.12.13/1.750% 27,306,190 1.2332,291,000 Gilead Sciences 01.05.11/0.500% 24,891,156 1.12

21,780,000 Gilead Sciences 01.05.13/0.625% 18,008,399 0.813,670,000 Health Care REIT 01.12.26/4.750% 3,048,173 0.14

20,477,000 Health Care REIT 01.12.29/3.000% 16,434,190 0.7414,408,000 Intel 15.12.35/2.950% 10,770,100 0.4843,747,000 Intel 01.08.39/3.250% 39,314,982 1.7623,283,000 International Game Technology 01.05.14/3.250% 20,055,069 0.906,658,000 Lennar 144A 01.12.20/2.000% 4,945,844 0.223,098,000 Lennar 144A 15.12.20/2.750% 2,523,941 0.11

26,687,000 Liberty Media 30.03.23/3.125% 22,439,236 1.0124,539,000 Life Technologies 15.02.24/1.500% 22,236,151 1.0014,781,000 Micron Technology 01.06.14/1.875% 10,373,019 0.47

50,038,000 Microsoft 144A 15.06.13/0.000% 40,252,302 1.811,000 Nasdaq OMX Group 15.08.13/2.500% 743 0.00

8,144,000 NetApp 01.06.13/1.750% 10,845,392 0.4921,111,000 Newmont Mining 15.07.14/1.250% 22,597,258 1.014,733,000 Peabody Energy 15.12.41/4.750% 4,602,436 0.21

10,794,000 ProLogis 15.03.15/3.250% 8,965,116 0.4015,471,000 RadioShack 144A 01.08.13/2.500% 12,459,847 0.5616,836,000 Rayonier TRS Holdings 15.10.12/3.750% 14,014,812 0.639,964,000 SanDisk 15.05.13/1.000% 7,215,708 0.32

12,699,000 Stanley Black & Decker 17.05.12/0.000%* 10,973,977 0.4939,527,000 Symantec 15.06.13/1.000% 33,678,144 1.51

1,000 Tech Data 15.12.26/2.750% 782 0.0032,511,000 Teva Pharmaceutical Finance 01.02.26/0.250% 28,489,147 1.2821,186,000 Vornado Realty 15.04.25/3.875% 17,675,431 0.7931,919,000 Xilinx 15.03.37/3.125% 24,961,853 1.12

562,861,818 25.26

BERMUDA12,000,000 Frontline/Bermuda 14.04.15/4.500% 8,466,162 0.384,500,000 SeaDrill 08.11.12/3.625% 4,149,091 0.1817,100,000 Seadrill 27.10.17/3.375% 14,196,275 0.64

26,811,528 1.20

CANADA6,035,000 Goldcorp 01.08.14/2.000% 5,502,441 0.25

27,100,000 PetroBakken Energy 08.02.16/3.125% 19,195,286 0.86

24,697,727 1.11

LUXEMBOURG21,517,000 ArcelorMittal 15.05.14/5.000% 23,152,322 1.04

23,152,322 1.04

NORWAY7,500,000 Marine Harvest 23.02.15/4.500% 9,178,125 0.417,900,000 Renewable Energy 04.06.14/6.500% 6,843,375 0.31

16,021,500 0.72

SOUTH KOREA7,200,000 KCC 06.05.14/3.500% 11,738,400 0.53

11,738,400 0.53

BAHAMAS9,200,000 Petrominerales 25.08.16/2.625% 7,749,052 0.35

7,749,052 0.35

NETHERLANDS ANTILLES8,468,000 Teva Pharmaceutical Finance 01.02.26/1.750% 6,867,270 0.31

6,867,270 0.31

MEXICO8,000,000 Cemex SAB de 144A 15.03.15/4.875% 6,562,395 0.29

6,562,395 0.29

SWEDEN52,000,000 SAS 01.04.15/7.500% 5,256,144 0.23

5,256,144 0.23

FINLAND1,800,000 Talvivaara Mining 16.12.15/4.000% 1,877,130 0.08

1,877,130 0.08

Total Convertible Bonds 693,595,286 31.12

84

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments (Market Value Expressed in EUR) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Investment Funds

LUXEMBOURG24,825,757 JPMorgan Liquidity Funds - Euro Liquidity Fund

(JPM Euro Liquidity X (dist)) 24,825,757 1.11

24,825,757 1.11



718,421,043 32.23


Bank Overdraft (2,295,003) (0.10)


Total Net Assets 2,228,630,875 100.00



Fixed Income SecuritiesUnited States of America 27.79Japan 13.04France 10.01Luxembourg 5.25Singapore 4.74United Kingdom 4.11Netherlands 3.36Cayman Islands 3.34Portugal 2.94Jersey 2.78India 2.25Bermuda 2.16Germany 2.16Canada 1.92South Korea 1.40Malaysia 1.20Isle of Man 1.19Spain 1.11British Virgin Islands 0.87Norway 0.72Switzerland 0.53Belgium 0.52Taiwan 0.48Australia 0.39Bahamas 0.35Netherlands Antilles 0.31Mexico 0.29Sweden 0.23Austria 0.23Italy 0.14Finland 0.08Total Fixed Income Securities 95.89SharesFinancials 1.55Investment Companies 1.11Consumer Discretionary 0.96Energy 0.64Total Shares 4.26Bank Overdraft and Other Assets/(Liabilities) (0.15)

Total 100.00


Fixed Income SecuritiesUnited States of America 32.14Japan 9.11France 8.27Cayman Islands 6.13Netherlands 5.22Luxembourg 4.97United Kingdom 3.53Singapore 3.39Jersey 2.32Germany 2.31South Korea 2.31Malaysia 1.94India 1.93Bermuda 1.50Isle of Man 1.46Canada 1.45Panama 1.35Belgium 1.31Portugal 1.31Spain 1.16Aruba 0.99Hungary 0.67Australia 0.57British Virgin Islands 0.47Norway 0.38Switzerland 0.36Netherlands Antilles 0.28Mexico 0.23Austria 0.20Italy 0.17Sweden 0.17Total Fixed Income Securities 97.60SharesFinancials 1.94Consumer Discretionary 0.22Total Shares 2.16Bank Overdraft and Other Assets/(Liabilities) 0.24

Total 100.00

85

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments (Market Value Expressed in EUR) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)




AmountSold


04-Jan-11 GBP 50 EUR 59 (1)13-Jan-11 EUR 43,592,263 GBP 36,918,165 661,65513-Jan-11 GBP 165,663,862 EUR 197,622,602 (4,978,949)14-Jan-11 CHF 137,942,490 EUR 106,292,460 4,149,93214-Jan-11 EUR 65,413 CHF 83,493 (1,435)24-Jan-11 AUD 7,983,654 EUR 5,966,944 84,33824-Jan-11 EUR 14,139,040 AUD 19,106,791 (343,124)24-Jan-11 EUR 19,911,664 CHF 25,762,507 (716,922)24-Jan-11 EUR 74,013,838 GBP 62,888,596 891,31124-Jan-11 EUR 39,098,039 HKD 409,278,272 (218,675)24-Jan-11 EUR 280,090,223 JPY 31,307,084,646 (7,675,063)24-Jan-11 EUR 59,236,673 SGD 103,664,178 (1,194,719)24-Jan-11 EUR 1,148,150,076 USD 1,545,543,991 (5,690,261)24-Jan-11 GBP 5,253,919 EUR 6,192,958 (84,062)24-Jan-11 USD 93,267,154 EUR 70,493,286 (863,819)17-Feb-11 CHF 1,808 EUR 1,455 (6)

Total (15,979,800)

86


Bonds

UNITED STATES OF AMERICA650,000 Ahold Finance USA 14.03.17/6.500% 1,139,079 0.24

4,255,000 Altria Group 10.11.18/9.700% 5,580,798 1.152,605,000 American Express Credit 25.08.14/5.125% 2,796,131 0.58

550,000 American Express Credit 01.10.14/5.375% 898,002 0.185,000,000 Anheuser-Busch InBev

Worldwide 15.01.15/4.125% 5,259,940 1.092,895,000 AT&T 15.01.38/6.300% 3,042,150 0.63

400,000 Bank of America 15.09.21/6.125% 603,285 0.125,200,000 Capital One Bank USA 13.06.13/6.500% 5,667,584 1.17

910,000 CBS 15.10.40/5.900% 870,879 0.189,865,000 Citigroup 15.10.14/5.500% 10,613,004 2.193,410,000 Citigroup 21.11.17/6.125% 3,733,193 0.77

400,000 Community Health Systems 15.07.15/8.875% 420,490 0.092,327,000 ConocoPhillips 01.02.14/4.750% 2,520,385 0.52

845,000 ConocoPhillips 01.02.39/6.500% 995,690 0.201,000,000 Constellation Brands 01.09.16/7.250% 1,055,772 0.22

500,000 Cooper 15.02.15/7.125% 517,500 0.11400,000 Corrections Corp. of Amercia 01.06.17/7.750% 429,020 0.09110,000 Countrywide Financial 17.02.11/5.125% 171,810 0.03

3,945,000 Crédit Suisse/New York 15.02.18/6.000% 4,242,023 0.88730,000 Darden Restaurants 15.10.37/6.800% 781,421 0.16400,000 Denbury Resources 01.03.16/9.750% 446,107 0.09

1,045,000 Duke Realty 15.03.20/6.750% 1,141,432 0.24500,000 El Paso 01.06.18/7.250% 535,037 0.11

1,845,000 Entergy Arkansas 15.02.21/3.750% 1,768,785 0.36480,000 Enterprise Products Operating 15.04.38/7.550% 572,241 0.12

1,000,000 Frontier Communications 15.03.15/6.625% 1,045,957 0.226,620,000 General Electric 06.12.17/5.250% 7,153,433 1.485,700,000 General Electric Capital 13.05.14/5.900% 6,293,883 1.301,920,000 General Electric Capital 14.01.38/5.875% 1,966,307 0.41

400,000 Glatfelter 01.05.16/7.125% 416,500 0.095,000,000 Goldman Sachs Group 15.11.14/5.500% 5,425,110 1.124,360,000 Goldman Sachs Group 01.08.15/3.700% 4,432,533 0.91

650,000 Goldman Sachs Group 23.10.19/5.125% 857,786 0.18400,000 Hanesbrands 15.12.16/8.000% 428,191 0.09

1,000,000 Health Care REIT 15.04.20/6.125% 1,047,646 0.22750,000 Health Management Associates 15.04.16/6.125% 768,487 0.16

1,000,000 Host Hotels & Resorts 01.06.16/6.750% 1,029,262 0.212,525,000 HSBC Finance 27.11.12/6.375% 2,736,600 0.562,850,000 International Paper 15.06.18/7.950% 3,374,443 0.70

400,000 Jarden 01.05.16/8.000% 435,791 0.09525,000 Kraft Foods 11.08.17/6.500% 609,847 0.13

1,750,000 Kraft Foods 10.02.20/5.375% 1,879,937 0.39660,000 Kraft Foods 11.08.37/7.000% 768,167 0.16620,000 Kraft Foods 26.01.39/6.875% 714,610 0.15

1,565,000 Kroger 15.08.17/6.400% 1,777,303 0.371,729,000 Mack-Cali Realty 15.08.19/7.750% 2,006,373 0.416,100,000 MetLife 01.06.16/6.750% 7,010,821 1.45

460,000 Nevada Power 15.03.19/7.125% 540,422 0.11970,000 Nisource Finance 15.01.19/6.800% 1,119,141 0.23

5,000,000 Occidental Petroleum 13.12.13/1.450% 5,014,215 1.031,000,000 Owens Corning 01.12.16/6.500% 1,057,277 0.221,155,000 Pacific Gas & Electric 15.01.40/5.400% 1,142,692 0.24

2,140,000 Philip Morris International 16.05.18/5.650% 2,423,980 0.503,300,000 Plains All American Pipeline 15.01.20/5.750% 3,525,769 0.73

850,000 Service Corp. International 01.04.15/6.750% 875,500 0.182,400,000 SES Global Americas Holdings 09.07.14/4.875% 3,427,366 0.71

850,000 Sprint Capital 01.05.19/6.900% 834,297 0.171,000,000 Supervalu 01.05.16/8.000% 958,683 0.20

550,000 Time Warner 15.03.40/6.200% 581,264 0.12850,000 Time Warner Cable 01.07.18/6.750% 980,493 0.20

2,740,000 UBS/Stamford 20.12.17/5.875% 3,013,263 0.62400,000 Vail Resorts 15.02.14/6.750% 407,000 0.08

1,385,000 Ventas Realty 30.11.15/3.125% 1,332,486 0.274,690,000 Verizon Communications 01.04.19/6.350% 5,408,503 1.12

395,000 Verizon Wireless Capital 15.11.13/7.375% 457,418 0.094,200,000 Wachovia Bank 15.03.16/5.600% 4,543,711 0.941,500,000 Wal-Mart Stores 25.10.40/5.000% 1,448,189 0.301,230,000 Watson Pharmaceuticals 15.08.19/6.125% 1,357,920 0.281,265,000 WellPoint 15.08.40/5.800% 1,268,851 0.262,700,000 Williams Partners 01.02.17/7.250% 3,130,348 0.651,000,000 Windstream 01.08.16/8.625% 1,048,317 0.222,110,000 Zurich Finance USA 15.06.25/4.500%* 2,807,598 0.58

156,685,448 32.37

UNITED KINGDOM940,000 Aviva 20.05.58/6.875%* 1,383,862 0.29950,000 BAA 01.03.17/7.125% 1,466,941 0.30

3,265,000 Barclays Bank 23.01.18/6.000% 4,405,170 0.91

850,000 Barclays Bank 21.05.21/10.000% 1,623,824 0.342,350,000 BAT International Finance 12.12.19/6.375% 4,117,359 0.85

585,000 British Telecommunications 11.07.14/6.125% 866,375 0.182,315,000 British Telecommunications 07.12.16/8.750% 4,334,959 0.90

925,000 CRH Finance UK 24.04.15/8.250% 1,606,710 0.33350,000 Hammerson 23.02.26/6.000% 537,681 0.11

2,945,000 HSBC Holdings 20.12.27/5.750% 4,379,632 0.911,895,000 Imperial Tobacco Finance 17.02.22/9.000% 3,821,146 0.793,580,000 Legal & General Group 08.06.25/4.000%* 4,327,837 0.891,100,000 Lloyds TSB Bank 15.04.24/7.500% 1,809,945 0.37

700,000 National Grid Gas 13.05.38/6.000% 1,205,263 0.252,150,000 Nationwide Building Society 20.01.15/3.750% 2,834,740 0.59

200,000 Nationwide Building Society 22.12.16/1.242%* 244,436 0.05651,000 OTE 05.08.13/5.000% 830,525 0.17170,000 Prudential 29.05.39/11.375%* 346,649 0.07

1,500,000 RBS 29.04.24/7.500% 2,433,927 0.501,205,000 Standard Chartered 144A 18.11.14/5.500% 1,303,350 0.272,800,000 Standard Chartered Bank 26.09.17/5.875% 3,934,422 0.811,100,000 UBS/London 11.04.18/6.625% 1,910,584 0.401,950,000 Vodafone Group 05.12.17/5.375% 3,261,504 0.67

52,986,841 10.95

NETHERLANDS774,000 Aegon 16.12.39/6.625% 1,182,486 0.24500,000 Conti-Gummi Finance 15.01.16/6.500% 687,491 0.14

4,055,000 Daimler International Finance 16.01.14/7.875% 6,282,342 1.30500,000 EDP Finance 12.06.12/4.250% 683,479 0.14200,000 EDP Finance 04.01.24/8.625% 331,195 0.07930,000 HeidelbergCement Finance 31.01.17/8.000% 1,332,887 0.28450,000 ING Bank 29.05.23/6.875%* 710,454 0.15

1,125,000 Nomura Europe Finance 23.03.17/5.500% 1,811,271 0.374,200,000 Rabobank Nederland 21.04.17/3.375% 5,601,128 1.164,575,000 Shell International Finance 28.06.15/3.100% 4,687,893 0.97

23,310,626 4.82

FRANCE1,400,000 Arkema 25.10.17/4.000% 1,844,431 0.38

200,000 Autoroutes du Sud de la France 04.07.22/5.625% 294,691 0.062,100,000 Casino Guichard Perrachon 12.11.18/4.481% 2,840,290 0.591,000,000 Cie de St-Gobain 15.12.16/5.625% 1,653,416 0.34

800,000 Pernod-Ricard 15.01.15/7.000% 1,183,645 0.252,503,000 PPR 03.04.14/8.625% 3,936,967 0.812,680,000 RCI Banque 27.01.15/4.375% 3,675,567 0.761,250,000 Société Générale 17.12.15/3.875% 1,934,157 0.402,620,000 Veolia Environnement 12.02.16/4.000% 3,648,214 0.75

21,011,378 4.34

CANADA1,070,000 Canadian Pacific Railway 15.05.19/7.250% 1,269,442 0.26

275,000 Nexen 10.03.35/5.875% 253,427 0.051,300,000 Nexen 15.05.37/6.400% 1,257,872 0.26

250,000 Rogers Communications 15.06.13/6.250% 276,367 0.062,775,000 Rogers Communications 01.03.14/6.375% 3,104,531 0.642,530,000 Suncor Energy 15.06.38/6.500% 2,785,037 0.58

135,000 Thomson Reuters 15.07.13/5.950% 149,738 0.03575,000 Xstrata Canada Financial 27.05.20/7.375% 1,013,130 0.21

10,109,544 2.09

SPAIN600,000 BBVA Subordinated Capital 03.04.17/1.112%* 724,992 0.15550,000 Gas Natural Capital Markets 09.07.14/5.250% 748,802 0.15

1,050,000 Santander IssuancesUnipersonal 31.01.18/5.750%* 1,546,366 0.32

1,500,000 Santander IssuancesUnipersonal 27.07.19/7.300%* 2,284,507 0.47

1,600,000 Telefonica Emisiones 27.04.20/5.134% 1,542,448 0.32

6,847,115 1.41

JERSEY820,000 BAA Funding 03.12.26/6.750% 1,382,232 0.28

1,200,000 UBS/Jersey 21.06.21/5.250%* 1,881,799 0.391,925,000 WPP 04.04.17/6.000% 3,222,202 0.67

6,486,233 1.34

GERMANY570,000 Merck Financial Services 24.03.20/4.500% 783,905 0.16

2,345,000 Metro 05.03.15/7.625% 3,697,591 0.76715,000 Muenchener Rueckversicherungs 21.06.23/6.750%* 1,001,579 0.21

5,483,075 1.13

87

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

AUSTRALIA565,000 ANZ Banking Group 10.09.19/5.125% 766,923 0.16

1,275,000 Commonwealth Bank ofAustralia 25.02.20/4.375% 1,736,140 0.36

1,350,000 National Australia Bank 08.11.17/3.625% 2,024,163 0.41640,000 Westpac Banking 27.02.15/4.200% 671,025 0.14

5,198,251 1.07

LUXEMBOURG800,000 Enel Finance International 14.09.40/5.750% 1,214,514 0.25880,000 Hannover Finance Luxembourg 26.02.24/5.750%* 1,183,447 0.25

1,300,000 Tyco International Finance 15.10.14/4.125% 1,375,066 0.28645,000 Tyco International Finance 15.01.19/8.500% 818,715 0.17300,000 Wind Acquisition Finance 15.02.18/7.375% 404,849 0.08

4,996,591 1.03

CAYMAN ISLANDS300,000 UPCB Finance 15.01.20/7.625% 423,936 0.09

3,975,000 Vale Overseas 15.09.19/5.625% 4,232,604 0.88

4,656,540 0.97

IRELAND2,000,000 GE Capital UK Funding 28.09.17/4.125% 3,126,840 0.65

300,000 Smurfit Kappa Acquisitions 15.11.17/7.250% 416,402 0.08

3,543,242 0.73

BERMUDA975,000 Holcim GB Finance 24.04.17/8.750% 1,852,851 0.38

1,460,000 Weatherford InternationalBermuda 15.09.40/6.750% 1,515,451 0.32

3,368,302 0.70

SWEDEN760,000 Nordea Bank 29.03.21/4.000% 945,531 0.20

1,485,000 Volvo Treasury 31.05.17/5.000% 2,097,239 0.43

3,042,770 0.63

ITALY1,000,000 Intesa Sanpaolo 28.01.22/5.250% 1,478,124 0.301,150,000 Telecom Italia 10.02.22/5.250% 1,488,557 0.31

2,966,681 0.61

DENMARK1,545,000 Carlsberg Breweries 28.11.16/7.250% 2,810,465 0.58

2,810,465 0.58

ISLE OF MAN2,670,000 AngloGold Ashanti Holdings 15.04.20/5.375% 2,773,855 0.57

2,773,855 0.57

NORWAY800,000 DnB NOR Bank 29.01.18/6.170%* 1,310,325 0.27

1,310,325 0.27

LIBERIA300,000 Royal Caribbean Cruises 27.01.14/5.625% 404,849 0.08

404,849 0.08

Total Bonds 317,992,131 65.69


317,992,131 65.69


Bonds

UNITED STATES OF AMERICA950,000 Amkor Technology 01.05.18/7.375% 987,123 0.20

2,400,000 Anheuser-Busch InBevWorldwide 144A 15.11.19/6.875% 2,861,918 0.59

2,325,000 Bank of America 01.08.16/6.500% 2,512,028 0.521,750,000 Bank of America 15.06.17/6.100% 1,813,661 0.373,630,000 Bank of America 01.05.18/5.650% 3,730,573 0.77

900,000 Biomet 15.10.17/10.375%* 983,451 0.201,000,000 Burlington Northern Santa Fe 01.05.17/5.650% 1,110,910 0.231,350,000 Burlington Northern Santa Fe 01.05.40/5.750% 1,389,633 0.29

2,000,000 Capital One Bank USA 15.07.19/8.800% 2,449,818 0.511,000,000 Case New Holland 144A 01.12.17/7.875% 1,096,139 0.23

400,000 Chesapeake Energy 15.08.17/6.500% 401,523 0.081,200,000 Cisco Systems 15.01.40/5.500% 1,248,970 0.261,500,000 Comcast 15.01.14/5.300% 1,631,113 0.342,015,000 Comcast 15.05.38/6.400% 2,135,445 0.44

972,374 Continental Airlines 2009-2 10.11.19/7.250% 1,084,197 0.221,500,000 Crédit Suisse/New York 15.05.13/5.000% 1,612,087 0.33

500,000 Crown Americas 15.05.17/7.625% 535,612 0.11875,993 CVS Pass Through Trust 144A 10.01.32/7.507% 993,400 0.21

3,050,000 DCP Midstream 144A 15.03.20/5.350% 3,144,715 0.651,226,963 Delta Air Lines 2007-1 A Pass

Through Trust 10.08.22/6.821% 1,300,581 0.271,000,000 Delta Air Lines 2010-2 A Pass

Through Trust 23.05.19/4.950% 1,006,250 0.21883,467 Delta Air Lines 2009-1 A Pass

Through Trust 17.12.19/7.750% 978,440 0.20605,000 DirecTV Holdings/DirecTV

Financing 15.05.16/7.625% 670,435 0.143,275,000 Discover Bank/Greenwood 18.11.19/8.700% 3,841,647 0.79

710,000 Discovery Communications 01.06.40/6.350% 763,263 0.16400,000 DISH DBS 01.02.16/7.125% 411,720 0.09600,000 DISH DBS 01.09.19/7.875% 628,157 0.13

1,400,000 Enterprise Products Operating 01.09.40/6.450% 1,497,852 0.311,000,000 Fidelity National Information

Services 144A 15.07.20/7.875% 1,061,250 0.22500,000 First Data 144A 15.08.20/8.875% 527,500 0.11

1,000,000 Ford Motor Credit 01.10.14/8.700% 1,124,547 0.23250,000 GCI 15.11.19/8.625% 271,875 0.06199,000 Georgia-Pacific 144A 15.01.15/7.000% 205,874 0.04600,000 HCA 15.11.16/9.250% 640,057 0.13400,000 HCA 15.11.16/9.625%* 428,638 0.09

1,700,000 HCP 30.01.17/6.000% 1,774,783 0.37895,000 Health Care REIT 15.09.17/4.700% 893,172 0.18

1,330,000 Health Care REIT 15.01.21/4.950% 1,286,546 0.27400,000 JDA Software Group 15.12.14/8.000% 433,000 0.09

3,105,000 LG&E and KU Energy 144A 15.11.15/2.125% 2,974,264 0.611,189,000 Metropolitan Life Global Funding

I 144A 10.04.13/5.125% 1,276,183 0.26200,000 Metropolitan Life Global Funding

I 144A 18.09.13/5.200% 216,469 0.04675,000 Midamerican Energy Holdings 15.09.37/6.500% 757,160 0.16

6,930,000 Morgan Stanley 13.05.14/6.000% 7,469,854 1.543,000,000 Morgan Stanley 02.11.15/3.450% 2,925,696 0.60

625,000 Morgan Stanley 01.04.18/6.625% 680,574 0.141,000,000 Mylan 144A 15.07.20/7.875% 1,077,500 0.221,900,000 NBC Universal 144A 01.04.14/2.100% 1,895,106 0.391,440,000 NBC Universal 144A 01.04.21/4.375% 1,394,025 0.291,000,000 NBC Universal 144A 01.04.41/5.950% 990,332 0.20

725,000 Nevada Power 15.09.40/5.375% 691,386 0.142,375,000 News America 15.11.37/6.650% 2,608,232 0.54

900,000 NRG Energy 01.02.16/7.375% 920,510 0.191,105,000 Oncor Electric Delivery 144A 30.09.40/5.250% 1,051,655 0.22930,000 Oracle 144A 15.07.20/3.875% 926,517 0.19600,000 Oracle 144A 15.07.40/5.375% 607,606 0.13

3,620,000 Prudential Financial 15.06.19/7.375% 4,253,641 0.88660,000 Prudential Financial 15.11.40/6.200% 691,896 0.14500,000 Qwest Communications

International 15.02.14/7.500% 508,124 0.10500,000 Qwest Communications

International 144A 01.04.18/7.125% 519,608 0.11300,000 Reynolds Group Issuer 15.10.16/7.750% 421,927 0.09

1,000,000 Reynolds Group Issuer 144A 15.04.19/7.125% 1,022,500 0.213,375,000 Rockies Express Pipeline 144A 15.04.15/3.900% 3,333,612 0.69

150,000 Service Corp. International 15.06.17/7.000% 153,750 0.03425,000 Tenet Healthcare 01.05.18/10.000% 474,204 0.10

1,605,000 UnitedHealth Group 15.10.40/5.700% 1,583,369 0.33400,000 US Treasury (i) 13.01.11/0.000% 399,764 0.08

1,478,000 US Treasury (i) 10.02.11/0.000% 1,477,145 0.3160,000 US Treasury (i) 15.02.12/1.375% 60,684 0.01

800,000 US Treasury 15.09.13/0.750% 796,750 0.17205,000 US Treasury (i) 15.08.20/2.625% 193,949 0.04415,000 US Treasury (i) 15.05.40/4.375% 414,546 0.09845,000 Williams Partners 15.04.40/6.300% 872,069 0.18885,000 Xcel Energy 15.05.20/4.700% 916,974 0.19

98,025,484 20.25

MEXICO3,500,000 America Movil 30.03.15/3.625% 3,612,903 0.753,495,000 America Movil 30.03.20/5.000% 3,653,848 0.752,150,000 Grupo Bimbo 144A 30.06.20/4.875% 2,167,323 0.45

9,434,074 1.95

CANADA1,200,000 Agrium 15.01.41/6.125% 1,249,511 0.265,000,000 Cenovus Energy 15.09.14/4.500% 5,348,810 1.10

88

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

605,000 TransCanada Pipelines 01.06.40/6.100% 661,607 0.14400,000 Videotron Ltee 15.12.15/6.375% 411,000 0.08

1,000,000 Xstrata Finance Canada 144A 15.11.16/5.800% 1,095,227 0.2385,000 Xstrata Finance Canada 144A 15.11.37/6.900% 92,092 0.02

8,858,247 1.83

SWEDEN2,000,000 Nordea Bank 144A 04.10.13/1.750% 1,988,310 0.415,295,000 Svenska Handelsbanken 144A 10.06.14/4.875% 5,647,986 1.17

7,636,296 1.58

NETHERLANDS4,550,000 ING Bank 144A 18.10.13/2.000% 4,499,154 0.93

4,499,154 0.93

UNITED KINGDOM3,300,000 Anglo American Capital 144A 08.04.14/9.375% 3,964,597 0.82

3,964,597 0.82

CAYMAN ISLANDS3,000,000 Hutchison Whampoa

International 144A 11.09.15/4.625% 3,165,066 0.65

3,165,066 0.65

BRITISH VIRGIN ISLANDS2,305,000 Gold Fields Orogen Holding 144A 07.10.20/4.875% 2,129,055 0.44

2,129,055 0.44

NETHERLANDS ANTILLES2,000,000 Teva Pharmaceutical Finance II 15.06.15/3.000% 2,028,634 0.42

2,028,634 0.42

BELGIUM1,885,000 Delhaize Group 144A 01.10.40/5.700% 1,799,990 0.37

1,799,990 0.37

IRELAND1,000,000 Ardagh Packaging Finance 144A 15.10.17/7.375% 1,035,000 0.22

1,035,000 0.22

LUXEMBOURG400,000 Intelsat Jackson Holdings 144A 15.10.20/7.250% 404,021 0.08

404,021 0.08

Total Bonds 142,979,618 29.54

Investment Funds

LUXEMBOURG196 JPMorgan Liquidity Funds - US Dollar Liquidity Fund

(JPM US Dollar Liquidity X (acc)) 2,764,611 0.57

2,764,611 0.57



145,744,229 30.11


Cash 7,889,841 1.63



* 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.


Fixed Income SecuritiesUnited States of America 52.62United Kingdom 11.77Netherlands 5.75France 4.34Canada 3.92Sweden 2.21Mexico 1.95Cayman Islands 1.62Spain 1.41Jersey 1.34Germany 1.13Luxembourg 1.11Australia 1.07Ireland 0.95Bermuda 0.70Italy 0.61Denmark 0.58Isle of Man 0.57British Virgin Islands 0.44Netherlands Antilles 0.42Belgium 0.37Norway 0.27Liberia 0.08Total Fixed Income Securities 95.23Investment FundsLuxembourg 0.57Total Investment Funds 0.57Cash and Other Assets/(Liabilities) 4.20

Total 100.00


Fixed Income SecuritiesUnited States of America 50.76United Kingdom 12.67France 4.58Netherlands 4.52Luxembourg 4.40Canada 4.19Spain 2.50Australia 1.96Germany 1.94Italy 1.41Sweden 1.24Cayman Islands 1.21Mexico 1.07Bermuda 0.83Denmark 0.51Isle of Man 0.48Jersey 0.30Ireland 0.15Liberia 0.14Belgium 0.13Total Fixed Income Securities 94.99Investment FundsLuxembourg 2.45Total Investment Funds 2.45Cash and Other Assets/(Liabilities) 2.56

Total 100.00

89

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)


ExpirationDate


NotionalValue


Bond Futures

Mar-11 87 Canada 10 Year Bond Future CAD 10,654,645 (7,556)Mar-11 110 Euro-Bobl Future EUR 17,500,985 (17,855)Mar-11 83 Euro-Bund Future EUR 13,931,257 (75,960)Mar-11 315 Euro-Schatz Future EUR 45,992,124 31,551Mar-11 10 Japan 10 Year Bond Future JPY 17,307,976 (2,462)Mar-11 (151) Long Gilt Future GBP (28,099,685) 87,068Mar-11 8 Short Gilt Future GBP 1,361,430 (4,299)Mar-11 8 US 2 Year Note Future USD 1,750,063 (4,188)Mar-11 (436) US 5 Year Note Future USD (51,241,922) 753,367Mar-11 (278) US 10 Year Note Future USD (33,409,953) 915,063Mar-11 91 US Long Bond Future USD 11,063,609 (108,469)

Total 1,566,260

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



AmountSold


03-Jan-11 SEK 3,092,300 USD 451,827 9,51703-Jan-11 USD 451,570 SEK 3,089,947 (9,423)14-Jan-11 EUR 185,799,398 USD 245,423,659 3,446,54814-Jan-11 GBP 69,666,461 USD 109,849,018 (1,337,721)14-Jan-11 SEK 443,647,400 USD 64,058,840 2,107,96714-Jan-11 USD 13,223,686 EUR 9,995,859 (165,333)14-Jan-11 USD 4,013,887 GBP 2,572,481 7,03514-Jan-11 USD 2,371,806 SEK 16,285,856 (57,111)17-Feb-11 EUR 2,189,449 USD 2,895,843 36,66817-Feb-11 GBP 263,372 USD 413,578 (3,465)17-Feb-11 SEK 401,564 USD 59,339 48017-Feb-11 USD 78,592,736 EUR 59,432,271 (1,009,855)17-Feb-11 USD 10,788 EUR 8,124 (93)17-Feb-11 USD 72,441,401 GBP 45,897,361 971,946

Total 3,997,160

90


Shares

UNITED STATES OF AMERICA91,280 Abbott Laboratories 4,355,425 1.4925,670 Abercrombie & Fitch - A Shares 1,489,117 0.5151,923 American Express 2,214,256 0.7639,901 Anadarko Petroleum 3,067,988 1.0594,207 Analog Devices 3,560,554 1.2211,193 Apple 3,604,146 1.23

62,494 Chevron 5,689,766 1.95281,044 Cisco Systems 5,653,200 1.93963,234 Citigroup 4,570,545 1.56141,643 Comcast - A Shares 3,094,191 1.06

92,219 Dow Chemical 3,142,362 1.0753,867 Emerson Electric 3,083,616 1.05

106,400 Express 1,998,192 0.6812,978 Goldman Sachs Group 2,174,075 0.744,315 Google - A Shares 2,573,833 0.88

66,684 Guess? 3,186,495 1.0994,821 Hartford Financial Services Group 2,500,430 0.86

165,056 Hewlett-Packard 6,928,226 2.3714,894 International Business Machines 2,176,311 0.7491,381 Medtronic 3,387,951 1.16

137,768 Merck & Co. 4,965,159 1.7045,194 Newmont Mining 2,771,748 0.95

161,326 News - B Shares 2,619,128 0.9074,006 Norfolk Southern 4,641,656 1.5952,036 Occidental Petroleum 5,081,315 1.74

134,946 Pfizer 2,362,230 0.8132,282 PNC Financial Services Group 1,965,167 0.6758,822 Prudential Financial 3,429,028 1.1759,147 United Technologies 4,632,689 1.59111,378 Veeco Instruments 4,790,925 1.6416,093 VF 1,394,137 0.4865,560 Walt Disney 2,440,471 0.83

130,965 Wells Fargo & Co. 4,046,164 1.3839,706 Yum! Brands 1,946,785 0.6737,001 Zimmer Holdings 1,990,284 0.68

117,527,565 40.20

UNITED KINGDOM701,910 Barclays 2,872,270 0.98166,331 BG Group 3,361,742 1.15142,522 BHP Billiton 5,668,936 1.9487,690 British American Tobacco 3,366,377 1.15117,270 Diageo 2,170,137 0.7489,101 GlaxoSmithKline 1,721,723 0.59

189,833 Prudential 1,975,295 0.67170,305 Standard Chartered 4,577,477 1.5796,362 Unilever 2,952,528 1.01

2,181,478 Vodafone Group 5,637,428 1.93224,612 Xstrata 5,269,164 1.80

39,573,077 13.53

FRANCE48,006 Atos Origin 2,562,099 0.8842,689 BNP Paribas 2,726,618 0.9392,138 France Télécom 1,924,337 0.6645,672 Lafarge 2,868,207 0.9813,953 PPR 2,225,901 0.7667,110 Sanofi-Aventis 4,304,631 1.4797,892 Total 5,201,260 1.78

21,813,053 7.46

SWITZERLAND103,204 ABB Registered Shares 2,306,210 0.7938,063 ACE 2,365,615 0.8173,419 Nestlé Registered Shares 4,312,166 1.4719,956 Roche Holding - Genussschein 2,932,629 1.0011,098 Zurich Financial Services 2,882,791 0.99

14,799,411 5.06

GERMANY54,349 Bayer Registered Shares 4,002,421 1.3750,726 Kloeckner & Co. 1,428,712 0.4919,562 Linde 2,985,754 1.02

26,064 Rheinmetall 2,092,765 0.7227,724 Siemens Registered Shares 3,455,218 1.18

13,964,870 4.78

JAPAN75,800 Honda Motor 3,002,049 1.0397,000 Komatsu 2,934,835 1.00

220,000 Kubota 2,086,534 0.71165,800 Mitsubishi 4,486,845 1.53

12,510,263 4.27

CAYMAN ISLANDS9,202 Baidu China ADR 896,781 0.31

623,500 Li Ning 1,325,913 0.45305,275 Melco Crown Entertainment ADR 1,921,706 0.66

9,622,000 Renhe Commercial Holdings 1,689,677 0.582,261,000 Want Want China Holdings 1,992,493 0.68

7,826,570 2.68

NETHERLANDS207,675 Koninklijke KPN 3,044,574 1.04134,661 Royal Dutch Shell - B Shares 4,452,186 1.52

7,496,760 2.56

CHINA350,000 China Life Insurance - H Shares * 1,426,233 0.49957,383 China Merchants Bank - H Shares * 2,418,984 0.83

3,845,217 1.32

ISRAEL72,375 Teva Pharmaceutical Industries ADR 3,745,768 1.28

3,745,768 1.28

CANADA13,733 First Quantum Minerals 1,483,051 0.5117,418 Niko Resources 1,811,357 0.62

3,294,408 1.13

TAIWAN263,498 Taiwan Semiconductor Manufacturing ADR 3,281,868 1.12

3,281,868 1.12

SINGAPORE112,479 Avago Technologies 3,191,029 1.09

3,191,029 1.09

SPAIN128,035 Telefonica 2,910,724 1.00

2,910,724 1.00

BERMUDA36 Esprit Holdings 172 0.00

975,500 Ports Design 2,710,733 0.93

2,710,905 0.93

HONG KONG10,697 CNOOC ADR 2,521,336 0.86

2,521,336 0.86

AUSTRALIA62,347 Macquarie Group 2,359,353 0.81

2,359,353 0.81

AUSTRIA59,448 RHI 2,336,473 0.80

2,336,473 0.80

IRELAND47,676 Accenture - A Shares 2,306,565 0.79

2,306,565 0.79

SWEDEN80,362 SKF - B Shares 2,295,954 0.79

2,295,954 0.79

INDONESIA1,883,000 Bank Rakyat Indonesia 2,191,486 0.75

2,191,486 0.75

91

JPMorgan Funds - Global Equity Fund (USD)Schedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

MEXICO35,444 America Movil ADR - L Shares 2,006,308 0.69

2,006,308 0.69

DENMARK19,233 Carlsberg - B Shares 1,932,631 0.66

1,932,631 0.66

GREECE60,726 Folli - Follie 1,495,832 0.51

1,495,832 0.51

Total Shares 277,937,426 95.07


277,937,426 95.07


Investment Funds



8,524,732 2.92



8,524,732 2.92


Cash 4,721,391 1.61





SharesFinancials 16.55Information Technology 14.20Industrials 12.24Energy 10.67Consumer Discretionary 10.56Health Care 10.18Materials 9.64Consumer Staples 5.71Telecommunication Services 5.32Investment Companies 2.92Total Shares 97.99Cash and Other Assets/(Liabilities) 2.01

Total 100.00


SharesFinancials 20.41Information Technology 13.82Consumer Discretionary 13.24Industrials 9.64Energy 9.29Health Care 8.71Materials 8.41Consumer Staples 8.21Telecommunication Services 3.64Utilities 2.66Investment Companies 1.60Total Shares 99.63Bank Overdraft and Other Assets/(Liabilities) 0.37

Total 100.00

92

JPMorgan Funds - Global Equity Fund (USD)Schedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Global Equity Fund (USD)Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)




AmountSold


28-Jan-11 EUR 488,311 CAD 653,750 (756)28-Jan-11 EUR 419,637 GBP 356,885 6,28528-Jan-11 EUR 274,214 SEK 2,510,019 (6,867)28-Jan-11 EUR 45,180,084 USD 60,108,411 409,72128-Jan-11 HKD 3,073,049 EUR 297,756 (3,401)28-Jan-11 USD 459,651 AUD 467,737 (14,972)28-Jan-11 USD 226,485 CAD 228,311 (2,207)28-Jan-11 USD 3,498,891 CHF 3,354,884 (99,553)28-Jan-11 USD 517,846 DKK 2,931,093 (8,781)28-Jan-11 USD 844,840 EUR 638,038 (9,804)28-Jan-11 USD 11,588,457 GBP 7,422,270 29,00628-Jan-11 USD 2,972,064 HKD 23,104,700 (1,044)28-Jan-11 USD 3,347,245 JPY 280,722,367 (109,202)28-Jan-11 USD 803,856 SGD 1,054,410 (19,484)

Total 168,941

93


Shares

UNITED STATES OF AMERICA485,888 Abbott Laboratories 17,308,706 1.09415,391 Aflac 17,374,506 1.09160,525 Amazon.com 21,704,941 1.36438,718 American Express 13,967,770 0.88262,381 Celgene 11,534,813 0.72838,576 Cisco Systems 12,593,196 0.79

7,484,525 Citigroup 26,513,922 1.66534,035 General Motors 14,640,163 0.92124,748 International Business Machines 13,608,704 0.85

1,173,949 Kroger 19,584,076 1.231,500,588 Lowe’s 27,979,534 1.76

431,638 MetLife 14,311,131 0.901,196,316 Microsoft 24,806,957 1.56

3,600,224 Sprint Nextel 11,275,479 0.711,202,056 Staples 20,456,805 1.28

485,029 Sysco 10,629,756 0.67320,611 Union Pacific 22,074,994 1.38353,119 United States Steel 15,568,661 0.97928,751 Walt Disney 25,811,159 1.62

341,745,273 21.44

JAPAN5,200 Japan Tobacco 14,371,847 0.90

4,385,700 JX Holdings 22,227,368 1.392,385 KDDI 10,290,289 0.65

2,279,000 Kubota 16,136,917 1.011,955,000 Marubeni 10,258,562 0.651,117,900 Mitsubishi 22,585,673 1.42

3,150,000 Mitsubishi Electric 24,706,867 1.5573,100 Nintendo 15,994,857 1.00

6,804,000 Nippon Sheet Glass 13,724,686 0.861,961,200 Nissan Motor 13,940,739 0.88

239,870 ORIX 17,634,759 1.11521,600 Shiseido 8,503,443 0.5340,214 Yahoo! Japan 11,650,269 0.73

402,400 Yakult Honsha 8,653,214 0.54

210,679,490 13.22

UNITED KINGDOM1,604,253 Afren 2,755,565 0.171,365,373 Associated British Foods 18,784,229 1.18

926,576 British American Tobacco 26,556,277 1.676,575,456 Cable & Wireless Communications 3,720,198 0.236,575,456 Cable & Wireless Worldwide 5,020,164 0.314,356,179 Centrica 16,854,499 1.061,873,237 Cookson Group 14,301,605 0.905,392,613 GKN 13,915,983 0.871,721,722 Homeserve 8,902,045 0.56

1,378,495 Intercontinental Hotels Group 19,942,652 1.256,823,595 Man Group 23,504,749 1.47

954,520 Petropavlovsk 12,710,067 0.8022,632,076 Taylor Wimpey 8,274,929 0.52

798,000 Tullow Oil 11,748,811 0.74

186,991,773 11.73

FRANCE231,010 Pernod-Ricard 16,270,034 1.02

1,532,430 Rhodia 37,885,501 2.38366,456 Sodexho 18,962,266 1.19

73,117,801 4.59

NETHERLANDS496,986 AerCap Holdings 5,240,903 0.33

1,153,350 Koninklijke KPN 12,623,416 0.79911,574 Koninklijke Philips Electronics 20,897,834 1.31

1,324,218 Royal Dutch Shell - A Shares 32,800,880 2.06675,096 Vimetco Registered Shares GDR 1,486,829 0.09

73,049,862 4.58

CANADA312,948 First Quantum Minerals 25,231,112 1.58600,336 InterOil 32,375,432 2.04

1,031,146 Kinross Gold 14,537,937 0.91

72,144,481 4.53

GERMANY289,620 Bayer Registered Shares 15,923,308 1.00382,032 Continental 22,585,732 1.41118,813 Hamburger Hafen und Logistik Registered Shares 4,121,623 0.26371,920 Lanxess 21,822,406 1.37

64,453,069 4.04

HONG KONG5,305,400 AIA Group 11,172,156 0.709,878,000 China Overseas Land & Investment 13,585,990 0.852,751,000 Hutchison Whampoa 21,177,436 1.33

45,935,582 2.88

JERSEY2,038,555 Experian 18,942,031 1.19

754,386 Shire 13,571,919 0.85

32,513,950 2.04

BERMUDA1,349,993 Cosan - A Shares 13,681,851 0.86

14,153,000 Huabao International Holdings 17,236,418 1.08

30,918,269 1.94

AUSTRIA536,714 Erste Group Bank 18,951,371 1.19236,357 Intercell 2,748,832 0.18119,931 Schoeller-Bleckmann Oilfield Equipment 7,751,740 0.48

29,451,943 1.85

CHINA10,596,000 Angang Steel - H Shares * 12,069,962 0.765,300,800 ZTE - H Shares * 15,782,739 0.99

27,852,701 1.75

FINLAND844,700 Nokian Renkaat 23,182,792 1.46

2,583,033 Ruukki Group 4,300,750 0.27

27,483,542 1.73

INDONESIA26,192,000 Perusahaan Gas Negara 9,609,482 0.6014,644,000 Telekomunikasi Indonesia 9,649,517 0.61

19,258,999 1.21

DENMARK243,277 Carlsberg - B Shares 18,250,567 1.14

18,250,567 1.14

SWITZERLAND357,890 ACE 16,605,968 1.04

16,605,968 1.04

INDIA3,168,716 Yes Bank 16,539,687 1.04

16,539,687 1.04

NORWAY2,220,443 Orkla 16,125,837 1.01

16,125,837 1.01

BELGIUM598,479 KBC Groep 15,333,032 0.96

15,333,032 0.96

TAIWAN4,988,728 Hon Hai Precision Industry 14,983,460 0.94

14,983,460 0.94

ISRAEL373,163 Teva Pharmaceutical Industries ADR 14,418,643 0.90

14,418,643 0.90

GUERNSEY4,435,170 Resolution 12,100,285 0.76

12,100,285 0.76

94

JPMorgan Funds - Global Focus FundSchedule of Investments (Market Value Expressed in EUR)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

AUSTRALIA403,273 Macquarie Group 11,393,314 0.71

11,393,314 0.71

ITALY2,945,585 Snam Rete Gas 10,990,714 0.69

10,990,714 0.69

SOUTH AFRICA2,119,363 African Bank Investments 9,246,352 0.58

9,246,352 0.58


5,284,416 0.33

Total Shares 1,396,869,010 87.63


1,396,869,010 87.63


Investment Funds



47,324,001 2.97



47,324,001 2.97


Cash 128,091,141 8.04


Total Net Assets 1,593,951,513 100.00



SharesFinancials 16.54Consumer Discretionary 13.38Industrials 12.34Materials 10.85Consumer Staples 10.75Energy 7.21Information Technology 7.17Health Care 3.74Telecommunication Services 3.30Investment Companies 2.97Utilities 2.35Total Shares 90.60Cash and Other Assets/(Liabilities) 9.40

Total 100.00


SharesFinancials 16.59Industrials 12.84Consumer Discretionary 11.87Consumer Staples 11.18Materials 10.13Information Technology 10.03Energy 6.85Telecommunication Services 6.59Health Care 4.70Investment Companies 3.02Utilities 2.67Total Shares 96.47Cash and Other Assets/(Liabilities) 3.53

Total 100.00

95

JPMorgan Funds - Global Focus FundSchedule of Investments (Market Value Expressed in EUR) (continued)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - Global Focus FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)


ExpirationDate


NotionalValue


Equity Futures

Mar-11 1,138 DJ Euro Stoxx 50 Index Future EUR 31,795,720 (807,780)Mar-11 442 FTSE 100 Index Future GBP 30,292,454 111,328Mar-11 1,840 SP 500 Emini Future USD 85,890,480 772,836Mar-11 271 Topix Index Future JPY 22,314,179 262,836

Total 339,220

JPMorgan Funds - Global Focus FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) (continued)




AmountSold


06-Jan-11 AUD 82,085 EUR 62,596 (229)06-Jan-11 CAD 124,559 EUR 93,469 (284)06-Jan-11 CHF 70,521 AUD 73,127 89506-Jan-11 CHF 108,191 CAD 111,323 3,32906-Jan-11 CHF 534,679 EUR 412,386 15,65506-Jan-11 CHF 214,398 GBP 139,384 9,54506-Jan-11 CHF 18,179 HKD 143,501 77006-Jan-11 CHF 202,660 JPY 17,279,409 3,44406-Jan-11 CHF 10,536 SGD 14,045 24706-Jan-11 CHF 879,594 USD 897,143 34,37906-Jan-11 DKK 2,785 EUR 374 -06-Jan-11 EUR 6,565 AUD 8,958 (241)06-Jan-11 EUR 9,951 CAD 13,236 4906-Jan-11 EUR 1,630,248 CHF 2,037,416 (816)06-Jan-11 EUR 374 DKK 2,785 -06-Jan-11 EUR 18,900 GBP 15,830 49106-Jan-11 EUR 2,037 HKD 20,548 6306-Jan-11 EUR 19,358 JPY 2,108,143 (16)06-Jan-11 EUR 1,228 NOK 9,950 (46)06-Jan-11 EUR 1,135 SGD 1,952 (3)06-Jan-11 EUR 88,526 USD 115,126 2,57506-Jan-11 GBP 155,214 EUR 179,977 52506-Jan-11 HKD 164,050 EUR 15,914 (158)06-Jan-11 JPY 19,387,552 EUR 179,170 (999)06-Jan-11 NOK 8,224 CHF 1,342 (22)06-Jan-11 NOK 1,726 EUR 221 -06-Jan-11 SGD 15,998 EUR 9,347 (22)06-Jan-11 USD 1,012,269 EUR 758,304 (2,569)07-Jan-11 CHF 21,567 SEK 151,423 40207-Jan-11 EUR 2,140 SEK 19,636 (47)07-Jan-11 SEK 171,059 EUR 18,990 6111-Jan-11 EUR 4,739,021 AUD 6,375,941 (102,258)11-Jan-11 EUR 6,047,015 CAD 8,086,985 (2,626)11-Jan-11 EUR 4,416,319 CHF 5,762,769 (197,450)11-Jan-11 EUR 13,192,912 GBP 11,181,099 190,61511-Jan-11 EUR 1,490,459 HKD 15,424,915 8,83411-Jan-11 EUR 12,811,308 JPY 1,411,137,031 (157,628)11-Jan-11 EUR 385,822 NOK 3,089,820 (9,666)11-Jan-11 EUR 1,830,615 SEK 16,632,848 (21,580)11-Jan-11 EUR 979,063 SGD 1,678,197 73211-Jan-11 EUR 54,073,362 USD 71,752,631 504,63411-Jan-11 GBP 413,519 EUR 493,815 (12,942)11-Jan-11 JPY 70,299,126 EUR 634,843 11,23511-Jan-11 USD 2,422,779 EUR 1,828,256 (19,469)12-Jan-11 AUD 66,827,136 EUR 46,761,888 3,973,31912-Jan-11 CAD 57,666,014 EUR 41,037,906 2,099,46612-Jan-11 CHF 73,171,038 EUR 54,272,328 4,310,21812-Jan-11 DKK 11,722,565 EUR 1,572,746 (249)12-Jan-11 EUR 19,156,888 DKK 142,723,930 11,50512-Jan-11 EUR 86,577,806 GBP 75,564,337 (1,293,713)12-Jan-11 EUR 45,851,713 HKD 497,300,700 (1,916,385)12-Jan-11 EUR 62,454,815 JPY 7,042,233,532 (2,266,928)12-Jan-11 EUR 10,323,882 NOK 83,663,618 (384,213)12-Jan-11 EUR 36,331,867 USD 48,731,928 (50,119)12-Jan-11 GBP 6,288,221 EUR 7,182,598 129,78712-Jan-11 HKD 51,546,001 EUR 5,032,789 (81,550)12-Jan-11 JPY 1,332,299,813 EUR 11,608,443 636,07712-Jan-11 SEK 213,554,410 EUR 23,047,534 732,53712-Jan-11 SGD 21,320,291 EUR 11,841,736 587,24412-Jan-11 TRY 24,664,035 EUR 12,244,846 (360,489)12-Jan-11 USD 390,656,530 EUR 282,502,721 9,151,24803-Feb-11 CHF 11,658 AUD 12,154 13603-Feb-11 CHF 2,035,245 EUR 1,629,389 43903-Feb-11 CHF 10,237 JPY 883,982 7203-Feb-11 CHF 10,332 SEK 74,637 (30)

96

JPMorgan Funds - Global Focus FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) (continued)




AmountSold


03-Feb-11 CHF 10,453 USD 11,001 15803-Feb-11 EUR 62,379 AUD 82,085 24703-Feb-11 EUR 93,416 CAD 124,559 28203-Feb-11 EUR 17,325 CHF 21,635 -03-Feb-11 EUR 179,954 GBP 155,214 (500)03-Feb-11 EUR 179,217 JPY 19,387,552 99303-Feb-11 EUR 18,973 SEK 171,059 (60)03-Feb-11 EUR 758,357 USD 1,012,269 2,65007-Feb-11 EUR 15,919 HKD 164,050 15807-Feb-11 EUR 9,348 SGD 15,998 22

Total 15,541,731

97


Shares and Warrants

CANADA3,966,204 African Aura Mining 8,152,519 0.231,280,000 Alamos Gold 18,218,857 0.529,090,400 Alange Energy 3,604,503 0.103,740,000 Anvil Mining 16,424,652 0.474,690,000 AQM Copper 3,350,909 0.101,900,000 AQM Copper - Warrants 17.03.14 0 0.003,191,700 Augusta Resource CAD 9,061,922 0.26

412,100 Augusta Resource USD 1,167,583 0.032,755,000 Aura Minerals 7,966,317 0.233,450,000 B2Gold 6,878,643 0.206,900,000 Baja Mining 5,549,375 0.161,240,000 Bankers Petroleum 7,055,168 0.20

125,000 Banro - Warrants 17.09.11 153,981 0.005,600,000 Banro CAD 16,067,188 0.46

675,600 Banro USD 1,936,843 0.061,085,000 Barrick Gold CAD 42,754,274 1.22

65,100 Barrick Gold USD 2,565,702 0.074,254,900 Calvalley Petroleums - A Shares 16,011,935 0.463,125,000 Canacol Energy 3,635,523 0.101,160,000 Canadian Natural Resources 38,181,044 1.09

9,400,000 Canadian Overseas 6,012,851 0.171,925,000 Centerra Gold 28,875,638 0.831,040,000 Detour Gold 22,595,213 0.651,917,000 Diamonds North Resources 207,958 0.01

2,000,000 Duluth Metals 4,361,692 0.1220,135,069 Eastern Platinum 26,437,277 0.761,630,000 Eldorado Gold 22,603,031 0.656,056,000 Equinox Minerals 27,524,449 0.793,315,000 European Goldfields 34,195,147 0.981,866,000 Exeter Resource 8,550,750 0.24

147,600 Extorre Gold Mines 724,949 0.021,732,400 Extorre Gold Mines 8,508,821 0.24

302,500 First Quantum Minerals 24,388,753 0.706,044,900 Global Alumina 6,479,629 0.19

83,700 Gold Wheaton Gold Corp -Warrants 08.07.13 17,377 0.00

440,000 Goldcorp 14,943,323 0.434,550,000 Great Basin Gold 9,956,891 0.282,900,000 Greystar Resources 8,645,952 0.25

820,000 Hana Mining 2,907,895 0.08600,000 Harry Winston Diamond 5,238,520 0.15

2,256,000 HudBay Minerals 30,220,379 0.86990,000 IAMGold CAD 13,157,909 0.38316,000 IAMGold USD 4,200,515 0.12409,600 Inmet Mining 23,701,655 0.68

7,096,100 Ithaca Energy CAD 14,174,817 0.402,100,000 Ithaca Energy GBP 4,145,591 0.12

565,000 Keegan Resources 3,671,172 0.106,130,000 Kinross Gold 86,425,739 2.47

214,500 Kinross Gold - Warrants 17.09.14 751,836 0.0268,100 Kirkland Lake - Warrants 04.03.11 293,210 0.01

1,631,594 Kirkland Lake Gold 19,231,670 0.551,800,000 Lake Shore Gold 5,689,652 0.168,750,000 Lucara Diamond 6,251,697 0.186,720,000 Lundin Mining 36,273,720 1.041,260,441 Lundin Mining SDR 6,823,712 0.191,730,000 Mercator Minerals 5,157,757 0.151,040,000 Mirasol Resources 4,540,050 0.13

70,000 Mirasol Resources - Warrants 06.12.11 253,210 0.012,249,600 Mountain Province Diamonds 10,964,939 0.315,827,800 Nevsun Resources 31,784,739 0.91

473,600 Nexen 8,073,228 0.23338,000 Niko Resources 26,241,939 0.75

2,750,000 Northern Star - Warrants 14.08.12 0 0.00500,000 Northern Star - Warrants 18.12.12 0 0.00

1,000,000 Northern Star Mining 24,315 0.005,500,000 Northern Star Mining 133,731 0.005,150,000 OceanaGold 14,403,067 0.41

341,714 Orezone Gold 1,026,443 0.032,107,900 Orezone Gold 6,331,725 0.182,500,000 Osisko Mining 26,605,950 0.763,364,000 Pacific Rubiales Energy 84,286,422 2.41

730,000 Pan American Silver 22,531,284 0.64155,480 Pan American Silver - Warrants 07.12.14 727,593 0.02

1,189,800 Parex Resources 7,495,016 0.22436,500 Petrobank Energy & Resources 8,103,731 0.23

6,340,000 Platinum Group Metals 12,593,321 0.36850,400 Potash One 2,872,549 0.08467,000 Primero Mining 1,577,470 0.05360,000 Primero Mining - Warrants 20.07.15 386,492 0.01

1,160,700 Rainy River Resources 11,010,974 0.31275,000 Rainy River Resources - Warrants 25.02.12 1,148,030 0.03

1,750,000 Redox Diamonds 131 0.00520,000 Rio Alto Mining 951,193 0.03

5,020,000 Rio Alto Mining 9,182,672 0.268,078,400 Romarco Minerals 13,749,700 0.391,400,000 Rubicon Minerals 5,964,970 0.179,329,200 Rusoro Mining 2,756,944 0.083,822,947 Scorpio Mining 2,845,823 0.08

13,750,000 Sea Dragon Energy 3,368,996 0.105,665,000 SEMAFO 45,815,464 1.311,728,000 Silver Wheaton 49,165,057 1.40800,000 Stornoway Diamond 365,095 0.01

4,005,100 Stornoway Diamond 1,812,822 0.05762,526 Teck Cominco - B Shares 34,796,485 0.99

2,001,295 Teranga Gold AUD 4,304,250 0.122,036,557 Teranga Gold CAD 4,471,890 0.131,575,000 Thompson Creek Metals 17,339,130 0.50

2,600,000 Tsar Emerald 194 0.004,923,500 Victoria Gold 3,959,760 0.11

426,000 Victoria Gold - Warrants 13.03.12 167,323 0.002,690,000 Western Coal 24,824,352 0.71

195,545 Western Coal - Warrants 28.06.12 1,343,731 0.042,300,000 Yamana Gold 21,896,369 0.63

1,264,282,654 36.12

AUSTRALIA17,250,000 Adamus Resources 10,651,540 0.309,580,000 Aditya Birla Minerals 9,737,764 0.28

10,750,000 Allied Gold AUD 5,575,850 0.168,700,620 Allied Gold GBP 4,452,052 0.13

275,000 Altus Renewables 21 0.006,053,700 Alumina 11,455,661 0.331,639,000 Aquila Resources 12,269,168 0.355,155,033 Arafura Resources 5,778,610 0.17

12,200,000 Aurora Oil and Gas 20,814,985 0.59881,365 Aurora Oil and Gas 1,071,706 0.03

1,710,897 Aurora Oil and Gas 2,919,041 0.086,483,000 Avoca Resources 17,318,141 0.499,848,500 Azumah Resources 5,351,507 0.15

13,250,000 Bathurst Resources 7,401,217 0.2115,652 Berkeley Resources - Warrants 15.05.13 11,300 0.00

719,505 Berkeley Resources AUD 920,002 0.032,310,687 Berkeley Resources GBP 3,036,525 0.09845,000 BHP Billiton 29,154,963 0.83

4,000,000 Blackthorn Resources 1,854,342 0.0511,546,300 Cape Lambert Resources 4,387,456 0.134,979,412 Carrick Gold 2,147,553 0.067,389,515 CGA Mining 17,138,157 0.49

