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JPMorgan FundsUnaudited Semi-Annual Report31 December 2010

Singapore

“This report is an abridged version of the unaudited semi-annual report established in conformity with the Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment as amended. The full version is available on request from the Company’s registered office in Luxembourg or the Singapore Representative*.

This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of the current Singapore Prospectus, which is not valid without the relevant current Luxembourg Prospectus, and is available free of charge on request from appointed Singapore distributors or the Singapore Representative.

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

* The Singapore Representative is JPMorgan Asset Management (Singapore) Limited, 168 Robinson Road, 17th Floor, Capital Tower, Singapore 068912, telephone number: (65) 6882 1328.”

Singapore

JPMorgan FundsUnaudited Semi-Annual Report

As at 31 December 2010

Contents

Board of Directors 1

Management and Administration 2

Unaudited Financial Statements and Statistical Information

Combined Statement of Net Assets 5

Combined Statement of Operations and Changes in Net Assets 11

Statement of Changes in the Number of Shares 15

Statistical Information 18

Notes to the Unaudited Financial Statements 21

Schedules of Investment

JPMorgan Funds - Africa Equity Fund 27

JPMorgan Funds - Asia Pacific Bond Fund 30

JPMorgan Funds - Brazil Alpha Plus Fund 33

JPMorgan Funds - Eastern Europe Equity Fund 34

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 36

JPMorgan Funds - Emerging Markets Equity Fund 38

JPMorgan Funds - Emerging Markets Infrastructure Equity Fund 40

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 42

JPMorgan Funds - Emerging Middle East Equity Fund 45

JPMorgan Funds - Global Dynamic Fund 46

JPMorgan Funds - Global Natural Resources Fund 50

JPMorgan Funds - JF ASEAN Equity Fund 53

JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund 54

JPMorgan Funds - JF China Fund 57

JPMorgan Funds - JF Greater China Fund 58

JPMorgan Funds - JF India Fund 59

JPMorgan Funds - JF Korea Equity Fund 61

JPMorgan Funds - JF Pacific Technology Fund 63

JPMorgan Funds - JF Singapore Fund 64

JPMorgan Funds - Latin America Equity Fund 65

JPMorgan Funds - Russia Fund 67

Appendix: Unaudited Additional Disclosures

Fund Total Expense Ratios 68

Summary of Investment Objectives of the Sub-Funds 72

Performance and Volatility 74

Interest Rate Received/(Charged) on Bank Accounts 78

Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 78

Portfolio Turnover Rate 78

Historical Statements of Changes in the Number of Shares 79

JPMorgan FundsBoard of Directors


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

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

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

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

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

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

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

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

1

JPMorgan FundsManagement and Administration


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

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

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

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

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

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

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

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

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

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

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

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

2

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3


4

JPMorgan FundsCombined Statement of Net Assets


JPMorgan FundsCombined

USD

AfricaEquity

FundUSD

Asia PacificBondFundUSD

BrazilAlpha Plus

FundUSD

AssetsInvestments in Securities at Market Value 57,861,850,313 586,675,790 31,460,959 567,388,307Acquisition Cost: 46,741,703,913 500,261,751 31,072,150 492,753,744Investment in TBAs at Market Value (1) 26,715,449 - - -Cash at Bank 1,149,347,737 19,963,226 873,770 14,018,231Time Deposits and Cash Equivalents 94,744,964 - - -Amounts Receivable on Sale of Investments 127,311,346 - - -Amount Receivable on Sale of TBAs (1) 19,055,426 - - -Amounts Receivable on Subscriptions 304,241,141 11,477,099 - 8,567,584Interest and Dividends Receivable, Net 121,942,507 28,289 346,251 1,133,990Tax Reclaims Receivable 1,986,655 - - -Fee Waiver (2) 1,626,543 66,782 13,529 53,597Other Receivables 351,603 37,027 - 1,488Unrealised Net Gain on Forward Foreign Exchange Contracts 49,662,693 - 147,941 -Unrealised Net Gain on Financial Futures Contracts 5,437,227 - - -Derivatives Instruments at Market Value 42,837,200 - - -Total Assets 59,807,110,804 618,248,213 32,842,450 591,163,197

LiabilitiesBank Overdraft 59,335,893 - - -Open Short Positions on TBAs (2) 9,904,267 - - -Amounts Payable on Purchase of Investments 180,787,229 9,340,581 - 260,656Amount Payable on Purchase of TBAs (1) 35,901,530 - - -Amounts Payable on Redemptions 149,399,883 664,620 99,696 1,955,638Management and Advisory Fees Payable 63,993,907 689,130 18,091 697,410Performance Fees 921,580 27,193 - -Other Payables 19,331,130 237,819 18,456 188,064Unrealised Net Loss on Forward Foreign Exchange Contracts 27,957,158 581 - -Unrealised Net Loss on Financial Futures Contracts 898,352 - - -Derivatives Instruments at Market Value 1,769,600 - - -Total Liabilities 550,200,529 10,959,924 136,243 3,101,768

Total Net Assets 59,256,910,275 607,288,289 32,706,207 588,061,429Historical Total Net Assets30 June 2010 44,088,150,386 175,314,359 9,675,813 288,795,85730 June 2009 34,590,007,431 8,958,743 - 57,567,21130 June 2008 57,591,091,920 4,761,584 - 54,611,58230 June 2007 89,568,991,703 - - -30 June 2006 63,483,121,497 - - -

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

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

5

JPMorgan FundsCombined Statement of Net Assets (continued)


Eastern EuropeEquity

FundEUR

Emerging Europe,Middle East and

Africa Equity FundUSD

Emerging MarketsEquity Fund

USD

Emerging MarketsInfrastructure

Equity FundUSD

Emerging MarketsLocal Currency

Debt FundEUR

Emerging MiddleEast Equity

FundUSD

1,201,048,747 969,237,641 9,445,165,974 169,637,465 605,248,353 441,141,603977,165,906 783,034,990 6,488,584,600 146,359,222 592,397,464 363,243,131

- - - - - -34,086,760 - 52,836,383 6,275,938 54,171,683 -

- - - - - -375,022 142,289 - - - 1,439,562

- - - - - -2,504,739 2,882,991 14,472,116 1,129,085 1,385,007 2,451,176

569,307 278,786 9,463,485 221,314 12,488,772 986- - - - - -- 40,651 - 10,052 47,202 114,514- 10,001 - 6,125 6,288 6,484- - - - 507,781 -- - - - - -- - - - 1,095,705 -

1,238,584,575 972,592,359 9,521,937,958 177,279,979 674,950,791 445,154,325

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

577,948 762,691 - 1,074,617 - -- - - - - -

1,684,989 1,408,642 18,618,064 135,287 1,449,281 2,022,6901,573,505 1,107,657 8,787,234 208,044 353,468 572,256

- - - 116,986 20,112 -336,096 363,867 1,805,020 61,062 203,765 261,490

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

4,172,538 4,000,936 29,210,318 1,595,996 2,026,626 2,858,908

1,234,412,037 968,591,423 9,492,727,640 175,683,983 672,924,165 442,295,417

941,639,605 619,492,702 6,562,754,178 66,178,907 474,595,650 316,270,641517,438,764 412,101,960 4,671,128,410 10,052,996 86,488,839 308,246,494

1,583,655,705 1,093,563,689 6,604,690,449 4,801,840 5,351,918 709,594,1801,411,797,493 599,428,235 6,821,647,444 - - 341,530,5091,303,458,118 589,240,340 3,782,245,657 - - 265,944,060

6



GlobalDynamic

FundUSD

Global NaturalResources

FundEUR

JF ASEANEquity

FundUSD

JF Asia Pacificex-Japan Equity

FundUSD

JF ChinaFund

USD

JF GreaterChinaFundUSD

1,270,994,212 3,433,371,819 171,861,096 502,498,164 3,802,738,048 893,091,5321,032,482,491 2,395,478,545 152,130,319 431,947,427 3,075,341,243 704,567,516

- - - - - -442,676 58,613,729 7,424,450 3,340,440 37,948,437 11,190,986

- - - - - -6,945,046 2,281,768 285,075 - 13,398,309 -

- - - - - -730,923 91,627,835 1,401,613 416,837 5,907,653 8,926,159905,460 579,948 55,130 437,058 468 130

64,513 - - - - -163 - 35,346 272 - -

11,269 136,827 11,691 107 3,234 370145,291 - - 278,871 - -

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

1,280,239,553 3,586,611,926 181,074,401 506,971,749 3,859,996,149 913,209,177

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

10,116,631 56,792,925 1,564,171 - 29,836,507 8,313,453- - - - - -

971,030 24,092,665 316,642 159,326 5,716,533 775,7741,036,911 4,311,719 209,281 513,762 5,057,533 1,174,977

- - - - - -262,949 1,354,754 83,657 548,376 3,555,459 303,383

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

12,387,521 86,552,063 2,173,751 1,221,464 44,166,032 10,567,587

1,267,852,032 3,500,059,863 178,900,650 505,750,285 3,815,830,117 902,641,590

1,135,055,214 1,912,587,338 50,180,087 466,045,617 3,435,434,476 684,691,2681,174,912,544 1,018,336,433 - 324,166,004 3,277,872,788 568,509,9361,872,953,353 1,871,228,153 - 475,593,917 2,680,483,250 622,728,3803,346,335,559 1,778,456,610 - 864,817,828 3,221,787,004 684,910,5112,325,259,734 943,442,736 - 738,412,667 1,156,132,290 476,255,116

7



JF IndiaFund

USD

JF KoreaEquity

FundUSD

JF PacificTechnology

FundUSD

JF SingaporeFund

USD

Latin AmericaEquity

FundUSD

RussiaFund

USD

3,213,299,016 81,451,498 31,783,364 209,303,772 1,811,625,312 2,863,185,7651,846,814,054 72,798,023 27,368,878 175,835,575 1,370,613,495 2,286,509,489

- - - - - -93,046,266 19,147,761 1,168,909 4,071,997 - -

- - - - - -- 507,995 - 1,537,117 - 68,405,344- - - - - -

5,608,627 1,035,726 212,783 307,391 8,903,727 6,022,4464,499 754,134 72,093 156,285 2,131,240 2,841,116

- - - - - 26,262- 14,881 13,679 9,174 26,547 221,641

1,227 938 11 - 635 -- 87,638 - - - -

117,005 677,773 - - - -- - - - - -

3,312,076,640 103,678,344 33,250,839 215,385,736 1,822,687,461 2,940,702,574

- - - - 1,170,310 47,238,634- - - - - -- 2,088,462 - 68,149 - -- - - - - -

3,764,555 206,911 24,052 377,415 2,635,206 7,792,5024,729,714 91,646 49,218 316,892 2,039,211 2,936,650

- - - - - -1,259,050 34,472 25,373 88,665 453,909 954,347

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

9,753,319 2,421,491 98,643 851,121 6,298,636 58,922,133

3,302,323,321 101,256,853 33,152,196 214,534,615 1,816,388,825 2,881,780,441

2,637,009,261 32,973,452 60,914,568 175,447,667 1,290,637,333 2,035,560,9082,084,541,872 11,522,686 27,012,528 198,367,313 921,144,836 771,414,4612,533,079,738 36,806,282 43,863,223 603,489,727 2,091,554,855 1,630,707,9874,123,155,354 - 39,446,674 789,840,297 1,748,314,623 299,387,847

2,682,021,036 - 51,718,815 163,904,802 767,332,573 117,766,371

8


9


10

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets

For the Period from 1 July 2010 to 31 December 2010

JPMorgan FundsCombined

USD

AfricaEquity

FundUSD

Asia PacificBondFundUSD

BrazilAlpha Plus

FundUSD

Net Assets at the Beginning of the Period * 45,527,984,819 175,314,359 9,675,813 288,795,857

IncomeDividend Income, Net 304,942,891 3,553,205 - 3,666,457Interest Income, Net 158,260,617 5,419 430,469 8,302Securities Lending Income 4,678,174 - 270 -Bank Interest 355,873 5,710 - -Interest on Swap Transactions 7,728,526 - - -

Total Income 475,966,081 3,564,334 430,739 3,674,759

ExpensesManagement and Advisory Fees 349,004,889 2,617,473 70,564 3,192,324Custodian, Corporate, Administration and Domiciliary Agency Fees 28,742,531 520,940 72,098 315,128Registrar and Transfer Agency Fees 19,577,310 245,638 23,961 190,964Taxe d’abonnement 12,286,766 103,859 6,598 108,864Overdraft Interest 270,558 1,009 140 -Interest on Swap Transactions 5,542,645 - - -Sundry Fees** 23,033,652 30,778 1,801 3,764,438

Less: Fee Waiver (1) 7,565,592 302,197 85,420 36,202

Total Expenses before Performance Fees 430,892,759 3,217,500 89,742 7,535,516

Performance Fees 921,580 27,193 - -

Total Expenses 431,814,339 3,244,693 89,742 7,535,516

Net Investment Income/(Loss) 44,151,742 319,641 340,997 (3,860,757)

Net Realised Gain/(Loss) on Sale of Investments 1,356,929,464 5,607,246 240,563 18,960,588Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 203,703,432 (150,248) (63,109) 107,821Net Realised Gain/(Loss) on Financial Futures Contracts 14,754,464 - 19,026 -Net Realised Gain/(Loss) on Foreign Exchange (11,818,636) (1,539,521) (49,288) (796,900)Net Realised Gain/(Loss) on TBAs 31,580 - - -Net Realised Gain/(Loss) on Derivatives Instruments 78,992,151 - - 925,270

Net Realised Gain/(Loss) for the Period 1,642,592,455 3,917,477 147,192 19,196,779

Net Change in Unrealised Gain/(Loss) on Investments 7,564,124,469 87,981,330 473,684 60,871,021Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 23,826,003 (581) 503,688 -Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts 10,707,791 - - -Net Change in Unrealised Gain/(Loss) on Foreign Exchange 1,722,335 (127,808) 6,285 37,134Net Change in Unrealised Gain/(Loss) on TBAs (50,935) - - -Net Change in Unrealised Gain/(Loss) on Derivatives Instruments 92,114,892 - - (188,177)

Net Change in Unrealised Gain/(Loss) for the Period 7,692,444,555 87,852,941 983,657 60,719,978

Increase/(Decrease) in Net Assets as a Result of Operations 9,379,188,752 92,090,059 1,471,846 76,056,000

Movements in Share CapitalSubscriptions 21,687,466,950 460,258,943 24,168,950 415,059,071Redemptions (17,192,401,673) (120,370,710) (2,610,402) (191,849,344)Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 4,495,065,277 339,888,233 21,558,548 223,209,727

Dividend Distribution (145,328,573) (4,362) - (155)

Net Assets at the End of the Period 59,256,910,275 607,288,289 32,706,207 588,061,429

(1) Please refer to Note 7a).

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

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

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

11

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


Eastern EuropeEquity

FundEUR

Emerging Europe,Middle East and

Africa Equity FundUSD

Emerging MarketsEquity Fund

USD

Emerging MarketsInfrastructure

Equity FundUSD

Emerging MarketsLocal Currency

Debt FundEUR

Emerging MiddleEast Equity

FundUSD

941,639,605 619,492,702 6,562,754,178 66,178,907 474,595,650 316,270,641

6,545,635 6,827,510 68,837,324 919,082 - 1,480,93722,669 2,263 63,574 800 17,912,041 2,191

- - - - 5,213 -2,629 7,872 19,251 577 40,685 3,877

- - - - - -

6,570,933 6,837,645 68,920,149 920,459 17,957,939 1,487,005

8,320,247 5,964,866 45,581,282 831,365 1,828,420 3,178,077761,454 631,883 3,459,915 125,664 333,204 775,590413,912 323,617 2,340,671 97,300 192,871 230,195

264,935 203,506 1,681,680 32,906 106,363 108,495799 255 - 397 881 2,131

- - - - - -342,475 284,070 2,308,265 248,395 157,573 173,879

51,944 32,279 1,992 63,517 79,900 400,557

10,051,878 7,375,918 55,369,821 1,272,510 2,539,412 4,067,810

- - - 116,986 20,112 -

10,051,878 7,375,918 55,369,821 1,389,496 2,559,524 4,067,810

(3,480,945) (538,273) 13,550,328 (469,037) 15,398,415 (2,580,805)

13,299,744 11,949,635 18,871,236 2,838,909 14,658,521 3,472,5395,299 61,998 1,073,112 1,404 4,840,177 (8,382)

- - - - (130,520) -(549,200) (430,353) 595,434 (97,650) (2,238,423) (132,268)

- - - - - -- - - - 732,430 -

12,755,843 11,581,280 20,539,782 2,742,663 17,862,185 3,331,889

171,135,803 197,246,568 1,684,486,634 22,306,137 (16,188,382) 74,743,429- - - - 658,210 -- - - - 121,940 -

(138,294) 17,701 483,733 20,049 (432,665) 23,133- - - - - -- - - - (433,529) -

170,997,509 197,264,269 1,684,970,367 22,326,186 (16,274,426) 74,766,562

180,272,407 208,307,276 1,719,060,477 24,599,812 16,986,174 75,517,646

360,648,725 307,168,859 2,547,602,267 105,540,626 509,470,678 290,740,245(248,148,700) (165,546,879) (1,322,793,249) (20,635,362) (326,197,101) (237,841,818)

112,500,025 141,621,980 1,224,809,018 84,905,264 183,273,577 52,898,427

- (830,535) (13,896,033) - (1,931,236) (2,391,297)

1,234,412,037 968,591,423 9,492,727,640 175,683,983 672,924,165 442,295,417

12



GlobalDynamic

FundUSD

Global NaturalResources

FundEUR

JF ASEANEquity

FundUSD

JF Asia Pacificex-Japan Equity

FundUSD

JF ChinaFund

USD

JF GreaterChinaFundUSD

1,135,055,214 1,912,587,338 50,180,087 466,045,617 3,435,434,476 684,691,268

8,094,895 7,919,759 965,222 4,813,791 18,473,999 9,570,188723 124,337 3,305 1,345 11,527 1,369

247,526 - - - - -235 5,425 107 20,147 6,525 388

- - - - - -

8,343,379 8,049,521 968,634 4,835,283 18,492,051 9,571,945

6,466,877 19,148,227 807,269 3,062,964 31,609,139 6,639,584389,092 462,958 191,837 293,486 1,076,360 411,184333,600 855,777 77,655 196,947 1,042,473 269,498225,304 674,210 34,682 99,605 915,621 207,141

1,438 330 - 951 - -- - - - - -

294,228 646,156 9,540 355,210 1,620,439 225,830

48,526 340 106,334 17,209 3,643 3,220

7,662,013 21,787,318 1,014,649 3,991,954 36,260,389 7,750,017

- - - - - -

7,662,013 21,787,318 1,014,649 3,991,954 36,260,389 7,750,017

681,366 (13,737,797) (46,015) 843,329 (17,768,338) 1,821,928

41,839,386 33,367,407 6,280,284 33,300,102 209,138,648 49,422,1201,286,286 1,944,992 118,274 100,669 (94,897) (15,236)

- - - - - -327,033 (4,237,127) (118) 464,934 854,216 107,871

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

43,452,705 31,075,272 6,398,440 33,865,705 209,897,967 49,514,755

228,618,428 761,624,212 18,007,779 78,141,113 345,728,312 128,752,711283,834 - - 278,871 - -

- - - - - -(16,085) 313,764 (12,632) 177,918 1,054,855 161,941

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

228,886,177 761,937,976 17,995,147 78,597,902 346,783,167 128,914,652

273,020,248 779,275,451 24,347,572 113,306,936 538,912,796 180,251,335

126,856,800 1,869,426,720 132,877,283 114,301,972 1,019,726,241 271,506,780(266,380,942) (1,061,229,646) (28,504,292) (186,486,974) (1,178,243,396) (232,039,286)

(139,524,142) 808,197,074 104,372,991 (72,185,002) (158,517,155) 39,467,494

(699,288) - - (1,417,266) - (1,768,507)

1,267,852,032 3,500,059,863 178,900,650 505,750,285 3,815,830,117 902,641,590

13



JF IndiaFund

USD

JF KoreaEquity

FundUSD

JF PacificTechnology

FundUSD

JF SingaporeFund

USD

Latin AmericaEquity

FundUSD

RussiaFundUSD

2,637,009,261 32,973,452 60,914,568 175,447,667 1,290,637,333 2,035,560,908

14,177,963 767,115 766,706 2,519,688 11,946,976 12,011,93129,123 4,999 396 3,842 6,278 15,412

- - - - - -372 - 112 - 6,485 -

- - - - - -

14,207,458 772,114 767,214 2,523,530 11,959,739 12,027,343

28,055,248 367,101 351,291 1,946,628 11,216,874 16,134,4293,132,148 113,359 79,313 160,562 725,267 2,131,517

1,033,099 50,540 53,628 137,279 538,403 712,001815,217 16,525 10,500 58,141 368,356 422,377

- 612 472 383 146 1,292- - - - - -

815,580 4,868 6,723 57,101 4,584,674 820,884

4,431 90,036 63,097 3,678 17,780 481,925

33,846,861 462,969 438,830 2,356,416 17,415,940 19,740,575

- - - - - -

33,846,861 462,969 438,830 2,356,416 17,415,940 19,740,575

(19,639,403) 309,145 328,384 167,114 (5,456,201) (7,713,232)

82,282,124 4,965,949 2,934,701 22,731,026 116,531,539 31,398,84125,122 160,447 2,621 (24,959) (214) 745

1,254,327 1,782,560 - - - -(199,359) 43,239 87,958 207,602 (1,478,971) (19,763)

- - - - - -- (2,362) - - 1,025,270 -

83,362,214 6,949,833 3,025,280 22,913,669 116,077,624 31,379,823

484,405,689 10,084,330 6,886,658 23,494,003 236,442,331 682,892,925- 135,968 - - - -

117,005 468,636 - - - -15,696 43,655 2,283 27,184 76,826 78,580

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

484,538,390 10,732,589 6,888,941 23,521,187 235,773,927 682,971,505

548,261,201 17,991,567 10,242,605 46,601,970 346,395,350 706,638,096

754,402,015 70,388,331 12,092,419 141,300,491 569,564,193 1,071,038,539(627,145,058) (20,094,596) (50,082,096) (146,697,571) (387,673,761) (931,457,102)

127,256,957 50,293,735 (37,989,677) (5,397,080) 181,890,432 139,581,437

(10,204,098) (1,901) (15,300) (2,117,942) (2,534,290) -

3,302,323,321 101,256,853 33,152,196 214,534,615 1,816,388,825 2,881,780,441

14

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


Shares Outstandingat the Beginning

of the Period

Shares Subscribed Shares Redeemed Shares Outstandingat the End

of the Period

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

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

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

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

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

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

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

15




of the Period


of the Period

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

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

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

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

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

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

16




of the Period


of the Period

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

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

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

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

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

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

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

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

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

17

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

21

JPMorgan FundsNotes to the Unaudited Financial Statements


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

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

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

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

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

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

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

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

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

m) Consolidation of Mauritian SubsidiaryAll income, expenses, receivables, payables and investments of Flagship Indian Investment Company (Mauritius) Limited (the “Subsidiary”), a wholly-ownedsubsidiary of JPMorgan Funds, are consolidated into the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in NetAssets of JPMorgan Funds - JF India Fund. Securities owned by the Subsidiary are individually disclosed in the Schedule of Investments of JPMorgan Funds -JF India Fund. Intercompany balances are eliminated on consolidation.

22

JPMorgan FundsNotes to the Unaudited Financial Statements (continued)


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 future rulingby the Indian tax authorities. Should the treaty not be applied, or cease to be applied, interest on securities listed on an Indian stock exchange would besubject to tax at a maximum rate of 20%. Capital gains on disposal of such investments would be subject to tax at rates of 0 to 30% in respect of listedsecurities depending on the length of time the relevant investment has been held.

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

4. Distribution PolicyDuring the period from 1 July 2010 to 31 December 2010, the SICAV paid dividends as follows:Class Currency Dividend Amount per Share Payment DateJPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.16 21-Jul-10

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

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

JF Asia Pacific ex-Japan Equity A (dist) - GBP GBP 0.58 30-Sep-10

JF Asia Pacific ex-Japan Equity A (dist) - USD USD 0.31 30-Sep-10

JF Global Dynamic A (dist) - USD USD 0.03 30-Sep-10

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

JF India A (dist) - USD USD 0.60 30-Sep-10

JF Korea Equity A (dist) - USD USD 0.01 30-Sep-10

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

JF Pacific Technology A (dist) - GBP GBP 0.01 30-Sep-10

JF Pacific Technology A (dist) - USD USD 0.01 30-Sep-10

JF Singapore A (dist) - USD USD 0.58 30-Sep-10

JPM Africa Equity A (dist) - GBP GBP 0.01 30-Sep-10

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

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

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

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

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

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

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

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

JPM Global Dynamic A (dist) - GBP GBP 0.04 30-Sep-10

JPM Global Dynamic A (inc) - EUR EUR 0.02 30-Sep-10

JPM Global Dynamic I (inc) - EUR EUR 0.11 30-Sep-10

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

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

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

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

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

5. TaxationUnder current law and practice in the Grand Duchy of Luxembourg, the SICAV is not liable to any income tax, nor are dividends distributed by the SICAV liableto any withholding tax. However, the SICAV, with the exception of those Share Classes identified in the Appendix, is liable to an asset based tax of 0.05% perannum, such tax being payable quarterly and calculated on the total net assets of each Sub-Fund at the end of the relevant quarter. For the Sub-Funds’ ShareClasses identified in the Appendix, the rate is 0.01% per annum. No tax is payable on the portion of assets invested in other undertakings for collectiveinvestment subject to such tax.

23



No stamp duty or other tax is payable on the issue of shares in the SICAV in the Grand Duchy of Luxembourg. No tax is payable on realised or unrealisedcapital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term,are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. Theregular income of the SICAV from some of its securities, as well as interest earned on its cash deposits in certain countries, may be subject to withholdingtaxes at varying rates, which normally cannot be recovered.Following recent case law precedent within Europe, the SICAV has instigated proceedings to reclaim tax withheld by certain Member States of the EuropeanUnion on dividend payments it has received. The decision to initiate proceedings against any particular Member State is the result of an analysis of the likelycosts and potential benefits of doing so. The likelihood of successfully reclaiming such amounts together with the estimated time to complete proceedingsvaries across Member States. Any costs associated with this decision have been charged to the relevant Sub-Funds and have been included within total costsfor the purposes of determining the relevant expense cap or TER and no amount has been recorded in the SICAV for any possible amounts to be receivedunder this action.

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

7. Fees and Expenses

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

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

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

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

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

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

Sub-Fund Applicable ShareClasses

Performance FeeRate

Performance Benchmark

Claw-Back Mechanism method

Africa Equity Fund All 10% Morgan Stanley Capital International (MSCI) Emerging and Frontier Markets Africa Index(Total Return Net)

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

Emerging Markets Infrastructure Equity Fund All 10% Morgan Stanley Capital International (MSCI) Emerging Markets (Total Return Net), limited toseven sectors: Energy, Materials (excluding Fertilizers & Agricultural Chemicals, Metal &Glass Containers, Paper Packaging, and Gold), Capital Goods (excluding Trading Companies& Distributors), Transportation, Real Estate (excluding Residential REITs and Retail REITs),Telecommunication Services and Utilities.

