jpmorgan funds - hsbc

Audited Annual Report – 30 June 2017

JPMorgan FundsSICAV Range

This report is an abridged version of the audited annual report established in conformity with the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment. The complete version is available on request from the Company’s registered office in Luxembourg and from JPMorgan Funds (Asia) Limited.

This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of the current Hong Kong Offering Document 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 (Asia) Limited.

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

JPMorgan FundsAudited Annual ReportAs at 30 June 2017

Contents (continued)

Board of Directors 1

Management and Administration 2

Board of Directors’ Report 3

Investment Managers’ Report 8

Audit Report 9

Financial Statements and Statistical InformationCombined Statement of Net Assets 13Combined Statement of Operations and Changes in Net Assets 22Statement of Changes in the Number of Shares 30Statistical Information 40

Notes to the Financial Statements 52

Schedule of InvestmentsJPMorgan Funds - America Equity Fund 69JPMorgan Funds - Asia Pacific Equity Fund 71JPMorgan Funds - Asia Pacific Income Fund 73JPMorgan Funds - Brazil Equity Fund 80JPMorgan Funds - China Fund 81JPMorgan Funds - Emerging Europe Equity Fund 82JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 84JPMorgan Funds - Emerging Markets Debt Fund 86JPMorgan Funds - Emerging Markets Dividend Fund 94JPMorgan Funds - Emerging Markets Equity Fund 97JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 100JPMorgan Funds - Emerging Markets Local Currency Debt Fund 106JPMorgan Funds - Emerging Markets Opportunities Fund 114JPMorgan Funds - Emerging Middle East Equity Fund 117JPMorgan Funds - Euroland Equity Fund 119JPMorgan Funds - Europe Dynamic Fund 122JPMorgan Funds - Europe Equity Fund 126JPMorgan Funds - Europe Small Cap Fund 129JPMorgan Funds - Europe Technology Fund 133JPMorgan Funds - Global Dynamic Fund 136JPMorgan Funds - Global Government Bond Fund 141JPMorgan Funds - Global Natural Resources Fund 146JPMorgan Funds - Global Real Estate Securities Fund (USD) 149JPMorgan Funds - Global Unconstrained Equity Fund 152JPMorgan Funds - Greater China Fund 155JPMorgan Funds - Hong Kong Fund 156JPMorgan Funds - Income Fund 157JPMorgan Funds - India Fund 163JPMorgan Funds - Indonesia Equity Fund 164JPMorgan Funds - Japan Equity Fund 166JPMorgan Funds - Korea Equity Fund 168JPMorgan Funds - Latin America Equity Fund 169JPMorgan Funds - Russia Fund 170JPMorgan Funds - Singapore Fund 171JPMorgan Funds - Taiwan Fund 172JPMorgan Funds - Total Emerging Markets Income Fund 173JPMorgan Funds - US Aggregate Bond Fund 182JPMorgan Funds - US Dollar Money Market Fund 215JPMorgan Funds - US Growth Fund 217JPMorgan Funds - US High Yield Plus Bond Fund 219JPMorgan Funds - US Technology Fund 228JPMorgan Funds - US Value Fund 229

Appendix - Unaudited Additional Disclosures1. Total Expense Ratios 2322. Summary of Investment Objectives of the Sub-Funds 2493. Performance and Volatility 2524. Interest Rate Received/(Charged) on Bank Accounts 2645. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 2646. Portfolio Turnover Ratio 2667. Calculation Method of the Risk Exposure 2678. Collateral Received 2699. Securities Financing Transactions 27010. UCITS Remuneration Disclosures 27511. Historical Statement of Changes in the Number of Shares 276

JPMorgan FundsBoard of Directors

Chairman

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

Directors

Jacques ElvingerElvinger Hoss Prussen, société anonyme2, place Winston ChurchillB.P. 425, L-2014 LuxembourgGrand Duchy of Luxembourg

Jean FrijnsAntigonelaan 2NL-5631 LR EindhovenThe Netherlands

Massimo GrecoJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

Registered Office

6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

John Li How CheongThe Directors’ Office19, rue de BitbourgL-1273 LuxembourgGrand Duchy of Luxembourg

Peter Thomas SchwichtGuiollettstraße 64D-60325 Frankfurt am MainGermany

Daniel WatkinsJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

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JPMorgan FundsManagement and Administration

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

JPMorgan Asset Management (Europe) S.à r.l.6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Investment Managers

JPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

J.P. Morgan Investment Management Inc.270 Park AvenueNew York, NY 10017United States of America

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

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

JPMorgan Asset Management (Japan) LimitedTokyo Building 7 - 3, Marunouchi 2 - chome, Chiyoda-kuTokyo 100 - 6432Japan

JPMorgan Asset Management (Taiwan) Limited20F, 1, Songzhi Rd, Xinyi DistTaipei City 110Taiwan (R.O.C.)

Highbridge Capital Management, LLC40 West 57th Street, 33 FloorNew York, NY 10019United States of America

J.P. Morgan Alternative Asset Management, Inc.270 Park AvenueNew York, NY 10017United States of America

Depositary, Corporate, Administrative and Listing Agent

J.P. Morgan Bank Luxembourg S.A.6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Independent Auditor

PricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorB.P. 1443, L-1014 LuxembourgGrand Duchy of Luxembourg

Luxembourg Legal Adviser

Elvinger Hoss Prussen, société anonyme2, place Winston ChurchillB.P. 425, L-2014 LuxembourgGrand Duchy of Luxembourg

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ChairmanIain O.S. SaundersIndependent Director and Chairman. A member of the Board since November 1996.

Mr Saunders graduated in Economics from Bristol University and joined Robert Fleming in 1970. He held several senior positions with the group in HongKong, Japan and the US, before returning to the UK in 1988. He was appointed Deputy Chairman of Fleming Asset Management and retired in 2001 followingthe merger of the Robert Fleming group with JP Morgan. Mr Saunders is currently Chairman of several JPMorgan managed Luxembourg-domiciledinvestment funds and MB Asia Select Fund.

Jacques ElvingerIndependent Director. A member of the Board since January 2009.

Mr Elvinger became a member of the Luxembourg Bar in 1984 and has been a partner of the Luxembourg law firm Elvinger Hoss Prussen since 1987. MrElvinger practices general corporate and banking law and specializes in the field of investment and pension funds. He is a member of the High Committee forthe Development of the Financial Sector instituted by the Luxembourg Government. He is also a member of the Advisory Committees to the LuxembourgCommission for the Supervision of the Financial Sector in the area of investment funds, pension funds and investment companies in risk capital. He is amember of the Board of Directors of the Association of the Luxembourg Fund Industry (ALFI) and is currently chairman of ALFI’s Regulatory Board. MrElvinger currently holds a number of board mandates with Luxembourg investment funds including several JPMorgan managed Luxembourg-domiciledinvestment funds.

Jean FrijnsIndependent Director. A member of the Board since September 2005.

Mr Frijns studied Econometrics, attained a doctorate in Economics from the University of Tilburg and was a lecturer at the Northern Illinois University. Hejoined the Dutch Central Planning Bureau (CPB), the economic think-tank of the Dutch government in 1980 and, in 1983, was appointed as deputy director ofthe CPB. Mr Frijns has held various posts including Chief Investment Strategist of ABP, a Dutch pension fund, a professorship in Investments from VrijeUniversiteit (Amsterdam) and, since 2005 has served as Chairman of the Monitoring Committee on Corporate Governance. Mr Frijns currently holds anumber of professional and board mandates with European organisations including several JPMorgan managed Luxembourg-domiciled investment funds.

Massimo GrecoConnected Director. A member of the Board since November 2015.

Mr Greco, Managing Director, is responsible for JPMorgan Asset Management’s Global Funds business in Europe, based in London. He took on his currentresponsibilities in 2012. Mr Greco has been a JPMorgan employee since 1992, initially with the Investment Banking unit, moving to Asset Management in1998. Before that, he worked for Goldman Sachs International in London. Mr Greco holds a degree in Economics from the University of Turin and an MBA(Major in Finance) from the Anderson Graduate School of Management at UCLA. Mr Greco is a Member of the Board of JPMorgan Asset Management (Europe)S.à r.l. as well as other Luxembourg domiciled SICAVs and is on the Board of European Fund Asset Management Association (“EFAMA”).

John Li How CheongIndependent Director. A member of the Board since June 2012.

During the last 29 years Mr Li worked essentially in the financial sector auditing and advising clients including banks, investment funds and insurancecompanies. Clients were from Europe, US, Japan and Asia offering Mr Li an extensive experience in dealing with international companies. Mr Li was a Partnerat KPMG Luxembourg for more than 20 years during which he was Managing Partner for 8 years before taking on the role of Chairman of the SupervisoryBoard for 3 years. Mr Li was also a member of the Investment Management Practice. Mr Li is a board member of the Institut Luxembourgeois desAdministrateurs. Mr Li currently holds a number of board mandates with financial institutions including several JPMorgan managed Luxembourg-domiciledinvestment funds.

Peter Thomas SchwichtIndependent Director. A member of the Board since June 2012.

Mr Schwicht obtained a Business Economics degree from the University of Mannheim in Germany after having studied business, tax and accounting inHamburg, Norway and the USA and was an employee of JPMorgan Asset Management from 1987 until October 2014. Prior to his retirement Mr Schwicht wasthe Chief Executive of Investment Management - EMEA, JPMorgan Asset Management. He had previously held positions as the Head of the ContinentalEurope Institutional business and the Investment Management Country Head for Institutional and Retail business in Germany where he first developed thebusiness and then went on to expand this throughout Continental Europe. Mr Schwicht is currently a Director of several JPMorgan managedLuxembourg-domiciled investment funds.

Daniel WatkinsConnected Director. A member of the Board since December 2014.

Mr Watkins is the Deputy CEO of JPMorgan Asset Management’s IM Europe and Global Head of IM Client Services and Business Platform. Mr Watkins has beenan employee since 1997 and oversees the business infrastructure of Investment Management in Europe and Asia including client services, fundadministration, product development, and RFP. Mr Watkins also performs the role of Deputy CEO of GIM EMEA, acting as a director of all the regulated legalentities across the region. Mr Watkins has held a number of positions at JPMorgan namely; Head of Europe COO and Global IM Operations, Head of theEuropean Operations Team, Head of the European Transfer Agency, Head of Luxembourg Operations, manager of European Transfer Agency and LondonInvestment Operations; and manager of the Flemings Investment Operations Teams. Mr Watkins obtained a BA in Economics and Politics from the Universityof York and is a qualified Financial Advisor. Mr Watkins is currently a Director of several JPMorgan managed Luxembourg-domiciled investment funds.

The Board of Directors (the “Board”) is pleased to present the Audited Annual Report of JPMorgan Funds (the ‘Fund’) for the year ended 30 June 2017.

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JPMorgan FundsBoard of Directors’ Report

Structure of the FundThe Fund is a variable capital investment company, organised as a “Société Anonyme”, under the laws of the Grand Duchy of Luxembourg. The Board hasappointed JPMorgan Asset Management (Europe) S.à r.l. (JPMAME) as Management Company of the Fund. The Fund is organised as an “umbrella” with anumber of Sub-Funds each of which has its own investment objective, policies and restrictions.

The objective of the Fund is to place the money available to it in transferable securities and other permitted assets of any kind, in accordance with the Fund’sProspectus, with the purpose of spreading investment risks and affording shareholders the results of the management of their portfolios.

The Fund qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS) under the EC Directive 2009/65/EC of 13 July 2009 and issubject to the Luxembourg law of 17 December 2010, as amended, on undertakings for collective investment. The Fund may therefore be offered for sale inEuropean Union Member States, subject to notification in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Fundand its Sub-Funds may be made in other countries.

As at the year end the Fund had 120 Sub-Funds. All of the Sub-Funds and Share Classes are registered for offer and distribution in the Grand Duchy ofLuxembourg and a number of the Sub-Funds and Share Classes are registered for distribution in the following jurisdictions: Austria, Bahrain, Belgium, Chile,Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Italy, Jersey, Korea, Liechtenstein, Macau, TheNetherlands, The Netherlands Antilles, Norway, Peru, Poland, Portugal, Singapore, Slovakia, Spain, Sweden, Switzerland, Taiwan and the United Kingdom.

Role and Responsibility of the BoardThe responsibility of the Board is governed exclusively by Luxembourg law. With respect to the annual accounts of the Fund, the duties of the Directors aregoverned by the law of 10 December 2010 on, inter alia, the accounting and annual accounts of undertakings for collective investment and by the law of17 December 2010, as amended, relating to undertakings for collective investment.

A management agreement between the Fund and JPMorgan Asset Management (Europe) S.à r.l sets out the matters over which the Management Companyhas authority under Chapter 15 of the Law of 17 December 2010, as amended. This includes management of the Fund’s assets and the provision ofadministration, registration, domiciliation agent and marketing services. All other matters are reserved for approval by the Board and a schedule setting outsuch matters is in place between the Board and the Management Company. The matters reserved for the Board include determination of each Sub-Fund’sinvestment objective and policies, investment restrictions and powers, amendments to the Prospectus, reviewing and approving key investment andfinancial data, including the annual accounts, as well as the appointment of, and review of the services provided by, the Management Company, Auditor andDepositary.

Prior to each Board meeting the Directors receive detailed and timely information allowing them to be prepared for the items under discussion during themeeting. For each quarterly meeting the Board requests, and receives, reports from, amongst others, the Management Company, the investment managers,risk management as well as proposals for changes to existing Sub-Funds or proposals to launch new ones as appropriate. Senior representatives of each ofthese functions attend Board meetings by invitation to enable the Directors to question the reports presented to them.

The Directors take decisions in the interests of the Fund and its shareholders as a whole and refrain from taking part in any deliberation or decision whichcreates a conflict of interest between their personal interests and those of the Fund and its shareholders. The subject of conflicts of interest is documented inthe Prospectus and the Management Company’s policy on conflicts of interest is available for inspection on the website:

http://www.jpmorganassetmanagement.lu/ENG/Document_Library

The Board can take independent professional advice if necessary and at the Fund’s expense.

Board CompositionThe Board is chaired by Mr Saunders and consists of five Independent Directors and two Connected Directors. The Board defines a Connected Director assomeone who is employed by JPMorgan Chase & Co or any of its affiliates. All Board meetings require a majority of Independent Directors to be in attendanceand as such the Board acts independently from the Management Company.

In appointing a Director the Board takes into account the relative mix and composition of the Board, which as a whole has a breadth of investmentknowledge, financial skills, as well as legal and other experience relevant to the Fund’s business.

The Board has agreed that a proposal will be put to shareholders to appoint Directors on a rotational basis and believes that this is of benefit to shareholdersas it will ensure that there is always continuity of Directors. In order to facilitate this proposal it is necessary that the Articles of Incorporation be altered; thedecision to amend them is subject to a shareholder vote at an Extraordinary General Meetings which are scheduled for October and November 2017.

The Board does not limit the number of years of Directors ’ service and it does take into account the nature and requirements of the fund industry and of theFund’s business when making recommendation to shareholders that Directors be elected. The terms of each Director’s appointment are set out in a contractfor services and these are available at the Fund’s registered office for inspection.

Induction and TrainingAll new Directors will receive an induction incorporating relevant information regarding the Fund and their duties and responsibilities as a Director. Inaddition, the Board takes active steps to keep up to date with developments relevant to the Fund and have ensured that a formal training programme is inplace.

Board EvaluationThe Board carries out a biennial review of its performance.

Board RemunerationThe Board believes that the remuneration of its members should reflect the responsibilities and experience of the Board as a whole and be fair andappropriate given the size, complexity and investment objectives of the Fund. The remuneration is reviewed on an annual basis. The Chairman is paidEUR 79,003 and the other Directors EUR 62,780 for the year ended 30 June 2017 apart from the Connected Directors who have agreed to waive theirremuneration. No element of the remuneration paid by the Fund to the Directors is performance related.

Board Meetings and CommitteesThe Board meets quarterly but if necessary additional meetings will be arranged. Given the scope and nature of the business of the Fund, the Board does notcurrently consider it necessary to have a formal Audit or Remuneration Committee or indeed any other standing committees. However, this is kept underreview. All Board related matters are therefore currently approved by the Board or, where there are specific matters that need further consideration, aSub-Committee of the Board could be formed for this specific purpose. Such circumstances could be where the Board requests some amendments to theProspectus and where it is not appropriate to wait till the next quarterly Board meeting for this to be approved. These Sub-Committee meetings are usuallyformed of a minimum of two Directors.

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JPMorgan FundsBoard of Directors’ Report (continued)

There were seven Board meetings held during the year. Four of these were quarterly Board meetings where, amongst other matters, the agenda includedthose items highlighted under the section above called ‘Role and Responsibility of the Board’ and three were ad hoc Board meetings. There were twoSub-Committee meetings held during the year. In addition to the Board meeting where the Auditors present the report on the audit of the Fund accounts, theIndependent Directors also meet with them annually without the Connected Directors being in attendance.

Internal ControlInvestment management and all administrative services are provided by the Management Company and custody of assets is provided by J.P. Morgan BankLuxembourg S.A. The Board’s system of internal control therefore mainly comprises monitoring the services provided by the Management Company and theDepositary, including the operational and compliance controls established by them to meet the Fund’s obligations to shareholders as set out in theProspectus, Articles of Incorporation as well as all relevant regulations. The Management Company formally reports to the Board on a quarterly basis on thevarious activities it is responsible for and in addition shall inform the Board without delay of any material administrative or accounting matters.

Corporate Governance and ALFI Code of ConductThe Board is responsible for ensuring that a high level of corporate governance is met and considers that the Fund has complied with the best practices in theLuxembourg funds industry.

In particular the Board has adopted the ALFI Code of Conduct (the “Code”) which sets out principles of good governance. These principles are set out below:

1. The Board should ensure that high standards of corporate governance are applied at all times;

2. The Board should have good professional standing and appropriate experience and to ensure that it is collectively competent to fulfil its responsibilities;

3. The Board should act fairly and independently in the best interests of the investors;

4. The Board should act with due care and diligence in the performance of their duties;

5. The Board should ensure compliance with all applicable laws and regulations and with the Fund’s constitutional documents;

6. The Board should ensure that investors are properly informed, are fairly and equitably treated, and receive the benefits and services to which they areentitled;

7. The Board should ensure that an effective risk management process and appropriate internal controls are in place;

8. The Board should identify and manage fairly and effectively, to the best of its ability, any actual, potential or apparent conflict of interest and ensureappropriate disclosure;

9. The Board should ensure that shareholder rights are exercised in a considered way and in the best interests of the Fund;

10. The Board should ensure that the remuneration of the Board members is reasonable and fair and adequately disclosed.

The Board considers that the Fund has been in compliance with the principles of the Code in all material aspects throughout the financial year ended 30 June2017. The Board undertakes an annual review of ongoing compliance with the principles of the Code.

Proxy Voting PolicyThe Board delegates responsibility for proxy voting to the Management Company. The Management Company manages the voting rights of the sharesentrusted in a prudent and diligent manner, based exclusively on the reasonable judgement of what will best serve the financial interests of clients. So far asis practicable, the Management Company will vote at all of the meetings called by companies in which they are invested.

A copy of the proxy voting policy is available from the Fund’s registered office upon request or on the website:

https://am.jpmorgan.com/uk/institutional/corporate-governance

Directors and Officers Indemnity InsuranceThe Fund’s Articles of Incorporation indemnify the Directors against expenses reasonably incurred in connection with any claim against them arising in thecourse of their duties or responsibilities as long as they have not acted fraudulently or dishonestly. To protect shareholders against any such claim, the Boardhas taken out Directors and Officers Indemnity Insurance which indemnifies the Directors against certain liabilities arising in the course of their duties andresponsibilities but does not cover against any fraudulent or dishonest actions on their part.

Independent AuditorPricewaterhouseCoopers, Société coopérative, has been the Fund’s Auditor since February 2006. The provision of audit services was last put to competitivetender in 2016. The Board reviewed the services of PwC in 2016 and decided that, subject to any other influencing factor, they should continue to be proposedto the Shareholders to be appointed as Auditor.

Annual General MeetingsThe next Annual General Meeting of the Company will be held on 15 November 2017 at the Registered Office of the Company to consider matters relating tothe year ending on 30 June 2017. At this meeting shareholders will, amongst other matters, be requested to consider the usual matters at such meetingsincluding:

1. the adoption of the financial statements and approval of the allocation of the results;

2. the approval of Directors’ fees;

3. the election of the Directors, all of whom wish to stand for election;

4. the election of the Auditor;

5. the discharge of Directors duties.

No special business is being proposed by the Board.

An Extraordinary General Meeting is scheduled for 18 October 2017 to consider various amendments to the Articles of Association of the the Fund, includingthe proposal to appoint Directors on a rotational basis.

Discharge of DirectorsOne of the resolutions in the AGM is to discharge the directors of their duties for the fiscal year in question. This discharge is only valid where the annualaccounts contain no omission or false information concealing the real financial situation of the Company.

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Events during the YearDuring the year, the total net assets of the Fund increased from USD 89.6 billion to USD 101.4 billion at year end.

The Board agreed the following corporate actions relating to Sub-Funds during the year:

a) Changes to the Prospectus:Shenzhen Stock Connect

With effect from 8 November 2016, the Prospectus was updated to incorporate amendments in relation to China Hong Kong Stock Connect programme withthe added ability to invest in the Shenzhen-Hong Kong Stock Connect programme.

Compliance with SFTR

With effect from 3 January 2017, the Prospectus was amended to include changes to disclosures to comply with article 14 of the Securities FinancingTransactions Regulation (“SFTR”) which came in to force on 12 January 2017.

b) Changes to the Sub-Fund benchmarksWith effect from 1 July 2016, the benchmark for JPMorgan Funds - Singapore Fund changed from MSCI Singapore 10/40 Index (Total Return Net) to FTSE STAll Share Index (Total Return Net).

With effect from 1 February 2017, the Sub-Fund and hedged Share Class benchmarks for JPMorgan Funds - Emerging Markets Investment Grade Bond Fundchanged as follows:Old Sub-Fund Benchmark New Sub-Fund Benchmark

70% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total ReturnGross) / 30% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified InvestmentGrade (Total Return Gross)


Old Hedged Share Class Benchmark New Hedged Share Class Benchmark

70% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total ReturnGross) Hedged to CHF / 30% J.P. Morgan Corporate Emerging Markets Bond Index BroadDiversified Investment Grade (Total Return Gross) Hedged to CHF for the CHF Hedged ShareClasses


70% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total ReturnGross) Hedged to EUR / 30% J.P. Morgan Corporate Emerging Markets Bond Index BroadDiversified Investment Grade (Total Return Gross) Hedged to EUR for the EUR Hedged ShareClasses


70% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total ReturnGross) Hedged to GBP / 30% J.P. Morgan Corporate Emerging Markets Bond Index BroadDiversified Investment Grade (Total Return Gross) Hedged to GBP for the GBP Hedged ShareClasses


70% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total ReturnGross) Hedged to JPY / 30% J.P. Morgan Corporate Emerging Markets Bond Index BroadDiversified Investment Grade (Total Return Gross) Hedged to JPY for the JPY Hedged Share Classes


c) Management and advisory fee rate reduction and waiverWith effect from 1 March 2017, the Management and Advisory Fee rates charged on JPMorgan Funds - US High Yield Plus Bond Fund were reduced as below:

A Share Class - from 1.00% to 0.85%;

C Share Class - from 0.50% to 0.45%;

D Share Class - from 1.00% to 0.85%;

I Share Class - from 0.50% to 0.45%;

T Share Class - from 1.00% to 0.85%.

d) Swing waiver mechanismWith effect from 1 July 2016, JPMorgan Funds - Income Fund was included in the scope of the swing waiver mechanism with an AUM target of USD 250 millionor by the end of waiver period on 31 December 2016. Subsequently, the end of the swing waiver period was extended to 30 September 2017 effective 28 June2017.

e) Change to the Sub-Fund investor profileWith effect from 30 September 2016, the “Investor Profile” section of each Sub-Fund of the Prospectus has been amended to remove the reference to theinvestment horizon of investors subscribing into the relevant Sub-Fund.

f) Change to the expected level of leverage of Sub-FundsWith effect from December 2016, the expected level of leverage, expressed as a percentage of the net asset value for each of the following Sub-Funds, haschanged as follows:

JPMorgan Funds - Global Government Bond Fund: from 150% to 400%.

Events after the Year-EndThe Board agreed the following corporate actions relating to Sub-Funds after the year:

a) Sub-Fund mergerSubsequent to the year-end, JPMorgan Funds - Turkey Equity Fund merged into JPMorgan Funds - Emerging Europe Equity Fund on 14 July 2017.

b) Changes to Investment Strategies, Investment Objectives and Policies and NamesWith effect from 12 July 2017, the investment policy of JPMorgan Funds - Asia Pacific Income Fund was amended to hold up to a maximum of 10% of its assetsin contingent convertible securities (instead of 5%, previously).

With effect from 29 September 2017, JPMorgan Funds - Europe Technology Fund changed its name to JPMorgan Funds - Europe Dynamic Technologies Fund.The investment objective and policy of the Sub-Fund was amended to clarify that the Sub-Fund also invests in companies related to technologies, includingbut not limited to technology, media and communications.

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c) Change to the Sub-Fund benchmarkWith effect from 1 August 2017, the benchmark for JPMorgan Funds - Emerging Middle East Equity Fund changed from MSCI Middle East Index (Total ReturnNet) to S&P Pan Arab Composite Index (Total Return Net).

With effect from 2 October 2017, the benchmark for JPMorgan Funds - US Technology Fund changed from BofA Merrill Lynch 100 Technology Price Index toRussell 1000 Equal Weight Technology Index (Total Return Net).

d) Removal of Performance Fee and reduction of Management and Advisory FeeWith effect from 1 September 2017 performance and non-performance fee Share Classes were merged or renamed.

e) Swing waiver mechanismWith effect from 26 September 2017, the swing waiver period for JPMorgan Funds - Income Fund was extended to 31 March 2018.

Board of Directors

Luxembourg, 12 October 2017

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JPMorgan FundsInvestment Managers’ Report

Market Review

Global equity markets delivered positive returns in the 12 months to 30 June 2017, boosted by an improving global economy. The MSCI All-Country World NetIndex rose 18.8%, the S&P 500 was up 17.2%, the MSCI Europe ex UK gained 24.4% and the FTSE All-Share ended 15.4% higher. Global bond markets had amore difficult time as global growth picked up, with the Bloomberg Barclays Global Aggregate Index (Total Return Gross) Hedged to USD falling 0.7% overthe review period. Bond markets also reacted to changes in central bank policy, as the US Federal Reserve (the Fed) signaled its intention to start shrinking itsbalance sheet. (All performance in US dollar terms, total return net, 1 July 2016 - 30 June 2017, source: J.P. Morgan Asset Management).

Politics was a dominant theme in the review period. At the beginning of the period, the UK had just announced its surprise decision to leave the EuropeanUnion (EU). Despite many political and market commentators forecasting doom and gloom if the UK voted to leave the EU, however, data in the wake of thevote suggested that the economy was holding up better than expected. UK stocks rallied, as a result, and were further supported by action from the Bank ofEngland (BoE), which announced a package of measures in its August meeting designed to prevent a post-Brexit recession. In the second half of the reviewperiod, Prime Minister Theresa May unexpectedly called a general election for June. The result saw the Conservatives lose a majority, relying on supportfrom the DUP in Northern Ireland. Despite an initial sell-off in sterling, markets eventually reacted well to the news as it was perceived to increase thelikelihood of a softer Brexit.

Meanwhile, in Europe, elections rejected anti-euro politicians. In April and May, all eyes were on the French presidential elections, which saw a victory forcentrist candidate Emmanuel Macron over far-right Marine Le Pen. This, combined with the victory for the incumbent prime minister in the Netherlands inMarch, led to a wave of relief among investors.

In the US, the focus was on the US presidential election, with Donald Trump elected as president in the surprise result. In the immediate aftermath of theresult, hopes for tax cuts, increased public spending and regulatory reform sparked a rally in the US stock market, which was also supported by a recovery inUS business and consumer confidence surveys. However, towards the end of the period, the US equity market experienced headwinds, as the USadministration failed to make any significant headway on its reflationary reform agenda.

A synchronised global economic recovery appeared to take hold in the period, with strong soft data and some bright spots in the hard data out of mostdeveloped economies: purchasing managers' indices and sentiment measures hit consistent highs, while GDP figures confirmed the momentum in US andEurope. The eurozone showed signs of improvement in particular, with business surveys rising to their highest levels in over five years, consumer confidencereaching a post-crisis high, and the 19-country bloc's unemployment rate falling to its lowest level since 2010.

Outlook

In the second half of the year, investors are likely to focus on tightening monetary policy, particularly in the US. We have already had two interest rate hikesfrom the Federal Reserve (Fed) in 2017 and we may see another before the end of the year. However, it's the reduction in the Fed's balance sheet that is likelyto have the biggest influence on markets. In its June meeting, Fed officials gave a detailed plan of how they would reduce the balance sheet and indicated thatthey would likely begin doing so at some point this year. The Fed going from being a net buyer to being a net seller of bonds is likely to put upwards pressureon yields.

The Fed might not be alone in tightening monetary policy over the next 12 months. Stronger global growth overseas may also see other central banks,including the BoE and the European Central Bank, gradually tighten monetary policy. How investors adapt to the beginning of tighter global monetary policymay be a key focal point in late 2017 and into 2018.

Investment Managers

12 October 2017

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

8

Audit Report

To the Shareholders of

JPMorgan Funds

Our opinionIn our opinion, the accompanying financial statements give a true and fair view of the financial position of JPMorgan Funds and of each of its sub-funds (the“Fund”) as at 30 June 2017, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legaland regulatory requirements relating to the preparation and presentation of the financial statements.

What we have auditedThe Fund's financial statements comprise :

- the Combined Statement of Net Assets as at 30 June 2017;

- the Schedule of Investments as at 30 June 2017;

- the Combined Statement of Operations and Changes in Net Assets for the year then ended; and

- the Notes to the Financial Statements, which include a summary of significant accounting policies.

Basis for opinionWe conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing(ISAs) as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier" (CSSF). Our responsibilities under those Law and standards arefurther described in the "Responsibilities of the "Réviseur d'entreprises agréé" for the audit of the financial statements" section of our report.

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

IndependenceWe are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBACode) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled ourother ethical responsibilities under those ethical requirements.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information included in the annual reportbut does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, considerwhether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to bematerially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requiredto report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund and those charged with governance for the financial statementsThe Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legaland regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directorsof the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud orerror.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern,disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund eitherintends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Fund’s financial reporting process.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT: +352 494848 1, F: +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n° 10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

9

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statementsThe objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteethat an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they couldreasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment andmaintain professional scepticism throughout the audit.

We also:

· identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit proceduresresponsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control;

· obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not forthe purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

· evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board ofDirectors of the Fund;

· conclude on the appropriateness of the Board of Directors of the Fund use of the going concern basis of accounting and, based on the audit evidenceobtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a goingconcern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financialstatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditreport. However, future events or conditions may cause the Fund to cease to continue as a going concern;

· evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant auditfindings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers, Société coopérative Luxembourg, 12 October 2017

Represented by

Régis Malcourant

10

11

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12


JPMorgan FundsCombined Statement of Net Assets

As at 30 June 2017

JPMorganFunds

CombinedUSD

AssetsInvestments in Securities at Market Value 99,442,611,997Acquisition Cost: 90,666,710,536Investment in TBAs at Market Value* 78,534,739Cash at Bank and at Brokers 1,275,900,594Time Deposits 142,384,764Amounts Receivable on Sale of Investments 648,730,240Amounts Receivable on Sale of TBAs* 72,963,467Amounts Receivable on Subscriptions 542,797,557Interest and Dividends Receivable, Net 453,591,966Tax Reclaims Receivable 44,260,010Fee Waiver** 3,439,643Other Receivables 2,648,599Net Unrealised Gain on Forward Currency Exchange Contracts 320,235,431Net Unrealised Gain on Financial Futures Contracts 1,216,453Other Derivative Instruments at Market Value 37,006,563

Total Assets 103,066,322,023

LiabilitiesBank and Broker Overdraft 18,734,719Open Short Positions on TBAs* 72,693,905Amounts Payable on Purchase of Investments 805,936,066Amounts Payable on Purchase of TBAs* 78,829,021Amounts Payable on Redemptions 550,688,347Interest and Dividends Payable, Net 1,927,619Management and Advisory Fees Payable 70,011,792Fund Servicing Fees Payable 8,267,590Distribution Fees Payable 5,089,326Performance Fees 17,927,880Other Payables*** 16,591,195Net Unrealised Loss on Forward Currency Exchange Contracts 29,097,922Net Unrealised Loss on Financial Futures Contracts 5,867,749Other Derivative Instruments at Market Value 5,280,896

Total Liabilities 1,686,944,027

Total Net Assets 101,379,377,996

Historical Total Net Assets30 June 2016 89,615,749,74030 June 2015 98,290,204,380

* Please refer to Note 2i).** Please refer to Note 3a), 3b), 3c) and 3d).*** Other Payables are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.

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

13

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2017

AmericaEquity

FundUSD

Asia PacificEquity

FundUSD

Asia PacificIncome

FundUSD

BrazilEquity

FundUSD

ChinaFund

USD

Emerging EuropeEquity

FundEUR

1,305,865,981 691,918,172 2,438,641,283 231,201,854 1,229,147,168 458,151,5221,083,945,200 573,784,701 2,388,036,754 227,436,908 971,145,472 431,771,516

- - - - - -143,323 872,008 11,024,646 1,326,923 14,056,464 3,292,436

- 3,300,000 - - - -5,295,632 - - 551,177 - 10,910,337

- - - - - -3,750,590 466,249 26,696,596 1,175,559 9,590,371 153,155

240,876 3,635,735 18,031,657 344,250 7,688,259 3,838,986- 40,878 155,906 - - 699,467

2,518 25,807 24,691 21,054 - 13,233- - 51,129 988 - 2,687

1,412,794 - 8,342,613 - - -- - - - - -- - - - - -

1,316,711,714 700,258,849 2,502,968,521 234,621,805 1,260,482,262 477,061,823

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

5,303,050 1,400,252 38,728,712 1,767,847 7,559,479 10,910,659- - - - - -

2,467,756 430,068 6,738,241 430,825 7,858,293 2,580,212- - - - - -

1,234,703 496,134 2,761,938 264,321 1,498,494 418,384105,974 55,428 197,890 19,274 101,012 38,92532,845 7,143 15,312 18,429 69,263 10,082

- - - - - -129,849 171,649 617,347 56,250 2,976,639 63,065

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

9,274,177 2,560,674 49,059,440 2,556,946 20,063,180 14,021,327

1,307,437,537 697,698,175 2,453,909,081 232,064,859 1,240,419,082 463,040,496

1,188,361,357 423,529,345 2,007,198,980 205,693,028 1,104,369,993 441,855,6941,255,347,009 420,172,391 2,709,705,339 195,983,919 1,757,569,244 464,092,853

14


As at 30 June 2017

Emerging Europe,Middle East and Africa

Equity FundUSD

Emerging MarketsDebtFundUSD

Emerging MarketsDividend

FundUSD

Emerging MarketsEquity

FundUSD

Emerging MarketsInvestment Grade

Bond FundUSD

Emerging MarketsLocal Currency

Debt FundUSD

327,372,512 1,795,739,249 406,991,987 5,283,174,664 558,006,070 2,300,041,870290,647,886 1,762,467,421 374,456,662 3,987,634,808 554,537,581 2,448,875,840

- - - - - -3,768,385 67,790,880 172,057 23,816,200 22,658,626 34,152,294

- - - - - -10,205,895 15,375,118 2,485,675 5,280,174 1,388,077 -

- - - - - -64,837 2,367,359 593,629 19,672,716 101,530 4,615,867

1,211,436 27,146,175 1,445,106 11,918,728 6,621,508 46,413,781308,049 - 328,700 674,403 - 1,086,994

24,021 41,036 59,639 174,043 29,665 112,389- 693 13,713 55,347 - 3,045- 18,306,859 302,226 1,467,595 2,919,843 16,762,986- 321,063 - - - 75,445- - - - - 2,731,983

342,955,135 1,927,088,432 412,392,732 5,346,233,870 591,725,319 2,405,996,654

- 85,538 - - - -- - - - - -

6,216,488 11,367,869 1,330,622 35,190,092 1,658,392 -- - - - - -

152,299 4,953,683 217,369 2,256,084 420,084 1,518,880- - - - - -

283,465 1,077,860 231,383 2,590,976 216,393 1,166,14128,040 153,373 34,392 431,360 47,020 196,72911,905 14,422 15,821 53,736 1,239 111,106

- - - - - -73,383 222,390 97,491 592,792 75,735 517,606

- - - - - -- - - - 262,359 -- - - - - -

6,765,580 17,875,135 1,927,078 41,115,040 2,681,222 3,510,462

336,189,555 1,909,213,297 410,465,654 5,305,118,830 589,044,097 2,402,486,192

299,245,118 1,598,669,678 195,265,193 3,543,323,304 297,179,434 2,467,475,648358,989,409 1,744,141,726 192,119,188 4,128,650,103 312,767,653 2,813,412,769

15


As at 30 June 2017

Emerging MarketsOpportunities

FundUSD

EmergingMiddle EastEquity Fund

USD

EurolandEquity

FundEUR

EuropeDynamic

FundEUR

EuropeEquity

FundEUR

EuropeSmall Cap

FundEUR

2,143,688,393 105,631,502 415,569,814 1,200,478,438 446,575,224 706,445,6341,740,861,183 98,256,551 372,329,323 1,116,220,892 391,188,281 620,868,589

- - - - - -32,163,454 595,395 1,130,049 1,954,460 563,646 523,073

- - - - - -24,045,700 - 173,873 15,636,074 68,344 -

- - - - - -14,140,860 227,598 603,520 7,811,204 526,403 1,982,7417,664,604 96,389 319,225 1,871,974 773,294 812,643

307,903 - 985,009 2,553,786 949,843 1,318,68271,827 22,936 17,078 1,430 1,305 3,189

- - 142 - 1,754 1,41858,902 - - - - -

- - 10,600 18,557 - -- - - - - -

2,222,141,643 106,573,820 418,809,310 1,230,325,923 449,459,813 711,087,380

- - - 41,444 - -- - - - - -

7,141,197 932 - 4,887,687 - -- - - - - -

2,065,217 410,816 908,379 2,115,318 962,009 1,395,210- - - - - -

1,157,165 126,454 339,567 1,039,915 327,333 720,063177,414 8,644 34,528 101,115 37,644 59,38810,832 7,817 11,500 23,260 22,471 39,550

- - - - - -242,138 34,648 65,742 130,744 55,742 93,451

- - 159,780 3,006,028 276,551 94,354- - - - - -- - - - - -

10,793,963 589,311 1,519,496 11,345,511 1,681,750 2,402,016

2,211,347,680 105,984,509 417,289,814 1,218,980,412 447,778,063 708,685,364

1,803,781,838 108,972,302 278,591,499 1,332,238,255 396,466,241 450,311,6982,659,663,178 192,256,547 326,033,825 1,746,937,547 439,801,129 409,792,115

16


As at 30 June 2017

EuropeTechnology

FundEUR

GlobalDynamic

FundUSD

GlobalGovernment Bond

FundEUR

GlobalNatural Resources

FundEUR

GlobalReal Estate

Securities Fund (USD)USD

GlobalUnconstrained Equity

FundUSD

283,372,390 380,732,510 321,772,915 756,458,258 119,917,318 452,193,283256,915,969 329,085,381 325,621,340 753,630,835 115,552,838 412,655,741

- - - - - -415,719 484,677 6,992,211 275,247 216,994 102,901

- - - - - -5,610,871 43,729 15,614,708 730,866 1,032,573 -

- - - - - -1,095,113 129,935 435,905 1,895,244 58,484 54,570

85,598 433,052 1,732,995 900,750 317,994 1,098,854543,717 386,113 - 252,836 15,326 37,551

6,015 16,579 37,519 - 14,299 26,0469,652 - - - - -

- 547,797 2,282,084 - 704,155 1,928,399- 1,634 - - - -- - 13,999 - - -

291,139,075 382,776,026 348,882,336 760,513,201 122,277,143 455,441,604

- 5,071 311,334 - - -- - - - - -

2,127,702 - 11,015,172 3,239,729 1,416,222 -- - - - - -

9,332,133 522,960 2,921,857 1,948,075 231,851 480,763- - - - - -

340,539 322,243 52,757 933,612 59,230 264,94424,947 31,469 27,500 63,501 9,879 37,33125,190 15,448 2,916 54,986 6,979 7,685

- - - - - -47,706 56,991 189,871 105,255 25,899 66,537

503,773 - - - - -1,350 - 80,801 - - -

- - - - - -

12,403,340 954,182 14,602,208 6,345,158 1,750,060 857,260

278,735,735 381,821,844 334,280,128 754,168,043 120,527,083 454,584,344

148,537,641 423,931,684 718,282,343 625,353,241 121,028,238 460,900,674162,987,566 589,689,119 401,448,484 624,218,048 168,349,745 568,879,003

17


As at 30 June 2017

GreaterChinaFundUSD

HongKongFundUSD

IncomeFund

USD

IndiaFund

USD

IndonesiaEquity

FundUSD

JapanEquity

FundJPY

488,660,400 94,526,993 26,361,554 1,082,937,495 49,525,547 275,670,847,875355,867,797 82,036,262 26,026,549 611,456,408 45,385,685 228,533,511,624

- - - - - -3,890,634 1,264,608 1,304,107 60,972 1,636,407 3,174,445,413

- - - - - -11,921 2,424,718 4,638 6,511,392 489,001 415,321,240

- - - - - -3,022,882 656,053 159,935 403,727 71,149 821,899,6482,354,239 916,505 294,604 1,196,940 109,380 246,400,248

175,201 - - - - -13,747 8,247 21,454 9,395 14,149 716,194

- - 357 135 - 234,629- - 43,759 - 91 621,423,934- - - - - -- - 67,800 - - -

498,129,024 99,797,124 28,258,208 1,091,120,056 51,845,724 280,951,289,181

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

2,495,027 1,897,961 - 2,140,738 - 1,042,686,397- - - - - -

1,010,317 1,482,269 - 1,217,414 136,304 296,545,955- - - - - -

543,002 119,604 22,734 1,289,103 15,913 198,956,17839,908 8,246 2,275 91,022 4,232 22,350,42841,197 4,930 15 164,226 2,938 1,929,488

- - - - - -380,457 24,880 23,730 694,722 10,687 19,860,193

- - - - - -- - 15,609 - - -- - - - - -

4,509,908 3,537,890 64,363 5,597,225 170,074 1,582,328,639

493,619,116 96,259,234 28,193,845 1,085,522,831 51,675,650 279,368,960,542

599,499,845 111,206,377 26,311,345 1,094,663,464 53,247,065 274,915,549,8211,456,596,008 183,903,033 26,682,818 1,391,432,111 103,501,186 133,729,320,731

18


As at 30 June 2017

KoreaEquity

FundUSD

Latin AmericaEquity

FundUSD

RussiaFund

USD

SingaporeFund

USD

TaiwanFund

USD

TotalEmerging Markets

Income FundUSD

177,226,326 948,752,297 646,608,100 60,253,511 168,517,455 146,223,462160,842,069 839,876,531 639,212,791 58,084,155 130,590,987 139,122,385

- - - - - -770,955 497,556 7,785,537 175,085 914,341 5,767,828

1,501,807 - - - - -1,145,161 444,219 327,223 1,088,642 919,613 529,584

- - - - - -79,972 245,870 5,245,643 11,891 464,731 880,063

173,266 1,227,658 5,517,162 - 905,864 963,691- - - - 272,124 71,338

18,236 29,451 56,156 11,587 31,221 26,698- - - - - -- - - - - 111,741- - - - - 656- - - - - -

180,915,723 951,197,051 665,539,821 61,540,716 172,025,349 154,575,061

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

1,056,051 4,136,544 - - 600,914 1,033,881- - - - - -

124,553 807,550 1,564,125 244,625 323,141 1,052,370- - - - - -

137,095 760,393 654,466 74,220 168,406 156,60714,740 76,557 54,438 5,115 13,906 13,2605,300 23,991 41,719 11,080 3,870 48,342

- - - - - -36,421 121,527 147,817 21,452 52,784 98,200

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

1,374,160 5,926,562 2,462,565 356,492 1,163,021 2,402,660

179,541,563 945,270,489 663,077,256 61,184,224 170,862,328 152,172,401

141,752,681 799,977,215 494,382,484 53,785,651 169,397,561 72,315,659177,545,207 875,924,655 550,378,442 75,094,438 229,064,460 75,031,210

19


As at 30 June 2017

USAggregate Bond

FundUSD

US DollarMoney Market

FundUSD

USGrowth

FundUSD

USHigh Yield Plus

Bond FundUSD

USTechnology

FundUSD

USValueFundUSD

3,745,678,936 304,828,190 356,412,642 207,936,533 303,308,556 2,646,152,5113,699,835,203 304,828,190 263,254,941 208,929,971 233,244,794 2,013,309,910

- - - - - -- 68,218,721 148,703 - 2,308,643 195,383- - - - - -

1,167,998 - 3,146 65,279 - -- - - - - -

81,355,851 5,699,342 4,108,310 312,304 4,064,775 3,330,89716,695,752 335,783 43,649 2,931,895 39,238 1,541,000

- - 40,920 8,404 5,345 -117,240 9,671 12,589 30,423 2,867 -135,474 - 111 - - 638

13,262,147 - 984,526 1,405,194 - 2,798,266- - - - - -- - - - - -

3,858,413,398 379,091,707 361,754,596 212,690,032 309,729,424 2,654,018,695

7,447,928 - - 24,026 - -- - - - - -

17,249,878 - 3,608,894 1,482,280 - -- - - - - -

65,375,474 1,935,383 863,750 80,410 1,965,760 5,356,951- - - - - -

1,796,951 79,545 279,942 95,682 346,597 2,013,882308,450 31,818 29,191 17,084 25,803 217,336

12,027 - 6,535 8,083 21,504 57,322- - - - - -

265,857 50,786 50,160 41,618 48,627 159,626- - - - - -- - - - - -- - - - - -

92,456,565 2,097,532 4,838,472 1,749,183 2,408,291 7,805,117

3,765,956,833 376,994,175 356,916,124 210,940,849 307,321,133 2,646,213,578

2,442,643,007 437,971,653 337,319,879 154,392,682 236,235,056 2,587,378,5001,931,681,537 406,882,748 708,048,603 197,679,577 373,807,303 3,857,422,198

20


21

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets

For the Year Ended 30 June 2017

JPMorganFunds

CombinedUSD

Net Assets at the Beginning of the Year* 90,051,670,598

IncomeDividend Income, Net 1,126,651,188Interest Income, Net 1,252,772,414Securities Lending Income 6,968,298Bank Interest 940,827Interest on Swap Transactions 7,586,889Other Income 1,680,352

Total Income 2,396,599,968

ExpensesManagement and Advisory Fees 761,668,613Fund Servicing Fees 92,898,183Distribution Fees 54,591,108Depositary, Corporate, Administration and Domiciliary Agency Fees 62,631,958Registrar and Transfer Agency Fees 10,683,502Taxe d’Abonnement 33,884,719Overdraft Interest 1,472,307Interest on Swap Transactions 20,072,195Sundry Fees** 25,148,927

1,063,051,512

Less: Fee Waiver*** 46,800,934

Total Expenses before Performance Fees 1,016,250,578

Performance Fees 17,930,158

Total Expenses 1,034,180,736

Net Investment Income/(Loss) 1,362,419,232

Net Realised Gain/(Loss) on Sale of Investments 2,567,676,939Net Realised Gain/(Loss) on Forward Currency Exchange Contracts (220,731,039)Net Realised Gain/(Loss) on Financial Futures Contracts (30,592,811)Net Realised Gain/(Loss) on Foreign Exchange 9,418,001Net Realised Gain/(Loss) on TBAs (4,805,994)Net Realised Gain/(Loss) on Other Derivative Instruments 23,150,084

Net Realised Gain/(Loss) for the Year 2,344,115,180

Net Change in Unrealised Gain/(Loss) on Investments 6,561,241,639Net Change in Unrealised Gain/(Loss) on Forward Currency Exchange Contracts 467,074,849Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts (8,238,596)Net Change in Unrealised Gain/(Loss) on Foreign Exchange 3,070,863Net Change in Unrealised Gain/(Loss) on TBAs (1,716,609)Net Change in Unrealised Gain/(Loss) on Other Derivative Instruments 11,713,123

Net Change in Unrealised Gain/(Loss) for the Year 7,033,145,269

Increase/(Decrease) in Net Assets as a Result of Operations 10,739,679,681

Movements in Share CapitalSubscriptions 58,536,341,811Redemptions (57,264,076,454)

Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 1,272,265,357

Dividend Distribution (684,237,640)

Net Assets at the End of the Year 101,379,377,996

* The opening balance was combined using the foreign exchange rates as at 30 June 2017. The same net assets when combined using the foreign exchange rates ruling as at 30 June 2016 reflected afigure of USD 89,615,749,740.** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.*** Please refer to Note 3a), 3b), 3c) and 3d)

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

22

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


AmericaEquity

FundUSD

Asia PacificEquity

FundUSD

Asia PacificIncome

FundUSD

BrazilEquity

FundUSD

ChinaFund

USD

Emerging EuropeEquity

FundEUR

1,188,361,357 423,529,345 2,007,198,980 205,693,028 1,104,369,993 441,855,694

11,264,258 13,537,209 51,467,532 7,340,890 17,332,936 19,102,959- 13,402 35,880,766 - 500 -- - - - 938,451 -

407 438 7,036 2,777 81,089 3,840- - - - - -- - 126,575 - 1,081,716 17,217

11,264,665 13,551,049 87,481,909 7,343,667 19,434,692 19,124,016

14,286,313 4,831,030 32,145,919 3,151,069 17,427,377 5,277,6191,257,198 533,994 2,216,868 222,560 1,176,503 507,858381,996 75,883 206,773 245,275 802,219 132,842445,178 638,612 1,656,166 290,367 893,878 894,085158,582 82,986 269,592 99,623 158,460 79,247612,548 224,542 1,078,655 103,634 592,822 210,298

365 1,077 879 166 10,854 800- - - - - -

227,878 200,710 1,274,748 144,576 460,291 135,599

17,370,058 6,588,834 38,849,600 4,257,270 21,522,404 7,238,348

124,904 393,997 419,158 215,923 253,799 605,232

17,245,154 6,194,837 38,430,442 4,041,347 21,268,605 6,633,116

- - - - - -

17,245,154 6,194,837 38,430,442 4,041,347 21,268,605 6,633,116

(5,980,489) 7,356,212 49,051,467 3,302,320 (1,833,913) 12,490,900

138,306,778 29,187,512 79,544,383 1,902,451 40,024,509 12,972,404(381,312) 679,607 (9,179,559) 69,874 (10,679) (139,241)

- - - - - -(3,459) (419,233) 118,034 (352,639) (342,761) (123,263)

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

137,922,007 29,447,886 70,482,858 1,619,686 39,671,069 12,709,900

142,951,263 101,840,550 113,786,253 20,040,011 267,063,800 51,572,6281,909,527 - 3,801,152 - - -

- - - - - -1,931 (5,585) 112,780 (32,620) 48,953 (67,281)

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

144,862,721 101,834,965 117,700,185 20,007,391 267,112,753 51,505,347

276,804,239 138,639,063 237,234,510 24,929,397 304,949,909 76,706,147

542,681,048 486,651,791 1,830,387,300 255,569,514 399,498,409 129,260,986(695,311,863) (349,261,242) (1,532,708,102) (253,735,741) (551,622,283) (178,745,495)

(152,630,815) 137,390,549 297,679,198 1,833,773 (152,123,874) (49,484,509)

(5,097,244) (1,860,782) (88,203,607) (391,339) (16,776,946) (6,036,836)

1,307,437,537 697,698,175 2,453,909,081 232,064,859 1,240,419,082 463,040,496

23



Emerging Europe,Middle East and Africa

Equity FundUSD

Emerging MarketsDebtFundUSD

Emerging MarketsDividend

FundUSD

Emerging MarketsEquity

FundUSD

Emerging MarketsInvestment Grade

Bond FundUSD

Emerging MarketsLocal Currency

Debt FundUSD

299,245,118 1,598,669,678 195,265,193 3,543,323,304 297,179,434 2,467,475,648

10,224,493 543,847 13,760,714 79,976,569 - -- 100,559,537 - - 17,755,331 137,070,704- - 32 - - -

4,395 11,906 6,732 14,925 20,881 103,601- - - - - 288,844

2,054 - - - 13,694 -

10,230,942 101,115,290 13,767,478 79,991,494 17,789,906 137,463,149

3,366,187 12,185,088 2,294,769 26,405,159 1,895,890 14,032,138328,303 1,686,821 297,224 4,384,876 404,305 2,279,860148,044 161,033 131,609 563,304 15,401 1,267,585556,716 1,050,175 533,918 3,494,804 398,244 2,680,09774,761 235,279 146,328 251,961 67,849 237,655

108,116 472,621 91,938 1,144,301 115,429 730,533195 209 3,116 3,171 963 3,285

- 659,322 - - 85,944 2,229,175136,063 649,384 174,226 696,058 124,902 677,161

4,718,385 17,099,932 3,673,128 36,943,634 3,108,927 24,137,489

445,164 615,174 597,767 1,888,834 321,898 1,334,381

4,273,221 16,484,758 3,075,361 35,054,800 2,787,029 22,803,108

- - - - - -

4,273,221 16,484,758 3,075,361 35,054,800 2,787,029 22,803,108

5,957,721 84,630,532 10,692,117 44,936,694 15,002,877 114,660,041

5,566,452 34,589,507 (305,616) 62,947,151 (2,786,782) (153,736,930)(51,917) (18,416,854) 385,094 721,992 (6,230,446) (29,428,524)

- (186,445) (364,268) - (137,698) 2,437,306(224,028) 180,275 (133,368) 541,029 4,099 323,292

- - - - - -- (4,140,232) - - (393,071) (1,019,705)

5,290,507 12,026,251 (418,158) 64,210,172 (9,543,898) (181,424,561)

41,701,108 (18,478,995) 44,809,602 912,761,374 (3,209,293) 151,902,929- 28,135,307 124,804 1,829,721 1,538,652 22,556,914- 448,297 - - (436,097) 177,220

(53,582) (6,498) 9,255 (116,863) 453 10,069- - - - - -- - - - - (1,382,301)

41,647,526 10,098,111 44,943,661 914,474,232 (2,106,285) 173,264,831

52,895,754 106,754,894 55,217,620 1,023,621,098 3,352,694 106,500,311

57,746,691 1,166,688,761 355,722,607 1,978,232,455 399,606,169 1,143,339,443(71,761,517) (910,201,884) (188,783,774) (1,223,695,489) (103,855,520) (1,236,739,137)

(14,014,826) 256,486,877 166,938,833 754,536,966 295,750,649 (93,399,694)

(1,936,491) (52,698,152) (6,955,992) (16,362,538) (7,238,680) (78,090,073)

336,189,555 1,909,213,297 410,465,654 5,305,118,830 589,044,097 2,402,486,192

24



Emerging MarketsOpportunities

FundUSD

EmergingMiddle EastEquity Fund

USD

EurolandEquity

FundEUR

EuropeDynamic

FundEUR

EuropeEquity

FundEUR

EuropeSmall Cap

FundEUR

1,803,781,838 108,972,302 278,591,499 1,332,238,255 396,466,241 450,311,698

46,883,327 3,537,390 9,563,840 35,101,698 13,355,078 12,938,428- - - - - -

223 - 143,514 669,007 168,781 140,29723,600 2,530 139 - - -

- - - - - -- - - 47,679 - -

46,907,150 3,539,920 9,707,493 35,818,384 13,523,859 13,078,725

12,434,932 1,530,764 3,326,639 12,894,928 3,562,114 6,344,5691,925,228 105,529 321,358 1,242,561 415,952 489,516

103,051 103,384 137,014 291,992 271,614 381,2851,734,951 287,171 300,968 643,346 317,317 413,292

176,058 55,648 75,727 147,916 93,599 101,234571,949 51,040 157,422 438,709 191,611 222,905

1,486 1,817 9,797 18,916 5,836 10,995- - - - - -

245,715 110,357 122,700 340,782 115,690 133,738

17,193,370 2,245,710 4,451,625 16,019,150 4,973,733 8,097,534

1,042,656 300,381 212,220 238,591 141,986 192,099

16,150,714 1,945,329 4,239,405 15,780,559 4,831,747 7,905,435

- - - - - -

16,150,714 1,945,329 4,239,405 15,780,559 4,831,747 7,905,435

30,756,436 1,594,591 5,468,088 20,037,825 8,692,112 5,173,290

19,453,237 (5,356,940) 27,788,143 113,085,128 18,701,619 19,564,8001,248,578 (6,131) 226,346 25,547,805 677,520 943,881

586,895 - 1,488,104 667,493 8,334 -(1,005,720) (76,049) 17,416 63,532 (26,899) 121,605

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

20,282,990 (5,439,120) 29,520,009 139,363,958 19,360,574 20,630,286

491,533,082 16,392,764 38,697,715 102,813,000 47,660,585 78,477,02481,149 - (366,652) (18,595,750) (651,806) (890,666)

- - 10,600 18,557 - -78,573 480 (945) 13,338 (1,120) (22,282)

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

491,692,804 16,393,244 38,340,718 84,249,145 47,007,659 77,564,076

542,732,230 12,548,715 73,328,815 243,650,928 75,060,345 103,367,652

727,292,615 33,581,714 242,762,702 478,729,368 104,811,022 438,521,679(857,086,453) (47,327,836) (175,761,139) (832,195,460) (122,974,506) (279,009,857)

(129,793,838) (13,746,122) 67,001,563 (353,466,092) (18,163,484) 159,511,822

(5,372,550) (1,790,386) (1,632,063) (3,442,679) (5,585,039) (4,505,808)

2,211,347,680 105,984,509 417,289,814 1,218,980,412 447,778,063 708,685,364

25



EuropeTechnology

FundEUR

GlobalDynamic

FundUSD

GlobalGovernment Bond

FundEUR

GlobalNatural Resources

FundEUR

GlobalReal Estate

Securities Fund (USD)USD

GlobalUnconstrained Equity

FundUSD

148,537,641 423,931,684 718,282,343 625,353,241 121,028,238 460,900,674

4,044,564 7,234,771 - 15,465,404 3,437,796 7,264,637- - 8,692,077 - - -

170,371 109,036 - - - -- - 1,753 919 258 709- - - - - -- - - - - -

4,214,935 7,343,807 8,693,830 15,466,323 3,438,054 7,265,346

2,627,544 4,001,202 1,121,195 11,459,177 755,914 3,133,866185,741 387,875 493,598 795,177 120,391 449,436

206,546 188,510 41,725 757,621 90,285 93,490180,714 320,696 379,069 409,559 130,273 293,49276,439 93,477 52,913 210,703 42,780 82,60398,607 161,664 108,031 389,467 38,189 120,625

5,737 1,074 32,274 5,495 120 477- - - - - -

96,506 117,519 110,244 281,124 87,887 140,906

3,477,834 5,272,017 2,339,049 14,308,323 1,265,839 4,314,895

125,188 252,206 517,247 94,702 170,122 192,301

3,352,646 5,019,811 1,821,802 14,213,621 1,095,717 4,122,594

- - - - - -

3,352,646 5,019,811 1,821,802 14,213,621 1,095,717 4,122,594

862,289 2,323,996 6,872,028 1,252,702 2,342,337 3,142,752

23,664,968 41,080,209 19,223,129 2,571,445 (442,019) 24,218,536(640,254) 32,035 2,102,363 (67,060) (1,116,944) (1,044,092)

182,939 (16,882) (2,329,943) - - -(454,056) 103,818 (2,641,978) 437,158 (943) 4,434

- - - - - -- - (5,089) - - -

22,753,597 41,199,180 16,348,482 2,941,543 (1,559,906) 23,178,878

24,418,055 31,253,757 (55,861,771) 64,249,058 (1,906,663) 68,179,974(755,953) 766,402 10,533,387 - 2,254,122 2,499,081

(3,675) 1,634 (109,136) - - -5,871 24,062 (121,480) (40,900) (581) 24,665

- - - - - -- - 13,999 - - -

23,664,298 32,045,855 (45,545,001) 64,208,158 346,878 70,703,720

47,280,184 75,569,031 (22,324,491) 68,402,403 1,129,309 97,025,350

259,903,102 30,108,995 308,481,556 726,452,028 47,994,579 116,083,950(175,408,746) (145,137,672) (670,156,522) (665,593,091) (49,487,500) (218,351,901)

84,494,356 (115,028,677) (361,674,966) 60,858,937 (1,492,921) (102,267,951)

(1,576,446) (2,650,194) (2,758) (446,538) (137,543) (1,073,729)

278,735,735 381,821,844 334,280,128 754,168,043 120,527,083 454,584,344

26



GreaterChinaFundUSD

HongKongFundUSD

IncomeFund

USD

IndiaFund

USD

IndonesiaEquity

FundUSD

JapanEquity

FundJPY

599,499,845 111,206,377 26,311,345 1,094,663,464 53,247,065 274,915,549,821

8,629,070 2,954,689 628 9,806,062 835,557 3,219,546,384- - 1,584,614 5,298 - -

361,681 86,561 - - - 49,096,687- 21,935 578 938 324 16,938- - 40,617 - - -

271,641 - - - - -

9,262,392 3,063,185 1,626,437 9,812,298 835,881 3,268,660,009

6,709,735 1,650,817 262,485 15,538,957 185,337 2,281,466,214522,505 112,045 26,268 1,087,496 49,593 254,661,777445,959 57,053 181 1,900,908 40,084 22,950,285563,044 151,983 109,973 1,410,084 146,242 103,939,538

99,025 30,155 43,100 161,220 22,482 21,882,028233,670 54,576 13,250 528,318 11,368 60,926,600

4,888 - 253 5,960 - 4,430,060- - 34,308 - - -

179,973 129,387 85,207 2,870,432 85,422 42,341,092

8,758,799 2,186,016 575,025 23,503,375 540,528 2,792,597,594

265,921 145,907 225,282 374,575 222,614 24,332,851

8,492,878 2,040,109 349,743 23,128,800 317,914 2,768,264,743

- - - - - -

8,492,878 2,040,109 349,743 23,128,800 317,914 2,768,264,743

769,514 1,023,076 1,276,694 (13,316,502) 517,967 500,395,266

41,744,194 3,638,022 (439,236) 91,820,027 2,996,281 407,594,420(11,002) (1,470) (21,819) 47,707 72,552 648,233,687

- - (38,646) - - -8,785 (16,803) 305 (84,852) (170,789) 159,200,978

- - - - - -- - (176,075) - - -

41,741,977 3,619,749 (675,471) 91,782,882 2,898,044 1,215,029,085

97,817,438 22,576,282 812,101 16,504,980 1,999,226 25,560,550,987- - 88,230 - 91 1,382,500,000- - 635 - - -

(30,765) 8,140 (141) 97 (4,710) 5,801,350- - - - - -- - (8,173) - - -

97,786,673 22,584,422 892,652 16,505,077 1,994,607 26,948,852,337

140,298,164 27,227,247 1,493,875 94,971,457 5,410,618 28,664,276,688

184,444,114 53,546,544 2,953,475 245,919,342 24,008,587 137,467,421,659(426,493,038) (93,223,367) (1,808,841) (346,126,854) (30,990,620) (161,665,196,116)

(242,048,924) (39,676,823) 1,144,634 (100,207,512) (6,982,033) (24,197,774,457)

(4,129,969) (2,497,567) (756,009) (3,904,578) - (13,091,510)

493,619,116 96,259,234 28,193,845 1,085,522,831 51,675,650 279,368,960,542

27



KoreaEquity

FundUSD

Latin AmericaEquity

FundUSD

RussiaFund

USD

SingaporeFund

USD

TaiwanFund

USD

TotalEmerging Markets

Income FundUSD

141,752,681 799,977,215 494,382,484 53,785,651 169,397,561 72,315,659

2,270,139 24,067,117 25,578,042 1,796,336 4,711,163 3,314,0391,807 - - - - 1,691,380

- - - 1,136 - 153,427 10,855 1,727 822 609 5,283

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

2,275,373 24,077,972 25,579,769 1,798,294 4,711,772 5,010,717

1,394,224 9,080,406 8,064,311 833,386 2,076,907 1,267,844143,441 896,527 607,918 57,178 169,195 109,773

56,143 299,815 536,454 128,638 47,175 297,973265,681 889,508 1,418,255 106,374 363,905 278,82743,639 139,759 125,346 46,373 43,751 75,38472,728 283,328 285,069 28,365 73,232 52,825

234 156 250 - - 491- - - - - -

91,214 177,865 274,334 92,471 121,524 133,478

2,067,304 11,767,364 11,311,937 1,292,785 2,895,689 2,216,595

302,708 419,840 1,033,821 162,343 362,243 290,829

1,764,596 11,347,524 10,278,116 1,130,442 2,533,446 1,925,766

- - - - - -

1,764,596 11,347,524 10,278,116 1,130,442 2,533,446 1,925,766

510,777 12,730,448 15,301,653 667,852 2,178,326 3,084,951

10,254,972 (7,451,722) 18,164,261 769,746 20,685,647 1,182,005(123,559) 241,574 (12,777) 1,875 (96,145) 1,268

- - - - - 2,10895,665 (754,520) (336,254) (35,407) 450,500 (17,858)

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

10,227,078 (7,964,668) 17,815,230 736,214 21,040,002 1,167,523

24,501,621 107,076,883 35,927,610 7,936,464 17,445,792 9,316,504- - - - - 73,057- - - - - 661

(2,589) (70,866) 2,837 8,224 (8,406) 23,104- - - - - -- - - - - -

24,499,032 107,006,017 35,930,447 7,944,688 17,437,386 9,413,326

35,236,887 111,771,797 69,047,330 9,348,754 40,655,714 13,665,800

58,164,990 467,724,785 710,734,050 24,871,051 39,734,951 129,478,225(55,585,923) (432,488,564) (601,252,305) (26,305,290) (77,205,682) (62,176,540)

2,579,067 35,236,221 109,481,745 (1,434,239) (37,470,731) 67,301,685

(27,072) (1,714,744) (9,834,303) (515,942) (1,720,216) (1,110,743)

179,541,563 945,270,489 663,077,256 61,184,224 170,862,328 152,172,401

28



USAggregate Bond

FundUSD

US DollarMoney Market

FundUSD

USGrowth

FundUSD

USHigh Yield Plus

Bond FundUSD

USTechnology

FundUSD

USValueFundUSD

2,442,643,007 437,971,653 337,319,879 154,392,682 236,235,056 2,587,378,500

1,262,844 - 1,962,128 197,204 1,181,324 43,191,72380,754,296 4,297,172 - 9,533,558 - -

- - - - - -1,712 - 271 958 3,179 607

- - - - - -382 - - - - -

82,019,234 4,297,172 1,962,399 9,731,720 1,184,503 43,192,330

19,755,853 1,059,789 2,863,042 862,291 3,407,251 23,475,3153,168,059 420,197 309,971 159,867 251,969 2,685,965

162,772 - 61,797 62,165 185,419 643,8281,123,744 203,122 210,453 178,921 152,088 671,691

271,612 49,422 76,716 53,231 92,694 199,2321,115,651 42,037 122,417 59,374 130,514 1,125,049

873 1,588 - - 129 166- - - - - -

441,276 228,041 109,694 121,852 123,887 253,740

26,039,840 2,004,196 3,754,090 1,497,701 4,343,951 29,054,986

1,186,932 102,424 190,694 319,859 106,101 80,363

24,852,908 1,901,772 3,563,396 1,177,842 4,237,850 28,974,623

- - - - - -

24,852,908 1,901,772 3,563,396 1,177,842 4,237,850 28,974,623

57,166,326 2,395,400 (1,600,997) 8,553,878 (3,053,347) 14,217,707

(13,017,785) - 59,691,585 (2,495,965) 37,907,852 184,124,86611,820,841 - (97,747) (3,806,564) (14,171) 381,534

- - - - - -(304,425) - (47,247) 29,100 21,409 (830,435)

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

(1,501,369) - 59,546,591 (6,273,429) 37,915,090 183,675,965

(44,883,870) - 13,458,977 10,381,440 47,404,802 259,458,55315,636,629 - 1,144,157 5,117,057 - 4,017,812

- - - - - -(261) - 861 238 79 (608)

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

(29,247,502) - 14,603,995 15,498,735 47,404,881 263,475,757

26,417,455 2,395,400 72,549,589 17,779,184 82,266,624 461,369,429

3,228,206,364 557,177,806 209,245,658 105,210,862 291,299,500 1,703,673,659(1,923,690,120) (620,550,684) (261,888,483) (61,681,278) (302,358,500) (2,093,642,187)

1,304,516,244 (63,372,878) (52,642,825) 43,529,584 (11,059,000) (389,968,528)

(7,619,873) - (310,519) (4,760,601) (121,547) (12,565,823)

3,765,956,833 376,994,175 356,916,124 210,940,849 307,321,133 2,646,213,578

29

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


Shares Outstandingat the Beginning

of the Year

Shares Subscribed Shares Redeemed Shares Outstandingat the End

of the Year

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - AUD 234,054.705 422,951.144 373,672.745 283,333.104JPM America Equity A (acc) - AUD (hedged) 328,398.114 2,282,216.140 2,364,522.880 246,091.374JPM America Equity A (acc) - EUR 15,177.772 22,448.749 29,549.154 8,077.367JPM America Equity A (acc) - EUR (hedged) 1,309,095.394 845,805.666 1,112,438.759 1,042,462.301JPM America Equity A (acc) - HKD 4,916,186.192 3,947,085.186 6,188,956.632 2,674,314.746JPM America Equity A (acc) - USD 9,676,307.515 4,655,935.610 5,232,298.228 9,099,944.897JPM America Equity A (dist) - USD 3,469,241.757 831,723.871 1,605,397.177 2,695,568.451JPM America Equity C (acc) - EUR 19,395.431 17,384.161 15,989.767 20,789.825JPM America Equity C (acc) - EUR (hedged) 2,007,076.491 484,892.237 386,403.861 2,105,564.867JPM America Equity C (acc) - USD 11,032,641.129 6,869,790.011 6,057,726.400 11,844,704.740JPM America Equity C (dist) - USD 1,108,276.022 291,582.119 348,010.262 1,051,847.879JPM America Equity D (acc) - EUR 85,006.088 80,226.888 51,284.055 113,948.921JPM America Equity D (acc) - EUR (hedged) 1,223,435.602 1,093,392.632 924,574.894 1,392,253.340JPM America Equity D (acc) - USD 1,959,083.420 503,575.509 856,745.225 1,605,913.704JPM America Equity I (acc) - EUR (hedged) 4,932.608 - 3,313.491 1,619.117JPM America Equity I (acc) - USD 71,811.485 5,658.997 21,130.680 56,339.802JPM America Equity I (dist) - USD 26,994.021 - 21,505.428 5,488.593JPM America Equity X (acc) - USD 842,171.998 138,603.684 824,136.816 156,638.866

JPMorgan Funds - Asia Pacific Equity FundJPM Asia Pacific Equity A (acc) - EUR 1,268,518.039 496,617.946 191,563.788 1,573,572.197JPM Asia Pacific Equity A (acc) - HKD 317,731.187 441,259.959 132,868.853 626,122.293JPM Asia Pacific Equity A (acc) - SGD 9,030.945 - - 9,030.945JPM Asia Pacific Equity A (acc) - USD 5,946,303.076 8,558,094.459 6,197,196.088 8,307,201.447JPM Asia Pacific Equity A (dist) - GBP 4,492.612 612.965 283.836 4,821.741JPM Asia Pacific Equity A (dist) - USD 835,268.948 56,857.814 125,198.616 766,928.146JPM Asia Pacific Equity C (acc) - EUR 854,232.642 1,598,111.856 1,038,034.230 1,414,310.268JPM Asia Pacific Equity C (acc) - USD 286,236.204 155,457.867 206,628.054 235,066.017JPM Asia Pacific Equity C (dist) - USD 91,857.453 18.564 53,254.114 38,621.903JPM Asia Pacific Equity D (acc) - EUR 4,390.417 6,761.706 3,269.915 7,882.208JPM Asia Pacific Equity D (acc) - USD 92,080.301 19,069.213 23,969.579 87,179.935JPM Asia Pacific Equity I (acc) - EUR - 45,353.000 - 45,353.000JPM Asia Pacific Equity I (acc) - USD 45,453.603 138,292.345 76,067.406 107,678.542JPM Asia Pacific Equity X (acc) - USD 839,835.610 697,384.351 531,372.224 1,005,847.737

JPMorgan Funds - Asia Pacific Income FundJPM Asia Pacific Income A (acc) - HKD 14,957,505.201 2,642,733.127 2,014,072.521 15,586,165.807JPM Asia Pacific Income A (acc) - USD 4,863,436.334 3,537,168.494 1,790,627.268 6,609,977.560JPM Asia Pacific Income A (dist) - USD 5,559,518.257 2,501,212.444 2,879,311.406 5,181,419.295JPM Asia Pacific Income A (irc) - AUD (hedged) 19,454,444.233 28,349,176.887 27,674,780.223 20,128,840.897JPM Asia Pacific Income A (irc) - CAD (hedged) 5,124,170.917 5,228,838.995 4,932,443.651 5,420,566.261JPM Asia Pacific Income A (irc) - EUR (hedged) 1,294,481.654 1,412,270.463 1,346,316.419 1,360,435.698JPM Asia Pacific Income A (irc) - GBP (hedged) 3,271,038.894 3,205,069.619 2,573,470.341 3,902,638.172JPM Asia Pacific Income A (irc) - NZD (hedged) 5,217,062.373 8,361,251.110 8,806,211.427 4,772,102.056JPM Asia Pacific Income A (irc) - RMB (hedged) 5,929,589.635 2,844,103.093 2,155,714.982 6,617,977.746JPM Asia Pacific Income A (mth) - HKD 200,607,463.394 184,263,256.340 175,209,203.899 209,661,515.835JPM Asia Pacific Income A (mth) - SGD 4,224,415.337 867,865.087 1,204,449.712 3,887,830.712JPM Asia Pacific Income A (mth) - SGD (hedged) 14,123,430.712 3,264,538.092 4,472,952.120 12,915,016.684JPM Asia Pacific Income A (mth) - USD 8,481,993.236 4,831,130.073 5,496,406.883 7,816,716.426JPM Asia Pacific Income C (acc) - HKD 774.599 - - 774.599JPM Asia Pacific Income C (acc) - USD 768,105.257 401,241.783 424,860.864 744,486.176JPM Asia Pacific Income C (dist) - USD 15,392.608 977.676 969.189 15,401.095JPM Asia Pacific Income C (irc) - AUD (hedged) 142.376 - - 142.376JPM Asia Pacific Income C (irc) - CAD (hedged) 133.236 - - 133.236JPM Asia Pacific Income C (irc) - EUR (hedged) 11.176 - - 11.176JPM Asia Pacific Income C (irc) - GBP (hedged) 15.202 - - 15.202JPM Asia Pacific Income C (irc) - NZD (hedged) 156.846 - - 156.846JPM Asia Pacific Income C (irc) - RMB (hedged) 639.460 - - 639.460JPM Asia Pacific Income C (mth) - HKD 774.612 731,021.556 - 731,796.168JPM Asia Pacific Income C (mth) - SGD 141.855 - - 141.855JPM Asia Pacific Income C (mth) - SGD (hedged) 141.855 - - 141.855JPM Asia Pacific Income C (mth) - USD 1,763.007 2,382,408.918 130,585.989 2,253,585.936JPM Asia Pacific Income D (acc) - USD 1,144,373.726 505,364.613 286,949.124 1,362,789.215JPM Asia Pacific Income D (mth) - EUR (hedged) - 3,217.814 - 3,217.814JPM Asia Pacific Income D (mth) - USD 170,995.596 1,920.731 148,348.641 24,567.686JPM Asia Pacific Income I (acc) - USD 10.000 1,410,148.675 577,434.951 832,723.724JPM Asia Pacific Income X (acc) - USD 54,839.504 1,852.378 19,752.395 36,939.487

JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - EUR 190,114.097 77,754.520 61,774.127 206,094.490JPM Brazil Equity A (acc) - SGD 122,355.538 549,284.841 580,165.706 91,474.673JPM Brazil Equity A (acc) - USD 25,565,375.837 35,124,484.587 35,610,718.132 25,079,142.292JPM Brazil Equity A (dist) - USD 5,601,826.048 186,140.343 177,687.162 5,610,279.229JPM Brazil Equity C (acc) - USD 1,228,808.781 1,009,645.676 1,615,718.994 622,735.463JPM Brazil Equity D (acc) - EUR 141,775.158 81,876.192 106,212.939 117,438.411JPM Brazil Equity D (acc) - USD 3,436,139.276 1,683,890.946 2,258,245.849 2,861,784.373JPM Brazil Equity I (acc) - USD 308,526.948 10,639.774 4,944.243 314,222.479JPM Brazil Equity T (acc) - EUR 13,736.296 21,365.994 18,266.264 16,836.026JPM Brazil Equity X (acc) - USD - 167,991.289 6,450.836 161,540.453

30




of the Year


of the Year

JPMorgan Funds - China FundJPM China A (acc) - SGD 60,519.087 6,168.180 9,789.035 56,898.232JPM China A (acc) - USD 2,628,043.316 639,345.215 1,046,942.360 2,220,446.171JPM China A (dist) - HKD 27,662,272.885 6,339,777.858 14,182,773.195 19,819,277.548JPM China A (dist) - USD 21,182,292.694 6,335,292.938 8,638,834.510 18,878,751.122JPM China C (acc) - USD 888,250.814 775,123.349 705,479.783 957,894.380JPM China C (dist) - HKD* 774.633 - 774.633 -JPM China C (dist) - USD 19,230.529 5,339.865 6,509.896 18,060.498JPM China D (acc) - EUR 34,023.953 16,981.505 13,376.564 37,628.894JPM China D (acc) - USD 2,671,605.358 1,292,131.023 1,964,881.517 1,998,854.864JPM China I (dist) - USD* 10.000 - 10.000 -JPM China T (acc) - EUR 3,365.192 4,252.912 1,971.907 5,646.197JPM China X (acc) - USD 12,633.572 5,278.316 2,104.734 15,807.154

JPMorgan Funds - Emerging Europe Equity FundJPM Emerging Europe Equity A (acc) - EUR 1,867,896.899 1,096,869.135 1,222,429.355 1,742,336.679JPM Emerging Europe Equity A (acc) - USD 87,239.315 93,037.014 116,028.559 64,247.770JPM Emerging Europe Equity A (dist) - EUR 6,402,764.385 599,026.745 1,197,172.257 5,804,618.873JPM Emerging Europe Equity C (acc) - EUR 7,126,647.890 1,721,608.878 4,217,160.253 4,631,096.515JPM Emerging Europe Equity C (acc) - USD 27,020.673 209,979.875 79,988.341 157,012.207JPM Emerging Europe Equity C (dist) - EUR 14,102.485 78,199.941 22,209.972 70,092.454JPM Emerging Europe Equity D (acc) - EUR 530,239.560 51,970.836 127,155.396 455,055.000JPM Emerging Europe Equity I (acc) - EUR 1,463,974.885 36,979.967 76,492.491 1,424,462.361JPM Emerging Europe Equity X (acc) - EUR 3,258,064.110 662,051.504 468,820.938 3,451,294.676

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 267,214.927 289,085.899 329,040.985 227,259.841JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 1,118,067.649 115,455.261 334,046.836 899,476.074JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 2,736,492.773 683,423.343 878,573.255 2,541,342.861JPM Emerging Europe, Middle East and Africa Equity C (acc) - EUR 11.401 - - 11.401JPM Emerging Europe, Middle East and Africa Equity C (acc) - SGD 140.996 - - 140.996JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 908,335.593 599,831.523 398,464.486 1,109,702.630JPM Emerging Europe, Middle East and Africa Equity C (dist) - USD 3,443.254 709.222 657.667 3,494.809JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 17,918.938 11,151.005 10,481.228 18,588.715JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 411,677.323 19,429.160 95,996.214 335,110.269JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 614,470.232 2,064.839 - 616,535.071JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 5,527,002.588 357,920.332 459,554.568 5,425,368.352

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR (hedged) 2,236,335.329 1,625,254.950 2,402,677.923 1,458,912.356JPM Emerging Markets Debt A (acc) - GBP (hedged)* - 75,314.000 75,314.000 -JPM Emerging Markets Debt A (acc) - USD 3,996,233.919 11,766,601.590 11,055,476.740 4,707,358.769JPM Emerging Markets Debt A (dist) - GBP 16.499 5,132.431 5,132.431 16.499JPM Emerging Markets Debt A (inc) - EUR (hedged) 2,919,719.007 1,433,159.667 952,572.544 3,400,306.130JPM Emerging Markets Debt A (inc) - USD 19,256.655 14,167.497 7,214.096 26,210.056JPM Emerging Markets Debt A (irc) - AUD (hedged) 866,706.984 3,202,027.447 1,626,884.582 2,441,849.849JPM Emerging Markets Debt A (irc) - CAD (hedged) 51,411.660 137,768.154 70,939.279 118,240.535JPM Emerging Markets Debt A (irc) - NZD (hedged) 48,074.152 24,666.172 7,192.276 65,548.048JPM Emerging Markets Debt A (irc) - RMB (hedged) 298,548.536 - - 298,548.536JPM Emerging Markets Debt A (mth) - EUR (hedged) 877,077.263 1,079,497.621 580,145.964 1,376,428.920JPM Emerging Markets Debt A (mth) - HKD 2,599,144.411 15,470,954.646 6,741,379.158 11,328,719.899JPM Emerging Markets Debt A (mth) - USD 31,963,788.838 18,980,792.150 16,947,921.778 33,996,659.210JPM Emerging Markets Debt C (acc) - EUR (hedged) 5,371,058.873 7,075,610.996 7,897,324.976 4,549,344.893JPM Emerging Markets Debt C (acc) - GBP (hedged) 15.394 - - 15.394JPM Emerging Markets Debt C (acc) - USD 24,110.160 355,382.140 325,841.249 53,651.051JPM Emerging Markets Debt C (dist) - USD 10,409.478 16,871.608 21,094.819 6,186.267JPM Emerging Markets Debt C (inc) - EUR (hedged) 88,804.212 7,802.629 6,699.614 89,907.227JPM Emerging Markets Debt C (irc) - AUD (hedged) 143.038 - - 143.038JPM Emerging Markets Debt C (irc) - CAD (hedged) 130.812 100,075.000 - 100,205.812JPM Emerging Markets Debt C (irc) - NZD (hedged) 157.724 - - 157.724JPM Emerging Markets Debt C (mth) - EUR (hedged) 11.217 - - 11.217JPM Emerging Markets Debt C (mth) - HKD 774.612 - - 774.612JPM Emerging Markets Debt C (mth) - USD 594,252.400 512,114.989 874,313.799 232,053.590JPM Emerging Markets Debt D (acc) - EUR (hedged) 1,242,157.764 537,480.484 421,475.573 1,358,162.675JPM Emerging Markets Debt D (mth) - EUR (hedged) - 808.595 - 808.595JPM Emerging Markets Debt I (acc) - EUR (hedged) 3,033,141.328 73,421.946 - 3,106,563.274JPM Emerging Markets Debt I (acc) - USD 364,564.346 1,783,078.586 - 2,147,642.932JPM Emerging Markets Debt I (dist) - CHF (hedged) 402,357.025 - - 402,357.025JPM Emerging Markets Debt I (dist) - USD* 10.000 - 10.000 -JPM Emerging Markets Debt I (inc) - EUR (hedged) 23,184,416.234 2,570,200.910 1,467,200.912 24,287,416.232JPM Emerging Markets Debt X (acc) - EUR (hedged) 1,076,037.252 291,173.608 308,970.962 1,058,239.898JPM Emerging Markets Debt X (acc) - GBP (hedged) 78,723.466 163,505.093 161,704.878 80,523.681JPM Emerging Markets Debt X (acc) - USD 549,934.821 319,997.890 352,749.676 517,183.035JPM Emerging Markets Debt X (dist) - USD 5,534.747 7,412.288 9,323.000 3,624.035

* Share Class inactive as at the end of the year.

31




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JPMorgan Funds - Emerging Markets Dividend FundJPM Emerging Markets Dividend A (acc) - CHF (hedged) 2,160.184 150.000 - 2,310.184JPM Emerging Markets Dividend A (acc) - EUR 87,781.737 67,170.009 27,728.004 127,223.742JPM Emerging Markets Dividend A (acc) - USD 71,770.619 35,714.770 25,278.612 82,206.777JPM Emerging Markets Dividend A (dist) - GBP 84,525.950 18,970.516 67,424.320 36,072.146JPM Emerging Markets Dividend A (div) - EUR 105,258.123 90,401.584 27,348.823 168,310.884JPM Emerging Markets Dividend A (inc) - EUR 15,699.590 11,750.208 2,423.575 25,026.223JPM Emerging Markets Dividend A (irc) - AUD (hedged) 1,906,552.124 7,794,338.731 8,051,855.882 1,649,034.973JPM Emerging Markets Dividend A (irc) - GBP (hedged) 40,269.136 58,694.207 14,836.983 84,126.360JPM Emerging Markets Dividend A (irc) - RMB (hedged) 700,724.230 193,369.052 746,140.175 147,953.107JPM Emerging Markets Dividend A (mth) - HKD 1,975,931.197 30,211,736.182 26,606,720.597 5,580,946.782JPM Emerging Markets Dividend A (mth) - SGD 300,372.254 211,960.332 166,101.865 346,230.721JPM Emerging Markets Dividend A (mth) - SGD (hedged) 2,248,772.031 1,036,060.200 1,330,490.116 1,954,342.115JPM Emerging Markets Dividend A (mth) - USD 498,584.329 1,123,404.476 950,220.371 671,768.434JPM Emerging Markets Dividend C (acc) - CHF (hedged) 20.022 655.652 20.022 655.652JPM Emerging Markets Dividend C (acc) - EUR 122,376.645 177,892.665 105,852.665 194,416.645JPM Emerging Markets Dividend C (acc) - USD 4,925.000 2,702.133 1,190.000 6,437.133JPM Emerging Markets Dividend C (div) - EUR 12.840 327.766 12.840 327.766JPM Emerging Markets Dividend C (inc) - EUR 15,013.858 5,140.000 - 20,153.858JPM Emerging Markets Dividend D (acc) - EUR 22,979.395 19,332.816 10,939.854 31,372.357JPM Emerging Markets Dividend D (dist) - USD - 21,844.495 - 21,844.495JPM Emerging Markets Dividend D (div) - EUR 115,173.252 137,390.016 47,173.489 205,389.779JPM Emerging Markets Dividend D (mth) - EUR - 2,115.712 - 2,115.712JPM Emerging Markets Dividend I (acc) - EUR 267,400.000 - - 267,400.000JPM Emerging Markets Dividend T (acc) - EUR 2,614.894 10,547.384 1,250.014 11,912.264JPM Emerging Markets Dividend T (div) - EUR 20,396.602 27,787.001 12,533.509 35,650.094JPM Emerging Markets Dividend X (acc) - EUR 68,462.000 84,085.000 10,850.000 141,697.000JPM Emerging Markets Dividend X (acc) - USD 148,972.607 1,272,223.898 46,479.616 1,374,716.889JPM Emerging Markets Dividend X (inc) - EUR 392,012.162 1.000 1.000 392,012.162

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 17,866,359.076 11,174,955.301 5,341,137.251 23,700,177.126JPM Emerging Markets Equity A (acc) - EUR (hedged) 43,296.243 161,102.230 82,504.535 121,893.938JPM Emerging Markets Equity A (acc) - SGD 222,099.483 939,188.733 166,354.060 994,934.156JPM Emerging Markets Equity A (acc) - USD 7,807,234.800 5,278,095.111 4,108,020.684 8,977,309.227JPM Emerging Markets Equity A (dist) - GBP 186,552.910 25,510.634 34,618.970 177,444.574JPM Emerging Markets Equity A (dist) - USD 17,665,546.188 8,791,470.899 7,019,249.455 19,437,767.632JPM Emerging Markets Equity C (acc) - EUR 1,228,251.021 1,228,557.717 1,791,754.026 665,054.712JPM Emerging Markets Equity C (acc) - EUR (hedged) 32,393.431 344,894.429 109,151.301 268,136.559JPM Emerging Markets Equity C (acc) - USD 15,029,155.743 7,743,897.867 8,212,692.089 14,560,361.521JPM Emerging Markets Equity C (dist) - GBP 41,651.513 6,598.900 10,724.383 37,526.030JPM Emerging Markets Equity C (dist) - USD 126,697.696 7,116.997 46,748.179 87,066.514JPM Emerging Markets Equity D (acc) - EUR 2,481,900.659 2,343,572.444 1,665,018.580 3,160,454.523JPM Emerging Markets Equity D (acc) - EUR (hedged)** - 1,160.167 88.468 1,071.699JPM Emerging Markets Equity D (acc) - USD 1,229,073.577 391,799.017 412,076.849 1,208,795.745JPM Emerging Markets Equity I (acc) - EUR 2,043,528.732 808,683.174 698,921.438 2,153,290.468JPM Emerging Markets Equity I (acc) - EUR (hedged) 322,885.327 14,421.000 14,109.000 323,197.327JPM Emerging Markets Equity I (acc) - SGD 20,788,529.406 5,819,330.332 923,700.722 25,684,159.016JPM Emerging Markets Equity I (acc) - USD 8,294,780.240 8,586,929.666 1,375,758.254 15,505,951.652JPM Emerging Markets Equity I (dist) - GBP* 10.002 - 10.002 -JPM Emerging Markets Equity I (dist) - USD* 67,030.993 - 67,030.993 -JPM Emerging Markets Equity I (inc) - EUR 4,076,146.277 508,847.000 - 4,584,993.277JPM Emerging Markets Equity T (acc) - EUR 3,984.221 25,350.909 2,639.461 26,695.669JPM Emerging Markets Equity X (acc) - EUR 124,400.409 1,781,846.135 66,330.727 1,839,915.817JPM Emerging Markets Equity X (acc) - EUR (hedged) 6,590.000 - 3,227.000 3,363.000JPM Emerging Markets Equity X (acc) - USD 45,966,311.726 9,970,664.803 8,653,882.475 47,283,094.054JPM Emerging Markets Equity X (dist) - USD 2,568,257.045 2,599,967.682 4,285,145.000 883,079.727JPM Emerging Markets Equity X (inc) - EUR 33,467,392.079 13,927,401.879 15,709.235 47,379,084.723

JPMorgan Funds - Emerging Markets Investment Grade Bond FundJPM Emerging Markets Investment Grade Bond A (acc) - CHF (hedged) 5,108.704 9,835.873 2,457.756 12,486.821JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 42,229.794 63,033.219 29,342.737 75,920.276JPM Emerging Markets Investment Grade Bond A (acc) - USD 83,697.251 64,299.076 35,337.597 112,658.730JPM Emerging Markets Investment Grade Bond A (dist) - USD 2,784.909 11,110.786 1,386.000 12,509.695JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) 495,070.284 76,364.182 117,920.830 453,513.636JPM Emerging Markets Investment Grade Bond A (mth) - USD 74,226.172 190,742.450 98,265.482 166,703.140JPM Emerging Markets Investment Grade Bond C (acc) - USD 102,453.398 51,568.964 60,134.813 93,887.549JPM Emerging Markets Investment Grade Bond C (inc) - EUR (hedged) 535,186.527 793,970.126 148,686.095 1,180,470.558JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 33,803.289 10,560.699 10,367.220 33,996.768JPM Emerging Markets Investment Grade Bond D (acc) - USD 3,742.197 - 2,202.612 1,539.585JPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged) 66,519.000 12,800.000 3,150.000 76,169.000JPM Emerging Markets Investment Grade Bond I (acc) - EUR 252,723.487 - - 252,723.487JPM Emerging Markets Investment Grade Bond I (acc) - EUR (hedged) - 201,650.000 - 201,650.000JPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged) 686,896.755 - 482.743 686,414.012JPM Emerging Markets Investment Grade Bond I (acc) - USD 72,480.000 1,899,941.394 199,462.979 1,772,958.415JPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged) 230,110.712 145,098.000 66,858.000 308,350.712JPM Emerging Markets Investment Grade Bond X (acc) - EUR (hedged)* 27,294.664 - 27,294.664 -JPM Emerging Markets Investment Grade Bond X (inc) - EUR (hedged)* 272,269.766 - 272,269.766 -

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

32




of the Year


of the Year

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 5,104,418.273 2,057,161.997 2,042,398.771 5,119,181.499JPM Emerging Markets Local Currency Debt A (acc) - SGD 1,211,696.786 391,454.240 344,750.068 1,258,400.958JPM Emerging Markets Local Currency Debt A (acc) - USD 2,948,820.409 2,640,327.218 2,605,741.850 2,983,405.777JPM Emerging Markets Local Currency Debt A (dist) - GBP 2,466.114 1,338.289 240.000 3,564.403JPM Emerging Markets Local Currency Debt A (div) - EUR 150,680.254 62,061.430 27,380.779 185,360.905JPM Emerging Markets Local Currency Debt A (inc) - EUR 942,820.208 144,760.762 269,153.721 818,427.249JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 16,036,903.462 8,996,047.756 8,670,082.906 16,362,868.312JPM Emerging Markets Local Currency Debt A (mth) - HKD 41,422.921 444,296.714 238,901.382 246,818.253JPM Emerging Markets Local Currency Debt A (mth) - USD 56,651,537.281 15,885,151.638 20,601,520.928 51,935,167.991JPM Emerging Markets Local Currency Debt C (acc) - EUR 531,627.029 357,709.454 502,140.681 387,195.802JPM Emerging Markets Local Currency Debt C (acc) - EUR (hedged) 936,166.942 208,701.883 982,449.534 162,419.291JPM Emerging Markets Local Currency Debt C (acc) - USD 8,934,895.595 7,792,788.610 8,062,788.474 8,664,895.731JPM Emerging Markets Local Currency Debt C (dist) - GBP 7,169.950 498.451 37.422 7,630.979JPM Emerging Markets Local Currency Debt C (div) - EUR 96,104.380 - - 96,104.380JPM Emerging Markets Local Currency Debt C (inc) - EUR 67,818.523 - 67,805.804 12.719JPM Emerging Markets Local Currency Debt C (mth) - USD 700.748 39,859.694 15.748 40,544.694JPM Emerging Markets Local Currency Debt D (acc) - EUR 4,243,089.616 1,105,780.734 1,203,127.621 4,145,742.729JPM Emerging Markets Local Currency Debt D (acc) - USD 55,344.995 60,287.816 47,874.353 67,758.458JPM Emerging Markets Local Currency Debt D (div) - EUR 19,375,663.624 7,008,631.331 3,904,594.261 22,479,700.694JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) - 4,574.884 - 4,574.884JPM Emerging Markets Local Currency Debt D (mth) - USD 39,725.000 10,700.800 11,962.193 38,463.607JPM Emerging Markets Local Currency Debt I (acc) - EUR 172,169.272 388,272.632 297,801.312 262,640.592JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 621,326.000 775,495.000 398,496.000 998,325.000JPM Emerging Markets Local Currency Debt I (acc) - USD 292,151.514 686,823.718 832,087.141 146,888.091JPM Emerging Markets Local Currency Debt I (inc) - EUR 3,573,885.327 545,499.399 741,484.000 3,377,900.726JPM Emerging Markets Local Currency Debt T (acc) - EUR 19,565.996 14,819.537 12,814.641 21,570.892JPM Emerging Markets Local Currency Debt T (div) - EUR 279,700.898 115,309.830 137,199.966 257,810.762JPM Emerging Markets Local Currency Debt X (acc) - EUR* - 552,212.065 552,212.065 -JPM Emerging Markets Local Currency Debt X (acc) - USD 2,943,390.447 11,835,998.339 3,342,161.240 11,437,227.546JPM Emerging Markets Local Currency Debt X (inc) - GBP - 549,705.219 - 549,705.219JPM Emerging Markets Local Currency Debt Y (acc) - EUR 3,319,438.506 65,199.989 1,412,796.252 1,971,842.243JPM Emerging Markets Local Currency Debt Y (acc) - GBP 2,190,078.152 33,267.208 961,720.573 1,261,624.787

JPMorgan Funds - Emerging Markets Opportunities FundJPM Emerging Markets Opportunities A (acc) - CHF (hedged) 33,470.450 6,435.000 6,744.000 33,161.450JPM Emerging Markets Opportunities A (acc) - EUR 319,021.158 96,129.252 125,802.706 289,347.704JPM Emerging Markets Opportunities A (acc) - SGD 30,634.695 29,975.487 11,247.600 49,362.582JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 118,275.187 564,061.822 544,271.472 138,065.537JPM Emerging Markets Opportunities A (acc) - USD 1,170,126.917 832,823.108 537,440.980 1,465,509.045JPM Emerging Markets Opportunities A (dist) - EUR 186,620.703 20,798.310 38,026.633 169,392.380JPM Emerging Markets Opportunities A (dist) - GBP 4,903.252 26.576 1,328.092 3,601.736JPM Emerging Markets Opportunities A (dist) - USD 97,712.280 10,284.029 66,241.798 41,754.511JPM Emerging Markets Opportunities A (inc) - EUR 9,194.623 490.000 3,348.000 6,336.623JPM Emerging Markets Opportunities C (acc) - CHF (hedged) 9.976 1,999.479 349.976 1,659.479JPM Emerging Markets Opportunities C (acc) - EUR 84,958.816 28,397.358 44,617.809 68,738.365JPM Emerging Markets Opportunities C (acc) - PLN 93,826.342 17,889.483 45,331.301 66,384.524JPM Emerging Markets Opportunities C (acc) - SGD 141.644 - - 141.644JPM Emerging Markets Opportunities C (acc) - SGD (hedged) 141.644 - - 141.644JPM Emerging Markets Opportunities C (acc) - USD 1,070,635.525 726,030.600 794,915.811 1,001,750.314JPM Emerging Markets Opportunities C (dist) - EUR 3,157.688 - 735.000 2,422.688JPM Emerging Markets Opportunities C (dist) - GBP 3,617,013.803 679,667.936 2,812,693.091 1,483,988.648JPM Emerging Markets Opportunities C (dist) - USD 305,221.631 118,046.495 130,375.677 292,892.449JPM Emerging Markets Opportunities C (inc) - EUR 23.101 707.063 - 730.164JPM Emerging Markets Opportunities D (acc) - EUR 39,695.589 30,480.998 20,786.009 49,390.578JPM Emerging Markets Opportunities D (acc) - PLN 11,019.760 6,512.333 5,087.336 12,444.757JPM Emerging Markets Opportunities D (acc) - USD 71,458.370 73,178.217 62,100.417 82,536.170JPM Emerging Markets Opportunities I (acc) - EUR 225,758.542 327.755 226,075.290 11.007JPM Emerging Markets Opportunities I (acc) - SGD 6,119,786.993 - - 6,119,786.993JPM Emerging Markets Opportunities I (acc) - USD 1,835,104.587 751,200.856 267,776.513 2,318,528.930JPM Emerging Markets Opportunities I (dist) - USD* 1,416.484 580.282 1,996.766 -JPM Emerging Markets Opportunities T (acc) - EUR 12,444.437 8,094.060 6,847.670 13,690.827JPM Emerging Markets Opportunities X (acc) - EUR 2,371,359.834 502,343.485 244,056.313 2,629,647.006JPM Emerging Markets Opportunities X (acc) - EUR (hedged) 6,855.000 - 3,326.000 3,529.000JPM Emerging Markets Opportunities X (acc) - GBP 2,031,492.790 68,548.286 166,666.188 1,933,374.888JPM Emerging Markets Opportunities X (acc) - USD 881,275.207 193,687.719 260,953.750 814,009.176JPM Emerging Markets Opportunities X (dist) - AUD 99,902.016 2,327.112 1,535.144 100,693.984JPM Emerging Markets Opportunities X (dist) - GBP 15,000.000 13,476.787 - 28,476.787

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - EUR 179,456.044 93,134.641 97,012.223 175,578.462JPM Emerging Middle East Equity A (acc) - USD 695,091.496 115,605.648 390,577.600 420,119.544JPM Emerging Middle East Equity A (dist) - USD 3,992,563.028 1,249,094.631 1,408,355.625 3,833,302.034JPM Emerging Middle East Equity C (acc) - USD 1,006,037.132 690,386.528 1,071,272.041 625,151.619JPM Emerging Middle East Equity C (dist) - USD 4,674.392 130.250 513.985 4,290.657JPM Emerging Middle East Equity D (acc) - EUR 14,188.370 1,778.438 3,630.725 12,336.083JPM Emerging Middle East Equity D (acc) - USD 533,650.042 48,233.845 186,233.378 395,650.509JPM Emerging Middle East Equity I (acc) - USD 636.036 171.375 318.010 489.401


33




of the Year


of the Year

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - CHF (hedged) 6,034.772 2,305.042 1,539.603 6,800.211JPM Euroland Equity A (acc) - EUR 1,181,420.104 860,271.858 499,343.837 1,542,348.125JPM Euroland Equity A (acc) - GBP (hedged) 1,667.000 403.368 405.000 1,665.368JPM Euroland Equity A (acc) - USD (hedged) 109,830.394 23,924.823 92,443.745 41,311.472JPM Euroland Equity A (dist) - EUR 1,725,038.406 249,467.649 294,566.159 1,679,939.896JPM Euroland Equity A (dist) - USD 5,000,091.297 1,668,193.839 2,259,267.090 4,409,018.046JPM Euroland Equity A (inc) - EUR 2,883.835 377.000 - 3,260.835JPM Euroland Equity C (acc) - CHF (hedged) 73,421.126 - 54,476.126 18,945.000JPM Euroland Equity C (acc) - EUR 5,109,156.119 8,705,248.000 4,996,599.513 8,817,804.606JPM Euroland Equity C (acc) - GBP (hedged) 13.600 - - 13.600JPM Euroland Equity C (acc) - USD (hedged)* 7,490.362 - 7,490.362 -JPM Euroland Equity C (dist) - EUR 4,438.489 170.000 1,117.467 3,491.022JPM Euroland Equity C (dist) - USD 249.056 18,658.000 - 18,907.056JPM Euroland Equity D (acc) - EUR 1,692,026.534 403,743.813 682,322.967 1,413,447.380JPM Euroland Equity X (acc) - EUR 1,895,929.242 126,700.921 35,810.178 1,986,819.985

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - AUD (hedged) 6,831,424.664 2,044,905.102 6,570,991.541 2,305,338.225JPM Europe Dynamic A (acc) - EUR 7,525,116.001 5,955,421.444 3,808,265.019 9,672,272.426JPM Europe Dynamic A (acc) - HKD (hedged) 48,529,149.641 8,860,438.655 38,979,131.464 18,410,456.832JPM Europe Dynamic A (acc) - SGD (hedged) 3,061,101.228 405,644.629 2,297,395.800 1,169,350.057JPM Europe Dynamic A (acc) - USD 343,728.886 89,692.982 201,464.053 231,957.815JPM Europe Dynamic A (acc) - USD (hedged) 2,463,061.961 398,591.440 1,669,061.990 1,192,591.411JPM Europe Dynamic A (dist) - EUR 8,234,821.509 1,049,890.543 3,679,772.411 5,604,939.641JPM Europe Dynamic A (dist) - GBP 41,048.494 14,237.951 19,535.951 35,750.494JPM Europe Dynamic A (inc) - EUR 421.787 6.915 164.396 264.306JPM Europe Dynamic C (acc) - EUR 5,411,097.819 1,926,174.672 3,153,612.393 4,183,660.098JPM Europe Dynamic C (acc) - USD 41,609.720 61,723.352 24,820.004 78,513.068JPM Europe Dynamic C (acc) - USD (hedged) 131,029.120 150,985.818 81,410.741 200,604.197JPM Europe Dynamic C (dist) - EUR 20,127.530 61,325.432 23,390.664 58,062.298JPM Europe Dynamic C (dist) - GBP 10,603.459 6,534.062 8,050.602 9,086.919JPM Europe Dynamic C (inc) - EUR 5,191.000 15,001.000 6,212.000 13,980.000JPM Europe Dynamic D (acc) - EUR 1,405,667.422 139,114.384 387,141.687 1,157,640.119JPM Europe Dynamic D (acc) - USD 4,951.269 1,833.231 2,624.031 4,160.469JPM Europe Dynamic D (acc) - USD (hedged) 31,407.013 2,374.165 12,946.283 20,834.895JPM Europe Dynamic I (acc) - EUR 6,621,117.966 914,478.260 2,797,601.463 4,737,994.763JPM Europe Dynamic I (acc) - USD* 2,997.736 4,225.299 7,223.035 -JPM Europe Dynamic I (acc) - USD (hedged) 82,211.184 104,588.498 112,259.155 74,540.527JPM Europe Dynamic I (dist) - EUR 55,679.927 78,690.497 74,219.212 60,151.212JPM Europe Dynamic I (dist) - GBP 2,120.454 2,297.693 3,581.503 836.644JPM Europe Dynamic X (acc) - EUR 1,653,389.041 505,646.117 476,899.395 1,682,135.763JPM Europe Dynamic X (acc) - USD (hedged) - 42,599.000 - 42,599.000

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 2,962,774.919 1,259,021.941 1,241,058.599 2,980,738.261JPM Europe Equity A (acc) - USD 2,058,873.320 249,086.954 579,033.184 1,728,927.090JPM Europe Equity A (acc) - USD (hedged) 72,276.332 27,791.523 38,610.275 61,457.580JPM Europe Equity A (dist) - EUR 3,273,381.712 231,104.695 368,435.094 3,136,051.313JPM Europe Equity A (dist) - USD 929,570.128 201,261.164 381,904.362 748,926.930JPM Europe Equity C (acc) - EUR 3,271,889.415 1,675,165.372 1,344,466.605 3,602,588.182JPM Europe Equity C (acc) - USD 3,011.045 2,078.412 1,713.525 3,375.932JPM Europe Equity C (acc) - USD (hedged) 22,275.189 2,811.000 17,275.183 7,811.006JPM Europe Equity C (dist) - EUR 9,822.058 1,361.026 2,706.583 8,476.501JPM Europe Equity C (dist) - USD 2,554.887 169.439 365.933 2,358.393JPM Europe Equity D (acc) - EUR 2,546,790.822 738,002.720 1,053,506.326 2,231,287.216JPM Europe Equity D (acc) - USD 242,181.209 5,958.370 95,289.987 152,849.592JPM Europe Equity D (acc) - USD (hedged) 35,141.445 5,712.632 18,651.358 22,202.719JPM Europe Equity I (acc) - EUR 345,257.588 73,627.569 6,525.000 412,360.157JPM Europe Equity X (acc) - EUR 258,863.920 10,185.564 244,484.635 24,564.849

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1,912,901.548 3,401,938.038 1,137,753.678 4,177,085.908JPM Europe Small Cap A (acc) - USD 227,211.815 245,007.898 258,252.136 213,967.577JPM Europe Small Cap A (acc) - USD (hedged) 157,515.457 141,569.693 236,153.200 62,931.950JPM Europe Small Cap A (dist) - EUR 3,392,003.359 695,304.189 821,413.825 3,265,893.723JPM Europe Small Cap A (dist) - GBP 162,164.355 50,579.422 69,735.592 143,008.185JPM Europe Small Cap C (acc) - EUR 1,348,055.826 2,392,515.228 1,513,776.944 2,226,794.110JPM Europe Small Cap C (dist) - EUR 14,621.101 38,725.421 4,359.470 48,987.052JPM Europe Small Cap D (acc) - EUR 2,052,425.744 935,557.683 713,357.835 2,274,625.592JPM Europe Small Cap I (acc) - EUR 410,566.290 480,955.600 303,623.656 587,898.234JPM Europe Small Cap X (acc) - EUR 33,948.849 211,701.052 19,042.016 226,607.885

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 891,264.259 670,694.769 634,687.059 927,271.969JPM Europe Technology A (acc) - USD (hedged) 64,249.252 245,359.372 125,405.271 184,203.353JPM Europe Technology A (dist) - EUR 4,847,921.687 3,249,180.267 3,087,749.464 5,009,352.490JPM Europe Technology A (dist) - GBP 55,068.513 12,692.888 12,209.246 55,552.155JPM Europe Technology C (acc) - EUR 46,308.572 380,635.996 195,776.377 231,168.191JPM Europe Technology C (dist) - EUR 8,918.520 5,686.359 3,452.461 11,152.418JPM Europe Technology C (dist) - GBP 41.261 1,040.000 - 1,081.261JPM Europe Technology D (acc) - EUR 1,893,108.216 2,152,486.223 1,582,884.035 2,462,710.404JPM Europe Technology X (acc) - EUR 464.700 31.611 - 496.311


34




of the Year


of the Year

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - CHF (hedged) 2,879.300 1,741.694 1,864.559 2,756.435JPM Global Dynamic A (acc) - EUR 798,850.557 17,282.607 131,807.501 684,325.663JPM Global Dynamic A (acc) - EUR (hedged) 327,784.274 17,927.818 110,538.894 235,173.198JPM Global Dynamic A (acc) - SGD 172,053.272 120,239.318 43,231.958 249,060.632JPM Global Dynamic A (acc) - USD 2,052,290.197 128,031.788 814,679.835 1,365,642.150JPM Global Dynamic A (dist) - GBP 242,256.247 19,955.176 17,087.798 245,123.625JPM Global Dynamic A (dist) - USD 4,080,775.042 718,900.651 1,653,549.941 3,146,125.752JPM Global Dynamic A (inc) - EUR 59,833.719 8,740.075 12,024.092 56,549.702JPM Global Dynamic C (acc) - EUR 895,905.833 13,650.712 51,888.452 857,668.093JPM Global Dynamic C (acc) - EUR (hedged) 194,481.810 3,765.784 2,003.461 196,244.133JPM Global Dynamic C (acc) - USD 8,933,615.478 60,324.840 3,256,727.579 5,737,212.739JPM Global Dynamic C (dist) - GBP 2,387.709 586.391 132.078 2,842.022JPM Global Dynamic C (dist) - USD 213,467.234 27,552.544 83,547.944 157,471.834JPM Global Dynamic C (inc) - EUR 21,119.371 1,065.000 4,077.000 18,107.371JPM Global Dynamic D (acc) - EUR 377,433.671 48,755.677 183,932.282 242,257.066JPM Global Dynamic D (acc) - EUR (hedged) 586,700.848 83,329.736 181,585.609 488,444.975JPM Global Dynamic D (acc) - USD 675,304.679 109,718.707 181,402.243 603,621.143JPM Global Dynamic I (acc) - EUR (hedged)* 2,042.889 - 2,042.889 -JPM Global Dynamic I (acc) - USD 1,387,926.211 8,331.149 147,899.644 1,248,357.716JPM Global Dynamic I (dist) - USD* 9.999 - 9.999 -JPM Global Dynamic I (inc) - EUR 1,758,628.959 38,577.277 326,633.166 1,470,573.070JPM Global Dynamic X (acc) - EUR (hedged) 61,840.435 9,735.000 12,718.000 58,857.435JPM Global Dynamic X (acc) - USD 14,249.803 10,545.543 9,790.590 15,004.756

JPMorgan Funds - Global Government Bond FundJPM Global Government Bond A (acc) - EUR 1,724,741.690 1,087,148.082 1,124,932.489 1,686,957.283JPM Global Government Bond A (acc) - USD (hedged) 1,373,797.986 384,788.392 848,059.166 910,527.212JPM Global Government Bond C (acc) - EUR 7,758,989.773 6,406,113.227 6,873,838.709 7,291,264.291JPM Global Government Bond C (acc) - USD (hedged) 11,247.817 4,749.427 10,556.580 5,440.664JPM Global Government Bond D (acc) - EUR 1,566,696.224 1,106,543.601 1,256,888.419 1,416,351.406JPM Global Government Bond I (acc) - EUR 4,028,221.753 801,813.499 4,191,910.239 638,125.013JPM Global Government Bond I (acc) - USD (hedged) 6,468.499 194,358.371 189,934.691 10,892.179JPM Global Government Bond X (acc) - EUR 2,577,678.070 656,441.500 1,976,095.582 1,258,023.988JPM Global Government Bond X (acc) - USD (hedged) 376,716.120 425,358.927 30,096.000 771,979.047JPM Global Government Bond X (dist) - GBP (hedged) 12,819.751 204,491.325 60,344.778 156,966.298JPM Global Government Bond X (dist) - USD (hedged)* 9.116 - 9.116 -

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 13,092,304.343 8,493,197.223 10,817,192.317 10,768,309.249JPM Global Natural Resources A (acc) - GBP 145,158.242 19,512.913 25,893.000 138,778.155JPM Global Natural Resources A (acc) - SGD 434,964.227 415,704.335 387,916.806 462,751.756JPM Global Natural Resources A (acc) - USD 37,986,850.237 61,256,724.838 49,084,994.364 50,158,580.711JPM Global Natural Resources A (dist) - EUR 13,314,910.168 5,348,189.581 4,876,997.937 13,786,101.812JPM Global Natural Resources C (acc) - EUR 2,869,256.777 2,155,532.614 3,155,505.736 1,869,283.655JPM Global Natural Resources C (acc) - USD 5,249,116.507 2,377,594.622 1,678,209.607 5,948,501.522JPM Global Natural Resources C (dist) - EUR 53,015.272 9,806.000 19,197.204 43,624.068JPM Global Natural Resources D (acc) - EUR 9,419,279.000 5,580,838.643 6,182,667.831 8,817,449.812JPM Global Natural Resources D (acc) - USD 353,151.340 2,619,165.086 2,663,657.563 308,658.863JPM Global Natural Resources I (dist) - EUR 7.390 12,204.841 5,900.000 6,312.231JPM Global Natural Resources X (acc) - EUR 108,571.501 35,734.381 34,621.317 109,684.565JPM Global Natural Resources X (dist) - AUD 94.649 - - 94.649

JPMorgan Funds - Global Real Estate Securities Fund (USD)JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 454,514.141 568,023.796 529,312.916 493,225.021JPM Global Real Estate Securities (USD) A (acc) - USD 1,679,999.864 278,138.439 501,939.021 1,456,199.282JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 537,913.641 8,638.052 521,010.275 25,541.418JPM Global Real Estate Securities (USD) A (inc) - USD 3,475.906 514.372 264.691 3,725.587JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged) 10,953.785 76,909.941 2,872.633 84,991.093JPM Global Real Estate Securities (USD) C (acc) - USD 126,783.670 152,250.663 127,937.205 151,097.128JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 542,127.827 57,874.421 98,045.355 501,956.893JPM Global Real Estate Securities (USD) D (acc) - USD 759,662.532 164,276.916 247,698.412 676,241.036JPM Global Real Estate Securities (USD) I (acc) - USD 4,495.759 32,649.473 14,309.352 22,835.880JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 302,500.000 - 66,070.000 236,430.000JPM Global Real Estate Securities (USD) X (acc) - USD 1,109,788.794 112,216.260 56,228.160 1,165,776.894


35




of the Year


of the Year

JPMorgan Funds - Global Unconstrained Equity FundJPM Global Unconstrained Equity A (acc) - CHF (hedged) 5,455.401 45.243 245.637 5,255.007JPM Global Unconstrained Equity A (acc) - EUR 164,861.384 10,210.658 41,339.916 133,732.126JPM Global Unconstrained Equity A (acc) - EUR (hedged) 424,048.067 50,378.001 51,890.692 422,535.376JPM Global Unconstrained Equity A (acc) - USD 1,279,207.961 190,930.591 441,280.548 1,028,858.004JPM Global Unconstrained Equity A (dist) - EUR (hedged) 1,964,267.650 31,479.275 104,694.963 1,891,051.962JPM Global Unconstrained Equity A (dist) - USD 1,987,567.236 369,851.846 489,876.685 1,867,542.397JPM Global Unconstrained Equity C (acc) - EUR 913.492 11,331.132 356.981 11,887.643JPM Global Unconstrained Equity C (acc) - EUR (hedged) 6,138,476.490 86,872.511 30,609.814 6,194,739.187JPM Global Unconstrained Equity C (acc) - USD 4,992,158.980 5,303.288 4,986,743.976 10,718.292JPM Global Unconstrained Equity C (dist) - USD - 439.399 - 439.399JPM Global Unconstrained Equity D (acc) - EUR 86,659.688 16,111.262 33,905.489 68,865.461JPM Global Unconstrained Equity D (acc) - EUR (hedged) 184,413.655 30,557.504 39,393.364 175,577.795JPM Global Unconstrained Equity D (acc) - USD 136,479.581 59,648.610 59,480.613 136,647.578JPM Global Unconstrained Equity I (acc) - JPY 318,032.607 47,629.089 128,418.737 237,242.959JPM Global Unconstrained Equity I (acc) - USD 389,734.735 604,832.651 202.203 994,365.183JPM Global Unconstrained Equity T (acc) - EUR 20,806.170 8,906.300 18,120.461 11,592.009JPM Global Unconstrained Equity X (acc) - EUR 5,310,094.264 1,574,111.991 2,086,065.903 4,798,140.352JPM Global Unconstrained Equity X (acc) - EUR (hedged) 7,098.601 - - 7,098.601JPM Global Unconstrained Equity X (acc) - USD 2,596,764.619 89,423.438 2,443,269.420 242,918.637JPM Global Unconstrained Equity X (dist) - AUD 49,969.949 - 49,868.263 101.686

JPMorgan Funds - Greater China FundJPM Greater China A (acc) - SGD 32,928.322 5,856.211 11,189.675 27,594.858JPM Greater China A (acc) - USD 3,149,028.162 966,114.504 1,386,323.040 2,728,819.626JPM Greater China A (dist) - HKD 2,913,109.722 1,767,913.463 1,843,870.067 2,837,153.118JPM Greater China A (dist) - USD 8,087,861.831 3,470,802.731 4,671,707.003 6,886,957.559JPM Greater China C (acc) - EUR 8,448.033 944.438 1,538.076 7,854.395JPM Greater China C (acc) - SGD 139.700 - - 139.700JPM Greater China C (acc) - USD 3,113,329.263 597,545.787 1,530,435.279 2,180,439.771JPM Greater China C (dist) - USD 19,359.919 2,400.563 3,773.069 17,987.413JPM Greater China D (acc) - EUR 56,318.203 33,354.528 23,777.205 65,895.526JPM Greater China D (acc) - USD 937,983.717 449,162.920 497,832.206 889,314.431JPM Greater China I (acc) - USD 1,352,118.589 1,323.055 1,295,514.382 57,927.262JPM Greater China I (dist) - USD* 10.000 - 10.000 -JPM Greater China T (acc) - EUR 6,684.481 4,233.839 2,527.187 8,391.133JPM Greater China X (acc) - USD 949.158 299.317 - 1,248.475

JPMorgan Funds - Hong Kong FundJPM Hong Kong A (acc) - USD 171,939.483 443,514.423 517,046.059 98,407.847JPM Hong Kong A (dist) - HKD 24,341,813.958 6,048,261.359 11,981,405.484 18,408,669.833JPM Hong Kong A (dist) - USD 1,528,313.219 514,870.046 1,127,410.784 915,772.481JPM Hong Kong C (acc) - USD 85,299.850 396,588.232 240,966.574 240,921.508JPM Hong Kong D (acc) - USD 205,632.864 27,912.909 60,159.088 173,386.685JPM Hong Kong X (acc) - USD 1,142.326 553.977 - 1,696.303

JPMorgan Funds - Income FundJPM Income Fund A (acc) - EUR (hedged) 14,166.561 3,577.437 14,473.786 3,270.212JPM Income Fund A (acc) - SEK (hedged) 1,997.107 - - 1,997.107JPM Income Fund A (acc) - USD 122,161.793 834.103 853.294 122,142.602JPM Income Fund A (div) - EUR (hedged) 5,621.843 29,810.921 5,360.348 30,072.416JPM Income Fund A (div) - USD 125,353.000 - 233.000 125,120.000JPM Income Fund A (mth) - HKD 52,962.184 113,088.122 22,324.012 143,726.294JPM Income Fund A (mth) - USD 1,244.990 23,066.497 1,819.388 22,492.099JPM Income Fund C (acc) - USD 10.000 - - 10.000JPM Income Fund C (div) - EUR (hedged) 499.385 - - 499.385JPM Income Fund D (div) - EUR (hedged) 499.385 - - 499.385

JPMorgan Funds - India FundJPM India A (acc) - EUR - 491.260 - 491.260JPM India A (acc) - SGD 131,146.162 63,230.449 54,006.678 140,369.933JPM India A (acc) - USD 12,060,797.838 2,829,141.110 4,620,462.914 10,269,476.034JPM India A (dist) - GBP 922.639 594.701 343.279 1,174.061JPM India A (dist) - USD 4,746,272.331 331,905.208 731,902.627 4,346,274.912JPM India C (acc) - EUR 1,541.917 1,527.709 156.401 2,913.225JPM India C (acc) - USD 1,463,264.127 1,218,342.318 880,971.361 1,800,635.084JPM India C (dist) - USD 159,709.030 19,172.502 25,588.100 153,293.432JPM India D (acc) - EUR 211,561.754 178,358.313 116,835.163 273,084.904JPM India D (acc) - USD 3,947,328.221 904,347.437 1,360,986.407 3,490,689.251JPM India I (acc) - USD 8,288.245 17,455.595 4,972.793 20,771.047JPM India I (dist) - USD 541.933 2,203.981 189.423 2,556.491JPM India T (acc) - EUR 23,025.229 20,767.317 9,049.709 34,742.837JPM India X (acc) - USD 530,436.332 257,573.170 416,691.508 371,317.994

JPMorgan Funds - Indonesia Equity FundJPM Indonesia Equity A (acc) - USD 51,402.466 72,921.607 71,918.785 52,405.288JPM Indonesia Equity C (acc) - USD 6,467.957 91,214.257 31,793.944 65,888.270JPM Indonesia Equity D (acc) - EUR 40,013.427 26,294.926 33,632.490 32,675.863JPM Indonesia Equity D (acc) - USD 14,531.670 6,758.904 7,549.963 13,740.611JPM Indonesia Equity X (acc) - JPY 537,008.515 72,675.573 208,800.179 400,883.909


36




of the Year


of the Year

JPMorgan Funds - Japan Equity FundJPM Japan Equity A (acc) - EUR 3,081,887.623 7,604,135.777 5,780,703.147 4,905,320.253JPM Japan Equity A (acc) - EUR (hedged) 152,647.373 129,846.669 134,679.971 147,814.071JPM Japan Equity A (acc) - JPY 5,349,698.697 9,752,830.632 9,653,580.390 5,448,948.939JPM Japan Equity A (acc) - SGD (hedged) 28,410.000 26,386.314 15,718.561 39,077.753JPM Japan Equity A (acc) - USD 5,816,513.856 3,060,717.097 4,752,050.654 4,125,180.299JPM Japan Equity A (acc) - USD (hedged) 820,610.177 1,155,075.606 941,414.031 1,034,271.752JPM Japan Equity A (dist) - GBP 17,992.457 143,521.539 14,626.371 146,887.625JPM Japan Equity A (dist) - GBP (hedged) 9,004.086 345.000 2,662.733 6,686.353JPM Japan Equity A (dist) - JPY - 30.661 0.641 30.020JPM Japan Equity A (dist) - SGD 95,976.398 59,692.189 85,583.945 70,084.642JPM Japan Equity A (dist) - USD 4,379,481.360 2,829,891.528 3,839,699.766 3,369,673.122JPM Japan Equity C (acc) - EUR 1,209,641.897 383,632.785 1,399,496.710 193,777.972JPM Japan Equity C (acc) - EUR (hedged) 78,432.724 843,506.073 245,986.537 675,952.260JPM Japan Equity C (acc) - JPY 22,004.178 329,670.554 63,580.703 288,094.029JPM Japan Equity C (acc) - USD 12,732,721.622 3,980,639.316 6,591,741.659 10,121,619.279JPM Japan Equity C (acc) - USD (hedged) 421,570.537 62,897.452 417,456.147 67,011.842JPM Japan Equity C (dist) - GBP 29,518.407 6,373.245 14,543.100 21,348.552JPM Japan Equity C (dist) - USD 22,346.655 33,130.899 8,578.139 46,899.415JPM Japan Equity D (acc) - EUR 531,902.428 270,055.221 564,298.007 237,659.642JPM Japan Equity D (acc) - EUR (hedged) - 3,606.299 496.634 3,109.665JPM Japan Equity D (acc) - JPY - 17,228.756 4,020.513 13,208.243JPM Japan Equity D (acc) - USD 2,666,620.850 1,026,264.493 1,237,941.102 2,454,944.241JPM Japan Equity I (acc) - EUR - 708,558.764 1,656.136 706,902.628JPM Japan Equity I (acc) - JPY 657,296.821 754,763.642 114,258.782 1,297,801.681JPM Japan Equity I (acc) - USD 12,104,798.771 2,759,379.500 4,681,963.487 10,182,214.784JPM Japan Equity J (dist) - USD 1,465,566.202 1,004,781.850 1,326,415.989 1,143,932.063JPM Japan Equity X (acc) - JPY 12,748.696 206,108.991 63,618.099 155,239.588JPM Japan Equity X (acc) - USD 81,876.473 979,058.252 218,305.616 842,629.109JPM Japan Equity X (acc) - USD (hedged) - 26,722.000 3,961.000 22,761.000

JPMorgan Funds - Korea Equity FundJPM Korea Equity A (acc) - EUR 389,345.151 526,803.498 536,662.261 379,486.388JPM Korea Equity A (acc) - USD 3,629,178.921 369,700.254 1,329,445.849 2,669,433.326JPM Korea Equity A (dist) - USD 50,581.006 28,832.124 33,114.270 46,298.860JPM Korea Equity C (acc) - EUR 258,248.841 20,830.000 81,151.000 197,927.841JPM Korea Equity C (acc) - SGD 141.644 - - 141.644JPM Korea Equity C (acc) - USD 836,319.594 111,572.871 188,289.216 759,603.249JPM Korea Equity C (dist) - USD 19,467.183 77,711.000 49,690.259 47,487.924JPM Korea Equity D (acc) - USD 678,075.310 482,767.614 553,511.098 607,331.826JPM Korea Equity I (acc) - USD 1,083.256 202,551.697 4,743.879 198,891.074JPM Korea Equity X (acc) - USD 112.459 177.170 - 289.629

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR 42,990.786 114,691.148 24,933.715 132,748.219JPM Latin America Equity A (acc) - SGD 100.000 - - 100.000JPM Latin America Equity A (acc) - USD 5,720,798.917 2,498,562.399 3,758,878.062 4,460,483.254JPM Latin America Equity A (dist) - USD 5,894,719.491 1,232,977.838 1,951,263.204 5,176,434.125JPM Latin America Equity C (acc) - EUR 133,856.331 246,527.895 120,877.473 259,506.753JPM Latin America Equity C (acc) - SGD 140.996 - - 140.996JPM Latin America Equity C (acc) - USD 3,302,344.769 2,313,218.532 2,275,520.642 3,340,042.659JPM Latin America Equity C (dist) - USD 23,648.378 75,319.073 21,968.751 76,998.700JPM Latin America Equity D (acc) - EUR 56,472.545 25,364.469 20,983.234 60,853.780JPM Latin America Equity D (acc) - USD 838,926.761 139,037.304 265,738.167 712,225.898JPM Latin America Equity I (acc) - EUR** - 200,000.000 - 200,000.000JPM Latin America Equity I (acc) - JPY 187,844.830 1,419.069 89,575.528 99,688.371JPM Latin America Equity I (acc) - USD 13,697,969.676 14,484,988.289 10,913,433.102 17,269,524.863JPM Latin America Equity I (dist) - USD 10.000 11,850.479 - 11,860.479JPM Latin America Equity X (acc) - USD 3,713,533.914 39,590.695 53,904.439 3,699,220.170

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 8,479,861.373 5,261,567.128 5,600,357.893 8,141,070.608JPM Russia A (dist) - USD 42,458,055.907 49,872,462.460 51,149,486.700 41,181,031.667JPM Russia C (acc) - USD 8,389,258.460 5,870,231.680 6,431,946.950 7,827,543.190JPM Russia C (dist) - USD 696.958 3,409.000 552.653 3,553.305JPM Russia D (acc) - EUR 58,674.636 108,750.729 80,069.959 87,355.406JPM Russia D (acc) - USD 6,085,220.588 2,335,481.438 3,082,165.636 5,338,536.390JPM Russia I (acc) - USD 309,484.906 849,045.562 919,421.188 239,109.280JPM Russia T (acc) - EUR 27,108.010 51,567.030 33,366.349 45,308.691JPM Russia X (acc) - USD - 1,268,024.501 - 1,268,024.501

JPMorgan Funds - Singapore FundJPM Singapore A (acc) - SGD 162,037.605 51,661.069 61,477.594 152,221.080JPM Singapore A (acc) - USD 319,180.038 154,736.774 181,242.689 292,674.123JPM Singapore A (dist) - USD 1,002,039.510 336,147.770 354,763.371 983,423.909JPM Singapore C (acc) - SGD 139.700 - - 139.700JPM Singapore C (acc) - USD 36,511.306 270,316.198 217,026.812 89,800.692JPM Singapore C (dist) - USD 3,043.012 3.000 20.000 3,026.012JPM Singapore D (acc) - USD 306,551.867 32,151.171 59,851.933 278,851.105JPM Singapore I (acc) - USD 2,542.282 725.528 2,472.270 795.540JPM Singapore X (acc) - USD 2,141.534 739.163 - 2,880.697

** Share Class reactivated during the year.

37




of the Year


of the Year

JPMorgan Funds - Taiwan FundJPM Taiwan A (acc) - EUR 29,030.922 41,844.824 49,340.982 21,534.764JPM Taiwan A (acc) - USD 1,897,688.019 433,831.276 699,489.418 1,632,029.877JPM Taiwan A (dist) - HKD 361,495.773 105,621.763 261,359.090 205,758.446JPM Taiwan A (dist) - USD 4,474,588.304 991,812.452 2,153,431.614 3,312,969.142JPM Taiwan C (acc) - USD 1,112,221.254 250,031.514 373,137.512 989,115.256JPM Taiwan C (dist) - USD 96,781.171 5,633.031 16,779.691 85,634.511JPM Taiwan D (acc) - USD 434,543.935 393,041.011 578,568.389 249,016.557JPM Taiwan I (acc) - EUR 260,000.000 - 50,000.000 210,000.000

JPMorgan Funds - Total Emerging Markets Income FundJPM Total Emerging Markets Income A (acc) - EUR 75,365.200 152,390.764 85,992.181 141,763.783JPM Total Emerging Markets Income A (acc) - USD 258,557.197 342,452.156 304,247.962 296,761.391JPM Total Emerging Markets Income A (inc) - EUR 18,607.747 9,476.006 14,324.107 13,759.646JPM Total Emerging Markets Income A (irc) - AUD (hedged) - 65,401.346 17,560.978 47,840.368JPM Total Emerging Markets Income A (mth) - HKD** - 879,717.055 64,893.702 814,823.353JPM Total Emerging Markets Income A (mth) - USD 10.000 27,367.747 11,718.136 15,659.611JPM Total Emerging Markets Income C (acc) - EUR 113,310.920 43,366.866 129,214.246 27,463.540JPM Total Emerging Markets Income D (acc) - EUR 115,685.928 142,429.175 34,861.471 223,253.632JPM Total Emerging Markets Income D (acc) - USD 23,062.063 448,448.608 16,568.365 454,942.306JPM Total Emerging Markets Income D (div) - EUR 160,154.664 245,348.515 60,911.036 344,592.143JPM Total Emerging Markets Income D (mth) - EUR - 3,443.076 19.229 3,423.847JPM Total Emerging Markets Income D (mth) - USD 10.000 - - 10.000JPM Total Emerging Markets Income X (acc) - GBP 64,658.640 - - 64,658.640

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - EUR (hedged) 2,091,068.821 810,180.054 911,794.789 1,989,454.086JPM US Aggregate Bond A (acc) - USD 60,794,643.354 25,262,507.306 35,686,593.664 50,370,556.996JPM US Aggregate Bond A (div) - USD 21,284.631 2,349.493 10,554.236 13,079.888JPM US Aggregate Bond A (inc) - USD 7,547,440.704 4,334,098.785 5,732,126.623 6,149,412.866JPM US Aggregate Bond A (mth) - HKD 432,053.344 971,153.903 1,089,429.941 313,777.306JPM US Aggregate Bond A (mth) - SGD 394.944 19,635.401 - 20,030.345JPM US Aggregate Bond A (mth) - SGD (hedged) 233,773.023 41,673.855 83,972.203 191,474.675JPM US Aggregate Bond A (mth) - USD 11,534,759.963 7,443,126.927 9,524,208.944 9,453,677.946JPM US Aggregate Bond C (acc) - EUR (hedged) 453,296.706 3,017,022.173 2,000,691.256 1,469,627.623JPM US Aggregate Bond C (acc) - USD 35,431,461.687 18,849,765.328 23,665,012.366 30,616,214.649JPM US Aggregate Bond C (dist) - EUR (hedged) - 260,860.819 - 260,860.819JPM US Aggregate Bond C (dist) - GBP (hedged)** - 22,868.860 - 22,868.860JPM US Aggregate Bond C (dist) - USD 102,200.315 395,641.222 263,103.241 234,738.296JPM US Aggregate Bond C (div) - USD 58,954.021 283,066.521 10.000 342,010.542JPM US Aggregate Bond C (inc) - USD 154,529.120 760.416 133,735.004 21,554.532JPM US Aggregate Bond C (mth) - HKD 774.612 - - 774.612JPM US Aggregate Bond C (mth) - SGD 139.503 - - 139.503JPM US Aggregate Bond C (mth) - SGD (hedged) 139.503 - - 139.503JPM US Aggregate Bond C (mth) - USD 103,620.291 162,080.390 39,601.218 226,099.463JPM US Aggregate Bond D (acc) - EUR (hedged) 350,434.357 251,297.955 304,458.138 297,274.174JPM US Aggregate Bond D (acc) - USD 1,735,045.057 753,350.749 757,114.820 1,731,280.986JPM US Aggregate Bond I (acc) - EUR (hedged) - 5,197,871.981 652,850.857 4,545,021.124JPM US Aggregate Bond I (acc) - USD 1,321,981.540 9,133,320.980 2,302,900.038 8,152,402.482JPM US Aggregate Bond I (dist) - EUR (hedged) - 103,824.161 18,448.742 85,375.419JPM US Aggregate Bond I (dist) - GBP (hedged) - 370,909.733 34,200.009 336,709.724JPM US Aggregate Bond I (dist) - USD - 568,320.306 41,271.933 527,048.373JPM US Aggregate Bond I (inc) - USD 9.999 294,982.692 200,684.540 94,308.151JPM US Aggregate Bond X (acc) - EUR (hedged)** - 191,252.994 - 191,252.994JPM US Aggregate Bond X (acc) - USD 5,627,849.265 3,566,413.774 2,999,305.263 6,194,957.776JPM US Aggregate Bond X (dist) - USD 10.001 - - 10.001

JPMorgan Funds - US Dollar Money Market FundJPM US Dollar Money Market A (acc) - USD 4,375,766.119 5,554,327.354 6,184,752.960 3,745,340.513

JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 296,369.115 83,263.265 36,936.914 342,695.466JPM US Growth A (acc) - USD 3,045,402.503 2,373,420.982 1,143,103.981 4,275,719.504JPM US Growth A (dist) - GBP 37,802.317 74.297 1,747.587 36,129.027JPM US Growth A (dist) - USD 7,830,336.514 1,747,878.215 7,965,607.709 1,612,607.020JPM US Growth C (acc) - EUR (hedged) 1,154,992.947 1,566,779.324 703,189.039 2,018,583.232JPM US Growth C (acc) - USD 4,687,772.606 2,221,547.469 2,592,063.490 4,317,256.585JPM US Growth C (dist) - GBP 1,829.377 9.638 181.998 1,657.017JPM US Growth C (dist) - USD 7,249.018 15,198.202 12,276.037 10,171.183JPM US Growth D (acc) - EUR (hedged) 97,713.480 76,676.483 58,757.324 115,632.639JPM US Growth D (acc) - USD 657,415.204 567,400.083 498,522.826 726,292.461JPM US Growth I (acc) - EUR (hedged) 8,638.055 - 8,267.585 370.470JPM US Growth I (acc) - JPY 335,135.245 1,330.161 128,490.031 207,975.375JPM US Growth I (acc) - USD 214,493.185 155,036.848 159,407.794 210,122.239JPM US Growth I (dist) - GBP 42,840.623 368.164 19,732.311 23,476.476JPM US Growth I (dist) - USD 45,389.498 541.821 37,211.358 8,719.961JPM US Growth P (dist) - USD 26,290.270 - 26,190.271 99.999JPM US Growth T (acc) - EUR (hedged) 4,670.233 5,022.664 2,445.520 7,247.377JPM US Growth X (acc) - USD 136,455.553 1,275,880.167 1,281,302.722 131,032.998


38




of the Year


of the Year

JPMorgan Funds - US High Yield Plus Bond FundJPM US High Yield Plus Bond A (acc) - EUR (hedged) 1,181.269 3,947.802 1,851.226 3,277.845JPM US High Yield Plus Bond A (acc) - USD 38,533.200 85,459.890 21,899.712 102,093.378JPM US High Yield Plus Bond A (dist) - GBP (hedged) 196,665.906 61,108.000 41,741.000 216,032.906JPM US High Yield Plus Bond A (dist) - USD 15,785.000 25,368.816 1,650.000 39,503.816JPM US High Yield Plus Bond A (div) - EUR (hedged) 17,960.709 53,736.354 6,042.648 65,654.415JPM US High Yield Plus Bond A (mth) - HKD 1,504,719.158 9,634,729.876 471,253.534 10,668,195.500JPM US High Yield Plus Bond A (mth) - USD 272,798.513 333,834.029 109,237.684 497,394.858JPM US High Yield Plus Bond C (acc) - EUR (hedged) - 132,633.000 4,317.000 128,316.000JPM US High Yield Plus Bond C (acc) - USD 87,425.426 90,569.000 41,461.855 136,532.571JPM US High Yield Plus Bond D (div) - EUR (hedged) 98,253.725 187,901.032 17,962.346 268,192.411JPM US High Yield Plus Bond X (acc) - EUR (hedged) 951,091.419 185.002 396,063.386 555,213.035JPM US High Yield Plus Bond X (acc) - USD 105.571 115.448 - 221.019

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 30,429.615 20,367.831 18,015.333 32,782.113JPM US Technology A (acc) - SGD 1,174.488 2,801.024 130.888 3,844.624JPM US Technology A (acc) - USD 3,584,076.901 595,110.552 2,115,127.075 2,064,060.378JPM US Technology A (dist) - GBP 481,852.121 177,185.406 230,836.836 428,200.691JPM US Technology A (dist) - USD 10,738,891.178 13,138,071.596 13,132,940.511 10,744,022.263JPM US Technology C (acc) - EUR 5,312.491 3,027.367 1,673.376 6,666.482JPM US Technology C (acc) - USD 1,830,726.692 3,343,803.821 2,792,510.581 2,382,019.932JPM US Technology C (dist) - USD 27,606.818 3,561.755 4,286.858 26,881.715JPM US Technology D (acc) - EUR 82,609.814 53,929.199 75,178.397 61,360.616JPM US Technology D (acc) - USD 5,544,243.823 7,430,069.044 5,869,593.982 7,104,718.885JPM US Technology I (acc) - USD 952.928 26,484.804 26,985.944 451.788JPM US Technology I (dist) - USD* 10.000 - 10.000 -JPM US Technology X (acc) - USD 404.098 489.601 0.134 893.565

JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR 1,216.192 2,756.913 692.289 3,280.816JPM US Value A (acc) - EUR (hedged) 2,642,321.420 1,976,915.085 1,593,713.537 3,025,522.968JPM US Value A (acc) - SGD 8,992.336 100,427.802 50,103.162 59,316.976JPM US Value A (acc) - USD 12,698,910.112 8,286,042.535 6,428,554.215 14,556,398.432JPM US Value A (dist) - GBP 63,249.582 10,381.902 18,774.402 54,857.082JPM US Value A (dist) - USD 18,908,013.613 4,332,029.733 8,598,279.713 14,641,763.633JPM US Value C (acc) - EUR 485,716.695 168,814.968 230,407.323 424,124.340JPM US Value C (acc) - EUR (hedged) 3,457,856.208 2,396,367.040 3,035,175.980 2,819,047.268JPM US Value C (acc) - USD 49,810,751.870 21,649,505.284 42,343,573.439 29,116,683.715JPM US Value C (dist) - GBP 989,292.606 35,708.714 1,018,420.286 6,581.034JPM US Value C (dist) - USD 1,881,799.564 229,752.001 672,673.841 1,438,877.724JPM US Value D (acc) - EUR (hedged) 1,858,640.847 1,270,293.458 971,087.361 2,157,846.944JPM US Value D (acc) - USD 2,535,618.265 1,395,184.601 1,224,956.710 2,705,846.156JPM US Value I (acc) - EUR (hedged) 86,718.160 49,647.543 54,546.409 81,819.294JPM US Value I (acc) - USD 1,137,729.377 2,390,363.710 1,019,452.824 2,508,640.263JPM US Value I (dist) - GBP 22,843.233 - 3,571.913 19,271.320JPM US Value I (dist) - USD 32,160.981 785,400.918 48,422.283 769,139.616JPM US Value X (acc) - USD 2,709,772.100 6,132,541.537 3,909,704.277 4,932,609.360



39

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2017 30 June 2016 30 June 2015

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - AUD 17.47 14.55 14.54JPM America Equity A (acc) - AUD (hedged) 14.58 11.65 11.98JPM America Equity A (acc) - EUR 136.83 113.14 116.39JPM America Equity A (acc) - EUR (hedged) 13.34 10.92 11.32JPM America Equity A (acc) - HKD 18.77 15.03 15.58JPM America Equity A (acc) - USD 22.28 17.92 18.57JPM America Equity A (dist) - USD 167.64 135.88 140.79JPMorgan America Equity A (dist) - USD*** - - 75.53JPM America Equity B (acc) - USD*** - - 21.97JPM America Equity B (dist) - USD*** - - 123.86JPM America Equity C (acc) - EUR 105.71 86.65 -JPM America Equity C (acc) - EUR (hedged) 13.79 11.18 11.48JPM America Equity C (acc) - USD 27.77 22.15 22.75JPM America Equity C (dist) - USD 179.54 144.55 149.95JPM America Equity D (acc) - EUR 16.40 13.67 14.17JPM America Equity D (acc) - EUR (hedged) 12.37 10.20 10.65JPM America Equity D (acc) - USD 19.64 15.93 16.63JPM America Equity I (acc) - EUR (hedged) 107.90 87.42 -JPM America Equity I (acc) - USD 188.50 150.34 154.34JPM America Equity I (dist) - USD 134.65 108.38 112.38JPM America Equity X (acc) - USD 28.20 22.35 22.80

JPMorgan Funds - Asia Pacific Equity FundJPM Asia Pacific Equity A (acc) - EUR 16.91 13.36 15.10JPM Asia Pacific Equity A (acc) - HKD 12.11 9.26 10.53JPM Asia Pacific Equity A (acc) - SGD 13.82 10.41 11.83JPM Asia Pacific Equity A (acc) - USD 19.31 14.85 16.91JPM Asia Pacific Equity A (dist) - GBP 94.21 71.37 70.75JPM Asia Pacific Equity A (dist) - USD 117.65 92.30 107.26JPM Asia Pacific Strategic Equity B (acc) - EUR*** - - 89.52JPM Asia Pacific Strategic Equity B (acc) - USD*** - - 113.60JPM Asia Pacific Equity C (acc) - EUR 120.15 94.12 105.49JPM Asia Pacific Equity C (acc) - USD 132.35 100.92 113.95JPM Asia Pacific Equity C (dist) - USD 124.08 96.86 112.23JPM Asia Pacific Equity D (acc) - EUR 108.88 86.66 98.70JPM Asia Pacific Equity D (acc) - USD 124.33 96.33 110.53JPM Asia Pacific Equity I (acc) - EUR 110.93 - -JPM Asia Pacific Equity I (acc) - USD 109.17 83.21 93.91JPM Asia Pacific Equity X (acc) - USD 156.22 118.18 132.37

JPMorgan Funds - Asia Pacific Income FundJPM Asia Pacific Income A (acc) - HKD 13.31 11.88 12.27JPM Asia Pacific Income A (acc) - USD 21.30 19.11 19.75JPM Asia Pacific Income A (dist) - USD 31.05 28.88 30.76JPM Asia Pacific Income A (irc) - AUD (hedged) 9.90 9.31 10.20JPM Asia Pacific Income A (irc) - CAD (hedged) 9.97 9.37 10.23JPM Asia Pacific Income A (irc) - EUR (hedged) 10.10 9.48 10.30JPM Asia Pacific Income A (irc) - GBP (hedged) 10.05 9.43 10.28JPM Asia Pacific Income A (irc) - NZD (hedged) 9.96 9.37 10.24JPM Asia Pacific Income A (irc) - RMB (hedged) 10.21 9.61 10.56JPM Asia Pacific Income A (mth) - HKD 12.97 12.09 13.12JPM Asia Pacific Income A (mth) - SGD 14.29 13.12 14.23JPM Asia Pacific Income A (mth) - SGD (hedged) 12.06 11.34 12.26JPM Asia Pacific Income A (mth) - USD 116.03 108.80 118.21JPM Asia Pacific Income C (acc) - HKD 11.88 10.51 -JPM Asia Pacific Income C (acc) - USD 16.07 14.30 14.66JPM Asia Pacific Income C (dist) - USD 115.34 106.97 115.23JPM Asia Pacific Income C (irc) - AUD (hedged) 10.93 10.19 -JPM Asia Pacific Income C (irc) - CAD (hedged) 10.96 10.22 -JPM Asia Pacific Income C (irc) - EUR (hedged) 98.39 91.54 -JPM Asia Pacific Income C (irc) - GBP (hedged) 72.31 67.26 -JPM Asia Pacific Income C (irc) - NZD (hedged) 10.97 10.23 -JPM Asia Pacific Income C (irc) - RMB (hedged) 10.91 10.20 -JPM Asia Pacific Income C (mth) - HKD 10.93 10.11 -JPM Asia Pacific Income C (mth) - SGD 10.49 9.55 -JPM Asia Pacific Income C (mth) - SGD (hedged) 10.86 10.14 -JPM Asia Pacific Income C (mth) - USD 114.77 106.72 114.99JPM Asia Pacific Income D (acc) - USD 28.03 25.26 26.23JPM Asia Pacific Income D (mth) - EUR (hedged) 102.16 - -JPM Asia Pacific Income D (mth) - USD 107.80 101.59 110.91JPM Asia Pacific Income I (acc) - USD 109.38 97.28 99.55JPM Asia Pacific Income X (acc) - USD 128.51 113.43 115.32

*** Share Class closed as at the end of the year.

40



30 June 2017 30 June 2016 30 June 2015

JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - EUR 43.70 40.25 44.00JPM Brazil Equity A (acc) - SGD 7.59 6.68 7.35JPM Brazil Equity A (acc) - USD 5.77 5.17 5.70JPM Brazil Equity A (dist) - USD 5.19 4.71 5.26JPM Brazil Equity B (acc) - USD*** - - 6.80JPM Brazil Equity C (acc) - USD 11.39 10.14 11.09JPM Brazil Equity D (acc) - EUR 46.37 43.14 47.63JPM Brazil Equity D (acc) - USD 5.26 4.76 5.30JPM Brazil Equity I (acc) - USD 6.28 5.59 6.10JPM Brazil Equity T (acc) - EUR 41.67 38.76 42.80JPM Brazil Equity X (acc) - USD 101.31 - -

JPMorgan Funds - China FundJPM China A (acc) - SGD 15.96 12.05 16.21JPM China A (acc) - USD 34.71 26.75 36.03JPM China A (dist) - HKD 12.36 9.64 13.35JPM China A (dist) - USD 53.30 41.74 57.77JPMorgan China B (acc) - USD*** - - 27.85JPMorgan China B (dist) - USD*** - - 136.53JPM China C (acc) - USD 37.23 28.46 38.02JPM China C (dist) - HKD* - 10.14 -JPM China C (dist) - USD 139.28 109.16 150.22JPM China D (acc) - EUR 104.63 83.68 113.04JPM China D (acc) - USD 39.78 30.96 42.10JPM China I (dist) - USD* - 91.60 126.00JPM China T (acc) - EUR 93.47 74.77 100.99JPM China X (acc) - USD 143.84 109.07 144.53

JPMorgan Funds - Emerging Europe Equity FundJPM Emerging Europe Equity A (acc) - EUR 16.58 14.28 15.13JPM Emerging Europe Equity A (acc) - USD 95.55 80.12 85.52JPM Emerging Europe Equity A (dist) - EUR 36.76 32.57 35.53JPMorgan Emerging Europe Equity A (dist) - EUR*** - - 23.76JPM Emerging Europe Equity B (acc) - EUR*** - - 7.59JPM Emerging Europe Equity B (dist) - EUR*** - - 83.90JPM Emerging Europe Equity C (acc) - EUR 17.32 14.81 15.58JPM Emerging Europe Equity C (acc) - USD 142.85 118.89 -JPM Emerging Europe Equity C (dist) - EUR 107.22 94.93 101.70JPM Emerging Europe Equity D (acc) - EUR 26.44 23.00 24.62JPM Emerging Europe Equity I (acc) - EUR 14.14 12.08 12.70JPM Emerging Europe Equity X (acc) - EUR 21.99 18.63 19.41

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 17.69 15.51 17.40JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 18.82 16.06 18.14JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 49.85 43.24 49.73JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD*** - - 11.80JPM Emerging Europe, Middle East and Africa Equity C (acc) - EUR 103.91 90.41 -JPM Emerging Europe, Middle East and Africa Equity C (acc) - SGD 11.71 9.71 -JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 21.43 18.15 20.35JPM Emerging Europe, Middle East and Africa Equity C (dist) - USD 89.10 77.41 89.26JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 83.50 73.93 83.74JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 37.03 31.91 36.41JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 143.74 121.69 -JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR* - - 71.46JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 11.26 9.45 10.50

* Share Class inactive as at the end of the year.*** Share Class closed as at the end of the year.

41



30 June 2017 30 June 2016 30 June 2015

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR (hedged) 14.77 14.19 13.26JPM Emerging Markets Debt A (acc) - GBP (hedged)* - - 57.46JPM Emerging Markets Debt A (acc) - USD 20.51 19.38 17.98JPM Emerging Markets Debt A (dist) - GBP 83.49 79.55 65.68JPM Emerging Markets Debt A (inc) - EUR (hedged) 9.30 9.35 9.15JPM Emerging Markets Debt A (inc) - USD 105.68 104.34 101.03JPM Emerging Markets Debt A (irc) - AUD (hedged) 8.26 8.35 8.29JPM Emerging Markets Debt A (irc) - CAD (hedged) 8.81 8.90 8.84JPM Emerging Markets Debt A (irc) - NZD (hedged) 10.43 10.53 10.45JPM Emerging Markets Debt A (irc) - RMB (hedged) 9.43 9.52 9.49JPM Emerging Markets Debt A (mth) - EUR (hedged) 9.52 9.77 9.74JPM Emerging Markets Debt A (mth) - HKD 10.16 10.18 10.07JPM Emerging Markets Debt A (mth) - USD 13.82 13.93 13.77JPM Emerging Markets Debt B (acc) - EUR (hedged)*** - - 13.82JPM Emerging Markets Debt C (acc) - EUR (hedged) 15.59 14.87 13.80JPM Emerging Markets Debt C (acc) - GBP (hedged) 75.02 70.81 -JPM Emerging Markets Debt C (acc) - USD 129.90 121.87 112.30JPM Emerging Markets Debt C (dist) - USD 107.63 106.20 103.00JPM Emerging Markets Debt C (inc) - EUR (hedged) 78.24 78.51 76.75JPM Emerging Markets Debt C (irc) - AUD (hedged) 10.54 10.57 -JPM Emerging Markets Debt C (irc) - CAD (hedged) 10.46 10.48 -JPM Emerging Markets Debt C (irc) - NZD (hedged) 10.57 10.58 -JPM Emerging Markets Debt C (mth) - EUR (hedged) 91.27 92.83 -JPM Emerging Markets Debt C (mth) - HKD 10.48 10.43 -JPM Emerging Markets Debt C (mth) - USD 99.82 99.93 98.12JPM Emerging Markets Debt D (acc) - EUR (hedged) 16.33 15.79 14.87JPM Emerging Markets Debt D (mth) - EUR (hedged) 99.79 - -JPM Emerging Markets Debt I (acc) - EUR (hedged) 89.56 85.39 79.23JPM Emerging Markets Debt I (acc) - USD 123.26 115.60 106.46JPM Emerging Markets Debt I (dist) - CHF (hedged) 98.76 99.63 94.28JPM Emerging Markets Debt I (dist) - USD* - 105.22 102.00JPM Emerging Markets Debt I (inc) - EUR (hedged) 9.94 9.98 9.80JPM Emerging Markets Debt X (acc) - EUR (hedged) 97.14 92.14 85.06JPM Emerging Markets Debt X (acc) - GBP (hedged) 92.95 87.21 79.85JPM Emerging Markets Debt X (acc) - USD 114.89 107.21 98.23JPM Emerging Markets Debt X (dist) - USD 103.00 101.60 98.55

JPMorgan Funds - Emerging Markets Dividend FundJPM Emerging Markets Dividend A (acc) - CHF (hedged) 80.23 69.39 79.28JPM Emerging Markets Dividend A (acc) - EUR 89.62 77.91 87.05JPM Emerging Markets Dividend A (acc) - USD 102.34 86.61 97.49JPM Emerging Markets Dividend A (dist) - GBP 70.22 59.08 58.73JPM Emerging Markets Dividend A (div) - EUR 71.32 65.22 76.90JPM Emerging Markets Dividend A (inc) - EUR 77.00 68.93 79.23JPM Emerging Markets Dividend A (irc) - AUD (hedged) 7.81 6.95 8.44JPM Emerging Markets Dividend A (irc) - GBP (hedged) 9.11 8.09 9.69JPM Emerging Markets Dividend A (irc) - NZD (hedged)* - - 9.67JPM Emerging Markets Dividend A (irc) - RMB (hedged) 8.03 7.16 8.68JPM Emerging Markets Dividend A (mth) - HKD 8.73 7.72 9.19JPM Emerging Markets Dividend A (mth) - SGD 8.64 7.51 8.95JPM Emerging Markets Dividend A (mth) - SGD (hedged) 7.89 7.05 8.40JPM Emerging Markets Dividend A (mth) - USD 78.51 69.76 83.21JPM Emerging Markets Dividend B (acc) - CHF (hedged)*** - - 79.79JPM Emerging Markets Dividend C (acc) - CHF (hedged) 82.40 70.67 79.97JPM Emerging Markets Dividend C (acc) - EUR 89.93 77.52 85.88JPM Emerging Markets Dividend C (acc) - USD 103.13 86.54 96.58JPM Emerging Markets Dividend C (div) - EUR 75.03 68.06 79.54JPM Emerging Markets Dividend C (inc) - EUR 82.58 73.85 85.53JPM Emerging Markets Dividend D (acc) - EUR 86.62 75.86 85.40JPM Emerging Markets Dividend D (dist) - USD 108.82 - -JPM Emerging Markets Dividend D (div) - EUR 68.90 63.49 75.43JPM Emerging Markets Dividend D (mth) - EUR 97.31 - -JPM Emerging Markets Dividend I (acc) - EUR 107.58 92.69 -JPM Emerging Markets Dividend T (acc) - EUR 86.61 75.86 85.40JPM Emerging Markets Dividend T (div) - EUR 68.90 63.49 75.42JPM Emerging Markets Dividend X (acc) - EUR 92.08 78.74 86.53JPM Emerging Markets Dividend X (acc) - USD 110.32 91.83 101.68JPM Emerging Markets Dividend X (inc) - EUR 85.63 76.56 88.95


42



30 June 2017 30 June 2016 30 June 2015

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 17.19 14.01 15.01JPM Emerging Markets Equity A (acc) - EUR (hedged) 85.86 69.47 75.29JPM Emerging Markets Equity A (acc) - SGD 16.90 13.14 14.16JPM Emerging Markets Equity A (acc) - USD 24.62 19.54 21.07JPM Emerging Markets Equity A (dist) - GBP 42.68 33.03 31.11JPM Emerging Markets Equity A (dist) - USD 33.24 26.55 29.29JPM Emerging Markets Equity B (acc) - EUR*** - - 92.01JPM Emerging Markets Equity B (acc) - USD*** - - 23.62JPM Emerging Markets Equity B (dist) - GBP*** - - 62.42JPM Emerging Markets Equity B (dist) - USD*** - - 100.10JPM Emerging Markets Equity C (acc) - EUR 97.11 78.62 83.60JPM Emerging Markets Equity C (acc) - EUR (hedged) 87.20 70.03 75.34JPM Emerging Markets Equity C (acc) - USD 27.52 21.69 23.23JPM Emerging Markets Equity C (dist) - GBP 86.25 66.72 62.55JPM Emerging Markets Equity C (dist) - USD 105.50 84.54 93.63JPM Emerging Markets Equity D (acc) - EUR 11.52 9.47 10.22JPM Emerging Markets Equity D (acc) - EUR (hedged)** 110.83 - -JPM Emerging Markets Equity D (acc) - USD 36.17 28.94 31.46JPM Emerging Markets Equity I (acc) - EUR 18.21 14.73 15.65JPM Emerging Markets Equity I (acc) - EUR (hedged) 96.57 77.53 83.34JPM Emerging Markets Equity I (acc) - SGD 12.86 9.92 -JPM Emerging Markets Equity I (acc) - USD 18.57 14.63 15.67JPM Emerging Markets Equity I (dist) - GBP* - 62.58 59.32JPM Emerging Markets Equity I (dist) - USD* - 88.19 96.90JPM Emerging Markets Equity I (inc) - EUR 13.76 11.33 12.37JPM Emerging Markets Equity T (acc) - EUR 92.06 75.66 81.66JPM Emerging Markets Equity X (acc) - EUR 107.46 86.23 90.85JPM Emerging Markets Equity X (acc) - EUR (hedged) 80.66 64.20 68.44JPM Emerging Markets Equity X (acc) - USD 33.65 26.28 27.90JPM Emerging Markets Equity X (dist) - USD 20.76 16.54 18.08JPM Emerging Markets Equity X (inc) - EUR 15.16 12.41 13.46

JPMorgan Funds - Emerging Markets Investment Grade Bond FundJPM Emerging Markets Investment Grade Bond A (acc) - CHF (hedged) 104.09 104.54 100.08JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 96.84 96.85 92.21JPM Emerging Markets Investment Grade Bond A (acc) - USD 130.34 128.16 121.03JPM Emerging Markets Investment Grade Bond A (dist) - USD 94.18 95.99 94.21JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) 77.74 80.63 80.03JPM Emerging Markets Investment Grade Bond A (mth) - USD 95.75 99.16 99.07JPM Emerging Markets Investment Grade Bond B (inc) - EUR (hedged)*** - - 75.45JPM Emerging Markets Investment Grade Bond C (acc) - USD 125.29 122.58 115.18JPM Emerging Markets Investment Grade Bond C (inc) - EUR (hedged) 75.86 78.66 78.24JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 94.31 94.70 90.53JPM Emerging Markets Investment Grade Bond D (acc) - USD 110.27 108.86 103.21JPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged) 107.38 107.26 102.14JPM Emerging Markets Investment Grade Bond I (acc) - EUR 99.80 100.26 93.48JPM Emerging Markets Investment Grade Bond I (acc) - EUR (hedged) 101.71 - -JPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged) 11,356.00 11,314.00 10,721.00JPM Emerging Markets Investment Grade Bond I (acc) - USD 131.74 128.83 121.01JPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged) 72.48 75.16 74.82JPM Emerging Markets Investment Grade Bond X (acc) - EUR (hedged)* - 90.37 85.23JPM Emerging Markets Investment Grade Bond X (inc) - EUR (hedged)* - 78.09 77.69

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

43



30 June 2017 30 June 2016 30 June 2015

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 14.34 13.99 13.95JPM Emerging Markets Local Currency Debt A (acc) - SGD 17.65 16.41 16.47JPM Emerging Markets Local Currency Debt A (acc) - USD 16.36 15.54 15.62JPM Emerging Markets Local Currency Debt A (dist) - GBP 70.17 67.34 62.59JPM Emerging Markets Local Currency Debt A (div) - EUR 71.83 75.08 80.30JPM Emerging Markets Local Currency Debt A (inc) - EUR 84.96 86.77 88.59JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 6.44 6.57 7.19JPM Emerging Markets Local Currency Debt A (mth) - HKD 7.65 7.74 8.36JPM Emerging Markets Local Currency Debt A (mth) - USD 9.27 9.42 10.18JPM Emerging Markets Local Currency Debt B (acc) - EUR*** - - 109.89JPM Emerging Markets Local Currency Debt B (acc) - USD*** - - 14.42JPM Emerging Markets Local Currency Debt C (acc) - EUR 114.84 111.37 110.47JPM Emerging Markets Local Currency Debt C (acc) - EUR (hedged) 81.79 78.70 79.24JPM Emerging Markets Local Currency Debt C (acc) - USD 14.70 13.87 13.86JPM Emerging Markets Local Currency Debt C (dist) - GBP 55.20 52.99 49.03JPM Emerging Markets Local Currency Debt C (div) - EUR 62.16 64.59 68.66JPM Emerging Markets Local Currency Debt C (inc) - EUR 74.71 76.26 77.96JPM Emerging Markets Local Currency Debt C (mth) - USD 63.45 64.11 68.84JPM Emerging Markets Local Currency Debt D (acc) - EUR 13.67 13.40 13.44JPM Emerging Markets Local Currency Debt D (acc) - USD 15.49 14.78 14.93JPM Emerging Markets Local Currency Debt D (div) - EUR 7.02 7.37 7.92JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) 102.65 - -JPM Emerging Markets Local Currency Debt D (mth) - USD 59.85 61.15 66.41JPM Emerging Markets Local Currency Debt I (acc) - EUR 113.99 110.50 109.57JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 61.75 59.40 59.77JPM Emerging Markets Local Currency Debt I (acc) - USD 129.18 121.90 121.76JPM Emerging Markets Local Currency Debt I (inc) - EUR 92.61 94.53 96.84JPM Emerging Markets Local Currency Debt T (acc) - EUR 105.92 103.85 104.16JPM Emerging Markets Local Currency Debt T (div) - EUR 69.19 72.68 78.12JPM Emerging Markets Local Currency Debt X (acc) - USD 19.07 17.90 17.79JPM Emerging Markets Local Currency Debt X (inc) - GBP 111.08 - -JPM Emerging Markets Local Currency Debt Y (acc) - EUR 76.34 73.63 72.63JPM Emerging Markets Local Currency Debt Y (acc) - GBP 104.50 94.73 80.31

JPMorgan Funds - Emerging Markets Opportunities FundJPM Emerging Markets Opportunities A (acc) - CHF (hedged) 89.33 69.83 83.80JPM Emerging Markets Opportunities A (acc) - EUR 96.04 75.45 88.53JPM Emerging Markets Opportunities A (acc) - SGD 13.97 10.46 12.35JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 12.57 9.66 11.40JPM Emerging Markets Opportunities A (acc) - USD 257.45 196.80 232.55JPM Emerging Markets Opportunities A (dist) - EUR 100.67 79.90 94.98JPM Emerging Markets Opportunities A (dist) - GBP 76.43 57.35 60.39JPM Emerging Markets Opportunities A (dist) - USD 103.47 79.94 95.72JPM Emerging Markets Opportunities A (inc) - EUR 90.08 71.48 84.97JPM Emerging Markets Opportunities B (acc) - EUR*** - - 87.18JPM Emerging Markets Opportunities B (acc) - USD*** - - 305.01JPM Emerging Markets Opportunities B (dist) - GBP*** - - 57.94JPM Emerging Markets Opportunities B (dist) - USD*** - - 97.29JPM Emerging Markets Opportunities C (acc) - CHF (hedged) 104.67 81.20 96.62JPM Emerging Markets Opportunities C (acc) - EUR 93.75 73.10 85.15JPM Emerging Markets Opportunities C (acc) - PLN 480.18 391.51 432.39JPM Emerging Markets Opportunities C (acc) - SGD 13.29 9.88 -JPM Emerging Markets Opportunities C (acc) - SGD (hedged) 13.69 10.44 -JPM Emerging Markets Opportunities C (acc) - USD 364.88 276.96 324.96JPM Emerging Markets Opportunities C (dist) - EUR 96.86 78.37 93.31JPM Emerging Markets Opportunities C (dist) - GBP 77.52 57.70 59.08JPM Emerging Markets Opportunities C (dist) - USD 100.62 78.43 96.58JPM Emerging Markets Opportunities C (inc) - EUR 115.29 90.74 -JPM Emerging Markets Opportunities D (acc) - EUR 94.07 74.46 88.03JPM Emerging Markets Opportunities D (acc) - PLN 441.65 365.52 409.80JPM Emerging Markets Opportunities D (acc) - USD 115.23 88.78 105.75JPM Emerging Markets Opportunities I (acc) - EUR 121.43 94.69 97.99JPM Emerging Markets Opportunities I (acc) - SGD 12.08 8.98 10.51JPM Emerging Markets Opportunities I (acc) - USD 115.54 87.66 102.80JPM Emerging Markets Opportunities I (dist) - USD* - 95.60 -JPM Emerging Markets Opportunities T (acc) - EUR 93.59 74.08 87.58JPM Emerging Markets Opportunities X (acc) - EUR 97.77 75.55 87.20JPM Emerging Markets Opportunities X (acc) - EUR (hedged) 79.13 60.71 71.18JPM Emerging Markets Opportunities X (acc) - GBP 89.89 65.29 64.76JPM Emerging Markets Opportunities X (acc) - USD 426.20 320.61 372.77JPM Emerging Markets Opportunities X (dist) - AUD 12.68 10.08 11.70JPM Emerging Markets Opportunities X (dist) - GBP 140.31 102.02 -

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - EUR 14.61 13.30 16.04JPM Emerging Middle East Equity A (acc) - USD 17.46 15.49 18.82JPM Emerging Middle East Equity A (dist) - USD 20.90 18.99 23.97JPM Emerging Middle East Equity B (acc) - USD*** - - 20.36JPM Emerging Middle East Equity C (acc) - USD 9.03 7.95 9.59JPM Emerging Middle East Equity C (dist) - USD 90.98 82.25 103.43JPM Emerging Middle East Equity D (acc) - EUR 90.85 83.51 101.74JPM Emerging Middle East Equity D (acc) - USD 20.89 18.72 22.97JPM Emerging Middle East Equity I (acc) - USD 97.41 85.75 103.45


44



30 June 2017 30 June 2016 30 June 2015

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - CHF (hedged) 169.79 134.62 153.53JPM Euroland Equity A (acc) - EUR 17.53 13.84 15.64JPM Euroland Equity A (acc) - GBP (hedged) 120.25 94.32 107.84JPM Euroland Equity A (acc) - USD (hedged) 199.06 154.74 175.58JPM Euroland Equity A (dist) - EUR 51.88 41.55 47.26JPM Euroland Equity A (dist) - USD 10.52 8.20 9.41JPM Euroland Equity A (inc) - EUR 8.96 7.27 8.41JPM Euroland Equity B (acc) - EUR*** - - 13.25JPM Euroland Equity C (acc) - CHF (hedged) 116.86 91.78 103.68JPM Euroland Equity C (acc) - EUR 23.24 18.18 20.35JPM Euroland Equity C (acc) - GBP (hedged) 87.85 68.28 -JPM Euroland Equity C (acc) - USD (hedged)* - 143.82 161.66JPM Euroland Equity C (dist) - EUR 151.24 122.34 141.08JPM Euroland Equity C (dist) - USD 118.81 93.15 106.87JPM Euroland Equity D (acc) - EUR 12.81 10.19 11.60JPM Euroland Equity X (acc) - EUR 13.29 10.32 11.47

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - AUD (hedged) 13.91 11.05 12.20JPM Europe Dynamic A (acc) - EUR 23.78 19.69 23.04JPM Europe Dynamic A (acc) - HKD (hedged) 13.04 10.51 11.73JPM Europe Dynamic A (acc) - SGD (hedged) 12.62 10.15 11.25JPM Europe Dynamic A (acc) - USD 149.94 120.91 142.64JPM Europe Dynamic A (acc) - USD (hedged) 177.03 142.22 158.43JPM Europe Dynamic A (dist) - EUR 20.05 17.07 20.40JPMorgan Europe Dynamic A (dist) - EUR*** - - 23.04JPM Europe Dynamic A (dist) - GBP 26.82 21.46 22.03JPM Europe Dynamic A (inc) - EUR 123.72 105.34 125.79JPM Europe Dynamic B (acc) - EUR*** - - 28.99JPM Europe Dynamic B (dist) - EUR*** - - 137.24JPM Europe Dynamic C (acc) - EUR 31.18 25.63 29.78JPM Europe Dynamic C (acc) - USD 152.01 121.62 142.38JPM Europe Dynamic C (acc) - USD (hedged) 180.28 143.78 158.99JPM Europe Dynamic C (dist) - EUR 97.59 82.63 97.40JPM Europe Dynamic C (dist) - GBP 114.05 91.34 93.20JPM Europe Dynamic C (inc) - EUR 102.02 86.04 -JPM Europe Dynamic D (acc) - EUR 21.13 17.67 20.90JPM Europe Dynamic D (acc) - USD 144.45 117.67 140.26JPM Europe Dynamic D (acc) - USD (hedged) 163.10 132.44 149.10JPM Europe Dynamic I (acc) - EUR 29.93 24.59 28.56JPM Europe Dynamic I (acc) - USD* - 115.11 134.75JPM Europe Dynamic I (acc) - USD (hedged) 154.38 123.07 136.04JPM Europe Dynamic I (dist) - EUR 129.23 109.36 130.12JPM Europe Dynamic I (dist) - GBP 108.53 86.32 88.16JPM Europe Dynamic T (acc) - EUR* - - 161.54JPM Europe Dynamic X (acc) - EUR 139.83 113.96 131.30JPM Europe Dynamic X (acc) - USD (hedged) 104.63 - -

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 17.91 14.87 16.71JPM Europe Equity A (acc) - USD 19.58 15.83 17.93JPM Europe Equity A (acc) - USD (hedged) 183.20 147.46 157.99JPM Europe Equity A (dist) - EUR 49.86 42.75 49.47JPM Europe Equity A (dist) - USD 46.34 38.70 45.12JPM Europe Equity B (acc) - EUR*** - - 20.67JPM Europe Equity C (acc) - EUR 23.26 19.21 21.47JPM Europe Equity C (acc) - USD 157.60 126.68 142.63JPM Europe Equity C (acc) - USD (hedged) 187.27 149.84 159.57JPM Europe Equity C (dist) - EUR 134.62 114.95 132.48JPM Europe Equity C (dist) - USD 160.52 133.42 154.95JPM Europe Equity D (acc) - EUR 13.65 11.42 12.93JPM Europe Equity D (acc) - USD 15.18 12.37 14.11JPM Europe Equity D (acc) - USD (hedged) 171.43 139.03 150.08JPM Europe Equity I (acc) - EUR 112.78 93.10 -JPM Europe Equity X (acc) - EUR 24.83 20.39 22.66

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 28.43 22.66 24.10JPM Europe Small Cap A (acc) - USD 181.50 140.82 150.91JPM Europe Small Cap A (acc) - USD (hedged) 148.28 114.50 -JPM Europe Small Cap A (dist) - EUR 74.47 60.54 65.39JPMorgan Europe Small Cap A (dist) - EUR*** - - 19.31JPM Europe Small Cap A (dist) - GBP 32.24 24.65 22.90JPM Europe Small Cap B (acc) - EUR*** - - 27.23JPM Europe Small Cap C (acc) - EUR 33.56 26.54 28.01JPM Europe Small Cap C (dist) - EUR 168.30 135.94 145.90JPM Europe Small Cap D (acc) - EUR 21.08 16.97 18.23JPM Europe Small Cap I (acc) - EUR 226.32 178.88 188.69JPM Europe Small Cap X (acc) - EUR 155.81 122.16 127.82


45



30 June 2017 30 June 2016 30 June 2015

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 37.46 27.99 28.58JPM Europe Technology A (acc) - USD (hedged) 245.31 178.00 173.93JPM Europe Technology A (dist) - EUR 23.16 17.60 18.19JPMorgan Europe Technology A (dist) - EUR*** - - 9.63JPM Europe Technology A (dist) - GBP 19.39 13.85 12.31JPM Europe Technology B (acc) - EUR*** - - 23.95JPM Europe Technology C (acc) - EUR 235.46 174.58 176.82JPM Europe Technology C (dist) - EUR 198.36 149.75 153.82JPM Europe Technology C (dist) - GBP 111.44 79.08 68.84JPM Europe Technology D (acc) - EUR 12.32 9.30 9.59JPM Europe Technology X (acc) - EUR 129.44 95.16 -

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - CHF (hedged) 179.34 150.97 168.75JPM Global Dynamic A (acc) - EUR 11.86 10.13 11.17JPM Global Dynamic A (acc) - EUR (hedged) 8.32 6.97 7.71JPM Global Dynamic A (acc) - SGD 23.07 18.78 20.84JPM Global Dynamic A (acc) - USD 18.12 15.06 16.73JPM Global Dynamic A (dist) - GBP 22.45 18.36 17.60JPM Global Dynamic A (dist) - USD 20.64 17.48 19.59JPMorgan Global Dynamic A (dist) - USD*** - - 18.01JPM Global Dynamic A (inc) - EUR 11.58 10.08 11.30JPM Global Dynamic B (acc) - USD*** - - 20.78JPM Global Dynamic C (acc) - EUR 11.18 9.47 10.36JPM Global Dynamic C (acc) - EUR (hedged) 100.33 83.33 91.49JPM Global Dynamic C (acc) - USD 23.53 19.40 21.39JPM Global Dynamic C (dist) - GBP 102.58 83.31 79.93JPM Global Dynamic C (dist) - USD 125.73 105.74 118.93JPM Global Dynamic C (inc) - EUR 108.34 93.60 104.51JPM Global Dynamic D (acc) - EUR 10.80 9.31 10.38JPM Global Dynamic D (acc) - EUR (hedged) 7.65 6.47 7.23JPM Global Dynamic D (acc) - USD 19.05 15.99 17.96JPM Global Dynamic I (acc) - EUR* - - 103.15JPM Global Dynamic I (acc) - EUR (hedged)* - 93.59 102.71JPM Global Dynamic I (acc) - USD 13.17 10.86 11.97JPM Global Dynamic I (dist) - USD* - 102.48 115.24JPM Global Dynamic I (inc) - EUR 19.32 16.69 18.63JPM Global Dynamic T (acc) - EUR (hedged)* - - 95.62JPM Global Dynamic X (acc) - EUR (hedged) 137.29 113.07 123.08JPM Global Dynamic X (acc) - USD 23.65 19.34 21.15

JPMorgan Funds - Global Government Bond FundJPM Global Government Bond A (acc) - EUR 12.85 13.36 12.39JPM Global Government Bond A (acc) - USD (hedged) 16.66 17.05 15.69JPM Global Government Bond B (acc) - EUR*** - - 119.98JPM Global Government Bond C (acc) - EUR 13.19 13.70 12.68JPM Global Government Bond C (acc) - USD (hedged) 114.85 117.34 -JPM Global Government Bond D (acc) - EUR 12.63 13.17 12.24JPM Global Government Bond I (acc) - EUR 111.99 116.22 107.54JPM Global Government Bond I (acc) - USD (hedged) 113.82 116.24 -JPM Global Government Bond X (acc) - EUR 13.51 13.98 12.91JPM Global Government Bond X (acc) - USD (hedged) 114.67 116.80 -JPM Global Government Bond X (dist) - GBP (hedged) 100.09 102.84 -JPM Global Government Bond X (dist) - USD (hedged)* - 118.21 -

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 11.47 10.20 11.58JPM Global Natural Resources A (acc) - GBP 78.03 65.24 63.65JPM Global Natural Resources A (acc) - SGD 10.70 9.08 10.37JPM Global Natural Resources A (acc) - USD 8.03 6.95 7.95JPM Global Natural Resources A (dist) - EUR 9.82 8.76 9.96JPM Global Natural Resources B (acc) - EUR*** - - 7.47JPM Global Natural Resources B (acc) - USD*** - - 103.41JPM Global Natural Resources C (acc) - EUR 11.00 9.71 10.93JPM Global Natural Resources C (acc) - USD 6.83 5.86 6.65JPM Global Natural Resources C (dist) - EUR 85.49 76.20 86.33JPM Global Natural Resources D (acc) - EUR 7.24 6.50 7.46JPM Global Natural Resources D (acc) - USD 5.15 4.50 5.20JPM Global Natural Resources I (acc) - EUR* - - 53.72JPM Global Natural Resources I (dist) - EUR 87.12 77.84 88.11JPM Global Natural Resources X (acc) - EUR 13.76 12.04 13.45JPM Global Natural Resources X (dist) - AUD 8.73 7.82 8.65


46



30 June 2017 30 June 2016 30 June 2015

JPMorgan Funds - Global Real Estate Securities Fund (USD)JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 8.09 8.19 7.65JPM Global Real Estate Securities (USD) A (acc) - USD 11.49 11.59 10.74JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 6.60 6.89 6.62JPM Global Real Estate Securities (USD) A (inc) - USD 104.32 108.37 103.29JPM Global Real Estate Securities (USD) B (acc) - USD*** - - 97.29JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged) 104.03 104.32 96.46JPM Global Real Estate Securities (USD) C (acc) - USD 154.70 154.47 141.74JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 7.57 7.73 7.27JPM Global Real Estate Securities (USD) D (acc) - USD 10.60 10.78 10.06JPM Global Real Estate Securities (USD) I (acc) - EUR (hedged)* - - 86.38JPM Global Real Estate Securities (USD) I (acc) - USD 120.33 120.10 110.16JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 132.33 131.84 121.11JPM Global Real Estate Securities (USD) X (acc) - USD 13.03 12.93 11.79

JPMorgan Funds - Global Unconstrained Equity FundJPM Global Unconstrained Equity A (acc) - CHF (hedged) 103.36 86.03 97.71JPM Global Unconstrained Equity A (acc) - EUR 129.31 108.37 122.86JPM Global Unconstrained Equity A (acc) - EUR (hedged) 9.51 7.88 8.93JPM Global Unconstrained Equity A (acc) - USD 16.66 13.59 15.52JPM Global Unconstrained Equity A (dist) - EUR (hedged) 8.62 7.26 8.37JPM Global Unconstrained Equity A (dist) - USD 31.05 25.71 29.82JPMorgan Global Unconstrained Equity A (dist) - USD*** - - 51.59JPM Global Unconstrained Equity B (acc) - EUR*** - - 92.13JPM Global Unconstrained Equity B (acc) - USD*** - - 103.18JPM Global Unconstrained Equity C (acc) - EUR 98.86 82.05 92.14JPM Global Unconstrained Equity C (acc) - EUR (hedged) 10.46 8.58 9.64JPM Global Unconstrained Equity C (acc) - USD 20.95 16.92 19.14JPM Global Unconstrained Equity C (dist) - USD 111.83 - -JPM Global Unconstrained Equity D (acc) - EUR 95.02 80.25 91.69JPM Global Unconstrained Equity D (acc) - EUR (hedged) 8.88 7.42 8.47JPM Global Unconstrained Equity D (acc) - USD 13.75 11.31 13.01JPM Global Unconstrained Equity I (acc) - JPY 13,000.00 9,621.00 12,941.00JPM Global Unconstrained Equity I (acc) - USD 106.74 86.20 97.46JPM Global Unconstrained Equity T (acc) - EUR 95.02 80.25 91.69JPM Global Unconstrained Equity X (acc) - EUR 19.91 16.41 18.31JPM Global Unconstrained Equity X (acc) - EUR (hedged) 138.45 112.86 125.92JPM Global Unconstrained Equity X (acc) - USD 16.86 13.53 15.21JPM Global Unconstrained Equity X (dist) - AUD 14.26 12.03 13.25

JPMorgan Funds - Greater China FundJPM Greater China A (acc) - SGD 22.13 16.48 20.32JPM Greater China A (acc) - USD 31.93 24.28 29.97JPM Greater China A (dist) - HKD 15.94 12.25 15.50JPM Greater China A (dist) - USD 37.40 28.92 36.63JPMorgan Greater China B (acc) - USD*** - - 27.48JPMorgan Greater China B (dist) - USD*** - - 131.49JPM Greater China C (acc) - EUR 103.73 80.37 97.66JPM Greater China C (acc) - SGD 11.99 8.86 -JPM Greater China C (acc) - USD 36.21 27.31 33.44JPM Greater China C (dist) - USD 124.61 95.65 120.46JPM Greater China D (acc) - EUR 137.60 108.59 134.43JPM Greater China D (acc) - USD 44.97 34.55 43.09JPM Greater China I (acc) - USD 153.54 115.75 141.63JPM Greater China I (dist) - USD* - 97.64 122.90JPM Greater China T (acc) - EUR 115.10 90.84 112.45JPM Greater China X (acc) - USD 149.52 111.88 -

JPMorgan Funds - Hong Kong FundJPM Hong Kong A (acc) - USD 23.21 18.16 23.10JPM Hong Kong A (dist) - HKD 12.67 10.10 13.11JPM Hong Kong A (dist) - USD 56.40 45.17 58.77JPMorgan Hong Kong B (acc) - USD*** - - 21.89JPM Hong Kong C (acc) - USD 26.22 20.34 25.64JPM Hong Kong D (acc) - USD 33.91 26.80 34.41JPM Hong Kong X (acc) - USD 142.71 109.84 -

JPMorgan Funds - Income FundJPM Income Fund A (acc) - EUR (hedged) 78.81 75.90 74.61JPM Income Fund A (acc) - SEK (hedged) 706.45 681.88 672.54JPM Income Fund A (acc) - USD 109.90 104.11 101.61JPM Income Fund A (div) - EUR (hedged) 66.33 67.90 70.92JPM Income Fund A (div) - USD 92.42 93.01 96.45JPM Income Fund A (mth) - HKD 9.60 9.59 9.93JPM Income Fund A (mth) - USD 9.52 9.58 9.93JPM Income Fund C (acc) - USD 111.05 104.66 -JPM Income Fund C (div) - EUR (hedged) 67.49 68.65 71.28JPM Income Fund D (div) - EUR (hedged) 65.23 67.16 70.54


47



30 June 2017 30 June 2016 30 June 2015

JPMorgan Funds - India FundJPM India A (acc) - EUR 95.66 - -JPM India A (acc) - SGD 19.50 17.48 17.92JPM India A (acc) - USD 32.04 29.32 30.10JPM India A (dist) - GBP 117.45 104.57 91.96JPM India A (dist) - USD 93.10 85.94 88.53JPMorgan India B (acc) - USD*** - - 41.43JPMorgan India B (dist) - USD*** - - 141.55JPM India C (acc) - EUR 138.75 129.34 130.72JPM India C (acc) - USD 35.92 32.59 33.18JPM India C (dist) - USD 128.63 117.82 121.11JPM India D (acc) - EUR 108.70 103.01 105.85JPM India D (acc) - USD 59.45 54.84 56.76JPM India I (acc) - USD 154.96 140.55 143.03JPM India I (dist) - USD 141.80 129.86 138.93JPM India T (acc) - EUR 102.31 96.96 99.63JPM India X (acc) - USD 42.34 38.11 38.49

JPMorgan Funds - Indonesia Equity FundJPM Indonesia Equity A (acc) - USD 104.20 94.19 89.56JPMorgan Indonesia Equity B (acc) - USD*** - - 68.49JPM Indonesia Equity C (acc) - USD 83.90 75.21 70.90JPM Indonesia Equity D (acc) - EUR 88.15 80.58 76.63JPM Indonesia Equity D (acc) - USD 100.15 91.19 87.36JPM Indonesia Equity X (acc) - JPY 10,009.00 8,232.00 9,160.00

JPMorgan Funds - Japan Equity FundJPM Japan Equity A (acc) - EUR 9.17 9.27 8.54JPM Japan Equity A (acc) - EUR (hedged) 96.56 87.87 96.88JPM Japan Equity A (acc) - JPY 1,052.00 949.00 1,047.00JPM Japan Equity A (acc) - SGD (hedged) 10.60 9.50 -JPM Japan Equity A (acc) - USD 12.52 12.32 11.43JPM Japan Equity A (acc) - USD (hedged) 132.76 118.95 132.61JPM Japan Equity A (dist) - GBP 12.25 11.66 9.24JPM Japan Equity A (dist) - GBP (hedged) 79.98 72.39 81.05JPM Japan Equity A (dist) - JPY 11,950.00 - -JPM Japan Equity A (dist) - SGD 14.20 13.71 12.71JPM Japan Equity A (dist) - USD 31.38 30.89 28.67JPMorgan Japan Equity B (acc) - USD*** - - 13.58JPMorgan Japan Equity B (dist) - USD*** - - 123.79JPM Japan Equity C (acc) - EUR 118.86 119.23 108.88JPM Japan Equity C (acc) - EUR (hedged) 81.66 73.69 -JPM Japan Equity C (acc) - JPY 11,317.00 10,127.00 -JPM Japan Equity C (acc) - USD 15.50 15.14 13.93JPM Japan Equity C (acc) - USD (hedged) 139.61 124.10 137.26JPM Japan Equity C (dist) - GBP 103.75 98.69 77.51JPM Japan Equity C (dist) - USD 165.76 163.45 150.55JPM Japan Equity D (acc) - EUR 7.08 7.22 6.70JPM Japan Equity D (acc) - EUR (hedged) 118.08 - -JPM Japan Equity D (acc) - JPY 11,878.00 - -JPM Japan Equity D (acc) - USD 9.82 9.74 9.10JPM Japan Equity I (acc) - EUR 98.82 - -JPM Japan Equity I (acc) - JPY 11,350.00 10,152.00 -JPM Japan Equity I (acc) - USD 146.31 142.80 131.32JPM Japan Equity J (dist) - USD 16.75 16.51 15.33JPM Japan Equity X (acc) - JPY 10,100.00 8,967.00 -JPM Japan Equity X (acc) - USD 16.45 15.93 14.54JPM Japan Equity X (acc) - USD (hedged) 108.22 - -

JPMorgan Funds - Korea Equity FundJPM Korea Equity A (acc) - EUR 10.29 8.33 8.76JPM Korea Equity A (acc) - USD 11.74 9.26 9.82JPM Korea Equity A (dist) - USD 12.18 9.62 10.20JPMorgan Korea Equity B (acc) - EUR*** - - 90.65JPMorgan Korea Equity B (acc) - USD*** - - 12.34JPM Korea Equity C (acc) - EUR 95.50 76.70 80.01JPM Korea Equity C (acc) - SGD 12.95 9.92 -JPM Korea Equity C (acc) - USD 113.33 88.60 93.11JPM Korea Equity C (dist) - USD 135.01 106.84 -JPM Korea Equity D (acc) - USD 10.64 8.47 9.07JPM Korea Equity I (acc) - USD 113.56 88.74 93.23JPM Korea Equity X (acc) - USD 144.63 112.18 -


48



30 June 2017 30 June 2016 30 June 2015

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR 70.32 63.61 68.56JPM Latin America Equity A (acc) - SGD 11.31 9.75 10.57JPM Latin America Equity A (acc) - USD 24.08 21.20 23.01JPM Latin America Equity A (dist) - USD 43.50 38.58 42.13JPMorgan Latin America Equity A (dist) - USD*** - - 30.47JPM Latin America Equity B (acc) - EUR*** - - 71.26JPM Latin America Equity B (acc) - USD*** - - 14.37JPM Latin America Equity B (dist) - USD*** - - 72.66JPM Latin America Equity C (acc) - EUR 74.88 67.23 71.92JPM Latin America Equity C (acc) - SGD 12.99 11.12 -JPM Latin America Equity C (acc) - USD 28.47 24.88 26.82JPM Latin America Equity C (dist) - USD 110.49 97.86 106.20JPM Latin America Equity D (acc) - EUR 68.72 62.79 68.36JPM Latin America Equity D (acc) - USD 34.03 30.27 33.20JPM Latin America Equity I (acc) - EUR** 94.37 - -JPM Latin America Equity I (acc) - JPY 8,671.00 6,942.00 8,897.00JPM Latin America Equity I (acc) - USD 16.67 14.56 15.68JPM Latin America Equity I (dist) - USD 79.95 70.82 77.63JPM Latin America Equity T (acc) - EUR* - - 59.24JPM Latin America Equity X (acc) - USD 34.93 30.26 32.31

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 10.18 8.69 8.45JPM Russia A (dist) - USD 9.11 8.00 8.08JPM Russia B (acc) - USD*** - - 5.85JPM Russia C (acc) - USD 4.95 4.19 4.05JPM Russia C (dist) - USD 77.14 67.68 70.17JPM Russia D (acc) - EUR 74.13 65.65 64.04JPM Russia D (acc) - USD 7.31 6.30 6.20JPM Russia I (acc) - USD 5.43 4.60 4.44JPM Russia T (acc) - EUR 68.91 61.03 59.54JPM Russia X (acc) - USD 90.65 - -

JPMorgan Funds - Singapore FundJPM Singapore A (acc) - SGD 19.96 16.63 18.52JPM Singapore A (acc) - USD 29.53 25.13 28.03JPM Singapore A (dist) - USD 33.79 29.26 33.93JPM Singapore C (acc) - SGD 11.69 9.67 -JPM Singapore C (acc) - USD 31.84 26.88 29.72JPM Singapore C (dist) - USD 98.50 85.26 98.14JPM Singapore D (acc) - USD 48.24 41.47 46.72JPM Singapore I (acc) - USD 107.51 90.73 100.29JPM Singapore X (acc) - USD 142.46 119.28 -

JPMorgan Funds - Taiwan FundJPM Taiwan A (acc) - EUR 25.55 20.65 22.37JPM Taiwan A (acc) - USD 23.13 18.20 19.86JPM Taiwan A (dist) - HKD 16.48 13.16 14.76JPM Taiwan A (dist) - USD 18.29 14.69 16.49JPMorgan Taiwan B (acc) - USD*** - - 112.17JPM Taiwan C (acc) - USD 28.16 21.97 23.77JPM Taiwan C (dist) - USD 128.94 103.08 114.91JPM Taiwan D (acc) - USD 19.26 15.30 16.87JPM Taiwan I (acc) - EUR 115.82 92.78 99.61JPM Taiwan X (acc) - USD* - - 103.85

JPMorgan Funds - Total Emerging Markets Income FundJPM Total Emerging Markets Income A (acc) - EUR 86.89 79.27 84.05JPM Total Emerging Markets Income A (acc) - USD 99.19 88.09 94.09JPM Total Emerging Markets Income A (inc) - EUR 79.66 75.21 82.61JPM Total Emerging Markets Income A (irc) - AUD (hedged) 10.44 - -JPM Total Emerging Markets Income A (mth) - HKD** 10.55 - -JPM Total Emerging Markets Income A (mth) - USD 81.40 76.15 85.89JPM Total Emerging Markets Income C (acc) - EUR 92.46 83.73 88.11JPM Total Emerging Markets Income D (acc) - EUR 84.79 77.86 83.10JPM Total Emerging Markets Income D (acc) - USD 96.83 86.56 93.06JPM Total Emerging Markets Income D (div) - EUR 72.58 70.33 79.26JPM Total Emerging Markets Income D (mth) - EUR 96.50 - -JPM Total Emerging Markets Income D (mth) - USD 79.35 74.78 84.89JPM Total Emerging Markets Income X (acc) - GBP 85.25 72.09 64.77


49



30 June 2017 30 June 2016 30 June 2015

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - EUR (hedged) 82.49 84.47 81.25JPM US Aggregate Bond A (acc) - USD 16.46 16.57 15.79JPM US Aggregate Bond A (div) - USD 93.01 96.15 94.15JPM US Aggregate Bond A (inc) - USD 12.22 12.66 12.41JPM US Aggregate Bond A (mth) - HKD 10.36 10.64 10.42JPM US Aggregate Bond A (mth) - SGD 12.90 13.05 12.76JPM US Aggregate Bond A (mth) - SGD (hedged) 12.04 12.49 12.15JPM US Aggregate Bond A (mth) - USD 10.00 10.34 10.13JPM US Aggregate Bond B (acc) - USD*** - - 16.03JPM US Aggregate Bond B (dist) - USD*** - - 100.74JPM US Aggregate Bond C (acc) - EUR (hedged) 82.52 84.08 80.47JPM US Aggregate Bond C (acc) - USD 17.12 17.14 16.25JPM US Aggregate Bond C (dist) - EUR (hedged) 101.40 - -JPM US Aggregate Bond C (dist) - GBP (hedged)** 100.99 - -JPM US Aggregate Bond C (dist) - USD 100.49 104.09 99.68JPM US Aggregate Bond C (div) - USD 99.81 102.68 -JPM US Aggregate Bond C (inc) - USD 101.40 105.05 102.93JPM US Aggregate Bond C (mth) - HKD 10.00 10.24 -JPM US Aggregate Bond C (mth) - SGD 9.80 9.88 -JPM US Aggregate Bond C (mth) - SGD (hedged) 9.94 10.27 -JPM US Aggregate Bond C (mth) - USD 94.81 97.52 95.01JPM US Aggregate Bond D (acc) - EUR (hedged) 80.58 82.71 79.76JPM US Aggregate Bond D (acc) - USD 18.22 18.38 17.57JPM US Aggregate Bond I (acc) - EUR (hedged) 98.28 - -JPM US Aggregate Bond I (acc) - USD 119.62 119.72 113.51JPM US Aggregate Bond I (dist) - EUR (hedged) 100.80 - -JPM US Aggregate Bond I (dist) - GBP (hedged) 101.36 - -JPM US Aggregate Bond I (dist) - USD 101.95 - -JPM US Aggregate Bond I (inc) - USD 101.65 105.27 103.19JPM US Aggregate Bond X (acc) - EUR (hedged)** 100.49 - -JPM US Aggregate Bond I (mth) - USD* - - 97.32JPM US Aggregate Bond X (acc) - USD 18.65 18.58 17.54JPM US Aggregate Bond X (dist) - USD 102.01 105.69 103.62

JPMorgan Funds - US Dollar Money Market FundJPM US Dollar Money Market A (acc) - USD 100.66 100.09 100.01JPMorgan US Dollar Money Market A (acc) - USD*** - - 100.01

JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 13.18 10.57 11.48JPM US Growth A (acc) - USD 23.44 18.46 20.01JPM US Growth A (dist) - GBP 13.79 10.52 9.75JPM US Growth A (dist) - USD 12.45 9.85 10.69JPM US Growth B (acc) - EUR (hedged)*** - - 109.46JPM US Growth B (acc) - USD*** - - 19.67JPM US Growth C (acc) - EUR (hedged) 18.26 14.50 15.60JPM US Growth C (acc) - USD 22.80 17.80 19.13JPM US Growth C (dist) - GBP 161.37 122.55 112.93JPM US Growth C (dist) - USD 195.87 154.06 166.49JPM US Growth D (acc) - EUR (hedged) 12.20 9.86 10.78JPM US Growth D (acc) - USD 11.12 8.83 9.66JPM US Growth I (acc) - EUR (hedged) 112.38 89.18 95.89JPM US Growth I (acc) - JPY 19,526.00 13,966.00 17,854.00JPM US Growth I (acc) - USD 154.67 120.72 129.70JPM US Growth I (dist) - GBP 119.72 90.89 83.80JPM US Growth I (dist) - USD 155.38 122.17 132.06JPM US Growth P (dist) - USD 156.44 121.83 130.82JPM US Growth T (acc) - EUR (hedged) 129.54 104.64 114.49JPM US Growth X (acc) - USD 26.27 20.39 21.76

JPMorgan Funds - US High Yield Plus Bond FundJPM US High Yield Plus Bond A (acc) - EUR (hedged) 87.98 80.77 81.92JPM US High Yield Plus Bond A (acc) - USD 133.28 120.38 121.48JPM US High Yield Plus Bond A (dist) - GBP (hedged) 61.29 59.36 63.32JPM US High Yield Plus Bond A (dist) - USD 100.87 96.23 101.12JPM US High Yield Plus Bond A (div) - EUR (hedged) 68.69 67.22 72.99JPM US High Yield Plus Bond A (mth) - HKD 10.61 10.14 10.95JPM US High Yield Plus Bond A (mth) - USD 95.02 91.37 98.81JPM US High Yield Plus Bond C (acc) - EUR (hedged) 101.98 - -JPM US High Yield Plus Bond B (acc) - USD*** - - 104.82JPM US High Yield Plus Bond C (acc) - USD 109.88 98.72 99.08JPM US High Yield Plus Bond D (div) - EUR (hedged) 67.41 66.30 72.33JPM US High Yield Plus Bond X (acc) - EUR (hedged) 91.96 83.54 83.81JPM US High Yield Plus Bond X (acc) - GBP (hedged)* - - 70.79JPM US High Yield Plus Bond X (acc) - USD 122.77 109.71 -


50



30 June 2017 30 June 2016 30 June 2015

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 225.17 166.00 180.13JPM US Technology A (acc) - SGD 28.09 19.73 21.54JPM US Technology A (acc) - USD 27.22 19.52 21.33JPM US Technology A (dist) - GBP 4.21 2.92 2.74JPM US Technology A (dist) - USD 13.70 9.83 10.76JPMorgan US Technology A (dist) - USD*** - - 3.09JPM US Technology B (acc) - USD*** - - 155.40JPM US Technology B (dist) - USD*** - - 159.20JPM US Technology C (acc) - EUR 118.89 86.95 -JPM US Technology C (acc) - USD 25.54 18.18 19.72JPM US Technology C (dist) - USD 202.07 144.44 156.77JPM US Technology D (acc) - EUR 21.28 15.85 17.37JPM US Technology D (acc) - USD 3.42 2.48 2.73JPM US Technology I (acc) - USD 165.21 117.67 127.56JPM US Technology I (dist) - USD* - 121.27 131.45JPM US Technology X (acc) - USD 152.95 107.97 -

JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR 96.89 84.23 87.97JPM US Value A (acc) - EUR (hedged) 12.54 10.76 11.32JPM US Value A (acc) - SGD 12.99 10.76 11.31JPM US Value A (acc) - USD 21.31 18.01 18.93JPM US Value A (dist) - GBP 28.33 23.50 21.40JPM US Value A (dist) - USD 25.74 22.09 23.55JPMorgan US Value A (dist) - USD*** - - 20.58JPM US Value B (acc) - EUR (hedged)*** - - 101.43JPM US Value B (acc) - USD*** - - 22.13JPM US Value C (acc) - EUR 107.20 92.31 95.47JPM US Value C (acc) - EUR (hedged) 19.25 16.38 17.07JPM US Value C (acc) - USD 26.69 22.37 23.31JPM US Value C (dist) - GBP 116.44 96.42 87.13JPM US Value C (dist) - USD 138.49 118.05 125.00JPM US Value D (acc) - EUR (hedged) 11.58 10.01 10.61JPM US Value D (acc) - USD 23.89 20.35 21.56JPM US Value I (acc) - EUR (hedged) 101.28 86.12 89.72JPM US Value I (acc) - USD 190.81 159.86 166.50JPM US Value I (dist) - GBP 103.38 85.09 76.90JPM US Value I (dist) - USD 135.34 115.37 122.24JPM US Value X (acc) - USD 27.11 22.57 23.35



51

1. OrganisationJPMorgan Funds (the “Fund” or the “SICAV”) is an investment company incorporated on 14 April 1969 under the name Multi Trust Fund S.A.. The name of theSICAV was changed to Fleming International Fund on 3 July 1984, to Fleming Flagship Fund on 19 October 1988, to Fleming Funds on 2 June 2000, toJPMorgan Fleming Funds on 19 November 2001 and then to JPMorgan Funds on 12 September 2005.