5,026,000 Diamonex AUD 390 0.00619,000 Diamonex GBP 72 0.001,111,111 Discovery Metals 1,199,073 0.03

14,100,000 Exco Resources 6,081,139 0.176,444,000 Fortescue Metals Group 32,077,223 0.92

26,793,000 Gindalbie Metals 28,252,330 0.812,800,000 Gryphon Minerals 3,819,640 0.111,855,000 Iluka Resources 12,969,752 0.37

709,273 Independence Group 4,312,244 0.123,300,000 Integra Mining 1,786,894 0.05

20,000,000 Integra Mining 10,829,659 0.3115,331,200 International Ferro Metals 5,170,487 0.15

12,000,000 International Petroleum 1,641,548 0.059,501,000 Jabiru Metals 4,855,808 0.14

15,800,000 Kagara Zinc 9,696,155 0.28630,300 Kingsgate Consolidated 5,209,266 0.15

23,950,000 Lynas 37,585,947 1.072,624,483 Mantra Resources AUD 15,597,337 0.45

655,346 Mantra Resources CAD 3,868,425 0.1119,000,000 Mawson West 7,107,389 0.20

1,290,000 Medusa Mining 6,367,498 0.18760,106 Mineral Deposits AUD 3,234,909 0.09317,730 Mineral Deposits CAD 1,359,693 0.04

5,419,329 Mirabela Nickel AUD 9,390,318 0.272,173,118 Mirabela Nickel CAD 3,780,008 0.11

8,248,100 Mount Gibson Iron 13,382,946 0.378,563,300 Murchison Metals 8,297,577 0.242,150,000 New Hope 7,957,330 0.231,330,300 Newcrest Mining 40,980,730 1.17

19,380,742 Nyota Minerals 6,536,206 0.19690,000 Ophir Energy 1,203,643 0.03

11,100,000 PanAust 7,507,804 0.214,725,000 Perseus Mining 12,107,344 0.357,314,827 Pluton Resources 5,739,764 0.161,024,022 Railto Energy 544,763 0.021,072,953 Railto Energy 570,793 0.02

27,077,539 Red 5 4,167,102 0.124,036,010 Rex Minerals 8,956,432 0.26

98

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (Market Value Expressed in EUR)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

9,825,000 Rialto Energy 5,544,073 0.16670,000 Rio Tinto 43,675,256 1.25

2,681,292 Robust Resources 3,566,006 0.105,645,000 Saracen Mineral Holdings 3,571,479 0.103,916,666 St Barbara 6,087,091 0.17

20,000,000 Stirling Minerals 4,559,857 0.134,300,000 Straits Resources 7,320,090 0.2135,573,200 Sundance Resources/Australia 15,477,412 0.447,464,641 Swan Gold Mining 567 0.009,259,358 Sylvania Resources 5,518,640 0.163,650,800 Terramin Australia 1,345,643 0.04

690,000 Western Areas 3,135,813 0.095,338,018 Windimurra Vanadium 406 0.00

607,395,532 17.35

UNITED KINGDOM10,050,000 Afren 17,262,508 0.49

1,937,435 Anglo American 75,344,358 2.151,555,221 Archipelago Metals 181 0.00

10,583,184 Archipelago Resources 7,446,103 0.215,454,000 Avocet Mining 14,921,143 0.431,085,000 BHP Billiton 32,219,806 0.926,749,200 Borders & Southern Petroleum 4,905,572 0.144,098,550 Botswana Diamonds 0 0.00

890,000 BowLeven 3,917,538 0.116,500,000 BowLeven 28,611,232 0.824,072,400 Cadogan Petroleum 1,030,071 0.035,626,400 Caledon Resources 6,445,018 0.185,555,368 Cluff Gold 7,074,313 0.204,074,763 Cove Energy 4,584,697 0.133,406,666 Equatorial Palm Oil 1,000,341 0.031,495,000 Equatorial Palm Oil - Warrants 26.02.12 134,741 0.00

695,000 Equatorial Palm Oil - Warrants 26.02.13 62,639 0.004,649,058 Ferrexpo 22,518,388 0.64

13,864,676 Firestone Diamonds 5,199,921 0.152,015,000 Hummingbird Resources 3,901,635 0.11

146,649 Jordan Energy and Mining 1,642,267 0.0410,383,687 Jubilee Platinum GBP 3,713,249 0.11

500,000 Jubilee Platinum ZAR 184,153 0.016,369,411 Kalahari Minerals 18,444,035 0.53

2,300,000 Kazakhmys 43,277,651 1.2415,890,350 Mwana Africa 1,940,350 0.06

1,149,900 Norseman Gold AUD 930,700 0.037,379,050 Norseman Gold GBP 5,878,254 0.16

23,484,717 Pan African Resources 2,988,996 0.093,169,600 Petropavlovsk 42,205,327 1.21

376,000 R.E.A. Holdings 3,415,043 0.103,238,200 Rambler Metals and Mining 1,318,041 0.04

54,660 REA Holdings Preference Shares 70,559 0.001,578,500 Rio Tinto 82,441,326 2.361,298,775 Rockhopper Exploration 5,554,487 0.15

4,619,200 Target Resources 537 0.001,785,000 Valiant Petroleum 10,576,445 0.30

500,000 Vedanta Resources 14,653,045 0.421,128,000 Volga Gas 1,059,276 0.03

4,872,000 Xstrata 85,327,609 2.442,205,400 ZincOx Resources 1,237,491 0.04

563,439,046 16.10

UNITED STATES OF AMERICA1,050,000 Arcelor Mittal Registered Shares/New York 29,776,588 0.851,219,985 Coeur d’Alene Mines 25,042,733 0.72

319,100 ConocoPhillips 16,246,239 0.46646,000 Freeport-McMoRan Copper & Gold 57,548,958 1.64

1,000,000 Mantle Diamonds 116 0.00750,000 Mitra Energy 2,519,691 0.07426,000 Newmont Mining 19,505,454 0.56119,401 Resaca Exploitation 142,627 0.01

476,000 Southern Copper 17,297,623 0.49325,800 Southwestern Energy 9,000,880 0.26335,000 United States Steel 14,769,813 0.42250,000 Walter Industries 23,887,604 0.68

215,738,326 6.16

BERMUDA3,969,802 African Minerals 19,563,019 0.564,200,000 Aquarius Platinum 17,148,947 0.49

290,001,000 G-Resources Group 16,851,328 0.487,950,000 Gulf Keystone Petroleum 15,647,794 0.4515,917,693 Petra Diamonds 25,221,677 0.72

94,432,765 2.70

CHINA9,620,000 China Coal Energy - H Shares* 11,207,665 0.3213,814,000 China Petroleum & Chemical - H Shares * 9,851,337 0.287,951,000 China Shenhua Energy - H Shares * 24,876,280 0.71

57,680,000 Sinopec Shanghai Petrochemical - H Shares* 22,298,230 0.64

68,233,512 1.95

SOUTH AFRICA277,000 AngloGold Ashanti 10,186,488 0.29580,000 Impala Platinum Holdings 15,204,094 0.44

68,927,240 Merafe Resources 12,926,074 0.3722,100,000 Metorex 12,993,445 0.37

51,310,101 1.47

HONG KONG24,970,000 CNOOC 44,152,122 1.2626,200,000 IRC 3,535,549 0.10

47,687,671 1.36

BRAZIL608,000 Petroleo Brasileiro ADR 16,951,555 0.48

1,360,000 Vale Preference Shares ADR 30,470,418 0.87

47,421,973 1.35

JERSEY4,470,000 Highland Gold Mining 9,824,866 0.281,634,849 KazakhGold Group Registered Shares GDR 4,519,651 0.133,358,000 Minera IRL 3,661,081 0.10

422,000 Randgold Resources ADR 25,873,867 0.74

43,879,465 1.25

IRELAND13,200,000 Circle Oil 5,334,406 0.1635,332,103 Kenmare Resources 13,415,597 0.38

169,764 Maple Energy 135,236 0.007,141,356 Ormonde Mining 726,685 0.02

31,100,000 Petroceltic International 4,701,767 0.1415,067,440 Petroneft Resources 12,353,383 0.35

1,486,970 Providence Resources 4,279,911 0.12

40,946,985 1.17

RUSSIA221,000 Lukoil OAO ADR 9,338,609 0.27

1,285,000 MMC Norilsk Nickel ADR 22,726,978 0.6540,324 Polyus Gold 1,888,792 0.05

33,954,379 0.97

BAHAMAS1,344,111 Petrominerales 32,913,012 0.94

32,913,012 0.94

CAYMAN ISLANDS1,050,000 Frontier Mining 91,582 0.002,250,000 Leaf Clean Energy 1,949,378 0.068,200,000 Mongolian Mining 7,131,511 0.203,000,000 Real Gold Mining 3,915,795 0.1111,460,000 Tethys Petroleum 13,760,878 0.40

26,849,144 0.77

INDONESIA41,000,000 International Nickel Indonesia 16,576,394 0.47

3,325,000 PT Astra Agro Lestari 7,250,263 0.21

23,826,657 0.68

NORWAY19,500,000 DNO International 22,568,940 0.64

22,568,940 0.64

ISLE OF MAN5,530,000 Exillon Energy 21,100,303 0.60

21,100,303 0.60

KAZAKHSTAN2,257,285 Zhaikmunai Registered Shares GDR 20,475,578 0.59

20,475,578 0.59

99

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (Market Value Expressed in EUR) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

MALAYSIA14,292,346 IOI 20,242,205 0.58

20,242,205 0.58

LUXEMBOURG565,200 Evraz Group Registered Shares GDR 15,131,638 0.43

15,131,638 0.43

BRITISH VIRGIN ISLANDS1,430,000 Gem Diamonds 4,186,613 0.12

973,389 Ratel Gold 1,496,528 0.042,900,000 Ratel Gold - Warrants 20.12.11 2,646,941 0.0815,159,572 Titanium Resources Group 1,807,042 0.05

10,137,124 0.29

PERU3,385,667 Minsur 10,130,258 0.29

10,130,258 0.29

SWEDEN1,075,700 Lundin Petroleum 10,049,419 0.29

10,049,419 0.29

NETHERLANDS689,100 New World Resources - A Shares 7,677,239 0.22

7,677,239 0.22

FALKLAND ISLANDS9,662,757 Argos Resources 4,972,464 0.141,900,000 Falkland Oil & Gas 2,292,446 0.07

7,264,910 0.21

PAPUA NEW GUINEA704,200 New Britain Palm Oil 7,145,272 0.20

7,145,272 0.20

SINGAPORE4,000,000 Straits Asia Resources 5,817,771 0.17

5,817,771 0.17

SOUTH KOREA50,700 POSCO ADR 4,065,236 0.12

4,065,236 0.12

GUERNSEY6,723,791 Mariana Resources 3,811,941 0.11

3,811,941 0.11

NEW ZEALAND30,168 Allied Medical 2 0.00

2 0.00

Total Shares and Warrants 3,327,929,058 95.08

Convertible Bonds

IRELAND1,500,000 Providence Resources 29.07.12/12.000% 750,000 0.02

750,000 0.02

Total Convertible Bonds 750,000 0.02


3,328,679,058 95.10


Investment Funds



104,692,761 2.99



104,692,761 2.99


Cash 58,613,729 1.67


Total Net Assets 3,500,059,863 100.00



Fixed Income SecuritiesIreland 0.02Total Fixed Income Securities 0.02Shares and WarrantsMaterials 76.11Energy 17.81Investment Companies 2.99Consumer Staples 1.12Industrials 0.04Health Care 0.00Total Shares and Warrants 98.07Cash and Other Assets/(Liabilities) 1.91

Total 100.00


Fixed Income SecuritiesIreland 0.04Total Fixed Income Securities 0.04Shares and WarrantsMaterials 73.22Energy 20.34Investment Companies 2.99Industrials 1.51Consumer Staples 1.34Total Shares and Warrants 99.40Cash and Other Assets/(Liabilities) 0.56

Total 100.00

100

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (Market Value Expressed in EUR) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Warrants

CHINA114,526,000 Agricultural Bank of China - H Shares * 57,387,499 1.5023,803,500 Bank of China - H Shares * 12,540,085 0.3334,440,361 Bank of Communications - H Shares * 34,670,315 0.9132,161,000 BBMG - H Shares * 43,277,979 1.13

236,560,000 China Citic Bank - H Shares * 153,383,129 4.025,850,000 China Coal Energy - H Shares* 9,128,983 0.24

381,725,540 China Construction Bank - H Shares * 342,040,934 8.9644,160,000 China Life Insurance - H Shares * 179,949,827 4.7221,468,000 China National Building Material - H Shares * 48,994,908 1.2882,846,000 China Oilfield Services - H Shares * 178,841,888 4.6818,997,800 China Pacific Insurance Group - H Shares * 78,759,325 2.06

171,254,000 China Petroleum & Chemical - H Shares * 163,584,793 4.2966,997,000 China Shipping Container Lines - H Shares * 29,563,457 0.7823,207,000 China Suntien Green Energy - H Shares * 6,553,288 0.1732,440,333 China Vanke - B Shares 40,023,002 1.0521,976,000 Chongqing Rural Commercial Bank - H Shares * 14,743,775 0.3917,732,000 Guangzhou Automobile Group - H Shares * 24,454,470 0.64

3,346,911 Hualan Biological Engineering - A Shares 24,531,336 0.64166,955,485 Industrial & Commercial Bank of China - H Shares * 124,146,441 3.25

5,558,763 Inner Mongolia Yitai Coal - B Shares 39,661,774 1.0412,131,000 Jiangxi Copper - H Shares * 39,835,301 1.043,569,985 Kangmei Pharmaceutical - A Shares 10,661,273 0.285,094,991 Kangmei Pharmaceutical -

Warrants 09.09.13 15,199,377 0.4015,234,446 Kangmei Pharmaceutical -

Warrants 05.05.14 45,560,134 1.199,217,500 Ping An Insurance Group Co. of China - H Shares * 102,840,268 2.70

5,994,609 Shanghai Pharmaceuticals Holding - A Shares 19,832,165 0.527,362,821 Shanghai Pharmaceuticals

Holding - Warrants 05.05.14 24,398,916 0.647,108,000 Tsingtao Brewery - H Shares * 37,217,532 0.98

54,376,000 Yanzhou Coal Mining - H Shares * 165,441,381 4.3462,928,000 Zijin Mining Group 57,924,102 1.52

2,125,147,657 55.69

CAYMAN ISLANDS8,264,000 Agile Property Holdings 12,247,531 0.324,785,000 Anta Sports Products 7,608,625 0.20

40,481,000 Ausnutria Dairy 13,540,364 0.3513,328 AutoNavi Holdings ADR 213,048 0.01

58,432,000 Belle International Holdings 99,227,130 2.6043,366,000 China Resources Cement Holdings 33,027,585 0.8746,650,000 China Resources Land 85,220,826 2.2314,019,500 China Rongsheng Heavy Industry Group 11,957,814 0.312,955,000 China Shineway Pharmaceutical Group 8,487,010 0.221,344,877 Focus Media Holding ADR 29,580,570 0.78

146,114,000 Glorious Property Holdings 50,095,047 1.314,249,000 Greatview Aseptic Packaging 2,880,734 0.08

26,607,000 Intime Department Store Group 39,158,647 1.0340,294,000 KWG Property Holding 30,869,379 0.8168,737,000 Lee & Man Paper Manufacturing 52,305,947 1.3719,560,000 Li Ning 41,595,605 1.0912,321,000 Lonking Holdings 6,768,300 0.1833,741,000 Maoye International Holdings 15,257,698 0.40

275,946 New Oriental Education & Technology Group ADR 29,156,454 0.7676,479,000 Parkson Retail Group 118,263,959 3.1023,712,000 Springland International Holdings 18,943,732 0.5010,412,400 Tencent Holdings 227,923,204 5.97

934,329,209 24.49

HONG KONG16,261,000 China Agri-Industries Holdings 18,430,151 0.4810,695,000 China Mobile 106,116,205 2.788,076,000 China Resources Power Holdings 14,659,835 0.38

69,045,000 CNOOC 163,527,865 4.2989,262,000 Franshion Properties China 26,813,854 0.7042,551,000 Guotai Junan International Holdings 23,182,962 0.6133,087,000 Poly Hong Kong Investments 32,286,333 0.85

385,017,205 10.09

BERMUDA36,040,000 China Yurun Food Group 118,578,559 3.1150,928,000 COSCO Pacific 88,842,763 2.3330,392,000 Euro-Asia Agricultural Holdings 391 0.0010,592,000 Nine Dragons Paper Holdings 15,030,009 0.39

1,552,000 Orient Overseas International 15,159,409 0.4012,935,000 Sihuan Pharmaceutical Holdings 9,460,251 0.25

247,071,382 6.48

TAIWAN23,513,567 Advanced Semiconductor Engineering 27,248,953 0.7111,291,000 Formosa Chemicals & Fibre 38,062,815 1.00

65,311,768 1.71

SINGAPORE15,861,000 Yanlord Land Group 20,868,107 0.55

20,868,107 0.55

Total Shares and Warrants 3,777,745,328 99.01


3,777,745,328 99.01


Investment Funds

HONG KONG978,311 JF China New Generation Fund 10,595,104 0.28

498,532 JF China Pioneer A-Share Fund 14,397,616 0.37

24,992,720 0.65



24,992,720 0.65


Cash 37,948,437 0.99


Total Net Assets 3,815,830,117 100.00



Shares and WarrantsFinancials 37.27Materials 14.30Energy 13.43Consumer Discretionary 10.34Information Technology 6.69Consumer Staples 5.44Industrials 4.76Health Care 3.62Telecommunication Services 2.78Investment Companies 0.65Utilities 0.38Total Shares and Warrants 99.66Cash and Other Assets/(Liabilities) 0.34

Total 100.00


Shares, Warrants and RightsFinancials 38.70Energy 12.24Materials 10.92Consumer Discretionary 9.36Information Technology 6.98Consumer Staples 6.39Industrials 4.13Telecommunication Services 3.85Utilities 1.61Health Care 1.49Investment Companies 0.55Total Shares, Warrants and Rights 96.22Cash and Other Assets/(Liabilities) 3.78

Total 100.00

101

JPMorgan Funds - JF China FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Warrants

TAIWAN3,639,097 Acer 11,256,291 1.2515,750,201 Advanced Semiconductor Engineering 18,252,292 2.02

388,000 Asustek Computer 3,690,959 0.413,956,500 Cathay Financial Holding 7,025,180 0.783,486,000 China Petrochemical Development 3,453,706 0.384,792,000 Coretronic 7,855,131 0.872,118,000 Delta Electronics 10,337,468 1.157,837,000 Evergreen Marine 8,154,298 0.915,301,000 Formosa Chemicals & Fibre 17,870,072 1.988,091,718 Fubon Financial Holding 11,098,522 1.235,317,720 Hon Hai Precision Industry 21,393,126 2.372,746,232 Huaku Development 8,339,047 0.92

2,463,000 Kinsus Interconnect Technology 8,362,115 0.93247,000 Largan Precision 6,148,516 0.68627,054 MediaTek 8,977,124 0.99

2,434,000 Nan Ya Plastics 6,067,253 0.678,403,000 Polaris Securities 5,485,232 0.612,793,000 Powertech Technology 9,324,375 1.032,203,000 President Chain Store 10,147,633 1.12

20,766,235 Taishin Financial Holdings 12,308,688 1.366,981,241 Taiwan Cement 7,862,729 0.87

11,058,610 Taiwan Semiconductor Manufacturing 26,958,801 2.992,172,000 TSRC 5,034,092 0.565,146,000 Unimicron Technology 10,046,574 1.112,005,000 Wintek 3,450,017 0.3810,118,000 Yuanta Financial Holding 7,559,425 0.84

256,458,666 28.41

CHINA23,617,000 Agricultural Bank of China - H Shares * 11,834,174 1.3151,034,700 Bank of China - H Shares * 26,885,940 2.985,097,500 BBMG - H Shares * 6,859,535 0.762,613,000 Beijing Jingkelong - H Shares * 3,465,803 0.385,020,000 China Communications Construction - H Shares * 4,381,868 0.49

39,397,780 China Construction Bank - H Shares * 35,301,944 3.912,897,000 China Life Insurance - H Shares * 11,805,132 1.313,325,000 China Merchants Bank - H Shares * 8,401,153 0.932,852,661 China Merchants Property Development - B Shares 5,409,454 0.60

4,442,000 China National Building Material - H Shares * 10,137,665 1.126,664,000 China Oilfield Services - H Shares * 14,385,756 1.59

13,820,000 China Petroleum & Chemical - H Shares * 13,201,104 1.4613,355,000 China Suntien Green Energy - H Shares * 3,771,240 0.42

7,334,241 China Vanke - B Shares 9,048,561 1.001,249,800 Dongfang Electric - H Shares * 6,174,154 0.68

17,547,665 Industrial & Commercial Bank of China - H Shares * 13,048,270 1.452,422,000 Jiangxi Copper - H Shares * 7,953,268 0.881,736,000 Lianhua Supermarket Holdings - H Shares * 8,280,120 0.921,936,500 Ping An Insurance Group Co. of China - H Shares * 21,605,661 2.394,112,000 Yanzhou Coal Mining - H Shares * 12,510,942 1.39

13,688,000 Zijin Mining Group - H Shares * 12,599,560 1.40

247,061,304 27.37

HONG KONG1,835,600 AIA Group 5,177,539 0.574,110,500 BOC Hong Kong Holdings 14,013,489 1.551,861,000 Cheung Kong Holdings 28,741,821 3.182,829,205 China Mobile 28,071,482 3.112,153,000 China Taiping Insurance Holdings 6,612,918 0.73

17,993,000 CNOOC 42,615,061 4.733,747,000 Hang Lung Properties 17,558,564 1.95

671,000 Hutchison Whampoa 6,918,816 0.776,411,000 Poly Hong Kong Investments 6,255,861 0.692,425,000 Wharf Holdings 18,687,203 2.07

707,000 Wing Hang Bank 9,850,394 1.09

184,503,148 20.44

CAYMAN ISLANDS6,178,000 Agile Property Holdings 9,156,007 1.023,615,000 Anta Sports Products 5,748,209 0.642,809,000 China Shineway Pharmaceutical Group 8,067,685 0.897,875,000 China Vanadium Titano - Magnetite Mining 3,743,439 0.424,557,000 Greatview Aseptic Packaging 3,089,551 0.34

11,480,000 Hengdeli Holdings 6,933,990 0.777,043,000 Hidili Industry International Development 5,975,555 0.669,025,000 International Mining Machinery Holdings 7,332,065 0.817,034,000 Intime Department Store Group 10,352,235 1.15

15,394,000 Maoye International Holdings 6,961,175 0.773,353,000 Microport Scientific 3,213,628 0.363,045,792 Parkson Retail Group 4,709,887 0.524,812,400 Sands China 10,654,874 1.18

3,208,000 Sany Heavy Equipment International Holdings 4,729,603 0.527,425,000 Springland International Holdings 5,931,900 0.66

940,500 Tencent Holdings 20,587,163 2.282,222,000 Tingyi Cayman Island Holding 5,725,728 0.638,491,000 Want Want China Holdings 7,482,645 0.83

130,395,339 14.45

BERMUDA3,296,000 China Resources Gas Group 4,783,018 0.533,071,000 China Yurun Food Group 10,104,183 1.12

4,986,000 COSCO Pacific 8,697,966 0.97241,200 Jardine Matheson Holdings 10,728,576 1.19

2,241,500 Kerry Properties 11,736,508 1.301,316,000 Li & Fung 7,682,070 0.851,149,000 Orient Overseas International 11,223,042 1.238,025,000 Sihuan Pharmaceutical Holdings 5,869,232 0.65

70,824,595 7.84

SINGAPORE268,000 MediaTek - Warrants 18.02.11 3,848,480 0.43

3,848,480 0.43



893,091,532 98.94


Cash 11,190,986 1.24





Shares and WarrantsFinancials 37.73Information Technology 16.63Materials 11.43Consumer Discretionary 8.34Energy 8.20Industrials 6.76Consumer Staples 3.88Telecommunication Services 3.54Health Care 1.90Utilities 0.53Total Shares and Warrants 98.94Cash and Other Assets/(Liabilities) 1.06

Total 100.00


Shares and WarrantsFinancials 40.63Information Technology 20.89Energy 7.79Materials 7.73Consumer Discretionary 7.62Telecommunication Services 5.00Consumer Staples 3.90Industrials 3.00Utilities 1.46Total Shares and Warrants 98.02Cash and Other Assets/(Liabilities) 1.98

Total 100.00

102

JPMorgan Funds - JF Greater China FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Warrants

JAPAN6,200 Asahi Breweries 120,123 0.09

12,300 East Japan Railway 800,166 0.6317,000 FUJIFILM Holdings 614,168 0.48

117,000 Fujitsu 814,420 0.6431,500 Hitachi Construction Machinery 754,348 0.6019,000 Honda Motor 752,493 0.60

110,000 Isuzu Motors 500,308 0.3986 Japan Tobacco 318,371 0.25

58,100 JSR 1,084,548 0.8588,000 JX Holdings 597,390 0.4728,000 Kubota 265,559 0.21

3,600 Kyocera 367,799 0.296,200 Lawson 306,413 0.24

38,400 Mitsubishi 1,039,173 0.8250,000 Mitsubishi Estate 928,422 0.7383,200 Mitsubishi UFJ Financial Group 450,103 0.3562,100 Mitsui & Co. 1,025,827 0.81

48,000 Mitsui Fudosan 956,869 0.753,700 Murata Manufacturing 258,918 0.20

19,000 NGK Insulators 309,650 0.252,700 Nintendo 791,322 0.62

18,000 Nippon Electric Glass 259,675 0.2016,400 Nippon Paper Group 429,985 0.34

193,000 Nippon Sheet Glass 521,461 0.4119,600 Nippon Telegraph & Telephone 888,442 0.7010,600 Nitto Denko 499,729 0.4028,500 Omron 756,176 0.604,800 Oriental Land 444,609 0.359,760 ORIX 961,103 0.76

150 Rakuten 125,277 0.105,100 Sankyo 287,989 0.235,200 Shin-Etsu Chemical 281,635 0.22

19,500 Shionogi & Co. 385,367 0.3026,000 Shiseido 567,750 0.45

3,700 Softbank 128,138 0.104,400 Sumitomo Mitsui Financial Group 156,768 0.12

19,200 Suzuki Motor 472,437 0.3728,000 Tokio Marine Holdings 837,174 0.6646,000 Tokyo Gas 204,124 0.1638,700 Tokyo Steel Manufacturing 422,299 0.3313,000 Toyo Suisan Kaisha 288,996 0.2334,200 Toyota Motor 1,357,644 1.07

7,900 Unicharm 314,337 0.253,630 Yamada Denki 247,764 0.20

18,800 Yamato Kogyo 568,698 0.45

24,463,967 19.27

AUSTRALIA95,000 AMP 513,505 0.4013,700 ANZ Banking Group 325,916 0.26

410,000 Asciano 665,688 0.5250,000 BHP Billiton 2,310,746 1.82118,438 Brambles 857,813 0.68

9,837 Newcrest Mining 405,900 0.3254,600 QBE Insurance Group 1,012,391 0.80

3,600 Rio Tinto 314,333 0.2563,000 Westpac Banking 1,426,591 1.12

7,832,883 6.17

CHINA615,000 China Communications Construction - H Shares ** 536,822 0.42869,910 China Construction Bank - H Shares ** 779,473 0.61534,000 China National Building Material - H Shares ** 1,218,711 0.96

1,452,000 China Petroleum & Chemical - H Shares ** 1,386,976 1.09112,900 China Vanke - B Shares 139,289 0.11

1,538,240 Industrial & Commercial Bank of China - H Shares ** 1,143,820 0.9048,500 Ping An Insurance Group Co. of China - H Shares ** 541,118 0.43

336,000 Yanzhou Coal Mining - H Shares ** 1,022,295 0.81544,000 Zijin Mining Group - H Shares ** 500,742 0.39

7,269,246 5.72

SOUTH KOREA7,400 Daelim Industrial 776,826 0.613,135 GS Engineering & Construction 323,511 0.266,173 Hyundai Engineering & Construction 397,617 0.31

495 Hyundai Heavy Industries 195,607 0.1517,700 KB Financial Group 946,005 0.7517,000 Korea Electric Power 457,327 0.36

6,416 Korea Kumho Petrochemical 516,515 0.411,094 Lotte Shopping 461,571 0.361,200 POSCO 520,737 0.411,910 Samsung Electronics 1,615,109 1.27

6,210,825 4.89

CAYMAN ISLANDS144,000 China Resources Land 263,061 0.21

1,157,000 China Sky Chemical Fibre 228,112 0.181,332,000 Daphne International Holdings 1,244,932 0.981,581,000 Glorious Property Holdings 542,044 0.42640,000 Hidili Industry International Development 543,001 0.43

31,000 Li Ning 65,923 0.0584,500 Lifestyle International Holdings 209,155 0.16

605,000 Parkson Retail Group 935,547 0.74290,000 Sands China 642,073 0.51

29,200 Tencent Holdings 639,176 0.50

5,313,024 4.18

HONG KONG69,000 Cheung Kong Holdings 1,065,656 0.84

158,400 China Taiping Insurance Holdings 486,524 0.38171,000 CNOOC 405,001 0.3222,300 Hong Kong Exchanges & Clearing 506,642 0.40

352,000 Poly Hong Kong Investments 343,482 0.27112,000 Wharf Holdings 863,079 0.68

3,670,384 2.89

BERMUDA20,800 Jardine Matheson Holdings 925,184 0.7341,163 Jardine Strategic Holdings 1,143,920 0.90

211,000 Kerry Properties 1,104,797 0.87156,000 Ports Design 433,495 0.34

3,607,396 2.84

SINGAPORE1,153,000 Mapletree Industrial Trust 976,813 0.77

521,000 Neptune Orient Lines 890,911 0.7039,000 Singapore Airlines 466,831 0.37

118,000 Singapore Exchange 776,716 0.6129,000 United Overseas Bank 412,798 0.33

3,524,069 2.78

TAIWAN320,000 Cathay Financial Holding 568,194 0.45312,000 Chimei Innolux 431,683 0.34

919 Compal Electronics 1,220 0.00167,000 Formosa Chemicals & Fibre 562,970 0.44250,000 Fubon Financial Holding 342,898 0.27

132,112 Hon Hai Precision Industry 531,485 0.42644,056 Taiwan Cement 725,378 0.57

3,163,828 2.49

INDIA105,177 Ambuja Cements 336,124 0.2711,500 Bharat Heavy Electricals 600,043 0.47

177,500 Hindalco Industries - Warrants 21.09.12 980,705 0.77210,000 Infrastructure Development Finance 859,561 0.68

2,776,433 2.19

THAILAND34,100 Banpu - NVDR 897,607 0.71

1,223,500 Krung Thai Bank (Foreign) 706,413 0.556,279,000 Quality Houses (Foreign) 440,888 0.35

2,044,908 1.61

INDONESIA320,500 Bank Negara Indonesia 137,870 0.11114,000 Indo Tambangraya Megah 644,019 0.51

781,889 0.62

MALAYSIA199,500 Petronas Chemicals Group 359,556 0.28

359,556 0.28

SWITZERLAND47,000 UBS - Warrants 18.06.13 312,621 0.25

312,621 0.25

103

JPMorgan Funds - JF Pacific Balanced FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

NETHERLANDS50,000 JP Morgan Structured Products -

Warrants 25.08.14 204,000 0.16

204,000 0.16


Bonds

NETHERLANDS600,000 Indosat Palapa 29.07.20/7.375% 661,944 0.52

2,000,000 Lippo Karawaci Finance 09.03.11/8.875% 2,026,250 1.601,750,000 Majapahit Holding 28.06.17/7.250% 1,990,373 1.571,000,000 Majapahit Holding 20.01.20/7.750% 1,161,528 0.91

5,840,095 4.60

SOUTH KOREA50,000,000 Export-Import Bank of Korea 29.10.13/5.100% 1,078,495 0.85

7,000,000,000 Export-Import Bank of Korea 04.11.13/6.600% 768,163 0.601,400,000,000 Korea (Republic of) 10.06.20/2.750% 1,391,629 1.10

2,000,000 Shinhan Bank 20.09.36/6.819%* 2,023,330 1.59

5,261,617 4.14

PHILIPPINES1,000,000 Development Bank of Philippines 15.09.16/8.375%* 1,116,038 0.88

600,000 International ContainerTerminal Services 17.03.20/7.375% 639,547 0.50

1,500,000 Philippines (Republic of) 20.01.20/6.500% 1,740,000 1.37800,000 Philippines (Republic of) 23.10.34/6.375% 860,318 0.68

4,355,903 3.43

MALAYSIA1,000,000 AMBB Capital 27.01.16/6.770%* 1,020,378 0.801,500,000 Petronas Capital 12.08.19/5.250% 1,611,650 1.271,000,000 Public Bank 22.08.36/6.840%* 1,041,877 0.82

3,673,905 2.89

CAYMAN ISLANDS400,000 China Forestry Holdings 17.11.15/7.750% 404,000 0.32600,000 China Overseas Finance

Cayman II 10.11.20/5.500% 587,854 0.462,000,000 Parkson Retail Group 14.11.11/7.875% 2,086,462 1.653,200,000 Shui On Development Holding 23.12.13/6.875% 498,400 0.39

3,576,716 2.82

INDONESIA1,800,000 Indonesia (Republic of) 13.03.20/5.875% 1,984,500 1.56

1,984,500 1.56

HONG KONG1,000,000 Bank of East Asia 16.07.20/6.125% 1,036,693 0.82

800,000 CITIC Bank International 24.06.20/6.875% 836,907 0.66

1,873,600 1.48

BRITISH VIRGIN ISLANDS1,500,000 Star Energy Geothermal

Wayang Windu 12.02.15/11.500% 1,707,540 1.34

1,707,540 1.34

AUSTRALIA1,500,000 Leighton Finance International 16.05.11/7.875% 1,529,264 1.20

1,529,264 1.20

INDIA60,000,000 India (Government of) 09.07.17/7.990% 1,352,060 1.07

1,352,060 1.07

THAILAND31,800,000 Thailand (Government of) 31.03.21/5.850% 1,251,059 0.99

1,251,059 0.99

Total Bonds 32,406,259 25.52

Convertible Bonds

INDIA1,000,000 Ranbaxy Laboratories 18.03.11/0.000% 1,255,000 0.991,500,000 Reliance Communications 01.03.12/0.000% 1,764,375 1.39

3,019,375 2.38

SOUTH KOREA1,000,000 Hynix Semiconductor 14.05.15/2.650% 990,000 0.781,000,000 LG Uplus 29.09.12/5.000%* 1,036,250 0.82

2,026,250 1.60

CAYMAN ISLANDS500,000 China Overseas Finance

Investment Cayman 14.05.14/0.000% 622,500 0.496,000,000 Country Garden Holdings 22.02.13/2.500% 1,024,455 0.80

1,646,955 1.29

SINGAPORE750,000 CapitaLand 05.03.18/3.125% 606,797 0.48750,000 Yanlord Land Group 13.07.14/5.850% 613,190 0.48

1,219,987 0.96

THAILAND600,000 Thoresen Thai Agencies 24.09.12/2.500% 673,440 0.53

673,440 0.53

JAPAN50,000,000 Toshiba 21.07.11/0.000% 612,470 0.48

612,470 0.48

Total Convertible Bonds 9,198,477 7.24


113,139,765 89.10


Bonds

HONG KONG1,700,000 Bangkok Bank/Hong Kong 15.03.29/9.025% 2,138,168 1.693,000,000 China Resources Power Holdings 12.11.15/3.750% 473,085 0.36

2,611,253 2.05

AUSTRALIA2,000,000 Envestra Victoria 20.05.11/5.530%* 2,015,211 1.59

2,015,211 1.59

THAILAND1,000,000 True Move 01.08.14/10.375% 1,070,000 0.84

1,070,000 0.84

MALAYSIA3,000,000 Bank Pembangunan Malaysia 25.04.11/5.000% 986,176 0.78

986,176 0.78

NETHERLANDS347,000 Paiton Energy Funding 15.02.14/9.340% 366,953 0.29

366,953 0.29

CAYMAN ISLANDS300,000 Country Garden Holdings 22.04.17/11.250% 330,258 0.26

330,258 0.26

Total Bonds 7,379,851 5.81

Certificates of Deposit

CHINA800,000 China Development Bank 11.11.13/2.700% 121,212 0.10

121,212 0.10

Total Certificates of Deposit 121,212 0.10

Investment Funds

SINGAPORE16,000 ABF Pan Asia Bond Index Fund 1,952,000 1.54

1,952,000 1.54



9,453,063 7.45

104

JPMorgan Funds - JF Pacific Balanced FundSchedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Bonds

INTERNATIONAL AGENCIES5,000,000 Asian Development Bank 25.04.11/4.265% 1,642,297 1.29

1,642,297 1.29

Total Bonds 1,642,297 1.29



Cash 2,364,198 1.86



* Variable coupon rates are those quoted as at 31 December 2010.** Hong Kong Registered Shares.


Fixed Income SecuritiesSouth Korea 5.74Netherlands 4.89Cayman Islands 4.37Malaysia 3.67Hong Kong 3.53India 3.45Philippines 3.43Australia 2.79Thailand 2.36Indonesia 1.56British Virgin Islands 1.34International Agencies 1.29Singapore 0.96Japan 0.48China 0.10Total Fixed Income Securities 39.96Shares and WarrantsFinancials 18.63Materials 12.12Consumer Discretionary 8.14Industrials 7.97Information Technology 4.71Energy 1.88Investment Companies 1.54Consumer Staples 1.27Telecommunication Services 0.80Utilities 0.52Health Care 0.30Total Shares and Warrants 57.88Cash and Other Assets/(Liabilities) 2.16

Total 100.00


Fixed Income SecuritiesSouth Korea 8.04Cayman Islands 5.65Netherlands 5.13Australia 5.09Indonesia 4.24Malaysia 4.00British Virgin Islands 3.49Philippines 2.82India 2.70Hong Kong 2.59Thailand 1.78Singapore 1.57International Agencies 1.44United Kingdom 1.00Total Fixed Income Securities 49.54SharesFinancials 14.80Consumer Discretionary 9.29Materials 5.82Industrials 5.28Information Technology 4.89Investment Companies 1.74Telecommunication Services 1.48Energy 0.99Utilities 0.81Consumer Staples 0.70Health Care 0.41Total Shares 46.21Cash and Other Assets/(Liabilities) 4.25

Total 100.00

105

JPMorgan Funds - JF Pacific Balanced FundSchedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - JF Pacific Balanced FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)




AmountSold


04-Jan-11 JPY 380,249,000 USD 4,628,716 51,84804-Jan-11 USD 4,547,797 JPY 380,249,000 (132,767)12-Jan-11 USD 1,936,570 AUD 2,000,000 (97,256)14-Apr-11 USD 4,633,454 JPY 380,249,000 (52,373)

Total (230,548)

106


Shares

BRAZIL283,000 AES Tiete 3,537,713 0.20

1,184,471 AES Tiete Preference Shares 16,592,575 0.913,274,753 All America Latina Logistica 30,067,022 1.66788,400 Banco ABC Brasil Preference Shares 6,932,605 0.381,761,135 Banco Bradesco ADR 35,381,202 1.95

2,283,100 Banco do Estado do Rio Grande do Sul PreferenceShares 24,019,614 1.32

1,685,400 BM&F Bovespa 13,374,661 0.743,354,124 BR Malls Participacoes 34,298,265 1.891,253,681 Bradespar Preference Shares 32,868,098 1.81

2,462,100 Brasil Brokers Participaçoes 13,773,831 0.7615,300 Brasil Insurance Participacoes e Administracao 17,312,067 0.95

2,447,528 BRF - Brasil Foods 40,635,004 2.24521,695 BRF - Brasil Foods ADR 8,837,513 0.49

686,800 Cia Hering 11,107,021 0.612,192,271 Cía Siderúrgica Nacional ADR 36,150,549 1.99

321,555 Companhia de Bebidas das Americas ADR 8,537,285 0.472,099,220 Companhia de Bebidas das Americas Preference

Shares ADR 65,632,113 3.61897,800 Companhia de Concessoes Rodoviarias 25,088,687 1.38696,632 Companhia de Transmissao de Energia Eletrica

Paulista Preference Shares 23,517,357 1.293,044,993 Duratex 32,502,528 1.79

883,143 Estacio Participaçoes 14,051,090 0.771,377,800 Fibria Celulose 22,290,258 1.231,747,895 Gafisa 12,555,598 0.693,774,947 Gerdau Preference Shares ADR 52,528,388 2.892,069,553 Gol Linhas Aereas Inteligentes ADR 31,840,073 1.755,015,983 Investimentos Itau Preference Shares 39,653,889 2.182,286,513 Itau Unibanco Holding Preference Shares 54,434,560 3.001,190,069 Localiza Rent A CAR 18,823,360 1.04

814,434 Lojas Renner 27,621,641 1.52223,628 M Dias Branco 5,294,257 0.29707,200 Mills Estruturas e Servicos de Engenharia 8,493,636 0.47

3,707,600 MMX Mineracao e Metalicos 25,516,946 1.403,344,121 MRV Engenharia e Participacoes 32,384,536 1.79832,700 Multiplus 16,929,646 0.93950,969 Natura Cosmeticos 27,510,277 1.51

1,218,800 Odontoprev 18,078,439 1.006,455,100 OGX Petroleo e Gas Participacoes 77,332,992 4.264,714,648 PDG Realty Empreendimentos e Participacoes 29,099,437 1.602,696,615 Randon Participacoes Preference Shares 19,662,649 1.08

514,700 Souza Cruz 27,985,554 1.541,264,339 Sul America 15,108,908 0.83

303,030 Totvs 30,760,782 1.691,137,300 Usinas Siderurgicas de Minas Gerais Preference

Shares 12,858,369 0.71744,384 Vale ADR 25,439,323 1.40718,100 Vivo Participacoes Preference Shares ADR 23,833,739 1.31

1,381,837 Weg 18,242,910 1.01

1,168,496,967 64.33

MEXICO18,900,126 America Movil - L Shares 53,802,804 2.96

1,029,773 America Movil ADR - L Shares 58,599,233 3.232,747,845 Cemex ADR Participation Certificates 29,580,551 1.63

14,216,948 Compartamos 30,499,987 1.67284,473 Fomento Economico Mexicano ADR 15,919,109 0.88348,278 Grupo Aeroportuario del Sureste ADR 19,581,931 1.08

6,529,499 Grupo Financiero Banorte - O Shares 31,080,283 1.718,299,959 Grupo Mexico - B Shares 33,515,226 1.85

986,000 Grupo Televisa ADR 25,566,980 1.417,530,570 Mexichem 26,706,697 1.473,540,500 Urbi Desarrollos Urbanos 8,321,159 0.46

333,173,960 18.35

UNITED KINGDOM1,209,961 Antofagasta 30,536,086 1.68

585,762 JPMorgan Brazil Investment Trust 353,271 0.022,928,810 JPMorgan Brazil Investment Trust 5,287,738 0.292,206,551 Wellstream Holdings 27,024,707 1.49

63,201,802 3.48

LUXEMBOURG661,132 Tenaris ADR 32,395,468 1.78

486,406 Ternium ADR 20,531,197 1.13

52,926,665 2.91

CANADA1,260,563 Pacific Rubiales Energy 41,930,518 2.31698,300 Yamana Gold 8,878,885 0.49

50,809,403 2.80

UNITED STATES OF AMERICA273,500 First Cash Financial Services 8,575,592 0.47768,683 NII Holdings 34,198,707 1.88

42,774,299 2.35

PANAMA271,802 Copa Holdings - A Shares 15,976,522 0.88

448,400 Intergroup Financial Services 15,940,620 0.88

31,917,142 1.76

ARGENTINA556,084 Telecom Argentina ADR 13,815,907 0.76

13,815,907 0.76

BERMUDA31,400 Credicorp 3,784,642 0.21

466,800 Wilson Sons BDR 8,920,193 0.49

12,704,835 0.70

Total Shares 1,769,820,980 97.44


1,769,820,980 97.44


Investment Funds



41,804,332 2.30



41,804,332 2.30


Bank Overdraft (1,170,310) (0.06)


Total Net Assets 1,816,388,825 100.00

107

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 23.88Materials 18.33Industrials 15.03Consumer Staples 11.03Telecommunication Services 10.14Energy 8.06Consumer Discretionary 6.88Utilities 2.40Investment Companies 2.30Information Technology 1.69Total Shares 99.74Bank Overdraft and Other Assets/(Liabilities) 0.26

Total 100.00


SharesFinancials 21.72Materials 14.50Industrials 14.03Consumer Staples 11.80Telecommunication Services 9.75Energy 9.72Consumer Discretionary 5.77Utilities 2.82Investment Companies 2.74Information Technology 1.75Health Care 0.51Total Shares 95.11Cash and Other Assets/(Liabilities) 4.89

Total 100.00

108

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

RUSSIA2,550,103 Bank St. Petersburg 14,195,993 0.497,527,242 Bank St. Petersburg Preference Shares 43,529,227 1.51

387,360 Chelyabinsk Zinc Plant 1,710,385 0.06440,002 Chelyabinsk Zinc Plant GDR 1,927,209 0.07

1,809,267 Cherkizovo Group Registered Shares GDR 34,355,234 1.195,783,196 Comstar United Telesystems GDR 38,573,917 1.341,950,296 DIXY Group 25,410,926 0.882,230,100 Gazprom OAO ADR 56,265,424 1.95

375,207,890 IDGC Holding 65,885,849 2.2916,932,000 Lenenergo 14,380,960 0.50

1,469,650 Lukoil OAO ADR 83,182,190 2.891,119,885 Magnit OJSC 149,027,339 5.17

4,469,066 Magnit OJSC Registered Shares GDR 131,390,540 4.568,535,234 Magnitogorsk Iron & Steel Works Registered Shares

GDR 124,614,416 4.328,080,583 MMC Norilsk Nickel ADR 191,429,011 6.648,991,927 Mobile Telesystems ADR 186,537,526 6.47

12,978,090 Mostotrest 102,949,091 3.572,541,746 Novolipetsk Steel Registered Shares GDR 120,860,022 4.19

78,520 Open Investments 3,345,949 0.122,246,038 Pharmacy Chain 36.6 7,569,634 0.264,110,089 RBC Information Systems 7,331,612 0.26

730,787 RBC Information Systems ADR 5,221,516 0.1812,301,800 Rosneft Oil Registered Shares GDR 88,080,888 3.06

80,490,450 Sberbank of Russia 274,932,842 9.544,301,860 Sistema JSFC Registered Shares GDR 106,987,259 3.715,914,387 Sistema-Hals Registered Shares GDR 9,847,454 0.34

10,145,823 Sitronics Registered Shares GDR 9,638,532 0.33703,194 Sollers 14,870,963 0.52

4,243,250 Surgutneftegaz ADR 44,851,152 1.564,056,207 Tatneft ADR 135,071,693 4.69

216,958 Veropharm 10,810,561 0.386,100,000 World Trade Center Moscow 2,563,180 0.09

2,107,348,494 73.13


157,605,291 5.47

KAZAKHSTAN3,349,340 Halyk Savings Bank of Kazakhstan Registered Shares

GDR 33,995,801 1.181,573,798 Kazkommertsbank Registered Shares GDR 9,128,028 0.324,132,269 KazMunaiGas Exploration Production GDR 81,777,603 2.841,596,355 Zhaikmunai Registered Shares GDR 19,395,713 0.67

144,297,145 5.01

UNITED STATES OF AMERICA1,087,208 BMB Munai 924,127 0.036,108,799 CTC Media 142,701,545 4.95

143,625,672 4.98

LUXEMBOURG1,249,061 Kernel Holding 31,290,221 1.091,568,469 Oriflame Cosmetics SDR 82,848,429 2.87

114,138,650 3.96

NETHERLANDS1,588,843 Amtel Registered Shares GDR 0 0.002,348,350 X5 Retail Group Registered Shares GDR 108,258,935 3.76

108,258,935 3.76


22,394,380 0.77


3,352,445 0.12


2,097,383 0.07

ISLE OF MAN5,817,707 Kazakhstan Kagazy Registered Shares GDR 1,454,427 0.05

1,454,427 0.05

BRITISH VIRGIN ISLANDS2,220,370 Orsu Metals 806,578 0.03

806,578 0.03



536,214 0.02

Total Shares 2,805,915,614 97.37


2,805,915,614 97.37


Investment Funds



57,270,151 1.99



57,270,151 1.99


Bank Overdraft (47,238,634) (1.64)


Total Net Assets 2,881,780,441 100.00


SharesEnergy 23.95Consumer Staples 19.52Materials 15.55Financials 13.59Telecommunication Services 11.52Consumer Discretionary 5.47Industrials 3.57Utilities 2.79Investment Companies 1.99Information Technology 0.77Health Care 0.64Total Shares 99.36Bank Overdraft and Other Assets/(Liabilities) 0.64

Total 100.00


SharesEnergy 24.53Consumer Staples 18.24Telecommunication Services 16.43Financials 13.30Materials 12.81Consumer Discretionary 5.10Investment Companies 3.06Utilities 1.38Industrials 1.08Information Technology 0.86Health Care 0.63Total Shares 97.42Cash and Other Assets/(Liabilities) 2.58

Total 100.00

109

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

UNITED STATES OF AMERICA15,000 Abbey National Capital Trust I 30.06.30/8.963%* 15,862 0.00

100,000 Ace INA Holdings 15.06.14/5.875% 112,008 0.0175,000 AGL Capital 15.04.13/4.450% 78,968 0.01

150,000 AGL Capital 15.08.19/5.250% 157,910 0.0150,000 Alabama Power 15.05.38/6.125% 54,661 0.00

100,000 Allied Waste North America 01.06.17/6.875% 109,114 0.01325,000 Allstate Life Global Funding Trusts 30.04.13/5.375% 352,803 0.03395,000 American Express Credit 02.05.13/5.875% 428,953 0.04100,000 American Express Credit 20.08.13/7.300% 112,408 0.01185,000 American General Finance 01.10.12/5.375% 176,230 0.02170,000 American General Finance 15.12.17/6.900% 137,523 0.01100,000 American International Group 15.05.13/4.250% 103,375 0.01100,000 American International Group 18.10.16/5.600% 102,399 0.01200,000 American Water Capital 15.10.17/6.085% 223,916 0.02125,000 American Water Capital 15.10.37/6.593% 132,466 0.01

400,000 Anadarko Petroleum 15.03.14/7.625% 443,452 0.0475,000 Anadarko Petroleum 15.06.14/5.750% 79,480 0.01

100,000 Anadarko Petroleum 15.03.19/8.700% 121,186 0.0175,000 Anheuser-Busch 01.04.36/5.750% 77,379 0.0125,000 Arizona Public Service 15.05.15/4.650% 26,243 0.00

250,000 Arrow Electronics 01.07.13/6.875% 274,605 0.02350,000 Arrow Electronics 01.04.20/6.000% 356,293 0.03450,000 Associates Corp of North America 01.11.18/6.950% 490,499 0.04500,000 AT&T 15.01.13/4.950% 533,604 0.05565,000 AT&T 15.09.14/5.100% 618,504 0.0560,000 AT&T 15.06.16/5.625% 67,173 0.01

153,000 AT&T 15.05.36/6.800% 168,108 0.01700,000 AT&T 15.01.38/6.300% 735,580 0.06125,000 Atmos Energy 15.03.19/8.500% 155,592 0.01

2,100,000 BA Covered Bond Issuer 144A 14.06.12/5.500% 2,220,156 0.19250,000 Bank of America 15.01.11/7.400% 250,457 0.02

75,000 Bank of New York Mellon 27.08.13/5.125% 82,131 0.01150,000 Bank of New York Mellon 15.01.15/3.100% 154,102 0.01675,000 Bank of New York Mellon 18.06.15/2.950% 685,588 0.06

75,000 Bank of New York Mellon 15.01.20/4.600% 78,258 0.0145,000 Baxter International 01.03.14/4.000% 47,767 0.00

200,000 Baxter International 15.03.15/4.625% 217,515 0.02500,000 BB&T 27.07.12/3.850% 519,912 0.04250,000 BB&T 30.04.19/6.850% 287,668 0.0250,000 Becton Dickinson & Co. 15.05.19/5.000% 54,094 0.00

265,000 BellSouth 15.09.14/5.200% 289,798 0.0275,000 BellSouth 15.11.34/6.000% 74,113 0.01

100,000 BellSouth Telecommunications 01.10.25/7.000% 107,716 0.01857,000 Berkshire Hathaway Finance 15.05.18/5.400% 939,113 0.08200,000 BHP Billiton Finance USA 01.04.14/5.500% 221,055 0.02

55,000 BHP Billiton Finance USA 29.03.17/5.400% 60,761 0.01215,000 BlackRock 10.12.14/3.500% 222,482 0.02105,000 BlackRock 15.09.17/6.250% 117,836 0.01359,000 BlackRock 10.12.19/5.000% 374,962 0.0360,000 Boeing 15.02.33/6.125% 65,612 0.01

100,000 Branch Banking & Trust 15.01.13/4.875% 106,151 0.01100,000 Bunge Finance 15.05.13/5.875% 106,987 0.01161,000 Bunge NA Finance 01.04.17/5.900% 165,384 0.01100,000 Capital One Financial 15.09.11/5.700% 103,365 0.01220,000 Capital One Financial 15.11.13/6.250% 240,640 0.02250,000 Capital One Financial 23.05.14/7.375% 283,870 0.02

75,000 Carolina Power & Light 15.09.13/5.125% 82,495 0.0155,000 Carolina Power & Light 15.01.19/5.300% 60,902 0.01

150,000 Caterpillar Financial Services 15.08.13/4.900% 162,728 0.01350,000 Caterpillar Financial Services 30.09.13/6.200% 393,107 0.03

70,000 Caterpillar Financial Services 15.03.16/5.500% 78,190 0.01250,000 Caterpillar Financial Services 01.10.18/7.050% 301,706 0.03135,000 CBS 15.05.19/8.875% 169,919 0.0158,000 CBS 15.04.20/5.750% 61,363 0.01

250,000 CBS 30.07.30/7.875% 293,134 0.03100,000 Cellco Partnership/Verizon

Wireless Capital 01.02.14/5.550% 109,877 0.0175,000 CenterPoint Energy Houston

Electric 15.01.14/5.750% 82,734 0.01265,000 CenterPoint Energy Houston

Electric 01.03.14/7.000% 302,389 0.0340,000 CenterPoint Energy Resources 01.11.17/6.125% 44,538 0.00

100,000 Charles Schwab 01.06.14/4.950% 108,263 0.01500,000 Citigroup 27.08.12/5.625% 524,173 0.05400,000 Citigroup 11.04.13/5.500% 427,309 0.04125,000 Citigroup 12.08.14/6.375% 137,769 0.01150,000 Citigroup 15.09.14/5.000% 154,740 0.01237,000 Citigroup 19.05.15/4.750% 247,954 0.02389,000 Citigroup 15.12.15/4.587% 403,766 0.03880,000 Citigroup 15.08.17/6.000% 956,555 0.08340,000 Citigroup 21.11.17/6.125% 372,225 0.03250,000 Citigroup 22.05.19/8.500% 308,835 0.03

446,000 Citigroup 09.08.20/5.375% 460,913 0.0415,000 Citigroup 15.06.32/6.625% 14,906 0.00

360,000 Cleveland Electric Illuminating 01.11.17/7.880% 434,434 0.04325,000 CNA Financial 15.12.14/5.850% 345,979 0.03200,000 Coca-Cola 15.03.14/3.625% 210,501 0.02200,000 Coca-Cola 15.03.19/4.875% 217,477 0.02

50,000 Coca-Cola Refreshments USA 01.02.12/8.500% 53,998 0.0060,000 Columbus Southern Power 01.05.18/6.050% 67,373 0.01

300,000 Comcast Cable CommunicationsHoldings 15.03.13/8.375% 340,651 0.03

715,000 Comcast Cable CommunicationsHoldings 15.11.22/9.455% 986,038 0.08

100,000 CommonWealth REIT 15.08.16/6.250% 104,830 0.01150,000 CommonWealth REIT 15.01.18/6.650% 156,316 0.01450,000 CommonWealth REIT 15.09.20/5.875% 435,799 0.04

35,000 Connecticut Light & Power 01.05.18/5.650% 38,947 0.00275,000 ConocoPhillips 01.02.19/5.750% 313,195 0.03

400,000 ConocoPhillips 15.01.20/6.000% 464,754 0.0455,000 Consolidated Edison Co. of New

York 01.07.12/5.625% 58,651 0.01250,000 Countrywide Financial 15.05.16/6.250% 257,464 0.02100,000 Countrywide Home Loans 22.03.11/4.000% 100,744 0.0166,000 CRH America 30.09.11/5.625% 67,907 0.0150,000 CSFB USA 15.11.11/6.125% 52,185 0.00

175,000 CSFB USA 15.01.12/6.500% 184,794 0.02150,000 CSFB USA 15.01.14/5.125% 163,045 0.0175,000 CSFB USA 15.01.15/4.875% 80,793 0.01

100,000 CSX 15.03.12/6.300% 106,202 0.01300,000 CSX 01.02.19/7.375% 362,247 0.03145,000 CVS Caremark 15.09.39/6.125% 153,898 0.01100,000 Daimler Finance North America 15.01.12/7.300% 106,170 0.01200,000 Dominion Resources 30.11.17/6.000% 223,347 0.02150,000 Dominion Resources 15.01.19/8.875% 195,623 0.0240,000 Dow Chemical 01.02.11/6.125% 40,144 0.00

360,000 Dow Chemical 01.10.12/6.000% 387,677 0.0365,000 Dow Chemical 01.11.29/7.375% 77,799 0.0125,000 DTE Energy 01.06.11/7.050% 25,558 0.00

255,000 Duke Energy Carolinas 15.04.18/5.100% 279,378 0.02185,000 Duke Energy Indiana 15.08.38/6.350% 211,108 0.02231,000 EI du Pont de Nemours & Co. 15.01.16/1.950% 222,788 0.02265,000 EI du Pont de Nemours & Co. 15.07.18/6.000% 303,164 0.03125,000 EI du Pont de Nemours & Co 15.01.41/4.900% 120,498 0.01

200,000 Eli Lilly & Co 06.03.12/3.550% 206,412 0.02360,000 Exelon Generation 01.10.20/4.000% 338,919 0.03300,000 Fannie Mae 12.06.17/5.375% 344,100 0.03

20,000 Florida Power 15.06.18/5.650% 22,525 0.0035,000 Florida Power & Light 01.10.33/5.950% 37,915 0.00

600,000 General Electric 06.12.17/5.250% 648,347 0.061,205,000 General Electric Capital 15.02.12/5.875% 1,267,653 0.111,060,000 General Electric Capital 15.06.12/6.000% 1,131,837 0.10

500,000 General Electric Capital 19.10.12/5.250% 534,266 0.05500,000 General Electric Capital 13.05.14/5.900% 552,095 0.05

1,100,000 General Electric Capital 09.06.14/5.650% 1,203,165 0.10600,000 General Electric Capital 15.09.14/4.750% 639,334 0.05300,000 General Electric Capital 09.11.15/2.250% 287,575 0.02410,000 General Electric Capital 15.09.17/5.625% 447,509 0.04

2,100,000 General Electric Capital 01.05.18/5.625% 2,288,704 0.2065,000 General Electric Capital 15.03.32/6.750% 72,697 0.01

100,000 General Electric Capital 14.01.38/5.875% 102,412 0.0143,000 General Mills 15.02.12/6.000% 45,352 0.0035,000 Genworth Financial 15.06.14/5.750% 36,144 0.0010,000 Genworth Financial 15.06.34/6.500% 9,015 0.0050,000 Georgia Power 01.02.39/5.950% 54,984 0.00

129,000 Georgia Power 01.09.40/4.750% 118,181 0.01375,000 GlaxoSmithKline Capital 15.04.14/4.375% 402,926 0.03300,000 Golden West Financial 01.10.12/4.750% 318,126 0.03110,000 Goldman Sachs Capital I 15.02.34/6.345% 104,592 0.01305,000 Goldman Sachs Group 15.01.11/6.875% 305,552 0.03775,000 Goldman Sachs Group 15.01.12/6.600% 818,447 0.07150,000 Goldman Sachs Group 01.04.13/5.250% 160,525 0.01125,000 Goldman Sachs Group 15.07.13/4.750% 133,154 0.01150,000 Goldman Sachs Group 15.10.13/5.250% 162,033 0.01450,000 Goldman Sachs Group 15.01.14/5.150% 481,576 0.04300,000 Goldman Sachs Group 15.11.14/5.500% 325,507 0.03496,000 Goldman Sachs Group 01.08.15/3.700% 504,251 0.04150,000 Goldman Sachs Group 18.01.18/5.950% 162,400 0.01

400,000 Goldman Sachs Group 01.04.18/6.150% 437,994 0.041,185,000 Goldman Sachs Group 15.02.19/7.500% 1,384,023 0.12

120,000 Goldman Sachs Group 15.03.20/5.375% 123,966 0.01131,000 Goldman Sachs Group 15.06.20/6.000% 141,243 0.01