High Water Mark method

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

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

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

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

Market Value (USD) Market Value (USD)JPMorgan Funds - Asia Pacific Bond Fund 444,428 JPMorgan Funds - Global Dynamic Fund 27,905,991

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 21,606,155

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

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

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13. Authorization of Sub-Funds in SingaporeThe following Sub-Funds are authorized in Singapore and available to Singapore Residents:JPMorgan Funds - Africa Equity FundJPMorgan Funds - Asia Pacific Bond FundJPMorgan Funds - Brazil Alpha Plus FundJPMorgan Funds - Eastern Europe Equity FundJPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPMorgan Funds - Emerging Markets Equity FundJPMorgan Funds - Emerging Markets Infrastructure Equity FundJPMorgan Funds - Emerging Markets Local Currency Debt FundJPMorgan Funds - Emerging Middle East Equity FundJPMorgan Funds - Global Dynamic FundJPMorgan Funds - Global Natural Resources FundJPMorgan Funds - JF ASEAN Equity FundJPMorgan Funds - JF Asia Pacific ex-Japan Equity FundJPMorgan Funds - JF China FundJPMorgan Funds - JF Greater China FundJPMorgan Funds - JF India FundJPMorgan Funds - JF Korea Equity FundJPMorgan Funds - JF Pacific Technology FundJPMorgan Funds - JF Singapore FundJPMorgan Funds - Latin America Equity FundJPMorgan Funds - Russia Fund

14. Significant EventsWith effect from 1 July 2010, the following Sub-Funds changed their benchmark indexes as follows:- JPMorgan Funds - Asia Pacific Bond Fund changed from JPMorgan Asia Credit Index (Total Return Gross) with currency exposure weighted to 25% AUD, 25%SGD, 25% KRW and 25% CNY to HSBC Asian Local Bond Index (Total Return Gross);

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

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

26



Transferable Securities Admitted to an Official Exchange Listing

Shares

SOUTH AFRICA775,686 ABSA Group 16,301,407 2.68

2,746,959 African Bank Investments 16,052,540 2.64277,700 African Rainbow Minerals 8,818,723 1.45

22,052 Anglo Platinum 2,302,411 0.38171,410 AngloGold Ashanti ADR 8,447,085 1.39199,201 Capitec Bank Holdings 5,140,467 0.85

1,293,164 Clicks Group 8,431,918 1.392,413,637 FirstRand 7,109,696 1.17

851,382 Foschini Group 11,527,813 1.90116,678 Impala Platinum Holdings 4,096,831 0.68570,725 Imperial Holdings 10,929,830 1.80485,286 Massmart Holdings 10,751,269 1.77342,180 MMI Holdings 854,876 0.14

1,398,086 MTN Group 28,282,532 4.66272,344 Naspers - N Shares 15,879,355 2.61

1,355,824 Raubex Group 4,763,880 0.78186,806 Sasol 9,733,938 1.61

1,151,809 Shoprite Holdings 17,360,239 2.861,219,624 Standard Bank Group 19,794,545 3.261,447,143 Truworths International 15,600,269 2.57

222,179,624 36.59

NIGERIA113,421,221 Access Bank 7,107,929 1.17

8,656,101 Dangote Cement 7,084,463 1.1742,162,279 Dangote Sugar Refinery 4,426,831 0.73

98,499,892 Diamond Bank 4,813,320 0.7921,836,361 First City Monument Bank 1,090,024 0.1894,268,721 Guaranty Trust Bank 11,043,969 1.82

45,574 Guaranty Trust Bank Registered Shares GDR 255,215 0.045,741,942 Guinness Nigeria 7,475,091 1.232,323,050 Nestle Foods Nigeria 5,733,269 0.94

17,617,863 Nigerian Breweries 8,870,881 1.469,981,429 Oando 4,345,513 0.72

25,342,658 UAC of Nigeria 6,304,434 1.0436,949,513 Unilever 6,542,359 1.0826,030,923 United Bank for Africa 1,568,015 0.26112,292,843 Zenith Bank 11,089,057 1.82

87,750,370 14.45

EGYPT1,676,606 Commercial International Bank 13,487,659 2.22

127,238 Eastern Tobacco 2,684,284 0.451,165,645 Egyptian Financial Group-Hermes Holding 6,747,467 1.11290,748 ElSwedy Electric 2,684,829 0.44566,109 Ghabbour Auto 4,141,095 0.68

10,571,941 Juhayna Food Industries 10,955,332 1.801,223,802 National Societe Generale Bank 10,367,898 1.71

208,877 Orascom Construction Industries 10,062,765 1.66255,851 Six of October Development & Investment 4,635,027 0.77

3,895,839 Talaat Moustafa Group 5,782,178 0.95538,200 Telecom Egypt 1,667,127 0.27

73,215,661 12.06

CANADA375,000 Africa Oil 744,063 0.12

1,764,419 Anvil Mining 10,378,935 1.712,656,773 Banro 10,210,166 1.686,190,156 Eastern Platinum 10,886,586 1.791,107,561 Equinox Minerals 6,742,592 1.11

74,902 First Quantum Minerals 8,088,801 1.331,406,111 Nevsun Resources 10,272,121 1.69

1,330,039 Platinum Group Metals 3,538,685 0.59717,500 SEMAFO 7,772,497 1.28

68,634,446 11.30

KENYA99,200 Athi River Mining 227,410 0.04

1,375,110 British American Tobacco Kenya 4,685,939 0.772,743,885 East African Breweries 6,919,214 1.14

26,653,671 Equity Bank 8,669,874 1.4317,538,802 Kenya Commercial Bank 4,781,334 0.7965,883,553 Safaricom 3,837,084 0.63

29,120,855 4.80

AUSTRALIA1,307,830 Centamin Egypt 3,579,372 0.592,706,643 Gryphon Minerals 4,945,633 0.813,712,598 International Ferro Metals 1,677,103 0.28403,580 Mantra Resources AUD 3,212,645 0.531,139,158 Rialto Energy 861,007 0.14

124,165 Rialto Energy 88,476 0.02118,256 Rialto Energy 84,265 0.01

17,089,300 Sundance Resources Australia 9,959,240 1.64

24,407,741 4.02

UNITED KINGDOM3,864,941 Afren 8,892,158 1.46

12,670,946 Mwana Africa 2,072,441 0.341,287,124 PZ Cussons 8,059,911 1.33

19,024,510 3.13

MOROCCO107,630 Attijariwafa Bank 5,214,667 0.86

7,131 Banque Centrale Populaire 356,273 0.062,217 Brasseries Maroc 570,537 0.09

183,026 Douja Promotion Groupe Addoha 2,284,950 0.386,346 Lafarge Ciments 1,628,942 0.27

129,807 Maroc Telecom 2,376,053 0.39

12,431,422 2.05

FRANCE200,849 CFAO 8,751,454 1.44

8,751,454 1.44

JERSEY1,082,286 Heritage Oil 7,556,100 1.24

7,556,100 1.24

BERMUDA233,023 African Minerals 1,538,127 0.26

1,926,319 Petra Diamonds 4,088,354 0.67

5,626,481 0.93

IRELAND10,873,149 Kenmare Resources 5,529,965 0.91

5,529,965 0.91

BRITISH VIRGIN ISLANDS1,350,400 Gem Diamonds 5,295,607 0.87

5,295,607 0.87

SWITZERLAND9,242 Orascom Development Holding 550,992 0.08

550,992 0.08

Total Shares 570,075,228 93.87

Total Transferable Securities Admitted to anOfficial Exchange Listing

570,075,228 93.87

Transferable Securities Dealt in on Another Regulated Market

Investment Funds

LUXEMBOURG16,600,562 JPMorgan Liquidity Funds - US Dollar Liquidity Fund

(JPM US Dollar Liquidity X (dist)) 16,600,562 2.73

16,600,562 2.73

Total Investment Funds 16,600,562 2.73

Total Transferable Securities Dealt in on AnotherRegulated Market

16,600,562 2.73

Total Investments 586,675,790 96.60

Cash 19,963,226 3.29

Other Assets/(Liabilities) 649,273 0.11

Total Net Assets 607,288,289 100.00

27

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


Quantity/Nominal

Value

Name of Securities MarketValue

%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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

SharesFinancials 30.02Materials 23.46Consumer Staples 13.88Consumer Discretionary 12.36Telecommunication Services 5.95Energy 5.32Industrials 2.88Investment Companies 2.73Total Shares 96.60Cash and Other Assets/(Liabilities) 3.40

Total 100.00

Allocation of Portfolio as at 30 June 2010 % ofNet Assets

Shares and RightsFinancials 33.30Materials 17.66Consumer Staples 17.23Consumer Discretionary 10.26Telecommunication Services 6.18Energy 5.74Investment Companies 3.05Industrials 3.83Total Shares and Rights 97.25Cash and Other Assets/(Liabilities) 2.75

Total 100.00

28

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

29

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


SettlementDate Currency

AmountPurchased Currency

AmountSold

UnrealisedGain/(Loss)

04-Jan-11 GBP 266,135 USD 410,417 8704-Jan-11 USD 70,075 GBP 45,417 (668)

Total (581)


Bonds

SOUTH KOREA30,000,000 Export-Import Bank of Korea 29.10.13/5.100% 647,097 1.98

3,000,000,000 Export-Import Bank of Korea 04.11.13/6.600% 329,213 1.011,500,000,000 Korea (Republic of) 10.09.12/5.250% 1,381,415 4.221,000,000,000 Korea (Republic of) 10.03.15/4.500% 915,505 2.80

780,000,000 Korea (Republic of) 10.09.15/5.250% 732,923 2.24500,000,000 Korea (Republic of) 10.09.18/5.750% 483,815 1.48600,000,000 Korea (Republic of) 10.06.20/2.750% 596,413 1.82875,000,000 Korea (Republic of) 10.06.20/5.000% 811,522 2.48

200,000 Shinhan Bank 02.03.35/5.663%* 198,956 0.61500,000 Shinhan Card 28.10.13/2.700% 388,916 1.19

6,485,775 19.83

INDONESIA6,500,000,000 Indonesia (Republic of) 15.06.15/9.500% 797,847 2.44

500,000 Indonesia (Republic of) 13.03.20/5.875% 551,250 1.689,400,000,000 Indonesia (Republic of) 15.06.21/12.800% 1,409,577 4.313,100,000,000 Indonesia (Republic of) 15.09.25/11.000% 405,030 1.245,000,000,000 Indonesia (Republic of) 15.08.30/10.500% 618,252 1.89

3,781,956 11.56

HONG KONG200,000 Chinatrust Commercial Bank

Hong Kong 17.03.15/5.625%* 192,667 0.59400,000 Chong Hing Bank 04.11.20/6.000% 402,604 1.23100,000 CITIC Bank International 24.06.20/6.875% 104,613 0.32200,000 Dah Sing Bank 11.02.20/6.625% 211,320 0.64

6,600,000 Hong Kong (Government of) 22.06.15/3.500% 920,408 2.814,000,000 Hong Kong (Government of) 09.12.19/2.160% 493,130 1.51

250,000 Wharf Finance 06.11.17/6.125% 267,041 0.82

2,591,783 7.92

THAILAND35,500,000 Thailand (Government of) 22.05.15/3.625% 1,201,807 3.6726,000,000 Thailand (Government of) 31.03.21/5.850% 1,022,878 3.13

200,000 True Move 16.12.13/10.750% 213,243 0.65

2,437,928 7.45

CAYMAN ISLANDS300,000 China Forestry Holdings 17.11.15/7.750% 303,000 0.92450,000 China Overseas Finance

Cayman I 10.11.20/5.500% 440,890 1.35300,000 ENN Energy Holdings 05.08.12/7.375% 313,588 0.96300,000 Hutchison Whampoa

International 09/16 11.09.15/4.625% 316,206 0.97200,000 Parkson Retail Group 14.11.11/7.875% 208,646 0.64

2,000,000 Shui On Development Holding 23.12.13/6.875% 311,500 0.95

1,893,830 5.79

INDIA200,000 Export-Import Bank of India 21.04.15/4.400% 199,731 0.62

50,000,000 India (Government of) 09.07.17/7.990% 1,126,717 3.44

1,326,448 4.06

BRITISH VIRGIN ISLANDS300,000 Citic Resources Finance 15.05.14/6.750% 311,734 0.95200,000 Road King Infrastructure

Finance 2007 14.05.12/2.536%* 191,845 0.59200,000 Star Energy Geothermal

Wayang Windu 12.02.15/11.500% 227,672 0.70

731,251 2.24

MALAYSIA200,000 AMBB Capital 27.01.16/6.770%* 204,076 0.62200,000 Public Bank 22.08.36/6.840%* 208,375 0.64

412,451 1.26

NETHERLANDS300,000 Majapahit Holding 29.06.37/7.875% 341,809 1.05

341,809 1.05

PHILIPPINES300,000 International Container

Terminal Services 17.03.20/7.375% 319,773 0.98

319,773 0.98

CANADA200,000 Sino-Forest 17.08.11/9.125% 206,750 0.63

206,750 0.63

AUSTRALIA200,000 Leighton Finance International 16.05.11/7.875% 203,902 0.62

203,902 0.62

SINGAPORE250,000 United Overseas Bank 30.09.16/4.950%* 199,579 0.61

199,579 0.61

Total Bonds 20,933,235 64.00

Convertible Bonds

SINGAPORE500,000 CapitaLand 05.03.18/3.125% 404,532 1.24500,000 Ruby Assets 01.02.17/1.600% 393,825 1.20500,000 Yanlord Land Group 13.07.14/5.850% 408,793 1.25

1,207,150 3.69

INDIA200,000 JSW Steel 28.06.12/0.000% 276,500 0.84200,000 Ranbaxy Laboratories 18.03.11/0.000% 251,000 0.77400,000 Reliance Communications 01.03.12/0.000% 470,500 1.44

998,000 3.05

CAYMAN ISLANDS1,500,000 China High Speed

Transmission EquipmentGroup 14.05.11/0.000% 245,443 0.75

1,000,000 Country Garden Holdings 22.02.13/2.500% 170,742 0.52

416,185 1.27

SOUTH KOREA400,000 LG Uplus 29.09.12/5.000%* 414,500 1.27

414,500 1.27

BRITISH VIRGIN ISLANDS3,000,000 Joyous King Group 22.10.14/3.300% 400,902 1.23

400,902 1.23

HONG KONG1,000,000 Gainlead International 22.02.12/0.000% 151,002 0.46

151,002 0.46

MALAYSIA100,000 Paka Capital 12.03.13/0.000% 102,803 0.31

102,803 0.31

AUSTRALIA100,000 CFS Retail Property Trust 21.08.14/5.075% 98,797 0.31

98,797 0.31

Total Convertible Bonds 3,789,339 11.59


24,722,574 75.59


Bonds

MALAYSIA1,500,000 Malaysia (Government of) 31.05.13/3.210% 491,430 1.503,100,000 Malaysia (Government of) 30.04.14/5.094% 1,072,107 3.282,900,000 Malaysia (Government of) 29.11.19/4.378% 976,531 2.99

2,540,068 7.77

SINGAPORE800,000 Singapore (Government of) 01.09.20/3.250% 654,774 2.00800,000 Singapore (Government of) 01.03.27/3.500% 651,106 1.99

1,305,880 3.99

PHILIPPINES24,300,000 Philippines (Republic of) 27.01.16/7.000% 611,965 1.879,000,000 Philippines (Republic of) 18.02.20/7.750% 235,140 0.72

847,105 2.59

30

JPMorgan Funds - Asia Pacific Bond FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value

Name of Securities Maturity/Coupon

MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

HONG KONG200,000 Bank of China Hong Kong 11.02.20/5.550% 208,597 0.64

2,000,000 China Resources PowerHoldings 12.11.13/2.900% 311,598 0.95

1,500,000 China Resources PowerHoldings 12.11.15/3.750% 236,542 0.73

756,737 2.32

UNITED ARAB EMIRATES350,000 Axis Bank/Dubai 02.05.16/4.750% 351,504 1.07

351,504 1.07

CHINA2,000,000 Bank of China 30.09.13/2.900% 304,432 0.93

304,432 0.93

UNITED STATES OF AMERICA300,000 US Treasury 31.08.15/1.250% 291,375 0.89

291,375 0.89

CAYMAN ISLANDS100,000 Country Garden Holdings 22.04.17/11.250% 110,086 0.33

110,086 0.33

Total Bonds 6,507,187 19.89

Convertible Bonds

MALAYSIA500,000 Berjaya Land 15.08.11/8.000% 170,592 0.52

170,592 0.52

Total Convertible Bonds 170,592 0.52

Certificates of Deposit

HONG KONG400,000 China Development Bank 11.11.13/2.700% 60,606 0.19

60,606 0.19

Total Certificates of Deposit 60,606 0.19


6,738,385 20.60


Cash 873,770 2.67



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


Fixed Income SecuritiesSouth Korea 21.10Indonesia 11.56Hong Kong 10.89Malaysia 9.86Singapore 8.29Thailand 7.45Cayman Islands 7.39India 7.11Philippines 3.57British Virgin Islands 3.47United Arab Emirates 1.07Netherlands 1.05China 0.93Australia 0.93United States of America 0.89Canada 0.63Total Fixed Income Securities 96.19Cash and Other Assets/(Liabilities) 3.81

Total 100.00


Fixed Income SecuritiesMalaysia 15.01Cayman Islands 11.05Indonesia 10.92Hong Kong 9.97South Korea 9.02Thailand 8.48Netherlands 6.51Philippines 5.39British Virgin Islands 5.33India 4.58Australia 2.95Canada 2.13United Kingdom 2.09Bermuda 1.69Singapore 0.98Total Fixed Income Securities 96.10Cash and Other Assets/(Liabilities) 3.90

Total 100.00

31

JPMorgan Funds - Asia Pacific Bond FundSchedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

32

JPMorgan Funds - Asia Pacific Bond FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)




AmountSold


12-Jan-11 SGD 4,615,581 USD 3,563,752 40,34112-Jan-11 USD 96,829 AUD 100,000 (4,863)12-Jan-11 USD 1,721,790 SGD 2,222,443 (13,612)19-Jan-11 CNY 24,687,690 USD 3,711,532 26,35719-Jan-11 INR 65,987,000 USD 1,436,374 33,45919-Jan-11 KRW 1,008,615,000 USD 880,041 18,70519-Jan-11 MYR 1,546,450 USD 500,000 4,82219-Jan-11 PHP 34,367,000 USD 800,000 (11,571)19-Jan-11 THB 24,052,000 USD 800,000 67319-Jan-11 TWD 69,995,000 USD 2,330,305 90,54419-Jan-11 USD 1,003,661 CNY 6,692,000 (9,555)19-Jan-11 USD 241,520 IDR 2,186,000,000 (2,678)19-Jan-11 USD 500,000 INR 23,110,000 (14,766)19-Jan-11 USD 493,721 PHP 21,230,000 6,67419-Jan-11 USD 946,805 TWD 27,855,000 (16,589)

Total 147,941


Shares and Rights

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

948,742 Weg 12,525,222 2.13

533,291,523 90.69

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

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

10,638,869 1.81

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

8,931,658 1.51

Total Shares and Rights 552,862,050 94.01


552,862,050 94.01


Investment Funds



14,526,257 2.47



14,526,257 2.47


Cash 14,018,231 2.38

Other Assets/(Liabilities) 6,654,891 1.14



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

Total 100.00


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

Total 100.00

33

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


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

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

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

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

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

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

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

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

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

626,329,703 50.74

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

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

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

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

216,291,051 17.52

POLAND748,062 Bank Pekao 34,270,360 2.77

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

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

85,685,850 6.94

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

60,918,482 4.94

KAZAKHSTAN388,000 Halyk Savings Bank of Kazakhstan Registered Shares

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

38,741,731 3.14

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

35,672,064 2.89

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

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

33,595,545 2.72

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

25,909,878 2.10

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

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

21,714,892 1.76

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

14,138,474 1.15

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

2,591,979 0.21

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

2,501,591 0.20

CYPRUS3,381,000 Urals Energy 501,317 0.04

902,552 XXI Century Investments Public 105 0.00

501,422 0.04

Total Shares 1,164,592,662 94.35


1,164,592,662 94.35


Investment Funds

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

20,470,639 1.66

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

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

15,985,446 1.29



36,456,085 2.95

Total Investments 1,201,048,747 97.30

Cash 34,086,760 2.76

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

Total Net Assets 1,234,412,037 100.00

34

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


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

Total 100.00


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

Total 100.00

35

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

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

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

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

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

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

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

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

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

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

326,607,260 33.72

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

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

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

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

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

624,280 Tatneft ADR 20,788,524 2.15

255,983,434 26.43

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

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

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

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

118,753,694 12.26

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

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

44,642,503 4.61


27,234,683 2.81

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

22,397,101 2.31

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

20,437,072 2.11

KAZAKHSTAN210,700 Halyk Savings Bank of Kazakhstan Registered Shares

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

19,378,701 2.00

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

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

17,362,338 1.79

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

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

16,998,662 1.75

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

16,528,394 1.71

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

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

13,269,504 1.37

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

9,994,480 1.03

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

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

9,600,220 0.99

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

8,272,171 0.85


6,805,453 0.70

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

4,041,884 0.42

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

3,831,918 0.40


1,212,523 0.13


1,004,561 0.11

BRITISH VIRGIN ISLANDS732,804 Orsu Metals 266,200 0.03

266,200 0.03



240,770 0.02

Total Shares 944,863,526 97.55


944,863,526 97.55

36

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Investment Funds



24,374,115 2.52



24,374,115 2.52


Bank Overdraft (358,079) (0.04)




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

Total 100.00


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

Total 100.00

37

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

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

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

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

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

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

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

1,504,472,718 15.85

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

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

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

1,197,388,924 12.62

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

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

963,160,498 10.15

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

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

873,573,032 9.20

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

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

854,598,003 9.01

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

674,204,546 7.10

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

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

554,852,171 5.84

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

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

484,493,526 5.10

RUSSIA217,000 Magnit OJSC 28,877,012 0.30

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

376,346,993 3.96

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

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

307,537,029 3.24

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

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

273,024,640 2.88

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

264,078,514 2.78

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

209,685,805 2.21

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

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

196,361,983 2.07

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

130,377,913 1.37

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

111,713,872 1.18

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

81,283,017 0.86

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

74,290,172 0.78

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

38,171,594 0.40

Total Shares 9,169,614,950 96.60


9,169,614,950 96.60


Investment Funds



275,551,024 2.90



275,551,024 2.90


Cash 52,836,383 0.56

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

Total Net Assets 9,492,727,640 100.00

* Hong Kong Registered Shares.

38

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


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

Total 100.00


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

Total 100.00

39

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

BRAZIL148,539 AES Tiete 1,904,461 1.09172,080 All America Latina Logistica 1,556,313 0.89160,200 BR Malls Participacoes 1,651,372 0.94

76,546 Cia de Saneamento de Minas Gerais-COPASA 1,318,924 0.75100,000 Companhia de Concessoes Rodoviarias 2,809,547 1.60

123 Companhia de Transmissao de Energia EletricaPaulista 4,572 0.00

72,445 Companhia de Transmissao de Energia EletricaPaulista Preference Shares 2,407,129 1.37

56,237 Companhia Energetica de Minas Gerais PreferenceShares 906,366 0.52

75,670 Gerdau Preference Shares ADR 1,048,408 0.60188,300 Mills Estruturas e Servicos de Engenharia 2,332,073 1.33368,100 OGX Petroleo e Gas Participacoes 4,425,930 2.52

31,700 Petroleo Brasileiro ADR 1,183,837 0.6762,400 Petroleo Brasileiro Preference Share ADR 2,090,088 1.19

240,200 Randon Participacoes Preference Shares 1,770,450 1.0150,310 Ultrapar Participações ADR 3,239,461 1.8477,868 Vale ADR 2,671,651 1.5248,200 Vivo Participacoes Preference Shares ADR 1,585,539 0.90

144,599 Weg 1,897,030 1.08

34,803,151 19.82

INDIA75,024 ACC 1,804,502 1.03

571,233 Ambuja Cements 1,825,544 1.04194,147 Bharti Airtel 1,549,616 0.88

140,000 Cairn India 1,042,760 0.59220,370 Coal India 1,547,247 0.88332,600 Crompton Greaves 2,307,522 1.31971,900 Gujarat NRE Coke 1,419,867 0.81103,709 Jindal Steel & Power 1,651,076 0.94

1,487,804 Lanco Infratech 2,112,838 1.20428,750 Mundra Port and Special Economic Zone 1,377,628 0.78360,800 Sintex Industries 1,469,747 0.84

37,600 Ultra Tech Cement 906,869 0.52

19,015,216 10.82

SOUTH AFRICA184,928 Aeci 2,295,122 1.3083,400 African Rainbow Minerals 2,648,475 1.50

365,200 Aveng 2,369,396 1.35130,500 Bidvest Group 3,088,435 1.7654,000 Kumba Iron Ore 3,456,238 1.97

336,370 Raubex Group 1,181,884 0.67

15,039,550 8.55

RUSSIA7,209,300 IDGC Holding 1,265,940 0.72

313,400 Magnitogorsk Iron & Steel Works Registered SharesGDR 4,575,640 2.60

133,000 MMC Norilsk Nickel ADR 3,150,770 1.7968,200 Mobile Telesystems ADR 1,414,809 0.80278,316 Mostotrest 2,207,750 1.2672,800 Rosneft Oil Registered Shares GDR 521,248 0.3043,150 Tatneft ADR 1,436,895 0.82

14,573,052 8.29

CHINA292,000 Anhui Conch Cement - H Shares * 1,364,565 0.78

2,070,000 Anhui Expressway - H Shares * 1,809,529 1.03908,000 China Railway Construction - H Shares * 1,095,123 0.62

1,205,000 China Railway Group - H Shares * 868,897 0.50288,600 Dongfang Electric - H Shares * 1,425,717 0.81806,000 Harbin Power Equipment - H Shares * 1,263,992 0.72

2,526,000 PetroChina - H Shares * 3,285,415 1.873,168,000 Shanghai Electric Group - H Shares * 2,084,666 1.191,074,000 Zhejiang Expressway - H Shares * 1,059,064 0.60

14,256,968 8.12

SOUTH KOREA29,000 GS Holdings 1,686,979 0.9636,700 Hanwha Chemical 1,015,918 0.586,400 Honam Petrochemical 1,536,267 0.888,244 Hyundai Heavy Industries 3,257,750 1.85

59,000 KT ADR 1,227,495 0.7010,226 LG 794,519 0.452,770 LG Chem 964,961 0.551,670 POSCO 724,692 0.415,800 Samsung Engineering 994,089 0.57

12,202,670 6.95

TURKEY126,100 Akfen Holding 1,007,644 0.57

1,067,400 Is Gayrimenkul Yatirim Ortakligi 1,223,411 0.70473,677 KOC Holding 2,309,277 1.31312,566 TAV Havalimanlari Holding 1,507,680 0.8653,258 Tupras Turkiye Petrol Rafinerileri 1,356,684 0.78

586,794 Turk Hava Yollari 2,042,308 1.16

9,447,004 5.38

HONG KONG157,000 Beijing Enterprises Holdings 971,012 0.5538,000 China Mobile ADR 1,879,100 1.07

632,000 China Resources Power Holdings 1,147,228 0.651,773,000 CNOOC 4,199,217 2.391,920,000 Guangdong Investment 992,963 0.56

9,189,520 5.22

CAYMAN ISLANDS524,000 ENN Energy Holdings 1,577,440 0.90

97,900 Eurasia Drilling Registered Shares GDR 3,159,233 1.792,900,000 Towngas China 1,385,998 0.79

843,000 Yingde Gases Group 754,276 0.43

6,876,947 3.91

CANADA147,478 Pacific Rubiales Energy 4,949,432 2.82

4,949,432 2.82

TAIWAN749,840 Asia Cement 830,368 0.47

67,800 Chunghwa Telecom ADR 1,711,272 0.98608,000 CTCI 680,597 0.39

1,964,000 Teco Electric and Machinery 1,315,735 0.75

4,537,972 2.59

MEXICO145,966 Cemex ADR Participation Certificates 1,565,485 0.89

41,967 Grupo Aeroportuario del Sureste ADR 2,353,090 1.34

3,918,575 2.23

IRELAND370,224 Dragon Oil 3,102,635 1.77

3,102,635 1.77

POLAND46,900 KGHM Polska Miedz 2,703,990 1.54

2,703,990 1.54

INDONESIA2,859,500 Perusahaan Gas Negara 1,405,228 0.80

35,200 Telekomunikasi Indonesia ADR 1,251,536 0.71

2,656,764 1.51

BERMUDA5,714,000 China Gas Holdings 2,491,986 1.42

2,491,986 1.42

THAILAND425,000 PTT Exploration & Production (Foreign) 2,372,504 1.35

2,372,504 1.35

40

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

ARGENTINA79,660 Telecom Argentina ADR 1,973,975 1.12

1,973,975 1.12

PANAMA27,600 Copa Holdings - A Shares 1,626,468 0.93

1,626,468 0.93

UNITED STATES OF AMERICA34,400 NII Holdings 1,527,016 0.87

1,527,016 0.87

LUXEMBOURG25,914 Tenaris ADR 1,270,952 0.72

1,270,952 0.72

Total Shares 168,536,347 95.93


168,536,347 95.93


Investment Funds



1,101,118 0.63



1,101,118 0.63


Cash 6,275,938 3.57





SharesIndustrials 24.86Materials 23.57Energy 18.86Utilities 10.76Financials 8.09Telecommunication Services 8.03Consumer Discretionary 1.76Investment Companies 0.63Total Shares 96.56Cash and Other Assets/(Liabilities) 3.44

Total 100.00


SharesIndustrials 31.33Materials 26.63Energy 16.05Utilities 14.78Financials 4.84Telecommunication Services 4.44Consumer Discretionary 1.39Total Shares 99.46Cash and Other Assets/(Liabilities) 0.54

Total 100.00

41

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Bonds

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

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

72,906,856 10.83

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

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

66,843,047 9.93

MEXICO354,600,000 Mexico (United Mexican

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




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

61,097,088 9.08

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

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

61,023,605 9.07

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

53,865,382 8.00

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

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

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

50,430,578 7.49

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

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

41,967,055 6.24

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

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

36,265,517 5.39

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

23,021,239 3.42

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

8,869,231 1.32

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

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

5,061,908 0.75

LUXEMBOURG100,000,000 RSHB Capital for OJSC

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

2,447,998 0.36

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

2,321,221 0.35

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

2,202,207 0.33

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

1,465,530 0.22

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

815,936 0.12

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

334,475 0.05

IRELAND8,073,615 Red Arrow International

Leasing 30.06.12/8.375% 200,556 0.03

200,556 0.03

Total Bonds 491,139,429 72.98


491,139,429 72.98


Bonds

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

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

42,686,608 6.34

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

29,854,444 4.44

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

16,078,447 2.39

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

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

6,259,946 0.93

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

2,535,716 0.38

Total Bonds 97,415,161 14.48

Total Transferable Securities Dealt in onAnother Regulated Market

97,415,161 14.48

42

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


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

Other Transferable Securities

Bonds

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

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

10,961,808 1.63

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

5,731,955 0.85

Total Bonds 16,693,763 2.48

Total Other Transferable Securities 16,693,763 2.48


Cash 54,171,683 8.05



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


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

Total 100.00


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

Total 100.00

43

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


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

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




AmountSold


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

Total 507,781

Schedule of Investments - Outstanding Swaptions (Expressed in EUR)

MaturityDate Counterparty

Long/Short Description Currency

NotionalAmount

MarketValue


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

Total 828,762 604,791

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

ExpirationDate Description

PutCurrency

ContractSize

CallCurrency

ContractSize

MarketValue


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

Total 266,943 (1,038,320)

44


Shares

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

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

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

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

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

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

164,991,990 37.30

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

132,083 Eastern Tobacco 2,786,257 0.631,408,958 Egyptian Financial Group-Hermes 8,155,209 1.84

348,779 ElSwedy Electric 3,220,423 0.73562,023 Ghabbour Auto 4,110,852 0.93

6,324,800 Juhayna Food Industries 6,553,604 1.48983,412 National Societe Generale Bank 8,330,626 1.88315,289 Orascom Construction Industries 15,187,914 3.44124,900 Six of October Development & Investment 2,262,508 0.51