It is organised under Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as amended, as a Société Anonymequalifying as a Société d’Investissement à Capital Variable (SICAV). As at 30 June 2017, it comprises 120 Sub-Funds, each relating to a separate investmentportfolio consisting of securities, cash and other instruments.

JPMorgan Asset Management (Europe) S.à r.l. was appointed by the SICAV to act as Management Company.

The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg, under number B 8478.

Each Sub-Fund may contain A, C, D, I, J, P, S, T, X and Y Share Classes. These Share Classes may differ in the minimum subscription amount, minimum holdingamount, currency and/or eligibility requirements, the fees and expenses, and the dividend policy applicable to them. Certain Share Classes may charge aPerformance Fee and are redenominated by the inclusion of “(perf)” in the name of the Share Class. Within each Sub-Fund, individual Share Classes mayhave a currency of denomination that differs from the currency of denomination of the Sub-Fund. The currency of denomination for each Share Class isindicated by a suffix in the name of the Share Class.

2. Significant Accounting PoliciesThe Financial Statements are prepared in accordance with Luxembourg regulations (under Luxembourg GAAP) relating to Undertakings for CollectiveInvestment.

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 values of the Sub-Funds calculated on 30 June 2017 except for JPMorgan Funds -Emerging Middle East Equity Fund which was calculated on 29 June 2017 and JPMorgan Funds - Indonesia Equity Fund on 22 June 2017. In accordance withthe Prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation.

In managing the daily priced funds, the Board’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and inthis context the Management Company has implemented a Fair Value Committee (FVC) to address any potential valuation concerns. In line with this, noadjustments were made on 30 June 2017 as the portfolio value at the valuation point represents the same value since closure of the portfolios’ relevantunderlying markets.

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 Sub-Fund. If on any Valuation Day,the aggregate net transactions in Shares of a Sub-Fund exceed a pre-determined threshold, as determined and reviewed for each Sub-Fund on a periodicbasis by the Management Company, the Net Asset Value per Share may be adjusted upwards or downwards to reflect net inflows and net outflowsrespectively.

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 the money market Sub-Funds. The extent ofthe price adjustment will be set by the Management Company to reflect dealing and other costs. Such adjustment may vary from Sub-Fund to Sub-Fund andwill not exceed 2% of the original Net Asset Value per Share. The price adjustment applicable to a specific Sub-Fund is available on request from theManagement Company at its registered office.

The official Net Asset Value per Share as at year end, disclosed in the Statistical Information section of this report may therefore include a swing pricingadjustment, which would not be recognised in the Combined Statement of Net Assets and in the Combined Statement of Operations and Changes in NetAssets.

As at year end, a swing pricing adjustment has been applied to: JPMorgan Funds - Asia Pacific Equity Fund, JPMorgan Funds - Europe Dynamic Fund,JPMorgan Funds - Europe Equity Fund and JPMorgan Funds - Global Government Bond Fund.

Similarly, in order to protect the interests of Shareholders in a Sub-Fund that is being merged, the Management Company may adjust the final Net AssetValue per Share of the merging Sub-Fund, or make other appropriate adjustments in order to neutralise for the Sub-Fund being merged, the impact of anypricing adjustment made through the swing pricing mechanism in the absorbing Sub-Fund as a result of cash inflows or outflows in the absorbing Sub-Fundon the merger date.

The Management Company may consider it appropriate not to apply the swing pricing adjustment to the Net Asset Value per Share of a Sub-Fund where it isseeking to attract inflows so that the Sub-Fund reaches a certain size. If a decision is taken in relation to a Sub-Fund the Management Company will pay thedealing and other costs resulting from securities trades to avoid the Sub-Fund suffering dilution of the net asset value. Where this happens shareholders willsubscribe or redeem at a net asset value that will not have been adjusted upwards as would have been the case if the swing pricing mechanism had beenapplied.

As at 30 June 2017, the Management Company has determined to apply this mechanism to the following Sub-Funds until such time that the Sub-Fundreaches a certain size (“AUM target”) or for a specific period of time (“End of Waiver Period”) whichever comes first. See Notes 17c) and 18e).

Sub-Fund Effective Date AUM Target End of Waiver Period

JPMorgan Funds - Income Fund 1 July 2016 USD 250 million 31 March 2018

JPMorgan FundsNotes to the Financial Statements

As at 30 June 2017

52

c) Realised and Unrealised Gains and Losses on InvestmentsInvestment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investmentschemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents.

Realised gains and losses on sales of investments are calculated on the average book cost. The associated foreign exchange movement between the date ofpurchase and date of sale of investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings of investments arecalculated on the total book cost and include the associated unrealised gains and losses on foreign exchange.

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

e) Conversion of Foreign CurrenciesThe books and records of each Sub-Fund are denominated in the base currency of the corresponding Sub-Fund. Amounts denominated in other currenciesare translated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currenciesare converted each business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales offoreign investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of suchtransactions.

Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains and losses from the sale and holding offoreign currencies and foreign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions and forwardcurrency exchange contracts; and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amountsactually 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 SICAV as reflected in the combined statements is USD.

The principal exchange rates applied for the year ended 30 June 2017 are the latest exchange rates known at the time of the NAV calculation:

1 USD = 1.300846930 AUD; 1 USD = 0.875687440 EUR; 1 USD = 8.392700000 NOK;

1 USD = 1.296030000 CAD; 1 USD = 0.770712920 GBP; 1 USD = 1.365094940 NZD;

1 USD = 0.956810000 CHF; 1 USD = 7.806200000 HKD; 1 USD = 3.699400000 PLN;

1 USD = 6.783600000 CNH; 1 USD = 270.610000000 HUF; 1 USD = 8.433060000 SEK;

1 USD = 22.898600000 CZK; 1 USD = 112.155000000 JPY; 1 USD = 1.376410000 SGD.

f) Forward Currency Exchange ContractsUnrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevantvaluation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change inUnrealised Gain/(Loss) on Forward Currency Exchange Contracts”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net RealisedGain/(Loss) on Forward Currency Exchange Contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses arerecorded under “Net Unrealised Gain/(Loss) on Forward Currency 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. The frequency of those margin payments may differ depending onwhere the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or costof, the closing transaction and the initial cost of the contract in “Net Realised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement ofOperations and Changes in Net Assets.

Unrealised gains or losses are recorded under “Net Unrealised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Net Assets. Thechanges in such amounts are recorded under “Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement ofOperations and Changes in Net Assets.

h) Option ContractsThe SICAV writes options on securities, futures and currencies. These options are settled in cash and subject the SICAV to unlimited risk of loss. The SICAV,however, is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception ofthe contract.

Option contracts purchased are recorded as investments; option contracts written or sold are recorded as liabilities. When the exercise of an option results ina cash settlement, the difference between the premium and the settlement proceeds is accounted for as a realised gain or loss. When securities are acquiredor delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, thedifference between the premium and the cost to close the position is accounted for as a realised gain or loss. When an option expires, the premium isaccounted for as a realised gain for options written or as a realised loss for options purchased.

For options on futures, where the investment manager is based in the United Kingdom, variation margin payments are made or received daily, dependingupon whether losses or gains are incurred on the underlying financial futures contracts.

The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The changes in unrealisedgains or losses are recorded under “Net Change in Unrealised Gain/(Loss) on Other Derivative Instruments” in the Combined Statement of Operations andChanges in Net Assets. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Other Derivative Instruments” inthe Combined Statement of Operations and Changes in Net Assets.

i) 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.

Certain Sub-Funds may enter into Dollar Rolls, principally using TBAs, in which the Sub-Funds sell mortgage-backed securities for delivery in the currentmonth and simultaneously contract to repurchase similar, but not identical, securities at an agreed-upon price on a fixed date. The Sub-Funds account for

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2017

53

such Dollar 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 at 30 June 2017, which are included in “Investment in TBAs at Market Value” and “Open Short Positions onTBAs” in the Combined Statement of Net Assets. The changes in unrealised gains or losses are included in the Combined Statement of Operations andChanges in Net Assets under “Net Change in Unrealised Gain/(Loss) on TBAs”. When a contract is closed, the realised gains or losses are recorded under “NetRealised Gain/(Loss) on TBAs” in the Combined Statement of Operations and Changes in Net Assets.

j) Interest Rate Swap ContractsAn interest rate swap contract is a bilateral agreement in which each of the parties agree to exchange a series of interest payments for another series ofinterest payments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged.

The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The interest on interest rateswap contracts are recorded under “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) onOther Derivative Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Other DerivativeInstruments” in the Combined Statement of Operations and Changes in Net Assets.

k) Total Return Swap ContractsThe 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, basket of securities, index, or instruments and an agreed upon notional amount. Any such underlying security or instrumentmust be a transferable security and any such index must be an index of a regulated market.

A total return swap contract will exchange the total performance on a specific basket of securities, selected by the Investment Manager against a referencerate plus a spread. The total performance includes interest, dividends, gains and losses on the underlying securities during the contract period according tothe type of underlying. The risk of this type of instrument will depend on the uncertain evolution, at the time of the contract conclusion, of the performance ofthe underlying. These underlying securities are listed on a primary exchange.

The value of the underlying securities shall be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers. 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 “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The changes in suchamounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on Other DerivativeInstruments”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Other Derivative Instruments” in theCombined Statement of Operations and Changes in Net Assets.

l) Credit Default Swap ContractsA credit default swap contract is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixedperiodic coupon for the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined referenceasset, 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 securitiesshall be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers.

The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The changes in unrealisedgains or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on OtherDerivative Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Other DerivativeInstruments” in the Combined Statement of Operations and Changes in Net Assets.

m) Commodity Index Swap ContractsA commodity index swap contract is a bilateral agreement in which each of the parties agree to exchange the total return of a specified commodity indexagainst money market rate plus fees.

The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The changes in unrealisedgains or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on OtherDerivative Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Other DerivativeInstruments” in the Combined Statement of Operations and Changes in Net Assets.

n) Consolidation of Mauritian SubsidiaryAll income, expenses, receivables, payables and investments of JPMorgan SICAV Investment Company (Mauritius) Limited (the “Subsidiary”), awholly-owned subsidiary of JPMorgan Funds - India Fund, are consolidated into the Combined Statement of Net Assets and the Combined Statement ofOperations and Changes in Net Assets of JPMorgan Funds - India Fund. Securities owned by the Subsidiary are individually disclosed in the Schedule ofInvestments of JPMorgan Funds - India Fund. Intercompany balances are eliminated on consolidation.

The use of the Mauritius Subsidiary and the tax treatment it is afforded, is based on the law and practice currently in force in the relevant countries, asunderstood by the Board of Directors. It is subject to any future changes and such changes may adversely affect the returns of the Sub-Fund. This includesany circumstances where the India/Mauritius Double Taxation Treaty may not be applied or ceases to be applied, resulting from, inter alia, any ruling by theIndian tax authorities. Should the treaty not be applied, or cease to be applied, interest on securities listed on an Indian stock exchange would be subject totax at a maximum rate of 20%. Capital gains on disposal of such investments would be subject to tax at rates of 0% to 15% from 1 April 2011 in respect of listedsecurities depending on the length of time the relevant investment has been held.

The Subsidiary received tax assessments from the Mauritius Revenue Authority (“MRA”) in respect of the treatment of capital gains in the income taxcomputation and subsequently objected to these by appealing to the Mauritius Assessment Review Committee (“ARC”). On 11 September 2014 the ARC ruledin favour of the MRA for the tax assessments for the periods before 2009. As a result a sum of MUR 18,615,727 (USD 610,352) was paid to the MRA for the taxassessments and interest for the periods before 2009. As a result, an additional tax provision including interest for periods after 2009 was made on 14February 2017. As at 30 June 2017, the total recognised tax provision amounts to USD 562,115.

3. Fees and Expenses

a) Capped Expense RatioThe maximum total fees and expenses to be borne by shareholders on a Share Class of any Sub-Fund will not exceed a capped percentage of the total netassets attributable to that Share Class. These capped fees and expenses comprise the Management Advisory Fees, Distribution Fees and other Operating andAdministrative Expenses; it does not cover performance fees, if any.

No other costs are charged to these Share Classes and the Management Company absorbs any difference that may arise between the actual costs of theoperations of these Share Classes and the capped percentage. To the extent that actual operating costs exceed the capped percentage, the amount borne by


As at 30 June 2017

54

the Management Company will be separately disclosed as a “Fee Waiver’’ in the Combined Statement of Net Assets and the Combined Statement ofOperations and Changes in Net Assets.

This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio as shown in the Appendix.

b) Management and Advisory FeesThe SICAV pays to the Management Company a management fee calculated as a percentage of the average daily net assets of each Sub-Fund or Share Classunder its management (“Management and Advisory Fee”). The Management and Advisory Fees are accrued daily and payable monthly in arrears at amaximum rate as specified in the Prospectus. The Management Company may at its absolute discretion and from time to time (which in certaincircumstances may be daily) decide to vary such rate between the maximum and 0.0%.

The maximum Management and Advisory Fee that can be charged on P Share Classes is stated in the Prospectus. However, the actual Management andAdvisory Fee charged may be lower as J.P. Morgan International Bank Limited will also charge and collect a separate and additional fee from their clients.

Charges for the management of the Sub-Funds in respect of the X and Y Share Classes of the Sub-Funds are administratively levied and collected by theManagement Company or the appropriate JPMorgan Chase & Co. entity directly from the Shareholder.

Sub-Funds may invest in UCITS, other UCIs and closed ended investment undertakings qualifying as transferable securities within the meaning of UCITS rules(including investment trusts) (the “Undertakings”) managed by the Management Company, the Investment Managers, or any other member of JPMorganChase & Co. In accordance with the Prospectus, no double charging of fees will occur with the exception of Performance Fees. The avoidance of adouble-charge of the Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the net assets on which theManagement and Advisory Fee are calculated; or b) investing in Undertakings via classes that do not accrue a Management and Advisory Fee or otherequivalent fees payable to the relevant adviser’s group; or c) the Management and Advisory Fee being netted off by a rebate to the SICAV or Sub-Fund of themanagement and advisory fee (or equivalent) charged to the underlying Undertakings; or d) charging only the difference between the Management andAdvisory Fee of the SICAV or Sub-Fund as per Prospectus and the Management and Advisory Fee (or equivalent) charged to the underlying Undertakings.

An additional fee may be charged to remunerate the Sub-Investment Managers as specified in the Prospectus. Such fee will be calculated as a percentage ofthe average daily net assets which are allocated to each Sub-Investment Manager in the relevant Sub-Fund. This is accrued daily and payable monthly inarrears to the Management Company.

Where a Sub-Fund invests in Undertakings managed by investment managers which are not members of JPMorgan Chase & Co. group, the Management andAdvisory Fee, as specified in the Prospectus, may be charged regardless of any fees reflected in the price of the shares or units of the Undertakings.

c) Operating and Administrative ExpensesThe SICAV bears all its ordinary operating and administrative expenses at the rates set out in the Prospectus (“Operating and Administrative Expenses”) tomeet all fixed and variable costs, charges, fees and other expenses incurred in the operation and administration of the SICAV from time to time. TheOperating and Administrative Expenses are capped for each Share Class at the maximum rate set out in the Prospectus. The Operating and AdministrativeExpenses are calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class. They are accrued daily and payable monthly inarrears at a maximum rate as specified in the Prospectus.

The Operating and Administrative Expenses cover:

i) A “Fund Servicing Fee” paid to the Management Company for the services that the Management Company provides to the SICAV. The Fund Servicing Feewill be reviewed annually and will not exceed 0.15% per annum.

ii) Expenses directly contracted by the SICAV (“Direct Fund Expenses”) and expenses directly contracted by the Management Company on behalf of the SICAV(“Indirect Fund Expenses”) as detailed in the Prospectus.

Operating and Administrative Expenses do not include Transaction Fees and Extraordinary Expenses.

The Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, any other member of JPMorgan Chase & Co. and also otherinvestment managers. Where a Sub-Fund invests primarily in UCITS and other UCIs managed by the Management Company or any other member ofJPMorgan Chase & Co. and where specifically indicated for each Sub-Fund in the Prospectus, no double-charging of Operating and Administrative Expenseswill occur. The avoidance of a double-charge is achieved by the Operating and Administrative Expenses being netted off by a rebate to the Sub-Fund of theOperating and Administrative Expenses (or equivalent) charged to the underlying UCITS or other UCIs managed by the Management Company and any othermember of JPMorgan Chase & Co. Where the Sub-Funds invest in UCITS and other UCIs managed by other investment managers, the Operating andAdministrative Expenses may not be subject to the above-mentioned rebate process.

The Management Company will bear any Operating and Administrative Expenses which exceed the maximum rate specified in the Prospectus. At itsdiscretion, the Management Company may on a temporary basis meet the Direct and/or Indirect Fund Expenses on a Sub-Fund’s behalf and/or waive all orpart of the Fund Servicing Fee.

d) Performance FeesAs set out in the Prospectus, the Management Company is entitled to receive from the net assets of certain Sub-Funds or Share Classes, an annualperformance-based incentive fee (the “Performance Fee”) if the performance of the Sub-Fund exceeds the return from the benchmark, subject to theoperation of a Claw-Back Mechanism or of a High Water Mark as defined in the Prospectus and as specified in the Prospectus for each Sub-Fund. On eachValuation Day, an accrual for the previous Valuation Day’s Performance Fee is made, when appropriate, and the final Performance Fee is payable annually.Pursuant to the provisions of the relevant Investment Management Agreement, the Investment Manager may be entitled to receive the whole or part of thePerformance Fee from the Management Company.

On each Valuation Day, the net asset value of each Share Class of each Sub-Fund for which a Performance Fee applies, which includes an accrual for all feesand expenses (including the Management and Advisory Fee, and the Operating and Administrative Expenses to be borne by the relevant Share Class at therate set out in the Prospectus), is adjusted for any dividend distributions and for subscriptions and redemptions dealt with on that Valuation Day, if any, andany Performance Fee accrued through that day in respect of such Share Class is added back (the “Adjusted net asset value”). For purposes of calculating thePerformance Fee, the “Share Class Return” is computed on each Valuation Day, as the difference between the net asset value (adjusted by adding back anyaccrued Performance Fee) on such 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 Share Class.

Claw-Back mechanismThe Claw-Back mechanism may accrue a Performance Fee where there is negative return, provided that the performance exceeds the Performance FeeBenchmark return since the last time a Performance Fee was paid.

High Water Mark MethodThe High Water Mark mechanism introduces an additional requirement that a Performance Fee may only be accrued where the Net Asset Value per Share ishigher than the greater of the Net Asset Value per Share at launch of the Share Class, and the Net Asset Value per Share at which the last Performance Feewas paid.


As at 30 June 2017

55

e) Distribution FeesThe SICAV pays to the Management Company a distribution fee (the “Distribution Fee”) in respect of D and T Share Classes. The Distribution Fee rate payablefor each Share Class is stated in the Prospectus. The Management Company may at its absolute discretion and from time to time (which in certaincircumstances may be daily) decide to vary such rate between the maximum and 0.0%. The Management Company may pay all or part of the Distribution Feeto certain Distributors for the services provided by them in relation to the distribution of the D and T Share Classes.

4. Distribution PolicyShare Classes with the suffix “(acc)” are accumulation Share Classes and will not normally pay dividends.

Distribution Share Classes will normally pay dividends as described below.

Share Classes suffixed “(dist)” and suffixed “(inc)”It is intended that all those Share Classes with the suffix “(dist)” will meet the conditions to qualify as “reporting” for the purposes of the United Kingdom taxlegislation relating to offshore funds and will, if appropriate, pay dividends which at least meet the greater of the reportable income under that legislation orthe taxable earnings from investments in accordance with the German Investment Tax Act. It is intended that those Share Classes with the suffix “(inc)” will, ifappropriate, pay dividends equal to or in excess of the taxable earnings from investments in accordance with the German Investment Tax Act. Payment ofdividends on these Share Classes will normally be made in September of each year.

Share Classes suffixed “(div)”Share Classes with the suffix “(div)” will normally pay quarterly dividends which are calculated by the Management Company based on the estimated annualyield of the relevant Sub-Fund’s portfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each ShareClass at least semi-annually, but may adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield.

Investors should be aware that “(div)” Share Classes give priority to dividends, rather than to capital growth. The expected yield for each Share Class will becalculated gross of both the Management and Advisory Fee and the Operating and Administrative Expenses, and such Share Classes will typically distributemore than the income received. Share Classes with the suffix “(div)” in issue at the dividend record date will be eligible for any dividends which will normallybe paid in the currency of the relevant Share Class.

Share Classes suffixed “(mth)”Share Classes with the suffix “(mth)” will be available to Shareholders subscribing, and remaining subscribed, through specific Asian distribution networksand to other distributors at the sole discretion of the Management Company. Share Classes with the suffix “(mth)” will normally pay dividends on a monthlybasis. The monthly dividend rate per Share will be calculated by the Management Company based on the estimated annual yield of the relevant Sub-Fund’sportfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each Share Class at least semi-annually, butmay adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield. Investors should be aware that “(mth)” Share Classes givepriority to dividends, rather than to capital growth. The expected yield for each Share Class will be calculated gross of both the Management and AdvisoryFee and the Operating and Administrative Expenses, and such Share Classes will typically distribute more than the income received. Dividend payments forthese Share Classes will normally be made to Shareholders each month and will be paid in the currency of the relevant Share Class. The ManagementCompany reserves the right to fix a minimum amount per Share Class, below which the actual payment of the dividend would not be economically efficientfor the SICAV. These payments will be deferred to the following month or reinvested in further Shares of the same Share Class and not paid directly to theShareholders. The net asset value of “(mth)” Share Classes may fluctuate more than other Share Classes due to more frequent distribution of income.

Share Classes suffixed “(fix)”Share Classes with the suffix “(fix)” will normally pay a quarterly fixed dividend based on a total amount per Share per annum as defined in the Prospectus.Share Classes with the suffix “(fix)” may be closed, liquidated, not pay a dividend or reduce the dividend amount payable if the payment of the dividend isbelieved not to be in the best interests of all Shareholders collectively in the Share Class.

Share Classes suffixed “(irc)”Share Classes with the suffix “(irc)” will normally pay dividends on a monthly basis. The monthly dividend rate per Share will be variable and will be calculatedby the Management Company based on: the estimated gross annual yield of the relevant Sub-Fund’s portfolio attributable to that Share Class, which isrevised at least semi-annually; and the addition or deduction of the estimated interest rate carry depending on whether such carry is positive or negativerespectively. The interest rate carry is calculated using the average daily differential of the one month FX forward rate and the spot rate between these twocurrencies of the preceding calendar month.

Other InformationShareholders should note that, where the dividend rate is in excess of the investment income of the Share Class, dividends will be paid out of the capitalattributed to the Share Class, as well as from realised and unrealised capital gains. This may be tax inefficient for investors in certain countries. Investorsshould consult their local tax adviser about their own position. Share Classes with the suffix “(div)”, “(fix)”, “(inc)” and “(mth)” do not distribute the reportableincome in accordance with the United Kingdom tax legislation relating to offshore funds.

During the year ended 30 June 2017, the SICAV paid dividends as follows:

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.05 19/07/16

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.04 19/07/16

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.02 19/07/16

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.03 19/07/16

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.05 19/07/16

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.05 19/07/16

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 19/07/16

JPM Asia Pacific Income A (mth) - SGD SGD 0.05 19/07/16

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.04 19/07/16

JPM Asia Pacific Income A (mth) - USD USD 0.41 19/07/16

JPM Asia Pacific Income C (irc) - AUD (hedged) AUD 0.05 19/07/16

JPM Asia Pacific Income C (irc) - CAD (hedged) CAD 0.04 19/07/16

JPM Asia Pacific Income C (irc) - EUR (hedged) EUR 0.23 19/07/16

JPM Asia Pacific Income C (irc) - GBP (hedged) GBP 0.23 19/07/16

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Asia Pacific Income C (irc) - NZD (hedged) NZD 0.05 19/07/16

JPM Asia Pacific Income C (irc) - RMB (hedged) CNH 0.05 19/07/16

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 19/07/16

JPM Asia Pacific Income C (mth) - SGD SGD 0.04 19/07/16

JPM Asia Pacific Income C (mth) - SGD (hedged) SGD 0.04 19/07/16

JPM Asia Pacific Income C (mth) - USD USD 0.40 19/07/16

JPM Asia Pacific Income D (mth) - USD USD 0.38 19/07/16

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.05 19/07/16

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.04 19/07/16

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.07 19/07/16

JPM Emerging Markets Debt A (irc) - RMB (hedged) CNH 0.06 19/07/16

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 19/07/16

JPM Emerging Markets Debt A (mth) - HKD HKD 0.05 19/07/16

JPM Emerging Markets Debt A (mth) - USD USD 0.07 19/07/16


As at 30 June 2017

56

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Emerging Markets Debt C (irc) - AUD (hedged) AUD 0.06 19/07/16

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.05 19/07/16

JPM Emerging Markets Debt C (irc) - NZD (hedged) NZD 0.07 19/07/16

JPM Emerging Markets Debt C (mth) - EUR (hedged) EUR 0.45 19/07/16

JPM Emerging Markets Debt C (mth) - HKD HKD 0.05 19/07/16

JPM Emerging Markets Debt C (mth) - USD USD 0.48 19/07/16

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.03 19/07/16

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.03 19/07/16

JPM Emerging Markets Dividend A (irc) - RMB (hedged) CNH 0.03 19/07/16

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.03 19/07/16

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.03 19/07/16

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.03 19/07/16

JPM Emerging Markets Dividend A (mth) - USD USD 0.26 19/07/16

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.43 19/07/16

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.04 19/07/16

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.04 19/07/16

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.05 19/07/16

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.33 19/07/16

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.32 19/07/16

JPM Income Fund A (mth) - HKD HKD 0.05 19/07/16

JPM Income Fund A (mth) - USD USD 0.05 19/07/16

JPM Total Emerging Markets Income A (mth) - USD USD 0.31 19/07/16

JPM Total Emerging Markets Income D (mth) - USD USD 0.30 19/07/16

JPM US Aggregate Bond A (mth) - HKD HKD 0.02 19/07/16

JPM US Aggregate Bond A (mth) - SGD SGD 0.03 19/07/16

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 19/07/16

JPM US Aggregate Bond A (mth) - USD USD 0.02 19/07/16

JPM US Aggregate Bond C (mth) - HKD HKD 0.02 19/07/16

JPM US Aggregate Bond C (mth) - SGD SGD 0.02 19/07/16

JPM US Aggregate Bond C (mth) - SGD (hedged) SGD 0.02 19/07/16

JPM US Aggregate Bond C (mth) - USD USD 0.21 19/07/16

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.05 19/07/16

JPM US High Yield Plus Bond A (mth) - USD USD 0.48 19/07/16






























Class Name Currency

DividendAmount

per SharePayment

Date

































JPM Emerging Markets Dividend A (div) - EUR EUR 0.91 22/08/16

JPM Emerging Markets Dividend C (div) - EUR EUR 0.95 22/08/16

JPM Emerging Markets Dividend D (div) - EUR EUR 0.89 22/08/16

JPM Emerging Markets Dividend T (div) - EUR EUR 0.89 22/08/16

JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.29 22/08/16

JPM Emerging Markets Local Currency Debt C (div) - EUR EUR 1.11 22/08/16

JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.13 22/08/16

JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.25 22/08/16

JPM Income Fund A (div) - EUR (hedged) EUR 1.02 22/08/16

JPM Income Fund A (div) - USD USD 1.38 22/08/16

JPM Income Fund C (div) - EUR (hedged) EUR 1.02 22/08/16

JPM Income Fund D (div) - EUR (hedged) EUR 1.02 22/08/16

JPM Total Emerging Markets Income D (div) - EUR EUR 0.95 22/08/16

JPM US Aggregate Bond A (div) - USD USD 0.62 22/08/16

JPM US Aggregate Bond C (div) - USD USD 0.66 22/08/16

JPM US High Yield Plus Bond A (div) - EUR (hedged) EUR 1.13 22/08/16

JPM US High Yield Plus Bond D (div) - EUR (hedged) EUR 1.12 22/08/16















As at 30 June 2017

57

Class Name Currency

DividendAmount

per SharePayment

Date





































JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.05 20/09/16

JPM Total Emerging Markets Income A (mth) - HKD** HKD 0.04 20/09/16













JPM America Equity A (dist) - USD USD 1.07 26/09/16

JPM America Equity C (dist) - USD USD 1.43 26/09/16

JPM America Equity I (dist) - USD USD 1.08 26/09/16

JPM Asia Pacific Equity A (dist) - GBP GBP 1.55 26/09/16

JPM Asia Pacific Equity A (dist) - USD USD 1.97 26/09/16

JPM Asia Pacific Equity C (dist) - USD USD 2.43 26/09/16

JPM Asia Pacific Income A (dist) - USD USD 1.07 26/09/16

JPM Asia Pacific Income C (dist) - USD USD 4.57 26/09/16

JPM Brazil Equity A (dist) - USD USD 0.07 26/09/16

JPM China A (dist) - HKD HKD 0.19 26/09/16

Class Name Currency

DividendAmount

per SharePayment

Date

JPM China A (dist) - USD USD 0.76 26/09/16

JPM China C (dist) - HKD* HKD 0.19 26/09/16

JPM China C (dist) - USD USD 3.05 26/09/16

JPM China I (dist) - USD* USD 1.86 26/09/16

JPM Emerging Europe Equity A (dist) - EUR EUR 0.95 26/09/16

JPM Emerging Europe Equity C (dist) - EUR EUR 3.40 26/09/16

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.72 26/09/16

JPM Emerging Europe, Middle East and Africa Equity C (dist) - USD USD 2.01 26/09/16

JPM Emerging Markets Debt A (dist) - GBP GBP 3.50 26/09/16

JPM Emerging Markets Debt A (inc) - EUR (hedged) EUR 0.42 26/09/16

JPM Emerging Markets Debt A (inc) - USD USD 4.59 26/09/16

JPM Emerging Markets Debt C (dist) - USD USD 5.41 26/09/16

JPM Emerging Markets Debt C (inc) - EUR (hedged) EUR 4.02 26/09/16

JPM Emerging Markets Debt I (dist) - CHF (hedged) CHF 5.19 26/09/16

JPM Emerging Markets Debt I (dist) - USD* USD 5.34 26/09/16

JPM Emerging Markets Debt I (inc) - EUR (hedged) EUR 0.52 26/09/16

JPM Emerging Markets Debt X (dist) - USD USD 5.70 26/09/16

JPM Emerging Markets Dividend A (dist) - GBP GBP 1.82 26/09/16

JPM Emerging Markets Dividend A (inc) - EUR EUR 2.09 26/09/16

JPM Emerging Markets Dividend C (inc) - EUR EUR 2.80 26/09/16

JPM Emerging Markets Dividend X (inc) - EUR EUR 3.51 26/09/16

JPM Emerging Markets Equity A (dist) - GBP GBP 0.33 26/09/16

JPM Emerging Markets Equity A (dist) - USD USD 0.18 26/09/16

JPM Emerging Markets Equity C (dist) - GBP GBP 1.19 26/09/16

JPM Emerging Markets Equity C (dist) - USD USD 1.50 26/09/16

JPM Emerging Markets Equity I (dist) - GBP* GBP 1.15 26/09/16

JPM Emerging Markets Equity I (dist) - USD* USD 1.57 26/09/16

JPM Emerging Markets Equity I (inc) - EUR EUR 0.21 26/09/16

JPM Emerging Markets Equity X (dist) - USD USD 0.35 26/09/16

JPM Emerging Markets Equity X (inc) - EUR EUR 0.26 26/09/16

JPM Emerging Markets Investment Grade Bond A (dist) - USD USD 3.49 26/09/16

JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) EUR 2.97 26/09/16

JPM Emerging Markets Investment Grade Bond C (inc) - EUR (hedged) EUR 3.25 26/09/16

JPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged) EUR 3.14 26/09/16

JPMEmergingMarkets InvestmentGradeBondX(inc) -EUR(hedged)* EUR 3.56 26/09/16

JPM Emerging Markets Local Currency Debt A (dist) - GBP GBP 3.03 26/09/16

JPM Emerging Markets Local Currency Debt A (inc) - EUR EUR 3.88 26/09/16

JPM Emerging Markets Local Currency Debt C (dist) - GBP GBP 2.71 26/09/16

JPM Emerging Markets Local Currency Debt C (inc) - EUR EUR 3.80 26/09/16

JPM Emerging Markets Local Currency Debt I (inc) - EUR EUR 4.75 26/09/16

JPM Emerging Markets Opportunities A (dist) - EUR EUR 0.88 26/09/16

JPM Emerging Markets Opportunities A (dist) - GBP GBP 1.01 26/09/16

JPM Emerging Markets Opportunities A (dist) - USD USD 0.89 26/09/16

JPM Emerging Markets Opportunities A (inc) - EUR EUR 0.78 26/09/16

JPM Emerging Markets Opportunities C (dist) - EUR EUR 3.10 26/09/16

JPM Emerging Markets Opportunities C (dist) - GBP GBP 0.98 26/09/16

JPM Emerging Markets Opportunities C (dist) - USD USD 2.25 26/09/16

JPM Emerging Markets Opportunities C (inc) - EUR EUR 0.93 26/09/16

JPM Emerging Markets Opportunities I (dist) - USD* USD 2.10 26/09/16

JPM Emerging Markets Opportunities X (dist) - AUD AUD 0.24 26/09/16

JPM Emerging Markets Opportunities X (dist) - GBP GBP 0.11 26/09/16

JPM Emerging Middle East Equity A (dist) - USD USD 0.45 26/09/16

JPM Emerging Middle East Equity C (dist) - USD USD 2.14 26/09/16

JPM Euroland Equity A (dist) - EUR EUR 0.64 26/09/16

JPM Euroland Equity A (dist) - USD USD 0.13 26/09/16

JPM Euroland Equity A (inc) - EUR EUR 0.21 26/09/16

JPM Euroland Equity C (dist) - EUR EUR 4.34 26/09/16

JPM Euroland Equity C (dist) - USD USD 2.89 26/09/16

JPM Europe Dynamic A (dist) - EUR EUR 0.49 26/09/16

JPM Europe Dynamic A (dist) - GBP GBP 0.62 26/09/16


As at 30 June 2017

58


Class Name Currency

DividendAmount

per SharePayment

Date

JPM Europe Dynamic A (inc) - EUR EUR 2.99 26/09/16

JPM Europe Dynamic C (dist) - EUR EUR 2.56 26/09/16

JPM Europe Dynamic C (dist) - GBP GBP 3.48 26/09/16

JPM Europe Dynamic C (inc) - EUR EUR 2.32 26/09/16

JPM Europe Dynamic I (dist) - EUR EUR 3.37 26/09/16

JPM Europe Dynamic I (dist) - GBP GBP 2.70 26/09/16

JPM Europe Equity A (dist) - EUR EUR 1.41 26/09/16

JPM Europe Equity A (dist) - USD USD 1.28 26/09/16

JPM Europe Equity C (dist) - EUR EUR 3.94 26/09/16

JPM Europe Equity C (dist) - USD USD 4.58 26/09/16

JPM Europe Small Cap A (dist) - EUR EUR 1.34 26/09/16

JPM Europe Small Cap A (dist) - GBP GBP 0.56 26/09/16

JPM Europe Small Cap C (dist) - EUR EUR 3.14 26/09/16

JPM Europe Technology A (dist) - EUR EUR 0.32 26/09/16

JPM Europe Technology A (dist) - GBP GBP 0.26 26/09/16

JPM Europe Technology C (dist) - EUR EUR 2.98 26/09/16

JPM Europe Technology C (dist) - GBP GBP 1.61 26/09/16

JPM Global Dynamic A (dist) - GBP GBP 0.37 26/09/16

JPM Global Dynamic A (dist) - USD USD 0.35 26/09/16

JPM Global Dynamic A (inc) - EUR EUR 0.20 26/09/16

JPM Global Dynamic C (dist) - GBP GBP 1.75 26/09/16

JPM Global Dynamic C (dist) - USD USD 2.19 26/09/16

JPM Global Dynamic C (inc) - EUR EUR 1.93 26/09/16

JPM Global Dynamic I (dist) - USD* USD 2.12 26/09/16

JPM Global Dynamic I (inc) - EUR EUR 0.35 26/09/16

JPM Global Government Bond X (dist) - GBP (hedged) GBP 0.18 26/09/16

JPM Global Government Bond X (dist) - USD (hedged)* USD 1.78 26/09/16

JPM Global Natural Resources A (dist) - EUR EUR 0.03 26/09/16

JPM Global Natural Resources C (dist) - EUR EUR 0.79 26/09/16

JPM Global Natural Resources I (dist) - EUR EUR 0.97 26/09/16

JPM Global Natural Resources X (dist) - AUD AUD 0.15 26/09/16

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) EUR 0.21 26/09/16

JPM Global Real Estate Securities (USD) A (inc) - USD USD 3.25 26/09/16

JPM Global Unconstrained Equity A (dist) - EUR (hedged) EUR 0.12 26/09/16

JPM Global Unconstrained Equity A (dist) - USD USD 0.41 26/09/16

JPM Global Unconstrained Equity X (dist) - AUD AUD 0.22 26/09/16

JPM Greater China A (dist) - HKD HKD 0.22 26/09/16

JPM Greater China A (dist) - USD USD 0.53 26/09/16

JPM Greater China C (dist) - USD USD 1.87 26/09/16

JPM Greater China I (dist) - USD* USD 1.95 26/09/16

JPM Hong Kong A (dist) - HKD HKD 0.27 26/09/16

JPM Hong Kong A (dist) - USD USD 1.17 26/09/16

JPM India A (dist) - GBP GBP 0.86 26/09/16

JPM India A (dist) - USD USD 0.79 26/09/16

JPM India C (dist) - USD USD 1.18 26/09/16

JPM India I (dist) - USD USD 1.33 26/09/16

JPM Japan Equity A (dist) - GBP GBP 0.01 26/09/16

JPM Japan Equity A (dist) - GBP (hedged) GBP 0.03 26/09/16

JPM Japan Equity A (dist) - SGD SGD 0.01 26/09/16

JPM Japan Equity A (dist) - USD USD 0.01 26/09/16

JPM Japan Equity C (dist) - GBP GBP 0.82 26/09/16

JPM Japan Equity C (dist) - USD USD 1.47 26/09/16

JPM Japan Equity J (dist) - USD USD 0.01 26/09/16

JPM Korea Equity A (dist) - USD USD 0.01 26/09/16

JPM Korea Equity C (dist) - USD USD 1.35 26/09/16

JPM Latin America Equity A (dist) - USD USD 0.29 26/09/16

JPM Latin America Equity C (dist) - USD USD 1.37 26/09/16

JPM Latin America Equity I (dist) - USD USD 1.03 26/09/16

JPM Russia A (dist) - USD USD 0.24 26/09/16

JPM Russia C (dist) - USD USD 2.47 26/09/16

JPM Singapore A (dist) - USD USD 0.51 26/09/16

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Singapore C (dist) - USD USD 2.16 26/09/16

JPM Taiwan A (dist) - HKD HKD 0.30 26/09/16

JPM Taiwan A (dist) - USD USD 0.33 26/09/16

JPM Taiwan C (dist) - USD USD 2.78 26/09/16

JPM Total Emerging Markets Income A (inc) - EUR EUR 2.61 26/09/16

JPM US Aggregate Bond A (inc) - USD USD 0.37 26/09/16

JPM US Aggregate Bond C (dist) - USD USD 3.48 26/09/16

JPM US Aggregate Bond C (inc) - USD USD 3.53 26/09/16

JPM US Aggregate Bond I (inc) - USD USD 3.52 26/09/16

JPM US Aggregate Bond X (dist) - USD USD 4.21 26/09/16

JPM US Growth A (dist) - GBP GBP 0.02 26/09/16

JPM US Growth A (dist) - USD USD 0.03 26/09/16

JPM US Growth C (dist) - GBP GBP 0.95 26/09/16

JPM US Growth C (dist) - USD USD 1.18 26/09/16

JPM US Growth I (dist) - GBP GBP 0.71 26/09/16

JPM US Growth I (dist) - USD USD 0.94 26/09/16

JPM US Growth P (dist) - USD USD 0.12 26/09/16

JPM US High Yield Plus Bond A (dist) - GBP (hedged) GBP 3.74 26/09/16

JPM US High Yield Plus Bond A (dist) - USD USD 5.36 26/09/16

JPM US Technology A (dist) - GBP GBP 0.01 26/09/16

JPM US Technology A (dist) - USD USD 0.01 26/09/16

JPM US Technology C (dist) - USD USD 0.65 26/09/16

JPM US Technology I (dist) - USD* USD 0.56 26/09/16

JPM US Value A (dist) - GBP GBP 0.37 26/09/16

JPM US Value A (dist) - USD USD 0.35 26/09/16

JPM US Value C (dist) - GBP GBP 1.73 26/09/16

JPM US Value C (dist) - USD USD 2.09 26/09/16

JPM US Value I (dist) - GBP GBP 1.55 26/09/16

JPM US Value I (dist) - USD USD 2.08 26/09/16


































As at 30 June 2017

59


Class Name Currency

DividendAmount

per SharePayment

Date






























































Class Name Currency

DividendAmount

per SharePayment

Date































































As at 30 June 2017


60

Class Name Currency

DividendAmount

per SharePayment

Date






























































Class Name Currency

DividendAmount

per SharePayment

Date































































As at 30 June 2017


61

Class Name Currency

DividendAmount

per SharePayment

Date






























































Class Name Currency

DividendAmount

per SharePayment

Date































































As at 30 June 2017


62

Class Name Currency

DividendAmount

per SharePayment

Date



































JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.38 18/04/17















JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.54 18/04/17








JPM Emerging Markets Dividend D (mth) - EUR EUR 0.43 18/04/17




Class Name Currency

DividendAmount

per SharePayment

Date



JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.57 18/04/17







JPM Total Emerging Markets Income D (mth) - EUR EUR 0.46 18/04/17





















































As at 30 June 2017


63

Class Name Currency

DividendAmount

per SharePayment

Date


























































Class Name Currency

DividendAmount

per SharePayment

Date


























































5. TaxationThe SICAV is not subject to taxation in Luxembourg on its income, profits or gains. The SICAV is not subject to net wealth tax in Luxembourg. The only tax to whichthe SICAV in Luxembourg is subject is the subscription tax (“Taxe d’Abonnement”), up to a rate of 0.05% per annum based on the net asset value attributed toeach Share Class at the end of the relevant quarter, calculated and paid quarterly. A reduced tax rate of 0.01% per annum of the net assets will be applicable to


As at 30 June 2017

64

Share Classes as identified in the Appendix. The 0.01% and 0.05% rates described above, as appropriate, are not applicable for the portion of the assets of theSICAV invested in other Luxembourg collective investment undertakings which are themselves already subject to the Taxe d’Abonnement.

No stamp duty, capital duty or other tax is payable in Luxembourg upon the issue of the Shares of the SICAV. 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 cash deposits in certain countries, may be subject to withholding taxesat varying rates, which normally cannot be recovered.

Dividends, interest and capital gains on security investments held by any Sub-Fund may be subject to non-recoverable withholding tax and Capital Gains Taxof varying rates in the source countries.

6. Statement of Changes in InvestmentsA list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the financial year, may be obtained free ofcharge 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. Value of Financial Instruments and Associated RisksThe SICAV entered into forward currency 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. Associated risks are set out in Appendix IV of the Prospectus.

In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developing andthere 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.

8. Collateral Received with Respect to Financial Techniques and Financial Derivative InstrumentsAssets received from counterparties in securities lending activities and OTC derivative transactions other than currency forwards constitute collateral.

The SICAV will only enter into transactions with counterparties which the Management Company believes to be creditworthy. Approved counterparties willtypically have a public rating of A- or above. Counterparties will comply with prudential rules considered by the CSSF as equivalent to EU prudential rules. Thecounterparty does not have discretion over the composition or management of a Sub-Fund’s portfolio or over the underlying of financial derivativeinstruments used by a Sub-Fund. Counterparty approval is not required in relation to any investment decision made by a Sub-Fund.

Collateral may be offset against gross counterparty exposure provided it meets a range of standards, including those for liquidity, valuation, issuer creditquality, correlation and diversification. In offsetting collateral its value is reduced by a percentage (a “haircut”) which provides, inter alia, for short termfluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed thelimits per counterparty as set out in the Prospectus. If any, collateral is received in the form of securities and cash. Non-cash collateral received is not sold orpledged.

Collateral received with respect to financial derivative instruments is shown in the Appendix.

9.Securities LendingThe SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional income or for reducing costs, to the maximumextent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certain definitions of theLuxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to Undertakings for Collective Investment when they use certain techniques andinstruments relating to transferable securities and money market instruments, (iii) CSSF circular 14/592 relating to ESMA Guidelines on ETFs and otherUCITS issues and (iv) any other applicable laws, regulations, circulars or CSSF positions. A significant proportion of the income generated from the securitieslending program is credited to participating Sub-Funds, with a portion of the income being paid to JPMorgan Chase Bank, N.A. for its role as securities lendingagent for the SICAV. Borrowers of securities lent by participating Sub-Funds are approved by the Management Company after appropriate assessment ofsuch borrowers’ status and financial standing. The Management Company waives the incremental income previously received from the portion of incomegenerated from the securities lending program, for its oversight of the program; hence, 85% of any incremental income earned from the securities lending isaccrued to the applicable Sub-Fund, whilst the remaining 15% income is paid to the securities lending agent which arranges the transaction. The net incomeearned from the securities lending program is detailed in the Combined Statement of Operations and Changes in Net Assets.

As at 30 June 2017, the SICAV valuation of securities on loan is USD 794,202,545, as detailed below and received collateral with a market value ofUSD 848,313,922.

Sub-Fund Market ValueUSD

Cash Collateral**USD

Non CashCollateral*

USD

BaseCurrency

Lending Income(Gross)

Base Currency

LendingAgent Fee

Base Currency

LendingIncome (Net)

Base CurrencyJPMorgan Funds - China Fund 32,381,113 2,543,029 32,137,870 USD 1,104,060 165,609 938,451JPMorgan Funds - Emerging Markets Dividend Fund 1,542,223 - 1,624,212 USD 37 5 32JPMorgan Funds - Emerging Markets Opportunities Fund 3,553,283 538,200 3,269,659 USD 262 39 223JPMorgan Funds - Euroland Equity Fund 19,155,254 - 20,429,732 EUR 168,840 25,326 143,514JPMorgan Funds - Europe Dynamic Fund 42,850,915 - 45,433,523 EUR 787,067 118,060 669,007JPMorgan Funds - Europe Equity Fund 8,831,676 547,945 8,840,898 EUR 198,566 29,785 168,781JPMorgan Funds - Europe Small Cap Fund 35,065,045 - 37,687,717 EUR 165,056 24,759 140,297JPMorgan Funds - Europe Technology Fund 14,955,826 1,335,934 14,644,898 EUR 200,436 30,065 170,371JPMorgan Funds - Global Dynamic Fund 5,822,228 2,661,100 3,552,766 USD 128,278 19,242 109,036JPMorgan Funds - Greater China Fund 34,986,108 6,220,244 30,736,349 USD 425,508 63,827 361,681JPMorgan Funds - Hong Kong Fund 5,857,597 128,925 6,108,503 USD 101,836 15,275 86,561JPMorgan Funds - Japan Equity Fund 186,617,671 33,237,501 167,917,837 JPY 57,760,808 8,664,121 49,096,687JPMorgan Funds - Singapore Fund 258,237 - 278,892 USD 1,337 201 1,136JPMorgan Funds - Total Emerging Markets Income Fund 183,483 - 193,238 USD 18 3 15* The securities received as collateral are in the form of government securities (US, UK, Eurozone and other government securities). These securities are issued and guaranteed as to principal andinterest by the governments of the relevant countries.** Cash collateral may be reinvested into Reverse Repurchase Transactions with high quality government bonds as collateral. Income earned is recorded under the “Securities Lending Income” in theCombined Statement of Operations and Changes in Net Assets.


As at 30 June 2017

65

10. 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 currency exchange contracts, financialfutures contracts and swaps contracts.The Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent, InvestmentManagers, Depositary, Corporate, Administrative and Listing Agent and other related Agents of the SICAV are considered as connected parties as they areaffiliated entities of JPMorgan Chase & Co. In addition Elvinger Hoss Prussen, société anonyme (of which Mr Jacques Elvinger who is on the Board of Directorsof the SICAV, is a partner) is compensated for legal services to the SICAV.

The following is a summary of transactions entered into during the year between the SICAV and the Manager and its Connected Persons. Connected Personsof the Manager are those as defined in the Code on Unit Trusts and Mutual Funds established by the Securities & Futures Commission of Hong Kong. All suchtransactions were entered into in the ordinary course of business and on normal commercial terms.

Investment transactions with Connected Persons of the Manager

All the amounts are in Sub-Fund Currency.

Authorised Sub-FundTotal purchases

and salesCurrency of

the Sub-Fund

Percentage ofSub-Fund's total

transactions*for the year

Totalbrokerage

commissionpaid

Average rate ofcommission

paid

JPMorgan Funds - Asia Pacific Equity Fund 132,383,955 USD 11.07 94,600 0.07

JPMorgan Funds - Asia Pacific Income Fund 202,556,023 USD 9.32 194,071 0.10

JPMorgan Funds - Brazil Equity Fund (15,500) USD (0.04) 47 (0.30)

JPMorgan Funds - China Fund 50,870,229 USD 2.72 34,763 0.07

JPMorgan Funds - Emerging Europe Equity Fund 99,096,896 EUR 17.79 168,232 0.17

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 55,541,981 USD 13.05 75,407 0.14

JPMorgan Funds - Emerging Markets Dividend Fund 29,739,268 USD 8.14 37,540 0.13

JPMorgan Funds - Emerging Markets Equity Fund 5,841,356 USD 0.21 1,003 0.02

JPMorgan Funds - Emerging Markets Opportunities Fund 4,336,156 USD 0.18 5,191 0.12

JPMorgan Funds - Emerging Middle East Equity Fund 4,126,622 USD 3.86 2,052 0.05

JPMorgan Funds - Euroland Equity Fund 4,543,426 EUR 0.63 2,340 0.05

JPMorgan Funds - Europe Dynamic Fund 5,642,697 EUR 0.13 2,478 0.04

JPMorgan Funds - Europe Equity Fund 6,692,340 EUR 0.93 3,435 0.05

JPMorgan Funds - Europe Small Cap Fund 46,905,430 EUR 3.87 84,280 0.18

JPMorgan Funds - Europe Technology Fund 57,956,049 EUR 10.38 36,183 0.06

JPMorgan Funds - Global Dynamic Fund 2,791,482 USD 0.31 782 0.03

JPMorgan Funds - Global Government Bond Fund 15,100,457 EUR 1.72 - -

JPMorgan Funds - Global Natural Resources Fund 5,597,479 EUR 1.33 4,478 0.08

JPMorgan Funds - Global Unconstrained Equity Fund 8,183,271 USD 1.03 7,188 0.09

JPMorgan Funds - Greater China Fund 44,854,995 USD 4.94 16,217 0.04

JPMorgan Funds - Hong Kong Fund 4,141,843 USD 3.41 1,693 0.04

JPMorgan Funds - Income Fund 416,491 USD 1.53 - -

JPMorgan Funds - India Fund 21,754,102 USD 6.18 19,711 0.09

JPMorgan Funds - Indonesia Equity Fund 5,256,264 USD 4.95 5,058 0.10

JPMorgan Funds - Japan Equity Fund 18,719,958,955 JPY 4.72 6,951,747 0.04

JPMorgan Funds - Korea Equity Fund 3,861,853 USD 4.99 18,021 0.47

JPMorgan Funds - Latin America Equity Fund 95,639 USD 0.01 290 0.30

JPMorgan Funds - Russia Fund (43,815,289) USD 8.35 70,409 (0.16)

JPMorgan Funds - Singapore Fund 5,167,386 USD 7.86 2,485 0.05

JPMorgan Funds - US Aggregate Bond Fund 16,099,649 USD 0.71 - -

JPMorgan Funds - US Dollar Money Market Fund 25,274,856,694 USD 123.82 - -

JPMorgan Funds - US High Yield Plus Bond Fund 890,811 USD 0.44 - -

* Total transactions is the total value in Sub-Fund currency of purchases and sales dealt during the year to 30 June 2017

11. Commission Sharing ArrangementsThe Investment Managers may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients of theInvestment Managers, including the SICAV, and where the Investment Managers are satisfied that the transactions generating the shared commissions aremade in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the SICAV and the Shareholders. Any sucharrangements must be made by the Investment Manager on terms commensurate with best market practice. Due to their local regulatory rights, certainInvestment Managers may make use of soft commission to pay for research or execution services. Other jurisdictions may have other arrangements in placeto pay for such services in accordance with local regulatory obligations.

12. Information for German Registered ShareholdersA list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the financial year, may be obtained free ofcharge upon request at the registered office of the SICAV and at the office of the German paying and information agent, JPMorgan Asset Management(Europe) S.à r.l., Frankfurt Branch, Taunustor 1, D-60310, Frankfurt am Main, Germany. Additional information on investments within each Sub-Fund’sportfolio is available to shareholders at the registered office of the SICAV and at the office of the German paying and information agent.


As at 30 June 2017

66

13. Information for Investors in SwitzerlandRepresentative in Switzerland: JPMorgan Asset Management (Switzerland) LLC, Dreikönigstrasse 21, 8002 Zürich.

Paying Agent in Switzerland: J.P. Morgan (Suisse) SA, 8 Rue de la Confédération, 1204 Geneva.

The Prospectus, the Key Investor Information Documents, the articles of incorporation, the annual and semi-annual financial report as well as a list of thepurchases and sales which the SICAV has undertaken during the financial year may be obtained free of charge from the representative.

14. Authorisation of Sub-Funds in Hong Kong

Certain Share Classes of the following Sub-Funds are authorised in Hong Kong and are available to Hong Kong residents:

JPMorgan Funds - America Equity Fund

JPMorgan Funds - Asia Pacific Equity Fund

JPMorgan Funds - Asia Pacific Income Fund

JPMorgan Funds - Brazil Equity Fund

JPMorgan Funds - China Fund

JPMorgan Funds - Emerging Europe Equity Fund

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

JPMorgan Funds - Emerging Markets Debt Fund

JPMorgan Funds - Emerging Markets Dividend Fund

JPMorgan Funds - Emerging Markets Equity Fund

JPMorgan Funds - Emerging Markets Investment Grade Bond Fund

JPMorgan Funds - Emerging Markets Local Currency Debt Fund

JPMorgan Funds - Emerging Markets Opportunities Fund

JPMorgan Funds - Emerging Middle East Equity Fund

JPMorgan Funds - Euroland Equity Fund

JPMorgan Funds - Europe Dynamic Fund

JPMorgan Funds - Europe Equity Fund

JPMorgan Funds - Europe Small Cap Fund

JPMorgan Funds - Europe Technology Fund

JPMorgan Funds - Global Dynamic Fund

JPMorgan Funds - Global Government Bond Fund

JPMorgan Funds - Global Natural Resources Fund

JPMorgan Funds - Global Real Estate Securities Fund (USD)

JPMorgan Funds - Global Unconstrained Equity Fund

JPMorgan Funds - Greater China Fund

JPMorgan Funds - Hong Kong Fund

JPMorgan Funds - Income Fund

JPMorgan Funds - India Fund

JPMorgan Funds - Indonesia Equity Fund

JPMorgan Funds - Japan Equity Fund

JPMorgan Funds - Korea Equity Fund

JPMorgan Funds - Latin America Equity Fund

JPMorgan Funds - Russia Fund

JPMorgan Funds - Singapore Fund

JPMorgan Funds - Taiwan Fund

JPMorgan Funds - Total Emerging Markets Income Fund

JPMorgan Funds - US Aggregate Bond Fund

JPMorgan Funds - US Dollar Money Market Fund

JPMorgan Funds - US Growth Fund

JPMorgan Funds - US High Yield Plus Bond Fund

JPMorgan Funds - US Technology Fund

JPMorgan Funds - US Value Fund

15. Directors’ FeesThe only remuneration paid to Directors is an annual fee. This is waived by Mr Daniel Watkins and Mr Massimo Greco.

The total Directors’ fees for the year amounted to EUR 330,126 of which EUR 79,003 was due to the Chairman.

16. Transaction CostsFor the year ended 30 June 2017, the SICAV incurred transaction costs which have been defined as brokerage fees relating to purchase or sale of transferablesecurities, derivatives (except OTC derivatives), money market instruments or other eligible assets. The SICAV also incurred transaction costs charged by thecustodian agent and relating to purchase and sale of transferable securities as follows:

For fixed income securities, transaction costs are not separately identifiable from the purchase price of the security and therefore cannot be disclosed separately.


As at 30 June 2017

67

Sub-Fund BaseCurrency

CustodianTransaction Costs

and BrokerageFees

(in Base Currency)JPMorgan Funds - America Equity Fund USD 499,777JPMorgan Funds - Asia Pacific Equity Fund USD 1,886,108JPMorgan Funds - Asia Pacific Income Fund USD 3,188,117JPMorgan Funds - Brazil Equity Fund USD 565,114JPMorgan Funds - China Fund USD 3,455,488JPMorgan Funds - Emerging Europe Equity Fund EUR 954,843JPMorgan Funds - Emerging Europe, Middle East and Africa EquityFund USD 823,749JPMorgan Funds - Emerging Markets Debt Fund USD 35,231JPMorgan Funds - Emerging Markets Dividend Fund USD 649,981JPMorgan Funds - Emerging Markets Equity Fund USD 4,065,569JPMorgan Funds - Emerging Markets Investment Grade Bond Fund USD 30,943JPMorgan Funds - Emerging Markets Local Currency Debt Fund USD 97,974JPMorgan Funds - Emerging Markets Opportunities Fund USD 3,776,021JPMorgan Funds - Emerging Middle East Equity Fund USD 204,322JPMorgan Funds - Euroland Equity Fund EUR 1,326,679JPMorgan Funds - Europe Dynamic Fund EUR 5,462,226JPMorgan Funds - Europe Equity Fund EUR 1,551,086JPMorgan Funds - Europe Small Cap Fund EUR 2,131,932JPMorgan Funds - Europe Technology Fund EUR 687,259JPMorgan Funds - Global Dynamic Fund USD 629,083JPMorgan Funds - Global Government Bond Fund EUR 98,383

Sub-Fund BaseCurrency

CustodianTransaction Costs

and BrokerageFees

(in Base Currency)JPMorgan Funds - Global Natural Resources Fund EUR 496,130JPMorgan Funds - Global Real Estate Securities Fund (USD) USD 96,614JPMorgan Funds - Global Unconstrained Equity Fund USD 629,855JPMorgan Funds - Greater China Fund USD 1,694,729JPMorgan Funds - Hong Kong Fund USD 293,494JPMorgan Funds - Income Fund USD 11,241JPMorgan Funds - India Fund USD 151,493JPMorgan Funds - Indonesia Equity Fund USD 275,502JPMorgan Funds - Japan Equity Fund JPY 268,624,888JPMorgan Funds - Korea Equity Fund USD 755,593JPMorgan Funds - Latin America Equity Fund USD 1,620,760JPMorgan Funds - Russia Fund USD 819,443JPMorgan Funds - Singapore Fund USD 88,855JPMorgan Funds - Taiwan Fund USD 892,788JPMorgan Funds - Total Emerging Markets Income Fund USD 280,338JPMorgan Funds - US Aggregate Bond Fund USD 25,574JPMorgan Funds - US Dollar Money Market Fund USD 35,211JPMorgan Funds - US Growth Fund USD 93,384JPMorgan Funds - US High Yield Plus Bond Fund USD 21,780JPMorgan Funds - US Technology Fund USD 124,324JPMorgan Funds - US Value Fund USD 556,040

17. Significant Events during the YearThe Board agreed the following corporate actions and other significant amendments relating to Sub-Funds during the year:

a) Change to the Sub-Fund benchmark

With effect from 1 July 2016, the benchmark for JPMorgan Funds - Singapore Fund changed from MSCI Singapore 10/40 Index (Total Return Net) to FTSE STAll Share Index (Total Return Net).

With effect from 1 February 2017, the Sub-Fund and hedged Share Class benchmarks for JPMorgan Funds - Emerging Markets Investment Grade Bond Fundchanged as follows:

Old Sub-Fund Benchmark New Sub-Fund Benchmark



Old Hedged Share Class Benchmark New Hedged Share Class Benchmark









b) Management and advisory fee rate reduction and waiverWith effect from 1 March 2017, the Management and Advisory Fee rates charged on JPMorgan Funds - US High Yield Plus Bond Fund were reduced as below:

A Share Class - from 1.00% to 0.85%;

C Share Class - from 0.50% to 0.45%;

D Share Class - from 1.00% to 0.85%;

I Share Class - from 0.50% to 0.45%;

T Share Class - from 1.00% to 0.85%.

c) Swing waiver mechanismWith effect from 1 July 2016, JPMorgan Funds - Income Fund was included in the scope of the swing waiver mechanism with an AUM target of USD 250 millionor by the end of waiver period on 31 December 2016. Subsequently, the end of the swing waiver period was extended to 30 September 2017 effective 28 June2017.

d) Change to the expected level of leverage of Sub-FundsWith effect from December 2016, the expected level of leverage, expressed as a percentage of the net asset value for each of the following Sub-Funds, haschanged as follows:

JPMorgan Funds - Global Government Bond Fund: from 150% to 400%;

18. Events after the Year-End

a) Sub-Fund mergerSubsequent to the year-end, JPMorgan Funds - Turkey Equity Fund merged into JPMorgan Funds - Emerging Europe Equity Fund on 14 July 2017.

b) Changes to Investment Strategies, Investment Objectives and Policies and NamesWith effect from 12 July 2017, the investment policy of JPMorgan Funds - Asia Pacific Income Fund was amended to hold up to a maximum of 10% of its assetsin contingent convertible securities (instead of 5%, previously).

With effect from 29 September 2017, JPMorgan Funds - Europe Technology Fund changed its name to JPMorgan Funds - Europe Dynamic Technologies Fund.The investment objective and policy of the Sub-Fund was amended to clarify that the Sub-Fund also invests in companies related to technologies, includingbut not limited to technology, media and communications.

c) Change to the Sub-Fund benchmarkWith effect from 1 August 2017, the benchmark for JPMorgan Funds - Emerging Middle East Equity Fund changed from MSCI Middle East Index (Total ReturnNet) to S&P Pan Arab Composite Index (Total Return Net).

With effect from 2 October 2017, the benchmark for JPMorgan Funds - US Technology Fund changed from BofA Merrill Lynch 100 Technology Price Index toRussell 1000 Equal Weight Technology Index (Total Return Net).

d) Removal of Performance Fee and reduction of Management and Advisory FeeWith effect from 1 September 2017 performance and non-performance fee Share Classes were merged or renamed.

e) Swing waiver mechanismWith effect from 26 September 2017, the swing waiver period for JPMorgan Funds - Income Fund was extended to 31 March 2018.


As at 30 June 2017

68

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

CanadaWaste Connections, Inc. USD 305,510 19,606,104 1.50

19,606,104 1.50

United States of AmericaAcadia Healthcare Co., Inc. USD 416,120 20,441,895 1.56Ally Financial, Inc. USD 1,743,910 36,465,158 2.79Alphabet, Inc. ‘C’ USD 86,978 79,696,202 6.10Amazon.com, Inc. USD 58,300 56,996,412 4.36American International Group, Inc. USD 772,424 48,701,333 3.72Apple, Inc. USD 379,920 54,875,645 4.20AutoZone, Inc. USD 48,667 27,590,052 2.11Ball Corp. USD 587,878 24,779,058 1.89Bed Bath & Beyond, Inc. USD 438,235 13,298,241 1.02Capital One Financial Corp. USD 449,744 36,834,034 2.82Charles Schwab Corp. (The) USD 750,760 32,338,987 2.47Concho Resources, Inc. USD 203,290 24,514,741 1.87Delta Air Lines, Inc. USD 677,032 36,654,512 2.80DISH Network Corp. ‘A’ USD 645,604 40,350,250 3.09Electronic Arts, Inc. USD 313,380 33,302,893 2.55Facebook, Inc. ‘A’ USD 344,500 51,861,030 3.97Federal Realty Investment Trust, REIT USD 201,341 25,731,380 1.97Intuitive Surgical, Inc. USD 27,166 25,339,494 1.94Kinder Morgan, Inc. USD 1,676,889 32,120,809 2.46Kohl’s Corp. USD 695,468 26,518,195 2.03Loews Corp. USD 836,454 39,196,234 3.00Marathon Petroleum Corp. USD 578,444 30,110,902 2.30Mastercard, Inc. ‘A’ USD 325,120 39,596,365 3.03Mohawk Industries, Inc. USD 90,000 21,673,800 1.66NVIDIA Corp. USD 142,480 20,614,006 1.58Priceline Group, Inc. (The) USD 17,988 33,848,559 2.59Rayonier, Inc., REIT USD 951,039 27,280,554 2.09S&P Global, Inc. USD 130,120 19,011,183 1.45ServiceNow, Inc. USD 144,150 15,122,056 1.16Stanley Black & Decker, Inc. USD 199,320 28,024,392 2.14T Rowe Price Group, Inc. USD 565,066 42,055,037 3.22UnitedHealth Group, Inc. USD 279,817 51,974,609 3.97Vertex Pharmaceuticals, Inc. USD 210,320 26,866,277 2.05Walgreens Boots Alliance, Inc. USD 317,882 24,761,418 1.89Wells Fargo & Co. USD 729,630 40,454,335 3.09WestRock Co. USD 406,402 22,910,913 1.75Xcel Energy, Inc. USD 607,885 28,105,563 2.15

1,240,016,524 94.84

Total Equities 1,259,622,628 96.34

Total Transferable securities and money market instrumentsadmitted to an official exchange listing

1,259,622,628 96.34

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (dist.)† USD 46,243,353 46,243,353 3.54

46,243,353 3.54

Total Collective Investment Schemes - UCITS 46,243,353 3.54

Total Units of authorised UCITS or other collective investmentundertakings

46,243,353 3.54

Total Investments 1,305,865,981 99.88

Cash 143,323 0.01

Other Assets/(Liabilities) 1,428,233 0.11

Total Net Assets 1,307,437,537 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited States of America 94.84Luxembourg 3.54Canada 1.50Total Investments 99.88Cash and Other Assets/(Liabilities) 0.12

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2016(Unaudited)

% of Net Assets

United States of America 99.02Luxembourg 2.58Total Investments 101.60Cash and Other Assets/(Liabilities) (1.60)

Total 100.00

69

JPMorgan Funds - America Equity FundSchedule of Investments

As at 30 June 2017

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - America Equity FundSchedule of Investments (continued)

As at 30 June 2017

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 72,145 USD 54,960 03/07/2017 National Australia Bank 499 -AUD 3,144,776 USD 2,368,002 14/07/2017 Citibank 49,189 -AUD 22,934 USD 17,370 14/07/2017 HSBC 258 -AUD 935,654 USD 709,674 14/07/2017 National Australia Bank 9,504 -AUD 29,289 USD 22,056 14/07/2017 RBC 456 -AUD 2,668 USD 2,024 14/07/2017 Standard Chartered 27 -AUD 20,196 USD 15,352 14/07/2017 Toronto-Dominion Bank 171 -AUD 2,175 USD 1,639 14/07/2017 UBS 33 -EUR 91,143 USD 103,482 03/07/2017 ANZ 599 -EUR 12,216 USD 13,819 21/07/2017 ANZ 144 -EUR 61,875,064 USD 69,345,188 21/07/2017 Goldman Sachs 1,379,644 0.11EUR 1,076 USD 1,209 21/07/2017 HSBC 21 -EUR 7,338 USD 8,231 21/07/2017 Merrill Lynch 156 -EUR 928,181 USD 1,042,540 21/07/2017 RBC 18,396 -EUR 351,156 USD 396,191 21/07/2017 Toronto-Dominion Bank 5,190 -USD 42,623 EUR 37,304 05/07/2017 Deutsche Bank 22 -USD 472,393 EUR 413,129 21/07/2017 Goldman Sachs 176 -

Total Unrealised Gain on Forward Currency Exchange Contracts 1,464,485 0.11

EUR 37,304 USD 42,658 21/07/2017 Deutsche Bank (19) -USD 36,133 AUD 47,911 14/07/2017 HSBC (693) -USD 258,799 AUD 342,099 14/07/2017 National Australia Bank (4,152) -USD 15,705 AUD 20,457 14/07/2017 RBC (19) -USD 106,934 AUD 142,069 14/07/2017 State Street (2,266) -USD 560,284 EUR 499,625 21/07/2017 ANZ (10,800) -USD 102,470 EUR 90,921 21/07/2017 Goldman Sachs (1,455) -USD 451,383 EUR 399,605 21/07/2017 HSBC (5,376) -USD 41,254 EUR 36,777 21/07/2017 National Australia Bank (783) -USD 1,094,714 EUR 974,833 21/07/2017 RBC (19,546) -USD 229,426 EUR 205,878 21/07/2017 Societe Generale (5,898) -USD 29,601 EUR 26,495 21/07/2017 Toronto-Dominion Bank (684) -

Total Unrealised Loss on Forward Currency Exchange Contracts (51,691) -

Net Unrealised Gain on Forward Currency Exchange Contracts 1,412,794 0.11

70


Equities

AustraliaAmcor Ltd. AUD 629,151 7,842,340 1.12Aristocrat Leisure Ltd. AUD 550,619 9,547,020 1.37BlueScope Steel Ltd. AUD 699,083 7,099,134 1.02Challenger Ltd. AUD 761,053 7,801,565 1.12Commonwealth Bank of Australia AUD 385,521 24,543,181 3.52CSL Ltd. AUD 112,609 11,951,722 1.71Domino’s Pizza Enterprises Ltd. AUD 137,800 5,516,356 0.79Downer EDI Ltd. AUD 1,599,593 7,875,940 1.13Macquarie Group Ltd. AUD 119,904 8,158,303 1.17QBE Insurance Group Ltd. AUD 469,398 4,259,720 0.61Rio Tinto Ltd. AUD 257,953 12,549,175 1.80South32 Ltd. AUD 3,097,660 6,393,694 0.91

113,538,150 16.27

BermudaBrilliance China Automotive Holdings Ltd. HKD 3,864,000 7,023,925 1.01Johnson Electric Holdings Ltd. HKD 695,500 2,412,270 0.34

9,436,195 1.35

Cayman IslandsAAC Technologies Holdings, Inc. HKD 514,500 6,439,324 0.92Alibaba Group Holding Ltd., ADR USD 225,056 31,600,113 4.53China Lodging Group Ltd., ADR USD 27,550 2,220,255 0.32China Resources Land Ltd. HKD 1,859,333 5,406,838 0.77Kingboard Chemical Holdings Ltd. HKD 1,479,000 5,897,091 0.85Lonking Holdings Ltd. HKD 23,017,000 7,238,699 1.04New Oriental Education & TechnologyGroup, Inc., ADR USD 97,699 6,909,762 0.99Nexteer Automotive Group Ltd. HKD 4,049,000 6,338,395 0.91Tencent Holdings Ltd. HKD 985,400 35,256,875 5.05WH Group Ltd. HKD 6,039,500 6,073,387 0.87Xinyi Glass Holdings Ltd. HKD 5,524,000 5,459,463 0.78Xinyi Solar Holdings Ltd. HKD 7,999,000 2,290,201 0.33

121,130,403 17.36

ChinaAnhui Conch Cement Co. Ltd. ‘H’ HKD 1,299,500 4,523,829 0.65China Construction Bank Corp. ‘H’ HKD 16,155,970 12,510,932 1.79China Merchants Bank Co. Ltd. ‘H’ HKD 3,209,000 9,670,739 1.39China Railway Construction Corp. Ltd. ‘H’ HKD 2,227,000 2,901,359 0.41Chongqing Changan Automobile Co. Ltd.‘B’ HKD 1,481,890 1,950,555 0.28PICC Property & Casualty Co. Ltd. ‘H’ HKD 3,330,000 5,558,389 0.80Ping An Insurance Group Co. of China Ltd.‘H’ HKD 3,145,000 20,738,500 2.97Weichai Power Co. Ltd. ‘H’ HKD 4,772,000 4,178,297 0.60

62,032,600 8.89

Hong KongAIA Group Ltd. HKD 2,632,200 19,228,460 2.76BOC Hong Kong Holdings Ltd. HKD 1,634,500 7,825,759 1.12China Overseas Land & Investment Ltd. HKD 1,384,000 4,055,622 0.58China Resources Power Holdings Co. Ltd. HKD 1,838,000 3,609,508 0.52China Taiping Insurance Holdings Co. Ltd. HKD 2,728,400 6,909,952 0.99CNOOC Ltd. HKD 6,848,000 7,504,886 1.07Dah Sing Banking Group Ltd. HKD 2,552,752 5,428,465 0.78MMG Ltd. HKD 10,848,000 3,995,286 0.57Wheelock & Co. Ltd. HKD 541,000 4,088,929 0.59

62,646,867 8.98

IndiaBharat Petroleum Corp. Ltd. INR 577,779 5,710,092 0.82HDFC Bank Ltd. INR 529,440 13,649,890 1.96IndusInd Bank Ltd. INR 508,504 11,660,984 1.67Maruti Suzuki India Ltd. INR 81,780 9,110,437 1.31Shriram Transport Finance Co. Ltd. INR 302,749 4,685,468 0.67Tata Consultancy Services Ltd. INR 200,544 7,325,905 1.05UPL Ltd. INR 407,835 5,320,465 0.76

57,463,241 8.24

IndonesiaAstra International Tbk. PT IDR 9,973,900 6,687,302 0.96Bank Central Asia Tbk. PT IDR 7,947,200 10,835,736 1.55Telekomunikasi Indonesia PerseroTbk. PT IDR 30,231,100 10,239,566 1.47United Tractors Tbk. PT IDR 1,756,700 3,612,568 0.52

31,375,172 4.50

New ZealandAir New Zealand Ltd. NZD 2,945,358 7,050,028 1.01

7,050,028 1.01

PhilippinesSecurity Bank Corp. PHP 1,026,680 4,417,773 0.63

4,417,773 0.63

SingaporeBOC Aviation Ltd. HKD 956,500 5,042,143 0.72DBS Group Holdings Ltd. SGD 584,315 8,802,444 1.26Jardine Cycle & Carriage Ltd. SGD 158,000 5,091,571 0.73

18,936,158 2.71

South KoreaE-MART, Inc. KRW 26,460 5,430,617 0.78Hana Financial Group, Inc. KRW 261,185 10,327,151 1.48Hankook Tire Co. Ltd. KRW 93,649 5,195,035 0.75Hyundai Motor Co. KRW 46,360 6,474,973 0.93Hyundai Steel Co. KRW 91,403 4,974,547 0.71LG Uplus Corp. KRW 399,690 5,460,055 0.78Lotte Chemical Corp. KRW 10,329 3,108,751 0.45POSCO KRW 33,365 8,364,659 1.20Samsung Electronics Co. Ltd. KRW 22,844 47,463,928 6.80Shinhan Financial Group Co. Ltd. KRW 169,793 7,322,183 1.05SK Hynix, Inc. KRW 282,957 16,661,410 2.39SK Innovation Co. Ltd. KRW 47,064 6,511,578 0.93

127,294,887 18.25

TaiwanFubon Financial Holding Co. Ltd. TWD 4,363,000 6,948,800 1.00Hon Hai Precision Industry Co. Ltd. TWD 3,632,000 13,946,259 2.00Largan Precision Co. Ltd. TWD 72,000 11,479,033 1.64Taiwan Semiconductor Manufacturing Co.Ltd. TWD 4,063,000 27,828,310 3.99

60,202,402 8.63

ThailandLand & Houses PCL, NVDR THB 10,980,800 3,252,492 0.47PTT PCL THB 489,000 5,339,655 0.76

8,592,147 1.23

United KingdomHSBC Holdings plc HKD 838,048 7,802,149 1.12

7,802,149 1.12

Total Equities 691,918,172 99.17


691,918,172 99.17

Total Investments 691,918,172 99.17

Time Deposits

United KingdomStandard Chartered Bank 0.95%03/07/2017 USD 3,300,000 3,300,000 0.47

3,300,000 0.47

Total Time Deposits 3,300,000 0.47

Cash 872,008 0.12


Total Net Assets 697,698,175 100.00

71

JPMorgan Funds - Asia Pacific Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsSouth Korea 18.25Cayman Islands 17.36Australia 16.27Hong Kong 8.98China 8.89Taiwan 8.63India 8.24Indonesia 4.50Singapore 2.71United Kingdom 1.59Bermuda 1.35Thailand 1.23New Zealand 1.01Philippines 0.63Total Investments and Cash Equivalents 99.64Cash and Other Assets/(Liabilities) 0.36

Total 100.00


% of Net Assets

Australia 19.05South Korea 17.25Cayman Islands 16.13China 10.02Taiwan 8.67India 8.40Hong Kong 7.06Indonesia 3.87Thailand 1.68Singapore 1.61United Kingdom 1.25New Zealand 1.20Bermuda 0.61Philippines 0.55Total Investments 97.35Cash and Other Assets/(Liabilities) 2.65

Total 100.00

72

JPMorgan Funds - Asia Pacific Equity FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Bonds

BermudaChina Oil & Gas Group Ltd., Reg. S 5%07/05/2020 USD 3,400,000 3,481,770 0.14China Oil & Gas Group Ltd., Reg. S4.625% 20/04/2022 USD 5,300,000 5,325,991 0.22GOME Electrical Appliances HoldingLtd., Reg. S 5% 10/03/2020 USD 2,200,000 2,210,998 0.09Li & Fung Ltd., Reg. S, FRN 6%Perpetual USD 1,900,000 1,939,112 0.08

12,957,871 0.53

Cayman IslandsAgile Group Holdings Ltd., Reg. S 9%21/05/2020 USD 6,000,000 6,450,738 0.26Alibaba Group Holding Ltd. 3.6%28/11/2024 USD 5,800,000 5,983,512 0.24Azure Nova International Finance Ltd.,Reg. S 4.25% 21/03/2027 USD 3,800,000 3,928,489 0.16CAR, Inc., Reg. S 6.125% 04/02/2020 USD 3,300,000 3,419,262 0.14CAR, Inc., Reg. S 6% 11/02/2021 USD 3,400,000 3,520,289 0.14Central China Real Estate Ltd., Reg. S6.5% 04/06/2018 USD 1,800,000 1,813,565 0.08Central China Real Estate Ltd., Reg. S8% 28/01/2020 USD 2,900,000 2,979,994 0.12Champion MTN Ltd., REIT, Reg. S 3.75%17/01/2023 USD 3,000,000 3,039,225 0.12China Aoyuan Property Group Ltd.,Reg. S 10.875% 26/05/2018 USD 1,900,000 1,990,915 0.08China Overseas Finance Cayman II Ltd.,Reg. S 5.5% 10/11/2020 USD 1,600,000 1,732,410 0.07China Overseas Finance Cayman IIILtd., Reg. S 6.375% 29/10/2043 USD 2,500,000 3,069,942 0.13China Overseas Finance Cayman V Ltd.,Reg. S 5.35% 15/11/2042 USD 1,200,000 1,302,790 0.05China SCE Property Holdings Ltd.,Reg. S 10% 02/07/2020 USD 6,000,000 6,503,184 0.27CIFI Holdings Group Co. Ltd., Reg. S7.75% 05/06/2020 USD 3,624,000 3,824,255 0.16Country Garden Holdings Co. Ltd.,Reg. S 7.5% 09/03/2020 USD 5,400,000 5,676,610 0.23Country Garden Holdings Co. Ltd.,Reg. S 7.25% 04/04/2021 USD 300,000 311,461 0.01Country Garden Holdings Co. Ltd.,Reg. S 4.75% 28/09/2023 USD 4,000,000 3,860,748 0.16Fantasia Holdings Group Co. Ltd.,Reg. S 5.5% 12/06/2018 USD 4,400,000 4,383,883 0.18Fantasia Holdings Group Co. Ltd., REIT,Reg. S 7.95% 05/07/2022 USD 3,200,000 3,178,912 0.13Formosa Group Cayman Ltd., Reg. S3.375% 22/04/2025 USD 8,250,000 8,182,202 0.33Future Land Development HoldingsLtd., Reg. S 5% 16/02/2020 USD 3,300,000 3,271,726 0.13FWD Group Ltd., Reg. S, FRN 0%Perpetual USD 4,900,000 3,595,130 0.15FWD Ltd., Reg. S, FRN 6.25% Perpetual USD 1,200,000 1,258,406 0.05FWD Ltd., Reg. S 5% 24/09/2024 USD 4,700,000 5,002,816 0.20Greenland Hong Kong Holdings Ltd.,Reg. S 4.375% 07/08/2017 USD 4,400,000 4,399,582 0.18Greenland Hong Kong Holdings Ltd.,Reg. S 3.875% 28/07/2019 USD 3,700,000 3,631,198 0.15Greentown China Holdings Ltd., Reg. S5.875% 11/08/2020 USD 4,893,000 5,086,890 0.21KWG Property Holding Ltd., Reg. S8.25% 05/08/2019 USD 2,500,000 2,605,838 0.11Logan Property Holdings Co. Ltd.,Reg. S 5.25% 23/02/2023 USD 6,900,000 6,470,868 0.26OVPH Ltd., Reg. S 5.875% Perpetual USD 400,000 416,180 0.02Semiconductor ManufacturingInternational Corp., Reg. S 4.125%07/10/2019 USD 6,400,000 6,548,544 0.27Shimao Property Holdings Ltd., Reg. S8.125% 22/01/2021 USD 1,000,000 1,062,519 0.04Shimao Property Holdings Ltd., REIT,Reg. S 4.75% 03/07/2022 USD 4,500,000 4,503,631 0.18Shui On Development Holding Ltd.,Reg. S, FRN 10.125% Perpetual USD 1,900,000 1,934,382 0.08Shui On Development Holding Ltd.,Reg. S 8.7% 19/05/2018 USD 4,000,000 4,194,928 0.17Shui On Development Holding Ltd.,Reg. S 5.7% 06/02/2021 USD 2,300,000 2,329,603 0.10Sun Hung Kai Properties CapitalMarket Ltd., Reg. S 4.45% Perpetual USD 1,900,000 1,877,992 0.08Times Property Holdings Ltd., Reg. S6.25% 23/01/2020 USD 1,900,000 1,919,215 0.08

Times Property Holdings Ltd., Reg. S5.75% 26/04/2022 USD 4,000,000 3,900,784 0.16Yuzhou Properties Co. Ltd., Reg. S 6%25/01/2022 USD 1,800,000 1,791,824 0.07

140,954,442 5.75

ChinaBank of China Ltd., Reg. S 5%13/11/2024 USD 8,000,000 8,590,352 0.35Bank of China Ltd., Reg. S 3.5%20/04/2027 USD 3,200,000 3,171,331 0.13CCB Life Insurance Co. Ltd., Reg. S,FRN 4.5% 21/04/2077 USD 3,000,000 3,058,395 0.12China Construction Bank Corp., Reg. S,FRN 4.9% 12/11/2024 CNH 9,600,000 1,421,336 0.06China Construction Bank Corp., Reg. S,FRN 3.875% 13/05/2025 USD 6,600,000 6,726,410 0.27China Life Insurance Co. Ltd., Reg. S,FRN 4% 03/07/2075 USD 10,800,000 10,978,967 0.45Guangxi Communications InvestmentGroup Co. Ltd., Reg. S 3% 04/11/2019 USD 4,600,000 4,558,600 0.19Industrial & Commercial Bank of ChinaMacau Ltd., Reg. S, FRN 3.875%10/09/2024 USD 4,200,000 4,273,332 0.17Tianjin Infrastructure Construction &Investment Group Co. Ltd., Reg. S2.75% 15/06/2019 USD 7,800,000 7,777,778 0.32

50,556,501 2.06

Hong KongBank of East Asia Ltd. (The), Reg. S,FRN 4.25% 20/11/2024 USD 4,800,000 4,868,587 0.20Bank of East Asia Ltd. (The), Reg. S,FRN 4% 03/11/2026 USD 4,800,000 4,805,323 0.20Bank of East Asia Ltd. (The), Reg. S,FRN 5.5% Perpetual USD 1,500,000 1,516,998 0.06Bank of East Asia Ltd. (The), Reg. S,FRN 5.625% Perpetual USD 2,100,000 2,116,277 0.09Beijing State-Owned AssetsManagement Hong Kong Co. Ltd.,Reg. S 3% 26/05/2020 USD 4,300,000 4,306,687 0.18Chalieco Hong Kong Corp. Ltd., Reg. S,FRN 5.7% Perpetual USD 3,600,000 3,720,805 0.15China CITIC Bank International Ltd.,Reg. S, FRN 6% 07/05/2024 USD 2,900,000 3,037,997 0.12China Construction Bank Asia Corp.Ltd., Reg. S, FRN 4.25% 20/08/2024 USD 4,700,000 4,808,006 0.20CITIC Ltd., Reg. S, FRN 8.625%Perpetual USD 4,200,000 4,515,235 0.18CITIC Ltd., Reg. S 6.625% 15/04/2021 USD 1,400,000 1,582,448 0.06CRCC Yupeng Ltd., Reg. S, FRN 3.95%Perpetual USD 3,300,000 3,362,086 0.14Dah Sing Bank Ltd., Reg. S, FRN 5.25%29/01/2024 USD 2,374,000 2,448,052 0.10Dah Sing Bank Ltd., Reg. S, FRN 4.25%30/11/2026 USD 3,600,000 3,677,328 0.15HeSteel Hong Kong Co. Ltd., Reg. S4.25% 07/04/2020 USD 4,000,000 3,969,996 0.16ICBCIL Finance Co. Ltd., Reg. S 3.625%19/05/2026 USD 5,100,000 5,069,267 0.21Industrial & Commercial Bank of ChinaAsia Ltd., Reg. S, FRN 4.25% Perpetual USD 3,000,000 2,992,641 0.12MCC Holding Hong Kong Corp. Ltd.,Reg. S 2.95% 31/05/2020 USD 1,300,000 1,307,323 0.05Poly Property Group Co. Ltd., Reg. S4.75% 16/05/2018 USD 3,700,000 3,718,626 0.15Shanhai Hong Kong InternationalInvestments Ltd., Reg. S 3.875%20/04/2020 USD 1,200,000 1,209,996 0.05Vanke Real Estate Hong Kong Co. Ltd.,Reg. S 3.95% 23/12/2019 USD 5,600,000 5,736,416 0.23

68,770,094 2.80

IndiaAdani Ports & Special Economic ZoneLtd., Reg. S 4% 30/07/2027 USD 3,300,000 3,270,340 0.13Adani Transmission Ltd., Reg. S 4%03/08/2026 USD 2,700,000 2,707,498 0.11Axis Bank Ltd., Reg. S 2.875%01/06/2021 USD 6,800,000 6,765,599 0.28Bharat Petroleum Corp. Ltd., Reg. S4% 08/05/2025 USD 7,100,000 7,259,239 0.30Export-Import Bank of India, Reg. S3.125% 20/07/2021 USD 2,000,000 2,022,182 0.08Export-Import Bank of India, Reg. S 4%14/01/2023 USD 2,600,000 2,707,466 0.11JSW Steel Ltd., Reg. S 5.25%13/04/2022 USD 4,100,000 4,163,345 0.17

73

JPMorgan Funds - Asia Pacific Income FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

NTPC Ltd., Reg. S 4.375% 26/11/2024 USD 5,400,000 5,650,085 0.23NTPC Ltd., Reg. S 4.25% 26/02/2026 USD 2,000,000 2,066,850 0.08ONGC Videsh Ltd., Reg. S 3.75%07/05/2023 USD 5,700,000 5,815,453 0.24Power Grid Corp. of India Ltd., Reg. S3.875% 17/01/2023 USD 5,800,000 6,016,862 0.25State Bank of India, Reg. S, FRN 5.5%Perpetual USD 9,500,000 9,827,322 0.40Tata Motors Ltd., Reg. S 4.625%30/04/2020 USD 4,600,000 4,772,270 0.19

63,044,511 2.57

IndonesiaBank Rakyat Indonesia PerseroTbk. PT, Reg. S 2.95% 28/03/2018 USD 6,000,000 6,028,350 0.25Indonesia Government Bond, Reg. S3.375% 15/04/2023 USD 7,600,000 7,649,552 0.31Indonesia Government Bond, Reg. S5.25% 17/01/2042 USD 900,000 975,035 0.04Lembaga Pembiayaan EksporIndonesia, Reg. S 3.875% 06/04/2024 USD 800,000 812,484 0.03Pelabuhan Indonesia II PT, Reg. S4.25% 05/05/2025 USD 5,400,000 5,499,279 0.23Perusahaan Listrik Negara PT, Reg. S5.25% 24/10/2042 USD 2,900,000 2,922,968 0.12Perusahaan Penerbit SBSN IndonesiaIII, Reg. S 3.4% 29/03/2022 USD 2,000,000 2,024,700 0.08Perusahaan Penerbit SBSN IndonesiaIII, Reg. S 4.325% 28/05/2025 USD 5,700,000 5,897,704 0.24Saka Energi Indonesia PT, Reg. S4.45% 05/05/2024 USD 800,000 805,136 0.03

32,615,208 1.33

Isle of ManGohl Capital Ltd., Reg. S 4.25%24/01/2027 USD 2,800,000 2,905,885 0.12

2,905,885 0.12

JerseyWest China Cement Ltd., Reg. S 6.5%11/09/2019 USD 6,000,000 6,203,274 0.25

6,203,274 0.25

MalaysiaCagamas Global plc, Reg. S 2.745%10/12/2019 USD 3,200,000 3,226,243 0.13IOI Investment L Bhd., Reg. S 4.375%27/06/2022 USD 6,800,000 7,102,294 0.29Malayan Banking Bhd., Reg. S, FRN3.25% 20/09/2022 USD 3,000,000 3,005,406 0.12Malayan Banking Bhd., Reg. S, FRN3.905% 29/10/2026 USD 6,600,000 6,741,385 0.28RHB Bank Bhd., Reg. S 2.503%06/10/2021 USD 1,700,000 1,674,434 0.07SSG Resources Ltd., Reg. S 4.25%04/10/2022 USD 4,000,000 4,209,780 0.17

25,959,542 1.06

MauritiusNeerg Energy Ltd., Reg. S 6%13/02/2022 USD 3,400,000 3,488,971 0.14UPL Corp. Ltd., Reg. S 3.25%13/10/2021 USD 3,100,000 3,104,133 0.13

6,593,104 0.27

NetherlandsBharti Airtel International NetherlandsBV, Reg. S 5.125% 11/03/2023 USD 4,700,000 4,955,633 0.20ICTSI Treasury BV, Reg. S 4.625%16/01/2023 USD 4,900,000 5,055,403 0.21Listrindo Capital BV, Reg. S 4.95%14/09/2026 USD 1,600,000 1,618,480 0.07Majapahit Holding BV, Reg. S 7.75%20/01/2020 USD 900,000 1,009,323 0.04PB International BV, Reg. S 7.625%26/01/2022 USD 1,600,000 1,667,875 0.07Royal Capital BV, Reg. S, FRN 5.5%Perpetual USD 3,395,000 3,564,618 0.14Samvardhana Motherson AutomotiveSystems Group BV, Reg. S 4.875%16/12/2021 USD 1,400,000 1,462,510 0.06

19,333,842 0.79

PhilippinesMegaworld Corp., Reg. S 4.25%17/04/2023 USD 7,600,000 7,652,622 0.31Philippine Government Bond 6.5%20/01/2020 USD 1,300,000 1,452,655 0.06Philippine Government Bond 3.9%26/11/2022 PHP 20,000,000 395,050 0.02Philippine Government Bond 5%13/01/2037 USD 1,000,000 1,190,495 0.05San Miguel Corp., Reg. S 4.875%26/04/2023 USD 8,000,000 8,217,040 0.33

18,907,862 0.77

SingaporeAlam Synergy Pte. Ltd., Reg. S 6.95%27/03/2020 USD 6,900,000 7,027,995 0.28Alam Synergy Pte. Ltd., Reg. S 6.625%24/04/2022 USD 1,200,000 1,194,276 0.05APL Realty Holdings Pte. Ltd., Reg. S5.95% 02/06/2024 USD 4,500,000 4,371,165 0.18BOC Aviation Ltd., Reg. S 3.875%27/04/2026 USD 5,400,000 5,454,394 0.22BPRL International Singapore Pte. Ltd.,Reg. S 4.375% 18/01/2027 USD 3,300,000 3,429,568 0.14CapitaLand Treasury Ltd., Reg. S4.076% 20/09/2022 USD 7,000,000 7,285,957 0.30COSL Singapore Capital Ltd., Reg. S3.5% 30/07/2020 USD 5,800,000 5,898,925 0.24DBS Group Holdings Ltd., Reg. S, FRN3.6% Perpetual USD 3,400,000 3,402,281 0.14Indika Energy Capital II Pte. Ltd., Reg. S6.875% 10/04/2022 USD 3,300,000 3,231,245 0.13Jubilant Pharma Ltd., Reg. S 4.875%06/10/2021 USD 4,300,000 4,376,961 0.18MPM Global Pte. Ltd., Reg. S 6.75%19/09/2019 USD 6,200,000 6,434,825 0.26Olam International Ltd., Reg. S 4.5%12/04/2021 USD 2,600,000 2,620,397 0.11Oversea-Chinese Banking Corp. Ltd.,Reg. S, FRN 4% 15/10/2024 USD 1,400,000 1,436,554 0.06Oversea-Chinese Banking Corp. Ltd.,Reg. S 4.25% 19/06/2024 USD 5,100,000 5,343,479 0.22Theta Capital Pte. Ltd., Reg. S 7%11/04/2022 USD 1,100,000 1,143,111 0.05United Overseas Bank Ltd., Reg. S, FRN3.75% 19/09/2024 USD 2,700,000 2,757,591 0.11United Overseas Bank Ltd., Reg. S, FRN2.88% 08/03/2027 USD 2,600,000 2,579,130 0.10

67,987,854 2.77

South KoreaBusan Bank Co. Ltd., Reg. S 3.625%25/07/2026 USD 1,900,000 1,839,561 0.07Hyundai Capital Services, Inc., Reg. S3% 06/03/2022 USD 2,500,000 2,494,088 0.10KEB Hana Bank, Reg. S 4.25%14/10/2024 USD 2,300,000 2,386,533 0.10Kia Motors Corp., Reg. S 2.625%21/04/2021 USD 1,300,000 1,293,032 0.05Korea Resources Corp., Reg. S 3%24/04/2022 USD 4,300,000 4,313,063 0.18Shinhan Bank, Reg. S, FRN 3.875%07/12/2026 USD 2,600,000 2,658,596 0.11Shinhan Bank, Reg. S 3.875%24/03/2026 USD 2,800,000 2,830,072 0.11Woori Bank, Reg. S, FRN 4.5%Perpetual USD 7,100,000 7,056,214 0.29Woori Bank, Reg. S, FRN 5.25%Perpetual USD 2,900,000 2,958,580 0.12Woori Bank, Reg. S 4.75% 30/04/2024 USD 3,200,000 3,357,699 0.14

31,187,438 1.27

Sri LankaNational Savings Bank, Reg. S 5.15%10/09/2019 USD 4,900,000 4,997,436 0.20Sri Lanka Government Bond, Reg. S5.75% 18/01/2022 USD 2,700,000 2,805,292 0.11Sri Lanka Government Bond, Reg. S6.125% 03/06/2025 USD 2,800,000 2,866,861 0.12Sri Lanka Government Bond, Reg. S6.2% 11/05/2027 USD 700,000 700,636 0.03

11,370,225 0.46

74

JPMorgan Funds - Asia Pacific Income FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

ThailandPTT Global Chemical PCL, Reg. S 4.25%19/09/2022 USD 4,500,000 4,786,339 0.19PTT PCL, Reg. S 3.375% 25/10/2022 USD 5,900,000 6,033,635 0.25Siam Commercial Bank PCL, Reg. S3.2% 26/07/2022 USD 4,800,000 4,870,498 0.20Thai Oil PCL, Reg. S 3.625%23/01/2023 USD 5,900,000 6,083,579 0.25

21,774,051 0.89

United KingdomVedanta Resources plc, Reg. S 6.375%30/07/2022 USD 2,300,000 2,304,876 0.09

2,304,876 0.09

United States of AmericaReliance Holding USA, Inc., Reg. S5.4% 14/02/2022 USD 7,250,000 7,951,583 0.32

7,951,583 0.32

Virgin Islands, BritishBeijing Gas Singapore Capital Corp.,Reg. S 2.75% 31/05/2022 USD 1,900,000 1,874,407 0.08Bluestar Finance Holdings Ltd., Reg. S3.125% 30/09/2019 USD 2,500,000 2,509,200 0.10CCCI Treasure Ltd., Reg. S, FRN 3.5%Perpetual USD 6,000,000 6,059,172 0.25CDBI Treasure I Ltd., Reg. S 2.25%02/08/2021 USD 1,100,000 1,073,150 0.04Central Plaza Development Ltd.,Reg. S, FRN 7.125% Perpetual USD 6,100,000 6,443,448 0.26Central Plaza Development Ltd.,Reg. S, FRN 8.375% Perpetual USD 800,000 821,988 0.03Chalco Hong Kong Investment Co. Ltd.,Reg. S, FRN 4.25% Perpetual USD 4,900,000 4,968,649 0.20China Reinsurance Finance Corp. Ltd.,Reg. S 3.375% 09/03/2022 USD 900,000 889,195 0.04China Southern Power GridInternational Finance BVI Co. Ltd., Reg.S 3.5% 08/05/2027 USD 3,800,000 3,786,301 0.15Chinalco Capital Holdings Ltd., Reg. S4% 25/08/2021 USD 1,900,000 1,893,700 0.08Chinalco Capital Holdings Ltd., Reg. S4.25% 21/04/2022 USD 1,100,000 1,108,363 0.05CLP Power Hong Kong Financing Ltd.,Reg. S 3.125% 06/05/2025 USD 2,200,000 2,203,920 0.09CNOOC Finance 2013 Ltd. 4.25%09/05/2043 USD 5,000,000 5,032,270 0.21COSCO Finance 2011 Ltd., Reg. S 4%03/12/2022 USD 4,200,000 4,389,080 0.18COSCO Pacific Finance 2013 Co. Ltd.,Reg. S 4.375% 31/01/2023 USD 4,500,000 4,626,855 0.19Dianjian Haixing Ltd., Reg. S, FRN4.05% Perpetual USD 2,700,000 2,758,882 0.11Fortune Star BVI Ltd., Reg. S 5.25%23/03/2022 USD 4,600,000 4,525,080 0.18FPC Treasury Ltd., Reg. S 4.5%16/04/2023 USD 7,200,000 7,339,889 0.30Franshion Brilliant Ltd., Reg. S, FRN5.75% Perpetual USD 1,900,000 1,966,490 0.08Franshion Brilliant Ltd., Reg. S 5.75%19/03/2019 USD 3,200,000 3,350,928 0.14Franshion Development Ltd., Reg. S6.75% 15/04/2021 USD 1,000,000 1,122,193 0.05Greenland Global Investment Ltd.,Reg. S 3.5% 06/09/2019 USD 4,900,000 4,778,558 0.19HKT Capital No. 2 Ltd., Reg. S 3.625%02/04/2025 USD 3,803,000 3,843,171 0.16HKT Capital No. 4 Ltd., Reg. S 3%14/07/2026 USD 4,500,000 4,288,986 0.17Huarong Finance 2017 Co. Ltd., Reg. S,FRN 4.5% Perpetual USD 3,800,000 3,888,874 0.16Huarong Finance 2017 Co. Ltd., Reg. S3.75% 27/04/2022 USD 1,640,000 1,664,046 0.07Huarong Finance II Co. Ltd., Reg. S,FRN 2.875% Perpetual USD 2,200,000 2,114,367 0.09Huarong Finance II Co. Ltd., Reg. S2.75% 03/06/2019 USD 4,000,000 3,981,180 0.16Hysan MTN Ltd., Reg. S 3.5%16/01/2023 USD 6,800,000 7,012,432 0.29JGSH Philippines Ltd., Reg. S 4.375%23/01/2023 USD 7,200,000 7,425,094 0.30Joyous Glory Group Ltd., Reg. S 5.7%07/03/2020 USD 6,800,000 7,207,993 0.29Keen Idea Global Ltd., Reg. S 4.375%08/03/2020 USD 2,300,000 2,303,296 0.09King Power Capital Ltd., Reg. S 5.625%03/11/2024 USD 3,900,000 4,341,067 0.18

Minmetals Bounteous Finance BVI Ltd.,Reg. S 3.125% 27/07/2021 USD 4,000,000 4,005,268 0.16NWD Finance BVI Ltd., Reg. S 5.75%Perpetual USD 2,800,000 2,810,556 0.11NWD MTN Ltd., Reg. S 5.25%26/02/2021 USD 5,000,000 5,343,120 0.22Proven Honour Capital Ltd., Reg. S4.125% 19/05/2025 USD 5,600,000 5,748,008 0.23Proven Honour Capital Ltd., Reg. S4.125% 06/05/2026 USD 5,800,000 5,917,943 0.24Radiant Access Ltd., Reg. S 4.6%Perpetual USD 2,800,000 2,730,549 0.11RKI Overseas Finance 2016 A Ltd.,Reg. S 5% 09/08/2019 USD 1,700,000 1,704,503 0.07RKI Overseas Finance 2016 B Ltd.,Reg. S 4.7% 06/09/2021 USD 3,300,000 3,231,987 0.13Rock International Investment, Inc.,Reg. S 6.625% 27/03/2020 USD 1,200,000 1,133,999 0.05Rongshi International Finance Ltd.,Reg. S 2.875% 04/05/2022 USD 3,600,000 3,594,924 0.15Sino-Ocean Land Treasure Finance ILtd., Reg. S 6% 30/07/2024 USD 2,000,000 2,194,374 0.09Sino-Ocean Land Treasure Finance IILtd., Reg. S 4.45% 04/02/2020 USD 4,400,000 4,525,136 0.18Sinopec Capital 2013 Ltd., Reg. S4.25% 24/04/2043 USD 4,600,000 4,661,157 0.19Sinopec Group Overseas Development2013 Ltd., Reg. S 5.375% 17/10/2043 USD 2,800,000 3,352,079 0.14Sinopec Group Overseas Development2016 Ltd., Reg. S 2.75% 03/05/2021 USD 3,800,000 3,811,028 0.16Skyland Mining BVI Ltd., Reg. S 3.25%06/07/2020 USD 3,000,000 2,990,394 0.12SmarTone Finance Ltd., Reg. S 3.875%08/04/2023 USD 8,000,000 8,099,800 0.33State Grid Overseas Investment 2014Ltd., Reg. S 4.85% 07/05/2044 USD 4,100,000 4,744,893 0.19Studio City Finance Ltd., Reg. S 8.5%01/12/2020 USD 5,000,000 5,212,225 0.21Tewoo Group Finance No. 2 Ltd., Reg. S4.5% 16/12/2019 USD 8,300,000 8,404,298 0.34Top Wise Excellence Enterprise Co.Ltd., Reg. S 6% 16/03/2020 USD 2,300,000 2,357,498 0.10Want Want China Finance Ltd., Reg. S2.875% 27/04/2022 USD 2,800,000 2,799,401 0.11Wiseyear Holdings Ltd., Reg. S 5.875%06/04/2021 USD 2,000,000 2,177,328 0.09Yuexiu REIT MTN Co. Ltd., REIT, Reg. S3.1% 14/05/2018 USD 4,800,000 4,813,598 0.20

217,956,290 8.88

Total Bonds 809,334,453 32.98

Equities

AustraliaAmcor Ltd. AUD 3,457,511 43,097,723 1.76AMP Ltd. AUD 6,316,339 25,224,629 1.03Australia & New Zealand BankingGroup Ltd. AUD 2,480,957 54,783,917 2.23Macquarie Group Ltd. AUD 413,055 28,104,381 1.15Medibank Pvt Ltd. AUD 3,276,650 7,065,400 0.29QBE Insurance Group Ltd. AUD 4,306,759 39,083,222 1.59Transurban Group AUD 730,520 6,663,059 0.27Westfield Corp., REIT AUD 5,018,949 31,000,769 1.26Westpac Banking Corp. AUD 670,527 15,723,930 0.64

250,747,030 10.22

BermudaNWS Holdings Ltd. HKD 3,072,086 6,017,293 0.25Yuexiu Transport Infrastructure Ltd. HKD 33,962,000 24,341,855 0.99

30,359,148 1.24

Cayman IslandsChina Resources Land Ltd. HKD 4,696,000 13,655,710 0.56CK Hutchison Holdings Ltd. HKD 5,876,000 73,749,212 3.00HKBN Ltd. HKD 11,073,500 11,085,983 0.45Hutchison Telecommunications HongKong Holdings Ltd. HKD 11,566,000 4,067,110 0.17Lifestyle International Holdings Ltd. HKD 4,286,000 5,907,786 0.24WH Group Ltd. HKD 16,404,000 16,496,042 0.67Zhen Ding Technology Holding Ltd. TWD 8,827,000 20,917,130 0.85

145,878,973 5.94

75


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

ChinaDatang International Power GenerationCo. Ltd. ‘H’ HKD 54,570,000 17,441,540 0.71Henan Shuanghui Investment &Development Co. Ltd. ‘A’ CNY 1,997,025 6,996,022 0.29Huadian Power International Corp. Ltd.‘H’ HKD 45,686,000 20,454,584 0.83Huaneng Power International, Inc. ‘H’ HKD 55,252,000 38,397,953 1.56Jiangsu Expressway Co. Ltd. ‘H’ HKD 1,448,000 2,042,284 0.08PetroChina Co. Ltd. ‘H’ HKD 53,800,000 32,978,017 1.34PICC Property & Casualty Co. Ltd. ‘H’ HKD 13,854,000 23,124,903 0.94Qingdao Haier Co. Ltd. ‘A’ CNY 11,012,868 24,450,844 1.00Sinopec Engineering Group Co. Ltd. ‘H’ HKD 9,133,500 8,225,322 0.34Zhejiang Expressway Co. Ltd. ‘H’ HKD 16,098,000 21,013,889 0.86

195,125,358 7.95

Hong KongChina Mobile Ltd. HKD 5,484,500 58,226,530 2.37China Overseas Land & Investment Ltd. HKD 3,102,000 9,089,986 0.37CNOOC Ltd. HKD 47,691,000 52,265,700 2.13Lenovo Group Ltd. HKD 45,156,000 28,547,162 1.16Power Assets Holdings Ltd. HKD 851,000 7,513,922 0.31

155,643,300 6.34

MalaysiaCIMB Group Holdings Bhd. MYR 9,401,681 14,389,993 0.59

14,389,993 0.59

New ZealandZ Energy Ltd. NZD 1,810,694 10,511,906 0.43

10,511,906 0.43

SingaporeAIMS AMP Capital Industrial REIT SGD 16,475,225 17,685,243 0.72Ascendas India Trust SGD 21,255,000 17,604,275 0.72DBS Group Holdings Ltd. SGD 3,449,697 51,968,140 2.12Frasers Logistics & Industrial Trust,REIT SGD 15,257,400 11,944,005 0.49Mapletree Commercial Trust, REIT SGD 9,018,881 10,418,422 0.42Mapletree Logistics Trust, REIT SGD 3,650,621 3,162,841 0.13Sheng Siong Group Ltd. SGD 3,638,000 2,623,285 0.11Singapore Exchange Ltd. SGD 1,166,200 6,223,247 0.25UOB-Kay Hian Holdings Ltd. SGD 3,984,489 3,922,510 0.16

125,551,968 5.12

South KoreaDongbu Insurance Co. Ltd. KRW 301,203 17,933,296 0.73Doosan Corp. KRW 159,728 16,687,937 0.68ING Life Insurance Korea Ltd. KRW 232,027 6,892,102 0.28Korea Electric Power Corp. KRW 2,077,683 74,158,201 3.02KT Corp. KRW 196,809 6,326,639 0.26LG Uplus Corp. KRW 1,088,738 14,872,950 0.61Meritz Fire & Marine Insurance Co. Ltd. KRW 343,313 6,003,077 0.25Shinhan Financial Group Co. Ltd. KRW 303,013 13,067,186 0.53

155,941,388 6.36

SupranationalHKT Trust & HKT Ltd. HKD 20,844,000 27,315,995 1.11

27,315,995 1.11

TaiwanChipbond Technology Corp. TWD 6,991,000 10,754,942 0.44ChipMOS TECHNOLOGIES, Inc. TWD 2,852,000 2,849,186 0.12Compal Electronics, Inc. TWD 19,825,000 13,382,935 0.55Mega Financial Holding Co. Ltd. TWD 17,776,000 14,806,025 0.60Sercomm Corp. TWD 4,164,000 10,825,989 0.44Taiwan Cement Corp. TWD 2,814,000 3,260,094 0.13Taiwan Semiconductor ManufacturingCo. Ltd. TWD 4,667,000 31,965,228 1.30Yuanta Financial Holding Co. Ltd. TWD 105,598,377 46,452,172 1.89

134,296,571 5.47

ThailandBangkok Bank PCL THB 1,681,400 9,675,607 0.40Bangkok Bank PCL, NVDR THB 12,856,000 70,001,356 2.85Land & Houses PCL THB 1,990,321 595,395 0.03Land & Houses PCL, NVDR THB 54,142,479 16,036,897 0.65LPN Development PCL THB 14,803,400 5,213,694 0.21

Siam Commercial Bank PCL(The), NVDR THB 826,800 3,795,287 0.16Supalai PCL THB 20,058,200 15,296,373 0.62Tisco Financial Group PCL THB 3,538,000 7,937,820 0.32TMB Bank PCL THB 122,970,600 8,299,519 0.34

136,851,948 5.58

United KingdomHSBC Holdings plc HKD 8,097,973 75,391,380 3.07

75,391,380 3.07

Total Equities 1,458,004,958 59.42

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 2,267,339,411 92.40

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

Cayman IslandsCK Hutchison Capital Securities 17 Ltd.,Reg. S, FRN 4% Perpetual USD 2,200,000 2,225,898 0.09HPHT Finance 15 Ltd., Reg. S 2.875%17/03/2020 USD 2,200,000 2,211,935 0.09Hutchison Whampoa International 14Ltd., Reg. S 3.625% 31/10/2024 USD 3,400,000 3,513,009 0.14

7,950,842 0.32

NetherlandsIndo Energy Finance II BV, Reg. S6.375% 24/01/2023 USD 6,200,000 5,812,215 0.24

5,812,215 0.24

South KoreaGS Caltex Corp., Reg. S 3% 12/06/2022 USD 1,400,000 1,399,895 0.06Korea East-West Power Co. Ltd., Reg. S2.5% 02/06/2020 USD 4,500,000 4,499,262 0.18Woori Bank, Reg. S, FRN 5%10/06/2045 USD 2,500,000 2,587,410 0.11

8,486,567 0.35

Virgin Islands, BritishSinochem Global Capital Co. Ltd.,Reg. S, FRN 5% Perpetual USD 9,800,000 10,062,248 0.41

10,062,248 0.41

Total Bonds 32,311,872 1.32

Total Transferable securities and money market instrumentsdealt in on another regulated market

32,311,872 1.32




138,990,000 5.66


Total Units of authorised UCITS or other collective investmentundertakings 138,990,000 5.66


Cash 11,024,646 0.45


Total Net Assets 2,453,909,081 100.00


76


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsCayman Islands 12.01Australia 10.22China 10.01Virgin Islands, British 9.29Hong Kong 9.14South Korea 7.98Singapore 7.89Thailand 6.47Luxembourg 5.66Taiwan 5.47United Kingdom 3.16India 2.57Bermuda 1.77Malaysia 1.65Indonesia 1.33Supranational 1.11Netherlands 1.03Philippines 0.77Sri Lanka 0.46New Zealand 0.43United States of America 0.32Mauritius 0.27Jersey 0.25Isle of Man 0.12Total Investments 99.38Cash and Other Assets/(Liabilities) 0.62

Total 100.00


% of Net Assets

Australia 13.66Cayman Islands 10.97Virgin Islands, British 10.33South Korea 9.78Hong Kong 8.81Singapore 8.06China 7.76Thailand 6.48Taiwan 4.33Luxembourg 3.34United Kingdom 3.07Malaysia 2.65India 2.48Bermuda 1.61Indonesia 1.40Netherlands 1.03Philippines 0.99Sri Lanka 0.46Supranational 0.46New Zealand 0.41United States of America 0.35Jersey 0.28Mauritius 0.14Total Investments 98.85Cash and Other Assets/(Liabilities) 1.15

Total 100.00

77


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


As at 30 June 2017

Forward Currency Exchange Contracts (continued)

CurrencyPurchased




USD

%of

NetAssets

AUD 95,000,000 USD 69,758,025 05/07/2017 ANZ 3,270,506 0.13AUD 871,012 USD 657,785 14/07/2017 ANZ 11,708 -AUD 1,243,738 USD 954,656 14/07/2017 Barclays 1,327 -AUD 203,070,853 USD 152,911,398 14/07/2017 Citibank 3,176,336 0.13AUD 2,640 USD 1,991 14/07/2017 Deutsche Bank 38 -AUD 137,377 USD 104,456 14/07/2017 HSBC 1,137 -AUD 883,062 USD 669,958 14/07/2017 National Australia Bank 8,796 -AUD 226,732 USD 170,342 14/07/2017 State Street 3,932 -AUD 130,322 USD 98,301 14/07/2017 Toronto-Dominion Bank 1,869 -CAD 904,327 USD 674,074 14/07/2017 ANZ 23,848 -CAD 54,412,107 USD 40,498,035 14/07/2017 BNP Paribas 1,494,991 0.06CAD 1,069,834 USD 804,390 14/07/2017 National Australia Bank 21,265 -CNH 1,634,459 USD 239,951 21/07/2017 ANZ 655 -CNH 1,030,838 USD 151,455 21/07/2017 Citibank 292 -CNH 62,846,033 USD 9,196,140 21/07/2017 Merrill Lynch 55,313 -CNH 1,797,460 USD 262,663 21/07/2017 National Australia Bank 1,938 -CNH 873,195 USD 127,523 21/07/2017 Societe Generale 1,018 -CNH 1,012,767 USD 148,537 21/07/2017 Standard Chartered 551 -EUR 120,208 USD 134,140 14/07/2017 ANZ 3,206 -EUR 14,967,780 USD 16,824,923 14/07/2017 Barclays 276,726 0.01EUR 148,854 USD 166,952 14/07/2017 Citibank 3,123 -EUR 128,705 USD 146,324 14/07/2017 Merrill Lynch 730 -EUR 79,802 USD 89,577 14/07/2017 National Australia Bank 1,603 -EUR 75,408 USD 84,340 14/07/2017 Societe Generale 1,818 -EUR 8,987 USD 10,209 14/07/2017 Standard Chartered 58 -EUR 19,291 USD 21,678 14/07/2017 State Street 363 -GBP 5,084 USD 6,477 14/07/2017 BNP Paribas 122 -GBP 39,841,969 USD 50,772,100 14/07/2017 Citibank 940,048 0.04GBP 13,384 USD 17,313 14/07/2017 Goldman Sachs 59 -GBP 510,969 USD 651,567 14/07/2017 National Australia Bank 11,637 -GBP 201,248 USD 255,873 14/07/2017 RBC 5,333 -GBP 38,225 USD 48,736 14/07/2017 State Street 877 -NZD 53,422,459 USD 38,378,437 14/07/2017 ANZ 749,359 0.03NZD 61,454 USD 44,346 14/07/2017 HSBC 664 -NZD 35,639 USD 26,009 14/07/2017 National Australia Bank 94 -SGD 101,242 USD 73,216 03/07/2017 Societe Generale 339 -SGD 153,471 USD 111,141 21/07/2017 ANZ 393 -SGD 160,211,055 USD 115,773,570 21/07/2017 Barclays 659,406 0.03SGD 61,731 USD 44,510 21/07/2017 National Australia Bank 352 -SGD 202,706 USD 146,701 21/07/2017 State Street 615 -THB 1,543,496,000 USD 44,520,926 11/08/2017 Citibank 955,286 0.04USD 26,575,914 AUD 34,600,000 05/10/2017 ANZ 9,328 -USD 21,542,276 AUD 28,000,000 05/10/2017 State Street 43,305 -USD 80,864 EUR 70,722 14/07/2017 ANZ 59 -USD 54,228 GBP 41,761 05/07/2017 Goldman Sachs 42 -USD 38,170,649 KRW 43,000,000,000 24/08/2017 ANZ 565,558 0.02USD 53,290,701 KRW 60,000,000,000 24/08/2017 State Street 818,481 0.04USD 240,049 SGD 329,266 21/07/2017 Societe Generale 755 -USD 62,109,727 TWD 1,860,000,000 02/08/2017 ANZ 963,518 0.04


GBP 41,761 USD 54,243 14/07/2017 Goldman Sachs (41) -GBP 245,009 USD 318,221 14/07/2017 RBC (216) -NZD 297,642 USD 218,028 14/07/2017 ANZ (29) -USD 132,271 AUD 173,628 03/07/2017 National Australia Bank (1,202) -USD 98,552,376 AUD 129,600,000 05/07/2017 ANZ (1,073,915) (0.04)USD 21,294,560 AUD 28,000,000 05/07/2017 State Street (229,639) (0.01)USD 729,922 AUD 967,183 14/07/2017 Barclays (13,490) -USD 3,138 AUD 4,086 14/07/2017 Citibank (3) -USD 3,057,786 AUD 4,032,267 14/07/2017 National Australia Bank (41,561) -USD 534,500 AUD 706,029 14/07/2017 State Street (8,180) -USD 412,591 AUD 544,811 14/07/2017 Toronto-Dominion Bank (6,170) -USD 23,928,964 AUD 31,782,774 13/09/2017 State Street (481,329) (0.02)USD 762,387 CAD 1,009,784 14/07/2017 ANZ (16,923) -USD 147,569 CAD 193,859 14/07/2017 Citibank (2,044) -USD 73,968 CAD 98,064 14/07/2017 Goldman Sachs (1,714) -USD 476,796 CAD 643,345 14/07/2017 HSBC (19,711) -USD 247,229 CAD 332,352 14/07/2017 National Australia Bank (9,267) -USD 148,780 CNH 1,012,767 03/07/2017 Standard Chartered (517) -USD 1,095 CNH 7,459 21/07/2017 ANZ (4) -USD 148,124 CNH 1,011,249 21/07/2017 Citibank (741) -USD 63,054 CNH 429,675 21/07/2017 Standard Chartered (198) -USD 10,203 EUR 8,987 03/07/2017 Standard Chartered (59) -USD 101,489 EUR 90,387 14/07/2017 Deutsche Bank (1,785) -USD 131,874 EUR 117,420 14/07/2017 National Australia Bank (2,286) -USD 94,582 EUR 84,565 14/07/2017 RBC (2,039) -USD 1,186,629 EUR 1,060,483 14/07/2017 UBS (25,040) -USD 17,307 GBP 13,384 03/07/2017 Goldman Sachs (60) -USD 84,251 GBP 64,965 14/07/2017 Citibank (68) -USD 999,308 GBP 781,375 14/07/2017 Goldman Sachs (14,864) -USD 111,459 GBP 87,389 14/07/2017 National Australia Bank (1,965) -USD 575,765 GBP 453,171 14/07/2017 RBC (12,419) -

78


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

USD 122,636 GBP 94,640 14/07/2017 State Street (201) -USD 20,579 GBP 15,950 14/07/2017 UBS (123) -USD 1,180,840 NZD 1,628,560 14/07/2017 ANZ (11,953) -USD 58,242 NZD 79,934 14/07/2017 Citibank (303) -USD 201,685 NZD 276,656 14/07/2017 Deutsche Bank (944) -USD 50,637 NZD 69,719 14/07/2017 HSBC (426) -USD 2,514,284 NZD 3,490,974 14/07/2017 National Australia Bank (42,584) -USD 167,662 NZD 230,948 14/07/2017 RBC (1,489) -USD 201,882 NZD 279,780 14/07/2017 State Street (3,036) -USD 69,534,549 SGD 97,000,000 05/07/2017 State Street (939,897) (0.04)USD 370,746 SGD 512,884 21/07/2017 ANZ (1,990) -USD 23,283 SGD 32,249 21/07/2017 HSBC (153) -USD 1,488,674 SGD 2,065,644 21/07/2017 Societe Generale (12,527) -USD 372,313 SGD 513,477 21/07/2017 Standard Chartered (855) -USD 940,887 SGD 1,300,754 21/07/2017 Toronto-Dominion Bank (4,432) -USD 19,936,646 SGD 27,563,550 13/09/2017 HSBC (111,875) (0.01)USD 70,524,682 SGD 97,000,000 05/10/2017 State Street (51,776) -USD 55,078,524 THB 1,889,992,000 05/07/2017 State Street (621,931) (0.03)USD 14,422,106 THB 500,000,000 11/08/2017 ANZ (309,455) (0.01)USD 44,520,926 THB 1,543,496,000 11/08/2017 Citibank (955,286) (0.04)USD 30,098,820 THB 1,043,496,000 11/08/2017 HSBC (645,831) (0.03)USD 55,622,355 THB 1,889,992,000 05/10/2017 State Street (61,618) -

Total Unrealised Loss on Forward Currency Exchange Contracts (5,746,164) (0.23)


79


Equities

BermudaWilson Sons Ltd., BDR BRL 218,060 2,437,308 1.05

2,437,308 1.05

BrazilAES Tiete Energia SA BRL 750,900 3,097,465 1.33Ambev SA, ADR USD 2,597,035 14,270,707 6.15Arezzo Industria e Comercio SA BRL 120,200 1,165,217 0.50Banco Bradesco SA, ADR Preference USD 1,458,852 12,320,005 5.31BB Seguridade Participacoes SA BRL 1,177,213 10,078,306 4.34BM&FBovespa SA - Bolsa de ValoresMercadorias e Futuros BRL 2,168,660 12,928,890 5.57CCR SA BRL 1,614,682 8,075,117 3.48Cia de Saneamento Basico do Estado deSao Paulo BRL 247,620 2,367,137 1.02Engie Brasil Energia SA BRL 564,610 5,842,587 2.52Fleury SA BRL 1,139,560 9,153,521 3.94Gerdau SA, ADR Preference USD 868,690 2,653,848 1.14Iguatemi Empresa de Shopping CentersSA BRL 506,033 4,980,381 2.15Iochpe Maxion SA BRL 997,210 5,065,428 2.18Itau Unibanco Holding SA, ADRPreference USD 1,813,788 20,087,702 8.66Itausa - Investimentos Itau SA Preference BRL 3,262,392 8,845,110 3.81Kroton Educacional SA BRL 2,196,250 9,683,191 4.17Linx SA BRL 416,790 2,188,894 0.94Localiza Rent a Car SA BRL 320,766 4,338,669 1.87Lojas Renner SA BRL 1,331,948 10,819,588 4.66M Dias Branco SA BRL 180,460 2,688,665 1.16Ouro Fino Saude Animal Participacoes SA BRL 105,530 948,090 0.41Petroleo Brasileiro SA, ADR Preference USD 2,738,960 20,227,220 8.72Raia Drogasil SA BRL 423,650 9,002,067 3.88Smiles SA BRL 299,119 5,404,437 2.33Transmissora Alianca de Energia EletricaSA BRL 578,380 3,839,501 1.65Ultrapar Participacoes SA BRL 412,840 9,649,105 4.16Vale SA Preference BRL 1,336,670 10,920,533 4.71Valid Solucoes e Servicos de Segurancaem Meios de Pagamento e IdentificacaoSA BRL 357,757 1,614,084 0.70WEG SA BRL 1,506,030 8,070,861 3.48

220,326,326 94.94

United States of AmericaMercadoLibre, Inc. USD 11,110 2,778,556 1.20

2,778,556 1.20



225,542,190 97.19


Collective Investment Schemes - AIF

United KingdomJ.P. Morgan Brazil Investment Trust plc† GBP 854,610 666,699 0.29

666,699 0.29

Total Collective Investment Schemes - AIF 666,699 0.29


LuxembourgJPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 4,992,965 4,992,965 2.15

4,992,965 2.15




Cash 1,326,923 0.57

Other Assets/(Liabilities) (463,918) (0.20)



Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsBrazil 94.94Luxembourg 2.15United States of America 1.20Bermuda 1.05United Kingdom 0.29Total Investments 99.63Cash and Other Assets/(Liabilities) 0.37

Total 100.00


% of Net Assets

Brazil 94.19Luxembourg 2.27Bermuda 1.12United Kingdom 0.30Total Investments 97.88Cash and Other Assets/(Liabilities) 2.12

Total 100.00

80

JPMorgan Funds - Brazil Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities

BermudaBrilliance China Automotive HoldingsLtd. HKD 12,306,000 22,369,673 1.80China Resources Gas Group Ltd. HKD 7,484,000 25,645,897 2.07

48,015,570 3.87

Cayman Islands3SBio, Inc. HKD 10,146,000 13,452,269 1.09AAC Technologies Holdings, Inc. HKD 2,874,000 35,970,101 2.90Alibaba Group Holding Ltd., ADR USD 865,104 121,469,253 9.79ANTA Sports Products Ltd. HKD 5,522,000 18,144,462 1.46China Conch Venture Holdings Ltd. HKD 5,927,500 10,850,859 0.88China Medical System Holdings Ltd. HKD 8,975,000 15,509,819 1.25China Resources Land Ltd. HKD 9,721,111 28,268,456 2.28China State Construction InternationalHoldings Ltd. HKD 7,944,000 13,585,663 1.10Ctrip.com International Ltd., ADR USD 490,035 26,589,299 2.14Hutchison China MediTech Ltd., ADR USD 132,860 3,118,888 0.25IMAX China Holding, Inc. HKD 3,060,000 9,378,507 0.76JD.com, Inc., ADR USD 1,445,927 56,824,931 4.58MGM China Holdings Ltd. HKD 6,189,200 13,771,925 1.11Nexteer Automotive Group Ltd. HKD 15,369,000 24,058,976 1.94Noah Holdings Ltd., ADR USD 353,792 9,962,783 0.80Sands China Ltd. HKD 1,228,800 5,631,462 0.45Silergy Corp. TWD 537,000 10,332,018 0.83Tencent Holdings Ltd. HKD 3,378,800 120,890,938 9.75Truly International Holdings Ltd. HKD 28,784,000 9,992,652 0.81WH Group Ltd. HKD 19,658,500 19,768,802 1.59

567,572,063 45.76

ChinaBank of China Ltd. ‘H’ HKD 141,785,000 69,473,960 5.60CGN Power Co. Ltd. ‘H’ HKD 56,970,000 15,873,248 1.28China Construction Bank Corp. ‘H’ HKD 47,694,540 36,933,911 2.98China Merchants Bank Co. Ltd. ‘H’ HKD 17,271,500 52,049,914 4.20China Telecom Corp. Ltd. ‘H’ HKD 27,442,000 13,024,597 1.05Dong-E-E-Jiao Co. Ltd. ‘A’ CNY 1,018,899 10,802,953 0.87GoerTek, Inc. ‘A’ CNY 3,106,694 8,835,493 0.71Hangzhou Hikvision Digital TechnologyCo. Ltd. ‘A’ CNY 3,083,631 14,686,231 1.18Hangzhou Robam Appliances Co. Ltd.‘A’ CNY 2,008,459 12,879,978 1.04Han’s Laser Technology Industry GroupCo. Ltd. ‘A’ CNY 2,926,244 14,946,462 1.20Jiangsu Hengrui Medicine Co. Ltd. ‘A’ CNY 1,933,206 14,418,719 1.16Kweichow Moutai Co. Ltd. ‘A’ CNY 87,300 6,074,720 0.49Luxshare Precision Industry Co. Ltd. ‘A’ CNY 2,042,440 8,808,736 0.71Ping An Insurance Group Co. of ChinaLtd. ‘H’ HKD 15,076,000 99,412,915 8.01Qingdao Haier Co. Ltd. ‘A’ CNY 6,234,356 13,841,559 1.12Spring Airlines Co. Ltd. ‘A’ CNY 915,075 4,539,006 0.37Yunnan Baiyao Group Co. Ltd. ‘A’ CNY 706,139 9,772,687 0.79

406,375,089 32.76

Hong KongChina Everbright International Ltd. HKD 14,507,000 18,072,888 1.46China Taiping Insurance Holdings Co.Ltd. HKD 6,022,000 15,251,331 1.23China Unicom Hong Kong Ltd. HKD 16,068,000 23,856,437 1.92CNOOC Ltd. HKD 46,283,000 50,722,639 4.09CSPC Pharmaceutical Group Ltd. HKD 13,192,000 19,231,503 1.55Guangdong Investment Ltd. HKD 14,388,000 19,869,160 1.60

147,003,958 11.85

LuxembourgSamsonite International SA HKD 2,209,500 9,213,090 0.74

9,213,090 0.74

SingaporeBOC Aviation Ltd. HKD 3,615,100 19,056,822 1.54

19,056,822 1.54

Total Equities 1,197,236,592 96.52

Warrants

ChinaChina Yangtze Power Co. Ltd.22/06/2018 USD 3,467,844 7,862,989 0.63Shenzhen Sunway Communication Co.Ltd. 22/01/2018 USD 1,303,075 7,691,542 0.62Spring Airlines Co. Ltd. 27/07/2018 USD 390,387 1,936,419 0.16Suofeiya Home Collection Co. Ltd.12/09/2019 USD 1,327,829 8,028,851 0.65Zhejiang Weixing New BuildingMaterials Co. Ltd. 10/05/2018 USD 2,319,250 6,390,775 0.51

31,910,576 2.57

Total Warrants 31,910,576 2.57


1,229,147,168 99.09

Other transferable securities and money market instruments

Equities

Hong KongEuro-Asia Agricultural Holdings Co.Ltd.* HKD 30,392,000 0 0.00

0 0.00

Total Equities 0 0.00

Total Other transferable securities and money marketinstruments

0 0.00


Cash 14,056,464 1.13

Other Assets/(Liabilities) (2,784,550) (0.22)

Total Net Assets 1,240,419,082 100.00

* Security is valued at its fair value under the direction of the Board of Directors.

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsCayman Islands 45.76China 35.33Hong Kong 11.85Bermuda 3.87Singapore 1.54Luxembourg 0.74Total Investments 99.09Cash and Other Assets/(Liabilities) 0.91

Total 100.00


% of Net Assets

Cayman Islands 42.19China 40.29Hong Kong 13.53Bermuda 3.45Total Investments 99.46Cash and Other Assets/(Liabilities) 0.54

Total 100.00

81

JPMorgan Funds - China FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities

AustriaErste Group Bank AG EUR 215,185 7,266,797 1.57

7,266,797 1.57

CyprusRos Agro plc, GDR USD 575,404 5,882,730 1.27

5,882,730 1.27

Czech RepublicKomercni banka A/S CZK 105,315 3,675,856 0.79Moneta Money Bank A/S CZK 1,456,411 4,250,998 0.92Philip Morris CR A/S CZK 8,210 4,700,707 1.02

12,627,561 2.73

GuernseyEtalon Group Ltd., GDR USD 1,472,260 4,612,255 0.99

4,612,255 0.99

HungaryMOL Hungarian Oil & Gas plc HUF 130,550 8,995,159 1.94OTP Bank plc HUF 521,504 15,349,333 3.32Richter Gedeon Nyrt. HUF 132,930 3,031,971 0.65

27,376,463 5.91

JerseyUnited Co. RUSAL plc HKD 5,354,000 2,300,311 0.50Wizz Air Holdings plc GBP 134,473 3,708,185 0.80

6,008,496 1.30

NetherlandsX5 Retail Group NV, GDR USD 203,970 6,190,760 1.34

6,190,760 1.34

PolandAmRest Holdings SE PLN 40,820 3,359,420 0.73Bank Pekao SA PLN 254,200 7,516,969 1.62Bank Zachodni WBK SA PLN 52,640 4,277,672 0.92Budimex SA PLN 39,909 2,258,750 0.49CD Projekt SA PLN 151,846 3,101,930 0.67Dino Polska SA PLN 426,824 4,638,462 1.00Globe Trade Centre SA PLN 610,720 1,405,884 0.30KRUK SA PLN 68,700 4,979,025 1.08Polski Koncern Naftowy ORLEN SA PLN 314,660 8,424,070 1.82Powszechny Zaklad Ubezpieczen SA PLN 1,127,940 12,004,115 2.59Work Service SA PLN 2,569,526 5,160,867 1.12

57,127,164 12.34

RomaniaBanca Transilvania SA RON 12,233,462 7,208,553 1.56

7,208,553 1.56

RussiaAlrosa PJSC USD 9,015,520 11,574,504 2.50Gazprom PJSC, ADR USD 10,208,455 35,268,230 7.62LSR Group PJSC, GDR USD 1,709,243 4,205,903 0.91Lukoil PJSC, ADR USD 795,920 33,871,347 7.31Magnit PJSC, GDR USD 727,650 21,537,156 4.65MMC Norilsk Nickel PJSC, ADR USD 1,009,771 12,182,669 2.63Moscow Exchange MICEX-RTS PJSC USD 5,892,513 9,104,627 1.97Novatek PJSC, GDR USD 207,830 20,301,444 4.38Rosneft Oil Co. PJSC, GDR USD 2,945,570 14,064,171 3.04Sberbank of Russia PJSC, ADR USD 4,756,470 42,911,778 9.27Severstal PJSC, GDR USD 462,287 5,284,911 1.14Sollers PJSC USD 406,309 3,506,599 0.76Tatneft PJSC, ADR USD 199,120 6,548,348 1.41

220,361,687 47.59

TurkeyAkbank TAS TRY 5,579,380 13,661,071 2.95BIM Birlesik Magazalar A/S TRY 339,200 5,502,411 1.19Cimsa Cimento Sanayi VE Ticaret A/S TRY 536,200 2,037,000 0.44Ford Otomotiv Sanayi A/S TRY 197,660 2,113,340 0.46Logo Yazilim Sanayi Ve Ticaret A/S TRY 365,476 5,337,833 1.15Tofas Turk Otomobil Fabrikasi A/S TRY 330,950 2,379,543 0.51Tupras Turkiye Petrol Rafinerileri A/S TRY 404,070 10,134,810 2.19

Turk Traktor ve Ziraat Makineleri A/S TRY 101,260 1,976,298 0.43Turkiye Garanti Bankasi A/S TRY 5,804,082 14,182,383 3.06Ulker Biskuvi Sanayi A/S TRY 641,975 3,558,863 0.77

60,883,552 13.15

United KingdomNostrum Oil & Gas plc GBP 1,488,835 7,940,468 1.71TBC Bank Group plc GBP 462,508 8,329,233 1.80

16,269,701 3.51

United States of AmericaEPAM Systems, Inc. USD 50,330 3,672,191 0.79

3,672,191 0.79

Virgin Islands, BritishLuxoft Holding, Inc. USD 108,238 5,753,307 1.24

5,753,307 1.24



441,241,217 95.29


Collective Investment Schemes - AIF

United KingdomJ.P. Morgan Russian Securities plc† GBP 1,655,564 8,356,605 1.80

8,356,605 1.80

Total Collective Investment Schemes - AIF 8,356,605 1.80



8,553,700 1.85



16,910,305 3.65


Cash 3,292,436 0.71




82

JPMorgan Funds - Emerging Europe Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsRussia 47.59Turkey 13.15Poland 12.34Hungary 5.91United Kingdom 5.31Czech Republic 2.73Luxembourg 1.85Austria 1.57Romania 1.56Netherlands 1.34Jersey 1.30Cyprus 1.27Virgin Islands, British 1.24Guernsey 0.99United States of America 0.79Total Investments 98.94Cash and Other Assets/(Liabilities) 1.06

Total 100.00


% of Net Assets

Russia 56.69Poland 9.48Turkey 9.14Hungary 5.44United Kingdom 4.49Netherlands 1.99Jersey 1.76Austria 1.67Luxembourg 1.60Czech Republic 1.60Romania 1.54Virgin Islands, British 1.50Cyprus 1.42Guernsey 0.87United States of America 0.60Total Investments 99.79Cash and Other Assets/(Liabilities) 0.21

Total 100.00

83

JPMorgan Funds - Emerging Europe Equity FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets


Equities


3,555,523 1.06

CyprusRos Agro plc, GDR USD 297,189 3,469,682 1.03

3,469,682 1.03

Czech RepublicMoneta Money Bank A/S CZK 958,373 3,194,423 0.95Philip Morris CR A/S CZK 3,200 2,092,285 0.62

5,286,708 1.57

EgyptCommercial International Bank EgyptSAE, GDR USD 617,300 2,760,874 0.82

2,760,874 0.82

GuernseyEtalon Group Ltd., GDR USD 765,468 2,738,462 0.81

2,738,462 0.81

HungaryMOL Hungarian Oil & Gas plc HUF 61,250 4,819,355 1.44OTP Bank plc HUF 148,360 4,986,543 1.48Richter Gedeon Nyrt. HUF 39,830 1,037,440 0.31

10,843,338 3.23

JerseyUnited Co. RUSAL plc HKD 3,404,000 1,670,124 0.50Wizz Air Holdings plc GBP 84,646 2,665,530 0.79

4,335,654 1.29

KenyaSafaricom Ltd. KES 27,319,460 5,867,355 1.75

5,867,355 1.75

NetherlandsSteinhoff International Holdings NV ZAR 2,832,570 14,460,087 4.30X5 Retail Group NV, GDR USD 124,030 4,298,880 1.28

18,758,967 5.58

PolandAmRest Holdings SE PLN 17,430 1,638,097 0.49Bank Pekao SA PLN 72,750 2,456,694 0.73Budimex SA PLN 17,044 1,101,589 0.33CD Projekt SA PLN 64,842 1,512,641 0.45Dino Polska SA PLN 213,975 2,655,455 0.79Globe Trade Centre SA PLN 225,023 591,541 0.18KRUK SA PLN 44,480 3,681,317 1.09Polski Koncern Naftowy ORLEN SA PLN 143,310 4,381,349 1.30Powszechny Zaklad Ubezpieczen SA PLN 284,940 3,462,968 1.03Work Service SA PLN 1,483,798 3,403,262 1.01

24,884,913 7.40

RomaniaBanca Transilvania SA RON 6,778,553 4,561,279 1.36

4,561,279 1.36

RussiaAlrosa PJSC USD 2,287,730 3,354,032 1.00Gazprom PJSC, ADR USD 3,053,660 12,047,452 3.58LSR Group PJSC, GDR USD 959,409 2,695,939 0.80Lukoil PJSC, ADR USD 238,290 11,580,298 3.45Magnit PJSC, GDR USD 267,970 9,057,386 2.69MMC Norilsk Nickel PJSC, ADR USD 472,900 6,515,380 1.94Moscow Exchange MICEX-RTS PJSC USD 2,140,890 3,777,520 1.12Novatek PJSC, GDR USD 78,110 8,713,171 2.59Rosneft Oil Co. PJSC, GDR USD 1,360,540 7,418,344 2.21Sberbank of Russia PJSC USD 7,642,892 18,803,480 5.59Severstal PJSC, GDR USD 228,502 2,983,094 0.89Sollers PJSC USD 189,863 1,871,203 0.56

88,817,299 26.42

Saudi ArabiaAl Rajhi Bank SAR 220,023 4,063,091 1.21Alinma Bank SAR 441,460 1,788,207 0.53Almarai Co. SAR 114,253 2,877,652 0.86Mouwasat Medical Services Co. SAR 62,970 2,653,136 0.79National Commercial Bank SAR 145,733 2,073,295 0.62Samba Financial Group SAR 591,026 4,085,960 1.21Savola Group (The) SAR 138,431 1,853,130 0.55United International Transportation Co. SAR 239,454 1,316,039 0.39

20,710,510 6.16

South AfricaAVI Ltd. ZAR 253,730 1,839,198 0.55Barclays Africa Group Ltd. ZAR 459,000 4,994,716 1.48Bid Corp. Ltd. ZAR 213,090 4,857,041 1.44Capitec Bank Holdings Ltd. ZAR 63,660 4,023,196 1.20City Lodge Hotels Ltd. ZAR 183,300 1,981,132 0.59Clicks Group Ltd. ZAR 262,440 2,795,760 0.83FirstRand Ltd. ZAR 2,991,020 10,824,450 3.22Naspers Ltd. ‘N’ ZAR 165,378 32,063,869 9.54Sanlam Ltd. ZAR 799,600 3,979,767 1.18SPAR Group Ltd. (The) ZAR 348,070 4,087,290 1.22Vodacom Group Ltd. ZAR 603,200 7,513,550 2.23Woolworths Holdings Ltd. ZAR 141,938 666,945 0.20

79,626,914 23.68

TurkeyAkbank TAS TRY 1,232,840 3,447,120 1.03BIM Birlesik Magazalar A/S TRY 98,700 1,828,375 0.54Logo Yazilim Sanayi Ve Ticaret A/S TRY 98,341 1,640,180 0.49Tupras Turkiye Petrol Rafinerileri A/S TRY 114,740 3,286,433 0.98Turk Traktor ve Ziraat Makineleri A/S TRY 45,930 1,023,674 0.30Turkiye Garanti Bankasi A/S TRY 1,659,807 4,631,526 1.38Ulker Biskuvi Sanayi A/S TRY 602,180 3,812,154 1.13

19,669,462 5.85

United Arab EmiratesEmaar Malls PJSC AED 3,456,550 2,357,509 0.70

2,357,509 0.70

United KingdomMondi plc GBP 162,960 4,244,670 1.26Nostrum Oil & Gas plc GBP 680,469 4,144,373 1.23Old Mutual plc GBP 1,354,400 3,418,014 1.02TBC Bank Group plc GBP 254,320 5,230,186 1.56

17,037,243 5.07


4,661,754 1.39


3,856,150 1.15



323,799,596 96.32

84

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets




3,572,916 1.06



3,572,916 1.06


Cash 3,768,385 1.12




Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsRussia 26.42South Africa 23.68Poland 7.40Saudi Arabia 6.16Turkey 5.85Netherlands 5.58United Kingdom 5.07Hungary 3.23Kenya 1.75Czech Republic 1.57United States of America 1.39Romania 1.36Jersey 1.29Virgin Islands, British 1.15Luxembourg 1.06Austria 1.06Cyprus 1.03Egypt 0.82Guernsey 0.81United Arab Emirates 0.70Total Investments 97.38Cash and Other Assets/(Liabilities) 2.62

Total 100.00


% of Net Assets

Russia 33.07South Africa 27.91Saudi Arabia 5.54Poland 4.87Turkey 4.68United Kingdom 3.33Netherlands 3.31Hungary 3.07Qatar 2.02Austria 1.67Malta 1.66Virgin Islands, British 1.57Romania 1.55Jersey 1.49Cyprus 1.22Czech Republic 0.95Guernsey 0.75United States of America 0.61Kenya 0.44Luxembourg 0.06Total Investments 99.77Cash and Other Assets/(Liabilities) 0.23

Total 100.00

85

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Bonds

AngolaAngola Government Bond, Reg. S 9.5%12/11/2025 USD 11,573,000 12,216,806 0.64

12,216,806 0.64

ArgentinaArgentina Government Bond 8.28%31/12/2033 USD 11,300,426 12,519,177 0.66Argentina Government Bond 6.875%22/04/2021 USD 17,300,000 18,580,027 0.97Argentina Government Bond, Reg. S7.125% 28/06/2117 USD 28,400,000 25,826,960 1.35Argentina Government Bond, STEP2.5% 31/12/2038 USD 8,610,000 5,639,550 0.30Petrobras Argentina SA, Reg. S 7.375%21/07/2023 USD 5,110,000 5,403,238 0.28Provincia de Buenos Aires, Reg. S9.375% 14/09/2018 USD 1,550,000 1,654,524 0.09Provincia de Buenos Aires, Reg. S9.95% 09/06/2021 USD 12,230,000 14,026,648 0.73Provincia de Buenos Aires, Reg. S7.875% 15/06/2027 USD 5,970,000 6,226,740 0.33Provincia de Cordoba, Reg. S 7.125%10/06/2021 USD 2,505,000 2,655,137 0.14Provincia de Cordoba, Reg. S 7.45%01/09/2024 USD 2,970,000 3,108,239 0.16Provincia de Mendoza Argentina,Reg. S 8.375% 19/05/2024 USD 4,300,000 4,608,998 0.24YPF SA, Reg. S 8.5% 23/03/2021 USD 3,911,000 4,376,096 0.23YPF SA, Reg. S 8.75% 04/04/2024 USD 11,551,000 13,195,285 0.69

117,820,619 6.17

ArmeniaArmenia Government Bond, Reg. S7.15% 26/03/2025 USD 8,000,000 8,772,000 0.46

8,772,000 0.46

AzerbaijanAzerbaijan Government Bond, Reg. S4.75% 18/03/2024 USD 4,600,000 4,619,297 0.24State Oil Co. of the AzerbaijanRepublic, Reg. S 6.95% 18/03/2030 USD 8,245,000 8,677,904 0.46

13,297,201 0.70

BarbadosColumbus Cable Barbados Ltd., Reg. S7.375% 30/03/2021 USD 4,700,000 4,997,886 0.26

4,997,886 0.26

BelarusBelarus Government Bond, Reg. S8.95% 26/01/2018 USD 4,500,000 4,629,915 0.25Belarus Government Bond, Reg. S6.875% 28/02/2023 USD 7,120,000 7,284,223 0.38Belarus Government Bond, Reg. S7.625% 29/06/2027 USD 8,220,000 8,417,485 0.44

20,331,623 1.07

BermudaBermuda Government Bond, Reg. S4.138% 03/01/2023 USD 2,057,000 2,155,571 0.12Bermuda Government Bond, Reg. S4.854% 06/02/2024 USD 1,257,000 1,364,914 0.07Bermuda Government Bond, Reg. S3.717% 25/01/2027 USD 2,670,000 2,694,884 0.14

6,215,369 0.33

BrazilBrazil Government Bond 6%07/04/2026 USD 7,754,000 8,380,911 0.44Brazil Government Bond 8.25%20/01/2034 USD 8,590,000 10,726,977 0.56Brazil Notas do Tesouro Nacional 6%15/08/2022 BRL 40,920 38,511,818 2.02Votorantim Cimentos SA, Reg. S 7.25%05/04/2041 USD 4,800,000 4,720,176 0.25

62,339,882 3.27

CameroonCameroon Government Bond, Reg. S9.5% 19/11/2025 USD 2,700,000 3,190,320 0.17

3,190,320 0.17

Cayman IslandsShimao Property Holdings Ltd., Reg. S8.375% 10/02/2022 USD 3,700,000 4,076,919 0.21

4,076,919 0.21

ChileCorp. Nacional del Cobre de Chile,Reg. S 4.5% 16/09/2025 USD 9,400,000 10,043,195 0.53

10,043,195 0.53

ColombiaColombia Government Bond 4%26/02/2024 USD 8,337,000 8,675,482 0.45Colombia Government Bond 10.375%28/01/2033 USD 3,958,000 6,066,130 0.32Colombia Government Bond 7.375%18/09/2037 USD 7,473,000 9,663,897 0.51Ecopetrol SA 5.875% 18/09/2023 USD 8,300,000 9,088,043 0.48Ecopetrol SA 5.375% 26/06/2026 USD 9,961,000 10,370,148 0.54

43,863,700 2.30

Costa RicaCosta Rica Government Bond, Reg. S4.25% 26/01/2023 USD 4,031,000 3,938,589 0.21Costa Rica Government Bond, Reg. S4.375% 30/04/2025 USD 4,251,000 4,068,675 0.21Costa Rica Government Bond, Reg. S7% 04/04/2044 USD 15,390,000 16,052,847 0.84Costa Rica Government Bond, Reg. S7.158% 12/03/2045 USD 3,408,000 3,594,196 0.19Instituto Costarricense de Electricidad,Reg. S 6.375% 15/05/2043 USD 6,529,000 5,857,427 0.31

33,511,734 1.76

CroatiaCroatia Government Bond, Reg. S6.75% 05/11/2019 USD 12,113,000 13,204,926 0.69Croatia Government Bond, Reg. S6.625% 14/07/2020 USD 9,589,000 10,592,057 0.56Croatia Government Bond, Reg. S 6%26/01/2024 USD 7,700,000 8,650,758 0.45Hrvatska Elektroprivreda, Reg. S5.875% 23/10/2022 USD 2,398,000 2,613,712 0.14

35,061,453 1.84

Dominican RepublicDominican Republic Government Bond,Reg. S 7.5% 06/05/2021 USD 9,432,000 10,413,635 0.54Dominican Republic Government Bond,Reg. S 6.6% 28/01/2024 USD 3,923,000 4,315,300 0.23Dominican Republic Government Bond,Reg. S 5.875% 18/04/2024 USD 16,701,000 17,712,747 0.93Dominican Republic Government Bond,Reg. S 5.5% 27/01/2025 USD 203,000 210,308 0.01Dominican Republic Government Bond,Reg. S 6.875% 29/01/2026 USD 9,206,000 10,280,662 0.54Dominican Republic Government Bond,Reg. S 7.45% 30/04/2044 USD 18,639,000 21,342,401 1.12

64,275,053 3.37

EcuadorEcuador Government Bond, Reg. S10.75% 28/03/2022 USD 5,500,000 5,862,807 0.30Ecuador Government Bond, Reg. S8.75% 02/06/2023 USD 9,100,000 8,946,529 0.47Ecuador Government Bond, Reg. S7.95% 20/06/2024 USD 18,911,000 17,729,063 0.93Petroamazonas EP, Reg. S 4.625%16/02/2020 USD 3,080,000 2,865,062 0.15

35,403,461 1.85

86

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

EgyptEgypt Government Bond, Reg. S6.125% 31/01/2022 USD 4,510,000 4,616,143 0.24Egypt Government Bond, Reg. S5.875% 11/06/2025 USD 10,025,000 9,822,495 0.51Egypt Government Bond, Reg. S 7.5%31/01/2027 USD 8,800,000 9,359,152 0.49Egypt Government Bond, Reg. S 8.5%31/01/2047 USD 19,410,000 20,961,053 1.10

44,758,843 2.34

El SalvadorEl Salvador Government Bond, Reg. S7.375% 01/12/2019 USD 2,546,000 2,586,380 0.13El Salvador Government Bond, Reg. S7.75% 24/01/2023 USD 4,342,000 4,410,560 0.23El Salvador Government Bond, Reg. S5.875% 30/01/2025 USD 1,200,000 1,083,714 0.06El Salvador Government Bond, Reg. S6.375% 18/01/2027 USD 2,900,000 2,631,170 0.14El Salvador Government Bond, Reg. S8.25% 10/04/2032 USD 4,323,000 4,312,776 0.23El Salvador Government Bond, Reg. S7.65% 15/06/2035 USD 12,630,000 11,912,237 0.62El Salvador Government Bond, Reg. S7.625% 01/02/2041 USD 7,106,000 6,615,757 0.35

33,552,594 1.76

EthiopiaEthiopia Government Bond, Reg. S6.625% 11/12/2024 USD 8,600,000 8,535,543 0.45

8,535,543 0.45

GabonGabon Government Bond, Reg. S6.375% 12/12/2024 USD 5,845,478 5,713,107 0.30

5,713,107 0.30

GhanaGhana Government Bond, Reg. S10.75% 14/10/2030 USD 13,119,000 16,284,549 0.85

16,284,549 0.85

HondurasHonduras Government Bond, Reg. S8.75% 16/12/2020 USD 8,883,000 10,130,395 0.53Honduras Government Bond, Reg. S7.5% 15/03/2024 USD 4,300,000 4,773,860 0.25

14,904,255 0.78

Hong KongCITIC Ltd., Reg. S 6.8% 17/01/2023 USD 3,700,000 4,336,918 0.23

4,336,918 0.23

HungaryHungary Government Bond 5.375%21/02/2023 USD 9,466,000 10,544,887 0.55Hungary Government Bond 5.75%22/11/2023 USD 25,426,000 29,142,519 1.53Hungary Government Bond 5.375%25/03/2024 USD 7,648,000 8,622,508 0.45MFB Magyar Fejlesztesi Bank Zrt.,Reg. S 6.25% 21/10/2020 USD 2,460,000 2,731,141 0.14

51,041,055 2.67

IndiaExport-Import Bank of India, Reg. S 4%14/01/2023 USD 4,000,000 4,165,332 0.22IDBI Bank Ltd., Reg. S 3.75%25/01/2019 USD 3,900,000 3,917,999 0.20

8,083,331 0.42

IndonesiaIndonesia Government Bond, Reg. S5.875% 15/01/2024 USD 619,000 707,939 0.04Indonesia Government Bond, Reg. S4.35% 08/01/2027 USD 10,000,000 10,440,700 0.54Indonesia Government Bond, Reg. S6.625% 17/02/2037 USD 14,250,000 17,686,943 0.92Indonesia Government Bond, Reg. S6.75% 15/01/2044 USD 1,624,000 2,093,807 0.11Indonesia Government Bond, Reg. S5.95% 08/01/2046 USD 5,456,000 6,473,233 0.34

Pertamina Persero PT, Reg. S 6.5%27/05/2041 USD 2,980,000 3,408,941 0.18Pertamina Persero PT, Reg. S 6%03/05/2042 USD 1,971,000 2,132,626 0.11Pertamina Persero PT, Reg. S 6.45%30/05/2044 USD 8,503,000 9,689,806 0.51Perusahaan Listrik Negara PT, Reg. S5.5% 22/11/2021 USD 4,500,000 4,920,908 0.26

57,554,903 3.01

IraqIraq Government Bond, Reg. S 5.8%15/01/2028 USD 9,900,000 8,812,732 0.46

8,812,732 0.46

IrelandGTLK Europe DAC, Reg. S 5.125%31/05/2024 USD 9,000,000 8,997,930 0.47Vnesheconombank, Reg. S 4.224%21/11/2018 USD 4,500,000 4,592,475 0.24Vnesheconombank, Reg. S 6.025%05/07/2022 USD 6,200,000 6,658,428 0.35Vnesheconombank, Reg. S 5.942%21/11/2023 USD 8,000,000 8,596,440 0.45

28,845,273 1.51

Ivory CoastIvory Coast Government Bond, Reg. S6.375% 03/03/2028 USD 4,058,000 4,110,896 0.21Ivory Coast Government Bond, STEP,Reg. S 5.75% 31/12/2032 USD 5,329,695 5,133,722 0.27

9,244,618 0.48

JamaicaJamaica Government Bond 8%24/06/2019 USD 2,500,000 2,637,500 0.14Jamaica Government Bond 7.625%09/07/2025 USD 814,000 952,331 0.05Jamaica Government Bond 9.25%17/10/2025 USD 2,974,000 3,812,743 0.20Jamaica Government Bond 8%15/03/2039 USD 6,501,000 7,694,941 0.40Jamaica Government Bond 7.875%28/07/2045 USD 2,650,000 3,134,486 0.17

18,232,001 0.96

JordanJordan Government Bond, Reg. S6.125% 29/01/2026 USD 7,900,000 8,098,527 0.42Jordan Government Bond, Reg. S5.75% 31/01/2027 USD 6,110,000 6,088,187 0.32

14,186,714 0.74

KazakhstanKazakhstan Government Bond, Reg. S3.875% 14/10/2024 USD 5,880,000 5,981,695 0.31Kazakhstan Government Bond, Reg. S4.875% 14/10/2044 USD 276,000 273,215 0.02Kazakhstan Government Bond, Reg. S6.5% 21/07/2045 USD 8,175,000 9,705,156 0.51KazMunayGas National Co. JSC, Reg. S9.125% 02/07/2018 USD 3,986,000 4,225,877 0.22KazMunayGas National Co. JSC, Reg. S7% 05/05/2020 USD 3,375,000 3,677,434 0.19KazMunayGas National Co. JSC, Reg. S6.375% 09/04/2021 USD 8,168,000 8,897,198 0.47KazMunayGas National Co. JSC, Reg. S4.4% 30/04/2023 USD 6,170,000 6,255,886 0.33KazMunayGas National Co. JSC, Reg. S4.75% 19/04/2027 USD 4,500,000 4,431,308 0.23

43,447,769 2.28

KenyaKenya Government Bond, Reg. S6.875% 24/06/2024 USD 9,800,000 10,049,312 0.53

10,049,312 0.53

LebanonLebanon Government Bond 6.375%09/03/2020 USD 7,240,000 7,400,258 0.39Lebanon Government Bond, Reg. S5.45% 28/11/2019 USD 9,066,000 9,120,396 0.48Lebanon Government Bond, Reg. S8.25% 12/04/2021 USD 15,534,000 16,804,681 0.88

87

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Lebanon Government Bond, Reg. S6.6% 27/11/2026 USD 13,226,000 13,291,601 0.69Lebanon Government Bond, Reg. S6.65% 26/02/2030 USD 19,550,000 19,336,514 1.01

65,953,450 3.45

LuxembourgRussian Agricultural Bank OJSC, Reg. S7.75% 29/05/2018 USD 4,000,000 4,183,880 0.22Sberbank of Russia, Reg. S 6.125%07/02/2022 USD 3,600,000 3,927,492 0.20

8,111,372 0.42

MexicoBanco Nacional de Comercio ExteriorSNC, Reg. S 4.375% 14/10/2025 USD 2,790,000 2,897,038 0.15Banco Nacional de Comercio ExteriorSNC, Reg. S, FRN 3.8% 11/08/2026 USD 3,170,000 3,184,756 0.17Mexican Bonos 7.5% 03/06/2027 MXN 6,570,000 38,467,810 2.01Mexico Government Bond 3.375%23/02/2031 EUR 3,520,000 4,242,290 0.22Mexico Government Bond 5.55%21/01/2045 USD 16,950,000 19,006,883 1.00Mexico Government Bond 4.35%15/01/2047 USD 994,000 935,752 0.05Petroleos Mexicanos 6.75%21/09/2047 USD 23,450,000 23,720,730 1.24Unifin Financiera SAB de CV SOFOMENR, Reg. S 7% 15/01/2025 USD 3,231,000 3,196,218 0.17

95,651,477 5.01

MongoliaMongolia Government Bond, Reg. S10.875% 06/04/2021 USD 3,700,000 4,237,666 0.22Mongolia Government Bond, Reg. S8.75% 09/03/2024 USD 3,799,000 4,172,335 0.22

8,410,001 0.44

MoroccoMorocco Government Bond, Reg. S5.5% 11/12/2042 USD 1,723,000 1,917,509 0.10OCP SA, Reg. S 6.875% 25/04/2044 USD 4,552,000 5,148,335 0.27

7,065,844 0.37

NetherlandsKazakhstan Temir Zholy Finance BV,Reg. S 6.95% 10/07/2042 USD 5,376,000 5,725,440 0.30Petrobras Global Finance BV 8.375%23/05/2021 USD 15,700,000 17,603,703 0.92

23,329,143 1.22

NigeriaNigeria Government Bond, Reg. S7.875% 16/02/2032 USD 10,407,000 11,320,995 0.59

11,320,995 0.59

OmanOman Government Bond, Reg. S 4.75%15/06/2026 USD 9,470,000 9,332,069 0.49Oman Government Bond, Reg. S5.375% 08/03/2027 USD 10,000,000 10,241,600 0.54Oman Government Bond, Reg. S 6.5%08/03/2047 USD 14,620,000 14,970,588 0.78

34,544,257 1.81

PakistanPakistan Government Bond, Reg. S7.25% 15/04/2019 USD 8,273,000 8,728,511 0.46Pakistan Government Bond, Reg. S8.25% 15/04/2024 USD 7,705,000 8,773,437 0.46Pakistan Government Bond, Reg. S8.25% 30/09/2025 USD 8,750,000 10,061,888 0.52

27,563,836 1.44

PanamaPanama Government Bond 8.875%30/09/2027 USD 6,700,000 9,545,155 0.50Panama Government Bond 9.375%01/04/2029 USD 5,249,000 7,753,823 0.40

Panama Government Bond 6.7%26/01/2036 USD 5,036,000 6,498,958 0.34Panama Government Bond 4.5%15/05/2047 USD 2,000,000 2,029,720 0.11

25,827,656 1.35

ParaguayParaguay Government Bond, Reg. S4.625% 25/01/2023 USD 1,300,000 1,362,595 0.07Paraguay Government Bond, Reg. S 5%15/04/2026 USD 2,520,000 2,669,260 0.14Paraguay Government Bond, Reg. S4.7% 27/03/2027 USD 1,670,000 1,719,524 0.09Paraguay Government Bond, Reg. S6.1% 11/08/2044 USD 11,809,000 13,171,404 0.69

18,922,783 0.99

PeruCia Minera Milpo SAA, Reg. S 4.625%28/03/2023 USD 5,786,000 5,865,442 0.31Consorcio Transmantaro SA, Reg. S4.375% 07/05/2023 USD 2,230,000 2,310,971 0.12Peru Government Bond 5.625%18/11/2050 USD 12,713,000 15,482,401 0.81Petroleos del Peru SA, Reg. S 4.75%19/06/2032 USD 5,750,000 5,726,684 0.30Petroleos del Peru SA, Reg. S 5.625%19/06/2047 USD 3,950,000 4,005,655 0.21

33,391,153 1.75

PhilippinesPhilippine Government Bond 9.5%02/02/2030 USD 557,000 894,752 0.05Philippine Government Bond 7.75%14/01/2031 USD 15,761,000 22,760,838 1.19

23,655,590 1.24

QatarQatar Government Bond, Reg. S4.625% 02/06/2046 USD 3,263,000 3,311,390 0.17

3,311,390 0.17

RomaniaRomania Government Bond, Reg. S6.75% 07/02/2022 USD 2,510,000 2,916,683 0.15Romania Government Bond, Reg. S4.375% 22/08/2023 USD 7,124,000 7,569,428 0.40Romania Government Bond, Reg. S4.875% 22/01/2024 USD 5,078,000 5,542,510 0.29

16,028,621 0.84

RussiaRussian Foreign Bond - Eurobond,Reg. S 4.5% 04/04/2022 USD 7,000,000 7,398,860 0.39Russian Foreign Bond - Eurobond,Reg. S 4.875% 16/09/2023 USD 3,200,000 3,438,960 0.18

10,837,820 0.57

SenegalSenegal Government Bond, Reg. S6.25% 30/07/2024 USD 4,557,000 4,818,298 0.25Senegal Government Bond, Reg. S6.25% 23/05/2033 USD 7,200,000 7,321,536 0.39

12,139,834 0.64

SerbiaSerbia Government Bond, Reg. S 5.25%21/11/2017 USD 3,652,000 3,697,194 0.19Serbia Government Bond, Reg. S5.875% 03/12/2018 USD 1,214,000 1,271,610 0.07Serbia Government Bond, Reg. S4.875% 25/02/2020 USD 5,400,000 5,634,549 0.30Serbia Government Bond, Reg. S 7.25%28/09/2021 USD 13,100,000 15,149,102 0.79

25,752,455 1.35

88


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

South AfricaEskom Holdings SOC Ltd., Reg. S 5.75%26/01/2021 USD 1,276,000 1,291,140 0.07Eskom Holdings SOC Ltd., Reg. S 6.75%06/08/2023 USD 4,560,000 4,664,401 0.25Eskom Holdings SOC Ltd., Reg. S7.125% 11/02/2025 USD 5,100,000 5,215,438 0.27South Africa Government Bond 5.5%09/03/2020 USD 7,410,000 7,866,308 0.41South Africa Government Bond 4.3%12/10/2028 USD 9,700,000 9,094,817 0.48South Africa Government Bond 5.375%24/07/2044 USD 4,640,000 4,532,700 0.24South Africa Government Bond 5%12/10/2046 USD 700,000 649,180 0.03Transnet SOC Ltd., Reg. S 4%26/07/2022 USD 2,800,000 2,733,724 0.14

36,047,708 1.89

Sri LankaNational Savings Bank, Reg. S 8.875%18/09/2018 USD 5,117,000 5,429,444 0.28Sri Lanka Government Bond, Reg. S 6%14/01/2019 USD 1,809,000 1,877,067 0.10Sri Lanka Government Bond, Reg. S6.25% 04/10/2020 USD 10,918,000 11,549,115 0.61Sri Lanka Government Bond, Reg. S6.25% 27/07/2021 USD 13,155,000 13,965,953 0.73Sri Lanka Government Bond, Reg. S5.75% 18/01/2022 USD 1,300,000 1,350,696 0.07Sri Lanka Government Bond, Reg. S5.875% 25/07/2022 USD 8,200,000 8,511,223 0.45Sri Lanka Government Bond, Reg. S6.125% 03/06/2025 USD 300,000 307,164 0.02Sri Lanka Government Bond, Reg. S6.85% 03/11/2025 USD 5,150,000 5,439,461 0.28Sri Lanka Government Bond, Reg. S6.825% 18/07/2026 USD 5,000,000 5,279,625 0.28Sri Lanka Government Bond, Reg. S6.2% 11/05/2027 USD 5,230,000 5,234,749 0.27

58,944,497 3.09

Trinidad and TobagoPetroleum Co. of Trinidad & TobagoLtd., Reg. S 9.75% 14/08/2019 USD 3,400,000 3,512,540 0.18

3,512,540 0.18

TunisiaBanque Centrale de TunisieInternational Bond, Reg. S 5.75%30/01/2025 USD 3,579,000 3,445,736 0.18

3,445,736 0.18

TurkeyTurkey Government Bond 7%05/06/2020 USD 882,000 965,746 0.05Turkey Government Bond 6.25%26/09/2022 USD 4,222,000 4,596,449 0.24Turkey Government Bond 5.75%22/03/2024 USD 3,093,000 3,276,678 0.17Turkey Government Bond 7.375%05/02/2025 USD 11,502,000 13,332,831 0.70Turkey Government Bond 4.25%14/04/2026 USD 2,200,000 2,093,608 0.11Turkey Government Bond 6%25/03/2027 USD 3,800,000 4,050,572 0.21Turkey Government Bond 8%14/02/2034 USD 43,000 53,355 0.00Turkey Government Bond 6%14/01/2041 USD 10,294,000 10,574,872 0.56Turkey Government Bond 4.875%16/04/2043 USD 2,500,000 2,226,187 0.12Turkey Government Bond 6.625%17/02/2045 USD 12,150,000 13,435,349 0.70Turkey Government Bond 5.75%11/05/2047 USD 4,910,000 4,815,139 0.25

59,420,786 3.11

UkraineUkraine Government Bond, Reg. S7.75% 01/09/2019 USD 36,167,000 37,418,378 1.96Ukraine Government Bond, Reg. S7.75% 01/09/2020 USD 16,300,000 16,730,320 0.88Ukraine Government Bond, Reg. S7.75% 01/09/2021 USD 11,072,000 11,276,002 0.59

Ukraine Government Bond, Reg. S7.75% 01/09/2022 USD 2,265,000 2,282,157 0.12Ukraine Government Bond, Reg. S7.75% 01/09/2023 USD 5,600,000 5,558,000 0.29

73,264,857 3.84

United Arab EmiratesDP World Ltd., Reg. S 6.85%02/07/2037 USD 3,600,000 4,247,352 0.22

4,247,352 0.22

United KingdomOschadbank, STEP, Reg. S 9.375%10/03/2023 USD 3,500,000 3,592,593 0.19Ukreximbank, Reg. S 9.75%22/01/2025 USD 2,331,000 2,389,193 0.12Vedanta Resources plc, Reg. S 6.375%30/07/2022 USD 8,300,000 8,317,596 0.44

14,299,382 0.75

United States of AmericaUS Treasury 0.625% 30/09/2017 USD 755,000 754,189 0.04

754,189 0.04

UruguayUruguay Government Bond 4.375%27/10/2027 USD 8,200,000 8,724,800 0.46Uruguay Government Bond 7.875%15/01/2033 USD 6,015,775 8,191,380 0.43Uruguay Government Bond 7.625%21/03/2036 USD 7,069,726 9,570,642 0.50Uruguay Government Bond 5.1%18/06/2050 USD 17,253,791 17,622,159 0.92Uruguay Government Bond, Reg. S9.875% 20/06/2022 UYU 245,660,000 8,958,426 0.47

53,067,407 2.78

Venezuela, Bolivarian Republic ofPetroleos de Venezuela SA, Reg. S12.75% 17/02/2022 USD 3,300,000 1,837,539 0.10Petroleos de Venezuela SA, Reg. S5.375% 12/04/2027 USD 10,840,000 3,970,150 0.21Petroleos de Venezuela SA, Reg. S9.75% 17/05/2035 USD 3,430,000 1,582,688 0.08Venezuela Government Bond 9.25%15/09/2027 USD 4,600,000 2,304,715 0.12Venezuela Government Bond 9.375%13/01/2034 USD 1,722,000 781,315 0.04Venezuela Government Bond, Reg. S7% 01/12/2018 USD 1,050,000 681,450 0.03Venezuela Government Bond, Reg. S7.75% 13/10/2019 USD 4,160,000 2,127,840 0.11Venezuela Government Bond, Reg. S12.75% 23/08/2022 USD 1,800,000 976,320 0.05Venezuela Government Bond, Reg. S9% 07/05/2023 USD 6,386,600 2,860,079 0.15Venezuela Government Bond, Reg. S8.25% 13/10/2024 USD 2,950,000 1,283,471 0.07Venezuela Government Bond, Reg. S7.65% 21/04/2025 USD 1,007,000 433,060 0.02Venezuela Government Bond, Reg. S11.75% 21/10/2026 USD 3,550,000 1,845,290 0.10Venezuela Government Bond, Reg. S9.25% 07/05/2028 USD 4,250,000 1,896,669 0.10Venezuela Government Bond, Reg. S11.95% 05/08/2031 USD 4,800,000 2,442,000 0.13Venezuela Government Bond, Reg. S7% 31/03/2038 USD 4,120,000 1,725,353 0.09

26,747,939 1.40

VietnamVietnam Government Bond, Reg. S6.75% 29/01/2020 USD 1,437,000 1,569,522 0.08

1,569,522 0.08

Virgin Islands, BritishFranshion Development Ltd., Reg. S6.75% 15/04/2021 USD 2,900,000 3,254,360 0.17GTL Trade Finance, Inc., Reg. S 5.893%29/04/2024 USD 3,993,000 4,038,181 0.21

7,292,541 0.38

89


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

ZambiaZambia Government Bond, Reg. S8.97% 30/07/2027 USD 16,640,000 17,738,490 0.93

17,738,490 0.93

Total Bonds 1,665,171,361 87.22



Bonds

BrazilCaixa Economica Federal, Reg. S 4.5%03/10/2018 USD 13,399,000 13,610,771 0.71

13,610,771 0.71

MexicoPetroleos Mexicanos 6.375%04/02/2021 USD 5,430,000 5,887,586 0.31Petroleos Mexicanos 6.625%15/06/2035 USD 1,491,000 1,544,691 0.08Petroleos Mexicanos, Reg. S 5.375%13/03/2022 USD 2,943,000 3,104,232 0.16Petroleos Mexicanos, Reg. S 6.5%13/03/2027 USD 14,700,000 15,817,935 0.83Petroleos Mexicanos, Reg. S, FRN4.878% 11/03/2022 USD 4,979,000 5,372,989 0.28

31,727,433 1.66

NetherlandsAngola Government Bond, Reg. S 7%17/08/2019 USD 4,518,563 4,660,626 0.24VTR Finance BV, Reg. S 6.875%15/01/2024 USD 4,800,000 5,101,200 0.27

9,761,826 0.51

PeruFondo MIVIVIENDA SA, Reg. S 3.5%31/01/2023 USD 1,900,000 1,928,747 0.10

1,928,747 0.10

Venezuela, Bolivarian Republic ofPetroleos de Venezuela SA, Reg. S8.5% 27/10/2020 USD 3,900,000 2,810,067 0.15Petroleos de Venezuela SA, Reg. S 9%17/11/2021 USD 3,289,473 1,602,171 0.09Petroleos de Venezuela SA, Reg. S 6%15/11/2026 USD 9,453,096 3,490,981 0.18

7,903,219 0.42

Virgin Islands, British1MDB Global Investments Ltd., Reg. S4.4% 09/03/2023 USD 9,000,000 8,362,764 0.44

8,362,764 0.44

Total Bonds 73,294,760 3.84


73,294,760 3.84




57,273,128 3.00




Cash 67,705,342 3.55


Total Net Assets 1,909,213,297 100.00


90


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsMexico 6.67Argentina 6.17Brazil 3.98Ukraine 3.84Lebanon 3.45Luxembourg 3.42Dominican Republic 3.37Turkey 3.11Sri Lanka 3.09Indonesia 3.01Uruguay 2.78Hungary 2.67Egypt 2.34Colombia 2.30Kazakhstan 2.28South Africa 1.89Ecuador 1.85Peru 1.85Croatia 1.84Venezuela, Bolivarian Republic of 1.82Oman 1.81El Salvador 1.76Costa Rica 1.76Netherlands 1.73Ireland 1.51Pakistan 1.44Panama 1.35Serbia 1.35Philippines 1.24Belarus 1.07Paraguay 0.99Jamaica 0.96Zambia 0.93Ghana 0.85Romania 0.84Virgin Islands, British 0.82Honduras 0.78United Kingdom 0.75Jordan 0.74Azerbaijan 0.70Angola 0.64Senegal 0.64Nigeria 0.59Russia 0.57Kenya 0.53Chile 0.53Ivory Coast 0.48Iraq 0.46Armenia 0.46Ethiopia 0.45Mongolia 0.44India 0.42Morocco 0.37Bermuda 0.33Gabon 0.30Barbados 0.26Hong Kong 0.23United Arab Emirates 0.22Cayman Islands 0.21Trinidad and Tobago 0.18Tunisia 0.18Qatar 0.17Cameroon 0.17Vietnam 0.08United States of America 0.04Total Investments 94.06Cash and Other Assets/(Liabilities) 5.94

Total 100.00


% of Net Assets

Luxembourg 7.51Mexico 6.47Argentina 5.59Lebanon 3.84Colombia 3.66Indonesia 3.65Brazil 3.33Turkey 3.08Sri Lanka 2.88Kazakhstan 2.86Ukraine 2.75Dominican Republic 2.71Panama 2.69Philippines 2.68Ecuador 2.36Venezuela, Bolivarian Republic of 2.21Peru 2.16Serbia 2.14South Africa 2.09Hungary 2.01Croatia 1.97Russia 1.85Costa Rica 1.83Chile 1.70Ireland 1.56Netherlands 1.46El Salvador 1.34Virgin Islands, British 1.15Uruguay 1.06Zambia 1.04Paraguay 1.03Romania 1.02Azerbaijan 1.02Jamaica 0.78Ghana 0.77Poland 0.76Angola 0.71Honduras 0.69Pakistan 0.67Mongolia 0.64Belarus 0.62Oman 0.60Egypt 0.60Ivory Coast 0.59Morocco 0.58United States of America 0.58Gabon 0.55India 0.53Jordan 0.51Kenya 0.49Malaysia 0.47Bermuda 0.42Iraq 0.37United Kingdom 0.37Senegal 0.30Armenia 0.28Hong Kong 0.28Cayman Islands 0.27United Arab Emirates 0.25Trinidad and Tobago 0.24Tunisia 0.23Georgia 0.22Namibia 0.21Cameroon 0.20Vietnam 0.10Belize 0.06Total Investments 99.64Cash and Other Assets/(Liabilities) 0.36

Total 100.00

91


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

AUD 105,070 USD 80,046 03/07/2017 Standard Chartered 724 -AUD 21,801,660 USD 16,446,496 21/07/2017 ANZ 309,377 0.02AUD 44,123 USD 32,949 21/07/2017 Deutsche Bank 962 -AUD 311,023 USD 235,239 21/07/2017 National Australia Bank 3,800 -AUD 17,241 USD 13,004 21/07/2017 Toronto-Dominion Bank 247 -AUD 6,246,300 USD 4,743,615 21/09/2017 Merrill Lynch 53,275 -CAD 52,600 USD 39,154 21/07/2017 ANZ 1,446 -CAD 2,038,738 USD 1,510,294 21/07/2017 Barclays 63,344 -CAD 14,700 USD 10,913 21/07/2017 HSBC 434 -CAD 24,892 USD 18,622 21/07/2017 RBC 592 -CAD 6,120,868 USD 4,616,628 21/09/2017 UBS 112,228 0.01CHF 227,559 USD 236,061 21/07/2017 Citibank 2,042 -CHF 39,856,859 USD 41,103,317 21/07/2017 Goldman Sachs 600,244 0.03CHF 286,069 USD 296,042 21/07/2017 RBC 3,282 -CNH 2,844,075 USD 417,242 21/07/2017 Citibank 1,429 -CNH 13,448 USD 1,970 21/07/2017 HSBC 10 -CNH 18,292 USD 2,690 21/07/2017 Societe Generale 3 -CNH 10,316 USD 1,513 21/07/2017 Standard Chartered 5 -CZK 215,216,110 USD 9,250,030 21/09/2017 Deutsche Bank 211,947 0.01CZK 106,218,259 USD 4,575,573 21/09/2017 HSBC 94,313 0.01EUR 8,087,867 USD 9,034,683 21/07/2017 ANZ 209,963 0.01EUR 1,950,225 USD 2,195,586 21/07/2017 BNP Paribas 33,572 -EUR 789,485,265 USD 884,775,467 21/07/2017 Goldman Sachs 17,627,034 0.92EUR 137,058 USD 154,591 21/07/2017 HSBC 2,070 -EUR 998,426 USD 1,116,665 21/07/2017 National Australia Bank 24,563 -EUR 1,618,647 USD 1,823,268 21/07/2017 RBC 26,888 -EUR 342,907 USD 384,668 21/07/2017 Societe Generale 7,285 -EUR 6,261,848 USD 7,039,531 21/07/2017 Standard Chartered 117,927 0.01EUR 2,478,277 USD 2,773,804 21/07/2017 State Street 58,931 -EUR 5,051,311 USD 5,678,531 21/07/2017 Toronto-Dominion Bank 95,252 -GBP 25,927 USD 33,067 21/07/2017 Citibank 592 -GBP 31,187 USD 39,996 21/07/2017 National Australia Bank 493 -GBP 38,103 USD 49,313 21/07/2017 RBC 154 -GBP 7,703,365 USD 9,811,776 21/07/2017 Toronto-Dominion Bank 189,163 0.01ILS 14,551,918 USD 4,125,438 25/09/2017 RBC 56,673 -MXN 84,799,034 USD 4,624,729 21/09/2017 Deutsche Bank 22,002 -MXN 83,964,721 USD 4,536,147 21/09/2017 Goldman Sachs 64,866 -NZD 594,954 USD 428,582 21/07/2017 ANZ 7,116 -NZD 98,022 USD 70,725 21/07/2017 HSBC 1,058 -NZD 4,099 USD 2,953 21/07/2017 National Australia Bank 49 -NZD 1,146 USD 834 21/07/2017 RBC 5 -NZD 3,159 USD 2,279 21/07/2017 Standard Chartered 35 -NZD 2,066 USD 1,508 21/07/2017 Toronto-Dominion Bank 5 -PLN 34,034,201 USD 9,124,243 21/09/2017 Citibank 72,451 0.01TRY 32,357,447 USD 8,878,732 21/09/2017 Citibank 103,804 0.01TRY 151,187,524 USD 41,881,465 29/09/2017 UBS 2,555 -USD 3,871,529 BRL 13,014,204 21/09/2017 Goldman Sachs 3,714 -USD 4,560,244 COP 13,384,407,597 21/09/2017 Goldman Sachs 227,537 0.01USD 176,013 EUR 153,905 21/07/2017 ANZ 96 -USD 19,668,616 MXN 357,396,050 29/09/2017 Goldman Sachs 108,451 -USD 4,550,955 PHP 225,850,258 21/09/2017 Merrill Lynch 108,044 0.01USD 3,878,564 RUB 225,499,736 21/09/2017 Citibank 136,140 0.01USD 9,200,327 RUB 538,097,095 21/09/2017 Goldman Sachs 269,993 0.02USD 4,574,899 ZAR 60,574,407 21/09/2017 Citibank 17,485 -


BRL 13,014,204 USD 3,876,159 21/09/2017 Goldman Sachs (8,343) -CLP 3,004,422,740 USD 4,533,199 21/09/2017 Goldman Sachs (23,239) -IDR 60,306,727,967 USD 4,485,506 22/09/2017 Merrill Lynch (5,259) -MXN 89,601,217 USD 4,936,883 21/09/2017 Goldman Sachs (27,006) -MXN 699,968,961 USD 38,429,849 29/09/2017 UBS (120,785) (0.01)RUB 771,065,353 USD 13,157,700 21/09/2017 Goldman Sachs (360,994) (0.02)USD 98,428 AUD 129,411 21/07/2017 Citibank (1,032) -USD 35,025 AUD 46,469 21/07/2017 Deutsche Bank (689) -USD 1,085,990 AUD 1,438,049 21/07/2017 National Australia Bank (19,235) -USD 116,713 AUD 153,203 21/07/2017 Standard Chartered (1,032) -USD 4,613 AUD 6,130 21/07/2017 State Street (98) -USD 85,089 AUD 112,366 21/07/2017 Toronto-Dominion Bank (1,271) -USD 24,682 AUD 32,487 21/07/2017 UBS (286) -USD 9,417,647 AUD 12,528,723 21/09/2017 Goldman Sachs (203,874) (0.02)USD 36,557,083 BRL 123,862,708 29/09/2017 Goldman Sachs (204,172) (0.01)USD 10,282 CAD 13,598 21/07/2017 ANZ (214) -USD 3,780 CAD 4,924 21/07/2017 Citibank (21) -USD 3,080 CAD 4,098 21/07/2017 National Australia Bank (83) -USD 4,417 CAD 5,869 21/07/2017 RBC (114) -USD 4,183 CAD 5,647 21/07/2017 Standard Chartered (176) -USD 4,536,147 CAD 6,120,868 21/09/2017 UBS (192,708) (0.01)USD 110,582 CHF 106,969 21/07/2017 ANZ (1,343) -USD 148,745 CHF 144,462 21/07/2017 RBC (2,411) -USD 99,929 CHF 95,627 21/07/2017 Standard Chartered (129) -USD 209,736 CHF 203,345 21/07/2017 State Street (3,030) -USD 4,479,266 CLP 3,004,422,740 21/09/2017 Merrill Lynch (30,694) -

92


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

USD 991 CNH 6,781 21/07/2017 Citibank (7) -USD 2,166 CNH 14,738 21/07/2017 Societe Generale (4) -USD 5,005 CNH 34,146 21/07/2017 Standard Chartered (22) -USD 376,284 EUR 331,416 03/07/2017 ANZ (2,179) -USD 300,115 EUR 265,303 21/07/2017 ANZ (3,134) -USD 2,422,655 EUR 2,160,273 21/07/2017 Citibank (46,595) -USD 2,142,195 EUR 1,874,862 21/07/2017 Deutsche Bank (822) -USD 48,097 EUR 42,696 21/07/2017 Merrill Lynch (706) -USD 5,926,298 EUR 5,298,482 21/07/2017 RBC (130,006) -USD 1,451,188 EUR 1,298,812 21/07/2017 Societe Generale (33,388) -USD 14,739,680 EUR 13,140,089 21/07/2017 State Street (279,789) (0.02)USD 1,687,543 EUR 1,510,486 21/07/2017 Toronto-Dominion Bank (38,983) -USD 4,584,433 EUR 4,062,662 21/09/2017 HSBC (74,683) -USD 18,603,919 EUR 16,446,500 21/09/2017 RBC (257,152) (0.01)USD 4,327,139 EUR 3,855,874 29/09/2017 Goldman Sachs (96,802) (0.01)USD 15,498 GBP 12,238 21/07/2017 Credit Suisse (389) -USD 23,361 GBP 18,006 21/07/2017 Merrill Lynch (16) -USD 265,703 GBP 208,328 21/07/2017 National Australia Bank (4,759) -USD 73,516 GBP 58,074 21/07/2017 RBC (1,880) -USD 18,581,088 MXN 342,572,911 29/09/2017 RBC (167,811) (0.01)USD 1,129 NZD 1,567 21/07/2017 BNP Paribas (19) -USD 4,916 NZD 6,821 21/07/2017 National Australia Bank (80) -USD 1,979 NZD 2,713 21/07/2017 RBC (8) -USD 906 NZD 1,248 21/07/2017 Standard Chartered (8) -USD 2,618 NZD 3,626 21/07/2017 State Street (38) -USD 4,611,728 RUB 280,900,330 21/09/2017 Goldman Sachs (50,133) -USD 4,729,156 TRY 17,083,129 21/09/2017 Citibank (13,178) -USD 41,779,513 TRY 151,187,524 29/09/2017 HSBC (104,507) (0.01)USD 18,622,473 ZAR 248,008,509 29/09/2017 Deutsche Bank (12,807) -ZAR 248,008,509 USD 18,855,948 29/09/2017 BNP Paribas (220,668) (0.01)



Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD


USD

%of

NetAssets

US 10 Year Note, 20/09/2017 (364) USD (45,770,156) 201,906 0.01US Long Bond, 20/09/2017 (62) USD (9,543,157) 119,157 0.01

Total Unrealised Gain on Financial Futures Contracts 321,063 0.02

Net Unrealised Gain on Financial Futures Contracts 321,063 0.02

93


Equities

BermudaVTech Holdings Ltd. HKD 63,100 997,481 0.24

997,481 0.24

BrazilAmbev SA BRL 1,773,591 9,796,729 2.39BB Seguridade Participacoes SA BRL 1,048,800 8,978,942 2.19Engie Brasil Energia SA BRL 584,842 6,051,948 1.47Smiles SA BRL 98,880 1,786,549 0.43

26,614,168 6.48

Cayman IslandsSands China Ltd. HKD 1,306,400 5,987,095 1.46

5,987,095 1.46

ChileBanco Santander Chile, ADR USD 436,520 11,033,043 2.69

11,033,043 2.69

ChinaFuyao Glass Industry Group Co. Ltd. ‘H’ HKD 562,800 2,152,082 0.52

2,152,082 0.52

Czech RepublicKomercni banka A/S CZK 206,740 8,240,312 2.01Moneta Money Bank A/S CZK 999,153 3,330,350 0.81

11,570,662 2.82

Hong KongChina Mobile Ltd. HKD 982,000 10,425,463 2.54China Resources Power Holdings Co. Ltd. HKD 5,000,000 9,819,118 2.39CNOOC Ltd. HKD 6,295,000 6,898,840 1.68Hang Seng Bank Ltd. HKD 358,400 7,495,171 1.83Lenovo Group Ltd. HKD 5,802,000 3,667,965 0.89

38,306,557 9.33

HungaryOTP Bank plc HUF 212,649 7,147,367 1.74

7,147,367 1.74

IndiaCoal India Ltd. INR 1,261,010 4,768,529 1.16Infosys Ltd., ADR USD 603,350 8,998,965 2.20ITC Ltd. INR 1,364,570 6,817,046 1.66

20,584,540 5.02

IndonesiaTelekomunikasi Indonesia PerseroTbk. PT IDR 25,208,400 8,538,329 2.08

8,538,329 2.08

MexicoBolsa Mexicana de Valores SAB de CV MXN 2,110,920 3,755,675 0.92Fibra Uno Administracion SA de CV, REIT MXN 3,560,950 6,791,935 1.66Kimberly-Clark de Mexico SAB de CV ‘A’ MXN 4,916,053 10,441,754 2.54Wal-Mart de Mexico SAB de CV MXN 3,004,170 6,987,644 1.70

27,977,008 6.82

RussiaLukoil PJSC, ADR USD 86,652 4,211,071 1.03MMC Norilsk Nickel PJSC, ADR USD 257,472 3,547,320 0.86Mobile TeleSystems PJSC, ADR USD 85,332 705,269 0.17Moscow Exchange MICEX-RTS PJSC USD 5,372,050 9,478,782 2.31PhosAgro PJSC, GDR USD 205,170 2,733,890 0.67Severstal PJSC, GDR USD 188,932 2,466,507 0.60

23,142,839 5.64

Saudi ArabiaAl Rajhi Bank SAR 444,330 8,205,294 2.00

8,205,294 2.00

South AfricaAVI Ltd. ZAR 1,070,860 7,762,281 1.89Barclays Africa Group Ltd. ZAR 479,824 5,221,317 1.27Bid Corp. Ltd. ZAR 194,419 4,431,466 1.08FirstRand Ltd. ZAR 2,372,520 8,586,110 2.09MMI Holdings Ltd. ZAR 2,301,940 3,545,214 0.87SPAR Group Ltd. (The) ZAR 175,920 2,065,780 0.50Vodacom Group Ltd. ZAR 510,120 6,354,131 1.55Woolworths Holdings Ltd. ZAR 1,238,330 5,818,719 1.42

43,785,018 10.67

South KoreaKangwon Land, Inc. KRW 53,391 1,627,931 0.39KT&G Corp. KRW 84,336 8,608,423 2.10Samsung Electronics Co. Ltd. KRW 4,620 9,599,166 2.34SK Telecom Co. Ltd., ADR USD 143,816 3,703,981 0.90

23,539,501 5.73


7,717,516 1.88

TaiwanAsustek Computer, Inc. TWD 593,000 5,597,467 1.36Chicony Electronics Co. Ltd. TWD 1,011,110 2,558,951 0.62Delta Electronics, Inc. TWD 833,867 4,559,460 1.11Far EasTone Telecommunications Co. Ltd. TWD 304,000 775,872 0.19MediaTek, Inc. TWD 551,000 4,725,317 1.15Mega Financial Holding Co. Ltd. TWD 2,880,000 2,398,816 0.59Novatek Microelectronics Corp. TWD 1,251,000 5,071,066 1.24President Chain Store Corp. TWD 786,000 7,083,177 1.73Quanta Computer, Inc. TWD 2,287,000 5,419,449 1.32Taiwan Mobile Co. Ltd. TWD 2,113,000 7,939,821 1.93Taiwan Semiconductor Manufacturing Co.Ltd., ADR USD 534,057 18,646,600 4.54Vanguard International SemiconductorCorp. TWD 4,041,000 7,961,056 1.94

72,737,052 17.72

ThailandSiam Cement PCL (The) THB 358,308 5,311,787 1.29Siam Commercial Bank PCL (The) THB 1,506,000 6,913,041 1.69Thai Oil PCL THB 1,518,000 3,528,802 0.86

15,753,630 3.84

TurkeyFord Otomotiv Sanayi A/S TRY 201,250 2,457,182 0.60Tofas Turk Otomobil Fabrikasi A/S TRY 620,530 5,095,007 1.24Tupras Turkiye Petrol Rafinerileri A/S TRY 224,240 6,422,779 1.56

13,974,968 3.40

United Arab EmiratesFirst Abu Dhabi Bank PJSC AED 2,071,814 5,894,809 1.44

5,894,809 1.44


Warrants

ChinaFuyao Glass Industry Group Co. Ltd.25/09/2018 USD 898,260 3,449,588 0.84Midea Group Co. Ltd. 09/11/2018 USD 279,493 1,774,082 0.43

5,223,670 1.27


Total Transferable securities and money market instrumentsadmitted to an official exchange listing 380,882,629 92.79

94

JPMorgan Funds - Emerging Markets Dividend FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities

ChinaFuyao Glass Industry Group Co. Ltd. CNH 1,345,851 5,167,270 1.26Midea Group Co. Ltd. CNH 1,736,685 11,020,049 2.68Zhengzhou Yutong Bus Co. Ltd. ‘A’ CNH 1,438,867 4,663,231 1.14

20,850,550 5.08



20,850,550 5.08




5,258,808 1.28



5,258,808 1.28


Cash 172,057 0.04




Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsTaiwan 17.72South Africa 10.67Hong Kong 9.33China 6.87Mexico 6.82Brazil 6.48South Korea 5.73Russia 5.64India 5.02Thailand 3.84Turkey 3.40Czech Republic 2.82Chile 2.69Indonesia 2.08Saudi Arabia 2.00Supranational 1.88Hungary 1.74Cayman Islands 1.46United Arab Emirates 1.44Luxembourg 1.28Bermuda 0.24Total Investments 99.15Cash and Other Assets/(Liabilities) 0.85

Total 100.00


% of Net Assets

Taiwan 20.96South Africa 13.60Russia 8.54Brazil 7.66Hong Kong 7.16South Korea 5.75Mexico 5.52China 4.19India 3.90Czech Republic 3.45Turkey 3.00Chile 2.90Thailand 2.24Supranational 2.00Hungary 1.76Cayman Islands 1.65United Arab Emirates 1.64Saudi Arabia 1.05Bermuda 0.86Indonesia 0.64Total Investments 98.47Cash and Other Assets/(Liabilities) 1.53

Total 100.00

95

JPMorgan Funds - Emerging Markets Dividend FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Dividend FundSchedule of Investments (continued)

As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

AUD 38,425,948 USD 28,988,508 21/07/2017 ANZ 544,119 0.13AUD 365,418 USD 274,196 21/07/2017 HSBC 6,650 -AUD 355,730 USD 267,467 21/07/2017 Standard Chartered 5,932 -AUD 64,556 USD 48,512 21/07/2017 State Street 1,103 -AUD 125,812 USD 95,630 21/07/2017 Toronto-Dominion Bank 1,064 -CHF 237,574 USD 245,004 21/07/2017 Goldman Sachs 3,578 -CHF 10,447 USD 10,800 21/07/2017 RBC 132 -CNH 1,413,470 USD 207,366 21/07/2017 Citibank 709 -CNH 21,217 USD 3,105 21/07/2017 HSBC 19 -CNH 6,341 USD 925 21/07/2017 National Australia Bank 9 -CNH 10,120 USD 1,487 21/07/2017 Standard Chartered 2 -GBP 7,503 USD 9,564 21/07/2017 Barclays 177 -GBP 11,338 USD 14,445 21/07/2017 National Australia Bank 276 -GBP 17,343 USD 22,269 21/07/2017 RBC 246 -GBP 759,920 USD 967,911 21/07/2017 Toronto-Dominion Bank 18,661 0.01SGD 2,125 USD 1,537 03/07/2017 Societe Generale 7 -SGD 11,231 USD 8,128 21/07/2017 ANZ 34 -SGD 15,680,232 USD 11,331,031 21/07/2017 Barclays 64,538 0.02SGD 81,953 USD 59,057 21/07/2017 Goldman Sachs 502 -SGD 113,224 USD 82,009 21/07/2017 HSBC 276 -SGD 151,548 USD 109,289 21/07/2017 RBC 848 -SGD 287,075 USD 207,524 21/07/2017 Societe Generale 1,106 -SGD 103,766 USD 75,271 21/07/2017 Toronto-Dominion Bank 140 -