300,000 Goldman Sachs Group 01.10.37/6.750% 306,674 0.03550,000 GTE 15.04.18/6.840% 624,237 0.05400,000 Halliburton 15.09.39/7.450% 511,358 0.04

95,000 Hewlett-Packard 15.08.12/2.950% 97,925 0.01550,000 Hewlett-Packard 02.06.14/4.750% 597,532 0.05175,000 Hewlett-Packard 01.03.17/5.400% 194,597 0.02

110

JPMorgan Funds - US Aggregate Bond FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

25,000 Historic TW 15.06.18/6.875% 29,212 0.00215,000 Historic TW 01.02.23/9.150% 276,243 0.02

200,000 Home Depot 01.03.16/5.400% 223,497 0.0245,000 Hospira 15.05.15/6.400% 50,884 0.00

1,208,000 HSBC Finance 15.10.11/6.375% 1,256,530 0.11200,000 HSBC Finance 15.07.13/4.750% 210,645 0.02500,000 HSBC Finance 15.01.14/5.250% 531,023 0.05210,000 Indiana Michigan Power 15.03.19/7.000% 246,244 0.02350,000 International Business Machines 15.10.18/7.625% 444,236 0.04125,000 International Business Machines 01.08.27/6.220% 143,340 0.01100,000 International Business Machines 15.10.38/8.000% 136,179 0.01400,000 International Lease Finance 01.06.14/5.650% 395,779 0.03300,000 Jefferies Group 15.03.16/5.500% 306,842 0.03

40,000 Jersey Central Power & Light 01.02.19/7.350% 47,215 0.00240,000 John Deere Capital 01.10.12/5.250% 257,789 0.02

45,000 John Deere Capital 03.04.18/5.350% 49,705 0.00310,000 KCP&L Greater Missouri

Operations 01.07.12/11.875% 351,574 0.0330,000 Kellogg 03.12.12/5.125% 32,217 0.00

200,000 Kellogg 06.03.13/4.250% 212,001 0.0230,000 Kerr-McGee 01.07.24/6.950% 33,036 0.00

165,000 KeyBank 01.11.17/5.700% 170,331 0.0160,000 Keycorp 14.05.13/6.500% 65,085 0.0115,000 Kimberly-Clark 01.11.18/7.500% 18,689 0.0080,000 Kohl’s 15.12.17/6.250% 91,651 0.01

400,000 Kraft Foods 19.02.14/6.750% 453,552 0.04500,000 Kraft Foods 11.08.17/6.500% 580,806 0.05400,000 Kraft Foods 01.02.18/6.125% 455,766 0.04200,000 Kraft Foods 11.08.37/7.000% 232,170 0.02175,000 Kraft Foods 01.02.38/6.875% 200,909 0.0215,000 Kroger 01.04.11/6.800% 15,215 0.00

100,000 Kroger 01.04.31/7.500% 120,015 0.01250,000 Lowe’s 15.05.37/7.110% 299,674 0.03250,000 Marathon Oil 01.10.17/6.000% 282,674 0.02200,000 Marshall & Ilsley 01.04.11/5.350% 201,640 0.02

50,000 Masco 15.03.17/5.850% 49,801 0.00886,000 Merrill Lynch & Co. 25.04.13/6.150% 948,182 0.08295,000 Merrill Lynch & Co. 15.07.14/5.450% 309,903 0.0340,000 Merrill Lynch & Co. 15.01.15/5.000% 41,353 0.00

1,150,000 Merrill Lynch & Co. 28.08.17/6.400% 1,216,754 0.11290,000 Merrill Lynch & Co. 25.04.18/6.875% 315,474 0.03300,000 Monsanto 15.08.12/7.375% 330,343 0.03450,000 Morgan Stanley 15.04.11/6.750% 457,380 0.04600,000 Morgan Stanley 01.03.13/5.300% 639,439 0.05

75,000 Morgan Stanley 15.10.13/6.750% 81,709 0.01350,000 Morgan Stanley 01.04.14/4.750% 358,228 0.03320,000 National City 15.01.15/4.900% 342,044 0.0380,000 Nevada Power 01.08.18/6.500% 92,138 0.01

200,000 Nevada Power 15.03.19/7.125% 234,966 0.02340,000 New Cingular Wireless Services 01.05.12/8.125% 370,741 0.03200,000 Newell Rubbermaid 15.08.20/4.700% 197,503 0.0240,000 NextEra Energy Capital Holdings 15.06.13/5.350% 43,183 0.00

185,000 NextEra Energy Capital Holdings 01.03.19/6.000% 204,493 0.0280,000 Nisource Finance 01.03.13/6.150% 87,231 0.01

262,500 Nisource Finance 15.03.16/10.750% 350,573 0.0340,000 Norfolk Southern 15.02.11/6.750% 40,230 0.0019,000 Norfolk Southern 17.05.25/5.590% 19,500 0.0021,000 Norfolk Southern 15.02.31/7.250% 25,049 0.00

100,000 Northrop Grumman Systems 15.02.11/7.125% 100,600 0.01200,000 Pacific Gas & Electric 30.11.17/5.625% 224,625 0.02

50,000 Parker Hannifin 15.05.18/5.500% 55,486 0.00150,000 Peco Energy 01.03.18/5.350% 165,979 0.01

14,000 PepsiCo 01.11.18/7.900% 17,933 0.00150,000 PG&E 01.04.14/5.750% 164,038 0.0190,000 Pioneer Natural Resources 15.07.16/5.875% 92,898 0.01

300,000 Pitney Bowes 15.08.14/4.875% 313,870 0.03350,000 Pitney Bowes 15.03.15/5.000% 369,833 0.03100,000 Pitney Bowes 15.03.18/5.600% 103,654 0.0150,000 PNC Funding 15.11.15/5.250% 53,522 0.0050,000 PNC Funding 01.02.17/5.625% 53,348 0.00

100,000 PNC Funding 10.06.19/6.700% 114,414 0.01100,000 PNC Funding 08.02.20/5.125% 103,938 0.01200,000 Potomac Electric Power 15.11.37/6.500% 236,507 0.02

80,000 PPG Industries 15.03.13/5.750% 86,783 0.01300,000 PPG Industries 15.08.19/7.400% 347,381 0.03

60,000 PPG Industries 01.05.21/9.000% 78,393 0.01490,000 Praxair 31.03.14/4.375% 523,945 0.06650,000 Principal Life Global Funding I

144A 15.03.15/5.050% 688,249 0.06175,000 Principal Lifeome Funding Trusts 24.04.13/5.300% 188,491 0.02110,000 Progress Energy 15.04.12/6.850% 117,940 0.0175,000 Progress Energy 15.03.14/6.050% 83,219 0.01

110,000 Prudential Financial 20.09.14/5.100% 117,204 0.0155,000 PSEG Power 01.12.15/5.500% 60,217 0.0135,000 PSEG Power 15.04.31/8.625% 44,648 0.00

25,000 Public Service Co of Colorado 01.08.18/5.800% 28,449 0.0093,000 Public Service Co of Colorado 15.11.20/3.200% 89,504 0.01

135,000 Public Service Co of Colorado 01.08.38/6.500% 158,028 0.02300,000 Public Service Electric & Gas 01.11.13/6.330% 336,561 0.03

55,000 Public Service Electric & Gas 01.05.18/5.300% 61,364 0.0150,000 Public Service Electric & Gas 01.11.39/5.375% 50,443 0.00

300,000 Public Services Oklahoma 15.11.37/6.625% 320,071 0.03100,000 Rio Tinto Finance USA 01.05.14/8.950% 120,571 0.01

67,000 Rio Tinto Finance USA 02.11.20/3.500% 63,435 0.01135,000 Ryder System 01.03.16/3.600% 133,468 0.0140,000 Sempra Energy 15.11.13/8.900% 47,178 0.00

100,000 Sempra Energy 01.06.16/6.500% 115,430 0.01310,000 Sempra Energy 15.02.19/9.800% 415,732 0.04115,000 Sempra Energy 15.10.39/6.000% 120,443 0.01

140,000 Simon Property Group 15.05.14/6.750% 156,533 0.02165,000 Simon Property Group 15.08.14/5.625% 180,142 0.02

13,000 Simon Property Group 01.02.15/4.200% 13,587 0.00120,000 Simon Property Group 01.05.16/6.100% 135,062 0.01200,000 Simon Property Group 30.05.18/6.125% 224,588 0.02150,000 Simon Property Group 01.02.20/5.650% 163,219 0.01100,000 Simon Property Group 01.03.21/4.375% 99,208 0.0120,000 SLM 15.01.13/5.375% 20,224 0.00

125,000 Southern 15.05.14/4.150% 131,434 0.01135,000 Southern California Edison 15.08.18/5.500% 151,992 0.0175,000 Southwestern Public Service 01.12.18/8.750% 93,766 0.01

250,000 Spectra Energy Capital 01.03.14/5.500% 271,694 0.0250,000 Spectra Energy Capital 15.08.14/5.668% 54,694 0.00

300,000 Spectra Energy Capital 15.07.18/6.750% 330,259 0.0365,000 State Street 30.05.14/4.300% 69,291 0.01

1,000,000 Tennessee Valley Authority 18.07.17/5.500% 1,149,062 0.10178,000 Tennessee Valley Authority 15.09.60/4.625% 164,316 0.01200,000 Time Warner 15.04.31/7.625% 241,433 0.02200,000 Time Warner 15.03.40/6.200% 211,369 0.02200,000 Time Warner Cable 14.02.14/8.250% 231,769 0.02450,000 Time Warner Cable 01.04.19/8.250% 556,057 0.05300,000 Time Warner Cable 15.11.40/5.875% 294,894 0.03480,000 Time Warner Entertainment 15.03.23/8.375% 598,997 0.05200,000 Time Warner Entertainment 15.07.33/8.375% 248,617 0.02250,000 Tosco 15.02.30/8.125% 320,519 0.0350,000 Travelers 15.05.18/5.800% 55,532 0.0050,000 Travelers Property Casualty 15.03.13/5.000% 53,788 0.00

250,000 UBS/Stamford 12.08.13/2.250% 252,240 0.02250,000 UBS/Stamford 15.01.15/3.875% 257,568 0.02100,000 UBS/Stamford 20.12.17/5.875% 109,973 0.01365,000 UBS/Stamford 04.08.20/4.875% 370,294 0.03

75,000 Union Pacific 15.01.15/4.875% 80,841 0.01300,000 Union Pacific 15.11.17/5.750% 336,600 0.03100,000 United Parcel Service of America 01.04.20/8.375% 132,956 0.01450,000 US Bancorp 14.06.13/2.000% 456,395 0.04242,000 US Bancorp 20.11.14/2.875% 246,409 0.0240,000 Valero Energy 15.04.32/7.500% 41,889 0.01

150,000 Verizon Communications 15.02.16/5.550% 168,581 0.02185,000 Verizon Communications 01.04.17/5.500% 204,703 0.02750,000 Verizon Communications 01.04.39/7.350% 914,841 0.08650,000 Verizon Florida 15.01.13/6.125% 702,657 0.06100,000 Verizon Global Funding 01.12.30/7.750% 124,075 0.01270,000 Verizon Maryland 01.03.12/6.125% 284,104 0.02250,000 Verizon Maryland 01.05.23/7.150% 262,641 0.02250,000 Verizon New England 01.10.13/4.750% 266,073 0.02

15,000 Verizon New York 01.04.32/7.375% 16,337 0.00200,000 Verizon Virginia 15.03.13/4.625% 211,097 0.02325,000 Viacom 30.04.16/6.250% 368,887 0.03250,000 Virginia Electric and Power 30.11.12/5.100% 268,902 0.02140,000 Virginia Electric and Power 15.09.17/5.950% 160,645 0.02250,000 Virginia Electric and Power 30.04.18/5.400% 277,960 0.02

1,385,000 Wachovia 01.05.13/5.500% 1,504,870 0.13325,000 Wachovia 15.02.14/4.875% 341,560 0.03525,000 Wachovia 01.02.18/5.750% 580,268 0.05250,000 Wachovia Bank NA 15.08.15/5.000% 266,423 0.0260,000 Wal-Mart Stores 01.09.35/5.250% 60,341 0.01

300,000 Washington Mutual Finance 15.05.11/6.875% 306,601 0.03100,000 Waste Management 11.03.19/7.375% 120,687 0.01100,000 Waste Management 15.05.32/7.750% 122,359 0.0134,000 WellPoint 15.06.17/5.875% 37,499 0.0022,000 WellPoint 15.02.19/7.000% 25,806 0.00

100,000 Wells Fargo & Co. 01.08.11/6.375% 102,972 0.01300,000 Wells Fargo Financial 18.04.12/6.125% 318,480 0.03

80,000 Wisconsin Electric Power 01.04.14/6.000% 89,690 0.0125,000 Wyeth 01.02.24/6.450% 29,392 0.00

100,000 Xerox 15.05.14/8.250% 117,204 0.01200,000 Xerox 01.02.17/6.750% 230,618 0.02500,000 XTO Energy 15.12.13/5.750% 561,723 0.05

86,725,116 7.45

111

JPMorgan Funds - US Aggregate Bond FundSchedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

CANADA250,000 Alberta Energy 01.11.31/7.375% 285,211 0.02123,000 Bank of Nova Scotia 22.01.15/3.400% 127,373 0.01150,000 Canadian Natural Resources 01.02.18/5.900% 170,530 0.0210,000 Canadian Natural Resources 15.01.32/7.200% 11,737 0.00

180,000 Devon Financing 30.09.11/6.875% 188,214 0.0260,000 Devon Financing 30.09.31/7.875% 78,518 0.01

100,000 EnCana 15.05.19/6.500% 117,753 0.01140,000 Manitoba (Province Of) 22.04.13/2.125% 143,150 0.01250,000 Marathon Oil Canada 01.05.12/8.375% 272,682 0.02500,000 Ontario (Province Of) 05.02.15/2.950% 515,397 0.04550,000 Ontario (Province Of) 16.06.15/2.700% 558,496 0.05240,000 Potash Corp of Saskatchewan 31.05.11/7.750% 246,510 0.02120,000 Potash Corp of Saskatchewan 15.05.19/6.500% 138,385 0.01200,000 Suncor Energy 01.06.18/6.100% 228,044 0.02100,000 Talisman Energy 01.06.19/7.750% 123,129 0.01

75,000 Thomson Reuters 15.07.13/5.950% 83,188 0.01440,000 Toronto-Dominion Bank 144A 29.07.15/2.200% 432,217 0.04

80,000 TransCanada Pipelines 15.06.13/4.000% 84,834 0.01150,000 TransCanada Pipelines 15.08.18/6.500% 177,040 0.02330,000 TransCanada Pipelines 15.01.19/7.125% 403,102 0.03140,000 TransCanada Pipelines 15.10.37/6.200% 152,102 0.01

4,537,612 0.39

UNITED KINGDOM110,000 AstraZeneca 01.06.14/5.400% 122,341 0.01

400,000 BP Capital Markets 10.03.12/3.125% 408,998 0.03350,000 BP Capital Markets 07.11.13/5.250% 378,175 0.03300,000 BP Capital Markets 08.05.14/3.625% 308,971 0.03

1,000,000 British Telecommunications 15.01.13/5.150% 1,059,993 0.0945,000 British Telecommunications 15.12.30/9.875% 59,600 0.01

200,000 Diageo Capital 23.10.17/5.750% 227,671 0.0250,000 Diageo Capital 15.07.20/4.828% 52,821 0.00

300,000 Vodafone Group 15.09.15/5.000% 326,194 0.03

2,944,764 0.25

NETHERLANDS45,000 Deutsche Telekom International

Finance 22.07.13/5.250% 48,627 0.00100,000 Deutsche Telekom International

Finance 15.06.30/8.750% 134,060 0.0135,000 Shell International Finance 25.03.13/1.875% 35,408 0.00

670,000 Shell International Finance 21.03.14/4.000% 712,402 0.06184,000 Shell International Finance 28.06.15/3.100% 188,540 0.02230,000 Shell International Finance 25.03.20/4.375% 239,907 0.02280,000 Shell International Finance 15.12.38/6.375% 327,621 0.03

1,686,565 0.14

LUXEMBOURG160,000 Telecom Italia Capital 15.11.13/5.250% 166,332 0.02150,000 Telecom Italia Capital 18.06.14/6.175% 159,458 0.01300,000 Telecom Italia Capital 30.09.14/4.950% 307,514 0.03100,000 Telecom Italia Capital 04.06.18/6.999% 106,446 0.01100,000 Tyco International Finance 15.01.19/8.500% 126,933 0.01

866,683 0.08

AUSTRALIA762,000 Westpac Banking 19.11.19/4.875% 789,728 0.07

789,728 0.07

JAPAN130,000 Nomura Holdings 04.03.15/5.000% 136,038 0.01404,000 Nomura Holdings 04.03.20/6.700% 429,221 0.04

565,259 0.05

MEXICO260,000 Mexico (United Mexican States) 16.01.13/6.375% 286,650 0.02165,000 Mexico (United Mexican States) 03.03.15/6.625% 190,575 0.02

477,225 0.04

CAYMAN ISLANDS400,000 Transocean 15.11.20/6.500% 422,728 0.04

422,728 0.04

SPAIN350,000 Telefonica Emisiones 04.02.13/5.855% 373,970 0.0340,000 Telefonica Emisiones 15.07.19/5.877% 41,651 0.01

415,621 0.04

FRANCE110,000 France Télécom 01.03.31/8.500% 149,146 0.01

149,146 0.01

BERMUDA50,000 Ingersoll-Rand 15.11.27/6.391% 54,047 0.00

54,047 0.00

Total Bonds 99,634,494 8.56


99,634,494 8.56


Bonds

UNITED STATES OF AMERICA73,763 ABN Amro Mortgage 2003-7 A3 25.07.18/4.500% 75,976 0.01

182,000 Ace INA Holdings 23.11.15/2.600% 178,292 0.02108,000 Aflac 15.08.40/6.450% 109,506 0.01

1,190,000 AH Mortgage Advance Trust2010-ADV2 A1 10.05.41/4.210% 1,197,373 0.10

205,000 Ally Auto Receivables Trust2010-1 A3 15.05.14/1.450% 206,089 0.02



1,400,000 American General MortgageLoan Trust 2009-1 A4 25.09.48/5.750%* 1,455,971 0.13

950,000 American General MortgageLoan Trust 2009-1 A5 25.09.48/5.750%* 998,182 0.09

1,471,352 American General MortgageLoan Trust 2009-1 A7 25.09.48/5.750%* 1,493,878 0.13

500,000 American Home MortgageInvestment Trust 2005-3 2A4 25.09.35/2.159%* 225,710 0.02

150,000 American Honda Finance 144A 18.03.13/2.375% 152,463 0.01715,000 American Municipal Power-Ohio 15.02.50/7.499% 723,423 0.0646,108 AmeriCredit Automobile

Receivables Trust 2008-AF A3 12.12.12/5.680% 46,673 0.00100,000 AmeriCredit Automobile

Receivables Trust 2008-AF A4 14.10.14/6.960% 107,355 0.0185,738 AmeriCredit Automobile

Receivables Trust 2010-1 A2 15.01.13/0.970% 85,778 0.0195,000 AmeriCredit Automobile




Receivables Trust 2010-4 A3 08.04.15/1.270% 174,758 0.02190,000 Amgen 01.02.19/5.700% 215,378 0.02

81,000 Amgen 15.03.20/4.500% 83,851 0.01237,000 Amgen 15.03.40/5.750% 248,918 0.02300,000 Amgen 01.10.41/4.950% 282,694 0.02

60,000 Anheuser-Busch InBevWorldwide 144A 15.01.14/7.200% 68,314 0.01

510,000 Anheuser-Busch InBevWorldwide 144A 15.01.19/7.750% 630,967 0.05

112,000 Aon 30.09.15/3.500% 112,525 0.0197,000 Aon 30.09.40/6.250% 98,835 0.0140,000 Arrow Electronics 01.11.15/3.375% 38,716 0.00633,320 ASG Resecuritization Trust

2009-1 A60 26.06.37/5.414%* 642,820 0.06612,982 ASG Resecuritization Trust

2009-2 A55 24.05.36/5.547%* 626,903 0.052,899,756 ASG Resecuritization Trust

2009-3 A65 26.03.37/5.385%* 2,917,515 0.251,935,395 ASG Resecuritization Trust

2009-4 A60 28.06.37/6.000% 1,969,264 0.171,000,000 Asset Backed Funding

Certificates 2005-AQ1 A4 25.06.35/5.010%* 983,476 0.0811,000 AT&T 15.11.31/8.000% 13,729 0.00

385,000 AT&T 144A 01.09.40/5.350% 360,811 0.03375,000 BAE Systems Holdings 144A 15.08.15/5.200% 402,874 0.03567,680 Banc of America Alternative

Loan Trust 2003-7 1CB1 25.09.33/5.500% 585,116 0.05552,384 Banc of America Alternative

Loan Trust 2003-7 2A4 25.09.18/5.000% 563,621 0.05391,915 Banc of America Alternative

Loan Trust 2004-1 1A1 25.02.34/6.000% 411,087 0.049,565 Banc of America Commercial

Mortgage 2003-2 A2 11.03.41/4.342% 9,646 0.00200,000 Banc of America Commercial

Mortgage 2005-3 A4 10.07.43/4.668% 209,720 0.02

112



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

500,000 Banc of America CommercialMortgage 2005-3 AM 10.07.43/4.727% 490,421 0.04

449,938 Banc of America CommercialMortgage 2005-6 ASB 10.09.47/5.195%* 476,640 0.04

300,000 Banc of America CommercialMortgage 2006-1 A4 10.09.45/5.372%* 321,189 0.03

400,000 Banc of America CommercialMortgage 2006-3 A4 10.07.44/5.889%* 426,241 0.04

600,000 Banc of America CommercialMortgage 2006-4 A4 10.07.46/5.634% 642,171 0.06

200,000 Banc of America CommercialMortgage 2006-5 A4 10.09.47/5.414% 208,818 0.02

396,348 Banc of America Funding2004-2 1CB1 20.09.34/5.750% 392,962 0.03

192,736 Banc of America Funding2004-2 30PO 20.09.34/0.000% 106,543 0.01

409,115 Banc of America Funding2004-C 1A1 20.12.34/4.998%* 416,441 0.04

942,443 Banc of America Funding2005-6 2A7 25.10.35/5.500% 888,926 0.08

227,631 Banc of America Funding2005-7 30PO 25.11.35/0.000% 124,473 0.01

322,536 Banc of America Funding2005-E 4A1 20.03.35/2.845%* 310,774 0.03

2,294,524 Banc of America Funding2010-R5 5A6 26.05.37/0.555%* 2,291,541 0.20

1,300,000 Banc of America MortgageSecurities 2003-3 1A7 25.05.33/5.500% 1,330,766 0.11

315,673 Banc of America MortgageSecurities 2003-6 2A1 25.08.18/0.711%* 309,817 0.03

39,495 Banc of America MortgageSecurities 2003-8 APO 25.11.33/0.000% 27,957 0.00



717,565 Banc of America MortgageSecurities 2004-5 2A2 25.06.34/5.500% 661,772 0.06


848,568 Banc of America MortgageSecurities 2004-7 15IO 25.08.19/4.736%* 75,377 0.01


72,681 Banc of America MortgageSecurities 2004-9 XPO 25.11.34/0.000% 62,553 0.01

275,045 Banc of America MortgageSecurities 2004-J 3A1 25.11.34/5.095%* 254,934 0.02

600,000 Bank of America 15.05.14/7.375% 667,414 0.06650,000 Bank of America 14.10.16/5.625% 673,596 0.06350,000 Bank of America 15.03.17/5.300% 350,544 0.03315,000 Bank of America 01.12.17/5.750% 325,253 0.03415,000 Bank of America 01.05.18/5.650% 426,498 0.04

400,000 Bank of America 01.07.20/5.625% 405,754 0.03420,757 Bank of America Auto Trust

2009-1A A3 15.07.13/2.670% 425,323 0.04215,000 Bank of America Auto Trust



2010-2 A2 15.10.12/0.910% 541,085 0.05465,000 Bank of America Auto Trust

2010-2 A3 15.07.14/1.310% 468,589 0.04770,000 Bank of America Auto Trust

2010-2 A4 15.06.17/1.940% 776,964 0.07489,780 Bear Stearns Adjustable Rate

Mortgage Trust 2003-4 3A1 25.07.33/5.007%* 499,197 0.0490,791 Bear Stearns Adjustable Rate

Mortgage Trust 2003-7 3A 25.10.33/2.818%* 88,599 0.01631,193 Bear Stearns Adjustable Rate

Mortgage Trust 2004-2 14A 25.05.34/5.145%* 647,929 0.06469,823 Bear Stearns Adjustable Rate

Mortgage Trust 2005-5 A1 25.08.35/2.330%* 450,910 0.04761,199 Bear Stearns Adjustable Rate

Mortgage Trust 2006-1 A1 25.02.36/2.520%* 680,629 0.06549,492 Bear Stearns Alt-A Trust 2005-2

1A1 25.03.35/0.761%* 467,889 0.04124,824 Bear Stearns Asset Backed

Securities Trust 2006-SD1 A 25.04.36/0.631%* 85,502 0.01139,952 Bear Stearns Commercial

Mortgage Securities 2005-PWR9AAB 11.09.42/4.804% 145,789 0.01

360,000 Bear Stearns CommercialMortgage Securities 2006-PW11A4 11.03.39/5.456%* 388,331 0.03

121,045 Bear Stearns CommercialMortgage Securities 2006-PW14A1 11.12.38/5.044% 122,853 0.01

300,000 Berkshire Hathaway Finance 15.04.12/4.000% 311,896 0.03200,000 Berkshire Hathaway Finance 15.12.15/2.450% 198,911 0.02

100,000 Berkshire Hathaway Finance 15.01.40/5.750% 104,110 0.01500,000 Blackstone Holdings Finance

144A 15.03.21/5.875% 483,927 0.04685,000 Branch Banking & Trust/Wilson 15.09.16/5.625% 746,555 0.06175,000 Bunge 15.06.19/8.500% 202,277 0.02100,000 Burlington Northern Santa Fe 15.07.11/6.750% 103,116 0.01250,000 Burlington Northern Santa Fe 01.07.12/5.900% 267,174 0.02150,000 Burlington Northern Santa Fe 01.02.14/7.000% 171,401 0.0150,000 Burlington Northern Santa Fe 15.03.18/5.750% 56,267 0.00

147,000 Burlington Northern Santa Fe 01.09.20/3.600% 140,203 0.01100,000 Burlington Northern Santa Fe 01.08.28/6.700% 111,181 0.01

2,860 Capital One Auto Finance Trust2007-C A3A 16.04.12/5.130% 2,865 0.00

700,000 Capital One Bank USA 15.07.19/8.800% 857,436 0.07300,000 Cargill 144A 06.03.19/7.350% 358,677 0.03160,000 CarMax Auto Owner Trust

2010-1 A3 15.07.14/1.560% 161,258 0.01500,000 Centex Home Equity 2004-D

AF4 25.06.32/4.680%* 495,467 0.04496,682 Chase Funding Mortgage Loan

Asset-Backed Certificates2003-4 1A5 25.05.33/5.416%* 478,894 0.04

368,568 Chase Funding Mortgage LoanAsset-Backed Certificates2003-6 1A6 25.11.34/4.585% 365,494 0.03

558,324 Chase Funding Mortgage LoanAsset-Backed Certificates2003-6 1A7 25.11.34/4.277%* 535,484 0.05

477,520 Chase Mortgage Finance2003-S2 A1 25.03.18/5.000% 487,943 0.04

298,173 Chase Mortgage Finance2003-S6 A1 25.06.18/5.000% 305,450 0.03

410,815 Chase Mortgage Finance2007-A1 2A1 25.02.37/2.892%* 411,773 0.04



1,000,000 Chrysler Financial AutoSecuritization Trust 2010-A A3 08.08.13/0.910% 997,570 0.09

80,000 Cisco Systems 22.02.16/5.500% 90,857 0.01140,000 Cisco Systems 15.01.20/4.450% 146,357 0.01400,000 Cisco Systems 15.02.39/5.900% 433,580 0.04

203,217 Citicorp Mortgage Securities2003-10 A1 25.11.18/4.500% 208,892 0.02

561,952 Citicorp Mortgage Securities2004-1 3A1 25.01.34/4.750% 574,486 0.05

1,237,092 Citicorp Mortgage Securities2004-4 A4 25.06.34/5.500% 1,293,237 0.11





1,000,000 Citicorp Mortgage Securities2006-4 1A2 25.08.36/6.000% 853,532 0.07

500,000 Citigroup 13.12.13/6.000% 546,164 0.05600,000 Citigroup Commercial Mortgage

Trust 2005-C3 AM 15.05.43/4.830%* 613,721 0.0575,817 Citigroup Commercial Mortgage

Trust 2006-C4 A1 15.03.49/5.728%* 76,291 0.01472,557 Citigroup Mortgage Loan Trust

2003-1 2A5 25.10.33/5.250% 492,476 0.04787,734 Citigroup Mortgage Loan Trust

2003-1 3A4 25.09.33/5.250% 811,258 0.0716,112 Citigroup Mortgage Loan Trust

2003-UP3 A3 25.09.33/7.000% 16,142 0.00238,174 Citigroup Mortgage Loan Trust

2004-UST1 A3 25.08.34/2.550%* 239,880 0.021,012,248 Citigroup Mortgage Loan Trust

2008-AR4 1A1A 25.11.38/5.427%* 1,022,370 0.09500,000 CME Group 01.08.13/5.400% 550,165 0.05298,000 CNA Financial 15.08.20/5.875% 295,738 0.03100,000 CNH Equipment Trust 2008-B

A4A 17.11.14/5.600% 103,036 0.01333,863 CNH Equipment Trust 2009-A

A3 15.11.12/5.280% 338,922 0.03635,000 CNH Equipment Trust 2010-A A3 15.07.14/1.540% 640,163 0.06

1,100,000 CNH Equipment Trust 2010-C A3 15.05.15/1.170% 1,097,356 0.09400,000 Comcast 15.03.11/5.500% 403,937 0.03275,000 Comcast 15.03.16/5.900% 307,444 0.03250,000 Comcast 15.01.17/6.500% 286,998 0.02200,000 Comcast 15.11.35/6.500% 213,506 0.02150,000 Comcast Cable Holdings 01.02.12/9.800% 163,570 0.01100,000 Comcast Holdings 15.07.12/10.625% 113,228 0.01110,000 Comerica 16.09.15/3.000% 108,163 0.01

113



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

60,000 Commercial Mortgage PassThrough Certificates 2004-LB4AA4 15.10.37/4.584% 61,014 0.01

650,000 Commercial Mortgage PassThrough Certificates 2005-LP5A4 10.05.43/4.982%* 690,125 0.06

173,000 Consolidated Edison Co. of NewYork 15.06.40/5.700% 182,345 0.02

200,364 Countrywide Alternative LoanTrust 2002-18 A2 25.02.33/5.250% 203,250 0.02

700,257 Countrywide Alternative LoanTrust 2004-18CB 2A4 25.09.34/5.700% 701,454 0.06


1,035,928 Countrywide Alternative LoanTrust 2004-2CB 1A9 25.03.34/5.750% 1,049,020 0.09

2,694,133 Countrywide Alternative LoanTrust 2005-20CB 3A8 25.07.35/4.489%* 295,860 0.03

51,166 Countrywide Alternative LoanTrust 2005-26CB A10 25.07.35/12.578%* 51,069 0.00


1,000,000 Countrywide Alternative LoanTrust 2005-54CB 1A11 25.11.35/5.500% 846,720 0.07

101,304 Countrywide Alternative LoanTrust 2005-5R A1 25.12.18/5.250% 104,208 0.01

659,805 Countrywide Alternative LoanTrust 2005-J1 1A4 25.02.35/4.839%* 72,884 0.01


120,960 Countrywide Home LoanMortgage Pass Through Trust2003-26 1A6 25.08.33/3.500% 115,135 0.01

35,388 Countrywide Home LoanMortgage Pass Through Trust2003-J7 4A3 25.08.18/9.436%* 34,919 0.00

1,045,184 Countrywide Home LoanMortgage Pass Through Trust2004-5 1A4 25.06.34/5.500% 1,089,248 0.09

152,583 Countrywide Home LoanMortgage Pass Through Trust2004-7 2A1 25.06.34/2.426%* 142,059 0.01

1,456,794 Countrywide Home LoanMortgage Pass Through Trust2004-8 2A1 25.06.19/4.500% 1,474,339 0.13

222,504 Countrywide Home LoanMortgage Pass Through Trust2004-J6 2A1 25.07.14/4.750% 226,661 0.02

308,153 Countrywide Home LoanMortgage Pass Through Trust2004-J8 1A2 25.11.19/4.750% 316,395 0.03

867,521 Countrywide Home LoanMortgage Pass Through Trust2005-22 2A1 25.11.35/3.100%* 676,582 0.06

300,000 COX Enterprises 144A 15.07.27/7.375% 337,957 0.03521,286 Credit Suisse First Boston

Mortgage Securities 2004-5 3A1 25.08.19/5.250% 541,051 0.05929,063 Credit Suisse First Boston

Mortgage Securities 2004-8 1A4 25.12.34/5.500% 972,796 0.08775,887 Credit Suisse First Boston

Mortgage Securities Corp2003-27 5A4 25.11.33/5.250% 785,573 0.07

1,065,022 Credit Suisse First BostonMortgage Securities Corp2004-4 2A4 25.09.34/5.500% 1,126,183 0.10

300,000 Credit Suisse Mortgage CapitalCertificates 2010-16 A3 25.06.50/4.250%* 274,500 0.02

200,000 Crédit Suisse/New York 02.07.12/3.450% 207,446 0.02350,000 Crédit Suisse/New York 15.05.13/5.000% 376,154 0.03500,000 Crédit Suisse/New York 01.05.14/5.500% 547,523 0.05100,000 Crédit Suisse/New York 13.08.19/5.300% 105,227 0.01541,000 Crédit Suisse/New York 05.08.20/4.375% 529,647 0.05

72,559 Credit-Based Asset Servicingand Securitization 2006-CB1AF2 25.01.36/5.236%* 49,104 0.00

109,980 CSFB Mortgage Securities2003-1 DB1 25.02.33/6.564% 95,596 0.01

461,447 CSFB Mortgage Securities2003-21 AP 25.09.33/0.000% 328,173 0.03

984,391 CSFB Mortgage Securities2003-23 2A5 25.10.18/5.000% 1,008,173 0.09


165,000 CSFB Mortgage Securities2003-C5 A4 15.12.36/4.900%* 175,183 0.02



204,600 CSFB Mortgage Securities2005-4 3A24 25.06.35/18.138%* 215,094 0.02

350,000 CSX 14.02.11/9.780% 352,288 0.03

645,000 CW Capital Cobalt 2006-C1 A4 15.08.48/5.223% 669,693 0.06180,000 Daimler Finance North America 15.11.13/6.500% 203,210 0.02683,000 Dell 10.09.15/2.300% 665,894 0.06255,000 Delta Air Lines 2010-2A 23.05.19/4.950% 257,909 0.02

400,000 DirecTV Holdings/DirecTVFinancing 15.02.21/4.600% 391,902 0.03

700,000 DirecTV Holdings/DirecTVFinancing 15.08.40/6.000% 699,621 0.06

203,000 Dow Chemical 15.11.20/4.250% 193,677 0.02195,000 Duke Energy Carolinas 15.06.20/4.300% 200,165 0.02160,000 Duke Energy Indiana 15.07.20/3.750% 155,679 0.0185,000 Duke Energy Ohio 01.04.19/5.450% 94,866 0.01

125,000 Electronic Data Systems 01.08.13/6.000% 139,229 0.01300,000 EOG Resources 01.02.21/4.100% 294,997 0.03114,000 Exelon Generation 01.10.41/5.750% 107,665 0.01

4,600,000 Fannie Mae 05.07.14/0.000% 4,298,452 0.3710,150,000 Fannie Mae 11.05.17/5.000% 11,417,735 0.98

531,470 Fannie Mae Grantor Trust2000-T6 A1 25.06.30/7.500% 603,261 0.05

1,462,356 Fannie Mae Grantor Trust2001-T10 A2 25.12.41/7.500% 1,700,446 0.15



1,004,979 Fannie Mae Grantor Trust2004-T2 1A4 25.11.43/7.500% 1,158,793 0.10

764,852 Fannie Mae Interest Strip 293 1 01.12.24/0.000% 648,994 0.06526,932 Fannie Mae Interest Strip 339 18 01.07.18/4.500% 52,620 0.00

1,072,036 Fannie Mae Interest Strip 383 32 01.01.38/6.000% 204,902 0.0210,503 Fannie Mae Pool No: 190632 01.02.14/6.000% 11,423 0.0022,211 Fannie Mae Pool No: 252409 01.03.29/6.500% 25,151 0.00

226,268 Fannie Mae Pool No: 254305 01.05.22/6.500% 250,279 0.02369,956 Fannie Mae Pool No: 254717 01.04.13/4.500% 390,525 0.03

37,249 Fannie Mae Pool No: 254827 01.05.13/5.500% 38,554 0.00533,958 Fannie Mae Pool No: 255052 01.11.23/4.000% 549,064 0.05149,332 Fannie Mae Pool No: 255174 01.03.14/4.000% 153,917 0.01545,127 Fannie Mae Pool No: 255441 01.06.19/3.500% 548,108 0.05

1,090,090 Fannie Mae Pool No: 255843 01.09.35/5.500% 1,169,380 0.10598,406 Fannie Mae Pool No: 256648 01.01.22/7.500% 653,267 0.06829,536 Fannie Mae Pool No: 256803 01.07.27/6.000% 901,138 0.08

1,860,199 Fannie Mae Pool No: 256885 01.09.27/6.000% 2,020,763 0.17425,054 Fannie Mae Pool No: 257055 01.12.27/6.500% 472,435 0.04

1,480,637 Fannie Mae Pool No: 257172 01.04.38/5.500% 1,570,058 0.13866,346 Fannie Mae Pool No: 257209 01.05.38/5.500% 918,667 0.08

1,224,700 Fannie Mae Pool No: 257510 01.12.38/7.000% 1,387,946 0.1232,433 Fannie Mae Pool No: 357639 01.11.34/5.500% 34,607 0.0034,980 Fannie Mae Pool No: 535574 01.11.13/7.500% 36,957 0.0065,669 Fannie Mae Pool No: 545622 01.04.17/7.500% 70,391 0.01


8,253 Fannie Mae Pool No: 583745 01.06.16/6.000% 8,966 0.0032,552 Fannie Mae Pool No: 598559 01.08.31/6.500% 36,108 0.0031,424 Fannie Mae Pool No: 602589 01.09.31/7.000% 35,406 0.00




182,441 Fannie Mae Pool No: 679263 01.11.24/4.500% 186,631 0.021,155,929 Fannie Mae Pool No: 682076 01.11.17/6.000% 1,255,808 0.11


107,964 Fannie Mae Pool No: 722985 01.07.33/2.605%* 112,920 0.01125,817 Fannie Mae Pool No: 725171 01.01.19/4.000% 129,258 0.0117,619 Fannie Mae Pool No: 725382 01.01.16/8.000% 18,078 0.00


125,203 Fannie Mae Pool No: 730536 01.08.18/4.000% 128,627 0.01218,949 Fannie Mae Pool No: 735332 01.08.34/3.787%* 229,276 0.02151,955 Fannie Mae Pool No: 735911 01.08.20/6.500% 167,554 0.01153,456 Fannie Mae Pool No: 740822 01.09.18/5.500% 165,229 0.0158,023 Fannie Mae Pool No: 743097 01.10.18/3.500% 58,322 0.01


1,346,434 Fannie Mae Pool No: 745418 01.04.36/5.500% 1,444,370 0.12772,274 Fannie Mae Pool No: 745445 01.01.36/2.585%* 806,203 0.07133,314 Fannie Mae Pool No: 745446 01.04.33/2.638%* 138,997 0.01102,861 Fannie Mae Pool No: 748306 01.11.33/6.500% 114,096 0.0169,108 Fannie Mae Pool No: 754922 01.09.33/5.500% 74,307 0.01

114



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


232,207 Fannie Mae Pool No: 763029 01.05.33/4.500% 237,799 0.0276,032 Fannie Mae Pool No: 766610 01.01.34/2.806%* 79,270 0.01


456,547 Fannie Mae Pool No: 775902 01.04.30/8.500% 530,915 0.05648,939 Fannie Mae Pool No: 777132 01.06.34/2.678%* 677,824 0.06141,340 Fannie Mae Pool No: 781309 01.07.34/2.746%* 147,915 0.0110,074 Fannie Mae Pool No: 782613 01.05.19/3.500% 10,126 0.0041,550 Fannie Mae Pool No: 787741 01.08.30/9.000% 48,368 0.00

272,926 Fannie Mae Pool No: 788150 01.03.32/6.000% 295,911 0.03150,253 Fannie Mae Pool No: 789426 01.07.19/3.500% 151,028 0.01159,281 Fannie Mae Pool No: 790235 01.08.34/2.746%* 166,798 0.01105,927 Fannie Mae Pool No: 791961 01.09.34/2.062%* 109,548 0.0164,443 Fannie Mae Pool No: 796815 01.09.19/5.500% 69,367 0.01319,216 Fannie Mae Pool No: 801342 01.09.34/2.719%* 334,119 0.03363,910 Fannie Mae Pool No: 810896 01.01.35/2.044%* 377,007 0.03257,316 Fannie Mae Pool No: 816597 01.02.35/2.607%* 267,808 0.02119,500 Fannie Mae Pool No: 823660 01.05.35/2.477%* 125,180 0.01326,634 Fannie Mae Pool No: 843026 01.09.35/2.230%* 339,272 0.03369,216 Fannie Mae Pool No: 843028 01.09.35/2.228%* 383,455 0.03224,400 Fannie Mae Pool No: 847108 01.10.35/6.500% 249,116 0.02818,521 Fannie Mae Pool No: 849251 01.01.36/2.277%* 845,810 0.07

1,458,069 Fannie Mae Pool No: 851432 01.10.35/5.362%* 1,545,402 0.13325,253 Fannie Mae Pool No: 852874 01.04.20/4.000% 334,045 0.03

1,081,094 Fannie Mae Pool No: 870770 01.07.36/6.500% 1,199,169 0.10638,400 Fannie Mae Pool No: 872502 01.06.36/5.902%* 666,043 0.06580,555 Fannie Mae Pool No: 884066 01.06.36/5.608%* 608,300 0.05269,534 Fannie Mae Pool No: 886558 01.08.36/6.047%* 284,305 0.02

1,458,906 Fannie Mae Pool No: 888366 01.04.37/7.000% 1,655,509 0.141,082,915 Fannie Mae Pool No: 888408 01.03.37/6.000% 1,161,642 0.101,561,229 Fannie Mae Pool No: 888594 01.08.22/6.000% 1,696,129 0.15730,294 Fannie Mae Pool No: 888605 01.07.35/2.480%* 763,467 0.07

1,587,062 Fannie Mae Pool No: 888829 01.06.37/5.832% 1,716,040 0.151,975,908 Fannie Mae Pool No: 888890 01.10.37/6.500% 2,191,714 0.191,805,479 Fannie Mae Pool No: 888892 01.11.37/7.500% 2,035,454 0.17

1,161,571 Fannie Mae Pool No: 889519 01.12.35/5.500% 1,239,433 0.111,884,733 Fannie Mae Pool No: 889573 01.03.23/6.500% 2,061,582 0.181,058,787 Fannie Mae Pool No: 889757 01.02.38/5.000% 1,109,906 0.10

528,629 Fannie Mae Pool No: 890087 01.11.17/7.000% 572,607 0.051,845,171 Fannie Mae Pool No: 890268 01.10.38/6.500% 2,056,334 0.18

446,311 Fannie Mae Pool No: 894672 01.10.36/8.000% 504,952 0.04328,880 Fannie Mae Pool No: 896463 01.10.34/5.117%* 345,094 0.03133,168 Fannie Mae Pool No: 900177 01.08.36/7.500% 150,457 0.01333,596 Fannie Mae Pool No: 900197 01.10.36/5.861%* 353,140 0.03306,761 Fannie Mae Pool No: 905694 01.12.36/5.646%* 324,431 0.03163,402 Fannie Mae Pool No: 907742 01.12.36/7.000% 183,153 0.02358,530 Fannie Mae Pool No: 912374 01.02.37/7.000% 407,542 0.04

2,339,583 Fannie Mae Pool No: 920843 01.03.36/3.293%* 2,447,546 0.21783,022 Fannie Mae Pool No: 920954 01.01.37/6.566%* 845,516 0.07121,824 Fannie Mae Pool No: 924857 01.09.37/8.500% 140,439 0.01491,558 Fannie Mae Pool No: 929560 01.06.38/7.000% 559,794 0.05

2,739,074 Fannie Mae Pool No: 932355 01.12.39/6.000% 3,013,114 0.261,375,191 Fannie Mae Pool No: 933032 01.10.37/6.000% 1,487,015 0.13

1,049,187 Fannie Mae Pool No: 945870 01.08.37/6.500% 1,163,778 0.10862,852 Fannie Mae Pool No: 946338 01.09.37/7.000% 979,120 0.08473,567 Fannie Mae Pool No: 961192 01.01.38/7.000% 535,999 0.05724,059 Fannie Mae Pool No: 966946 01.01.38/5.282%* 768,193 0.07

1,822,320 Fannie Mae Pool No: 976871 01.08.36/6.500% 2,021,352 0.172,393,204 Fannie Mae Pool No: 995149 01.10.38/6.500% 2,654,586 0.231,509,730 Fannie Mae Pool No: 995381 01.01.24/6.000% 1,640,180 0.142,666,158 Fannie Mae Pool No: 995456 01.02.24/6.500% 2,939,855 0.25


1,607,278 Fannie Mae Pool No: AA0922 01.09.36/6.000% 1,742,641 0.151,027,070 Fannie Mae Pool No: AA1019 01.11.36/6.000% 1,121,339 0.101,049,274 Fannie Mae Pool No: AC3407 01.10.39/5.500% 1,121,661 0.10

805,258 Fannie Mae Pool No: AD0753 01.01.39/7.000% 911,151 0.082,908,819 Fannie Mae Pool No: AD7790 01.08.40/5.000% 3,050,814 0.261,288,337 Fannie Mae Pool No: AD8548 01.01.33/5.500% 1,353,260 0.122,473,410 Fannie Mae Pool No: AE0081 01.07.24/6.000% 2,687,128 0.231,380,090 Fannie Mae Pool No: AE0346 01.05.37/6.000% 1,498,926 0.13

297,962 Fannie Mae REMICS 1992-145 ZB 25.08.22/8.000% 343,604 0.031,113,356 Fannie Mae REMICS 1992-69 Z 25.05.22/8.000% 1,347,448 0.12623,409 Fannie Mae REMICS 1993-136 ZB 25.07.23/6.792%* 735,786 0.06762,919 Fannie Mae REMICS 1993-141 Z 25.08.23/7.000% 872,303 0.07

446,846 Fannie Mae REMICS 1993-203 PL 25.10.23/6.500% 494,146 0.0453,786 Fannie Mae REMICS 1993-25 J 25.03.23/7.500% 60,683 0.01

692,946 Fannie Mae REMICS 1993-99 Z 25.07.23/7.000% 817,854 0.07577,220 Fannie Mae REMICS 1994-63 PK 25.04.24/7.000% 648,440 0.06493,001 Fannie Mae REMICS 1996-4 SA 25.02.24/8.219%* 106,319 0.01683,054 Fannie Mae REMICS 1996-48 Z 25.11.26/7.000% 767,154 0.07

64,350 Fannie Mae REMICS 1997-39 PD 20.05.27/7.500% 73,212 0.01346,714 Fannie Mae REMICS 1997-50 SK 25.05.23/6.719%* 57,231 0.00

37,071 Fannie Mae REMICS 1998-36 ZB 18.07.28/6.000% 40,965 0.00

2,639,149 Fannie Mae REMICS 1998-44 ZA 20.07.28/6.500% 3,046,383 0.26449,287 Fannie Mae REMICS 1998-58 PC 25.10.28/6.500% 494,891 0.04

27,189 Fannie Mae REMICS 2001-44 PD 25.09.31/7.000% 30,694 0.0013,977 Fannie Mae REMICS 2001-7 PF 25.03.31/7.000% 15,777 0.0071,742 Fannie Mae REMICS 2001-71 MB 25.12.16/6.000% 77,614 0.01

405,255 Fannie Mae REMICS 2001-79 BA 25.03.45/7.000% 463,062 0.04129,374 Fannie Mae REMICS 2002-2 MG 25.02.17/6.000% 140,143 0.01171,652 Fannie Mae REMICS 2002-3 OG 25.02.17/6.000% 185,388 0.02

1,584,346 Fannie Mae REMICS 2002-30 Z 25.05.32/6.000% 1,746,706 0.15218,825 Fannie Mae REMICS 2002-47 PE 25.08.17/5.500% 237,492 0.02265,479 Fannie Mae REMICS 2002-5 SE 25.02.32/15.091%* 336,987 0.03

2,374,946 Fannie Mae REMICS 2002-50 ZA 25.05.31/6.000% 2,617,928 0.22555,794 Fannie Mae REMICS 2002-63 KC 25.10.17/5.000% 593,231 0.05495,291 Fannie Mae REMICS 2002-78 VB 25.01.23/5.500% 503,590 0.04335,748 Fannie Mae REMICS 2002-81 JO 25.04.32/0.000% 309,844 0.03

500,000 Fannie Mae REMICS 2002-94 BK 25.01.18/5.500% 549,283 0.052,232,906 Fannie Mae REMICS 2003-105 AZ 25.10.33/5.500% 2,521,109 0.221,500,000 Fannie Mae REMICS 2003-106 WE 25.11.22/4.500% 1,604,410 0.14

192,699 Fannie Mae REMICS 2003-116 SB 25.11.33/7.339%* 33,836 0.00544,919 Fannie Mae REMICS 2003-117 JB 25.06.33/3.500% 563,586 0.05

450,000 Fannie Mae REMICS 2003-128 NG 25.01.19/4.000% 476,758 0.04400,000 Fannie Mae REMICS 2003-32 KC 25.05.18/5.000% 432,272 0.04906,649 Fannie Mae REMICS 2003-33 IA 25.05.33/6.500% 190,783 0.02

3,000,000 Fannie Mae REMICS 2003-35 BC 25.05.18/5.000% 3,233,143 0.281,009,316 Fannie Mae REMICS 2003-35 IU 25.05.33/6.000% 207,347 0.02200,000 Fannie Mae REMICS 2003-39 LW 25.05.23/5.500% 216,563 0.02193,573 Fannie Mae REMICS 2003-44 IU 25.06.33/7.000% 37,955 0.00105,221 Fannie Mae REMICS 2003-52 SX 25.10.31/22.168%* 143,226 0.01175,650 Fannie Mae REMICS 2003-60 NJ 25.07.21/5.000% 178,613 0.0275,597 Fannie Mae REMICS 2003-68 QP 25.07.22/3.000% 77,089 0.01

786,805 Fannie Mae REMICS 2003-73 GF 25.05.31/0.661%* 789,607 0.07205,770 Fannie Mae REMICS 2003-80 SY 25.06.23/7.389%* 22,963 0.00

1,650,000 Fannie Mae REMICS 2003-81 LC 25.09.18/4.500% 1,777,621 0.15174,902 Fannie Mae REMICS 2003-81 SP 25.09.33/11.485%* 170,007 0.01250,000 Fannie Mae REMICS 2003-83 PG 25.06.23/5.000% 267,654 0.02987,783 Fannie Mae REMICS 2003-91 BL 25.02.29/5.000% 991,783 0.0952,500 Fannie Mae REMICS 2004-10 SC 25.02.34/27.557%* 77,471 0.0142,744 Fannie Mae REMICS 2004-14 SD 25.03.34/8.684%* 40,775 0.0066,791 Fannie Mae REMICS 2004-25 SA 25.04.34/18.808%* 85,023 0.01

1,516,600 Fannie Mae REMICS 2004-36 PB 25.05.32/5.500% 1,604,020 0.14763,970 Fannie Mae REMICS 2004-46 EP 25.03.34/0.000% 669,491 0.06676,002 Fannie Mae REMICS 2004-46 HS 25.05.30/5.739%* 43,008 0.00613,287 Fannie Mae REMICS 2004-46 SK 25.05.34/15.783%* 711,887 0.06150,029 Fannie Mae REMICS 2004-61 SH 25.11.32/22.946%* 209,507 0.02300,003 Fannie Mae REMICS 2004-74 SW 25.11.31/14.979%* 371,111 0.03400,000 Fannie Mae REMICS 2004-76 CL 25.10.19/4.000% 423,304 0.04400,000 Fannie Mae REMICS 2004-81 AC 25.11.19/4.000% 422,353 0.041,211,491 Fannie Mae REMICS 2004-92 BX 25.09.34/5.500% 1,327,734 0.11652,349 Fannie Mae REMICS 2005-109 PB 25.01.34/6.000% 687,802 0.06

1,000,000 Fannie Mae REMICS 2005-109 PC 25.12.35/6.000% 1,122,227 0.10500,000 Fannie Mae REMICS 2005-110 MN 25.06.35/5.500% 552,067 0.05

1,500,000 Fannie Mae REMICS 2005-118 ME 25.01.32/6.000% 1,552,501 0.132,000,000 Fannie Mae REMICS 2005-118 PN 25.01.32/6.000% 2,192,935 0.19

830,299 Fannie Mae REMICS 2005-123 FG 25.07.34/0.711%* 829,684 0.07705,000 Fannie Mae REMICS 2005-3 CE 25.08.34/5.500% 721,211 0.06131,880 Fannie Mae REMICS 2005-40 YA 25.09.20/5.000% 136,959 0.01497,593 Fannie Mae REMICS 2005-45 DC 25.06.35/23.354%* 761,268 0.07

59,437 Fannie Mae REMICS 2005-47 AN 25.12.16/5.000% 59,973 0.01661,574 Fannie Mae REMICS 2005-56 S 25.07.35/6.449%* 116,149 0.01447,792 Fannie Mae REMICS 2005-56 TP 25.08.33/17.368%* 569,104 0.05280,505 Fannie Mae REMICS 2005-57 DC 25.12.34/20.928%* 348,711 0.03782,730 Fannie Mae REMICS 2005-57 EG 25.03.35/0.561%* 784,271 0.07

1,000,000 Fannie Mae REMICS 2005-67 EY 25.08.25/5.500% 1,098,755 0.09724,892 Fannie Mae REMICS 2005-74 CS 25.05.35/19.303%* 924,234 0.08724,892 Fannie Mae REMICS 2005-74 SK 25.05.35/19.413%* 986,431 0.08334,998 Fannie Mae REMICS 2005-76 PZ 25.09.35/5.500% 346,568 0.03

1,220,208 Fannie Mae REMICS 2005-84 MB 25.10.35/5.750% 1,351,438 0.121,360,000 Fannie Mae REMICS 2005-84 XH 25.10.35/5.750% 1,498,058 0.13

584,533 Fannie Mae REMICS 2005-84 XM 25.10.35/5.750% 640,503 0.06315,304 Fannie Mae REMICS 2005-86 GB 25.10.35/5.000% 319,078 0.03469,863 Fannie Mae REMICS 2005-90 ES 25.10.35/16.223%* 550,966 0.05299,381 Fannie Mae REMICS 2005-90 PO 25.09.35/0.000% 271,843 0.02607,143 Fannie Mae REMICS 2006-11 PS 25.03.36/23.611%* 855,453 0.07312,938 Fannie Mae REMICS 2006-110

PO 25.11.36/0.000% 272,009 0.0297,458 Fannie Mae REMICS 2006-111 EO 25.11.36/0.000% 83,803 0.01

776,700 Fannie Mae REMICS 2006-113PO 25.07.36/0.000% 693,414 0.06

1,000,000 Fannie Mae REMICS 2006-124HB 25.11.36/5.987%* 1,088,405 0.09

568,838 Fannie Mae REMICS 2006-16 FC 25.03.36/0.561%* 569,855 0.0531,040 Fannie Mae REMICS 2006-18 PA 25.01.26/5.500% 31,131 0.00161,285 Fannie Mae REMICS 2006-22 AO 25.04.36/0.000% 141,259 0.01628,216 Fannie Mae REMICS 2006-27 OH 25.04.36/0.000% 556,827 0.05384,442 Fannie Mae REMICS 2006-33 LS 25.05.36/28.977%* 555,446 0.05551,474 Fannie Mae REMICS 2006-36 PO 25.05.36/0.000% 462,002 0.04

115



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

172,670 Fannie Mae REMICS 2006-44 GO 25.06.36/0.000% 148,282 0.01570,075 Fannie Mae REMICS 2006-44 P 25.12.33/0.000% 494,876 0.04

1,759,893 Fannie Mae REMICS 2006-53 US 25.06.36/6.319%* 258,598 0.021,000,000 Fannie Mae REMICS 2006-53 WE 25.06.36/6.000% 1,101,845 0.09

300,597 Fannie Mae REMICS 2006-58 AP 25.07.36/0.000% 267,378 0.02558,272 Fannie Mae REMICS 2006-58 PO 25.07.36/0.000% 488,349 0.04273,930 Fannie Mae REMICS 2006-59 QO 25.01.33/0.000% 253,549 0.02958,294 Fannie Mae REMICS 2006-60 DO 25.04.35/0.000% 883,186 0.08136,554 Fannie Mae REMICS 2006-62 PS 25.07.36/38.336%* 238,400 0.02163,067 Fannie Mae REMICS 2006-65 QO 25.07.36/0.000% 138,531 0.01

1,000,000 Fannie Mae REMICS 2006-66 NV 25.02.24/6.500% 1,061,788 0.092,000,000 Fannie Mae REMICS 2006-7 TC 25.09.33/6.000% 2,030,461 0.17

315,765 Fannie Mae REMICS 2006-72 TO 25.08.36/0.000% 276,452 0.021,000,000 Fannie Mae REMICS 2006-77 PC 25.08.36/6.500% 1,131,629 0.10

402,946 Fannie Mae REMICS 2006-79 DF 25.08.36/0.611%* 404,238 0.03258,091 Fannie Mae REMICS 2006-79 DO 25.08.36/0.000% 221,384 0.02629,057 Fannie Mae REMICS 2006-85 MZ 25.09.36/6.500% 699,934 0.06

1,870,607 Fannie Mae REMICS 2006-94 GI 25.10.26/6.389%* 261,340 0.02336,796 Fannie Mae REMICS 2006-95 SG 25.10.36/25.157%* 460,146 0.04181,011 Fannie Mae REMICS 2007-1 SD 25.02.37/37.436%* 307,575 0.03

3,753,832 Fannie Mae REMICS 2007-101 A2 27.06.36/0.511%* 3,711,601 0.321,264,561 Fannie Mae REMICS 2007-106 A7 25.10.37/6.033%* 1,327,313 0.111,505,887 Fannie Mae REMICS 2007-108 AN 25.11.37/8.709%* 1,873,412 0.16

717,758 Fannie Mae REMICS 2007-108 SA 25.12.37/6.099%* 87,010 0.015,414,423 Fannie Mae REMICS 2007-109 PI 25.12.37/6.089%* 611,827 0.05

2,000,000 Fannie Mae REMICS 2007-114 A6 27.10.37/0.461%* 1,997,017 0.171,095,136 Fannie Mae REMICS 2007-116 HI 25.01.38/6.359%* 71,145 0.01

89,987 Fannie Mae REMICS 2007-15 NO 25.03.22/0.000% 78,762 0.01350,700 Fannie Mae REMICS 2007-16 FC 25.03.37/1.011%* 344,443 0.03374,295 Fannie Mae REMICS 2007-29 SG 25.04.37/21.798%* 517,404 0.04518,740 Fannie Mae REMICS 2007-42 AO 25.05.37/0.000% 452,714 0.04

2,000,000 Fannie Mae REMICS 2007-42 B 25.05.37/6.000% 2,228,016 0.192,311,139 Fannie Mae REMICS 2007-53 SH 25.06.37/5.839%* 320,118 0.03646,252 Fannie Mae REMICS 2007-54 FA 25.06.37/0.661%* 650,409 0.06

2,760,917 Fannie Mae REMICS 2007-60 AX 25.07.37/6.889%* 454,308 0.043,981,621 Fannie Mae REMICS 2007-65 KI 25.07.37/6.359%* 471,832 0.04

889,591 Fannie Mae REMICS 2007-7 SG 25.08.36/6.239%* 132,185 0.015,938,674 Fannie Mae REMICS 2007-72 EK 25.07.37/6.139%* 888,281 0.081,206,215 Fannie Mae REMICS 2007-76 AZ 25.08.37/5.500% 1,282,637 0.111,226,898 Fannie Mae REMICS 2007-76 ZG 25.08.37/6.000% 1,308,916 0.11