4,616,234 Talaat Moustafa Group 6,850,794 1.55

77,354,746 17.49

QATAR399,153 Commercial Bank of Qatar 10,063,233 2.27

260,000 Doha Bank 4,644,897 1.05225,544 Industries Qatar 8,554,220 1.93157,289 Qatar Electricity & Water 5,516,260 1.25348,255 Qatar National Bank 17,679,594 4.00189,808 Qatar Telecom Q-Tel 9,270,942 2.10

55,729,146 12.60

KUWAIT993,245 Kuwait Projects Holding 1,525,925 0.35

5,100,000 Mobile Telecommunications 27,355,073 6.185,247,250 National Bank of Kuwait 26,653,764 6.03

55,534,762 12.56

UNITED ARAB EMIRATES4,372,511 Aldar Properties 2,708,266 0.61

2,229,768 Aramex 1,259,670 0.281,943,700 Depa 1,360,590 0.31

14,427,612 DP World 9,067,754 2.0512,640,920 Drake & Scull International 3,562,034 0.8111,890,721 Emaar Properties 11,411,596 2.583,055,200 Emirates 2,283,290 0.513,140,019 National Bank of Abu Dhabi 9,895,377 2.241,252,086 Union National Bank 1,063,574 0.24

42,612,151 9.63

OMAN4,834,202 Bank Muscat 12,079,541 2.731,346,300 Omani Qatari Telecommunications 2,776,597 0.63

14,856,138 3.36

MOROCCO82,478 Attijariwafa Bank 3,922,201 0.886,060 Brasseries Maroc 1,624,568 0.37

301,420 Maroc Telecom 5,467,794 1.24

11,014,563 2.49

ISLE OF MAN1,466,546 Lamprell 7,300,263 1.65

7,300,263 1.65

AUSTRALIA1,899,153 Centamin Egypt 5,186,478 1.17

5,186,478 1.17

JERSEY159,400 Petrofac 3,961,193 0.90

3,961,193 0.90

UNITED KINGDOM183,600 Hikma Pharmaceuticals 2,295,486 0.52

2,295,486 0.52

JORDAN56,883 Dar Al Dawa Development & Investment 304,687 0.07

304,687 0.07

Total Shares 441,141,603 99.74


441,141,603 99.74


Bank Overdraft (2,472) 0.00




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

Total 100.00


SharesFinancials 61.17Telecommunication Services 12.43Industrials 9.86Energy 5.50Consumer Staples 5.21Consumer Discretionary 2.54Materials 1.44Utilities 1.30Health Care 0.97Total Shares 100.42Cash and Other Assets/(Liabilities) (0.42)

Total 100.00

45

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

UNITED STATES OF AMERICA86,137 Abbott Laboratories 4,110,027 0.32

119,739 Actuant - A Shares 3,206,012 0.2571,733 Aflac 4,018,841 0.32

192,270 Altria Group 4,711,576 0.37123,850 American Express 5,281,583 0.4273,860 American Financial Group 2,391,587 0.1972,259 Ameriprise Financial 4,146,944 0.33

123,962 AmerisourceBergen 4,236,401 0.3372,759 Anadarko Petroleum 5,594,440 0.44

121,168 Analog Devices 4,579,545 0.3662,640 AOL 1,483,002 0.1253,085 Apple 17,093,370 1.3579,398 Assurant 3,046,104 0.24

218,565 AT&T 6,420,347 0.5153,109 Atlas Air Worldwide Holdings 2,987,647 0.2441,092 Autoliv 3,248,323 0.26

524,612 Bank of America 6,974,717 0.55113,393 BE Aerospace 4,188,737 0.33173,503 Brinker International 3,636,623 0.2970,723 Cameron International 3,565,500 0.2897,476 Capital One Financial 4,137,856 0.3376,147 Casey’s General Stores 3,257,949 0.26

180,915 CBS Non Voting - B Shares 3,450,049 0.2780,102 CenturyLink 3,710,725 0.2919,642 Cephalon 1,214,170 0.10

148,997 Chevron 13,565,432 1.0744,819 Cimarex Energy 3,993,373 0.31

472,356 Cisco Systems 9,501,441 0.753,015,265 Citigroup 14,307,432 1.13

133,025 Coca-Cola Enterprises 3,318,309 0.2655,316 Cognizant Technology Solutions - A Shares 4,057,429 0.32

198,110 Comcast - A Shares 4,327,713 0.3499,350 Complete Production Services 2,886,118 0.2344,070 Concho Resources/Midland TX 3,843,124 0.3073,265 Cooper 4,104,305 0.32

190,723 Corning 3,687,629 0.2966,712 CSX 4,287,247 0.34

36,030 Cummins 3,940,241 0.3192,156 Danaher 4,319,813 0.3443,167 Deere & Co. 3,586,962 0.28

167,857 Discover Financial Services 3,068,426 0.24112,393 Dow Chemical 3,829,791 0.30289,196 El Paso 3,963,431 0.31173,590 EMC/Massachusetts 3,956,984 0.3166,948 Emerson Electric 3,832,438 0.3080,414 Endo Pharmaceuticals Holdings 2,879,223 0.23

130,400 Express 2,448,912 0.19107,128 Exxon Mobil 7,830,521 0.6224,222 F5 Networks 3,172,719 0.2563,610 Family Dollar Stores 3,183,044 0.25

223,120 Ford Motor 3,709,370 0.29111,928 Forest Laboratories 3,578,898 0.2854,735 Fossil 3,863,744 0.3031,144 Freeport-McMoRan Copper & Gold 3,716,258 0.29

132,289 GameStop - A Shares 3,018,174 0.2457,063 Gardner Denver 3,942,197 0.31116,312 General Motors 4,270,977 0.3479,510 Gilead Sciences 2,871,504 0.2331,085 Goldman Sachs Group 5,207,359 0.4144,467 Goodrich 3,896,199 0.3115,666 Google - A Shares 9,344,534 0.7492,472 Guess? 4,418,775 0.35

100,215 Halliburton 4,074,742 0.32189,053 Hartford Financial Services Group 4,985,328 0.3966,036 Hess 5,016,425 0.40

239,722 Hewlett-Packard 10,062,331 0.7962,391 Humana 3,403,741 0.27

311,605 Intel 6,532,799 0.5266,000 International Business Machines 9,643,920 0.76

293,566 Interpublic Group of Companies 3,113,267 0.2547,418 JM Smucker 3,109,672 0.2572,477 Kansas City Southern 3,484,694 0.2775,799 Lam Research 3,937,379 0.3171,580 Legg Mason 2,581,533 0.20

178,237 Lennar - A Shares 3,322,338 0.2685,679 Lincoln National 2,359,171 0.19

106,847 Ltd Brands 3,309,586 0.2620,360 Lubrizol 2,186,562 0.17151,861 Macy’s 3,823,101 0.3061,520 Mead Johnson Nutrition 3,765,639 0.3095,500 Medtronic 3,540,663 0.28

243,573 Merck & Co. 8,778,371 0.69227,130 MGM Resorts International 3,335,404 0.26363,872 Microsoft 10,106,545 0.80173,043 Mylan 3,636,499 0.2950,693 National Oilwell Varco 3,393,136 0.2760,223 NetApp 3,301,124 0.2641,646 Newfield Exploration 2,988,101 0.2481,487 Newmont Mining 4,997,598 0.39

251,350 News - B Shares 4,080,667 0.3274,579 NII Holdings 3,310,562 0.2666,250 Norfolk Southern 4,155,200 0.3350,723 Northrop Grumman 3,269,858 0.26

246,431 Nvidia 3,734,662 0.2948,796 Occidental Petroleum 4,764,929 0.3833,582 Parker Hannifin 2,888,220 0.23

578,564 Pfizer 10,127,763 0.8069,047 Philip Morris International 4,029,928 0.32

377,568 Pier 1 Imports 4,011,660 0.3243,655 Pioneer Natural Resources 3,785,325 0.3098,077 PNC Financial Services Group 5,970,437 0.47

101,410 Principal Financial Group 3,315,093 0.2671,714 Progress Energy 3,120,635 0.25

90,589 Prudential Financial 5,280,886 0.4292,829 QEP Resources 3,331,633 0.26118,776 Qualcomm 5,862,189 0.4653,459 Red Hat 2,447,620 0.19

126,252 Reynolds American 4,113,290 0.32107,887 Rowan 3,744,218 0.29180,264 RPC 3,198,785 0.2590,887 SanDisk 4,527,536 0.3677,813 Sotheby’s 3,508,588 0.2865,761 Starwood Hotels & Resorts Worldwide 3,995,967 0.32

101,692 State Street 4,703,763 0.37164,175 TIBCO Software 3,236,710 0.26

14,115 Tiffany & Co. 887,269 0.0749,441 Time Warner Cable 3,251,240 0.2654,873 Travelers 3,050,939 0.2459,492 United Technologies 4,659,711 0.37

209,195 US Bancorp 5,643,035 0.4591,900 Veeco Instruments 3,953,079 0.3147,556 VF 4,119,776 0.3297,432 Viacom - B Shares 3,830,052 0.3070,329 Watson Pharmaceuticals 3,598,735 0.2874,456 WellPoint 4,222,027 0.33491,712 Wells Fargo & Co. 15,191,442 1.2036,155 Whiting Petroleum 4,202,657 0.33

103,907 Williams-Sonoma 3,729,222 0.29336,143 Xerox 3,860,602 0.30

65,525 Zimmer Holdings 3,524,590 0.28

583,452,290 46.02

UNITED KINGDOM533,068 ARM Holdings 3,519,066 0.28562,370 Ashmore Group 2,937,241 0.23

75,526 AstraZeneca 3,437,641 0.27649,428 Aviva 3,987,782 0.31

1,672,403 Barclays 6,843,603 0.54317,227 BG Group 6,411,525 0.51724,822 BP 5,261,962 0.42122,556 British American Tobacco 4,704,866 0.37623,269 BT Group 1,756,297 0.14239,792 Burberry Group 4,198,410 0.33677,090 Centrica 3,508,997 0.28402,500 Cookson Group 4,116,086 0.32

1,643,515 EnQuest 3,573,904 0.281,171,898 GKN 4,050,708 0.32

235,205 GlaxoSmithKline 4,544,929 0.36207,516 IMI 3,056,307 0.24751,355 Inchcape 4,160,721 0.33178,774 Intercontinental Hotels Group 3,464,245 0.27

666,807 International Personal Finance 3,984,397 0.31601,331 International Power 4,111,147 0.32

4,955,691 Lloyds Banking Group 5,080,962 0.40333,003 Prudential 3,465,041 0.27

96,583 Renishaw 1,862,538 0.15129,429 Rio Tinto 9,054,375 0.72568,096 J Sainsbury 3,345,009 0.26263,190 Standard Chartered 7,074,051 0.56225,571 Travis Perkins 3,699,947 0.29217,432 Unilever 6,662,108 0.53

4,664,313 Vodafone Group 12,053,631 0.95114,052 Weir Group 3,160,550 0.25

400,609 Xstrata 9,397,871 0.74

146,485,917 11.55

46

JPMorgan Funds - Global Dynamic FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JAPAN106,900 Aisin Seiki 3,782,423 0.30352,000 Asahi Glass 4,114,032 0.32186,600 Honda Motor 7,390,270 0.58946,000 Isuzu Motors 4,302,646 0.34413,600 ITOCHU 4,187,420 0.33680,100 JX Holdings 4,616,878 0.36161,700 Komatsu 4,892,400 0.39

708,000 Marubeni 4,976,219 0.39228,500 Mitsubishi 6,183,619 0.49

446,000 Mitsubishi Electric 4,685,635 0.37214,700 Mitsui & Co. 3,546,620 0.2850,100 Murata Manufacturing 3,505,890 0.28

115,600 Nippon Telegraph & Telephone 5,239,993 0.41487,900 Nissan Motor 4,645,380 0.37

48,750 ORIX 4,800,591 0.3726,100 SMC 4,475,295 0.35

253,000 Sumitomo 3,579,807 0.28330,600 Sumitomo Electric Industries 4,590,310 0.37

42,060 Yamada Denki 2,870,786 0.23

86,386,214 6.81

FRANCE271,084 AXA 4,526,084 0.3698,682 BNP Paribas 6,302,984 0.50

196,234 France Télécom 4,098,420 0.3244,646 Pernod-Ricard 4,211,790 0.3324,520 PPR 3,911,639 0.3164,620 Renault 3,762,124 0.30154,119 Rhodia 5,103,581 0.40

130,983 Sanofi-Aventis 8,401,631 0.6625,441 Schneider Electric 3,825,137 0.30

100,310 Société Générale 5,417,404 0.4335,809 Technip 3,322,971 0.26

114,566 Total 6,087,193 0.4855,178 Valeo 3,137,402 0.25

62,108,360 4.90

SWITZERLAND63,869 ACE 3,969,458 0.3157,050 Compagnie Financiere Richemont - Bearer A Shares 3,366,048 0.27

189,766 Crédit Suisse Group Registered Shares 7,668,166 0.60193,621 GAM Holding 3,218,020 0.25211,667 Nestlé Registered Shares 12,431,975 0.98205,551 Novartis Registered Shares 12,116,841 0.96

8,605 Swatch Group - Bearer Shares 3,844,846 0.30498,848 UBS Registered Shares 8,213,394 0.65

20,962 Zurich Financial Services 5,445,040 0.43

60,273,788 4.75

CANADA88,205 BCE 3,142,286 0.2545,878 First Quantum Minerals 4,954,447 0.39

120,800 Imax 3,631,852 0.2968,116 Loblaw 2,749,828 0.22

530,055 Lundin Mining 3,832,395 0.3035,271 Niko Resources 3,667,951 0.29

188,704 Quadra FNX Mining 3,161,771 0.2564,637 Research In Motion 3,724,773 0.29294,112 SEMAFO 3,186,041 0.25187,837 Talisman Energy 4,168,404 0.3373,020 Teck Cominco - B Shares 4,463,228 0.3570,070 TELUS 3,207,884 0.2518,210 TELUS Non Voting 791,977 0.06

44,682,837 3.52

GERMANY57,735 BASF 4,631,869 0.37

64,006 Bayer Registered Shares 4,713,591 0.3741,453 Bayerische Motoren Werke 3,272,597 0.2634,680 Continental 2,746,250 0.21

165,688 Deutsche Post Registered Shares 2,812,418 0.22107,935 E.ON 3,300,614 0.2645,048 Lanxess 3,540,423 0.2824,075 Linde 3,674,575 0.2944,551 Siemens Registered Shares 5,552,352 0.4426,220 Volkswagen Preference Shares 4,274,150 0.34

38,518,839 3.04

NETHERLANDS478,362 Aegon 2,939,724 0.23231,796 AerCap Holdings 3,274,118 0.2695,665 ASML Holding 3,699,999 0.29

450,443 ING Groep - CVA 4,392,961 0.35243,145 Koninklijke KPN 3,564,574 0.29112,822 Koninklijke Philips Electronics 3,464,413 0.2744,294 Nutreco 3,364,878 0.26

386,501 Royal Dutch Shell - A Shares 12,823,398 1.01

37,524,065 2.96

AUSTRALIA264,716 BHP Billiton 12,233,831 0.97150,742 Flight Centre 3,817,014 0.30383,715 Iluka Resources 3,593,544 0.28118,221 Macquarie Group 4,473,753 0.35

24,118,142 1.90

HONG KONG1,474,400 AIA Group 4,158,729 0.33

953,000 Cathay Pacific Airways 2,642,080 0.211,454,000 CNOOC 3,443,689 0.27

757,000 Hang Lung Properties 3,547,327 0.28203,000 Sun Hung Kai Properties 3,357,174 0.26441,000 Wharf Holdings 3,398,374 0.27

20,547,373 1.62

CHINA38,754 Baidu China ADR 3,776,771 0.29

4,849,240 China Construction Bank - H Shares * 4,345,108 0.341,354,296 China Merchants Bank - H Shares * 3,421,849 0.271,710,000 Dongfeng Motor Group - H Shares * 2,939,059 0.23424,000 Weichai Power - H Shares * 2,629,170 0.21

1,086,000 Yanzhou Coal Mining - H Shares * 3,304,203 0.27

20,416,160 1.61

BERMUDA162,246 Assured Guaranty 2,870,132 0.2376,280 Axis Capital Holdings 2,730,824 0.21

133,824 Invesco 3,176,313 0.25313,500 Orient Overseas International 3,062,161 0.24

37,712 PartnerRe 3,040,153 0.24

14,879,583 1.17

JERSEY487,270 Informa 3,089,972 0.24136,023 Petrofac 3,366,821 0.27131,917 Shire 3,178,886 0.25

327,690 WPP 4,045,258 0.32

13,680,937 1.08

SWEDEN170,034 Atlas Copco - A Shares 4,306,151 0.34157,538 Tele2 - B Shares 3,283,413 0.26266,614 Volvo - B Shares 4,715,505 0.37

12,305,069 0.97

INDIA73,058 ICICI Bank ADR 3,695,274 0.29

119,570 Tata Motors ADR 3,503,999 0.28695,609 Yes Bank 4,863,352 0.38

12,062,625 0.95

SINGAPORE2,056,000 Genting Singapore 3,507,738 0.27

251,000 Singapore Airlines 3,004,474 0.241,939,000 Yangzijiang Shipbuilding Holdings 2,906,910 0.23

9,419,122 0.74

SPAIN26,855 Inditex 2,016,171 0.16

309,333 Telefonica 7,032,319 0.56

9,048,490 0.72

IRELAND69,470 Accenture - A Shares 3,360,959 0.27

106,410 Covidien 4,823,565 0.38

8,184,524 0.65

TAIWAN378,468 HON HAI Precision Industry Registered Shares GDR 3,059,914 0.24305,434 Taiwan Semiconductor Manufacturing ADR 3,804,180 0.30

6,864,094 0.54

47

JPMorgan Funds - Global Dynamic FundSchedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

CAYMAN ISLANDS51,590 Herbalife 3,518,180 0.28

1,336,000 United Laboratories International Holdings 2,758,591 0.22

6,276,771 0.50

BRAZIL136,785 Companhia de Bebidas das Americas Preference

Shares ADR 4,301,204 0.34

4,301,204 0.34

MEXICO1,815,848 Compartamos SAB de 3,892,204 0.31

3,892,204 0.31

BELGIUM32,967 Bekaert 3,805,285 0.30

3,805,285 0.30

SOUTH KOREA23,393 Hyundai Motor 3,613,185 0.28

3,613,185 0.28

LUXEMBOURG146,148 Acergy 3,577,697 0.28

3,577,697 0.28

LIBERIA73,660 Royal Caribbean Cruises 3,470,123 0.27

3,470,123 0.27

DENMARK33,702 Carlsberg - B Shares 3,386,550 0.27

3,386,550 0.27

FINLAND58,972 Metso 3,300,599 0.26

3,300,599 0.26

ISRAEL62,879 Teva Pharmaceutical Industries ADR 3,254,303 0.26

3,254,303 0.26

NORWAY187,027 Telenor 3,042,119 0.24

3,042,119 0.24

ITALY2,783,093 Telecom Italia Preference Shares 3,041,896 0.24

3,041,896 0.24

INDONESIA2,254,500 Bank Rakyat Indonesia 2,623,847 0.22

2,623,847 0.22

Total Shares 1,258,544,212 99.27


1,258,544,212 99.27


Investment Funds



12,450,000 0.98



12,450,000 0.98


Cash 442,676 0.03


Total Net Assets 1,267,852,032 100.00



SharesFinancials 19.68Consumer Discretionary 16.42Information Technology 13.05Industrials 11.19Energy 11.05Health Care 8.97Materials 7.38Consumer Staples 5.08Telecommunication Services 5.03Utilities 1.42Investment Companies 0.98Total Shares 100.25Cash and Other Assets/(Liabilities) (0.25)

Total 100.00


SharesFinancials 20.76Consumer Discretionary 14.60Industrials 13.29Information Technology 12.02Energy 10.17Health Care 9.02Materials 7.75Consumer Staples 5.78Telecommunication Services 4.96Utilities 1.32Investment Companies 0.10Total Shares 99.77Cash and Other Assets/(Liabilities) 0.23

Total 100.00

48

JPMorgan Funds - Global Dynamic FundSchedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

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




AmountSold


04-Jan-11 GBP 199 USD 308 306-Jan-11 AUD 14,346 USD 14,603 (3)06-Jan-11 CAD 28,571 USD 28,619 1106-Jan-11 CHF 8,774 EUR 6,705 42706-Jan-11 CHF 7,656 GBP 5,009 40706-Jan-11 CHF 3,262 NOK 19,947 7706-Jan-11 CHF 762,087 USD 764,243 52,94706-Jan-11 EUR 7,800 CHF 10,263 (558)06-Jan-11 EUR 85,439 USD 114,046 39606-Jan-11 GBP 69,531 USD 107,598 70806-Jan-11 HKD 160,708 USD 20,650 2606-Jan-11 JPY 4,748,501 USD 58,273 17806-Jan-11 NOK 26,931 USD 4,565 5306-Jan-11 SGD 8,753 USD 6,828 706-Jan-11 USD 13,664 AUD 14,346 (936)06-Jan-11 USD 27,917 CAD 28,571 (714)06-Jan-11 USD 823,799 CHF 771,516 (3,500)06-Jan-11 USD 112,462 EUR 86,534 (3,446)06-Jan-11 USD 100,067 GBP 64,522 (437)06-Jan-11 USD 20,690 HKD 160,708 1506-Jan-11 USD 56,638 JPY 4,748,501 (1,813)06-Jan-11 USD 1,120 NOK 6,984 (78)06-Jan-11 USD 6,606 SGD 8,753 (228)07-Jan-11 SEK 58,091 USD 8,533 13207-Jan-11 USD 8,218 SEK 58,091 (448)14-Jan-11 EUR 10,314,151 USD 13,654,068 161,28814-Jan-11 JPY 8,663,261 EUR 78,701 1,23214-Jan-11 USD 323,816 AUD 328,848 (10,503)14-Jan-11 USD 539,971 CAD 545,306 (6,395)14-Jan-11 USD 735,551 CHF 721,630 (38,343)14-Jan-11 USD 2,107,925 GBP 1,330,984 34,80814-Jan-11 USD 427,897 HKD 3,326,003 (37)14-Jan-11 USD 1,201,250 JPY 100,258,018 (32,982)14-Jan-11 USD 50,365 NOK 302,639 (1,513)14-Jan-11 USD 212,429 SEK 1,460,577 (5,405)14-Jan-11 USD 80,785 SGD 105,589 (1,664)03-Feb-11 CHF 767,181 USD 819,829 3,10503-Feb-11 USD 14,552 AUD 14,346 603-Feb-11 USD 28,602 CAD 28,571 (13)03-Feb-11 USD 114,037 EUR 85,439 (409)03-Feb-11 USD 107,574 GBP 69,531 (708)03-Feb-11 USD 58,285 JPY 4,748,501 (186)03-Feb-11 USD 4,558 NOK 26,931 (53)03-Feb-11 USD 8,526 SEK 58,091 (132)07-Feb-11 USD 20,657 HKD 160,708 (24)07-Feb-11 USD 6,828 SGD 8,753 (7)

Total 145,291

49


Shares and Warrants

CANADA3,966,204 African Aura Mining 8,152,519 0.231,280,000 Alamos Gold 18,218,857 0.529,090,400 Alange Energy 3,604,503 0.103,740,000 Anvil Mining 16,424,652 0.474,690,000 AQM Copper 3,350,909 0.101,900,000 AQM Copper - Warrants 17.03.14 0 0.003,191,700 Augusta Resource CAD 9,061,922 0.26

412,100 Augusta Resource USD 1,167,583 0.032,755,000 Aura Minerals 7,966,317 0.233,450,000 B2Gold 6,878,643 0.206,900,000 Baja Mining 5,549,375 0.161,240,000 Bankers Petroleum 7,055,168 0.20

125,000 Banro - Warrants 17.09.11 153,981 0.005,600,000 Banro CAD 16,067,188 0.46

675,600 Banro USD 1,936,843 0.061,085,000 Barrick Gold CAD 42,754,274 1.22

65,100 Barrick Gold USD 2,565,702 0.074,254,900 Calvalley Petroleums - A Shares 16,011,935 0.463,125,000 Canacol Energy 3,635,523 0.101,160,000 Canadian Natural Resources 38,181,044 1.09

9,400,000 Canadian Overseas 6,012,851 0.171,925,000 Centerra Gold 28,875,638 0.831,040,000 Detour Gold 22,595,213 0.651,917,000 Diamonds North Resources 207,958 0.01

2,000,000 Duluth Metals 4,361,692 0.1220,135,069 Eastern Platinum 26,437,277 0.761,630,000 Eldorado Gold 22,603,031 0.656,056,000 Equinox Minerals 27,524,449 0.793,315,000 European Goldfields 34,195,147 0.981,866,000 Exeter Resource 8,550,750 0.24

147,600 Extorre Gold Mines 724,949 0.021,732,400 Extorre Gold Mines 8,508,821 0.24

302,500 First Quantum Minerals 24,388,753 0.706,044,900 Global Alumina 6,479,629 0.19

83,700 Gold Wheaton Gold Corp -Warrants 08.07.13 17,377 0.00

440,000 Goldcorp 14,943,323 0.434,550,000 Great Basin Gold 9,956,891 0.282,900,000 Greystar Resources 8,645,952 0.25

820,000 Hana Mining 2,907,895 0.08600,000 Harry Winston Diamond 5,238,520 0.15

2,256,000 HudBay Minerals 30,220,379 0.86990,000 IAMGold CAD 13,157,909 0.38316,000 IAMGold USD 4,200,515 0.12409,600 Inmet Mining 23,701,655 0.68

7,096,100 Ithaca Energy CAD 14,174,817 0.402,100,000 Ithaca Energy GBP 4,145,591 0.12

565,000 Keegan Resources 3,671,172 0.106,130,000 Kinross Gold 86,425,739 2.47

214,500 Kinross Gold - Warrants 17.09.14 751,836 0.0268,100 Kirkland Lake - Warrants 04.03.11 293,210 0.01

1,631,594 Kirkland Lake Gold 19,231,670 0.551,800,000 Lake Shore Gold 5,689,652 0.168,750,000 Lucara Diamond 6,251,697 0.186,720,000 Lundin Mining 36,273,720 1.041,260,441 Lundin Mining SDR 6,823,712 0.191,730,000 Mercator Minerals 5,157,757 0.151,040,000 Mirasol Resources 4,540,050 0.13

70,000 Mirasol Resources - Warrants 06.12.11 253,210 0.012,249,600 Mountain Province Diamonds 10,964,939 0.315,827,800 Nevsun Resources 31,784,739 0.91

473,600 Nexen 8,073,228 0.23338,000 Niko Resources 26,241,939 0.75

2,750,000 Northern Star - Warrants 14.08.12 0 0.00500,000 Northern Star - Warrants 18.12.12 0 0.00

1,000,000 Northern Star Mining 24,315 0.005,500,000 Northern Star Mining 133,731 0.005,150,000 OceanaGold 14,403,067 0.41

341,714 Orezone Gold 1,026,443 0.032,107,900 Orezone Gold 6,331,725 0.182,500,000 Osisko Mining 26,605,950 0.763,364,000 Pacific Rubiales Energy 84,286,422 2.41

730,000 Pan American Silver 22,531,284 0.64155,480 Pan American Silver - Warrants 07.12.14 727,593 0.02

1,189,800 Parex Resources 7,495,016 0.22436,500 Petrobank Energy & Resources 8,103,731 0.23

6,340,000 Platinum Group Metals 12,593,321 0.36850,400 Potash One 2,872,549 0.08467,000 Primero Mining 1,577,470 0.05360,000 Primero Mining - Warrants 20.07.15 386,492 0.01

1,160,700 Rainy River Resources 11,010,974 0.31275,000 Rainy River Resources - Warrants 25.02.12 1,148,030 0.03

1,750,000 Redox Diamonds 131 0.00520,000 Rio Alto Mining 951,193 0.03

5,020,000 Rio Alto Mining 9,182,672 0.268,078,400 Romarco Minerals 13,749,700 0.391,400,000 Rubicon Minerals 5,964,970 0.179,329,200 Rusoro Mining 2,756,944 0.083,822,947 Scorpio Mining 2,845,823 0.08

13,750,000 Sea Dragon Energy 3,368,996 0.105,665,000 SEMAFO 45,815,464 1.311,728,000 Silver Wheaton 49,165,057 1.40800,000 Stornoway Diamond 365,095 0.01

4,005,100 Stornoway Diamond 1,812,822 0.05762,526 Teck Cominco - B Shares 34,796,485 0.99

2,001,295 Teranga Gold AUD 4,304,250 0.122,036,557 Teranga Gold CAD 4,471,890 0.131,575,000 Thompson Creek Metals 17,339,130 0.50

2,600,000 Tsar Emerald 194 0.004,923,500 Victoria Gold 3,959,760 0.11

426,000 Victoria Gold - Warrants 13.03.12 167,323 0.002,690,000 Western Coal 24,824,352 0.71

195,545 Western Coal - Warrants 28.06.12 1,343,731 0.042,300,000 Yamana Gold 21,896,369 0.63

1,264,282,654 36.12

AUSTRALIA17,250,000 Adamus Resources 10,651,540 0.309,580,000 Aditya Birla Minerals 9,737,764 0.28

10,750,000 Allied Gold AUD 5,575,850 0.168,700,620 Allied Gold GBP 4,452,052 0.13

275,000 Altus Renewables 21 0.006,053,700 Alumina 11,455,661 0.331,639,000 Aquila Resources 12,269,168 0.355,155,033 Arafura Resources 5,778,610 0.17

12,200,000 Aurora Oil and Gas 20,814,985 0.59881,365 Aurora Oil and Gas 1,071,706 0.03

1,710,897 Aurora Oil and Gas 2,919,041 0.086,483,000 Avoca Resources 17,318,141 0.499,848,500 Azumah Resources 5,351,507 0.15