Total Unrealised Gain on Forward Currency Exchange Contracts 650,128 0.16

USD 5,738,314 AUD 7,568,258 21/07/2017 ANZ (78,343) (0.02)USD 92,386 AUD 122,513 21/07/2017 HSBC (1,772) -USD 13,830,415 AUD 18,330,363 21/07/2017 National Australia Bank (257,560) (0.07)USD 102,979 AUD 136,517 21/07/2017 RBC (1,943) -USD 135,364 AUD 179,780 21/07/2017 State Street (2,808) -USD 43,280 AUD 57,154 21/07/2017 Toronto-Dominion Bank (646) -USD 1,938 CHF 1,858 21/07/2017 ANZ (7) -USD 6,374 CHF 6,176 21/07/2017 RBC (88) -USD 2,309 CNH 15,794 21/07/2017 Citibank (16) -USD 1,447 CNH 9,862 21/07/2017 Merrill Lynch (4) -USD 1,368 CNH 9,328 21/07/2017 Societe Generale (5) -USD 33,021 CNH 225,028 21/07/2017 Standard Chartered (105) -USD 2,995 GBP 2,349 21/07/2017 Citibank (54) -USD 6,273 GBP 4,917 21/07/2017 National Australia Bank (110) -USD 25,898 GBP 20,254 21/07/2017 RBC (397) -USD 87,635 SGD 121,455 21/07/2017 Deutsche Bank (632) -USD 192,207 SGD 265,833 21/07/2017 HSBC (987) -USD 149,577 SGD 207,016 21/07/2017 National Australia Bank (872) -USD 258,621 SGD 357,999 21/07/2017 Societe Generale (1,553) -

Total Unrealised Loss on Forward Currency Exchange Contracts (347,902) (0.09)

Net Unrealised Gain on Forward Currency Exchange Contracts 302,226 0.07

96


Equities

BermudaCredicorp Ltd. USD 384,740 68,801,131 1.30Jardine Matheson Holdings Ltd. USD 938,121 60,180,462 1.13

128,981,593 2.43

BrazilAmbev SA, ADR USD 9,641,305 52,978,971 1.00BB Seguridade Participacoes SA BRL 5,298,480 45,361,122 0.85CCR SA BRL 7,730,867 38,662,509 0.73Cielo SA BRL 3,650,412 27,116,464 0.51Itau Unibanco Holding SA, ADRPreference USD 483,340 5,352,991 0.10Itau Unibanco Holding SA Preference BRL 5,822,063 64,652,459 1.22Kroton Educacional SA BRL 14,890,279 65,650,733 1.24Lojas Renner SA BRL 9,635,023 78,266,552 1.48Marcopolo SA BRL 1,874,000 1,234,124 0.02Marcopolo SA Preference BRL 6,585,388 5,520,482 0.10Raia Drogasil SA BRL 1,825,980 38,799,938 0.73Ultrapar Participacoes SA BRL 2,899,390 67,766,004 1.28WEG SA BRL 5,757,794 30,856,196 0.58

522,218,545 9.84

Cayman IslandsAAC Technologies Holdings, Inc. HKD 3,314,000 41,477,005 0.78Alibaba Group Holding Ltd., ADR USD 1,698,030 238,420,392 4.49Baidu, Inc., ADR USD 238,630 42,701,645 0.81JD.com, Inc., ADR USD 3,457,540 135,881,322 2.56Sands China Ltd. HKD 8,353,600 38,283,677 0.72Shenzhou International Group HoldingsLtd. HKD 6,368,000 41,828,188 0.79Tencent Holdings Ltd. HKD 9,815,900 351,205,564 6.62Vipshop Holdings Ltd., ADR USD 3,754,520 39,478,778 0.75

929,276,571 17.52

ChinaPing An Insurance Group Co. of ChinaLtd. ‘H’ HKD 17,255,500 113,784,794 2.15

113,784,794 2.15

EgyptCommercial International Bank EgyptSAE, GDR USD 8,202,910 36,687,515 0.69

36,687,515 0.69

Hong KongAIA Group Ltd. HKD 27,578,600 201,464,178 3.80Techtronic Industries Co. Ltd. HKD 9,904,500 45,518,170 0.86

246,982,348 4.66

IndiaAsian Paints Ltd. INR 3,134,400 53,664,176 1.01HDFC Bank Ltd., ADR USD 1,646,970 141,359,435 2.67HDFC Bank Ltd. INR 2,336,800 60,246,796 1.14Housing Development Finance Corp.Ltd. INR 8,554,409 213,238,327 4.02IndusInd Bank Ltd. INR 2,717,095 62,308,263 1.17Infosys Ltd., ADR USD 1,807,358 26,956,745 0.51Infosys Ltd. INR 2,401,456 34,708,747 0.65ITC Ltd. INR 22,951,765 114,661,196 2.16Kotak Mahindra Bank Ltd. INR 3,392,520 50,243,667 0.95Lupin Ltd. INR 879,377 14,392,062 0.27Tata Consultancy Services Ltd. INR 3,559,978 130,046,574 2.45Tata Motors Ltd., ADR USD 1,037,890 34,468,327 0.65UltraTech Cement Ltd. INR 1,103,960 67,663,442 1.28

1,003,957,757 18.93

IndonesiaAstra International Tbk. PT IDR 96,020,000 64,379,501 1.21Bank Central Asia Tbk. PT IDR 39,394,700 53,713,329 1.01Bank Rakyat Indonesia Persero Tbk. PT IDR 33,696,766 38,518,715 0.73

156,611,545 2.95

MexicoBecle SAB de CV MXN 13,862,800 23,925,781 0.45Grupo Financiero Banorte SAB de CV‘O’ MXN 11,738,490 74,791,556 1.41Infraestructura Energetica Nova SAB deCV MXN 4,979,249 26,734,195 0.51

125,451,532 2.37

PanamaCopa Holdings SA ‘A’ USD 533,470 61,863,848 1.17

61,863,848 1.17

Papua New GuineaOil Search Ltd. AUD 6,904,410 36,171,476 0.68

36,171,476 0.68

RussiaMagnit PJSC, GDR USD 584,004 19,739,335 0.37Magnit PJSC USD 488,260 75,353,343 1.42Sberbank of Russia PJSC, ADR USD 879,010 9,056,001 0.17Sberbank of Russia PJSC USD 23,309,171 57,346,555 1.08

161,495,234 3.04

Saudi ArabiaAlmarai Co. SAR 2,112,449 53,205,549 1.00

53,205,549 1.00

South AfricaAspen Pharmacare Holdings Ltd. ZAR 1,466,982 32,119,598 0.60Bid Corp. Ltd. ZAR 6,059,372 138,113,553 2.60Bidvest Group Ltd. (The) ZAR 5,032,256 60,207,239 1.13Capitec Bank Holdings Ltd. ZAR 585,223 36,985,024 0.70FirstRand Ltd. ZAR 12,250,037 44,332,675 0.84Mr Price Group Ltd. ZAR 2,148,820 25,565,662 0.48Remgro Ltd. ZAR 3,135,204 50,780,177 0.96Sanlam Ltd. ZAR 13,516,850 67,276,037 1.27Woolworths Holdings Ltd. ZAR 11,036,118 51,856,996 0.98

507,236,961 9.56

South KoreaNetmarble Games Corp. KRW 174,424 23,598,837 0.44Samsung Biologics Co. Ltd. KRW 193,000 49,229,098 0.93Samsung Electronics Co. Ltd., GDR USD 93,779 97,577,050 1.84Samsung Electronics Co. Ltd. KRW 42,420 88,137,796 1.66

258,542,781 4.87

SpainProsegur Cia de Seguridad SA EUR 3,776,430 24,387,368 0.46

24,387,368 0.46

TaiwanDelta Electronics, Inc. TWD 6,401,582 35,002,894 0.66Eclat Textile Co. Ltd. TWD 2,479,000 30,330,143 0.57Largan Precision Co. Ltd. TWD 330,000 52,612,235 0.99President Chain Store Corp. TWD 8,177,000 73,688,472 1.39Taiwan Semiconductor ManufacturingCo. Ltd., ADR USD 2,761,026 96,401,223 1.82Taiwan Semiconductor ManufacturingCo. Ltd. TWD 21,641,006 148,223,631 2.79

436,258,598 8.22

ThailandSiam Commercial Bank PCL (The) THB 9,503,200 43,622,853 0.82

43,622,853 0.82

United States of AmericaEPAM Systems, Inc. USD 614,340 51,186,809 0.97MercadoLibre, Inc. USD 352,350 88,120,973 1.66Yum China Holdings, Inc. USD 1,359,020 52,702,796 0.99

192,010,578 3.62

Total Equities 5,038,747,446 94.98

97

JPMorgan Funds - Emerging Markets Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Warrants

ChinaHangzhou Robam Appliances Co. Ltd.30/08/2019 USD 6,331,897 40,602,657 0.77

40,602,657 0.77




Equities

ChinaHangzhou Robam Appliances Co. Ltd.‘A’ CNH 985,247 6,315,742 0.12Kweichow Moutai Co. Ltd. CNH 527,179 36,668,845 0.69Midea Group Co. Ltd. CNH 12,102,009 76,792,702 1.45

119,777,289 2.26



119,777,289 2.26




84,047,272 1.58



84,047,272 1.58


Cash 23,816,200 0.45


Total Net Assets 5,305,118,830 100.00


Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsIndia 18.93Cayman Islands 17.52Brazil 9.84South Africa 9.56Taiwan 8.22China 5.18South Korea 4.87Hong Kong 4.66United States of America 3.62Russia 3.04Indonesia 2.95Bermuda 2.43Mexico 2.37Luxembourg 1.58Panama 1.17Saudi Arabia 1.00Thailand 0.82Egypt 0.69Papua New Guinea 0.68Spain 0.46Total Investments 99.59Cash and Other Assets/(Liabilities) 0.41

Total 100.00


% of Net Assets

India 19.98Cayman Islands 15.78South Africa 13.70Brazil 10.43Taiwan 8.86Russia 6.52South Korea 4.32Hong Kong 3.84Indonesia 3.17Bermuda 2.52China 2.33United States of America 2.32Thailand 1.29Panama 1.01Mexico 0.93Papua New Guinea 0.85Saudi Arabia 0.73Luxembourg 0.65Egypt 0.61Total Investments 99.84Cash and Other Assets/(Liabilities) 0.16

Total 100.00

98

JPMorgan Funds - Emerging Markets Equity FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Equity FundSchedule of Investments (continued)

As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

EUR 21,268 USD 24,155 03/07/2017 Goldman Sachs 133 -EUR 379,989 USD 424,858 21/07/2017 ANZ 9,479 -EUR 63,373,347 USD 71,037,367 21/07/2017 Goldman Sachs 1,400,042 0.03EUR 293,133 USD 329,485 21/07/2017 HSBC 5,575 -EUR 1,985,467 USD 2,227,759 21/07/2017 National Australia Bank 41,682 -EUR 414,526 USD 465,425 21/07/2017 RBC 8,389 -EUR 34,910 USD 39,153 21/07/2017 Societe Generale 750 -EUR 36,601 USD 41,147 21/07/2017 Standard Chartered 689 -EUR 1,323,304 USD 1,474,448 21/07/2017 State Street 38,123 -EUR 686,570 USD 775,197 21/07/2017 Toronto-Dominion Bank 9,571 -USD 5,971 EUR 5,225 05/07/2017 National Australia Bank 4 -USD 574,669 EUR 502,574 21/07/2017 Goldman Sachs 214 -


EUR 5,225 USD 5,976 21/07/2017 National Australia Bank (3) -USD 793,103 EUR 709,647 21/07/2017 BNP Paribas (18,042) -USD 209,991 EUR 186,108 21/07/2017 Goldman Sachs (2,735) -USD 598,986 EUR 527,823 21/07/2017 National Australia Bank (4,329) -USD 1,170,290 EUR 1,042,133 21/07/2017 RBC (20,895) -USD 52,482 EUR 46,835 21/07/2017 Toronto-Dominion Bank (1,052) -



99


Bonds

BermudaBermuda Government Bond, Reg. S4.138% 03/01/2023 USD 900,000 943,128 0.16Bermuda Government Bond, Reg. S4.854% 06/02/2024 USD 1,000,000 1,085,850 0.19Bermuda Government Bond, Reg. S3.717% 25/01/2027 USD 2,350,000 2,371,902 0.40

4,400,880 0.75

BrazilGlobo Comunicacao e Participacoes SA,Reg. S 4.843% 08/06/2025 USD 760,000 774,144 0.13

774,144 0.13

CanadaNexen Energy ULC 6.4% 15/05/2037 USD 1,400,000 1,790,678 0.30

1,790,678 0.30

Cayman IslandsABQ Finance Ltd., Reg. S 3.625%13/04/2021 USD 961,000 953,749 0.16ABQ Finance Ltd., Reg. S 3.5%22/02/2022 USD 3,679,000 3,604,555 0.61Amber Circle Funding Ltd., Reg. S 3.25%04/12/2022 USD 770,000 782,070 0.13Avi Funding Co. Ltd., Reg. S 3.8%16/09/2025 USD 1,000,000 1,029,188 0.17DIB Sukuk Ltd., Reg. S 3.6% 30/03/2021 USD 3,994,000 4,052,332 0.69DP World Crescent Ltd., Reg. S 3.908%31/05/2023 USD 900,000 920,394 0.16EMG SUKUK Ltd., Reg. S 4.564%18/06/2024 USD 2,390,000 2,493,105 0.42Fibria Overseas Finance Ltd. 5.5%17/01/2027 USD 1,570,000 1,609,611 0.27FWD Ltd., Reg. S 5% 24/09/2024 USD 430,000 457,705 0.08GrupoSura Finance SA, Reg. S 5.5%29/04/2026 USD 1,200,000 1,295,394 0.22IBQ Finance Ltd., Reg. S 3.5% 25/11/2020 USD 2,270,000 2,268,298 0.39IPIC GMTN Ltd., Reg. S 5.5% 01/03/2022 USD 970,000 1,079,925 0.18JD.com, Inc. 3.125% 29/04/2021 USD 3,100,000 3,101,302 0.53Lamar Funding Ltd., Reg. S 3.958%07/05/2025 USD 2,000,000 1,881,970 0.32MAF Global Securities Ltd., Reg. S 5.25%05/07/2019 USD 270,000 285,077 0.05MAF Sukuk Ltd., Reg. S 4.5% 03/11/2025 USD 930,000 973,008 0.17QIB Sukuk Ltd., Reg. S 3.251%23/05/2022 USD 6,050,000 5,898,024 1.00QNB Finance Ltd., Reg. S 2.125%07/09/2021 USD 5,860,000 5,583,748 0.95Rakfunding Cayman Ltd., Reg. S 3.25%24/06/2019 USD 3,670,000 3,718,205 0.63Saudi Electricity Global Sukuk Co. 3,Reg. S 5.5% 08/04/2044 USD 1,740,000 1,875,285 0.32SIB Sukuk Co. III Ltd., Reg. S 3.084%08/09/2021 USD 328,000 325,914 0.06Sun Hung Kai Properties Capital MarketLtd., Reg. S 4.45% Perpetual USD 820,000 810,502 0.14Three Gorges Finance I Cayman IslandsLtd., Reg. S 3.7% 10/06/2025 USD 1,000,000 1,021,955 0.17Vale Overseas Ltd. 5.875% 10/06/2021 USD 320,000 345,046 0.06Vale Overseas Ltd. 6.875% 21/11/2036 USD 300,000 322,322 0.05

46,688,684 7.93

ChileChile Government Bond 3.125%21/01/2026 USD 1,940,000 1,981,856 0.34Chile Government Bond 3.86%21/06/2047 USD 1,360,000 1,366,922 0.23Corp. Nacional del Cobre de Chile, Reg. S4.5% 16/09/2025 USD 3,200,000 3,418,960 0.58Corp. Nacional del Cobre de Chile, Reg. S6.15% 24/10/2036 USD 1,500,000 1,815,510 0.31Empresa de Transporte de PasajerosMetro SA, Reg. S 4.75% 04/02/2024 USD 1,000,000 1,090,660 0.18Empresa Electrica Angamos SA, Reg. S4.875% 25/05/2029 USD 2,340,000 2,392,393 0.41Empresa Nacional del Petroleo, Reg. S4.75% 06/12/2021 USD 1,000,000 1,070,315 0.18GNL Quintero SA, Reg. S 4.634%31/07/2029 USD 2,350,000 2,454,939 0.42

15,591,555 2.65

ChinaCCB Life Insurance Co. Ltd., Reg. S, FRN4.5% 21/04/2077 USD 774,000 789,066 0.13China Construction Bank Corp., Reg. S,FRN 3.875% 13/05/2025 USD 3,220,000 3,281,673 0.56China Development Bank, Reg. S 3.375%24/01/2027 USD 1,000,000 999,926 0.17Guangxi Communications InvestmentGroup Co. Ltd., Reg. S 3% 04/11/2019 USD 1,600,000 1,585,600 0.27Tianjin Infrastructure Construction &Investment Group Co. Ltd., Reg. S 2.75%15/06/2019 USD 2,944,000 2,935,612 0.50

9,591,877 1.63

ColombiaColombia Government Bond 7.375%18/03/2019 USD 640,000 699,344 0.12Colombia Government Bond 11.75%25/02/2020 USD 720,000 894,330 0.15Colombia Government Bond 4.375%12/07/2021 USD 470,000 501,232 0.09Colombia Government Bond 2.625%15/03/2023 USD 1,200,000 1,175,280 0.20Colombia Government Bond 3.875%25/04/2027 USD 1,000,000 1,008,850 0.17Colombia Government Bond 10.375%28/01/2033 USD 1,330,000 2,038,391 0.35Colombia Government Bond 7.375%18/09/2037 USD 5,031,000 6,505,963 1.10Ecopetrol SA 5.875% 18/09/2023 USD 2,340,000 2,562,171 0.43Ecopetrol SA 4.125% 16/01/2025 USD 2,340,000 2,298,524 0.39Ecopetrol SA 5.375% 26/06/2026 USD 3,734,000 3,887,374 0.66Ecopetrol SA 7.375% 18/09/2043 USD 2,850,000 3,081,135 0.52

24,652,594 4.18

Hong KongBeijing State-Owned Assets ManagementHong Kong Co. Ltd., Reg. S 4.125%26/05/2025 USD 1,800,000 1,850,854 0.32China Uranium Development Co. Ltd.,Reg. S 3.5% 08/10/2018 USD 1,630,000 1,656,993 0.28ICBCIL Finance Co. Ltd., Reg. S 3.625%19/05/2026 USD 368,000 365,782 0.06Vanke Real Estate Hong Kong Co. Ltd.,Reg. S 3.95% 23/12/2019 USD 2,646,000 2,710,456 0.46

6,584,085 1.12

HungaryHungary Government Bond 6.25%29/01/2020 USD 3,800,000 4,164,667 0.71Hungary Government Bond 5.375%21/02/2023 USD 1,900,000 2,116,552 0.36Hungary Government Bond 5.75%22/11/2023 USD 7,800,000 8,940,126 1.52Hungary Government Bond 5.375%25/03/2024 USD 4,700,000 5,298,874 0.90Hungary Government Bond 7.625%29/03/2041 USD 1,630,000 2,435,758 0.41Magyar Export-Import Bank Zrt., Reg. S4% 30/01/2020 USD 2,500,000 2,592,350 0.44MFB Magyar Fejlesztesi Bank Zrt., Reg. S6.25% 21/10/2020 USD 2,600,000 2,886,572 0.49

28,434,899 4.83

IndiaAdani Transmission Ltd., Reg. S 4%03/08/2026 USD 1,500,000 1,504,165 0.26Axis Bank Ltd., Reg. S 3.25% 21/05/2020 USD 2,100,000 2,124,160 0.36Bharti Airtel Ltd., Reg. S 4.375%10/06/2025 USD 500,000 500,875 0.08Export-Import Bank of India, Reg. S 4%14/01/2023 USD 1,308,000 1,362,064 0.23ICICI Bank Ltd., Reg. S 4.7% 21/02/2018 USD 1,740,000 1,769,316 0.30NTPC Ltd., Reg. S 4.25% 26/02/2026 USD 2,000,000 2,066,850 0.35ONGC Videsh Ltd., Reg. S 4.625%15/07/2024 USD 3,450,000 3,666,850 0.62Power Grid Corp. of India Ltd., Reg. S3.875% 17/01/2023 USD 2,370,000 2,458,614 0.42

15,452,894 2.62

IndonesiaIndonesia Government Bond, Reg. S3.75% 25/04/2022 USD 2,000,000 2,058,188 0.35Indonesia Government Bond, Reg. S4.125% 15/01/2025 USD 1,000,000 1,033,581 0.17Indonesia Government Bond, Reg. S4.75% 08/01/2026 USD 1,200,000 1,291,025 0.22

100

JPMorgan Funds - Emerging Markets Investment Grade Bond FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Indonesia Government Bond, Reg. S4.35% 08/01/2027 USD 4,200,000 4,385,094 0.74Indonesia Government Bond, Reg. S6.625% 17/02/2037 USD 2,800,000 3,475,329 0.59Indonesia Government Bond, Reg. S6.75% 15/01/2044 USD 3,125,000 4,029,031 0.68Lembaga Pembiayaan Ekspor Indonesia,Reg. S 3.875% 06/04/2024 USD 1,430,000 1,452,315 0.25Pelabuhan Indonesia II PT, Reg. S 4.25%05/05/2025 USD 2,180,000 2,220,080 0.38Pertamina Persero PT, Reg. S 4.3%20/05/2023 USD 2,000,000 2,076,214 0.35Pertamina Persero PT, Reg. S 6.5%27/05/2041 USD 600,000 686,364 0.12Pertamina Persero PT, Reg. S 5.625%20/05/2043 USD 300,000 311,125 0.05Pertamina Persero PT, Reg. S 6.45%30/05/2044 USD 2,100,000 2,390,033 0.41Perusahaan Gas Negara Persero Tbk.,Reg. S 5.125% 16/05/2024 USD 910,000 979,553 0.17

26,387,932 4.48

IrelandNovolipetsk Steel, Reg. S 4.5%15/06/2023 USD 1,220,000 1,248,017 0.21

1,248,017 0.21

Isle of ManGohl Capital Ltd., Reg. S 4.25%24/01/2027 USD 2,755,000 2,859,183 0.48

2,859,183 0.48

IsraelDelek & Avner Tamar Bond Ltd., 144A3.839% 30/12/2018 USD 1,200,000 1,221,918 0.21Israel Chemicals Ltd., Reg. S, 144A 4.5%02/12/2024 USD 638,938 659,266 0.11Israel Electric Corp. Ltd., Reg. S, 144A 5%12/11/2024 USD 3,320,000 3,589,750 0.61Israel Electric Corp. Ltd., Reg. S 7.25%15/01/2019 USD 2,100,000 2,256,418 0.38

7,727,352 1.31

KazakhstanKazakhstan Government Bond, Reg. S3.875% 14/10/2024 USD 1,588,000 1,615,464 0.27Kazakhstan Government Bond, Reg. S5.125% 21/07/2025 USD 2,400,000 2,612,688 0.44Kazakhstan Government Bond, Reg. S4.875% 14/10/2044 USD 2,000,000 1,979,820 0.34Kazakhstan Government Bond, Reg. S6.5% 21/07/2045 USD 200,000 237,435 0.04Kazakhstan Temir Zholy National Co. JSC,Reg. S 6.375% 06/10/2020 USD 1,020,000 1,099,137 0.19KazMunayGas National Co. JSC, Reg. S9.125% 02/07/2018 USD 600,000 636,108 0.11KazMunayGas National Co. JSC, Reg. S 7%05/05/2020 USD 2,000,000 2,179,220 0.37KazMunayGas National Co. JSC, Reg. S6.375% 09/04/2021 USD 1,814,000 1,975,945 0.34KazMunayGas National Co. JSC, Reg. S4.75% 19/04/2027 USD 2,300,000 2,264,891 0.38KazMunayGas National Co. JSC, Reg. S5.75% 19/04/2047 USD 700,000 665,045 0.11

15,265,753 2.59

LithuaniaLithuania Government Bond, Reg. S6.625% 01/02/2022 USD 2,010,000 2,368,956 0.40

2,368,956 0.40

MalaysiaExport-Import Bank of Malaysia Bhd.,Reg. S 2.48% 20/10/2021 USD 1,000,000 991,791 0.17IOI Investment L Bhd., Reg. S 4.375%27/06/2022 USD 2,950,000 3,081,142 0.52Petroliam Nasional Bhd., Reg. S 7.625%15/10/2026 USD 1,090,000 1,480,325 0.25Petronas Capital Ltd., Reg. S 5.25%12/08/2019 USD 800,000 851,691 0.15

6,404,949 1.09

MauritiusUPL Corp. Ltd., Reg. S 3.25% 13/10/2021 USD 3,460,000 3,464,612 0.59

3,464,612 0.59

MexicoBanco Inbursa SA Institucion de BancaMultiple, Reg. S 4.375% 11/04/2027 USD 3,100,000 3,098,357 0.53Banco Nacional de Comercio ExteriorSNC, Reg. S 4.375% 14/10/2025 USD 810,000 841,076 0.14Banco Santander Mexico SA Institucionde Banca Multiple Grupo FinancieroSantand, Reg. S, FRN 5.95% 30/01/2024 USD 2,130,000 2,220,834 0.38Banco Santander Mexico SA Institucionde Banca Multiple Grupo FinancieroSantand, Reg. S 4.125% 09/11/2022 USD 700,000 728,486 0.12Comision Federal de Electricidad, Reg. S4.875% 15/01/2024 USD 2,000,000 2,121,590 0.36Mexichem SAB de CV, Reg. S 5.875%17/09/2044 USD 1,000,000 1,002,365 0.17Mexico City Airport Trust, Reg. S 4.25%31/10/2026 USD 1,000,000 1,027,100 0.17Mexico Government Bond 3.625%15/03/2022 USD 850,000 882,916 0.15Mexico Government Bond 4%02/10/2023 USD 1,862,000 1,954,588 0.33Mexico Government Bond 4.125%21/01/2026 USD 1,000,000 1,040,300 0.18Mexico Government Bond 4.15%28/03/2027 USD 3,583,000 3,719,691 0.63Mexico Government Bond 5.55%21/01/2045 USD 3,430,000 3,846,231 0.65Mexico Government Bond 5.75%12/10/2110 USD 1,000,000 1,035,825 0.18Nacional Financiera SNC, Reg. S 3.375%05/11/2020 USD 780,000 805,572 0.14Petroleos Mexicanos 6.75% 21/09/2047 USD 2,930,000 2,963,827 0.50Sigma Alimentos SA de CV, Reg. S6.875% 16/12/2019 USD 2,070,000 2,300,836 0.39

29,589,594 5.02

MoroccoMorocco Government Bond, Reg. S 5.5%11/12/2042 USD 1,400,000 1,558,046 0.26OCP SA, Reg. S 5.625% 25/04/2024 USD 3,900,000 4,229,843 0.72OCP SA, Reg. S 4.5% 22/10/2025 USD 1,060,000 1,071,914 0.18OCP SA, Reg. S 6.875% 25/04/2044 USD 7,440,000 8,414,677 1.43

15,274,480 2.59

NetherlandsBharti Airtel International NetherlandsBV, Reg. S 5.35% 20/05/2024 USD 1,930,000 2,045,038 0.35Equate Petrochemical BV, 144A 3%03/03/2022 USD 2,128,000 2,101,677 0.36Equate Petrochemical BV, Reg. S 3%03/03/2022 USD 2,400,000 2,370,156 0.40Kazakhstan Temir Zholy Finance BV,Reg. S 6.95% 10/07/2042 USD 2,265,000 2,412,225 0.41Lukoil International Finance BV, Reg. S4.563% 24/04/2023 USD 2,625,000 2,690,415 0.45MDC-GMTN BV, Reg. S 3.75% 19/04/2029 USD 4,307,000 4,282,213 0.73Teva Pharmaceutical FinanceNetherlands III BV 2.2% 21/07/2021 USD 1,920,000 1,884,931 0.32Teva Pharmaceutical FinanceNetherlands III BV 2.8% 21/07/2023 USD 1,380,000 1,347,508 0.23

19,134,163 3.25

OmanOman Government Bond, Reg. S 3.625%15/06/2021 USD 1,700,000 1,694,348 0.29Oman Government Bond, Reg. S 3.875%08/03/2022 USD 1,000,000 999,675 0.17Oman Government Bond, Reg. S 4.75%15/06/2026 USD 2,900,000 2,857,761 0.48Oman Government Bond, Reg. S 5.375%08/03/2027 USD 5,500,000 5,632,880 0.96Oman Government Bond, Reg. S 6.5%08/03/2047 USD 2,300,000 2,355,154 0.40

13,539,818 2.30

PanamaENA Norte Trust, Reg. S 4.95%25/04/2028 USD 2,583,859 2,652,861 0.45Global Bank Corp., Reg. S 5.125%30/10/2019 USD 2,360,000 2,454,129 0.42Global Bank Corp., Reg. S 4.5%20/10/2021 USD 2,893,000 2,958,368 0.50Panama Government Bond 7.125%29/01/2026 USD 1,000,000 1,269,925 0.21Panama Government Bond 8.875%30/09/2027 USD 2,225,000 3,169,846 0.54Panama Government Bond 9.375%01/04/2029 USD 3,736,000 5,518,819 0.94

101

JPMorgan Funds - Emerging Markets Investment Grade Bond FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Panama Government Bond 6.7%26/01/2036 USD 2,080,000 2,684,240 0.46Panama Government Bond 4.5%15/05/2047 USD 1,800,000 1,826,748 0.31

22,534,936 3.83

PeruConsorcio Transmantaro SA, Reg. S4.375% 07/05/2023 USD 1,860,000 1,927,537 0.33Corp. Financiera de Desarrollo SA, Reg. S4.75% 15/07/2025 USD 2,200,000 2,359,544 0.40Peru Government Bond 7.35%21/07/2025 USD 750,000 984,244 0.17Peru Government Bond 4.125%25/08/2027 USD 810,000 883,811 0.15Peru Government Bond 8.75%21/11/2033 USD 3,194,000 4,910,296 0.83Peru Government Bond 5.625%18/11/2050 USD 3,000,000 3,653,492 0.62Petroleos del Peru SA, Reg. S 4.75%19/06/2032 USD 3,280,000 3,266,700 0.56Petroleos del Peru SA, Reg. S 5.625%19/06/2047 USD 1,590,000 1,612,403 0.27

19,598,027 3.33

PhilippinesPhilippine Government Bond 10.625%16/03/2025 USD 1,165,000 1,797,144 0.31Philippine Government Bond 5.5%30/03/2026 USD 900,000 1,084,527 0.19Philippine Government Bond 9.5%02/02/2030 USD 2,800,000 4,497,856 0.76Philippine Government Bond 7.75%14/01/2031 USD 3,225,000 4,657,300 0.79Philippine Government Bond 6.375%15/01/2032 USD 900,000 1,180,403 0.20Philippine Government Bond 3.95%20/01/2040 USD 400,000 418,396 0.07Philippine Government Bond 3.7%01/03/2041 USD 585,000 592,256 0.10Power Sector Assets & LiabilitiesManagement Corp., Reg. S 7.39%02/12/2024 USD 1,700,000 2,195,545 0.37

16,423,427 2.79

PolandPoland Government Bond 5%23/03/2022 USD 4,122,000 4,585,828 0.78Poland Government Bond 3% 17/03/2023 USD 1,940,000 1,976,977 0.33Poland Government Bond 4%22/01/2024 USD 1,930,000 2,067,609 0.35

8,630,414 1.46

QatarQatar Government Bond, Reg. S 4.625%02/06/2046 USD 525,000 532,786 0.09

532,786 0.09

RomaniaRomania Government Bond, Reg. S6.125% 22/01/2044 USD 1,100,000 1,402,170 0.24

1,402,170 0.24

SingaporeBPRL International Singapore Pte. Ltd.,Reg. S 4.375% 18/01/2027 USD 1,623,000 1,686,724 0.29DBS Group Holdings Ltd., Reg. S, FRN3.6% Perpetual USD 2,782,000 2,783,867 0.47Oversea-Chinese Banking Corp. Ltd.,Reg. S 4.25% 19/06/2024 USD 1,700,000 1,781,160 0.30United Overseas Bank Ltd., Reg. S, FRN3.75% 19/09/2024 USD 2,823,000 2,883,214 0.49United Overseas Bank Ltd., Reg. S, FRN3.5% 16/09/2026 USD 2,610,000 2,663,902 0.45United Overseas Bank Ltd., Reg. S, FRN2.88% 08/03/2027 USD 1,876,000 1,860,941 0.32

13,659,808 2.32

SloveniaSlovenia Government Bond, Reg. S 5.5%26/10/2022 USD 1,900,000 2,174,588 0.37Slovenia Government Bond, Reg. S 5.85%10/05/2023 USD 3,200,000 3,740,160 0.64Slovenia Government Bond, Reg. S 5.25%18/02/2024 USD 3,300,000 3,787,080 0.64

9,701,828 1.65

South KoreaKEB Hana Bank, Reg. S 4.25%14/10/2024 USD 920,000 954,613 0.16Korea National Oil Corp., Reg. S 2.125%14/04/2021 USD 280,000 275,075 0.05Korea Resources Corp., Reg. S 3%24/04/2022 USD 2,320,000 2,327,048 0.39Korea Water Resources Corp., Reg. S2.75% 23/05/2022 USD 1,386,000 1,385,243 0.24NongHyup Bank, Reg. S 2.875%22/07/2020 USD 2,090,000 2,111,481 0.36Shinhan Bank, Reg. S 3.875%24/03/2026 USD 600,000 606,444 0.10Woori Bank, Reg. S 5.875% 13/04/2021 USD 600,000 661,094 0.11

8,320,998 1.41

SupranationalAfrica Finance Corp., Reg. S 3.875%13/04/2024 USD 628,000 623,390 0.11African Export-Import Bank, Reg. S4.75% 29/07/2019 USD 2,600,000 2,683,681 0.45African Export-Import Bank, Reg. S4.125% 20/06/2024 USD 1,350,000 1,338,964 0.23

4,646,035 0.79

ThailandKasikornbank PCL, Reg. S 3%20/03/2018 USD 1,080,000 1,086,996 0.18PTT Global Chemical PCL, Reg. S 4.25%19/09/2022 USD 1,340,000 1,425,266 0.24PTT PCL, Reg. S 3.375% 25/10/2022 USD 430,000 439,739 0.08Siam Commercial Bank PCL, Reg. S 3.5%07/04/2019 USD 600,000 611,821 0.10Siam Commercial Bank PCL, Reg. S 3.2%26/07/2022 USD 2,500,000 2,536,718 0.43

6,100,540 1.03

Trinidad and TobagoTrinidad Generation Unlimited, Reg. S5.25% 04/11/2027 USD 1,400,000 1,396,507 0.24

1,396,507 0.24

TurkeyKOC Holding A/S, Reg. S 5.25%15/03/2023 USD 2,110,000 2,209,202 0.37KT Kira Sertifikalari Varlik Kiralama A/S,Reg. S 5.162% 26/06/2019 USD 840,000 868,425 0.15TF Varlik Kiralama A/S, Reg. S 5.375%24/04/2019 USD 840,000 868,102 0.15

3,945,729 0.67

United Arab EmiratesAbu Dhabi National Energy Co. PJSC,Reg. S 3.625% 12/01/2023 USD 1,700,000 1,712,691 0.29Abu Dhabi National Energy Co. PJSC,Reg. S 6.5% 27/10/2036 USD 400,000 492,656 0.08Burgan Senior SPC Ltd., Reg. S 3.125%14/09/2021 USD 1,197,000 1,196,078 0.20DP World Ltd., Reg. S 6.85% 02/07/2037 USD 860,000 1,014,645 0.17JAFZ Sukuk 2019 Ltd., Reg. S 7%19/06/2019 USD 1,300,000 1,412,937 0.24Kuwait Projects Co. SPC Ltd., Reg. S9.375% 15/07/2020 USD 2,390,000 2,860,436 0.49Kuwait Projects Co. SPC Ltd., Reg. S 5%15/03/2023 USD 3,229,000 3,425,339 0.58NBK Tier 1 Financing Ltd., Reg. S, FRN5.75% Perpetual USD 1,610,000 1,675,430 0.29Union National Bank PJSC, Reg. S 2.75%05/10/2021 USD 2,757,000 2,703,942 0.46

16,494,154 2.80

United KingdomFresnillo plc, Reg. S 5.5% 13/11/2023 USD 500,000 554,845 0.09

554,845 0.09

102


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

United States of AmericaReliance Holding USA, Inc., Reg. S 5.4%14/02/2022 USD 4,210,000 4,617,402 0.78Southern Copper Corp. 5.25%08/11/2042 USD 2,367,000 2,368,905 0.40Southern Copper Corp. 5.875%23/04/2045 USD 2,440,000 2,618,645 0.45US Treasury 0.625% 30/09/2017 USD 740,000 739,205 0.13

10,344,157 1.76

UruguayUruguay Government Bond 8%18/11/2022 USD 1,000,000 1,221,700 0.21Uruguay Government Bond 4.375%27/10/2027 USD 4,650,000 4,947,600 0.84Uruguay Government Bond 7.875%15/01/2033 USD 2,393,531 3,259,151 0.55Uruguay Government Bond 7.625%21/03/2036 USD 784,568 1,062,109 0.18Uruguay Government Bond 5.1%18/06/2050 USD 5,870,000 5,995,325 1.02

16,485,885 2.80

Virgin Islands, BritishBeijing Gas Singapore Capital Corp.,Reg. S 2.75% 31/05/2022 USD 1,400,000 1,381,142 0.23Bluestar Finance Holdings Ltd., Reg. S3.125% 30/09/2019 USD 1,496,000 1,501,505 0.26China Southern Power Grid InternationalFinance BVI Co. Ltd., Reg. S 3.5%08/05/2027 USD 1,340,000 1,335,169 0.23CNOOC Finance 2011 Ltd., Reg. S 4.25%26/01/2021 USD 1,000,000 1,052,697 0.18Franshion Brilliant Ltd., Reg. S 5.75%19/03/2019 USD 2,480,000 2,596,969 0.44GTL Trade Finance, Inc., Reg. S 5.893%29/04/2024 USD 1,440,000 1,456,294 0.25GTL Trade Finance, Inc., Reg. S 7.25%16/04/2044 USD 630,000 617,951 0.11HKT Capital No. 2 Ltd., Reg. S 3.625%02/04/2025 USD 1,300,000 1,313,732 0.22HKT Capital No. 4 Ltd., Reg. S 3%14/07/2026 USD 1,890,000 1,801,374 0.31Huarong Finance 2017 Co. Ltd., Reg. S,FRN 4.5% Perpetual USD 770,000 788,009 0.13Huarong Finance II Co. Ltd., Reg. S 2.75%03/06/2019 USD 1,861,000 1,852,244 0.31King Power Capital Ltd., Reg. S 5.625%03/11/2024 USD 3,330,000 3,706,603 0.63Minmetals Bounteous Finance BVI Ltd.,Reg. S 4.2% 27/07/2026 USD 1,000,000 1,025,235 0.17Radiant Access Ltd., Reg. S 4.6%Perpetual USD 1,004,000 979,097 0.17Sinochem Overseas Capital Co. Ltd.,Reg. S 4.5% 12/11/2020 USD 1,520,000 1,605,509 0.27Sinopec Group Overseas Development2012 Ltd., Reg. S 4.875% 17/05/2042 USD 1,080,000 1,204,029 0.20Skyland Mining BVI Ltd., Reg. S 3.25%06/07/2020 USD 1,664,000 1,658,672 0.28State Elite Global Ltd., Reg. S 3.125%20/01/2020 USD 2,460,000 2,491,582 0.42State Grid Overseas Investment 2014Ltd., Reg. S 4.125% 07/05/2024 USD 1,975,000 2,096,087 0.36Talent Yield Investments Ltd., Reg. S4.5% 25/04/2022 USD 1,000,000 1,062,559 0.18

31,526,459 5.35

Total Bonds 489,525,804 83.10


489,525,804 83.10


Bonds

BermudaTengizchevroil Finance Co. InternationalLtd., Reg. S 4% 15/08/2026 USD 3,170,000 3,066,499 0.52

3,066,499 0.52

Cayman IslandsCK Hutchison Capital Securities 17 Ltd.,Reg. S, FRN 4% Perpetual USD 755,000 763,888 0.13

763,888 0.13

ChileBanco del Estado de Chile, Reg. S 3.875%08/02/2022 USD 2,840,000 2,976,803 0.51Cencosud SA, Reg. S 5.15% 12/02/2025 USD 510,000 547,230 0.09Cencosud SA, Reg. S 6.625% 12/02/2045 USD 1,410,000 1,539,466 0.26Embotelladora Andina SA, Reg. S 5%01/10/2023 USD 270,000 294,860 0.05Empresa de Transporte de PasajerosMetro SA, Reg. S 5% 25/01/2047 USD 2,250,000 2,432,531 0.41Empresa Nacional del Petroleo, Reg. S3.75% 05/08/2026 USD 4,490,000 4,475,295 0.76SACI Falabella, Reg. S 4.375%27/01/2025 USD 400,000 419,852 0.07Transelec SA, Reg. S 3.875% 12/01/2029 USD 2,020,000 2,003,063 0.34

14,689,100 2.49

IndiaExport-Import Bank of India, Reg. S3.375% 05/08/2026 USD 1,450,000 1,422,259 0.24State Bank of India, Reg. S 3.25%18/04/2018 USD 1,300,000 1,310,094 0.23

2,732,353 0.47

MalaysiaPetronas Capital Ltd., Reg. S 3.125%18/03/2022 USD 900,000 921,909 0.16Petronas Capital Ltd., Reg. S 3.5%18/03/2025 USD 1,000,000 1,037,080 0.17

1,958,989 0.33

MexicoMexichem SAB de CV, Reg. S 6.75%19/09/2042 USD 720,000 784,498 0.13Mexico Generadora de Energia S de rl,Reg. S 5.5% 06/12/2032 USD 2,245,719 2,326,969 0.40Petroleos Mexicanos 5.5% 04/02/2019 USD 2,000,000 2,090,670 0.35Petroleos Mexicanos 5.5% 21/01/2021 USD 1,550,000 1,632,212 0.28Petroleos Mexicanos 6.375% 04/02/2021 USD 4,630,000 5,020,170 0.85Petroleos Mexicanos 4.875% 24/01/2022 USD 1,900,000 1,962,026 0.33Petroleos Mexicanos 4.25% 15/01/2025 USD 800,000 778,756 0.13Petroleos Mexicanos 6.625% 15/06/2035 USD 2,670,000 2,766,147 0.47Petroleos Mexicanos 6.5% 02/06/2041 USD 750,000 746,231 0.13Petroleos Mexicanos 5.625% 23/01/2046 USD 440,000 391,299 0.07Petroleos Mexicanos 6.375% 23/01/2045 USD 1,490,000 1,456,694 0.25Petroleos Mexicanos, Reg. S, FRN 4.878%11/03/2022 USD 1,132,000 1,221,575 0.21Petroleos Mexicanos, Reg. S 5.375%13/03/2022 USD 463,000 488,365 0.08Petroleos Mexicanos, Reg. S 6.5%13/03/2027 USD 6,720,000 7,231,056 1.23

28,896,668 4.91

PeruBanco Internacional del Peru SAA, Reg. S5.75% 07/10/2020 USD 870,000 955,034 0.16Fondo MIVIVIENDA SA, Reg. S 3.5%31/01/2023 USD 1,380,000 1,400,879 0.24Kallpa Generacion SA, Reg. S 4.875%24/05/2026 USD 1,750,000 1,854,939 0.32Transportadora de Gas del Peru SA,Reg. S 4.25% 30/04/2028 USD 3,350,000 3,492,526 0.59

7,703,378 1.31

South KoreaGS Caltex Corp., Reg. S 3% 12/06/2022 USD 815,000 814,939 0.14

814,939 0.14

103


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

United States of AmericaBraskem America Finance Co., Reg. S7.125% 22/07/2041 USD 1,010,000 1,073,337 0.18Hyundai Capital America, Reg. S 2.45%15/06/2021 USD 2,020,000 1,993,467 0.34

3,066,804 0.52

Virgin Islands, BritishCOSL Finance BVI Ltd., Reg. S 3.25%06/09/2022 USD 3,530,000 3,509,614 0.59Sinopec Group Overseas Development2014 Ltd., Reg. S 4.375% 10/04/2024 USD 1,200,000 1,278,034 0.22

4,787,648 0.81

Total Bonds 68,480,266 11.63

Total Transferable securities and money market instrumentsdealt in on another regulated market 68,480,266 11.63


Cash 22,658,626 3.85



Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsMexico 9.93Cayman Islands 8.06Virgin Islands, British 6.16Chile 5.14Hungary 4.83Peru 4.64Indonesia 4.48Colombia 4.18Panama 3.83Netherlands 3.25India 3.09United Arab Emirates 2.80Uruguay 2.80Philippines 2.79Morocco 2.59Kazakhstan 2.59Singapore 2.32Oman 2.30United States of America 2.28Slovenia 1.65China 1.63South Korea 1.55Poland 1.46Malaysia 1.42Israel 1.31Bermuda 1.27Hong Kong 1.12Thailand 1.03Supranational 0.79Turkey 0.67Mauritius 0.59Isle of Man 0.48Lithuania 0.40Canada 0.30Romania 0.24Trinidad and Tobago 0.24Ireland 0.21Brazil 0.13United Kingdom 0.09Qatar 0.09Total Investments 94.73Cash and Other Assets/(Liabilities) 5.27

Total 100.00


% of Net Assets

Mexico 9.56Colombia 6.32Cayman Islands 5.94Peru 5.72Virgin Islands, British 5.70Panama 5.23Chile 5.18Romania 5.10Philippines 4.01India 3.78Indonesia 3.25South Africa 3.08Uruguay 3.00Kazakhstan 2.79Malaysia 2.75Poland 2.58Netherlands 2.52Morocco 2.02Lithuania 1.54United Arab Emirates 1.23United States of America 1.18Oman 1.12Bermuda 1.10Trinidad and Tobago 1.02China 0.98Singapore 0.95Hong Kong 0.94Slovenia 0.88South Korea 0.76Hungary 0.73Thailand 0.65Turkey 0.60Israel 0.53Namibia 0.41Ireland 0.36Brazil 0.24Mauritius 0.19Czech Republic 0.11United Kingdom 0.09Total Investments 94.14Cash and Other Assets/(Liabilities) 5.86

Total 100.00

104


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

CHF 25,892 USD 26,923 21/07/2017 Citibank 169 -CHF 9,490,316 USD 9,788,834 21/07/2017 Goldman Sachs 141,200 0.03CHF 32,063 USD 33,188 21/07/2017 RBC 361 -CHF 1,151 USD 1,196 21/07/2017 State Street 8 -EUR 225,573 USD 256,112 03/07/2017 ANZ 1,483 -EUR 335,509 USD 374,571 21/07/2017 ANZ 8,924 -EUR 179,620,438 USD 201,301,410 21/07/2017 Goldman Sachs 4,009,492 0.68EUR 90,268 USD 101,254 21/07/2017 Merrill Lynch 1,925 -EUR 268,627 USD 303,217 21/07/2017 RBC 3,831 -EUR 239,812 USD 267,980 21/07/2017 Societe Generale 6,132 -EUR 812,188 USD 908,643 21/07/2017 Toronto-Dominion Bank 19,710 0.01USD 21,187 EUR 18,540 05/07/2017 National Australia Bank 13 -USD 136,301 JPY 15,129,922 06/07/2017 Citibank 1,388 -USD 101,285 JPY 11,130,039 06/07/2017 Deutsche Bank 2,038 -USD 23,806 JPY 2,647,494 06/07/2017 Goldman Sachs 199 -USD 69,857,245 JPY 7,820,504,553 06/07/2017 HSBC 121,719 0.02


EUR 18,540 USD 21,204 21/07/2017 National Australia Bank (12) -JPY 22,455,392 USD 205,608 06/07/2017 HSBC (5,373) -JPY 27,264,499 USD 249,445 06/07/2017 National Australia Bank (6,327) -JPY 7,799,692,117 USD 70,773,469 06/07/2017 State Street (1,223,529) (0.21)JPY 7,820,504,553 USD 69,994,671 22/08/2017 HSBC (115,248) (0.02)USD 2,388 CHF 2,305 21/07/2017 ANZ (23) -USD 1,651 CHF 1,603 21/07/2017 Barclays (26) -USD 18,827 CHF 18,283 21/07/2017 RBC (304) -USD 27,447 CHF 26,495 21/07/2017 State Street (275) -USD 1,162,312 EUR 1,027,519 21/07/2017 ANZ (12,169) -USD 422,674 EUR 376,854 21/07/2017 Goldman Sachs (8,080) -USD 51,078 EUR 45,265 21/07/2017 HSBC (661) -USD 857,858 EUR 764,928 21/07/2017 RBC (16,476) -USD 561,257 EUR 499,991 21/07/2017 Toronto-Dominion Bank (10,246) (0.01)





GlobalExposure

USD


USD

%of

NetAssets

US 5 Year Note, 29/09/2017 (137) USD (16,165,465) 41,246 0.01US Long Bond, 20/09/2017 (2) USD (307,844) 531 -


3 Month Eurodollar, 17/12/2018 (209) USD (51,318,644) (218,144) (0.04)US 10 Year Note, 20/09/2017 58 USD 7,293,047 (53,281) (0.01)US 2 Year Note, 29/09/2017 87 USD 18,808,992 (17,289) -US Long Bond, 20/09/2017 (21) USD (3,232,359) (15,422) -

Total Unrealised Loss on Financial Futures Contracts (304,136) (0.05)

Net Unrealised Loss on Financial Futures Contracts (262,359) (0.04)

105


Bonds

ArgentinaArgentine Bonos del Tesoro 18.2%03/10/2021 ARS 377,220,000 25,279,063 1.05Argentine Bonos del Tesoro 16%17/10/2023 ARS 133,200,000 8,928,207 0.37Argentine Bonos del Tesoro 15.5%17/10/2026 ARS 140,900,000 9,724,292 0.41

43,931,562 1.83

BrazilBrazil Letras do Tesouro Nacional 0%01/01/2018 BRL 164,355 47,577,503 1.98Brazil Notas do Tesouro Nacional10% 01/01/2021 BRL 80,161 25,406,787 1.06Brazil Notas do Tesouro Nacional 6%15/08/2022 BRL 128,530 120,965,884 5.03Brazil Notas do Tesouro Nacional10% 01/01/2023 BRL 35,084 10,969,343 0.46Brazil Notas do Tesouro Nacional10% 01/01/2025 BRL 78,946 24,409,816 1.01Brazil Notas do Tesouro Nacional10% 01/01/2027 BRL 13,960 4,293,570 0.18

233,622,903 9.72

ChileBonos de la Tesoreria de la Republicaen pesos 4.5% 01/03/2026 CLP 22,280,000,000 35,088,258 1.46

35,088,258 1.46

ColombiaColombia Government Bond 7.75%14/04/2021 COP 51,990,000,000 18,137,704 0.75Colombia Government Bond 4.375%21/03/2023 COP 19,876,000,000 6,037,662 0.25Colombia Government Bond 9.85%28/06/2027 COP 552,000,000 232,635 0.01Colombian TES 11% 24/07/2020 COP 50,505,000,000 19,011,504 0.79Colombian TES 7% 04/05/2022 COP 32,928,000,000 11,258,958 0.47Colombian TES 10% 24/07/2024 COP 33,084,400,000 13,162,391 0.55Colombian TES 7.75% 18/09/2030 COP 61,940,000,000 21,986,092 0.92Empresas Publicas de Medellin ESP,Reg. S 8.375% 01/02/2021 COP 7,600,000,000 2,576,878 0.11

92,403,824 3.85

Czech RepublicCzech Republic Government Bond,Reg. S 2.5% 25/08/2028 CZK 604,700,000 30,391,070 1.27

30,391,070 1.27

HungaryHungary Government Bond 7%24/06/2022 HUF 4,920,000,000 22,823,702 0.95Hungary Government Bond 6%24/11/2023 HUF 13,912,000,000 63,155,113 2.63Hungary Government Bond 3%26/06/2024 HUF 3,230,000,000 12,395,353 0.51Hungary Government Bond 5.5%24/06/2025 HUF 1,557,490,000 6,901,941 0.29Hungary Government Bond 3.25%22/10/2031 HUF 265,150,000 940,817 0.04

106,216,926 4.42

IndiaIndia Government Bond 8.83%25/11/2023 INR 940,000,000 16,061,641 0.67India Government Bond 8.4%28/07/2024 INR 940,000,000 15,743,728 0.66India Government Bond 8.6%02/06/2028 INR 100,000,000 1,729,699 0.07India Government Bond 7.61%09/05/2030 INR 308,400,000 5,066,933 0.21

38,602,001 1.61

IndonesiaIndonesia Government Bond, Reg. S4.75% 08/01/2026 USD 18,058,000 19,427,771 0.81Indonesia Treasury 8.25%15/07/2021 IDR 394,052,000,000 31,164,990 1.30Indonesia Treasury 7% 15/05/2022 IDR 571,000,000 43,478 0.00Indonesia Treasury 5.625%15/05/2023 IDR 133,800,000,000 9,449,452 0.39

Indonesia Treasury 8.375%15/03/2024 IDR 575,809,000,000 46,981,479 1.95Indonesia Treasury 9% 15/03/2029 IDR 1,195,363,000,000 102,302,717 4.26Indonesia Treasury 10.5%15/08/2030 IDR 137,915,000,000 13,132,467 0.55Indonesia Treasury 8.75%15/05/2031 IDR 152,233,000,000 12,899,263 0.54Indonesia Treasury 8.25%15/06/2032 IDR 3,106,000,000 246,858 0.01Indonesia Treasury 8.375%15/03/2034 IDR 226,760,000,000 18,346,636 0.76Indonesia Treasury 8.25%15/05/2036 IDR 202,679,000,000 16,333,677 0.68

270,328,788 11.25

MexicoMexican Bonos 5.75% 05/03/2026 MXN 4,215,000 21,910,750 0.91Mexican Bonos 7.5% 03/06/2027 MXN 203,516 1,191,600 0.05Mexican Bonos 8.5% 31/05/2029 MXN 7,071,000 44,667,259 1.86Mexican Bonos 7.75% 29/05/2031 MXN 11,097,000 66,166,690 2.75Mexican Bonos 7.75% 23/11/2034 MXN 800,000 4,783,399 0.20Mexican Bonos 10% 20/11/2036 MXN 1,574,311 11,401,296 0.48Mexican Udibonos 4% 15/11/2040 MXN 84,102 2,899,951 0.12

153,020,945 6.37

PeruPeru Government Bond, Reg. S6.95% 12/08/2031 PEN 126,351,000 43,295,172 1.80

43,295,172 1.80

PhilippinesPhilippine Government Bond 3.9%26/11/2022 PHP 90,000,000 1,777,723 0.07Philippine Government Bond 6.125%24/10/2037 PHP 800,000 18,390 0.00

1,796,113 0.07

PolandPoland Government Bond 1.75%25/07/2021 PLN 127,009,000 33,381,490 1.39Poland Government Bond 5.75%25/10/2021 PLN 75,400,000 23,090,715 0.96Poland Government Bond 5.75%23/09/2022 PLN 310,036,000 96,090,292 4.00Poland Government Bond 4%25/10/2023 PLN 145,561,000 41,877,413 1.74Poland Government Bond 3.25%25/07/2025 PLN 126,200,000 34,430,897 1.44Poland Government Bond 2.5%25/07/2026 PLN 42,450,000 10,851,693 0.45

239,722,500 9.98

RomaniaRomania Government Bond 3.25%29/04/2024 RON 41,015,000 10,245,887 0.43Romania Government Bond 5.8%26/07/2027 RON 29,890,000 8,640,661 0.36

18,886,548 0.79

RussiaRussian Federal Bond - OFZ 7.6%14/04/2021 RUB 813,500,000 13,630,614 0.57Russian Federal Bond - OFZ 7.6%20/07/2022 RUB 6,205,525,000 103,950,608 4.33Russian Federal Bond - OFZ 7%25/01/2023 RUB 1,242,700,000 20,224,494 0.84Russian Federal Bond - OFZ 7%16/08/2023 RUB 1,497,834,000 24,400,847 1.02Russian Federal Bond - OFZ 7.75%16/09/2026 RUB 1,995,449,000 33,704,183 1.40Russian Federal Bond - OFZ 8.15%03/02/2027 RUB 5,550,000 97,444 0.00Russian Federal Bond - OFZ 7.7%23/03/2033 RUB 456,050,000 7,561,505 0.31

203,569,695 8.47

SerbiaSerbia Treasury 4.5% 05/04/2020 RSD 1,000,000 9,361 0.00

9,361 0.00

South AfricaSouth Africa Government Bond 7.75%28/02/2023 ZAR 395,790,000 29,606,769 1.23South Africa Government Bond10.5% 21/12/2026 ZAR 196,777,652 16,643,159 0.69

106

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

South Africa Government Bond 7%28/02/2031 ZAR 578,661,594 36,083,607 1.50South Africa Government Bond8.25% 31/03/2032 ZAR 228,495,180 15,713,783 0.65South Africa Government Bond8.875% 28/02/2035 ZAR 532,832,504 37,750,294 1.57South Africa Government Bond6.25% 31/03/2036 ZAR 508,271,379 27,342,882 1.14South Africa Government Bond 8.5%31/01/2037 ZAR 215,250,000 14,572,761 0.61South Africa Government Bond 9%31/01/2040 ZAR 57,779,887 4,058,666 0.17South Africa Government Bond 6.5%28/02/2041 ZAR 3,965,000 210,855 0.01South Africa Government Bond8.75% 31/01/2044 ZAR 181,438,878 12,341,200 0.51South Africa Government Bond8.75% 28/02/2048 ZAR 442,676,234 30,132,691 1.26

224,456,667 9.34

ThailandThailand Government Bond 3.625%16/06/2023 THB 112,200,000 3,565,328 0.15Thailand Government Bond 3.85%12/12/2025 THB 1,528,988,000 49,782,281 2.07Thailand Government Bond 3.58%17/12/2027 THB 154,436,000 4,924,542 0.21Thailand Government Bond 4.875%22/06/2029 THB 115,059,000 4,103,391 0.17Thailand Government Bond, Reg. S1.2% 14/07/2021 THB 264,700,000 8,209,599 0.34Thailand Government Bond, Reg. S1.25% 12/03/2028 THB 581,200,000 16,509,891 0.69

87,095,032 3.63

TurkeyTurkey Government Bond 10.5%15/01/2020 TRY 44,097,006 12,515,171 0.52Turkey Government Bond 10.7%17/02/2021 TRY 97,750,000 27,899,005 1.16Turkey Government Bond 9.2%22/09/2021 TRY 208,214,966 56,535,301 2.35Turkey Government Bond 3%23/02/2022 TRY 17,864,905 7,907,072 0.33Turkey Government Bond 8.5%14/09/2022 TRY 62,072,602 16,323,631 0.68Turkey Government Bond 8.8%27/09/2023 TRY 83,402,500 22,082,594 0.92Turkey Government Bond 9%24/07/2024 TRY 67,300,000 17,940,391 0.75Turkey Government Bond 8%12/03/2025 TRY 81,091,528 20,319,059 0.85Turkey Government Bond 10.6%11/02/2026 TRY 234,740,000 67,887,262 2.82

249,409,486 10.38

United States of AmericaCitigroup, Inc., Reg. S 11%27/07/2020 COP 8,918,000,000 3,653,727 0.15

3,653,727 0.15

UruguayUruguay Government Bond, Reg. S9.875% 20/06/2022 UYU 319,640,000 11,656,237 0.49

11,656,237 0.49

Total Bonds 2,087,156,815 86.88



Bonds

ChileChile Government Bond, Reg. S 6%01/02/2021 CLP 5,000,000 8,346 0.00

8,346 0.00

Dominican RepublicDominican Republic GovernmentBond, Reg. S 11.25% 05/02/2027 DOP 480,000,000 10,330,512 0.43

10,330,512 0.43

EgyptEgypt Treasury Bill 0% 29/05/2018 EGP 125,050,000 5,753,282 0.24Egypt Treasury Bill 0% 12/06/2018 EGP 131,700,000 6,074,044 0.25

11,827,326 0.49

MalaysiaMalaysia Government Bond 3.492%31/03/2020 MYR 50,000,000 11,631,171 0.48Malaysia Government Bond 3.889%31/07/2020 MYR 34,500,000 8,112,881 0.34Malaysia Government Bond 4.16%15/07/2021 MYR 174,645,000 41,373,390 1.72Malaysia Government Bond 4.048%30/09/2021 MYR 77,495,000 18,296,258 0.76Malaysia Government Bond 3.48%15/03/2023 MYR 41,500,000 9,472,529 0.40Malaysia Government Bond 4.181%15/07/2024 MYR 490,000 115,844 0.01Malaysia Government Bond 3.955%15/09/2025 MYR 100,000 23,192 0.00Malaysia Government Bond 4.07%30/09/2026 MYR 36,836,000 8,539,825 0.36Malaysia Government Bond 3.892%15/03/2027 MYR 17,100,000 3,895,760 0.16Malaysia Government Bond 4.498%15/04/2030 MYR 7,300,000 1,710,845 0.07Malaysia Government Bond 4.232%30/06/2031 MYR 18,920,000 4,313,086 0.18Malaysia Government Bond 4.127%15/04/2032 MYR 205,000 45,895 0.00Malaysia Government Bond 3.844%15/04/2033 MYR 46,400,000 10,112,681 0.42Malaysia Government Bond 4.786%31/10/2035 MYR 22,500,000 5,358,255 0.22

123,001,612 5.12

PeruPeru Government Bond, Reg. S7.84% 12/08/2020 PEN 248,000 85,021 0.00Peru Government Bond, Reg. S 5.7%12/08/2024 PEN 37,000,000 11,921,715 0.49Peru Government Bond, Reg. S6.35% 12/08/2028 PEN 66,078,000 21,793,817 0.91Peru Government Bond, Reg. S 6.9%12/08/2037 PEN 23,798,000 8,078,621 0.34

41,879,174 1.74

PhilippinesPhilippine Government Bond 7.375%03/03/2021 PHP 1,030,000 22,776 0.00Philippines Government Bond 8%19/07/2031 PHP 228,000,000 6,015,177 0.25

6,037,953 0.25

United KingdomICBC Standard Bank plc 21%09/01/2019 GHS 52,200,000 12,378,652 0.52

12,378,652 0.52

United States of AmericaCitibank NA 0% 15/04/2028 USD 8,400,000 5,549,628 0.23Citigroup, Inc. 0% 15/11/2032 USD 2,850,000 1,871,852 0.08

7,421,480 0.31

Total Bonds 212,885,055 8.86



Cash 34,152,294 1.42


Total Net Assets 2,402,486,192 100.00

107

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsIndonesia 11.25Turkey 10.38Poland 9.98Brazil 9.72South Africa 9.34Russia 8.47Mexico 6.37Malaysia 5.12Hungary 4.42Colombia 3.85Thailand 3.63Peru 3.54Argentina 1.83India 1.61Chile 1.46Czech Republic 1.27Romania 0.79United Kingdom 0.52Egypt 0.49Uruguay 0.49United States of America 0.46Dominican Republic 0.43Philippines 0.32Serbia -Total Investments 95.74Cash and Other Assets/(Liabilities) 4.26

Total 100.00


% of Net Assets

Indonesia 12.46South Africa 11.11Brazil 10.40Poland 8.32Turkey 8.00Russia 7.72Malaysia 7.21Colombia 6.06Mexico 6.02Hungary 5.18Thailand 4.29Peru 3.21India 2.70United States of America 1.68Argentina 1.14Philippines 0.40Romania -Chile -Total Investments 95.90Cash and Other Assets/(Liabilities) 4.10

Total 100.00

108


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

AUD 106,491,543 USD 80,333,832 21/07/2017 ANZ 1,511,257 0.06AUD 40,356 USD 30,737 21/07/2017 Citibank 279 -AUD 576,267 USD 430,332 21/07/2017 Deutsche Bank 12,564 -AUD 1,599,217 USD 1,195,952 21/07/2017 Merrill Lynch 33,141 -AUD 2,088,484 USD 1,584,719 21/07/2017 National Australia Bank 20,404 -AUD 856,419 USD 649,792 21/07/2017 RBC 8,416 -AUD 140,441 USD 107,037 21/07/2017 Standard Chartered 901 -AUD 298,032 USD 225,024 21/07/2017 State Street 4,031 -AUD 7,900,604 USD 5,999,940 21/09/2017 Merrill Lynch 67,385 -BRL 41,052,199 USD 12,189,981 21/09/2017 Goldman Sachs 10,714 -CAD 7,896,598 USD 5,955,961 21/09/2017 UBS 144,786 0.01CLP 4,061,919,502 USD 6,069,297 18/07/2017 HSBC 43,075 -CLP 6,537,594,171 USD 9,704,302 18/07/2017 Merrill Lynch 133,463 0.01CZK 1,155,721,116 EUR 43,829,612 18/07/2017 Goldman Sachs 442,291 0.02CZK 137,379,177 EUR 5,242,480 21/09/2017 HSBC 27,729 -CZK 577,786,266 USD 24,491,809 18/07/2017 HSBC 770,948 0.03CZK 581,547,959 USD 23,625,755 18/07/2017 UBS 1,801,476 0.08CZK 883,169,570 USD 38,444,255 21/09/2017 Deutsche Bank 384,298 0.02CZK 90,012,792 USD 3,857,647 21/09/2017 Standard Chartered 99,766 -EUR 4,435,896 USD 4,843,392 18/07/2017 ANZ 226,075 0.01EUR 1,737,398 USD 1,894,526 18/07/2017 BNP Paribas 91,021 -EUR 20,614,000 USD 22,479,093 18/07/2017 Credit Suisse 1,079,169 0.05EUR 3,689,868 USD 4,129,187 18/07/2017 National Australia Bank 87,698 -EUR 20,970,006 USD 22,946,575 18/07/2017 State Street 1,018,540 0.05EUR 16,817 USD 18,804 21/07/2017 ANZ 418 -EUR 16,906 USD 18,972 21/07/2017 Citibank 352 -EUR 73,950,218 USD 82,875,771 21/07/2017 Goldman Sachs 1,651,281 0.07EUR 1,168,961 USD 1,318,407 21/07/2017 HSBC 17,746 -EUR 1,471,823 USD 1,655,556 21/07/2017 National Australia Bank 26,777 -EUR 592,384 USD 667,903 21/07/2017 RBC 9,207 -EUR 30,797 USD 34,621 21/07/2017 Standard Chartered 580 -EUR 11,180 USD 12,540 21/07/2017 State Street 238 -EUR 1,162,076 USD 1,305,651 21/07/2017 Toronto-Dominion Bank 22,633 -EUR 1,056 USD 1,191 21/07/2017 UBS 16 -HUF 1,080,909,146 USD 3,775,900 18/07/2017 Citibank 220,829 0.01HUF 8,321,706,672 USD 28,415,714 18/07/2017 Deutsche Bank 2,354,312 0.10HUF 6,355,055,100 USD 21,917,886 18/07/2017 Societe Generale 1,580,324 0.07HUF 9,396,850,538 USD 33,023,014 18/07/2017 Standard Chartered 1,722,423 0.07HUF 526,964,513 USD 1,938,588 21/09/2017 HSBC 15,324 -IDR 51,348,272,733 USD 3,821,409 18/07/2017 HSBC 21,547 -IDR 218,099,460,286 USD 16,232,006 18/07/2017 Merrill Lynch 90,776 -IDR 52,547,048,063 USD 3,929,809 18/07/2017 Standard Chartered 2,865 -ILS 18,644,779 USD 5,285,756 25/09/2017 RBC 72,613 -INR 1,776,457,231 USD 27,185,817 18/07/2017 HSBC 244,272 0.01INR 1,063,617,131 USD 16,416,378 18/07/2017 Standard Chartered 6,822 -MXN 432,705,477 USD 22,994,937 18/07/2017 Deutsche Bank 958,862 0.04MXN 75,217,351 USD 3,942,609 18/07/2017 Goldman Sachs 221,289 0.01MXN 1,553,466,228 USD 81,462,153 18/07/2017 RBC 4,534,952 0.19MXN 129,814,989 USD 6,743,663 18/07/2017 Societe Generale 442,662 0.02MXN 615,651,125 USD 31,933,620 18/07/2017 Standard Chartered 2,147,723 0.09MXN 95,090,669 USD 4,981,909 18/07/2017 Toronto-Dominion Bank 282,140 0.01MXN 111,842,631 USD 6,099,620 21/09/2017 Deutsche Bank 29,019 -MXN 210,125,724 USD 11,418,594 21/09/2017 Goldman Sachs 95,662 -MXN 100,993,056 USD 5,451,465 21/09/2017 Standard Chartered 82,650 -MXN 86,697,025 USD 4,749,100 21/09/2017 Toronto-Dominion Bank 1,636 -MYR 251,739,727 USD 57,573,369 18/07/2017 Goldman Sachs 960,997 0.04PEN 130,176,684 USD 39,686,622 18/07/2017 HSBC 419,693 0.02PEN 38,279,732 USD 11,663,538 18/07/2017 Merrill Lynch 130,118 0.01PEN 15,087,562 USD 4,563,691 21/09/2017 Goldman Sachs 49,288 -PLN 20,278,957 USD 5,231,226 18/07/2017 Citibank 250,050 0.01PLN 33,217,200 USD 8,332,121 18/07/2017 Merrill Lynch 646,282 0.03PLN 166,717,745 USD 41,646,525 18/07/2017 Standard Chartered 3,416,246 0.14PLN 43,401,639 USD 11,635,563 21/09/2017 Citibank 92,392 -PLN 19,540,064 USD 5,214,445 21/09/2017 Deutsche Bank 65,655 -PLN 18,125,960 USD 4,840,402 21/09/2017 HSBC 57,580 -RON 15,040,295 USD 3,623,207 18/07/2017 Citibank 147,554 0.01RON 357,937,252 USD 84,061,979 18/07/2017 Deutsche Bank 5,676,673 0.24SGD 15,964,541 USD 11,497,937 18/07/2017 Deutsche Bank 103,635 -SGD 14,864,191 USD 10,578,880 18/07/2017 Societe Generale 223,058 0.01SGD 15,942,717 USD 11,497,000 18/07/2017 Standard Chartered 88,713 -SGD 14,932,379 USD 10,665,924 18/07/2017 Toronto-Dominion Bank 185,567 0.01THB 2,310,577,180 USD 66,683,324 18/07/2017 Goldman Sachs 1,395,053 0.06THB 241,838,498 USD 7,016,523 18/07/2017 HSBC 108,957 0.01THB 295,396,298 USD 8,553,113 18/07/2017 Standard Chartered 150,384 0.01THB 163,728,925 USD 4,803,886 21/09/2017 Standard Chartered 20,094 -TRY 50,633,765 USD 13,555,168 18/07/2017 Citibank 767,706 0.03TRY 312,316,394 USD 81,268,628 18/07/2017 Deutsche Bank 7,076,935 0.30TRY 83,464,032 USD 22,994,937 18/07/2017 HSBC 614,700 0.02TRY 73,586,254 USD 20,253,448 21/09/2017 Citibank 174,343 0.01TRY 31,352,977 USD 8,671,072 21/09/2017 Societe Generale 32,620 -USD 13,407,845 ARS 224,983,639 21/09/2017 Goldman Sachs 343,568 0.01USD 61,444,169 BRL 197,313,288 18/07/2017 Goldman Sachs 2,024,477 0.09USD 5,149,872 BRL 17,311,371 21/09/2017 Goldman Sachs 4,940 -

109


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

USD 23,718,259 CLP 15,555,098,370 18/07/2017 HSBC 310,963 0.01USD 33,635,441 COP 98,417,300,366 18/07/2017 Goldman Sachs 1,522,073 0.06USD 5,675,995 COP 16,659,158,375 21/09/2017 Goldman Sachs 283,209 0.01USD 9,716 EUR 8,501 05/07/2017 National Australia Bank 7 -USD 36,303,015 MXN 662,185,145 21/09/2017 Deutsche Bank 17,266 -USD 8,197,499 MXN 149,574,518 21/09/2017 National Australia Bank 1,266 -USD 11,552,740 MYR 49,491,938 18/07/2017 Citibank 44,905 -USD 5,817,806 PHP 288,720,246 21/09/2017 Merrill Lynch 138,121 0.01USD 83,771,878 RUB 4,887,579,420 18/07/2017 Citibank 1,535,152 0.07USD 8,152,995 RUB 466,590,197 18/07/2017 Standard Chartered 302,309 0.01USD 16,916,118 RUB 1,004,515,667 21/09/2017 Citibank 245,038 0.01USD 12,030,476 RUB 703,657,244 21/09/2017 Goldman Sachs 352,484 0.02USD 20,689,440 RUB 1,201,642,694 21/09/2017 Standard Chartered 746,814 0.03USD 30,345,092 ZAR 402,713,588 21/09/2017 Citibank 46,280 -ZAR 305,397,936 USD 22,994,937 18/07/2017 BNP Paribas 236,115 0.01ZAR 198,651,444 USD 14,590,119 18/07/2017 Deutsche Bank 520,926 0.02ZAR 89,806,821 USD 6,584,558 18/07/2017 Goldman Sachs 246,880 0.01ZAR 62,998,666 USD 4,755,459 18/07/2017 Toronto-Dominion Bank 36,732 -


ARS 416,517,292 USD 25,999,472 18/07/2017 BNP Paribas (1,045,297) (0.04)ARS 62,135,587 USD 3,866,558 18/07/2017 Deutsche Bank (143,922) (0.01)BRL 12,383,962 USD 3,849,657 18/07/2017 Citibank (120,303) (0.01)BRL 38,255,219 USD 11,683,538 18/07/2017 Goldman Sachs (163,213) -BRL 25,861,348 USD 8,112,855 18/07/2017 HSBC (324,868) (0.01)BRL 11,628,201 USD 3,698,643 18/07/2017 Merrill Lynch (196,881) (0.01)BRL 68,825,875 USD 20,509,274 21/09/2017 Goldman Sachs (54,254) -BRL 16,856,617 USD 5,031,826 21/09/2017 HSBC (22,047) -CLP 17,924,973,172 USD 27,185,000 18/07/2017 Goldman Sachs (211,518) (0.01)CLP 3,872,204,302 USD 5,842,544 21/09/2017 Goldman Sachs (29,951) -COP 24,605,722,370 USD 8,452,670 18/07/2017 Citibank (423,872) (0.02)COP 222,562,401,297 USD 76,903,053 18/07/2017 Goldman Sachs (4,281,387) (0.18)COP 67,154,298,632 USD 23,205,379 18/07/2017 HSBC (1,293,065) (0.05)COP 12,769,318,685 USD 4,323,497 21/09/2017 HSBC (189,903) (0.01)EGP 108,059,559 USD 6,304,525 28/08/2017 HSBC (410,458) (0.02)EUR 8,501 USD 9,724 21/07/2017 National Australia Bank (7) -IDR 77,094,325,479 USD 5,734,137 22/09/2017 Merrill Lynch (6,722) -IDR 61,326,423,289 USD 4,563,691 22/09/2017 Standard Chartered (7,690) -MXN 847,878,813 USD 46,686,534 21/09/2017 Deutsche Bank (225,331) (0.01)MXN 104,193,009 USD 5,740,867 21/09/2017 Goldman Sachs (31,404) -MYR 74,140,151 USD 17,361,000 18/07/2017 Goldman Sachs (121,978) (0.01)MYR 24,585,711 USD 5,764,663 21/09/2017 Goldman Sachs (61,579) -PLN 89,040,913 EUR 21,173,725 18/07/2017 Barclays (130,726) (0.01)PLN 91,640,351 EUR 21,614,488 21/09/2017 BNP Paribas (24,811) -RUB 1,189,877,718 USD 20,153,755 18/07/2017 Citibank (133,283) (0.01)RUB 833,622,153 USD 14,451,120 18/07/2017 Goldman Sachs (424,882) (0.02)RUB 331,654,327 USD 5,776,370 18/07/2017 Standard Chartered (196,069) (0.01)RUB 1,007,504,005 USD 17,182,573 21/09/2017 Goldman Sachs (461,898) (0.02)RUB 225,297,502 USD 3,872,322 21/09/2017 Standard Chartered (133,254) (0.01)TRY 82,989,632 EUR 20,637,000 18/07/2017 HSBC (109,104) -USD 30,744 AUD 40,356 03/07/2017 Citibank (279) -USD 110,340 AUD 143,703 05/07/2017 RBC (128) -USD 683,670 AUD 902,742 21/07/2017 ANZ (10,141) -USD 247,441 AUD 327,933 21/07/2017 Citibank (4,595) -USD 221,137 AUD 293,386 21/07/2017 Deutsche Bank (4,348) -USD 2,018,012 AUD 2,674,264 21/07/2017 National Australia Bank (37,320) -USD 334,990 AUD 440,972 21/07/2017 RBC (3,924) -USD 756,023 AUD 995,099 21/07/2017 Standard Chartered (8,769) -USD 492,684 AUD 654,325 21/07/2017 State Street (10,203) -USD 81,413 AUD 107,515 21/07/2017 Toronto-Dominion Bank (1,219) -USD 11,974,012 AUD 15,930,527 21/09/2017 Goldman Sachs (259,949) (0.01)USD 5,852,132 CAD 7,896,598 21/09/2017 UBS (248,615) (0.01)USD 15,736,976 CLP 10,535,905,432 18/07/2017 J.P. Morgan (117,444) (0.01)USD 5,773,033 CLP 3,872,204,302 21/09/2017 J.P. Morgan (39,560) -USD 22,770,001 CNH 158,447,605 18/07/2017 Toronto-Dominion Bank (560,677) (0.02)USD 3,537,901 CNY 24,527,914 18/07/2017 HSBC (77,612) -USD 40,290,581 CNY 280,946,222 18/07/2017 Standard Chartered (1,122,024) (0.05)USD 3,900,464 CNY 26,700,236 21/09/2017 Goldman Sachs (14,768) -USD 18,633,008 CZK 439,618,814 18/07/2017 Goldman Sachs (588,603) (0.02)USD 12,240,847 CZK 282,078,804 21/09/2017 Merrill Lynch (160,749) (0.01)USD 32,692 EUR 28,786 03/07/2017 Goldman Sachs (180) -USD 1,852,848 EUR 1,737,980 18/07/2017 ANZ (133,364) (0.01)USD 153,244 EUR 136,059 18/07/2017 Citibank (2,247) -USD 22,464,663 EUR 21,126,311 18/07/2017 Deutsche Bank (1,679,083) (0.07)USD 4,070,960 EUR 3,721,793 18/07/2017 Goldman Sachs (182,410) (0.01)USD 583,941 EUR 534,215 18/07/2017 HSBC (26,575) -USD 23,123,026 EUR 20,540,363 18/07/2017 RBC (351,081) (0.01)USD 268,842 EUR 239,726 21/07/2017 Citibank (5,171) -USD 792,250 EUR 708,110 21/07/2017 National Australia Bank (17,139) -USD 2,172,851 EUR 1,939,946 21/07/2017 RBC (44,559) -USD 2,780 EUR 2,444 21/07/2017 UBS (14) -USD 4,358,363 EUR 3,865,788 21/09/2017 ANZ (74,976) -

110


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

USD 23,738,861 EUR 20,985,964 21/09/2017 RBC (328,130) (0.01)USD 6,525,590 HUF 1,893,289,516 18/07/2017 Citibank (474,966) (0.02)USD 26,241,289 HUF 7,434,130,138 18/07/2017 HSBC (1,246,868) (0.05)USD 7,624,809 HUF 2,087,857,987 18/07/2017 RBC (95,175) -USD 49,790,531 HUF 14,534,293,331 18/07/2017 Standard Chartered (3,950,919) (0.16)USD 47,785,395 IDR 640,947,964,456 18/07/2017 Merrill Lynch (183,791) (0.01)USD 26,054,625 IDR 350,869,445,210 18/07/2017 Standard Chartered (204,795) (0.01)USD 20,622,240 IDR 280,771,801,200 20/10/2017 Standard Chartered (168,350) (0.01)USD 83,119,580 INR 5,422,472,042 18/07/2017 HSBC (608,241) (0.03)USD 9,395,777 MXN 179,214,026 18/07/2017 Goldman Sachs (525,190) (0.02)USD 24,377,900 MXN 447,029,741 21/09/2017 Deutsche Bank (117,982) (0.01)USD 29,246,602 MYR 126,316,072 18/07/2017 Goldman Sachs (124,334) (0.01)USD 5,274,904 MYR 22,762,266 21/09/2017 Goldman Sachs (5,200) -USD 10,689,896 PEN 35,351,486 18/07/2017 Goldman Sachs (201,592) (0.01)USD 3,596,620 PLN 13,926,239 18/07/2017 Goldman Sachs (167,556) (0.01)USD 12,245,905 PLN 45,650,897 18/07/2017 RBC (93,249) -USD 21,883,480 PLN 87,065,129 18/07/2017 State Street (1,649,684) (0.07)USD 20,480,908 PLN 76,878,200 21/09/2017 Citibank (293,056) (0.01)USD 18,738,172 PLN 70,191,299 21/09/2017 HSBC (228,863) (0.01)USD 9,246,609 RON 38,276,245 18/07/2017 Merrill Lynch (349,650) (0.01)USD 8,833,318 RON 36,299,638 18/07/2017 Societe Generale (267,385) (0.01)USD 11,734,401 RUB 711,267,426 21/09/2017 Goldman Sachs (69,890) -USD 21,355,232 SGD 29,796,570 18/07/2017 Societe Generale (298,197) (0.01)USD 23,020,030 SGD 31,907,258 21/09/2017 HSBC (190,695) (0.01)USD 5,776,370 THB 196,747,783 18/07/2017 Standard Chartered (20,567) -USD 65,965,564 TRY 244,672,652 18/07/2017 Citibank (3,245,478) (0.13)USD 29,012,453 TRY 104,674,289 18/07/2017 Deutsche Bank (596,973) (0.03)USD 41,905,351 TRY 154,174,803 18/07/2017 HSBC (1,706,383) (0.07)USD 10,135,760 TRY 37,085,934 18/07/2017 Societe Generale (354,813) (0.02)USD 24,432,024 TRY 89,348,286 18/07/2017 Standard Chartered (842,104) (0.03)USD 10,580,584 TRY 38,782,389 18/07/2017 Toronto-Dominion Bank (389,868) (0.02)USD 5,994,934 TRY 21,655,502 21/09/2017 Citibank (16,706) -USD 24,377,900 TRY 88,415,230 21/09/2017 HSBC (166,465) (0.01)USD 12,625,652 TRY 45,595,510 21/09/2017 Societe Generale (31,815) -USD 33,447,000 ZAR 451,848,139 18/07/2017 BNP Paribas (924,246) (0.04)USD 5,516,291 ZAR 75,804,897 18/07/2017 Citibank (250,046) (0.01)USD 10,977,766 ZAR 150,822,597 18/07/2017 Goldman Sachs (495,028) (0.02)USD 4,390,041 ZAR 58,227,853 18/07/2017 RBC (39,243) -USD 7,816,988 ZAR 107,248,470 18/07/2017 Societe Generale (341,203) (0.01)USD 21,859,891 ZAR 303,096,960 18/07/2017 Toronto-Dominion Bank (1,196,130) (0.05)ZAR 302,424,786 USD 23,391,197 18/07/2017 Barclays (386,307) (0.02)ZAR 69,155,093 USD 5,284,274 21/09/2017 Citibank (81,278) -ZAR 159,492,827 USD 12,232,098 21/09/2017 Merrill Lynch (232,395) (0.01)





GlobalExposure

USD


USD

%of

NetAssets

3 Month Eurodollar, 17/12/2018 (1,455) USD (357,266,156) 106,450 -

Total Unrealised Gain on Financial Futures Contracts 106,450 -

US 10 Year Note, 20/09/2017 441 USD 55,452,304 (31,005) -

Total Unrealised Loss on Financial Futures Contracts (31,005) -

Net Unrealised Gain on Financial Futures Contracts 75,445 -

111


As at 30 June 2017

Option Purchased Contracts

Quantity Security Description Currency Counterparty

GlobalExposure

USD

MarketValue

USD

%of

NetAssets

59,931,561 Foreign Exchange TRY/USD, Put, 3.491, 28/09/2017 USD HSBC 14,545,390 442,658 0.0254,399,677 Foreign Exchange TRY/USD, Put, 3.600, 12/07/2017 USD HSBC 42,714,626 1,005,202 0.0472,058,283 Foreign Exchange USD/KRW, Call, 1,150.750, 14/09/2017 USD Goldman Sachs 32,779,313 987,573 0.0454,763,308 Foreign Exchange USD/ZAR, Call, 14.850, 10/07/2017 USD Goldman Sachs 93,098 1,190 -

Total Option Purchased Contracts 2,436,623 0.10

Option Written Contracts

Quantity Security Description Currency Counterparty

GlobalExposure

USD

MarketValue

USD

%of

NetAssets

(54,399,677) Foreign Exchange TRY/USD, Put, 3.600, 12/07/2017 USD HSBC 42,714,626 (1,005,202) (0.04)(72,058,283) Foreign Exchange USD/KRW, Call, 1,214.200, 14/09/2017 USD Goldman Sachs 9,079,344 (226,236) (0.01)(54,763,308) Foreign Exchange USD/ZAR, Call, 16.250, 10/07/2017 USD Goldman Sachs - (44) -

Total Option Written Contracts (1,231,482) (0.05)

Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

USD


USD

%of

NetAssets

20,000,000 USD Citibank CDX.EM.26-V1 Buy (1.00)% 20/12/2021 721,421 721,421 0.03

Total Unrealised Gain on Credit Default Swap Contracts 721,421 721,421 0.03

44,000,000 USD HSBC iTraxx Asia ex-Japan IG Series 26Version 1 Buy (1.00)% 20/12/2021 (512,294) (512,294) (0.02)

44,000,000 USD Citibank Malaysia Government Bond 7.5%15/07/2011 Buy (1.00)% 20/12/2021 (420,298) (420,298) (0.02)

Total Unrealised Loss on Credit Default Swap Contracts (932,592) (932,592) (0.04)

Net Unrealised Loss on Credit Default Swap Contracts (211,171) (211,171) (0.01)

112


As at 30 June 2017

Interest Rate Swap Contracts

Nominal Amount Currency Counterparty Security DescriptionMaturity

Date

MarketValue

USD


USD

%of

NetAssets

230,000,000 BRL Bank of America Pay floating CDI 1 day Receive fixed 11.705% 04/01/2021 2,555,900 2,555,900 0.1177,000,000 BRL Citibank Pay floating CDI 1 day Receive fixed 15.41% 02/01/2019 2,196,512 2,196,512 0.09

455,000,000,000 COP Citibank Pay floating IBR 1 day Receive fixed 6.17% 27/01/2018 433,322 433,322 0.0225,400,000 BRL Bank of America Pay floating CDI 1 day Receive fixed 11.94% 02/01/2025 350,198 350,198 0.02

590,000,000 CZK Bank of America Pay fixed 1.158% Receive floating PRIBOR 6 month 22/06/2027 334,408 334,408 0.0116,400,000,000 COP Bank of America Pay floating IBR 1 day Receive fixed 6.65% 11/03/2021 302,379 302,379 0.01

2,950,000,000 CZK Bank of America Pay fixed 0.573% Receive floating PRIBOR 6 month 29/06/2019 284,575 284,575 0.0127,500,000,000 KRW Citibank Pay fixed 1.775% Receive floating CD_KSDA 3 month 29/11/2026 175,533 175,533 0.013,400,000,000 HUF HSBC Pay floating BUBOR 6 month Receive fixed 2.13% 02/11/2026 100,241 100,241 -

15,000,000 BRL Citibank Pay floating CDI 1 day Receive fixed 13.025% 02/01/2018 42,616 42,616 -14,400,000 PLN Bank of America Pay floating WIBOR 6 month Receive fixed 2.745% 05/06/2025 26,570 26,570 -

Total Unrealised Gain on Interest Rate Swap Contracts 6,802,254 6,802,254 0.28

9,700,000,000 HUF Bank of America Pay fixed 1.8% Receive floating BUBOR 6 month 06/11/2020 (1,749,189) (1,749,189) (0.07)418,000,000 ZAR Citibank Pay fixed 8.445% Receive floating JIBAR 3 month 07/04/2021 (1,320,620) (1,320,620) (0.06)449,000,000 ZAR Citibank Pay fixed 8.295% Receive floating JIBAR 3 month 14/06/2021 (1,202,266) (1,202,266) (0.05)110,000,000 BRL Bank of America Pay floating CDI 1 day Receive fixed 9.67% 04/01/2021 (338,160) (338,160) (0.01)

1,060,000,000 ZAR Citibank Pay fixed 7.43% Receive floating JIBAR 3 month 29/09/2018 (289,209) (289,209) (0.01)680,000,000 MXN Citigroup Pay floating TIIE 4 week Receive fixed 7.1% 17/06/2027 (125,045) (125,045) (0.01)

145,400,000,000 KRW Bank of America Pay floating CD_KSDA 3 month Receive fixed 1.525% 29/11/2018 (31,791) (31,791) -28,000,000 MXN J.P. Morgan Pay floating TIIE 4 week Receive fixed 5.14% 21/09/2017 (7,961) (7,961) -

Total Unrealised Loss on Interest Rate Swap Contracts (5,064,241) (5,064,241) (0.21)

Net Unrealised Gain on Interest Rate Swap Contracts 1,738,013 1,738,013 0.07

113


Equities


29,939,538 1.35

BermudaBrilliance China Automotive HoldingsLtd. HKD 12,078,000 21,955,218 0.99Credicorp Ltd. USD 186,745 33,394,674 1.51

55,349,892 2.50

BrazilBanco do Brasil SA BRL 2,014,630 16,276,857 0.74BB Seguridade Participacoes SA BRL 1,204,660 10,313,284 0.47Engie Brasil Energia SA BRL 1,474,240 15,255,442 0.69Gerdau SA Preference BRL 10,830,050 33,550,483 1.52Itau Unibanco Holding SA Preference BRL 5,188,765 57,619,854 2.60Lojas Renner SA BRL 2,778,842 22,572,897 1.02Suzano Papel e Celulose SA Preference‘A’ BRL 2,099,300 8,957,681 0.40

164,546,498 7.44

Cayman IslandsAAC Technologies Holdings, Inc. HKD 1,030,500 12,897,421 0.58Alibaba Group Holding Ltd., ADR USD 688,560 96,680,709 4.37Chailease Holding Co. Ltd. TWD 6,455,000 18,024,322 0.82JD.com, Inc., ADR USD 902,950 35,485,935 1.61Tencent Holdings Ltd. HKD 3,958,300 141,625,015 6.40

304,713,402 13.78

ChinaChina Merchants Bank Co. Ltd. ‘H’ HKD 14,261,867 42,979,993 1.94Huaneng Power International, Inc. ‘H’ HKD 14,910,000 10,361,860 0.47PICC Property & Casualty Co. Ltd. ‘H’ HKD 22,105,000 36,897,357 1.67Ping An Insurance Group Co. of ChinaLtd. ‘H’ HKD 9,745,500 64,262,972 2.91

154,502,182 6.99

Hong KongAIA Group Ltd. HKD 6,187,400 45,199,519 2.04China Overseas Land & Investment Ltd. HKD 10,448,000 30,616,433 1.39China Resources Power Holdings Co.Ltd. HKD 11,104,000 21,806,297 0.99China Taiping Insurance Holdings Co.Ltd. HKD 3,081,800 7,804,974 0.35China Unicom Hong Kong Ltd. HKD 19,780,000 29,367,708 1.33

134,794,931 6.10

IndiaAxis Bank Ltd. INR 3,530,330 28,316,359 1.28Housing Development Finance Corp.Ltd. INR 2,902,020 72,339,526 3.27Tata Consultancy Services Ltd. INR 1,439,560 52,587,360 2.38

153,243,245 6.93

IndonesiaAstra International Tbk. PT IDR 28,948,500 19,409,394 0.88Telekomunikasi Indonesia PerseroTbk. PT IDR 94,379,700 31,967,318 1.44

51,376,712 2.32

MexicoAlfa SAB de CV ‘A’ MXN 14,361,690 20,447,827 0.92Fomento Economico Mexicano SAB deCV, ADR USD 430,940 41,980,020 1.90

62,427,847 2.82

RussiaMMC Norilsk Nickel PJSC, ADR USD 1,982,500 27,313,894 1.24Sberbank of Russia PJSC, ADR USD 5,078,548 52,321,741 2.37Severstal PJSC, GDR USD 547,147 7,143,004 0.32Surgutneftegas OJSC Preference USD 16,566,680 8,017,601 0.36

94,796,240 4.29

Saudi ArabiaAl Rajhi Bank SAR 2,293,340 42,350,345 1.92

42,350,345 1.92

South AfricaFirstRand Ltd. ZAR 9,633,670 34,864,088 1.58Mr Price Group Ltd. ZAR 2,185,234 25,998,898 1.17Sanlam Ltd. ZAR 118,598 590,286 0.03

61,453,272 2.78

South KoreaHana Financial Group, Inc. KRW 1,035,620 40,948,001 1.85Korea Electric Power Corp. KRW 1,008,770 36,005,766 1.63LG Chem Ltd. KRW 80,290 20,409,619 0.92LG Household & Health Care Ltd. KRW 27,930 24,260,096 1.10POSCO KRW 161,130 40,395,551 1.83Samsung Biologics Co. Ltd. KRW 66,770 17,031,227 0.77Samsung Electronics Co. Ltd., GDR USD 57,543 59,873,492 2.71Samsung Electronics Co. Ltd.Preference KRW 37,800 61,667,614 2.79Samsung Fire & Marine Insurance Co.Ltd. KRW 65,860 16,194,516 0.73Samsung SDI Co. Ltd. KRW 185,430 27,762,865 1.25Shinhan Financial Group Co. Ltd. KRW 845,390 36,456,746 1.65SK Hynix, Inc. KRW 730,119 42,991,733 1.94SK Telecom Co. Ltd., ADR USD 411,138 10,588,859 0.48S-Oil Corp. KRW 255,220 21,142,076 0.96

455,728,161 20.61

TaiwanAsustek Computer, Inc. TWD 1,086,000 10,251,011 0.46Eclat Textile Co. Ltd. TWD 1,359,000 16,627,134 0.75Fubon Financial Holding Co. Ltd. TWD 23,066,000 36,736,427 1.66Largan Precision Co. Ltd. TWD 167,000 26,624,979 1.20MediaTek, Inc. TWD 1,865,000 15,994,039 0.72Taiwan Mobile Co. Ltd. TWD 3,395,000 12,757,071 0.58Vanguard International SemiconductorCorp. TWD 9,493,000 18,701,881 0.85Yuanta Financial Holding Co. Ltd. TWD 23,366,000 10,278,581 0.47

147,971,123 6.69

ThailandKasikornbank PCL THB 6,272,000 36,924,020 1.67Kasikornbank PCL, NVDR THB 186,000 1,089,523 0.05PTT PCL THB 1,870,000 20,419,540 0.92

58,433,083 2.64

TurkeyEregli Demir ve Celik Fabrikalari TAS TRY 10,448,791 20,758,107 0.94Tupras Turkiye Petrol Rafinerileri A/S TRY 658,660 18,865,624 0.85Turkiye Garanti Bankasi A/S TRY 8,123,290 22,667,232 1.02Turkiye Halk Bankasi A/S TRY 6,759,060 25,156,910 1.14

87,447,873 3.95

Total Equities 2,059,074,344 93.11

Warrants

ChinaChongqing Changan Automobile Co.Ltd. 12/10/2018 USD 4,901,100 10,422,679 0.47Hangzhou Hikvision Digital TechnologyCo. Ltd. 11/07/2019 USD 1,287,995 6,135,493 0.28

16,558,172 0.75



2,075,632,516 93.86

114

JPMorgan Funds - Emerging Markets Opportunities FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities

ChinaHangzhou Hikvision Digital TechnologyCo. Ltd. CNH 4,153,530 19,773,903 0.90Midea Group Co. Ltd. CNH 5,831,278 37,002,088 1.67

56,775,991 2.57



56,775,991 2.57


Equities

BermudaPeace Mark (Holdings) Ltd.* HKD 5,104,000 0 0.00

0 0.00

BrazilBanco Nacional SA Preference* BRL 5,100,000 0 0.00

0 0.00



0 0.00




11,279,886 0.51



11,279,886 0.51


Cash 32,163,454 1.45


Total Net Assets 2,211,347,680 100.00

* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsSouth Korea 20.61Cayman Islands 13.78China 10.31Brazil 7.44India 6.93Taiwan 6.69Hong Kong 6.10Russia 4.29Turkey 3.95Mexico 2.82South Africa 2.78Thailand 2.64Bermuda 2.50Indonesia 2.32Saudi Arabia 1.92Austria 1.35Luxembourg 0.51Total Investments 96.94Cash and Other Assets/(Liabilities) 3.06

Total 100.00


% of Net Assets

South Korea 15.53Cayman Islands 12.32Taiwan 9.92China 9.39Russia 8.09India 7.00Hong Kong 6.81Brazil 5.96South Africa 3.82Thailand 3.27Saudi Arabia 2.98Luxembourg 2.89Turkey 2.69Indonesia 2.51Bermuda 2.42Mexico 2.25United States of America 1.56Total Investments 99.41Cash and Other Assets/(Liabilities) 0.59

Total 100.00

115

JPMorgan Funds - Emerging Markets Opportunities FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Opportunities FundSchedule of Investments (continued)

As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

CHF 19,174 USD 19,837 21/07/2017 ANZ 225 -CHF 3,056,969 USD 3,152,705 21/07/2017 Goldman Sachs 45,903 -CHF 157,362 USD 162,371 21/07/2017 RBC 2,283 -EUR 273,142 USD 307,701 07/07/2017 Citibank 4,264 -EUR 3,666 USD 4,116 07/07/2017 National Australia Bank 70 -EUR 6,672 USD 7,501 07/07/2017 RBC 119 -EUR 6,693 USD 7,479 07/07/2017 Standard Chartered 165 -EUR 1,328 USD 1,518 08/08/2017 Merrill Lynch 2 -SGD 9,916 USD 7,181 21/07/2017 ANZ 25 -SGD 1,652,435 USD 1,194,102 21/07/2017 Barclays 6,801 -SGD 15,877 USD 11,475 21/07/2017 Deutsche Bank 63 -SGD 16,961 USD 12,222 21/07/2017 Goldman Sachs 104 -SGD 34,712 USD 25,109 21/07/2017 HSBC 118 -SGD 24,712 USD 17,929 21/07/2017 Morgan Stanley 31 -SGD 31,997 USD 23,116 21/07/2017 RBC 137 -SGD 34,568 USD 24,975 21/07/2017 Societe Generale 148 -SGD 8,245 USD 5,988 21/07/2017 State Street 3 -USD 2,581 EUR 2,255 08/08/2017 Goldman Sachs 1 -

Total Unrealised Gain on Forward Currency Exchange Contracts 60,462 -

USD 79,175 CHF 76,688 21/07/2017 RBC (1,066) -USD 26,154 CHF 25,021 21/07/2017 UBS (26) -USD 3,843 EUR 3,441 07/07/2017 HSBC (87) -USD 4,370 EUR 3,894 07/07/2017 State Street (78) -USD 2,013 EUR 1,790 07/07/2017 Toronto-Dominion Bank (31) -USD 11,162 SGD 15,448 21/07/2017 ANZ (64) -USD 18,453 SGD 25,487 21/07/2017 HSBC (70) -USD 25,527 SGD 35,279 21/07/2017 National Australia Bank (112) -USD 6,684 SGD 9,233 21/07/2017 Societe Generale (26) -


Net Unrealised Gain on Forward Currency Exchange Contracts 58,902 -

116


Equities

EgyptCommercial International Bank EgyptSAE, GDR USD 1,064,987 4,760,492 4.49

4,760,492 4.49

KuwaitHuman Soft Holding Co. KSC KWD 82,000 1,094,649 1.03Mabanee Co. SAK KWD 657,862 1,679,431 1.59National Bank of Kuwait SAKP KWD 2,685,561 6,063,613 5.72

8,837,693 8.34

LebanonBLOM Bank SAL, GDR USD 220,890 2,650,680 2.50

2,650,680 2.50

MoroccoAttijariwafa Bank MAD 19,980 927,753 0.88Maroc Telecom MAD 64,190 947,514 0.89

1,875,267 1.77

QatarIndustries Qatar QSC QAR 18,500 474,174 0.45Masraf Al Rayan QSC QAR 285,890 3,040,687 2.87Qatar Electricity & Water Co. QSC QAR 35,144 1,777,438 1.68Qatar Gas Transport Co. Ltd. QAR 357,710 1,647,437 1.55Qatar Islamic Bank SAQ QAR 10,920 271,663 0.25Qatar National Bank QPSC QAR 163,089 5,564,740 5.25

12,776,139 12.05

Saudi ArabiaAl Khaleej Training and Education Co. SAR 80,878 360,589 0.34Al Rajhi Bank SAR 254,688 4,702,987 4.44Alinma Bank SAR 286,930 1,162,196 1.10Almarai Co. SAR 141,507 3,563,900 3.36Bupa Arabia for Cooperative InsuranceCo. SAR 31,000 1,073,783 1.01Herfy Food Services Co. SAR 29,708 449,557 0.42Jarir Marketing Co. SAR 13,150 515,452 0.49Mouwasat Medical Services Co. SAR 41,490 1,748,019 1.65National Commercial Bank SAR 269,760 3,837,581 3.62Samba Financial Group SAR 222,001 1,534,685 1.45Saudi Arabian Fertilizer Co. SAR 5,970 100,052 0.10Saudi Arabian Mining Co. SAR 18,700 245,206 0.23Saudi Basic Industries Corp. SAR 77,630 2,115,563 2.00Saudi Co. For Hardware LLC SAR 41,030 1,163,002 1.10Saudi Electricity Co. SAR 33,100 225,289 0.21Saudi Telecom Co. SAR 58,160 1,191,053 1.12Saudia Dairy & Foodstuff Co. SAR 18,440 608,242 0.57Savola Group (The) SAR 101,200 1,354,658 1.28United International Transportation Co. SAR 112,506 618,300 0.58

26,570,114 25.07

TurkeyAkbank TAS TRY 1,805,570 5,069,031 4.78Aselsan Elektronik Sanayi Ve Ticaret A/S TRY 84,260 525,758 0.50BIM Birlesik Magazalar A/S TRY 135,220 2,478,009 2.34Ford Otomotiv Sanayi A/S TRY 70,950 864,055 0.81KOC Holding A/S TRY 544,611 2,515,790 2.37Tofas Turk Otomobil Fabrikasi A/S TRY 115,890 956,479 0.90Tupras Turkiye Petrol Rafinerileri A/S TRY 140,670 3,981,189 3.76Turk Hava Yollari AO TRY 314,590 695,565 0.66Turk Traktor ve Ziraat Makineleri A/S TRY 16,930 378,533 0.36Turkiye Garanti Bankasi A/S TRY 1,904,753 5,315,024 5.01Turkiye Halk Bankasi A/S TRY 572,130 2,125,379 2.01Ulker Biskuvi Sanayi A/S TRY 155,290 987,046 0.93

25,891,858 24.43

United Arab EmiratesAbu Dhabi Commercial Bank PJSC AED 1,595,520 3,047,339 2.88Aldar Properties PJSC AED 540,930 337,998 0.32Aramex PJSC AED 931,588 1,315,114 1.24DP World Ltd. USD 204,877 4,376,173 4.13Dubai Islamic Bank PJSC AED 489,330 758,729 0.72Emaar Malls PJSC AED 3,465,240 2,363,371 2.23Emaar Properties PJSC AED 2,773,816 5,864,217 5.53Emirates NBD PJSC AED 329,970 725,001 0.68Emirates Telecommunications Group Co.PJSC AED 132,950 624,408 0.59First Abu Dhabi Bank PJSC AED 942,536 2,681,669 2.53

22,094,019 20.85



105,456,262 99.50


Equities

KuwaitNational Gulf Holding KWD 305,255 45,378 0.05

45,378 0.05

Total Equities 45,378 0.05


45,378 0.05



LuxembourgJPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 129,862 129,862 0.12

129,862 0.12

Total Collective Investment Schemes - UCITS 129,862 0.12


129,862 0.12


Cash 595,395 0.56




117

JPMorgan Funds - Emerging Middle East Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsSaudi Arabia 25.07Turkey 24.43United Arab Emirates 20.85Qatar 12.05Kuwait 8.39Egypt 4.49Lebanon 2.50Morocco 1.77Luxembourg 0.12Total Investments 99.67Cash and Other Assets/(Liabilities) 0.33

Total 100.00


% of Net Assets

Turkey 23.31Saudi Arabia 19.92United Arab Emirates 18.73Qatar 17.87Kuwait 7.52Egypt 4.82Luxembourg 2.10Lebanon 2.08Morocco 1.64Oman 0.82Total Investments 98.81Cash and Other Assets/(Liabilities) 1.19

Total 100.00

118

JPMorgan Funds - Emerging Middle East Equity FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities

AustriaEVN AG EUR 31,709 414,199 0.10Kapsch TrafficCom AG EUR 4,953 231,986 0.06Lenzing AG EUR 6,737 1,043,561 0.25OMV AG EUR 79,250 3,647,481 0.87POLYTEC Holding AG EUR 60,027 994,197 0.24Strabag SE EUR 12,699 472,086 0.11

6,803,510 1.63

BelgiumAGFA-Gevaert NV EUR 193,896 828,808 0.20Anheuser-Busch InBev SA EUR 17,772 1,726,728 0.42D’ieteren SA EUR 46,012 1,883,156 0.45EVS Broadcast Equipment SA EUR 15,203 538,718 0.13KBC Group NV EUR 114,600 7,647,831 1.83

12,625,241 3.03

FinlandAhlstrom-Munksjo OYJ EUR 9,340 165,411 0.04Atria OYJ EUR 16,628 171,934 0.04Metso OYJ EUR 77,533 2,362,430 0.57Stora Enso OYJ ‘R’ EUR 230,041 2,597,163 0.62UPM-Kymmene OYJ EUR 297,184 7,417,713 1.78

12,714,651 3.05

FranceAssystem EUR 20,473 629,340 0.15Atos SE EUR 57,602 7,072,086 1.69AXA SA EUR 333,212 8,087,888 1.94BNP Paribas SA EUR 180,882 11,516,757 2.76Bonduelle SCA EUR 30,298 995,592 0.24Capgemini SE EUR 49,401 4,467,826 1.07Christian Dior SE EUR 4,922 1,246,570 0.30Cie de Saint-Gobain EUR 67,386 3,170,680 0.76Cie Generale des Etablissements Michelin EUR 57,023 6,698,777 1.61Credit Agricole SA EUR 403,339 5,752,623 1.38Danone SA EUR 41,776 2,779,148 0.67Derichebourg SA EUR 163,471 1,210,503 0.29Devoteam SA EUR 7,087 493,716 0.12Engie SA EUR 291,281 3,877,678 0.93Eutelsat Communications SA EUR 15,436 348,545 0.08Faurecia EUR 35,591 1,586,825 0.38IPSOS EUR 30,347 1,000,237 0.24Jacquet Metal Service EUR 22,062 513,162 0.12Kering EUR 14,281 4,306,436 1.03LVMH Moet Hennessy Louis Vuitton SE EUR 24,485 5,395,270 1.29Mersen SA EUR 37,542 1,081,773 0.26Neopost SA EUR 38,204 1,550,891 0.37Orange SA EUR 162,614 2,276,189 0.55Pernod Ricard SA EUR 33,167 3,925,314 0.94Peugeot SA EUR 141,732 2,467,200 0.59Renault SA EUR 13,703 1,085,483 0.26Rothschild & Co. EUR 11,147 356,035 0.09Safran SA EUR 26,061 2,109,899 0.51Sanofi EUR 149,794 12,680,062 3.04Schneider Electric SE EUR 45,598 3,079,689 0.74Societe Generale SA EUR 89,489 4,273,323 1.02Sodexo SA EUR 24,288 2,771,868 0.66Sopra Steria Group EUR 7,860 1,098,632 0.26Tarkett SA EUR 43,457 1,778,152 0.43TOTAL SA EUR 127,299 5,554,692 1.33Valeo SA EUR 64,838 3,845,542 0.92Veolia Environnement SA EUR 186,860 3,476,997 0.83Vinci SA EUR 71,136 5,342,669 1.28

129,904,069 31.13

Germanyadidas AG EUR 7,786 1,315,639 0.31ADLER Real Estate AG EUR 2,064 27,926 0.01Allianz SE EUR 43,442 7,539,359 1.81Aurubis AG EUR 4,604 317,883 0.08BASF SE EUR 143,655 11,722,966 2.81Bayer AG EUR 60,971 6,949,170 1.66Bayerische Motoren Werke AG EUR 16,761 1,367,111 0.33Continental AG EUR 17,858 3,372,930 0.81Covestro AG EUR 80,612 5,111,607 1.22Daimler AG EUR 15,356 975,644 0.23Deutsche Beteiligungs AG EUR 42,977 1,674,599 0.40Deutsche Lufthansa AG EUR 281,296 5,624,514 1.35

Deutsche Pfandbriefbank AG EUR 186,952 2,027,494 0.49Deutsche Telekom AG EUR 59,667 946,020 0.23Draegerwerk AG & Co. KGaA Preference EUR 54,189 5,037,410 1.21E.ON SE EUR 433,047 3,610,746 0.86Evotec AG EUR 93,181 1,300,341 0.31Freenet AG EUR 79,178 2,217,776 0.53Hannover Rueck SE EUR 9,871 1,042,871 0.25HOCHTIEF AG EUR 34,960 5,628,560 1.35Infineon Technologies AG EUR 198,443 3,694,513 0.88Innogy SE EUR 7,232 253,120 0.06Jenoptik AG EUR 14,588 333,919 0.08Linde AG EUR 12,757 2,131,057 0.51MuenchenerRueckversicherungs-Gesellschaft AG EUR 18,718 3,328,060 0.80RWE AG EUR 78,569 1,384,582 0.33SAP SE EUR 102,968 9,449,373 2.26Schaeffler AG Preference EUR 215,822 2,697,775 0.65Siemens AG EUR 123,078 14,883,207 3.57Siltronic AG EUR 14,479 1,080,857 0.26Uniper SE EUR 317,296 5,239,350 1.26Volkswagen AG Preference EUR 14,730 1,964,246 0.47Washtec AG EUR 23,475 1,578,576 0.38

115,829,201 27.76

IrelandAllied Irish Banks plc EUR 438,291 2,158,364 0.52CRH plc EUR 14,670 459,905 0.11Ryanair Holdings plc EUR 52,414 937,293 0.22

3,555,562 0.85

ItalyArnoldo Mondadori Editore SpA EUR 162,927 257,180 0.06Assicurazioni Generali SpA EUR 13,975 202,148 0.05Azimut Holding SpA EUR 51,251 916,368 0.22Davide Campari-Milano SpA EUR 163,664 1,020,854 0.24El.En. SpA EUR 6,813 191,718 0.05Enel SpA EUR 305,834 1,443,537 0.35Hera SpA EUR 107,884 290,640 0.07Maire Tecnimont SpA EUR 336,700 1,379,460 0.33Mediobanca SpA EUR 84,627 736,255 0.18Saras SpA EUR 367,832 762,516 0.18Sogefi SpA EUR 67,936 319,571 0.08Technogym SpA EUR 44,979 305,632 0.07Telecom Italia SpA EUR 2,723,466 2,202,603 0.53Unipol Gruppo Finanziario SpA EUR 468,169 1,806,196 0.43

11,834,678 2.84

LuxembourgAPERAM SA EUR 22,523 915,279 0.22ArcelorMittal EUR 86,233 1,724,660 0.41eDreams ODIGEO SA EUR 132,137 403,414 0.10

3,043,353 0.73

NetherlandsABN AMRO Group NV, CVA EUR 140,277 3,271,961 0.78Akzo Nobel NV EUR 6,810 520,250 0.12ASML Holding NV EUR 4,289 493,235 0.12ASR Nederland NV EUR 203,179 6,006,479 1.44BE Semiconductor Industries NV EUR 109,348 5,129,788 1.23CNH Industrial NV EUR 19,695 195,670 0.05Fiat Chrysler Automobiles NV EUR 152,836 1,420,611 0.34Heineken Holding NV EUR 38,409 3,108,248 0.74ING Groep NV EUR 816,335 12,402,169 2.97Koninklijke Volkerwessels NV EUR 20,140 491,315 0.12NXP Semiconductors NV USD 26,538 2,537,001 0.61Philips Lighting NV EUR 175,159 5,670,335 1.36Randstad Holding NV EUR 31,148 1,590,417 0.38RELX NV EUR 115,064 2,081,220 0.50STMicroelectronics NV EUR 205,779 2,598,989 0.62Unilever NV, CVA EUR 283,248 13,707,787 3.29Wolters Kluwer NV EUR 64,985 2,413,543 0.58

63,639,018 15.25

PortugalSemapa-Sociedade de Investimento eGestao EUR 131,075 2,222,704 0.53

2,222,704 0.53

SpainAbertis Infraestructuras SA EUR 87,827 1,424,334 0.34ACS Actividades de Construccion yServicios SA EUR 10,087 344,976 0.08

119

JPMorgan Funds - Euroland Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

ACS Actividades de Construccion yServicios SA Rights 11/07/2017 EUR 10,087 7,187 0.00Aena SA EUR 29,318 5,030,969 1.21Azkoyen SA EUR 42,871 308,564 0.07Banco Bilbao Vizcaya Argentaria SA EUR 271,909 2,003,833 0.48Banco Santander SA EUR 1,162,470 6,810,912 1.63Endesa SA EUR 278,992 5,708,874 1.37Gamesa Corp. Technologica SA EUR 123,895 2,317,456 0.56Iberpapel Gestion SA EUR 7,317 218,595 0.05International Consolidated Airlines GroupSA EUR 927,014 6,497,905 1.56Mapfre SA EUR 701,562 2,168,879 0.52Mediaset Espana Comunicacion SA EUR 42,876 466,062 0.11Repsol SA EUR 437,417 5,910,597 1.42Telefonica SA EUR 366,373 3,339,490 0.80

42,558,633 10.20

United KingdomDialog Semiconductor plc EUR 21,456 804,386 0.19

804,386 0.19



405,535,006 97.19



LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (flex dist.)† EUR 10,034,808 10,034,808 2.40

10,034,808 2.40




Cash 1,130,049 0.27

Other Assets/(Liabilities) 589,951 0.14



Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsFrance 31.13Germany 27.76Netherlands 15.25Spain 10.20Luxembourg 3.13Finland 3.05Belgium 3.03Italy 2.84Austria 1.63Ireland 0.85Portugal 0.53United Kingdom 0.19Total Investments 99.59Cash and Other Assets/(Liabilities) 0.41

Total 100.00


% of Net Assets

France 33.87Germany 25.67Netherlands 11.62Spain 10.17Italy 5.92Belgium 4.20Finland 3.22Luxembourg 2.83Ireland 1.16United Kingdom 0.46Portugal 0.34Austria 0.21Curacao 0.05Total Investments 99.72Cash and Other Assets/(Liabilities) 0.28

Total 100.00

120

JPMorgan Funds - Euroland Equity FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Euroland Equity FundSchedule of Investments (continued)

As at 30 June 2017


CurrencyPurchased




EUR

%of

NetAssets

CHF 3,448,721 EUR 3,155,685 02/08/2017 Barclays 1,789 -EUR 57,529 CHF 62,434 05/07/2017 ANZ 388 -EUR 100,136 CHF 109,141 05/07/2017 Goldman Sachs 248 -EUR 62,417 CHF 67,796 05/07/2017 RBC 369 -EUR 62,564 CHF 68,164 02/08/2017 ANZ 157 -EUR 234,794 GBP 206,231 05/07/2017 ANZ 477 -EUR 4,775 GBP 4,172 05/07/2017 RBC 35 -EUR 4,668 GBP 4,100 02/08/2017 RBC 12 -EUR 46,239 USD 52,515 03/07/2017 Goldman Sachs 253 -EUR 289,939 USD 325,128 05/07/2017 National Australia Bank 5,244 -EUR 41,291 USD 46,535 05/07/2017 Standard Chartered 542 -EUR 7,395,182 USD 8,433,790 05/07/2017 State Street 10,192 -EUR 65,481 USD 73,205 05/07/2017 UBS 1,380 -EUR 85,345 USD 97,515 02/08/2017 Merrill Lynch 91 -EUR 51,244 USD 57,434 02/08/2017 National Australia Bank 1,032 -EUR 96,398 USD 109,655 02/08/2017 UBS 531 -GBP 2,392 EUR 2,707 02/08/2017 RBC 9 -

Total Unrealised Gain on Forward Currency Exchange Contracts 22,749 -

CHF 25,655 EUR 23,621 05/07/2017 Barclays (141) -CHF 24,507 EUR 22,493 05/07/2017 Citibank (63) -CHF 19,910 EUR 18,337 05/07/2017 Credit Suisse (114) -CHF 3,283,331 EUR 3,012,454 05/07/2017 Deutsche Bank (7,465) -CHF 95,124 EUR 87,510 05/07/2017 RBC (449) -CHF 239,564 EUR 220,818 05/07/2017 UBS (1,563) -CHF 39,266 EUR 36,110 02/08/2017 Barclays (160) -EUR 3,154,703 CHF 3,448,721 05/07/2017 Barclays (1,656) -EUR 40,460 CHF 44,221 02/08/2017 RBC (27) -EUR 2,428 GBP 2,141 05/07/2017 National Australia Bank (5) -EUR 2,084 GBP 1,839 05/07/2017 RBC (6) -EUR 3,060 GBP 2,711 02/08/2017 National Australia Bank (18) -GBP 1,875 EUR 2,142 05/07/2017 Barclays (12) -GBP 2,963 EUR 3,396 05/07/2017 National Australia Bank (29) -GBP 3,938 EUR 4,498 05/07/2017 RBC (23) -GBP 1,690 EUR 1,932 05/07/2017 Societe Generale (12) -GBP 203,918 EUR 234,819 05/07/2017 State Street (3,131) -GBP 206,231 EUR 234,665 02/08/2017 ANZ (488) -USD 149,263 EUR 132,230 05/07/2017 ANZ (1,529) -USD 98,461 EUR 87,541 05/07/2017 Barclays (1,324) -USD 58,711 EUR 52,254 05/07/2017 BNP Paribas (845) -USD 7,757,392 EUR 6,933,659 05/07/2017 Deutsche Bank (140,954) (0.04)USD 25,083 EUR 22,477 05/07/2017 Merrill Lynch (513) -USD 41,958 EUR 37,352 05/07/2017 National Australia Bank (612) -USD 120,647 EUR 107,505 05/07/2017 RBC (1,861) -USD 105,803 EUR 94,773 05/07/2017 Standard Chartered (2,127) -USD 390,366 EUR 345,983 05/07/2017 State Street (4,161) -USD 130,974 EUR 116,551 05/07/2017 UBS (1,866) -USD 52,515 EUR 46,167 02/08/2017 Goldman Sachs (255) -USD 96,034 EUR 85,197 02/08/2017 National Australia Bank (1,237) -USD 8,375,210 EUR 7,332,031 02/08/2017 State Street (9,883) -


Net Unrealised Loss on Forward Currency Exchange Contracts (159,780) (0.04)



GlobalExposure

EUR


EUR

%of

NetAssets

EURO STOXX 50 Index, 15/09/2017 248 EUR 8,577,080 10,600 -



121


Equities

Austriaams AG CHF 146,808 8,437,869 0.69

8,437,869 0.69

BelgiumKBC Group NV EUR 219,367 14,639,457 1.20

14,639,457 1.20

DenmarkDanske Bank A/S DKK 391,637 13,185,382 1.08Novo Nordisk A/S ‘B’ DKK 603,299 22,696,773 1.86Vestas Wind Systems A/S DKK 304,573 24,544,876 2.02

60,427,031 4.96

FinlandMetso OYJ EUR 313,077 9,539,456 0.78UPM-Kymmene OYJ EUR 674,552 16,836,818 1.38

26,376,274 2.16

FranceAtos SE EUR 136,475 16,755,718 1.38AXA SA EUR 859,635 20,865,491 1.71Engie SA EUR 2,007,710 26,727,639 2.19Kering EUR 60,786 18,330,018 1.50Renault SA EUR 118,250 9,367,174 0.77Sanofi EUR 457,727 38,746,591 3.18Societe Generale SA EUR 315,598 15,070,593 1.24Sodexo SA EUR 126,605 14,448,796 1.19Vinci SA EUR 386,986 29,064,583 2.38Vivendi SA EUR 1,226,748 24,160,802 1.98

213,537,405 17.52

Germanyadidas AG EUR 136,290 23,029,603 1.89Allianz SE EUR 204,451 35,482,471 2.91Aurubis AG EUR 135,372 9,346,760 0.77Bayer AG EUR 236,576 26,963,749 2.21Delivery Hero AG EUR 191,674 5,245,159 0.43Deutsche Wohnen AG EUR 382,780 12,805,905 1.05Evonik Industries AG EUR 156,283 4,377,487 0.36Evotec AG EUR 727,450 10,151,565 0.83Hannover Rueck SE EUR 98,791 10,437,269 0.86HOCHTIEF AG EUR 74,968 12,069,848 0.99Infineon Technologies AG EUR 605,275 11,268,707 0.92Siemens AG EUR 301,010 36,399,634 2.99Software AG EUR 227,037 8,693,814 0.71

206,271,971 16.92

IrelandAllied Irish Banks plc EUR 2,386,620 11,752,910 0.96Ryanair Holdings plc EUR 681,686 12,185,137 1.00Smurfit Kappa Group plc EUR 746,459 20,299,953 1.67

44,238,000 3.63

ItalyAzimut Holding SpA EUR 523,465 9,359,554 0.77Moncler SpA EUR 741,612 15,310,580 1.25

24,670,134 2.02

NetherlandsFerrari NV EUR 208,973 15,845,378 1.30ING Groep NV EUR 1,335,277 20,286,196 1.66Randstad Holding NV EUR 239,743 12,241,277 1.01STMicroelectronics NV EUR 975,448 12,319,908 1.01Unilever NV, CVA EUR 743,637 35,988,313 2.95

96,681,072 7.93

SpainACS Actividades de Construccion yServicios SA EUR 491,914 16,823,459 1.38Aena SA EUR 73,977 12,694,453 1.04Banco Santander SA EUR 3,614,239 21,175,826 1.74Gamesa Corp. Technologica SA EUR 1,082,017 20,239,128 1.66International Consolidated AirlinesGroup SA EUR 1,985,947 13,920,496 1.14

84,853,362 6.96

SwedenElectrolux AB SEK 1,156,655 33,173,512 2.72Nordea Bank AB SEK 1,236,144 13,869,403 1.14Volvo AB ‘B’ SEK 817,204 12,232,326 1.00

59,275,241 4.86

SwitzerlandAdecco Group AG CHF 203,926 13,657,108 1.12Logitech International SA CHF 725,104 23,343,062 1.91Nestle SA CHF 317,429 24,410,605 2.00Novartis AG CHF 286,977 21,149,555 1.74Roche Holding AG CHF 77,324 17,270,962 1.42Swiss Life Holding AG CHF 55,516 16,538,365 1.36

116,369,657 9.55

United KingdomAshtead Group plc GBP 619,571 11,266,869 0.93Aviva plc GBP 2,637,454 15,889,932 1.30Barratt Developments plc GBP 1,783,565 11,525,687 0.95British American Tobacco plc GBP 295,784 17,707,586 1.45Carnival plc GBP 244,990 14,189,336 1.17Dialog Semiconductor plc EUR 218,927 8,207,573 0.67easyJet plc GBP 785,654 12,198,248 1.00GKN plc GBP 4,708,991 17,463,629 1.43HSBC Holdings plc GBP 792,071 6,447,725 0.53InterContinental Hotels Group plc GBP 355,691 17,323,362 1.42Lloyds Banking Group plc GBP 33,872,049 25,635,240 2.10Melrose Industries plc GBP 3,878,687 10,682,523 0.88Persimmon plc GBP 722,941 18,567,945 1.52Rio Tinto plc GBP 496,254 18,394,066 1.51Taylor Wimpey plc GBP 5,972,798 12,042,324 0.99

217,542,045 17.85

Total Equities 1,173,319,518 96.25


1,173,319,518 96.25



LuxembourgJPMorgan Euro Liquidity Fund - JPMEuro Liquidity X (flex dist.)† EUR 27,158,920 27,158,920 2.23

27,158,920 2.23



27,158,920 2.23


Cash 1,913,016 0.16


Total Net Assets 1,218,980,412 100.00


122

JPMorgan Funds - Europe Dynamic FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited Kingdom 17.85France 17.52Germany 16.92Switzerland 9.55Netherlands 7.93Spain 6.96Denmark 4.96Sweden 4.86Ireland 3.63Luxembourg 2.23Finland 2.16Italy 2.02Belgium 1.20Austria 0.69Total Investments 98.48Cash and Other Assets/(Liabilities) 1.52

Total 100.00


% of Net Assets

United Kingdom 22.92France 19.84Germany 11.78Switzerland 10.58Netherlands 8.00Luxembourg 4.79Italy 4.27Jersey 4.09Sweden 4.02Spain 2.65Denmark 1.85Finland 1.76Norway 1.50Belgium 1.31Austria -Total Investments 99.36Cash and Other Assets/(Liabilities) 0.64

Total 100.00

123

JPMorgan Funds - Europe Dynamic FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets


As at 30 June 2017


CurrencyPurchased




EUR

%of

NetAssets

AUD 363,236 EUR 243,659 07/07/2017 ANZ 814 -AUD 213,334 EUR 142,826 07/07/2017 Barclays 757 -AUD 369,084 EUR 248,342 07/07/2017 Societe Generale 67 -AUD 33,044,228 EUR 21,931,932 07/07/2017 UBS 308,224 0.03AUD 200,365 GBP 116,485 07/07/2017 RBC 2,511 -CHF 224,115 SGD 319,971 07/07/2017 RBC 1,571 -CHF 1,525,247 USD 1,586,987 07/07/2017 RBC 6,483 -CHF 1,281,165 USD 1,339,097 08/08/2017 Merrill Lynch 2,679 -DKK 805,294 EUR 108,252 07/07/2017 HSBC 46 -EUR 184,390 AUD 273,171 07/07/2017 Barclays 535 -EUR 372,806 AUD 549,858 07/07/2017 Citibank 2,728 -EUR 137,287 AUD 202,855 07/07/2017 National Australia Bank 757 -EUR 30,275,796 CHF 32,846,998 07/07/2017 National Australia Bank 212,708 0.02EUR 51,265,667 GBP 44,684,129 07/07/2017 RBC 498,191 0.03EUR 400,535 HKD 3,492,556 07/07/2017 ANZ 8,769 -EUR 625,119 HKD 5,461,856 07/07/2017 Societe Generale 12,453 -EUR 901,676 HKD 8,016,128 08/08/2017 ANZ 3,190 -EUR 3,239,864 NOK 30,845,911 07/07/2017 National Australia Bank 21,689 -EUR 90,405 SGD 140,160 07/07/2017 Deutsche Bank 1,243 -EUR 63,083 SGD 98,254 07/07/2017 RBC 579 -EUR 292,609 SGD 453,430 07/07/2017 Societe Generale 4,160 -EUR 137,730 SGD 212,620 07/07/2017 Standard Chartered 2,472 -EUR 195,610 SGD 307,558 08/08/2017 RBC 198 -EUR 2,129,172 USD 2,381,044 07/07/2017 BNP Paribas 44,439 0.01EUR 2,883,907 USD 3,236,652 07/07/2017 Goldman Sachs 50,043 0.01EUR 1,393,651 USD 1,570,433 07/07/2017 National Australia Bank 18,652 -EUR 1,461,256 USD 1,634,205 07/07/2017 Standard Chartered 30,421 -EUR 3,148,256 USD 3,589,829 08/08/2017 National Australia Bank 10,760 -GBP 98,418 AUD 164,105 07/07/2017 Standard Chartered 1,367 -GBP 105,380 EUR 119,122 07/07/2017 RBC 605 -GBP 65,228 SGD 115,396 07/07/2017 Barclays 700 -NOK 1,096,391 AUD 169,952 07/07/2017 National Australia Bank 2 -NOK 414,835 SGD 67,538 07/07/2017 Citibank 316 -NOK 841,242 SGD 136,948 07/07/2017 RBC 648 -SEK 2,062,343 AUD 310,503 07/07/2017 Citibank 5,174 -SEK 1,157,983 AUD 174,729 07/07/2017 RBC 2,646 -SEK 601,444 EUR 61,789 07/07/2017 BNP Paribas 666 -SEK 1,809,499 EUR 185,832 07/07/2017 Citibank 2,068 -SEK 823,822 SGD 130,722 07/07/2017 State Street 2,388 -SEK 20,691,276 USD 2,361,914 07/07/2017 Citibank 80,617 0.01


AUD 179,613 DKK 902,207 07/07/2017 HSBC (444) -AUD 411,596 EUR 278,988 07/07/2017 RBC (1,966) -AUD 178,123 SEK 1,160,840 08/08/2017 HSBC (942) -CHF 139,076 AUD 189,458 07/07/2017 Deutsche Bank (224) -CHF 122,180 AUD 167,656 07/07/2017 RBC (1,015) -CHF 2,789,967 EUR 2,572,389 07/07/2017 ANZ (18,883) -EUR 130,619 AUD 194,355 07/07/2017 HSBC (190) -EUR 167,698 AUD 252,493 07/07/2017 National Australia Bank (2,240) -EUR 104,905 AUD 157,240 08/08/2017 Standard Chartered (690) -EUR 5,368,664 CHF 5,868,036 08/08/2017 Barclays (4,153) -EUR 484,761 DKK 3,604,867 07/07/2017 HSBC (31) -EUR 9,274,567 DKK 68,984,591 07/07/2017 National Australia Bank (2,647) -EUR 117,107 GBP 103,254 07/07/2017 RBC (204) -EUR 15,310,608 SEK 149,283,549 07/07/2017 Societe Generale (191,129) (0.02)EUR 1,257,646 SEK 12,290,764 08/08/2017 Societe Generale (18,831) -EUR 100,314 SGD 158,172 08/08/2017 Standard Chartered (183) -EUR 752,023 USD 861,097 08/08/2017 Citibank (572) -GBP 101,525 AUD 173,762 07/07/2017 ANZ (1,603) -GBP 48,316 SGD 86,450 08/08/2017 Citibank (72) -HKD 3,524,583 DKK 2,993,007 07/07/2017 RBC (7,148) -HKD 2,562,902 EUR 292,626 07/07/2017 ANZ (5,141) -HKD 3,630,608 EUR 415,694 07/07/2017 Barclays (8,442) -HKD 209,488,525 EUR 23,874,163 07/07/2017 HSBC (375,464) (0.03)HKD 26,252,880 EUR 3,005,202 07/07/2017 RBC (60,369) -HKD 1,648,426 EUR 189,146 07/07/2017 Standard Chartered (4,239) -HKD 1,740,607 EUR 199,695 07/07/2017 State Street (4,448) -HKD 2,677,192 GBP 269,525 07/07/2017 HSBC (5,913) -HKD 3,075,249 GBP 308,815 07/07/2017 Standard Chartered (5,901) -HKD 1,163,545 SEK 1,299,587 07/07/2017 RBC (4,433) -NOK 709,452 CHF 81,516 07/07/2017 Citibank (590) -NOK 1,402,935 EUR 148,326 07/07/2017 Goldman Sachs (1,957) -NOK 10,670,917 EUR 1,128,300 07/07/2017 Merrill Lynch (14,997) -NOK 15,710,139 EUR 1,656,625 07/07/2017 State Street (17,577) -SGD 84,755 DKK 403,735 07/07/2017 RBC (378) -SGD 168,405 EUR 108,856 07/07/2017 National Australia Bank (1,725) -SGD 168,046 EUR 108,132 07/07/2017 RBC (1,229) -SGD 16,407,781 EUR 10,543,618 07/07/2017 Societe Generale (105,835) (0.01)SGD 83,402 SEK 513,749 08/08/2017 State Street (365) -USD 2,284,653 DKK 15,183,783 07/07/2017 HSBC (41,614) (0.01)USD 1,517,914 DKK 10,029,041 07/07/2017 Merrill Lynch (19,714) -

124


As at 30 June 2017


CurrencyPurchased




EUR

%of

NetAssets

USD 1,240,244 EUR 1,099,295 07/07/2017 ANZ (13,394) -USD 3,129,984 EUR 2,789,366 07/07/2017 Barclays (48,896) (0.01)USD 265,554,173 EUR 235,685,303 07/07/2017 Deutsche Bank (3,178,269) (0.26)USD 8,381,987 EUR 7,475,808 07/07/2017 Goldman Sachs (136,925) (0.01)USD 1,992,326 EUR 1,783,771 07/07/2017 RBC (39,382) (0.01)


Net Unrealised Loss on Forward Currency Exchange Contracts (3,006,028) (0.25)



GlobalExposure

EUR


EUR

%of

NetAssets

EURO STOXX 50 Index, 15/09/2017 309 EUR 10,686,765 3,496 -FTSE 100 Index, 15/09/2017 72 GBP 5,970,050 15,061 -



125


Equities

Austriaams AG CHF 19,238 1,105,714 0.25EVN AG EUR 28,090 366,926 0.08OMV AG EUR 63,705 2,932,023 0.65POLYTEC Holding AG EUR 42,251 699,782 0.16

5,104,445 1.14

BelgiumAGFA-Gevaert NV EUR 312,408 1,335,388 0.30D’ieteren SA EUR 43,440 1,777,891 0.39KBC Group NV EUR 105,400 7,033,869 1.57

10,147,148 2.26

DenmarkDanske Bank A/S DKK 239,307 8,056,834 1.80Dfds A/S DKK 46,252 2,152,439 0.48H Lundbeck A/S DKK 19,032 937,525 0.21Novo Nordisk A/S ‘B’ DKK 125,000 4,702,637 1.05Schouw & Co. AB DKK 2,384 223,621 0.05TDC A/S DKK 258,368 1,317,380 0.30Vestas Wind Systems A/S DKK 94,059 7,580,010 1.69

24,970,446 5.58

FinlandNeste OYJ EUR 17,182 595,872 0.13Outokumpu OYJ EUR 70,460 491,282 0.11UPM-Kymmene OYJ EUR 292,253 7,294,635 1.63

8,381,789 1.87

FranceAssystem EUR 9,521 292,676 0.07Atos SE EUR 14,985 1,839,783 0.41AXA SA EUR 142,765 3,465,263 0.77BNP Paribas SA EUR 98,516 6,272,514 1.40Bonduelle SCA EUR 13,240 435,066 0.10Capgemini SE EUR 52,189 4,719,973 1.05Cie Generale des Etablissements Michelin EUR 57,606 6,767,265 1.51Credit Agricole SA EUR 66,222 944,491 0.21Devoteam SA EUR 4,911 342,125 0.08Gaztransport Et Technigaz SA EUR 16,444 575,376 0.13IPSOS EUR 26,279 866,156 0.19Kering EUR 6,250 1,884,688 0.42LVMH Moet Hennessy Louis Vuitton SE EUR 10,738 2,366,118 0.53Natixis SA EUR 335,038 1,983,257 0.44Neopost SA EUR 45,319 1,839,725 0.41Orange SA EUR 25,514 357,132 0.08Peugeot SA EUR 57,714 1,004,656 0.23Renault SA EUR 14,995 1,187,829 0.27Rothschild & Co. EUR 14,939 477,152 0.11Sanofi EUR 116,877 9,893,638 2.21Societe Generale SA EUR 68,081 3,251,038 0.73TOTAL SA EUR 136,530 5,957,487 1.33Valeo SA EUR 52,933 3,139,456 0.70Veolia Environnement SA EUR 12,847 239,051 0.05Vinci SA EUR 73,582 5,526,376 1.23

65,628,291 14.66

GermanyAllianz SE EUR 30,814 5,347,770 1.19BASF SE EUR 7,402 604,040 0.14Bayer AG EUR 41,600 4,741,360 1.06Continental AG EUR 9,119 1,722,351 0.38Covestro AG EUR 78,986 5,008,502 1.12CropEnergies AG EUR 68,392 658,923 0.15Deutsche Lufthansa AG EUR 217,838 4,355,671 0.97Deutsche Telekom AG EUR 321,203 5,092,674 1.14Draegerwerk AG & Co. KGaA Preference EUR 20,097 1,868,217 0.42E.ON SE EUR 517,483 4,314,773 0.96Evotec AG EUR 18,891 263,624 0.06Hannover Rueck SE EUR 8,476 895,489 0.20HOCHTIEF AG EUR 25,723 4,141,403 0.92Infineon Technologies AG EUR 268,739 5,003,248 1.12Jenoptik AG EUR 60,215 1,378,321 0.31MuenchenerRueckversicherungs-Gesellschaft AG EUR 9,034 1,606,245 0.36SAP SE EUR 68,219 6,260,458 1.40Schaeffler AG Preference EUR 187,945 2,349,313 0.52

Siemens AG EUR 94,958 11,482,796 2.56Uniper SE EUR 126,486 2,088,600 0.47Washtec AG EUR 30,028 2,019,233 0.45

71,203,011 15.90

Gibraltar888 Holdings plc GBP 148,156 430,728 0.10

430,728 0.10

IrelandAllied Irish Banks plc EUR 472,358 2,326,127 0.52CRH plc EUR 23,148 725,690 0.16Ryanair Holdings plc EUR 39,896 713,440 0.16

3,765,257 0.84

ItalyA2A SpA EUR 175,373 254,115 0.06Ascopiave SpA EUR 168,207 586,538 0.13

840,653 0.19

JerseyCape plc GBP 226,180 472,213 0.11Glencore plc GBP 1,220,220 4,026,162 0.90Shire plc GBP 21,788 1,049,020 0.23WPP plc GBP 102,263 1,883,467 0.42

7,430,862 1.66

LiechtensteinLiechtensteinische Landesbank AG CHF 7,800 343,549 0.08VP Bank AG CHF 4,362 473,272 0.10

816,821 0.18

LuxembourgAPERAM SA EUR 15,345 623,582 0.14ArcelorMittal EUR 38,550 771,000 0.17eDreams ODIGEO SA EUR 76,243 232,770 0.05Subsea 7 SA NOK 247,594 2,899,839 0.65

4,527,191 1.01

NetherlandsABN AMRO Group NV, CVA EUR 26,402 615,827 0.14Accell Group EUR 21,258 613,399 0.14ASR Nederland NV EUR 195,452 5,778,050 1.29BE Semiconductor Industries NV EUR 132,060 6,195,265 1.38Fiat Chrysler Automobiles NV EUR 190,983 1,775,187 0.40ING Groep NV EUR 625,479 9,502,590 2.12Koninklijke Volkerwessels NV EUR 34,823 849,507 0.19Philips Lighting NV EUR 99,772 3,229,869 0.72Randstad Holding NV EUR 30,715 1,568,308 0.35STMicroelectronics NV EUR 13,859 175,039 0.04Wolters Kluwer NV EUR 21,146 785,362 0.17

31,088,403 6.94

NorwayKvaerner ASA NOK 371,376 394,272 0.09Storebrand ASA NOK 414,600 2,499,290 0.56

2,893,562 0.65

SpainAena SA EUR 17,967 3,083,137 0.69Endesa SA EUR 313,244 6,409,755 1.43Gamesa Corp. Technologica SA EUR 40,084 749,771 0.17International Consolidated Airlines GroupSA EUR 619,648 4,343,423 0.97Repsol SA EUR 171,935 2,323,272 0.52Telefonica SA EUR 354,365 3,230,037 0.72

20,139,395 4.50

SwedenAcando AB SEK 183,669 500,644 0.11Alfa Laval AB SEK 86,693 1,547,926 0.34Atlas Copco AB ‘A’ SEK 97,954 3,299,134 0.74BioGaia AB ‘B’ SEK 8,846 313,691 0.07Boliden AB SEK 27,637 663,359 0.15Concentric AB SEK 65,697 942,284 0.21Electrolux AB SEK 57,270 1,642,536 0.37JM AB SEK 177,859 5,490,788 1.23KappAhl AB SEK 83,582 396,203 0.09KNOW IT AB SEK 14,065 191,509 0.04

126

JPMorgan Funds - Europe Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Sandvik AB SEK 212,000 2,909,156 0.65Swedbank AB ‘A’ SEK 156,630 3,359,418 0.75Swedish Match AB SEK 9,500 293,921 0.06

21,550,569 4.81

SwitzerlandABB Ltd. CHF 240,794 5,241,701 1.17Adecco Group AG CHF 107,139 7,175,195 1.60Bobst Group SA CHF 4,575 386,052 0.09Coca-Cola HBC AG GBP 35,590 920,560 0.21Forbo Holding AG CHF 3,256 4,677,019 1.04Logitech International SA CHF 39,927 1,285,358 0.29Lonza Group AG CHF 7,303 1,383,885 0.31Nestle SA CHF 218,751 16,822,169 3.76Novartis AG CHF 76,602 5,645,394 1.26Oriflame Holding AG SEK 25,907 853,728 0.19Roche Holding AG CHF 53,416 11,930,910 2.66Sika AG CHF 461 2,608,486 0.58UBS Group AG CHF 317,087 4,754,976 1.06Valora Holding AG CHF 5,188 1,468,362 0.33Zurich Insurance Group AG CHF 8,370 2,146,431 0.48

67,300,226 15.03

United Kingdom3i Group plc GBP 600,318 6,186,502 1.38Aldermore Group plc GBP 163,958 406,391 0.09Anglo American plc GBP 141,064 1,656,068 0.37Ashtead Group plc GBP 7,415 134,841 0.03AstraZeneca plc GBP 46,500 2,736,511 0.61Aviva plc GBP 142,006 855,547 0.19Barclays plc GBP 740,694 1,724,818 0.39Barratt Developments plc GBP 361,112 2,333,565 0.52BHP Billiton plc GBP 234,356 3,158,703 0.71British American Tobacco plc GBP 179,248 10,730,970 2.40Carnival plc GBP 58,780 3,404,421 0.76Diageo plc GBP 164,267 4,270,344 0.95Dialog Semiconductor plc EUR 27,994 1,049,495 0.24Electrocomponents plc GBP 233,672 1,532,594 0.34Evraz plc GBP 308,240 733,193 0.16Ferrexpo plc GBP 171,989 403,824 0.09Games Workshop Group plc GBP 27,246 371,330 0.08GKN plc GBP 116,067 430,443 0.10GlaxoSmithKline plc GBP 91,956 1,719,493 0.38Headlam Group plc GBP 39,324 240,714 0.05HSBC Holdings plc GBP 1,032,590 8,405,630 1.88Indivior plc GBP 161,560 572,999 0.13JD Sports Fashion plc GBP 388,532 1,537,356 0.34Lloyds Banking Group plc GBP 6,231,343 4,716,041 1.05Melrose Industries plc GBP 238,853 657,839 0.15Mondi plc GBP 60,400 1,377,682 0.31OneSavings Bank plc GBP 268,070 1,154,824 0.26Persimmon plc GBP 75,573 1,941,010 0.43Prudential plc GBP 267,975 5,407,465 1.21QinetiQ Group plc GBP 607,654 1,876,559 0.42Reckitt Benckiser Group plc GBP 18,950 1,673,503 0.37RELX plc GBP 83,632 1,584,509 0.35Rio Tinto plc GBP 217,482 8,061,151 1.80Royal Dutch Shell plc ‘B’ GBP 228,210 5,385,520 1.20Shawbrook Group plc GBP 65,399 252,085 0.06Stock Spirits Group plc GBP 126,940 245,010 0.06Tesco plc GBP 210,585 408,071 0.09TORM plc DKK 36,074 309,269 0.07Unilever plc GBP 173,052 8,205,546 1.83

97,851,836 21.85






2,504,591 0.56




Cash 563,646 0.13




Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited Kingdom 21.85Germany 15.90Switzerland 15.03France 14.66Netherlands 6.94Denmark 5.58Sweden 4.81Spain 4.50Belgium 2.26Finland 1.87Jersey 1.66Luxembourg 1.57Austria 1.14Ireland 0.84Norway 0.65Italy 0.19Liechtenstein 0.18Gibraltar 0.10Total Investments 99.73Cash and Other Assets/(Liabilities) 0.27

Total 100.00


% of Net Assets

United Kingdom 27.82France 15.80Switzerland 14.57Germany 12.89Netherlands 5.69Denmark 3.47Spain 3.24Jersey 3.22Sweden 2.77Finland 2.74Italy 2.44Luxembourg 2.29Belgium 1.56Austria 0.51Norway 0.29Ireland 0.19Gibraltar 0.09Total Investments 99.58Cash and Other Assets/(Liabilities) 0.42

Total 100.00

127

JPMorgan Funds - Europe Equity FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Europe Equity FundSchedule of Investments (continued)

As at 30 June 2017


CurrencyPurchased




EUR

%of

NetAssets

EUR 2,178,996 CHF 2,367,100 21/07/2017 State Street 12,139 0.01EUR 106,327 DKK 790,593 21/07/2017 Citibank 1 -EUR 3,416,763 GBP 3,004,990 21/07/2017 State Street 3,678 -EUR 149,496 NOK 1,425,724 21/07/2017 National Australia Bank 818 -EUR 71,796 USD 80,328 21/07/2017 RBC 1,520 -GBP 173,161 USD 221,579 21/07/2017 RBC 2,824 -USD 90,048 GBP 69,338 21/07/2017 RBC 26 -


CHF 297,121 EUR 273,213 21/07/2017 HSBC (1,227) -EUR 699,704 DKK 5,204,208 21/07/2017 BNP Paribas (208) -EUR 610,474 SEK 5,970,513 21/07/2017 BNP Paribas (9,550) (0.01)EUR 103,930 SEK 1,012,115 21/07/2017 Citibank (1,176) -USD 271,750 CHF 262,883 21/07/2017 RBC (2,898) -USD 88,904 CHF 86,421 21/07/2017 Standard Chartered (1,330) -USD 420,594 EUR 374,595 21/07/2017 Citibank (6,630) -USD 15,307,908 EUR 13,659,228 21/07/2017 Goldman Sachs (266,786) (0.06)USD 89,685 EUR 79,993 21/07/2017 HSBC (1,530) -USD 101,550 EUR 89,945 21/07/2017 RBC (1,102) -USD 79,139 EUR 70,156 21/07/2017 Societe Generale (919) -USD 85,301 EUR 75,962 21/07/2017 Standard Chartered (1,335) -USD 105,147 GBP 82,558 21/07/2017 Goldman Sachs (1,780) -USD 106,106 GBP 82,686 21/07/2017 Societe Generale (1,086) -



128


Equities

Austriaams AG CHF 91,418 5,254,299 0.74CA Immobilien Anlagen AG EUR 303,465 6,480,495 0.92Flughafen Wien AG EUR 131,624 4,395,913 0.62Lenzing AG EUR 29,400 4,554,060 0.64Palfinger AG EUR 45,937 1,869,176 0.26

22,553,943 3.18

BelgiumCie d’Entreprises CFE EUR 9,456 1,176,090 0.17Ion Beam Applications EUR 24,034 1,171,538 0.17Melexis NV EUR 64,403 4,639,270 0.65

6,986,898 0.99

DenmarkAlm Brand A/S DKK 649,851 5,046,929 0.71FLSmidth & Co. A/S DKK 89,301 4,966,446 0.70Royal Unibrew A/S DKK 82,168 3,455,350 0.49SimCorp A/S DKK 80,756 4,272,930 0.60

17,741,655 2.50

Faroe IslandsBakkafrost P/F NOK 77,486 2,524,891 0.36

2,524,891 0.36

FinlandCargotec OYJ ‘B’ EUR 23,926 1,330,884 0.19Metso OYJ EUR 151,239 4,608,252 0.65Nokian Renkaat OYJ EUR 89,315 3,228,291 0.45Outotec OYJ EUR 304,122 1,824,732 0.26

10,992,159 1.55

FranceAlten SA EUR 154,895 11,308,109 1.60Europcar Groupe SA EUR 150,053 1,943,937 0.27Havas SA EUR 696,943 6,421,633 0.91Interparfums SA EUR 39,090 1,291,143 0.18IPSOS EUR 185,528 6,115,003 0.86LISI EUR 88,339 3,662,314 0.52Maisons du Monde SA EUR 145,259 4,947,158 0.70Mersen SA EUR 72,275 2,082,604 0.29Neopost SA EUR 111,029 4,507,222 0.64Remy Cointreau SA EUR 56,022 5,761,863 0.81Rexel SA EUR 363,101 5,216,854 0.74Rubis SCA EUR 59,155 5,887,697 0.83Sopra Steria Group EUR 94,716 13,238,929 1.87SPIE SA EUR 264,421 6,979,392 0.98Tarkett SA EUR 110,170 4,507,881 0.64Trigano SA EUR 83,442 8,740,550 1.23

92,612,289 13.07

GermanyAumann AG EUR 53,576 3,169,556 0.45Aurubis AG EUR 56,801 3,921,825 0.55Bauer AG EUR 84,168 1,768,580 0.25bet-at-home.com AG EUR 42,924 5,450,275 0.77CTS Eventim AG & Co. KGaA EUR 33,193 1,286,312 0.18Deutz AG EUR 476,279 3,537,324 0.50Grammer AG EUR 54,336 2,510,052 0.35Hella KGaA Hueck & Co. EUR 152,291 6,546,229 0.92HUGO BOSS AG EUR 79,692 4,943,295 0.70Isra Vision AG EUR 15,177 2,211,289 0.31Jenoptik AG EUR 277,165 6,344,307 0.90Jungheinrich AG Preference EUR 146,439 4,671,770 0.66Koenig & Bauer AG EUR 32,598 1,933,876 0.27Pfeiffer Vacuum Technology AG EUR 15,307 1,968,480 0.28Siltronic AG EUR 29,359 2,191,649 0.31Takkt AG EUR 136,658 2,979,828 0.42Wacker Neuson SE EUR 275,954 5,895,067 0.83Washtec AG EUR 62,173 4,180,823 0.59

65,510,537 9.24

Gibraltar888 Holdings plc GBP 715,838 2,081,129 0.29

2,081,129 0.29

Isle of ManPaysafe Group plc GBP 538,000 3,119,046 0.44Playtech plc GBP 285,518 3,102,951 0.44

6,221,997 0.88

IsraelPlus500 Ltd. GBP 724,013 4,481,259 0.63

4,481,259 0.63

ItalyAmplifon SpA EUR 402,592 4,684,158 0.66Banca Generali SpA EUR 228,172 6,015,755 0.85Brembo SpA EUR 323,360 4,142,242 0.59Cerved Information Solutions SpA EUR 1,161,296 11,014,893 1.55Credito Emiliano SpA EUR 784,860 5,572,506 0.79Datalogic SpA EUR 131,782 3,113,350 0.44De’ Longhi SpA EUR 121,111 3,345,691 0.47DiaSorin SpA EUR 70,316 4,721,719 0.67FinecoBank Banca Fineco SpA EUR 782,643 5,474,588 0.77Industria Macchine Automatiche SpA EUR 59,676 4,756,177 0.67Interpump Group SpA EUR 199,383 4,817,093 0.68Moncler SpA EUR 159,442 3,291,680 0.46OVS SpA EUR 283,303 1,761,436 0.25Technogym SpA EUR 598,763 4,068,595 0.57Unipol Gruppo Finanziario SpA EUR 974,217 3,758,529 0.53

70,538,412 9.95

Jerseyboohoo.com plc GBP 1,895,000 5,040,963 0.71Cape plc GBP 790,000 1,649,343 0.23Wizz Air Holdings plc GBP 128,000 3,529,687 0.50

10,219,993 1.44

LuxembourgSAF-Holland SA EUR 643,993 9,659,895 1.36Stabilus SA EUR 81,721 5,573,781 0.79

15,233,676 2.15

NetherlandsAalberts Industries NV EUR 116,142 4,055,679 0.57AMG Advanced Metallurgical Group NV EUR 49,492 1,268,480 0.18ASM International NV EUR 59,041 3,019,652 0.43ASR Nederland NV EUR 293,220 8,668,316 1.22BE Semiconductor Industries NV EUR 26,587 1,247,263 0.17ForFarmers NV EUR 293,837 2,898,261 0.41IMCD Group NV EUR 98,162 4,667,112 0.66Philips Lighting NV EUR 55,291 1,789,908 0.25TKH Group NV, CVA EUR 128,641 6,282,505 0.89

33,897,176 4.78

NorwayBorregaard ASA NOK 415,256 4,430,234 0.63Kvaerner ASA NOK 3,748,672 3,979,782 0.56Norway Royal Salmon ASA NOK 98,018 1,303,957 0.18Salmar ASA NOK 237,748 5,060,512 0.72Skandiabanken ASA NOK 603,000 4,962,541 0.70

19,737,026 2.79

SpainGrupo Catalana Occidente SA EUR 277,882 10,278,855 1.45Tecnicas Reunidas SA EUR 8,099 276,925 0.04

10,555,780 1.49

SwedenAF AB ‘B’ SEK 242,570 4,367,673 0.62Bergman & Beving AB SEK 192,645 2,453,018 0.35Bufab AB SEK 346,243 3,357,187 0.47Com Hem Holding AB SEK 416,162 5,086,310 0.72Concentric AB SEK 88,651 1,271,510 0.18Coor Service Management Holding AB SEK 493,930 3,096,610 0.44Dometic Group AB SEK 847,178 6,461,456 0.91Evolution Gaming Group AB SEK 30,345 1,381,880 0.19Husqvarna AB ‘B’ SEK 1,108,551 9,652,119 1.36Inwido AB SEK 534,655 6,544,241 0.92JM AB SEK 159,200 4,914,755 0.69Nordax Group AB SEK 630,798 2,950,863 0.42Peab AB SEK 576,695 6,141,095 0.87

129

JPMorgan Funds - Europe Small Cap FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Scandic Hotels Group AB SEK 448,548 5,047,798 0.71Thule Group AB SEK 292,370 4,810,486 0.68Trelleborg AB ‘B’ SEK 241,218 4,802,960 0.68

72,339,961 10.21

SwitzerlandBobst Group SA CHF 46,049 3,885,747 0.55Bossard Holding AG CHF 18,082 3,222,076 0.45Bucher Industries AG CHF 39,205 10,880,922 1.54Cembra Money Bank AG CHF 21,341 1,776,400 0.25Comet Holding AG CHF 14,230 1,553,706 0.22dormakaba Holding AG CHF 4,849 3,704,521 0.52Forbo Holding AG CHF 7,377 10,596,551 1.49Georg Fischer AG CHF 5,599 4,750,219 0.67Gurit Holding AG CHF 3,412 3,591,123 0.51Kardex AG CHF 3,262 327,950 0.05Logitech International SA CHF 38,686 1,245,407 0.18Oriflame Holding AG SEK 112,972 3,722,830 0.52Sulzer AG CHF 38,548 3,838,435 0.54Temenos Group AG CHF 51,821 4,052,670 0.57VAT Group AG CHF 10,966 1,194,816 0.17

58,343,373 8.23

United Kingdom4imprint Group plc GBP 155,553 3,031,091 0.43Aldermore Group plc GBP 940,619 2,331,446 0.33Alfa Financial Software Holdings plc GBP 555,000 2,979,554 0.42Ascential plc GBP 677,000 2,483,011 0.35Ashtead Group plc GBP 121,813 2,215,164 0.31Avon Rubber plc GBP 148,335 1,720,782 0.24Beazley plc GBP 566,736 3,149,452 0.44Bellway plc GBP 132,000 4,479,122 0.63BGEO Group plc GBP 117,927 4,733,168 0.67Close Brothers Group plc GBP 140,000 2,407,504 0.34Coats Group plc GBP 3,170,000 2,797,673 0.40Costain Group plc GBP 370,000 1,945,906 0.28Crest Nicholson Holdings plc GBP 345,000 2,052,070 0.29CVS Group plc GBP 138,000 1,986,608 0.28DS Smith plc GBP 435,480 2,364,127 0.33Electrocomponents plc GBP 940,000 6,165,216 0.87FDM Group Holdings plc GBP 295,000 2,533,125 0.36Fenner plc GBP 1,100,000 3,568,250 0.50Ferrexpo plc GBP 990,000 2,324,487 0.33Fevertree Drinks plc GBP 424,000 8,218,667 1.16Forterra plc GBP 1,010,000 2,934,901 0.41Hill & Smith Holdings plc GBP 375,000 5,886,249 0.83Inchcape plc GBP 300,000 2,581,172 0.36Indivior plc GBP 639,139 2,266,810 0.32Intermediate Capital Group plc GBP 500,000 4,745,074 0.67JD Sports Fashion plc GBP 3,299,300 13,054,776 1.84John Laing Group plc GBP 893,341 3,078,042 0.43Just Eat plc GBP 943,328 7,006,980 0.99KAZ Minerals plc GBP 546,584 3,258,861 0.46Man Group plc GBP 1,432,000 2,527,614 0.36Melrose Industries plc GBP 2,370,323 6,528,248 0.92Micro Focus International plc GBP 137,000 3,507,020 0.50Novae Group plc GBP 238,648 1,548,283 0.22OneSavings Bank plc GBP 1,580,000 6,806,512 0.96Renishaw plc GBP 106,236 4,376,793 0.62Rightmove plc GBP 54,660 2,639,460 0.37RPC Group plc GBP 316,757 2,721,749 0.38Sophos Group plc GBP 1,030,000 5,175,025 0.73Spirax-Sarco Engineering plc GBP 78,000 4,752,459 0.67TBC Bank Group plc GBP 150,000 2,701,326 0.38Telit Communications plc GBP 509,147 1,805,628 0.26TP ICAP plc GBP 604,791 3,222,810 0.46Trinity Mirror plc GBP 1,183,353 1,334,447 0.19Vesuvius plc GBP 513,000 3,083,398 0.44Victoria plc GBP 640,486 3,675,001 0.52Watkin Jones plc GBP 1,270,000 2,866,118 0.40Wincanton plc GBP 1,025,436 2,909,850 0.41Workspace Group plc, REIT GBP 275,000 2,783,985 0.39

173,265,014 24.45




Equities

SwedenMomentum Group AB ‘B’* SEK 192,645 1,622,843 0.23

1,622,843 0.23


Total Other transferable securities and money marketinstruments 1,622,843 0.23




8,985,623 1.27



8,985,623 1.27


Cash 523,073 0.07




130

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited Kingdom 24.45France 13.07Sweden 10.44Italy 9.95Germany 9.24Switzerland 8.23Netherlands 4.78Luxembourg 3.42Austria 3.18Norway 2.79Denmark 2.50Finland 1.55Spain 1.49Jersey 1.44Belgium 0.99Isle of Man 0.88Israel 0.63Faroe Islands 0.36Gibraltar 0.29Total Investments 99.68Cash and Other Assets/(Liabilities) 0.32

Total 100.00


% of Net Assets

United Kingdom 24.36Sweden 12.55France 11.41Switzerland 10.16Italy 6.72Germany 5.24Finland 4.62Norway 3.70Austria 3.67Denmark 3.40Belgium 3.29Spain 2.58Luxembourg 2.39Netherlands 1.20Isle of Man 0.86Jersey 0.82Israel 0.77Faroe Islands 0.75Gibraltar 0.66Cayman Islands 0.57Total Investments 99.72Cash and Other Assets/(Liabilities) 0.28

Total 100.00

131


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets


As at 30 June 2017


CurrencyPurchased




EUR

%of

NetAssets

CHF 54,916 USD 56,856 14/07/2017 State Street 504 -EUR 673,695 CHF 731,838 14/07/2017 Goldman Sachs 3,827 -EUR 2,311,498 GBP 2,007,353 14/07/2017 National Australia Bank 31,182 0.01EUR 270,715 NOK 2,580,498 14/07/2017 HSBC 1,548 -EUR 82,668 USD 93,190 14/07/2017 Goldman Sachs 1,106 -EUR 66,564 USD 75,644 14/07/2017 HSBC 358 -EUR 72,725 USD 82,980 14/07/2017 National Australia Bank 98 -EUR 80,886 USD 90,487 14/07/2017 Standard Chartered 1,690 -GBP 36,648 USD 46,656 14/07/2017 National Australia Bank 797 -


EUR 206,854 DKK 1,538,520 14/07/2017 BNP Paribas (55) -EUR 779,280 SEK 7,624,467 14/07/2017 Deutsche Bank (12,474) -USD 43,544 CHF 41,874 14/07/2017 RBC (218) -USD 54,325 CHF 52,831 14/07/2017 Standard Chartered (810) -USD 8,863,782 EUR 7,865,773 14/07/2017 Goldman Sachs (107,973) (0.02)USD 54,044 EUR 47,992 14/07/2017 National Australia Bank (691) -USD 438,860 EUR 390,954 14/07/2017 RBC (6,854) -USD 73,378 EUR 65,368 14/07/2017 Standard Chartered (1,146) -USD 73,928 EUR 65,750 14/07/2017 Toronto-Dominion Bank (1,047) -USD 72,881 GBP 56,894 14/07/2017 RBC (843) -USD 132,921 SEK 1,152,579 14/07/2017 RBC (3,353) -



132


Equities

Austriaams AG CHF 67,152 3,859,597 1.39

3,859,597 1.39

BelgiumEconocom Group SA EUR 204,385 1,491,704 0.54

1,491,704 0.54

DenmarkNKT A/S DKK 27,774 1,945,977 0.70Vestas Wind Systems A/S DKK 62,801 5,060,996 1.81

7,006,973 2.51

FinlandNokia OYJ EUR 3,157,996 17,029,493 6.11

17,029,493 6.11

FranceAkka Technologies EUR 24,220 1,093,533 0.39Altran Technologies SA EUR 350,447 5,039,428 1.81Atos SE EUR 90,456 11,105,735 3.98Capgemini SE EUR 87,303 7,895,683 2.83Dassault Systemes SE EUR 25,883 2,029,356 0.73Devoteam SA EUR 32,713 2,278,951 0.82Lectra EUR 100,223 2,399,339 0.86Neopost SA EUR 68,075 2,763,505 0.99SOITEC EUR 57,351 3,120,755 1.12Ubisoft Entertainment SA EUR 42,355 2,103,455 0.76Vivendi SA EUR 241,060 4,747,677 1.70

44,577,417 15.99

GermanyAumann AG EUR 20,882 1,235,379 0.44Bechtle AG EUR 11,946 1,339,445 0.48Carl Zeiss Meditec AG EUR 98,406 4,487,068 1.61Delivery Hero AG EUR 81,515 2,230,658 0.80Duerr AG EUR 34,685 3,605,506 1.29Evotec AG EUR 354,434 4,946,126 1.77Infineon Technologies AG EUR 705,984 13,143,657 4.72Jenoptik AG EUR 129,165 2,956,587 1.06SAP SE EUR 110,908 10,178,027 3.65Siltronic AG EUR 33,090 2,470,168 0.89Software AG EUR 96,432 3,692,622 1.33Suess MicroTec AG EUR 132,242 1,357,134 0.49Wirecard AG EUR 96,687 5,402,870 1.94

57,045,247 20.47

Gibraltar888 Holdings plc GBP 601,795 1,749,576 0.63

1,749,576 0.63

Isle of ManPlaytech plc GBP 315,906 3,433,202 1.23

3,433,202 1.23

Jerseyboohoo.com plc GBP 724,973 1,928,529 0.69

1,928,529 0.69

LuxembourgSolutions 30 SE EUR 55,146 1,286,832 0.46

1,286,832 0.46

NetherlandsASM International NV EUR 100,440 5,137,004 1.84ASML Holding NV EUR 164,196 18,882,540 6.77BE Semiconductor Industries NV EUR 58,578 2,748,040 0.99NXP Semiconductors NV USD 121,648 11,629,402 4.17Philips Lighting NV EUR 124,074 4,016,586 1.44STMicroelectronics NV EUR 527,090 6,657,147 2.39TKH Group NV, CVA EUR 66,698 3,257,364 1.17

52,328,083 18.77

NorwayAtea ASA NOK 145,419 1,695,572 0.61

1,695,572 0.61

SpainAmadeus IT Group SA EUR 269,336 14,141,487 5.07Gamesa Corp. Technologica SA EUR 133,080 2,489,261 0.89Masmovil Ibercom SA EUR 30,362 1,858,003 0.67

18,488,751 6.63

SwedenCellavision AB SEK 116,823 1,822,665 0.65Evolution Gaming Group AB SEK 46,878 2,134,775 0.77Hexagon AB ‘B’ SEK 171,507 7,177,130 2.58Mycronic AB SEK 93,205 736,767 0.26Telefonaktiebolaget LM Ericsson ‘B’ SEK 1,076,253 6,780,912 2.43

18,652,249 6.69

SwitzerlandInficon Holding AG CHF 6,593 2,834,479 1.02Kardex AG CHF 12,624 1,269,172 0.45Logitech International SA CHF 174,739 5,625,322 2.02Temenos Group AG CHF 41,819 3,270,462 1.17VAT Group AG CHF 30,348 3,306,609 1.19

16,306,044 5.85

United Kingdomaccesso Technology Group plc GBP 58,263 1,156,822 0.42Alfa Financial Software Holdings plc GBP 297,127 1,595,146 0.57Cineworld Group plc GBP 248,857 1,979,267 0.71Computacenter plc GBP 166,947 1,537,405 0.55Dialog Semiconductor plc EUR 81,702 3,063,008 1.10Electrocomponents plc GBP 564,234 3,700,664 1.33Gocompare.Com Group plc GBP 1,078,453 1,292,737 0.46Micro Focus International plc GBP 112,652 2,883,743 1.03Smiths Group plc GBP 140,760 2,545,320 0.91Sophos Group plc GBP 764,668 3,841,918 1.38ZPG plc GBP 494,793 2,025,275 0.73

25,621,305 9.19



272,500,574 97.76




10,871,816 3.90



10,871,816 3.90


Cash 415,719 0.15




133

JPMorgan Funds - Europe Technology FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsGermany 20.47Netherlands 18.77France 15.99United Kingdom 9.19Sweden 6.69Spain 6.63Finland 6.11Switzerland 5.85Luxembourg 4.36Denmark 2.51Austria 1.39Isle of Man 1.23Jersey 0.69Gibraltar 0.63Norway 0.61Belgium 0.54Total Investments 101.66Cash and Other Assets/(Liabilities) (1.66)

Total 100.00


% of Net Assets

United Kingdom 19.29Netherlands 18.72Germany 17.00France 12.61Switzerland 7.93Spain 6.15Luxembourg 3.98Finland 3.84Isle of Man 1.84Denmark 1.74Belgium 1.58Sweden 1.33Jersey 1.08Gibraltar 0.92Italy 0.82Total Investments 98.83Cash and Other Assets/(Liabilities) 1.17

Total 100.00

134

JPMorgan Funds - Europe Technology FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Europe Technology FundSchedule of Investments (continued)

As at 30 June 2017


CurrencyPurchased




EUR

%of

NetAssets

CHF 718,135 USD 736,199 07/07/2017 Goldman Sachs 12,689 0.01CHF 365,088 USD 375,289 07/07/2017 RBC 5,560 -CHF 498,637 USD 516,027 07/07/2017 State Street 4,566 -CHF 368,920 USD 384,948 08/08/2017 ANZ 1,343 -CHF 588,324 USD 616,168 08/08/2017 RBC 146 -DKK 1,913,124 USD 292,778 08/08/2017 State Street 1,426 -EUR 5,454,336 CHF 5,917,551 07/07/2017 National Australia Bank 38,320 0.02EUR 5,825,984 GBP 5,078,038 07/07/2017 RBC 56,616 0.02EUR 162,100 NOK 1,543,312 07/07/2017 National Australia Bank 1,085 -EUR 352,839 USD 398,079 07/07/2017 ANZ 4,299 -EUR 932,271 USD 1,042,554 07/07/2017 BNP Paribas 19,458 0.01EUR 509,866 USD 573,077 07/07/2017 Citibank 8,106 -EUR 5,892,066 USD 6,573,568 07/07/2017 Goldman Sachs 136,552 0.05EUR 1,343,687 USD 1,505,988 07/07/2017 National Australia Bank 25,113 -GBP 401,838 USD 507,331 07/07/2017 RBC 12,350 0.01GBP 241,875 USD 310,529 08/08/2017 RBC 3,213 -SEK 2,865,039 USD 328,437 07/07/2017 Barclays 9,944 -SEK 4,436,553 USD 523,505 08/08/2017 Barclays 3,224 -SEK 2,367,256 USD 278,851 08/08/2017 RBC 2,141 -USD 343,180 GBP 264,363 07/07/2017 RBC 119 -


CHF 389,056 EUR 357,595 07/07/2017 RBC (1,514) -CHF 279,501 EUR 256,756 07/07/2017 Standard Chartered (944) -EUR 1,410,098 DKK 10,488,360 07/07/2017 National Australia Bank (402) -EUR 3,363,690 SEK 32,780,801 07/07/2017 Citibank (40,298) (0.02)EUR 299,901 SEK 2,919,070 07/07/2017 Merrill Lynch (3,218) -EUR 556,876 USD 637,646 08/08/2017 Citibank (424) -EUR 4,795,966 USD 5,487,434 08/08/2017 National Australia Bank (28) -GBP 282,765 EUR 322,065 07/07/2017 RBC (804) -GBP 687,034 USD 892,879 08/08/2017 State Street (346) -USD 477,311 CHF 459,477 07/07/2017 RBC (2,623) -USD 600,532 EUR 535,180 07/07/2017 Barclays (9,381) -USD 56,128,466 EUR 49,817,792 07/07/2017 BNP Paribas (674,286) (0.25)USD 6,504,946 EUR 5,781,187 07/07/2017 Goldman Sachs (85,755) (0.03)USD 1,112,211 EUR 992,740 07/07/2017 RBC (18,939) -USD 632,664 EUR 564,794 07/07/2017 UBS (10,863) -USD 230,933 EUR 202,052 08/08/2017 National Australia Bank (218) -





GlobalExposure

EUR


EUR

%of

NetAssets

EURO STOXX 50 Index, 15/09/2017 54 EUR 1,867,590 (1,350) -

Total Unrealised Loss on Financial Futures Contracts (1,350) -

Net Unrealised Loss on Financial Futures Contracts (1,350) -

135


Equities

AustraliaAGL Energy Ltd. AUD 157,518 3,091,397 0.81Fortescue Metals Group Ltd. AUD 105,533 423,074 0.11Qantas Airways Ltd. AUD 862,275 3,794,854 0.99

7,309,325 1.91

AustriaErste Group Bank AG EUR 10,291 396,862 0.10

396,862 0.10

BelgiumKBC Group NV EUR 18,510 1,410,623 0.37

1,410,623 0.37

BermudaEverest Re Group Ltd. USD 11,755 2,989,414 0.78Hongkong Land Holdings Ltd. USD 312,000 2,297,880 0.60Luk Fook Holdings International Ltd. HKD 129,000 440,813 0.12

5,728,107 1.50

CanadaBank of Nova Scotia (The) CAD 23,784 1,433,797 0.37Canadian Imperial Bank of Commerce CAD 39,474 3,219,067 0.84Canadian National Railway Co. CAD 16,377 1,325,735 0.35Celestica, Inc. CAD 27,287 370,134 0.10Constellation Software, Inc. CAD 3,277 1,717,364 0.45Maple Leaf Foods, Inc. CAD 14,460 360,934 0.09Rogers Communications, Inc. ‘B’ CAD 57,130 2,703,253 0.71Royal Bank of Canada CAD 57,024 4,155,704 1.09

15,285,988 4.00

Cayman IslandsCheung Kong Property Holdings Ltd. HKD 56,000 438,856 0.11WH Group Ltd. HKD 1,627,500 1,636,632 0.43Xinyi Glass Holdings Ltd. HKD 1,256,000 1,241,326 0.33

3,316,814 0.87

DenmarkDanske Bank A/S DKK 83,691 3,217,649 0.84Dfds A/S DKK 38,379 2,039,599 0.54Novo Nordisk A/S ‘B’ DKK 45,673 1,962,194 0.51Schouw & Co. AB DKK 5,530 592,354 0.16Vestas Wind Systems A/S DKK 33,307 3,065,179 0.80

10,876,975 2.85

FinlandOutokumpu OYJ EUR 142,919 1,137,966 0.30UPM-Kymmene OYJ EUR 47,541 1,355,077 0.35

2,493,043 0.65

FranceBNP Paribas SA EUR 15,846 1,152,140 0.30Christian Dior SE EUR 6,710 1,940,656 0.51Cie Generale des Etablissements Michelin EUR 23,416 3,141,297 0.83Sanofi EUR 27,252 2,634,367 0.69Schneider Electric SE EUR 18,416 1,420,389 0.37Valeo SA EUR 19,856 1,344,840 0.35Vinci SA EUR 16,947 1,453,492 0.38

13,087,181 3.43

GermanyAurubis AG EUR 4,566 360,014 0.09Covestro AG EUR 38,926 2,818,697 0.74Siemens AG EUR 11,486 1,586,119 0.42Uniper SE EUR 169,647 3,198,968 0.84

7,963,798 2.09

Hong KongWharf Holdings Ltd. (The) HKD 149,000 1,234,477 0.32

1,234,477 0.32

IrelandAccenture plc ‘A’ USD 2,983 369,803 0.10Allergan plc USD 15,330 3,737,147 0.98Eaton Corp. plc USD 19,775 1,536,023 0.40Ingersoll-Rand plc USD 17,208 1,571,090 0.41

7,214,063 1.89

JapanAstellas Pharma, Inc. JPY 80,700 988,468 0.26Bandai Namco Holdings, Inc. JPY 39,200 1,336,900 0.35Bridgestone Corp. JPY 40,700 1,756,209 0.46Daikin Industries Ltd. JPY 13,000 1,329,210 0.35Idemitsu Kosan Co. Ltd. JPY 47,000 1,335,763 0.35Kansai Electric Power Co., Inc. (The) JPY 109,600 1,511,025 0.40KDDI Corp. JPY 13,600 360,569 0.09Matsumotokiyoshi Holdings Co. Ltd. JPY 21,000 1,196,469 0.31Mitsubishi Corp. JPY 57,600 1,209,726 0.32Mitsubishi UFJ Financial Group, Inc. JPY 310,600 2,089,775 0.55Mitsui Chemicals, Inc. JPY 71,000 376,033 0.10Nichias Corp. JPY 32,000 370,202 0.10Nichirei Corp. JPY 50,700 1,422,837 0.37Nippon Telegraph & Telephone Corp. JPY 31,000 1,468,392 0.38Obayashi Corp. JPY 144,500 1,701,326 0.44ORIX Corp. JPY 96,800 1,501,995 0.39Penta-Ocean Construction Co. Ltd. JPY 293,300 1,669,761 0.44Shionogi & Co. Ltd. JPY 23,800 1,328,305 0.35SoftBank Group Corp. JPY 20,300 1,646,191 0.43Subaru Corp. JPY 33,300 1,123,955 0.29Sumitomo Corp. JPY 28,200 367,602 0.10Sumitomo Mitsui Financial Group, Inc. JPY 21,100 824,114 0.22Taisei Corp. JPY 207,000 1,893,647 0.50Tokyo Electron Ltd. JPY 10,900 1,472,382 0.38

30,280,856 7.93

LuxembourgArcelorMittal EUR 56,447 1,289,204 0.34

1,289,204 0.34

NetherlandsASR Nederland NV EUR 91,285 3,081,708 0.81ING Groep NV EUR 130,158 2,258,141 0.59Philips Lighting NV EUR 81,964 3,030,053 0.79RELX NV EUR 64,416 1,330,525 0.35Unilever NV, CVA EUR 60,723 3,355,866 0.88

13,056,293 3.42

NorwayNorsk Hydro ASA NOK 214,502 1,185,260 0.31

1,185,260 0.31

PanamaCarnival Corp. USD 21,802 1,432,937 0.37Copa Holdings SA ‘A’ USD 11,800 1,368,387 0.36

2,801,324 0.73

SingaporeVenture Corp. Ltd. SGD 149,900 1,313,412 0.34

1,313,412 0.34

SpainAmadeus IT Group SA EUR 24,821 1,488,232 0.39Repsol SA EUR 96,335 1,486,520 0.39

2,974,752 0.78

SwedenAtlas Copco AB ‘A’ SEK 42,432 1,632,008 0.43Electrolux AB SEK 64,937 2,126,820 0.56JM AB SEK 77,448 2,730,360 0.71Loomis AB ‘B’ SEK 53,157 1,911,508 0.50

8,400,696 2.20

SwitzerlandABB Ltd. CHF 52,279 1,299,585 0.34Adecco Group AG CHF 39,589 3,027,691 0.79Cie Financiere Richemont SA CHF 6,232 518,297 0.14Roche Holding AG CHF 13,035 3,324,790 0.87UBS Group AG CHF 112,063 1,919,035 0.50

10,089,398 2.64

136

JPMorgan Funds - Global Dynamic FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

United Kingdom3i Group plc GBP 244,990 2,883,122 0.76Barratt Developments plc GBP 120,594 889,927 0.23British American Tobacco plc GBP 50,493 3,451,968 0.90Burberry Group plc GBP 62,322 1,357,282 0.36JD Sports Fashion plc GBP 320,649 1,448,867 0.38Lloyds Banking Group plc GBP 1,899,151 1,641,369 0.43Persimmon plc GBP 48,124 1,411,476 0.37Polypipe Group plc GBP 189,943 943,661 0.25Rio Tinto plc GBP 45,381 1,920,873 0.50Savills plc GBP 121,282 1,380,470 0.36Taylor Wimpey plc GBP 524,017 1,206,504 0.32

18,535,519 4.86

United States of AmericaAbbVie, Inc. USD 5,553 402,565 0.11Adobe Systems, Inc. USD 10,979 1,552,266 0.41Aetna, Inc. USD 10,604 1,618,754 0.42Alcoa Corp. USD 39,470 1,310,996 0.34Allison Transmission Holdings, Inc. USD 73,933 2,747,720 0.72Alphabet, Inc. ‘C’ USD 7,765 7,114,914 1.86Altria Group, Inc. USD 32,859 2,449,474 0.64Amazon.com, Inc. USD 2,599 2,540,886 0.67AMC Networks, Inc. ‘A’ USD 52,855 2,819,286 0.74Amgen, Inc. USD 25,205 4,360,591 1.14Anthem, Inc. USD 18,230 3,435,535 0.90Apple, Inc. USD 67,876 9,804,009 2.57Applied Materials, Inc. USD 40,129 1,659,134 0.44Baker Hughes, Inc. USD 22,170 1,197,513 0.31Bank of America Corp. USD 170,043 4,158,402 1.09Baxter International, Inc. USD 55,538 3,356,717 0.88Best Buy Co., Inc. USD 26,625 1,537,993 0.40Biogen, Inc. USD 6,681 1,818,802 0.48Boeing Co. (The) USD 8,015 1,594,103 0.42CACI International, Inc. ‘A’ USD 11,936 1,485,734 0.39Cadence Design Systems, Inc. USD 82,661 2,765,424 0.72CBS Corp. (Non-Voting) ‘B’ USD 22,930 1,458,692 0.38Celgene Corp. USD 18,836 2,454,519 0.64CenterPoint Energy, Inc. USD 46,558 1,283,371 0.34Cigna Corp. USD 8,082 1,350,179 0.35Citigroup, Inc. USD 59,281 3,969,159 1.04Citrix Systems, Inc. USD 35,707 2,827,816 0.74Comcast Corp. ‘A’ USD 120,787 4,714,921 1.24Conagra Brands, Inc. USD 76,094 2,717,697 0.71Cooper Cos., Inc. (The) USD 6,756 1,611,678 0.42Corning, Inc. USD 49,826 1,501,008 0.39Cummins, Inc. USD 8,742 1,414,412 0.37CVS Health Corp. USD 4,838 387,766 0.10Delta Air Lines, Inc. USD 57,033 3,087,767 0.81Devon Energy Corp. USD 34,469 1,095,080 0.29Diamondback Energy, Inc. USD 15,475 1,354,449 0.36DISH Network Corp. ‘A’ USD 22,760 1,422,500 0.37DXC Technology Co. USD 7,354 572,987 0.15East West Bancorp, Inc. USD 26,074 1,517,637 0.40eBay, Inc. USD 33,412 1,162,236 0.30Electronic Arts, Inc. USD 16,007 1,701,064 0.45EOG Resources, Inc. USD 13,120 1,186,310 0.31Exxon Mobil Corp. USD 8,684 703,925 0.18Facebook, Inc. ‘A’ USD 33,790 5,086,747 1.33Foot Locker, Inc. USD 17,907 875,473 0.23Gilead Sciences, Inc. USD 37,195 2,639,915 0.69Goldman Sachs Group, Inc. (The) USD 9,145 2,055,613 0.54Halliburton Co. USD 32,127 1,368,450 0.36Harris Corp. USD 13,187 1,445,427 0.38Hewlett Packard Enterprise Co. USD 40,077 668,284 0.18HollyFrontier Corp. USD 61,873 1,725,329 0.45Hologic, Inc. USD 64,627 2,952,484 0.77HP, Inc. USD 73,506 1,291,133 0.34Humana, Inc. USD 1,614 389,006 0.10International Business Machines Corp. USD 7,860 1,212,641 0.32JM Smucker Co. (The) USD 6,905 815,101 0.21Johnson & Johnson USD 5,977 794,463 0.21Lam Research Corp. USD 10,809 1,534,446 0.40Lear Corp. USD 8,992 1,268,501 0.33Lincoln National Corp. USD 18,520 1,246,859 0.33ManpowerGroup, Inc. USD 28,405 3,154,659 0.83Marathon Petroleum Corp. USD 58,608 3,050,839 0.80MetLife, Inc. USD 27,787 1,534,120 0.40Microsoft Corp. USD 67,868 4,687,982 1.23Morgan Stanley USD 48,211 2,164,433 0.57NetApp, Inc. USD 27,854 1,114,021 0.29Nu Skin Enterprises, Inc. ‘A’ USD 16,438 1,029,348 0.27Office Depot, Inc. USD 182,956 1,025,468 0.27Owens Corning USD 21,930 1,464,814 0.38PepsiCo, Inc. USD 4,731 548,867 0.14

Pfizer, Inc. USD 123,387 4,147,654 1.09PNC Financial Services Group, Inc. (The) USD 17,471 2,184,749 0.57Priceline Group, Inc. (The) USD 950 1,787,643 0.47Procter & Gamble Co. (The) USD 20,499 1,786,795 0.47Prologis, Inc., REIT USD 27,298 1,601,301 0.42Quest Diagnostics, Inc. USD 3,453 384,699 0.10Raymond James Financial, Inc. USD 16,212 1,305,309 0.34Raytheon Co. USD 9,813 1,578,127 0.41Rockwell Automation, Inc. USD 7,909 1,271,293 0.33Silgan Holdings, Inc. USD 11,991 381,314 0.10Southwest Airlines Co. USD 26,588 1,653,375 0.43State Street Corp. USD 16,507 1,484,475 0.39SunTrust Banks, Inc. USD 25,449 1,442,577 0.38Sysco Corp. USD 23,791 1,192,524 0.31Teradyne, Inc. USD 41,129 1,241,890 0.33Tesoro Corp. USD 4,247 396,436 0.10Thermo Fisher Scientific, Inc. USD 7,254 1,267,600 0.33Time Warner, Inc. USD 23,298 2,333,411 0.61T-Mobile US, Inc. USD 21,909 1,314,430 0.34Toll Brothers, Inc. USD 33,990 1,340,056 0.35United Continental Holdings, Inc. USD 22,268 1,683,461 0.44United Rentals, Inc. USD 9,867 1,100,861 0.29UnitedHealth Group, Inc. USD 24,903 4,625,608 1.21Valero Energy Corp. USD 48,262 3,233,071 0.85VeriSign, Inc. USD 4,094 381,458 0.10Visa, Inc. ‘A’ USD 27,443 2,586,228 0.68VMware, Inc. ‘A’ USD 30,780 2,689,556 0.71Walgreens Boots Alliance, Inc. USD 44,031 3,429,795 0.90Wal-Mart Stores, Inc. USD 53,224 4,054,338 1.06WellCare Health Plans, Inc. USD 17,721 3,202,716 0.84Western Digital Corp. USD 13,936 1,264,901 0.33Western Union Co. (The) USD 82,359 1,563,586 0.41Xerox Corp. USD 13,460 390,811 0.10Yum! Brands, Inc. USD 41,451 3,058,669 0.80Zions Bancorporation USD 30,532 1,334,248 0.35

211,065,379 55.28






3,423,161 0.90




Cash 479,606 0.13




137

JPMorgan Funds - Global Dynamic FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited States of America 55.28Japan 7.93United Kingdom 4.86Canada 4.00France 3.43Netherlands 3.42Denmark 2.85Switzerland 2.64Sweden 2.20Germany 2.09Australia 1.91Ireland 1.89Bermuda 1.50Luxembourg 1.24Cayman Islands 0.87Spain 0.78Panama 0.73Finland 0.65Belgium 0.37Singapore 0.34Hong Kong 0.32Norway 0.31Austria 0.10Total Investments 99.71Cash and Other Assets/(Liabilities) 0.29

Total 100.00


% of Net Assets

United States of America 55.34Japan 8.32United Kingdom 5.67France 4.89Switzerland 3.34Germany 2.29Ireland 1.93Australia 1.93Netherlands 1.58Canada 1.57Jersey 1.32Sweden 1.04Denmark 0.84Cayman Islands 0.82Luxembourg 0.79Hong Kong 0.76Finland 0.75Russia 0.68Bermuda 0.67Spain 0.63Italy 0.55Curacao 0.53Singapore 0.51South Korea 0.50Israel 0.37Taiwan 0.35China 0.34Belgium 0.31Norway 0.29India 0.28Austria 0.27Indonesia 0.23Panama 0.22Total Investments 99.91Cash and Other Assets/(Liabilities) 0.09

Total 100.00

138


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

AUD 15,587 USD 11,966 05/07/2017 ANZ 16 -AUD 8,450 USD 6,369 05/07/2017 National Australia Bank 126 -AUD 328,917 USD 247,870 21/07/2017 ANZ 4,922 -CAD 4,485 CHF 3,295 03/08/2017 RBC 12 -CAD 31,430 USD 23,911 05/07/2017 RBC 340 -CHF 3,668 USD 3,756 05/07/2017 ANZ 78 -CHF 3,748 USD 3,867 05/07/2017 HSBC 50 -CHF 3,493 USD 3,628 05/07/2017 RBC 23 -CHF 4,182 USD 4,329 05/07/2017 Standard Chartered 42 -CHF 603,414 USD 619,027 05/07/2017 State Street 11,663 -CHF 608,968 USD 636,741 03/08/2017 ANZ 1,029 -CHF 4,375 USD 4,534 03/08/2017 RBC 48 -DKK 108,160 USD 16,588 05/07/2017 HSBC 23 -EUR 17,806 CHF 19,433 03/08/2017 RBC 16 -EUR 67,265 USD 76,704 05/07/2017 State Street 114 -EUR 29,965,499 USD 33,583,947 21/07/2017 Goldman Sachs 667,409 0.17JPY 5,656,187 USD 50,310 05/07/2017 ANZ 124 -SEK 23,413 CHF 2,634 03/08/2017 RBC 23 -SEK 120,767 USD 14,186 05/07/2017 Toronto-Dominion Bank 136 -USD 33,067 GBP 25,451 03/08/2017 National Australia Bank 10 -USD 4,246 HKD 33,055 05/07/2017 ANZ 11 -USD 4,063 HKD 31,656 05/07/2017 State Street 8 -USD 434,250 HKD 3,382,089 21/07/2017 HSBC 757 -USD 8,298 HKD 64,711 03/08/2017 Societe Generale 1 -USD 58,845 JPY 6,520,832 05/07/2017 Standard Chartered 701 -USD 3,430,122 JPY 377,840,959 21/07/2017 Barclays 58,593 0.02USD 2,142 NOK 17,967 03/08/2017 Toronto-Dominion Bank - -


AUD 2,499 CHF 1,838 03/08/2017 Standard Chartered (4) -CHF 4,371 CAD 6,079 05/07/2017 RBC (122) -CHF 3,236 EUR 2,978 05/07/2017 Toronto-Dominion Bank (19) -EUR 258,914 CAD 391,040 21/07/2017 Standard Chartered (5,886) -EUR 2,933 DKK 21,813 05/07/2017 Toronto-Dominion Bank (1) -EUR 248,694 DKK 1,849,554 21/07/2017 Societe Generale (59) -GBP 5,628 CHF 6,983 03/08/2017 RBC (4) -GBP 25,451 USD 33,037 05/07/2017 National Australia Bank (13) -HKD 64,711 USD 8,291 05/07/2017 Societe Generale (1) -JPY 1,010,195 CHF 8,640 03/08/2017 Credit Suisse (29) -JPY 864,645 USD 7,871 05/07/2017 RBC (161) -JPY 52,283,671 USD 476,266 21/07/2017 National Australia Bank (9,731) -NOK 17,967 USD 2,141 05/07/2017 Toronto-Dominion Bank - -USD 17,889 AUD 24,037 05/07/2017 ANZ (589) -USD 933,051 AUD 1,236,865 21/07/2017 ANZ (17,553) (0.01)USD 11,962 AUD 15,587 03/08/2017 ANZ (15) -USD 18,836 CAD 25,351 05/07/2017 Merrill Lynch (724) -USD 1,073,032 CAD 1,448,480 21/07/2017 Barclays (45,005) (0.01)USD 23,927 CAD 31,430 03/08/2017 RBC (339) -USD 635,588 CHF 608,968 05/07/2017 ANZ (908) -USD 17,701 CHF 17,143 05/07/2017 RBC (218) -USD 1,030,173 CHF 998,933 21/07/2017 Goldman Sachs (15,044) -USD 83,999 CHF 80,472 03/08/2017 Merrill Lynch (279) -USD 3,349 CHF 3,211 03/08/2017 UBS (14) -USD 12,978 DKK 86,347 05/07/2017 Toronto-Dominion Bank (283) -USD 755,179 DKK 5,012,392 21/07/2017 State Street (15,351) (0.01)USD 16,615 DKK 108,160 03/08/2017 HSBC (25) -USD 75,174 EUR 67,220 05/07/2017 State Street (1,593) -USD 677,526 EUR 603,188 21/07/2017 BNP Paribas (11,934) -USD 254,880 EUR 227,547 21/07/2017 Goldman Sachs (5,212) -USD 191,485 EUR 170,791 21/07/2017 HSBC (3,733) -USD 202,602 EUR 178,212 21/07/2017 National Australia Bank (1,099) -USD 76,821 EUR 67,265 03/08/2017 State Street (123) -USD 32,768 GBP 25,451 05/07/2017 National Australia Bank (256) -USD 1,852,270 GBP 1,454,243 21/07/2017 Toronto-Dominion Bank (35,710) (0.01)USD 50,371 JPY 5,656,187 03/08/2017 ANZ (131) -USD 2,130 NOK 17,967 05/07/2017 Societe Generale (10) -USD 120,464 NOK 1,025,818 21/07/2017 Deutsche Bank (1,810) -USD 13,835 SEK 120,767 05/07/2017 Societe Generale (487) -USD 669,321 SEK 5,839,776 21/07/2017 State Street (23,865) (0.01)USD 14,209 SEK 120,767 03/08/2017 Toronto-Dominion Bank (138) -



139


As at 30 June 2017



GlobalExposure

USD


USD

%of

NetAssets

FTSE 100 Index, 15/09/2017 1 GBP 94,688 61 -S&P 500 Emini Index, 15/09/2017 9 USD 1,090,744 1,744 -


EURO STOXX 50 Index, 15/09/2017 6 EUR 236,968 (171) -

Total Unrealised Loss on Financial Futures Contracts (171) -


140


Bonds

AustraliaAustralia Government Bond, Reg. S5.75% 15/05/2021 AUD 1,170,000 895,363 0.27Australia Government Bond, Reg. S5.5% 21/04/2023 AUD 775,000 612,842 0.18Australia Government Bond, Reg. S4.5% 21/04/2033 AUD 354,000 284,678 0.08Australia Government Bond, Reg. S3.75% 21/04/2037 AUD 270,000 196,923 0.06Australia Government Bond, Reg. S 3%21/03/2047 AUD 114,000 69,952 0.02

2,059,758 0.61

BelgiumBelgium Government Bond, Reg. S,144A 1.125% 03/08/2019 USD 2,744,000 2,378,485 0.71Belgium Government Bond, Reg. S,144A 0.8% 22/06/2025 EUR 906,000 929,307 0.28Belgium Government Bond, Reg. S,144A 1% 22/06/2026 EUR 1,134,191 1,171,764 0.35Belgium Government Bond, Reg. S,144A 1% 22/06/2031 EUR 367,000 359,723 0.11Belgium Government Bond, Reg. S,144A 1.45% 22/06/2037 EUR 1,100,000 1,097,405 0.33Belgium Government Bond, Reg. S,144A 1.6% 22/06/2047 EUR 104,000 99,585 0.03Belgium Government Bond, Reg. S4.25% 28/09/2022 EUR 390,000 478,215 0.14Belgium Government Bond, Reg. S3.75% 22/06/2045 EUR 145,000 211,349 0.06Belgium Government Bond, Reg. S‘Fixed interest securities’, 144A 2.15%22/06/2066 EUR 113,000 115,238 0.04

6,841,071 2.05

CanadaCanada Government Bond 1.25%01/09/2018 CAD 1,257,000 851,473 0.25Canada Government Bond 1.5%01/06/2023 CAD 551,000 372,716 0.11Canada Government Bond 5.75%01/06/2029 CAD 594,000 566,311 0.17Canada Government Bond 5%01/06/2037 CAD 220,000 218,502 0.07Canada Government Bond 3.5%01/12/2045 CAD 186,000 160,801 0.05Canada Government Bond 2.75%01/12/2064 CAD 52,000 41,842 0.01

2,211,645 0.66

DenmarkDenmark Government Bond 3%15/11/2021 DKK 930,000 142,508 0.04Denmark Government Bond 1.5%15/11/2023 DKK 2,351,000 344,218 0.11Denmark Government Bond 4.5%15/11/2039 DKK 2,862,000 639,866 0.19

1,126,592 0.34

FranceCaisse Centrale du Credit Immobilierde France SA, Reg. S 0.375%31/07/2020 EUR 2,000,000 2,027,303 0.61Dexia Credit Local SA, Reg. S 0.2%31/07/2018 EUR 2,200,000 2,212,032 0.66Dexia Credit Local SA, Reg. S 2.25%18/02/2020 USD 6,229,000 5,472,739 1.64Dexia Credit Local SA, Reg. S 0.25%19/03/2020 EUR 5,500,000 5,548,259 1.66Dexia Credit Local SA, Reg. S 0.25%02/06/2022 EUR 1,200,000 1,198,167 0.36Dexia Credit Local SA, Reg. S 2.125%12/02/2025 GBP 5,000,000 5,852,152 1.75Dexia Credit Local SA, Reg. S 1.25%27/10/2025 EUR 2,600,000 2,673,827 0.80France Government Bond OAT, Reg. S,144A 1.75% 25/06/2039 EUR 424,664 437,995 0.13France Government Bond OAT, Reg. S,144A 2% 25/05/2048 EUR 3,776,143 3,908,225 1.17France Government Bond OAT, Reg. S0% 25/02/2019 EUR 1,570,000 1,583,836 0.47France Government Bond OAT, Reg. S0% 25/05/2021 EUR 250,000 252,214 0.08

France Government Bond OAT, Reg. S1.5% 25/05/2031 EUR 1,885,000 1,964,303 0.59France Government Bond OAT, Reg. S3.25% 25/05/2045 EUR 261,000 347,023 0.10France Government Bond OAT, Reg. S4% 25/04/2055 EUR 216,000 337,311 0.10France Government Bond OAT, Reg. S4% 25/04/2060 EUR 240,000 382,623 0.11UNEDIC ASSEO, Reg. S 1.25%21/10/2027 EUR 7,600,000 7,857,898 2.35

42,055,907 12.58

GermanyBundesrepublik Deutschland, Reg. S2.5% 04/07/2044 EUR 764,000 988,747 0.30Kreditanstalt fuer Wiederaufbau0.125% 04/10/2024 EUR 11,039,000 10,915,032 3.26

11,903,779 3.56

IcelandIceland Government Bond, Reg. S5.875% 11/05/2022 USD 3,410,000 3,437,069 1.03