685,224 Fannie Mae REMICS 2007-83 PA 25.03.29/6.000% 690,541 0.061,000,000 Fannie Mae REMICS 2007-84 PD 25.08.32/6.000% 1,059,447 0.091,789,872 Fannie Mae REMICS 2007-84 PE 25.05.34/6.000% 1,953,708 0.17

2,000,000 Fannie Mae REMICS 2007-84 PG 25.12.36/6.000% 2,198,831 0.19362,318 Fannie Mae REMICS 2007-85 SL 25.09.37/15.498%* 418,633 0.04

1,424,609 Fannie Mae REMICS 2007-88 VI 25.09.37/6.279%* 205,361 0.023,360,150 Fannie Mae REMICS 2007-92 YS 25.06.37/5.519%* 423,580 0.04

310,429 Fannie Mae REMICS 2007-97 MS 25.12.31/14.189%* 337,492 0.031,190,520 Fannie Mae REMICS 2007-98 VA 25.11.17/6.000% 1,293,703 0.112,107,730 Fannie Mae REMICS 2008-1 BI 25.02.38/5.649%* 267,807 0.02

456,673 Fannie Mae REMICS 2008-10 XI 25.03.38/5.969%* 52,315 0.001,253,558 Fannie Mae REMICS 2008-16 IS 25.03.38/5.939%* 144,270 0.01

227,766 Fannie Mae REMICS 2008-18 SP 25.03.38/13.479%* 254,830 0.02870,729 Fannie Mae REMICS 2008-19 IC 25.03.23/5.000% 95,897 0.01

500,000 Fannie Mae REMICS 2008-24 DY 25.04.23/5.000% 540,541 0.051,505,889 Fannie Mae REMICS 2008-24 PF 25.02.38/0.911%* 1,522,420 0.13

561,308 Fannie Mae REMICS 2008-28 QS 25.04.38/19.918%* 735,474 0.061,028,156 Fannie Mae REMICS 2008-46 HI 25.06.38/6.675%* 84,140 0.01

397,709 Fannie Mae REMICS 2008-47 SI 25.06.23/6.239%* 42,103 0.001,000,000 Fannie Mae REMICS 2008-53 CA 25.07.23/5.000% 1,081,654 0.09

843,547 Fannie Mae REMICS 2008-53 CI 25.07.38/6.939%* 124,360 0.012,114,546 Fannie Mae REMICS 2008-56 AC 25.07.38/5.000% 2,201,000 0.192,706,188 Fannie Mae REMICS 2008-76 GF 25.09.23/0.911%* 2,746,871 0.241,037,895 Fannie Mae REMICS 2008-80 SA 25.09.38/5.589%* 122,626 0.01

959,025 Fannie Mae REMICS 2008-81 SB 25.09.38/5.589%* 118,868 0.01951,422 Fannie Mae REMICS 2009-103 MB 25.12.39/4.000% 1,001,838 0.09

2,874,137 Fannie Mae REMICS 2009-112 ST 25.01.40/5.989%* 338,880 0.03768,893 Fannie Mae REMICS 2009-113 AO 25.01.40/0.000% 665,172 0.06

2,411,765 Fannie Mae REMICS 2009-12 NU 25.12.23/5.500% 2,654,384 0.232,894,020 Fannie Mae REMICS 2009-17 QS 25.03.39/6.389%* 389,721 0.03

615,274 Fannie Mae REMICS 2009-18 IO 25.03.24/5.000% 72,431 0.01783,348 Fannie Mae REMICS 2009-52 PI 25.07.39/5.000% 171,319 0.01

1,000,000 Fannie Mae REMICS 2009-59 HB 25.08.39/5.000% 1,050,951 0.091,198,914 Fannie Mae REMICS 2009-6 GS 25.02.39/6.289%* 149,138 0.01369,932 Fannie Mae REMICS 2009-63 P 25.03.37/5.000% 386,612 0.03

3,000,000 Fannie Mae REMICS 2009-69 GL 25.09.39/5.000% 3,177,385 0.27823,821 Fannie Mae REMICS 2009-69 PO 25.09.39/0.000% 724,028 0.06611,951 Fannie Mae REMICS 2009-79 UA 25.03.38/7.000% 681,113 0.06

1,573,640 Fannie Mae REMICS 2009-84 WS 25.10.39/5.639%* 187,788 0.021,718,233 Fannie Mae REMICS 2009-86 IP 25.10.39/5.500% 307,440 0.031,873,458 Fannie Mae REMICS 2009-86 OT 25.10.37/0.000% 1,518,115 0.133,075,006 Fannie Mae REMICS 2009-86 UI 25.10.14/4.000% 221,371 0.02

861,926 Fannie Mae REMICS 2010-1 WA 25.02.40/6.129%* 946,094 0.089,726,793 Fannie Mae REMICS 2010-111 AE 25.04.38/5.500% 10,475,331 0.90

2,000,000 Fannie Mae REMICS 2010-111 AM 25.10.40/5.500% 2,209,203 0.193,968,446 Fannie Mae REMICS 2010-125 SA 25.11.40/4.179%* 351,523 0.03

3,959,999 Fannie Mae REMICS 2010-133 A 25.05.38/5.500% 4,279,458 0.372,594,135 Fannie Mae REMICS 2010-23 KS 25.02.40/6.839%* 330,119 0.03

3,050,000 Fannie Mae REMICS 2010-26 B 25.03.25/5.500% 3,318,174 0.292,480,837 Fannie Mae REMICS 2010-35 SB 25.04.40/6.159%* 307,175 0.031,904,988 Fannie Mae REMICS 2010-49 SC 25.03.40/12.139%* 2,116,356 0.18

852,285 Fannie Mae REMICS 2010-61 WA 25.06.40/5.950% 922,917 0.083,207,227 Fannie Mae REMICS 2010-64 EH 25.10.35/5.000% 3,438,291 0.303,876,878 Fannie Mae REMICS 2010-68 SA 25.07.40/4.739%* 392,793 0.03

315,755 Fannie Mae REMICS G92-43 Z 25.07.22/7.500% 359,159 0.03512,469 Fannie Mae REMICS G92-61 Z 25.10.22/7.000% 573,186 0.0529,570 Fannie Mae REMICS G93-1 KA 25.01.23/7.900% 34,204 0.0097,650 Fannie Mae REMICS G93-17 SH 25.04.23/29.196%* 123,960 0.01

356,437 Fannie Mae Whole Loan2001-W4 AF6 25.01.32/5.610%* 354,098 0.03

4,409,954 Fannie Mae Whole Loan2002-W10 IO 25.08.42/0.979%* 159,066 0.01

229,524 Fannie Mae Whole Loan2002-W6 2A1 25.06.42/6.836%* 257,653 0.02

24,348 Fannie Mae Whole Loan2003-W4 2A 25.10.42/6.500% 28,067 0.00

11,495,214 Fannie Mae Whole Loan2003-W6 4T 25.09.42/0.550%* 197,698 0.02

326,228 Fannie Mae Whole Loan2003-W8 3F1 25.05.42/0.661%* 324,539 0.03

213,783 Fannie Mae Whole Loan2004-W1 2A2 25.12.33/7.000% 245,469 0.02

91,983 Fannie Mae Whole Loan2004-W2 2A2 25.02.44/7.000% 108,800 0.01

1,319,117 Fannie Mae Whole Loan2005-W1 1A2 25.10.44/6.500% 1,520,869 0.13

665,630 Fannie Mae Whole Loan2005-W3 2AF 25.03.45/0.481%* 664,383 0.06

977,054 Fannie Mae Whole Loan2006-W3 2A 25.09.46/6.000% 1,067,024 0.09

1,341,610 Fannie Mae Whole Loan2007-W1 1AF1 25.11.46/0.521%* 1,329,504 0.11

190,400 Fannie Mae Whole Loan2007-W7 1A4 25.07.37/37.616%* 297,848 0.03

3,150,120 Fannie Mae Whole Loan2009-W1 A 25.12.49/6.000% 3,479,732 0.30

3,000,000 FDIC Structured SaleGuaranteed Notes 2010-C1 A 06.12.20/2.980% 2,996,203 0.26

1,115,000 Federal Farm Credit Bank 15.11.18/5.125% 1,253,952 0.11186,571 Federal Home Loan Banks

00-0606 Y 28.12.12/5.270% 197,638 0.02616,503 Federal Home Loan Banks

00-1067 1 15.06.12/5.300% 646,493 0.0633,826 FHLMC Structured Pass Through

Securities T-41 3A 25.07.32/7.299%* 39,445 0.00727,427 FHLMC Structured Pass Through

Securities T-42 A5 25.02.42/7.500% 851,057 0.0746,571 FHLMC Structured Pass Through

Securities T-54 2A 25.02.43/6.500% 53,585 0.0062,926 FHLMC Structured Pass Through

Securities T-54 3A 25.02.43/7.000% 71,118 0.011,984,079 FHLMC Structured Pass Through

Securities T-56 A5 25.05.43/5.231% 2,152,988 0.181,456,821 FHLMC Structured Pass Through

Securities T-76 2A 25.10.37/4.781%* 1,462,233 0.13171,299 FHLMC-GNMA 24 J 25.11.23/6.250% 183,586 0.02729,556 FHLMC-GNMA 29 L 25.04.24/7.500% 784,823 0.07100,000 Fifth Third Bancorp 15.01.17/5.450% 102,025 0.01500,000 Financing Fico 05.04.19/0.000% 386,055 0.03700,000 Financing Fico 26.09.19/0.000% 452,074 0.04184,760 First Horizon Asset Securities

2003-7 2A1 25.09.18/4.500% 190,201 0.0263,812 First Horizon Asset Securities

2004-AR7 2A1 25.02.35/2.811%* 62,826 0.01500,000 First Horizon Asset Securities

2004-AR7 2A2 25.02.35/2.811%* 461,465 0.04215,235 First Horizon Asset Securities

2005-AR1 2A2 25.04.35/2.875%* 208,666 0.0223,125 Ford Credit Auto Owner Trust

2007-B A3A 15.11.11/5.150% 23,174 0.00603,240 Ford Credit Auto Owner Trust

2009-B A3 15.08.13/2.790% 611,282 0.05500,000 Ford Credit Auto Owner Trust

2009-B A4 15.07.14/4.500% 531,077 0.052,700,000 Freddie Mac 21.12.12/4.125% 2,878,605 0.251,700,000 Freddie Mac 23.08.17/5.500% 1,963,245 0.17

26,270,000 Freddie Mac 17.11.17/5.125% 29,746,835 2.56449,366 Freddie Mac Gold Pool No:

A61376 01.07.32/6.500% 497,603 0.04691,571 Freddie Mac Gold Pool No:

A88871 01.01.31/7.000% 778,557 0.074,872,645 Freddie Mac Gold Pool No:

A93511 01.08.40/5.000% 5,095,469 0.4473,693 Freddie Mac Gold Pool No:

B10492 01.11.18/4.000% 75,501 0.01

116



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

660,221 Freddie Mac Gold Pool No:B11402 01.12.18/3.500% 662,800 0.06



44,905 Freddie Mac Gold Pool No:C90600 01.12.22/6.000% 49,405 0.00

328,155 Freddie Mac Gold Pool No:C90985 01.08.26/6.500% 363,571 0.03

28,968 Freddie Mac Gold Pool No:E01403 01.04.18/6.000% 31,498 0.00




37,061 Freddie Mac Gold Pool No:G01448 01.08.32/7.000% 41,722 0.00

1,437,888 Freddie Mac Gold Pool No:G02186 01.05.36/5.000% 1,507,237 0.13










494,478 Freddie Mac Gold Pool No:J15254 01.10.17/6.000% 537,668 0.05

183,987 Freddie Mac Gold Pool No:P50201 01.01.34/5.500% 193,876 0.02




1,040,579 Freddie Mac Gold Pool No:Z40024 01.04.36/5.500% 1,108,285 0.10

183,957 Freddie Mac Non Gold Pool No:1A1082 01.07.36/6.610%* 193,440 0.02




198,859 Freddie Mac Non Gold Pool No:1B1665 01.04.34/2.638%* 207,159 0.02

340,509 Freddie Mac Non Gold Pool No:1B3485 01.07.37/3.446%* 356,848 0.03

1,599,440 Freddie Mac Non Gold Pool No:1G2557 01.06.36/6.020%* 1,710,643 0.15

227,290 Freddie Mac Non Gold Pool No:1J1399 01.12.36/6.105%* 239,573 0.02





1,139,767 Freddie Mac Non Gold Pool No:1K0046 01.10.36/6.023%* 1,190,879 0.10

1,528,118 Freddie Mac Non Gold Pool No:1L1286 01.05.36/5.523%* 1,628,239 0.14

659,124 Freddie Mac Non Gold Pool No:1N0189 01.08.36/6.578%* 695,130 0.06


1,050,488 Freddie Mac Non Gold Pool No:1N0353 01.02.37/6.254%* 1,118,882 0.10


343,416 Freddie Mac Non Gold Pool No:1Q0007 01.12.35/4.147%* 357,266 0.03

969,162 Freddie Mac Non Gold Pool No:1Q0737 01.11.36/6.678%* 1,042,702 0.09

1,899,891 Freddie Mac Non Gold Pool No:1Q0739 01.03.37/6.232%* 2,015,230 0.17

3,969 Freddie Mac Non Gold Pool No:555325 01.06.17/8.750% 4,441 0.00

780,876 Freddie Mac Non Gold Pool No:782870 01.09.34/2.728%* 815,805 0.07




1,000,000 Freddie Mac Reference REMICR004 VG 15.08.21/6.000% 1,097,455 0.09

1,983,311 Freddie Mac Reference REMICR006 ZA 15.04.36/6.000% 2,167,612 0.19

1,973,443 Freddie Mac Reference REMICR007 ZA 15.05.36/6.000% 2,152,726 0.18

319,113 Freddie Mac REMICS 1081 K 15.05.21/7.000% 358,769 0.03329,437 Freddie Mac REMICS 1142 IA 15.10.21/7.000% 378,827 0.03140,247 Freddie Mac REMICS 1578 K 15.09.23/6.900% 164,584 0.0178,205 Freddie Mac REMICS 1609 LG 15.11.23/16.656%* 94,258 0.01

952,502 Freddie Mac REMICS 1621 J 15.11.23/6.400% 1,021,428 0.0935,391 Freddie Mac REMICS 1668 D 15.02.14/6.500% 35,551 0.00

236,087 Freddie Mac REMICS 1702 PX 15.09.23/6.500% 243,344 0.02212,694 Freddie Mac REMICS 1863 Z 15.07.26/6.500% 236,840 0.02583,997 Freddie Mac REMICS 1927 ZA 15.01.27/6.500% 593,503 0.05278,380 Freddie Mac REMICS 2033 J 15.06.23/5.600% 299,740 0.03

67,138 Freddie Mac REMICS 2061 Z 15.06.28/6.500% 71,584 0.0183,699 Freddie Mac REMICS 2075 PH 15.08.28/6.500% 96,288 0.0170,259 Freddie Mac REMICS 2102 TC 15.12.13/6.000% 73,980 0.01

463,697 Freddie Mac REMICS 2110 PG 15.01.29/6.000% 505,655 0.042,073,622 Freddie Mac REMICS 2165 PE 15.06.29/6.000% 2,290,881 0.20

100,000 Freddie Mac REMICS 2169 TB 15.06.29/7.000% 117,636 0.01391,461 Freddie Mac REMICS 2172 QC 15.07.29/7.000% 442,083 0.0467,539 Freddie Mac REMICS 2259 ZM 15.10.30/7.000% 76,384 0.01

454,995 Freddie Mac REMICS 2283 K 15.12.23/6.500% 492,821 0.04258,999 Freddie Mac REMICS 2344 ZD 15.08.31/6.500% 285,204 0.02116,716 Freddie Mac REMICS 2345 PQ 15.08.16/6.500% 124,950 0.0181,592 Freddie Mac REMICS 2355 BP 15.09.16/6.000% 87,882 0.0175,173 Freddie Mac REMICS 2360 PG 15.09.16/6.000% 81,364 0.01

101,029 Freddie Mac REMICS 2363 PF 15.09.16/6.000% 109,080 0.0177,184 Freddie Mac REMICS 2366 MD 15.10.16/6.000% 83,445 0.01

182,655 Freddie Mac REMICS 2388 EZ 15.06.31/8.500% 210,538 0.02296,497 Freddie Mac REMICS 2388 FB 15.01.29/0.860%* 299,160 0.03

77,561 Freddie Mac REMICS 2410 NG 15.02.32/6.500% 85,825 0.0177,443 Freddie Mac REMICS 2416 SH 17.02.32/15.479%* 100,014 0.01

399,405 Freddie Mac REMICS 2423 TB 15.03.32/6.500% 440,082 0.0481,078 Freddie Mac REMICS 2424 OG 15.03.17/6.000% 87,901 0.01

101,878 Freddie Mac REMICS 2425 OB 15.03.17/6.000% 108,098 0.0173,803 Freddie Mac REMICS 2434 TC 15.04.32/7.000% 82,642 0.01

157,140 Freddie Mac REMICS 2453 BD 15.05.17/6.000% 169,874 0.0143,558 Freddie Mac REMICS 2466 PG 15.04.32/6.500% 46,303 0.00

484,657 Freddie Mac REMICS 2483 HZ 15.08.32/4.500% 490,727 0.04150,787 Freddie Mac REMICS 2484 LZ 15.07.32/6.500% 173,394 0.01166,148 Freddie Mac REMICS 2503 BH 15.09.17/5.500% 181,393 0.02

2,578 Freddie Mac REMICS 2519 BT 15.09.31/8.500% 2,638 0.00416,087 Freddie Mac REMICS 2537 TE 15.12.17/5.500% 453,555 0.04415,000 Freddie Mac REMICS 2544 HC 15.12.32/6.000% 457,291 0.04

2,139,118 Freddie Mac REMICS 2549 ZG 15.01.18/5.000% 2,220,469 0.1911,353 Freddie Mac REMICS 2565 MB 15.05.30/6.000% 11,462 0.00

2,000,000 Freddie Mac REMICS 2568 KG 15.02.23/5.500% 2,180,642 0.19554,700 Freddie Mac REMICS 2571 SY 15.12.32/17.975%* 737,703 0.06200,000 Freddie Mac REMICS 2575 ME 15.02.33/6.000% 221,724 0.02377,000 Freddie Mac REMICS 2591 QO 15.03.18/4.500% 405,141 0.03229,064 Freddie Mac REMICS 2591 QU 15.06.17/3.750% 232,969 0.02793,788 Freddie Mac REMICS 2594 DJ 15.10.30/4.250% 814,532 0.07

13,159 Freddie Mac REMICS 2597 DS 15.02.33/7.290%* 841 0.0049,258 Freddie Mac REMICS 2610 DS 15.03.33/6.840%* 2,621 0.0045,718 Freddie Mac REMICS 2611 SH 15.10.21/7.390%* 2,034 0.00

398,085 Freddie Mac REMICS 2628 WA 15.07.28/4.000% 404,436 0.03352,184 Freddie Mac REMICS 2631 SA 15.06.33/14.373%* 404,330 0.03280,975 Freddie Mac REMICS 2636 Z 15.06.18/4.500% 299,279 0.03

3,905 Freddie Mac REMICS 2643 HI 15.12.16/4.500% 41 0.0079,725 Freddie Mac REMICS 2646 AC 15.08.17/3.500% 81,877 0.01

145,020 Freddie Mac REMICS 2650 PO 15.12.32/0.000% 130,195 0.01405,745 Freddie Mac REMICS 2650 SO 15.12.32/0.000% 364,743 0.03

83,259 Freddie Mac REMICS 2668 SB 15.10.15/6.968%* 85,010 0.01223,386 Freddie Mac REMICS 2671 S 15.09.33/14.281%* 262,048 0.02

200,000 Freddie Mac REMICS 2672 ME 15.11.22/5.000% 215,203 0.021,000,000 Freddie Mac REMICS 2677 LE 15.09.18/4.500% 1,079,697 0.09

11,576 Freddie Mac REMICS 2683 VA 15.02.21/5.500% 11,622 0.001,500,000 Freddie Mac REMICS 2684 PO 15.01.33/0.000% 1,338,804 0.12

47,994 Freddie Mac REMICS 2684 SN 15.10.33/26.948%* 51,237 0.0058,050 Freddie Mac REMICS 2686 GB 15.05.20/5.000% 59,333 0.0183,325 Freddie Mac REMICS 2694 BA 15.06.31/4.000% 86,187 0.01

1,000,000 Freddie Mac REMICS 2695 DG 15.10.18/4.000% 1,059,067 0.09

117



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

134,039 Freddie Mac REMICS 2695 OB 15.10.33/0.000% 106,947 0.0147,296 Freddie Mac REMICS 2696 SM 15.12.26/13.679%* 48,414 0.00

1,000,000 Freddie Mac REMICS 2707 QE 15.11.18/4.500% 1,080,681 0.092,000,000 Freddie Mac REMICS 2709 PG 15.11.23/5.000% 2,099,205 0.18

500,000 Freddie Mac REMICS 2720 PC 15.12.23/5.000% 515,894 0.0434,246 Freddie Mac REMICS 2722 EG 15.12.33/0.000% 31,014 0.00

720,260 Freddie Mac REMICS 2725 OP 15.10.33/0.000% 635,693 0.05402,905 Freddie Mac REMICS 2725 SC 15.11.33/8.689%* 380,897 0.03

1,000,000 Freddie Mac REMICS 2733 SB 15.10.33/7.776%* 1,007,993 0.0977,366 Freddie Mac REMICS 2744 PD 15.08.33/5.500% 79,237 0.01

1,000,000 Freddie Mac REMICS 2750 TC 15.02.34/5.250% 1,103,776 0.09319,887 Freddie Mac REMICS 2751 BA 15.10.18/4.000% 336,743 0.03210,018 Freddie Mac REMICS 2755 PA 15.02.29/0.000% 204,865 0.02379,425 Freddie Mac REMICS 2759 GC 15.05.29/5.000% 388,661 0.03

67,471 Freddie Mac REMICS 2762 LO 15.03.34/0.000% 63,905 0.01218,951 Freddie Mac REMICS 2764 UC 15.05.27/5.000% 221,289 0.0211,088 Freddie Mac REMICS 2766 SX 15.03.34/15.728%* 11,243 0.00

23,044 Freddie Mac REMICS 2776 SK 15.04.34/8.685%* 22,435 0.001,000,000 Freddie Mac REMICS 2777 KO 15.02.33/0.000% 922,283 0.08

509,334 Freddie Mac REMICS 2778 US 15.06.33/6.940%* 30,039 0.00101,562 Freddie Mac REMICS 2780 JG 15.04.19/4.500% 107,157 0.01

500,000 Freddie Mac REMICS 2783 AT 15.04.19/4.000% 521,312 0.04800,000 Freddie Mac REMICS 2809 UC 15.06.19/4.000% 843,696 0.07182,269 Freddie Mac REMICS 2812 AB 15.10.18/4.500% 190,203 0.02106,297 Freddie Mac REMICS 2827 SQ 15.01.19/7.500%* 109,497 0.01

806,604 Freddie Mac REMICS 2835 BO 15.12.28/0.000% 745,373 0.06293,311 Freddie Mac REMICS 2840 JO 15.06.23/0.000% 270,729 0.02

1,000,000 Freddie Mac REMICS 2843 VB 15.08.23/5.500% 1,107,000 0.10727,849 Freddie Mac REMICS 2850 SN 15.09.18/6.890%* 66,351 0.01294,020 Freddie Mac REMICS 2895 F 15.06.31/0.610%* 294,298 0.03211,461 Freddie Mac REMICS 2897 EO 15.10.31/0.000% 198,740 0.0263,942 Freddie Mac REMICS 2921 MS 15.01.35/8.392%* 64,521 0.0141,686 Freddie Mac REMICS 2925 MW 15.01.35/0.000%* 41,463 0.00

500,000 Freddie Mac REMICS 2931 QC 15.01.19/4.500% 531,297 0.05879,728 Freddie Mac REMICS 2934 EC 15.02.20/0.000% 794,389 0.07649,846 Freddie Mac REMICS 2945 ZB 15.03.35/5.500% 674,014 0.06

1,000,000 Freddie Mac REMICS 2958 QD 15.04.20/4.500% 1,081,038 0.09215,067 Freddie Mac REMICS 2962 WJ 15.06.24/5.500% 227,772 0.02

800,000 Freddie Mac REMICS 2965 GD 15.04.20/4.500% 860,405 0.07443,312 Freddie Mac REMICS 2967 S 15.04.25/32.393%* 664,741 0.06

1,000,000 Freddie Mac REMICS 2971 GC 15.07.18/5.000% 1,070,604 0.09453,200 Freddie Mac REMICS 2979 AS 15.03.34/23.319%* 593,080 0.05555,124 Freddie Mac REMICS 2990 SL 15.06.34/23.539%* 763,146 0.07305,747 Freddie Mac REMICS 2990 WP 15.06.35/16.356%* 364,429 0.03

50,125 Freddie Mac REMICS 3000 JF 15.04.35/0.660%* 50,063 0.00224,012 Freddie Mac REMICS 3013 FY 15.08.35/0.000%* 223,565 0.02896,776 Freddie Mac REMICS 3029 SP 15.09.35/27.636%* 1,132,560 0.10534,431 Freddie Mac REMICS 3047 OB 15.12.33/5.500% 571,468 0.05

200,000 Freddie Mac REMICS 3047 OD 15.10.35/5.500% 219,421 0.02492,871 Freddie Mac REMICS 3049 XF 15.05.33/0.610%* 494,957 0.04259,654 Freddie Mac REMICS 3051 DP 15.10.25/26.883%* 347,745 0.03700,000 Freddie Mac REMICS 3064 OE 15.11.35/5.500% 752,225 0.06613,608 Freddie Mac REMICS 3064 SG 15.11.35/19.132%* 805,754 0.07354,295 Freddie Mac REMICS 3068 AO 15.01.35/0.000% 326,007 0.03

1,000,000 Freddie Mac REMICS 3074 BH 15.11.35/5.000% 1,077,151 0.09998,435 Freddie Mac REMICS 3077 TO 15.04.35/0.000% 841,285 0.07918,018 Freddie Mac REMICS 3102 FB 15.01.36/0.560%* 911,232 0.08147,532 Freddie Mac REMICS 3117 EO 15.02.36/0.000% 127,675 0.01194,154 Freddie Mac REMICS 3117 OK 15.02.36/0.000% 168,266 0.01951,687 Freddie Mac REMICS 3122 OH 15.03.36/0.000% 800,937 0.0760,709 Freddie Mac REMICS 3134 PO 15.03.36/0.000% 52,538 0.00

292,748 Freddie Mac REMICS 3138 PO 15.04.36/0.000% 256,131 0.021,000,000 Freddie Mac REMICS 3143 BC 15.02.36/5.500% 1,079,822 0.09

634,835 Freddie Mac REMICS 3151 PO 15.05.36/0.000% 518,530 0.04951,545 Freddie Mac REMICS 3152 MO 15.03.36/0.000% 804,452 0.07

1,064,443 Freddie Mac REMICS 3153 EO 15.05.36/0.000% 927,379 0.082,643 Freddie Mac REMICS 3158 LX 15.05.36/0.000%* 2,503 0.00

1,000,000 Freddie Mac REMICS 3162 OB 15.11.30/6.000% 1,045,417 0.09369,411 Freddie Mac REMICS 3169 BN 15.06.34/5.000% 391,172 0.03300,317 Freddie Mac REMICS 3171 MO 15.06.36/0.000% 252,364 0.02

1,331,503 Freddie Mac REMICS 3181 AZ 15.07.36/6.500% 1,487,708 0.13443,543 Freddie Mac REMICS 3194 SA 15.07.36/6.840%* 58,053 0.00

3,300,000 Freddie Mac REMICS 3195 PD 15.07.36/6.500% 3,697,016 0.321,000,000 Freddie Mac REMICS 3200 AY 15.08.36/5.500% 1,076,794 0.092,796,358 Freddie Mac REMICS 3202 HI 15.08.36/6.390%* 422,345 0.04

2,000,000 Freddie Mac REMICS 3218 BE 15.09.35/6.000% 2,207,989 0.19892,653 Freddie Mac REMICS 3219 DI 15.04.36/6.000% 153,126 0.01

1,289,642 Freddie Mac REMICS 3220 Z 15.09.36/6.000% 1,411,729 0.12623,432 Freddie Mac REMICS 3232 ST 15.10.36/6.440%* 83,485 0.01344,227 Freddie Mac REMICS 3260 CS 15.01.37/5.880%* 35,030 0.00

78,861 Freddie Mac REMICS 3263 TP 15.08.35/0.000%* 78,535 0.013,000,000 Freddie Mac REMICS 3266 D 15.01.22/5.000% 3,255,514 0.28

250,124 Freddie Mac REMICS 3275 FL 15.02.37/0.700%* 250,260 0.021,000,000 Freddie Mac REMICS 3287 PM 15.10.35/6.000% 1,079,410 0.091,239,198 Freddie Mac REMICS 3315 HZ 15.05.37/6.000% 1,341,839 0.12

1,000,000 Freddie Mac REMICS 3349 DP 15.09.36/6.000% 1,101,308 0.09

764,238 Freddie Mac REMICS 3369 VA 15.07.18/6.000% 831,472 0.071,582,972 Freddie Mac REMICS 3385 SN 15.11.37/5.740%* 171,074 0.011,633,084 Freddie Mac REMICS 3387 SA 15.11.37/6.160%* 242,934 0.022,544,079 Freddie Mac REMICS 3404 SC 15.01.38/5.740%* 278,646 0.021,000,000 Freddie Mac REMICS 3418 GV 15.03.31/5.000% 1,029,914 0.092,546,853 Freddie Mac REMICS 3422 AI 15.01.38/1.860%* 30,917 0.00

788,917 Freddie Mac REMICS 3424 PI 15.04.38/6.540%* 114,377 0.011,512,276 Freddie Mac REMICS 3430 AI 15.09.12/1.417% 19,668 0.001,232,039 Freddie Mac REMICS 3437 AI 15.09.11/1.335% 7,965 0.00

1,500,000 Freddie Mac REMICS 3453 B 15.05.38/5.500% 1,618,922 0.142,189,908 Freddie Mac REMICS 3455 SE 15.06.38/5.940%* 256,240 0.02

580,700 Freddie Mac REMICS 3461 LZ 15.06.38/6.000% 634,628 0.051,161,400 Freddie Mac REMICS 3461 Z 15.06.38/6.000% 1,278,121 0.11635,884 Freddie Mac REMICS 3481 SJ 15.08.38/5.590%* 83,947 0.01

1,000,000 Freddie Mac REMICS 3501 CB 15.01.39/5.500% 1,080,317 0.09518,928 Freddie Mac REMICS 3505 SA 15.01.39/5.740%* 45,967 0.00

1,760,931 Freddie Mac REMICS 3511 SA 15.02.39/5.740%* 156,689 0.011,733,983 Freddie Mac REMICS 3549 FA 15.07.39/1.460%* 1,776,933 0.151,072,038 Freddie Mac REMICS 3564 JA 15.01.18/4.000% 1,132,199 0.101,071,000 Freddie Mac REMICS 3578 VZ 15.08.36/5.500% 1,180,300 0.10400,000 Freddie Mac REMICS 3607 AO 15.04.36/0.000% 296,823 0.03300,000 Freddie Mac REMICS 3607 BO 15.04.36/0.000% 221,002 0.02680,307 Freddie Mac REMICS 3607 EO 15.02.33/0.000% 612,394 0.05364,692 Freddie Mac REMICS 3611 PO 15.07.34/0.000% 303,218 0.03300,000 Freddie Mac REMICS 3632 BS 15.02.40/16.632%* 378,756 0.03

3,888,094 Freddie Mac REMICS 3659 VE 15.03.26/5.000% 4,137,838 0.361,934,296 Freddie Mac REMICS 3666 VA 15.12.22/5.500% 2,128,785 0.183,936,845 Freddie Mac REMICS 3680 MA 15.07.39/4.500% 4,151,537 0.361,964,465 Freddie Mac REMICS 3687 MA 15.02.37/4.500% 2,094,192 0.181,707,964 Freddie Mac REMICS 3688 CU 15.11.21/6.820%* 1,851,211 0.161,897,113 Freddie Mac REMICS 3688 GT 15.11.46/7.152%* 2,115,048 0.18

2,845,708 Freddie Mac REMICS 3688 NI 15.04.32/5.000% 451,522 0.042,869,365 Freddie Mac REMICS 3704 CT 15.12.36/7.000% 3,221,907 0.281,944,978 Freddie Mac REMICS 3704 DT 15.11.36/7.500% 2,211,993 0.191,925,347 Freddie Mac REMICS 3704 ET 15.12.36/7.500% 2,193,901 0.191,973,105 Freddie Mac REMICS 3714 IP 15.08.40/5.000% 289,257 0.02

2,479,695 Freddie Mac REMICS 3739 LI 15.03.34/4.000% 319,042 0.032,493,738 Freddie Mac REMICS 3740 SC 15.10.40/5.740%* 357,459 0.032,492,813 Freddie Mac REMICS 3759 HI 15.08.37/4.000% 423,938 0.04

719,162 Freddie Mac Strips 233 11 15.09.35/5.000% 149,493 0.011,820,453 Freddie Mac Strips 233 13 15.09.35/5.000% 380,894 0.035,710,348 Freddie Mac Strips 239 S30 15.08.36/7.440%* 923,817 0.08

377,682 Freddie Mac Strips 243 16 15.11.20/4.500% 41,906 0.001,000,000 GE Capital Credit Card Master

Note Trust 2009-2 A 15.07.15/3.690% 1,038,732 0.09650,000 General Electric Capital 16.09.20/4.375% 638,518 0.05155,205 Ginnie Mae I Pool No: 456388 15.03.28/7.500% 179,446 0.0241,353 Ginnie Mae I Pool No: 465505 15.06.28/7.500% 47,812 0.00

114,552 Ginnie Mae I Pool No: 530795 15.01.23/6.500% 129,630 0.01530,617 Ginnie Mae I Pool No: 569568 15.01.32/6.500% 596,696 0.05

11,080 Ginnie Mae I Pool No: 591882 15.07.32/6.500% 12,460 0.0017,965 Ginnie Mae I Pool No: 607645 15.02.33/6.500% 20,202 0.0015,353 Ginnie Mae I Pool No: 607728 15.03.33/6.000% 16,848 0.0038,614 Ginnie Mae I Pool No: 611453 15.04.32/7.000% 42,795 0.0047,372 Ginnie Mae I Pool No: 621970 15.02.34/6.000% 51,983 0.00

494,287 Ginnie Mae I Pool No: 781328 15.09.31/7.000% 564,866 0.0514,197 Ginnie Mae I Pool No: 781570 15.01.16/8.000% 15,458 0.0013,838 Ginnie Mae I Pool No: 781614 15.06.33/7.000% 15,336 0.00

149,122 Ginnie Mae I Pool No: 781648 15.08.33/6.000% 163,592 0.01976,474 Ginnie Mae I Pool No: 782507 15.10.24/9.500% 1,202,794 0.10739,957 Ginnie Mae I pool No: 782615 15.06.35/7.000% 820,081 0.07988,212 Ginnie Mae I Pool No: 783123 15.04.33/5.500% 1,073,583 0.09

2,125,457 Ginnie Mae II Pool No: 748766 20.01.39/6.500% 2,388,815 0.211,340,000 GMAC Commercial Mortgage

Securities 2006-C1 A4 10.11.45/5.238%* 1,418,964 0.12535,107 GMAC Mortgage Corp Loan

Trust 2003-AR1 A4 19.10.33/3.407%* 534,748 0.051,571,739 GMAC Mortgage Corp Loan

Trust 2003-AR2 2A4 19.12.33/3.310%* 1,542,352 0.13753,955 GMAC Mortgage Corp Loan

Trust 2004-J5 A7 25.01.35/6.500% 774,816 0.07254,935 GMAC Mortgage Corp Loan

Trust 2004-J6 1A1 25.01.20/5.000% 261,096 0.02640,000 GMAC Mortgage Corp Loan

Trust 2005-AR3 3A4 19.06.35/3.222%* 517,439 0.04372,158 Government National Mortgage

Association 1994-7 PQ 16.10.24/6.500% 429,494 0.041,021,921 Government National Mortgage

Association 1998-17 S 16.07.28/8.239%* 212,081 0.02478,308 Government National Mortgage

Association 1999-10 ZC 20.04.29/6.500% 528,516 0.05370,292 Government National Mortgage

Association 1999-31 ZC 16.09.29/8.000% 446,315 0.04238,035 Government National Mortgage

Association 2000-10 ZP 16.02.30/7.500% 267,311 0.0226,119 Government National Mortgage

Association 2000-6 Z 20.02.30/7.500% 29,754 0.00

118



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

886,795 Government National MortgageAssociation 2001-21 PE 16.05.31/6.500% 1,005,575 0.09

318,482 Government National MortgageAssociation 2001-22 PS 17.03.31/20.330%* 455,059 0.04

146,344 Government National MortgageAssociation 2001-51 SA 16.10.31/31.371%* 235,210 0.02

1,500,000 Government National MortgageAssociation 2001-53 PB 20.11.31/6.500% 1,699,285 0.15

899,362 Government National MortgageAssociation 2001-53 SR 20.10.31/7.889%* 109,583 0.01

109,289 Government National MortgageAssociation 2001-8 Z 20.03.31/6.500% 120,788 0.01

183,291 Government National MortgageAssociation 2002-40 UK 20.06.32/6.500% 211,576 0.02

340,963 Government National MortgageAssociation 2002-41 SY 16.06.32/7.239%* 53,876 0.00

169,585 Government National MortgageAssociation 2002-45 QE 20.06.32/6.500% 190,697 0.02

51,077 Government National MortgageAssociation 2002-47 PG 16.07.32/6.500% 58,959 0.01

3,167 Government National MortgageAssociation 2002-51 SG 20.04.31/31.371%* 5,254 0.00

65,524 Government National MortgageAssociation 2002-54 GB 20.08.32/6.500% 72,122 0.01

249,062 Government National MortgageAssociation 2002-69 PO 20.02.32/0.000% 239,835 0.02

434,578 Government National MortgageAssociation 2002-69 SC 20.02.32/15.927%* 501,280 0.04

414,962 Government National MortgageAssociation 2003-1 SX 16.06.31/6.839%* 27,748 0.00

3,074,051 Government National MortgageAssociation 2003-10 PZ 20.02.33/5.500% 3,316,285 0.28

231,832 Government National MortgageAssociation 2003-34 TO 16.02.32/0.000% 225,977 0.02

33,266 Government National MortgageAssociation 2003-4 NY 20.12.13/5.500% 35,520 0.00

169,854 Government National MortgageAssociation 2003-60 NS 16.07.33/15.927%* 190,473 0.02

288,281 Government National MortgageAssociation 2003-67 SD 20.08.33/16.037%* 361,198 0.03

6,944,802 Government National MortgageAssociation 2003-75 ZX 16.09.33/6.000% 7,599,226 0.65


2,841,533 Government National MortgageAssociation 2003-95 SP 20.05.32/6.939%* 271,858 0.02

21,319 Government National MortgageAssociation 2003-98 PC 20.02.29/5.000% 21,363 0.00


1,704,273 Government National MortgageAssociation 2004-90 SI 20.10.34/5.839%* 199,569 0.02

256,309 Government National MortgageAssociation 2004-94 TS 20.10.34/17.708%* 333,001 0.03

315,975 Government National MortgageAssociation 2005-35 FL 20.03.32/0.611%* 315,835 0.03

295,704 Government National MortgageAssociation 2005-66 SP 16.08.35/19.965%* 379,264 0.03

1,012,589 Government National MortgageAssociation 2005-68 DP 17.06.35/15.806%* 1,237,280 0.11

2,734,062 Government National MortgageAssociation 2005-68 KI 20.09.35/6.039%* 383,443 0.03

374,565 Government National MortgageAssociation 2005-7 JM 18.05.34/16.147%* 449,042 0.04

1,333,878 Government National MortgageAssociation 2005-72 AZ 20.09.35/5.500% 1,416,706 0.12

1,331,503 Government National MortgageAssociation 2006-33 Z 20.07.36/6.500% 1,542,314 0.13

1,099,557 Government National MortgageAssociation 2006-38 SW 20.06.36/6.239%* 129,932 0.01

1,324,330 Government National MortgageAssociation 2006-38 ZK 20.08.36/6.500% 1,492,103 0.13

1,000,000 Government National MortgageAssociation 2006-40 VB 20.11.26/6.000% 1,059,929 0.09

1,260,276 Government National MortgageAssociation 2006-57 PZ 20.10.36/5.565% 1,354,061 0.12

1,039,642 Government National MortgageAssociation 2006-59 SD 20.10.36/6.439%* 144,042 0.01

1,337,556 Government National MortgageAssociation 2006-65 SA 20.11.36/6.539%* 188,107 0.02

1,377,015 Government National MortgageAssociation 2007-17 JI 16.04.37/6.549%* 217,119 0.02

7,063,067 Government National MortgageAssociation 2007-26 SW 20.05.37/5.939%* 748,032 0.06

825,019 Government National MortgageAssociation 2007-27 MI 20.09.36/5.500% 104,554 0.01


637,116 Government National MortgageAssociation 2007-36 SE 16.06.37/6.209%* 74,773 0.01

1,403,616 Government National MortgageAssociation 2007-40 SB 20.07.37/6.489%* 195,764 0.02

830,031 Government National MortgageAssociation 2007-42 SB 20.07.37/6.489%* 116,115 0.01

413,726 Government National MortgageAssociation 2007-49 NO 20.12.35/0.000% 397,210 0.03

1,101,572 Government National MortgageAssociation 2007-50 AI 20.08.37/6.514%* 155,307 0.01

1,436,048 Government National MortgageAssociation 2007-53 ES 20.09.37/6.289%* 161,201 0.01

552,078 Government National MortgageAssociation 2007-53 SW 20.09.37/19.423%* 708,205 0.06

1,092,848 Government National MortgageAssociation 2007-57 QA 20.10.37/6.239%* 136,870 0.01

1,000,000 Government National MortgageAssociation 2007-6 LD 20.03.36/5.500% 1,093,409 0.09

1,117,149 Government National MortgageAssociation 2007-67 SI 20.11.37/6.249%* 129,262 0.01

1,000,000 Government National MortgageAssociation 2007-70 TA 20.08.36/5.750% 1,084,259 0.09

2,157,434 Government National MortgageAssociation 2007-73 MI 20.11.37/5.739%* 248,619 0.02

1,027,327 Government National MortgageAssociation 2007-74 SL 16.11.37/6.279%* 142,535 0.01


2,792,873 Government National MortgageAssociation 2007-76 SD 20.11.37/5.539%* 310,679 0.03

1,594,133 Government National MortgageAssociation 2007-79 SY 20.12.37/6.289%* 196,932 0.02

2,712,725 Government National MortgageAssociation 2007-81 SB 20.12.37/6.389%* 370,640 0.03

833,089 Government National MortgageAssociation 2008-25 SB 20.03.38/6.639%* 117,016 0.01

1,412,870 Government National MortgageAssociation 2008-32 PI 16.10.37/5.500% 202,746 0.02



1,000,000 Government National MortgageAssociation 2008-50 KB 20.06.38/6.000% 1,095,987 0.09


988,937 Government National MortgageAssociation 2008-93 AS 20.12.38/5.439%* 102,495 0.01

2,993,600 Government National MortgageAssociation 2008-95 DS 20.12.38/7.039%* 394,668 0.03


1,138,017 Government National MortgageAssociation 2009-10 SL 16.03.34/6.239%* 134,996 0.01

3,569,877 Government National MortgageAssociation 2009-102 SM 16.06.39/6.139%* 396,938 0.03

569,629 Government National MortgageAssociation 2009-104 AB 16.08.39/7.000% 648,869 0.06

2,302,989 Government National MortgageAssociation 2009-106 AS 16.11.39/6.139%* 303,155 0.03

756,264 Government National MortgageAssociation 2009-14 NI 20.03.39/6.500% 118,947 0.01


3,508,676 Government National MortgageAssociation 2009-31 ST 20.03.39/6.089%* 404,074 0.03

2,923,897 Government National MortgageAssociation 2009-31 TS 20.03.39/6.039%* 320,783 0.03

715,281 Government National MortgageAssociation 2009-33 TI 20.05.39/6.000% 122,320 0.01

2,552,290 Government National MortgageAssociation 2009-42 SC 20.06.39/5.819%* 283,453 0.02


3,427,591 Government National MortgageAssociation 2009-64 SN 16.07.39/5.839%* 378,625 0.03

803,751 Government National MortgageAssociation 2009-79 OK 16.11.37/0.000% 720,823 0.06

1,441,109 Government National MortgageAssociation 2010-129 AW 20.04.37/6.148%* 1,589,220 0.14

1,441,755 Government National MortgageAssociation 2010-130 CP 16.10.40/7.000% 1,624,370 0.14

857,904 Government National MortgageAssociation 2010-14 AO 20.12.32/0.000% 794,721 0.07

865,025 Government National MortgageAssociation 2010-14 BO 20.11.35/0.000% 773,054 0.07

299,987 Government National MortgageAssociation 2010-14 CO 20.08.35/0.000% 256,534 0.02

538,350 Government National MortgageAssociation 2010-14 EO 16.06.33/0.000% 518,057 0.04

2,237,262 Government National MortgageAssociation 2010-14 QP 20.12.39/6.000% 2,433,787 0.21

200,000 Greenwich Capital CommercialFunding 2005-GG3 AJ 10.08.42/4.859%* 198,007 0.02

22,863 GS Mortgage Securities II2004-GG2 A3 10.08.38/4.602% 22,984 0.00

119



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

400,000 GS Mortgage Securities II2004-GG2 A6 10.08.38/5.396%* 429,057 0.04

650,000 GS Mortgage Securities II2006-GG6 A4 10.04.38/5.553%* 696,623 0.06

247,321 GSMPS Mortgage Loan Trust2004-4 1AF 25.06.34/0.661%* 210,334 0.02

96,932 GSMPS Mortgage Loan Trust2005-RP1 1AF 25.01.35/0.611%* 82,823 0.01

422,348 GSMPS Mortgage Loan Trust2005-RP2 1AF 25.03.35/0.611%* 357,204 0.03

1,757,452 GSMPS Mortgage Loan Trust2006-RP2 1AS2 25.04.36/0.518%* 267,058 0.02

1,474,796 GSR Mortgage Loan Trust2003-7F 1A4 25.06.33/5.250% 1,417,086 0.12

216,119 GSR Mortgage Loan Trust2004-10F 2A1 25.08.19/5.000% 222,604 0.02

956,598 GSR Mortgage Loan Trust2004-6F 3A4 25.05.34/6.500% 975,155 0.08

500,000 GSR Mortgage Loan Trust2004-9 5A5 25.08.34/3.826%* 509,460 0.04

1,200,000 GSR Mortgage Loan Trust2007-1F 2A4 25.01.37/5.500% 1,107,880 0.10

350,000 Harley-Davidson MotorcycleTrust 2010-1 A2 15.11.13/0.830% 350,040 0.03

360,000 Harley-Davidson MotorcycleTrust 2010-1 A3 15.02.15/1.160% 359,100 0.03

539,155 Honda Auto Receivables OwnerTrust 2009-2 A3 15.01.13/2.790% 545,282 0.05

300,000 Honda Auto Receivables OwnerTrust 2009-2 A4 15.07.15/4.430% 316,122 0.03

100,000 HSBC Bank USA/New York 01.04.14/4.625% 104,204 0.01252,608 HSBC Home Equity Loan Trust

2005-2 M2 20.01.35/0.751%* 230,314 0.02340,000 Hyundai Auto Receivables Trust

2010-B A3 15.04.15/0.970% 339,707 0.03375,000 Hyundai Auto Receivables Trust

2010-B A4 15.03.17/1.630% 367,720 0.03161,086 Impac Secured Assets CMN

Owner Trust 2003-2 A1 25.08.33/5.500% 164,703 0.016,159 Impac Secured Assets CMN

Owner Trust 2004-3 1A4 25.11.34/1.061%* 5,804 0.0010,686 Indymac Index Mortgage Loan

Trust 2004-AR7 A1 25.09.34/1.141%* 7,014 0.002,655,200 Indymac Index Mortgage Loan

Trust 2005-AR11 A7 25.08.35/0.325%* 34,329 0.00650,000 Jackson National Life Global

Funding 144A 08.05.13/5.375% 696,777 0.06186,000 Jefferies Group 09.11.15/3.875% 182,737 0.02350,000 Jefferies Group 15.07.19/8.500% 401,305 0.03220,000 Jefferies Group 15.01.36/6.250% 193,558 0.02272,573 John Deere Owner Trust 2009-A

A3 15.10.13/2.590% 275,257 0.021,000,000 JP Morgan Chase Commercial

Mortgage Securities 2006-LDP8A4 15.05.45/5.399% 1,061,925 0.09

212,659 JP Morgan Mortgage Trust2004-A3 4A1 25.07.34/4.295%* 212,284 0.02



595,010 JP Morgan Reremic 2009-7 14A1 27.07.37/5.628%* 586,833 0.05230,616 JP Morgan Reremic 2009-7 17A1 27.07.37/6.449%* 232,656 0.02

443,496 JP Morgan Reremic 2009-7 18A1 27.11.36/5.565%* 446,352 0.04548,733 JP Morgan Reremic 2009-8 A1 20.04.36/5.332%* 550,688 0.05250,000 KeyBank 17.09.12/5.500% 263,623 0.02114,000 Kroger 15.07.40/5.400% 108,559 0.01112,000 LB-UBS Commercial Mortgage

Trust 2003-C7 A4 15.09.35/4.931%* 117,947 0.01852 LB-UBS Commercial Mortgage

Trust 2004-C2 A2 15.03.29/3.246% 853 0.0022,552,325 LB-UBS Commercial Mortgage

Trust 2006-C1 XCL 15.02.41/0.088%* 222,504 0.02197,679 Long Beach Mortgage Loan

Trust 2006-WL2 2A3 25.01.36/0.461%* 162,839 0.01310,000 Manufacturers & Traders Trust 04.12.17/6.625% 346,820 0.03600,000 MassMutual Global Funding II

144A 16.07.12/3.625% 622,373 0.05144,000 MassMutual Global Funding II

144A 28.09.15/2.300% 140,707 0.01409,593 Mastr Adjustable Rate

Mortgages Trust 2004-13 3A6 21.11.34/2.899%* 410,902 0.0470,912 Mastr Adjustable Rate

Mortgages Trust 2004-3 4A2 25.04.34/2.395%* 65,162 0.01176,082 MASTR Alternative Loans Trust

2004-10 1A1 25.09.19/4.500% 178,616 0.02282,236 MASTR Alternative Loans Trust

2004-4 10A1 25.05.24/5.000% 289,947 0.02177,743 MASTR Alternative Loans Trust

2004-6 7A1 25.07.34/6.000% 181,998 0.02

828,223 MASTR Alternative Loans Trust2005-6 3A1 25.11.20/5.500% 757,294 0.07

161,339 MASTR Asset SecuritizationTrust 2003-2 1A1 25.03.18/5.000% 164,037 0.01



984,536 Mastr Reperforming Loan Trust2005-2 1A1F 25.05.35/0.611%* 809,005 0.07

175,000 Medco Health Solutions 15.09.15/2.750% 173,570 0.01105,000 Mercedes-Benz Auto

Receivables Trust 2010-1 A3 15.08.14/1.420% 105,903 0.01212,629 Merrill Lynch Mortgage

Investors 2003-A4 2A 25.07.33/2.866%* 215,976 0.02550,941 Merrill Lynch Mortgage

Investors 2004-A4 A2 25.08.34/2.787%* 546,533 0.05450,000 Merrill Lynch Mortgage Trust

2005-LC1 AJ 12.01.44/5.331%* 425,201 0.04223,774 Merrill Lynch Mortgage Trust

2005-MCP1 ASB 12.06.43/4.674%* 234,016 0.02400,000 Merrill Lynch/Countrywide

Commercial Mortgage Trust2006-1 A4 12.02.39/5.415%* 430,775 0.04

775,000 Metropolitan Life GlobalFunding I 144A 11.01.13/2.500% 787,023 0.07




390,000 Microsoft 25.09.15/1.625% 379,800 0.03112,000 Microsoft 01.10.40/4.500% 105,100 0.01125,000 Midamerican Energy 15.03.18/5.300% 136,792 0.01

200,000 Midamerican Funding 01.03.11/6.750% 201,999 0.02300,000 Morgan Stanley 13.05.14/6.000% 323,370 0.03208,000 Morgan Stanley 24.07.15/4.000% 208,800 0.02290,000 Morgan Stanley 28.12.17/5.950% 307,546 0.03500,000 Morgan Stanley 01.04.18/6.625% 544,459 0.05200,000 Morgan Stanley 13.05.19/7.300% 223,970 0.02200,000 Morgan Stanley 23.09.19/5.625% 203,220 0.02442,000 Morgan Stanley 24.07.20/5.500% 445,292 0.04230,000 Morgan Stanley Capital I

2004-T13 A4 13.09.45/4.660% 242,664 0.0211,113 Morgan Stanley Capital I

2006-T23 A1 12.08.41/5.682% 11,183 0.00248,356 Morgan Stanley Mortgage Loan

Trust 2004-3 1A 25.05.19/5.000% 253,612 0.021,090,238 Morgan Stanley Mortgage Loan

Trust 2004-3 4A 25.04.34/5.654%* 1,122,493 0.10631,873 Morgan Stanley Re-Remic TR 20 17.07.56/3.000% 631,279 0.05104,115 MortgageIT Trust 2005-1 1A1 25.02.35/0.581%* 78,423 0.0150,000 National Rural Utilities

Cooperative Finance 16.09.12/2.625% 51,344 0.00200,000 National Rural Utilities

Cooperative Finance 01.03.14/4.750% 216,026 0.02100,000 National Rural Utilities

Cooperative Finance 01.11.18/10.375% 137,619 0.0130,000 Nationwide Financial Services 01.07.12/5.900% 31,660 0.00

300,000 NBC Universal 144A 01.04.41/5.950% 297,100 0.031,020,000 NCUA Guaranteed Notes

2010-A1 A 07.12.20/0.611%* 1,021,071 0.093,141,029 NCUA Guaranteed Notes

2010-C1 APT 29.10.20/2.650% 3,049,971 0.262,000,000 NCUA Guaranteed Notes

2010-R3 1A 08.12.20/0.825%* 1,997,500 0.17700,000 NCUA Guaranteed Notes

2010-R3 3A 08.12.20/2.400% 698,273 0.0645,000 Nevada Power 15.09.40/5.375% 42,914 0.00

400,000 New York Life Global Funding144A 09.05.13/4.650% 429,008 0.04



175,000 New York St Dorm Auth St Pers 15.03.40/5.600% 170,632 0.01100,000 News America 18.05.18/7.250% 120,169 0.01200,000 News America 30.11.28/7.625% 231,516 0.02250,000 News America 15.12.34/6.200% 259,399 0.02300,000 News America Holdings 26.04.23/8.875% 389,294 0.03

15,000 News America Holdings 20.01.24/7.750% 17,619 0.00170,000 News America Holdings 30.10.25/7.700% 194,109 0.0260,000 Niagara Mohawk Power 144A 15.08.19/4.881% 63,526 0.01

375,000 Nissan Auto Receivables OwnerTrust 2010-A A3 15.07.14/0.870% 373,828 0.03

300,000 Nissan Auto Receivables OwnerTrust 2010-A A4 15.09.16/1.310% 297,609 0.03

18,390 Nomura Asset Acceptance2003-A1 A1 25.05.33/5.500% 18,814 0.00

120



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets



113,000 Northern Trust 15.08.13/5.500% 124,737 0.0140,000 Oncor Electric Delivery 01.09.13/5.950% 44,037 0.00

200,000 Oncor Electric Delivery 01.09.18/6.800% 233,531 0.02100,000 Oracle 15.01.16/5.250% 111,889 0.01250,000 Oracle 15.04.18/5.750% 283,277 0.02100,000 Oracle 08.07.19/5.000% 108,090 0.01235,000 Oracle 15.04.38/6.500% 272,953 0.0297,000 Oracle 144A 15.07.40/5.375% 98,230 0.0140,000 PACCAR 15.02.12/6.375% 42,389 0.00

200,000 Pacific Life Global Funding 144A 15.04.13/5.150% 213,684 0.02100,000 Pacificorp 15.07.18/5.650% 114,159 0.01

15,000 Pacificorp 15.01.19/5.500% 16,866 0.0045,000 Pacificorp 15.08.34/5.900% 47,892 0.0050,000 PC Financial Partnership 15.11.14/5.000% 53,990 0.00

250,000 PNC Bank 01.04.18/6.875% 287,868 0.02400,000 PNC Funding 11.08.20/4.375% 393,543 0.03650,000 Port Authority of New York and

New Jersey 01.11.40/5.647% 622,648 0.05650,000 Pricoa Global Funding I 144A 11.06.14/5.450% 712,258 0.06600,000 Principal Life Global Funding I

144A 15.02.12/6.250% 633,431 0.05175,000 Principal Life Income Funding

Trusts 14.12.12/5.300% 188,714 0.02332,524 Procter & Gamble - Esop 01.01.21/9.360% 418,966 0.04100,000 Protective Life Secured Trusts 01.04.11/4.000% 100,690 0.0160,000 PSE&G Transition Funding

2001-1 A6 15.06.15/6.610% 65,088 0.0130,000 PSEG Power 15.04.11/7.750% 30,564 0.00

350,000 PSEG Power 15.09.16/5.320% 382,380 0.03135,000 Public Service Electric & Gas 01.05.15/2.700% 136,003 0.01214,433 Residential Accredit Loans

2001-QS19 A2 25.12.16/6.000% 218,441 0.02747,061 Residential Accredit Loans

2003-QR19 CB4 25.10.33/5.750% 672,117 0.06477,828 Residential Accredit Loans

2003-QS13 A5 25.07.33/0.911%* 383,685 0.03397,013 Residential Accredit Loans



2004-QS3 CB 25.03.19/5.000% 844,263 0.0784,704 Residential Accredit Loans

2004-QS8 A2 25.06.34/5.000% 84,334 0.011,751 Residential Asset Securities

2002-KS4 AIIB 25.07.32/0.761%* 963 0.00571,340 Residential Asset Securitization

Trust 2003-A13 A3 25.01.34/5.500% 489,172 0.04669,958 Residential Funding Mortgage

Securities I 2003-S4 A4 25.03.33/5.750% 706,154 0.065,124 Residential Funding Mortgage

Securities I 2003-S7 A17 25.05.33/4.000% 5,116 0.00193,198 Residential Funding Mortgage

Securities I 2004-S6 2A6 25.06.34/0.000% 155,556 0.01303,478 Residential Funding Mortgage

Securities I 2004-S6 3A5 25.06.19/4.500% 310,612 0.03165,475 Residential Funding Mortgage

Securities I 2005-SA4 1A1 25.09.35/3.247%* 130,150 0.01921,654 Salomon Brothers Mortgage

Securities VII 2003-HYB1 A 25.09.33/3.200%* 923,808 0.0813,726 Salomon Brothers Mortgage

Securities VII 2003-UP2 PO1 25.12.18/0.000% 10,456 0.00530,000 Santander Drive Auto

Receivables Trust 2010-3 A2 17.06.13/0.930% 530,000 0.05325,000 Santander Drive Auto

Receivables Trust 2010-3 A3 16.06.14/1.200% 324,797 0.03450,000 Southern California Edison 15.03.39/6.050% 495,969 0.04250,000 SouthTrust Bank 15.05.25/7.690% 279,622 0.02

95,000 Staples 15.01.14/9.750% 114,527 0.01725,949 Structured Adjustable Rate

Mortgage Loan Trust 2004-163A2 25.11.34/2.736%* 347,647 0.03

475,000 Structured Adjustable RateMortgage Loan Trust 2004-65A4 25.06.34/4.934%* 461,754 0.04

400,000 Structured Asset InvestmentLoan Trust 2005-5 A9 25.06.35/0.531%* 371,869 0.03

226,688 Structured Asset Securities2002-23XS A7 25.11.32/6.580%* 228,088 0.02

740,705 Structured Asset Securities2003-29 1A1 25.09.18/4.750% 754,335 0.06

281,819 Structured Asset Securities2003-33H 1A1 25.10.33/5.500% 280,493 0.02


1,000,000 Structured Asset Securities2004-5H A4 25.12.33/5.540% 997,362 0.09


41,842 Structured Asset Securities2005-6 5A8 25.05.35/13.379%* 41,215 0.00

256,075 Structured Asset Securities2007-OSI A2 25.06.37/0.351%* 231,013 0.02

100,000 SunTrust Bank/Atlanta 15.03.18/7.250% 110,206 0.01225,000 SunTrust Banks 05.11.12/5.250% 236,113 0.02150,000 SunTrust Banks 11.09.17/6.000% 157,213 0.01150,000 Target Corp 15.01.38/7.000% 184,505 0.0230,000 TCI Communications 15.02.26/7.875% 35,324 0.00

174,000 Time Warner Entertainment 01.05.12/10.150% 193,185 0.02765,000 Toyota Auto Receivables Owner