13,250,000 Bathurst Resources 7,401,217 0.2115,652 Berkeley Resources - Warrants 15.05.13 11,300 0.00

719,505 Berkeley Resources AUD 920,002 0.032,310,687 Berkeley Resources GBP 3,036,525 0.09845,000 BHP Billiton 29,154,963 0.83

4,000,000 Blackthorn Resources 1,854,342 0.0511,546,300 Cape Lambert Resources 4,387,456 0.134,979,412 Carrick Gold 2,147,553 0.067,389,515 CGA Mining 17,138,157 0.49

5,026,000 Diamonex AUD 390 0.00619,000 Diamonex GBP 72 0.001,111,111 Discovery Metals 1,199,073 0.03

14,100,000 Exco Resources 6,081,139 0.176,444,000 Fortescue Metals Group 32,077,223 0.92

26,793,000 Gindalbie Metals 28,252,330 0.812,800,000 Gryphon Minerals 3,819,640 0.111,855,000 Iluka Resources 12,969,752 0.37

709,273 Independence Group 4,312,244 0.123,300,000 Integra Mining 1,786,894 0.05

20,000,000 Integra Mining 10,829,659 0.3115,331,200 International Ferro Metals 5,170,487 0.15

12,000,000 International Petroleum 1,641,548 0.059,501,000 Jabiru Metals 4,855,808 0.14

15,800,000 Kagara Zinc 9,696,155 0.28630,300 Kingsgate Consolidated 5,209,266 0.15

23,950,000 Lynas 37,585,947 1.072,624,483 Mantra Resources AUD 15,597,337 0.45

655,346 Mantra Resources CAD 3,868,425 0.1119,000,000 Mawson West 7,107,389 0.20

1,290,000 Medusa Mining 6,367,498 0.18760,106 Mineral Deposits AUD 3,234,909 0.09317,730 Mineral Deposits CAD 1,359,693 0.04

5,419,329 Mirabela Nickel AUD 9,390,318 0.272,173,118 Mirabela Nickel CAD 3,780,008 0.11

8,248,100 Mount Gibson Iron 13,382,946 0.378,563,300 Murchison Metals 8,297,577 0.242,150,000 New Hope 7,957,330 0.231,330,300 Newcrest Mining 40,980,730 1.17

19,380,742 Nyota Minerals 6,536,206 0.19690,000 Ophir Energy 1,203,643 0.03

11,100,000 PanAust 7,507,804 0.214,725,000 Perseus Mining 12,107,344 0.357,314,827 Pluton Resources 5,739,764 0.161,024,022 Railto Energy 544,763 0.021,072,953 Railto Energy 570,793 0.02

27,077,539 Red 5 4,167,102 0.124,036,010 Rex Minerals 8,956,432 0.26

50

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (Market Value Expressed in EUR)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

9,825,000 Rialto Energy 5,544,073 0.16670,000 Rio Tinto 43,675,256 1.25

2,681,292 Robust Resources 3,566,006 0.105,645,000 Saracen Mineral Holdings 3,571,479 0.103,916,666 St Barbara 6,087,091 0.17

20,000,000 Stirling Minerals 4,559,857 0.134,300,000 Straits Resources 7,320,090 0.2135,573,200 Sundance Resources/Australia 15,477,412 0.447,464,641 Swan Gold Mining 567 0.009,259,358 Sylvania Resources 5,518,640 0.163,650,800 Terramin Australia 1,345,643 0.04

690,000 Western Areas 3,135,813 0.095,338,018 Windimurra Vanadium 406 0.00

607,395,532 17.35

UNITED KINGDOM10,050,000 Afren 17,262,508 0.49

1,937,435 Anglo American 75,344,358 2.151,555,221 Archipelago Metals 181 0.00

10,583,184 Archipelago Resources 7,446,103 0.215,454,000 Avocet Mining 14,921,143 0.431,085,000 BHP Billiton 32,219,806 0.926,749,200 Borders & Southern Petroleum 4,905,572 0.144,098,550 Botswana Diamonds 0 0.00

890,000 BowLeven 3,917,538 0.116,500,000 BowLeven 28,611,232 0.824,072,400 Cadogan Petroleum 1,030,071 0.035,626,400 Caledon Resources 6,445,018 0.185,555,368 Cluff Gold 7,074,313 0.204,074,763 Cove Energy 4,584,697 0.133,406,666 Equatorial Palm Oil 1,000,341 0.031,495,000 Equatorial Palm Oil - Warrants 26.02.12 134,741 0.00

695,000 Equatorial Palm Oil - Warrants 26.02.13 62,639 0.004,649,058 Ferrexpo 22,518,388 0.64

13,864,676 Firestone Diamonds 5,199,921 0.152,015,000 Hummingbird Resources 3,901,635 0.11

146,649 Jordan Energy and Mining 1,642,267 0.0410,383,687 Jubilee Platinum GBP 3,713,249 0.11

500,000 Jubilee Platinum ZAR 184,153 0.016,369,411 Kalahari Minerals 18,444,035 0.53

2,300,000 Kazakhmys 43,277,651 1.2415,890,350 Mwana Africa 1,940,350 0.06

1,149,900 Norseman Gold AUD 930,700 0.037,379,050 Norseman Gold GBP 5,878,254 0.16

23,484,717 Pan African Resources 2,988,996 0.093,169,600 Petropavlovsk 42,205,327 1.21

376,000 R.E.A. Holdings 3,415,043 0.103,238,200 Rambler Metals and Mining 1,318,041 0.04

54,660 REA Holdings Preference Shares 70,559 0.001,578,500 Rio Tinto 82,441,326 2.361,298,775 Rockhopper Exploration 5,554,487 0.15

4,619,200 Target Resources 537 0.001,785,000 Valiant Petroleum 10,576,445 0.30

500,000 Vedanta Resources 14,653,045 0.421,128,000 Volga Gas 1,059,276 0.03

4,872,000 Xstrata 85,327,609 2.442,205,400 ZincOx Resources 1,237,491 0.04

563,439,046 16.10

UNITED STATES OF AMERICA1,050,000 Arcelor Mittal Registered Shares/New York 29,776,588 0.851,219,985 Coeur d’Alene Mines 25,042,733 0.72

319,100 ConocoPhillips 16,246,239 0.46646,000 Freeport-McMoRan Copper & Gold 57,548,958 1.64

1,000,000 Mantle Diamonds 116 0.00750,000 Mitra Energy 2,519,691 0.07426,000 Newmont Mining 19,505,454 0.56119,401 Resaca Exploitation 142,627 0.01

476,000 Southern Copper 17,297,623 0.49325,800 Southwestern Energy 9,000,880 0.26335,000 United States Steel 14,769,813 0.42250,000 Walter Industries 23,887,604 0.68

215,738,326 6.16

BERMUDA3,969,802 African Minerals 19,563,019 0.564,200,000 Aquarius Platinum 17,148,947 0.49

290,001,000 G-Resources Group 16,851,328 0.487,950,000 Gulf Keystone Petroleum 15,647,794 0.4515,917,693 Petra Diamonds 25,221,677 0.72

94,432,765 2.70

CHINA9,620,000 China Coal Energy - H Shares* 11,207,665 0.3213,814,000 China Petroleum & Chemical - H Shares * 9,851,337 0.287,951,000 China Shenhua Energy - H Shares * 24,876,280 0.71

57,680,000 Sinopec Shanghai Petrochemical - H Shares* 22,298,230 0.64

68,233,512 1.95

SOUTH AFRICA277,000 AngloGold Ashanti 10,186,488 0.29580,000 Impala Platinum Holdings 15,204,094 0.44

68,927,240 Merafe Resources 12,926,074 0.3722,100,000 Metorex 12,993,445 0.37

51,310,101 1.47

HONG KONG24,970,000 CNOOC 44,152,122 1.2626,200,000 IRC 3,535,549 0.10

47,687,671 1.36

BRAZIL608,000 Petroleo Brasileiro ADR 16,951,555 0.48

1,360,000 Vale Preference Shares ADR 30,470,418 0.87

47,421,973 1.35

JERSEY4,470,000 Highland Gold Mining 9,824,866 0.281,634,849 KazakhGold Group Registered Shares GDR 4,519,651 0.133,358,000 Minera IRL 3,661,081 0.10

422,000 Randgold Resources ADR 25,873,867 0.74

43,879,465 1.25

IRELAND13,200,000 Circle Oil 5,334,406 0.1635,332,103 Kenmare Resources 13,415,597 0.38

169,764 Maple Energy 135,236 0.007,141,356 Ormonde Mining 726,685 0.02

31,100,000 Petroceltic International 4,701,767 0.1415,067,440 Petroneft Resources 12,353,383 0.35

1,486,970 Providence Resources 4,279,911 0.12

40,946,985 1.17

RUSSIA221,000 Lukoil OAO ADR 9,338,609 0.27

1,285,000 MMC Norilsk Nickel ADR 22,726,978 0.6540,324 Polyus Gold 1,888,792 0.05

33,954,379 0.97

BAHAMAS1,344,111 Petrominerales 32,913,012 0.94

32,913,012 0.94

CAYMAN ISLANDS1,050,000 Frontier Mining 91,582 0.002,250,000 Leaf Clean Energy 1,949,378 0.068,200,000 Mongolian Mining 7,131,511 0.203,000,000 Real Gold Mining 3,915,795 0.1111,460,000 Tethys Petroleum 13,760,878 0.40

26,849,144 0.77

INDONESIA41,000,000 International Nickel Indonesia 16,576,394 0.47

3,325,000 PT Astra Agro Lestari 7,250,263 0.21

23,826,657 0.68

NORWAY19,500,000 DNO International 22,568,940 0.64

22,568,940 0.64

ISLE OF MAN5,530,000 Exillon Energy 21,100,303 0.60

21,100,303 0.60

KAZAKHSTAN2,257,285 Zhaikmunai Registered Shares GDR 20,475,578 0.59

20,475,578 0.59

51

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (Market Value Expressed in EUR) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets

MALAYSIA14,292,346 IOI 20,242,205 0.58

20,242,205 0.58

LUXEMBOURG565,200 Evraz Group Registered Shares GDR 15,131,638 0.43

15,131,638 0.43

BRITISH VIRGIN ISLANDS1,430,000 Gem Diamonds 4,186,613 0.12

973,389 Ratel Gold 1,496,528 0.042,900,000 Ratel Gold - Warrants 20.12.11 2,646,941 0.0815,159,572 Titanium Resources Group 1,807,042 0.05

10,137,124 0.29

PERU3,385,667 Minsur 10,130,258 0.29

10,130,258 0.29

SWEDEN1,075,700 Lundin Petroleum 10,049,419 0.29

10,049,419 0.29

NETHERLANDS689,100 New World Resources - A Shares 7,677,239 0.22

7,677,239 0.22

FALKLAND ISLANDS9,662,757 Argos Resources 4,972,464 0.141,900,000 Falkland Oil & Gas 2,292,446 0.07

7,264,910 0.21

PAPUA NEW GUINEA704,200 New Britain Palm Oil 7,145,272 0.20

7,145,272 0.20

SINGAPORE4,000,000 Straits Asia Resources 5,817,771 0.17

5,817,771 0.17

SOUTH KOREA50,700 POSCO ADR 4,065,236 0.12

4,065,236 0.12

GUERNSEY6,723,791 Mariana Resources 3,811,941 0.11

3,811,941 0.11

NEW ZEALAND30,168 Allied Medical 2 0.00

2 0.00

Total Shares and Warrants 3,327,929,058 95.08

Convertible Bonds

IRELAND1,500,000 Providence Resources 29.07.12/12.000% 750,000 0.02

750,000 0.02

Total Convertible Bonds 750,000 0.02


3,328,679,058 95.10


Investment Funds

LUXEMBOURG104,692,761 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM

Euro Liquidity X (dist)) 104,692,761 2.99

104,692,761 2.99



104,692,761 2.99


Cash 58,613,729 1.67


Total Net Assets 3,500,059,863 100.00



Fixed Income SecuritiesIreland 0.02Total Fixed Income Securities 0.02Shares and WarrantsMaterials 76.11Energy 17.81Investment Companies 2.99Consumer Staples 1.12Industrials 0.04Health Care 0.00Total Shares and Warrants 98.07Cash and Other Assets/(Liabilities) 1.91

Total 100.00


Fixed Income SecuritiesIreland 0.04Total Fixed Income Securities 0.04Shares and WarrantsMaterials 73.22Energy 20.34Investment Companies 2.99Industrials 1.51Consumer Staples 1.34Total Shares and Warrants 99.40Cash and Other Assets/(Liabilities) 0.56

Total 100.00

52

JPMorgan Funds - Global Natural Resources FundSchedule of Investments (Market Value Expressed in EUR) (continued)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

SINGAPORE1,616,000 Cache Logistics Trust 1,206,578 0.681,197,000 CapitaLand 3,496,009 1.96

422,000 CapitaMall Trust 633,442 0.36418,000 CapitaMalls Asia 627,438 0.35102,000 City Developments 1,008,843 0.56348,695 DBS Group Holdings 3,919,471 2.19

800 Ezra Holdings 1,126 0.00284,000 Fraser and Neave 1,433,108 0.80

2,970,000 Genting Singapore 5,034,094 2.81664,000 Indofood Agri Resources 1,449,973 0.81780,000 Keppel 6,794,973 3.80495,424 Keppel Land 1,860,098 1.04

1,243,000 Mapletree Industrial Trust 1,036,557 0.582,501,000 Neptune Orient Lines 4,316,752 2.41

917,151 Oversea-Chinese Banking 7,111,104 3.98900,000 Overseas Union Enterprise 2,296,951 1.28

21,000 SembCorp Marine 87,561 0.05345,000 Singapore Airlines 4,156,272 2.32185,000 Singapore Exchange 1,223,431 0.68

1,093,000 Singapore Telecommunications 2,607,226 1.46500,000 Straits Asia Resources 971,608 0.54443,394 United Overseas Bank 6,339,114 3.54200,000 Venture 1,448,297 0.81192,000 Wilmar International 839,283 0.47

1,177,000 Yangzijiang Shipbuilding Holdings 1,766,733 0.994,000,000 Yongnam Holdings 923,125 0.52

62,589,167 34.99

THAILAND1,199,000 Amata (Foreign) 574,645 0.321,945,000 Bangchak Petroleum (Foreign) 1,193,449 0.67

55,500 Banpu - NVDR 1,456,070 0.8144,900 Banpu (Foreign) Registered Shares 1,177,973 0.66

1,493,000 Charoen Pokphand Foods (Foreign) 1,225,597 0.68359,000 Electricity Generating Public (Foreign) Registered

Shares 1,268,109 0.716,610,000 Esso Thailand - NVDR 1,748,416 0.98

403,000 Kasikornbank - NVDR 1,680,838 0.945,060,800 Krung Thai Bank (Foreign) 2,912,268 1.63

314,300 PTT (Foreign) 3,341,066 1.872,580,000 PTT Aromatics & Refining (Foreign) 3,283,831 1.83

192,000 PTT Exploration & Production (Foreign) 1,068,259 0.60442,900 Siam Cement - NVDR 5,001,905 2.80440,000 Siam Commercial Bank (Foreign) 1,506,799 0.84919,200 Somboon Advance Technology (Foreign) 887,950 0.50531,600 Sri Trang Agro-Industry (Foreign) 632,542 0.35

1,813,610 Thai Airways International (Foreign) 2,939,973 1.641,489,500 Thai Oil (Foreign) 3,871,959 2.161,635,000 Thai Vegetable Oil (Foreign) 1,748,881 0.981,600,000 TPI Polene (Foreign) 655,390 0.37

38,175,920 21.34

MALAYSIA1,370,000 CIMB Group Holdings 3,774,331 2.111,474,000 Gamuda 1,823,678 1.021,321,900 Genting 4,780,018 2.672,336,500 Genting Malaysia 2,583,903 1.451,226,100 IJM 2,475,263 1.38

1,200,800 IOI 2,260,627 1.26334,600 Kuala Lumpur Kepong 2,397,053 1.34252,500 Lafarge Malayan Cement 638,313 0.36

1,000,000 Latexx Partners 812,389 0.451,057,600 Mah Sing Group 629,381 0.35

442,870 Malayan Banking 1,220,101 0.68797,000 Malaysian Resources 513,068 0.29900,000 MMC 812,875 0.46984,700 Petronas Chemicals Group 1,761,187 0.98451,000 Public Bank 1,901,411 1.06800,000 Sunrise 810,767 0.45512,000 Tenaga Nasional 1,388,967 0.78

1,852,900 UEM Land Holdings 1,463,211 0.82

32,046,543 17.91

INDONESIA3,020,000 Aneka Tambang 819,465 0.46

533,000 Astra International 3,235,203 1.812,352,000 Bank Danamon Indonesia 1,498,965 0.832,658,000 Bank Mandiri 1,915,902 1.076,408,440 Bank Negara Indonesia Persero 2,755,494 1.54

711,500 Bank Rakyat Indonesia 827,694 0.46

3,500,000 Charoen Pokphand Indonesia Tbk 714,962 0.40153,000 Gudang Garam 682,990 0.38

2,231,000 Harum Energy 2,229,013 1.256,842,500 Indika Energy 3,589,589 2.01

782,500 Indo Tambangraya Megah 4,418,603 2.473,146,000 Medco Energi Internasional 1,177,605 0.663,601,500 Perusahaan Gas Negara 1,769,077 0.991,200,000 Perusahaan Perkebunan London Sumatra Indonesia 1,713,236 0.96

348,000 Tambang Batubara Bukit Asam 890,048 0.491,200,000 United Tractors 3,162,641 1.77

31,400,487 17.55

BERMUDA2,072,000 Noble Group 3,495,927 1.96

3,495,927 1.96

PHILIPPINES1,700,000 Alliance Global Group 483,975 0.27

600,000 Banco de Oro Unibank 798,640 0.451,820,000 Manila Water 795,889 0.44

12,700,000 Megaworld 719,928 0.40

2,798,432 1.56

MAURITIUS2,176,000 Golden Agri-Resources 1,354,620 0.76

1,354,620 0.76

Total Shares 171,861,096 96.07


171,861,096 96.07


Cash 7,424,450 4.15




SharesFinancials 40.78Consumer Discretionary 11.08Industrials 11.01Materials 10.75Energy 8.77Consumer Staples 8.04Utilities 2.92Telecommunication Services 1.46Information Technology 0.81Health Care 0.45Total Shares 96.07Cash and Other Assets/(Liabilities) 3.93

Total 100.00


SharesFinancials 41.33Materials 11.58Consumer Staples 10.43Industrials 8.89Telecommunication Services 6.44Consumer Discretionary 4.66Utilities 3.53Information Technology 2.41Energy 2.21Total Shares 91.48Cash and Other Assets/(Liabilities) 8.52

Total 100.00

53

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

AUSTRALIA2,500,000 Alumina 6,336,738 1.251,351,059 AMP 7,302,898 1.44446,342 ANZ Banking Group 10,618,249 2.10

3,823,077 Asciano 6,207,263 1.23906,253 AUSENCO NPV 2,869,038 0.57658,660 BHP Billiton 30,439,924 6.02

1,428,264 Brambles 10,344,507 2.04292,919 CSL 10,838,730 2.14346,711 Foster’s Group 2,008,197 0.40241,773 Newcrest Mining 9,976,183 1.97

300,305 QBE Insurance Group 5,568,243 1.10111,520 Rio Tinto 9,737,330 1.93

435,220 Westpac Banking 9,855,251 1.95

122,102,551 24.14

SOUTH KOREA51,386 Daelim Industrial 5,394,321 1.0732,069 GS Engineering & Construction 3,309,310 0.6590,348 GS Holdings 5,255,694 1.04

162,020 Hyundai Development 4,907,487 0.9747,978 Hyundai Engineering & Construction 3,090,374 0.6113,417 Hyundai Heavy Industries 5,301,945 1.05

286,600 KB Financial Group 15,317,800 3.0324,503 Korea Kumho Petrochemical 1,972,595 0.39

8,365 POSCO 3,629,969 0.7219,691 Samsung Electronics 16,650,839 3.2910,676 Shinsegae 5,839,211 1.15

70,669,545 13.97

CHINA5,367,000 Agricultural Bank of China - H Shares * 2,689,334 0.535,978,000 Aluminum Corporation of China - H Shares * 5,460,344 1.081,484,000 Anhui Conch Cement - H Shares * 6,934,981 1.37

10,560,000 China BlueChemical - H Shares* 7,587,398 1.5015,854,790 China Construction Bank - H Shares * 14,206,509 2.811,480,000 China National Building Material - H Shares * 3,377,700 0.675,486,000 China Petroleum & Chemical - H Shares * 5,240,322 1.0412,374,745 Industrial & Commercial Bank of China - H Shares * 9,201,738 1.82

800,500 Ping An Insurance Group Co. of China - H Shares * 8,931,232 1.76

63,629,558 12.58

INDIA11,646 Agre Developers 0 0.00

1,800,000 Ambuja Cements 5,752,432 1.14207,179 Bharat Heavy Electricals 10,810,120 2.14476,513 Bharti Airtel 3,803,366 0.75

450,000 Housing Development Finance 7,316,085 1.45190,605 ICICI Bank 4,857,945 0.96440,671 Infrastructure Development Finance 1,803,731 0.36953,025 Mundra Port and Special Economic Zone 3,062,191 0.60121,994 Pantaloon Retail India 1,171,658 0.23162,015 Tata Motors 4,723,309 0.93

1,305,913 Unitech 1,933,388 0.38

45,234,225 8.94

TAIWAN5,721,428 Advanced Semiconductor Engineering 6,630,339 1.31

3,829,000 Chimei Innolux 5,297,802 1.05548,000 Delta Electronics 2,674,661 0.53

3,291,905 Hon Hai Precision Industry 13,243,296 2.62709,272 Hon Hai Precision Industry Registered Shares GDR 5,734,464 1.13141,000 MediaTek 2,018,605 0.40

1,731,000 Taiwan Fertilizer 6,488,652 1.28634,000 Unimicron Technology 1,237,763 0.25

43,325,582 8.57

BERMUDA495,882 Aquarius Platinum 2,693,018 0.53

21,285,000 GOME Electrical Appliances Holdings 7,694,594 1.5267,038,000 G-Resources Group 5,217,737 1.03

164,500 Jardine Strategic Holdings 4,571,455 0.901,776,839 Kerry Properties 9,303,540 1.84

6,672,000 Pacific Basin Shipping 4,441,934 0.886,137,000 Sihuan Pharmaceutical Holdings 4,488,408 0.89

38,410,686 7.59

HONG KONG1,593,400 AIA Group 4,494,384 0.89

545,000 Cheung Kong Holdings 8,417,137 1.662,375,000 CNOOC 5,625,008 1.11

347,300 Hong Kong Exchanges & Clearing 7,890,440 1.56342,000 Hutchison Whampoa 3,526,431 0.70

5,034,000 Poly Hong Kong Investments 4,912,183 0.97

34,865,583 6.89

CAYMAN ISLANDS2,870,000 Agile Property Holdings 4,253,438 0.842,480,000 China Resources Land 4,530,496 0.9011,171,000 Glorious Property Holdings 3,829,967 0.765,444,000 Hidili Industry International Development 4,618,901 0.911,130,500 Li Ning 2,404,081 0.481,055,000 Lifestyle International Holdings 2,611,339 0.524,138,000 New World Department Store China 3,393,723 0.67

202,171 Perfect World ADR 4,725,747 0.93

30,367,692 6.01

THAILAND1,200,000 Kasikornbank - NVDR 5,021,631 0.99

20,220,400 Land & Houses Public - NVDR 4,323,330 0.86794,400 PTT (Foreign) 8,472,719 1.67

2,363,300 Siam Commercial Bank (Foreign) 8,120,157 1.61

25,937,837 5.13

SINGAPORE1,808,000 CapitaLand 5,244,569 1.04

875,000 Keppel 7,740,884 1.534,505,000 Mapletree Industrial Trust 3,816,604 0.75

338,000 Singapore Exchange 2,224,830 0.44

19,026,887 3.76

NEW ZEALAND565,312 Fletcher Building 3,360,223 0.67

3,360,223 0.67

MALAYSIA1,449,700 Petronas Chemicals Group 2,612,776 0.52

2,612,776 0.52

INDONESIA840,500 Bank Negara Indonesia 361,558 0.07

361,558 0.07

Total Shares 499,904,703 98.84


499,904,703 98.84


Investment Funds

HONG KONG1,583,600 iShares FTSE/Xinhua A50 CHINA Index ETF 2,593,461 0.52

2,593,461 0.52



502,498,164 99.36


Cash 3,340,440 0.66




54

JPMorgan Funds - JF Asia Pacific ex-Japan Equity FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 38.18Materials 23.55Information Technology 10.98Industrials 10.80Consumer Discretionary 7.33Energy 3.82Health Care 3.03Telecommunication Services 0.75Investment Companies 0.52Consumer Staples 0.40Total Shares 99.36Cash and Other Assets/(Liabilities) 0.64

Total 100.00


Shares and RightsFinancials 36.81Industrials 12.70Materials 11.35Consumer Discretionary 10.52Information Technology 8.38Energy 5.89Telecommunication Services 5.18Consumer Staples 1.17Utilities 1.12Health Care 0.71Investment Companies 0.53Total Shares and Rights 94.36Cash and Other Assets/(Liabilities) 5.64

Total 100.00

55

JPMorgan Funds - JF Asia Pacific ex-Japan Equity FundSchedule of Investments (Market Value Expressed in USD) (continued)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - JF Asia Pacific ex-Japan Equity FundSchedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)




AmountSold


05-Jan-11 BRL 11,631,516 USD 6,704,263 295,25605-Jan-11 USD 6,822,211 BRL 11,631,516 (177,308)07-Feb-11 BRL 11,380,731 USD 6,632,923 160,923

Total 278,871

56


Shares and Warrants

CHINA114,526,000 Agricultural Bank of China - H Shares * 57,387,499 1.5023,803,500 Bank of China - H Shares * 12,540,085 0.3334,440,361 Bank of Communications - H Shares * 34,670,315 0.9132,161,000 BBMG - H Shares * 43,277,979 1.13

236,560,000 China Citic Bank - H Shares * 153,383,129 4.025,850,000 China Coal Energy - H Shares* 9,128,983 0.24

381,725,540 China Construction Bank - H Shares * 342,040,934 8.9644,160,000 China Life Insurance - H Shares * 179,949,827 4.7221,468,000 China National Building Material - H Shares * 48,994,908 1.2882,846,000 China Oilfield Services - H Shares * 178,841,888 4.6818,997,800 China Pacific Insurance Group - H Shares * 78,759,325 2.06

171,254,000 China Petroleum & Chemical - H Shares * 163,584,793 4.2966,997,000 China Shipping Container Lines - H Shares * 29,563,457 0.7823,207,000 China Suntien Green Energy - H Shares * 6,553,288 0.1732,440,333 China Vanke - B Shares 40,023,002 1.0521,976,000 Chongqing Rural Commercial Bank - H Shares * 14,743,775 0.3917,732,000 Guangzhou Automobile Group - H Shares * 24,454,470 0.64

3,346,911 Hualan Biological Engineering - A Shares 24,531,336 0.64166,955,485 Industrial & Commercial Bank of China - H Shares * 124,146,441 3.25

5,558,763 Inner Mongolia Yitai Coal - B Shares 39,661,774 1.0412,131,000 Jiangxi Copper - H Shares * 39,835,301 1.043,569,985 Kangmei Pharmaceutical - A Shares 10,661,273 0.285,094,991 Kangmei Pharmaceutical -

Warrants 09.09.13 15,199,377 0.4015,234,446 Kangmei Pharmaceutical -

Warrants 05.05.14 45,560,134 1.199,217,500 Ping An Insurance Group Co. of China - H Shares * 102,840,268 2.70

5,994,609 Shanghai Pharmaceuticals Holding - A Shares 19,832,165 0.527,362,821 Shanghai Pharmaceuticals

Holding - Warrants 05.05.14 24,398,916 0.647,108,000 Tsingtao Brewery - H Shares * 37,217,532 0.98

54,376,000 Yanzhou Coal Mining - H Shares * 165,441,381 4.3462,928,000 Zijin Mining Group 57,924,102 1.52

2,125,147,657 55.69

CAYMAN ISLANDS8,264,000 Agile Property Holdings 12,247,531 0.324,785,000 Anta Sports Products 7,608,625 0.20

40,481,000 Ausnutria Dairy 13,540,364 0.3513,328 AutoNavi Holdings ADR 213,048 0.01

58,432,000 Belle International Holdings 99,227,130 2.6043,366,000 China Resources Cement Holdings 33,027,585 0.8746,650,000 China Resources Land 85,220,826 2.2314,019,500 China Rongsheng Heavy Industry Group 11,957,814 0.312,955,000 China Shineway Pharmaceutical Group 8,487,010 0.221,344,877 Focus Media Holding ADR 29,580,570 0.78

146,114,000 Glorious Property Holdings 50,095,047 1.314,249,000 Greatview Aseptic Packaging 2,880,734 0.08

26,607,000 Intime Department Store Group 39,158,647 1.0340,294,000 KWG Property Holding 30,869,379 0.8168,737,000 Lee & Man Paper Manufacturing 52,305,947 1.3719,560,000 Li Ning 41,595,605 1.0912,321,000 Lonking Holdings 6,768,300 0.1833,741,000 Maoye International Holdings 15,257,698 0.40

275,946 New Oriental Education & Technology Group ADR 29,156,454 0.7676,479,000 Parkson Retail Group 118,263,959 3.1023,712,000 Springland International Holdings 18,943,732 0.5010,412,400 Tencent Holdings 227,923,204 5.97