3,437,069 1.03

ItalyItaly Buoni Poliennali Del Tesoro 0.75%15/01/2018 EUR 13,315,000 13,394,224 4.01Italy Buoni Poliennali Del Tesoro 3.5%01/12/2018 EUR 2,640,000 2,779,226 0.83Italy Buoni Poliennali Del Tesoro 0.1%15/04/2019 EUR 2,864,000 2,875,823 0.86Italy Buoni Poliennali Del Tesoro 4%01/09/2020 EUR 3,242,000 3,624,832 1.08Italy Buoni Poliennali Del Tesoro 2.15%15/12/2021 EUR 370,000 393,278 0.12Italy Buoni Poliennali Del Tesoro 1.2%01/04/2022 EUR 284,000 288,550 0.09Italy Buoni Poliennali Del Tesoro 4.5%01/03/2024 EUR 1,076,000 1,281,407 0.38Italy Buoni Poliennali Del Tesoro 1.85%15/05/2024 EUR 837,000 853,095 0.26Italy Buoni Poliennali Del Tesoro 3.75%01/09/2024 EUR 1,328,000 1,518,018 0.45Italy Buoni Poliennali Del Tesoro 2.5%01/12/2024 EUR 92,000 97,211 0.03Italy Buoni Poliennali Del Tesoro,Reg. S, 144A 3.5% 01/03/2030 EUR 420,000 466,487 0.14Italy Buoni Poliennali Del Tesoro,Reg. S, 144A 1.65% 01/03/2032 EUR 1,162,000 1,038,105 0.31Italy Buoni Poliennali Del Tesoro,Reg. S, 144A 2.45% 01/09/2033 EUR 100,000 96,600 0.03Italy Buoni Poliennali Del Tesoro,Reg. S, 144A 2.25% 01/09/2036 EUR 329,000 300,945 0.09Italy Buoni Poliennali Del Tesoro,Reg. S, 144A 2.7% 01/03/2047 EUR 269,000 240,240 0.07Italy Buoni Poliennali Del Tesoro,Reg. S, 144A 2.8% 01/03/2067 EUR 98,000 81,710 0.02Italy Buoni Poliennali Del Tesoro,Reg. S 2.15% 12/11/2017 EUR 11,170,000 11,301,756 3.38Italy Buoni Poliennali Del Tesoro,Reg. S 3.75% 01/08/2021 EUR 1,640,000 1,849,605 0.55Italy Buoni Poliennali Del Tesoro,Reg. S 5% 01/08/2034 EUR 1,510,000 1,967,877 0.59Italy Buoni Poliennali Del Tesoro,Reg. S 5% 01/09/2040 EUR 900,000 1,167,399 0.35

45,616,388 13.64

JapanJapan Bank for InternationalCooperation 2.125% 01/06/2020 USD 3,750,000 3,288,573 0.98Japan Government Five Year Bond0.1% 20/09/2020 JPY 959,050,000 7,532,813 2.25Japan Government Five Year Bond0.1% 20/03/2022 JPY 41,600,000 327,592 0.10Japan Government Forty Year Bond2.2% 20/03/2051 JPY 57,050,000 611,366 0.18Japan Government Forty Year Bond1.7% 20/03/2054 JPY 118,450,000 1,136,054 0.34Japan Government Ten Year Bond 1.5%20/09/2018 JPY 973,800,000 7,752,686 2.32Japan Government Ten Year Bond0.8% 20/09/2022 JPY 149,150,000 1,216,030 0.36Japan Government Ten Year Bond0.3% 20/12/2025 JPY 35,100,000 280,182 0.08Japan Government Ten Year Bond0.1% 20/03/2027 JPY 71,850,000 562,650 0.17Japan Government Thirty Year Bond1.1% 20/03/2033 JPY 379,850,000 3,304,052 0.99

141

JPMorgan Funds - Global Government Bond FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Japan Government Thirty Year Bond2.3% 20/03/2039 JPY 300,450,000 3,123,890 0.94Japan Government Thirty Year Bond2% 20/03/2042 JPY 171,850,000 1,726,023 0.52Japan Government Thirty Year Bond1.7% 20/06/2044 JPY 203,250,000 1,940,862 0.58Japan Government Thirty Year Bond1.4% 20/12/2045 JPY 293,050,000 2,629,859 0.79Japan Government Twenty Year Bond1.9% 20/06/2025 JPY 313,100,000 2,810,933 0.84Japan Government Twenty Year Bond1.6% 20/06/2030 JPY 534,000,000 4,900,763 1.47Japan Government Twenty Year Bond1.8% 20/09/2031 JPY 338,950,000 3,206,464 0.96Japan Government Twenty Year Bond1.4% 20/09/2034 JPY 147,600,000 1,334,217 0.40Japan Government Twenty Year Bond1.2% 20/12/2034 JPY 326,050,000 2,860,123 0.86Japan Government Twenty Year Bond1.3% 20/06/2035 JPY 93,250,000 829,809 0.25Japan Government Twenty Year Bond1.2% 20/09/2035 JPY 331,350,000 2,902,198 0.87Japan Government Twenty Year Bond0.7% 20/03/2037 JPY 836,850,000 6,681,659 2.00Japan Government Two Year Bond0.1% 15/10/2017 JPY 566,550,000 4,426,420 1.32Japan Government Two Year Bond0.1% 15/05/2018 JPY 1,727,450,000 13,515,869 4.04Japan Government Two Year Bond0.1% 15/11/2018 JPY 1,098,400,000 8,601,405 2.57Japan Government Two Year Bond0.1% 15/05/2019 JPY 500,500,000 3,924,194 1.17

91,426,686 27.35

MexicoMexico Government Bond 2.375%09/04/2021 EUR 3,530,000 3,771,364 1.13Mexico Government Bond 2.75%22/04/2023 EUR 3,045,000 3,292,406 0.98Mexico Government Bond 4%02/10/2023 USD 1,410,000 1,296,115 0.39Mexico Government Bond 1.625%06/03/2024 EUR 1,553,000 1,569,695 0.47

9,929,580 2.97

PolandPoland Government Bond 6.375%15/07/2019 USD 4,317,000 4,113,013 1.23Poland Government Bond, Reg. S0.875% 14/10/2021 EUR 2,738,000 2,824,332 0.84Poland Government Bond, Reg. S 1.5%09/09/2025 EUR 2,214,000 2,324,974 0.70

9,262,319 2.77

SloveniaSlovenia Government Bond, Reg. S1.75% 03/11/2040 EUR 5,540,000 4,980,045 1.49

4,980,045 1.49

South KoreaKorea Government Bond 7.125%16/04/2019 USD 5,430,000 5,184,714 1.55Korea Government Bond 2.75%19/01/2027 USD 4,834,000 4,175,144 1.25Korea Government Bond, Reg. S2.125% 10/06/2024 EUR 3,250,000 3,535,204 1.06

12,895,062 3.86

SpainInstituto de Credito Oficial, Reg. S 0.5%15/12/2017 EUR 2,368,000 2,376,809 0.71Instituto de Credito Oficial, Reg. S1.625% 14/09/2018 USD 12,000,000 10,477,880 3.13Spain Government Bond 1.4%31/01/2020 EUR 2,390,000 2,491,217 0.75Spain Government Bond 0.75%30/07/2021 EUR 991,000 1,018,703 0.31Spain Government Bond 0.4%30/04/2022 EUR 642,000 644,557 0.19Spain Government Bond 5.75%30/07/2032 EUR 418,000 616,898 0.18Spain Government Bond, Reg. S, 144A5.4% 31/01/2023 EUR 1,645,000 2,088,886 0.63Spain Government Bond, Reg. S, 144A2.35% 30/07/2033 EUR 595,000 603,151 0.18

Spain Government Bond, Reg. S, 144A2.9% 31/10/2046 EUR 2,713,000 2,745,168 0.82Spain Government Bond, Reg. S, 144A3.45% 30/07/2066 EUR 117,000 123,950 0.04

23,187,219 6.94

SwedenSweden Government Bond 4.25%12/03/2019 SEK 1,650,000 185,593 0.06Sweden Government Bond 1%12/11/2026 SEK 2,335,000 250,057 0.08Sweden Government Bond 3.5%30/03/2039 SEK 1,040,000 144,787 0.04Sweden Government Bond, Reg. S,144A 1.5% 13/11/2023 SEK 3,715,000 416,240 0.12

996,677 0.30

United KingdomUK Treasury, Reg. S 1.25% 22/07/2018 GBP 1,525,000 1,749,698 0.52UK Treasury, Reg. S 3.75% 07/09/2019 GBP 1,586,000 1,935,923 0.58UK Treasury, Reg. S 3.75% 07/09/2020 GBP 1,375,121 1,728,014 0.52UK Treasury, Reg. S 1.5% 22/01/2021 GBP 1,472,000 1,732,675 0.52UK Treasury, Reg. S 3.75% 07/09/2021 GBP 167,000 215,324 0.06UK Treasury, Reg. S 4% 07/03/2022 GBP 111,000 146,172 0.04UK Treasury, Reg. S 1.75% 07/09/2022 GBP 1,420,000 1,701,917 0.51UK Treasury, Reg. S 2.25% 07/09/2023 GBP 450,000 555,169 0.17UK Treasury, Reg. S 2.75% 07/09/2024 GBP 677,000 866,207 0.26UK Treasury, Reg. S 1.25% 22/07/2027 GBP 119,000 134,156 0.04UK Treasury, Reg. S 4.75% 07/12/2030 GBP 350,000 553,990 0.17UK Treasury, Reg. S 4.25% 07/06/2032 GBP 655,000 1,003,158 0.30UK Treasury, Reg. S 4.5% 07/09/2034 GBP 220,000 352,436 0.10UK Treasury, Reg. S 4.25% 07/03/2036 GBP 650,000 1,025,998 0.31UK Treasury, Reg. S 1.75% 07/09/2037 GBP 231,000 256,845 0.08UK Treasury, Reg. S 4.25%07/09/2039 GBP 914,000 1,485,335 0.44UK Treasury, Reg. S 4.25% 07/12/2040 GBP 99,000 162,904 0.05UK Treasury, Reg. S 3.25% 22/01/2044 GBP 520,000 753,972 0.23UK Treasury, Reg. S 3.5% 22/01/2045 GBP 929,000 1,414,579 0.42UK Treasury, Reg. S 1.5% 22/07/2047 GBP 881,000 915,961 0.27UK Treasury, Reg. S 3.75% 22/07/2052 GBP 1,071,000 1,832,642 0.55UK Treasury, Reg. S 1.75% 22/07/2057 GBP 138,000 157,049 0.05UK Treasury, Reg. S 4% 22/01/2060 GBP 334,000 642,792 0.19UK Treasury, Reg. S 2.5% 22/07/2065 GBP 244,000 351,429 0.10UK Treasury, Reg. S 3.5% 22/07/2068 GBP 282,000 519,912 0.16

22,194,257 6.64

United States of AmericaUS Treasury 0.75% 15/07/2019 USD 8,075,000 6,983,339 2.09US Treasury 2.75% 15/02/2024 USD 538,000 491,032 0.15US Treasury 5.25% 15/02/2029 USD 1,396,000 1,581,462 0.47US Treasury 4.5% 15/02/2036 USD 816,000 924,240 0.28US Treasury 4.375% 15/05/2040 USD 411,000 460,063 0.14US Treasury 3.75% 15/08/2041 USD 2,817,000 2,892,529 0.87US Treasury 2.75% 15/08/2042 USD 4,259,000 3,690,218 1.10US Treasury 2.75% 15/11/2042 USD 3,603,000 3,119,853 0.93US Treasury 2.875% 15/05/2043 USD 840,000 743,106 0.22US Treasury 3.125% 15/08/2044 USD 2,665,000 2,466,983 0.74US Treasury 2.5% 15/02/2045 USD 1,066,000 871,712 0.26US Treasury 3% 15/05/2045 USD 522,000 471,393 0.14US Treasury 3% 15/11/2045 USD 550,000 496,905 0.15US Treasury 2.5% 15/02/2046 USD 500,000 408,118 0.12US Treasury 2.5% 15/05/2046 USD 457,000 372,614 0.11US Treasury 2.25% 15/08/2046 USD 2,316,000 1,788,841 0.54US Treasury 3% 15/05/2047 USD 200,000 180,939 0.05

27,943,347 8.36

Total Bonds 318,067,401 95.15


142

JPMorgan Funds - Global Government Bond FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets


Bonds

CanadaCanada Government Bond 1.5%01/03/2020 CAD 979,000 667,076 0.20Canada Government Bond 3.25%01/06/2021 CAD 1,305,000 947,068 0.28Canada Government Bond 4%01/06/2041 CAD 609,000 551,903 0.17Canada Government Bond 2.75%01/12/2048 CAD 40,000 30,722 0.01

2,196,769 0.66

United States of AmericaUS Treasury 1.25% 31/05/2019 USD 1,726,400 1,508,745 0.45

1,508,745 0.45

Total Bonds 3,705,514 1.11



Cash 6,680,877 2.00



Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsJapan 27.35Italy 13.64France 12.58United States of America 8.81Spain 6.94United Kingdom 6.64South Korea 3.86Germany 3.56Mexico 2.97Poland 2.77Belgium 2.05Slovenia 1.49Canada 1.32Iceland 1.03Australia 0.61Denmark 0.34Sweden 0.30Total Investments 96.26Cash and Other Assets/(Liabilities) 3.74

Total 100.00


% of Net Assets

Japan 25.36United States of America 17.69Italy 14.34France 9.94Spain 7.69United Kingdom 6.19Belgium 3.57Mexico 2.83Poland 2.80South Korea 2.20Canada 1.37Germany 1.20Australia 1.04Iceland 0.84Sweden 0.43Denmark 0.32Total Investments 97.81Cash and Other Assets/(Liabilities) 2.19

Total 100.00

143


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets


As at 30 June 2017


CurrencyPurchased




EUR

%of

NetAssets

CAD 6,072,426 EUR 4,084,500 05/07/2017 Barclays 18,337 0.01DKK 8,244,933 EUR 1,108,741 05/07/2017 Toronto-Dominion Bank 50 -EUR 2,094,821 AUD 3,112,223 03/08/2017 Toronto-Dominion Bank 4,155 -EUR 1,662,105 GBP 1,451,387 05/07/2017 ANZ 13,062 -EUR 29,138,060 GBP 25,444,352 05/07/2017 State Street 228,612 0.07EUR 62,346 GBP 54,883 21/07/2017 Societe Generale 9 -EUR 29,586,322 GBP 26,000,845 03/08/2017 State Street 62,884 0.02EUR 1,940,366 JPY 242,934,181 05/07/2017 ANZ 43,590 0.01EUR 2,380,849 JPY 295,130,448 05/07/2017 National Australia Bank 76,536 0.02EUR 83,540,669 JPY 10,384,689,982 05/07/2017 RBC 2,459,322 0.74EUR 3,223,398 JPY 398,357,854 05/07/2017 UBS 113,109 0.03EUR 341,323 JPY 42,412,045 03/08/2017 National Australia Bank 10,276 -EUR 88,275,821 JPY 11,277,174,283 03/08/2017 Standard Chartered 251,982 0.08EUR 6,376,747 USD 7,186,681 05/07/2017 National Australia Bank 83,779 0.03EUR 476,427 USD 531,934 05/07/2017 Standard Chartered 10,643 -EUR 68,943,969 USD 77,464,686 05/07/2017 Toronto-Dominion Bank 1,112,561 0.33EUR 44,548 USD 50,641 21/07/2017 ANZ 243 -EUR 17,495 USD 19,756 21/07/2017 Citibank 210 -EUR 189,057 USD 215,091 21/07/2017 RBC 881 -EUR 479,000 USD 543,924 21/07/2017 State Street 3,137 -EUR 73,827,661 USD 84,273,906 03/08/2017 Citibank 154,251 0.05GBP 594,894 EUR 673,549 05/07/2017 ANZ 2,361 -GBP 41,315 EUR 46,904 21/07/2017 National Australia Bank 22 -GBP 14,619 EUR 16,590 21/07/2017 RBC 14 -GBP 224,712 EUR 254,378 03/08/2017 Societe Generale 778 -SEK 9,069,509 EUR 938,911 05/07/2017 Barclays 2,868 -USD 137,686 EUR 120,491 05/07/2017 National Australia Bank 73 -


AUD 3,112,223 EUR 2,098,656 05/07/2017 Toronto-Dominion Bank (3,739) -EUR 2,068,995 AUD 3,112,223 05/07/2017 National Australia Bank (25,922) (0.01)EUR 4,024,926 CAD 6,072,426 05/07/2017 National Australia Bank (77,911) (0.02)EUR 4,080,410 CAD 6,072,426 03/08/2017 Barclays (18,213) (0.01)EUR 1,108,392 DKK 8,244,933 05/07/2017 Goldman Sachs (400) -EUR 1,108,846 DKK 8,244,933 03/08/2017 Toronto-Dominion Bank (69) -EUR 47,832 GBP 42,355 21/07/2017 RBC (275) -EUR 927,454 SEK 9,069,509 05/07/2017 Societe Generale (14,326) (0.01)EUR 939,006 SEK 9,069,509 03/08/2017 Barclays (2,904) -EUR 120,392 USD 137,686 21/07/2017 National Australia Bank (65) -GBP 300,000 EUR 347,812 05/07/2017 BNP Paribas (6,957) -GBP 26,000,845 EUR 29,602,929 05/07/2017 State Street (61,203) (0.02)GBP 923 EUR 1,049 21/07/2017 ANZ - -GBP 9,286,972 EUR 10,561,022 21/07/2017 National Australia Bank (12,826) (0.01)GBP 42,033 EUR 47,935 21/07/2017 RBC (194) -GBP 6,487,877 EUR 7,376,909 21/07/2017 State Street (7,942) -GBP 186,347 EUR 211,994 03/08/2017 RBC (400) -JPY 43,938,182 EUR 352,395 05/07/2017 National Australia Bank (9,336) -JPY 11,277,174,283 EUR 88,299,321 05/07/2017 Standard Chartered (249,655) (0.08)USD 50,641 EUR 44,590 03/07/2017 ANZ (244) -USD 304,457 EUR 271,391 05/07/2017 Goldman Sachs (4,796) -USD 204,938 EUR 181,542 05/07/2017 National Australia Bank (2,090) -USD 400,000 EUR 356,537 05/07/2017 State Street (6,280) -USD 106,030,932 EUR 94,613,538 21/07/2017 Goldman Sachs (1,850,170) (0.55)USD 3,985 EUR 3,523 21/07/2017 National Australia Bank (36) -USD 1,006,422 EUR 895,936 21/07/2017 RBC (15,448) -USD 7,763 EUR 6,946 21/07/2017 State Street (155) -USD 224,820 EUR 196,646 03/08/2017 RBC (105) -



144


As at 30 June 2017



GlobalExposure

EUR


EUR

%of

NetAssets

3 Month Eurodollar, 18/06/2018 (466) USD (100,367,452) 7,651 -3 Month Eurodollar, 17/12/2018 (913) USD (196,312,875) 35,433 0.01Euro-Buxl 30 Year Bond, 07/09/2017 (47) EUR (7,689,200) 34,780 0.01Euro-OAT, 07/09/2017 (138) EUR (20,496,450) 25,530 0.01Japan 10 Year Bond Mini, 11/09/2017 (8) JPY (938,376) 1,312 -


3 Month Eurodollar, 18/12/2017 240 USD 51,772,831 (1,313) -3 Month Sterling, 20/12/2017 721 GBP 101,893,543 (5,120) -Australia 10 Year Bond, 15/09/2017 169 AUD 14,705,268 (110,598) (0.03)Australia 3 Year Bond, 15/09/2017 8 AUD 601,289 (1,002) -Euro-Bobl, 07/09/2017 6 EUR 790,230 (270) -Euro-BTP, 07/09/2017 28 EUR 3,784,620 (140) -Euro-Bund, 07/09/2017 77 EUR 12,471,305 (11,603) -Japan 10 Year Bond, 12/09/2017 1 JPY 1,172,034 (2,577) -Long Gilt, 27/09/2017 (19) GBP (2,709,064) (22,991) (0.01)US 10 Year Note, 20/09/2017 147 USD 16,186,295 (3,953) -US 10 Year Ultra Note, 20/09/2017 41 USD 4,847,771 (5,474) -US 2 Year Note, 29/09/2017 35 USD 6,626,183 (240) -US 5 Year Note, 29/09/2017 271 USD 28,001,806 (2,780) -US Long Bond, 20/09/2017 8 USD 1,078,300 (2,299) -US Ultra Bond, 20/09/2017 27 USD 3,922,984 (15,147) (0.01)



Interest Rate Swap Contracts

NominalAmount Currency Counterparty Security Description

MaturityDate

MarketValue

EUR


EUR

%of

NetAssets

16,700,000 AUD Citigroup Pay floating BBR 6 month Receive fixed 3.457% 11/05/2027 62,444 62,444 0.02

Total Unrealised Gain on Interest Rate Swap Contracts 62,444 62,444 0.02

11,700,000 USD Citigroup Pay fixed 2.692% Receive floating LIBOR 3 month 11/05/2027 (48,445) (48,445) (0.02)

Total Unrealised Loss on Interest Rate Swap Contracts (48,445) (48,445) (0.02)

Net Unrealised Gain on Interest Rate Swap Contracts 13,999 13,999 -

145


Equities

Australia88 Energy Ltd. GBP 30,469,626 1,081,866 0.14Amani Gold Ltd. AUD 42,419,943 1,256,451 0.17Auris Minerals Ltd. AUD 6,982,056 279,655 0.04Australis Oil & Gas Ltd. AUD 23,206,381 3,671,117 0.49Avenira Ltd. AUD 11,594,289 550,245 0.07Danakali Ltd. AUD 9,537,946 4,863,629 0.64Fortescue Metals Group Ltd. AUD 3,556,209 12,484,309 1.66Gascoyne Resources Ltd. AUD 3,187,894 928,139 0.12Horizon Gold Ltd. AUD 3,014,958 639,315 0.08Metals X Ltd. AUD 3,663,415 1,658,446 0.22OreCorp Ltd. AUD 6,962,388 1,898,175 0.25Salt Lake Potash Ltd. GBP 4,184,640 1,188,652 0.16Westgold Resources Ltd. AUD 8,604,627 10,672,409 1.42

41,172,408 5.46

BermudaGeopark Ltd. USD 1,055,718 7,275,650 0.96Petra Diamonds Ltd. GBP 5,031,832 6,165,989 0.82

13,441,639 1.78

BrazilVale SA, ADR USD 914,862 7,070,000 0.94

7,070,000 0.94

CanadaAfrica Oil Corp. SEK 2,619,517 3,400,127 0.45Agnico Eagle Mines Ltd. CAD 426,840 16,790,800 2.23Alamos Gold, Inc. ‘A’ CAD 953,091 5,786,108 0.77Algold Resources Ltd. CAD 1,393,499 195,370 0.03Almonty Industries, Inc. CAD 4,592,206 713,647 0.09Altius Minerals Corp. CAD 221,200 1,604,432 0.21ALX Uranium Corp. CAD 90,750 5,672 0.00Arizona Mining, Inc. CAD 4,299,900 7,829,809 1.04Aston Bay Holdings Ltd. CAD 1,428,000 137,492 0.02Barkerville Gold Mines Ltd. CAD 2,245,283 1,342,606 0.18Corsa Coal Corp. CAD 671,999 690,154 0.09Critical Elements Corp. CAD 5,285,159 3,838,845 0.51Denison Mines Corp. CAD 664,862 253,813 0.03Dundee Precious Metals, Inc. CAD 2,004,921 3,122,499 0.41Filo Mining Corp. CAD 1,059,186 1,535,089 0.20First Quantum Minerals Ltd. CAD 1,028,772 7,510,658 1.00Fission 3.0 Corp. CAD 2,650,300 120,874 0.02Fission Uranium Corp. CAD 8,474,085 3,349,521 0.44Franco-Nevada Corp. USD 115,104 7,302,103 0.97GB Minerals Ltd. CAD 34,707,612 1,231,170 0.16International Petroleum Corp. SEK 145,637 368,999 0.05Jadestone Energy, Inc. CAD 373,547 89,600 0.01Kennady Diamonds, Inc. CAD 254,935 604,603 0.08Kinross Gold Corp. CAD 1,988,030 7,018,484 0.93Lion One Metals Ltd. CAD 2,639,089 1,078,806 0.14Loncor Resources, Inc. CAD 2,132,492 223,333 0.03Lucara Diamond Corp. CAD 1,060,520 1,959,793 0.26Lundin Mining Corp. CAD 4,880,707 24,287,877 3.22MAG Silver Corp. CAD 387,885 4,396,424 0.58Marathon Gold Corp. CAD 2,393,000 1,673,467 0.22Mountain Province Diamonds, Inc. CAD 2,284,313 6,034,849 0.80Neo Lithium Corp. CAD 2,276,000 1,699,294 0.23Nevada Copper Corp. CAD 2,152,814 665,475 0.09NGEx Resources, Inc. CAD 2,000,382 1,115,067 0.15Nighthawk Gold Corp. CAD 1,206,150 660,116 0.09North Arrow Minerals, Inc. CAD 1,681,300 269,801 0.04OceanaGold Corp., CDI AUD 3,805,123 10,438,047 1.38Osisko Mining, Inc. CAD 4,840,349 13,327,183 1.77Panoro Minerals Ltd. CAD 7,800,000 869,586 0.12Parex Resources, Inc. CAD 2,220,462 22,234,410 2.95PolyMet Mining Corp. USD 4,702,763 2,456,477 0.33Sarama Resources Ltd. CAD 1,936,000 186,404 0.02Seven Generations Energy Ltd. ‘A’ CAD 404,300 6,068,539 0.80Strata-X Energy Ltd., CDI AUD 1,558,913 35,680 0.01Superior Gold, Inc. CAD 2,246,054 1,616,233 0.21Teck Resources Ltd. ‘B’ CAD 461,970 6,856,130 0.91Tinka Resources Ltd. CAD 6,661,286 2,677,991 0.36TransCanada Corp. CAD 215,320 9,009,163 1.19Trevali Mining Corp. CAD 7,482,044 6,445,617 0.85Tsodilo Resources Ltd. CAD 1,591,645 838,832 0.11Whitecap Resources, Inc. CAD 595,870 3,710,060 0.49

205,677,129 27.27

Cayman IslandsEndeavour Mining Corp. CAD 132,828 2,033,236 0.27Leaf Clean Energy Co. GBP 833,816 355,269 0.05

2,388,505 0.32

FranceTOTAL SA EUR 562,494 24,544,426 3.26

24,544,426 3.26

ItalyEni SpA EUR 301,022 3,965,965 0.53

3,965,965 0.53

JerseyGlencore plc GBP 12,262,238 40,459,716 5.36Highland Gold Mining Ltd. GBP 3,741,159 6,004,144 0.80

46,463,860 6.16

NorwayAker BP ASA NOK 404,402 5,200,531 0.69Norsk Hydro ASA NOK 3,465,653 16,769,357 2.22

21,969,888 2.91

PortugalGalp Energia SGPS SA EUR 1,246,418 16,511,923 2.19

16,511,923 2.19

RussiaMMC Norilsk Nickel PJSC, ADR USD 1,200,099 14,478,935 1.92

14,478,935 1.92

SwedenBoliden AB SEK 968,579 23,248,390 3.08Lundin Petroleum AB SEK 1,251,091 21,195,316 2.81

44,443,706 5.89

United KingdomAmerisur Resources plc GBP 380,845 86,003 0.01BHP Billiton plc GBP 3,089,639 41,642,850 5.52BP plc GBP 1,608,994 8,167,700 1.08Eland Oil & Gas plc GBP 2,608,500 1,559,694 0.21Faroe Petroleum plc GBP 7,584,146 7,022,969 0.93Firestone Diamonds plc GBP 3,616,840 1,705,430 0.23Fresnillo plc GBP 261,808 4,444,163 0.59Horizonte Minerals plc GBP 44,717,764 1,321,022 0.17KAZ Minerals plc GBP 663,953 3,958,642 0.52Ophir Energy plc GBP 1,658,712 1,583,094 0.21Pathfinder Minerals plc GBP 4,909,000 40,438 0.01President Energy plc GBP 36,079,804 2,562,127 0.34Rio Tinto plc GBP 1,594,903 59,116,402 7.84Royal Dutch Shell plc ‘B’ GBP 708,041 16,709,036 2.22SolGold plc GBP 1,559,085 677,575 0.09Tullow Oil plc GBP 2,792,518 4,773,585 0.63

155,370,730 20.60

United States of AmericaAnadarko Petroleum Corp. USD 273,625 10,874,699 1.44Cabot Oil & Gas Corp. USD 142,510 3,115,488 0.41Chevron Corp. USD 298,850 27,354,108 3.63Diamondback Energy, Inc. USD 99,319 7,612,259 1.01EOG Resources, Inc. USD 223,429 17,691,032 2.35Freeport-McMoRan, Inc. ‘B’ USD 1,035,368 10,893,505 1.44Marathon Petroleum Corp. USD 115,220 5,252,178 0.70Newmont Mining Corp. USD 249,449 7,062,144 0.94NextSource Materials, Inc. CAD 8,218,600 374,831 0.05Occidental Petroleum Corp. USD 303,970 15,982,941 2.12Pioneer Natural Resources Co. USD 158,360 22,111,547 2.93Uranium Energy Corp. USD 2,029,033 2,754,038 0.36Valero Energy Corp. USD 85,077 4,990,813 0.66

136,069,583 18.04


146

JPMorgan Funds - Global Natural Resources FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Warrants

AustraliaPeninsula Energy Ltd. 31/12/2018 AUD 1,403,803 51,975 0.01

51,975 0.01

Total Warrants 51,975 0.01



Equities

CanadaAlgold Resources Ltd. CAD 4,569,720 640,681 0.08Barkerville Gold Mines Ltd. CAD 1,488,200 889,894 0.12Bowmore Exploration Placing CAD 2,542,100 1,374,095 0.18Cartier Resources, Inc. CAD 6,854,001 1,424,044 0.19Newcastle Gold Ltd. CAD 2,883,800 1,851,070 0.25

6,179,784 0.82

Cayman IslandsItafos CAD 1,729,887 2,162,338 0.28

2,162,338 0.28


Warrants

United States of AmericaUranium Energy Corp. 10/03/2019 USD 693,351 212,505 0.03

212,505 0.03




Equities

AustraliaAltus Renewables Ltd.* AUD 275,000 0 0.00Archipelago Metals Ltd.* GBP 1,555,221 0 0.00International Petroleum Ltd.* AUD 19,394,000 0 0.00

0 0.00

CanadaGlobal Atomic Fuels Corp.* CAD 2,285,000 0 0.00Northern Star Mining Corp.* CAD 1,000,000 0 0.00Northern Star Mining Corp.* CAD 5,500,000 0 0.00Tabora Ltd.* CAD 1,750,000 0 0.00Tsar Emerald Corp.* USD 2,600,000 0 0.00

0 0.00

Cayman IslandsReal Gold Mining Ltd.* HKD 3,000,000 0 0.00

0 0.00

United KingdomKerogen Shale Ltd.* GBP 178,805 0 0.00Norseman Gold plc, CDI* AUD 761,300 0 0.00Norseman Gold plc* GBP 2,033,191 0 0.00Target Resources plc* GBP 4,619,200 0 0.00

0 0.00


Warrants

AustraliaPerseus Mining Ltd. 21/04/2021* AUD 4,526,726 0 0.00

0 0.00

CanadaAlgold Resources Ltd. 24/03/2019* CAD 2,284,860 0 0.00Barkerville Gold Mines Ltd. 16/11/2018* CAD 744,100 0 0.00Lion One Metals Ltd. 17/01/2017* CAD 2,639,089 0 0.00Neo Lithium Corp. 09/03/2018* CAD 1,007,100 0 0.00Osisko Mining, Inc. 28/08/2018* CAD 472,500 0 0.00PolyMet Mining Corp. 18/10/2021* USD 2,351,381 0 0.00Tsodilo Resources Ltd. 12/12/2018* CAD 1,591,645 0 0.00

0 0.00

United States of AmericaUranium Energy Corp. 20/01/2020* USD 424,616 0 0.00

0 0.00

Total Warrants 0 0.00

Total Other transferable securities and money marketinstruments 0 0.00




14,282,959 1.89



14,282,959 1.89


Cash 275,247 0.04




147

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsCanada 28.09United Kingdom 20.60United States of America 18.07Jersey 6.16Sweden 5.89Australia 5.47France 3.26Norway 2.91Portugal 2.19Russia 1.92Luxembourg 1.89Bermuda 1.78Brazil 0.94Cayman Islands 0.60Italy 0.53Total Investments 100.30Cash and Other Assets/(Liabilities) (0.30)

Total 100.00


% of Net Assets

Canada 27.50United States of America 21.04United Kingdom 18.95Jersey 6.09Sweden 5.94Australia 5.32France 3.22Norway 2.50Russia 2.14Portugal 2.13Bermuda 1.78Mexico 1.32Italy 0.79Luxembourg 0.79Cayman Islands 0.07Total Investments 99.58Cash and Other Assets/(Liabilities) 0.42

Total 100.00

148

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

EUR

%of


Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets


Equities

AustraliaGoodman Group, REIT AUD 389,715 2,359,237 1.96Mirvac Group, REIT AUD 1,604,714 2,633,718 2.18Scentre Group, REIT AUD 771,759 2,405,727 2.00

7,398,682 6.14

AustriaBUWOG AG EUR 18,721 537,887 0.45

537,887 0.45

BelgiumWarehouses De Pauw, REIT, CVA EUR 6,436 670,362 0.55

670,362 0.55

BermudaHongkong Land Holdings Ltd. USD 207,800 1,530,447 1.27

1,530,447 1.27

CanadaAllied Properties Real Estate InvestmentTrust CAD 50,318 1,514,552 1.26RioCan Real Estate Investment Trust CAD 47,356 879,683 0.73

2,394,235 1.99

Cayman IslandsCheung Kong Property Holdings Ltd. HKD 334,000 2,617,464 2.17

2,617,464 2.17

CyprusAroundtown Property Holdings plc EUR 112,243 604,355 0.50

604,355 0.50

FranceFonciere Des Regions, REIT EUR 19,989 1,856,148 1.54Klepierre, REIT EUR 44,046 1,808,870 1.50Unibail-Rodamco SE, REIT EUR 13,834 3,516,212 2.92

7,181,230 5.96

GermanyDeutsche Wohnen AG EUR 96,736 3,695,728 3.07

3,695,728 3.07

Hong KongLink REIT HKD 285,500 2,171,551 1.80Sun Hung Kai Properties Ltd. HKD 186,000 2,731,790 2.27

4,903,341 4.07

JapanActivia Properties, Inc., REIT JPY 443 1,893,973 1.57Daiwa House REIT Investment Corp. JPY 675 1,604,220 1.33Japan Hotel REIT Investment Corp. JPY 3,030 2,143,734 1.78Mitsui Fudosan Co. Ltd. JPY 201,800 4,822,562 4.00Nippon Accommodations Fund, Inc., REIT JPY 134 560,648 0.47Nippon Prologis REIT, Inc. JPY 822 1,753,497 1.45Sumitomo Realty & Development Co. Ltd. JPY 106,000 3,273,425 2.72

16,052,059 13.32

NetherlandsVastned Retail NV, REIT EUR 29,292 1,225,033 1.02

1,225,033 1.02

SingaporeCapitaLand Ltd. SGD 464,800 1,180,227 0.98CapitaLand Mall Trust, REIT SGD 455,300 652,479 0.54

1,832,706 1.52

SpainHispania Activos Inmobiliarios SOCIMI SA,REIT EUR 44,096 725,376 0.60Inmobiliaria Colonial SA EUR 3,288 28,747 0.02

754,123 0.62

SwedenWihlborgs Fastigheter AB SEK 36,811 778,294 0.64

778,294 0.64

United KingdomAssura plc, REIT GBP 406,774 336,730 0.28LondonMetric Property plc, REIT GBP 92,618 200,927 0.17Safestore Holdings plc, REIT GBP 215,123 1,161,288 0.96St Modwen Properties plc GBP 290,240 1,356,276 1.12Tritax Big Box REIT plc GBP 441,592 837,389 0.69UNITE Group plc (The), REIT GBP 128,046 1,067,032 0.89

4,959,642 4.11

United States of AmericaAlexandria Real Estate Equities, Inc., REIT USD 5,030 598,796 0.50Apartment Investment & ManagementCo., REIT ‘A’ USD 32,855 1,414,079 1.17AvalonBay Communities, Inc., REIT USD 24,540 4,736,343 3.93Boston Properties, Inc., REIT USD 8,645 1,064,113 0.88Brandywine Realty Trust, REIT USD 33,825 588,386 0.49Brixmor Property Group, Inc., REIT USD 18,938 346,471 0.29Camden Property Trust, REIT USD 15,284 1,307,622 1.08Digital Realty Trust, Inc., REIT USD 25,922 2,928,538 2.43Duke Realty Corp., REIT USD 51,355 1,425,358 1.18Essex Property Trust, Inc., REIT USD 10,545 2,739,275 2.27Extra Space Storage, Inc., REIT USD 21,933 1,697,395 1.41HCP, Inc., REIT USD 78,976 2,538,683 2.11Highwoods Properties, Inc., REIT USD 17,674 890,858 0.74Hospitality Properties Trust, REIT USD 17,481 514,903 0.43Host Hotels & Resorts, Inc., REIT USD 27,967 513,754 0.43Kilroy Realty Corp., REIT USD 16,050 1,210,170 1.00Kimco Realty Corp., REIT USD 106,545 1,983,868 1.65LaSalle Hotel Properties, REIT USD 73,305 2,224,074 1.84Liberty Property Trust, REIT USD 29,454 1,211,885 1.01Macerich Co. (The), REIT USD 33,788 1,980,652 1.64National Health Investors, Inc., REIT USD 22,520 1,769,509 1.47Omega Healthcare Investors, Inc., REIT USD 46,066 1,521,560 1.26Prologis, Inc., REIT USD 123,900 7,267,974 6.03Public Storage, REIT USD 15,970 3,335,494 2.77Regency Centers Corp., REIT USD 33,331 2,107,686 1.75Simon Property Group, Inc., REIT USD 29,911 4,867,716 4.04SL Green Realty Corp., REIT USD 24,381 2,580,485 2.14STORE Capital Corp., REIT USD 42,814 979,798 0.81Ventas, Inc., REIT USD 5,689 396,495 0.33VEREIT, Inc., REIT USD 44,357 364,393 0.30Vornado Realty Trust, REIT USD 14,939 1,394,257 1.16

58,500,590 48.54




Equities

AustraliaBGP Holdings plc* EUR 458,766 6,203 0.00

6,203 0.00


Total Other transferable securities and money marketinstruments 6,203 0.00

149

JPMorgan Funds - Global Real Estate Securities Fund (USD)Schedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets




4,274,937 3.55




Cash 216,994 0.18




Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited States of America 48.54Japan 13.32Australia 6.14France 5.96United Kingdom 4.11Hong Kong 4.07Luxembourg 3.55Germany 3.07Cayman Islands 2.17Canada 1.99Singapore 1.52Bermuda 1.27Netherlands 1.02Sweden 0.64Spain 0.62Belgium 0.55Cyprus 0.50Austria 0.45Total Investments 99.49Cash and Other Assets/(Liabilities) 0.51

Total 100.00


% of Net Assets

United States of America 54.01Japan 13.78Australia 7.47France 4.66Germany 3.91Hong Kong 3.80United Kingdom 3.16Canada 2.17Cayman Islands 1.75Bermuda 1.68Singapore 1.39Netherlands 1.02Luxembourg 0.52Sweden 0.41Belgium 0.33Total Investments 100.06Cash and Other Assets/(Liabilities) (0.06)

Total 100.00

150

JPMorgan Funds - Global Real Estate Securities Fund (USD)Schedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Global Real Estate Securities Fund (USD)Schedule of Investments (continued)

As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

CAD 918,771 USD 673,783 19/07/2017 HSBC 35,359 0.03CHF 1,579,771 USD 1,611,160 19/07/2017 ANZ 41,573 0.03EUR 377,297 USD 423,643 14/07/2017 BNP Paribas 7,443 0.01EUR 42,924,635 USD 48,306,393 14/07/2017 Citibank 737,754 0.61EUR 758,924 USD 853,292 14/07/2017 Standard Chartered 13,828 0.02EUR 225,023 USD 253,155 19/07/2017 HSBC 4,022 -EUR 235,347 USD 263,284 19/07/2017 National Australia Bank 5,693 -GBP 468,292 USD 598,442 19/07/2017 National Australia Bank 9,477 0.01GBP 661,126 USD 857,434 19/07/2017 RBC 815 -SEK 6,286,051 USD 718,348 19/07/2017 National Australia Bank 27,717 0.02SGD 1,634,476 USD 1,172,649 19/07/2017 HSBC 15,160 0.01USD 4,277,080 HKD 33,320,553 14/07/2017 HSBC 7,263 0.01USD 5,816,420 JPY 639,334,478 14/07/2017 National Australia Bank 113,419 0.09


HKD 17,958,387 USD 2,309,520 19/07/2017 ANZ (7,889) (0.01)USD 3,226,577 AUD 4,276,115 14/07/2017 National Australia Bank (60,203) (0.05)USD 1,607,029 AUD 2,174,394 19/07/2017 National Australia Bank (64,170) (0.05)USD 1,368,339 CAD 1,846,348 14/07/2017 RBS (56,596) (0.05)USD 607,504 CHF 586,327 14/07/2017 ANZ (5,686) -USD 440,635 EUR 393,523 14/07/2017 Goldman Sachs (8,990) (0.01)USD 280,656 EUR 245,970 14/07/2017 National Australia Bank (381) -USD 2,801,926 EUR 2,514,763 19/07/2017 National Australia Bank (72,183) (0.06)USD 2,707,319 GBP 2,088,923 14/07/2017 ANZ (3,960) -USD 309,296 GBP 244,064 19/07/2017 State Street (7,539) (0.01)USD 3,299,671 JPY 370,025,077 19/07/2017 National Australia Bank (1,806) -USD 641,370 SEK 5,577,164 14/07/2017 UBS (20,351) (0.02)USD 1,277,661 SGD 1,765,998 14/07/2017 Societe Generale (5,614) -



151


Equities

CanadaCanadian Pacific Railway Ltd. USD 43,245 6,928,930 1.52

6,928,930 1.52

Cayman IslandsBaidu, Inc., ADR USD 37,855 6,773,963 1.49JD.com, Inc., ADR USD 143,628 5,644,580 1.24Vipshop Holdings Ltd., ADR USD 448,738 4,718,480 1.04

17,137,023 3.77

ChinaPing An Insurance Group Co. of China Ltd.‘H’ HKD 877,000 5,783,041 1.27

5,783,041 1.27

DenmarkNovo Nordisk A/S ‘B’ DKK 145,582 6,254,464 1.37Pandora A/S DKK 54,312 5,077,466 1.12

11,331,930 2.49

FranceAXA SA EUR 399,844 11,082,965 2.44Schneider Electric SE EUR 104,431 8,054,552 1.77

19,137,517 4.21

Hong KongAIA Group Ltd. HKD 975,200 7,123,925 1.57China Overseas Land & Investment Ltd. HKD 1,066,000 3,123,767 0.69China Unicom Hong Kong Ltd. HKD 4,102,000 6,090,310 1.34CNOOC Ltd., ADR USD 70,817 7,755,524 1.70

24,093,526 5.30

IndiaAxis Bank Ltd. INR 864,332 6,932,705 1.53

6,932,705 1.53

IrelandAllergan plc USD 41,521 10,121,989 2.23

10,121,989 2.23

ItalyUniCredit SpA EUR 267,469 5,039,742 1.11

5,039,742 1.11

JapanInpex Corp. JPY 483,400 4,661,380 1.03Japan Airlines Co. Ltd. JPY 212,600 6,587,178 1.45Japan Tobacco, Inc. JPY 253,300 8,911,968 1.96Renesas Electronics Corp. JPY 829,400 7,243,523 1.59Sumitomo Mitsui Financial Group, Inc. JPY 261,000 10,194,022 2.24

37,598,071 8.27

JerseyShire plc, ADR USD 63,105 10,407,277 2.29

10,407,277 2.29

LuxembourgArcelorMittal EUR 273,833 6,254,127 1.37Globant SA USD 154,961 6,674,170 1.47

12,928,297 2.84

NetherlandsAirbus SE EUR 68,744 5,698,133 1.25

5,698,133 1.25

SingaporeBroadcom Ltd. USD 33,203 7,765,186 1.71

7,765,186 1.71

SwitzerlandLafargeHolcim Ltd. CHF 100,389 5,799,481 1.28Novartis AG CHF 140,086 11,789,619 2.59

17,589,100 3.87

United KingdomBritish American Tobacco plc GBP 130,017 8,888,648 1.96BT Group plc GBP 2,608,163 9,962,765 2.19Liberty Global plc ‘A’ USD 233,075 7,478,211 1.64Vodafone Group plc GBP 5,298,541 15,042,187 3.31

41,371,811 9.10

United States of AmericaActivision Blizzard, Inc. USD 92,420 5,297,052 1.17Aetna, Inc. USD 38,508 5,878,439 1.29Affiliated Managers Group, Inc. USD 29,843 4,974,977 1.09Alexion Pharmaceuticals, Inc. USD 58,346 7,115,295 1.57Alphabet, Inc. ‘C’ USD 21,616 19,806,308 4.36Amazon.com, Inc. USD 11,691 11,429,589 2.51Celgene Corp. USD 59,034 7,692,721 1.69Citigroup, Inc. USD 260,459 17,439,032 3.84DISH Network Corp. ‘A’ USD 129,107 8,069,188 1.77Eastman Chemical Co. USD 90,860 7,619,974 1.68EQT Corp. USD 91,999 5,419,661 1.19Honeywell International, Inc. USD 53,769 7,161,493 1.58Kroger Co. (The) USD 363,612 8,492,158 1.87MetLife, Inc. USD 125,539 6,931,008 1.52Molson Coors Brewing Co. ‘B’ USD 174,785 15,122,398 3.33Morgan Stanley USD 160,643 7,212,068 1.59Mosaic Co. (The) USD 201,011 4,565,965 1.00Occidental Petroleum Corp. USD 155,033 9,308,956 2.05Pioneer Natural Resources Co. USD 50,510 8,053,820 1.77Synchrony Financial USD 234,128 6,917,312 1.52TripAdvisor, Inc. USD 133,206 5,129,763 1.13Twenty-First Century Fox, Inc. ‘A’ USD 337,544 9,500,176 2.09UnitedHealth Group, Inc. USD 41,067 7,627,990 1.68

196,765,343 43.29




Equities

BermudaChina Hongxing Sports Ltd.* SGD 24,451,000 0 0.00

0 0.00

Hong KongBeauty China Holdings Ltd.* SGD 116,000 0 0.00

0 0.00






15,563,662 3.42




Cash 102,901 0.02




152

JPMorgan Funds - Global Unconstrained Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited States of America 43.29United Kingdom 9.10Japan 8.27Luxembourg 6.26Hong Kong 5.30France 4.21Switzerland 3.87Cayman Islands 3.77Denmark 2.49Jersey 2.29Ireland 2.23Singapore 1.71India 1.53Canada 1.52China 1.27Netherlands 1.25Italy 1.11Bermuda -Total Investments 99.47Cash and Other Assets/(Liabilities) 0.53

Total 100.00


% of Net Assets

United States of America 37.93United Kingdom 9.64Luxembourg 7.42Switzerland 6.49Hong Kong 4.50Netherlands 4.35Cayman Islands 4.07France 3.99Japan 3.86Israel 3.37Jersey 2.14Germany 2.13Singapore 1.91Ireland 1.87Italy 1.60India 1.24Canada 1.12Russia 1.10China 0.99Bermuda -Total Investments 99.72Cash and Other Assets/(Liabilities) 0.28

Total 100.00

153

JPMorgan Funds - Global Unconstrained Equity FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Global Unconstrained Equity FundSchedule of Investments (continued)

As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

CHF 2,729 HKD 22,183 27/07/2017 RBC 13 -CHF 514,609 USD 529,231 27/07/2017 ANZ 9,450 -EUR 4,261 CHF 4,636 27/07/2017 ANZ 19 -EUR 460,322 HKD 4,041,681 27/07/2017 Toronto-Dominion Bank 8,206 -EUR 501,883 JPY 61,536,025 27/07/2017 RBC 24,615 0.01EUR 799,525 USD 895,075 27/07/2017 RBC 19,120 0.01EUR 3,864 USD 4,326 27/07/2017 Standard Chartered 93 -EUR 77,980,925 USD 86,982,887 27/07/2017 Toronto-Dominion Bank 2,182,270 0.48USD 4,418,574 HKD 34,433,262 27/07/2017 Toronto-Dominion Bank 4,290 -USD 1,543,999 JPY 171,265,923 27/07/2017 RBC 15,339 -USD 5,971,387 JPY 662,840,720 27/07/2017 State Street 55,102 0.01


CHF 3,184 EUR 2,928 27/07/2017 Merrill Lynch (15) -CHF 2,731 GBP 2,219 27/07/2017 RBC (23) -USD 3,569,719 CHF 3,471,092 27/07/2017 ANZ (63,742) (0.02)USD 3,060 CHF 2,973 27/07/2017 RBC (52) -USD 5,189,609 CNY 35,506,267 27/07/2017 Goldman Sachs (39,468) (0.01)USD 2,490,404 DKK 16,604,935 27/07/2017 Toronto-Dominion Bank (63,138) (0.01)USD 656,326 EUR 587,718 27/07/2017 Toronto-Dominion Bank (15,684) -USD 7,303,481 GBP 5,784,583 27/07/2017 ANZ (207,996) (0.05)



154


Equities

BermudaBrilliance China Automotive Holdings Ltd. HKD 3,384,000 6,151,387 1.24Cafe de Coral Holdings Ltd. HKD 818,000 2,653,769 0.54China Resources Gas Group Ltd. HKD 2,276,000 7,799,314 1.58

16,604,470 3.36

Cayman Islands3SBio, Inc. HKD 3,197,000 4,238,804 0.86AAC Technologies Holdings, Inc. HKD 924,500 11,570,758 2.35Alibaba Group Holding Ltd., ADR USD 302,766 42,511,374 8.61ANTA Sports Products Ltd. HKD 1,563,000 5,135,783 1.04Cheung Kong Property Holdings Ltd. HKD 1,293,500 10,136,797 2.05China Medical System Holdings Ltd. HKD 2,220,000 3,836,412 0.78China Resources Land Ltd. HKD 1,708,000 4,966,770 1.01China State Construction InternationalHoldings Ltd. HKD 2,708,000 4,631,165 0.94Ctrip.com International Ltd., ADR USD 143,833 7,804,379 1.58IMAX China Holding, Inc. HKD 1,052,000 3,224,245 0.65JD.com, Inc., ADR USD 424,662 16,689,217 3.38MGM China Holdings Ltd. HKD 2,780,400 6,186,819 1.25Nexteer Automotive Group Ltd. HKD 5,039,000 7,888,163 1.60Noah Holdings Ltd., ADR USD 89,141 2,510,210 0.51Regina Miracle International HoldingsLtd. HKD 3,049,000 2,634,509 0.53Sands China Ltd. HKD 1,338,800 6,135,581 1.24Silergy Corp. TWD 243,000 4,675,382 0.95Silicon Motion Technology Corp., ADR USD 106,607 5,267,452 1.07Tencent Holdings Ltd. HKD 1,338,585 47,893,570 9.70Truly International Holdings Ltd. HKD 10,820,000 3,756,271 0.76WH Group Ltd. HKD 7,648,000 7,690,912 1.56

209,384,573 42.42

ChinaBank of China Ltd. ‘H’ HKD 33,118,000 16,227,659 3.29CGN Power Co. Ltd. ‘H’ HKD 17,333,000 4,829,402 0.98China Merchants Bank Co. Ltd. ‘H’ HKD 4,019,500 12,113,287 2.45China Yangtze Power Co. Ltd. ‘A’ CNY 1,361,002 3,085,933 0.63Dong-E-E-Jiao Co. Ltd. ‘A’ CNY 416,285 4,413,693 0.89Hangzhou Hikvision Digital TechnologyCo. Ltd. ‘A’ CNY 1,836,558 8,746,868 1.77Jiangsu Hengrui Medicine Co. Ltd. ‘A’ CNY 863,808 6,442,668 1.31Kweichow Moutai Co. Ltd. ‘A’ CNY 41,991 2,921,919 0.59Ping An Insurance Group Co. of China Ltd.‘H’ HKD 3,233,500 21,322,079 4.32Qingdao Haier Co. Ltd. ‘A’ CNY 2,810,526 6,239,949 1.26SAIC Motor Corp. Ltd. ‘A’ CNY 734,857 3,360,603 0.68Shenzhen Sunway Communication Co.Ltd. ‘A’ CNY 590,497 3,485,473 0.71Spring Airlines Co. Ltd. ‘A’ CNY 512,460 2,541,933 0.51Suofeiya Home Collection Co. Ltd. ‘A’ CNY 537,414 3,249,021 0.66Yunnan Baiyao Group Co. Ltd. ‘A’ CNY 273,261 3,781,825 0.77

102,762,312 20.82

Hong KongAIA Group Ltd. HKD 3,152,951 23,032,593 4.67China Everbright International Ltd. HKD 4,261,000 5,308,374 1.08China Taiping Insurance Holdings Co. Ltd. HKD 1,740,000 4,406,728 0.89CNOOC Ltd. HKD 8,702,000 9,536,729 1.93CSPC Pharmaceutical Group Ltd. HKD 3,702,000 5,396,833 1.09Guangdong Investment Ltd. HKD 4,636,000 6,402,101 1.30

54,083,358 10.96

SingaporeBOC Aviation Ltd. HKD 988,800 5,212,411 1.06

5,212,411 1.06

TaiwanChina Life Insurance Co. Ltd. TWD 5,884,280 5,868,798 1.19Eclat Textile Co. Ltd. TWD 363,000 4,441,243 0.90Largan Precision Co. Ltd. TWD 81,000 12,913,912 2.62President Chain Store Corp. TWD 726,000 6,542,477 1.32Taiwan Paiho Ltd. TWD 1,120,000 4,208,518 0.85Taiwan Semiconductor Manufacturing Co.Ltd. TWD 5,900,610 40,414,472 8.19Yuanta Financial Holding Co. Ltd. TWD 8,018,000 3,527,076 0.71

77,916,496 15.78


Warrants

ChinaChina Yangtze Power Co. Ltd. 22/06/2018 USD 397,600 901,518 0.18GoerTek, Inc. 26/07/2018 USD 1,444,350 4,107,760 0.83Hangzhou Robam Appliances Co. Ltd.,144A 01/03/2018 USD 859,016 5,508,097 1.12Han’s Laser Technology Industry GroupCo. Ltd., 144A 06/11/2017 USD 1,215,865 6,210,309 1.26Luxshare Precision Industry Co. Ltd.27/07/2018 USD 794,305 3,425,718 0.69Zhejiang Weixing New Building MaterialsCo. Ltd. 10/05/2018 USD 923,007 2,543,378 0.52

22,696,780 4.60




Cash 3,890,634 0.79



Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsCayman Islands 42.42China 25.42Taiwan 15.78Hong Kong 10.96Bermuda 3.36Singapore 1.06Total Investments 99.00Cash and Other Assets/(Liabilities) 1.00

Total 100.00


% of Net Assets

Cayman Islands 37.02China 24.44Taiwan 18.75Hong Kong 14.58Bermuda 4.19Singapore 1.07Total Investments 100.05Cash and Other Assets/(Liabilities) (0.05)

Total 100.00

155

JPMorgan Funds - Greater China FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities

BermudaBeijing Enterprises Water Group Ltd. HKD 978,000 758,601 0.79Brilliance China Automotive Holdings Ltd. HKD 636,000 1,156,112 1.20China Resources Gas Group Ltd. HKD 706,000 2,419,295 2.52CK Infrastructure Holdings Ltd. HKD 156,000 1,310,458 1.36Giordano International Ltd. HKD 172,000 98,160 0.10Orient Overseas International Ltd. HKD 83,500 598,744 0.62

6,341,370 6.59

Cayman IslandsAAC Technologies Holdings, Inc. HKD 123,000 1,539,430 1.60ANTA Sports Products Ltd. HKD 291,000 956,182 0.99Cheung Kong Property Holdings Ltd. HKD 320,000 2,507,750 2.61China Conch Venture Holdings Ltd. HKD 264,000 483,277 0.50China Medical System Holdings Ltd. HKD 308,000 532,259 0.55China Resources Land Ltd. HKD 918,000 2,669,494 2.77China Resources Phoenix HealthcareHoldings Co. Ltd. HKD 159,000 195,741 0.20China State Construction InternationalHoldings Ltd. HKD 604,000 1,032,948 1.07CK Hutchison Holdings Ltd. HKD 225,500 2,830,233 2.94Hengan International Group Co. Ltd. HKD 99,500 734,504 0.76Hutchison Telecommunications HongKong Holdings Ltd. HKD 1,450,000 509,883 0.53IMAX China Holding, Inc. HKD 301,400 923,752 0.96Lifestyle International Holdings Ltd. HKD 320,500 441,775 0.46MGM China Holdings Ltd. HKD 578,000 1,286,139 1.34Nexteer Automotive Group Ltd. HKD 1,066,000 1,668,740 1.74Regina Miracle International Holdings Ltd. HKD 172,000 148,618 0.16Sands China Ltd. HKD 424,800 1,946,814 2.02Sino Biopharmaceutical Ltd. HKD 355,000 314,017 0.33Tencent Holdings Ltd. HKD 263,400 9,424,255 9.79WH Group Ltd. HKD 2,468,000 2,481,848 2.58

32,627,659 33.90

ChinaCGN Power Co. Ltd. ‘H’ HKD 5,296,000 1,475,596 1.53China Construction Bank Corp. ‘H’ HKD 8,117,910 6,286,384 6.53China Merchants Bank Co. Ltd. ‘H’ HKD 1,210,500 3,647,999 3.79China Telecom Corp. Ltd. ‘H’ HKD 2,792,000 1,325,147 1.38Ping An Insurance Group Co. of China Ltd.‘H’ HKD 776,500 5,120,332 5.32

17,855,458 18.55

Hong KongAIA Group Ltd. HKD 968,600 7,075,711 7.35BOC Hong Kong Holdings Ltd. HKD 573,500 2,745,838 2.85China Everbright International Ltd. HKD 976,000 1,215,905 1.26China Merchants Port Holdings Co. Ltd. HKD 324,000 897,556 0.93China Taiping Insurance Holdings Co. Ltd. HKD 611,400 1,548,433 1.61CNOOC Ltd. HKD 1,913,000 2,096,502 2.18CSPC Pharmaceutical Group Ltd. HKD 592,000 863,027 0.90Dah Sing Banking Group Ltd. HKD 265,200 563,952 0.59Guangdong Investment Ltd. HKD 1,236,000 1,706,858 1.77Hong Kong Exchanges & Clearing Ltd. HKD 89,491 2,314,600 2.40New World Development Co. Ltd. HKD 1,059,000 1,345,083 1.40Techtronic Industries Co. Ltd. HKD 167,000 767,483 0.80Wharf Holdings Ltd. (The) HKD 158,000 1,309,043 1.36

24,449,991 25.40

ItalyPRADA SpA HKD 135,400 503,010 0.52

503,010 0.52

LuxembourgSamsonite International SA HKD 176,400 735,546 0.77

735,546 0.77

SingaporeBOC Aviation Ltd. HKD 263,700 1,390,082 1.44

1,390,082 1.44

SupranationalHKT Trust & HKT Ltd. HKD 708,000 927,832 0.96

927,832 0.96

United KingdomHSBC Holdings plc HKD 1,041,476 9,696,045 10.07

9,696,045 10.07




Cash 1,264,608 1.31



Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsCayman Islands 33.90Hong Kong 25.40China 18.55United Kingdom 10.07Bermuda 6.59Singapore 1.44Supranational 0.96Luxembourg 0.77Italy 0.52Total Investments 98.20Cash and Other Assets/(Liabilities) 1.80

Total 100.00


% of Net Assets

Cayman Islands 32.13Hong Kong 24.56China 23.15United Kingdom 9.65Bermuda 6.84Singapore 1.04Luxembourg 0.61Supranational 0.61Total Investments 98.59Cash and Other Assets/(Liabilities) 1.41

Total 100.00

156

JPMorgan Funds - Hong Kong FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Bonds

ArgentinaProvincia de Buenos Aires, 144A 9.125%16/03/2024 USD 150,000 169,389 0.60Provincia de Buenos Aires, Reg. S 9.95%09/06/2021 USD 200,000 229,381 0.81

398,770 1.41

BermudaWeatherford International Ltd. 4.5%15/04/2022 USD 25,000 21,996 0.08

21,996 0.08

CanadaPrecision Drilling Corp. 6.5% 15/12/2021 USD 17,000 16,654 0.06

16,654 0.06

Cayman IslandsComcel Trust, Reg. S 6.875% 06/02/2024 USD 250,000 267,109 0.95Transocean, Inc. 6.8% 15/03/2038 USD 17,000 12,456 0.04

279,565 0.99

ColombiaEcopetrol SA 5.875% 28/05/2045 USD 280,000 258,006 0.91

258,006 0.91

Costa RicaCosta Rica Government Bond, Reg. S7.158% 12/03/2045 USD 200,000 210,927 0.75

210,927 0.75

Dominican RepublicDominican Republic Government Bond,Reg. S 7.45% 30/04/2044 USD 235,000 269,084 0.95

269,084 0.95

EcuadorEcuador Government Bond, Reg. S 10.75%28/03/2022 USD 200,000 213,193 0.76

213,193 0.76

FranceCredit Agricole SA, FRN, 144A 8.125%Perpetual USD 200,000 232,872 0.83

232,872 0.83

JordanJordan Government Bond, Reg. S 5.75%31/01/2027 USD 200,000 199,286 0.71

199,286 0.71

LebanonLebanon Government Bond 6.375%09/03/2020 USD 50,000 51,107 0.18

51,107 0.18

LuxembourgAltice Financing SA, Reg. S 7.5%15/05/2026 USD 250,000 277,109 0.98Altice Luxembourg SA, 144A 7.75%15/05/2022 USD 200,000 212,303 0.75ArcelorMittal 6.75% 25/02/2022 USD 28,000 31,543 0.11Intelsat Jackson Holdings SA 7.25%01/04/2019 USD 8,000 8,015 0.03Intelsat Jackson Holdings SA 7.25%15/10/2020 USD 10,000 9,460 0.03Intelsat Jackson Holdings SA 7.5%01/04/2021 USD 90,000 83,144 0.30Intelsat Jackson Holdings SA 5.5%01/08/2023 USD 32,000 26,440 0.10

648,014 2.30

ParaguayParaguay Government Bond, Reg. S 6.1%11/08/2044 USD 200,000 223,074 0.79

223,074 0.79

SwitzerlandCredit Suisse Group AG, FRN, 144A 6.25%Perpetual USD 250,000 266,008 0.94UBS Group AG, Reg. S, FRN 7% Perpetual USD 250,000 277,386 0.99

543,394 1.93

UkraineUkraine Government Bond, Reg. S 7.75%01/09/2020 USD 100,000 102,640 0.36

102,640 0.36

United KingdomBarclays Bank plc 7.625% 21/11/2022 USD 200,000 229,148 0.81Vedanta Resources plc, Reg. S 8.25%07/06/2021 USD 260,000 283,994 1.01

513,142 1.82

United States of AmericaAlly Financial, Inc. 5.75% 20/11/2025 USD 30,000 31,686 0.11Antero Resources Corp. 5.125%01/12/2022 USD 11,000 10,987 0.04Arconic, Inc. 5.9% 01/02/2027 USD 25,000 26,846 0.09Blue Cube Spinco, Inc. 9.75% 15/10/2023 USD 25,000 30,438 0.11Blue Cube Spinco, Inc. 10% 15/10/2025 USD 15,000 18,494 0.07Caleres, Inc. 6.25% 15/08/2023 USD 14,000 14,665 0.05Chemours Co. (The) 6.625% 15/05/2023 USD 65,000 68,850 0.24Commercial Metals Co. 4.875%15/05/2023 USD 10,000 10,154 0.04Community Health Systems, Inc. 6.875%01/02/2022 USD 18,000 15,730 0.06Continental Resources, Inc. 5%15/09/2022 USD 12,000 11,816 0.04Dana, Inc. 6% 15/09/2023 USD 75,000 78,407 0.28Dana, Inc. 5.5% 15/12/2024 USD 20,000 20,883 0.07Diebold Nixdorf, Inc. 8.5% 15/04/2024 USD 8,000 8,970 0.03Dynegy, Inc. 7.375% 01/11/2022 USD 55,000 54,725 0.19Embarq Corp. 7.995% 01/06/2036 USD 80,000 81,110 0.29EP Energy LLC 9.375% 01/05/2020 USD 58,000 45,675 0.16EP Energy LLC 7.75% 01/09/2022 USD 74,000 43,290 0.15Freeport-McMoRan, Inc. 3.875%15/03/2023 USD 15,000 14,051 0.05Freeport-McMoRan, Inc. 5.45%15/03/2043 USD 20,000 17,290 0.06Genesis Energy LP 6.75% 01/08/2022 USD 25,000 25,087 0.09HCA, Inc. 7.5% 15/02/2022 USD 28,000 32,230 0.11HealthSouth Corp. 5.75% 15/09/2025 USD 45,000 47,582 0.17Hertz Corp. (The) 6.25% 15/10/2022 USD 105,000 92,137 0.33Huntsman International LLC 4.875%15/11/2020 USD 45,000 47,416 0.17Huntsman International LLC 5.125%15/11/2022 USD 55,000 59,262 0.21JC Penney Corp., Inc. 6.375% 15/10/2036 USD 60,000 43,530 0.15Kinder Morgan Energy Partners LP 6.5%01/09/2039 USD 105,000 120,907 0.43Kindred Healthcare, Inc. 8.75%15/01/2023 USD 90,000 94,699 0.34L Brands, Inc. 6.75% 01/07/2036 USD 80,000 75,726 0.27MGM Resorts International 7.75%15/03/2022 USD 105,000 123,426 0.44Nationstar Mortgage LLC 6.5%01/06/2022 USD 40,000 41,100 0.15New Albertsons, Inc. 8% 01/05/2031 USD 40,000 39,650 0.14NRG Energy, Inc. 6.625% 15/01/2027 USD 55,000 55,190 0.20NRG Energy, Inc. 6.25% 01/05/2024 USD 35,000 35,601 0.13Oasis Petroleum, Inc. 6.875% 15/01/2023 USD 50,000 48,242 0.17QEP Resources, Inc. 5.375% 01/10/2022 USD 8,000 7,738 0.03Quad/Graphics, Inc. 7% 01/05/2022 USD 14,000 14,287 0.05Qwest Capital Funding, Inc. 7.75%15/02/2031 USD 101,000 96,495 0.34Regal Entertainment Group 5.75%01/02/2025 USD 20,000 20,680 0.07Revlon Consumer Products Corp. 6.25%01/08/2024 USD 8,000 6,996 0.02Service Corp. International 7.5%01/04/2027 USD 80,000 96,482 0.34SESI LLC 7.125% 15/12/2021 USD 3,000 2,884 0.01SM Energy Co. 6.5% 01/01/2023 USD 46,000 43,817 0.15Southwestern Energy Co. 6.7%23/01/2025 USD 75,000 73,339 0.26Sprint Capital Corp. 6.875% 15/11/2028 USD 35,000 38,926 0.14Sprint Capital Corp. 8.75% 15/03/2032 USD 45,000 56,731 0.20Sprint Corp. 7.875% 15/09/2023 USD 65,000 74,824 0.26Sprint Corp. 7.625% 15/02/2025 USD 145,000 167,014 0.59Summit Materials LLC 6.125% 15/07/2023 USD 15,000 15,716 0.06SUPERVALU, Inc. 6.75% 01/06/2021 USD 5,000 4,945 0.02SUPERVALU, Inc. 7.75% 15/11/2022 USD 40,000 39,000 0.14

157

JPMorgan Funds - Income FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Tempur Sealy International, Inc. 5.5%15/06/2026 USD 25,000 25,469 0.09Tenet Healthcare Corp. 8.125%01/04/2022 USD 140,000 148,792 0.53Tenet Healthcare Corp. 6.75% 15/06/2023 USD 16,000 15,997 0.06TransDigm, Inc. 5.5% 15/10/2020 USD 25,000 25,540 0.09Triumph Group, Inc. 4.875% 01/04/2021 USD 25,000 24,791 0.09Triumph Group, Inc. 5.25% 01/06/2022 USD 40,000 39,338 0.14Unit Corp. 6.625% 15/05/2021 USD 21,000 20,091 0.07United Rentals North America, Inc. 5.5%15/07/2025 USD 10,000 10,516 0.04United States Cellular Corp. 6.7%15/12/2033 USD 65,000 66,072 0.23US Treasury 1.75% 30/11/2021 USD 585,000 584,292 2.07Western Digital Corp. 10.5% 01/04/2024 USD 65,000 76,682 0.27Whiting Petroleum Corp. 5% 15/03/2019 USD 8,000 7,945 0.03Whiting Petroleum Corp. 5.75%15/03/2021 USD 8,000 7,540 0.03WPX Energy, Inc. 5.25% 15/09/2024 USD 15,000 14,158 0.05Zayo Group LLC 6% 01/04/2023 USD 55,000 58,047 0.21Zayo Group LLC 6.375% 15/05/2025 USD 15,000 16,204 0.06

3,487,200 12.37

Total Bonds 7,668,924 27.20

Equities

CanadaFrontera Energy Corp. USD 1,200 31,130 0.11

31,130 0.11

United States of AmericaPenn Virginia Corp. USD 154 5,563 0.02

5,563 0.02




Bonds

BermudaWeatherford International Ltd., 144A9.875% 15/02/2024 USD 8,000 8,317 0.03

8,317 0.03

CanadaBombardier, Inc., 144A 8.75% 01/12/2021 USD 60,000 67,052 0.24Bombardier, Inc., 144A 7.5% 15/03/2025 USD 50,000 51,977 0.18Frontera Energy Corp., Reg. S 10%02/11/2021 USD 48,000 54,180 0.19Glencore Finance Canada Ltd., 144A 6%15/11/2041 USD 65,000 71,965 0.25Mattamy Group Corp., 144A 6.5%15/11/2020 USD 20,000 20,500 0.07MEG Energy Corp., 144A 6.375%30/01/2023 USD 100,000 78,250 0.28Trinidad Drilling Ltd., 144A 6.625%15/02/2025 USD 7,000 6,667 0.02Valeant Pharmaceuticals International,Inc., 144A 6.75% 15/08/2018 USD 6,000 6,023 0.02Valeant Pharmaceuticals International,Inc., 144A 7.5% 15/07/2021 USD 40,000 39,098 0.14Valeant Pharmaceuticals International,Inc., 144A 6.5% 15/03/2022 USD 2,000 2,112 0.01Valeant Pharmaceuticals International,Inc., 144A 5.5% 01/03/2023 USD 25,000 21,375 0.08Valeant Pharmaceuticals International,Inc., 144A 7% 15/03/2024 USD 5,000 5,310 0.02Valeant Pharmaceuticals International,Inc., 144A 6.125% 15/04/2025 USD 25,000 21,274 0.08

445,783 1.58

Cayman IslandsTransocean Proteus Ltd., 144A 6.25%01/12/2024 USD 5,700 5,838 0.02Transocean, Inc., 144A 9% 15/07/2023 USD 15,000 15,540 0.06

21,378 0.08

LuxembourgCamelot Finance SA, 144A 7.875%15/10/2024 USD 8,000 8,650 0.03Intelsat Jackson Holdings SA, 144A 8%15/02/2024 USD 75,000 81,000 0.29JBS USA LUX SA, 144A 7.25% 01/06/2021 USD 25,000 24,878 0.09JBS USA LUX SA, 144A 5.875%15/07/2024 USD 25,000 23,625 0.08Mallinckrodt International Finance SA,144A 5.75% 01/08/2022 USD 13,000 12,166 0.04Mallinckrodt International Finance SA,144A 5.625% 15/10/2023 USD 40,000 36,176 0.13Mallinckrodt International Finance SA,144A 5.5% 15/04/2025 USD 70,000 60,803 0.22

247,298 0.88

MexicoPetroleos Mexicanos, Reg. S, FRN 4.878%11/03/2022 USD 145,000 156,474 0.55

156,474 0.55

United States of AmericaA10 Term Asset Financing LLC, Series2014-1 ‘D’, 144A 5.08% 15/04/2033 USD 250,000 250,238 0.89Access Point Funding Trust 7%15/02/2023 USD 250,000 250,212 0.89ACE Cash Express, Inc., 144A 11%01/02/2019 USD 30,000 30,075 0.11ADT Corp. (The) 4.125% 15/06/2023 USD 35,000 34,665 0.12Ahern Rentals, Inc., 144A 7.375%15/05/2023 USD 15,000 12,300 0.04Air Medical Group Holdings, Inc., 144A6.375% 15/05/2023 USD 80,000 76,200 0.27Airxcel, Inc., 144A 8.5% 15/02/2022 USD 16,000 16,880 0.06Albertsons Cos. LLC, 144A 6.625%15/06/2024 USD 15,000 14,925 0.05Alere, Inc., 144A 6.375% 01/07/2023 USD 25,000 26,888 0.10Alta Mesa Holdings LP, 144A 7.875%15/12/2024 USD 50,000 50,354 0.18Alternative Loan Trust, Series 2004-24CB‘1A1’ 6% 25/11/2034 USD 37,056 38,319 0.14Alternative Loan Trust, Series 2004-30CB‘3A1’ 5% 25/02/2020 USD 80,682 80,008 0.28Alternative Loan Trust, Series 2004-18CB‘5A1’ 6.25% 25/09/2034 USD 57,012 57,758 0.20Alternative Loan Trust, Series 2005-23CB‘A16’ 5.5% 25/07/2035 USD 129,229 129,456 0.46Alternative Loan Trust, Series 2005-23CB‘A7’ 5.25% 25/07/2035 USD 47,843 44,670 0.16American Express Credit Account MasterTrust, Series 2014-4 ‘A’ 1.43%15/06/2020 USD 275,000 275,065 0.98American Greetings Corp., 144A 7.875%15/02/2025 USD 12,000 12,821 0.05Amkor Technology, Inc. 6.375%01/10/2022 USD 100,000 104,322 0.37Anchor Assets IX LLC, Series 2016-1 ‘B’,144A 6.25% 15/02/2020 USD 250,000 250,000 0.89Argent Securities, Inc. Asset-BackedPass-Through Certificates Trust, FRN,Series 2003-W5 ‘M4’ 6.841% 25/10/2033 USD 54,936 55,246 0.20Avis Budget Car Rental LLC, 144A 6.375%01/04/2024 USD 100,000 99,960 0.35Banc of America Commercial MortgageTrust, FRN, Series 2007-3 ‘B’ 5.481%10/06/2049 USD 100,000 101,261 0.36Bay Area Toll Authority 6.918%01/04/2040 USD 110,000 155,897 0.55Bear Stearns Asset Backed SecuritiesTrust, STEP, Series 2003-AC4 ‘M1’ 5.658%25/09/2033 USD 88,124 83,241 0.30Bear Stearns Commercial MortgageSecurities Trust, FRN, Series 2006-PW13‘AJ’ 5.611% 11/09/2041 USD 931 936 0.00Bear Stearns Commercial MortgageSecurities Trust, FRN, Series 2007-PW17‘AJ’ 5.906% 11/06/2050 USD 90,000 90,898 0.32Bear Stearns Commercial MortgageSecurities Trust, FRN, Series 2006-PW13‘B’, 144A 5.66% 11/09/2041 USD 70,000 70,475 0.25Blue Racer Midstream LLC, 144A 6.125%15/11/2022 USD 70,000 69,871 0.25BMW Vehicle Lease Trust, Series 2015-2‘A3’ 1.4% 20/09/2018 USD 33,845 33,849 0.12Bumble Bee Holdings, Inc., 144A 9%15/12/2017 USD 13,000 12,976 0.05Cablevision Systems Corp. 8%15/04/2020 USD 16,000 17,867 0.06California Resources Corp., 144A 8%15/12/2022 USD 23,000 14,562 0.05

158

JPMorgan Funds - Income FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Capital One Multi-Asset Execution Trust,Series 2014-A5 ‘A5’ 1.48% 15/07/2020 USD 90,000 90,028 0.32Capital One Multi-Asset Execution Trust,Series 2007-A7 ‘A7’ 5.75% 15/07/2020 USD 110,000 110,993 0.39Carmax Auto Owner Trust, Series 2016-3‘A2’ 1.17% 15/08/2019 USD 62,472 62,397 0.22CCO Holdings LLC, 144A 5.125%01/05/2027 USD 10,000 10,257 0.04Centex Home Equity Loan Trust, STEP,Series 2003-B ‘AF4’ 3.735% 25/02/2032 USD 237,643 241,228 0.86Charter Communications Operating LLC6.384% 23/10/2035 USD 26,000 30,902 0.11Chesapeake Energy Corp., 144A 8%15/01/2025 USD 76,000 75,620 0.27CITGO Petroleum Corp., 144A 6.25%15/08/2022 USD 6,000 6,061 0.02Citigroup Commercial Mortgage Trust,Series 2015-P1 ‘D’, 144A 3.225%15/09/2048 USD 150,000 123,838 0.44Claire’s Stores, Inc., 144A 9% 15/03/2019 USD 20,000 10,200 0.04Clear Channel Worldwide Holdings, Inc.7.625% 15/03/2020 USD 10,000 9,936 0.04Clear Channel Worldwide Holdings, Inc.7.625% 15/03/2020 USD 155,000 154,743 0.55Clear Channel Worldwide Holdings, Inc.6.5% 15/11/2022 USD 30,000 30,861 0.11CNG Holdings, Inc., 144A 9.375%15/05/2020 USD 50,000 44,250 0.16CNH Equipment Trust, Series 2015-A ‘A3’1.3% 15/04/2020 USD 44,245 44,219 0.16Cogent Communications Finance, Inc.,144A 5.625% 15/04/2021 USD 50,000 51,593 0.18Cogent Communications Group, Inc., 144A5.375% 01/03/2022 USD 25,000 26,166 0.09COMM Mortgage Trust, FRN, Series2015-CR24 ‘D’ 3.463% 10/08/2048 USD 115,000 91,578 0.32CommScope Technologies LLC, 144A 6%15/06/2025 USD 70,000 75,513 0.27CommScope, Inc., 144A 5.5% 15/06/2024 USD 12,000 12,487 0.04Consolidated Communications, Inc. 6.5%01/10/2022 USD 5,000 5,009 0.02Cooper-Standard Automotive, Inc., 144A5.625% 15/11/2026 USD 45,000 44,653 0.16CPS Auto Receivables Trust, Series 2014-B‘D’, 144A 4.62% 15/05/2020 USD 433,000 440,751 1.56Credit Suisse Commercial Mortgage Trust,Series 2007-C1 ‘AM’ 5.416% 15/02/2040 USD 53,699 53,653 0.19CSC Holdings LLC 6.75% 15/11/2021 USD 2,000 2,213 0.01CSC Holdings LLC 5.25% 01/06/2024 USD 5,000 5,086 0.02CURO Financial Technologies Corp., 144A12% 01/03/2022 USD 2,000 2,085 0.01CVR Partners LP, 144A 9.25% 15/06/2023 USD 25,000 26,025 0.09DISH DBS Corp. 5% 15/03/2023 USD 2,000 2,056 0.01DISH DBS Corp. 7.75% 01/07/2026 USD 75,000 89,115 0.32DISH DBS Corp. 5.875% 15/11/2024 USD 133,000 142,053 0.50DJO Finco, Inc., 144A 8.125% 15/06/2021 USD 55,000 51,906 0.18Downstream Development Authority ofthe Quapaw Tribe of Oklahoma, 144A10.5% 01/07/2019 USD 15,000 14,775 0.05DS Services of America, Inc., 144A 10%01/09/2021 USD 7,000 7,434 0.03DT Auto Owner Trust, Series 2016-3A ‘D’,144A 4.52% 15/06/2023 USD 250,000 257,147 0.91Dynegy, Inc., 144A 7.375% 01/11/2022 USD 35,000 34,781 0.12Endo Finance LLC, 144A 5.75%15/01/2022 USD 29,000 26,000 0.09Energizer Holdings, Inc., 144A 5.5%15/06/2025 USD 45,000 47,250 0.17EP Energy LLC, 144A 8% 15/02/2025 USD 23,000 17,020 0.06Equity One Mortgage Pass-Through Trust,STEP, Series 2004-2 ‘M1’ 5.692%25/07/2034 USD 59,201 59,135 0.21Equity One Mortgage Pass-Through Trust,FRN, Series 2003-2 ‘M2’ 5.63%25/09/2033 USD 80,235 78,612 0.28Exeter Automobile Receivables Trust,Series 2016-3A ‘D’, 144A 6.4%17/07/2023 USD 250,000 258,616 0.92FHLMC, FRN, Series 2014-DN2 ‘M3’4.624% 25/04/2024 USD 250,000 278,150 0.99FHLMC REMIC, IO, Series 4550 ‘DI’ 4%15/03/2044 USD 343,395 59,095 0.21FHLMC REMIC, IO, Series 4216 ‘EI’ 3%15/06/2028 USD 741,671 75,451 0.27FHLMC REMIC, IO, Series 4628 ‘I’ 4%15/11/2046 USD 276,403 59,723 0.21FHLMC REMIC, IO, Series 4593 ‘IL’ 4.5%15/09/2042 USD 453,512 80,225 0.28FHLMC REMIC, IO, Series 4585 ‘JI’ 4%15/05/2045 USD 318,575 60,250 0.21

FHLMC REMIC, IO, FRN, Series 3914 ‘LS’5.811% 15/08/2026 USD 364,564 46,736 0.17FHLMC REMIC, IO, FRN, Series 4116 ‘LS’5.211% 15/10/2042 USD 323,945 71,747 0.25FHLMC REMIC, IO, Series 4495 ‘PI’ 4%15/09/2043 USD 487,071 79,855 0.28FHLMC REMIC, IO, Series 4535 ‘PI’ 4%15/03/2044 USD 346,013 58,835 0.21FHLMC REMIC, IO, Series 4570 ‘PI’ 4%15/03/2044 USD 274,045 47,644 0.17FHLMC REMIC, IO, Series 4612 ‘PI’ 3.5%15/06/2044 USD 107,462 16,193 0.06FHLMC REMIC, IO, Series 4628 ‘PI’ 4%15/07/2045 USD 326,995 59,707 0.21FHLMC REMIC, IO, Series 4612 ‘QI’ 3.5%15/05/2044 USD 384,312 58,384 0.21FHLMC REMIC, IO, FRN, Series 4572 ‘SA’5.061% 15/04/2046 USD 352,273 77,355 0.27FHLMC REMIC, IO, FRN, Series 4599 ‘SA’5.011% 15/07/2046 USD 281,961 61,771 0.22FHLMC REMIC, IO, FRN, Series 4091 ‘TS’5.391% 15/08/2042 USD 208,679 50,810 0.18FHLMC REMIC, IO, Series 4136 ‘UI’ 2.5%15/11/2027 USD 941,486 77,175 0.27First Data Corp., 144A 7% 01/12/2023 USD 135,000 144,309 0.51FNMA Interest STRIP, IO, Series 421 ‘7’3.5% 25/05/2030 USD 300,805 25,814 0.09FNMA Interest STRIP, IO, Series 421 ‘C3’4% 25/07/2030 USD 510,830 67,267 0.24FNMA REMIC, IO, Series 2015-25 ‘CI’ 3.5%25/05/2030 USD 513,732 65,271 0.23FNMA REMIC, IO, Series 2013-59 ‘DI’ 3%25/06/2028 USD 880,402 81,608 0.29FNMA REMIC, IO, FRN, Series 2012-133‘HS’ 4.934% 25/12/2042 USD 401,298 95,262 0.34FNMA REMIC, IO, Series 2016-90 ‘IN’ 3.5%25/12/2046 USD 457,877 80,212 0.28FNMA REMIC, IO, Series 2016-6 ‘KI’ 4%25/02/2044 USD 336,177 56,232 0.20FNMA REMIC, IO, Series 2008-36 ‘LI’ 6%25/05/2023 USD 327,690 34,808 0.12FNMA REMIC, IO, Series 2016-43 ‘MI’ 4%25/10/2045 USD 278,185 51,902 0.18FNMA REMIC, IO, Series 2012-63 ‘NI’ 4%25/06/2040 USD 734,529 78,942 0.28FNMA REMIC, IO, FRN, Series 2016-38 ‘SA’4.976% 25/06/2046 USD 154,946 35,591 0.13FNMA REMIC, IO, FRN, Series 2012-144‘SK’ 4.884% 25/01/2043 USD 523,747 105,558 0.37FNMA REMIC, IO, FRN, Series 2016-61 ‘ST’4.784% 25/09/2046 USD 232,959 56,590 0.20Ford Credit Auto Owner Trust, Series2017-A ‘A3’ 1.67% 15/06/2021 USD 275,000 274,987 0.98Ford Credit Auto Owner Trust, Series2014-A ‘A4’ 1.29% 15/04/2019 USD 193,414 193,384 0.69FORT CRE LLC, FRN, Series 2016-1A ‘D’,144A 6.86% 21/05/2036 USD 100,000 100,904 0.36Frontier Communications Corp. 8.5%15/04/2020 USD 4,000 4,212 0.01Frontier Communications Corp. 9.25%01/07/2021 USD 3,000 2,954 0.01Frontier Communications Corp. 10.5%15/09/2022 USD 8,000 7,646 0.03Frontier Communications Corp. 11%15/09/2025 USD 145,000 134,435 0.48Gates Global LLC, 144A 6% 15/07/2022 USD 50,000 50,500 0.18GCI, Inc. 6.75% 01/06/2021 USD 65,000 66,846 0.24GCP Applied Technologies, Inc., 144A9.5% 01/02/2023 USD 15,000 17,063 0.06Genesys TelecommunicationsLaboratories, Inc., 144A 10% 30/11/2024 USD 35,000 39,190 0.14GMACM Mortgage Loan Trust, Series2004-J2 ‘A8’ 5.75% 25/06/2034 USD 101,469 104,464 0.37GNMA, Series 2014-140 ‘BW’ 3.5%20/09/2044 USD 250,000 255,425 0.91Goldman Sachs Group, Inc. (The), FRN5.375% Perpetual USD 95,000 99,620 0.35GS Mortgage Securities Trust, Series2016-GS2 ‘D’, 144A 2.753% 10/05/2049 USD 34,484 27,091 0.10GSMSC Pass-Through Trust, FRN, Series2008-2R ‘2A1’, 144A 7.5% 25/10/2036 USD 210,827 154,813 0.55Guitar Center, Inc., 144A 6.5%15/04/2019 USD 30,000 26,325 0.09H&E Equipment Services, Inc. 7%01/09/2022 USD 50,000 52,313 0.19Hardwoods Acquisition, Inc., 144A 7.5%01/08/2021 USD 10,000 8,934 0.03Harland Clarke Holdings Corp., 144A6.875% 01/03/2020 USD 15,000 15,476 0.05Herc Rentals, Inc., 144A 7.75%01/06/2024 USD 27,000 28,812 0.10

159


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Hertz Corp. (The), 144A 5.5% 15/10/2024 USD 50,000 40,844 0.14Hexion, Inc. 6.625% 15/04/2020 USD 120,000 109,347 0.39Hilcorp Energy I LP, 144A 5% 01/12/2024 USD 21,000 19,346 0.07Hillman Group, Inc. (The), 144A 6.375%15/07/2022 USD 50,000 47,452 0.17Honda Auto Receivables Owner Trust,Series 2014-2 ‘A4’ 1.18% 18/05/2020 USD 200,000 199,953 0.71Honda Auto Receivables Owner Trust,Series 2015-1 ‘A4’ 1.32% 16/11/2020 USD 300,000 299,694 1.06Hughes Satellite Systems Corp. 6.625%01/08/2026 USD 20,000 21,304 0.08IASIS Healthcare LLC 8.375% 15/05/2019 USD 50,000 50,165 0.18Infor Software Parent LLC, 144A 7.125%01/05/2021 USD 75,000 76,978 0.27Informatica LLC, 144A 7.125% 15/07/2023 USD 40,000 40,800 0.14Jack Cooper Holdings Corp. 9.225%01/06/2020 USD 60,000 32,400 0.11Jack Ohio Finance LLC, 144A 6.75%15/11/2021 USD 5,000 5,238 0.02JB Poindexter & Co., Inc., 144A 9%01/04/2022 USD 60,000 63,300 0.22JPMorgan Chase Commercial MortgageSecurities Trust, FRN, Series 2007-LD11‘AM’ 5.722% 15/06/2049 USD 103,853 106,545 0.38JPMorgan Chase Commercial MortgageSecurities Trust, FRN, Series 2006-LDP8‘B’ 5.52% 15/05/2045 USD 27,714 27,696 0.10JPMorgan Chase Commercial MortgageSecurities Trust, FRN, Series 2006-LDP8‘C’ 5.549% 15/05/2045 USD 85,000 84,974 0.30Kaiser Aluminum Corp. 5.875%15/05/2024 USD 10,000 10,600 0.04Kratos Defense & Security Solutions, Inc.7% 15/05/2019 USD 67,000 69,010 0.24Kronos Acquisition Holdings, Inc., 144A9% 15/08/2023 USD 6,000 6,000 0.02Landry’s, Inc., 144A 6.75% 15/10/2024 USD 3,000 3,079 0.01LB-UBS Commercial Mortgage Trust, FRN,Series 2006-C6 ‘AJ’ 5.452% 15/09/2039 USD 100,219 87,900 0.31LB-UBS Commercial Mortgage Trust, FRN,Series 2007-C6 ‘AJ’ 6.191% 15/07/2040 USD 125,000 127,031 0.45LB-UBS Commercial Mortgage Trust, FRN,Series 2007-C1 ‘C’ 5.533% 15/02/2040 USD 5,521 5,516 0.02Liberty Mutual Group, Inc., 144A 7.8%07/03/2087 USD 52,000 62,920 0.22LSB Industries, Inc., STEP 8.5%01/08/2019 USD 55,000 55,344 0.20LTF Merger Sub, Inc., 144A 8.5%15/06/2023 USD 50,000 53,702 0.19LV Tower 52 Issuer LLC, Series 2013-1 ‘M’,144A 7.75% 15/02/2023 USD 236,988 238,172 0.84Mariner Finance Issuance Trust, Series2017-AA ‘C’, 144A 6.73% 20/02/2029 USD 250,000 260,412 0.92Micron Technology, Inc., 144A 5.25%15/01/2024 USD 65,000 67,163 0.24Morgan Stanley Capital I Trust, FRN,Series 2006-HQ10 ‘AJ’ 5.389% 12/11/2041 USD 31,036 31,113 0.11Morgan Stanley Capital I Trust, FRN,Series 2007-HQ11 ‘AJ’ 5.508% 12/02/2044 USD 72,626 71,235 0.25Morgan Stanley Capital I Trust, FRN,Series 2006-HQ8 ‘B’ 5.45% 12/03/2044 USD 250,000 249,994 0.89Morgan Stanley Capital I Trust, FRN,Series 2005-HQ7 ‘D’ 5.142% 14/11/2042 USD 84,036 83,780 0.30Morgan Stanley Capital I Trust, FRN,Series 2006-HQ9 ‘D’ 5.862% 12/07/2044 USD 125,000 124,785 0.44MPH Acquisition Holdings LLC, 144A7.125% 01/06/2024 USD 14,000 14,835 0.05Nature’s Bounty Co. (The), 144A 7.625%15/05/2021 USD 5,000 5,301 0.02NCI Building Systems, Inc., 144A 8.25%15/01/2023 USD 20,000 21,621 0.08Neiman Marcus Group Ltd. LLC, 144A 8%15/10/2021 USD 110,000 60,500 0.21New Home Co., Inc. (The), 144A 7.25%01/04/2022 USD 7,000 7,280 0.03New York University 4.142% 01/07/2048 USD 100,000 97,269 0.34Nexstar Broadcasting, Inc., 144A 6.125%15/02/2022 USD 15,000 15,769 0.06NFP Corp., 144A 9% 15/07/2021 USD 35,000 36,741 0.13Nielsen Finance LLC, 144A 5%15/04/2022 USD 35,000 36,357 0.13Nissan Auto Lease Trust, Series 2016-A‘A2A’ 1.22% 15/08/2018 USD 67,629 67,591 0.24Nissan Auto Receivables Owner Trust,Series 2016-B ‘A2A’ 1.05% 15/04/2019 USD 70,514 70,435 0.25North Texas Tollway Authority ‘B’ 6.718%01/01/2049 USD 55,000 80,455 0.29Novelis Corp., 144A 5.875% 30/09/2026 USD 10,000 10,325 0.04OneMain Financial Issuance Trust, Series2014-2A ‘C’, 144A 4.33% 18/09/2024 USD 100,000 100,250 0.36

OneMain Financial Issuance Trust, Series2014-2A ‘D’, 144A 5.31% 18/09/2024 USD 100,000 100,930 0.36Orange County Water District ‘B’ 4.06%15/08/2041 USD 130,000 131,215 0.47Owens-Brockway Glass Container, Inc.,144A 5.375% 15/01/2025 USD 15,000 16,050 0.06Parker Drilling Co. 6.75% 15/07/2022 USD 41,000 31,160 0.11PetSmart, Inc., 144A 7.125% 15/03/2023 USD 135,000 120,822 0.43Prime Security Services Borrower LLC,144A 9.25% 15/05/2023 USD 15,000 16,349 0.06Progreso Receivables Funding IV LLC,Series 2015-B ‘B’, 144A 5% 28/07/2020 USD 250,000 251,640 0.89Quicken Loans, Inc., 144A 5.75%01/05/2025 USD 48,000 49,452 0.18Rackspace Hosting, Inc., 144A 8.625%15/11/2024 USD 110,000 117,288 0.42RALI Trust, Series 2004-QS7 ‘A4’ 5.5%25/05/2034 USD 52,529 53,459 0.19Regents of the University of CaliforniaMedical Center Pooled Revenue 6.583%15/05/2049 USD 115,000 156,678 0.56Riverbed Technology, Inc., 144A 8.875%01/03/2023 USD 45,000 45,880 0.16Sabine Pass Liquefaction LLC 5.625%01/03/2025 USD 35,000 38,631 0.14Sabre GLBL, Inc., 144A 5.375%15/04/2023 USD 50,000 51,791 0.18Scientific Games International, Inc. 10%01/12/2022 USD 35,000 38,432 0.14Shingle Springs Tribal Gaming Authority,144A 9.75% 01/09/2021 USD 10,000 10,571 0.04Sirius XM Radio, Inc., 144A 6%15/07/2024 USD 35,000 37,363 0.13Specialty Underwriting & ResidentialFinance Trust, Series 2004-AA1 ‘2A2’5.5% 25/10/2034 USD 73,608 75,484 0.27State of California 7.5% 01/04/2034 USD 45,000 65,664 0.23State of California 7.3% 01/10/2039 USD 105,000 153,725 0.55State of Wisconsin 3.294% 01/05/2037 USD 145,000 136,444 0.48Steel Dynamics, Inc. 5.5% 01/10/2024 USD 30,000 31,950 0.11Sterigenics-Nordion Holdings LLC, 144A6.5% 15/05/2023 USD 15,000 15,402 0.05Talen Energy Supply LLC 6.5%01/06/2025 USD 25,000 17,790 0.06Targa Resources Partners LP 4.25%15/11/2023 USD 10,000 9,782 0.03Team Health Holdings, Inc., 144A 6.375%01/02/2025 USD 12,000 11,730 0.04Terraform Global Operating LLC, 144A9.75% 15/08/2022 USD 43,000 48,375 0.17TerraForm Power Operating LLC, STEP,144A 6.625% 15/06/2025 USD 25,000 26,455 0.09Tesoro Corp., 144A 4.75% 15/12/2023 USD 5,000 5,384 0.02TI Group Automotive Systems LLC, 144A8.75% 15/07/2023 USD 95,000 100,027 0.35Tidewater Auto Receivables Trust, Series2014-AA ‘D’, 144A 3.57% 15/05/2021 USD 274,000 274,880 0.97Time, Inc., 144A 5.75% 15/04/2022 USD 50,000 51,185 0.18T-Mobile USA, Inc. 6.375% 01/03/2025 USD 90,000 97,471 0.35T-Mobile USA, Inc. 6.5% 15/01/2026 USD 40,000 44,197 0.16Tops Holding LLC, 144A 8% 15/06/2022 USD 5,000 4,113 0.01Uniti Group, Inc., REIT, 144A 7.125%15/12/2024 USD 5,000 4,969 0.02Uniti Group, Inc., REIT, 144A 7.125%15/12/2024 USD 45,000 44,789 0.16Uniti Group, Inc., REIT 8.25% 15/10/2023 USD 45,000 46,519 0.16Univar USA, Inc., 144A 6.75% 15/07/2023 USD 10,000 10,362 0.04University of California 5.77% 15/05/2043 USD 65,000 83,470 0.30University of California 4.765%15/05/2044 USD 100,000 106,640 0.38US Concrete, Inc. 6.375% 01/06/2024 USD 15,000 15,900 0.06Utah Transit Authority ‘B’ 5.937%15/06/2039 USD 100,000 129,672 0.46Valeant Pharmaceuticals International,144A 7.25% 15/07/2022 USD 145,000 137,532 0.49Vertiv Group Corp., 144A 9.25%15/10/2024 USD 19,000 20,716 0.07VOLT XXII LLC, STEP, Series 2015-NPL4‘A2’, 144A 4.25% 25/02/2055 USD 199,384 199,931 0.71Wachovia Bank Commercial MortgageTrust, FRN, Series 2006-C29 ‘AJ’ 5.368%15/11/2048 USD 19,382 19,448 0.07Wachovia Bank Commercial MortgageTrust, FRN, Series 2007-C31 ‘AJ’ 5.66%15/04/2047 USD 89,282 91,279 0.32Wachovia Bank Commercial MortgageTrust, FRN, Series 2007-C33 ‘AJ’ 5.966%15/02/2051 USD 120,000 122,312 0.43Wachovia Bank Commercial MortgageTrust, FRN, Series 2007-C31 ‘B’ 5.7%15/04/2047 USD 250,000 251,527 0.89

160


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Wachovia Bank Commercial MortgageTrust, FRN, Series 2007-C33 ‘B’ 5.966%15/02/2051 USD 250,000 239,894 0.85Wachovia Bank Commercial MortgageTrust, FRN, Series 2007-C33 ‘C’ 5.966%15/02/2051 USD 135,000 118,761 0.42WaMu Mortgage Pass-Through CertificatesTrust, Series 2003-S4 ‘2A2’ 5.5%25/06/2033 USD 113,345 114,926 0.41Wells Fargo Mortgage Backed SecuritiesTrust, Series 2005-14 ‘1A1’ 5.5%25/12/2035 USD 68,898 71,384 0.25Wells Fargo Mortgage Backed SecuritiesTrust, Series 2007-14 ‘1A1’ 6% 25/10/2037 USD 22,748 22,510 0.08Windstream Services LLC 7.5%01/06/2022 USD 15,000 13,424 0.05Windstream Services LLC 7.5%01/04/2023 USD 18,000 15,971 0.06Windstream Services LLC 6.375%01/08/2023 USD 70,000 57,288 0.20WMG Acquisition Corp., 144A 6.75%15/04/2022 USD 30,000 31,575 0.11Wynn Las Vegas LLC, 144A 5.5%01/03/2025 USD 5,000 5,272 0.02Zebra Technologies Corp. 7.25%15/10/2022 USD 35,000 37,293 0.13

17,403,960 61.73

Total Bonds 18,283,210 64.85

Equities


6,827 0.02




Bonds

United States of AmericaPenn Virginia Corp. 8.5% 01/05/2020* USD 25,000 375 0.00

375 0.00

Total Bonds 375 0.00

Equities

United States of AmericaUCI International, Inc.* USD 1,536 23,040 0.09

23,040 0.09



23,415 0.09



LuxembourgJPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 342,485 342,485 1.21

342,485 1.21

Total Collective Investment Schemes - UCITS 342,485 1.21

Total Units of authorised UCITS or other collective investmentundertakings 342,485 1.21


Cash 1,304,107 4.63




Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited States of America 74.23Luxembourg 4.39Switzerland 1.93United Kingdom 1.82Canada 1.75Argentina 1.41Cayman Islands 1.07Dominican Republic 0.95Colombia 0.91France 0.83Paraguay 0.79Ecuador 0.76Costa Rica 0.75Jordan 0.71Mexico 0.55Ukraine 0.36Lebanon 0.18Bermuda 0.11Total Investments 93.50Cash and Other Assets/(Liabilities) 6.50

Total 100.00


% of Net Assets

United States of America 77.42United Kingdom 3.20Luxembourg 3.02Netherlands 2.32Switzerland 1.97Argentina 1.52Canada 1.43Cayman Islands 1.04Colombia 0.95Ecuador 0.85Paraguay 0.78Italy 0.76Costa Rica 0.72Mexico 0.58Pakistan 0.55Supranational 0.20Marshall Islands 0.04Bermuda 0.03Bahamas 0.01Total Investments 97.39Cash and Other Assets/(Liabilities) 2.61

Total 100.00

161


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

EUR 75,796 USD 84,650 13/07/2017 ANZ 1,946 0.01EUR 50,782 USD 56,801 13/07/2017 Goldman Sachs 1,217 0.01EUR 257,969 USD 290,776 13/07/2017 HSBC 3,952 0.01EUR 1,429,603 USD 1,609,387 13/07/2017 Merrill Lynch 23,932 0.08EUR 189,656 USD 212,887 13/07/2017 National Australia Bank 3,796 0.01EUR 2,306 USD 2,597 13/07/2017 RBC 37 -EUR 37,567 USD 42,689 13/07/2017 Standard Chartered 232 -EUR 196,302 USD 220,181 13/07/2017 State Street 4,093 0.02EUR 3,615 USD 4,072 13/07/2017 Toronto-Dominion Bank 59 -SEK 1,407,084 USD 161,817 13/07/2017 Morgan Stanley 5,121 0.02SEK 7,388 USD 849 13/07/2017 RBC 27 -USD 117,473 EUR 102,795 05/07/2017 National Australia Bank 79 -


EUR 102,795 USD 117,521 13/07/2017 National Australia Bank (78) -USD 42,666 EUR 37,567 03/07/2017 Standard Chartered (234) -USD 16,516 EUR 14,606 13/07/2017 ANZ (171) -USD 11,064 EUR 9,876 13/07/2017 Citibank (219) -USD 860 SEK 7,504 13/07/2017 RBC (30) -

Total Unrealised Loss on Forward Currency Exchange Contracts (732) -




GlobalExposure

USD


USD

%of

NetAssets

US 2 Year Note, 29/09/2017 (7) USD (1,513,367) 1,805 -


US 10 Year Note, 20/09/2017 8 USD 1,005,938 (9,438) (0.03)US 5 Year Note, 29/09/2017 12 USD 1,415,953 (2,203) (0.01)US Ultra Bond, 20/09/2017 4 USD 663,687 (5,773) (0.02)



Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

USD


USD

%of

NetAssets

1,000,000 USD Citigroup CDX.NA.HY.28-V1 Sell 5.00% 20/06/2022 67,800 (18,236) 0.24

Total Unrealised Loss on Credit Default Swap Contracts 67,800 (18,236) 0.24

Net Unrealised Loss on Credit Default Swap Contracts 67,800 (18,236) 0.24

162


Equities

IndiaACC Ltd. INR 2,124,958 51,523,247 4.75Ambuja Cements Ltd. INR 13,883,334 52,870,485 4.87Ashok Leyland Ltd. INR 33,902,310 49,254,052 4.54Axis Bank Ltd. INR 4,964,897 39,822,851 3.67Bajaj Auto Ltd. INR 1,049,675 45,351,561 4.18Bank of Baroda INR 4,128,566 10,334,187 0.95Bharat Heavy Electricals Ltd. INR 6,760,000 14,152,606 1.30Bharti Infratel Ltd. INR 2,512,475 14,544,374 1.34Cummins India Ltd. INR 1,006,086 14,342,367 1.32Godrej Industries Ltd. INR 2,753,103 27,176,512 2.50Gujarat Pipavav Port Ltd. INR 7,549,818 17,476,106 1.61HDFC Bank Ltd. INR 4,131,425 106,515,371 9.81Hero MotoCorp Ltd. INR 493,188 28,131,932 2.59Hindalco Industries Ltd. INR 4,169,213 12,319,009 1.14Housing Development Finance Corp.Ltd. INR 4,234,609 105,557,372 9.72IndusInd Bank Ltd. INR 2,907,246 66,668,794 6.14Infosys Ltd. INR 2,483,471 35,894,127 3.31Infosys Ltd., ADR USD 1,112,000 16,585,480 1.53Jubilant Foodworks Ltd. INR 1,053,343 15,474,285 1.43Kotak Mahindra Bank Ltd. INR 3,674,961 54,426,656 5.01Lupin Ltd. INR 877,795 14,366,171 1.32Mahindra & Mahindra FinancialServices Ltd. INR 3,836,592 20,561,225 1.89Maruti Suzuki India Ltd. INR 613,494 68,344,323 6.30Shriram Transport Finance Co. Ltd. INR 2,029,764 31,413,463 2.89Sun Pharmaceutical Industries Ltd. INR 3,835,420 32,973,340 3.04Tata Consultancy Services Ltd. INR 1,126,884 41,165,255 3.79Tata Motors Ltd. INR 6,221,685 41,646,314 3.84UltraTech Cement Ltd. INR 809,441 49,611,910 4.57United Spirits Ltd. INR 119,119 4,434,120 0.41

1,082,937,495 99.76

Total Equities 1,082,937,495 99.76



Cash 60,972 0.01


Total Net Assets 1,085,522,831 100.00

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsIndia 99.76Total Investments 99.76Cash and Other Assets/(Liabilities) 0.24

Total 100.00


% of Net Assets

India 99.47Total Investments 99.47Cash and Other Assets/(Liabilities) 0.53

Total 100.00

163

JPMorgan Funds - India FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities

IndonesiaAdaro Energy Tbk. PT IDR 3,815,600 451,411 0.87AKR Corporindo Tbk. PT IDR 1,159,000 563,898 1.09Astra Agro Lestari Tbk. PT IDR 755,300 833,385 1.61Astra International Tbk. PT IDR 5,497,700 3,684,993 7.13Bank Central Asia Tbk. PT IDR 3,255,400 4,437,295 8.59Bank Mandiri Persero Tbk. PT IDR 3,690,700 3,532,515 6.84Bank Negara Indonesia Persero Tbk. PT IDR 1,399,800 691,554 1.34Bank Rakyat Indonesia Persero Tbk. PT IDR 3,701,600 4,230,023 8.19Bumi Serpong Damai Tbk. PT IDR 8,278,300 1,128,379 2.18Charoen Pokphand Indonesia Tbk. PT IDR 4,287,200 1,020,838 1.97Gudang Garam Tbk. PT IDR 216,900 1,271,242 2.46Hanjaya Mandala Sampoerna Tbk. PT IDR 5,921,500 1,707,527 3.30Indofood CBP Sukses Makmur Tbk. PT IDR 3,329,800 2,194,437 4.25Indofood Sukses Makmur Tbk. PT IDR 801,800 517,887 1.00Industri Jamu Dan Farmasi Sido MunculTbk. PT IDR 22,886,600 856,488 1.66Jasa Marga Persero Tbk. PT IDR 1,833,500 737,374 1.43Kalbe Farma Tbk. PT IDR 6,187,000 752,843 1.46Link Net Tbk. PT IDR 1,820,000 711,471 1.38Matahari Department Store Tbk. PT IDR 953,900 1,014,958 1.96Mitra Keluarga Karyasehat Tbk. PT IDR 2,383,000 356,539 0.69Nippon Indosari Corpindo Tbk. PT IDR 9,423,900 867,544 1.68Pakuwon Jati Tbk. PT IDR 14,181,500 651,430 1.26Pembangunan Perumahan PerseroTbk. PT IDR 2,574,586 607,250 1.17Perusahaan Gas Negara Persero Tbk. IDR 5,759,600 974,044 1.88Ramayana Lestari Sentosa Tbk. PT IDR 5,227,100 479,236 0.93Sarana Menara Nusantara Tbk. PT IDR 3,065,400 866,698 1.68Semen Indonesia Persero Tbk. PT IDR 1,752,800 1,316,177 2.55Summarecon Agung Tbk. PT IDR 5,450,000 524,196 1.01Surya Citra Media Tbk. PT IDR 9,097,834 1,770,577 3.43Tambang Batubara Bukit Asam PerseroTbk. PT IDR 1,156,700 1,037,725 2.01Telekomunikasi Indonesia Persero Tbk. PT IDR 13,603,400 4,606,221 8.91Unilever Indonesia Tbk. PT IDR 438,600 1,605,607 3.11United Tractors Tbk. PT IDR 1,223,300 2,514,903 4.87

48,516,665 93.89

SingaporeJardine Cycle & Carriage Ltd. SGD 31,300 1,008,882 1.95

1,008,882 1.95




Cash 1,636,407 3.17



Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsIndonesia 93.89Singapore 1.95Total Investments 95.84Cash and Other Assets/(Liabilities) 4.16

Total 100.00


% of Net Assets

Indonesia 94.56Singapore 2.88Total Investments 97.44Cash and Other Assets/(Liabilities) 2.56

Total 100.00

164

JPMorgan Funds - Indonesia Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Indonesia Equity FundSchedule of Investments (continued)

As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

USD 32,258 IDR 429,028,018 03/07/2017 J.P. Morgan 91 -

Net Unrealised Gain on Forward Currency Exchange Contracts 91 -

165


Equities

JapanAsahi Intecc Co. Ltd. JPY 835,600 4,269,916,000 1.53Ci:z Holdings Co. Ltd. JPY 145,700 617,403,750 0.22Cosmos Pharmaceutical Corp. JPY 97,400 2,130,625,000 0.76CyberAgent, Inc. JPY 2,317,900 8,072,086,750 2.89Daikin Industries Ltd. JPY 706,000 8,096,055,000 2.90Don Quijote Holdings Co. Ltd. JPY 940,600 4,002,253,000 1.43FANUC Corp. JPY 202,600 4,386,290,000 1.57GMO Payment Gateway, Inc. JPY 603,400 3,750,131,000 1.34Infomart Corp. JPY 1,848,000 1,577,268,000 0.56Japan Exchange Group, Inc. JPY 3,105,200 6,317,529,400 2.26Japan Tobacco, Inc. JPY 659,000 2,600,414,000 0.93Kao Corp. JPY 786,200 5,243,167,800 1.88Kewpie Corp. JPY 713,300 2,101,738,450 0.75Keyence Corp. JPY 284,500 14,031,540,000 5.02LIFULL Co. Ltd. JPY 1,799,400 1,772,409,000 0.63M3, Inc. JPY 1,760,200 5,443,418,500 1.95Mabuchi Motor Co. Ltd. JPY 584,000 3,261,640,000 1.17Megmilk Snow Brand Co. Ltd. JPY 44,800 140,336,000 0.05MISUMI Group, Inc. JPY 1,708,200 4,381,533,000 1.57Mitsubishi Electric Corp. JPY 2,188,500 3,534,974,625 1.27Mitsubishi UFJ Financial Group, Inc. JPY 18,692,000 14,104,983,200 5.05Miura Co. Ltd. JPY 1,773,200 3,877,101,800 1.39MonotaRO Co. Ltd. JPY 1,241,100 4,486,576,500 1.61Nidec Corp. JPY 458,700 5,277,343,500 1.89Nifco, Inc. JPY 553,200 3,338,562,000 1.19Nihon M&A Center, Inc. JPY 1,292,100 5,313,761,250 1.90Nintendo Co. Ltd. JPY 102,100 3,845,086,000 1.38Nippon Paint Holdings Co. Ltd. JPY 850,600 3,617,176,500 1.29Nippon Prologis REIT, Inc. JPY 5,439 1,301,280,750 0.47Nippon Shinyaku Co. Ltd. JPY 402,700 2,891,386,000 1.03Nippon Telegraph & Telephone Corp. JPY 1,026,500 5,453,281,250 1.95Obic Co. Ltd. JPY 321,900 2,221,110,000 0.80Okamoto Industries, Inc. JPY 1,607,000 2,098,742,000 0.75ORIX Corp. JPY 2,387,200 4,154,324,800 1.49Park24 Co. Ltd. JPY 821,800 2,345,828,100 0.84PeptiDream, Inc. JPY 1,529,400 5,437,017,000 1.95Persol Holdings Co. Ltd. JPY 1,270,300 2,674,616,650 0.96Pigeon Corp. JPY 1,284,300 5,230,311,750 1.87Recruit Holdings Co. Ltd. JPY 2,805,900 5,413,984,050 1.94Relo Group, Inc. JPY 1,258,000 2,751,875,000 0.98SanBio Co. Ltd. JPY 665,100 933,135,300 0.33Sanwa Holdings Corp. JPY 3,333,200 3,946,508,800 1.41Seria Co. Ltd. JPY 293,600 1,592,780,000 0.57Shimano, Inc. JPY 129,800 2,306,546,000 0.83Shin-Etsu Chemical Co. Ltd. JPY 736,300 7,495,534,000 2.68Shiseido Co. Ltd. JPY 1,150,100 4,591,774,250 1.64SMC Corp. JPY 156,900 5,354,997,000 1.92SoftBank Group Corp. JPY 1,576,200 14,335,539,000 5.13Sony Corp. JPY 1,057,700 4,535,417,600 1.62Sosei Group Corp. JPY 223,300 2,755,522,000 0.99Start Today Co. Ltd. JPY 2,812,900 7,774,855,600 2.78Sumco Corp. JPY 2,619,200 4,261,438,400 1.53Sumitomo Mitsui Financial Group, Inc. JPY 1,100,900 4,822,492,450 1.73Sundrug Co. Ltd. JPY 600,300 2,515,257,000 0.90Suruga Bank Ltd. JPY 1,589,200 4,324,213,200 1.55Suzuki Motor Corp. JPY 1,048,700 5,588,522,300 2.00Tadano Ltd. JPY 776,000 1,046,824,000 0.37Taiheiyo Cement Corp. JPY 2,228,000 910,138,000 0.33Tokio Marine Holdings, Inc. JPY 1,682,200 7,821,388,900 2.80Tokyo Electron Ltd. JPY 529,500 8,021,925,000 2.87Topcon Corp. JPY 1,225,700 2,366,826,700 0.85Trend Micro, Inc. JPY 970,200 5,607,756,000 2.01Zenrin Co. Ltd. JPY 368,400 1,196,379,000 0.43

275,670,847,875 98.68

Total Equities 275,670,847,875 98.68

Total Transferable securities and money marketinstruments admitted to an official exchange listing 275,670,847,875 98.68


Cash 3,174,445,413 1.14


Total Net Assets 279,368,960,542 100.00

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsJapan 98.68Total Investments 98.68Cash and Other Assets/(Liabilities) 1.32

Total 100.00


% of Net Assets

Japan 99.24Total Investments 99.24Cash and Other Assets/(Liabilities) 0.76

Total 100.00

166

JPMorgan Funds - Japan Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

JPY

%of


Quantity/Nominal

Value

MarketValue

JPY

%of

NetAssets

JPMorgan Funds - Japan Equity FundSchedule of Investments (continued)

As at 30 June 2017


CurrencyPurchased




JPY

%of

NetAssets

EUR 125,912 JPY 15,628,956 06/07/2017 ANZ 497,664 -EUR 63,052,690 JPY 7,786,237,398 06/07/2017 Citibank 289,446,958 0.11EUR 3,156,394 JPY 392,061,833 06/07/2017 Goldman Sachs 12,203,927 -EUR 58,493 JPY 7,229,398 06/07/2017 Merrill Lynch 262,322 -EUR 547,169 JPY 67,521,160 06/07/2017 RBC 2,559,322 -EUR 844,064 JPY 105,128,435 06/07/2017 Standard Chartered 2,977,874 -EUR 596,625 JPY 74,282,527 06/07/2017 State Street 2,132,192 -EUR 3,380,637 JPY 415,962,026 06/07/2017 UBS 17,024,372 0.01EUR 1,038,494 JPY 132,416,906 22/08/2017 ANZ 654,155 -EUR 366,046 JPY 46,040,271 22/08/2017 RBC 864,356 -GBP 545,747 JPY 76,655,247 06/07/2017 Goldman Sachs 2,760,701 -GBP 5,608 JPY 786,269 06/07/2017 Merrill Lynch 29,783 -GBP 10,337 JPY 1,463,754 06/07/2017 RBC 40,466 -GBP 5,041 JPY 717,360 06/07/2017 State Street 16,194 -GBP 2,816 JPY 400,613 22/08/2017 RBC 8,953 -JPY 26,341,898 EUR 205,161 04/07/2017 Deutsche Bank 65,630 -JPY 97,864,630 EUR 762,175 22/08/2017 RBC 200,658 -JPY 853,992 GBP 5,859 22/08/2017 RBC 1,892 -JPY 19,649,333 USD 175,223 22/08/2017 Citibank 39,327 -JPY 187,025,140 USD 1,668,594 22/08/2017 Toronto-Dominion Bank 285,650 -SGD 5,263 JPY 417,447 06/07/2017 Citibank 11,359 -SGD 12,662 JPY 1,014,331 06/07/2017 Credit Suisse 17,357 -SGD 523,711 JPY 41,720,402 06/07/2017 National Australia Bank 951,325 -SGD 2,846 JPY 231,259 22/08/2017 Credit Suisse 347 -SGD 2,192 JPY 176,336 22/08/2017 RBC 2,034 -USD 709,665 JPY 79,566,270 03/07/2017 ANZ 26,259 -USD 1,770,600 JPY 194,120,985 06/07/2017 Citibank 4,443,261 -USD 188,060 JPY 20,491,075 06/07/2017 Deutsche Bank 598,912 -USD 350,832 JPY 39,018,973 06/07/2017 Goldman Sachs 325,117 -USD 257,305 JPY 28,645,471 06/07/2017 HSBC 210,011 -USD 3,057,215 JPY 340,278,024 06/07/2017 Merrill Lynch 2,573,962 -USD 163,725,018 JPY 18,048,276,484 06/07/2017 RBC 312,698,743 0.11USD 1,532,130 JPY 169,154,152 06/07/2017 Standard Chartered 2,666,821 -USD 585,602 JPY 64,782,906 06/07/2017 UBS 889,590 -USD 791,537 JPY 88,252,045 22/08/2017 ANZ 332,214 -USD 152,042,693 JPY 16,987,971,816 22/08/2017 Citibank 27,780,886 0.01USD 1,021,824 JPY 114,242,036 22/08/2017 Goldman Sachs 114,657 -


EUR 3,158 JPY 405,603 22/08/2017 ANZ (954) -EUR 205,161 JPY 26,355,128 22/08/2017 Deutsche Bank (66,139) -GBP 3,620 JPY 527,043 22/08/2017 National Australia Bank (564) -JPY 38,590,998 EUR 303,163 03/07/2017 ANZ (237,021) -JPY 63,313,192 EUR 514,445 06/07/2017 ANZ (2,576,040) -JPY 7,032,576 EUR 57,008 06/07/2017 National Australia Bank (268,881) -JPY 42,740,095 EUR 342,333 06/07/2017 RBC (1,105,341) -JPY 36,323,790 EUR 294,401 06/07/2017 Standard Chartered (1,382,641) -JPY 76,188,176 EUR 617,177 06/07/2017 State Street (2,858,817) -JPY 1,378,034 GBP 9,722 06/07/2017 National Australia Bank (36,748) -JPY 2,135,632 GBP 15,182 06/07/2017 RBC (73,652) -JPY 8,584,238 SGD 107,837 06/07/2017 ANZ (202,260) -JPY 237,215 SGD 2,978 06/07/2017 Credit Suisse (5,453) -JPY 859,503 SGD 10,801 06/07/2017 RBC (20,537) -JPY 374,736 SGD 4,608 22/08/2017 National Australia Bank (277) -JPY 1,758,527,166 USD 15,855,890 06/07/2017 ANZ (19,634,832) (0.01)JPY 17,021,410,566 USD 152,042,693 06/07/2017 Citibank (29,447,936) (0.01)JPY 41,329,517 USD 376,885 06/07/2017 National Australia Bank (936,285) -JPY 249,564,742 USD 2,257,372 06/07/2017 RBC (3,588,689) -JPY 102,944,799 USD 933,921 06/07/2017 Toronto-Dominion Bank (1,789,956) -JPY 79,400,989 USD 709,665 22/08/2017 ANZ (20,729) -JPY 136,499 USD 1,222 22/08/2017 National Australia Bank (263) -JPY 290,333 USD 2,605 22/08/2017 Standard Chartered (1,193) -USD 151,130 JPY 16,982,159 05/07/2017 Citibank (32,957) -USD 7,491 JPY 841,491 22/08/2017 HSBC (3,152) -



167


Equities

South KoreaCJ CheilJedang Corp. KRW 21,900 6,916,807 3.85CJ Corp. KRW 9,100 1,509,652 0.84Cosmecca Korea Co. Ltd. KRW 14,300 875,786 0.49Coway Co. Ltd. KRW 20,200 1,832,286 1.02Daou Data Corp. KRW 90,000 948,164 0.53Dongbu Insurance Co. Ltd. KRW 21,200 1,262,225 0.70Doosan Corp. KRW 31,300 3,270,137 1.82Easy Bio, Inc. KRW 411,500 2,423,043 1.35Farmsco KRW 247,000 2,877,517 1.60GS Retail Co. Ltd. KRW 50,500 2,276,008 1.27Hana Financial Group, Inc. KRW 105,000 4,151,658 2.31Hana Tour Service, Inc. KRW 30,300 2,421,266 1.35Hanjin Transportation Co. Ltd. KRW 96,576 3,105,100 1.73Hankook Tire Co. Ltd. KRW 53,000 2,940,094 1.64Hankook Tire Worldwide Co. Ltd. KRW 864 16,448 0.01Hwaseung Enterprise Co. Ltd. KRW 66,100 1,015,665 0.57Hyundai Glovis Co. Ltd. KRW 50,500 6,920,742 3.85Hyundai Mobis Co. Ltd. KRW 17,500 3,821,178 2.13Hyundai Motor Co. Preference KRW 30,000 3,049,074 1.70ING Life Insurance Korea Ltd. KRW 131,000 3,891,208 2.17Kakao Corp. KRW 36,600 3,249,486 1.81KB Financial Group, Inc. KRW 69,300 3,498,960 1.95KCC Corp. KRW 22,800 8,696,089 4.84Kolon Industries, Inc. KRW 23,800 1,432,632 0.80Korea Aerospace Industries Ltd. KRW 42,600 2,121,080 1.18Korea Electric Power Corp. KRW 280,900 10,026,091 5.58Korea Investment Holdings Co. Ltd. KRW 50,700 3,105,059 1.73Korea Line Corp. KRW 39,600 1,269,752 0.71Korea Zinc Co. Ltd. KRW 8,700 3,466,567 1.93Korean Air Lines Co. Ltd. KRW 66,500 2,251,473 1.25Kumho Petrochemical Co. Ltd. KRW 23,200 1,489,819 0.83LG Chem Ltd. KRW 10,500 2,669,087 1.49LG Hausys Ltd. KRW 30,000 2,865,474 1.60Lotte Confectionery Co. Ltd. KRW 6,500 1,126,627 0.63Minwise Co. Ltd. KRW 100,391 1,687,387 0.94NH Investment & Securities Co. Ltd.Preference KRW 160,782 1,345,953 0.75Nong Shim Holdings Co. Ltd. KRW 12,206 1,317,935 0.73NongShim Co. Ltd. KRW 6,871 2,025,935 1.13Osstem Implant Co. Ltd. KRW 44,000 2,017,678 1.12Qurient Co. Ltd. KRW 34,147 1,024,001 0.57Samsung Electronics Co. Ltd. KRW 6,700 13,920,868 7.75Samsung Electronics Co. Ltd., GDR USD 3,300 3,433,650 1.91Samsung Engineering Co. Ltd. KRW 250,000 2,595,538 1.45Samsung Fire & Marine Insurance Co.Ltd. KRW 28,900 7,106,309 3.96Seegene, Inc. KRW 73,800 2,437,331 1.36Shinhan Financial Group Co. Ltd. KRW 144,900 6,248,693 3.48Shinsegae Food Co. Ltd. KRW 10,318 1,409,514 0.79Shinsegae International, Inc. KRW 24,600 1,474,335 0.82SK Holdings Co. Ltd. KRW 16,300 3,965,304 2.21SK Hynix, Inc. KRW 173,000 10,186,791 5.67SK Telecom Co. Ltd. KRW 16,300 3,794,293 2.11S-Oil Corp. KRW 61,200 5,069,724 2.82Soulbrain Co. Ltd. KRW 31,300 2,033,232 1.13Suheung Co. Ltd. KRW 43,375 1,339,601 0.75

177,226,326 98.71




Time Deposits

United KingdomStandard Chartered Bank 0.95%03/07/2017 USD 1,501,807 1,501,807 0.84

1,501,807 0.84

Total Time Deposits 1,501,807 0.84

Cash 770,955 0.43



Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsSouth Korea 98.71United Kingdom 0.84Total Investments and Cash Equivalents 99.55Cash and Other Assets/(Liabilities) 0.45

Total 100.00


% of Net Assets

South Korea 95.50Total Investments 95.50Cash and Other Assets/(Liabilities) 4.50

Total 100.00

168

JPMorgan Funds - Korea Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities

ArgentinaPampa Energia SA, ADR USD 383,230 22,796,437 2.41

22,796,437 2.41

BermudaCredicorp Ltd. USD 201,120 35,965,284 3.81Wilson Sons Ltd., BDR BRL 416,220 4,652,189 0.49

40,617,473 4.30

BrazilAES Tiete Energia SA BRL 1,442,110 5,948,709 0.63Ambev SA, ADR USD 7,615,905 41,849,398 4.43Banco Bradesco SA, ADR Preference USD 5,063,253 42,759,172 4.52Banco do Brasil SA BRL 1,063,960 8,596,082 0.91BB Seguridade Participacoes SA BRL 1,860,980 15,932,143 1.69BM&FBovespa SA - Bolsa de ValoresMercadorias e Futuros BRL 4,148,990 24,735,014 2.62CCR SA BRL 3,514,840 17,577,916 1.86Cia de Saneamento Basico do Estado deSao Paulo BRL 887,120 8,480,474 0.90Engie Brasil Energia SA BRL 1,375,100 14,229,541 1.51Fleury SA BRL 2,569,480 20,639,360 2.18Gerdau SA, ADR Preference USD 1,518,120 4,637,857 0.49Iguatemi Empresa de Shopping CentersSA BRL 983,160 9,676,269 1.02Iochpe Maxion SA BRL 2,219,240 11,272,852 1.19Itau Unibanco Holding SA Preference BRL 5,019,771 55,743,220 5.90Itausa - Investimentos Itau SA Preference BRL 9,678,129 26,239,679 2.78Kroton Educacional SA BRL 4,636,990 20,444,331 2.16Linx SA BRL 1,958,900 10,287,731 1.09Localiza Rent a Car SA BRL 1,189,870 16,094,139 1.70Lojas Renner SA BRL 3,667,499 29,791,574 3.15M Dias Branco SA BRL 335,070 4,992,192 0.53Petroleo Brasileiro SA, ADR Preference USD 3,142,250 23,205,516 2.45Raia Drogasil SA BRL 1,084,160 23,037,131 2.44Smiles SA BRL 621,960 11,237,479 1.19Transmissora Alianca de Energia EletricaSA BRL 532,490 3,534,866 0.37Ultrapar Participacoes SA BRL 823,120 19,238,376 2.04Valid Solucoes e Servicos de Segurancaem Meios de Pagamento e IdentificacaoSA BRL 987,216 4,453,998 0.47WEG SA BRL 3,619,714 19,398,159 2.05

494,033,178 52.27

ChileSACI Falabella CLP 1,117,090 9,048,010 0.96

9,048,010 0.96

ColombiaBancolombia SA, ADR Preference USD 153,150 6,744,726 0.71

6,744,726 0.71

LuxembourgGlobant SA USD 540,820 23,293,117 2.47Ternium SA, ADR USD 171,130 4,762,548 0.50

28,055,665 2.97

MexicoAlfa SAB de CV ‘A’ MXN 6,057,220 8,624,123 0.91Alsea SAB de CV MXN 1,273,180 4,876,903 0.52Becle SAB de CV MXN 3,393,500 5,856,836 0.62Bolsa Mexicana de Valores SAB de CV MXN 6,560,840 11,672,816 1.24Fomento Economico Mexicano SAB deCV, ADR USD 341,163 33,234,394 3.52Gentera SAB de CV MXN 9,123,208 13,923,364 1.47Gruma SAB de CV ‘B’ MXN 1,073,270 14,022,632 1.48Grupo Aeroportuario del Centro NorteSAB de CV MXN 2,155,510 12,939,638 1.37Grupo Aeroportuario del Pacifico SAB deCV ‘B’ MXN 2,268,785 25,753,810 2.72Grupo Aeroportuario del Sureste SAB deCV, ADR USD 132,348 27,842,711 2.95Grupo Financiero Banorte SAB de CV ‘O’ MXN 5,174,379 32,968,453 3.49Infraestructura Energetica Nova SAB deCV MXN 2,965,160 15,920,306 1.68Kimberly-Clark de Mexico SAB de CV ‘A’ MXN 9,751,410 20,712,108 2.19Mexichem SAB de CV MXN 8,413,020 22,670,457 2.40PLA Administradora Industrial S de RL deCV, REIT MXN 2,498,500 4,636,556 0.49

Telesites SAB de CV MXN 3,124,159 2,297,724 0.24Unifin Financiera SAB de CV SOFOM ENR MXN 2,386,870 6,466,964 0.68

264,419,795 27.97

PanamaCopa Holdings SA ‘A’ USD 127,632 14,800,845 1.56Intercorp Financial Services, Inc. USD 253,690 8,663,513 0.92

23,464,358 2.48

United States of AmericaFirstCash, Inc. USD 314,440 18,410,462 1.95MercadoLibre, Inc. USD 62,000 15,505,890 1.64

33,916,352 3.59






25,656,303 2.71




Cash 497,556 0.05




Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsBrazil 52.27Mexico 27.97Luxembourg 5.68Bermuda 4.30United States of America 3.59Panama 2.48Argentina 2.41Chile 0.96Colombia 0.71Total Investments 100.37Cash and Other Assets/(Liabilities) (0.37)

Total 100.00


% of Net Assets

Brazil 57.82Mexico 22.79Luxembourg 5.29Bermuda 4.86Panama 2.95United States of America 2.94Argentina 1.64Chile 1.25United Kingdom 0.17Total Investments 99.71Cash and Other Assets/(Liabilities) 0.29

Total 100.00

169

JPMorgan Funds - Latin America Equity FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities

CyprusMD Medical Group Investmentsplc, GDR USD 1,671,955 17,045,581 2.57Ros Agro plc, GDR USD 1,508,675 17,613,781 2.66

34,659,362 5.23

GuernseyEtalon Group Ltd., GDR USD 5,164,677 18,476,632 2.79

18,476,632 2.79

JerseyHighland Gold Mining Ltd. GBP 2,891,660 5,299,599 0.80Polymetal International plc GBP 309,480 3,461,364 0.52United Co. RUSAL plc HKD 10,517,000 5,160,015 0.78

13,920,978 2.10

NetherlandsX5 Retail Group NV, GDR USD 624,665 21,650,889 3.26

21,650,889 3.26

RussiaAlrosa PJSC USD 20,459,181 29,995,129 4.52Gazprom PJSC, ADR USD 15,440,990 60,918,566 9.19LSR Group PJSC, GDR USD 4,044,838 11,365,995 1.71Lukoil PJSC, ADR USD 1,118,631 54,362,670 8.20Magnit PJSC, GDR USD 1,484,020 50,159,876 7.56MegaFon PJSC, GDR USD 1,126,010 10,322,697 1.56MMC Norilsk Nickel PJSC, ADR USD 2,209,177 30,436,936 4.59Moscow Exchange MICEX-RTS PJSC USD 17,498,687 30,875,780 4.66Novatek PJSC, GDR USD 270,870 30,215,548 4.56PhosAgro PJSC, GDR USD 969,575 12,919,587 1.95Rosneft Oil Co. PJSC, GDR USD 6,190,048 33,751,237 5.09RusHydro PJSC USD 1,035,864,600 13,900,153 2.10Sberbank of Russia PJSC USD 24,163,572 59,448,601 8.97Severstal PJSC, GDR USD 2,199,081 28,709,002 4.33Sollers PJSC USD 654,873 6,454,128 0.97Tatneft PJSC, ADR USD 262,093 9,842,903 1.48Tatneft PJSC Preference USD 4,779,202 22,022,430 3.32

495,701,238 74.76

United KingdomNostrum Oil & Gas plc GBP 2,925,221 17,815,956 2.69TBC Bank Group plc GBP 760,640 15,642,847 2.36

33,458,803 5.05


12,416,346 1.87


12,427,779 1.87






3,896,073 0.59




Cash 7,785,537 1.17




Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsRussia 74.76Cyprus 5.23United Kingdom 5.05Netherlands 3.26Guernsey 2.79Jersey 2.10Virgin Islands, British 1.87United States of America 1.87Luxembourg 0.59Total Investments 97.52Cash and Other Assets/(Liabilities) 2.48

Total 100.00


% of Net Assets

Russia 75.52United Kingdom 5.70Cyprus 5.09Netherlands 3.66Virgin Islands, British 2.89Guernsey 2.51Luxembourg 2.23United States of America 1.82Jersey 1.08Total Investments 100.50Cash and Other Assets/(Liabilities) (0.50)

Total 100.00

170

JPMorgan Funds - Russia FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities

BermudaHongkong Land Holdings Ltd. USD 118,800 874,962 1.43Jardine Matheson Holdings Ltd. USD 26,600 1,706,390 2.79Jardine Strategic Holdings Ltd. USD 67,800 2,814,039 4.60Valuetronics Holdings Ltd. SGD 440,000 254,939 0.42

5,650,330 9.24

Isle of ManGenting Singapore plc SGD 2,303,500 1,819,993 2.97

1,819,993 2.97

SingaporeAscendas Real Estate Investment Trust SGD 809,757 1,538,433 2.51Bumitama Agri Ltd. SGD 800,000 437,370 0.72CapitaLand Ltd. SGD 509,800 1,294,491 2.12CapitaLand Mall Trust, REIT SGD 367,200 526,225 0.86CDL Hospitality Trusts, REIT SGD 432,500 519,254 0.85City Developments Ltd. SGD 256,500 1,998,651 3.27Cityneon Holdings Ltd. SGD 1,350,000 958,744 1.57ComfortDelGro Corp. Ltd. SGD 953,100 1,596,105 2.61DBS Group Holdings Ltd. SGD 407,092 6,132,659 10.02First Resources Ltd. SGD 347,700 479,966 0.78Frasers Centrepoint Ltd. SGD 367,400 502,489 0.82Frasers Centrepoint Trust, REIT SGD 400,000 619,002 1.01Global Logistic Properties Ltd. SGD 717,200 1,487,643 2.43Health Management International Ltd. SGD 1,371,500 675,083 1.10HRnetgroup Ltd. SGD 1,200,000 773,752 1.26ISEC Healthcare Ltd. SGD 4,957,000 1,188,461 1.94ISOTEAM Ltd. SGD 1,950,000 492,313 0.81Jardine Cycle & Carriage Ltd. SGD 50,877 1,639,518 2.68Keppel Corp. Ltd. SGD 432,700 1,975,806 3.23Keppel Telecommunications &Transportation Ltd. SGD 480,800 606,934 0.99Mapletree Commercial Trust, REIT SGD 716,377 827,544 1.35Mapletree Industrial Trust, REIT SGD 425,500 575,769 0.94Memtech International Ltd. SGD 411,720 266,970 0.44mm2 Asia Ltd. SGD 1,521,000 616,065 1.01Oversea-Chinese Banking Corp. Ltd. SGD 769,328 6,033,737 9.86Parkway Life Real Estate Investment Trust SGD 350,000 682,754 1.12Sembcorp Marine Ltd. SGD 200,500 239,989 0.39Singapore Medical Group Ltd. SGD 1,500,000 716,538 1.17Singapore O&G Ltd. SGD 1,500,000 700,191 1.14Singapore Telecommunications Ltd. SGD 1,851,200 5,238,573 8.56United Overseas Bank Ltd. SGD 362,848 6,093,556 9.96UOL Group Ltd. SGD 284,469 1,580,027 2.58Venture Corp. Ltd. SGD 87,800 769,297 1.26Wilmar International Ltd. SGD 476,000 1,156,792 1.89Yongnam Holdings Ltd. SGD 2,500,000 376,886 0.62

51,317,587 83.87

ThailandThai Beverage PCL SGD 2,235,200 1,465,601 2.40

1,465,601 2.40




Equities

BermudaFibreChem Technologies Ltd.* SGD 5,200,000 0 0.00

0 0.00




Cash 175,085 0.29



* Security is valued at its fair value under the direction of the Board of Directors.

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsSingapore 83.87Bermuda 9.24Isle of Man 2.97Thailand 2.40Total Investments 98.48Cash and Other Assets/(Liabilities) 1.52

Total 100.00


% of Net Assets

Singapore 82.51Bermuda 10.88Thailand 2.28Isle of Man 1.43Total Investments 97.10Cash and Other Assets/(Liabilities) 2.90

Total 100.00

171

JPMorgan Funds - Singapore FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities

Cayman IslandsAirtac International Group TWD 290,000 3,431,261 2.01Bizlink Holding, Inc. TWD 323,000 2,278,688 1.33Chailease Holding Co. Ltd. TWD 864,000 2,412,550 1.41General Interface Solution Holding Ltd. TWD 144,000 1,066,798 0.62Gourmet Master Co. Ltd. TWD 162,300 1,737,499 1.02Parade Technologies Ltd. TWD 85,000 1,044,853 0.61Silergy Corp. TWD 156,000 3,001,480 1.76

14,973,129 8.76

TaiwanAdvanced Ceramic X Corp. TWD 95,000 1,156,841 0.68Advanced Semiconductor Engineering,Inc. TWD 1,434,255 1,840,875 1.08Advantech Co. Ltd. TWD 166,094 1,178,582 0.69ASPEED Technology, Inc. TWD 125,334 2,784,513 1.63AU Optronics Corp. TWD 2,483,000 1,133,091 0.66Catcher Technology Co. Ltd. TWD 295,000 3,534,082 2.07Cathay Financial Holding Co. Ltd. TWD 3,241,141 5,335,277 3.12China Life Insurance Co. Ltd. TWD 904,000 901,621 0.53China Steel Corp. TWD 814,000 663,274 0.39Chunghwa Precision Test Tech Co. Ltd. TWD 22,000 938,826 0.55CTBC Financial Holding Co. Ltd. TWD 6,292,000 4,123,273 2.41Delta Electronics, Inc. TWD 545,692 2,983,762 1.75Eclat Textile Co. Ltd. TWD 304,402 3,724,307 2.18Elite Material Co. Ltd. TWD 489,000 2,368,204 1.39Ennoconn Corp. TWD 223,286 2,829,171 1.66Epistar Corp. TWD 1,114,000 1,026,800 0.60Evergreen Marine Corp. Taiwan Ltd. TWD 4,742,000 2,413,499 1.41FLEXium Interconnect, Inc. TWD 127,000 476,172 0.28Formosa Petrochemical Corp. TWD 520,000 1,791,482 1.05Formosa Plastics Corp. TWD 790,000 2,409,883 1.41Fubon Financial Holding Co. Ltd. TWD 1,780,000 2,834,945 1.66Giant Manufacturing Co. Ltd. TWD 294,000 1,684,904 0.99Global PMX Co. Ltd. TWD 388,000 1,869,495 1.09Globalwafers Co. Ltd. TWD 112,000 783,687 0.46Hiwin Technologies Corp. TWD 286,000 1,935,356 1.13Hon Hai Precision Industry Co. Ltd. TWD 3,830,529 14,708,576 8.61Hota Industrial Manufacturing Co. Ltd. TWD 691,214 3,398,668 1.99Innolux Corp. TWD 2,403,000 1,254,650 0.73Inventec Corp. TWD 1,889,000 1,539,220 0.90King Slide Works Co. Ltd. TWD 101,000 1,417,588 0.83King Yuan Electronics Co. Ltd. TWD 645,000 661,334 0.39KMC Kuei Meng International, Inc. TWD 117,000 570,474 0.33Land Mark Optoelectronics Corp. TWD 84,000 960,730 0.56Largan Precision Co. Ltd. TWD 41,500 6,616,387 3.87Macauto Industrial Co. Ltd. TWD 72,000 425,654 0.25Macronix International TWD 2,554,000 1,400,689 0.82MediaTek, Inc. TWD 436,000 3,739,089 2.19Merida Industry Co. Ltd. TWD 316,000 1,691,465 0.99Merry Electronics Co. Ltd. TWD 116,000 722,019 0.42Micro-Star International Co. Ltd. TWD 270,000 628,268 0.37Mitac Holdings Corp. TWD 1,669,000 2,133,938 1.25Nan Ya Plastics Corp. TWD 1,469,000 3,645,323 2.13Nanya Technology Corp. TWD 1,332,000 2,398,520 1.40Nien Made Enterprise Co. Ltd. TWD 203,000 2,261,676 1.32Novatek Microelectronics Corp. TWD 383,000 1,552,532 0.91Powertech Technology, Inc. TWD 904,000 2,788,857 1.63Poya International Co. Ltd. TWD 116,736 1,483,916 0.87President Chain Store Corp. TWD 399,000 3,595,659 2.11Primax Electronics Ltd. TWD 1,074,000 2,197,099 1.29Quanta Computer, Inc. TWD 800,000 1,895,741 1.11Realtek Semiconductor Corp. TWD 321,000 1,158,683 0.68Sinbon Electronics Co. Ltd. TWD 647,105 1,524,916 0.89Taiwan Cement Corp. TWD 1,328,000 1,538,523 0.90Taiwan Paiho Ltd. TWD 951,000 3,573,483 2.09Taiwan Semiconductor Manufacturing Co.Ltd. TWD 2,375,000 16,266,856 9.52

Tong Hsing Electronic Industries Ltd. TWD 173,000 722,611 0.42Tripod Technology Corp. TWD 804,000 2,550,429 1.49Uni-President Enterprises Corp. TWD 1,245,827 2,501,488 1.46Voltronic Power Technology Corp. TWD 101,267 1,668,632 0.98Win Semiconductors Corp. TWD 149,000 817,160 0.48Wistron NeWeb Corp. TWD 388,172 1,156,026 0.68Yuanta Financial Holding Co. Ltd. TWD 8,310,000 3,655,525 2.14

153,544,326 89.87




Cash 914,341 0.54



Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsTaiwan 89.87Cayman Islands 8.76Total Investments 98.63Cash and Other Assets/(Liabilities) 1.37

Total 100.00


% of Net Assets

Taiwan 92.86Cayman Islands 5.72Total Investments 98.58Cash and Other Assets/(Liabilities) 1.42

Total 100.00

172

JPMorgan Funds - Taiwan FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Bonds

AngolaAngola Government Bond, Reg. S 9.5%12/11/2025 USD 200,000 211,126 0.14

211,126 0.14

ArgentinaArgentina Government Bond 8.28%31/12/2033 USD 112,163 124,260 0.08Argentina Government Bond 6.875%22/04/2021 USD 150,000 161,098 0.11Argentina Government Bond, Reg. S7.125% 28/06/2117 USD 510,000 463,794 0.30Argentina Government Bond, STEP2.5% 31/12/2038 USD 65,000 42,575 0.03Argentine Bonos del Tesoro 18.2%03/10/2021 ARS 5,800,000 388,682 0.26Argentine Bonos del Tesoro 16%17/10/2023 ARS 1,300,000 87,137 0.06Argentine Bonos del Tesoro 15.5%17/10/2026 ARS 1,300,000 89,720 0.06Provincia de Buenos Aires, Reg. S9.95% 09/06/2021 USD 150,000 172,036 0.11Provincia de Buenos Aires, Reg. S7.875% 15/06/2027 USD 150,000 156,451 0.10Provincia de Cordoba, Reg. S 7.125%01/08/2027 USD 160,000 159,680 0.10YPF SA, Reg. S 8.5% 23/03/2021 USD 40,000 44,757 0.03YPF SA, Reg. S 8.75% 04/04/2024 USD 67,000 76,537 0.05

1,966,727 1.29

ArmeniaArmenia Government Bond, Reg. S7.15% 26/03/2025 USD 200,000 219,300 0.14

219,300 0.14

BelarusBelarus Government Bond, Reg. S6.875% 28/02/2023 USD 200,000 204,613 0.13Belarus Government Bond, Reg. S7.625% 29/06/2027 USD 200,000 204,805 0.14

409,418 0.27

BrazilBrazil Government Bond 8.25%20/01/2034 USD 50,000 62,439 0.04Brazil Notas do Tesouro Nacional 10%01/01/2021 BRL 710 225,032 0.15Brazil Notas do Tesouro Nacional 6%15/08/2022 BRL 1,320 1,242,317 0.82Brazil Notas do Tesouro Nacional 10%01/01/2023 BRL 760 237,621 0.16Brazil Notas do Tesouro Nacional 10%01/01/2025 BRL 1,040 321,564 0.21Brazil Notas do Tesouro Nacional 10%01/01/2027 BRL 1,710 525,932 0.34

2,614,905 1.72

ChileBonos de la Tesoreria de la Republicaen pesos 4.5% 01/03/2026 CLP 150,000,000 236,232 0.16

236,232 0.16

ColombiaColombia Government Bond 7.75%14/04/2021 COP 70,000,000 24,421 0.02Colombia Government Bond 9.85%28/06/2027 COP 188,000,000 79,231 0.05Colombian TES 11% 24/07/2020 COP 208,800,000 78,598 0.05Colombian TES 10% 24/07/2024 COP 1,116,000,000 443,992 0.29Colombian TES 6% 28/04/2028 COP 768,100,000 239,691 0.16Colombian TES 7.75% 18/09/2030 COP 247,000,000 87,675 0.06Ecopetrol SA 5.875% 18/09/2023 USD 100,000 109,494 0.07Ecopetrol SA 5.375% 26/06/2026 USD 77,000 80,163 0.05

1,143,265 0.75

Costa RicaInstituto Costarricense de Electricidad,Reg. S 6.375% 15/05/2043 USD 200,000 179,428 0.12

179,428 0.12

CroatiaCroatia Government Bond, Reg. S 6%26/01/2024 USD 200,000 224,695 0.15

224,695 0.15

Czech RepublicCzech Republic Government Bond,Reg. S 2.5% 25/08/2028 CZK 3,700,000 185,955 0.12

185,955 0.12

Dominican RepublicDominican Republic Government Bond,Reg. S 7.5% 06/05/2021 USD 100,000 110,407 0.07Dominican Republic Government Bond,Reg. S 5.875% 18/04/2024 USD 100,000 106,058 0.07Dominican Republic Government Bond,Reg. S 6.875% 29/01/2026 USD 100,000 111,674 0.08Dominican Republic Government Bond,Reg. S 7.45% 30/04/2044 USD 200,000 229,008 0.15

557,147 0.37

EcuadorEcuador Government Bond, Reg. S10.5% 24/03/2020 USD 200,000 210,046 0.14Ecuador Government Bond, Reg. S8.75% 02/06/2023 USD 230,000 226,121 0.15

436,167 0.29

EgyptEgypt Government Bond, Reg. S 7.5%31/01/2027 USD 200,000 212,708 0.14Egypt Government Bond, Reg. S 8.5%31/01/2047 USD 340,000 367,169 0.24

579,877 0.38

El SalvadorEl Salvador Government Bond, Reg. S7.75% 24/01/2023 USD 10,000 10,158 0.01El Salvador Government Bond, Reg. S5.875% 30/01/2025 USD 60,000 54,186 0.04El Salvador Government Bond, Reg. S6.375% 18/01/2027 USD 20,000 18,146 0.01El Salvador Government Bond, Reg. S8.25% 10/04/2032 USD 40,000 39,905 0.03El Salvador Government Bond, Reg. S7.65% 15/06/2035 USD 70,000 66,022 0.04El Salvador Government Bond, Reg. S7.625% 01/02/2041 USD 150,000 139,651 0.09

328,068 0.22

EthiopiaEthiopia Government Bond, Reg. S6.625% 11/12/2024 USD 400,000 397,002 0.26

397,002 0.26

GhanaGhana Government Bond, Reg. S10.75% 14/10/2030 USD 200,000 248,259 0.16

248,259 0.16

HungaryHungary Government Bond 5.75%22/11/2023 USD 254,000 291,127 0.19Hungary Government Bond 6%24/11/2023 HUF 68,760,000 312,144 0.21Hungary Government Bond 3%26/06/2024 HUF 43,190,000 165,745 0.11Hungary Government Bond 5.5%24/06/2025 HUF 38,900,000 172,384 0.11Hungary Government Bond 3%27/10/2027 HUF 54,000,000 198,155 0.13

1,139,555 0.75

IndonesiaIndonesia Treasury 8.25% 15/07/2021 IDR 2,140,000,000 169,249 0.11Indonesia Treasury 9% 15/03/2029 IDR 7,957,000,000 680,984 0.45Indonesia Treasury 10.5% 15/08/2030 IDR 1,100,000,000 104,744 0.07Indonesia Treasury 8.75% 15/05/2031 IDR 9,134,000,000 773,957 0.51Indonesia Treasury 8.25% 15/06/2032 IDR 1,474,000,000 117,150 0.07Indonesia Treasury 8.375%15/03/2034 IDR 2,238,000,000 181,072 0.12

173

JPMorgan Funds - Total Emerging Markets Income FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Indonesia Treasury 8.25% 15/05/2036 IDR 1,104,000,000 88,970 0.06Pertamina Persero PT, Reg. S 6.45%30/05/2044 USD 200,000 227,622 0.15

2,343,748 1.54

IrelandVnesheconombank, Reg. S 5.942%21/11/2023 USD 200,000 214,911 0.14

214,911 0.14

JordanJordan Government Bond, Reg. S6.125% 29/01/2026 USD 200,000 205,026 0.13

205,026 0.13

KazakhstanKazMunayGas National Co. JSC, Reg. S7% 05/05/2020 USD 100,000 108,961 0.07

108,961 0.07

LebanonLebanon Government Bond 6.375%09/03/2020 USD 190,000 194,206 0.13Lebanon Government Bond, Reg. S5.45% 28/11/2019 USD 105,000 105,630 0.07Lebanon Government Bond, Reg. S8.25% 12/04/2021 USD 73,000 78,971 0.05Lebanon Government Bond, Reg. S6.6% 27/11/2026 USD 19,000 19,094 0.01

397,901 0.26

MexicoMexican Bonos 6.5% 10/06/2021 MXN 65,900 365,040 0.24Mexican Bonos 6.5% 09/06/2022 MXN 46,000 254,324 0.17Mexican Bonos 8% 07/12/2023 MXN 10,000 59,443 0.04Mexican Bonos 10% 05/12/2024 MXN 70,000 463,606 0.30Mexican Bonos 7.5% 03/06/2027 MXN 26,000 152,232 0.10Mexican Bonos 8.5% 31/05/2029 MXN 500 3,159 0.00Mexican Bonos 7.75% 29/05/2031 MXN 134,000 798,985 0.53Mexican Bonos 7.75% 23/11/2034 MXN 10,000 59,792 0.04Mexican Bonos 10% 20/11/2036 MXN 18,437 133,522 0.09Mexico Government Bond 3.375%23/02/2031 EUR 100,000 120,520 0.08Mexico Government Bond 5.55%21/01/2045 USD 80,000 89,708 0.06Petroleos Mexicanos 6.75%21/09/2047 USD 500,000 505,773 0.33

3,006,104 1.98

NetherlandsPetrobras Global Finance BV 8.375%23/05/2021 USD 190,000 213,038 0.14

213,038 0.14

OmanOman Government Bond, Reg. S 6.5%08/03/2047 USD 200,000 204,796 0.13

204,796 0.13

PakistanPakistan Government Bond, Reg. S8.25% 30/09/2025 USD 400,000 459,972 0.30

459,972 0.30

ParaguayParaguay Government Bond, Reg. S6.1% 11/08/2044 USD 400,000 446,148 0.29

446,148 0.29

PeruPeru Government Bond 8.75%21/11/2033 USD 85,000 130,675 0.09Peru Government Bond, Reg. S 6.95%12/08/2031 PEN 1,150,000 394,056 0.26Petroleos del Peru SA, Reg. S 4.75%19/06/2032 USD 200,000 199,189 0.13Petroleos del Peru SA, Reg. S 5.625%19/06/2047 USD 200,000 202,818 0.13

926,738 0.61

PolandPoland Government Bond 2%25/04/2021 PLN 50,000 13,321 0.01Poland Government Bond 1.75%25/07/2021 PLN 461,000 121,163 0.08Poland Government Bond 5.75%25/10/2021 PLN 880,000 269,494 0.17Poland Government Bond 5.75%23/09/2022 PLN 1,632,000 505,810 0.33Poland Government Bond 4%25/10/2023 PLN 2,700,000 776,781 0.51Poland Government Bond 3.25%25/07/2025 PLN 1,100,000 300,111 0.20Poland Government Bond 2.5%25/07/2026 PLN 940,000 240,297 0.16

2,226,977 1.46

RomaniaRomania Government Bond 3.25%29/04/2024 RON 400,000 99,923 0.07Romania Government Bond 5.8%26/07/2027 RON 290,000 83,834 0.05

183,757 0.12

RussiaRussian Federal Bond - OFZ 7.6%20/07/2022 RUB 40,330,000 675,580 0.44Russian Federal Bond - OFZ 7%25/01/2023 RUB 9,400,000 152,982 0.10Russian Federal Bond - OFZ 7%16/08/2023 RUB 16,657,000 271,355 0.18Russian Federal Bond - OFZ 7.75%16/09/2026 RUB 20,643,000 348,671 0.23Russian Federal Bond - OFZ 7.05%19/01/2028 RUB 15,610,000 250,870 0.17

1,699,458 1.12

SerbiaSerbia Government Bond, Reg. S4.875% 25/02/2020 USD 200,000 208,687 0.14Serbia Treasury 4.5% 05/04/2020 RSD 1,000,000 9,362 0.00

218,049 0.14

South AfricaSouth Africa Government Bond 6.75%31/03/2021 ZAR 239,000 17,632 0.01South Africa Government Bond 10.5%21/12/2026 ZAR 3,117,389 263,664 0.17South Africa Government Bond 4.3%12/10/2028 USD 200,000 187,522 0.12South Africa Government Bond 7%28/02/2031 ZAR 5,210,999 324,942 0.21South Africa Government Bond 8.25%31/03/2032 ZAR 5,648,090 388,423 0.26South Africa Government Bond 8.875%28/02/2035 ZAR 3,850,393 272,794 0.18South Africa Government Bond 6.25%31/03/2036 ZAR 632,530 34,028 0.02South Africa Government Bond 8.5%31/01/2037 ZAR 3,850,000 260,651 0.17South Africa Government Bond 9%31/01/2040 ZAR 237,192 16,661 0.01South Africa Government Bond 8.75%31/01/2044 ZAR 1,245,094 84,690 0.06South Africa Government Bond 8.75%28/02/2048 ZAR 1,446,808 98,483 0.07

1,949,490 1.28

Sri LankaSri Lanka Government Bond, Reg. S6.25% 04/10/2020 USD 100,000 105,781 0.07Sri Lanka Government Bond, Reg. S6.825% 18/07/2026 USD 200,000 211,185 0.14

316,966 0.21

ThailandThailand Government Bond 3.65%17/12/2021 THB 4,807,000 152,269 0.10Thailand Government Bond 3.625%16/06/2023 THB 1,639,000 52,082 0.03Thailand Government Bond 3.85%12/12/2025 THB 10,039,000 326,860 0.22Thailand Government Bond 2.125%17/12/2026 THB 2,200,000 62,493 0.04

174

JPMorgan Funds - Total Emerging Markets Income FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Thailand Government Bond, Reg. S1.2% 14/07/2021 THB 2,000,000 62,029 0.04Thailand Government Bond, Reg. S1.25% 12/03/2028 THB 8,900,000 252,818 0.17

908,551 0.60

TurkeyTurkey Government Bond 10.4%27/03/2019 TRY 174,000 49,109 0.03Turkey Government Bond 10.5%15/01/2020 TRY 343,617 97,522 0.07Turkey Government Bond 10.7%17/02/2021 TRY 940,000 268,287 0.18Turkey Government Bond 9.2%22/09/2021 TRY 1,800,000 488,743 0.32Turkey Government Bond 9.5%12/01/2022 TRY 250,000 68,514 0.05Turkey Government Bond 7.1%08/03/2023 TRY 580,000 142,189 0.09Turkey Government Bond 8.8%27/09/2023 TRY 580,000 153,567 0.10Turkey Government Bond 9%24/07/2024 TRY 500,000 133,287 0.09Turkey Government Bond 7.375%05/02/2025 USD 69,000 79,983 0.05Turkey Government Bond 8%12/03/2025 TRY 1,053,516 263,979 0.17Turkey Government Bond 10.6%11/02/2026 TRY 2,155,000 623,230 0.41Turkey Government Bond 8%14/02/2034 USD 150,000 186,124 0.12

2,554,534 1.68

UkraineUkraine Government Bond, Reg. S7.75% 01/09/2019 USD 500,000 517,300 0.34Ukraine Government Bond, Reg. S7.75% 01/09/2020 USD 100,000 102,640 0.07Ukraine Government Bond, Reg. S7.75% 01/09/2023 USD 100,000 99,250 0.06

719,190 0.47

UruguayUruguay Government Bond 7.875%15/01/2033 USD 50,000 68,082 0.04Uruguay Government Bond 5.1%18/06/2050 USD 100,000 102,135 0.07Uruguay Government Bond, Reg. S9.875% 20/06/2022 UYU 3,260,000 118,882 0.08

289,099 0.19

Venezuela, Bolivarian Republic ofPetroleos de Venezuela SA, Reg. S12.75% 17/02/2022 USD 20,000 11,137 0.01Petroleos de Venezuela SA, Reg. S5.375% 12/04/2027 USD 70,000 25,637 0.02Venezuela Government Bond 9.25%15/09/2027 USD 25,000 12,526 0.01Venezuela Government Bond 9.375%13/01/2034 USD 6,000 2,722 0.00Venezuela Government Bond, Reg. S7% 01/12/2018 USD 10,000 6,490 0.00Venezuela Government Bond, Reg. S7.75% 13/10/2019 USD 20,000 10,230 0.01Venezuela Government Bond, Reg. S9% 07/05/2023 USD 15,000 6,717 0.00Venezuela Government Bond, Reg. S8.25% 13/10/2024 USD 20,000 8,701 0.01Venezuela Government Bond, Reg. S7.65% 21/04/2025 USD 17,000 7,311 0.00Venezuela Government Bond, Reg. S11.75% 21/10/2026 USD 25,000 12,995 0.01Venezuela Government Bond, Reg. S9.25% 07/05/2028 USD 30,000 13,388 0.01Venezuela Government Bond, Reg. S11.95% 05/08/2031 USD 45,000 22,894 0.02Venezuela Government Bond, Reg. S7% 31/03/2038 USD 11,000 4,607 0.00

145,355 0.10

Total Bonds 30,815,895 20.25

Equities

BermudaVTech Holdings Ltd. HKD 13,300 210,246 0.14

210,246 0.14

BrazilAmbev SA BRL 520,826 2,876,870 1.89BB Seguridade Participacoes SA BRL 302,830 2,592,575 1.71Engie Brasil Energia SA BRL 153,250 1,585,832 1.04Smiles SA BRL 27,950 504,997 0.33

7,560,274 4.97

Cayman IslandsSands China Ltd. HKD 293,600 1,345,538 0.88

1,345,538 0.88

ChileBanco Santander Chile, ADR USD 99,240 2,508,291 1.65

2,508,291 1.65

ChinaFuyao Glass Industry Group Co. Ltd. ‘H’ HKD 90,400 345,679 0.23

345,679 0.23

Czech RepublicKomercni banka A/S CZK 44,230 1,762,934 1.16Moneta Money Bank A/S CZK 156,332 521,082 0.34

2,284,016 1.50

Hong KongChina Mobile Ltd. HKD 277,000 2,940,787 1.93China Resources Power Holdings Co.Ltd. HKD 1,392,000 2,733,642 1.80CNOOC Ltd. HKD 1,930,000 2,115,133 1.39Hang Seng Bank Ltd. HKD 87,200 1,823,602 1.20Lenovo Group Ltd. HKD 1,742,000 1,101,275 0.72

10,714,439 7.04

HungaryOTP Bank plc HUF 55,360 1,860,711 1.22

1,860,711 1.22

IndiaCoal India Ltd. INR 320,930 1,213,602 0.80Infosys Ltd., ADR USD 177,812 2,652,066 1.74ITC Ltd. INR 288,115 1,439,350 0.94Tata Consultancy Services Ltd. INR 13,270 484,755 0.32

5,789,773 3.80

IndonesiaTelekomunikasi Indonesia PerseroTbk. PT IDR 7,684,800 2,602,916 1.71

2,602,916 1.71

MexicoBolsa Mexicana de Valores SAB de CV MXN 371,310 660,622 0.43Fibra Uno Administracion SA de CV,REIT MXN 1,029,900 1,964,367 1.29Kimberly-Clark de Mexico SAB de CV‘A’ MXN 1,128,810 2,397,606 1.58Wal-Mart de Mexico SAB de CV MXN 999,770 2,325,446 1.53

7,348,041 4.83

RussiaLukoil PJSC, ADR USD 26,680 1,296,581 0.85MMC Norilsk Nickel PJSC, ADR USD 96,940 1,335,591 0.88Mobile TeleSystems PJSC, ADR USD 10,175 84,097 0.05Moscow Exchange MICEX-RTS PJSC USD 1,493,180 2,634,660 1.73PhosAgro PJSC, GDR USD 73,040 973,258 0.64Severstal PJSC, GDR USD 72,170 942,179 0.62

7,266,366 4.77

Saudi ArabiaAl Rajhi Bank SAR 156,680 2,893,357 1.90

2,893,357 1.90

175


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

South AfricaAVI Ltd. ZAR 224,620 1,628,190 1.07Barclays Africa Group Ltd. ZAR 99,420 1,081,862 0.71Bid Corp. Ltd. ZAR 42,060 958,689 0.63FirstRand Ltd. ZAR 628,310 2,273,843 1.49MMI Holdings Ltd. ZAR 484,790 746,624 0.49SPAR Group Ltd. (The) ZAR 47,315 555,607 0.37Vodacom Group Ltd. ZAR 144,020 1,793,935 1.18Woolworths Holdings Ltd. ZAR 426,750 2,005,232 1.32

11,043,982 7.26

South KoreaKangwon Land, Inc. KRW 14,860 453,093 0.30KT&G Corp. KRW 23,430 2,391,569 1.57Samsung Electronics Co. Ltd. KRW 1,260 2,617,954 1.72SK Telecom Co. Ltd., ADR USD 40,550 1,044,365 0.69

6,506,981 4.28


2,522,706 1.66

TaiwanAsustek Computer, Inc. TWD 165,000 1,557,474 1.02Chicony Electronics Co. Ltd. TWD 169,057 427,855 0.28Delta Electronics, Inc. TWD 232,292 1,270,138 0.84Far EasTone Telecommunications Co.Ltd. TWD 23,000 58,701 0.04MediaTek, Inc. TWD 146,000 1,252,080 0.82Mega Financial Holding Co. Ltd. TWD 1,093,000 910,384 0.60Novatek Microelectronics Corp. TWD 249,000 1,009,349 0.66President Chain Store Corp. TWD 181,000 1,631,113 1.07Quanta Computer, Inc. TWD 699,000 1,656,404 1.09Taiwan Mobile Co. Ltd. TWD 576,000 2,164,381 1.42Taiwan Semiconductor ManufacturingCo. Ltd., ADR USD 147,170 5,138,441 3.38Vanguard International SemiconductorCorp. TWD 559,000 1,101,269 0.73

18,177,589 11.95

ThailandSiam Cement PCL (The) THB 83,900 1,243,787 0.82Siam Commercial Bank PCL (The) THB 465,800 2,138,177 1.41Thai Oil PCL THB 349,900 813,391 0.53

4,195,355 2.76

TurkeyFord Otomotiv Sanayi A/S TRY 37,200 454,197 0.30Tofas Turk Otomobil Fabrikasi A/S TRY 102,380 840,615 0.55Tupras Turkiye Petrol Rafinerileri A/S TRY 74,423 2,131,656 1.40

3,426,468 2.25

United Arab EmiratesFirst Abu Dhabi Bank PJSC AED 410,527 1,168,048 0.77

1,168,048 0.77


Warrants

ChinaFuyao Glass Industry Group Co. Ltd.25/09/2018 USD 60,540 232,492 0.15Midea Group Co. Ltd. 09/11/2018 USD 13,780 87,468 0.06

319,960 0.21



130,906,631 86.03


Bonds

ColombiaColombia Government Bond, Reg. S10% 24/07/2024 COP 144,400,000 57,775 0.04

57,775 0.04

EgyptEgypt Treasury Bill 0% 29/05/2018 EGP 1,350,000 63,092 0.04Egypt Treasury Bill 0% 12/06/2018 EGP 1,200,000 55,795 0.04

118,887 0.08

MalaysiaMalaysia Government Bond 3.654%31/10/2019 MYR 600,000 140,520 0.09Malaysia Government Bond 3.492%31/03/2020 MYR 100,000 23,262 0.02Malaysia Government Bond 3.889%31/07/2020 MYR 600,000 141,094 0.09Malaysia Government Bond 4.16%15/07/2021 MYR 600,000 142,140 0.09Malaysia Government Bond 3.48%15/03/2023 MYR 300,000 68,476 0.05Malaysia Government Bond 3.8%17/08/2023 MYR 700,000 162,028 0.11Malaysia Government Bond 4.181%15/07/2024 MYR 440,000 104,023 0.07Malaysia Government Bond 3.955%15/09/2025 MYR 900,000 208,729 0.14Malaysia Government Bond 4.07%30/09/2026 MYR 90,000 20,865 0.01Malaysia Government Bond 3.892%15/03/2027 MYR 300,000 68,347 0.04Malaysia Government Bond 4.232%30/06/2031 MYR 200,000 45,593 0.03Malaysia Government Bond 3.844%15/04/2033 MYR 172,000 37,487 0.02Malaysia Government Bond 4.786%31/10/2035 MYR 200,000 47,629 0.03

1,210,193 0.79

MexicoPetroleos Mexicanos, Reg. S 5.375%13/03/2022 USD 119,000 125,519 0.09Petroleos Mexicanos, Reg. S 6.5%13/03/2027 USD 200,000 215,210 0.14Petroleos Mexicanos, Reg. S, FRN4.878% 11/03/2022 USD 31,000 33,453 0.02

374,182 0.25

PeruPeru Government Bond, Reg. S 6.35%12/08/2028 PEN 589,000 194,264 0.13Peru Government Bond, Reg. S 6.9%12/08/2037 PEN 230,000 78,077 0.05

272,341 0.18

PhilippinesPhilippines Government Bond 8%19/07/2031 PHP 2,000,000 52,765 0.03

52,765 0.03

Venezuela, Bolivarian Republic ofPetroleos de Venezuela SA, Reg. S 9%17/11/2021 USD 62,105 30,249 0.02Petroleos de Venezuela SA, Reg. S 6%15/11/2026 USD 46,000 16,987 0.01

47,236 0.03

Total Bonds 2,133,379 1.40

Equities

ChinaFuyao Glass Industry Group Co. Ltd. CNH 595,142 2,284,992 1.50Midea Group Co. Ltd. CNH 558,600 3,544,569 2.33Zhengzhou Yutong Bus Co. Ltd. ‘A’ CNH 409,600 1,327,475 0.87

7,157,036 4.70



176


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets



LuxembourgJPMorgan Emerging Markets CorporateBond Fund - JPM Emerging MarketsCorporate Bond X (acc) - USD† USD 48,142 5,981,166 3.93JPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (dist.)† USD 45,250 45,250 0.03

6,026,416 3.96




Cash 5,767,828 3.79




177


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsTaiwan 11.95South Africa 8.54Mexico 7.06Hong Kong 7.04Brazil 6.69Russia 5.89China 5.14South Korea 4.28Luxembourg 3.96Turkey 3.93India 3.80Thailand 3.36Indonesia 3.25Hungary 1.97Saudi Arabia 1.90Chile 1.81Supranational 1.66Czech Republic 1.62Poland 1.46Argentina 1.29Cayman Islands 0.88Malaysia 0.79Colombia 0.79Peru 0.79United Arab Emirates 0.77Ukraine 0.47Egypt 0.46Dominican Republic 0.37Pakistan 0.30Paraguay 0.29Ecuador 0.29Belarus 0.27Lebanon 0.26Ethiopia 0.26El Salvador 0.22Sri Lanka 0.21Uruguay 0.19Ghana 0.16Croatia 0.15Armenia 0.14Serbia 0.14Ireland 0.14Netherlands 0.14Angola 0.14Bermuda 0.14Jordan 0.13Oman 0.13Venezuela, Bolivarian Republic of 0.13Romania 0.12Costa Rica 0.12Kazakhstan 0.07Philippines 0.03Total Investments 96.09Cash and Other Assets/(Liabilities) 3.91

Total 100.00


% of Net Assets

Taiwan 12.98South Africa 10.24Brazil 7.39Russia 6.99Luxembourg 6.64Mexico 5.72Hong Kong 4.75Turkey 3.76South Korea 3.75India 3.08Indonesia 2.88China 2.71Thailand 2.25Czech Republic 2.10Hungary 2.09Chile 1.82Supranational 1.37Poland 1.30Malaysia 1.25Colombia 1.23United Arab Emirates 1.07Saudi Arabia 0.94Cayman Islands 0.88Peru 0.81Argentina 0.63Lebanon 0.45Ecuador 0.44Bermuda 0.40Philippines 0.36Kazakhstan 0.34Sri Lanka 0.31Ukraine 0.31Panama 0.30Ghana 0.25Croatia 0.23Venezuela, Bolivarian Republic of 0.22Pakistan 0.22Serbia 0.21Paraguay 0.21Dominican Republic 0.21Azerbaijan 0.21Angola 0.20Jordan 0.20United States of America 0.19Uruguay 0.18Romania 0.17Costa Rica 0.17El Salvador 0.15Virgin Islands, British 0.11Netherlands 0.08Total Investments 94.75Cash and Other Assets/(Liabilities) 5.25

Total 100.00

178


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

AUD 183,688 USD 139,940 03/07/2017 Standard Chartered 1,266 -AUD 678,521 USD 511,854 21/07/2017 ANZ 9,629 0.01AUD 3,880 USD 2,898 21/07/2017 Deutsche Bank 85 -AUD 17,843 USD 13,517 21/07/2017 National Australia Bank 195 -AUD 3,947 USD 2,988 21/07/2017 RBC 46 -AUD 2,475 USD 1,887 21/07/2017 Standard Chartered 16 -AUD 262,316 USD 195,900 21/09/2017 Goldman Sachs 5,547 0.01AUD 149,371 USD 113,437 21/09/2017 Merrill Lynch 1,274 -BRL 354,121 USD 104,239 21/09/2017 Citibank 1,005 -BRL 144,266 USD 42,530 21/09/2017 HSBC 346 -BRL 1,411,474 USD 419,428 21/09/2017 Merrill Lynch 61 -CAD 133,041 USD 96,771 18/07/2017 State Street 5,913 0.01CAD 148,440 USD 110,557 21/09/2017 ANZ 4,124 -CAD 158,809 USD 119,781 21/09/2017 UBS 2,912 -CHF 84,573 USD 84,234 18/07/2017 National Australia Bank 4,239 -CLP 39,693,599 USD 59,378 18/07/2017 Merrill Lynch 353 -CLP 71,014,972 USD 105,120 21/09/2017 HSBC 1,481 -CLP 75,643,337 USD 112,776 21/09/2017 Merrill Lynch 773 -COP 863,928,059 USD 279,450 21/09/2017 HSBC 215 -CZK 2,833,593 EUR 108,132 21/09/2017 HSBC 572 -CZK 2,526,677 USD 103,225 18/07/2017 HSBC 7,250 0.01CZK 5,721,717 USD 233,272 18/07/2017 RBC 16,901 0.01CZK 6,157,359 USD 270,080 21/09/2017 HSBC 628 -CZK 1,594,898 USD 68,511 21/09/2017 RBC 1,609 -CZK 6,437,286 USD 275,649 21/09/2017 RBS 7,366 0.01EUR 76,011 USD 86,160 21/09/2017 National Australia Bank 1,011 -GBP 67,494 USD 86,919 18/07/2017 HSBC 697 -HUF 26,580,370 USD 91,347 18/07/2017 Citibank 6,935 0.01HUF 21,006,259 USD 72,257 18/07/2017 Deutsche Bank 5,415 0.01HUF 20,164,661 USD 73,586 21/09/2017 Deutsche Bank 1,182 -HUF 42,508,096 USD 157,279 21/09/2017 HSBC 336 -HUF 102,593,861 USD 376,825 21/09/2017 Societe Generale 3,579 -IDR 3,849,818,345 USD 286,597 18/07/2017 HSBC 1,527 -ILS 296,226 USD 81,421 18/07/2017 Societe Generale 3,479 -ILS 137,258 USD 38,919 25/09/2017 HSBC 528 -INR 2,550,468 USD 38,827 18/07/2017 Goldman Sachs 554 -INR 67,003,507 USD 1,027,063 18/07/2017 HSBC 7,531 0.01INR 2,518,035 USD 38,585 18/07/2017 Standard Chartered 295 -MXN 1,076,049 USD 56,778 18/07/2017 Credit Suisse 2,790 -MXN 3,531,462 USD 185,531 18/07/2017 Merrill Lynch 9,964 0.01MXN 589,250 USD 31,193 18/07/2017 RBC 1,427 -MXN 2,326,873 USD 120,877 18/07/2017 Societe Generale 7,934 0.01MXN 887,614 USD 45,795 18/07/2017 Standard Chartered 3,342 -MXN 1,086,720 USD 58,378 21/09/2017 BNP Paribas 1,171 -MXN 2,020,109 USD 110,172 21/09/2017 Deutsche Bank 524 -MXN 5,910,013 USD 319,951 21/09/2017 Goldman Sachs 3,900 -MXN 2,646,870 USD 142,621 21/09/2017 Toronto-Dominion Bank 2,419 -MYR 15,238,681 USD 3,475,086 18/07/2017 Goldman Sachs 68,203 0.04MYR 860,387 USD 198,787 21/09/2017 Goldman Sachs 795 -PEN 109,077 USD 33,281 18/07/2017 HSBC 325 -PEN 148,556 USD 45,419 18/07/2017 Standard Chartered 350 -PEN 143,279 USD 43,292 21/09/2017 Goldman Sachs 515 -PEN 626,032 USD 189,495 21/09/2017 HSBC 1,913 -PLN 16,107,349 USD 4,166,403 18/07/2017 Citibank 187,314 0.12PLN 409,420 USD 106,033 18/07/2017 Credit Suisse 4,631 0.01PLN 722,797 USD 185,022 18/07/2017 Deutsche Bank 10,345 0.01PLN 649,315 USD 166,783 18/07/2017 HSBC 8,723 0.01PLN 556,372 USD 140,385 18/07/2017 RBC 9,999 0.01PLN 774,295 USD 207,581 21/09/2017 Citibank 1,648 -PLN 1,459,274 USD 389,261 21/09/2017 Deutsche Bank 5,063 -PLN 2,969,014 USD 797,265 21/09/2017 HSBC 5,019 -PLN 157,438 USD 42,369 21/09/2017 RBC 174 -PLN 789,659 USD 211,620 21/09/2017 Societe Generale 1,761 -PLN 922,393 USD 243,039 21/09/2017 State Street 6,209 0.01RON 2,055,711 USD 482,786 18/07/2017 Deutsche Bank 32,602 0.02RON 288,198 USD 68,354 18/07/2017 Merrill Lynch 3,901 -RON 579,140 USD 142,822 21/09/2017 Deutsche Bank 2,621 -RUB 2,445,511 USD 40,292 21/09/2017 Goldman Sachs 294 -SGD 246,100 USD 175,150 18/07/2017 Societe Generale 3,693 -THB 1,469,779 USD 42,525 18/07/2017 ANZ 780 -THB 15,614,507 USD 450,635 18/07/2017 Goldman Sachs 9,428 0.01THB 5,144,020 USD 149,335 18/07/2017 HSBC 2,227 -THB 1,194,522 USD 34,408 18/07/2017 Societe Generale 787 -TRY 144,362 USD 37,852 18/07/2017 Citibank 2,984 -TRY 2,412,367 USD 627,728 18/07/2017 Deutsche Bank 54,663 0.04TRY 125,839 USD 34,680 18/07/2017 HSBC 916 -TRY 7,485,830 USD 2,063,054 18/07/2017 Societe Generale 54,478 0.04TRY 142,749 USD 37,352 18/07/2017 Standard Chartered 3,028 -TRY 1,040,960 USD 285,634 21/09/2017 Citibank 3,339 -TRY 737,528 USD 202,995 21/09/2017 RBC 1,745 -TRY 343,913 USD 95,368 21/09/2017 Societe Generale 103 -TRY 503,074 USD 138,648 21/09/2017 State Street 1,007 -USD 214,410 BRL 690,343 18/07/2017 HSBC 6,518 -

179


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

USD 295,196 BRL 986,634 21/09/2017 BNP Paribas 1,969 -USD 613,744 BRL 2,049,966 21/09/2017 Citibank 4,495 0.01USD 371,812 BRL 1,248,808 21/09/2017 Goldman Sachs 667 -USD 34,781 BRL 116,673 21/09/2017 HSBC 106 -USD 154,217 BRL 518,729 21/09/2017 J.P. Morgan 51 -USD 225,218 CLP 147,505,976 18/07/2017 Goldman Sachs 3,251 -USD 193,258 COP 574,570,250 18/07/2017 Goldman Sachs 5,777 -USD 115,743 COP 334,783,155 18/07/2017 HSBC 6,504 0.01USD 430,276 COP 1,275,863,001 21/09/2017 Citibank 17,263 0.01USD 369,120 IDR 4,944,362,400 22/09/2017 Goldman Sachs 1,798 -USD 146,656 IDR 1,969,593,728 22/09/2017 Standard Chartered 333 -USD 194,389 INR 12,580,020 21/09/2017 Citibank 1,528 -USD 320,630 MXN 5,842,140 21/09/2017 Citibank 498 -USD 197,790 MXN 3,599,520 21/09/2017 Merrill Lynch 547 -USD 65,215 MXN 1,189,936 21/09/2017 National Australia Bank 10 -USD 406,251 MXN 7,394,204 21/09/2017 Toronto-Dominion Bank 1,071 -USD 114,464 MYR 490,936 21/09/2017 Citibank 583 -USD 729,504 MYR 3,108,198 21/09/2017 Goldman Sachs 8,503 0.01USD 117,347 PHP 5,823,576 21/09/2017 Merrill Lynch 2,786 -USD 552,076 RUB 32,332,345 18/07/2017 Citibank 8,063 0.01USD 122,282 RUB 7,109,471 21/09/2017 Citibank 4,292 -USD 300,307 RUB 17,516,264 21/09/2017 Goldman Sachs 9,605 -USD 349,463 RUB 20,370,747 21/09/2017 Standard Chartered 11,387 0.01USD 653,059 TRY 2,336,661 21/09/2017 National Australia Bank 4,394 -USD 107,612 ZAR 1,424,852 21/09/2017 Citibank 411 -USD 116,227 ZAR 1,513,397 21/09/2017 RBC 2,365 -USD 189,808 ZAR 2,475,513 21/09/2017 Toronto-Dominion Bank 3,559 -ZAR 421,549 USD 30,603 18/07/2017 Citibank 1,463 -ZAR 1,044,605 USD 78,451 18/07/2017 National Australia Bank 1,010 -


BRL 5,377,020 USD 1,674,643 18/07/2017 Goldman Sachs (55,386) (0.04)BRL 1,264,216 USD 395,598 18/07/2017 HSBC (14,888) (0.01)BRL 232,997 USD 71,963 18/07/2017 Merrill Lynch (1,798) -BRL 670,156 USD 200,457 21/09/2017 BNP Paribas (1,287) -BRL 473,831 USD 141,080 21/09/2017 Goldman Sachs (258) -BRL 341,263 USD 102,784 21/09/2017 HSBC (1,361) -CLP 126,735,418 USD 192,207 18/07/2017 Goldman Sachs (1,495) -CLP 69,077,323 USD 104,227 21/09/2017 Goldman Sachs (534) -COP 3,629,837,437 USD 1,252,503 18/07/2017 Goldman Sachs (68,093) (0.04)COP 1,156,191,531 USD 393,869 18/07/2017 HSBC (16,606) (0.01)COP 224,834,522 USD 77,655 18/07/2017 Merrill Lynch (4,292) -COP 1,100,064,204 USD 373,478 21/09/2017 Goldman Sachs (17,373) (0.02)COP 111,068,606 USD 36,291 21/09/2017 HSBC (337) -IDR 8,224,836,449 USD 613,426 22/09/2017 Citibank (2,395) -IDR 978,786,849 USD 72,973 22/09/2017 Goldman Sachs (258) -IDR 1,498,972,622 USD 111,647 22/09/2017 HSBC (287) -IDR 1,595,867,188 USD 118,698 22/09/2017 Merrill Lynch (139) -INR 2,525,168 USD 39,015 18/07/2017 HSBC (24) -INR 6,637,367 USD 102,040 21/09/2017 HSBC (284) -INR 20,610,494 USD 316,617 21/09/2017 Merrill Lynch (642) -INR 2,936,242 USD 45,174 21/09/2017 Standard Chartered (159) -MXN 2,049,689 USD 112,935 21/09/2017 Goldman Sachs (618) -MXN 9,996,389 USD 549,291 21/09/2017 National Australia Bank (1,519) -MYR 2,792,691 USD 655,624 21/09/2017 Goldman Sachs (7,811) -RUB 5,666,173 USD 97,374 18/07/2017 Citibank (2,037) -RUB 20,869,543 USD 363,913 18/07/2017 Goldman Sachs (12,769) -RUB 23,156,942 USD 393,164 21/09/2017 Goldman Sachs (8,849) (0.01)RUB 9,466,943 USD 162,757 21/09/2017 Standard Chartered (5,642) -THB 2,387,326 USD 70,357 21/09/2017 HSBC (19) -THB 1,477,770 USD 43,683 21/09/2017 Merrill Lynch (143) -TRY 848,389 USD 236,493 21/09/2017 HSBC (977) -TWD 2,727,607 USD 90,745 18/07/2017 Standard Chartered (1,039) -USD 92,745 AUD 123,334 18/07/2017 HSBC (2,049) -USD 217,249 AUD 290,185 18/07/2017 National Australia Bank (5,785) (0.01)USD 983 AUD 1,281 21/07/2017 Citibank (2) -USD 6,080 AUD 8,063 21/07/2017 National Australia Bank (116) -USD 4,651 AUD 6,138 21/07/2017 RBC (67) -USD 145,686 AUD 191,290 21/07/2017 Standard Chartered (1,332) -USD 110,548 AUD 146,194 21/09/2017 Goldman Sachs (1,722) -USD 103,253 CAD 138,448 18/07/2017 Goldman Sachs (3,604) -USD 105,420 CAD 143,033 18/07/2017 State Street (4,976) (0.01)USD 117,692 CAD 158,809 21/09/2017 UBS (5,000) (0.01)USD 85,336 CHF 84,573 18/07/2017 UBS (3,137) -USD 111,825 CLP 75,855,052 18/07/2017 Goldman Sachs (2,322) -USD 99,323 CLP 66,745,056 21/09/2017 BNP Paribas (868) -USD 54,281 CZK 1,262,939 21/09/2017 Deutsche Bank (1,244) -USD 135,417 CZK 3,121,236 21/09/2017 Merrill Lynch (1,808) -USD 107,101 EUR 97,578 18/07/2017 Credit Suisse (4,413) -USD 214,867 EUR 196,246 18/07/2017 HSBC (9,408) (0.01)USD 104,065 EUR 97,372 18/07/2017 National Australia Bank (7,215) (0.01)USD 48,308 EUR 42,961 21/09/2017 ANZ (961) -

180


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

USD 135,453 EUR 119,745 21/09/2017 RBC (1,872) -USD 83,925 GBP 67,494 18/07/2017 National Australia Bank (3,691) -USD 30,528 HUF 8,940,375 18/07/2017 Deutsche Bank (2,529) -USD 420,589 HUF 121,731,887 18/07/2017 Societe Generale (29,522) (0.02)USD 53,728 HUF 14,673,622 21/09/2017 Citibank (680) -USD 159,442 HUF 43,045,290 21/09/2017 HSBC (164) -USD 48,804 HUF 13,357,075 21/09/2017 Societe Generale (723) -USD 198,111 IDR 2,658,106,861 18/07/2017 Merrill Lynch (824) -USD 318,336 IDR 4,271,253,358 18/07/2017 Standard Chartered (1,329) -USD 90,269 INR 5,934,281 18/07/2017 Goldman Sachs (1,362) -USD 92,446 INR 6,075,543 18/07/2017 Standard Chartered (1,366) -USD 147,360 MXN 2,805,302 18/07/2017 Citibank (7,937) (0.01)USD 111,890 MXN 2,133,724 18/07/2017 RBC (6,229) (0.01)USD 194,314 MXN 3,712,480 18/07/2017 Toronto-Dominion Bank (11,202) (0.01)USD 160,394 MYR 694,827 18/07/2017 Goldman Sachs (1,167) -USD 47,661 MYR 205,667 21/09/2017 Goldman Sachs (47) -USD 58,644 PEN 193,936 18/07/2017 Goldman Sachs (1,106) -USD 191,218 PEN 629,399 18/07/2017 HSBC (2,695) -USD 76,691 PEN 253,049 21/09/2017 BNP Paribas (678) -USD 148,522 PEN 490,735 21/09/2017 HSBC (1,519) -USD 441,464 PLN 1,760,069 18/07/2017 Standard Chartered (34,272) (0.02)USD 177,480 PLN 705,330 18/07/2017 Toronto-Dominion Bank (13,167) (0.01)USD 219,228 PLN 820,219 21/09/2017 Citibank (2,411) -USD 34,436 PLN 131,055 21/09/2017 Deutsche Bank (978) -USD 1,191,116 PLN 4,426,516 21/09/2017 Merrill Lynch (5,014) (0.01)USD 258,002 PLN 965,559 21/09/2017 State Street (2,910) -USD 149,024 RON 603,199 21/09/2017 Deutsche Bank (2,461) -USD 107,023 RON 433,548 21/09/2017 Goldman Sachs (1,857) -USD 278,993 RUB 16,916,335 21/09/2017 Goldman Sachs (1,752) -USD 176,305 SGD 246,100 18/07/2017 BNP Paribas (2,538) -USD 1,721,884 THB 59,736,977 18/07/2017 ANZ (38,194) (0.03)USD 87,465 THB 2,975,224 21/09/2017 HSBC (194) -USD 121,033 TRY 441,374 18/07/2017 Citibank (3,818) -USD 612,930 TRY 2,251,452 18/07/2017 Deutsche Bank (23,943) (0.02)USD 211,668 TRY 771,292 18/07/2017 HSBC (6,509) (0.01)USD 163,989 TRY 618,942 18/07/2017 Merrill Lynch (11,092) (0.01)USD 133,871 TRY 504,025 18/07/2017 Toronto-Dominion Bank (8,703) (0.01)USD 178,677 TRY 647,813 21/09/2017 Citibank (1,159) -USD 130,019 TRY 474,106 21/09/2017 Merrill Lynch (1,594) -USD 89,385 TWD 2,727,607 18/07/2017 J.P. Morgan (321) -USD 287,395 ZAR 3,949,616 18/07/2017 BNP Paribas (13,044) (0.01)USD 451,262 ZAR 6,372,564 18/07/2017 Citibank (33,487) (0.02)USD 44,534 ZAR 603,697 18/07/2017 Goldman Sachs (1,388) -USD 1,097,701 ZAR 15,015,666 18/07/2017 Merrill Lynch (44,513) (0.03)USD 98,036 ZAR 1,345,307 18/07/2017 Societe Generale (4,299) -USD 86,432 ZAR 1,158,360 21/09/2017 Citibank (719) -ZAR 542,231 USD 41,865 21/09/2017 Citibank (1,069) -ZAR 2,761,747 USD 215,384 21/09/2017 National Australia Bank (7,599) (0.01)





GlobalExposure

USD


USD

%of

NetAssets

US Long Bond, 20/09/2017 (2) USD (307,844) 656 -

Total Unrealised Gain on Financial Futures Contracts 656 -

Net Unrealised Gain on Financial Futures Contracts 656 -

181


Bonds

AustraliaBHP Billiton Finance USA Ltd. 6.42%01/03/2026 USD 695,000 854,040 0.02CNOOC Finance 2015 Australia Pty. Ltd.2.625% 05/05/2020 USD 524,000 525,902 0.02

1,379,942 0.04

CanadaAgrium, Inc. 6.125% 15/01/2041 USD 125,000 150,220 0.00Bank of Montreal 1.4% 11/09/2017 USD 307,000 307,000 0.01Bank of Montreal 1.4% 10/04/2018 USD 400,000 399,704 0.01Bank of Montreal 2.375% 25/01/2019 USD 320,000 322,584 0.01Bank of Montreal 1.5% 18/07/2019 USD 346,000 343,005 0.01Bank of Montreal 1.9% 27/08/2021 USD 750,000 737,385 0.02Bank of Nova Scotia (The) 1.45%25/04/2018 USD 500,000 499,772 0.01Bank of Nova Scotia (The) 1.85%14/04/2020 USD 1,000,000 995,565 0.03Barrick Gold Corp. 6.45% 15/10/2035 USD 709,000 848,738 0.02Canadian Imperial Bank of Commerce1.6% 06/09/2019 USD 500,000 496,047 0.01Canadian Natural Resources Ltd. 5.9%01/02/2018 USD 150,000 153,497 0.00Canadian Natural Resources Ltd. 3.8%15/04/2024 USD 510,000 518,066 0.01Canadian Natural Resources Ltd. 7.2%15/01/2032 USD 70,000 86,184 0.00Canadian Natural Resources Ltd.6.45% 30/06/2033 USD 816,000 957,617 0.03Canadian Natural Resources Ltd.5.85% 01/02/2035 USD 500,000 557,747 0.02Canadian Pacific Railway Co. 4.5%15/01/2022 USD 910,000 978,074 0.03Canadian Pacific Railway Co. 7.125%15/10/2031 USD 150,000 206,323 0.01Canadian Pacific Railway Co. 5.75%15/03/2033 USD 305,000 360,057 0.01Cenovus Energy, Inc. 3% 15/08/2022 USD 966,000 925,718 0.03Cenovus Energy, Inc. 6.75% 15/11/2039 USD 1,460,000 1,531,861 0.04CNOOC Nexen Finance 2014 ULC 4.25%30/04/2024 USD 500,000 526,961 0.01ConocoPhillips Canada Funding Co. I5.95% 15/10/2036 USD 500,000 613,518 0.02Encana Corp. 6.5% 15/05/2019 USD 30,000 32,162 0.00Encana Corp. 8.125% 15/09/2030 USD 500,000 639,427 0.02Encana Corp. 7.2% 01/11/2031 USD 605,000 724,347 0.02Encana Corp. 7.375% 01/11/2031 USD 250,000 305,433 0.01Encana Corp. 6.5% 15/08/2034 USD 620,000 708,772 0.02Petro-Canada 6.05% 15/05/2018 USD 130,000 134,646 0.00Petro-Canada 5.35% 15/07/2033 USD 100,000 111,482 0.00Petro-Canada 6.8% 15/05/2038 USD 550,000 710,314 0.02Potash Corp. of Saskatchewan, Inc.6.5% 15/05/2019 USD 120,000 129,033 0.00Potash Corp. of Saskatchewan, Inc. 3%01/04/2025 USD 550,000 535,983 0.01Rogers Communications, Inc. 3.625%15/12/2025 USD 405,000 415,204 0.01Rogers Communications, Inc. 8.75%01/05/2032 USD 180,000 254,400 0.01Royal Bank of Canada 2.2%27/07/2018 USD 402,000 404,412 0.01Royal Bank of Canada 1.875%05/02/2020 USD 1,400,000 1,395,835 0.04Royal Bank of Canada 2.75%01/02/2022 USD 429,000 436,656 0.01Suncor Energy, Inc. 7.15% 01/02/2032 USD 150,000 194,188 0.01Suncor Energy, Inc. 5.95% 01/12/2034 USD 1,705,000 2,060,407 0.06Thomson Reuters Corp. 3.95%30/09/2021 USD 628,000 658,552 0.02Toronto-Dominion Bank (The) 1.75%23/07/2018 USD 851,000 852,400 0.02Toronto-Dominion Bank (The) 1.45%06/09/2018 USD 300,000 299,331 0.01Toronto-Dominion Bank (The) 2.125%02/07/2019 USD 147,000 147,796 0.00Toronto-Dominion Bank (The) 2.125%07/04/2021 USD 115,000 114,510 0.00Toronto-Dominion Bank (The) 1.8%13/07/2021 USD 814,000 798,921 0.02Total Capital Canada Ltd. 2.75%15/07/2023 USD 300,000 302,712 0.01TransCanada PipeLines Ltd. 1.875%12/01/2018 USD 115,000 115,131 0.00TransCanada PipeLines Ltd. 6.5%15/08/2018 USD 150,000 157,640 0.00

TransCanada PipeLines Ltd. 7.125%15/01/2019 USD 330,000 355,286 0.01TransCanada PipeLines Ltd. 4.875%15/01/2026 USD 463,000 519,123 0.01TransCanada PipeLines Ltd. 6.2%15/10/2037 USD 540,000 692,893 0.02Vale Canada Ltd. 7.2% 15/09/2032 USD 1,070,000 1,163,625 0.03

27,886,264 0.74

Cayman IslandsCK Hutchison International 16 Ltd.,144A 1.875% 03/10/2021 USD 669,000 650,395 0.02CK Hutchison International 16 Ltd.,144A 2.75% 03/10/2026 USD 1,050,000 1,007,034 0.03Hutchison Whampoa International 12 IILtd., 144A 3.25% 08/11/2022 USD 363,000 371,365 0.01Noble Holding International Ltd. 5.75%16/03/2018 USD 60,000 60,592 0.00Three Gorges Finance I Cayman IslandsLtd., 144A 3.15% 02/06/2026 USD 218,000 212,403 0.01Vale Overseas Ltd. 6.25% 10/08/2026 USD 497,000 538,537 0.01Vale Overseas Ltd. 6.875% 21/11/2036 USD 1,500,000 1,611,608 0.04

4,451,934 0.12

ColombiaColombia Government Bond 4%26/02/2024 USD 1,000,000 1,040,600 0.03Colombia Government Bond 4.5%28/01/2026 USD 659,000 702,263 0.02Colombia Government Bond 7.375%18/09/2037 USD 500,000 646,488 0.02Colombia Government Bond 5%15/06/2045 USD 374,000 377,244 0.01Ecopetrol SA 5.875% 18/09/2023 USD 226,000 247,458 0.00Ecopetrol SA 5.375% 26/06/2026 USD 464,000 483,059 0.01

3,497,112 0.09

FranceCredit Agricole SA, 144A 4.375%17/03/2025 USD 400,000 415,266 0.01Orange SA 9% 01/03/2031 USD 1,110,000 1,685,485 0.05Societe Generale SA, 144A 2.5%08/04/2021 USD 400,000 401,784 0.01Societe Generale SA, 144A 4.25%14/04/2025 USD 700,000 711,182 0.02Total Capital International SA 2.7%25/01/2023 USD 816,000 822,822 0.02Total Capital International SA 3.75%10/04/2024 USD 149,000 157,488 0.00

4,194,027 0.11

GermanyDeutsche Bank AG 6% 01/09/2017 USD 885,000 890,713 0.02Deutsche Bank AG 1.875% 13/02/2018 USD 353,000 352,980 0.01Deutsche Bank AG 4.5% 01/04/2025 USD 900,000 895,356 0.03Deutsche Bank AG 4.1% 13/01/2026 USD 400,000 406,894 0.01

2,545,943 0.07

GuernseyCredit Suisse Group Funding GuernseyLtd. 3.8% 15/09/2022 USD 863,000 897,049 0.02Credit Suisse Group Funding GuernseyLtd. 3.8% 09/06/2023 USD 250,000 257,676 0.01Credit Suisse Group Funding GuernseyLtd. 3.75% 26/03/2025 USD 2,618,000 2,646,785 0.07Credit Suisse Group Funding GuernseyLtd. 4.55% 17/04/2026 USD 294,000 312,506 0.01Credit Suisse Group Funding GuernseyLtd. 4.875% 15/05/2045 USD 250,000 275,304 0.01

4,389,320 0.12

IrelandAerCap Ireland Capital DAC 3.5%26/05/2022 USD 390,000 400,803 0.01GE Capital International Funding Co.Unlimited Co. 2.342% 15/11/2020 USD 3,397,000 3,427,947 0.09GE Capital International Funding Co.Unlimited Co. 3.373% 15/11/2025 USD 431,000 446,451 0.01GE Capital International Funding Co.Unlimited Co. 4.418% 15/11/2035 USD 2,727,000 2,959,409 0.08Johnson Controls International plc 5%30/03/2020 USD 300,000 321,378 0.01Johnson Controls International plc5.7% 01/03/2041 USD 320,000 381,163 0.01Johnson Controls International plc5.25% 01/12/2041 USD 500,000 573,570 0.02

182

JPMorgan Funds - US Aggregate Bond FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Johnson Controls International plc5.125% 14/09/2045 USD 137,000 157,857 0.00Johnson Controls International plc,STEP 4.95% 02/07/2064 USD 500,000 540,275 0.02Shire Acquisitions Investments IrelandDAC 2.875% 23/09/2023 USD 445,000 441,667 0.01