Trust 2010-C A3 15.04.14/0.770% 763,141 0.07385,000 Toyota Motor Credit 17.06.15/3.200% 398,338 0.03250,000 UBS/Stamford 25.04.18/5.750% 270,305 0.02168,719 Union Pacific Railroad Co 2003

Pass Through Trust 02.01.24/4.698% 177,577 0.02100,000 United Parcel Service of

America 01.04.30/8.375%* 127,406 0.012,000,000 US Treasury 15.01.11/3.500% 2,516,694 0.22

31,950,000 US Treasury 15.04.11/2.375% 35,534,146 3.0512,500,000 US Treasury 31.07.14/2.625% 13,060,547 1.1212,000,000 US Treasury 31.12.14/2.625% 12,499,688 1.072,000,000 US Treasury 15.05.15/4.125% 2,200,000 0.19

200,000 US Treasury 31.03.16/2.375% 202,281 0.025,825,000 US Treasury 30.04.16/2.625% 5,955,152 0.512,000,000 US Treasury 30.09.16/3.000% 2,071,250 0.182,500,000 US Treasury 31.10.16/3.125% 2,603,516 0.227,000,000 US Treasury 15.11.16/7.500% 8,985,156 0.777,900,000 US Treasury 31.12.16/3.250% 8,261,672 0.715,000,000 US Treasury 28.02.17/3.000% 5,148,438 0.447,600,000 US Treasury 31.03.17/3.250% 7,927,750 0.681,440,000 US Treasury 30.04.17/3.125% 1,489,725 0.13

660,000 US Treasury 15.05.17/4.500% 737,344 0.064,240,000 US Treasury 15.05.17/8.750% 5,814,100 0.506,715,000 US Treasury 15.08.17/4.750% 7,601,590 0.65

18,890,000 US Treasury 15.08.17/8.875% 26,201,020 2.252,900,000 US Treasury 15.11.17/4.250% 3,191,359 0.276,765,000 US Treasury 30.11.17/2.250% 6,566,278 0.562,000,000 US Treasury 15.02.18/3.500% 2,100,313 0.185,000,000 US Treasury 15.05.18/3.875% 5,369,531 0.4612,507,000 US Treasury 15.02.19/8.875% 17,967,087 1.54

9,191,000 US Treasury 15.05.19/3.125% 9,269,985 0.806,091,000 US Treasury 15.08.19/8.125% 8,472,200 0.73

500,000 US Treasury 15.02.20/8.500% 714,375 0.063,700,000 US Treasury 15.08.20/8.750% 5,396,219 0.46

100,000 US Treasury 15.02.21/7.875% 139,234 0.014,000,000 US Treasury 15.02.23/7.125% 5,358,750 0.46

200,000 US Treasury 15.02.26/6.000% 246,344 0.02300,000 US Treasury 15.02.27/6.625% 393,094 0.03250,000 US Treasury 15.08.27/6.375% 320,508 0.03100,000 US Treasury 15.11.27/6.125% 125,125 0.01750,000 US Treasury 15.08.28/5.500% 880,078 0.08100,000 US Treasury 15.11.28/5.250% 114,141 0.01250,000 US Treasury 15.02.31/5.375% 290,508 0.02

3,000,000 US Treasury (Strip Principal) 15.11.16/0.000% 2,598,496 0.227,486,000 US Treasury (Strip Principal) 15.05.17/0.000% 6,337,501 0.541,400,000 US Treasury (Strip Principal) 15.05.20/0.000% 1,014,689 0.093,200,000 US Treasury (Strip) 15.02.14/0.000% 3,084,971 0.275,500,000 US Treasury (Strip) 15.05.14/0.000% 5,254,284 0.452,000,000 US Treasury (Strip) 15.08.14/0.000% 1,897,628 0.161,000,000 US Treasury (Strip) 15.11.14/0.000% 941,424 0.08

800,000 US Treasury (Strip) 15.02.15/0.000% 745,354 0.063,000,000 US Treasury (Strip) 15.05.15/0.000% 2,769,749 0.244,660,000 US Treasury (Strip) 15.11.15/0.000% 4,215,376 0.362,535,000 US Treasury (Strip) 15.05.16/0.000% 2,242,915 0.19

14,600,000 US Treasury (Strip) 15.08.16/0.000% 12,751,288 1.1012,850,000 US Treasury (Strip) 15.11.16/0.000% 11,107,680 0.953,305,000 US Treasury (Strip) 15.02.17/0.000% 2,822,619 0.244,299,000 US Treasury (Strip) 15.08.17/0.000% 3,586,123 0.312,380,000 US Treasury (Strip) 15.11.17/0.000% 1,964,176 0.171,600,000 US Treasury (Strip) 15.08.18/0.000% 1,276,563 0.116,950,000 US Treasury (Strip) 15.05.19/0.000% 5,332,664 0.468,850,000 US Treasury (Strip) 15.08.19/0.000% 6,692,086 0.572,000,000 US Treasury (Strip) 15.02.20/0.000% 1,465,497 0.13

10,975,000 US Treasury (Strip) 15.05.20/0.000% 7,917,190 0.685,100,000 US Treasury (Strip) 15.08.20/0.000% 3,622,800 0.31

350,000 US Treasury (Strip) 15.11.20/0.000% 245,536 0.021,500,000 US Treasury (Strip) 15.08.21/0.000% 1,007,506 0.09

200,000 US Treasury (Strip) 15.11.21/0.000% 132,089 0.01500,000 US Treasury (Strip) 15.02.22/0.000% 325,349 0.03200,000 US Treasury (Strip) 15.05.24/0.000% 114,322 0.01850,000 US Treasury (Strip) 15.11.24/0.000% 471,373 0.04200,000 US Treasury (Strip) 15.02.25/0.000% 109,395 0.01

121



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

1,150,000 US Treasury (Strip) 15.08.25/0.000% 610,634 0.051,200,000 US Treasury (Strip) 15.05.26/0.000% 608,406 0.05

100,000 US Treasury (Strip) 15.02.27/0.000% 48,550 0.00300,000 US Treasury (Strip) 15.05.27/0.000% 143,834 0.01

3,000,000 US Treasury (Strip) 15.11.27/0.000% 1,400,375 0.12550,000 US Treasury (Strip) 15.02.28/0.000% 253,063 0.02400,000 US Treasury (Strip) 15.05.28/0.000% 181,681 0.02750,000 US Treasury (Strip) 15.02.29/0.000% 327,980 0.03

2,500,000 US Treasury (Strip) 15.11.29/0.000% 1,053,655 0.09650,000 US Treasury (Strip) 15.02.30/0.000% 270,753 0.02400,000 US Treasury (Strip) 15.05.30/0.000% 164,425 0.01

1,125,000 US Treasury (Strip) 15.02.32/0.000% 424,159 0.04250,000 US Treasury (Strip) 15.11.32/0.000% 90,805 0.01300,000 US Treasury (Strip) 15.02.33/0.000% 107,630 0.01250,000 US Treasury (Strip) 15.02.35/0.000% 81,367 0.01

112,319 Vendee Mortgage Trust 1998-1 2E 15.03.28/7.000% 129,512 0.01866,570 Vendee Mortgage Trust 1998-2 1G 15.06.28/6.750% 1,006,369 0.09

1,000,000 Wachovia Bank 15.11.17/6.000% 1,107,739 0.10250,000 Wachovia Bank 15.01.38/6.600% 272,924 0.02192,691 Wachovia Bank Commercial

Mortgage Trust 2004-C15 A2 15.10.41/4.039% 193,713 0.02179,934 WaMu Mortgage Pass Through

Certificates 2003-AR7 A7 25.08.33/2.674%* 178,923 0.0296,806 WaMu Mortgage Pass Through

Certificates 2003-AR8 A 25.08.33/2.717%* 97,975 0.011,238,391 WaMu Mortgage Pass Through

Certificates 2003-AR9 1A6 25.09.33/2.711%* 1,199,359 0.101,000,000 WaMu Mortgage Pass Through

Certificates 2003-S1 A5 25.04.33/5.500% 1,030,867 0.09244,172 WaMu Mortgage Pass Through

Certificates 2003-S10 A2 25.10.18/5.000% 253,741 0.02826,905 WaMu Mortgage Pass Through


Certificates 2003-S11 2A5 25.11.33/16.333%* 399,252 0.031,625,901 WaMu Mortgage Pass Through

Certificates 2003-S6 2A1 25.07.18/5.000% 1,668,408 0.14920,664 WaMu Mortgage Pass Through


Certificates 2003-S8 A5 25.09.18/4.500% 824,392 0.071,500,000 WaMu Mortgage Pass Through

Certificates 2004-CB1 3A2 25.06.34/5.500% 1,566,870 0.14757,530 WaMu Mortgage Pass Through

Certificates 2004-CB3 4A 25.10.19/6.000% 781,390 0.07694,400 WaMu Mortgage Pass Through

Certificates 2004-RS2 A4 25.11.33/5.000% 723,832 0.06571,414 WaMu Mortgage Pass Through

Certificates 2004-S2 2A4 25.06.34/5.500% 568,314 0.051,295,768 WaMu Mortgage Pass Through

Certificates 2004-S3 1A5 25.07.34/5.000% 1,337,000 0.12535,856 WaMu Mortgage Pass Through

Certificates 2004-S3 3A2 25.07.34/6.000% 535,434 0.05383,581 Washington Mutual Alternative

Mortgage Pass-ThroughCertificates 2003-MS2 1A1 25.02.33/5.750% 387,744 0.03

1,779,582 Washington Mutual AlternativeMortgage Pass-ThroughCertificates 2005-3 CX 25.05.35/5.500% 313,882 0.03

484,771 Washington Mutual AlternativeMortgage Pass-ThroughCertificates 2005-4 CB7 25.06.35/5.500% 417,080 0.04

107,000 Waste Management 30.06.20/4.750% 109,663 0.01200,000 WEA Finance 144A 15.04.18/7.125% 226,269 0.02100,000 WEA Finance/WT Finance Aust

144A 02.09.19/6.750% 111,508 0.01300,000 Wells Fargo Bank 09.02.15/4.750% 317,852 0.03

94,323 Wells Fargo Mortgage BackedSecurities Trust 2002-1 APO 25.02.32/0.000% 76,860 0.01

213,833 Wells Fargo Mortgage BackedSecurities Trust 2003-11 1A4 25.10.18/4.750% 215,580 0.02

813,210 Wells Fargo Mortgage BackedSecurities Trust 2004-4 A9 25.05.34/5.500% 853,417 0.07

1,814,531 Wells Fargo Mortgage BackedSecurities Trust 2004-7 2A2 25.07.19/5.000% 1,892,657 0.16

135,809 Wells Fargo Mortgage BackedSecurities Trust 2004-BB A4 25.01.35/2.748%* 134,595 0.01

355,249 Wells Fargo Mortgage BackedSecurities Trust 2004-EE 3A1 25.12.34/2.966%* 351,086 0.03

386,934 Wells Fargo Mortgage BackedSecurities Trust 2004-P 2A1 25.09.34/2.911%* 385,251 0.03

613,563 Wells Fargo Mortgage BackedSecurities Trust 2005-1 2A1 25.01.20/5.000% 621,526 0.06

347,991 Wells Fargo Mortgage BackedSecurities Trust 2005-13 A1 25.11.20/5.000% 362,528 0.03

1,000,000 Wells Fargo Mortgage BackedSecurities Trust 2007-9 1A8 25.07.37/5.500% 997,622 0.09

254,482 World Omni Auto ReceivablesTrust 2009-A A3 15.05.13/3.330% 257,954 0.02

230,000 World Omni Auto ReceivablesTrust 2010-A A4 15.05.15/2.210% 234,536 0.02

1,039,041,340 89.27

UNITED KINGDOM220,000 Barclays Bank 23.01.13/2.500% 223,439 0.02100,000 Barclays Bank 10.07.14/5.200% 107,534 0.01382,000 Barclays Bank 07.04.15/3.900% 394,468 0.03100,000 Barclays Bank 22.05.19/6.750% 112,902 0.01250,000 Barclays Bank 08.01.20/5.125% 254,125 0.02585,000 Barclays Bank 144A 21.09.15/2.500% 570,236 0.05300,000 Barclays Bank 144A 04.12.17/6.050% 307,079 0.03439,000 HSBC Bank 144A 28.06.15/3.500% 450,013 0.04361,000 HSBC Bank 144A 12.08.20/4.125% 352,037 0.03

2,771,833 0.24

AUSTRALIA350,000 FBG Finance 144A 15.06.15/5.125% 370,964 0.03350,000 Macquarie Group 144A 01.08.14/7.300% 382,480 0.03800,000 National Australia Bank 144A 08.01.13/2.500% 812,598 0.07195,000 National Australia Bank 144A 02.03.15/3.750% 201,321 0.02675,000 National Australia Bank 144A 28.09.15/2.750% 664,197 0.06

2,431,560 0.21

NETHERLANDS300,000 Deutsche Telekom International

Finance 08.07.19/6.000% 340,546 0.03170,000 Diageo Finance 01.04.13/5.500% 185,115 0.02150,000 Diageo Finance 28.10.15/5.300% 166,687 0.02100,000 Koninklijke Philips Electronics 01.06.26/7.200% 118,730 0.01158,000 Rabobank Nederland 13.10.15/2.125% 152,724 0.01700,000 Rabobank Nederland 144A 11.03.15/3.200% 713,694 0.06100,000 Siemens

Financieringsmaatschappij 144A 17.10.16/5.750% 114,279 0.01166,000 Volkswagen International

Finance 144A 12.08.13/1.625% 165,330 0.01

1,957,105 0.17

SWEDEN300,000 Nordea Bank 144A 04.10.13/1.750% 298,247 0.04

1,463,000 Stadshypotek 144A 30.09.13/1.450% 1,454,174 0.12

1,752,421 0.16

CAYMAN ISLANDS1,500,000 TIAA Seasoned Commercial

Mortgage Trust 2007-C4 A3 15.08.39/6.049%* 1,646,610 0.14

1,646,610 0.14

CANADA414,000 Bank of Nova Scotia 144A 29.10.15/1.650% 396,102 0.03150,000 ConocoPhillips Canada Funding

Co. I 15.10.16/5.625% 170,408 0.0240,000 Husky Energy 15.06.19/6.150% 44,044 0.00

130,000 Petro-Canada 15.05.18/6.050% 147,334 0.01200,000 Petro-Canada 15.05.38/6.800% 225,934 0.02270,000 Province of Quebec Canada 30.01.26/6.350% 322,749 0.03

1,306,571 0.11

NORWAY568,000 DnB NOR Boligkreditt 144A 14.10.15/2.100% 547,192 0.05183,000 Statoil 17.08.17/3.125% 180,201 0.01

727,393 0.06

FRANCE550,000 Total Capital 15.03.16/2.300% 535,790 0.05

535,790 0.05

ITALY400,000 ENI 01.10.40/5.700% 378,958 0.03

378,958 0.03

LUXEMBOURG150,000 Enel Finance International 144A 07.10.19/5.125% 149,532 0.01

149,532 0.01

NEW ZEALAND140,000 ANZ National Int’l/London 144A 21.12.12/2.375% 141,731 0.01

141,731 0.01

122



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JAPAN114,000 Bank of Tokyo Mitsubishi 144A 22.01.15/3.850% 119,145 0.01

119,145 0.01

INTERNATIONAL AGENCIES20,000 Corporacion Andina de Fomento 21.05.13/5.200% 21,361 0.00

21,361 0.00

Total Bonds 1,052,981,350 90.47

Investment Funds



32,680,023 2.81



1,085,661,373 93.28


Bonds

UNITED STATES OF AMERICA345,000 Greenwich Capital Commercial

Funding 2002-C1 A4 11.01.35/4.948% 361,280 0.03180,000 Lehman Brothers Holdings

(Defaulted) 10.11.09/3.950% 42,525 0.00310,000 Lehman Brothers Holdings




(Defaulted) 28.12.17/6.750% 41 0.001,000,000 Lehman Mortgage Trust 2008-2

1A6 25.03.38/6.000% 801,734 0.07250,000 Travelers Life & Annunity Global

Funding I 144A 15.08.14/5.125% 274,950 0.02

1,630,550 0.14

Total Bonds 1,630,550 0.14



Bank Overdraft (4,778,952) (0.41)


Total Net Assets 1,163,919,955 100.00



Fixed Income SecuritiesUnited States of America 96.86Canada 0.50United Kingdom 0.49Netherlands 0.31Australia 0.28Cayman Islands 0.18Sweden 0.16Luxembourg 0.09Norway 0.06France 0.06Japan 0.06Mexico 0.04Spain 0.04Italy 0.03New Zealand 0.01Bermuda 0.00International Agencies 0.00Total Fixed Income Securities 99.17Investment FundsLuxembourg 2.81Total Investment Funds 2.81Bank Overdraft and Other Assets/(Liabilities) (1.98)

Total 100.00


Fixed Income SecuritiesUnited States of America 87.18United Kingdom 0.50Canada 0.35Netherlands 0.29Australia 0.25Cayman Islands 0.17Luxembourg 0.11Japan 0.05Mexico 0.05Spain 0.04France 0.03Germany 0.02Bermuda 0.01International Agencies 0.00Total Fixed Income Securities 89.05Cash and Other Assets/(Liabilities) 10.95

Total 100.00

123



Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

JPMorgan Funds - US Aggregate Bond FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)




AmountSold


11-Jan-11 EUR 100,138 USD 132,891 1,24011-Jan-11 USD 2,432 EUR 1,831 (21)10-Feb-11 USD 513 EUR 387 (6)

Total 1,213

124


Shares

UNITED STATES OF AMERICA38,500 Advance Auto Parts 2,559,865 0.5036,700 AES 446,822 0.0911,500 Affiliated Managers Group 1,132,060 0.22

109,400 AGCO 5,549,315 1.0813,200 Ameren 371,514 0.0725,500 American Electric Power 917,872 0.1819,400 American Tower - A Shares 995,511 0.2055,800 AMERIGROUP 2,480,031 0.48

155,400 Ameriprise Financial 8,918,406 1.7394,600 AmerisourceBergen 3,232,955 0.63

109,300 Apartment Investment & Management - A Shares 2,837,974 0.5681,200 Apple 26,146,400 5.08

152,800 Arch Coal 5,356,404 1.04280,800 AT&T 8,248,500 1.60

71,600 Baker Hughes 4,055,782 0.7962,400 Ball 4,238,208 0.82

457,600 Bank of America 6,083,792 1.1849,600 Biogen Idec 3,321,464 0.65142,100 Capital One Financial 6,032,145 1.17331,000 CBS - B Shares 6,312,170 1.2323,600 Centerpoint Energy 372,290 0.0714,000 CenturyLink 648,550 0.1343,900 CF Industries Holdings 5,977,424 1.16

182,800 Chevron 16,643,026 3.232,970,400 Citigroup 14,094,548 2.74

105,600 Coca-Cola 6,916,272 1.34171,800 Complete Production Services 4,990,790 0.9714,600 Consolidated Edison 722,408 0.14

127,700 Constellation Brands - A Shares 2,824,085 0.5511,400 Constellation Energy Group 350,151 0.07

155,800 Dana Holding 2,651,716 0.52257,100 Dell 3,487,561 0.68164,300 Discover Financial Services 3,003,404 0.5830,900 Dominion Resources 1,322,675 0.26

150,900 Dr Pepper Snapple Group 5,321,488 1.039,000 DTE Energy 408,285 0.08

70,900 Duke Energy 1,260,956 0.2561,600 Eaton 6,227,452 1.2117,600 Edison International 681,032 0.13

146,457 EI du Pont de Nemours & Co. 7,270,858 1.41438,300 EMC/Massachusetts 9,991,048 1.94

73,800 Endo Pharmaceuticals Holdings 2,642,409 0.519,900 Entergy 700,178 0.14

34,200 Exelon 1,416,393 0.28195,300 Exxon Mobil 14,275,453 2.78106,500 Family Dollar Stores 5,329,260 1.04

16,500 FirstEnergy 613,718 0.12265,500 Foot Locker 5,239,643 1.02479,400 Ford Motor 7,970,025 1.55

90,500 Forest Laboratories 2,893,737 0.5761,600 Freeport-McMoRan Copper & Gold 7,350,420 1.4311,400 Google - A Shares 6,799,929 1.3252,200 Humana 2,847,771 0.55

254,500 IAC/InterActive 7,432,672 1.4474,700 International Business Machines 10,915,164 2.13

119,300 International Paper 3,246,750 0.63259,900 Interpublic Group of Companies 2,756,239 0.54

32,300 Joy Global 2,798,634 0.54182,200 KBR 5,552,545 1.08138,600 Kroger 3,097,017 0.6055,600 Lam Research 2,888,142 0.5633,900 Legg Mason 1,222,603 0.24

106,200 Lincoln National 2,924,217 0.5788,500 Ltd Brands 2,741,288 0.53

224,300 Macy’s 5,646,752 1.1070,100 Merck & Co. 2,526,404 0.4956,800 MetLife 2,522,488 0.49

277,700 Microsoft 7,713,117 1.5081,200 Murphy Oil 6,076,196 1.18

146,400 Mylan 3,076,596 0.61342,800 Nasdaq OMX Group 8,139,786 1.58100,300 National Oilwell Varco 6,713,581 1.3048,200 Navistar International 2,794,395 0.5422,000 NextEra Energy 1,141,250 0.2214,600 NiSource 257,909 0.058,500 Northeast Utilities 272,127 0.05

14,800 NRG Energy 286,158 0.0694,700 Occidental Petroleum 9,247,455 1.80

5,000 Oneok 278,525 0.05257,300 Oracle 7,967,294 1.5568,000 Parker Hannifin 5,848,340 1.14

365,700 Pfizer 6,401,579 1.2419,600 PG&E 935,998 0.18

130,100 Philip Morris International 7,593,287 1.4825,300 PPL 662,987 0.138,500 priceline.com 3,417,382 0.66

129,400 Procter & Gamble 8,286,129 1.6115,000 Progress Energy 652,725 0.1327,000 Public Service Enterprise Group 852,255 0.17

344,400 RF Micro Devices 2,564,058 0.5062,300 SanDisk 3,103,475 0.6013,300 Sempra Energy 697,053 0.1343,100 Southern 1,650,515 0.32

146,700 Sprint Nextel 615,407 0.1276,100 Target 4,554,966 0.8858,400 Time Warner Cable 3,840,384 0.75168,977 Timken 8,146,381 1.5886,800 Torchmark 5,213,642 1.01213,200 United Continental Holdings 5,183,958 1.01122,200 UnitedHealth Group 4,390,035 0.8560,400 Universal Health Services - B Shares 2,637,668 0.51120,100 Unum 2,899,815 0.56162,400 Valero Energy 3,750,628 0.73134,300 Verizon Communications 4,807,940 0.93157,800 Viacom - B Shares 6,203,118 1.21342,700 Vishay Intertechnology 5,111,371 0.99

91,900 Wal-Mart Stores 4,963,979 0.96107,600 Watson Pharmaceuticals 5,505,892 1.07236,600 Wells Fargo & Co. 7,309,757 1.42

6,200 Wisconsin Energy 365,924 0.07179,800 Wyndham Worldwide 5,376,919 1.0423,800 Xcel Energy 560,371 0.10

279,400 Xerox 3,208,909 0.62

490,030,296 95.23

SWITZERLAND58,600 ACE 3,641,990 0.72

145,900 Tyco Electronics 5,114,525 0.99

8,756,515 1.71

IRELAND106,400 Accenture - A Shares 5,147,632 1.00

5,147,632 1.00

BERMUDA30,400 Everest Re Group 2,584,912 0.50

2,584,912 0.50

CAYMAN ISLANDS37,300 Herbalife 2,543,674 0.49

2,543,674 0.49

Total Shares 509,063,029 98.93


509,063,029 98.93


Cash 4,599,108 0.89



125

JPMorgan Funds - US Dynamic FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesInformation Technology 19.66Consumer Discretionary 15.51Financials 15.27Energy 12.78Health Care 8.65Industrials 7.64Consumer Staples 6.61Materials 6.49Utilities 3.54Telecommunication Services 2.78Total Shares 98.93Cash and Other Assets/(Liabilities) 1.07

Total 100.00


SharesInformation Technology 20.40Financials 16.82Consumer Discretionary 11.27Energy 10.52Consumer Staples 10.02Health Care 9.77Industrials 9.44Materials 4.12Utilities 4.06Telecommunication Services 2.43Total Shares 98.85Cash and Other Assets/(Liabilities) 1.15

Total 100.00

126

JPMorgan Funds - US Dynamic FundSchedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED STATES OF AMERICA227,640 ACCO Brands 1,959,980 1.45135,130 Altra Holdings 2,734,356 2.0265,170 Approach Resources 1,475,775 1.09

100,910 Archipelago Learning 1,009,605 0.7580,640 Associated Banc-Corp 1,236,614 0.9119,470 Blackboard 803,430 0.5970,880 Brinker International 1,485,645 1.1061,760 Brunswick 1,156,147 0.85

222,410 Calamos Asset Management - A Shares 3,091,499 2.2935,500 Catalyst Health Solutions 1,664,240 1.2390,541 Cbeyond 1,387,541 1.03

152,540 Chico’s FAS 1,844,209 1.3614,280 Cimarex Energy 1,272,348 0.94117,125 Comfort Systems USA 1,564,204 1.1624,130 CoStar Group 1,394,593 1.03

105,210 Coventry Health Care 2,775,440 2.0517,910 Cracker Barrel Old Country Store 996,512 0.7474,220 Cumberland Pharmaceuticals 444,207 0.3388,298 Deltek 628,682 0.4669,029 DemandTec 729,637 0.5489,710 Dice Holdings 1,297,207 0.9642,400 Dick’s Sporting Goods 1,596,784 1.18

148,959 Douglas Dynamics 2,299,182 1.7079,110 Drew Industries 1,857,107 1.3755,224 eHealth 795,226 0.5998,930 Einstein Noah Restaurant Group 1,382,547 1.02

100,320 Epoch Holding 1,586,059 1.1765,850 Exterran Holdings 1,586,985 1.1765,614 First Financial Bancorp 1,242,073 0.92

127,480 First Niagara Financial Group 1,804,479 1.3436,950 First of Long Island 1,064,530 0.7939,310 Forward Air 1,134,093 0.8445,130 Glacier Bancorp 696,356 0.5117,440 Greenhill & Co. 1,441,416 1.0739,720 Hansen Natural 2,083,711 1.5464,970 Herman Miller 1,665,181 1.23

196,180 HFF - A Shares 1,897,061 1.4022,920 HOT Topic 146,230 0.1151,240 Iberiabank 3,075,937 2.2752,050 Interline Brands 1,178,672 0.8747,845 J&J Snack Foods 2,353,974 1.7492,730 Jarden 2,857,011 2.11

258,860 JMP Group 1,975,102 1.46128,360 KAR Auction Services 1,788,055 1.32

42,310 Kaydon 1,715,882 1.2757,160 KBW 1,606,482 1.19

44,390 Knight Transportation 849,403 0.6323,990 Micros Systems 1,056,400 0.78

108,640 Monarch Casino & Resort 1,401,999 1.04130,170 Monotype Imaging Holdings 1,465,714 1.0825,449 Morningstar 1,364,321 1.0123,920 MWI Veterinary Supply 1,549,896 1.1568,638 Myriad Genetics 1,568,721 1.1650,140 NCI Building Systems 703,715 0.5242,700 NetSuite 1,064,084 0.7931,039 Northwest Natural Gas 1,459,609 1.0856,360 NorthWestern 1,638,385 1.2169,540 NTELOS Holdings 1,329,257 0.9853,160 NutriSystem 1,138,687 0.8485,360 Omnicell 1,251,378 0.9389,990 optionsXpress Holdings 1,420,042 1.0574,959 Papa John’s International 2,089,107 1.5483,990 Patterson-UTI Energy 1,807,045 1.3463,520 Penn National Gaming 2,221,294 1.6479,110 PetMed Express 1,444,944 1.07

63,020 Pool 1,461,749 1.0850,670 ProAssurance 3,102,524 2.2974,320 PSS World Medical 1,686,321 1.2558,583 RBC Bearings 2,276,535 1.68

102,160 Resolute Energy 1,507,371 1.1118,044 RLI 951,370 0.7082,563 Shuffle Master 946,585 0.7070,910 Silgan Holdings 2,566,233 1.9045,750 SolarWinds 890,524 0.66

148,819 Soundbite Communications 421,902 0.3131,530 SuccessFactors 935,968 0.69

104,780 Team 2,562,395 1.8935,850 Tidewater 1,921,022 1.42

47,000 Toll Brothers 892,295 0.66205,140 Umpqua Holdings 2,541,685 1.8848,330 VCA Antech 1,128,022 0.8360,020 Vocus 1,664,054 1.2346,810 Waste Connections 1,289,850 0.96

143,940 Western Alliance Bancorp 1,054,360 0.7841,870 Williams-Sonoma 1,502,714 1.11

129,909,486 96.03

CANADA71,540 FirstService 2,158,362 1.60

2,158,362 1.60

Total Shares 132,067,848 97.63


132,067,848 97.63


Shares

UNITED STATES OF AMERICA225,900 Caliber Learning Network 23 0.00

23 0.00

Total Shares 23 0.00

Convertible Bonds

UNITED STATES OF AMERICA16,303 Caliber Learnings - A Shares 31.12.49/0.000% 0 0.00

0 0.00

Total Convertible Bonds 0 0.00

Total Other Transferable Securities 23 0.00


Cash 3,307,687 2.45



127

JPMorgan Funds - US Small and Micro Cap FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


SharesFinancials 22.61Consumer Discretionary 18.89Industrials 18.75Information Technology 9.08Health Care 6.85Consumer Staples 6.84Energy 5.65Materials 4.66Utilities 2.29Telecommunication Services 2.01Total Shares 97.63Cash and Other Assets/(Liabilities) 2.37

Total 100.00


SharesFinancials 24.28Consumer Discretionary 18.18Industrials 14.64Information Technology 11.63Consumer Staples 6.61Materials 5.98Energy 5.67Health Care 4.86Utilities 2.81Telecommunication Services 2.50Total Shares 97.16Cash and Other Assets/(Liabilities) 2.84

Total 100.00

128

JPMorgan Funds - US Small and Micro Cap FundSchedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

UNITED STATES OF AMERICA8,800 Alexion Pharmaceuticals 708,576 1.818,800 Allergan 607,244 1.55

10,500 Amazon.com 1,901,655 4.857,600 American Tower - A Shares 389,994 0.99

12,900 Amphenol - A Shares 677,766 1.739,800 Apple 3,155,600 8.059,400 BorgWarner 682,111 1.748,800 Broadcom - A Shares 382,580 0.984,100 Celgene 241,429 0.625,600 CH Robinson Worldwide 446,908 1.143,700 Coca-Cola 242,332 0.62

19,700 Cognizant Technology Solutions - A Shares 1,444,995 3.686,200 Concho Resources/Midland TX 540,671 1.388,200 Cummins 896,752 2.295,600 Dendreon 196,168 0.50

20,300 DirecTV - A Shares 809,260 2.065,100 Discovery Communications - A Shares 212,084 0.547,400 Dolby Laboratories - A Shares 491,323 1.25

12,200 Dollar Tree 685,457 1.758,000 Edwards Lifesciences 648,200 1.655,500 Estée Lauder Companies - A Shares 439,093 1.12

22,900 Express Scripts 1,226,066 3.134,500 F5 Networks 589,433 1.503,400 Factset Research Systems 320,926 0.823,100 Fossil 218,829 0.565,550 Freeport-McMoRan Copper & Gold 662,254 1.69

10,500 General Mills 373,013 0.958,000 Goodrich 700,960 1.791,200 Google - A Shares 715,782 1.837,300 Illumina 462,090 1.187,200 International Business Machines 1,052,064 2.68

400 Intuitive Surgical 103,082 0.265,000 Joy Global 433,225 1.105,500 Lam Research 285,697 0.73

14,800 McDonald’s 1,130,646 2.884,100 National Oilwell Varco 274,433 0.70

14,300 NetApp 783,854 2.001,400 NetFlix 250,089 0.645,100 Nordstrom 216,087 0.556,800 Occidental Petroleum 664,020 1.69

26,250 Oracle 812,831 2.0714,100 O’Reilly Automotive 852,275 2.178,100 Paccar 462,226 1.189,600 Philip Morris International 560,304 1.434,400 Praxair 417,890 1.064,100 Precision Castparts 569,285 1.451,700 priceline.com 683,476 1.74

10,900 Red Hat 499,056 1.275,300 Salesforce.com 694,379 1.775,100 SanDisk 254,057 0.65

4,400 Sherwin-Williams 370,040 0.945,700 T Rowe Price Group 365,427 0.937,900 Union Pacific 728,577 1.862,900 Urban Outfitters 104,168 0.274,000 VMware - A Shares 355,440 0.911,500 Whiting Petroleum 174,360 0.445,800 WW Grainger 801,154 2.044,000 Wynn Resorts 410,520 1.05

35,378,213 90.21

BRAZIL12,500 Companhia de Bebidas das Americas Preference

Shares ADR 393,063 1.0011,700 Vale ADR 401,427 1.03

794,490 2.03

DENMARK6,700 Novo Nordisk ADR 753,884 1.92

753,884 1.92

NETHERLANDS ANTILLES4,400 Schlumberger 365,926 0.94

365,926 0.94

CHINA3,400 Baidu China ADR 331,347 0.84

331,347 0.84

UNITED KINGDOM16,000 ARM Holdings ADR 324,240 0.83

324,240 0.83

ISRAEL1,400 Teva Pharmaceutical Industries ADR 72,457 0.18

72,457 0.18

Total Shares 38,020,557 96.95


38,020,557 96.95


Cash 641,105 1.63




SharesInformation Technology 33.76Consumer Discretionary 24.84Health Care 12.80Industrials 9.63Energy 5.15Consumer Staples 5.12Materials 4.72Financials 0.93Total Shares 96.95Cash and Other Assets/(Liabilities) 3.05

Total 100.00


SharesInformation Technology 28.99Consumer Discretionary 16.56Industrials 12.30Health Care 11.77Energy 10.29Consumer Staples 5.64Financials 5.44Materials 4.39Telecommunication Services 0.47Utilities 0.35Total Shares 96.20Cash and Other Assets/(Liabilities) 3.80

Total 100.00

129

JPMorgan Funds - US Strategic Growth FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - US Strategic Growth FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)




AmountSold


14-Jan-11 EUR 6,286,745 USD 8,324,580 96,24214-Jan-11 USD 2,884,165 EUR 2,173,356 (26,951)

Total 69,291

130


Shares

UNITED STATES OF AMERICA34,300 Adobe Systems 1,046,150 0.9328,100 Agilent Technologies 1,165,447 1.0351,430 Amazon.com 9,314,487 8.2620,330 Amphenol - A Shares 1,068,138 0.9523,600 Apple 7,599,200 6.7462,000 Aruba Networks 1,294,870 1.1541,900 Autodesk 1,609,379 1.4370,520 Broadcom - A Shares 3,065,857 2.7254,900 BroadSoft 1,317,600 1.1746,300 CA 1,126,247 1.0047,350 Cavium Networks 1,801,431 1.6090,560 Ciena 1,904,930 1.69

60 Cisco Systems 1,207 0.0024,850 Cognizant Technology Solutions - A Shares 1,822,747 1.61

123,250 Corning 2,383,039 2.1134,800 DirecTV - A Shares 1,387,302 1.23137,650 EMC/Massachusetts 3,137,732 2.7810,590 Equinix 859,061 0.7618,750 F5 Networks 2,455,969 2.18

39,440 Fidelity National Information Services 1,086,769 0.962,790 Google - A Shares 1,664,193 1.47

14,920 Hewlett-Packard 626,267 0.55102,250 Informatica 4,519,961 4.0128,350 Inphi 575,080 0.5145,030 Intel 944,054 0.8454,020 IntraLinks Holdings 1,029,351 0.9190,600 JDS Uniphase 1,321,401 1.17142,100 Juniper Networks 5,256,989 4.6629,720 Kla-Tencor 1,154,919 1.0237,560 Lam Research 1,951,054 1.7323,700 LogMeIn 1,062,826 0.9425,300 Micros Systems 1,114,086 0.9970,900 Motorola 634,201 0.5683,550 NetApp 4,579,793 4.067,200 OpenTable 513,432 0.45

140,280 Oracle 4,343,770 3.853,100 priceline.com 1,246,339 1.11

86,750 Qualcomm 4,281,546 3.8042,650 Rackspace Hosting 1,343,049 1.1949,900 RealPage 1,452,090 1.29

17,210 Red Hat 787,960 0.7018,320 Salesforce.com 2,400,195 2.13

116,650 Sanmina-SCI 1,340,892 1.1943,000 SolarWinds 836,995 0.7445,100 Sourcefire 1,180,267 1.0563,980 Symantec 1,066,867 0.9544,500 Taleo - A Shares 1,237,323 1.10

206,900 TIBCO Software 4,079,034 3.6235,160 Varian Semiconductor Equipment Associates 1,298,459 1.1517,610 VMware - A Shares 1,564,825 1.3942,610 Xerox 489,376 0.43

101,344,156 89.86

BERMUDA147,770 Marvell Technology Group 2,707,885 2.40

2,707,885 2.40

UNITED KINGDOM121,000 ARM Holdings ADR 2,452,065 2.17

2,452,065 2.17

SWITZERLAND47,840 Tyco Electronics 1,677,031 1.49

1,677,031 1.49

TAIWAN103,286 Taiwan Semiconductor Manufacturing ADR 1,286,427 1.14

1,286,427 1.14

CAYMAN ISLANDS12,000 Baidu ADR 1,169,460 1.04

1,169,460 1.04

CANADA7,840 Research In Motion 451,702 0.40

451,702 0.40

Total Shares 111,088,726 98.50


111,088,726 98.50


Cash 1,927,697 1.71




SharesInformation Technology 87.45Consumer Discretionary 11.05Total Shares 98.50Cash and Other Assets/(Liabilities) 1.50

Total 100.00


SharesInformation Technology 85.70Consumer Discretionary 7.74Industrials 2.24Telecommunication Services 1.77Total Shares 97.45Cash and Other Assets/(Liabilities) 2.55

Total 100.00

131

JPMorgan Funds - US Technology FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED STATES OF AMERICA128,180 Albemarle 7,176,798 0.87219,830 Altria Group 5,386,934 0.66210,190 American Electric Power 7,565,789 0.9286,000 Ameriprise Financial 4,935,540 0.60315,210 AmerisourceBergen 10,772,302 1.31

105,200 Aon 4,827,102 0.59832,650 AT&T 24,459,094 2.9826,080 AutoZone 7,136,531 0.87

685,478 Bank of America 9,113,430 1.11185,860 Bank of New York Mellon 5,612,043 0.68

71,620 Baxter International 3,617,884 0.4484,800 BB&T 2,228,544 0.27123,700 Becton Dickinson & Co. 10,486,668 1.28139,300 Bed Bath & Beyond 6,837,541 0.84

33 Berkshire Hathaway - A Shares 3,929,310 0.48299,000 Bristol-Myers Squibb 7,895,095 0.96

87,000 Brown-Forman - B Shares 6,036,930 0.73201,800 Capital One Financial 8,566,410 1.05227,000 CBS - B Shares 4,328,890 0.53

89,710 CenturyLink 4,155,816 0.51428,322 Charles Schwab 7,317,881 0.89252,080 Chevron 22,950,624 2.80201,540 Chubb 12,033,953 1.47

87,520 Cincinnati Financial 2,778,760 0.342,552,870 Citigroup 12,113,368 1.48

203,460 Coca-Cola 13,325,613 1.63183,971 ConocoPhillips 12,545,902 1.53

167,040 CVS Caremark 5,820,509 0.71292,340 Devon Energy 22,856,603 2.79294,600 El Paso 4,037,493 0.4980,400 Emerson Electric 4,602,498 0.56

296,430 Exxon Mobil 21,667,551 2.65127,000 Fortune Brands 7,637,145 0.93514,800 Gannett 7,698,834 0.94589,340 Gap 13,109,868 1.60208,300 Genuine Parts 10,674,334 1.30171,650 Hewlett-Packard 7,205,009 0.88178,830 Home Depot 6,204,507 0.7666,500 Humana 3,627,908 0.44218,530 Illinois Tool Works 11,697,911 1.4345,180 International Business Machines 6,601,702 0.8083,800 JM Smucker 5,495,604 0.67

260,570 Johnson & Johnson 16,091,500 1.97210,380 Johnson Controls 8,047,035 0.98376,230 Loews 14,635,347 1.7973,420 M&T Bank 6,343,855 0.7724,200 Martin Marietta Materials 2,257,013 0.2719,800 Mastercard - A Shares 4,436,883 0.5496,690 McDonald’s 7,386,633 0.90

555,502 Merck & Co. 20,020,292 2.44184,070 MetLife 8,174,549 1.00347,470 Microsoft 9,650,979 1.18158,000 NextEra Energy 8,196,250 1.00

51,600 Nike - B Shares 4,399,932 0.54248,340 Northeast Utilities 7,950,605 0.97403,200 Old Republic International 5,511,744 0.67212,580 Oneok 11,841,769 1.45106,090 Owens-Illinois 3,243,702 0.40572,380 Pfizer 10,019,512 1.23157,900 PG&E 7,540,515 0.9264,450 PPG Industries 5,414,767 0.66

198,000 Procter & Gamble 12,678,930 1.5571,200 Prudential Financial 4,150,604 0.51

127,830 Qualcomm 6,309,050 0.77109,000 Regency Centers 4,629,230 0.56

47,700 Rock-Tenn - A Shares 2,601,319 0.32100,100 Sears Holdings 7,325,318 0.8990,100 Sempra Energy 4,722,141 0.5862,190 Sigma-Aldrich 4,138,744 0.5182,100 Snap-On 4,676,005 0.57

227,100 Southern 8,696,794 1.06187,030 SunTrust Banks 5,497,747 0.6783,410 Sysco 2,448,500 0.3073,470 T Rowe Price Group 4,710,162 0.58

276,270 Time Warner 8,869,648 1.0893,600 Time Warner Cable 6,155,136 0.75

106,780 TJX 4,752,244 0.58125,910 Transatlantic Holdings 6,503,252 0.7990,210 UGI 2,873,639 0.35

179,500 United Technologies 14,059,337 1.71175,790 UnitedHealth Group 6,315,256 0.77

376,100 US Bancorp 10,145,297 1.24355,710 Verizon Communications 12,734,418 1.56

57,145 Vornado Realty Trust 4,791,894 0.59221,650 Walgreen 8,657,649 1.06

190,000 Wal-Mart Stores 10,262,850 1.25219,670 Walt Disney 8,177,216 1.00

7,660 Washington Post - B Shares 3,340,564 0.411,009,928 Wells Fargo & Co. 31,201,726 3.81

283,220 Williams 6,985,621 0.85234,010 WR Berkley 6,401,344 0.78

753,046,745 91.90

MARSHALL ISLANDS365,210 Teekay 12,009,931 1.47

12,009,931 1.47

SWITZERLAND232,690 Tyco Electronics 8,156,948 1.00

8,156,948 1.00

CANADA264,530 Brookfield Properties 4,635,888 0.57

4,635,888 0.57

IRELAND186,800 XL Group 4,098,392 0.49

4,098,392 0.49

BERMUDA194,920 OneBeacon Insurance Group - A Shares 2,956,936 0.36

2,956,936 0.36

Total Shares 784,904,840 95.79


784,904,840 95.79


Cash 33,936,085 4.14



132

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 24.14Consumer Discretionary 15.79Health Care 10.84Energy 9.77Utilities 8.59Consumer Staples 8.24Industrials 5.71Telecommunication Services 5.05Information Technology 4.63Materials 3.03Total Shares 95.79Cash and Other Assets/(Liabilities) 4.21

Total 100.00


SharesFinancials 26.79Consumer Discretionary 15.65Health Care 11.72Energy 11.46Utilities 7.85Consumer Staples 7.54Industrials 5.29Telecommunication Services 5.23Information Technology 4.82Materials 2.74Total Shares 99.09Cash and Other Assets/(Liabilities) 0.91

Total 100.00

133

JPMorgan Funds - US Value FundSchedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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




AmountSold


14-Jan-11 EUR 12,069,916 USD 15,951,431 215,69614-Jan-11 USD 83,265 EUR 63,106 (1,262)17-Feb-11 USD 37,352 EUR 28,159 (363)

Total 214,071

134

1. Fund Total Expense Ratios (continued)For theperiodended

31 Dec 10

For theperiodended

31 Dec 10#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

CappedExpense

Ratio31 Dec 10

InceptionDate

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Apr-05JPM America Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - - 15-Mar-07JPM America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Nov-88JF America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01JPM America Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.20% 1.20% - 26-Aug-04JPM America Equity C (acc) - USD 0.85% - 0.85% 0.85% 0.83% 0.79% 0.79% - 26-Aug-04JPM America Equity C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% - - - 28-Jan-08JPM America Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JPM America Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 08-May-06JPM America Equity D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - - 15-Mar-07JPM America Equity X (acc) - USD 0.15% - 0.15% 0.15% 0.12% 0.10% 0.11% 0.15% 24-Nov-04

JPMorgan Funds - Brazil Alpha Plus FundJPM Brazil Alpha Plus A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 18-Oct-07JPM Brazil Alpha Plus A (acc) - SGD** 1.90% - - - - - - 09-Aug-10JPM Brazil Alpha Plus A (dist) - USD 1.90% - 1.90% - - - - - 24-Nov-09JPM Brazil Alpha Plus B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - - 28-Jan-08JPM Brazil Alpha Plus C (acc) - USD 1.10% - 1.10% 1.10% - - - - 19-Mar-08JPM Brazil Alpha Plus D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 18-Oct-07JPM Brazil Alpha Plus D (acc) - EUR 2.90% - - - - - - - 13-Jul-10JPM Brazil Alpha Plus I (acc) - USD 1.06% - 1.05% 1.06% 1.06% - - 1.06% 18-Oct-07JPM Brazil Alpha Plus I (acc) - EUR 1.06% - 1.06% - - - - 1.06% 18-Jun-10

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 31-Mar-05JPM Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 04-Jul-94JF Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 15-Jun-01JPM Eastern Europe Equity B (acc) - EUR 1.20% - 1.20% 1.20% 1.20% 1.55% 1.55% - 20-Mar-06JPM Eastern Europe Equity C (acc) - EUR 1.10% - 1.10% 1.10% 1.09% 1.06% 1.05% - 25-Feb-05JPM Eastern Europe Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% 2.95% - 13-Oct-00JPM Eastern Europe Equity I (acc) - EUR 1.00% - 1.03% - 1.04% 1.02% 1.06% 1.06% 26-Jun-06JPM Eastern Europe Equity X (acc) - EUR 0.14% - 0.14% 0.15% 0.19% 0.17% 0.16% 0.20% 09-Nov-04

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 31-Mar-05JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 1.95% - 1.95% 1.95% - - - - 09-Dec-08JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 1.95% - - - - - - - 09-Aug-10JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 14-Apr-97JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.55% 1.55% - 03-Sep-04JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.08% 1.08% - 01-Feb-05JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% 2.95% - 13-Oct-00JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 2.95% - - - - - - - 13-Jul-10JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD* - - - 1.05% 1.06% 1.05% 0.01% 1.06% 26-Jun-06JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 0.18% - 0.19% - - 0.12% 0.20% 0.20% 09-Feb-05

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 1.55% - 1.55% 1.55% 1.55% 1.55% 1.55% - 31-Mar-05JPM Emerging Markets Debt A (acc) - USD (hedged) 1.55% - 1.55% - - - - - 09-Apr-10JPM Emerging Markets Debt A (inc) - EUR 1.55% - 1.55% 1.55% - - - - 14-Mar-97JPM Emerging Markets Debt A (mth) - EUR 1.55% - 1.55% 1.55% - - - - 17-Sep-08JPM Emerging Markets Debt A (mth) - USD (hedged) 1.55% - 1.55% - - - - - 22-Feb-10JPM Emerging Markets Debt B (acc) - EUR 1.10% - 1.10% - - - - - 24-Sep-09JPM Emerging Markets Debt C (acc) - EUR 0.70% - 0.70% 0.70% 0.70% 0.03% - - 21-Jun-06JPM Emerging Markets Debt D (acc) - EUR 2.25% - 2.25% 2.25% 2.25% 2.25% 2.25% - 13-Oct-00JPM Emerging Markets Debt I (inc) - EUR 0.66% - 0.66% 0.66% 0.66% 0.03% - 0.66% 14-Jun-07JPM Emerging Markets Debt X (acc) - EUR* - - - - 0.15% 0.02% - 0.15% 21-May-07

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Emerging Markets Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Sep-05JPM Emerging Markets Equity A (acc) - SGD 1.90% - 1.90% - - - - - 14-Dec-09JPM Emerging Markets Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Apr-94JPM Emerging Markets Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Emerging Markets Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 22-Dec-04JPM Emerging Markets Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.08% 1.07% 1.07% - 01-Feb-05JPM Emerging Markets Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM Emerging Markets Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 08-May-06JPM Emerging Markets Equity I (acc) - USD 1.06% - 1.01% 1.05% 1.03% 1.02% - 1.06% 27-Jun-06JPM Emerging Markets Equity I (acc) - EUR 1.06% - 1.01% 1.05% - - - 1.06% 28-Apr-09JPM Emerging Markets Equity I (inc) - EUR 1.06% - 1.01% 1.05% 1.03% 1.02% 0.09% 1.06% 30-May-06JPM Emerging Markets Equity X (acc) - USD 0.20% - 0.16% 0.19% 0.18% 0.17% 0.18% 0.20% 23-Nov-04JPM Emerging Markets Equity X (dist) - USD 0.20% - 0.17% 0.20% - - - 0.20% 10-Feb-09JPM Emerging Markets Equity X (inc) - EUR 0.20% - 0.16% 0.19% 0.18% 0.17% 0.10% 0.20% 19-Dec-05

135

JPMorgan FundsAppendix - Unaudited Additional Disclosures

***


31 Dec 10

For theperiodended

31 Dec 10#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

CappedExpense

Ratio31 Dec 10

InceptionDate

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 1.40% 1.40% 1.40% 1.40% 1.40% - - - 24-Jan-08JPM Emerging Markets Local Currency Debt A (acc) - USD 1.40% 1.40% 1.40% 1.40% 1.40% - - - 24-Jan-08JPM Emerging Markets Local Currency Debt A (dist) - GBP 1.40% 1.63% - - - - - - 13-Aug-10JPM Emerging Markets Local Currency Debt A (inc) - EUR 1.40% 1.40% - - - - - - 27-Dec-10JPM Emerging Markets Local Currency Debt A (mth) - USD 1.40% 1.40% 1.40% - - - - - 20-Nov-09JPM Emerging Markets Local Currency Debt B (acc) - USD 0.85% 0.88% 0.85% - 0.85% - - - 14-Feb-08JPM Emerging Markets Local Currency Debt C (acc) - EUR 0.70% 0.70% - - - - - - 01-Oct-10JPM Emerging Markets Local Currency Debt C (acc) - USD 0.70% 0.85% 0.70% - - - - - 09-Mar-10JPM Emerging Markets Local Currency Debt D (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% - - - 24-Jan-08JPM Emerging Markets Local Currency Debt D (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 24-Jan-08JPM Emerging Markets Local Currency Debt D (inc) - EUR 1.90% 1.90% 1.90% - - - - - 19-Apr-10JPM Emerging Markets Local Currency Debt I (acc) - EUR* - - - - - - - 0.66% 26-Oct-10JPM Emerging Markets Local Currency Debt X (acc) - EUR** 0.15% 0.15% - 0.15% - - - 0.15% 01-Oct-08JPM Emerging Markets Local Currency Debt X (acc) - USD 0.15% 0.15% 0.15% 0.15% - - - 0.15% 01-Jul-08

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 15-Nov-07JPM Emerging Markets Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 15-Nov-07JPM Emerging Markets Small Cap A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% - - - 15-Nov-07JPM Emerging Markets Small Cap B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - - 03-Jun-08JPM Emerging Markets Small Cap C (acc) - USD 1.10% - 1.10% - 1.10% - - - 07-Dec-07JPM Emerging Markets Small Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 15-Nov-07JPM Emerging Markets Small Cap D (acc) - EUR 2.90% - 2.90% - - - - - 11-Jun-10

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 31-Mar-05JPM Emerging Middle East Equity A (acc) - EUR 1.95% - 1.95% 1.95% - - - - 10-Dec-08JPM Emerging Middle East Equity A (acc) - SGD 1.95% - - - - - - - 09-Aug-10JPM Emerging Middle East Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 18-May-98JPM Emerging Middle East Equity B (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.55% 1.55% - 19-Apr-05JPM Emerging Middle East Equity C (acc) - USD 1.10% - 1.10% 1.10% 0.98% - - - 21-Jan-08JPM Emerging Middle East Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% 2.95% - 13-Oct-00JPM Emerging Middle East Equity D (acc) - EUR 2.95% - - - - - - - 13-Jul-10JPM Emerging Middle East Equity I (acc) - USD 1.06% - - - - - - 1.06% 08-Dec-10

JPMorgan Funds - Euro Money Market Fund (1)JPM Euro Money Market A (acc) - EUR 0.65% - 0.65% 0.65% 0.65% 0.65% 0.65% - 22-May-06JPM Euro Money Market D (acc) - EUR 0.75% - 0.75% 0.75% 0.75% 0.75% - - 30-Aug-06

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Euroland Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 30-Nov-88JF Euroland Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01JPM Euroland Equity A (inc) - EUR 1.90% - 1.87% 1.90% 1.90% - - - 18-Oct-07JPM Euroland Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% - - - 23-Jan-08JPM Euroland Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.83% 0.83% 0.83% - 09-Sep-04JPM Euroland Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JPM Euroland Equity I (acc) - EUR 0.81% - 0.80% 0.81% 0.78% 0.78% - 0.81% 28-Jun-06JPM Euroland Equity X (acc) - EUR 0.15% - 0.14% 0.15% 0.15% - - 0.15% 03-Aug-07

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00JF Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 27-May-04JPM Europe Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00JPM Europe Dynamic B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 26-Aug-04JPM Europe Dynamic C (acc) - EUR 1.00% - 1.00% 1.00% 0.98% 0.97% 0.98% - 26-Aug-04JPM Europe Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 08-Dec-00JPM Europe Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 01-Oct-04JPM Europe Dynamic I (acc) - EUR 0.96% - 0.95% 0.96% - 0.91% - 0.96% 12-Jul-06JPM Europe Dynamic X (acc) - EUR* - - - 0.15% 0.14% 0.13% 0.14% 0.15% 25-Oct-04

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.95% - 19-Sep-05JPM Europe Dynamic Mega Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 26-Sep-07JPM Europe Dynamic Mega Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.95% - 09-May-06JPM Europe Dynamic Mega Cap A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-May-06JPM Europe Dynamic Mega Cap B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 27-Mar-06JPM Europe Dynamic Mega Cap C (acc) - EUR 1.00% - 1.00% 1.00% 0.99% 0.99% 1.00% - 11-Jan-06JPM Europe Dynamic Mega Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 03-Feb-06JPM Europe Dynamic Mega Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 26-Sep-07JPM Europe Dynamic Mega Cap I (acc) - EUR* - - - 0.96% 0.94% 0.84% - 0.96% 07-Aug-06JPM Europe Dynamic Mega Cap X (acc) - EUR 0.15% - 0.15% 0.15% 0.14% 0.14% 0.20% 0.15% 27-Jan-06


136

JPMorgan FundsAppendix - Unaudited Additional Disclosures (continued)


31 Dec 10

For theperiodended

31 Dec 10#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

CappedExpense

Ratio31 Dec 10

InceptionDate

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Europe Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Europe Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Dec-88JF Europe Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 29-Dec-00JPM Europe Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.30% 1.30% - 26-Aug-04JPM Europe Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.82% 0.81% 0.82% - 26-Aug-04JPM Europe Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JPM Europe Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 27-Jun-06JPM Europe Equity I (acc) - EUR* - - - - - 0.78% - 0.81% 28-Jun-06JPM Europe Equity I (inc) - EUR* - - - - 0.77% 0.16% - 0.81% 16-Apr-07JPM Europe Equity X (acc) - EUR 0.15% - 0.15% 0.15% 0.12% 0.12% 0.13% 0.15% 14-Sep-04

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Mar-06JPM Europe Focus A (acc) - USD 1.90% 2.26% 1.90% 1.90% 1.90% - - - 20-Dec-07JPM Europe Focus A (dist) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - - 17-Nov-06JPM Europe Focus B (acc) - EUR 1.15% 1.84% 1.15% 1.15% 1.15% - - - 23-May-08JPM Europe Focus C (acc) - EUR 1.00% 1.56% 1.00% - 0.95% 0.22% - - 12-Apr-07JPM Europe Focus D (acc) - EUR 2.90% 2.90% 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Mar-06JPM Europe Focus D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% - - - 20-Dec-07JPM Europe Focus X (acc) - EUR 0.15% 0.15% 0.08% 0.15% 0.15% 0.04% - 0.15% 30-Mar-07

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Apr-94JF Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Europe Small Cap A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Europe Small Cap B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 26-Aug-04JPM Europe Small Cap C (acc) - EUR 1.00% - 1.00% 1.00% 0.98% 0.99% 1.00% - 26-Aug-04JPM Europe Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM Europe Small Cap I (acc) - EUR* - - - - 0.94% 0.95% - 0.96% 27-Jun-06JPM Europe Small Cap X (acc) - EUR* - - - 0.15% 0.14% 0.15% 0.15% 0.15% 24-Nov-04

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Europe Strategic Growth A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 14-Feb-00JPM Europe Strategic Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Europe Strategic Growth B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.30% 1.30% - 26-Aug-04JPM Europe Strategic Growth C (acc) - EUR 0.95% - 0.95% 0.95% 0.92% 0.93% 0.93% - 01-Mar-05JPM Europe Strategic Growth D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JPM Europe Strategic Growth I (acc) - EUR* - - - 0.91% 0.88% 0.44% - 0.91% 29-Jun-06JPM Europe Strategic Growth I (inc) - EUR* - - - - 0.88% 0.49% 0.04% 0.91% 13-Jun-06JPM Europe Strategic Growth X (acc) - EUR* - - 0.15% 0.15% 0.13% 0.14% 0.15% 0.15% 23-Nov-04

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Europe Strategic Value A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 14-Feb-00JPM Europe Strategic Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Europe Strategic Value B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.30% 1.30% - 26-Aug-04JPM Europe Strategic Value C (acc) - EUR 0.95% - 0.95% 0.95% 0.91% 0.91% 0.92% - 01-Sep-04JPM Europe Strategic Value D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JPM Europe Strategic Value I (acc) - EUR* - - - - 0.87% 0.87% - 0.91% 27-Jun-06JPM Europe Strategic Value I (inc) - EUR* - - - - 0.87% 0.87% 0.04% 0.91% 13-Jun-06JPM Europe Strategic Value X (acc) - EUR* - - - 0.15% 0.12% 0.13% 0.14% 0.15% 23-Nov-04

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Nov-99JF Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-Jun-01JPM Europe Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Europe Technology B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% - - - 23-May-08JPM Europe Technology C (acc) - EUR* - - - - 0.57% - - - 20-Jun-08JPM Europe Technology D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM Europe Technology X (acc) - EUR 0.20% - 0.20% 0.20% 0.19% - - 0.20% 09-Aug-07

137



31 Dec 10

For theperiodended

31 Dec 10#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

CappedExpense

Ratio31 Dec 10

InceptionDate

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% 1.65% - 31-Mar-05JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 1.65% - 1.65% 1.65% - - - - 12-Dec-08JPM Global Convertibles (EUR) A (dist) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% 1.65% - 04-May-01JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 1.65% - 1.65% 1.65% - - - - 16-Dec-08JF Global Convertibles (EUR) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Jun-03JPM Global Convertibles (EUR) B (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.25% 1.25% - 04-May-01JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 1.00% - 1.00% 1.00% - - - - 11-Nov-08JPM Global Convertibles (EUR) C (acc) - EUR 0.95% - 0.95% 0.95% 0.91% 0.90% 0.91% - 10-Sep-04JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 0.95% - 0.95% 0.95% - - - - 11-Dec-08JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 0.95% - 0.95% 0.95% - - - - 24-Nov-08JPM Global Convertibles (EUR) D (acc) - EUR 2.15% - 2.15% 2.15% 2.15% 2.15% 2.15% - 04-May-01JPM Global Convertibles (EUR) I (acc) - EUR 0.91% - 0.89% 0.91% 0.89% 0.30% - 0.91% 01-Mar-07JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 0.91% - 0.91% - - - - 0.91% 03-Sep-09JPM Global Convertibles (EUR) I (inc) - EUR 0.91% - 0.90% 0.90% 0.90% 0.43% - 0.91% 09-Jan-07JPM Global Convertibles (EUR) X (acc) - EUR 0.15% - 0.14% 0.15% 0.12% 0.11% 0.11% 0.15% 23-Nov-04JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 0.15% - 0.14% - - - - 0.15% 24-Jul-09