934,329,209 24.49

HONG KONG16,261,000 China Agri-Industries Holdings 18,430,151 0.4810,695,000 China Mobile 106,116,205 2.788,076,000 China Resources Power Holdings 14,659,835 0.38

69,045,000 CNOOC 163,527,865 4.2989,262,000 Franshion Properties China 26,813,854 0.7042,551,000 Guotai Junan International Holdings 23,182,962 0.6133,087,000 Poly Hong Kong Investments 32,286,333 0.85

385,017,205 10.09

BERMUDA36,040,000 China Yurun Food Group 118,578,559 3.1150,928,000 COSCO Pacific 88,842,763 2.3330,392,000 Euro-Asia Agricultural Holdings 391 0.0010,592,000 Nine Dragons Paper Holdings 15,030,009 0.39

1,552,000 Orient Overseas International 15,159,409 0.4012,935,000 Sihuan Pharmaceutical Holdings 9,460,251 0.25

247,071,382 6.48

TAIWAN23,513,567 Advanced Semiconductor Engineering 27,248,953 0.7111,291,000 Formosa Chemicals & Fibre 38,062,815 1.00

65,311,768 1.71

SINGAPORE15,861,000 Yanlord Land Group 20,868,107 0.55

20,868,107 0.55

Total Shares and Warrants 3,777,745,328 99.01


3,777,745,328 99.01


Investment Funds

HONG KONG978,311 JF China New Generation Fund 10,595,104 0.28

498,532 JF China Pioneer A-Share Fund 14,397,616 0.37

24,992,720 0.65



24,992,720 0.65


Cash 37,948,437 0.99


Total Net Assets 3,815,830,117 100.00



Shares and WarrantsFinancials 37.27Materials 14.30Energy 13.43Consumer Discretionary 10.34Information Technology 6.69Consumer Staples 5.44Industrials 4.76Health Care 3.62Telecommunication Services 2.78Investment Companies 0.65Utilities 0.38Total Shares and Warrants 99.66Cash and Other Assets/(Liabilities) 0.34

Total 100.00


Shares, Warrants and RightsFinancials 38.70Energy 12.24Materials 10.92Consumer Discretionary 9.36Information Technology 6.98Consumer Staples 6.39Industrials 4.13Telecommunication Services 3.85Utilities 1.61Health Care 1.49Investment Companies 0.55Total Shares, Warrants and Rights 96.22Cash and Other Assets/(Liabilities) 3.78

Total 100.00

57

JPMorgan Funds - JF China FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares and Warrants

TAIWAN3,639,097 Acer 11,256,291 1.2515,750,201 Advanced Semiconductor Engineering 18,252,292 2.02

388,000 Asustek Computer 3,690,959 0.413,956,500 Cathay Financial Holding 7,025,180 0.783,486,000 China Petrochemical Development 3,453,706 0.384,792,000 Coretronic 7,855,131 0.872,118,000 Delta Electronics 10,337,468 1.157,837,000 Evergreen Marine 8,154,298 0.915,301,000 Formosa Chemicals & Fibre 17,870,072 1.988,091,718 Fubon Financial Holding 11,098,522 1.235,317,720 Hon Hai Precision Industry 21,393,126 2.372,746,232 Huaku Development 8,339,047 0.92

2,463,000 Kinsus Interconnect Technology 8,362,115 0.93247,000 Largan Precision 6,148,516 0.68627,054 MediaTek 8,977,124 0.99

2,434,000 Nan Ya Plastics 6,067,253 0.678,403,000 Polaris Securities 5,485,232 0.612,793,000 Powertech Technology 9,324,375 1.032,203,000 President Chain Store 10,147,633 1.12

20,766,235 Taishin Financial Holdings 12,308,688 1.366,981,241 Taiwan Cement 7,862,729 0.87

11,058,610 Taiwan Semiconductor Manufacturing 26,958,801 2.992,172,000 TSRC 5,034,092 0.565,146,000 Unimicron Technology 10,046,574 1.112,005,000 Wintek 3,450,017 0.3810,118,000 Yuanta Financial Holding 7,559,425 0.84

256,458,666 28.41

CHINA23,617,000 Agricultural Bank of China - H Shares * 11,834,174 1.3151,034,700 Bank of China - H Shares * 26,885,940 2.985,097,500 BBMG - H Shares * 6,859,535 0.762,613,000 Beijing Jingkelong - H Shares * 3,465,803 0.385,020,000 China Communications Construction - H Shares * 4,381,868 0.49

39,397,780 China Construction Bank - H Shares * 35,301,944 3.912,897,000 China Life Insurance - H Shares * 11,805,132 1.313,325,000 China Merchants Bank - H Shares * 8,401,153 0.932,852,661 China Merchants Property Development - B Shares 5,409,454 0.60

4,442,000 China National Building Material - H Shares * 10,137,665 1.126,664,000 China Oilfield Services - H Shares * 14,385,756 1.59

13,820,000 China Petroleum & Chemical - H Shares * 13,201,104 1.4613,355,000 China Suntien Green Energy - H Shares * 3,771,240 0.42

7,334,241 China Vanke - B Shares 9,048,561 1.001,249,800 Dongfang Electric - H Shares * 6,174,154 0.68

17,547,665 Industrial & Commercial Bank of China - H Shares * 13,048,270 1.452,422,000 Jiangxi Copper - H Shares * 7,953,268 0.881,736,000 Lianhua Supermarket Holdings - H Shares * 8,280,120 0.921,936,500 Ping An Insurance Group Co. of China - H Shares * 21,605,661 2.394,112,000 Yanzhou Coal Mining - H Shares * 12,510,942 1.39

13,688,000 Zijin Mining Group - H Shares * 12,599,560 1.40

247,061,304 27.37

HONG KONG1,835,600 AIA Group 5,177,539 0.574,110,500 BOC Hong Kong Holdings 14,013,489 1.551,861,000 Cheung Kong Holdings 28,741,821 3.182,829,205 China Mobile 28,071,482 3.112,153,000 China Taiping Insurance Holdings 6,612,918 0.73

17,993,000 CNOOC 42,615,061 4.733,747,000 Hang Lung Properties 17,558,564 1.95

671,000 Hutchison Whampoa 6,918,816 0.776,411,000 Poly Hong Kong Investments 6,255,861 0.692,425,000 Wharf Holdings 18,687,203 2.07

707,000 Wing Hang Bank 9,850,394 1.09

184,503,148 20.44

CAYMAN ISLANDS6,178,000 Agile Property Holdings 9,156,007 1.023,615,000 Anta Sports Products 5,748,209 0.642,809,000 China Shineway Pharmaceutical Group 8,067,685 0.897,875,000 China Vanadium Titano - Magnetite Mining 3,743,439 0.424,557,000 Greatview Aseptic Packaging 3,089,551 0.34

11,480,000 Hengdeli Holdings 6,933,990 0.777,043,000 Hidili Industry International Development 5,975,555 0.669,025,000 International Mining Machinery Holdings 7,332,065 0.817,034,000 Intime Department Store Group 10,352,235 1.15

15,394,000 Maoye International Holdings 6,961,175 0.773,353,000 Microport Scientific 3,213,628 0.363,045,792 Parkson Retail Group 4,709,887 0.524,812,400 Sands China 10,654,874 1.18

3,208,000 Sany Heavy Equipment International Holdings 4,729,603 0.527,425,000 Springland International Holdings 5,931,900 0.66

940,500 Tencent Holdings 20,587,163 2.282,222,000 Tingyi Cayman Island Holding 5,725,728 0.638,491,000 Want Want China Holdings 7,482,645 0.83

130,395,339 14.45

BERMUDA3,296,000 China Resources Gas Group 4,783,018 0.533,071,000 China Yurun Food Group 10,104,183 1.12

4,986,000 COSCO Pacific 8,697,966 0.97241,200 Jardine Matheson Holdings 10,728,576 1.19

2,241,500 Kerry Properties 11,736,508 1.301,316,000 Li & Fung 7,682,070 0.851,149,000 Orient Overseas International 11,223,042 1.238,025,000 Sihuan Pharmaceutical Holdings 5,869,232 0.65

70,824,595 7.84

SINGAPORE268,000 MediaTek - Warrants 18.02.11 3,848,480 0.43

3,848,480 0.43

Total Shares and Warrants 893,091,532 98.94


893,091,532 98.94


Cash 11,190,986 1.24





Shares and WarrantsFinancials 37.73Information Technology 16.63Materials 11.43Consumer Discretionary 8.34Energy 8.20Industrials 6.76Consumer Staples 3.88Telecommunication Services 3.54Health Care 1.90Utilities 0.53Total Shares and Warrants 98.94Cash and Other Assets/(Liabilities) 1.06

Total 100.00


Shares and WarrantsFinancials 40.63Information Technology 20.89Energy 7.79Materials 7.73Consumer Discretionary 7.62Telecommunication Services 5.00Consumer Staples 3.90Industrials 3.00Utilities 1.46Total Shares and Warrants 98.02Cash and Other Assets/(Liabilities) 1.98

Total 100.00

58

JPMorgan Funds - JF Greater China FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


MarketValue

%of

NetAssets

Quantity/Nominal

Value


MarketValue

%of

NetAssets


Shares

INDIA1,830,662 ACC 44,031,689 1.33

15,484,556 Ambuja Cements 49,485,476 1.501,665,843 Axis Bank 50,218,377 1.521,335,138 Bajaj Auto 45,866,910 1.39

1,986,865 Bharat Heavy Electricals 103,670,008 3.141,330,914 Bharat Petroleum 19,564,867 0.593,916,450 Bharti Airtel 31,259,779 0.951,100,000 Cairn India 8,193,112 0.25

787,277 Cummins India 13,778,448 0.421,155,777 Divi’s Laboratories 16,666,555 0.50

1,084,490 Dr. Reddy’s Laboratories 40,418,262 1.224,610,869 Exide Industries 17,210,199 0.52

633,102 Glenmark Pharmaceuticals 5,171,430 0.16603,207 Godrej Properties 8,295,361 0.25634,823 Grasim Industries 34,718,226 1.05

4,463,821 HDFC Bank 233,860,196 7.08930,935 Hero Honda Motors 41,369,511 1.25

14,613,664 Hindalco Industries 80,487,087 2.441,923,082 Hindustan Petroleum 16,849,278 0.51

14,786,065 Housing Development Finance 240,391,359 7.283,083,468 ICICI Bank 78,588,266 2.382,488,300 ICICI Bank ADR 125,858,214 3.815,591,490 IndusInd Bank 32,981,225 1.003,780,000 Infosys Technologies 290,717,209 8.80

440,000 Infosys Technologies ADR 33,508,200 1.0222,587,209 Infrastructure Development Finance 92,452,732 2.8034,228,067 ITC 133,708,769 4.05

3,868,239 Jindal Steel & Power 61,583,420 1.871,301,560 JSW Steel 34,160,310 1.037,017,486 Kotak Mahindra Bank 70,928,163 2.153,199,897 Larsen & Toubro 141,517,529 4.292,734,215 Mahindra & Mahindra 47,583,535 1.442,254,296 Maruti Suzuki India 73,009,475 2.217,319,015 Mundra Port and Special Economic Zone 23,516,929 0.71

3,802,398 NHPC 2,400,149 0.079,750,000 NTPC 43,838,477 1.33

523,833 Oberoi Realty 2,982,328 0.09391,108 Oil & Natural Gas 11,295,250 0.34

1,717,035 Power Finance 11,920,174 0.3610,750,419 Reliance Industries 254,257,086 7.703,988,884 Rural Electrification 26,605,941 0.81

530,500 Shriram Transport Finance 9,286,568 0.285,646,586 Sterlite Industries India 23,557,433 0.714,261,355 Sun Pharmaceuticals Industries 46,082,483 1.40

5,882,000 Tata Consultancy Services 153,183,249 4.644,898,349 Tata Motors 142,804,154 4.32

400,000 Tata Motors - A Shares 7,030,303 0.211,763,622 Tata Power 53,857,226 1.63

51,428 Ultra Tech Cement 1,240,385 0.042,401,973 Union Bank of India 18,779,837 0.57

5,700,000 Wipro 62,557,867 1.89

3,213,299,016 97.30

Total Shares 3,213,299,016 97.30


3,213,299,016 97.30


Cash 93,046,266 2.82


Total Net Assets 3,302,323,321 100.00


SharesFinancials 30.29Information Technology 16.35Consumer Discretionary 10.82Materials 9.97Energy 9.39Industrials 9.17Consumer Staples 4.05Health Care 3.28Utilities 3.03Telecommunication Services 0.95Total Shares 97.30Cash and Other Assets/(Liabilities) 2.70

Total 100.00


SharesFinancials 32.07Information Technology 15.49Energy 11.06Industrials 10.81Consumer Discretionary 9.73Materials 7.94Health Care 3.71Consumer Staples 3.30Utilities 2.86Total Shares 96.97Cash and Other Assets/(Liabilities) 3.03

Total 100.00

59

JPMorgan Funds - JF India FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - JF India FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)


ExpirationDate

Number ofContracts Security Description Currency

NotionalValue


Equity Futures

Jan-11 1,465 Grasim Industries Index Future INR 9,670,835 117,005

Total 117,005

60


Shares

SOUTH KOREA15,220 Busan Bank 193,626 0.195,406 CJ O Shopping 1,102,777 1.09

13,500 Daelim Industrial 1,406,810 1.3959,690 Daishin Securities Prefrence Shares 563,911 0.5658,000 Dongsuh 1,944,113 1.9211,000 GS Engineering & Construction 1,126,820 1.11

92,000 Halla Climate Control 1,624,320 1.6122,000 Hana Financial Group 843,533 0.83

9,218 Hanil Cement 487,026 0.4855,550 Hanjin Heavy Industries & Construction 1,859,533 1.8435,290 Hanjin Shipping 1,201,631 1.19

3,354 Hite Brewery 356,935 0.35130,000 Hynix Semiconductor 2,764,060 2.73

5,300 Hyundai Department Store 653,148 0.65103,500 Hyundai Development 3,112,007 3.07

27,500 Hyundai Engineering & Construction 1,758,374 1.737,600 Hyundai Heavy Industries 2,981,282 2.945,000 Hyundai Home Shopping Network 454,666 0.4511,500 Hyundai Mipo Dockyard 2,282,291 2.2510,500 Hyundai Mobis 2,646,024 2.61

100,000 Hyundai Securities 1,316,430 1.30105,000 KB Financial Group 5,570,822 5.50

2,150 KCC 750,155 0.74130,000 Korea Electric Power 3,471,614 3.43206,000 Korea Exchange Bank 2,155,803 2.13

23,300 Korea Kumho Petrochemical 1,862,020 1.8429,000 KT&G 1,659,233 1.6442,000 LG Display 1,478,428 1.46

5,300 LG Electronics 552,303 0.55300,000 LG Uplus 1,902,297 1.88

1,100 Lotte Chilsung Beverage 935,041 0.925,700 OCI 1,663,414 1.642,083 Orion 712,491 0.709,000 POSCO 3,876,941 3.83

325 Samsung Electro-Mechanics 35,737 0.046,500 Samsung Electronics 5,456,215 5.398,400 Samsung Electronics GDR 144A 3,530,520 3.492,600 Samsung Engineering 442,365 0.446,300 Samsung Fire & Marine Insurance 1,251,693 1.23

22,000 Samsung Techwin 2,010,266 1.9834,500 Shinhan Financial Group 1,616,687 1.60

3,100 Shinsegae 1,683,128 1.664,500 SK Energy 771,605 0.768,100 SK Telecom 1,241,936 1.23

10,060 S-Oil Prefrence Shares 494,564 0.4970,000 STX 1,767,114 1.7550,000 STX Offshore & Shipbuilding 1,105,137 1.09

155,000 STX Pan Ocean 1,567,215 1.557,875 Yuhan 1,207,437 1.19

81,451,498 80.44

Total Shares 81,451,498 80.44


81,451,498 80.44


Cash 19,147,761 18.91




SharesIndustrials 16.08Financials 15.09Information Technology 15.09Consumer Discretionary 11.14Materials 8.53Consumer Staples 5.53Utilities 3.43Telecommunication Services 3.11Energy 1.25Health Care 1.19Total Shares 80.44Cash and Other Assets/(Liabilities) 19.56

Total 100.00


SharesIndustrials 19.37Consumer Discretionary 12.86Financials 12.01Information Technology 9.06Consumer Staples 4.62Energy 4.57Telecommunication Services 3.10Materials 2.35Utilities 2.01Health Care 0.76Total Shares 70.71Cash and Other Assets/(Liabilities) 29.29

Total 100.00

61

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

JPMorgan Funds - JF Korea Equity FundSchedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)


ExpirationDate

Number ofContracts Security Description Currency

NotionalValue


Equity Futures

Mar-11 164 KOSPI 200 Index Future KRW 19,884,066 677,773

Total 677,773

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



AmountSold


15-Jun-11 KRW 2,500,000,000 USD 2,173,724 25,81815-Sep-11 KRW 1,700,000,000 USD 1,429,653 63,19931-Oct-11 KRW 250,000,000 USD 220,790 (1,379)

Total 87,638

62


Shares

JAPAN40,200 Canon 2,084,472 6.2918,300 FUJIFILM Holdings 661,134 1.99

151,000 Fujitsu 1,051,089 3.17127,000 Hitachi 676,896 2.0420,600 Ibiden 649,392 1.96

2,600 Keyence 753,533 2.277,900 Kyocera 807,115 2.43

10,300 Murata Manufacturing 720,772 2.17109,000 NEC 328,047 0.99

5,100 Nintendo 1,494,719 4.5144,000 Nippon Electric Glass 634,761 1.9233,700 Omron 894,145 2.7013,200 Sony 475,746 1.4410,000 Tokyo Electron 632,693 1.91

211,000 Toshiba 1,146,683 3.461,601 Yahoo! Japan 621,264 1.87

13,632,461 41.12

TAIWAN163,000 Acer 504,184 1.52466,949 Advanced Semiconductor Engineering 541,129 1.63467,000 AU Optronics 485,908 1.47

70,000 Catcher Technology 258,792 0.78141,000 Chicony Electronics 314,704 0.95542,178 Compal Electronics 719,463 2.17141,000 Delta Electronics 688,188 2.08459,588 Hon Hai Precision Industry 1,848,917 5.5828,000 HTC 864,162 2.6181,000 Orise Technology 176,619 0.53

181,050 Powertech Technology 604,432 1.8289,790 Silitech Technology 278,967 0.84

269,000 Synnex Technology International 726,840 2.19799,940 Taiwan Semiconductor Manufacturing 1,950,102 5.88

9,962,407 30.05

SOUTH KOREA14,592 Duksan Hi-Metal 264,409 0.8035,540 Hynix Semiconductor 761,223 2.299,300 KT 383,258 1.16

6 LG Uplus 38 0.008,026 Melfas 207,326 0.621,678 OCI 493,296 1.497,455 Samsung C&T 524,059 1.582,333 Samsung Electronics 1,972,800 5.952,910 Samsung Electronics GDR 144A 1,232,385 3.725,837 Samsung Techwin 537,293 1.62

6,376,087 19.23

CAYMAN ISLANDS44,900 Tencent Holdings 982,843 2.96

982,843 2.96

INDIA8,735 Infosys Technologies 671,803 2.03

671,803 2.03

HONG KONG246,000 Lenovo Group 157,763 0.48

157,763 0.48

Total Shares 31,783,364 95.87

Total Transferable Securities Admitted to an OfficialExchange Listing

31,783,364 95.87


Cash 1,168,909 3.53




SharesInformation Technology 78.80Consumer Discretionary 7.94Industrials 6.48Materials 1.49Telecommunication Services 1.16Total Shares 95.87Cash and Other Assets/(Liabilities) 4.13

Total 100.00


SharesInformation Technology 74.49Consumer Discretionary 6.90Telecommunication Services 6.02Industrials 5.45Financials 1.65Materials 0.96Total Shares 95.47Cash and Other Assets/(Liabilities) 4.53

Total 100.00

63

JPMorgan Funds - JF Pacific Technology FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

SINGAPORE1,394,000 Allgreen Properties 1,289,834 0.601,500,000 Amtek Engineering 1,270,789 0.594,788,000 Cache Logistics Trust 3,598,384 1.683,300,000 CapitaLand 9,572,499 4.461,553,700 CapitaMall Trust 2,371,737 1.11

927,000 CapitaMalls Asia 1,400,597 0.65650,000 City Developments 6,400,016 2.98

1,100,435 DBS Group Holdings 12,321,573 5.741,350,000 Fraser and Neave 6,762,122 3.158,290,000 Genting Singapore 14,143,554 6.591,400,000 Global Logistic Properties 2,355,743 1.10

800,000 Guocoland 1,614,742 0.75600,000 Hotel Properties 1,307,098 0.61

1,200,000 Indofood Agri Resources 2,628,250 1.2350,000 Jardine Cycle & Carriage 1,433,201 0.67

2,198,000 Keppel 19,445,100 9.071,388,815 Keppel Land 5,216,054 2.43

1,300,000 M1/Singapore 2,395,565 1.124,250,000 Neptune Orient Lines 7,267,510 3.392,320,499 Oversea-Chinese Banking 17,964,978 8.372,001,000 Overseas Union Enterprise 5,148,196 2.40

560,700 SATS 1,258,696 0.5948,000 SembCorp Marine 201,452 0.09

850,000 Singapore Airlines 10,174,514 4.74860,000 Singapore Exchange 5,660,811 2.64

2,942,000 Singapore Telecommunications 7,029,375 3.27700,000 StarHub 1,440,228 0.67

1,000,000 Straits Asia Resources 1,948,153 0.912,000,000 Super Group 2,194,113 1.021,374,429 United Overseas Bank 19,564,176 9.12350,000 Venture 2,536,113 1.18

1,000,000 Wilmar International 4,399,938 2.052,890,000 Yangzijiang Shipbuilding Holdings 4,332,631 2.026,000,000 Yongnam Holdings 1,393,769 0.65

188,041,511 87.64

BERMUDA5,200,000 FibreChem Technologies 406 0.006,108,545 Noble Group 10,374,081 4.84

10,374,487 4.84

MALAYSIA600,000 Genting 2,186,275 1.02

3,208,700 UEM Land Holdings 2,553,328 1.19

4,739,603 2.21

MAURITIUS5,979,000 Golden Agri-Resources 3,723,161 1.74

3,723,161 1.74

THAILAND1,074,400 Sri Trang Agro-Industry (Foreign) 1,282,666 0.60

1,282,666 0.60

CAYMAN ISLANDS1,400,000 Mewah International 1,142,344 0.53

1,142,344 0.53

Total Shares 209,303,772 97.56


209,303,772 97.56


Cash 4,071,997 1.90




SharesFinancials 56.90Consumer Discretionary 14.27Industrials 12.07Consumer Staples 6.57Telecommunication Services 5.06Materials 1.51Information Technology 1.18Total Shares 97.56Cash and Other Assets/(Liabilities) 2.44

Total 100.00


SharesFinancials 60.57Industrials 12.04Consumer Discretionary 9.31Consumer Staples 6.16Telecommunication Services 5.76Materials 0.34Information Technology 0.28Total Shares 94.46Cash and Other Assets/(Liabilities) 5.54

Total 100.00

64

JPMorgan Funds - JF Singapore FundSchedule of Investments (Market Value Expressed in USD)


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

BRAZIL283,000 AES Tiete 3,537,713 0.20

1,184,471 AES Tiete Preference Shares 16,592,575 0.913,274,753 All America Latina Logistica 30,067,022 1.66788,400 Banco ABC Brasil Preference Shares 6,932,605 0.381,761,135 Banco Bradesco ADR 35,381,202 1.95

2,283,100 Banco do Estado do Rio Grande do Sul PreferenceShares 24,019,614 1.32

1,685,400 BM&F Bovespa 13,374,661 0.743,354,124 BR Malls Participacoes 34,298,265 1.891,253,681 Bradespar Preference Shares 32,868,098 1.81

2,462,100 Brasil Brokers Participaçoes 13,773,831 0.7615,300 Brasil Insurance Participacoes e Administracao 17,312,067 0.95

2,447,528 BRF - Brasil Foods 40,635,004 2.24521,695 BRF - Brasil Foods ADR 8,837,513 0.49

686,800 Cia Hering 11,107,021 0.612,192,271 Cía Siderúrgica Nacional ADR 36,150,549 1.99

321,555 Companhia de Bebidas das Americas ADR 8,537,285 0.472,099,220 Companhia de Bebidas das Americas Preference

Shares ADR 65,632,113 3.61897,800 Companhia de Concessoes Rodoviarias 25,088,687 1.38696,632 Companhia de Transmissao de Energia Eletrica

Paulista Preference Shares 23,517,357 1.293,044,993 Duratex 32,502,528 1.79

883,143 Estacio Participaçoes 14,051,090 0.771,377,800 Fibria Celulose 22,290,258 1.231,747,895 Gafisa 12,555,598 0.693,774,947 Gerdau Preference Shares ADR 52,528,388 2.892,069,553 Gol Linhas Aereas Inteligentes ADR 31,840,073 1.755,015,983 Investimentos Itau Preference Shares 39,653,889 2.182,286,513 Itau Unibanco Holding Preference Shares 54,434,560 3.001,190,069 Localiza Rent A CAR 18,823,360 1.04

814,434 Lojas Renner 27,621,641 1.52223,628 M Dias Branco 5,294,257 0.29707,200 Mills Estruturas e Servicos de Engenharia 8,493,636 0.47

3,707,600 MMX Mineracao e Metalicos 25,516,946 1.403,344,121 MRV Engenharia e Participacoes 32,384,536 1.79832,700 Multiplus 16,929,646 0.93950,969 Natura Cosmeticos 27,510,277 1.51

1,218,800 Odontoprev 18,078,439 1.006,455,100 OGX Petroleo e Gas Participacoes 77,332,992 4.264,714,648 PDG Realty Empreendimentos e Participacoes 29,099,437 1.602,696,615 Randon Participacoes Preference Shares 19,662,649 1.08

514,700 Souza Cruz 27,985,554 1.541,264,339 Sul America 15,108,908 0.83

303,030 Totvs 30,760,782 1.691,137,300 Usinas Siderurgicas de Minas Gerais Preference

Shares 12,858,369 0.71744,384 Vale ADR 25,439,323 1.40718,100 Vivo Participacoes Preference Shares ADR 23,833,739 1.31

1,381,837 Weg 18,242,910 1.01

1,168,496,967 64.33

MEXICO18,900,126 America Movil - L Shares 53,802,804 2.96

1,029,773 America Movil ADR - L Shares 58,599,233 3.232,747,845 Cemex ADR Participation Certificates 29,580,551 1.63

14,216,948 Compartamos 30,499,987 1.67284,473 Fomento Economico Mexicano ADR 15,919,109 0.88348,278 Grupo Aeroportuario del Sureste ADR 19,581,931 1.08

6,529,499 Grupo Financiero Banorte - O Shares 31,080,283 1.718,299,959 Grupo Mexico - B Shares 33,515,226 1.85

986,000 Grupo Televisa ADR 25,566,980 1.417,530,570 Mexichem 26,706,697 1.473,540,500 Urbi Desarrollos Urbanos 8,321,159 0.46

333,173,960 18.35

UNITED KINGDOM1,209,961 Antofagasta 30,536,086 1.68

585,762 JPMorgan Brazil Investment Trust 353,271 0.022,928,810 JPMorgan Brazil Investment Trust 5,287,738 0.292,206,551 Wellstream Holdings 27,024,707 1.49

63,201,802 3.48

LUXEMBOURG661,132 Tenaris ADR 32,395,468 1.78

486,406 Ternium ADR 20,531,197 1.13

52,926,665 2.91

CANADA1,260,563 Pacific Rubiales Energy 41,930,518 2.31698,300 Yamana Gold 8,878,885 0.49

50,809,403 2.80

UNITED STATES OF AMERICA273,500 First Cash Financial Services 8,575,592 0.47768,683 NII Holdings 34,198,707 1.88

42,774,299 2.35

PANAMA271,802 Copa Holdings - A Shares 15,976,522 0.88

448,400 Intergroup Financial Services 15,940,620 0.88

31,917,142 1.76

ARGENTINA556,084 Telecom Argentina ADR 13,815,907 0.76

13,815,907 0.76

BERMUDA31,400 Credicorp 3,784,642 0.21

466,800 Wilson Sons BDR 8,920,193 0.49

12,704,835 0.70

Total Shares 1,769,820,980 97.44


1,769,820,980 97.44


Investment Funds



41,804,332 2.30



41,804,332 2.30


Bank Overdraft (1,170,310) (0.06)


Total Net Assets 1,816,388,825 100.00

65

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


SharesFinancials 23.88Materials 18.33Industrials 15.03Consumer Staples 11.03Telecommunication Services 10.14Energy 8.06Consumer Discretionary 6.88Utilities 2.40Investment Companies 2.30Information Technology 1.69Total Shares 99.74Bank Overdraft and Other Assets/(Liabilities) 0.26

Total 100.00


SharesFinancials 21.72Materials 14.50Industrials 14.03Consumer Staples 11.80Telecommunication Services 9.75Energy 9.72Consumer Discretionary 5.77Utilities 2.82Investment Companies 2.74Information Technology 1.75Health Care 0.51Total Shares 95.11Cash and Other Assets/(Liabilities) 4.89

Total 100.00

66

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets


Shares

RUSSIA2,550,103 Bank St. Petersburg 14,195,993 0.497,527,242 Bank St. Petersburg Preference Shares 43,529,227 1.51

387,360 Chelyabinsk Zinc Plant 1,710,385 0.06440,002 Chelyabinsk Zinc Plant GDR 1,927,209 0.07

1,809,267 Cherkizovo Group Registered Shares GDR 34,355,234 1.195,783,196 Comstar United Telesystems GDR 38,573,917 1.341,950,296 DIXY Group 25,410,926 0.882,230,100 Gazprom OAO ADR 56,265,424 1.95