9,650,520 0.26

JapanBank of Tokyo-Mitsubishi UFJ Ltd.(The), 144A 2.15% 14/09/2018 USD 500,000 500,993 0.01Dai-ichi Life Insurance Co. Ltd. (The),FRN, 144A 4% Perpetual USD 734,000 730,635 0.02Mitsubishi UFJ Financial Group, Inc.2.95% 01/03/2021 USD 1,247,000 1,266,272 0.03Mitsubishi UFJ Financial Group, Inc.2.998% 22/02/2022 USD 413,000 419,949 0.01Mitsubishi UFJ Financial Group, Inc.2.527% 13/09/2023 USD 294,000 288,990 0.01Mizuho Financial Group, Inc. 2.953%28/02/2022 USD 435,000 438,917 0.01Nippon Telegraph & Telephone Corp.1.4% 18/07/2017 USD 160,000 159,995 0.00Nomura Holdings, Inc. 6.7%04/03/2020 USD 192,000 212,743 0.01Sumitomo Mitsui Banking Corp. 2.5%19/07/2018 USD 330,000 332,534 0.01Sumitomo Mitsui Banking Corp. 1.95%23/07/2018 USD 1,690,000 1,693,203 0.05Sumitomo Mitsui Financial Group, Inc.2.442% 19/10/2021 USD 398,000 396,659 0.01Sumitomo Mitsui Financial Group, Inc.2.846% 11/01/2022 USD 1,000,000 1,011,975 0.03Sumitomo Mitsui Financial Group, Inc.3.01% 19/10/2026 USD 297,000 291,857 0.01Sumitomo Mitsui Trust Bank Ltd., 144A2.05% 18/10/2019 USD 1,565,000 1,558,302 0.04

9,303,024 0.25

LuxembourgAllergan Funding SCS 3.85%15/06/2024 USD 801,000 836,649 0.02Allergan Funding SCS 4.55%15/03/2035 USD 3,053,000 3,246,346 0.09Covidien International Finance SA2.95% 15/06/2023 USD 153,000 154,798 0.00Ingersoll-Rand Luxembourg FinanceSA 2.625% 01/05/2020 USD 160,000 161,764 0.00Ingersoll-Rand Luxembourg FinanceSA 3.55% 01/11/2024 USD 250,000 257,064 0.01Pentair Finance SA 2.9% 15/09/2018 USD 241,000 243,614 0.01

4,900,235 0.13

MexicoAmerica Movil SAB de CV 3.125%16/07/2022 USD 307,000 313,551 0.01America Movil SAB de CV 6.125%30/03/2040 USD 300,000 367,847 0.01Coca-Cola Femsa SAB de CV 3.875%26/11/2023 USD 1,400,000 1,471,540 0.04Grupo Televisa SAB 8.5% 11/03/2032 USD 263,000 343,010 0.01Grupo Televisa SAB 6.125%31/01/2046 USD 204,000 229,120 0.01Mexico Government Bond 3.625%15/03/2022 USD 1,230,000 1,277,632 0.03Mexico Government Bond 4%02/10/2023 USD 1,906,000 2,000,347 0.05Mexico Government Bond 3.6%30/01/2025 USD 779,000 790,490 0.02Mexico Government Bond 4.125%21/01/2026 USD 1,599,000 1,664,723 0.04Mexico Government Bond 4.15%28/03/2027 USD 1,000,000 1,038,150 0.03Mexico Government Bond 4.75%08/03/2044 USD 648,000 654,172 0.02Mexico Government Bond 4.35%15/01/2047 USD 36,000 33,890 0.00Mexico Government Bond 5.75%12/10/2110 USD 566,000 586,277 0.02Petroleos Mexicanos 6.75%21/09/2047 USD 895,000 905,333 0.02

11,676,082 0.31

NetherlandsABN AMRO Bank NV, 144A 4.75%28/07/2025 USD 1,031,000 1,086,790 0.03Deutsche Telekom InternationalFinance BV 6% 08/07/2019 USD 300,000 323,086 0.01Deutsche Telekom InternationalFinance BV 8.75% 15/06/2030 USD 465,000 690,985 0.02ING Groep NV 3.95% 29/03/2027 USD 650,000 675,815 0.02Koninklijke Philips NV 3.75%15/03/2022 USD 786,000 828,802 0.02Shell International Finance BV 4.375%25/03/2020 USD 230,000 244,941 0.01Shell International Finance BV 2.125%11/05/2020 USD 490,000 492,999 0.01Shell International Finance BV 2.25%10/11/2020 USD 173,000 174,274 0.00Shell International Finance BV 2.875%10/05/2026 USD 1,397,000 1,379,880 0.04Shell International Finance BV 2.5%12/09/2026 USD 727,000 696,146 0.02Shell International Finance BV 4.125%11/05/2035 USD 1,457,000 1,520,074 0.04Shell International Finance BV 6.375%15/12/2038 USD 280,000 373,607 0.01Shell International Finance BV 4%10/05/2046 USD 1,395,000 1,379,857 0.04Shell International Finance BV 3.75%12/09/2046 USD 496,000 472,160 0.01Teva Pharmaceutical FinanceNetherlands III BV 2.8% 21/07/2023 USD 1,750,000 1,708,796 0.04Teva Pharmaceutical FinanceNetherlands III BV 4.1% 01/10/2046 USD 120,000 110,249 0.00

12,158,461 0.32

New ZealandBNZ International Funding Ltd., 144A2.1% 14/09/2021 USD 305,000 298,944 0.01

298,944 0.01

NorwayStatoil ASA 1.2% 17/01/2018 USD 189,000 188,705 0.01Statoil ASA 1.15% 15/05/2018 USD 183,000 182,376 0.00Statoil ASA 5.25% 15/04/2019 USD 300,000 317,720 0.01Statoil ASA 3.15% 23/01/2022 USD 183,000 188,539 0.00Statoil ASA 2.45% 17/01/2023 USD 261,000 258,990 0.01Statoil ASA 4.25% 23/11/2041 USD 160,000 164,983 0.00

1,301,313 0.03

PanamaPanama Government Bond 3.75%16/03/2025 USD 263,000 271,035 0.01

271,035 0.01

PeruPeru Government Bond 5.625%18/11/2050 USD 92,000 112,021 0.00

112,021 0.00

PolandPoland Government Bond 3.25%06/04/2026 USD 125,000 127,492 0.00

127,492 0.00

South AfricaSouth Africa Government Bond 5.875%16/09/2025 USD 200,000 216,195 0.00

216,195 0.00

South KoreaKorea Gas Corp., 144A 1.875%18/07/2021 USD 467,000 453,378 0.01Korea Housing Finance Corp., 144A 2%11/10/2021 USD 600,000 582,162 0.02

1,035,540 0.03

SpainSantander Issuances SAU 5.179%19/11/2025 USD 1,000,000 1,073,990 0.03Telefonica Emisiones SAU 3.192%27/04/2018 USD 231,000 233,457 0.01Telefonica Emisiones SAU 5.134%27/04/2020 USD 266,000 287,159 0.01Telefonica Emisiones SAU 5.462%16/02/2021 USD 113,000 124,472 0.00

183

JPMorgan Funds - US Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Telefonica Emisiones SAU 4.57%27/04/2023 USD 400,000 436,813 0.01Telefonica Emisiones SAU 4.103%08/03/2027 USD 695,000 718,974 0.02Telefonica Emisiones SAU 5.213%08/03/2047 USD 746,000 802,401 0.02

3,677,266 0.10

SwedenNordea Bank AB, 144A 4.875%27/01/2020 USD 900,000 961,650 0.03Stadshypotek AB, 144A 1.875%02/10/2019 USD 442,000 441,454 0.01

1,403,104 0.04

SwitzerlandCredit Suisse AG 1.7% 27/04/2018 USD 271,000 271,004 0.01Credit Suisse AG 3% 29/10/2021 USD 500,000 510,385 0.01UBS AG 1.8% 26/03/2018 USD 513,000 513,800 0.01UBS AG 2.35% 26/03/2020 USD 291,000 293,139 0.01UBS Group Funding Switzerland AG,144A 4.125% 15/04/2026 USD 481,000 503,542 0.01

2,091,870 0.05

United KingdomAon plc 3.5% 14/06/2024 USD 100,000 102,148 0.00Aon plc 3.875% 15/12/2025 USD 593,000 617,325 0.02BAE Systems plc, 144A 4.75%11/10/2021 USD 200,000 216,309 0.01Barclays plc 2.75% 08/11/2019 USD 400,000 403,726 0.01Barclays plc 3.2% 10/08/2021 USD 872,000 885,320 0.02Barclays plc 3.65% 16/03/2025 USD 998,000 993,509 0.03Barclays plc 4.375% 12/01/2026 USD 479,000 497,973 0.01Barclays plc 4.836% 09/05/2028 USD 385,000 394,219 0.01Barclays plc 5.25% 17/08/2045 USD 217,000 243,809 0.01BP Capital Markets plc 1.375%06/11/2017 USD 263,000 262,909 0.01BP Capital Markets plc 3.245%06/05/2022 USD 615,000 634,087 0.02BP Capital Markets plc 3.216%28/11/2023 USD 200,000 204,020 0.01BP Capital Markets plc 3.814%10/02/2024 USD 631,000 660,960 0.02BP Capital Markets plc 3.224%14/04/2024 USD 1,600,000 1,618,744 0.04BP Capital Markets plc 3.119%04/05/2026 USD 260,000 257,360 0.01BP Capital Markets plc 3.017%16/01/2027 USD 350,000 341,801 0.01BP Capital Markets plc 3.588%14/04/2027 USD 1,250,000 1,274,394 0.03BP Capital Markets plc 3.723%28/11/2028 USD 1,460,000 1,503,486 0.04British Telecommunications plc 9.125%15/12/2030 USD 45,000 68,507 0.00Diageo Capital plc 4.828% 15/07/2020 USD 50,000 54,060 0.00HSBC Holdings plc, FRN 4.041%13/03/2028 USD 2,248,000 2,329,819 0.06HSBC Holdings plc 2.65% 05/01/2022 USD 3,422,000 3,414,437 0.09HSBC Holdings plc 4% 30/03/2022 USD 1,125,000 1,186,718 0.03HSBC Holdings plc 3.6% 25/05/2023 USD 2,539,000 2,620,718 0.07HSBC Holdings plc 4.25% 18/08/2025 USD 500,000 514,575 0.01HSBC Holdings plc 4.375% 23/11/2026 USD 983,000 1,020,978 0.03HSBC Holdings plc 6.1% 14/01/2042 USD 550,000 723,753 0.02Invesco Finance plc 3.75% 15/01/2026 USD 330,000 342,350 0.01Lloyds Banking Group plc 3%11/01/2022 USD 800,000 807,319 0.02Lloyds Banking Group plc 4.582%10/12/2025 USD 600,000 623,919 0.02Lloyds Banking Group plc 3.75%11/01/2027 USD 1,216,000 1,226,269 0.03Nationwide Building Society, 144A 4%14/09/2026 USD 717,000 711,949 0.02Royal Bank of Scotland Group plc3.875% 12/09/2023 USD 500,000 510,960 0.01Santander UK Group Holdings plc3.571% 10/01/2023 USD 500,000 510,853 0.01Standard Chartered plc, 144A 1.7%17/04/2018 USD 580,000 579,118 0.02Standard Chartered plc, 144A 3.05%15/01/2021 USD 700,000 710,153 0.02Vodafone Group plc 1.5% 19/02/2018 USD 500,000 499,490 0.01Vodafone Group plc 6.25% 30/11/2032 USD 350,000 425,422 0.01

29,993,466 0.80

United States of AmericaABB Finance USA, Inc. 2.875%08/05/2022 USD 175,000 179,249 0.00ABB Finance USA, Inc. 4.375%08/05/2042 USD 81,000 88,201 0.00Abbott Laboratories 3.875%15/09/2025 USD 645,000 662,966 0.02AbbVie, Inc. 3.2% 06/11/2022 USD 540,000 553,373 0.01AbbVie, Inc. 2.85% 14/05/2023 USD 833,000 832,767 0.02AbbVie, Inc. 3.6% 14/05/2025 USD 1,610,000 1,650,210 0.04AbbVie, Inc. 4.5% 14/05/2035 USD 4,524,000 4,765,174 0.13AbbVie, Inc. 4.3% 14/05/2036 USD 225,000 231,103 0.01Advance Auto Parts, Inc. 4.5%15/01/2022 USD 500,000 533,775 0.01Advance Auto Parts, Inc. 4.5%01/12/2023 USD 400,000 426,026 0.01Aetna, Inc. 2.8% 15/06/2023 USD 239,000 238,869 0.01Aetna, Inc. 6.75% 15/12/2037 USD 300,000 416,067 0.01Aetna, Inc. 4.5% 15/05/2042 USD 147,000 159,715 0.00Air Lease Corp. 2.125% 15/01/2020 USD 1,044,000 1,041,040 0.03Air Lease Corp. 3.875% 01/04/2021 USD 375,000 391,785 0.01Air Lease Corp. 2.625% 01/07/2022 USD 320,000 317,526 0.01Air Lease Corp. 3% 15/09/2023 USD 549,000 547,229 0.01Air Lease Corp. 3.625% 01/04/2027 USD 200,000 200,685 0.01Alabama Power Co. 5.7% 15/02/2033 USD 150,000 179,176 0.00Alabama Power Co. 6.125%15/05/2038 USD 179,000 229,106 0.01Alabama Power Co. 6% 01/03/2039 USD 95,000 120,701 0.00Alabama Power Co. 3.75% 01/03/2045 USD 141,000 139,578 0.00Allergan, Inc. 3.375% 15/09/2020 USD 241,000 248,743 0.01Allergan, Inc. 2.8% 15/03/2023 USD 2,177,000 2,162,904 0.06Allstate Corp. (The) 3.15% 15/06/2023 USD 325,000 334,126 0.01Allstate Corp. (The) 5.35% 01/06/2033 USD 805,000 927,948 0.02American Electric Power Co., Inc.1.65% 15/12/2017 USD 238,000 238,114 0.01American Express Centurion Bank 6%13/09/2017 USD 250,000 252,080 0.01American Express Co. 7% 19/03/2018 USD 400,000 415,094 0.01American Express Co. 2.65%02/12/2022 USD 701,000 702,623 0.02American Express Credit Corp. 1.8%31/07/2018 USD 378,000 378,272 0.01American Express Credit Corp. 2.375%26/05/2020 USD 644,000 649,812 0.02American Express Credit Corp. 2.25%05/05/2021 USD 520,000 519,275 0.01American Express Credit Corp. 2.7%03/03/2022 USD 1,625,000 1,641,542 0.04American Express Credit Corp. 3.3%03/05/2027 USD 200,000 200,468 0.01American Honda Finance Corp. 2.125%10/10/2018 USD 340,000 342,225 0.01American Honda Finance Corp. 2.45%24/09/2020 USD 316,000 320,181 0.01American Honda Finance Corp. 1.7%09/09/2021 USD 196,000 192,020 0.01American Honda Finance Corp. 2.3%09/09/2026 USD 135,000 127,572 0.00American International Group, Inc.4.125% 15/02/2024 USD 500,000 528,293 0.01American International Group, Inc.3.75% 10/07/2025 USD 242,000 247,709 0.01American International Group, Inc.3.875% 15/01/2035 USD 1,247,000 1,210,538 0.03American International Group, Inc.4.7% 10/07/2035 USD 240,000 255,518 0.01American Tower Corp., REIT 5.9%01/11/2021 USD 100,000 112,812 0.00American Tower Corp., REIT 2.25%15/01/2022 USD 940,000 922,384 0.02American Tower Corp., REIT 3.5%31/01/2023 USD 533,000 547,223 0.01American Tower Corp., REIT 5%15/02/2024 USD 367,000 405,728 0.01American Tower Corp., REIT 3.375%15/10/2026 USD 437,000 428,964 0.01American Water Capital Corp. 6.593%15/10/2037 USD 125,000 172,874 0.00American Water Capital Corp. 4%01/12/2046 USD 375,000 393,229 0.01Ameriprise Financial, Inc. 2.875%15/09/2026 USD 762,000 741,525 0.02AmerisourceBergen Corp. 4.875%15/11/2019 USD 200,000 212,797 0.01Anadarko Holding Co. 7.15%15/05/2028 USD 250,000 299,948 0.01Anadarko Petroleum Corp. 8.7%15/03/2019 USD 100,000 110,574 0.00Anheuser-Busch InBev Finance, Inc.1.9% 01/02/2019 USD 93,000 93,207 0.00

184


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Anheuser-Busch InBev Finance, Inc.3.3% 01/02/2023 USD 3,644,000 3,757,000 0.10Anheuser-Busch InBev Finance, Inc.3.65% 01/02/2026 USD 3,000,000 3,093,150 0.08Anheuser-Busch InBev Finance, Inc.4.7% 01/02/2036 USD 2,280,000 2,514,122 0.07ANR Pipeline Co. 9.625% 01/11/2021 USD 200,000 255,668 0.01Anthem, Inc. 2.3% 15/07/2018 USD 233,000 234,259 0.01Anthem, Inc. 3.125% 15/05/2022 USD 423,000 432,105 0.01Anthem, Inc. 3.3% 15/01/2023 USD 224,000 229,440 0.01Anthem, Inc. 4.625% 15/05/2042 USD 344,000 371,592 0.01Aon Corp. 6.25% 30/09/2040 USD 262,000 332,412 0.01Apache Corp. 6.9% 15/09/2018 USD 200,000 211,461 0.01Apache Corp. 3.25% 15/04/2022 USD 83,000 84,393 0.00Apache Corp. 6% 15/01/2037 USD 650,000 753,698 0.02Apache Corp. 5.1% 01/09/2040 USD 200,000 209,360 0.01Apache Corp. 4.75% 15/04/2043 USD 307,000 308,325 0.01Appalachian Power Co. 5.8%01/10/2035 USD 100,000 117,719 0.00Apple, Inc. 2.4% 03/05/2023 USD 1,307,000 1,298,589 0.03Arizona Public Service Co. 2.2%15/01/2020 USD 150,000 150,524 0.00Arizona Public Service Co. 5.05%01/09/2041 USD 210,000 244,101 0.01Arizona Public Service Co. 4.5%01/04/2042 USD 148,000 161,042 0.00Arrow Electronics, Inc. 3% 01/03/2018 USD 129,000 129,960 0.00Arrow Electronics, Inc. 4.5%01/03/2023 USD 95,000 100,696 0.00Arrow Electronics, Inc. 3.875%12/01/2028 USD 761,000 760,098 0.02AT&T, Inc. 5.5% 01/02/2018 USD 152,000 155,259 0.00AT&T, Inc. 5.8% 15/02/2019 USD 153,000 162,340 0.00AT&T, Inc. 4.6% 15/02/2021 USD 400,000 426,942 0.01AT&T, Inc. 3% 30/06/2022 USD 768,000 770,262 0.02AT&T, Inc. 3.6% 17/02/2023 USD 113,000 115,630 0.00AT&T, Inc. 4.45% 01/04/2024 USD 1,198,000 1,266,172 0.03AT&T, Inc. 3.95% 15/01/2025 USD 3,289,000 3,355,454 0.09AT&T, Inc. 3.4% 15/05/2025 USD 1,940,000 1,906,457 0.05AT&T, Inc. 6.15% 15/09/2034 USD 775,000 890,859 0.02AT&T, Inc. 4.5% 15/05/2035 USD 1,830,000 1,805,231 0.05AT&T, Inc. 5.25% 01/03/2037 USD 1,000,000 1,062,710 0.03AT&T, Inc. 6.5% 01/09/2037 USD 1,337,000 1,615,223 0.04AT&T, Inc. 6.3% 15/01/2038 USD 700,000 829,244 0.02AT&T, Inc. 6% 15/08/2040 USD 700,000 795,949 0.02AT&T, Inc. 5.35% 01/09/2040 USD 1,011,000 1,074,137 0.03AT&T, Inc. 4.3% 15/12/2042 USD 214,000 199,709 0.01AT&T, Inc. 4.35% 15/06/2045 USD 278,000 257,463 0.01AT&T, Inc. 4.75% 15/05/2046 USD 178,000 174,592 0.00AT&T, Inc. 4.55% 09/03/2049 USD 1,083,000 1,022,726 0.03Atmos Energy Corp. 8.5% 15/03/2019 USD 586,000 649,262 0.02Atmos Energy Corp. 3% 15/06/2027 USD 570,000 567,569 0.02Atmos Energy Corp. 4.15% 15/01/2043 USD 690,000 723,551 0.02AvalonBay Communities, Inc., REIT2.85% 15/03/2023 USD 1,320,000 1,315,050 0.04AvalonBay Communities, Inc., REIT3.9% 15/10/2046 USD 64,000 61,941 0.00Baker Hughes, Inc. 5.125% 15/09/2040 USD 700,000 803,043 0.02Baltimore Gas & Electric Co. 2.8%15/08/2022 USD 619,000 626,364 0.02Baltimore Gas & Electric Co. 3.5%15/08/2046 USD 385,000 366,177 0.01Bank of America Corp. 6.4%28/08/2017 USD 515,000 518,677 0.01Bank of America Corp. 5.75%01/12/2017 USD 315,000 320,268 0.01Bank of America Corp. 2% 11/01/2018 USD 2,822,000 2,827,672 0.08Bank of America Corp. 6.875%25/04/2018 USD 1,290,000 1,342,026 0.04Bank of America Corp. 2.25%21/04/2020 USD 438,000 438,637 0.01Bank of America Corp. 5.625%01/07/2020 USD 1,650,000 1,806,940 0.05Bank of America Corp. 5% 13/05/2021 USD 2,160,000 2,355,426 0.06Bank of America Corp. 3.3%11/01/2023 USD 6,294,000 6,423,814 0.17Bank of America Corp. 4.1%24/07/2023 USD 300,000 317,900 0.01Bank of America Corp. 4% 01/04/2024 USD 1,175,000 1,232,599 0.03Bank of America Corp. 4% 22/01/2025 USD 2,432,000 2,476,481 0.07Bank of America Corp. 3.875%01/08/2025 USD 388,000 400,959 0.01Bank of America Corp. 3.5%19/04/2026 USD 484,000 486,969 0.01Bank of America Corp. 4.25%22/10/2026 USD 444,000 457,797 0.01Bank of America Corp. 1.95%12/05/2018 USD 333,000 333,631 0.01

Bank of America Corp. 3.95%21/04/2025 USD 1,124,000 1,140,551 0.03Bank of America NA 6% 15/10/2036 USD 1,800,000 2,241,846 0.06Bank of New York Mellon Corp. (The)4.6% 15/01/2020 USD 275,000 292,398 0.01Bank of New York Mellon Corp. (The)2.6% 17/08/2020 USD 778,000 790,012 0.02Bank of New York Mellon Corp. (The)3.55% 23/09/2021 USD 287,000 300,397 0.01Bank of New York Mellon Corp. (The)2.2% 16/08/2023 USD 1,000,000 971,405 0.03Bank of New York Mellon Corp. (The)3.25% 11/09/2024 USD 150,000 153,513 0.00Bank of New York Mellon Corp. (The)2.8% 04/05/2026 USD 216,000 211,629 0.01Bank of New York Mellon Corp. (The)3% 30/10/2028 USD 810,000 784,862 0.02BB&T Corp. 6.85% 30/04/2019 USD 250,000 271,624 0.01BB&T Corp. 2.625% 29/06/2020 USD 700,000 711,806 0.02BB&T Corp. 2.05% 10/05/2021 USD 500,000 496,717 0.01Becton Dickinson and Co. 2.675%15/12/2019 USD 48,000 48,575 0.00Becton Dickinson and Co. 3.734%15/12/2024 USD 33,000 33,650 0.00BellSouth LLC 6.55% 15/06/2034 USD 1,000,000 1,154,312 0.03Berkshire Hathaway Energy Co. 3.5%01/02/2025 USD 167,000 172,332 0.00Berkshire Hathaway Energy Co. 6.125%01/04/2036 USD 1,475,000 1,902,912 0.05Berkshire Hathaway Finance Corp.5.75% 15/01/2040 USD 100,000 128,311 0.00Berkshire Hathaway Finance Corp.4.4% 15/05/2042 USD 540,000 586,564 0.02Berkshire Hathaway Finance Corp.4.3% 15/05/2043 USD 312,000 335,334 0.01Berkshire Hathaway, Inc. 3.75%15/08/2021 USD 500,000 533,398 0.01Boardwalk Pipelines LP 4.95%15/12/2024 USD 917,000 974,037 0.03Boardwalk Pipelines LP 5.95%01/06/2026 USD 180,000 201,743 0.01Boardwalk Pipelines LP 4.45%15/07/2027 USD 264,000 270,568 0.01Boeing Co. (The) 7.95% 15/08/2024 USD 150,000 198,546 0.01Boeing Co. (The) 6.125% 15/02/2033 USD 60,000 78,625 0.00Boston Properties LP, REIT 3.7%15/11/2018 USD 452,000 461,598 0.01Boston Properties LP, REIT 3.125%01/09/2023 USD 350,000 355,049 0.01Boston Properties LP, REIT 3.8%01/02/2024 USD 517,000 536,855 0.01Boston Properties LP, REIT 3.65%01/02/2026 USD 297,000 302,064 0.01Boston Properties LP, REIT 2.75%01/10/2026 USD 300,000 283,416 0.01Brixmor Operating Partnership LP,REIT 3.85% 01/02/2025 USD 1,300,000 1,289,360 0.03Brown-Forman Corp. 4.5% 15/07/2045 USD 225,000 245,536 0.01Buckeye Partners LP 4.875%01/02/2021 USD 400,000 425,378 0.01Buckeye Partners LP 4.15%01/07/2023 USD 174,000 180,570 0.00Buckeye Partners LP 3.95%01/12/2026 USD 134,000 132,878 0.00Buckeye Partners LP 5.85% 15/11/2043 USD 950,000 1,023,720 0.03Bunge Ltd. Finance Corp. 8.5%15/06/2019 USD 395,000 441,766 0.01Bunge Ltd. Finance Corp. 3.5%24/11/2020 USD 215,000 221,175 0.01Bunge Ltd. Finance Corp. 3.25%15/08/2026 USD 284,000 272,632 0.01Burlington Northern Santa Fe LLC5.75% 15/03/2018 USD 50,000 51,469 0.00Burlington Northern Santa Fe LLC8.125% 15/04/2020 USD 94,000 108,557 0.00Burlington Northern Santa Fe LLC3.6% 01/09/2020 USD 147,000 153,633 0.00Burlington Northern Santa Fe LLC3.45% 15/09/2021 USD 80,000 83,646 0.00Burlington Northern Santa Fe LLC 3%15/03/2023 USD 350,000 359,569 0.01Burlington Northern Santa Fe LLC3.65% 01/09/2025 USD 560,000 590,632 0.02Burlington Northern Santa Fe LLC7.95% 15/08/2030 USD 250,000 359,355 0.01Burlington Northern Santa Fe LLC6.15% 01/05/2037 USD 870,000 1,148,905 0.03Burlington Northern Santa Fe LLC5.75% 01/05/2040 USD 700,000 886,998 0.02Burlington Northern Santa Fe LLC4.4% 15/03/2042 USD 300,000 324,239 0.01

185


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Burlington Resources, Inc. 8.2%15/03/2025 USD 500,000 657,426 0.02Capital One Bank USA NA 3.375%15/02/2023 USD 940,000 948,554 0.03Capital One Financial Corp. 3.75%24/04/2024 USD 927,000 951,232 0.03Capital One Financial Corp. 4.2%29/10/2025 USD 975,000 986,188 0.03Capital One Financial Corp. 3.75%28/07/2026 USD 1,620,000 1,585,202 0.04Capital One NA 1.65% 05/02/2018 USD 250,000 249,905 0.01Capital One NA 2.35% 17/08/2018 USD 250,000 251,126 0.01Capital One NA 2.4% 05/09/2019 USD 550,000 551,964 0.01Capital One NA 2.25% 13/09/2021 USD 750,000 736,444 0.02Capital One NA 2.35% 31/01/2020 USD 1,650,000 1,651,914 0.04Cardinal Health, Inc. 3.75% 15/09/2025 USD 225,000 234,186 0.01Cardinal Health, Inc. 3.41% 15/06/2027 USD 1,260,000 1,261,260 0.03Cardinal Health, Inc. 4.9% 15/09/2045 USD 120,000 133,272 0.00Caterpillar Financial Services Corp.1.7% 16/06/2018 USD 600,000 600,537 0.02Caterpillar Financial Services Corp.2.1% 10/01/2020 USD 1,000,000 1,004,680 0.03Caterpillar Financial Services Corp.1.931% 01/10/2021 USD 237,000 232,877 0.01Caterpillar Financial Services Corp.3.25% 01/12/2024 USD 260,000 267,648 0.01Caterpillar Financial Services Corp.2.4% 09/08/2026 USD 500,000 480,395 0.01Caterpillar, Inc. 2.6% 26/06/2022 USD 184,000 185,906 0.01Caterpillar, Inc. 6.05% 15/08/2036 USD 355,000 460,554 0.01CBS Corp. 3.7% 15/08/2024 USD 373,000 383,235 0.01CBS Corp. 4% 15/01/2026 USD 750,000 776,584 0.02CBS Corp. 5.9% 15/10/2040 USD 125,000 148,039 0.00CBS Corp. 4.85% 01/07/2042 USD 150,000 157,597 0.00Celanese US Holdings LLC 5.875%15/06/2021 USD 1,140,000 1,281,634 0.03Centel Capital Corp. 9% 15/10/2019 USD 350,000 392,499 0.01CenterPoint Energy Houston ElectricLLC 3% 01/02/2027 USD 873,000 871,341 0.02CenterPoint Energy Resources Corp.4.5% 15/01/2021 USD 110,000 115,733 0.00CenterPoint Energy Resources Corp.5.85% 15/01/2041 USD 250,000 306,797 0.01Charles Schwab Corp. (The) 3.2%02/03/2027 USD 900,000 907,150 0.02Chevron Corp. 2.566% 16/05/2023 USD 1,400,000 1,406,818 0.04Chevron Corp. 2.895% 03/03/2024 USD 806,000 815,205 0.02Chubb INA Holdings, Inc. 2.875%03/11/2022 USD 182,000 185,563 0.01Chubb INA Holdings, Inc. 2.7%13/03/2023 USD 200,000 200,636 0.01Chubb INA Holdings, Inc. 3.15%15/03/2025 USD 707,000 718,680 0.02Chubb INA Holdings, Inc. 3.35%03/05/2026 USD 175,000 179,552 0.00Citigroup, Inc. 1.8% 05/02/2018 USD 582,000 582,370 0.02Citigroup, Inc. 1.7% 27/04/2018 USD 300,000 299,960 0.01Citigroup, Inc. 1.75% 01/05/2018 USD 320,000 319,954 0.01Citigroup, Inc. 2.15% 30/07/2018 USD 329,000 330,053 0.01Citigroup, Inc. 2.4% 18/02/2020 USD 2,900,000 2,916,399 0.08Citigroup, Inc. 2.7% 30/03/2021 USD 624,000 629,042 0.02Citigroup, Inc. 2.35% 02/08/2021 USD 385,000 382,330 0.01Citigroup, Inc. 2.9% 08/12/2021 USD 1,350,000 1,364,769 0.04Citigroup, Inc. 3.875% 26/03/2025 USD 300,000 302,435 0.01Citigroup, Inc. 4.4% 10/06/2025 USD 1,424,000 1,484,520 0.04Citigroup, Inc. 5.5% 13/09/2025 USD 288,000 321,019 0.01Citigroup, Inc. 3.4% 01/05/2026 USD 750,000 743,895 0.02Citigroup, Inc. 3.2% 21/10/2026 USD 1,293,000 1,258,942 0.03Citigroup, Inc. 6.625% 15/01/2028 USD 500,000 614,691 0.02Citigroup, Inc. 4.125% 25/07/2028 USD 160,000 162,392 0.00Citigroup, Inc. 6.625% 15/06/2032 USD 15,000 18,774 0.00Citigroup, Inc. 5.875% 30/01/2042 USD 179,000 225,341 0.01Citigroup, Inc. 4.75% 18/05/2046 USD 550,000 576,499 0.02Citigroup, Inc. 2.75% 25/04/2022 USD 4,700,000 4,708,248 0.13Citizens Bank NA 2.55% 13/05/2021 USD 385,593 386,407 0.01Citizens Financial Group, Inc. 2.375%28/07/2021 USD 275,000 272,847 0.01Citizens Financial Group, Inc. 4.3%03/12/2025 USD 199,000 208,193 0.01Cleveland Electric Illuminating Co.(The) 5.5% 15/08/2024 USD 400,000 456,200 0.01Cleveland Electric Illuminating Co.(The) 5.95% 15/12/2036 USD 425,000 507,433 0.01Cleveland Electric Illuminating Co.(The) 7.88% 01/11/2017 USD 360,000 367,066 0.01CMS Energy Corp. 3% 15/05/2026 USD 219,000 214,158 0.01CMS Energy Corp. 2.95% 15/02/2027 USD 387,000 371,657 0.01CNA Financial Corp. 3.95% 15/05/2024 USD 173,000 179,950 0.00CNA Financial Corp. 4.5% 01/03/2026 USD 126,000 135,514 0.00

CNOOC Finance 2015 USA LLC 3.5%05/05/2025 USD 536,000 537,024 0.01Comerica Bank 4% 27/07/2025 USD 1,100,000 1,104,994 0.03Commonwealth Edison Co. 5.875%01/02/2033 USD 1,000,000 1,191,420 0.03Commonwealth Edison Co. 3.65%15/06/2046 USD 263,000 256,806 0.01Connecticut Light & Power Co. (The)5.65% 01/05/2018 USD 35,000 36,133 0.00Connecticut Light & Power Co. (The)3.2% 15/03/2027 USD 660,000 665,181 0.02ConocoPhillips Co. 4.2% 15/03/2021 USD 523,000 556,584 0.01ConocoPhillips Co. 3.35% 15/11/2024 USD 225,000 229,839 0.01ConocoPhillips Holding Co. 6.95%15/04/2029 USD 200,000 259,134 0.01Consolidated Edison Co. of New York,Inc. 5.7% 15/06/2040 USD 173,000 218,579 0.01Consolidated Edison Co. of New York,Inc. 4.3% 01/12/2056 USD 2,207,000 2,322,294 0.06Constellation Brands, Inc. 4.25%01/05/2023 USD 300,000 320,734 0.01Consumers Energy Co. 5.65%15/04/2020 USD 150,000 164,646 0.00Consumers Energy Co. 2.85%15/05/2022 USD 116,000 118,347 0.00Consumers Energy Co. 3.25%15/08/2046 USD 190,000 175,943 0.00Costco Wholesale Corp. 2.25%15/02/2022 USD 322,000 322,926 0.01Crown Castle International Corp., REIT4.875% 15/04/2022 USD 858,000 937,545 0.03Crown Castle International Corp., REIT5.25% 15/01/2023 USD 1,035,000 1,151,593 0.03Crown Castle International Corp., REIT4% 01/03/2027 USD 228,000 235,612 0.01CSX Corp. 4.25% 01/06/2021 USD 54,000 57,651 0.00CSX Corp. 6% 01/10/2036 USD 500,000 630,950 0.02CSX Corp. 5.5% 15/04/2041 USD 100,000 121,360 0.00CSX Corp. 4.75% 30/05/2042 USD 164,000 182,234 0.00CSX Corp. 3.95% 01/05/2050 USD 126,000 123,088 0.00CVS Health Corp. 2.125% 01/06/2021 USD 1,018,000 1,007,789 0.03CVS Health Corp. 4% 05/12/2023 USD 356,000 377,107 0.01CVS Health Corp. 2.875% 01/06/2026 USD 617,000 599,385 0.02Daimler Finance North America LLC8.5% 18/01/2031 USD 140,000 211,658 0.01Danaher Corp. 2.4% 15/09/2020 USD 168,000 170,428 0.00Darden Restaurants, Inc. 3.85%01/05/2027 USD 576,000 584,787 0.02DDR Corp., REIT 3.375% 15/05/2023 USD 290,000 282,009 0.01DDR Corp., REIT 3.625% 01/02/2025 USD 1,400,000 1,337,063 0.04Deere & Co. 2.6% 08/06/2022 USD 447,000 452,878 0.01Deere & Co. 3.9% 09/06/2042 USD 198,000 206,958 0.01Delmarva Power & Light Co. 4%01/06/2042 USD 141,000 139,054 0.00Delmarva Power & Light Co. 4.15%15/05/2045 USD 1,000,000 1,042,870 0.03Devon Energy Corp. 4.75% 15/05/2042 USD 261,000 256,930 0.01Devon Financing Co. LLC 7.875%30/09/2031 USD 450,000 585,767 0.02Dominion Energy Gas Holdings LLC2.8% 15/11/2020 USD 176,000 178,758 0.00Dominion Energy, Inc. 2.75%15/01/2022 USD 794,000 800,327 0.02Dominion Energy, Inc. 2.85%15/08/2026 USD 183,000 175,294 0.00Dominion Energy, Inc. 4.9%01/08/2041 USD 111,000 121,801 0.00Dominion Energy, Inc. 5.25%01/08/2033 USD 785,000 883,160 0.02Dow Chemical Co. (The) 4.125%15/11/2021 USD 251,000 267,182 0.01Dow Chemical Co. (The) 3% 15/11/2022 USD 250,000 254,723 0.01Dow Chemical Co. (The) 7.375%01/11/2029 USD 65,000 87,728 0.00DTE Electric Co. 2.65% 15/06/2022 USD 138,000 137,752 0.00DTE Electric Co. 3.7% 15/03/2045 USD 308,000 305,995 0.01DTE Energy Co. 2.4% 01/12/2019 USD 174,000 174,860 0.00DTE Energy Co. 3.3% 15/06/2022 USD 238,000 243,467 0.01Duke Energy Carolinas LLC 4.3%15/06/2020 USD 845,000 902,211 0.02Duke Energy Carolinas LLC 2.95%01/12/2026 USD 810,000 808,429 0.02Duke Energy Carolinas LLC 6.45%15/10/2032 USD 100,000 128,016 0.00Duke Energy Carolinas LLC 6%15/01/2038 USD 240,000 306,938 0.01Duke Energy Carolinas LLC 4.25%15/12/2041 USD 107,000 114,439 0.00Duke Energy Corp. 3.55% 15/09/2021 USD 203,000 211,568 0.01Duke Energy Corp. 2.65% 01/09/2026 USD 297,000 282,903 0.01

186


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Duke Energy Florida LLC 5.65%15/06/2018 USD 20,000 20,751 0.00Duke Energy Florida LLC 3.2%15/01/2027 USD 600,000 609,612 0.02Duke Energy Florida LLC 5.9%01/03/2033 USD 336,000 410,670 0.01Duke Energy Indiana LLC 6.12%15/10/2035 USD 150,000 183,897 0.01Duke Energy Indiana LLC 3.75%15/05/2046 USD 350,000 347,235 0.01Duke Energy Ohio, Inc. 5.45%01/04/2019 USD 85,000 90,243 0.00Duke Energy Ohio, Inc. 3.7%15/06/2046 USD 265,000 261,569 0.01Duke Energy Progress LLC 5.3%15/01/2019 USD 55,000 57,985 0.00Duke Energy Progress LLC 3%15/09/2021 USD 222,000 229,012 0.01Duke Energy Progress LLC 4.1%15/05/2042 USD 189,000 197,874 0.01Duke Energy Progress LLC 3.7%15/10/2046 USD 431,000 425,281 0.01Duke Realty LP, REIT 3.875%15/02/2021 USD 650,000 676,718 0.02Duke Realty LP, REIT 3.25%30/06/2026 USD 132,000 129,914 0.00Eaton Corp. 1.5% 02/11/2017 USD 141,000 140,995 0.00Eaton Corp. 7.625% 01/04/2024 USD 400,000 481,906 0.01Eaton Corp. 4% 02/11/2032 USD 146,000 152,225 0.00Eaton Corp. 5.8% 15/03/2037 USD 100,000 118,715 0.00Ecolab, Inc. 1.45% 08/12/2017 USD 335,000 334,826 0.01Ecolab, Inc. 2.25% 12/01/2020 USD 140,000 140,873 0.00Ecolab, Inc. 3.25% 14/01/2023 USD 464,000 478,718 0.01Edison International 2.95% 15/03/2023 USD 300,000 302,410 0.01EI du Pont de Nemours & Co. 6%15/07/2018 USD 265,000 276,708 0.01EI du Pont de Nemours & Co. 5.6%15/12/2036 USD 150,000 179,182 0.00EI du Pont de Nemours & Co. 4.9%15/01/2041 USD 90,000 100,454 0.00Energy Transfer LP 3.6% 01/02/2023 USD 341,000 345,051 0.01Energy Transfer LP 4.9% 01/02/2024 USD 726,000 769,284 0.02Energy Transfer LP 4.05% 15/03/2025 USD 341,000 342,535 0.01Energy Transfer LP 4.2% 15/04/2027 USD 410,000 411,179 0.01Energy Transfer LP 6.625%15/10/2036 USD 805,000 926,289 0.02Energy Transfer LP 7.5% 01/07/2038 USD 500,000 609,895 0.02Energy Transfer LP 6.05% 01/06/2041 USD 1,150,000 1,233,053 0.03Energy Transfer LP 6.5% 01/02/2042 USD 84,000 94,632 0.00Eni USA, Inc. 7.3% 15/11/2027 USD 1,030,000 1,307,400 0.03EnLink Midstream Partners LP 2.7%01/04/2019 USD 281,000 280,583 0.01EnLink Midstream Partners LP 4.15%01/06/2025 USD 717,000 711,741 0.02EnLink Midstream Partners LP 5.05%01/04/2045 USD 324,000 309,085 0.01Entergy Arkansas, Inc. 3.5%01/04/2026 USD 202,000 208,688 0.01Entergy Corp. 2.95% 01/09/2026 USD 220,000 211,820 0.01Entergy Louisiana LLC 4.05%01/09/2023 USD 239,000 252,499 0.01Entergy Louisiana LLC 2.4%01/10/2026 USD 532,000 503,788 0.01Entergy Louisiana LLC 3.12%01/09/2027 USD 320,000 318,806 0.01Entergy Louisiana LLC 3.25%01/04/2028 USD 188,000 188,913 0.01Entergy Louisiana LLC 3.05%01/06/2031 USD 314,000 304,151 0.01Entergy Mississippi, Inc. 2.85%01/06/2028 USD 269,000 259,582 0.01Enterprise Products Operating LLC3.35% 15/03/2023 USD 1,548,000 1,591,522 0.04Enterprise Products Operating LLC3.9% 15/02/2024 USD 800,000 834,872 0.02Enterprise Products Operating LLC3.95% 15/02/2027 USD 56,000 58,292 0.00Enterprise Products Operating LLC6.875% 01/03/2033 USD 400,000 506,302 0.01Enterprise Products Operating LLC6.65% 15/10/2034 USD 200,000 250,074 0.01Enterprise Products Operating LLC7.55% 15/04/2038 USD 2,175,000 2,954,966 0.08Enterprise Products Operating LLC5.95% 01/02/2041 USD 91,000 108,527 0.00Enterprise Products Operating LLC4.85% 15/03/2044 USD 91,000 96,590 0.00Enterprise Products Operating LLC5.75% 01/03/2035 USD 1,245,000 1,410,560 0.04EOG Resources, Inc. 4.1% 01/02/2021 USD 300,000 317,004 0.01

EOG Resources, Inc. 2.625%15/03/2023 USD 233,000 230,819 0.01EOG Resources, Inc. 5.1% 15/01/2036 USD 771,000 855,529 0.02EPR Properties, REIT 5.25%15/07/2023 USD 800,000 858,756 0.02EPR Properties, REIT 4.5% 01/06/2027 USD 621,000 624,993 0.02Equifax, Inc. 2.3% 01/06/2021 USD 190,000 189,092 0.01Equity Commonwealth, REIT 6.65%15/01/2018 USD 350,000 350,361 0.01Equity Commonwealth, REIT 5.875%15/09/2020 USD 1,235,000 1,317,103 0.04ERP Operating LP, REIT 4.625%15/12/2021 USD 359,000 387,889 0.01ERP Operating LP, REIT 3%15/04/2023 USD 430,000 430,783 0.01ERP Operating LP, REIT 2.85%01/11/2026 USD 459,000 442,100 0.01Exelon Generation Co. LLC 2.95%15/01/2020 USD 290,000 294,797 0.01Exelon Generation Co. LLC 3.4%15/03/2022 USD 153,000 155,993 0.00Exelon Generation Co. LLC 4.25%15/06/2022 USD 579,000 610,865 0.02Exelon Generation Co. LLC 6.25%01/10/2039 USD 1,000,000 1,084,480 0.03Exelon Generation Co. LLC 5.75%01/10/2041 USD 114,000 116,148 0.00Exxon Mobil Corp. 2.726% 01/03/2023 USD 1,456,000 1,475,554 0.04Exxon Mobil Corp. 4.114% 01/03/2046 USD 367,000 388,714 0.01FedEx Corp. 3.25% 01/04/2026 USD 181,000 182,948 0.00FedEx Corp. 3.9% 01/02/2035 USD 1,355,000 1,351,443 0.04FedEx Corp. 4.1% 15/04/2043 USD 200,000 197,526 0.01FHLB 5.5% 15/07/2036 USD 1,150,000 1,558,336 0.04FirstEnergy Corp. 3.9% 15/07/2027 USD 272,000 272,638 0.01FirstEnergy Corp. 4.85% 15/07/2047 USD 263,000 265,948 0.01Florida Power & Light Co. 3.125%01/12/2025 USD 600,000 613,212 0.02Florida Power & Light Co. 4.95%01/06/2035 USD 220,000 252,366 0.01Florida Power & Light Co. 5.4%01/09/2035 USD 700,000 845,083 0.02Fluor Corp. 3.375% 15/09/2021 USD 404,000 420,215 0.01FNMA 0% 09/10/2019 USD 9,500,000 9,114,252 0.24Ford Motor Co. 4.346% 08/12/2026 USD 610,000 628,270 0.02Ford Motor Co. 7.45% 16/07/2031 USD 2,850,000 3,608,499 0.10Ford Motor Co. 7.5% 01/08/2026 USD 165,000 204,361 0.01Ford Motor Credit Co. LLC 2.145%09/01/2018 USD 432,000 432,851 0.01Ford Motor Credit Co. LLC 2.24%15/06/2018 USD 868,000 870,300 0.02Ford Motor Credit Co. LLC 2.551%05/10/2018 USD 440,000 442,748 0.01Ford Motor Credit Co. LLC 3.157%04/08/2020 USD 300,000 306,141 0.01Ford Motor Credit Co. LLC 3.339%28/03/2022 USD 1,489,000 1,513,360 0.04Ford Motor Credit Co. LLC 4.375%06/08/2023 USD 1,000,000 1,052,830 0.03Ford Motor Credit Co. LLC 3.81%09/01/2024 USD 1,446,000 1,468,377 0.04Ford Motor Credit Co. LLC 4.134%04/08/2025 USD 555,000 565,814 0.02Freeport-McMoRan, Inc. 2.375%15/03/2018 USD 221,000 220,498 0.01General Electric Co. 1.6% 20/11/2017 USD 364,000 364,364 0.01General Electric Co. 2.1% 11/12/2019 USD 260,000 262,395 0.01General Electric Co. 5.5% 08/01/2020 USD 254,000 276,983 0.01General Electric Co. 4.375%16/09/2020 USD 280,000 300,406 0.01General Electric Co. 5.3% 11/02/2021 USD 83,000 91,897 0.00General Electric Co. 4.65% 17/10/2021 USD 510,000 561,908 0.02General Electric Co. 3.15% 07/09/2022 USD 287,000 298,308 0.01General Electric Co. 2.7% 09/10/2022 USD 107,000 108,969 0.00General Electric Co. 3.1% 09/01/2023 USD 315,000 326,984 0.01General Electric Co. 3.45% 15/05/2024 USD 105,000 110,415 0.00General Electric Co. 6.75% 15/03/2032 USD 86,000 118,229 0.00General Electric Co. 5.875%14/01/2038 USD 100,000 129,699 0.00General Mills, Inc. 3.2% 10/02/2027 USD 1,050,000 1,047,286 0.03General Motors Co. 6.6% 01/04/2036 USD 2,719,000 3,180,360 0.08General Motors Financial Co., Inc. 3.1%15/01/2019 USD 235,000 238,189 0.01General Motors Financial Co., Inc.3.45% 14/01/2022 USD 376,000 382,621 0.01General Motors Financial Co., Inc.3.45% 10/04/2022 USD 909,000 924,826 0.02General Motors Financial Co., Inc. 3.7%09/05/2023 USD 581,000 591,458 0.02

187


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

General Motors Financial Co., Inc.3.95% 13/04/2024 USD 1,550,000 1,572,824 0.04General Motors Financial Co., Inc. 4%15/01/2025 USD 150,000 151,098 0.00General Motors Financial Co., Inc. 4.3%13/07/2025 USD 3,280,000 3,358,359 0.09General Motors Financial Co., Inc. 4%06/10/2026 USD 1,400,000 1,394,848 0.04General Motors Financial Co., Inc.4.35% 17/01/2027 USD 437,000 443,278 0.01Genworth Holdings, Inc. 6.5%15/06/2034 USD 10,000 8,181 0.00Georgia Power Co. 3.25% 01/04/2026 USD 196,000 196,350 0.01Goldman Sachs Group, Inc. (The) 5.95%18/01/2018 USD 390,000 398,824 0.01Goldman Sachs Group, Inc. (The) 7.5%15/02/2019 USD 1,380,000 1,498,777 0.04Goldman Sachs Group, Inc. (The)5.375% 15/03/2020 USD 1,163,000 1,255,988 0.03Goldman Sachs Group, Inc. (The) 2.6%23/04/2020 USD 949,000 957,688 0.03Goldman Sachs Group, Inc. (The) 2.75%15/09/2020 USD 241,000 244,229 0.01Goldman Sachs Group, Inc. (The) 2.6%27/12/2020 USD 250,000 251,940 0.01Goldman Sachs Group, Inc. (The)2.875% 25/02/2021 USD 260,000 263,254 0.01Goldman Sachs Group, Inc. (The)2.625% 25/04/2021 USD 133,000 133,421 0.00Goldman Sachs Group, Inc. (The) 5.25%27/07/2021 USD 179,000 196,657 0.01Goldman Sachs Group, Inc. (The) 2.35%15/11/2021 USD 2,600,000 2,570,269 0.07Goldman Sachs Group, Inc. (The) 5.75%24/01/2022 USD 300,000 337,966 0.01Goldman Sachs Group, Inc. (The)3.625% 22/01/2023 USD 2,435,000 2,516,962 0.07Goldman Sachs Group, Inc. (The) 4%03/03/2024 USD 300,000 314,501 0.01Goldman Sachs Group, Inc. (The) 3.75%22/05/2025 USD 518,000 530,515 0.01Goldman Sachs Group, Inc. (The) 4.25%21/10/2025 USD 457,000 473,171 0.01Goldman Sachs Group, Inc. (The) 3.5%16/11/2026 USD 3,764,000 3,742,094 0.10Goldman Sachs Group, Inc. (The) 3.85%26/01/2027 USD 1,830,000 1,864,203 0.05Goldman Sachs Group, Inc. (The) 6.75%01/10/2037 USD 300,000 389,495 0.01Goldman Sachs Group, Inc. (The) 5.15%22/05/2045 USD 159,000 176,395 0.00Goldman Sachs Group, Inc. (The) 6%15/06/2020 USD 871,000 960,639 0.03Goldman Sachs Group, Inc. (The) 3.5%23/01/2025 USD 2,321,000 2,346,833 0.06Great Plains Energy, Inc. 4.85%01/06/2021 USD 488,000 520,940 0.01Gulf Power Co. 3.3% 30/05/2027 USD 670,000 674,553 0.02Halliburton Co. 3.5% 01/08/2023 USD 771,000 795,429 0.02Halliburton Co. 4.85% 15/11/2035 USD 500,000 533,978 0.01Halliburton Co. 6.7% 15/09/2038 USD 1,020,000 1,312,021 0.03Halliburton Co. 7.45% 15/09/2039 USD 400,000 551,592 0.01Harris Corp. 3.832% 27/04/2025 USD 700,000 725,911 0.02Harris Corp. 4.854% 27/04/2035 USD 1,300,000 1,430,507 0.04HCP, Inc., REIT 4.2% 01/03/2024 USD 600,000 624,366 0.02HCP, Inc., REIT 3.875% 15/08/2024 USD 890,000 908,374 0.02HCP, Inc., REIT 3.4% 01/02/2025 USD 227,000 223,694 0.01Hess Corp. 7.875% 01/10/2029 USD 940,000 1,145,644 0.03Hess Corp. 7.3% 15/08/2031 USD 1,323,000 1,535,950 0.04Hess Corp. 6% 15/01/2040 USD 700,000 716,950 0.02Historic TW, Inc. 6.875% 15/06/2018 USD 25,000 26,176 0.00Historic TW, Inc. 9.15% 01/02/2023 USD 215,000 278,716 0.01Historic TW, Inc. 6.625% 15/05/2029 USD 106,000 133,996 0.00Home Depot, Inc. (The) 2.625%01/06/2022 USD 335,000 340,563 0.01Home Depot, Inc. (The) 3%01/04/2026 USD 159,000 160,165 0.00Home Depot, Inc. (The) 2.125%15/09/2026 USD 180,000 168,783 0.00Home Depot, Inc. (The) 4.2%01/04/2043 USD 310,000 329,246 0.01Home Depot, Inc. (The) 3.5%15/09/2056 USD 134,000 122,229 0.00Honeywell International, Inc. 2.5%01/11/2026 USD 1,960,000 1,885,902 0.05Hospitality Properties Trust, REIT4.65% 15/03/2024 USD 313,000 327,180 0.01Hospitality Properties Trust, REIT4.95% 15/02/2027 USD 460,000 480,238 0.01HP, Inc. 3.75% 01/12/2020 USD 49,000 51,260 0.00

HP, Inc. 4.3% 01/06/2021 USD 251,000 267,113 0.01HP, Inc. 6% 15/09/2041 USD 484,000 515,082 0.01HSBC Bank USA NA 4.875%24/08/2020 USD 250,000 268,700 0.01Illinois Tool Works, Inc. 2.65%15/11/2026 USD 900,000 880,812 0.02Indiana Michigan Power Co. 7%15/03/2019 USD 210,000 226,800 0.01Ingersoll-Rand Co. 6.391% 15/11/2027 USD 50,000 59,595 0.00International Business Machines Corp.7.625% 15/10/2018 USD 350,000 376,007 0.01International Business Machines Corp.6.22% 01/08/2027 USD 125,000 156,950 0.00International Business Machines Corp.6.5% 15/01/2028 USD 700,000 901,320 0.02International Business Machines Corp.4% 20/06/2042 USD 169,000 170,832 0.00International Lease Finance Corp.8.625% 15/01/2022 USD 2,200,000 2,712,138 0.07International Lease Finance Corp.5.875% 15/08/2022 USD 623,000 704,389 0.02International Paper Co. 3% 15/02/2027 USD 500,000 482,485 0.01International Paper Co. 5% 15/09/2035 USD 200,000 221,486 0.01International Paper Co. 8.7%15/06/2038 USD 850,000 1,256,491 0.03International Paper Co. 7.3%15/11/2039 USD 400,000 537,672 0.01Jefferies Group LLC 6.875%15/04/2021 USD 840,000 958,772 0.03Jefferies Group LLC 4.85% 15/01/2027 USD 362,000 379,445 0.01Jersey Central Power & Light Co. 7.35%01/02/2019 USD 40,000 43,091 0.00Jersey Central Power & Light Co. 6.15%01/06/2037 USD 320,000 386,449 0.01John Deere Capital Corp. 1.35%16/01/2018 USD 193,000 192,943 0.01John Deere Capital Corp. 5.35%03/04/2018 USD 45,000 46,316 0.00John Deere Capital Corp. 1.6%13/07/2018 USD 171,000 171,106 0.00John Deere Capital Corp. 2.05%10/03/2020 USD 200,000 201,080 0.01John Deere Capital Corp. 2.45%11/09/2020 USD 300,000 303,861 0.01John Deere Capital Corp. 3.15%15/10/2021 USD 167,000 173,143 0.00John Deere Capital Corp. 2.65%06/01/2022 USD 520,000 528,910 0.01John Deere Capital Corp. 2.8%06/03/2023 USD 180,000 182,353 0.00Johnson & Johnson 4.375%05/12/2033 USD 108,000 123,510 0.00Kansas City Power & Light Co. 3.15%15/03/2023 USD 380,000 383,703 0.01Kerr-McGee Corp. 6.95% 01/07/2024 USD 30,000 35,336 0.00Kerr-McGee Corp. 7.875% 15/09/2031 USD 1,250,000 1,621,400 0.04KeyBank NA 5.7% 01/11/2017 USD 165,000 166,874 0.00KeyBank NA 2.5% 22/11/2021 USD 300,000 301,305 0.01KeyCorp 2.9% 15/09/2020 USD 56,000 57,092 0.00KeyCorp 5.1% 24/03/2021 USD 280,000 306,379 0.01Kimberly-Clark Corp. 7.5% 01/11/2018 USD 15,000 16,149 0.00Kimberly-Clark Corp. 2.4% 01/03/2022 USD 120,000 120,364 0.00Kimberly-Clark Corp. 3.05%15/08/2025 USD 117,000 118,643 0.00Kimco Realty Corp., REIT 2.7%01/03/2024 USD 711,000 681,031 0.02Kimco Realty Corp., REIT 3.8%01/04/2027 USD 600,000 601,848 0.02Kraft Heinz Foods Co. 3.5%06/06/2022 USD 341,000 352,568 0.01Kroger Co. (The) 6.4% 15/08/2017 USD 200,000 201,013 0.01Kroger Co. (The) 6.15% 15/01/2020 USD 150,000 164,174 0.00Kroger Co. (The) 7.5% 01/04/2031 USD 1,585,000 2,117,877 0.06Kroger Co. (The) 5.4% 15/07/2040 USD 114,000 123,984 0.00Laboratory Corp. of America Holdings3.2% 01/02/2022 USD 876,000 895,491 0.02Legg Mason, Inc. 3.95% 15/07/2024 USD 350,000 353,976 0.01Liberty Property LP, REIT 3.25%01/10/2026 USD 203,000 197,108 0.01Lincoln National Corp. 4.2%15/03/2022 USD 541,000 576,763 0.02Lincoln National Corp. 4% 01/09/2023 USD 1,042,000 1,099,888 0.03Lincoln National Corp. 6.15%07/04/2036 USD 33,000 40,310 0.00Louisville Gas & Electric Co. 3.3%01/10/2025 USD 283,000 286,328 0.01Lowe’s Cos., Inc. 3.375% 15/09/2025 USD 340,000 351,577 0.01Lowe’s Cos., Inc. 3.1% 03/05/2027 USD 550,000 549,634 0.01Macy’s Retail Holdings, Inc. 7.45%15/07/2017 USD 100,000 100,095 0.00

188


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Macy’s Retail Holdings, Inc. 4.375%01/09/2023 USD 301,000 297,621 0.01Macy’s Retail Holdings, Inc. 6.9%15/01/2032 USD 200,000 208,665 0.01Macy’s Retail Holdings, Inc. 6.375%15/03/2037 USD 178,000 181,685 0.00Magellan Midstream Partners LP 6.4%15/07/2018 USD 250,000 261,313 0.01Magellan Midstream Partners LP6.55% 15/07/2019 USD 200,000 217,020 0.01Magellan Midstream Partners LP4.25% 01/02/2021 USD 422,000 446,708 0.01Magellan Midstream Partners LP 3.2%15/03/2025 USD 171,000 166,512 0.00Magellan Midstream Partners LP 6.4%01/05/2037 USD 235,000 284,411 0.01Magellan Midstream Partners LP 4.2%01/12/2042 USD 269,000 255,975 0.01Manufacturers & Traders Trust Co.2.9% 06/02/2025 USD 500,000 496,980 0.01Marathon Oil Corp. 6% 01/10/2017 USD 375,000 378,022 0.01Marathon Oil Corp. 2.8% 01/11/2022 USD 260,000 250,493 0.01Marathon Oil Corp. 6.8% 15/03/2032 USD 241,000 268,678 0.01Marathon Oil Corp. 6.6% 01/10/2037 USD 530,000 588,732 0.02Markel Corp. 5% 05/04/2046 USD 1,000,000 1,102,474 0.03Marsh & McLennan Cos., Inc. 2.35%06/03/2020 USD 706,000 710,621 0.02Marsh & McLennan Cos., Inc. 3.3%14/03/2023 USD 99,000 101,827 0.00Marsh & McLennan Cos., Inc. 3.5%03/06/2024 USD 150,000 155,120 0.00Marsh & McLennan Cos., Inc. 2.75%30/01/2022 USD 337,000 340,904 0.01Martin Marietta Materials, Inc. 3.45%01/06/2027 USD 666,000 665,839 0.02McDonald’s Corp. 4.7% 09/12/2035 USD 547,000 600,023 0.02McDonald’s Corp. 6.3% 15/10/2037 USD 179,000 232,555 0.01Mead Johnson Nutrition Co. 4.125%15/11/2025 USD 502,000 541,447 0.01Medtronic, Inc. 3.125% 15/03/2022 USD 162,000 167,260 0.00Medtronic, Inc. 4.375% 15/03/2035 USD 1,562,000 1,708,805 0.05Merck & Co., Inc. 2.4% 15/09/2022 USD 215,000 216,749 0.01Merck & Co., Inc. 3.7% 10/02/2045 USD 40,000 39,855 0.00MetLife, Inc. 4.368% 15/09/2023 USD 400,000 437,644 0.01MetLife, Inc. 3% 01/03/2025 USD 800,000 802,916 0.02MetLife, Inc. 6.5% 15/12/2032 USD 616,000 804,456 0.02Microsoft Corp. 2.125% 15/11/2022 USD 338,000 335,713 0.01MidAmerican Energy Co. 5.3%15/03/2018 USD 125,000 128,289 0.00MidAmerican Energy Co. 3.5%15/10/2024 USD 488,000 510,597 0.01MidAmerican Energy Co. 3.1%01/05/2027 USD 773,000 779,227 0.02Molson Coors Brewing Co. 3%15/07/2026 USD 281,000 271,882 0.01Monsanto Co. 4.7% 15/07/2064 USD 240,000 241,729 0.01Morgan Stanley 1.875% 05/01/2018 USD 259,000 259,363 0.01Morgan Stanley 6.625% 01/04/2018 USD 695,000 719,485 0.02Morgan Stanley 7.3% 13/05/2019 USD 1,200,000 1,313,526 0.04Morgan Stanley 2.65% 27/01/2020 USD 450,000 455,213 0.01Morgan Stanley 5.5% 24/07/2020 USD 206,000 224,859 0.01Morgan Stanley 5.75% 25/01/2021 USD 513,000 568,681 0.02Morgan Stanley 5.5% 28/07/2021 USD 1,600,000 1,774,320 0.05Morgan Stanley 2.625% 17/11/2021 USD 1,730,000 1,728,858 0.05Morgan Stanley 2.75% 19/05/2022 USD 1,500,000 1,499,948 0.04Morgan Stanley 4.1% 22/05/2023 USD 1,164,000 1,216,217 0.03Morgan Stanley 3.875% 29/04/2024 USD 2,697,000 2,807,321 0.07Morgan Stanley 3.7% 23/10/2024 USD 444,000 456,337 0.01Morgan Stanley 4% 23/07/2025 USD 925,000 965,126 0.03Morgan Stanley 5% 24/11/2025 USD 496,000 539,879 0.01Morgan Stanley 3.875% 27/01/2026 USD 270,000 277,915 0.01Morgan Stanley 3.125% 27/07/2026 USD 1,056,000 1,027,039 0.03Morgan Stanley 4.35% 08/09/2026 USD 750,000 780,810 0.02Morgan Stanley 3.625% 20/01/2027 USD 1,000,000 1,009,055 0.03Morgan Stanley 4.3% 27/01/2045 USD 275,000 283,631 0.01Mosaic Co. (The) 4.25% 15/11/2023 USD 1,250,000 1,317,294 0.04Mosaic Co. (The) 5.45% 15/11/2033 USD 350,000 370,846 0.01Mosaic Co. (The) 4.875% 15/11/2041 USD 37,000 34,963 0.00Mosaic Co. (The) 5.625% 15/11/2043 USD 420,000 432,241 0.01MPLX LP 4.875% 01/12/2024 USD 1,364,000 1,459,746 0.04MPLX LP 5.2% 01/03/2047 USD 323,000 333,352 0.01MUFG Americas Holdings Corp. 2.25%10/02/2020 USD 252,000 252,409 0.01Nabors Industries, Inc. 5% 15/09/2020 USD 150,000 150,160 0.00Nabors Industries, Inc. 4.625%15/09/2021 USD 750,000 714,982 0.02National Oilwell Varco, Inc. 1.35%01/12/2017 USD 154,000 153,834 0.00

National Retail Properties, Inc., REIT4% 15/11/2025 USD 583,000 598,318 0.02National Retail Properties, Inc., REIT3.6% 15/12/2026 USD 824,000 820,098 0.02National Rural Utilities CooperativeFinance Corp. 8% 01/03/2032 USD 600,000 860,814 0.02Nevada Power Co. 6.5% 01/08/2018 USD 180,000 189,133 0.01Nevada Power Co. 7.125% 15/03/2019 USD 200,000 217,576 0.01Nevada Power Co. 6.65% 01/04/2036 USD 200,000 270,979 0.01Nevada Power Co. 5.375% 15/09/2040 USD 365,000 426,816 0.01Nevada Power Co. 5.45% 15/05/2041 USD 120,000 143,236 0.00NextEra Energy Capital Holdings, Inc.6% 01/03/2019 USD 185,000 196,883 0.01NextEra Energy Capital Holdings, Inc.3.55% 01/05/2027 USD 313,000 315,445 0.01NiSource Finance Corp. 3.85%15/02/2023 USD 250,000 260,815 0.01NiSource Finance Corp. 6.25%15/12/2040 USD 904,000 1,137,205 0.03NiSource Finance Corp. 5.8%01/02/2042 USD 628,000 748,413 0.02Noble Energy, Inc. 5.625% 01/05/2021 USD 265,000 272,829 0.01Noble Energy, Inc. 4.15% 15/12/2021 USD 400,000 422,576 0.01Noble Energy, Inc. 6% 01/03/2041 USD 940,000 1,051,211 0.03Nordstrom, Inc. 4% 15/10/2021 USD 203,000 208,327 0.01Norfolk Southern Corp. 2.903%15/02/2023 USD 42,000 42,526 0.00Norfolk Southern Corp. 5.59%17/05/2025 USD 4,000 4,572 0.00Norfolk Southern Corp. 7.05%01/05/2037 USD 250,000 339,538 0.01Norfolk Southern Corp. 6% 15/03/2105 USD 600,000 721,734 0.02Norfolk Southern Corp. 6% 23/05/2111 USD 709,000 856,284 0.02Northern States Power Co. 6.25%01/06/2036 USD 245,000 325,482 0.01Northrop Grumman Corp. 3.2%01/02/2027 USD 760,000 768,615 0.02Northrop Grumman Corp. 3.85%15/04/2045 USD 82,000 81,438 0.00Northrop Grumman Systems Corp.7.75% 15/02/2031 USD 200,000 286,677 0.01NSTAR Electric Co. 2.7% 01/06/2026 USD 360,000 347,814 0.01Nucor Corp. 4% 01/08/2023 USD 1,090,000 1,161,188 0.03Nucor Corp. 6.4% 01/12/2037 USD 1,470,000 1,914,484 0.05Occidental Petroleum Corp. 2.7%15/02/2023 USD 500,000 501,800 0.01Occidental Petroleum Corp. 3.5%15/06/2025 USD 227,000 232,659 0.01Occidental Petroleum Corp. 3.4%15/04/2026 USD 176,000 177,887 0.00Occidental Petroleum Corp. 3%15/02/2027 USD 405,000 396,054 0.01Occidental Petroleum Corp. 4.625%15/06/2045 USD 79,000 84,416 0.00Ohio Edison Co. 6.875% 15/07/2036 USD 350,000 463,634 0.01Ohio Power Co. 6.05% 01/05/2018 USD 60,000 62,006 0.00Ohio Power Co. 6.6% 01/03/2033 USD 240,000 304,291 0.01ONEOK Partners LP 3.2% 15/09/2018 USD 255,000 258,020 0.01ONEOK Partners LP 3.375%01/10/2022 USD 76,000 76,931 0.00ONEOK Partners LP 5% 15/09/2023 USD 169,000 183,498 0.00ONEOK Partners LP 4.9% 15/03/2025 USD 1,050,000 1,125,894 0.03ONEOK Partners LP 6.65% 01/10/2036 USD 910,000 1,095,899 0.03ONEOK, Inc. 7.5% 01/09/2023 USD 3,300,000 3,949,919 0.11Oracle Corp. 5.75% 15/04/2018 USD 250,000 258,149 0.01Oracle Corp. 2.375% 15/01/2019 USD 424,000 428,965 0.01Oracle Corp. 5% 08/07/2019 USD 100,000 106,591 0.00Oracle Corp. 2.4% 15/09/2023 USD 527,000 521,741 0.01Oracle Corp. 2.95% 15/05/2025 USD 1,500,000 1,509,870 0.04Oracle Corp. 4.3% 08/07/2034 USD 4,024,000 4,365,436 0.12Oracle Corp. 3.9% 15/05/2035 USD 2,510,000 2,594,462 0.07Oracle Corp. 3.85% 15/07/2036 USD 850,000 873,719 0.02Oracle Corp. 6.125% 08/07/2039 USD 379,000 501,743 0.01Oracle Corp. 5.375% 15/07/2040 USD 97,000 118,111 0.00Oracle Corp. 4.375% 15/05/2055 USD 940,000 994,440 0.03Pacific Gas & Electric Co. 5.625%30/11/2017 USD 200,000 203,188 0.01Pacific Gas & Electric Co. 3.25%15/09/2021 USD 85,000 86,910 0.00Pacific Gas & Electric Co. 3.5%15/06/2025 USD 406,000 420,807 0.01Pacific Gas & Electric Co. 2.95%01/03/2026 USD 389,000 387,236 0.01Pacific Gas & Electric Co. 6.05%01/03/2034 USD 700,000 904,257 0.02Pacific Gas & Electric Co. 4.45%15/04/2042 USD 150,000 164,123 0.00Pacific Gas & Electric Co. 4.6%15/06/2043 USD 200,000 223,329 0.01

189


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Pacific Gas & Electric Co. 4%01/12/2046 USD 511,000 527,051 0.01PacifiCorp 2.95% 01/02/2022 USD 500,000 511,040 0.01PacifiCorp 5.9% 15/08/2034 USD 45,000 55,476 0.00Parker-Hannifin Corp. 5.5%15/05/2018 USD 50,000 51,648 0.00PECO Energy Co. 5.35% 01/03/2018 USD 150,000 153,719 0.00PepsiCo, Inc. 3.1% 17/07/2022 USD 470,000 487,195 0.01PepsiCo, Inc. 4.875% 01/11/2040 USD 93,000 107,559 0.00PepsiCo, Inc. 4.6% 17/07/2045 USD 223,000 249,428 0.01PepsiCo, Inc. 3.45% 06/10/2046 USD 1,000,000 939,080 0.03Pfizer, Inc. 3% 15/12/2026 USD 1,350,000 1,356,426 0.04Phillips 66 Partners LP 3.55%01/10/2026 USD 147,000 143,757 0.00Phillips 66 Partners LP 4.9%01/10/2046 USD 306,000 303,928 0.01Pitney Bowes, Inc. 5.6% 15/03/2018 USD 100,000 102,487 0.00Plains All American Pipeline LP 3.65%01/06/2022 USD 147,000 150,110 0.00Plains All American Pipeline LP 3.85%15/10/2023 USD 264,000 266,618 0.01Plains All American Pipeline LP 4.65%15/10/2025 USD 1,500,000 1,546,148 0.04Plains All American Pipeline LP 4.5%15/12/2026 USD 155,000 158,303 0.00Plains All American Pipeline LP 4.9%15/02/2045 USD 323,000 301,596 0.01PNC Bank NA 6.875% 01/04/2018 USD 750,000 777,592 0.02PNC Bank NA 2.7% 01/11/2022 USD 540,000 541,358 0.01PNC Bank NA 3.25% 01/06/2025 USD 750,000 763,061 0.02PNC Financial Services Group, Inc.(The) 6.7% 10/06/2019 USD 50,000 54,409 0.00PNC Financial Services Group, Inc.(The) 5.125% 08/02/2020 USD 100,000 107,620 0.00PNC Financial Services Group, Inc.(The) 4.375% 11/08/2020 USD 450,000 479,259 0.01Potomac Electric Power Co. 6.5%15/11/2037 USD 200,000 273,398 0.01PPG Industries, Inc. 9% 01/05/2021 USD 60,000 73,509 0.00PPL Capital Funding, Inc. 3.4%01/06/2023 USD 100,000 102,930 0.00PPL Electric Utilities Corp. 2.5%01/09/2022 USD 258,000 255,665 0.01Praxair, Inc. 2.65% 05/02/2025 USD 163,000 161,695 0.00Precision Castparts Corp. 3.25%15/06/2025 USD 500,000 512,277 0.01Precision Castparts Corp. 4.2%15/06/2035 USD 250,000 262,537 0.01Precision Castparts Corp. 4.375%15/06/2045 USD 250,000 272,123 0.01Principal Financial Group, Inc. 3.125%15/05/2023 USD 450,000 454,603 0.01Progress Energy, Inc. 4.4% 15/01/2021 USD 234,000 249,046 0.01Progress Energy, Inc. 3.15%01/04/2022 USD 350,000 357,861 0.01Progress Energy, Inc. 7.75%01/03/2031 USD 150,000 212,160 0.01Progress Energy, Inc. 7% 30/10/2031 USD 300,000 399,708 0.01Progressive Corp. (The) 2.45%15/01/2027 USD 660,000 628,181 0.02Progressive Corp. (The) 4.125%15/04/2047 USD 400,000 415,924 0.01Prologis LP, REIT 4.25% 15/08/2023 USD 351,000 379,394 0.01Prologis LP, REIT 3.75% 01/11/2025 USD 251,000 262,338 0.01Prudential Financial, Inc. 5.75%15/07/2033 USD 801,000 968,898 0.03PSEG Power LLC 4.15% 15/09/2021 USD 150,000 157,353 0.00PSEG Power LLC 8.625% 15/04/2031 USD 35,000 45,400 0.00Public Service Co. of Colorado 5.8%01/08/2018 USD 25,000 26,074 0.00Public Service Co. of Colorado 3.2%15/11/2020 USD 93,000 96,042 0.00Public Service Co. of Colorado 6.5%01/08/2038 USD 135,000 184,674 0.01Public Service Co. of Colorado 3.55%15/06/2046 USD 107,000 101,536 0.00Public Service Co. of Oklahoma 4.4%01/02/2021 USD 147,000 155,350 0.00Public Service Co. of Oklahoma 6.625%15/11/2037 USD 300,000 389,682 0.01Public Service Electric & Gas Co. 1.8%01/06/2019 USD 55,000 54,899 0.00Public Service Electric & Gas Co. 3%15/05/2025 USD 333,000 335,218 0.01Public Service Electric & Gas Co. 2.25%15/09/2026 USD 462,000 437,089 0.01Public Service Electric & Gas Co.5.375% 01/11/2039 USD 50,000 60,855 0.00Quest Diagnostics, Inc. 3.45%01/06/2026 USD 117,000 117,508 0.00

Qwest Corp. 6.75% 01/12/2021 USD 444,000 494,312 0.01Raytheon Co. 3.15% 15/12/2024 USD 146,000 150,878 0.00Realty Income Corp., REIT 3.25%15/10/2022 USD 900,000 914,652 0.02Realty Income Corp., REIT 3%15/01/2027 USD 484,000 459,067 0.01Realty Income Corp., REIT 4.65%15/03/2047 USD 496,000 520,066 0.01Regency Energy Partners LP 5%01/10/2022 USD 240,000 257,747 0.01Regions Financial Corp. 3.2%08/02/2021 USD 455,000 466,077 0.01Republic Services, Inc. 3.55%01/06/2022 USD 376,000 392,390 0.01Republic Services, Inc. 2.9%01/07/2026 USD 149,000 146,224 0.00Residual Funding Corp. Principal STRIP0% 15/10/2020 USD 7,100,000 6,697,643 0.18Residual Funding Corp. Principal STRIP0% 15/01/2021 USD 4,450,000 4,167,020 0.11Residual Funding Corp. Principal STRIP0% 15/01/2030 USD 4,000,000 2,769,124 0.07Resolution Funding Corp. InterestSTRIP 0% 15/10/2025 USD 1,055,000 857,828 0.02Resolution Funding Corp. InterestSTRIP 0% 15/01/2026 USD 1,195,000 962,763 0.03Reynolds American, Inc. 5.7%15/08/2035 USD 1,200,000 1,421,088 0.04Rockwell Collins, Inc. 3.2% 15/03/2024 USD 420,000 426,145 0.01Rockwell Collins, Inc. 4.35%15/04/2047 USD 166,000 173,725 0.00Roper Technologies, Inc. 3%15/12/2020 USD 145,000 148,355 0.00Roper Technologies, Inc. 3.8%15/12/2026 USD 469,000 483,431 0.01Ryder System, Inc. 2.5% 01/03/2018 USD 135,000 135,729 0.00Ryder System, Inc. 2.65% 02/03/2020 USD 80,000 80,825 0.00Ryder System, Inc. 2.5% 11/05/2020 USD 283,000 284,690 0.01Ryder System, Inc. 2.875% 01/09/2020 USD 144,000 146,223 0.00Ryder System, Inc. 2.25% 01/09/2021 USD 800,000 793,356 0.02San Diego Gas & Electric Co. 6.125%15/09/2037 USD 150,000 196,602 0.01San Diego Gas & Electric Co. 3.95%15/11/2041 USD 218,000 221,808 0.01Sempra Energy 9.8% 15/02/2019 USD 1,113,000 1,249,338 0.03Sempra Energy 3.25% 15/06/2027 USD 800,000 790,488 0.02Sempra Energy 6% 15/10/2039 USD 115,000 146,015 0.00Sherwin-Williams Co. (The) 3.125%01/06/2024 USD 329,000 331,048 0.01Sherwin-Williams Co. (The) 3.45%01/06/2027 USD 272,000 274,188 0.01Simon Property Group LP, REIT 4.375%01/03/2021 USD 250,000 266,724 0.01Simon Property Group LP, REIT 4.125%01/12/2021 USD 350,000 372,818 0.01Simon Property Group LP, REIT 3.75%01/02/2024 USD 722,000 752,533 0.02Simon Property Group LP, REIT 3.25%30/11/2026 USD 890,000 886,244 0.02Southern California Edison Co. 5.5%15/08/2018 USD 135,000 140,681 0.00Southern California Edison Co. 3.875%01/06/2021 USD 36,000 37,971 0.00Southern California Edison Co. 6%15/01/2034 USD 150,000 189,292 0.01Southern California Edison Co. 6.05%15/03/2039 USD 450,000 587,682 0.02Southern Co. Gas Capital Corp. 5.25%15/08/2019 USD 350,000 369,621 0.01Southern Co. Gas Capital Corp. 3.5%15/09/2021 USD 262,000 269,302 0.01Southern Co. Gas Capital Corp. 2.45%01/10/2023 USD 153,000 148,776 0.00Southern Co. Gas Capital Corp. 3.25%15/06/2026 USD 135,000 133,232 0.00Southern Co. Gas Capital Corp. 5.875%15/03/2041 USD 550,000 654,703 0.02Southern Co. Gas Capital Corp. 4.4%01/06/2043 USD 167,000 171,910 0.00Southern Co. Gas Capital Corp. 3.95%01/10/2046 USD 188,000 181,280 0.00Southern Natural Gas Co. LLC 8%01/03/2032 USD 624,000 848,815 0.02Southern Power Co. 4.15% 01/12/2025 USD 258,000 271,314 0.01Southern Power Co. 5.15% 15/09/2041 USD 871,000 924,262 0.02Southern Power Co. 4.95% 15/12/2046 USD 625,000 649,681 0.02SouthTrust Bank 7.69% 15/05/2025 USD 250,000 313,064 0.01Southwest Gas Corp. 3.8% 29/09/2046 USD 442,000 430,053 0.01Southwestern Electric Power Co. 3.55%15/02/2022 USD 625,000 643,362 0.02

190


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Southwestern Electric Power Co. 2.75%01/10/2026 USD 1,000,000 964,050 0.03Southwestern Public Service Co. 4.5%15/08/2041 USD 250,000 275,816 0.01Southwestern Public Service Co. 8.75%01/12/2018 USD 225,000 246,219 0.01Spectra Energy Capital LLC 8%01/10/2019 USD 100,000 111,748 0.00Spectra Energy Capital LLC 5.65%01/03/2020 USD 199,000 215,129 0.01Spectra Energy Capital LLC 3.3%15/03/2023 USD 178,000 179,201 0.00Spectra Energy Capital LLC 7.5%15/09/2038 USD 846,000 1,089,043 0.03Spectra Energy Capital LLC 6.75%15/07/2018 USD 250,000 261,154 0.01Spectra Energy Partners LP 3.5%15/03/2025 USD 875,000 874,733 0.02State Street Corp. 3.1% 15/05/2023 USD 276,000 281,203 0.01State Street Corp. 3.55% 18/08/2025 USD 647,000 674,633 0.02State Street Corp. 2.65% 19/05/2026 USD 250,000 243,442 0.01Stryker Corp. 3.5% 15/03/2026 USD 112,000 114,858 0.00Stryker Corp. 4.1% 01/04/2043 USD 500,000 503,315 0.01Sunoco Logistics Partners OperationsLP 5.5% 15/02/2020 USD 500,000 534,426 0.01Sunoco Logistics Partners OperationsLP 4.25% 01/04/2024 USD 508,000 521,487 0.01Sunoco Logistics Partners OperationsLP 5.95% 01/12/2025 USD 150,000 169,237 0.00Sunoco Logistics Partners OperationsLP 3.9% 15/07/2026 USD 122,000 120,237 0.00Sunoco Logistics Partners OperationsLP 6.1% 15/02/2042 USD 800,000 867,208 0.02Sunoco Logistics Partners OperationsLP 4.95% 15/01/2043 USD 527,000 496,711 0.01Sunoco Logistics Partners OperationsLP 5.35% 15/05/2045 USD 240,000 238,807 0.01SunTrust Bank 7.25% 15/03/2018 USD 100,000 103,781 0.00SunTrust Bank 3.3% 15/05/2026 USD 650,000 638,404 0.02SunTrust Banks, Inc. 6% 11/09/2017 USD 150,000 151,180 0.00SunTrust Banks, Inc. 2.9% 03/03/2021 USD 206,000 209,687 0.01SunTrust Banks, Inc. 2.7% 27/01/2022 USD 355,000 356,605 0.01Synchrony Financial 4.25%15/08/2024 USD 300,000 307,334 0.01Synchrony Financial 3.7% 04/08/2026 USD 1,276,000 1,231,831 0.03Sysco Corp. 3.75% 01/10/2025 USD 222,000 230,972 0.01Sysco Corp. 3.25% 15/07/2027 USD 1,350,000 1,334,421 0.04Target Corp. 2.5% 15/04/2026 USD 300,000 285,438 0.01TD Ameritrade Holding Corp. 2.95%01/04/2022 USD 380,000 388,379 0.01Tennessee Valley Authority 5.88%01/04/2036 USD 350,000 482,235 0.01Tennessee Valley Authority 5.25%15/09/2039 USD 1,050,000 1,376,923 0.04Tennessee Valley Authority 4.625%15/09/2060 USD 178,000 216,370 0.01Tennessee Valley Authority 4.25%15/09/2065 USD 693,000 786,429 0.02Teva Pharmaceutical Finance Co. LLC6.15% 01/02/2036 USD 1,750,000 2,066,479 0.06Thermo Fisher Scientific, Inc. 3%15/04/2023 USD 182,000 184,166 0.01Thermo Fisher Scientific, Inc. 2.95%19/09/2026 USD 417,000 406,934 0.01Time Warner Cos., Inc. 7.57%01/02/2024 USD 250,000 310,530 0.01Time Warner, Inc. 4.75% 29/03/2021 USD 280,000 301,834 0.01Time Warner, Inc. 3.55% 01/06/2024 USD 2,800,000 2,843,386 0.08Time Warner, Inc. 3.6% 15/07/2025 USD 875,000 879,064 0.02Time Warner, Inc. 6.2% 15/03/2040 USD 200,000 239,977 0.01Time Warner, Inc. 6.25% 29/03/2041 USD 89,000 108,889 0.00Time Warner, Inc. 5.375% 15/10/2041 USD 250,000 273,792 0.01Toledo Edison Co. (The) 6.15%15/05/2037 USD 600,000 731,850 0.02Tosco Corp. 7.8% 01/01/2027 USD 600,000 780,699 0.02Tosco Corp. 8.125% 15/02/2030 USD 250,000 349,376 0.01Toyota Motor Credit Corp. 1.375%10/01/2018 USD 700,000 699,986 0.02Toyota Motor Credit Corp. 1.45%12/01/2018 USD 387,000 387,124 0.01Toyota Motor Credit Corp. 2.8%13/07/2022 USD 500,000 508,405 0.01Travelers Cos., Inc. (The) 5.8%15/05/2018 USD 50,000 51,792 0.00Tyson Foods, Inc. 2.65% 15/08/2019 USD 650,000 658,405 0.02Tyson Foods, Inc. 4.875% 15/08/2034 USD 1,590,000 1,737,139 0.05UDR, Inc., REIT 2.95% 01/09/2026 USD 276,000 261,783 0.01Union Carbide Corp. 7.5% 01/06/2025 USD 350,000 432,875 0.01Union Carbide Corp. 7.75% 01/10/2096 USD 650,000 867,987 0.02

Union Electric Co. 2.95% 15/06/2027 USD 715,000 708,777 0.02Union Pacific Corp. 2.95% 15/01/2023 USD 107,000 109,432 0.00Union Pacific Corp. 4.3% 15/06/2042 USD 130,000 138,971 0.00United Parcel Service of America, Inc.8.375% 01/04/2020 USD 100,000 116,425 0.00United Parcel Service, Inc. 2.45%01/10/2022 USD 143,000 144,592 0.00United Technologies Corp. 3.1%01/06/2022 USD 426,000 441,048 0.01United Technologies Corp. 4.15%15/05/2045 USD 395,000 412,177 0.01United Technologies Corp., STEP1.778% 04/05/2018 USD 980,000 980,843 0.03UnitedHealth Group, Inc. 1.625%15/03/2019 USD 145,000 144,608 0.00UnitedHealth Group, Inc. 3.375%15/11/2021 USD 469,000 489,807 0.01UnitedHealth Group, Inc. 2.75%15/02/2023 USD 339,000 342,237 0.01UnitedHealth Group, Inc. 2.875%15/03/2023 USD 300,000 304,764 0.01UnitedHealth Group, Inc. 3.1%15/03/2026 USD 321,000 323,135 0.01UnitedHealth Group, Inc. 4.625%15/07/2035 USD 396,000 446,389 0.01UnitedHealth Group, Inc. 5.8%15/03/2036 USD 900,000 1,135,976 0.03UnitedHealth Group, Inc. 6.625%15/11/2037 USD 450,000 623,675 0.02US Bancorp 2.35% 29/01/2021 USD 480,000 483,254 0.01US Bancorp 2.625% 24/01/2022 USD 200,000 202,226 0.01US Bancorp 2.375% 22/07/2026 USD 1,250,000 1,183,094 0.03US Bancorp 3.15% 27/04/2027 USD 450,000 450,886 0.01US Bank NA 1.35% 26/01/2018 USD 450,000 449,811 0.01US Bank NA 2.125% 28/10/2019 USD 500,000 503,495 0.01US Bank NA 2.8% 27/01/2025 USD 392,000 388,968 0.01US Treasury 0.875% 15/10/2017 USD 3,990,000 3,987,896 0.11US Treasury 3.5% 15/02/2018 USD 7,000,000 7,098,711 0.19US Treasury 2.75% 28/02/2018 USD 4,300,000 4,343,420 0.12US Treasury 1.5% 31/08/2018 USD 34,000,000 34,075,703 0.90US Treasury 1.375% 30/09/2018 USD 10,000,000 10,008,789 0.27US Treasury 1.25% 31/10/2018 USD 16,000,000 15,985,937 0.42US Treasury 1.75% 31/10/2018 USD 10,000,000 10,059,180 0.27US Treasury 1.375% 31/12/2018 USD 10,000,000 10,006,250 0.27US Treasury 0.75% 15/02/2019 USD 3,500,000 3,467,666 0.09US Treasury 1.375% 28/02/2019 USD 4,500,000 4,502,549 0.12US Treasury 3.125% 15/05/2019 USD 16,700,000 17,245,686 0.46US Treasury 0.875% 15/06/2019 USD 10,000,000 9,907,031 0.26US Treasury 1% 30/06/2019 USD 1,325,000 1,315,813 0.04US Treasury 0.875% 31/07/2019 USD 675,000 668,197 0.02US Treasury 1% 31/08/2019 USD 1,000,000 991,797 0.03US Treasury 0.875% 15/09/2019 USD 20,000,000 19,774,219 0.53US Treasury 1% 30/09/2019 USD 1,000,000 991,328 0.03US Treasury 1% 30/11/2019 USD 3,500,000 3,465,684 0.09US Treasury 1.5% 30/11/2019 USD 30,000,000 30,049,219 0.80US Treasury 1.25% 31/01/2020 USD 5,000,000 4,972,852 0.13US Treasury 1.625% 30/06/2020 USD 24,000,000 24,062,813 0.64US Treasury 2.625% 15/08/2020 USD 3,000,000 3,096,797 0.08US Treasury 1.375% 30/09/2020 USD 10,000,000 9,933,984 0.26US Treasury 2.625% 15/11/2020 USD 400,000 413,187 0.01US Treasury 1.375% 31/01/2021 USD 11,000,000 10,895,586 0.29US Treasury 2.125% 31/01/2021 USD 1,000,000 1,016,523 0.03US Treasury 7.875% 15/02/2021 USD 100,000 121,738 0.00US Treasury 2% 28/02/2021 USD 27,850,000 28,189,422 0.75US Treasury 1.125% 31/08/2021 USD 30,000,000 29,248,828 0.78US Treasury 2% 31/10/2021 USD 14,600,000 14,735,164 0.39US Treasury 2.125% 31/12/2021 USD 12,800,000 12,982,000 0.34US Treasury 1.5% 31/01/2022 USD 1,200,000 1,183,828 0.03US Treasury 1.75% 15/05/2022 USD 19,800,000 19,719,562 0.52US Treasury 1.625% 15/08/2022 USD 3,000,000 2,964,375 0.08US Treasury 1.75% 30/09/2022 USD 16,000,000 15,880,625 0.42US Treasury 1.5% 28/02/2023 USD 12,000,000 11,700,000 0.31US Treasury 1.75% 15/05/2023 USD 9,500,000 9,373,828 0.25US Treasury 2.5% 15/08/2023 USD 17,000,000 17,475,469 0.46US Treasury 1.375% 31/08/2023 USD 10,000,000 9,621,875 0.26US Treasury 2.5% 15/05/2024 USD 10,000,000 10,264,063 0.27US Treasury 6% 15/02/2026 USD 1,368,000 1,776,156 0.05US Treasury 5.25% 15/11/2028 USD 100,000 128,992 0.00US Treasury 5.25% 15/02/2029 USD 2,000,000 2,587,344 0.07US Treasury 6.125% 15/08/2029 USD 6,000,000 8,375,156 0.22US Treasury 4.375% 15/02/2038 USD 3,000,000 3,827,344 0.10US Treasury 4.5% 15/05/2038 USD 2,250,000 2,917,090 0.08US Treasury 3.5% 15/02/2039 USD 8,900,000 10,076,469 0.27US Treasury 4.25% 15/05/2039 USD 800,000 1,003,625 0.03US Treasury 4.5% 15/08/2039 USD 3,000,000 3,890,625 0.10US Treasury 4.375% 15/11/2039 USD 13,300,000 16,969,969 0.45US Treasury 4.625% 15/02/2040 USD 5,000,000 6,597,656 0.18

191


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

US Treasury 4.375% 15/05/2040 USD 9,250,000 11,824,102 0.31US Treasury 3.875% 15/08/2040 USD 12,100,000 14,411,289 0.38US Treasury 4.25% 15/11/2040 USD 13,500,000 16,977,305 0.45US Treasury 4.75% 15/02/2041 USD 3,000,000 4,042,266 0.11US Treasury 2.75% 15/11/2042 USD 2,500,000 2,472,070 0.07US Treasury 3.125% 15/02/2043 USD 3,000,000 3,171,797 0.08US Treasury Inflation Indexed 0.125%15/04/2019 USD 1,250,000 1,305,433 0.03US Treasury Inflation Indexed 1.375%15/01/2020 USD 1,820,000 2,135,130 0.06US Treasury Inflation Indexed 0.125%15/01/2022 USD 5,360,000 5,791,777 0.15US Treasury Inflation Indexed 2.375%15/01/2025 USD 1,500,000 2,220,777 0.06US Treasury Inflation Indexed 2.5%15/01/2029 USD 1,000,000 1,373,900 0.04US Treasury STRIP Coupon 0%15/11/2017 USD 380,000 378,473 0.01US Treasury STRIP Coupon 0%15/02/2018 USD 3,000,000 2,977,524 0.08US Treasury STRIP Coupon 0%15/11/2018 USD 4,000,000 3,930,071 0.10US Treasury STRIP Coupon 0%15/05/2019 USD 16,500,000 16,077,150 0.43US Treasury STRIP Coupon 0%15/08/2019 USD 5,890,000 5,715,856 0.15US Treasury STRIP Coupon 0%15/11/2019 USD 10,000,000 9,663,145 0.26US Treasury STRIP Coupon 0%15/02/2020 USD 3,187,000 3,066,917 0.08US Treasury STRIP Coupon 0%15/05/2020 USD 16,653,000 15,948,261 0.42US Treasury STRIP Coupon 0%15/08/2020 USD 13,330,000 12,687,593 0.34US Treasury STRIP Coupon 0%15/02/2021 USD 4,330,000 4,070,006 0.11US Treasury STRIP Coupon 0%15/05/2021 USD 28,920,000 27,020,154 0.72US Treasury STRIP Coupon 0%15/08/2021 USD 4,500,000 4,180,514 0.11US Treasury STRIP Coupon 0%15/11/2021 USD 795,000 733,954 0.02US Treasury STRIP Coupon 0%15/11/2023 USD 9,500,000 8,307,961 0.22Valero Energy Corp. 7.5% 15/04/2032 USD 360,000 467,939 0.01Ventas Realty LP, REIT 3.75%01/05/2024 USD 1,409,000 1,438,272 0.04Ventas Realty LP, REIT 3.5%01/02/2025 USD 135,000 134,547 0.00Ventas Realty LP, REIT 4.125%15/01/2026 USD 151,000 155,769 0.00Ventas Realty LP, REIT 3.85%01/04/2027 USD 369,000 372,421 0.01VEREIT Operating Partnership LP, REIT4.6% 06/02/2024 USD 2,630,000 2,748,008 0.07Verizon Communications, Inc. 4.125%16/03/2027 USD 2,000,000 2,063,440 0.05Verizon Communications, Inc. 5.05%15/03/2034 USD 4,715,000 4,997,334 0.13Verizon Communications, Inc. 4.4%01/11/2034 USD 3,783,000 3,752,509 0.10Verizon Communications, Inc. 4.272%15/01/2036 USD 1,500,000 1,450,253 0.04Verizon Communications, Inc. 5.25%16/03/2037 USD 914,000 983,395 0.03Verizon Communications, Inc. 4.862%21/08/2046 USD 2,012,000 2,008,811 0.05Verizon Communications, Inc. 4.522%15/09/2048 USD 346,000 327,550 0.01Verizon Communications, Inc. 4.672%15/03/2055 USD 554,000 521,123 0.01Verizon Communications, Inc. 5.012%21/08/2054 USD 271,000 269,263 0.01Virginia Electric & Power Co. 5.4%30/04/2018 USD 390,000 401,682 0.01Virginia Electric & Power Co. 2.95%15/01/2022 USD 94,000 96,149 0.00Virginia Electric & Power Co. 6%15/05/2037 USD 200,000 258,202 0.01Voya Financial, Inc. 3.125%15/07/2024 USD 1,450,000 1,434,797 0.04Voya Financial, Inc. 3.65% 15/06/2026 USD 355,000 356,466 0.01Wal-Mart Stores, Inc. 5% 25/10/2040 USD 60,000 72,096 0.00Walt Disney Co. (The) 3% 13/02/2026 USD 1,400,000 1,408,628 0.04Walt Disney Co. (The) 2.95%15/06/2027 USD 700,000 695,726 0.02Waste Management, Inc. 4.75%30/06/2020 USD 107,000 115,402 0.00Waste Management, Inc. 3.125%01/03/2025 USD 206,000 209,033 0.01

Waste Management, Inc. 3.9%01/03/2035 USD 76,000 78,506 0.00WEC Energy Group, Inc. 3.55%15/06/2025 USD 432,000 447,666 0.01Wells Fargo & Co. 5.625% 11/12/2017 USD 500,000 508,848 0.01Wells Fargo & Co. 2.6% 22/07/2020 USD 954,000 966,636 0.03Wells Fargo & Co. 4.6% 01/04/2021 USD 1,000,000 1,079,280 0.03Wells Fargo & Co. 3.5% 08/03/2022 USD 1,300,000 1,352,514 0.04Wells Fargo & Co. 3.069% 24/01/2023 USD 1,400,000 1,420,783 0.04Wells Fargo & Co. 3.3% 09/09/2024 USD 2,500,000 2,536,600 0.07Wells Fargo & Co. 3% 19/02/2025 USD 583,000 576,395 0.02Wells Fargo & Co. 3.55% 29/09/2025 USD 750,000 764,782 0.02Wells Fargo & Co. 4.1% 03/06/2026 USD 317,000 328,599 0.01Wells Fargo & Co. 3% 23/10/2026 USD 2,000,000 1,949,180 0.05Wells Fargo & Co. 4.3% 22/07/2027 USD 132,000 138,689 0.00Wells Fargo & Co. 5.606% 15/01/2044 USD 284,000 338,387 0.01Wells Fargo & Co. 4.9% 17/11/2045 USD 359,000 390,285 0.01Wells Fargo & Co. 4.75% 07/12/2046 USD 478,000 511,606 0.01Wells Fargo & Co. 2.15% 30/01/2020 USD 2,015,000 2,020,753 0.05Welltower, Inc., REIT 3.75% 15/03/2023 USD 620,000 644,065 0.02Welltower, Inc., REIT 4% 01/06/2025 USD 1,194,000 1,237,438 0.03Welltower, Inc., REIT 4.25%01/04/2026 USD 600,000 628,968 0.02Western Gas Partners LP 5.375%01/06/2021 USD 149,000 160,147 0.00Western Gas Partners LP 3.95%01/06/2025 USD 397,000 395,343 0.01Western Gas Partners LP 4.65%01/07/2026 USD 267,000 276,059 0.01Western Gas Partners LP 5.45%01/04/2044 USD 526,000 543,106 0.01Western Union Co. (The) 3.6%15/03/2022 USD 1,000,000 1,020,820 0.03Western Union Co. (The) 6.2%21/06/2040 USD 150,000 158,503 0.00Westlake Chemical Corp. 3.6%15/07/2022 USD 600,000 612,360 0.02Weyerhaeuser Co., REIT 7.375%15/03/2032 USD 700,000 966,301 0.03Williams Partners LP 4.875%15/05/2023 USD 1,400,000 1,456,168 0.04Williams Partners LP 3.9% 15/01/2025 USD 349,000 354,525 0.01Wisconsin Electric Power Co. 2.95%15/09/2021 USD 17,000 17,370 0.00Wisconsin Electric Power Co. 3.1%01/06/2025 USD 220,000 218,893 0.01WW Grainger, Inc. 4.6% 15/06/2045 USD 1,518,000 1,658,301 0.04Wyeth LLC 6.45% 01/02/2024 USD 25,000 30,536 0.00Xcel Energy, Inc. 6.5% 01/07/2036 USD 950,000 1,206,585 0.03Xcel Energy, Inc. 4.8% 15/09/2041 USD 68,000 72,091 0.00Xylem, Inc. 3.25% 01/11/2026 USD 166,000 165,944 0.00Xylem, Inc. 4.375% 01/11/2046 USD 224,000 231,573 0.01Zoetis, Inc. 1.875% 01/02/2018 USD 148,000 148,075 0.00Zoetis, Inc. 3.45% 13/11/2020 USD 105,000 108,778 0.00Zoetis, Inc. 3.25% 01/02/2023 USD 280,000 287,826 0.01Zoetis, Inc. 4.5% 13/11/2025 USD 280,000 307,539 0.01Zoetis, Inc. 4.7% 01/02/2043 USD 86,000 93,679 0.00

1,217,024,604 32.32

Virgin Islands, BritishChina Southern Power GridInternational Finance BVI Co. Ltd.,144A 3.5% 08/05/2027 USD 1,751,000 1,744,302 0.05CNOOC Finance 2013 Ltd. 3%09/05/2023 USD 600,000 594,326 0.01

2,338,628 0.06

Total Bonds 1,355,924,342 36.01



Bonds

AustraliaAPT Pipelines Ltd., 144A 4.25%15/07/2027 USD 895,000 920,378 0.02Australia & New Zealand BankingGroup Ltd., 144A 4.4% 19/05/2026 USD 200,000 207,094 0.01Australia & New Zealand BankingGroup Ltd. 1.5% 16/01/2018 USD 600,000 599,991 0.02Australia & New Zealand BankingGroup Ltd. 1.45% 15/05/2018 USD 350,000 349,592 0.01Australia & New Zealand BankingGroup Ltd. 2.125% 19/08/2020 USD 300,000 299,620 0.01

192


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Commonwealth Bank of Australia,144A 2% 06/09/2021 USD 500,000 491,122 0.01Commonwealth Bank of Australia,144A 2.75% 10/03/2022 USD 530,000 534,863 0.01Commonwealth Bank of Australia,144A 4.5% 09/12/2025 USD 902,000 945,909 0.02GAIF Bond Issuer Pty. Ltd., REIT, 144A3.4% 30/09/2026 USD 826,000 812,093 0.02Macquarie Bank Ltd., 144A 1.6%27/10/2017 USD 450,000 449,908 0.01Macquarie Bank Ltd., 144A 2.4%21/01/2020 USD 450,000 451,145 0.01Macquarie Bank Ltd., 144A 2.85%29/07/2020 USD 500,000 506,880 0.01Macquarie Bank Ltd., 144A 4%29/07/2025 USD 580,000 607,831 0.02Macquarie Group Ltd., 144A 6.25%14/01/2021 USD 930,000 1,034,751 0.03National Australia Bank Ltd., 144A2.4% 09/12/2019 USD 350,000 352,509 0.01National Australia Bank Ltd. 2.125%22/05/2020 USD 650,000 649,649 0.02National Australia Bank Ltd. 3.375%14/01/2026 USD 273,000 277,256 0.01National Australia Bank Ltd. 2.5%12/07/2026 USD 500,000 472,945 0.01Scentre Group Trust 1, REIT, 144A 3.5%12/02/2025 USD 1,700,000 1,707,472 0.05Westpac Banking Corp., FRN, 144A1.458% 16/07/2018 USD 650,000 650,618 0.02Westpac Banking Corp., 144A 2%03/03/2020 USD 742,000 741,262 0.02Westpac Banking Corp., FRN 4.322%23/11/2031 USD 1,200,000 1,233,120 0.03Westpac Banking Corp. 2.5%28/06/2022 USD 450,000 448,333 0.01Westpac Banking Corp. 3.35%08/03/2027 USD 750,000 755,284 0.02

15,499,625 0.41

CanadaAgrium, Inc. 3.375% 15/03/2025 USD 312,000 313,384 0.01Agrium, Inc. 4.125% 15/03/2035 USD 2,334,000 2,324,734 0.06Agrium, Inc. 5.25% 15/01/2045 USD 273,000 310,929 0.01Bank of Nova Scotia (The), 144A1.875% 20/09/2021 USD 700,000 688,261 0.02Bank of Nova Scotia (The) 2.7%07/03/2022 USD 570,000 574,178 0.02Canadian Imperial Bank of Commerce,144A 2.25% 21/07/2020 USD 781,000 785,221 0.02Canadian Imperial Bank of Commerce2.55% 16/06/2022 USD 700,000 699,496 0.02Canadian Pacific Railway Co. 2.9%01/02/2025 USD 346,000 343,350 0.01Canadian Pacific Railway Co. 6.125%15/09/2115 USD 560,000 700,501 0.02CDP Financial, Inc., 144A 4.4%25/11/2019 USD 450,000 475,553 0.01Cenovus Energy, Inc., 144A 5.25%15/06/2037 USD 268,000 250,632 0.01Enbridge, Inc. 3.7% 15/07/2027 USD 509,000 508,420 0.01Enbridge, Inc. 5.5% 01/12/2046 USD 1,250,000 1,411,975 0.04Fortis, Inc. 2.1% 04/10/2021 USD 800,000 770,136 0.02Fortis, Inc. 3.055% 04/10/2026 USD 1,990,000 1,918,012 0.05Husky Energy, Inc. 6.15% 15/06/2019 USD 40,000 42,856 0.00Husky Energy, Inc. 3.95% 15/04/2022 USD 300,000 314,436 0.01Manulife Financial Corp., FRN 4.061%24/02/2032 USD 1,200,000 1,212,282 0.03National Bank of Canada 2.15%12/06/2020 USD 1,000,000 998,015 0.03Ontario Teachers’ Cadillac FairviewProperties Trust, 144A 3.125%20/03/2022 USD 772,000 784,746 0.02Ontario Teachers’ Cadillac FairviewProperties Trust, 144A 3.875%20/03/2027 USD 804,000 827,027 0.02Potash Corp. of Saskatchewan, Inc. 4%15/12/2026 USD 850,000 877,574 0.02Province of Quebec Canada 6.35%30/01/2026 USD 270,000 336,173 0.01Royal Bank of Canada 4.65%27/01/2026 USD 400,000 430,368 0.01Toronto-Dominion Bank (The), FRN3.625% 15/09/2031 USD 433,000 429,484 0.01

18,327,743 0.49

Cayman IslandsColony American Finance Ltd., Series2015-1 ‘A’, 144A 2.896% 15/10/2047 USD 1,242,615 1,245,288 0.03Colony American Finance Ltd., Series2016-2 ‘A’, 144A 2.554% 15/11/2048 USD 3,047,828 2,993,351 0.08HERO Funding Trust, Series 2017-1A‘A2’, 144A 4.46% 20/09/2047 USD 6,835,016 7,072,165 0.19Hero Residual Funding, Series 2016-1R‘A1’, 144A 4.5% 21/09/2042 USD 3,191,524 3,175,566 0.08Hutchison Whampoa International 11Ltd., 144A 4.625% 13/01/2022 USD 300,000 324,499 0.01PFP Ltd., FRN, Series 2015-2 ‘A’, 144A2.439% 14/07/2034 USD 306,301 306,276 0.01PFP Ltd., FRN, Series 2015-2 ‘C’, 144A4.242% 14/07/2034 USD 586,000 587,006 0.02PFP Ltd., FRN, Series 2015-2 ‘D’, 144A4.992% 14/07/2034 USD 487,000 488,421 0.01Renew, Series 2017-1A ‘A’, 144A 3.67%20/09/2052 USD 2,670,829 2,707,232 0.07Resource Capital Corp. Ltd., FRN,Series 2015-CRE4 ‘A’, 144A 2.401%15/08/2032 USD 110,435 110,188 0.00Resource Capital Corp. Ltd., FRN,Series 2015-CRE4 ‘B’, 144A 4.001%15/08/2032 USD 671,000 664,290 0.02

19,674,282 0.52

ChinaIndustrial & Commercial Bank of ChinaLtd. 2.351% 13/11/2017 USD 250,000 250,360 0.01Industrial & Commercial Bank of ChinaLtd. 2.452% 20/10/2021 USD 1,000,000 985,110 0.02

1,235,470 0.03

DenmarkDanske Bank A/S, 144A 2%08/09/2021 USD 429,000 421,801 0.01Danske Bank A/S, 144A 2.7%02/03/2022 USD 550,000 554,857 0.02

976,658 0.03

FranceAir Liquide Finance SA, 144A 2.25%27/09/2023 USD 578,000 563,467 0.02Banque Federative du Credit MutuelSA, 144A 2% 12/04/2019 USD 245,000 244,748 0.01BPCE SA, 144A 5.7% 22/10/2023 USD 700,000 779,212 0.02BPCE SA, 144A 4.625% 11/07/2024 USD 400,000 415,288 0.01BPCE SA 1.625% 26/01/2018 USD 750,000 749,711 0.02BPCE SA 3.375% 02/12/2026 USD 900,000 912,461 0.02Credit Agricole SA, 144A 4.125%10/01/2027 USD 958,000 1,001,924 0.03Danone SA, 144A 2.589% 02/11/2023 USD 2,000,000 1,959,070 0.05

6,625,881 0.18

GermanyDeutsche Bank AG 4.25% 14/10/2021 USD 1,284,000 1,347,083 0.04

1,347,083 0.04

IrelandTrafigura Securitisation Finance plc,FRN, Series 2014-1A ‘A’, 144A 1.939%15/10/2018 USD 1,276,000 1,275,657 0.03

1,275,657 0.03

IsraelAid-israel 0% 01/11/2023 USD 2,000,000 1,739,350 0.05Israel Government Bond 0%15/08/2024 USD 4,240,000 3,565,802 0.09Israel Government Bond 0%01/11/2024 USD 8,530,000 7,080,727 0.19Israel Government Bond 0%15/11/2024 USD 2,880,000 2,386,400 0.06Israel Government Bond 0%15/02/2025 USD 2,750,000 2,262,686 0.06Israel Government Bond 0%15/08/2025 USD 2,500,000 2,026,013 0.05Israel Government Bond 0%15/11/2026 USD 1,300,000 1,005,832 0.03Israel Government Bond 5.5%18/09/2033 USD 1,680,000 2,254,283 0.06

22,321,093 0.59

193


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JapanDaiwa Securities Group, Inc., 144A3.129% 19/04/2022 USD 793,000 800,478 0.02Mitsubishi UFJ Trust & Banking Corp.,144A 2.65% 19/10/2020 USD 500,000 503,870 0.01Mizuho Bank Ltd., 144A 1.8%26/03/2018 USD 363,000 363,056 0.01Mizuho Financial Group, Inc., 144A2.632% 12/04/2021 USD 351,000 350,951 0.01

2,018,355 0.05

LuxembourgSchlumberger Investment SA, 144A3.3% 14/09/2021 USD 210,000 217,120 0.01Schlumberger Investment SA, 144A2.4% 01/08/2022 USD 360,000 357,577 0.01SES SA, 144A 3.6% 04/04/2023 USD 200,000 202,806 0.00

777,503 0.02

MexicoPetroleos Mexicanos, 144A 6.5%13/03/2027 USD 2,164,000 2,326,928 0.06Petroleos Mexicanos 6.375%04/02/2021 USD 261,000 282,994 0.01Petroleos Mexicanos 4.625%21/09/2023 USD 1,000,000 1,013,555 0.03Petroleos Mexicanos 6.875%04/08/2026 USD 1,044,000 1,159,070 0.03Petroleos Mexicanos 6.625%15/06/2035 USD 500,000 518,005 0.01Petroleos Mexicanos 5.625%23/01/2046 USD 431,000 383,295 0.01

5,683,847 0.15

NetherlandsABN AMRO Bank NV, 144A 2.1%18/01/2019 USD 1,813,000 1,816,644 0.05Airbus SE, 144A 3.15% 10/04/2027 USD 818,000 825,943 0.02Airbus SE, 144A 3.95% 10/04/2047 USD 210,000 216,669 0.00Cooperatieve Rabobank UA 2.75%10/01/2022 USD 1,600,000 1,624,560 0.04Cooperatieve Rabobank UA 3.875%08/02/2022 USD 1,053,000 1,119,355 0.03Cooperatieve Rabobank UA 4.625%01/12/2023 USD 250,000 269,886 0.01Cooperatieve Rabobank UA 4.375%04/08/2025 USD 250,000 262,244 0.01Cooperatieve Rabobank UA 3.75%21/07/2026 USD 650,000 651,992 0.02Deutsche Telekom InternationalFinance BV, 144A 2.82% 19/01/2022 USD 300,000 301,734 0.01Deutsche Telekom InternationalFinance BV, 144A 3.6% 19/01/2027 USD 650,000 660,166 0.02EDP Finance BV, 144A 3.625%15/07/2024 USD 800,000 793,948 0.02Enel Finance International NV, 144A5.125% 07/10/2019 USD 350,000 372,302 0.01Enel Finance International NV, 144A3.625% 25/05/2027 USD 640,000 635,763 0.02ING Bank NV, 144A 2.05% 17/08/2018 USD 600,000 601,587 0.02ING Bank NV, 144A 1.65% 15/08/2019 USD 500,000 495,577 0.01Mondelez International HoldingsNetherlands BV, 144A 2% 28/10/2021 USD 600,000 585,507 0.01Mylan NV 5.25% 15/06/2046 USD 223,000 244,322 0.01Mylan NV 3.95% 15/06/2026 USD 591,000 599,032 0.01Siemens FinancieringsmaatschappijNV, 144A 2.9% 27/05/2022 USD 430,000 439,864 0.01Siemens FinancieringsmaatschappijNV, 144A 3.125% 16/03/2024 USD 700,000 712,778 0.02Siemens FinancieringsmaatschappijNV, 144A 2.35% 15/10/2026 USD 500,000 471,345 0.01Siemens FinancieringsmaatschappijNV, 144A 4.4% 27/05/2045 USD 250,000 271,174 0.01Siemens FinancieringsmaatschappijNV, 144A 3.3% 15/09/2046 USD 500,000 453,718 0.01

14,426,110 0.38

New ZealandANZ New Zealand Int’l Ltd., 144A 1.75%29/03/2018 USD 481,000 481,111 0.01ANZ New Zealand Int’l Ltd., 144A2.85% 06/08/2020 USD 250,000 253,791 0.01ANZ New Zealand Int’l Ltd., 144A2.875% 25/01/2022 USD 300,000 302,850 0.01BNZ International Funding Ltd., 144A2.9% 21/02/2022 USD 500,000 504,730 0.01

1,542,482 0.04

NorwaySpareBank 1 Boligkreditt A/S, 144A1.75% 15/11/2019 USD 1,005,000 1,000,146 0.03

1,000,146 0.03

SupranationalAfrican Development Bank 8.8%01/09/2019 USD 1,700,000 1,936,101 0.05

1,936,101 0.05

SwedenNordea Bank AB, 144A 1.625%30/09/2019 USD 250,000 248,115 0.01Nordea Bank AB, 144A 2.5%17/09/2020 USD 710,000 716,230 0.02Nordea Bank AB, 144A 4.25%21/09/2022 USD 680,000 719,260 0.02Svenska Handelsbanken AB 2.4%01/10/2020 USD 600,000 604,299 0.01Swedbank AB, 144A 2.8% 14/03/2022 USD 500,000 506,473 0.01

2,794,377 0.07

SwitzerlandCredit Suisse Group AG, 144A 3.574%09/01/2023 USD 945,000 968,422 0.02UBS Group Funding Switzerland AG,144A 3.491% 23/05/2023 USD 1,200,000 1,230,888 0.03UBS Group Funding Switzerland AG,144A 4.125% 24/09/2025 USD 575,000 603,155 0.02

2,802,465 0.07

United KingdomBarclays Bank plc, 144A 6.05%04/12/2017 USD 300,000 305,087 0.01HSBC Bank plc, 144A 1.5% 15/05/2018 USD 392,000 391,420 0.01Nationwide Building Society, 144A2.45% 27/07/2021 USD 317,000 316,933 0.01

1,013,440 0.03

United States of America21st Century Fox America, Inc. 7.25%18/05/2018 USD 100,000 104,723 0.0021st Century Fox America, Inc. 8.875%26/04/2023 USD 300,000 388,766 0.0121st Century Fox America, Inc. 7.75%20/01/2024 USD 15,000 18,596 0.0021st Century Fox America, Inc. 9.5%15/07/2024 USD 480,000 654,130 0.0221st Century Fox America, Inc. 7.7%30/10/2025 USD 170,000 219,760 0.0121st Century Fox America, Inc. 7.43%01/10/2026 USD 454,000 584,264 0.0221st Century Fox America, Inc. 7.625%30/11/2028 USD 200,000 263,127 0.0121st Century Fox America, Inc. 6.2%15/12/2034 USD 250,000 309,100 0.0121st Century Fox America, Inc. 6.4%15/12/2035 USD 500,000 635,970 0.0221st Century Fox America, Inc. 6.65%15/11/2037 USD 200,000 265,047 0.0121st Century Fox America, Inc. 6.15%15/02/2041 USD 297,000 374,881 0.01A10 Securitization LLC, Series 2015-1‘A2’, 144A 3.13% 15/04/2034 USD 592,936 595,643 0.02Aames Mortgage Investment Trust,FRN, Series 2005-3 ‘M1’, 144A 1.819%25/08/2035 USD 604,886 592,408 0.02ABFC Trust, STEP, Series 2005-AQ1‘A4’ 4.805% 25/01/2034 USD 357,439 363,442 0.01Academic Loan Funding Trust, FRN,Series 2012-1A ‘A1’, 144A 1.824%27/12/2022 USD 114,581 114,794 0.00Access Point Funding Trust, Series2016-1 6.25% 16/02/2021 USD 1,090,184 1,091,396 0.03AEP Transmission Co. LLC 4%01/12/2046 USD 467,000 486,890 0.01

194


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

AIG Global Funding, 144A 1.65%15/12/2017 USD 226,000 226,020 0.01AIG Global Funding, 144A 1.9%06/10/2021 USD 800,000 777,000 0.02AIG SunAmerica Global Financing X,144A 6.9% 15/03/2032 USD 650,000 846,501 0.02Ajax Mortgage Loan Trust, STEP, Series2015-B ‘A’, 144A 3.875% 25/07/2060 USD 653,067 653,904 0.02Ally Auto Receivables Trust, Series2016-1 ‘A3’ 1.47% 15/04/2020 USD 971,000 970,857 0.03Ally Master Owner Trust, Series 2015-3‘A’ 1.63% 15/05/2020 USD 1,000,000 1,000,411 0.03Ally Master Owner Trust, Series 2014-4‘A2’ 1.43% 17/06/2019 USD 1,000,000 1,000,000 0.03Alternative Loan Trust, Series2005-54CB ‘1A11’ 5.5% 25/11/2035 USD 375,300 354,219 0.01Alternative Loan Trust, IO, FRN, Series2005-J1 ‘1A4’ 3.884% 25/02/2035 USD 91,152 3,472 0.00Alternative Loan Trust, Series2005-28CB ‘1A4’ 5.5% 25/08/2035 USD 251,218 233,562 0.01Alternative Loan Trust, Series2004-2CB ‘1A9’ 5.75% 25/03/2034 USD 822,153 821,614 0.02Alternative Loan Trust, Series2004-28CB ‘3A1’ 6% 25/01/2035 USD 43,942 43,691 0.00Alternative Loan Trust, IO, FRN, Series2005-20CB ‘3A8’ 3.534% 25/07/2035 USD 1,086,564 147,113 0.00Amazon.com, Inc. 3.8% 05/12/2024 USD 395,000 422,103 0.01Amazon.com, Inc. 4.8% 05/12/2034 USD 1,063,000 1,226,952 0.03American Airlines Pass Through Trust,Series 2016-2 3.65% 15/12/2029 USD 122,724 125,178 0.00American Airlines Pass Through Trust,Series 2017-1 3.65% 15/08/2030 USD 686,000 693,004 0.02American Airlines Pass Through Trust,Series 2011-1 ‘A’ 5.25% 31/07/2022 USD 40,188 42,905 0.00American Airlines Pass Through Trust,Series 2013-1 ‘A’ 4% 15/01/2027 USD 891,674 934,029 0.03American Airlines Pass Through Trust,Series 2013-2 ‘A’ 4.95% 15/07/2024 USD 666,029 711,819 0.02American Airlines Pass Through Trust,Series 2016-3 ‘AA’ 3% 15/04/2030 USD 1,590,000 1,566,150 0.04American Credit AcceptanceReceivables Trust, Series 2015-3 ‘A’,144A 1.95% 12/09/2019 USD 43,093 43,095 0.00American Credit AcceptanceReceivables Trust, Series 2016-3 ‘A’,144A 1.7% 12/11/2020 USD 743,643 742,785 0.02American Credit AcceptanceReceivables Trust, Series 2016-4 ‘A’,144A 1.5% 12/06/2020 USD 2,571,903 2,569,209 0.07American Credit AcceptanceReceivables Trust, Series 2017-2 ‘A’,144A 1.84% 13/07/2020 USD 1,200,000 1,199,578 0.03American Credit AcceptanceReceivables Trust, Series 2015-2 ‘C’,144A 4.32% 12/05/2021 USD 490,000 499,925 0.01American Credit AcceptanceReceivables Trust, Series 2016-2 ‘C’,144A 6.09% 12/05/2022 USD 1,300,000 1,349,676 0.04American Credit AcceptanceReceivables Trust, Series 2016-3 ‘C’,144A 4.26% 12/08/2022 USD 1,011,000 1,029,631 0.03American Credit AcceptanceReceivables Trust, Series 2016-4 ‘C’,144A 2.91% 13/02/2023 USD 1,235,000 1,241,166 0.03American Credit AcceptanceReceivables Trust, Series 2017-2 ‘C’,144A 2.86% 12/06/2023 USD 5,397,000 5,398,509 0.14American Credit AcceptanceReceivables Trust, Series 2017-2 ‘D’,144A 3.69% 12/06/2023 USD 3,294,000 3,297,273 0.09American Homes 4 Rent, Series2015-SFR1 ‘A’, 144A 3.467%17/04/2052 USD 6,931,722 7,183,381 0.19American Homes 4 Rent, Series2015-SFR1 ‘D’, 144A 4.407%17/04/2052 USD 6,418,000 6,601,799 0.18American Homes 4 Rent, Series2015-SFR1 ‘E’, 144A 5.639%17/04/2052 USD 650,000 702,369 0.02American Homes 4 Rent Trust, Series2014-SFR2 ‘A’, 144A 3.786%17/10/2036 USD 3,151,128 3,306,565 0.09American Homes 4 Rent Trust, Series2014-SFR3 ‘A’, 144A 3.678%17/12/2036 USD 6,301,290 6,583,269 0.18American Homes 4 Rent Trust, Series2015-SFR2 ‘A’, 144A 3.732%17/10/2045 USD 1,536,292 1,620,263 0.04American Homes 4 Rent Trust, Series2014-SFR3 ‘B’, 144A 4.201%17/12/2036 USD 750,000 783,663 0.02

American Homes 4 Rent Trust, Series2014-SFR2 ‘C’, 144A 4.705%17/10/2036 USD 1,300,000 1,378,576 0.04American Homes 4 Rent Trust, Series2014-SFR3 ‘C’, 144A 4.596%17/12/2036 USD 500,000 526,996 0.01American Homes 4 Rent Trust, Series2015-SFR2 ‘C’, 144A 4.691%17/10/2045 USD 1,893,000 2,011,512 0.05American Homes 4 Rent Trust, Series2014-SFR3 ‘D’, 144A 5.04% 17/12/2036 USD 523,000 561,016 0.02American Homes 4 Rent Trust, Series2015-SFR2 ‘D’, 144A 5.036%17/10/2045 USD 4,103,000 4,400,129 0.12American Homes 4 Rent Trust, Series2014-SFR2 ‘E’, 144A 6.231%17/10/2036 USD 350,000 390,111 0.01American Homes 4 Rent Trust, Series2014-SFR3 ‘E’, 144A 6.418%17/12/2036 USD 875,000 987,029 0.03American Homes 4 Rent Trust, Series2015-SFR2 ‘E’, 144A 6.07% 17/10/2045 USD 2,800,000 3,115,590 0.08American Honda Finance Corp., 144A1.6% 16/02/2018 USD 311,000 310,956 0.01American Honda Finance Corp., 144A7.625% 01/10/2018 USD 165,000 176,938 0.01American Honda Finance Corp. 2.9%16/02/2024 USD 650,000 658,469 0.02American Municipal Power, Inc. ‘B’7.499% 15/02/2050 USD 715,000 1,009,752 0.03American Tower Corp., REIT 4%01/06/2025 USD 52,000 53,761 0.00American Tower Trust #1, REIT, 144A1.551% 15/03/2043 USD 250,000 249,551 0.01American Tower Trust #1, REIT, 144A3.07% 15/03/2048 USD 1,950,000 1,972,001 0.05American Water Capital Corp. 3.4%01/03/2025 USD 366,000 379,569 0.01Americredit Automobile ReceivablesTrust, Series 2014-4 ‘A3’ 1.27%08/07/2019 USD 60,361 60,347 0.00Americredit Automobile ReceivablesTrust, Series 2016-4 ‘B’ 1.83%08/12/2021 USD 4,300,000 4,268,297 0.11AmeriCredit Automobile ReceivablesTrust, Series 2016-2 ‘A2A’ 1.42%08/10/2019 USD 957,575 957,349 0.03AmeriCredit Automobile ReceivablesTrust, Series 2016-2 ‘A3’ 1.6%09/11/2020 USD 513,000 513,084 0.01AmeriCredit Automobile ReceivablesTrust, Series 2017-1 ‘B’ 2.3%18/02/2022 USD 1,139,000 1,141,836 0.03AmeriCredit Automobile ReceivablesTrust, Series 2017-1 ‘C’ 2.71%18/08/2022 USD 611,000 615,071 0.02AmeriCredit Automobile ReceivablesTrust, Series 2017-1 ‘D’ 3.13%18/01/2023 USD 1,372,000 1,384,056 0.04AmeriCredit Automobile ReceivablesTrust, Series 2017-2 ‘D’ 3.42%18/04/2023 USD 5,400,000 5,452,366 0.15Amgen, Inc. 5.7% 01/02/2019 USD 190,000 201,409 0.01Amgen, Inc. 2.65% 11/05/2022 USD 650,000 653,152 0.02Amgen, Inc. 3.625% 15/05/2022 USD 781,000 817,281 0.02Amgen, Inc. 3.125% 01/05/2025 USD 525,000 527,551 0.01Amgen, Inc. 4.95% 01/10/2041 USD 550,000 603,367 0.02Amgen, Inc. 4.4% 01/05/2045 USD 650,000 671,379 0.02Amgen, Inc. 4.563% 15/06/2048 USD 294,000 308,694 0.01Amgen, Inc. 4.663% 15/06/2051 USD 435,000 463,471 0.01Analog Devices, Inc. 3.125%05/12/2023 USD 611,000 620,189 0.02Analog Devices, Inc. 4.5% 05/12/2036 USD 803,000 830,531 0.02Angel Oak Mortgage Trust LLC, STEP,Series 2015-1 ‘A’, 144A 4.5%25/11/2045 USD 309,957 311,125 0.01Angel Oak Mortgage Trust LLC, STEP,Series 2015-1 ‘M’, 144A 5.5%25/11/2045 USD 347,000 347,011 0.01Anheuser-Busch InBev Worldwide, Inc.,144A 4.439% 06/10/2048 USD 2,280,000 2,426,194 0.06Apple, Inc. 2.15% 09/02/2022 USD 764,000 760,982 0.02Apple, Inc. 3% 09/02/2024 USD 1,294,000 1,315,545 0.04Apple, Inc. 3.45% 06/05/2024 USD 530,000 552,938 0.02Apple, Inc. 2.85% 11/05/2024 USD 584,000 587,609 0.02Apple, Inc. 3.2% 13/05/2025 USD 532,000 544,702 0.01Apple, Inc. 3.25% 23/02/2026 USD 266,000 271,392 0.01Apple, Inc. 2.45% 04/08/2026 USD 1,259,000 1,207,243 0.03Apple, Inc. 3.35% 09/02/2027 USD 763,000 782,380 0.02Apple, Inc. 3.2% 11/05/2027 USD 800,000 809,840 0.02Apple, Inc. 3% 20/06/2027 USD 1,350,000 1,343,999 0.04

195


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Apple, Inc. 4.5% 23/02/2036 USD 404,000 453,660 0.01Apple, Inc. 3.45% 09/02/2045 USD 313,000 294,841 0.01Apple, Inc. 3.85% 04/08/2046 USD 879,000 880,837 0.02Arch Capital Finance LLC 4.011%15/12/2026 USD 347,000 360,243 0.01Arch Capital Finance LLC 5.031%15/12/2046 USD 437,000 490,122 0.01Ascentium Equipment ReceivablesTrust, Series 2017-1A ‘A3’, 144A 2.29%10/06/2021 USD 487,000 487,957 0.01ASG Resecuritization Trust, FRN, Series2009-3 ‘A65’, 144A 2.753%26/03/2037 USD 251,568 252,192 0.01Athene Global Funding, 144A 2.75%20/04/2020 USD 1,421,000 1,418,954 0.04Athene Global Funding, 144A 4%25/01/2022 USD 1,031,000 1,073,208 0.03AutoZone, Inc. 3.75% 01/06/2027 USD 516,000 519,019 0.01Aviation Capital Group Corp., 144A2.875% 20/01/2022 USD 1,200,000 1,191,360 0.03Axis Equipment Finance Receivables IIILLC, Series 2015-1A ‘A2’, 144A 1.9%20/03/2020 USD 271,430 271,286 0.01AXIS Equipment Finance ReceivablesIV LLC, Series 2016-1A ‘A’, 144A 2.21%20/11/2021 USD 4,202,874 4,187,244 0.11B2R Mortgage Trust, Series 2015-2 ‘A’,144A 3.336% 15/11/2048 USD 5,910,697 5,993,719 0.16B2R Mortgage Trust, Series 2016-1 ‘A’,144A 2.567% 15/06/2049 USD 4,137,062 4,118,990 0.11B2R Mortgage Trust, Series 2015-1 ‘A1’,144A 2.524% 15/05/2048 USD 2,330,200 2,316,485 0.06B2R Mortgage Trust, Series 2016-1 ‘B’,144A 3.87% 15/06/2049 USD 1,221,000 1,227,915 0.03BAE Systems Holdings, Inc., 144A6.375% 01/06/2019 USD 330,000 355,727 0.01BAE Systems Holdings, Inc., 144A 3.8%07/10/2024 USD 680,000 710,777 0.02BAMLL Re-REMIC Trust, FRN, Series2016-FR13 ‘A’, 144A 1.721%27/08/2045 USD 7,475,000 6,333,239 0.17BAMLL Re-REMIC Trust, FRN, Series2015-FR11 ‘A705’, 144A 1.849%27/09/2044 USD 3,419,000 3,328,875 0.09Banc of America Alternative LoanTrust, Series 2004-1 ‘1A1’ 6%25/02/2034 USD 106,391 113,754 0.00Banc of America Funding Trust, FRN,Series 2004-C ‘1A1’ 3.194%20/12/2034 USD 60,671 60,236 0.00Banc of America Funding Trust, Series2004-2 ‘1CB1’ 5.75% 20/09/2034 USD 108,212 116,165 0.00Banc of America Funding Trust, Series2005-6 ‘2A7’ 5.5% 25/10/2035 USD 200,180 194,402 0.01Banc of America Funding Trust, PO,Series 2004-2 ‘30PO’ 0% 20/09/2034 USD 10,668 9,545 0.00Banc of America Funding Trust, PO,Series 2005-7 ‘30PO’ 0% 25/11/2035 USD 33,994 27,104 0.00Banc of America Funding Trust, FRN,Series 2005-E ‘4A1’ 3.134%20/03/2035 USD 473,923 479,557 0.01Banc of America Mortgage Trust, IO,FRN, Series 2004-7 ‘15IO’ 4.791%25/08/2019 USD 39,431 630 0.00Banc of America Mortgage Trust,Series 2004-5 ‘2A2’ 5.5% 25/06/2034 USD 90,669 91,371 0.00Banc of America Mortgage Trust,Series 2004-3 ‘3A1’ 5% 25/04/2019 USD 78,418 78,639 0.00Banc of America Mortgage Trust,Series 2004-9 ‘3A1’ 6.5% 25/09/2032 USD 23,772 24,818 0.00Banc of America Mortgage Trust, FRN,Series 2004-J ‘3A1’ 3.659% 25/11/2034 USD 69,115 68,409 0.00Banc of America Mortgage Trust,Series 2004-5 ‘4A1’ 4.75% 25/06/2019 USD 7,172 7,148 0.00Banc of America Mortgage Trust, PO,Series 2004-9 ‘XPO’ 0% 25/11/2034 USD 22,466 20,526 0.00Bank of America Corp., FRN 3.705%24/04/2028 USD 3,600,000 3,634,254 0.10Bank of New York Mellon Corp. (The),FRN 2.661% 16/05/2023 USD 300,000 301,275 0.01Bank of New York Mellon Corp. (The)2.2% 04/03/2019 USD 340,000 342,467 0.01Baxalta, Inc. 3.6% 23/06/2022 USD 205,000 212,361 0.01Baxalta, Inc. 5.25% 23/06/2045 USD 92,000 107,886 0.00BCC Funding Corp. X, Series 2015-1‘A2’, 144A 2.224% 20/10/2020 USD 464,587 464,191 0.01BCC Funding XIII LLC, Series 2016-1‘A2’, 144A 2.2% 20/12/2021 USD 1,694,094 1,694,344 0.05Bear Stearns ALT-A Trust, FRN, Series2005-2 ‘1A1’ 1.716% 25/03/2035 USD 99,456 98,189 0.00Bear Stearns ARM Trust, FRN, Series2004-2 ‘14A’ 3.712% 25/05/2034 USD 72,149 72,099 0.00

Bear Stearns ARM Trust, FRN, Series2003-7 ‘3A’ 3.008% 25/10/2033 USD 31,890 31,495 0.00Bear Stearns ARM Trust, FRN, Series2003-4 ‘3A1’ 3.348% 25/07/2033 USD 141,813 142,710 0.00Bear Stearns ARM Trust, FRN, Series2005-5 ‘A1’ 2.58% 25/08/2035 USD 115,436 117,511 0.00Bear Stearns ARM Trust, FRN, Series2006-1 ‘A1’ 2.91% 25/02/2036 USD 235,163 235,052 0.01Bear Stearns Asset Backed SecuritiesTrust, FRN, Series 2006-SD1 ‘A’ 1.394%25/04/2036 USD 26,652 26,152 0.00Bear Stearns Commercial MortgageSecurities Trust, FRN, Series2005-PWR8 ‘X1’, 144A 0.346%11/06/2041 USD 170,269 3 0.00Bear Stearns Commercial MortgageSecurities Trust, FRN, Series 2007-T26‘X1’, 144A 0.01% 12/01/2045 USD 10,578,080 9,352 0.00Biogen, Inc. 3.625% 15/09/2022 USD 398,000 417,482 0.01Biogen, Inc. 5.2% 15/09/2045 USD 217,000 246,526 0.01Blackstone Holdings Finance Co. LLC,144A 4.45% 15/07/2045 USD 143,000 141,447 0.00BMW US Capital LLC, 144A 2.25%15/09/2023 USD 720,000 700,124 0.02Boston Gas Co., 144A 4.487%15/02/2042 USD 149,000 160,241 0.00Brambles USA, Inc., 144A 5.35%01/04/2020 USD 845,000 905,223 0.02Brambles USA, Inc., 144A 4.125%23/10/2025 USD 500,000 516,310 0.01Brighthouse Financial, Inc., 144A 3.7%22/06/2027 USD 2,250,000 2,228,445 0.06Broadcom Corp., 144A 3.625%15/01/2024 USD 2,108,000 2,160,384 0.06Broadcom Corp., 144A 3.875%15/01/2027 USD 2,125,000 2,182,991 0.06Buckeye Partners LP 4.35%15/10/2024 USD 195,000 202,118 0.01Burlington Northern Santa Fe LLC6.7% 01/08/2028 USD 100,000 131,406 0.00Cabela’s Credit Card Master Note Trust,Series 2015-2 ‘A1’ 2.25% 17/07/2023 USD 494,000 497,801 0.01California Republic Auto ReceivablesTrust, Series 2015-1 ‘A3’ 1.33%15/04/2019 USD 104,562 104,551 0.00California Republic Auto ReceivablesTrust, Series 2015-2 ‘A3’ 1.31%15/08/2019 USD 284,012 283,902 0.01California Republic Auto ReceivablesTrust, Series 2016-1 ‘A3’ 1.89%15/05/2020 USD 625,000 626,164 0.02CAM Mortgage Trust, STEP, Series2016-2 ‘A1’, 144A 3.25% 15/06/2057 USD 2,775,176 2,785,524 0.07CAM Mortgage Trust, STEP, Series2017-1 ‘A1’, 144A 3.22% 01/08/2057 USD 1,889,739 1,896,126 0.05Camillo Issuer LLC 5% 05/12/2023 USD 4,535,175 4,525,255 0.12Capital Auto Receivables Asset Trust,Series 2015-4 ‘A2’ 1.62% 20/03/2019 USD 1,281,467 1,281,928 0.03Capital Auto Receivables Asset Trust,Series 2016-1 ‘A2A’ 1.5% 20/11/2018 USD 576,523 576,547 0.02Capital Auto Receivables Asset Trust,Series 2016-2 ‘A2A’ 1.32% 20/01/2019 USD 434,981 434,805 0.01Capital Auto Receivables Asset Trust,Series 2016-2 ‘A4’ 1.63% 20/01/2021 USD 548,000 547,023 0.01CarFinance Capital Auto Trust, Series2014-2A ‘A’, 144A 1.44% 16/11/2020 USD 23,980 23,957 0.00CarFinance Capital Auto Trust, Series2015-1A ‘A’, 144A 1.75% 15/06/2021 USD 190,214 190,220 0.01Carmax Auto Owner Trust, Series2016-3 ‘A2’ 1.17% 15/08/2019 USD 2,673,090 2,669,890 0.07CarMax Auto Owner Trust, Series2016-2 ‘A3’ 1.52% 16/02/2021 USD 627,000 626,028 0.02CarMax Auto Owner Trust, Series2017-1 ‘C’ 2.84% 17/10/2022 USD 1,210,000 1,224,801 0.03CarMax Auto Owner Trust, Series2017-1 ‘D’ 3.43% 17/07/2023 USD 1,944,000 1,958,850 0.05Carnow Auto Receivables Trust, Series2016-1A ‘A’, 144A 2.26% 15/05/2019 USD 2,965,397 2,968,359 0.08Carnow Auto Receivables Trust, Series2016-1A ‘B’, 144A 3.49% 15/02/2021 USD 2,200,000 2,193,495 0.06Carnow Auto Receivables Trust, Series2016-1A ‘C’, 144A 5.11% 15/02/2021 USD 3,500,000 3,484,118 0.09CD Commercial Mortgage Trust, FRN,Series 2007-CD4 ‘XC’, 144A 0.49%11/12/2049 USD 1,329,187 115 0.00Celgene Corp. 3.25% 15/08/2022 USD 964,000 992,448 0.03Celgene Corp. 3.625% 15/05/2024 USD 456,000 472,393 0.01Celgene Corp. 5.7% 15/10/2040 USD 183,000 213,532 0.01CF Industries, Inc., 144A 4.5%01/12/2026 USD 2,190,000 2,270,439 0.06

196


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Charles Schwab Corp. (The) 3.225%01/09/2022 USD 100,000 103,323 0.00Charter Communications OperatingLLC, 144A 5.375% 01/05/2047 USD 1,000,000 1,057,875 0.03Charter Communications OperatingLLC 4.908% 23/07/2025 USD 2,376,000 2,571,652 0.07Charter Communications OperatingLLC 6.384% 23/10/2035 USD 275,000 326,848 0.01Charter Communications OperatingLLC 6.834% 23/10/2055 USD 350,000 432,602 0.01Chase Funding Trust, STEP, Series2003-4 ‘1A5’ 5.316% 25/05/2033 USD 227,295 231,811 0.01Chase Funding Trust, STEP, Series2003-6 ‘1A7’ 4.277% 25/11/2034 USD 179,002 183,601 0.01Chase Mortgage Finance Trust, FRN,Series 2007-A1 ‘1A3’ 3.401%25/02/2037 USD 958,825 954,718 0.03Chase Mortgage Finance Trust, FRN,Series 2007-A1 ‘2A1’ 3.289%25/02/2037 USD 91,568 92,587 0.00Chase Mortgage Finance Trust, FRN,Series 2007-A2 ‘2A1’ 3.186%25/07/2037 USD 297,184 301,460 0.01Chase Mortgage Finance Trust, FRN,Series 2007-A1 ‘7A1’ 3.277%25/02/2037 USD 55,652 56,020 0.00Chase Mortgage Finance Trust, FRN,Series 2007-A1 ‘9A1’ 3.321%25/02/2037 USD 86,626 86,435 0.00Chevron Phillips Chemical Co. LLC,144A 3.4% 01/12/2026 USD 720,000 730,944 0.02CHL Mortgage Pass-Through Trust,Series 2004-J8 ‘1A2’ 4.75% 25/11/2019 USD 14,371 14,535 0.00CHL Mortgage Pass-Through Trust,Series 2004-5 ‘1A4’ 5.5% 25/06/2034 USD 227,400 231,522 0.01CHL Mortgage Pass-Through Trust,FRN, Series 2004-7 ‘2A1’ 3.524%25/06/2034 USD 48,147 47,513 0.00CHL Mortgage Pass-Through Trust,Series 2004-8 ‘2A1’ 4.5% 25/06/2019 USD 50,314 51,174 0.00CHL Mortgage Pass-Through Trust,FRN, Series 2005-22 ‘2A1’ 3.219%25/11/2035 USD 319,016 276,133 0.01CHL Mortgage Pass-Through Trust,Series 2004-3 ‘A26’ 5.5% 25/04/2034 USD 290,913 297,496 0.01CHL Mortgage Pass-Through Trust,Series 2004-3 ‘A4’ 5.75% 25/04/2034 USD 145,457 149,506 0.00Chrysler Capital Auto ReceivablesTrust, Series 2016-AA ‘A2’, 144A 1.47%15/04/2019 USD 244,612 244,637 0.01Chrysler Capital Auto ReceivablesTrust, Series 2016-AA ‘A3’, 144A 1.77%15/10/2020 USD 2,060,000 2,062,836 0.06Cincinnati Financial Corp. 6.92%15/05/2028 USD 290,000 370,962 0.01Cisco Systems, Inc. 4.45% 15/01/2020 USD 70,000 74,556 0.00Cisco Systems, Inc. 2.45% 15/06/2020 USD 70,000 71,152 0.00Cisco Systems, Inc. 2.2% 28/02/2021 USD 600,000 603,669 0.02Cisco Systems, Inc. 1.85% 20/09/2021 USD 510,000 504,382 0.01Cisco Systems, Inc. 3% 15/06/2022 USD 556,000 574,531 0.02Cisco Systems, Inc. 2.95% 28/02/2026 USD 233,000 233,135 0.01Cisco Systems, Inc. 5.9% 15/02/2039 USD 400,000 522,078 0.01Cisco Systems, Inc. 5.5% 15/01/2040 USD 100,000 125,511 0.00Citi Held For Asset Issuance, Series2016-MF1 ‘A’, 144A 4.48% 15/08/2022 USD 371,259 376,057 0.01Citi Held For Asset Issuance, Series2016-PM1 ‘A’, 144A 4.65% 15/04/2025 USD 460,225 465,340 0.01Citi Held For Asset Issuance, Series2015-PM1 ‘B’, 144A 2.93% 15/12/2021 USD 422,259 422,540 0.01Citi Held For Asset Issuance, Series2016-MF1 ‘B’, 144A 6.64% 15/08/2022 USD 1,750,000 1,825,736 0.05Citicorp Mortgage Securities REMICPass-Through Certificates Trust, Series2005-3 ‘2A2’ 5% 25/04/2020 USD 28,068 28,162 0.00Citicorp Mortgage Securities Trust,Series 2006-4 ‘1A2’ 6% 25/08/2036 USD 149,446 150,886 0.00Citicorp Mortgage Securities, Inc.,Series 2004-3 ‘A5’ 5.25% 25/05/2034 USD 503,700 517,322 0.01Citigroup Global Markets MortgageSecurities VII, Inc., FRN, Series2003-HYB1 ‘A’ 3.24% 25/09/2033 USD 162,585 162,748 0.00Citigroup Global Markets MortgageSecurities VII, Inc., PO, Series2003-UP2 ‘PO1’ 0% 25/12/2018 USD 207 185 0.00Citigroup Mortgage Loan Trust, FRN,Series 2008-AR4 ‘1A1A’, 144A 3.578%25/11/2038 USD 9,935 9,951 0.00Citigroup Mortgage Loan Trust, Inc.,Series 2005-2 ‘2A11’ 5.5% 25/05/2035 USD 157,507 161,618 0.00Citigroup Mortgage Loan Trust, Inc.,Series 2003-1 ‘2A5’ 5.25% 25/10/2033 USD 34,743 35,345 0.00

Citigroup Mortgage Loan Trust, Inc.,Series 2003-1 ‘3A4’ 5.25% 25/09/2033 USD 77,306 77,886 0.00Citigroup Mortgage Loan Trust, Inc.,Series 2003-UP3 ‘A3’ 7% 25/09/2033 USD 1,606 1,635 0.00Citigroup Mortgage Loan Trust, Inc.,FRN, Series 2004-UST1 ‘A3’ 3.006%25/08/2034 USD 46,893 47,116 0.00Citigroup, Inc. 4.3% 20/11/2026 USD 600,000 618,732 0.02Citizens Bank NA 2.25% 02/03/2020 USD 621,000 621,528 0.02City of Los Angeles Department ofAirports 6.582% 15/05/2039 USD 285,000 372,777 0.01CLUB Credit Trust, Series 2017-NP1 ‘A’,144A 2.39% 17/04/2023 USD 1,391,000 1,392,515 0.04CLUB Credit Trust, Series 2017-NP1 ‘B’,144A 3.17% 17/04/2023 USD 2,000,000 1,999,367 0.05CME Group, Inc. 3% 15/03/2025 USD 413,000 417,132 0.01CMS Energy Corp. 3.875% 01/03/2024 USD 1,200,000 1,237,896 0.03COBALT CMBS Commercial MortgageTrust, FRN, Series 2006-C1 ‘IO’ 0.823%15/08/2048 USD 901,762 7,609 0.00Colony American Homes, FRN, Series2014-2A ‘A’, 144A 1.979% 17/07/2031 USD 1,530,175 1,531,636 0.04Comcast Cable Communications LLC8.5% 01/05/2027 USD 394,000 508,165 0.01Comcast Corp. 2.75% 01/03/2023 USD 263,000 266,015 0.01Comcast Corp. 3% 01/02/2024 USD 2,070,000 2,104,838 0.06Comcast Corp. 4.25% 15/01/2033 USD 693,000 741,340 0.02Comcast Corp. 4.2% 15/08/2034 USD 676,000 718,710 0.02Comcast Corp. 6.5% 15/11/2035 USD 719,000 960,987 0.03Comcast Corp. 3.2% 15/07/2036 USD 850,000 796,390 0.02Comcast Corp. 6.45% 15/03/2037 USD 480,000 636,792 0.02COMM Mortgage Trust, FRN, Series2014-TWC ‘A’, 144A 1.84% 13/02/2032 USD 1,100,000 1,103,019 0.03COMM Mortgage Trust, Series2015-CR25 ‘A4’ 3.759% 10/08/2048 USD 1,250,000 1,314,816 0.04COMM Mortgage Trust, FRN, Series2012-CR2 ‘XA’ 1.681% 15/08/2045 USD 2,218,698 153,771 0.00Continental Airlines Pass ThroughTrust, Series 2007-1 ‘A’ 5.983%19/10/2023 USD 220,993 244,197 0.01Continental Airlines Pass ThroughTrust, Series 2012-2 ‘A’ 4%29/04/2026 USD 174,331 184,137 0.01Continental Credit Card, Series 2016-1A‘A’, 144A 4.56% 15/01/2023 USD 3,370,041 3,369,719 0.09Cox Communications, Inc., 144A 3.25%15/12/2022 USD 375,000 372,544 0.01Cox Communications, Inc., 144A 3.35%15/09/2026 USD 503,000 495,231 0.01Cox Communications, Inc., 144A 4.8%01/02/2035 USD 450,000 442,602 0.01Cox Communications, Inc., 144A8.375% 01/03/2039 USD 75,000 99,512 0.00Cox Enterprises, Inc., 144A 7.375%15/07/2027 USD 250,000 308,266 0.01CPS Auto Receivables Trust, Series2014-C ‘A’, 144A 1.31% 15/02/2019 USD 42,390 42,384 0.00CPS Auto Receivables Trust, Series2014-D ‘A’, 144A 1.49% 15/04/2019 USD 63,709 63,694 0.00CPS Auto Receivables Trust, Series2015-A ‘A’, 144A 1.53% 15/07/2019 USD 178,293 178,214 0.01CPS Auto Receivables Trust, Series2015-B ‘A’, 144A 1.65% 15/11/2019 USD 1,081,265 1,081,842 0.03CPS Auto Receivables Trust, Series2016-B ‘A’, 144A 2.07% 15/11/2019 USD 352,629 353,521 0.01CPS Auto Receivables Trust, Series2016-C ‘A’, 144A 1.62% 15/01/2020 USD 745,598 745,141 0.02CPS Auto Receivables Trust, Series2016-A ‘B’, 144A 3.34% 15/05/2020 USD 2,112,346 2,139,147 0.06CPS Auto Receivables Trust, Series2016-B ‘B’, 144A 3.18% 15/09/2020 USD 736,000 744,600 0.02CPS Auto Receivables Trust, Series2014-D ‘C’, 144A 4.35% 16/11/2020 USD 200,000 204,615 0.01CPS Auto Receivables Trust, Series2015-A ‘C’, 144A 4% 16/02/2021 USD 223,000 227,684 0.01CPS Auto Receivables Trust, Series2015-B ‘C’, 144A 4.2% 17/05/2021 USD 845,000 855,839 0.02CPS Auto Receivables Trust, Series2016-C ‘C’, 144A 3.27% 15/06/2022 USD 2,415,000 2,437,458 0.07CPS Auto Receivables Trust, Series2017-B ‘C’, 144A 2.92% 15/02/2022 USD 1,261,000 1,261,814 0.03CPS Auto Receivables Trust, Series2015-C ‘D’, 144A 4.63% 16/08/2021 USD 1,032,000 1,053,970 0.03CPS Auto Receivables Trust, Series2017-B ‘D’, 144A 3.95% 15/03/2023 USD 3,052,000 3,058,161 0.08Credit Acceptance Auto Loan Trust,Series 2014-2A ‘A’, 144A 1.88%15/03/2022 USD 395,990 396,060 0.01Credit Acceptance Auto Loan Trust,Series 2015-2A ‘A’, 144A 2.4%15/02/2023 USD 1,612,000 1,618,375 0.04

197


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Credit Acceptance Auto Loan Trust,Series 2016-3A ‘A’, 144A 2.15%15/04/2024 USD 3,106,000 3,102,027 0.08Credit Acceptance Auto Loan Trust,Series 2017-1A ‘A’, 144A 2.56%15/10/2025 USD 1,738,000 1,745,064 0.05Credit Acceptance Auto Loan Trust,Series 2017-1A ‘B’, 144A 3.04%15/12/2025 USD 761,000 764,513 0.02Credit Acceptance Auto Loan Trust,Series 2015-2A ‘C’, 144A 3.76%15/02/2024 USD 290,000 293,680 0.01Credit Acceptance Auto Loan Trust,Series 2016-3A ‘C’, 144A 3.6%15/04/2025 USD 6,048,000 6,124,411 0.16Credit Acceptance Auto Loan Trust,Series 2017-1A ‘C’, 144A 3.48%17/02/2026 USD 638,000 644,694 0.02Credit Acceptance Auto Loan Trust,Series 2017-2A ‘C’, 144A 3.35%15/06/2026 USD 730,000 731,309 0.02Credit Suisse First Boston MortgageSecurities Corp., Series 2003-21 ‘1A4’5.25% 25/09/2033 USD 153,593 158,229 0.00Credit Suisse First Boston MortgageSecurities Corp., Series 2004-8 ‘1A4’5.5% 25/12/2034 USD 212,654 223,586 0.01Credit Suisse First Boston MortgageSecurities Corp., FRN, Series 2004-AR2‘2A1’ 3.459% 25/03/2034 USD 1,375,694 1,400,602 0.04Credit Suisse First Boston MortgageSecurities Corp., Series 2004-4 ‘2A4’5.5% 25/09/2034 USD 211,162 221,693 0.01Credit Suisse First Boston MortgageSecurities Corp., Series 2003-23 ‘2A5’5% 25/10/2018 USD 19,030 19,085 0.00Credit Suisse First Boston MortgageSecurities Corp., Series 2004-5 ‘3A1’5.25% 25/08/2019 USD 44,776 45,269 0.00Credit Suisse First Boston MortgageSecurities Corp., Series 2005-7 ‘4A3’5% 25/08/2020 USD 76,492 77,163 0.00Credit Suisse First Boston MortgageSecurities Corp., Series 2003-27 ‘5A4’5.25% 25/11/2033 USD 127,961 129,948 0.00Credit Suisse First Boston MortgageSecurities Corp., PO, Series 2003-21‘AP’ 0% 25/09/2033 USD 100,654 87,679 0.00Credit Suisse First Boston MortgageSecurities Corp., PO, Series 2003-27‘AP’ 0% 25/11/2033 USD 34,861 31,592 0.00Credit Suisse First Boston MortgageSecurities Corp., PO, Series 2004-3‘AP’ 0% 25/06/2034 USD 41,103 35,278 0.00Credit Suisse First Boston MortgageSecurities Corp., PO, Series 2005-10‘AP’ 0% 25/11/2035 USD 57,135 39,033 0.00Credit Suisse First Boston MortgageSecurities Corp., FRN, Series 2003-1‘DB1’ 6.718% 25/02/2033 USD 54,548 55,588 0.00CRH America Finance, Inc., 144A 3.4%09/05/2027 USD 298,000 298,867 0.01CRH America, Inc., 144A 3.875%18/05/2025 USD 200,000 208,618 0.01CRH America, Inc., 144A 5.125%18/05/2045 USD 200,000 226,644 0.01Crown Castle Towers LLC, 144A 3.222%15/05/2042 USD 332,000 340,761 0.01CSMC OA LLC, Series 2014-USA ‘D’,144A 4.373% 15/09/2037 USD 6,000,000 5,709,757 0.15CSX Corp. 3.25% 01/06/2027 USD 777,000 784,832 0.02CVS Pass-Through Trust, 144A 5.298%11/01/2027 USD 207,618 224,258 0.01CVS Pass-Through Trust, 144A 8.353%10/07/2031 USD 325,620 420,760 0.01CVS Pass-Through Trust, 144A 7.507%10/01/2032 USD 246,156 305,317 0.01CVS Pass-Through Trust, 144A 5.773%10/01/2033 USD 658,731 750,074 0.02CVS Pass-Through Trust, 144A 5.926%10/01/2034 USD 643,937 741,545 0.02Daimler Finance North America LLC,144A 1.875% 11/01/2018 USD 327,000 327,468 0.01Daimler Finance North America LLC,144A 2% 03/08/2018 USD 190,000 190,455 0.01Daimler Finance North America LLC,144A 1.75% 30/10/2019 USD 500,000 496,438 0.01Daimler Finance North America LLC,144A 3.3% 19/05/2025 USD 355,000 358,680 0.01Dell International LLC, 144A 5.45%15/06/2023 USD 801,000 873,286 0.02Dell International LLC, 144A 6.02%15/06/2026 USD 405,000 447,912 0.01

Delta Air Lines Pass Through Trust,Series 2010-2 4.95% 23/11/2020 USD 103,938 108,225 0.00Delta Air Lines Pass Through Trust,Series 2011-1 5.3% 15/10/2020 USD 46,336 48,940 0.00Delta Air Lines Pass Through Trust,Series 2012-1 A 4.75% 07/11/2021 USD 226,690 238,727 0.01Deutsche Mortgage Securities, Inc.Mortgage Loan Trust, STEP, Series2004-1 ‘3A6’ 4.74% 25/12/2033 USD 43,563 44,547 0.00Discover Bank 4.2% 08/08/2023 USD 1,150,000 1,212,652 0.03Discovery Communications LLC 4.375%15/06/2021 USD 614,000 649,201 0.02Discovery Communications LLC 3.45%15/03/2025 USD 80,000 77,889 0.00Discovery Communications LLC 6.35%01/06/2040 USD 187,000 207,389 0.01Dr Pepper Snapple Group, Inc., 144A3.43% 15/06/2027 USD 450,000 455,927 0.01Drive Auto Receivables Trust, Series2015-DA ‘B’, 144A 2.59% 16/12/2019 USD 799,061 799,677 0.02Drive Auto Receivables Trust, Series2016-AA ‘B’, 144A 3.17% 15/05/2020 USD 1,116,196 1,119,803 0.03Drive Auto Receivables Trust, Series2016-BA ‘B’, 144A 2.56% 15/06/2020 USD 700,000 702,399 0.02Drive Auto Receivables Trust, Series2017-AA ‘B’, 144A 2.51% 15/01/2021 USD 712,000 715,001 0.02Drive Auto Receivables Trust, Series2016-AA ‘C’, 144A 3.91% 17/05/2021 USD 1,942,000 1,972,660 0.05Drive Auto Receivables Trust, Series2017-1 ‘C’ 2.84% 15/04/2022 USD 3,188,000 3,188,505 0.09Drive Auto Receivables Trust, Series2017-AA ‘C’, 144A 2.98% 18/01/2022 USD 1,134,000 1,143,281 0.03Drive Auto Receivables Trust, Series2015-AA ‘D’, 144A 4.12% 15/07/2022 USD 883,000 894,886 0.02Drive Auto Receivables Trust, Series2015-BA ‘D’, 144A 3.84% 15/07/2021 USD 1,281,000 1,301,060 0.03Drive Auto Receivables Trust, Series2015-CA ‘D’, 144A 4.2% 15/09/2021 USD 529,412 538,288 0.01Drive Auto Receivables Trust, Series2016-CA ‘D’, 144A 4.18% 15/03/2024 USD 3,678,000 3,760,489 0.10Drive Auto Receivables Trust, Series2017-1 ‘D’ 3.84% 15/03/2023 USD 3,621,000 3,621,057 0.10Drive Auto Receivables Trust, Series2017-AA ‘D’, 144A 4.16% 15/05/2024 USD 1,509,000 1,536,778 0.04DT Auto Owner Trust, Series 2016-2A‘A’, 144A 1.73% 15/08/2019 USD 270,308 270,324 0.01DT Auto Owner Trust, Series 2016-3A‘A’, 144A 1.75% 15/11/2019 USD 878,643 879,001 0.02DT Auto Owner Trust, Series 2016-4A‘A’, 144A 1.44% 15/11/2019 USD 751,899 751,945 0.02DT Auto Owner Trust, Series 2015-3A‘B’, 144A 2.46% 15/11/2019 USD 2,500,915 2,504,773 0.07DT Auto Owner Trust, Series 2016-1A‘B’, 144A 2.79% 15/05/2020 USD 917,899 919,974 0.02DT Auto Owner Trust, Series 2016-3A‘B’, 144A 2.65% 15/07/2020 USD 2,000,000 2,009,142 0.05DT Auto Owner Trust, Series 2016-4A‘B’, 144A 2.02% 17/08/2020 USD 977,000 975,854 0.03DT Auto Owner Trust, Series 2016-2A‘C’, 144A 3.67% 18/01/2022 USD 313,000 316,408 0.01DT Auto Owner Trust, Series 2017-1A‘C’, 144A 2.7% 15/11/2022 USD 2,030,000 2,035,147 0.05DT Auto Owner Trust, Series 2017-2A‘C’, 144A 3.03% 17/01/2023 USD 2,721,000 2,725,458 0.07DT Auto Owner Trust, Series 2015-2A‘D’, 144A 4.25% 15/02/2022 USD 603,000 616,068 0.02DT Auto Owner Trust, Series 2017-1A‘D’, 144A 3.55% 15/11/2022 USD 1,374,000 1,379,185 0.04DXC Technology Co., 144A 4.25%15/04/2024 USD 427,000 442,133 0.01eBay, Inc. 2.6% 15/07/2022 USD 1,725,000 1,713,572 0.05eBay, Inc. 2.75% 30/01/2023 USD 500,000 497,242 0.01Engs Commercial Finance Trust, Series2016-1A ‘A2’, 144A 2.63% 22/02/2022 USD 3,128,617 3,125,923 0.08ERAC USA Finance LLC, 144A 2.6%01/12/2021 USD 420,000 419,191 0.01ERAC USA Finance LLC, 144A 7%15/10/2037 USD 1,510,000 1,940,274 0.05ERAC USA Finance LLC, 144A 5.625%15/03/2042 USD 96,000 107,796 0.00Exeter Automobile Receivables Trust,Series 2015-2A ‘A’, 144A 1.54%15/11/2019 USD 141,440 141,388 0.00Exeter Automobile Receivables Trust,Series 2016-1A ‘A’, 144A 2.35%15/07/2020 USD 264,521 264,912 0.01Exeter Automobile Receivables Trust,Series 2016-2A ‘A’, 144A 2.21%15/07/2020 USD 850,816 851,411 0.02

198


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Exeter Automobile Receivables Trust,Series 2016-3A ‘A’, 144A 1.84%16/11/2020 USD 3,405,164 3,398,022 0.09Exeter Automobile Receivables Trust,Series 2015-1A ‘B’, 144A 2.84%16/03/2020 USD 1,434,902 1,440,444 0.04Exeter Automobile Receivables Trust,Series 2016-2A ‘B’, 144A 3.64%15/02/2022 USD 830,000 841,424 0.02Exeter Automobile Receivables Trust,Series 2017-1A ‘B’, 144A 3% 15/12/2021 USD 1,365,000 1,371,789 0.04Exeter Automobile Receivables Trust,Series 2017-2A ‘B’, 144A 2.82%16/05/2022 USD 5,351,000 5,346,969 0.14Exeter Automobile Receivables Trust,Series 2017-1A ‘C’, 144A 3.95%15/12/2022 USD 730,000 740,116 0.02Express Scripts Holding Co. 3%15/07/2023 USD 127,000 127,070 0.00Express Scripts Holding Co. 4.5%25/02/2026 USD 1,866,000 1,977,596 0.05Express Scripts Holding Co. 4.8%15/07/2046 USD 156,000 159,591 0.00FGLMC A61376 6.5% 01/07/2032 USD 193,123 217,786 0.01FGLMC A88871 7% 01/01/2031 USD 194,473 222,909 0.01FGLMC B11402 3.5% 01/12/2018 USD 33,305 34,736 0.00FGLMC B90491 7.5% 01/01/2032 USD 175,500 203,024 0.01FGLMC C75791 5.5% 01/01/2033 USD 93,069 103,120 0.00FGLMC C90600 6% 01/12/2022 USD 6,155 6,942 0.00FGLMC C90985 6.5% 01/08/2026 USD 50,392 55,371 0.00FGLMC E01403 6% 01/04/2018 USD 729 736 0.00FGLMC G01448 7% 01/08/2032 USD 9,098 10,404 0.00FGLMC G02436 6.5% 01/09/2036 USD 135,927 152,839 0.00FGLMC G04077 6.5% 01/03/2038 USD 125,408 142,718 0.00FGLMC G04952 7.5% 01/01/2038 USD 126,468 148,031 0.00FGLMC G05671 5.5% 01/08/2038 USD 264,025 294,323 0.01FGLMC G06493 4.5% 01/05/2041 USD 3,375,684 3,633,774 0.10FGLMC G11564 6.5% 01/08/2017 USD 48 48 0.00FGLMC G12906 6% 01/07/2021 USD 3,567 3,591 0.00FGLMC G13012 6% 01/03/2022 USD 2,636 2,686 0.00FGLMC G60214 5% 01/07/2035 USD 12,243,581 13,446,473 0.36FGLMC L10151 6% 01/02/2033 USD 129,394 140,509 0.00FGLMC L10221 6% 01/01/2034 USD 151,521 167,892 0.00FGLMC L10224 6% 01/12/2034 USD 204,514 222,213 0.01FGLMC P50201 5.5% 01/01/2034 USD 44,358 47,702 0.00FGLMC Q42657 3.5% 01/08/2046 USD 5,669,050 5,838,643 0.16FGLMC U63546 5% 01/11/2043 USD 653,205 713,375 0.02FGLMC U69030 4.5% 01/01/2046 USD 6,179,403 6,716,850 0.18FGLMC U90673 4% 01/01/2043 USD 1,076,810 1,144,187 0.03FGLMC U90690 3.5% 01/06/2042 USD 3,372,341 3,483,466 0.09FGLMC U90975 4% 01/06/2042 USD 3,291,926 3,496,384 0.09FGLMC U91253 4% 01/04/2043 USD 4,943,637 5,252,170 0.14FGLMC U91305 3.5% 01/04/2043 USD 1,541,920 1,592,481 0.04FGLMC U91484 4% 01/05/2043 USD 6,833,389 7,259,421 0.19FGLMC U93007 3.5% 01/07/2045 USD 1,166,589 1,204,938 0.03FGLMC U93024 3.5% 01/08/2045 USD 1,043,599 1,076,878 0.03FGLMC U93089 3.5% 01/12/2035 USD 1,080,430 1,117,647 0.03FGLMC U93090 3.5% 01/11/2045 USD 1,716,636 1,773,022 0.05FGLMC U93143 3.5% 01/04/2046 USD 1,347,585 1,391,978 0.04FGLMC U93154 3.5% 01/05/2046 USD 971,976 1,003,954 0.03FGLMC U99051 3.5% 01/06/2043 USD 4,492,087 4,640,291 0.12FGLMC U99134 4% 01/01/2046 USD 2,844,801 3,034,940 0.08FGLMC Z40024 5.5% 01/04/2036 USD 77,952 87,361 0.00FHLMC, Series T-54 ‘2A’ 6.5%25/02/2043 USD 23,651 27,938 0.00FHLMC, FRN, Series T-76 ‘2A’ 1.843%25/10/2037 USD 694,773 711,546 0.02FHLMC, FRN, Series T-41 ‘3A’ 5.651%25/07/2032 USD 17,644 19,258 0.00FHLMC, Series T-54 ‘3A’ 7%25/02/2043 USD 31,409 36,836 0.00FHLMC, FRN, Series KF12 ‘A’ 1.683%25/09/2022 USD 2,579,038 2,591,760 0.07FHLMC, Series KJ06 ‘A’ 2.272%25/01/2023 USD 6,300,000 6,232,873 0.17FHLMC, Series KPLB ‘A’ 2.77%25/05/2025 USD 2,000,000 2,010,490 0.05FHLMC, Series K037 ‘A2’ 3.49%25/01/2024 USD 2,500,000 2,657,176 0.07FHLMC, FRN, Series K048 ‘A2’ 3.284%25/06/2025 USD 3,000,000 3,144,692 0.08FHLMC, Series K054 ‘A2’ 2.745%25/01/2026 USD 4,000,000 4,020,045 0.11FHLMC, Series K152 ‘A2’ 3.08%25/01/2031 USD 3,761,000 3,758,795 0.10FHLMC, Series KJ02 ‘A2’ 2.597%25/09/2020 USD 426,738 435,160 0.01FHLMC, Series KJ08 ‘A2’ 2.356%25/08/2022 USD 11,449,000 11,559,073 0.31

FHLMC, Series KJ09 ‘A2’ 2.838%25/09/2022 USD 8,052,000 8,281,649 0.22FHLMC, Series KJ11 ‘A2’ 2.932%25/01/2023 USD 2,771,000 2,854,520 0.08FHLMC, Series KJ13 ‘A2’ 2.864%25/08/2022 USD 6,094,000 6,269,723 0.17FHLMC, Series KJ14 ‘A2’ 2.811%25/09/2024 USD 9,463,000 9,637,952 0.26FHLMC, Series KS06 ‘A2’ 2.72%25/07/2026 USD 10,937,000 10,881,333 0.29FHLMC, Series KS07 ‘A2’ 2.735%25/09/2025 USD 19,300,000 19,296,883 0.51FHLMC, Series T-42 ‘A5’ 7.5%25/02/2042 USD 354,016 413,247 0.01FHLMC, Series T-56 ‘A5’ 5.231%25/05/2043 USD 986,576 1,115,946 0.03FHLMC, Series K725 ‘AM’ 3.104%25/02/2024 USD 9,840,000 10,146,778 0.27FHLMC, FRN 1A1082 3.022%01/07/2036 USD 52,478 54,764 0.00FHLMC, FRN 1A1085 3.005%01/08/2036 USD 138,846 145,382 0.00FHLMC, FRN 1A1096 3.168%01/10/2036 USD 113,838 118,751 0.00FHLMC, FRN 1A1097 3.19% 01/10/2036 USD 203,033 215,358 0.01FHLMC, FRN 1B1665 3.485%01/04/2034 USD 56,011 59,172 0.00FHLMC, FRN 1B3485 3.157%01/07/2037 USD 124,775 131,536 0.00FHLMC, FRN 1G2557 3.529%01/06/2036 USD 445,803 475,509 0.01FHLMC, FRN 1J1399 3.654%01/12/2036 USD 16,301 17,551 0.00FHLMC, FRN 1J1418 3.225% 01/12/2036 USD 45,106 47,502 0.00FHLMC, FRN 1J1516 3.362%01/02/2037 USD 37,719 39,764 0.00FHLMC, FRN 1J1574 3.916%01/04/2037 USD 29,358 31,177 0.00FHLMC, FRN 1J2945 3.094%01/11/2037 USD 96,473 102,392 0.00FHLMC, FRN 1K0046 2.855%01/10/2036 USD 365,547 387,752 0.01FHLMC, FRN 1L1286 3% 01/05/2036 USD 185,714 195,666 0.01FHLMC, FRN 1N0189 2.875%01/08/2036 USD 104,991 108,840 0.00FHLMC, FRN 1N0206 3.057%01/08/2036 USD 195,114 202,723 0.01FHLMC, FRN 1N0353 3.396%01/02/2037 USD 217,007 228,855 0.01FHLMC, FRN 1N1463 3.461%01/05/2037 USD 102,356 108,076 0.00FHLMC, FRN 1Q0007 3.435%01/12/2035 USD 66,568 69,914 0.00FHLMC, FRN 1Q0737 3.062%01/11/2036 USD 121,313 128,842 0.00FHLMC, FRN 1Q0739 3.181%01/03/2037 USD 442,109 461,321 0.01FHLMC, FRN 782760 2.786%01/11/2036 USD 172,544 182,650 0.01FHLMC, FRN 782870 2.961%01/09/2034 USD 292,944 309,019 0.01FHLMC, FRN 782979 2.936%01/01/2035 USD 441,959 465,363 0.01FHLMC, FRN 782980 2.944%01/01/2035 USD 243,576 257,001 0.01FHLMC, FRN 847621 3.003%01/05/2033 USD 139,742 146,827 0.00FHLMC, FRN 848365 2.875%01/07/2036 USD 422,533 437,685 0.01FHLMC, FRN 848431 2.805%01/02/2036 USD 392,367 416,175 0.01FHLMC, FRN 848699 3.463%01/07/2040 USD 248,458 257,794 0.01FHLMC, FRN 972200 3.331%01/03/2036 USD 44,856 47,214 0.00FHLMC REMIC, Series 2619 ‘AE’ 5%15/05/2023 USD 554,609 594,670 0.02FHLMC REMIC, IO, Series 3800 ‘AI’ 4%15/11/2029 USD 691,154 47,726 0.00FHLMC REMIC, IO, STEP, Series 3422‘AI’ 0.25% 15/01/2038 USD 705,256 6,741 0.00FHLMC REMIC, PO, Series 3068 ‘AO’0% 15/01/2035 USD 2,264 2,239 0.00FHLMC REMIC, PO, Series 3607 ‘AO’0% 15/04/2036 USD 73,452 64,548 0.00FHLMC REMIC, Series 2783 ‘AT’ 4%15/04/2019 USD 66,694 67,605 0.00FHLMC REMIC, Series 3181 ‘AZ’ 6.5%15/07/2036 USD 603,673 680,897 0.02FHLMC REMIC, Series 3453 ‘B’ 5.5%15/05/2038 USD 103,406 111,360 0.00

199


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

FHLMC REMIC, Series 3957 ‘B’ 4%15/11/2041 USD 358,024 379,076 0.01FHLMC REMIC, Series 2694 ‘BA’ 4%15/06/2031 USD 18,995 19,698 0.00FHLMC REMIC, Series 3143 ‘BC’ 5.5%15/02/2036 USD 271,944 300,463 0.01FHLMC REMIC, FRN, Series 3966 ‘BF’1.489% 15/10/2040 USD 536,189 539,283 0.01FHLMC REMIC, Series 2503 ‘BH’ 5.5%15/09/2017 USD 559 560 0.00FHLMC REMIC, Series 3074 ‘BH’ 5%15/11/2035 USD 436,970 468,250 0.01FHLMC REMIC, PO, Series 3607 ‘BO’0% 15/04/2036 USD 55,089 50,373 0.00FHLMC REMIC, PO, Series 3621 ‘BO’ 0%15/01/2040 USD 131,844 117,945 0.00FHLMC REMIC, FRN, Series 3632 ‘BS’14.203% 15/02/2040 USD 300,000 392,794 0.01FHLMC REMIC, Series 3501 ‘CB’ 5.5%15/01/2039 USD 428,556 478,870 0.01FHLMC REMIC, IO, FRN, Series 3260‘CS’ 5.151% 15/01/2037 USD 62,451 9,473 0.00FHLMC REMIC, FRN, Series 3688 ‘CU’6.781% 15/11/2021 USD 145,102 149,991 0.00FHLMC REMIC, Series 3684 ‘CY’ 4.5%15/06/2025 USD 1,000,000 1,089,096 0.03FHLMC REMIC, Series 3856 ‘DB’ 3.5%15/05/2021 USD 2,103,380 2,150,399 0.06FHLMC REMIC, Series 2695 ‘DG’ 4%15/10/2018 USD 61,401 61,971 0.00FHLMC REMIC, IO, Series 3219 ‘DI’ 6%15/04/2036 USD 72,779 14,924 0.00FHLMC REMIC, FRN, Series 3051 ‘DP’23.676% 15/10/2025 USD 35,721 49,643 0.00FHLMC REMIC, Series 3704 ‘DT’ 7.5%15/11/2036 USD 415,200 488,353 0.01FHLMC REMIC, PO, Series 2934 ‘EC’ 0%15/02/2020 USD 73,506 71,461 0.00FHLMC REMIC, IO, Series 3795 ‘EI’ 5%15/10/2039 USD 882,863 129,446 0.00FHLMC REMIC, PO, Series 3117 ‘EO’ 0%15/02/2036 USD 30,953 27,430 0.00FHLMC REMIC, PO, Series 3153 ‘EO’ 0%15/05/2036 USD 156,132 135,509 0.00FHLMC REMIC, PO, Series 4280 ‘EO’0% 15/12/2043 USD 2,291,867 1,961,010 0.05FHLMC REMIC, Series 3704 ‘ET’ 7.5%15/12/2036 USD 368,826 443,453 0.01FHLMC REMIC, Series 2388 ‘EZ’ 8.5%15/06/2031 USD 36,573 41,981 0.00FHLMC REMIC, FRN, Series 3549 ‘FA’2.189% 15/07/2039 USD 95,444 97,661 0.00FHLMC REMIC, FRN, Series 4087 ‘FA’1.439% 15/05/2039 USD 825,153 822,211 0.02FHLMC REMIC, FRN, Series 2388 ‘FB’1.759% 15/01/2029 USD 53,275 54,127 0.00FHLMC REMIC, FRN, Series 4085 ‘FB’1.389% 15/01/2039 USD 795,461 800,139 0.02FHLMC REMIC, FRN, Series 4048 ‘FJ’1.383% 15/07/2037 USD 3,316,195 3,320,297 0.09FHLMC REMIC, FRN, Series 3275 ‘FL’1.429% 15/02/2037 USD 24,899 24,967 0.00FHLMC REMIC, FRN, Series 3710 ‘FL’1.489% 15/05/2036 USD 670,784 673,731 0.02FHLMC REMIC, IO, Series 3760 ‘GI’ 4%15/10/2037 USD 166,679 5,583 0.00FHLMC REMIC, Series 2544 ‘HC’ 6%15/12/2032 USD 78,247 88,872 0.00FHLMC REMIC, IO, FRN, Series 3202 ‘HI’5.661% 15/08/2036 USD 674,919 121,891 0.00FHLMC REMIC, IO, Series 3747 ‘HI’4.5% 15/07/2037 USD 374,005 9,485 0.00FHLMC REMIC, IO, Series 3759 ‘HI’ 4%15/08/2037 USD 294,650 12,667 0.00FHLMC REMIC, Series 2483 ‘HZ’ 4.5%15/08/2032 USD 648,975 700,220 0.02FHLMC REMIC, Series 1142 ‘IA’ 7%15/10/2021 USD 79,053 84,897 0.00FHLMC REMIC, IO, Series 3779 ‘IH’ 4%15/11/2034 USD 338,825 8,332 0.00FHLMC REMIC, IO, Series 3772 ‘IO’ 3.5%15/09/2024 USD 124,870 1,547 0.00FHLMC REMIC, IO, Series 3714 ‘IP’ 5%15/08/2040 USD 534,298 85,589 0.00FHLMC REMIC, Series 1621 ‘J’ 6.4%15/11/2023 USD 209,934 225,170 0.01FHLMC REMIC, Series 2033 ‘J’ 5.6%15/06/2023 USD 58,861 62,854 0.00FHLMC REMIC, PO, Series 2840 ‘JO’ 0%15/06/2023 USD 2,758 2,731 0.00

FHLMC REMIC, PO, Series 3316 ‘JO’ 0%15/05/2037 USD 34,721 33,072 0.00FHLMC REMIC, PO, Series 3393 ‘JO’ 0%15/09/2032 USD 770,342 695,983 0.02FHLMC REMIC, Series 1081 ‘K’ 7%15/05/2021 USD 38,116 40,395 0.00FHLMC REMIC, Series 1578 ‘K’ 6.9%15/09/2023 USD 28,799 31,333 0.00FHLMC REMIC, Series 2283 ‘K’ 6.5%15/12/2023 USD 46,268 50,224 0.00FHLMC REMIC, PO, Series 3288 ‘LO’ 0%15/03/2037 USD 186,138 172,381 0.01FHLMC REMIC, IO, FRN, Series 3802‘LS’ 1.809% 15/01/2040 USD 1,148,965 65,059 0.00FHLMC REMIC, Series 2484 ‘LZ’ 6.5%15/07/2032 USD 28,010 31,608 0.00FHLMC REMIC, Series 3461 ‘LZ’ 6%15/06/2038 USD 71,998 80,723 0.00FHLMC REMIC, Series 2575 ‘ME’ 6%15/02/2033 USD 65,836 74,019 0.00FHLMC REMIC, FRN, Series 4073 ‘MF’1.439% 15/08/2039 USD 519,621 520,846 0.01FHLMC REMIC, PO, Series 3152 ‘MO’0% 15/03/2036 USD 287,162 254,269 0.01FHLMC REMIC, PO, Series 3171 ‘MO’ 0%15/06/2036 USD 69,051 64,228 0.00FHLMC REMIC, Series 3966 ‘NA’ 4%15/12/2041 USD 2,172,238 2,320,335 0.06FHLMC REMIC, STEP, Series 4374 ‘NC’2.75% 15/02/2046 USD 1,108,434 1,146,394 0.03FHLMC REMIC, Series 2410 ‘NG’ 6.5%15/02/2032 USD 17,305 19,781 0.00FHLMC REMIC, IO, Series 3688 ‘NI’ 5%15/04/2032 USD 376,655 19,177 0.00FHLMC REMIC, Series 3047 ‘OD’ 5.5%15/10/2035 USD 200,000 229,004 0.01FHLMC REMIC, Series 3064 ‘OE’ 5.5%15/11/2035 USD 700,000 780,218 0.02FHLMC REMIC, PO, Series 3117 ‘OG’ 0%15/02/2036 USD 161,332 147,202 0.00FHLMC REMIC, PO, Series 3122 ‘OH’ 0%15/03/2036 USD 159,415 145,099 0.00FHLMC REMIC, PO, Series 3117 ‘OK’ 0%15/02/2036 USD 35,692 30,313 0.00FHLMC REMIC, Series 2720 ‘PC’ 5%15/12/2023 USD 66,886 71,568 0.00FHLMC REMIC, Series 2165 ‘PE’ 6%15/06/2029 USD 313,355 351,152 0.01FHLMC REMIC, Series 2110 ‘PG’ 6%15/01/2029 USD 80,169 91,100 0.00FHLMC REMIC, Series 2075 ‘PH’ 6.5%15/08/2028 USD 18,295 20,542 0.00FHLMC REMIC, IO, FRN, Series 3424 ‘PI’5.811% 15/04/2038 USD 111,302 19,801 0.00FHLMC REMIC, PO, Series 2650 ‘PO’0% 15/12/2032 USD 2,987 2,972 0.00FHLMC REMIC, PO, Series 3134 ‘PO’ 0%15/03/2036 USD 8,234 7,449 0.00FHLMC REMIC, PO, Series 3138 ‘PO’ 0%15/04/2036 USD 38,029 33,537 0.00FHLMC REMIC, PO, Series 3151 ‘PO’ 0%15/05/2036 USD 126,003 117,831 0.00FHLMC REMIC, PO, Series 3200 ‘PO’0% 15/08/2036 USD 139,587 124,149 0.00FHLMC REMIC, PO, Series 3607 ‘PO’0% 15/05/2037 USD 352,044 304,435 0.01FHLMC REMIC, PO, Series 3611 ‘PO’ 0%15/07/2034 USD 43,247 38,130 0.00FHLMC REMIC, PO, Series 3621 ‘PO’ 0%15/01/2040 USD 191,394 168,530 0.00FHLMC REMIC, Series 3614 ‘QB’ 4%15/12/2024 USD 2,000,000 2,153,304 0.06FHLMC REMIC, Series 2172 ‘QC’ 7%15/07/2029 USD 118,715 137,019 0.00FHLMC REMIC, FRN, Series 3852 ‘QN’5.5% 15/05/2041 USD 570,030 602,063 0.02FHLMC REMIC, PO, Series 3671 ‘QO’ 0%15/12/2036 USD 327,699 305,644 0.01FHLMC REMIC, FRN, Series 2671 ‘S’12.945% 15/09/2033 USD 28,180 36,385 0.00FHLMC REMIC, FRN, Series 2967 ‘S’28.385% 15/04/2025 USD 67,672 94,015 0.00FHLMC REMIC, IO, FRN, Series 3194‘SA’ 6.111% 15/07/2036 USD 15,335 1,848 0.00FHLMC REMIC, IO, FRN, Series 3387‘SA’ 5.431% 15/11/2037 USD 246,540 33,954 0.00FHLMC REMIC, IO, FRN, Series 3511 ‘SA’5.011% 15/02/2039 USD 169,392 26,519 0.00FHLMC REMIC, FRN, Series 2631 ‘SA’13.037% 15/06/2033 USD 45,827 59,855 0.00

200


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

FHLMC REMIC, FRN, Series 2733 ‘SB’7.12% 15/10/2033 USD 874,063 968,465 0.03FHLMC REMIC, IO, FRN, Series 3404‘SC’ 5.011% 15/01/2038 USD 465,721 82,828 0.00FHLMC REMIC, IO, FRN, Series 3740‘SC’ 5.011% 15/10/2040 USD 593,227 85,138 0.00FHLMC REMIC, FRN, Series 2725 ‘SC’7.583% 15/11/2033 USD 114,408 120,413 0.00FHLMC REMIC, IO, FRN, Series 3455‘SE’ 5.211% 15/06/2038 USD 492,084 64,676 0.00FHLMC REMIC, FRN, Series 3064 ‘SG’16.703% 15/11/2035 USD 165,922 233,991 0.01FHLMC REMIC, FRN, Series 2416 ‘SH’13.581% 17/02/2032 USD 21,058 26,878 0.00FHLMC REMIC, IO, FRN, Series 3481 ‘SJ’4.861% 15/08/2038 USD 143,031 21,999 0.00FHLMC REMIC, FRN, Series 2990 ‘SL’20.867% 15/06/2034 USD 112,049 145,711 0.00FHLMC REMIC, IO, FRN, Series 3385‘SN’ 5.011% 15/11/2037 USD 86,124 8,739 0.00FHLMC REMIC, PO, Series 2650 ‘SO’ 0%15/12/2032 USD 19,271 19,002 0.00FHLMC REMIC, FRN, Series 3029 ‘SP’24.296% 15/09/2035 USD 189,422 290,369 0.01FHLMC REMIC, IO, FRN, Series 3232 ‘ST’5.711% 15/10/2036 USD 84,245 13,444 0.00FHLMC REMIC, FRN, Series 2571 ‘SY’16.226% 15/12/2032 USD 170,072 232,078 0.01FHLMC REMIC, FRN, Series 3022 ‘SY’14.402% 15/08/2025 USD 43,243 53,602 0.00FHLMC REMIC, Series 2169 ‘TB’ 7%15/06/2029 USD 25,100 28,641 0.00FHLMC REMIC, Series 2423 ‘TB’ 6.5%15/03/2032 USD 111,132 123,497 0.00FHLMC REMIC, Series 2434 ‘TC’ 7%15/04/2032 USD 17,883 20,577 0.00FHLMC REMIC, Series 2537 ‘TE’ 5.5%15/12/2017 USD 5,033 5,061 0.00FHLMC REMIC, PO, Series 3077 ‘TO’ 0%15/04/2035 USD 182,866 165,759 0.00FHLMC REMIC, FRN, Series 3852 ‘TP’5.5% 15/05/2041 USD 688,276 754,311 0.02FHLMC REMIC, Series 3659 ‘VE’ 5%15/03/2026 USD 2,577,742 2,714,038 0.07FHLMC REMIC, Series 3578 ‘VZ’ 5.5%15/08/2036 USD 300,974 333,515 0.01FHLMC REMIC, FRN, Series 3085 ‘WF’1.789% 15/08/2035 USD 471,563 481,503 0.01FHLMC REMIC, FRN, Series 2990 ‘WP’14.476% 15/06/2035 USD 6,219 7,626 0.00FHLMC REMIC, Series 2949 ‘YZ’ 5.5%15/03/2035 USD 2,229,413 2,464,088 0.07FHLMC REMIC, Series 1863 ‘Z’ 6.5%15/07/2026 USD 35,726 39,599 0.00FHLMC REMIC, Series 2061 ‘Z’ 6.5%15/06/2028 USD 13,927 15,665 0.00FHLMC REMIC, Series 2636 ‘Z’ 4.5%15/06/2018 USD 6,970 7,029 0.00FHLMC REMIC, Series 3035 ‘Z’ 5.85%15/09/2035 USD 787,994 836,997 0.02FHLMC REMIC, Series 3220 ‘Z’ 6%15/09/2036 USD 86,237 92,940 0.00FHLMC REMIC, Series 3461 ‘Z’ 6%15/06/2038 USD 892,992 990,394 0.03FHLMC REMIC, Series 1927 ‘ZA’ 6.5%15/01/2027 USD 111,586 123,699 0.00FHLMC REMIC, Series 2945 ‘ZB’ 5.5%15/03/2035 USD 928,359 1,116,919 0.03FHLMC REMIC, Series 2344 ‘ZD’ 6.5%15/08/2031 USD 59,129 68,921 0.00FHLMC REMIC, Series 2549 ‘ZG’ 5%15/01/2018 USD 17,124 17,239 0.00FHLMC REMIC, Series 2259 ‘ZM’ 7%15/10/2030 USD 15,869 18,394 0.00FHLMC REMIC, Series 2691 ‘ZU’ 5.5%15/09/2033 USD 2,822,591 3,121,590 0.08FHLMC STRIP, IO, Series 233 ‘11’ 5%15/09/2035 USD 95,504 19,867 0.00FHLMC STRIP, IO, Series 233 ‘13’ 5%15/09/2035 USD 238,534 45,069 0.00FHLMC STRIP, IO, Series 243 ‘16’ 4.5%15/11/2020 USD 22,253 704 0.00FHLMC STRIP, Series 262 ‘35’ 3.5%15/07/2042 USD 4,621,733 4,771,777 0.13FHLMC STRIP, FRN, Series 264 ‘F1’1.539% 15/07/2042 USD 3,640,904 3,659,846 0.10FHLMC STRIP, FRN, Series 270 ‘F1’1.659% 15/08/2042 USD 1,244,555 1,252,421 0.03FHLMC STRIP, IO, FRN, Series 239 ‘S30’6.711% 15/08/2036 USD 406,379 77,900 0.00

FHLMC-GNMA, Series 24 ‘J’ 6.25%25/11/2023 USD 42,698 46,149 0.00FHLMC-GNMA, Series 29 ‘L’ 7.5%25/04/2024 USD 178,926 198,192 0.01Fifth Third Auto Trust, Series 2014-3‘A3’ 0.96% 15/03/2019 USD 78,591 78,521 0.00Fifth Third Bancorp 2.875%27/07/2020 USD 500,000 511,640 0.01Fifth Third Bank 1.625% 27/09/2019 USD 400,000 396,204 0.01Fifth Third Bank 2.875% 01/10/2021 USD 300,000 305,690 0.01Fifth Third Bank 3.85% 15/03/2026 USD 200,000 204,222 0.01First Horizon Mortgage Pass-ThroughTrust, FRN, Series 2004-AR7 ‘2A2’2.9% 25/02/2035 USD 179,409 179,941 0.01First Horizon Mortgage Pass-ThroughTrust, FRN, Series 2005-AR1 ‘2A2’3.173% 25/04/2035 USD 52,940 53,683 0.00First Investors Auto Owner Trust,Series 2015-2A ‘A1’, 144A 1.59%16/12/2019 USD 165,851 165,851 0.00First Investors Auto Owner Trust,Series 2016-1A ‘A1’, 144A 1.92%15/05/2020 USD 572,215 572,684 0.02First Investors Auto Owner Trust,Series 2016-2A ‘A1’, 144A 1.53%16/11/2020 USD 818,190 816,980 0.02First Investors Auto Owner Trust,Series 2014-1A ‘A3’, 144A 1.49%15/01/2020 USD 39,713 39,706 0.00First Investors Auto Owner Trust,Series 2014-3A ‘A3’, 144A 1.67%16/11/2020 USD 178,453 178,492 0.01First Investors Auto Owner Trust,Series 2015-2A ‘D’, 144A 4.22%15/12/2021 USD 187,000 191,571 0.01FirstKey Lending Trust, Series2015-SFR1 ‘A’, 144A 2.553%09/03/2047 USD 9,655,610 9,660,849 0.26FirstKey Lending Trust, Series2015-SFR1 ‘B’, 144A 3.417%09/03/2047 USD 721,000 724,387 0.02Flagship Credit Auto Trust, Series2014-2 ‘A’, 144A 1.43% 16/12/2019 USD 86,677 86,683 0.00Flagship Credit Auto Trust, Series2015-1 ‘A’, 144A 1.63% 15/06/2020 USD 258,278 258,217 0.01Flagship Credit Auto Trust, Series2015-3 ‘A’, 144A 2.38% 15/10/2020 USD 768,606 769,725 0.02Flagship Credit Auto Trust, Series2016-1 ‘A’, 144A 2.77% 15/12/2020 USD 894,980 902,136 0.02Flagship Credit Auto Trust, Series2017-2 ‘A’, 144A 1.85% 15/07/2021 USD 2,980,000 2,981,508 0.08Flagship Credit Auto Trust, Series2016-2 ‘A1’, 144A 2.28% 15/05/2020 USD 541,174 541,951 0.01Flagship Credit Auto Trust, Series2016-3 ‘A2’, 144A 2.05% 15/11/2020 USD 4,258,000 4,263,233 0.11Flagship Credit Auto Trust, Series2016-4 ‘A2’, 144A 1.96% 16/02/2021 USD 2,825,000 2,825,942 0.08Flagship Credit Auto Trust, Series2015-3 ‘B’, 144A 3.68% 15/03/2022 USD 505,000 513,679 0.01Flagship Credit Auto Trust, Series2016-2 ‘B’, 144A 3.84% 15/09/2022 USD 306,000 314,497 0.01Flagship Credit Auto Trust, Series2017-1 ‘B’, 144A 2.83% 15/03/2023 USD 1,621,000 1,630,995 0.04Flagship Credit Auto Trust, Series2015-3 ‘C’, 144A 4.65% 15/03/2022 USD 353,000 363,650 0.01Flagship Credit Auto Trust, Series2016-1 ‘C’, 144A 6.22% 15/06/2022 USD 950,000 1,017,676 0.03Flagship Credit Auto Trust, Series2016-2 ‘C’, 144A 6.22% 15/09/2022 USD 1,000,000 1,076,094 0.03Flagship Credit Auto Trust, Series2016-4 ‘C’, 144A 2.71% 15/11/2022 USD 2,491,000 2,478,477 0.07Flagship Credit Auto Trust, Series2017-1 ‘C’, 144A 3.22% 15/05/2023 USD 1,117,000 1,126,169 0.03Flagship Credit Auto Trust, Series2016-3 ‘D’, 144A 3.89% 15/11/2022 USD 1,122,000 1,135,125 0.03Flagship Credit Auto Trust, Series2017-1 ‘D’, 144A 4.23% 15/05/2023 USD 506,000 516,487 0.01FNMA AM3990 3.864% 01/07/2023 USD 988,196 1,055,141 0.03FNMA AM4011 3.792% 01/07/2023 USD 4,000,000 4,291,274 0.11FNMA 252409 6.5% 01/03/2029 USD 7,873 8,970 0.00FNMA 254305 6.5% 01/05/2022 USD 35,244 39,076 0.00FNMA 255052 4% 01/11/2023 USD 46,088 48,547 0.00FNMA 255843 5.5% 01/09/2035 USD 122,618 137,125 0.00FNMA 256648 7.5% 01/01/2022 USD 57,372 60,863 0.00FNMA 257055 6.5% 01/12/2027 USD 72,590 81,054 0.00FNMA 257172 5.5% 01/04/2038 USD 80,833 87,499 0.00FNMA 257183 7% 01/03/2038 USD 74,675 78,531 0.00FNMA 257209 5.5% 01/05/2038 USD 65,997 71,196 0.00FNMA 257510 7% 01/12/2038 USD 145,680 173,146 0.01FNMA 357639 5.5% 01/11/2034 USD 4,964 5,567 0.00FNMA 465721 4.04% 01/10/2020 USD 1,000,000 1,063,766 0.03