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - USD 1.00% - 1.00% 1.00% - - - - 27-Feb-09JPM Global Corporate Bond A (acc) - EUR (hedged) 1.00% - 1.00% 1.00% - - - - 27-Feb-09JPM Global Corporate Bond A (acc) - SEK (hedged) 1.00% - 1.00% - - - - - 19-Aug-09JPM Global Corporate Bond A (dist) - GBP (hedged) 1.00% - 1.00% 1.00% - - - - 16-Apr-09JPM Global Corporate Bond A (mth) - USD 1.00% - - - - - - - 03-Sep-10JPM Global Corporate Bond C (acc) - EUR (hedged)** 0.55% - - - - - - - 15-Jul-09JPM Global Corporate Bond D (acc) - USD 1.40% - 1.40% 1.40% - - - - 27-Feb-09JPM Global Corporate Bond D (acc) - EUR (hedged) 1.40% - 1.40% 1.40% - - - - 27-Feb-09JPM Global Corporate Bond D (inc) - EUR (hedged) 1.40% - 1.40% - - - - - 19-Apr-10JPM Global Corporate Bond I (acc) - USD 0.51% - - - - - - 0.51% 06-Sep-10

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Global Equity (USD) A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% - - - - 18-Jul-08JPM Global Equity (USD) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Nov-88JF Global Equity (USD) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01JPM Global Equity (USD) A (dist) - EUR (hedged) 1.90% - 1.90% 1.90% - - - - 18-Jul-08JPM Global Equity (USD) B (acc) - USD* - - - - - - - - 22-Jun-06JPM Global Equity (USD) C (acc) - USD 0.80% - 0.80% 0.80% 0.80% 0.78% 0.79% - 13-Sep-04JPM Global Equity (USD) C (acc) - EUR (hedged) 0.80% - 0.80% 0.80% - - - - 18-Jul-08JPM Global Equity (USD) D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JPM Global Equity (USD) D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% - - - - 18-Jul-08JPM Global Equity (USD) X (acc) - USD 0.15% - 0.15% 0.15% 0.15% 0.14% 0.04% 0.15% 21-Mar-06JPM Global Equity (USD) X (acc) - EUR 0.15% - 0.15% 0.15% - - - 0.15% 25-Jun-09

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Global Focus A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% - - - 11-Jul-07JPM Global Focus A (acc) - CHF (hedged) 1.90% - - - - - - - 31-Aug-10JPM Global Focus A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 23-May-03JF Global Focus A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 04-Dec-06JPM Global Focus B (acc) - EUR 1.15% - 1.15% 1.15% - - - - 01-Dec-04JPM Global Focus C (acc) - EUR 1.00% - 1.00% 1.00% 0.99% 1.00% 0.44% - 20-Jan-06JPM Global Focus C (acc) - EUR (hedged) 1.00% - 1.00% 1.00% - - - - 17-Mar-09JPM Global Focus C (acc) - USD 1.00% - 1.00% - - - - - 20-Apr-10JPM Global Focus D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 23-May-03JPM Global Focus D (acc) - EUR (hedged) 2.90% - 2.90% 2.90% 2.90% - - - 11-Jul-07JPM Global Focus I (acc) - EUR 0.96% - - - - - - 0.96% 07-Sep-10JPM Global Focus I (acc) - EUR (hedged) 0.96% - - - - - - 0.96% 28-Jul-10JPM Global Focus X (acc) - EUR 0.15% - 0.14% 0.15% 0.15% 0.15% 0.15% 0.15% 24-Nov-04

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 21-Dec-04JPM Global Natural Resources A (acc) - SGD 1.90% - 1.90% - - - - - 14-Dec-09JPM Global Natural Resources A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 12-Sep-06JPM Global Natural Resources A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 14-Mar-05JPM Global Natural Resources B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 22-Apr-05JPM Global Natural Resources C (acc) - EUR 1.05% - 1.05% 1.05% 0.98% 0.97% 1.01% - 14-Mar-05JPM Global Natural Resources C (acc) - USD 1.05% - 1.05% 1.05% 0.97% 0.23% - - 05-Apr-07JPM Global Natural Resources D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 05-Dec-05JPM Global Natural Resources D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - - 08-Jun-07JPM Global Natural Resources X (acc) - EUR 0.20% - 0.13% 0.17% 0.13% 0.13% 0.14% 0.20% 19-Apr-05JPM Global Natural Resources X (acc) - USD 0.20% - - - - - 0.20% 0.20% 20-Oct-10

138



31 Dec 10

For theperiodended

31 Dec 10#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

CappedExpense

Ratio31 Dec 10

InceptionDate

JPMorgan Funds - JF China FundJF China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JF China A (acc) - SGD 1.90% - 1.90% - - - - - 14-Dec-09JF China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 04-Jul-94JF China A (dist) - HKD 1.90% - - - - - - - 20-Sep-10JF China B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 21-Feb-06JF China C (acc) - USD 1.00% - 1.00% 1.00% 0.94% 0.94% 0.97% - 01-Feb-05JF China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JF China D (acc) - EUR 2.90% - - - - - - - 13-Jul-10JF China I (acc) - USD 0.96% - 0.87% 0.92% 0.82% 0.30% - 0.96% 26-Feb-07JF China X (acc) - USD** 0.20% - - - 0.17% 0.02% - 0.20% 18-May-07

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JF Greater China A (acc) - SGD 1.90% - 1.90% - - - - - 14-Dec-09JF Greater China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01JF Greater China A (dist) - HKD 1.90% - - - - - - - 20-Sep-10JF Greater China B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 10-Feb-06JF Greater China C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 0.98% 1.00% - 01-Feb-05JF Greater China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 25-May-01JF Greater China D (acc) - EUR 2.90% - - - - - - - 13-Jul-10JF Greater China I (acc) - USD** 0.96% - - - - - - 0.96% 28-Jun-06JF Greater China X (acc) - USD* - - - 0.20% 0.20% 0.19% - 0.20% 09-Dec-04

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JF Pacific Balanced A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-Jun-01JF Pacific Balanced B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - - 10-Sep-07JF Pacific Balanced D (acc) - USD 2.35% - 2.35% 2.35% 2.35% 2.35% 2.35% - 22-Jun-01

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Latin America Equity A (acc) - SGD 1.90% - - - - - - - 09-Aug-10JPM Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-May-92JF Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Latin America Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 08-Mar-06JPM Latin America Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.07% 1.05% 1.05% - 13-Jan-05JPM Latin America Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM Latin America Equity D (acc) - EUR 2.90% - - - - - - - 13-Jul-10JPM Latin America Equity I (acc) - USD 1.01% - 1.01% 1.05% 1.02% 1.01% 0.01% 1.06% 26-Jun-06JPM Latin America Equity X (acc) - USD 0.20% - 0.16% 0.19% 0.17% 0.15% 0.16% 0.20% 09-Nov-04

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 22-Nov-05JPM Russia A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 17-Nov-05JPM Russia B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 04-May-06JPM Russia C (acc) - USD 1.10% - 1.10% 1.10% 1.10% - - - 13-Nov-07JPM Russia D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 27-Jan-06JPM Russia I (acc) - USD 1.06% - 1.01% 1.00% 1.06% 0.35% - 1.06% 25-Aug-06

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 31-Mar-05JPM US Aggregate Bond A (inc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 15-Sep-00JPM US Aggregate Bond A (mth) - USD 1.10% - 1.10% - - - - - 06-Apr-10JPM US Aggregate Bond B (acc) - USD 0.75% - 0.75% 0.75% 0.75% 0.80% 0.80% - 08-Dec-05JPM US Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.60% 0.60% 0.60% 0.58% - 13-Jul-05JPM US Aggregate Bond D (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.35% 1.35% - 13-Oct-00JPM US Aggregate Bond D (acc) - EUR (hedged) 1.35% - - - - - - - 02-Nov-10JPM US Aggregate Bond X (acc) - USD 0.10% - 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 30-Mar-05

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM US Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Mar-06JPM US Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Jul-03JPM US Dynamic B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 01-Sep-04JPM US Dynamic C (acc) - USD 1.00% - 1.00% 1.00% 0.94% 0.93% 0.94% - 26-Aug-04JPM US Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 18-Jul-03JPM US Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 08-May-06JPM US Dynamic I (acc) - USD* - - - 0.94% 0.90% 0.89% 0.11% 0.96% 17-May-06JPM US Dynamic I (inc) - EUR 0.96% - 0.92% 0.94% 0.90% 0.01% - 0.96% 25-Jun-07JPM US Dynamic X (acc) - USD 0.15% - 0.12% 0.14% 0.10% 0.09% 0.11% 0.15% 25-Oct-04

JPMorgan Funds - US Small and Micro Cap FundJPM US Small and Micro Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM US Small and Micro Cap A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Nov-88JF US Small and Micro Cap A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Jun-03JPM US Small and Micro Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM US Small and Micro Cap X (acc) - USD 0.15% - 0.15% 0.15% 0.14% 0.11% 0.13% 0.15% 09-Dec-04

139



31 Dec 10

For theperiodended

31 Dec 10#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

CappedExpense

Ratio31 Dec 10

InceptionDate

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM US Strategic Growth A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - - 15-Mar-07JPM US Strategic Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Oct-00JPM US Strategic Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Oct-00JPM US Strategic Growth B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.20% 1.20% - 22-Sep-05JPM US Strategic Growth C (acc) - USD 0.85% - 0.85% 0.85% 0.83% 0.82% 0.27% - 08-Mar-06JPM US Strategic Growth C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% - - - 06-Dec-07JPM US Strategic Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 20-Oct-00JPM US Strategic Growth D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - - 15-Mar-07JPM US Strategic Growth X (acc) - USD 0.15% - 0.15% 0.15% 0.13% 0.13% 0.13% 0.15% 22-Sep-05

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM US Technology A (acc) - EUR 1.90% - 1.90% - - - - - 11-Jun-10JPM US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 05-Dec-97JF US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM US Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM US Technology B (acc) - USD* - - 1.15% 1.15% - - - - 10-Jul-08JPM US Technology C (acc) - USD 1.05% - 1.05% 1.05% 0.57% - - - 20-Jun-08JPM US Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM US Technology D (acc) - EUR 2.90% - 2.90% - - - - - 11-Dec-09JPM US Technology X (acc) - USD 0.20% - 0.20% 0.20% 0.19% - - 0.20% 08-Oct-07

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM US Value A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - - 13-Nov-06JPM US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Oct-00JF US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 27-May-04JPM US Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Oct-00JPM US Value B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.20% 1.20% - 11-Oct-04JPM US Value C (acc) - USD 0.85% - 0.85% 0.85% 0.82% 0.79% 0.79% - 01-Sep-04JPM US Value C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% - - - - 07-Jan-09JPM US Value D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 20-Oct-00JPM US Value D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - - 13-Nov-06JPM US Value X (acc) - USD 0.15% - 0.14% 0.15% 0.12% 0.11% 0.12% 0.15% 24-Nov-04

Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association.# These figures include the Performance Fees, where applicable.* Share Class inactive at the end of the period.** Share Class reactivated during the period.*** The Total Expense Ratio (“TER”) represents the total operating cost as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisoryfees, custodian fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations. Overdraft interest and Performance Fees are excluded from the calculation.All those TER are annualised figures.

140


2. Summary of Investment Objectives of the Sub-Funds

JPMorgan Funds – America Equity Fund

Seeks to provide long-term capital growth by investing primarily in US companies.

JPMorgan Funds – Brazil Alpha Plus Fund

Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies.

JPMorgan Funds – Eastern Europe Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies in central and eastern Europe (the “Eastern Europe Countries”).

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

Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe, Middle Eastand Africa.

JPMorgan Funds – Emerging Markets Debt Fund

Seeks to achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market fixed and floating rate debtsecurities, using derivative strategies where appropriate.

JPMorgan Funds – Emerging Markets Equity Fund

Seeks to provide long-term capital growth by investing primarily in emerging markets companies.

JPMorgan Funds – Emerging Markets Local Currency Debt Fund

Seeks to achieve a return in excess of the bond markets of emerging countries through exposure primarily to local currency emerging market fixed andfloating rate debt instruments.

JPMorgan Funds – Emerging Markets Small Cap Fund

Seeks to provide long-term capital growth by investing primarily in small capitalisation emerging markets companies.

JPMorgan Funds – Emerging Middle East Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of the Middle East region.

JPMorgan Funds – Euro Money Market Fund

Seeks to achieve a competitive level of return in the reference currency and a high degree of liquidity by investing in EUR-denominated short term fixed andfloating rate debt securities.

JPMorgan Funds – Euroland Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies of countries which are part of the Euro-zone (the “Euroland Countries”).

JPMorgan Funds – Europe Dynamic Fund

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies.

JPMorgan Funds – Europe Dynamic Mega Cap Fund

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of mega capitalisation European companies.

JPMorgan Funds – Europe Equity Fund

Seeks to provide long-term capital growth by investing primarily in European companies.

JPMorgan Funds – Europe Focus Fund

Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small Europeancompanies.

JPMorgan Funds – Europe Small Cap Fund

Seeks to provide long-term capital growth by investing primarily in small capitalisation European companies.

JPMorgan Funds – Europe Strategic Growth Fund

Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of European companies.

JPMorgan Funds – Europe Strategic Value Fund

Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of European companies.

141


2. Summary of Investment Objectives of the Sub-Funds (continued)

JPMorgan Funds – Europe Strategic Value Small Cap Fund

Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of small capitalisation European companies.

JPMorgan Funds – Europe Technology Fund

Seeks to provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies.

JPMorgan Funds – Global Convertibles Fund (EUR)

Seeks to provide a return by investing primarily in a diversified portfolio of convertible securities and warrants, globally.

JPMorgan Funds – Global Corporate Bond Fund

Seeks to achieve a return in excess of global corporate bond markets by investing primarily in global corporate fixed and floating rate debt securities, usingderivatives where appropriate.

JPMorgan Funds – Global Equity Fund (USD)

Seeks to provide long-term capital growth by investing primarily in companies, globally.

JPMorgan Funds – Global Focus Fund

Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small companies,globally, that the Investment Manager believes to be in earnings recovery situations.

JPMorgan Funds – Global Natural Resources Fund

Seeks to provide long-term capital growth by investing primarily in natural resources companies, globally, many of which are in the early stages ofexploration.

JPMorgan Funds – JF China Fund

Seeks to provide long-term capital growth by investing primarily in companies of the People’s Republic of China.

JPMorgan Funds – JF Greater China Fund

Seeks to provide long-term capital growth by investing primarily in companies from the People’s Republic of China, Hong Kong and Taiwan (“Greater China”).

JPMorgan Funds – JF Pacific Balanced Fund

Seeks to provide long-term capital growth and income by investing primarily in companies and sovereign issuers of countries in the Pacific Basin (includingJapan).

JPMorgan Funds – Latin America Equity Fund

Seeks to provide long-term capital growth by investing primarily in Latin American companies.

JPMorgan Funds – Russia Fund

Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies.

JPMorgan Funds – US Aggregate Bond Fund

Seeks to achieve a return in excess of US bond markets by investing primarily in US fixed and floating rate debt securities.

JPMorgan Funds – US Dynamic Fund

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of US companies.

JPMorgan Funds – US Small and Micro Cap Fund

Seeks to provide long-term capital growth by investing primarily in small and micro capitalisation US companies.

JPMorgan Funds – US Strategic Growth Fund

Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of US companies.

JPMorgan Funds – US Technology Fund

Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies.

JPMorgan Funds – US Value Fund

Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of US companies.

142


3. Performance and Volatility

PerformanceReturns for periods greater than one year are annualised. Fund performance includes reinvestment of income and is net of all expenses.Past performance is no indication of current or future performance.

Volatility

The standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial period. The details below relate to the period from 1 July 2010 to 31 December 2010.

If D is equal to or less than 0.1 then volatility will be LowIf D is greater than 0.1 but less or equal to 1.0 then volatility will be MediumIf D is greater than 1.0 but less than or equal to 2.4 then volatility will be HighIf D is greater than 2.4 then volatility will be Very High

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 9.01% 19.80% 6.07% 10.43% 43.17% -10.99% -6.14% - MediumJPM America Equity A (acc) - EUR (hedged) 9.16% 19.33% 5.43% 9.34% 39.71% -14.05% - - MediumJPM America Equity A (dist) - USD 9.00% 19.76% 6.10% 10.42% 42.96% -11.06% -6.26% 6.29% MediumJF America Equity A (dist) - USD 9.02% 19.78% 6.11% 10.42% 42.98% -11.05% -6.24% 6.30% MediumJPM America Equity B (acc) - USD 9.21% 20.17% 6.71% 11.24% 45.15% -8.98% -3.38% 10.26% MediumJPM America Equity C (acc) - EUR (hedged) 9.32% 19.89% 6.14% 10.42% 42.21% - - - MediumJPM America Equity C (acc) - USD 9.25% 20.39% 6.89% 11.53% 46.08% -8.14% -2.13% 12.21% MediumJPM America Equity D (acc) - EUR (hedged) 8.90% 18.88% 4.75% 8.54% 37.71% -16.01% - - MediumJPM America Equity D (acc) - USD 8.86% 19.30% 5.48% 9.56% 40.88% -13.04% -9.01% 2.41% MediumJPM America Equity D (acc) - EUR 10.65% 9.16% 6.44% 17.45% 46.87% -4.84% -10.69% - MediumJPM America Equity X (acc) - USD 9.47% 20.81% 7.49% 12.43% 48.22% -6.17% 0.65% 16.20% Medium

JPMorgan Funds - Brazil Alpha Plus FundJPM Brazil Alpha Plus A (acc) - USD 3.89% 23.81% 16.04% 12.45% 156.08% 17.17% - - HighJPM Brazil Alpha Plus A (acc) - SGD 1.51% - - - - - - - HighJPM Brazil Alpha Plus A (dist) - USD 3.81% 23.89% 15.81% 12.05% - - - - HighJPM Brazil Alpha Plus B (acc) - USD 3.98% 24.33% 16.68% 13.43% 160.34% - - - HighJPM Brazil Alpha Plus C (acc) - USD 4.06% 24.39% 16.67% 13.44% - - - - HighJPM Brazil Alpha Plus D (acc) - USD 3.64% 23.21% 15.42% 11.56% 151.72% 14.06% - - HighJPM Brazil Alpha Plus D (acc) - EUR 5.84% - - - - - - - HighJPM Brazil Alpha Plus I (acc) - USD 4.05% 24.42% 16.54% 13.33% 160.13% 19.94% - - HighJPM Brazil Alpha Plus I (acc) - EUR 6.58% 14.58% - - - - - - High

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 8.29% 18.93% 13.00% 33.71% 187.84% -18.20% 5.97% 41.39% MediumJPM Eastern Europe Equity A (dist) - EUR 8.27% 18.93% 12.99% 33.67% 187.79% -18.23% 5.93% 37.80% MediumJF Eastern Europe Equity A (dist) - EUR 8.26% 18.90% 12.97% 33.68% 187.78% -18.23% 5.92% 38.05% MediumJPM Eastern Europe Equity B (acc) - EUR 8.40% 19.31% 13.53% 34.55% 192.35% -16.30% - - MediumJPM Eastern Europe Equity C (acc) - EUR 8.48% 19.40% 13.74% 34.80% 192.79% -16.06% 9.66% 48.00% MediumJPM Eastern Europe Equity D (acc) - EUR 8.02% 18.36% 12.17% 32.37% 182.39% -20.51% 1.97% 34.73% MediumJPM Eastern Europe Equity I (acc) - EUR 8.51% 19.43% 13.75% 34.87% 263.08% 4.24% 36.16% - MediumJPM Eastern Europe Equity X (acc) - EUR 8.74% 19.95% 14.46% 36.05% 198.11% -13.82% 13.59% 54.34% Medium

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 7.64% 32.44% 16.85% 26.78% 138.20% -12.67% 15.72% - HighJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 9.52% 21.21% 17.85% 35.88% 148.51% - - - HighJPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 4.79% - - - - - - - HighJPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 7.63% 32.40% 16.81% 26.72% 137.31% -13.10% 15.13% 54.05% HighJPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 7.82% 32.90% 17.44% 27.69% 141.82% -10.65% 18.81% - HighJPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 7.84% 32.94% 17.57% 27.83% 142.08% -10.44% 19.63% - HighJPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 7.37% 31.77% 15.95% 25.48% 133.48% -15.26% 11.16% 50.57% HighJPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 9.25% - - - - - - - HighJPM Emerging Europe, Middle East and Africa Equity I (acc) - USD** - - - - - - - - HighJPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 8.06% 33.63% 18.33% - - - - - High

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR -1.28% 8.73% 8.73% 13.75% 50.14% 6.59% 7.01% -6.98% MediumJPM Emerging Markets Debt A (acc) - USD (hedged) -1.02% 9.22% - - - - - - MediumJPM Emerging Markets Debt A (inc) - EUR -1.20% 8.69% 8.69% 13.76% 50.24% 6.22% 5.86% -21.20% MediumJPM Emerging Markets Debt A (mth) - EUR -1.27% 8.70% 8.56% 13.45% 48.22% - - - MediumJPM Emerging Markets Debt A (mth) - USD (hedged) -0.91% 9.29% - - - - - - MediumJPM Emerging Markets Debt B (acc) - EUR -1.16% 8.97% 9.07% - - - - - MediumJPM Emerging Markets Debt C (acc) - EUR -1.00% 9.26% 9.48% 14.80% 52.96% 9.48% - - MediumJPM Emerging Markets Debt D (acc) - EUR -1.42% 8.38% 8.10% 12.97% 48.23% 4.41% 4.07% -10.11% MediumJPM Emerging Markets Debt I (inc) - EUR -1.02% 9.15% 9.38% 14.77% 52.83% 8.90% - - MediumJPM Emerging Markets Debt X (acc) - EUR** - - - - - - - - Medium

143



JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 4.76% 24.70% 14.30% 17.90% 100.50% -5.29% 29.62% 74.79% MediumJPM Emerging Markets Equity A (acc) - EUR 6.65% 14.15% 15.35% 26.48% 109.38% 3.93% 27.61% 30.55% MediumJPM Emerging Markets Equity A (acc) - SGD 2.06% 14.32% 4.71% 7.73% - - - - MediumJPM Emerging Markets Equity A (dist) - USD 4.78% 24.70% 14.30% 17.91% 100.06% -5.84% 28.81% 69.98% MediumJPM Emerging Markets Equity A (dist) - GBP 6.02% 19.96% 11.07% 22.44% 87.90% 20.26% 61.77% 90.10% MediumJPM Emerging Markets Equity B (acc) - USD 4.97% 25.14% 14.90% 18.74% 103.45% -3.13% 33.09% 80.17% MediumJPM Emerging Markets Equity C (acc) - USD 4.98% 25.18% 14.97% 18.83% 103.84% -2.97% 33.93% 82.11% MediumJPM Emerging Markets Equity D (acc) - USD 4.50% 24.05% 13.44% 16.70% 96.58% -8.09% 24.55% 66.25% MediumJPM Emerging Markets Equity D (acc) - EUR 6.28% 13.53% 14.43% 25.15% 105.05% 0.79% 22.58% - MediumJPM Emerging Markets Equity I (acc) - USD 5.04% 25.27% 15.07% 18.92% 104.06% -2.73% 34.22% - MediumJPM Emerging Markets Equity I (acc) - EUR 6.88% 14.69% 16.08% 27.59% - - - - MediumJPM Emerging Markets Equity I (inc) - EUR 6.85% 14.57% 16.02% 27.53% 111.73% 5.21% 30.03% - MediumJPM Emerging Markets Equity X (acc) - USD 5.23% 25.78% 15.77% 19.93% 107.56% -0.24% 38.87% 90.47% MediumJPM Emerging Markets Equity X (dist) - USD 5.25% 25.60% 15.62% 19.78% - - - - MediumJPM Emerging Markets Equity X (inc) - EUR 7.08% 14.96% 16.71% 28.54% 114.38% 7.25% 33.66% - Medium

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - USD -0.51% 12.45% 9.53% 14.86% 44.37% - - - MediumJPM Emerging Markets Local Currency Debt A (acc) - EUR 1.23% 2.96% 10.54% 23.21% 50.57% - - - MediumJPM Emerging Markets Local Currency Debt A (dist) - GBP 0.62% - - - - - - - MediumJPM Emerging Markets Local Currency Debt A (mth) - USD -0.49% - - 14.41% - - - - MediumJPM Emerging Markets Local Currency Debt A (inc) - EUR* - - - - - - - - MediumJPM Emerging Markets Local Currency Debt B (acc) - USD -0.38% 12.73% 9.93% - - - - - MediumJPM Emerging Markets Local Currency Debt C (acc) - USD -0.33% 12.81% 10.04% - - - - - MediumJPM Emerging Markets Local Currency Debt C (acc) - EUR* - - - - - - - - MediumJPM Emerging Markets Local Currency Debt D (acc) - USD -0.69% 12.11% 9.07% 14.26% 42.82% - - - MediumJPM Emerging Markets Local Currency Debt D (acc) - EUR 1.09% 2.60% 10.06% 22.60% 49.14% - - - MediumJPM Emerging Markets Local Currency Debt D (inc) - EUR 1.04% 2.56% - - - - - - MediumJPM Emerging Markets Local Currency Debt I (acc) - EUR** - - - - - - - - MediumJPM Emerging Markets Local Currency Debt X (acc) - USD -0.21% 13.18% 10.55% 16.35% 48.06% - - - MediumJPM Emerging Markets Local Currency Debt X (acc) - EUR* - - - - - - - - Medium

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (acc) - USD 5.55% 28.82% 20.90% 27.98% 218.06% 17.06% - - MediumJPM Emerging Markets Small Cap A (acc) - EUR 7.42% 18.05% 21.96% 37.54% 231.95% 28.72% - - MediumJPM Emerging Markets Small Cap A (dist) - GBP 6.75% 24.02% 17.34% 33.02% 189.33% 44.86% - - MediumJPM Emerging Markets Small Cap B (acc) - USD 5.85% 29.41% 21.44% 28.91% 222.74% - - - MediumJPM Emerging Markets Small Cap C (acc) - USD 5.85% 29.46% 21.54% 28.91% - - - - MediumJPM Emerging Markets Small Cap D (acc) - USD 5.32% 28.41% 20.08% 26.85% 212.81% 14.12% - - MediumJPM Emerging Markets Small Cap D (acc) - EUR 7.15% 17.50% - - - - - - Medium

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - USD 0.98% 21.92% 14.96% 25.47% 69.29% -15.93% 22.89% - HighJPM Emerging Middle East Equity A (acc) - EUR 3.51% 12.35% 16.80% 35.51% 77.78% - - - HighJPM Emerging Middle East Equity A (acc) - SGD -1.01% - - - - - - - HighJPM Emerging Middle East Equity A (dist) - USD 1.00% 21.81% 14.90% 25.41% 68.54% -16.17% 22.44% 24.53% HighJPM Emerging Middle East Equity B (acc) - USD 1.20% 22.38% 15.65% 26.54% 71.78% -13.96% 26.21% - HighJPM Emerging Middle East Equity C (acc) - USD 1.22% 22.51% 15.80% 26.60% 72.16% - - - HighJPM Emerging Middle East Equity D (acc) - USD 0.72% 21.24% 14.10% 24.17% 65.82% -18.43% 17.97% 23.85% HighJPM Emerging Middle East Equity D (acc) - EUR 3.20% - - - - - - - HighJPM Emerging Middle East Equity I (acc) - USD - - - - - - - -

JPMorgan Funds - Euro Money Market Fund (1)JPM Euro Money Market A (acc) - EUR 0.02% 0.02% 0.02% 0.02% 0.60% 4.43% - - LowJPM Euro Money Market D (acc) - EUR 0.00% 0.00% 0.00% 0.01% 0.50% 4.21% 7.67% - Low

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 4.89% 14.86% 6.48% 6.38% 36.49% -31.04% -30.03% -12.81% HighJPM Euroland Equity A (dist) - EUR 5.00% 14.85% 6.47% 6.30% 35.97% -31.00% -29.31% -14.84% HighJF Euroland Equity A (dist) - USD 2.53% 24.77% 4.85% -1.56% 29.68% -37.17% -28.16% -3.04% HighJPM Euroland Equity A (inc) - EUR 4.87% 14.82% 6.43% 6.25% 35.71% -31.10% - - HighJPM Euroland Equity B (acc) - EUR 5.13% 15.44% 7.10% 7.10% 38.71% - - - HighJPM Euroland Equity C (acc) - EUR 5.25% 15.50% 7.33% 7.50% 39.47% -28.82% -26.99% -8.04% HighJPM Euroland Equity D (acc) - EUR 4.81% 14.49% 5.91% 5.64% 34.56% -32.55% -32.10% -15.95% HighJPM Euroland Equity I (acc) - EUR 5.34% 15.69% 7.48% 7.61% 39.70% -28.68% -26.77% - HighJPM Euroland Equity X (acc) - EUR 5.33% 15.96% 7.88% 8.21% 41.27% -27.27% - - High

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 9.59% 18.17% 8.51% 15.26% 48.81% -20.60% -18.54% 5.06% HighJPM Europe Dynamic A (dist) - EUR 9.61% 18.16% 8.47% 15.28% 48.00% -21.05% -18.65% 2.22% HighJPM Europe Dynamic A (dist) - GBP 8.95% 24.11% 4.42% 11.53% 30.38% -8.08% 3.44% 27.56% HighJF Europe Dynamic A (dist) - EUR 9.60% 18.07% 8.41% 15.26% 47.98% -21.01% -18.65% 2.23% HighJPM Europe Dynamic B (acc) - EUR 9.75% 18.63% 9.15% 16.22% 51.04% -18.80% -16.29% 8.41% HighJPM Europe Dynamic C (acc) - EUR 9.83% 18.78% 9.31% 16.41% 51.53% -18.40% -15.48% 9.97% HighJPM Europe Dynamic D (acc) - USD 7.39% 28.47% 6.78% 6.35% 38.01% -29.82% -20.52% 13.35% HighJPM Europe Dynamic D (acc) - EUR 9.29% 17.64% 7.78% 14.19% 46.02% -22.93% -21.67% - HighJPM Europe Dynamic I (acc) - EUR 9.79% 18.74% 9.25% 16.34% - - 31.34% - HighJPM Europe Dynamic X (acc) - EUR** - - - - - - - - High


144



JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - USD 4.06% 20.54% -1.32% -5.34% 21.75% -34.14% - - MediumJPM Europe Dynamic Mega Cap A (acc) - EUR 5.92% 10.35% -0.52% 1.50% 28.59% -27.89% -25.74% - MediumJPM Europe Dynamic Mega Cap A (dist) - EUR 5.84% 10.35% -0.66% 1.47% 28.05% -27.91% -25.32% - MediumJPM Europe Dynamic Mega Cap A (inc) - EUR 5.91% 10.33% -0.51% 1.43% 28.14% -27.94% -25.45% - MediumJPM Europe Dynamic Mega Cap B (acc) - EUR 6.00% 10.70% 0.00% 2.17% 30.46% -26.32% -23.74% - MediumJPM Europe Dynamic Mega Cap C (acc) - EUR 6.19% 10.89% 0.11% 2.43% 30.93% -25.84% -22.94% - MediumJPM Europe Dynamic Mega Cap D (acc) - USD 3.76% 20.03% -2.15% -6.28% 19.24% -36.16% - - MediumJPM Europe Dynamic Mega Cap D (acc) - EUR 5.61% 9.80% -1.31% 0.48% 25.99% -30.04% -28.66% - MediumJPM Europe Dynamic Mega Cap I (acc) - EUR** - - - - - - - - MediumJPM Europe Dynamic Mega Cap X (acc) - EUR 6.40% 11.41% 0.85% 3.27% 33.19% -23.94% -20.22% - Medium

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - USD 5.69% 28.78% 9.76% 6.95% 42.04% -30.92% -26.73% -1.18% MediumJPM Europe Equity A (acc) - EUR 7.64% 17.85% 10.72% 14.74% 49.86% -24.20% -27.87% -12.94% MediumJPM Europe Equity A (dist) - EUR 7.54% 17.73% 10.62% 14.61% 48.68% -24.73% -27.89% -15.64% MediumJF Europe Equity A (dist) - USD 5.69% 28.63% 9.62% 6.82% 41.23% -31.03% -26.34% -3.57% MediumJPM Europe Equity B (acc) - EUR 7.79% 18.33% 11.35% 15.58% 52.14% -22.51% -25.83% -9.91% MediumJPM Europe Equity C (acc) - EUR 7.85% 18.44% 11.62% 15.87% 53.05% -21.79% -24.78% -8.19% MediumJPM Europe Equity D (acc) - USD 5.52% 28.39% 9.11% 6.13% 39.92% -32.47% -28.90% - MediumJPM Europe Equity D (acc) - EUR 7.33% 17.44% 10.16% 13.92% 47.79% -25.91% -30.01% -16.16% MediumJPM Europe Equity I (acc) - EUR** - - - - - - - - MediumJPM Europe Equity I (inc) - EUR** - - - - - - - - MediumJPM Europe Equity X (acc) - EUR 8.02% 18.82% 12.19% 16.70% 55.04% -20.21% -22.71% -5.01% Medium

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - USD 5.95% 28.41% 9.00% 7.55% 61.10% -23.66% - - MediumJPM Europe Focus A (acc) - EUR 7.96% 17.75% 10.16% 15.54% 70.43% -16.11% -16.49% - MediumJPM Europe Focus A (dist) - EUR 8.07% 17.70% 10.24% 15.54% 69.37% -16.73% -16.99% - MediumJPM Europe Focus B (acc) - EUR 7.86% 17.64% 10.37% 15.91% 72.18% - - - MediumJPM Europe Focus C (acc) - EUR 7.92% 17.78% 10.20% 15.73% - 19.90% - - MediumJPM Europe Focus D (acc) - USD 5.93% 27.98% 8.42% 6.65% 58.14% -25.80% - - MediumJPM Europe Focus D (acc) - EUR 7.72% 17.04% 9.33% 14.45% 67.11% -18.61% -19.80% - MediumJPM Europe Focus X (acc) - EUR 8.53% 18.81% 11.55% 17.65% 76.84% -11.49% - - Medium

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 13.25% 26.89% 22.10% 32.84% 86.93% -14.10% -20.29% 4.79% MediumJPM Europe Small Cap A (dist) - EUR 13.27% 26.87% 22.08% 32.79% 86.24% -14.45% -20.63% 3.12% MediumJF Europe Small Cap A (dist) - EUR 13.24% 26.85% 22.07% 32.79% 86.16% -14.45% -20.63% 3.08% MediumJPM Europe Small Cap A (dist) - GBP 12.67% 33.33% 17.60% 28.58% 63.90% -0.36% 1.41% 29.21% MediumJPM Europe Small Cap B (acc) - EUR 13.46% 27.38% 22.85% 33.81% 90.01% -12.03% -18.06% 8.19% MediumJPM Europe Small Cap C (acc) - EUR 13.46% 27.48% 22.93% 34.01% 90.58% -11.55% -17.19% 9.86% MediumJPM Europe Small Cap D (acc) - EUR 13.03% 26.44% 21.31% 31.54% 83.30% -16.52% -23.36% -0.19% MediumJPM Europe Small Cap I (acc) - EUR** - - - - - - - - MediumJPM Europe Small Cap X (acc) - EUR** - - - - - - - - Medium

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 11.25% 24.05% 20.95% 29.98% 63.13% -16.02% -14.54% 5.80% MediumJPM Europe Strategic Growth A (dist) - EUR 11.32% 24.01% 20.89% 29.94% 62.57% -16.22% -14.64% 4.28% MediumJPM Europe Strategic Growth A (dist) - GBP 10.65% 30.37% 16.50% 25.80% 43.08% -2.59% 8.63% 29.85% MediumJPM Europe Strategic Growth B (acc) - EUR 11.40% 24.45% 21.56% 30.87% 65.40% -14.18% -12.07% 9.46% MediumJPM Europe Strategic Growth C (acc) - EUR 11.55% 24.61% 21.82% 31.09% 66.10% -13.63% -11.21% 10.99% MediumJPM Europe Strategic Growth D (acc) - EUR 11.05% 23.61% 20.33% 28.96% 60.59% -17.87% -17.00% 1.89% MediumJPM Europe Strategic Growth I (acc) - EUR** - - - - - - - - MediumJPM Europe Strategic Growth I (inc) - EUR** - - - - - - - - MediumJPM Europe Strategic Growth X (acc) - EUR** - - - - - - - - Medium

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 3.09% 12.72% 2.11% 4.89% 40.61% -29.07% -34.51% -20.27% HighJPM Europe Strategic Value A (dist) - EUR 3.05% 12.59% 1.97% 4.80% 39.98% -29.16% -34.08% -22.36% HighJPM Europe Strategic Value A (dist) - GBP 2.52% 18.25% -1.72% 1.43% 23.44% -17.69% -16.46% -2.94% HighJPM Europe Strategic Value B (acc) - EUR 3.36% 13.18% 2.73% 5.70% 42.96% -27.41% -32.60% -17.46% HighJPM Europe Strategic Value C (acc) - EUR 3.39% 13.24% 2.85% 5.88% 43.43% -26.97% -31.90% -16.27% HighJPM Europe Strategic Value D (acc) - EUR 2.95% 12.27% 1.55% 4.10% 38.63% -30.64% -36.45% -23.19% HighJPM Europe Strategic Value I (acc) - EUR** - - - - - - - - HighJPM Europe Strategic Value I (inc) - EUR** - - - - - - - - HighJPM Europe Strategic Value X (acc) - EUR** - - - - - - - - High

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 11.16% 18.26% 13.31% 29.56% 99.73% 2.38% 7.89% 21.37% MediumJPM Europe Technology A (dist) - EUR 11.20% 18.39% 13.32% 29.66% 99.38% 1.99% 7.52% 19.41% MediumJF Europe Technology A (dist) - EUR 11.02% 18.08% 13.16% 29.32% 98.85% 1.74% 7.11% 18.51% MediumJPM Europe Technology A (dist) - GBP 10.62% 24.25% 9.04% 25.44% 75.17% 18.49% 36.92% 48.60% MediumJPM Europe Technology B (acc) - EUR 11.38% 18.76% 13.96% 30.54% 103.09% - - - MediumJPM Europe Technology C (acc) - EUR** - - - - - - - - MediumJPM Europe Technology D (acc) - EUR 11.02% 17.62% 12.47% 28.50% 96.18% -0.58% 3.84% 15.51% MediumJPM Europe Technology X (acc) - EUR 11.67% 19.34% 14.74% 31.86% 106.53% 7.75% - - Medium

145



JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 3.49% 9.54% 2.96% 5.00% 35.52% -5.14% 1.42% 11.23% MediumJPM Global Convertibles (EUR) A (acc) - CHF (hedged) 3.33% 9.27% 2.60% 4.53% 33.81% - - - MediumJPM Global Convertibles (EUR) A (dist) - EUR 3.48% 9.53% 2.96% 4.96% 35.46% -5.21% 1.30% 10.17% MediumJPM Global Convertibles (EUR) A (dist) - GBP (hedged) 3.58% 9.57% 3.00% 5.28% 35.11% - - - MediumJF Global Convertibles (EUR) A (dist) - USD 1.62% 19.51% 1.80% -2.38% 29.15% -14.16% 1.97% 23.80% MediumJPM Global Convertibles (EUR) B (acc) - EUR 3.59% 9.86% 3.42% 5.66% 37.30% -3.27% 3.76% 29.86% MediumJPM Global Convertibles (EUR) B (acc) - CHF (hedged) 3.48% 9.61% 3.11% 5.23% 35.58% - - - MediumJPM Global Convertibles (EUR) C (acc) - EUR 3.69% 9.94% 3.44% 5.72% 37.51% -3.07% 4.35% 15.33% MediumJPM Global Convertibles (EUR) C (acc) - CHF (hedged) 3.45% 9.61% 3.11% 5.24% 35.71% - - - MediumJPM Global Convertibles (EUR) C (dist) - GBP (hedged) 3.77% 9.94% 3.51% 5.99% 36.87% - - - MediumJPM Global Convertibles (EUR) D (acc) - EUR 3.41% 9.27% 2.51% 4.53% 34.13% -6.52% -0.56% 8.54% MediumJPM Global Convertibles (EUR) I (acc) - EUR 3.71% 10.00% 3.50% 5.83% 37.68% -2.91% - - MediumJPM Global Convertibles (EUR) I (acc) - CHF (hedged) 3.52% 9.71% 3.21% 5.31% - - - - MediumJPM Global Convertibles (EUR) I (inc) - EUR 3.75% 10.04% 3.53% 5.84% 37.50% -3.06% 4.00% - MediumJPM Global Convertibles (EUR) X (acc) - EUR 3.92% 10.38% 4.08% 6.63% 39.71% -0.66% 7.82% 20.09% MediumJPM Global Convertibles (EUR) X (acc) - CHF (hedged) 3.69% 10.04% 3.75% 6.08% - - - - Medium

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - USD -1.42% 3.05% 4.51% 7.47% - - - - MediumJPM Global Corporate Bond A (acc) - EUR (hedged) -1.60% 2.71% 4.01% 6.94% - - - - MediumJPM Global Corporate Bond A (acc) - SEK (hedged) -1.39% 2.88% 4.30% 7.08% - - - - MediumJPM Global Corporate Bond A (dist) - GBP (hedged) -1.40% 3.02% 4.73% 7.75% - - - - MediumJPM Global Corporate Bond A (mth) - USD -1.12% - - - - - - - MediumJPM Global Corporate Bond C (acc) - EUR (hedged) -1.46% - - - - - - - MediumJPM Global Corporate Bond D (acc) - USD -1.58% 2.81% 4.27% 7.05% - - - - MediumJPM Global Corporate Bond D (acc) - EUR (hedged) -1.61% 2.51% 3.81% 6.64% - - - - MediumJPM Global Corporate Bond D (inc) - EUR (hedged) -1.68% 2.41% - - - - - - MediumJPM Global Corporate Bond I (acc) - USD -1.30% - - - - - - - Medium

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 5.90% 19.44% 4.22% 5.70% 42.20% -19.83% -14.00% -1.00% HighJPM Global Equity (USD) A (acc) - EUR (hedged) 6.20% 14.68% 1.82% 5.65% 38.65% - - - HighJPM Global Equity (USD) A (dist) - USD 5.86% 19.30% 4.11% 5.68% 41.95% -19.93% -14.06% -2.05% HighJF Global Equity (USD) A (dist) - USD 5.88% 19.32% 4.13% 5.68% 41.98% -19.90% -14.00% -2.02% HighJPM Global Equity (USD) A (dist) - EUR (hedged) 6.13% 14.53% 1.72% 5.54% 37.53% - - - HighJPM Global Equity (USD) B (acc) - USD** - - - - - - - - HighJPM Global Equity (USD) C (acc) - USD 6.18% 20.04% 4.98% 6.87% 45.27% -17.13% -10.18% 4.56% HighJPM Global Equity (USD) C (acc) - EUR (hedged) 6.55% 15.48% 2.76% 6.91% 41.83% - - - HighJPM Global Equity (USD) D (acc) - USD 5.70% 18.84% 3.54% 4.89% 40.06% -21.67% -16.67% -4.83% HighJPM Global Equity (USD) D (acc) - EUR (hedged) 6.13% 14.34% 1.34% 5.03% 36.49% - - - HighJPM Global Equity (USD) X (acc) - USD 6.32% 20.41% 5.43% 7.57% 47.08% -15.56% -7.85% - HighJPM Global Equity (USD) X (acc) - EUR 8.22% 10.22% 6.51% 15.36% - - - - High

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 8.53% 14.30% 10.16% 22.26% 93.41% 7.02% 6.53% 22.69% MediumJPM Global Focus A (acc) - EUR (hedged) 6.52% 18.45% 5.64% 12.38% 76.97% -4.56% - - MediumJPM Global Focus A (acc) - CHF (hedged) 5.38% - - - - - - - MediumJPM Global Focus A (dist) - EUR 8.53% 14.32% 10.16% 22.33% 93.20% 6.89% 6.39% 21.81% MediumJF Global Focus A (dist) - USD 6.68% 24.96% 9.26% 14.03% 85.24% -2.55% 8.15% - MediumJPM Global Focus B (acc) - EUR 8.73% 14.78% 10.80% 23.19% - - - - MediumJPM Global Focus C (acc) - USD 6.94% 25.56% - - - - - - MediumJPM Global Focus C (acc) - EUR 8.81% 14.91% 10.90% 23.50% 96.90% 10.03% 10.51% - MediumJPM Global Focus C (acc) - EUR (hedged) 6.70% 19.00% 6.41% 13.42% - - - - MediumJPM Global Focus D (acc) - EUR 8.25% 13.77% 9.33% 21.07% 89.58% 3.86% 2.37% 16.71% MediumJPM Global Focus D (acc) - EUR (hedged) 6.26% 17.92% 4.81% 11.27% 73.27% -7.42% - - MediumJPM Global Focus I (acc) - EUR 8.78% - - - - - - - MediumJPM Global Focus I (acc) - EUR (hedged) 6.72% - - - - - - - MediumJPM Global Focus X (acc) - EUR 8.99% 15.36% 11.66% 24.43% 100.31% 12.78% 14.26% 33.92% Medium

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - USD 20.60% 49.38% 33.05% 39.74% 203.79% -0.18% 45.17% - HighJPM Global Natural Resources A (acc) - EUR 22.69% 36.74% 34.23% 49.86% 216.81% 9.41% 42.80% 80.14% HighJPM Global Natural Resources A (acc) - SGD 17.47% 36.98% 21.84% 27.62% - - - - HighJPM Global Natural Resources A (dist) - EUR 22.67% 36.68% 34.18% 49.84% 217.02% 9.44% 42.78% 80.12% HighJPM Global Natural Resources B (acc) - EUR 22.91% 37.25% 35.00% 50.96% 221.68% 11.96% 46.66% - HighJPM Global Natural Resources C (acc) - USD 20.83% 50.00% 33.90% 40.92% 209.03% 2.46% - - HighJPM Global Natural Resources C (acc) - EUR 22.96% 37.32% 35.08% 51.07% 222.45% 12.31% 47.90% 88.34% HighJPM Global Natural Resources D (acc) - USD 20.29% 48.65% 32.09% 38.38% 198.19% -3.07% - - HighJPM Global Natural Resources D (acc) - EUR 22.37% 36.04% 33.18% 48.41% 210.84% 6.21% 37.19% 71.38% HighJPM Global Natural Resources X (acc) - USD* - - - - - - - - HighJPM Global Natural Resources X (acc) - EUR 23.47% 38.17% 36.23% 52.76% 228.67% 15.57% 53.51% 97.08% High

146



JPMorgan Funds - JF China FundJF China A (acc) - USD 2.80% 15.86% 7.35% 4.58% 72.66% -19.07% 34.88% 169.43% HighJF China A (acc) - SGD 0.15% 6.28% -1.71% -4.49% - - - - HighJF China A (dist) - USD 2.80% 15.87% 7.35% 4.59% 72.51% -19.40% 34.41% 166.37% HighJF China A (dist) - HKD 3.09% - - - - - - - HighJF China B (acc) - USD 3.00% 16.30% 7.97% 5.35% 75.21% -17.27% 38.46% - HighJF China C (acc) - USD 3.03% 16.39% 8.10% 5.54% 75.70% -16.87% 39.84% 181.88% HighJF China D (acc) - USD 2.53% 15.31% 6.56% 3.55% 69.33% -21.33% 29.86% 156.89% HighJF China D (acc) - EUR 4.34% - - - - - - - HighJF China I (acc) - USD 3.08% 16.48% 8.28% 5.66% 76.16% -32.66% - - HighJF China X (acc) - USD 3.29% - - - - - - - High

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 8.74% 26.28% 17.65% 15.84% 92.87% -2.47% 46.75% 114.14% MediumJF Greater China A (acc) - SGD 5.94% 15.84% 7.76% 5.86% - - - - MediumJF Greater China A (dist) - USD 8.76% 26.24% 17.57% 15.77% 91.07% -4.96% 42.94% 101.20% MediumJF Greater China A (dist) - HKD 8.92% - - - - - - - MediumJF Greater China B (acc) - USD 8.93% 26.74% 18.30% 16.69% 95.64% -0.29% 50.73% - MediumJF Greater China C (acc) - USD 9.01% 26.87% 18.49% 16.88% 96.30% 0.20% 52.10% 123.94% MediumJF Greater China D (acc) - USD 8.50% 25.68% 16.79% 14.72% 89.14% -5.33% 41.15% 104.02% MediumJF Greater China D (acc) - EUR 10.40% - - - - - - - MediumJF Greater China I (acc) - USD* - - - - - - - - MediumJF Greater China X (acc) - USD** - - - - - - - - Medium

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 5.44% 17.09% 11.04% 16.14% 54.89% 5.51% 21.82% 38.06% MediumJF Pacific Balanced A (dist) - USD 5.48% 16.89% 10.86% 15.93% 53.89% 4.14% 20.21% 30.74% MediumJF Pacific Balanced B (acc) - USD 5.63% 17.43% 11.61% 16.94% 57.12% 7.86% - - MediumJF Pacific Balanced D (acc) - USD 5.30% 16.76% 10.62% 15.55% 53.54% 4.12% 19.65% 35.01% Medium

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 7.52% 27.00% 16.53% 18.39% 153.08% 7.95% 56.22% - HighJPM Latin America Equity A (acc) - SGD 5.35% - - - - - - - HighJPM Latin America Equity A (dist) - USD 7.53% 26.97% 16.47% 18.34% 152.16% 7.40% 55.29% 127.77% HighJF Latin America Equity A (dist) - USD 7.53% 26.93% 16.47% 18.32% 152.03% 7.39% 55.24% 127.74% HighJPM Latin America Equity B (acc) - USD 7.72% 27.54% 17.19% 19.31% 156.95% 10.43% 60.47% - HighJPM Latin America Equity C (acc) - USD 7.75% 27.54% 17.24% 19.35% 157.25% 10.60% 61.37% 142.77% HighJPM Latin America Equity D (acc) - USD 7.25% 26.37% 15.63% 17.20% 148.16% 4.75% 50.07% 121.35% HighJPM Latin America Equity D (acc) - EUR 9.87% - - - - - - - HighJPM Latin America Equity I (acc) - USD 7.79% 27.61% 17.32% 19.47% 157.67% 10.88% 61.80% - HighJPM Latin America Equity X (acc) - USD 7.99% 28.13% 18.04% 20.46% 162.04% 13.68% 67.39% 153.67% High

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 12.42% 32.40% 13.98% 26.01% 232.73% -26.87% 2.87% - HighJPM Russia A (dist) - USD 12.44% 32.41% 14.02% 26.01% 232.24% -26.85% 2.92% - HighJPM Russia B (acc) - USD 12.68% 32.93% 14.67% 26.96% 238.04% -25.14% 5.86% - HighJPM Russia C (acc) - USD 12.57% 32.81% 14.61% 27.05% 238.22% -25.10% - - HighJPM Russia D (acc) - USD 12.08% 31.73% 13.08% 24.70% 226.10% -29.06% -1.17% - HighJPM Russia I (acc) - USD 12.58% 32.91% 14.60% 27.02% 238.21% -24.98% -28.95% - High

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD -0.72% 1.70% 5.46% 7.44% 17.16% 22.61% 29.43% 33.77% MediumJPM US Aggregate Bond A (inc) - USD -0.73% 1.71% 5.47% 7.45% 16.77% 21.26% 27.11% 20.05% MediumJPM US Aggregate Bond A (mth) - USD -0.76% 1.86% - - - - - - MediumJPM US Aggregate Bond B (acc) - USD -0.65% 1.86% 5.71% 7.79% 17.90% 23.87% 31.23% - MediumJPM US Aggregate Bond C (acc) - USD -0.65% 1.85% 5.75% 7.90% 18.25% 24.44% 32.06% - MediumJPM US Aggregate Bond D (acc) - USD -0.84% 1.51% 5.18% 7.15% 16.54% 21.69% 28.05% 31.99% MediumJPM US Aggregate Bond D (acc) - EUR (hedged)* - - - - - - - - MediumJPM US Aggregate Bond X (acc) - USD -0.55% 2.11% 6.20% 8.42% 19.46% 26.30% 34.60% 40.52% Medium

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 8.43% 19.14% 4.66% 6.16% 34.59% -25.60% -25.37% -14.21% MediumJPM US Dynamic A (acc) - EUR 10.28% 8.88% 5.44% 13.61% 40.42% -18.56% -26.71% - MediumJPM US Dynamic A (dist) - USD 8.40% 19.09% 4.65% 6.07% 34.65% -25.63% -25.42% -14.26% MediumJPM US Dynamic B (acc) - USD 8.51% 19.39% 5.18% 6.82% 36.49% -23.99% -23.46% -11.68% MediumJPM US Dynamic C (acc) - USD 8.63% 19.60% 5.28% 7.07% 37.00% -23.58% -22.59% -10.21% MediumJPM US Dynamic D (acc) - USD 8.12% 18.47% 3.86% 5.00% 31.98% -27.86% -28.36% -18.45% MediumJPM US Dynamic D (acc) - EUR 10.00% 8.51% 4.66% 12.65% 37.84% -20.87% -29.52% - MediumJPM US Dynamic I (acc) - USD** - - - - - - - - MediumJPM US Dynamic I (inc) - EUR 10.66% 9.43% 6.31% 14.98% 42.70% -16.33% - - MediumJPM US Dynamic X (acc) - USD 8.85% 20.12% 6.06% 8.00% 39.39% -21.54% -19.92% -6.26% Medium

JPMorgan Funds - US Small and Micro Cap FundJPM US Small and Micro Cap A (acc) - USD 16.84% 28.66% 18.94% 26.05% 85.07% -11.35% -19.02% -11.44% HighJPM US Small and Micro Cap A (dist) - USD 16.84% 28.68% 19.02% 26.19% 85.30% -11.32% -19.02% -11.46% HighJF US Small and Micro Cap A (dist) - USD 16.84% 28.61% 18.99% 26.09% 85.11% -11.38% -19.05% -11.60% HighJPM US Small and Micro Cap D (acc) - USD 16.54% 28.00% 18.15% 24.95% 81.54% -13.97% -22.20% -15.77% HighJPM US Small and Micro Cap X (acc) - USD 17.11% 29.60% 20.45% 28.23% 91.72% -2.80% -25.63% -17.14% High

147



JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 10.53% 23.13% 7.44% 11.92% 46.95% -14.70% -6.10% 3.07% HighJPM US Strategic Growth A (acc) - EUR (hedged) 10.56% 22.49% 6.52% 10.56% 43.47% -17.59% - - HighJPM US Strategic Growth A (dist) - USD 10.54% 23.06% 7.47% 11.93% 47.03% -14.74% -6.07% 3.17% HighJPM US Strategic Growth A (dist) - GBP 11.74% 18.43% 4.38% 16.02% 37.98% 8.90% 17.83% 13.66% HighJPM US Strategic Growth B (acc) - USD 10.70% 23.54% 8.08% 12.74% 49.25% -12.73% -3.18% - HighJPM US Strategic Growth C (acc) - USD 10.83% 23.85% 8.32% 13.09% 50.14% -11.87% -1.86% - HighJPM US Strategic Growth C (acc) - EUR (hedged) 10.84% 23.26% 7.28% - 122.82% 29.51% - - HighJPM US Strategic Growth D (acc) - USD 10.34% 22.55% 6.86% 10.98% 44.72% -16.64% -8.86% -0.69% HighJPM US Strategic Growth D (acc) - EUR (hedged) 10.34% 21.91% 5.85% 9.78% 41.21% -19.43% - - HighJPM US Strategic Growth X (acc) - USD 11.03% 24.25% 8.94% 13.98% 52.37% -10.02% 0.87% 12.64% High

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 11.16% 33.69% 22.42% 25.57% 105.57% 3.49% 16.57% 21.48% HighJPM US Technology A (acc) - EUR 13.12% 22.32% - - - - - - HighJF US Technology A (dist) - USD 11.11% 34.23% 22.70% 25.79% 106.19% 3.63% 16.28% 21.95% HighJPM US Technology A (dist) - USD 11.11% 33.72% 22.34% 25.68% 105.36% 3.45% 16.55% 21.48% HighJPM US Technology A (dist) - GBP 12.42% 28.17% 18.95% 30.94% 91.67% 31.21% 45.67% 32.37% HighJPM US Technology B (acc) - USD** - - - - - - - - HighJPM US Technology C (acc) - USD 11.48% 34.44% 23.37% 26.85% 109.31% - - - HighJPM US Technology D (acc) - USD 10.91% 32.61% 21.19% 24.49% 101.10% 0.00% 11.59% 15.09% HighJPM US Technology D (acc) - EUR 12.76% 21.65% 22.42% 33.33% - - - - HighJPM US Technology X (acc) - USD 11.65% 34.78% 24.00% 27.76% 112.50% 8.66% - - High

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 9.14% 18.84% 8.40% 13.09% 36.62% -13.95% -11.78% 4.57% MediumJPM US Value A (acc) - EUR (hedged) 9.19% 18.36% 7.63% 12.09% 33.27% -16.83% -15.90% - MediumJPM US Value A (dist) - USD 9.11% 18.70% 8.26% 12.96% 36.40% -14.14% -11.94% 4.30% MediumJF US Value A (dist) - USD 9.07% 18.65% 8.29% 12.97% 36.39% -14.09% -11.89% 4.39% MediumJPM US Value A (dist) - GBP 10.45% 14.25% 5.30% 17.47% 28.32% 9.80% 10.73% 15.07% MediumJPM US Value B (acc) - USD 9.40% 19.29% 8.93% 13.93% 38.73% -12.01% -9.17% 8.56% MediumJPM US Value C (acc) - USD 9.38% 19.38% 9.20% 14.21% 39.47% -11.25% -8.03% 10.29% MediumJPM US Value C (acc) - EUR (hedged) 9.56% 18.93% 8.46% 13.12% - - - - MediumJPM US Value D (acc) - USD 8.90% 18.35% 7.74% 12.22% 34.62% -15.90% -14.43% 0.69% MediumJPM US Value D (acc) - EUR (hedged) 8.97% 17.77% 7.01% 11.19% 31.20% -18.71% -18.31% - MediumJPM US Value X (acc) - USD 9.62% 19.81% 9.81% 15.06% 41.46% -9.31% -5.34% 14.23% Medium

* No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the period end.** Share Class inactive at the end of the period.*** Share Class reactivated during the period.

148


4. Interest Rate Received/(Charged) on Bank Accounts

Basis for Bank Interest RatesThe rates are based on the JPMorgan Chase Treasury rates and consequently may change on a daily basis. The bank interest amount is posted to each of theFund’s bank accounts on a monthly basis on the first business day of the subsequent month based on the bank balances from the prior month.

5. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01%

The following Sub-Fund Share Classes are subject to an asset based tax of 0.01% per annum:

Share Class NameJF China I (acc) - USD JPM Europe Focus X (acc) - EUR

JF China X (acc) - USD JPM Europe Small Cap I (acc) - EUR

JF Greater China X (acc) - USD JPM Europe Small Cap X (acc) - EUR

JPM America Equity X (acc) - USD JPM Europe Strategic Growth I (acc) - EUR

JPM Brazil Alpha Plus I (acc) - EUR JPM Europe Strategic Growth X (acc)- EUR

JPM Brazil Alpha Plus I (acc) - USD JPM Europe Strategic Value X (acc) - EUR

JPM Eastern Europe Equity I (acc) - EUR JPM Europe Technology X (acc) - EUR

JPM Eastern Europe Equity X (acc) - EUR JPM Global Convertibles (EUR) X (acc) - CHF (hedged)

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD JPM Global Convertibles (EUR) I (acc) - CHF (hedged)

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD JPM Global Convertibles (EUR) I (acc) - EUR

JPM Emerging Markets Debt I (inc) - EUR JPM Global Convertibles (EUR) I (inc) - EUR

JPM Emerging Markets Equity I (acc) - EUR JPM Global Convertibles (EUR) X (acc) - EUR

JPM Emerging Markets Equity I (acc) - USD JPM Global Equity (USD) X (acc) - EUR

JPM Emerging Markets Equity I (inc) - EUR JPM Global Equity (USD) X (acc) - USD

JPM Emerging Markets Equity X (acc) - USD JPM Global Focus X (acc) - EUR

JPM Emerging Markets Equity X (dist) - USD JPM Global Natural Resources X (acc) - EUR

JPM Emerging Markets Equity X (inc) - EUR JPM Latin America Equity I (acc) - USD

JPM Emerging Markets Local Currency Debt X (acc) - EUR JPM Latin America Equity X (acc) - USD

JPM Emerging Markets Local Currency Debt X (acc) - USD JPM Russia I (acc) - USD

JPM Euro Money Market A (acc) - EUR JPM US Aggregate Bond X (acc) - USD

JPM Euro Money Market D (acc) - EUR JPM US Dynamic I (acc) - USD

JPM Euroland Equity I (acc) - EUR JPM US Dynamic I (inc) - EUR

JPM Euroland Equity X (acc) - EUR JPM US Dynamic X (acc) - USD

JPM Europe Dynamic I (acc) - EUR JPM US Small and Micro Cap X (acc) - USD

JPM Europe Dynamic X (acc) - EUR JPM US Strategic Growth X (acc) - USD

JPM Europe Dynamic Mega Cap I (acc) - EUR JPM US Technology X (acc) - USD

JPM Europe Dynamic Mega Cap X (acc) - EUR JPM US Value X (acc) - USD

JPM Europe Equity X (acc) - EUR

6. Portfolio Turnover Ratio

The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to its investment policy.The Portfolio Turnover Ratio is calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association as outlined below:

(Total securities’ purchases and sales - total subscriptions and redemptions of Sub-Fund shares)

Average net Sub-Fund assets in Sub-Fund currency

The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation is negative, a zero value has been published.