375,207,890 IDGC Holding 65,885,849 2.2916,932,000 Lenenergo 14,380,960 0.50

1,469,650 Lukoil OAO ADR 83,182,190 2.891,119,885 Magnit OJSC 149,027,339 5.17

4,469,066 Magnit OJSC Registered Shares GDR 131,390,540 4.568,535,234 Magnitogorsk Iron & Steel Works Registered Shares

GDR 124,614,416 4.328,080,583 MMC Norilsk Nickel ADR 191,429,011 6.648,991,927 Mobile Telesystems ADR 186,537,526 6.47

12,978,090 Mostotrest 102,949,091 3.572,541,746 Novolipetsk Steel Registered Shares GDR 120,860,022 4.19

78,520 Open Investments 3,345,949 0.122,246,038 Pharmacy Chain 36.6 7,569,634 0.264,110,089 RBC Information Systems 7,331,612 0.26

730,787 RBC Information Systems ADR 5,221,516 0.1812,301,800 Rosneft Oil Registered Shares GDR 88,080,888 3.06

80,490,450 Sberbank of Russia 274,932,842 9.544,301,860 Sistema JSFC Registered Shares GDR 106,987,259 3.715,914,387 Sistema-Hals Registered Shares GDR 9,847,454 0.34

10,145,823 Sitronics Registered Shares GDR 9,638,532 0.33703,194 Sollers 14,870,963 0.52

4,243,250 Surgutneftegaz ADR 44,851,152 1.564,056,207 Tatneft ADR 135,071,693 4.69

216,958 Veropharm 10,810,561 0.386,100,000 World Trade Center Moscow 2,563,180 0.09

2,107,348,494 73.13


157,605,291 5.47

KAZAKHSTAN3,349,340 Halyk Savings Bank of Kazakhstan Registered Shares

GDR 33,995,801 1.181,573,798 Kazkommertsbank Registered Shares GDR 9,128,028 0.324,132,269 KazMunaiGas Exploration Production GDR 81,777,603 2.841,596,355 Zhaikmunai Registered Shares GDR 19,395,713 0.67

144,297,145 5.01

UNITED STATES OF AMERICA1,087,208 BMB Munai 924,127 0.036,108,799 CTC Media 142,701,545 4.95

143,625,672 4.98

LUXEMBOURG1,249,061 Kernel Holding 31,290,221 1.091,568,469 Oriflame Cosmetics SDR 82,848,429 2.87

114,138,650 3.96

NETHERLANDS1,588,843 Amtel Registered Shares GDR 0 0.002,348,350 X5 Retail Group Registered Shares GDR 108,258,935 3.76

108,258,935 3.76


22,394,380 0.77


3,352,445 0.12


2,097,383 0.07

ISLE OF MAN5,817,707 Kazakhstan Kagazy Registered Shares GDR 1,454,427 0.05

1,454,427 0.05

BRITISH VIRGIN ISLANDS2,220,370 Orsu Metals 806,578 0.03

806,578 0.03



536,214 0.02

Total Shares 2,805,915,614 97.37


2,805,915,614 97.37


Investment Funds



57,270,151 1.99



57,270,151 1.99


Bank Overdraft (47,238,634) (1.64)


Total Net Assets 2,881,780,441 100.00


SharesEnergy 23.95Consumer Staples 19.52Materials 15.55Financials 13.59Telecommunication Services 11.52Consumer Discretionary 5.47Industrials 3.57Utilities 2.79Investment Companies 1.99Information Technology 0.77Health Care 0.64Total Shares 99.36Bank Overdraft and Other Assets/(Liabilities) 0.64

Total 100.00


SharesEnergy 24.53Consumer Staples 18.24Telecommunication Services 16.43Financials 13.30Materials 12.81Consumer Discretionary 5.10Investment Companies 3.06Utilities 1.38Industrials 1.08Information Technology 0.86Health Care 0.63Total Shares 97.42Cash and Other Assets/(Liabilities) 2.58

Total 100.00

67

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


Quantity/Nominal

Value


%of

NetAssets

Quantity/Nominal

Value


%of

NetAssets

1. Fund Total Expense Ratios (continued)For theperiodended

31 Dec 10

For theperiodended

31 Dec 10#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

CappedExpense

Ratio31 Dec 10

InceptionDate

JPMorgan Funds - Africa Equity FundJPM Africa Equity A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 14-May-08JPM Africa Equity A (acc) - EUR 1.90% 1.90% 1.90% 1.90% - - - - 09-Dec-08JPM Africa Equity A (dist) - GBP 1.90% 1.90% 1.90% 1.90% - - - - 24-Jul-08JPM Africa Equity A (inc) - EUR 1.90% 1.90% - - - - - - 21-Dec-10JPM Africa Equity B (acc) - USD 1.15% 1.15% 1.15% 1.15% - - - - 11-Aug-08JPM Africa Equity C (acc) - USD 0.95% 0.95% 0.95% - - - - - 24-Nov-09JPM Africa Equity D (acc) - USD 2.65% 2.65% 2.65% 2.65% 2.65% - - - 14-May-08JPM Africa Equity D (acc) - EUR 2.65% 2.65% 2.65% - - - - - 11-Jun-10JPM Africa Equity I (acc) - USD** 0.91% 1.18% - 0.91% 0.90% - - 0.91% 14-May-08

JPMorgan Funds - Asia Pacific Bond FundJPM Asia Pacific Bond A (acc) - USD 1.00% - 1.00% - - - - - 17-Mar-10JPM Asia Pacific Bond C (acc) - USD 0.55% - - - - - - - 27-Jul-10

JPMorgan Funds - Brazil Alpha Plus FundJPM Brazil Alpha Plus A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 18-Oct-07JPM Brazil Alpha Plus A (acc) - SGD** 1.90% - - - - - - 09-Aug-10JPM Brazil Alpha Plus A (dist) - USD 1.90% - 1.90% - - - - - 24-Nov-09JPM Brazil Alpha Plus B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - - 28-Jan-08JPM Brazil Alpha Plus C (acc) - USD 1.10% - 1.10% 1.10% - - - - 19-Mar-08JPM Brazil Alpha Plus D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 18-Oct-07JPM Brazil Alpha Plus D (acc) - EUR 2.90% - - - - - - - 13-Jul-10JPM Brazil Alpha Plus I (acc) - USD 1.06% - 1.05% 1.06% 1.06% - - 1.06% 18-Oct-07JPM Brazil Alpha Plus I (acc) - EUR 1.06% - 1.06% - - - - 1.06% 18-Jun-10

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 31-Mar-05JPM Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 04-Jul-94JF Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 15-Jun-01JPM Eastern Europe Equity B (acc) - EUR 1.20% - 1.20% 1.20% 1.20% 1.55% 1.55% - 20-Mar-06JPM Eastern Europe Equity C (acc) - EUR 1.10% - 1.10% 1.10% 1.09% 1.06% 1.05% - 25-Feb-05JPM Eastern Europe Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% 2.95% - 13-Oct-00JPM Eastern Europe Equity I (acc) - EUR 1.00% - 1.03% - 1.04% 1.02% 1.06% 1.06% 26-Jun-06JPM Eastern Europe Equity X (acc) - EUR 0.14% - 0.14% 0.15% 0.19% 0.17% 0.16% 0.20% 09-Nov-04

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 31-Mar-05JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 1.95% - 1.95% 1.95% - - - - 09-Dec-08JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 1.95% - - - - - - - 09-Aug-10JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 14-Apr-97JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.55% 1.55% - 03-Sep-04JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.08% 1.08% - 01-Feb-05JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% 2.95% - 13-Oct-00JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 2.95% - - - - - - - 13-Jul-10JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD* - - - 1.05% 1.06% 1.05% 0.01% 1.06% 26-Jun-06JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 0.18% - 0.19% - - 0.12% 0.20% 0.20% 09-Feb-05

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Emerging Markets Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Sep-05JPM Emerging Markets Equity A (acc) - SGD 1.90% - 1.90% - - - - - 14-Dec-09JPM Emerging Markets Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Apr-94JPM Emerging Markets Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Emerging Markets Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 22-Dec-04JPM Emerging Markets Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.08% 1.07% 1.07% - 01-Feb-05JPM Emerging Markets Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM Emerging Markets Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 08-May-06JPM Emerging Markets Equity I (acc) - USD 1.06% - 1.01% 1.05% 1.03% 1.02% - 1.06% 27-Jun-06JPM Emerging Markets Equity I (acc) - EUR 1.06% - 1.01% 1.05% - - - 1.06% 28-Apr-09JPM Emerging Markets Equity I (inc) - EUR 1.06% - 1.01% 1.05% 1.03% 1.02% 0.09% 1.06% 30-May-06JPM Emerging Markets Equity X (acc) - USD 0.20% - 0.16% 0.19% 0.18% 0.17% 0.18% 0.20% 23-Nov-04JPM Emerging Markets Equity X (dist) - USD 0.20% - 0.17% 0.20% - - - 0.20% 10-Feb-09JPM Emerging Markets Equity X (inc) - EUR 0.20% - 0.16% 0.19% 0.18% 0.17% 0.10% 0.20% 19-Dec-05

JPMorgan Funds - Emerging Markets Infrastructure Equity FundJPM Emerging Markets Infrastructure Equity A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 28-Apr-08JPM Emerging Markets Infrastructure Equity A (acc) - EUR 1.90% 2.43% 1.90% 1.90% - - - - 09-Dec-08JPM Emerging Markets Infrastructure Equity B (acc) - USD 1.15% 1.45% 1.15% 1.15% - - - - 11-Aug-08JPM Emerging Markets Infrastructure Equity C (acc) - USD 0.95% 1.48% 0.95% - - - - - 27-Jul-09JPM Emerging Markets Infrastructure Equity D (acc) - USD 2.65% 2.65% 2.65% 2.65% 2.65% - - - 28-Apr-08JPM Emerging Markets Infrastructure Equity D (acc) - EUR 2.65% 2.80% 2.65% - - - - - 11-Jun-10

68

JPMorgan FundsAppendix - Unaudited Additional Disclosures

***


31 Dec 10

For theperiodended

31 Dec 10#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

CappedExpense

Ratio31 Dec 10

InceptionDate

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - EUR 1.40% 1.40% 1.40% 1.40% 1.40% - - - 24-Jan-08JPM Emerging Markets Local Currency Debt A (acc) - USD 1.40% 1.40% 1.40% 1.40% 1.40% - - - 24-Jan-08JPM Emerging Markets Local Currency Debt A (dist) - GBP 1.40% 1.63% - - - - - - 13-Aug-10JPM Emerging Markets Local Currency Debt A (inc) - EUR 1.40% 1.40% - - - - - - 27-Dec-10JPM Emerging Markets Local Currency Debt A (mth) - USD 1.40% 1.40% 1.40% - - - - - 20-Nov-09JPM Emerging Markets Local Currency Debt B (acc) - USD 0.85% 0.88% 0.85% - 0.85% - - - 14-Feb-08JPM Emerging Markets Local Currency Debt C (acc) - EUR 0.70% 0.70% - - - - - - 01-Oct-10JPM Emerging Markets Local Currency Debt C (acc) - USD 0.70% 0.85% 0.70% - - - - - 09-Mar-10JPM Emerging Markets Local Currency Debt D (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% - - - 24-Jan-08JPM Emerging Markets Local Currency Debt D (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 24-Jan-08JPM Emerging Markets Local Currency Debt D (inc) - EUR 1.90% 1.90% 1.90% - - - - - 19-Apr-10JPM Emerging Markets Local Currency Debt I (acc) - EUR* - - - - - - - 0.66% 26-Oct-10JPM Emerging Markets Local Currency Debt X (acc) - EUR** 0.15% 0.15% - 0.15% - - - 0.15% 01-Oct-08JPM Emerging Markets Local Currency Debt X (acc) - USD 0.15% 0.15% 0.15% 0.15% - - - 0.15% 01-Jul-08

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 31-Mar-05JPM Emerging Middle East Equity A (acc) - EUR 1.95% - 1.95% 1.95% - - - - 10-Dec-08JPM Emerging Middle East Equity A (acc) - SGD 1.95% - - - - - - - 09-Aug-10JPM Emerging Middle East Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 18-May-98JPM Emerging Middle East Equity B (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.55% 1.55% - 19-Apr-05JPM Emerging Middle East Equity C (acc) - USD 1.10% - 1.10% 1.10% 0.98% - - - 21-Jan-08JPM Emerging Middle East Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% 2.95% - 13-Oct-00JPM Emerging Middle East Equity D (acc) - EUR 2.95% - - - - - - - 13-Jul-10JPM Emerging Middle East Equity I (acc) - USD 1.06% - - - - - - 1.06% 08-Dec-10

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Global Dynamic A (acc) - CHF (hedged) 1.90% - - - - - - - 31-Aug-10JPM Global Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - - 21-Nov-06JPM Global Dynamic A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% - - - 30-Oct-07JPM Global Dynamic A (acc) - SGD 1.90% - 1.90% - - - - - 14-Dec-09JPM Global Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00JF Global Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 27-May-04JPM Global Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00JPM Global Dynamic A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-May-06JPM Global Dynamic B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 26-Aug-04JPM Global Dynamic C (acc) - USD 1.00% - 1.00% 1.00% 0.96% 0.95% 0.96% - 26-Aug-04JPM Global Dynamic C (acc) - EUR 1.00% - 1.00% 1.00% 0.97% 0.03% - - 20-Jun-07JPM Global Dynamic C (acc) - EUR (hedged) 1.00% - 1.00% 1.00% 0.97% - - - 24-Jan-08JPM Global Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 08-Dec-00JPM Global Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 08-May-06JPM Global Dynamic D (acc) - EUR (hedged) 2.90% - 2.90% 2.90% 2.90% - - - 30-Oct-07JPM Global Dynamic I (acc) - USD 0.96% - 0.95% 0.95% 0.93% 0.14% - 0.96% 07-May-07JPM Global Dynamic I (inc) - EUR 0.96% - 0.94% 0.96% - - - 0.96% 29-Jan-09JPM Global Dynamic X (acc) - USD 0.15% - 0.14% 0.15% 0.12% 0.11% 0.12% 0.15% 23-Nov-04JPM Global Dynamic X (acc) - EUR 0.15% - 0.14% 0.15% 0.12% 0.05% - 0.15% 19-Jan-07

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 21-Dec-04JPM Global Natural Resources A (acc) - SGD 1.90% - 1.90% - - - - - 14-Dec-09JPM Global Natural Resources A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 12-Sep-06JPM Global Natural Resources A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 14-Mar-05JPM Global Natural Resources B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 22-Apr-05JPM Global Natural Resources C (acc) - EUR 1.05% - 1.05% 1.05% 0.98% 0.97% 1.01% - 14-Mar-05JPM Global Natural Resources C (acc) - USD 1.05% - 1.05% 1.05% 0.97% 0.23% - - 05-Apr-07JPM Global Natural Resources D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 05-Dec-05JPM Global Natural Resources D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - - 08-Jun-07JPM Global Natural Resources X (acc) - EUR 0.20% - 0.13% 0.17% 0.13% 0.13% 0.14% 0.20% 19-Apr-05JPM Global Natural Resources X (acc) - USD 0.20% - - - - - 0.20% 0.20% 20-Oct-10

JPMorgan Funds - JF ASEAN Equity FundJF ASEAN Equity A (acc) - USD 1.90% - 1.90% - - - - - 04-Sep-09JF ASEAN Equity A (acc) - EUR 1.90% - 1.90% - - - - - 04-Sep-09JF ASEAN Equity A (acc) - SGD 1.90% - - - - - - - 10-Aug-10JF ASEAN Equity B (acc) - USD 1.15% - - - - - - - 09-Nov-10JF ASEAN Equity B (acc) - EUR 1.15% - - - - - - - 09-Nov-10JF ASEAN Equity C (acc) - USD 0.95% - - - - - - - 29-Jan-10JF ASEAN Equity D (acc) - USD 2.65% - 2.65% - - - - - 12-Nov-09JF ASEAN Equity D (acc) - EUR 2.65% - 2.65% - - - - - 12-Nov-09JF ASEAN Equity X (acc) - USD 0.15% - - - - - 0.15% 0.15% 19-Nov-10

69

JPMorgan FundsAppendix - Unaudited Additional Disclosures (continued)


31 Dec 10

For theperiodended

31 Dec 10#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

CappedExpense

Ratio31 Dec 10

InceptionDate

JPMorgan Funds - JF Asia Pacific ex-Japan Equity FundJF Asia Pacific ex-Japan Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JF Asia Pacific ex-Japan Equity A (acc) - SGD 1.90% - - - - - - - 10-Aug-10JF Asia Pacific ex-Japan Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 12-Sep-89JF Asia Pacific ex-Japan Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JF Asia Pacific ex-Japan Equity B (acc) - USD 1.15% - 1.15% - - 1.25% 1.25% - 28-Dec-04JF Asia Pacific ex-Japan Equity C (acc) - USD 1.00% - 1.00% 1.00% 0.75% 0.99% 0.99% - 26-Aug-04JF Asia Pacific ex-Japan Equity C (acc) - BRL (hedged) 1.00% - - - - - - - 02-Sep-10JF Asia Pacific ex-Japan Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 13-Oct-00JF Asia Pacific ex-Japan Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.65% - 08-May-06JF Asia Pacific ex-Japan Equity I (acc) - USD 0.96% - 0.95% 0.96% 0.72% 0.95% 0.01% 0.96% 26-Jun-06JF Asia Pacific ex-Japan Equity X (acc) - USD 0.20% - 0.19% 0.20% 0.15% 0.20% 0.20% 0.20% 16-Dec-04

JPMorgan Funds - JF China FundJF China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JF China A (acc) - SGD 1.90% - 1.90% - - - - - 14-Dec-09JF China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 04-Jul-94JF China A (dist) - HKD 1.90% - - - - - - - 20-Sep-10JF China B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 21-Feb-06JF China C (acc) - USD 1.00% - 1.00% 1.00% 0.94% 0.94% 0.97% - 01-Feb-05JF China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JF China D (acc) - EUR 2.90% - - - - - - - 13-Jul-10JF China I (acc) - USD 0.96% - 0.87% 0.92% 0.82% 0.30% - 0.96% 26-Feb-07JF China X (acc) - USD** 0.20% - - - 0.17% 0.02% - 0.20% 18-May-07

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JF Greater China A (acc) - SGD 1.90% - 1.90% - - - - - 14-Dec-09JF Greater China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01JF Greater China A (dist) - HKD 1.90% - - - - - - - 20-Sep-10JF Greater China B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 10-Feb-06JF Greater China C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 0.98% 1.00% - 01-Feb-05JF Greater China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 25-May-01JF Greater China D (acc) - EUR 2.90% - - - - - - - 13-Jul-10JF Greater China I (acc) - USD** 0.96% - - - - - - 0.96% 28-Jun-06JF Greater China X (acc) - USD* - - - 0.20% 0.20% 0.19% - 0.20% 09-Dec-04

JPMorgan Funds - JF India FundJF India A (acc) - USD 2.10% - 2.10% 2.10% 2.10% 2.10% 2.10% - 01-Apr-05JF India A (acc) - SGD 2.10% - 2.10% - - - - - 14-Dec-09JF India A (dist) - USD 2.10% - 2.10% 2.10% 2.10% 2.10% 2.10% - 31-Aug-95JF India B (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.70% 1.70% - 03-Sep-04JF India C (acc) - USD 1.20% - 1.20% 1.20% 1.08% 1.09% 1.10% - 05-Jan-05JF India D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JF India D (acc) - EUR 2.90% - - - - - - - 13-Jul-10JF India X (acc) - USD 0.40% - 0.31% 0.31% 0.29% 0.30% 0.34% 0.40% 09-Dec-04

JPMorgan Funds - JF Korea Equity FundJF Korea Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 28-Sep-07JF Korea Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 28-Sep-07JF Korea Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% - - - 19-May-08JF Korea Equity B (acc) - USD 1.15% - 1.15% - 1.15% - - - 05-Jun-08JF Korea Equity C (acc) - USD** 1.00% - 1.00% - 0.93% - - - 19-Mar-08JF Korea Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 28-Sep-07JF Korea Equity X (acc) - USD 0.20% - 0.19% - 0.01% - - 0.20% 18-Jun-08

JPMorgan Funds - JF Pacific Technology FundJF Pacific Technology A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JF Pacific Technology A (acc) - EUR 1.90% - 1.90% 1.90% - - - - 09-Dec-08JF Pacific Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 02-Jun-00JF Pacific Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JF Pacific Technology B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 08-May-06JF Pacific Technology C (acc) - USD 1.05% - 1.05% 1.05% 0.57% - - - 20-Jun-08JF Pacific Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00

JPMorgan Funds - JF Singapore FundJF Singapore A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JF Singapore A (acc) - SGD 1.90% - 1.90% - - - - - 14-Dec-09JF Singapore A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01JF Singapore B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 13-Feb-06JF Singapore C (acc) - USD 1.00% - 1.00% 1.00% 0.95% 0.97% 0.92% - 20-Jan-05JF Singapore D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 25-May-01JF Singapore I (acc) - USD* - - 0.95% 0.95% 0.92% 0.92% - 0.96% 29-Jun-06JF Singapore X (acc) - USD* - - - - 0.20% 0.20% 0.20% - 24-May-06

70



31 Dec 10

For theperiodended

31 Dec 10#

For theyear

ended30 Jun 10

For theyear

ended30 Jun 09

For theyear

ended30 Jun 08

For theyear

ended30 Jun 07

For theyear

ended30 Jun 06

CappedExpense

Ratio31 Dec 10

InceptionDate

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 31-Mar-05JPM Latin America Equity A (acc) - SGD 1.90% - - - - - - - 09-Aug-10JPM Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-May-92JF Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00JPM Latin America Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 08-Mar-06JPM Latin America Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.07% 1.05% 1.05% - 13-Jan-05JPM Latin America Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 13-Oct-00JPM Latin America Equity D (acc) - EUR 2.90% - - - - - - - 13-Jul-10JPM Latin America Equity I (acc) - USD 1.01% - 1.01% 1.05% 1.02% 1.01% 0.01% 1.06% 26-Jun-06JPM Latin America Equity X (acc) - USD 0.20% - 0.16% 0.19% 0.17% 0.15% 0.16% 0.20% 09-Nov-04

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 22-Nov-05JPM Russia A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 17-Nov-05JPM Russia B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.50% 1.50% - 04-May-06JPM Russia C (acc) - USD 1.10% - 1.10% 1.10% 1.10% - - - 13-Nov-07JPM Russia D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.90% - 27-Jan-06JPM Russia I (acc) - USD 1.06% - 1.01% 1.00% 1.06% 0.35% - 1.06% 25-Aug-06

Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association.# These figures include the Performance Fees, where applicable.* Share Class inactive at the end of the period.** Share Class reactivated during the period.*** The Total Expense Ratio (“TER”) represents the total operating cost as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisoryfees, custodian fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations. Overdraft interest and Performance Fees are excluded from the calculation.All those TER are annualised figures.

71


2. Summary of Investment Objectives of the Sub-Funds

JPMorgan Funds – Africa Equity Fund

Seeks to provide long-term capital growth by investing primarily in a portfolio of African companies.

JPMorgan Funds – Asia Pacific Bond Fund

Seeks to achieve a return in excess of Asia Pacific bond markets by investing primarily in Asia Pacific currencies and fixed and floating rate debt securities,using derivative strategies where appropriate.

JPMorgan Funds – Brazil Alpha Plus Fund

Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies.

JPMorgan Funds – Eastern Europe Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies in central and eastern Europe (the “Eastern Europe Countries”).

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

Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe, Middle Eastand Africa.

JPMorgan Funds – Emerging Markets Equity Fund

Seeks to provide long-term capital growth by investing primarily in emerging markets companies.

JPMorgan Funds – Emerging Markets Infrastructure Equity Fund

Seeks to provide long-term capital growth by investing primarily in emerging markets companies related to infrastructure opportunities.

JPMorgan Funds – Emerging Markets Local Currency Debt Fund

Seeks to achieve a return in excess of the bond markets of emerging countries through exposure primarily to local currency emerging market fixed andfloating rate debt instruments.

JPMorgan Funds – Emerging Middle East Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of the Middle East region.

JPMorgan Funds – Global Dynamic Fund

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally.

JPMorgan Funds – Global Natural Resources Fund

Seeks to provide long-term capital growth by investing primarily in natural resources companies, globally, many of which are in the early stages ofexploration.

JPMorgan Funds – JF ASEAN Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies of countries which are members of the Association of South East AsianNations (ASEAN).

JPMorgan Funds – JF Asia Pacific ex-Japan Equity Fund

Seeks to provide long-term capital growth by investing primarily in companies in the Asia Pacific Basin (excluding Japan).

JPMorgan Funds – JF China Fund

Seeks to provide long-term capital growth by investing primarily in companies of the People’s Republic of China.

JPMorgan Funds – JF Greater China Fund

Seeks to provide long-term capital growth by investing primarily in companies from the People’s Republic of China, Hong Kong and Taiwan (“Greater China”).

JPMorgan Funds – JF India Fund

Seeks to provide long-term capital growth by investing primarily in Indian companies.

JPMorgan Funds – JF Korea Equity Fund

Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Korean companies, using derivative strategies whereappropriate.

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2. Summary of Investment Objectives of the Sub-Funds (continued)

JPMorgan Funds – JF Pacific Technology Fund

Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related companies in the Pacific Basin(including Japan).

JPMorgan Funds – JF Singapore Fund

Seeks to provide long-term capital growth by investing primarily in Singaporean companies.

JPMorgan Funds – Latin America Equity Fund

Seeks to provide long-term capital growth by investing primarily in Latin American companies.

JPMorgan Funds – Russia Fund

Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies.

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3. Performance and Volatility

PerformanceReturns for periods greater than one year are annualised. Fund performance includes reinvestment of income and is net of all expenses.Past performance is no indication of current or future performance.

Volatility

The standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial period. The details below relate to the period from 1 July 2010 to 31 December 2010.