201


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

FNMA 466893 4.05% 01/01/2021 USD 1,000,000 1,067,371 0.03FNMA 467155 4.46% 01/01/2021 USD 2,773,995 2,981,729 0.08FNMA 467264 4.33% 01/02/2021 USD 939,706 1,008,037 0.03FNMA 467390 4.16% 01/03/2021 USD 2,702,527 2,884,798 0.08FNMA 467755 4.25% 01/04/2021 USD 2,000,000 2,148,965 0.06FNMA 468058 4.39% 01/05/2021 USD 950,585 1,024,565 0.03FNMA 468066 4.295% 01/06/2021 USD 1,886,666 2,029,962 0.05FNMA 468128 4.33% 01/07/2021 USD 987,849 1,066,141 0.03FNMA 468159 4.26% 01/07/2021 USD 1,974,941 2,126,170 0.06FNMA 468542 4.5% 01/08/2021 USD 5,000,000 5,474,265 0.15FNMA 468571 4.45% 01/07/2026 USD 918,365 1,006,290 0.03FNMA 468667 3.94% 01/07/2021 USD 3,000,000 3,210,733 0.09FNMA 468958 3.77% 01/09/2021 USD 3,000,000 3,186,445 0.09FNMA 469065 4.07% 01/10/2021 USD 1,890,666 2,034,884 0.05FNMA 469074 3.83% 01/12/2021 USD 2,500,000 2,677,521 0.07FNMA 469204 3.89% 01/09/2021 USD 1,976,651 2,111,992 0.06FNMA 470124 3.12% 01/01/2022 USD 3,971,797 4,136,182 0.11FNMA, FRN 470623 1.783%01/03/2022 USD 1,315,926 1,321,229 0.04FNMA 471177 2.94% 01/05/2022 USD 1,364,813 1,412,033 0.04FNMA 471274 2.86% 01/05/2022 USD 2,732,587 2,823,626 0.08FNMA 471828 2.65% 01/08/2022 USD 6,000,000 6,147,934 0.16FNMA 471881 2.67% 01/07/2022 USD 3,000,000 3,076,518 0.08FNMA 471892 2.71% 01/07/2022 USD 1,000,000 1,027,090 0.03FNMA 471893 2.83% 01/07/2022 USD 3,000,000 3,097,754 0.08FNMA 555182 6% 01/01/2018 USD 5,133 5,148 0.00FNMA 555791 6.5% 01/12/2022 USD 7,161 7,939 0.00FNMA 598559 6.5% 01/08/2031 USD 8,513 9,844 0.00FNMA 602589 7% 01/09/2031 USD 20,793 23,007 0.00FNMA 622534 3% 01/09/2031 USD 175,514 176,027 0.01FNMA 622542 5.5% 01/09/2031 USD 314,953 352,256 0.01FNMA 650236 5% 01/12/2032 USD 2,259 2,330 0.00FNMA 665775 5.5% 01/09/2017 USD 175 175 0.00FNMA 666358 6% 01/08/2017 USD 20 20 0.00FNMA 668811 6% 01/11/2017 USD 12 12 0.00FNMA 674349 6% 01/03/2033 USD 2,593 2,934 0.00FNMA 679263 4.5% 01/11/2024 USD 81,442 87,442 0.00FNMA 682076 6% 01/11/2017 USD 2,457 2,460 0.00FNMA 689977 8% 01/03/2027 USD 14,267 15,840 0.00FNMA 695533 8% 01/06/2027 USD 8,253 9,182 0.00FNMA, FRN 722985 2.652%01/07/2033 USD 24,717 26,047 0.00FNMA 725171 4% 01/01/2019 USD 4,758 4,932 0.00FNMA 725704 6% 01/08/2034 USD 7,598 8,720 0.00FNMA 727226 4% 01/06/2018 USD 11,692 12,119 0.00FNMA 730332 4% 01/09/2018 USD 958 993 0.00FNMA 730536 4% 01/08/2018 USD 3,537 3,666 0.00FNMA, FRN 735332 2.786%01/08/2034 USD 71,782 75,379 0.00FNMA 735911 6.5% 01/08/2020 USD 11,014 11,344 0.00FNMA 740822 5.5% 01/09/2018 USD 4,212 4,257 0.00FNMA 745148 5% 01/01/2036 USD 103,373 113,625 0.00FNMA 745406 6% 01/03/2021 USD 54,628 57,318 0.00FNMA 745418 5.5% 01/04/2036 USD 133,415 149,384 0.00FNMA, FRN 745445 2.927%01/01/2036 USD 205,069 215,942 0.01FNMA, FRN 745446 2.973%01/04/2033 USD 47,413 49,772 0.00FNMA 748306 6.5% 01/11/2033 USD 18,747 20,788 0.00FNMA 754922 5.5% 01/09/2033 USD 29,827 33,408 0.00FNMA 755973 8% 01/11/2028 USD 43,694 52,127 0.00FNMA 755994 8% 01/10/2028 USD 10,636 11,672 0.00FNMA, FRN 766610 3.231%01/01/2034 USD 30,862 32,390 0.00FNMA 771959 5.5% 01/02/2034 USD 18,408 19,055 0.00FNMA 775902 8.5% 01/04/2030 USD 116,630 134,300 0.00FNMA, FRN 777132 2.93% 01/06/2034 USD 158,203 166,551 0.00FNMA, FRN 781309 2.8% 01/07/2034 USD 28,478 29,496 0.00FNMA 787741 9% 01/08/2030 USD 11,379 13,133 0.00FNMA 788150 6% 01/03/2032 USD 94,078 109,759 0.00FNMA, FRN 790235 2.895%01/08/2034 USD 53,969 56,837 0.00FNMA, FRN 791961 2.688%01/09/2034 USD 27,068 28,228 0.00FNMA 796815 5.5% 01/09/2019 USD 1,165 1,166 0.00FNMA, FRN 801342 2.901%01/09/2034 USD 119,151 125,811 0.00FNMA, FRN 810896 2.799%01/01/2035 USD 109,695 113,937 0.00FNMA, FRN 816597 3.205%01/02/2035 USD 60,012 63,339 0.00FNMA, FRN 823660 3.055%01/05/2035 USD 45,377 47,456 0.00FNMA, FRN 843026 2.903%01/09/2035 USD 119,748 124,288 0.00FNMA, FRN 843028 2.905%01/09/2035 USD 105,805 109,573 0.00

FNMA 847108 6.5% 01/10/2035 USD 130,311 143,108 0.00FNMA, FRN 849251 2.666%01/01/2036 USD 172,008 180,088 0.01FNMA, FRN 851432 3.088%01/10/2035 USD 253,224 268,211 0.01FNMA 852874 4% 01/04/2020 USD 4,447 4,610 0.00FNMA 870770 6.5% 01/07/2036 USD 52,281 60,396 0.00FNMA, FRN 872502 3.042%01/06/2036 USD 153,823 161,112 0.00FNMA, FRN 884066 3.184%01/06/2036 USD 106,115 113,200 0.00FNMA, FRN 886558 3.044%01/08/2036 USD 82,711 88,000 0.00FNMA 888366 7% 01/04/2037 USD 183,103 214,060 0.01FNMA 888408 6% 01/03/2037 USD 84,203 90,887 0.00FNMA, FRN 888605 2.661%01/07/2035 USD 134,514 141,993 0.00FNMA 888796 6% 01/09/2037 USD 188,677 205,189 0.01FNMA 888829 5.832% 01/06/2037 USD 1,398,457 1,567,558 0.04FNMA 888892 7.5% 01/11/2037 USD 205,733 239,055 0.01FNMA 889519 5.5% 01/12/2035 USD 154,348 173,025 0.01FNMA 889573 6.5% 01/03/2023 USD 172,912 184,521 0.01FNMA 889757 5% 01/02/2038 USD 116,676 128,237 0.00FNMA, FRN 896463 2.908%01/10/2034 USD 82,675 87,473 0.00FNMA 900177 7.5% 01/08/2036 USD 23,364 25,750 0.00FNMA, FRN 900197 3.372%01/10/2036 USD 60,975 64,909 0.00FNMA, FRN 905694 3.37% 01/12/2036 USD 76,354 80,419 0.00FNMA 907742 7% 01/12/2036 USD 38,919 42,650 0.00FNMA 912374 7% 01/02/2037 USD 1,461 1,522 0.00FNMA, FRN 920843 3.796%01/03/2036 USD 566,072 599,818 0.02FNMA, FRN 920954 2.687%01/01/2037 USD 210,880 218,849 0.01FNMA 924857 8.5% 01/09/2037 USD 18,759 19,074 0.00FNMA 929560 7% 01/06/2038 USD 118,393 138,898 0.00FNMA 932355 6% 01/12/2039 USD 832,235 923,115 0.02FNMA 933032 6% 01/10/2037 USD 62,881 67,911 0.00FNMA 945870 6.5% 01/08/2037 USD 64,394 74,929 0.00FNMA 946338 7% 01/09/2037 USD 125,927 141,335 0.00FNMA 960150 6% 01/11/2037 USD 141,020 160,615 0.00FNMA 961192 7% 01/01/2038 USD 30,215 32,118 0.00FNMA, FRN 966946 3.41% 01/01/2038 USD 30,890 32,170 0.00FNMA 976871 6.5% 01/08/2036 USD 410,843 467,892 0.01FNMA 995149 6.5% 01/10/2038 USD 223,519 252,669 0.01FNMA 995456 6.5% 01/02/2024 USD 280,185 303,297 0.01FNMA 995505 8% 01/01/2038 USD 101,749 121,813 0.00FNMA 995783 8% 01/11/2037 USD 21,610 24,008 0.00FNMA AA0922 6% 01/09/2036 USD 243,168 277,435 0.01FNMA AA1019 6% 01/11/2036 USD 217,895 248,334 0.01FNMA AC3407 5.5% 01/10/2039 USD 266,592 297,057 0.01FNMA AD0133 5% 01/08/2024 USD 214,433 227,551 0.01FNMA AD0364 5% 01/05/2023 USD 104,291 109,697 0.00FNMA AD0753 7% 01/01/2039 USD 172,427 200,092 0.01FNMA AD8548 5.5% 01/01/2033 USD 247,597 266,782 0.01FNMA AE0346 6% 01/05/2037 USD 265,914 293,626 0.01FNMA AL0569 4.264% 01/06/2021 USD 1,370,847 1,463,633 0.04FNMA AL0602 4.313% 01/07/2021 USD 2,565,637 2,759,397 0.07FNMA AL2606 4% 01/03/2042 USD 425,066 443,664 0.01FNMA AL6167 3.5% 01/01/2044 USD 4,696,109 4,856,829 0.13FNMA AL6805 3.783% 01/01/2026 USD 1,964,929 2,114,084 0.06FNMA AL7395 5.583% 01/03/2038 USD 4,802,718 5,351,474 0.14FNMA AM0811 2.42% 01/12/2022 USD 1,404,699 1,423,555 0.04FNMA AM1361 2.37% 01/12/2022 USD 7,547,090 7,632,425 0.20FNMA AM1547 2% 01/12/2020 USD 3,000,000 3,008,578 0.08FNMA AM1591 2.38% 01/12/2022 USD 1,906,547 1,928,413 0.05FNMA AM1762 2.39% 01/12/2022 USD 1,909,812 1,932,620 0.05FNMA AM1769 2.34% 01/12/2022 USD 1,837,411 1,854,982 0.05FNMA AM1778 2.4% 01/12/2022 USD 3,000,000 3,032,430 0.08FNMA AM2333 2.45% 01/02/2023 USD 2,000,000 2,025,409 0.05FNMA AM3244 2.52% 01/05/2023 USD 2,000,000 2,026,276 0.05FNMA AM3646 2.64% 01/07/2023 USD 2,000,000 2,039,207 0.05FNMA AM4070 3.98% 01/08/2025 USD 4,100,000 4,466,255 0.12FNMA AM4410 4.25% 01/10/2028 USD 3,082,838 3,378,205 0.09FNMA AM4660 3.765% 01/12/2025 USD 2,000,000 2,152,323 0.06FNMA AM4758 4.02% 01/11/2028 USD 3,081,172 3,359,419 0.09FNMA AM5940 3.24% 01/06/2026 USD 952,153 990,351 0.03FNMA AM6392 3.29% 01/08/2026 USD 1,500,000 1,558,311 0.04FNMA AM6448 3.25% 01/09/2026 USD 3,000,000 3,107,366 0.08FNMA AM7164 2.59% 01/11/2021 USD 3,000,000 3,053,916 0.08FNMA AM7231 2.92% 01/12/2024 USD 1,500,000 1,533,807 0.04FNMA AM7514 3.07% 01/02/2025 USD 6,000,000 6,197,730 0.17FNMA AM7596 3.16% 01/01/2027 USD 5,200,000 5,343,812 0.14FNMA AM7649 2.885% 01/01/2025 USD 5,915,000 6,050,450 0.16FNMA AM7785 3.17% 01/02/2030 USD 2,000,000 2,030,623 0.05FNMA AM7836 3.11% 01/03/2027 USD 3,000,000 3,075,416 0.08

202


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

FNMA AM8251 2.7% 01/04/2025 USD 5,000,000 5,054,936 0.13FNMA AM8408 3.13% 01/04/2030 USD 6,000,000 6,096,525 0.16FNMA AM8432 2.79% 01/05/2027 USD 4,262,000 4,270,664 0.11FNMA AM8544 3.08% 01/04/2030 USD 2,000,000 2,008,944 0.05FNMA AM8666 2.96% 01/06/2030 USD 1,894,418 1,892,555 0.05FNMA AM8846 2.68% 01/05/2025 USD 3,860,771 3,898,691 0.10FNMA AM9003 2.96% 01/06/2027 USD 2,953,959 2,992,725 0.08FNMA AM9012 3.13% 01/06/2030 USD 1,000,000 985,768 0.03FNMA AM9014 3.2% 01/06/2030 USD 1,000,000 1,013,067 0.03FNMA AM9188 3.12% 01/06/2035 USD 3,000,000 2,945,177 0.08FNMA AM9219 3.35% 01/09/2030 USD 1,355,147 1,403,671 0.04FNMA AM9432 3.12% 01/12/2022 USD 1,761,087 1,840,980 0.05FNMA AM9548 3.17% 01/08/2025 USD 3,000,000 3,086,044 0.08FNMA AM9657 3.23% 01/08/2027 USD 3,929,780 4,033,940 0.11FNMA AM9934 3.08% 01/10/2025 USD 5,649,380 5,795,273 0.15FNMA AM9955 3.25% 01/11/2030 USD 2,333,446 2,376,645 0.06FNMA AN0029 3.1% 01/09/2025 USD 2,200,000 2,266,295 0.06FNMA AN0068 3.26% 01/10/2030 USD 5,832,723 5,947,795 0.16FNMA, FRN AN0483 1.773%01/12/2025 USD 4,886,000 4,897,616 0.13FNMA AN1035 3.21% 01/03/2031 USD 1,500,000 1,519,416 0.04FNMA AN1243 2.64% 01/06/2026 USD 2,999,000 2,974,109 0.08FNMA AN1247 2.64% 01/06/2026 USD 2,462,000 2,441,566 0.07FNMA AN1292 2.84% 01/04/2026 USD 1,962,755 1,990,344 0.05FNMA AN1583 3.04% 01/05/2031 USD 1,555,454 1,553,840 0.04FNMA AN1590 2.4% 01/05/2026 USD 2,940,086 2,900,491 0.08FNMA AN1751 2.85% 01/06/2028 USD 2,245,415 2,242,883 0.06FNMA AN1802 2.83% 01/06/2028 USD 2,631,311 2,630,861 0.07FNMA AN1821 2.69% 01/06/2028 USD 2,951,036 2,918,246 0.08FNMA AN1945 2.86% 01/06/2028 USD 2,100,000 2,104,792 0.06FNMA AN2005 2.73% 01/07/2028 USD 2,000,000 1,957,322 0.05FNMA AN2009 2.7% 01/07/2026 USD 5,000,000 4,980,613 0.13FNMA AN2124 2.85% 01/01/2029 USD 2,269,447 2,256,955 0.06FNMA AN2147 2.57% 01/08/2028 USD 4,500,000 4,366,316 0.12FNMA AN2324 2.61% 01/08/2028 USD 2,300,000 2,257,036 0.06FNMA AN2347 2.38% 01/10/2026 USD 6,650,000 6,463,305 0.17FNMA AN2363 2.23% 01/04/2024 USD 5,092,012 5,060,021 0.13FNMA AN2370 2.44% 01/08/2026 USD 3,369,011 3,305,812 0.09FNMA AN2388 2.64% 01/08/2028 USD 2,723,321 2,676,779 0.07FNMA AN2429 2.45% 01/12/2026 USD 4,045,000 3,956,318 0.11FNMA AN2444 2.43% 01/08/2026 USD 6,922,438 6,781,922 0.18FNMA AN2487 2.86% 01/08/2028 USD 1,000,000 1,001,647 0.03FNMA AN2906 2.63% 01/10/2031 USD 6,159,629 5,944,015 0.16FNMA AN3134 2.58% 01/10/2028 USD 1,877,578 1,837,333 0.05FNMA AN3254 2.8% 01/11/2031 USD 2,010,937 2,003,020 0.05FNMA AN3364 2.6% 01/10/2028 USD 5,438,060 5,329,411 0.14FNMA AN3431 2.6% 01/11/2028 USD 4,458,082 4,357,708 0.12FNMA AN3565 2.94% 01/12/2028 USD 8,720,000 8,696,130 0.23FNMA AN3570 2.71% 01/11/2028 USD 6,917,000 6,760,796 0.18FNMA AN3584 2.53% 01/11/2028 USD 3,560,000 3,420,094 0.09FNMA AN3685 2.69% 01/12/2028 USD 9,548,000 9,291,890 0.25FNMA AN3788 2.79% 01/02/2027 USD 2,244,654 2,254,453 0.06FNMA AN3881 2.94% 01/12/2026 USD 3,872,625 3,924,044 0.10FNMA AN4096 3.29% 01/02/2025 USD 1,031,419 1,088,778 0.03FNMA AN4099 3.29% 01/02/2025 USD 1,455,127 1,536,049 0.04FNMA AN4110 2.95% 01/04/2025 USD 5,405,980 5,537,631 0.15FNMA AN4118 3.235% 01/02/2032 USD 5,575,000 5,642,509 0.15FNMA AN4154 3.17% 01/01/2029 USD 7,560,000 7,679,160 0.20FNMA AN4975 3.21% 01/03/2029 USD 11,770,000 12,041,211 0.32FNMA AN5158 3.45% 01/04/2029 USD 10,500,000 10,904,413 0.29FNMA AN5279 3.34% 01/04/2029 USD 4,987,707 5,148,848 0.14FNMA AN5395 3.32% 01/04/2029 USD 5,650,000 5,808,284 0.15FNMA AO9352 4% 01/07/2042 USD 638,951 678,518 0.02FNMA AQ9999 3% 01/02/2043 USD 3,006,181 3,019,641 0.08FNMA AS7212 3.5% 01/04/2036 USD 1,887,228 1,967,792 0.05FNMA BH4683 4% 01/06/2047 USD 3,547,736 3,816,297 0.10FNMA BH4684 4% 01/06/2047 USD 4,396,607 4,662,866 0.12FNMA BH4685 4% 01/06/2047 USD 5,271,772 5,652,470 0.15FNMA FN0004 3.619% 01/12/2020 USD 1,320,411 1,389,431 0.04FNMA FN0005 3.372% 01/11/2020 USD 805,115 837,864 0.02FNMA MA0406 4.5% 01/05/2030 USD 325,339 350,182 0.01FNMA MA0948 5% 01/11/2031 USD 310,146 341,453 0.01FNMA MA1463 3.5% 01/06/2043 USD 1,500,885 1,552,251 0.04FNMA MA2592 3.5% 01/04/2046 USD 4,374,494 4,514,978 0.12FNMA MA2633 3.5% 01/04/2046 USD 2,118,526 2,186,754 0.06FNMA MA2734 3.5% 01/08/2046 USD 5,910,395 6,100,911 0.16FNMA Grantor Trust, Series 2004-T2‘1A4’ 7.5% 25/11/2043 USD 382,502 449,500 0.01FNMA Grantor Trust, Series 2017-T1 ‘A’2.898% 25/06/2027 USD 5,889,000 5,886,050 0.16FNMA Grantor Trust, Series 2000-T6‘A1’ 7.5% 25/11/2040 USD 236,281 270,973 0.01FNMA Grantor Trust, Series 2001-T7‘A1’ 7.5% 25/02/2041 USD 188,268 220,388 0.01FNMA Grantor Trust, Series 2002-T16‘A2’ 7% 25/07/2042 USD 25,370 29,682 0.00

FNMA Grantor Trust, FRN, Series2004-T3 ‘PT1’ 10.004% 25/01/2044 USD 229,388 273,630 0.01FNMA Interest STRIP, PO, Series 293 ‘1’0% 25/12/2024 USD 133,937 124,460 0.00FNMA Interest STRIP, PO, Series 300 ‘1’0% 25/09/2024 USD 131,543 123,132 0.00FNMA Interest STRIP, IO, Series 339‘18’ 4.5% 01/08/2033 USD 11,799 178 0.00FNMA Interest STRIP, IO, Series 383‘32’ 6% 25/01/2038 USD 96,384 20,341 0.00FNMA Interest STRIP, FRN, Series 412‘F2’ 1.716% 25/08/2042 USD 1,293,954 1,301,417 0.04FNMA Principal STRIP 0% 15/05/2030 USD 200,000 134,503 0.00FNMA REMIC, FRN, Series 2007-101‘A2’ 1.241% 27/06/2036 USD 256,684 251,450 0.01FNMA REMIC, FRN, Series 2007-106‘A7’ 6.201% 25/10/2037 USD 216,875 241,014 0.01FNMA REMIC, Series 2008-56 ‘AC’ 5%25/07/2038 USD 261,756 283,556 0.01FNMA REMIC, Series 2010-111 ‘AM’5.5% 25/10/2040 USD 2,000,000 2,253,635 0.06FNMA REMIC, PO, Series 2006-22 ‘AO’0% 25/04/2036 USD 53,962 48,293 0.00FNMA REMIC, PO, Series 2007-42 ‘AO’0% 25/05/2037 USD 48,812 45,262 0.00FNMA REMIC, PO, Series 2009-113 ‘AO’0% 25/01/2040 USD 145,669 127,965 0.00FNMA REMIC, PO, Series 2006-58 ‘AP’0% 25/07/2036 USD 42,786 38,633 0.00FNMA REMIC, IO, FRN, Series 2007-60‘AX’ 5.934% 25/07/2037 USD 604,982 132,682 0.00FNMA REMIC, Series 2003-105 ‘AZ’5.5% 25/10/2033 USD 1,380,501 1,543,307 0.04FNMA REMIC, Series 2007-76 ‘AZ’ 5.5%25/08/2037 USD 237,228 255,473 0.01FNMA REMIC, Series 2007-42 ‘B’ 6%25/05/2037 USD 539,082 600,873 0.02FNMA REMIC, Series 2010-26 ‘B’ 5.5%25/03/2025 USD 2,715,082 2,787,003 0.07FNMA REMIC, Series 2001-79 ‘BA’ 7%25/03/2045 USD 158,931 185,218 0.01FNMA REMIC, IO, FRN, Series 2008-1‘BI’ 4.694% 25/02/2038 USD 251,147 36,384 0.00FNMA REMIC, Series 2005-3 ‘CE’ 5.5%25/08/2034 USD 436,229 441,816 0.01FNMA REMIC, FRN, Series 2012-137 ‘CF’1.516% 25/08/2041 USD 2,180,183 2,181,271 0.06FNMA REMIC, IO, FRN, Series 2008-53‘CI’ 5.984% 25/07/2038 USD 105,568 16,306 0.00FNMA REMIC, FRN, Series 2003-130‘CS’ 11.668% 25/12/2033 USD 162,413 177,720 0.01FNMA REMIC, FRN, Series 2005-74 ‘CS’16.676% 25/05/2035 USD 175,168 229,624 0.01FNMA REMIC, FRN, Series 2005-45 ‘DC’19.851% 25/06/2035 USD 155,598 224,028 0.01FNMA REMIC, FRN, Series 2006-79 ‘DF’1.566% 25/08/2036 USD 63,655 63,738 0.00FNMA REMIC, PO, Series 2006-60 ‘DO’0% 25/04/2035 USD 115,341 112,281 0.00FNMA REMIC, PO, Series 2006-79 ‘DO’0% 25/08/2036 USD 46,054 41,934 0.00FNMA REMIC, IO, FRN, Series 2007-72‘EK’ 5.184% 25/07/2037 USD 727,001 109,171 0.00FNMA REMIC, PO, Series 2006-111 ‘EO’0% 25/11/2036 USD 15,810 14,315 0.00FNMA REMIC, PO, Series 2004-46 ‘EP’0% 25/03/2034 USD 151,888 140,169 0.00FNMA REMIC, FRN, Series 2005-90 ‘ES’13.835% 25/10/2035 USD 110,551 140,190 0.00FNMA REMIC, Series 2005-67 ‘EY’ 5.5%25/08/2025 USD 203,485 223,085 0.01FNMA REMIC, FRN, Series 2007-54 ‘FA’1.616% 25/06/2037 USD 74,851 74,891 0.00FNMA REMIC, FRN, Series 2012-58 ‘FA’1.716% 25/03/2039 USD 1,040,156 1,045,424 0.03FNMA REMIC, FRN, Series 2007-16 ‘FC’1.966% 25/03/2037 USD 18,657 19,136 0.00FNMA REMIC, FRN, Series 2010-43 ‘FD’1.816% 25/05/2040 USD 538,919 544,464 0.01FNMA REMIC, FRN, Series 2003-119‘FH’ 1.716% 25/12/2033 USD 282,558 284,084 0.01FNMA REMIC, FRN, Series 2004-61 ‘FH’2.016% 25/11/2032 USD 334,527 341,437 0.01FNMA REMIC, FRN, Series 2010-40 ‘FJ’1.816% 25/04/2040 USD 481,848 485,472 0.01FNMA REMIC, Series 2007-71 ‘GB’ 6%25/07/2037 USD 217,725 245,461 0.01FNMA REMIC, FRN, Series 2008-76 ‘GF’1.866% 25/09/2023 USD 73,924 73,982 0.00FNMA REMIC, IO, FRN, Series 2006-94‘GI’ 5.434% 25/10/2026 USD 349,675 45,862 0.00

203


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

FNMA REMIC, Series 2009-69 ‘GL’ 5%25/09/2039 USD 1,014,971 1,108,474 0.03FNMA REMIC, PO, Series 2006-44 ‘GO’0% 25/06/2036 USD 31,262 28,516 0.00FNMA REMIC, IO, FRN, Series 2009-6‘GS’ 5.334% 25/02/2039 USD 163,413 32,076 0.00FNMA REMIC, FRN, Series 2006-124‘HB’ 3.133% 25/11/2036 USD 96,616 102,960 0.00FNMA REMIC, Series 2009-59 ‘HB’ 5%25/08/2039 USD 506,093 555,947 0.02FNMA REMIC, Series 2001-81 ‘HE’ 6.5%25/01/2032 USD 495,437 564,843 0.02FNMA REMIC, IO, FRN, Series 2007-116‘HI’ 1.492% 25/01/2038 USD 351,266 19,728 0.00FNMA REMIC, IO, FRN, Series 2008-46‘HI’ 1.774% 25/06/2038 USD 293,199 17,006 0.00FNMA REMIC, IO, Series 2003-33 ‘IA’6.5% 25/05/2033 USD 178,489 44,146 0.00FNMA REMIC, IO, Series 2008-19 ‘IC’5% 25/03/2023 USD 24,454 476 0.00FNMA REMIC, IO, Series 2009-18 ‘IO’5% 25/03/2024 USD 37,760 1,319 0.00FNMA REMIC, IO, Series 2009-86 ‘IP’5.5% 25/10/2039 USD 142,924 25,568 0.00FNMA REMIC, IO, FRN, Series 2008-16‘IS’ 4.984% 25/03/2038 USD 81,868 11,190 0.00FNMA REMIC, IO, Series 2003-35 ‘IU’6% 25/05/2033 USD 147,565 29,618 0.00FNMA REMIC, IO, Series 2003-44 ‘IU’7% 25/06/2033 USD 52,313 12,884 0.00FNMA REMIC, Series 1993-25 ‘J’ 7.5%25/03/2023 USD 10,151 11,191 0.00FNMA REMIC, Series G93-1 ‘KA’ 7.9%25/01/2023 USD 6,947 7,702 0.00FNMA REMIC, Series 2002-63 ‘KC’ 5%25/10/2017 USD 3,105 3,105 0.00FNMA REMIC, Series 2003-32 ‘KC’ 5%25/05/2018 USD 14,099 14,246 0.00FNMA REMIC, IO, FRN, Series 2007-65‘KI’ 5.404% 25/07/2037 USD 228,030 24,764 0.00FNMA REMIC, IO, FRN, Series 2010-23‘KS’ 5.884% 25/02/2040 USD 268,757 33,309 0.00FNMA REMIC, Series 2011-118 ‘LB’ 7%25/11/2041 USD 1,846,341 2,168,518 0.06FNMA REMIC, IO, FRN, Series 2011-30‘LS’ 1.905% 25/04/2041 USD 910,180 46,034 0.00FNMA REMIC, FRN, Series 2006-33 ‘LS’24.678% 25/05/2036 USD 90,546 151,485 0.00FNMA REMIC, Series 2005-84 ‘MB’5.75% 25/10/2035 USD 169,322 185,478 0.01FNMA REMIC, FRN, Series 2009-103‘MB’ 3.275% 25/12/2039 USD 260,047 277,423 0.01FNMA REMIC, Series 2011-118 ‘MT’ 7%25/11/2041 USD 1,795,595 2,109,247 0.06FNMA REMIC, Series 2006-85 ‘MZ’6.5% 25/09/2036 USD 137,017 153,076 0.00FNMA REMIC, Series 2016-38 ‘NA’ 3%25/01/2046 USD 4,537,197 4,643,130 0.12FNMA REMIC, PO, Series 2007-15 ‘NO’0% 25/03/2022 USD 13,560 13,114 0.00FNMA REMIC, Series 2011-118 ‘NT’ 7%25/11/2041 USD 2,106,084 2,429,671 0.06FNMA REMIC, PO, Series 2006-27 ‘OH’0% 25/04/2036 USD 103,371 94,144 0.00FNMA REMIC, PO, Series 2006-15 ‘OP’0% 25/03/2036 USD 171,022 149,279 0.00FNMA REMIC, PO, Series 2009-86 ‘OT’0% 25/10/2037 USD 398,596 356,269 0.01FNMA REMIC, Series 2009-63 ‘P’ 5%25/03/2037 USD 33,770 36,405 0.00FNMA REMIC, PO, Series 2006-44 ‘P’0% 25/12/2033 USD 86,104 78,985 0.00FNMA REMIC, Series 1998-58 ‘PC’ 6.5%25/10/2028 USD 84,989 95,433 0.00FNMA REMIC, Series 2005-109 ‘PC’ 6%25/12/2035 USD 312,846 345,995 0.01FNMA REMIC, Series 2006-77 ‘PC’ 6.5%25/08/2036 USD 222,363 247,758 0.01FNMA REMIC, Series 1997-39 ‘PD’ 7.5%20/05/2027 USD 22,382 25,888 0.00FNMA REMIC, Series 2001-44 ‘PD’ 7%25/09/2031 USD 4,685 5,414 0.00FNMA REMIC, Series 2001-7 ‘PF’ 7%25/03/2031 USD 3,114 3,626 0.00FNMA REMIC, IO, FRN, Series 2007-109‘PI’ 5.134% 25/12/2037 USD 866,994 92,730 0.00FNMA REMIC, IO, Series 2009-52 ‘PI’5% 25/07/2039 USD 110,738 21,998 0.00FNMA REMIC, Series 1994-63 ‘PK’ 7%25/04/2024 USD 121,602 135,466 0.00

FNMA REMIC, Series 1993-203 ‘PL’6.5% 25/10/2023 USD 86,595 96,052 0.00FNMA REMIC, PO, Series 2005-90 ‘PO’0% 25/09/2035 USD 44,315 42,073 0.00FNMA REMIC, PO, Series 2006-110 ‘PO’0% 25/11/2036 USD 36,798 32,742 0.00FNMA REMIC, PO, Series 2006-113 ‘PO’0% 25/07/2036 USD 85,092 82,506 0.00FNMA REMIC, PO, Series 2006-36 ‘PO’0% 25/05/2036 USD 139,902 130,315 0.00FNMA REMIC, PO, Series 2006-58 ‘PO’0% 25/07/2036 USD 99,979 92,081 0.00FNMA REMIC, PO, Series 2007-48 ‘PO’0% 25/05/2037 USD 217,682 197,839 0.01FNMA REMIC, PO, Series 2009-69 ‘PO’0% 25/09/2039 USD 159,393 146,784 0.00FNMA REMIC, PO, Series 2013-92 ‘PO’0% 25/09/2043 USD 748,079 612,854 0.02FNMA REMIC, FRN, Series 2006-11 ‘PS’20.108% 25/03/2036 USD 100,407 145,976 0.00FNMA REMIC, FRN, Series 2006-62 ‘PS’32.603% 25/07/2036 USD 22,264 39,845 0.00FNMA REMIC, Series 2005-76 ‘PZ’ 5.5%25/09/2035 USD 478,572 564,540 0.02FNMA REMIC, PO, Series 2006-59 ‘QO’0% 25/01/2033 USD 6,825 6,758 0.00FNMA REMIC, PO, Series 2006-65 ‘QO’0% 25/07/2036 USD 28,801 25,609 0.00FNMA REMIC, IO, FRN, Series 2009-17‘QS’ 5.434% 25/03/2039 USD 229,411 37,751 0.00FNMA REMIC, FRN, Series 2008-28 ‘QS’17.052% 25/04/2038 USD 89,078 118,855 0.00FNMA REMIC, IO, FRN, Series 2005-56‘S’ 5.494% 25/07/2035 USD 149,954 25,478 0.00FNMA REMIC, IO, FRN, Series 1996-4‘SA’ 7.284% 25/02/2024 USD 96,868 14,784 0.00FNMA REMIC, IO, FRN, Series 2007-108‘SA’ 5.144% 25/12/2037 USD 32,228 3,287 0.00FNMA REMIC, IO, FRN, Series 2008-80‘SA’ 4.634% 25/09/2038 USD 134,331 17,837 0.00FNMA REMIC, IO, FRN, Series 2010-125‘SA’ 3.224% 25/11/2040 USD 1,104,363 94,380 0.00FNMA REMIC, IO, FRN, Series 2010-68‘SA’ 3.784% 25/07/2040 USD 1,015,789 119,284 0.00FNMA REMIC, FRN, Series 2004-25 ‘SA’16.181% 25/04/2034 USD 12,129 16,759 0.00FNMA REMIC, IO, FRN, Series 2003-116‘SB’ 6.384% 25/11/2033 USD 44,874 9,248 0.00FNMA REMIC, IO, FRN, Series 2008-81‘SB’ 4.634% 25/09/2038 USD 149,953 17,984 0.00FNMA REMIC, IO, FRN, Series 2010-35‘SB’ 5.204% 25/04/2040 USD 198,485 30,384 0.00FNMA REMIC, FRN, Series 2004-10 ‘SC’23.736% 25/02/2034 USD 6,955 7,807 0.00FNMA REMIC, FRN, Series 2005-122‘SC’ 18.844% 25/06/2035 USD 470,679 587,168 0.02FNMA REMIC, FRN, Series 2010-49 ‘SC’10.228% 25/03/2040 USD 502,098 606,383 0.02FNMA REMIC, FRN, Series 2007-1 ‘SD’31.703% 25/02/2037 USD 20,326 61,532 0.00FNMA REMIC, FRN, Series 2002-5 ‘SE’13.251% 25/02/2032 USD 56,452 75,766 0.00FNMA REMIC, IO, FRN, Series 2007-7‘SG’ 5.284% 25/08/2036 USD 84,673 22,877 0.00FNMA REMIC, FRN, Series 2006-95 ‘SG’21.336% 25/10/2036 USD 51,196 78,660 0.00FNMA REMIC, FRN, Series 2007-29 ‘SG’18.613% 25/04/2037 USD 62,195 90,176 0.00FNMA REMIC, IO, FRN, Series 2007-53‘SH’ 4.884% 25/06/2037 USD 224,200 36,127 0.00FNMA REMIC, FRN, Series 2004-61 ‘SH’19.126% 25/11/2032 USD 41,816 61,129 0.00FNMA REMIC, FRN, Series G93-17 ‘SH’25.133% 25/04/2023 USD 23,659 34,710 0.00FNMA REMIC, IO, FRN, Series 2008-47‘SI’ 5.284% 25/06/2023 USD 32,434 2,196 0.00FNMA REMIC, IO, FRN, Series 1997-50‘SK’ 5.784% 25/05/2023 USD 91,357 10,545 0.00FNMA REMIC, FRN, Series 2004-46 ‘SK’13.156% 25/05/2034 USD 140,389 178,148 0.01FNMA REMIC, FRN, Series 2005-74 ‘SK’16.786% 25/05/2035 USD 175,168 231,255 0.01FNMA REMIC, FRN, Series 2007-85 ‘SL’13.11% 25/09/2037 USD 37,434 49,207 0.00FNMA REMIC, FRN, Series 2008-18 ‘SP’11.568% 25/03/2038 USD 30,266 36,386 0.00FNMA REMIC, IO, FRN, Series 2009-112‘ST’ 5.034% 25/01/2040 USD 251,845 40,768 0.00FNMA REMIC, FRN, Series 2005-75 ‘SV’19.336% 25/09/2035 USD 186,912 269,281 0.01

204


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

FNMA REMIC, FRN, Series 2004-74‘SW’ 13.081% 25/11/2031 USD 54,974 75,201 0.00FNMA REMIC, FRN, Series 2003-52 ‘SX’19.302% 25/10/2031 USD 14,852 20,655 0.00FNMA REMIC, IO, FRN, Series 2003-80‘SY’ 6.626% 25/06/2023 USD 2 0 0.00FNMA REMIC, PO, Series 2006-72 ‘TO’0% 25/08/2036 USD 40,367 37,552 0.00FNMA REMIC, FRN, Series 2005-56 ‘TP’14.502% 25/08/2033 USD 97,961 122,684 0.00FNMA REMIC, Series 2009-79 ‘UA’ 7%25/03/2038 USD 41,115 46,661 0.00FNMA REMIC, IO, FRN, Series 2006-53‘US’ 5.364% 25/06/2036 USD 232,015 36,016 0.00FNMA REMIC, IO, FRN, Series 2007-88‘VI’ 5.324% 25/09/2037 USD 393,409 77,638 0.00FNMA REMIC, Series 2004-50 ‘VZ’5.5% 25/07/2034 USD 1,480,405 1,626,752 0.04FNMA REMIC, FRN, Series 2010-1 ‘WA’6.214% 25/02/2040 USD 233,108 263,530 0.01FNMA REMIC, FRN, Series 2010-61 ‘WA’5.956% 25/06/2040 USD 233,464 264,262 0.01FNMA REMIC, FRN, Series 2011-43 ‘WA’5.811% 25/05/2051 USD 345,179 387,472 0.01FNMA REMIC, Series 2006-53 ‘WE’ 6%25/06/2036 USD 1,000,000 1,155,075 0.03FNMA REMIC, IO, FRN, Series 2006-8‘WN’ 5.484% 25/03/2036 USD 1,671,887 339,558 0.01FNMA REMIC, PO, Series 2006-8 ‘WQ’0% 25/03/2036 USD 455,969 388,375 0.01FNMA REMIC, IO, FRN, Series 2009-84‘WS’ 4.684% 25/10/2039 USD 97,040 12,705 0.00FNMA REMIC, Series 2005-84 ‘XH’5.75% 25/10/2035 USD 1,360,000 1,515,216 0.04FNMA REMIC, IO, FRN, Series 2008-10‘XI’ 5.014% 25/03/2038 USD 55,456 6,990 0.00FNMA REMIC, Series 2005-84 ‘XM’5.75% 25/10/2035 USD 106,770 118,413 0.00FNMA REMIC, IO, FRN, Series 2007-92‘YS’ 4.564% 25/06/2037 USD 440,878 61,193 0.00FNMA REMIC, Series 1992-69 ‘Z’ 8%25/05/2022 USD 171,392 187,044 0.01FNMA REMIC, Series 1993-141 ‘Z’ 7%25/08/2023 USD 156,723 171,298 0.00FNMA REMIC, Series 1993-99 ‘Z’ 7%25/07/2023 USD 124,916 136,875 0.00FNMA REMIC, Series 1996-48 ‘Z’ 7%25/11/2026 USD 184,804 205,215 0.01FNMA REMIC, Series 2002-30 ‘Z’ 6%25/05/2032 USD 249,786 283,706 0.01FNMA REMIC, Series G92-43 ‘Z’ 7.5%25/07/2022 USD 46,262 49,389 0.00FNMA REMIC, Series G92-61 ‘Z’ 7%25/10/2022 USD 116,378 126,819 0.00FNMA REMIC, Series 1998-44 ‘ZA’ 6.5%20/07/2028 USD 749,674 858,960 0.02FNMA REMIC, Series 2002-50 ‘ZA’ 6%25/05/2031 USD 383,587 412,265 0.01FNMA REMIC, Series 2011-39 ‘ZA’ 6%25/11/2032 USD 640,579 725,953 0.02FNMA REMIC, Series 2011-47 ‘ZA’ 5.5%25/07/2038 USD 692,643 763,442 0.02FNMA REMIC, Series 1992-145 ‘ZB’ 8%25/08/2022 USD 58,142 64,310 0.00FNMA REMIC, FRN, Series 1993-136‘ZB’ 6.792% 25/07/2023 USD 125,207 136,652 0.00FNMA REMIC, Series 1998-36 ‘ZB’ 6%18/07/2028 USD 3,593 4,052 0.00FNMA REMIC, Series 2007-76 ‘ZG’ 6%25/08/2037 USD 433,668 477,288 0.01FNMA REMIC Trust, Series 2004-W11‘1A1’ 6% 25/05/2044 USD 554,748 634,116 0.02FNMA REMIC Trust, Series 2005-W1‘1A2’ 6.5% 25/10/2044 USD 538,360 618,324 0.02FNMA REMIC Trust, FRN, Series2007-W7 ‘1A4’ 31.883% 25/07/2037 USD 17,443 25,212 0.00FNMA REMIC Trust, FRN, Series2003-W4 ‘2A’ 6.159% 25/10/2042 USD 8,190 9,662 0.00FNMA REMIC Trust, Series 2006-W3‘2A’ 6% 25/09/2046 USD 245,166 278,730 0.01FNMA REMIC Trust, FRN, Series2002-W6 ‘2A1’ 6.095% 25/06/2042 USD 105,071 122,046 0.00FNMA REMIC Trust, Series 2009-W1 ‘A’6% 25/12/2049 USD 746,943 847,874 0.02FNMA REMIC Trust, STEP, Series2001-W4 ‘AF6’ 5.61% 25/01/2032 USD 94,132 100,981 0.00FNMA REMIC Trust, IO, FRN, Series2002-W10 ‘IO’ 0.915% 25/08/2042 USD 1,046,260 27,761 0.00FNMA Trust, Series 2004-W1 ‘2A2’ 7%25/12/2033 USD 77,462 90,875 0.00

FNMA Trust, Series 2004-W2 ‘2A2’ 7%25/02/2044 USD 24,520 28,665 0.00FNMA Trust, FRN, Series 2005-W3‘2AF’ 1.436% 25/03/2045 USD 935,985 913,651 0.02FNMA Trust, FRN, Series 2003-W8 ‘3F1’1.616% 25/05/2042 USD 98,828 97,657 0.00FNMA Trust, IO, FRN, Series 2003-W6‘4T’ 0.55% 25/09/2042 USD 3,935,672 80,673 0.00FNMA-Aces, Series 2011-M2 ‘A2’3.645% 25/04/2021 USD 481,925 490,387 0.01FNMA-Aces, Series 2011-M8 ‘A2’2.922% 25/08/2021 USD 630,887 650,768 0.02FNMA-Aces, Series 2013-M7 ‘A2’ 2.28%27/12/2022 USD 2,504,000 2,502,270 0.07FNMA-Aces, Series 2015-M1 ‘A2’2.532% 25/09/2024 USD 2,779,000 2,768,447 0.07FNMA-Aces, FRN, Series 2015-M10 ‘A2’3.092% 25/04/2027 USD 3,500,000 3,574,395 0.10FNMA-Aces, Series 2015-M3 ‘A2’2.723% 25/10/2024 USD 5,000,000 5,038,548 0.13FNMA-Aces, Series 2015-M7 ‘A2’ 2.59%25/12/2024 USD 3,280,000 3,273,168 0.09FNMA-Aces, Series 2016-M6 ‘A2’2.488% 25/05/2026 USD 4,725,000 4,619,041 0.12FNMA-Aces, Series 2016-M7 ‘A2’2.499% 25/09/2026 USD 3,443,000 3,351,791 0.09FNMA-Aces, FRN, Series 2017-M1 ‘A2’2.417% 25/10/2026 USD 4,264,000 4,136,081 0.11FNMA-Aces, FRN, Series 2017-M3 ‘A2’2.486% 25/12/2026 USD 6,700,000 6,550,910 0.17FNMA-Aces, FRN, Series 2017-M4 ‘A2’2.597% 25/12/2026 USD 7,984,000 7,845,684 0.21FNMA-Aces, Series 2017-M5 ‘A2’3.303% 25/04/2029 USD 4,086,000 4,173,471 0.11FNMA-Aces, Series 2011-M2 ‘A3’3.764% 25/04/2021 USD 4,050,000 4,275,333 0.11FNMA-Aces, FRN, Series 2014-M12‘ASV2’ 2.614% 25/10/2021 USD 2,500,000 2,557,017 0.07FNMA-Aces, FRN, Series 2015-M17 ‘FA’1.906% 25/11/2022 USD 2,115,016 2,129,419 0.06Ford Credit Auto Owner Trust, Series2014-C ‘A3’ 1.06% 15/05/2019 USD 394,420 394,005 0.01Ford Credit Auto Owner Trust, Series2016-B ‘A3’ 1.33% 15/10/2020 USD 700,000 697,894 0.02FREMF Mortgage Trust, FRN, Series2015-K44 ‘B’, 144A 3.684%25/01/2048 USD 12,078,000 12,248,587 0.33FREMF Mortgage Trust, FRN, Series2015-K45 ‘B’, 144A 3.591%25/04/2048 USD 6,250,000 6,254,462 0.17FREMF Mortgage Trust, FRN, Series2015-K48 ‘B’, 144A 3.636%25/08/2048 USD 6,935,000 6,964,218 0.19FREMF Mortgage Trust, FRN, Series2015-K51 ‘B’, 144A 3.953% 25/10/2048 USD 3,149,000 3,237,664 0.09FREMF Mortgage Trust, FRN, Series2015-K721 ‘B’, 144A 3.565%25/11/2047 USD 2,665,000 2,688,457 0.07FREMF Mortgage Trust, FRN, Series2016-K59 ‘B’, 144A 3.575% 25/11/2049 USD 2,145,000 2,115,664 0.06FREMF Mortgage Trust, FRN, Series2016-K60 ‘B’, 144A 3.537%25/12/2049 USD 4,100,000 4,011,524 0.11FREMF Mortgage Trust, FRN, Series2016-K722 ‘B’, 144A 3.835%25/07/2049 USD 3,095,000 3,168,278 0.08FREMF Mortgage Trust, FRN, Series2013-K27 ‘C’, 144A 3.497% 25/01/2046 USD 2,000,000 1,989,671 0.05FREMF Mortgage Trust, FRN, Series2013-K30 ‘C’, 144A 3.557%25/06/2045 USD 3,770,000 3,724,506 0.10FREMF Mortgage Trust, FRN, Series2014-K40 ‘C’, 144A 4.072%25/11/2047 USD 4,600,000 4,606,403 0.12GCAT, STEP, Series 2015-2 ‘A1’, 144A3.75% 25/07/2020 USD 999,149 1,003,735 0.03Gilead Sciences, Inc. 2.5% 01/09/2023 USD 126,000 124,204 0.00Gilead Sciences, Inc. 3.7% 01/04/2024 USD 1,263,000 1,321,199 0.04Gilead Sciences, Inc. 3.5% 01/02/2025 USD 195,000 200,839 0.01Gilead Sciences, Inc. 3.65%01/03/2026 USD 135,000 139,140 0.00Gilead Sciences, Inc. 4.6% 01/09/2035 USD 1,552,000 1,671,752 0.04Gilead Sciences, Inc. 4% 01/09/2036 USD 172,000 173,054 0.01Glencore Funding LLC, 144A 4.625%29/04/2024 USD 700,000 731,689 0.02GLS Auto Receivables Trust, Series2015-1A ‘A’, 144A 2.25% 15/12/2020 USD 559,444 559,057 0.02GLS Auto Receivables Trust, Series2016-1A ‘A’, 144A 2.73% 15/10/2020 USD 865,086 865,262 0.02GLS Auto Receivables Trust, Series2016-1A ‘B’, 144A 4.39% 15/01/2021 USD 570,000 572,045 0.02

205


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

GLS Auto Receivables Trust, Series2017-1A ‘B’ 2.98% 15/12/2021 USD 3,600,000 3,601,502 0.10GLS Auto Receivables Trust, Series2016-1A ‘C’, 144A 6.9% 15/10/2021 USD 2,000,000 2,067,167 0.06GM Financial Automobile LeasingTrust, Series 2016-2 ‘A3’ 1.62%20/09/2019 USD 1,192,000 1,191,525 0.03GMACM Mortgage Loan Trust, FRN,Series 2003-AR2 ‘2A4’ 3.728%19/12/2033 USD 410,912 408,098 0.01GMACM Mortgage Loan Trust, FRN,Series 2005-AR3 ‘3A4’ 3.594%19/06/2035 USD 267,937 263,600 0.01GMACM Mortgage Loan Trust, FRN,Series 2003-AR1 ‘A4’ 3.625%19/10/2033 USD 117,059 116,155 0.00GNMA, Series 2009-104 ‘AB’ 7%16/08/2039 USD 327,550 365,984 0.01GNMA, FRN, Series 2011-H09 ‘AF’1.483% 20/03/2061 USD 1,372,905 1,372,412 0.04GNMA, IO, FRN, Series 2007-50 ‘AI’5.563% 20/08/2037 USD 142,517 25,924 0.00GNMA, PO, Series 2006-22 ‘AO’ 0%20/05/2036 USD 80,636 74,111 0.00GNMA, PO, Series 2007-38 ‘AO’ 0%16/06/2037 USD 1,132,636 1,038,770 0.03GNMA, PO, Series 2010-14 ‘AO’ 0%20/12/2032 USD 109,736 104,670 0.00GNMA, IO, FRN, Series 2008-93 ‘AS’4.69% 20/12/2038 USD 168,506 22,768 0.00GNMA, IO, FRN, Series 2009-106 ‘AS’5.228% 16/11/2039 USD 429,047 65,035 0.00GNMA, FRN, Series 2010-129 ‘AW’6.088% 20/04/2037 USD 420,408 467,839 0.01GNMA, Series 2005-72 ‘AZ’ 5.5%20/09/2035 USD 1,296,212 1,428,741 0.04GNMA, FRN, Series 2013-H08 ‘BF’1.383% 20/03/2063 USD 2,811,107 2,796,751 0.07GNMA, PO, Series 2010-14 ‘BO’ 0%20/11/2035 USD 201,396 175,134 0.01GNMA, FRN, Series 2012-H21 ‘CF’1.683% 20/05/2061 USD 1,149,513 1,152,724 0.03GNMA, PO, Series 2010-14 ‘CO’ 0%20/08/2035 USD 158,177 143,100 0.00GNMA, Series 2010-130 ‘CP’ 7%16/10/2040 USD 281,960 327,356 0.01GNMA, FRN, Series 2012-H21 ‘DF’1.633% 20/05/2061 USD 2,051,449 2,056,447 0.06GNMA, FRN, Series 2017-H09 ‘DF’1.553% 20/03/2067 USD 6,993,220 7,005,696 0.19GNMA, FRN, Series 2005-68 ‘DP’13.61% 17/06/2035 USD 202,491 251,467 0.01GNMA, IO, FRN, Series 2008-95 ‘DS’6.29% 20/12/2038 USD 407,495 78,089 0.00GNMA, IO, FRN, Series 2007-53 ‘ES’5.338% 20/09/2037 USD 275,398 45,024 0.00GNMA, FRN, Series 2015-H07 ‘ES’ 0%20/02/2065 USD 2,591,850 2,586,294 0.07GNMA, FRN, Series 2016-H23 ‘F’1.743% 20/10/2066 USD 4,371,730 4,398,925 0.12GNMA, FRN, Series 2012-H10 ‘FA’1.533% 20/12/2061 USD 3,522,293 3,526,423 0.09GNMA, FRN, Series 2012-H15 ‘FA’1.433% 20/05/2062 USD 458,073 458,757 0.01GNMA, FRN, Series 2012-H24 ‘FA’1.433% 20/03/2060 USD 257,826 258,012 0.01GNMA, FRN, Series 2012-H28 ‘FA’1.563% 20/09/2062 USD 2,673,392 2,681,575 0.07GNMA, FRN, Series 2012-H29 ‘FA’1.498% 20/10/2062 USD 3,384,661 3,384,955 0.09GNMA, Series 2013-H01 ‘FA’ 1.65%20/01/2063 USD 4,367,045 4,343,537 0.12GNMA, FRN, Series 2013-H03 ‘FA’1.283% 20/08/2060 USD 194,748 194,735 0.01GNMA, FRN, Series 2015-H06 ‘FA’1.473% 20/02/2065 USD 2,257,990 2,253,751 0.06GNMA, FRN, Series 2015-H12 ‘FA’1.473% 20/05/2065 USD 4,354,958 4,345,409 0.12GNMA, FRN, Series 2012-H27 ‘FB’1.483% 20/10/2062 USD 1,787,762 1,791,051 0.05GNMA, FRN, Series 2015-H23 ‘FB’1.513% 20/09/2065 USD 2,315,453 2,314,695 0.06GNMA, FRN, Series 2014-H17 ‘FC’1.493% 20/07/2064 USD 698,702 697,814 0.02GNMA, FRN, Series 2015-H05 ‘FC’1.473% 20/02/2065 USD 2,540,465 2,534,818 0.07GNMA, FRN, Series 2015-H08 ‘FC’1.463% 20/03/2065 USD 5,209,791 5,198,377 0.14GNMA, FRN, Series 2015-H10 ‘FC’1.473% 20/04/2065 USD 2,635,260 2,629,269 0.07GNMA, FRN, Series 2016-H16 ‘FC’1.615% 20/07/2066 USD 12,064,815 12,163,723 0.32

GNMA, FRN, Series 2016-H26 ‘FC’1.993% 20/12/2066 USD 2,291,973 2,338,271 0.06GNMA, FRN, Series 2012-H22 ‘FD’1.453% 20/01/2061 USD 4,525,292 4,533,275 0.12GNMA, FRN, Series 2012-H31 ‘FD’1.323% 20/12/2062 USD 1,901,508 1,889,486 0.05GNMA, FRN, Series 2016-H11 ‘FD’2.202% 20/05/2066 USD 1,921,337 1,941,035 0.05GNMA, FRN, Series 2016-H13 ‘FD’0.937% 20/05/2066 USD 7,445,918 7,481,056 0.20GNMA, FRN, Series 2010-H22 ‘FE’1.333% 20/05/2059 USD 1,633,949 1,629,890 0.04GNMA, FRN, Series 2012-H24 ‘FG’1.413% 20/04/2060 USD 1,141,301 1,142,676 0.03GNMA, FRN, Series 2015-H26 ‘FG’1.513% 20/10/2065 USD 1,436,099 1,435,634 0.04GNMA, FRN, Series 2015-H32 ‘FH’1.653% 20/12/2065 USD 1,492,980 1,502,976 0.04GNMA, FRN, Series 2016-H21 ‘FH’1.843% 20/09/2066 USD 9,818,148 9,934,786 0.26GNMA, FRN, Series 2015-H15 ‘FJ’1.433% 20/06/2065 USD 1,803,437 1,795,936 0.05GNMA, FRN, Series 2005-35 ‘FL’ 1.36%20/03/2032 USD 98,265 98,481 0.00GNMA, FRN, Series 2015-H16 ‘FL’1.433% 20/07/2065 USD 2,869,689 2,857,368 0.08GNMA, FRN, Series 2015-H29 ‘FL’1.593% 20/11/2065 USD 7,400,146 7,426,781 0.20GNMA, FRN, Series 2016-H07 ‘FQ’1.693% 20/03/2066 USD 4,777,038 4,818,049 0.13GNMA, FRN, Series 2012-H08 ‘FS’1.683% 20/04/2062 USD 1,131,481 1,139,187 0.03GNMA, FRN, Series 2016-H13 ‘FT’1.573% 20/05/2066 USD 9,264,571 9,282,372 0.25GNMA, FRN, Series 2017-H14 ‘FV’1.65% 20/06/2067 USD 7,455,000 7,442,187 0.20GNMA, FRN, Series 2013-H07 ‘HA’1.393% 20/03/2063 USD 1,105,566 1,100,909 0.03GNMA, FRN, Series 2012-H26 ‘JA’1.533% 20/10/2061 USD 1,565,380 1,568,825 0.04GNMA, FRN, Series 2012-H30 ‘JA’1.463% 20/01/2060 USD 298,866 299,045 0.01GNMA, FRN, Series 2013-H01 ‘JA’1.303% 20/01/2063 USD 2,280,385 2,264,150 0.06GNMA, IO, FRN, Series 2007-17 ‘JI’5.638% 16/04/2037 USD 310,831 59,792 0.00GNMA, FRN, Series 2005-7 ‘JM’14.142% 18/05/2034 USD 6,994 8,409 0.00GNMA, IO, FRN, Series 2005-68 ‘KI’5.088% 20/09/2035 USD 580,050 94,755 0.00GNMA, Series 2003-70 ‘LG’ 5%20/08/2033 USD 1,293,860 1,422,733 0.04GNMA, FRN, Series 2012-H26 ‘MA’1.533% 20/07/2062 USD 1,043,145 1,044,994 0.03GNMA, IO, FRN, Series 2007-73 ‘MI’4.788% 20/11/2037 USD 337,462 56,287 0.00GNMA, IO, Series 2009-14 ‘NI’ 6.5%20/03/2039 USD 125,424 32,873 0.00GNMA, FRN, Series 2007-16 ‘NS’19.032% 20/04/2037 USD 163,226 233,210 0.01GNMA, PO, Series 2009-79 ‘OK’ 0%16/11/2037 USD 168,370 154,586 0.00GNMA, PO, Series 2010-157 ‘OP’ 0%20/12/2040 USD 400,186 355,041 0.01GNMA, FRN, Series 2012-H30 ‘PA’1.433% 20/11/2059 USD 219,588 219,785 0.01GNMA, Series 2001-21 ‘PE’ 6.5%16/05/2031 USD 246,088 270,808 0.01GNMA, Series 2002-47 ‘PG’ 6.5%16/07/2032 USD 14,740 17,041 0.00GNMA, IO, Series 2008-32 ‘PI’ 5.5%16/10/2037 USD 233,882 29,284 0.00GNMA, PO, Series 2008-60 ‘PO’ 0%20/01/2038 USD 6,564 6,522 0.00GNMA, Series 1994-7 ‘PQ’ 6.5%16/10/2024 USD 91,013 98,848 0.00GNMA, FRN, Series 2001-22 ‘PS’17.962% 17/03/2031 USD 87,135 121,703 0.00GNMA, FRN, Series 2012-138 ‘PT’3.949% 16/11/2042 USD 959,725 1,012,346 0.03GNMA, Series 2003-10 ‘PZ’ 5.5%20/02/2033 USD 2,153,729 2,383,382 0.06GNMA, Series 2006-57 ‘PZ’ 5.565%20/10/2036 USD 1,509,383 1,660,048 0.04GNMA, Series 2002-45 ‘QE’ 6.5%20/06/2032 USD 48,232 55,044 0.00GNMA, Series 2010-14 ‘QP’ 6%20/12/2039 USD 86,256 88,130 0.00GNMA, IO, FRN, Series 2006-65 ‘SA’5.588% 20/11/2036 USD 195,199 36,006 0.00

206


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

GNMA, IO, FRN, Series 2007-27 ‘SA’5.19% 20/05/2037 USD 184,826 27,593 0.00GNMA, IO, FRN, Series 2007-76 ‘SA’5.52% 20/11/2037 USD 162,238 27,728 0.00GNMA, IO, FRN, Series 2008-40 ‘SA’5.228% 16/05/2038 USD 159,540 27,557 0.00GNMA, IO, FRN, Series 2009-10 ‘SA’4.94% 20/02/2039 USD 293,266 38,016 0.00GNMA, IO, FRN, Series 2009-22 ‘SA’5.26% 20/04/2039 USD 394,488 51,334 0.00GNMA, IO, FRN, Series 2009-6 ‘SA’4.928% 16/02/2039 USD 130,553 17,696 0.00GNMA, FRN, Series 2001-51 ‘SA’27.423% 16/10/2031 USD 34,318 53,054 0.00GNMA, IO, FRN, Series 2007-40 ‘SB’5.74% 20/07/2037 USD 270,562 43,348 0.00GNMA, IO, FRN, Series 2007-42 ‘SB’5.538% 20/07/2037 USD 159,487 26,564 0.00GNMA, IO, FRN, Series 2007-81 ‘SB’5.64% 20/12/2037 USD 444,085 75,080 0.00GNMA, IO, FRN, Series 2009-42 ‘SC’5.07% 20/06/2039 USD 306,123 44,198 0.00GNMA, IO, FRN, Series 2006-59 ‘SD’5.488% 20/10/2036 USD 184,676 26,966 0.00GNMA, IO, FRN, Series 2007-76 ‘SD’4.79% 20/11/2037 USD 463,758 65,833 0.00GNMA, FRN, Series 2003-67 ‘SD’13.943% 20/08/2033 USD 98,342 145,335 0.00GNMA, IO, FRN, Series 2007-36 ‘SE’5.298% 16/06/2037 USD 123,787 21,274 0.00GNMA, IO, FRN, Series 2004-90 ‘SI’5.09% 20/10/2034 USD 389,647 61,184 0.00GNMA, IO, FRN, Series 2007-67 ‘SI’5.298% 20/11/2037 USD 185,503 28,763 0.00GNMA, IO, FRN, Series 2007-74 ‘SL’5.368% 16/11/2037 USD 255,952 37,343 0.00GNMA, IO, FRN, Series 2009-10 ‘SL’5.508% 16/03/2034 USD 73,106 1,521 0.00GNMA, IO, FRN, Series 2009-102 ‘SM’5.228% 16/06/2039 USD 220,874 14,673 0.00GNMA, IO, FRN, Series 2007-40 ‘SN’5.67% 20/07/2037 USD 387,262 64,021 0.00GNMA, IO, FRN, Series 2009-64 ‘SN’4.928% 16/07/2039 USD 339,186 40,545 0.00GNMA, FRN, Series 2005-66 ‘SP’16.928% 16/08/2035 USD 93,623 136,546 0.00GNMA, IO, FRN, Series 2006-38 ‘SW’5.49% 20/06/2036 USD 131,424 12,107 0.00GNMA, FRN, Series 2007-53 ‘SW’16.568% 20/09/2037 USD 71,426 96,998 0.00GNMA, IO, FRN, Series 2002-41 ‘SY’6.328% 16/06/2032 USD 83,769 13,244 0.00GNMA, IO, FRN, Series 2007-79 ‘SY’5.338% 20/12/2037 USD 240,643 41,392 0.00GNMA, FRN, Series 2013-H01 ‘TA’1.483% 20/01/2063 USD 1,521,156 1,524,195 0.04GNMA, IO, Series 2009-33 ‘TI’ 6%20/05/2039 USD 95,006 19,899 0.00GNMA, IO, FRN, Series 2009-31 ‘TS’5.088% 20/03/2039 USD 334,990 35,376 0.00GNMA, FRN, Series 2004-94 ‘TS’15.091% 20/10/2034 USD 159,143 217,486 0.01GNMA, IO, FRN, Series 2008-76 ‘US’4.89% 20/09/2038 USD 506,475 68,739 0.00GNMA, FRN, Series 2014-168 ‘VB’3.45% 16/06/2047 USD 1,085,638 1,127,138 0.03GNMA, FRN, Series 2015-137 ‘W’5.578% 20/10/2040 USD 2,399,409 2,561,885 0.07GNMA, FRN, Series 2011-137 ‘WA’5.546% 20/07/2040 USD 3,389,127 3,808,454 0.10GNMA, FRN, Series 2011-163 ‘WA’5.86% 20/12/2038 USD 818,922 926,297 0.03GNMA, FRN, Series 2012-H23 ‘WA’1.503% 20/10/2062 USD 907,298 908,415 0.02GNMA, FRN, Series 2012-141 ‘WC’3.714% 20/01/2042 USD 1,590,729 1,659,873 0.04GNMA, FRN, Series 2015-151 ‘WX’4.767% 20/10/2043 USD 2,109,589 2,311,272 0.06GNMA, FRN, Series 2010-H17 ‘XQ’5.241% 20/07/2060 USD 3,086,209 3,203,208 0.09GNMA, Series 2006-33 ‘Z’ 6.5%20/07/2036 USD 925,246 1,082,226 0.03GNMA, Series 2003-75 ‘ZX’ 6%16/09/2033 USD 2,351,165 2,654,933 0.07GNMA 4189 6.5% 20/07/2038 USD 97,619 106,608 0.00GNMA 4217 6.5% 20/08/2038 USD 26,641 29,479 0.00GNMA 4285 6% 20/11/2038 USD 38,858 41,917 0.00GNMA 456388 7.5% 15/03/2028 USD 27,392 27,764 0.00GNMA 465505 7.5% 15/06/2028 USD 11,164 12,368 0.00GNMA 530795 6.5% 15/01/2023 USD 32,030 34,333 0.00GNMA 569568 6.5% 15/01/2032 USD 106,908 125,905 0.00

GNMA 591882 6.5% 15/07/2032 USD 3,861 4,230 0.00GNMA 607645 6.5% 15/02/2033 USD 6,949 7,715 0.00GNMA 607728 6% 15/03/2033 USD 1,783 2,017 0.00GNMA 611453 7% 15/04/2032 USD 13,006 14,177 0.00GNMA 621970 6% 15/02/2034 USD 11,436 13,049 0.00GNMA 748766 6.5% 20/01/2039 USD 256,868 292,913 0.01GNMA 781328 7% 15/09/2031 USD 162,930 194,566 0.01GNMA 781614 7% 15/06/2033 USD 4,751 5,714 0.00GNMA 781648 6% 15/08/2033 USD 33,728 38,534 0.00GNMA 782507 9.5% 15/10/2024 USD 63,828 68,659 0.00GNMA 782615 7% 15/06/2035 USD 234,806 276,944 0.01GNMA 783123 5.5% 15/04/2033 USD 297,218 335,274 0.01GNMA 783389 6% 20/08/2039 USD 536,891 621,701 0.02GNMA 783444 5.5% 20/09/2039 USD 502,615 569,071 0.02GNMA 784045 4.5% 20/07/2045 USD 1,961,121 2,088,255 0.06GO Financial Auto Securitization Trust,Series 2015-2 ‘A’, 144A 3.27%15/11/2018 USD 76,945 76,958 0.00GO Financial Auto Securitization Trust,Series 2015-1 ‘B’, 144A 3.59%15/10/2020 USD 363,101 362,514 0.01GO Financial Auto Securitization Trust,Series 2015-2 ‘B’, 144A 4.8%17/08/2020 USD 1,070,000 1,078,233 0.03Gold Key Resorts LLC, Series 2014-A‘A’, 144A 3.22% 17/03/2031 USD 348,593 349,929 0.01Goldman Sachs Group, Inc. (The), FRN2.908% 05/06/2023 USD 2,050,000 2,049,580 0.05Goldman Sachs Group, Inc. (The), FRN2.922% 28/10/2027 USD 1,200,000 1,246,326 0.03Goldman Sachs Group, Inc. (The), FRN3.691% 05/06/2028 USD 3,488,000 3,505,771 0.09Goodgreen Trust, Series 2017-1A ‘A’,144A 3.74% 15/10/2052 USD 1,861,597 1,860,730 0.05Great-West Lifeco Finance DelawareLP, 144A 4.15% 03/06/2047 USD 1,000,000 1,002,730 0.03Green Tree Agency Advance FundingTrust I, Series 2016-T1 ‘AT1’, 144A2.38% 15/10/2048 USD 870,000 867,485 0.02GSMPS Mortgage Loan Trust, FRN,Series 2004-4 ‘1AF’, 144A 1.616%25/06/2034 USD 117,453 107,211 0.00GSMPS Mortgage Loan Trust, FRN,Series 2005-RP1 ‘1AF’, 144A 1.566%25/01/2035 USD 46,256 40,936 0.00GSMPS Mortgage Loan Trust, FRN,Series 2005-RP2 ‘1AF’, 144A 1.566%25/03/2035 USD 197,459 175,847 0.01GSMPS Mortgage Loan Trust, IO, FRN,Series 2006-RP2 ‘1AS2’, 144A 5.058%25/04/2036 USD 889,677 103,518 0.00GSR Mortgage Loan Trust, Series2003-7F ‘1A4’ 5.25% 25/06/2033 USD 389,437 403,111 0.01GSR Mortgage Loan Trust, Series2007-1F ‘2A4’ 5.5% 25/01/2037 USD 306,554 304,859 0.01GSR Mortgage Loan Trust, Series2004-6F ‘3A4’ 6.5% 25/05/2034 USD 203,531 218,191 0.01GTP Acquisition Partners I LLC, 144A2.35% 15/06/2045 USD 193,000 191,111 0.01GTP Acquisition Partners I LLC, 144A3.482% 15/06/2050 USD 225,000 229,768 0.01Guardian Life Global Funding, 144A2.5% 08/05/2022 USD 720,000 716,119 0.02Guardian Life Insurance Co. of America(The), 144A 4.85% 24/01/2077 USD 250,000 251,525 0.01Gulf South Pipeline Co. LP, 144A 6.3%15/08/2017 USD 400,000 401,784 0.01Gulf South Pipeline Co. LP 4%15/06/2022 USD 1,025,000 1,053,434 0.03HERO Funding II, Series 2016-3B ‘B’,144A 5.24% 20/09/2042 USD 3,696,628 3,768,491 0.10HERO Funding II, Series 2016-4B ‘B’,144A 5.75% 20/09/2047 USD 4,809,598 4,851,682 0.13HERO Funding Trust, Series 2016-3A‘A1’, 144A 3.08% 20/09/2042 USD 1,111,303 1,128,320 0.03HERO Funding Trust, Series 2016-4A‘A1’, 144A 3.57% 20/09/2047 USD 4,707,213 4,827,294 0.13HILT Mortgage Trust, FRN, Series2014-ORL ‘A’, 144A 1.889%15/07/2029 USD 2,300,000 2,298,888 0.06Hilton Grand Vacations Trust, Series2017-AA ‘A’, 144A 2.66% 26/12/2028 USD 1,463,924 1,466,057 0.04Honor Automobile Trust Securitization,Series 2016-1A ‘B’, 144A 5.76%15/04/2021 USD 3,000,000 3,050,793 0.08Huntington Bancshares Inc. 3.15%14/03/2021 USD 225,000 229,984 0.01Huntington Bancshares, Inc. 2.3%14/01/2022 USD 1,016,000 1,000,658 0.03Huntington National Bank (The) 2%30/06/2018 USD 944,000 946,856 0.03

207


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Huntington National Bank (The) 2.2%06/11/2018 USD 250,000 250,744 0.01Huntington National Bank (The)2.875% 20/08/2020 USD 279,000 284,021 0.01Hyundai Auto Receivables Trust, Series2015-B ‘A3’ 1.12% 15/11/2019 USD 387,967 387,262 0.01Hyundai Capital America, 144A 2.4%30/10/2018 USD 382,000 383,112 0.01Hyundai Capital America, 144A 2%01/07/2019 USD 180,000 178,752 0.01Hyundai Capital America, 144A 3%18/03/2021 USD 500,000 504,037 0.01Impac Secured Assets CMN OwnerTrust, FRN, Series 2004-3 ‘1A4’ 1.824%25/11/2034 USD 1,326 1,318 0.00Impac Secured Assets CMN OwnerTrust, Series 2003-2 ‘A1’ 5.5%25/08/2033 USD 57,166 59,495 0.00Impac Secured Assets Trust, FRN,Series 2006-2 ‘2A1’ 1.566%25/08/2036 USD 115,928 113,693 0.00IndyMac INDX Mortgage Loan Trust,FRN, Series 2004-AR7 ‘A1’ 2.096%25/09/2034 USD 4,930 4,300 0.00Ingersoll-Rand Global Holding Co. Ltd.4.25% 15/06/2023 USD 230,000 248,890 0.01Intel Corp. 3.7% 29/07/2025 USD 293,000 308,399 0.01Intel Corp. 3.15% 11/05/2027 USD 900,000 905,936 0.02Intel Corp. 4% 15/12/2032 USD 814,000 873,589 0.02J.P. Morgan Mortgage Trust, FRN,Series 2004-A4 ‘1A1’ 3.284%25/09/2034 USD 43,086 44,249 0.00J.P. Morgan Mortgage Trust, FRN,Series 2004-A3 ‘4A1’ 3.293%25/07/2034 USD 70,449 72,726 0.00J.P. Morgan Mortgage Trust, FRN,Series 2006-A2 ‘4A1’ 3.27%25/08/2034 USD 92,999 93,882 0.00J.P. Morgan Mortgage Trust, FRN,Series 2006-A2 ‘5A3’ 3.114%25/11/2033 USD 270,746 276,048 0.01J.P. Morgan Resecuritization Trust,FRN, Series 2009-7 ‘14A1’, 144A2.707% 27/07/2037 USD 24,842 24,971 0.00J.P. Morgan Resecuritization Trust,FRN, Series 2009-7 ‘17A1’, 144A5.384% 27/07/2037 USD 64,976 67,255 0.00J.P. Morgan Resecuritization Trust,FRN, Series 2009-7 ‘18A1’, 144A 3.2%27/11/2036 USD 60,485 60,950 0.00Jackson National Life Global Funding,144A 1.875% 15/10/2018 USD 556,000 557,062 0.02Jackson National Life Global Funding,144A 2.5% 27/06/2022 USD 710,000 706,603 0.02Jackson National Life Global Funding,144A 3.25% 30/01/2024 USD 173,000 174,630 0.01Jackson National Life Global Funding,144A 3.05% 29/04/2026 USD 1,034,000 997,159 0.03JB Hunt Transport Services, Inc. 3.85%15/03/2024 USD 1,200,000 1,248,498 0.03John Deere Capital Corp. 3.35%12/06/2024 USD 217,000 225,045 0.01John Sevier Combined CycleGeneration LLC 4.626% 15/01/2042 USD 340,463 371,584 0.01JPMCC Re-REMIC Trust, Series2014-FRR1 ‘A707’, 144A 4.347%27/01/2047 USD 4,900,000 4,902,363 0.13JPMorgan Chase Commercial MortgageSecurities Trust, FRN, Series2006-LDP9 ‘A3SF’ 1.144% 15/05/2047 USD 103,307 103,047 0.00JPMorgan Chase Commercial MortgageSecurities Trust, IO, FRN, Series2006-LDP8 ‘X’ 0.42% 15/05/2045 USD 731,986 17 0.00Kabbage Asset Securitization LLC,Series 2017-1 ‘A’, 144A 4.571%15/03/2022 USD 9,460,000 9,692,332 0.26Kabbage Asset Securitization LLC,Series 2017-1 ‘B’, 144A 5.794%15/03/2022 USD 3,300,000 3,359,880 0.09KeyBank NA 3.18% 15/10/2027 USD 650,000 663,423 0.02KeySpan Gas East Corp., 144A 2.742%15/08/2026 USD 448,000 432,748 0.01Kraft Heinz Foods Co. 2.8%02/07/2020 USD 1,050,000 1,066,690 0.03Kraft Heinz Foods Co. 3.95%15/07/2025 USD 1,224,000 1,262,623 0.03Kraft Heinz Foods Co. 6.75%15/03/2032 USD 700,000 881,286 0.02Kraft Heinz Foods Co. 5% 15/07/2035 USD 1,850,000 2,003,587 0.05Kraft Heinz Foods Co. 6.875%26/01/2039 USD 545,000 703,979 0.02

Kraft Heinz Foods Co. 6.5%09/02/2040 USD 430,000 537,122 0.01LB-UBS Commercial Mortgage Trust,IO, FRN, Series 2006-C1 ‘XCL’, 144A0.246% 15/02/2041 USD 2,859,197 234 0.00Lehman Mortgage Trust, Series 2008-2‘1A6’ 6% 25/03/2038 USD 394,907 297,553 0.01LendingClub Issuance Trust, Series2016-NP1 ‘A’, 144A 3.75% 15/06/2022 USD 866,227 872,558 0.02LendingClub Issuance Trust, Series2016-NP2 ‘A’, 144A 3% 17/01/2023 USD 3,038,027 3,045,221 0.08LendingClub Issuance Trust, Series2016-NP1 ‘B’, 144A 6.5% 15/06/2022 USD 2,700,000 2,783,986 0.07Lendmark Funding Trust, Series2016-A ‘A’, 144A 4.82% 21/08/2023 USD 788,000 808,222 0.02Lendmark Funding Trust, Series2017-1A ‘A’, 144A 2.83% 22/01/2024 USD 2,259,000 2,261,485 0.06Liberty Mutual Group, Inc., 144A4.95% 01/05/2022 USD 258,000 281,390 0.01Liberty Mutual Group, Inc., 144A 6.5%15/03/2035 USD 1,120,000 1,360,330 0.04Liberty Mutual Insurance Co., 144A8.5% 15/05/2025 USD 200,000 259,288 0.01Liberty Mutual Insurance Co., 144A7.875% 15/10/2026 USD 200,000 262,439 0.01Long Beach Mortgage Loan Trust, FRN,Series 2006-WL2 ‘2A3’ 1.416%25/01/2036 USD 33,378 33,267 0.00LV Tower 52 Issuer LLC, Series 2013-1‘A’, 144A 5.75% 15/02/2023 USD 2,982,111 2,997,021 0.08LV Tower 52 Issuer LLC, Series 2013-1‘M’, 144A 7.75% 15/02/2023 USD 1,128,061 1,133,701 0.03Manufacturers & Traders Trust Co.6.625% 04/12/2017 USD 560,000 571,004 0.02Mariner Finance Issuance Trust, Series2017-AA ‘A’, 144A 3.62% 20/02/2029 USD 2,367,000 2,389,455 0.06Marlette Funding Trust, Series 2016-1A‘A’, 144A 3.06% 17/01/2023 USD 1,153,158 1,151,714 0.03Marlette Funding Trust, Series 2017-1A‘A’, 144A 2.827% 15/03/2024 USD 4,288,551 4,305,370 0.11Marlette Funding Trust, Series 2017-2A‘A’, 144A 2.39% 15/07/2024 USD 12,857,000 12,887,443 0.34Massachusetts Electric Co., 144A4.004% 15/08/2046 USD 483,000 487,982 0.01Massachusetts Mutual Life InsuranceCo., 144A 4.5% 15/04/2065 USD 600,000 586,290 0.02MassMutual Global Funding II, 144A2.5% 17/10/2022 USD 316,000 311,538 0.01MassMutual Global Funding II, 144A2.75% 22/06/2024 USD 1,000,000 995,701 0.03MASTR Adjustable Rate MortgagesTrust, FRN, Series 2004-13 ‘2A1’3.113% 21/04/2034 USD 222,587 229,878 0.01MASTR Adjustable Rate MortgagesTrust, FRN, Series 2004-13 ‘3A7’3.093% 21/11/2034 USD 708,433 727,694 0.02MASTR Adjustable Rate MortgagesTrust, FRN, Series 2004-3 ‘4A2’3.039% 25/04/2034 USD 32,274 30,380 0.00MASTR Alternative Loan Trust, Series2004-4 ‘10A1’ 5% 25/05/2024 USD 56,630 59,267 0.00MASTR Alternative Loan Trust, Series2004-10 ‘1A1’ 4.5% 25/09/2019 USD 11,032 11,095 0.00MASTR Alternative Loan Trust, Series2004-4 ‘1A1’ 5.5% 25/05/2034 USD 181,060 181,984 0.01MASTR Alternative Loan Trust, Series2005-6 ‘3A1’ 5.5% 25/11/2020 USD 107,395 105,467 0.00MASTR Alternative Loan Trust, Series2004-5 ‘5A1’ 4.75% 25/06/2019 USD 24,661 24,801 0.00MASTR Alternative Loan Trust, Series2004-6 ‘7A1’ 6% 25/07/2034 USD 60,297 60,616 0.00MASTR Alternative Loan Trust, Series2004-4 ‘9A1’ 5.5% 25/04/2019 USD 133,078 137,698 0.00MASTR Asset Securitization Trust,Series 2004-4 ‘1A6’ 5.25% 26/12/2033 USD 113,825 118,311 0.00MASTR Reperforming Loan Trust, FRN,Series 2005-2 ‘1A1F’, 144A 1.566%25/05/2035 USD 479,840 412,164 0.01MASTR Seasoned Securitization Trust,FRN, Series 2004-2 ‘A1’ 6.5%25/08/2032 USD 96,401 103,921 0.00MASTR Seasoned Securitization Trust,FRN, Series 2004-2 ‘A2’ 6.5%25/08/2032 USD 311,696 336,010 0.01Mead Johnson Nutrition Co. 5.9%01/11/2039 USD 50,000 62,633 0.00Mead Johnson Nutrition Co. 4.6%01/06/2044 USD 500,000 555,491 0.02Medco Health Solutions, Inc. 4.125%15/09/2020 USD 800,000 838,944 0.02Memorial Sloan-Kettering CancerCenter 4.2% 01/07/2055 USD 334,000 348,451 0.01

208


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Merrill Lynch Mortgage Investors Trust,FRN, Series 2003-A4 ‘2A’ 3.323%25/07/2033 USD 60,489 59,263 0.00Merrill Lynch Mortgage Investors Trust,FRN, Series 2004-1 ‘2A1’ 3.058%25/12/2034 USD 367,058 369,516 0.01Merrill Lynch Mortgage Investors Trust,FRN, Series 2004-A4 ‘A2’ 3.039%25/08/2034 USD 153,179 156,970 0.00Metropolitan Life Global Funding I,144A 1.55% 13/09/2019 USD 853,000 841,365 0.02Metropolitan Life Global Funding I,144A 3% 10/01/2023 USD 530,000 538,088 0.01Microsoft Corp. 2.375% 12/02/2022 USD 150,000 151,373 0.00Microsoft Corp. 2.375% 01/05/2023 USD 277,000 276,194 0.01Microsoft Corp. 2.875% 06/02/2024 USD 1,369,000 1,391,760 0.04Microsoft Corp. 3.3% 06/02/2027 USD 836,000 862,656 0.02Microsoft Corp. 3.5% 12/02/2035 USD 1,907,000 1,915,992 0.05Microsoft Corp. 4.2% 03/11/2035 USD 231,000 252,421 0.01Microsoft Corp. 4.1% 06/02/2037 USD 1,196,000 1,290,807 0.03Microsoft Corp. 4.5% 01/10/2040 USD 112,000 126,074 0.00Microsoft Corp. 4% 12/02/2055 USD 143,000 144,828 0.00Microsoft Corp. 4.75% 03/11/2055 USD 299,000 342,878 0.01Microsoft Corp. 3.95% 08/08/2056 USD 320,000 320,208 0.01Microsoft Corp. 4.5% 06/02/2057 USD 1,048,000 1,152,952 0.03ML-CFC Commercial Mortgage Trust,FRN, Series 2006-4 ‘XC’, 144A 0.658%12/12/2049 USD 634,290 22 0.00Morgan Stanley 2.8% 16/06/2020 USD 946,000 960,076 0.03Morgan Stanley Capital I Trust, Series2011-C3 ‘A3’ 4.054% 15/07/2049 USD 383,779 397,413 0.01Morgan Stanley Capital I Trust, FRN,Series 2006-IQ12 ‘X1’, 144A 0.484%15/12/2043 USD 4,083,512 109 0.00Morgan Stanley Mortgage Loan Trust,Series 2004-3 ‘1A’ 5% 25/05/2019 USD 15,106 15,194 0.00Morgan Stanley Mortgage Loan Trust,FRN, Series 2004-3 ‘4A’ 5.671%25/04/2034 USD 336,039 356,939 0.01Morgan Stanley Reremic Trust, Series2012-XA ‘A’, 144A 2% 27/07/2049 USD 129,942 129,979 0.00MortgageIT Trust, FRN, Series 2005-1‘1A1’ 1.664% 25/02/2035 USD 39,308 38,323 0.00Murray Hill Marketplace Trust, Series2016-LC1 ‘A’, 144A 4.19% 25/11/2022 USD 1,307,626 1,315,726 0.04Mylan, Inc., 144A 3.125% 15/01/2023 USD 1,100,000 1,096,964 0.03Mylan, Inc. 5.4% 29/11/2043 USD 300,000 329,705 0.01National Rural Utilities CooperativeFinance Corp. 2.95% 07/02/2024 USD 345,000 349,078 0.01National Rural Utilities CooperativeFinance Corp. 3.05% 25/04/2027 USD 323,000 323,555 0.01Nationstar HECM Loan Trust, Series2015-2A ‘A’, 144A 2.883% 25/11/2025 USD 185,029 185,088 0.01Nationstar HECM Loan Trust, FRN,Series 2016-1A ‘A’, 144A 2.981%25/02/2026 USD 269,949 270,036 0.01Nationstar HECM Loan Trust, FRN,Series 2016-2A ‘A’, 144A 2.239%25/06/2026 USD 526,705 532,646 0.01Nationstar HECM Loan Trust, Series2016-3A ‘A’, 144A 2.013% 25/08/2026 USD 780,366 788,494 0.02Nationstar HECM Loan Trust, Series2015-2A ‘M1’, 144A 4.115% 25/11/2025 USD 1,178,000 1,178,377 0.03Nationstar HECM Loan Trust, FRN,Series 2016-1A ‘M1’, 144A 4.36%25/02/2026 USD 561,000 561,180 0.02Nationstar HECM Loan Trust, Series2017-1A ‘M1’, 144A 2.942% 25/05/2027 USD 460,000 460,006 0.01Nationwide Mutual Insurance Co., 144A8.25% 01/12/2031 USD 450,000 646,398 0.02Nationwide Mutual Insurance Co., 144A9.375% 15/08/2039 USD 935,000 1,475,234 0.04NBCUniversal Media LLC 4.375%01/04/2021 USD 570,000 615,560 0.02NBCUniversal Media LLC 6.4%30/04/2040 USD 566,000 762,651 0.02New Residential Advance ReceivablesTrust, Series 2016-T2 ‘AT2’, 144A2.575% 15/10/2049 USD 6,000,000 5,971,669 0.16New Residential Advance ReceivablesTrust, Series 2016-T2 ‘BT2’, 144A3.02% 15/10/2049 USD 1,000,000 1,001,876 0.03New Residential Advance ReceivablesTrust, Series 2016-T2 ‘DT2’, 144A4.005% 15/10/2049 USD 5,995,000 5,992,710 0.16New York Life Global Funding, 144A2.15% 18/06/2019 USD 600,000 603,291 0.02New York Life Global Funding, 144A1.95% 11/02/2020 USD 484,000 482,616 0.01New York Life Global Funding, 144A2.35% 14/07/2026 USD 503,000 481,280 0.01

New York Life Insurance Co., 144A5.875% 15/05/2033 USD 550,000 696,970 0.02New York State Dormitory Authority5.6% 15/03/2040 USD 175,000 219,676 0.01New York State Electric & Gas Corp.,144A 3.25% 01/12/2026 USD 1,068,000 1,065,971 0.03NextGear Floorplan Master OwnerTrust, Series 2017-1A ‘A2’, 144A 2.54%18/04/2022 USD 924,000 928,167 0.03Niagara Mohawk Power Corp., 144A4.881% 15/08/2019 USD 60,000 63,292 0.00Nissan Auto Receivables Owner Trust,Series 2014-B ‘A3’ 1.11% 15/05/2019 USD 147,308 147,174 0.00Nissan Auto Receivables Owner Trust,Series 2016-B ‘A3’ 1.32% 15/01/2021 USD 571,000 568,790 0.02Nissan Motor Acceptance Corp., 144A1.8% 15/03/2018 USD 486,000 486,226 0.01Nissan Motor Acceptance Corp., 144A1.9% 14/09/2021 USD 392,000 382,915 0.01Nissan Motor Acceptance Corp., 144A2.8% 13/01/2022 USD 1,360,000 1,377,190 0.04Nomura Asset Acceptance Corp.Alternative Loan Trust, Series 2003-A1‘A1’ 5.5% 25/05/2033 USD 3,931 4,011 0.00Nomura Asset Acceptance Corp.Alternative Loan Trust, Series 2003-A1‘A2’ 6% 25/05/2033 USD 3,112 3,175 0.00Nomura Asset Acceptance Corp.Alternative Loan Trust, Series 2003-A1‘A5’ 7% 25/04/2033 USD 1,705 1,756 0.00Northern Trust Corp., FRN 3.375%08/05/2032 USD 823,000 825,436 0.02NRPL Trust, STEP, Series 2015-1A ‘A1’,144A 3.875% 01/11/2054 USD 765,168 764,059 0.02NRPL Trust, STEP, Series 2015-2A ‘A1’,144A 3.75% 25/10/2057 USD 1,828,425 1,834,765 0.05NRZ Advance Receivables Trust, Series2016-T1 ‘AT1’, 144A 2.751%15/06/2049 USD 813,500 808,448 0.02Ocwen Master Advance ReceivablesTrust, Series 2016-T1 ‘AT1’, 144A2.521% 17/08/2048 USD 10,612,000 10,575,447 0.28Ocwen Master Advance ReceivablesTrust, Series 2015-T3 ‘AT3’, 144A3.211% 15/11/2047 USD 2,934,000 2,927,036 0.08Ocwen Master Advance ReceivablesTrust, Series 2016-T1 ‘BT1’, 144A3.064% 17/08/2048 USD 1,374,073 1,374,915 0.04Ocwen Master Advance ReceivablesTrust, Series 2015-T3 ‘BT3’, 144A3.704% 15/11/2047 USD 327,000 327,000 0.01Ocwen Master Advance ReceivablesTrust, Series 2016-T1 ‘CT1’, 144A3.607% 17/08/2048 USD 1,441,741 1,416,741 0.04Ocwen Master Advance ReceivablesTrust, Series 2015-T3 ‘CT3’, 144A4.196% 15/11/2047 USD 487,000 487,000 0.01Ocwen Master Advance ReceivablesTrust, Series 2016-T1 ‘DT1’, 144A4.246% 17/08/2048 USD 1,724,430 1,700,395 0.05Ocwen Master Advance ReceivablesTrust, Series 2015-T3 ‘DT3’, 144A4.687% 15/11/2047 USD 1,250,000 1,250,762 0.03Ohio State University (The) 4.8%01/06/2111 USD 716,000 742,213 0.02Ohio State University (The) ‘A’ 4.048%01/12/2056 USD 325,000 329,495 0.01Oncor Electric Delivery Co. LLC 6.8%01/09/2018 USD 465,000 490,894 0.01Oncor Electric Delivery Co. LLC 7%01/09/2022 USD 150,000 180,274 0.01Oncor Electric Delivery Co. LLC 7.25%15/01/2033 USD 295,000 413,904 0.01OnDeck Asset Securitization Trust IILLC, Series 2016-1A ‘A’, 144A 4.21%17/05/2020 USD 1,301,000 1,305,119 0.04OnDeck Asset Securitization Trust IILLC, Series 2016-1A ‘B’, 144A 7.63%17/05/2020 USD 430,000 432,858 0.01OneMain Direct Auto ReceivablesTrust, Series 2016-1A ‘A’, 144A 2.04%15/01/2021 USD 1,101,324 1,102,724 0.03OneMain Direct Auto ReceivablesTrust, Series 2016-1A ‘C’, 144A 4.58%15/09/2021 USD 833,000 846,481 0.02OneMain Financial Issuance Trust,Series 2014-1A ‘A’, 144A 2.43%18/06/2024 USD 178,955 179,031 0.01OneMain Financial Issuance Trust,Series 2014-2A ‘A’, 144A 2.47%18/09/2024 USD 398,340 399,364 0.01

209


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

OneMain Financial Issuance Trust,Series 2015-1A ‘A’, 144A 3.19%18/03/2026 USD 1,439,000 1,455,432 0.04OneMain Financial Issuance Trust,Series 2015-2A ‘A’, 144A 2.57%18/07/2025 USD 2,878,891 2,885,910 0.08OneMain Financial Issuance Trust,Series 2016-1A ‘A’, 144A 3.66%20/02/2029 USD 1,850,000 1,895,271 0.05OneMain Financial Issuance Trust,Series 2014-1A ‘B’, 144A 3.24%18/06/2024 USD 600,000 600,697 0.02OneMain Financial Issuance Trust,Series 2015-1A ‘B’, 144A 3.85%18/03/2026 USD 725,000 736,548 0.02OneMain Financial Issuance Trust,Series 2015-2A ‘B’, 144A 3.1%18/07/2025 USD 814,000 813,341 0.02OneMain Financial Issuance Trust,Series 2016-1A ‘C’, 144A 6%20/02/2029 USD 1,100,000 1,129,033 0.03OneMain Financial Issuance Trust,STEP, Series 2016-2A ‘C’, 144A 5.67%20/03/2028 USD 2,575,000 2,639,375 0.07Oportun Funding II LLC, Series 2016-A‘A’, 144A 4.7% 08/03/2021 USD 1,886,000 1,893,271 0.05Oportun Funding II LLC, Series 2016-A‘B’, 144A 6.41% 08/03/2021 USD 405,000 401,706 0.01Oportun Funding III LLC, Series 2016-B‘A’, 144A 3.69% 08/07/2021 USD 5,000,000 5,051,844 0.13Oportun Funding IV LLC, Series 2016-C‘A’, 144A 3.28% 08/11/2021 USD 2,500,000 2,484,254 0.07Oportun Funding IV LLC, Series 2016-C‘B’, 144A 4.85% 08/11/2021 USD 1,194,041 1,218,765 0.03Oportun Funding VI LLC, Series 2017-A‘A’, 144A 3.23% 08/06/2023 USD 1,763,000 1,779,189 0.05O’Reilly Automotive, Inc. 3.55%15/03/2026 USD 850,000 858,581 0.02PACCAR Financial Corp. 1.3%10/05/2019 USD 373,000 370,132 0.01Pacific Life Insurance Co., 144A 9.25%15/06/2039 USD 1,040,000 1,655,982 0.04PacifiCorp 5.5% 15/01/2019 USD 275,000 290,177 0.01Parker-Hannifin Corp., 144A 4.1%01/03/2047 USD 416,000 435,388 0.01Penske Truck Leasing Co. LP, 144A3.375% 01/02/2022 USD 845,000 868,694 0.02Penske Truck Leasing Co. LP, 144A4.875% 11/07/2022 USD 350,000 382,942 0.01Penske Truck Leasing Co. LP, 144A4.25% 17/01/2023 USD 220,000 233,399 0.01Penske Truck Leasing Co. LP, 144A3.4% 15/11/2026 USD 177,000 173,684 0.01Penske Truck Leasing Co. LP, 144A4.2% 01/04/2027 USD 500,000 518,710 0.01Pepco Holdings LLC 7.45% 15/08/2032 USD 174,000 223,294 0.01Port Authority of New York & NewJersey 5.647% 01/11/2040 USD 285,000 360,451 0.01Port Authority of New York & NewJersey 5.647% 01/11/2040 USD 650,000 822,081 0.02Port Authority of New York & NewJersey 4.458% 01/10/2062 USD 1,330,000 1,461,018 0.04President and Fellows of HarvardCollege 3.3% 15/07/2056 USD 857,000 806,985 0.02Prestige Auto Receivables Trust, Series2016-2A ‘D’, 144A 3.91% 15/11/2022 USD 2,474,000 2,493,841 0.07Pricoa Global Funding I, 144A 2.55%24/11/2020 USD 200,000 200,042 0.01Principal Life Global Funding II, 144A2.15% 10/01/2020 USD 350,000 349,548 0.01Principal Life Global Funding II, 144A2.375% 21/11/2021 USD 950,000 938,524 0.03Procter & Gamble - Esop 9.36%01/01/2021 USD 166,636 191,440 0.01Progreso Receivables Funding IV LLC,Series 2015-B ‘A’, 144A 3%28/07/2020 USD 1,203,000 1,207,953 0.03Progreso Receivables Funding IV LLC,Series 2015-B ‘B’, 144A 5%28/07/2020 USD 484,000 487,175 0.01Progress Residential Trust, Series2015-SFR2 ‘A’, 144A 2.74% 12/06/2032 USD 3,681,298 3,706,279 0.10Progress Residential Trust, Series2015-SFR3 ‘A’, 144A 3.067%12/11/2032 USD 7,338,556 7,462,252 0.20Progress Residential Trust, Series2015-SFR2 ‘B’, 144A 3.138%12/06/2032 USD 1,660,000 1,657,315 0.04Progress Residential Trust, Series2015-SFR2 ‘C’, 144A 3.436%12/06/2032 USD 855,000 855,981 0.02

Progress Residential Trust, Series2015-SFR2 ‘D’, 144A 3.684%12/06/2032 USD 715,000 716,799 0.02Progress Residential Trust, Series2015-SFR3 ‘D’, 144A 4.673%12/11/2032 USD 3,652,000 3,771,263 0.10Progress Residential Trust, Series2015-SFR2 ‘E’, 144A 4.427%12/06/2032 USD 1,867,000 1,887,401 0.05Progress Residential Trust, Series2015-SFR3 ‘E’, 144A 5.66% 12/11/2032 USD 2,500,000 2,623,957 0.07Progress Residential Trust, FRN, Series2016-SFR1 ‘E’, 144A 4.851%17/09/2033 USD 3,017,000 3,139,352 0.08Prosper Marketplace Issuance Trust,Series 2017-1A ‘A’, 144A 2.56%15/06/2023 USD 2,653,000 2,659,990 0.07Protective Life Global Funding, 144A2.7% 25/11/2020 USD 500,000 504,756 0.01Protective Life Global Funding, 144A1.999% 14/09/2021 USD 790,000 765,170 0.02Protective Life Global Funding, 144A2.262% 08/04/2020 USD 250,000 248,995 0.01Providence St Joseph Health ObligatedGroup 2.746% 01/10/2026 USD 280,000 269,254 0.01Provident Funding Mortgage LoanTrust, FRN, Series 2005-1 ‘2A1’ 3.422%25/05/2035 USD 206,490 201,785 0.01Prudential Insurance Co. of America(The), 144A 8.3% 01/07/2025 USD 1,350,000 1,777,174 0.05Purchasing Power Funding LLC 0%27/02/2019 USD 2,178,567 2,178,567 0.06Purchasing Power Funding LLC, Series2015-A ‘A2’, 144A 4.75% 15/12/2019 USD 2,689,000 2,698,245 0.07QUALCOMM, Inc. 2.6% 30/01/2023 USD 104,000 103,836 0.00QUALCOMM, Inc. 2.9% 20/05/2024 USD 1,000,000 999,460 0.03QUALCOMM, Inc. 3.25% 20/05/2027 USD 1,395,000 1,396,625 0.04QUALCOMM, Inc. 4.65% 20/05/2035 USD 310,000 339,428 0.01RAIT Trust, FRN, Series 2015-FL4 ‘A’,144A 2.344% 15/12/2031 USD 49,644 49,811 0.00RAIT Trust, FRN, Series 2015-FL4 ‘AS’,144A 2.744% 15/12/2031 USD 483,416 487,740 0.01RAIT Trust, FRN, Series 2015-FL5 ‘B’,144A 4.889% 15/01/2031 USD 795,000 796,037 0.02RALI Trust, Series 2003-QS14 ‘A1’ 5%25/07/2018 USD 19,137 19,207 0.00RALI Trust, Series 2004-QS3 ‘CB’ 5%25/03/2019 USD 61,559 61,562 0.00RAMP Trust, Series 2004-SL2 ‘A3’ 7%25/10/2031 USD 267,489 279,965 0.01RAMP Trust, FRN, Series 2006-RZ1 ‘A3’1.516% 25/03/2036 USD 35,171 35,248 0.00RASC Trust, FRN, Series 2002-KS4‘AIIB’ 1.524% 25/07/2032 USD 926 851 0.00Reliance Standard Life Global FundingII, 144A 2.5% 15/01/2020 USD 500,000 501,323 0.01Reliance Standard Life Global FundingII, 144A 3.05% 20/01/2021 USD 298,000 301,861 0.01RFMSI Trust, FRN, Series 2005-SA4‘1A1’ 3.187% 25/09/2035 USD 52,011 43,497 0.00Rice Park Financing Trust, Series2016-A ‘A’, 144A 4.625% 31/10/2041 USD 6,484,214 6,484,214 0.17Roche Holdings, Inc., 144A 3.35%30/09/2024 USD 300,000 310,659 0.01RREF LLC, Series 2015-LT7 ‘A’, 144A3% 25/12/2032 USD 10,077 10,077 0.00Santander Drive Auto ReceivablesTrust, Series 2016-2 ‘A3’ 1.56%15/05/2020 USD 1,032,000 1,031,988 0.03Santander Drive Auto ReceivablesTrust, Series 2016-3 ‘B’ 1.89%15/06/2021 USD 3,119,000 3,116,253 0.08Saxon Asset Securities Trust, STEP,Series 2003-1 ‘AF6’ 4.795%25/06/2033 USD 58,374 58,982 0.00Schlumberger Holdings Corp., 144A3.625% 21/12/2022 USD 440,000 458,405 0.01Securitized Asset Backed ReceivablesLLC Trust, STEP, Series 2006-CB1 ‘AF2’3.422% 25/01/2036 USD 45,956 36,770 0.00Sequoia Mortgage Trust, FRN, Series10 ‘1A’ 1.81% 20/10/2027 USD 259,998 254,235 0.01Sequoia Mortgage Trust, FRN, Series2003-1 ‘1A’ 1.972% 20/04/2033 USD 227,327 217,468 0.01Sequoia Mortgage Trust, FRN, Series2004-12 ‘A3’ 1.753% 20/01/2035 USD 122,925 114,163 0.00Sierra Auto Receivables SecuritizationTrust, Series 2016-1A ‘A’, 144A 2.85%18/01/2022 USD 394,788 395,065 0.01Skopos Auto Receivables Trust, Series2015-2A ‘A’, 144A 3.55% 15/02/2020 USD 76,248 76,294 0.00

210


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Smithfield Foods, Inc., 144A 4.25%01/02/2027 USD 270,000 277,731 0.01SoFi Consumer Loan Program LLC,Series 2016-2 ‘A’, 144A 3.09%27/10/2025 USD 1,063,522 1,074,223 0.03SoFi Professional Loan Program LLC,Series 2016-C ‘A2A’, 144A 1.48%26/05/2031 USD 1,492,328 1,490,361 0.04SoFi Professional Loan Program LLC,Series 2016-C ‘A2B’, 144A 2.36%27/12/2032 USD 500,000 497,394 0.01Southern California Edison Co. 1.845%01/02/2022 USD 110,714 109,398 0.00Southern Natural Gas Co. LLC, 144A4.8% 15/03/2047 USD 407,000 434,147 0.01SpringCastle America Funding LLC,Series 2016-AA ‘A’, 144A 3.05%25/04/2029 USD 5,354,449 5,394,748 0.14Springleaf Funding Trust, Series2015-AA ‘A’, 144A 3.16% 15/11/2024 USD 2,689,000 2,714,601 0.07Springleaf Funding Trust, Series2015-AA ‘B’, 144A 3.62% 15/11/2024 USD 544,000 549,116 0.02Springleaf Funding Trust, Series2016-AA ‘B’, 144A 3.8% 15/11/2029 USD 2,025,000 2,059,063 0.06Sprint Spectrum Co. LLC, 144A 3.36%20/03/2023 USD 3,000,000 3,037,230 0.08Spruce ABS Trust, Series 2016-E1 ‘A’,144A 4.32% 15/06/2028 USD 916,784 910,788 0.02Spruce ABS Trust, Series 2016-E1 ‘B’,144A 6.9% 15/06/2028 USD 1,000,000 1,009,040 0.03SPS Servicer Advance ReceivablesTrust, Series 2016-T1 ‘AT1’, 144A 2.53%16/11/2048 USD 5,600,000 5,551,722 0.15SPS Servicer Advance ReceivablesTrust, Series 2016-T1 ‘CT1’, 144A 3.32%16/11/2048 USD 2,250,000 2,242,018 0.06Starbucks Corp. 4.3% 15/06/2045 USD 306,000 336,608 0.01State Street Corp., FRN 2.653%15/05/2023 USD 350,000 351,584 0.01Structured Adjustable Rate MortgageLoan Trust, FRN, Series 2004-16 ‘3A2’3.436% 25/11/2034 USD 234,557 240,107 0.01Structured Asset MortgageInvestments II Trust, FRN, Series2004-AR5 ‘1A1’ 1.869% 19/10/2034 USD 331,430 319,773 0.01Structured Asset MortgageInvestments II Trust, FRN, Series2005-AR5 ‘A3’ 1.254% 19/07/2035 USD 481,207 470,469 0.01Structured Asset Securities Corp.Mortgage Loan Trust, FRN, Series2007-OSI ‘A2’ 1.306% 25/06/2037 USD 27,271 27,232 0.00Structured Asset Securities Corp.Mortgage Pass-Through CertificatesTrust, Series 2003-29 ‘1A1’ 4.75%25/09/2018 USD 22,905 23,095 0.00Structured Asset Securities Corp.Mortgage Pass-Through CertificatesTrust, Series 2003-33H ‘1A1’ 5.5%25/10/2033 USD 81,671 83,442 0.00Structured Asset Securities Corp.Mortgage Pass-Through CertificatesTrust, FRN, Series 2003-34A ‘3A3’3.346% 25/11/2033 USD 479,345 480,230 0.01Structured Asset Securities Corp.Mortgage Pass-Through CertificatesTrust, Series 2004-5H ‘A4’ 5.54%25/12/2033 USD 283,909 292,237 0.01Structured Asset Securities Corp.Mortgage Pass-Through CertificatesTrust, STEP, Series 2004-6XS ‘A5B’6.05% 25/03/2034 USD 356,497 363,754 0.01Structured Asset Securities Corp.Pass-Through Certificates Trust, Series2002-AL1 ‘A3’ 3.45% 25/02/2032 USD 142,109 140,107 0.00TC PipeLines LP 3.9% 25/05/2027 USD 457,000 459,331 0.01Teachers Insurance & AnnuityAssociation of America, 144A 4.9%15/09/2044 USD 400,000 448,980 0.01Teachers Insurance & AnnuityAssociation of America, 144A 4.27%15/05/2047 USD 800,000 818,988 0.02Texas Eastern Transmission LP, 144A2.8% 15/10/2022 USD 554,000 545,715 0.01Texas Health Resources 4.33%15/11/2055 USD 700,000 739,207 0.02Time Warner Cable LLC 4.125%15/02/2021 USD 450,000 471,789 0.01Time Warner Cable LLC 6.55%01/05/2037 USD 400,000 479,560 0.01Time Warner Cable LLC 5.5%01/09/2041 USD 197,000 212,367 0.01Time Warner Entertainment Co. LP8.375% 15/07/2033 USD 2,500,000 3,468,462 0.09

Toyota Auto Receivables Owner Trust,Series 2016-B ‘A3’ 1.3% 15/04/2020 USD 559,000 557,601 0.02Tricolor Auto Securitization Trust,Series 2017-1 ‘A’, 144A 5.09%15/05/2020 USD 2,965,461 2,964,957 0.08Tricon American Homes Trust, FRN,Series 2015-SFR1 ‘A’, 144A 2.251%17/05/2032 USD 461,798 461,943 0.01Tricon American Homes Trust, Series2016-SFR1 ‘A’, 144A 2.589%17/11/2033 USD 1,345,000 1,331,002 0.04Tricon American Homes Trust, Series2016-SFR1 ‘C’, 144A 3.487%17/11/2033 USD 1,225,000 1,218,427 0.03Tri-State Generation & TransmissionAssociation, Inc. 4.25% 01/06/2046 USD 202,000 200,341 0.01Union Pacific Corp. 3.646%15/02/2024 USD 277,000 292,570 0.01Union Pacific Railroad Co. PassThrough Trust, Series 2003-1 4.698%02/01/2024 USD 80,644 84,661 0.00Union Pacific Railroad Co. PassThrough Trust, Series 2015-1 2.695%12/05/2027 USD 651,930 634,058 0.02United Airlines Pass Through Trust,Series 2016-1 3.45% 07/01/2030 USD 464,000 469,220 0.01United Airlines Pass-Through Trust,Series 2013-1 4.3% 15/02/2027 USD 1,313,228 1,398,588 0.04United Auto Credit Securitization Trust,Series 2017-1 ‘A’, 144A 1.89%10/05/2019 USD 660,000 659,992 0.02United Auto Credit Securitization Trust,Series 2017-1 ‘B’, 144A 2.4%12/11/2019 USD 1,220,000 1,220,595 0.03United Parcel Service of America, Inc.,STEP 8.375% 01/04/2030 USD 200,000 287,161 0.01Upstart Securitization Trust, Series2017-1 ‘A’, 144A 2.639% 20/06/2024 USD 2,322,000 2,323,266 0.06US Residential Opportunity Fund IIITrust, STEP, Series 2016-1III ‘A’, 144A3.475% 27/07/2036 USD 1,234,736 1,247,908 0.03US Treasury STRIP Coupon 0%15/02/2022 USD 5,920,000 5,427,849 0.14US Treasury STRIP Coupon 0%15/05/2022 USD 12,905,000 11,753,312 0.31US Treasury STRIP Coupon 0%15/08/2022 USD 8,700,000 7,869,358 0.21US Treasury STRIP Coupon 0%15/11/2022 USD 14,900,000 13,389,950 0.36US Treasury STRIP Coupon 0%15/02/2023 USD 15,076,000 13,450,362 0.36US Treasury STRIP Coupon 0%15/05/2023 USD 24,000,000 21,273,597 0.57US Treasury STRIP Coupon 0%15/08/2023 USD 9,690,000 8,533,475 0.23US Treasury STRIP Coupon 0%15/02/2024 USD 1,500,000 1,301,940 0.04US Treasury STRIP Coupon 0%15/05/2024 USD 4,150,000 3,578,346 0.10US Treasury STRIP Coupon 0%15/11/2024 USD 450,000 382,453 0.01US Treasury STRIP Coupon 0%15/02/2025 USD 1,500,000 1,265,338 0.03US Treasury STRIP Coupon 0%15/05/2026 USD 1,000,000 812,394 0.02US Treasury STRIP Coupon 0%15/08/2026 USD 100,000 80,623 0.00US Treasury STRIP Coupon 0%15/11/2026 USD 7,125,000 5,701,857 0.15US Treasury STRIP Coupon 0%15/02/2027 USD 3,000,000 2,382,584 0.06US Treasury STRIP Coupon 0%15/05/2027 USD 5,390,000 4,249,128 0.11US Treasury STRIP Coupon 0%15/08/2027 USD 500,000 391,155 0.01US Treasury STRIP Coupon 0%15/11/2027 USD 3,000,000 2,329,267 0.06US Treasury STRIP Coupon 0%15/02/2028 USD 7,000,000 5,398,236 0.14US Treasury STRIP Coupon 0%15/05/2028 USD 9,885,000 7,569,632 0.20US Treasury STRIP Coupon 0%15/08/2028 USD 3,200,000 2,431,072 0.06US Treasury STRIP Coupon 0%15/11/2028 USD 2,800,000 2,109,918 0.06US Treasury STRIP Coupon 0%15/02/2029 USD 7,276,000 5,441,620 0.14US Treasury STRIP Coupon 0%15/05/2029 USD 6,000,000 4,452,783 0.12US Treasury STRIP Coupon 0%15/08/2029 USD 4,900,000 3,610,894 0.10

211


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

US Treasury STRIP Coupon 0%15/11/2029 USD 10,300,000 7,526,403 0.20US Treasury STRIP Coupon 0%15/02/2030 USD 12,650,000 9,176,124 0.24US Treasury STRIP Coupon 0%15/05/2030 USD 9,900,000 7,126,621 0.19US Treasury STRIP Coupon 0%15/08/2030 USD 7,200,000 5,144,080 0.14US Treasury STRIP Coupon 0%15/11/2030 USD 4,500,000 3,189,830 0.09US Treasury STRIP Coupon 0%15/02/2031 USD 4,500,000 3,167,078 0.08US Treasury STRIP Coupon 0%15/05/2031 USD 8,710,000 6,079,715 0.16US Treasury STRIP Coupon 0%15/08/2031 USD 6,000,000 4,155,900 0.11US Treasury STRIP Coupon 0%15/11/2031 USD 3,585,000 2,463,510 0.07US Treasury STRIP Coupon 0%15/02/2032 USD 10,525,000 7,173,142 0.19US Treasury STRIP Coupon 0%15/05/2032 USD 15,150,000 10,249,248 0.27US Treasury STRIP Coupon 0%15/08/2032 USD 6,900,000 4,630,940 0.12US Treasury STRIP Coupon 0%15/11/2032 USD 10,340,000 6,888,171 0.18US Treasury STRIP Coupon 0%15/02/2033 USD 1,300,000 858,812 0.02US Treasury STRIP Coupon 0%15/05/2033 USD 7,150,000 4,691,366 0.13US Treasury STRIP Coupon 0%15/08/2033 USD 1,600,000 1,041,324 0.03US Treasury STRIP Coupon 0%15/11/2033 USD 8,920,000 5,760,150 0.15US Treasury STRIP Coupon 0%15/02/2034 USD 10,980,000 7,032,451 0.19US Treasury STRIP Coupon 0%15/05/2034 USD 9,900,000 6,292,420 0.17US Treasury STRIP Coupon 0%15/08/2034 USD 6,950,000 4,384,272 0.12US Treasury STRIP Coupon 0%15/11/2034 USD 3,600,000 2,252,596 0.06US Treasury STRIP Coupon 0%15/02/2035 USD 1,515,000 940,152 0.03US Treasury STRIP Coupon 0%15/05/2035 USD 2,600,000 1,601,670 0.04US Treasury STRIP Coupon 0%15/08/2041 USD 300,000 148,639 0.00Vendee Mortgage Trust, Series 1998-2‘1G’ 6.75% 15/06/2028 USD 352,743 403,610 0.01Vendee Mortgage Trust, Series 1998-1‘2E’ 7% 15/03/2028 USD 42,974 49,663 0.00Verizon Communications, Inc., 144A2.946% 15/03/2022 USD 1,277,000 1,287,439 0.03Verizon Communications, Inc., 144A4.812% 15/03/2039 USD 2,619,000 2,661,140 0.07Verizon Owner Trust, Series 2016-1A‘A’, 144A 1.42% 20/01/2021 USD 500,000 498,297 0.01Verizon Owner Trust, Series 2017-2A‘A’, 144A 1.92% 20/12/2021 USD 5,840,000 5,839,105 0.16Viacom, Inc. 3.875% 01/04/2024 USD 754,000 766,690 0.02Viacom, Inc. 4.85% 15/12/2034 USD 122,000 120,785 0.00Viacom, Inc. 6.875% 30/04/2036 USD 1,160,000 1,357,855 0.04VM DEBT LLC, Series 2017-1 ‘A’, 144A6.5% 02/10/2024 USD 4,060,000 4,060,000 0.11VML LLC, STEP, Series 2014-NPL1 ‘A1’,144A 3.875% 25/04/2054 USD 42,261 42,324 0.00VNDO Trust, Series 2016-350P ‘A’,144A 3.805% 10/01/2035 USD 5,294,000 5,576,953 0.15VOLT L LLC, STEP, Series 2016-NP10‘A1’, 144A 3.5% 25/09/2046 USD 4,583,544 4,608,000 0.12VOLT LI LLC, STEP, Series 2016-NP11‘A1’, 144A 3.5% 25/10/2046 USD 3,863,873 3,878,062 0.10VOLT LII LLC, STEP, Series 2016-NP12‘A1’, 144A 3.625% 26/11/2046 USD 7,273,547 7,321,628 0.19VOLT LIII LLC, STEP, Series 2016-NP13‘A1’, 144A 3.875% 26/12/2046 USD 2,625,300 2,649,163 0.07VOLT LIV LLC, STEP, Series 2017-NPL1‘A1’, 144A 3.625% 25/02/2047 USD 2,154,925 2,160,247 0.06VOLT LIX LLC, STEP, Series 2017-NPL6‘A1’, 144A 3.25% 25/05/2047 USD 1,794,754 1,801,953 0.05VOLT LV LLC, STEP, Series 2017-NPL2‘A1’, 144A 3.5% 25/03/2047 USD 1,607,944 1,615,380 0.04VOLT LVI LLC, STEP, Series 2017-NPL3‘A1’, 144A 3.5% 25/03/2047 USD 3,452,931 3,472,829 0.09VOLT LVII LLC, STEP, Series 2017-NPL4‘A1’, 144A 3.375% 25/04/2047 USD 3,409,399 3,415,683 0.09VOLT LVIII LLC, STEP, Series 2017-NPL5‘A1’, 144A 3.375% 28/05/2047 USD 2,723,978 2,729,628 0.07VOLT LXI LLC, STEP, Series 2017-NPL8‘A1’, 144A 3.125% 25/06/2047 USD 3,687,000 3,690,318 0.10

VOLT NPL X LLC, STEP, Series2014-NPL8 ‘A1’, 144A 3.375%26/10/2054 USD 159,161 159,932 0.00VOLT XL LLC, STEP, Series 2015-NP14‘A1’, 144A 4.375% 27/11/2045 USD 673,127 677,230 0.02VOLT XXIV LLC, STEP, Series2015-NPL6 ‘A1’, 144A 3.5% 25/02/2055 USD 800,584 804,144 0.02VOLT XXV LLC, STEP, Series 2015-NPL8‘A1’, 144A 3.5% 26/06/2045 USD 2,284,594 2,295,880 0.06VOLT XXXIII LLC, STEP, Series2015-NPL5 ‘A1’, 144A 3.5% 25/03/2055 USD 1,940,141 1,952,100 0.05VOLT XXXIX LLC, STEP, Series2015-NP13 ‘A1’, 144A 4.125%25/10/2045 USD 592,107 595,415 0.02VOLT XXXV, STEP, Series 2016-NPL9‘A1’, 144A 3.5% 25/09/2046 USD 5,175,274 5,203,042 0.14Walgreen Co. 4.4% 15/09/2042 USD 400,000 402,720 0.01Walgreens Boots Alliance, Inc. 3.8%18/11/2024 USD 600,000 623,871 0.02Walgreens Boots Alliance, Inc. 4.5%18/11/2034 USD 405,000 423,357 0.01WaMu Mortgage Pass-ThroughCertificates Trust, Series 2003-S3 ‘1A4’5.5% 25/06/2033 USD 147,791 153,447 0.00WaMu Mortgage Pass-ThroughCertificates Trust, Series 2004-S3 ‘1A5’5% 25/07/2034 USD 146,975 151,234 0.00WaMu Mortgage Pass-ThroughCertificates Trust, FRN, Series2003-AR9 ‘1A6’ 2.791% 25/09/2033 USD 326,034 331,142 0.01WaMu Mortgage Pass-ThroughCertificates Trust, Series 2003-S6 ‘2A1’5% 25/07/2018 USD 40,688 40,937 0.00WaMu Mortgage Pass-ThroughCertificates Trust, Series 2004-S2 ‘2A4’5.5% 25/06/2034 USD 233,610 243,584 0.01WaMu Mortgage Pass-ThroughCertificates Trust, Series 2004-CB1‘3A2’ 5.5% 25/06/2034 USD 13,489 13,490 0.00WaMu Mortgage Pass-ThroughCertificates Trust, Series 2004-S3 ‘3A2’6% 25/07/2034 USD 305,018 320,845 0.01WaMu Mortgage Pass-ThroughCertificates Trust, Series 2004-CB3‘4A’ 6% 25/10/2019 USD 76,945 79,245 0.00WaMu Mortgage Pass-ThroughCertificates Trust, FRN, Series2003-AR8 ‘A’ 2.692% 25/08/2033 USD 29,461 30,139 0.00WaMu Mortgage Pass-ThroughCertificates Trust, Series 2003-S10 ‘A2’5% 25/10/2018 USD 6,061 6,100 0.00WaMu Mortgage Pass-ThroughCertificates Trust, Series 2004-RS2‘A4’ 5% 25/11/2033 USD 359,867 366,578 0.01WaMu Mortgage Pass-ThroughCertificates Trust, Series 2003-S1 ‘A5’5.5% 25/04/2033 USD 184,717 190,193 0.01WaMu Mortgage Pass-ThroughCertificates Trust, Series 2003-S8 ‘A5’4.5% 25/09/2018 USD 56,489 56,719 0.00WaMu Mortgage Pass-ThroughCertificates Trust, FRN, Series2003-AR11 ‘A6’ 2.843% 25/10/2033 USD 473,856 479,537 0.01WaMu Mortgage Pass-ThroughCertificates Trust, FRN, Series2003-AR5 ‘A7’ 3.063% 25/06/2033 USD 316,593 321,640 0.01WaMu Mortgage Pass-ThroughCertificates Trust, FRN, Series2003-AR7 ‘A7’ 2.681% 25/08/2033 USD 43,470 43,834 0.00Washington Mutual MortgagePass-Through Certificates Trust, Series2005-4 ‘CB7’ 5.5% 25/06/2035 USD 213,949 201,848 0.01Washington Mutual MortgagePass-Through Certificates Trust, IO,Series 2005-3 ‘CX’ 5.5% 25/05/2035 USD 734,458 149,942 0.00Washington Mutual MSC MortgagePass-Through Certificates Trust, Series2003-MS2 ‘1A1’ 5.75% 25/02/2033 USD 32,037 32,593 0.00Wells Fargo & Co., FRN 3.584%22/05/2028 USD 700,000 708,253 0.02Wells Fargo Commercial MortgageTrust, Series 2014-LC16 ‘A2’ 2.819%15/08/2050 USD 2,000,000 2,033,063 0.05Wells Fargo Mortgage BackedSecurities Trust, FRN, Series 2004-P‘2A1’ 3% 25/09/2034 USD 744,663 762,211 0.02Wells Fargo Mortgage BackedSecurities Trust, FRN, Series 2005-AR8‘2A1’ 3.217% 25/06/2035 USD 201,611 206,714 0.01Wells Fargo Mortgage BackedSecurities Trust, FRN, Series 2004-EE‘3A1’ 3.389% 25/12/2034 USD 85,813 89,227 0.00

212


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Wells Fargo Mortgage BackedSecurities Trust, FRN, Series 2004-S‘A1’ 3.076% 25/09/2034 USD 1,501,072 1,535,635 0.04Wells Fargo Mortgage BackedSecurities Trust, Series 2004-4 ‘A9’5.5% 25/05/2034 USD 172,153 176,404 0.01Westgate Resorts LLC, Series 2015-1A‘A’, 144A 2.75% 20/05/2027 USD 114,462 114,766 0.00Westgate Resorts LLC, Series 2017-1A‘A’, 144A 3.05% 20/12/2030 USD 2,318,777 2,326,659 0.06Westlake Automobile ReceivablesTrust, Series 2016-2A ‘A2’, 144A 1.57%17/06/2019 USD 956,388 956,399 0.03Westlake Automobile ReceivablesTrust, Series 2016-3A ‘C’, 144A 2.46%18/01/2022 USD 3,690,000 3,683,162 0.10Westlake Automobile ReceivablesTrust, Series 2017-1A ‘C’, 144A 2.7%17/10/2022 USD 1,045,000 1,049,136 0.03Westlake Automobile ReceivablesTrust, Series 2016-2A ‘D’, 144A 4.1%15/06/2021 USD 599,000 609,117 0.02World Omni Auto Receivables Trust,Series 2015-A ‘A3’ 1.34% 15/05/2020 USD 187,561 187,465 0.01World Omni Automobile LeaseSecuritization Trust, Series 2016-A ‘A3’1.45% 15/08/2019 USD 2,670,000 2,661,173 0.07

2,129,917,325 56.56

Virgin Islands, BritishSinopec Capital 2013 Ltd., 144A 3.125%24/04/2023 USD 1,000,000 995,735 0.03Sinopec Group Overseas Development2012 Ltd., 144A 3.9% 17/05/2022 USD 400,000 417,914 0.01

1,413,649 0.04

Total Bonds 2,252,609,292 59.81

Commercial Papers

United States of AmericaTennessee Valley Authority GenericSTRIP 0% 15/03/2032 USD 800,000 484,060 0.01Tennessee Valley Authority PrincipalSTRIP 0% 01/11/2025 USD 1,150,000 916,368 0.03

1,400,428 0.04

Total Commercial Papers 1,400,428 0.04

Total Transferable securities and money market instrumentsdealt in on another regulated market 2,254,009,720 59.85




135,744,874 3.60



135,744,874 3.60


Cash (7,447,928) (0.20)


Total Net Assets 3,765,956,833 100.00


Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited States of America 88.92Luxembourg 3.75Canada 1.23United Kingdom 0.83Netherlands 0.70Cayman Islands 0.64Israel 0.59Mexico 0.46Australia 0.45Japan 0.30Ireland 0.29France 0.29Switzerland 0.12Guernsey 0.12Sweden 0.11Germany 0.11Virgin Islands, British 0.10Spain 0.10Colombia 0.09Norway 0.06Supranational 0.05New Zealand 0.05China 0.03South Korea 0.03Denmark 0.03Panama 0.01South Africa -Poland -Peru -Total Investments 99.46Cash and Other Assets/(Liabilities) 0.54

Total 100.00


% of Net Assets

United States of America 93.25Luxembourg 1.28Canada 1.01Israel 0.67United Kingdom 0.62Netherlands 0.59Mexico 0.47Australia 0.43France 0.34Cayman Islands 0.29Japan 0.25Ireland 0.24Sweden 0.11Guernsey 0.08Norway 0.07Virgin Islands, British 0.07Germany 0.06Supranational 0.06Colombia 0.06Spain 0.06Switzerland 0.05Jersey 0.05South Korea 0.04China 0.04New Zealand 0.03Denmark 0.01Panama 0.01South Africa 0.01Poland -Peru -Total Investments 100.25Cash and Other Assets/(Liabilities) (0.25)

Total 100.00

213


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

EUR 4,983,103 USD 5,559,630 07/07/2017 ANZ 131,742 0.01EUR 3,553,718 USD 3,971,003 07/07/2017 BNP Paribas 87,820 -EUR 775,337,606 USD 873,436,421 07/07/2017 Citibank 12,102,994 0.32EUR 2,561,256 USD 2,883,951 07/07/2017 Goldman Sachs 41,346 -EUR 1,423,567 USD 1,591,563 07/07/2017 Merrill Lynch 34,341 -EUR 2,165,076 USD 2,428,290 07/07/2017 National Australia Bank 44,518 -EUR 1,074,367 USD 1,205,358 07/07/2017 Societe Generale 21,713 -EUR 1,847,896 USD 2,070,995 07/07/2017 State Street 39,549 -EUR 21,915,651 USD 24,926,643 08/08/2017 Deutsche Bank 148,602 0.01EUR 1,299 USD 1,484 08/08/2017 National Australia Bank 3 -GBP 4,139,363 USD 5,355,380 21/07/2017 ANZ 18,572 -GBP 655,325 USD 838,484 21/07/2017 National Australia Bank 12,296 -GBP 74,462 USD 94,926 21/07/2017 RBC 1,744 -GBP 31,836,892 USD 40,550,650 21/07/2017 Toronto-Dominion Bank 781,785 0.02SGD 2,281,604 USD 1,648,759 21/07/2017 Barclays 9,391 -SGD 6,668 USD 4,829 21/07/2017 Credit Suisse 17 -SGD 28,992 USD 20,974 21/07/2017 HSBC 96 -SGD 10,179 USD 7,366 21/07/2017 Societe Generale 32 -SGD 3,695 USD 2,678 21/07/2017 State Street 7 -USD 1,749,628 EUR 1,530,706 05/07/2017 Citibank 1,534 -


EUR 1,530,706 USD 1,752,683 08/08/2017 Citibank (1,294) -USD 24,879,634 EUR 21,915,651 03/07/2017 Deutsche Bank (147,163) (0.01)USD 134,869 EUR 119,454 07/07/2017 Goldman Sachs (1,563) -USD 2,347,000 EUR 2,092,447 07/07/2017 National Australia Bank (42,854) -USD 2,437,913 EUR 2,131,691 08/08/2017 Goldman Sachs (1,106) -USD 5,351,068 GBP 4,138,363 03/07/2017 ANZ (18,457) -USD 122,543 GBP 94,455 21/07/2017 Merrill Lynch (83) -USD 82,930 GBP 65,275 21/07/2017 National Australia Bank (1,814) -USD 71,515 GBP 56,297 21/07/2017 RBC (1,573) -USD 2,835 SGD 3,921 21/07/2017 HSBC (15) -USD 3,766 SGD 5,201 21/07/2017 Societe Generale (13) -USD 2,707 SGD 3,739 21/07/2017 State Street (11) -USD 4,344 SGD 5,991 21/07/2017 Toronto-Dominion Bank (9) -



214


Certificates of Deposit

AustraliaNational Australia Bank 1.476%29/03/2018 USD 8,000,000 8,000,000 2.12

8,000,000 2.12

CanadaBank of Nova Scotia (The), FRN 1.72%07/09/2017 USD 10,000,000 10,000,000 2.65National Bank of Canada, FRN 1.226%06/10/2017 USD 9,000,000 9,000,000 2.39Toronto-Dominion Bank (The), FRN1.475% 10/01/2018 USD 3,000,000 3,000,000 0.80Toronto-Dominion Bank (The), FRN1.467% 13/03/2018 USD 10,000,000 10,000,000 2.65

32,000,000 8.49

ChileBanco Del Estado De Chile, FRN 1.609%17/07/2017 USD 8,000,000 8,000,000 2.12

8,000,000 2.12

ChinaAgricultural Bank of China Ltd. 1.48%17/07/2017 USD 3,000,000 3,000,000 0.79China Construction Bank Corp. 1.5%26/07/2017 USD 3,000,000 3,000,000 0.80Industrial & Commercial Bank of ChinaLtd. 1.5% 26/07/2017 USD 6,000,000 6,000,000 1.59

12,000,000 3.18

FranceCredit Industriel et Commercial 1.29%01/08/2017 USD 9,000,000 9,000,000 2.39

9,000,000 2.39

JapanChiba Bank Ltd. (The) 1.34% 17/08/2017 USD 6,000,000 6,000,000 1.59Mitsubishi UFJ Trust and Banking Corp.0% 31/07/2017 USD 4,000,000 3,995,706 1.06Mizuho Bank Ltd., FRN 1.686%05/07/2017 USD 3,000,000 3,000,000 0.80Norinchukin Bank (The) 1.43%26/07/2017 USD 1,050,000 1,050,099 0.28Norinchukin Bank (The) 1.47%03/08/2017 USD 1,000,000 1,000,247 0.26Norinchukin Bank (The) 1.37%14/08/2017 USD 7,000,000 7,000,401 1.86Sumitomo Mitsui Banking Corp., FRN1.469% 19/10/2017 USD 1,000,000 1,000,000 0.27Sumitomo Mitsui Banking Corp., FRN1.456% 25/10/2017 USD 7,000,000 7,000,000 1.86Sumitomo Mitsui Banking Corp. 1.5%12/10/2017 USD 1,400,000 1,400,152 0.37Sumitomo Mitsui Trust Bank Ltd., FRN1.466% 23/10/2017 USD 6,000,000 6,000,000 1.59

37,446,605 9.94

NetherlandsABN AMRO Bank NV 0% 10/08/2017 USD 3,000,000 2,996,121 0.79Cooperatieve Rabobank UA, FRN 1.553%24/10/2017 USD 4,000,000 4,000,000 1.06ING Bank NV 1.194% 09/11/2017 USD 3,000,000 3,000,000 0.80

9,996,121 2.65

SwedenSkandinaviska Enskilda Banken AB, FRN1.514% 21/09/2017 USD 1,500,000 1,500,398 0.40Svenska Handelsbanken AB, FRN 1.43%09/08/2017 USD 8,000,000 8,000,000 2.12Svenska Handelsbanken AB, FRN 1.609%18/08/2017 USD 4,000,000 4,000,000 1.06Svenska Handelsbanken AB, FRN 1.346%23/02/2018 USD 3,000,000 3,000,000 0.80

16,500,398 4.38

United States of AmericaState Street Bank & Trust Co., FRN1.386% 22/09/2017 USD 6,000,000 6,000,000 1.59Wells Fargo Bank NA, FRN 1.58%10/10/2017 USD 9,000,000 9,000,000 2.39Wells Fargo Bank NA, FRN 1.505%09/01/2018 USD 3,033,000 3,033,000 0.80

18,033,000 4.78

Total Certificates of Deposit 150,976,124 40.05

Commercial Papers

AustraliaMacquarie Bank Ltd. 0% 28/09/2017 USD 6,000,000 5,980,570 1.58Westpac Banking Corp. 0% 25/08/2017 USD 12,000,000 11,978,093 3.18

17,958,663 4.76

CanadaCanadian Imperial Bank of Commerce1.287% 12/01/2018 USD 1,000,000 1,000,000 0.27Canadian Imperial Bank of Commerce1.476% 06/11/2017 USD 7,000,000 7,000,000 1.86CDP Financial, Inc. 0% 07/09/2017 USD 15,000,000 14,966,725 3.96

22,966,725 6.09

ChinaChina Construction Bank Corp. 0%05/07/2017 USD 3,000,000 2,999,770 0.80

2,999,770 0.80

FranceBPCE SA 0% 29/08/2017 USD 8,000,000 7,984,167 2.12Caisse d’Amortissement de la DetteSociale 0% 17/07/2017 USD 11,000,000 10,994,563 2.92

18,978,730 5.04

JapanMitsubishi UFJ Trust & Banking Corp. 0%19/10/2017 USD 5,000,000 4,978,550 1.32Toyota Motor Credit Corp. 1.206%24/01/2018 USD 12,000,000 12,000,000 3.18

16,978,550 4.50

SingaporeOversea-Chinese Banking Corp. Ltd.1.369% 15/09/2017 USD 12,000,000 12,000,000 3.18

12,000,000 3.18

SwitzerlandCredit Suisse AG 1.356% 05/10/2017 USD 7,000,000 7,000,000 1.86UBS AG 1.346% 30/11/2017 USD 10,000,000 10,000,000 2.65

17,000,000 4.51

United KingdomStandard Chartered Bank 0% 12/09/2017 USD 9,000,000 8,977,813 2.38

8,977,813 2.38

United States of AmericaABN AMRO Funding USA LLC 0%19/07/2017 USD 3,000,000 2,998,507 0.80Bedford Row Funding Corp. 1.436%09/03/2018 USD 12,000,000 12,000,000 3.18Cancara Asset Securitisation LLC 0%21/07/2017 USD 6,000,000 5,996,610 1.59DCAT LLC 0% 06/07/2017 USD 1,000,000 999,891 0.26ING US Funding LLC 0% 11/07/2017 USD 9,000,000 8,997,440 2.39Nieuw Amsterdam Receivables Corp. 0%07/07/2017 USD 5,000,000 4,999,367 1.33

35,991,815 9.55

Total Commercial Papers 153,852,066 40.81



Cash 68,218,721 18.10



215

JPMorgan Funds - US Dollar Money Market FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsCanada 14.58Japan 14.44United States of America 14.33France 7.43Australia 6.88Switzerland 4.51Sweden 4.38China 3.98Singapore 3.18Netherlands 2.65United Kingdom 2.38Chile 2.12Total Investments 80.86Cash and Other Assets/(Liabilities) 19.14

Total 100.00


% of Net Assets

United States of America 21.25Japan 9.58Singapore 7.71France 6.78Canada 5.61United Kingdom 5.37Sweden 4.21China 4.21Australia 4.21Finland 2.81Germany 2.81Norway 2.34Chile 2.34Switzerland 1.64New Zealand 1.40Belgium 1.40Denmark 1.40Netherlands 0.94Total Investments 86.01Cash and Other Assets/(Liabilities) 13.99

Total 100.00

216

JPMorgan Funds - US Dollar Money Market FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities


8,910,447 2.50

United States of AmericaActivision Blizzard, Inc. USD 139,600 8,001,174 2.24Acuity Brands, Inc. USD 11,200 2,268,056 0.64Adobe Systems, Inc. USD 56,800 8,030,668 2.25Alphabet, Inc. ‘C’ USD 22,998 21,072,607 5.90Amazon.com, Inc. USD 20,200 19,748,328 5.53Amphenol Corp. ‘A’ USD 17,900 1,316,008 0.37Apple, Inc. USD 103,300 14,920,652 4.18Applied Materials, Inc. USD 127,500 5,271,487 1.48Becton Dickinson and Co. USD 28,500 5,579,872 1.56Boston Scientific Corp. USD 141,200 3,917,594 1.10Charles Schwab Corp. (The) USD 205,800 8,864,835 2.48Comcast Corp. ‘A’ USD 255,100 9,957,828 2.79Constellation Brands, Inc. ‘A’ USD 18,000 3,483,720 0.98Delta Air Lines, Inc. USD 156,500 8,472,910 2.37DexCom, Inc. USD 23,700 1,723,701 0.48Ecolab, Inc. USD 32,200 4,277,770 1.20Electronic Arts, Inc. USD 56,900 6,046,763 1.69Equinix, Inc., REIT USD 6,000 2,549,400 0.71Facebook, Inc. ‘A’ USD 85,600 12,886,224 3.61Home Depot, Inc. (The) USD 82,900 12,689,917 3.56Honeywell International, Inc. USD 37,100 4,941,349 1.39Humana, Inc. USD 7,300 1,759,446 0.49Illumina, Inc. USD 13,200 2,336,136 0.66Incyte Corp. USD 15,800 2,008,417 0.56Intercontinental Exchange, Inc. USD 74,100 4,886,895 1.37Intuitive Surgical, Inc. USD 12,600 11,752,839 3.29Las Vegas Sands Corp. USD 36,900 2,345,180 0.66Mastercard, Inc. ‘A’ USD 105,900 12,897,561 3.61MercadoLibre, Inc. USD 15,800 3,951,501 1.11Microsoft Corp. USD 129,700 8,959,027 2.51Monster Beverage Corp. USD 89,100 4,470,147 1.25Morgan Stanley USD 62,800 2,819,406 0.79Netflix, Inc. USD 26,600 3,976,168 1.11Newell Brands, Inc. USD 58,100 3,108,059 0.87Northrop Grumman Corp. USD 10,900 2,797,539 0.78NVIDIA Corp. USD 82,100 11,878,228 3.33PayPal Holdings, Inc. USD 85,400 4,572,316 1.28Pioneer Natural Resources Co. USD 17,700 2,822,265 0.79Priceline Group, Inc. (The) USD 3,700 6,962,401 1.95Regeneron Pharmaceuticals, Inc. USD 3,300 1,647,179 0.46Rockwell Automation, Inc. USD 10,900 1,752,066 0.49Roper Technologies, Inc. USD 18,900 4,369,586 1.22Ross Stores, Inc. USD 53,300 3,068,481 0.86S&P Global, Inc. USD 33,000 4,821,465 1.35salesforce.com, Inc. USD 26,200 2,269,706 0.64ServiceNow, Inc. USD 51,900 5,444,570 1.53Sherwin-Williams Co. (The) USD 10,200 3,600,243 1.01Snap, Inc. ‘A’ USD 58,500 1,041,593 0.29Southwest Airlines Co. USD 74,200 4,614,127 1.29Starbucks Corp. USD 16,000 939,760 0.26SVB Financial Group USD 8,800 1,545,192 0.43Tesla, Inc. USD 7,000 2,533,545 0.71Thermo Fisher Scientific, Inc. USD 18,100 3,162,885 0.89Ulta Beauty, Inc. USD 31,100 8,879,206 2.49United Rentals, Inc. USD 15,000 1,673,550 0.47UnitedHealth Group, Inc. USD 34,100 6,333,905 1.78Vantiv, Inc. ‘A’ USD 68,100 4,311,071 1.21VeriSign, Inc. USD 17,900 1,667,832 0.47Vertex Pharmaceuticals, Inc. USD 34,800 4,445,352 1.25Visa, Inc. ‘A’ USD 73,400 6,917,216 1.94Vulcan Materials Co. USD 16,800 2,128,560 0.60

337,491,484 94.56






10,010,711 2.80




Cash 148,703 0.04




Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited States of America 94.56Luxembourg 2.80Singapore 2.50Total Investments 99.86Cash and Other Assets/(Liabilities) 0.14

Total 100.00


% of Net Assets

United States of America 93.86Singapore 2.16Luxembourg 1.46Netherlands 1.04Ireland 0.99Total Investments 99.51Cash and Other Assets/(Liabilities) 0.49

Total 100.00

217

JPMorgan Funds - US Growth FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - US Growth FundSchedule of Investments (continued)

As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

EUR 4,021 USD 4,565 03/07/2017 UBS 26 -EUR 4,164,406 USD 4,662,540 05/07/2017 ANZ 93,287 0.03EUR 1,466,182 USD 1,645,991 05/07/2017 Credit Suisse 28,416 0.01EUR 8,690,640 USD 9,778,709 05/07/2017 National Australia Bank 146,158 0.04EUR 391,464 USD 439,609 05/07/2017 RBC 7,450 -EUR 68,994 USD 77,494 05/07/2017 Societe Generale 1,299 -EUR 331,025 USD 369,551 05/07/2017 Standard Chartered 8,485 -EUR 31,574,426 USD 35,317,163 05/07/2017 State Street 741,398 0.21EUR 409,978 USD 460,131 05/07/2017 Toronto-Dominion Bank 8,071 -EUR 44,158,847 USD 50,456,870 02/08/2017 Credit Suisse 52,855 0.02EUR 440,491 USD 496,676 02/08/2017 National Australia Bank 7,166 -USD 82,896 EUR 72,544 05/07/2017 National Australia Bank 49 -USD 448,460 EUR 391,949 02/08/2017 BNP Paribas 141 -


EUR 72,544 USD 83,016 02/08/2017 National Australia Bank (38) -USD 2,025,849 EUR 1,805,452 05/07/2017 BNP Paribas (36,010) (0.01)USD 50,383,081 EUR 44,158,847 05/07/2017 Credit Suisse (47,116) (0.01)USD 223,946 EUR 200,221 05/07/2017 National Australia Bank (4,710) -USD 506,457 EUR 453,536 05/07/2017 RBC (11,490) (0.01)USD 24,370 EUR 21,833 05/07/2017 Standard Chartered (564) -USD 268,758 EUR 238,995 05/07/2017 Toronto-Dominion Bank (4,179) -USD 246,284 EUR 218,230 05/07/2017 UBS (2,938) -USD 583,041 EUR 512,556 02/08/2017 UBS (3,230) -



218


Bonds

BermudaAircastle Ltd. 7.625% 15/04/2020 USD 65,000 73,658 0.03Aircastle Ltd. 5.125% 15/03/2021 USD 58,000 62,259 0.03Aircastle Ltd. 5.5% 15/02/2022 USD 342,000 373,158 0.18Weatherford International Ltd. 7.75%15/06/2021 USD 43,000 43,002 0.02Weatherford International Ltd. 4.5%15/04/2022 USD 206,000 181,244 0.09Weatherford International Ltd. 8.25%15/06/2023 USD 96,000 96,167 0.04Weatherford International Ltd. 6.5%01/08/2036 USD 88,000 74,242 0.03Weatherford International Ltd. 7%15/03/2038 USD 114,000 97,592 0.05Weatherford International Ltd. 6.75%15/09/2040 USD 26,000 22,261 0.01Weatherford International Ltd. 5.95%15/04/2042 USD 101,000 81,241 0.04

1,104,824 0.52

CanadaPrecision Drilling Corp. 5.25% 15/11/2024 USD 156,000 136,890 0.06Teck Resources Ltd. 4.75% 15/01/2022 USD 40,000 41,470 0.02Teck Resources Ltd. 6.125% 01/10/2035 USD 395,000 413,314 0.20Teck Resources Ltd. 6% 15/08/2040 USD 180,000 181,825 0.09Teck Resources Ltd. 5.4% 01/02/2043 USD 90,000 83,664 0.04

857,163 0.41

Cayman IslandsNoble Holding International Ltd. 7.75%15/01/2024 USD 90,000 71,652 0.03Noble Holding International Ltd. 6.2%01/08/2040 USD 72,000 43,670 0.02Noble Holding International Ltd. 5.25%15/03/2042 USD 11,000 6,191 0.00Transocean, Inc. 5.8% 15/10/2022 USD 153,000 141,592 0.07Transocean, Inc. 7.5% 15/04/2031 USD 50,000 40,250 0.02Transocean, Inc. 6.8% 15/03/2038 USD 522,000 382,477 0.18Transocean, Inc. 9.35% 15/12/2041 USD 110,000 98,220 0.05

784,052 0.37

FinlandNokia OYJ 6.625% 15/05/2039 USD 86,000 99,425 0.05

99,425 0.05

FranceCredit Agricole SA, FRN, 144A 8.125%Perpetual USD 200,000 232,872 0.11SFR Group SA, 144A 6% 15/05/2022 USD 835,000 873,694 0.41SFR Group SA, 144A 7.375% 01/05/2026 USD 750,000 812,171 0.39Societe Generale SA, FRN, 144A 7.375%Perpetual USD 200,000 215,304 0.10

2,134,041 1.01

IrelandArdagh Packaging Finance plc, 144A4.625% 15/05/2023 USD 400,000 410,580 0.19

410,580 0.19

JapanSoftBank Group Corp., 144A 4.5%15/04/2020 USD 300,000 311,977 0.15

311,977 0.15

LuxembourgAltice Financing SA, 144A 6.5%15/01/2022 USD 398,000 417,040 0.20Altice Financing SA, 144A 7.5%15/05/2026 USD 490,000 545,189 0.26ArcelorMittal 6.75% 25/02/2022 USD 1,164,000 1,311,287 0.62ArcelorMittal 6.125% 01/06/2025 USD 382,000 429,851 0.20ArcelorMittal 7.75% 15/10/2039 USD 83,000 93,155 0.04ArcelorMittal 7.5% 01/03/2041 USD 101,000 111,420 0.05Intelsat Jackson Holdings SA 7.25%01/04/2019 USD 141,000 141,268 0.07Intelsat Jackson Holdings SA 7.25%15/10/2020 USD 288,000 272,445 0.13Intelsat Jackson Holdings SA 7.5%01/04/2021 USD 445,000 411,104 0.20

Intelsat Jackson Holdings SA 5.5%01/08/2023 USD 367,000 303,234 0.14JBS USA LUX SA, 144A 7.25% 01/06/2021 USD 863,000 858,685 0.41Mallinckrodt International Finance SA4.75% 15/04/2023 USD 62,000 53,240 0.03

4,947,918 2.35

MexicoCemex SAB de CV, 144A 5.7% 11/01/2025 USD 220,000 234,584 0.11Cemex SAB de CV, 144A 6.125%05/05/2025 USD 400,000 432,318 0.21Cemex SAB de CV, 144A 7.75%16/04/2026 USD 800,000 915,396 0.43

1,582,298 0.75

NetherlandsBluewater Holding BV, Reg. S, 144A 10%10/12/2019 USD 600,000 550,500 0.26Fiat Chrysler Automobiles NV 5.25%15/04/2023 USD 415,000 422,233 0.20

972,733 0.46

United KingdomEnsco plc 8% 31/01/2024 USD 32,000 30,512 0.02Ensco plc 4.5% 01/10/2024 USD 34,000 26,487 0.01Ensco plc 5.2% 15/03/2025 USD 53,000 43,036 0.02International Game Technology plc, 144A6.25% 15/02/2022 USD 200,000 219,500 0.10KCA Deutag UK Finance plc, 144A 7.25%15/05/2021 USD 420,000 376,950 0.18Royal Bank of Scotland Group plc 6.125%15/12/2022 USD 401,000 439,486 0.21Royal Bank of Scotland Group plc 6.1%10/06/2023 USD 275,000 303,164 0.14Royal Bank of Scotland Group plc 6%19/12/2023 USD 992,000 1,092,857 0.52Virgin Media Finance plc, 144A 5.75%15/01/2025 USD 390,000 404,524 0.19

2,936,516 1.39

United States of AmericaAECOM 5.875% 15/10/2024 USD 645,000 701,934 0.33AES Corp. 5.5% 15/04/2025 USD 185,000 194,258 0.09AK Steel Corp. 7.5% 15/07/2023 USD 245,000 265,979 0.13AK Steel Corp. 7% 15/03/2027 USD 340,000 351,560 0.17Alere, Inc. 6.5% 15/06/2020 USD 271,000 275,932 0.13Ally Financial, Inc. 3.6% 21/05/2018 USD 167,000 169,403 0.08Ally Financial, Inc. 4.125% 30/03/2020 USD 705,000 726,009 0.34Ally Financial, Inc. 4.625% 19/05/2022 USD 542,000 564,753 0.27Ally Financial, Inc. 4.625% 30/03/2025 USD 63,000 64,530 0.03Ally Financial, Inc. 5.75% 20/11/2025 USD 690,000 728,788 0.35Ally Financial, Inc. 8% 01/11/2031 USD 275,000 336,677 0.16American Axle & Manufacturing, Inc.6.625% 15/10/2022 USD 40,000 41,290 0.02AmeriGas Partners LP 5.625%20/05/2024 USD 200,000 207,283 0.10AmeriGas Partners LP 5.5% 20/05/2025 USD 73,000 73,990 0.04AmeriGas Partners LP 5.875%20/08/2026 USD 120,000 123,498 0.06AmeriGas Partners LP 5.75% 20/05/2027 USD 113,000 115,174 0.05Anixter, Inc. 5.5% 01/03/2023 USD 125,000 133,738 0.06Antero Resources Corp. 5.125%01/12/2022 USD 715,000 714,185 0.34Antero Resources Corp. 5.375%01/11/2021 USD 243,000 246,893 0.12Arconic, Inc. 5.125% 01/10/2024 USD 210,000 218,319 0.10Arconic, Inc. 5.9% 01/02/2027 USD 360,000 386,584 0.18Arconic, Inc. 6.75% 15/01/2028 USD 159,000 177,881 0.08Ashtead Capital, Inc., 144A 5.625%01/10/2024 USD 345,000 372,600 0.18B&G Foods, Inc. 5.25% 01/04/2025 USD 158,000 162,497 0.08Ball Corp. 5.25% 01/07/2025 USD 164,000 181,296 0.09Berry Plastics Corp. 6% 15/10/2022 USD 150,000 159,727 0.08Berry Plastics Corp. 5.125% 15/07/2023 USD 305,000 317,002 0.15Blue Cube Spinco, Inc. 9.75% 15/10/2023 USD 109,000 132,708 0.06Blue Cube Spinco, Inc. 10% 15/10/2025 USD 478,000 589,341 0.28Boyd Gaming Corp. 6.875% 15/05/2023 USD 151,000 162,537 0.08Boyd Gaming Corp. 6.375% 01/04/2026 USD 225,000 243,807 0.12CalAtlantic Group, Inc. 8.375%15/01/2021 USD 95,000 112,023 0.05CalAtlantic Group, Inc. 5.875%15/11/2024 USD 298,000 323,995 0.15CalAtlantic Group, Inc. 5.25% 01/06/2026 USD 62,000 64,300 0.03Caleres, Inc. 6.25% 15/08/2023 USD 331,000 346,723 0.16Callon Petroleum Co. 6.125% 01/10/2024 USD 182,000 186,095 0.09Calpine Corp. 5.75% 15/01/2025 USD 211,000 197,954 0.09

219

JPMorgan Funds - US High Yield Plus Bond FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Centene Corp. 5.625% 15/02/2021 USD 220,000 229,446 0.11Centene Corp. 4.75% 15/05/2022 USD 100,000 104,967 0.05Centene Corp. 6.125% 15/02/2024 USD 145,000 156,774 0.07Centene Corp. 4.75% 15/01/2025 USD 265,000 272,821 0.13CF Industries, Inc. 3.45% 01/06/2023 USD 40,000 37,910 0.02CF Industries, Inc. 5.15% 15/03/2034 USD 299,000 279,487 0.13CF Industries, Inc. 5.375% 15/03/2044 USD 38,000 33,920 0.02Chemours Co. (The) 7% 15/05/2025 USD 200,000 218,176 0.10Chemours Co. (The) 5.375% 15/05/2027 USD 27,000 27,797 0.01Chesapeake Energy Corp. 6.125%15/02/2021 USD 236,000 232,460 0.11Chesapeake Energy Corp. 4.875%15/04/2022 USD 195,000 177,737 0.08Chesapeake Energy Corp. 5.75%15/03/2023 USD 58,000 52,490 0.02CIT Group, Inc. 5.375% 15/05/2020 USD 305,000 328,307 0.16CIT Group, Inc. 5% 15/08/2022 USD 855,000 924,127 0.44Clearwater Paper Corp. 4.5% 01/02/2023 USD 375,000 371,250 0.18CNO Financial Group, Inc. 5.25%30/05/2025 USD 354,000 375,167 0.18Commercial Metals Co. 4.875%15/05/2023 USD 302,000 306,661 0.15Community Health Systems, Inc. 7.125%15/07/2020 USD 226,000 220,992 0.10Community Health Systems, Inc. 5.125%01/08/2021 USD 87,000 88,336 0.04Community Health Systems, Inc. 6.875%01/02/2022 USD 275,000 240,313 0.11Community Health Systems, Inc. 6.25%31/03/2023 USD 95,000 98,489 0.05Continental Resources, Inc. 5%15/09/2022 USD 614,000 604,587 0.29Continental Resources, Inc. 4.5%15/04/2023 USD 307,000 292,746 0.14Cott Beverages, Inc. 5.375% 01/07/2022 USD 675,000 699,897 0.33Covanta Holding Corp. 5.875%01/07/2025 USD 30,000 29,161 0.01Crestwood Midstream Partners LP 6.25%01/04/2023 USD 183,000 186,511 0.09DaVita, Inc. 5.125% 15/07/2024 USD 276,000 281,401 0.13DaVita, Inc. 5% 01/05/2025 USD 290,000 290,516 0.14DCP Midstream Operating LP 4.95%01/04/2022 USD 159,000 161,889 0.08DCP Midstream Operating LP 3.875%15/03/2023 USD 461,000 442,774 0.21Diebold Nixdorf, Inc. 8.5% 15/04/2024 USD 625,000 700,781 0.33Dynegy, Inc. 7.375% 01/11/2022 USD 250,000 248,750 0.12Dynegy, Inc. 5.875% 01/06/2023 USD 273,000 258,569 0.12Dynegy, Inc. 7.625% 01/11/2024 USD 520,000 499,777 0.24Embarq Corp. 7.995% 01/06/2036 USD 1,706,000 1,729,671 0.82EMC Corp. 2.65% 01/06/2020 USD 71,000 69,661 0.03EMC Corp. 3.375% 01/06/2023 USD 305,000 293,166 0.14Energy Transfer Equity LP 5.875%15/01/2024 USD 530,000 561,803 0.27Envision Healthcare Corp. 5.625%15/07/2022 USD 450,000 468,081 0.22EP Energy LLC 9.375% 01/05/2020 USD 634,000 499,275 0.24EP Energy LLC 7.75% 01/09/2022 USD 139,000 81,315 0.04Freeport-McMoRan, Inc. 4% 14/11/2021 USD 85,000 83,736 0.04Freeport-McMoRan, Inc. 3.55%01/03/2022 USD 595,000 560,368 0.27Freeport-McMoRan, Inc. 3.875%15/03/2023 USD 950,000 889,879 0.42Freeport-McMoRan, Inc. 5.45%15/03/2043 USD 486,000 420,137 0.20Genesis Energy LP 6% 15/05/2023 USD 149,000 147,796 0.07Genesis Energy LP 5.625% 15/06/2024 USD 214,000 204,905 0.10GenOn Energy, Inc. 9.875% 15/10/2020§ USD 767,000 460,200 0.22Global Partners LP 6.25% 15/07/2022 USD 190,000 191,900 0.09Global Partners LP 7% 15/06/2023 USD 110,000 110,000 0.05HCA Healthcare, Inc. 6.25% 15/02/2021 USD 584,000 639,095 0.30HCA, Inc. 7.5% 15/02/2022 USD 398,000 458,120 0.22HCA, Inc. 5.875% 15/03/2022 USD 315,000 350,082 0.17HCA, Inc. 4.75% 01/05/2023 USD 185,000 196,198 0.09HCA, Inc. 5.875% 01/05/2023 USD 585,000 636,772 0.30HCA, Inc. 5.375% 01/02/2025 USD 545,000 575,414 0.27HCA, Inc. 5.25% 15/04/2025 USD 295,000 318,712 0.15HCA, Inc. 5.875% 15/02/2026 USD 330,000 356,062 0.17HCA, Inc. 5.5% 15/06/2047 USD 310,000 321,923 0.15Hecla Mining Co. 6.875% 01/05/2021 USD 292,000 303,023 0.14Iron Mountain, Inc., REIT 5.75%15/08/2024 USD 464,000 475,651 0.23Kennedy-Wilson, Inc. 5.875% 01/04/2024 USD 129,000 133,142 0.06L Brands, Inc. 5.625% 15/10/2023 USD 150,000 160,765 0.08L Brands, Inc. 6.75% 01/07/2036 USD 250,000 236,642 0.11Level 3 Financing, Inc. 5.625%01/02/2023 USD 87,000 90,541 0.04

Level 3 Financing, Inc. 5.125%01/05/2023 USD 112,000 116,480 0.06Level 3 Financing, Inc. 5.375%15/01/2024 USD 427,000 447,436 0.21Level 3 Financing, Inc. 5.375%01/05/2025 USD 95,000 100,062 0.05Level 3 Financing, Inc. 5.25% 15/03/2026 USD 347,000 360,635 0.17MasTec, Inc. 4.875% 15/03/2023 USD 409,000 408,826 0.19MGM Resorts International 6.625%15/12/2021 USD 275,000 309,888 0.15MGM Resorts International 7.75%15/03/2022 USD 250,000 293,871 0.14MGM Resorts International 6%15/03/2023 USD 370,000 409,629 0.19MGM Resorts International 4.625%01/09/2026 USD 150,000 151,450 0.07Nationstar Mortgage LLC 9.625%01/05/2019 USD 15,000 15,426 0.01Nationstar Mortgage LLC 6.5%01/07/2021 USD 207,000 211,901 0.10Nationstar Mortgage LLC 6.5%01/06/2022 USD 303,000 311,333 0.15Navistar International Corp. 8.25%01/11/2021 USD 568,000 576,520 0.27New Albertsons, Inc. 7.75% 15/06/2026 USD 32,000 32,172 0.02New Albertsons, Inc. 8.7% 01/05/2030 USD 852,000 869,338 0.41New Albertsons, Inc. 8% 01/05/2031 USD 134,000 132,827 0.06Newfield Exploration Co. 5.625%01/07/2024 USD 418,000 436,045 0.21NGL Energy Partners LP 6.875%15/10/2021 USD 105,000 105,138 0.05NRG Energy, Inc. 7.875% 15/05/2021 USD 69,000 71,423 0.03NRG Energy, Inc. 6.625% 15/01/2027 USD 280,000 280,966 0.13NRG Energy, Inc. 6.25% 01/05/2024 USD 225,000 228,861 0.11NRG Yield Operating LLC 5.375%15/08/2024 USD 200,000 210,390 0.10NuStar Logistics LP 4.8% 01/09/2020 USD 78,000 81,276 0.04NuStar Logistics LP 6.75% 01/02/2021 USD 157,000 171,536 0.08NuStar Logistics LP 5.625% 28/04/2027 USD 128,000 134,876 0.06Oasis Petroleum, Inc. 6.5% 01/11/2021 USD 208,000 202,755 0.10Oasis Petroleum, Inc. 6.875% 15/01/2023 USD 136,000 131,218 0.06Olin Corp. 5.125% 15/09/2027 USD 216,000 223,808 0.11Outfront Media Capital LLC 5.625%15/02/2024 USD 140,000 146,777 0.07Outfront Media Capital LLC 5.875%15/03/2025 USD 250,000 263,081 0.12Parker Drilling Co. 7.5% 01/08/2020 USD 139,000 120,930 0.06PBF Logistics LP 6.875% 15/05/2023 USD 80,000 80,774 0.04Penske Automotive Group, Inc. 5.5%15/05/2026 USD 194,000 193,214 0.09PolyOne Corp. 5.25% 15/03/2023 USD 332,000 348,522 0.17QEP Resources, Inc. 6.875% 01/03/2021 USD 33,000 34,304 0.02QEP Resources, Inc. 5.375% 01/10/2022 USD 129,000 124,782 0.06QEP Resources, Inc. 5.25% 01/05/2023 USD 356,000 340,443 0.16Qwest Capital Funding, Inc. 6.875%15/07/2028 USD 208,000 197,776 0.09Radian Group, Inc. 7% 15/03/2021 USD 124,000 139,655 0.07Range Resources Corp. 4.875%15/05/2025 USD 42,000 39,833 0.02Regal Entertainment Group 5.75%15/06/2023 USD 300,000 314,115 0.15Regal Entertainment Group 5.75%01/02/2025 USD 224,000 231,618 0.11Revlon Consumer Products Corp. 6.25%01/08/2024 USD 196,000 171,391 0.08Reynolds Group Issuer, Inc. 5.75%15/10/2020 USD 210,000 214,951 0.10RHP Hotel Properties LP, REIT 5%15/04/2023 USD 90,000 92,475 0.04Rice Energy, Inc. 7.25% 01/05/2023 USD 2,000 2,165 0.00Rowan Cos., Inc. 7.375% 15/06/2025 USD 247,000 230,960 0.11Scotts Miracle-Gro Co. (The) 6%15/10/2023 USD 117,000 125,657 0.06Scotts Miracle-Gro Co. (The) 5.25%15/12/2026 USD 70,000 73,500 0.03SemGroup Corp. 5.625% 15/07/2022 USD 190,000 184,537 0.09SM Energy Co. 6.5% 15/11/2021 USD 53,000 51,592 0.02SM Energy Co. 6.5% 01/01/2023 USD 334,000 318,148 0.15SM Energy Co. 5% 15/01/2024 USD 60,000 53,450 0.03Spectrum Brands, Inc. 6.125%15/12/2024 USD 71,000 76,103 0.04Spectrum Brands, Inc. 5.75% 15/07/2025 USD 136,000 145,877 0.07Springleaf Finance Corp. 8.25%15/12/2020 USD 128,000 144,121 0.07Springleaf Finance Corp. 7.75%01/10/2021 USD 243,000 272,138 0.13Sprint Capital Corp. 6.875% 15/11/2028 USD 176,000 195,740 0.09Sprint Capital Corp. 8.75% 15/03/2032 USD 560,000 705,981 0.33

220

JPMorgan Funds - US High Yield Plus Bond FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Sprint Communications, Inc. 6%15/11/2022 USD 609,000 646,152 0.31Sprint Corp. 7.875% 15/09/2023 USD 597,000 687,234 0.33Sprint Corp. 7.125% 15/06/2024 USD 798,000 890,137 0.42Sprint Corp. 7.625% 15/02/2025 USD 340,000 391,619 0.19Sprint Corp. 7.25% 15/09/2021 USD 906,000 1,009,628 0.48Steel Dynamics, Inc. 5% 15/12/2026 USD 165,000 169,384 0.08Summit Materials LLC 6.125%15/07/2023 USD 530,000 555,305 0.26Summit Midstream Holdings LLC 5.5%15/08/2022 USD 110,000 110,137 0.05Summit Midstream Holdings LLC 5.75%15/04/2025 USD 190,000 192,009 0.09Sunoco LP 5.5% 01/08/2020 USD 85,000 87,228 0.04Sunoco LP 6.375% 01/04/2023 USD 335,000 354,542 0.17SUPERVALU, Inc. 6.75% 01/06/2021 USD 513,000 507,362 0.24SUPERVALU, Inc. 7.75% 15/11/2022 USD 1,250,000 1,218,750 0.58TEGNA, Inc. 6.375% 15/10/2023 USD 745,000 789,108 0.37Teleflex, Inc. 5.25% 15/06/2024 USD 70,000 72,753 0.03Teleflex, Inc. 4.875% 01/06/2026 USD 21,000 21,234 0.01Tempur Sealy International, Inc. 5.625%15/10/2023 USD 316,000 328,926 0.16Tenet Healthcare Corp. 5% 01/03/2019 USD 113,000 118,678 0.06Tenet Healthcare Corp. 5.5% 01/03/2019 USD 150,000 155,132 0.07Tenet Healthcare Corp. 8% 01/08/2020 USD 150,000 152,437 0.07Tenet Healthcare Corp. 6% 01/10/2020 USD 178,000 190,646 0.09Tenet Healthcare Corp. 4.5% 01/04/2021 USD 95,000 97,075 0.05Tenet Healthcare Corp. 4.375%01/10/2021 USD 490,000 498,181 0.24Tenet Healthcare Corp. 8.125%01/04/2022 USD 234,000 248,695 0.12Tenet Healthcare Corp. 6.75%15/06/2023 USD 230,000 229,961 0.11Tenneco, Inc. 5.375% 15/12/2024 USD 92,000 95,742 0.05Tesoro Logistics LP 6.25% 15/10/2022 USD 277,000 295,627 0.14Tesoro Logistics LP 6.375% 01/05/2024 USD 105,000 113,925 0.05Tesoro Logistics LP 5.25% 15/01/2025 USD 230,000 242,635 0.12Toll Brothers Finance Corp. 4.875%15/11/2025 USD 144,000 150,119 0.07TransDigm, Inc. 6.5% 15/05/2025 USD 133,000 136,290 0.06TransDigm, Inc. 6.375% 15/06/2026 USD 272,000 276,760 0.13TransDigm, Inc. 6% 15/07/2022 USD 198,000 204,717 0.10Triumph Group, Inc. 4.875% 01/04/2021 USD 171,000 169,573 0.08Unit Corp. 6.625% 15/05/2021 USD 383,000 366,426 0.17United Continental Holdings, Inc. 5%01/02/2024 USD 1,075,000 1,095,275 0.52United Rentals North America, Inc.6.125% 15/06/2023 USD 200,000 209,238 0.10United Rentals North America, Inc. 5.75%15/11/2024 USD 90,000 94,374 0.04United Rentals North America, Inc. 5.5%15/07/2025 USD 150,000 157,748 0.07United Rentals North America, Inc.5.875% 15/09/2026 USD 600,000 637,920 0.30United Rentals North America, Inc. 5.5%15/05/2027 USD 135,000 139,179 0.07W&T Offshore, Inc. 8.5% 15/06/2019 USD 136,000 95,200 0.05WESCO Distribution, Inc. 5.375%15/06/2024 USD 170,000 178,713 0.08Western Digital Corp. 10.5% 01/04/2024 USD 376,000 443,578 0.21Western Refining Logistics LP 7.5%15/02/2023 USD 173,000 186,707 0.09Whiting Petroleum Corp. 5% 15/03/2019 USD 1,003,000 996,074 0.47Whiting Petroleum Corp. 5.75%15/03/2021 USD 116,000 109,330 0.05Whiting Petroleum Corp. 6.25%01/04/2023 USD 17,000 15,730 0.01Williams Cos., Inc. (The) 3.7% 15/01/2023 USD 235,000 231,672 0.11Williams Cos., Inc. (The) 7.5% 15/01/2031 USD 10,000 11,836 0.01Williams Cos., Inc. (The) 5.75%24/06/2044 USD 215,000 216,926 0.10WPX Energy, Inc. 6% 15/01/2022 USD 117,000 114,834 0.05WPX Energy, Inc. 5.25% 15/09/2024 USD 52,000 49,083 0.02Zayo Group LLC 6% 01/04/2023 USD 230,000 242,741 0.12Zayo Group LLC 6.375% 15/05/2025 USD 250,000 270,061 0.13

61,801,326 29.30

Total Bonds 77,942,853 36.95

Equities

CanadaUltra Petroleum Corp. USD 5,522 58,644 0.03

58,644 0.03

United States of AmericaDynegy, Inc. USD 200 1,667 0.00GMAC Capital Trust I Preference, FRN6.967% USD 4,200 109,347 0.05Hartford Financial Services Group, Inc.(The) Preference, FRN 7.875% USD 5,600 171,500 0.08NII Holdings, Inc. USD 28,902 20,679 0.01Penn Virginia Corp. USD 781 28,210 0.01Stone Energy Corp. USD 2,000 37,220 0.02Vistra Energy Corp. USD 47,096 787,916 0.38

1,156,539 0.55




Bonds

AustraliaFMG Resources August 2006 Pty. Ltd.,144A 4.75% 15/05/2022 USD 126,000 126,987 0.06FMG Resources August 2006 Pty. Ltd.,144A 5.125% 15/05/2024 USD 136,000 136,303 0.06Nufarm Australia Ltd., 144A 6.375%15/10/2019 USD 224,000 229,600 0.11

492,890 0.23

BermudaIHS Markit Ltd., 144A 5% 01/11/2022 USD 125,000 134,867 0.06IHS Markit Ltd., 144A 4.75% 15/02/2025 USD 320,000 344,000 0.16NCL Corp. Ltd., 144A 4.75% 15/12/2021 USD 237,000 245,887 0.12

724,754 0.34

Canada1011778 BC ULC, 144A 4.25% 15/05/2024 USD 519,000 517,054 0.25ATS Automation Tooling Systems, Inc.,144A 6.5% 15/06/2023 USD 242,000 251,273 0.12Bombardier, Inc., 144A 4.75%15/04/2019 USD 501,000 511,199 0.24Bombardier, Inc., 144A 8.75% 01/12/2021 USD 285,000 318,498 0.15Bombardier, Inc., 144A 6% 15/10/2022 USD 223,000 224,229 0.11Bombardier, Inc., 144A 6.125%15/01/2023 USD 134,000 135,055 0.06Bombardier, Inc., 144A 7.5% 15/03/2025 USD 399,000 414,777 0.20Bombardier, Inc., Reg. S 8.75%01/12/2021 USD 280,000 313,345 0.15Cascades, Inc., 144A 5.5% 15/07/2022 USD 100,000 102,750 0.05Cascades, Inc., 144A 5.75% 15/07/2023 USD 165,000 169,538 0.08Cenovus Energy, Inc., 144A 4.25%15/04/2027 USD 71,000 67,858 0.03Concordia International Corp., 144A 9%01/04/2022 USD 179,000 136,040 0.06Concordia International Corp., 144A 7%15/04/2023 USD 559,000 86,645 0.04Gateway Casinos & Entertainment Ltd.,144A 8.25% 01/03/2024 USD 185,000 192,050 0.09GW Honos Security Corp., 144A 8.75%15/05/2025 USD 1,375,000 1,443,750 0.68Hudbay Minerals, Inc., 144A 7.25%15/01/2023 USD 190,000 194,809 0.09Lundin Mining Corp., 144A 7.5%01/11/2020 USD 215,000 226,678 0.11Lundin Mining Corp., 144A 7.875%01/11/2022 USD 110,000 120,245 0.06Mattamy Group Corp., 144A 6.5%15/11/2020 USD 166,000 170,150 0.08Mattamy Group Corp., 144A 6.875%15/11/2020 CAD 50,000 40,026 0.02Mattamy Group Corp., 144A 6.875%15/12/2023 USD 70,000 71,838 0.03MEG Energy Corp., 144A 6.375%30/01/2023 USD 280,000 219,100 0.10MEG Energy Corp., 144A 7% 31/03/2024 USD 94,000 72,850 0.03MEG Energy Corp., 144A 6.5%15/01/2025 USD 346,000 314,692 0.15NOVA Chemicals Corp., 144A 5.25%01/08/2023 USD 120,000 123,450 0.06NOVA Chemicals Corp., 144A 4.875%01/06/2024 USD 155,000 154,031 0.07NOVA Chemicals Corp., 144A 5%01/05/2025 USD 165,000 164,381 0.08NOVA Chemicals Corp., 144A 5.25%01/06/2027 USD 77,000 76,865 0.04

221


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Open Text Corp., 144A 5.875%01/06/2026 USD 340,000 362,515 0.17Quebecor Media, Inc. 5.75% 15/01/2023 USD 136,000 144,141 0.07Teck Resources Ltd., 144A 8.5%01/06/2024 USD 112,000 129,447 0.06Trinidad Drilling Ltd., 144A 6.625%15/02/2025 USD 34,000 32,385 0.02Valeant Pharmaceuticals International,Inc., 144A 6.75% 15/08/2018 USD 127,000 127,484 0.06Valeant Pharmaceuticals International,Inc., 144A 5.375% 15/03/2020 USD 285,000 274,318 0.13Valeant Pharmaceuticals International,Inc., 144A 5.625% 01/12/2021 USD 154,000 140,246 0.07Valeant Pharmaceuticals International,Inc., 144A 6.5% 15/03/2022 USD 278,000 293,583 0.14Valeant Pharmaceuticals International,Inc., 144A 5.875% 15/05/2023 USD 540,000 463,701 0.22Valeant Pharmaceuticals International,Inc., 144A 7% 15/03/2024 USD 221,000 234,712 0.11Videotron Ltd., 144A 5.375% 15/06/2024 USD 337,000 357,945 0.17Videotron Ltd., 144A 5.125% 15/04/2027 USD 117,000 120,510 0.06

9,514,163 4.51

Cayman IslandsPark Aerospace Holdings Ltd., 144A5.25% 15/08/2022 USD 95,000 100,106 0.05Park Aerospace Holdings Ltd., 144A 5.5%15/02/2024 USD 98,000 102,868 0.05Shelf Drilling Holdings Ltd., Reg. S 9.5%02/11/2020 USD 170,318 167,747 0.08Transocean Proteus Ltd., 144A 6.25%01/12/2024 USD 483,550 495,242 0.23Transocean, Inc., 144A 9% 15/07/2023 USD 489,000 506,602 0.24UPCB Finance IV Ltd., 144A 5.375%15/01/2025 USD 200,000 209,987 0.10

1,582,552 0.75

FinlandNokia OYJ 3.375% 12/06/2022 USD 75,000 75,541 0.03Nokia OYJ 4.375% 12/06/2027 USD 75,000 76,338 0.04

151,879 0.07

GermanyUnitymedia GmbH, 144A 6.125%15/01/2025 USD 400,000 429,488 0.20Unitymedia Hessen GmbH & Co. KG, 144A5% 15/01/2025 USD 200,000 210,063 0.10

639,551 0.30

IrelandEndo DAC, 144A 6% 15/07/2023 USD 830,000 692,826 0.33Endo DAC, 144A 6% 01/02/2025 USD 170,000 138,127 0.07

830,953 0.40

LuxembourgAltice Luxembourg SA, 144A 7.625%15/02/2025 USD 725,000 798,374 0.38Camelot Finance SA, 144A 7.875%15/10/2024 USD 465,000 502,781 0.24Dana Financing Luxembourg Sarl, 144A5.75% 15/04/2025 USD 201,000 208,789 0.10Intelsat Jackson Holdings SA, 144A 8%15/02/2024 USD 486,000 524,880 0.25Intelsat Jackson Holdings SA, 144A 9.75%15/07/2025 USD 145,000 145,362 0.07JBS USA LUX SA, 144A 7.25% 01/06/2021 USD 857,000 852,801 0.40JBS USA LUX SA, 144A 5.875%15/07/2024 USD 564,000 532,980 0.25JBS USA LUX SA, 144A 5.75% 15/06/2025 USD 417,000 392,854 0.18Mallinckrodt International Finance SA,144A 5.75% 01/08/2022 USD 65,000 60,832 0.03Mallinckrodt International Finance SA,144A 5.625% 15/10/2023 USD 156,000 141,086 0.07Mallinckrodt International Finance SA,144A 5.5% 15/04/2025 USD 165,000 143,322 0.07

4,304,061 2.04

NetherlandsAlcoa Nederland Holding BV, 144A 6.75%30/09/2024 USD 200,000 217,158 0.10Constellium NV, 144A 6.625%01/03/2025 USD 250,000 239,364 0.12NXP BV, 144A 4.625% 15/06/2022 USD 329,000 354,497 0.17NXP BV, 144A 5.75% 15/03/2023 USD 200,000 211,000 0.10

Sensata Technologies BV, 144A 4.875%15/10/2023 USD 187,000 191,441 0.09Ziggo Secured Finance BV, 144A 5.5%15/01/2027 USD 435,000 445,116 0.21

1,658,576 0.79

United KingdomAnglo American Capital plc, 144A 4.45%27/09/2020 USD 110,000 115,225 0.06Anglo American Capital plc, 144A 4.125%27/09/2022 USD 267,000 273,258 0.13Anglo American Capital plc, 144A 4.875%14/05/2025 USD 400,000 418,000 0.20Anglo American Capital plc, 144A 4.75%10/04/2027 USD 200,000 205,651 0.10Barclays plc, FRN 8.25% Perpetual USD 400,000 425,326 0.20International Game Technology plc, 144A6.5% 15/02/2025 USD 200,000 220,000 0.11Jaguar Land Rover Automotive plc, 144A5.625% 01/02/2023 USD 150,000 156,375 0.07KCA Deutag UK Finance plc, 144A 9.875%01/04/2022 USD 400,000 387,000 0.18Royal Bank of Scotland Group plc, FRN7.5% Perpetual USD 200,000 206,866 0.10Royal Bank of Scotland Group plc, FRN8% Perpetual USD 200,000 217,639 0.10Sensata Technologies UK Financing Co.plc, 144A 6.25% 15/02/2026 USD 200,000 218,360 0.10Virgin Media Finance plc, 144A 6.375%15/04/2023 USD 200,000 210,219 0.10

3,053,919 1.45

United States of AmericaAcadia Healthcare Co., Inc. 5.125%01/07/2022 USD 170,000 176,588 0.08Acadia Healthcare Co., Inc. 5.625%15/02/2023 USD 95,000 98,356 0.05Acadia Healthcare Co., Inc. 6.5%01/03/2024 USD 355,000 380,874 0.18ACCO Brands Corp., 144A 5.25%15/12/2024 USD 87,000 90,589 0.04ACE Cash Express, Inc., 144A 11%01/02/2019 USD 462,000 463,155 0.22ADT Corp. (The) 3.5% 15/07/2022 USD 56,000 54,519 0.03ADT Corp. (The) 4.125% 15/06/2023 USD 819,000 811,158 0.38Advanced Micro Devices, Inc. 7%01/07/2024 USD 139,000 147,145 0.07AECOM 5.125% 15/03/2027 USD 486,000 490,253 0.23AES Corp., FRN 4.202% 01/06/2019 USD 130,000 130,325 0.06Ahern Rentals, Inc., 144A 7.375%15/05/2023 USD 430,000 352,600 0.17Airxcel, Inc., 144A 8.5% 15/02/2022 USD 81,000 85,455 0.04Albertsons Cos. LLC, 144A 6.625%15/06/2024 USD 555,000 552,225 0.26Albertsons Cos. LLC, 144A 5.75%15/03/2025 USD 390,000 372,937 0.18Alere, Inc., 144A 6.375% 01/07/2023 USD 115,000 123,686 0.06Aleris International, Inc., 144A 9.5%01/04/2021 USD 120,000 122,980 0.06Aleris International, Inc. 7.875%01/11/2020 USD 50,000 47,058 0.02Alliance Data Systems Corp., 144A5.875% 01/11/2021 USD 60,000 62,325 0.03Alliance Data Systems Corp., 144A5.375% 01/08/2022 USD 420,000 425,914 0.20Altice US Finance I Corp., 144A 5.375%15/07/2023 USD 600,000 627,000 0.30Altice US Finance I Corp., 144A 5.5%15/05/2026 USD 692,000 726,600 0.34AMC Entertainment Holdings, Inc., 144A5.875% 15/11/2026 USD 170,000 178,075 0.08AMC Entertainment Holdings, Inc., 144A6.125% 15/05/2027 USD 88,000 92,950 0.04AMC Networks, Inc. 4.75% 15/12/2022 USD 200,000 205,883 0.10AMC Networks, Inc. 5% 01/04/2024 USD 290,000 294,802 0.14American Airlines Group, Inc., 144A 5.5%01/10/2019 USD 66,000 69,274 0.03American Axle & Manufacturing, Inc.,144A 6.25% 01/04/2025 USD 488,000 477,557 0.23American Axle & Manufacturing, Inc.,144A 6.5% 01/04/2027 USD 540,000 524,321 0.25American Greetings Corp., 144A 7.875%15/02/2025 USD 95,000 101,499 0.05AMN Healthcare, Inc., 144A 5.125%01/10/2024 USD 232,000 233,181 0.11Avaya, Inc., 144A 7% 01/04/2019§ USD 1,189,000 951,200 0.45Axalta Coating Systems LLC, 144A4.875% 15/08/2024 USD 170,000 169,150 0.08

222


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Bank of America Corp., FRN 6.1%Perpetual USD 345,000 374,989 0.18Blue Racer Midstream LLC, 144A 6.125%15/11/2022 USD 90,000 89,834 0.04Booz Allen Hamilton, Inc., 144A 5.125%01/05/2025 USD 87,000 85,477 0.04Bumble Bee Holdings, Inc., 144A 9%15/12/2017 USD 288,000 287,460 0.14BWAY Holding Co., 144A 5.5%15/04/2024 USD 315,000 322,276 0.15Cablevision Systems Corp. 8.625%15/09/2017 USD 20,000 20,242 0.01Cablevision Systems Corp. 8%15/04/2020 USD 284,000 317,143 0.15California Resources Corp., 144A 8%15/12/2022 USD 379,000 239,954 0.11Callon Petroleum Co., 144A 6.125%01/10/2024 USD 160,000 163,600 0.08Calpine Corp., 144A 5.875% 15/01/2024 USD 174,000 179,794 0.09Calpine Corp., 144A 5.25% 01/06/2026 USD 240,000 237,600 0.11CCM Merger, Inc., 144A 6% 15/03/2022 USD 106,000 108,915 0.05CCO Holdings LLC, 144A 5.875%01/04/2024 USD 760,000 813,975 0.39CCO Holdings LLC, 144A 5.75%15/02/2026 USD 831,000 890,416 0.42CCO Holdings LLC, 144A 5.5%01/05/2026 USD 290,000 308,213 0.15CCO Holdings LLC, 144A 5.125%01/05/2027 USD 600,000 615,438 0.29CDW LLC 5.5% 01/12/2024 USD 340,000 368,111 0.17Cedar Fair LP, 144A 5.375% 15/04/2027 USD 50,000 53,000 0.02CEMEX Finance LLC, 144A 9.375%12/10/2022 USD 965,000 1,027,156 0.49Central Garden & Pet Co. 6.125%15/11/2023 USD 135,000 144,806 0.07CF Industries, Inc., 144A 4.5%01/12/2026 USD 159,000 164,840 0.08Cheniere Corpus Christi Holdings LLC 7%30/06/2024 USD 180,000 200,918 0.10Cheniere Corpus Christi Holdings LLC5.875% 31/03/2025 USD 230,000 245,489 0.12Chesapeake Energy Corp., 144A 8%15/01/2025 USD 92,000 91,540 0.04Chesapeake Energy Corp., 144A 8%15/06/2027 USD 188,000 183,844 0.09Cincinnati Bell, Inc., 144A 7% 15/07/2024 USD 413,000 431,211 0.20CITGO Petroleum Corp., 144A 6.25%15/08/2022 USD 296,000 299,013 0.14Citigroup, Inc., FRN 6.125% Perpetual USD 280,000 301,350 0.14Citigroup, Inc., FRN 6.25% Perpetual USD 200,000 221,893 0.10Claire’s Stores, Inc., 144A 9% 15/03/2019 USD 250,000 127,500 0.06Claire’s Stores, Inc., 144A 6.125%15/03/2020 USD 664,000 312,080 0.15Clear Channel Worldwide Holdings, Inc.6.5% 15/11/2022 USD 190,000 194,300 0.09Clear Channel Worldwide Holdings, Inc.7.625% 15/03/2020 USD 620,000 618,974 0.29Clear Channel Worldwide Holdings, Inc.6.5% 15/11/2022 USD 405,000 416,630 0.20CNG Holdings, Inc., 144A 9.375%15/05/2020 USD 735,000 650,475 0.31CommScope Technologies LLC, 144A 6%15/06/2025 USD 243,000 262,136 0.12CommScope Technologies LLC, 144A 5%15/03/2027 USD 122,000 121,852 0.06CommScope, Inc., 144A 5.5% 15/06/2024 USD 388,000 403,761 0.19Consolidated Communications, Inc. 6.5%01/10/2022 USD 205,000 205,361 0.10Continental Airlines Pass Through Trust,Series 2012-2 B ‘B’ 5.5% 29/04/2022 USD 68,044 71,372 0.03Cott Holdings, Inc., 144A 5.5%01/04/2025 USD 199,000 202,980 0.10Crestwood Midstream Partners LP, 144A5.75% 01/04/2025 USD 170,000 170,000 0.08Crown Americas LLC, 144A 4.25%30/09/2026 USD 250,000 249,375 0.12CSC Holdings LLC, 144A 10.875%15/10/2025 USD 200,000 240,082 0.11CSC Holdings LLC, 144A 5.5% 15/04/2027 USD 540,000 571,509 0.27CSC Holdings LLC 6.75% 15/11/2021 USD 143,000 158,261 0.07CSC Holdings LLC 5.25% 01/06/2024 USD 465,000 473,040 0.22CSI Compressco LP 7.25% 15/08/2022 USD 180,000 163,390 0.08Cumberland Farms, Inc., 144A 6.75%01/05/2025 USD 63,000 66,465 0.03CURO Financial Technologies Corp., 144A12% 01/03/2022 USD 100,000 104,249 0.05CVR Partners LP, 144A 9.25%15/06/2023 USD 794,000 826,538 0.39CyrusOne LP, REIT, 144A 5% 15/03/2024 USD 133,000 137,323 0.06

CyrusOne LP, REIT, 144A 5.375%15/03/2027 USD 209,000 217,883 0.10DCP Midstream Operating LP, 144A4.75% 30/09/2021 USD 58,000 59,450 0.03DCP Midstream Operating LP, 144A6.75% 15/09/2037 USD 125,000 131,251 0.06Dean Foods Co., 144A 6.5% 15/03/2023 USD 662,000 696,755 0.33Delek Logistics Partners LP, 144A 6.75%15/05/2025 USD 322,000 326,830 0.15Dell International LLC, 144A 4.42%15/06/2021 USD 106,000 111,802 0.05Dell International LLC, 144A 5.45%15/06/2023 USD 305,000 332,525 0.16Dell International LLC, 144A 7.125%15/06/2024 USD 665,000 733,970 0.35Dell International LLC, 144A 6.02%15/06/2026 USD 205,000 226,721 0.11Dell International LLC 5.875%15/06/2021 USD 165,000 173,219 0.08Diamondback Energy, Inc., 144A 4.75%01/11/2024 USD 139,000 138,417 0.07DISH DBS Corp. 6.75% 01/06/2021 USD 1,056,000 1,173,918 0.56DISH DBS Corp. 5.875% 15/07/2022 USD 175,000 188,543 0.09DISH DBS Corp. 5% 15/03/2023 USD 221,000 227,161 0.11DISH DBS Corp. 5.875% 15/11/2024 USD 239,000 255,269 0.12DISH DBS Corp. 7.75% 01/07/2026 USD 346,000 411,119 0.19Dole Food Co., Inc., 144A 7.25%15/06/2025 USD 361,000 377,368 0.18Downstream Development Authority ofthe Quapaw Tribe of Oklahoma, 144A10.5% 01/07/2019 USD 265,000 261,025 0.12Dynegy, Inc., 144A 8% 15/01/2025 USD 110,000 105,560 0.05Eldorado Resorts, Inc., 144A 6%01/04/2025 USD 90,000 95,625 0.05Eldorado Resorts, Inc. 7% 01/08/2023 USD 50,000 54,313 0.03EMI Music Publishing Group NorthAmerica Holdings, Inc., 144A 7.625%15/06/2024 USD 200,000 222,254 0.11Endo Finance LLC, 144A 5.75%15/01/2022 USD 182,000 163,174 0.08EnerSys, 144A 5% 30/04/2023 USD 101,000 103,192 0.05Envision Healthcare Corp., 144A 5.125%01/07/2022 USD 576,000 588,142 0.28EP Energy LLC, 144A 8% 29/11/2024 USD 53,000 53,133 0.02EP Energy LLC, 144A 8% 15/02/2025 USD 663,000 490,620 0.23Equinix, Inc., REIT 4.875% 01/04/2020 USD 250,000 256,461 0.12Equinix, Inc., REIT 5.375% 01/01/2022 USD 86,000 90,644 0.04Equinix, Inc., REIT 5.75% 01/01/2025 USD 80,000 86,442 0.04Equinix, Inc., REIT 5.875% 15/01/2026 USD 250,000 273,066 0.13Equinix, Inc., REIT 5.375% 15/05/2027 USD 410,000 437,437 0.21ESH Hospitality, Inc., REIT, 144A 5.25%01/05/2025 USD 270,000 281,151 0.13EW Scripps Co. (The), 144A 5.125%15/05/2025 USD 69,000 71,760 0.03Exela Intermediate LLC, 144A 10%15/07/2023 USD 585,000 576,225 0.27First Data Corp., 144A 5.375%15/08/2023 USD 67,000 69,982 0.03First Data Corp., 144A 7% 01/12/2023 USD 702,000 750,406 0.36First Data Corp., 144A 5% 15/01/2024 USD 528,000 544,727 0.26First Data Corp., 144A 5.75% 15/01/2024 USD 473,000 494,801 0.23Flex Acquisition Co., Inc., 144A 6.875%15/01/2025 USD 45,000 46,884 0.02Fresenius Medical Care US Finance II,Inc., 144A 5.875% 31/01/2022 USD 225,000 250,842 0.12Fresenius Medical Care US Finance II,Inc., 144A 4.75% 15/10/2024 USD 100,000 105,937 0.05Fresenius Medical Care US Finance, Inc.,144A 5.75% 15/02/2021 USD 125,000 136,760 0.06Frontier Communications Corp. 8.5%15/04/2020 USD 259,000 272,746 0.13Frontier Communications Corp. 9.25%01/07/2021 USD 290,000 285,521 0.14Frontier Communications Corp. 6.25%15/09/2021 USD 170,000 151,986 0.07Frontier Communications Corp. 10.5%15/09/2022 USD 163,000 155,793 0.07Frontier Communications Corp. 11%15/09/2025 USD 280,000 259,598 0.12Gartner, Inc., 144A 5.125% 01/04/2025 USD 187,000 196,817 0.09Gates Global LLC, 144A 6% 15/07/2022 USD 429,000 433,290 0.21GCP Applied Technologies, Inc., 144A9.5% 01/02/2023 USD 208,000 236,600 0.11Genesys TelecommunicationsLaboratories, Inc., 144A 10% 30/11/2024 USD 506,000 566,568 0.27GLP Capital LP 5.375% 01/11/2023 USD 375,000 409,219 0.19Golden Nugget, Inc., 144A 8.5%01/12/2021 USD 160,000 170,059 0.08

223


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Goldman Sachs Group, Inc. (The), FRN5.3% Perpetual USD 45,000 47,629 0.02Goodman Networks, Inc. 8% 11/05/2022 USD 107,653 93,120 0.04Goodyear Tire & Rubber Co. (The) 5.125%15/11/2023 USD 175,000 184,089 0.09Goodyear Tire & Rubber Co. (The) 5%31/05/2026 USD 215,000 223,777 0.11Goodyear Tire & Rubber Co. (The) 4.875%15/03/2027 USD 491,000 499,988 0.24Gray Television, Inc., 144A 5.125%15/10/2024 USD 220,000 222,200 0.11Gray Television, Inc., 144A 5.875%15/07/2026 USD 300,000 306,750 0.15Group 1 Automotive, Inc., 144A 5.25%15/12/2023 USD 164,000 166,460 0.08Guitar Center, Inc., 144A 6.5%15/04/2019 USD 97,000 85,118 0.04H&E Equipment Services, Inc. 7%01/09/2022 USD 120,000 125,550 0.06Hardwoods Acquisition, Inc., 144A 7.5%01/08/2021 USD 426,000 380,571 0.18Harland Clarke Holdings Corp., 144A6.875% 01/03/2020 USD 260,000 268,247 0.13Harland Clarke Holdings Corp., 144A8.375% 15/08/2022 USD 107,000 114,222 0.05HD Supply, Inc., 144A 5.75% 15/04/2024 USD 203,000 216,636 0.10Hexion, Inc. 6.625% 15/04/2020 USD 1,077,000 981,389 0.47Hilcorp Energy I LP, 144A 5% 01/12/2024 USD 814,000 749,898 0.36Hilcorp Energy I LP, 144A 5.75%01/10/2025 USD 127,000 117,088 0.06Hilton Domestic Operating Co., Inc., 144A4.25% 01/09/2024 USD 150,000 153,000 0.07Hilton Grand Vacations Borrower LLC,144A 6.125% 01/12/2024 USD 127,000 137,179 0.06Hilton Worldwide Finance LLC, 144A4.625% 01/04/2025 USD 112,000 116,001 0.05Hilton Worldwide Finance LLC, 144A4.875% 01/04/2027 USD 54,000 56,401 0.03Holly Energy Partners LP, 144A 6%01/08/2024 USD 178,000 187,122 0.09Hologic, Inc., 144A 5.25% 15/07/2022 USD 122,000 128,405 0.06Hughes Satellite Systems Corp. 5.25%01/08/2026 USD 428,000 447,211 0.21Hughes Satellite Systems Corp. 6.625%01/08/2026 USD 187,000 199,196 0.09IASIS Healthcare LLC 8.375% 15/05/2019 USD 630,000 632,079 0.30Icahn Enterprises LP 6.25% 01/02/2022 USD 52,000 54,486 0.03Icahn Enterprises LP 6.75% 01/02/2024 USD 182,000 190,730 0.09Icahn Enterprises LP 5.875% 01/02/2022 USD 224,000 229,692 0.11iHeartCommunications, Inc. 9%15/12/2019 USD 805,000 636,956 0.30ILFC E-Capital Trust I, FRN, 144A 4.34%21/12/2065 USD 1,230,000 1,171,575 0.56Infor Software Parent LLC, 144A 7.125%01/05/2021 USD 464,000 476,236 0.23Infor US, Inc., 144A 5.75% 15/08/2020 USD 49,000 50,677 0.02Infor US, Inc. 6.5% 15/05/2022 USD 256,000 265,617 0.13Informatica LLC, 144A 7.125%15/07/2023 USD 197,000 200,940 0.10j2 Cloud Services LLC, 144A 6%15/07/2025 USD 88,000 90,907 0.04Jack Ohio Finance LLC, 144A 6.75%15/11/2021 USD 215,000 225,213 0.11Jaguar Holding Co. II, 144A 6.375%01/08/2023 USD 260,000 273,062 0.13JB Poindexter & Co., Inc., 144A 9%01/04/2022 USD 185,000 195,175 0.09JC Penney Corp., Inc., 144A 5.875%01/07/2023 USD 20,000 19,870 0.01Jo-Ann Stores LLC, 144A 8.125%15/03/2019 USD 39,000 38,951 0.02Kaiser Aluminum Corp. 5.875%15/05/2024 USD 78,000 82,680 0.04KFC Holding Co., 144A 4.75% 01/06/2027 USD 513,000 524,045 0.25Koppers, Inc., 144A 6% 15/02/2025 USD 79,000 84,332 0.04Kronos Acquisition Holdings, Inc., 144A9% 15/08/2023 USD 908,000 908,000 0.43Ladder Capital Finance Holdings LLLP,144A 5.25% 15/03/2022 USD 121,000 123,570 0.06Lamar Media Corp. 5.375% 15/01/2024 USD 16,000 16,819 0.01Lamar Media Corp. 5.75% 01/02/2026 USD 89,000 96,394 0.05Landry’s, Inc., 144A 6.75% 15/10/2024 USD 525,000 538,781 0.26Liberty Interactive LLC 8.25%01/02/2030 USD 100,000 107,677 0.05Liberty Mutual Group, Inc., 144A 7.8%07/03/2087 USD 116,000 140,360 0.07LifePoint Health, Inc. 5.5% 01/12/2021 USD 92,000 95,390 0.04LifePoint Health, Inc. 5.375% 01/05/2024 USD 33,000 33,652 0.02LIN Television Corp. 5.875% 15/11/2022 USD 173,000 181,750 0.09

Live Nation Entertainment, Inc., 144A5.375% 15/06/2022 USD 260,000 266,310 0.13Live Nation Entertainment, Inc., 144A4.875% 01/11/2024 USD 300,000 305,283 0.14LKQ Corp. 4.75% 15/05/2023 USD 155,000 159,031 0.08LPL Holdings, Inc., 144A 5.75%15/09/2025 USD 135,000 140,738 0.07Martin Midstream Partners LP 7.25%15/02/2021 USD 81,000 82,633 0.04Match Group, Inc. 6.375% 01/06/2024 USD 70,000 76,377 0.04Mediacom Broadband LLC 6.375%01/04/2023 USD 205,000 214,191 0.10Micron Technology, Inc., 144A 5.25%01/08/2023 USD 122,000 126,278 0.06Micron Technology, Inc., 144A 5.25%15/01/2024 USD 145,000 149,826 0.07Micron Technology, Inc. 5.875%15/02/2022 USD 24,000 25,125 0.01Micron Technology, Inc. 7.5% 15/09/2023 USD 185,000 207,200 0.10Molina Healthcare, Inc., 144A 4.875%15/06/2025 USD 120,000 121,350 0.06Momentive Performance Materials, Inc.3.88% 24/10/2021 USD 140,000 138,819 0.07MPH Acquisition Holdings LLC, 144A7.125% 01/06/2024 USD 511,000 541,466 0.26Nabors Industries, Inc., 144A 5.5%15/01/2023 USD 235,000 223,544 0.11Nature’s Bounty Co. (The), 144A 7.625%15/05/2021 USD 427,000 452,714 0.21NCI Building Systems, Inc., 144A 8.25%15/01/2023 USD 165,000 178,370 0.08Neiman Marcus Group Ltd. LLC, 144A 8%15/10/2021 USD 411,000 226,050 0.11Netflix, Inc., 144A 4.375% 15/11/2026 USD 284,000 284,594 0.13Netflix, Inc. 5.75% 01/03/2024 USD 100,000 109,375 0.05New Home Co., Inc. (The), 144A 7.25%01/04/2022 USD 266,000 276,640 0.13Nexstar Broadcasting, Inc., 144A 6.125%15/02/2022 USD 125,000 131,406 0.06Nexstar Broadcasting, Inc., 144A 5.625%01/08/2024 USD 100,000 101,469 0.05NFP Corp., 144A 9% 15/07/2021 USD 160,000 167,960 0.08NGL Energy Partners LP, 144A 6.125%01/03/2025 USD 168,000 155,400 0.07Nielsen Finance LLC, 144A 5%15/04/2022 USD 318,000 330,326 0.16Novelis Corp., 144A 6.25% 15/08/2024 USD 380,000 396,435 0.19Novelis Corp., 144A 5.875% 30/09/2026 USD 310,000 320,075 0.15NRG Energy, Inc. 6.625% 15/03/2023 USD 125,000 128,596 0.06NRG Yield Operating LLC 5% 15/09/2026 USD 100,000 102,500 0.05Nuance Communications, Inc., 144A5.375% 15/08/2020 USD 71,000 72,065 0.03Nuance Communications, Inc., 144A5.625% 15/12/2026 USD 112,000 119,548 0.06Owens-Brockway Glass Container, Inc.,144A 5.375% 15/01/2025 USD 150,000 160,500 0.08Owens-Brockway Glass Container, Inc.,144A 5.875% 15/08/2023 USD 250,000 276,719 0.13Parker Drilling Co. 6.75% 15/07/2022 USD 373,000 283,480 0.13Party City Holdings, Inc., 144A 6.125%15/08/2023 USD 100,000 104,250 0.05Pattern Energy Group, Inc., 144A 5.875%01/02/2024 USD 125,000 132,187 0.06PBF Holding Co. LLC, 144A 7.25%15/06/2025 USD 200,000 192,000 0.09PBF Holding Co. LLC 7% 15/11/2023 USD 158,000 155,723 0.07Peabody Energy Corp., 144A 6%31/03/2022 USD 46,000 45,916 0.02PetSmart, Inc., 144A 7.125% 15/03/2023 USD 250,000 223,744 0.11PetSmart, Inc., 144A 5.875% 01/06/2025 USD 175,000 168,875 0.08PetSmart, Inc., 144A 8.875% 01/06/2025 USD 145,000 134,291 0.06Pilgrim’s Pride Corp., 144A 5.75%15/03/2025 USD 132,000 132,873 0.06Plantronics, Inc., 144A 5.5% 31/05/2023 USD 194,000 204,428 0.10Post Holdings, Inc., 144A 5.5%01/03/2025 USD 130,000 134,338 0.06Post Holdings, Inc., 144A 5% 15/08/2026 USD 140,000 140,000 0.07Post Holdings, Inc., 144A 5.75%01/03/2027 USD 119,000 123,611 0.06Prestige Brands, Inc., 144A 5.375%15/12/2021 USD 265,000 274,275 0.13Prime Security Services Borrower LLC,144A 9.25% 15/05/2023 USD 1,220,000 1,329,709 0.63Qorvo, Inc. 6.75% 01/12/2023 USD 125,000 137,531 0.06Quicken Loans, Inc., 144A 5.75%01/05/2025 USD 397,000 409,013 0.19Qwest Corp. 7.25% 15/09/2025 USD 130,000 143,933 0.07Rackspace Hosting, Inc., 144A 8.625%15/11/2024 USD 381,000 406,241 0.19