Sub-Fund Portfolio Turnover Ratio (%) Sub-Fund Portfolio Turnover Ratio (%)JPMorgan Funds - America Equity Fund 37.66 JPMorgan Funds - Europe Technology Fund 470.11

JPMorgan Funds - Brazil Alpha Plus Fund 0.00 JPMorgan Funds - Global Convertibles Fund (EUR) 3.87

JPMorgan Funds - Eastern Europe Equity Fund 0.00 JPMorgan Funds - Global Corporate Bond Fund 192.00

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 55.40 JPMorgan Funds - Global Equity Fund (USD) 141.05

JPMorgan Funds - Emerging Markets Debt Fund 91.72 JPMorgan Funds - Global Focus Fund 38.52

JPMorgan Funds - Emerging Markets Equity Fund 0.00 JPMorgan Funds - Global Natural Resources Fund 0.00

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 0.00 JPMorgan Funds - JF China Fund 26.42

JPMorgan Funds - Emerging Markets Small Cap Fund 0.00 JPMorgan Funds - JF Greater China Fund 88.40

JPMorgan Funds - Emerging Middle East Equity Fund 0.00 JPMorgan Funds - JF Pacific Balanced Fund 154.52

JPMorgan Funds - Euro Money Market Fund 0.00* JPMorgan Funds - Latin America Equity Fund 90.27

JPMorgan Funds - Euroland Equity Fund 158.28 JPMorgan Funds - Russia Fund 0.00

JPMorgan Funds - Europe Dynamic Fund 876.23 JPMorgan Funds - US Aggregate Bond Fund 0.00

JPMorgan Funds - Europe Dynamic Mega Cap Fund 925.61 JPMorgan Funds - US Dynamic Fund 973.93

JPMorgan Funds - Europe Equity Fund 207.41 JPMorgan Funds - US Small and Micro Cap Fund 0.00

JPMorgan Funds - Europe Focus Fund 0.00 JPMorgan Funds - US Strategic Growth Fund 274.90

JPMorgan Funds - Europe Small Cap Fund 298.10 JPMorgan Funds - US Technology Fund 0.00

JPMorgan Funds - Europe Strategic Growth Fund 201.53 JPMorgan Funds - US Value Fund 0.00

JPMorgan Funds - Europe Strategic Value Fund 178.79

* 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.

149




of the Year


of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued)JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 1,764,798.609 2,062,800.796 1,962,061.613 1,865,537.792JPM America Equity A (acc) - EUR (hedged) 96,048.318 748,098.694 550,374.545 293,772.467JPM America Equity A (dist) - USD 3,348,743.512 538,770.757 672,760.573 3,214,753.696JF America Equity A (dist) - USD 483,247.076 294,678.797 204,343.603 573,582.270JPM America Equity B (acc) - USD 218,090.640 472,116.019 472,329.286 217,877.373JPM America Equity C (acc) - USD 8,281,473.908 2,230,853.596 3,787,629.230 6,724,698.274JPM America Equity C (acc) - EUR (hedged) 469,357.959 4,149,684.884 3,690,780.285 928,262.558JPM America Equity D (acc) - USD 1,453,001.188 2,414,873.763 1,847,698.607 2,020,176.344JPM America Equity D (acc) - EUR 13,141.918 384,341.153 58,900.248 338,582.823JPM America Equity D (acc) - EUR (hedged) 358,720.308 555,024.679 185,105.079 728,639.908JPM America Equity X (acc) - USD 324,923.944 - 21,338.917 303,585.027

JPMorgan Funds - Brazil Alpha Plus FundJPM Brazil Alpha Plus A (acc) - USD 2,976,759.734 21,482,526.100 10,619,637.157 13,839,648.677JPM Brazil Alpha Plus A (dist) - USD - 18,713.009 3,250.010 15,462.999JPM Brazil Alpha Plus B (acc) - USD 1,329,509.164 1,739,881.340 2,231,683.220 837,707.284JPM Brazil Alpha Plus C (acc) - USD 587,774.712 3,178,098.115 944,842.270 2,821,030.557JPM Brazil Alpha Plus D (acc) - USD 2,319,668.403 8,583,767.782 3,696,355.900 7,207,080.285JPM Brazil Alpha Plus I (acc) - USD 680.298 2,600,000.001 2,600,000.002 680.297JPM Brazil Alpha Plus I (acc) - EUR - 268,743.942 - 268,743.942

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 4,742,410.065 8,152,121.320 5,698,315.939 7,196,215.446JPM Eastern Europe Equity A (dist) - EUR 10,545,081.550 4,793,219.996 5,007,400.646 10,330,900.900JF Eastern Europe Equity A (dist) - EUR 5,002,403.860 5,783,763.226 5,092,166.457 5,694,000.629JPM Eastern Europe Equity B (acc) - EUR 795,800.925 6,669,132.768 5,376,850.949 2,088,082.744JPM Eastern Europe Equity C (acc) - EUR 671,636.419 4,863,179.895 3,821,444.660 1,713,371.654JPM Eastern Europe Equity D (acc) - EUR 1,963,239.450 1,606,864.414 1,480,644.127 2,089,459.737JPM Eastern Europe Equity I (acc) - EUR - 5,470,482.958 3,673,755.079 1,796,727.879JPM Eastern Europe Equity X (acc) - EUR 2,569,000.000 131,176.744 79,380.003 2,620,796.741

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 2,171,946.829 3,256,933.991 1,198,831.705 4,230,049.115JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 38,754.997 210,004.291 37,971.605 210,787.683JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 7,911,890.135 4,260,349.308 4,322,568.870 7,849,670.573JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1,005,682.116 1,089,346.070 1,340,088.804 754,939.382JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 910,418.427 2,234,672.006 1,331,605.503 1,813,484.930JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,814,338.955 853,294.835 742,170.522 1,925,463.268JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD* 494,012.339 1,211,203.633 1,705,215.972 -JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD - 5,000,000.000 - 5,000,000.000

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 4,988,714.880 10,903,200.374 14,463,386.934 1,428,528.320JPM Emerging Markets Debt A (acc) - USD (hedged) - 153,262.886 12,862.983 140,399.903JPM Emerging Markets Debt A (inc) - EUR 7,333,747.288 4,735,806.184 5,568,005.384 6,501,548.088JPM Emerging Markets Debt A (mth) - EUR 101,573.645 999,844.415 427,769.128 673,648.932JPM Emerging Markets Debt A (mth) - USD (hedged) - 624,307.533 80,585.416 543,722.117JPM Emerging Markets Debt B (acc) - EUR - 740,470.611 40,687.236 699,783.375JPM Emerging Markets Debt C (acc) - EUR 2,607,132.369 5,542,338.568 4,455,816.230 3,693,654.707JPM Emerging Markets Debt D (acc) - EUR 1,974,291.499 2,106,878.187 1,468,875.053 2,612,294.633JPM Emerging Markets Debt I (inc) - EUR 856,072.874 88.908 - 856,161.782

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 20,530,509.051 13,945,521.082 14,354,657.346 20,121,372.787JPM Emerging Markets Equity A (acc) - EUR 21,263,298.672 48,974,704.116 21,777,788.164 48,460,214.624JPM Emerging Markets Equity A (acc) - SGD - 1,999.843 - 1,999.843JPM Emerging Markets Equity A (dist) - USD 80,445,506.369 42,580,014.960 39,433,493.344 83,592,027.985JPM Emerging Markets Equity A (dist) - GBP 526,672.325 1,373,797.788 205,289.598 1,695,180.515JPM Emerging Markets Equity B (acc) - USD 3,582,653.275 2,361,552.981 3,784,231.199 2,159,975.057JPM Emerging Markets Equity C (acc) - USD 38,618,365.170 44,141,117.652 28,006,996.959 54,752,485.863JPM Emerging Markets Equity D (acc) - USD 3,218,848.127 2,072,056.839 1,414,463.787 3,876,441.179JPM Emerging Markets Equity D (acc) - EUR 901,900.347 2,670,259.712 1,176,688.058 2,395,472.001JPM Emerging Markets Equity I (acc) - USD 26,927,537.033 3,536,422.925 21,969,301.166 8,494,658.792JPM Emerging Markets Equity I (acc) - EUR 668,537.860 1,274,440.632 - 1,942,978.492JPM Emerging Markets Equity I (inc) - EUR 1,864,775.381 1,282,387.374 877,100.000 2,270,062.755JPM Emerging Markets Equity X (acc) - USD 37,106,625.151 10,937,195.665 5,895,435.309 42,148,385.507JPM Emerging Markets Equity X (dist) - USD 369,638.934 1,168,908.489 555,547.000 983,000.423JPM Emerging Markets Equity X (inc) - EUR 39,499,161.394 6,249,296.528 662,832.271 45,085,625.651

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - USD 49,278.644 8,186,262.973 2,710,153.731 5,525,387.886JPM Emerging Markets Local Currency Debt A (acc) - EUR 27,359.460 11,466,413.716 4,032,194.366 7,461,578.810JPM Emerging Markets Local Currency Debt A (mth) - USD - 6,791,298.549 1,793,974.285 4,997,324.264JPM Emerging Markets Local Currency Debt B (acc) - USD - 876,090.435 382,517.344 493,573.091JPM Emerging Markets Local Currency Debt C (acc) - USD - 744,031.123 - 744,031.123JPM Emerging Markets Local Currency Debt D (acc) - USD 150.000 2,896.512 896.512 2,150.000JPM Emerging Markets Local Currency Debt D (acc) - EUR 76,627.326 3,424,989.447 467,937.391 3,033,679.382JPM Emerging Markets Local Currency Debt D (inc) - EUR - 68,724.767 28,645.142 40,079.625JPM Emerging Markets Local Currency Debt X (acc) - USD 6,930,440.333 7,408,163.310 - 14,338,603.643JPM Emerging Markets Local Currency Debt X (acc) - EUR* 1,310,000.000 - 1,310,000.000 -

150



of the Year


of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued)JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - USD 1,939,680.755 3,107,002.929 2,882,195.864 2,164,487.820JPM Emerging Middle East Equity A (acc) - EUR 15,360.183 280,872.804 148,020.000 148,212.987JPM Emerging Middle East Equity A (dist) - USD 12,476,541.159 4,320,917.492 6,530,976.807 10,266,481.844JPM Emerging Middle East Equity B (acc) - USD 327,244.962 303,397.696 382,109.187 248,533.471JPM Emerging Middle East Equity C (acc) - USD 2,293,502.581 5,629,624.400 4,311,887.229 3,611,239.752JPM Emerging Middle East Equity D (acc) - USD 2,362,143.516 604,609.157 1,027,132.924 1,939,619.749

JPMorgan Funds - Euro Liquid Reserve FundJPM Euro Liquid Reserve A (acc) - EUR 613,049.537 647,953.956 752,633.475 508,370.018JPM Euro Liquid Reserve D (acc) - EUR 2,554,206.519 1,355,461.492 2,876,141.747 1,033,526.264

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 5,493,127.764 1,097,070.217 3,423,637.075 3,166,560.906JPM Euroland Equity A (dist) - EUR 7,039,242.499 14,012,189.007 7,516,597.769 13,534,833.737JF Euroland Equity A (dist) - USD 7,578,961.357 1,579,362.675 2,530,052.384 6,628,271.648JPM Euroland Equity A (inc) - EUR 79,098.478 160.210 65,754.537 13,504.151JPM Euroland Equity B (acc) - EUR 731,048.996 372,073.608 167,454.275 935,668.329JPM Euroland Equity C (acc) - EUR 9,858,777.530 1,606,471.959 4,508,608.649 6,956,640.840JPM Euroland Equity D (acc) - EUR 5,936,313.288 1,140,684.753 2,543,394.317 4,533,603.724JPM Euroland Equity I (acc) - EUR 53,145.999 - - 53,145.999JPM Euroland Equity X (acc) - EUR 392,069.000 764,127.000 408,770.000 747,426.000

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 6,381,691.173 6,487,638.645 8,102,629.415 4,766,700.403JPM Europe Dynamic A (dist) - EUR 10,403,551.244 2,004,722.824 5,593,336.840 6,814,937.228JPM Europe Dynamic A (dist) - GBP 55,664.533 2,481.351 17,763.514 40,382.370JF Europe Dynamic A (dist) - EUR 515,105.518 222,666.655 387,723.766 350,048.407JPM Europe Dynamic B (acc) - EUR 358,282.132 342,767.773 303,931.492 397,118.413JPM Europe Dynamic C (acc) - EUR 5,519,079.902 3,803,115.886 2,647,922.444 6,674,273.344JPM Europe Dynamic D (acc) - USD 6,397.936 3,022.732 4,854.553 4,566.115JPM Europe Dynamic D (acc) - EUR 1,495,086.417 713,379.238 720,276.427 1,488,189.228JPM Europe Dynamic I (acc) - EUR 1,300,000.000 - - 1,300,000.000JPM Europe Dynamic X (acc) - EUR* 111,591.534 70,193.436 181,784.970 -

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - USD 953.088 40,449.736 41,048.968 353.856JPM Europe Dynamic Mega Cap A (acc) - EUR 26,698,106.325 2,729,913.031 22,336,982.748 7,091,036.608JPM Europe Dynamic Mega Cap A (dist) - EUR 3,502,330.773 955,549.128 1,421,852.221 3,036,027.680JPM Europe Dynamic Mega Cap A (inc) - EUR 2,322.768 172.618 - 2,495.386JPM Europe Dynamic Mega Cap B (acc) - EUR 1,407,589.235 22,789.063 1,397,417.517 32,960.781JPM Europe Dynamic Mega Cap C (acc) - EUR 5,847,894.484 397,499.883 5,066,614.952 1,178,779.415JPM Europe Dynamic Mega Cap D (acc) - USD 353.857 - - 353.857JPM Europe Dynamic Mega Cap D (acc) - EUR 1,035,056.819 178,823.195 357,601.401 856,278.613JPM Europe Dynamic Mega Cap I (acc) - EUR* 284,580.592 - 284,580.592 -JPM Europe Dynamic Mega Cap X (acc) - EUR 2,737,640.598 218,129.201 1,822,731.567 1,133,038.232

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - USD 5,333,304.441 124,461.797 1,215,726.565 4,242,039.673JPM Europe Equity A (acc) - EUR 14,424,920.445 7,174,574.654 15,755,675.643 5,843,819.456JPM Europe Equity A (dist) - EUR 9,520,752.356 626,898.238 2,830,684.180 7,316,966.414JF Europe Equity A (dist) - USD 943,126.654 161,362.490 202,783.497 901,705.647JPM Europe Equity B (acc) - EUR 328,959.509 469,550.213 104,145.038 694,364.684JPM Europe Equity C (acc) - EUR 9,983,910.291 491,924.488 3,231,117.394 7,244,717.385JPM Europe Equity D (acc) - USD 55,536.603 5,743.215 2,358.480 58,921.338JPM Europe Equity D (acc) - EUR 3,925,373.578 1,391,805.675 1,424,827.363 3,892,351.890JPM Europe Equity X (acc) - EUR 1,111,232.186 415,910.340 139,157.598 1,387,984.928

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - USD 348.675 - - 348.675JPM Europe Focus A (acc) - EUR 196,779.916 4,192,842.888 4,026,373.466 363,249.338JPM Europe Focus A (dist) - EUR 23,095.054 10,834.691 18,715.714 15,214.031JPM Europe Focus B (acc) - EUR 105,278.412 66,414.000 140,661.412 31,031.000JPM Europe Focus C (acc) - EUR - 681,026.440 618,931.597 62,094.843JPM Europe Focus D (acc) - USD 348.675 - - 348.675JPM Europe Focus D (acc) - EUR 344,431.871 390,992.794 217,482.969 517,941.696JPM Europe Focus X (acc) - EUR 227,648.416 - 185,487.999 42,160.417

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1,303,635.709 1,798,646.200 1,543,804.184 1,558,477.725JPM Europe Small Cap A (dist) - EUR 7,620,670.669 1,360,217.710 3,525,195.957 5,455,692.422JF Europe Small Cap A (dist) - EUR 2,313,209.386 596,405.403 820,219.858 2,089,394.931JPM Europe Small Cap A (dist) - GBP 57,495.523 19,264.713 22,205.138 54,555.098JPM Europe Small Cap B (acc) - EUR 136,534.841 351,212.325 286,641.292 201,105.874JPM Europe Small Cap C (acc) - EUR 582,375.639 399,735.490 569,446.109 412,665.020JPM Europe Small Cap D (acc) - EUR 1,851,211.887 682,967.407 854,710.924 1,679,468.370JPM Europe Small Cap X (acc) - EUR* 47,838.490 - 47,838.490 -

151



of the Year


of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued)JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 6,806,983.597 7,121,817.246 9,127,505.889 4,801,294.954JPM Europe Strategic Growth A (dist) - EUR 34,855,637.696 7,701,199.773 12,434,814.643 30,122,022.826JPM Europe Strategic Growth A (dist) - GBP 38,777.834 14,946.816 11,858.407 41,866.243JPM Europe Strategic Growth B (acc) - EUR 441,457.745 358,105.876 379,105.667 420,457.954JPM Europe Strategic Growth C (acc) - EUR 21,044,212.933 11,349,307.382 21,014,591.015 11,378,929.300JPM Europe Strategic Growth D (acc) - EUR 4,225,929.435 253,394.701 1,708,156.892 2,771,167.244JPM Europe Strategic Growth I (acc) - EUR* 2,225,000.000 - 2,225,000.000 -JPM Europe Strategic Growth X (acc) - EUR 109,152.789 1,280.000 108,658.366 1,774.423

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 13,351,416.861 2,052,404.209 7,351,547.050 8,052,274.020JPM Europe Strategic Value A (dist) - EUR 135,995,081.763 15,837,822.180 33,282,567.482 118,550,336.461JPM Europe Strategic Value A (dist) - GBP 23,121.237 4,333.339 5,572.872 21,881.704JPM Europe Strategic Value B (acc) - EUR 540,088.178 926,306.292 933,849.951 532,544.519JPM Europe Strategic Value C (acc) - EUR 3,919,887.381 5,834,369.842 4,909,151.664 4,845,105.559JPM Europe Strategic Value D (acc) - EUR 9,981,069.628 1,567,359.757 4,713,120.525 6,835,308.860JPM Europe Strategic Value X (acc) - EUR* 49,406.782 - 49,406.782 -

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 468,291.275 1,202,272.722 840,032.563 830,531.434JPM Europe Technology A (dist) - EUR 8,898,147.503 1,864,415.553 2,430,903.465 8,331,659.591JF Europe Technology A (dist) - EUR 1,504,120.174 986,201.464 690,043.432 1,800,278.206JPM Europe Technology A (dist) - GBP 32,111.000 122,364.232 13,696.747 140,778.485JPM Europe Technology B (acc) - EUR 163,791.964 635,183.552 697,012.082 101,963.434JPM Europe Technology D (acc) - EUR 1,854,823.017 1,168,803.060 1,348,239.542 1,675,386.535JPM Europe Technology X (acc) - EUR 8,549.213 16,779.506 5,787.735 19,540.984

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 36,993,414.108 52,234,737.696 61,111,927.439 28,116,224.365JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 231,410.052 2,120,685.142 189,041.496 2,163,053.698JPM Global Convertibles (EUR) A (dist) - EUR 68,293,642.713 49,773,415.293 55,702,708.958 62,364,349.048JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 2,835,618.401 1,527,567.999 2,616,648.850 1,746,537.550JF Global Convertibles (EUR) A (dist) - USD 1,449,965.436 7,547,903.908 6,978,351.151 2,019,518.193JPM Global Convertibles (EUR) B (acc) - EUR 3,352,272.678 5,585,546.411 5,454,314.033 3,483,505.056JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 766,843.906 604,691.777 683,051.644 688,484.039JPM Global Convertibles (EUR) C (acc) - EUR 43,961,519.570 70,452,374.058 53,286,521.756 61,127,371.872JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 289,366.282 56,840.000 7,000.000 339,206.282JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 2,688,586.611 9,497,364.963 1,978,715.936 10,207,235.638JPM Global Convertibles (EUR) D (acc) - EUR 16,965,275.124 32,304,117.218 34,529,667.142 14,739,725.200JPM Global Convertibles (EUR) I (acc) - EUR 5,182,163.880 101,432,437.924 39,704,371.506 66,910,230.298JPM Global Convertibles (EUR) I (acc) - CHF (hedged) - 1,019,625.506 - 1,019,625.506JPM Global Convertibles (EUR) I (inc) - EUR 250,000.000 90.196 - 250,090.196JPM Global Convertibles (EUR) X (acc) - EUR 13,604,012.371 4,492,190.019 9,302,875.499 8,793,326.891JPM Global Convertibles (EUR) X (acc) - CHF (hedged) - 1,788,476.035 - 1,788,476.035

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 502,970.752 373,986.254 429,125.844 447,831.162JPM Global Equity (USD) A (acc) - EUR (hedged) 172,529.757 66,889.529 19,781.760 219,637.526JPM Global Equity (USD) A (dist) - USD 407,961.263 64,809.738 86,004.316 386,766.685JF Global Equity (USD) A (dist) - USD 937,707.692 538,155.014 364,531.046 1,111,331.660JPM Global Equity (USD) A (dist) - EUR (hedged) 3,387,718.620 276,685.053 471,677.214 3,192,726.459JPM Global Equity (USD) C (acc) - USD 7,567,085.145 - - 7,567,085.145JPM Global Equity (USD) C (acc) - EUR (hedged) 5,822,804.407 101,679.378 86,776.655 5,837,707.130JPM Global Equity (USD) D (acc) - USD 93,307.445 65,323.656 53,378.951 105,252.150JPM Global Equity (USD) D (acc) - EUR (hedged) 238,848.062 100,027.870 104,143.706 234,732.226JPM Global Equity (USD) X (acc) - USD 2,957.934 - 1,768.243 1,189.691JPM Global Equity (USD) X (acc) - EUR 5,217,065.411 271,318.736 19,658.253 5,468,725.894

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 10,848,409.588 22,280,955.013 4,675,417.080 28,453,947.521JPM Global Focus A (acc) - EUR (hedged) 2,494,653.445 14,183,525.924 15,043,661.087 1,634,518.282JPM Global Focus A (dist) - EUR 2,973,729.190 12,441,356.972 3,100,436.312 12,314,649.850JF Global Focus A (dist) - USD 565,617.131 1,609,904.344 333,443.235 1,842,078.240JPM Global Focus B (acc) - EUR 140,985.074 1,812,275.607 558,698.237 1,394,562.444JPM Global Focus C (acc) - USD - 1,799,015.290 - 1,799,015.290JPM Global Focus C (acc) - EUR 9,463,133.999 19,713,244.603 11,639,627.432 17,536,751.170JPM Global Focus C (acc) - EUR (hedged) 651,968.037 2,516,850.669 2,679,440.276 489,378.430JPM Global Focus D (acc) - EUR 2,501,572.778 3,959,793.090 1,292,260.120 5,169,105.748JPM Global Focus D (acc) - EUR (hedged) 481,183.558 2,588,557.614 1,371,753.259 1,697,987.913JPM Global Focus X (acc) - EUR 2,457,095.336 871,080.659 2,392,072.405 936,103.590

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - USD 11,683,682.499 41,464,469.805 26,697,013.260 26,451,139.044JPM Global Natural Resources A (acc) - EUR 30,263,079.268 31,472,278.131 23,920,967.729 37,814,389.670JPM Global Natural Resources A (acc) - SGD - 16,104.229 - 16,104.229JPM Global Natural Resources A (dist) - EUR 19,136,358.154 25,820,424.315 21,668,887.756 23,287,894.713JPM Global Natural Resources B (acc) - EUR 1,543,964.585 5,014,826.019 4,932,517.267 1,626,273.337JPM Global Natural Resources C (acc) - USD 4,583,433.934 12,446,807.980 11,478,865.857 5,551,376.057JPM Global Natural Resources C (acc) - EUR 3,283,166.605 11,110,766.457 8,382,814.608 6,011,118.454JPM Global Natural Resources D (acc) - USD 498,485.559 1,114,529.587 476,308.376 1,136,706.770JPM Global Natural Resources D (acc) - EUR 13,857,865.078 11,723,045.399 10,889,844.803 14,691,065.674JPM Global Natural Resources X (acc) - EUR 6,765,126.759 4,526,357.250 6,201,766.415 5,089,717.594

152



of the Year


of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued)JPMorgan Funds - JF China FundJF China A (acc) - USD 16,252,469.501 14,275,774.756 18,106,599.822 12,421,644.435JF China A (acc) - SGD - 498.563 - 498.563JF China A (dist) - USD 50,279,766.508 45,081,840.571 39,936,246.978 55,425,360.101JF China B (acc) - USD 2,765,529.912 623,714.616 2,317,232.626 1,072,011.902JF China C (acc) - USD 2,484,053.574 5,157,691.901 3,954,354.034 3,687,391.441JF China D (acc) - USD 13,527,676.199 6,139,941.506 8,525,167.786 11,142,449.919JF China I (acc) - USD 36,252,248.933 4,239,040.315 16,784,105.361 23,707,183.887JF China X (acc) - USD* - 92,365.908 92,365.908 -

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 9,742,760.492 6,164,238.237 3,870,736.312 12,036,262.417JF Greater China A (acc) - SGD - 498.563 - 498.563JF Greater China A (dist) - USD 12,138,773.232 9,225,100.884 8,481,251.579 12,882,622.537JF Greater China B (acc) - USD 333,596.867 206,145.279 287,647.012 252,095.134JF Greater China C (acc) - USD 3,007,450.070 734,875.016 650,309.552 3,092,015.534JF Greater China D (acc) - USD 3,675,963.617 1,582,837.548 1,748,359.993 3,510,441.172JF Greater China X (acc) - USD* 115,000.001 - 115,000.001 -

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 2,010,497.176 2,438,590.171 4,146,002.737 303,084.610JF Pacific Balanced A (dist) - USD 3,619,487.255 556,982.021 991,926.352 3,184,542.924JF Pacific Balanced B (acc) - USD 553,413.000 463,145.935 511,258.935 505,300.000JF Pacific Balanced D (acc) - USD 1,340,857.448 379,123.756 487,094.210 1,232,886.994

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 6,197,136.686 4,941,230.507 3,098,418.497 8,039,948.696JPM Latin America Equity A (dist) - USD 6,060,837.343 2,221,217.440 2,673,801.293 5,608,253.490JF Latin America Equity A (dist) - USD 7,682,762.698 7,956,777.929 7,406,480.026 8,233,060.601JPM Latin America Equity B (acc) - USD 1,636,889.022 2,583,598.476 1,474,802.842 2,745,684.656JPM Latin America Equity C (acc) - USD 898,210.529 3,481,626.326 2,209,250.464 2,170,586.391JPM Latin America Equity D (acc) - USD 4,771,699.992 2,273,304.780 2,591,848.658 4,453,156.114JPM Latin America Equity I (acc) - USD 7,691,209.506 2,150,822.065 4,764,576.465 5,077,455.106JPM Latin America Equity X (acc) - USD 2,507,623.295 59,410.950 205,000.000 2,362,034.245

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 31,273,282.112 57,692,152.083 45,718,987.430 43,246,446.765JPM Russia A (dist) - USD 11,756,906.046 56,397,333.864 45,485,918.085 22,668,321.825JPM Russia B (acc) - USD 3,209,588.712 3,388,294.807 3,859,756.220 2,738,127.299JPM Russia C (acc) - USD 241,613.316 22,801,845.825 4,425,860.086 18,617,599.055JPM Russia D (acc) - USD 11,700,468.778 11,977,195.206 10,043,546.025 13,634,117.959JPM Russia I (acc) - USD 70,530,513.329 137,358,480.408 54,401,394.085 153,487,599.652

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 16,389,330.805 27,730,634.209 17,212,858.998 26,907,106.016JPM US Aggregate Bond A (inc) - USD 11,721,580.688 26,943,801.328 20,716,650.658 17,948,731.358JPM US Aggregate Bond A (mth) - USD - 647,565.122 77,471.454 570,093.668JPM US Aggregate Bond B (acc) - USD 7,392,145.894 7,964,210.416 4,589,853.147 10,766,503.163JPM US Aggregate Bond C (acc) - USD 4,778,544.990 11,952,485.819 7,007,824.915 9,723,205.894JPM US Aggregate Bond D (acc) - USD 1,374,239.516 2,138,368.291 2,154,706.597 1,357,901.210JPM US Aggregate Bond X (acc) - USD 9,065,284.528 1,961,948.019 6,569,851.016 4,457,381.531

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 18,325,058.711 4,314,423.483 12,955,340.451 9,684,141.743JPM US Dynamic A (acc) - EUR 8,019,990.828 556,061.938 6,222,464.701 2,353,588.065JPM US Dynamic A (dist) - USD 24,723,070.956 25,092,760.859 16,914,849.241 32,900,982.574JPM US Dynamic B (acc) - USD 831,177.238 1,139,959.270 1,617,438.496 353,698.012JPM US Dynamic C (acc) - USD 13,234,506.761 4,617,980.845 8,467,910.183 9,384,577.423JPM US Dynamic D (acc) - USD 2,520,927.694 283,430.527 1,205,392.508 1,598,965.713JPM US Dynamic D (acc) - EUR 34,196.197 6,132.274 2,514.828 37,813.643JPM US Dynamic I (acc) - USD* 6,337,345.358 - 6,337,345.358 -JPM US Dynamic I (inc) - EUR 19,995,929.691 300,818.980 1,988,071.571 18,308,677.100JPM US Dynamic X (acc) - USD 1,979,440.807 5,183,262.816 6,040,544.071 1,122,159.552

JPMorgan Funds - US Small and Micro Cap Fund (1)JPM US Small and Micro Cap A (acc) - USD 4,839,158.501 8,291,669.760 6,332,350.064 6,798,478.197JPM US Small and Micro Cap A (dist) - USD 502,444.090 232,917.013 156,703.723 578,657.380JF US Small and Micro Cap A (dist) - USD 75,645.841 530,895.728 314,011.411 292,530.158JPM US Small and Micro Cap D (acc) - USD 571,458.892 246,233.020 292,540.301 525,151.611JPM US Small and Micro Cap X (acc) - USD 397,303.144 5,451,601.619 623,655.157 5,225,249.606

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 1,292,640.413 1,694,872.887 2,104,243.718 883,269.582JPM US Strategic Growth A (acc) - EUR (hedged) 405,682.795 1,048,328.749 526,124.240 927,887.304JPM US Strategic Growth A (dist) - USD 7,404,640.085 4,829,684.677 5,402,305.701 6,832,019.061JPM US Strategic Growth A (dist) - GBP 11,281.642 17,583.382 3,960.023 24,905.001JPM US Strategic Growth B (acc) - USD 149,161.198 129,444.690 73,726.055 204,879.833JPM US Strategic Growth C (acc) - USD 3,987,308.100 2,092,401.861 5,393,542.650 686,167.311JPM US Strategic Growth C (acc) - EUR (hedged) 28,022.735 12,707.605 28,064.920 12,665.420JPM US Strategic Growth D (acc) - USD 311,924.077 297,696.562 169,881.332 439,739.307JPM US Strategic Growth D (acc) - EUR (hedged) 34,846.280 76,539.594 37,213.727 74,172.147JPM US Strategic Growth X (acc) - USD 1,713,161.916 41,609.091 1,720,546.573 34,224.434

(1) This Sub-Fund was renamed from America Micro Cap Fund on 1 October 2009.

153



of the Year


of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued)JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 315,112.227 729,748.953 534,958.603 509,902.577JPM US Technology A (acc) - EUR - 10,135.017 - 10,135.017JPM US Technology A (dist) - USD 5,345,409.457 3,483,367.873 2,929,330.386 5,899,446.944JF US Technology A (dist) - USD 4,693,464.892 6,711,212.724 6,581,298.571 4,823,379.045JPM US Technology A (dist) - GBP 82,391.873 364,049.763 139,510.385 306,931.251JPM US Technology B (acc) - USD* 3,078.643 - 3,078.643 -JPM US Technology C (acc) - USD 24,583.054 109,020.210 13,361.939 120,241.325JPM US Technology D (acc) - USD 3,059,752.813 3,627,157.662 1,807,253.844 4,879,656.631JPM US Technology D (acc) - EUR - 192,447.181 172,967.275 19,479.906JPM US Technology X (acc) - USD 16,365.548 4,428.177 - 20,793.725

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 14,275,126.931 1,821,255.430 12,556,315.023 3,540,067.338JPM US Value A (acc) - EUR (hedged) 2,635,634.237 3,854,887.777 5,708,607.649 781,914.365JPM US Value A (dist) - USD 21,814,304.813 19,779,311.289 23,679,748.658 17,913,867.444JF US Value A (dist) - USD 257,437.340 541,479.235 254,517.704 544,398.871JPM US Value A (dist) - GBP 34,454.848 8,593.206 24,741.096 18,306.958JPM US Value B (acc) - USD 257,807.980 410,745.854 385,959.928 282,593.906JPM US Value C (acc) - USD 14,379,611.254 10,469,493.213 9,189,702.944 15,659,401.523JPM US Value C (acc) - EUR (hedged) 137,213.686 1,317,184.854 1,454,334.139 64.401JPM US Value D (acc) - USD 2,733,682.822 615,019.704 900,160.994 2,448,541.532JPM US Value D (acc) - EUR (hedged) 490,087.972 495,884.087 363,825.801 622,146.258JPM US Value X (acc) - USD 11,837,646.830 1,353,481.128 3,033,311.626 10,157,816.332

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

154



of the Year


of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2009 (continued)JPMorgan Funds - America Equity FundJF America Equity A (dist) - USD 429,075.063 272,901.258 218,729.245 483,247.076JPM America Equity A (acc) - EUR (hedged) 153,697.288 370,674.213 428,323.183 96,048.318JPM America Equity A (acc) - USD 1,706,364.440 798,588.299 740,154.130 1,764,798.609JPM America Equity A (dist) - USD 4,149,055.870 633,457.866 1,433,770.224 3,348,743.512JPM America Equity B (acc) - USD 319,096.502 376,052.975 477,058.837 218,090.640JPM America Equity C (acc) - EUR (hedged) 771,006.987 3,110,632.255 3,412,281.283 469,357.959JPM America Equity C (acc) - USD 10,661,899.040 5,310,831.653 7,691,256.785 8,281,473.908JPM America Equity D (acc) - EUR 8,611.013 75,286.972 70,756.067 13,141.918JPM America Equity D (acc) - EUR (hedged) 427,125.930 1,269,960.973 1,338,366.595 358,720.308JPM America Equity D (acc) - USD 1,718,514.294 1,174,854.074 1,440,367.180 1,453,001.188JPM America Equity X (acc) - USD 911,371.684 31,937.260 618,385.000 324,923.944

JPMorgan Funds - America Micro Cap FundJF America Micro Cap A (dist) - USD 66,639.431 535,407.300 526,400.890 75,645.841JPM America Micro Cap A (acc) - USD 1,150,278.272 4,783,104.012 1,094,223.783 4,839,158.501JPM America Micro Cap A (dist) - USD 636,586.323 255,609.468 389,751.701 502,444.090JPM America Micro Cap D (acc) - USD 675,070.681 119,972.163 223,583.952 571,458.892JPM America Micro Cap X (acc) - USD 163,318.535 415,088.379 181,103.770 397,303.144

JPMorgan Funds - Eastern Europe Equity FundJF Eastern Europe Equity A (dist) - EUR 6,183,296.407 3,195,997.578 4,376,890.125 5,002,403.860JPM Eastern Europe Equity A (acc) - EUR 6,235,078.311 3,979,591.614 5,472,259.860 4,742,410.065JPM Eastern Europe Equity A (dist) - EUR 13,427,783.911 4,589,333.187 7,472,035.548 10,545,081.550JPM Eastern Europe Equity B (acc) - EUR 1,183,038.828 2,508,113.435 2,895,351.338 795,800.925JPM Eastern Europe Equity C (acc) - EUR 2,665,953.428 615,965.778 2,610,282.787 671,636.419JPM Eastern Europe Equity D (acc) - EUR 2,505,395.244 566,899.265 1,109,055.059 1,963,239.450JPM Eastern Europe Equity I (acc) - EUR* 11,593,053.986 1,353,144.182 12,946,198.168 -JPM Eastern Europe Equity X (acc) - EUR 2,618,765.251 - 49,765.251 2,569,000.000

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 5,982,557.721 1,205,317.140 5,015,928.032 2,171,946.829JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR - 38,754.997 - 38,754.997JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 9,913,992.154 3,136,186.630 5,138,288.649 7,911,890.135JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 592,824.288 1,509,643.870 1,096,786.042 1,005,682.116JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,870,617.003 2,668,949.227 3,629,147.803 910,418.427JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2,115,832.188 488,153.443 789,646.676 1,814,338.955JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 2,226,724.514 - 1,732,712.175 494,012.339

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 2,773,565.229 5,589,136.855 3,373,987.204 4,988,714.880JPM Emerging Markets Debt A (inc) - EUR 10,297,357.901 5,675,034.589 8,638,645.202 7,333,747.288JPM Emerging Markets Debt A (mth) - EUR - 147,317.683 45,744.038 101,573.645JPM Emerging Markets Debt C (acc) - EUR 2,503,332.674 3,943,745.502 3,839,945.807 2,607,132.369JPM Emerging Markets Debt D (acc) - EUR 3,165,056.536 312,665.180 1,503,430.217 1,974,291.499JPM Emerging Markets Debt I (inc) - EUR 2,299,667.059 847,601.127 2,291,195.312 856,072.874JPM Emerging Markets Debt X (acc) - EUR* 5,656.002 - 5,656.002 -

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 21,967,724.347 13,733,754.857 15,170,970.153 20,530,509.051JPM Emerging Markets Equity A (acc) - EUR 20,712,269.711 15,319,913.334 14,768,884.373 21,263,298.672JPM Emerging Markets Equity A (dist) - USD 103,480,032.598 46,113,155.688 69,147,681.917 80,445,506.369JPM Emerging Markets Equity A (dist) - GBP 578,128.563 117,072.734 168,528.972 526,672.325JPM Emerging Markets Equity B (acc) - USD 3,197,230.295 3,841,360.538 3,455,937.558 3,582,653.275JPM Emerging Markets Equity C (acc) - USD 38,918,157.492 21,611,569.648 21,911,361.970 38,618,365.170JPM Emerging Markets Equity D (acc) - USD 3,956,990.633 1,876,982.371 2,615,124.877 3,218,848.127JPM Emerging Markets Equity D (acc) - EUR 693,083.398 610,550.906 401,733.957 901,900.347JPM Emerging Markets Equity I (acc) - USD 22,552,227.924 12,499,604.033 8,124,294.924 26,927,537.033JPM Emerging Markets Equity I (acc) - EUR - 668,537.860 - 668,537.860JPM Emerging Markets Equity I (inc) - EUR 994,933.579 1,402,510.802 532,669.000 1,864,775.381JPM Emerging Markets Equity X (acc) - USD 33,836,703.202 10,407,204.829 7,137,282.880 37,106,625.151JPM Emerging Markets Equity X (dist) - USD - 369,638.944 0.010 369,638.934JPM Emerging Markets Equity X (inc) - EUR 12,023,394.222 29,152,826.172 1,677,059.000 39,499,161.394

JPMorgan Funds - Emerging Middle East Equity Fund (1)JPM Emerging Middle East Equity A (acc) - USD 5,754,551.025 3,305,427.862 7,120,298.132 1,939,680.755JPM Emerging Middle East Equity A (acc) - EUR - 15,360.183 - 15,360.183JPM Emerging Middle East Equity A (dist) - USD 17,276,617.093 5,974,537.588 10,774,613.522 12,476,541.159JPM Emerging Middle East Equity B (acc) - USD 486,118.011 157,555.550 316,428.599 327,244.962JPM Emerging Middle East Equity C (acc) - USD 1,029,505.230 1,885,870.827 621,873.476 2,293,502.581JPM Emerging Middle East Equity D (acc) - USD 2,966,782.633 500,082.254 1,104,721.371 2,362,143.516

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 12,163,931.685 2,425,049.377 9,095,853.298 5,493,127.764JPM Euroland Equity A (dist) - EUR 18,367,301.302 2,153,904.694 13,481,963.497 7,039,242.499JF Euroland Equity A (dist) - USD 10,263,314.132 1,310,567.193 3,994,919.968 7,578,961.357JPM Euroland Equity A (inc) - EUR 1,356,949.000 9,612.404 1,287,462.926 79,098.478JPM Euroland Equity B (acc) - EUR 179,917.899 815,239.153 264,108.056 731,048.996JPM Euroland Equity C (acc) - EUR 15,998,331.296 7,677,843.259 13,817,397.025 9,858,777.530JPM Euroland Equity D (acc) - EUR 8,842,456.439 736,333.521 3,642,476.672 5,936,313.288JPM Euroland Equity I (acc) - EUR 9,365,124.002 2,538.000 9,314,516.002 53,146.000JPM Euroland Equity X (acc) - EUR 942,911.000 890,165.000 1,441,007.000 392,069.000

(1) This Sub-Fund was renamed from Middle East Equity Fund on 15 June 2009.

155



of the Year


of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2009 (continued)JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 5,401,511.763 7,257,999.681 6,277,820.271 6,381,691.173JPM Europe Dynamic A (dist) - EUR 25,900,834.981 2,945,099.405 18,442,383.142 10,403,551.244JPM Europe Dynamic A (dist) - GBP 96,440.481 13,204.810 53,980.758 55,664.533JF Europe Dynamic A (dist) - EUR 734,102.003 161,076.880 380,073.365 515,105.518JPM Europe Dynamic B (acc) - EUR 902,173.491 296,838.926 840,730.285 358,282.132JPM Europe Dynamic C (acc) - EUR 7,207,105.315 3,767,383.274 5,455,408.687 5,519,079.902JPM Europe Dynamic D (acc) - USD 28,883.551 5,421.865 27,907.480 6,397.936JPM Europe Dynamic D (acc) - EUR 1,866,379.979 1,126,053.674 1,497,347.236 1,495,086.417JPM Europe Dynamic I (acc) - EUR - 1,300,000.010 0.010 1,300,000.000JPM Europe Dynamic X (acc) - EUR 2,283,181.237 136,404.167 2,307,993.870 111,591.534

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - USD 953.088 15,026.147 15,026.147 953.088JPM Europe Dynamic Mega Cap A (acc) - EUR 36,813,610.387 11,090,920.352 21,206,424.414 26,698,106.325JPM Europe Dynamic Mega Cap A (dist) - EUR 5,117,279.113 1,439,055.247 3,054,003.587 3,502,330.773JPM Europe Dynamic Mega Cap A (inc) - EUR 25,129.269 51.681 22,858.182 2,322.768JPM Europe Dynamic Mega Cap B (acc) - EUR 1,256,667.149 2,577,978.620 2,427,056.534 1,407,589.235JPM Europe Dynamic Mega Cap C (acc) - EUR 7,425,972.693 6,481,848.511 8,059,926.720 5,847,894.484JPM Europe Dynamic Mega Cap D (acc) - USD 353.857 - - 353.857JPM Europe Dynamic Mega Cap D (acc) - EUR 1,326,997.053 139,353.039 431,293.273 1,035,056.819JPM Europe Dynamic Mega Cap I (acc) - EUR 495,773.834 - 211,193.242 284,580.592JPM Europe Dynamic Mega Cap X (acc) - EUR 1,913,453.547 3,616,076.492 2,791,889.441 2,737,640.598

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - USD 8,443,451.237 1,221,541.427 4,331,688.223 5,333,304.441JPM Europe Equity A (acc) - EUR 21,769,956.559 10,862,509.702 18,207,545.816 14,424,920.445JPM Europe Equity A (dist) - EUR 24,685,666.465 2,197,060.467 17,361,974.576 9,520,752.356JF Europe Equity A (dist) - USD 1,172,172.513 133,175.560 362,221.419 943,126.654JPM Europe Equity B (acc) - EUR 749,766.975 325,207.499 746,014.965 328,959.509JPM Europe Equity C (acc) - EUR 17,888,230.577 5,425,460.636 13,329,780.922 9,983,910.291JPM Europe Equity D (acc) - USD 92,581.988 2,347.271 39,392.656 55,536.603JPM Europe Equity D (acc) - EUR 7,086,480.752 535,172.691 3,696,279.865 3,925,373.578JPM Europe Equity I (inc) - EUR* 10,000,000.000 - 10,000,000.000 -JPM Europe Equity X (acc) - EUR 12,861,766.128 1,952,325.632 13,702,859.574 1,111,232.186

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - USD 348.675 - - 348.675JPM Europe Focus A (acc) - EUR 250,068.724 15,266.030 68,554.838 196,779.916JPM Europe Focus A (dist) - EUR 27,420.800 1,350.456 5,676.202 23,095.054JPM Europe Focus B (acc) - EUR 105,278.412 - - 105,278.412JPM Europe Focus C (acc) - EUR* 29,589.081 3,127.303 32,716.384 -JPM Europe Focus D (acc) - USD 348.675 - - 348.675JPM Europe Focus D (acc) - EUR 448,225.472 91,054.805 194,848.406 344,431.871JPM Europe Focus X (acc) - EUR 2,728,377.627 64,251.949 2,564,981.160 227,648.416

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1,982,246.849 608,317.825 1,286,928.965 1,303,635.709JPM Europe Small Cap A (dist) - EUR 9,522,157.098 1,176,969.732 3,078,456.161 7,620,670.669JF Europe Small Cap A (dist) - EUR 2,860,008.515 430,260.017 977,059.146 2,313,209.386JPM Europe Small Cap A (dist) - GBP 51,346.636 12,532.857 6,383.970 57,495.523JPM Europe Small Cap B (acc) - EUR 184,162.005 19,619.461 67,246.625 136,534.841JPM Europe Small Cap C (acc) - EUR 777,947.699 37,880.243 233,452.303 582,375.639JPM Europe Small Cap D (acc) - EUR 2,905,450.006 332,042.491 1,386,280.610 1,851,211.887JPM Europe Small Cap I (acc) - EUR* 663,128.079 - 663,128.079 -JPM Europe Small Cap X (acc) - EUR 73,684.818 2,004.791 27,851.119 47,838.490

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 23,226,377.910 2,916,790.165 19,336,184.478 6,806,983.597JPM Europe Strategic Growth A (dist) - EUR 51,012,143.382 7,169,820.889 23,326,326.575 34,855,637.696JPM Europe Strategic Growth A (dist) - GBP 44,190.074 1,309.273 6,721.513 38,777.834JPM Europe Strategic Growth B (acc) - EUR 998,166.061 121,655.376 678,363.692 441,457.745JPM Europe Strategic Growth C (acc) - EUR 18,798,350.012 12,817,151.508 10,571,288.587 21,044,212.933JPM Europe Strategic Growth D (acc) - EUR 7,710,446.418 185,477.850 3,669,994.833 4,225,929.435JPM Europe Strategic Growth I (acc) - EUR 3,894,991.312 - 1,669,991.312 2,225,000.000JPM Europe Strategic Growth I (inc) - EUR* 364,000.000 - 364,000.000 -JPM Europe Strategic Growth X (acc) - EUR 1,979,316.516 84,846.000 1,955,009.727 109,152.789

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 16,988,894.346 15,977,514.814 19,614,992.299 13,351,416.861JPM Europe Strategic Value A (dist) - EUR 168,689,219.867 21,843,017.090 54,537,155.194 135,995,081.763JPM Europe Strategic Value A (dist) - GBP 26,116.602 1,874.705 4,870.070 23,121.237JPM Europe Strategic Value B (acc) - EUR 855,711.331 152,313.562 467,936.715 540,088.178JPM Europe Strategic Value C (acc) - EUR 5,064,004.516 5,162,312.915 6,306,430.050 3,919,887.381JPM Europe Strategic Value D (acc) - EUR 13,953,169.890 2,652,831.249 6,624,931.511 9,981,069.628JPM Europe Strategic Value I (acc) - EUR* 2,688,167.238 - 2,688,167.238 -JPM Europe Strategic Value I (inc) - EUR* 196,000.000 - 196,000.000 -JPM Europe Strategic Value X (acc) - EUR 3,539,254.699 - 3,489,847.917 49,406.782

156



of the Year


of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2009 (continued)JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 748,083.804 1,509,368.270 1,789,160.799 468,291.275JPM Europe Technology A (dist) - EUR 11,709,308.045 3,458,664.818 6,269,825.360 8,898,147.503JF Europe Technology A (dist) - EUR 1,738,352.163 416,242.361 650,474.350 1,504,120.174JPM Europe Technology A (dist) - GBP 40,827.935 972.970 9,689.905 32,111.000JPM Europe Technology B (acc) - EUR 170,042.513 223,404.629 229,655.178 163,791.964JPM Europe Technology C (acc) - EUR* 1,298.453 402,192.001 403,490.454 -JPM Europe Technology D (acc) - EUR 2,161,419.355 380,706.720 687,303.058 1,854,823.017JPM Europe Technology X (acc) - EUR 43,899.206 4,175.699 39,525.692 8,549.213

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 30,685,794.698 24,937,438.748 18,629,819.338 36,993,414.108JPM Global Convertibles (EUR) A (acc) - CHF (hedged) - 232,010.053 600.001 231,410.052JPM Global Convertibles (EUR) A (dist) - EUR 81,756,150.432 27,634,252.931 41,096,760.650 68,293,642.713JPM Global Convertibles (EUR) A (dist) - GBP (hedged) - 3,166,507.553 330,889.152 2,835,618.401JF Global Convertibles (EUR) A (dist) - USD 960,984.369 1,591,223.094 1,102,242.027 1,449,965.436JPM Global Convertibles (EUR) B (acc) - CHF (hedged) - 1,287,629.879 520,785.973 766,843.906JPM Global Convertibles (EUR) B (acc) - EUR 2,301,312.436 3,192,494.604 2,141,534.362 3,352,272.678JPM Global Convertibles (EUR) C (acc) - CHF (hedged) - 289,366.282 - 289,366.282JPM Global Convertibles (EUR) C (acc) - EUR 13,382,756.489 57,088,643.628 26,509,880.547 43,961,519.570JPM Global Convertibles (EUR) C (dist) - GBP (hedged) - 2,937,575.611 248,989.000 2,688,586.611JPM Global Convertibles (EUR) D (acc) - EUR 17,198,886.290 10,202,438.323 10,436,049.489 16,965,275.124JPM Global Convertibles (EUR) I (acc) - EUR 3,900,806.819 4,873,667.061 3,592,310.000 5,182,163.880JPM Global Convertibles (EUR) I (inc) - EUR 250,000.000 - - 250,000.000JPM Global Convertibles (EUR) X (acc) - EUR 8,992,571.068 6,376,866.519 1,765,425.216 13,604,012.371

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 594,011.785 761,464.519 852,505.552 502,970.752JPM Global Equity (USD) A (acc) - EUR (hedged) - 219,622.677 47,092.920 172,529.757JPM Global Equity (USD) A (dist) - USD 507,344.604 60,268.392 159,651.733 407,961.263JF Global Equity (USD) A (dist) - USD 892,705.859 263,172.707 218,170.874 937,707.692JPM Global Equity (USD) A (dist) - EUR (hedged) - 3,824,661.060 436,942.440 3,387,718.620JPM Global Equity (USD) C (acc) - USD 7,562,935.932 4,149.213 - 7,567,085.145JPM Global Equity (USD) C (acc) - EUR (hedged) - 5,830,744.978 7,940.571 5,822,804.407JPM Global Equity (USD) D (acc) - USD 160,986.960 51,108.309 118,787.824 93,307.445JPM Global Equity (USD) D (acc) - EUR (hedged) - 386,841.979 147,993.917 238,848.062JPM Global Equity (USD) X (acc) - USD 2,957.934 - - 2,957.934JPM Global Equity (USD) X (acc) - EUR - 5,217,065.411 - 5,217,065.411

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 12,687,324.617 3,844,217.443 5,683,132.472 10,848,409.588JPM Global Focus A (acc) - EUR (hedged) 192,297.870 3,178,916.689 876,561.114 2,494,653.445JPM Global Focus A (dist) - EUR 2,798,285.864 1,228,279.415 1,052,836.089 2,973,729.190JF Global Focus A (dist) - USD 886,608.785 97,910.765 418,902.419 565,617.131JPM Global Focus B (acc) - EUR - 171,712.775 30,727.701 140,985.074JPM Global Focus C (acc) - EUR 2,715,148.661 9,465,081.106 2,717,095.768 9,463,133.999JPM Global Focus C (acc) - EUR (hedged) - 872,218.608 220,250.571 651,968.037JPM Global Focus D (acc) - EUR 2,615,092.998 618,939.371 732,459.591 2,501,572.778JPM Global Focus D (acc) - EUR (hedged) 145,244.120 3,440,924.455 3,104,985.017 481,183.558JPM Global Focus X (acc) - EUR 4,634,316.485 16,183.000 2,193,404.149 2,457,095.336

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 123,974.228 548,330.078 604,083.158 68,221.148JPM Global Life Sciences A (dist) - USD 2,671,616.214 1,157,989.276 1,857,981.236 1,971,624.254JF Global Life Sciences A (dist) - USD 1,767,752.188 2,559,753.932 2,852,384.340 1,475,121.780JPM Global Life Sciences A (dist) - GBP 15,640.791 115.960 1,368.061 14,388.690JPM Global Life Sciences C (acc) - USD - 45,140.812 - 45,140.812JPM Global Life Sciences D (acc) - USD 629,710.648 785,806.624 880,655.974 534,861.298

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - USD 8,792,266.759 12,320,499.365 9,429,083.625 11,683,682.499JPM Global Natural Resources A (acc) - EUR 35,929,142.932 21,893,999.401 27,560,063.065 30,263,079.268JPM Global Natural Resources A (dist) - EUR 19,646,787.596 10,616,233.241 11,126,662.683 19,136,358.154JPM Global Natural Resources B (acc) - EUR 2,208,951.876 2,480,242.872 3,145,230.163 1,543,964.585JPM Global Natural Resources C (acc) - USD 2,003,926.440 6,224,357.771 3,644,850.277 4,583,433.934JPM Global Natural Resources C (acc) - EUR 6,924,779.044 4,645,926.462 8,287,538.901 3,283,166.605JPM Global Natural Resources D (acc) - USD 284,450.033 511,051.111 297,015.585 498,485.559JPM Global Natural Resources D (acc) - EUR 12,427,401.283 8,533,785.691 7,103,321.896 13,857,865.078JPM Global Natural Resources X (acc) - EUR 5,718,572.641 2,708,427.574 1,661,873.456 6,765,126.759

JPMorgan Funds - JF China FundJF China A (acc) - USD 7,069,632.862 15,889,754.705 6,706,918.066 16,252,469.501JF China A (dist) - USD 43,726,090.184 36,247,023.957 29,693,347.633 50,279,766.508JF China B (acc) - USD 2,687,091.359 1,666,308.255 1,587,869.702 2,765,529.912JF China C (acc) - USD 1,134,992.649 2,820,099.492 1,471,038.567 2,484,053.574JF China D (acc) - USD 11,352,671.107 9,453,993.403 7,278,988.311 13,527,676.199JF China I (acc) - USD 4,545,764.197 31,948,030.630 241,545.895 36,252,248.933JF China X (acc) - USD* 1,213,854.060 106,772.489 1,320,626.549 -

157



of the Year


of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2009 (continued)JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 7,815,779.970 3,674,785.873 1,747,805.351 9,742,760.492JF Greater China A (dist) - USD 10,591,296.440 5,976,200.977 4,428,724.185 12,138,773.232JF Greater China B (acc) - USD 125,332.099 260,100.912 51,836.144 333,596.867JF Greater China C (acc) - USD 4,196,022.970 1,037,031.776 2,225,604.676 3,007,450.070JF Greater China D (acc) - USD 4,318,286.801 859,525.183 1,501,848.367 3,675,963.617JF Greater China X (acc) - USD 99,028.111 128,745.127 112,773.237 115,000.001

JPMorgan Funds - JF Pacific Balanced FundJF Pacific Balanced A (acc) - USD 396,430.440 1,804,085.790 190,019.054 2,010,497.176JF Pacific Balanced A (dist) - USD 4,171,547.267 455,408.775 1,007,468.787 3,619,487.255JF Pacific Balanced B (acc) - USD 505,300.000 82,352.000 34,239.000 553,413.000JF Pacific Balanced D (acc) - USD 1,892,940.900 96,009.410 648,092.862 1,340,857.448

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 7,192,392.086 4,078,683.545 5,073,938.945 6,197,136.686JPM Latin America Equity A (dist) - USD 8,400,599.024 2,259,637.976 4,599,399.657 6,060,837.343JF Latin America Equity A (dist) - USD 7,881,414.218 5,375,299.432 5,573,950.952 7,682,762.698JPM Latin America Equity B (acc) - USD 2,135,854.291 1,433,374.086 1,932,339.355 1,636,889.022JPM Latin America Equity C (acc) - USD 2,047,344.533 1,013,884.268 2,163,018.272 898,210.529JPM Latin America Equity D (acc) - USD 5,164,745.893 1,653,721.949 2,046,767.850 4,771,699.992JPM Latin America Equity I (acc) - USD 22,332,506.051 2,633,579.685 17,274,876.230 7,691,209.506JPM Latin America Equity X (acc) - USD 2,859,927.430 742,961.705 1,095,265.840 2,507,623.295

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 11,867,789.580 15,969,495.199 11,447,953.974 16,389,330.805JPM US Aggregate Bond A (inc) - USD 5,741,946.295 16,616,449.171 10,636,814.778 11,721,580.688JPM US Aggregate Bond B (acc) - USD 2,615,526.720 6,607,480.724 1,830,861.550 7,392,145.894JPM US Aggregate Bond C (acc) - USD 3,447,616.159 7,118,756.075 5,787,827.244 4,778,544.990JPM US Aggregate Bond D (acc) - USD 2,415,777.886 1,732,502.698 2,774,041.068 1,374,239.516JPM US Aggregate Bond X (acc) - USD 6,796,877.571 5,538,591.475 3,270,184.518 9,065,284.528

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 37,580,925.126 9,636,085.182 28,891,951.597 18,325,058.711JPM US Dynamic A (acc) - EUR 5,197,943.967 6,485,118.360 3,663,071.499 8,019,990.828JPM US Dynamic A (dist) - USD 51,139,190.555 4,017,585.949 30,433,705.548 24,723,070.956JPM US Dynamic B (acc) - USD 2,845,950.266 980,401.494 2,995,174.522 831,177.238JPM US Dynamic C (acc) - USD 22,229,798.150 4,272,521.724 13,267,813.113 13,234,506.761JPM US Dynamic D (acc) - USD 4,906,790.322 439,751.808 2,825,614.436 2,520,927.694JPM US Dynamic D (acc) - EUR 67,379.174 5,846.346 39,029.323 34,196.197JPM US Dynamic I (acc) - USD 6,879,345.358 - 542,000.000 6,337,345.358JPM US Dynamic I (inc) - EUR 19,777,911.360 218,018.331 - 19,995,929.691JPM US Dynamic X (acc) - USD 9,827,336.182 581,187.037 8,429,082.412 1,979,440.807

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 8,145,880.742 1,590,224.270 8,443,464.599 1,292,640.413JPM US Strategic Growth A (acc) - EUR (hedged) 2,469,765.321 240,152.400 2,304,234.926 405,682.795JPM US Strategic Growth A (dist) - USD 42,711,399.169 6,214,933.612 41,521,692.696 7,404,640.085JPM US Strategic Growth A (dist) - GBP 17,840.408 1,417.175 7,975.941 11,281.642JPM US Strategic Growth B (acc) - USD 1,347,336.974 224,110.043 1,422,285.819 149,161.198JPM US Strategic Growth C (acc) - USD 11,028,595.204 6,051,316.224 13,092,603.328 3,987,308.100JPM US Strategic Growth C (acc) - EUR (hedged) 994,776.027 563,293.313 1,530,046.605 28,022.735JPM US Strategic Growth D (acc) - USD 419,426.683 101,323.115 208,825.721 311,924.077JPM US Strategic Growth D (acc) - EUR (hedged) 20,837.755 40,671.001 26,662.476 34,846.280JPM US Strategic Growth X (acc) - USD 6,053,872.769 1,080,888.575 5,421,599.428 1,713,161.916

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 1,204,205.747 684,980.712 1,574,074.232 315,112.227JF US Technology A (dist) - USD 4,820,930.654 7,776,727.976 7,904,193.738 4,693,464.892JPM US Technology A (dist) - USD 15,944,061.600 1,770,476.683 12,369,128.826 5,345,409.457JPM US Technology A (dist) - GBP 30,999.391 55,752.904 4,360.422 82,391.873JPM US Technology B (acc) - USD - 390,968.205 387,889.562 3,078.643JPM US Technology C (acc) - USD 19,518.980 5,064.074 - 24,583.054JPM US Technology D (acc) - USD 2,841,126.684 1,654,790.485 1,436,164.356 3,059,752.813JPM US Technology X (acc) - USD 3,126,853.579 3,327.130 3,113,815.161 16,365.548

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 13,580,870.347 16,934,184.657 16,239,928.073 14,275,126.931JPM US Value A (acc) - EUR (hedged) 1,337,892.958 4,616,382.128 3,318,640.849 2,635,634.237JPM US Value A (dist) - USD 26,968,840.325 25,217,272.552 30,371,808.064 21,814,304.813JF US Value A (dist) - USD 151,231.707 497,520.507 391,314.874 257,437.340JPM US Value A (dist) - GBP 50,063.299 17,561.047 33,169.498 34,454.848JPM US Value B (acc) - USD 200,919.073 499,709.325 442,820.418 257,807.980JPM US Value C (acc) - USD 11,849,443.656 13,836,140.070 11,305,972.472 14,379,611.254JPM US Value C (acc) - EUR (hedged) - 2,510,927.020 2,373,713.334 137,213.686JPM US Value D (acc) - USD 3,979,931.995 676,020.113 1,922,269.286 2,733,682.822JPM US Value D (acc) - EUR (hedged) 351,599.275 336,616.143 198,127.446 490,087.972JPM US Value X (acc) - USD 7,024,315.673 5,192,212.648 378,881.491 11,837,646.830

* Share Class inactive at the end of the year.