If D is equal to or less than 0.1 then volatility will be LowIf D is greater than 0.1 but less or equal to 1.0 then volatility will be MediumIf D is greater than 1.0 but less than or equal to 2.4 then volatility will be HighIf D is greater than 2.4 then volatility will be Very High

Performance (continued) 3 Months 6 Months 9 Months 1 year 2 years 3 years 4 years 5 years Volatility

JPMorgan Funds - Africa Equity FundJPM Africa Equity A (acc) - USD 12.37% 32.81% 22.43% 38.21% 131.97% - - - MediumJPM Africa Equity A (acc) - EUR 14.34% 21.51% 23.49% 48.05% 138.74% - - - MediumJPM Africa Equity A (dist) - GBP 13.77% 27.74% 18.99% 43.68% 116.33% - - - MediumJPM Africa Equity A (inc) - EUR* - - - - - - - - MediumJPM Africa Equity B (acc) - USD 12.61% 33.39% 23.09% 38.89% 134.49% - - - MediumJPM Africa Equity C (acc) - USD 12.56% 33.30% 23.14% 39.46% - - - - MediumJPM Africa Equity D (acc) - USD 12.18% 32.35% 21.75% 37.32% 128.96% - - - MediumJPM Africa Equity D (acc) - EUR 14.14% 21.10% - - - - - - MediumJPM Africa Equity I (acc) - USD*** 12.48% - - - - - - - Medium

JPMorgan Funds - Asia Pacific Bond FundJPM Asia Pacific Bond A (acc) - USD 0.74% 11.88% 8.73% - - - - - MediumJPM Asia Pacific Bond C (acc) - USD 0.83% - - - - - - - Medium

JPMorgan Funds - Brazil Alpha Plus FundJPM Brazil Alpha Plus A (acc) - USD 3.89% 23.81% 16.04% 12.45% 156.08% 17.17% - - HighJPM Brazil Alpha Plus A (acc) - SGD 1.51% - - - - - - - HighJPM Brazil Alpha Plus A (dist) - USD 3.81% 23.89% 15.81% 12.05% - - - - HighJPM Brazil Alpha Plus B (acc) - USD 3.98% 24.33% 16.68% 13.43% 160.34% - - - HighJPM Brazil Alpha Plus C (acc) - USD 4.06% 24.39% 16.67% 13.44% - - - - HighJPM Brazil Alpha Plus D (acc) - USD 3.64% 23.21% 15.42% 11.56% 151.72% 14.06% - - HighJPM Brazil Alpha Plus D (acc) - EUR 5.84% - - - - - - - HighJPM Brazil Alpha Plus I (acc) - USD 4.05% 24.42% 16.54% 13.33% 160.13% 19.94% - - HighJPM Brazil Alpha Plus I (acc) - EUR 6.58% 14.58% - - - - - - High

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 8.29% 18.93% 13.00% 33.71% 187.84% -18.20% 5.97% 41.39% MediumJPM Eastern Europe Equity A (dist) - EUR 8.27% 18.93% 12.99% 33.67% 187.79% -18.23% 5.93% 37.80% MediumJF Eastern Europe Equity A (dist) - EUR 8.26% 18.90% 12.97% 33.68% 187.78% -18.23% 5.92% 38.05% MediumJPM Eastern Europe Equity B (acc) - EUR 8.40% 19.31% 13.53% 34.55% 192.35% -16.30% - - MediumJPM Eastern Europe Equity C (acc) - EUR 8.48% 19.40% 13.74% 34.80% 192.79% -16.06% 9.66% 48.00% MediumJPM Eastern Europe Equity D (acc) - EUR 8.02% 18.36% 12.17% 32.37% 182.39% -20.51% 1.97% 34.73% MediumJPM Eastern Europe Equity I (acc) - EUR 8.51% 19.43% 13.75% 34.87% 263.08% 4.24% 36.16% - MediumJPM Eastern Europe Equity X (acc) - EUR 8.74% 19.95% 14.46% 36.05% 198.11% -13.82% 13.59% 54.34% Medium

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 7.64% 32.44% 16.85% 26.78% 138.20% -12.67% 15.72% - HighJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 9.52% 21.21% 17.85% 35.88% 148.51% - - - HighJPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 4.79% - - - - - - - HighJPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 7.63% 32.40% 16.81% 26.72% 137.31% -13.10% 15.13% 54.05% HighJPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 7.82% 32.90% 17.44% 27.69% 141.82% -10.65% 18.81% - HighJPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 7.84% 32.94% 17.57% 27.83% 142.08% -10.44% 19.63% - HighJPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 7.37% 31.77% 15.95% 25.48% 133.48% -15.26% 11.16% 50.57% HighJPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 9.25% - - - - - - - HighJPM Emerging Europe, Middle East and Africa Equity I (acc) - USD** - - - - - - - - HighJPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 8.06% 33.63% 18.33% - - - - - High

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 4.76% 24.70% 14.30% 17.90% 100.50% -5.29% 29.62% 74.79% MediumJPM Emerging Markets Equity A (acc) - EUR 6.65% 14.15% 15.35% 26.48% 109.38% 3.93% 27.61% 30.55% MediumJPM Emerging Markets Equity A (acc) - SGD 2.06% 14.32% 4.71% 7.73% - - - - MediumJPM Emerging Markets Equity A (dist) - USD 4.78% 24.70% 14.30% 17.91% 100.06% -5.84% 28.81% 69.98% MediumJPM Emerging Markets Equity A (dist) - GBP 6.02% 19.96% 11.07% 22.44% 87.90% 20.26% 61.77% 90.10% MediumJPM Emerging Markets Equity B (acc) - USD 4.97% 25.14% 14.90% 18.74% 103.45% -3.13% 33.09% 80.17% MediumJPM Emerging Markets Equity C (acc) - USD 4.98% 25.18% 14.97% 18.83% 103.84% -2.97% 33.93% 82.11% MediumJPM Emerging Markets Equity D (acc) - USD 4.50% 24.05% 13.44% 16.70% 96.58% -8.09% 24.55% 66.25% MediumJPM Emerging Markets Equity D (acc) - EUR 6.28% 13.53% 14.43% 25.15% 105.05% 0.79% 22.58% - MediumJPM Emerging Markets Equity I (acc) - USD 5.04% 25.27% 15.07% 18.92% 104.06% -2.73% 34.22% - MediumJPM Emerging Markets Equity I (acc) - EUR 6.88% 14.69% 16.08% 27.59% - - - - MediumJPM Emerging Markets Equity I (inc) - EUR 6.85% 14.57% 16.02% 27.53% 111.73% 5.21% 30.03% - MediumJPM Emerging Markets Equity X (acc) - USD 5.23% 25.78% 15.77% 19.93% 107.56% -0.24% 38.87% 90.47% MediumJPM Emerging Markets Equity X (dist) - USD 5.25% 25.60% 15.62% 19.78% - - - - MediumJPM Emerging Markets Equity X (inc) - EUR 7.08% 14.96% 16.71% 28.54% 114.38% 7.25% 33.66% - Medium

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JPMorgan Funds - Emerging Markets Infrastructure Equity FundJPM Emerging Markets Infrastructure Equity A (acc) - USD 8.41% 30.35% 19.31% 21.40% 111.24% - - - MediumJPM Emerging Markets Infrastructure Equity A (acc) - EUR 10.16% 18.92% 19.93% 29.78% 119.33% - - - MediumJPM Emerging Markets Infrastructure Equity B (acc) - USD 8.49% 30.67% 19.76% 22.12% 114.21% - - - MediumJPM Emerging Markets Infrastructure Equity C (acc) - USD 8.53% 30.60% 19.62% 21.83% - - - - MediumJPM Emerging Markets Infrastructure Equity D (acc) - USD 8.19% 29.96% 18.63% 20.57% 108.24% - - - MediumJPM Emerging Markets Infrastructure Equity D (acc) - EUR 9.97% 18.54% - - - - - - Medium

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - USD -0.51% 12.45% 9.53% 14.86% 44.37% - - - MediumJPM Emerging Markets Local Currency Debt A (acc) - EUR 1.23% 2.96% 10.54% 23.21% 50.57% - - - MediumJPM Emerging Markets Local Currency Debt A (dist) - GBP 0.62% - - - - - - - MediumJPM Emerging Markets Local Currency Debt A (mth) - USD -0.49% - - 14.41% - - - - MediumJPM Emerging Markets Local Currency Debt A (inc) - EUR* - - - - - - - - MediumJPM Emerging Markets Local Currency Debt B (acc) - USD -0.38% 12.73% 9.93% - - - - - MediumJPM Emerging Markets Local Currency Debt C (acc) - USD -0.33% 12.81% 10.04% - - - - - MediumJPM Emerging Markets Local Currency Debt C (acc) - EUR* - - - - - - - - MediumJPM Emerging Markets Local Currency Debt D (acc) - USD -0.69% 12.11% 9.07% 14.26% 42.82% - - - MediumJPM Emerging Markets Local Currency Debt D (acc) - EUR 1.09% 2.60% 10.06% 22.60% 49.14% - - - MediumJPM Emerging Markets Local Currency Debt D (inc) - EUR 1.04% 2.56% - - - - - - MediumJPM Emerging Markets Local Currency Debt I (acc) - EUR** - - - - - - - - MediumJPM Emerging Markets Local Currency Debt X (acc) - USD -0.21% 13.18% 10.55% 16.35% 48.06% - - - MediumJPM Emerging Markets Local Currency Debt X (acc) - EUR* - - - - - - - - Medium

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - USD 0.98% 21.92% 14.96% 25.47% 69.29% -15.93% 22.89% - HighJPM Emerging Middle East Equity A (acc) - EUR 3.51% 12.35% 16.80% 35.51% 77.78% - - - HighJPM Emerging Middle East Equity A (acc) - SGD -1.01% - - - - - - - HighJPM Emerging Middle East Equity A (dist) - USD 1.00% 21.81% 14.90% 25.41% 68.54% -16.17% 22.44% 24.53% HighJPM Emerging Middle East Equity B (acc) - USD 1.20% 22.38% 15.65% 26.54% 71.78% -13.96% 26.21% - HighJPM Emerging Middle East Equity C (acc) - USD 1.22% 22.51% 15.80% 26.60% 72.16% - - - HighJPM Emerging Middle East Equity D (acc) - USD 0.72% 21.24% 14.10% 24.17% 65.82% -18.43% 17.97% 23.85% HighJPM Emerging Middle East Equity D (acc) - EUR 3.20% - - - - - - - HighJPM Emerging Middle East Equity I (acc) - USD - - - - - - - -

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD 8.75% 25.25% 8.85% 12.23% 45.22% -20.44% -11.45% 7.69% HighJPM Global Dynamic A (acc) - EUR 10.63% 14.69% 9.92% 20.32% 51.66% -12.71% -12.82% - HighJPM Global Dynamic A (acc) - EUR (hedged) 8.48% 19.87% 5.71% 11.18% 40.83% -19.94% - - HighJPM Global Dynamic A (acc) - CHF (hedged) 8.69% - - - - - - - HighJPM Global Dynamic A (acc) - SGD 5.81% 15.05% -0.14% 2.67% - - - - HighJPM Global Dynamic A (dist) - USD 8.72% 25.28% 8.88% 12.26% 44.27% -21.66% -13.46% 4.55% HighJPM Global Dynamic A (dist) - GBP 9.96% 20.02% 5.41% 16.13% 34.93% -0.38% 8.25% 14.72% HighJF Global Dynamic A (dist) - USD 8.67% 25.26% 8.83% 12.19% 44.96% -20.57% -11.46% 6.77% HighJPM Global Dynamic A (inc) - EUR 10.53% 14.45% 9.64% 20.31% 51.06% -13.11% -13.10% - HighJPM Global Dynamic B (acc) - USD 8.93% 25.72% 9.41% 13.02% 47.31% -18.63% -9.11% 10.98% HighJPM Global Dynamic C (acc) - USD 8.87% 25.75% 9.51% 13.20% 47.65% -18.30% -8.21% 12.70% HighJPM Global Dynamic C (acc) - EUR 10.87% 15.25% 10.67% 21.67% 54.16% -10.26% - - HighJPM Global Dynamic C (acc) - EUR (hedged) 8.76% 20.35% 6.52% 12.30% 41.46% - - - HighJPM Global Dynamic D (acc) - USD 8.48% 24.64% 8.06% 11.10% 42.37% -22.76% -14.91% 2.45% HighJPM Global Dynamic D (acc) - EUR 10.25% 14.02% 8.99% 19.11% 48.22% -15.36% -16.31% - HighJPM Global Dynamic D (acc) - EUR (hedged) 8.44% 19.23% 4.98% 10.25% 36.18% -24.93% - - HighJPM Global Dynamic I (acc) - USD 8.93% 25.86% 9.49% 13.17% 47.72% -18.17% - - HighJPM Global Dynamic I (inc) - EUR 10.85% 15.04% 10.53% 21.45% - - - - HighJPM Global Dynamic X (acc) - USD 9.19% 26.36% 10.28% 14.22% 50.26% -16.10% -5.02% 17.58% HighJPM Global Dynamic X (acc) - EUR 11.09% 15.61% 11.09% 22.38% 56.61% -8.02% - - High

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - USD 20.60% 49.38% 33.05% 39.74% 203.79% -0.18% 45.17% - HighJPM Global Natural Resources A (acc) - EUR 22.69% 36.74% 34.23% 49.86% 216.81% 9.41% 42.80% 80.14% HighJPM Global Natural Resources A (acc) - SGD 17.47% 36.98% 21.84% 27.62% - - - - HighJPM Global Natural Resources A (dist) - EUR 22.67% 36.68% 34.18% 49.84% 217.02% 9.44% 42.78% 80.12% HighJPM Global Natural Resources B (acc) - EUR 22.91% 37.25% 35.00% 50.96% 221.68% 11.96% 46.66% - HighJPM Global Natural Resources C (acc) - USD 20.83% 50.00% 33.90% 40.92% 209.03% 2.46% - - HighJPM Global Natural Resources C (acc) - EUR 22.96% 37.32% 35.08% 51.07% 222.45% 12.31% 47.90% 88.34% HighJPM Global Natural Resources D (acc) - USD 20.29% 48.65% 32.09% 38.38% 198.19% -3.07% - - HighJPM Global Natural Resources D (acc) - EUR 22.37% 36.04% 33.18% 48.41% 210.84% 6.21% 37.19% 71.38% HighJPM Global Natural Resources X (acc) - USD* - - - - - - - - HighJPM Global Natural Resources X (acc) - EUR 23.47% 38.17% 36.23% 52.76% 228.67% 15.57% 53.51% 97.08% High

JPMorgan Funds - JF ASEAN Equity FundJF ASEAN Equity A (acc) - USD 8.00% 31.21% 33.72% 41.12% - - - - MediumJF ASEAN Equity A (acc) - EUR 10.63% 20.94% 35.92% 52.40% - - - - MediumJF ASEAN Equity A (acc) - SGD 5.84% - - - - - - - MediumJF ASEAN Equity B (acc) - USD - - - - - - - - MediumJF ASEAN Equity B (acc) - EUR - - - - - - - - MediumJF ASEAN Equity C (acc) - USD 7.20% - - - - - - - MediumJF ASEAN Equity D (acc) - USD 7.84% 30.73% 32.97% 40.06% - - - - MediumJF ASEAN Equity D (acc) - EUR 10.49% 20.48% 35.21% 51.30% - - - - MediumJF ASEAN Equity X (acc) - USD* - - - - - - - - Medium

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JPMorgan Funds - JF Asia Pacific ex-Japan Equity FundJF Asia Pacific ex-Japan Equity A (acc) - USD 6.33% 25.95% 12.36% 14.71% 102.73% -0.43% 32.95% 73.64% MediumJF Asia Pacific ex-Japan Equity A (acc) - SGD 3.58% - - - - - - - MediumJF Asia Pacific ex-Japan Equity A (dist) - USD 6.36% 25.85% 12.32% 14.68% 101.86% -1.54% 31.24% 66.52% MediumJF Asia Pacific ex-Japan Equity A (dist) - GBP 7.64% 20.84% 8.90% 18.88% 89.19% 25.01% 62.84% 77.61% MediumJF Asia Pacific ex-Japan Equity B (acc) - USD 6.64% 26.44% 13.04% 15.64% - - - - MediumJF Asia Pacific ex-Japan Equity C (acc) - USD 6.59% 26.52% 13.16% 15.78% 106.58% 2.32% 37.83% 82.55% MediumJF Asia Pacific ex-Japan Equity C (acc) - BRL (hedged) 10.35% - - - - - - - MediumJF Asia Pacific ex-Japan Equity D (acc) - USD 6.19% 25.48% 11.78% 13.91% 99.83% -2.67% 29.02% 67.31% MediumJF Asia Pacific ex-Japan Equity D (acc) - EUR 8.02% 14.88% 12.78% 22.24% 108.33% 6.71% 26.81% - MediumJF Asia Pacific ex-Japan Equity I (acc) - USD 6.64% 26.56% 13.24% 15.90% 107.01% 2.58% 38.22% - MediumJF Asia Pacific ex-Japan Equity X (acc) - USD 6.82% 26.95% 13.83% 16.69% 109.74% 4.73% 42.22% 89.03% Medium

JPMorgan Funds - JF China FundJF China A (acc) - USD 2.80% 15.86% 7.35% 4.58% 72.66% -19.07% 34.88% 169.43% HighJF China A (acc) - SGD 0.15% 6.28% -1.71% -4.49% - - - - HighJF China A (dist) - USD 2.80% 15.87% 7.35% 4.59% 72.51% -19.40% 34.41% 166.37% HighJF China A (dist) - HKD 3.09% - - - - - - - HighJF China B (acc) - USD 3.00% 16.30% 7.97% 5.35% 75.21% -17.27% 38.46% - HighJF China C (acc) - USD 3.03% 16.39% 8.10% 5.54% 75.70% -16.87% 39.84% 181.88% HighJF China D (acc) - USD 2.53% 15.31% 6.56% 3.55% 69.33% -21.33% 29.86% 156.89% HighJF China D (acc) - EUR 4.34% - - - - - - - HighJF China I (acc) - USD 3.08% 16.48% 8.28% 5.66% 76.16% -32.66% - - HighJF China X (acc) - USD 3.29% - - - - - - - High

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 8.74% 26.28% 17.65% 15.84% 92.87% -2.47% 46.75% 114.14% MediumJF Greater China A (acc) - SGD 5.94% 15.84% 7.76% 5.86% - - - - MediumJF Greater China A (dist) - USD 8.76% 26.24% 17.57% 15.77% 91.07% -4.96% 42.94% 101.20% MediumJF Greater China A (dist) - HKD 8.92% - - - - - - - MediumJF Greater China B (acc) - USD 8.93% 26.74% 18.30% 16.69% 95.64% -0.29% 50.73% - MediumJF Greater China C (acc) - USD 9.01% 26.87% 18.49% 16.88% 96.30% 0.20% 52.10% 123.94% MediumJF Greater China D (acc) - USD 8.50% 25.68% 16.79% 14.72% 89.14% -5.33% 41.15% 104.02% MediumJF Greater China D (acc) - EUR 10.40% - - - - - - - MediumJF Greater China I (acc) - USD* - - - - - - - - MediumJF Greater China X (acc) - USD** - - - - - - - - Medium

JPMorgan Funds - JF India FundJF India A (acc) - USD 1.43% 20.58% 18.81% 25.46% 121.28% -15.42% 35.82% 102.60% HighJF India A (acc) - SGD -1.20% 10.59% 8.77% 14.66% - - - - HighJF India A (dist) - USD 1.41% 20.49% 18.71% 25.39% 121.19% -15.47% 35.13% 98.69% HighJF India B (acc) - USD 1.60% 21.03% 19.46% 26.40% 124.65% -13.49% 39.52% 108.90% HighJF India C (acc) - USD 1.62% 21.10% 19.60% 26.57% 125.29% -13.06% 41.05% 112.47% HighJF India D (acc) - USD 1.21% 20.06% 18.07% 24.48% 117.80% -17.44% 31.55% 94.56% HighJF India D (acc) - EUR - - - - - - - - HighJF India X (acc) - USD 1.88% 21.66% 20.42% 27.71% 129.38% -10.70% 45.97% 121.50% High

JPMorgan Funds - JF Korea Equity FundJF Korea Equity A (acc) - USD 14.98% 40.42% 28.94% 35.40% 125.84% 12.25% - - HighJF Korea Equity A (acc) - EUR 17.79% 29.39% 30.98% 45.49% 139.89% 23.95% - - HighJF Korea Equity A (dist) - USD 15.05% 40.52% 29.05% 35.39% 125.90% - - - HighJF Korea Equity B (acc) - USD 15.10% 40.96% 29.58% 36.36% - - - - HighJF Korea Equity C (acc) - USD* - - - - - - - - HighJF Korea Equity D (acc) - USD 14.70% 39.77% 27.91% 33.98% 121.33% 9.02% - - HighJF Korea Equity X (acc) - USD* - - - - - - - - High

JPMorgan Funds - JF Pacific Technology FundJF Pacific Technology A (acc) - USD 12.69% 22.57% 8.46% 13.67% 70.50% -2.46% 21.09% 37.11% MediumJF Pacific Technology A (acc) - EUR 14.64% 12.16% 9.42% 21.35% 80.08% - - - MediumJF Pacific Technology A (dist) - USD 12.70% 22.52% 8.40% 13.61% 69.67% -3.45% 19.84% 33.15% MediumJF Pacific Technology A (dist) - GBP 14.05% 17.85% 5.35% 16.12% 57.97% 23.27% 49.52% 44.21% MediumJF Pacific Technology B (acc) - USD 12.85% 22.95% 9.06% 14.44% 73.18% -0.31% -1.42% - MediumJF Pacific Technology C (acc) - USD 12.91% 23.05% 9.12% 14.62% 73.32% - - - MediumJF Pacific Technology D (acc) - USD 12.38% 21.91% 7.56% 12.46% 67.04% -5.43% 16.44% 30.40% Medium

JPMorgan Funds - JF Singapore FundJF Singapore A (acc) - USD 6.82% 23.94% 23.23% 23.71% 125.00% -6.78% 23.00% 105.99% MediumJF Singapore A (acc) - SGD 4.03% 13.72% 12.85% 12.93% - - - - MediumJF Singapore A (dist) - USD 6.81% 23.77% 23.06% 23.50% 123.34% -7.70% 21.80% 98.86% MediumJF Singapore B (acc) - USD 7.01% 24.37% 23.86% 24.62% 128.27% -4.62% 26.36% - MediumJF Singapore C (acc) - USD 6.99% 24.43% 23.91% 24.61% 128.96% -4.12% 27.69% 114.91% MediumJF Singapore D (acc) - USD 6.55% 23.33% 22.32% 22.46% 120.57% -9.52% 18.18% 96.00% MediumJF Singapore I (acc) - USD** - - - - - - - - MediumJF Singapore X (acc) - USD** - - - - - - - - Medium

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JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - USD 7.52% 27.00% 16.53% 18.39% 153.08% 7.95% 56.22% - HighJPM Latin America Equity A (acc) - SGD 5.35% - - - - - - - HighJPM Latin America Equity A (dist) - USD 7.53% 26.97% 16.47% 18.34% 152.16% 7.40% 55.29% 127.77% HighJF Latin America Equity A (dist) - USD 7.53% 26.93% 16.47% 18.32% 152.03% 7.39% 55.24% 127.74% HighJPM Latin America Equity B (acc) - USD 7.72% 27.54% 17.19% 19.31% 156.95% 10.43% 60.47% - HighJPM Latin America Equity C (acc) - USD 7.75% 27.54% 17.24% 19.35% 157.25% 10.60% 61.37% 142.77% HighJPM Latin America Equity D (acc) - USD 7.25% 26.37% 15.63% 17.20% 148.16% 4.75% 50.07% 121.35% HighJPM Latin America Equity D (acc) - EUR 9.87% - - - - - - - HighJPM Latin America Equity I (acc) - USD 7.79% 27.61% 17.32% 19.47% 157.67% 10.88% 61.80% - HighJPM Latin America Equity X (acc) - USD 7.99% 28.13% 18.04% 20.46% 162.04% 13.68% 67.39% 153.67% High

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 12.42% 32.40% 13.98% 26.01% 232.73% -26.87% 2.87% - HighJPM Russia A (dist) - USD 12.44% 32.41% 14.02% 26.01% 232.24% -26.85% 2.92% - HighJPM Russia B (acc) - USD 12.68% 32.93% 14.67% 26.96% 238.04% -25.14% 5.86% - HighJPM Russia C (acc) - USD 12.57% 32.81% 14.61% 27.05% 238.22% -25.10% - - HighJPM Russia D (acc) - USD 12.08% 31.73% 13.08% 24.70% 226.10% -29.06% -1.17% - HighJPM Russia I (acc) - USD 12.58% 32.91% 14.60% 27.02% 238.21% -24.98% -28.95% - High

* No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the period end.** Share Class inactive at the end of the period.*** Share Class reactivated during the period.

77


4. Interest Rate Received/(Charged) on Bank Accounts

Basis for Bank Interest RatesThe rates are based on the JPMorgan Chase Treasury rates and consequently may change on a daily basis. The bank interest amount is posted to each of theFund’s bank accounts on a monthly basis on the first business day of the subsequent month based on the bank balances from the prior month.

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

The following Sub-Fund Share Classes are subject to an asset based tax of 0.01% per annum:

Share Class NameJF Asia Pacific ex-Japan Equity I (acc) - USD JPM Emerging Markets Equity I (inc) - EUR

JF Asia Pacific ex-Japan Equity X (acc) - USD JPM Emerging Markets Equity X (acc) - USD

JF China I (acc) - USD JPM Emerging Markets Equity X (dist) - USD

JF China X (acc) - USD JPM Emerging Markets Equity X (inc) - EUR

JF Greater China X (acc) - USD JPM Emerging Markets Local Currency Debt X (acc) - EUR

JF India X (acc) - USD JPM Emerging Markets Local Currency Debt X (acc) - USD

JF Korea Equity X (acc) - USD JPM Global Dynamic I (acc) - USD

JF Singapore I (acc) - USD JPM Global Dynamic I (inc) - EUR

JPM Africa Equity I (acc) - USD JPM Global Dynamic X (acc) - EUR

JPM Brazil Alpha Plus I (acc) - EUR JPM Global Dynamic X (acc) - USD

JPM Brazil Alpha Plus I (acc) - USD JPM Global Natural Resources X (acc) - EUR

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD JPM Latin America Equity I (acc) - USD

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD JPM Latin America Equity X (acc) - USD

JPM Emerging Markets Equity I (acc) - EUR JPM Russia I (acc) - USD

JPM Emerging Markets Equity I (acc) - USD

6. Portfolio Turnover Ratio

The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to its investment policy.The Portfolio Turnover Ratio is calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association as outlined below:

(Total securities’ purchases and sales - total subscriptions and redemptions of Sub-Fund shares)

Average net Sub-Fund assets in Sub-Fund currency

The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation is negative, a zero value has been published.

Sub-Fund Portfolio Turnover Ratio (%) Sub-Fund Portfolio Turnover Ratio (%)

JPMorgan Funds - Africa Equity Fund 0.00 JPMorgan Funds - JF ASEAN Equity Fund 102.43

JPMorgan Funds - Asia Pacific Bond Fund 129.79 JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund 169.90

JPMorgan Funds - Brazil Alpha Plus Fund 0.00 JPMorgan Funds - JF China Fund 26.42

JPMorgan Funds - Eastern Europe Equity Fund 0.00 JPMorgan Funds - JF Greater China Fund 88.40

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 55.40 JPMorgan Funds - JF India Fund 0.00

JPMorgan Funds - Emerging Markets Equity Fund 0.00 JPMorgan Funds - JF Korea Equity Fund 103.22

JPMorgan Funds - Emerging Markets Infrastructure Equity Fund 31.82 JPMorgan Funds - JF Pacific Technology Fund 74.88

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 0.00 JPMorgan Funds - JF Singapore Fund 15.34

JPMorgan Funds - Emerging Middle East Equity Fund 0.00 JPMorgan Funds - Latin America Equity Fund 90.27

JPMorgan Funds - Global Dynamic Fund 172.42 JPMorgan Funds - Russia Fund 0.00

JPMorgan Funds - Global Natural Resources Fund 0.00

* Due to the fact underlying investments have short term maturity and that they are replaced only at maturity, no portfolio turnover statistics are calculated for the Fund.

78




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7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued)JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 20,530,509.051 13,945,521.082 14,354,657.346 20,121,372.787JPM Emerging Markets Equity A (acc) - EUR 21,263,298.672 48,974,704.116 21,777,788.164 48,460,214.624JPM Emerging Markets Equity A (acc) - SGD - 1,999.843 - 1,999.843JPM Emerging Markets Equity A (dist) - USD 80,445,506.369 42,580,014.960 39,433,493.344 83,592,027.985JPM Emerging Markets Equity A (dist) - GBP 526,672.325 1,373,797.788 205,289.598 1,695,180.515JPM Emerging Markets Equity B (acc) - USD 3,582,653.275 2,361,552.981 3,784,231.199 2,159,975.057JPM Emerging Markets Equity C (acc) - USD 38,618,365.170 44,141,117.652 28,006,996.959 54,752,485.863JPM Emerging Markets Equity D (acc) - USD 3,218,848.127 2,072,056.839 1,414,463.787 3,876,441.179JPM Emerging Markets Equity D (acc) - EUR 901,900.347 2,670,259.712 1,176,688.058 2,395,472.001JPM Emerging Markets Equity I (acc) - USD 26,927,537.033 3,536,422.925 21,969,301.166 8,494,658.792JPM Emerging Markets Equity I (acc) - EUR 668,537.860 1,274,440.632 - 1,942,978.492JPM Emerging Markets Equity I (inc) - EUR 1,864,775.381 1,282,387.374 877,100.000 2,270,062.755JPM Emerging Markets Equity X (acc) - USD 37,106,625.151 10,937,195.665 5,895,435.309 42,148,385.507JPM Emerging Markets Equity X (dist) - USD 369,638.934 1,168,908.489 555,547.000 983,000.423JPM Emerging Markets Equity X (inc) - EUR 39,499,161.394 6,249,296.528 662,832.271 45,085,625.651

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD 9,467,802.450 2,209,486.684 4,405,337.387 7,271,951.747JPM Global Dynamic A (acc) - EUR 1,165,201.741 766,263.226 837,091.890 1,094,373.077JPM Global Dynamic A (acc) - EUR (hedged) 22,951.761 4,324,470.295 1,055,095.483 3,292,326.573JPM Global Dynamic A (acc) - SGD - 498.563 - 498.563JPM Global Dynamic A (dist) - USD 35,586,125.800 5,648,886.834 6,793,952.019 34,441,060.615JPM Global Dynamic A (dist) - GBP 620,086.286 202,489.984 165,552.734 657,023.536JF Global Dynamic A (dist) - USD 782,147.531 125,144.127 277,041.801 630,249.857JPM Global Dynamic A (inc) - EUR 1,263,001.890 285,530.778 573,741.735 974,790.933JPM Global Dynamic B (acc) - USD 1,890,962.103 187,175.143 856,811.404 1,221,325.842JPM Global Dynamic C (acc) - USD 14,885,172.811 5,167,889.009 4,551,089.776 15,501,972.044JPM Global Dynamic C (acc) - EUR 10,554,107.328 1,189,273.914 6,907,320.113 4,836,061.129JPM Global Dynamic C (acc) - EUR (hedged) 1,832,355.622 775,284.065 1,498,524.416 1,109,115.271JPM Global Dynamic D (acc) - USD 5,744,183.649 285,269.639 1,477,102.215 4,552,351.073JPM Global Dynamic D (acc) - EUR 240,485.074 139,936.832 134,123.877 246,298.029JPM Global Dynamic D (acc) - EUR (hedged) 228,388.507 78,285.654 80,124.131 226,550.030JPM Global Dynamic I (acc) - USD 1,561,611.376 104,727.163 1,514,299.644 152,038.895JPM Global Dynamic I (inc) - EUR 4,089,748.035 179,827.702 - 4,269,575.737JPM Global Dynamic X (acc) - USD 11,809,231.771 3,641,100.984 9,301,300.700 6,149,032.055JPM Global Dynamic X (acc) - EUR 26,377,982.213 - - 26,377,982.213

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - USD 11,683,682.499 41,464,469.805 26,697,013.260 26,451,139.044JPM Global Natural Resources A (acc) - EUR 30,263,079.268 31,472,278.131 23,920,967.729 37,814,389.670JPM Global Natural Resources A (acc) - SGD - 16,104.229 - 16,104.229JPM Global Natural Resources A (dist) - EUR 19,136,358.154 25,820,424.315 21,668,887.756 23,287,894.713JPM Global Natural Resources B (acc) - EUR 1,543,964.585 5,014,826.019 4,932,517.267 1,626,273.337JPM Global Natural Resources C (acc) - USD 4,583,433.934 12,446,807.980 11,478,865.857 5,551,376.057JPM Global Natural Resources C (acc) - EUR 3,283,166.605 11,110,766.457 8,382,814.608 6,011,118.454JPM Global Natural Resources D (acc) - USD 498,485.559 1,114,529.587 476,308.376 1,136,706.770JPM Global Natural Resources D (acc) - EUR 13,857,865.078 11,723,045.399 10,889,844.803 14,691,065.674JPM Global Natural Resources X (acc) - EUR 6,765,126.759 4,526,357.250 6,201,766.415 5,089,717.594

JPMorgan Funds - JF China FundJF China A (acc) - USD 16,252,469.501 14,275,774.756 18,106,599.822 12,421,644.435JF China A (acc) - SGD - 498.563 - 498.563JF China A (dist) - USD 50,279,766.508 45,081,840.571 39,936,246.978 55,425,360.101JF China B (acc) - USD 2,765,529.912 623,714.616 2,317,232.626 1,072,011.902JF China C (acc) - USD 2,484,053.574 5,157,691.901 3,954,354.034 3,687,391.441JF China D (acc) - USD 13,527,676.199 6,139,941.506 8,525,167.786 11,142,449.919JF China I (acc) - USD 36,252,248.933 4,239,040.315 16,784,105.361 23,707,183.887JF China X (acc) - USD* - 92,365.908 92,365.908 -

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 9,742,760.492 6,164,238.237 3,870,736.312 12,036,262.417JF Greater China A (acc) - SGD - 498.563 - 498.563JF Greater China A (dist) - USD 12,138,773.232 9,225,100.884 8,481,251.579 12,882,622.537JF Greater China B (acc) - USD 333,596.867 206,145.279 287,647.012 252,095.134JF Greater China C (acc) - USD 3,007,450.070 734,875.016 650,309.552 3,092,015.534JF Greater China D (acc) - USD 3,675,963.617 1,582,837.548 1,748,359.993 3,510,441.172JF Greater China X (acc) - USD* 115,000.001 - 115,000.001 -

JPMorgan Funds - JF India FundJF India A (acc) - USD 24,412,269.597 13,525,539.399 10,637,174.361 27,300,634.635JF India A (acc) - SGD - 1,998.573 1,500.010 498.563JF India A (dist) - USD 18,347,857.624 4,363,665.833 5,945,588.959 16,765,934.498JF India B (acc) - USD 528,881.574 605,307.250 511,369.831 622,818.993JF India C (acc) - USD 3,087,505.561 3,030,249.278 2,311,082.140 3,806,672.699JF India D (acc) - USD 14,295,029.877 3,762,312.940 4,541,601.964 13,515,740.853JF India X (acc) - USD 443,814.000 217,074.392 250,835.646 410,052.746

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of the Year

7. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2010 (continued)JPMorgan Funds - JF Singapore FundJF Singapore A (acc) - USD 1,098,674.687 1,291,109.671 1,521,135.416 868,648.942JF Singapore A (acc) - SGD - 125,815.815 - 125,815.815JF Singapore A (dist) - USD 4,742,791.519 1,248,796.474 2,562,737.344 3,428,850.649JF Singapore B (acc) - USD 407,437.593 21,026.140 172,951.101 255,512.632JF Singapore C (acc) - USD 9,578.446 83,646.501 67,116.814 26,108.133JF Singapore D (acc) - USD 1,634,860.821 322,983.664 657,089.330 1,300,755.155JF Singapore I (acc) - USD 2,745,952.258 4,557,374.924 6,670,824.595 632,502.587

* Share Class inactive at the end of the year.