224


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Reynolds Group Issuer, Inc., FRN, 144A4.658% 15/07/2021 USD 200,000 204,363 0.10Reynolds Group Issuer, Inc., 144A 5.125%15/07/2023 USD 200,000 207,376 0.10Rite Aid Corp., 144A 6.125% 01/04/2023 USD 423,000 416,490 0.20SBA Communications Corp., REIT 4.875%01/09/2024 USD 97,000 98,940 0.05Scientific Games International, Inc., 144A7% 01/01/2022 USD 585,000 625,584 0.30Scientific Games International, Inc. 10%01/12/2022 USD 450,000 494,120 0.23Sealed Air Corp., 144A 5.25%01/04/2023 USD 433,000 466,557 0.22Sealed Air Corp., 144A 5.5% 15/09/2025 USD 200,000 218,750 0.10Seminole Hard Rock Entertainment, Inc.,144A 5.875% 15/05/2021 USD 290,000 293,625 0.14Shingle Springs Tribal Gaming Authority,144A 9.75% 01/09/2021 USD 207,000 218,813 0.10Sinclair Television Group, Inc., 144A5.875% 15/03/2026 USD 200,000 205,250 0.10Sinclair Television Group, Inc., 144A5.125% 15/02/2027 USD 90,000 87,525 0.04Sinclair Television Group, Inc. 5.375%01/04/2021 USD 125,000 128,191 0.06Sinclair Television Group, Inc. 6.125%01/10/2022 USD 110,000 114,567 0.05Sirius XM Radio, Inc., 144A 4.625%15/05/2023 USD 80,000 82,300 0.04Sirius XM Radio, Inc., 144A 6%15/07/2024 USD 55,000 58,713 0.03Sirius XM Radio, Inc., 144A 5.375%15/04/2025 USD 415,000 433,156 0.21Sirius XM Radio, Inc., 144A 5%01/08/2027 USD 203,000 204,776 0.10Six Flags Entertainment Corp., 144A4.875% 31/07/2024 USD 381,000 385,762 0.18Solera LLC, 144A 10.5% 01/03/2024 USD 345,000 397,612 0.19Sonic Automotive, Inc., 144A 6.125%15/03/2027 USD 53,000 52,801 0.02Sprint Communications, Inc., 144A 9%15/11/2018 USD 49,000 53,313 0.03Sprint Communications, Inc., 144A 7%01/03/2020 USD 718,000 789,513 0.37SS&C Technologies Holdings, Inc. 5.875%15/07/2023 USD 130,000 138,385 0.07Standard Industries, Inc., 144A 6%15/10/2025 USD 179,000 191,754 0.09Steel Dynamics, Inc. 5.25% 15/04/2023 USD 55,000 57,229 0.03Steel Dynamics, Inc. 5.125% 01/10/2021 USD 195,000 201,088 0.10Steel Dynamics, Inc. 5.5% 01/10/2024 USD 95,000 101,175 0.05Sterigenics-Nordion Holdings LLC, 144A6.5% 15/05/2023 USD 75,000 77,009 0.04Stone Energy Corp. 7.5% 31/05/2022 USD 23,686 22,502 0.01Summit Materials LLC, 144A 5.125%01/06/2025 USD 233,000 239,407 0.11Surgery Center Holdings, Inc., 144A6.75% 01/07/2025 USD 50,000 50,161 0.02Symantec Corp., 144A 5% 15/04/2025 USD 280,000 293,707 0.14Syniverse Foreign Holdings Corp., 144A9.125% 15/01/2022 USD 127,000 127,159 0.06Syniverse Holdings, Inc. 9.125%15/01/2019 USD 23,000 22,425 0.01Talen Energy Supply LLC, 144A 4.625%15/07/2019 USD 29,000 28,206 0.01Talen Energy Supply LLC, 144A 9.5%15/07/2022 USD 300,000 261,000 0.12Talen Energy Supply LLC 6.5%01/06/2025 USD 287,000 204,231 0.10Tallgrass Energy Partners LP, 144A 5.5%15/09/2024 USD 195,000 197,159 0.09Targa Resources Partners LP, 144A5.125% 01/02/2025 USD 61,000 63,059 0.03Targa Resources Partners LP, 144A5.375% 01/02/2027 USD 60,000 61,243 0.03Targa Resources Partners LP 5.25%01/05/2023 USD 350,000 358,010 0.17Targa Resources Partners LP 4.25%15/11/2023 USD 322,000 314,988 0.15Team Health Holdings, Inc., 144A 6.375%01/02/2025 USD 486,000 475,065 0.22TEGNA, Inc., 144A 5.5% 15/09/2024 USD 115,000 118,881 0.06Tenet Healthcare Corp., 144A 7.5%01/01/2022 USD 60,000 64,690 0.03Tenet Healthcare Corp., 144A 4.625%15/07/2024 USD 144,000 144,540 0.07Tenet Healthcare Corp. 6.75%01/02/2020 USD 40,000 41,428 0.02Tennant Co., 144A 5.625% 01/05/2025 USD 116,000 122,380 0.06Terex Corp., 144A 5.625% 01/02/2025 USD 384,000 395,040 0.19

Terraform Global Operating LLC, 144A9.75% 15/08/2022 USD 415,000 466,875 0.22TerraForm Power Operating LLC, STEP,144A 6.375% 01/02/2023 USD 358,000 373,215 0.18TerraForm Power Operating LLC, STEP,144A 6.625% 15/06/2025 USD 193,000 204,235 0.10Tesoro Corp., 144A 4.75% 15/12/2023 USD 121,000 130,281 0.06Tesoro Corp., 144A 5.125% 15/12/2026 USD 178,000 194,242 0.09THC Escrow Corp. III, 144A 4.625%15/07/2024 USD 181,000 181,679 0.09THC Escrow Corp. III, 144A 5.125%01/05/2025 USD 488,000 489,220 0.23THC Escrow Corp. III, 144A 7%01/08/2025 USD 122,000 121,695 0.06Titan International, Inc. 6.875%01/10/2020 USD 216,000 224,045 0.11T-Mobile USA, Inc. 6% 01/03/2023 USD 488,000 517,861 0.25T-Mobile USA, Inc. 6.625% 01/04/2023 USD 292,000 309,679 0.15T-Mobile USA, Inc. 6.836% 28/04/2023 USD 330,000 352,410 0.17T-Mobile USA, Inc. 6% 15/04/2024 USD 361,000 388,431 0.18T-Mobile USA, Inc. 6.375% 01/03/2025 USD 642,000 695,296 0.33Tops Holding LLC, 144A 8% 15/06/2022 USD 202,000 166,145 0.08Tutor Perini Corp., 144A 6.875%01/05/2025 USD 344,000 362,490 0.17Ultra Resources, Inc., 144A 6.875%15/04/2022 USD 822,000 817,890 0.39Ultra Resources, Inc., 144A 7.125%15/04/2025 USD 129,000 126,904 0.06United States Steel Corp., 144A 8.375%01/07/2021 USD 174,000 191,835 0.09Uniti Group, Inc., REIT, 144A 6%15/04/2023 USD 240,000 249,825 0.12Uniti Group, Inc., REIT, 144A 7.125%15/12/2024 USD 126,000 125,410 0.06Uniti Group, Inc., REIT, 144A 7.125%15/12/2024 USD 169,000 167,944 0.08Univar USA, Inc., 144A 6.75% 15/07/2023 USD 160,000 165,797 0.08Univision Communications, Inc., 144A6.75% 15/09/2022 USD 375,000 391,406 0.19Univision Communications, Inc., 144A5.125% 15/05/2023 USD 520,000 523,900 0.25Univision Communications, Inc., 144A5.125% 15/02/2025 USD 650,000 644,313 0.31US Airways Pass Through Trust, Series2013-1B 5.375% 15/05/2023 USD 317,364 334,819 0.16US Concrete, Inc., 144A 6.375%01/06/2024 USD 145,000 153,700 0.07US Concrete, Inc. 6.375% 01/06/2024 USD 175,000 185,500 0.09US Foods, Inc., 144A 5.875% 15/06/2024 USD 125,000 130,749 0.06USIS Merger Sub, Inc., 144A 6.875%01/05/2025 USD 302,000 302,843 0.14Valeant Pharmaceuticals International,144A 7% 01/10/2020 USD 698,000 690,804 0.33Valeant Pharmaceuticals International,144A 6.75% 15/08/2021 USD 156,000 147,811 0.07Valeant Pharmaceuticals International,144A 7.25% 15/07/2022 USD 232,000 220,052 0.10Valeant Pharmaceuticals International,Inc., 144A 6.375% 15/10/2020 USD 604,000 589,465 0.28Valvoline, Inc., 144A 5.5% 15/07/2024 USD 35,000 37,187 0.02VeriSign, Inc. 5.25% 01/04/2025 USD 51,000 54,726 0.03Versum Materials, Inc., 144A 5.5%30/09/2024 USD 215,000 223,933 0.11Vertiv Group Corp., 144A 9.25%15/10/2024 USD 1,120,000 1,221,147 0.58Wells Enterprises, Inc., 144A 6.75%01/02/2020 USD 166,000 171,810 0.08Western Digital Corp., 144A 7.375%01/04/2023 USD 126,000 138,322 0.07Williams Cos., Inc. (The) 7.75%15/06/2031 USD 72,000 85,947 0.04Windstream Services LLC 7.75%01/10/2021 USD 195,000 183,601 0.09Windstream Services LLC 7.5%01/06/2022 USD 115,000 102,915 0.05Windstream Services LLC 7.5%01/04/2023 USD 110,000 97,602 0.05WMG Acquisition Corp., 144A 5.625%15/04/2022 USD 211,000 220,231 0.10WMG Acquisition Corp., 144A 6.75%15/04/2022 USD 325,000 342,063 0.16WMG Acquisition Corp., 144A 5%01/08/2023 USD 175,000 179,594 0.08WMG Acquisition Corp., 144A 4.875%01/11/2024 USD 30,000 30,750 0.01Wynn Las Vegas LLC, 144A 5.5%01/03/2025 USD 255,000 268,878 0.13XPO Logistics, Inc., 144A 6.5%15/06/2022 USD 325,000 343,078 0.16

225


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

XPO Logistics, Inc., 144A 6.125%01/09/2023 USD 525,000 554,531 0.26Zayo Group LLC, 144A 5.75% 15/01/2027 USD 492,000 515,370 0.24ZF North America Capital, Inc., 144A4.75% 29/04/2025 USD 150,000 158,181 0.07

93,123,589 44.15

Virgin Islands, BritishSea Trucks Group Ltd., Reg. S, 144A 9%26/03/2018§ USD 487,500 143,813 0.07

143,813 0.07

Total Bonds 116,220,700 55.10

Convertible Bonds

United States of AmericaLiberty Interactive LLC 4% 15/11/2029 USD 230,000 154,794 0.07Liberty Interactive LLC 3.75%15/02/2030 USD 165,000 110,550 0.05NRG Yield, Inc., 144A 3.25% 01/06/2020 USD 100,000 100,229 0.05

365,573 0.17

Total Convertible Bonds 365,573 0.17

Equities

Cayman IslandsXLIT Ltd. Preference, FRN 4.278% USD 673 593,291 0.28

593,291 0.28


34,495 0.02




Bonds

United States of AmericaMPM Escrow LLC 0% 15/10/2020* USD 275,000 0 0.00NewPage Corp. 11.375% 31/12/2014§* USD 170,629 0 0.00Penn Virginia Corp. 8.5% 01/05/2020* USD 126,000 1,890 0.00Texas Co. Holding 11.5% 01/10/2020* USD 2,750,000 6,875 0.00

8,765 0.00

Total Bonds 8,765 0.00

Equities

United States of AmericaVistra Energy Corp. Rights 31/12/2049* USD 47,096 52,983 0.03

52,983 0.03


Total Other transferable securities and money marketinstruments 61,748 0.03




11,502,690 5.45




Cash (24,026) (0.01)



§ Security is currently in default.* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited States of America 74.22Luxembourg 9.84Canada 4.95United Kingdom 2.84Cayman Islands 1.40Netherlands 1.25France 1.01Bermuda 0.86Mexico 0.75Ireland 0.59Germany 0.30Australia 0.23Japan 0.15Finland 0.12Virgin Islands, British 0.07Total Investments 98.58Cash and Other Assets/(Liabilities) 1.42

Total 100.00


% of Net Assets

United States of America 77.09Luxembourg 6.75Canada 4.45United Kingdom 2.60Supranational 1.81Cayman Islands 1.58Netherlands 1.41Bermuda 1.15France 0.90Ireland 0.47Germany 0.42Mexico 0.30Japan 0.22Australia 0.14Virgin Islands, British 0.11Bahamas 0.09Finland 0.06Total Investments 99.55Cash and Other Assets/(Liabilities) 0.45

Total 100.00

226


As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

EUR 160,856 USD 180,176 11/07/2017 ANZ 3,581 -EUR 172,498 USD 194,486 11/07/2017 Goldman Sachs 2,570 -EUR 14,276 USD 16,084 11/07/2017 Merrill Lynch 224 -EUR 1,131,365 USD 1,270,302 11/07/2017 National Australia Bank 22,130 0.01EUR 42,961 USD 47,957 11/07/2017 RBC 1,120 -EUR 144,118 USD 160,754 11/07/2017 Societe Generale 3,882 -EUR 149,774 USD 168,003 11/07/2017 Standard Chartered 3,094 -EUR 85,120,704 USD 95,930,251 11/07/2017 State Street 1,308,743 0.62EUR 964,622 USD 1,089,197 11/07/2017 Toronto-Dominion Bank 12,754 0.01GBP 21,342 USD 27,210 11/07/2017 Citibank 488 -GBP 13,320,963 USD 17,216,639 11/07/2017 Deutsche Bank 71,207 0.04GBP 27,647 USD 35,715 11/07/2017 RBC 165 -USD 16,383 EUR 14,332 11/07/2017 ANZ 11 -


EUR 14,332 USD 16,378 05/07/2017 ANZ (11) -USD 14,585 EUR 12,845 03/07/2017 Standard Chartered (84) -USD 464,229 EUR 414,430 11/07/2017 Goldman Sachs (9,202) -USD 182,921 EUR 162,139 11/07/2017 National Australia Bank (2,301) -USD 436,865 EUR 390,260 11/07/2017 RBC (8,954) (0.01)USD 31,895 EUR 28,385 11/07/2017 Societe Generale (530) -USD 50,271 GBP 39,571 11/07/2017 BNP Paribas (1,084) -USD 19,553 GBP 15,272 11/07/2017 Goldman Sachs (266) -USD 109,341 GBP 86,056 11/07/2017 RBC (2,343) -



227


Equities

CanadaShopify, Inc. ‘A’ USD 49,100 4,230,210 1.38

4,230,210 1.38

Cayman IslandsAlibaba Group Holding Ltd., ADR USD 27,500 3,861,275 1.25

3,861,275 1.25

IrelandAccenture plc ‘A’ USD 51,900 6,434,043 2.09

6,434,043 2.09


9,025,043 2.94

United KingdomAtlassian Corp. plc ‘A’ USD 56,400 1,970,052 0.64

1,970,052 0.64

United States of AmericaAdobe Systems, Inc. USD 58,100 8,214,468 2.67Advanced Micro Devices, Inc. USD 430,800 5,378,538 1.75Alphabet, Inc. ‘C’ USD 11,783 10,796,527 3.51Amazon.com, Inc. USD 4,945 4,834,430 1.57Amphenol Corp. ‘A’ USD 116,300 8,550,376 2.78Analog Devices, Inc. USD 102,800 7,961,346 2.59Apple, Inc. USD 66,400 9,590,816 3.12Applied Materials, Inc. USD 204,900 8,471,590 2.76Arista Networks, Inc. USD 18,800 2,812,480 0.91Cavium, Inc. USD 55,600 3,488,066 1.13Corning, Inc. USD 247,700 7,461,962 2.43DXC Technology Co. USD 58,400 4,550,236 1.48Electronic Arts, Inc. USD 56,100 5,961,747 1.94Equinix, Inc., REIT USD 9,500 4,036,550 1.31Facebook, Inc. ‘A’ USD 68,800 10,357,152 3.37Gartner, Inc. USD 61,900 7,675,600 2.50GoDaddy, Inc. ‘A’ USD 115,500 4,876,988 1.59Guidewire Software, Inc. USD 49,100 3,377,098 1.10HubSpot, Inc. USD 45,000 2,907,000 0.95Imperva, Inc. USD 33,600 1,614,480 0.53Inphi Corp. USD 59,500 2,044,718 0.67Instructure, Inc. USD 61,000 1,801,025 0.59Lam Research Corp. USD 58,000 8,233,680 2.68MACOM Technology Solutions Holdings,Inc. USD 37,500 2,087,438 0.68Mastercard, Inc. ‘A’ USD 57,800 7,039,462 2.29Maxim Integrated Products, Inc. USD 114,100 5,093,424 1.66MercadoLibre, Inc. USD 26,400 6,602,508 2.15Microsoft Corp. USD 95,600 6,603,570 2.15Monolithic Power Systems, Inc. USD 23,500 2,274,682 0.74MuleSoft, Inc. ‘A’ USD 64,800 1,613,196 0.52Netflix, Inc. USD 15,700 2,346,836 0.76Nutanix, Inc. ‘A’ USD 94,000 1,837,700 0.60NVIDIA Corp. USD 58,000 8,391,440 2.73Okta, Inc. USD 65,500 1,526,478 0.50Palo Alto Networks, Inc. USD 39,600 5,355,306 1.74Paycom Software, Inc. USD 61,800 4,165,629 1.36PayPal Holdings, Inc. USD 160,600 8,598,524 2.80Priceline Group, Inc. (The) USD 1,870 3,518,835 1.14Proofpoint, Inc. USD 28,500 2,464,395 0.80Red Hat, Inc. USD 60,600 5,806,389 1.89salesforce.com, Inc. USD 107,988 9,355,000 3.04ServiceNow, Inc. USD 90,100 9,451,941 3.08Skyworks Solutions, Inc. USD 38,000 3,642,300 1.18Snap, Inc. ‘A’ USD 82,300 1,465,352 0.48Splunk, Inc. USD 104,600 5,977,367 1.94Square, Inc. ‘A’ USD 215,900 5,045,583 1.64Take-Two Interactive Software, Inc. USD 70,600 5,192,983 1.69Trade Desk, Inc. (The) ‘A’ USD 59,400 2,993,760 0.97Tyler Technologies, Inc. USD 18,900 3,367,224 1.10Veeva Systems, Inc. ‘A’ USD 28,000 1,711,360 0.56VeriSign, Inc. USD 57,300 5,338,927 1.74

Western Digital Corp. USD 35,800 3,249,387 1.06Workday, Inc. ‘A’ USD 79,700 7,662,358 2.49Zendesk, Inc. USD 109,100 3,011,706 0.98

277,787,933 90.39



303,308,556 98.69


Cash 2,308,643 0.75



Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited States of America 90.39Singapore 2.94Ireland 2.09Canada 1.38Cayman Islands 1.25United Kingdom 0.64Total Investments 98.69Cash and Other Assets/(Liabilities) 1.31

Total 100.00


% of Net Assets

United States of America 87.74Singapore 3.02Ireland 2.22Switzerland 2.06Netherlands 1.52Canada 1.06United Kingdom 0.73Total Investments 98.35Cash and Other Assets/(Liabilities) 1.65

Total 100.00

228

JPMorgan Funds - US Technology FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets


Equities

BermudaInvesco Ltd. USD 466,800 16,440,696 0.62

16,440,696 0.62

IrelandAllergan plc USD 72,500 17,674,050 0.67

17,674,050 0.67

SwitzerlandChubb Ltd. USD 163,693 23,844,341 0.90

23,844,341 0.90

United States of AmericaAlly Financial, Inc. USD 1,155,100 24,153,141 0.91American Electric Power Co., Inc. USD 431,900 30,239,478 1.14American International Group, Inc. USD 761,785 48,030,544 1.82Apache Corp. USD 400,200 19,143,567 0.72Apple, Inc. USD 118,300 17,087,252 0.65Arrow Electronics, Inc. USD 226,800 17,811,738 0.67AutoZone, Inc. USD 35,720 20,250,204 0.77Ball Corp. USD 763,600 32,185,740 1.22Bank of America Corp. USD 3,197,078 78,184,542 2.95Bed Bath & Beyond, Inc. USD 376,300 11,418,823 0.43Best Buy Co., Inc. USD 254,800 14,718,522 0.56Capital One Financial Corp. USD 682,300 55,880,370 2.11CBS Corp. (Non-Voting) ‘B’ USD 286,800 18,244,782 0.69Charles Schwab Corp. (The) USD 498,000 21,451,350 0.81Charter Communications, Inc. ‘A’ USD 64,293 21,630,737 0.82Chevron Corp. USD 442,480 46,250,222 1.75Cigna Corp. USD 79,300 13,247,858 0.50Cisco Systems, Inc. USD 1,282,600 40,408,313 1.53Citigroup, Inc. USD 842,097 56,382,605 2.13Citizens Financial Group, Inc. USD 806,500 28,626,718 1.08CommScope Holding Co., Inc. USD 247,800 9,387,903 0.35ConocoPhillips USD 478,600 21,156,513 0.80Coty, Inc. ‘A’ USD 715,328 13,466,050 0.51Cullen/Frost Bankers, Inc. USD 175,200 16,467,048 0.62CVS Health Corp. USD 265,940 21,315,091 0.81Delta Air Lines, Inc. USD 958,700 51,904,018 1.96DISH Network Corp. ‘A’ USD 659,320 41,207,500 1.56Dover Corp. USD 267,300 21,470,872 0.81Dr Pepper Snapple Group, Inc. USD 208,900 19,110,172 0.72Duke Energy Corp. USD 170,500 14,378,265 0.54Edison International USD 292,000 23,025,660 0.87EQT Corp. USD 344,200 20,276,822 0.77Eversource Energy USD 263,040 16,065,168 0.61Expedia, Inc. USD 188,600 27,993,898 1.06Exxon Mobil Corp. USD 877,130 71,100,158 2.69Fifth Third Bancorp USD 691,500 17,954,797 0.68Gap, Inc. (The) USD 403,900 8,847,429 0.33Genuine Parts Co. USD 208,600 19,223,533 0.73Hanesbrands, Inc. USD 352,200 8,167,518 0.31Hartford Financial Services Group, Inc.(The) USD 553,600 29,296,512 1.11HCA Healthcare, Inc. USD 242,600 21,246,908 0.80Hewlett Packard Enterprise Co. USD 917,400 15,297,645 0.58Hilton Worldwide Holdings, Inc. USD 354,233 22,167,901 0.84Home Depot, Inc. (The) USD 135,730 20,776,870 0.79Honeywell International, Inc. USD 292,400 38,944,756 1.47Humana, Inc. USD 50,600 12,195,612 0.46Illinois Tool Works, Inc. USD 117,130 16,790,000 0.63Johnson & Johnson USD 516,570 68,662,484 2.59Kimco Realty Corp., REIT USD 870,700 16,212,434 0.61Kinder Morgan, Inc. USD 1,054,500 20,198,948 0.76Kohl’s Corp. USD 537,540 20,496,400 0.77Kroger Co. (The) USD 589,100 13,758,431 0.52Loews Corp. USD 1,071,830 50,225,954 1.90M&T Bank Corp. USD 238,550 38,325,443 1.45Marathon Petroleum Corp. USD 493,700 25,699,554 0.97Marsh & McLennan Cos., Inc. USD 230,100 17,974,262 0.68Martin Marietta Materials, Inc. USD 93,900 20,731,712 0.78Mastercard, Inc. ‘A’ USD 214,400 26,111,776 0.99Merck & Co., Inc. USD 719,402 46,210,787 1.75Microsoft Corp. USD 480,320 33,178,104 1.25Mid-America Apartment Communities,Inc., REIT USD 146,800 15,478,592 0.58Molson Coors Brewing Co. ‘B’ USD 210,400 18,203,808 0.69Morgan Stanley USD 408,700 18,348,586 0.69Newell Brands, Inc. USD 228,920 12,246,075 0.46NextEra Energy, Inc. USD 198,300 28,034,662 1.06

Northern Trust Corp. USD 197,600 19,233,396 0.73Park Hotels & Resorts, Inc., REIT USD 239,250 6,459,750 0.24Pfizer, Inc. USD 1,996,280 67,104,952 2.54Phillips 66 USD 262,385 21,568,047 0.82PNC Financial Services Group, Inc. (The) USD 364,700 45,605,735 1.72PPG Industries, Inc. USD 144,572 15,926,052 0.60Procter & Gamble Co. (The) USD 429,233 37,414,094 1.41Prudential Financial, Inc. USD 131,200 14,235,856 0.54QUALCOMM, Inc. USD 269,130 14,865,396 0.56Rayonier, Inc., REIT USD 807,110 23,151,950 0.87Regency Centers Corp., REIT USD 209,800 13,266,703 0.50Sempra Energy USD 159,800 18,198,024 0.69SunTrust Banks, Inc. USD 536,130 30,390,529 1.15T Rowe Price Group, Inc. USD 434,670 32,350,315 1.22Texas Instruments, Inc. USD 383,000 29,466,105 1.11Tiffany & Co. USD 183,400 17,222,177 0.65Time Warner, Inc. USD 279,370 27,980,302 1.06Travelers Cos., Inc. (The) USD 211,100 26,738,982 1.01TreeHouse Foods, Inc. USD 223,250 18,332,174 0.69United Technologies Corp. USD 262,400 32,081,024 1.21UnitedHealth Group, Inc. USD 231,890 43,072,408 1.63Unum Group USD 321,800 14,976,572 0.57US Bancorp USD 680,100 35,436,611 1.34Verizon Communications, Inc. USD 487,000 21,610,625 0.82Vornado Realty Trust, REIT USD 251,045 23,430,030 0.89Walgreens Boots Alliance, Inc. USD 169,200 13,179,834 0.50Walt Disney Co. (The) USD 133,370 14,095,875 0.53Wells Fargo & Co. USD 1,717,428 95,222,795 3.60WestRock Co. USD 450,100 25,374,388 0.96Weyerhaeuser Co., REIT USD 379,000 12,628,280 0.48Xcel Energy, Inc. USD 590,500 27,301,768 1.03

2,562,599,886 96.84

Total Equities 2,620,558,973 99.03





25,593,538 0.97




Cash 195,383 0.01


Total Net Assets 2,646,213,578 100.00


229

JPMorgan Funds - US Value FundSchedule of Investments

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2017 % of Net AssetsUnited States of America 96.84Luxembourg 0.97Switzerland 0.90Ireland 0.67Bermuda 0.62Total Investments 100.00Cash and Other Assets/(Liabilities) -

Total 100.00


% of Net Assets

United States of America 93.81Luxembourg 4.24Switzerland 0.92Bermuda 0.50Ireland 0.49Total Investments 99.96Cash and Other Assets/(Liabilities) 0.04

Total 100.00

230

JPMorgan Funds - US Value FundSchedule of Investments (continued)

As at 30 June 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - US Value FundSchedule of Investments (continued)

As at 30 June 2017


CurrencyPurchased




USD

%of

NetAssets

EUR 700,688 USD 783,833 21/07/2017 ANZ 17,072 -EUR 124,655,865 USD 139,703,262 21/07/2017 Goldman Sachs 2,781,682 0.11EUR 1,076 USD 1,208 21/07/2017 HSBC 21 -EUR 706,150 USD 806,201 21/07/2017 Merrill Lynch 948 -EUR 51,478 USD 57,744 21/07/2017 National Australia Bank 1,096 -EUR 2,006,523 USD 2,256,691 21/07/2017 RBC 36,818 -EUR 38,757 USD 43,190 21/07/2017 Societe Generale 1,110 -EUR 85,874 USD 95,940 21/07/2017 Toronto-Dominion Bank 2,216 -USD 12,813 EUR 11,205 21/07/2017 Deutsche Bank 6 -


EUR 11,205 USD 12,803 05/07/2017 Deutsche Bank (7) -USD 96,912 EUR 85,356 03/07/2017 ANZ (561) -USD 226,123 EUR 201,486 21/07/2017 ANZ (4,180) -USD 729,668 EUR 646,366 21/07/2017 Goldman Sachs (9,146) -USD 289,742 EUR 256,531 21/07/2017 HSBC (3,480) -USD 1,202 EUR 1,075 21/07/2017 National Australia Bank (27) -USD 1,218,178 EUR 1,087,361 21/07/2017 RBC (24,704) -USD 2,661 EUR 2,357 21/07/2017 Societe Generale (33) -USD 30,961 EUR 27,582 21/07/2017 Toronto-Dominion Bank (565) -



231

1. Total Expense Ratios (continued)For the

yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - AUD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 22-Jul-13JPM America Equity A (acc) - AUD (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 04-Nov-13JPM America Equity A (acc) - EUR 1.75% 1.75% 1.75% 1.75% 1.76% 1.90% 1.80% 07-May-13JPM America Equity A (acc) - EUR (hedged) 1.78% 1.78% 1.78% 1.78% 1.77% 1.90% 1.80% 15-Mar-07JPM America Equity A (acc) - HKD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 06-Feb-13JPM America Equity A (acc) - USD 1.70% 1.70% 1.70% 1.70% 1.70% 1.90% 1.80% 01-Apr-05JPM America Equity A (dist) - USD 1.71% 1.71% 1.71% 1.71% 1.71% 1.90% 1.80% 16-Nov-88JPMorgan America Equity A (dist) - USD*** - - - - - 1.90% 1.80% 01-Jun-01JPM America Equity B (acc) - USD*** - - - - - 0.85% 0.85% 26-Aug-04JPM America Equity B (dist) - USD*** - - - - - 0.85% 0.85% 24-Jul-13JPM America Equity C (acc) - EUR 0.85% 0.85% 0.85% 0.85% 0.85% - 0.85% 16-Oct-15JPM America Equity C (acc) - EUR (hedged) 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 28-Jan-08JPM America Equity C (acc) - USD 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 26-Aug-04JPM America Equity C (dist) - USD 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 26-Sep-12JPM America Equity D (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 08-May-06JPM America Equity D (acc) - EUR (hedged) 2.53% 2.53% 2.53% 2.53% 2.55% 2.65% 2.55% 15-Mar-07JPM America Equity D (acc) - USD 2.48% 2.48% 2.48% 2.48% 2.49% 2.65% 2.55% 13-Oct-00JPM America Equity I (acc) - EUR (hedged) 0.81% 0.81% 0.81% 0.81% 0.81% - 0.81% 24-Nov-15JPM America Equity I (acc) - USD 0.81% 0.81% 0.81% 0.81% 0.80% 0.72% 0.81% 26-Oct-12JPM America Equity I (dist) - USD 0.81% 0.81% 0.81% 0.81% 0.81% 0.79% 0.81% 14-Jan-14JPM America Equity X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.14% 0.09% 0.15% 24-Nov-04

JPMorgan Funds - Asia Pacific Equity FundJPM Asia Pacific Equity A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 09-Sep-09JPM Asia Pacific Equity A (acc) - HKD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 19-Dec-14JPM Asia Pacific Equity A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 12-Sep-13JPM Asia Pacific Equity A (acc) - USD 1.79% 1.79% 1.79% 1.79% 1.80% 1.90% 1.80% 09-Sep-09JPM Asia Pacific Equity A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 13-Sep-13JPM Asia Pacific Equity A (dist) - USD 1.79% 1.79% 1.79% 1.79% 1.79% 1.90% 1.80% 07-Apr-11JPM Asia Pacific Strategic Equity B (acc) - EUR*** - - - - - 0.95% 0.95% 13-May-11JPM Asia Pacific Strategic Equity B (acc) - USD*** - - - - - 0.95% 0.95% 13-Sep-13JPM Asia Pacific Equity C (acc) - EUR 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 19-Apr-11JPM Asia Pacific Equity C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 13-Sep-13JPM Asia Pacific Equity C (dist) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 13-Sep-13JPM Asia Pacific Equity D (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 13-Sep-13JPM Asia Pacific Equity D (acc) - USD 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 13-Sep-13JPM Asia Pacific Equity I (acc) - EUR 0.91% 0.91% 0.91% 0.91% - - 0.91% 09-Jan-17JPM Asia Pacific Equity I (acc) - USD 0.91% 0.91% 0.91% 0.91% 0.91% 0.91% 0.91% 14-Apr-15JPM Asia Pacific Equity X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 02-Dec-10

232

JPMorgan FundsAppendix - Unaudited Additional Disclosures

+ Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the totaloperating costs as a percentage of the Sub-Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian fees, taxe d’abonnement and otherexpenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.

The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’Financial Statements.

(a) These figures include Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable.(b) These figures include Performance Fees, where applicable.(c) These figures include i) Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses and ii) Performance Fees, where applicable.



yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Asia Pacific Income FundJPM Asia Pacific Income A (acc) - HKD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 06-Feb-13JPM Asia Pacific Income A (acc) - USD 1.78% 1.78% 1.78% 1.78% 1.79% 1.90% 1.80% 31-Mar-05JPM Asia Pacific Income A (dist) - USD 1.78% 1.78% 1.78% 1.78% 1.78% 1.90% 1.80% 15-Jun-01JPM Asia Pacific Income A (irc) - AUD (hedged) 1.78% 1.78% 1.78% 1.78% 1.79% 1.90% 1.80% 07-Oct-13JPM Asia Pacific Income A (irc) - CAD (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 07-Oct-13JPM Asia Pacific Income A (irc) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 27-Nov-13JPM Asia Pacific Income A (irc) - GBP (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 27-Nov-13JPM Asia Pacific Income A (irc) - NZD (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 27-Nov-13JPM Asia Pacific Income A (irc) - RMB (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 17-Mar-14JPM Asia Pacific Income A (mth) - HKD 1.78% 1.78% 1.78% 1.78% 1.78% 1.90% 1.80% 25-May-12JPM Asia Pacific Income A (mth) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 19-Sep-12JPM Asia Pacific Income A (mth) - SGD (hedged) 1.78% 1.78% 1.78% 1.78% 1.79% 1.90% 1.80% 14-Mar-13JPM Asia Pacific Income A (mth) - USD 1.77% 1.77% 1.77% 1.77% 1.78% 1.90% 1.80% 25-May-12JPM Asia Pacific Income C (acc) - HKD 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 21-Sep-15JPM Asia Pacific Income C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 10-Sep-07JPM Asia Pacific Income C (dist) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 26-Sep-12JPM Asia Pacific Income C (irc) - AUD (hedged) 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 25-Sep-15JPM Asia Pacific Income C (irc) - CAD (hedged) 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 25-Sep-15JPM Asia Pacific Income C (irc) - EUR (hedged) 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 25-Sep-15JPM Asia Pacific Income C (irc) - GBP (hedged) 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 25-Sep-15JPM Asia Pacific Income C (irc) - NZD (hedged) 0.92% 0.92% 0.92% 0.92% 0.95% - 0.95% 25-Sep-15JPM Asia Pacific Income C (irc) - RMB (hedged) 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 25-Sep-15JPM Asia Pacific Income C (mth) - HKD 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 05-Oct-15JPM Asia Pacific Income C (mth) - SGD 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 05-Oct-15JPM Asia Pacific Income C (mth) - SGD (hedged) 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 05-Oct-15JPM Asia Pacific Income C (mth) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 05-Jul-12JPM Asia Pacific Income D (acc) - USD 2.23% 2.23% 2.23% 2.23% 2.24% 2.35% 2.25% 22-Jun-01JPM Asia Pacific Income D (mth) - EUR (hedged) 2.25% 2.25% 2.25% 2.25% - - 2.25% 23-Feb-17JPM Asia Pacific Income D (mth) - USD 2.25% 2.25% 2.25% 2.25% 2.25% 2.35% 2.25% 05-Jul-12JPM Asia Pacific Income I (acc) - USD 0.91% 0.91% 0.91% 0.91% 0.77% 0.96% 0.91% 05-Jun-15JPM Asia Pacific Income X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.14% 0.13% 0.15% 04-Feb-13

JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - EUR 1.80% 1.79% 1.80% 1.79% 1.80% 1.90% 1.80% 28-Mar-11JPM Brazil Equity A (acc) - SGD 1.80% 1.79% 1.80% 1.79% 1.80% 1.90% 1.80% 09-Aug-10JPM Brazil Equity A (acc) - USD 1.80% 1.79% 1.80% 1.79% 1.80% 1.90% 1.80% 18-Oct-07JPM Brazil Equity A (dist) - USD 1.80% 1.79% 1.80% 1.79% 1.80% 1.90% 1.80% 24-Nov-09JPM Brazil Equity B (acc) - USD*** - - - - - 1.10% 1.05% 28-Jan-08JPM Brazil Equity C (acc) - USD 1.05% 1.04% 1.05% 1.04% 1.05% 1.10% 1.05% 19-Mar-08JPM Brazil Equity D (acc) - EUR 2.80% 2.79% 2.80% 2.79% 2.80% 2.90% 2.80% 13-Jul-10JPM Brazil Equity D (acc) - USD 2.80% 2.79% 2.80% 2.79% 2.80% 2.90% 2.80% 18-Oct-07JPM Brazil Equity I (acc) - USD 1.01% 1.00% 1.01% 1.00% 1.01% 1.02% 1.01% 18-Oct-07JPM Brazil Equity T (acc) - EUR 2.80% 2.79% 2.80% 2.79% 2.80% 2.90% 2.80% 21-Feb-11JPM Brazil Equity X (acc) - USD 0.15% 0.14% 0.15% 0.14% - - 0.15% 17-Jan-17

JPMorgan Funds - China FundJPM China A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 14-Dec-09JPM China A (acc) - USD 1.78% 1.78% 1.78% 1.78% 1.77% 1.90% 1.80% 31-Mar-05JPM China A (dist) - HKD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 20-Sep-10JPM China A (dist) - USD 1.76% 1.76% 1.76% 1.76% 1.75% 1.90% 1.80% 04-Jul-94JPMorgan China B (acc) - USD*** - - - - - 1.00% 0.95% 21-Feb-06JPMorgan China B (dist) - USD*** - - - - - 1.00% 0.95% 08-Aug-13JPM China C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 01-Feb-05JPM China C (dist) - HKD* 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 29-Sep-15JPM China C (dist) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 26-Sep-12JPM China D (acc) - EUR 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 13-Jul-10JPM China D (acc) - USD 2.75% 2.75% 2.75% 2.75% 2.76% 2.90% 2.80% 13-Oct-00JPM China I (dist) - USD* 0.91% 0.91% 0.91% 0.91% 0.91% 0.96% 0.91% 09-Oct-13JPM China T (acc) - EUR 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 21-Feb-11JPM China X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.20% 0.15% 18-May-07

233

JPMorgan FundsAppendix - Unaudited Additional Disclosures (continued)






yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Emerging Europe Equity FundJPM Emerging Europe Equity A (acc) - EUR 1.80% 1.76% 1.80% 1.76% 1.80% 1.95% 1.80% 31-Mar-05JPM Emerging Europe Equity A (acc) - USD 1.80% 1.76% 1.80% 1.76% 1.80% 1.95% 1.80% 10-Jun-11JPM Emerging Europe Equity A (dist) - EUR 1.80% 1.76% 1.80% 1.76% 1.80% 1.95% 1.80% 04-Jul-94JPMorgan Emerging Europe Equity A (dist) - EUR*** - - - - - 1.95% 1.80% 15-Jun-01JPM Emerging Europe Equity B (acc) - EUR*** - - - - - 1.10% 1.05% 20-Mar-06JPM Emerging Europe Equity B (dist) - EUR*** - - - - - 1.10% 1.05% 19-Apr-13JPM Emerging Europe Equity C (acc) - EUR 1.05% 1.01% 1.05% 1.01% 1.05% 1.10% 1.05% 25-Feb-05JPM Emerging Europe Equity C (acc) - USD 1.05% 0.99% 1.05% 0.99% 1.05% - 1.05% 18-Sep-15JPM Emerging Europe Equity C (dist) - EUR 1.05% 0.99% 1.05% 0.99% 1.05% 1.10% 1.05% 16-Mar-15JPM Emerging Europe Equity D (acc) - EUR 2.80% 2.76% 2.80% 2.76% 2.80% 2.95% 2.80% 13-Oct-00JPM Emerging Europe Equity I (acc) - EUR 1.01% 0.97% 1.01% 0.97% 1.01% 1.03% 1.01% 26-Jun-06JPM Emerging Europe Equity X (acc) - EUR 0.15% 0.11% 0.15% 0.11% 0.14% 0.16% 0.15% 09-Nov-04

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.95% 1.80% 09-Dec-08JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.95% 1.80% 31-Mar-05JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.95% 1.80% 14-Apr-97JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD*** - - - - - 1.10% 1.05% 03-Sep-04JPM Emerging Europe, Middle East and Africa Equity C (acc) - EUR 1.05% 1.05% 1.05% 1.05% 1.01% - 1.05% 18-Sep-15JPM Emerging Europe, Middle East and Africa Equity C (acc) - SGD 0.99% 0.99% 0.99% 0.99% 1.05% - 1.05% 21-Sep-15JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 01-Feb-05JPM Emerging Europe, Middle East and Africa Equity C (dist) - USD 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 24-Jul-13JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 2.80% 2.80% 2.80% 2.80% 2.80% 2.95% 2.80% 13-Jul-10JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.95% 2.80% 13-Oct-00JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 1.01% 1.01% 1.01% 1.01% 1.01% - 1.01% 26-Jun-06JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR* - - - - - 2.95% 2.80% 16-Feb-11JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.14% 0.17% 0.15% 08-Feb-05

234







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR (hedged) 1.41% 1.41% 1.41% 1.41% 1.44% 1.55% 1.45% 31-Mar-05JPM Emerging Markets Debt A (acc) - GBP (hedged)* 1.45% 1.45% 1.45% 1.45% - 1.55% 1.45% 14-Jan-13JPM Emerging Markets Debt A (acc) - USD 1.42% 1.42% 1.42% 1.42% 1.42% 1.55% 1.45% 09-Apr-10JPM Emerging Markets Debt A (dist) - GBP 1.45% 1.45% 1.45% 1.45% 1.45% 1.55% 1.45% 24-Jan-14JPM Emerging Markets Debt A (inc) - EUR (hedged) 1.44% 1.44% 1.44% 1.44% 1.45% 1.55% 1.45% 14-Mar-97JPM Emerging Markets Debt A (inc) - USD 1.45% 1.45% 1.45% 1.45% 1.45% 1.55% 1.45% 16-May-12JPM Emerging Markets Debt A (irc) - AUD (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.55% 1.45% 12-Mar-13JPM Emerging Markets Debt A (irc) - CAD (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.55% 1.45% 19-Mar-13JPM Emerging Markets Debt A (irc) - NZD (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.55% 1.45% 14-Mar-13JPM Emerging Markets Debt A (irc) - RMB (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.55% 1.45% 17-Mar-14JPM Emerging Markets Debt A (mth) - EUR (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.55% 1.45% 17-Sep-08JPM Emerging Markets Debt A (mth) - HKD 1.45% 1.45% 1.45% 1.45% 1.45% 1.55% 1.45% 01-Feb-12JPM Emerging Markets Debt A (mth) - USD 1.42% 1.42% 1.42% 1.42% 1.42% 1.55% 1.45% 22-Feb-10JPM Emerging Markets Debt B (acc) - EUR (hedged)*** - - - - - 0.70% 0.70% 24-Sep-09JPM Emerging Markets Debt C (acc) - EUR (hedged) 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 21-Jun-06JPM Emerging Markets Debt C (acc) - GBP (hedged) 0.70% 0.70% 0.70% 0.70% 0.70% - 0.70% 14-Sep-15JPM Emerging Markets Debt C (acc) - USD 0.70% 0.70% 0.70% 0.70% 0.70% - 0.70% 20-Apr-12JPM Emerging Markets Debt C (dist) - USD 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 29-May-12JPM Emerging Markets Debt C (inc) - EUR (hedged) 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 13-Aug-13JPM Emerging Markets Debt C (irc) - AUD (hedged) 0.64% 0.64% 0.64% 0.64% 0.69% - 0.70% 28-Sep-15JPM Emerging Markets Debt C (irc) - CAD (hedged) 0.70% 0.70% 0.70% 0.70% 0.70% - 0.70% 05-Oct-15JPM Emerging Markets Debt C (irc) - NZD (hedged) 0.61% 0.61% 0.61% 0.61% 0.68% - 0.70% 28-Sep-15JPM Emerging Markets Debt C (mth) - EUR (hedged) 0.65% 0.65% 0.65% 0.65% 0.66% - 0.70% 06-Oct-15JPM Emerging Markets Debt C (mth) - HKD 0.70% 0.70% 0.70% 0.70% 0.70% - 0.70% 09-Oct-15JPM Emerging Markets Debt C (mth) - USD 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 03-Aug-12JPM Emerging Markets Debt D (acc) - EUR (hedged) 2.13% 2.13% 2.13% 2.13% 2.13% 2.25% 2.15% 13-Oct-00JPM Emerging Markets Debt D (mth) - EUR (hedged) 2.15% 2.15% 2.15% 2.15% - - 2.15% 23-Feb-17JPM Emerging Markets Debt I (acc) - EUR (hedged) 0.66% 0.66% 0.66% 0.66% 0.66% 0.61% 0.66% 31-May-13JPM Emerging Markets Debt I (acc) - USD 0.66% 0.66% 0.66% 0.66% 0.66% 0.62% 0.66% 16-Oct-13JPM Emerging Markets Debt I (dist) - CHF (hedged) 0.66% 0.66% 0.66% 0.66% 0.66% 0.66% 0.66% 25-Mar-15JPM Emerging Markets Debt I (dist) - USD* 0.66% 0.66% 0.66% 0.66% 0.66% 0.66% 0.66% 17-Oct-13JPM Emerging Markets Debt I (inc) - EUR (hedged) 0.66% 0.66% 0.66% 0.66% 0.66% 0.61% 0.66% 14-Jun-07JPM Emerging Markets Debt X (acc) - EUR (hedged) 0.15% 0.15% 0.15% 0.15% 0.15% 0.11% 0.15% 21-May-07JPM Emerging Markets Debt X (acc) - GBP (hedged) 0.15% 0.15% 0.15% 0.15% 0.15% 0.11% 0.15% 14-Oct-11JPM Emerging Markets Debt X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.11% 0.15% 11-Jul-14JPM Emerging Markets Debt X (dist) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 24-Jul-12

235






236


yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Emerging Markets Dividend FundJPM Emerging Markets Dividend A (acc) - CHF (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 29-Aug-14JPM Emerging Markets Dividend A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 11-Dec-12JPM Emerging Markets Dividend A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 11-Dec-12JPM Emerging Markets Dividend A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 03-Jun-13JPM Emerging Markets Dividend A (div) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 11-Dec-12JPM Emerging Markets Dividend A (inc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 26-Jun-14JPM Emerging Markets Dividend A (irc) - AUD (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 23-Apr-13JPM Emerging Markets Dividend A (irc) - GBP (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 19-Dec-14JPM Emerging Markets Dividend A (irc) - NZD (hedged)* - - - - - 1.90% 1.80% 19-Dec-14JPM Emerging Markets Dividend A (irc) - RMB (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 04-Jun-14JPM Emerging Markets Dividend A (mth) - HKD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 15-Jan-14JPM Emerging Markets Dividend A (mth) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 11-Mar-13JPM Emerging Markets Dividend A (mth) - SGD (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 11-Mar-13JPM Emerging Markets Dividend A (mth) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 18-Feb-13JPM Emerging Markets Dividend B (acc) - CHF (hedged)*** - - - - - 0.95% 0.95% 29-Aug-14JPM Emerging Markets Dividend C (acc) - CHF (hedged) 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 29-Aug-14JPM Emerging Markets Dividend C (acc) - EUR 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 13-Mar-13JPM Emerging Markets Dividend C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 28-Jan-13JPM Emerging Markets Dividend C (div) - EUR 0.95% 0.95% 0.95% 0.95% 0.92% 0.95% 0.95% 22-Sep-14JPM Emerging Markets Dividend C (inc) - EUR 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 02-Oct-13JPM Emerging Markets Dividend D (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 11-Dec-12JPM Emerging Markets Dividend D (dist) - USD 2.55% 2.55% 2.55% 2.55% - - 2.55% 07-Feb-17JPM Emerging Markets Dividend D (div) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 11-Dec-12JPM Emerging Markets Dividend D (mth) - EUR 2.55% 2.55% 2.55% 2.55% - - 2.55% 24-Feb-17JPM Emerging Markets Dividend I (acc) - EUR 0.91% 0.91% 0.91% 0.91% 0.91% - 0.91% 21-Mar-16JPM Emerging Markets Dividend T (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 11-Dec-12JPM Emerging Markets Dividend T (div) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 11-Dec-12JPM Emerging Markets Dividend X (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 08-Mar-13JPM Emerging Markets Dividend X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 14-Dec-12JPM Emerging Markets Dividend X (inc) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 09-Jan-14

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 1.75% 1.75% 1.75% 1.75% 1.76% 1.90% 1.80% 20-Sep-05JPM Emerging Markets Equity A (acc) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 10-Aug-11JPM Emerging Markets Equity A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 14-Dec-09JPM Emerging Markets Equity A (acc) - USD 1.75% 1.75% 1.75% 1.75% 1.76% 1.90% 1.80% 31-Mar-05JPM Emerging Markets Equity A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 13-Oct-00JPM Emerging Markets Equity A (dist) - USD 1.75% 1.75% 1.75% 1.75% 1.75% 1.90% 1.80% 13-Apr-94JPM Emerging Markets Equity B (acc) - EUR*** - - - - - 1.10% 1.05% 08-Aug-13JPM Emerging Markets Equity B (acc) - USD*** - - - - - 1.10% 1.05% 22-Dec-04JPM Emerging Markets Equity B (dist) - GBP*** - - - - - 1.10% 1.05% 01-Oct-13JPM Emerging Markets Equity B (dist) - USD*** - - - - - 1.10% 1.05% 24-Jul-13JPM Emerging Markets Equity C (acc) - EUR 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 24-Jan-13JPM Emerging Markets Equity C (acc) - EUR (hedged) 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 14-Jun-13JPM Emerging Markets Equity C (acc) - USD 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 01-Feb-05JPM Emerging Markets Equity C (dist) - GBP 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 26-Sep-12JPM Emerging Markets Equity C (dist) - USD 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 24-Feb-11JPM Emerging Markets Equity D (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 08-May-06JPM Emerging Markets Equity D (acc) - EUR (hedged)** 2.55% 2.55% 2.55% 2.55% - - 2.55% 15-Apr-13JPM Emerging Markets Equity D (acc) - USD 2.54% 2.54% 2.54% 2.54% 2.55% 2.65% 2.55% 13-Oct-00JPM Emerging Markets Equity I (acc) - EUR 1.01% 1.01% 1.01% 1.01% 0.99% 0.97% 1.01% 28-Apr-09JPM Emerging Markets Equity I (acc) - EUR (hedged) 1.01% 1.01% 1.01% 1.01% 1.00% 0.97% 1.01% 02-Jul-12JPM Emerging Markets Equity I (acc) - SGD 1.01% 1.01% 1.01% 1.01% 1.01% - 1.01% 16-Oct-13JPM Emerging Markets Equity I (acc) - USD 1.01% 1.01% 1.01% 1.01% 0.99% 0.97% 1.01% 27-Jun-06JPM Emerging Markets Equity I (dist) - GBP* 1.01% 1.01% 1.01% 1.01% 0.95% 1.06% 1.01% 11-Oct-13JPM Emerging Markets Equity I (dist) - USD* 1.01% 1.01% 1.01% 1.01% 0.99% 0.98% 1.01% 09-Oct-13JPM Emerging Markets Equity I (inc) - EUR 1.01% 1.01% 1.01% 1.01% 1.00% 0.97% 1.01% 30-May-06JPM Emerging Markets Equity T (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 22-Oct-13JPM Emerging Markets Equity X (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.14% 0.14% 0.15% 23-Feb-11JPM Emerging Markets Equity X (acc) - EUR (hedged) 0.15% 0.15% 0.15% 0.15% 0.15% 0.12% 0.15% 22-May-14JPM Emerging Markets Equity X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.16% 0.15% 23-Nov-04JPM Emerging Markets Equity X (dist) - USD 0.15% 0.15% 0.15% 0.15% 0.14% 0.11% 0.15% 10-Feb-09JPM Emerging Markets Equity X (inc) - EUR 0.15% 0.15% 0.15% 0.15% 0.14% 0.12% 0.15% 19-Dec-05







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Emerging Markets Investment Grade Bond FundJPM Emerging Markets Investment Grade Bond A (acc) - CHF (hedged) 1.10% 1.10% 1.10% 1.10% 1.10% 1.20% 1.10% 09-Feb-12JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 1.10% 1.10% 1.10% 1.10% 1.10% 1.20% 1.10% 29-Nov-10JPM Emerging Markets Investment Grade Bond A (acc) - USD 1.10% 1.10% 1.10% 1.10% 1.10% 1.20% 1.10% 29-Nov-10JPM Emerging Markets Investment Grade Bond A (dist) - USD 1.10% 1.10% 1.10% 1.10% 1.10% 1.20% 1.10% 08-Oct-12JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) 1.08% 1.08% 1.08% 1.08% 1.08% 1.20% 1.10% 29-Nov-10JPM Emerging Markets Investment Grade Bond A (mth) - USD 1.10% 1.10% 1.10% 1.10% 1.10% 1.20% 1.10% 15-Jan-14JPM Emerging Markets Investment Grade Bond B (inc) - EUR (hedged)*** - - - - - 0.60% 0.60% 24-Apr-12JPM Emerging Markets Investment Grade Bond C (acc) - USD 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 11-Nov-11JPM Emerging Markets Investment Grade Bond C (inc) - EUR (hedged) 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 08-Feb-11JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 1.50% 1.50% 1.50% 1.50% 1.50% 1.60% 1.50% 29-Nov-10JPM Emerging Markets Investment Grade Bond D (acc) - USD 1.50% 1.50% 1.50% 1.50% 1.50% 1.60% 1.50% 17-Jul-12JPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged) 0.56% 0.56% 0.56% 0.56% 0.56% 0.55% 0.56% 11-Nov-11JPM Emerging Markets Investment Grade Bond I (acc) - EUR 0.56% 0.56% 0.56% 0.56% 0.56% 0.55% 0.56% 03-Sep-12JPM Emerging Markets Investment Grade Bond I (acc) - EUR (hedged) 0.56% 0.56% 0.56% 0.56% - - 0.56% 01-Mar-17JPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged) 0.56% 0.56% 0.56% 0.56% 0.56% 0.55% 0.56% 01-Aug-13JPM Emerging Markets Investment Grade Bond I (acc) - USD 0.56% 0.56% 0.56% 0.56% 0.56% 0.55% 0.56% 30-Sep-11JPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged) 0.56% 0.56% 0.56% 0.56% 0.56% 0.55% 0.56% 21-Mar-13JPM Emerging Markets Investment Grade Bond X (acc) - EUR (hedged)* 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 24-Feb-12JPM Emerging Markets Investment Grade Bond X (inc) - EUR (hedged)* 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 06-Jan-14

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 1.29% 1.29% 1.29% 1.29% 1.29% 1.40% 1.30% 24-Jan-08JPM Emerging Markets Local Currency Debt A (acc) - SGD 1.30% 1.30% 1.30% 1.30% 1.30% 1.40% 1.30% 21-Sep-11JPM Emerging Markets Local Currency Debt A (acc) - USD 1.30% 1.30% 1.30% 1.30% 1.30% 1.40% 1.30% 24-Jan-08JPM Emerging Markets Local Currency Debt A (dist) - GBP 1.30% 1.30% 1.30% 1.30% 1.30% 1.40% 1.30% 13-Aug-10JPM Emerging Markets Local Currency Debt A (div) - EUR 1.30% 1.30% 1.30% 1.30% 1.30% 1.40% 1.30% 23-May-12JPM Emerging Markets Local Currency Debt A (inc) - EUR 1.29% 1.29% 1.29% 1.29% 1.27% 1.40% 1.30% 27-Dec-10JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 1.30% 1.30% 1.30% 1.30% 1.30% 1.40% 1.30% 17-Jul-13JPM Emerging Markets Local Currency Debt A (mth) - HKD 1.30% 1.30% 1.30% 1.30% 1.30% 1.40% 1.30% 17-Oct-14JPM Emerging Markets Local Currency Debt A (mth) - USD 1.30% 1.30% 1.30% 1.30% 1.30% 1.40% 1.30% 20-Nov-09JPM Emerging Markets Local Currency Debt B (acc) - EUR*** - - - - - 0.70% 0.70% 11-Apr-11JPM Emerging Markets Local Currency Debt B (acc) - USD*** - - - - - 0.70% 0.70% 14-Feb-08JPM Emerging Markets Local Currency Debt C (acc) - EUR 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 01-Oct-10JPM Emerging Markets Local Currency Debt C (acc) - EUR (hedged) 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 20-Jan-15JPM Emerging Markets Local Currency Debt C (acc) - USD 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 09-Mar-10JPM Emerging Markets Local Currency Debt C (dist) - GBP 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 26-Sep-12JPM Emerging Markets Local Currency Debt C (div) - EUR 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 05-Nov-13JPM Emerging Markets Local Currency Debt C (inc) - EUR 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 20-Jan-14JPM Emerging Markets Local Currency Debt C (mth) - USD 0.70% 0.70% 0.70% 0.70% 0.70% - 0.70% 19-Jul-12JPM Emerging Markets Local Currency Debt D (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.79% 1.90% 1.80% 24-Jan-08JPM Emerging Markets Local Currency Debt D (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 24-Jan-08JPM Emerging Markets Local Currency Debt D (div) - EUR 1.79% 1.79% 1.79% 1.79% 1.79% 1.90% 1.80% 19-Apr-10JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% - - 1.80% 24-Feb-17JPM Emerging Markets Local Currency Debt D (mth) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 19-Jul-12JPM Emerging Markets Local Currency Debt I (acc) - EUR 0.66% 0.66% 0.66% 0.66% 0.66% 0.64% 0.66% 26-Oct-10JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 0.66% 0.66% 0.66% 0.66% 0.64% 0.63% 0.66% 15-Apr-13JPM Emerging Markets Local Currency Debt I (acc) - USD 0.66% 0.66% 0.66% 0.66% 0.66% 0.63% 0.66% 10-Aug-11JPM Emerging Markets Local Currency Debt I (inc) - EUR 0.66% 0.66% 0.66% 0.66% 0.66% 0.63% 0.66% 24-Nov-11JPM Emerging Markets Local Currency Debt T (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 03-Jun-11JPM Emerging Markets Local Currency Debt T (div) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 21-Feb-11JPM Emerging Markets Local Currency Debt X (acc) - EUR* 0.15% 0.15% 0.15% 0.15% 0.00% 0.00% 0.15% 01-Oct-08JPM Emerging Markets Local Currency Debt X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.13% 0.15% 01-Jul-08JPM Emerging Markets Local Currency Debt X (inc) - GBP 0.15% 0.15% 0.15% 0.15% - - 0.15% 02-Dec-16JPM Emerging Markets Local Currency Debt Y (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% 0.13% 0.15% 08-Mar-13JPM Emerging Markets Local Currency Debt Y (acc) - GBP 0.15% 0.15% 0.15% 0.15% 0.15% 0.13% 0.15% 14-Oct-11

237







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Emerging Markets Opportunities FundJPM Emerging Markets Opportunities A (acc) - CHF (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 04-Jan-13JPM Emerging Markets Opportunities A (acc) - EUR 1.79% 1.79% 1.79% 1.79% 1.79% 1.90% 1.80% 25-Apr-12JPM Emerging Markets Opportunities A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 04-Jan-13JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 29-Jan-13JPM Emerging Markets Opportunities A (acc) - USD 1.76% 1.76% 1.76% 1.76% 1.76% 1.90% 1.80% 31-Jul-90JPM Emerging Markets Opportunities A (dist) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 07-Jun-12JPM Emerging Markets Opportunities A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 05-Dec-12JPM Emerging Markets Opportunities A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 25-Mar-13JPM Emerging Markets Opportunities A (inc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 10-Apr-13JPM Emerging Markets Opportunities B (acc) - EUR*** - - - - - 1.10% 1.05% 24-Sep-13JPM Emerging Markets Opportunities B (acc) - USD*** - - - - - 1.10% 1.05% 31-Jul-90JPM Emerging Markets Opportunities B (dist) - GBP*** - - - - - 1.10% 1.05% 23-Jan-13JPM Emerging Markets Opportunities B (dist) - USD*** - - - - - 1.10% 1.05% 09-Apr-14JPM Emerging Markets Opportunities C (acc) - CHF (hedged) 1.05% 1.05% 1.05% 1.05% 0.97% 1.10% 1.05% 31-Mar-15JPM Emerging Markets Opportunities C (acc) - EUR 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 05-Jun-14JPM Emerging Markets Opportunities C (acc) - PLN 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 12-Jan-12JPM Emerging Markets Opportunities C (acc) - SGD 1.02% 1.02% 1.02% 1.02% 1.05% - 1.05% 22-Sep-15JPM Emerging Markets Opportunities C (acc) - SGD (hedged) 1.02% 1.02% 1.02% 1.02% 1.05% - 1.05% 22-Sep-15JPM Emerging Markets Opportunities C (acc) - USD 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 03-Mar-97JPM Emerging Markets Opportunities C (dist) - EUR 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 28-Aug-13JPM Emerging Markets Opportunities C (dist) - GBP 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 05-Mar-13JPM Emerging Markets Opportunities C (dist) - USD 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 19-Apr-13JPM Emerging Markets Opportunities C (inc) - EUR 1.05% 1.05% 1.05% 1.05% 1.05% - 1.05% 18-Sep-15JPM Emerging Markets Opportunities D (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 07-Jun-13JPM Emerging Markets Opportunities D (acc) - PLN 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 12-Jan-12JPM Emerging Markets Opportunities D (acc) - USD 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 09-Jul-12JPM Emerging Markets Opportunities I (acc) - EUR 1.01% 1.01% 1.01% 1.01% 0.99% 0.99% 1.01% 06-Jul-12JPM Emerging Markets Opportunities I (acc) - SGD 1.01% 1.01% 1.01% 1.01% 1.00% 1.00% 1.01% 02-Oct-14JPM Emerging Markets Opportunities I (acc) - USD 1.01% 1.01% 1.01% 1.01% 1.00% 0.99% 1.01% 26-Feb-10JPM Emerging Markets Opportunities I (dist) - USD* 1.01% 1.01% 1.01% 1.01% 1.01% - 1.01% 26-Oct-15JPM Emerging Markets Opportunities T (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 19-Oct-12JPM Emerging Markets Opportunities X (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.14% 0.15% 0.15% 08-Mar-13JPM Emerging Markets Opportunities X (acc) - EUR (hedged) 0.15% 0.15% 0.15% 0.15% 0.15% 0.14% 0.15% 22-May-14JPM Emerging Markets Opportunities X (acc) - GBP 0.15% 0.15% 0.15% 0.15% 0.14% 0.13% 0.15% 30-Nov-12JPM Emerging Markets Opportunities X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.14% 0.14% 0.15% 06-Apr-98JPM Emerging Markets Opportunities X (dist) - AUD 0.15% 0.15% 0.15% 0.15% 0.15% 0.20% 0.15% 15-Oct-13JPM Emerging Markets Opportunities X (dist) - GBP 0.15% 0.15% 0.15% 0.15% 0.15% - 0.15% 29-Jun-16

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.95% 1.80% 10-Dec-08JPM Emerging Middle East Equity A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.95% 1.80% 31-Mar-05JPM Emerging Middle East Equity A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.95% 1.80% 18-May-98JPM Emerging Middle East Equity B (acc) - USD*** - - - - - 1.10% 1.05% 19-Apr-05JPM Emerging Middle East Equity C (acc) - USD 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 21-Jan-08JPM Emerging Middle East Equity C (dist) - USD 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 30-Jul-13JPM Emerging Middle East Equity D (acc) - EUR 2.80% 2.80% 2.80% 2.80% 2.80% 2.95% 2.80% 13-Jul-10JPM Emerging Middle East Equity D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.95% 2.80% 13-Oct-00JPM Emerging Middle East Equity I (acc) - USD 1.01% 1.01% 1.01% 1.01% 1.01% 1.06% 1.01% 08-Dec-10

238







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - CHF (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 12-Dec-13JPM Euroland Equity A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 31-Mar-05JPM Euroland Equity A (acc) - GBP (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 12-Dec-13JPM Euroland Equity A (acc) - USD (hedged) 1.79% 1.79% 1.79% 1.79% 1.80% 1.90% 1.80% 12-Dec-13JPM Euroland Equity A (dist) - EUR 1.76% 1.76% 1.76% 1.76% 1.77% 1.90% 1.80% 30-Nov-88JPM Euroland Equity A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 01-Jun-01JPM Euroland Equity A (inc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 18-Oct-07JPM Euroland Equity B (acc) - EUR*** - - - - - 0.85% 0.85% 23-Jan-08JPM Euroland Equity C (acc) - CHF (hedged) 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 06-May-15JPM Euroland Equity C (acc) - EUR 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 09-Sep-04JPM Euroland Equity C (acc) - GBP (hedged) 0.85% 0.85% 0.85% 0.85% 0.85% - 0.85% 14-Sep-15JPM Euroland Equity C (acc) - USD (hedged)* 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 13-Aug-14JPM Euroland Equity C (dist) - EUR 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 15-Feb-13JPM Euroland Equity C (dist) - USD 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 16-Mar-15JPM Euroland Equity D (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 13-Oct-00JPM Euroland Equity X (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% 0.14% 0.15% 03-Aug-07

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - AUD (hedged) 1.77% 1.77% 1.77% 1.77% 1.77% 1.90% 1.80% 22-Nov-13JPM Europe Dynamic A (acc) - EUR 1.71% 1.71% 1.71% 1.71% 1.71% 1.90% 1.80% 31-Mar-05JPM Europe Dynamic A (acc) - HKD (hedged) 1.77% 1.77% 1.77% 1.77% 1.76% 1.90% 1.80% 22-Nov-13JPM Europe Dynamic A (acc) - SGD (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 19-May-14JPM Europe Dynamic A (acc) - USD 1.79% 1.79% 1.79% 1.79% 1.76% 1.90% 1.80% 23-Oct-13JPM Europe Dynamic A (acc) - USD (hedged) 1.73% 1.73% 1.73% 1.73% 1.74% 1.90% 1.80% 22-Nov-13JPM Europe Dynamic A (dist) - EUR 1.73% 1.73% 1.73% 1.73% 1.74% 1.90% 1.80% 08-Dec-00JPMorgan Europe Dynamic A (dist) - EUR*** - - - - - 1.90% 1.80% 27-May-04JPM Europe Dynamic A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 08-Dec-00JPM Europe Dynamic A (inc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 23-Oct-13JPM Europe Dynamic B (acc) - EUR*** - - - - - 1.00% 1.00% 26-Aug-04JPM Europe Dynamic B (dist) - EUR*** - - - - - 1.00% 1.00% 24-Jul-13JPM Europe Dynamic C (acc) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 26-Aug-04JPM Europe Dynamic C (acc) - USD 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 03-Dec-13JPM Europe Dynamic C (acc) - USD (hedged) 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 15-Apr-14JPM Europe Dynamic C (dist) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 16-Mar-15JPM Europe Dynamic C (dist) - GBP 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 01-Oct-13JPM Europe Dynamic C (inc) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% - 1.00% 23-Oct-15JPM Europe Dynamic D (acc) - EUR 2.76% 2.76% 2.76% 2.76% 2.75% 2.90% 2.80% 08-Dec-00JPM Europe Dynamic D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 01-Oct-04JPM Europe Dynamic D (acc) - USD (hedged) 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 14-May-14JPM Europe Dynamic I (acc) - EUR 0.96% 0.96% 0.96% 0.96% 0.95% 0.90% 0.96% 12-Jul-06JPM Europe Dynamic I (acc) - USD* 0.96% 0.96% 0.96% 0.96% 0.95% 0.92% 0.96% 14-Jan-14JPM Europe Dynamic I (acc) - USD (hedged) 0.96% 0.96% 0.96% 0.96% 0.96% 0.94% 0.96% 28-Nov-14JPM Europe Dynamic I (dist) - EUR 0.96% 0.96% 0.96% 0.96% 0.95% 0.94% 0.96% 10-Oct-13JPM Europe Dynamic I (dist) - GBP 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 25-Nov-13JPM Europe Dynamic T (acc) - EUR* - - - - - 2.90% 2.80% 16-Feb-11JPM Europe Dynamic X (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% 0.12% 0.15% 25-Oct-04JPM Europe Dynamic X (acc) - USD (hedged) 0.15% 0.15% 0.15% 0.15% - - 0.15% 03-Mar-17

239







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 1.25% 1.25% 1.25% 1.25% 1.26% 1.90% 1.30% 31-Mar-05JPM Europe Equity A (acc) - USD 1.28% 1.28% 1.28% 1.28% 1.28% 1.90% 1.30% 13-Oct-00JPM Europe Equity A (acc) - USD (hedged) 1.30% 1.30% 1.30% 1.30% 1.30% 1.90% 1.30% 11-Apr-14JPM Europe Equity A (dist) - EUR 1.24% 1.24% 1.24% 1.24% 1.25% 1.90% 1.30% 01-Dec-88JPM Europe Equity A (dist) - USD 1.30% 1.30% 1.30% 1.30% 1.28% 1.90% 1.30% 29-Dec-00JPM Europe Equity B (acc) - EUR*** - - - - - 0.85% 0.70% 26-Aug-04JPM Europe Equity C (acc) - EUR 0.70% 0.70% 0.70% 0.70% 0.70% 0.85% 0.70% 26-Aug-04JPM Europe Equity C (acc) - USD 0.70% 0.70% 0.70% 0.70% 0.70% 0.85% 0.70% 03-Dec-13JPM Europe Equity C (acc) - USD (hedged) 0.70% 0.70% 0.70% 0.70% 0.70% 0.85% 0.70% 11-Apr-14JPM Europe Equity C (dist) - EUR 0.70% 0.70% 0.70% 0.70% 0.70% 0.85% 0.70% 24-Jul-13JPM Europe Equity C (dist) - USD 0.70% 0.70% 0.70% 0.70% 0.70% 0.85% 0.70% 15-Mar-13JPM Europe Equity D (acc) - EUR 2.02% 2.02% 2.02% 2.02% 2.03% 2.65% 2.05% 13-Oct-00JPM Europe Equity D (acc) - USD 2.05% 2.05% 2.05% 2.05% 2.05% 2.65% 2.05% 27-Jun-06JPM Europe Equity D (acc) - USD (hedged) 2.05% 2.05% 2.05% 2.05% 2.05% 2.65% 2.05% 16-May-14JPM Europe Equity I (acc) - EUR 0.66% 0.66% 0.66% 0.66% 0.66% - 0.66% 28-Jun-06JPM Europe Equity X (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% 0.14% 0.15% 14-Sep-04

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1.79% 1.79% 1.79% 1.79% 1.78% 1.90% 1.80% 31-Mar-05JPM Europe Small Cap A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 29-Oct-13JPM Europe Small Cap A (acc) - USD (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% - 1.80% 14-Oct-15JPM Europe Small Cap A (dist) - EUR 1.75% 1.75% 1.75% 1.75% 1.75% 1.90% 1.80% 18-Apr-94JPMorgan Europe Small Cap A (dist) - EUR*** - - - - - 1.90% 1.80% 13-Oct-00JPM Europe Small Cap A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 13-Oct-00JPM Europe Small Cap B (acc) - EUR*** - - - - - 1.00% 1.00% 26-Aug-04JPM Europe Small Cap C (acc) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 26-Aug-04JPM Europe Small Cap C (dist) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 24-Jul-13JPM Europe Small Cap D (acc) - EUR 2.79% 2.79% 2.79% 2.79% 2.80% 2.90% 2.80% 13-Oct-00JPM Europe Small Cap I (acc) - EUR 0.96% 0.96% 0.96% 0.96% 0.96% 0.92% 0.96% 27-Jun-06JPM Europe Small Cap X (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 24-Nov-04

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 31-Mar-05JPM Europe Technology A (acc) - USD (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 03-Mar-14JPM Europe Technology A (dist) - EUR 1.78% 1.78% 1.78% 1.78% 1.78% 1.90% 1.80% 08-Nov-99JPMorgan Europe Technology A (dist) - EUR*** - - - - - 1.90% 1.80% 15-Jun-01JPM Europe Technology A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 13-Oct-00JPM Europe Technology B (acc) - EUR*** - - - - - 1.05% 1.00% 23-May-08JPM Europe Technology C (acc) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% 1.05% 1.00% 20-Jun-08JPM Europe Technology C (dist) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% 1.05% 1.00% 24-Jul-13JPM Europe Technology C (dist) - GBP 1.00% 1.00% 1.00% 1.00% 1.00% 1.05% 1.00% 24-Jun-15JPM Europe Technology D (acc) - EUR 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 13-Oct-00JPM Europe Technology X (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% - 0.15% 09-Aug-07

240







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - CHF (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 31-Aug-10JPM Global Dynamic A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 21-Nov-06JPM Global Dynamic A (acc) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 30-Oct-07JPM Global Dynamic A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 14-Dec-09JPM Global Dynamic A (acc) - USD 1.77% 1.77% 1.77% 1.77% 1.76% 1.90% 1.80% 31-Mar-05JPM Global Dynamic A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 08-Dec-00JPM Global Dynamic A (dist) - USD 1.75% 1.75% 1.75% 1.75% 1.75% 1.90% 1.80% 08-Dec-00JPMorgan Global Dynamic A (dist) - USD*** - - - - - 1.90% 1.80% 27-May-04JPM Global Dynamic A (inc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 15-May-06JPM Global Dynamic B (acc) - USD*** - - - - - 1.00% 1.00% 26-Aug-04JPM Global Dynamic C (acc) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 20-Jun-07JPM Global Dynamic C (acc) - EUR (hedged) 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 24-Jan-08JPM Global Dynamic C (acc) - USD 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 26-Aug-04JPM Global Dynamic C (dist) - GBP 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 19-Feb-13JPM Global Dynamic C (dist) - USD 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 30-Jul-13JPM Global Dynamic C (inc) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 08-Aug-13JPM Global Dynamic D (acc) - EUR 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 08-May-06JPM Global Dynamic D (acc) - EUR (hedged) 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 30-Oct-07JPM Global Dynamic D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 08-Dec-00JPM Global Dynamic I (acc) - EUR* - - - - - 0.94% 0.96% 11-Oct-13JPM Global Dynamic I (acc) - EUR (hedged)* 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 08-Jun-11JPM Global Dynamic I (acc) - USD 0.96% 0.96% 0.96% 0.96% 0.96% 0.92% 0.96% 07-May-07JPM Global Dynamic I (dist) - USD* 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 10-Oct-13JPM Global Dynamic I (inc) - EUR 0.96% 0.96% 0.96% 0.96% 0.96% 0.92% 0.96% 29-Jan-09JPM Global Dynamic T (acc) - EUR (hedged)* - - - - - 2.90% 2.80% 18-Feb-11JPM Global Dynamic X (acc) - EUR (hedged) 0.15% 0.15% 0.15% 0.15% 0.15% 0.13% 0.15% 25-Oct-11JPM Global Dynamic X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 23-Nov-04

JPMorgan Funds - Global Government Bond FundJPM Global Government Bond A (acc) - EUR 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 20-Feb-09JPM Global Government Bond A (acc) - USD (hedged) 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 20-Feb-09JPM Global Government Bond B (acc) - EUR*** - - - - - 0.40% 0.40% 28-May-10JPM Global Government Bond C (acc) - EUR 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 26-Feb-09JPM Global Government Bond C (acc) - USD (hedged) 0.40% 0.40% 0.40% 0.40% 0.40% - 0.40% 23-Oct-15JPM Global Government Bond D (acc) - EUR 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 20-Feb-09JPM Global Government Bond I (acc) - EUR 0.36% 0.36% 0.36% 0.36% 0.36% 0.36% 0.36% 04-Oct-13JPM Global Government Bond I (acc) - USD (hedged) 0.36% 0.36% 0.36% 0.36% 0.36% - 0.36% 15-Oct-13JPM Global Government Bond X (acc) - EUR 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 04-Mar-09JPM Global Government Bond X (acc) - USD (hedged) 0.10% 0.10% 0.10% 0.10% 0.10% - 0.10% 30-Mar-16JPM Global Government Bond X (dist) - GBP (hedged) 0.10% 0.10% 0.10% 0.10% 0.10% - 0.10% 25-May-16JPM Global Government Bond X (dist) - USD (hedged)* - - - - 0.10% - 0.10% 10-Aug-15

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 1.74% 1.74% 1.74% 1.74% 1.76% 1.90% 1.80% 21-Dec-04JPM Global Natural Resources A (acc) - GBP 1.78% 1.78% 1.78% 1.78% 1.80% 1.90% 1.80% 18-Jun-13JPM Global Natural Resources A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 14-Dec-09JPM Global Natural Resources A (acc) - USD 1.76% 1.76% 1.76% 1.76% 1.76% 1.90% 1.80% 12-Sep-06JPM Global Natural Resources A (dist) - EUR 1.76% 1.76% 1.76% 1.76% 1.77% 1.90% 1.80% 14-Mar-05JPM Global Natural Resources B (acc) - EUR*** - - - - - 1.05% 1.00% 22-Apr-05JPM Global Natural Resources B (acc) - USD*** - - - - - 1.05% 1.00% 08-Aug-13JPM Global Natural Resources C (acc) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% 1.05% 1.00% 14-Mar-05JPM Global Natural Resources C (acc) - USD 1.00% 1.00% 1.00% 1.00% 1.00% 1.05% 1.00% 05-Apr-07JPM Global Natural Resources C (dist) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% 1.05% 1.00% 13-Aug-13JPM Global Natural Resources D (acc) - EUR 2.74% 2.74% 2.74% 2.74% 2.76% 2.90% 2.80% 05-Dec-05JPM Global Natural Resources D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 08-Jun-07JPM Global Natural Resources I (acc) - EUR* - - - - - 0.91% 0.96% 29-Feb-12JPM Global Natural Resources I (dist) - EUR 0.96% 0.96% 0.96% 0.96% 0.78% 1.01% 0.96% 11-Oct-13JPM Global Natural Resources X (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% 0.20% 0.15% 19-Apr-05JPM Global Natural Resources X (dist) - AUD - - - - - 0.20% 0.15% 20-Dec-13

241







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Global Real Estate Securities Fund (USD)JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 31-Jul-08JPM Global Real Estate Securities (USD) A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 01-Sep-06JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 31-Jul-08JPM Global Real Estate Securities (USD) A (inc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 19-Jul-13JPM Global Real Estate Securities (USD) B (acc) - USD*** - - - - - 0.80% 0.80% 23-Jul-14JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged) 0.80% 0.80% 0.80% 0.80% 0.80% - 0.80% 16-May-11JPM Global Real Estate Securities (USD) C (acc) - USD 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 20-Feb-08JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 31-Jul-08JPM Global Real Estate Securities (USD) D (acc) - USD 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 01-Sep-06JPM Global Real Estate Securities (USD) I (acc) - EUR (hedged)* - - - - - 0.76% 0.76% 04-Oct-13JPM Global Real Estate Securities (USD) I (acc) - USD 0.76% 0.76% 0.76% 0.76% 0.76% 0.76% 0.76% 04-Oct-13JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 31-Jul-08JPM Global Real Estate Securities (USD) X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 06-Nov-06

JPMorgan Funds - Global Unconstrained Equity FundJPM Global Unconstrained Equity A (acc) - CHF (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 27-Mar-15JPM Global Unconstrained Equity A (acc) - EUR 1.78% 1.78% 1.78% 1.78% 1.77% 1.90% 1.80% 14-Jun-11JPM Global Unconstrained Equity A (acc) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 17-Jul-08JPM Global Unconstrained Equity A (acc) - USD 1.79% 1.79% 1.79% 1.79% 1.77% 1.90% 1.80% 31-Mar-05JPM Global Unconstrained Equity A (dist) - EUR (hedged) 1.79% 1.79% 1.79% 1.79% 1.79% 1.90% 1.80% 17-Jul-08JPM Global Unconstrained Equity A (dist) - USD 1.78% 1.78% 1.78% 1.78% 1.73% 1.90% 1.80% 16-Nov-88JPMorgan Global Unconstrained Equity A (dist) - USD*** - - - - - 1.90% 1.80% 01-Jun-01JPM Global Unconstrained Equity B (acc) - EUR*** - - - - - 0.80% 0.80% 27-Mar-15JPM Global Unconstrained Equity B (acc) - USD*** - - - - - 0.80% 0.80% 22-Jun-06JPM Global Unconstrained Equity C (acc) - EUR 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 27-Mar-15JPM Global Unconstrained Equity C (acc) - EUR (hedged) 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 17-Jul-08JPM Global Unconstrained Equity C (acc) - USD 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 13-Sep-04JPM Global Unconstrained Equity C (dist) - USD 0.80% 0.80% 0.80% 0.80% - - 0.80% 29-Nov-16JPM Global Unconstrained Equity D (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 27-Mar-15JPM Global Unconstrained Equity D (acc) - EUR (hedged) 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 17-Jul-08JPM Global Unconstrained Equity D (acc) - USD 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 13-Oct-00JPM Global Unconstrained Equity I (acc) - JPY 0.76% 0.76% 0.76% 0.76% 0.76% 0.73% 0.76% 30-Jun-14JPM Global Unconstrained Equity I (acc) - USD 0.76% 0.76% 0.76% 0.76% 0.76% 0.76% 0.76% 11-Jun-15JPM Global Unconstrained Equity T (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 27-Mar-15JPM Global Unconstrained Equity X (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% 0.12% 0.15% 25-Jun-09JPM Global Unconstrained Equity X (acc) - EUR (hedged) 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 25-Oct-11JPM Global Unconstrained Equity X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 21-Mar-06JPM Global Unconstrained Equity X (dist) - AUD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 20-Dec-13

JPMorgan Funds - Greater China FundJPM Greater China A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 14-Dec-09JPM Greater China A (acc) - USD 1.78% 1.78% 1.78% 1.78% 1.77% 1.90% 1.80% 31-Mar-05JPM Greater China A (dist) - HKD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 20-Sep-10JPM Greater China A (dist) - USD 1.78% 1.78% 1.78% 1.78% 1.78% 1.90% 1.80% 18-May-01JPMorgan Greater China B (acc) - USD*** - - - - - 1.00% 0.95% 10-Feb-06JPMorgan Greater China B (dist) - USD*** - - - - - 1.00% 0.95% 30-Jul-13JPM Greater China C (acc) - EUR 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 08-Sep-14JPM Greater China C (acc) - SGD 0.95% 0.95% 0.95% 0.95% 0.90% - 0.95% 23-Oct-15JPM Greater China C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 01-Feb-05JPM Greater China C (dist) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 24-Jan-14JPM Greater China D (acc) - EUR 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 13-Jul-10JPM Greater China D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 25-May-01JPM Greater China I (acc) - USD 0.91% 0.91% 0.91% 0.91% 0.89% 0.88% 0.91% 28-Jun-06JPM Greater China I (dist) - USD* 0.91% 0.91% 0.91% 0.91% 0.89% 0.96% 0.91% 10-Oct-13JPM Greater China T (acc) - EUR 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 21-Feb-11JPM Greater China X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% - 0.15% 09-Dec-04

242







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Hong Kong FundJPM Hong Kong A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 31-Mar-05JPM Hong Kong A (dist) - HKD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 20-Sep-10JPM Hong Kong A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 18-May-01JPMorgan Hong Kong B (acc) - USD*** - - - - - 1.00% 0.95% 10-Feb-06JPM Hong Kong C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 20-Jan-05JPM Hong Kong D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 25-May-01JPM Hong Kong X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% - 0.15% 12-Sep-05

JPMorgan Funds - Income FundJPM Income Fund A (acc) - EUR (hedged) 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 16-Jun-14JPM Income Fund A (acc) - SEK (hedged) 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 16-Jun-14JPM Income Fund A (acc) - USD 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 02-Jun-14JPM Income Fund A (div) - EUR (hedged) 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 16-Jun-14JPM Income Fund A (div) - USD 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 02-Jun-14JPM Income Fund A (mth) - HKD 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 19-Dec-14JPM Income Fund A (mth) - USD 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 19-Dec-14JPM Income Fund C (acc) - USD 0.65% 0.65% 0.65% 0.65% 0.65% - 0.65% 10-Dec-15JPM Income Fund C (div) - EUR (hedged) 0.65% 0.65% 0.65% 0.65% 0.65% 0.65% 0.65% 16-Jun-14JPM Income Fund D (div) - EUR (hedged) 1.70% 1.70% 1.70% 1.70% 1.70% 1.70% 1.70% 16-Jun-14

JPMorgan Funds - India FundJPM India A (acc) - EUR 1.80% 1.80% 1.80% 1.80% - - 1.80% 09-Jun-17JPM India A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 2.10% 1.80% 14-Dec-09JPM India A (acc) - USD 1.79% 1.79% 1.79% 1.79% 1.79% 2.10% 1.80% 31-Mar-05JPM India A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 2.10% 1.80% 12-Jul-12JPM India A (dist) - USD 1.79% 1.79% 1.79% 1.79% 1.79% 2.10% 1.80% 31-Aug-95JPMorgan India B (acc) - USD*** - - - - - 1.20% 0.95% 03-Sep-04JPMorgan India B (dist) - USD*** - - - - - 1.20% 0.95% 30-Jul-13JPM India C (acc) - EUR 0.95% 0.95% 0.95% 0.95% 0.95% 1.20% 0.95% 06-Aug-13JPM India C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.20% 0.95% 05-Jan-05JPM India C (dist) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.20% 0.95% 05-Mar-13JPM India D (acc) - EUR 2.60% 2.60% 2.60% 2.60% 2.60% 2.90% 2.60% 13-Jul-10JPM India D (acc) - USD 2.59% 2.59% 2.59% 2.59% 2.59% 2.90% 2.60% 13-Oct-00JPM India I (acc) - USD 0.91% 0.91% 0.91% 0.91% 0.90% 1.09% 0.91% 03-Oct-13JPM India I (dist) - USD 0.91% 0.91% 0.91% 0.91% 0.91% 1.16% 0.91% 10-Oct-13JPM India T (acc) - EUR 2.60% 2.60% 2.60% 2.60% 2.60% 2.90% 2.60% 21-Feb-11JPM India X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.13% 0.19% 0.15% 09-Dec-04

JPMorgan Funds - Indonesia Equity FundJPM Indonesia Equity A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 15-Mar-12JPMorgan Indonesia Equity B (acc) - USD*** - - - - - 0.95% 0.95% 16-May-13JPM Indonesia Equity C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 03-May-13JPM Indonesia Equity D (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 04-Oct-12JPM Indonesia Equity D (acc) - USD 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 14-Sep-12JPM Indonesia Equity X (acc) - JPY 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 26-Mar-13

243







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Japan Equity FundJPM Japan Equity A (acc) - EUR 1.74% 1.74% 1.74% 1.74% 1.80% 1.90% 1.80% 12-Jun-06JPM Japan Equity A (acc) - EUR (hedged) 1.79% 1.79% 1.79% 1.79% 1.80% 1.90% 1.80% 06-Dec-13JPM Japan Equity A (acc) - JPY 1.75% 1.75% 1.75% 1.75% 1.80% 1.90% 1.80% 11-Jan-06JPM Japan Equity A (acc) - SGD (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% - 1.80% 01-Feb-16JPM Japan Equity A (acc) - USD 1.73% 1.73% 1.73% 1.73% 1.76% 1.90% 1.80% 31-Mar-05JPM Japan Equity A (acc) - USD (hedged) 1.74% 1.74% 1.74% 1.74% 1.75% 1.90% 1.80% 06-Dec-13JPM Japan Equity A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 13-Oct-00JPM Japan Equity A (dist) - GBP (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 06-Dec-13JPM Japan Equity A (dist) - JPY 1.80% 1.80% 1.80% 1.80% - - 1.80% 15-Sep-16JPM Japan Equity A (dist) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 12-Mar-14JPM Japan Equity A (dist) - USD 1.73% 1.73% 1.73% 1.73% 1.74% 1.90% 1.80% 16-Nov-88JPMorgan Japan Equity B (acc) - USD*** - - - - - 0.95% 0.95% 26-Aug-04JPMorgan Japan Equity B (dist) - USD*** - - - - - 0.95% 0.95% 30-Jul-13JPM Japan Equity C (acc) - EUR 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 08-Aug-13JPM Japan Equity C (acc) - EUR (hedged) 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 02-Nov-15JPM Japan Equity C (acc) - JPY 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 11-Mar-16JPM Japan Equity C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 26-Aug-04JPM Japan Equity C (acc) - USD (hedged) 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 21-Feb-14JPM Japan Equity C (dist) - GBP 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 25-Jul-13JPM Japan Equity C (dist) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 04-Jan-13JPM Japan Equity D (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 08-May-06JPM Japan Equity D (acc) - EUR (hedged) 2.55% 2.55% 2.55% 2.55% - - 2.55% 15-Sep-16JPM Japan Equity D (acc) - JPY 2.55% 2.55% 2.55% 2.55% - - 2.55% 15-Sep-16JPM Japan Equity D (acc) - USD 2.52% 2.52% 2.52% 2.52% 2.54% 2.65% 2.55% 13-Oct-00JPM Japan Equity I (acc) - EUR 0.91% 0.91% 0.91% 0.91% - - 0.91% 08-May-17JPM Japan Equity I (acc) - JPY 0.91% 0.91% 0.91% 0.91% 0.91% - 0.91% 15-May-15JPM Japan Equity I (acc) - USD 0.91% 0.91% 0.91% 0.91% 0.91% 0.87% 0.91% 27-Jun-06JPM Japan Equity J (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 02-Apr-02JPM Japan Equity X (acc) - JPY 0.15% 0.15% 0.15% 0.15% 0.15% - 0.15% 27-Jul-15JPM Japan Equity X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 24-Nov-04JPM Japan Equity X (acc) - USD (hedged) 0.15% 0.15% 0.15% 0.15% - - 0.15% 03-Mar-17

JPMorgan Funds - Korea Equity FundJPM Korea Equity A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 28-Sep-07JPM Korea Equity A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 28-Sep-07JPM Korea Equity A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 19-May-08JPMorgan Korea Equity B (acc) - EUR*** - - - - - 1.00% 0.95% 06-Aug-13JPMorgan Korea Equity B (acc) - USD*** - - - - - 1.00% 0.95% 05-Jun-08JPM Korea Equity C (acc) - EUR 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 30-Oct-13JPM Korea Equity C (acc) - SGD 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 22-Sep-15JPM Korea Equity C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 19-Mar-08JPM Korea Equity C (dist) - USD 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 14-Sep-15JPM Korea Equity D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 28-Sep-07JPM Korea Equity I (acc) - USD 0.91% 0.91% 0.91% 0.91% 0.91% 0.96% 0.91% 13-Dec-11JPM Korea Equity X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% - 0.15% 18-Jun-08

244







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR 1.80% 1.79% 1.80% 1.79% 1.80% 1.90% 1.80% 04-Oct-12JPM Latin America Equity A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.75% 1.90% 1.80% 09-Aug-10JPM Latin America Equity A (acc) - USD 1.78% 1.77% 1.78% 1.77% 1.79% 1.90% 1.80% 31-Mar-05JPM Latin America Equity A (dist) - USD 1.79% 1.79% 1.79% 1.79% 1.79% 1.90% 1.80% 13-May-92JPMorgan Latin America Equity A (dist) - USD*** - - - - - 1.90% 1.80% 13-Oct-00JPM Latin America Equity B (acc) - EUR*** - - - - - 1.10% 1.05% 01-Oct-13JPM Latin America Equity B (acc) - USD*** - - - - - 1.10% 1.05% 08-Mar-06JPM Latin America Equity B (dist) - USD*** - - - - - 1.10% 1.05% 19-Apr-13JPM Latin America Equity C (acc) - EUR 1.05% 1.04% 1.05% 1.04% 1.05% 1.10% 1.05% 21-Nov-13JPM Latin America Equity C (acc) - SGD 1.05% 1.05% 1.05% 1.05% 1.05% - 1.05% 21-Sep-15JPM Latin America Equity C (acc) - USD 1.05% 1.04% 1.05% 1.04% 1.05% 1.10% 1.05% 13-Jan-05JPM Latin America Equity C (dist) - USD 1.05% 1.04% 1.05% 1.04% 1.05% 1.10% 1.05% 16-Mar-15JPM Latin America Equity D (acc) - EUR 2.80% 2.79% 2.80% 2.79% 2.80% 2.90% 2.80% 13-Jul-10JPM Latin America Equity D (acc) - USD 2.80% 2.79% 2.80% 2.79% 2.80% 2.90% 2.80% 13-Oct-00JPM Latin America Equity I (acc) - EUR** 1.01% 1.00% 1.01% 1.00% - - 1.01% 18-Nov-13JPM Latin America Equity I (acc) - JPY 1.01% 1.00% 1.01% 1.00% 1.00% 0.99% 1.01% 26-Apr-13JPM Latin America Equity I (acc) - USD 1.01% 1.00% 1.01% 1.00% 1.00% 0.98% 1.01% 26-Jun-06JPM Latin America Equity I (dist) - USD 1.01% 1.00% 1.01% 1.00% 1.01% 1.06% 1.01% 10-Oct-13JPM Latin America Equity T (acc) - EUR* - - - - - 2.90% 2.80% 21-Feb-11JPM Latin America Equity X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.14% 0.15% 0.15% 09-Nov-04

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 22-Nov-05JPM Russia A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 17-Nov-05JPM Russia B (acc) - USD*** - - - - - 1.10% 1.05% 04-May-06JPM Russia C (acc) - USD 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 13-Nov-07JPM Russia C (dist) - USD 1.05% 1.05% 1.05% 1.05% 1.05% 1.10% 1.05% 08-Aug-13JPM Russia D (acc) - EUR 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 06-Feb-14JPM Russia D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 27-Jan-06JPM Russia I (acc) - USD 1.01% 1.01% 1.01% 1.01% 1.01% 1.04% 1.01% 25-Aug-06JPM Russia T (acc) - EUR 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 22-Oct-12JPM Russia X (acc) - USD 0.15% 0.15% 0.15% 0.15% - - 0.15% 06-Jan-17

JPMorgan Funds - Singapore FundJPM Singapore A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 14-Dec-09JPM Singapore A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 31-Mar-05JPM Singapore A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 18-May-01JPM Singapore C (acc) - SGD 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 23-Oct-15JPM Singapore C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 20-Jan-05JPM Singapore C (dist) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.00% 0.95% 30-Jul-13JPM Singapore D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 25-May-01JPM Singapore I (acc) - USD 0.91% 0.91% 0.91% 0.91% 0.91% 0.96% 0.91% 29-Jun-06JPM Singapore X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% - 0.15% 24-May-06

JPMorgan Funds - Taiwan FundJPM Taiwan A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 09-Dec-08JPM Taiwan A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 31-Mar-05JPM Taiwan A (dist) - HKD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 20-Sep-10JPM Taiwan A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 18-May-01JPMorgan Taiwan B (acc) - USD*** - - - - - 1.15% 0.95% 22-Dec-04JPM Taiwan C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.15% 0.95% 03-Nov-04JPM Taiwan C (dist) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 1.15% 0.95% 07-Aug-13JPM Taiwan D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 25-May-01JPM Taiwan I (acc) - EUR 0.91% 0.91% 0.91% 0.91% 0.91% 1.03% 0.91% 22-Jan-14JPM Taiwan X (acc) - USD* - - - - - 0.31% 0.15% 03-Feb-06

245







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - Total Emerging Markets Income FundJPM Total Emerging Markets Income A (acc) - EUR 1.55% 1.55% 1.55% 1.55% 1.55% 1.65% 1.55% 30-Sep-13JPM Total Emerging Markets Income A (acc) - USD 1.55% 1.55% 1.55% 1.55% 1.55% 1.65% 1.55% 30-Sep-13JPM Total Emerging Markets Income A (inc) - EUR 1.55% 1.55% 1.55% 1.55% 1.55% 1.65% 1.55% 30-Sep-13JPM Total Emerging Markets Income A (irc) - AUD (hedged) 1.55% 1.55% 1.55% 1.55% - - 1.55% 25-Jul-16JPM Total Emerging Markets Income A (mth) - HKD** 1.55% 1.55% 1.55% 1.55% - - 1.55% 19-Dec-14JPM Total Emerging Markets Income A (mth) - USD 1.55% 1.55% 1.55% 1.55% 1.51% 1.65% 1.55% 30-Sep-13JPM Total Emerging Markets Income C (acc) - EUR 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 01-Jun-15JPM Total Emerging Markets Income D (acc) - EUR 2.20% 2.20% 2.20% 2.20% 2.20% 2.30% 2.20% 30-Sep-13JPM Total Emerging Markets Income D (acc) - USD 2.20% 2.20% 2.20% 2.20% 2.20% 2.30% 2.20% 30-Sep-13JPM Total Emerging Markets Income D (div) - EUR 2.20% 2.20% 2.20% 2.20% 2.20% 2.30% 2.20% 28-Mar-14JPM Total Emerging Markets Income D (mth) - EUR 2.20% 2.20% 2.20% 2.20% - - 2.20% 24-Feb-17JPM Total Emerging Markets Income D (mth) - USD 2.20% 2.20% 2.20% 2.20% 2.14% 2.30% 2.20% 30-Sep-13JPM Total Emerging Markets Income X (acc) - GBP 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 29-Jan-14

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - EUR (hedged) 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 03-Oct-11JPM US Aggregate Bond A (acc) - USD 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 31-Mar-05JPM US Aggregate Bond A (div) - USD 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 30-Apr-12JPM US Aggregate Bond A (inc) - USD 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 15-Sep-00JPM US Aggregate Bond A (mth) - HKD 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 12-Sep-12JPM US Aggregate Bond A (mth) - SGD 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 18-Jan-12JPM US Aggregate Bond A (mth) - SGD (hedged) 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 18-Jan-12JPM US Aggregate Bond A (mth) - USD 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 06-Apr-10JPM US Aggregate Bond B (acc) - USD*** - - - - - 0.60% 0.60% 08-Dec-05JPM US Aggregate Bond B (dist) - USD*** - - - - - 0.60% 0.60% 14-Oct-14JPM US Aggregate Bond C (acc) - EUR (hedged) 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 02-Nov-12JPM US Aggregate Bond C (acc) - USD 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 13-Jul-05JPM US Aggregate Bond C (dist) - EUR (hedged) 0.60% 0.60% 0.60% 0.60% - - 0.60% 21-Mar-17JPM US Aggregate Bond C (dist) - GBP (hedged)** 0.60% 0.60% 0.60% 0.60% - - 0.60% 29-Jan-13JPM US Aggregate Bond C (dist) - USD 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 08-Jan-15JPM US Aggregate Bond C (div) - USD 0.60% 0.60% 0.60% 0.60% 0.60% - 0.60% 18-Sep-15JPM US Aggregate Bond C (inc) - USD 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 14-Mar-14JPM US Aggregate Bond C (mth) - HKD 0.60% 0.60% 0.60% 0.60% 0.60% - 0.60% 09-Oct-15JPM US Aggregate Bond C (mth) - SGD 0.60% 0.60% 0.60% 0.60% 0.60% - 0.60% 09-Oct-15JPM US Aggregate Bond C (mth) - SGD (hedged) 0.60% 0.60% 0.60% 0.60% 0.60% - 0.60% 09-Oct-15JPM US Aggregate Bond C (mth) - USD 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 08-Jun-12JPM US Aggregate Bond D (acc) - EUR (hedged) 1.35% 1.35% 1.35% 1.35% 1.35% 1.35% 1.35% 02-Nov-10JPM US Aggregate Bond D (acc) - USD 1.35% 1.35% 1.35% 1.35% 1.35% 1.35% 1.35% 13-Oct-00JPM US Aggregate Bond I (acc) - EUR (hedged) 0.56% 0.56% 0.56% 0.56% - - 0.56% 05-Oct-16JPM US Aggregate Bond I (acc) - USD 0.56% 0.56% 0.56% 0.56% 0.56% 0.54% 0.56% 17-Jun-11JPM US Aggregate Bond I (dist) - EUR (hedged) 0.56% 0.56% 0.56% 0.56% - - 0.56% 15-Nov-16JPM US Aggregate Bond I (dist) - GBP (hedged) 0.56% 0.56% 0.56% 0.56% - - 0.56% 15-Nov-16JPM US Aggregate Bond I (dist) - USD 0.56% 0.56% 0.56% 0.56% - - 0.56% 15-Nov-16JPM US Aggregate Bond I (inc) - USD 0.56% 0.56% 0.56% 0.56% 0.56% 0.55% 0.56% 10-Oct-13JPM US Aggregate Bond I (mth) - USD* - - - - - 0.56% 0.56% 14-May-13JPM US Aggregate Bond X (acc) - EUR (hedged)** 0.10% 0.10% 0.10% 0.10% - - 0.10% 03-Jun-13JPM US Aggregate Bond X (acc) - USD 0.10% 0.10% 0.10% 0.10% 0.10% 0.08% 0.10% 30-Mar-05JPM US Aggregate Bond X (dist) - USD - - - - - 0.10% 0.10% 06-Nov-13

JPMorgan Funds - US Dollar Money Market FundJPM US Dollar Money Market A (acc) - USD 0.45% 0.45% 0.45% 0.45% 0.45% 0.65% 0.45% 06-Jun-14JPMorgan US Dollar Money Market A (acc) - USD*** - - - - - 0.47% 0.45% 06-Jun-14

246







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 15-Mar-07JPM US Growth A (acc) - USD 1.74% 1.74% 1.74% 1.74% 1.72% 1.90% 1.80% 31-Mar-05JPM US Growth A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 20-Oct-00JPM US Growth A (dist) - USD 1.75% 1.75% 1.75% 1.75% 1.76% 1.90% 1.80% 20-Oct-00JPM US Growth B (acc) - EUR (hedged)*** - - - - - 0.85% 0.85% 05-Feb-13JPM US Growth B (acc) - USD*** - - - - - 0.85% 0.85% 22-Sep-05JPM US Growth C (acc) - EUR (hedged) 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 06-Dec-07JPM US Growth C (acc) - USD 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 08-Mar-06JPM US Growth C (dist) - GBP 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 21-Jan-11JPM US Growth C (dist) - USD 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 14-Jul-11JPM US Growth D (acc) - EUR (hedged) 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 15-Mar-07JPM US Growth D (acc) - USD 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 20-Oct-00JPM US Growth I (acc) - EUR (hedged) 0.81% 0.81% 0.81% 0.81% 0.80% 0.74% 0.81% 15-Oct-13JPM US Growth I (acc) - JPY 0.81% 0.81% 0.81% 0.81% 0.80% 0.73% 0.81% 26-Apr-13JPM US Growth I (acc) - USD 0.81% 0.81% 0.81% 0.81% 0.80% 0.75% 0.81% 03-Oct-13JPM US Growth I (dist) - GBP 0.81% 0.81% 0.81% 0.81% 0.81% 0.76% 0.81% 10-Oct-13JPM US Growth I (dist) - USD 0.81% 0.81% 0.81% 0.81% 0.80% 0.74% 0.81% 10-Oct-13JPM US Growth P (dist) - USD 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.85% 26-Sep-13JPM US Growth T (acc) - EUR (hedged) 2.55% 2.55% 2.55% 2.55% 2.55% 2.65% 2.55% 22-Oct-12JPM US Growth X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.07% 0.15% 22-Sep-05

JPMorgan Funds - US High Yield Plus Bond FundJPM US High Yield Plus Bond A (acc) - EUR (hedged) 1.05% 1.05% 1.05% 1.05% 1.20% 1.40% 1.05% 06-Mar-12JPM US High Yield Plus Bond A (acc) - USD 1.05% 1.05% 1.05% 1.05% 1.20% 1.40% 1.05% 06-Mar-12JPM US High Yield Plus Bond A (dist) - GBP (hedged) 1.05% 1.05% 1.05% 1.05% 1.20% 1.40% 1.05% 02-Oct-13JPM US High Yield Plus Bond A (dist) - USD 1.05% 1.05% 1.05% 1.05% 1.20% 1.40% 1.05% 26-Sep-14JPM US High Yield Plus Bond A (div) - EUR (hedged) 1.05% 1.05% 1.05% 1.05% 1.20% 1.40% 1.05% 03-Sep-13JPM US High Yield Plus Bond A (mth) - HKD 1.05% 1.05% 1.05% 1.05% 1.20% 1.40% 1.05% 25-May-12JPM US High Yield Plus Bond A (mth) - USD 1.05% 1.05% 1.05% 1.05% 1.20% 1.40% 1.05% 25-May-12JPM US High Yield Plus Bond B (acc) - USD*** - - - - - 0.70% 0.65% 17-Dec-14JPM US High Yield Plus Bond C (acc) - EUR (hedged) 0.60% 0.60% 0.60% 0.60% - - 0.60% 27-Jan-17JPM US High Yield Plus Bond C (acc) - USD 0.60% 0.60% 0.60% 0.60% 0.65% 0.70% 0.60% 20-Apr-15JPM US High Yield Plus Bond D (div) - EUR (hedged) 1.55% 1.55% 1.55% 1.55% 1.70% 1.90% 1.55% 06-Mar-12JPM US High Yield Plus Bond X (acc) - EUR (hedged) 0.10% 0.10% 0.10% 0.10% 0.10% 0.14% 0.10% 03-Sep-13JPM US High Yield Plus Bond X (acc) - GBP (hedged)* - - - - - 0.15% 0.10% 19-Aug-13JPM US High Yield Plus Bond X (acc) - USD 0.09% 0.09% 0.09% 0.09% 0.10% - 0.10% 13-Sep-12

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 11-Jun-10JPM US Technology A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 18-Jan-12JPM US Technology A (acc) - USD 1.74% 1.74% 1.74% 1.74% 1.73% 1.90% 1.80% 31-Mar-05JPM US Technology A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 13-Oct-00JPM US Technology A (dist) - USD 1.77% 1.77% 1.77% 1.77% 1.76% 1.90% 1.80% 05-Dec-97JPMorgan US Technology A (dist) - USD*** - - - - - 1.90% 1.80% 13-Oct-00JPM US Technology B (acc) - USD*** - - - - - 1.05% 1.00% 10-Jul-08JPM US Technology B (dist) - USD*** - - - - - 1.05% 1.00% 06-Dec-12JPM US Technology C (acc) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% - 1.00% 16-Oct-15JPM US Technology C (acc) - USD 1.00% 1.00% 1.00% 1.00% 1.00% 1.05% 1.00% 20-Jun-08JPM US Technology C (dist) - USD 1.00% 1.00% 1.00% 1.00% 1.00% 1.05% 1.00% 13-Dec-12JPM US Technology D (acc) - EUR 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 11-Dec-09JPM US Technology D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.90% 2.80% 13-Oct-00JPM US Technology I (acc) - USD 0.96% 0.96% 0.96% 0.96% 0.96% 1.00% 0.96% 20-Sep-07JPM US Technology I (dist) - USD* 0.96% 0.96% 0.96% 0.96% 0.91% 0.99% 0.96% 10-Oct-13JPM US Technology X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% - 0.15% 08-Oct-07

247







yearended

30 Jun 17+

For theyear

ended30 Jun 17 (a)

For theyear

ended30 Jun 17 (b)

For theyear

ended30 Jun 17 (c)

For theyear

ended30 Jun 16+

For theyear

ended30 Jun 15+

CappedExpense

Ratio30 Jun 17+

InceptionDate

JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 09-Apr-15JPM US Value A (acc) - EUR (hedged) 1.72% 1.72% 1.72% 1.72% 1.72% 1.90% 1.80% 13-Nov-06JPM US Value A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 11-Jun-14JPM US Value A (acc) - USD 1.69% 1.69% 1.69% 1.69% 1.70% 1.90% 1.80% 31-Mar-05JPM US Value A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.90% 1.80% 20-Oct-00JPM US Value A (dist) - USD 1.69% 1.69% 1.69% 1.69% 1.70% 1.90% 1.80% 20-Oct-00JPMorgan US Value A (dist) - USD*** - - - - - 1.90% 1.80% 27-May-04JPM US Value B (acc) - EUR (hedged)*** - - - - - 0.85% 0.85% 01-Feb-13JPM US Value B (acc) - USD*** - - - - - 0.85% 0.85% 11-Oct-04JPM US Value C (acc) - EUR 0.85% 0.85% 0.85% 0.85% 0.83% 0.85% 0.85% 13-Aug-14JPM US Value C (acc) - EUR (hedged) 0.85% 0.85% 0.85% 0.85% 0.84% 0.85% 0.85% 07-Jan-09JPM US Value C (acc) - USD 0.83% 0.83% 0.83% 0.83% 0.83% 0.85% 0.85% 01-Sep-04JPM US Value C (dist) - GBP 0.85% 0.85% 0.85% 0.85% 0.84% 0.85% 0.85% 30-Jan-13JPM US Value C (dist) - USD 0.84% 0.84% 0.84% 0.84% 0.84% 0.85% 0.85% 12-Jun-13JPM US Value D (acc) - EUR (hedged) 2.49% 2.49% 2.49% 2.49% 2.49% 2.65% 2.55% 13-Nov-06JPM US Value D (acc) - USD 2.46% 2.46% 2.46% 2.46% 2.46% 2.65% 2.55% 20-Oct-00JPM US Value I (acc) - EUR (hedged) 0.81% 0.81% 0.81% 0.81% 0.80% 0.72% 0.81% 11-Oct-13JPM US Value I (acc) - USD 0.80% 0.80% 0.80% 0.80% 0.79% 0.72% 0.81% 05-May-11JPM US Value I (dist) - GBP 0.81% 0.81% 0.81% 0.81% 0.80% 0.75% 0.81% 11-Oct-13JPM US Value I (dist) - USD 0.81% 0.81% 0.81% 0.81% 0.80% 0.74% 0.81% 10-Oct-13JPM US Value X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.13% 0.06% 0.15% 24-Nov-04

+ Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the totaloperating costs as a percentage of the Sub-Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian fees, taxe d’abonnement and otherexpenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’Financial Statements.



248


JPMorgan Funds - America Equity Fund

To provide long-term capital growth by investing primarily in a concentrated portfolio of US companies.

JPMorgan Funds - Asia Pacific Equity Fund

To provide long-term capital growth by investing primarily in companies in the Asia Pacific Basin (excluding Japan).

JPMorgan Funds - Asia Pacific Income Fund

To provide income and long term capital growth by investing primarily in income generating securities of countries in the Asia Pacific region (excludingJapan).

JPMorgan Funds - Brazil Equity Fund

To provide long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies.

JPMorgan Funds - China Fund

To provide long-term capital growth by investing primarily in companies of the People’s Republic of China.

JPMorgan Funds - Emerging Europe Equity Fund

To provide long-term capital growth by investing primarily in companies in European emerging market countries including Russia (the “Emerging EuropeanCountries”).

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

To provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe, Middle East andAfrica.

JPMorgan Funds - Emerging Markets Debt Fund

To achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market debt securities, including corporatesecurities and securities issued in local currencies, using financial derivative instruments where appropriate.

JPMorgan Funds - Emerging Markets Dividend Fund

To provide income by investing primarily in dividend-yielding equity securities of emerging market companies, whilst participating in long term capitalgrowth.

JPMorgan Funds - Emerging Markets Equity Fund

To provide long-term capital growth by investing primarily in emerging market companies.

JPMorgan Funds - Emerging Markets Investment Grade Bond Fund

To achieve a return in excess of investment grade bond markets of emerging countries by investing primarily in emerging market investment grade USDdenominated debt securities.

JPMorgan Funds - Emerging Markets Local Currency Debt Fund

To achieve a return in excess of government bond markets of emerging markets countries by investing primarily in emerging market local currency debtsecurities, using financial derivative instruments where appropriate.

JPMorgan Funds - Emerging Markets Opportunities Fund

To provide long-term capital growth by investing primarily in an aggressively managed portfolio of emerging market companies.

JPMorgan Funds - Emerging Middle East Equity Fund

To provide long-term capital growth by investing primarily in companies of the emerging markets of the Middle East region.

JPMorgan Funds - Euroland Equity Fund

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

To maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies.

JPMorgan Funds - Europe Equity Fund

To provide long-term capital growth by investing primarily in European companies.

JPMorgan Funds - Europe Small Cap Fund

To provide long-term capital growth by investing primarily in small capitalisation European companies.

249


2. Summary of Investment Objectives of the Sub-Funds

JPMorgan Funds - Europe Technology Fund

To provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies.

JPMorgan Funds - Global Dynamic Fund

To maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally.

JPMorgan Funds - Global Government Bond Fund

To achieve a return in line with the benchmark by investing primarily in a portfolio of global government debt securities.

JPMorgan Funds - Global Natural Resources Fund

To provide long-term capital growth by investing primarily in natural resources companies, globally, many of which are in the early stages of exploration.

JPMorgan Funds - Global Real Estate Securities Fund (USD)

To provide long-term capital growth by investing primarily in a portfolio of Real Estate Investment Trusts (“REITs”) and in companies that own, develop,operate or finance real estate, where real estate assets or activities account for more than 50% of the value of such companies’ shares (“Real EstateCompanies”).

JPMorgan Funds - Global Unconstrained Equity Fund

To provide long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally.

JPMorgan Funds - Greater China Fund

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 - Hong Kong Fund

To provide long-term capital growth by investing primarily in Hong Kong companies.

JPMorgan Funds - Income Fund

To provide income by investing primarily in a portfolio of debt securities.

JPMorgan Funds - India Fund

To provide long-term capital growth by investing primarily in Indian companies.

JPMorgan Funds - Indonesia Equity Fund

To provide long-term capital growth by investing primarily in a portfolio of Indonesian companies.

JPMorgan Funds - Japan Equity Fund

To provide long-term capital growth by investing primarily in Japanese companies.

JPMorgan Funds - Korea Equity Fund

To provide long-term capital growth by investing primarily in a concentrated portfolio of Korean companies, using financial derivative instruments whereappropriate.

JPMorgan Funds - Latin America Equity Fund

To provide long-term capital growth by investing primarily in Latin American companies.

JPMorgan Funds - Russia Fund

To provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies.

JPMorgan Funds - Singapore Fund

To provide long-term capital growth by investing primarily in Singaporean companies.

JPMorgan Funds - Taiwan Fund

To provide long-term capital growth by investing primarily in Taiwanese companies.

JPMorgan Funds - Total Emerging Markets Income Fund

To achieve income and long term capital growth by investing primarily in income generating emerging market equity and debt securities.

JPMorgan Funds - US Aggregate Bond Fund

To achieve a return in excess of US bond markets by investing primarily in US investment grade debt securities.

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2. Summary of Investment Objectives of the Sub-Funds (continued)

JPMorgan Funds - US Dollar Money Market Fund

To achieve a return in the Reference Currency in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and tomaintain a high degree of liquidity by investing in USD denominated short-term debt securities.

JPMorgan Funds - US Growth Fund

To provide long-term capital growth by investing primarily in a growth style biased portfolio of US companies.

JPMorgan Funds - US High Yield Plus Bond Fund

To achieve a return in excess of US bond markets by investing primarily in below investment grade USD denominated debt securities.

JPMorgan Funds - US Technology Fund

To provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies.

JPMorgan Funds - US Value Fund

To provide long-term capital growth by investing primarily in a value style biased portfolio of US companies.

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2. Summary of Investment Objectives of the Sub-Funds (continued)

PerformanceReturns for periods greater than one year are annualised. SICAV performance includes reinvestment of income and is net of all expenses.Past performance is no indication of current or future performance.The performance data does not take into account the commissions and costs incurred on the issue and redemption of units.

Volatility

The standard deviation (D) of the price is calculated on a daily basis throughout the SICAV’s financial year.The details below relate to the year ended 30 June 2017.

If D is equal to or less than 0.1 then volatility will be Low.If D is greater than 0.1 but less or equal to 1.0 then volatility will be Medium.If D is greater than 1.0 but less than or equal to 2.4 then volatility will be High.If D is greater than 2.4 then volatility will be Very High.

Share Class 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years Volatility

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - AUD 3.80% 3.50% 12.64% 20.07% 10.08% 17.84% MediumJPM America Equity A (acc) - AUD (Hedged) 4.59% 10.45% 13.82% 25.15% 10.85% 10.29% MediumJPM America Equity A (acc) - EUR -2.25% 1.72% 11.05% 20.94% 8.78% 16.84% MediumJPM America Equity A (acc) - EUR (hedged) 3.89% 9.08% 11.63% 22.16% 8.92% 7.69% MediumJPM America Equity A (acc) - HKD 4.98% 10.87% 13.90% 24.88% 10.24% 8.86% MediumJPM America Equity A (acc) - USD 4.50% 10.19% 13.27% 24.33% 9.99% 8.65% MediumJPM America Equity A (dist) - USD 4.51% 10.15% 13.22% 24.16% 9.92% 8.59% MediumJPM America Equity C (acc) - EUR -2.02% 2.19% 11.84% 22.00% - - MediumJPM America Equity C (acc) - EUR (hedged) 4.15% 9.62% 12.48% 23.35% 10.06% 8.92% MediumJPM America Equity C (acc) - USD 4.75% 10.64% 13.95% 25.37% 11.03% 9.80% MediumJPM America Equity C (dist) - USD 4.73% 10.62% 13.94% 25.20% 10.84% 9.68% MediumJPM America Equity D (acc) - EUR -2.38% 1.36% 10.44% 19.97% 7.87% 15.70% MediumJPM America Equity D (acc) - EUR (hedged) 3.69% 8.70% 11.04% 21.27% 8.08% 6.78% MediumJPM America Equity D (acc) - USD 4.30% 9.72% 12.55% 23.29% 9.05% 7.69% MediumJPM America Equity I (acc) - EUR (hedged) 4.15% 9.62% 12.52% 23.43% - - MediumJPM America Equity I (acc) - USD 4.74% 10.65% 13.98% 25.38% 11.07% 9.91% MediumJPM America Equity I (dist) - USD 4.74% 10.64% 13.97% 25.24% 10.89% 9.74% MediumJPM America Equity X (acc) - USD 4.87% 10.98% 14.49% 26.17% 11.84% 10.74% Medium

JPMorgan Funds - Asia Pacific Equity FundJPM Asia Pacific Equity A (acc) - EUR 2.30% 14.18% 15.11% 26.57% 5.99% 12.38% MediumJPM Asia Pacific Equity A (acc) - HKD 9.89% 24.46% 18.03% 30.78% 7.50% - MediumJPM Asia Pacific Equity A (acc) - SGD 7.72% 17.72% 18.32% 32.76% 8.41% 8.85% MediumJPM Asia Pacific Equity A (acc) - USD 9.34% 23.54% 17.24% 30.03% 7.10% 4.91% MediumJPM Asia Pacific Equity A (dist) - GBP 5.05% 17.94% 17.35% 34.17% 18.57% 16.29% MediumJPM Asia Pacific Equity A (dist) - USD 9.34% 23.57% 17.25% 29.60% 6.63% 4.55% MediumJPM Asia Pacific Equity C (acc) - EUR 2.52% 14.65% 15.82% 27.66% 6.95% 13.64% MediumJPM Asia Pacific Equity C (acc) - USD 9.58% 24.09% 17.99% 31.14% 8.07% 5.92% MediumJPM Asia Pacific Equity C (dist) - USD 9.58% 24.09% 18.00% 30.61% 7.47% 5.39% MediumJPM Asia Pacific Equity D (acc) - EUR 2.11% 13.72% 14.44% 25.64% 5.16% 11.40% MediumJPM Asia Pacific Equity D (acc) - USD 9.14% 23.10% 16.59% 29.07% 6.24% 4.05% MediumJPM Asia Pacific Equity I (acc) - EUR 2.52% - - - - - MediumJPM Asia Pacific Equity I (acc) - USD 9.59% 24.11% 18.02% 31.20% 8.12% - MediumJPM Asia Pacific Equity X (acc) - USD 9.80% 24.59% 18.70% 32.19% 9.01% 6.88% Medium

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3. Performance and Volatility


JPMorgan Funds - Asia Pacific Income FundJPM Asia Pacific Income A (acc) - HKD 2.78% 9.64% 6.65% 12.04% 4.24% 4.68% MediumJPM Asia Pacific Income A (acc) - USD 2.35% 9.01% 5.97% 11.46% 3.92% 4.47% MediumJPM Asia Pacific Income A (dist) - USD 2.34% 8.99% 5.97% 11.22% 3.59% 4.15% MediumJPM Asia Pacific Income A (irc) - AUD (hedged) 2.46% 9.24% 6.20% 11.90% 4.21% 5.24% MediumJPM Asia Pacific Income A (irc) - CAD (hedged) 2.16% 8.55% 5.38% 10.66% 3.05% 3.99% MediumJPM Asia Pacific Income A (irc) - EUR (hedged) 1.92% 7.99% 4.47% 9.42% 2.28% 3.16% MediumJPM Asia Pacific Income A (irc) - GBP (hedged) 2.01% 8.35% 4.99% 10.35% 2.93% 3.71% MediumJPM Asia Pacific Income A (irc) - NZD (hedged) 2.53% 9.36% 6.48% 12.31% 4.87% 5.98% MediumJPM Asia Pacific Income A (irc) - RMB (hedged) 3.09% 11.65% 8.54% 14.54% 6.14% 6.68% MediumJPM Asia Pacific Income A (mth) - HKD 2.79% 9.64% 6.48% 11.84% 3.83% 4.23% MediumJPM Asia Pacific Income A (mth) - SGD 0.87% 3.84% 6.84% 13.62% 4.74% 7.82% MediumJPM Asia Pacific Income A (mth) - SGD (hedged) 2.24% 8.71% 5.50% 10.93% 3.61% 4.20% MediumJPM Asia Pacific Income A (mth) - USD 2.34% 8.92% 5.81% 11.22% 3.48% 4.01% MediumJPM Asia Pacific Income C (acc) - HKD 3.04% 10.10% 7.32% 13.04% - - MediumJPM Asia Pacific Income C (acc) - USD 2.55% 9.39% 6.56% 12.38% 4.81% 5.40% MediumJPM Asia Pacific Income C (dist) - USD 2.56% 9.45% 6.62% 12.10% 4.28% 4.88% MediumJPM Asia Pacific Income C (irc) - AUD (hedged) 2.72% 9.74% 6.96% 12.83% - - MediumJPM Asia Pacific Income C (irc) - CAD (hedged) 2.31% 8.96% 5.92% 11.49% - - MediumJPM Asia Pacific Income C (irc) - EUR (hedged) 2.09% 8.43% 5.08% 10.37% - - MediumJPM Asia Pacific Income C (irc) - GBP (hedged) 2.27% 8.84% 5.64% 11.27% - - MediumJPM Asia Pacific Income C (irc) - NZD (hedged) 2.78% 9.76% 7.13% 13.24% - - MediumJPM Asia Pacific Income C (irc) - RMB (hedged) 3.30% 12.04% 9.22% 15.30% - - MediumJPM Asia Pacific Income C (mth) - HKD 3.02% 10.05% 7.08% 12.68% - - MediumJPM Asia Pacific Income C (mth) - SGD 1.07% 4.34% 7.54% 14.55% - - MediumJPM Asia Pacific Income C (mth) - SGD (hedged) 2.37% 9.05% 6.05% 11.69% - - MediumJPM Asia Pacific Income C (mth) - USD 2.56% 9.37% 6.44% 12.12% 4.33% 4.86% MediumJPM Asia Pacific Income D (acc) - USD 2.22% 8.77% 5.61% 10.97% 3.43% 3.97% MediumJPM Asia Pacific Income D (mth) - EUR (hedged) 1.72% - - - - - MediumJPM Asia Pacific Income D (mth) - USD 2.22% 8.65% 5.41% 10.68% 2.99% 3.52% MediumJPM Asia Pacific Income I (acc) - USD 2.57% 9.48% 6.65% 12.44% 4.94% - MediumJPM Asia Pacific Income X (acc) - USD 2.77% 9.89% 7.26% 13.29% 5.72% 6.43% Medium

JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - EUR -10.85% -0.77% 0.76% 8.57% -0.34% -5.49% HighJPM Brazil Equity A (acc) - SGD -6.18% 2.57% 3.41% 13.62% 1.63% -7.75% HighJPM Brazil Equity A (acc) - USD -4.63% 8.46% 2.67% 11.61% 0.61% -10.05% HighJPM Brazil Equity A (dist) - USD -4.60% 8.35% 2.77% 11.68% 0.48% -10.05% HighJPM Brazil Equity C (acc) - USD -4.53% 8.79% 3.17% 12.33% 1.35% -9.54% HighJPM Brazil Equity D (acc) - EUR -11.07% -1.28% 0.00% 7.49% -1.32% -6.32% HighJPM Brazil Equity D (acc) - USD -4.88% 7.79% 1.94% 10.50% -0.38% -10.74% HighJPM Brazil Equity I (acc) - USD -4.56% 8.84% 3.29% 12.34% 1.48% -9.41% HighJPM Brazil Equity T (acc) - EUR -11.08% -1.26% 0.00% 7.51% -1.32% -6.32% HighJPM Brazil Equity X (acc) - USD -4.32% - - - - - High

JPMorgan Funds - China FundJPM China A (acc) - SGD 9.32% 19.73% 14.99% 32.45% -0.77% 12.14% MediumJPM China A (acc) - USD 10.93% 25.72% 13.92% 29.76% -1.83% 7.91% MediumJPM China A (dist) - HKD 11.45% 26.51% 14.66% 30.19% -1.91% 7.81% MediumJPM China A (dist) - USD 10.95% 25.71% 13.94% 29.52% -2.16% 7.62% MediumJPM China C (acc) - USD 11.17% 26.20% 14.59% 30.82% -1.04% 8.98% MediumJPM China C (dist) - HKD* - - - - - - MediumJPM China C (dist) - USD 11.17% 26.23% 14.61% 30.39% -1.48% 8.53% MediumJPM China D (acc) - EUR 3.54% 15.55% 10.97% 25.04% -3.72% 14.53% MediumJPM China D (acc) - USD 10.68% 25.09% 13.08% 28.49% -2.76% 6.71% MediumJPM China I (dist) - USD* - - - - - - MediumJPM China T (acc) - EUR 3.53% 15.54% 10.96% 25.01% -3.72% 14.53% MediumJPM China X (acc) - USD 11.40% 26.73% 15.30% 31.88% -0.24% 10.00% Medium

JPMorgan Funds - Emerging Europe Equity FundJPM Emerging Europe Equity A (acc) - EUR -5.09% -6.17% 8.22% 16.11% 4.79% -1.05% MediumJPM Emerging Europe Equity A (acc) - USD 1.40% 1.55% 10.26% 19.26% 5.86% -6.35% MediumJPM Emerging Europe Equity A (dist) - EUR -5.11% -6.15% 8.24% 15.78% 4.38% -1.29% MediumJPM Emerging Europe Equity C (acc) - EUR -4.99% -5.87% 8.79% 16.95% 5.58% -0.29% MediumJPM Emerging Europe Equity C (acc) - USD 1.59% 1.93% 10.87% 20.15% - - MediumJPM Emerging Europe Equity C (dist) - EUR -4.95% -5.82% 8.83% 16.53% 5.22% - MediumJPM Emerging Europe Equity D (acc) - EUR -5.37% -6.64% 7.44% 14.96% 3.70% -2.00% MediumJPM Emerging Europe Equity I (acc) - EUR -4.91% -5.80% 8.85% 17.05% 5.67% -0.23% MediumJPM Emerging Europe Equity X (acc) - EUR -4.72% -5.38% 9.57% 18.04% 6.65% 0.65% Medium


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3. Performance and Volatility (continued)


JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR -3.28% -2.48% 8.00% 14.06% 0.83% 1.79% MediumJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 3.46% 5.61% 10.06% 17.19% 1.87% -3.96% MediumJPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 3.42% 5.61% 10.04% 16.95% 1.63% -4.08% MediumJPM Emerging Europe, Middle East and Africa Equity C (acc) - EUR -3.05% -2.08% 8.60% 14.93% - - MediumJPM Emerging Europe, Middle East and Africa Equity C (acc) - SGD 2.09% 1.04% 11.74% 20.60% - - MediumJPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 3.63% 5.98% 10.64% 18.07% 2.65% -3.26% MediumJPM Emerging Europe, Middle East and Africa Equity C (dist) - USD 3.63% 6.01% 10.67% 17.70% 2.26% -3.48% MediumJPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR -3.47% -2.92% 7.22% 12.94% -0.14% 0.77% MediumJPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 3.18% 5.08% 9.23% 16.05% 0.85% -4.83% MediumJPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 3.63% 6.03% 10.69% 18.12% - - MediumJPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 3.87% 6.53% 11.37% 19.15% 3.62% -2.44% Medium

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR (hedged) 1.30% 4.68% 0.41% 4.09% 5.69% 2.92% MediumJPM Emerging Markets Debt A (acc) - GBP (hedged)* - - - - - - MediumJPM Emerging Markets Debt A (acc) - USD 1.79% 5.61% 1.74% 5.83% 7.04% 3.92% MediumJPM Emerging Markets Debt A (dist) - GBP -2.20% 0.82% 1.78% 9.35% 18.31% 14.75% MediumJPM Emerging Markets Debt A (inc) - EUR (hedged) 1.31% 4.61% 0.32% 3.96% 5.36% 2.58% MediumJPM Emerging Markets Debt A (inc) - USD 1.78% 5.63% 1.69% 5.68% 6.62% 3.49% MediumJPM Emerging Markets Debt A (irc) - AUD (hedged) 1.93% 5.83% 2.12% 6.32% 7.57% 4.67% MediumJPM Emerging Markets Debt A (irc) - CAD (hedged) 1.63% 5.31% 1.10% 5.11% 6.09% 3.29% MediumJPM Emerging Markets Debt A (irc) - NZD (hedged) 2.07% 6.14% 2.41% 6.86% 8.21% 5.39% MediumJPM Emerging Markets Debt A (irc) - RMB (hedged) 2.59% 7.97% 4.42% 9.14% 9.69% 6.21% MediumJPM Emerging Markets Debt A (mth) - EUR (hedged) 1.34% 4.65% 0.29% 3.90% 5.22% 2.46% MediumJPM Emerging Markets Debt A (mth) - HKD 2.34% 6.40% 2.29% 6.26% 6.81% 3.59% MediumJPM Emerging Markets Debt A (mth) - USD 1.78% 5.64% 1.62% 5.64% 6.55% 3.36% MediumJPM Emerging Markets Debt C (acc) - EUR (hedged) 1.50% 5.12% 0.91% 4.84% 6.49% 3.76% MediumJPM Emerging Markets Debt C (acc) - GBP (hedged) 1.69% 5.48% 1.60% 5.95% - - MediumJPM Emerging Markets Debt C (acc) - USD 1.98% 6.02% 2.28% 6.59% 7.84% 4.67% MediumJPM Emerging Markets Debt C (dist) - USD 1.98% 6.02% 2.27% 6.44% 7.35% 4.21% MediumJPM Emerging Markets Debt C (inc) - EUR (hedged) 1.52% 5.10% 0.94% 4.78% 6.10% 3.25% MediumJPM Emerging Markets Debt C (irc) - AUD (hedged) 2.09% 6.26% 2.71% 7.11% - - MediumJPM Emerging Markets Debt C (irc) - CAD (hedged) 1.78% 5.66% 1.71% 5.94% - - MediumJPM Emerging Markets Debt C (irc) - NZD (hedged) 2.27% 6.53% 3.11% 7.74% - - MediumJPM Emerging Markets Debt C (mth) - EUR (hedged) 1.51% 5.06% 0.86% 4.75% - - MediumJPM Emerging Markets Debt C (mth) - HKD 2.40% 6.61% 2.75% 6.95% - - MediumJPM Emerging Markets Debt C (mth) - USD 1.97% 5.95% 2.10% 6.34% 7.27% - MediumJPM Emerging Markets Debt D (acc) - EUR (hedged) 1.18% 4.35% -0.12% 3.42% 4.91% 2.17% MediumJPM Emerging Markets Debt D (mth) - EUR (hedged) 1.15% - - - - - MediumJPM Emerging Markets Debt I (acc) - EUR (hedged) 1.52% 5.12% 0.97% 4.88% 6.52% 3.83% MediumJPM Emerging Markets Debt I (acc) - USD 1.99% 6.05% 2.29% 6.63% 7.89% 4.85% MediumJPM Emerging Markets Debt I (dist) - CHF (hedged) 1.42% 4.86% 0.66% 4.34% 5.80% - MediumJPM Emerging Markets Debt I (dist) - USD* - - - - - - MediumJPM Emerging Markets Debt I (inc) - EUR (hedged) 1.53% 5.19% 1.02% 4.81% 6.12% 3.36% MediumJPM Emerging Markets Debt X (acc) - EUR (hedged) 1.65% 5.38% 1.36% 5.43% 7.10% 4.41% MediumJPM Emerging Markets Debt X (acc) - GBP (hedged) 1.84% 5.79% 2.06% 6.58% 8.20% 5.36% MediumJPM Emerging Markets Debt X (acc) - USD 2.12% 6.31% 2.69% 7.16% 8.48% - MediumJPM Emerging Markets Debt X (dist) - USD 2.12% 6.32% 2.69% 6.99% 7.90% 4.74% Medium


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JPMorgan Funds - Emerging Markets Dividend FundJPM Emerging Markets Dividend A (acc) - CHF (hedged) 4.07% 12.75% 8.20% 15.62% 0.60% - MediumJPM Emerging Markets Dividend A (acc) - EUR -2.04% 5.42% 8.07% 15.03% 1.48% 4.43% MediumJPM Emerging Markets Dividend A (acc) - USD 4.70% 14.10% 10.10% 18.16% 2.49% -1.77% MediumJPM Emerging Markets Dividend A (dist) - GBP 0.59% 8.92% 10.20% 21.94% 12.86% 7.45% MediumJPM Emerging Markets Dividend A (div) - EUR -2.03% 5.42% 8.00% 14.86% 0.94% 3.98% MediumJPM Emerging Markets Dividend A (inc) - EUR -2.05% 5.42% 8.07% 14.74% 1.12% - MediumJPM Emerging Markets Dividend A (irc) - AUD (hedged) 4.97% 14.26% 10.28% 18.47% 1.93% -1.58% MediumJPM Emerging Markets Dividend A (irc) - GBP (hedged) 4.48% 13.42% 9.16% 16.86% 1.20% - MediumJPM Emerging Markets Dividend A (irc) - RMB (hedged) 5.41% 16.28% 12.48% 21.12% 3.88% 0.05% MediumJPM Emerging Markets Dividend A (mth) - HKD 5.03% 14.66% 10.54% 18.21% 2.04% -2.05% MediumJPM Emerging Markets Dividend A (mth) - SGD 3.11% 8.66% 10.96% 20.32% 2.94% 0.93% MediumJPM Emerging Markets Dividend A (mth) - SGD (hedged) 4.50% 13.73% 9.33% 17.06% 1.52% -2.36% MediumJPM Emerging Markets Dividend A (mth) - USD 4.66% 13.94% 9.79% 17.69% 1.72% -2.21% MediumJPM Emerging Markets Dividend C (acc) - CHF (hedged) 4.29% 13.20% 8.87% 16.60% 1.52% - MediumJPM Emerging Markets Dividend C (acc) - EUR -1.84% 5.86% 8.76% 16.01% 2.36% 5.45% MediumJPM Emerging Markets Dividend C (acc) - USD 4.92% 14.60% 10.81% 19.17% 3.39% -0.95% MediumJPM Emerging Markets Dividend C (div) - EUR -1.82% 5.86% 8.67% 15.78% 1.79% - MediumJPM Emerging Markets Dividend C (inc) - EUR -1.84% 5.87% 8.76% 15.61% 1.79% 4.92% MediumJPM Emerging Markets Dividend D (acc) - EUR -2.22% 5.03% 7.47% 14.18% 0.71% 3.59% MediumJPM Emerging Markets Dividend D (dist) - USD 4.50% - - - - - MediumJPM Emerging Markets Dividend D (div) - EUR -2.21% 5.02% 7.40% 14.03% 0.22% 3.21% MediumJPM Emerging Markets Dividend D (mth) - EUR -2.21% - - - - - MediumJPM Emerging Markets Dividend I (acc) - EUR -1.83% 5.90% 8.80% 16.06% - - MediumJPM Emerging Markets Dividend T (acc) - EUR -2.24% 5.03% 7.47% 14.17% 0.71% 3.59% MediumJPM Emerging Markets Dividend T (div) - EUR -2.21% 5.04% 7.40% 14.03% 0.23% 3.21% MediumJPM Emerging Markets Dividend X (acc) - EUR -1.63% 6.30% 9.42% 16.94% 3.21% 6.39% MediumJPM Emerging Markets Dividend X (acc) - USD 5.14% 15.05% 11.47% 20.14% 4.25% -0.14% MediumJPM Emerging Markets Dividend X (inc) - EUR -1.64% 6.29% 9.42% 16.43% 2.46% 5.77% Medium

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 1.48% 12.28% 12.28% 22.70% 7.26% 9.30% MediumJPM Emerging Markets Equity A (acc) - EUR (hedged) 7.81% 20.22% 12.51% 23.59% 7.02% 1.23% MediumJPM Emerging Markets Equity A (acc) - SGD 6.83% 15.83% 15.44% 28.61% 9.68% 5.92% MediumJPM Emerging Markets Equity A (acc) - USD 8.46% 21.58% 14.35% 26.00% 8.42% 2.30% MediumJPM Emerging Markets Equity A (dist) - GBP 4.17% 15.98% 14.39% 30.21% 20.14% 12.95% MediumJPM Emerging Markets Equity A (dist) - USD 8.45% 21.54% 14.34% 25.88% 8.01% 2.05% MediumJPM Emerging Markets Equity C (acc) - EUR 1.64% 12.67% 12.84% 23.52% 8.08% 10.23% MediumJPM Emerging Markets Equity C (acc) - EUR (hedged) 8.03% 20.68% 13.14% 24.52% 7.87% 2.03% MediumJPM Emerging Markets Equity C (acc) - USD 8.65% 21.99% 14.95% 26.88% 9.23% 3.08% MediumJPM Emerging Markets Equity C (dist) - GBP 4.38% 16.40% 15.05% 31.06% 21.02% 13.81% MediumJPM Emerging Markets Equity C (dist) - USD 8.64% 21.95% 14.95% 26.57% 8.57% 2.64% MediumJPM Emerging Markets Equity D (acc) - EUR 1.32% 11.84% 11.63% 21.65% 6.36% 8.27% MediumJPM Emerging Markets Equity D (acc) - EUR (hedged)** 7.61% - - - - - MediumJPM Emerging Markets Equity D (acc) - USD 8.23% 21.05% 13.67% 24.98% 7.49% 1.43% MediumJPM Emerging Markets Equity I (acc) - EUR 1.68% 12.69% 12.90% 23.63% 8.18% 10.37% MediumJPM Emerging Markets Equity I (acc) - EUR (hedged) 8.03% 20.70% 13.19% 24.56% 7.94% 2.13% MediumJPM Emerging Markets Equity I (acc) - SGD 7.08% 16.27% 16.17% 29.64% - - MediumJPM Emerging Markets Equity I (acc) - USD 8.60% 21.93% 14.98% 26.93% 9.25% 3.16% MediumJPM Emerging Markets Equity I (dist) - GBP* - - - - - - MediumJPM Emerging Markets Equity I (dist) - USD* - - - - - - MediumJPM Emerging Markets Equity I (inc) - EUR 1.62% 12.69% 12.88% 23.30% 7.60% 9.84% MediumJPM Emerging Markets Equity T (acc) - EUR 1.26% 11.83% 11.59% 21.68% 6.37% 8.30% MediumJPM Emerging Markets Equity X (acc) - EUR 1.87% 13.18% 13.59% 24.62% 9.14% 11.47% MediumJPM Emerging Markets Equity X (acc) - EUR (hedged) 8.27% 21.22% 13.91% 25.64% 8.93% 3.04% MediumJPM Emerging Markets Equity X (acc) - USD 8.90% 22.50% 15.76% 28.04% 10.30% 4.11% MediumJPM Emerging Markets Equity X (dist) - USD 8.92% 22.55% 15.72% 27.63% 9.65% 3.64% MediumJPM Emerging Markets Equity X (inc) - EUR 1.88% 13.22% 13.64% 24.25% 8.54% 10.84% Medium


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JPMorgan Funds - Emerging Markets Investment Grade Bond FundJPM Emerging Markets Investment Grade Bond A (acc) - CHF (hedged) 0.94% 2.95% -2.38% -0.43% 2.00% 1.14% MediumJPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 1.04% 3.19% -2.09% -0.01% 2.51% 1.77% MediumJPM Emerging Markets Investment Grade Bond A (acc) - USD 1.50% 4.10% -0.78% 1.70% 3.85% 2.75% MediumJPM Emerging Markets Investment Grade Bond A (dist) - USD 1.51% 4.10% -0.77% 1.75% 3.70% 2.55% MediumJPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) 1.05% 3.20% -2.08% 0.10% 2.45% 1.66% MediumJPM Emerging Markets Investment Grade Bond A (mth) - USD 1.50% 4.06% -0.83% 1.65% 3.61% 2.47% MediumJPM Emerging Markets Investment Grade Bond C (acc) - USD 1.63% 4.36% -0.41% 2.21% 4.39% 3.29% MediumJPM Emerging Markets Investment Grade Bond C (inc) - EUR (hedged) 1.17% 3.44% -1.72% 0.57% 2.91% 2.15% MediumJPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 0.94% 2.97% -2.39% -0.41% 2.09% 1.35% MediumJPM Emerging Markets Investment Grade Bond D (acc) - USD 1.41% 3.89% -1.07% 1.30% 3.42% 2.32% MediumJPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged) 1.06% 3.22% -1.99% 0.11% 2.57% 1.74% MediumJPM Emerging Markets Investment Grade Bond I (acc) - EUR -4.90% -3.57% -2.20% -0.46% 3.38% 10.59% MediumJPM Emerging Markets Investment Grade Bond I (acc) - EUR (hedged) 1.18% - - - - - MediumJPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged) 1.28% 3.56% -1.71% 0.37% 2.96% 2.16% MediumJPM Emerging Markets Investment Grade Bond I (acc) - USD 1.64% 4.38% -0.37% 2.26% 4.43% 3.38% MediumJPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged) 1.19% 3.45% -1.70% 0.61% 2.94% 2.20% MediumJPM Emerging Markets Investment Grade Bond X (acc) - EUR (hedged)* - - - - - - MediumJPM Emerging Markets Investment Grade Bond X (inc) - EUR (hedged)* - - - - - - Medium

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR -3.24% 1.85% 1.49% 2.50% 1.40% 1.56% MediumJPM Emerging Markets Local Currency Debt A (acc) - SGD 1.85% 5.06% 4.38% 7.56% 3.58% -1.17% MediumJPM Emerging Markets Local Currency Debt A (acc) - USD 3.35% 10.24% 3.35% 5.28% 2.37% -4.19% MediumJPM Emerging Markets Local Currency Debt A (dist) - GBP -0.68% 5.19% 3.45% 8.70% 12.06% 3.90% MediumJPM Emerging Markets Local Currency Debt A (div) - EUR -3.25% 1.86% 1.49% 2.52% 1.08% 1.34% MediumJPM Emerging Markets Local Currency Debt A (inc) - EUR -3.28% 1.82% 1.47% 2.39% 1.17% 1.39% MediumJPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 3.49% 10.26% 3.45% 5.56% 2.29% -3.60% MediumJPM Emerging Markets Local Currency Debt A (mth) - HKD 3.69% 10.53% 3.66% 5.43% 2.04% - MediumJPM Emerging Markets Local Currency Debt A (mth) - USD 3.36% 9.98% 3.04% 4.99% 1.80% -4.36% MediumJPM Emerging Markets Local Currency Debt C (acc) - EUR -3.15% 2.13% 1.92% 3.12% 1.98% 2.22% MediumJPM Emerging Markets Local Currency Debt C (acc) - EUR (hedged) 3.04% 9.46% 2.22% 3.93% 1.61% - MediumJPM Emerging Markets Local Currency Debt C (acc) - USD 3.52% 10.61% 3.89% 5.98% 3.03% -3.60% MediumJPM Emerging Markets Local Currency Debt C (dist) - GBP -0.54% 5.50% 3.92% 9.28% 12.72% 4.50% MediumJPM Emerging Markets Local Currency Debt C (div) - EUR -3.12% 2.16% 1.91% 3.11% 1.66% 1.94% MediumJPM Emerging Markets Local Currency Debt C (inc) - EUR -3.14% 2.13% 1.92% 2.95% 1.69% 1.95% MediumJPM Emerging Markets Local Currency Debt C (mth) - USD 3.49% 10.36% 3.54% 5.57% 2.40% -3.87% MediumJPM Emerging Markets Local Currency Debt D (acc) - EUR -3.39% 1.56% 1.11% 2.01% 0.86% 1.03% MediumJPM Emerging Markets Local Currency Debt D (acc) - USD 3.27% 9.94% 2.99% 4.80% 1.88% -4.62% MediumJPM Emerging Markets Local Currency Debt D (div) - EUR -3.38% 1.68% 1.09% 2.04% 0.63% 0.91% MediumJPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) 2.72% - - - - - MediumJPM Emerging Markets Local Currency Debt D (mth) - USD 3.22% 9.77% 2.71% 4.46% 1.33% -4.74% MediumJPM Emerging Markets Local Currency Debt I (acc) - EUR -3.14% 2.15% 1.95% 3.16% 2.02% 2.27% MediumJPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 3.04% 9.47% 2.25% 3.96% 1.66% -4.59% MediumJPM Emerging Markets Local Currency Debt I (acc) - USD 3.54% 10.57% 3.86% 5.97% 3.05% -3.57% MediumJPM Emerging Markets Local Currency Debt I (inc) - EUR -3.13% 2.15% 1.95% 2.99% 1.72% 2.00% MediumJPM Emerging Markets Local Currency Debt T (acc) - EUR -3.40% 1.57% 1.09% 1.99% 0.84% 1.03% MediumJPM Emerging Markets Local Currency Debt T (div) - EUR -3.37% 1.62% 1.12% 2.04% 0.61% 0.88% MediumJPM Emerging Markets Local Currency Debt X (acc) - EUR* - - - - - - MediumJPM Emerging Markets Local Currency Debt X (acc) - USD 3.70% 10.87% 4.26% 6.54% 3.60% -3.11% MediumJPM Emerging Markets Local Currency Debt X (inc) - GBP -0.39% 5.80% - - - - MediumJPM Emerging Markets Local Currency Debt Y (acc) - EUR -3.01% 2.40% 2.33% 3.68% 2.55% 2.82% MediumJPM Emerging Markets Local Currency Debt Y (acc) - GBP -0.40% 5.80% 4.34% 10.31% 15.06% 6.38% Medium


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JPMorgan Funds - Emerging Markets Opportunities FundJPM Emerging Markets Opportunities A (acc) - CHF (hedged) 8.70% 20.70% 15.62% 27.92% 3.30% -0.39% MediumJPM Emerging Markets Opportunities A (acc) - EUR 2.34% 12.88% 15.53% 27.29% 4.24% 8.21% MediumJPM Emerging Markets Opportunities A (acc) - SGD 7.79% 16.42% 18.79% 33.56% 6.56% 4.96% MediumJPM Emerging Markets Opportunities A (acc) - SGD (hedged) 9.21% 21.92% 17.15% 30.12% 5.13% 1.24% MediumJPM Emerging Markets Opportunities A (acc) - USD 9.41% 22.21% 17.72% 30.82% 5.35% 1.41% MediumJPM Emerging Markets Opportunities A (dist) - EUR 2.35% 12.88% 15.51% 27.10% 4.00% 7.97% MediumJPM Emerging Markets Opportunities A (dist) - GBP 5.10% 16.62% 17.77% 35.03% 15.93% 11.39% MediumJPM Emerging Markets Opportunities A (dist) - USD 9.40% 22.19% 17.69% 30.55% 5.05% 1.21% MediumJPM Emerging Markets Opportunities A (inc) - EUR 2.35% 12.90% 15.53% 27.11% 4.00% 7.98% MediumJPM Emerging Markets Opportunities C (acc) - CHF (hedged) 8.91% 21.16% 16.29% 28.90% 4.17% - MediumJPM Emerging Markets Opportunities C (acc) - EUR 2.54% 13.31% 16.17% 28.25% 5.05% 9.16% MediumJPM Emerging Markets Opportunities C (acc) - PLN 2.31% 8.58% 14.03% 22.65% 5.53% 9.87% MediumJPM Emerging Markets Opportunities C (acc) - SGD 7.96% 16.78% 19.41% 34.51% - - MediumJPM Emerging Markets Opportunities C (acc) - SGD (hedged) 9.43% 22.34% 17.81% 31.13% - - MediumJPM Emerging Markets Opportunities C (acc) - USD 9.60% 22.64% 18.35% 31.74% 6.14% 2.19% MediumJPM Emerging Markets Opportunities C (dist) - EUR 2.54% 13.30% 16.17% 27.55% 4.48% 8.63% MediumJPM Emerging Markets Opportunities C (dist) - GBP 5.31% 17.06% 18.44% 36.05% 17.40% 12.67% MediumJPM Emerging Markets Opportunities C (dist) - USD 9.61% 22.65% 18.35% 31.16% 5.24% 1.60% MediumJPM Emerging Markets Opportunities C (inc) - EUR 2.54% 13.31% 16.17% 28.08% - - MediumJPM Emerging Markets Opportunities D (acc) - EUR 2.16% 12.46% 14.87% 26.34% 3.43% 7.28% MediumJPM Emerging Markets Opportunities D (acc) - PLN 1.93% 7.77% 12.76% 20.83% 3.89% 7.95% MediumJPM Emerging Markets Opportunities D (acc) - USD 9.19% 21.73% 17.03% 29.79% 4.48% 0.61% MediumJPM Emerging Markets Opportunities I (acc) - EUR 2.55% 13.30% 16.17% 28.24% - - MediumJPM Emerging Markets Opportunities I (acc) - SGD 7.95% 16.83% 19.49% 34.52% 7.47% - MediumJPM Emerging Markets Opportunities I (acc) - USD 9.62% 22.67% 18.38% 31.80% 6.20% 2.27% MediumJPM Emerging Markets Opportunities I (dist) - USD* - - - - - - MediumJPM Emerging Markets Opportunities T (acc) - EUR 2.16% 12.46% 14.88% 26.34% 3.43% 7.28% MediumJPM Emerging Markets Opportunities X (acc) - EUR 2.78% 13.82% 16.95% 29.41% 6.06% 10.37% MediumJPM Emerging Markets Opportunities X (acc) - EUR (hedged) 9.25% 21.89% 17.26% 30.34% 5.58% 2.21% MediumJPM Emerging Markets Opportunities X (acc) - GBP 5.54% 17.58% 19.23% 37.68% 19.40% 14.68% MediumJPM Emerging Markets Opportunities X (acc) - USD 9.85% 23.19% 19.14% 32.93% 7.17% 3.19% MediumJPM Emerging Markets Opportunities X (dist) - AUD 9.12% 15.80% 18.62% 28.17% 6.75% 10.65% MediumJPM Emerging Markets Opportunities X (dist) - GBP 5.54% 17.58% 19.24% 37.64% - - Medium

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - EUR 0.55% 3.32% 11.95% 9.85% -4.46% 1.55% MediumJPM Emerging Middle East Equity A (acc) - USD 6.85% 12.72% 13.82% 12.72% -3.61% -4.22% MediumJPM Emerging Middle East Equity A (dist) - USD 6.85% 12.73% 13.83% 12.43% -3.84% -4.20% MediumJPM Emerging Middle East Equity C (acc) - USD 6.99% 13.02% 14.45% 13.58% -2.92% -3.53% MediumJPM Emerging Middle East Equity C (dist) - USD 7.04% 13.12% 14.47% 13.22% -3.21% -3.52% MediumJPM Emerging Middle East Equity D (acc) - EUR 0.31% 2.84% 11.12% 8.79% -5.35% 0.53% MediumJPM Emerging Middle East Equity D (acc) - USD 6.58% 12.13% 12.98% 11.59% -4.53% -5.06% MediumJPM Emerging Middle East Equity I (acc) - USD 7.04% 13.14% 14.49% 13.60% -2.92% -3.51% Medium

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - CHF (hedged) 3.89% 10.18% 19.02% 26.13% 5.30% 7.74% MediumJPM Euroland Equity A (acc) - EUR 3.91% 10.32% 19.33% 26.66% 6.04% 8.89% MediumJPM Euroland Equity A (acc) - GBP (hedged) 4.05% 10.62% 19.77% 27.49% 5.75% 8.83% MediumJPM Euroland Equity A (acc) - USD (hedged) 4.43% 11.29% 20.77% 28.64% 6.69% 9.36% MediumJPM Euroland Equity A (dist) - EUR 3.93% 10.36% 19.37% 26.40% 5.89% 8.69% MediumJPM Euroland Equity A (dist) - USD 11.09% 19.55% 21.62% 29.88% 6.96% 1.77% MediumJPM Euroland Equity A (inc) - EUR 3.82% 10.34% 19.31% 26.13% 5.59% 8.47% MediumJPM Euroland Equity C (acc) - CHF (hedged) 4.13% 10.69% 19.86% 27.33% 6.36% - MediumJPM Euroland Equity C (acc) - EUR 4.17% 10.82% 20.17% 27.83% 7.10% 10.16% MediumJPM Euroland Equity C (acc) - GBP (hedged) 4.31% 11.15% 20.61% 28.66% - - MediumJPM Euroland Equity C (acc) - USD (hedged)* - - - - - - MediumJPM Euroland Equity C (dist) - EUR 4.17% 10.86% 20.19% 27.17% 6.56% 9.17% MediumJPM Euroland Equity C (dist) - USD 11.35% 19.99% 22.45% 30.65% 7.77% - MediumJPM Euroland Equity D (acc) - EUR 3.81% 9.96% 18.72% 25.71% 5.22% 7.96% MediumJPM Euroland Equity X (acc) - EUR 4.40% 11.31% 20.82% 28.78% 7.93% 11.10% Medium


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JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - AUD (hedged) 3.11% 9.10% 17.58% 25.88% 7.01% 9.76% MediumJPM Europe Dynamic A (acc) - EUR 1.54% 6.45% 14.71% 20.77% 1.61% 6.82% MediumJPM Europe Dynamic A (acc) - HKD (hedged) 2.68% 8.13% 16.12% 24.07% 5.58% 7.79% MediumJPM Europe Dynamic A (acc) - SGD (hedged) 2.77% 8.33% 16.31% 24.33% 6.09% 8.28% MediumJPM Europe Dynamic A (acc) - USD 8.49% 15.19% 16.78% 24.01% 2.56% 0.18% MediumJPM Europe Dynamic A (acc) - USD (hedged) 2.86% 8.44% 16.47% 24.48% 5.87% 7.87% MediumJPM Europe Dynamic A (dist) - EUR 1.52% 6.42% 14.64% 20.33% 1.32% 6.53% MediumJPM Europe Dynamic A (dist) - GBP 4.24% 9.96% 16.91% 27.87% 13.23% 10.20% MediumJPM Europe Dynamic A (inc) - EUR 1.50% 6.42% 14.63% 20.29% 1.28% 6.49% MediumJPM Europe Dynamic C (acc) - EUR 1.70% 6.82% 15.31% 21.65% 2.35% 7.76% MediumJPM Europe Dynamic C (acc) - USD 8.71% 15.65% 17.48% 24.99% 3.38% 0.98% MediumJPM Europe Dynamic C (acc) - USD (hedged) 3.05% 8.84% 17.11% 25.39% 6.70% 8.81% MediumJPM Europe Dynamic C (dist) - EUR 1.71% 6.84% 15.31% 21.20% 2.09% - MediumJPM Europe Dynamic C (dist) - GBP 4.44% 10.39% 17.58% 28.67% 14.10% 10.95% MediumJPM Europe Dynamic C (inc) - EUR 1.71% 6.85% 15.32% 21.27% - - MediumJPM Europe Dynamic D (acc) - EUR 1.29% 5.91% 13.85% 19.58% 0.55% 5.60% MediumJPM Europe Dynamic D (acc) - USD 8.23% 14.62% 15.91% 22.76% 1.49% -0.82% MediumJPM Europe Dynamic D (acc) - USD (hedged) 2.60% 7.87% 15.55% 23.15% 4.69% 6.60% MediumJPM Europe Dynamic I (acc) - EUR 1.70% 6.85% 15.34% 21.72% 2.40% 7.86% MediumJPM Europe Dynamic I (acc) - USD* - - - - - - MediumJPM Europe Dynamic I (acc) - USD (hedged) 3.06% 8.86% 17.14% 25.44% 6.74% - MediumJPM Europe Dynamic I (dist) - EUR 1.72% 6.86% 15.35% 21.25% 2.09% 7.36% MediumJPM Europe Dynamic I (dist) - GBP 4.46% 10.40% 17.60% 28.86% 14.20% 11.20% MediumJPM Europe Dynamic X (acc) - EUR 1.92% 7.30% 16.05% 22.70% 3.25% 8.86% MediumJPM Europe Dynamic X (acc) - USD (hedged) 3.27% - - - - - Medium

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 1.94% 8.55% 15.40% 20.44% 3.59% 7.56% MediumJPM Europe Equity A (acc) - USD 8.90% 17.39% 17.53% 23.69% 4.60% 0.82% MediumJPM Europe Equity A (acc) - USD (hedged) 3.55% 10.82% 17.29% 24.24% 7.98% 8.69% MediumJPM Europe Equity A (dist) - EUR 1.92% 8.51% 15.39% 19.93% 3.21% 7.17% MediumJPM Europe Equity A (dist) - USD 8.93% 17.41% 17.49% 23.05% 4.17% 0.51% MediumJPM Europe Equity C (acc) - EUR 2.06% 8.79% 15.84% 21.08% 4.17% 8.42% MediumJPM Europe Equity C (acc) - USD 9.09% 17.76% 18.02% 24.41% 5.25% 1.47% MediumJPM Europe Equity C (acc) - USD (hedged) 3.70% 11.15% 17.82% 24.98% 8.68% 9.53% MediumJPM Europe Equity C (dist) - EUR 2.05% 8.79% 15.84% 20.54% 3.75% 7.76% MediumJPM Europe Equity C (dist) - USD 9.09% 17.76% 18.02% 23.74% 4.75% 1.18% MediumJPM Europe Equity D (acc) - EUR 1.71% 8.08% 14.71% 19.53% 2.78% 6.65% MediumJPM Europe Equity D (acc) - USD 8.74% 17.04% 16.86% 22.72% 3.79% 0.04% MediumJPM Europe Equity D (acc) - USD (hedged) 3.35% 10.41% 16.63% 23.30% 7.11% 7.76% MediumJPM Europe Equity I (acc) - EUR 2.06% 8.81% 15.87% 21.14% - - MediumJPM Europe Equity X (acc) - EUR 2.22% 9.09% 16.35% 21.78% 4.79% 9.18% Medium

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 4.33% 12.73% 13.18% 25.46% 8.98% 15.26% MediumJPM Europe Small Cap A (acc) - USD 11.54% 22.02% 15.31% 28.89% 10.14% 7.27% MediumJPM Europe Small Cap A (acc) - USD (hedged) 6.17% 15.23% 15.21% 29.50% - - MediumJPM Europe Small Cap A (dist) - EUR 4.37% 12.76% 13.23% 25.22% 8.74% 15.02% MediumJPM Europe Small Cap A (dist) - GBP 7.15% 16.47% 15.39% 33.06% 22.42% 19.49% MediumJPM Europe Small Cap C (acc) - EUR 4.55% 13.15% 13.88% 26.45% 9.91% 16.47% MediumJPM Europe Small Cap C (dist) - EUR 4.56% 13.18% 13.87% 26.11% 9.59% 15.67% MediumJPM Europe Small Cap D (acc) - EUR 4.10% 12.19% 12.37% 24.22% 7.82% 13.83% MediumJPM Europe Small Cap I (acc) - EUR 4.57% 13.20% 13.90% 26.52% 9.97% 16.56% MediumJPM Europe Small Cap X (acc) - EUR 4.78% 13.66% 14.59% 27.55% 10.95% - Medium

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 3.74% 16.16% 18.24% 33.83% 15.54% 21.94% MediumJPM Europe Technology A (acc) - USD (hedged) 5.22% 18.65% 20.14% 37.81% 20.52% 24.22% MediumJPM Europe Technology A (dist) - EUR 3.72% 16.15% 18.22% 33.41% 15.17% 21.45% MediumJPM Europe Technology A (dist) - GBP 6.54% 19.99% 20.58% 41.88% 30.46% 26.70% MediumJPM Europe Technology C (acc) - EUR 3.95% 16.62% 18.94% 34.87% 16.58% 23.31% MediumJPM Europe Technology C (dist) - EUR 3.95% 16.62% 18.94% 34.45% 16.14% 22.03% MediumJPM Europe Technology C (dist) - GBP 6.74% 20.49% 21.28% 42.96% 32.12% - MediumJPM Europe Technology D (acc) - EUR 3.53% 15.57% 17.33% 32.47% 14.23% 20.28% MediumJPM Europe Technology X (acc) - EUR 4.17% 17.12% 19.69% 36.02% - - Medium


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JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - CHF (hedged) 1.74% 6.17% 12.02% 18.79% 3.14% 4.36% MediumJPM Global Dynamic A (acc) - EUR -2.87% 1.28% 10.84% 17.08% 3.09% 10.21% MediumJPM Global Dynamic A (acc) - EUR (hedged) 1.71% 6.39% 12.43% 19.37% 3.96% 5.19% MediumJPM Global Dynamic A (acc) - SGD 2.26% 4.48% 14.04% 22.84% 5.35% 6.78% MediumJPM Global Dynamic A (acc) - USD 3.84% 9.69% 12.97% 20.32% 4.15% 3.07% MediumJPM Global Dynamic A (dist) - GBP -0.27% 4.66% 13.04% 24.29% 15.37% 14.20% MediumJPM Global Dynamic A (dist) - USD 3.82% 9.67% 12.97% 20.08% 3.98% 2.95% MediumJPM Global Dynamic A (inc) - EUR -2.85% 1.31% 10.81% 16.87% 2.88% 10.05% MediumJPM Global Dynamic C (acc) - EUR -2.61% 1.73% 11.58% 18.06% 3.96% 11.30% MediumJPM Global Dynamic C (acc) - EUR (hedged) 1.98% 6.80% 13.14% 20.40% 4.83% - MediumJPM Global Dynamic C (acc) - USD 4.02% 10.11% 13.67% 21.29% 5.00% 3.98% MediumJPM Global Dynamic C (dist) - GBP -0.07% 5.07% 13.70% 25.23% 16.22% 15.17% MediumJPM Global Dynamic C (dist) - USD 4.01% 10.09% 13.61% 20.98% 4.71% 3.70% MediumJPM Global Dynamic C (inc) - EUR -2.69% 1.70% 11.52% 17.81% 3.68% 10.98% MediumJPM Global Dynamic D (acc) - EUR -3.14% 0.84% 10.09% 16.00% 2.02% 8.92% MediumJPM Global Dynamic D (acc) - EUR (hedged) 1.59% 5.81% 11.68% 18.24% 2.90% 4.06% MediumJPM Global Dynamic D (acc) - USD 3.53% 9.11% 12.12% 19.14% 3.03% 1.96% MediumJPM Global Dynamic I (acc) - EUR (hedged)* - - - - - - MediumJPM Global Dynamic I (acc) - USD 4.03% 10.12% 13.63% 21.27% 5.01% 4.00% MediumJPM Global Dynamic I (dist) - USD* - - - - - - MediumJPM Global Dynamic I (inc) - EUR -2.67% 1.74% 11.55% 17.86% 3.73% 11.07% MediumJPM Global Dynamic X (acc) - EUR (hedged) 2.20% 7.26% 13.86% 21.42% 5.77% 7.20% MediumJPM Global Dynamic X (acc) - USD 4.23% 10.57% 14.31% 22.29% 5.91% 4.92% Medium

JPMorgan Funds - Global Government Bond FundJPM Global Government Bond A (acc) - EUR 0.39% 0.08% -3.67% -3.82% 1.86% 2.33% MediumJPM Global Government Bond A (acc) - USD (hedged) 0.79% 0.97% -2.46% -2.29% 3.09% 3.27% MediumJPM Global Government Bond C (acc) - EUR 0.38% 0.15% -3.65% -3.72% 2.01% 2.53% MediumJPM Global Government Bond C (acc) - USD (hedged) 0.82% 1.04% -2.36% -2.12% - - MediumJPM Global Government Bond D (acc) - EUR 0.24% -0.08% -3.88% -4.10% 1.59% 2.07% MediumJPM Global Government Bond I (acc) - EUR 0.42% 0.21% -3.56% -3.64% 2.07% 2.57% MediumJPM Global Government Bond I (acc) - USD (hedged) 0.83% 1.06% -2.33% -2.08% - - MediumJPM Global Government Bond X (acc) - EUR 0.52% 0.30% -3.36% -3.36% 2.32% 2.84% MediumJPM Global Government Bond X (acc) - USD (hedged) 0.89% 1.19% -2.13% -1.82% - - MediumJPM Global Government Bond X (dist) - GBP (hedged) 0.68% 0.73% -2.79% -2.50% - - MediumJPM Global Government Bond X (dist) - USD (hedged)* - - - - - - Medium

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR -10.46% -9.54% 0.88% 12.45% -0.47% -7.22% MediumJPM Global Natural Resources A (acc) - GBP -8.05% -6.56% 2.90% 19.60% 11.30% -4.65% MediumJPM Global Natural Resources A (acc) - SGD -5.73% -6.71% 3.78% 17.84% 1.59% -9.28% MediumJPM Global Natural Resources A (acc) - USD -4.29% -2.07% 2.82% 15.54% 0.50% -11.48% MediumJPM Global Natural Resources A (dist) - EUR -10.48% -9.58% 0.92% 12.44% -0.50% -7.22% MediumJPM Global Natural Resources C (acc) - EUR -10.28% -9.17% 1.57% 13.29% 0.32% -6.57% MediumJPM Global Natural Resources C (acc) - USD -4.07% -1.73% 3.48% 16.55% 1.35% -10.97% MediumJPM Global Natural Resources C (dist) - EUR -10.28% -9.21% 1.51% 13.23% 0.19% -6.63% MediumJPM Global Natural Resources D (acc) - EUR -10.73% -10.06% 0.14% 11.38% -1.47% -7.98% MediumJPM Global Natural Resources D (acc) - USD -4.45% -2.46% 2.18% 14.44% -0.48% -12.14% MediumJPM Global Natural Resources I (dist) - EUR -10.27% -9.19% 1.50% 13.17% 0.28% -6.56% MediumJPM Global Natural Resources X (acc) - EUR -10.07% -8.81% 2.15% 14.29% 1.15% -5.88% MediumJPM Global Natural Resources X (dist) - AUD -4.49% -7.13% 3.80% 13.55% 2.20% -5.32% Medium

JPMorgan Funds - Global Real Estate Securities Fund (USD)JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 2.15% 1.63% -2.65% -1.22% 2.88% 3.46% MediumJPM Global Real Estate Securities (USD) A (acc) - USD 3.51% 4.36% -2.71% -0.86% 3.49% 1.68% MediumJPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 2.33% 1.69% -2.51% -1.16% 2.87% 3.39% MediumJPM Global Real Estate Securities (USD) A (inc) - USD 3.51% 4.34% -2.69% -0.74% 3.41% 1.59% MediumJPM Global Real Estate Securities (USD) C (acc) - EUR (hedged) 2.46% 2.11% -1.87% -0.28% 3.92% 4.50% MediumJPM Global Real Estate Securities (USD) C (acc) - USD 3.78% 4.87% -1.95% 0.15% 4.57% 2.80% MediumJPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 2.02% 1.20% -3.20% -2.07% 2.06% 2.61% MediumJPM Global Real Estate Securities (USD) D (acc) - USD 3.31% 3.92% -3.28% -1.67% 2.68% 0.90% MediumJPM Global Real Estate Securities (USD) I (acc) - USD 3.79% 4.89% -1.92% 0.19% 4.62% 2.84% MediumJPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 2.64% 2.45% -1.39% 0.37% 4.63% 5.35% MediumJPM Global Real Estate Securities (USD) X (acc) - USD 3.91% 5.17% -1.51% 0.77% 5.26% 3.51% Medium


259




JPMorgan Funds - Global Unconstrained Equity FundJPM Global Unconstrained Equity A (acc) - CHF (hedged) 0.78% 5.39% 12.16% 20.14% 2.89% - MediumJPM Global Unconstrained Equity A (acc) - EUR -3.88% 0.50% 11.73% 19.32% 2.62% 11.44% MediumJPM Global Unconstrained Equity A (acc) - EUR (hedged) 0.96% 5.67% 12.54% 20.69% 3.25% 6.09% MediumJPM Global Unconstrained Equity A (acc) - USD 2.71% 8.75% 13.80% 22.59% 3.67% 4.09% MediumJPM Global Unconstrained Equity A (dist) - EUR (hedged) 0.82% 5.51% 12.53% 20.39% 2.99% 5.92% MediumJPM Global Unconstrained Equity A (dist) - USD 2.71% 8.76% 13.82% 22.36% 3.47% 3.93% MediumJPM Global Unconstrained Equity C (acc) - EUR -3.65% 0.98% 12.55% 20.49% 3.65% - MediumJPM Global Unconstrained Equity C (acc) - EUR (hedged) 1.16% 6.19% 13.45% 21.91% 4.25% 7.30% MediumJPM Global Unconstrained Equity C (acc) - USD 3.00% 9.29% 14.73% 23.82% 4.73% 5.25% MediumJPM Global Unconstrained Equity C (dist) - USD 2.99% 9.32% - - - - MediumJPM Global Unconstrained Equity D (acc) - EUR -4.07% 0.11% 11.08% 18.40% 1.82% - MediumJPM Global Unconstrained Equity D (acc) - EUR (hedged) 0.68% 5.21% 11.84% 19.68% 2.42% 5.21% MediumJPM Global Unconstrained Equity D (acc) - USD 2.54% 8.35% 13.17% 21.57% 2.84% 3.22% MediumJPM Global Unconstrained Equity I (acc) - JPY 3.46% 5.04% 27.09% 35.12% 0.23% 9.41% MediumJPM Global Unconstrained Equity I (acc) - USD 3.00% 9.33% 14.70% 23.83% 4.76% - MediumJPM Global Unconstrained Equity T (acc) - EUR -4.07% 0.11% 11.10% 18.40% 1.82% - MediumJPM Global Unconstrained Equity X (acc) - EUR -3.49% 1.32% 13.13% 21.33% 4.37% 13.77% MediumJPM Global Unconstrained Equity X (acc) - EUR (hedged) 1.27% 6.49% 13.94% 22.67% 4.98% 8.11% MediumJPM Global Unconstrained Equity X (acc) - USD 3.12% 9.69% 15.24% 24.61% 5.42% 5.97% MediumJPM Global Unconstrained Equity X (dist) - AUD 2.52% 3.18% 14.91% 20.37% 5.51% 14.51% Medium

JPMorgan Funds - Greater China FundJPM Greater China A (acc) - SGD 10.10% 21.00% 15.74% 34.28% 4.45% 11.73% MediumJPM Greater China A (acc) - USD 11.76% 27.01% 14.65% 31.51% 3.27% 7.56% MediumJPM Greater China A (dist) - HKD 12.17% 27.83% 15.42% 31.92% 3.19% 7.43% MediumJPM Greater China A (dist) - USD 11.71% 26.99% 14.62% 31.15% 2.84% 7.20% MediumJPM Greater China C (acc) - EUR 4.76% 17.82% 13.23% 29.07% 3.11% - MediumJPM Greater China C (acc) - SGD 10.30% 21.48% 16.41% 35.33% - - MediumJPM Greater China C (acc) - USD 11.97% 27.50% 15.36% 32.59% 4.14% 8.59% MediumJPM Greater China C (dist) - USD 11.97% 27.53% 15.35% 32.23% 3.67% 8.15% MediumJPM Greater China D (acc) - EUR 4.27% 16.74% 11.68% 26.72% 1.18% 14.11% MediumJPM Greater China D (acc) - USD 11.45% 26.36% 13.76% 30.16% 2.18% 6.31% MediumJPM Greater China I (acc) - USD 11.97% 27.56% 15.38% 32.65% 4.20% 8.70% MediumJPM Greater China I (dist) - USD* - - - - - - MediumJPM Greater China T (acc) - EUR 4.28% 16.75% 11.67% 26.71% 1.18% 14.11% MediumJPM Greater China X (acc) - USD 12.18% 28.04% 16.03% 33.64% - - Medium

JPMorgan Funds - Hong Kong FundJPM Hong Kong A (acc) - USD 8.81% 20.63% 12.78% 27.81% 0.24% 5.33% MediumJPM Hong Kong A (dist) - HKD 9.32% 21.36% 13.53% 28.12% 0.27% 5.25% MediumJPM Hong Kong A (dist) - USD 8.84% 20.64% 12.75% 27.45% -0.07% 5.05% MediumJPM Hong Kong C (acc) - USD 9.07% 21.16% 13.46% 28.91% 1.13% 6.36% MediumJPM Hong Kong D (acc) - USD 8.58% 20.08% 11.95% 26.53% -0.73% 4.21% MediumJPM Hong Kong X (acc) - USD 9.28% 21.65% 14.16% 29.93% - - Medium

JPMorgan Funds - Income FundJPM Income Fund A (acc) - EUR (hedged) 0.86% 1.99% 0.72% 3.83% 2.81% 2.08% MediumJPM Income Fund A (acc) - SEK (hedged) 0.81% 1.88% 0.50% 3.60% 2.52% 1.92% MediumJPM Income Fund A (acc) - USD 1.29% 2.85% 2.02% 5.56% 4.08% 3.03% MediumJPM Income Fund A (div) - EUR (hedged) 0.84% 1.95% 0.67% 3.81% 2.63% 1.87% MediumJPM Income Fund A (div) - USD 1.28% 2.82% 1.95% 5.43% 3.76% 2.68% MediumJPM Income Fund A (mth) - HKD 2.32% 4.04% 3.19% 6.63% 4.40% - MediumJPM Income Fund A (mth) - USD 1.80% 3.31% 2.48% 5.91% 4.00% - MediumJPM Income Fund C (acc) - USD 1.42% 3.13% 2.43% 6.11% - - MediumJPM Income Fund C (div) - EUR (hedged) 0.99% 2.23% 1.07% 4.37% 3.18% 2.38% MediumJPM Income Fund D (div) - EUR (hedged) 0.71% 1.71% 0.31% 3.32% 2.13% 1.38% Medium

JPMorgan Funds - India FundJPM India A (acc) - EUR+ - - - - - - MediumJPM India A (acc) - SGD 1.62% 14.98% 5.58% 11.56% 4.41% 10.73% MediumJPM India A (acc) - USD 3.19% 20.63% 4.64% 9.28% 3.22% 6.65% MediumJPM India A (dist) - GBP -0.87% 15.15% 4.70% 13.14% 14.51% 19.13% MediumJPM India A (dist) - USD 3.17% 20.64% 4.62% 9.25% 3.18% 6.62% MediumJPM India C (acc) - EUR -3.26% 11.93% 3.34% 7.28% 3.07% 15.69% MediumJPM India C (acc) - USD 3.40% 21.19% 5.31% 10.22% 4.13% 7.70% MediumJPM India C (dist) - USD 3.39% 21.15% 5.29% 10.18% 4.03% 7.53% MediumJPM India D (acc) - EUR -3.67% 11.01% 2.08% 5.52% 1.35% 13.36% MediumJPM India D (acc) - USD 2.96% 20.15% 3.99% 8.41% 2.37% 5.70% MediumJPM India I (acc) - USD 3.40% 21.18% 5.31% 10.25% 4.17% 7.78% MediumJPM India I (dist) - USD 3.41% 21.18% 5.32% 10.22% 3.78% 7.49% MediumJPM India T (acc) - EUR -3.67% 11.01% 2.08% 5.52% 1.34% 13.36% MediumJPM India X (acc) - USD 3.60% 21.63% 5.90% 11.10% 5.00% 8.82% Medium

* Share Class inactive as at the end of the year.+ No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the year end.

260




JPMorgan Funds - Indonesia Equity FundJPM Indonesia Equity A (acc) - USD 4.50% 10.99% 2.88% 10.63% 8.17% 1.71% MediumJPM Indonesia Equity C (acc) - USD 4.72% 11.45% 3.53% 11.55% 9.17% 2.65% MediumJPM Indonesia Equity D (acc) - EUR -0.11% 4.55% 2.79% 9.39% 7.52% 8.62% MediumJPM Indonesia Equity D (acc) - USD 4.33% 10.60% 2.33% 9.83% 7.32% 0.93% MediumJPM Indonesia Equity X (acc) - JPY 4.43% 6.54% 14.35% 21.59% 4.63% 7.07% Medium

JPMorgan Funds - Japan Equity FundJPM Japan Equity A (acc) - EUR 1.10% 5.52% 1.66% -1.08% 3.69% 17.53% MediumJPM Japan Equity A (acc) - EUR (hedged) 8.13% 9.10% 13.94% 9.89% -0.17% 13.20% MediumJPM Japan Equity A (acc) - JPY 8.57% 9.70% 14.72% 10.85% 0.24% 13.74% MediumJPM Japan Equity A (acc) - SGD (hedged) 8.72% 10.07% 15.34% 11.58% - - MediumJPM Japan Equity A (acc) - USD 8.02% 14.23% 3.56% 1.62% 4.77% 9.21% MediumJPM Japan Equity A (acc) - USD (hedged) 8.80% 10.16% 15.33% 11.61% 0.06% 13.45% MediumJPM Japan Equity A (dist) - GBP 3.73% 8.89% 3.55% 5.15% 16.40% 22.43% MediumJPM Japan Equity A (dist) - GBP (hedged) 8.33% 9.49% 14.37% 10.53% -0.61% 12.82% MediumJPM Japan Equity A (dist) - JPY 8.51% 9.68% 14.66% - - - MediumJPM Japan Equity A (dist) - SGD 6.45% 8.73% 4.41% 3.65% 5.94% 13.49% MediumJPM Japan Equity A (dist) - USD 8.06% 14.19% 3.53% 1.62% 4.78% 9.19% MediumJPM Japan Equity C (acc) - EUR 1.29% 5.91% 2.22% -0.31% 4.58% 18.78% MediumJPM Japan Equity C (acc) - EUR (hedged) 8.35% 9.55% 14.64% 10.82% - - MediumJPM Japan Equity C (acc) - JPY 8.73% 10.13% 15.37% 11.75% - - MediumJPM Japan Equity C (acc) - USD 8.24% 14.64% 4.10% 2.38% 5.64% 10.27% MediumJPM Japan Equity C (acc) - USD (hedged) 9.01% 10.59% 16.01% 12.50% 0.86% 14.65% MediumJPM Japan Equity C (dist) - GBP 4.01% 9.42% 4.22% 5.96% 17.49% 23.81% MediumJPM Japan Equity C (dist) - USD 8.25% 14.63% 4.13% 2.31% 5.59% 10.21% MediumJPM Japan Equity D (acc) - EUR 0.85% 5.04% 1.00% -1.94% 2.84% 16.35% MediumJPM Japan Equity D (acc) - EUR (hedged) 7.92% 8.68% 13.29% - - - MediumJPM Japan Equity D (acc) - JPY 8.31% 9.26% 14.01% - - - MediumJPM Japan Equity D (acc) - USD 7.91% 13.79% 2.94% 0.82% 3.96% 8.26% MediumJPM Japan Equity I (acc) - EUR+ - - - - - - MediumJPM Japan Equity I (acc) - JPY 8.76% 10.16% 15.42% 11.80% - - MediumJPM Japan Equity I (acc) - USD 8.27% 14.66% 4.17% 2.46% 5.71% 10.38% MediumJPM Japan Equity J (dist) - USD 7.99% 14.10% 3.46% 1.51% 4.70% 9.14% MediumJPM Japan Equity X (acc) - JPY 8.95% 10.58% 16.08% 12.64% - - MediumJPM Japan Equity X (acc) - USD 8.51% 15.12% 4.78% 3.26% 6.57% 11.36% MediumJPM Japan Equity X (acc) - USD (hedged) 9.24% - - - - - Medium

JPMorgan Funds - Korea Equity FundJPM Korea Equity A (acc) - EUR 1.48% 15.23% 14.97% 23.53% 8.73% 9.33% MediumJPM Korea Equity A (acc) - USD 8.30% 25.83% 17.05% 26.78% 9.78% 2.27% MediumJPM Korea Equity A (dist) - USD 8.36% 25.83% 17.12% 26.72% 9.80% 2.27% MediumJPM Korea Equity C (acc) - EUR 1.62% 15.70% 15.70% 24.51% 9.68% 10.42% MediumJPM Korea Equity C (acc) - SGD 7.02% 19.80% 18.92% 30.54% - - MediumJPM Korea Equity C (acc) - USD 8.61% 26.34% 17.87% 27.91% 10.86% 3.23% MediumJPM Korea Equity C (dist) - USD 8.60% 26.34% 17.86% 27.63% - - MediumJPM Korea Equity D (acc) - USD 8.13% 25.18% 16.28% 25.62% 8.65% 1.23% MediumJPM Korea Equity I (acc) - USD 8.62% 26.37% 17.91% 27.97% 10.90% 3.28% MediumJPM Korea Equity X (acc) - USD 8.83% 26.85% 18.58% 28.93% - - Medium

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR -5.51% 5.94% 5.78% 10.55% 1.28% -1.63% HighJPM Latin America Equity A (acc) - SGD -0.44% 9.70% 8.75% 16.00% 3.50% -4.09% HighJPM Latin America Equity A (acc) - USD 1.01% 15.71% 7.79% 13.58% 2.33% -6.83% HighJPM Latin America Equity A (dist) - USD 1.00% 15.69% 7.75% 13.50% 2.21% -6.85% HighJPM Latin America Equity C (acc) - EUR -5.34% 6.33% 6.36% 11.38% 2.06% -0.90% HighJPM Latin America Equity C (acc) - SGD -0.31% 10.18% 9.44% 16.82% - - HighJPM Latin America Equity C (acc) - USD 1.21% 16.16% 8.37% 14.43% 3.08% -6.22% HighJPM Latin America Equity C (dist) - USD 1.20% 16.13% 8.37% 14.31% 2.93% - HighJPM Latin America Equity D (acc) - EUR -5.75% 5.41% 4.98% 9.44% 0.26% -2.57% HighJPM Latin America Equity D (acc) - USD 0.74% 15.12% 6.95% 12.42% 1.25% -7.62% HighJPM Latin America Equity I (acc) - EUR** -5.32% 6.37% - - - - HighJPM Latin America Equity I (acc) - JPY 1.65% 11.62% 20.11% 24.91% -1.27% -3.27% HighJPM Latin America Equity I (acc) - USD 1.21% 16.17% 8.46% 14.49% 3.16% -6.15% HighJPM Latin America Equity I (dist) - USD 1.20% 16.14% 8.38% 14.35% 2.85% -6.25% HighJPM Latin America Equity X (acc) - USD 1.42% 16.67% 9.09% 15.43% 4.05% -5.46% High

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD -6.52% -7.45% 5.93% 17.15% 10.24% -4.23% MediumJPM Russia A (dist) - USD -6.47% -7.42% 5.93% 16.88% 9.59% -4.54% MediumJPM Russia C (acc) - USD -6.25% -7.13% 6.45% 18.14% 11.11% -3.55% MediumJPM Russia C (dist) - USD -6.35% -7.14% 6.49% 17.63% 9.93% -4.13% MediumJPM Russia D (acc) - EUR -12.77% -14.96% 3.16% 12.92% 7.88% 0.46% MediumJPM Russia D (acc) - USD -6.76% -7.93% 5.03% 16.03% 8.95% -5.10% MediumJPM Russia I (acc) - USD -6.38% -7.18% 6.47% 18.04% 11.15% -3.56% MediumJPM Russia T (acc) - EUR -12.77% -14.96% 3.16% 12.91% 7.87% 0.46% MediumJPM Russia X (acc) - USD -6.13% - - - - - Medium

** Share Class reactivated during the year.+ No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the year end.

261




JPMorgan Funds - Singapore FundJPM Singapore A (acc) - SGD 2.89% 13.99% 15.44% 20.02% 3.89% 3.43% MediumJPM Singapore A (acc) - USD 4.42% 19.60% 14.32% 17.51% 2.68% -0.01% MediumJPM Singapore A (dist) - USD 4.42% 19.57% 14.31% 17.22% 2.14% -0.35% MediumJPM Singapore C (acc) - SGD 3.09% 14.38% 16.09% 20.89% - - MediumJPM Singapore C (acc) - USD 4.60% 20.06% 15.03% 18.45% 3.57% 0.86% MediumJPM Singapore C (dist) - USD 4.63% 20.08% 15.04% 18.06% 2.92% 0.41% MediumJPM Singapore D (acc) - USD 4.15% 18.96% 13.45% 16.33% 1.63% -1.00% MediumJPM Singapore I (acc) - USD 4.64% 20.10% 15.07% 18.49% 3.60% 0.89% MediumJPM Singapore X (acc) - USD 4.83% 20.56% 15.73% 19.43% - - Medium

JPMorgan Funds - Taiwan FundJPM Taiwan A (acc) - EUR 2.36% 11.91% 8.91% 23.73% 7.11% 12.95% MediumJPM Taiwan A (acc) - USD 9.36% 21.10% 10.94% 27.09% 8.23% 5.37% MediumJPM Taiwan A (dist) - HKD 9.94% 21.89% 11.65% 27.51% 8.10% 5.23% MediumJPM Taiwan A (dist) - USD 9.39% 21.13% 10.92% 26.75% 7.70% 4.98% MediumJPM Taiwan C (acc) - USD 9.61% 21.64% 11.66% 28.17% 9.23% 6.34% MediumJPM Taiwan C (dist) - USD 9.62% 21.62% 11.65% 27.78% 8.61% 5.68% MediumJPM Taiwan D (acc) - USD 9.12% 20.53% 10.12% 25.88% 7.08% 4.23% MediumJPM Taiwan I (acc) - EUR 2.57% 12.39% 9.63% 24.83% 8.14% 14.24% Medium

JPMorgan Funds - Total Emerging Markets Income FundJPM Total Emerging Markets Income A (acc) - EUR -2.71% 3.54% 5.35% 9.61% 1.69% 4.33% MediumJPM Total Emerging Markets Income A (acc) - USD 4.01% 12.08% 7.34% 12.60% 2.71% -1.86% MediumJPM Total Emerging Markets Income A (inc) - EUR -2.70% 3.54% 5.36% 9.39% 1.36% 4.04% MediumJPM Total Emerging Markets Income A (irc) - AUD (hedged) 4.17% 12.10% 7.47% - - - MediumJPM Total Emerging Markets Income A (mth) - HKD** 4.46% 12.46% 7.70% - - - MediumJPM Total Emerging Markets Income A (mth) - USD 3.95% 11.91% 7.06% 12.23% 2.22% -2.11% MediumJPM Total Emerging Markets Income C (acc) - EUR -2.52% 3.93% 5.95% 10.43% 2.47% - MediumJPM Total Emerging Markets Income D (acc) - EUR -2.86% 3.20% 4.83% 8.90% 1.02% 3.60% MediumJPM Total Emerging Markets Income D (acc) - USD 3.83% 11.71% 6.81% 11.86% 2.03% -2.47% MediumJPM Total Emerging Markets Income D (div) - EUR -2.84% 3.22% 4.81% 8.83% 0.66% 3.29% MediumJPM Total Emerging Markets Income D (mth) - EUR -2.82% - - - - - MediumJPM Total Emerging Markets Income D (mth) - USD 3.77% 11.52% 6.50% 11.44% 1.55% -2.69% MediumJPM Total Emerging Markets Income X (acc) - GBP 0.26% 7.71% 8.54% 18.25% 15.81% 9.85% Medium

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - EUR (hedged) 1.07% 1.56% -2.67% -2.34% 0.76% 1.09% MediumJPM US Aggregate Bond A (acc) - USD 1.48% 2.43% -1.32% -0.66% 2.12% 2.09% MediumJPM US Aggregate Bond A (div) - USD 1.51% 2.46% -1.34% -0.63% 2.08% 2.00% MediumJPM US Aggregate Bond A (inc) - USD 1.50% 2.52% -1.29% -0.55% 2.10% 1.99% MediumJPM US Aggregate Bond A (mth) - HKD 1.97% 3.07% -0.73% 0.01% 2.41% 2.12% MediumJPM US Aggregate Bond A (mth) - SGD 0.02% -2.31% -0.33% 1.55% 3.31% 5.60% MediumJPM US Aggregate Bond A (mth) - SGD (Hedged) 1.37% 2.24% -1.62% -0.97% 2.26% 2.26% MediumJPM US Aggregate Bond A (mth) - USD 1.52% 2.42% -1.37% -0.64% 2.05% 1.98% MediumJPM US Aggregate Bond C (acc) - EUR (hedged) 1.19% 1.80% -2.31% -1.86% 1.27% 1.57% MediumJPM US Aggregate Bond C (acc) - USD 1.66% 2.76% -0.93% -0.12% 2.68% 2.63% MediumJPM US Aggregate Bond C (dist) - EUR (hedged) 1.20% - - - - - MediumJPM US Aggregate Bond C (dist) - GBP (hedged)**+ - - - - - - MediumJPM US Aggregate Bond C (dist) - USD 1.64% 2.72% -0.96% -0.12% 2.63% - MediumJPM US Aggregate Bond C (div) - USD 1.63% 2.70% -0.97% -0.15% - - MediumJPM US Aggregate Bond C (inc) - USD 1.63% 2.73% -0.96% -0.11% 2.57% 2.54% MediumJPM US Aggregate Bond C (mth) - HKD 2.02% 3.33% -0.46% 0.28% - - MediumJPM US Aggregate Bond C (mth) - SGD 0.11% -2.18% -0.06% 1.90% - - MediumJPM US Aggregate Bond C (mth) - SGD (hedged) 1.51% 2.41% -1.43% -0.59% - - MediumJPM US Aggregate Bond C (mth) - USD 1.63% 2.71% -0.97% -0.14% 2.59% 2.47% MediumJPM US Aggregate Bond D (acc) - EUR (hedged) 1.00% 1.44% -2.85% -2.58% 0.51% 0.83% MediumJPM US Aggregate Bond D (acc) - USD 1.45% 2.30% -1.51% -0.87% 1.85% 1.81% MediumJPM US Aggregate Bond I (acc) - EUR (hedged) 1.19% 1.82% - - - - MediumJPM US Aggregate Bond I (acc) - USD 1.65% 2.74% -0.93% -0.08% 2.69% 2.67% MediumJPM US Aggregate Bond I (dist) - EUR (hedged) 1.20% 1.83% - - - - MediumJPM US Aggregate Bond I (dist) - GBP (hedged) 1.40% 2.24% - - - - MediumJPM US Aggregate Bond I (dist) - USD 1.65% 2.74% - - - - MediumJPM US Aggregate Bond I (inc) - USD 1.66% 2.75% -0.92% -0.09% 2.58% 2.50% MediumJPM US Aggregate Bond X (acc) - EUR (hedged)**+ - - - - - - MediumJPM US Aggregate Bond X (acc) - USD 1.75% 2.98% -0.59% 0.38% 3.16% 3.17% MediumJPM US Aggregate Bond X (dist) - USD 1.80% 3.06% -0.48% 0.50% 3.14% 3.08% Medium

JPMorgan Funds - US Dollar Money Market FundJPM US Dollar Money Market A (acc) - USD 0.20% 0.37% 0.49% 0.57% 0.32% 0.22% Low

** Share Class reactivated during the year.+ No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the year end.

262




JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 7.50% 18.63% 17.89% 24.69% 7.40% 10.34% MediumJPM US Growth A (acc) - USD 8.12% 19.84% 19.53% 26.98% 8.57% 11.34% MediumJPM US Growth A (dist) - GBP 3.84% 14.34% 19.50% 31.27% 20.87% 25.17% MediumJPM US Growth A (dist) - USD 8.07% 19.71% 19.37% 26.70% 8.42% 11.23% MediumJPM US Growth C (acc) - EUR (hedged) 7.79% 19.19% 18.73% 25.93% 8.53% 11.65% MediumJPM US Growth C (acc) - USD 8.37% 20.38% 20.32% 28.09% 9.59% 12.59% MediumJPM US Growth C (dist) - GBP 4.12% 14.89% 20.42% 32.45% 22.12% 26.84% MediumJPM US Growth C (dist) - USD 8.37% 20.37% 20.31% 27.90% 9.44% 12.48% MediumJPM US Growth D (acc) - EUR (hedged) 7.30% 18.22% 17.20% 23.73% 6.59% 9.38% MediumJPM US Growth D (acc) - USD 7.96% 19.31% 18.80% 25.93% 7.56% 10.27% MediumJPM US Growth I (acc) - EUR (hedged) 7.85% 19.27% 18.81% 26.01% 8.60% 11.77% MediumJPM US Growth I (acc) - JPY 8.86% 15.67% 33.36% 39.81% 4.68% 17.59% MediumJPM US Growth I (acc) - USD 8.38% 20.39% 20.36% 28.12% 9.63% 12.69% MediumJPM US Growth I (dist) - GBP 4.13% 14.92% 20.45% 32.50% 22.16% 26.94% MediumJPM US Growth I (dist) - USD 8.38% 20.39% 20.35% 27.95% 9.49% 12.57% MediumJPM US Growth P (dist) - USD 8.45% 20.55% 20.59% 28.51% 9.94% 13.00% MediumJPM US Growth T (acc) - EUR (hedged) 7.33% 18.19% 17.22% 23.80% 6.57% 9.37% MediumJPM US Growth X (acc) - USD 8.55% 20.67% 20.84% 28.84% 10.36% 13.59% Medium

JPMorgan Funds - US High Yield Plus Bond FundJPM US High Yield Plus Bond A (acc) - EUR (hedged) 1.23% 3.03% 4.34% 8.93% 3.70% 2.05% MediumJPM US High Yield Plus Bond A (acc) - USD 1.72% 3.93% 5.66% 10.72% 4.86% 2.92% MediumJPM US High Yield Plus Bond A (dist) - GBP (hedged) 1.42% 3.43% 4.93% 9.55% 3.96% 2.28% MediumJPM US High Yield Plus Bond A (dist) - USD 1.71% 3.94% 5.67% 10.39% 4.46% - MediumJPM US High Yield Plus Bond A (div) - EUR (hedged) 1.23% 3.01% 4.24% 8.75% 3.19% 1.59% MediumJPM US High Yield Plus Bond A (mth) - HKD 2.12% 4.54% 6.26% 11.11% 4.65% 2.59% MediumJPM US High Yield Plus Bond A (mth) - USD 1.71% 3.90% 5.54% 10.47% 4.28% 2.34% MediumJPM US High Yield Plus Bond C (acc) - EUR (hedged) 1.34% - - - - - MediumJPM US High Yield Plus Bond C (acc) - USD 1.84% 4.18% 6.07% 11.30% 5.45% - MediumJPM US High Yield Plus Bond D (div) - EUR (hedged) 1.09% 2.75% 3.87% 8.22% 2.70% 1.11% MediumJPM US High Yield Plus Bond X (acc) - EUR (hedged) 1.47% 3.55% 5.15% 10.08% 4.86% 3.27% MediumJPM US High Yield Plus Bond X (acc) - USD 1.96% 4.46% 6.50% 11.90% - - Medium

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 1.35% 13.76% 20.21% 35.64% 12.50% 24.98% MediumJPM US Technology A (acc) - SGD 6.72% 17.38% 23.64% 42.37% 15.20% 20.42% MediumJPM US Technology A (acc) - USD 8.36% 23.17% 22.50% 39.45% 13.81% 15.47% MediumJPM US Technology A (dist) - GBP 4.21% 17.60% 22.74% 44.52% 27.19% 30.62% MediumJPM US Technology A (dist) - USD 8.39% 23.20% 22.54% 39.47% 13.75% 15.41% MediumJPM US Technology C (acc) - EUR 1.55% 14.22% 20.93% 36.73% - - MediumJPM US Technology C (acc) - USD 8.54% 23.62% 23.20% 40.48% 14.76% 16.60% MediumJPM US Technology C (dist) - USD 8.54% 23.64% 23.20% 40.35% 14.70% 16.56% MediumJPM US Technology D (acc) - EUR 1.09% 13.19% 19.28% 34.26% 11.26% 23.23% MediumJPM US Technology D (acc) - USD 8.23% 22.58% 21.71% 37.90% 12.64% 13.97% MediumJPM US Technology I (acc) - USD 8.46% 23.54% 23.13% 40.40% 14.76% 16.63% MediumJPM US Technology I (dist) - USD* - - - - - - MediumJPM US Technology X (acc) - USD 8.77% 24.16% 23.99% 41.66% - - Medium

JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR -5.02% -4.06% 11.00% 15.03% 5.07% - MediumJPM US Value A (acc) - EUR (hedged) 0.97% 2.96% 11.86% 16.54% 5.39% 4.91% MediumJPM US Value A (acc) - SGD 0.08% -0.99% 14.15% 20.72% 7.43% 9.54% MediumJPM US Value A (acc) - USD 1.57% 3.90% 13.17% 18.32% 6.29% 5.65% MediumJPM US Value A (dist) - GBP -2.48% -0.87% 13.18% 22.13% 17.76% 17.50% MediumJPM US Value A (dist) - USD 1.54% 3.92% 13.19% 18.11% 6.07% 5.51% MediumJPM US Value C (acc) - EUR -4.80% -3.61% 11.78% 16.13% 6.14% - MediumJPM US Value C (acc) - EUR (hedged) 1.21% 3.44% 12.57% 17.52% 6.39% 5.98% MediumJPM US Value C (acc) - USD 1.79% 4.38% 13.91% 19.31% 7.25% 6.76% MediumJPM US Value C (dist) - GBP -2.50% -0.90% 13.25% 22.56% 18.61% 18.52% MediumJPM US Value C (dist) - USD 1.76% 4.34% 13.89% 19.09% 6.98% 6.44% MediumJPM US Value D (acc) - EUR (hedged) 0.87% 2.66% 11.24% 15.68% 4.57% 4.07% MediumJPM US Value D (acc) - USD 1.36% 3.51% 12.53% 17.40% 5.40% 4.77% MediumJPM US Value I (acc) - EUR (hedged) 1.25% 3.45% 12.62% 17.60% 6.44% 6.09% MediumJPM US Value I (acc) - USD 1.77% 4.36% 13.93% 19.36% 7.30% 6.85% MediumJPM US Value I (dist) - GBP -2.22% -0.40% 14.01% 23.32% 19.04% 18.94% MediumJPM US Value I (dist) - USD 1.77% 4.36% 13.91% 19.11% 7.01% 6.59% MediumJPM US Value X (acc) - USD 1.92% 4.67% 14.48% 20.12% 8.05% 7.63% Medium


263



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 theSICAV’s bank accounts on a monthly basis on the first business day of the subsequent month based on the bank balances from the prior month.