158



of the Year


of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2008 (continued)JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 2,191,194.046 1,861,941.178 2,346,770.784 1,706,364.440JPM America Equity A (dist) - USD 5,556,809.994 6,155,489.821 7,563,243.945 4,149,055.870JF America Equity A (dist) - USD 545,513.798 139,885.913 256,324.648 429,075.063JPM America Equity A (acc) - EUR (hedged) 26,946.066 3,034,915.062 2,908,163.840 153,697.288JPM America Equity B (acc) - USD 218,747.201 171,696.173 71,346.872 319,096.502JPM America Equity C (acc) - EUR (hedged) - 1,228,367.361 457,360.374 771,006.987JPM America Equity C (acc) - USD 7,078,336.652 8,687,126.741 5,103,564.353 10,661,899.040JPM America Equity D (acc) - EUR (hedged) 26,490.066 697,535.845 296,899.981 427,125.930JPM America Equity D (acc) - EUR 9,557.871 10,025.680 10,972.538 8,611.013JPM America Equity D (acc) - USD 1,932,601.590 1,781,750.541 1,995,837.837 1,718,514.294JPM America Equity X (acc) - USD 994,178.673 139,430.407 222,237.396 911,371.684

JPMorgan Funds - America Micro Cap FundJPM America Micro Cap A (acc) - USD 3,708,190.884 467,846.387 3,025,758.999 1,150,278.272JPM America Micro Cap A (dist) - USD 1,080,853.310 169,138.618 613,405.605 636,586.323JF America Micro Cap A (dist) - USD 123,062.631 49,729.507 106,152.707 66,639.431JPM America Micro Cap D (acc) - USD 1,080,076.610 218,263.773 623,269.702 675,070.681JPM America Micro Cap X (acc) - USD 15,487.006 163,318.536 15,487.007 163,318.535

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 1,990,154.670 10,552,981.598 6,308,057.957 6,235,078.311JPM Eastern Europe Equity A (dist) - EUR 14,158,698.977 6,188,365.601 6,919,280.667 13,427,783.911JF Eastern Europe Equity A (dist) - EUR 4,941,761.225 8,867,801.932 7,626,266.750 6,183,296.407JPM Eastern Europe Equity B (acc) - EUR 144,210.260 1,183,776.962 144,948.394 1,183,038.828JPM Eastern Europe Equity C (acc) - EUR 665,006.999 3,750,400.703 1,749,454.274 2,665,953.428JPM Eastern Europe Equity D (acc) - EUR 2,960,822.863 1,862,565.609 2,317,993.228 2,505,395.244JPM Eastern Europe Equity I (acc) - EUR 11,758,308.150 12,199,652.761 12,364,906.925 11,593,053.986JPM Eastern Europe Equity X (acc) - EUR 3,280,799.944 519,319.333 1,181,354.026 2,618,765.251

JPMorgan Funds - Emerging Europe Middle East and Africa Equity FundJPM Emerging Europe Middle East and Africa Equity A (acc)- USD 3,196,718.829 7,109,770.973 4,323,932.081 5,982,557.721JPM Emerging Europe Middle East and Africa Equity A (dist) - USD 5,364,321.982 9,368,795.215 4,819,125.043 9,913,992.154JPM Emerging Europe Middle East and Africa Equity B (acc) - USD 218,329.200 641,124.356 266,629.268 592,824.288JPM Emerging Europe Middle East and Africa Equity C (acc) - USD 166,213.626 3,216,981.031 1,512,577.654 1,870,617.003JPM Emerging Europe Middle East and Africa Equity D (acc) - USD 1,377,014.173 1,676,638.683 937,820.668 2,115,832.188JPM Emerging Europe Middle East and Africa Equity I (acc) - USD 7,040,033.000 - 4,813,308.485 2,226,724.515

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR 7,143,981.300 2,805,703.851 7,176,119.922 2,773,565.229JPM Emerging Markets Debt A (inc) - EUR 10,669,542.531 10,662,758.199 11,034,942.829 10,297,357.901JPM Emerging Markets Debt C (acc) - EUR 653,748.769 3,194,239.281 1,344,655.376 2,503,332.674JPM Emerging Markets Debt D (acc) - EUR 4,948,144.105 3,079,792.680 4,862,880.249 3,165,056.536JPM Emerging Markets Debt I (Inc) - EUR 250,000.001 2,187,667.059 138,000.001 2,299,667.059JPM Emerging Markets Debt X (acc) - EUR 5,656.002 - - 5,656.002

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 42,972,831.964 18,763,585.885 49,572,486.164 12,163,931.685JPM Euroland Equity A (dist) - EUR 45,084,048.473 13,721,796.983 40,438,544.154 18,367,301.302JF Euroland Equity A (dist) - USD 25,155,026.703 4,740,470.229 19,632,182.800 10,263,314.132JPM Euroland Equity A (inc) - EUR - 4,827,291.001 3,470,342.001 1,356,949.000JPM Euroland Equity B (acc) - EUR - 199,700.740 19,782.841 179,917.899JPM Euroland Equity C (acc) - EUR 21,047,520.302 15,759,168.635 20,808,357.641 15,998,331.296JPM Euroland Equity D (acc) - EUR 26,818,488.143 6,613,671.456 24,589,703.160 8,842,456.439JPM Euroland Equity I (acc) - EUR 19,998,524.767 7,630,293.472 18,263,694.237 9,365,124.002JPM Euroland Equity X (acc) - EUR - 947,661.001 4,750.001 942,911.000

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 10,688,150.400 134,456.727 5,421,095.364 5,401,511.763JPM Europe Dynamic A (dist) - EUR 42,017,150.420 557,085.132 16,673,400.571 25,900,834.981JF Europe Dynamic A (dist) - EUR 1,730,901.036 71,365.920 1,068,164.953 734,102.003JPM Europe Dynamic A (dist) - GBP 120,464.129 673.678 24,697.326 96,440.481JPM Europe Dynamic B (acc) - EUR 1,631,360.921 119,174.258 848,361.688 902,173.491JPM Europe Dynamic C (acc) - EUR 12,076,185.768 241,271.483 5,110,351.936 7,207,105.315JPM Europe Dynamic D (acc) - EUR 3,440,024.289 9,165.451 1,582,809.761 1,866,379.979JPM Europe Dynamic D (acc) - USD 35,610.148 - 6,726.597 28,883.551JPM Europe Dynamic I (acc) - EUR 1,071,473.018 - 1,071,473.018 -JPM Europe Dynamic X (acc) - EUR 5,522,740.871 18,297.846 3,257,857.480 2,283,181.237

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 63,662,036.480 35,092,381.990 61,940,808.083 36,813,610.387JPM Europe Dynamic Mega Cap A (dist) - EUR 10,692,583.596 3,537,235.794 9,112,540.277 5,117,279.113JPM Europe Dynamic Mega Cap A (inc) - EUR 76,161.785 21,729.497 72,762.013 25,129.269JPM Europe Dynamic Mega Cap A (acc) - USD - 31,962.969 31,009.881 953.088JPM Europe Dynamic Mega Cap B (acc) - EUR 1,300,628.206 1,078,207.587 1,122,168.644 1,256,667.149JPM Europe Dynamic Mega Cap C (acc) - EUR 6,436,424.137 8,594,429.377 7,604,880.821 7,425,972.693JPM Europe Dynamic Mega Cap D (acc) - EUR 2,191,730.452 1,126,256.266 1,990,989.665 1,326,997.053JPM Europe Dynamic Mega Cap D (acc) - USD - 353.858 - 353.858JPM Europe Dynamic Mega Cap I (acc) - EUR 495,773.834 - - 495,773.834JPM Europe Dynamic Mega Cap X (acc) - EUR 3,535,355.286 1,497,782.590 3,119,684.329 1,913,453.547

159



of the Year


of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2008 (continued)JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 56,934,402.918 17,763,955.447 52,928,401.806 21,769,956.559JPM Europe Equity A (dist) - EUR 78,036,988.331 8,813,393.106 62,164,714.972 24,685,666.465JPM Europe Equity A (acc) - USD 12,734,719.548 4,964,712.997 9,255,981.308 8,443,451.237JF Europe Equity A (dist) - USD 1,960,279.228 302,743.213 1,090,849.928 1,172,172.513JPM Europe Equity B (acc) - EUR 1,367,233.985 369,923.268 987,390.278 749,766.975JPM Europe Equity C (acc) - EUR 31,649,396.900 5,802,498.860 19,563,665.183 17,888,230.577JPM Europe Equity D (acc) - EUR 19,971,892.952 2,166,730.171 15,052,142.371 7,086,480.752JPM Europe Equity D (acc) - USD 276,853.062 50,586.330 234,857.404 92,581.988JPM Europe Equity I (acc) - EUR 2,802,081.207 144,021.000 2,946,102.207 -JPM Europe Equity I (inc) - EUR 10,000,000.000 - - 10,000,000.000JPM Europe Equity X (acc) - EUR 20,825,434.506 1,855,487.347 9,819,155.725 12,861,766.128

JPMorgan Funds - Europe Focus FundJPM Europe Focus A (acc) - EUR 5,622,397.142 4,343,446.474 9,715,774.892 250,068.724JPM Europe Focus A (dis) - EUR 45,358.562 21,959.269 39,897.031 27,420.800JPM Europe Focus A (acc) - USD - 348.676 - 348.676JPM Europe Focus B (acc) - EUR - 105,278.413 - 105,278.413JPM Europe Focus C (acc) - EUR 1,505,000.000 163,643.440 1,639,054.359 29,589.081JPM Europe Focus D (acc) - EUR 731,409.410 394,420.403 677,604.341 448,225.472JPM Europe Focus D (acc) - USD - 348.676 - 348.676JPM Europe Focus X (acc) - EUR 2,397,165.000 457,809.435 126,596.808 2,728,377.627

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 5,087,078.651 1,557,693.592 4,662,525.394 1,982,246.849JPM Europe Small Cap A (dist) - EUR 15,761,936.577 5,569,625.818 11,809,405.297 9,522,157.098JF Europe Small Cap A (dist) - EUR 8,172,130.049 1,611,509.375 6,923,630.909 2,860,008.515JPM Europe Small Cap A (dist) - GBP 42,515.278 20,973.777 12,142.419 51,346.636JPM Europe Small Cap B (acc) - EUR 320,421.789 132,786.373 269,046.157 184,162.005JPM Europe Small Cap C (acc) - EUR 2,072,883.841 815,730.486 2,110,666.628 777,947.699JPM Europe Small Cap D (acc) - EUR 8,062,946.098 4,124,991.677 9,282,487.769 2,905,450.006JPM Europe Small Cap I (acc) - EUR 6,039,332.774 224,008.790 5,600,213.485 663,128.079JPM Europe Small Cap X (acc) - EUR 1,839,550.124 140,806.171 1,906,671.477 73,684.818

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 59,013,609.635 31,339,214.948 67,126,446.673 23,226,377.910JPM Europe Strategic Growth A (dist) - EUR 101,494,122.779 43,645,293.096 94,127,272.493 51,012,143.382JPM Europe Strategic Growth A (dist) - GBP 102,488.614 6,323.119 64,621.659 44,190.074JPM Europe Strategic Growth B (acc) - EUR 1,451,568.877 1,023,090.077 1,476,492.893 998,166.061JPM Europe Strategic Growth C (acc) - EUR 26,389,883.097 15,814,555.114 23,406,088.199 18,798,350.012JPM Europe Strategic Growth D (acc) - EUR 18,439,700.275 5,545,235.699 16,274,489.556 7,710,446.418JPM Europe Strategic Growth I (inc) - EUR 280,000.000 84,000.000 - 364,000.000JPM Europe Strategic Growth I (acc) - EUR 960,953.311 8,014,622.623 5,080,584.622 3,894,991.312JPM Europe Strategic Growth X (acc) - EUR 3,671,714.102 852,545.108 2,544,942.694 1,979,316.516

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 57,131,296.717 15,277,143.351 55,419,545.722 16,988,894.346JPM Europe Strategic Value A (dist) - EUR 328,831,753.444 32,843,686.709 192,986,220.286 168,689,219.867JPM Europe Strategic Value A (dist) - GBP 46,512.465 2,396.714 22,792.577 26,116.602JPM Europe Strategic Value B (acc) - EUR 1,141,494.355 760,700.521 1,046,483.545 855,711.331JPM Europe Strategic Value C (acc) - EUR 28,575,829.232 4,405,145.503 27,916,970.219 5,064,004.516JPM Europe Strategic Value D (acc) - EUR 49,338,136.002 4,444,527.117 39,829,493.229 13,953,169.890JPM Europe Strategic Value I (acc) - EUR 9,441,809.443 6,105,585.890 12,859,228.095 2,688,167.238JPM Europe Strategic Value I (inc) - EUR 294,000.000 - 98,000.000 196,000.000JPM Europe Strategic Value X (acc) - EUR 7,308,747.656 139,060.593 3,908,553.550 3,539,254.699

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 917,862.632 1,422,380.973 1,592,159.801 748,083.804JPM Europe Technology A (dist) - EUR 15,076,000.250 7,254,999.109 10,621,691.314 11,709,308.045JF Europe Technology A (dist) - EUR 3,092,449.304 1,214,406.140 2,568,503.281 1,738,352.163JPM Europe Technology A (dist) - GBP 41,116.112 3,183.827 3,472.004 40,827.935JPM Europe Technology B (acc) - EUR - 171,593.006 1,550.493 170,042.513JPM Europe Technology C (acc) - EUR - 1,298.453 - 1,298.453JPM Europe Technology D (acc) - EUR 2,444,720.330 1,375,932.619 1,659,233.594 2,161,419.355JPM Europe Technology X (acc) - EUR - 54,491.963 10,592.757 43,899.206

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - EUR 22,739,773.672 47,551,178.354 39,605,157.328 30,685,794.698JPM Global Convertibles (EUR) A (dist) - EUR 71,209,071.433 75,790,634.882 65,243,555.883 81,756,150.432JF Global Convertibles (EUR) A (dist) - USD 1,316,415.195 1,239,236.902 1,594,667.728 960,984.369JPM Global Convertibles (EUR) B (acc) - EUR 921,800.158 2,233,331.022 853,818.744 2,301,312.436JPM Global Convertibles (EUR) C (acc) - EUR 15,122,443.099 15,183,266.536 16,922,953.146 13,382,756.489JPM Global Convertibles (EUR) D (acc) - EUR 21,577,849.173 22,723,792.405 27,102,755.288 17,198,886.290JPM Global Convertibles (EUR) I (acc) - EUR 2,958,183.000 4,640,058.819 3,697,435.000 3,900,806.819JPM Global Convertibles (EUR) I (inc) - EUR 445,121.951 4,892.161 200,014.112 250,000.000JPM Global Convertibles (EUR) X (acc) - EUR 7,075,220.836 2,413,547.991 496,197.759 8,992,571.068

JPMorgan Funds - Global Equity Fund (USD)JPM Global Equity (USD) A (acc) - USD 495,167.946 259,900.948 161,057.109 594,011.785JPM Global Equity (USD) A (dist) - USD 993,988.692 329,550.949 816,195.037 507,344.604JF Global Equity (USD) A (dist) - USD 1,154,323.423 135,680.311 397,297.875 892,705.859JPM Global Equity (USD) C (acc) - USD 8,546,952.921 1,144,655.578 2,128,672.567 7,562,935.932JPM Global Equity (USD) D (acc) - USD 2,727,654.479 204,614.874 2,771,282.393 160,986.960JPM Global Equity (USD) X (acc) - USD 1,492,766.925 376,932.185 1,866,741.176 2,957.934

160



of the Year


of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2008 (continued)JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - EUR 8,422,853.847 27,035,798.249 22,771,327.479 12,687,324.617JPM Global Focus A (acc) - EUR (hedged) - 282,062.719 89,764.850 192,297.869JPM Global Focus A (dist) - EUR 7,363,973.928 3,823,720.501 8,389,408.565 2,798,285.864JF Global Focus A (dist) - USD 808,944.047 1,288,384.815 1,210,720.077 886,608.785JPM Global Focus C (acc) - EUR 10,362,304.599 4,158,308.432 11,805,464.370 2,715,148.661JPM Global Focus D (acc) - EUR 3,245,375.975 1,564,825.743 2,195,108.720 2,615,092.998JPM Global Focus D (acc) - EUR (hedged) - 229,483.215 84,239.095 145,244.120JPM Global Focus X (acc) - EUR 1,373,337.858 4,030,396.820 769,418.193 4,634,316.485

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 88,440.995 61,933.187 26,399.954 123,974.228JPM Global Life Sciences A (dist) - USD 3,712,953.024 286,003.422 1,327,340.232 2,671,616.214JPM Global Life Sciences A (dist) - GBP 17,408.642 259.060 2,026.911 15,640.791JF Global Life Sciences A (dist) - USD 2,272,401.738 1,403,790.098 1,908,439.648 1,767,752.188JPM Global Life Sciences D (acc) - USD 918,917.842 503,788.707 792,995.901 629,710.648

JPMorgan Funds - Global Resources FundJPM Global Natural Resources A (acc) - EUR 41,767,627.278 33,789,968.880 39,628,453.226 35,929,142.932JPM Global Natural Resources A (dist) - EUR 13,647,983.718 27,249,774.909 21,250,971.031 19,646,787.596JPM Global Natural Resources A (acc) - USD 1,581,451.050 11,491,360.377 4,280,544.668 8,792,266.759JPM Global Natural Resources B (acc) - EUR 1,759,842.669 807,277.332 358,168.125 2,208,951.876JPM Global Natural Resources C (acc) - EUR 5,481,915.183 11,266,390.209 9,823,526.348 6,924,779.044JPM Global Natural Resources C (acc) - USD 224,985.925 4,366,231.723 2,587,291.208 2,003,926.440JPM Global Natural Resources D (acc) - EUR 12,113,309.446 12,143,278.114 11,829,186.277 12,427,401.283JPM Global Natural Resources D (acc) - USD 2,437.992 326,268.363 44,256.322 284,450.033JPM Global Natural Resources X (acc) - EUR 6,653,023.256 1,154,580.088 2,089,030.703 5,718,572.641

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 5,293,247.986 13,984,912.586 12,085,768.486 7,192,392.086JPM Latin America Equity A (dist) - USD 8,876,389.837 7,813,652.470 8,289,443.283 8,400,599.024JF Latin America Equity A (dist) - USD 6,398,082.075 17,011,320.421 15,527,988.278 7,881,414.218JPM Latin America Equity B (acc) - USD 2,646,728.225 1,299,949.016 1,810,822.950 2,135,854.291JPM Latin America Equity C (acc) - USD 1,752,290.374 3,421,620.669 3,126,566.510 2,047,344.533JPM Latin America Equity D (acc) - USD 4,835,423.310 4,204,090.339 3,874,767.756 5,164,745.893JPM Latin America Equity I (acc) - USD 24,322,260.984 7,456,035.600 9,445,790.533 22,332,506.051JPM Latin America Equity X (acc) - USD 2,670,787.978 767,243.719 578,104.267 2,859,927.430

JPMorgan Funds - Middle East Equity FundJPM Middle East Equity A (acc) - USD 2,030,248.251 9,090,504.486 5,366,201.712 5,754,551.025JPM Middle East Equity A (dist) - USD 8,616,103.551 21,928,923.871 13,268,410.329 17,276,617.093JPM Middle East Equity B (acc) - USD 560,810.234 218,204.201 292,896.424 486,118.011JPM Middle East Equity C (acc) - USD - 2,890,824.627 1,861,319.397 1,029,505.230JPM Middle East Equity D (acc) - USD 3,135,784.213 2,229,235.795 2,398,237.375 2,966,782.633

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 1,820,355.397 18,158,301.967 8,110,867.784 11,867,789.580JPM US Aggregate Bond A (inc) - USD 6,898,969.081 12,482,885.594 13,639,908.380 5,741,946.295JPM US Aggregate Bond B (acc) - USD 1,759,737.185 1,397,129.616 541,340.081 2,615,526.720JPM US Aggregate Bond C (acc) - USD 2,016,264.732 5,817,728.723 4,386,377.296 3,447,616.159JPM US Aggregate Bond D (acc) - USD 1,693,954.341 3,787,333.428 3,065,509.883 2,415,777.886JPM US Aggregate Bond X (acc) - USD 8,735,947.234 6,574,668.250 8,513,737.913 6,796,877.571

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 143,261,125.337 23,041,184.357 128,721,384.568 37,580,925.126JPM US Dynamic A (dist) - USD 149,804,709.411 25,745,966.951 124,411,485.807 51,139,190.555JPM US Dynamic A (acc) - EUR 12,660,864.667 2,883,415.032 10,346,335.732 5,197,943.967JPM US Dynamic B (acc) - USD 8,481,744.694 1,269,192.754 6,904,987.182 2,845,950.266JPM US Dynamic C (acc) - USD 77,489,094.609 12,446,926.303 67,706,222.762 22,229,798.150JPM US Dynamic D (acc) - USD 9,950,985.050 2,619,362.962 7,663,557.690 4,906,790.322JPM US Dynamic D (acc) - EUR 93,162.319 54,410.715 80,193.860 67,379.174JPM US Dynamic I (acc) - USD 9,774,094.418 12,038,792.332 14,933,541.392 6,879,345.358JPM US Dynamic I (inc) - EUR 32,407,618.093 3,430,268.850 16,059,975.583 19,777,911.360JPM US Dynamic X (acc) - USD 24,900,201.909 995,913.373 16,068,779.100 9,827,336.182

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 11,130,631.323 12,440,460.422 15,425,211.003 8,145,880.742JPM US Strategic Growth A (acc) - EUR (hedged) 3,375,084.945 6,643,531.361 7,548,850.985 2,469,765.321JPM US Strategic Growth A (dist) - USD 31,032,613.212 44,069,842.024 32,391,056.067 42,711,399.169JPM US Strategic Growth A (dist) - GBP 3,954.670 23,752.794 9,867.056 17,840.408JPM US Strategic Growth B (acc) - USD 1,735,426.034 1,308,202.457 1,696,291.517 1,347,336.974JPM US Strategic Growth C (acc) - USD 2,972,578.845 11,672,890.866 3,616,874.507 11,028,595.204JPM US Strategic Growth C (acc) - EUR (hedged) - 1,589,675.969 594,899.942 994,776.027JPM US Strategic Growth D (acc) - USD 436,263.924 374,401.025 391,238.266 419,426.683JPM US Strategic Growth D (acc) - EUR (hedged) 26,490.066 49,566.378 55,218.689 20,837.755JPM US Strategic Growth X (acc) - USD 8,617,309.686 3,609,143.452 6,172,580.369 6,053,872.769

161



of the Year


of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2008 (continued)JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 388,244.856 5,843,079.353 5,027,118.462 1,204,205.747JPM US Technology A (dist) - GBP 33,371.059 752.779 3,124.447 30,999.391JF US Technology A (dist) - USD 3,935,202.391 9,475,198.647 8,589,470.384 4,820,930.654JPM US Technology A (dist) - USD 7,506,545.980 16,106,213.843 7,668,698.223 15,944,061.600JPM US Technology C (acc) - USD - 19,518.980 - 19,518.980JPM US Technology D (acc) - USD 2,796,854.394 4,767,532.794 4,723,260.504 2,841,126.684JPM US Technology I (acc) - USD - 2,100,000.002 2,100,000.002 -JPM US Technology X (acc) - USD - 3,126,853.579 - 3,126,853.579

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 27,746,806.522 11,740,630.869 25,906,567.044 13,580,870.347JPM US Value A (dist) - USD 54,218,371.671 13,252,368.723 40,501,900.069 26,968,840.325JF US Value A (dist) - USD 178,063.555 152,033.116 178,864.964 151,231.707JPM US Value A (dist) - GBP 58,596.671 7,496.456 16,029.828 50,063.299JPM US Value A (acc) - EUR (hedged) 1,442,636.034 1,340,983.616 1,445,726.692 1,337,892.958JPM US Value B (acc) - USD 505,584.866 194,330.536 498,996.329 200,919.073JPM US Value C (acc) - USD 14,466,805.702 7,500,375.759 10,117,737.805 11,849,443.656JPM US Value D (acc) - USD 6,939,158.126 2,080,807.362 5,040,033.493 3,979,931.995JPM US Value D (acc) - EUR (hedged) 239,224.570 450,050.777 337,676.072 351,599.275JPM US Value X (acc) - USD 7,707,216.974 385,886.385 1,068,787.686 7,024,315.673

162



of the Year


of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 4,147,584.799 1,317,483.456 3,273,874.209 2,191,194.046JPM America Equity A (acc) - EUR (hedged) - 26,946.066 - 26,946.066JPM America Equity A (dist) - USD 6,972,770.257 1,786,563.160 3,202,523.423 5,556,809.994JF America Equity A (dist) - USD 599,707.703 175,065.015 229,258.920 545,513.798JPM America Equity B (acc) - USD 286,768.822 - 68,021.621 218,747.201JPM America Equity C (acc) - USD 10,584,072.026 1,385,297.318 4,891,032.692 7,078,336.652JPM America Equity D (acc) - USD 6,260,800.755 1,175,550.048 5,503,749.213 1,932,601.590JPM America Equity D (acc) - EUR 501.365 22,733.143 13,676.637 9,557.871JPM America Equity D (acc) - EUR (hedged) - 26,490.066 - 26,490.066JPM America Equity X (acc) - USD 2,169,929.449 95,039.650 1,270,790.426 994,178.673

JPMorgan Funds - America Micro Cap FundJPM America Micro Cap A (acc) - USD 5,622,770.721 1,234,931.140 3,149,510.977 3,708,190.884JPM America Micro Cap A (dist) - USD 2,472,760.585 539,655.169 1,931,562.444 1,080,853.310JF America Micro Cap A (dist) - USD 963,558.964 105,603.752 946,100.085 123,062.631JPM America Micro Cap D (acc) - USD 1,860,096.713 368,783.926 1,148,804.029 1,080,076.610JPM America Micro Cap X (acc) - USD 213,916.338 - 198,429.332 15,487.006

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 2,292,870.062 2,242,226.839 2,544,942.231 1,990,154.670JPM Eastern Europe Equity A (dist) - EUR 17,236,854.500 4,110,222.598 7,188,378.121 14,158,698.977JF Eastern Europe Equity A (dist) - EUR 5,011,854.514 7,632,581.480 7,702,674.769 4,941,761.225JPM Eastern Europe Equity B (acc) - EUR 6,640.000 144,210.261 6,640.001 144,210.260JPM Eastern Europe Equity C (acc) - EUR 9,142,193.731 410,509.582 8,887,696.314 665,006.999JPM Eastern Europe Equity D (acc) - EUR 3,670,961.878 2,114,579.636 2,824,718.651 2,960,822.863JPM Eastern Europe Equity I (acc) - EUR 4,697,055.454 14,058,348.504 6,997,095.808 11,758,308.150JPM Eastern Europe Equity X (acc) - EUR 4,156,418.049 1,038,465.194 1,914,083.299 3,280,799.944

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 32,699,773.224 43,471,389.838 33,198,331.098 42,972,831.964JPM Euroland Equity A (dist) - EUR 46,944,388.203 45,372,753.515 47,233,093.245 45,084,048.473JF Euroland Equity A (dist) - USD 13,761,111.249 26,434,909.240 15,040,993.786 25,155,026.703JPM Euroland Equity C (acc) - EUR 21,099,132.574 16,019,021.833 16,070,634.105 21,047,520.302JPM Euroland Equity D (acc) - EUR 11,055,092.934 26,981,112.892 11,217,717.683 26,818,488.143JPM Euroland Equity I (acc) - EUR - 21,891,072.110 1,892,547.343 19,998,524.767

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 14,432,666.893 747,235.039 4,491,751.532 10,688,150.400JPM Europe Dynamic A (dist) - EUR 49,003,541.127 1,395,478.591 8,381,869.298 42,017,150.420JPM Europe Dynamic A (dist) - GBP 125,938.330 1,662.245 7,136.446 120,464.129JF Europe Dynamic A (dist) - EUR 2,234,289.640 195,263.207 698,651.811 1,730,901.036JPM Europe Dynamic B (acc) - EUR 2,088,181.497 12,659.681 469,480.257 1,631,360.921JPM Europe Dynamic C (acc) - EUR 13,925,366.854 1,569,362.612 3,418,543.698 12,076,185.768JPM Europe Dynamic D (acc) - EUR 5,325,729.956 6,637.965 1,892,343.632 3,440,024.289JPM Europe Dynamic D (acc) - USD 48,164.660 - 12,554.512 35,610.148JPM Europe Dynamic I (acc) - EUR - 1,071,473.018 - 1,071,473.018JPM Europe Dynamic X (acc) - EUR 6,783,515.719 13,174.653 1,273,949.501 5,522,740.871

JPMorgan Funds - Europe Dynamic Mega Cap FundJPM Europe Dynamic Mega Cap A (acc) - EUR 18,194,469.431 85,030,986.636 39,563,419.587 63,662,036.480JPM Europe Dynamic Mega Cap A (dist) - EUR 102,811.064 19,443,887.920 8,854,115.388 10,692,583.596JPM Europe Dynamic Mega Cap A (inc) - EUR 387.177 91,698.847 15,924.239 76,161.785JPM Europe Dynamic Mega Cap B (acc) - EUR 735,935.005 1,113,600.904 548,907.703 1,300,628.206JPM Europe Dynamic Mega Cap C (acc) - EUR 2,369,114.164 5,872,377.716 1,805,067.743 6,436,424.137JPM Europe Dynamic Mega Cap D (acc) - EUR 98,037.919 4,164,274.010 2,070,581.477 2,191,730.452JPM Europe Dynamic Mega Cap I (acc) - EUR - 543,017.929 47,244.095 495,773.834JPM Europe Dynamic Mega Cap X (acc) - EUR 1,193,798.741 3,516,109.483 1,174,552.938 3,535,355.286

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - USD 8,143,453.710 9,301,320.598 4,710,054.760 12,734,719.548JPM Europe Equity A (acc) - EUR 48,739,057.051 47,137,921.929 38,942,576.062 56,934,402.918JPM Europe Equity A (dist) - EUR 102,038,639.375 30,736,598.237 54,738,249.281 78,036,988.331JF Europe Equity A (dist) - USD 1,788,500.248 1,444,453.732 1,272,674.752 1,960,279.228JPM Europe Equity B (acc) - EUR 993,395.772 900,933.925 527,095.712 1,367,233.985JPM Europe Equity C (acc) - EUR 25,099,800.559 25,266,439.636 18,716,843.295 31,649,396.900JPM Europe Equity D (acc) - EUR 18,955,399.885 27,092,923.975 26,076,430.908 19,971,892.952JPM Europe Equity D (acc) - USD 397.456 410,718.239 134,262.633 276,853.062JPM Europe Equity I (acc) - EUR - 2,849,429.208 47,348.001 2,802,081.207JPM Europe Equity I (inc) - EUR - 10,000,000.000 - 10,000,000.000JPM Europe Equity X (acc) - EUR 17,253,104.209 6,944,843.118 3,372,512.821 20,825,434.506

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 3,551,608.633 7,815,851.482 6,280,381.464 5,087,078.651JPM Europe Small Cap A (dist) - EUR 20,094,871.537 17,252,011.080 21,584,946.040 15,761,936.577JPM Europe Small Cap A (dist) - GBP 33,157.723 10,746.201 1,388.646 42,515.278JF Europe Small Cap A (dist) - EUR 15,185,686.426 10,289,087.338 17,302,643.715 8,172,130.049JPM Europe Small Cap B (acc) - EUR 115,307.885 245,051.368 39,937.464 320,421.789JPM Europe Small Cap C (acc) - EUR 9,918,365.123 2,624,683.147 10,470,164.429 2,072,883.841JPM Europe Small Cap D (acc) - EUR 6,380,666.197 11,895,535.516 10,213,255.615 8,062,946.098JPM Europe Small Cap I (acc) - EUR - 11,661,953.547 5,622,620.773 6,039,332.774JPM Europe Small Cap X (acc) - EUR 1,004,202.777 970,853.698 135,506.351 1,839,550.124

163



of the Year


of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 24,441,746.380 57,002,067.225 22,430,203.970 59,013,609.635JPM Europe Strategic Growth A (dist) - EUR 145,912,035.967 87,381,169.944 131,799,083.132 101,494,122.779JPM Europe Strategic Growth A (dist) - GBP 30,265.616 76,625.984 4,402.986 102,488.614JPM Europe Strategic Growth B (acc) - EUR 3,230,102.770 1,056,646.034 2,835,179.927 1,451,568.877JPM Europe Strategic Growth C (acc) - EUR 29,274,155.862 15,482,491.198 18,366,763.963 26,389,883.097JPM Europe Strategic Growth D (acc) - EUR 16,098,491.713 16,154,690.452 13,813,481.890 18,439,700.275JPM Europe Strategic Growth I (inc) - EUR 400,165.000 10,300.000 130,465.000 280,000.000JPM Europe Strategic Growth I (acc) - EUR - 3,322,862.971 2,361,909.660 960,953.311JPM Europe Strategic Growth X (acc) - EUR 1,912,562.233 2,209,481.733 450,329.864 3,671,714.102

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 35,754,354.503 61,061,453.343 39,684,511.129 57,131,296.717JPM Europe Strategic Value A (dist) - EUR 310,357,924.985 201,600,367.520 183,126,539.061 328,831,753.444JPM Europe Strategic Value A (dist) - GBP 35,807.059 27,797.124 17,091.718 46,512.465JPM Europe Strategic Value B (acc) - EUR 1,087,109.034 525,848.221 471,462.900 1,141,494.355JPM Europe Strategic Value C (acc) - EUR 30,520,742.593 15,780,642.632 17,725,555.993 28,575,829.232JPM Europe Strategic Value D (acc) - EUR 41,997,562.522 38,119,751.609 30,779,178.129 49,338,136.002JPM Europe Strategic Value I (inc) - EUR 400,165.000 10,000.000 116,165.000 294,000.000JPM Europe Strategic Value I (acc) - EUR - 11,282,687.512 1,840,878.069 9,441,809.443JPM Europe Strategic Value X (acc) - EUR 2,735,882.259 6,109,721.446 1,536,856.049 7,308,747.656

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 1,202,234.138 2,356,378.065 2,640,749.571 917,862.632JPM Europe Technology A (dist) - EUR 18,936,244.969 8,125,811.001 11,986,055.720 15,076,000.250JPM Europe Technology A (dist) - GBP 50,864.596 6,028.134 15,776.618 41,116.112JF Europe Technology A (dist) - EUR 2,900,668.851 2,436,040.396 2,244,259.943 3,092,449.304JPM Europe Technology D (acc) - EUR 2,670,426.840 2,429,526.270 2,655,232.780 2,444,720.330

JPMorgan Funds - Global Equity Fund (USD) (1)JPM Global Equity (USD) A (acc) - USD 1,244,050.960 535,086.101 1,283,969.115 495,167.946JPM Global Equity (USD) A (dist) - USD 1,398,753.173 143,741.661 548,506.142 993,988.692JF Global Equity (USD) A (dist) - USD 1,237,430.880 205,195.619 288,303.076 1,154,323.423JPM Global Equity (USD) B (acc) - USD 24,404.580 - 24,404.580 -JPM Global Equity (USD) C (acc) - USD 8,538,694.026 8,258.895 - 8,546,952.921JPM Global Equity (USD) D (acc) - USD 2,887,294.164 117,888.042 277,527.727 2,727,654.479JPM Global Equity (USD) X (acc) - USD 1,048,640.488 578,043.574 133,917.137 1,492,766.925

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 203,952.653 563,957.582 679,469.240 88,440.995JPM Global Life Sciences A (dist) - USD 4,395,062.472 1,974,930.735 2,657,040.183 3,712,953.024JPM Global Life Sciences A (dist) - GBP 18,090.243 408.019 1,089.620 17,408.642JF Global Life Sciences A (dist) - USD 4,087,861.939 3,191,109.794 5,006,569.995 2,272,401.738JPM Global Life Sciences D (acc) - USD 1,077,146.537 753,419.178 911,647.873 918,917.842

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 34,264,546.125 38,741,505.247 31,238,424.094 41,767,627.278JPM Global Natural Resources A (dist) - EUR 2,992,978.432 16,981,607.874 6,326,602.588 13,647,983.718JPM Global Natural Resources A (acc) - USD - 1,706,403.250 124,952.200 1,581,451.050JPM Global Natural Resources B (acc) - EUR 1,088,061.679 955,801.383 284,020.393 1,759,842.669JPM Global Natural Resources C (acc) - EUR 7,754,952.338 12,043,364.935 14,316,402.090 5,481,915.183JPM Global Natural Resources C (acc) - USD - 224,985.925 - 224,985.925JPM Global Natural Resources D (acc) - EUR 9,714,749.024 11,566,855.923 9,168,295.501 12,113,309.446JPM Global Natural Resources D (acc) - USD - 2,437.992 - 2,437.992JPM Global Natural Resources X (acc) - EUR 5,178,017.275 1,682,000.970 206,994.989 6,653,023.256

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 1,918,114.362 8,165,835.489 4,790,701.865 5,293,247.986JPM Latin America Equity A (dist) - USD 7,449,530.717 6,835,809.700 5,408,950.580 8,876,389.837JF Latin America Equity A (dist) - USD 2,405,480.811 11,331,287.761 7,338,686.497 6,398,082.075JPM Latin America Equity B (acc) - USD 3,457,728.199 1,143,607.565 1,954,607.539 2,646,728.225JPM Latin America Equity C (acc) - USD 9,165,261.509 1,660,257.197 9,073,228.332 1,752,290.374JPM Latin America Equity D (acc) - USD 3,735,483.153 3,896,341.999 2,796,401.842 4,835,423.310JPM Latin America Equity I (acc) - USD 5,515,171.024 23,232,264.732 4,425,174.772 24,322,260.984JPM Latin America Equity X (acc) - USD 3,016,255.232 155,346.365 500,813.619 2,670,787.978

JPMorgan Funds - Middle East Equity FundJPM Middle East Equity A (acc) - USD 2,237,966.202 3,608,203.259 3,815,921.210 2,030,248.251JPM Middle East Equity A (dist) - USD 8,373,495.442 9,517,236.409 9,274,628.300 8,616,103.551JPM Middle East Equity B (acc) - USD 6,300.000 554,510.234 - 560,810.234JPM Middle East Equity D (acc) - USD 5,440,163.096 1,795,073.895 4,099,452.778 3,135,784.213

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 178,383.687 2,132,549.946 490,578.236 1,820,355.397JPM US Aggregate Bond A (dist) - USD 2,854,395.715 11,182,304.287 7,137,730.921 6,898,969.081JPM US Aggregate Bond B (acc) - USD 797,858.600 961,878.585 - 1,759,737.185JPM US Aggregate Bond C (acc) - USD 2,240,709.753 65,789.474 290,234.495 2,016,264.732JPM US Aggregate Bond D (acc) - USD 602,934.645 2,360,683.451 1,269,663.755 1,693,954.341JPM US Aggregate Bond X (acc) - USD 17,615,619.613 902,124.303 9,781,796.682 8,735,947.234

(1) Name changed from Global Equity Fund on 29 August 2006.

164



of the Year


of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued)JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 98,179,196.738 112,544,953.949 67,463,025.350 143,261,125.337JPM US Dynamic A (acc) - EUR 1,832,985.998 13,795,807.066 2,967,928.397 12,660,864.667JPM US Dynamic A (dist) - USD 138,272,807.910 107,586,396.412 96,054,494.911 149,804,709.411JPM US Dynamic B (acc) - USD 8,875,839.249 4,028,031.116 4,422,125.671 8,481,744.694JPM US Dynamic C (acc) - USD 66,622,657.227 55,969,083.656 45,102,646.274 77,489,094.609JPM US Dynamic D (acc) - USD 8,241,221.278 9,670,473.280 7,960,709.508 9,950,985.050JPM US Dynamic D (acc) - EUR 501.365 131,094.112 38,433.158 93,162.319JPM US Dynamic I (inc) - EUR - 64,815,236.185 32,407,618.092 32,407,618.093JPM US Dynamic I (acc) - USD 2,500,000.000 9,500,471.576 2,226,377.158 9,774,094.418JPM US Dynamic X (acc) - USD 22,339,544.970 48,421,902.343 45,861,245.404 24,900,201.909

JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 5,554,669.177 10,396,529.332 4,820,567.186 11,130,631.323JPM US Strategic Growth A (acc) - EUR (hedged) - 3,376,594.381 1,509.436 3,375,084.945JPM US Strategic Growth A (dist) - USD 9,967,356.538 34,770,599.039 13,705,342.365 31,032,613.212JPM US Strategic Growth A (dist) - GBP 28,393.835 635.779 25,074.944 3,954.670JPM US Strategic Growth B (acc) - USD 1,143,551.797 941,487.880 349,613.643 1,735,426.034JPM US Strategic Growth C (acc) - USD 641,058.058 4,435,630.259 2,104,109.472 2,972,578.845JPM US Strategic Growth D (acc) - USD 432,730.237 311,179.912 307,646.225 436,263.924JPM US Strategic Growth D (acc) - EUR (hedged) - 26,490.066 - 26,490.066JPM US Strategic Growth X (acc) - USD 3,711,013.447 5,435,332.359 529,036.120 8,617,309.686

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 178,419.945 1,180,352.223 970,527.312 388,244.856JPM US Technology A (dist) - GBP 40,163.033 1,753.184 8,545.158 33,371.059JPM US Technology A (dist) - USD 14,013,006.695 8,700,971.987 15,207,432.702 7,506,545.980JF US Technology A (dist) - USD 3,959,547.876 6,928,855.541 6,953,201.026 3,935,202.391JPM US Technology D (acc) - USD 3,425,483.037 2,461,818.928 3,090,447.571 2,796,854.394

JPMorgan Funds - US Value FundJPM US Value A (acc) - USD 17,525,395.184 40,906,758.343 30,685,347.005 27,746,806.522JPM US Value A (acc) - EUR (hedged) - 3,585,219.422 2,142,583.388 1,442,636.034JPM US Value A (dist) - USD 53,645,880.704 46,760,790.075 46,188,299.108 54,218,371.671JPM US Value A (dist) - GBP 39,901.555 21,411.794 2,716.678 58,596.671JF US Value A (dist) - USD 314,520.824 488,480.864 624,938.133 178,063.555JPM US Value B (acc) - USD 224,746.041 535,566.173 254,727.348 505,584.866JPM US Value C (acc) - USD 9,517,928.147 14,693,150.896 9,744,273.341 14,466,805.702JPM US Value D (acc) - USD 5,017,070.643 4,228,404.432 2,306,316.949 6,939,158.126JPM US Value D (acc) - EUR (hedged) - 268,507.456 29,282.885 239,224.571JPM US Value X (acc) - USD 3,155,183.098 6,464,554.694 1,912,520.818 7,707,216.974

165



of the Year


of the Year

11. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued)JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 4,340,982.362 5,969,094.971 6,162,492.534 4,147,584.799JPM America Equity A (dist) - USD 15,516,407.677 2,389,260.541 10,932,897.961 6,972,770.257JF America Equity A (dist) - USD 769,070.957 98,288.210 267,651.464 599,707.703JPM America Equity B (acc) - USD 1,540,282.417 271,153.903 1,524,667.498 286,768.822JPM America Equity C (acc) - USD 3,989,550.233 10,093,358.063 3,498,836.270 10,584,072.026JPM America Equity D (acc) - USD 9,739,467.474 4,590,040.361 8,068,707.080 6,260,800.755JPM America Equity D (acc) - EUR - 501.365 - 501.365JPM America Equity X (acc) - USD 6,678,025.327 2,108,498.076 6,616,593.954 2,169,929.449

JPMorgan Funds - America Micro Cap FundJPM America Micro Cap A (acc) - USD 1,731,905.361 6,777,944.837 2,887,079.477 5,622,770.721JPM America Micro Cap A (dist) - USD 2,805,984.852 2,065,287.201 2,398,511.468 2,472,760.585JF America Micro Cap A (dist) - USD 270,720.454 2,650,170.909 1,957,332.399 963,558.964JPM America Micro Cap D (acc) - USD 1,118,594.978 1,849,708.854 1,108,207.119 1,860,096.713JPM America Micro Cap X (acc) - USD 768,402.909 1,426,770.809 1,981,257.380 213,916.338

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 689,019.697 4,529,265.647 2,925,415.282 2,292,870.062JPM Eastern Europe Equity A (dist) - EUR 29,482,834.241 21,134,461.964 33,380,441.705 17,236,854.500JF Eastern Europe Equity A (dist) - EUR 2,037,569.098 11,367,435.696 8,393,150.280 5,011,854.514JPM Eastern Europe Equity B (acc) - EUR - 6,640.000 - 6,640.000JPM Eastern Europe Equity C (acc) - EUR 10,598,114.772 4,068,087.154 5,524,008.195 9,142,193.731JPM Eastern Europe Equity D (acc) - EUR 1,456,253.176 5,121,625.039 2,906,916.337 3,670,961.878JPM Eastern Europe Equity I (acc) - EUR - 4,697,055.454 - 4,697,055.454JPM Eastern Europe Equity X (acc) - EUR 4,300,000.000 967,255.898 1,110,837.849 4,156,418.049

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - EUR 6,822,046.594 39,069,865.145 13,192,138.515 32,699,773.224JPM Euroland Equity A (dist) - EUR 36,699,936.958 42,109,609.888 31,865,158.643 46,944,388.203JF Euroland Equity A (dist) - USD 7,740,421.628 9,635,783.769 3,615,094.148 13,761,111.249JPM Euroland Equity C (acc) - EUR 7,777,781.336 15,494,883.401 2,173,532.163 21,099,132.574JPM Euroland Equity D (acc) - EUR 2,102,130.392 13,505,703.244 4,552,740.702 11,055,092.934

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - EUR 3,882,884.678 22,205,763.158 11,655,980.943 14,432,666.893JPM Europe Dynamic A (dist) - EUR 64,623,849.353 31,362,229.543 46,982,537.769 49,003,541.127JPM Europe Dynamic A (dist) - GBP 104,619.918 86,451.088 65,132.676 125,938.330JF Europe Dynamic A (dist) - EUR 1,384,950.061 5,551,488.804 4,702,149.225 2,234,289.640JPM Europe Dynamic B (acc) - EUR 680,691.849 1,782,318.962 374,829.314 2,088,181.497JPM Europe Dynamic C (acc) - EUR 4,022,585.265 12,727,544.824 2,824,763.235 13,925,366.854JPM Europe Dynamic D (acc) - EUR 4,794,274.029 6,443,612.964 5,912,157.037 5,325,729.956JPM Europe Dynamic D (acc) - USD 80.580 58,461.670 10,377.590 48,164.660JPM Europe Dynamic X (acc) - EUR 5,097,244.347 4,722,887.755 3,036,616.383 6,783,515.719

JPMorgan Funds - Europe Dynamic Mega Cap Fund (1)JPM Europe Dynamic Mega Cap A (acc) - EUR - 22,291,117.955 4,096,648.524 18,194,469.431JPM Europe Dynamic Mega Cap A (dist) - EUR - 102,811.064 - 102,811.064JPM Europe Dynamic Mega Cap A (inc) - EUR - 387.177 - 387.177JPM Europe Dynamic Mega Cap B (acc) - EUR - 735,935.005 - 735,935.005JPM Europe Dynamic Mega Cap C (acc) - EUR - 2,400,669.892 31,555.728 2,369,114.164JPM Europe Dynamic Mega Cap D (acc) - EUR - 98,452.320 414.401 98,037.919JPM Europe Dynamic Mega Cap X (acc) - EUR - 1,334,938.073 141,139.332 1,193,798.741

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - USD 6,335,490.174 4,684,868.642 2,876,905.106 8,143,453.710JPM Europe Equity A (acc) - EUR 10,023,859.503 60,541,077.098 21,825,879.550 48,739,057.051JPM Europe Equity A (dist) - EUR 78,759,029.909 73,661,707.824 50,382,098.358 102,038,639.375JF Europe Equity A (dist) - USD 1,734,451.617 885,759.932 831,711.301 1,788,500.248JPM Europe Equity B (acc) - EUR 803,211.008 742,163.871 551,979.107 993,395.772JPM Europe Equity C (acc) - EUR 10,119,341.749 23,219,736.794 8,239,277.984 25,099,800.559JPM Europe Equity D (acc) - EUR 18,528,418.610 21,349,903.750 20,922,922.475 18,955,399.885JPM Europe Equity D (acc) - USD - 397.456 - 397.456JPM Europe Equity X (acc) - EUR 12,907,926.968 15,777,243.640 11,432,066.399 17,253,104.209

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 440,378.675 7,979,259.005 4,868,029.047 3,551,608.633JPM Europe Small Cap A (dist) - EUR 19,313,160.775 18,683,003.539 17,901,292.777 20,094,871.537JPM Europe Small Cap A (dist) - GBP 29,805.873 49,199.047 45,847.197 33,157.723JF Europe Small Cap A (dist) - EUR 919,132.690 24,030,246.621 9,763,692.885 15,185,686.426JPM Europe Small Cap B (acc) - EUR 71,574.111 112,067.955 68,334.181 115,307.885JPM Europe Small Cap C (acc) - EUR 8,650,117.852 3,986,792.134 2,718,544.863 9,918,365.123JPM Europe Small Cap D (acc) - EUR 2,671,423.809 8,572,065.755 4,862,823.367 6,380,666.197JPM Europe Small Cap X (acc) - EUR 365,368.672 1,168,225.313 529,391.208 1,004,202.777

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 2,632,613.080 29,922,865.896 8,113,732.596 24,441,746.380JPM Europe Strategic Growth A (dist) - EUR 99,943,594.509 131,559,282.014 85,590,840.556 145,912,035.967JPM Europe Strategic Growth A (dist) - GBP 22,117.047 10,100.558 1,951.989 30,265.616JPM Europe Strategic Growth B (acc) - EUR 1,475,256.588 1,838,132.232 83,286.050 3,230,102.770JPM Europe Strategic Growth C (acc) - EUR 7,638,370.954 28,593,502.970 6,957,718.062 29,274,155.862JPM Europe Strategic Growth D (acc) - EUR 794,804.710 20,086,648.189 4,782,961.186 16,098,491.713JPM Europe Strategic Growth I (inc) - EUR - 400,165.000 - 400,165.000JPM Europe Strategic Growth X (acc) - EUR 432,141.670 2,460,523.374 980,102.811 1,912,562.233(1) This Sub-Fund was launched on 20 September 2005.

166



of the Year


of the Year

11. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued)JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 13,143,124.506 44,881,537.254 22,270,307.257 35,754,354.503JPM Europe Strategic Value A (dist) - EUR 248,722,993.194 211,168,259.968 149,533,328.177 310,357,924.985JPM Europe Strategic Value A (dist) - GBP 21,591.808 20,546.757 6,331.506 35,807.059JPM Europe Strategic Value B (acc) - EUR 329,338.546 941,712.573 183,942.085 1,087,109.034JPM Europe Strategic Value C (acc) - EUR 15,537,743.099 27,246,193.376 12,263,193.882 30,520,742.593JPM Europe Strategic Value D (acc) - EUR 33,118,234.443 30,012,111.894 21,132,783.815 41,997,562.522JPM Europe Strategic Value I (inc) - EUR - 400,165.000 - 400,165.000JPM Europe Strategic Value X (acc) - EUR 1,827,094.560 2,846,525.004 1,937,737.305 2,735,882.259

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 383,778.891 2,521,430.003 1,702,974.756 1,202,234.138JPM Europe Technology A (dist) - EUR 23,713,581.827 9,883,805.709 14,661,142.567 18,936,244.969JPM Europe Technology A (dist) - GBP 25,152.662 31,632.996 5,921.062 50,864.596JF Europe Technology A (dist) - EUR 3,394,398.510 3,116,558.048 3,610,287.707 2,900,668.851JPM Europe Technology D (acc) - EUR 1,517,151.223 2,629,258.882 1,475,983.265 2,670,426.840

JPMorgan Funds - Global Equity FundJPM Global Equity A (acc) - USD 706,268.469 1,587,690.078 1,049,907.587 1,244,050.960JPM Global Equity A (dist) - USD 1,294,831.828 1,358,975.414 1,255,054.069 1,398,753.173JF Global Equity A (dist) - USD 1,403,959.102 182,464.803 348,993.025 1,237,430.880JPM Global Equity B (acc) - USD - 24,404.580 - 24,404.580JPM Global Equity C (acc) - USD 10,287,077.703 8,938.500 1,757,322.177 8,538,694.026JPM Global Equity D (acc) - USD 42,204.780 2,914,496.515 69,407.131 2,887,294.164JPM Global Equity X (acc) - USD - 1,048,640.488 - 1,048,640.488

JPMorgan Funds - Global Life Sciences FundJPM Global Life Sciences A (acc) - USD 9,249.461 417,566.761 222,863.569 203,952.653JPM Global Life Sciences A (dist) - USD 7,142,895.853 4,105,769.970 6,853,603.351 4,395,062.472JPM Global Life Sciences A (dist) - GBP 19,110.857 821.792 1,842.406 18,090.243JF Global Life Sciences A (dist) - USD 862,517.686 8,373,095.735 5,147,751.482 4,087,861.939JPM Global Life Sciences B (acc) - USD - 27,247.540 27,247.540 -JPM Global Life Sciences D (acc) - USD 481,691.724 1,513,429.006 917,974.193 1,077,146.537

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 6,177,084.157 52,793,557.760 24,706,095.792 34,264,546.125JPM Global Natural Resources A (dist) - EUR 177,419.656 3,673,445.738 857,886.962 2,992,978.432JPM Global Natural Resources B (acc) - EUR - 1,088,061.679 - 1,088,061.679JPM Global Natural Resources C (acc) - EUR 3,377,849.110 8,141,876.317 3,764,773.089 7,754,952.338JPM Global Natural Resources D (acc) - EUR - 12,252,534.194 2,537,785.170 9,714,749.024JPM Global Natural Resources X (acc) - EUR 180,191.280 5,095,975.349 98,149.354 5,178,017.275

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 227,505.630 6,812,211.753 5,121,603.021 1,918,114.362JPM Latin America Equity A (dist) - USD 8,979,003.338 7,776,594.328 9,306,066.949 7,449,530.717JF Latin America Equity A (dist) - USD 338,543.952 8,010,459.154 5,943,522.295 2,405,480.811JPM Latin America Equity B (acc) - USD - 3,468,142.098 10,413.899 3,457,728.199JPM Latin America Equity C (acc) - USD 3,056,907.667 11,180,827.461 5,072,473.619 9,165,261.509JPM Latin America Equity D (acc) - USD 832,489.976 5,416,287.683 2,513,294.506 3,735,483.153JPM Latin America Equity I (acc) - USD - 5,515,171.024 - 5,515,171.024JPM Latin America Equity X (acc) - USD 3,800,000.000 972,223.124 1,755,967.892 3,016,255.232

JPMorgan Funds - Middle East Equity Fund (2)JPM Middle East Equity A (acc) - USD 1,087,014.222 6,985,085.569 5,834,133.589 2,237,966.202JPM Middle East Equity A (dist) - USD 7,460,463.851 18,396,767.783 17,483,736.192 8,373,495.442JPM Middle East Equity B (acc) - USD 552,847.784 160,565.635 707,113.419 6,300.000JPM Middle East Equity D (acc) - USD 2,263,740.907 9,455,542.815 6,279,120.626 5,440,163.096

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - USD 29,528.513 957,869.448 809,014.274 178,383.687JPM US Aggregate Bond A (dist) - USD 3,785,263.420 1,201,188.069 2,132,055.774 2,854,395.715JPM US Aggregate Bond B (acc) - USD - 797,858.610 - 797,858.600JPM US Aggregate Bond C (acc) - USD - 2,347,283.183 106,573.430 2,240,709.753JPM US Aggregate Bond D (acc) - USD 215,720.387 716,640.327 329,426.069 602,934.645JPM US Aggregate Bond X (acc) - USD 14,774,634.252 5,651,342.562 2,810,357.201 17,615,619.613

JPMorgan Funds - US Dynamic FundJPM US Dynamic A (acc) - USD 5,211,788.941 116,913,039.285 23,945,631.488 98,179,196.738JPM US Dynamic A (acc) - EUR - 1,933,416.595 100,430.597 1,832,985.998JPM US Dynamic A (dist) - USD 60,352,089.847 138,751,624.322 60,830,906.259 138,272,807.910JPM US Dynamic B (acc) - USD 1,683,404.511 8,270,131.062 1,077,696.324 8,875,839.249JPM US Dynamic C (acc) - USD 7,078,236.833 71,598,434.579 12,054,014.185 66,622,657.227JPM US Dynamic D (acc) - USD 937,090.503 9,059,578.506 1,755,447.731 8,241,221.278JPM US Dynamic D (acc) - EUR - 501.365 - 501.365JPM US Dynamic I (acc) - USD - 2,500,000.000 - 2,500,000.000JPM US Dynamic X (acc) - USD 13,039,404.597 25,594,201.386 16,294,061.013 22,339,544.970

(2) This Sub-Fund’s year end is 29 June 2006.

167



of the Year


of the Year

11. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006 (continued)JPMorgan Funds - US Strategic Growth FundJPM US Strategic Growth A (acc) - USD 1,000.000 8,098,050.264 2,544,381.087 5,554,669.177JPM US Strategic Growth A (dist) - USD 2,883,813.821 11,359,970.788 4,276,428.071 9,967,356.538JPM US Strategic Growth A (dist) - GBP 4,118.814 24,714.967 439.946 28,393.835JPM US Strategic Growth B (acc) - USD - 1,272,771.456 129,219.659 1,143,551.797JPM US Strategic Growth C (acc) - USD - 641,058.058 - 641,058.058JPM US Strategic Growth D (acc) - USD 165,691.859 511,820.981 244,782.603 432,730.237JPM US Strategic Growth X (acc) - USD - 4,516,098.582 805,085.135 3,711,013.447

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - USD 146,620.958 273,580.858 241,781.871 178,419.945JPM US Technology A (dist) - GBP 40,939.962 2,913.377 3,690.306 40,163.033JPM US Technology A (dist) - USD 17,939,619.505 10,061,424.252 13,988,037.062 14,013,006.695JF US Technology A (dist) - USD 5,107,123.959 7,766,002.722 8,913,578.805 3,959,547.876JPM US Technology D (acc) - USD 1,565,878.908 4,871,433.192 3,011,829.063 3,425,483.037

JPMorgan Funds - US Value Fund (3)JPM US Value A (acc) - USD 8,748,748.842 44,986,422.955 36,209,776.613 17,525,395.184JPM US Value A (dist) - USD 78,867,878.915 47,812,693.696 73,034,691.907 53,645,880.704JPM US Value A (dist) - GBP 72,341.322 1,940.618 34,380.385 39,901.555JF US Value A (dist) - USD 195,805.902 457,492.691 338,777.769 314,520.824JPM US Value B (acc) - USD 431,015.101 728,653.838 934,922.898 224,746.041JPM US Value C (acc) - USD 4,477,160.250 13,229,935.378 8,189,167.481 9,517,928.147JPM US Value D (acc) - USD 13,285,389.828 3,514,717.257 11,783,036.442 5,017,070.643JPM US Value X (acc) - USD 5,608,351.387 3,244,229.790 5,697,398.079 3,155,183.098

(3) Name changed from US Strategic Value Fund on 1 June 2006.

168

Language Disclaimer Semi-Annual

www.jpmorganam.com.hk

TW

jpmorgan funds - asset management · jpmorgan asset management advisory company s.à r.l. european...

Documents