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of the Year


of the Year

8. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2009JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 21,967,724.347 13,733,754.857 15,170,970.153 20,530,509.051JPM Emerging Markets Equity A (acc) - EUR 20,712,269.711 15,319,913.334 14,768,884.373 21,263,298.672JPM Emerging Markets Equity A (dist) - USD 103,480,032.598 46,113,155.688 69,147,681.917 80,445,506.369JPM Emerging Markets Equity A (dist) - GBP 578,128.563 117,072.734 168,528.972 526,672.325JPM Emerging Markets Equity B (acc) - USD 3,197,230.295 3,841,360.538 3,455,937.558 3,582,653.275JPM Emerging Markets Equity C (acc) - USD 38,918,157.492 21,611,569.648 21,911,361.970 38,618,365.170JPM Emerging Markets Equity D (acc) - USD 3,956,990.633 1,876,982.371 2,615,124.877 3,218,848.127JPM Emerging Markets Equity D (acc) - EUR 693,083.398 610,550.906 401,733.957 901,900.347JPM Emerging Markets Equity I (acc) - USD 22,552,227.924 12,499,604.033 8,124,294.924 26,927,537.033JPM Emerging Markets Equity I (acc) - EUR - 668,537.860 - 668,537.860JPM Emerging Markets Equity I (inc) - EUR 994,933.579 1,402,510.802 532,669.000 1,864,775.381JPM Emerging Markets Equity X (acc) - USD 33,836,703.202 10,407,204.829 7,137,282.880 37,106,625.151JPM Emerging Markets Equity X (dist) - USD - 369,638.944 0.010 369,638.934JPM Emerging Markets Equity X (inc) - EUR 12,023,394.222 29,152,826.172 1,677,059.000 39,499,161.394

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD 15,037,221.850 4,374,458.025 9,943,877.425 9,467,802.450JPM Global Dynamic A (dist) - USD 43,282,995.879 7,971,015.552 15,667,885.631 35,586,125.800JPM Global Dynamic A (dist) - GBP 660,420.998 120,900.125 161,234.837 620,086.286JPM Global Dynamic A (acc) - EUR 1,184,112.700 972,506.561 991,417.520 1,165,201.741JPM Global Dynamic A (acc) - EUR (hedged) 3,429,619.011 71,445.021 3,478,112.271 22,951.761JF Global Dynamic A (dist) - USD 754,552.768 123,429.048 95,834.285 782,147.531JPM Global Dynamic A (inc) - EUR 1,503,747.767 114,149.986 354,895.863 1,263,001.890JPM Global Dynamic B (acc) - USD 4,996,127.735 422,248.995 3,527,414.627 1,890,962.103JPM Global Dynamic C (acc) - EUR 4,442,368.277 12,878,833.704 6,767,094.653 10,554,107.328JPM Global Dynamic C (acc) - EUR (hedged) 1,057,739.908 2,333,270.137 1,558,654.423 1,832,355.622JPM Global Dynamic C (acc) - USD 14,237,495.899 6,283,194.508 5,635,517.596 14,885,172.811JPM Global Dynamic D (acc) - EUR 432,405.837 149,164.596 341,085.359 240,485.074JPM Global Dynamic D (acc) - EUR (hedged) 164,320.579 184,624.089 120,556.161 228,388.507JPM Global Dynamic D (acc) - USD 5,525,707.843 3,478,257.210 3,259,781.404 5,744,183.649JPM Global Dynamic I (acc) - USD 4,165,087.000 233,960.430 2,837,436.054 1,561,611.376JPM Global Dynamic I (inc) - EUR - 4,089,748.045 0.010 4,089,748.035JPM Global Dynamic X (acc) - USD 14,652,478.826 5,013,921.191 7,857,168.246 11,809,231.771JPM Global Dynamic X (acc) - EUR 19,785,268.282 6,592,713.931 - 26,377,982.213

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - USD 8,792,266.759 12,320,499.365 9,429,083.625 11,683,682.499JPM Global Natural Resources A (acc) - EUR 35,929,142.932 21,893,999.401 27,560,063.065 30,263,079.268JPM Global Natural Resources A (dist) - EUR 19,646,787.596 10,616,233.241 11,126,662.683 19,136,358.154JPM Global Natural Resources B (acc) - EUR 2,208,951.876 2,480,242.872 3,145,230.163 1,543,964.585JPM Global Natural Resources C (acc) - USD 2,003,926.440 6,224,357.771 3,644,850.277 4,583,433.934JPM Global Natural Resources C (acc) - EUR 6,924,779.044 4,645,926.462 8,287,538.901 3,283,166.605JPM Global Natural Resources D (acc) - USD 284,450.033 511,051.111 297,015.585 498,485.559JPM Global Natural Resources D (acc) - EUR 12,427,401.283 8,533,785.691 7,103,321.896 13,857,865.078JPM Global Natural Resources X (acc) - EUR 5,718,572.641 2,708,427.574 1,661,873.456 6,765,126.759

JPMorgan Funds - JF China FundJF China A (acc) - USD 7,069,632.862 15,889,754.705 6,706,918.066 16,252,469.501JF China A (dist) - USD 43,726,090.184 36,247,023.957 29,693,347.633 50,279,766.508JF China B (acc) - USD 2,687,091.359 1,666,308.255 1,587,869.702 2,765,529.912JF China C (acc) - USD 1,134,992.649 2,820,099.492 1,471,038.567 2,484,053.574JF China D (acc) - USD 11,352,671.107 9,453,993.403 7,278,988.311 13,527,676.199JF China I (acc) - USD 4,545,764.197 31,948,030.630 241,545.895 36,252,248.933JF China X (acc) - USD* 1,213,854.060 106,772.489 1,320,626.549 -

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 7,815,779.970 3,674,785.873 1,747,805.351 9,742,760.492JF Greater China A (dist) - USD 10,591,296.440 5,976,200.977 4,428,724.185 12,138,773.232JF Greater China B (acc) - USD 125,332.099 260,100.912 51,836.144 333,596.867JF Greater China C (acc) - USD 4,196,022.970 1,037,031.776 2,225,604.676 3,007,450.070JF Greater China D (acc) - USD 4,318,286.801 859,525.183 1,501,848.367 3,675,963.617JF Greater China X (acc) - USD 99,028.111 128,745.127 112,773.237 115,000.001

JPMorgan Funds - JF India FundJF India A (acc) - USD 21,809,130.453 13,792,798.189 11,189,659.045 24,412,269.597JF India A (dist) - USD 23,757,356.215 4,005,899.719 9,415,398.310 18,347,857.624JF India B (acc) - USD 576,834.692 574,488.947 622,442.065 528,881.574JF India C (acc) - USD 2,894,894.387 3,669,911.911 3,477,300.737 3,087,505.561JF India D (acc) - USD 16,212,734.856 3,692,131.208 5,609,836.187 14,295,029.877JF India X (acc) - USD 2,104,454.160 163,931.000 1,824,571.160 443,814.000

JPMorgan Funds - JF Singapore FundJF Singapore A (acc) - USD 1,982,974.060 765,484.141 1,649,783.514 1,098,674.687JF Singapore A (dist) - USD 6,215,695.020 2,657,430.154 4,130,333.655 4,742,791.519JF Singapore B (acc) - USD 1,173,277.516 158,978.673 924,818.596 407,437.593JF Singapore C (acc) - USD 17,489.424 15,251.685 23,162.663 9,578.446JF Singapore D (acc) - USD 2,107,300.225 185,610.852 658,050.256 1,634,860.821JF Singapore I (acc) - USD 16,964,975.969 2,218,205.193 16,437,228.904 2,745,952.258JF Singapore X (acc) - USD* 26,647.112 - 26,647.112 -

* Share Class inactive at the end of the year.

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of the Year

9. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2008JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 32,964,443.994 20,471,139.646 31,467,859.293 21,967,724.347JPM Emerging Markets Equity A (dist) - USD 109,167,399.640 60,256,627.857 65,943,994.899 103,480,032.598JPM Emerging Markets Equity A (dist) - GBP 280,266.023 358,434.567 60,572.027 578,128.563JPM Emerging Markets Equity A (acc) - EUR 29,008,138.308 16,437,227.226 24,733,095.823 20,712,269.711JPM Emerging Markets Equity B (acc) - USD 3,238,645.574 1,400,882.274 1,442,297.553 3,197,230.295JPM Emerging Markets Equity C (acc) - USD 25,223,090.798 42,309,004.985 28,613,938.291 38,918,157.492JPM Emerging Markets Equity D (acc) - USD 4,225,337.866 3,037,218.901 3,305,566.134 3,956,990.633JPM Emerging Markets Equity D (acc) - EUR 250,830.893 847,626.836 405,374.331 693,083.398JPM Emerging Markets Equity I (acc) - USD 21,773,521.677 9,910,809.358 9,132,103.111 22,552,227.924JPM Emerging Markets Equity I (inc) - EUR 1,637,800.000 672,433.579 1,315,300.000 994,933.579JPM Emerging Markets Equity X (acc) - USD 33,891,049.355 11,950,842.109 12,005,188.262 33,836,703.202JPM Emerging Markets Equity X (inc) - EUR 17,940,341.373 507,101.223 6,424,048.374 12,023,394.222

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD 24,734,189.407 11,658,097.163 21,355,064.720 15,037,221.850JPM Global Dynamic A (dist) - USD 87,225,996.484 14,213,747.035 58,156,747.640 43,282,995.879JPM Global Dynamic A (dist) - GBP 696,710.287 126,531.343 162,820.632 660,420.998JPM Global Dynamic A (acc) - EUR 486,634.532 1,034,212.348 336,734.180 1,184,112.700JPM Global Dynamic A (acc) - EUR (hedged) - 5,068,764.838 1,639,145.827 3,429,619.011JPM Global Dynamic A (inc) - EUR 1,318,548.207 716,859.063 531,659.503 1,503,747.767JF Global Dynamic A (dist) - USD 986,786.811 379,260.204 611,494.247 754,552.768JPM Global Dynamic B (acc) - USD 6,591,232.975 1,366,041.412 2,961,146.652 4,996,127.735JPM Global Dynamic C (acc) - USD 18,173,767.079 10,261,014.632 14,197,285.812 14,237,495.899JPM Global Dynamic C (acc) - EUR 5,527,880.001 5,943,878.383 7,029,390.107 4,442,368.277JPM Global Dynamic C (acc) - EUR (hedged) - 1,189,681.375 131,941.467 1,057,739.908JPM Global Dynamic D (acc) - USD 17,195,849.561 6,893,170.774 18,563,312.492 5,525,707.843JPM Global Dynamic D (acc) - EUR 117,107.159 455,505.921 140,207.243 432,405.837JPM Global Dynamic D (acc) - EUR (hedged) - 230,289.113 65,968.534 164,320.579JPM Global Dynamic I (acc) - USD 1,952,030.000 2,360,721.000 147,664.000 4,165,087.000JPM Global Dynamic X (acc) - USD 15,714,116.158 6,838,672.909 7,900,310.241 14,652,478.826JPM Global Dynamic X (acc) - EUR 17,330,026.813 3,131,664.676 676,423.207 19,785,268.282

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 41,767,627.278 33,789,968.880 39,628,453.226 35,929,142.932JPM Global Natural Resources A (dist) - EUR 13,647,983.718 27,249,774.909 21,250,971.031 19,646,787.596JPM Global Natural Resources A (acc) - USD 1,581,451.050 11,491,360.377 4,280,544.668 8,792,266.759JPM Global Natural Resources B (acc) - EUR 1,759,842.669 807,277.332 358,168.125 2,208,951.876JPM Global Natural Resources C (acc) - EUR 5,481,915.183 11,266,390.209 9,823,526.348 6,924,779.044JPM Global Natural Resources C (acc) - USD 224,985.925 4,366,231.723 2,587,291.208 2,003,926.440JPM Global Natural Resources D (acc) - EUR 12,113,309.446 12,143,278.114 11,829,186.277 12,427,401.283JPM Global Natural Resources D (acc) - USD 2,437.992 326,268.363 44,256.322 284,450.033JPM Global Natural Resources X (acc) - EUR 6,653,023.256 1,154,580.088 2,089,030.703 5,718,572.641

JPMorgan Funds - JF China FundJF China A (acc) - USD 7,902,918.355 19,679,632.577 20,512,918.070 7,069,632.862JF China A (dist) - USD 52,677,602.379 45,874,580.494 54,826,092.689 43,726,090.184JF China B (acc) - USD 3,668,428.746 2,284,604.532 3,265,941.919 2,687,091.359JF China C (acc) - USD 1,622,684.681 3,312,910.326 3,800,602.358 1,134,992.649JF China D (acc) - USD 13,270,860.357 11,353,443.441 13,271,632.691 11,352,671.107JF China I (acc) - USD 1,092,531.648 3,453,232.549 - 4,545,764.197JF China X (acc) - USD 1,988,434.020 1,431,166.906 2,205,746.866 1,213,854.060

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 2,070,027.410 14,463,196.276 8,717,443.716 7,815,779.970JF Greater China A (dist) - USD 16,249,905.785 5,065,464.895 10,724,074.240 10,591,296.440JF Greater China B (acc) - USD 91,170.918 46,179.139 12,017.958 125,332.099JF Greater China C (acc) - USD 2,454,760.132 2,891,278.386 1,150,015.548 4,196,022.970JF Greater China D (acc) - USD 5,395,962.087 2,671,373.513 3,749,048.799 4,318,286.801JF Greater China X (acc) - USD 78,703.253 141,086.887 120,762.029 99,028.111

JPMorgan Funds - JF India FundJF India A (acc) - USD 18,175,863.193 29,979,430.234 26,346,162.974 21,809,130.453JF India A (dist) - USD 31,577,360.078 16,085,059.724 23,905,063.587 23,757,356.215JF India B (acc) - USD 3,334,335.510 2,162,097.130 4,919,597.948 576,834.692JF India C (acc) - USD 4,380,103.562 2,386,828.223 3,872,037.398 2,894,894.387JF India D (acc) - USD 19,754,087.276 8,816,860.251 12,358,212.671 16,212,734.856JF India X (acc) - USD 1,933,309.331 312,635.540 141,490.711 2,104,454.160

JPMorgan Funds - JF Singapore FundJF Singapore A (acc) - USD 4,871,014.952 5,559,621.748 8,447,662.640 1,982,974.060JF Singapore A (dist) - USD 10,018,420.534 8,371,018.097 12,173,743.611 6,215,695.020JF Singapore B (acc) - USD 1,012,393.668 1,066,141.992 905,258.144 1,173,277.516JF Singapore C (acc) - USD 978,679.692 58,471.545 1,019,661.813 17,489.424JF Singapore D (acc) - USD 3,443,146.659 1,798,572.911 3,134,419.345 2,107,300.225JF Singapore I (acc) - USD 2,815,581.493 23,501,775.230 9,352,380.754 16,964,975.969JF Singapore X (acc) - USD 26,647.112 - - 26,647.112

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of the Year

10. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 29,006,169.351 25,646,412.444 21,688,137.801 32,964,443.994JPM Emerging Markets Equity A (acc) - EUR 12,537,814.432 29,008,382.658 12,538,058.782 29,008,138.308JPM Emerging Markets Equity A (dist) - USD 94,935,520.919 72,349,157.725 58,117,279.004 109,167,399.640JPM Emerging Markets Equity A (dist) - GBP 76,127.830 257,381.632 53,243.439 280,266.023JPM Emerging Markets Equity B (acc) - USD 2,007,454.257 2,363,841.715 1,132,650.398 3,238,645.574JPM Emerging Markets Equity C (acc) - USD 25,097,941.284 29,238,089.404 29,112,939.890 25,223,090.798JPM Emerging Markets Equity D (acc) - USD 5,218,648.687 2,321,311.612 3,314,622.433 4,225,337.866JPM Emerging Markets Equity D (acc) - EUR 11,685.069 363,037.291 123,891.467 250,830.893JPM Emerging Markets Equity I (acc) - USD - 22,231,580.608 458,058.931 21,773,521.677JPM Emerging Markets Equity I (inc) - EUR 1,400,000.000 659,800.000 422,000.000 1,637,800.000JPM Emerging Markets Equity X (acc) - USD 30,831,353.603 12,379,921.462 9,320,225.710 33,891,049.355JPM Emerging Markets Equity X (inc) - EUR 10,330,431.042 7,609,910.433 0.102 17,940,341.373

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD 21,189,670.034 16,899,441.692 13,354,922.319 24,734,189.407JPM Global Dynamic A (acc) - EUR - 491,084.533 4,450.001 486,634.532JPM Global Dynamic A (dist) - USD 90,136,845.419 32,789,058.322 35,699,907.257 87,225,996.484JF Global Dynamic A (dist) - USD 733,075.483 648,440.625 394,729.297 986,786.811JPM Global Dynamic A (dist) - GBP 845,711.865 170,721.290 319,722.868 696,710.287JPM Global Dynamic A (inc) - EUR 496.381 1,474,075.117 156,023.291 1,318,548.207JPM Global Dynamic B (acc) - USD 6,639,962.487 1,609,199.049 1,657,928.561 6,591,232.975JPM Global Dynamic C (acc) - USD 18,403,257.935 10,474,618.971 10,704,109.827 18,173,767.079JPM Global Dynamic C (acc) - EUR - 5,527,880.001 - 5,527,880.001JPM Global Dynamic D (acc) - EUR 643.365 154,957.802 38,494.008 117,107.159JPM Global Dynamic D (acc) - USD 8,797,031.906 16,589,727.921 8,190,910.266 17,195,849.561JPM Global Dynamic I (acc) - USD - 1,952,030.000 - 1,952,030.000JPM Global Dynamic X (acc) - USD 17,012,943.314 4,240,683.880 5,539,511.036 15,714,116.158JPM Global Dynamic X (acc) - EUR - 17,330,026.813 - 17,330,026.813

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 34,264,546.125 38,741,505.247 31,238,424.094 41,767,627.278JPM Global Natural Resources A (dist) - EUR 2,992,978.432 16,981,607.874 6,326,602.588 13,647,983.718JPM Global Natural Resources A (acc) - USD - 1,706,403.250 124,952.200 1,581,451.050JPM Global Natural Resources B (acc) - EUR 1,088,061.679 955,801.383 284,020.393 1,759,842.669JPM Global Natural Resources C (acc) - EUR 7,754,952.338 12,043,364.935 14,316,402.090 5,481,915.183JPM Global Natural Resources C (acc) - USD - 224,985.925 - 224,985.925JPM Global Natural Resources D (acc) - EUR 9,714,749.024 11,566,855.923 9,168,295.501 12,113,309.446JPM Global Natural Resources D (acc) - USD - 2,437.992 - 2,437.992JPM Global Natural Resources X (acc) - EUR 5,178,017.275 1,682,000.970 206,994.989 6,653,023.256

JPMorgan Funds - JF China FundJF China A (acc) - USD 2,952,122.589 13,096,612.012 8,145,816.246 7,902,918.355JF China A (dist) - USD 36,340,248.733 72,060,315.843 55,722,962.197 52,677,602.379JF China B (acc) - USD 1,239,453.749 4,924,988.268 2,496,013.271 3,668,428.746JF China C (acc) - USD 309,143.828 2,385,902.761 1,072,361.908 1,622,684.681JF China D (acc) - USD 9,411,230.569 18,504,857.090 14,645,227.302 13,270,860.357JF China I (acc) - USD - 1,616,926.699 524,395.051 1,092,531.648JF China X (acc) - USD - 2,086,541.580 98,107.560 1,988,434.020

JPMorgan Funds - JF Greater China FundJF Greater China A (acc) - USD 2,263,602.362 2,725,767.575 2,919,342.527 2,070,027.410JF Greater China A (dist) - USD 17,545,691.601 7,665,939.482 8,961,725.298 16,249,905.785JF Greater China B (acc) - USD 1,182,225.820 126,718.228 1,217,773.130 91,170.918JF Greater China C (acc) - USD 2,372,097.036 2,179,374.203 2,096,711.107 2,454,760.132JF Greater China D (acc) - USD 5,327,111.376 3,548,431.241 3,479,580.530 5,395,962.087JF Greater China I (acc) - USD - 2,399,908.437 2,399,908.437 -JF Greater China X (acc) - USD 42,727.329 44,491.254 8,515.330 78,703.253

JPMorgan Funds - JF India FundJF India A (acc) - USD 9,389,755.457 29,020,380.982 20,234,273.246 18,175,863.193JF India A (dist) - USD 35,581,405.692 21,971,735.949 25,975,781.563 31,577,360.078JF India B (acc) - USD 2,581,574.947 3,618,195.714 2,865,435.151 3,334,335.510JF India C (acc) - USD 4,812,033.055 3,495,638.453 3,927,567.946 4,380,103.562JF India D (acc) - USD 21,036,070.815 13,887,521.233 15,169,504.772 19,754,087.276JF India X (acc) - USD 121,009.046 2,109,735.051 297,434.766 1,933,309.331

JPMorgan Funds - JF Singapore FundJF Singapore A (acc) - USD 995,597.359 8,241,425.543 4,366,007.950 4,871,014.952JF Singapore A (dist) - USD 4,509,553.720 21,009,259.300 15,500,392.486 10,018,420.534JF Singapore B (acc) - USD 20,259.189 1,068,517.985 76,383.506 1,012,393.668JF Singapore C (acc) - USD 998,810.116 1,123,968.421 1,144,098.845 978,679.692JF Singapore D (acc) - USD 1,210,955.038 4,840,686.645 2,608,495.024 3,443,146.659JF Singapore I (acc) - USD - 4,507,865.883 1,692,284.390 2,815,581.493JF Singapore X (acc) - USD 10,000.000 32,841.715 16,194.603 26,647.112

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11. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2006JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - USD 1,956,647.164 50,467,633.274 23,418,111.087 29,006,169.351JPM Emerging Markets Equity A (acc) - EUR - 12,981,076.859 443,262.427 12,537,814.432JPM Emerging Markets Equity A (dist) - USD 88,259,146.173 80,536,130.588 73,859,755.842 94,935,520.919JPM Emerging Markets Equity A (dist) - GBP 23,470.387 60,113.791 7,456.348 76,127.830JPM Emerging Markets Equity B (acc) - USD 421,454.886 2,369,090.890 783,091.519 2,007,454.257JPM Emerging Markets Equity C (acc) - USD 5,137,715.967 37,485,208.077 17,524,982.760 25,097,941.284JPM Emerging Markets Equity D (acc) - USD 1,243,536.605 6,793,138.269 2,818,026.187 5,218,648.687JPM Emerging Markets Equity D (acc) - EUR - 11,685.069 - 11,685.069JPM Emerging Markets Equity I (inc) - EUR - 1,400,000.000 - 1,400,000.000JPM Emerging Markets Equity X (acc) - USD 3,648,325.038 29,840,332.816 2,657,304.251 30,831,353.603JPM Emerging Markets Equity X (inc) - EUR - 10,330,431.052 - 10,330,431.042

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - USD 2,542,841.958 25,505,004.514 6,858,176.438 21,189,670.034JPM Global Dynamic A (dist) - USD 51,452,288.945 74,751,773.172 36,067,216.698 90,136,845.419JF Global Dynamic A (dist) - USD 246,008.589 673,781.230 186,714.336 733,075.483JPM Global Dynamic A (dist) - GBP 498,193.024 467,367.569 119,848.728 845,711.865JPM Global Dynamic A (inc) - EUR - 496.381 - 496.381JPM Global Dynamic B (acc) - USD 624,397.496 7,194,398.256 1,178,833.265 6,639,962.487JPM Global Dynamic C (acc) - USD 2,094,691.632 20,463,975.878 4,155,409.575 18,403,257.935JPM Global Dynamic D (acc) - EUR - 643.365 - 643.365JPM Global Dynamic D (acc) - USD 3,461,475.529 9,340,403.286 4,004,846.909 8,797,031.906JPM Global Dynamic X (acc) - USD 25,168,404.013 19,970,305.944 28,125,766.643 17,012,943.314

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 6,177,084.157 52,793,557.760 24,706,095.792 34,264,546.125JPM Global Natural Resources A (dist) - EUR 177,419.656 3,673,445.738 857,886.962 2,992,978.432JPM Global Natural Resources B (acc) - EUR - 1,088,061.679 - 1,088,061.679JPM Global Natural Resources C (acc) - EUR 3,377,849.110 8,141,876.317 3,764,773.089 7,754,952.338JPM Global Natural Resources D (acc) - EUR - 12,252,534.194 2,537,785.170 9,714,749.024JPM Global Natural Resources X (acc) - EUR 180,191.280 5,095,975.349 98,149.354 5,178,017.275

JPMorgan Funds - JF China Fund (1)JF China A (acc) - USD 1,304,111.860 4,830,163.267 3,182,152.538 2,952,122.589JF China A (dist) - USD 30,690,063.549 30,510,084.021 24,859,898.837 36,340,248.733JF China B (acc) - USD - 1,239,453.749 - 1,239,453.749JF China C (acc) - USD 52,183.468 393,872.181 136,911.821 309,143.828JF China D (acc) - USD 3,754,807.797 10,004,967.398 4,348,544.626 9,411,230.569

JPMorgan Funds - JF Greater China Fund (2)JF Greater China A (acc) - USD 360,263.440 3,397,341.819 1,494,002.897 2,263,602.362JF Greater China A (dist) - USD 22,662,699.546 7,094,964.566 12,211,972.511 17,545,691.601JF Greater China B (acc) - USD - 1,182,225.820 - 1,182,225.820JF Greater China C (acc) - USD 2,183,164.265 810,876.434 621,943.663 2,372,097.036JF Greater China D (acc) - USD 3,172,797.584 4,543,109.050 2,388,795.258 5,327,111.376JF Greater China X (acc) - USD 45,823.227 42,722.954 45,818.852 42,727.329

JPMorgan Funds - JF India Fund (3)JF India A (acc) - USD 5,579,873.393 19,666,720.696 15,856,838.632 9,389,755.457JF India A (dist) - USD 24,056,967.754 41,949,285.011 30,424,847.073 35,581,405.692JF India B (acc) - USD 131,921.327 3,140,467.008 690,813.388 2,581,574.947JF India C (acc) - USD 773,208.619 5,203,729.626 1,164,905.190 4,812,033.055JF India D (acc) - USD 7,512,683.719 25,718,673.352 12,195,286.256 21,036,070.815JF India X (acc) - USD 206,202.173 125,730.621 210,923.748 121,009.046

JPMorgan Funds - JF Singapore Fund (4)JF Singapore A (acc) - USD 10,132.687 1,894,547.388 909,082.716 995,597.359JF Singapore A (dist) - USD 1,408,287.600 9,554,637.453 6,453,371.333 4,509,553.720JF Singapore B (acc) - USD - 84,934.887 64,675.698 20,259.189JF Singapore C (acc) - USD 24,603.414 1,150,808.473 176,601.771 998,810.116JF Singapore D (acc) - USD 359,138.031 1,879,369.965 1,027,552.958 1,210,955.038JF Singapore X (acc) - USD - 10,000.000 - 10,000.000

(1) Name changed from China Fund on 13 September 2005.(2) Name changed from Greater China Fund on 13 September 2005.(3) Name changed from India Fund on 13 September 2005.(4) Name changed from Singapore Fund on 13 September 2005.

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