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

The following Sub-Fund Share Classes are subject to an asset based tax of 0.01% per annum:

Share Class Name

JPM America Equity I (acc) - EUR (hedged)

JPM America Equity I (acc) - USD

JPM America Equity I (dist) - USD

JPM America Equity X (acc) - USD

JPM Asia Pacific Equity I (acc) - EUR

JPM Asia Pacific Equity I (acc) - USD

JPM Asia Pacific Equity X (acc) - USD

JPM Asia Pacific Income I (acc) - USD

JPM Asia Pacific Income X (acc) - USD

JPM Brazil Equity I (acc) - USD

JPM Brazil Equity X (acc) - USD

JPM China X (acc) - USD

JPM Emerging Europe Equity I (acc) - EUR

JPM Emerging Europe Equity X (acc) - EUR

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD

JPM Emerging Markets Debt I (acc) - EUR (hedged)

JPM Emerging Markets Debt I (acc) - USD

JPM Emerging Markets Debt I (dist) - CHF (hedged)

JPM Emerging Markets Debt I (inc) - EUR (hedged)

JPM Emerging Markets Debt X (acc) - EUR (hedged)

JPM Emerging Markets Debt X (acc) - GBP (hedged)

JPM Emerging Markets Debt X (acc) - USD

JPM Emerging Markets Debt X (dist) - USD

JPM Emerging Markets Dividend I (acc) - EUR

JPM Emerging Markets Dividend X (acc) - EUR

JPM Emerging Markets Dividend X (acc) - USD

JPM Emerging Markets Dividend X (inc) - EUR

JPM Emerging Markets Equity I (acc) - EUR

JPM Emerging Markets Equity I (acc) - EUR (hedged)

JPM Emerging Markets Equity I (acc) - SGD

JPM Emerging Markets Equity I (acc) - USD

JPM Emerging Markets Equity I (inc) - EUR

JPM Emerging Markets Equity X (acc) - EUR

JPM Emerging Markets Equity X (acc) - EUR (hedged)

JPM Emerging Markets Equity X (acc) - USD

JPM Emerging Markets Equity X (dist) - USD

JPM Emerging Markets Equity X (inc) - EUR

JPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged)

JPM Emerging Markets Investment Grade Bond I (acc) - EUR

JPM Emerging Markets Investment Grade Bond I (acc) - EUR (hedged)

JPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged)

JPM Emerging Markets Investment Grade Bond I (acc) - USD

JPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged)

JPM Emerging Markets Local Currency Debt I (acc) - EUR

JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged)

JPM Emerging Markets Local Currency Debt I (acc) - USD

JPM Emerging Markets Local Currency Debt I (inc) - EUR

JPM Emerging Markets Local Currency Debt X (acc) - USD

JPM Emerging Markets Local Currency Debt X (inc) - GBP

JPM Emerging Markets Local Currency Debt Y (acc) - EUR

JPM Emerging Markets Local Currency Debt Y (acc) - GBP

JPM Emerging Markets Opportunities I (acc) - EUR

JPM Emerging Markets Opportunities I (acc) - SGD

JPM Emerging Markets Opportunities I (acc) - USD

JPM Emerging Markets Opportunities X (acc) - EUR

JPM Emerging Markets Opportunities X (acc) - EUR (hedged)

JPM Emerging Markets Opportunities X (acc) - GBP

JPM Emerging Markets Opportunities X (acc) - USD

JPM Emerging Markets Opportunities X (dist) - AUD

JPM Emerging Markets Opportunities X (dist) - GBP

JPM Emerging Middle East Equity I (acc) - USD

Share Class Name

JPM Euroland Equity X (acc) - EUR

JPM Europe Dynamic I (acc) - EUR

JPM Europe Dynamic I (acc) - USD (hedged)

JPM Europe Dynamic I (dist) - EUR

JPM Europe Dynamic I (dist) - GBP

JPM Europe Dynamic X (acc) - EUR

JPM Europe Dynamic X (acc) - USD (hedged)

JPM Europe Equity I (acc) - EUR

JPM Europe Equity X (acc) - EUR

JPM Europe Small Cap I (acc) - EUR

JPM Europe Small Cap X (acc) - EUR

JPM Europe Technology X (acc) - EUR

JPM Global Dynamic I (acc) - USD

JPM Global Dynamic I (inc) - EUR

JPM Global Dynamic X (acc) - EUR (hedged)

JPM Global Dynamic X (acc) - USD

JPM Global Government Bond I (acc) - EUR

JPM Global Government Bond I (acc) - USD (hedged)

JPM Global Government Bond X (acc) - EUR

JPM Global Government Bond X (acc) - USD (hedged)

JPM Global Government Bond X (dist) - GBP (hedged)

JPM Global Natural Resources I (dist) - EUR

JPM Global Natural Resources X (acc) - EUR

JPM Global Natural Resources X (dist) - AUD

JPM Global Real Estate Securities (USD) I (acc) - USD

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged)

JPM Global Real Estate Securities (USD) X (acc) - USD

JPM Global Unconstrained Equity I (acc) - JPY

JPM Global Unconstrained Equity I (acc) - USD

JPM Global Unconstrained Equity X (acc) - EUR

JPM Global Unconstrained Equity X (acc) - EUR (hedged)

JPM Global Unconstrained Equity X (acc) - USD

JPM Global Unconstrained Equity X (dist) - AUD

JPM Greater China I (acc) - USD

JPM Greater China X (acc) - USD

JPM Hong Kong X (acc) - USD

JPM India I (acc) - USD

JPM India I (dist) - USD

JPM India X (acc) - USD

JPM Indonesia Equity X (acc) - JPY

JPM Japan Equity I (acc) - EUR

JPM Japan Equity I (acc) - JPY

JPM Japan Equity I (acc) - USD

JPM Japan Equity X (acc) - JPY

JPM Japan Equity X (acc) - USD

JPM Japan Equity X (acc) - USD (hedged)

JPM Korea Equity I (acc) - USD

JPM Korea Equity X (acc) - USD

JPM Latin America Equity I (acc) - EUR

JPM Latin America Equity I (acc) - JPY

JPM Latin America Equity I (acc) - USD

JPM Latin America Equity I (dist) - USD

JPM Latin America Equity X (acc) - USD

JPM Russia I (acc) - USD

JPM Russia X (acc) - USD

JPM Singapore I (acc) - USD

JPM Singapore X (acc) - USD

JPM Taiwan I (acc) - EUR

JPM Total Emerging Markets Income X (acc) - GBP

JPM US Aggregate Bond I (acc) - EUR (hedged)

JPM US Aggregate Bond I (acc) - USD

JPM US Aggregate Bond I (dist) - EUR (hedged)

264


Share Class Name

JPM US Aggregate Bond I (dist) - GBP (hedged)

JPM US Aggregate Bond I (dist) - USD

JPM US Aggregate Bond I (inc) - USD

JPM US Aggregate Bond X (acc) - EUR (hedged)

JPM US Aggregate Bond X (acc) - USD

JPM US Aggregate Bond X (dist) - USD

JPM US Dollar Money Market A (acc) - USD

JPM US Growth I (acc) - EUR (hedged)

JPM US Growth I (acc) - JPY

JPM US Growth I (acc) - USD

JPM US Growth I (dist) - GBP

Share Class Name

JPM US Growth I (dist) - USD

JPM US Growth X (acc) - USD

JPM US High Yield Plus Bond X (acc) - EUR (hedged)

JPM US High Yield Plus Bond X (acc) - USD

JPM US Technology I (acc) - USD

JPM US Technology X (acc) - USD

JPM US Value I (acc) - EUR (hedged)

JPM US Value I (acc) - USD

JPM US Value I (dist) - GBP

JPM US Value I (dist) - USD

JPM US Value X (acc) - USD

265


5. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% (continued)

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 CSSF Circular 03/122 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 (%)

JPMorgan Funds - America Equity Fund 40.10JPMorgan Funds - Asia Pacific Equity Fund 66.58JPMorgan Funds - Asia Pacific Income Fund -JPMorgan Funds - Brazil Equity Fund -JPMorgan Funds - China Fund 78.39JPMorgan Funds - Emerging Europe Equity Fund 56.62JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 92.20JPMorgan Funds - Emerging Markets Debt Fund 113.45JPMorgan Funds - Emerging Markets Dividend Fund -JPMorgan Funds - Emerging Markets Equity Fund -JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 116.56JPMorgan Funds - Emerging Markets Local Currency Debt Fund 61.24JPMorgan Funds - Emerging Markets Opportunities Fund 42.46JPMorgan Funds - Emerging Middle East Equity Fund 26.58JPMorgan Funds - Euroland Equity Fund 92.75JPMorgan Funds - Europe Dynamic Fund 234.10JPMorgan Funds - Europe Equity Fund 118.72JPMorgan Funds - Europe Small Cap Fund 99.28JPMorgan Funds - Europe Technology Fund 69.48JPMorgan Funds - Global Dynamic Fund 179.39JPMorgan Funds - Global Government Bond Fund 18.03JPMorgan Funds - Global Natural Resources Fund -JPMorgan Funds - Global Real Estate Securities Fund (USD) -JPMorgan Funds - Global Unconstrained Equity Fund 93.96JPMorgan Funds - Greater China Fund 55.35JPMorgan Funds - Hong Kong Fund -JPMorgan Funds - Income Fund 84.78JPMorgan Funds - India Fund -JPMorgan Funds - Indonesia Equity Fund 100.56JPMorgan Funds - Japan Equity Fund 37.70JPMorgan Funds - Korea Equity Fund 125.87JPMorgan Funds - Latin America Equity Fund 29.76JPMorgan Funds - Russia Fund -JPMorgan Funds - Singapore Fund 17.81JPMorgan Funds - Taiwan Fund 130.46JPMorgan Funds - Total Emerging Markets Income Fund 39.67JPMorgan Funds - US Aggregate Bond Fund -JPMorgan Funds - US Dollar Money Market Fund -JPMorgan Funds - US Growth Fund -JPMorgan Funds - US High Yield Plus Bond Fund 9.91JPMorgan Funds - US Technology Fund -JPMorgan Funds - US Value Fund -

266


6. Portfolio Turnover Ratio

Global Exposure using the VaR Approach (continued)

MarketRisk

Minimum Maximum Average

ConfidenceInterval

HoldingPeriod

EffectiveObservation

Period

Leverage -Average Over12 Months to30 Jun 2017Sub-Fund Name Limit

Usage of Reg LimitOver Last 12 Months

to 30 Jun 2017 Fund Benchmark Model

JPMorgan Funds - AsiaPacific Income Fund Relative 200% 42% 57% 50%

50% MSCI All Country Asia Pacific ex JapanIndex (Total Return Net) / 50% J.P. MorganAsia Credit Index (Total Return Gross)

Historical 0.99 20 days 250 days 25%

JPMorgan Funds -Emerging Markets DebtFund

Relative 200% 44% 56% 51% J.P. Morgan Emerging Market Bond IndexGlobal Diversified (Total Return Gross) Historical 0.99 20 days 250 days 40%

JPMorgan Funds -Emerging MarketsInvestment Grade BondFund

Relative 200% 43% 54% 51%

50% J.P. Morgan Emerging Markets BondIndex Global Diversified Investment Grade(Total Return Gross) / 50% J.P. MorganCorporate Emerging Markets Bond IndexBroad Diversified Investment Grade (TotalReturn Gross)


JPMorgan Funds -Emerging Markets LocalCurrency Debt Fund

Relative 200% 47% 59% 53%J.P. Morgan Government Bond Index -Emerging Markets Global Diversified (TotalReturn Gross)


JPMorgan Funds - GlobalGovernment Bond Fund Relative 200% 42% 53% 48% J.P. Morgan Government Bond Index Global

(Total Return Gross) Hedged to EUR Historical 0.99 20 days 250 days 474%

JPMorgan Funds -Income Fund Absolute 20% 7% 16% 11% Bloomberg Barclays US Aggregate Bond

Index (Total Return Gross) Historical 0.99 20 days 250 days 39%

JPMorgan Funds - KoreaEquity Fund Relative 200% 41% 52% 46% Korea Composite Stock Price Index (KOSPI) Historical 0.99 20 days 250 days 0%

JPMorgan Funds - TotalEmerging MarketsIncome Fund

Relative 200% 46% 66% 53%

50% MSCI Emerging Markets Index (TotalReturn Net)/ 25% J.P. Morgan GovernmentBond Index Emerging Markets GlobalDiversified (Total Return Gross)/ 15% J.P.Morgan Emerging Market Bond Index GlobalDiversified (Total Return Gross)/ 10% J.P.Morgan Corporate Emerging Markets BondIndex Broad Diversified (Total Return Gross)


JPMorgan Funds - USAggregate Bond Fund Relative 200% 42% 53% 47% Bloomberg Barclays US Aggregate Index

(Total Return Gross) Historical 0.99 20 days 250 days 0%

JPMorgan Funds - USHigh Yield Plus BondFund

Relative 200% 47% 59% 54%Bloomberg Barc lays US CorporateHigh-Yield 2% Issuer Capped Index (TotalReturn Gross)


267


7. Calculation Method of the Risk Exposure

Global Exposure using the Commitment Approach

Sub-Fund Name Fund Benchmark

JPMorgan Funds - America Equity Fund S&P 500 Index (Total Return Net of 30% withholding tax)

JPMorgan Funds - Asia Pacific Equity Fund MSCI All Country Asia Pacific ex Japan Index (Total Return Net)

JPMorgan Funds - Brazil Equity Fund MSCI Brazil 10/40 Index (Total Return Net)

JPMorgan Funds - China Fund MSCI China 10/40 Index (Total Return Net)

JPMorgan Funds - Emerging Europe Equity Fund MSCI Emerging Markets Europe Index (Total Return Net)

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund MSCI Emerging Markets EMEA Index (Total Return Net)

JPMorgan Funds - Emerging Markets Dividend Fund MSCI Emerging Markets Index (Total Return Net)

JPMorgan Funds - Emerging Markets Equity Fund MSCI Emerging Markets Index (Total Return Net)

JPMorgan Funds - Emerging Markets Opportunities Fund MSCI Emerging Markets Index (Total Return Net)

JPMorgan Funds - Emerging Middle East Equity Fund MSCI Middle East Index (Total Return Net)

JPMorgan Funds - Euroland Equity Fund MSCI EMU Index (Total Return Net)

JPMorgan Funds - Europe Dynamic Fund MSCI Europe Index (Total Return Net)

JPMorgan Funds - Europe Equity Fund MSCI Europe Index (Total Return Net)

JPMorgan Funds - Europe Small Cap Fund Euromoney Smaller Europe (Inc. UK) Index (Total Return Net)

JPMorgan Funds - Europe Technology Fund MSCI Europe Investable Market Information Technology 10/40 Index (Total Return Net)

JPMorgan Funds - Global Dynamic Fund MSCI World Index (Total Return Net)

JPMorgan Funds - Global Natural Resources Fund Euromoney Global Mining & Energy Index (Total Return Net)

JPMorgan Funds - Global Real Estate Securities Fund (USD) FTSE EPRA/NAREIT Developed Index (Total Return Net)

JPMorgan Funds - Global Unconstrained Equity Fund MSCI All Country World Index (Total Return Net)

JPMorgan Funds - Greater China Fund MSCI Golden Dragon Index (Total Return Net)

JPMorgan Funds - Hong Kong Fund FTSE MPF Hong Kong Index (Total Return Net)

JPMorgan Funds - India Fund MSCI India 10/40 Index (Total Return Net)

JPMorgan Funds - Indonesia Equity Fund MSCI Indonesia Index (Total Return Net)

JPMorgan Funds - Japan Equity Fund TOPIX (Total Return Net)

JPMorgan Funds - Latin America Equity Fund MSCI Emerging Markets Latin America Index (Total Return Net)

JPMorgan Funds - Russia Fund MSCI Russia 10/40 Index (Total Return Net)

JPMorgan Funds - Singapore Fund FTSE ST All Share Index (Total Return Net)

JPMorgan Funds - Taiwan Fund Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) (Total Return Gross)

JPMorgan Funds - US Dollar Money Market Fund 1 Week USD LIBID

JPMorgan Funds - US Growth Fund Russell 1000 Growth Index (Total Return Net of 30% withholding tax)

JPMorgan Funds - US Technology Fund BofA Merrill Lynch 100 Technology Price Index

JPMorgan Funds - US Value Fund Russell 1000 Value Index (Total Return Net of 30% withholding tax)

268


7. Calculation Method of the Risk Exposure (continued)

8. Collateral Received

Collateral received with respect to financial derivative instruments:

Type of Collateral Counterparty Currency Collateral Amount

JPMorgan Funds - Asia Pacific Income FundCash ANZ USD 1,557,000Cash State Street USD 1,474,000

3,031,000

JPMorgan Funds - Emerging Markets Local Currency Debt FundCash Bank of America USD 1,746,000Cash Goldman Sachs USD 409,000

2,155,000

269


The SICAV engages in Securities Financing Transactions (as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions includerepurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy backtransactions and margin lending transactions) through its exposure on securities lending transactions and total return swap contracts during the year. Inaccordance with Article 13 of the Regulation, the information on securities lending transactions and total return swap contracts are detailed below.

Collaterals received or granted with respect to Securities Financing Transactions are disclosed on a trade date basis of accounting.

Global Data

Amount of securities on loanThe total value of securities on loan as a proportion of the Sub-Funds’ total lendable assets as at the reporting date is detailed below. Total lendable assetsrepresents the aggregate value of asset types forming part of the Sub-Funds’ securities lending programme.

Sub-Fund % of Total Lendable Assets

JPMorgan Funds - China Fund 2.97

JPMorgan Funds - Emerging Markets Dividend Fund 0.78

JPMorgan Funds - Emerging Markets Opportunities Fund 0.35

JPMorgan Funds - Euroland Equity Fund 4.20

JPMorgan Funds - Europe Dynamic Fund 3.27

JPMorgan Funds - Europe Equity Fund 1.76

JPMorgan Funds - Europe Small Cap Fund 4.45

JPMorgan Funds - Europe Technology Fund 4.80

JPMorgan Funds - Global Dynamic Fund 1.55

JPMorgan Funds - Greater China Fund 10.00

JPMorgan Funds - Hong Kong Fund 6.16

JPMorgan Funds - Japan Equity Fund 7.60

JPMorgan Funds - Singapore Fund 0.42

JPMorgan Funds - Total Emerging Markets Income Fund 0.36

Amount of assets engaged in securities lending transactions and total return swap contracts

Securities lending transactions

The following table represents the total value of assets engaged in securities lending as at the reporting date.

Sub-Fund Sub-Fund CurrencyMarket Value of Securities on Loan

(in Sub-Fund Currency) % of AUM

JPMorgan Funds - China Fund USD 32,381,113 2.61

JPMorgan Funds - Emerging Markets Dividend Fund USD 1,542,223 0.38

JPMorgan Funds - Emerging Markets Opportunities Fund USD 3,553,283 0.16

JPMorgan Funds - Euroland Equity Fund EUR 16,774,015 4.02

JPMorgan Funds - Europe Dynamic Fund EUR 37,524,008 3.08

JPMorgan Funds - Europe Equity Fund EUR 7,733,788 1.73

JPMorgan Funds - Europe Small Cap Fund EUR 30,706,019 4.33

JPMorgan Funds - Europe Technology Fund EUR 13,096,629 4.70

JPMorgan Funds - Global Dynamic Fund USD 5,822,228 1.52

JPMorgan Funds - Greater China Fund USD 34,986,108 7.09

JPMorgan Funds - Hong Kong Fund USD 5,857,597 6.09

JPMorgan Funds - Japan Equity Fund JPY 20,930,104,891 7.49

JPMorgan Funds - Singapore Fund USD 258,237 0.42

JPMorgan Funds - Total Emerging Markets Income Fund USD 183,483 0.12

Total return swap contracts

None of the Hong Kong registered Sub-Funds engaged in total return swap contracts during the year.

270


9. Securities Financing Transactions

Concentration Data

Ten largest collateral issuers


The following table lists the ten largest issuers by value of non-cash collaterals received by the Sub-Funds across securities lending as at the reporting date:JPMorgan Funds - China Fund JPMorgan Funds - Emerging Markets Dividend Fund JPMorgan Funds - Emerging Markets Opportunities Fund

Non-Cash Collateral Non-Cash Collateral Non-Cash Collateral

Issuer USD Issuer USD Issuer USDUK Treasury 18,818,602 Japan Government 1,098,505 Austria Government 1,718,268US Treasury 3,760,206 Netherlands Government 326,491 Belgium Government 1,218,461Germany Government 3,267,468 US Treasury 161,004 US Treasury 251,578France Government 2,429,217 Finland Government 36,442 Finland Government 81,352Belgium Government 1,646,538 Germany Government 1,770Austria Government 1,368,020 Germany Government 1,770Finland Government 760,737Netherlands Government 87,082

JPMorgan Funds - Euroland Equity Fund JPMorgan Funds - Europe Dynamic Fund JPMorgan Funds - Europe Equity Fund


Issuer EUR Issuer EUR Issuer EURUK Treasury 5,038,165 UK Treasury 13,781,710 UK Treasury 2,409,025Japan Government 4,033,984 France Government 8,814,764 Japan Government 1,981,881France Government 2,980,344 Austria Government 4,139,057 France Government 1,123,994Germany Government 1,767,391 Japan Government 3,948,135 US Treasury 670,870US Treasury 1,434,004 Belgium Government 2,948,555 Belgium Government 463,379Belgium Government 1,294,556 Germany Government 2,621,376 Netherlands Government 455,817Netherlands Government 829,966 US Treasury 1,731,878 Germany Government 306,119Austria Government 406,765 Netherlands Government 1,666,466 Austria Government 249,413Finland Government 104,885 Finland Government 133,625 Finland Government 81,365

JPMorgan Funds - Europe Small Cap Fund JPMorgan Funds - Europe Technology Fund JPMorgan Funds - Global Dynamic Fund


Issuer EUR Issuer EUR Issuer USDJapan Government 11,394,402 UK Treasury 5,731,232 France Government 2,168,907UK Treasury 10,000,785 Japan Government 2,308,802 Austria Government 705,934Netherlands Government 2,911,537 France Government 1,108,703 Belgium Government 358,357US Treasury 2,688,169 Germany Government 1,081,445 UK Treasury 158,839Germany Government 1,809,352 US Treasury 1,051,450 Germany Government 143,969Austria Government 1,454,205 Netherlands Government 724,480 US Treasury 16,760Belgium Government 1,238,342 Belgium Government 445,223France Government 949,456 Austria Government 269,000Finland Government 556,413 Finland Government 104,018

JPMorgan Funds - Greater China Fund JPMorgan Funds - Hong Kong Fund JPMorgan Funds - Japan Equity Fund


Issuer USD Issuer USD Issuer JPYUK Treasury 20,856,262 UK Treasury 3,943,319 UK Treasury 11,986,935,293US Treasury 3,797,307 US Treasury 510,783 Germany Government 3,633,307,512Belgium Government 1,821,708 Japan Government 467,396 France Government 1,719,569,396Austria Government 1,690,596 Austria Government 417,572 US Treasury 996,307,964France Government 1,218,681 Belgium Government 372,921 Belgium Government 254,005,738Finland Government 783,134 France Government 145,103 Netherlands Government 132,587,481Germany Government 455,143 Germany Government 103,243 Austria Government 82,884,956Netherlands Government 113,518 Finland Government 97,721 Finland Government 27,226,628

Netherlands Government 50,445

JPMorgan Funds - Singapore Fund JPMorgan Funds - Total Emerging Markets Income Fund

Non-Cash Collateral Non-Cash Collateral

Issuer USD Issuer USDAustria Government 146,563 Japan Government 130,693Belgium Government 103,931 Netherlands Government 38,844US Treasury 21,459 US Treasury 19,155Finland Government 6,939 Finland Government 4,335

Germany Government 211

Top ten counterparties


As disclosed in Note 9, JPMorgan Chase Bank, N.A. is the only counterparty in respect of securities lending transactions as at the reporting date.

271


9. Securities Financing Transactions (continued)

Aggregate Transaction Data

Type and quality of non-cash collateral


Collaterals received by the Sub-Funds in respect of securities lending as at the reporting date are in the form of debt securities having investment gradecredit rating.

Sub-Fund Sub-Fund CurrencyNon-Cash Collateral Value

(in Sub-Fund Currency)% of Total

Non-Cash Collateral

JPMorgan Funds - China Fund USD 32,137,870 100.00

JPMorgan Funds - Emerging Markets Dividend Fund USD 1,624,212 100.00

JPMorgan Funds - Emerging Markets Opportunities Fund USD 3,269,659 100.00

JPMorgan Funds - Euroland Equity Fund EUR 17,890,060 100.00

JPMorgan Funds - Europe Dynamic Fund EUR 39,785,566 100.00

JPMorgan Funds - Europe Equity Fund EUR 7,741,863 100.00

JPMorgan Funds - Europe Small Cap Fund EUR 33,002,661 100.00

JPMorgan Funds - Europe Technology Fund EUR 12,824,353 100.00

JPMorgan Funds - Global Dynamic Fund USD 3,552,766 100.00

JPMorgan Funds - Greater China Fund USD 30,736,349 100.00

JPMorgan Funds - Hong Kong Fund USD 6,108,503 100.00

JPMorgan Funds - Japan Equity Fund JPY 18,832,824,968 100.00

JPMorgan Funds - Singapore Fund USD 278,892 100.00

JPMorgan Funds - Total Emerging Markets Income Fund USD 193,238 100.00

Maturity tenor of collateralThe following table provides an analysis of the maturity tenor of collaterals received in relation to securities lending transactions and total return swapcontracts as at the reporting date.


Collateral Value

JPMorgan Funds - ChinaFund

JPMorgan Funds -Emerging Markets

Dividend Fund

JPMorgan Funds -Emerging Markets

Opportunities FundJPMorgan Funds -

Euroland Equity FundJPMorgan Funds - Europe

Dynamic FundJPMorgan Funds - Europe

Equity Fund

Maturity USD USD USD EUR EUR EUR

Cash

less than 1 day 2,543,029 - 538,200 - 2,431 479,829

Non-Cash

1 to 7 days - - - 193,320 - -

1 to 4 weeks 1,366,398 - - 791,739 13,216 179,538

1 to 3 months 725,571 - - 33,622 - 25,033

3 to 12 months 1,728,203 112,044 - 994,172 9,077 208,121

more than 1 year 28,317,698 1,512,168 3,269,659 15,877,207 163,223 7,329,171

34,680,899 1,624,212 3,807,859 17,890,060 39,785,566 8,221,692

Collateral Value

JPMorgan Funds - EuropeSmall Cap Fund

JPMorgan Funds - EuropeTechnology Fund

JPMorgan Funds - GlobalDynamic Fund

JPMorgan Funds -Greater China Fund

JPMorgan Funds - HongKong Fund

JPMorgan Funds - JapanEquity Fund

Maturity EUR EUR USD USD USD JPY

Cash

less than 1 day - 1,169,861 2,661,100 6,220,244 128,925 3,727,751,925

Non-Cash

1 to 7 days 40,835 68,882 - - - 285,220,642

1 to 4 weeks 490,895 154,358 - 1,140,210 87,351 660,654,677

1 to 3 months 177,809 29,424 - 730,968 79,337 56,163,460

3 to 12 months 1,583,921 920,321 348,244 1,589,452 394,958 1,937,210,280

more than 1 year 30,709,201 11,651,368 3,204,522 27,275,719 6,237,428 22,560,576,893

33,002,6614 13,994,214 6,213,866 36,956,593 6,237,428 22,560,576,893

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Collateral Value

JPMorgan Funds -Singapore Fund

JPMorgan Funds - TotalEmerging Markets

Income Fund

Maturity USD USD

Cash

less than 1 day - -

Non-Cash

1 to 7 days - -

1 to 4 weeks - -

1 to 3 months - -

3 to 12 months - 13,330

more than 1 year 278,892 179,908

278,892 193,238

Currency of collateral


The following table provides currency of collaterals received in relation to securities lending transactions as at the reporting date.

Collateral Value (in Sub-Fund Currency)

Sub-FundSub-FundCurrency EUR GBP JPY USD Total

JPMorgan Funds - China Fund USD 9,559,062 18,818,602 - 6,303,235 34,680,899

JPMorgan Funds - Emerging Markets Dividend Fund USD 364,703 - 1,098,505 161,004 1,624,212

JPMorgan Funds - Emerging Markets Opportunities Fund USD 3,018,081 - - 789,778 3,807,859

JPMorgan Funds - Euroland Equity Fund EUR 7,383,907 5,038,165 4,033,984 1,434,004 17,890,060

JPMorgan Funds - Europe Dynamic Fund EUR 20,323,842 13,781,710 3,948,135 1,731,879 39,785,566

JPMorgan Funds - Europe Equity Fund EUR 3,159,916 2,409,025 1,981,881 670,870 8,221,692

JPMorgan Funds - Europe Small Cap Fund EUR 8,919,306 10,000,785 11,394,402 2,688,168 33,002,661

JPMorgan Funds - Europe Technology Fund EUR 3,732,870 5,731,232 2,308,802 2,221,310 13,994,214

JPMorgan Funds - Global Dynamic Fund USD 3,377,168 158,839 - 2,677,859 6,213,866

JPMorgan Funds - Greater China Fund USD 6,082,781 20,856,262 - 10,017,550 36,956,593

JPMorgan Funds - Hong Kong Fund USD 1,187,005 3,943,319 467,396 639,708 6,237,428

JPMorgan Funds - Japan Equity Fund JPY 5,849,581,710 11,986,935,293 - 4,724,059,890 22,560,576,893

JPMorgan Funds - Singapore Fund USD 257,434 - - 21,458 278,892

JPMorgan Funds - Total Emerging Markets Income Fund USD 43,390 - 130,693 19,155 193,238

Maturity tenor of securities lending agreements


The SICAV’s securities lending transactions have open maturity.

Country in which counterparties are established


JPMorgan Chase Bank, N.A. was incorporated in United States of America.

Settlement and clearingAll Sub-Funds engaged in securities lending agreements utilise bi-lateral settlement and clearing with their respective counterparty.

Reuse of collateral

Share of collateral received that is reused and reinvestment returnNon-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions, reverse repurchase agreementsand OTC derivative transactions, cannot be sold, reinvested or pledged.


As at the year end, the cash collateral received in respect of securities lending was reinvested into Reverse Repurchase Transactions with high qualitygovernment bonds as collateral. This is managed by the Securities Lending Agent based solely on the approved guidelines and agreement issued byJPMorgan Asset Management (Europe) S.à r.l.

273



Income earned by the Hong Kong registered Sub-Funds from the reinvestment of cash collateral in the form of Reverse Repurchase Transactions, net of anyinterest payable to the relevant counterparty, amounted to USD 853,046 for the year ended 30 June 2017, and is recorded under the “Securities LendingIncome” in the Combined Statement of Operations and Changes in Net Assets.

Details relating to the permitted reuse of cash collateral are disclosed in the latest Prospectus available from http://www.jpmorganassetmanagement.lu.

Safekeeping of Collateral

Collateral receivedThe following tables provide an analysis of collateral received held at each custodian as at the reporting date:


Sub-Fund Custodian Sub-Fund CurrencyCollateral Value

(in Sub-Fund Currency)

JPMorgan Funds - China Fund JPMorgan Bank Luxembourg S.A. USD 34,680,899

JPMorgan Funds - Emerging Markets Dividend Fund JPMorgan Bank Luxembourg S.A. USD 1,624,212

JPMorgan Funds - Emerging Markets Opportunities Fund JPMorgan Bank Luxembourg S.A. USD 3,807,859

JPMorgan Funds - Euroland Equity Fund JPMorgan Bank Luxembourg S.A. EUR 17,890,060

JPMorgan Funds - Europe Dynamic Fund JPMorgan Bank Luxembourg S.A. EUR 39,785,566

JPMorgan Funds - Europe Equity Fund JPMorgan Bank Luxembourg S.A. EUR 8,221,692

JPMorgan Funds - Europe Small Cap Fund JPMorgan Bank Luxembourg S.A. EUR 33,002,661

JPMorgan Funds - Europe Technology Fund JPMorgan Bank Luxembourg S.A. EUR 13,994,214

JPMorgan Funds - Global Dynamic Fund JPMorgan Bank Luxembourg S.A. USD 6,213,866

JPMorgan Funds - Greater China Fund JPMorgan Bank Luxembourg S.A. USD 36,956,593

JPMorgan Funds - Hong Kong Fund JPMorgan Bank Luxembourg S.A. USD 6,237,428

JPMorgan Funds - Japan Equity Fund JPMorgan Bank Luxembourg S.A. JPY 22,560,576,893

JPMorgan Funds - Singapore Fund JPMorgan Bank Luxembourg S.A. USD 278,892

JPMorgan Funds - Total Emerging Markets Income Fund JPMorgan Bank Luxembourg S.A. USD 193,238

Collateral granted


As at the reporting date, there was no collateral granted with respect to securities lending transactions.

Return and cost


The total income earned from securities lending transactions is split between the relevant Sub-Funds and the securities lending agent. Detail of this split isdisclosed in Note 9 to the Financial Statements.

274



10. UCITS Remuneration Disclosures

JPMorgan Asset Management (Europe) S.à.r.l (the “Management Company”) is the authorised manager of JPMorgan Funds (the “SICAV”) and is part of theJ.P. Morgan Chase & Co. group of companies. In this section, the terms “J.P. Morgan” or “Firm” refer to that group, and each of the entities in that groupglobally, unless otherwise specified.

This section of the annual report has been prepared in accordance with Part I of the Luxembourg law of 17 December 2010 relating to collective investmentundertakings as amended from time to time and the ‘Guidelines on sound remuneration policies’ issued by the European Securities and Markets Authorityunder the Undertaking for Collective Investments in Transferable Securities (the “UCITS”) Directive.

Remuneration Policy

The current remuneration policy for the Management Company (the “Remuneration Policy”) can be found at:http://www.jpmorganassetmanagement.lu/en/showpage.aspx?pageID=651.

This policy includes details of how remuneration and benefits are calculated, including the financial and non-financial criteria used to evaluate performance,the responsibilities and composition of the Firm’s Compensation and Management Development Committee, and the measures adopted to avoid or manageconflicts of interest. A copy of this policy can be requested free of charge from the Management Company.

The Remuneration Policy applies to all employees of the Management Company, including individuals whose professional activities may have a materialimpact on the risk profile of the Management Company or the funds it manages (“Identified Staff”). The Identified Staff include members of the Board of theManagement Company (the “Board”), senior management, the heads of relevant Control Functions, and holders of other key functions. Individuals arenotified of their identification and the implications of this status on at least an annual basis.

The Board of the Management Company reviews and adopts the Remuneration Policy on an annual basis, and oversees its implementation, including theclassification of Identified Staff. As at 30 June 2017, the Board last reviewed and adopted the Remuneration Policy in October 2016 with no material changesand was satisfied with its implementation.

The Remuneration Policy, and its implementation, is designed to foster proper governance and regulatory compliance. The remuneration structure asdescribed in the Remuneration Policy is designed to contribute to the achievement of short-term and long-term strategic and operational objectives, whileavoiding excessive risk-taking inconsistent with the risk management strategy. This is intended to be accomplished, in part, through a balanced totalcompensation program comprised of a mix of fixed remuneration (including base salary), and variable remuneration in the form of cash incentives andlong-term, equity based or fund-tracking incentives that vest over time. A balanced assessment of employees’ performance is undertaken taking account ofbusiness and financial results, risk and control outcomes, client/customer goals, and other priorities including people and leadership objectives asappropriate. The compensation governance practices contain a number of measures to avoid conflicts of interest, including independent oversight andcontrol of the remuneration policy, and the assessment of employees in Control Functions against independent objectives linked to their functions.

Quantitative Disclosures

The table below provides an overview of the aggregate 2016 total remuneration paid to staff of the Management Company and the number of beneficiaries.

Due to the Firm’s operational structure, the information needed to provide a further breakdown of remuneration attributable to the SICAV is not readilyavailable and would not be relevant or reliable. However, for context, the Management Company manages four AIFs (with 11 Sub-Funds) and six UCITS (with162 Sub-Funds), with a combined AUM as at December 2016 of USD 2,498m and USD 289,300m respectively.

Fixed remuneration Variable remuneration Total remuneration(1) Number of beneficiaries

All staff (USD ‘000s) 33,201 17,255 50,276 289

The UCITS V remuneration regime applies only in respect of remuneration for the first full performance period after the UCITS V Directive came into force inMarch 2016. Accordingly, the SICAV makes no quantitative remuneration disclosures in this annual report in respect of Identified Staff as the informationwould not be relevant or reliable.

For the purposes of the above disclosures, where portfolio management activities have been formally delegated to another entity, the remuneration for therelevant employees has been excluded.

(1) No carried interest or performance fees were paid to any staff by the SICAV in the year.

275



11. Historical Statement of Changes in the Number of Shares (continued)


of the Year


of the Year

For the year ended 30 June 2016 (continued)

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - AUD 251,583.088 338,478.083 356,006.466 234,054.705JPM America Equity A (acc) - AUD (hedged) 237,504.476 2,380,704.736 2,289,811.098 328,398.114JPM America Equity A (acc) - EUR 152,157.017 37,176.750 174,155.995 15,177.772JPM America Equity A (acc) - EUR (hedged) 1,366,941.468 619,178.447 677,024.521 1,309,095.394JPM America Equity A (acc) - HKD 2,976,757.477 15,044,904.247 13,105,475.532 4,916,186.192JPM America Equity A (acc) - USD 13,733,679.051 4,643,101.580 8,700,473.116 9,676,307.515JPM America Equity A (dist) - USD 2,361,047.816 1,659,248.771 551,054.830 3,469,241.757JPMorgan America Equity A (dist) - USD*** 2,589,769.235 1,860,442.697 4,450,211.932 -JPM America Equity B (acc) - USD*** 1,898,278.825 359,858.124 2,258,136.949 -JPM America Equity B (dist) - USD*** 135,781.822 2,501.915 138,283.737 -JPM America Equity C (acc) - EUR - 22,253.906 2,858.475 19,395.431JPM America Equity C (acc) - EUR (hedged) 1,085,337.843 1,341,537.796 419,799.148 2,007,076.491JPM America Equity C (acc) - USD 6,050,774.039 9,811,133.165 4,829,266.075 11,032,641.129JPM America Equity C (dist) - USD 822,555.763 655,835.052 370,114.793 1,108,276.022JPM America Equity D (acc) - EUR 94,095.997 110,447.639 119,537.548 85,006.088JPM America Equity D (acc) - EUR (hedged) 976,711.100 588,353.922 341,629.420 1,223,435.602JPM America Equity D (acc) - USD 1,999,568.759 540,240.193 580,725.532 1,959,083.420JPM America Equity I (acc) - EUR (hedged) - 6,344.418 1,411.810 4,932.608JPM America Equity I (acc) - USD 137,766.537 40,969.670 106,924.722 71,811.485JPM America Equity I (dist) - USD 21,981.282 5,878.851 866.112 26,994.021JPM America Equity X (acc) - USD 902,561.402 35,521.057 95,910.461 842,171.998

JPMorgan Funds - Asia Local Currency Debt Fund (1)JPM Asia Local Currency Debt A (acc) - USD 986,989.993 3,362.888 990,352.881 -JPM Asia Local Currency Debt A (irc) - RMB (hedged) 134,466.463 3,947.469 138,413.932 -JPM Asia Local Currency Debt A (mth) - HKD 357,119.469 12,251.951 369,371.420 -JPM Asia Local Currency Debt A (mth) - USD 5,712.064 313.796 6,025.860 -JPM Asia Local Currency Debt D (acc) - USD 34,440.711 144.501 34,585.212 -JPM Asia Local Currency Debt X (acc) - USD 100,000.000 - 100,000.000 -

JPMorgan Funds - Asia Pacific Equity Fund (2)JPM Asia Pacific Equity A (acc) - EUR 1,029,919.483 779,177.771 540,579.215 1,268,518.039JPM Asia Pacific Equity A (acc) - HKD 117,467.184 647,827.242 447,563.239 317,731.187JPM Asia Pacific Equity A (acc) - SGD 9,030.946 - 0.001 9,030.945JPM Asia Pacific Equity A (acc) - USD 4,577,450.855 3,531,277.810 2,162,425.589 5,946,303.076JPM Asia Pacific Equity A (dist) - GBP 5,888.490 53.176 1,449.054 4,492.612JPM Asia Pacific Equity A (dist) - USD 1,051,132.405 107,632.727 323,496.184 835,268.948JPM Asia Pacific Strategic Equity B (acc) - EUR*** 5,201.063 - 5,201.063 -JPM Asia Pacific Strategic Equity B (acc) - USD*** 32,337.955 - 32,337.955 -JPM Asia Pacific Equity C (acc) - EUR 569,918.481 530,699.424 246,385.263 854,232.642JPM Asia Pacific Equity C (acc) - USD 114,051.999 225,703.611 53,519.406 286,236.204JPM Asia Pacific Equity C (dist) - USD^ 3,245.198 177,270.930 88,658.675 91,857.453JPM Asia Pacific Equity D (acc) - EUR 2,783.112 3,156.799 1,549.494 4,390.417JPM Asia Pacific Equity D (acc) - USD 108,086.929 11,314.503 27,321.131 92,080.301JPM Asia Pacific Equity I (acc) - USD 337,351.005 737,720.574 1,029,617.976 45,453.603JPM Asia Pacific Equity X (acc) - USD 626,228.936 280,523.122 66,916.448 839,835.610

(1) This Sub-Fund was liquidated on 8 April 2016.(2) This Sub-Fund was renamed from JPMorgan Funds - Asia Pacific Strategic Equity Fund to JPMorgan Funds - Asia Pacific Equity Fund on 1 February 2016.

*** Share Class closed as at the end of the year. With respect to “B” Share Classes, these were merged to the equivalent “C” Share Class within the same Sub-Fund. With respect to Share Classes prefixed“JPMorgan”, these were merged into the equivalent Share Classes prefixed “JPM” within the same Sub-Fund.

276




of the Year


of the Year


JPMorgan Funds - Asia Pacific Income FundJPM Asia Pacific Income A (acc) - HKD# 13,537,986.426 5,747,957.574 4,328,438.799 14,957,505.201JPM Asia Pacific Income A (acc) - USD# 5,644,210.342 870,715.674 1,651,489.682 4,863,436.334JPM Asia Pacific Income A (dist) - USD# 7,975,154.256 1,782,306.924 4,197,942.923 5,559,518.257JPM Asia Pacific Income A (irc) - AUD (hedged)# 20,065,376.622 11,739,941.410 12,350,873.799 19,454,444.233JPM Asia Pacific Income A (irc) - CAD (hedged)# 4,746,833.087 2,201,385.666 1,824,047.836 5,124,170.917JPM Asia Pacific Income A (irc) - EUR (hedged)# 1,410,796.095 431,900.123 548,214.564 1,294,481.654JPM Asia Pacific Income A (irc) - GBP (hedged)# 3,965,938.313 2,153,425.890 2,848,325.309 3,271,038.894JPM Asia Pacific Income A (irc) - NZD (hedged)# 6,335,453.621 2,698,959.904 3,817,351.152 5,217,062.373JPM Asia Pacific Income A (irc) - RMB (hedged)# 6,875,183.395 1,515,624.437 2,461,218.197 5,929,589.635JPM Asia Pacific Income A (mth) - HKD# 237,192,720.040 56,759,443.353 93,344,699.999 200,607,463.394JPM Asia Pacific Income A (mth) - SGD# 5,497,648.858 635,984.848 1,909,218.369 4,224,415.337JPM Asia Pacific Income A (mth) - SGD (hedged)# 16,270,629.253 2,197,185.489 4,344,384.030 14,123,430.712JPM Asia Pacific Income A (mth) - USD# 10,992,110.694 2,183,668.816 4,693,786.274 8,481,993.236JPM Asia Pacific Income C (acc) - HKD# - 774.599 - 774.599JPM Asia Pacific Income C (acc) - USD^# 849,936.520 103,212.182 185,043.445 768,105.257JPM Asia Pacific Income C (dist) - USD# 111,995.929 832.937 97,436.258 15,392.608JPM Asia Pacific Income C (irc) - AUD (hedged)# - 142.376 - 142.376JPM Asia Pacific Income C (irc) - CAD (hedged)# - 133.236 - 133.236JPM Asia Pacific Income C (irc) - EUR (hedged)# - 11.176 - 11.176JPM Asia Pacific Income C (irc) - GBP (hedged)# - 15.202 - 15.202JPM Asia Pacific Income C (irc) - NZD (hedged)# - 156.846 - 156.846JPM Asia Pacific Income C (irc) - RMB (hedged)# - 639.460 - 639.460JPM Asia Pacific Income C (mth) - HKD# - 774.612 - 774.612JPM Asia Pacific Income C (mth) - SGD# - 141.855 - 141.855JPM Asia Pacific Income C (mth) - SGD (hedged)# - 141.855 - 141.855JPM Asia Pacific Income C (mth) - USD^# 2,389.000 16.007 642.000 1,763.007JPM Asia Pacific Income D (acc) - USD# 1,317,034.029 145,635.911 318,296.214 1,144,373.726JPM Asia Pacific Income D (mth) - USD# 174,301.518 2,228.173 5,534.095 170,995.596JPM Asia Pacific Income I (acc) - USD# 10.000 - - 10.000JPM Asia Pacific Income X (acc) - USD# 102,029.504 998.271 48,188.271 54,839.504

JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - EUR 168,997.088 28,811.836 7,694.827 190,114.097JPM Brazil Equity A (acc) - SGD 49,776.991 158,557.846 85,979.299 122,355.538JPM Brazil Equity A (acc) - USD 26,064,467.536 18,812,950.201 19,312,041.900 25,565,375.837JPM Brazil Equity A (dist) - USD 392,567.387 8,103,561.182 2,894,302.521 5,601,826.048JPM Brazil Equity B (acc) - USD*** 313,672.403 6,000.000 319,672.403 -JPM Brazil Equity C (acc) - USD 723,627.689 2,221,548.660 1,716,367.568 1,228,808.781JPM Brazil Equity D (acc) - EUR 122,828.631 60,077.250 41,130.723 141,775.158JPM Brazil Equity D (acc) - USD 3,528,482.019 909,974.633 1,002,317.376 3,436,139.276JPM Brazil Equity I (acc) - USD 67,197.573 245,569.994 4,240.619 308,526.948JPM Brazil Equity T (acc) - EUR 21,733.518 16,916.233 24,913.455 13,736.296

JPMorgan Funds - China FundJPM China A (acc) - SGD# 60,641.934 9,421.561 9,544.408 60,519.087JPM China A (acc) - USD# 5,738,245.620 288,735.796 3,398,938.100 2,628,043.316JPM China A (dist) - HKD# 34,206,834.830 9,884,673.776 16,429,235.721 27,662,272.885JPM China A (dist) - USD# 22,591,654.442 8,864,924.417 10,274,286.165 21,182,292.694JPMorgan China B (acc) - USD*** 380,624.862 12,335.134 392,959.996 -JPMorgan China B (dist) - USD*** 13,457.868 711.607 14,169.475 -JPM China C (acc) - USD# 849,517.234 553,355.309 514,621.729 888,250.814JPM China C (dist) - HKD^# - 774.633 - 774.633JPM China C (dist) - USD# 7,058.085 18,526.637 6,354.193 19,230.529JPM China D (acc) - EUR# 48,548.660 12,629.047 27,153.754 34,023.953JPM China D (acc) - USD# 3,142,761.452 3,346,332.462 3,817,488.556 2,671,605.358JPM China I (dist) - USD# 834.836 - 824.836 10.000JPM China T (acc) - EUR# 10,244.279 1,493.119 8,372.206 3,365.192JPM China X (acc) - USD# 4,284.266 9,127.420 778.114 12,633.572

*** Share Class closed as at the end of the year. With respect to “B” Share Classes, these were merged to the equivalent “C” Share Class within the same Sub-Fund. With respect to Share Classes prefixed“JPMorgan”, these were merged into the equivalent Share Classes prefixed “JPM” within the same Sub-Fund.^ Share Class renamed from “B” Share Class to the equivalent “C” Share Class within the same Sub-Fund.# Share Class renamed from “JPMorgan” prefixed Share Class to the equivalent “JPM” prefixed Share Class within the same Sub-Fund.

277




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JPMorgan Funds - Emerging Europe Equity Fund (3)JPM Emerging Europe Equity A (acc) - EUR 2,027,683.947 1,116,692.583 1,276,479.631 1,867,896.899JPM Emerging Europe Equity A (acc) - USD 91,788.133 53,719.168 58,267.986 87,239.315JPM Emerging Europe Equity A (dist) - EUR 4,738,581.269 2,444,466.446 780,283.330 6,402,764.385JPMorgan Emerging Europe Equity A (dist) - EUR*** 3,300,721.490 444,819.536 3,745,541.026 -JPM Emerging Europe Equity B (acc) - EUR*** 903,562.697 11,398.108 914,960.805 -JPM Emerging Europe Equity B (dist) - EUR*** 13,668.955 8.036 13,676.991 -JPM Emerging Europe Equity C (acc) - EUR 4,972,367.836 3,381,293.571 1,227,013.517 7,126,647.890JPM Emerging Europe Equity C (acc) - USD - 27,029.443 8.770 27,020.673JPM Emerging Europe Equity C (dist) - EUR 173.022 14,950.176 1,020.713 14,102.485JPM Emerging Europe Equity D (acc) - EUR 592,483.991 41,077.668 103,322.099 530,239.560JPM Emerging Europe Equity I (acc) - EUR 1,283,041.569 181,133.316 200.000 1,463,974.885JPM Emerging Europe Equity X (acc) - EUR 3,257,641.879 730.229 307.998 3,258,064.110

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 412,310.986 73,188.744 218,284.803 267,214.927JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 1,344,333.678 90,841.024 317,107.053 1,118,067.649JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 3,103,936.991 422,564.950 790,009.168 2,736,492.773JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD*** 378,579.239 - 378,579.239 -JPM Emerging Europe, Middle East and Africa Equity C (acc) - EUR - 11.401 - 11.401JPM Emerging Europe, Middle East and Africa Equity C (acc) - SGD - 140.996 - 140.996JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 386,526.990 1,267,488.115 745,679.512 908,335.593JPM Emerging Europe, Middle East and Africa Equity C (dist) - USD^ 2,455.000 1,578.855 590.601 3,443.254JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 20,884.453 4,352.794 7,318.309 17,918.938JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 484,562.003 22,495.241 95,379.921 411,677.323JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD** - 614,470.232 - 614,470.232JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR* 2,864.868 - 2,864.868 -JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 13,314,942.372 222,424.198 8,010,363.982 5,527,002.588

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR (hedged) 1,498,264.943 2,512,693.768 1,774,623.382 2,236,335.329JPM Emerging Markets Debt A (acc) - GBP (hedged)* 47,998.000 - 47,998.000 -JPM Emerging Markets Debt A (acc) - USD 4,086,627.219 6,465,245.131 6,555,638.431 3,996,233.919JPM Emerging Markets Debt A (dist) - GBP 16.499 2,030.000 2,030.000 16.499JPM Emerging Markets Debt A (inc) - EUR (hedged) 3,084,503.049 661,748.953 826,532.995 2,919,719.007JPM Emerging Markets Debt A (inc) - USD 34,249.036 1,271.787 16,264.168 19,256.655JPM Emerging Markets Debt A (irc) - AUD (hedged) 754,263.011 668,550.435 556,106.462 866,706.984JPM Emerging Markets Debt A (irc) - CAD (hedged) 74,420.516 26,688.350 49,697.206 51,411.660JPM Emerging Markets Debt A (irc) - NZD (hedged) 56,863.141 17,763.832 26,552.821 48,074.152JPM Emerging Markets Debt A (irc) - RMB (hedged) 436,132.683 11,810.165 149,394.312 298,548.536JPM Emerging Markets Debt A (mth) - EUR (hedged) 961,356.723 230,948.350 315,227.810 877,077.263JPM Emerging Markets Debt A (mth) - HKD 3,680,202.540 586,658.859 1,667,716.988 2,599,144.411JPM Emerging Markets Debt A (mth) - USD 41,698,610.370 5,122,675.466 14,857,496.998 31,963,788.838JPM Emerging Markets Debt B (acc) - EUR (hedged)*** 747,883.731 3,976.081 751,859.812 -JPM Emerging Markets Debt C (acc) - EUR (hedged) 5,068,776.309 5,938,821.371 5,636,538.807 5,371,058.873JPM Emerging Markets Debt C (acc) - GBP (hedged) - 15.394 - 15.394JPM Emerging Markets Debt C (acc) - USD^ 19,893.897 11,639.885 7,423.622 24,110.160JPM Emerging Markets Debt C (dist) - USD 33,909.558 14,802.839 38,302.919 10,409.478JPM Emerging Markets Debt C (inc) - EUR (hedged)^ 66,271.485 33,588.618 11,055.891 88,804.212JPM Emerging Markets Debt C (irc) - AUD (hedged) - 143.038 - 143.038JPM Emerging Markets Debt C (irc) - CAD (hedged) - 130.812 - 130.812JPM Emerging Markets Debt C (irc) - NZD (hedged) - 157.724 - 157.724JPM Emerging Markets Debt C (mth) - EUR (hedged) - 11.217 - 11.217JPM Emerging Markets Debt C (mth) - HKD - 774.612 - 774.612JPM Emerging Markets Debt C (mth) - USD 592,762.400 1,500.000 10.000 594,252.400JPM Emerging Markets Debt D (acc) - EUR (hedged) 1,937,652.955 189,736.637 885,231.828 1,242,157.764JPM Emerging Markets Debt I (acc) - EUR (hedged) 2,962,428.799 2,196,459.144 2,125,746.615 3,033,141.328JPM Emerging Markets Debt I (acc) - USD 669,871.059 72,503.172 377,809.885 364,564.346JPM Emerging Markets Debt I (dist) - CHF (hedged) 578,778.777 0.146 176,421.898 402,357.025JPM Emerging Markets Debt I (dist) - USD 10.000 - - 10.000JPM Emerging Markets Debt I (inc) - EUR (hedged) 22,867,164.009 486,619.276 169,367.051 23,184,416.234JPM Emerging Markets Debt X (acc) - EUR (hedged) 1,427,430.423 85,780.000 437,173.171 1,076,037.252JPM Emerging Markets Debt X (acc) - GBP (hedged) 88,315.113 26,386.741 35,978.388 78,723.466JPM Emerging Markets Debt X (acc) - USD 298,585.609 332,115.008 80,765.796 549,934.821JPM Emerging Markets Debt X (dist) - USD 9,922.370 589.377 4,977.000 5,534.747

(3) This Sub-Fund was renamed from JPMorgan Funds - Eastern Europe Equity Fund to JPMorgan Funds - Emerging Europe Equity Fund on 30 September 2015.

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to “B” Share Classes, these were merged to the equivalent “C” Share Class within the same Sub-Fund. With respect to Share Classes prefixed“JPMorgan”, these were merged into the equivalent Share Classes prefixed “JPM” within the same Sub-Fund.^ Share Class renamed from “B” Share Class to the equivalent “C” Share Class within the same Sub-Fund.

278




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JPMorgan Funds - Emerging Markets Dividend FundJPM Emerging Markets Dividend A (acc) - CHF (hedged) 2,876.384 - 716.200 2,160.184JPM Emerging Markets Dividend A (acc) - EUR 26,985.414 75,674.420 14,878.097 87,781.737JPM Emerging Markets Dividend A (acc) - USD 151,384.861 13,723.411 93,337.653 71,770.619JPM Emerging Markets Dividend A (dist) - GBP 81,956.874 40,801.777 38,232.701 84,525.950JPM Emerging Markets Dividend A (div) - EUR 89,079.560 47,196.615 31,018.052 105,258.123JPM Emerging Markets Dividend A (inc) - EUR 30,777.760 7,252.406 22,330.576 15,699.590JPM Emerging Markets Dividend A (irc) - AUD (hedged) 1,726,241.473 909,170.194 728,859.543 1,906,552.124JPM Emerging Markets Dividend A (irc) - GBP (hedged) 33,666.888 6,952.954 350.706 40,269.136JPM Emerging Markets Dividend A (irc) - NZD (hedged)* 26,904.697 1,480.002 28,384.699 -JPM Emerging Markets Dividend A (irc) - RMB (hedged) 136,735.943 635,778.035 71,789.748 700,724.230JPM Emerging Markets Dividend A (mth) - HKD 280,390.295 3,105,816.627 1,410,275.725 1,975,931.197JPM Emerging Markets Dividend A (mth) - SGD 372,975.847 33,191.455 105,795.048 300,372.254JPM Emerging Markets Dividend A (mth) - SGD (hedged) 2,945,462.074 171,987.885 868,677.928 2,248,772.031JPM Emerging Markets Dividend A (mth) - USD 417,495.676 174,393.442 93,304.789 498,584.329JPM Emerging Markets Dividend B (acc) - CHF (hedged)*** 10.023 - 10.023 -JPM Emerging Markets Dividend C (acc) - CHF (hedged) 10.023 713.730 703.731 20.022JPM Emerging Markets Dividend C (acc) - EUR 44,798.645 82,460.000 4,882.000 122,376.645JPM Emerging Markets Dividend C (acc) - USD^ 300.000 4,625.000 - 4,925.000JPM Emerging Markets Dividend C (div) - EUR^ 12.840 - - 12.840JPM Emerging Markets Dividend C (inc) - EUR^ 31,063.858 15,000.000 31,050.000 15,013.858JPM Emerging Markets Dividend D (acc) - EUR 20,430.003 12,488.569 9,939.177 22,979.395JPM Emerging Markets Dividend D (div) - EUR 115,287.240 42,234.001 42,347.989 115,173.252JPM Emerging Markets Dividend I (acc) - EUR - 267,400.000 - 267,400.000JPM Emerging Markets Dividend T (acc) - EUR 2,625.844 838.008 848.958 2,614.894JPM Emerging Markets Dividend T (div) - EUR 27,493.780 4,747.973 11,845.151 20,396.602JPM Emerging Markets Dividend X (acc) - EUR 100,112.000 13,800.000 45,450.000 68,462.000JPM Emerging Markets Dividend X (acc) - USD 178,014.829 91,392.042 120,434.264 148,972.607JPM Emerging Markets Dividend X (inc) - EUR 392,012.162 - - 392,012.162

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 20,311,437.223 7,070,046.322 9,515,124.469 17,866,359.076JPM Emerging Markets Equity A (acc) - EUR (hedged) 83,062.767 24,043.549 63,810.073 43,296.243JPM Emerging Markets Equity A (acc) - SGD 233,058.686 84,551.398 95,510.601 222,099.483JPM Emerging Markets Equity A (acc) - USD 8,817,442.106 2,350,575.963 3,360,783.269 7,807,234.800JPM Emerging Markets Equity A (dist) - GBP 232,148.154 20,772.536 66,367.780 186,552.910JPM Emerging Markets Equity A (dist) - USD 20,300,426.099 2,167,719.675 4,802,599.586 17,665,546.188JPM Emerging Markets Equity B (acc) - EUR*** 163,437.600 644.778 164,082.378 -JPM Emerging Markets Equity B (acc) - USD*** 1,549,033.077 434,922.276 1,983,955.353 -JPM Emerging Markets Equity B (dist) - GBP*** 17,301.327 2,176.586 19,477.913 -JPM Emerging Markets Equity B (dist) - USD*** 86,786.488 28.762 86,815.250 -JPM Emerging Markets Equity C (acc) - EUR 66,741.244 2,032,380.302 870,870.525 1,228,251.021JPM Emerging Markets Equity C (acc) - EUR (hedged) 26,205.321 56,217.920 50,029.810 32,393.431JPM Emerging Markets Equity C (acc) - USD 23,396,255.416 10,593,718.605 18,960,818.278 15,029,155.743JPM Emerging Markets Equity C (dist) - GBP 4,545.579 40,753.153 3,647.219 41,651.513JPM Emerging Markets Equity C (dist) - USD 99,756.848 104,388.838 77,447.990 126,697.696JPM Emerging Markets Equity D (acc) - EUR 2,694,964.929 882,061.582 1,095,125.852 2,481,900.659JPM Emerging Markets Equity D (acc) - USD 1,604,020.116 101,560.580 476,507.119 1,229,073.577JPM Emerging Markets Equity I (acc) - EUR 5,000,064.895 - 2,956,536.163 2,043,528.732JPM Emerging Markets Equity I (acc) - EUR (hedged) 171,094.834 169,870.951 18,080.458 322,885.327JPM Emerging Markets Equity I (acc) - SGD** - 21,294,186.059 505,656.653 20,788,529.406JPM Emerging Markets Equity I (acc) - USD 18,716,620.315 1,060,325.755 11,482,165.830 8,294,780.240JPM Emerging Markets Equity I (dist) - GBP 10.002 - - 10.002JPM Emerging Markets Equity I (dist) - USD 67,030.993 - - 67,030.993JPM Emerging Markets Equity I (inc) - EUR 4,073,145.277 844,559.000 841,558.000 4,076,146.277JPM Emerging Markets Equity T (acc) - EUR 5,323.880 1,618.007 2,957.666 3,984.221JPM Emerging Markets Equity X (acc) - EUR 151,582.409 16,616.000 43,798.000 124,400.409JPM Emerging Markets Equity X (acc) - EUR (hedged) 10,700.000 - 4,110.000 6,590.000JPM Emerging Markets Equity X (acc) - USD 46,191,948.194 2,187,972.390 2,413,608.858 45,966,311.726JPM Emerging Markets Equity X (dist) - USD 1,891,071.686 677,185.359 - 2,568,257.045JPM Emerging Markets Equity X (inc) - EUR 31,834,551.725 1,849,493.217 216,652.863 33,467,392.079


279




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of the Year


JPMorgan Funds - Emerging Markets Investment Grade Bond FundJPM Emerging Markets Investment Grade Bond A (acc) - CHF (hedged) 22,773.629 1,165.000 18,829.925 5,108.704JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 52,313.519 10,557.916 20,641.641 42,229.794JPM Emerging Markets Investment Grade Bond A (acc) - USD 118,852.919 10,120.089 45,275.757 83,697.251JPM Emerging Markets Investment Grade Bond A (dist) - USD 3,133.567 - 348.658 2,784.909JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) 565,492.405 35,910.361 106,332.482 495,070.284JPM Emerging Markets Investment Grade Bond A (mth) - USD 15,760.907 60,991.169 2,525.904 74,226.172JPM Emerging Markets Investment Grade Bond B (inc) - EUR (hedged)*** 101,590.297 - 101,590.297 -JPM Emerging Markets Investment Grade Bond C (acc) - USD^ 203,755.823 42,850.729 144,153.154 102,453.398JPM Emerging Markets Investment Grade Bond C (inc) - EUR (hedged) 567,608.583 176,499.773 208,921.829 535,186.527JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 46,925.269 16,615.180 29,737.160 33,803.289JPM Emerging Markets Investment Grade Bond D (acc) - USD 5,578.438 - 1,836.241 3,742.197JPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged) 69,669.000 - 3,150.000 66,519.000JPM Emerging Markets Investment Grade Bond I (acc) - EUR 252,723.487 - - 252,723.487JPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged) 687,972.611 - 1,075.856 686,896.755JPM Emerging Markets Investment Grade Bond I (acc) - USD 200,466.131 66,900.000 194,886.131 72,480.000JPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged) 69,085.711 203,325.001 42,300.000 230,110.712JPM Emerging Markets Investment Grade Bond X (acc) - EUR (hedged) 28,394.664 - 1,100.000 27,294.664JPM Emerging Markets Investment Grade Bond X (inc) - EUR (hedged) 272,269.766 - - 272,269.766

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 6,034,512.603 1,142,662.226 2,072,756.556 5,104,418.273JPM Emerging Markets Local Currency Debt A (acc) - SGD 1,836,545.390 723,758.534 1,348,607.138 1,211,696.786JPM Emerging Markets Local Currency Debt A (acc) - USD 4,798,403.604 1,556,600.318 3,406,183.513 2,948,820.409JPM Emerging Markets Local Currency Debt A (dist) - GBP 2,092.189 1,236.316 862.391 2,466.114JPM Emerging Markets Local Currency Debt A (div) - EUR 108,173.406 52,545.094 10,038.246 150,680.254JPM Emerging Markets Local Currency Debt A (inc) - EUR 2,558,958.930 128,725.178 1,744,863.900 942,820.208JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 18,062,294.539 11,016,957.184 13,042,348.261 16,036,903.462JPM Emerging Markets Local Currency Debt A (mth) - HKD 34,196.751 93,580.127 86,353.957 41,422.921JPM Emerging Markets Local Currency Debt A (mth) - USD 67,516,087.144 15,985,824.051 26,850,373.914 56,651,537.281JPM Emerging Markets Local Currency Debt B (acc) - EUR*** 48,693.896 5,015.154 53,709.050 -JPM Emerging Markets Local Currency Debt B (acc) - USD*** 5,373,533.921 486,382.231 5,859,916.152 -JPM Emerging Markets Local Currency Debt C (acc) - EUR 361,025.800 365,777.865 195,176.636 531,627.029JPM Emerging Markets Local Currency Debt C (acc) - EUR (hedged) 250,675.000 906,453.462 220,961.520 936,166.942JPM Emerging Markets Local Currency Debt C (acc) - USD 4,584,185.346 10,829,241.948 6,478,531.699 8,934,895.595JPM Emerging Markets Local Currency Debt C (dist) - GBP 73,511.105 11,745.324 78,086.479 7,169.950JPM Emerging Markets Local Currency Debt C (div) - EUR 188,375.141 - 92,270.761 96,104.380JPM Emerging Markets Local Currency Debt C (inc) - EUR^ 92,318.523 - 24,500.000 67,818.523JPM Emerging Markets Local Currency Debt C (mth) - USD^ 695.000 15.748 10.000 700.748JPM Emerging Markets Local Currency Debt D (acc) - EUR 5,120,558.908 688,150.595 1,565,619.887 4,243,089.616JPM Emerging Markets Local Currency Debt D (acc) - USD 39,906.262 55,011.297 39,572.564 55,344.995JPM Emerging Markets Local Currency Debt D (div) - EUR 18,453,611.966 5,302,317.416 4,380,265.758 19,375,663.624JPM Emerging Markets Local Currency Debt D (mth) - USD 34,919.939 10,575.694 5,770.633 39,725.000JPM Emerging Markets Local Currency Debt I (acc) - EUR 172,169.272 - - 172,169.272JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 644,882.000 516,326.000 539,882.000 621,326.000JPM Emerging Markets Local Currency Debt I (acc) - USD 703,582.939 - 411,431.425 292,151.514JPM Emerging Markets Local Currency Debt I (inc) - EUR 3,671,819.016 340,504.078 438,437.767 3,573,885.327JPM Emerging Markets Local Currency Debt T (acc) - EUR 35,448.851 7,021.480 22,904.335 19,565.996JPM Emerging Markets Local Currency Debt T (div) - EUR 496,062.351 69,000.762 285,362.215 279,700.898JPM Emerging Markets Local Currency Debt X (acc) - USD 1,415,783.338 1,753,920.048 226,312.939 2,943,390.447JPM Emerging Markets Local Currency Debt Y (acc) - EUR 2,452,443.593 1,349,720.153 482,725.240 3,319,438.506JPM Emerging Markets Local Currency Debt Y (acc) - GBP 2,087,282.997 233,611.567 130,816.412 2,190,078.152

*** Share Class closed as at the end of the year. With respect to “B” Share Classes, these were merged to the equivalent “C” Share Class within the same Sub-Fund. With respect to Share Classes prefixed“JPMorgan”, these were merged into the equivalent Share Classes prefixed “JPM” within the same Sub-Fund.^ Share Class renamed from “B” Share Class to the equivalent “C” Share Class within the same Sub-Fund.

280




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of the Year


JPMorgan Funds - Emerging Markets Opportunities FundJPM Emerging Markets Opportunities A (acc) - CHF (hedged) 63,091.616 2,159.000 31,780.166 33,470.450JPM Emerging Markets Opportunities A (acc) - EUR 616,335.648 44,980.015 342,294.505 319,021.158JPM Emerging Markets Opportunities A (acc) - SGD 66,464.358 7,743.717 43,573.380 30,634.695JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 218,310.436 56,396.199 156,431.448 118,275.187JPM Emerging Markets Opportunities A (acc) - USD 1,448,543.483 517,176.193 795,592.759 1,170,126.917JPM Emerging Markets Opportunities A (dist) - EUR 258,730.712 12,770.043 84,880.052 186,620.703JPM Emerging Markets Opportunities A (dist) - GBP 31,981.441 42.542 27,120.731 4,903.252JPM Emerging Markets Opportunities A (dist) - USD 87,588.649 37,743.738 27,620.107 97,712.280JPM Emerging Markets Opportunities A (inc) - EUR 20,847.542 - 11,652.919 9,194.623JPM Emerging Markets Opportunities B (acc) - EUR*** 1,800,879.519 199,633.000 2,000,512.519 -JPM Emerging Markets Opportunities B (acc) - USD*** 446,242.246 40,849.664 487,091.910 -JPM Emerging Markets Opportunities B (dist) - GBP*** 37,930.080 - 37,930.080 -JPM Emerging Markets Opportunities B (dist) - USD*** 2,278.025 4,000.000 6,278.025 -JPM Emerging Markets Opportunities C (acc) - CHF (hedged) 9.976 - - 9.976JPM Emerging Markets Opportunities C (acc) - EUR 8,020.319 2,079,579.339 2,002,640.842 84,958.816JPM Emerging Markets Opportunities C (acc) - PLN 150,528.505 6,675.705 63,377.868 93,826.342JPM Emerging Markets Opportunities C (acc) - SGD - 141.644 - 141.644JPM Emerging Markets Opportunities C (acc) - SGD (hedged) - 141.644 - 141.644JPM Emerging Markets Opportunities C (acc) - USD 1,322,115.575 780,653.833 1,032,133.883 1,070,635.525JPM Emerging Markets Opportunities C (dist) - EUR^ 63,779.117 1,274.555 61,895.984 3,157.688JPM Emerging Markets Opportunities C (dist) - GBP 2,685,055.460 1,712,307.818 780,349.475 3,617,013.803JPM Emerging Markets Opportunities C (dist) - USD 1,374,673.413 268,062.659 1,337,514.441 305,221.631JPM Emerging Markets Opportunities C (inc) - EUR - 23.101 - 23.101JPM Emerging Markets Opportunities D (acc) - EUR 70,277.950 11,872.412 42,454.773 39,695.589JPM Emerging Markets Opportunities D (acc) - PLN 10,953.840 2,515.936 2,450.016 11,019.760JPM Emerging Markets Opportunities D (acc) - USD 85,978.726 27,735.737 42,256.093 71,458.370JPM Emerging Markets Opportunities I (acc) - EUR** 223,496.984 249,463.283 247,201.725 225,758.542JPM Emerging Markets Opportunities I (acc) - SGD 8,916,362.429 7,018.966 2,803,594.402 6,119,786.993JPM Emerging Markets Opportunities I (acc) - USD 2,155,514.387 85,120.051 405,529.851 1,835,104.587JPM Emerging Markets Opportunities I (dist) - USD - 2,652.430 1,235.946 1,416.484JPM Emerging Markets Opportunities T (acc) - EUR 20,519.196 1,751.093 9,825.852 12,444.437JPM Emerging Markets Opportunities X (acc) - EUR 2,048,323.360 512,105.085 189,068.611 2,371,359.834JPM Emerging Markets Opportunities X (acc) - EUR (hedged) 10,682.000 - 3,827.000 6,855.000JPM Emerging Markets Opportunities X (acc) - GBP 2,292,035.268 30,027.340 290,569.818 2,031,492.790JPM Emerging Markets Opportunities X (acc) - USD 776,118.438 110,471.790 5,315.021 881,275.207JPM Emerging Markets Opportunities X (dist) - AUD 97,787.879 3,286.296 1,172.159 99,902.016JPM Emerging Markets Opportunities X (dist) - GBP - 15,000.000 - 15,000.000

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - EUR 190,520.062 41,146.380 52,210.398 179,456.044JPM Emerging Middle East Equity A (acc) - USD 940,710.207 26,822.696 272,441.407 695,091.496JPM Emerging Middle East Equity A (dist) - USD 4,106,205.121 666,538.534 780,180.627 3,992,563.028JPM Emerging Middle East Equity B (acc) - USD*** 86,858.625 - 86,858.625 -JPM Emerging Middle East Equity C (acc) - USD 5,551,032.953 587,362.213 5,132,358.034 1,006,037.132JPM Emerging Middle East Equity C (dist) - USD^ 5,921.303 68.326 1,315.237 4,674.392JPM Emerging Middle East Equity D (acc) - EUR 18,827.938 991.419 5,630.987 14,188.370JPM Emerging Middle East Equity D (acc) - USD 644,029.361 24,093.806 134,473.125 533,650.042JPM Emerging Middle East Equity I (acc) - USD 988.445 171,128.512 171,480.921 636.036

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - CHF (hedged) 9,777.154 1,202.000 4,944.382 6,034.772JPM Euroland Equity A (acc) - EUR 1,281,586.460 547,854.875 648,021.231 1,181,420.104JPM Euroland Equity A (acc) - GBP (hedged) 1,445.811 1,767.000 1,545.811 1,667.000JPM Euroland Equity A (acc) - USD (hedged) 141,064.688 106,517.963 137,752.257 109,830.394JPM Euroland Equity A (dist) - EUR 1,785,633.294 254,256.987 314,851.875 1,725,038.406JPM Euroland Equity A (dist) - USD# 6,249,071.679 696,445.842 1,945,426.224 5,000,091.297JPM Euroland Equity A (inc) - EUR 3,347.835 117.000 581.000 2,883.835JPM Euroland Equity B (acc) - EUR*** 2,520,897.841 506,050.587 3,026,948.428 -JPM Euroland Equity C (acc) - CHF (hedged) 99,545.000 69,961.126 96,085.000 73,421.126JPM Euroland Equity C (acc) - EUR 2,613,569.703 5,553,960.139 3,058,373.723 5,109,156.119JPM Euroland Equity C (acc) - GBP (hedged) - 13.600 - 13.600JPM Euroland Equity C (acc) - USD (hedged)^ 35,458.147 4,869.605 32,837.390 7,490.362JPM Euroland Equity C (dist) - EUR^ 2,651.352 2,680.352 893.215 4,438.489JPM Euroland Equity C (dist) - USD 249.056 0.168 0.168 249.056JPM Euroland Equity D (acc) - EUR 1,731,477.028 390,960.873 430,411.367 1,692,026.534JPM Euroland Equity X (acc) - EUR 2,021,139.791 118,567.422 243,777.971 1,895,929.242

** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to “B” Share Classes, these were merged to the equivalent “C” Share Class within the same Sub-Fund. With respect to Share Classes prefixed“JPMorgan”, these were merged into the equivalent Share Classes prefixed “JPM” within the same Sub-Fund.^ Share Class renamed from “B” Share Class to the equivalent “C” Share Class within the same Sub-Fund.# Share Class renamed from “JPMorgan” prefixed Share Class to the equivalent “JPM” prefixed Share Class within the same Sub-Fund.

281




of the Year


of the Year


JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - AUD (hedged) 8,545,301.041 12,583,699.705 14,297,576.082 6,831,424.664JPM Europe Dynamic A (acc) - EUR 10,145,639.092 3,733,132.270 6,353,655.361 7,525,116.001JPM Europe Dynamic A (acc) - HKD (hedged) 58,006,111.465 47,331,887.532 56,808,849.356 48,529,149.641JPM Europe Dynamic A (acc) - SGD (hedged) 2,120,451.382 2,035,212.443 1,094,562.597 3,061,101.228JPM Europe Dynamic A (acc) - USD 473,360.971 193,882.221 323,514.306 343,728.886JPM Europe Dynamic A (acc) - USD (hedged) 3,182,458.206 1,966,691.972 2,686,088.217 2,463,061.961JPM Europe Dynamic A (dist) - EUR 4,355,784.314 6,871,176.255 2,992,139.060 8,234,821.509JPMorgan Europe Dynamic A (dist) - EUR*** 4,585,628.881 1,525,978.085 6,111,606.966 -JPM Europe Dynamic A (dist) - GBP 31,758.773 17,782.858 8,493.137 41,048.494JPM Europe Dynamic A (inc) - EUR 416.915 13.697 8.825 421.787JPM Europe Dynamic B (acc) - EUR*** 1,936,380.081 97,301.534 2,033,681.615 -JPM Europe Dynamic B (dist) - EUR*** 12,150.518 2,027.997 14,178.515 -JPM Europe Dynamic C (acc) - EUR 6,976,407.205 4,551,324.557 6,116,633.943 5,411,097.819JPM Europe Dynamic C (acc) - USD^ 26,332.211 34,030.108 18,752.599 41,609.720JPM Europe Dynamic C (acc) - USD (hedged)^ 115,434.591 127,573.826 111,979.297 131,029.120JPM Europe Dynamic C (dist) - EUR 385.726 40,289.358 20,547.554 20,127.530JPM Europe Dynamic C (dist) - GBP^ 565.130 10,541.332 503.003 10,603.459JPM Europe Dynamic C (inc) - EUR - 9,971.000 4,780.000 5,191.000JPM Europe Dynamic D (acc) - EUR 1,669,307.354 457,063.471 720,703.403 1,405,667.422JPM Europe Dynamic D (acc) - USD 8,789.399 4,343.297 8,181.427 4,951.269JPM Europe Dynamic D (acc) - USD (hedged) 26,568.093 17,408.188 12,569.268 31,407.013JPM Europe Dynamic I (acc) - EUR 5,931,280.286 1,784,330.153 1,094,492.473 6,621,117.966JPM Europe Dynamic I (acc) - USD 20,200.070 2,336.926 19,539.260 2,997.736JPM Europe Dynamic I (acc) - USD (hedged) 43,676.375 179,401.403 140,866.594 82,211.184JPM Europe Dynamic I (dist) - EUR 66,361.396 14,992.240 25,673.709 55,679.927JPM Europe Dynamic I (dist) - GBP 2,842.204 - 721.750 2,120.454JPM Europe Dynamic T (acc) - EUR* 1,271.756 - 1,271.756 -JPM Europe Dynamic X (acc) - EUR 988,669.470 881,870.217 217,150.646 1,653,389.041

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 3,422,817.320 992,671.082 1,452,713.483 2,962,774.919JPM Europe Equity A (acc) - USD 2,165,321.626 349,284.861 455,733.167 2,058,873.320JPM Europe Equity A (acc) - USD (hedged) 77,844.491 27,307.705 32,875.864 72,276.332JPM Europe Equity A (dist) - EUR 3,375,026.576 333,814.063 435,458.927 3,273,381.712JPM Europe Equity A (dist) - USD# 1,629,845.677 549,932.513 1,250,208.062 929,570.128JPM Europe Equity B (acc) - EUR*** 260,704.798 18,654.143 279,358.941 -JPM Europe Equity C (acc) - EUR 2,244,548.879 2,444,877.033 1,417,536.497 3,271,889.415JPM Europe Equity C (acc) - USD^ 2,571.145 447.263 7.363 3,011.045JPM Europe Equity C (acc) - USD (hedged)^ 64,994.993 16,076.530 58,796.334 22,275.189JPM Europe Equity C (dist) - EUR^ 17,943.468 6,794.594 14,916.004 9,822.058JPM Europe Equity C (dist) - USD 2,712.902 2.408 160.423 2,554.887JPM Europe Equity D (acc) - EUR 1,849,002.205 1,481,036.731 783,248.114 2,546,790.822JPM Europe Equity D (acc) - USD 305,892.477 46,886.105 110,597.373 242,181.209JPM Europe Equity D (acc) - USD (hedged) 36,892.471 9,879.966 11,630.992 35,141.445JPM Europe Equity I (acc) - EUR** - 345,257.588 - 345,257.588JPM Europe Equity X (acc) - EUR 252,344.620 13,910.717 7,391.417 258,863.920

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 1,813,553.322 3,441,730.638 3,342,382.412 1,912,901.548JPM Europe Small Cap A (acc) - USD 382,417.466 268,822.818 424,028.469 227,211.815JPM Europe Small Cap A (acc) - USD (hedged) - 323,546.146 166,030.689 157,515.457JPM Europe Small Cap A (dist) - EUR 2,950,476.399 1,259,083.083 817,556.123 3,392,003.359JPMorgan Europe Small Cap A (dist) - EUR*** 2,592,250.846 1,812,436.656 4,404,687.502 -JPM Europe Small Cap A (dist) - GBP 104,472.524 78,281.507 20,589.676 162,164.355JPM Europe Small Cap B (acc) - EUR*** 179,563.533 137,981.777 317,545.310 -JPM Europe Small Cap C (acc) - EUR 600,228.379 3,140,573.466 2,392,746.019 1,348,055.826JPM Europe Small Cap C (dist) - EUR^ 9,861.997 7,851.068 3,091.964 14,621.101JPM Europe Small Cap D (acc) - EUR 1,602,255.569 1,544,942.745 1,094,772.570 2,052,425.744JPM Europe Small Cap I (acc) - EUR 75,438.869 498,071.461 162,944.040 410,566.290JPM Europe Small Cap X (acc) - EUR 12,858.134 39,291.336 18,200.621 33,948.849

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 653,870.610 1,654,621.688 1,417,228.039 891,264.259JPM Europe Technology A (acc) - USD (hedged) 71,581.406 211,806.468 219,138.622 64,249.252JPM Europe Technology A (dist) - EUR 4,828,008.040 1,856,372.731 1,836,459.084 4,847,921.687JPMorgan Europe Technology A (dist) - EUR*** 1,194,507.412 520,579.762 1,715,087.174 -JPM Europe Technology A (dist) - GBP 48,612.721 61,071.014 54,615.222 55,068.513JPM Europe Technology B (acc) - EUR*** 110,905.393 64,720.181 175,625.574 -JPM Europe Technology C (acc) - EUR 47,496.309 67,156.422 68,344.159 46,308.572JPM Europe Technology C (dist) - EUR^ 5,174.631 7,791.562 4,047.673 8,918.520JPM Europe Technology C (dist) - GBP 26.835 14.426 - 41.261JPM Europe Technology D (acc) - EUR 2,204,209.908 3,642,510.546 3,953,612.238 1,893,108.216JPM Europe Technology X (acc) - EUR** - 464.700 - 464.700


282




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of the Year


JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - CHF (hedged) 12,712.412 2,751.877 12,584.989 2,879.300JPM Global Dynamic A (acc) - EUR 963,558.158 3,151.227 167,858.828 798,850.557JPM Global Dynamic A (acc) - EUR (hedged) 698,763.279 38,858.405 409,837.410 327,784.274JPM Global Dynamic A (acc) - SGD 129,584.905 78,730.839 36,262.472 172,053.272JPM Global Dynamic A (acc) - USD 2,691,194.116 300,263.051 939,166.970 2,052,290.197JPM Global Dynamic A (dist) - GBP 284,282.975 7,241.123 49,267.851 242,256.247JPM Global Dynamic A (dist) - USD 3,765,931.514 1,343,554.570 1,028,711.042 4,080,775.042JPMorgan Global Dynamic A (dist) - USD*** 995,322.495 901,031.875 1,896,354.370 -JPM Global Dynamic A (inc) - EUR 60,120.648 81.283 368.212 59,833.719JPM Global Dynamic B (acc) - USD*** 8,378,526.155 16,444.350 8,394,970.505 -JPM Global Dynamic C (acc) - EUR 783,699.157 141,793.669 29,586.993 895,905.833JPM Global Dynamic C (acc) - EUR (hedged) 170,643.016 24,565.481 726.687 194,481.810JPM Global Dynamic C (acc) - USD 4,501,077.572 8,210,791.391 3,778,253.485 8,933,615.478JPM Global Dynamic C (dist) - GBP 2,249.322 1,211.022 1,072.635 2,387.709JPM Global Dynamic C (dist) - USD^ 201,290.923 74,824.079 62,647.768 213,467.234JPM Global Dynamic C (inc) - EUR^ 35,760.707 2,626.382 17,267.718 21,119.371JPM Global Dynamic D (acc) - EUR 376,015.490 129,075.794 127,657.613 377,433.671JPM Global Dynamic D (acc) - EUR (hedged) 926,266.494 100,274.575 439,840.221 586,700.848JPM Global Dynamic D (acc) - USD 818,262.480 149,152.615 292,110.416 675,304.679JPM Global Dynamic I (acc) - EUR* 50,397.982 - 50,397.982 -JPM Global Dynamic I (acc) - EUR (hedged) 2,797.652 - 754.763 2,042.889JPM Global Dynamic I (acc) - USD 1,429,678.065 58,585.384 100,337.238 1,387,926.211JPM Global Dynamic I (dist) - USD 9.999 - - 9.999JPM Global Dynamic I (inc) - EUR 1,719,473.052 39,155.907 - 1,758,628.959JPM Global Dynamic T (acc) - EUR (hedged)* 655.826 - 655.826 -JPM Global Dynamic X (acc) - EUR (hedged) 74,602.639 1,459.000 14,221.204 61,840.435JPM Global Dynamic X (acc) - USD 21,855.788 1,928.148 9,534.133 14,249.803

JPMorgan Funds - Global Government Bond FundJPM Global Government Bond A (acc) - EUR 1,378,379.326 2,822,845.441 2,476,483.077 1,724,741.690JPM Global Government Bond A (acc) - USD (hedged) 1,219,442.526 783,970.070 629,614.610 1,373,797.986JPM Global Government Bond B (acc) - EUR*** 341,833.920 346,540.848 688,374.768 -JPM Global Government Bond C (acc) - EUR 4,610,993.850 11,986,185.184 8,838,189.261 7,758,989.773JPM Global Government Bond C (acc) - USD (hedged) - 11,247.817 - 11,247.817JPM Global Government Bond D (acc) - EUR 590,712.701 1,601,690.153 625,706.630 1,566,696.224JPM Global Government Bond I (acc) - EUR 2,179,869.533 2,684,657.994 836,305.774 4,028,221.753JPM Global Government Bond I (acc) - USD (hedged)** - 6,468.499 - 6,468.499JPM Global Government Bond X (acc) - EUR 2,026,581.979 2,782,193.705 2,231,097.614 2,577,678.070JPM Global Government Bond X (acc) - USD (hedged) - 376,716.120 - 376,716.120JPM Global Government Bond X (dist) - GBP (hedged) - 12,819.751 - 12,819.751JPM Global Government Bond X (dist) - USD (hedged) - 128,386.093 128,376.977 9.116

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 11,844,137.131 8,223,809.466 6,975,642.254 13,092,304.343JPM Global Natural Resources A (acc) - GBP 146,737.118 11,032.145 12,611.021 145,158.242JPM Global Natural Resources A (acc) - SGD 417,450.827 111,478.114 93,964.714 434,964.227JPM Global Natural Resources A (acc) - USD 32,821,764.760 25,595,661.652 20,430,576.175 37,986,850.237JPM Global Natural Resources A (dist) - EUR 12,306,536.287 4,712,365.436 3,703,991.555 13,314,910.168JPM Global Natural Resources B (acc) - EUR*** 2,010,110.968 251,641.171 2,261,752.139 -JPM Global Natural Resources B (acc) - USD*** 15,350.221 40.348 15,390.569 -JPM Global Natural Resources C (acc) - EUR 897,918.296 3,804,983.904 1,833,645.423 2,869,256.777JPM Global Natural Resources C (acc) - USD 2,727,269.225 6,404,080.501 3,882,233.219 5,249,116.507JPM Global Natural Resources C (dist) - EUR^ 53,346.330 7,664.000 7,995.058 53,015.272JPM Global Natural Resources D (acc) - EUR 7,603,137.506 5,511,513.968 3,695,372.474 9,419,279.000JPM Global Natural Resources D (acc) - USD 242,430.718 589,090.065 478,369.443 353,151.340JPM Global Natural Resources I (acc) - EUR* 183,145.780 - 183,145.780 -JPM Global Natural Resources I (dist) - EUR 7.390 - - 7.390JPM Global Natural Resources X (acc) - EUR 68,134.983 54,602.252 14,165.734 108,571.501JPM Global Natural Resources X (dist) - AUD 94.649 - - 94.649

JPMorgan Funds - Global Real Estate Securities Fund (USD)JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 649,758.887 2,151,157.955 2,346,402.701 454,514.141JPM Global Real Estate Securities (USD) A (acc) - USD 2,662,867.120 98,451.020 1,081,318.276 1,679,999.864JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 118,639.680 518,912.440 99,638.479 537,913.641JPM Global Real Estate Securities (USD) A (inc) - USD 5,742.812 479.692 2,746.598 3,475.906JPM Global Real Estate Securities (USD) B (acc) - USD*** 10.000 - 10.000 -JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged)^ 23,685.576 1,402.115 14,133.906 10,953.785JPM Global Real Estate Securities (USD) C (acc) - USD 336,556.068 43,438.297 253,210.695 126,783.670JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 721,349.140 66,206.012 245,427.325 542,127.827JPM Global Real Estate Securities (USD) D (acc) - USD 1,144,171.090 120,239.623 504,748.181 759,662.532JPM Global Real Estate Securities (USD) I (acc) - EUR (hedged)* 18,815.282 - 18,815.282 -JPM Global Real Estate Securities (USD) I (acc) - USD 5,744.263 4,497.721 5,746.225 4,495.759JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 380,635.000 - 78,135.000 302,500.000JPM Global Real Estate Securities (USD) X (acc) - USD 930,591.369 226,718.826 47,521.401 1,109,788.794


283




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of the Year


JPMorgan Funds - Global Unconstrained Equity FundJPM Global Unconstrained Equity A (acc) - CHF (hedged) 1,956.550 4,563.995 1,065.144 5,455.401JPM Global Unconstrained Equity A (acc) - EUR 220,182.182 24,811.218 80,132.016 164,861.384JPM Global Unconstrained Equity A (acc) - EUR (hedged) 377,417.700 354,622.838 307,992.471 424,048.067JPM Global Unconstrained Equity A (acc) - USD 1,786,605.284 329,711.310 837,108.633 1,279,207.961JPM Global Unconstrained Equity A (dist) - EUR (hedged) 2,093,495.639 73,638.835 202,866.824 1,964,267.650JPM Global Unconstrained Equity A (dist) - USD 117,254.199 1,947,522.213 77,209.176 1,987,567.236JPMorgan Global Unconstrained Equity A (dist) - USD*** 1,056,007.624 309,892.315 1,365,899.939 -JPM Global Unconstrained Equity B (acc) - EUR*** 155.000 - 155.000 -JPM Global Unconstrained Equity B (acc) - USD*** 2,152.470 - 2,152.470 -JPM Global Unconstrained Equity C (acc) - EUR 14,122.715 80,399.930 93,609.153 913.492JPM Global Unconstrained Equity C (acc) - EUR (hedged) 6,459,908.348 463,828.886 785,260.744 6,138,476.490JPM Global Unconstrained Equity C (acc) - USD 6,260,582.272 234,279.645 1,502,702.937 4,992,158.980JPM Global Unconstrained Equity D (acc) - EUR 105,905.162 22,062.980 41,308.454 86,659.688JPM Global Unconstrained Equity D (acc) - EUR (hedged) 171,994.198 60,141.473 47,722.016 184,413.655JPM Global Unconstrained Equity D (acc) - USD 131,595.211 60,588.896 55,704.526 136,479.581JPM Global Unconstrained Equity I (acc) - JPY 260,857.041 84,682.472 27,506.906 318,032.607JPM Global Unconstrained Equity I (acc) - USD 120,000.000 269,734.735 - 389,734.735JPM Global Unconstrained Equity T (acc) - EUR 46,469.396 2,462.140 28,125.366 20,806.170JPM Global Unconstrained Equity X (acc) - EUR 5,337,860.986 - 27,766.722 5,310,094.264JPM Global Unconstrained Equity X (acc) - EUR (hedged) 6,828.893 269.708 - 7,098.601JPM Global Unconstrained Equity X (acc) - USD 4,525,327.098 4,458,016.417 6,386,578.896 2,596,764.619JPM Global Unconstrained Equity X (dist) - AUD 49,534.784 841.932 406.767 49,969.949

JPMorgan Funds - Greater China FundJPM Greater China A (acc) - SGD# 41,316.933 10,487.549 18,876.160 32,928.322JPM Greater China A (acc) - USD# 5,068,048.576 848,875.423 2,767,895.837 3,149,028.162JPM Greater China A (dist) - HKD# 2,367,406.737 1,049,450.265 503,747.280 2,913,109.722JPM Greater China A (dist) - USD# 9,274,371.154 4,031,703.518 5,218,212.841 8,087,861.831JPMorgan Greater China B (acc) - USD*** 1,352,077.450 45,603.773 1,397,681.223 -JPMorgan Greater China B (dist) - USD*** 19,500.511 444.915 19,945.426 -JPM Greater China C (acc) - EUR# 131.823 8,330.995 14.785 8,448.033JPM Greater China C (acc) - SGD# - 139.700 - 139.700JPM Greater China C (acc) - USD# 4,088,588.747 998,281.219 1,973,540.703 3,113,329.263JPM Greater China C (dist) - USD# 1,505.135 21,071.875 3,217.091 19,359.919JPM Greater China D (acc) - EUR# 59,540.469 27,603.387 30,825.653 56,318.203JPM Greater China D (acc) - USD# 1,350,716.662 330,853.154 743,586.099 937,983.717JPM Greater China I (acc) - USD# 5,035,725.163 317,579.882 4,001,186.456 1,352,118.589JPM Greater China I (dist) - USD# 10.000 - - 10.000JPM Greater China T (acc) - EUR# 21,366.911 1,484.332 16,166.762 6,684.481JPM Greater China X (acc) - USD**# - 1,037.380 88.222 949.158

JPMorgan Funds - Hong Kong FundJPM Hong Kong A (acc) - USD# 572,989.958 855,402.567 1,256,453.042 171,939.483JPM Hong Kong A (dist) - HKD# 25,319,889.371 10,389,353.872 11,367,429.285 24,341,813.958JPM Hong Kong A (dist) - USD# 1,709,823.940 1,291,427.806 1,472,938.527 1,528,313.219JPMorgan Hong Kong B (acc) - USD*** 21,984.240 33,429.000 55,413.240 -JPM Hong Kong C (acc) - USD# 704,141.105 53,583.418 672,424.673 85,299.850JPM Hong Kong D (acc) - USD# 256,113.736 24,071.041 74,551.913 205,632.864JPM Hong Kong X (acc) - USD**# - 1,169.280 26.954 1,142.326

JPMorgan Funds - Income FundJPM Income Fund A (acc) - EUR (hedged) 14,166.561 - - 14,166.561JPM Income Fund A (acc) - SEK (hedged) 1,997.107 - - 1,997.107JPM Income Fund A (acc) - USD 128,752.570 1,256.381 7,847.158 122,161.793JPM Income Fund A (div) - EUR (hedged) 499.385 5,122.458 - 5,621.843JPM Income Fund A (div) - USD 125,292.000 61.000 - 125,353.000JPM Income Fund A (mth) - HKD 37,835.537 63,597.485 48,470.838 52,962.184JPM Income Fund A (mth) - USD 204.767 2,410.216 1,369.993 1,244.990JPM Income Fund C (acc) - USD - 10.000 - 10.000JPM Income Fund C (div) - EUR (hedged)^ 499.385 - - 499.385JPM Income Fund D (div) - EUR (hedged) 499.385 - - 499.385


284




of the Year


of the Year


JPMorgan Funds - India FundJPM India A (acc) - SGD# 112,033.865 57,246.657 38,134.360 131,146.162JPM India A (acc) - USD# 13,794,396.639 2,345,970.681 4,079,569.482 12,060,797.838JPM India A (dist) - GBP# 1,413.075 420.225 910.661 922.639JPM India A (dist) - USD# 5,561,110.367 278,577.650 1,093,415.686 4,746,272.331JPMorgan India B (acc) - USD*** 265,438.408 43,372.122 308,810.530 -JPMorgan India B (dist) - USD*** 72,989.730 3,074.577 76,064.307 -JPM India C (acc) - EUR^# 5,219.973 9,639.836 13,317.892 1,541.917JPM India C (acc) - USD# 1,331,456.818 1,221,758.840 1,089,951.531 1,463,264.127JPM India C (dist) - USD# 74,525.586 99,007.215 13,823.771 159,709.030JPM India D (acc) - EUR# 197,956.264 109,049.398 95,443.908 211,561.754JPM India D (acc) - USD# 6,190,548.800 640,229.744 2,883,450.323 3,947,328.221JPM India I (acc) - USD# 14,386.856 8,966.696 15,065.307 8,288.245JPM India I (dist) - USD# 1,256.593 650.328 1,364.988 541.933JPM India T (acc) - EUR# 26,598.228 9,302.619 12,875.618 23,025.229JPM India X (acc) - USD# 696,426.128 126,954.161 292,943.957 530,436.332

JPMorgan Funds - Indonesia Equity FundJPM Indonesia Equity A (acc) - USD# 51,747.117 36,947.928 37,292.579 51,402.466JPMorgan Indonesia Equity B (acc) - USD*** 6,122.369 - 6,122.369 -JPM Indonesia Equity C (acc) - USD# 7,399.084 34,181.396 35,112.523 6,467.957JPM Indonesia Equity D (acc) - EUR# 48,291.587 16,061.080 24,339.240 40,013.427JPM Indonesia Equity D (acc) - USD# 16,942.161 6,203.710 8,614.201 14,531.670JPM Indonesia Equity X (acc) - JPY# 1,232,222.965 36,598.756 731,813.206 537,008.515

JPMorgan Funds - Japan Equity FundJPM Japan Equity A (acc) - EUR# 1,401,517.517 3,866,479.435 2,186,109.329 3,081,887.623JPM Japan Equity A (acc) - EUR (hedged)# 93,574.285 183,679.252 124,606.164 152,647.373JPM Japan Equity A (acc) - JPY# 1,366,863.183 10,398,380.569 6,415,545.055 5,349,698.697JPM Japan Equity A (acc) - SGD (hedged)# - 28,410.000 - 28,410.000JPM Japan Equity A (acc) - USD# 3,877,033.066 5,600,405.195 3,660,924.405 5,816,513.856JPM Japan Equity A (acc) - USD (hedged)# 954,894.035 2,041,561.556 2,175,845.414 820,610.177JPM Japan Equity A (dist) - GBP# 17,281.651 7,683.350 6,972.544 17,992.457JPM Japan Equity A (dist) - GBP (hedged)# 3,384.685 33,802.223 28,182.822 9,004.086JPM Japan Equity A (dist) - SGD# 223,058.680 76,513.560 203,595.842 95,976.398JPM Japan Equity A (dist) - USD# 4,442,349.079 5,536,892.587 5,599,760.306 4,379,481.360JPMorgan Japan Equity B (acc) - USD*** 691,857.812 133,984.886 825,842.698 -JPMorgan Japan Equity B (dist) - USD*** 13,417.481 3,376.268 16,793.749 -JPM Japan Equity C (acc) - EUR^# 4,951.436 1,295,517.403 90,826.942 1,209,641.897JPM Japan Equity C (acc) - EUR (hedged)# - 158,729.283 80,296.559 78,432.724JPM Japan Equity C (acc) - JPY# - 323,035.993 301,031.815 22,004.178JPM Japan Equity C (acc) - USD# 13,642,207.116 4,055,939.172 4,965,424.666 12,732,721.622JPM Japan Equity C (acc) - USD (hedged)# 154,786.628 722,464.401 455,680.492 421,570.537JPM Japan Equity C (dist) - GBP^# 41,654.848 8,597.039 20,733.480 29,518.407JPM Japan Equity C (dist) - USD# 536.059 25,584.718 3,774.122 22,346.655JPM Japan Equity D (acc) - EUR# 466,014.154 1,133,436.946 1,067,548.672 531,902.428JPM Japan Equity D (acc) - USD# 2,582,392.424 1,398,660.028 1,314,431.602 2,666,620.850JPM Japan Equity I (acc) - JPY**# - 657,296.821 - 657,296.821JPM Japan Equity I (acc) - USD# 3,644,937.507 9,864,925.102 1,405,063.838 12,104,798.771JPM Japan Equity J (dist) - USD# 1,441,842.848 2,116,440.562 2,092,717.208 1,465,566.202JPM Japan Equity X (acc) - JPY# - 13,618.726 870.030 12,748.696JPM Japan Equity X (acc) - USD# 97,685.094 - 15,808.621 81,876.473

JPMorgan Funds - Korea Equity FundJPM Korea Equity A (acc) - EUR# 491,536.809 146,398.210 248,589.868 389,345.151JPM Korea Equity A (acc) - USD# 4,446,086.173 1,666,376.600 2,483,283.852 3,629,178.921JPM Korea Equity A (dist) - USD# 62,504.041 5,668.428 17,591.463 50,581.006JPMorgan Korea Equity B (acc) - EUR*** 1,493.000 - 1,493.000 -JPMorgan Korea Equity B (acc) - USD*** 1,645,437.367 26,969.800 1,672,407.167 -JPM Korea Equity C (acc) - EUR# 210,000.000 48,351.439 102.598 258,248.841JPM Korea Equity C (acc) - SGD# - 141.644 - 141.644JPM Korea Equity C (acc) - USD# 845,677.969 201,905.644 211,264.019 836,319.594JPM Korea Equity C (dist) - USD# - 108,705.183 89,238.000 19,467.183JPM Korea Equity D (acc) - USD# 1,130,611.203 838,297.992 1,290,833.885 678,075.310JPM Korea Equity I (acc) - USD# 1,789.904 - 706.648 1,083.256JPM Korea Equity X (acc) - USD**# - 112.459 - 112.459


285




of the Year


of the Year


JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR 34,711.578 33,177.347 24,898.139 42,990.786JPM Latin America Equity A (acc) - SGD 100.000 - - 100.000JPM Latin America Equity A (acc) - USD 5,114,220.335 2,415,735.170 1,809,156.588 5,720,798.917JPM Latin America Equity A (dist) - USD 2,490,660.942 3,922,868.040 518,809.491 5,894,719.491JPMorgan Latin America Equity A (dist) - USD*** 5,044,360.177 987,585.141 6,031,945.318 -JPM Latin America Equity B (acc) - EUR*** 58,045.153 1,005.848 59,051.001 -JPM Latin America Equity B (acc) - USD*** 2,338,506.836 58,437.510 2,396,944.346 -JPM Latin America Equity B (dist) - USD*** 676,244.495 388.293 676,632.788 -JPM Latin America Equity C (acc) - EUR 53,490.804 82,996.508 2,630.981 133,856.331JPM Latin America Equity C (acc) - SGD - 140.996 - 140.996JPM Latin America Equity C (acc) - USD 1,825,417.738 2,683,971.207 1,207,044.176 3,302,344.769JPM Latin America Equity C (dist) - USD 406.495 460,207.998 436,966.115 23,648.378JPM Latin America Equity D (acc) - EUR 62,546.840 20,633.032 26,707.327 56,472.545JPM Latin America Equity D (acc) - USD 946,259.728 113,983.224 221,316.191 838,926.761JPM Latin America Equity I (acc) - JPY 237,379.510 175,142.318 224,676.998 187,844.830JPM Latin America Equity I (acc) - USD 11,469,810.211 3,541,970.718 1,313,811.253 13,697,969.676JPM Latin America Equity I (dist) - USD 2,118.273 - 2,108.273 10.000JPM Latin America Equity T (acc) - EUR* 2,011.593 - 2,011.593 -JPM Latin America Equity X (acc) - USD 3,793,395.046 16,772.395 96,633.527 3,713,533.914

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 11,234,956.919 20,873,179.289 23,628,274.835 8,479,861.373JPM Russia A (dist) - USD 49,142,791.833 34,928,614.970 41,613,350.896 42,458,055.907JPM Russia B (acc) - USD*** 1,053,417.404 4,913.350 1,058,330.754 -JPM Russia C (acc) - USD 1,143,257.585 11,082,370.053 3,836,369.178 8,389,258.460JPM Russia C (dist) - USD^ 1,288.958 7,530.000 8,122.000 696.958JPM Russia D (acc) - EUR 55,114.780 44,294.911 40,735.055 58,674.636JPM Russia D (acc) - USD 6,637,681.581 1,765,841.311 2,318,302.304 6,085,220.588JPM Russia I (acc) - USD 186,705.237 129,446.647 6,666.978 309,484.906JPM Russia T (acc) - EUR 22,593.813 14,728.604 10,214.407 27,108.010

JPMorgan Funds - Singapore FundJPM Singapore A (acc) - SGD# 317,495.989 75,100.573 230,558.957 162,037.605JPM Singapore A (acc) - USD# 496,840.003 54,906.848 232,566.813 319,180.038JPM Singapore A (dist) - USD# 1,140,664.829 249,045.621 387,670.940 1,002,039.510JPMorgan Singapore B (acc) - USD*** - 10.000 10.000 -JPM Singapore C (acc) - SGD# - 139.700 - 139.700JPM Singapore C (acc) - USD# 6,327.009 142,009.074 111,824.777 36,511.306JPM Singapore C (dist) - USD^# 1,851.012 1,232.000 40.000 3,043.012JPM Singapore D (acc) - USD# 372,428.699 10,546.393 76,423.225 306,551.867JPM Singapore I (acc) - USD# 3,214.040 2,325.300 2,997.058 2,542.282JPM Singapore X (acc) - USD**# - 2,197.000 55.466 2,141.534

JPMorgan Funds - Taiwan FundJPM Taiwan A (acc) - EUR# 23,948.711 21,949.168 16,866.957 29,030.922JPM Taiwan A (acc) - USD# 2,156,904.533 2,130,466.302 2,389,682.816 1,897,688.019JPM Taiwan A (dist) - HKD# 525,653.255 248,773.490 412,930.972 361,495.773JPM Taiwan A (dist) - USD# 5,685,351.796 1,312,270.073 2,523,033.565 4,474,588.304JPMorgan Taiwan B (acc) - USD*** 50,629.327 2,635.185 53,264.512 -JPM Taiwan C (acc) - USD# 1,210,987.726 967,141.267 1,065,907.739 1,112,221.254JPM Taiwan C (dist) - USD# 94,117.510 17,768.381 15,104.720 96,781.171JPM Taiwan D (acc) - USD# 487,597.932 836,629.265 889,683.262 434,543.935JPM Taiwan I (acc) - EUR# 260,000.000 - - 260,000.000JPM Taiwan X (acc) - USD*# 80,534.000 - 80,534.000 -

JPMorgan Funds - Total Emerging Markets Income FundJPM Total Emerging Markets Income A (acc) - EUR 49,090.367 62,661.541 36,386.708 75,365.200JPM Total Emerging Markets Income A (acc) - USD 265,747.437 566.705 7,756.945 258,557.197JPM Total Emerging Markets Income A (inc) - EUR 21,689.695 2,602.237 5,684.185 18,607.747JPM Total Emerging Markets Income A (mth) - USD 10.000 - - 10.000JPM Total Emerging Markets Income C (acc) - EUR 118,000.000 13,310.920 18,000.000 113,310.920JPM Total Emerging Markets Income D (acc) - EUR 131,111.537 32,610.550 48,036.159 115,685.928JPM Total Emerging Markets Income D (acc) - USD 33,593.811 3,862.291 14,394.039 23,062.063JPM Total Emerging Markets Income D (div) - EUR 110,741.887 72,303.890 22,891.113 160,154.664JPM Total Emerging Markets Income D (mth) - USD 10.000 - - 10.000JPM Total Emerging Markets Income X (acc) - GBP 64,658.640 - - 64,658.640

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to “B” Share Classes, these were merged to the equivalent “C” Share Class within the same Sub-Fund. With respect to Share Classes prefixed“JPMorgan”, these were merged into the equivalent Share Classes prefixed “JPM” within the same Sub-Fund.^ Share Class renamed from “B” Share Class to the equivalent “C” Share Class within the same Sub-Fund.# Share Class renamed from “JPMorgan” prefixed Share Class to the equivalent “JPM” prefixed Share Class within the same Sub-Fund.

286




of the Year


of the Year


JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - EUR (hedged) 1,303,125.492 1,313,836.547 525,893.218 2,091,068.821JPM US Aggregate Bond A (acc) - USD 50,875,160.136 35,246,829.288 25,327,346.070 60,794,643.354JPM US Aggregate Bond A (div) - USD 25,359.491 4,191.896 8,266.756 21,284.631JPM US Aggregate Bond A (inc) - USD 6,447,718.708 12,087,725.633 10,988,003.637 7,547,440.704JPM US Aggregate Bond A (mth) - HKD 181,905.228 370,970.604 120,822.488 432,053.344JPM US Aggregate Bond A (mth) - SGD 9,094.273 - 8,699.329 394.944JPM US Aggregate Bond A (mth) - SGD (hedged) 382,830.023 32,047.996 181,104.996 233,773.023JPM US Aggregate Bond A (mth) - USD 8,102,655.766 13,080,043.961 9,647,939.764 11,534,759.963JPM US Aggregate Bond B (acc) - USD*** 9,246,783.787 759,401.680 10,006,185.467 -JPM US Aggregate Bond B (dist) - USD*** 46,078.477 8,916.000 54,994.477 -JPM US Aggregate Bond C (acc) - EUR (hedged)^ 354,574.659 244,931.403 146,209.356 453,296.706JPM US Aggregate Bond C (acc) - USD 20,305,305.894 33,923,015.310 18,796,859.517 35,431,461.687JPM US Aggregate Bond C (dist) - USD 11,898.000 143,082.104 52,779.789 102,200.315JPM US Aggregate Bond C (div) - USD - 58,954.021 - 58,954.021JPM US Aggregate Bond C (inc) - USD 154,478.625 85,989.374 85,938.879 154,529.120JPM US Aggregate Bond C (mth) - HKD - 774.612 - 774.612JPM US Aggregate Bond C (mth) - SGD - 139.503 - 139.503JPM US Aggregate Bond C (mth) - SGD (hedged) - 139.503 - 139.503JPM US Aggregate Bond C (mth) - USD^ 141,260.031 39,559.965 77,199.705 103,620.291JPM US Aggregate Bond D (acc) - EUR (hedged) 64,409.276 329,493.782 43,468.701 350,434.357JPM US Aggregate Bond D (acc) - USD 3,586,670.141 838,693.251 2,690,318.335 1,735,045.057JPM US Aggregate Bond I (acc) - USD 581,824.475 869,498.910 129,341.845 1,321,981.540JPM US Aggregate Bond I (inc) - USD 3,560.671 - 3,550.672 9.999JPM US Aggregate Bond I (mth) - USD* 23,043.615 261.200 23,304.815 -JPM US Aggregate Bond X (acc) - USD 9,052,088.371 436,274.749 3,860,513.855 5,627,849.265JPM US Aggregate Bond X (dist) - USD 10.001 - - 10.001

JPMorgan Funds - US Dollar Money Market FundJPM US Dollar Money Market A (acc) - USD 174,299.568 4,674,914.178 473,447.627 4,375,766.119JPMorgan US Dollar Money Market A (acc) - USD*** 3,894,072.389 10,351,987.065 14,246,059.454 -

JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 346,240.354 61,042.175 110,913.414 296,369.115JPM US Growth A (acc) - USD 9,118,417.205 1,738,061.464 7,811,076.166 3,045,402.503JPM US Growth A (dist) - GBP 95,460.959 6,317.446 63,976.088 37,802.317JPM US Growth A (dist) - USD 6,816,204.050 5,118,098.598 4,103,966.134 7,830,336.514JPM US Growth B (acc) - EUR (hedged)*** 39,058.105 - 39,058.105 -JPM US Growth B (acc) - USD*** 2,287,280.930 47,954.433 2,335,235.363 -JPM US Growth C (acc) - EUR (hedged) 4,778,982.174 1,535,082.375 5,159,071.602 1,154,992.947JPM US Growth C (acc) - USD 6,516,472.070 5,220,592.366 7,049,291.830 4,687,772.606JPM US Growth C (dist) - GBP 931.794 902.829 5.246 1,829.377JPM US Growth C (dist) - USD 9,031.546 7,127.000 8,909.528 7,249.018JPM US Growth D (acc) - EUR (hedged) 111,221.956 44,062.575 57,571.051 97,713.480JPM US Growth D (acc) - USD 621,049.618 261,146.955 224,781.369 657,415.204JPM US Growth I (acc) - EUR (hedged) 48,095.517 2,507.658 41,965.120 8,638.055JPM US Growth I (acc) - JPY 627,674.599 25,497.526 318,036.880 335,135.245JPM US Growth I (acc) - USD 391,492.320 304,927.982 481,927.117 214,493.185JPM US Growth I (dist) - GBP 65,954.947 2,308.439 25,422.763 42,840.623JPM US Growth I (dist) - USD 81,720.351 2,702.464 39,033.317 45,389.498JPM US Growth P (dist) - USD 64,077.964 - 37,787.694 26,290.270JPM US Growth T (acc) - EUR (hedged) 5,748.108 2,435.494 3,513.369 4,670.233JPM US Growth X (acc) - USD 132,695.338 243,988.776 240,228.561 136,455.553

JPMorgan Funds - US High Yield Plus Bond FundJPM US High Yield Plus Bond A (acc) - EUR (hedged) 1,883.355 1,173.109 1,875.195 1,181.269JPM US High Yield Plus Bond A (acc) - USD 33,198.032 9,492.750 4,157.582 38,533.200JPM US High Yield Plus Bond A (dist) - GBP (hedged) 178,661.906 26,747.000 8,743.000 196,665.906JPM US High Yield Plus Bond A (dist) - USD 11,788.000 4,127.000 130.000 15,785.000JPM US High Yield Plus Bond A (div) - EUR (hedged) 11,773.173 7,046.219 858.683 17,960.709JPM US High Yield Plus Bond A (mth) - HKD 2,326,594.711 565,098.587 1,386,974.140 1,504,719.158JPM US High Yield Plus Bond A (mth) - USD 399,083.819 41,150.851 167,436.157 272,798.513JPM US High Yield Plus Bond B (acc) - USD*** 152,000.000 71,000.000 223,000.000 -JPM US High Yield Plus Bond C (acc) - USD 14,125.000 267,427.290 194,126.864 87,425.426JPM US High Yield Plus Bond D (div) - EUR (hedged) 82,338.577 37,964.979 22,049.831 98,253.725JPM US High Yield Plus Bond X (acc) - EUR (hedged) 1,135,244.257 - 184,152.838 951,091.419JPM US High Yield Plus Bond X (acc) - GBP (hedged)* 1,984.000 738.000 2,722.000 -JPM US High Yield Plus Bond X (acc) - USD** - 105.571 - 105.571


287




of the Year


of the Year


JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 45,138.147 13,758.571 28,467.103 30,429.615JPM US Technology A (acc) - SGD 1,473.725 1,091.040 1,390.277 1,174.488JPM US Technology A (acc) - USD 5,198,426.142 1,854,491.325 3,468,840.566 3,584,076.901JPM US Technology A (dist) - GBP 570,953.317 66,233.672 155,334.868 481,852.121JPM US Technology A (dist) - USD 5,288,068.635 8,526,991.505 3,076,168.962 10,738,891.178JPMorgan US Technology A (dist) - USD*** 20,390,230.716 53,409,599.085 73,799,829.801 -JPM US Technology B (acc) - USD*** 155,049.755 2,293.964 157,343.719 -JPM US Technology B (dist) - USD*** 14,774.610 4,329.306 19,103.916 -JPM US Technology C (acc) - EUR - 5,312.491 - 5,312.491JPM US Technology C (acc) - USD 4,372,625.926 2,117,787.277 4,659,686.511 1,830,726.692JPM US Technology C (dist) - USD 14,556.033 23,864.748 10,813.963 27,606.818JPM US Technology D (acc) - EUR 133,808.179 70,454.868 121,653.233 82,609.814JPM US Technology D (acc) - USD 5,140,572.962 6,565,384.764 6,161,713.903 5,544,243.823JPM US Technology I (acc) - USD 1,086.229 - 133.301 952.928JPM US Technology I (dist) - USD 10.000 - - 10.000JPM US Technology X (acc) - USD** - 404.098 - 404.098

JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR 10.726 3,303.474 2,098.008 1,216.192JPM US Value A (acc) - EUR (hedged) 3,927,739.474 888,055.579 2,173,473.633 2,642,321.420JPM US Value A (acc) - SGD 30,534.018 3,147.278 24,688.960 8,992.336JPM US Value A (acc) - USD 21,318,493.118 3,925,366.094 12,544,949.100 12,698,910.112JPM US Value A (dist) - GBP 78,255.800 2,065.768 17,071.986 63,249.582JPM US Value A (dist) - USD 16,200,227.729 8,009,628.024 5,301,842.140 18,908,013.613JPMorgan US Value A (dist) - USD*** 7,201,270.655 2,629,464.219 9,830,734.874 -JPM US Value B (acc) - EUR (hedged)*** 508,191.942 18,899.280 527,091.222 -JPM US Value B (acc) - USD*** 7,060,746.493 860,515.574 7,921,262.067 -JPM US Value C (acc) - EUR^ 1,407,810.331 380,020.506 1,302,114.142 485,716.695JPM US Value C (acc) - EUR (hedged) 4,387,117.502 6,615,199.477 7,544,460.771 3,457,856.208JPM US Value C (acc) - USD 57,183,386.443 26,777,443.029 34,150,077.602 49,810,751.870JPM US Value C (dist) - GBP 939,706.401 195,569.975 145,983.770 989,292.606JPM US Value C (dist) - USD^ 4,266,897.733 476,180.401 2,861,278.570 1,881,799.564JPM US Value D (acc) - EUR (hedged) 2,574,769.850 239,855.077 955,984.080 1,858,640.847JPM US Value D (acc) - USD 3,335,472.168 430,412.387 1,230,266.290 2,535,618.265JPM US Value I (acc) - EUR (hedged) 114,338.555 23,200.376 50,820.771 86,718.160JPM US Value I (acc) - USD 1,083,155.365 264,244.964 209,670.952 1,137,729.377JPM US Value I (dist) - GBP 28,472.932 1,282.642 6,912.341 22,843.233JPM US Value I (dist) - USD 35,546.545 8,083.762 11,469.326 32,160.981JPM US Value X (acc) - USD 5,224,696.299 194,675.511 2,709,599.710 2,709,772.100

** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to “B” Share Classes, these were merged to the equivalent “C” Share Class within the same Sub-Fund. With respect to Share Classes prefixed“JPMorgan”, these were merged into the equivalent Share Classes prefixed “JPM” within the same Sub-Fund.^ Share Class renamed from “B” Share Class to the equivalent “C” Share Class within the same Sub-Fund.

288




of the Year


of the Year


JPMorgan Funds - America Equity FundJPM America Equity A (acc) - AUD 490,745.303 865,535.955 1,104,698.170 251,583.088JPM America Equity A (acc) - AUD (hedged) 592,566.617 1,980,554.131 2,335,616.272 237,504.476JPM America Equity A (acc) - EUR 182,208.575 54,927.514 84,979.072 152,157.017JPM America Equity A (acc) - EUR (hedged) 2,688,463.300 1,313,209.492 2,634,731.324 1,366,941.468JPM America Equity A (acc) - HKD 3,564,618.372 9,459,446.515 10,047,307.410 2,976,757.477JPM America Equity A (acc) - USD 16,597,611.029 4,628,118.144 7,492,050.122 13,733,679.051JPM America Equity A (dist) - USD 2,593,508.780 229,348.345 461,809.309 2,361,047.816JPMorgan America Equity A (dist) - USD 2,998,540.975 2,217,888.265 2,626,660.005 2,589,769.235JPM America Equity B (acc) - USD 1,588,177.760 1,720,790.772 1,410,689.707 1,898,278.825JPM America Equity B (dist) - USD 174,247.452 11,030.880 49,496.510 135,781.822JPM America Equity C (acc) - EUR (hedged) 284,362.013 987,641.656 186,665.826 1,085,337.843JPM America Equity C (acc) - USD 6,719,005.237 3,247,673.508 3,915,904.706 6,050,774.039JPM America Equity C (dist) - USD 427,813.049 520,511.235 125,768.521 822,555.763JPM America Equity D (acc) - EUR 68,831.862 76,275.825 51,011.690 94,095.997JPM America Equity D (acc) - EUR (hedged) 1,226,114.046 516,251.231 765,654.177 976,711.100JPM America Equity D (acc) - USD 2,070,928.591 1,130,782.356 1,202,142.188 1,999,568.759JPM America Equity I (acc) - USD 847,407.919 31,262.182 740,903.564 137,766.537JPM America Equity I (dist) - USD 20,977.411 4,733.027 3,729.156 21,981.282JPM America Equity X (acc) - USD 999,577.679 156,835.613 253,851.890 902,561.402

JPMorgan Funds - Asia Local Currency Debt FundJPM Asia Local Currency Debt A (acc) - USD 1,275,144.863 21,747.455 309,902.325 986,989.993JPM Asia Local Currency Debt A (irc) - RMB (hedged) 123,773.852 10,692.611 - 134,466.463JPM Asia Local Currency Debt A (mth) - HKD 459,342.533 150,502.796 252,725.860 357,119.469JPM Asia Local Currency Debt A (mth) - USD 7,925.475 1,904.620 4,118.031 5,712.064JPM Asia Local Currency Debt D (acc) - USD 25,235.515 30,502.971 21,297.775 34,440.711JPM Asia Local Currency Debt X (acc) - USD 100,000.000 - - 100,000.000

JPMorgan Funds - Asia Pacific Income FundJPMorgan Asia Pacific Income A (acc) - HKD 10,708,170.914 5,889,695.337 3,059,879.825 13,537,986.426JPMorgan Asia Pacific Income A (acc) - USD 4,775,280.562 3,979,805.011 3,110,875.231 5,644,210.342JPMorgan Asia Pacific Income A (dist) - USD 8,019,815.615 8,220,942.907 8,265,604.266 7,975,154.256JPMorgan Asia Pacific Income A (irc) - AUD (hedged) 4,152,168.393 39,620,472.504 23,707,264.275 20,065,376.622JPMorgan Asia Pacific Income A (irc) - CAD (hedged) 626,481.439 6,800,233.745 2,679,882.097 4,746,833.087JPMorgan Asia Pacific Income A (irc) - EUR (hedged) 91,923.723 2,075,992.618 757,120.246 1,410,796.095JPMorgan Asia Pacific Income A (irc) - GBP (hedged) 151,957.613 5,462,285.000 1,648,304.300 3,965,938.313JPMorgan Asia Pacific Income A (irc) - NZD (hedged) 735,608.939 11,046,806.102 5,446,961.420 6,335,453.621JPMorgan Asia Pacific Income A (irc) - RMB (hedged) 123,796.054 7,134,402.982 383,015.641 6,875,183.395JPMorgan Asia Pacific Income A (mth) - HKD 282,969,853.640 132,540,193.967 178,317,327.567 237,192,720.040JPMorgan Asia Pacific Income A (mth) - SGD 8,841,867.775 946,941.649 4,291,160.566 5,497,648.858JPMorgan Asia Pacific Income A (mth) - SGD (hedged) 22,828,705.020 4,321,853.761 10,879,929.528 16,270,629.253JPMorgan Asia Pacific Income A (mth) - USD 12,332,662.293 8,589,775.857 9,930,327.456 10,992,110.694JPMorgan Asia Pacific Income B (acc) - USD 1,335,073.636 3,503,946.320 3,989,083.436 849,936.520JPMorgan Asia Pacific Income B (mth) - USD 5.000 2,384.000 - 2,389.000JPMorgan Asia Pacific Income C (dist) - USD 1,506.658 129,081.767 18,592.496 111,995.929JPMorgan Asia Pacific Income D (acc) - USD 979,779.716 668,330.292 331,075.979 1,317,034.029JPMorgan Asia Pacific Income D (mth) - USD 163,715.961 11,757.349 1,171.792 174,301.518JPMorgan Asia Pacific Income I (acc) - USD - 10.000 - 10.000JPMorgan Asia Pacific Income X (acc) - USD 178,606.058 22,143.078 98,719.632 102,029.504

JPMorgan Funds - Asia Pacific Strategic Equity FundJPM Asia Pacific Strategic Equity A (acc) - EUR 50,890.796 1,006,418.527 27,389.840 1,029,919.483JPM Asia Pacific Strategic Equity A (acc) - HKD - 153,945.057 36,477.873 117,467.184JPM Asia Pacific Strategic Equity A (acc) - SGD 2,769.094 6,893.852 632.000 9,030.946JPM Asia Pacific Strategic Equity A (acc) - USD 6,142,140.296 8,208,170.073 9,772,859.514 4,577,450.855JPM Asia Pacific Strategic Equity A (dist) - GBP 7,133.168 48.666 1,293.344 5,888.490JPM Asia Pacific Strategic Equity A (dist) - USD 1,178,659.685 77,637.553 205,164.833 1,051,132.405JPM Asia Pacific Strategic Equity B (acc) - EUR** 21,688.090 12,935.878 29,422.905 5,201.063JPM Asia Pacific Strategic Equity B (acc) - USD 3,642.457 32,624.550 3,929.052 32,337.955JPM Asia Pacific Strategic Equity B (dist) - USD 1,608.659 2,099.022 462.483 3,245.198JPM Asia Pacific Strategic Equity C (acc) - EUR 561,436.745 314,738.716 306,256.980 569,918.481JPM Asia Pacific Strategic Equity C (acc) - USD 82,809.154 37,715.331 6,472.486 114,051.999JPM Asia Pacific Strategic Equity D (acc) - EUR 12,825.929 1,536.445 11,579.262 2,783.112JPM Asia Pacific Strategic Equity D (acc) - USD 121,074.728 18,315.638 31,303.437 108,086.929JPM Asia Pacific Strategic Equity I (acc) - USD - 337,351.005 - 337,351.005JPM Asia Pacific Strategic Equity X (acc) - USD 786,126.003 207,546.501 367,443.568 626,228.936


289




of the Year


of the Year


JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - EUR 122,550.254 85,898.906 39,452.072 168,997.088JPM Brazil Equity A (acc) - SGD 14,006.868 114,822.979 79,052.856 49,776.991JPM Brazil Equity A (acc) - USD 26,767,942.017 31,724,862.045 32,428,336.526 26,064,467.536JPM Brazil Equity A (dist) - USD 412,901.511 181,878.024 202,212.148 392,567.387JPM Brazil Equity B (acc) - USD 764,533.448 69,915.701 520,776.746 313,672.403JPM Brazil Equity C (acc) - USD 573,662.251 381,199.074 231,233.636 723,627.689JPM Brazil Equity D (acc) - EUR 128,181.071 67,937.355 73,289.795 122,828.631JPM Brazil Equity D (acc) - USD 4,610,084.062 898,325.981 1,979,928.024 3,528,482.019JPM Brazil Equity I (acc) - EUR* 15,500.000 - 15,500.000 -JPM Brazil Equity I (acc) - USD 976,521.604 1,721,085.669 2,630,409.700 67,197.573JPM Brazil Equity T (acc) - EUR 26,493.399 11,362.554 16,122.435 21,733.518

JPMorgan Funds - China FundJPMorgan China A (acc) - SGD 9,902.973 84,078.845 33,339.884 60,641.934JPMorgan China A (acc) - USD 7,851,032.653 2,777,571.969 4,890,359.002 5,738,245.620JPMorgan China A (dist) - HKD 11,230,401.776 44,177,589.710 21,201,156.656 34,206,834.830JPMorgan China A (dist) - USD 29,021,208.124 18,619,602.623 25,049,156.305 22,591,654.442JPMorgan China B (acc) - USD 440,793.353 219,254.653 279,423.144 380,624.862JPMorgan China B (dist) - USD 12,837.590 5,359.563 4,739.285 13,457.868JPMorgan China C (acc) - USD 1,967,781.837 1,703,954.651 2,822,219.254 849,517.234JPMorgan China C (dist) - USD 5,389.668 5,637.584 3,969.167 7,058.085JPMorgan China D (acc) - EUR 55,241.707 38,399.113 45,092.160 48,548.660JPMorgan China D (acc) - USD 3,966,885.278 2,764,653.622 3,588,777.448 3,142,761.452JPMorgan China I (acc) - USD* 1,237.414 - 1,237.414 -JPMorgan China I (dist) - USD 569.439 265.397 - 834.836JPMorgan China T (acc) - EUR 20,822.133 8,665.352 19,243.206 10,244.279JPMorgan China X (acc) - USD 1,358.908 2,955.167 29.809 4,284.266

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 3,587,315.322 261,670.113 1,821,301.488 2,027,683.947JPM Eastern Europe Equity A (acc) - USD 106,733.048 115,010.166 129,955.081 91,788.133JPM Eastern Europe Equity A (dist) - EUR 5,369,087.082 650,583.522 1,281,089.335 4,738,581.269JPMorgan Eastern Europe Equity A (dist) - EUR 3,434,681.223 1,265,308.350 1,399,268.083 3,300,721.490JPM Eastern Europe Equity B (acc) - EUR 1,329,491.861 148,028.524 573,957.688 903,562.697JPM Eastern Europe Equity B (dist) - EUR 11,278.165 6,153.654 3,762.864 13,668.955JPM Eastern Europe Equity C (acc) - EUR 5,479,123.884 1,578,985.096 2,085,741.144 4,972,367.836JPM Eastern Europe Equity C (dist) - EUR - 173.022 - 173.022JPM Eastern Europe Equity D (acc) - EUR 749,828.603 84,960.646 242,305.258 592,483.991JPM Eastern Europe Equity I (acc) - EUR 200.000 1,282,841.569 - 1,283,041.569JPM Eastern Europe Equity X (acc) - EUR 2,780,601.679 477,040.200 - 3,257,641.879

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 412,787.146 219,364.734 219,840.894 412,310.986JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 2,621,186.249 199,344.220 1,476,196.791 1,344,333.678JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 3,608,332.245 717,476.719 1,221,871.973 3,103,936.991JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 470,832.956 7,437.973 99,691.690 378,579.239JPM Emerging Europe, Middle East and Africa Equity B (dist) - USD 4,482.661 716.095 2,743.756 2,455.000JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,827,769.138 281,462.539 1,722,704.687 386,526.990JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 26,692.474 8,447.690 14,255.711 20,884.453JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 669,253.712 35,049.967 219,741.676 484,562.003JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD* 486,110.505 - 486,110.505 -JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 5,127.596 - 2,262.728 2,864.868JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 7,956,898.479 5,677,333.893 319,290.000 13,314,942.372


290




of the Year


of the Year


JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - EUR (hedged) 4,015,047.280 1,132,247.482 3,649,029.819 1,498,264.943JPM Emerging Markets Debt A (acc) - GBP (hedged)** - 47,998.000 - 47,998.000JPM Emerging Markets Debt A (acc) - USD 2,925,008.709 6,967,810.762 5,806,192.252 4,086,627.219JPM Emerging Markets Debt A (dist) - GBP 16.499 - - 16.499JPM Emerging Markets Debt A (inc) - EUR (hedged) 3,529,680.828 1,182,369.775 1,627,547.554 3,084,503.049JPM Emerging Markets Debt A (inc) - USD 77,547.126 1,018.798 44,316.888 34,249.036JPM Emerging Markets Debt A (irc) - AUD (hedged) 268,001.181 1,019,686.011 533,424.181 754,263.011JPM Emerging Markets Debt A (irc) - CAD (hedged) 48,121.807 36,661.403 10,362.694 74,420.516JPM Emerging Markets Debt A (irc) - NZD (hedged) 22,269.633 34,593.508 - 56,863.141JPM Emerging Markets Debt A (irc) - RMB (hedged) 124,166.112 311,966.571 - 436,132.683JPM Emerging Markets Debt A (mth) - EUR (hedged) 978,805.956 550,607.726 568,056.959 961,356.723JPM Emerging Markets Debt A (mth) - HKD 3,083,430.052 3,727,863.539 3,131,091.051 3,680,202.540JPM Emerging Markets Debt A (mth) - USD 45,763,809.837 16,652,587.129 20,717,786.596 41,698,610.370JPM Emerging Markets Debt B (acc) - EUR (hedged) 1,281,539.051 635,338.847 1,168,994.167 747,883.731JPM Emerging Markets Debt B (acc) - USD 14,207.158 7,020.577 1,333.838 19,893.897JPM Emerging Markets Debt B (inc) - EUR (hedged) 46,379.241 34,898.514 15,006.270 66,271.485JPM Emerging Markets Debt C (acc) - EUR (hedged) 6,374,977.760 5,634,725.205 6,940,926.656 5,068,776.309JPM Emerging Markets Debt C (dist) - USD 2,442,109.559 1,067,466.172 3,475,666.173 33,909.558JPM Emerging Markets Debt C (mth) - USD** - 592,762.400 - 592,762.400JPM Emerging Markets Debt D (acc) - EUR (hedged) 2,359,604.785 957,256.396 1,379,208.226 1,937,652.955JPM Emerging Markets Debt I (acc) - EUR (hedged) 1,682,568.410 1,320,777.788 40,917.399 2,962,428.799JPM Emerging Markets Debt I (acc) - USD 193,441.958 483,266.511 6,837.410 669,871.059JPM Emerging Markets Debt I (dist) - CHF (hedged) - 578,778.777 - 578,778.777JPM Emerging Markets Debt I (dist) - USD 10.000 - - 10.000JPM Emerging Markets Debt I (inc) - EUR (hedged) 14,196,754.131 8,670,409.878 - 22,867,164.009JPM Emerging Markets Debt X (acc) - EUR (hedged) 1,173,955.996 394,496.427 141,022.000 1,427,430.423JPM Emerging Markets Debt X (acc) - GBP (hedged) 123,220.093 72,358.982 107,263.962 88,315.113JPM Emerging Markets Debt X (acc) - USD - 311,861.459 13,275.850 298,585.609JPM Emerging Markets Debt X (dist) - USD 6,463.321 10,451.049 6,992.000 9,922.370

JPMorgan Funds - Emerging Markets Dividend FundJPM Emerging Markets Dividend A (acc) - CHF (hedged) - 2,876.384 - 2,876.384JPM Emerging Markets Dividend A (acc) - EUR 6,003.323 50,491.335 29,509.244 26,985.414JPM Emerging Markets Dividend A (acc) - USD 127,859.956 131,970.250 108,445.345 151,384.861JPM Emerging Markets Dividend A (dist) - GBP 15,562.429 150,397.391 84,002.946 81,956.874JPM Emerging Markets Dividend A (div) - EUR 20,181.299 92,905.419 24,007.158 89,079.560JPM Emerging Markets Dividend A (inc) - EUR** - 42,363.133 11,585.373 30,777.760JPM Emerging Markets Dividend A (irc) - AUD (hedged) 380,165.090 1,894,820.638 548,744.255 1,726,241.473JPM Emerging Markets Dividend A (irc) - GBP (hedged) - 33,666.888 - 33,666.888JPM Emerging Markets Dividend A (irc) - NZD (hedged) - 26,904.697 - 26,904.697JPM Emerging Markets Dividend A (irc) - RMB (hedged) 124,953.800 230,352.831 218,570.688 136,735.943JPM Emerging Markets Dividend A (mth) - HKD 55,373.516 728,424.369 503,407.590 280,390.295JPM Emerging Markets Dividend A (mth) - SGD 62,830.830 425,786.334 115,641.317 372,975.847JPM Emerging Markets Dividend A (mth) - SGD (hedged) 2,535,738.077 1,760,214.567 1,350,490.570 2,945,462.074JPM Emerging Markets Dividend A (mth) - USD 65,830.109 403,856.310 52,190.743 417,495.676JPM Emerging Markets Dividend B (acc) - CHF (hedged) - 10.023 - 10.023JPM Emerging Markets Dividend B (acc) - USD 24,923.536 28,304.721 52,928.257 300.000JPM Emerging Markets Dividend B (div) - EUR - 12.840 - 12.840JPM Emerging Markets Dividend B (inc) - EUR 21,263.858 9,800.000 - 31,063.858JPM Emerging Markets Dividend C (acc) - CHF (hedged) - 10.023 - 10.023JPM Emerging Markets Dividend C (acc) - EUR 64,999.025 24,045.620 44,246.000 44,798.645JPM Emerging Markets Dividend D (acc) - EUR 3,008.592 24,661.668 7,240.257 20,430.003JPM Emerging Markets Dividend D (div) - EUR 26,110.152 110,391.850 21,214.762 115,287.240JPM Emerging Markets Dividend T (acc) - EUR 561.365 2,819.781 755.302 2,625.844JPM Emerging Markets Dividend T (div) - EUR 19,581.595 19,949.153 12,036.968 27,493.780JPM Emerging Markets Dividend X (acc) - EUR 42,603.000 90,900.000 33,391.000 100,112.000JPM Emerging Markets Dividend X (acc) - USD 316,322.874 73,847.984 212,156.029 178,014.829JPM Emerging Markets Dividend X (inc) - EUR 268,200.000 123,817.162 5.000 392,012.162


291




of the Year


of the Year


JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 23,038,946.396 6,769,092.548 9,496,601.721 20,311,437.223JPM Emerging Markets Equity A (acc) - EUR (hedged) 103,492.897 52,463.913 72,894.043 83,062.767JPM Emerging Markets Equity A (acc) - SGD 249,712.099 93,682.493 110,335.906 233,058.686JPM Emerging Markets Equity A (acc) - USD 12,940,889.965 3,056,546.530 7,179,994.389 8,817,442.106JPM Emerging Markets Equity A (dist) - GBP 263,470.749 66,298.398 97,620.993 232,148.154JPM Emerging Markets Equity A (dist) - USD 26,171,649.423 4,651,054.627 10,522,277.951 20,300,426.099JPM Emerging Markets Equity B (acc) - EUR 230,962.457 15,573.710 83,098.567 163,437.600JPM Emerging Markets Equity B (acc) - USD 1,993,153.200 2,225,384.263 2,669,504.386 1,549,033.077JPM Emerging Markets Equity B (dist) - GBP 251.061 17,444.381 394.115 17,301.327JPM Emerging Markets Equity B (dist) - USD 104,111.644 5,190.861 22,516.017 86,786.488JPM Emerging Markets Equity C (acc) - EUR 93,273.189 157,703.869 184,235.814 66,741.244JPM Emerging Markets Equity C (acc) - EUR (hedged) 11,921.185 28,355.057 14,070.921 26,205.321JPM Emerging Markets Equity C (acc) - USD 25,849,707.303 13,521,248.976 15,974,700.863 23,396,255.416JPM Emerging Markets Equity C (dist) - GBP 7,365.076 1,125.154 3,944.651 4,545.579JPM Emerging Markets Equity C (dist) - USD 3,092,648.058 448,937.021 3,441,828.231 99,756.848JPM Emerging Markets Equity D (acc) - EUR 2,750,169.794 1,787,107.032 1,842,311.897 2,694,964.929JPM Emerging Markets Equity D (acc) - USD 2,075,776.131 213,639.492 685,395.507 1,604,020.116JPM Emerging Markets Equity I (acc) - EUR 4,801,460.213 220,829.521 22,224.839 5,000,064.895JPM Emerging Markets Equity I (acc) - EUR (hedged) 174,167.893 5,789.047 8,862.106 171,094.834JPM Emerging Markets Equity I (acc) - USD 24,555,680.810 2,654,026.114 8,493,086.609 18,716,620.315JPM Emerging Markets Equity I (dist) - GBP 1,933.359 - 1,923.357 10.002JPM Emerging Markets Equity I (dist) - USD 121,988.830 - 54,957.837 67,030.993JPM Emerging Markets Equity I (inc) - EUR 4,091,483.277 120,344.000 138,682.000 4,073,145.277JPM Emerging Markets Equity T (acc) - EUR 3,756.960 5,007.549 3,440.629 5,323.880JPM Emerging Markets Equity X (acc) - EUR 109,598.837 87,196.000 45,212.428 151,582.409JPM Emerging Markets Equity X (acc) - EUR (hedged) 86,177.000 10,666.000 86,143.000 10,700.000JPM Emerging Markets Equity X (acc) - USD 43,504,090.232 4,085,322.279 1,397,464.317 46,191,948.194JPM Emerging Markets Equity X (dist) - USD 2,810,694.528 59,219.158 978,842.000 1,891,071.686JPM Emerging Markets Equity X (inc) - EUR 24,272,113.779 7,938,586.015 376,148.069 31,834,551.725

JPMorgan Funds - Emerging Markets Investment Grade Bond FundJPM Emerging Markets Investment Grade Bond A (acc) - CHF (hedged) 13,269.990 13,739.158 4,235.519 22,773.629JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 75,817.295 24,095.358 47,599.134 52,313.519JPM Emerging Markets Investment Grade Bond A (acc) - USD 99,571.327 261,168.168 241,886.576 118,852.919JPM Emerging Markets Investment Grade Bond A (dist) - USD 3,319.106 1,573.658 1,759.197 3,133.567JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) 612,878.507 71,910.890 119,296.992 565,492.405JPM Emerging Markets Investment Grade Bond A (mth) - USD 897.542 15,990.882 1,127.517 15,760.907JPM Emerging Markets Investment Grade Bond B (acc) - EUR (hedged)*** 12,461.000 - 12,461.000 -JPM Emerging Markets Investment Grade Bond B (acc) - USD 196,365.000 337,253.393 329,862.570 203,755.823JPM Emerging Markets Investment Grade Bond B (inc) - EUR (hedged) 101,590.297 - - 101,590.297JPM Emerging Markets Investment Grade Bond C (inc) - EUR (hedged) 615,144.669 236,943.780 284,479.866 567,608.583JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 57,120.834 27,982.956 38,178.521 46,925.269JPM Emerging Markets Investment Grade Bond D (acc) - USD 22,438.983 18.539 16,879.084 5,578.438JPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged) 193,700.000 - 124,031.000 69,669.000JPM Emerging Markets Investment Grade Bond I (acc) - EUR 252,723.487 - - 252,723.487JPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged) 612,756.893 76,815.786 1,600.068 687,972.611JPM Emerging Markets Investment Grade Bond I (acc) - USD 285,466.131 25,700.000 110,700.000 200,466.131JPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged) 502,719.128 14,600.000 448,233.417 69,085.711JPM Emerging Markets Investment Grade Bond X (acc) - EUR (hedged) 26,400.000 3,920.664 1,926.000 28,394.664JPM Emerging Markets Investment Grade Bond X (inc) - EUR (hedged) 272,257.011 12.755 - 272,269.766

*** Share Class closed during the year.

292




of the Year


of the Year


JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 9,691,409.833 3,598,958.968 7,255,856.198 6,034,512.603JPM Emerging Markets Local Currency Debt A (acc) - SGD 830,022.879 1,265,445.839 258,923.328 1,836,545.390JPM Emerging Markets Local Currency Debt A (acc) - USD 5,864,734.716 3,201,682.685 4,268,013.797 4,798,403.604JPM Emerging Markets Local Currency Debt A (dist) - GBP 2,251.318 39.686 198.815 2,092.189JPM Emerging Markets Local Currency Debt A (div) - EUR 48,024.547 100,343.870 40,195.011 108,173.406JPM Emerging Markets Local Currency Debt A (inc) - EUR 1,997,228.987 910,633.475 348,903.532 2,558,958.930JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 5,620,123.493 25,146,806.780 12,704,635.734 18,062,294.539JPM Emerging Markets Local Currency Debt A (mth) - HKD - 34,196.751 - 34,196.751JPM Emerging Markets Local Currency Debt A (mth) - USD 61,726,518.983 66,561,652.701 60,772,084.540 67,516,087.144JPM Emerging Markets Local Currency Debt B (acc) - EUR 73,963.285 30,826.675 56,096.064 48,693.896JPM Emerging Markets Local Currency Debt B (acc) - USD 6,358,930.489 3,254,110.027 4,239,506.595 5,373,533.921JPM Emerging Markets Local Currency Debt B (inc) - EUR 74,805.804 24,512.719 7,000.000 92,318.523JPM Emerging Markets Local Currency Debt B (mth) - USD 10.000 685.000 - 695.000JPM Emerging Markets Local Currency Debt C (acc) - EUR 245,631.238 460,447.842 345,053.280 361,025.800JPM Emerging Markets Local Currency Debt C (acc) - EUR (hedged) - 278,545.000 27,870.000 250,675.000JPM Emerging Markets Local Currency Debt C (acc) - SEK* 1,161,844.683 808,856.000 1,970,700.683 -JPM Emerging Markets Local Currency Debt C (acc) - USD 5,518,816.111 3,165,963.573 4,100,594.338 4,584,185.346JPM Emerging Markets Local Currency Debt C (dist) - GBP 7,151.345 67,694.392 1,334.632 73,511.105JPM Emerging Markets Local Currency Debt C (div) - EUR 134,698.276 53,676.865 - 188,375.141JPM Emerging Markets Local Currency Debt D (acc) - EUR 5,747,622.799 1,441,939.813 2,069,003.704 5,120,558.908JPM Emerging Markets Local Currency Debt D (acc) - USD 103,240.005 20,846.762 84,180.505 39,906.262JPM Emerging Markets Local Currency Debt D (div) - EUR 14,655,011.405 8,594,118.206 4,795,517.645 18,453,611.966JPM Emerging Markets Local Currency Debt D (mth) - USD 8,089.668 31,115.864 4,285.593 34,919.939JPM Emerging Markets Local Currency Debt I (acc) - EUR 150,590.000 22,506.537 927.265 172,169.272JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 1,069,765.000 828,262.000 1,253,145.000 644,882.000JPM Emerging Markets Local Currency Debt I (acc) - USD 667,455.633 181,215.415 145,088.109 703,582.939JPM Emerging Markets Local Currency Debt I (inc) - EUR 3,464,757.074 225,416.678 18,354.736 3,671,819.016JPM Emerging Markets Local Currency Debt T (acc) - EUR 49,902.661 24,007.928 38,461.738 35,448.851JPM Emerging Markets Local Currency Debt T (div) - EUR 476,801.943 201,468.558 182,208.150 496,062.351JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged)* 585,300.000 - 585,300.000 -JPM Emerging Markets Local Currency Debt X (acc) - USD 35,366.121 1,498,849.650 118,432.433 1,415,783.338JPM Emerging Markets Local Currency Debt X (dist) - USD* - 3,208.675 3,208.675 -JPM Emerging Markets Local Currency Debt Y (acc) - EUR 2,433,220.593 57,324.000 38,101.000 2,452,443.593JPM Emerging Markets Local Currency Debt Y (acc) - GBP 1,858,633.879 434,435.934 205,786.816 2,087,282.997

JPMorgan Funds - Emerging Markets Opportunities FundJPM Emerging Markets Opportunities A (acc) - CHF (hedged) 38,667.135 33,557.384 9,132.903 63,091.616JPM Emerging Markets Opportunities A (acc) - EUR 966,213.311 405,342.047 755,219.710 616,335.648JPM Emerging Markets Opportunities A (acc) - SGD 27,763.304 70,722.991 32,021.937 66,464.358JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 281,105.446 106,645.599 169,440.609 218,310.436JPM Emerging Markets Opportunities A (acc) - USD 2,325,769.284 1,077,481.899 1,954,707.700 1,448,543.483JPM Emerging Markets Opportunities A (dist) - EUR 386,548.730 154,999.084 282,817.102 258,730.712JPM Emerging Markets Opportunities A (dist) - GBP 75,027.870 22,542.513 65,588.942 31,981.441JPM Emerging Markets Opportunities A (dist) - USD 142,265.940 54,269.871 108,947.162 87,588.649JPM Emerging Markets Opportunities A (inc) - EUR 18,810.166 4,197.376 2,160.000 20,847.542JPM Emerging Markets Opportunities B (acc) - EUR 825,003.974 1,168,052.451 192,176.906 1,800,879.519JPM Emerging Markets Opportunities B (acc) - USD 497,051.946 152,793.663 203,603.363 446,242.246JPM Emerging Markets Opportunities B (dist) - EUR 52,908.620 25,039.450 14,168.953 63,779.117JPM Emerging Markets Opportunities B (dist) - GBP 396,711.518 33,229.497 392,010.935 37,930.080JPM Emerging Markets Opportunities B (dist) - USD 26.573 2,251.452 - 2,278.025JPM Emerging Markets Opportunities C (acc) - CHF (hedged) - 9.976 - 9.976JPM Emerging Markets Opportunities C (acc) - EUR 277.822 8,537.425 794.928 8,020.319JPM Emerging Markets Opportunities C (acc) - PLN 24,459.652 163,306.762 37,237.909 150,528.505JPM Emerging Markets Opportunities C (acc) - USD 2,283,208.140 756,047.046 1,717,139.611 1,322,115.575JPM Emerging Markets Opportunities C (dist) - GBP 2,050,980.965 1,660,173.743 1,026,099.248 2,685,055.460JPM Emerging Markets Opportunities C (dist) - USD 648,765.573 1,382,238.611 656,330.771 1,374,673.413JPM Emerging Markets Opportunities D (acc) - EUR 45,155.021 52,632.336 27,509.407 70,277.950JPM Emerging Markets Opportunities D (acc) - PLN 308.222 14,285.518 3,639.900 10,953.840JPM Emerging Markets Opportunities D (acc) - USD 104,795.441 39,376.794 58,193.509 85,978.726JPM Emerging Markets Opportunities I (acc) - EUR 222,627.000 10,347.279 9,477.295 223,496.984JPM Emerging Markets Opportunities I (acc) - SGD - 8,916,362.429 - 8,916,362.429JPM Emerging Markets Opportunities I (acc) - USD 725,596.009 1,586,864.928 156,946.550 2,155,514.387JPM Emerging Markets Opportunities T (acc) - EUR 18,234.065 8,939.790 6,654.659 20,519.196JPM Emerging Markets Opportunities X (acc) - EUR 955,905.882 1,221,655.523 129,238.045 2,048,323.360JPM Emerging Markets Opportunities X (acc) - EUR (hedged) 86,237.000 9,238.000 84,793.000 10,682.000JPM Emerging Markets Opportunities X (acc) - GBP 2,657,080.695 53,947.652 418,993.079 2,292,035.268JPM Emerging Markets Opportunities X (acc) - USD 436,742.650 377,574.367 38,198.579 776,118.438JPM Emerging Markets Opportunities X (dist) - AUD 96,894.655 1,074.219 180.995 97,787.879

* Share Class inactive at the end of the year.

293




of the Year


of the Year


JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - EUR 435,909.172 158,504.209 403,893.319 190,520.062JPM Emerging Middle East Equity A (acc) - USD 2,167,843.694 253,492.706 1,480,626.193 940,710.207JPM Emerging Middle East Equity A (dist) - USD 5,418,967.737 1,695,671.618 3,008,434.234 4,106,205.121JPM Emerging Middle East Equity B (acc) - USD 128,669.695 78,230.468 120,041.538 86,858.625JPM Emerging Middle East Equity B (dist) - USD 18,144.457 643.225 12,866.379 5,921.303JPM Emerging Middle East Equity C (acc) - USD 7,201,291.517 546,308.751 2,196,567.315 5,551,032.953JPM Emerging Middle East Equity D (acc) - EUR 24,508.530 10,352.851 16,033.443 18,827.938JPM Emerging Middle East Equity D (acc) - USD 910,299.898 75,719.859 341,990.396 644,029.361JPM Emerging Middle East Equity I (acc) - USD 36,606.308 3,284.212 38,902.075 988.445

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - CHF (hedged) 1,826.275 8,207.436 256.557 9,777.154JPM Euroland Equity A (acc) - EUR 1,583,626.181 1,104,325.078 1,406,364.799 1,281,586.460JPM Euroland Equity A (acc) - GBP (hedged) 1,445.811 - - 1,445.811JPM Euroland Equity A (acc) - USD (hedged) 3,071.229 185,604.254 47,610.795 141,064.688JPM Euroland Equity A (dist) - EUR 2,203,219.828 454,175.801 871,762.335 1,785,633.294JPMorgan Euroland Equity A (dist) - USD 11,060,081.298 3,786,739.808 8,597,749.427 6,249,071.679JPM Euroland Equity A (inc) - EUR 7,627.405 131.650 4,411.220 3,347.835JPM Euroland Equity B (acc) - EUR 659,902.502 3,179,850.640 1,318,855.301 2,520,897.841JPM Euroland Equity B (acc) - USD (hedged) - 49,559.508 14,101.361 35,458.147JPM Euroland Equity B (dist) - EUR 18,679.123 31,674.229 47,702.000 2,651.352JPM Euroland Equity C (acc) - EUR 2,658,567.623 2,865,348.276 2,910,346.196 2,613,569.703JPM Euroland Equity C (dist) - USD - 249.056 - 249.056JPM Euroland Equity D (acc) - EUR 1,858,120.142 484,444.314 611,087.428 1,731,477.028JPM Euroland Equity X (acc) - EUR 1,830,834.429 786,129.820 595,824.458 2,021,139.791JPM Euroland Equity C (acc) - CHF (hedged) - 99,545.000 - 99,545.000

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - AUD (hedged) 5,607,056.676 13,228,002.644 10,289,758.279 8,545,301.041JPM Europe Dynamic A (acc) - EUR 8,211,357.801 6,181,562.369 4,247,281.078 10,145,639.092JPM Europe Dynamic A (acc) - HKD (hedged) 57,607,915.579 74,831,401.155 74,433,205.269 58,006,111.465JPM Europe Dynamic A (acc) - SGD (hedged) 84,072.557 2,201,802.328 165,423.503 2,120,451.382JPM Europe Dynamic A (acc) - USD 1,160,692.542 702,086.871 1,389,418.442 473,360.971JPM Europe Dynamic A (acc) - USD (hedged) 1,238,706.749 4,183,937.571 2,240,186.114 3,182,458.206JPM Europe Dynamic A (dist) - EUR 3,944,431.560 1,689,150.389 1,277,797.635 4,355,784.314JPMorgan Europe Dynamic A (dist) - EUR 4,854,933.827 3,382,336.058 3,651,641.004 4,585,628.881JPM Europe Dynamic A (dist) - GBP 37,127.243 6,003.654 11,372.124 31,758.773JPM Europe Dynamic A (inc) - EUR 413.875 3.040 - 416.915JPM Europe Dynamic B (acc) - EUR 2,229,052.795 1,762,356.489 2,055,029.203 1,936,380.081JPM Europe Dynamic B (acc) - USD 64,566.624 15,287.688 53,522.101 26,332.211JPM Europe Dynamic B (acc) - USD (hedged) 7.245 154,714.820 39,287.474 115,434.591JPM Europe Dynamic B (dist) - EUR 4,532.716 8,339.668 721.866 12,150.518JPM Europe Dynamic B (dist) - GBP 2,869.113 330.017 2,634.000 565.130JPM Europe Dynamic C (acc) - EUR 5,371,199.687 4,713,817.133 3,108,609.615 6,976,407.205JPM Europe Dynamic C (dist) - EUR - 385.726 - 385.726JPM Europe Dynamic D (acc) - EUR 1,947,646.842 580,931.457 859,270.945 1,669,307.354JPM Europe Dynamic D (acc) - USD 5,305.919 8,042.297 4,558.817 8,789.399JPM Europe Dynamic D (acc) - USD (hedged) 7.293 26,561.800 1.000 26,568.093JPM Europe Dynamic I (acc) - EUR 22,503,849.261 5,761,963.816 22,334,532.791 5,931,280.286JPM Europe Dynamic I (acc) - USD 45,908.476 39,411.491 65,119.897 20,200.070JPM Europe Dynamic I (acc) - USD (hedged) - 58,228.698 14,552.323 43,676.375JPM Europe Dynamic I (dist) - EUR 75,731.006 55,967.962 65,337.572 66,361.396JPM Europe Dynamic I (dist) - GBP 6,578.383 1,525.308 5,261.487 2,842.204JPM Europe Dynamic T (acc) - EUR 2,499.790 - 1,228.034 1,271.756JPM Europe Dynamic X (acc) - EUR 392,925.320 937,706.304 341,962.154 988,669.470

294




of the Year


of the Year


JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - EUR 2,446,546.474 2,824,558.881 1,848,288.035 3,422,817.320JPM Europe Equity A (acc) - USD 2,320,979.502 667,277.068 822,934.944 2,165,321.626JPM Europe Equity A (acc) - USD (hedged) 1,433.614 106,963.728 30,552.851 77,844.491JPM Europe Equity A (dist) - EUR 4,009,452.475 284,726.508 919,152.407 3,375,026.576JPMorgan Europe Equity A (dist) - USD 1,793,566.599 2,021,706.253 2,185,427.175 1,629,845.677JPM Europe Equity B (acc) - EUR 140,870.823 460,267.314 340,433.339 260,704.798JPM Europe Equity B (acc) - USD 7.363 2,563.782 - 2,571.145JPM Europe Equity B (acc) - USD (hedged) 7.204 79,732.996 14,745.207 64,994.993JPM Europe Equity B (dist) - EUR 27,645.798 6,569.663 16,271.993 17,943.468JPM Europe Equity C (acc) - EUR 1,374,949.657 2,343,028.940 1,473,429.718 2,244,548.879JPM Europe Equity C (dist) - USD 2,950.367 311.770 549.235 2,712.902JPM Europe Equity D (acc) - EUR 2,022,368.775 769,783.195 943,149.765 1,849,002.205JPM Europe Equity D (acc) - USD 476,047.531 70,951.804 241,106.858 305,892.477JPM Europe Equity D (acc) - USD (hedged) 7.292 37,092.034 206.855 36,892.471JPM Europe Equity X (acc) - EUR 259,162.493 2,368.237 9,186.110 252,344.620

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 2,992,418.642 2,102,618.708 3,281,484.028 1,813,553.322JPM Europe Small Cap A (acc) - USD 1,268,385.181 312,375.643 1,198,343.358 382,417.466JPM Europe Small Cap A (dist) - EUR 3,319,246.372 510,521.257 879,291.230 2,950,476.399JPM Europe Small Cap A (dist) - GBP 124,822.005 19,990.523 40,340.004 104,472.524JPMorgan Europe Small Cap A (dist) - EUR 5,452,611.757 2,124,584.485 4,984,945.396 2,592,250.846JPM Europe Small Cap B (acc) - EUR 203,549.777 383,361.717 407,347.961 179,563.533JPM Europe Small Cap B (dist) - EUR 16,400.769 754.698 7,293.470 9,861.997JPM Europe Small Cap C (acc) - EUR 3,268,627.446 945,790.784 3,614,189.851 600,228.379JPM Europe Small Cap D (acc) - EUR 2,000,096.062 804,532.918 1,202,373.411 1,602,255.569JPM Europe Small Cap I (acc) - EUR 106,012.706 265.838 30,839.675 75,438.869JPM Europe Small Cap X (acc) - EUR** - 14,029.948 1,171.814 12,858.134

JPMorgan Funds - Europe Technology FundJPM Europe Technology A (acc) - EUR 827,926.274 1,617,745.087 1,791,800.751 653,870.610JPM Europe Technology A (acc) - USD (hedged) 8,352.069 94,106.169 30,876.832 71,581.406JPM Europe Technology A (dist) - EUR 5,783,670.924 722,457.797 1,678,120.681 4,828,008.040JPMorgan Europe Technology A (dist) - EUR 3,332,007.446 797,367.708 2,934,867.742 1,194,507.412JPM Europe Technology A (dist) - GBP 62,557.601 16,901.509 30,846.389 48,612.721JPM Europe Technology B (acc) - EUR 108,336.321 558,721.773 556,152.701 110,905.393JPM Europe Technology B (dist) - EUR 9,020.069 1,352.927 5,198.365 5,174.631JPM Europe Technology C (acc) - EUR 64,917.447 35,188.418 52,609.556 47,496.309JPM Europe Technology C (dist) - GBP - 26.835 - 26.835JPM Europe Technology D (acc) - EUR 2,146,897.767 1,422,890.249 1,365,578.108 2,204,209.908


295




of the Year


of the Year


JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - CHF (hedged) 17,203.183 773.962 5,264.733 12,712.412JPM Global Dynamic A (acc) - EUR 1,189,589.504 196,663.712 422,695.058 963,558.158JPM Global Dynamic A (acc) - EUR (hedged) 1,144,509.193 226,755.932 672,501.846 698,763.279JPM Global Dynamic A (acc) - SGD 92,114.616 84,248.545 46,778.256 129,584.905JPM Global Dynamic A (acc) - USD 3,026,534.199 417,596.517 752,936.600 2,691,194.116JPM Global Dynamic A (dist) - GBP 348,761.610 21,119.953 85,598.588 284,282.975JPM Global Dynamic A (dist) - USD 4,631,704.258 1,575,966.735 2,441,739.479 3,765,931.514JPMorgan Global Dynamic A (dist) - USD 2,087,924.366 970,495.498 2,063,097.369 995,322.495JPM Global Dynamic A (inc) - EUR 66,628.948 22,299.166 28,807.466 60,120.648JPM Global Dynamic B (acc) - USD 10,326,164.525 229,824.871 2,177,463.241 8,378,526.155JPM Global Dynamic B (dist) - USD 174,999.920 60,183.314 33,892.311 201,290.923JPM Global Dynamic B (inc) - EUR 40,037.976 5,825.323 10,102.592 35,760.707JPM Global Dynamic C (acc) - EUR 621,461.610 297,145.427 134,907.880 783,699.157JPM Global Dynamic C (acc) - EUR (hedged)** 1,474,468.458 402,043.017 1,705,868.459 170,643.016JPM Global Dynamic C (acc) - USD 5,241,653.314 4,451.769 745,027.511 4,501,077.572JPM Global Dynamic C (dist) - GBP 2,123.790 265.207 139.675 2,249.322JPM Global Dynamic D (acc) - EUR 228,177.354 243,093.339 95,255.203 376,015.490JPM Global Dynamic D (acc) - EUR (hedged) 722,560.714 499,334.041 295,628.261 926,266.494JPM Global Dynamic D (acc) - USD 990,559.750 219,597.758 391,895.028 818,262.480JPM Global Dynamic I (acc) - EUR 65,039.631 29,090.760 43,732.409 50,397.982JPM Global Dynamic I (acc) - EUR (hedged) 10,866.791 - 8,069.139 2,797.652JPM Global Dynamic I (acc) - USD 3,125,885.853 1,235,981.198 2,932,188.986 1,429,678.065JPM Global Dynamic I (dist) - USD 1,845.113 - 1,835.114 9.999JPM Global Dynamic I (inc) - EUR 1,959,098.265 21,431.298 261,056.511 1,719,473.052JPM Global Dynamic T (acc) - EUR (hedged) 5,412.588 - 4,756.762 655.826JPM Global Dynamic X (acc) - EUR (hedged) 78,509.605 4,387.034 8,294.000 74,602.639JPM Global Dynamic X (acc) - EUR* 38,058,612.079 - 38,058,612.079 -JPM Global Dynamic X (acc) - USD 24,382.395 5,634.490 8,161.097 21,855.788

JPMorgan Funds - Global Government Bond FundJPM Global Government Bond A (acc) - EUR 747,936.614 2,126,576.827 1,496,134.115 1,378,379.326JPM Global Government Bond A (acc) - USD (hedged) 1,323,186.326 1,143,953.992 1,247,697.792 1,219,442.526JPM Global Government Bond B (acc) - EUR 243,741.660 466,328.287 368,236.027 341,833.920JPM Global Government Bond C (acc) - EUR 3,824,646.193 7,174,294.567 6,387,946.910 4,610,993.850JPM Global Government Bond D (acc) - EUR 358,088.666 591,781.021 359,156.986 590,712.701JPM Global Government Bond I (acc) - EUR 1,592,740.304 1,127,077.988 539,948.759 2,179,869.533JPM Global Government Bond X (acc) - EUR 859,270.166 1,977,004.308 809,692.495 2,026,581.979

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 14,705,021.683 6,637,906.366 9,498,790.918 11,844,137.131JPM Global Natural Resources A (acc) - GBP 138,507.607 19,258.891 11,029.380 146,737.118JPM Global Natural Resources A (acc) - SGD 406,238.813 110,992.604 99,780.590 417,450.827JPM Global Natural Resources A (acc) - USD 32,664,971.447 16,967,088.431 16,810,295.118 32,821,764.760JPM Global Natural Resources A (dist) - EUR 12,624,291.458 3,447,798.694 3,765,553.865 12,306,536.287JPM Global Natural Resources B (acc) - EUR 1,899,243.422 1,590,369.613 1,479,502.067 2,010,110.968JPM Global Natural Resources B (acc) - USD 587.000 21,336.221 6,573.000 15,350.221JPM Global Natural Resources B (dist) - EUR 75,458.331 3,183.000 25,295.001 53,346.330JPM Global Natural Resources C (acc) - EUR 786,845.060 313,329.085 202,255.849 897,918.296JPM Global Natural Resources C (acc) - USD 2,458,053.206 601,910.848 332,694.829 2,727,269.225JPM Global Natural Resources D (acc) - EUR 6,955,983.447 3,408,977.617 2,761,823.558 7,603,137.506JPM Global Natural Resources D (acc) - USD 286,047.112 140,876.212 184,492.606 242,430.718JPM Global Natural Resources I (acc) - EUR 183,145.780 - - 183,145.780JPM Global Natural Resources I (dist) - EUR 7.390 - - 7.390JPM Global Natural Resources X (acc) - EUR 37,886.741 44,811.082 14,562.840 68,134.983JPM Global Natural Resources X (dist) - AUD 49,600.000 94.650 49,600.001 94.649

JPMorgan Funds - Global Real Estate Securities Fund (USD)JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 690,993.372 639,339.136 680,573.621 649,758.887JPM Global Real Estate Securities (USD) A (acc) - USD 2,836,283.211 840,775.226 1,014,191.317 2,662,867.120JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 18,445.926 107,175.494 6,981.740 118,639.680JPM Global Real Estate Securities (USD) A (inc) - USD 2,538.942 10,134.185 6,930.315 5,742.812JPM Global Real Estate Securities (USD) B (acc) - EUR (hedged) 12,918.523 14,037.405 3,270.352 23,685.576JPM Global Real Estate Securities (USD) B (acc) - USD - 2,410.000 2,400.000 10.000JPM Global Real Estate Securities (USD) C (acc) - USD 298,137.455 228,923.266 190,504.653 336,556.068JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 671,146.552 417,138.522 366,935.934 721,349.140JPM Global Real Estate Securities (USD) D (acc) - USD 1,100,477.515 426,391.386 382,697.811 1,144,171.090JPM Global Real Estate Securities (USD) I (acc) - EUR (hedged) 58,631.646 - 39,816.364 18,815.282JPM Global Real Estate Securities (USD) I (acc) - USD 6,120.966 - 376.703 5,744.263JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 314,885.000 106,025.000 40,275.000 380,635.000JPM Global Real Estate Securities (USD) X (acc) - USD 595,713.801 395,766.568 60,889.000 930,591.369

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

296




of the Year


of the Year


JPMorgan Funds - Global Unconstrained Equity FundJPM Global Unconstrained Equity A (acc) - CHF (hedged) - 2,207.415 250.865 1,956.550JPM Global Unconstrained Equity A (acc) - EUR 6,184.320 290,723.025 76,725.163 220,182.182JPM Global Unconstrained Equity A (acc) - EUR (hedged) 201,874.456 266,379.621 90,836.377 377,417.700JPM Global Unconstrained Equity A (acc) - USD 106,071.805 2,570,381.557 889,848.078 1,786,605.284JPM Global Unconstrained Equity A (dist) - EUR (hedged) 2,314,931.435 53,286.470 274,722.266 2,093,495.639JPM Global Unconstrained Equity A (dist) - USD 151,561.411 7,676.323 41,983.535 117,254.199JPMorgan Global Unconstrained Equity A (dist) - USD 1,120,878.827 281,929.190 346,800.393 1,056,007.624JPM Global Unconstrained Equity B (acc) - EUR - 305.974 150.974 155.000JPM Global Unconstrained Equity B (acc) - USD** - 2,622.061 469.591 2,152.470JPM Global Unconstrained Equity C (acc) - EUR - 34,752.994 20,630.279 14,122.715JPM Global Unconstrained Equity C (acc) - EUR (hedged) 5,930,099.894 532,030.128 2,221.674 6,459,908.348JPM Global Unconstrained Equity C (acc) - USD 5,455,351.272 1,393,546.700 588,315.700 6,260,582.272JPM Global Unconstrained Equity D (acc) - EUR - 122,610.204 16,705.042 105,905.162JPM Global Unconstrained Equity D (acc) - EUR (hedged) 175,630.885 90,782.090 94,418.777 171,994.198JPM Global Unconstrained Equity D (acc) - USD 103,417.979 91,508.098 63,330.866 131,595.211JPM Global Unconstrained Equity I (acc) - JPY - 456,417.420 195,560.379 260,857.041JPM Global Unconstrained Equity I (acc) - USD - 120,000.000 - 120,000.000JPM Global Unconstrained Equity T (acc) - EUR - 52,701.054 6,231.658 46,469.396JPM Global Unconstrained Equity X (acc) - EUR 5,363,275.873 2,269,305.195 2,294,720.082 5,337,860.986JPM Global Unconstrained Equity X (acc) - EUR (hedged) 6,828.893 - - 6,828.893JPM Global Unconstrained Equity X (acc) - USD 49,454.377 4,487,805.429 11,932.708 4,525,327.098JPM Global Unconstrained Equity X (dist) - AUD 49,600.000 197.107 262.323 49,534.784

JPMorgan Funds - Greater China FundJPMorgan Greater China A (acc) - SGD 36,487.231 33,621.362 28,791.660 41,316.933JPMorgan Greater China A (acc) - USD 6,064,165.548 4,692,373.872 5,688,490.844 5,068,048.576JPMorgan Greater China A (dist) - HKD 2,250,727.233 1,343,131.697 1,226,452.193 2,367,406.737JPMorgan Greater China A (dist) - USD 9,830,400.807 7,820,544.978 8,376,574.631 9,274,371.154JPMorgan Greater China B (acc) - USD 1,007,098.356 821,253.537 476,274.443 1,352,077.450JPMorgan Greater China B (dist) - USD 22,555.379 1,543.048 4,597.916 19,500.511JPMorgan Greater China C (acc) - EUR - 132.293 0.470 131.823JPMorgan Greater China C (acc) - USD 4,397,734.281 4,570,132.106 4,879,277.640 4,088,588.747JPMorgan Greater China C (dist) - USD 1,403.621 1,824.458 1,722.944 1,505.135JPMorgan Greater China D (acc) - EUR 176,763.852 121,155.619 238,379.002 59,540.469JPMorgan Greater China D (acc) - USD 1,363,023.209 895,162.960 907,469.507 1,350,716.662JPMorgan Greater China I (acc) - USD 6,201,794.358 2,476,084.381 3,642,153.576 5,035,725.163JPMorgan Greater China I (dist) - USD 502.887 - 492.887 10.000JPMorgan Greater China T (acc) - EUR 18,991.441 13,713.607 11,338.137 21,366.911

JPMorgan Funds - Hong Kong FundJPMorgan Hong Kong A (acc) - USD 138,121.590 2,086,197.700 1,651,329.332 572,989.958JPMorgan Hong Kong A (dist) - HKD 15,585,368.820 25,436,315.916 15,701,795.365 25,319,889.371JPMorgan Hong Kong A (dist) - USD 1,804,490.877 1,326,787.816 1,421,454.753 1,709,823.940JPMorgan Hong Kong B (acc) - USD 111,130.009 39,549.283 128,695.052 21,984.240JPMorgan Hong Kong C (acc) - USD 76,350.000 1,085,355.116 457,564.011 704,141.105JPMorgan Hong Kong D (acc) - USD 246,091.932 146,962.151 136,940.347 256,113.736


297




of the Year


of the Year


JPMorgan Funds - Income FundJPM Income Fund A (acc) - EUR (hedged) 499.385 13,667.176 - 14,166.561JPM Income Fund A (acc) - SEK (hedged) 1,997.107 - - 1,997.107JPM Income Fund A (acc) - USD 121,005.193 7,747.377 - 128,752.570JPM Income Fund A (div) - EUR (hedged) 499.385 20.000 20.000 499.385JPM Income Fund A (div) - USD 125,000.000 292.000 - 125,292.000JPM Income Fund A (mth) - HKD - 39,857.334 2,021.797 37,835.537JPM Income Fund A (mth) - USD - 204.767 - 204.767JPM Income Fund B (div) - EUR (hedged) 499.385 - - 499.385JPM Income Fund D (div) - EUR (hedged) 499.385 - - 499.385

JPMorgan Funds - India FundJPMorgan India A (acc) - SGD 47,067.738 73,656.108 8,689.981 112,033.865JPMorgan India A (acc) - USD 15,984,106.391 7,388,770.174 9,578,479.926 13,794,396.639JPMorgan India A (dist) - GBP 8.617 1,404.458 - 1,413.075JPMorgan India A (dist) - USD 7,099,504.161 850,624.241 2,389,018.035 5,561,110.367JPMorgan India B (acc) - EUR 105.823 16,431.435 11,317.285 5,219.973JPMorgan India B (acc) - USD 194,112.944 308,453.013 237,127.549 265,438.408JPMorgan India B (dist) - USD 54,914.166 44,072.159 25,996.595 72,989.730JPMorgan India C (acc) - USD 4,544,620.831 1,038,135.675 4,251,299.688 1,331,456.818JPMorgan India C (dist) - USD 65,359.953 11,898.602 2,732.969 74,525.586JPMorgan India D (acc) - EUR 99,690.800 211,248.508 112,983.044 197,956.264JPMorgan India D (acc) - USD 5,506,698.353 2,706,168.045 2,022,317.598 6,190,548.800JPMorgan India I (acc) - USD 23,257.402 13,833.737 22,704.283 14,386.856JPMorgan India I (dist) - USD 7,131.171 1,299.581 7,174.159 1,256.593JPMorgan India T (acc) - EUR 11,432.941 29,230.015 14,064.728 26,598.228JPMorgan India X (acc) - USD 2,396,561.681 620,506.481 2,320,642.034 696,426.128

JPMorgan Funds - Indonesia Equity FundJPMorgan Indonesia Equity A (acc) - USD 27,741.361 65,358.695 41,352.939 51,747.117JPMorgan Indonesia Equity B (acc) - USD 6,122.369 - - 6,122.369JPMorgan Indonesia Equity C (acc) - USD 13,196.708 2,200.985 7,998.609 7,399.084JPMorgan Indonesia Equity D (acc) - EUR 45,402.255 26,738.405 23,849.073 48,291.587JPMorgan Indonesia Equity D (acc) - USD 22,805.481 17,229.893 23,093.213 16,942.161JPMorgan Indonesia Equity X (acc) - JPY 4,187,787.862 751,274.649 3,706,839.546 1,232,222.965

JPMorgan Funds - Japan Equity FundJPMorgan Japan Equity A (acc) - EUR 191,217.411 2,133,689.657 923,389.551 1,401,517.517JPMorgan Japan Equity A (acc) - EUR (hedged) 60,205.037 100,594.368 67,225.120 93,574.285JPMorgan Japan Equity A (acc) - JPY 3,261,434.900 13,343,347.253 15,237,918.970 1,366,863.183JPMorgan Japan Equity A (acc) - USD 4,060,417.424 2,806,163.353 2,989,547.711 3,877,033.066JPMorgan Japan Equity A (acc) - USD (hedged) 736,918.332 1,383,898.414 1,165,922.711 954,894.035JPMorgan Japan Equity A (dist) - GBP 31,215.920 461.972 14,396.241 17,281.651JPMorgan Japan Equity A (dist) - GBP (hedged) 5,765.381 1,328.464 3,709.160 3,384.685JPMorgan Japan Equity A (dist) - SGD 40,906.754 299,154.975 117,003.049 223,058.680JPMorgan Japan Equity A (dist) - USD 4,271,104.183 7,618,701.713 7,447,456.817 4,442,349.079JPMorgan Japan Equity B (acc) - EUR 1,928.595 4,974.506 1,951.665 4,951.436JPMorgan Japan Equity B (acc) - USD 576,915.755 627,002.434 512,060.377 691,857.812JPMorgan Japan Equity B (dist) - GBP 92,948.921 2,640.759 53,934.832 41,654.848JPMorgan Japan Equity B (dist) - USD 14,495.966 2,074.436 3,152.921 13,417.481JPMorgan Japan Equity C (acc) - USD 14,370,051.538 4,101,122.145 4,828,966.567 13,642,207.116JPMorgan Japan Equity C (acc) - USD (hedged) 18,945.032 360,243.463 224,401.867 154,786.628JPMorgan Japan Equity C (dist) - USD 532.432 20.290 16.663 536.059JPMorgan Japan Equity D (acc) - EUR 73,466.055 1,119,650.192 727,102.093 466,014.154JPMorgan Japan Equity D (acc) - USD 2,352,510.890 1,590,958.840 1,361,077.306 2,582,392.424JPMorgan Japan Equity I (acc) - USD 3,283,942.328 2,743,128.662 2,382,133.483 3,644,937.507JPMorgan Japan Equity J (dist) - USD 2,362,050.445 1,106,148.764 2,026,356.361 1,441,842.848JPMorgan Japan Equity X (acc) - USD 38,586.796 71,119.786 12,021.488 97,685.094

JPMorgan Funds - Korea Equity FundJPMorgan Korea Equity A (acc) - EUR 612,046.785 241,280.596 361,790.572 491,536.809JPMorgan Korea Equity A (acc) - USD 6,404,902.856 2,257,006.612 4,215,823.295 4,446,086.173JPMorgan Korea Equity A (dist) - USD 76,263.842 17,291.740 31,051.541 62,504.041JPMorgan Korea Equity B (acc) - EUR 1,123.000 465.000 95.000 1,493.000JPMorgan Korea Equity B (acc) - USD 1,625,563.068 710,267.039 690,392.740 1,645,437.367JPMorgan Korea Equity C (acc) - EUR 229,760.000 14,102.909 33,862.909 210,000.000JPMorgan Korea Equity C (acc) - USD 1,142,327.670 576,875.417 873,525.118 845,677.969JPMorgan Korea Equity D (acc) - USD 828,630.732 1,815,005.045 1,513,024.574 1,130,611.203JPMorgan Korea Equity I (acc) - USD 1,436.267 379.221 25.584 1,789.904

298




of the Year


of the Year


JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR 34,441.837 1,689,609.659 1,689,339.918 34,711.578JPM Latin America Equity A (acc) - SGD 100.000 - - 100.000JPM Latin America Equity A (acc) - USD 8,545,135.004 1,396,240.526 4,827,155.195 5,114,220.335JPM Latin America Equity A (dist) - USD 2,832,192.803 298,860.904 640,392.765 2,490,660.942JPMorgan Latin America Equity A (dist) - USD 5,634,290.683 2,830,492.273 3,420,422.779 5,044,360.177JPM Latin America Equity B (acc) - EUR 4,484.401 58,717.658 5,156.906 58,045.153JPM Latin America Equity B (acc) - USD 2,541,034.297 473,956.121 676,483.582 2,338,506.836JPM Latin America Equity B (dist) - USD 34,525.774 661,981.105 20,262.384 676,244.495JPM Latin America Equity C (acc) - EUR 6,452.729 78,301.009 31,262.934 53,490.804JPM Latin America Equity C (acc) - USD 2,474,112.286 715,461.327 1,364,155.875 1,825,417.738JPM Latin America Equity C (dist) - USD - 406.495 - 406.495JPM Latin America Equity D (acc) - EUR 48,415.271 56,245.883 42,114.314 62,546.840JPM Latin America Equity D (acc) - USD 1,268,588.774 135,116.443 457,445.489 946,259.728JPM Latin America Equity I (acc) - EUR* 365,000.000 - 365,000.000 -JPM Latin America Equity I (acc) - JPY 643,283.338 414,493.395 820,397.223 237,379.510JPM Latin America Equity I (acc) - USD 21,680,497.521 9,048,590.841 19,259,278.151 11,469,810.211JPM Latin America Equity I (dist) - USD 2,118.273 - - 2,118.273JPM Latin America Equity T (acc) - EUR 2,672.272 - 660.679 2,011.593JPM Latin America Equity X (acc) - USD 2,390,263.951 1,802,211.096 399,080.001 3,793,395.046

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 9,390,449.944 9,575,462.474 7,730,955.499 11,234,956.919JPM Russia A (dist) - USD 26,857,633.177 74,108,550.262 51,823,391.606 49,142,791.833JPM Russia B (acc) - USD 1,291,023.627 1,395,297.643 1,632,903.866 1,053,417.404JPM Russia B (dist) - USD 1,696.305 968.078 1,375.425 1,288.958JPM Russia C (acc) - USD 2,972,619.937 2,223,405.193 4,052,767.545 1,143,257.585JPM Russia D (acc) - EUR 4,176.288 81,462.278 30,523.786 55,114.780JPM Russia D (acc) - USD 5,951,999.743 4,125,232.376 3,439,550.538 6,637,681.581JPM Russia I (acc) - USD 624,570.406 173,381.629 611,246.798 186,705.237JPM Russia T (acc) - EUR 5,152.509 75,299.467 57,858.163 22,593.813

JPMorgan Funds - Singapore FundJPMorgan Singapore A (acc) - SGD 391,874.436 243,933.586 318,312.033 317,495.989JPMorgan Singapore A (acc) - USD 650,467.377 317,858.359 471,485.733 496,840.003JPMorgan Singapore A (dist) - USD 1,436,507.287 134,965.543 430,808.001 1,140,664.829JPMorgan Singapore B (acc) - USD* 24,461.507 - 24,461.507 -JPMorgan Singapore B (dist) - USD 152.270 1,994.450 295.708 1,851.012JPMorgan Singapore C (acc) - USD 365,934.134 152,079.800 511,686.925 6,327.009JPMorgan Singapore D (acc) - USD 474,123.650 34,751.538 136,446.489 372,428.699JPMorgan Singapore I (acc) - USD 3,651.708 16,829.221 17,266.889 3,214.040

JPMorgan Funds - Taiwan FundJPMorgan Taiwan A (acc) - EUR 60,386.839 150,479.135 186,917.263 23,948.711JPMorgan Taiwan A (acc) - USD 4,735,344.653 2,572,600.124 5,151,040.244 2,156,904.533JPMorgan Taiwan A (dist) - HKD 275,718.694 650,536.604 400,602.043 525,653.255JPMorgan Taiwan A (dist) - USD 7,371,652.540 1,404,061.254 3,090,361.998 5,685,351.796JPMorgan Taiwan B (acc) - USD 63,269.999 7,618.979 20,259.651 50,629.327JPMorgan Taiwan C (acc) - USD 1,192,449.946 658,715.210 640,177.430 1,210,987.726JPMorgan Taiwan C (dist) - USD 87,578.097 6,560.958 21.545 94,117.510JPMorgan Taiwan D (acc) - USD 330,853.191 1,086,002.676 929,257.935 487,597.932JPMorgan Taiwan I (acc) - EUR 260,000.000 - - 260,000.000JPMorgan Taiwan X (acc) - USD 37,554.000 42,980.000 - 80,534.000

JPMorgan Funds - Total Emerging Markets Income FundJPM Total Emerging Markets Income A (acc) - EUR 62,753.839 55,614.067 69,277.539 49,090.367JPM Total Emerging Markets Income A (acc) - USD 255,358.023 13,436.935 3,047.521 265,747.437JPM Total Emerging Markets Income A (inc) - EUR 1,185.019 21,669.491 1,164.815 21,689.695JPM Total Emerging Markets Income A (mth) - USD 10.000 - - 10.000JPM Total Emerging Markets Income B (acc) - EUR*** 5,500.000 2,600.000 8,100.000 -JPM Total Emerging Markets Income C (acc) - EUR - 118,000.000 - 118,000.000JPM Total Emerging Markets Income D (acc) - EUR 23,763.464 130,548.779 23,200.706 131,111.537JPM Total Emerging Markets Income D (acc) - USD 7,740.467 34,855.471 9,002.127 33,593.811JPM Total Emerging Markets Income D (div) - EUR 2,469.416 117,443.560 9,171.089 110,741.887JPM Total Emerging Markets Income D (mth) - USD 10.000 - - 10.000JPM Total Emerging Markets Income X (acc) - GBP 64,658.640 - - 64,658.640

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

299




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of the Year


JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - EUR (hedged) 47,209.734 1,329,967.639 74,051.881 1,303,125.492JPM US Aggregate Bond A (acc) - USD 25,152,132.900 43,906,544.639 18,183,517.403 50,875,160.136JPM US Aggregate Bond A (div) - USD 9,880.250 19,350.145 3,870.904 25,359.491JPM US Aggregate Bond A (inc) - USD 7,962,602.995 7,070,851.058 8,585,735.345 6,447,718.708JPM US Aggregate Bond A (mth) - HKD 309,426.500 414,420.668 541,941.940 181,905.228JPM US Aggregate Bond A (mth) - SGD 60,110.020 400.674 51,416.421 9,094.273JPM US Aggregate Bond A (mth) - SGD (hedged) 1,321,352.757 2,014.199 940,536.933 382,830.023JPM US Aggregate Bond A (mth) - USD 9,271,342.068 5,979,674.406 7,148,360.708 8,102,655.766JPM US Aggregate Bond B (acc) - EUR (hedged) 20,257.715 350,090.189 15,773.245 354,574.659JPM US Aggregate Bond B (acc) - USD 6,222,071.636 4,922,749.258 1,898,037.107 9,246,783.787JPM US Aggregate Bond B (dist) - USD - 48,958.477 2,880.000 46,078.477JPM US Aggregate Bond B (mth) - USD 54,965.674 115,488.298 29,193.941 141,260.031JPM US Aggregate Bond C (acc) - USD 3,240,880.898 21,007,126.208 3,942,701.212 20,305,305.894JPM US Aggregate Bond C (dist) - USD - 14,508.000 2,610.000 11,898.000JPM US Aggregate Bond C (inc) - USD 133,369.485 91,136.713 70,027.573 154,478.625JPM US Aggregate Bond D (acc) - EUR (hedged) 58,198.510 169,384.642 163,173.876 64,409.276JPM US Aggregate Bond D (acc) - USD 2,185,359.892 3,254,260.553 1,852,950.304 3,586,670.141JPM US Aggregate Bond I (acc) - USD 441,132.370 595,776.746 455,084.641 581,824.475JPM US Aggregate Bond I (inc) - USD 55,595.561 22,294.171 74,329.061 3,560.671JPM US Aggregate Bond I (mth) - USD 22,281.747 761.868 - 23,043.615JPM US Aggregate Bond X (acc) - USD 7,812,404.927 4,535,546.052 3,295,862.608 9,052,088.371JPM US Aggregate Bond X (dist) - USD 10.001 - - 10.001

JPMorgan Funds - US Dollar Money Market FundJPM US Dollar Money Market A (acc) - USD 151,173.216 103,088.495 79,962.143 174,299.568JPMorgan US Dollar Money Market A (acc) - USD 3,370,638.801 9,461,279.865 8,937,846.277 3,894,072.389

JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 456,634.348 81,169.381 191,563.375 346,240.354JPM US Growth A (acc) - USD 10,669,737.366 1,606,281.786 3,157,601.947 9,118,417.205JPM US Growth A (dist) - GBP 148,818.088 1,468.315 54,825.444 95,460.959JPM US Growth A (dist) - USD 2,986,362.315 7,852,188.616 4,022,346.881 6,816,204.050JPM US Growth B (acc) - EUR (hedged) 23,655.724 15,402.381 - 39,058.105JPM US Growth B (acc) - USD 2,542,613.940 342,418.743 597,751.753 2,287,280.930JPM US Growth B (dist) - USD*** 50,634.856 - 50,634.856 -JPM US Growth C (acc) - EUR (hedged) 3,050,822.621 3,053,871.769 1,325,712.216 4,778,982.174JPM US Growth C (acc) - USD 7,613,289.861 2,292,568.348 3,389,386.139 6,516,472.070JPM US Growth C (dist) - GBP 120,270.545 - 119,338.751 931.794JPM US Growth C (dist) - USD 8,880.148 1,145.591 994.193 9,031.546JPM US Growth D (acc) - EUR (hedged) 194,827.162 42,100.508 125,705.714 111,221.956JPM US Growth D (acc) - USD 649,953.142 422,245.706 451,149.230 621,049.618JPM US Growth I (acc) - EUR (hedged) 285,870.531 59,832.436 297,607.450 48,095.517JPM US Growth I (acc) - JPY 2,627,823.781 71,240.579 2,071,389.761 627,674.599JPM US Growth I (acc) - USD 3,140,053.014 289,210.921 3,037,771.615 391,492.320JPM US Growth I (dist) - GBP 117,329.663 4,617.613 55,992.329 65,954.947JPM US Growth I (dist) - USD 349,115.252 12,006.385 279,401.286 81,720.351JPM US Growth P (dist) - USD 100.000 71,789.745 7,811.781 64,077.964JPM US Growth T (acc) - EUR (hedged) 5,743.190 3,404.166 3,399.248 5,748.108JPM US Growth X (acc) - USD 11,828,378.285 429,657.893 12,125,340.840 132,695.338JPM US Growth X (dist) - USD* 102,161.501 2,424.224 104,585.725 -

JPMorgan Funds - US High Yield Plus Bond FundJPM US High Yield Plus Bond A (acc) - EUR (hedged) 79.260 2,675.384 871.289 1,883.355JPM US High Yield Plus Bond A (acc) - USD 88,883.762 20,458.194 76,143.924 33,198.032JPM US High Yield Plus Bond A (dist) - GBP (hedged) 199,629.906 400.000 21,368.000 178,661.906JPM US High Yield Plus Bond A (dist) - USD - 11,788.000 - 11,788.000JPM US High Yield Plus Bond A (div) - EUR (hedged) 3,666.078 11,978.479 3,871.384 11,773.173JPM US High Yield Plus Bond A (mth) - HKD 2,840,951.959 254,988.347 769,345.595 2,326,594.711JPM US High Yield Plus Bond A (mth) - USD 528,381.225 139,407.256 268,704.662 399,083.819JPM US High Yield Plus Bond B (acc) - USD - 152,000.000 - 152,000.000JPM US High Yield Plus Bond C (acc) - USD - 14,125.000 - 14,125.000JPM US High Yield Plus Bond D (div) - EUR (hedged) 40,053.857 59,314.683 17,029.963 82,338.577JPM US High Yield Plus Bond X (acc) - EUR (hedged) 1,469,344.219 250,705.038 584,805.000 1,135,244.257JPM US High Yield Plus Bond X (acc) - GBP (hedged) 12,558.000 - 10,574.000 1,984.000

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

300




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of the Year


JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 272,726.185 275,364.740 502,952.778 45,138.147JPM US Technology A (acc) - SGD 5,516.439 2,127.899 6,170.613 1,473.725JPM US Technology A (acc) - USD 6,813,429.762 2,858,822.194 4,473,825.814 5,198,426.142JPM US Technology A (dist) - GBP 575,781.792 214,670.916 219,499.391 570,953.317JPM US Technology A (dist) - USD 8,292,190.834 3,034,897.283 6,039,019.482 5,288,068.635JPMorgan US Technology A (dist) - USD 44,221,635.816 77,179,181.773 101,010,586.873 20,390,230.716JPM US Technology B (acc) - USD 196,276.091 39,188.974 80,415.310 155,049.755JPM US Technology B (dist) - USD 9,203.943 14,630.730 9,060.063 14,774.610JPM US Technology C (acc) - USD 4,641,541.355 731,233.116 1,000,148.545 4,372,625.926JPM US Technology C (dist) - USD 118,677.884 18,984.070 123,105.921 14,556.033JPM US Technology D (acc) - EUR 35,523.563 130,634.690 32,350.074 133,808.179JPM US Technology D (acc) - USD 5,639,090.697 4,561,210.382 5,059,728.117 5,140,572.962JPM US Technology I (acc) - USD 159.775 926.522 0.068 1,086.229JPM US Technology I (dist) - USD 10.000 - - 10.000

JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR - 10.726 - 10.726JPM US Value A (acc) - EUR (hedged) 4,710,427.085 2,199,373.030 2,982,060.641 3,927,739.474JPM US Value A (acc) - SGD 124.500 33,650.246 3,240.728 30,534.018JPM US Value A (acc) - USD 31,915,489.710 13,324,672.389 23,921,668.981 21,318,493.118JPM US Value A (dist) - GBP 379,103.538 4,627.732 305,475.470 78,255.800JPMorgan US Value A (dist) - USD 2,100,129.748 9,136,905.209 4,035,764.302 7,201,270.655JPM US Value A (dist) - USD 17,660,028.382 7,029,321.412 8,489,122.065 16,200,227.729JPM US Value B (acc) - EUR - 1,483,652.578 75,842.247 1,407,810.331JPM US Value B (acc) - EUR (hedged) 325,788.050 488,524.326 306,120.434 508,191.942JPM US Value B (acc) - USD 5,158,775.205 6,766,837.973 4,864,866.685 7,060,746.493JPM US Value B (dist) - USD 3,188,556.101 3,301,921.041 2,223,579.409 4,266,897.733JPM US Value C (acc) - EUR (hedged) 3,119,819.030 2,539,121.114 1,271,822.642 4,387,117.502JPM US Value C (acc) - USD 65,356,318.752 32,475,828.701 40,648,761.010 57,183,386.443JPM US Value C (dist) - GBP 928,045.061 254,705.503 243,044.163 939,706.401JPM US Value D (acc) - EUR (hedged) 3,208,480.017 838,379.390 1,472,089.557 2,574,769.850JPM US Value D (acc) - USD 4,181,764.277 1,599,484.685 2,445,776.794 3,335,472.168JPM US Value I (acc) - EUR (hedged) 308,791.712 151,223.398 345,676.555 114,338.555JPM US Value I (acc) - USD 2,152,953.416 589,507.684 1,659,305.735 1,083,155.365JPM US Value I (dist) - GBP 37,807.710 1,396.856 10,731.634 28,472.932JPM US Value I (dist) - USD 87,208.621 7,702.054 59,364.130 35,546.545JPM US Value X (acc) - USD 7,903,958.647 228,192.810 2,907,455.158 5,224,696.299

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